The following relates to the consideration by the Board of Directors (“Board”) of The Vantagepoint Funds (“Company”) during the period beginning January 1, 2006 through June 30, 2006, of the approval of the Master Investment Advisory Agreements (“Advisory Agreement” or “Advisory Agreements”) between Vantagepoint Investment Advisers, LLC (“Adviser”) and each series of the Company (each series, a “Fund” and collectively, certain “Funds”) and certain Investment Subadvisory Agreements (“Subadvisory Agreement” or “Subadvisory Agreements”) for the Funds.
At a meeting held on January 19, 2006 (the “January Meeting”), the Board, including a majority of Directors who are not “interested persons” as defined by the Investment Company Act of 1940 (“Independent Directors”), approved the continuance of the Advisory Agreements between the Adviser and each Fund. In addition, the Board, including a majority of the Independent Directors, approved the continuance of the subadvisory arrangements, and approved Investment Subadvisory Agreements, with respect to the following subadvisers and Funds (may be referred to collectively as the “Sub-Advised Funds”): Payden & Rygel (Short-Term Bond Fund); STW Fixed-Income Management, Ltd. (Short-Term Bond Fund); Mellon Capital Management Corporation (US Government Securities Fund, Asset Allocation Fund and each of the Index Funds); T. Rowe Price Associates Inc. (Equity Income Fund, Growth & Income Fund and Aggressive Opportunities Fund); Barrow, Hanley, Mewhinney & Strauss, Inc. (Equity Income Fund); Southeastern Asset Management, Inc. (Equity Income Fund and Aggressive Opportunities Fund); Capital Guardian Trust Company (Growth & Income Fund and International Fund); Wellington Management Company, LLP (“Wellington”) (Growth & Income Fund); Fidelity Management & Research Company (Growth Fund); Tukman Capital Management, Inc. (Growth Fund); Peregrine Capital Management, Inc. (Growth Fund); and Artisan Partners Limited Partnership (International Fund). In reaching its decisions, the Board considered the information furnished and discussed throughout the year at regularly scheduled Board meetings and reviewed and considered the information provided specifically in relation to the annual consideration of the approval of the Advisory Agreements and Subadvisory Agreements.
Information furnished at Board meetings throughout the year included, but was not limited to, the Adviser’s analysis of, and presentations given by the Adviser on, each Fund’s investment performance and the investment performance of the subadvisers, the strategies being used to achieve stated objectives and various reports on the monitoring of the subadvisers, compliance and other services provided by the Adviser and its affiliates. In preparation for the January Meeting, the Directors requested and received information compiled by Lipper Inc., an independent provider of investment company data, on the investment performance over various time periods and the fees and expenses of each Fund as compared to a comparable group of funds (“peer group”). Additionally, in response to specific requests from the Independent Directors in connection with the January Meeting, the Adviser furnished, and the Board considered, a wide variety of information and reports concerning the Adviser and the subadvisers, including: (1) the nature, extent and quality of services provided to the Funds by the Adviser (and its affiliates) and by the subadvisers; (2) the level of the advisory and subadvisory fees that are charged to each Fund and a comparison with the fees charged to other clients; (3) profitability information of the Adviser and its affiliate, Vantagepoint Transfer Agents, LLC (“VTA”), and, to the extent available, certain profitability information of the subadvisers; (4) the Adviser’s and subadvisers’ compliance programs; and (5) any “fall out” or ancillary benefits enjoyed by the Adviser or its affiliates and the subadvisers as a result of the relationship with the Funds. In addition to evaluating, among other things, the written information provided by the Adviser, the Board also evaluated the answers to questions posed by the Board to representatives of the Adviser at the January Meeting.
In considering the information and materials described above, the Independent Directors received assistance from and met separately with their independent legal counsel and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements. Although the Advisory Agreements and Subadvisory Agreements for all of the Funds were considered at the same Board meeting, the Directors addressed each Fund separately during the January Meeting. In view of the broad scope and variety of factors and information, the Directors did not find it practicable to, and did not, assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the Advisory Agreements and Subadvisory Agreements for an additional year. Rather, the approval determinations were made on the basis of each Director’s business judgment after consideration of all of the factors taken in their entirety. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decisions to approve the Advisory Agreements and Subadvisory Agreements.
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Nature, Extent and Quality of Services
In examining the nature, extent and quality of the services to be provided by the Adviser, the Directors considered the qualifications, experience and capability of the Adviser’s management and other personnel and the extent of care and conscientiousness with which the Adviser performs its duties. In this regard, the Directors considered, among other matters: (a) the asset allocation services provided, and the monitoring of the performance of the underlying Funds performed, by the Adviser with respect to the Model Portfolio Funds and the Milestone Funds; (b) the performance monitoring and on-going due diligence performed with respect to the underlying mutual fund in which the Money Market Fund invests; (c) the subadviser selection and fee negotiation process whereby the Adviser seeks to achieve an appropriate and competitive level of fee and fee structure, and the Adviser’s on-going monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure; (d) the process by which the Adviser evaluates and monitors the subadvisers, including with respect to portfolio security brokerage and trading practices; (e) the Adviser’s ability and willingness to identify instances where there may be a need to replace a subadviser, reallocate assets or both and to efficiently and economically effect such changes; (f) the cash management services provided to the Sub-Advised Funds; and (g) the nature of the non-investment advisory services provided to the Funds, such as the supervision of the Funds’ other third-party service providers by the Adviser or its affiliates.
The Board also considered the nature, extent and quality of the services provided to the Funds by the Adviser’s affiliates, including transfer agency and distribution services. The Board took into account the extensive shareholder services provided by VTA in order to satisfy the needs of the Funds’ shareholders.
With respect to the nature, extent and quality of the investment advisory services provided by each subadviser to the Sub-Advised Funds, the Directors considered each subadviser’s investment management process in managing the assets allocated to it, including the experience and capability of the subadviser’s management and other personnel responsible for the portfolio management of the applicable Fund and compliance with the Fund’s investment policies and restrictions. The Directors also considered the favorable assessment provided by the Adviser as to the nature and quality of the services provided by each subadviser to the Sub-Advised Funds.
Based on the totality of the information considered, the Directors concluded that the Funds were likely to benefit from the nature, extent and quality of the Adviser’s and the subadvisers’ services, as applicable, as well as the services of the Adviser’s affiliates, and that the Adviser and its affiliates as well as the subadvisers have the ability to continue to provide these services based on their respective experience, operations and resources.
Investment Performance
The Board placed emphasis on the investment performance of each of the Funds. While consideration was given to performance reports and discussions held at prior Board meetings, particular attention was given to the performance reports provided specifically for the January Meeting. In particular, the Directors reviewed the performance of each Fund over a five-year period ended June 30, 2005, or shorter period, as applicable, relative to its stated investment objective, benchmark and peer group.
In reviewing the performance of the Funds, the Directors considered that the performance of each of the following Funds exceeded or was in line with the median of its peer group for the periods reviewed: Money Market Fund, Short-Term Bond Fund, Asset Allocation Fund (except for the one-year period), Equity Income Fund, Growth & Income Fund, Aggressive Opportunities Fund (for the one, two and three-year periods), Core Bond Index Fund, 500 Stock Index Fund, Mid/Small Company Index Fund (for the one, two and three-year periods), Overseas Equity Index Fund (except for the one-year period and, for Class I, the five-year period), Model Portfolio Traditional Growth Fund (except for the one-year period), Model Portfolio Long-Term Growth Fund (for the one and four-year periods) and Model Portfolio All-Equity Growth Fund (except for the three-year period).
With regard to the relative performance of the US Government Securities Fund, the Directors considered the Adviser’s explanation regarding the impact of the Fund’s investment restrictions and sector allocation limits (which relate to the Fund’s enhanced index strategy established in late 2004 and serve to limit sector and credit risk) on performance versus its peer group, and how this investment strategy is designed to meet the expectations of the Fund’s shareholder base.
With regard to the performance of the Growth Fund relative to its peer group, the Directors considered the changes to the Fund’s structure implemented in May 2005, which included the addition of three new subadvisers, in order to
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improve the Fund’s performance. The Directors also considered that the Growth Fund’s performance for the quarter ended September 30, 2005 exceeded the performance of the Fund’s benchmark and Morningstar peer group.
With regard to performance of the International Fund relative to its peer group, the Directors considered the subadvisory changes approved by the Board at its December meeting, which included the addition of two new subadvisers, in order to improve the performance of the Fund.
With regard to the performance of the Broad Market Index Fund relative to its peer group, the Directors considered the Adviser’s explanation that the peer group identified by Lipper Inc. and against which the Fund’s performance was compared represents an actively managed group of funds that primarily invests in mid-cap stocks, while the Fund is a passively managed fund investing primarily in larger cap stocks. The Directors also considered the Adviser’s explanation that, while the Fund underperformed its benchmark, the Dow Jones Wilshire 5000 Composite Index, this underperformance was largely due to the impact of the Fund’s expenses, and noted that the Fund does not employ any enhancement strategies due to the risks involved in respect of such strategies.
With respect to the performance of the Model Portfolio Savings Oriented Fund, the Directors considered the Adviser’s explanation that the Fund’s performance relative to its peer group is largely due to the Fund’s allocation to the Company’s stable value fund prior to November 2004, and that stable value funds underperformed core bond funds by over 2% over the five-year period ended June 30, 2005.
With respect to the performance of the Model Portfolio Conservative Growth Fund, the Directors considered the Adviser’s explanation that the Fund’s performance relative to its peer group was due to the Fund’s below-average allocation to equities versus its peer group (and equities outperformed bonds by over 2% during the three-year period ended June 30, 2005). The Directors also noted that the Fund’s performance for the four-year period ended June 30, 2005 was above the median of its peer group.
With respect to the performance of the Milestone Funds, the Directors acknowledged that these Funds have operated for a limited period of time and noted that the performance of the Milestone 2010 Fund and Retirement Income Fund exceeded the median of their respective peer group for the six-month period ended June 30, 2005. The Directors considered the Adviser’s explanation that the underperformance of each of the other Milestone Funds relative to the median of its respective peer group for the six-month period ended June 30, 2005, was generally attributable to the asset class mix of each Fund compared to its peer group, and the performance of each market segment relative to other segments. The Directors further considered the Adviser’s report that each Milestone Fund outperformed its respective Morningstar category peer average for its first full year of performance.
To further enhance the performance of the Aggressive Opportunities Fund, the Directors also considered the modifications to the Fund’s portfolio structure recommended by the Adviser, including the addition of two new subadvisers, which were presented for approval at the January Meeting. The Directors’ consideration of these new subadvisory arrangements for the Aggressive Opportunities Fund is described below.
For the Sub-Advised Funds, the Directors also considered the Adviser’s conclusions, and the reasons supporting the Adviser’s conclusions, that the performance record of each subadviser with respect to the assets of the Fund it manages supports approval of its Subadvisory Agreement.
Fund Expenses, Costs of Services, Economies of Scale and Related Benefits
Management Fees and Expenses. The Board considered the fees payable under each Advisory Agreement and under each Subadvisory Agreement for the Sub-Advised Funds. The Board reviewed the information compiled by Lipper Inc. comparing each Fund’s contractual management fee rate (at common asset levels) and actual management fee rate (which included the effect of any fee waivers) as a percentage of total assets — these fee rates include advisory and administrative service fees — to other funds in its peer group. Based on the data provided on management fee rates, on a Fund-by-Fund basis, the Board noted that: (i) each Fund’s contractual management fee rate was lower than or equal to the median of its expense peer group; and (ii) except as indicated, the actual management fees of each of the following Funds were lower than or equal to the median of its expense peer group — Money Market Fund, Short-Term Bond Fund, US Government Securities Fund, Asset Allocation Fund, Equity Income Fund, Growth & Income Fund, Growth Fund, Aggressive Opportunities Fund, International Fund, Core Bond Index Fund (actual management fees for Class I were above the median), 500 Stock Index Fund (actual management fees for Class I were above the median), Broad Market
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Index Fund, Mid/Small Company Index Fund (actual management fees for Class I were above the median), Overseas Equity Index Fund, Model Portfolio Savings Oriented Fund and Model Portfolio Traditional Growth Fund.
The Board further noted that the actual management fees of the following Funds were above the median of their expense peer group: Model Portfolio Conservative Growth Fund, Model Portfolio Long-Term Growth Fund, Model Portfolio All-Equity Growth Fund and each of the Milestone Funds. With respect to the Model Portfolio Funds, the Board further considered that the fee schedule for these Funds was amended effective July 1, 2005 to incorporate “breakpoints” (i.e., reductions in the management fee rate as assets increase) and that the Model Portfolio Long-Term Growth Fund and Traditional Growth Fund are at asset levels where they are benefiting from the implementation of these breakpoints.
The Board also reviewed the information compiled by Lipper Inc. comparing each Fund’s total expense ratio to other funds in its peer group. Based on this comparative expense data, the Board noted that actual total expense ratios for each Fund were below the median of its expense peer group, except for the Class I shares of each of the Mid/Small Company Index Fund and Overseas Equity Index Fund. The Directors further noted the Adviser’s current agreement to limit certain expenses of each Milestone Fund until April 30, 2006, and, after that, the Adviser’s intention to limit the overall expenses of each Milestone Fund until April 30, 2007.
With regard to the Sub-Advised Funds, the Directors also considered VIA’s assessment, which was based in part on information provided by the subadvisers, that each subadvisory fee reflects the lowest available fee schedule from the respective subadviser for “like accounts.” For this purpose, the term “like accounts” was used by the Adviser generally to describe other portfolios managed by a subadviser that have the same investment objective and other characteristics similar to the portfolio being managed for the Fund by the subadviser.
The foregoing comparisons assisted the Directors in determining to approve each Advisory Agreement and Subadvisory Agreement by providing them with a basis for evaluating each Fund’s management fee and expense ratio on a relative basis.
The Directors noted that revised subadvisory fee schedules had been previously approved by the Board for T. Rowe Price Associates Inc. relating to the Equity Income Fund and Growth & Income Fund (effective January 1, 2006) and Peregrine relating to the Growth Fund (effective May 23, 2005), which reflect a reduction in the subadvisory fee rates to be paid to each subadviser by the relevant Fund. With respect to the Subadvisory Agreement with Southeastern Asset Management, Inc. for the Aggressive Opportunities Fund, the Directors also considered the revised subadvisory fee schedule presented to the Board for approval, which reflected a reduction in fee rate in light of the Adviser’s recommendation to change Southeastern Asset Management, Inc.’s investment mandate from global to domestic in connection with the other subadviser changes presented at the January Meeting for that Fund.
For each Sub-Advised Fund, the Directors also considered the Adviser’s conclusion that the compensation payable to each subadviser under its respective Subadvisory Agreement is fair and reasonable in light of the nature and quality of the services to be provided to the Fund.
Profitability. The Board reviewed the materials it received from the Adviser regarding its revenues and expenses in connection with the services provided to each Fund and the Funds as a whole. The Directors also considered information regarding VTA’s fees and net margin levels relating to the services it provides to each Fund and the Funds as a whole. The materials provided in this regard showed, and the Directors acknowledged, that the Adviser and VTA experienced positive net margins with respect to certain Funds and did not with respect to other Funds. The Directors were satisfied with the overall net margin levels. With respect to the Sub-Advised Funds, the Directors reviewed the subadviser profitability information to the extent available, and took into account the Adviser’s on-going monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure, as well as the Adviser’s assessment that the subadvisory fee rates charged by each subadviser reflects the lowest available fee schedule from the subadviser for like accounts.
Economies of Scale. With respect to whether economies of scale are realized by the Adviser as a Fund’s assets increase and whether management fee levels reflect these economies of scale for the benefit of Fund investors, the Board considered, on a Fund-by-Fund basis, the current level of management fee charged and fee structure and concluded that the Adviser’s fee structure with respect to each Fund was appropriate at this time. The Directors also acknowledged that they will continue to seek and review information from the Adviser relating to economies of scale. With respect to the Model Portfolio Funds, the Directors considered that the Adviser’s fee schedule for these Funds was amended effective July 1, 2005 to incorporate breakpoints to account for economies of scale to be experienced by the Adviser as assets increase for the benefit of Fund shareholders.
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With regard to each Sub-Advised Fund, the Directors considered that the fee schedule relating to each Subadvisory Agreement (except for the Subadvisory Agreement with Artisan Partners Limited Partnership) currently includes breakpoints and these Sub-Advised Funds and their shareholders will benefit from reduced subadvisory fee rates as the assets managed by the relevant subadviser increase, and that this represents a recognition that economies are being passed on by the subadviser to the Fund’s shareholders. The Directors further considered the appropriateness of each subadvisory fee structure in light of the Adviser’s assessment that each subadvisory fee reflects the lowest available fee schedule from the respective subadviser for like accounts.
“Fall Out” or Ancillary Benefits. The Board considered whether there were any “fall-out” or ancillary benefits that may accrue to the Adviser and its affiliates and the subadvisers as a result of their relationship with the Funds. Based on the information provided by the Adviser, the Directors noted that there did not appear to be any significant benefits in this regard. The Board also considered that certain subadvisers may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that the subadvisers are required to select brokers who meet the Funds’ requirements for seeking best execution, and that the Adviser monitors and evaluates the subadvisers’ trade execution with respect to Fund brokerage transactions on a regular basis and provides reports to the Board in this regard. The Board concluded that the benefits accruing to the subadvisers by virtue of their relationship to the Funds are reasonable.
After evaluation of the comparative performance, fee and expense information and the profitability, ancillary benefits and other considerations as described above, and in light of the nature, extent and quality of services to be provided by the Adviser and each subadviser, the Board concluded that the level of fees to be paid to the Adviser with respect to each Fund, and each subadviser with respect to the Sub-Advised Funds, is reasonable.
In summary, based on the various considerations discussed above, the Board determined that approval of the Advisory Agreement with respect to each Fund and the Subadvisory Agreement with respect to each Sub-Advised Fund was in the best interests of the applicable Fund. As a result, the Board, including a majority of the Independent Directors, approved each Advisory Agreement and Subadvisory Agreement.
Consideration of Initial Subadvisory Agreements with TimesSquare Capital Management, LLC and Legg Mason Capital Management, Inc. for the Aggressive Opportunities Fund
At the January Meeting, the Board, including a majority of the Independent Directors, also approved initial Subadvisory Agreements among the Company, the Adviser and each of TimesSquare Capital Management, LLC (“TimesSquare”) and Legg Mason Capital Management, Inc. (“Legg Mason”), relating to the Aggressive Opportunities Fund.
With respect to the Board’s consideration of the respective Subadvisory Agreements with TimesSquare and Legg Mason, the Directors received written information in advance of the January Meeting from the Adviser, which included: (1) the Adviser’s rationale for recommending modifications to the portfolio structure of the Aggressive Opportunities Fund; (2) the process by which the Adviser selected and recommended for Board approval TimesSquare and Legg Mason as subadvisers of the Aggressive Opportunities Fund; (3) the nature and quality of the services that TimesSquare and Legg Mason would provide to the Aggressive Opportunities Fund; (4) each proposed subadviser’s experience, reputation, investment management business, personnel and operations; (5) each proposed subadviser’s brokerage and trading policies and practices; (6) the level of subadvisory fees to be charged to the Aggressive Opportunities Fund by TimesSquare and Legg Mason and a comparison of those fees to the: (a) standard separate account fee schedule charged by each of TimesSquare and Legg Mason for managing mid-cap growth equity accounts and mid-cap core equity accounts, respectively; and (b) fees charged by a group of separate account investment managers utilizing an active mid-cap growth equity mandate with respect to TimesSquare and an active mid-cap core equity mandate with respect to Legg Mason; (7) TimesSquare’s and Legg Mason’s compliance programs; (8) TimesSquare’s and Legg Mason’s historical performance returns utilizing a mid-cap growth equity mandate and a mid-cap core equity mandate, respectively, and such performance compared to a relevant benchmark; (9) the Aggressive Opportunities Fund’s projected total expense ratio compared to a group of mid-cap growth mutual funds similar in investment objective to the Fund and with a minimum of $100 million in assets; and (10) each proposed subadviser’s financial condition.
In considering the information and materials described above, the Independent Directors received assistance from and met separately with their independent legal counsel and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements.
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In determining whether to approve each Subadvisory Agreement, the Directors considered the information received in advance of the January Meeting, the presentations made by, and discussions held with, TimesSquare, Legg Mason, the Adviser’s personnel and the Company’s CCO at the January Meeting, as well as a variety of factors, and reached the following conclusions:
Nature, Extent and Quality of Services. With respect to the nature, extent and quality of the services expected to be provided by TimesSquare and Legg Mason under their respective Subadvisory Agreements, the Directors considered the specific investment process to be employed by each of TimesSquare and Legg Mason in managing the assets of the Aggressive Opportunities Fund to be allocated to them; the qualifications of TimesSquare’s and Legg Mason’s respective investment management teams with regard to implementing a mid-cap growth equity mandate and a mid-cap core equity mandate, respectively; each proposed subadviser’s overall favorable performance record as compared to a relevant benchmark; the subadvisers’ infrastructure and whether it appears to adequately support a mid-cap growth equity strategy for TimesSquare and a mid-cap core equity strategy for Legg Mason; and the Adviser’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by each of TimesSquare and Legg Mason to the Aggressive Opportunities Fund. The Directors acknowledged that TimesSquare and Legg Mason each has a successful performance record as a mid-cap growth equity manager and a mid-cap core equity manager, respectively; each has an experienced portfolio management team; and each appears to have adequate infrastructure and support staff to seek to achieve favorable results implementing a mid-cap growth equity mandate, with respect to TimesSquare, and a mid-cap core equity mandate, with respect to Legg Mason, for the Aggressive Opportunities Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by each of Legg Mason and TimesSquare were appropriate for the Aggressive Opportunities Fund in light of its investment objective and, thus, supported a decision to approve each Subadvisory Agreement.
Investment Performance. The Directors evaluated TimesSquare’s and Legg Mason’s historical investment performance record in managing assets utilizing a mid-cap growth equity mandate, with respect to TimesSquare, and a mid-cap core equity mandate, with respect to Legg Mason, and considered each performance record versus a relevant benchmark. The Directors concluded that the historical investment performance record of each of TimesSquare and Legg Mason supported approval of each Subadvisory Agreement with TimesSquare and Legg Mason, respectively.
Subadvisory Fees, Expense Ratio Impact and Economies of Scale. In evaluating each proposed subadvisory fee, the Directors reviewed TimesSquare’s and Legg Mason’s subadvisory fee schedules and breakpoints. They considered that, based on the amount of assets proposed to be allocated to the proposed subadvisers at current asset levels, and taking into account the other proposed subadviser changes, it was projected there would be no increase in overall subadvisory fees for the Aggressive Opportunities Fund, and there would, in fact, be a decrease in overall subadvisory fees and the Fund’s total expense ratio.
The Directors considered comparisons of the subadvisory fees to be charged by TimesSquare and Legg Mason to the Aggressive Opportunities Fund with each subadviser’s standard fee schedule for managing an investment mandate similar to the mandate the subadviser is to employ on behalf of the Fund. The Directors also considered that, according to the information provided, the proposed fee schedule for TimesSquare reflects the lowest fee currently charged by the subadviser to other mid-cap growth accounts of comparable size, and the proposed fee schedule for Legg Mason reflects the lowest fee currently charged by the subadviser to other mid-cap accounts. Additionally, the services each subadviser is to provide to the Aggressive Opportunities Fund appeared to be comparable to those each subadviser provides to such other advisory clients. The Directors reviewed information provided by the Adviser (which was based on an independent third-party source) on the fees charged to accounts with assets comparable to the amount of assets to be allocated initially to TimesSquare and Legg Mason by a group of separate account investment managers that employ an active mid-cap growth equity mandate, with respect to TimesSquare, and an active mid-cap core equity mandate, with respect to Legg Mason. According to the information provided, the effective fee rate to be paid by the Aggressive Opportunities Fund to each of TimesSquare and Legg Mason would be below the median fee charged by such managers and in the first quartile (lowest fee quartile) of all active mid-cap growth equity managers with respect to TimesSquare and of all active mid-cap core equity managers with respect to Legg Mason. Referring to data compiled by Lipper Inc., an independent provider of investment company data, the Directors also noted that the projected investment advisory fee for the Aggressive Opportunities Fund, taking into account all of the proposed subadviser changes, was lower than the median investment advisory fee of a selected group of investment companies with a similar investment objective classification. The Directors also considered information provided by the Adviser on the total expense ratios of a group of mid-cap
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growth mutual funds with investment objectives similar to the Aggressive Opportunities Fund and with minimum assets of $100 million, which showed that, if TimesSquare and Legg Mason each served as a subadviser to the Aggressive Opportunities Fund at the proposed fee rates and asset allocation levels, and taking into account the other proposed subadviser changes, the Fund’s projected total expense ratio would continue to be below the average and median expense ratios of such funds.
The foregoing comparisons assisted the Directors in considering each Subadvisory Agreement by providing them with a basis for evaluating TimesSquare’s and Legg Mason’s fees, including in light of the Aggressive Opportunities Fund’s projected overall investment advisory fee and total expense ratio, on a relative basis. Based on this information, the Directors concluded that TimesSquare’s and Legg Mason’s subadvisory fees each appeared to be within a reasonable range for the services to be provided.
The Directors also reviewed the information provided by Legg Mason regarding the estimated profits to be realized from the subadviser’s relationship with the Aggressive Opportunities Fund; the Directors were informed that such information was not available with respect to TimesSquare. In reviewing the extent to which economies of scale may be realized by TimesSquare and Legg Mason as the assets of the Aggressive Opportunities Fund to be managed by each subadviser grow, and whether the proposed fee levels reflect these economies, the Directors considered that the proposed fee schedule for each of TimesSquare and Legg Mason included breakpoints, which indicated that the proposed subadvisory fee rates for both TimesSquare and Legg Mason are intended to capture certain anticipated economies of scale for the benefit of the Aggressive Opportunities Fund’s shareholders in connection with the services to be provided, and concluded that the proposed fee schedules for TimesSquare and Legg Mason were appropriate at this time.
Other Considerations. The Directors considered the Adviser’s judgment that the addition of TimesSquare and Legg Mason as complementary subadvisers to the Aggressive Opportunities Fund would add value by enhancing the benefits of the Fund’s multi-management approach. In this regard, the Directors considered that the addition of these subadvisers, along with the Adviser’s recommendations to terminate Wellington and to retain Southeastern, while reducing the assets allocated to Southeastern and changing its mandate from global to domestic, should serve to move the Aggressive Opportunities Fund’s portfolio characteristics closer to those of its benchmark and peers, increase portfolio diversification, and help to reduce the volatility and improve the risk profile of the Fund while increasing its potential for positive returns. The Directors also considered information from the Adviser concerning its strategy to efficiently and economically effect the subadviser transitions. The Directors concluded that these considerations supported approval of each Subadvisory Agreement.
The Directors considered the selection and due diligence process employed by the Adviser in deciding to recommend TimesSquare and Legg Mason as subadvisers to the Aggressive Opportunities Fund and also considered the Adviser’s conclusion that the fees to be paid to each of TimesSquare and Legg Mason for their respective services to the Fund are reasonable and appropriate in light of the nature and quality of services to be provided by each subadviser and the reasons supporting that conclusion. The Directors concluded that the Adviser’s recommendations and conclusions supported approval of each Subadvisory Agreement.
The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to TimesSquare and Legg Mason due to each subadviser’s relationship with the Aggressive Opportunities Fund. The Directors considered that each subadviser may direct the Aggressive Opportunities Fund’s brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that all subadvisers are required to select brokers who meet the Aggressive Opportunities Fund’s requirements for seeking best execution, and that the Adviser monitors and evaluates the subadvisers’ trade execution with respect to Fund brokerage transactions on a regular basis and provides reports to the Board in this regard. The Directors concluded that the potential benefits accruing to each subadviser by virtue of its relationship to the Fund are reasonable.
Conclusion. After full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the initial approval of each Subadvisory Agreement is in the best interests of the Aggressive Opportunities Fund and its shareholders, and approved the Subadvisory Agreement with, and the fee to be paid to, each of TimesSquare and Legg Mason.
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B. | | Directors and Officers Remuneration |
Aggregate compensation that was paid to the directors during the six months ended June 30, 2006 totaled $40,838. Executive officers do not receive any compensation from The Vantagepoint Funds. However, the Board of Directors of the Vantagepoint Funds has agreed to reimburse ICMA-RC for certain costs associated with the Chief Compliance Officer function. The amount reimbursed during the six months ended June 30, 2006 totaled $102,325.
The Statement of Additional Information includes additional information about the Vantagepoint Funds’ Board of Directors and is available, without charge, upon request, by calling 1-800-669-7400.
Only one copy of this Annual Report may be mailed to households, even if more than one person in a household is a shareholders of record; unless The Vantagepoint Funds has received instructions to the contrary. If you need additional copies of this Annual Report, please contact The Vantagepoint Funds toll free at 1-800-669-7400 or in writing at 777 North Capitol Street, NE, Suite 600; Washington, D.C. 20002. If you do not want this mailing of this Annual Report to be combined with those for other members of your household, contact the Vantagepoint Funds in writing at 777 North Capitol Street, NE, Suite 600, Washington, D.C. 20002 or toll free at 1-800-669-7400.
D. | | Other Available Information |
A description of the Company’s proxy voting policies and procedures and the proxy voting record for the 12-month period ended June 30, 2006 are available on the Company’s website at www.icmarc.org or by accessing the Securities and Exchange Commission’s website at www.sec.gov.
The Company files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on form N-Q; the Company’s forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
103
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Money
Market Fund
|
|
| Shares
|
|
| Value
|
|---|
MUTUAL FUNDS—99.3% |
AIM Short-Term Investments
Trust Liquid Assets Portfolio
(Cost $177,737,179) | | | 177,737,179 | | | $ | 177,737,179 | |
TOTAL INVESTMENTS—99.3%
| | | |
| (Cost $177,737,179) | | 177,737,179 | |
| Other assets less liabilities—0.7% | | 1,226,416 | |
NET ASSETS—100.0% | $ | 178,963,595 | |
See accompanying notes to financial statements.
104
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Short-Term
Bond Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—33.5% |
Automotive—0.6% |
| DaimlerChrysler North America Holding Corporation, Guaranteed Note |
| 4.750% | | | | 01/15/2008 | | | | | 1,205,000 | | | $ | 1,185,726 | |
| DaimlerChrysler North America Holding Corporation, Guaranteed Note |
| 4.050% | | | | 06/04/2008 | | | | | 1,640,000 | | | | 1,586,362 | |
| General Motors Acceptance Corporation, Global Note |
| 5.125% | | | | 05/09/2008 | | | | | 729,000 | | | | 698,685 | |
| | | 3,470,773 | |
Banking—11.0% |
| Bank of America Corp., Subordinated Note |
| 6.600% | | | | 05/15/2010 | | | | | 400,000 | | | | 410,985 | |
| Bank of America Corporation, Subordinated Note |
| 6.375% | | | | 02/15/2008 | | | | | 5,000,000 | | | | 5,058,010 | |
| Bank of America Corporation, Subordinated Note |
| 6.250% | | | | 04/01/2008 | | | | | 1,500,000 | | | | 1,514,874 | |
| Citigroup, Inc., Global Note |
| 3.625% | | | | 02/09/2009 | | | | | 4,000,000 | | | | 3,811,824 | |
| Citigroup, Inc., Note |
| 6.200% | | | | 03/15/2009 | | | | | 4,750,000 | | | | 4,823,383 | |
| Eksportfinans A/S, Note, (MTN) (Norway) |
| 4.750% | | | | 12/15/2008 | | | | | 5,100,000 | | | | 5,021,975 | |
| Eksportfinans A/S, Note, (MTN) (Norway) |
| 4.375% | | | | 07/15/2009 | | | | | 2,500,000 | | | | 2,422,290 | |
| European Investment Bank, Global Note (Supra National) |
| 3.875% | | | | 08/15/2008 | | | | | 6,185,000 | | | | 6,010,608 | |
| Household Finance Corporation, Note |
| 6.400% | | | | 06/17/2008 | | | | | 9,480,000 | | | | 9,610,454 | |
| Inter-American Development Bank, Global Note (Supra National) |
| 5.375% | | | | 11/18/2008 | | | | | 2,000,000 | | | | 2,000,252 | |
| International Bank for Reconstruction & Development, Global Note (Supra National) |
| 4.125% | | | | 06/24/2009 | | | | | 2,560,000 | | | | 2,478,559 | |
| Kreditanstalt fuer Wiederaufbau, Global Note (Germany) |
| 5.250% | | | | 05/19/2009 | | | | | 3,885,000 | | | | 3,871,880 | |
| Kreditanstalt fuer Wiederaufbau, Note (Germany) |
| 3.250% | | | | 07/16/2007 | | | | | 3,015,000 | | | | 2,936,881 | |
| SLM Corp., Note, (MTN) |
| 4.000% | | | | 01/15/2009 | | | | | 10,055,000 | | | | 9,667,309 | |
| SLM Corp., Note, (MTN) |
| 3.625% | | | | 03/17/2008 | | | | | 1,000,000 | | | | 965,314 | |
Wells Fargo & Company,
Series J, Note, (MTN) |
| 4.200% | | | | 01/15/2010 | | | | | 1,000,000 | | | | 956,389 | |
| | | 61,560,987 | |
Beverages, Food & Tobacco—1.2% |
| Diageo Capital PLC, Global Note (United Kingdom) |
| 3.375% | | | | 03/20/2008 | | | | | 2,640,000 | | | | 2,539,284 | |
| Kellogg Co., Senior Note |
| 2.875% | | | | 06/01/2008 | | | | | 2,860,000 | | | | 2,718,476 | |
| Smithfield Foods, Inc., Senior Note |
| 8.000% | | | | 10/15/2009 | | | | | 1,275,000 | | | | 1,294,125 | |
| | | 6,551,885 | |
Commercial Services—0.2% |
| Allied Waste North America, Senior Note |
| 8.500% | | | | 12/01/2008 | | | | | 1,265,000 | | | | 1,315,600 | |
Communications—0.4% |
| Motorola, Inc., Senior Note |
| 4.608% | | | | 11/16/2007 | | | | | 2,172,000 | | | | 2,141,440 | |
Computer Software & Processing—0.2% |
| Unisys Corp., Senior Note |
| 6.875% | | | | 03/15/2010 | | | | | 1,390,000 | | | | 1,304,863 | |
Electric Utilities—0.6% |
| Midamerican Energy Holdings Company, Senior Note |
| 3.500% | | | | 05/15/2008 | | | | | 1,850,000 | | | | 1,775,706 | |
| PSEG Energy Holdings LLC, Senior Note |
| 8.625% | | | | 02/15/2008 | | | | | 1,275,000 | | | | 1,313,250 | |
| | | 3,088,956 | |
Financial Services—10.0% |
| CIT Group, Inc., Global Note |
| 4.250% | | | | 02/01/2010 | | | | | 380,000 | | | | 362,173 | |
| CIT Group, Inc., Senior Note |
| 5.750% | | | | 09/25/2007 | | | | | 6,000,000 | | | | 5,998,344 | |
| Countrywide Home Loans, Inc., Note, (MTN) |
| 3.250% | | | | 05/21/2008 | | | | | 2,640,000 | | | | 2,527,045 | |
| General Electric Capital Corporation, Note, (FRN) |
| 4.625% | | | | 09/15/2009 | | | | | 5,955,000 | | | | 5,792,905 | |
| General Electric Capital Corporation, Note, (MTN) |
| 4.250% | | | | 01/15/2008 | | | | | 2,790,000 | | | | 2,737,350 | |
| Merrill Lynch & Co., Inc., Note, (MTN) |
| 4.831% | | | | 10/27/2008 | | | | | 2,540,000 | | | | 2,494,869 | |
| MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., Senior Secured Note |
| 7.375% | | | | 09/01/2010 | | | | | 1,295,000 | | | | 1,301,475 | |
| Network Rail MTN Finance PLC, Note (United Kingdom) |
| 2.625% | | | | 03/26/2008 | | | | | 7,070,000 | | | | 6,743,189 | |
| Nomura Asset Securities Corporation |
| 6.590% | | | | 03/15/2030 | | | | | 6,000,000 | | | | 6,085,972 | |
| Principal Life Global Funding I, Note 144A (MTN) |
| 5.125% | | | | 06/28/2007 | | * | | | 2,750,000 | | | | 2,731,952 | |
| Svensk Exportkredit AB, Note (Sweden) |
| 4.625% | | | | 02/17/2009 | | | | | 7,760,000 | | | | 7,606,290 | |
| TIAA Global Markets 144A |
| 3.875% | | | | 01/22/2008 | | * | | | 6,000,000 | | | | 5,838,654 | |
| Wells Fargo & Company, Note |
| 4.125% | | | | 03/10/2008 | | | | | 3,560,000 | | | | 3,473,923 | |
| Wells Fargo & Company, Senior Note |
| 4.000% | | | | 08/15/2008 | | | | | 2,585,000 | | | | 2,500,698 | |
| | | 56,194,839 | |
Health Care Providers—0.3% |
| HCA, Inc., Note |
| 5.250% | | | | 11/06/2008 | | | | | 1,355,000 | | | | 1,326,060 | |
Heavy Machinery—0.5% |
| John Deere Capital Corporation, Global Note |
| 3.900% | | | | 01/15/2008 | | | | | 2,820,000 | | | | 2,750,072 | |
Home Construction, Furnishings & Appliances—0.2% |
| KB Home, Senior Subordinated Note |
| 8.625% | | | | 12/15/2008 | | | | | 1,260,000 | | | | 1,311,978 | |
Insurance—1.4% |
| Allstate Financial Global Funding, Secured Note 144A |
| 5.250% | | | | 02/01/2007 | | * | | | 4,500,000 | | | | 4,491,171 | |
| UnitedHealth Group, Inc., Note |
| 3.375% | | | | 08/15/2007 | | | | | 3,180,000 | | | | 3,099,231 | |
| | | 7,590,402 | |
See accompanying notes to financial statements.
105
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Short-Term
Bond Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
Lodging—0.2% |
| MGM Mirage, Senior Note |
| 6.000% | | | | 10/01/2009 | | | | | 1,320,000 | | | $ | 1,290,300 | |
Media—Broadcasting & Publishing—1.4% |
| Echostar DBS Corporation, Note |
| 5.750% | | | | 10/01/2008 | | | | | 1,345,000 | | | | 1,318,100 | |
| Gannett Co., Inc., Senior Note |
| 4.125% | | | | 06/15/2008 | | | | | 3,430,000 | | | | 3,328,314 | |
| Time Warner, Inc., Guaranteed Note |
| 6.150% | | | | 05/01/2007 | | | | | 3,280,000 | | | | 3,291,903 | |
| | | 7,938,317 | |
Pharmaceuticals—0.4% |
| Abbott Laboratories, Note |
| 5.375% | | | | 05/15/2009 | | | | | 1,050,000 | | | | 1,047,237 | |
| Wyeth, Note |
| 4.125% | | | | 03/01/2008 | | | | | 1,407,000 | | | | 1,379,019 | |
| | | 2,426,256 | |
Retailers—0.4% |
| Fred Meyer, Inc., Note |
| 7.450% | | | | 03/01/2008 | | | | | 2,120,000 | | | | 2,172,866 | |
Telephone Systems—3.8% |
| America Movil SA de CV, Guaranteed Senior Note (Mexico) |
| 4.125% | | | | 03/01/2009 | | | | | 1,200,000 | | | | 1,144,098 | |
| Ameritech Capital Funding, Note |
| 6.250% | | | | 05/18/2009 | | | | | 1,570,000 | | | | 1,579,108 | |
| BellSouth Corp., Note |
| 4.200% | | | | 09/15/2009 | | | | | 3,150,000 | | | | 3,005,273 | |
| Deutsche Telekom International Finance BV, Global Note (Netherlands) |
| 3.875% | | | | 07/22/2008 | | | | | 2,600,000 | | | | 2,514,138 | |
| SBC Communications, Inc., Global Note |
| 4.125% | | | | 09/15/2009 | | | | | 5,505,000 | | | | 5,233,901 | |
| Sprint Capital Corporation, Guaranteed Note |
| 6.375% | | | | 05/01/2009 | | | | | 1,550,000 | | | | 1,575,288 | |
Telecom Italia Capital SA,
Series A, Senior Note (Luxembourg) |
| 4.000% | | | | 11/15/2008 | | | | | 2,970,000 | | | | 2,850,662 | |
| Verizon Wireless Capital LLC, Note |
| 5.375% | | | | 12/15/2006 | | | | | 3,280,000 | | | | 3,276,740 | |
| | | 21,179,208 | |
Transportation—0.7% |
| CSX Corp., Note |
| 6.250% | | | | 10/15/2008 | | | | | 2,500,000 | | | | 2,528,293 | |
| Royal Caribbean Cruises, Ltd., Senior Note |
| 7.000% | | | | 10/15/2007 | | | | | 1,305,000 | | | | 1,323,440 | |
| | | 3,851,733 | |
TOTAL CORPORATE OBLIGATIONS |
| (Cost $190,560,930) | | | | | | 187,466,535 | |
| |
U.S. GOVERNMENT AGENCY OBLIGATIONS—10.9% |
Mortgage Backed—6.1% |
| Federal Home Loan Mortgage Corporation |
| 4.404% | | | | 10/01/2034 | | | | | 6,271,220 | | | | 6,071,313 | |
Federal Home Loan Mortgage Corporation,
Series 2885, Class DK |
| 3.500% | | | | 10/15/2012 | | | | | 4,090,454 | | | | 4,011,986 | |
CORPORATE OBLIGATIONS—(Continued)
|
| Federal National Mortgage Association |
| 5.168% | | | | 10/01/2034 | | | | | 6,399,050 | | | | 6,323,312 | |
| 5.106% | | | | 09/01/2034 | | | | | 714,520 | | | | 706,182 | |
| 5.036% | | | | 10/01/2034 | | | | | 8,279,388 | | | | 8,201,617 | |
| 5.017% | | | | 09/01/2034 | | | | | 612,921 | | | | 605,212 | |
| 4.818% | | | | 10/01/2034 | | | | | 1,086,247 | | | | 1,074,081 | |
Federal National Mortgage Association,
Series 2004-81, Class KG |
| 3.500% | | | | 05/25/2012 | | | | | 3,635,603 | | | | 3,570,626 | |
FHLMC,
Series 2891, Class LN |
| 4.250% | | | | 06/15/2024 | | | | | 3,805,311 | | | | 3,720,964 | |
| | | 34,285,293 | |
U.S. Government Agencies—0.2% |
| Federal Home Loan Bank |
| 4.375% | | | | 10/03/2008 | | | | | 1,100,000 | | | | 1,075,382 | |
U.S. Government Agency—Discount Notes—4.6% |
| Federal Home Loan Bank |
| 5.100% | | | | 07/10/2006 | | | | | 3,000,000 | | | | 2,996,175 | |
| 4.940% | | | | 07/10/2006 | | | | | 23,000,000 | | | | 22,971,595 | |
| | | 25,967,770 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| (Cost $62,245,459) | | | | | | 61,328,445 | |
| |
U.S. TREASURY OBLIGATIONS—22.9% |
U.S. Treasury Notes—22.9% |
| U.S. Treasury Note |
| 4.375% | | | | 12/31/2007 | | | | | 13,279,000 | | | | 13,124,950 | |
| 3.625% | | | | 06/30/2007 | | | | | 18,405,000 | | | | 18,116,704 | |
| 3.500% | | | | 05/31/2007 | | | | | 8,978,000 | | | | 8,838,428 | |
| 3.375% | | | | 12/15/2008-
10/15/2009 | | | | | 55,710,000 | | | | 53,018,638 | |
| 2.875% | | | | 11/30/2006 | | | | | 5,000,000 | | | | 4,953,130 | |
| 2.625% | | | | 05/15/2008 | | | | | 9,585,000 | | | | 9,155,554 | |
| 2.500% | | | | 10/31/2006 | | | | | 21,150,000 | | | | 20,974,032 | |
TOTAL U.S. TREASURY OBLIGATIONS |
| (Cost $129,252,218) | | | | | | 128,181,436 | |
| |
SOVEREIGN DEBT OBLIGATIONS—0.1% |
Communications—0.1% |
Intelsat Subsidiary Holding Co., Ltd., Guaranteed
Senior Note (Bermuda) |
| 10.484% | | | | 01/15/2012 | | | | | | | | | | |
| (Cost $804,565) | | 790,000 | | | | 801,850 | |
| |
ASSET BACKED SECURITIES—19.6% |
Automotive—12.0% |
BMW Vehicle Owner Trust,
Series 2003-A, Class A4 |
| 2.530% | | | | 02/25/2008 | | | | | 669,515 | | | | 667,463 | |
Capital Auto Receivables Asset Trust,
Series 2004-2, Class A3 |
| 3.580% | | | | 01/15/2009 | | | | | 6,100,000 | | | | 5,972,029 | |
Chase Manhattan Auto Owner Trust,
Series 2004-A, Class A3 |
| 2.080% | | | | 05/15/2008 | | | | | 2,175,442 | | | | 2,161,103 | |
Daimler Chrysler Auto Trust,
Series 2003-B, Class A-4 |
| 2.860% | | | | 03/09/2009 | | | | | 5,784,934 | | | | 5,688,680 | |
See accompanying notes to financial statements.
106
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Short-Term
Bond Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
ASSET BACKED SECURITIES—(Continued)
|
Daimler Chrysler Auto Trust,
Series 2005-A, Class A3 |
| 3.490% | | | | 12/08/2008 | | | | $ | 1,000,000 | | | $ | 989,820 | |
Ford Credit Auto Owner Trust,
Series 2005-A, Class A3 |
| 3.480% | | | | 11/15/2008 | | | | | 2,332,467 | | | | 2,309,265 | |
Ford Credit Auto Owner Trust,
Series 2005-A, Class B |
| 3.880% | | | | 01/15/2010 | | | | | 2,600,000 | | | | 2,517,413 | |
Ford Credit Auto Owner Trust,
Series 2006-A, Class A3 |
| 5.050% | | | | 03/15/2010 | | | | | 1,065,000 | | | | 1,056,467 | |
Hertz Vehicle Financing LLC,
Series 2004-1, Class A3, 144A |
| 2.850% | | | | 05/25/2009 | | * | | | 2,700,000 | | | | 2,585,727 | |
Hertz Vehicle Financing LLC,
Series 2004-1A, Class A4, 144A |
| 3.230% | | | | 05/25/2009 | | * | | | 5,000,000 | | | | 4,703,476 | |
Honda Auto Receivables Owner Trust,
Series 2003-2, Class A4 |
| 2.160% | | | | 10/21/2008 | | | | | 550,593 | | | | 539,568 | |
Honda Auto Receivables Owner Trust,
Series 2003-4, Class A4 |
| 2.790% | | | | 03/16/2009 | | | | | 6,305,843 | | | | 6,197,283 | |
Household Automotive Trust,
Series 2006-1, Class A3 |
| 5.430% | | | | 06/17/2011 | | | | | 3,800,000 | | | | 3,791,343 | |
Long Beach Auto Receivables Trust,
Series 2005-A, Class A3 |
| 4.080% | | | | 06/15/2010 | | | | | 4,350,000 | | | | 4,296,089 | |
Nissan Auto Receivables Owner Trust,
Series 2003-C, Class A-5 |
| 3.210% | | | | 03/16/2009 | | | | | 2,040,000 | | | | 1,993,401 | |
Nissan Auto Receivables Owner Trust,
Series 2004-A, Class A4 |
| 2.760% | | | | 07/15/2009 | | | | | 5,000,000 | | | | 4,851,840 | |
Nissan Auto Receivables Owner Trust,
Series 2005-B, Class A4 |
| 4.180% | | | | 10/15/2010 | | | | | 1,000,000 | | | | 969,113 | |
Triad Auto Receivables Owner Trust,
Series 2006-A, Class A3 |
| 4.770% | | | | 01/12/2011 | | | | | 3,000,000 | | | | 2,959,965 | |
USAA Auto Owner Trust,
Series 2004-3, Class A4 |
| 3.530% | | | | 06/15/2011 | | | | | 6,000,000 | | | | 5,814,685 | |
Wachovia Auto Owner Trust,
Series 2004-B, Class A4 |
| 3.440% | | | | 03/21/2011 | | | | | 2,600,000 | | | | 2,515,447 | |
Wachovia Auto Owner Trust,
Series 2005-B, Class A4 |
| 4.840% | | | | 04/20/2011 | | | | | 4,525,000 | | | | 4,451,224 | |
| | | 67,031,401 | |
Credit Cards—2.7% |
Capital One Multi-Asset Execution Trust,
Ser. 2003-A4, Class A4 |
| 3.650% | | | | 07/15/2011 | | | | | 4,800,000 | | | | 4,618,192 | |
Citibank Credit Card Issuance Trust,
Series 2003-A8, Class A8 |
| 3.500% | | | | 08/16/2010 | | | | | 8,270,000 | | | | 7,939,393 | |
MBNA Credit Card Master Note Trust,
Series 2005-5A, Class A5 |
| 5.368% | | | | 12/15/2010 | | # | | | 2,500,000 | | | | 2,501,387 | |
| | | 15,058,972 | |
Equipment—0.9% |
CNH Equipment Trust,
Series 2003-B, Class A4B |
| 3.380% | | | | 02/15/2011 | | | | | 5,000,000 | | | | 4,897,854 | |
Mortgage Backed—0.2% |
CS First Boston Mortgage Securities Corporation,
Series 2004-C3, Class A3 |
| 4.302% | | | | 07/15/2036 | | | | | 1,000,000 | | | | 962,839 | |
Utilities—3.8% |
California Infrastructure PG&E-1,
Series 1997-1, Class A8 |
| 6.480% | | | | 12/26/2009 | | | | | 6,000,000 | | | | 6,061,562 | |
California Infrastructure SCE-1,
Series 1997-1, Class A7 |
| 6.420% | | | | 12/26/2009 | | | | | 6,450,000 | | | | 6,512,429 | |
Comed Transitional Funding Trust,
Series 1998-1, Class A6 |
| 5.630% | | | | 06/25/2009 | | | | | 446,493 | | | | 446,702 | |
Peco Energy Transition Trust,
Series 2000-A, Class A3 |
| 7.625% | | | | 03/01/2010 | | | | | 7,164,000 | | | | 7,518,905 | |
PG&E Energy Recovery Funding LLC,
Series 2005-1, Class A2 |
| 3.870% | | | | 06/25/2011 | | | | | 1,120,000 | | | | 1,091,943 | |
| | | 21,631,541 | |
TOTAL ASSET BACKED SECURITIES |
| (Cost $111,986,706) | | | | | | 109,582,607 | |
| |
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—10.6% |
Mortgage Backed—10.6% |
Bank of America Mortgage Securities,
Series 2004-L, Class 1A1 |
| 4.215% | | | | 01/25/2035 | | | | | 5,110,894 | | | | 5,031,940 | |
Bear Stearns Commercial Mortgage Securities,
Series 2004-PWR3, Class A2 |
| 3.869% | | | | 02/11/2041 | | | | | 3,100,000 | | | | 2,949,275 | |
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2004-19, Class A1 |
| 5.500% | | | | 10/25/2034 | | | | | 421,821 | | | | 420,687 | |
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2004-25, Class 3A1 |
| 5.493% | | | | 02/25/2035 | | | | | 3,634,353 | | | | 3,686,535 | |
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2004-7, Class 6A1 |
| 5.299% | | | | 05/25/2034 | | | | | 2,260,511 | | | | 2,296,944 | |
GSR Mortgage Loan Trust,
Series 2005-AR6, Class 2A1 |
| 4.541% | | | | 10/25/2035 | | | | | 5,289,908 | | | | 5,149,814 | |
GSR Mortgage Loan Trust,
Series 2004-11, Class 2A2 |
| 4.800% | | | | 09/25/2034 | | | | | 3,780,906 | | | | 3,702,317 | |
Harborview Mortgage Loan Trust,
Series 2005-14, Class 3A1A |
| 5.323% | | | | 12/19/2035 | | # | | | 7,190,398 | | | | 7,081,474 | |
LB-UBS Commercial Mortgage Trust,
Series 2003-C7, Class A1 |
| 3.334% | | | | 09/15/2027 | | | | | 4,082,709 | | | | 3,938,636 | |
MLCC Mortgage Investors, Inc.,
Series 2004-1, Class 2A2 |
| 4.744% | | | | 12/25/2034 | | | | | 4,603,956 | | | | 4,506,317 | |
PNC Mortgage Acceptance Corp.,
Series 2001-C1, Class A1 |
| 5.910% | | | | 03/12/2034 | | | | | 3,818,577 | | | | 3,826,392 | |
See accompanying notes to financial statements.
107
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Short-Term
Bond Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued) |
Provident Funding Mortgage Loan Trust,
Series 2004-1, Class 1A1 |
| 4.053% | | | | 04/25/2034 | | # | | $ | 937,213 | | | $ | 905,461 | |
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-11, Class 3A |
| 5.429% | | | | 05/25/2035 | | | | | 5,997,037 | | | | 5,933,739 | |
Structured Asset Mortgage Investments, Inc.,
Series 2004-AR5, Class IIA1 |
| 5.947% | | | | 10/19/2034 | | | | | 1,099,320 | | | | 1,116,605 | |
Thornburg Mortgage Securities Trust,
Series 2004-1, Class II2A |
| 3.320% | | | | 03/25/2044 | | # | | | 1,253,986 | | | | 1,199,692 | |
Wells Fargo Mortgage Backed Securities Trust,
Series 2004-Z, Class 2A1 |
| 4.577% | | | | 12/25/2034 | | # | | | 2,925,631 | | | | 2,853,189 | |
Wells Fargo Mortgage Backed Securities Trust,
Series 2005-AR9, Class IIA1 |
| 4.362% | | | | 05/25/2035 | | | | | 4,615,369 | | | | 4,534,256 | |
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES |
| (Cost $60,177,002) | | | | | | 59,133,273 | |
| |
REPURCHASE AGREEMENTS—1.1% |
| IBT Repurchase Agreement dated 6/30/2006 due 7/03/2006, with a maturity value of $6,153,636 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 4.614% to 7.625%, maturity dates ranging from 07/25/2009 to 12/01/2032 and an aggregate market value of $6,458,815. | | 6,151,252 | | | | 6,151,252 | |
TOTAL INVESTMENTS—98.7% |
| (Cost $561,178,132) | | 552,645,398 | |
| Other assets less liabilities—1.3% | | 7,340,586 | |
NET ASSETS—100.0% | $ | 559,985,984 | |
Notes to the Schedule of Investments:
| * | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 3.70% of Total Investments. |
| # | | Rate is subject to change. Rate shown reflects current rate. |
See accompanying notes to financial statements.
108
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint US Government
Securities Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. GOVERNMENT AGENCY OBLIGATIONS—42.2% |
U.S. Government Agencies—37.5% |
| Federal Farm Credit Bank |
| 3.750% | | | | 01/15/2009 | | | | $ | 1,050,000 | | | $ | 1,009,351 | |
| 3.000% | | | | 12/17/2007 | | | | | 700,000 | | | | 677,177 | |
| Federal Home Loan Bank |
| 5.750% | | | | 05/15/2012 | | | | | 625,000 | | | | 634,456 | |
| 5.375% | | | | 05/18/2016 | | | | | 925,000 | | | | 914,646 | |
| 4.900% | | | | 07/24/2008 | | | | | 300,000 | | | | 296,783 | |
| 4.750% | | | | 01/11/2008 | | | | | 250,000 | | | | 247,363 | |
| 4.625% | | | | 02/08/2008- 02/18/2011 | | | | | 1,400,000 | | | | 1,374,207 | |
| 4.500% | | | | 11/15/2012- 09/16/2013 | | | | | 1,310,000 | | | | 1,238,277 | |
| 4.125% | | | | 10/26/2007 | | | | | 250,000 | | | | 245,752 | |
| 4.100% | | | | 06/13/2008 | | | | | 400,000 | | | | 390,169 | |
| 4.000% | | | | 03/10/2008 | | | | | 800,000 | | | | 781,334 | |
| 3.625% | | | | 01/15/2008 | | | | | 1,400,000 | | | | 1,362,431 | |
| 3.000% | | | | 04/15/2009 | | † | | | 1,650,000 | | | | 1,552,124 | |
| 2.750% | | | | 03/14/2008 | | | | | 2,500,000 | | | | 2,391,373 | |
| 2.625% | | | | 07/15/2008 | | | | | 2,000,000 | | | | 1,893,988 | |
| Federal Home Loan Mortgage Corporation |
| 6.625% | | | | 09/15/2009 | | | | | 1,400,000 | | | | 1,448,903 | |
| 6.250% | | | | 03/05/2012 | | | | | 250,000 | | | | 250,703 | |
| 6.000% | | | | 06/15/2011 | | | | | 400,000 | | | | 408,992 | |
| 5.750% | | | | 03/15/2009 | | | | | 1,800,000 | | | | 1,814,980 | |
| 5.500% | | | | 09/15/2011 | | | | | 600,000 | | | | 600,617 | |
| 5.400% | | | | 02/28/2011 | | | | | 125,000 | | | | 123,840 | |
| 5.250% | | | | 01/05/2011- 11/05/2012 | | | | | 550,000 | | | | 537,434 | |
| 5.125% | | | | 10/15/2008- 02/01/2011 | | | | | 2,600,000 | | | | 2,582,130 | |
| 5.000% | | | | 02/08/2008- 01/30/2014 | | | | | 1,100,000 | | | | 1,080,663 | |
| 4.900% | | | | 11/03/2008 | | | | | 300,000 | | | | 295,475 | |
| 4.875% | | | | 02/17/2009 | | | | | 500,000 | | | | 493,722 | |
| 4.750% | | | | 09/22/2010- 01/19/2016 | | | | | 2,150,000 | | | | 2,078,065 | |
| 4.500% | | | | 01/15/2013- 01/15/2015 | | † | | | 2,300,000 | | | | 2,161,011 | |
| 4.375% | | | | 11/16/2007- 07/30/2009 | | | | | 2,900,000 | | | | 2,850,761 | |
| 4.125% | | | | 09/01/2009- 02/24/2011 | | | | | 900,000 | | | | 851,771 | |
| 4.000% | | | | 06/12/2013 | | | | | 400,000 | | | | 364,800 | |
| 3.875% | | | | 01/12/2009 | | | | | 100,000 | | | | 96,229 | |
| 3.500% | | | | 04/01/2008 | | | | | 200,000 | | | | 193,389 | |
| 3.300% | | | | 09/14/2007 | | | | | 300,000 | | | | 292,462 | |
| 3.250% | | | | 11/02/2007- 02/25/2008 | | | | | 1,300,000 | | | | 1,259,569 | |
| Federal National Mortgage Association |
| 6.625% | | | | 10/15/2007- 11/15/2010 | | | | | 2,080,000 | | | | 2,136,102 | |
| 6.000% | | | | 05/15/2011 | | | | | 600,000 | | | | 613,574 | |
| 5.625% | | | | 09/01/2015 | | | | | 100,000 | | | | 97,622 | |
| 5.375% | | | | 11/15/2011 | | | | | 650,000 | | | | 647,748 | |
| 5.250% | | | | 06/15/2008- 08/01/2012 | | | | | 3,340,000 | | | | 3,317,605 | |
| 5.125% | | | | 04/15/2011 | | | | | 675,000 | | | | 665,521 | |
| 5.100% | | | | 02/22/2008- 01/18/2011 | | | | | 300,000 | | | | 296,750 | |
| 5.000% | | | | 01/23/2009- 04/15/2015 | | | | | 900,000 | | | | 878,575 | |
| 4.875% | | | | 01/11/2008 | | | | | 450,000 | | | | 446,042 | |
| 4.750% | | | | 02/21/2013 | | | | | 150,000 | | | | 143,957 | |
|
| 4.500% | | | | 08/15/2008- 02/15/2011 | | | | | 1,000,000 | | | | 970,458 | |
| 4.375% | | | | 09/07/2007- 10/15/2015 | | | | | 1,050,000 | | | | 984,937 | |
| 4.125% | | | | 04/15/2014 | | | | | 400,000 | | | | 366,071 | |
| 4.000% | | | | 01/26/2009 | | | | | 300,000 | | | | 289,881 | |
| 3.875% | | | | 11/17/2008 | | | | | 400,000 | | | | 385,796 | |
| 3.750% | | | | 09/15/2008 | | | | | 400,000 | | | | 386,164 | |
| 3.375% | | | | 12/15/2008 | | | | | 900,000 | | | | 858,152 | |
| 3.250% | | | | 01/15/2008 | | | | | 775,000 | | | | 750,095 | |
| 3.125% | | | | 12/15/2007- 03/16/2009 | | | | | 2,350,000 | | | | 2,267,401 | |
| 3.000% | | | | 08/15/2007 | | | | | 1,200,000 | | | | 1,167,922 | |
| | | 52,465,320 | |
U.S. Government Agencies—Mortgage Backed—4.7% |
| Federal Home Loan Mortgage Corporation |
| 6.500% | | | | 04/01/2035 | | | | | 151,538 | | | | 152,830 | |
| 6.000% | | | | 08/01/2017- 10/01/2017 | | | | | 400,894 | | | | 401,805 | |
| 5.000% | | | | 11/01/2017 | | | | | 61,602 | | | | 59,452 | |
| 4.500% | | | | 04/01/2019- 05/01/2019 | | | | | 1,929,554 | | | | 1,824,687 | |
| Federal National Mortgage Association |
| 7.500% | | | | 01/01/2034 | | | | | 353,781 | | | | 365,949 | |
| 7.000% | | | | 02/01/2013 | | | | | 190,423 | | | | 193,991 | |
| 6.500% | | | | 05/01/2035 | | | | | 178,962 | | | | 180,362 | |
| 6.000% | | | | 12/01/2013- 10/01/2017 | | | | | 213,366 | | | | 214,207 | |
| 5.500% | | | | 10/01/2020 | | | | | 1,444,288 | | | | 1,420,835 | |
| 5.000% | | | | 10/01/2018- 07/01/2019 | | | | | 1,818,473 | | | | 1,755,077 | |
| | | 6,569,195 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| (Cost $60,464,410) | | | | | | 59,034,515 | |
| |
U.S. TREASURY OBLIGATIONS—56.2% |
U.S. Treasury Bonds—5.9% |
| U.S. Treasury Bond |
| 14.000% | | | | 11/15/2011 | | | | | 800,000 | | | | 825,906 | |
| 12.000% | | | | 08/15/2013 | | | | | 700,000 | | | | 795,676 | |
| 11.750% | | | | 11/15/2014 | | | | | 500,000 | | | | 601,309 | |
| 11.250% | | | | 02/15/2015 | | | | | 850,000 | | | | 1,207,465 | |
| 10.625% | | | | 08/15/2015 | | | | | 800,000 | | | | 1,115,094 | |
| 5.750% | | | | 08/15/2010 | | † | | | 1,840,000 | | | | 1,885,785 | |
| 5.000% | | | | 08/15/2011 | | † | | | 1,800,000 | | | | 1,795,149 | |
| | | 8,226,384 | |
U.S. Treasury Notes—50.3% |
| U.S. Treasury Note |
| 6.500% | | | | 02/15/2010 | | | | | 600,000 | | | | 627,071 | |
| 6.000% | | | | 08/15/2009 | | | | | 1,705,000 | | | | 1,748,092 | |
| 5.500% | | | | 05/15/2009 | | | | | 1,000,000 | | | | 1,010,430 | |
| 5.125% | | | | 06/30/2011- 05/15/2016 | | † | | | 2,550,000 | | | | 2,549,638 | |
| 5.000% | | | | 02/15/2011 | | † | | | 1,770,000 | | | | 1,766,198 | |
| 4.875% | | | | 05/31/2008- 05/31/2011 | | | | | 3,400,000 | | | | 3,381,157 | |
| 4.750% | | | | 05/15/2014 | | | | | 1,500,000 | | | | 1,463,731 | |
| 4.625% | | | | 02/29/2008- 03/31/2008 | | | | | 5,700,000 | | | | 5,648,428 | |
| 4.500% | | | | 02/15/2009- 02/15/2016 | | † | | | 2,300,000 | | | | 2,225,005 | |
| 4.375% | | | | 01/31/2008- 08/15/2012 | | † | | | 3,570,000 | | | | 3,469,821 | |
See accompanying notes to financial statements.
109
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint US Government
Securities Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. TREASURY OBLIGATIONS—(Continued)
|
| 4.250% | | | | 10/31/2007- 08/15/2015 | | † | | $ | 16,300,000 | | | $ | 15,698,010 | |
| 4.125% | | | | 05/15/2015 | | † | | | 1,650,000 | | | | 1,532,632 | |
| 4.000% | | | | 09/30/2007- 02/15/2015 | | † | | | 7,230,000 | | | | 6,813,909 | |
| 3.875% | | | | 05/15/2009- 02/15/2013 | | † | | | 5,050,000 | | | | 4,821,414 | |
| 3.750% | | | | 05/15/2008 | | | | | 2,700,000 | | | | 2,632,608 | |
| 3.625% | | | | 07/15/2009 | | | | | 530,000 | | | | 508,034 | |
| 3.500% | | | | 11/15/2009- 02/15/2010 | | † | | | 2,010,000 | | | | 1,905,032 | |
| 3.375% | | | | 11/15/2008- 12/15/2008 | | † | | | 3,980,000 | | | | 3,823,322 | |
| 3.250% | | | | 01/15/2009 | | | | | 1,580,000 | | | | 1,510,259 | |
| 3.125% | | | | 09/15/2008- 10/15/2008 | | | | | 3,400,000 | | | | 3,256,803 | |
| 3.000% | | | | 11/15/2007- 02/15/2008 | | † | | | 4,150,000 | | | | 4,018,808 | |
| | | 70,410,402 | |
TOTAL U.S. TREASURY OBLIGATIONS |
| (Cost $81,200,207) | | | | | | 78,636,786 | |
| |
CASH EQUIVALENTS—24.6% |
Institutional Money Market Funds—0.2% |
| BGI Institutional Fund | †† | | | 283,539 | | | | 283,539 | |
Bank & Certificate Deposits/
Offshore Time Deposits—23.5% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 1,134,158 | | | | 1,134,158 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 425,309 | | | | 425,309 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 708,849 | | | | 708,849 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 708,848 | | | | 708,849 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 567,079 | | | | 567,079 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 561,656 | | | | 561,656 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 708,849 | | | | 708,849 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 425,309 | | | | 425,309 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 567,079 | | | | 567,079 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 708,848 | | | | 708,849 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 277,532 | | | | 277,532 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 708,848 | | | | 708,849 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 567,079 | | | | 567,079 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 708,848 | | | | 708,848 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 567,079 | | | | 567,079 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 283,539 | | | | 283,539 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 567,079 | | | | 567,079 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 567,079 | | | | 567,079 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 708,848 | | | | 708,848 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 708,848 | | | | 708,848 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 277,431 | | | | 277,431 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 4,678,400 | | | | 4,678,400 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 4,588,672 | | | | 4,588,672 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 1,928,620 | | | | 1,928,620 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 567,079 | | | | 567,079 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 425,309 | | | | 425,309 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 141,770 | | | | 141,770 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 708,848 | | | | 708,848 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 1,417,697 | | | | 1,417,697 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 995,743 | | | | 995,743 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 708,848 | | | | 708,848 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 708,848 | | | | 708,848 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 567,079 | | | | 567,079 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 283,539 | | | | 283,539 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 283,539 | | | | 283,539 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 567,079 | | | | 567,079 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 850,618 | | | | 850,618 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 992,388 | | | | 992,388 | |
| | | 32,872,273 | |
Floating Rate Instruments/Master Notes—0.9% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | | 567,079 | | | | 567,079 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 708,848 | | | | 708,848 | |
| | | 1,275,927 | |
TOTAL CASH EQUIVALENTS |
| (Cost $34,431,739) | | | | | | 34,431,739 | |
See accompanying notes to financial statements.
110
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint US Government
Securities Fund
|
|
|
| Face
|
| Value
|
|---|
REPURCHASE AGREEMENTS—0.4% |
| IBT Repurchase Agreement dated 06/30/06 due 07/03/06, with a maturity value of $626,671 and an effective yield of 4.65% collateralized by a U.S. Government Obligation with a rate of 7.86%, maturity of 09/25/12 and an aggregate market value of $657,749. | | | | $ | 626,428 | | | $ | 626,428 | |
TOTAL INVESTMENTS—123.4% |
| (Cost $176,722,784) | | 172,729,468 | |
| Other assets less liabilities—(23.4%) | | (32,708,297 | ) |
NET ASSETS—100.0% | $ | 140,021,171 | |
Notes to the Schedule of Investments:
| † | | Denotes all or a portion of security on loan. |
| †† | | Represents collateral received from securities lending transactions. |
See accompanying notes to financial statements.
111
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Asset
Allocation Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—78.7% |
Advertising—0.2% |
| Interpublic Group, Inc. | * | | | 21,356 | | | $ | 178,323 | |
| Monster Worldwide, Inc. | * | | | 6,200 | | | | 264,492 | |
| Omnicom Group | | 8,800 | | | | 783,992 | |
| | | 1,226,807 | |
Aerospace & Defense—1.3% |
| Goodrich Corporation | | 5,900 | | | | 237,711 | |
| Boeing Company (The) | | 39,392 | | | | 3,226,599 | |
| General Dynamics Corporation | | 19,720 | | | | 1,290,871 | |
| Honeywell International, Inc. | | 40,825 | | | | 1,645,247 | |
| Lockheed Martin Corporation | | 17,580 | | | | 1,261,189 | |
| Northrop Grumman Corporation | | 17,292 | | | | 1,107,726 | |
| Textron, Inc. | | 6,500 | | | | 599,170 | |
| | | 9,368,513 | |
Airlines—0.1% |
| Southwest Airlines Company | | 34,872 | | | | 570,855 | |
Apparel Retailers—0.3% |
| Gap, Inc. (The) | | 28,227 | | | | 491,150 | |
| Kohl’s Corporation | * | | | 17,000 | | | | 1,005,040 | |
| Ltd. Brands | | 17,100 | | | | 437,589 | |
| Nordstrom, Inc. | | 10,780 | | | | 393,470 | |
| | | 2,327,249 | |
Automotive—0.5% |
| Autonation, Inc. | * | | | 6,800 | | | | 145,792 | |
| Ford Motor Company | † | | | 91,746 | | | | 635,800 | |
| General Motors Corporation | † | | | 27,800 | | | | 828,162 | |
| Genuine Parts Company | | 8,525 | | | | 355,151 | |
| Goodyear Tire & Rubber Company (The) | *† | | | 8,600 | | | | 95,460 | |
| Harley-Davidson, Inc. | | 13,400 | | | | 735,526 | |
| Navistar International Corporation | * | | | 2,900 | | | | 71,369 | |
| Paccar, Inc. | | 8,322 | | | | 685,566 | |
| | | 3,552,826 | |
Banking—9.3% |
| American Express Company | | 60,930 | | | | 3,242,695 | |
| AmSouth Bancorp | † | | | 17,000 | | | | 449,650 | |
| BB&T Corporation | | 26,300 | | | | 1,093,817 | |
| Bank of America Corporation | | 226,405 | | | | 10,890,080 | |
| Bank of New York Company, Inc. (The) | | 37,900 | | | | 1,220,380 | |
| Capital One Financial Corporation | | 14,850 | | | | 1,268,932 | |
| CIT Group, Inc. | | 9,800 | | | | 512,442 | |
| Citigroup, Inc. | † | | | 245,568 | | | | 11,846,200 | |
| Comerica, Inc. | | 8,050 | | | | 418,519 | |
| Commerce Bancorp, Inc. | | 7,637 | | | | 272,412 | |
| Compass Bancshares, Inc. | | 6,100 | | | | 339,160 | |
| Fifth Third Bancorp | | 27,288 | | | | 1,008,292 | |
| First Horizon National Corporation | † | | | 6,200 | | | | 249,240 | |
| Golden West Financial Corporation | | 12,570 | | | | 932,694 | |
| Huntington Bancshares, Inc. | | 12,536 | | | | 295,599 | |
| JP Morgan Chase & Company | | 171,439 | | | | 7,200,438 | |
| KeyCorp | | 19,900 | | | | 710,032 | |
| M&T Bank Corporation | | 3,930 | | | | 463,426 | |
| Marshall & IIsley Corporation | | 10,900 | | | | 498,566 | |
| Mellon Financial Corporation | | 20,400 | | | | 702,372 | |
| National City Corporation | | 26,900 | | | | 973,511 | |
| North Fork Bancorp, Inc. | | 23,350 | | | | 704,469 | |
| Northern Trust Corporation | | 9,150 | | | | 505,995 | |
| PNC Financial Services Group, Inc. | | 14,400 | | | | 1,010,448 | |
| |
| Regions Financial Corporation | | 22,436 | | | | 743,080 | |
| SLM Corporation | | 20,500 | | | | 1,084,860 | |
| Sovereign Bancorp, Inc. | | 18,480 | | | | 375,329 | |
| State Street Corporation | | 16,400 | | | | 952,676 | |
| Suntrust Banks, Inc. | | 18,270 | | | | 1,393,270 | |
| Synovus Financial Corporation | | 15,400 | | | | 412,412 | |
| U.S. Bancorp | | 88,605 | | | | 2,736,122 | |
| Wachovia Corporation | | 79,781 | | | | 4,314,556 | |
| Washington Mutual, Inc. | | 48,762 | | | | 2,222,572 | |
| Wells Fargo & Company | | 82,460 | | | | 5,531,417 | |
| Zions Bancorp | | 5,100 | | | | 397,494 | |
| | | 66,973,157 | |
Beverages, Food & Tobacco—3.9% |
| Altria Group, Inc. | | 102,630 | | | | 7,536,121 | |
| Anheuser-Busch Companies, Inc. | | 38,140 | | | | 1,738,803 | |
| Archer-Daniels-Midland Company | | 32,124 | | | | 1,326,079 | |
| Brown-Forman Corporation Class B | | 4,080 | | | | 292,495 | |
| Campbell Soup Company | | 9,030 | | | | 335,103 | |
| Coca-Cola Company (The) | | 101,290 | | | | 4,357,496 | |
| Coca-Cola Enterprises, Inc. | | 14,960 | | | | 304,735 | |
| ConAgra Foods, Inc. | | 25,500 | | | | 563,805 | |
| Constellation Brands, Inc. Class A | * | | | 9,730 | | | | 243,250 | |
| Dean Foods Company | * | | | 6,000 | | | | 223,140 | |
| General Mills, Inc. | | 17,500 | | | | 904,050 | |
| H.J. Heinz Company | | 16,450 | | | | 678,069 | |
| Hershey Foods Corporation | | 8,770 | | | | 482,964 | |
| Kellogg Company | | 12,400 | | | | 600,532 | |
| McCormick & Company, Inc. | | 6,500 | | | | 218,075 | |
Molson Coors Brewing
Company—Class B | | 2,660 | | | | 180,561 | |
| Pepsi Bottling Group, Inc. | | 6,610 | | | | 212,511 | |
| Pepsico, Inc. | | 81,450 | | | | 4,890,258 | |
| Reynolds American, Inc. | † | | | 4,180 | | | | 481,954 | |
| Sara Lee Corporation | | 37,400 | | | | 599,148 | |
| Supervalu, Inc. | | 9,801 | | | | 300,891 | |
| Sysco Corporation | | 30,500 | | | | 932,080 | |
| Tyson Foods, Inc. Class A | † | | | 12,400 | | | | 184,264 | |
| UST, Inc. | † | | | 8,000 | | | | 361,520 | |
| WM Wrigley Jr. Company | | 10,887 | | | | 493,834 | |
| | | 28,441,738 | |
Building Materials—0.9% |
| Home Depot, Inc. | | 104,500 | | | | 3,740,055 | |
| Louisiana-Pacific Corporation | | 5,600 | | | | 122,640 | |
| Lowe’s Companies, Inc. | | 38,480 | | | | 2,334,582 | |
| Vulcan Materials Company | | 4,900 | | | | 382,200 | |
| | | 6,579,477 | |
Chemicals—1.1% |
| Air Products & Chemicals, Inc. | | 11,000 | | | | 703,120 | |
| Avery Dennison Corporation | | 5,400 | | | | 313,524 | |
| Cooper Tire & Rubber Company | | 2,400 | | | | 26,736 | |
| Dow Chemical Company (The) | | 47,636 | | | | 1,859,233 | |
| Eastman Chemical Company | | 3,975 | | | | 214,650 | |
| Ecolab, Inc. | | 8,940 | | | | 362,785 | |
| EI Du Pont de Nemours & Company | | 45,300 | | | | 1,884,480 | |
| Hercules, Inc. | * | | | 5,000 | | | | 76,300 | |
| International Flavors & Fragrances, Inc. | | 4,300 | | | | 151,532 | |
| Monsanto Company | | 13,249 | | | | 1,115,433 | |
| PPG Industries, Inc. | | 8,124 | | | | 536,184 | |
| Praxair, Inc. | | 15,830 | | | | 854,820 | |
| | | 8,098,797 | |
Coal—0.0% |
| Consol Energy, Inc. | | 6,421 | | | | 299,989 | |
See accompanying notes to financial statements.
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Commercial Services—0.8% |
| Allied Waste Industries, Inc. | *† | | | 11,900 | | | $ | 135,184 | |
| Apollo Group, Inc. Class A | * | | | 6,910 | | | | 357,040 | |
| Cendant Corporation | | 49,600 | | | | 807,984 | |
| Cintas Corporation | | 6,800 | | | | 270,368 | |
| Convergys Corporation | * | | | 7,600 | | | | 148,200 | |
| Equifax, Inc. | | 6,400 | | | | 219,776 | |
| Fluor Corporation | | 4,300 | | | | 399,599 | |
| H&R Block, Inc. | † | | | 16,100 | | | | 384,146 | |
| Moody’s Corporation | | 12,000 | | | | 653,520 | |
| Paychex, Inc. | | 16,450 | | | | 641,221 | |
| Robert Half International, Inc. | † | | | 8,400 | | | | 352,800 | |
| RR Donnelley & Sons Company | | 10,600 | | | | 338,670 | |
| Ryder System, Inc. | † | | | 3,100 | | | | 181,133 | |
| Waste Management, Inc. | | 27,127 | | | | 973,317 | |
| | | 5,862,958 | |
Communications—1.3% |
| ADC Telecommunications, Inc. | * | | | 5,571 | | | | 93,927 | |
| Andrew Corporation | * | | | 6,987 | | | | 61,905 | |
| Avaya, Inc. | * | | | 20,468 | | | | 233,745 | |
| Ciena Corporation | *† | | | 30,600 | | | | 147,186 | |
| Comverse Technology, Inc. | * | | | 10,700 | | | | 211,539 | |
| Corning, Inc. | * | | | 76,050 | | | | 1,839,649 | |
| L-3 Communications Holdings, Inc. | | 6,000 | | | | 452,520 | |
| Motorola, Inc. | | 122,990 | | | | 2,478,249 | |
| Network Appliance, Inc. | *† | | | 18,400 | | | | 649,520 | |
| Qualcomm, Inc. | | 81,500 | | | | 3,265,705 | |
| | | 9,433,945 | |
Computer Software & Processing—4.2% |
| Adobe Systems, Inc. | * | | | 29,500 | | | | 895,620 | |
| Affiliated Computer Services, Inc. Class A | * | | | 5,800 | | | | 299,338 | |
| Autodesk, Inc. | * | | | 11,400 | | | | 392,844 | |
| Automatic Data Processing, Inc. | | 28,500 | | | | 1,292,475 | |
| BMC Software, Inc. | * | | | 10,500 | | | | 250,950 | |
| CA, Inc. | † | | | 22,416 | | | | 460,649 | |
| Citrix Systems, Inc. | * | | | 8,900 | | | | 357,246 | |
| Computer Sciences Corporation | * | | | 9,200 | | | | 445,648 | |
| Compuware Corporation | * | | | 18,800 | | | | 125,960 | |
| Electronic Arts, Inc. | * | | | 14,900 | | | | 641,296 | |
| Electronic Data Systems Corporation | | 25,300 | | | | 608,718 | |
| First Data Corporation | | 37,736 | | | | 1,699,629 | |
| Fiserv, Inc. | * | | | 9,100 | | | | 412,776 | |
| Google, Inc. Class A | * | | | 9,911 | | | | 4,155,980 | |
| IMS Health, Inc. | | 9,825 | | | | 263,801 | |
| Intuit, Inc. | * | | | 8,700 | | | | 525,393 | |
| Juniper Networks, Inc. | * | | | 24,268 | | | | 388,045 | |
| Microsoft Corporation | | 437,150 | | | | 10,185,595 | |
| NCR Corporation | * | | | 9,000 | | | | 329,760 | |
| Novell, Inc. | * | | | 18,800 | | | | 124,644 | |
| Nvidia Corporation | * | | | 16,800 | | | | 357,672 | |
| Oracle Corporation | * | | | 185,320 | | | | 2,685,287 | |
| Parametric Technology Corp. | * | | | 5,320 | | | | 67,617 | |
| Symantec Corporation | * | | | 51,368 | | | | 798,259 | |
| Unisys Corporation | * | | | 15,700 | | | | 98,596 | |
| VeriSign, Inc. | * | | | 11,800 | | | | 273,406 | |
| Yahoo!, Inc. | * | | | 62,100 | | | | 2,049,300 | |
| | | 30,186,504 | |
Computers—0.1% |
| Sun Microsystems, Inc. | * | | | 170,200 | | | | 706,330 | |
Computers & Information—3.5% |
| Apple Computer, Inc. | * | | | 41,900 | | | | 2,393,328 | |
| | | | | | | | | | |
| Cisco Systems, Inc. | * | | | 302,550 | | | | 5,908,801 | |
| Dell, Inc. | * | | | 115,800 | | | | 2,826,678 | |
| EMC Corporation | * | | | 116,950 | | | | 1,282,941 | |
| Gateway, Inc. | * | | | 20,900 | | | | 39,710 | |
| Hewlett-Packard Company | | 139,086 | | | | 4,406,244 | |
| International Business Machines Corporation | | 77,080 | | | | 5,921,286 | |
| International Game Technology | | 16,600 | | | | 629,804 | |
| Lexmark International, Inc. | * | | | 5,300 | | | | 295,899 | |
| Pitney Bowes, Inc. | | 11,200 | | | | 462,560 | |
| Sandisk Corporation | * | | | 9,000 | | | | 458,820 | |
| Solectron Corporation | * | | | 45,000 | | | | 153,900 | |
| Symbol Technologies, Inc. | | 12,800 | | | | 138,112 | |
| | | 24,918,083 | |
Containers & Packaging—0.1% |
| Ball Corporation | | 5,100 | | | | 188,904 | |
| Sealed Air Corporation | | 3,965 | | | | 206,497 | |
| | | 395,401 | |
Cosmetics & Personal Care—1.7% |
| Alberto Culver Company Class B | | 3,400 | | | | 165,648 | |
| Avon Products, Inc. | | 22,200 | | | | 688,200 | |
| Clorox Company | | 7,400 | | | | 451,178 | |
| Colgate-Palmolive Company | | 25,400 | | | | 1,521,460 | |
| Estee Lauder Companies, Inc. (The) Class A | | 4,900 | | | | 189,483 | |
| Procter & Gamble Company | | 161,861 | | | | 8,999,472 | |
| | | 12,015,441 | |
Diversified—2.8% |
| 3M Company | | 37,150 | | | | 3,000,605 | |
| General Electric Company | | 512,760 | | | | 16,900,570 | |
| ITT Industries, Inc. | | 9,100 | | | | 450,450 | |
| | | 20,351,625 | |
Electric Utilities—2.6% |
| AES Corporation (The) | * | | | 32,300 | | | | 595,935 | |
| Allegheny Energy, Inc. | * | | | 8,000 | | | | 296,560 | |
| Ameren Corporation | † | | | 10,100 | | | | 510,050 | |
| American Electric Power Company, Inc. | | 19,360 | | | | 663,080 | |
| CMS Energy Corporation | * | | | 11,100 | | | | 143,634 | |
| Centerpoint Energy, Inc. | † | | | 15,226 | | | | 190,325 | |
| Consolidated Edison, Inc. | | 12,100 | | | | 537,724 | |
| Constellation Energy Group, Inc. | | 8,800 | | | | 479,776 | |
| DTE Energy Company | | 8,700 | | | | 354,438 | |
| Dominion Resources, Inc. | † | | | 17,071 | | | | 1,276,740 | |
| Duke Energy Corp. | | 61,008 | | | | 1,791,805 | |
| Edison International | | 16,000 | | | | 624,000 | |
| Entergy Corporation | | 10,200 | | | | 721,650 | |
| Exelon Corporation | | 32,824 | | | | 1,865,388 | |
| FPL Group, Inc. | | 19,900 | | | | 823,462 | |
| FirstEnergy Corporation | | 16,273 | | | | 882,159 | |
| KeySpan Corporation | | 8,600 | | | | 347,440 | |
| NiSource, Inc. | | 13,302 | | | | 290,516 | |
| PG&E Corporation | | 17,010 | | | | 668,153 | |
| PPL Corporation | | 18,700 | | | | 604,010 | |
| Pinnacle West Capital Corporation | | 4,900 | | | | 195,559 | |
| Progress Energy, Inc. | † | | | 12,400 | | | | 531,588 | |
| Public Service Enterprise Group, Inc. | | 12,300 | | | | 813,276 | |
| Sempra Energy | | 12,669 | | | | 576,186 | |
| Southern Company (The) | † | | | 36,500 | | | | 1,169,825 | |
| TXU Corporation | | 22,794 | | | | 1,362,853 | |
| TECO Energy, Inc. | | 10,200 | | | | 152,388 | |
| Xcel Energy, Inc. | | 19,870 | | | | 381,107 | |
| | | 18,849,627 | |
See accompanying notes to financial statements.
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COMMON STOCKS—(Continued)
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Electrical Equipment—0.3% |
| Cooper Industries Ltd. Class A | | 4,500 | | | $ | 418,140 | |
| Emerson Electric Company | | 20,200 | | | | 1,692,962 | |
| | | 2,111,102 | |
Electronics—2.3% |
| Advanced Micro Devices, Inc. | * | | | 23,700 | | | | 578,754 | |
| Agilent Technologies, Inc. | * | | | 21,049 | | | | 664,306 | |
| Altera Corporation | * | | | 17,700 | | | | 310,635 | |
| American Power Conversion Corporation | | 7,900 | | | | 153,971 | |
| Analog Devices, Inc. | | 18,000 | | | | 578,520 | |
| Broadcom Corporation Class A | * | | | 21,670 | | | | 651,183 | |
| Freescale Semiconductor, Inc. Class B | * | | | 20,153 | | | | 592,498 | |
| Intel Corporation | | 289,340 | | | | 5,482,993 | |
| JDS Uniphase Corporation | * | | | 84,700 | | | | 214,291 | |
| Jabil Circuit, Inc. | * | | | 8,590 | | | | 219,904 | |
| LSI Logic Corporation | *† | | | 19,300 | | | | 172,735 | |
| Linear Technology Corporation | | 15,000 | | | | 502,350 | |
| Maxim Integrated Products, Inc. | | 15,820 | | | | 507,980 | |
| Micron Technology, Inc. | *† | | | 33,600 | | | | 506,016 | |
| Molex, Inc. | | 6,975 | | | | 234,151 | |
| National Semiconductor Corporation | | 16,600 | | | | 395,910 | |
| Novellus Systems, Inc. | * | | | 6,200 | | | | 153,140 | |
| PMC-Sierra, Inc. | * | | | 10,900 | | | | 102,460 | |
| QLogic Corporation | * | | | 8,800 | | | | 151,712 | |
| Raytheon Company | | 21,900 | | | | 976,083 | |
| Rockwell Collins, Inc. | | 8,500 | | | | 474,895 | |
| Sanmina-SCI Corporation | * | | | 28,400 | | | | 130,640 | |
| Tektronix, Inc. | | 4,500 | | | | 132,390 | |
| Teradyne, Inc. | *† | | | 9,400 | | | | 130,942 | |
| Texas Instruments, Inc. | | 78,700 | | | | 2,383,823 | |
| Xilinx, Inc. | | 16,910 | | | | 383,011 | |
| | | 16,785,293 | |
Entertainment & Leisure—1.6% |
| Eastman Kodak Company | † | | | 14,100 | | | | 335,298 | |
| Harrah’s Entertainment, Inc. | | 9,060 | | | | 644,891 | |
| Hasbro, Inc. | | 8,275 | | | | 149,860 | |
| Mattel, Inc. | | 19,078 | | | | 314,978 | |
| News Corporation, Inc. Class A | | 118,050 | | | | 2,264,199 | |
| Time Warner, Inc. | | 214,576 | | | | 3,712,165 | |
| Walt Disney Company | | 108,365 | | | | 3,250,950 | |
| Xerox Corporation | * | | | 45,800 | | | | 637,078 | |
| | | 11,309,419 | |
Financial Services—3.0% |
| Ameriprise Financial, Inc. | | 12,326 | | | | 550,602 | |
| Bear Stearns Companies, Inc. (The) | | 5,833 | | | | 817,087 | |
| Charles Schwab Corporation (The) | | 50,722 | | | | 810,538 | |
| Countrywide Financial Corporation | | 29,698 | | | | 1,130,900 | |
| E*Trade Financial Corporation | * | | | 20,600 | | | | 470,092 | |
| Federal Home Loan Mortgage Corporation | | 34,000 | | | | 1,938,340 | |
| Federal National Mortgage Association | | 47,600 | | | | 2,289,560 | |
| Federated Investors, Inc. Class B | | 3,800 | | | | 119,700 | |
| Franklin Resources, Inc. | | 7,500 | | | | 651,075 | |
| Goldman Sachs Group, Inc. | | 21,480 | | | | 3,231,236 | |
| Janus Capital Group, Inc. | | 10,400 | | | | 186,160 | |
| Legg Mason, Inc. | | 6,100 | | | | 607,072 | |
| Lehman Brothers Holdings, Inc. | | 26,600 | | | | 1,732,990 | |
| Merrill Lynch & Company, Inc. | | 45,170 | | | | 3,142,025 | |
| Morgan Stanley | | 52,830 | | | | 3,339,384 | |
| T. Rowe Price Group, Inc. | | 13,020 | | | | 492,286 | |
| | | 21,509,047 | |
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Food Retailers—0.4% |
| Kroger Company | * | | | 35,700 | | | | 780,402 | |
| Safeway, Inc. | | 22,100 | | | | 574,600 | |
| Starbucks Corporation | * | | | 37,600 | | | | 1,419,776 | |
| Whole Foods Market, Inc. | | 6,800 | | | | 439,552 | |
| | | 3,214,330 | |
Forest Products & Paper—0.5% |
| Bemis Company | | 5,700 | | | | 174,534 | |
| International Paper Company | | 24,202 | | | | 781,725 | |
| Kimberly Clark Corporation | | 22,620 | | | | 1,395,654 | |
| MeadWestvaco Corporation | | 8,814 | | | | 246,175 | |
| Pactiv Corporation | * | | | 6,900 | | | | 170,775 | |
| Temple-Inland, Inc. | | 5,500 | | | | 235,785 | |
| Weyerhaeuser Company | | 12,000 | | | | 747,000 | |
| | | 3,751,648 | |
Health Care Providers—1.0% |
| Caremark Rx, Inc. | * | | | 22,100 | | | | 1,102,127 | |
| Coventry Health Care, Inc. | * | | | 7,840 | | | | 430,730 | |
| Express Scripts, Inc. | * | | | 7,200 | | | | 516,528 | |
| HCA, Inc. | | 20,067 | | | | 865,891 | |
| Health Management Associates, Inc. Class A | † | | | 11,800 | | | | 232,578 | |
| Laboratory Corporation of America Holdings | * | | | 6,200 | | | | 385,826 | |
| Manor Care, Inc. | | 3,900 | | | | 182,988 | |
| Tenet Healthcare Corporation | * | | | 25,550 | | | | 178,339 | |
| UnitedHealth Group, Inc. | | 66,700 | | | | 2,986,826 | |
| | | 6,881,833 | |
Heavy Construction—0.1% |
| Centex Corporation | † | | | 6,000 | | | | 301,800 | |
| Lennar Corporation Class A | † | | | 6,700 | | | | 297,279 | |
| | | 599,079 | |
Heavy Machinery—2.0% |
| American Standard Companies, Inc. | | 8,750 | | | | 378,612 | |
| Applied Materials, Inc. | | 78,000 | | | | 1,269,840 | |
| Baker Hughes, Inc. | | 16,880 | | | | 1,381,628 | |
| Black & Decker Corporation | | 3,800 | | | | 320,948 | |
| Caterpillar, Inc. | | 33,000 | | | | 2,457,840 | |
| Cummins, Inc. | † | | | 2,300 | | | | 281,175 | |
| Deere & Company | † | | | 11,700 | | | | 976,833 | |
| Dover Corporation | | 10,000 | | | | 494,300 | |
| Eaton Corporation | | 7,300 | | | | 550,420 | |
| Ingersoll-Rand Company Class A | | 16,100 | | | | 688,758 | |
| National-Oilwell Varco, Inc. | * | | | 8,610 | | | | 545,185 | |
| Pall Corporation | | 6,566 | | | | 183,848 | |
| Parker Hannifin Corporation | | 5,925 | | | | 459,780 | |
| Rockwell Automation, Inc. | | 8,700 | | | | 626,487 | |
| Stanley Works (The) | | 3,800 | | | | 179,436 | |
| United Technologies Corporation | | 49,910 | | | | 3,165,292 | |
| W.W. Grainger, Inc. | | 3,800 | | | | 285,874 | |
| | | 14,246,256 | |
Home Construction, Furnishings & Appliances—0.4% |
| DR Horton, Inc. | | 13,400 | | | | 319,188 | |
| Harman International Industries, Inc. | | 3,200 | | | | 273,184 | |
| Johnson Controls, Inc. | | 9,510 | | | | 781,912 | |
| KB Home | | 3,800 | | | | 174,230 | |
| Leggett & Platt, Inc. | | 9,000 | | | | 224,820 | |
| Masco Corporation | † | | | 20,500 | | | | 607,620 | |
| Pulte Homes, Inc. | | 10,540 | | | | 303,447 | |
| Whirlpool Corporation | † | | | 3,798 | | | | 313,905 | |
| | | 2,998,306 | |
See accompanying notes to financial statements.
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COMMON STOCKS—(Continued)
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Household Products—0.3% |
| Fortune Brands, Inc. | | 7,200 | | | $ | 511,272 | |
| Illinois Tool Works, Inc. | † | | | 20,080 | | | | 953,800 | |
| Newell Rubbermaid, Inc. | | 13,460 | | | | 347,672 | |
| Rohm & Haas Company | | 7,095 | | | | 355,601 | |
| Snap-On, Inc. | † | | | 2,850 | | | | 115,197 | |
| | | 2,283,542 | |
Industrial—Diversified—0.4% |
| Tyco International Ltd. | | 99,149 | | | | 2,726,598 | |
Insurance—4.4% |
| ACE Ltd. (Bermuda) | | 15,900 | | | | 804,381 | |
| Aflac, Inc. | | 24,500 | | | | 1,135,575 | |
| Aetna, Inc. | | 27,848 | | | | 1,111,971 | |
| Allstate Corporation (The) | | 31,738 | | | | 1,737,021 | |
| AMBAC Financial Group, Inc. | | 5,150 | | | | 417,665 | |
| American International Group, Inc. | | 127,640 | | | | 7,537,142 | |
| AON Corporation | | 15,825 | | | | 551,027 | |
| Chubb Corporation | | 19,620 | | | | 979,038 | |
| Cigna Corporation | | 5,970 | | | | 588,105 | |
| Cincinnati Financial Corporation | | 8,539 | | | | 401,418 | |
| Genworth Financial, Inc. Class A | | 18,500 | | | | 644,540 | |
| Hartford Financial Services Group, Inc. | | 14,900 | | | | 1,260,540 | |
| Humana, Inc. | * | | | 8,000 | | | | 429,600 | |
| Lincoln National Corporation | | 14,004 | | | | 790,386 | |
| Loews Corporation | | 20,060 | | | | 711,127 | |
| MBIA, Inc. | | 6,550 | | | | 383,503 | |
| MGIC Investment Corporation | | 4,300 | | | | 279,500 | |
| Marsh & McLennan Companies, Inc. | | 26,900 | | | | 723,341 | |
| Metlife, Inc. | | 37,310 | | | | 1,910,645 | |
| Principal Financial Group | | 13,750 | | | | 765,188 | |
| Progressive Corporation (The) | | 38,720 | | | | 995,491 | |
| Prudential Financial, Inc. | | 24,300 | | | | 1,888,110 | |
| Safeco Corporation | | 6,100 | | | | 343,735 | |
| St. Paul Travelers Companies | | 34,216 | | | | 1,525,349 | |
| Torchmark Corporation | | 5,100 | | | | 309,672 | |
| UnumProvident Corporation | † | | | 14,718 | | | | 266,837 | |
| WellPoint, Inc. | * | | | 32,500 | | | | 2,365,025 | |
| XL Capital Ltd. Class A (Bermuda) | | 8,550 | | | | 524,115 | |
| | | 31,380,047 | |
Lodging—0.2% |
| Hilton Hotels Corporation | | 16,200 | | | | 458,136 | |
| Marriott International, Inc. Class A | | 16,040 | | | | 611,445 | |
| Starwood Hotels & Resorts Worldwide, Inc. | | 10,600 | | | | 639,604 | |
| | | 1,709,185 | |
Media—Broadcasting & Publishing—1.3% |
| CBS Corp. Class B | | 38,045 | | | | 1,029,117 | |
| Clear Channel Communications, Inc. | | 25,470 | | | | 788,297 | |
| Comcast Corporation Class A | *† | | | 105,180 | | | | 3,443,593 | |
| Dow Jones & Company, Inc. | † | | | 3,390 | | | | 118,684 | |
| E.W. Scripps Company Class A | | 4,200 | | | | 181,188 | |
| Gannett Company, Inc. | | 11,730 | | | | 656,059 | |
| McGraw-Hill Companies, Inc. (The) | | 18,100 | | | | 909,163 | |
| Meredith Corporation | | 2,100 | | | | 104,034 | |
| New York Times Company Class A | † | | | 7,000 | | | | 171,780 | |
| Tribune Company | | 12,867 | | | | 417,277 | |
| Univision Communications, Inc. Class A | * | | | 10,950 | | | | 366,825 | |
| Viacom, Inc. Class B | * | | | 38,045 | | | | 1,363,533 | |
| | | 9,549,550 | |
| |
Medical Products—0.0% |
| Patterson Companies, Inc. | *† | | | 6,800 | | | | 237,524 | |
Medical Supplies—2.8% |
| Allergan, Inc. | | 7,500 | | | | 804,450 | |
| Applera Corporation—Applied Biosystems Group | | 9,000 | | | | 291,150 | |
| Bausch & Lomb, Inc. | | 2,806 | | | | 137,606 | |
| Baxter International, Inc. | | 31,900 | | | | 1,172,644 | |
| Becton, Dickinson & Company | | 12,200 | | | | 745,786 | |
| Biomet, Inc. | | 12,225 | | | | 382,520 | |
| Boston Scientific Corporation | *† | | | 56,830 | | | | 957,017 | |
| C.R. Bard, Inc. | | 5,100 | | | | 373,626 | |
| Fisher Scientific International | * | | | 6,100 | | | | 445,605 | |
| Johnson & Johnson | | 146,428 | | | | 8,773,966 | |
| Kla-Tencor Corporation | † | | | 9,820 | | | | 408,217 | |
| Medtronic, Inc. | | 59,410 | | | | 2,787,517 | |
| Millipore Corporation | *† | | | 2,500 | | | | 157,475 | |
| PerkinElmer, Inc. | | 6,400 | | | | 133,760 | |
| Quest Diagnostics, Inc. | | 8,000 | | | | 479,360 | |
| St. Jude Medical, Inc. | * | | | 18,000 | | | | 583,560 | |
| Stryker Corporation | | 14,400 | | | | 606,384 | |
| Thermo Electron Corporation | * | | | 8,000 | | | | 289,920 | |
| Waters Corporation | * | | | 5,100 | | | | 226,440 | |
| Zimmer Holdings, Inc. | * | | | 12,190 | | | | 691,417 | |
| | | 20,448,420 | |
Metals—0.8% |
| Alcoa, Inc. | | 42,860 | | | | 1,386,950 | |
| Allegheny Technologies, Inc. | | 4,283 | | | | 296,555 | |
| Danaher Corporation | | 11,710 | | | | 753,187 | |
| Newmont Mining Corporation | | 21,968 | | | | 1,162,766 | |
| Nucor Corporation | | 15,200 | | | | 824,600 | |
| Phelps Dodge Corporation | | 10,056 | | | | 826,201 | |
| United States Steel Corporation | | 5,320 | | | | 373,038 | |
| | | 5,623,297 | |
Mining—0.1% |
| Freeport-McMoran Copper & Gold, Inc. Class B | | 9,100 | | | | 504,231 | |
Oil & Gas—7.8% |
| Anadarko Petroleum Corporation | | 22,740 | | | | 1,084,471 | |
| Apache Corporation | | 16,292 | | | | 1,111,929 | |
| Ashland, Inc. | | 3,400 | | | | 226,780 | |
| BJ Services Company | † | | | 15,900 | | | | 592,434 | |
| Chesapeake Energy Corporation | † | | | 18,400 | | | | 556,600 | |
| Chevron Texaco Corporation | | 109,480 | | | | 6,794,329 | |
| ConocoPhillips | † | | | 81,119 | | | | 5,315,728 | |
| Devon Energy Corporation | | 21,688 | | | | 1,310,172 | |
| Dynegy, Inc. Class A | *† | | | 16,600 | | | | 90,802 | |
| EOG Resources, Inc. | | 11,900 | | | | 825,146 | |
| EL Paso Corporation | | 32,477 | | | | 487,155 | |
| Exxon Mobil Corporation | | 300,428 | | | | 18,431,258 | |
| Halliburton Company | † | | | 25,410 | | | | 1,885,676 | |
| Hess Corp. | | 11,700 | | | | 618,345 | |
| Kerr-McGee Corporation | | 11,314 | | | | 784,626 | |
| Kinder Morgan, Inc. | | 5,200 | | | | 519,428 | |
| Marathon Oil Corporation | | 17,997 | | | | 1,499,150 | |
| Murphy Oil Corporation | | 8,100 | | | | 452,466 | |
| Nabors Industries Ltd. | * | | | 15,500 | | | | 523,745 | |
| Nicor, Inc. | † | | | 2,200 | | | | 91,300 | |
| Noble Corporation | | 6,700 | | | | 498,614 | |
| Occidental Petroleum Corporation | | 21,190 | | | | 2,173,035 | |
| Peoples Energy Corporation | † | | | 2,300 | | | | 82,593 | |
| Rowan Companies, Inc. | | 5,400 | | | | 192,186 | |
| Schlumberger Ltd. | | 58,100 | | | | 3,782,891 | |
| Sunoco, Inc. | | 6,600 | | | | 457,314 | |
See accompanying notes to financial statements.
115
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Asset
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COMMON STOCKS—(Continued)
|
| Transocean, Inc. | * | | | 16,011 | | | $ | 1,286,004 | |
| Valero Energy Corporation | | 30,560 | | | | 2,032,851 | |
| Weatherford International Ltd. | * | | | 17,120 | | | | 849,494 | |
| Williams Companies, Inc. | | 29,300 | | | | 684,448 | |
| XTO Energy, Inc. | | 17,866 | | | | 790,928 | |
| | | 56,031,898 | |
Pharmaceuticals—5.3% |
| Abbott Laboratories | | 75,700 | | | | 3,301,277 | |
| AmerisourceBergen Corporation | | 10,300 | | | | 431,776 | |
| Amgen, Inc. | * | | | 57,444 | | | | 3,747,072 | |
| Barr Pharmaceuticals, Inc. | * | | | 5,200 | | | | 247,988 | |
| Biogen Idec, Inc. | * | | | 16,930 | | | | 784,367 | |
| Bristol-Myers Squibb Company | | 96,400 | | | | 2,492,904 | |
| Cardinal Health, Inc. | | 20,750 | | | | 1,334,848 | |
| Eli Lilly & Company | | 55,600 | | | | 3,073,012 | |
| Forest Laboratories, Inc. | * | | | 16,000 | | | | 619,040 | |
| Genzyme Corporation | * | | | 12,800 | | | | 781,440 | |
| Gilead Sciences, Inc. | * | | | 22,730 | | | | 1,344,707 | |
| Hospira, Inc. | * | | | 7,950 | | | | 341,373 | |
| King Pharmaceuticals, Inc. | * | | | 11,466 | | | | 194,922 | |
| McKesson Corporation | | 15,089 | | | | 713,408 | |
| Medco Health Solutions, Inc. | * | | | 14,955 | | | | 856,622 | |
| MedImmune, Inc. | * | | | 12,600 | | | | 341,460 | |
| Merck & Company, Inc. | | 107,600 | | | | 3,919,868 | |
| Mylan Laboratories | | 10,800 | | | | 216,000 | |
| Pfizer, Inc. | | 361,912 | | | | 8,494,075 | |
| Schering-Plough Corporation | | 72,800 | | | | 1,385,384 | |
| Sigma Aldrich Corporation | † | | | 3,300 | | | | 239,712 | |
| Watson Pharmaceuticals, Inc. | * | | | 4,800 | | | | 111,744 | |
| Wyeth | | 66,100 | | | | 2,935,501 | |
| | | 37,908,500 | |
Real Estate—0.7% |
Apartment Investment & Management
Company REIT Class A | | 4,400 | | | | 191,180 | |
| Archstone-Smith Trust REIT | | 10,500 | | | | 534,135 | |
| Boston Properties, Inc. REIT | | 4,400 | | | | 397,760 | |
| Equity Office Properties Trust REIT | | 18,300 | | | | 668,133 | |
| Equity Residential REIT | | 14,300 | | | | 639,639 | |
| Kimco Realty Corporation REIT | | 9,900 | | | | 361,251 | |
| Plum Creek Timber Company, Inc. REIT | | 9,100 | | | | 323,050 | |
| Prologis REIT | | 12,000 | | | | 625,440 | |
| Public Storage, Inc. REIT | † | | | 4,100 | | | | 311,190 | |
| Simon Property Group, Inc. REIT | | 9,040 | | | | 749,778 | |
| Vornado Realty Trust REIT | | 5,800 | | | | 565,790 | |
| | | 5,367,346 | |
Restaurants—0.5% |
| Darden Restaurants, Inc. | | 6,500 | | | | 256,100 | |
| McDonald’s Corporation | | 61,800 | | | | 2,076,480 | |
| Wendy’s International, Inc. | | 5,600 | | | | 326,424 | |
| Yum! Brands, Inc. | | 13,600 | | | | 683,672 | |
| | | 3,342,676 | |
Retailers—3.2% |
| Amazon.Com, Inc. | * | | | 15,200 | | | | 587,936 | |
| Autozone, Inc. | * | | | 2,710 | | | | 239,022 | |
| Bed Bath & Beyond, Inc. | * | | | 13,800 | | | | 457,746 | |
| Best Buy Company, Inc. | | 20,015 | | | | 1,097,623 | |
| Big Lots, Inc. | * | | | 5,200 | | | | 88,816 | |
| CVS Corporation | | 40,200 | | | | 1,234,140 | |
| Circuit City Stores, Inc. | | 7,400 | | | | 201,428 | |
| Costco Wholesale Corporation | † | | | 23,276 | | | | 1,329,758 | |
| |
| Dillard’s, Inc. Class A | † | | | 2,900 | | | | 92,365 | |
| Dollar General Corporation | | 15,570 | | | | 217,669 | |
| eBay, Inc. | * | | | 56,730 | | | | 1,661,622 | |
| Family Dollar Stores, Inc. | | 8,200 | | | | 200,326 | |
| Federated Department Stores | | 26,704 | | | | 977,366 | |
| JC Penney Company, Inc. (Holding Company) | | 11,420 | | | | 770,964 | |
| Office Depot, Inc. | * | | | 14,500 | | | | 551,000 | |
| OfficeMax, Inc. | | 3,370 | | | | 137,328 | |
| RadioShack Corporation | | 6,100 | | | | 85,400 | |
| Sears Holdings Corporation | * | | | 4,912 | | | | 760,574 | |
| Sherwin-Williams Company (The) | | 5,430 | | | | 257,816 | |
| Staples, Inc. | | 35,850 | | | | 871,872 | |
| TJX Companies, Inc. | | 22,700 | | | | 518,922 | |
| Target Corporation | | 43,200 | | | | 2,111,184 | |
| Tiffany & Company | | 7,000 | | | | 231,140 | |
| Walgreen Company | | 49,800 | | | | 2,233,032 | |
| Wal-Mart Stores, Inc. | | 122,900 | | | | 5,920,093 | |
| | | 22,835,142 | |
Telecommunications—0.1% |
| Citizens Communications Company | | 16,200 | | | | 211,410 | |
| Lucent Technologies, Inc. | *† | | | 219,819 | | | | 531,962 | |
| Tellabs, Inc. | * | | | 22,200 | | | | 295,482 | |
| | | 1,038,854 | |
Telephone Systems—2.6% |
| Alltel Corporation | | 19,080 | | | | 1,217,876 | |
| AT&T, Inc. | | 190,834 | | | | 5,322,360 | |
| BellSouth Corporation | | 88,400 | | | | 3,200,080 | |
| CenturyTel, Inc. | | 5,600 | | | | 208,040 | |
| Embarq Corp. | | 7,297 | | | | 299,104 | |
| Qwest Communications International, Inc. | * | | | 76,329 | | | | 617,502 | |
| Sprint Nextel Corp. | | 145,959 | | | | 2,917,720 | |
| Verizon Communications, Inc. | | 143,971 | | | | 4,821,589 | |
| | | 18,604,271 | |
Textiles, Clothing & Fabrics—0.3% |
| Coach, Inc. | * | | | 18,900 | | | | 565,110 | |
| Jones Apparel Group, Inc. | | 5,600 | | | | 178,024 | |
| Liz Claiborne, Inc. | † | | | 5,000 | | | | 185,300 | |
| Nike, Inc. Class B | | 9,360 | | | | 758,160 | |
| VF Corporation | | 4,300 | | | | 292,056 | |
| | | 1,978,650 | |
Transportation—1.6% |
| Brunswick Corporation | | 4,900 | | | | 162,925 | |
| Burlington Northern Santa Fe Corporation | | 18,356 | | | | 1,454,713 | |
| CSX Corporation | | 10,800 | | | | 760,752 | |
| Carnival Corporation | | 21,330 | | | | 890,314 | |
| FedEx Corporation | | 14,940 | | | | 1,745,888 | |
| Norfolk Southern Corporation | | 20,300 | | | | 1,080,366 | |
| Sabre Holdings Corporation | | 6,930 | | | | 152,460 | |
| Union Pacific Corporation | | 13,000 | | | | 1,208,480 | |
| United Parcel Service, Inc. Class B | | 53,700 | | | | 4,421,121 | |
| | | 11,877,019 | |
TOTAL COMMON STOCKS |
| (Cost $502,267,427) | | | | | | 567,012,385 | |
See accompanying notes to financial statements.
116
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Asset
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Coupon
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Date
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U.S. TREASURY OBLIGATIONS—1.1% |
U.S. Treasury Bills—1.1% |
| U.S. Treasury Bill |
| 4.730% | | | | 09/07/2006 | | ** | | | | | | | | |
| (Cost $8,042,497) | $ | 8,115,000 | | | $ | 8,042,497 | |
| |
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RIGHTS—0.0% |
Computers & Information—0.0% |
| Seagate Technology, Inc. | | | | | | | | | | | |
| (Cost $—)*** | | | | 10,600 | | | | — | |
| |
Coupon
Rate
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| Maturity
Date
|
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| Face
|
| Value
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COMMERCIAL PAPER—12.4% |
Banking—8.3% |
| CBA (Delaware) Finance, Inc. |
| 5.300% | | | | 09/19/2006 | | | | | 15,000,000 | | | | 14,823,334 | |
| Royal Bank of Scotland |
| 5.025% | | | | 07/10/2006 | | | | | 15,000,000 | | | | 14,981,156 | |
| Societe Generale North America, Inc. |
| 5.100% | | | | 09/26/2006 | | | | | 30,000,000 | | | | 29,630,250 | |
| | | 59,434,740 | |
Financial Services—4.1% |
| Nordea North America, Inc. |
| 5.290% | | | | 09/11/2006 | | | | | 15,000,000 | | | | 14,841,300 | |
| San Paolo IMI US Financial Co. |
| 5.250% | | | | 09/19/2006 | | | | | 15,000,000 | | | | 14,825,000 | |
| | | 29,666,300 | |
TOTAL COMMERCIAL PAPER |
| (Cost $89,101,040) | | | | | | 89,101,040 | |
| |
CASH EQUIVALENTS—4.7% |
Institutional Money Market Funds—0.0% |
| BGI Institutional Fund | †† | | | 279,894 | | | | 279,894 | |
Bank & Certificate Deposits/
Offshore Time Deposits—4.5% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 1,119,575 | | | | 1,119,575 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 419,841 | | | | 419,841 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 559,788 | | | | 559,788 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 554,435 | | | | 554,435 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 419,841 | | | | 419,841 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 559,788 | | | | 559,788 | |
| |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 699,734 | | | | 699,734 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 273,964 | | | | 273,964 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 559,788 | | | | 559,788 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 559,788 | | | | 559,788 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 279,894 | | | | 279,894 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 559,788 | | | | 559,788 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 559,788 | | | | 559,788 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 273,864 | | | | 273,864 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 4,618,247 | | | | 4,618,247 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 4,529,674 | | | | 4,529,674 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 1,903,822 | | | | 1,903,822 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 559,788 | | | | 559,788 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 419,841 | | | | 419,841 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 139,947 | | | | 139,947 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 1,399,469 | | | | 1,399,469 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 982,941 | | | | 982,941 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 699,734 | | | | 699,734 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 559,788 | | | | 559,788 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 279,894 | | | | 279,894 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 279,894 | | | | 279,894 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 559,788 | | | | 559,788 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 839,681 | | | | 839,681 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 979,627 | | | | 979,627 | |
| | | 32,449,617 | |
See accompanying notes to financial statements.
117
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Asset
Allocation Fund
Coupon
Rate
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|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
Floating Rate Instruments/Master Notes—0.2% | | | | | | | | | | | | | | | | | | |
| Bank of America | | | | | | | | | | | | | | | | | | |
| 5.270% | | | | 07/14/2006 | | †† | | $ | 559,788 | | | $ | 559,788 | |
| HBOS Halifax Bank of Scotland | | | | | | | | | | | | | | | | | | |
| 5.110% | | | | 07/10/2006 | | †† | | | 699,734 | | | | 699,734 | |
| | | | | | | | | | | | | | | | | | 1,259,522 | |
TOTAL CASH EQUIVALENTS | | | | | | | | | | | | | | | | | | |
| (Cost $33,989,033) | | | | | | 33,989,033 | |
TOTAL INVESTMENTS—96.9% | | | | | | | | | | | | | | | | | | |
| (Cost $633,399,997) | | 698,144,955 | |
| Other assets less liabilities—3.1% | | | | | | | | | | | | | | | | | 22,526,895 | |
NET ASSETS—100.0% | | | | | | | | | | | | | | | | | $720,671,850 | |
Notes to the Schedule of Investments:
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing security. |
| † | | Denotes all or a portion of security on loan. |
| ** | | Security has been pledged as collateral for futures contracts. |
| †† | | Represents collateral received from securities lending transactions. |
| *** | | Security has no market value at 06/30/2006. |
See accompanying notes to financial statements.
118
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Equity Income Fund
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| Value
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|---|
COMMON STOCKS—94.8% |
Aerospace & Defense—1.2% |
| Honeywell International, Inc. | | 286,700 | | | $ | 11,554,010 | |
| Lockheed Martin Corporation | | 50,000 | | | | 3,587,000 | |
| | | 15,141,010 | |
Automotive—2.3% |
| Ford Motor Company | | 200,000 | | | | 1,386,000 | |
| General Motors Corporation | † | | | 804,000 | | | | 23,951,160 | |
| Genuine Parts Company | | 90,552 | | | | 3,772,396 | |
| | | 29,109,556 | |
Banking—9.0% |
| American Express Company | | 50,000 | | | | 2,661,000 | |
| Bank of America Corporation | | 468,892 | | | | 22,553,705 | |
| Capital One Financial Corporation | | 101,400 | | | | 8,664,630 | |
| Citigroup, Inc. | † | | | 322,369 | | | | 15,551,081 | |
| JP Morgan Chase & Company | | 250,000 | | | | 10,500,000 | |
| KeyCorp | † | | | 100,000 | | | | 3,568,000 | |
| Mellon Financial Corporation | | 150,000 | | | | 5,164,500 | |
| Northern Trust Corporation | | 40,000 | | | | 2,212,000 | |
| PNC Financial Services Group, Inc. | | 75,000 | | | | 5,262,750 | |
| SLM Corporation | | 151,600 | | | | 8,022,672 | |
| State Street Corporation | | 110,000 | | | | 6,389,900 | |
| Suntrust Banks, Inc. | | 40,000 | | | | 3,050,400 | |
| Wachovia Corporation | | 152,504 | | | | 8,247,416 | |
| Washington Mutual, Inc. | | 215,745 | | | | 9,833,657 | |
| Wells Fargo & Company | | 63,000 | | | | 4,226,040 | |
| | | 115,907,751 | |
Beverages, Food & Tobacco—4.7% |
| Altria Group, Inc. | | 168,900 | | | | 12,402,327 | |
| Anheuser-Busch Companies, Inc. | | 132,600 | | | | 6,045,234 | |
| Campbell Soup Company | | 99,712 | | | | 3,700,312 | |
| Coca-Cola Company (The) | | 120,000 | | | | 5,162,400 | |
| General Mills, Inc. | | 80,022 | | | | 4,133,937 | |
| H.J. Heinz Company | † | | | 124,200 | | | | 5,119,524 | |
| Imperial Tobacco Group PLC (United Kingdom) | | 179,600 | | | | 11,088,504 | |
| Kraft Foods, Inc. Class A | † | | | 100,000 | | | | 3,090,000 | |
| McCormick & Company, Inc. | | 75,000 | | | | 2,516,250 | |
| UST, Inc. | † | | | 153,337 | | | | 6,929,299 | |
| | | 60,187,787 | |
Building Materials—2.4% |
| Cemex SA de CV Sponsored ADR (Mexico) | †* | | | 365,583 | | | | 20,827,264 | |
| Hanson PLC Sponsored ADR (United Kingdom) | | 112,500 | | | | 6,840,000 | |
| Home Depot, Inc. | | 75,000 | | | | 2,684,250 | |
| | | 30,351,514 | |
Chemicals—1.6% |
| Avery Dennison Corporation | | 85,000 | | | | 4,935,100 | |
| Dow Chemical Company (The) | | 39,771 | | | | 1,552,262 | |
| EI Du Pont de Nemours & Company | | 259,146 | | | | 10,780,474 | |
| Hercules, Inc. | * | | | 48,000 | | | | 732,480 | |
| International Flavors & Fragrances, Inc. | | 70,000 | | | | 2,466,800 | |
| | | 20,467,116 | |
Commercial Services—0.3% |
| Waste Management, Inc. | | 100,000 | | | | 3,588,000 | |
| |
Computer Software & Processing—0.4% |
| Microsoft Corporation | | 200,000 | | | | 4,660,000 | |
Computers & Information—4.1% |
| Dell, Inc. | * | | | 1,811,000 | | | | 44,206,510 | |
| International Business Machines Corporation | | 60,000 | | | | 4,609,200 | |
| Pitney Bowes, Inc. | | 98,700 | | | | 4,076,310 | |
| | | 52,892,020 | |
Cosmetics & Personal Care—0.6% |
| Avon Products, Inc. | | 100,000 | | | | 3,100,000 | |
| Colgate-Palmolive Company | | 80,000 | | | | 4,792,000 | |
| | | 7,892,000 | |
Diversified—1.3% |
| 3M Company | | 85,500 | | | | 6,905,835 | |
| General Electric Company | | 275,000 | | | | 9,064,000 | |
| | | 15,969,835 | |
Electric Utilities—2.9% |
| Dominion Resources, Inc. | | 35,700 | | | | 2,670,003 | |
| Duke Energy Corp. | | 594,024 | | | | 17,446,485 | |
| Entergy Corporation | | 105,200 | | | | 7,442,900 | |
| FirstEnergy Corporation | | 50,000 | | | | 2,710,500 | |
| NiSource, Inc. | | 130,000 | | | | 2,839,200 | |
| Progress Energy, Inc. | | 100,000 | | | | 4,287,000 | |
| | | 37,396,088 | |
Electrical Equipment—1.2% |
| Cooper Industries Ltd. Class A | | 75,000 | | | | 6,969,000 | |
| Emerson Electric Company | | 103,400 | | | | 8,665,954 | |
| | | 15,634,954 | |
Electronics—4.6% |
| American Power Conversion Corporation | † | | | 300,600 | | | | 5,858,694 | |
| Analog Devices, Inc. | | 125,000 | | | | 4,017,500 | |
| Intel Corporation | | 175,000 | | | | 3,316,250 | |
| Koninklijke (Royal) Philips Electronics NV NY Shares (Netherlands) | | 1,039,000 | | | | 32,354,460 | |
| Raytheon Company | | 100,000 | | | | 4,457,000 | |
| Sony Corporation ADR (Japan) | | 125,000 | | | | 5,505,000 | |
| Texas Instruments, Inc. | | 100,000 | | | | 3,029,000 | |
| | | 58,537,904 | |
Entertainment & Leisure—5.2% |
| Discovery Holding Company Class A | †* | | | 1,209,800 | | | | 17,699,374 | |
| Eastman Kodak Company | † | | | 135,741 | | | | 3,227,921 | |
| Mattel, Inc. | | 578,200 | | | | 9,546,082 | |
| Time Warner, Inc. | | 250,000 | | | | 4,325,000 | |
| Walt Disney Company | | 1,054,000 | | | | 31,620,000 | |
| Xerox Corporation | †* | | | 51,000 | | | | 709,410 | |
| | | 67,127,787 | |
Financial Services—1.3% |
| Charles Schwab Corporation (The) | | 250,000 | | | | 3,995,000 | |
| Federal National Mortgage Association | | 40,806 | | | | 1,962,769 | |
| Janus Capital Group, Inc. | | 150,000 | | | | 2,685,000 | |
| Morgan Stanley | | 120,000 | | | | 7,585,200 | |
| | | 16,227,969 | |
See accompanying notes to financial statements.
119
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
Equity Income Fund
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|
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| Shares
|
|
| Value
|
|
|---|
COMMON STOCKS—(Continued) |
Forest Products & Paper—0.7% |
| International Paper Company | 150,000 | | $ 4,845,000 | |
| Kimberly Clark Corporation | 45,259 | | 2,792,480 | |
| MeadWestvaco Corporation | 50,000 | | 1,396,500 | |
| | 9,033,980 | |
Health Care Providers—0.9% |
| HCA, Inc. | 140,900 | | 6,079,835 | |
| UnitedHealth Group, Inc. | 130,400 | | 5,839,312 | |
| | 11,919,147 | |
Heavy Machinery—1.1% |
| Pall Corporation | † | | 120,000 | | 3,360,000 | |
| Stanley Works (The) | 235,200 | | 11,106,144 | |
| | 14,466,144 | |
Household Products—1.3% |
| Fortune Brands, Inc. | 37,765 | | 2,681,693 | |
| Illinois Tool Works, Inc. | † | | 196,000 | | 9,310,000 | |
| Newell Rubbermaid, Inc. | † | | 185,000 | | 4,778,550 | |
| | 16,770,243 | |
Industrial—Diversified—0.6% |
| Tyco International Ltd. | 259,056 | | 7,124,040 | |
Insurance—8.7% |
| Allstate Corporation (The) | 122,100 | | 6,682,533 | |
| American International Group, Inc. | 232,114 | | 13,706,332 | |
| AON Corporation | † | | 766,000 | | 26,672,120 | |
| Fairfax Financial Holdings Ltd. (Canada) | † | | 110,000 | | 10,453,300 | |
| Hartford Financial Services Group, Inc. | 106,500 | | 9,009,900 | |
| Lincoln National Corporation | 49,690 | | 2,804,504 | |
| MGIC Investment Corporation | † | | 125,300 | | 8,144,500 | |
| Marsh & McLennan Companies, Inc. | 140,000 | | 3,764,600 | |
| St. Paul Travelers Companies | 163,806 | | 7,302,471 | |
| UnumProvident Corporation | 105,000 | | 1,903,650 | |
| WellPoint, Inc. | * | | 194,200 | | 14,131,934 | |
| XL Capital Ltd. Class A (Bermuda) | 115,900 | | 7,104,670 | |
| | 111,680,514 | |
Media—Broadcasting & Publishing—8.9% |
| CBS Corp. Class B | 70,000 | | 1,893,500 | |
| Comcast Corporation Class A | †* | | 214,000 | | 7,006,360 | |
| Comcast Corporation Special Class A | * | | 711,000 | | 23,306,580 | |
| DIRECTV Group, Inc. (The) | * | | 1,508,000 | | 24,882,000 | |
| Dow Jones & Company, Inc. | † | | 98,000 | | 3,430,980 | |
| Gannett Company, Inc. | 139,800 | | 7,819,014 | |
| Liberty Media Holding Corp.—Class A | * | | 1,193,250 | | 20,595,495 | |
| Liberty Media Holding Corp.—Class A | * | | 152,050 | | 12,737,228 | |
| McClatchy Company Class A | † | | 17,913 | | 718,670 | |
| New York Times Company Class A | † | | 160,000 | | 3,926,400 | |
| Tribune Company | 150,000 | | 4,864,500 | |
| Viacom, Inc. Class B | * | | 70,000 | | 2,508,800 | |
| | 113,689,527 | |
| |
Medical Supplies—1.3% |
| Baxter International, Inc. | 299,300 | | 11,002,268 | |
| Boston Scientific Corporation | * | | 150,000 | | 2,526,000 | |
| Johnson & Johnson | 60,000 | | 3,595,200 | |
| | 17,123,468 | |
Metals—0.3% |
| Alcoa, Inc. | 125,000 | | 4,045,000 | |
Oil & Gas—9.8% |
| Anadarko Petroleum Corporation | 59,500 | | 2,837,555 | |
| BP Amoco PLC ADR (United Kingdom) | 159,756 | | 11,120,615 | |
| Chesapeake Energy Corporation | 413,000 | | 12,493,250 | |
| Chevron Texaco Corporation | 183,600 | | 11,394,216 | |
| ConocoPhillips | 187,400 | | 12,280,322 | |
| Exxon Mobil Corporation | 124,760 | | 7,654,026 | |
| Hess Corp. | 225,000 | | 11,891,250 | |
| Marathon Oil Corporation | 157,900 | | 13,153,070 | |
| Murphy Oil Corporation | 40,000 | | 2,234,400 | |
| Occidental Petroleum Corporation | 123,300 | | 12,644,415 | |
| Pioneer Natural Resources Company | † | | 527,000 | | 24,458,070 | |
| Royal Dutch Shell PLC—Class A ADR (United Kingdom) | 60,781 | | 4,071,111 | |
| | 126,232,300 | |
Pharmaceuticals—4.4% |
| Abbott Laboratories | 75,000 | | 3,270,750 | |
| Bristol-Myers Squibb Company | 398,200 | | 10,297,452 | |
| MedImmune, Inc. | * | | 75,000 | | 2,032,500 | |
| Merck & Company, Inc. | 175,000 | | 6,375,250 | |
| Pfizer, Inc. | 638,200 | | 14,978,554 | |
| Schering-Plough Corporation | 442,300 | | 8,416,969 | |
| Wyeth | 253,400 | | 11,253,494 | |
| | 56,624,969 | |
Real Estate—0.3% |
| Simon Property Group, Inc. REIT | 50,000 | | 4,147,000 | |
Restaurants—2.2% |
| McDonald’s Corporation | 80,000 | | 2,688,000 | |
| Yum! Brands, Inc. | 517,000 | | 25,989,590 | |
| | 28,677,590 | |
Retailers—1.4% |
| Dollar General Corporation | † | | 347,100 | | 4,852,458 | |
| JC Penney Company, Inc. (Holding Company) | 95,600 | | 6,453,956 | |
| RadioShack Corporation | † | | 200,000 | | 2,800,000 | |
| Wal-Mart Stores, Inc. | 75,000 | | 3,612,750 | |
| | 17,719,164 | |
Telecommunications—1.4% |
| Lucent Technologies, Inc. | * | | 200,000 | | 484,000 | |
| Nokia Corporation Sponsored ADR (Finland) | 874,300 | | 17,713,318 | |
| | 18,197,318 | |
Telephone Systems—4.6% |
| Alltel Corporation | 80,000 | | 5,106,400 | |
| AT&T, Inc. | 252,942 | | 7,054,552 | |
| Qwest Communications International, Inc. | †* | | 600,000 | | 4,854,000 | |
| Sprint Nextel Corp. | 1,170,000 | | 23,388,300 | |
| Verizon Communications, Inc. | 546,741 | | 18,310,356 | |
| | 58,713,608 | |
See accompanying notes to financial statements.
120
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
Equity Income Fund
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|
| Value
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|---|
COMMON STOCKS—(Continued)
|
Transportation—3.8% |
| Burlington Northern Santa Fe Corporation | | 149,000 | | | $ | 11,808,250 | |
| Carnival Corporation | | 85,000 | | | | 3,547,900 | |
| FedEx Corporation | | 190,000 | | | | 22,203,400 | |
| Norfolk Southern Corporation | | 84,540 | | | | 4,499,219 | |
| Union Pacific Corporation | | 75,997 | | | | 7,064,681 | |
| | | 49,123,450 | |
TOTAL COMMON STOCKS |
| (Cost $1,013,646,192) | | | | | | 1,216,378,753 | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—1.0% |
Telephone Systems—1.0% |
| Level 3 Communications, Inc., Senior Note, 144A |
| 11.500% | | | | 03/01/2010 | | †** | | | | | | | | |
| (Cost $9,222,808) | $ | 13,245,000 | | | | 13,178,775 | |
| |
CONVERTIBLE DEBT OBLIGATIONS—0.4% |
Telephone Systems—0.4% |
| Level 3 Communications, Inc., Subordinated Note, Convertible |
| 6.000% | | | | 03/15/2010 | | † | | | | | | | | |
| (Cost $3,549,848) | | 5,760,000 | | | | 4,802,400 | |
| |
COMMERCIAL PAPER—0.8% |
Chemicals—0.2% |
| BASF AG, 144A (Germany) |
| 5.270% | | | | 07/21/2006 | | ** | | | 2,500,000 | | | | 2,492,712 | |
Financial Services—0.6% |
| Atlantic Asset Securities Corp., 144A |
| 5.110% | | | | 07/10/2006 | | ** | | | 1,250,000 | | | | 1,248,403 | |
| Fairway Finance Corp., 144A |
| 5.200% | | | | 07/06/2006 | | ** | | | 4,000,000 | | | | 3,997,111 | |
| Park Avenue Receivables Corp., 144A |
| 5.250% | | | | 07/24/2006 | | ** | | | 2,500,000 | | | | 2,491,616 | |
| | | 7,737,130 | |
TOTAL COMMERCIAL PAPER |
| (Cost $10,229,842) | | | | | | 10,229,842 | |
| |
CASH EQUIVALENTS—11.0% |
Institutional Money Market Funds—0.1% |
| BGI Institutional Fund | †† | | | 1,155,287 | | | | 1,155,287 | |
Bank & Certificate Deposits/
Offshore Time Deposits—10.5% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 4,621,140 | | | | 4,621,140 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 1,732,930 | | | | 1,732,930 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 2,310,575 | | | | 2,310,575 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 2,288,479 | | | | 2,288,479 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 1,732,930 | | | | 1,732,930 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 2,310,575 | | | | 2,310,575 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 1,130,811 | | | | 1,130,811 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 2,310,575 | | | | 2,310,575 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 2,310,575 | | | | 2,310,575 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 1,155,287 | | | | 1,155,287 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 2,310,575 | | | | 2,310,575 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 2,310,575 | | | | 2,310,575 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 1,130,401 | | | | 1,130,401 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 19,062,236 | | | | 19,062,236 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 18,696,640 | | | | 18,696,640 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 7,858,200 | | | | 7,858,200 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 2,310,575 | | | | 2,310,575 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 1,732,930 | | | | 1,732,930 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 577,643 | | | | 577,643 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 5,776,435 | | | | 5,776,435 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 4,057,176 | | | | 4,057,176 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 2,310,575 | | | | 2,310,575 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 1,155,287 | | | | 1,155,287 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 1,155,287 | | | | 1,155,287 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 2,310,575 | | | | 2,310,575 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 3,465,861 | | | | 3,465,861 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 4,043,504 | | | | 4,043,504 | |
| | | 133,938,750 | |
See accompanying notes to financial statements.
121
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
Equity Income Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
Floating Rate Instruments/Master Notes—0.4% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | $ | 2,310,575 | | | $ | 2,310,575 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 2,888,218 | | | | 2,888,218 | |
| | | 5,198,793 | |
TOTAL CASH EQUIVALENTS |
| (Cost $140,292,830) | | | | | | 140,292,830 | |
| |
REPURCHASE AGREEMENTS—2.0% |
| IBT Repurchase Agreement dated 6/30/06, with a maturity value $26,018,280 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 5.375% to 7.875%, maturity dates ranging from 02/20/2023 to 03/25/2029 and an aggregate market value of $27,308,612. | | 26,008,202 | | | | 26,008,202 | |
TOTAL INVESTMENTS—110.0% |
| (Cost $1,202,949,722) | | 1,410,890,802 | |
| Other assets less liabilities—(10.0%) | | (127,805,924 | ) |
NET ASSETS—100.0% | $ | 1,283,084,878 | |
Notes to the Schedule of Investments:
| ADR | | American Depositary Receipt |
| REIT | | Real Estate Investment Trust |
| † | | Denotes all or a portion of security on loan. |
| * | | Non-income producing security. |
| ** | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 1.82% of Total Investments. |
| †† | | Represents collateral received from securities lending transactions. |
See accompanying notes to financial statements.
122
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Growth &
Income Fund
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|
|
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| Shares
|
| Value
|
|---|
COMMON STOCKS—97.9% |
Advertising—0.4% |
| Getty Images, Inc. | *† | | | 44,400 | | | $ | 2,819,844 | |
| Interpublic Group, Inc. | *† | | | 443 | | | | 3,699 | |
| Omnicom Group | | 17,800 | | | | 1,585,802 | |
| | | 4,409,345 | |
Aerospace & Defense—2.1% |
| Goodrich Corporation | | 85,700 | | | | 3,452,853 | |
| General Dynamics Corporation | | 176,300 | | | | 11,540,598 | |
| Honeywell International, Inc. | | 55,000 | | | | 2,216,500 | |
| Lockheed Martin Corporation | | 61,200 | | | | 4,390,488 | |
| | | 21,600,439 | |
Airlines—0.8% |
| AMR Corporation | * | | | 97,800 | | | | 2,486,076 | |
| Southwest Airlines Company | | 349,100 | | | | 5,714,767 | |
| | | 8,200,843 | |
Apparel Retailers—0.5% |
| Kohl’s Corporation | * | | | 89,000 | | | | 5,261,680 | |
Automotive—0.2% |
| General Motors Corporation | † | | | 37,000 | | | | 1,102,230 | |
| Jarden Corporation | *† | | | 18,100 | | | | 551,145 | |
| | | 1,653,375 | |
Banking—12.9% |
| American Express Company | | 89,000 | | | | 4,736,580 | |
| AmeriCredit Corporation | * | | | 38,800 | | | | 1,083,296 | |
| Bank of America Corporation | | 247,900 | | | | 11,923,990 | |
| Capital One Financial Corporation | | 14,600 | | | | 1,247,570 | |
| Citigroup, Inc. | | 415,650 | | | | 20,050,956 | |
| Fifth Third Bancorp | † | | | 33,200 | | | | 1,226,740 | |
| Golden West Financial Corporation | | 161,100 | | | | 11,953,620 | |
| Hudson City Bancorp, Inc. | | 142,400 | | | | 1,898,192 | |
| IndyMac Bancorp, Inc. | † | | | 17,100 | | | | 784,035 | |
| JP Morgan Chase & Company | | 327,636 | | | | 13,760,712 | |
| Mellon Financial Corporation | | 57,000 | | | | 1,962,510 | |
| National City Corporation | † | | | 73,100 | | | | 2,645,489 | |
| Northern Trust Corporation | | 50,000 | | | | 2,765,000 | |
| PNC Financial Services Group, Inc. | | 47,500 | | | | 3,333,075 | |
| SLM Corporation | | 273,000 | | | | 14,447,160 | |
| State Street Corporation | | 111,000 | | | | 6,447,990 | |
| Suntrust Banks, Inc. | | 41,300 | | | | 3,149,538 | |
| U.S. Bancorp | | 98,500 | | | | 3,041,680 | |
| UBS AG (Switzerland) | | 38,000 | | | | 4,157,923 | |
| Wachovia Corporation | | 40,500 | | | | 2,190,240 | |
| Washington Mutual, Inc. | | 193,500 | | | | 8,819,730 | |
| Wells Fargo & Company | | 184,200 | | | | 12,356,136 | |
| | | 133,982,162 | |
Beverages, Food & Tobacco—3.7% |
| Altria Group, Inc. | | 73,403 | | | | 5,389,982 | |
| Anheuser-Busch Companies, Inc. | | 18,584 | | | | 847,245 | |
| Campbell Soup Company | | 146,600 | | | | 5,440,326 | |
| Coca-Cola Company (The) | | 31,400 | | | | 1,350,828 | |
| H.J. Heinz Company | | 16,700 | | | | 688,374 | |
| Kellogg Company | | 86,600 | | | | 4,194,038 | |
| Kraft Foods, Inc. Class A | † | | | 57,600 | | | | 1,779,840 | |
| Pepsico, Inc. | | 214,000 | | | | 12,848,560 | |
| Sara Lee Corporation | | 83,000 | | | | 1,329,660 | |
| Sysco Corporation | | 106,300 | | | | 3,248,528 | |
| Unilever NV (Netherlands) | | 56,300 | | | | 1,269,565 | |
| | | 38,386,946 | |
Building Materials—1.1% |
| Home Depot, Inc. | | 129,500 | | | | 4,634,805 | |
| Lowe’s Companies, Inc. | | 106,200 | | | | 6,443,154 | |
| | | 11,077,959 | |
Chemicals—1.9% |
| Air Products & Chemicals, Inc. | | 10,900 | | | | 696,728 | |
| Dow Chemical Company (The) | | 162,000 | | | | 6,322,860 | |
| EI Du Pont de Nemours & Company | | 147,300 | | | | 6,127,680 | |
| Huntsman Corporation | *† | | | 96,700 | | | | 1,674,844 | |
| Methanex Corporation (Canada) | † | | | 32,300 | | | | 684,114 | |
| Monsanto Company | | 40,000 | | | | 3,367,600 | |
| NOVA Chemicals Corporation (Canada) | | 3,700 | | | | 106,523 | |
| Potash Corporation of Saskatchewan, Inc. (Canada) | † | | | 7,400 | | | | 636,178 | |
| Scotts Company (The) Class A | | 10,000 | | | | 423,200 | |
| | | 20,039,727 | |
Coal—0.1% |
| Consol Energy, Inc. | | 30,000 | | | | 1,401,600 | |
Commercial Services—0.8% |
| Accenture Ltd. Class A (Bermuda) | | 1,200 | | | | 33,984 | |
| Cintas Corporation | | 16,000 | | | | 636,160 | |
| Fluor Corporation | | 60,800 | | | | 5,650,144 | |
| Paychex, Inc. | | 16,700 | | | | 650,966 | |
| Siemens AG Sponsored ADR (Germany) | † | | | 9,000 | | | | 781,380 | |
| | | 7,752,634 | |
Communications—1.6% |
| American Tower Corporation Class A | *† | | | 117,800 | | | | 3,665,936 | |
| Corning, Inc. | * | | | 179,900 | | | | 4,351,781 | |
| Marvell Technology Group Ltd. (Bermuda) | *† | | | 66,600 | | | | 2,952,378 | |
| Motorola, Inc. | | 177,500 | | | | 3,576,625 | |
| Qualcomm, Inc. | | 48,600 | | | | 1,947,402 | |
| | | 16,494,122 | |
Computer Software & Processing—5.3% |
| Adobe Systems, Inc. | * | | | 73,400 | | | | 2,228,424 | |
| Affiliated Computer Services, Inc. Class A | * | | | 39,900 | | | | 2,059,239 | |
| Automatic Data Processing, Inc. | | 107,500 | | | | 4,875,125 | |
| First Data Corporation | | 65,000 | | | | 2,927,600 | |
| Google, Inc. Class A | * | | | 25,400 | | | | 10,650,982 | |
| Intuit, Inc. | *† | | | 55,000 | | | | 3,321,450 | |
| Juniper Networks, Inc. | *† | | | 78,000 | | | | 1,247,220 | |
| Microsoft Corporation | | 703,300 | | | | 16,386,890 | |
| Oracle Corporation | *† | | | 205,000 | | | | 2,970,450 | |
| SAP AG ADR (Germany) | † | | | 61,300 | | | | 3,219,476 | |
| Yahoo!, Inc. | * | | | 169,900 | | | | 5,606,700 | |
| | | 55,493,556 | |
Computers—0.5% |
| Sun Microsystems, Inc. | *† | | | 1,223,200 | | | | 5,076,280 | |
Computers & Information—4.0% |
| Apple Computer, Inc. | * | | | 30,000 | | | | 1,713,600 | |
| Cisco Systems, Inc. | * | | | 733,250 | | | | 14,320,373 | |
| Dell, Inc. | * | | | 144,600 | | | | 3,529,686 | |
| EMC Corporation | * | | | 460,000 | | | | 5,046,200 | |
| Hewlett-Packard Company | | 82,600 | | | | 2,616,768 | |
| International Business Machines Corporation | | 9,400 | | | | 722,108 | |
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued)
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| International Game Technology | | 89,000 | | | $ | 3,376,660 | |
| Pitney Bowes, Inc. | | 101,300 | | | | 4,183,690 | |
| Sandisk Corporation | * | | | 84,300 | | | | 4,297,614 | |
| Seagate Technology (Cayman Islands) | † | | | 87,800 | | | | 1,987,792 | |
| | | 41,794,491 | |
Cosmetics & Personal Care—0.6% |
| Avon Products, Inc. | | 54,834 | | | | 1,699,854 | |
| Procter & Gamble Company | | 86,375 | | | | 4,802,450 | |
| | | 6,502,304 | |
Diversified—2.8% |
| General Electric Company | | 882,200 | | | | 29,077,312 | |
Electric Utilities—2.3% |
| AES Corporation (The) | * | | | 117,100 | | | | 2,160,495 | |
| Dominion Resources, Inc. | | 55,050 | | | | 4,117,190 | |
| Entergy Corporation | | 21,000 | | | | 1,485,750 | |
| Exelon Corporation | † | | | 104,400 | | | | 5,933,052 | |
| FPL Group, Inc. | † | | | 85,100 | | | | 3,521,438 | |
| NiSource, Inc. | | 28,700 | | | | 626,808 | |
| SCANA Corporation | | 72,600 | | | | 2,800,908 | |
| TXU Corporation | | 53,600 | | | | 3,204,744 | |
| | | 23,850,385 | |
Electrical Equipment—0.3% |
| Cooper Industries Ltd. Class A | | 21,700 | | | | 2,016,364 | |
| Emerson Electric Company | | 9,600 | | | | 804,576 | |
| Energizer Holdings, Inc. | *† | | | 11,400 | | | | 667,698 | |
| | | 3,488,638 | |
Electronics—4.4% |
| Agilent Technologies, Inc. | * | | | 24,872 | | | | 784,960 | |
| Altera Corporation | * | | | 202,000 | | | | 3,545,100 | |
| Analog Devices, Inc. | | 75,000 | | | | 2,410,500 | |
| ATI Technologies, Inc. (Canada) | *† | | | 138,400 | | | | 2,020,640 | |
| Fairchild Semiconductor International, Inc. | *† | | | 48,800 | | | | 886,696 | |
| Flextronics International Ltd. (Singapore) | * | | | 264,200 | | | | 2,805,804 | |
| Freescale Semiconductor, Inc. Class A | * | | | 53,800 | | | | 1,560,200 | |
| Garmin Ltd. (Cayman Islands) | † | | | 24,000 | | | | 2,530,560 | |
| Intel Corporation | | 374,700 | | | | 7,100,565 | |
| International Rectifier Corporation | * | | | 71,600 | | | | 2,798,128 | |
| Jabil Circuit, Inc. | * | | | 43,600 | | | | 1,116,160 | |
| Linear Technology Corporation | † | | | 106,000 | | | | 3,549,940 | |
| Maxim Integrated Products, Inc. | | 132,600 | | | | 4,257,786 | |
| Raytheon Company | | 9,800 | | | | 436,786 | |
| Rockwell Collins, Inc. | | 19,000 | | | | 1,061,530 | |
| Teradyne, Inc. | *† | | | 50,800 | | | | 707,644 | |
| Texas Instruments, Inc. | | 86,000 | | | | 2,604,940 | |
| Xilinx, Inc. | | 243,500 | | | | 5,515,275 | |
| | | 45,693,214 | |
Entertainment & Leisure—1.2% |
| Harrah’s Entertainment, Inc. | | 37,000 | | | | 2,633,660 | |
| Time Warner, Inc. | | 420,900 | | | | 7,281,570 | |
| Walt Disney Company | | 99,800 | | | | 2,994,000 | |
| | | 12,909,230 | |
Financial Services—4.5% |
| Ameriprise Financial, Inc. | | 15,000 | | | | 670,050 | |
| Berkshire Hathaway, Inc. Class A | * | | | 30 | | | | 2,749,770 | |
| Charles Schwab Corporation (The) | | 160,000 | | | | 2,556,800 | |
| Chicago Mercantile Exchange | | 1,800 | | | | 884,070 | |
| Countrywide Financial Corporation | | 24,500 | | | | 932,960 | |
| E*Trade Financial Corporation | * | | | 110,000 | | | | 2,510,200 | |
| Federal Home Loan Mortgage Corporation | † | | | 52,500 | | | | 2,993,025 | |
| Federal National Mortgage Association | | 75,500 | | | | 3,631,550 | |
| Franklin Resources, Inc. | | 45,000 | | | | 3,906,450 | |
| Goldman Sachs Group, Inc. | | 88,200 | | | | 13,267,926 | |
| Legg Mason, Inc. | | 40,000 | | | | 3,980,800 | |
| Merrill Lynch & Company, Inc. | | 80,500 | | | | 5,599,580 | |
| Morgan Stanley | | 25,000 | | | | 1,580,250 | |
| TD Ameritrade Holding Corp. | | 95,000 | | | | 1,406,950 | |
| | | 46,670,381 | |
Food Retailers—0.4% |
| Safeway, Inc. | † | | | 176,200 | | | | 4,581,200 | |
Forest Products & Paper—0.4% |
| International Paper Company | | 24,700 | | | | 797,810 | |
| Kimberly Clark Corporation | | 46,100 | | | | 2,844,370 | |
| | | 3,642,180 | |
Health Care Providers—1.7% |
| Caremark Rx, Inc. | * | | | 94,000 | | | | 4,687,780 | |
| DaVita, Inc. | * | | | 34,700 | | | | 1,724,590 | |
| Lincare Holdings, Inc. | * | | | 26,200 | | | | 991,408 | |
| Triad Hospitals, Inc. | * | | | 15,900 | | | | 629,322 | |
| UnitedHealth Group, Inc. | | 220,300 | | | | 9,865,034 | |
| | | 17,898,134 | |
Heavy Machinery—3.5% |
| American Standard Companies, Inc. | | 155,900 | | | | 6,745,793 | |
| Applied Materials, Inc. | | 550,600 | | | | 8,963,768 | |
| Baker Hughes, Inc. | | 86,200 | | | | 7,055,470 | |
| Caterpillar, Inc. | | 92,400 | | | | 6,881,952 | |
| Deere & Company | | 16,300 | | | | 1,360,887 | |
| United Technologies Corporation | | 83,000 | | | | 5,263,860 | |
| | | 36,271,730 | |
Home Construction, Furnishings & Appliances—0.3% |
| Harman International Industries, Inc. | | 22,500 | | | | 1,920,825 | |
| Leggett & Platt, Inc. | | 47,500 | | | | 1,186,550 | |
| | | 3,107,375 | |
Household Products—0.5% |
| Illinois Tool Works, Inc. | † | | | 110,200 | | | | 5,234,500 | |
| Rohm & Haas Company | | 6,700 | | | | 335,804 | |
| | | 5,570,304 | |
Insurance—5.9% |
| ACE Ltd. (Bermuda) | | 97,700 | | | | 4,942,643 | |
| Aflac, Inc. | | 16,000 | | | | 741,600 | |
| Aetna, Inc. | | 120,100 | | | | 4,795,593 | |
| Allstate Corporation (The) | | 66,000 | | | | 3,612,180 | |
| American International Group, Inc. | | 225,900 | | | | 13,339,395 | |
| Chubb Corporation | | 133,000 | | | | 6,636,700 | |
| Hartford Financial Services Group, Inc. | | 43,600 | | | | 3,688,560 | |
| Humana, Inc. | * | | | 41,200 | | | | 2,212,440 | |
| Marsh & McLennan Companies, Inc. | | 111,800 | | | | 3,006,302 | |
| Prudential Financial, Inc. | | 28,700 | | | | 2,229,990 | |
| RenaissanceRe Holdings, Ltd. (Bermuda) | | 3,400 | | | | 164,764 | |
See accompanying notes to financial statements.
124
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
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COMMON STOCKS—(Continued)
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| WellPoint, Inc. | * | | | 200,300 | | | $ | 14,575,831 | |
| XL Capital Ltd. Class A (Bermuda) | | 23,000 | | | | 1,409,900 | |
| | | 61,355,898 | |
Lodging—0.8% |
| Las Vegas Sands Corporation | * | | | 29,700 | | | | 2,312,442 | |
| Marriott International, Inc. Class A | | 51,000 | | | | 1,944,120 | |
| Starwood Hotels & Resorts Worldwide, Inc. | | 13,800 | | | | 832,692 | |
| Wynn Resorts Ltd. | *† | | | 39,000 | | | | 2,858,700 | |
| | | 7,947,954 | |
Media—Broadcasting & Publishing—1.5% |
| Cablevision Systems Corporation Class A | * | | | 36,781 | | | | 788,952 | |
| CBS Corp. Class B | | 31,500 | | | | 852,075 | |
| Clear Channel Communications, Inc. | | 53,600 | | | | 1,658,920 | |
| Comcast Corporation Class A | *† | | | 194,200 | | | | 6,358,108 | |
| E.W. Scripps Company Class A | | 14,700 | | | | 634,158 | |
| Gannett Company, Inc. | | 31,400 | | | | 1,756,202 | |
| McGraw-Hill Companies, Inc. (The) | | 17,000 | | | | 853,910 | |
| Viacom, Inc. Class B | * | | | 86,800 | | | | 3,110,912 | |
| | | 16,013,237 | |
Medical Supplies—3.7% |
| Allergan, Inc. | † | | | 57,600 | | | | 6,178,176 | |
| Baxter International, Inc. | | 183,300 | | | | 6,738,108 | |
| Beckman Coulter, Inc. | | 41,700 | | | | 2,316,435 | |
| Boston Scientific Corporation | * | | | 203,900 | | | | 3,433,676 | |
| Johnson & Johnson | | 43,000 | | | | 2,576,560 | |
| Kla-Tencor Corporation | † | | | 96,000 | | | | 3,990,720 | |
| Medtronic, Inc. | | 125,100 | | | | 5,869,692 | |
| Quest Diagnostics, Inc. | † | | | 40,000 | | | | 2,396,800 | |
| St. Jude Medical, Inc. | *† | | | 52,000 | | | | 1,685,840 | |
| Stryker Corporation | | 51,000 | | | | 2,147,610 | |
| Thermo Electron Corporation | *† | | | 25,700 | | | | 931,368 | |
| | | 38,264,985 | |
Metals—2.7% |
| Alcoa, Inc. | | 297,300 | | | | 9,620,628 | |
| Cameco Corporation (Canada) | † | | | 87,000 | | | | 3,477,390 | |
| Danaher Corporation | | 176,100 | | | | 11,326,752 | |
| Newmont Mining Corporation | | 23,000 | | | | 1,217,390 | |
| Precision Castparts Corporation | | 42,600 | | | | 2,545,776 | |
| | | 28,187,936 | |
Metals & Mining—0.1% |
| Barrick Gold Corporation (Canada) | | 45,800 | | | | 1,355,680 | |
Oil & Gas—7.4% |
| Anadarko Petroleum Corporation | † | | | 22,600 | | | | 1,077,794 | |
| BJ Services Company | † | | | 30,700 | | | | 1,143,882 | |
| Chevron Texaco Corporation | | 31,572 | | | | 1,959,358 | |
| ConocoPhillips | | 84,100 | | | | 5,511,073 | |
| EOG Resources, Inc. | | 3,500 | | | | 242,690 | |
| Exxon Mobil Corporation | | 274,000 | | | | 16,809,900 | |
| GlobalSantaFe Corporation | † | | | 67,000 | | | | 3,869,250 | |
| Halliburton Company | | 17,600 | | | | 1,306,096 | |
| Kinder Morgan, Inc. | | 17,226 | | | | 1,720,705 | |
| MDU Resources Group, Inc. | | 23,200 | | | | 849,352 | |
| Murphy Oil Corporation | † | | | 28,000 | | | | 1,564,080 | |
| Occidental Petroleum Corporation | | 97,500 | | | | 9,998,625 | |
| Plains Exploration & Production Company | *† | | | 20,500 | | | | 831,070 | |
| Royal Dutch Shell PLC—Class A ADR (United Kingdom) | | 76,000 | | | | 5,090,480 | |
| Royal Dutch Shell PLC—Class B, ADR (United Kingdom) | | 21,356 | | | | 1,492,144 | |
| Schlumberger Ltd. | | 190,200 | | | | 12,383,922 | |
| Smith International, Inc. | † | | | 118,500 | | | | 5,269,695 | |
| Total Fina SA ADR (France) | | 27,000 | | | | 1,769,040 | |
| Transocean, Inc. | * | | | 11,700 | | | | 939,744 | |
| Weatherford International Ltd. | * | | | 52,800 | | | | 2,619,936 | |
| XTO Energy, Inc. | | 22,100 | | | | 978,367 | |
| | | 77,427,203 | |
Pharmaceuticals—7.0% |
| Abbott Laboratories | | 82,600 | | | | 3,602,176 | |
| Alcon, Inc. (Switzerland) | | 4,000 | | | | 394,200 | |
| Amgen, Inc. | * | | | 89,100 | | | | 5,811,993 | |
| AstraZeneca Group PLC ADR (United Kingdom) | | 164,500 | | | | 9,840,390 | |
| Cardinal Health, Inc. | | 20,000 | | | | 1,286,600 | |
| Eli Lilly & Company | | 32,000 | | | | 1,768,640 | |
Endo Pharmaceuticals
Holdings, Inc. | * | | | 22,200 | | | | 732,156 | |
| Forest Laboratories, Inc. | * | | | 178,700 | | | | 6,913,903 | |
| Genentech, Inc. | *† | | | 50,000 | | | | 4,090,000 | |
| Gilead Sciences, Inc. | * | | | 65,000 | | | | 3,845,400 | |
| GlaxoSmithKline PLC, ADR (United Kingdom) | | 7,000 | | | | 390,600 | |
| ImClone Systems, Inc. | *† | | | 44,200 | | | | 1,707,888 | |
| McKesson Corporation | | 45,500 | | | | 2,151,240 | |
| Medco Health Solutions, Inc. | * | | | 54,000 | | | | 3,093,120 | |
| Millennium Pharmaceuticals, Inc. | *† | | | 86,200 | | | | 859,414 | |
| Novartis AG (Switzerland) | | 41,000 | | | | 2,216,307 | |
| Pfizer, Inc. | | 326,686 | | | | 7,667,320 | |
| Roche Holding AG (Switzerland) | | 9,000 | | | | 1,485,241 | |
| Sepracor, Inc. | *† | | | 65,700 | | | | 3,754,098 | |
Teva Pharmaceutical Industries
Ltd. ADR (Israel) | | 82,000 | | | | 2,590,380 | |
| Wyeth | | 195,800 | | | | 8,695,478 | |
| | | 72,896,544 | |
Real Estate—0.7% |
| General Growth Properties, Inc. REIT | | 16,110 | | | | 725,917 | |
| Host Marriott Corporation REIT | † | | | 306,645 | | | | 6,706,326 | |
| | | 7,432,243 | |
Restaurants—0.4% |
| Cheesecake Factory (The) | * | | | 20,600 | | | | 555,170 | |
| McDonald’s Corporation | | 110,800 | | | | 3,722,880 | |
| | | 4,278,050 | |
Retailers—3.9% |
| Amazon.Com, Inc. | *† | | | 43,700 | | | | 1,690,325 | |
| Best Buy Company, Inc. | | 22,000 | | | | 1,206,480 | |
| CVS Corporation | | 473,900 | | | | 14,548,730 | |
| Costco Wholesale Corporation | † | | | 12,600 | | | | 719,838 | |
| Dollar Tree Stores, Inc. | *† | | | 59,300 | | | | 1,571,450 | |
| eBay, Inc. | * | | | 106,600 | | | | 3,122,314 | |
| Federated Department Stores | | 99,100 | | | | 3,627,060 | |
| RadioShack Corporation | † | | | 6,200 | | | | 86,800 | |
| Target Corporation | | 142,200 | | | | 6,949,314 | |
| Wal-Mart Stores, Inc. | | 120,000 | | | | 5,780,400 | |
| Williams-Sonoma, Inc. | *† | | | 34,900 | | | | 1,188,345 | |
| | | 40,491,056 | |
See accompanying notes to financial statements.
125
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
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COMMON STOCKS—(Continued)
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Telecommunications—0.7% |
| America Movil SA de CV ADR (Mexico) | | 72,600 | | | $ | 2,414,676 | |
| Nokia Corporation Sponsored ADR (Finland) | | 168,000 | | | | 3,403,680 | |
| Telefonaktiebolaget LM Ericsson ADR (Sweden) | † | | | 37,000 | | | | 1,222,480 | |
| | | 7,040,836 | |
Telephone Systems—3.0% |
| AT&T, Inc. | | 357,469 | | | | 9,969,810 | |
| BellSouth Corporation | | 186,900 | | | | 6,765,780 | |
| Embarq Corp. | | 20,980 | | | | 859,970 | |
| Qwest Communications International, Inc. | *† | | | 170,400 | | | | 1,378,536 | |
| Sprint Nextel Corp. | | 419,600 | | | | 8,387,804 | |
| TELUS Corporation Non-Voting Shares (Canada) | | 47,000 | | | | 1,897,860 | |
| Verizon Communications, Inc. | | 60,300 | | | | 2,019,447 | |
| | | 31,279,207 | |
Textiles, Clothing & Fabrics—0.3% |
| Nike, Inc. Class B | | 43,100 | | | | 3,491,100 | |
Transportation—1.0% |
| Carnival Corporation | † | | | 22,400 | | | | 934,976 | |
| United Parcel Service, Inc. Class B | | 110,300 | | | | 9,080,999 | |
| | | 10,015,975 | |
TOTAL COMMON STOCKS |
| (Cost $868,276,799) | | | | | | 1,019,365,450 | |
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COMMERCIAL PAPER—0.3% |
Banking—0.1% |
| Allied Irish Banks NA |
| 5.275% | | | | 07/27/2006 | | | | $ | 1,000,000 | | | | 996,190 | |
Financial Services—0.2% |
| Park Avenue Receivables Corp., 144A |
| 5.250% | | | | 07/24/2006 | | ** | | | 2,500,000 | | | | 2,491,615 | |
TOTAL COMMERCIAL PAPER |
| (Cost $3,487,805) | | | | | | 3,487,805 | |
| |
CASH EQUIVALENTS—7.8% |
Institutional Money Market Funds—0.1% |
| BGI Institutional Fund | †† | | | 668,301 | | | | 668,301 | |
Bank & Certificate Deposits/
Offshore Time Deposits—7.4% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 2,673,194 | | | | 2,673,194 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 1,002,451 | | | | 1,002,451 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 1,336,602 | | | | 1,336,602 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 1,323,820 | | | | 1,323,820 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 1,002,451 | | | | 1,002,451 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 1,336,602 | | | | 1,336,602 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 654,143 | | | | 654,143 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 1,336,602 | | | | 1,336,602 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 1,336,602 | | | | 1,336,602 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 668,301 | | | | 668,301 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 1,336,602 | | | | 1,336,602 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 1,336,602 | | | | 1,336,602 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 653,905 | | | | 653,905 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 11,026,962 | | | | 11,026,962 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 10,815,476 | | | | 10,815,476 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 4,545,746 | | | | 4,545,746 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 1,336,602 | | | | 1,336,602 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 1,002,451 | | | | 1,002,451 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 334,150 | | | | 334,150 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 3,341,504 | | | | 3,341,504 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 2,346,961 | | | | 2,346,961 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 1,336,602 | | | | 1,336,602 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 668,301 | | | | 668,301 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 668,301 | | | | 668,301 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 1,336,602 | | | | 1,336,602 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 2,004,902 | | | | 2,004,902 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 2,339,053 | | | | 2,339,053 | |
| | | 77,479,762 | |
See accompanying notes to financial statements.
126
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Growth &
Income Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
Floating Rate Instruments/Master Notes—0.3% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | $ | 1,336,602 | | | $ | 1,336,602 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 1,670,752 | | | | 1,670,752 | |
| | | 3,007,354 | |
TOTAL CASH EQUIVALENTS |
| (Cost $81,155,417) | | | | | | 81,155,417 | |
| |
REPURCHASE AGREEMENTS—1.9% |
| IBT Repurchase Agreement dated 6/30/2006 due 7/03/2006, with a maturity value of $19,419,769 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 7.91% to 8.375%, maturity dates ranging from 02/25/2023 to 06/25/2027 and an aggregate market value of $20,382,860. | | 19,412,247 | | | | 19,412,247 | |
TOTAL INVESTMENTS—107.9% |
| (Cost $972,332,268) | | 1,123,420,919 | |
| Other assets less liabilities—(7.9%) | | (82,395,964 | ) |
NET ASSETS—100.0% | $ | 1,041,024,955 | |
Notes to the Schedule of Investments:
| ADR | | American Depositary Receipt |
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing security. |
| † | | Denotes all or a portion of security on loan. |
| ** | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.22% of Total Investments. |
| †† | | Represents collateral received from securities lending transactions. |
See accompanying notes to financial statements.
127
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Growth Fund
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|---|
COMMON STOCKS—97.1% |
Advertising—0.0% |
| Interpublic Group, Inc. | *† | | | 63 | | | $ | 526 | |
Aerospace & Defense—0.5% |
| Boeing Company (The) | | 81,528 | | | | 6,677,959 | |
| Lockheed Martin Corporation | | 39,300 | | | | 2,819,382 | |
| Northrop Grumman Corporation | | 55,600 | | | | 3,561,736 | |
| | | 13,059,077 | |
Apparel Retailers—0.9% |
| Kohl’s Corporation | *† | | | 386,600 | | | | 22,855,792 | |
| Payless Shoesource, Inc. | *† | | | 23,000 | | | | 624,910 | |
| | | 23,480,702 | |
Automotive—1.1% |
| Autoliv, Inc. | | 32,227 | | | | 1,823,081 | |
| Autonation, Inc. | * | | | 93,748 | | | | 2,009,957 | |
| Harley-Davidson, Inc. | | 445,400 | | | | 24,448,006 | |
| United Auto Group, Inc. | | 22,806 | | | | 486,908 | |
| | | 28,767,952 | |
Banking—3.7% |
| American Express Company | | 151,700 | | | | 8,073,474 | |
| AmeriCredit Corporation | * | | | 120,000 | | | | 3,350,400 | |
| Bank of America Corporation | | 31,000 | | | | 1,491,100 | |
| Citigroup, Inc. | | 643,300 | | | | 31,032,792 | |
| Golden West Financial Corporation | | 42,300 | | | | 3,138,660 | |
| Hudson City Bancorp, Inc. | | 117,291 | | | | 1,563,489 | |
| Wells Fargo & Company | | 758,200 | | | | 50,860,056 | |
| | | 99,509,971 | |
Beverages, Food & Tobacco—4.5% |
| Altria Group, Inc. | | 85,646 | | | | 6,288,986 | |
| Anheuser-Busch Companies, Inc. | | 696,900 | | | | 31,771,671 | |
| Archer-Daniels-Midland Company | | 86,200 | | | | 3,558,336 | |
| Campbell Soup Company | | 8,055 | | | | 298,921 | |
| Coca-Cola Company (The) | | 744,700 | | | | 32,036,994 | |
| Dean Foods Company | * | | | 29,200 | | | | 1,085,948 | |
| Hansen Natural Corporation | * | | | 7,900 | | | | 1,503,923 | |
| Pepsico, Inc. | | 703,400 | | | | 42,232,136 | |
| Reynolds American, Inc. | | 1,590 | | | | 183,327 | |
| Tyson Foods, Inc. Class A | † | | | 29,700 | | | | 441,342 | |
| UST, Inc. | | 19,378 | | | | 875,692 | |
| | | 120,277,276 | |
Building Materials—1.2% |
| Home Depot, Inc. | | 380,605 | | | | 13,621,853 | |
| Lowe’s Companies, Inc. | † | | | 312,900 | | | | 18,983,643 | |
| | | 32,605,496 | |
Chemicals—0.8% |
| Ecolab, Inc. | | 180,400 | | | | 7,320,632 | |
| Monsanto Company | | 58,185 | | | | 4,898,595 | |
| Praxair, Inc. | † | | | 174,200 | | | | 9,406,800 | |
| | | 21,626,027 | |
Coal—0.7% |
| Consol Energy, Inc. | | 163,300 | | | | 7,629,376 | |
| Peabody Energy Corporation | | 186,800 | | | | 10,414,100 | |
| | | 18,043,476 | |
Commercial Services—3.6% |
| Accenture Ltd. Class A (Bermuda) | | 471,400 | | | | 13,350,048 | |
| Apollo Group, Inc. Class A | *† | | | 153,900 | | | | 7,952,013 | |
| Celgene Corporation | * | | | 551,200 | | | | 26,143,416 | |
| Cintas Corporation | † | | | 371,100 | | | | 14,754,936 | |
| Gen-Probe, Inc. | * | | | 33,774 | | | | 1,823,121 | |
| Manpower, Inc. | | 55,549 | | | | 3,588,465 | |
| Paychex, Inc. | | 602,350 | | | | 23,479,603 | |
| Republic Services, Inc. | | 58,000 | | | | 2,339,720 | |
| Waste Management, Inc. | | 86,692 | | | | 3,110,509 | |
| | | 96,541,831 | |
Communications—1.9% |
| Corning, Inc. | * | | | 517,200 | | | | 12,511,068 | |
| Qualcomm, Inc. | | 706,413 | | | | 28,305,969 | |
| XM Satellite Radio Holdings, Inc. Class A | *† | | | 691,300 | | | | 10,127,545 | |
| | | 50,944,582 | |
Computer Software & Processing—13.2% |
| Automatic Data Processing, Inc. | | 1,043,600 | | | | 47,327,260 | |
| Cadence Design Systems, Inc. | * | | | 82,200 | | | | 1,409,730 | |
| Cerner Corporation | *† | | | 14,542 | | | | 539,654 | |
| Checkfree Corporation | * | | | 14,500 | | | | 718,620 | |
| Computer Sciences Corporation | * | | | 60,185 | | | | 2,915,361 | |
| Electronic Arts, Inc. | * | | | 734,000 | | | | 31,591,360 | |
| First Data Corporation | | 580,000 | | | | 26,123,200 | |
| Google, Inc. Class A | * | | | 177,900 | | | | 74,598,807 | |
| Intuit, Inc. | * | | | 30,800 | | | | 1,860,012 | |
| McAfee, Inc. | * | | | 113,840 | | | | 2,762,897 | |
| Mercury Interactive Corporation | * | | | 197,900 | | | | 6,920,563 | |
| Microsoft Corporation | | 3,629,810 | | | | 84,574,573 | |
| Oracle Corporation | * | | | 561,700 | | | | 8,139,033 | |
| Red Hat, Inc. | *† | | | 126,289 | | | | 2,955,163 | |
| Symantec Corporation | * | | | 427,000 | | | | 6,635,580 | |
| Synopsys, Inc. | * | | | 60,538 | | | | 1,136,298 | |
| Yahoo!, Inc. | * | | | 1,582,300 | | | | 52,215,900 | |
| | | 352,424,011 | |
Computers—0.0% |
| Sun Microsystems, Inc. | *† | | | 72,600 | | | | 301,290 | |
Computers & Information—6.2% |
| Cisco Systems, Inc. | * | | | 2,516,100 | | | | 49,139,433 | |
| Dell, Inc. | * | | | 1,804,900 | | | | 44,057,609 | |
| EMC Corporation | * | | | 880,300 | | | | 9,656,891 | |
| Hewlett-Packard Company | | 184,700 | | | | 5,851,296 | |
| International Business Machines Corporation | | 658,300 | | | | 50,570,606 | |
| International Game Technology | | 45,300 | | | | 1,718,682 | |
| Western Digital Corporation | * | | | 202,600 | | | | 4,013,506 | |
| | | 165,008,023 | |
Cosmetics & Personal Care—1.0% |
| Colgate-Palmolive Company | | 63,592 | | | | 3,809,161 | |
| Estee Lauder Companies, Inc. (The) Class A | | 9,667 | | | | 373,823 | |
| Procter & Gamble Company | | 395,657 | | | | 21,998,529 | |
| | | 26,181,513 | |
Diversified—3.6% |
| 3M Company | | 9,200 | | | | 743,084 | |
| General Electric Company | | 2,710,205 | | | | 89,328,357 | |
| ITT Industries, Inc. | | 136,800 | | | | 6,771,600 | |
| | | 96,843,041 | |
Electric Utilities—0.2% |
| PG&E Corporation | | 87,100 | | | | 3,421,288 | |
| TXU Corporation | | 56,627 | | | | 3,385,728 | |
| | | 6,807,016 | |
See accompanying notes to financial statements.
128
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
Growth Fund
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| Value
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|---|
COMMON STOCKS—(Continued)
|
Electrical Equipment—0.3% |
| Emerson Electric Company | | 36,000 | | | $ | 3,017,160 | |
| Energizer Holdings, Inc. | *† | | | 59,654 | | | | 3,493,935 | |
| Thomas & Betts Corporation | * | | | 29,700 | | | | 1,523,610 | |
| | | 8,034,705 | |
Electronics—3.9% |
| Advanced Micro Devices, Inc. | * | | | 163,400 | | | | 3,990,228 | |
| Avnet, Inc. | * | | | 51,100 | | | | 1,023,022 | |
| Freescale Semiconductor, Inc. Class B | * | | | 117,400 | | | | 3,451,560 | |
| Intel Corporation | | 1,808,000 | | | | 34,261,600 | |
| Jabil Circuit, Inc. | * | | | 71,100 | | | | 1,820,160 | |
| LSI Logic Corporation | *† | | | 40,000 | | | | 358,000 | |
Linear Technology
Corporation | † | | | 389,500 | | | | 13,044,355 | |
Maxim Integrated
Products, Inc. | † | | | 395,000 | | | | 12,683,450 | |
| Micron Technology, Inc. | * | | | 525,500 | | | | 7,914,030 | |
| Raytheon Company | | 9,300 | | | | 414,501 | |
| Tektronix, Inc. | | 20,300 | | | | 597,226 | |
| Texas Instruments, Inc. | | 588,200 | | | | 17,816,578 | |
| Vishay Intertechnology, Inc. | *† | | | 21,454 | | | | 337,471 | |
| Wesco International, Inc. | * | | | 10,998 | | | | 758,862 | |
| Xilinx, Inc. | | 270,600 | | | | 6,129,090 | |
| | | 104,600,133 | |
Entertainment & Leisure—1.3% |
| Live Nation, Inc. | * | | | 31,000 | | | | 631,160 | |
| Time Warner, Inc. | | 212,300 | | | | 3,672,790 | |
| Walt Disney Company | | 990,700 | | | | 29,721,000 | |
| | | 34,024,950 | |
Financial Services—9.1% |
| Berkshire Hathaway, Inc., Class B | | 1,996 | | | | 6,073,828 | |
Charles Schwab Corporation
(The) | | 2,165,450 | | | | 34,603,891 | |
Countrywide Financial
Corporation | | 819,800 | | | | 31,217,984 | |
| E*Trade Financial Corporation | * | | | 41,300 | | | | 942,466 | |
| Franklin Resources, Inc. | | 287,900 | | | | 24,992,599 | |
| Goldman Sachs Group, Inc. | | 728,000 | | | | 109,513,040 | |
| Legg Mason, Inc. | | 204,900 | | | | 20,391,648 | |
| Merrill Lynch & Company, Inc. | | 198,959 | | | | 13,839,588 | |
| New Century Financial Corporation REIT | † | | | 7,400 | | | | 338,550 | |
| SEI Investments Company | | 10,909 | | | | 533,232 | |
| T. Rowe Price Group, Inc. | | 11,270 | | | | 426,119 | |
| | | 242,872,945 | |
Food Retailers—0.3% |
| Kroger Company | * | | | 16,900 | | | | 369,434 | |
| Safeway, Inc. | † | | | 58,400 | | | | 1,518,400 | |
| Starbucks Corporation | * | | | 133,700 | | | | 5,048,512 | |
| | | 6,936,346 | |
Health Care Providers—1.0% |
| Caremark Rx, Inc. | * | | | 72,556 | | | | 3,618,368 | |
| Express Scripts, Inc. | * | | | 48,400 | | | | 3,472,216 | |
| UnitedHealth Group, Inc. | | 460,900 | | | | 20,639,102 | |
| | | 27,729,686 | |
Heavy Machinery—1.2% |
| Applied Materials, Inc. | | 472,800 | | | | 7,697,184 | |
| Caterpillar, Inc. | | 235,000 | | | | 17,502,800 | |
| National-Oilwell Varco, Inc. | * | | | 115,100 | | | | 7,288,132 | |
| Terex Corporation | * | | | 7,700 | | | | 759,990 | |
| United Technologies Corporation | | 5,500 | | | | 348,810 | |
| | | 33,596,916 | |
Household Products—0.3% |
| Newell Rubbermaid, Inc. | | 348,400 | | | | 8,999,172 | |
| Rohm & Haas Company | | 7,000 | | | | 350,840 | |
| | | 9,350,012 | |
Insurance—5.0% |
| Aetna, Inc. | | 689,200 | | | | 27,519,756 | |
American International Group,
Inc. | | 1,543,650 | | | | 91,152,533 | |
| CNA Financial Corporation | * | | | 10,500 | | | | 346,080 | |
| Genworth Financial, Inc. Class A | | 90,900 | | | | 3,166,956 | |
| Humana, Inc. | * | | | 75,800 | | | | 4,070,460 | |
| Loews Corporation | | 99,400 | | | | 3,523,730 | |
| MBIA, Inc. | † | | | 57,675 | | | | 3,376,871 | |
| WR Berkley Corporation | | 16,800 | | | | 573,384 | |
| | | 133,729,770 | |
Lodging—0.6% |
| Choice Hotels International, Inc. | † | | | 53,300 | | | | 3,229,980 | |
| Hilton Hotels Corporation | | 497,600 | | | | 14,072,128 | |
| | | 17,302,108 | |
Media—Broadcasting & Publishing—3.3% |
| CBS Corp. Class B | | 130,863 | | | | 3,539,844 | |
Clear Channel
Communications, Inc. | | 109,766 | | | | 3,397,258 | |
| Comcast Corporation Class A | *† | | | 255,987 | | | | 8,381,014 | |
| DIRECTV Group, Inc. (The) | *† | | | 362,200 | | | | 5,976,300 | |
| Gannett Company, Inc. | | 540,600 | | | | 30,235,758 | |
| IAC/InterActiveCorp | *† | | | 1,264,300 | | | | 33,491,307 | |
| McGraw-Hill Companies, Inc. (The) | | 71,670 | | | | 3,599,984 | |
| | | 88,621,465 | |
Medical Supplies—4.5% |
| Allergan, Inc. | | 18,761 | | | | 2,012,305 | |
| Applera Corporation—Applied Biosystems Group | | 13,300 | | | | 430,255 | |
| Becton, Dickinson & Company | | 19,200 | | | | 1,173,696 | |
| Boston Scientific Corporation | *† | | | 716,701 | | | | 12,069,245 | |
| Fisher Scientific International | * | | | 199,000 | | | | 14,536,950 | |
| Johnson & Johnson | | 774,500 | | | | 46,408,040 | |
| Medtronic, Inc. | † | | | 852,000 | | | | 39,975,840 | |
| Millipore Corporation | *† | | | 21,000 | | | | 1,322,790 | |
| PerkinElmer, Inc. | | 16,429 | | | | 343,366 | |
| Waters Corporation | * | | | 40,055 | | | | 1,778,442 | |
| | | 120,050,929 | |
Metals—0.4% |
| Newmont Mining Corporation | | 14,000 | | | | 741,020 | |
| Phelps Dodge Corporation | | 121,200 | | | | 9,957,792 | |
| | | 10,698,812 | |
Oil & Gas—2.0% |
| Anadarko Petroleum Corporation | | 66,239 | | | | 3,158,938 | |
| Apache Corporation | | 122,600 | | | | 8,367,450 | |
| ConocoPhillips | | 152,300 | | | | 9,980,219 | |
| Devon Energy Corporation | | 36,500 | | | | 2,204,965 | |
| EOG Resources, Inc. | † | | | 50,983 | | | | 3,535,161 | |
| Helmerich & Payne, Inc. | | 6,154 | | | | 370,840 | |
| Occidental Petroleum Corporation | | 108,800 | | | | 11,157,440 | |
| Schlumberger Ltd. | | 45,800 | | | | 2,982,038 | |
See accompanying notes to financial statements.
129
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
Growth Fund
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COMMON STOCKS—(Continued)
|
| Suncor Energy, Inc. (Canada) | | 118,100 | | | $ | 9,567,281 | |
| Sunoco, Inc. | | 47,500 | | | | 3,291,275 | |
| Tidewater, Inc. | | 9,485 | | | | 466,662 | |
| | | 55,082,269 | |
Pharmaceuticals—6.1% |
| AmerisourceBergen Corporation | | 84,808 | | | | 3,555,151 | |
| Amgen, Inc. | * | | | 414,500 | | | | 27,037,835 | |
| Biogen Idec, Inc. | *† | | | 264,300 | | | | 12,245,019 | |
| Elan Corporation PLC ADR (Ireland) | *† | | | 824,300 | | | | 13,765,810 | |
| Endo Pharmaceuticals Holdings, Inc. | * | | | 38,900 | | | | 1,282,922 | |
| Forest Laboratories, Inc. | * | | | 11,800 | | | | 456,542 | |
| Genentech, Inc. | * | | | 391,600 | | | | 32,032,880 | |
| Genzyme Corporation | *† | | | 259,100 | | | | 15,818,055 | |
| Gilead Sciences, Inc. | *† | | | 115,100 | | | | 6,809,316 | |
| Hospira, Inc. | * | | | 33,537 | | | | 1,440,079 | |
| McKesson Corporation | | 77,000 | | | | 3,640,560 | |
| Merck & Company, Inc. | | 107,200 | | | | 3,905,296 | |
| Omnicare, Inc. | † | | | 267,500 | | | | 12,684,850 | |
| Pfizer, Inc. | | 146,700 | | | | 3,443,049 | |
| Schering-Plough Corporation | | 335,900 | | | | 6,392,177 | |
Shire Pharmaceuticals Group
PLC (United Kingdom) | | 208,400 | | | | 9,217,532 | |
| Wyeth | | 204,800 | | | | 9,095,168 | |
| | | 162,822,241 | |
Real Estate—0.1% |
| Equity Office Properties Trust REIT | † | | | 7,363 | | | | 268,823 | |
| Jones Lang Lasalle, Inc. | | 21,082 | | | | 1,845,729 | |
| SL Green Realty Corporation REIT | † | | | 14,473 | | | | 1,584,359 | |
| | | 3,698,911 | |
Restaurants—0.2% |
| Darden Restaurants, Inc. | | 93,200 | | | | 3,672,080 | |
| Yum! Brands, Inc. | | 12,942 | | | | 650,594 | |
| | | 4,322,674 | |
Retailers—8.6% |
| Amazon.Com, Inc. | *† | | | 939,000 | | | | 36,320,520 | |
| Best Buy Company, Inc. | | 175,100 | | | | 9,602,484 | |
| Big Lots, Inc. | * | | | 21,034 | | | | 359,261 | |
| Circuit City Stores, Inc. | | 123,200 | | | | 3,353,504 | |
| Costco Wholesale Corporation | | 24,000 | | | | 1,371,120 | |
| Dillard’s, Inc. Class A | | 43,800 | | | | 1,395,030 | |
| eBay, Inc. | * | | | 2,212,700 | | | | 64,809,983 | |
| Fastenal Company | | 372,100 | | | | 14,991,909 | |
MSC Industrial Direct
Company Class A | | 14,600 | | | | 694,522 | |
| Office Depot, Inc. | * | | | 82,473 | | | | 3,133,974 | |
| Target Corporation | | 369,800 | | | | 18,072,126 | |
| Walgreen Company | | 105,700 | | | | 4,739,588 | |
| Wal-Mart Stores, Inc. | † | | | 1,341,200 | | | | 64,605,604 | |
| Williams-Sonoma, Inc. | *† | | | 167,900 | | | | 5,716,995 | |
| | | 229,166,620 | |
Telecommunications—2.1% |
| Nokia Corporation Sponsored ADR (Finland) | | 2,849,000 | | | | 57,720,740 | |
Telephone Systems—0.7% |
| AT&T, Inc. | | 13,000 | | | | 362,570 | |
| Embarq Corp. | | 27,914 | | | | 1,144,195 | |
| Global Payments, Inc. | | 72,100 | | | | 3,500,455 | |
| Sprint Nextel Corp. | | 637,500 | | | | 12,743,625 | |
| | | 17,750,845 | |
Textiles, Clothing & Fabrics—0.5% |
| Nike, Inc. Class B | | 168,500 | | | | 13,648,500 | |
Transportation—2.5% |
| Canadian Pacific Railway Ltd. (Canada) | † | | | 182,400 | | | | 9,327,936 | |
| Expedia, Inc. | *† | | | 1,084,700 | | | | 16,237,959 | |
| FedEx Corporation | | 116,700 | | | | 13,637,562 | |
| Norfolk Southern Corporation | | 287,800 | | | | 15,316,716 | |
| Union Pacific Corporation | | 31,975 | | | | 2,972,396 | |
| United Parcel Service, Inc. Class B | | 108,800 | | | | 8,957,504 | |
| | | 66,450,073 | |
TOTAL COMMON STOCKS |
| (Cost $2,466,326,332) | | | | | | 2,600,633,460 | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—7.9% |
Institutional Money Market Funds—0.1% |
| BGI Institutional Fund | †† | | $ | 1,745,669 | | | | 1,745,669 | |
Bank & Certificate Deposits/
Offshore Time Deposits—7.5% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 6,982,679 | | | | 6,982,679 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 2,618,505 | | | | 2,618,505 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 3,457,953 | | | | 3,457,953 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 2,618,505 | | | | 2,618,505 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 1,708,686 | | | | 1,708,686 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 1,745,669 | | | | 1,745,669 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
See accompanying notes to financial statements.
130
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
Growth Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | $ | 4,364,175 | | | $ | 4,364,175 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 1,708,065 | | | | 1,708,065 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 28,803,551 | | | | 28,803,551 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 28,251,125 | | | | 28,251,125 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 11,873,952 | | | | 11,873,952 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 2,618,505 | | | | 2,618,505 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 872,835 | | | | 872,835 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 8,728,348 | | | | 8,728,348 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 6,130,503 | | | | 6,130,503 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 1,745,669 | | | | 1,745,669 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 1,745,669 | | | | 1,745,669 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 5,237,009 | | | | 5,237,009 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 6,109,841 | | | | 6,109,841 | |
| | | 202,385,045 | |
Floating Rate Instruments/Master Notes—0.3% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | | 3,491,339 | | | | 3,491,339 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 4,364,175 | | | | 4,364,175 | |
| | | 7,855,514 | |
TOTAL CASH EQUIVALENTS |
| (Cost $211,986,228) | | | | | | 211,986,228 | |
|
|
|
|
|
|
|
|
| Face
|
| Value
|
|---|
REPURCHASE AGREEMENTS—2.4% |
| IBT Repurchase Agreement dated 06/30/2006 due 07/03/2006, with a maturity value of $63,428,626 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 3.973% to 8.125%, maturity dates ranging from 03/25/2014 to 12/15/2035 and an aggregate market value of $66,574,260. | | 63,404,052 | | | | 63,404,052 | |
TOTAL INVESTMENTS—107.4% | | | |
| (Cost $2,741,716,612) | | 2,876,023,740 | |
| Other assets less liabilities—(7.4%) | | (198,734,759 | ) |
NET ASSETS—100.0% | $ | 2,677,288,981 | |
Notes to the Schedule of Investments:
| ADR | | American Depositary Receipt |
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing security. |
| † | | Denotes all or a portion of security on loan. |
| †† | | Represents collateral received from securities lending transactions. |
See accompanying notes to financial statements.
131
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Aggressive
Opportunities Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—95.8% |
Advertising—0.8% |
| 24/7 Real Media, Inc. | * | | | 229,500 | | | $ | 2,015,010 | |
| Lamar Advertising Company | *† | | | 113,700 | | | | 6,123,882 | |
| Marchex, Inc. Class B | *† | | | 134,900 | | | | 2,216,407 | |
| | | 10,355,299 | |
Aerospace & Defense—0.3% |
| Empresa Brasileira de Aeronautica SA, Sponsored ADR (Brazil) | † | | | 93,300 | | | | 3,402,651 | |
Apparel Retailers—1.2% |
| AnnTaylor Stores Corporation | * | | | 132,400 | | | | 5,743,512 | |
| Christopher & Banks Corporation | | 261,900 | | | | 7,595,100 | |
| J Crew Group, Inc. | * | | | 9,500 | | | | 260,775 | |
| Urban Outfitters, Inc. | * | | | 69,930 | | | | 1,223,076 | |
| | | 14,822,463 | |
Automotive—2.8% |
| Autoliv, Inc. | | 120,000 | | | | 6,788,400 | |
| General Motors Corporation | † | | | 638,000 | | | | 19,006,020 | |
| Oshkosh Truck Corporation | | 210,800 | | | | 10,017,216 | |
| | | 35,811,636 | |
Banking—1.1% |
| Investors Financial Services Corporation | | 273,200 | | | | 12,266,680 | |
| SVB Financial Group | * | | | 22,600 | | | | 1,027,396 | |
| Texas Capital Bancshares, Inc. | * | | | 50,700 | | | | 1,181,310 | |
| | | 14,475,386 | |
Beverages, Food & Tobacco—0.2% |
| Constellation Brands, Inc. Class A | * | | | 84,000 | | | | 2,100,000 | |
Bio-Technology—0.2% |
| deCODE genetics, Inc. | *† | | | 419,300 | | | | 2,595,467 | |
Building Materials—1.8% |
| Cemex SA de CV Sponsored ADR (Mexico) | *† | | | 210,185 | | | | 11,974,266 | |
| Interline Brands, Inc. | * | | | 276,500 | | | | 6,464,570 | |
| Vulcan Materials Company | | 66,300 | | | | 5,171,400 | |
| | | 23,610,236 | |
Chemicals—0.4% |
| Agrium, Inc. (Canada) | | 44,200 | | | | 1,026,324 | |
| Potash Corporation of Saskatchewan, Inc. (Canada) | † | | | 19,200 | | | | 1,650,624 | |
| UAP Holding Corporation | | 83,300 | | | | 1,816,773 | |
| VeraSun Energy Corp. | * | | | 4,900 | | | | 128,576 | |
| | | 4,622,297 | |
Commercial Services—9.3% |
| Accenture Ltd. Class A (Bermuda) | | 210,500 | | | | 5,961,360 | |
| Advisory Board Company (The) | * | | | 127,200 | | | | 6,117,048 | |
| Affymetrix, Inc. | * | | | 195,600 | | | | 5,007,360 | |
| American Reprographics Co. | * | | | 118,000 | | | | 4,277,500 | |
| Apollo Group, Inc. Class A | * | | | 255,700 | | | | 13,212,019 | |
| CV Therapeutics, Inc. | *† | | | 154,100 | | | | 2,152,777 | |
| Cytyc Corporation | * | | | 172,500 | | | | 4,374,600 | |
| DeVry, Inc. | *† | | | 27,200 | | | | 597,584 | |
| Digitas, Inc. | * | | | 267,100 | | | | 3,103,702 | |
| Dun & Bradstreet Company | * | | | 53,800 | | | | 3,748,784 | |
| Exelixis, Inc. | * | | | 89,700 | | | | 901,485 | |
| Heartland Payment Systems, Inc. | *† | | | 161,700 | | | | 4,508,196 | |
| Korn Ferry International | * | | | 377,200 | | | | 7,389,348 | |
| Laureate Education, Inc. | * | | | 138,000 | | | | 5,882,940 | |
| Mobile Mini, Inc. | * | | | 206,100 | | | | 6,030,486 | |
| Moody’s Corporation | | 43,800 | | | | 2,385,348 | |
| Myriad Genetics, Inc. | * | | | 44,600 | | | | 1,126,150 | |
| Navigant Consulting, Inc. | * | | | 260,000 | | | | 5,889,000 | |
| Republic Services, Inc. | | 149,100 | | | | 6,014,694 | |
| Resources Connection, Inc. | * | | | 218,900 | | | | 5,476,878 | |
| Senomyx, Inc. | * | | | 328,523 | | | | 4,740,587 | |
| Stericycle, Inc. | * | | | 47,800 | | | | 3,111,780 | |
| Symyx Technologies, Inc. | * | | | 163,600 | | | | 3,950,940 | |
| Waste Connections, Inc. | *† | | | 164,000 | | | | 5,969,600 | |
| WebSideStory, Inc. | * | | | 125,400 | | | | 1,529,880 | |
| Weight Watchers International, Inc. | | 94,300 | | | | 3,855,927 | |
| Wind River Systems, Inc. | * | | | 245,000 | | | | 2,180,500 | |
| | | 119,496,473 | |
Communications—1.7% |
| American Tower Corporation Class A | *† | | | 337,200 | | | | 10,493,664 | |
| Comverse Technology, Inc. | * | | | 119,900 | | | | 2,370,423 | |
| SBA Communications Corporation | * | | | 191,800 | | | | 5,013,652 | |
| XM Satellite Radio Holdings, Inc. Class A | *† | | | 285,200 | | | | 4,178,180 | |
| | | 22,055,919 | |
Computer Software & Processing—9.1% |
| Activision, Inc. | * | | | 937,099 | | | | 10,664,187 | |
| Adobe Systems, Inc. | * | | | 59,800 | | | | 1,815,528 | |
| Affiliated Computer Services, Inc. Class A | * | | | 57,000 | | | | 2,941,770 | |
| Alliance Data Systems Corporation | *† | | | 183,400 | | | | 10,787,588 | |
| Bottomline Technologies, Inc. | * | | | 145,700 | | | | 1,185,998 | |
| CNET Networks, Inc. | *† | | | 1,461,500 | | | | 11,662,770 | |
| Choicepoint, Inc. | * | | | 127,500 | | | | 5,325,675 | |
| Citrix Systems, Inc. | * | | | 65,000 | | | | 2,609,100 | |
| DST Systems, Inc. | * | | | 92,310 | | | | 5,492,445 | |
| Digital Insight Corporation | * | | | 31,300 | | | | 1,073,277 | |
| Electronics for Imaging | * | | | 140,200 | | | | 2,927,376 | |
| Factset Research Systems, Inc. | | 197,600 | | | | 9,346,480 | |
| Fidelity National Information Services, Inc. | † | | | 137,300 | | | | 4,860,420 | |
| Global Cash Access, Inc. | * | | | 81,000 | | | | 1,266,030 | |
| IMS Health, Inc. | | 201,000 | | | | 5,396,850 | |
| Jack Henry & Associates, Inc. | | 312,500 | | | | 6,143,750 | |
| Juniper Networks, Inc. | * | | | 226,000 | | | | 3,613,740 | |
| Kronos, Inc. | *† | | | 61,500 | | | | 2,226,915 | |
| LoopNet, Inc. | * | | | 14,400 | | | | 267,984 | |
| Open Solutions, Inc. | *† | | | 188,000 | | | | 5,002,680 | |
| RSA Security, Inc. | *† | | | 200,900 | | | | 5,462,471 | |
| RightNow Technologies, Inc. | *† | | | 209,100 | | | | 3,487,788 | |
| Skillsoft PLC ADR (Ireland) | * | | | 405,300 | | | | 2,480,436 | |
Take-Two Interactive
Software, Inc. | *† | | | 371,400 | | | | 3,959,124 | |
| Taleo Corp.—Class A | * | | | 144,400 | | | | 1,702,476 | |
| Verint Systems, Inc. | * | | | 70,400 | | | | 2,054,976 | |
| Websense, Inc. | * | | | 109,900 | | | | 2,257,346 | |
| | | 116,015,180 | |
Computers & Information—2.0% |
| Dell, Inc. | * | | | 731,000 | | | | 17,843,710 | |
| Micros Systems, Inc. | * | | | 96,600 | | | | 4,219,488 | |
See accompanying notes to financial statements.
132
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Aggressive
Opportunities Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued)
|
| Rackable Systems, Inc. | * | | | 33,100 | | | $ | 1,307,119 | |
| Sandisk Corporation | * | | | 34,000 | | | | 1,733,320 | |
| | | 25,103,637 | |
E-Commerce—0.1% |
| Blue Nile, Inc. | *† | | | 28,900 | | | | 929,424 | |
Electrical Equipment—0.2% |
| Ametek, Inc. | | 62,100 | | | | 2,942,298 | |
Electronics—2.7% |
| ASM Lithography Holdings NV New York Registered Shares (Netherlands) | * | | | 106,000 | | | | 2,143,320 | |
| Broadcom Corporation Class A | * | | | 47,850 | | | | 1,437,892 | |
| Cymer, Inc. | *† | | | 59,499 | | | | 2,764,324 | |
| DRS Technologies, Inc. | | 84,000 | | | | 4,095,000 | |
| Integrated Device Technology, Inc. | * | | | 306,300 | | | | 4,343,334 | |
| Intersil Corporation Class A | | 67,600 | | | | 1,571,700 | |
| Microchip Technology, Inc. | † | | | 110,400 | | | | 3,703,920 | |
| PMC-Sierra, Inc. | *† | | | 334,200 | | | | 3,141,480 | |
| Semtech Corporation | * | | | 272,300 | | | | 3,934,735 | |
| Silicon Laboratories, Inc. | *† | | | 96,800 | | | | 3,402,520 | |
| Xilinx, Inc. | | 165,200 | | | | 3,741,780 | |
| | | 34,280,005 | |
Entertainment & Leisure—2.7% |
| Discovery Holding Company Class A | *† | | | 192,710 | | | | 2,819,347 | |
| International Speedway Corporation Class A | | 84,500 | | | | 3,918,265 | |
| Walt Disney Company | | 767,000 | | | | 23,010,000 | |
| WMS Industries, Inc. | *† | | | 180,100 | | | | 4,932,939 | |
| | | 34,680,551 | |
Financial Services—4.2% |
| Bear Stearns Companies, Inc. (The) | | 115,200 | | | | 16,137,216 | |
| CapitalSource, Inc. | † | | | 626,400 | | | | 14,695,344 | |
| Countrywide Financial Corporation | | 178,600 | | | | 6,801,088 | |
| Legg Mason, Inc. | | 43,300 | | | | 4,309,216 | |
| Nasdaq Stock Market Inc. | * | | | 53,300 | | | | 1,593,670 | |
| Nuveen Investments, Inc. Class A | † | | | 91,500 | | | | 3,939,075 | |
| SEI Investments Company | | 117,200 | | | | 5,728,736 | |
| | | 53,204,345 | |
Food Retailers—0.8% |
| Panera Bread Company Class A | *† | | | 87,500 | | | | 5,883,500 | |
| Pantry, Inc. (The) | * | | | 83,200 | | | | 4,787,328 | |
| | | 10,670,828 | |
Forest Products & Paper—0.5% |
| Martin Marietta Materials, Inc. | | 75,400 | | | | 6,872,710 | |
Health Care Providers—5.4% |
| Coventry Health Care, Inc. | * | | | 293,050 | | | | 16,100,167 | |
| DaVita, Inc. | *† | | | 540,200 | | | | 26,847,940 | |
| Edwards Lifesciences Corporation | * | | | 96,100 | | | | 4,365,823 | |
| Laboratory Corporation of America Holdings | * | | | 93,300 | | | | 5,806,059 | |
| LCA-Vision, Inc. | | 78,000 | | | | 4,126,980 | |
| Lincare Holdings, Inc. | * | | | 163,700 | | | | 6,194,408 | |
| Symbion, Inc. | * | | | 112,500 | | | | 2,335,500 | |
| VCA Antech, Inc. | * | | | 84,900 | | | | 2,710,857 | |
| | | 68,487,734 | |
Heavy Machinery—2.8% |
| Actuant Corporation Class A | * | | | 252,400 | | | | 12,607,380 | |
| Entegris, Inc. | * | | | 453,300 | | | | 4,319,949 | |
| FMC Technologies, Inc. | * | | | 164,000 | | | | 11,063,440 | |
| Grant Prideco, Inc. | * | | | 97,900 | | | | 4,381,025 | |
| Hydril | * | | | 51,100 | | | | 4,012,372 | |
| | | 36,384,166 | |
Home Construction, Furnishings & Appliances—1.6% |
| Meritage Corporation | *† | | | 210,500 | | | | 9,946,125 | |
| Ryland Group, Inc. | † | | | 130,900 | | | | 5,703,313 | |
| Toll Brothers, Inc. | *† | | | 172,500 | | | | 4,410,825 | |
| | | 20,060,263 | |
Industrial—Diversified—1.3% |
| Roper Industries, Inc. | | 319,800 | | | | 14,950,650 | |
| Yankee Candle Company, Inc. | | 75,700 | | | | 1,893,257 | |
| | | 16,843,907 | |
Insurance—8.0% |
| AMBAC Financial Group, Inc. | | 173,100 | | | | 14,038,410 | |
| AON Corporation | | 540,600 | | | | 18,823,692 | |
| Endurance Specialty Holdings, Ltd. (Bermuda) | | 118,400 | | | | 3,788,800 | |
| Fairfax Financial Holdings Ltd. (Canada) | † | | | 118,880 | | | | 11,297,166 | |
| Infinity Property & Casualty Corporation | | 50,600 | | | | 2,074,600 | |
| Markel Corporation | * | | | 11,300 | | | | 3,921,100 | |
| Millea Holdings, Inc. (Japan) | • | | | 615 | | | | 11,440,190 | |
| Montpelier Re Holdings, Ltd. (Bermuda) | † | | | 407,500 | | | | 7,045,675 | |
| Nipponkoa Insurance Company Ltd. (Japan) | †• | | | 2,110,000 | | | | 18,143,258 | |
| WellPoint, Inc. | * | | | 80,500 | | | | 5,857,985 | |
| XL Capital Ltd. Class A (Bermuda) | | 92,400 | | | | 5,664,120 | |
| | | 102,094,996 | |
Lodging—0.4% |
| Station Casinos, Inc. | | 76,100 | | | | 5,180,888 | |
Media—Broadcasting & Publishing—6.1% |
| Central European Media Enterprises Ltd. | * | | | 48,600 | | | | 3,071,034 | |
| Comcast Corporation Special Class A | *† | | | 722,000 | | | | 23,667,160 | |
| DIRECTV Group, Inc. (The) | * | | | 1,251,000 | | | | 20,641,500 | |
| IAC/InterActiveCorp | *† | | | 288,300 | | | | 7,637,067 | |
| Liberty Media Holding Corp.—Class A | * | | | 602,275 | | | | 10,395,266 | |
| Liberty Media Holding Corp.—Class A | * | | | 120,455 | | | | 10,090,515 | |
| Meredith Corporation | | 53,000 | | | | 2,625,620 | |
| | | 78,128,162 | |
Medical Equipment & Supplies—0.8% |
| Advanced Medical Optics, Inc. | *† | | | 192,400 | | | | 9,754,680 | |
Medical Supplies—1.8% |
| Boston Scientific Corporation | *† | | | 399,400 | | | | 6,725,896 | |
| FEI Company | *† | | | 230,700 | | | | 5,232,276 | |
| Fisher Scientific International | * | | | 87,200 | | | | 6,369,960 | |
| Respironics, Inc. | * | | | 139,900 | | | | 4,787,378 | |
| | | 23,115,510 | |
See accompanying notes to financial statements.
133
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Aggressive
Opportunities Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued)
|
Metals—1.0% |
| United States Steel Corporation | | 192,200 | | | $ | 13,477,064 | |
Miscellaneous—0.7% |
| Pool Corp. | | 198,400 | | | | 8,656,192 | |
Oil & Gas—2.4% |
| Bill Barrett Corporation | *† | | | 96,400 | | | | 2,854,404 | |
| BJ Services Company | † | | | 127,300 | | | | 4,743,198 | |
| Denbury Resources, Inc. | * | | | 132,600 | | | | 4,199,442 | |
| Encore Acquisition Company | * | | | 138,999 | | | | 3,729,343 | |
| GlobalSantaFe Corporation | | 87,100 | | | | 5,030,025 | |
| Range Resources Corporation | † | | | 164,200 | | | | 4,464,598 | |
| Todco Class A | | 53,600 | | | | 2,189,560 | |
| W-H Energy Services, Inc. | * | | | 72,800 | | | | 3,700,424 | |
| | | 30,910,994 | |
Pharmaceuticals—6.1% |
| Alexion Pharmaceuticals, Inc. | *† | | | 47,700 | | | | 1,722,924 | |
| Alkermes, Inc. | *† | | | 147,500 | | | | 2,790,700 | |
| Amylin Pharmaceuticals, Inc. | *† | | | 116,800 | | | | 5,766,416 | |
| Atherogenics, Inc. | *† | | | 108,900 | | | | 1,421,145 | |
| Cell Genesys, Inc. | *† | | | 271,500 | | | | 1,362,930 | |
| Cephalon, Inc. | *† | | | 58,100 | | | | 3,491,810 | |
| Cubist Pharmaceuticals, Inc. | * | | | 100,400 | | | | 2,528,072 | |
| Far East Pharmaceutical Tech (Hong Kong) | *‡*** | | | 6,152,600 | | | | 0 | |
| Henry Schein, Inc. | *† | | | 186,200 | | | | 8,701,126 | |
| ImClone Systems, Inc. | *† | | | 77,800 | | | | 3,006,192 | |
| Immucor, Inc. | * | | | 258,200 | | | | 4,965,186 | |
| Medicines Company | *† | | | 107,800 | | | | 2,107,490 | |
| Medicis Pharmaceutical Corporation Class A | † | | | 399,000 | | | | 9,576,000 | |
| Myogen, Inc. | * | | | 110,900 | | | | 3,216,100 | |
| Neurocrine Biosciences, Inc. | *† | | | 79,400 | | | | 841,640 | |
| Sepracor, Inc. | *† | | | 137,600 | | | | 7,862,464 | |
| Shire Pharmaceuticals Group PLC (United Kingdom) | | 321,200 | | | | 14,206,676 | |
| Valeant Pharmaceuticals International | | 235,200 | | | | 3,979,584 | |
| | | 77,546,455 | |
Real Estate—0.4% |
| CB Richard Ellis Group, Inc. Class A | * | | | 144,900 | | | | 3,608,010 | |
| Housevalues, Inc. | *† | | | 147,600 | | | | 1,022,868 | |
| | | 4,630,878 | |
Restaurants—0.4% |
| PF Chang’s China Bistro, Inc. | *† | | | 151,300 | | | | 5,752,426 | |
Retailers—5.8% |
| AC Moore Arts & Crafts, Inc. | * | | | 174,000 | | | | 2,837,937 | |
| Advance Auto Parts, Inc. | | 116,300 | | | | 3,361,070 | |
| Amazon.Com, Inc. | *† | | | 414,800 | | | | 16,044,464 | |
| Autozone, Inc. | * | | | 138,300 | | | | 12,198,060 | |
| Bed Bath & Beyond, Inc. | * | | | 116,300 | | | | 3,857,671 | |
| MarineMax, Inc. | *† | | | 100,200 | | | | 2,628,246 | |
| Marvel Entertainment, Inc. | *† | | | 187,600 | | | | 3,752,000 | |
| O’Reilly Automotive, Inc. | * | | | 347,000 | | | | 10,822,930 | |
| Petco Animal Supplies, Inc. | * | | | 207,500 | | | | 4,239,225 | |
| School Specialty, Inc. | *† | | | 184,400 | | | | 5,873,140 | |
| Sears Holdings Corporation | * | | | 41,200 | | | | 6,379,408 | |
| Tiffany & Company | | 73,200 | | | | 2,417,064 | |
| | | 74,411,215 | |
Telecommunications—2.2% |
| Amdocs Ltd. | * | | | 361,900 | | | | 13,245,540 | |
| KDDI Corporation (Japan) | • | | | 1,483 | | | | 9,120,534 | |
| NTL, Inc. | | 217,100 | | | | 5,405,790 | |
| | | 27,771,864 | |
Telephone Systems—5.4% |
| Adtran, Inc. | | 120,100 | | | | 2,693,843 | |
| Level 3 Communications, Inc. | *† | | | 2,540,000 | | | | 11,277,600 | |
| NTT DoCoMo, Inc. (Japan) | • | | | 1,765 | | | | 2,580,459 | |
| NeuStar, Inc. Class A | *† | | | 138,800 | | | | 4,684,500 | |
| NII Holdings, Inc. Class B | * | | | 430,045 | | | | 24,245,937 | |
| Sprint Nextel Corp. | | 1,205,300 | | | | 24,093,947 | |
| | | 69,576,286 | |
Textiles, Clothing & Fabrics—0.2% |
| Mohawk Industries, Inc. | * | | | 39,600 | | | | 2,785,860 | |
Transportation—0.9% |
| Expedia, Inc. | *† | | | 597,600 | | | | 8,946,072 | |
| UTI Worldwide, Inc. (Luxembourg) | | 86,700 | | | | 2,187,441 | |
| | | 11,133,513 | |
TOTAL COMMON STOCKS |
| (Cost $1,093,149,011) | | | | | | 1,224,749,858 | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
COMMERCIAL PAPER—0.6% |
Banking—0.1% |
| MassMutual Funding LLC, 144A |
| 5.250% | | | | 07/24/2006 | | ** | | $ | 2,000,000 | | | | 1,993,292 | |
Financial Services—0.5% |
| Nationwide Building Society, 144A |
| 5.280% | | | | 07/31/2006 | | ** | | | 1,000,000 | | | | 995,600 | |
| Park Avenue Receivables Corp., 144A |
| 5.250% | | | | 07/24/2006 | | ** | | | 2,000,000 | | | | 1,993,292 | |
Solitaire Funding, Ltd., 144A
(United Kingdom) |
| 5.050% | | | | 07/05/2006 | | ** | | | 3,000,000 | | | | 2,998,316 | |
| | | 5,987,208 | |
TOTAL COMMERCIAL PAPER |
| (Cost $7,980,500) | | | | | | 7,980,500 | |
| |
CASH EQUIVALENTS—23.0% |
Institutional Money Market Funds—0.2% |
| BGI Institutional Fund | †† | | | 2,424,283 | | | | 2,424,283 | |
Bank & Certificate Deposits/
Offshore Time Deposits—22.0% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 9,697,134 | | | | 9,697,134 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 3,636,425 | | | | 3,636,425 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 4,802,203 | | | | 4,802,203 | |
See accompanying notes to financial statements.
134
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Aggressive
Opportunities Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | $ | 6,060,709 | | | $ | 6,060,709 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 3,636,425 | | | | 3,636,425 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 2,372,923 | | | | 2,372,923 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 2,424,283 | | | | 2,424,283 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 2,372,060 | | | | 2,372,060 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 40,000,677 | | | | 40,000,677 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 39,233,501 | | | | 39,233,501 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 16,489,846 | | | | 16,489,846 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 3,636,425 | | | | 3,636,425 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 1,212,142 | | | | 1,212,142 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 12,121,416 | | | | 12,121,416 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 8,513,682 | | | | 8,513,682 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 2,424,283 | | | | 2,424,283 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 2,424,283 | | | | 2,424,283 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 7,272,850 | | | | 7,272,850 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 8,484,991 | | | | 8,484,991 | |
| | | 281,060,451 | |
Floating Rate Instruments/Master Notes—0.8% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | | 4,848,567 | | | | 4,848,567 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 6,060,709 | | | | 6,060,709 | |
| | | 10,909,276 | |
TOTAL CASH EQUIVALENTS |
| (Cost $294,394,010) | | | | | | 294,394,010 | |
| |
REPURCHASE AGREEMENTS—3.4% |
| IBT Repurchase Agreement dated 6/30/06 due 7/03/06, with a maturity value of $43,662,276 and an effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 4.369% to 8.375%, maturity dates ranging from 03/25/2014 to 07/01/2033 and an aggregate market value of $45,827,632. | | 43,645,366 | | | | 43,645,366 | |
TOTAL INVESTMENTS—122.8% |
| (Cost $1,439,168,887) | | 1,570,769,734 | |
| Other assets less liabilities—(22.8%) | | (291,728,129 | ) |
NET ASSETS—100.0% | $ | 1,279,041,605 | |
Notes to the Schedule of Investments:
| ADR | | American Depositary Receipt |
| * | | Non-income producing security. |
| † | | Denotes all or a portion of security on loan. |
| • | | Security has been pledged as collateral for forward foreign currency exchange contracts. |
| ‡ | | Security valued at fair value as determined by policies approved by the board of directors. |
| †† | | Represents collateral received from securities lending transactions. |
| ** | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent less than 0.005% of Total Investments. |
| *** | | Security has no market value at 06/30/2006. |
See accompanying notes to financial statements.
135
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
International Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—94.8% |
Australia—2.5% |
| Amcor Ltd. | | 92,256 | | | $ | 456,808 | |
| Brambles Industries Ltd. | | 58,371 | | | | 476,475 | |
| Coles Myer Ltd. | | 261,600 | | | | 2,204,988 | |
| Foster’s Group Ltd. | | 151,148 | | | | 612,711 | |
| Insurance Australia Group Ltd. | | 252,015 | | | | 999,911 | |
| Macquarie Bank Ltd. | | 40,780 | | | | 2,084,244 | |
| Promina Group Ltd. | | 513,556 | | | | 2,138,073 | |
| Publishing & Broadcasting Ltd. | | 168,159 | | | | 2,269,845 | |
| QBE Insurance Group Ltd. | | 93,500 | | | | 1,419,264 | |
| Rinker Group Ltd. | | 136,177 | | | | 1,646,672 | |
| Rio Tinto Ltd. | | 10,300 | | | | 595,197 | |
| Telstra Corporation Ltd. | | 60,999 | | | | 166,434 | |
| Woodside Petroleum Ltd. | | 213,000 | | | | 6,957,752 | |
| Woolworths Ltd. | | 63,169 | | | | 944,192 | |
| | | 22,972,566 | |
Austria—0.6% |
| Bank Austria Creditanstalt AG | | 21,700 | | | | 2,613,440 | |
| Erste Bank der Oesterreichischen Sparkassen AG | | 9,100 | | | | 510,961 | |
| Raiffeisen International Bank Holding AG | *† | | | 4,800 | | | | 415,405 | |
| Telekom Austria AG | | 8,894 | | | | 197,778 | |
| Wiener Staedtische Allgemeine Versicherung AG | | 27,286 | | | | 1,602,878 | |
| | | 5,340,462 | |
Belgium—1.2% |
| Fortis | | 22,500 | | | | 765,128 | |
| Fortis | | 143,226 | | | | 4,878,134 | |
| Groupe Bruxelles Lambert SA | | 8,800 | | | | 920,032 | |
| Interbrew | | 14,976 | | | | 733,196 | |
| KBC Bancassurance Holding | | 24,900 | | | | 2,669,173 | |
| UCB SA | | 20,800 | | | | 1,123,502 | |
| | | 11,089,165 | |
Bermuda—0.5% |
| Guoco Group, Ltd. | | 115,000 | | | | 1,357,805 | |
| Jardine Matheson Holdings, Ltd. | | 16,800 | | | | 295,680 | |
| NWS Holdings, Ltd. | | 179,800 | | | | 312,492 | |
| SeaDrill, Ltd. | * | | | 140,600 | | | | 1,854,386 | |
| Vtech Holdings, Ltd. | | 133,000 | | | | 692,875 | |
| | | 4,513,238 | |
Brazil—0.1% |
| Vivo Participacoes SA, ADR | * | | | 212,518 | | | | 522,794 | |
Canada—4.0% |
| Abitibi-Consolidated, Inc. | | 71,000 | | | | 191,883 | |
| Akita Drilling, Ltd.—Class A | | 66,900 | | | | 1,234,984 | |
| Alcan Aluminum Ltd. | | 85,000 | | | | 3,990,707 | |
| Barrick Gold Corporation | † | | | 72,500 | | | | 2,146,000 | |
| Cameco Corporation | | 71,600 | | | | 2,858,857 | |
| Canadian Natural Resources, Ltd. | | 51,800 | | | | 2,870,569 | |
| Empire Co., Ltd.—Class A | | 40,500 | | | | 1,553,455 | |
| EnCana Corporation | | 89,800 | | | | 4,739,344 | |
| Finning International, Inc. | | 18,200 | | | | 607,892 | |
| Inco Ltd. | *† | | | 20,300 | | | | 1,337,770 | |
| Laperriere & Verreault Group | | 32,900 | | | | 708,956 | |
| Le Chateau, Inc. | | 29,200 | | | | 1,152,794 | |
| Manulife Financial Corporation | | 21,000 | | | | 666,909 | |
| Methanex Corp. | | 27,300 | | | | 576,762 | |
| Pason Systems, Inc. | | 102,800 | | | | 1,509,118 | |
| Potash Corporation of Saskatchewan, Inc. (foreign shares) | | 21,100 | | | | 1,811,143 | |
| Rogers Communications, Inc.—Class B | | 10,400 | | | | 419,362 | |
| Suncor Energy, Inc. | | 79,700 | | | | 6,464,734 | |
| Teck CominCo, Ltd.—Class B | | 15,000 | | | | 902,088 | |
| Telus Corporation Non-voting Shares | | 13,600 | | | | 550,105 | |
| Tim Hortons, Inc. | *† | | | 2,000 | | | | 51,500 | |
| Toronto-Dominion Bank | | 9,600 | | | | 488,555 | |
| | | 36,833,487 | |
Denmark—0.7% |
| Codan A/S | | 6,200 | | | | 446,130 | |
| Novo Nordisk A/S Class B | † | | | 98,300 | | | | 6,242,788 | |
| | | 6,688,918 | |
Finland—1.4% |
| Fortum Oyj | † | | | 118,300 | | | | 3,018,660 | |
| Neste Oil Oyj | | 15,600 | | | | 547,568 | |
| Nokia Corporation Sponsored ADR | | 39,200 | | | | 794,192 | |
| Nokia Oyj | | 282,000 | | | | 5,709,982 | |
| Sampo Oyj | | 106,000 | | | | 2,019,221 | |
| UPM-Kymmene Oyj | | 56,900 | | | | 1,221,163 | |
| | | 13,310,786 | |
France—9.1% |
| Accor SA | | 16,700 | | | | 1,014,723 | |
| Air Liquide | | 4,018 | | | | 781,225 | |
| Alstom | * | | | 8,729 | | | | 796,946 | |
| Alten NPV | * | | | 14,600 | | | | 530,441 | |
| Assurances Generales de France | | 16,800 | | | | 1,978,040 | |
| AXA | | 184,386 | | | | 5,960,898 | |
| BNP Paribas | † | | | 65,570 | | | | 6,262,482 | |
| Bouygues SA | † | | | 66,581 | | | | 3,414,712 | |
| Carrefour SA | | 77,616 | | | | 4,540,472 | |
| Cie Generale D’Optique Essilor International SA | | 56,900 | | | | 5,716,222 | |
| Dassault Systemes SA | | 11,400 | | | | 608,704 | |
| Electricite de France | *† | | | 13,240 | | | | 698,109 | |
| Groupe Danone | | 7,100 | | | | 900,483 | |
| LVMH Moet Hennessy Louis Vuitton SA | | 73,707 | | | | 7,296,721 | |
| Lafarge SA | | 14,800 | | | | 1,852,854 | |
| L’Oreal SA | † | | | 72,000 | | | | 6,788,304 | |
| PagesJaunes SA | | 74,725 | | | | 2,342,751 | |
| Pinguley-Haulotte Corp. | | 17,900 | | | | 514,367 | |
| Renault SA | | 14,100 | | | | 1,511,194 | |
| Safran SA | | 46,643 | | | | 1,013,724 | |
| Sanofi-Synthelabo SA | | 67,500 | | | | 6,568,586 | |
| Schneider Electric SA | | 29,200 | | | | 3,035,493 | |
| Societe Generale Class A | | 27,000 | | | | 3,959,503 | |
Societe Television Francaise1 | | 128,000 | | | | 4,165,277 | |
| Technip SA | | 25,853 | | | | 1,422,770 | |
| Thales SA | | 14,600 | | | | 568,636 | |
| Total SA | | 111,440 | | | | 7,311,824 | |
| Veolia Environment | | 20,430 | | | | 1,052,854 | |
| Vivendi Universal SA | | 44,100 | | | | 1,538,663 | |
| | | 84,146,978 | |
Germany—5.4% |
| Allianz AG | † | | | 54,556 | | | | 8,579,675 | |
| Altana AG | | 8,200 | | | | 454,750 | |
| BASF AG | | 14,030 | | | | 1,124,188 | |
| Bayer AG | | 22,600 | | | | 1,036,174 | |
See accompanying notes to financial statements.
136
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
International Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued)
|
| Bayerische Motoren Werke AG | | 11,500 | | | $ | 573,098 | |
| Carlsberg AS Class B | | 10,750 | | | | 784,464 | |
| Commerzbank AG | | 24,281 | | | | 879,679 | |
| Continental AG | | 14,500 | | | | 1,477,827 | |
| DaimlerChrysler AG | † | | | 24,100 | | | | 1,187,737 | |
| Deutsche Bank AG | | 14,300 | | | | 1,605,133 | |
| Deutsche Lufthansa AG | | 51,730 | | | | 949,730 | |
| Deutsche Post AG | | 117,551 | | | | 3,145,962 | |
| Heidelberger Druckmaschinen | † | | | 16,883 | | | | 764,837 | |
| Infineon Technologies AG | *† | | | 30,200 | | | | 335,666 | |
| IVG Immobilien AG | | 8,353 | | | | 251,663 | |
| Muenchener Rueckversicherungs AG | | 3,800 | | | | 517,565 | |
| RWE AG | | 73,036 | | | | 6,053,854 | |
| Salzgitter AG | | 38,700 | | | | 3,265,448 | |
| SAP AG | | 20,542 | | | | 4,313,615 | |
| SAP AG ADR | † | | | 7,700 | | | | 404,404 | |
| Siemens AG | | 58,119 | | | | 5,042,562 | |
| E.ON AG | | 40,015 | | | | 4,594,184 | |
| Volkswagen AG | † | | | 30,000 | | | | 2,097,341 | |
| | | 49,439,556 | |
Greece—0.1% |
| OPAP SA | | 15,270 | | | | 554,269 | |
Hong Kong—4.8% |
| Bank of East Asia Ltd. | | 204,000 | | | | 840,220 | |
| China Merchants Holdings International Co., Ltd. | | 372,800 | | | | 1,137,249 | |
| China Mobile Ltd. | | 1,916,700 | | | | 10,959,835 | |
| CLP Holdings Ltd. | | 770,000 | | | | 4,505,116 | |
| CNOOC, Ltd. | | 7,350,000 | | | | 5,903,456 | |
| Esprit Holdings Ltd. | | 73,200 | | | | 598,208 | |
| Hang Lung Development Co. | | 237,000 | | | | 512,960 | |
| Hang Lung Properties Ltd. | | 411,000 | | | | 738,140 | |
| Hong Kong & China Gas | | 2,200,000 | | | | 4,834,572 | |
| Hutchison Whampoa Ltd. | | 485,000 | | | | 4,428,024 | |
| Li & Fung Ltd. | | 432,400 | | | | 876,272 | |
| MTR Corporation | | 520,100 | | | | 1,258,951 | |
| PCCW Ltd. | | 620,000 | | | | 443,050 | |
| Sino Land Company | | 1,786,000 | | | | 2,856,376 | |
| Sun Hung Kai Properties Ltd. | | 318,400 | | | | 3,250,013 | |
| Swire Pacific Ltd. Class A | | 135,000 | | | | 1,393,237 | |
| | | 44,535,679 | |
Ireland—0.3% |
| CRH PLC | | 20,821 | | | | 677,561 | |
| CRH PLC | | 33,400 | | | | 1,086,003 | |
| Depfa Bank PLC | | 44,500 | | | | 736,080 | |
| | | 2,499,644 | |
Israel—0.1% |
| Teva Pharmaceutical Industries Ltd. ADR | | 16,500 | | | | 521,235 | |
Italy—2.1% |
| Banca Intesa SpA | *† | | | 122,400 | | | | 713,303 | |
| Banca Italease | | 9,500 | | | | 473,566 | |
| Bulgari SpA | | 3,929 | | | | 44,521 | |
| Capitalia SpA | † | | | 67,092 | | | | 548,893 | |
ENI-Ente Nazionale
Idrocarburi SpA | | 202,080 | | | | 5,928,497 | |
| Esprinet SpA | | 51,300 | | | | 949,928 | |
| Mediobanca SpA | | 34,838 | | | | 680,672 | |
| Saipem SpA | | 209,921 | | | | 4,759,098 | |
| Telecom Italia RNC | | 396,884 | | | | 1,023,074 | |
| Telecom Italia SpA | | 244,147 | | | | 678,653 | |
| UniCredito Italiano SpA | | 501,239 | | | | 3,915,483 | |
| | | 19,715,688 | |
Japan—29.3% |
| Advantest Corporation | | 13,700 | | | | 1,400,044 | |
| Aeon Company Ltd. | | 54,200 | | | | 1,189,909 | |
| Aeon Credit Service Company Ltd. | | 15,000 | | | | 364,979 | |
| Aiful Corporation | | 39,250 | | | | 2,092,467 | |
| Bridgestone Corporation | | 103,700 | | | | 1,998,991 | |
| Calsonic Kansei Corp. | | 276,000 | | | | 1,761,031 | |
| Canon, Inc. | | 117,150 | | | | 5,737,429 | |
| Chubu Steel Plate Co, Ltd. | | 30,000 | | | | 398,496 | |
Chugai Pharmaceutical
Company Ltd. | | 126,700 | | | | 2,585,280 | |
| Credit Saison Company Ltd. | | 149,300 | | | | 7,069,046 | |
| Daiichi Sankyo Co., Ltd. | | 25,300 | | | | 695,808 | |
| Daikin Industries Ltd. | | 137,000 | | | | 4,745,857 | |
| Daimaru, Inc. | | 35,000 | | | | 463,017 | |
| Daito Trust Construction Company Ltd. | | 94,000 | | | | 5,211,016 | |
Daiwa House Industry
Company Ltd. | | 40,000 | | | | 639,209 | |
| Denso Corporation | | 125,000 | | | | 4,089,325 | |
| Eisai Company Ltd. | | 99,000 | | | | 4,456,203 | |
| Exedy Corp. | | 10 | | | | 315 | |
| Fanuc Ltd. | | 91,000 | | | | 8,168,265 | |
| Fuji Heavy Industries, Ltd. | | 70,000 | | | | 409,632 | |
| Fuji Television Network, Inc. | | 175 | | | | 388,353 | |
| Futaba Industrial Co., Ltd. | | 37,000 | | | | 854,181 | |
| Hirose Electric Company Ltd. | | 40,700 | | | | 4,943,373 | |
| Honda Motor Company Ltd. | | 202,000 | | | | 6,411,875 | |
| Hoya Corporation | | 127,900 | | | | 4,550,072 | |
| Jaccs Co., Ltd. | | 38,000 | | | | 393,471 | |
| Japan Tobacco, Inc. | | 851 | | | | 3,105,672 | |
| Jupiter Telecommunications Co. | * | | | 3,244 | | | | 2,246,283 | |
| Kansai Electric Power Company, Inc. (The) | | 67,800 | | | | 1,516,076 | |
| Kao Corporation | | 47,000 | | | | 1,229,391 | |
| Keihin Corporation | | 27,000 | | | | 579,375 | |
| Keyence Corporation | | 31,460 | | | | 8,021,684 | |
| Komatsu Ltd. | | 125,000 | | | | 2,485,635 | |
| Kubota Corporation | | 348,000 | | | | 3,308,528 | |
| Marubeni Corporation | | 316,000 | | | | 1,687,439 | |
| Millea Holdings, Inc. | | 482 | | | | 8,966,132 | |
| Ministop Co., Ltd. | | 57,300 | | | | 1,092,338 | |
| Mitsubishi Corporation | | 82,300 | | | | 1,647,195 | |
| Mitsubishi Estate Company Ltd. | | 447,000 | | | | 9,506,119 | |
| Mitsubishi Heavy Industries Ltd. | | 137,000 | | | | 591,498 | |
| Mitsubishi UFJ Financial Group, Inc. | | 719 | | | | 10,071,856 | |
| Mitsui & Company Ltd. | † | | | 440,900 | | | | 6,229,468 | |
| Mitsui Fudosan Company Ltd. | | 82,000 | | | | 1,780,850 | |
| Mitsui Sumitomo Insurance Company Ltd. | | 39,420 | | | | 494,114 | |
| Mizuho Financial Group, Inc. | | 1,233 | | | | 10,449,592 | |
| Murata Manufacturing Company Ltd. | | 5,900 | | | | 383,087 | |
| NTT DoCoMo, Inc. | | 3,522 | | | | 5,149,221 | |
| NGK Spark Plug Company Ltd. | | 36,000 | | | | 723,651 | |
| Nidec Corporation | | 10,200 | | | | 731,287 | |
| Nikko Cordial Corporation | | 220,000 | | | | 2,808,691 | |
| Nikon Corporation | | 24,000 | | | | 419,575 | |
| Nintendo Company Ltd. | † | | | 16,300 | | | | 2,736,847 | |
| Nippon Electric Glass Company Ltd. | | 78,000 | | | | 1,561,621 | |
| Nippon Mining Holdings, Inc. | | 54,000 | | | | 455,490 | |
See accompanying notes to financial statements.
137
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
International Fund
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|
| Value
|
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COMMON STOCKS—(Continued)
|
| Nippon Telegraph & Telephone Corporation | | 109 | | | $ | 531,830 | |
| Nissan Motor Company Ltd. | † | | | 215,400 | | | | 2,350,456 | |
| Nitto Denko Corporation | | 74,000 | | | | 5,268,420 | |
| NTT Data Corporation | | 290 | | | | 1,257,380 | |
| Odakyu Electric Railway Company Ltd. | † | | | 100,000 | | | | 644,248 | |
| Oracle Corporation | | 15,000 | | | | 701,915 | |
| Oriental Yeast Co., Ltd. | | 114,000 | | | | 738,939 | |
| ORIX Corporation | | 33,100 | | | | 8,071,150 | |
| Otsuka Kagu Ltd. | | 9,000 | | | | 280,547 | |
| PanaHome Corporation | | 53,000 | | | | 399,875 | |
| Ricoh Company Ltd. | † | | | 45,000 | | | | 882,141 | |
| Rohm Company Ltd. | | 59,700 | | | | 5,339,024 | |
| Secom Company Ltd. | | 87,000 | | | | 4,109,624 | |
| Sega Sammy Holdings, Inc. | | 131,708 | | | | 4,880,057 | |
| Shimamura Company Ltd. | | 25,900 | | | | 2,839,714 | |
| Shin-Etsu Chemical Company Ltd. | | 104,300 | | | | 5,668,979 | |
| SMC Corporation | | 26,300 | | | | 3,723,351 | |
| Softbank Corporation | *† | | | 202,500 | | | | 4,537,412 | |
| Sompo Japan Insurance, Inc. | | 102,700 | | | | 1,432,192 | |
| Sony Corporation | | 100,000 | | | | 4,405,922 | |
| Star Micronics Co., Ltd. | | 44,000 | | | | 890,684 | |
| Sumitomo Corporation | † | | | 140,000 | | | | 1,849,556 | |
| Sumitomo Metal Industries Ltd. | | 225,000 | | | | 928,954 | |
| Sumitomo Mitsui Financial Group, Inc. | | 927 | | | | 9,809,913 | |
| Sumitomo Realty & Development Company Ltd. | | 39,000 | | | | 961,661 | |
| Sumitomo Trust & Banking Company Ltd. (The) | | 130,000 | | | | 1,422,261 | |
| Suzuki Motor Corporation | | 123,000 | | | | 2,659,848 | |
| T&D Holdings, Inc. | | 10,550 | | | | 849,924 | |
| Taisei Corporation | | 814,500 | | | | 2,973,683 | |
| Takeda Chemical Industries Ltd. | † | | | 100,800 | | | | 6,270,177 | |
| Tokyo Electric Power Company, Inc. (The) | | 25,900 | | | | 715,110 | |
| Tokyo Electron Ltd. | | 45,200 | | | | 3,156,265 | |
| Tokyo Gas Company Ltd. | † | | | 144,000 | | | | 678,167 | |
| Tokyu Corporation | † | | | 186,000 | | | | 1,087,259 | |
| Topy Industries, Ltd. | | 295,000 | | | | 1,046,722 | |
| Toshiba Corporation | † | | | 190,000 | | | | 1,239,732 | |
| Toyota Motor Corporation | | 58,100 | | | | 3,034,434 | |
| Trend Micro, Inc. | | 29,000 | | | | 978,354 | |
| Ushio, Inc. | | 21,400 | | | | 452,138 | |
| Yahoo Japan Corporation | | 2,766 | | | | 1,464,874 | |
| Yamada Denki Company Ltd. | | 14,800 | | | | 1,506,849 | |
| Yamaha Motor Company Ltd. | | 40,000 | | | | 1,047,327 | |
| Yamanouchi Pharmaceutical Company Ltd. | | 127,800 | | | | 4,694,617 | |
| Yamato Transport Company Ltd. | † | | | 103,200 | | | | 1,829,978 | |
| | | 270,608,022 | |
Luxembourg—0.4% |
| RTL Group | | 11,653 | | | | 1,033,897 | |
| Societe Europeenne des Satellites | | 28,900 | | | | 408,729 | |
| Stolt Offshore SA | * | | | 165,800 | | | | 2,533,233 | |
| | | 3,975,859 | |
Mexico—1.0% |
| America Movil SA de CV ADR | | 102,600 | | | | 3,412,476 | |
| Grupo Televisa SA ADR | | 195,100 | | | | 3,767,381 | |
| Wal-Mart de Mexico SA de CV—Class V | | 853,400 | | | | 2,397,233 | |
| | | 9,577,090 | |
Netherlands—3.5% |
| ABN AMRO Holding NV | | 66,666 | | | | 1,823,496 | |
| ASM Lithography Holdings NV | * | | | 190,280 | | | | 3,842,928 | |
| ASM Lithography Holdings NV New York Registered Shares | *† | | | 25,400 | | | | 513,588 | |
| Aegon NV | | 77,253 | | | | 1,317,205 | |
| Heineken Holding NV—Class A | | 38,143 | | | | 1,404,002 | |
| Heineken NV | | 33,450 | | | | 1,415,574 | |
| ING Groep NV | † | | | 264,237 | | | | 10,360,729 | |
| Royal KPN NV | † | | | 205,400 | | | | 2,305,480 | |
| Koninklijke BAM Groep NV | | 47,500 | | | | 941,337 | |
| Reed Elsevier NV | † | | | 76,200 | | | | 1,140,731 | |
Royal Dutch Shell
PLC—Class A | | 125,052 | | | | 4,196,617 | |
| Royal Numico NV | *† | | | 14,977 | | | | 670,966 | |
| TNT NV | | 16,200 | | | | 578,900 | |
| Unilever NV | | 25,500 | | | | 576,794 | |
| Univar NV | | 19,700 | | | | 931,315 | |
| | | 32,019,662 | |
Norway—0.1% |
| DNB NOR ASA | | 49,500 | | | | 615,168 | |
| Norske Skogindustrier ASA | * | | | 23,571 | | | | 345,252 | |
| Renewable Energy Corp. AS | | 8,300 | | | | 118,648 | |
| | | 1,079,068 | |
Portugal—0.1% |
| Banco Comercial Portugues SA Class R | | 177,750 | | | | 504,351 | |
Russia—0.7% |
| AFK Sistema, Sponsored GDR, 144A | * ** | | | 5,601 | | | | 112,580 | |
| NovaTek OAO, Sponsored GDR | | 15,005 | | | | 660,220 | |
| OAO Lukoil Holding ADR | | 46,800 | | | | 3,912,480 | |
| Unified Energy System GDR | | 19,480 | | | | 1,383,080 | |
| | | 6,068,360 | |
Singapore—0.9% |
| DBS Group Holdings Ltd. | | 51,000 | | | | 582,484 | |
| Keppel Corporation Ltd. | | 330,200 | | | | 3,069,941 | |
| Singapore Airlines Ltd. | | 341,100 | | | | 2,735,623 | |
| Singapore Telecommunications Ltd. | | 1,029,360 | | | | 1,652,809 | |
| United Overseas Bank Ltd. | | 68,000 | | | | 669,283 | |
| | | 8,710,140 | |
South Africa—0.4% |
| Sasol, Ltd. | | 103,000 | | | | 3,957,255 | |
South Korea—1.5% |
| Hana Financial Group, Inc. | | 46,409 | | | | 2,177,121 | |
| Kookmin Bank | | 60,400 | | | | 4,976,744 | |
| Samsung Electronics Company Ltd. GDR, 144A | ** | | | 10,615 | | | | 3,335,764 | |
| Shinhan Financial Group Company Ltd. | | 77,840 | | | | 3,667,539 | |
| | | 14,157,168 | |
Spain—2.5% |
| Altadis SA | | 24,300 | | | | 1,146,045 | |
| Antena 3 de Television SA | | 34,600 | | | | 789,379 | |
Banco Bilbao Vizcaya
Argentaria SA | | 161,200 | | | | 3,313,038 | |
| Banco Santander Central Hispano SA | | 309,900 | | | | 4,522,894 | |
| Grupo Catalana Occidente SA | | 4,600 | | | | 582,543 | |
See accompanying notes to financial statements.
138
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
International Fund
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| Value
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|---|
COMMON STOCKS—(Continued)
|
| Grupo Duro Felguera SA | | 334,908 | | | $ | 1,766,671 | |
| Iberdrola SA | | 33,600 | | | | 1,154,928 | |
| Inditex SA | | 127,096 | | | | 5,351,633 | |
| Promotora de Informaciones SA | | 22,802 | | | | 365,259 | |
| Repsol YPF SA | | 97,000 | | | | 2,774,513 | |
| Telefonica SA | | 67,043 | | | | 1,113,081 | |
| | | 22,879,984 | |
Sweden—1.7% |
| Assa Abloy AB Class B | † | | | 31,300 | | | | 525,041 | |
| Atlas Copco AB—Class A | | 115,000 | | | | 3,194,266 | |
| Hennes & Mauritz AB Class B | | 89,000 | | | | 3,437,457 | |
| Nordea Bank AB | | 278,800 | | | | 3,315,997 | |
| Scania AB Class B | | 22,600 | | | | 1,023,811 | |
| Telefonaktiebolaget LM Ericsson Class B | † | | | 1,329,500 | | | | 4,376,479 | |
| | | 15,873,051 | |
Switzerland—7.2% |
| Adecco SA | | 54,073 | | | | 3,188,636 | |
| Compagnie Financiere Richemont AG Class A | | 118,034 | | | | 5,383,860 | |
| Credit Suisse Group | † | | | 26,441 | | | | 1,472,669 | |
| Givaudan | | 731 | | | | 573,812 | |
| Holcim Ltd. | | 37,401 | | | | 2,862,260 | |
| Julius Baer Holding AG | * | | | 3,200 | | | | 276,121 | |
| Kuehne & Nagel International AG | | 26,000 | | | | 1,893,121 | |
| Nestle SA | | 41,212 | | | | 12,898,243 | |
| Novartis AG | | 224,780 | | | | 12,109,785 | |
| Phonak Holding AG | | 8,900 | | | | 555,012 | |
| Roche Holding AG | | 52,521 | | | | 8,651,763 | |
| Swatch Group AG Class B | | 291 | | | | 49,068 | |
| Swiss Reinsurance | † | | | 97,899 | | | | 6,818,628 | |
| Swisscom AG | † | | | 3,427 | | | | 1,125,223 | |
| UBS AG | † | | | 79,097 | | | | 8,643,519 | |
| | | 66,501,720 | |
Taiwan—0.2% |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | † | | | 169,074 | | | | 1,552,099 | |
United Kingdom—12.4% |
| Anglo American PLC | | 25,000 | | | | 1,019,249 | |
| ARM Holdings PLC | | 249,100 | | | | 520,009 | |
| AstraZeneca Group PLC | | 81,084 | | | | 4,858,526 | |
| AstraZeneca PLC | | 55,600 | | | | 3,341,017 | |
| Autonomy Corp. PLC | * | | | 121,200 | | | | 917,221 | |
| BG Group PLC | | 540,000 | | | | 7,202,876 | |
| BAE Systems PLC | | 276,500 | | | | 1,887,644 | |
| Barclays PLC | | 141,409 | | | | 1,601,961 | |
| BHP Billiton PLC | | 108,528 | | | | 2,110,029 | |
| BP PLC | | 470,900 | | | | 5,456,247 | |
| Brambles Industries PLC | | 68,200 | | | | 541,681 | |
| British Energy Group PLC | * | | | 151,200 | | | | 1,877,091 | |
| British Land Company PLC | | 28,800 | | | | 671,261 | |
| British Polythene Industries | | 39,239 | | | | 434,174 | |
| Cadbury Schweppes PLC | | 258,420 | | | | 2,486,833 | |
| Carnival PLC | | 72,058 | | | | 2,927,739 | |
| Centrica PLC | | 850,000 | | | | 4,472,883 | |
| Charles Taylor Consulting PLC | | 118,900 | | | | 845,205 | |
| DTZ Holdings PLC | | 88,200 | | | | 1,106,680 | |
| easyJet PLC | * | | | 89,800 | | | | 641,074 | |
| Elementis PLC | | 533,300 | | | | 774,798 | |
| GlaxoSmithKline PLC | | 35,400 | | | | 987,239 | |
| HSBC Holdings PLC | | 121,086 | | | | 2,129,079 | |
| HSBC Holdings PLC (foreign shares) | | 62,400 | | | | 1,097,504 | |
| HBOS PLC | | 214,100 | | | | 3,712,971 | |
| ITE Group PLC | | 195,100 | | | | 422,871 | |
| Johnston Press PLC | | 74,900 | | | | 572,802 | |
| Kingfisher PLC | | 1,918,008 | | | | 8,448,288 | |
| Lloyds TSB Group PLC | | 92,200 | | | | 902,583 | |
| MJ Gleeson Group PLC | | 51,700 | | | | 377,591 | |
| Morgan Sindall PLC | | 39,200 | | | | 826,518 | |
| Morrison WM Supermarkets | | 1,615,412 | | | | 5,799,451 | |
| Northern Rock PLC | | 31,200 | | | | 576,492 | |
| Pearson PLC | | 41,700 | | | | 566,675 | |
| Persimmon PLC | | 16,400 | | | | 373,510 | |
| Reckitt Benckiser PLC | | 124,000 | | | | 4,623,697 | |
| Reed Elsevier PLC | | 158,300 | | | | 1,594,575 | |
| Rio Tinto PLC | | 114,200 | | | | 6,009,217 | |
| Rolls-Royce Group PLC | * | | | 82,000 | | | | 626,734 | |
| Royal Bank of Scotland Group PLC | | 192,400 | | | | 6,311,232 | |
| Royal Dutch Shell PLC—Class A ADR | | 8,400 | | | | 562,632 | |
| Royal Dutch Shell PLC—Class B | | 71,169 | | | | 2,484,201 | |
| Savills PLC | | 70,200 | | | | 754,851 | |
| Scottish & Southern Energy PLC | | 64,700 | | | | 1,375,085 | |
| Smith & Nephew PLC | | 112,150 | | | | 860,103 | |
| Standard Chartered PLC | | 86,200 | | | | 2,101,842 | |
| Tesco PLC | | 100,900 | | | | 622,434 | |
| TI Automotive Ltd. | *** | | | 70,000 | | | | — | |
| Unilever PLC | | 18,340 | | | | 411,505 | |
| Vedanta Resources PLC | | 21,700 | | | | 549,983 | |
| Vodafone Group PLC | | 3,514,516 | | | | 7,475,024 | |
| Wolseley PLC | | 31,200 | | | | 686,378 | |
| WPP Group PLC | | 49,700 | | | | 600,369 | |
| Xstrata PLC | | 104,650 | | | | 3,980,501 | |
| Yell Group PLC | | 76,500 | | | | 722,483 | |
| | | 114,840,618 | |
TOTAL COMMON STOCKS |
| (Cost $753,564,512) | | | | | | 874,988,912 | |
| |
PREFERRED STOCKS—0.0% |
Germany—0.0% |
| ProSieben SAT.1 Media AG |
| (Cost $20,555) | | 1,174 | | | | 29,283 | |
| |
PURCHASED OPTIONS—0.0% |
Europe—0.0% |
| Eurodollar Put, Expires 01/31/2007, Strike 1.2125 | ‡ | | | | | | | | |
| (Cost $706,260) | | 23,700,000 | | | | 141,750 | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—5.5% |
Institutional Money Market Funds—0.1% |
| BGI Institutional Fund | †† | | $ | 412,595 | | | | 412,595 | |
Bank & Certificate Deposits/
Offshore Time Deposits—5.2% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 1,650,382 | | | | 1,650,382 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 618,893 | | | | 618,893 | |
See accompanying notes to financial statements.
139
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
International Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | $ | 1,031,489 | | | $ | 1,031,489 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 1,031,489 | | | | 1,031,489 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 825,191 | | | | 825,191 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 817,300 | | | | 817,300 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 1,031,489 | | | | 1,031,489 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 618,893 | | | | 618,893 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 825,191 | | | | 825,191 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 1,031,489 | | | | 1,031,489 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 403,854 | | | | 403,854 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 1,031,489 | | | | 1,031,489 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 825,191 | | | | 825,191 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 1,031,489 | | | | 1,031,489 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 825,191 | | | | 825,191 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 412,595 | | | | 412,595 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 825,191 | | | | 825,191 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 825,191 | | | | 825,191 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 1,031,489 | | | | 1,031,489 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 1,031,488 | | | | 1,031,488 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 403,707 | | | | 403,707 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 6,807,825 | | | | 6,807,825 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 6,677,257 | | | | 6,677,257 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 2,806,452 | | | | 2,806,452 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 825,191 | | | | 825,191 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 618,893 | | | | 618,893 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 206,298 | | | | 206,298 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 1,031,489 | | | | 1,031,489 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 2,062,978 | | | | 2,062,978 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 1,448,967 | | | | 1,448,967 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 1,031,488 | | | | 1,031,488 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 1,031,488 | | | | 1,031,488 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 412,595 | | | | 412,595 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 825,190 | | | | 825,190 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | $ | 825,190 | | | | 825,190 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 412,595 | | | | 412,595 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 1,237,787 | | | | 1,237,787 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 1,444,084 | | | | 1,444,084 | |
| | | 47,834,448 | |
Floating Rate Instruments/Master Notes—0.2% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | | 825,191 | | | | 825,191 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 1,031,489 | | | | 1,031,489 | |
| | | 1,856,680 | |
TOTAL CASH EQUIVALENTS |
| (Cost $50,103,723) | | | | | | 50,103,723 | |
| |
REPURCHASE AGREEMENTS—5.1% |
United States—5.1% |
| IBT Repurchase Agreement dated 6/30/06 due 7/03/06, with a maturity value of $47,216,000 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 4.77% to 8.625%, maturity dates ranging from 03/25/2016 to 01/01/2033 and a aggregate market value of $49,557,596. | | 47,197,711 | | | | 47,197,711 | |
TOTAL INVESTMENTS—105.4% |
| (Cost $851,592,761) | | 972,461,379 | |
| Other assets less liabilities—(5.4%) | | (49,614,248 | ) |
NET ASSETS—100.0% | $ | 922,847,131 | |
Notes to the Schedule of Investments:
| ADR | | American Depositary Receipt |
| GDR | | Global Depositary Receipt |
| * | | Non-income producing security. |
| † | | Denotes all or a portion of security on loan. |
| ** | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.37% of Total Investments. |
| ‡ | | Security valued at fair value as determined by policies approved by the board of directors. |
| †† | | Represents collateral received from securities lending transactions. |
| *** | | Security has no market value at 06/30/2006. |
See accompanying notes to financial statements.
140
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint
International Fund
Percentage of Portfolio by Industry (unaudited):
| Financial Services | | | | | 14.4 | % |
| Banking | | | | | 14.0 | % |
| Oil & Gas | | | | | 10.5 | % |
| Pharmaceuticals | | | | | 6.9 | % |
| Insurance | | | | | 6.0 | % |
| Electronics | | | | | 5.8 | % |
| Commercial Services | | | | | 3.4 | % |
| Automotive | | | | | 3.3 | % |
| Beverages, Food & Tobacco | | | | | 3.1 | % |
| Telephone Systems | | | | | 3.1 | % |
| Real Estate | | | | | 2.9 | % |
| Electric Utilities | | | | | 2.6 | % |
| Heavy Machinery | | | | | 2.5 | % |
| Media—Broadcasting & Publishing | | | | | 2.3 | % |
| Metals | | | | | 2.0 | % |
| Transportation | | | | | 2.0 | % |
| Chemicals | | | | | 1.9 | % |
| Food Retailers | | | | | 1.7 | % |
| Retailers | | | | | 1.7 | % |
| Telecommunications | | | | | 1.7 | % |
| Apparel Retailers | | | | | 1.4 | % |
| Cosmetics & Personal Care | | | | | 1.4 | % |
| Miscellaneous | | | | | 1.4 | % |
| Medical Supplies | | | | | 1.3 | % |
| Metals & Mining | | | | | 1.2 | % |
| Computer Software & Processing | | | | | 0.9 | % |
| Entertainment & Leisure | | | | | 0.9 | % |
| Computers & Information | | | | | 0.9 | % |
| Building Materials | | | | | 0.8 | % |
| Communications | | | | | 0.7 | % |
| Airlines | | | | | 0.5 | % |
| Industrial—Diversified | | | | | 0.5 | % |
| Advertising | | | | | 0.3 | % |
| Aerospace & Defense | | | | | 0.3 | % |
| Home Construction, Furnishings & Appliances | | | | | 0.2 | % |
| Forest Products & Paper | | | | | 0.2 | % |
| Heavy Construction | | | | | 0.2 | % |
| Containers & Packaging | | | | | 0.1 | % |
| Lodging | | | | | 0.1 | % |
| Construction | | | | | 0.1 | % |
| Electrical Equipment | | | | | 0.1 | % |
| Mining | | | | | 0.1 | % |
| Restaurants | | | | | 0.0 | % |
TOTAL INVESTMENTS | | | | | 105.4 | % |
| Other assets less liabilities | | | | | (5.4 | )% |
TOTAL NET ASSETS | | | | | 100.0 | % |
See accompanying notes to financial statements.
141
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—20.8% |
Advertising—0.0% |
| Omnicom Group, Inc., Note |
| 5.900% | | | | 04/15/2016 | | | | $ | 500,000 | | | $ | 479,683 | |
Aerospace & Defense—0.5% |
| Boeing Capital Corporation, Senior Note |
| 6.100% | | | | 03/01/2011 | | | | | 500,000 | | | | 508,400 | |
| Boeing Company (The), Note |
| 6.125% | | | | 02/15/2033 | | | | | 100,000 | | | | 100,912 | |
| Boeing Company (The), Note |
| 5.125% | | | | 02/15/2013 | | | | | 250,000 | | | | 241,526 | |
| General Dynamics Corp., Note |
| 4.250% | | | | 05/15/2013 | | | | | 1,000,000 | | | | 915,242 | |
| Honeywell International, Inc., Note |
| 7.500% | | | | 03/01/2010 | | | | | 1,000,000 | | | | 1,060,468 | |
| Honeywell International, Inc., Note |
| 6.125% | | | | 11/01/2011 | | | | | 250,000 | | | | 254,888 | |
| Lockheed Martin Corporation, Note |
| 8.500% | | | | 12/01/2029 | | | | | 500,000 | | | | 631,123 | |
| Northrop Grumman Corporation, Note |
| 7.750% | | | | 02/15/2031 | | | | | 250,000 | | | | 292,953 | |
| Raytheon Company, Note |
| 6.150% | | | | 11/01/2008 | | | | | 1,000,000 | | | | 1,010,315 | |
| Textron Financial Corporation, Note |
| 6.000% | | | | 11/20/2009 | | | | | 200,000 | | | | 202,139 | |
| United Technologies Corporation, Note |
| 4.875% | | | | 05/01/2015 | | | | | 500,000 | | | | 467,505 | |
| | | 5,685,471 | |
Airlines—0.1% |
American Airlines, Inc.,
Series 1999-1, Class A2 |
| 7.024% | | | | 10/15/2009 | | | | | 157,000 | | | | 161,416 | |
Continental Airlines, Inc.,
Series 1998-1, Class 1A |
| 6.648% | | | | 09/15/2017 | | | | | 588,504 | | | | 585,548 | |
| FedEx Corporation, Note |
| 9.650% | | | | 06/15/2012 | | | | | 150,000 | | | | 176,809 | |
| | | 923,773 | |
Automotive—0.2% |
| DaimlerChrysler North America Holding Corporation, Guaranteed Note |
| 7.200% | | | | 09/01/2009 | | | | | 350,000 | | | | 361,268 | |
| DaimlerChrysler North America Holding Corporation, Guaranteed Note |
| 4.050% | | | | 06/04/2008 | | | | | 500,000 | | | | 483,647 | |
| DaimlerChrysler North America Holding Corporation, Note |
| 8.500% | | | | 01/18/2031 | | | | | 350,000 | | | | 397,390 | |
| DaimlerChrysler North America Holding Corporation, Senior Note |
| 6.500% | | | | 11/15/2013 | | | | | 500,000 | | | | 500,451 | |
| | | 1,742,756 | |
Banking—4.9% |
| American Express Company, Note |
| 3.750% | | | | 11/20/2007 | | | | | 150,000 | | | | 146,328 | |
| American Express Credit Corporation, Note |
| 3.000% | | | | 05/16/2008 | | | | | 250,000 | | | | 238,620 | |
| Asian Development Bank/Pasig, Global Note (Supra National) |
| 4.250% | | | | 10/20/2014 | | | | | 1,000,000 | | | | 923,517 | |
| Associates Corporate of North America, Senior Note |
| 6.950% | | | | 11/01/2018 | | | | | 250,000 | | | | 268,900 | |
| Associates Corporate of North America, Subordinated Note |
| 6.875% | | | | 11/15/2008 | | | | | 410,000 | | | | 421,180 | |
| Bank of America Corporation, Senior Note |
| 5.875% | | | | 02/15/2009 | | | | | 1,000,000 | | | | 1,007,666 | |
| Bank of America Corporation, Subordinated Note |
| 7.750% | | | | 08/15/2015 | | | | | 750,000 | | | | 839,048 | |
| Bank of America Corporation, Subordinated Note |
| 6.800% | | | | 03/15/2028 | | | | | 500,000 | | | | 524,121 | |
| Bank of America Corporation, Subordinated Note |
| 6.250% | | | | 04/01/2008 | | | | | 750,000 | | | | 757,437 | |
| Bank of New York Company, Inc. (The), Subordinated Note |
| 5.500% | | | | 12/01/2017 | | | | | 250,000 | | | | 238,320 | |
| Bank One Corporation, Subordinated Note |
| 5.900% | | | | 11/15/2011 | | | | | 750,000 | | | | 753,351 | |
| Bank One NA, Note |
| 3.700% | | | | 01/15/2008 | | | | | 350,000 | | | | 340,289 | |
| BankBoston Corporation, Subordinated Note, (MTN), (FRN) |
| 6.500% | | | | 12/19/2007 | | | | | 400,000 | | | | 404,092 | |
| Bayerische Landesbank Girozentrale, Note |
| 2.875% | | | | 10/15/2008 | | | | | 250,000 | | | | 235,055 | |
| BB&T Corporation, Note |
| 5.250% | | | | 11/01/2019 | | | | | 500,000 | | | | 462,353 | |
| Branch Banking & Trust Company |
| 5.200% | | | | 12/23/2015 | | | | | 150,000 | | | | 141,908 | |
| BSCH Issuances Ltd., Subordinated Note (Cayman Islands) |
| 7.625% | | | | 09/14/2010 | | | | | 350,000 | | | | 374,427 | |
| Capital One Bank, Note |
| 4.875% | | | | 05/15/2008 | | | | | 1,000,000 | | | | 985,618 | |
| Capital One Bank, Note, (MTN) |
| 5.125% | | | | 02/15/2014 | | | | | 500,000 | | | | 470,864 | |
| CIT Group, Inc., Global Senior Note |
| 5.000% | | | | 02/13/2014 | | | | | 500,000 | | | | 468,097 | |
| CIT Group, Inc., Senior Note |
| 7.750% | | | | 04/02/2012 | | | | | 350,000 | | | | 379,853 | |
| CIT Group, Inc., Senior Note, (MTN) |
| 4.750% | | | | 12/15/2010 | | | | | 1,000,000 | | | | 960,316 | |
| Corporacion Andina de Fomento, Note (Supra National) |
| 6.875% | | | | 03/15/2012 | | | | | 150,000 | | | | 157,121 | |
| Deutsche Bank Financial, Inc., Note, Convertible, (MTN) |
| 5.375% | | | | 03/02/2015 | | | | | 250,000 | | | | 240,503 | |
| Duke Capital Corporation, Senior Note |
| 4.370% | | | | 03/01/2009 | | | | | 250,000 | | | | 241,831 | |
| European Investment Bank, Global Note (Supra National) |
| 4.125% | | | | 09/15/2010 | | | | | 1,500,000 | | | | 1,432,638 | |
| European Investment Bank, Global Note (Supra National) |
| 3.500% | | | | 03/14/2008 | | | | | 1,250,000 | | | | 1,212,570 | |
| European Investment Bank, Global Note (Supra National) |
| 3.125% | | | | 10/15/2007 | | | | | 1,000,000 | | | | 972,218 | |
| European Investment Bank, Note (Supra National) |
| 4.625% | | | | 05/15/2014 | | | | | 500,000 | | | | 475,603 | |
| First Union Institutional Trust I Capital Securities, Note |
| 8.040% | | | | 12/01/2026 | | | | | 1,000,000 | | | | 1,046,174 | |
| FleetBoston Financial Corporation, Senior Note |
| 6.875% | | | | 01/15/2028 | | | | | 150,000 | | | | 158,615 | |
| General Electric Capital Corp., Note |
| 4.125% | | | | 09/01/2009 | | | | | 1,000,000 | | | | 958,542 | |
| General Electric Capital Corp., Note, (MTN) |
| 5.450% | | | | 01/15/2013 | | | | | 1,000,000 | | | | 984,259 | |
| General Electric Capital Corporation, Note, (MTN), (FRN) |
| 5.875% | | | | 02/15/2012 | | | | | 500,000 | | | | 503,247 | |
| Household Finance Corporation, Note |
| 8.000% | | | | 07/15/2010 | | | | | 750,000 | | | | 809,194 | |
| Household Finance Corporation, Note |
| 6.500% | | | | 11/15/2008 | | | | | 350,000 | | | | 356,378 | |
| Household Finance Corporation, Note |
| 6.400% | | | | 06/17/2008 | | | | | 250,000 | | | | 253,440 | |
| Household Finance Corporation, Note |
| 6.375% | | | | 11/27/2012 | | | | | 1,000,000 | | | | 1,025,493 | |
See accompanying notes to financial statements.
142
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued)
|
| Household Finance Corporation, Note |
| 4.125% | | | | 12/15/2008 | | | | $ | 1,000,000 | | | $ | 966,971 | |
| HSBC Bank USA NA, Senior Note, (MTN) |
| 3.875% | | | | 09/15/2009 | | | | | 1,500,000 | | | | 1,421,038 | |
| HSBC Holdings PLC, Note (United Kingdom) |
| 5.250% | | | | 12/12/2012 | | | | | 150,000 | | | | 145,073 | |
| ING Capital Funding Trust III |
| 8.439% | | | | 12/31/2049 | | | | | 150,000 | | | | 164,286 | |
| Inter-American Development Bank (Supra National) |
| 7.375% | | | | 01/15/2010 | | | | | 750,000 | | | | 797,533 | |
| Inter-American Development Bank, Global Note (Supra National) |
| 5.375% | | | | 11/18/2008 | | | | | 2,000,000 | | | | 2,000,252 | |
| Inter-American Development Bank, Note, (MTN) (Supra National) |
| 3.375% | | | | 03/17/2008 | | | | | 1,000,000 | | | | 967,200 | |
| International Bank for Reconstruction & Development, Note |
| 7.625% | | | | 01/19/2023 | | | | | 500,000 | | | | 606,007 | |
| International Bank for Reconstruction & Development, Note (Supra National) |
| 3.625% | | | | 05/21/2013 | | | | | 150,000 | | | | 135,432 | |
| International Bank for Reconstruction & Development, Note, (MTN), (FRN) (Supra National) |
| 4.125% | | | | 08/12/2009 | | | | | 350,000 | | | | 338,749 | |
| International Finance Corp., Note (Supra National) |
| 5.125% | | | | 05/02/2011 | | | | | 1,000,000 | | | | 989,076 | |
| JPMorgan Chase & Company, Global Subordinated Note |
| 5.125% | | | | 09/15/2014 | | | | | 750,000 | | | | 709,573 | |
| Key Bank National Association, Subordinated Note, (MTN) |
| 5.800% | | | | 07/01/2014 | | | | | 500,000 | | | | 494,505 | |
| KFW—Kreditanstalt fuer Wiederaufbau, Global Note (Denmark) |
| 3.250% | | | | 03/30/2009 | | | | | 1,000,000 | | | | 945,984 | |
| KFW—Kreditanstalt fuer Wiederaufbau, Note (Germany) |
| 3.375% | | | | 01/23/2008 | | | | | 500,000 | | | | 485,064 | |
| KFW International Finance, Inc., Note |
| 8.000% | | | | 02/15/2010 | | | | | 250,000 | | | | 269,077 | |
| Korea Development Bank, Note (South Korea) |
| 5.750% | | | | 09/10/2013 | | | | | 500,000 | | | | 493,061 | |
| Kreditanstalt fuer Wiederaufbau, Global Note (Germany) |
| 4.250% | | | | 06/15/2010 | | | | | 1,000,000 | | | | 958,257 | |
| Kreditanstalt fuer Wiederaufbau, Global Note (Germany) |
| 4.125% | | | | 10/15/2014 | | | | | 1,000,000 | | | | 918,571 | |
| Kreditanstalt fuer Wiederaufbau, Note (Germany) |
| 3.250% | | | | 07/16/2007 | | | | | 1,000,000 | | | | 974,090 | |
| Landwirtschaftliche Rentenbank, Global Note (Germany) |
| 4.875% | | | | 11/16/2015 | | | | | 1,000,000 | | | | 950,184 | |
| Landwirtschaftliche Rentenbank, Note (Germany) |
| 3.250% | | | | 06/16/2008 | | | | | 300,000 | | | | 288,035 | |
| Marshall & Ilsley Corporation, Senior Note |
| 4.375% | | | | 08/01/2009 | | | | | 500,000 | | | | 482,185 | |
| MBNA America Bank, Note |
| 5.375% | | | | 01/15/2008 | | | | | 850,000 | | | | 847,554 | |
| Mellon Financial Company, Note |
| 6.375% | | | | 02/15/2010 | | | | | 350,000 | | | | 357,633 | |
| National City Bank of Ohio, Senior Note, (MTN) |
| 3.300% | | | | 05/15/2008 | | | | | 350,000 | | | | 336,230 | |
| National City Corporation, Subordinated Note |
| 6.875% | | | | 05/15/2019 | | | | | 500,000 | | | | 531,159 | |
| National Rural Utilities Cooperative Finance Corporation, Note |
| 3.875% | | | | 02/15/2008 | | | | | 400,000 | | | | 389,222 | |
| PNC Funding Corporation, Subordinated Note |
| 5.250% | | | | 11/15/2015 | | | | | 200,000 | | | | 189,790 | |
| Popular North America, Inc., Note, (MTN), (FRN) |
| 4.250% | | | | 04/01/2008 | | | | | 100,000 | | | | 97,301 | |
| Royal Bank of Scotland Group PLC, Global Note (United Kingdom) |
| 5.000% | | | | 10/01/2014 | | | | | 750,000 | | | | 709,779 | |
| Royal Bank of Scotland Group PLC, Note (FRN) (United Kingdom) |
| 7.648% | | | | 08/29/2049 | | | | | 500,000 | | | | 539,679 | |
| Sanwa Bank Ltd., Note |
| 7.400% | | | | 06/15/2011 | | | | | 250,000 | | | | 265,590 | |
| SLM Corporation, Note |
| 3.950% | | | | 08/15/2008 | | | | | 1,150,000 | | | | 1,107,028 | |
| SLM Corporation, Note, (MTN), (FRN) |
| 5.000% | | | | 10/01/2013 | | | | | 500,000 | | | | 471,907 | |
| SouthTrust Corporation, Subordinated Note |
| 5.800% | | | | 06/15/2014 | | | | | 750,000 | | | | 738,854 | |
| Suntrust Banks, Inc., Note |
| 5.050% | | | | 07/01/2007 | | | | | 350,000 | | | | 347,968 | |
| Suntrust Banks, Inc., Subordinated Note |
| 5.200% | | | | 01/17/2017 | | | | | 250,000 | | | | 234,525 | |
| Swiss Bank Corporation, Subordinated Note |
| 7.000% | | | | 10/15/2015 | | | | | 100,000 | | | | 108,136 | |
| U.S. Bank NA, Note |
| 4.800% | | | | 04/15/2015 | | | | | 250,000 | | | | 231,748 | |
| Wachovia Corporation, Senior Note |
| 5.250% | | | | 08/01/2014 | | | | | 1,000,000 | | | | 955,299 | |
| Washington Mutual Bank FA, Global Subordinated Note, (MTN) |
| 5.650% | | | | 08/15/2014 | | | | | 250,000 | | | | 241,399 | |
| Washington Mutual, Inc., Note |
| 4.000% | | | | 01/15/2009 | | | | | 1,000,000 | | | | 960,910 | |
| Wells Fargo & Company, Note |
| 5.000% | | | | 11/15/2014 | | | | | 750,000 | | | | 707,140 | |
Wells Fargo & Company,
Series J, Note, (MTN) |
| 4.200% | | | | 01/15/2010 | | | | | 500,000 | | | | 478,194 | |
| Wells Fargo & Company, Subordinated Note |
| 7.550% | | | | 06/21/2010 | | | | | 750,000 | | | | 801,585 | |
| Wells Fargo Bank NA, Note |
| 6.450% | | | | 02/01/2011 | | | | | 1,000,000 | | | | 1,030,698 | |
| Wells Fargo Financial, Inc., Note |
| 5.500% | | | | 08/01/2012 | | | | | 750,000 | | | | 739,915 | |
| Zions Bancorporation, Subordinated Note |
| 6.000% | | | | 09/15/2015 | | | | | 500,000 | | | | 496,329 | |
| | | 52,584,961 | |
Beverages, Food & Tobacco—0.7% |
| Altria Group, Inc., Note |
| 7.750% | | | | 01/15/2027 | | | | | 350,000 | | | | 393,788 | |
| Altria Group, Inc., Note |
| 7.000% | | | | 11/04/2013 | | | | | 400,000 | | | | 422,605 | |
| Anheuser-Busch Companies, Inc., Note |
| 6.800% | | | | 01/15/2031 | | | | | 350,000 | | | | 374,671 | |
| Archer-Daniels Midland Company, Note |
| 8.375% | | | | 04/15/2017 | | | | | 350,000 | | | | 413,226 | |
Bottling Group LLC,
Series B, Senior Note |
| 4.125% | | | | 06/15/2015 | | | | | 250,000 | | | | 219,260 | |
| Bunge, Ltd. Finance Corporation, Guaranteed Senior Note |
| 5.350% | | | | 04/15/2014 | | | | | 500,000 | | | | 466,475 | |
| Campbell Soup Company, Note |
| 4.875% | | | | 10/01/2013 | | | | | 250,000 | | | | 235,622 | |
| Cia Brasileira de Bebidas, Guaranteed Note (Brazil) |
| 8.750% | | | | 09/15/2013 | | | | | 100,000 | | | | 110,625 | |
| Coca-Cola Enterprises, Inc., Note |
| 8.500% | | | | 02/01/2022 | | | | | 150,000 | | | | 184,467 | |
| ConAgra Foods, Inc., Note |
| 6.750% | | | | 09/15/2011 | | | | | 250,000 | | | | 257,972 | |
See accompanying notes to financial statements.
143
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued)
|
| ConAgra Foods, Inc., Senior Note |
| 7.125% | | | | 10/01/2026 | | | | $ | 500,000 | | | $ | 517,425 | |
| Coors Brewing Company, Senior Note |
| 6.375% | | | | 05/15/2012 | | | | | 500,000 | | | | 509,439 | |
| Corn Products International, Inc., Senior Note |
| 8.250% | | | | 07/15/2007 | | | | | 250,000 | | | | 254,665 | |
| Diageo Capital PLC, Guaranteed Note (United Kingdom) |
| 4.375% | | | | 05/03/2010 | | | | | 500,000 | | | | 475,842 | |
| HJ Heinz Company, Guaranteed Note |
| 6.625% | | | | 07/15/2011 | | | | | 250,000 | | | | 255,985 | |
| Kellogg Company, Note |
| 6.600% | | | | 04/01/2011 | | | | | 750,000 | | | | 775,548 | |
| Kraft Foods, Inc., Global Note |
| 6.500% | | | | 11/01/2031 | | | | | 100,000 | | | | 100,173 | |
| Kraft Foods, Inc., Global Note |
| 5.625% | | | | 11/01/2011 | | | | | 350,000 | | | | 345,132 | |
| Sara Lee Corporation, Senior Note |
| 2.750% | | | | 06/15/2008 | | | | | 250,000 | | | | 235,793 | |
| Tyson Foods, Inc., Note |
| 8.250% | | | | 10/01/2011 | | | | | 250,000 | | | | 264,946 | |
| Unilever Capital Corporation, Note |
| 7.125% | | | | 11/01/2010 | | | | | 500,000 | | | | 525,462 | |
| | | 7,339,121 | |
Building Materials—0.1% |
| Hanson Australia Funding Ltd., Note (Australia) |
| 5.250% | | | | 03/15/2013 | | | | | 100,000 | | | | 94,673 | |
| Home Depot, Inc., Senior Note |
| 4.625% | | | | 08/15/2010 | | | | | 500,000 | | | | 482,034 | |
| | | 576,707 | |
Chemicals—0.2% |
| Dow Chemical Company, Note |
| 7.375% | | | | 11/01/2029 | | | | | 250,000 | | | | 278,472 | |
| Dow Chemical Company, Note |
| 6.000% | | | | 10/01/2012 | | | | | 150,000 | | | | 151,300 | |
| Du Pont (E.I.) de Nemours & Company, Note |
| 6.875% | | | | 10/15/2009 | | | | | 150,000 | | | | 155,595 | |
| EI Du Pont de Nemours & Company, Note |
| 4.750% | | | | 11/15/2012 | | | | | 500,000 | | | | 471,043 | |
| Monsanto Co., Note |
| 5.500% | | | | 08/15/2035 | | | | | 500,000 | | | | 454,589 | |
| Potash Corporation of Saskatchewan, Note (Canada) |
| 4.875% | | | | 03/01/2013 | | | | | 500,000 | | | | 470,941 | |
| Praxair, Inc., Note |
| 3.950% | | | | 06/01/2013 | | | | | 150,000 | | | | 134,310 | |
| Rohm & Haas Company, Note |
| 7.850% | | | | 07/15/2029 | | | | | 150,000 | | | | 175,911 | |
| | | 2,292,161 | |
Commercial Services—0.1% |
| Cendant Corporation, Senior Note |
| 7.375% | | | | 01/15/2013 | | | | | 250,000 | | | | 273,887 | |
| Cendant Corporation, Senior Note |
| 6.250% | | | | 03/15/2010 | | | | | 150,000 | | | | 153,593 | |
| PHH Corporation, Note |
| 7.125% | | | | 03/01/2013 | | | | | 100,000 | | | | 101,363 | |
| RR Donnelley & Sons Co., Note |
| 4.950% | | | | 04/01/2014 | | | | | 550,000 | | | | 495,955 | |
| | | 1,024,798 | |
Communications—0.1% |
| Motorola, Inc., Note |
| 7.500% | | | | 05/15/2025 | | | | | 500,000 | | | | 548,425 | |
| News America Holdings, Inc., Note |
| 8.000% | | | | 10/17/2016 | | | | | 150,000 | | | | 168,396 | |
| News America Holdings, Inc., Note |
| 7.600% | | | | 10/11/2015 | | | | | 350,000 | | | | 382,278 | |
| SBC Communications, Inc., Global Note |
| 6.250% | | | | 03/15/2011 | | | | | 250,000 | | | | 252,851 | |
| | | 1,351,950 | |
Computer Software & Processing—0.0% |
| Computer Sciences Corporation, Senior Note |
| 7.375% | | | | 06/15/2011 | | | | | 100,000 | | | | 105,429 | |
Electronic Data Systems Corporation,
Series B, Senior Note |
| 6.500% | | | | 08/01/2013 | | | | | 150,000 | | | | 148,184 | |
| | | 253,613 | |
Computers & Information—0.4% |
| Hewlett-Packard Company, Global Note |
| 5.500% | | | | 07/01/2007 | | | | | 350,000 | | | | 349,390 | |
| International Business Machines Corp., Note, (MTN) |
| 3.800% | | | | 02/01/2008 | | | | | 1,000,000 | | | | 974,108 | |
| International Business Machines Corporation, Note |
| 7.000% | | | | 10/30/2025 | | | | | 500,000 | | | | 544,915 | |
| International Business Machines Corporation, Note |
| 4.750% | | | | 11/29/2012 | | | | | 250,000 | | | | 237,231 | |
| International Business Machines Corporation, Note, (MTN) |
| 4.375% | | | | 06/01/2009 | | | | | 1,000,000 | | | | 969,894 | |
| Pitney Bowes, Inc., Global Note, (MTN) |
| 4.750% | | | | 01/15/2016 | | | | | 200,000 | | | | 182,396 | |
| Pitney Bowes, Inc., Senior Note |
| 5.000% | | | | 03/15/2015 | | | | | 500,000 | | | | 465,991 | |
| | | 3,723,925 | |
Cosmetics & Personal Care—0.1% |
| Procter & Gamble Company, Global Note |
| 6.875% | | | | 09/15/2009 | | | | | 750,000 | | | | 778,612 | |
| Procter & Gamble Company, Note |
| 5.800% | | | | 08/15/2034 | | | | | 250,000 | | | | 241,095 | |
| | | 1,019,707 | |
Diversified—0.1% |
| General Electric Company |
| 5.000% | | | | 02/01/2013 | | | | | 800,000 | | | | 767,326 | |
Electric Utilities—1.3% |
| Alabama Power Company, Senior Note |
| 5.500% | | | | 10/15/2017 | | | | | 150,000 | | | | 144,212 | |
Alabama Power Company,
Series X, Senior Note |
| 3.125% | | | | 05/01/2008 | | | | | 250,000 | | | | 239,100 | |
American Electric Power Company, Inc.,
Series C, Senior Note |
| 5.375% | | | | 03/15/2010 | | | | | 250,000 | | | | 246,288 | |
| Arizona Public Service Company, Note |
| 6.500% | | | | 03/01/2012 | | | | | 150,000 | | | | 152,067 | |
| Cincinnati Gas & Electric Company, Note |
| 5.700% | | | | 09/15/2012 | | | | | 150,000 | | | | 147,201 | |
Columbus Southern Power Company,
Series A, Senior Note |
| 5.500% | | | | 03/01/2013 | | | | | 150,000 | | | | 145,890 | |
| Consolidated Edison Company of New York, Inc., Note |
| 4.875% | | | | 02/01/2013 | | | | | 200,000 | | | | 189,857 | |
| Consolidated Edison Company of New York, Note |
| 5.300% | | | | 03/01/2035 | | | | | 500,000 | | | | 430,832 | |
See accompanying notes to financial statements.
144
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued)
|
| Constellation Energy Group, Inc., Note |
| 7.600% | | | | 04/01/2032 | | | | $ | 150,000 | | | $ | 164,000 | |
| Consumers Energy Co., Note |
| 5.500% | | | | 08/15/2016 | | | | | 150,000 | | | | 141,609 | |
| Dominion Resources, Inc., Senior Note |
| 8.125% | | | | 06/15/2010 | | | | | 350,000 | | | | 375,935 | |
Dominion Resources, Inc.,
Series A, Senior Note |
| 7.195% | | | | 09/15/2014 | | | | | 350,000 | | | | 368,299 | |
Dominion Resources, Inc., Virginia,
Series 03B, Senior Note |
| 4.125% | | | | 02/15/2008 | | | | | 500,000 | | | | 487,602 | |
| DTE Energy Company, Note |
| 7.050% | | | | 06/01/2011 | | | | | 350,000 | | | | 363,955 | |
| Duke Energy Corporation, Senior Note |
| 6.450% | | | | 10/15/2032 | | | | | 500,000 | | | | 498,430 | |
| Duke Energy Field Services Corporation LLC, Note |
| 7.875% | | | | 08/16/2010 | | | | | 350,000 | | | | 374,416 | |
| Entergy Gulf States, Inc., Note |
| 3.600% | | | | 06/01/2008 | | | | | 100,000 | | | | 95,577 | |
| Exelon Corp., Senior Note |
| 4.900% | | | | 06/15/2015 | | | | | 350,000 | | | | 320,146 | |
| Exelon Generation Company LLC, Senior Note |
| 6.950% | | | | 06/15/2011 | | | | | 500,000 | | | | 521,871 | |
FirstEnergy Corporation,
Series B, Note |
| 6.450% | | | | 11/15/2011 | | | | | 175,000 | | | | 178,266 | |
FirstEnergy Corporation,
Series C, Note |
| 7.375% | | | | 11/15/2031 | | | | | 175,000 | | | | 188,306 | |
| Florida Power & Light Co., Note |
| 4.950% | | | | 06/01/2035 | | | | | 500,000 | | | | 416,192 | |
| Florida Power & Light Company, Note |
| 5.625% | | | | 04/01/2034 | | | | | 50,000 | | | | 46,062 | |
| Florida Power & Light Company, Note |
| 4.850% | | | | 02/01/2013 | | | | | 150,000 | | | | 142,583 | |
| FPL Group Capital, Inc., Guaranteed Note |
| 7.375% | | | | 06/01/2009 | | | | | 100,000 | | | | 104,264 | |
| Jersey Central Power & Light, Global Note |
| 5.625% | | | | 05/01/2016 | | | | | 500,000 | | | | 481,028 | |
| KeySpan Corporation, Note |
| 7.625% | | | | 11/15/2010 | | | | | 350,000 | | | | 371,422 | |
| Midamerican Energy Company, Note |
| 6.750% | | | | 12/30/2031 | | | | | 250,000 | | | | 262,737 | |
| Midamerican Energy Holdings Company, Senior Note |
| 3.500% | | | | 05/15/2008 | | | | | 150,000 | | | | 143,976 | |
| Midamerican Energy Holdings Company, Senior Note, Class D |
| 5.000% | | | | 02/15/2014 | | | | | 150,000 | | | | 140,378 | |
| NiSource Finance Corporation, Guaranteed Note |
| 7.875% | | | | 11/15/2010 | | | | | 50,000 | | | | 53,541 | |
Northern States Power Company,
Series A, Note |
| 8.000% | | | | 08/28/2012 | | | | | 150,000 | | | | 166,735 | |
| Oncor Electric Delivery Company, Senior Secured Note |
| 6.375% | | | | 05/01/2012 | | | | | 350,000 | | | | 353,697 | |
| Ontario Electricity Financial Corporation, Note (Canada) |
| 7.450% | | | | 03/31/2013 | | | | | 350,000 | | | | 386,814 | |
| Pacific Gas & Electric Company, Note |
| 6.050% | | | | 03/01/2034 | | | | | 500,000 | | | | 473,440 | |
| Pacific Gas & Electric Company, Note |
| 4.800% | | | | 03/01/2014 | | | | | 1,000,000 | | | | 933,314 | |
| Peco Energy Company, Note |
| 3.500% | | | | 05/01/2008 | | | | | 150,000 | | | | 144,369 | |
| Progress Energy, Inc., Senior Note |
| 7.750% | | | | 03/01/2031 | | | | | 250,000 | | | | 279,664 | |
| Progress Energy, Inc., Senior Note |
| 7.100% | | | | 03/01/2011 | | | | | 400,000 | | | | 417,672 | |
| PSEG Power LLC, Senior Note |
| 8.625% | | | | 04/15/2031 | | | | | 500,000 | | | | 613,809 | |
Public Service Company of Colorado,
Series 12, Note |
| 4.875% | | | | 03/01/2013 | | | | | 200,000 | | | | 190,275 | |
| Public Service Electric & Gas Company, Note |
| 5.125% | | | | 09/01/2012 | | | | | 150,000 | | | | 144,706 | |
| Scottish Power PLC, Note (United Kingdom) |
| 5.375% | | | | 03/15/2015 | | | | | 500,000 | | | | 475,324 | |
| South Carolina Electric & Gas Company, Note |
| 5.300% | | | | 05/15/2033 | | | | | 150,000 | | | | 132,901 | |
| Southern California Edison Company, Note |
| 6.650% | | | | 04/01/2029 | | | | | 500,000 | | | | 510,334 | |
| TXU Electric Delivery Company, Note |
| 7.000% | | | | 09/01/2022 | | | | | 650,000 | | | | 675,252 | |
| TXU Energy Company LLC, Senior Note |
| 7.000% | | | | 03/15/2013 | | | | | 150,000 | | | | 153,314 | |
| Wisconsin Electric Power, Note |
| 5.625% | | | | 05/15/2033 | | | | | 250,000 | | | | 230,557 | |
| | | 14,218,219 | |
Electrical Equipment—0.0% |
| Emerson Electric Company, Note |
| 5.000% | | | | 12/15/2014 | | | | | 150,000 | | | | 142,409 | |
Electronics—0.1% |
| Arrow Electronics, Inc., Note |
| 6.875% | | | | 07/01/2013 | | | | | 250,000 | | | | 255,967 | |
| Cisco Systems, Inc., Senior Note |
| 5.500% | | | | 02/22/2016 | | | | | 1,000,000 | | | | 961,989 | |
| | | 1,217,956 | |
Entertainment & Leisure—0.2% |
| News America Holdings, Guaranteed Senior Note |
| 7.750% | | | | 12/01/2045 | | | | | 200,000 | | | | 210,954 | |
| News America, Inc., Note |
| 5.300% | | | | 12/15/2014 | | | | | 500,000 | | | | 475,270 | |
| Time Warner, Inc., Note |
| 6.875% | | | | 05/01/2012 | | | | | 150,000 | | | | 155,206 | |
| Walt Disney Company, Note, (MTN), (FRN) |
| 7.000% | | | | 03/01/2032 | | | | | 500,000 | | | | 541,831 | |
| Walt Disney Company, Note, (MTN), (FRN) |
| 6.375% | | | | 03/01/2012 | | | | | 250,000 | | | | 256,841 | |
| | | 1,640,102 | |
Environmental—0.1% |
| USA Waste Services, Inc., Senior Note |
| 7.000% | | | | 07/15/2028 | | | | | 550,000 | | | | 571,755 | |
Financial Services—4.0% |
| Abbey National PLC, Note (United Kingdom) |
| 7.950% | | | | 10/26/2029 | | | | | 250,000 | | | | 298,489 | |
Allstate Life Global Fund Trust,
Series 2004-1, Note (MTN) |
| 4.500% | | | | 05/29/2009 | | | | | 250,000 | | | | 242,530 | |
| Amvescap PLC, Senior Note |
| 5.375% | | | | 02/27/2013 | | | | | 100,000 | | | | 95,793 | |
| Bank of Tokyo-Mitsubishi Ltd. (The), Global Senior Subordinated Note (Japan) |
| 8.400% | | | | 04/15/2010 | | | | | 250,000 | | | | 271,675 | |
| Bear Stearns Companies (The), Inc., Note |
| 7.625% | | | | 12/07/2009 | | | | | 1,000,000 | | | | 1,061,083 | |
| Bear Stearns Companies, Inc., (The), Note |
| 5.700% | | | | 11/15/2014 | | | | | 50,000 | | | | 48,932 | |
See accompanying notes to financial statements.
145
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued)
|
| Bear Stearns Companies, Inc., (The), Note |
| 2.875% | | | | 07/02/2008 | | | | $ | 1,000,000 | | | $ | 949,107 | |
| Berkshire Hathaway Finance Corp., Guaranteed Senior Note |
| 4.850% | | | | 01/15/2015 | | | | | 1,000,000 | | | | 933,574 | |
| Berkshire Hathaway Finance Corp., Guaranteed Senior Note |
| 4.125% | | | | 01/15/2010 | | | | | 500,000 | | | | 476,075 | |
| BHP Finance USA Ltd., Guaranteed Senior Note |
| 4.800% | | | | 04/15/2013 | | | | | 150,000 | | | | 141,106 | |
| Cingular Wireless LLC, Senior Note |
| 6.500% | | | | 12/15/2011 | | | | | 250,000 | | | | 256,475 | |
| Citigroup, Inc., Global Note |
| 5.850% | | | | 12/11/2034 | | | | | 500,000 | | | | 472,586 | |
| Citigroup, Inc., Global Senior Note |
| 6.500% | | | | 01/18/2011 | | | | | 1,000,000 | | | | 1,032,032 | |
| Citigroup, Inc., Global Senior Note |
| 6.000% | | | | 02/21/2012 | | | | | 350,000 | | | | 354,211 | |
| Citigroup, Inc., Global Subordinated Note |
| 6.625% | | | | 06/15/2032 | | | | | 150,000 | | | | 154,913 | |
| Citigroup, Inc., Global Subordinated Note |
| 5.625% | | | | 08/27/2012 | | | | | 150,000 | | | | 148,393 | |
| Citigroup, Inc., Subordinated Note |
| 5.000% | | | | 09/15/2014 | | | | | 2,513,000 | | | | 2,355,953 | |
| Countrywide Financial Corp., Note |
| 6.250% | | | | 05/15/2016 | | | | | 500,000 | | | | 490,956 | |
| Countrywide Financial Corporation, Note |
| 4.250% | | | | 12/19/2007 | | | | | 1,000,000 | | | | 980,063 | |
| Credit Suisse First Boston USA, Inc., Global Note |
| 4.875% | | | | 01/15/2015 | | | | | 1,000,000 | | | | 926,188 | |
| Credit Suisse First Boston USA, Inc., Note |
| 6.500% | | | | 01/15/2012 | | | | | 350,000 | | | | 361,564 | |
| Credit Suisse First Boston USA, Inc., Note |
| 6.125% | | | | 11/15/2011 | | | | | 1,000,000 | | | | 1,014,521 | |
| Credit Suisse First Boston USA, Inc., Note |
| 5.500% | | | | 08/15/2013 | | | | | 150,000 | | | | 146,484 | |
| Credit Suisse First Boston USA, Inc., Senior Global Note |
| 5.125% | | | | 01/15/2014 | | | | | 500,000 | | | | 474,612 | |
| EOP Operating, LP, Guaranteed Note |
| 7.000% | | | | 07/15/2011 | | | | | 350,000 | | | | 363,985 | |
| EOP Operating, LP, Guaranteed Note |
| 4.750% | | | | 03/15/2014 | | | | | 500,000 | | | | 454,214 | |
| EOP Operating, LP, Note |
| 7.875% | | | | 07/15/2031 | | | | | 500,000 | | | | 550,364 | |
| EOP Operating, LP, Note |
| 6.800% | | | | 01/15/2009 | | | | | 500,000 | | | | 510,870 | |
| ERP Operating, LP, Note |
| 5.200% | | | | 04/01/2013 | | | | | 250,000 | | | | 240,017 | |
| Export-Import Bank Of Korea (South Korea) |
| 5.125% | | | | 03/16/2015 | | | | | 500,000 | | | | 469,393 | |
| General Electric Capital Corporation, Note |
| 6.500% | | | | 12/10/2007 | | | | | 750,000 | | | | 758,733 | |
| General Electric Capital Corporation, Note |
| 6.000% | | | | 06/15/2012 | | | | | 1,000,000 | | | | 1,012,740 | |
| General Electric Capital Corporation, Note |
| 3.500% | | | | 05/01/2008 | | | | | 250,000 | | | | 241,071 | |
| General Electric Capital Corporation, Note, (FRN) |
| 4.625% | | | | 09/15/2009 | | | | | 1,000,000 | | | | 972,780 | |
| General Electric Capital Corporation, Note, (MTN) |
| 6.750% | | | | 03/15/2032 | | | | | 750,000 | | | | 803,085 | |
| Goldman Sachs Group, Inc., Global Note |
| 5.125% | | | | 01/15/2015 | | | | | 500,000 | | | | 468,229 | |
| Goldman Sachs Group, Inc., Guaranteed Note |
| 6.345% | | | | 02/15/2034 | | | | | 500,000 | | | | 467,588 | |
| Goldman Sachs Group, Inc., Note |
| 6.875% | | | | 01/15/2011 | | | | | 250,000 | | | | 260,022 | |
| Goldman Sachs Group, Inc., Senior Note |
| 6.600% | | | | 01/15/2012 | | | | | 650,000 | | | | 671,610 | |
| Goldman Sachs Group, Inc., Senior Note |
| 6.125% | | | | 02/15/2033 | | | | | 700,000 | | | | 655,914 | |
| Goldman Sachs Group, Inc., Senior Note |
| 5.700% | | | | 09/01/2012 | | | | | 250,000 | | | | 247,890 | |
| Goldman Sachs Group, Inc., Senior Note |
| 5.150% | | | | 01/15/2014 | | | | | 500,000 | | | | 474,622 | |
| Goldman Sachs Group, Inc., Senior Note |
| 4.125% | | | | 01/15/2008 | | | | | 800,000 | | | | 783,159 | |
Goldman Sachs Group, Inc.,
Series B, Note, (MTN) |
| 7.350% | | | | 10/01/2009 | | | | | 750,000 | | | | 786,422 | |
| Household Finance Corporation |
| 6.375% | | | | 10/15/2011 | | | | | 1,000,000 | | | | 1,023,076 | |
| John Deere Capital Corporation, Note |
| 7.000% | | | | 03/15/2012 | | | | | 350,000 | | | | 369,943 | |
| JP Morgan & Company, Inc., Note |
| 6.000% | | | | 01/15/2009 | | | | | 350,000 | | | | 352,234 | |
| JP Morgan Chase & Company, Global Subordinated Note |
| 5.750% | | | | 01/02/2013 | | | | | 1,750,000 | | | | 1,734,590 | |
| JP Morgan Chase & Company, Note |
| 6.750% | | | | 02/01/2011 | | | | | 750,000 | | | | 780,305 | |
| Lehman Brothers Holdings, Inc., Note |
| 7.875% | | | | 08/15/2010 | | | | | 1,000,000 | | | | 1,077,008 | |
| Lehman Brothers Holdings, Inc., Note |
| 4.000% | | | | 01/22/2008 | | | | | 850,000 | | | | 828,099 | |
| Lehman Brothers Holdings, Inc., Note, (MTN), (FRN) |
| 6.625% | | | | 01/18/2012 | | | | | 750,000 | | | | 777,339 | |
| Merrill Lynch & Company, Inc., Note, (MTN) |
| 5.450% | | | | 07/15/2014 | | | | | 500,000 | | | | 483,448 | |
| Merrill Lynch & Company, Inc., Note |
| 6.000% | | | | 02/17/2009 | | | | | 1,000,000 | | | | 1,007,237 | |
| Merrill Lynch & Company, Inc., Note, (MTN) |
| 4.125% | | | | 09/10/2009 | | | | | 500,000 | | | | 477,774 | |
| Merrill Lynch & Company, Inc., Note, (MTN) |
| 3.700% | | | | 04/21/2008 | | | | | 250,000 | | | | 241,941 | |
| Merrill Lynch & Company., Inc., Note |
| 6.875% | | | | 11/15/2018 | | | | | 250,000 | | | | 265,982 | |
| Morgan Stanley, Note |
| 8.000% | | | | 06/15/2010 | | | | | 750,000 | | | | 803,624 | |
| Morgan Stanley, Note |
| 7.250% | | | | 04/01/2032 | | | | | 100,000 | | | | 110,169 | |
| Morgan Stanley, Note |
| 4.750% | | | | 04/01/2014 | | | | | 1,000,000 | | | | 918,268 | |
| Morgan Stanley, Note |
| 3.875% | | | | 01/15/2009 | | | | | 2,750,000 | | | | 2,639,964 | |
| National Rural Utilities Cooperative Finance Corporation, Note |
| 7.250% | | | | 03/01/2012 | | | | | 500,000 | | | | 533,376 | |
| Pepco Holdings, Inc., Note |
| 6.450% | | | | 08/15/2012 | | | | | 150,000 | | | | 151,992 | |
| Residential Capital Corp., Senior Note |
| 6.000% | | | | 02/22/2011 | | | | | 550,000 | | | | 533,465 | |
| Residential Capital Corporation, Note |
| 6.375% | | | | 06/30/2010 | | | | | 350,000 | | | | 345,536 | |
| Rio Tinto Finance USA, Ltd., Guaranteed Note (Australia) |
| 2.625% | | | | 09/30/2008 | | | | | 100,000 | | | | 93,737 | |
| Swiss Bank Corporation of New York, Note, (MTN), (FRN) |
| 7.375% | | | | 06/15/2017 | | | | | 100,000 | | | | 111,655 | |
| U.S. Bank National Association, Note, (MTN), (FRN) |
| 6.375% | | | | 08/01/2011 | | | | | 750,000 | | | | 772,694 | |
| Washington Mutual, Inc., Senior Note |
| 4.375% | | | | 01/15/2008 | | | | | 1,000,000 | | | | 980,030 | |
| | | 42,293,509 | |
See accompanying notes to financial statements.
146
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued)
|
Food Retailers—0.2% |
| Kroger Co. (The), Senior Note |
| 7.500% | | | | 04/01/2031 | | | | $ | 700,000 | | | $ | 736,941 | |
| Safeway, Inc., Note |
| 7.500% | | | | 09/15/2009 | | | | | 800,000 | | | | 836,036 | |
| | | 1,572,977 | |
Forest Products & Paper—0.2% |
| International Paper Company, Note |
| 6.750% | | | | 09/01/2011 | | | | | 600,000 | | | | 620,615 | |
| Kimberly Clark Corporation, Note |
| 5.625% | | | | 02/15/2012 | | | | | 250,000 | | | | 250,415 | |
| MeadWestvaco Corporation, Note |
| 6.850% | | | | 04/01/2012 | | | | | 150,000 | | | | 152,837 | |
| Weyerhaeuser Company, Note |
| 7.375% | | | | 03/15/2032 | | | | | 750,000 | | | | 761,510 | |
| Weyerhaeuser Company, Note |
| 6.750% | | | | 03/15/2012 | | | | | 100,000 | | | | 102,286 | |
| | | 1,887,663 | |
Health Care Providers—0.1% |
| UnitedHealth Group, Inc., Note |
| 3.750% | | | | 02/10/2009 | | | | | 1,150,000 | | | | 1,096,611 | |
Heavy Construction—0.1% |
| Centex Corporation, Senior Note |
| 4.750% | | | | 01/15/2008 | | | | | 100,000 | | | | 98,102 | |
| Centex Corporation, Senior Note |
| 4.550% | | | | 11/01/2010 | | | | | 1,000,000 | | | | 938,044 | |
Lennar Corporation,
Series B, Senior Note |
| 5.500% | | | | 09/01/2014 | | | | | 500,000 | | | | 458,490 | |
| | | 1,494,636 | |
Heavy Machinery—0.1% |
| Caterpillar, Inc., Senior Note |
| 7.250% | | | | 09/15/2009 | | | | | 750,000 | | | | 786,921 | |
| Cooper Industries, Inc., Guaranteed Senior Note |
| 5.500% | | | | 11/01/2009 | | | | | 100,000 | | | | 99,447 | |
| Deere & Company, Global Note |
| 6.950% | | | | 04/25/2014 | | | | | 250,000 | | | | 266,658 | |
| United Technologies Corporation, Note |
| 6.700% | | | | 08/01/2028 | | | | | 150,000 | | | | 160,354 | |
| United Technologies Corporation, Note |
| 6.100% | | | | 05/15/2012 | | | | | 50,000 | | | | 50,750 | |
| | | 1,364,130 | |
Home Construction, Furnishings & Appliances—0.1% |
| MDC Holdings, Inc., Senior Note |
| 5.500% | | | | 05/15/2013 | | | | | 500,000 | | | | 457,039 | |
| Newell Rubbermaid, Inc., Note |
| 4.625% | | | | 12/15/2009 | | | | | 100,000 | | | | 96,213 | |
| Pulte Homes, Inc., Senior Note |
| 7.875% | | | | 08/01/2011 | | | | | 350,000 | | | | 367,721 | |
| | | 920,973 | |
Industrial—Diversified—0.1% |
| Tyco International Group SA, Guaranteed Note (Luxembourg) |
| 6.750% | | | | 02/15/2011 | | | | | 500,000 | | | | 516,383 | |
| Tyco International Group SA, Note (Luxembourg) |
| 6.125% | | | | 11/01/2008 | | | | | 1,000,000 | | | | 1,006,545 | |
| | | 1,522,928 | |
Insurance—1.0% |
| Allstate Corporation (The), Senior Note |
| 7.200% | | | | 12/01/2009 | | | | | 750,000 | | | | 785,468 | |
| Allstate Corporation (The), Senior Note |
| 5.350% | | | | 06/01/2033 | | | | | 500,000 | | | | 424,905 | |
| American General Finance Corporation, Senior Note, (MTN) |
| 5.375% | | | | 10/01/2012 | | | | | 650,000 | | | | 633,239 | |
| American International Group, Inc., Global Senior Note |
| 4.250% | | | | 05/15/2013 | | | | | 100,000 | | | | 91,034 | |
| American International Group, Inc., Note, 144A |
| 5.050% | | | | 10/01/2015 | | * | | | 750,000 | | | | 700,940 | |
| Anthem, Inc., Note |
| 6.800% | | | | 08/01/2012 | | | | | 150,000 | | | | 156,372 | |
| Assurant, Inc., Global Note |
| 5.625% | | | | 02/15/2014 | | | | | 500,000 | | | | 480,342 | |
| Assurant, Inc., Senior Note |
| 6.750% | | | | 02/15/2034 | | | | | 650,000 | | | | 642,323 | |
| Axa Company (France) |
| 8.600% | | | | 12/15/2030 | | | | | 250,000 | | | | 298,360 | |
| AXA Financial, Inc., Senior Note |
| 7.750% | | | | 08/01/2010 | | | | | 100,000 | | | | 106,509 | |
| Cincinnati Financial Corp., Senior Note |
| 6.125% | | | | 11/01/2034 | | | | | 500,000 | | | | 470,787 | |
| General Electric Global Insurance Holding Corporation, Note |
| 7.500% | | | | 06/15/2010 | | | | | 150,000 | | | | 158,678 | |
| Genworth Financial, Inc., Note |
| 5.750% | | | | 05/15/2014 | | | | | 500,000 | | | | 493,516 | |
| Hartford Life, Inc., Senior Note |
| 7.375% | | | | 03/01/2031 | | | | | 150,000 | | | | 167,095 | |
| Marsh & McLennan Cos., Inc., Senior Note |
| 5.750% | | | | 09/15/2015 | | | | | 1,000,000 | | | | 945,624 | |
| MetLife, Inc., Note |
| 5.000% | | | | 11/24/2013 | | | | | 500,000 | | | | 471,094 | |
| MetLife, Inc., Senior Note |
| 6.500% | | | | 12/15/2032 | | | | | 100,000 | | | | 100,135 | |
| Progressive Corporation (The), Senior Note |
| 6.625% | | | | 03/01/2029 | | | | | 150,000 | | | | 155,545 | |
| Protective Life Secured Trust, Note, (MTN) |
| 4.000% | | | | 04/01/2011 | | | | | 400,000 | | | | 371,062 | |
| Prudential Financial, Inc., Note, (MTN) |
| 5.100% | | | | 09/20/2014 | | | | | 500,000 | | | | 471,863 | |
| Prudential Financial, Inc., Note, (MTN), (FRN) |
| 3.750% | | | | 05/01/2008 | | | | | 100,000 | | | | 96,615 | |
| Radian Group, Inc., Senior Note |
| 5.625% | | | | 02/15/2013 | | | | | 100,000 | | | | 97,797 | |
| Safeco Corporation, Senior Note |
| 4.875% | | | | 02/01/2010 | | | | | 150,000 | | | | 145,715 | |
| Travelers Property Casualty Corporation, Note |
| 7.750% | | | | 04/15/2026 | | | | | 500,000 | | | | 565,616 | |
| UnitedHealth Group, Inc., Note |
| 5.000% | | | | 08/15/2014 | | | | | 500,000 | | | | 468,387 | |
| WellPoint, Inc., Note |
| 5.950% | | | | 12/15/2034 | | | | | 750,000 | | | | 690,894 | |
| | | 10,189,915 | |
Lodging—0.0% |
| Harrah’s Operating Company, Inc., Guaranteed Senior Note |
| 5.500% | | | | 07/01/2010 | | | | | 250,000 | | | | 244,114 | |
| Harrah’s Operating Company, Inc., Guaranteed Senior Note |
| 5.375% | | | | 12/15/2013 | | | | | 250,000 | | | | 231,456 | |
| | | 475,570 | |
Media—Broadcasting & Publishing—0.8% |
| British Sky Broadcasting PLC, Note (United Kingdom) |
| 8.200% | | | | 07/15/2009 | | | | | 250,000 | | | | 265,670 | |
| Clear Channel Communications, Inc., Global Note |
| 4.250% | | | | 05/15/2009 | | | | | 250,000 | | | | 237,229 | |
See accompanying notes to financial statements.
147
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued)
|
| Comcast Cable Communications Holdings, Inc., Note |
| 9.455% | | | | 11/15/2022 | | | | $ | 400,000 | | | $ | 498,132 | |
| Comcast Cable Communications Holdings, Inc., Note |
| 8.375% | | | | 03/15/2013 | | | | | 500,000 | | | | 556,040 | |
| Comcast Corp., Note |
| 5.850% | | | | 01/15/2010 | | | | | 1,000,000 | | | | 999,823 | |
| Comcast Corp., Note |
| 5.650% | | | | 06/15/2035 | | | | | 500,000 | | | | 425,739 | |
| Comcast Corp., Note |
| 5.300% | | | | 01/15/2014 | | | | | 500,000 | | | | 471,132 | |
| Comcast Corporation, Note |
| 7.050% | | | | 03/15/2033 | | | | | 500,000 | | | | 508,776 | |
| COX Communications, Inc., Note |
| 5.500% | | | | 10/01/2015 | | | | | 75,000 | | | | 69,427 | |
| COX Communications, Inc., Note |
| 5.450% | | | | 12/15/2014 | | | | | 300,000 | | | | 277,837 | |
| COX Communications, Inc., Note |
| 4.625% | | | | 06/01/2013 | | | | | 250,000 | | | | 224,715 | |
| Time Warner Entertainment Company, LP, Senior Note |
| 8.375% | | | | 03/15/2023 | | | | | 1,000,000 | | | | 1,114,571 | |
| Time Warner, Inc., Note |
| 7.625% | | | | 04/15/2031 | | | | | 500,000 | | | | 539,918 | |
| Viacom, Inc., Senior Note |
| 7.875% | | | | 07/30/2030 | | | | | 250,000 | | | | 263,089 | |
| Viacom, Inc., Senior Note |
| 6.625% | | | | 05/15/2011 | | | | | 1,000,000 | | | | 1,027,387 | |
| Viacom, Inc., Senior Note |
| 5.625% | | | | 08/15/2012 | | | | | 50,000 | | | | 48,924 | |
| Viacom, Inc., Senior Note, 144A |
| 6.250% | | | | 04/30/2016 | | | | | 1,000,000 | | | | 972,499 | |
| | | 8,500,908 | |
Metals—0.1% |
| Alcan, Inc., Note (Canada) |
| 6.125% | | | | 12/15/2033 | | | | | 150,000 | | | | 142,376 | |
| Alcan, Inc., Senior Note (Canada) |
| 4.875% | | | | 09/15/2012 | | | | | 350,000 | | | | 332,819 | |
| Alcoa, Inc., Note |
| 7.375% | | | | 08/01/2010 | | | | | 750,000 | | | | 793,481 | |
| Masco Corporation, Senior Note |
| 5.875% | | | | 07/15/2012 | | | | | 250,000 | | | | 246,012 | |
| | | 1,514,688 | |
Oil & Gas—1.3% |
| Alberta Energy Ltd., Note |
| 7.375% | | | | 11/01/2031 | | | | | 400,000 | | | | 438,681 | |
| Amerada Hess Corp., Note |
| 7.300% | | | | 08/15/2031 | | | | | 250,000 | | | | 265,710 | |
| Amerada Hess Corporation |
| 6.650% | | | | 08/15/2011 | | | | | 150,000 | | | | 154,331 | |
| Apache Finance Canada Corporation, Note (Canada) |
| 7.750% | | | | 12/15/2029 | | | | | 150,000 | | | | 176,552 | |
| Burlington Resources Finance Company, Guaranteed Note (Canada) |
| 7.200% | | | | 08/15/2031 | | | | | 150,000 | | | | 168,439 | |
| Canadian Natural Resources Ltd., Note (Canada) |
| 5.450% | | | | 10/01/2012 | | | | | 250,000 | | | | 242,985 | |
| Canadian Natural Resources, Ltd., Note (Canada) |
| 5.850% | | | | 02/01/2035 | | | | | 500,000 | | | | 454,773 | |
CenterPoint Energy Resources Corp.,
Series B, Senior Note |
| 7.875% | | | | 04/01/2013 | | | | | 850,000 | | | | 925,165 | |
| Conoco, Inc., Note |
| 6.950% | | | | 04/15/2029 | | | | | 750,000 | | | | 818,528 | |
| Consolidated Natural Gas Company, Senior Note |
| 5.000% | | | | 03/01/2014 | | | | | 250,000 | | | | 231,716 | |
| Devon Financing Corporation ULC, Note |
| 7.875% | | | | 09/30/2031 | | | | | 500,000 | | | | 572,662 | |
| Devon Financing Corporation ULC, Note |
| 6.875% | | | | 09/30/2011 | | | | | 750,000 | | | | 780,629 | |
| Enbridge Energy Partners, LP, Note |
| 4.000% | | | | 01/15/2009 | | | | | 50,000 | | | | 47,739 | |
| Enterprise Products Operating, LP, Note |
| 4.950% | | | | 06/01/2010 | | | | | 150,000 | | | | 143,896 | |
Enterprise Products Operating, LP,
Series B, Senior Note |
| 5.600% | | | | 10/15/2014 | | | | | 150,000 | | | | 142,228 | |
| Enterprise Products Partners, LP, Senior Note |
| 6.875% | | | | 03/01/2033 | | | | | 150,000 | | | | 147,110 | |
| Kinder Morgan Energy Partners, LP, Note |
| 6.750% | | | | 03/15/2011 | | | | | 500,000 | | | | 511,293 | |
| Kinder Morgan Energy Partners, LP, Note |
| 5.350% | | | | 08/15/2007 | | | | | 350,000 | | | | 345,701 | |
| Kinder Morgan, Inc., Note |
| 7.250% | | | | 03/01/2028 | | | | | 150,000 | | | | 136,013 | |
| Kinder Morgan, Inc., Senior Note |
| 6.500% | | | | 09/01/2012 | | | | | 750,000 | | | | 713,529 | |
| Lasmo USA, Inc., Senior Note (United Kingdom) |
| 6.750% | | | | 12/15/2007 | | | | | 100,000 | | | | 101,625 | |
| Marathon Oil Corporation, Note |
| 6.125% | | | | 03/15/2012 | | | | | 350,000 | | | | 353,591 | |
| Nexen, Inc., Note (Canada) |
| 5.050% | | | | 11/20/2013 | | | | | 250,000 | | | | 234,327 | |
| Norsk Hydro AS, Note (Norway) |
| 6.360% | | | | 01/15/2009 | | | | | 450,000 | | | | 457,665 | |
| Occidental Petroleum Corporation, Note |
| 7.200% | | | | 04/01/2028 | | | | | 250,000 | | | | 278,472 | |
| Pemex Project Funding Master Trust, Guaranteed Note |
| 9.375% | | | | 12/02/2008 | | | | | 350,000 | | | | 376,250 | |
| Pemex Project Funding Master Trust, Note |
| 9.125% | | | | 10/13/2010 | | | | | 350,000 | | | | 384,125 | |
| Pemex Project Funding Master Trust, Note |
| 8.625% | | | | 02/01/2022 | | | | | 250,000 | | | | 280,125 | |
| Pemex Project Funding Master Trust, Note |
| 7.375% | | | | 12/15/2014 | | | | | 350,000 | | | | 362,075 | |
| Petro-Canada, Senior Note (Canada) |
| 5.950% | | | | 05/15/2035 | | | | | 250,000 | | | | 229,314 | |
| Phillips 66 Capital Trust II, Note |
| 8.000% | | | | 01/15/2037 | | | | | 750,000 | | | | 785,973 | |
| Southern California Gas Company, Note |
| 4.800% | | | | 10/01/2012 | | | | | 100,000 | | | | 95,001 | |
| Suncor Energy, Inc., Note |
| 7.150% | | | | 02/01/2032 | | | | | 500,000 | | | | 557,456 | |
| Texaco Capital, Inc., Note |
| 5.500% | | | | 01/15/2009 | | | | | 350,000 | | | | 350,872 | |
| TransCanada Pipelines Ltd., Note (Canada) |
| 4.000% | | | | 06/15/2013 | | | | | 250,000 | | | | 224,523 | |
| Transocean, Inc., Note (Cayman Islands) |
| 7.375% | | | | 04/15/2018 | | | | | 100,000 | | | | 109,539 | |
| Union Pacific Resources Group, Inc., Note |
| 7.150% | | | | 05/15/2028 | | | | | 350,000 | | | | 361,165 | |
| Valero Energy Corporation, Note |
| 4.750% | | | | 06/15/2013 | | | | | 500,000 | | | | 459,834 | |
| XTO Energy, Inc., Senior Note |
| 4.900% | | | | 02/01/2014 | | | | | 750,000 | | | | 689,772 | |
| | | 14,109,384 | |
See accompanying notes to financial statements.
148
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued)
|
Pharmaceuticals—0.6% |
| Abbott Laboratories, Note |
| 3.500% | | | | 02/17/2009 | | | | $ | 250,000 | | | $ | 237,760 | |
| American Home Products Corporation, Senior Note |
| 6.950% | | | | 03/15/2011 | | | | | 250,000 | | | | 261,060 | |
| Bristol-Myers Squibb Company, Note |
| 5.750% | | | | 10/01/2011 | | | | | 850,000 | | | | 848,682 | |
| Eli Lilly & Company, Note |
| 6.770% | | | | 01/01/2036 | | | | | 250,000 | | | | 270,973 | |
| Eli Lilly & Company, Note |
| 2.900% | | | | 03/15/2008 | | | | | 150,000 | | | | 143,615 | |
| Genentech, Inc., Senior Note |
| 5.250% | | | | 07/15/2035 | | | | | 600,000 | | | | 519,718 | |
| Genentech, Inc., Senior Note |
| 4.750% | | | | 07/15/2015 | | | | | 200,000 | | | | 183,488 | |
| Genentech, Inc., Senior Note |
| 4.400% | | | | 07/15/2010 | | | | | 100,000 | | | | 95,606 | |
| GlaxoSmithKline Capital, Inc., Guaranteed Note |
| 4.375% | | | | 04/15/2014 | | | | | 500,000 | | | | 457,907 | |
| Johnson & Johnson, Note |
| 4.950% | | | | 05/15/2033 | | | | | 200,000 | | | | 177,110 | |
| Merck & Company, Inc., Note |
| 4.750% | | | | 03/01/2015 | | | | | 250,000 | | | | 229,310 | |
| Merck & Company, Inc., Senior Note |
| 4.375% | | | | 02/15/2013 | | | | | 200,000 | | | | 183,587 | |
| Pharmacia Corporation, Note |
| 6.500% | | | | 12/01/2018 | | | | | 350,000 | | | | 370,318 | |
| Schering-Plough Corp., Senior Note |
| 5.550% | | | | 12/01/2013 | | | | | 1,000,000 | | | | 970,799 | |
| Schering-Plough Corporation, Senior Note |
| 6.750% | | | | 12/01/2033 | | | | | 250,000 | | | | 257,148 | |
| Wyeth, Note |
| 5.500% | | | | 03/15/2013 | | | | | 100,000 | | | | 97,487 | |
| Wyeth, Senior Note |
| 6.500% | | | | 02/01/2034 | | | | | 250,000 | | | | 251,104 | |
| Wyeth, Senior Note |
| 5.500% | | | | 02/01/2014 | | | | | 1,250,000 | | | | 1,209,644 | |
| | | 6,765,316 | |
Real Estate—0.2% |
| Archstone Smith Trust REIT, Senior Note |
| 5.000% | | | | 08/15/2007 | | | | | 100,000 | | | | 98,811 | |
| Boston Properties, Inc. REIT |
| 6.250% | | | | 01/15/2013 | | | | | 750,000 | | | | 757,656 | |
| Camden Property Trust REIT, Note |
| 5.000% | | | | 06/15/2015 | | | | | 200,000 | | | | 184,180 | |
| ERP Operating, LP, Senior Note |
| 5.375% | | | | 08/01/2016 | | | | | 500,000 | | | | 470,156 | |
| Simon Property Group, LP REIT, Note |
| 6.350% | | | | 08/28/2012 | | | | | 250,000 | | | | 253,977 | |
| | | 1,764,780 | |
Restaurants—0.1% |
| McDonald’s Corporation, Note, (MTN), (FRN) |
| 3.875% | | | | 08/15/2007 | | | | | 250,000 | | | | 244,555 | |
| Yum! Brands, Inc., Senior Note |
| 7.700% | | | | 07/01/2012 | | | | | 250,000 | | | | 269,223 | |
| | | 513,778 | |
Retailers—0.5% |
| CVS Corporation, Note |
| 4.875% | | | | 09/15/2014 | | | | | 530,000 | | | | 485,216 | |
| Federated Department Stores, Inc., Senior Note |
| 6.900% | | | | 04/01/2029 | | | | | 500,000 | | | | 501,927 | |
| Federated Department Stores, Inc., Senior Note |
| 6.300% | | | | 04/01/2009 | | | | | 253,000 | | | | 256,006 | |
| Fred Meyer, Inc., Note |
| 7.450% | | | | 03/01/2008 | | | | | 750,000 | | | | 768,703 | |
| Limited Brands, Note |
| 5.250% | | | | 11/01/2014 | | | | | 250,000 | | | | 228,707 | |
| May Department Stores Company (The), Note |
| 7.900% | | | | 10/15/2007 | | | | | 250,000 | | | | 255,201 | |
| May Department Stores Company (The), Note |
| 5.750% | | | | 07/15/2014 | | | | | 250,000 | | | | 243,196 | |
| Target Corporation, Note |
| 7.000% | | | | 07/15/2031 | | | | | 350,000 | | | | 386,506 | |
| Wal-Mart Stores, Inc., Note |
| 7.550% | | | | 02/15/2030 | | | | | 750,000 | | | | 872,888 | |
| Wal-Mart Stores, Inc., Note |
| 6.875% | | | | 08/10/2009 | | | | | 750,000 | | | | 777,206 | |
| Wal-Mart Stores, Inc., Note |
| 4.550% | | | | 05/01/2013 | | | | | 500,000 | | | | 467,800 | |
| Wal-Mart Stores, Inc., Note |
| 4.125% | | | | 02/15/2011 | | | | | 250,000 | | | | 235,139 | |
| | | 5,478,495 | |
Telecommunications—0.1% |
| Verizon Global Funding Corporation |
| 7.375% | | | | 09/01/2012 | | | | | 1,000,000 | | | | 1,064,271 | |
Telephone Systems—1.6% |
| Alltel Corporation, Senior Note |
| 7.000% | | | | 07/01/2012 | | | | | 250,000 | | | | 264,161 | |
| America Movil SA de CV, Guaranteed Senior Note (Mexico) |
| 5.500% | | | | 03/01/2014 | | | | | 100,000 | | | | 92,645 | |
| AT&T Wireless Services, Inc., Senior Note |
| 8.750% | | | | 03/01/2031 | | | | | 250,000 | | | | 307,375 | |
| AT&T Wireless Services, Inc., Senior Note |
| 7.875% | | | | 03/01/2011 | | | | | 750,000 | | | | 808,630 | |
| Bellsouth Capital Funding Corporation, Note |
| 7.875% | | | | 02/15/2030 | | | | | 900,000 | | | | 987,567 | |
| BellSouth Corporation, Note |
| 6.875% | | | | 10/15/2031 | | | | | 350,000 | | | | 346,269 | |
| BellSouth Corporation, Note |
| 6.000% | | | | 10/15/2011 | | | | | 250,000 | | | | 250,029 | |
| British Telecommunications PLC, Note (United Kingdom) |
| 8.875% | | | | 12/15/2030 | | | | | 150,000 | | | | 184,868 | |
| British Telecommunications PLC, Note (United Kingdom) |
| 8.375% | | | | 12/15/2010 | | | | | 2,000,000 | | | | 2,197,786 | |
| Deutsche Telekom International Finance BV, Guaranteed Note (Netherlands) |
| 8.250% | | | | 06/15/2030 | | | | | 750,000 | | | | 868,352 | |
| Deutsche Telekom International Finance BV, Note (Netherlands) |
| 8.000% | | | | 06/15/2010 | | | | | 700,000 | | | | 752,134 | |
| Embarq Corp., Note |
| 7.082% | | | | 06/01/2016 | | | | | 500,000 | | | | 498,128 | |
| France Telecom SA, Global Step Note (France) |
| 8.500% | | | | 03/01/2031 | | | | | 500,000 | | | | 603,357 | |
| France Telecom SA, Global Step Note (France) |
| 7.750% | | | | 03/01/2011 | | | | | 100,000 | | | | 107,526 | |
| GTE Corporation, Note |
| 7.510% | | | | 04/01/2009 | | | | | 200,000 | | | | 207,969 | |
| Royal KPN NV, Note (Netherlands) |
| 8.000% | | | | 10/01/2010 | | | | | 350,000 | | | | 371,569 | |
| SBC Communications, Inc., Global Note |
| 6.150% | | | | 09/15/2034 | | | | | 500,000 | | | | 460,336 | |
See accompanying notes to financial statements.
149
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued)
|
| SBC Communications, Inc., Global Note |
| 5.100% | | | | 09/15/2014 | | | | $ | 500,000 | | | $ | 464,615 | |
| Sprint Capital Corporation, Guaranteed Note |
| 6.375% | | | | 05/01/2009 | | | | | 750,000 | | | | 762,236 | |
| Sprint Capital Corporation, Note |
| 8.375% | | | | 03/15/2012 | | | | | 850,000 | | | | 940,235 | |
| Sprint Capital Corporation, Note |
| 6.875% | | | | 11/15/2028 | | | | | 500,000 | | | | 505,140 | |
| Sprint Capital Corporation, Note |
| 6.125% | | | | 11/15/2008 | | | | | 1,000,000 | | | | 1,008,380 | |
| Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg) |
| 6.000% | | | | 09/30/2034 | | | | | 250,000 | | | | 216,529 | |
| Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg) |
| 4.950% | | | | 09/30/2014 | | | | | 1,500,000 | | | | 1,345,088 | |
Telecom Italia Capital SA,
Series B, Senior Note (Luxembourg) |
| 5.250% | | | | 11/15/2013 | | | | | 350,000 | | | | 324,045 | |
| Telefonica Europe BV (Netherlands) |
| 8.250% | | | | 09/15/2030 | | | | | 350,000 | | | | 396,413 | |
| Verizon Global Funding Corporation, Note |
| 7.750% | | | | 12/01/2030 | | | | | 750,000 | | | | 811,213 | |
| Verizon Pennsylvania, Inc., Note, Class A |
| 5.650% | | | | 11/15/2011 | | | | | 350,000 | | | | 339,989 | |
| Verizon Virginia, Inc., Note |
| 4.625% | | | | 03/15/2013 | | | | | 250,000 | | | | 224,942 | |
| Vodafone Group PLC, Note (United Kingdom) |
| 7.875% | | | | 02/15/2030 | | | | | 250,000 | | | | 276,178 | |
| Vodafone Group PLC, Note (United Kingdom) |
| 7.750% | | | | 02/15/2010 | | | | | 550,000 | | | | 581,765 | |
| | | 17,505,469 | |
Transportation—0.4% |
| Burlington Northern Santa Fe Corporation, Note |
| 7.125% | | | | 12/15/2010 | | | | | 750,000 | | | | 790,333 | |
| Canadian National Railway Company, Note (Canada) |
| 4.400% | | | | 03/15/2013 | | | | | 585,000 | | | | 541,475 | |
| CSX Corporation, Note |
| 6.750% | | | | 03/15/2011 | | | | | 300,000 | | | | 311,589 | |
| Norfolk Southern Corp., Note |
| 5.257% | | | | 09/17/2014 | | | | | 500,000 | | | | 481,405 | |
| Norfolk Southern Corporation, Note |
| 7.700% | | | | 05/15/2017 | | | | | 350,000 | | | | 396,525 | |
| Norfolk Southern Corporation., Note |
| 7.050% | | | | 05/01/2037 | | | | | 500,000 | | | | 548,186 | |
| Union Pacific Corporation, Note |
| 6.625% | | | | 02/01/2029 | | | | | 250,000 | | | | 258,379 | |
| Union Pacific Corporation, Note, (MTN), (FRN) |
| 6.790% | | | | 11/09/2007 | | | | | 750,000 | | | | 759,932 | |
| | | 4,087,824 | |
TOTAL CORPORATE OBLIGATIONS |
| (Cost $229,868,582) | | | | | | 221,680,218 | |
| |
U.S. GOVERNMENT AGENCY OBLIGATIONS—45.3% |
U.S. Government Agencies—10.4% |
| Federal Home Loan Bank |
| 6.750% | | | | 08/15/2007 | | | | | 700,000 | | | | 709,314 | |
| 5.945% | | | | 07/28/2008 | | | | | 2,000,000 | | | | 2,015,524 | |
| 5.750% | | | | 05/15/2012 | | | | | 1,375,000 | | | | 1,395,804 | |
| 5.250% | | | | 06/18/2014 | | | | | 2,500,000 | | | | 2,463,982 | |
| 4.900% | | | | 07/24/2008 | | | | | 350,000 | | | | 346,247 | |
| 4.375% | | | | 03/17/2010 | | | | | 825,000 | | | | 796,716 | |
| 4.125% | | | | 10/26/2007 | | | | | 260,000 | | | | 255,582 | |
| 4.100% | | | | 06/13/2008 | | | | | 750,000 | | | | 731,567 | |
| 4.000% | | | | 03/10/2008 | | | | | 500,000 | | | | 488,334 | |
| 3.000% | | | | 04/15/2009 | | † | | | 8,000,000 | | | | 7,525,448 | |
| 2.750% | | | | 03/14/2008 | | | | | 1,750,000 | | | | 1,673,961 | |
| Federal Home Loan Mortgage Corporation |
| 7.000% | | | | 03/15/2010 | | | | | 2,630,000 | | | | 2,764,877 | |
| 6.750% | | | | 09/15/2029 | | | | | 660,000 | | | | 754,940 | |
| 6.250% | | | | 07/15/2032 | | | | | 500,000 | | | | 544,605 | |
| 6.000% | | | | 06/15/2011 | | | | | 3,900,000 | | | | 3,987,668 | |
| 5.750% | | | | 04/15/2008- 01/15/2012 | | | | | 3,150,000 | | | | 3,167,498 | |
| 5.625% | | | | 11/23/2035 | | | | | 130,000 | | | | 118,836 | |
| 5.400% | | | | 02/28/2011- 03/09/2011 | | | | | 900,000 | | | | 890,357 | |
| 5.375% | | | | 05/22/2008 | | | | | 2,700,000 | | | | 2,690,685 | |
| 5.200% | | | | 03/05/2019 | | | | | 200,000 | | | | 188,044 | |
| 5.125% | | | | 07/15/2012 | | | | | 2,000,000 | | | | 1,964,314 | |
| 5.000% | | | | 02/08/2008- 01/30/2014 | | | | | 1,100,000 | | | | 1,074,854 | |
| 4.900% | | | | 11/03/2008 | | | | | 400,000 | | | | 393,966 | |
| 4.750% | | | | 12/08/2010 | | | | | 500,000 | | | | 485,423 | |
| 4.625% | | | | 02/21/2008 | | | | | 1,500,000 | | | | 1,480,443 | |
| 4.500% | | | | 08/04/2008- 01/15/2015 | | † | | | 4,600,000 | | | | 4,359,278 | |
| 4.375% | | | | 11/16/2007- 07/17/2015 | | | | | 7,780,000 | | | | 7,428,644 | |
| 4.250% | | | | 06/23/2008 | | | | | 1,000,000 | | | | 977,902 | |
| 4.125% | | | | 09/01/2009- 02/24/2011 | | | | | 5,150,000 | | | | 4,922,757 | |
| 4.000% | | | | 09/22/2009 | | | | | 560,000 | | | | 536,750 | |
| 3.625% | | | | 09/15/2008 | | | | | 2,260,000 | | | | 2,176,238 | |
| 3.500% | | | | 09/15/2007 | | | | | 7,100,000 | | | | 6,942,273 | |
| 3.300% | | | | 09/14/2007 | | | | | 300,000 | | | | 292,462 | |
| 3.250% | | | | 11/02/2007 | | | | | 500,000 | | | | 485,825 | |
| Federal National Mortgage Association |
| 7.250% | | | | 01/15/2010 | | | | | 2,800,000 | | | | 2,961,227 | |
| 6.625% | | | | 09/15/2009- 11/15/2030 | | | | | 5,450,000 | | | | 5,724,287 | |
| 6.375% | | | | 06/15/2009 | | | | | 394,000 | | | | 404,063 | |
| 6.250% | | | | 05/15/2029 | | | | | 2,240,000 | | | | 2,430,077 | |
| 6.000% | | | | 05/15/2011 | | | | | 1,500,000 | | | | 1,533,934 | |
| 5.500% | | | | 03/15/2011 | | | | | 1,400,000 | | | | 1,402,219 | |
| 5.250% | | | | 04/04/2008 | | | | | 900,000 | | | | 895,433 | |
| 5.100% | | | | 02/22/2008 | | | | | 500,000 | | | | 496,714 | |
| 5.000% | | | | 01/23/2009 | | | | | 750,000 | | | | 741,766 | |
| 4.875% | | | | 01/11/2008 | | | | | 500,000 | | | | 495,602 | |
| 4.750% | | | | 02/21/2013 | | | | | 600,000 | | | | 575,828 | |
| 4.625% | | | | 06/01/2010- 10/15/2013 | | | | | 7,000,000 | | | | 6,664,360 | |
| 4.500% | | | | 08/04/2008- 10/15/2008 | | | | | 6,250,000 | | | | 6,132,370 | |
| 4.375% | | | | 09/07/2007- 07/17/2013 | | | | | 800,000 | | | | 756,847 | |
| 4.250% | | | | 09/15/2007 | | | | | 2,830,000 | | | | 2,789,506 | |
| 3.650% | | | | 11/30/2007 | | | | | 1,000,000 | | | | 975,482 | |
| 3.250% | | | | 01/15/2008- 02/15/2009 | | | | | 6,450,000 | | | | 6,186,892 | |
| 0.000% | | | | 06/01/2017 | | | | | 1,000,000 | | | | 549,084 | |
| Financing Corporation, Note |
| 9.650% | | | | 11/02/2018 | | | | | 500,000 | | | | 678,423 | |
| 8.600% | | | | 09/26/2019 | | | | | 500,000 | | | | 637,999 | |
| Tennessee Valley Authority |
| 6.250% | | | | 12/15/2017 | | | | | 1,200,000 | | | | 1,269,979 | |
| | | 111,333,210 | |
See accompanying notes to financial statements.
150
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. GOVERNMENT AGENCY OBLIGATIONS—
(Continued)
|
| |
U.S. Government Agencies—Mortgage Backed—34.9% |
| Federal Home Loan Mortgage Corporation |
| 7.500% | | | | 06/01/2027- 10/01/2029 | | | | $ | 803,050 | | | $ | 833,595 | |
| 7.000% | | | | 02/01/2016- 11/01/2033 | | | | | 1,754,795 | | | | 1,800,204 | |
| 6.500% | | | | 05/01/2008- 03/01/2036 | | | | | 11,803,105 | | | | 11,928,791 | |
| 6.000% | | | | 11/01/2016- 02/01/2036 | | | | | 14,110,665 | | | | 13,977,776 | |
| 5.500% | | | | 02/01/2018- 05/01/2036 | | | | | 44,472,715 | | | | 42,967,425 | |
| 5.000% | | | | 05/01/2018- 04/01/2036 | | | | | 49,328,008 | | | | 46,596,173 | |
| 4.500% | | | | 07/01/2011- 01/01/2036 | | | | | 19,812,373 | | | | 18,659,227 | |
| 4.000% | | | | 04/01/2009- 12/01/2020 | | | | | 4,490,882 | | | | 4,156,024 | |
| 3.500% | | | | 05/01/2011 | | | | | 72,876 | | | | 67,709 | |
| Federal National Mortgage Association |
| 7.500% | | | | 06/01/2030- 07/01/2031 | | | | | 85,925 | | | | 89,088 | |
| 7.000% | | | | 03/01/2030- 02/01/2036 | | | | | 3,886,639 | | | | 3,980,074 | |
| 6.500% | | | | 02/01/2017- 11/01/2033 | | | | | 6,986,223 | | | | 7,052,112 | |
| 6.000% | | | | 04/01/2014- 06/01/2036 | | | | | 32,153,515 | | | | 31,742,194 | |
| 5.500% | | | | 01/01/2018- 03/01/2036 | | | | | 66,138,343 | | | | 63,848,971 | |
| 5.000% | | | | 03/01/2018- 10/01/2035 | | | | | 63,235,665 | | | | 59,775,863 | |
| 4.500% | | | | 08/01/2011- 07/01/2035 | | | | | 19,017,325 | | | | 17,756,771 | |
| 4.000% | | | | 07/01/2011- 12/01/2018 | | | | | 6,097,075 | | | | 5,654,801 | |
| Federal National Mortgage Association TBA |
| 6.500% | | | | 07/01/2036 | | | | | 1,500,000 | | | | 1,507,968 | |
| 6.000% | | | | 07/01/2036 | | | | | 2,000,000 | | | | 1,968,750 | |
| 5.500% | | | | 07/01/2018 | | | | | 1,000,000 | | | | 981,562 | |
| Government National Mortgage Association |
| 7.500% | | | | 12/15/2029- 05/15/2032 | | | | | 1,149,337 | | | | 1,201,832 | |
| 7.000% | | | | 09/15/2031 | | | | | 853,416 | | | | 880,964 | |
| 6.500% | | | | 03/15/2026- 06/15/2036 | | | | | 4,300,684 | | | | 4,358,734 | |
| 6.000% | | | | 02/15/2033- 11/15/2034 | | | | | 6,986,494 | | | | 6,941,450 | |
| 5.500% | | | | 03/15/2033- 06/15/2036 | | | | | 15,338,219 | | | | 14,884,379 | |
| 5.000% | | | | 05/15/2033- 12/15/2035 | | | | | 8,512,855 | | | | 8,064,436 | |
| | | 371,676,873 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| (Cost $501,904,999) | | | | | | 483,010,083 | |
| |
U.S. TREASURY OBLIGATIONS—24.8% |
U.S. Treasury Bonds—7.2% |
| U.S. Treasury Bond |
| 13.250% | | | | 05/15/2014 | | | | | 850,000 | | | | 1,032,551 | |
| 11.750% | | | | 11/15/2014 | | | | | 500,000 | | | | 601,309 | |
| 11.250% | | | | 02/15/2015 | | | | | 500,000 | | | | 710,273 | |
| 10.375% | | | | 11/15/2012 | | | | | 300,000 | | | | 320,274 | |
| 9.875% | | | | 11/15/2015 | | | | | 1,550,000 | | | | 2,086,627 | |
| 9.125% | | | | 05/15/2018 | | | | | 1,000,000 | | | | 1,339,454 | |
| 8.750% | | | | 05/15/2017- 05/15/2020 | | † | | | 6,690,000 | | | | 8,792,990 | |
| 8.125% | | | | 08/15/2019 | | † | | | 5,720,000 | | | | 7,243,402 | |
| 8.000% | | | | 11/15/2021 | | † | | | 6,380,000 | | | | 8,161,417 | |
| 7.875% | | | | 02/15/2021 | | † | | | 3,500,000 | | | | 4,405,079 | |
| 7.625% | | | | 02/15/2025 | | | | | 600,000 | | | | 762,188 | |
| 7.500% | | | | 11/15/2024 | | | | | 1,350,000 | | | | 1,692,564 | |
| 7.250% | | | | 05/15/2016- 08/15/2022 | | | | | 5,580,000 | | | | 6,608,557 | |
| 7.125% | | | | 02/15/2023 | | | | | 2,425,000 | | | | 2,902,044 | |
| 6.500% | | | | 11/15/2026 | | | | | 1,150,000 | | | | 1,319,626 | |
| 6.250% | | | | 05/15/2030 | | † | | | 1,660,000 | | | | 1,880,729 | |
| 6.125% | | | | 11/15/2027 | | † | | | 4,100,000 | | | | 4,531,463 | |
| 6.000% | | | | 02/15/2026 | | † | | | 2,750,000 | | | | 2,979,669 | |
| 5.750% | | | | 08/15/2010 | | | | | 2,360,000 | | | | 2,418,724 | |
| 5.375% | | | | 02/15/2031 | | † | | | 4,241,000 | | | | 4,315,553 | |
| 5.250% | | | | 02/15/2029 | | | | | 3,130,000 | | | | 3,117,286 | |
| 5.000% | | | | 08/15/2011 | | † | | | 10,050,000 | | | | 10,022,915 | |
| | | 77,244,694 | |
U.S. Treasury Notes—17.6% |
| U.S. Treasury Note |
| 6.125% | | | | 08/15/2007 | | | | | 6,230,000 | | | | 6,288,163 | |
| 6.000% | | | | 08/15/2009 | | | | | 4,470,000 | | | | 4,582,975 | |
| 5.625% | | | | 05/15/2008 | | | | | 1,620,000 | | | | 1,633,290 | |
| 5.500% | | | | 02/15/2008- 05/15/2009 | | | | | 5,000,000 | | | | 5,042,384 | |
| 5.125% | | | | 05/15/2016 | | † | | | 2,750,000 | | | | 2,747,638 | |
| 5.000% | | | | 02/15/2011 | | † | | | 5,240,000 | | | | 5,228,744 | |
| 4.875% | | | | 05/31/2011- 02/15/2012 | | † | | | 6,595,000 | | | | 6,528,449 | |
| 4.750% | | | | 11/15/2008 | | | | | 9,100,000 | | | | 9,021,449 | |
| 4.625% | | | | 02/29/2008 | | | | | 990,000 | | | | 981,299 | |
| 4.500% | | | | 02/28/2011- 02/15/2036 | | | | | 8,535,000 | | | | 7,976,074 | |
| 4.375% | | | | 01/31/2008 | | † | | | 10,770,000 | | | | 10,639,166 | |
| 4.250% | | | | 10/31/2007- 11/15/2014 | | † | | | 17,750,000 | | | | 17,010,713 | |
| 4.125% | | | | 08/15/2008- 05/15/2015 | | † | | | 8,630,000 | | | | 8,119,881 | |
| 4.000% | | | | 08/31/2007- 02/15/2015 | | † | | | 42,560,000 | | | | 40,632,200 | |
| 3.875% | | | | 02/15/2013 | | † | | | 4,400,000 | | | | 4,097,157 | |
| 3.750% | | | | 05/15/2008 | | | | | 5,650,000 | | | | 5,508,976 | |
| 3.625% | | | | 07/15/2009- 05/15/2013 | | | | | 1,410,000 | | | | 1,333,721 | |
| 3.500% | | | | 12/15/2009 | | | | | 5,770,000 | | | | 5,480,375 | |
| 3.375% | | | | 12/15/2008- 10/15/2009 | | | | | 5,630,000 | | | | 5,383,712 | |
| 3.250% | | | | 01/15/2009 | | | | | 7,630,000 | | | | 7,293,212 | |
| 3.125% | | | | 04/15/2009 | | | | | 1,570,000 | | | | 1,489,662 | |
| 3.000% | | | | 11/15/2007- 02/15/2008 | | † | | | 19,420,000 | | | | 18,832,327 | |
| 2.750% | | | | 08/15/2007 | | † | | | 7,700,000 | | | | 7,493,671 | |
| 2.625% | | | | 05/15/2008 | | † | | | 4,100,000 | | | | 3,916,304 | |
| | | 187,261,542 | |
TOTAL U.S. TREASURY OBLIGATIONS |
| (Cost $273,074,845) | | | | | | 264,506,236 | |
See accompanying notes to financial statements.
151
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
MUNICIPAL OBLIGATIONS—0.2% |
Financial Services—0.2% |
| Illinois State (Illinois) |
| 5.100% | | | | 06/01/2033 | | | | $ | 1,100,000 | | | $ | 983,059 | |
| New Jersey Economic Development Authority (New Jersey) |
| 7.425% | | | | 02/15/2029 | | | | | 500,000 | | | | 589,390 | |
| New Jersey State Turnpike Authority (New Jersey) |
| 4.252% | | | | 01/01/2016 | | | | | 25,000 | | | | 22,466 | |
| New Jersey State Turnpike Authority (New Jersey) |
| 4.252% | | | | 01/01/2016 | | | | | 525,000 | | | | 477,965 | |
| Oregon State (Oregon) |
| 5.762% | | | | 06/01/2023 | | | | | 200,000 | | | | 196,382 | |
TOTAL MUNICIPAL OBLIGATIONS |
| (Cost $2,332,360) | | | | | | 2,269,262 | |
| |
SOVEREIGN DEBT OBLIGATIONS—1.8% |
Government Issued—1.8% |
| British Columbia (Province of) (Canada) |
| 6.500% | | | | 01/15/2026 | | | | | 150,000 | | | | 164,509 | |
| Canadian Government (Canada) |
| 5.250% | | | | 11/05/2008 | | | | | 250,000 | | | | 250,388 | |
| Hydro Quebec (Canada) |
| 6.300% | | | | 05/11/2011 | | | | | 350,000 | | | | 360,468 | |
| Hydro-Quebec (Canada) |
| 8.050% | | | | 07/07/2024 | | | | | 500,000 | | | | 622,472 | |
| Italian Republic (Italy) |
| 6.875% | | | | 09/27/2023 | | | | | 750,000 | | | | 830,567 | |
| Italian Republic (Italy) |
| 6.000% | | | | 02/22/2011 | | | | | 1,550,000 | | | | 1,585,546 | |
| Italian Republic (Italy) |
| 5.375% | | | | 06/15/2033 | | | | | 500,000 | | | | 467,071 | |
| Italian Republic (Italy) |
| 4.375% | | | | 06/15/2013 | | | | | 1,000,000 | | | | 936,655 | |
| Italian Republic (Italy) |
| 3.750% | | | | 12/14/2007 | | | | | 500,000 | | | | 487,998 | |
| Italian Republic (Italy) |
| 3.250% | | | | 05/15/2009 | | † | | | 500,000 | | | | 471,400 | |
| Malaysia Government (Malaysia) |
| 8.750% | | | | 06/01/2009 | | | | | 500,000 | | | | 537,972 | |
| Malaysia Government (Malaysia) |
| 7.500% | | | | 07/15/2011 | | | | | 250,000 | | | | 266,725 | |
| New Brunswick Province (Canada) |
| 3.500% | | | | 10/23/2007 | | | | | 150,000 | | | | 146,239 | |
| Nova Scotia Province (Canada) |
| 5.750% | | | | 02/27/2012 | | | | | 350,000 | | | | 353,087 | |
| Ontario Province (Canada) |
| 5.500% | | | | 10/01/2008 | | | | | 550,000 | | | | 550,212 | |
| Ontario Province (Canada) |
| 5.450% | | | | 04/27/2016 | | | | | 1,000,000 | | | | 992,128 | |
| Ontario Province (Canada) |
| 4.500% | | | | 02/03/2015 | | | | | 400,000 | | | | 372,565 | |
| Ontario Province (Canada) |
| 3.625% | | | | 10/21/2009 | | | | | 250,000 | | | | 236,096 | |
| Ontario Province (Canada) |
| 3.282% | | | | 03/28/2008 | | | | | 250,000 | | | | 240,528 | |
| People’s Republic of China (China) |
| 4.750% | | | | 10/29/2013 | | | | | 250,000 | | | | 236,523 | |
| Quebec Province (Canada) |
| 7.500% | | | | 09/15/2029 | | | | | 600,000 | | | | 726,113 | |
| Quebec Province (Canada) |
| 6.125% | | | | 01/22/2011 | | | | | 850,000 | | | | 868,171 | |
| Quebec Province (Canada) |
| 5.750% | | | | 02/15/2009 | | | | | 850,000 | | | | 855,349 | |
| Region of Lombardy (Italy) |
| 5.804% | | | | 10/25/2032 | | | | | 100,000 | | | | 99,723 | |
| Republic of Chile (Chile) |
| 5.500% | | | | 01/15/2013 | | | | | 150,000 | | | | 147,000 | |
| Republic of Finland (Finland) |
| 6.950% | | | | 02/15/2026 | | | | | 150,000 | | | | 171,492 | |
| Republic of Korea (South Korea) |
| 8.875% | | | | 04/15/2008 | | | | | 250,000 | | | | 264,469 | |
| Republic of Poland (Poland) |
| 5.250% | | | | 01/15/2014 | | | | | 200,000 | | | | 193,811 | |
| Republic of Poland (Poland) |
| 5.000% | | | | 10/19/2015 | | | | | 300,000 | | | | 282,604 | |
| Republic of South Africa (South Africa) |
| 7.375% | | | | 04/25/2012 | | | | | 250,000 | | | | 260,625 | |
| Saskatchewan Province (Canada) |
| 7.375% | | | | 07/15/2013 | | | | | 230,000 | | | | 255,353 | |
| State of Israel (Israel) |
| 5.125% | | | | 03/01/2014 | | | | | 250,000 | | | | 237,271 | |
| United Mexican States (Mexico) |
| 8.375% | | | | 01/14/2011 | | | | | 500,000 | | | | 546,250 | |
| United Mexican States (Mexico) |
| 8.300% | | | | 08/15/2031 | | | | | 500,000 | | | | 578,750 | |
| United Mexican States (Mexico) |
| 8.125% | | | | 12/30/2019 | | | | | 750,000 | | | | 849,375 | |
| United Mexican States (Mexico) |
| 7.500% | | | | 04/08/2033 | | | | | 400,000 | | | | 426,000 | |
| United Mexican States (Mexico) |
| 6.625% | | | | 03/03/2015 | | | | | 185,000 | | | | 187,775 | |
| United Mexican States (Mexico) |
| 6.375% | | | | 01/16/2013 | | | | | 679,000 | | | | 682,395 | |
| United Mexican States (Mexico) |
| 5.875% | | | | 01/15/2014 | | | | | 1,000,000 | | | | 972,500 | |
TOTAL SOVEREIGN DEBT OBLIGATIONS |
| (Cost $19,226,259) | | | | | | 18,714,175 | |
| |
ASSET BACKED SECURITIES—1.2% |
Automotive—0.5% |
AmeriCredit Automobile Receivables Trust,
Series 2003-D-M, Class A-4 |
| 2.840% | | | | 08/06/2010 | | | | | 821,088 | | | | 806,244 | |
Honda Auto Receivables Owner Trust,
Series 2004-1, Class A4 |
| 3.060% | | | | 10/21/2009 | | | | | 1,000,000 | | | | 975,912 | |
Household Auto Receivables Trust,
Series 2002-3, Class A4A |
| 3.440% | | | | 05/18/2009 | | | | | 1,098,403 | | | | 1,083,578 | |
WFS Financial Owner Trust,
Series 2004-4, Class A4 |
| 3.440% | | | | 05/17/2012 | | | | | 2,750,000 | | | | 2,643,460 | |
| | | 5,509,194 | |
Credit Cards—0.4% |
Bank One Issuance Trust,
Series 2003-A7, Class A7 |
| 3.350% | | | | 03/15/2011 | | | | | 1,500,000 | | | | 1,434,082 | |
Capital One Master Trust,
Series 2001-8, Class A |
| 4.600% | | | | 08/17/2009 | | | | | 400,000 | | | | 399,302 | |
Citibank Credit Card Master Trust I,
Series 1999-2, Class A |
| 5.875% | | | | 03/10/2011 | | | | | 1,500,000 | | | | 1,512,630 | |
MBNA Master Credit Card Trust,
Series 1999-B, Class A |
| 5.900% | | | | 08/15/2011 | | | | | 825,000 | | | | 833,959 | |
| | | 4,179,973 | |
See accompanying notes to financial statements.
152
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
ASSET BACKED SECURITIES—(Continued)
|
Electric Utilities—0.3% |
Detroit Edison Securitization Funding LLC,
Series 2001-1, Class A6 |
| 6.620% | | | | 03/01/2016 | | | | $ | 2,700,000 | | | $ | 2,852,978 | |
TOTAL ASSET BACKED SECURITIES |
| (Cost $13,149,247) | | | | | | 12,542,145 | |
| |
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—4.8% |
Mortgage Backed—4.8% |
Banc of America Commercial Mortgage, Inc.,
Series 2002-2, Class A3 |
| 5.118% | | | | 07/11/2043 | | | | | 500,000 | | | | 484,918 | |
Banc of America Commercial Mortgage, Inc.,
Series 2004-2, Class A3 |
| 4.050% | | | | 11/10/2038 | | | | | 3,000,000 | | | | 2,804,406 | |
Banc of America Commercial Mortgage, Inc.,
Series 2004-6, Class A5 |
| 4.811% | | | | 12/10/2042 | | | | | 500,000 | | | | 465,456 | |
Banc of America Commercial Mortgage, Inc.,
Series 2005-4, Class A2 |
| 4.764% | | | | 07/10/2045 | | | | | 1,750,000 | | | | 1,688,443 | |
Citigroup Commercial Mortgage Trust,
Series 2004-C1, Class A3 |
| 5.251% | | | | 04/15/2040 | | | | | 750,000 | | | | 733,027 | |
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2005-C1, Class A4 |
| 5.226% | | | | 07/15/2044 | | | | | 900,000 | | | | 863,348 | |
CS First Boston Mortgage Securities Corp.,
Series 2004-C2, Class A2 |
| 5.416% | | | | 05/15/2036 | | | | | 2,000,000 | | | | 1,940,041 | |
CS First Boston Mortgage Securities Corp.,
Series 2005-C2, Class A4 |
| 4.832% | | | | 04/15/2037 | | | | | 750,000 | | | | 696,973 | |
CS First Boston Mortgage Securities Corp.,
Series 2005-C5, Class A3 |
| 5.100% | | | | 08/15/2038 | | | | | 2,650,000 | | | | 2,536,829 | |
CS First Boston Mortgage Securities Corporation,
Series 1998-C2, Class A2 |
| 6.300% | | | | 11/11/2030 | | | | | 398,121 | | | | 403,053 | |
CS First Boston Mortgage Securities Corporation,
Series 2003-C5, Class A2 |
| 3.808% | | | | 12/15/2036 | | | | | 1,000,000 | | | | 963,794 | |
First Union National Bank Commercial Mortgage,
Series 2001-C3, Class A2 |
| 6.180% | | | | 08/15/2033 | | | | | 216,818 | | | | 217,737 | |
GE Capital Commercial Mortgage Corp.,
Series 2005-C2, Class A4 |
| 4.978% | | | | 05/10/2043 | | | | | 1,000,000 | | | | 939,098 | |
GE Capital Commercial Mortgage Corp.,
Series 2005-C4, Class AM |
| 5.331% | | | | 11/10/2045 | | | | | 2,000,000 | | | | 1,916,673 | |
GE Capital Commercial Mortgage Corporation,
Series 2001-A, Class A2 |
| 6.531% | | | | 05/15/2033 | | | | | 3,500,000 | | | | 3,600,882 | |
GE Capital Commercial Mortgage Corporation,
Series 2004-C1, Class A2 |
| 3.915% | | | | 11/10/2038 | | | | | 1,000,000 | | | | 946,403 | |
GMAC Commercial Mortgage Securities, Inc.,
Series 2000-C1, Class A2 |
| 7.724% | | | | 03/15/2033 | | | | | 1,707,000 | | | | 1,804,191 | |
GMAC Commercial Mortgage Securities, Inc.,
Series 2004-C1, Class A3 |
| 4.776% | | | | 03/10/2038 | | | | | 1,000,000 | | | | 943,132 | |
GMAC Commercial Mortgage Securities, Inc.,
Series 2004-C3, Class D |
| 5.044% | | | | 12/10/2041 | | | | | 250,000 | | | | 233,535 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-ML1, Class A2 |
| 4.767% | | | | 03/12/2039 | | | | | 1,000,000 | | | | 944,131 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A4 |
| 4.738% | | | | 07/15/2042 | | | | | 435,000 | | | | 400,416 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class E |
| 4.981% | | | | 07/15/2042 | | | | | 750,000 | | | | 692,744 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A4 |
| 4.918% | | | | 10/15/2042 | | | | | 1,565,000 | | | | 1,458,741 | |
JP Morgan Chase Commercial Mortgage Securities Corporation,
Series 2003-CIBC7, Class A3 |
| 4.449% | | | | 01/12/2038 | | | | | 2,000,000 | | | | 1,898,487 | |
JP Morgan Chase Commercial Mortgage Securities Corporation,
Series 2004-CB9, Class A4 |
| 5.380% | | | | 06/12/2041 | | | | | 750,000 | | | | 732,945 | |
JP Morgan Chase Commercial Mortgage Securities Corporation,
Series 2004-CIBC10, Class AJ |
| 4.951% | | | | 01/12/2037 | | | | | 1,750,000 | | | | 1,635,343 | |
LB Commercial Mortgage Trust,
Series 1991-C1, Class A2 |
| 6.780% | | | | 06/15/2031 | | | | | 6,000,000 | | | | 6,149,603 | |
LB-UBS Commercial Mortgage Trust,
Series 2002-C4, Class A5 |
| 4.853% | | | | 09/15/2031 | | | | | 1,500,000 | | | | 1,430,414 | |
LB-UBS Commercial Mortgage Trust,
Series 2003-C8, Class A2 |
| 4.207% | | | | 11/15/2027 | | | | | 1,000,000 | | | | 965,683 | |
LB-UBS Commercial Mortgage Trust,
Series 2004-C7, Class A6 |
| 4.786% | | | | 10/15/2029 | | | | | 1,000,000 | | | | 929,219 | |
Merrill Lynch Mortgage Trust,
Series 2002-MW1, Class A3 |
| 5.403% | | | | 07/12/2034 | | | | | 500,000 | | | | 494,867 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-1, Class A3 |
| 5.492% | | | | 02/12/2039 | | | | | 750,000 | | | | 737,692 | |
Morgan Stanley Capital I,
Series 2004-HQ3, Class A4 |
| 4.800% | | | | 01/13/2041 | | | | | 750,000 | | | | 701,255 | |
Morgan Stanley Capital I,
Series 2004-T13, Class A2 |
| 3.940% | | | | 09/13/2045 | | | | | 1,000,000 | | | | 943,954 | |
Morgan Stanley Capital I,
Series 2004-T15, Class A2 |
| 4.690% | | | | 06/13/2041 | | | | | 500,000 | | | | 483,226 | |
Mortgage Capital Funding, Inc.,
Series 1998-MC2, Class A2 |
| 6.423% | | | | 06/18/2030 | | | | | 508,387 | | | | 513,525 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2002-C2, Class A3 |
| 4.440% | | | | 11/15/2034 | | | | | 3,000,000 | | | | 2,903,073 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2003-C5, Class A2 |
| 3.989% | | | | 06/15/2035 | | | | | 750,000 | | | | 674,029 | |
See accompanying notes to financial statements.
153
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
NON-U.S. GOVERNMENT MORTGAGE-BACKED
SECURITIES—(Continued)
|
| |
Wachovia Bank Commercial Mortgage Trust,
Series 2003-C9, Class A4 |
| 5.012% | | | | 12/15/2035 | | | | $ | 750,000 | | | $ | 712,117 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C11, Class A5 |
| 5.215% | | | | 01/15/2041 | | | | | 500,000 | | | | 478,891 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C12, Class A4 |
| 5.234% | | | | 08/15/2041 | | | | | 750,000 | | | | 726,354 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C15, Class B |
| 4.892% | | | | 10/15/2041 | | | | | 1,000,000 | | | | 930,145 | |
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES |
| (Cost $53,811,713) | | | | | | 51,718,793 | |
| |
CASH EQUIVALENTS—13.8% |
Institutional Money Market Funds—0.1% |
| BGI Institutional Fund | †† | | | 1,211,071 | | | | 1,211,071 | |
Bank & Certificate Deposits/
Offshore Time Deposits—13.2% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 4,844,283 | | | | 4,844,283 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 1,816,607 | | | | 1,816,607 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 3,027,677 | | | | 3,027,677 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 3,027,677 | | | | 3,027,677 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 2,422,142 | | | | 2,422,142 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 2,398,979 | | | | 2,398,979 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 1,816,606 | | | | 1,816,606 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 2,422,141 | | | | 2,422,141 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 1,185,413 | | | | 1,185,413 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 2,422,141 | | | | 2,422,141 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 2,422,141 | | | | 2,422,141 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 1,211,071 | | | | 1,211,071 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 2,422,141 | | | | 2,422,141 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 2,422,141 | | | | 2,422,141 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 1,184,982 | | | | 1,184,982 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 19,982,664 | | | | 19,982,664 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 19,599,415 | | | | 19,599,415 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 8,237,637 | | | | 8,237,637 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 2,422,141 | | | | 2,422,141 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 1,816,606 | | | | 1,816,606 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 605,535 | | | | 605,535 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 6,055,353 | | | | 6,055,353 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 4,253,079 | | | | 4,253,079 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 2,422,141 | | | | 2,422,141 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 1,211,071 | | | | 1,211,071 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 1,211,071 | | | | 1,211,071 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 2,422,141 | | | | 2,422,141 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 3,633,212 | | | | 3,633,212 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 4,238,747 | | | | 4,238,747 | |
| | | 140,406,039 | |
Floating Rate Instruments/Master Notes—0.5% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | | 2,422,142 | | | | 2,422,141 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 3,027,676 | | | | 3,027,676 | |
| | | 5,449,817 | |
TOTAL CASH EQUIVALENTS |
| (Cost $147,066,927) | | | | | | 147,066,927 | |
See accompanying notes to financial statements.
154
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Core Bond
Index Fund
| | | | Face
| | Value
|
|---|
| |
REPURCHASE AGREEMENTS—1.1% |
| IBT Repurchase Agreement dated 6/30/2006 due 7/03/2006, with a maturity value of $11,581,236 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 5.823% to 7.86%, maturity dates ranging from 09/25/2029 to 12/25/2033 and an aggregate market value of $12,155,588. | | | | $ | 11,576,751 | | | $ | 11,576,751 | |
TOTAL INVESTMENTS—113.8% | | | |
| (Cost $1,252,011,682) | | 1,213,084,590 | |
| Other assets less liabilities—(13.8%) | | (147,188,138 | ) |
NET ASSETS—100.0% | $ | 1,065,896,452 | |
Notes to the Schedule of Investments:
| REIT | | Real Estate Investment Trust |
| † | | Denotes all or a portion of security on loan. |
| †† | | Represents collateral received from securities lending transactions. |
| * | | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent less than 0.005% of Total Investments. |
See accompanying notes to financial statements.
155
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint 500
Stock Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—98.4% |
Advertising—0.2% | | | |
| Interpublic Group, Inc. | *† | | | 13,428 | | | $ | 112,124 | |
| Monster Worldwide, Inc. | * | | | 3,572 | | | | 152,382 | |
| Omnicom Group | | 5,537 | | | | 493,291 | |
| | | 757,797 | |
Aerospace & Defense—1.6% |
| Goodrich Corporation | | 3,725 | | | | 150,080 | |
| Boeing Company (The) | | 24,149 | | | | 1,978,045 | |
| General Dynamics Corporation | | 12,122 | | | | 793,506 | |
| Honeywell International, Inc. | | 25,109 | | | | 1,011,893 | |
| Lockheed Martin Corporation | | 10,668 | | | | 765,322 | |
| Northrop Grumman Corporation | | 10,578 | | | | 677,627 | |
| Textron, Inc. | | 4,027 | | | | 371,209 | |
| | | 5,747,682 | |
Airlines—0.1% |
| Southwest Airlines Company | | 21,649 | | | | 354,394 | |
Apparel Retailers—0.4% |
| Gap, Inc. (The) | | 16,874 | | | | 293,608 | |
| Kohl’s Corporation | * | | | 10,470 | | | | 618,986 | |
| Ltd. Brands | | 10,263 | | | | 262,630 | |
| Nordstrom, Inc. | | 6,656 | | | | 242,944 | |
| | | 1,418,168 | |
Automotive—0.7% |
| Autonation, Inc. | * | | | 5,626 | | | | 120,621 | |
| Ford Motor Company | | 55,078 | | | | 381,691 | |
| General Motors Corporation | † | | | 16,757 | | | | 499,191 | |
| Genuine Parts Company | | 5,410 | | | | 225,381 | |
| Goodyear Tire & Rubber Company (The) | *† | | | 5,556 | | | | 61,672 | |
| Harley-Davidson, Inc. | | 8,404 | | | | 461,296 | |
| ITT Industries, Inc. | | 5,442 | | | | 269,379 | |
| Navistar International Corporation | * | | | 2,176 | | | | 53,551 | |
| Paccar, Inc. | † | | | 4,972 | | | | 409,593 | |
| | | 2,482,375 | |
Banking—11.6% |
| American Express Company | | 37,136 | | | | 1,976,378 | |
| AmSouth Bancorp | | 10,218 | | | | 270,266 | |
| BB&T Corporation | | 16,108 | | | | 669,932 | |
| Bank of America Corporation | | 138,117 | | | | 6,643,428 | |
| Bank of New York Company, Inc. (The) | | 22,867 | | | | 736,317 | |
| Capital One Financial Corporation | | 9,101 | | | | 777,680 | |
| CIT Group, Inc. | | 6,087 | | | | 318,289 | |
| Citigroup, Inc. | | 149,896 | | | | 7,230,983 | |
| Comerica, Inc. | | 4,863 | | | | 252,827 | |
| Commerce Bancorp, Inc. | † | | | 4,659 | | | | 166,187 | |
| Compass Bancshares, Inc. | | 3,600 | | | | 200,160 | |
| Fifth Third Bancorp | † | | | 16,462 | | | | 608,271 | |
| First Horizon National Corporation | † | | | 3,674 | | | | 147,695 | |
| Golden West Financial Corporation | | 7,771 | | | | 576,608 | |
| Huntington Bancshares, Inc. | | 7,147 | | | | 168,526 | |
| JP Morgan Chase & Company | | 104,731 | | | | 4,398,702 | |
| KeyCorp | | 12,073 | | | | 430,765 | |
| M&T Bank Corporation | | 2,431 | | | | 286,664 | |
| Marshall & IIsley Corporation | | 6,657 | | | | 304,491 | |
| Mellon Financial Corporation | | 12,412 | | | | 427,345 | |
| National City Corporation | | 16,691 | | | | 604,047 | |
| North Fork Bancorp, Inc. | | 14,553 | | | | 439,064 | |
| Northern Trust Corporation | | 5,418 | | | | 299,615 | |
| PNC Financial Services Group, Inc. | | 8,880 | | | | 623,110 | |
| Regions Financial Corporation | † | | | 14,002 | | | | 463,746 | |
| SLM Corporation | | 12,376 | | | | 654,938 | |
| Sovereign Bancorp, Inc. | | 11,004 | | | | 223,491 | |
| State Street Corporation | | 9,782 | | | | 568,236 | |
| Suntrust Banks, Inc. | | 11,177 | | | | 852,358 | |
| Synovus Financial Corporation | | 9,554 | | | | 255,856 | |
| U.S. Bancorp | | 54,205 | | | | 1,673,850 | |
| Wachovia Corporation | | 48,783 | | | | 2,638,185 | |
| Washington Mutual, Inc. | | 29,515 | | | | 1,345,294 | |
| Wells Fargo & Company | | 50,097 | | | | 3,360,507 | |
| Zions Bancorp | | 3,246 | | | | 252,993 | |
| | | 40,846,804 | |
Beverages, Food & Tobacco—4.9% |
| Altria Group, Inc. | | 62,720 | | | | 4,605,530 | |
| Anheuser-Busch Companies, Inc. | | 23,142 | | | | 1,055,044 | |
| Archer-Daniels-Midland Company | | 19,681 | | | | 812,432 | |
| Brown-Forman Corporation Class B | | 2,464 | | | | 176,644 | |
| Campbell Soup Company | | 5,775 | | | | 214,310 | |
| Coca-Cola Company (The) | | 61,905 | | | | 2,663,153 | |
| Coca-Cola Enterprises, Inc. | | 9,430 | | | | 192,089 | |
| ConAgra Foods, Inc. | | 15,594 | | | | 344,783 | |
| Constellation Brands, Inc. Class A | *† | | | 5,780 | | | | 144,500 | |
| Dean Foods Company | * | | | 3,100 | | | | 115,289 | |
| General Mills, Inc. | | 10,752 | | | | 555,448 | |
| H.J. Heinz Company | | 10,333 | | | | 425,926 | |
| Hershey Foods Corporation | † | | | 5,550 | | | | 305,639 | |
| Kellogg Company | | 7,575 | | | | 366,857 | |
| McCormick & Company, Inc. | | 3,895 | | | | 130,677 | |
| Molson Coors Brewing Company— Class B | | 1,673 | | | | 113,563 | |
| Pepsi Bottling Group, Inc. | | 4,086 | | | | 131,365 | |
| Pepsico, Inc. | | 49,632 | | | | 2,979,905 | |
| Reynolds American, Inc. | † | | | 2,475 | | | | 285,368 | |
| Sara Lee Corporation | | 23,124 | | | | 370,446 | |
| Supervalu, Inc. | | 6,343 | | | | 194,730 | |
| Sysco Corporation | | 18,436 | | | | 563,404 | |
| Tyson Foods, Inc. Class A | † | | | 7,900 | | | | 117,394 | |
| UST, Inc. | † | | | 5,151 | | | | 232,774 | |
| WM Wrigley Jr. Company | | 6,663 | | | | 302,234 | |
| | | 17,399,504 | |
Building Materials—1.2% |
| Home Depot, Inc. | | 63,564 | | | | 2,274,956 | |
| Louisiana-Pacific Corporation | | 3,355 | | | | 73,475 | |
| Lowe’s Companies, Inc. | † | | | 23,382 | | | | 1,418,586 | |
| Patterson Companies, Inc. | *† | | | 3,500 | | | | 122,255 | |
| Vulcan Materials Company | | 3,021 | | | | 235,638 | |
| | | 4,124,910 | |
Chemicals—1.4% |
| Air Products & Chemicals, Inc. | | 6,726 | | | | 429,926 | |
| Avery Dennison Corporation | | 3,207 | | | | 186,198 | |
| Cooper Tire & Rubber Company | † | | | 2,340 | | | | 26,068 | |
| Dow Chemical Company (The) | | 28,836 | | | | 1,125,469 | |
| Eastman Chemical Company | | 2,451 | | | | 132,354 | |
| Ecolab, Inc. | † | | | 5,738 | | | | 232,848 | |
| EI Du Pont de Nemours & Company | | 27,450 | | | | 1,141,920 | |
| Hercules, Inc. | * | | | 3,515 | | | | 53,639 | |
See accompanying notes to financial statements.
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COMMON STOCKS—(Continued)
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| International Flavors & Fragrances, Inc. | | 2,365 | | | $ | 83,343 | |
| Monsanto Company | | 7,997 | | | | 673,267 | |
| PPG Industries, Inc. | | 5,081 | | | | 335,346 | |
| Praxair, Inc. | | 9,796 | | | | 528,984 | |
| | | 4,949,362 | |
Coal—0.1% |
| Consol Energy, Inc. | | 3,921 | | | | 183,189 | |
Commercial Services—1.0% |
| Allied Waste Industries, Inc. | *† | | | 6,039 | | | | 68,603 | |
| Apollo Group, Inc. Class A | * | | | 4,409 | | | | 227,813 | |
| Cendant Corporation | | 30,380 | | | | 494,890 | |
| Cintas Corporation | | 4,114 | | | | 163,573 | |
| Convergys Corporation | * | | | 4,528 | | | | 88,296 | |
| Equifax, Inc. | | 3,865 | | | | 132,724 | |
| Fluor Corporation | | 2,599 | | | | 241,525 | |
| H&R Block, Inc. | | 10,232 | | | | 244,136 | |
| Moody’s Corporation | | 7,378 | | | | 401,806 | |
| Paychex, Inc. | | 9,822 | | | | 382,862 | |
| Robert Half International, Inc. | † | | | 5,293 | | | | 222,306 | |
| RR Donnelley & Sons Company | | 6,781 | | | | 216,653 | |
| Ryder System, Inc. | † | | | 2,030 | | | | 118,613 | |
| Waste Management, Inc. | | 16,395 | | | | 588,253 | |
| | | 3,592,053 | |
Communications—1.6% |
| ADC Telecommunications, Inc. | * | | | 3,642 | | | | 61,404 | |
| Andrew Corporation | * | | | 4,865 | | | | 43,104 | |
| Avaya, Inc. | * | | | 13,317 | | | | 152,080 | |
| Ciena Corporation | *† | | | 15,008 | | | | 72,188 | |
| Comverse Technology, Inc. | *† | | | 6,104 | | | | 120,676 | |
| Corning, Inc. | * | | | 46,470 | | | | 1,124,109 | |
L-3 Communications
Holdings, Inc. | | 3,523 | | | | 265,705 | |
| Motorola, Inc. | | 74,354 | | | | 1,498,233 | |
| Network Appliance, Inc. | *† | | | 11,224 | | | | 396,207 | |
| Qualcomm, Inc. | | 50,499 | | | | 2,023,495 | |
| | | 5,757,201 | |
Computer Software & Processing—5.3% |
| Adobe Systems, Inc. | * | | | 17,858 | | | | 542,169 | |
| Affiliated Computer Services, Inc. Class A | * | | | 3,680 | | | | 189,925 | |
| Autodesk, Inc. | * | | | 7,066 | | | | 243,494 | |
| Automatic Data Processing, Inc. | | 17,124 | | | | 776,573 | |
| BMC Software, Inc. | * | | | 6,466 | | | | 154,537 | |
| CA, Inc. | † | | | 14,066 | | | | 289,056 | |
| Citrix Systems, Inc. | * | | | 5,196 | | | | 208,567 | |
| Computer Sciences Corporation | * | | | 5,432 | | | | 263,126 | |
| Compuware Corporation | * | | | 12,167 | | | | 81,519 | |
| Electronic Arts, Inc. | * | | | 9,238 | | | | 397,604 | |
| Electronic Data Systems Corporation | | 16,012 | | | | 385,249 | |
| First Data Corporation | | 22,793 | | | | 1,026,597 | |
| Fiserv, Inc. | * | | | 5,668 | | | | 257,100 | |
| Google, Inc. Class A | * | | | 6,164 | | | | 2,584,750 | |
| IMS Health, Inc. | | 6,032 | | | | 161,959 | |
| Intuit, Inc. | * | | | 5,466 | | | | 330,092 | |
| Juniper Networks, Inc. | *† | | | 17,005 | | | | 271,910 | |
| Microsoft Corporation | | 266,965 | | | | 6,220,285 | |
| NCR Corporation | * | | | 5,590 | | | | 204,818 | |
| Novell, Inc. | *† | | | 11,821 | | | | 78,373 | |
| Nvidia Corporation | * | | | 10,268 | | | | 218,606 | |
| Oracle Corporation | * | | | 117,318 | | | | 1,699,938 | |
| Parametric Technology Corp. | * | | | 3,375 | | | | 42,896 | |
| Symantec Corporation | * | | | 30,890 | | | | 480,031 | |
| Unisys Corporation | * | | | 10,465 | | | | 65,720 | |
| VeriSign, Inc. | *† | | | 7,800 | | | | 180,726 | |
| Yahoo!, Inc. | * | | | 37,700 | | | | 1,244,100 | |
| | | 18,599,720 | |
Computers—0.1% |
| Sun Microsystems, Inc. | * | | | 103,203 | | | | 428,292 | |
Computers & Information—4.3% |
| Apple Computer, Inc. | * | | | 25,717 | | | | 1,468,955 | |
| Cisco Systems, Inc. | * | | | 183,726 | | | | 3,588,169 | |
| Dell, Inc. | * | | | 70,432 | | | | 1,719,245 | |
| EMC Corporation | * | | | 71,183 | | | | 780,878 | |
| Gateway, Inc. | * | | | 10,279 | | | | 19,530 | |
| Hewlett-Packard Company | | 84,473 | | | | 2,676,105 | |
| International Business Machines Corporation | | 46,884 | | | | 3,601,629 | |
| International Game Technology | | 10,262 | | | | 389,340 | |
| Lexmark International, Inc. | * | | | 3,468 | | | | 193,618 | |
| Pitney Bowes, Inc. | | 6,896 | | | | 284,805 | |
| Sandisk Corporation | * | | | 5,500 | | | | 280,390 | |
| Solectron Corporation | * | | | 29,567 | | | | 101,119 | |
| Symbol Technologies, Inc. | | 7,303 | | | | 78,799 | |
| | | 15,182,582 | |
Containers & Packaging—0.1% |
| Ball Corporation | | 3,168 | | | | 117,343 | |
| Sealed Air Corporation | | 2,391 | | | | 124,523 | |
| | | 241,866 | |
Cosmetics & Personal Care—2.1% |
| Alberto Culver Company Class B | | 2,202 | | | | 107,281 | |
| Avon Products, Inc. | | 14,018 | | | | 434,558 | |
| Clorox Company | | 4,566 | | | | 278,389 | |
| Colgate-Palmolive Company | | 15,470 | | | | 926,653 | |
| Estee Lauder Companies, Inc. (The) Class A | | 3,200 | | | | 123,744 | |
| Procter & Gamble Company | | 98,398 | | | | 5,470,929 | |
| | | 7,341,554 | |
Diversified—3.4% |
| 3M Company | | 22,750 | | | | 1,837,518 | |
| General Electric Company | | 312,666 | | | | 10,305,471 | |
| | | 12,142,989 | |
Electric Utilities—3.3% |
| AES Corporation (The) | * | | | 19,714 | | | | 363,723 | |
| Allegheny Energy, Inc. | * | | | 4,824 | | | | 178,826 | |
| Ameren Corporation | | 6,170 | | | | 311,585 | |
American Electric Power
Company, Inc. | | 11,609 | | | | 397,608 | |
| CMS Energy Corporation | * | | | 7,199 | | | | 93,155 | |
| Centerpoint Energy, Inc. | | 9,695 | | | | 121,188 | |
| Consolidated Edison, Inc. | † | | | 7,439 | | | | 330,589 | |
| Constellation Energy Group, Inc. | | 5,297 | | | | 288,792 | |
| DTE Energy Company | | 5,330 | | | | 217,144 | |
| Dominion Resources, Inc. | | 10,409 | | | | 778,489 | |
| Duke Energy Corp. | | 37,144 | | | | 1,090,919 | |
| Edison International | | 9,898 | | | | 386,022 | |
| Entergy Corporation | | 6,303 | | | | 445,937 | |
| Exelon Corporation | | 19,945 | | | | 1,133,474 | |
| FPL Group, Inc. | † | | | 11,946 | | | | 494,325 | |
| FirstEnergy Corporation | | 9,744 | | | | 528,222 | |
| KeySpan Corporation | | 5,136 | | | | 207,494 | |
See accompanying notes to financial statements.
157
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued)
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| NiSource, Inc. | † | | | 8,413 | | | $ | 183,740 | |
| PG&E Corporation | | 10,328 | | | | 405,684 | |
| PPL Corporation | † | | | 11,228 | | | | 362,664 | |
| Pinnacle West Capital Corporation | | 2,891 | | | | 115,380 | |
| Progress Energy, Inc. | | 7,759 | | | | 332,628 | |
Public Service Enterprise
Group, Inc. | | 7,446 | | | | 492,330 | |
| Sempra Energy | | 7,751 | | | | 352,515 | |
| Southern Company (The) | † | | | 22,131 | | | | 709,299 | |
| TXU Corporation | | 13,742 | | | | 821,634 | |
| TECO Energy, Inc. | | 5,950 | | | | 88,893 | |
| Xcel Energy, Inc. | | 12,731 | | | | 244,181 | |
| | | 11,476,440 | |
Electrical Equipment—0.4% |
| Cooper Industries Ltd. Class A | | 2,656 | | | | 246,796 | |
| Emerson Electric Company | | 12,325 | | | | 1,032,958 | |
| | | 1,279,754 | |
Electronics—2.9% |
| Advanced Micro Devices, Inc. | * | | | 14,436 | | | | 352,527 | |
| Agilent Technologies, Inc. | * | | | 12,539 | | | | 395,731 | |
| Altera Corporation | * | | | 11,395 | | | | 199,982 | |
| American Power Conversion Corporation | † | | | 5,418 | | | | 105,597 | |
| Analog Devices, Inc. | | 11,110 | | | | 357,075 | |
| Broadcom Corporation Class A | * | | | 12,853 | | | | 386,233 | |
| Freescale Semiconductor, Inc. Class B | * | | | 12,267 | | | | 360,650 | |
| Intel Corporation | | 175,857 | | | | 3,332,490 | |
| JDS Uniphase Corporation | *† | | | 45,346 | | | | 114,725 | |
| Jabil Circuit, Inc. | * | | | 5,122 | | | | 131,123 | |
| LSI Logic Corporation | *† | | | 12,007 | | | | 107,463 | |
| Linear Technology Corporation | † | | | 8,992 | | | | 301,142 | |
| Maxim Integrated Products, Inc. | | 9,705 | | | | 311,628 | |
| Micron Technology, Inc. | * | | | 21,838 | | | | 328,880 | |
| Molex, Inc. | | 4,262 | | | | 143,075 | |
| National Semiconductor Corporation | † | | | 10,068 | | | | 240,122 | |
| Novellus Systems, Inc. | * | | | 4,373 | | | | 108,013 | |
| PMC-Sierra, Inc. | *† | | | 5,469 | | | | 51,409 | |
| QLogic Corporation | * | | | 4,584 | | | | 79,028 | |
| Raytheon Company | | 13,679 | | | | 609,673 | |
| Rockwell Collins, Inc. | | 5,106 | | | | 285,272 | |
| Sanmina-SCI Corporation | * | | | 16,779 | | | | 77,183 | |
| Teradyne, Inc. | *† | | | 6,358 | | | | 88,567 | |
| Texas Instruments, Inc. | | 48,413 | | | | 1,466,430 | |
| Xilinx, Inc. | | 10,839 | | | | 245,503 | |
| | | 10,179,521 | |
Entertainment & Leisure—2.0% |
| Eastman Kodak Company | † | | | 8,976 | | | | 213,449 | |
| Harrah’s Entertainment, Inc. | | 5,444 | | | | 387,504 | |
| Hasbro, Inc. | | 5,527 | | | | 100,094 | |
| Mattel, Inc. | | 11,814 | | | | 195,049 | |
| News Corporation, Inc. Class A | | 72,650 | | | | 1,393,427 | |
| Time Warner, Inc. | | 130,900 | | | | 2,264,570 | |
| Walt Disney Company | | 66,375 | | | | 1,991,250 | |
| Xerox Corporation | *† | | | 29,117 | | | | 405,017 | |
| | | 6,950,360 | |
Financial Services—3.7% |
| Ameriprise Financial, Inc. | | 7,301 | | | | 326,145 | |
| Bear Stearns Companies, Inc. (The) | | 3,605 | | | | 504,988 | |
| Charles Schwab Corporation (The) | | 31,601 | | | | 504,984 | |
| Countrywide Financial Corporation | | 18,100 | | | | 689,248 | |
| E*Trade Financial Corporation | * | | | 12,800 | | | | 292,096 | |
| Federal Home Loan Mortgage Corporation | | 20,592 | | | | 1,173,950 | |
| Federal National Mortgage Association | | 28,946 | | | | 1,392,303 | |
| Federated Investors, Inc. Class B | | 2,799 | | | | 88,169 | |
| Franklin Resources, Inc. | | 4,442 | | | | 385,610 | |
| Goldman Sachs Group, Inc. | | 13,056 | | | | 1,964,014 | |
| Janus Capital Group, Inc. | | 6,553 | | | | 117,299 | |
| Legg Mason, Inc. | | 3,700 | | | | 368,224 | |
| Lehman Brothers Holdings, Inc. | | 16,302 | | | | 1,062,075 | |
| Merrill Lynch & Company, Inc. | | 27,492 | | | | 1,912,344 | |
| Morgan Stanley | | 32,285 | | | | 2,040,735 | |
| T. Rowe Price Group, Inc. | † | | | 7,884 | | | | 298,094 | |
| | | 13,120,278 | |
Food Retailers—0.6% |
| Kroger Company | * | | | 21,895 | | | | 478,625 | |
| Safeway, Inc. | † | | | 13,907 | | | | 361,582 | |
| Starbucks Corporation | * | | | 22,870 | | | | 863,571 | |
| Whole Foods Market, Inc. | | 4,200 | | | | 271,488 | |
| | | 1,975,266 | |
Forest Products & Paper—0.7% |
| Bemis Company | | 3,365 | | | | 103,036 | |
| International Paper Company | † | | | 14,513 | | | | 468,770 | |
| Kimberly Clark Corporation | | 13,949 | | | | 860,653 | |
| MeadWestvaco Corporation | | 5,462 | | | | 152,554 | |
| Pactiv Corporation | * | | | 4,478 | | | | 110,831 | |
| Temple-Inland, Inc. | | 3,438 | | | | 147,387 | |
| Weyerhaeuser Company | | 7,461 | | | | 464,447 | |
| | | 2,307,678 | |
Health Care Providers—1.2% |
| Caremark Rx, Inc. | * | | | 13,322 | | | | 664,368 | |
| Coventry Health Care, Inc. | * | | | 4,800 | | | | 263,712 | |
| Express Scripts, Inc. | * | | | 4,374 | | | | 313,791 | |
| HCA, Inc. | | 12,101 | | | | 522,158 | |
| Health Management Associates, Inc. Class A | | 7,595 | | | | 149,697 | |
| Laboratory Corporation of America Holdings | * | | | 3,640 | | | | 226,517 | |
| Manor Care, Inc. | † | | | 2,002 | | | | 93,934 | |
| Tenet Healthcare Corporation | *† | | | 14,819 | | | | 103,437 | |
| UnitedHealth Group, Inc. | | 40,734 | | | | 1,824,069 | |
| | | 4,161,683 | |
Heavy Construction—0.1% |
| Centex Corporation | † | | | 3,736 | | | | 187,921 | |
| Lennar Corporation Class A | † | | | 3,600 | | | | 159,732 | |
| | | 347,653 | |
Heavy Machinery—2.5% |
| American Standard Companies, Inc. | | 5,509 | | | | 238,374 | |
| Applied Materials, Inc. | | 48,463 | | | | 788,978 | |
| Baker Hughes, Inc. | | 10,203 | | | | 835,116 | |
| Black & Decker Corporation | | 2,261 | | | | 190,964 | |
| Caterpillar, Inc. | | 20,302 | | | | 1,512,093 | |
| Cummins, Inc. | | 1,339 | | | | 163,693 | |
| Deere & Company | | 7,329 | | | | 611,898 | |
| Dover Corporation | | 6,014 | | | | 297,272 | |
| Eaton Corporation | | 4,413 | | | | 332,740 | |
| Ingersoll-Rand Company Class A | | 9,736 | | | | 416,506 | |
| National-Oilwell Varco, Inc. | * | | | 5,295 | | | | 335,279 | |
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued)
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| Pall Corporation | † | | | 3,958 | | | $ | 110,824 | |
| Parker Hannifin Corporation | | 3,755 | | | | 291,388 | |
| Rockwell Automation, Inc. | | 5,356 | | | | 385,686 | |
| Stanley Works (The) | | 2,127 | | | | 100,437 | |
| United Technologies Corporation | | 30,398 | | | | 1,927,841 | |
| W.W. Grainger, Inc. | | 2,254 | | | | 169,568 | |
| | | 8,708,657 | |
Home Construction, Furnishings & Appliances—0.5% |
| DR Horton, Inc. | | 8,206 | | | | 195,467 | |
| Harman International Industries, Inc. | | 2,000 | | | | 170,740 | |
| Johnson Controls, Inc. | | 5,919 | | | | 486,660 | |
| KB Home | | 2,308 | | | | 105,822 | |
| Leggett & Platt, Inc. | | 5,276 | | | | 131,794 | |
| Masco Corporation | † | | | 12,939 | | | | 383,512 | |
| Pulte Homes, Inc. | | 6,258 | | | | 180,168 | |
| Whirlpool Corporation | | 2,302 | | | | 190,260 | |
| | | 1,844,423 | |
Household Products—0.4% |
| Fortune Brands, Inc. | | 4,419 | | | | 313,793 | |
| Illinois Tool Works, Inc. | † | | | 12,230 | | | | 580,925 | |
| Newell Rubbermaid, Inc. | | 7,990 | | | | 206,382 | |
| Rohm & Haas Company | | 4,355 | | | | 218,273 | |
| Snap-On, Inc. | † | | | 1,846 | | | | 74,615 | |
| | | 1,393,988 | |
Industrial—Diversified—0.5% |
| Tyco International Ltd. | | 60,115 | | | | 1,653,163 | |
Insurance—5.4% |
| ACE Ltd. (Bermuda) | | 9,836 | | | | 497,603 | |
| Aflac, Inc. | | 14,910 | | | | 691,079 | |
| Aetna, Inc. | | 17,102 | | | | 682,883 | |
| Allstate Corporation (The) | | 19,389 | | | | 1,061,160 | |
| AMBAC Financial Group, Inc. | | 3,084 | | | | 250,112 | |
| American International Group, Inc. | | 77,678 | | | | 4,586,886 | |
| AON Corporation | | 9,430 | | | | 328,353 | |
| Chubb Corporation | | 12,172 | | | | 607,383 | |
| Cigna Corporation | | 3,554 | | | | 350,105 | |
| Cincinnati Financial Corporation | | 5,083 | | | | 238,952 | |
| Genworth Financial, Inc. Class A | | 11,300 | | | | 393,692 | |
Hartford Financial Services
Group, Inc. | | 8,962 | | | | 758,185 | |
| Humana, Inc. | * | | | 5,100 | | | | 273,870 | |
| Lincoln National Corporation | | 8,949 | | | | 505,082 | |
| Loews Corporation | | 12,342 | | | | 437,524 | |
| MBIA, Inc. | † | | | 4,034 | | | | 236,191 | |
| MGIC Investment Corporation | | 2,777 | | | | 180,505 | |
| Marsh & McLennan Companies, Inc. | | 16,339 | | | | 439,356 | |
| Metlife, Inc. | † | | | 22,547 | | | | 1,154,632 | |
| Principal Financial Group | | 8,326 | | | | 463,342 | |
| Progressive Corporation (The) | | 24,064 | | | | 618,685 | |
| Prudential Financial, Inc. | | 14,698 | | | | 1,142,035 | |
| Safeco Corporation | | 3,618 | | | | 203,874 | |
| St. Paul Travelers Companies | | 20,567 | | | | 916,877 | |
| Torchmark Corporation | | 3,284 | | | | 199,404 | |
| UnumProvident Corporation | | 9,377 | | | | 170,005 | |
| WellPoint, Inc. | * | | | 19,760 | | | | 1,437,935 | |
| XL Capital Ltd. Class A (Bermuda) | | 5,346 | | | | 327,710 | |
| | | 19,153,420 | |
Lodging—0.3% |
| Hilton Hotels Corporation | | 9,822 | | | | 277,766 | |
| Marriott International, Inc. Class A | | 9,762 | | | | 372,127 | |
| Starwood Hotels & Resorts Worldwide, Inc. | | 6,705 | | | | 404,580 | |
| | | 1,054,473 | |
Media—Broadcasting & Publishing—1.6% |
| CBS Corp. Class B | | 23,580 | | | | 637,839 | |
| Clear Channel Communications, Inc. | | 15,334 | | | | 474,587 | |
| Comcast Corporation Class A | * | | | 63,818 | | | | 2,089,401 | |
| Dow Jones & Company, Inc. | † | | | 2,056 | | | | 71,981 | |
| E.W. Scripps Company Class A | | 2,500 | | | | 107,850 | |
| Gannett Company, Inc. | | 7,093 | | | | 396,712 | |
| McClatchy Company Class A | | 1 | | | | 38 | |
| McGraw-Hill Companies, Inc. (The) | | 10,854 | | | | 545,196 | |
| Meredith Corporation | | 1,189 | | | | 58,903 | |
| New York Times Company Class A | † | | | 4,417 | | | | 108,393 | |
| Tribune Company | | 7,992 | | | | 259,181 | |
| Univision Communications, Inc. Class A | * | | | 6,880 | | | | 230,480 | |
| Viacom, Inc. Class B | * | | | 22,980 | | | | 823,603 | |
| | | 5,804,164 | |
Medical Supplies—3.6% |
| Allergan, Inc. | | 4,430 | | | | 475,162 | |
| Applera Corporation—Applied Biosystems Group | | 5,286 | | | | 171,002 | |
| Bausch & Lomb, Inc. | † | | | 1,661 | | | | 81,455 | |
| Baxter International, Inc. | | 19,805 | | | | 728,032 | |
| Becton, Dickinson & Company | | 7,580 | | | | 463,365 | |
| Biomet, Inc. | | 7,495 | | | | 234,519 | |
| Boston Scientific Corporation | * | | | 36,582 | | | | 616,041 | |
| C.R. Bard, Inc. | | 3,184 | | | | 233,260 | |
| Fisher Scientific International | * | | | 3,600 | | | | 262,980 | |
| Johnson & Johnson | | 89,044 | | | | 5,335,516 | |
| Kla-Tencor Corporation | | 5,865 | | | | 243,808 | |
| Medtronic, Inc. | | 36,230 | | | | 1,699,912 | |
| Millipore Corporation | *† | | | 1,546 | | | | 97,383 | |
| PerkinElmer, Inc. | | 4,019 | | | | 83,997 | |
| Quest Diagnostics, Inc. | | 4,860 | | | | 291,211 | |
| St. Jude Medical, Inc. | *† | | | 11,090 | | | | 359,538 | |
| Stryker Corporation | | 8,604 | | | | 362,314 | |
| Tektronix, Inc. | | 2,676 | | | | 78,728 | |
| Thermo Electron Corporation | *† | | | 5,157 | | | | 186,890 | |
| Waters Corporation | * | | | 3,186 | | | | 141,458 | |
| Zimmer Holdings, Inc. | * | | | 7,357 | | | | 417,289 | |
| | | 12,563,860 | |
Metals—1.0% |
| Alcoa, Inc. | | 25,904 | | | | 838,253 | |
| Allegheny Technologies, Inc. | † | | | 2,556 | | | | 176,977 | |
| Danaher Corporation | | 7,201 | | | | 463,168 | |
| Newmont Mining Corporation | | 13,582 | | | | 718,895 | |
| Nucor Corporation | | 9,520 | | | | 516,460 | |
| Phelps Dodge Corporation | | 6,180 | | | | 507,749 | |
| United States Steel Corporation | | 3,716 | | | | 260,566 | |
| | | 3,482,068 | |
Mining—0.1% |
| Freeport-McMoran Copper & Gold, Inc. Class B | † | | | 5,578 | | | | 309,077 | |
See accompanying notes to financial statements.
159
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint 500
Stock Index Fund
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COMMON STOCKS—(Continued)
|
Oil & Gas—9.7% |
| Anadarko Petroleum Corporation | † | | | 13,644 | | | $ | 650,682 | |
| Apache Corporation | | 9,963 | | | | 679,975 | |
| Ashland, Inc. | | 2,173 | | | | 144,939 | |
| BJ Services Company | † | | | 9,826 | | | | 366,117 | |
| Chesapeake Energy Corporation | | 11,000 | | | | 332,750 | |
| Chevron Texaco Corporation | | 66,530 | | | | 4,128,852 | |
| ConocoPhillips | | 49,611 | | | | 3,251,009 | |
| Devon Energy Corporation | | 13,246 | | | | 800,191 | |
| Dynegy, Inc. Class A | * | | | 7,665 | | | | 41,928 | |
| EOG Resources, Inc. | | 7,355 | | | | 509,996 | |
| EL Paso Corporation | † | | | 19,255 | | | | 288,825 | |
| Exxon Mobil Corporation | | 183,104 | | | | 11,233,430 | |
| Halliburton Company | | 15,473 | | | | 1,148,251 | |
| Hess Corp. | † | | | 7,251 | | | | 383,215 | |
| Kerr-McGee Corporation | | 6,902 | | | | 478,654 | |
| Kinder Morgan, Inc. | | 3,186 | | | | 318,250 | |
| Marathon Oil Corporation | | 10,937 | | | | 911,052 | |
| Murphy Oil Corporation | † | | | 5,100 | | | | 284,886 | |
| Nabors Industries Ltd. | * | | | 9,284 | | | | 313,706 | |
| Nicor, Inc. | † | | | 1,395 | | | | 57,893 | |
| Noble Corporation | | 4,237 | | | | 315,318 | |
| Occidental Petroleum Corporation | | 12,826 | | | | 1,315,306 | |
| Peoples Energy Corporation | † | | | 1,166 | | | | 41,871 | |
| Rowan Companies, Inc. | | 3,489 | | | | 124,174 | |
| Schlumberger Ltd. | | 35,252 | | | | 2,295,258 | |
| Sunoco, Inc. | | 4,228 | | | | 292,958 | |
| Transocean, Inc. | * | | | 9,731 | | | | 781,594 | |
| Valero Energy Corporation | | 18,680 | | | | 1,242,594 | |
| Weatherford International Ltd. | * | | | 10,600 | | | | 525,972 | |
| Williams Companies, Inc. | | 17,295 | | | | 404,011 | |
| XTO Energy, Inc. | | 10,933 | | | | 484,004 | |
| | | 34,147,661 | |
Pharmaceuticals—6.6% |
| Abbott Laboratories | | 46,359 | | | | 2,021,716 | |
| AmerisourceBergen Corporation | | 6,418 | | | | 269,043 | |
| Amgen, Inc. | * | | | 35,558 | | | | 2,319,448 | |
| Barr Pharmaceuticals, Inc. | * | | | 3,200 | | | | 152,608 | |
| Biogen Idec, Inc. | * | | | 10,074 | | | | 466,728 | |
| Bristol-Myers Squibb Company | | 58,482 | | | | 1,512,345 | |
| Cardinal Health, Inc. | | 12,740 | | | | 819,564 | |
| Eli Lilly & Company | † | | | 34,046 | | | | 1,881,722 | |
| Forest Laboratories, Inc. | * | | | 9,616 | | | | 372,043 | |
| Genzyme Corporation | * | | | 7,897 | | | | 482,112 | |
| Gilead Sciences, Inc. | * | | | 13,910 | | | | 822,916 | |
| Hospira, Inc. | * | | | 4,680 | | | | 200,959 | |
| King Pharmaceuticals, Inc. | * | | | 7,638 | | | | 129,846 | |
| McKesson Corporation | | 9,367 | | | | 442,872 | |
| Medco Health Solutions, Inc. | * | | | 9,258 | | | | 530,298 | |
| MedImmune, Inc. | * | | | 7,440 | | | | 201,624 | |
| Merck & Company, Inc. | | 65,403 | | | | 2,382,631 | |
| Mylan Laboratories | | 6,000 | | | | 120,000 | |
| Pfizer, Inc. | | 220,501 | | | | 5,175,159 | |
| Schering-Plough Corporation | | 44,889 | | | | 854,238 | |
| Sigma Aldrich Corporation | | 1,896 | | | | 137,725 | |
| Watson Pharmaceuticals, Inc. | * | | | 2,919 | | | | 67,954 | |
| Wyeth | | 40,213 | | | | 1,785,859 | |
| | | 23,149,410 | |
Real Estate—0.9% |
| Apartment Investment & Management Company REIT Class A | † | | | 2,984 | | | | 129,655 | |
| Archstone-Smith Trust REIT | | 6,200 | | | | 315,394 | |
| Boston Properties, Inc. REIT | † | | | 2,500 | | | | 226,000 | |
| Equity Office Properties Trust REIT | | 12,428 | | | | 453,746 | |
| Equity Residential REIT | | 8,722 | | | | 390,135 | |
| Kimco Realty Corporation REIT | | 6,400 | | | | 233,536 | |
| Plum Creek Timber Company, Inc. REIT | | 5,794 | | | | 205,687 | |
| Prologis REIT | | 7,198 | | | | 375,160 | |
| Public Storage, Inc. REIT | † | | | 2,500 | | | | 189,750 | |
| Simon Property Group, Inc. REIT | | 5,554 | | | | 460,649 | |
| Vornado Realty Trust REIT | | 3,500 | | | | 341,425 | |
| | | 3,321,137 | |
Restaurants—0.6% |
| Darden Restaurants, Inc. | | 3,972 | | | | 156,497 | |
| McDonald’s Corporation | | 37,563 | | | | 1,262,117 | |
| Wendy’s International, Inc. | | 3,408 | | | | 198,652 | |
| Yum! Brands, Inc. | | 8,174 | | | | 410,907 | |
| | | 2,028,173 | |
Retailers—4.0% |
| Amazon.Com, Inc. | *† | | | 8,700 | | | | 336,516 | |
| Autozone, Inc. | * | | | 1,646 | | | | 145,177 | |
| Bed Bath & Beyond, Inc. | * | | | 8,277 | | | | 274,548 | |
| Best Buy Company, Inc. | | 12,303 | | | | 674,697 | |
| Big Lots, Inc. | * | | | 3,704 | | | | 63,264 | |
| CVS Corporation | | 24,792 | | | | 761,114 | |
| Circuit City Stores, Inc. | | 4,766 | | | | 129,731 | |
| Costco Wholesale Corporation | † | | | 14,007 | | | | 800,220 | |
| Dillard’s, Inc. Class A | † | | | 1,726 | | | | 54,973 | |
| Dollar General Corporation | | 9,870 | | | | 137,983 | |
| eBay, Inc. | * | | | 33,995 | | | | 995,714 | |
| Family Dollar Stores, Inc. | | 5,061 | | | | 123,640 | |
| Federated Department Stores | | 16,042 | | | | 587,137 | |
| JC Penney Company, Inc. (Holding Company) | | 7,033 | | | | 474,798 | |
| Office Depot, Inc. | * | | | 8,714 | | | | 331,132 | |
| OfficeMax, Inc. | | 2,397 | | | | 97,678 | |
| RadioShack Corporation | † | | | 3,908 | | | | 54,712 | |
| Sears Holdings Corporation | *† | | | 3,057 | | | | 473,346 | |
| Sherwin-Williams Company (The) | | 3,384 | | | | 160,672 | |
| Staples, Inc. | | 22,357 | | | | 543,722 | |
| TJX Companies, Inc. | | 14,038 | | | | 320,909 | |
| Target Corporation | | 26,295 | | | | 1,285,037 | |
| Tiffany & Company | | 4,243 | | | | 140,104 | |
| Walgreen Company | | 30,210 | | | | 1,354,616 | |
| Wal-Mart Stores, Inc. | | 74,752 | | | | 3,600,804 | |
| | | 13,922,244 | |
Telecommunications—0.2% |
| Citizens Communications Company | | 10,409 | | | | 135,837 | |
| Lucent Technologies, Inc. | * | | | 131,379 | | | | 317,937 | |
| Tellabs, Inc. | * | | | 12,229 | | | | 162,768 | |
| | | 616,542 | |
Telephone Systems—3.2% |
| Alltel Corporation | | 11,652 | | | | 743,747 | |
| AT&T, Inc. | | 116,854 | | | | 3,259,058 | |
| BellSouth Corporation | | 53,628 | | | | 1,941,334 | |
| CenturyTel, Inc. | † | | | 4,207 | | | | 156,290 | |
| Embarq Corp. | | 4,416 | | | | 181,012 | |
| Qwest Communications International, Inc. | *† | | | 45,657 | | | | 369,365 | |
| Sprint Nextel Corp. | | 88,332 | | | | 1,765,757 | |
| Verizon Communications, Inc. | | 87,328 | | | | 2,924,615 | |
| | | 11,341,178 | |
See accompanying notes to financial statements.
160
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint 500
Stock Index Fund
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COMMON STOCKS—(Continued)
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Textiles, Clothing & Fabrics—0.3% |
| Coach, Inc. | * | | | 11,268 | | | $ | 336,913 | |
| Jones Apparel Group, Inc. | | 3,500 | | | | 111,265 | |
| Liz Claiborne, Inc. | | 3,056 | | | | 113,255 | |
| Nike, Inc. Class B | | 5,805 | | | | 470,205 | |
| VF Corporation | | 2,652 | | | | 180,124 | |
| | | 1,211,762 | |
Transportation—2.0% |
| Brunswick Corporation | | 2,897 | | | | 96,325 | |
| Burlington Northern Santa Fe Corporation | | 11,092 | | | | 879,041 | |
| CSX Corporation | | 6,378 | | | | 449,266 | |
| Carnival Corporation | † | | | 13,165 | | | | 549,507 | |
| FedEx Corporation | | 9,049 | | | | 1,057,466 | |
| Norfolk Southern Corporation | | 12,304 | | | | 654,819 | |
| Sabre Holdings Corporation | † | | | 3,944 | | | | 86,768 | |
| Union Pacific Corporation | | 7,880 | | | | 732,525 | |
| United Parcel Service, Inc. Class B | | 32,667 | | | | 2,689,474 | |
| | | 7,195,191 | |
TOTAL COMMON STOCKS |
| (Cost $191,622,445) | | | | | | 346,249,666 | |
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Coupon
Rate
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U.S. TREASURY OBLIGATIONS—0.1% |
U.S. Treasury Bills—0.1% |
| U.S. Treasury Bill |
| 4.770% | | | | 09/07/2006 | | ** | | $ | 40,000 | | | | 39,639 | |
| 4.730% | | | | 09/07/2006 | | ** | | | 245,000 | | | | 242,811 | |
TOTAL U.S. TREASURY OBLIGATIONS |
| (Cost $282,451) | | | | | | 282,450 | |
| |
CASH EQUIVALENTS—6.2% |
Institutional Money Market Funds—0.1% |
| BGI Institutional Fund | †† | | | 179,186 | | | | 179,186 | |
Bank & Certificate Deposits/
Offshore Time Deposits—5.9% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 716,744 | | | | 716,744 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 268,779 | | | | 268,779 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 447,965 | | | | 447,965 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 447,965 | | | | 447,965 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 358,372 | | | | 358,372 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 354,945 | | | | 354,945 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 447,965 | | | | 447,965 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 268,779 | | | | 268,779 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 358,372 | | | | 358,372 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 447,965 | | | | 447,965 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 175,390 | | | | 175,390 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 447,965 | | | | 447,965 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 358,372 | | | | 358,372 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 447,965 | | | | 447,965 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 358,372 | | | | 358,372 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 179,186 | | | | 179,186 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 358,372 | | | | 358,372 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 358,372 | | | | 358,372 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 447,965 | | | | 447,965 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 447,965 | | | | 447,965 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 175,326 | | | | 175,326 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 2,956,568 | | | | 2,956,568 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 2,899,864 | | | | 2,899,864 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 1,218,813 | | | | 1,218,813 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 358,372 | | | | 358,372 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 268,779 | | | | 268,779 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 89,593 | | | | 89,593 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 447,965 | | | | 447,965 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 895,930 | | | | 895,930 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 629,270 | | | | 629,270 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 447,964 | | | | 447,964 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 447,964 | | | | 447,964 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 358,371 | | | | 358,371 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 179,185 | | | | 179,185 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 179,186 | | | | 179,186 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 358,372 | | | | 358,372 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 537,558 | | | | 537,558 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 627,151 | | | | 627,151 | |
| | | 20,774,006 | |
Floating Rate Instruments/Master Notes—0.2% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | | 358,372 | | | | 358,372 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 447,965 | | | | 447,965 | |
| | | 806,337 | |
TOTAL CASH EQUIVALENTS |
| (Cost $21,759,529) | | | | | | 21,759,529 | |
See accompanying notes to financial statements.
161
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint 500
Stock Index Fund
| | | | Face
| | Value
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|---|
| |
REPURCHASE AGREEMENTS—1.3% |
| Investors Bank & Trust Repurchase Agreement dated 6/30/06 due 7/3/06 with maturity value of 4,802,733 and an effective yield of 4.65% collateralized by a U.S. Government obligation with a rate of 8.38%, a maturity date of 6/25/2015 and an aggregate market value of 5,040,916. | | | | $ | 4,800,873 | | | $ | 4,800,873 | |
TOTAL INVESTMENTS—106.0% | | | |
| (Cost $218,465,298) | | 373,092,518 | |
| Other assets less liabilities—(6.0%) | | (21,180,261 | ) |
NET ASSETS—100.0% | $ | 351,912,257 | |
Notes to the Schedule of Investments:
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing security. |
| † | | Denotes all or a portion of security on loan. |
| ** | | Security has been pledged as collateral for futures contracts. |
| †† | | Represents collateral received from securities lending transactions. |
See accompanying notes to financial statements.
162
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Broad
Market Index Fund
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COMMON STOCKS—99.1% |
Advertising—0.3% |
| 24/7 Real Media, Inc. | * | | | 273 | | | $ | 2,397 | |
| Aquantive, Inc. | *† | | | 2,027 | | | | 51,344 | |
| Catalina Marketing Corporation | | 2,131 | | | | 60,648 | |
| Clear Channel Outdoor Holdings, Inc. Class A | * | | | 2,500 | | | | 52,400 | |
| Getty Images, Inc. | *† | | | 1,742 | | | | 110,634 | |
| Interpublic Group, Inc. | *† | | | 17,203 | | | | 143,645 | |
| Jupitermedia Corporation | *† | | | 1,450 | | | | 18,850 | |
| Lamar Advertising Company | * | | | 3,479 | | | | 187,379 | |
| Monster Worldwide, Inc. | * | | | 4,681 | | | | 199,691 | |
| Omnicom Group | | 7,385 | | | | 657,930 | |
| Valueclick, Inc. | *† | | | 4,058 | | | | 62,290 | |
| | | 1,547,208 | |
Aerospace & Defense—1.3% |
| AAR Corporation | *† | | | 1,489 | | | | 33,103 | |
| Alliant Techsystems, Inc. | *† | | | 1,550 | | | | 118,342 | |
| Armor Holdings, Inc. | * | | | 1,500 | | | | 82,245 | |
| Goodrich Corporation | | 4,882 | | | | 196,696 | |
| Boeing Company (The) | | 29,809 | | | | 2,441,655 | |
| Fairchild Corporation (The) Class A | * | | | 3,265 | | | | 6,791 | |
| Gencorp, Inc. | *† | | | 1,629 | | | | 26,113 | |
| General Dynamics Corporation | | 13,610 | | | | 890,911 | |
| Heico Corporation Class A | | 878 | | | | 20,826 | |
| Honeywell International, Inc. | | 31,671 | | | | 1,276,341 | |
| Kreisler Manufacturing Corporation | *† | | | 1,250 | | | | 16,713 | |
| Lockheed Martin Corporation | | 14,210 | | | | 1,019,425 | |
| Northrop Grumman Corporation | | 14,000 | | | | 896,840 | |
| Orbital Sciences Corporation | *† | | | 2,123 | | | | 34,265 | |
| Sequa Corporation Class A | * | | | 510 | | | | 41,565 | |
| Textron, Inc. | | 4,843 | | | | 446,428 | |
| Triumph Group, Inc. | * | | | 822 | | | | 39,456 | |
| | | 7,587,715 | |
Airlines—0.2% |
| AMR Corporation | * | | | 6,672 | | | | 169,602 | |
| Air T, Inc. | | 1,352 | | | | 14,994 | |
| Airnet Systems, Inc. | * | | | 2,609 | | | | 7,749 | |
| Airtran Holdings, Inc. | * | | | 3,168 | | | | 47,076 | |
| Alaska Air Group, Inc. | * | | | 1,343 | | | | 52,941 | |
| Atlas Air Worldwide Holdings, Inc. | | 600 | | | | 29,424 | |
| Bristow Group, Inc. | * | | | 982 | | | | 35,352 | |
| Continental Airlines, Inc. Class B | *† | | | 2,723 | | | | 81,145 | |
| ExpressJet Holdings, Inc. | * | | | 2,636 | | | | 18,215 | |
| Frontier Airlines Holdings, Inc. | † | | | 1,369 | | | | 9,870 | |
| JetBlue Airways Corporation | *† | | | 6,414 | | | | 77,866 | |
| Mesa Air Group, Inc. | * | | | 847 | | | | 8,343 | |
| Midwest Air Group, Inc. | *† | | | 915 | | | | 4,621 | |
| PHI, Inc. | * | | | 774 | | | | 25,697 | |
| Skywest, Inc. | | 2,390 | | | | 59,272 | |
| Southwest Airlines Company | | 30,863 | | | | 505,227 | |
| UAL Corp. | *† | | | 3,500 | | | | 108,570 | |
| US Airways Group, Inc. | * | | | 2,272 | | | | 114,827 | |
| | | 1,370,791 | |
Apparel Retailers—0.6% |
| Abercrombie & Fitch Company Class A | | 3,982 | | | | 220,722 | |
| Aeropostale, Inc. | * | | | 2,403 | | | | 69,423 | |
| American Eagle Outfitters, Inc. | † | | | 5,824 | | | | 198,249 | |
| AnnTaylor Stores Corporation | * | | | 2,733 | | | | 118,558 | |
| Bebe Stores, Inc. | † | | | 790 | | | | 12,182 | |
| Big Dog Holdings, Inc. | * | | | 1,620 | | | | 20,218 | |
| Buckle, Inc. (The) | | 1,115 | | | | 46,685 | |
| Carter’s, Inc. | * | | | 1,476 | | | | 39,011 | |
| Casual Male Retail Group, Inc. | * | | | 1,930 | | | | 19,396 | |
| Cato Corporation Class A | | 1,761 | | | | 45,522 | |
| Charlotte Russe Holding, Inc. | * | | | 1,100 | | | | 26,334 | |
| Charming Shoppes, Inc. | * | | | 3,138 | | | | 35,271 | |
| Chico’s FAS, Inc. | * | | | 7,236 | | | | 195,227 | |
| Children’s Place | *† | | | 1,144 | | | | 68,697 | |
| Christopher & Banks Corporation | | 1,528 | | | | 44,312 | |
| Claire’s Stores, Inc. | | 3,855 | | | | 98,341 | |
| Dress Barn, Inc. | *† | | | 1,900 | | | | 48,165 | |
| Finish Line Class A | | 1,604 | | | | 18,975 | |
| Gap, Inc. (The) | | 25,472 | | | | 443,213 | |
| HOT Topic, Inc. | *† | | | 1,824 | | | | 20,994 | |
| JOS A. Bank Clothiers, Inc. | *† | | | 577 | | | | 13,825 | |
| Kohl’s Corporation | * | | | 12,808 | | | | 757,209 | |
| Ltd. Brands | | 14,843 | | | | 379,832 | |
| Nordstrom, Inc. | | 10,104 | | | | 368,796 | |
| Pacific Sunwear of California, Inc. | *† | | | 3,025 | | | | 54,238 | |
| Payless Shoesource, Inc. | *† | | | 2,964 | | | | 80,532 | |
| Ross Stores, Inc. | | 6,350 | | | | 178,117 | |
| Stage Stores, Inc. | | 1,491 | | | | 49,203 | |
| Talbots, Inc. | | 375 | | | | 6,919 | |
| Too, Inc. | * | | | 1,485 | | | | 57,009 | |
| Urban Outfitters, Inc. | *† | | | 5,012 | | | | 87,660 | |
| Wet Seal, Inc. (The) Class A | * | | | 1,246 | | | | 6,080 | |
| Wilsons The Leather Experts, Inc. | * | | | 819 | | | | 3,366 | |
| | | 3,832,281 | |
Automotive—0.9% |
| A.O. Smith Corporation | | 1,341 | | | | 62,169 | |
| Adesa, Inc. | | 4,131 | | | | 91,873 | |
| Aftermarket Technology Corporation | * | | | 603 | | | | 14,985 | |
| American Axle & Manufacturing Holdings, Inc. | † | | | 2,113 | | | | 36,153 | |
| America’s Car Mart, Inc. | * | | | 354 | | | | 7,190 | |
| Amerigon, Inc. | * | | | 2,107 | | | | 18,900 | |
| ArvinMeritor, Inc. | † | | | 2,791 | | | | 47,977 | |
| Asbury Automotive Group, Inc. | * | | | 1,342 | | | | 28,101 | |
| Autonation, Inc. | * | | | 8,512 | | | | 182,497 | |
| BorgWarner, Inc. | | 2,274 | | | | 148,037 | |
| Carmax, Inc. | *† | | | 4,258 | | | | 150,989 | |
| Clarcor, Inc. | | 2,354 | | | | 70,126 | |
| Coachmen Industries, Inc. | | 705 | | | | 8,418 | |
| Copart, Inc. | * | | | 3,582 | | | | 87,974 | |
| Dura Automotive Systems, Inc. | * | | | 599 | | | | 1,120 | |
| Federal Signal Corporation | | 2,159 | | | | 32,687 | |
| Ford Motor Company | | 74,379 | | | | 515,446 | |
| General Motors Corporation | † | | | 17,970 | | | | 535,326 | |
| Genuine Parts Company | | 7,620 | | | | 317,449 | |
| Goodyear Tire & Rubber Company (The) | *† | | | 7,281 | | | | 80,819 | |
| Group 1 Automotive, Inc. | | 1,068 | | | | 60,171 | |
| Harley-Davidson, Inc. | | 12,173 | | | | 668,176 | |
| Harsco Corporation | | 1,823 | | | | 142,121 | |
| ITT Industries, Inc. | | 8,056 | | | | 398,772 | |
| Jarden Corporation | *† | | | 1,771 | | | | 53,927 | |
| JLG Industries, Inc. | | 3,562 | | | | 80,145 | |
| Keystone Automotive Industries, Inc. | * | | | 1,743 | | | | 73,589 | |
| Lear Corporation | † | | | 2,741 | | | | 60,878 | |
| Lithia Motors, Inc. Class A | | 862 | | | | 26,136 | |
| LKQ Corporation | * | | | 3,500 | | | | 66,500 | |
| Monaco Coach Corporation | | 1,376 | | | | 17,475 | |
| Navistar International Corporation | * | | | 2,851 | | | | 70,163 | |
See accompanying notes to financial statements.
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| Oshkosh Truck Corporation | | 2,868 | | | $ | 136,287 | |
| Paccar, Inc. | † | | | 7,562 | | | | 622,958 | |
| PEP Boys-Manny Moe & Jack | | 2,200 | | | | 25,806 | |
| Proliance International, Inc. | * | | | 2,239 | | | | 10,344 | |
| Sonic Automotive, Inc. | | 1,649 | | | | 36,575 | |
| Strattec Security Corporation | * | | | 123 | | | | 6,127 | |
| Superior Industries International, Inc. | † | | | 1,102 | | | | 20,156 | |
| Tenneco Automotive, Inc. | * | | | 1,600 | | | | 41,600 | |
| Titan International, Inc. | † | | | 1,085 | | | | 20,300 | |
| TRW Automotive Holdings Corporation | * | | | 900 | | | | 24,552 | |
| United Auto Group, Inc. | | 1,654 | | | | 35,313 | |
| Visteon Corporation | * | | | 5,429 | | | | 39,143 | |
| Wabash National Corporation | | 1,395 | | | | 21,427 | |
| Winnebago Industries, Inc. | † | | | 1,432 | | | | 44,449 | |
| | | 5,241,326 | |
Banking—10.9% |
| 1st Source Corporation | | 1,073 | | | | 36,295 | |
| Advanta Corporation Class A | | 1,446 | | | | 47,414 | |
| Alabama National Bancorp | | 575 | | | | 39,186 | |
| Alliance Bankshares Corporation | * | | | 744 | | | | 12,202 | |
| Amcore Financial, Inc. | | 1,313 | | | | 38,484 | |
| American Express Company | | 44,975 | | | | 2,393,569 | |
| AmeriCredit Corporation | * | | | 6,437 | | | | 179,721 | |
| AmSouth Bancorp | | 14,570 | | | | 385,376 | |
| Anchor Bancorp Wisconsin, Inc. | | 1,411 | | | | 42,570 | |
| Associated Banc Corporation | | 5,110 | | | | 161,118 | |
| Astoria Financial Corporation | | 4,671 | | | | 142,232 | |
| BB&T Corporation | | 23,284 | | | | 968,382 | |
| BancFirst Corporation | | 642 | | | | 28,729 | |
| Bancorpsouth, Inc. | | 3,611 | | | | 98,400 | |
| BancTrust Financial Group, Inc. | | 1,600 | | | | 37,552 | |
| Bank Mutual Corporation | | 3,756 | | | | 45,898 | |
| Bank of America Corporation | | 186,562 | | | | 8,973,632 | |
| Bank of Hawaii Corporation | | 2,494 | | | | 123,702 | |
| Bank of New York Company, Inc. (The) | | 31,499 | | | | 1,014,268 | |
| BankAtlantic Bancorp, Inc. Class A | | 2,210 | | | | 32,796 | |
| Bankunited Financial Corporation Class A | | 793 | | | | 24,202 | |
| Blue River Bancshares, Inc. | * | | | 2,545 | | | | 17,433 | |
| BOK Financial Corporation | | 1,765 | | | | 87,668 | |
| Boston Private Financial Holdings, Inc. | | 1,297 | | | | 36,186 | |
| Brookline Bancorp, Inc. | | 3,765 | | | | 51,844 | |
| Bryn Mawr Bank Corporation | | 1,058 | | | | 23,445 | |
| Capital Bank Corporation | † | | | 1,282 | | | | 20,832 | |
| Capital City Bank Group, Inc. | † | | | 1,113 | | | | 33,613 | |
| Capital One Financial Corporation | | 12,245 | | | | 1,046,335 | |
| Capitol Federal Financial | | 2,115 | | | | 72,523 | |
| Cardinal Financial Corporation | | 1,142 | | | | 13,270 | |
| Cascade Bancorp | | 1,753 | | | | 49,978 | |
| Cascade Financial Corporation | | 1,063 | | | | 16,448 | |
| Cathay General Bancorp | | 2,082 | | | | 75,743 | |
| Centennial Bank Holdings, Inc. | *† | | | 5,300 | | | | 54,802 | |
| Central Pacific Financial Corporation | | 929 | | | | 35,952 | |
| CFS Bancorp, Inc. | | 1,873 | | | | 27,795 | |
| Charter Financial Corporation | | 350 | | | | 13,811 | |
| Chemical Financial Corporation | | 1,552 | | | | 47,491 | |
| Chittenden Corporation | | 2,222 | | | | 57,439 | |
| CIT Group, Inc. | | 8,482 | | | | 443,524 | |
| Citigroup, Inc. | | 204,765 | | | | 9,877,864 | |
| Citizens Banking Corporation | | 2,069 | | | | 50,504 | |
| City Bank, Lynnwood, WA | | 1,097 | | | | 51,186 | |
| City Holding Company | | 250 | | | | 9,035 | |
| City National Corporation | | 2,199 | | | | 143,133 | |
| Coastal Financial Corporation | | 1,775 | | | | 23,146 | |
| CoBiz, Inc. | | 1,063 | | | | 23,939 | |
| Colonial BancGroup, Inc. (The) | | 5,643 | | | | 144,912 | |
| Comerica, Inc. | | 6,877 | | | | 357,535 | |
| Commerce Bancorp, Inc. | † | | | 6,314 | | | | 225,220 | |
| Commerce Bancshares, Inc. | | 3,436 | | | | 171,972 | |
| Commercial Capital Bancorp, Inc. | † | | | 1,127 | | | | 17,750 | |
| Community Bank System, Inc. | | 1,402 | | | | 28,278 | |
| Community Trust Bancorp, Inc. | | 665 | | | | 23,228 | |
| Compass Bancshares, Inc. | | 4,769 | | | | 265,156 | |
| CompuCredit Corporation | * | | | 83 | | | | 3,191 | |
| Corus Bankshares, Inc. | † | | | 702 | | | | 18,378 | |
| Cullen/Frost Bankers, Inc. | | 2,502 | | | | 143,365 | |
| CVB Financial Corporation | | 3,713 | | | | 58,146 | |
| Dime Community Bancshares | | 1,638 | | | | 22,228 | |
| Downey Financial Corporation | | 1,038 | | | | 70,428 | |
| Eastern Virginia Bankshares, Inc. | | 700 | | | | 15,470 | |
| East-West Bancorp, Inc. | | 2,200 | | | | 83,402 | |
| Euronet Worldwide, Inc. | *† | | | 1,056 | | | | 40,519 | |
| Farmers Capital Bank Corporation | | 1,113 | | | | 36,451 | |
| Fidelity Bankshares, Inc. | | 2,263 | | | | 72,009 | |
| Fidelity Southern Corporation | | 1,381 | | | | 24,554 | |
| Fifth Third Bancorp | † | | | 20,049 | | | | 740,811 | |
| Financial Federal Corporation | | 1,513 | | | | 42,077 | |
| Financial Institutions, Inc. | | 749 | | | | 15,624 | |
| First Bancorp North Carolina | | 643 | | | | 13,503 | |
| First Bancorp Puerto Rico | | 3,246 | | | | 30,188 | |
| First Charter Corporation | | 843 | | | | 20,679 | |
| First Citizens BancShares, Inc. Class A | | 254 | | | | 50,927 | |
| First Commonwealth Financial Corporation | | 5,133 | | | | 65,189 | |
| First Community Bancorp | | 894 | | | | 52,818 | |
| First Financial Bancorp | † | | | 1,895 | | | | 28,254 | |
| First Financial Bankshares, Inc. | | 333 | | | | 12,168 | |
| First Financial Service Corporation | | 333 | | | | 10,156 | |
| First Horizon National Corporation | | 5,607 | | | | 225,401 | |
| First Merchants Corporation | | 874 | | | | 21,247 | |
| First Midwest Bancorp, Inc. | | 2,002 | | | | 74,234 | |
| First Niagara Financial Group, Inc. | | 4,099 | | | | 57,468 | |
| First Oak Brook Bancshares Class A | | 771 | | | | 28,527 | |
| First of Long Island Corporation (The) | | 493 | | | | 20,533 | |
| First Republic Bank | | 1,336 | | | | 61,189 | |
| FirstBank NW Corporation | | 398 | | | | 10,451 | |
| FirstFed Financial Corporation | *† | | | 922 | | | | 53,172 | |
| FirstMerit Corporation | | 3,895 | | | | 81,561 | |
| Flagstar Bancorp, Inc. | | 2,110 | | | | 33,676 | |
| FMS Financial Corporation | | 500 | | | | 8,060 | |
| FNB Corporation | | 3,344 | | | | 52,735 | |
| Fremont General Corporation | † | | | 2,929 | | | | 54,362 | |
| Frontier Financial Corporation | † | | | 1,503 | | | | 51,087 | |
| Fulton Financial Corporation | | 6,533 | | | | 104,005 | |
| Glacier Bancorp, Inc. | | 1,181 | | | | 34,568 | |
| Golden West Financial Corporation | | 13,210 | | | | 980,182 | |
| Great Lakes Bancorp, Inc. | | 277 | | | | 4,842 | |
| Greater Bay Bancorp | | 2,213 | | | | 63,624 | |
| Hallwood Group, Inc. | | 100 | | | | 11,200 | |
| Hancock Holding Company | | 1,752 | | | | 98,112 | |
| Hanmi Financial Corporation | | 3,600 | | | | 69,984 | |
| Harbor Florida Bancshares, Inc. | | 491 | | | | 18,236 | |
| Harleysville National Corporation | | 1,153 | | | | 24,455 | |
| Harrington West Financial Group, Inc. | | 1,171 | | | | 18,619 | |
| Heritage Financial Corporation | | 332 | | | | 8,745 | |
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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| Horizon Financial Services Corporation | | 450 | | | $ | 6,232 | |
| Hudson City Bancorp, Inc. | | 25,794 | | | | 343,834 | |
| Huntington Bancshares, Inc. | † | | | 11,317 | | | | 266,855 | |
| Independent Bank Corporation (Massachusetts) | | 874 | | | | 28,379 | |
| Independent Bank Corporation (Michigan) | | 1,980 | | | | 52,074 | |
| IndyMac Bancorp, Inc. | † | | | 2,523 | | | | 115,680 | |
| Integra Bank Corporation | | 848 | | | | 18,444 | |
| International Bancshares Corporation | | 2,953 | | | | 81,148 | |
| Investors Financial Services Corporation | | 2,840 | | | | 127,516 | |
| Irwin Financial Corporation | | 1,296 | | | | 25,129 | |
| JP Morgan Chase & Company | | 143,836 | | | | 6,041,112 | |
| KeyCorp | | 17,394 | | | | 620,618 | |
| KNBT Bancorp, Inc. | | 1,002 | | | | 16,553 | |
| M&T Bank Corporation | | 3,475 | | | | 409,772 | |
| MAF Bancorp, Inc. | | 1,245 | | | | 53,336 | |
| Main Street Trust, Inc. | | 291 | | | | 8,875 | |
| Marshall & IIsley Corporation | | 8,572 | | | | 392,083 | |
| Matrix Bancorp, Inc. | * | | | 973 | | | | 22,768 | |
| MB Financial, Inc. | † | | | 760 | | | | 26,874 | |
| Medallion Financial Corporation | | 958 | | | | 12,416 | |
| Mellon Financial Corporation | | 17,152 | | | | 590,543 | |
| Mercantile Bankshares Corporation | | 5,206 | | | | 185,698 | |
| Merchants Bancshares, Inc. | | 571 | | | | 13,790 | |
| Midsouth Bancorp, Inc. | | 399 | | | | 12,050 | |
| MidWestOne Financial Group, Inc. | | 582 | | | | 11,203 | |
| Mitcham Industries, Inc. | * | | | 1,100 | | | | 14,047 | |
| NASB Financial, Inc. | | 528 | | | | 17,831 | |
| National City Corporation | | 22,634 | | | | 819,124 | |
| National Penn Bancshares, Inc. | | 1,628 | | | | 32,332 | |
| NBT Bancorp, Inc. | | 1,000 | | | | 23,230 | |
| Nelnet, Inc. Class A | * | | | 481 | | | | 19,505 | |
| Netbank, Inc. | | 2,850 | | | | 18,895 | |
| New York Community Bancorp, Inc. | † | | | 10,860 | | | | 179,299 | |
| NewAlliance Bancshares, Inc. | † | | | 4,600 | | | | 65,826 | |
| North Fork Bancorp, Inc. | | 19,396 | | | | 585,177 | |
| Northern States Financial Corporation | | 772 | | | | 14,745 | |
| Northern Trust Corporation | | 8,643 | | | | 477,958 | |
| Northwest Bancorp, Inc. | | 2,048 | | | | 54,272 | |
| Ocwen Financial Corp. | † | | | 3,358 | | | | 42,680 | |
| Old National Bancorp | | 3,552 | | | | 70,933 | |
| PNC Financial Services Group, Inc. | | 11,751 | | | | 824,568 | |
| Pacific Capital Bancorp | | 1,724 | | | | 53,651 | |
| Pacific Premier Bancorp, Inc. | * | | | 976 | | | | 11,419 | |
| Park National Corporation | † | | | 728 | | | | 71,934 | |
| Parkvale Financial Corporation | | 616 | | | | 18,018 | |
| Peoples Bancorp, Inc. | | 814 | | | | 24,290 | |
| People’s Bank | | 2,509 | | | | 82,421 | |
| Peoples Financial Corporation | | 883 | | | | 19,528 | |
| PFF Bancorp, Inc. | | 1,096 | | | | 36,343 | |
| Popular, Inc. (Puerto Rico) | | 10,296 | | | | 197,683 | |
| Premier Community Bankshares, Inc. | | 933 | | | | 19,271 | |
| PrivateBancorp, Inc. | | 1,200 | | | | 49,692 | |
| Prosperity Bancshares, Inc. | | 2,300 | | | | 75,647 | |
| Provident Bankshares Corporation | | 1,369 | | | | 49,818 | |
| Provident Financial Services, Inc. | | 943 | | | | 16,927 | |
| Provident New York Bancorp | | 3,670 | | | | 48,517 | |
| R&G Financial Corporation Class B (Puerto Rico) | | 1,555 | | | | 13,357 | |
| Regions Financial Corporation | † | | | 20,065 | | | | 664,553 | |
| Republic Bancorp, Inc. | | 3,754 | | | | 46,512 | |
| Republic Bancorp, Inc. Class A | | 1,527 | | | | 31,456 | |
| Riverview Bancorp, Inc. | | 1,300 | | | | 34,060 | |
| Royal Bancshares of Pennsylvania Class A | | 840 | | | | 20,395 | |
| S&T Bancorp, Inc. | | 1,868 | | | | 62,074 | |
| Sandy Spring Bancorp, Inc. | | 344 | | | | 12,405 | |
| Santander Bancorp (Puerto Rico) | † | | | 1,280 | | | | 31,514 | |
| Shore Bancshares, Inc. | | 826 | | | | 22,409 | |
| Signature Bank/New York, NY | * | | | 1,900 | | | | 61,522 | |
| Simmons First National Corporation Class A | | 911 | | | | 26,428 | |
| Sky Financial Group, Inc. | | 4,278 | | | | 101,004 | |
| SLM Corporation | | 17,109 | | | | 905,408 | |
| South Financial Group, Inc. (The) | | 2,799 | | | | 73,922 | |
| SouthFirst Bancshares, Inc. | | 400 | | | | 5,740 | |
| Sovereign Bancorp, Inc. | | 16,838 | | | | 341,976 | |
| State Street Corporation | | 13,568 | | | | 788,165 | |
| Sterling Bancorp, NY | | 1,476 | | | | 28,782 | |
| Sterling Bancshares, Inc. | | 1,615 | | | | 30,281 | |
| Sterling Financial Corporation (Pennsylvania) | | 1,557 | | | | 34,098 | |
| Sterling Financial Corporation (Washington) | | 2,263 | | | | 69,044 | |
| Student Loan Corporation | | 207 | | | | 41,814 | |
| Suffolk Bancorp | | 1,100 | | | | 36,025 | |
| Suntrust Banks, Inc. | | 14,998 | | | | 1,143,747 | |
| Susquehanna Bancshares, Inc. | | 2,932 | | | | 70,075 | |
| SVB Financial Group | *† | | | 1,437 | | | | 65,326 | |
| Synovus Financial Corporation | | 10,920 | | | | 292,438 | |
| TCF Financial Corporation | † | | | 6,104 | | | | 161,451 | |
| TD Banknorth, Inc. | | 6,634 | | | | 195,371 | |
| Texas Regional Bancshares, Inc. Class A | | 2,310 | | | | 87,595 | |
| Tompkins Trustco, Inc. | | 665 | | | | 28,595 | |
| Trustco Bank Corporation | † | | | 3,435 | | | | 37,854 | |
| Trustmark Corporation | | 2,435 | | | | 75,412 | |
| U.S. Bancorp | | 73,134 | | | | 2,258,378 | |
| UCBH Holdings, Inc. | | 3,652 | | | | 60,404 | |
| UMB Financial Corporation | | 1,990 | | | | 66,347 | |
| Umpqua Holdings Corporation | | 1,151 | | | | 29,523 | |
| UnionBanCal Corporation | | 2,177 | | | | 140,612 | |
| United Bankshares, Inc. | | 2,134 | | | | 78,168 | |
| United Community Banks, Inc. | † | | | 2,188 | | | | 66,603 | |
| Valley National Bancorp | | 5,152 | | | | 132,458 | |
| W Holding Company, Inc. (Puerto Rico) | † | | | 8,055 | | | | 53,566 | |
| Wachovia Corporation | | 66,325 | | | | 3,586,856 | |
| Washington Federal, Inc. | | 3,379 | | | | 78,359 | |
| Washington Mutual, Inc. | | 39,444 | | | | 1,797,858 | |
| Washington Trust Bancorp, Inc. | | 500 | | | | 13,860 | |
| Webster Financial Corporation | | 2,393 | | | | 113,524 | |
| Wells Fargo & Company | | 67,512 | | | | 4,528,705 | |
| Wesbanco, Inc. | | 1,699 | | | | 52,652 | |
| Westamerica Bancorporation | | 1,628 | | | | 79,723 | |
| Western Alliance Bancorp | | 1,400 | | | | 48,692 | |
| Westfield Financial, Inc. | | 1,240 | | | | 34,633 | |
| Whitney Holding Corporation | | 2,372 | | | | 83,880 | |
| Willow Grove Bancorp, Inc. | | 508 | | | | 8,082 | |
| Wilmington Trust Corporation | | 3,204 | | | | 135,145 | |
| Wintrust Financial Corporation | | 1,017 | | | | 51,714 | |
| World Acceptance Corporation | * | | | 639 | | | | 22,697 | |
| Zions Bancorp | | 5,063 | | | | 394,610 | |
| | | 65,481,948 | |
Beverages, Food & Tobacco—4.4% |
| Altria Group, Inc. | | 84,685 | | | | 6,218,420 | |
| American Italian Pasta Company Class A | † | | | 721 | | | | 6,172 | |
See accompanying notes to financial statements.
165
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| Anheuser-Busch Companies, Inc. | | 31,510 | | | $ | 1,436,541 | |
| Archer-Daniels-Midland Company | | 25,537 | | | | 1,054,167 | |
| Bridgford Foods Corporation | * | | | 559 | | | | 3,494 | |
| Brown-Forman Corporation Class B | | 2,437 | | | | 174,709 | |
| Bunge Ltd. | † | | | 4,700 | | | | 236,175 | |
| Campbell Soup Company | | 11,026 | | | | 409,175 | |
| Central European Distribution Corporation | *† | | | 652 | | | | 16,404 | |
| Chiquita Brands International, Inc. | | 2,150 | | | | 29,627 | |
| Coca-Cola Bottling Company Consolidated | | 437 | | | | 22,186 | |
| Coca-Cola Company (The) | | 88,329 | | | | 3,799,914 | |
| Coca-Cola Enterprises, Inc. | † | | | 10,775 | | | | 219,487 | |
| ConAgra Foods, Inc. | | 21,479 | | | | 474,901 | |
| Constellation Brands, Inc. Class A | *† | | | 8,096 | | | | 202,400 | |
| Corn Products International, Inc. | | 3,164 | | | | 96,818 | |
| Dean Foods Company | * | | | 6,281 | | | | 233,590 | |
| Del Monte Foods Company | | 8,204 | | | | 92,131 | |
| Delta & Pine Land Company | † | | | 1,668 | | | | 49,039 | |
| Farmer Brothers Company | | 930 | | | | 20,162 | |
| Flowers Foods, Inc. | | 2,760 | | | | 79,046 | |
| Fresh Del Monte Produce, Inc. (Cayman Islands) | | 567 | | | | 9,792 | |
| General Mills, Inc. | | 14,393 | | | | 743,542 | |
| Gold Kist, Inc. | * | | | 4,100 | | | | 54,817 | |
| Green Mountain Coffee Roasters, Inc. | * | | | 500 | | | | 20,085 | |
| Griffin Land & Nurseries, Inc. | * | | | 650 | | | | 20,312 | |
| H.J. Heinz Company | | 15,302 | | | | 630,748 | |
| Hain Celestial Group, Inc. | * | | | 1,426 | | | | 36,734 | |
| Hansen Natural Corporation | *† | | | 670 | | | | 127,548 | |
| Hershey Foods Corporation | † | | | 7,400 | | | | 407,518 | |
| Hormel Foods Corporation | | 3,195 | | | | 118,662 | |
| Inventure Group (The), Inc. | | 5,272 | | | | 15,183 | |
| JM Smucker Company (The) | | 2,614 | | | | 116,846 | |
| Kellogg Company | | 10,337 | | | | 500,621 | |
| Kraft Foods, Inc. Class A | † | | | 11,257 | | | | 347,841 | |
| Lancaster Colony Corporation | | 1,389 | | | | 54,824 | |
| Lance, Inc. | | 1,370 | | | | 31,537 | |
| Loews Corp. - Carolina Group | | 2,900 | | | | 148,973 | |
| M&F Worldwide Corporation | * | | | 780 | | | | 12,558 | |
| Margo Caribe, Inc. (Puerto Rico) | *† | | | 1,022 | | | | 5,774 | |
| McCormick & Company, Inc. | | 5,759 | | | | 193,214 | |
| Molson Coors Brewing Company— Class B | | 2,911 | | | | 197,599 | |
| Peet’s Coffee & Tea, Inc. | * | | | 637 | | | | 19,231 | |
| Pepsi Bottling Group, Inc. | | 7,106 | | | | 228,458 | |
| PepsiAmericas, Inc. | | 3,031 | | | | 67,015 | |
| Pepsico, Inc. | | 67,239 | | | | 4,037,030 | |
| Performance Food Group Company | * | | | 1,907 | | | | 57,935 | |
| Pilgrim’s Pride Corporation | † | | | 2,476 | | | | 63,881 | |
| Ralcorp Holdings, Inc. | * | | | 1,228 | | | | 52,227 | |
| Reynolds American, Inc. | † | | | 3,712 | | | | 427,994 | |
| Sanderson Farms, Inc. | † | | | 864 | | | | 24,183 | |
| Sara Lee Corporation | | 32,793 | | | | 525,344 | |
| Seaboard Corporation | † | | | 18 | | | | 23,040 | |
| Smart & Final, Inc. | * | | | 1,915 | | | | 32,249 | |
| Smithfield Foods, Inc. | * | | | 4,682 | | | | 134,982 | |
| Supervalu, Inc. | | 8,154 | | | | 250,328 | |
| Sysco Corporation | | 26,855 | | | | 820,689 | |
| Tootsie Roll Industries, Inc. | | 556 | | | | 16,196 | |
| Topps Company, Inc. (The) | | 2,255 | | | | 18,536 | |
| TreeHouse Foods, Inc. | *† | | | 1,256 | | | | 30,006 | |
| Tyson Foods, Inc. Class A | † | | | 10,231 | | | | 152,033 | |
| UST, Inc. | † | | | 6,881 | | | | 310,952 | |
| United Natural Foods, Inc. | *† | | | 1,912 | | | | 63,134 | |
| Universal Corporation | | 1,078 | | | | 40,123 | |
| Vector Group Ltd. | † | | | 2,168 | | | | 35,230 | |
| WM Wrigley Jr. Company | | 7,657 | | | | 347,322 | |
| | | 26,447,404 | |
Building Materials—1.1% |
| Amcol International Corporation | | 1,186 | | | | 31,251 | |
| Andersons, Inc. | † | | | 700 | | | | 29,127 | |
| Carbo Ceramics, Inc. | † | | | 1,137 | | | | 55,861 | |
| Champion Enterprises, Inc. | * | | | 2,559 | | | | 28,251 | |
| Chemed Corporation | | 1,162 | | | | 63,364 | |
| Chindex International, Inc. | *† | | | 548 | | | | 4,335 | |
| Comfort Systems USA, Inc. | | 2,179 | | | | 31,138 | |
| Conceptus, Inc. | * | | | 1,047 | | | | 14,281 | |
| Digi International, Inc. | * | | | 1,976 | | | | 24,759 | |
| Eagle Materials, Inc. | | 2,083 | | | | 98,942 | |
| ElkCorp | | 938 | | | | 26,048 | |
| EP Medsystems, Inc. | * | | | 5,240 | | | | 9,013 | |
| Florida Rock Industries, Inc. | † | | | 2,697 | | | | 133,960 | |
| Home Depot, Inc. | | 83,914 | | | | 3,003,282 | |
| Ikon Office Solutions, Inc. | | 5,770 | | | | 72,702 | |
| Ingram Micro, Inc. Class A | * | | | 6,500 | | | | 117,845 | |
| Insight Enterprises, Inc. | * | | | 2,054 | | | | 39,129 | |
| Jewett-Cameron Trading Ltd. (Canada) | * | | | 1,050 | | | | 12,054 | |
| Louisiana-Pacific Corporation | † | | | 4,396 | | | | 96,272 | |
| Lowe’s Companies, Inc. | | 28,530 | | | | 1,730,915 | |
| Microtek Medical Holdings, Inc. | * | | | 1,250 | | | | 4,775 | |
| Nyer Medical Group, Inc. | * | | | 2,532 | | | | 6,912 | |
| Owens & Minor, Inc. | | 1,623 | | | | 46,418 | |
| PSS World Medical, Inc. | *† | | | 3,574 | | | | 63,081 | |
| Patterson Companies, Inc. | *† | | | 5,546 | | | | 193,722 | |
| Performance Technologies, Inc. | * | | | 793 | | | | 5,472 | |
| Precis, Inc. | * | | | 3,538 | | | | 5,838 | |
| Programmers Paradise, Inc. | | 1,787 | | | | 24,982 | |
| Quanta Services, Inc. | *† | | | 4,702 | | | | 81,486 | |
| Rock of Ages Corporation | | 1,387 | | | | 6,727 | |
| Tech Data Corporation | * | | | 2,057 | | | | 78,804 | |
| USG Corporation | *† | | | 1,674 | | | | 122,085 | |
| Vulcan Materials Company | | 4,221 | | | | 329,238 | |
| | | 6,592,069 | |
Chemicals—1.5% |
| A. Schulman, Inc. | | 1,444 | | | | 33,053 | |
| AEP Industries, Inc. | * | | | 372 | | | | 12,432 | |
| Air Products & Chemicals, Inc. | | 9,030 | | | | 577,198 | |
| Airgas, Inc. | | 3,075 | | | | 114,544 | |
| Albemarle Corporation | † | | | 1,856 | | | | 88,865 | |
| Applied Films Corporation | * | | | 564 | | | | 16,068 | |
| Arch Chemicals, Inc. | | 1,211 | | | | 43,657 | |
| Atlantis Plastics, Inc. Class A | | 417 | | | | 3,778 | |
| Avery Dennison Corporation | | 4,185 | | | | 242,981 | |
| Cabot Corporation | | 2,693 | | | | 92,962 | |
| Cabot Microelectronics Corporation | * | | | 1,049 | | | | 31,795 | |
| CF Industries Holdings, Inc. | | 3,400 | | | | 48,484 | |
| Chemtura Corporation | | 8,873 | | | | 82,874 | |
| Church & Dwight, Inc. | | 2,569 | | | | 93,563 | |
| Compass Minerals International, Inc. | | 2,200 | | | | 54,890 | |
| Cooper Tire & Rubber Company | † | | | 3,066 | | | | 34,155 | |
| Cytec Industries, Inc. | † | | | 1,644 | | | | 88,217 | |
| Dow Chemical Company (The) | | 38,798 | | | | 1,514,286 | |
| Eastman Chemical Company | | 3,211 | | | | 173,394 | |
| Ecolab, Inc. | † | | | 8,093 | | | | 328,414 | |
| EI Du Pont de Nemours & Company | | 37,462 | | | | 1,558,419 | |
See accompanying notes to financial statements.
166
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| Empire Financial Holding Company | * | | | 1,550 | | | $ | 4,340 | |
| FMC Corporation | | 1,668 | | | | 107,403 | |
| Female Health Company (The) | *† | | | 4,531 | | | | 6,117 | |
| Georgia Gulf Corporation | | 1,268 | | | | 31,725 | |
| HB Fuller Company | | 1,285 | | | | 55,987 | |
| Hercules, Inc. | * | | | 4,606 | | | | 70,288 | |
| Huntsman Corporation | *† | | | 2,600 | | | | 45,032 | |
| International Flavors & Fragrances, Inc. | | 3,885 | | | | 136,907 | |
| Landec Corporation | * | | | 986 | | | | 9,120 | |
| LSB Industries, Inc. | *† | | | 1,411 | | | | 11,655 | |
| Lubrizol Corporation | | 1,819 | | | | 72,487 | |
| Lyondell Chemical Company | | 7,868 | | | | 178,289 | |
| MacDermid, Inc. | | 1,456 | | | | 41,933 | |
| Minerals Technologies, Inc. | | 868 | | | | 45,136 | |
| Monsanto Company | | 10,773 | | | | 906,979 | |
| Mosaic Company (The) | *† | | | 4,509 | | | | 70,566 | |
| Myers Industries, Inc. | | 1,716 | | | | 29,498 | |
| NewMarket Corporation | | 1,200 | | | | 58,872 | |
| NL Industries, Inc. | | 2,111 | | | | 22,693 | |
| NuCo2, Inc. | * | | | 1,261 | | | | 30,314 | |
| Olin Corporation | | 2,796 | | | | 50,132 | |
| OM Group, Inc. | * | | | 1,147 | | | | 35,385 | |
| Omnova Solutions, Inc. | * | | | 6,478 | | | | 36,795 | |
| PPG Industries, Inc. | | 7,052 | | | | 465,432 | |
| Penford Corporation | | 785 | | | | 13,266 | |
| Pharmos Corporation | * | | | 1,375 | | | | 2,901 | |
| PolyOne Corporation | * | | | 2,862 | | | | 25,128 | |
| Praxair, Inc. | | 13,493 | | | | 728,622 | |
| Scotts Company (The) Class A | | 1,662 | | | | 70,336 | |
| Sensient Technologies Corporation | | 2,027 | | | | 42,385 | |
| Spartech Corporation | | 1,451 | | | | 32,793 | |
| Stepan Company | | 556 | | | | 17,558 | |
| SurModics, Inc. | *† | | | 675 | | | | 24,374 | |
| Trex Company, Inc. | *† | | | 731 | | | | 18,926 | |
| Tronox, Inc.—Class B | * | | | 829 | | | | 10,918 | |
| Tupperware Corporation | | 2,427 | | | | 47,788 | |
| UAP Holding Corporation | | 2,800 | | | | 61,068 | |
| Unifi, Inc. | * | | | 2,629 | | | | 7,624 | |
| USEC, Inc. | | 2,637 | | | | 31,248 | |
| Valhi, Inc. | | 511 | | | | 12,545 | |
| W.R. Grace & Company | *† | | | 4,200 | | | | 49,140 | |
| Wellman, Inc. | | 1,509 | | | | 6,096 | |
| West Pharmaceutical Services, Inc. | | 1,704 | | | | 61,821 | |
| | | 9,021,651 | |
Coal—0.2% |
| Alpha Natural Resources, Inc. | * | | | 1,280 | | | | 25,114 | |
| Arch Coal, Inc. | † | | | 4,116 | | | | 174,395 | |
| Consol Energy, Inc. | | 7,462 | | | | 348,625 | |
| International Coal Group, Inc. | * | | | 4,900 | | | | 35,231 | |
| James River Coal Company | *† | | | 1,500 | | | | 39,735 | |
| Natural Resource Partners, LP | † | | | 1,000 | | | | 54,200 | |
| Peabody Energy Corporation | | 10,424 | | | | 581,138 | |
| Penn Virginia Resource Partners, LP | † | | | 1,600 | | | | 43,008 | |
| | | 1,301,446 | |
Commercial Services—2.3% |
| Aaron Rents, Inc. | | 1,939 | | | | 52,120 | |
| ABM Industries, Inc. | | 2,291 | | | | 39,176 | |
| Accelrys, Inc. | * | | | 1,145 | | | | 8,164 | |
| Accenture Ltd. Class A (Bermuda) | | 19,300 | | | | 546,576 | |
| ACCO Brands Corporation | * | | | 1,319 | | | | 28,886 | |
| Administaff, Inc. | | 1,143 | | | | 40,931 | |
| Advisory Board Company (The) | * | | | 950 | | | | 45,685 | |
| Advo, Inc. | | 1,276 | | | | 31,402 | |
| Affymetrix, Inc. | * | | | 2,525 | | | | 64,640 | |
| Akamai Technologies, Inc. | *† | | | 5,664 | | | | 204,980 | |
| Allied Waste Industries, Inc. | * | | | 13,285 | | | | 150,918 | |
| Ambassadors International, Inc. | | 523 | | | | 12,160 | |
| Amerco, Inc. | * | | | 805 | | | | 81,031 | |
| AMN Healthcare Services, Inc. | * | | | 1,507 | | | | 30,592 | |
| Angelica Corporation | | 510 | | | | 8,945 | |
| Antigenics, Inc. | * | | | 1,707 | | | | 3,619 | |
| APAC Customer Services, Inc. | * | | | 1,972 | | | | 3,786 | |
| Apollo Group, Inc. Class A | * | | | 6,518 | | | | 336,785 | |
| Applera Corporation Celera Genomics Group | * | | | 3,028 | | | | 39,213 | |
| Ariad Pharmaceuticals, Inc. | *† | | | 1,662 | | | | 7,496 | |
| Artemis International Solutions Corporation | * | | | 555 | | | | 882 | |
| Asset Acceptance Capital Corporation | * | | | 27 | | | | 535 | |
| Axonyx, Inc. | * | | | 2,772 | | | | 2,356 | |
| BISYS Group, Inc. (The) | * | | | 5,178 | | | | 70,939 | |
| Bandag, Inc. | | 1,000 | | | | 36,590 | |
| Barrett Business Services, Inc. | * | | | 3,900 | | | | 71,565 | |
| BearingPoint, Inc. | * | | | 8,105 | | | | 67,839 | |
| Bowne & Company, Inc. | | 1,575 | | | | 22,522 | |
| Bright Horizons Family Solutions, Inc. | * | | | 1,208 | | | | 45,530 | |
| Brink’s Company (The) | | 2,360 | | | | 133,128 | |
| Career Education Corporation | *† | | | 4,167 | | | | 124,552 | |
| CDI Corporation | | 1,131 | | | | 32,799 | |
| Celgene Corporation | * | | | 13,412 | | | | 636,131 | |
| Cendant Corporation | | 44,243 | | | | 720,718 | |
| Central Parking Corporation | | 1,898 | | | | 30,368 | |
| Cenveo, Inc. | * | | | 2,792 | | | | 50,116 | |
| Cintas Corporation | | 6,587 | | | | 261,899 | |
| Ciphergen Biosystems, Inc. | * | | | 1,500 | | | | 1,665 | |
| Coinstar, Inc. | * | | | 1,075 | | | | 25,735 | |
| Consolidated Graphics, Inc. | * | | | 776 | | | | 40,399 | |
| Convergys Corporation | * | | | 5,933 | | | | 115,693 | |
| Corinthian Colleges, Inc. | * | | | 3,624 | | | | 52,041 | |
| Corporate Executive Board Company | | 1,507 | | | | 151,001 | |
| Courier Corporation | | 424 | | | | 16,968 | |
| CRA International, Inc. | * | | | 986 | | | | 44,508 | |
| CuraGen Corporation | * | | | 1,768 | | | | 6,188 | |
| CV Therapeutics, Inc. | *† | | | 1,424 | | | | 19,893 | |
| Cytyc Corporation | * | | | 4,240 | | | | 107,526 | |
| DataTRAK International, Inc. | *† | | | 3,924 | | | | 28,214 | |
| DeVry, Inc. | *† | | | 2,980 | | | | 65,471 | |
| DiamondCluster International, Inc. Class A | * | | | 1,431 | | | | 11,334 | |
| Digitas, Inc. | * | | | 2,891 | | | | 33,593 | |
| Diversa Corporation | * | | | 1,790 | | | | 17,291 | |
| Dollar Thrifty Automotive Group, Inc. | * | | | 1,057 | | | | 47,639 | |
| Dun & Bradstreet Company | * | | | 2,641 | | | | 184,025 | |
| EGL, Inc. | *† | | | 1,861 | | | | 93,422 | |
| Edgewater Technology, Inc. | * | | | 1,533 | | | | 10,639 | |
| eFunds Corporation | * | | | 2,250 | | | | 49,612 | |
| Ennis Business Forms, Inc. | | 695 | | | | 13,678 | |
| EntreMed, Inc. | * | | | 1,390 | | | | 2,293 | |
| EPIQ Systems, Inc. | * | | | 725 | | | | 12,064 | |
| Equifax, Inc. | | 4,973 | | | | 170,773 | |
| eResearch Technology, Inc. | *† | | | 2,056 | | | | 18,710 | |
| Escala Group, Inc. | *† | | | 951 | | | | 4,451 | |
| Exact Sciences Corporation | * | | | 1,250 | | | | 2,625 | |
| Exelixis, Inc. | * | | | 2,695 | | | | 27,085 | |
| First Aviation Services, Inc. | * | | | 1,818 | | | | 7,217 | |
| First Consulting Group, Inc. | * | | | 1,097 | | | | 9,697 | |
See accompanying notes to financial statements.
167
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| Fluor Corporation | | 3,405 | | | $ | 316,427 | |
| Forrester Research, Inc. | * | | | 963 | | | | 26,945 | |
| FTI Consulting, Inc. | * | | | 1,735 | | | | 46,446 | |
| G&K Services, Inc. Class A | | 1,008 | | | | 34,574 | |
| Gene Logic, Inc. | * | | | 950 | | | | 1,282 | |
| Gen-Probe, Inc. | * | | | 1,849 | | | | 99,809 | |
| Gevity HR, Inc. | † | | | 964 | | | | 25,594 | |
| H&R Block, Inc. | | 13,798 | | | | 329,220 | |
| Harris Interactive, Inc. | * | | | 2,730 | | | | 15,561 | |
| Healthcare Services Group, Inc. | | 2,490 | | | | 52,165 | |
| Heidrick & Struggles International, Inc. | * | | | 865 | | | | 29,272 | |
| Hewitt Associates, Inc. Class A | * | | | 2,317 | | | | 52,086 | |
| Icos Corporation | * | | | 2,748 | | | | 60,429 | |
| I-many, Inc. | * | | | 951 | | | | 2,282 | |
| Incyte Corporation | * | | | 3,102 | | | | 14,269 | |
| Inergy, LP | | 1,700 | | | | 43,792 | |
| Internet Capital Group, Inc. | * | | | 49 | | | | 441 | |
| inVentiv Health, Inc. | | 2,100 | | | | 60,438 | |
| IPIX Corporation | *† | | | 1,024 | | | | 883 | |
| Iron Mountain, Inc. | * | | | 4,764 | | | | 178,078 | |
| Isis Pharmaceuticals, Inc. | * | | | 2,216 | | | | 13,407 | |
| ITT Educational Services, Inc. | * | | | 1,873 | | | | 123,262 | |
| Jacobs Engineering Group, Inc. | * | | | 1,919 | | | | 152,829 | |
| John H. Harland Company | | 1,281 | | | | 55,723 | |
| Kelly Services, Inc. Class A | | 1,173 | | | | 31,870 | |
| Kforce.com, Inc. | * | | | 297 | | | | 4,601 | |
| Korn Ferry International | * | | | 1,624 | | | | 31,814 | |
| Kosan Biosciences, Inc. | * | | | 2,000 | | | | 8,000 | |
| Labor Ready, Inc. | * | | | 2,485 | | | | 56,285 | |
| Landauer, Inc. | | 598 | | | | 28,644 | |
| Laureate Education, Inc. | * | | | 1,885 | | | | 80,358 | |
| Learning Tree International, Inc. | * | | | 766 | | | | 6,718 | |
| LECG Corporation | * | | | 73 | | | | 1,348 | |
| Lexicon Genetics, Inc. | * | | | 2,343 | | | | 10,286 | |
| LifeCell Corporation | * | | | 1,119 | | | | 34,599 | |
| Lionbridge Technologies, Inc. | * | | | 1,165 | | | | 6,442 | |
| Luminex Corporation | * | | | 1,070 | | | | 18,607 | |
| Macquarie Infrastructure Company Trust | | 2,000 | | | | 55,180 | |
| Magellan Health Services, Inc. | * | | | 1,400 | | | | 63,434 | |
| Management Network Group, Inc. | * | | | 1,600 | | | | 3,481 | |
| Manpower, Inc. | | 3,593 | | | | 232,108 | |
| MasterCard, Inc. Class A | | 2,238 | | | | 107,424 | |
| Maximus, Inc. | | 1,052 | | | | 24,354 | |
| Maxygen, Inc. | * | | | 1,231 | | | | 9,208 | |
| Medical Staffing Network Holdings, Inc. | * | | | 1,686 | | | | 8,413 | |
| Midas, Inc. | * | | | 1,277 | | | | 23,497 | |
| Millennium Cell, Inc. | *† | | | 1,700 | | | | 2,431 | |
| Mobile Mini, Inc. | * | | | 2,000 | | | | 58,520 | |
| MoneyGram International, Inc. | | 3,750 | | | | 127,312 | |
| Monogram Biosciences, Inc. | * | | | 2,414 | | | | 4,780 | |
| Moody’s Corporation | | 10,748 | | | | 585,336 | |
| MPS Group, Inc. | * | | | 3,706 | | | | 55,812 | |
| MPW Industrial Services Group, Inc. | * | | | 547 | | | | 1,362 | |
| MSGI Security Solutions, Inc. | * | | | 938 | | | | 2,420 | |
| MTC Technologies, Inc. | * | | | 619 | | | | 14,627 | |
| Myriad Genetics, Inc. | *† | | | 1,210 | | | | 30,552 | |
| NCO Group, Inc. | * | | | 1,314 | | | | 34,742 | |
| National Research Corporation | | 1,250 | | | | 29,062 | |
| Navigant Consulting, Inc. | * | | | 2,313 | | | | 52,389 | |
| NeoPharm, Inc. | *† | | | 964 | | | | 5,138 | |
| NetRatings, Inc. | * | | | 1,164 | | | | 16,168 | |
| Neurogen Corporation | * | | | 1,872 | | | | 9,585 | |
| Omnicell, Inc. | * | | | 783 | | | | 10,821 | |
| On Assignment, Inc. | * | | | 1,243 | | | | 11,423 | |
| Online Resources Corporation | * | | | 700 | | | | 7,238 | |
| Opsware, Inc. | * | | | 2,730 | | | | 22,495 | |
| Oscient Pharmaceuticals Corporation | * | | | 1,510 | | | | 1,299 | |
| Overland Storage, Inc. | * | | | 481 | | | | 3,223 | |
| Paychex, Inc. | | 13,545 | | | | 527,984 | |
| PDI, Inc. | * | | | 703 | | | | 10,116 | |
| Pegasystems, Inc. | * | | | 2,141 | | | | 13,745 | |
| Perma-Fix Environmental Services | * | | | 5,502 | | | | 11,719 | |
| Per-Se Technologies, Inc. | * | | | 1,658 | | | | 41,748 | |
| Pfsweb, Inc. | * | | | 5,683 | | | | 5,740 | |
| Pharmaceutical Product Development, Inc. | | 4,736 | | | | 166,328 | |
| PHH Corporation | * | | | 2,212 | | | | 60,918 | |
| Portfolio Recovery Associates, Inc. | *† | | | 504 | | | | 23,033 | |
| Possis Medical, Inc. | * | | | 1,278 | | | | 11,259 | |
| Pre-Paid Legal Services, Inc. | † | | | 779 | | | | 26,875 | |
| Presstek, Inc. | * | | | 945 | | | | 8,798 | |
| Princeton Review, Inc. | * | | | 818 | | | | 4,352 | |
| Ramtron International Corporation | * | | | 1,920 | | | | 3,802 | |
| RCM Technologies, Inc. | * | | | 1,593 | | | | 7,997 | |
| Regeneration Technologies, Inc. | * | | | 807 | | | | 5,165 | |
| Regis Corporation | | 1,818 | | | | 64,739 | |
| Rent-A-Center, Inc. | *† | | | 3,377 | | | | 83,952 | |
| Rentech, Inc. | * | | | 7,800 | | | | 36,270 | |
| Rent-Way, Inc. | * | | | 1,060 | | | | 7,823 | |
| Republic Services, Inc. | | 5,629 | | | | 227,074 | |
| Res-Care, Inc. | * | | | 1,222 | | | | 24,440 | |
| Resources Connection, Inc. | * | | | 2,060 | | | | 51,541 | |
| Rewards Network, Inc. | * | | | 1,127 | | | | 9,208 | |
| Robert Half International, Inc. | † | | | 7,107 | | | | 298,494 | |
| Rollins, Inc. | | 661 | | | | 12,982 | |
| RR Donnelley & Sons Company | | 8,887 | | | | 283,940 | |
| Ryder System, Inc. | † | | | 2,660 | | | | 155,424 | |
| Savient Pharmaceuticals, Inc. | * | | | 1,389 | | | | 7,292 | |
| Sequenom, Inc. | | 614 | | | | 1,046 | |
| Service Corporation International | | 11,775 | | | | 95,848 | |
| ServiceMaster Company (The) | | 11,826 | | | | 122,163 | |
| SFBC International, Inc. | * | | | 576 | | | | 8,732 | |
| Sitel Corporation | * | | | 2,384 | | | | 9,345 | |
| Sotheby’s Holdings, Inc. Class A | * | | | 2,623 | | | | 68,854 | |
| Sourcecorp, Inc. | * | | | 748 | | | | 18,543 | |
| Spherion Corporation | * | | | 2,689 | | | | 24,524 | |
| Standard Register Company (The) | | 1,650 | | | | 19,552 | |
| StarTek, Inc. | | 994 | | | | 14,860 | |
| Steiner Leisure, Ltd. (Bahama Islands) | * | | | 1,503 | | | | 59,414 | |
| Stericycle, Inc. | * | | | 1,569 | | | | 102,142 | |
| Strayer Education, Inc. | | 551 | | | | 53,513 | |
| Suburban Propane Partners, LP | | 1,800 | | | | 56,736 | |
| SupportSoft, Inc. | * | | | 1,562 | | | | 6,154 | |
| Symyx Technologies, Inc. | * | | | 1,374 | | | | 33,182 | |
| Synagro Technologies, Inc. | | 3,224 | | | | 12,670 | |
| Tejon Ranch Company | *† | | | 762 | | | | 31,364 | |
| TeleTech Holdings, Inc. | * | | | 2,738 | | | | 34,663 | |
| Telik, Inc. | *† | | | 1,748 | | | | 28,842 | |
| Tetra Tech, Inc. | * | | | 2,114 | | | | 37,502 | |
| TRC Companies, Inc. | * | | | 327 | | | | 3,443 | |
| Trimeris, Inc. | * | | | 1,214 | | | | 13,949 | |
| United Rentals, Inc. | *† | | | 3,294 | | | | 105,342 | |
| Universal Compression Holdings, Inc. | * | | | 1,492 | | | | 93,951 | |
| Universal Technical Institute, Inc. | * | | | 418 | | | | 9,204 | |
| URS Corporation | * | | | 1,582 | | | | 66,444 | |
See accompanying notes to financial statements.
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| Valassis Communications, Inc. | * | | | 2,236 | | | $ | 52,747 | |
| Varsity Group, Inc. | * | | | 2,747 | | | | 11,208 | |
| Vertrue, Inc. | *† | | | 749 | | | | 32,229 | |
| Viad Corporation | | 937 | | | | 29,328 | |
| Volt Information Sciences, Inc. | * | | | 833 | | | | 38,818 | |
| Waste Connections, Inc. | * | | | 1,575 | | | | 57,330 | |
| Waste Industries USA, Inc. | | 1,296 | | | | 29,393 | |
| Waste Management, Inc. | | 22,871 | | | | 820,611 | |
| Watson Wyatt & Company Holdings | | 1,600 | | | | 56,224 | |
| Weight Watchers International, Inc. | | 1,826 | | | | 74,665 | |
| Westaff, Inc. | * | | | 942 | | | | 3,994 | |
| Wind River Systems, Inc. | * | | | 3,206 | | | | 28,533 | |
| World Fuel Services Corporation | | 960 | | | | 43,862 | |
| Wright Express Corporation | * | | | 1,750 | | | | 50,295 | |
| Xanser Corporation | * | | | 1,100 | | | | 5,555 | |
| | | 13,765,176 | |
Communications—1.8% |
| Ace*Comm Corporation | * | | | 3,033 | | | | 8,280 | |
| ADC Telecommunications, Inc. | * | | | 4,773 | | | | 80,473 | |
| AltiGen Communications, Inc. | * | | | 4,109 | | | | 6,492 | |
| American Tower Corporation Class A | *† | | | 15,861 | | | | 493,594 | |
| Anadigics, Inc. | *† | | | 957 | | | | 6,431 | |
| Andrew Corporation | * | | | 6,376 | | | | 56,491 | |
| Anixter International, Inc. | † | | | 1,723 | | | | 81,774 | |
| Applied Innovation, Inc. | * | | | 500 | | | | 1,850 | |
| Applied Signal Technology, Inc. | | 1,237 | | | | 21,078 | |
| Arris Group, Inc. | * | | | 2,896 | | | | 37,996 | |
| Avaya, Inc. | * | | | 17,294 | | | | 197,497 | |
| Avici Systems, Inc. | * | | | 711 | | | | 4,110 | |
| Avistar Communications Corporation | * | | | 774 | | | | 1,339 | |
| Blonder Tongue Laboratories | * | | | 2,285 | | | | 3,884 | |
| Broadwing Corporation | * | | | 1,358 | | | | 14,055 | |
| CalAmp Corporation | * | | | 550 | | | | 4,889 | |
| Carrier Access Corporation | * | | | 1,178 | | | | 9,742 | |
| C-COR.net Corporation | * | | | 1,547 | | | | 11,943 | |
| Centillium Communications, Inc. | * | | | 1,588 | | | | 4,462 | |
| Checkpoint Systems, Inc. | * | | | 1,441 | | | | 32,005 | |
| Ciena Corporation | *† | | | 19,667 | | | | 94,598 | |
| Comtech Telecommunications | * | | | 1,350 | | | | 39,514 | |
| Comverse Technology, Inc. | *† | | | 7,999 | | | | 158,140 | |
| Corning, Inc. | * | | | 57,683 | | | | 1,395,352 | |
| Crown Castle International Corporation | *† | | | 8,983 | | | | 310,273 | |
| CT Communications, Inc. | | 214 | | | | 4,894 | |
| Cubic Corporation | | 1,692 | | | | 33,180 | |
| Digital Lightwave, Inc. | * | | | 2,931 | | | | 879 | |
| Ditech Networks, Inc. | | 1,360 | | | | 11,859 | |
| EndWave Corporation | *† | | | 911 | | | | 11,324 | |
| Foundry Networks, Inc. | * | | | 5,421 | | | | 57,788 | |
| Glenayre Technologies, Inc. | * | | | 2,143 | | | | 5,658 | |
| Harmonic, Inc. | * | | | 2,820 | | | | 12,634 | |
| Harris Corporation | | 6,090 | | | | 252,796 | |
| Hungarian Telephone & Cable Corporation | *† | | | 712 | | | | 10,687 | |
| ID Systems, Inc. | * | | | 2,016 | | | | 35,744 | |
| InterDigital Communications Corporation | * | | | 2,803 | | | | 97,853 | |
| International Electronics, Inc. | * | | | 1,150 | | | | 2,012 | |
| Inter-Tel, Inc. | | 1,334 | | | | 28,094 | |
| InterVoice, Inc. | * | | | 1,395 | | | | 9,932 | |
| Intraware, Inc. | * | | | 783 | | | | 4,776 | |
| L-3 Communications Holdings, Inc. | | 5,024 | | | | 378,910 | |
| Marvell Technology Group Ltd. (Bermuda) | * | | | 9,250 | | | | 410,052 | |
| McData Corporation Class A | * | | | 5,654 | | | | 23,068 | |
| MDI, Inc. | * | | | 271 | | | | 209 | |
| Metro One Telecommunications | * | | | 957 | | | | 632 | |
| Mindspeed Technologies, Inc. | * | | | 4,009 | | | | 9,662 | |
| Motorola, Inc. | | 101,990 | | | | 2,055,098 | |
| Network Appliance, Inc. | *† | | | 14,316 | | | | 505,355 | |
| NMS Communications Corporation | * | | | 1,250 | | | | 4,525 | |
| On2 Technologies, Inc. | * | | | 4,620 | | | | 3,188 | |
| Openwave Systems, Inc. | * | | | 2,570 | | | | 29,658 | |
| Peco II, Inc. | * | | | 657 | | | | 1,215 | |
| Pegasus Wireless Corporation | † | | | 5,400 | | | | 48,276 | |
| Plantronics, Inc. | | 1,826 | | | | 40,555 | |
| Polycom, Inc. | * | | | 4,177 | | | | 91,560 | |
| Powerwave Technologies, Inc. | *† | | | 2,434 | | | | 22,198 | |
| Premiere Global Services, Inc. | * | | | 2,174 | | | | 16,414 | |
| Qualcomm, Inc. | | 67,198 | | | | 2,692,624 | |
| SBA Communications Corporation | * | | | 1,350 | | | | 35,289 | |
| SeaChange International, Inc. | *† | | | 958 | | | | 6,668 | |
| Sirius Satellite Radio, Inc. | *† | | | 47,469 | | | | 225,478 | |
| Socket Communications, Inc. | * | | | 1,300 | | | | 1,586 | |
| Sonus Networks, Inc. | *† | | | 10,700 | | | | 52,965 | |
| Spectralink Corporation | | 1,133 | | | | 9,993 | |
| Standard Microsystems Corporation | * | | | 806 | | | | 17,595 | |
| Stratex Networks, Inc. | * | | | 2,680 | | | | 9,085 | |
| Tekelec | * | | | 2,569 | | | | 31,727 | |
| Tollgrade Communications, Inc. | * | | | 601 | | | | 5,830 | |
| Tut Systems, Inc. | * | | | 1,414 | | | | 3,422 | |
| Ulticom, Inc. | * | | | 1,583 | | | | 16,574 | |
| Universal Security Instruments, Inc. | * | | | 1,400 | | | | 31,766 | |
| Utstarcom, Inc. | * | | | 4,555 | | | | 35,483 | |
| Viasat, Inc. | * | | | 1,190 | | | | 30,559 | |
| Westell Technologies, Inc. Class A | * | | | 1,821 | | | | 3,988 | |
| XM Satellite Radio Holdings, Inc. Class A | *† | | | 8,921 | | | | 130,693 | |
| Zhone Technologies, Inc. | * | | | 3,915 | | | | 7,987 | |
| Zix Corporation | *† | | | 1,015 | | | | 853 | |
| Zoom Telephonics, Inc. | * | | | 2,711 | | | | 2,955 | |
| | | 10,650,067 | |
Computer Software & Processing—5.5% |
| 3D Systems Corporation | * | | | 1,158 | | | | 23,264 | |
| Activision, Inc. | * | | | 9,514 | | | | 108,269 | |
| Actuate Corporation | * | | | 2,084 | | | | 8,419 | |
| Acxiom Corporation | | 3,451 | | | | 86,275 | |
| Adobe Systems, Inc. | * | | | 24,281 | | | | 737,171 | |
| Advent Software, Inc. | * | | | 1,451 | | | | 52,338 | |
| Affiliated Computer Services, Inc. Class A | * | | | 5,361 | | | | 276,681 | |
| Agile Software Corporation | * | | | 2,086 | | | | 13,225 | |
| Alliance Data Systems Corporation | * | | | 1,955 | | | | 114,993 | |
| Altiris, Inc. | * | | | 974 | | | | 17,571 | |
| American Access Technologies, Inc. | * | | | 1,400 | | | | 1,484 | |
| American Software, Inc. Class A | | 1,950 | | | | 13,104 | |
| AMICAS, Inc. | * | | | 1,846 | | | | 5,963 | |
| answerthink, Inc. | * | | | 1,140 | | | | 4,594 | |
| Ansys, Inc. | * | | | 1,198 | | | | 57,288 | |
| Applied Digital Solutions, Inc. | *† | | | 195 | | | | 369 | |
| Applix, Inc. | * | | | 6,240 | | | | 46,051 | |
| Arbitron, Inc. | | 1,298 | | | | 49,752 | |
| Ariba, Inc. | * | | | 2,075 | | | | 17,077 | |
See accompanying notes to financial statements.
169
SCHEDULE OF INVESTMENTS—(Continued)
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| Art Technology Group, Inc. | * | | | 8,333 | | | $ | 24,832 | |
| Aspen Technology, Inc. | *† | | | 1,529 | | | | 20,060 | |
| At Road, Inc. | * | | | 1,947 | | | | 10,747 | |
| Audible, Inc. | *† | | | 1,213 | | | | 11,026 | |
| Autobytel, Inc. | * | | | 1,384 | | | | 4,886 | |
| Autodesk, Inc. | * | | | 9,258 | | | | 319,031 | |
| Automatic Data Processing, Inc. | | 24,668 | | | | 1,118,694 | |
| Avocent Corporation | * | | | 2,007 | | | | 52,684 | |
| BEA Systems, Inc. | * | | | 16,581 | | | | 217,045 | |
| BMC Software, Inc. | * | | | 9,391 | | | | 224,445 | |
| Bankrate, Inc. | *† | | | 1,083 | | | | 40,894 | |
| Blackbaud, Inc. | | 2,650 | | | | 60,155 | |
| Blackboard, Inc. | | 1,400 | | | | 40,544 | |
| Blue Coat Systems, Inc. | * | | | 536 | | | | 9,037 | |
| Borland Software Corporation | * | | | 2,936 | | | | 15,502 | |
| Brady Corporation Class A | | 2,402 | | | | 88,490 | |
| Bsquare Corp. | * | | | 225 | | | | 499 | |
| CA, Inc. | † | | | 20,331 | | | | 417,802 | |
| CMGI, Inc. | * | | | 10,077 | | | | 12,193 | |
| CNET Networks, Inc. | *† | | | 5,501 | | | | 43,898 | |
| CSG Systems International, Inc. | * | | | 2,153 | | | | 53,265 | |
| CACI International, Inc. Class A | * | | | 1,198 | | | | 69,879 | |
| Cadence Design Systems, Inc. | * | | | 10,745 | | | | 184,277 | |
| Callidus Software, Inc. | * | | | 172 | | | | 908 | |
| Captaris, Inc. | * | | | 1,164 | | | | 5,413 | |
| Carreker Corporation | * | | | 1,681 | | | | 12,019 | |
| Cellular Technical Services Company, Inc. | * | | | 500 | | | | 1,250 | |
| Ceridian Corporation | * | | | 6,177 | | | | 150,966 | |
| Cerner Corporation | *† | | | 3,044 | | | | 112,963 | |
| Checkfree Corporation | *† | | | 3,356 | | | | 166,323 | |
| Choicepoint, Inc. | *† | | | 3,112 | | | | 129,988 | |
| Chordiant Software, Inc. | * | | | 4,648 | | | | 14,083 | |
| Ciber, Inc. | * | | | 2,444 | | | | 16,106 | |
| Citrix Systems, Inc. | * | | | 6,809 | | | | 273,313 | |
| Clinical Data, Inc. | † | | | 1,332 | | | | 21,365 | |
| Cogent Communications Group, Inc. | * | | | 95 | | | | 890 | |
| Cognex Corporation | | 2,023 | | | | 52,659 | |
| Cognizant Technology Solutions Corporation | * | | | 5,276 | | | | 355,444 | |
| Computer Horizons Corporation | * | | | 1,347 | | | | 6,358 | |
| Computer Sciences Corporation | * | | | 8,174 | | | | 395,949 | |
| Compuware Corporation | * | | | 15,945 | | | | 106,831 | |
| Concur Technologies, Inc. | * | | | 2,083 | | | | 32,224 | |
| Corillian Corporation | * | | | 1,471 | | | | 4,398 | |
| CoStar Group, Inc. | *† | | | 770 | | | | 46,069 | |
| Covansys Corporation | * | | | 1,477 | | | | 18,566 | |
| Cybersource Corporation | * | | | 1,281 | | | | 14,988 | |
| DST Systems, Inc. | *† | | | 2,794 | | | | 166,243 | |
| DealerTrack Holdings, Inc. | * | | | 1,800 | | | | 39,798 | |
| Deluxe Corporation | | 2,098 | | | | 36,673 | |
| Dendrite International, Inc. | * | | | 1,587 | | | | 14,664 | |
| Digital Insight Corporation | * | | | 1,463 | | | | 50,166 | |
| Digital River, Inc. | *† | | | 1,627 | | | | 65,715 | |
| DocuCorp International, Inc. | * | | | 449 | | | | 3,354 | |
| Earthlink, Inc. | * | | | 5,814 | | | | 50,349 | |
| EasyLink Services Corporation Class A | * | | | 233 | | | | 156 | |
| ebix.com, Inc. | * | | | 1,754 | | | | 29,818 | |
| Echelon Corporation | *† | | | 1,769 | | | | 13,250 | |
| Eclipsys Corporation | * | | | 1,846 | | | | 33,523 | |
| eCollege.com, Inc. | * | | | 635 | | | | 13,424 | |
| Egain Communications Corporation | * | | | 2,913 | | | | 3,787 | |
| Electro Rent Corporation | * | | | 950 | | | | 15,219 | |
| Electronic Arts, Inc. | * | | | 12,060 | | | | 519,062 | |
| Electronic Data Systems Corporation | | 22,135 | | | | 532,568 | |
| Electronics for Imaging | *† | | | 2,638 | | | | 55,081 | |
| Embarcadero Technologies, Inc. | * | | | 1,252 | | | | 7,637 | |
| eMerge Interactive, Inc. | | 224 | | | | 504 | |
| Entrust Technologies, Inc. | * | | | 2,200 | | | | 7,502 | |
| Epicor Software Corporation | * | | | 1,693 | | | | 17,827 | |
| eSpeed, Inc. Class A | * | | | 1,470 | | | | 12,245 | |
| Evolving Systems, Inc. | * | | | 1,054 | | | | 1,328 | |
| F5 Networks, Inc. | *† | | | 1,332 | | | | 71,235 | |
| Factset Research Systems, Inc. | | 1,490 | | | | 70,477 | |
| Fair Isaac Corporation | † | | | 3,039 | | | | 110,346 | |
| FalconStor Software, Inc. | *† | | | 1,373 | | | | 9,570 | |
| Fidelity National Information Services, Inc. | † | | | 3,068 | | | | 108,607 | |
| Filenet Corporation | * | | | 1,659 | | | | 44,677 | |
| First Data Corporation | | 31,890 | | | | 1,436,326 | |
| Fiserv, Inc. | * | | | 7,444 | | | | 337,660 | |
| Gartner Group, Inc. Class A | * | | | 1,179 | | | | 16,742 | |
| Gerber Scientific, Inc. | * | | | 1,608 | | | | 20,920 | |
| Google, Inc. Class A | * | | | 8,125 | | | | 3,407,056 | |
| GTECH Holdings Corporation | | 4,772 | | | | 165,970 | |
| Hypercom Corporation | * | | | 1,992 | | | | 18,625 | |
| HyperFeed Technologies, Inc. | * | | | 1,613 | | | | 1,169 | |
| Hyperion Solutions Corporation | * | | | 2,527 | | | | 69,745 | |
| IMS Health, Inc. | | 9,936 | | | | 266,782 | |
| iGate Capital Corporation | * | | | 1,397 | | | | 8,927 | |
| Informatica Corporation | * | | | 3,171 | | | | 41,730 | |
| Inforte Corporation | | 1,897 | | | | 8,992 | |
| Infospace, Inc. | * | | | 1,323 | | | | 29,992 | |
| InfoUSA, Inc. | | 1,708 | | | | 17,609 | |
| Integral Systems, Inc. | | 631 | | | | 16,930 | |
| Interactive Data Corporation | | 1,521 | | | | 30,557 | |
| Interactive Intelligence, Inc. | * | | | 950 | | | | 13,433 | |
| Intergraph Corporation | * | | | 944 | | | | 29,727 | |
| Internap Network Services Corporation | * | | | 11,690 | | | | 12,274 | |
| Internet Security Systems, Inc. | * | | | 2,038 | | | | 38,416 | |
| Intervideo, Inc. | *† | | | 500 | | | | 4,885 | |
| Interwoven, Inc. | * | | | 1,908 | | | | 16,371 | |
| Intrusion, Inc. | * | | | 266 | | | | 112 | |
| Intuit, Inc. | * | | | 6,537 | | | | 394,769 | |
| JDA Software Group, Inc. | * | | | 1,256 | | | | 17,622 | |
| Jack Henry & Associates, Inc. | | 3,591 | | | | 70,599 | |
| Juniper Networks, Inc. | *† | | | 21,310 | | | | 340,747 | |
| Keane, Inc. | * | | | 2,631 | | | | 32,887 | |
| Keynote Systems, Inc. | * | | | 1,400 | | | | 14,434 | |
| Knot, Inc. (The) | * | | | 2,304 | | | | 48,223 | |
| Kronos, Inc. | *† | | | 1,283 | | | | 46,457 | |
| Lawson Software, Inc. | | 8,700 | | | | 58,290 | |
| LivePerson, Inc. | * | | | 3,333 | | | | 16,165 | |
| Looksmart | * | | | 500 | | | | 1,620 | |
| Loudeye Corp. | | 504 | | | | 1,134 | |
| LQ Corp., Inc. | * | | | 161 | | | | 267 | |
| Magma Design Automation, Inc. | * | | | 1,429 | | | | 10,503 | |
| Manhattan Associates, Inc. | * | | | 1,346 | | | | 27,310 | |
| Mantech International Corporation Class A | * | | | 1,217 | | | | 37,557 | |
| Manugistics Group, Inc. | * | | | 2,823 | | | | 7,057 | |
| Mapinfo Corporation | * | | | 811 | | | | 10,584 | |
| McAfee, Inc. | * | | | 6,724 | | | | 163,191 | |
| Mediware Information Systems | * | | | 1,088 | | | | 10,499 | |
| Mentor Graphics Corporation | * | | | 2,745 | | | | 35,630 | |
| MetaSolv, Inc. | * | | | 1,380 | | | | 3,892 | |
| Microsoft Corporation | | 368,175 | | | | 8,578,477 | |
| MicroStrategy, Inc. Class A | * | | | 513 | | | | 50,028 | |
| Mitek Systems, Inc. | * | | | 3,473 | | | | 3,681 | |
| MIVA, Inc. | * | | | 990 | | | | 4,010 | |
See accompanying notes to financial statements.
170
SCHEDULE OF INVESTMENTS—(Continued)
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| Mobius Management Systems, Inc. | * | | | 878 | | | $ | 5,092 | |
| Move, Inc. | | 7,362 | | | | 40,344 | |
| MRO Software, Inc. | * | | | 848 | | | | 17,019 | |
| NCR Corporation | * | | | 7,848 | | | | 287,551 | |
| Napster, Inc. | * | | | 1,145 | | | | 3,527 | |
| National Instruments Corporation | | 3,414 | | | | 93,544 | |
| Navisite, Inc. | *† | | | 3,725 | | | | 16,763 | |
| NAVTEQ Corporation | * | | | 3,700 | | | | 165,316 | |
| Neoware Systems, Inc. | *† | | | 900 | | | | 11,061 | |
| NetFlix, Inc. | *† | | | 679 | | | | 18,476 | |
| NETIQ Corporation | * | | | 2,493 | | | | 30,390 | |
| Netscout Systems, Inc. | * | | | 1,250 | | | | 11,150 | |
| Netsmart Technologies, Inc. | * | | | 505 | | | | 6,545 | |
| NIC, Inc. | * | | | 2,450 | | | | 17,714 | |
| Novell, Inc. | *† | | | 15,492 | | | | 102,712 | |
| NVE Corporation | *† | | | 348 | | | | 5,001 | |
| Nvidia Corporation | * | | | 13,456 | | | | 286,478 | |
| Onyx Software Corporation | * | | | 469 | | | | 2,336 | |
| Open Solutions, Inc. | * | | | 312 | | | | 8,302 | |
| Oracle Corporation | * | | | 162,489 | | | | 2,354,466 | |
| Packeteer, Inc. | * | | | 1,900 | | | | 21,546 | |
| Parametric Technology Corp. | * | | | 4,423 | | | | 56,216 | |
| PDF Solutions, Inc. | * | | | 974 | | | | 12,087 | |
| Perot Systems Corporation Class A | * | | | 4,359 | | | | 63,118 | |
| Phoenix Technologies Ltd. | * | | | 907 | | | | 4,363 | |
| Plato Learning, Inc. | * | | | 1,825 | | | | 11,352 | |
| Progress Software Corporation | * | | | 1,322 | | | | 30,948 | |
| QAD, Inc. | | 1,363 | | | | 10,563 | |
| Quality Systems, Inc. | | 768 | | | | 28,278 | |
| Quest Software, Inc. | * | | | 3,847 | | | | 54,012 | |
| RSA Security, Inc. | * | | | 2,330 | | | | 63,353 | |
| Radiant Systems, Inc. | * | | | 1,019 | | | | 10,771 | |
| Radisys Corporation | * | | | 961 | | | | 21,104 | |
| RealNetworks, Inc. | * | | | 5,844 | | | | 62,531 | |
| Red Hat, Inc. | *† | | | 7,251 | | | | 169,673 | |
| Renaissance Learning, Inc. | | 1,353 | | | | 18,333 | |
| Reynolds & Reynolds Company (The) Class A | | 2,210 | | | | 67,781 | |
| S1 Corporation | * | | | 2,636 | | | | 12,653 | |
| Saba Software, Inc. | * | | | 1,576 | | | | 8,605 | |
| SafeNet, Inc. | * | | | 1,099 | | | | 19,474 | |
| SAFLINK Corporation | * | | | 4,996 | | | | 1,849 | |
| Salesforce.com, Inc. | *† | | | 2,200 | | | | 58,652 | |
| Sapient Corporation | * | | | 4,150 | | | | 21,995 | |
| Scientific Learning Corporation | * | | | 3,145 | | | | 14,467 | |
| SCO Group, Inc. (The) | *† | | | 997 | | | | 4,088 | |
| Secure Computing Corporation | * | | | 1,554 | | | | 13,364 | |
| Sonic Foundry, Inc. | * | | | 1,200 | | | | 2,004 | |
| SonicWall, Inc. | * | | | 2,442 | | | | 21,954 | |
| SPSS, Inc. | * | | | 690 | | | | 22,177 | |
| SRA International, Inc. Class A | * | | | 1,664 | | | | 44,312 | |
| Stellent, Inc. | | 3,513 | | | | 33,549 | |
| Stratasys, Inc. | * | | | 891 | | | | 26,249 | |
| Sybase, Inc. | * | | | 3,825 | | | | 74,205 | |
| Sykes Enterprises, Inc. | * | | | 1,423 | | | | 22,996 | |
| Symantec Corporation | * | | | 42,486 | | | | 660,232 | |
| SYNNEX Corporation | * | | | 104 | | | | 1,972 | |
| Synopsys, Inc. | * | | | 6,501 | | | | 122,024 | |
| Synplicity, Inc. | * | | | 1,050 | | | | 6,164 | |
| Syntel, Inc. | | 1,554 | | | | 31,795 | |
| Take-Two Interactive Software, Inc. | *† | | | 2,643 | | | | 28,174 | |
| Talx Corporation | | 1,039 | | | | 22,723 | |
| Technology Solutions Co. | * | | | 108 | | | | 999 | |
| TenFold Corporation | * | | | 4,098 | | | | 1,229 | |
| THQ, Inc. | * | | | 2,914 | | | | 62,942 | |
| 3Com Corporation | * | | | 14,501 | | | | 74,245 | |
| TIBCO Software, Inc. | * | | | 8,337 | | | | 58,776 | |
| Total System Services, Inc. | † | | | 1,651 | | | | 31,782 | |
| Tradestation Group, Inc. | *† | | | 1,690 | | | | 21,412 | |
| Transaction Systems Architects, Inc. Class A | * | | | 1,298 | | | | 54,114 | |
| Trizetto Group, Inc. | * | | | 1,550 | | | | 22,925 | |
| Tumbleweed Communications Corporation | * | | | 1,102 | | | | 3,141 | |
| Ultimate Software Group, Inc. | * | | | 1,242 | | | | 23,797 | |
| Unisys Corporation | * | | | 13,714 | | | | 86,124 | |
| United Online, Inc. | † | | | 2,509 | | | | 30,108 | |
| Vasco Data Security International, Inc. | * | | | 3,804 | | | | 31,763 | |
| Verint Systems, Inc. | * | | | 1,152 | | | | 33,627 | |
| VeriSign, Inc. | *† | | | 10,106 | | | | 234,156 | |
| Versant Corporation | * | | | 330 | | | | 2,211 | |
| VerticalNet, Inc. | | 264 | | | | 341 | |
| Viewpoint Corporation | * | | | 1,140 | | | | 1,995 | |
| Vignette Corporation | * | | | 737 | | | | 10,745 | |
| Vitria Technology, Inc. | * | | | 1,150 | | | | 3,266 | |
| WatchGuard Technologies, Inc. | * | | | 1,100 | | | | 4,477 | |
| Wave Systems Corporation Class A | * | | | 3,014 | | | | 2,019 | |
| WebEx Communications, Inc. | *† | | | 1,743 | | | | 61,946 | |
| Webmethods, Inc. | * | | | 2,153 | | | | 21,250 | |
| Websense, Inc. | * | | | 1,958 | | | | 40,217 | |
| Witness Systems, Inc. | * | | | 1,980 | | | | 39,937 | |
| XETA Technologies, Inc. | * | | | 1,946 | | | | 5,352 | |
| Yahoo!, Inc. | * | | | 54,402 | | | | 1,795,266 | |
| | | 32,939,889 | |
Computers—0.1% |
| Sun Microsystems, Inc. | * | | | 135,549 | | | | 562,528 | |
Computers & Information—3.6% |
| Advanced Digital Information Corporation | *† | | | 2,414 | | | | 28,413 | |
| Apple Computer, Inc. | * | | | 33,280 | | | | 1,900,954 | |
| Authentidate Holding Corporation | * | | | 1,023 | | | | 2,711 | |
| Black Box Corporation | | 865 | | | | 33,155 | |
| Brocade Communications Systems, Inc. | * | | | 9,768 | | | | 59,976 | |
| CDW Corporation | | 2,743 | | | | 149,905 | |
| Ciprico, Inc. | * | | | 1,658 | | | | 9,998 | |
| Cirrus Logic, Inc. | * | | | 2,946 | | | | 23,980 | |
| Cisco Systems, Inc. | * | | | 248,564 | | | | 4,854,455 | |
| Concurrent Computer Corporation | * | | | 1,901 | | | | 4,962 | |
| Cray, Inc. | | 714 | | | | 7,104 | |
| Dataram Corporation | | 1,175 | | | | 5,487 | |
| Datawatch Corporation | * | | | 3,500 | | | | 12,530 | |
| Dell, Inc. | * | | | 84,449 | | | | 2,061,400 | |
| Diebold, Inc. | † | | | 3,079 | | | | 125,069 | |
| Dot Hill Systems Corporation | * | | | 1,396 | | | | 4,774 | |
| EMC Corporation | * | | | 101,120 | | | | 1,109,286 | |
| Emulex Corporation | * | | | 3,408 | | | | 55,448 | |
| Exabyte Corp. | * | | | 156 | | | | 19 | |
| Extreme Networks, Inc. | * | | | 4,491 | | | | 18,683 | |
| Focus Enhancements, Inc. | * | | | 5,319 | | | | 5,213 | |
| Gateway, Inc. | * | | | 13,470 | | | | 25,593 | |
| Global Imaging Systems, Inc. | * | | | 945 | | | | 39,010 | |
| Global Payment Technologies, Inc. | * | | | 1,270 | | | | 2,477 | |
| Hewlett-Packard Company | | 113,930 | | | | 3,609,302 | |
See accompanying notes to financial statements.
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| InFocus Corporation | * | | | 1,636 | | | $ | 4,679 | |
| International Business Machines Corporation | | 62,891 | | | | 4,831,287 | |
| International Game Technology | | 13,866 | | | | 526,076 | |
| Iomega Corporation | * | | | 1,865 | | | | 5,129 | |
| Iteris, Inc. | * | | | 4,263 | | | | 10,146 | |
| Lexmark International, Inc. | * | | | 5,131 | | | | 286,464 | |
| MTI Technology Corporation | * | | | 3,844 | | | | 4,574 | |
| Micros Systems, Inc. | * | | | 1,714 | | | | 74,868 | |
| MTM Technologies, Inc. | * | | | 500 | | | | 1,700 | |
| Netgear, Inc. | *† | | | 1,206 | | | | 26,110 | |
| Network Engines, Inc. | * | | | 1,329 | | | | 2,512 | |
| Nuance Communications, Inc. | * | | | 4,541 | | | | 45,682 | |
| Palm, Inc. | *† | | | 4,574 | | | | 73,641 | |
| Paxar Corporation | * | | | 1,971 | | | | 40,543 | |
| Pitney Bowes, Inc. | | 9,192 | | | | 379,630 | |
| Planar Systems, Inc. | * | | | 785 | | | | 9,451 | |
| ProQuest Company | *† | | | 1,332 | | | | 16,370 | |
| Quantum Corporation | * | | | 6,681 | | | | 17,504 | |
| Rackable Systems, Inc. | * | | | 1,843 | | | | 72,780 | |
| Safeguard Scientifics, Inc. | * | | | 4,073 | | | | 8,798 | |
| Sandisk Corporation | * | | | 6,437 | | | | 328,158 | |
| ScanSource, Inc. | * | | | 1,126 | | | | 33,014 | |
| Scientific Games Corporation Class A | * | | | 2,517 | | | | 89,656 | |
| SCM Microsystems, Inc. | * | | | 1,494 | | | | 4,557 | |
| Seagate Technology (Cayman Islands) | † | | | 20,081 | | | | 454,634 | |
| SimpleTech, Inc. | * | | | 1,055 | | | | 3,956 | |
| Solectron Corporation | * | | | 44,284 | | | | 151,451 | |
| Symbol Technologies, Inc. | | 9,570 | | | | 103,260 | |
| TransAct Technologies, Inc. | * | | | 888 | | | | 9,146 | |
| VA Software Corporation | * | | | 2,018 | | | | 7,830 | |
| VitalStream Holdings, Inc. | | 250 | | | | 2,650 | |
| Web.com, Inc. | * | | | 705 | | | | 4,209 | |
| Western Digital Corporation | * | | | 8,154 | | | | 161,531 | |
| Zebra Technologies Corporation Class A | * | | | 2,988 | | | | 102,070 | |
| | | 22,043,970 | |
Containers & Packaging—0.1% |
| Ball Corporation | | 4,676 | | | | 173,199 | |
| Crown Holdings, Inc. | * | | | 6,844 | | | | 106,561 | |
| Sealed Air Corporation | | 3,527 | | | | 183,686 | |
| Silgan Holdings, Inc. | | 454 | | | | 16,803 | |
| | | 480,249 | |
Cosmetics & Personal Care—1.7% |
| 1-800 Contacts, Inc. | * | | | 502 | | | | 7,530 | |
| Alberto Culver Company Class B | | 3,659 | | | | 178,266 | |
| Avon Products, Inc. | | 20,628 | | | | 639,468 | |
| Chattem, Inc. | *† | | | 872 | | | | 26,483 | |
| Clorox Company | | 6,558 | | | | 399,841 | |
| Colgate-Palmolive Company | | 20,694 | | | | 1,239,571 | |
| Elizabeth Arden, Inc. | *† | | | 1,017 | | | | 18,184 | |
| Estee Lauder Companies, Inc. (The) Class A | | 5,057 | | | | 195,554 | |
| Procter & Gamble Company | | 133,037 | | | | 7,396,857 | |
| Quaker Chemical Corporation | | 483 | | | | 9,032 | |
| | | 10,110,786 | |
Diversified—2.7% |
| 3M Company | | 28,769 | | | | 2,323,672 | |
| General Electric Company | | 423,956 | | | | 13,973,590 | |
| | | 16,297,262 | |
Diversified Manufacturing—0.0% |
| Koppers Holdings, Inc. | | 2,000 | | | | 39,980 | |
E-Commerce Services—0.0% |
| Emdeon Corp. | * | | | 12,459 | | | | 154,616 | |
Electric Utilities—3.1% |
| AES Corporation (The) | * | | | 25,835 | | | | 476,656 | |
| Allegheny Energy, Inc. | * | | | 5,273 | | | | 195,470 | |
| Allete, Inc. | † | | | 1,243 | | | | 58,856 | |
| Alliant Energy Corporation | | 4,491 | | | | 154,041 | |
| Ameren Corporation | | 8,429 | | | | 425,665 | |
| American Electric Power Company, Inc. | | 16,393 | | | | 561,460 | |
| Aquila, Inc. | * | | | 7,275 | | | | 30,628 | |
| Avista Corporation | | 1,759 | | | | 40,158 | |
| Black Hills Corporation | | 2,041 | | | | 70,068 | |
| CMS Energy Corporation | * | | | 6,681 | | | | 86,452 | |
| Centerpoint Energy, Inc. | | 12,705 | | | | 158,813 | |
| Central Vermont Public Service Corporation | | 540 | | | | 9,979 | |
| CH Energy Group, Inc. | | 694 | | | | 33,312 | |
| Cleco Corporation | | 2,109 | | | | 49,034 | |
| Consolidated Edison, Inc. | † | | | 10,555 | | | | 469,064 | |
| Constellation Energy Group, Inc. | | 7,642 | | | | 416,642 | |
| DTE Energy Company | | 6,985 | | | | 284,569 | |
| Dominion Resources, Inc. | | 14,361 | | | | 1,074,059 | |
| DPL, Inc. | | 5,037 | | | | 134,992 | |
| Duke Energy Corp. | | 47,382 | | | | 1,391,609 | |
| Duquesne Light Holdings, Inc. | † | | | 2,789 | | | | 45,851 | |
| Edison International | | 12,022 | | | | 468,858 | |
| EL Paso Electric Company | * | | | 1,748 | | | | 35,240 | |
| Empire District Electric Company (The) | | 1,197 | | | | 24,598 | |
| Energy East Corporation | | 5,959 | | | | 142,599 | |
| Entergy Corporation | | 9,094 | | | | 643,401 | |
| Exelon Corporation | † | | | 27,740 | | | | 1,576,464 | |
| FPL Group, Inc. | † | | | 14,666 | | | | 606,879 | |
| FirstEnergy Corporation | | 14,286 | | | | 774,444 | |
| Great Plains Energy, Inc. | † | | | 2,828 | | | | 78,788 | |
| Green Mountain Power Corporation | | 1,811 | | | | 61,556 | |
| Hawaiian Electric Industries, Inc. | | 3,066 | | | | 85,572 | |
| Idacorp, Inc. | | 1,515 | | | | 51,949 | |
| KeySpan Corporation | | 7,299 | | | | 294,880 | |
| MGE Energy, Inc. | | 1,559 | | | | 48,563 | |
| Mirant Corp. | *† | | | 12,190 | | | | 326,692 | |
| NiSource, Inc. | | 10,893 | | | | 237,903 | |
| Northeast Utilities | | 5,201 | | | | 107,505 | |
| NRG Energy, Inc. | *† | | | 4,000 | | | | 192,720 | |
| NSTAR | | 4,374 | | | | 125,096 | |
| OGE Energy Corporation | | 4,734 | | | | 165,832 | |
| Otter Tail Corporation | | 1,095 | | | | 29,926 | |
| PG&E Corporation | | 15,609 | | | | 613,122 | |
| PPL Corporation | | 16,516 | | | | 533,467 | |
| Pepco Holdings, Inc. | | 7,066 | | | | 166,616 | |
| Pinnacle West Capital Corporation | | 3,789 | | | | 151,219 | |
| Plug Power, Inc. | *† | | | 2,704 | | | | 12,628 | |
| PNM Resources, Inc. | | 2,169 | | | | 54,138 | |
| Portland General Electric Company | † | | | 1,100 | | | | 27,467 | |
| Progress Energy, Inc. | | 10,169 | | | | 435,945 | |
| Public Service Enterprise Group, Inc. | | 9,757 | | | | 645,133 | |
| Puget Energy, Inc. | † | | | 3,548 | | | | 76,211 | |
| Reliant Energy, Inc. | *† | | | 11,470 | | | | 137,411 | |
| SCANA Corporation | | 4,791 | | | | 184,837 | |
| Sempra Energy | | 8,687 | | | | 395,085 | |
| Sierra Pacific Resources | * | | | 3,864 | | | | 54,096 | |
| Southern Company (The) | † | | | 30,082 | | | | 964,128 | |
See accompanying notes to financial statements.
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| TXU Corporation | | 19,278 | | | $ | 1,152,632 | |
| TECO Energy, Inc. | | 7,797 | | | | 116,487 | |
| UIL Holdings Corporation | | 898 | | | | 50,548 | |
| Unisource Energy Corporation | | 1,571 | | | | 48,937 | |
| Unitil Corporation | | 420 | | | | 10,105 | |
| Westar Energy, Inc. | | 4,032 | | | | 88,704 | |
| Wisconsin Energy Corporation | | 4,564 | | | | 183,929 | |
| WPS Resources Corporation | | 1,431 | | | | 70,978 | |
| Xcel Energy, Inc. | | 16,552 | | | | 317,467 | |
| | | 18,738,133 | |
Electrical Equipment—0.5% |
| Active Power, Inc. | *† | | | 1,093 | | | | 3,705 | |
| Acuity Brands, Inc. | | 1,873 | | | | 72,878 | |
| Advanced Lighting Technologies, Inc. | *‡*** | | | 972 | | | | — | |
| Aeroflex, Inc. | * | | | 2,811 | | | | 32,804 | |
| Ametek, Inc. | | 2,823 | | | | 133,754 | |
| AZZ, Inc. | * | | | 1,031 | | | | 27,023 | |
| Baldor Electric Company | | 1,338 | | | | 41,866 | |
| C&D Technologies, Inc. | | 1,159 | | | | 8,716 | |
| Capstone Turbine Corporation | * | | | 2,450 | | | | 5,586 | |
| Cataytica Energy Systems, Inc. | * | | | 852 | | | | 1,210 | |
| Cherokee International Corporation | * | | | 29 | | | | 112 | |
| Cooper Industries Ltd. Class A | | 3,973 | | | | 369,171 | |
| Distributed Energy Systems Corporation | * | | | 3,756 | | | | 19,419 | |
| Electro Scientific Industries, Inc. | * | | | 1,421 | | | | 25,564 | |
| Emerson Electric Company | | 16,962 | | | | 1,421,585 | |
| Energizer Holdings, Inc. | * | | | 3,122 | | | | 182,856 | |
| Energy Conversion Devices, Inc. | * | | | 781 | | | | 28,452 | |
| Evans & Sutherland Computer Corporation | * | | | 1,882 | | | | 9,410 | |
| Franklin Electric Company, Inc. | | 902 | | | | 46,579 | |
| FuelCell Energy, Inc. | * | | | 1,938 | | | | 18,566 | |
| Genlyte Group, Inc. | * | | | 1,102 | | | | 79,818 | |
| GrafTech International Ltd. | * | | | 3,487 | | | | 20,225 | |
| Greatbatch, Inc. | * | | | 942 | | | | 22,231 | |
| JMAR Technologies, Inc. | * | | | 2,904 | | | | 1,859 | |
| Lincoln Electric Holdings, Inc. | | 1,877 | | | | 117,594 | |
| Littelfuse, Inc. | * | | | 909 | | | | 31,251 | |
| LSI Industries, Inc. | | 1,083 | | | | 18,400 | |
| Medis Technologies Ltd. | *† | | | 704 | | | | 14,277 | |
| Metrologic Instruments, Inc. | * | | | 722 | | | | 10,837 | |
| Moog, Inc. Class A | * | | | 1,446 | | | | 49,482 | |
| Powell Industries, Inc. | * | | | 1,045 | | | | 25,007 | |
| Quantum Fuel Systems Technologies Worldwide, Inc. | *† | | | 2,809 | | | | 9,551 | |
| Regal-Beloit Corporation | | 1,272 | | | | 56,159 | |
| Servotronics, Inc. | * | | | 705 | | | | 4,477 | |
| Spectrum Brands, Inc. | *† | | | 1,490 | | | | 19,251 | |
| Superconductor Technologies | * | | | 208 | | | | 424 | |
| Tech/Ops Sevcon, Inc. | | 719 | | | | 4,544 | |
| Teleflex, Inc. | | 1,322 | | | | 71,414 | |
| Thomas & Betts Corporation | * | | | 2,428 | | | | 124,556 | |
| Trans-Lux Corporation | | 866 | | | | 5,153 | |
| Ultralife Batteries, Inc. | *† | | | 416 | | | | 4,214 | |
| Universal Display Corporation | * | | | 1,350 | | | | 17,969 | |
| Universal Electronics, Inc. | * | | | 639 | | | | 11,317 | |
| Valence Technology, Inc. | *† | | | 6,972 | | | | 12,062 | |
| Vicor Corporation | | 1,380 | | | | 22,867 | |
| Woodhead Industries, Inc. | | 903 | | | | 17,283 | |
| | | 3,221,478 | |
Electronic Compo Semiconductors—0.0% |
| Syntax-Brillian Corp. | * | | | 180 | | | | 432 | |
Electronics—3.2% |
| 8X8, Inc. | *† | | | 3,048 | | | | 2,987 | |
| AVX Corporation | † | | | 2,270 | | | | 35,843 | |
| Actel Corporation | * | | | 1,140 | | | | 16,359 | |
| Adaptec, Inc. | * | | | 3,850 | | | | 16,709 | |
| Advanced Energy Industries, Inc. | * | | | 1,428 | | | | 18,907 | |
| Advanced Micro Devices, Inc. | * | | | 14,462 | | | | 353,162 | |
| Agere Systems, Inc. | * | | | 6,929 | | | | 101,856 | |
| Agilent Technologies, Inc. | * | | | 19,030 | | | | 600,587 | |
| Agilysys, Inc. | | 1,335 | | | | 24,030 | |
| Alliance Fiber Optic Products, Inc. | * | | | 4,817 | | | | 6,985 | |
| Alliance Semiconductor Corporation | * | | | 1,335 | | | | 3,618 | |
| Altera Corporation | * | | | 14,718 | | | | 258,301 | |
| American Power Conversion Corporation | † | | | 8,237 | | | | 160,539 | |
| American Superconductor Corporation | *† | | | 1,147 | | | | 10,128 | |
| AMIS Holdings, Inc. | * | | | 850 | | | | 8,500 | |
| Amkor Technology, Inc. | *† | | | 7,211 | | | | 68,216 | |
| Amphenol Corporation Class A | | 3,688 | | | | 206,380 | |
| Analog Devices, Inc. | | 15,241 | | | | 489,846 | |
| Anaren, Inc. | * | | | 813 | | | | 16,658 | |
| Applied Micro Circuits Corporation | * | | | 12,746 | | | | 34,797 | |
| Arrow Electronics, Inc. | * | | | 4,585 | | | | 147,637 | |
| Atheros Communications, Inc. | * | | | 2,700 | | | | 51,192 | |
| Atmel Corporation | * | | | 18,733 | | | | 103,968 | |
| ATMI, Inc. | *† | | | 1,559 | | | | 38,383 | |
| Avanex Corporation | * | | | 5,030 | | | | 8,853 | |
| Avnet, Inc. | * | | | 5,129 | | | | 102,683 | |
| AXT, Inc. | * | | | 946 | | | | 3,065 | |
| Barnes Group, Inc. | | 2,018 | | | | 40,259 | |
| Bel Fuse, Inc. Class A | | 545 | | | | 14,797 | |
| Belden CDT, Inc. | | 1,894 | | | | 62,597 | |
| Benchmark Electronics, Inc. | *† | | | 2,520 | | | | 60,782 | |
| Broadcom Corporation Class A | * | | | 16,147 | | | | 485,217 | |
| California Micro Devices Corporation | * | | | 745 | | | | 2,980 | |
| Caliper Life Sciences, Inc. | * | | | 867 | | | | 4,326 | |
| Carlisle Companies, Inc. | | 1,226 | | | | 97,222 | |
| Catalyst Semiconductor, Inc. | * | | | 2,415 | | | | 8,766 | |
| Catapult Communications Corporation | * | | | 750 | | | | 8,175 | |
| Ceradyne, Inc. | *† | | | 1,867 | | | | 92,398 | |
| Ceva, Inc. | * | | | 692 | | | | 4,000 | |
| Conexant Systems, Inc. | * | | | 20,460 | | | | 51,150 | |
| Cree, Inc. | *† | | | 3,097 | | | | 73,585 | |
| CTS Corporation | | 1,580 | | | | 23,526 | |
| Cymer, Inc. | * | | | 1,498 | | | | 69,597 | |
| Cypress Semiconductor Corporation | *† | | | 4,876 | | | | 70,897 | |
| DRS Technologies, Inc. | † | | | 1,486 | | | | 72,443 | |
| Diodes, Inc. | | 1,600 | | | | 66,304 | |
| Dolby Laboratories, Inc. Class A | * | | | 1,370 | | | | 31,921 | |
| DSP Group, Inc. | * | | | 1,194 | | | | 29,671 | |
| EDO Corporation | | 1,198 | | | | 29,159 | |
| Emcor Group, Inc. | * | | | 1,454 | | | | 70,766 | |
| Emcore Corporation | * | | | 1,219 | | | | 11,702 | |
| EMS Technologies, Inc. | * | | | 960 | | | | 17,251 | |
| ESCO Technologies, Inc. | * | | | 1,222 | | | | 65,316 | |
| ESS Technology | * | | | 1,759 | | | | 3,799 | |
| Esterline Technologies Corporation | * | | | 1,049 | | | | 43,628 | |
See accompanying notes to financial statements.
173
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| Exar Corporation | * | | | 1,758 | | | $ | 23,329 | |
| Fairchild Semiconductor International, Inc. | *† | | | 4,903 | | | | 89,088 | |
| Finisar Corporation | * | | | 6,855 | | | | 22,416 | |
| Flir Systems, Inc. | *† | | | 2,804 | | | | 61,856 | |
| Freescale Semiconductor, Inc. Class B | * | | | 16,161 | | | | 475,133 | |
| FSI International, Inc. | * | | | 1,479 | | | | 10,190 | |
| Garmin Ltd. (Cayman Islands) | † | | | 1,000 | | | | 105,440 | |
| HEI, Inc. | * | | | 1,050 | | | | 2,279 | |
| HI/FN, Inc. | * | | | 681 | | | | 4,209 | |
| Hutchinson Technology, Inc. | * | | | 1,149 | | | | 24,853 | |
| Imation Corporation | | 1,564 | | | | 64,202 | |
| Innovex, Inc. | * | | | 1,922 | | | | 7,342 | |
| Integrated Device Technology, Inc. | * | | | 8,168 | | | | 115,822 | |
| Integrated Silicon Solutions, Inc. | * | | | 1,269 | | | | 6,992 | |
| Intel Corporation | | 237,652 | | | | 4,503,505 | |
| International Rectifier Corporation | * | | | 2,631 | | | | 102,819 | |
| Intersil Corporation Class A | | 5,757 | | | | 133,850 | |
| IXYS Corporation | * | | | 1,329 | | | | 12,758 | |
| JDS Uniphase Corporation | * | | | 59,556 | | | | 150,677 | |
| Jabil Circuit, Inc. | * | | | 8,287 | | | | 212,147 | |
| Kemet Corporation | * | | | 3,407 | | | | 31,413 | |
| KVH Industries, Inc. | * | | | 375 | | | | 4,373 | |
| LSI Logic Corporation | *† | | | 15,734 | | | | 140,819 | |
| Lattice Semiconductor Corporation | * | | | 4,395 | | | | 27,161 | |
| Lightpath Technologies, Inc. Class A | *† | | | 1,526 | | | | 6,196 | |
| Linear Technology Corporation | | 12,363 | | | | 414,037 | |
| MIPS Technologies, Inc. Class A | * | | | 2,228 | | | | 13,524 | |
| MRV Communications, Inc. | * | | | 4,567 | | | | 14,203 | |
| Magnetek, Inc. | * | | | 1,406 | | | | 3,796 | |
| Mattson Technology, Inc. | * | | | 1,760 | | | | 17,195 | |
| Maxim Integrated Products, Inc. | | 14,235 | | | | 457,086 | |
| Maxwell Technologies, Inc. | *† | | | 370 | | | | 7,263 | |
| MEMC Electronics Materials, Inc. | * | | | 5,481 | | | | 205,538 | |
| Mercury Computer Systems, Inc. | * | | | 963 | | | | 14,821 | |
| Merix Corporation | *† | | | 674 | | | | 7,394 | |
| Methode Electronics, Inc. | | 1,383 | | | | 14,535 | |
| Micrel, Inc. | * | | | 3,731 | | | | 37,347 | |
| Micro Linear Corporation | * | | | 1,440 | | | | 3,456 | |
| Microchip Technology, Inc. | | 8,640 | | | | 289,872 | |
| Micron Technology, Inc. | * | | | 25,902 | | | | 390,084 | |
| Microsemi Corporation | *† | | | 2,474 | | | | 60,316 | |
| Mobility Electronics, Inc. | * | | | 674 | | | | 4,893 | |
| Molex, Inc. | † | | | 5,599 | | | | 187,958 | |
| Moscow CableCom Corporation | *† | | | 1,900 | | | | 19,893 | |
| MoSys, Inc. | | 1,251 | | | | 9,783 | |
| National Semiconductor Corporation | | 14,384 | | | | 343,058 | |
| Novellus Systems, Inc. | * | | | 6,320 | | | | 156,104 | |
| Nu Horizons Electronics Corporation | * | | | 1,207 | | | | 11,648 | |
| Numerex Corporation Class A | * | | | 1,800 | | | | 12,870 | |
| Omnivision Technologies, Inc. | *† | | | 2,354 | | | | 49,716 | |
| ON Semiconductor Corporation | *† | | | 4,276 | | | | 25,143 | |
| Oplink Communications, Inc. | * | | | 758 | | | | 13,879 | |
| Optelecom, Inc. | * | | | 819 | | | | 10,917 | |
| OSI Systems, Inc. | *† | | | 867 | | | | 15,407 | |
| Park Electrochemical Corporation | | 1,086 | | | | 27,965 | |
| Pericom Semiconductor Corporation | * | | | 1,023 | | | | 8,491 | |
| Photronics, Inc. | * | | | 1,388 | | | | 20,542 | |
| Pixelworks, Inc. | * | | | 1,927 | | | | 5,261 | |
| Plexus Corporation | * | | | 1,884 | | | | 64,452 | |
| PLX Technology, Inc. | * | | | 1,050 | | | | 12,831 | |
| Power Integrations, Inc. | * | | | 1,262 | | | | 22,060 | |
| Power-One, Inc. | * | | | 3,459 | | | | 22,829 | |
| QLogic Corporation | * | | | 7,842 | | | | 135,196 | |
| Quicklogic Corporation | * | | | 1,050 | | | | 5,135 | |
| RF Micro Devices, Inc. | * | | | 7,206 | | | | 43,020 | |
| Rambus, Inc. | * | | | 4,071 | | | | 92,860 | |
| Raytheon Company | | 18,171 | | | | 809,881 | |
| Research Frontiers, Inc. | *† | | | 752 | | | | 3,895 | |
| Rockwell Collins, Inc. | | 7,347 | | | | 410,477 | |
| Rofin-Sinar Technologies, Inc. | * | | | 1,100 | | | | 63,217 | |
| Rogers Corporation | * | | | 803 | | | | 45,241 | |
| Rudolph Technologies, Inc. | * | | | 1,247 | | | | 18,082 | |
| Sanmina-SCI Corporation | * | | | 21,464 | | | | 98,734 | |
| Semtech Corporation | * | | | 2,970 | | | | 42,917 | |
| Sigmatel, Inc. | * | | | 797 | | | | 3,276 | |
| Sigmatron International, Inc. | * | | | 282 | | | | 2,372 | |
| Silicon Image, Inc. | * | | | 2,948 | | | | 31,779 | |
| Silicon Laboratories, Inc. | *† | | | 2,124 | | | | 74,659 | |
| Silicon Storage Technology, Inc. | * | | | 3,793 | | | | 15,400 | |
| Skyworks Solutions, Inc. | * | | | 5,822 | | | | 32,079 | |
| Somera Communications, Inc. | | 275 | | | | 1,169 | |
| Spansion LLC—Class A | *† | | | 1,900 | | | | 30,286 | |
| Spectrum Control, Inc. | * | | | 1,195 | | | | 11,054 | |
| Spire Corporation | *† | | | 2,500 | | | | 18,825 | |
| Staktek Holdings, Inc. | * | | | 42 | | | | 204 | |
| Stratos International, Inc. | * | | | 973 | | | | 6,665 | |
| Sycamore Networks, Inc. | * | | | 9,917 | | | | 40,263 | |
| Synaptics, Inc. | *† | | | 1,057 | | | | 22,620 | |
| Technitrol, Inc. | | 1,866 | | | | 43,198 | |
| Tegal Corporation | * | | | 3,754 | | | | 1,427 | |
| Teledyne Technologies, Inc. | * | | | 1,228 | | | | 40,229 | |
| Teradyne, Inc. | *† | | | 7,938 | | | | 110,576 | |
| Tessera Technologies, Inc. | *† | | | 1,560 | | | | 42,900 | |
| Texas Instruments, Inc. | | 65,886 | | | | 1,995,687 | |
| Transmeta Corporation | * | | | 5,029 | | | | 8,147 | |
| Transwitch Corporation | * | | | 2,483 | | | | 5,239 | |
| Trident Microsystems, Inc. | *† | | | 3,018 | | | | 57,282 | |
| Trimble Navigation Ltd. | * | | | 2,072 | | | | 92,494 | |
| Triquint Semiconductor, Inc. | * | | | 4,918 | | | | 21,934 | |
| TTM Technologies, Inc. | * | | | 1,639 | | | | 23,716 | |
| Tvia, Inc. | * | | | 4,026 | | | | 14,494 | |
| Tyler Technologies, Inc. | * | | | 1,886 | | | | 21,123 | |
| Varian Semiconductor Equipment Associates, Inc. | * | | | 2,245 | | | | 73,209 | |
| Virage Logic Corporation | * | | | 901 | | | | 8,460 | |
| Vishay Intertechnology, Inc. | *† | | | 9,742 | | | | 153,242 | |
| Wesco International, Inc. | * | | | 1,550 | | | | 103,478 | |
| Xilinx, Inc. | | 15,105 | | | | 342,128 | |
| Zoran Corporation | * | | | 1,650 | | | | 40,161 | |
| | | 19,095,889 | |
Entertainment & Leisure—1.7% |
| Avid Technology, Inc. | *† | | | 1,448 | | | | 48,262 | |
| Bally Technologies, Inc. | *† | | | 1,971 | | | | 32,462 | |
| Bally Total Fitness Holding Corporation | *† | | | 1,306 | | | | 8,855 | |
| Blockbuster, Inc. Class A | | 7,850 | | | | 39,093 | |
| Callaway Golf Company | † | | | 2,881 | | | | 37,424 | |
| Cedar Fair, LP | | 2,300 | | | | 61,042 | |
| Churchill Downs, Inc. | | 638 | | | | 23,893 | |
| Concord Camera Corporation | * | | | 2,863 | | | | 1,832 | |
| Discovery Holding Company Class A | *† | | | 10,903 | | | | 159,511 | |
| Dover Downs Gaming & Entertainment, Inc. | | 1,710 | | | | 33,584 | |
| Dover Motorsports, Inc. | | 1,645 | | | | 9,656 | |
See accompanying notes to financial statements.
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| DreamWorks Animation SKG, Inc. Class A | *† | | | 1,300 | | | $ | 29,770 | |
| Eastman Kodak Company | † | | | 11,893 | | | | 282,816 | |
| Gaylord Entertainment Company | *† | | | 1,772 | | | | 77,330 | |
| Harrah’s Entertainment, Inc. | | 7,234 | | | | 514,916 | |
| Hasbro, Inc. | | 7,242 | | | | 131,153 | |
| Hollywood Media Corporation | * | | | 1,494 | | | | 5,707 | |
| Image Entertainment, Inc. | * | | | 299 | | | | 1,079 | |
| International Speedway Corporation Class A | | 1,190 | | | | 55,180 | |
| Jakks Pacific, Inc. | * | | | 925 | | | | 18,583 | |
| K2, Inc. | * | | | 2,544 | | | | 27,831 | |
| Leapfrog Enterprises, Inc. | *† | | | 1,261 | | | | 12,736 | |
| Live Nation, Inc. | * | | | 2,705 | | | | 55,074 | |
| Macrovision Corporation | * | | | 2,053 | | | | 44,181 | |
| Mattel, Inc. | | 16,641 | | | | 274,743 | |
| Multimedia Games, Inc. | *† | | | 1,202 | | | | 12,176 | |
| Nashua Corporation | * | | | 1,541 | | | | 10,587 | |
| National Lampoon, Inc. | * | | | 3,300 | | | | 4,620 | |
| Nautilus Group, Inc. | † | | | 1,359 | | | | 21,350 | |
| New Frontier Media, Inc. | * | | | 3,808 | | | | 27,303 | |
| News Corporation, Inc. Class A | | 94,667 | | | | 1,815,713 | |
| Penn National Gaming, Inc. | * | | | 2,586 | | | | 100,285 | |
| Pinnacle Entertainment, Inc. | * | | | 1,629 | | | | 49,929 | |
| RC2 Corporation | * | | | 1,650 | | | | 63,789 | |
| Regal Entertainment Group Class A | † | | | 2,743 | | | | 55,738 | |
| Six Flags, Inc. | *† | | | 3,814 | | | | 21,435 | |
| Sonic Solutions, Inc. | *† | | | 889 | | | | 14,669 | |
| Speedway Motorsports, Inc. | | 149 | | | | 5,623 | |
| Steinway Musical Instruments, Inc. | * | | | 683 | | | | 16,747 | |
| Time Warner, Inc. | | 177,233 | | | | 3,066,131 | |
| Walt Disney Company | | 82,564 | | | | 2,476,920 | |
| Westwood One, Inc. | | 4,247 | | | | 31,853 | |
| WMS Industries, Inc. | *† | | | 1,269 | | | | 34,758 | |
| World Wrestling Entertainment, Inc. | | 1,030 | | | | 17,397 | |
| Xerox Corporation | *† | | | 41,462 | | | | 576,736 | |
| | | 10,410,472 | |
Financial Services—4.2% |
| Accredited Home Lenders Holding Company | * | | | 729 | | | | 34,853 | |
| Aether Holdings, Inc. | * | | | 1,368 | | | | 7,524 | |
| Affiliated Managers Group | *† | | | 1,354 | | | | 117,649 | |
| AG Edwards, Inc. | | 3,542 | | | | 195,943 | |
| AllianceBernstein Holding, LP | | 1,100 | | | | 67,254 | |
| American Home Mortgage Investment Corporation REIT | † | | | 1,107 | | | | 40,804 | |
| Ameriprise Financial, Inc. | | 9,235 | | | | 412,527 | |
| Ampal American Israel Corporation Class A | * | | | 1,391 | | | | 6,955 | |
| Anworth Mortgage Asset Corporation REIT | | 834 | | | | 6,922 | |
| Ashford Hospitality Trust, Inc. REIT | | 4,200 | | | | 53,004 | |
| Bear Stearns Companies, Inc. (The) | | 4,068 | | | | 569,845 | |
| Berkshire Hathaway, Inc. Class A | * | | | 43 | | | | 3,941,337 | |
| BlackRock, Inc. | † | | | 906 | | | | 126,088 | |
| Calamos Asset Management, Inc. Class A | | 1,800 | | | | 52,182 | |
| Capital Trust Class A | | 523 | | | | 18,629 | |
| CapitalSource, Inc. | † | | | 4,975 | | | | 116,714 | |
| Catskill Litigation Trust | *‡*** | | | 582 | | | | — | |
| CentraCore Properties Trust REIT | | 397 | | | | 9,826 | |
| Charles Schwab Corporation (The) | | 44,790 | | | | 715,744 | |
| CharterMac | | 1,905 | | | | 35,643 | |
| Cherokee, Inc. | | 994 | | | | 41,112 | |
| Chicago Mercantile Exchange | | 1,115 | | | | 547,632 | |
| Countrywide Financial Corporation | | 24,520 | | | | 933,722 | |
| Diamond Hill Investment Group, Inc. | * | | | 1,310 | | | | 61,609 | |
| DiamondRock Hospitality Company REIT | | 3,930 | | | | 58,203 | |
| Digital Realty Trust, Inc. REIT | | 2,000 | | | | 49,380 | |
| Doral Financial Corporation (Puerto Rico) | † | | | 4,427 | | | | 28,377 | |
| E*Trade Financial Corporation | * | | | 14,978 | | | | 341,798 | |
| Eaton Vance Corporation | | 5,282 | | | | 131,839 | |
| ePresense, Inc. | ‡*** | | | 1,173 | | | | — | |
| Equity Lifestyle Properties, Inc. REIT | | 1,140 | | | | 49,966 | |
| Federal Home Loan Mortgage Corporation | | 28,070 | | | | 1,600,271 | |
| Federal National Mortgage Association | | 39,421 | | | | 1,896,150 | |
| Federated Investors, Inc. Class B | | 4,508 | | | | 142,002 | |
| Fieldstone Investment Corporation REIT | | 1,900 | | | | 17,404 | |
| First Marblehead Corporation (The) | † | | | 1,843 | | | | 104,940 | |
| Franklin Resources, Inc. | | 6,114 | | | | 530,756 | |
| Franklin Street Properties Corporation REIT | | 2,200 | | | | 43,296 | |
| Friedman Billings Ramsey Group, Inc. Class A | † | | | 6,080 | | | | 66,698 | |
| GAMCO Investors, Inc. Class A | | 558 | | | | 20,512 | |
| Goldman Sachs Group, Inc. | | 15,047 | | | | 2,263,520 | |
| Highland Hospitality Corporation REIT | | 4,200 | | | | 59,136 | |
| Inland Real Estate Corporation REIT | | 4,700 | | | | 69,936 | |
| Integrated Telecom Express, Inc. | ‡*** | | | 1,103 | | | | — | |
| Investment Technology Group, Inc. | * | | | 2,078 | | | | 105,687 | |
| Janus Capital Group, Inc. | | 9,990 | | | | 178,821 | |
| Jefferies Group, Inc. | | 4,678 | | | | 138,609 | |
| Kent Financial Services, Inc. | * | | | 2,200 | | | | 5,060 | |
| Kilroy Realty Corporation REIT | † | | | 1,316 | | | | 95,081 | |
| KKR Financial Corporation REIT | | 3,300 | | | | 68,673 | |
| Knight Capital Group, Inc. Class A | * | | | 4,630 | | | | 70,515 | |
| LaBranche & Company, Inc. | *† | | | 2,588 | | | | 31,341 | |
| Ladenburg Thalmann Financial Services, Inc. | * | | | 495 | | | | 495 | |
| Legg Mason, Inc. | | 4,150 | | | | 413,008 | |
| Lehman Brothers Holdings, Inc. | | 22,536 | | | | 1,468,220 | |
| Macerich Company (The) REIT | | 2,360 | | | | 165,672 | |
| Merrill Lynch & Company, Inc. | | 36,526 | | | | 2,540,749 | |
| MFA Mortgage Investments, Inc. REIT | | 4,149 | | | | 28,545 | |
| Morgan Stanley | | 40,443 | | | | 2,556,402 | |
| National Retail Properties, Inc. REIT | | 2,356 | | | | 47,002 | |
| New Century Financial Corporation REIT | † | | | 1,311 | | | | 59,978 | |
| Nuveen Investments, Inc. Class A | † | | | 2,324 | | | | 100,048 | |
| NYSE Group, Inc. | *† | | | 2,070 | | | | 141,754 | |
| Omega Healthcare Investors, Inc. REIT | | 4,100 | | | | 54,202 | |
| Pennsylvania REIT | | 1,510 | | | | 60,959 | |
| Potlatch Corp. REIT | | 1,618 | | | | 61,080 | |
| PS Business Parks, Inc. REIT | | 1,323 | | | | 78,057 | |
| Raymond James Financial, Inc. | | 5,311 | | | | 160,764 | |
| Reckson Associates Realty Corporation REIT | † | | | 2,412 | | | | 99,809 | |
| Republic Property Trust REIT | | 3,200 | | | | 31,616 | |
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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| Saxon REIT, Inc. REIT | | 1,295 | | | $ | 14,815 | |
| SEI Investments Company | | 2,959 | | | | 144,636 | |
| Siebert Financial Corporation | * | | | 1,469 | | | | 3,555 | |
| Spirit Finance Corporation REIT | | 5,700 | | | | 64,182 | |
| SumTotal Systems, Inc. | * | | | 317 | | | | 1,988 | |
| Superior Bancorp | † | | | 895 | | | | 9,845 | |
| SWS Group, Inc. | | 882 | | | | 21,274 | |
| T. Rowe Price Group, Inc. | | 10,332 | | | | 390,653 | |
| Tanger Factory Outlet Centers REIT | | 2,200 | | | | 71,214 | |
| TD Ameritrade Holding Corp. | | 12,454 | | | | 184,444 | |
| Trustreet Properties, Inc. REIT | | 2,089 | | | | 27,554 | |
| U-Store-It Trust REIT | | 3,600 | | | | 67,896 | |
| Value Line, Inc. | | 573 | | | | 24,467 | |
| Waddell & Reed Financial, Inc. Class A | | 3,971 | | | | 81,644 | |
| Westwood Holdings Group, Inc. | | 1,027 | | | | 19,308 | |
| | | 25,477,324 | |
Food Retailers—0.5% |
| Arden Group, Inc. Class A | | 260 | | | | 29,424 | |
| Kroger Company | * | | | 29,621 | | | | 647,515 | |
| Panera Bread Company Class A | *† | | | 1,250 | | | | 84,050 | |
| Pantry, Inc. (The) | * | | | 1,200 | | | | 69,048 | |
| Pathmark Stores, Inc. | * | | | 950 | | | | 8,940 | |
| Ruddick Corporation | | 1,967 | | | | 48,211 | |
| Safeway, Inc. | | 17,256 | | | | 448,656 | |
| Starbucks Corporation | * | | | 32,260 | | | | 1,218,138 | |
| Weis Markets, Inc. | | 382 | | | | 15,738 | |
| Whole Foods Market, Inc. | | 5,036 | | | | 325,527 | |
| Wild Oats Markets, Inc. | *† | | | 1,309 | | | | 25,656 | |
| | | 2,920,903 | |
Forest Products & Paper—0.7% |
| American Woodmark Corporation | | 800 | | | | 28,032 | |
| Beacon Roofing Supply, Inc. | * | | | 2,570 | | | | 56,566 | |
| Bemis Company | | 4,410 | | | | 135,034 | |
| Bowater, Inc. | † | | | 2,289 | | | | 52,075 | |
| Buckeye Technologies, Inc. | * | | | 1,251 | | | | 9,558 | |
| Building Material Holding Corporation | † | | | 1,800 | | | | 50,166 | |
| Caraustar Industries, Inc. | * | | | 1,610 | | | | 14,490 | |
| Chesapeake Corporation | | 814 | | | | 13,358 | |
| Deltic Timber Corporation | | 724 | | | | 40,812 | |
| Glatfelter | | 1,740 | | | | 27,614 | |
| Greif, Inc. Class A | | 426 | | | | 31,933 | |
| International Paper Company | | 21,137 | | | | 682,725 | |
| Kimberly Clark Corporation | | 19,534 | | | | 1,205,248 | |
| Longview Fibre Company | | 2,324 | | | | 44,365 | |
| Martin Marietta Materials, Inc. | | 1,737 | | | | 158,328 | |
| MeadWestvaco Corporation | | 9,124 | | | | 254,833 | |
| Neenah Paper, Inc. | | 652 | | | | 19,853 | |
| Packaging Corporation of America | | 4,339 | | | | 95,545 | |
| Pactiv Corporation | * | | | 6,523 | | | | 161,444 | |
| Playtex Products, Inc. | *† | | | 2,449 | | | | 25,543 | |
| Pope & Talbot, Inc. | | 894 | | | | 5,570 | |
| Rock-Tenn Company Class A | | 1,450 | | | | 23,128 | |
| Schweitzer-Mauduit International, Inc. | | 724 | | | | 15,675 | |
| Smurfit-Stone Container Corporation | * | | | 10,013 | | | | 109,542 | |
| Sonoco Products Company | | 3,353 | | | | 106,122 | |
| Temple-Inland, Inc. | | 4,506 | | | | 193,172 | |
| United Stationers, Inc. | * | | | 1,278 | | | | 63,031 | |
| US Home Systems, Inc. | * | | | 1,291 | | | | 12,510 | |
| Wausau Paper Corporation | | 1,903 | | | | 23,692 | |
| Weyerhaeuser Company | | 8,921 | | | | 555,332 | |
| | | 4,215,296 | |
Health Care Providers—1.3% |
| Alliance Imaging, Inc. | * | | | 1,429 | | | | 9,146 | |
| American Retirement Corporation | * | | | 2,600 | | | | 85,202 | |
| Amsurg Corporation | *† | | | 1,423 | | | | 32,373 | |
| Apria Healthcare Group, Inc. | * | | | 2,101 | | | | 39,709 | |
| Caremark Rx, Inc. | * | | | 19,354 | | | | 965,184 | |
| Community Health Systems, Inc. | * | | | 4,282 | | | | 157,364 | |
| Covance, Inc. | * | | | 2,839 | | | | 173,804 | |
| Coventry Health Care, Inc. | * | | | 6,568 | | | | 360,846 | |
| Cross Country Healthcare, Inc. | * | | | 1,339 | | | | 24,356 | |
| CryoLife, Inc. | * | | | 937 | | | | 5,060 | |
| DaVita, Inc. | * | | | 4,290 | | | | 213,213 | |
| Edwards Lifesciences Corporation | * | | | 2,575 | | | | 116,982 | |
| Enzo Biochem, Inc. | *† | | | 1,353 | | | | 20,403 | |
| Enzon Pharmaceuticals, Inc. | *† | | | 1,765 | | | | 13,308 | |
| Express Scripts, Inc. | * | | | 5,318 | | | | 381,513 | |
| Genesis HealthCare Corporation | *† | | | 975 | | | | 46,186 | |
| HCA, Inc. | | 17,362 | | | | 749,170 | |
| Health Management Associates, Inc. Class A | | 9,953 | | | | 196,174 | |
| Healthspring, Inc. | * | | | 2,400 | | | | 45,000 | |
| Healthways, Inc. | * | | | 1,362 | | | | 71,696 | |
| Hooper Holmes, Inc. | | 1,959 | | | | 5,975 | |
| Immunomedics, Inc. | *† | | | 2,141 | | | | 5,652 | |
| Interleukin Genetics, Inc. | *† | | | 2,825 | | | | 16,244 | |
| Kindred Healthcare, Inc. | * | | | 1,800 | | | | 46,800 | |
| Laboratory Corporation of America Holdings | * | | | 5,915 | | | | 368,090 | |
| LCA-Vision, Inc. | † | | | 616 | | | | 32,593 | |
| LifePoint Hospitals, Inc. | * | | | 2,149 | | | | 69,047 | |
| Lincare Holdings, Inc. | * | | | 4,169 | | | | 157,755 | |
| Manor Care, Inc. | † | | | 3,698 | | | | 173,510 | |
| Matria Healthcare, Inc. | *† | | | 870 | | | | 18,635 | |
| National Healthcare Corporation | | 431 | | | | 19,201 | |
| Nektar Therapeutics | *† | | | 2,368 | | | | 43,429 | |
| NovaMed, Inc. | * | | | 1,250 | | | | 8,438 | |
| Odyssey HealthCare, Inc. | *† | | | 1,593 | | | | 27,989 | |
| Pediatrix Medical Group, Inc. | * | | | 2,182 | | | | 98,845 | |
| Psychemedics Corporation | | 302 | | | | 5,303 | |
| Psychiatric Solutions, Inc. | * | | | 2,662 | | | | 76,293 | |
| RehabCare Group, Inc. | * | | | 739 | | | | 12,844 | |
| Sagemark Companies Ltd. | * | | | 1,088 | | | | 1,404 | |
| Sierra Health Services, Inc. | * | | | 2,474 | | | | 111,404 | |
| Sunrise Senior Living, Inc. | * | | | 1,950 | | | | 53,918 | |
| Symbion, Inc. | *† | | | 1,415 | | | | 29,375 | |
| Tenet Healthcare Corporation | * | | | 19,289 | | | | 134,637 | |
| Triad Hospitals, Inc. | * | | | 3,297 | | | | 130,495 | |
| U.S. Physical Therapy, Inc. | * | | | 1,300 | | | | 19,032 | |
| United Surgical Partners International, Inc. | * | | | 1,912 | | | | 57,494 | |
| UnitedHealth Group, Inc. | | 55,430 | | | | 2,482,155 | |
| Universal Health Services, Inc. Class B | | 2,373 | | | | 119,267 | |
| VCA Antech, Inc. | * | | | 3,442 | | | | 109,903 | |
| VistaCare, Inc. Class A | *† | | | 1,341 | | | | 16,226 | |
| | | 8,158,642 | |
Heavy Construction—0.1% |
| Blount International, Inc. | * | | | 1,532 | | | | 18,415 | |
| Centex Corporation | † | | | 4,760 | | | | 239,428 | |
| Granite Construction, Inc. | | 1,889 | | | | 85,515 | |
| Hovnanian Enterprises, Inc. | *† | | | 1,478 | | | | 44,458 | |
| Lennar Corporation Class A | † | | | 5,675 | | | | 251,800 | |
| Levitt Corporation Class A | † | | | 763 | | | | 12,208 | |
| M/I Homes, Inc. | | 610 | | | | 21,399 | |
| McDermott International, Inc. | * | | | 4,138 | | | | 188,155 | |
See accompanying notes to financial statements.
176
SCHEDULE OF INVESTMENTS—(Continued)
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| McGrath Rentcorp | † | | | 916 | | | $ | 25,474 | |
| WCI Communities, Inc. | *† | | | 1,921 | | | | 38,689 | |
| | | 925,541 | |
Heavy Machinery—2.7% |
| Ablest, Inc. | * | | | 850 | | | | 7,225 | |
| Actuant Corporation Class A | | 1,011 | | | | 50,499 | |
| Agco Corporation | * | | | 3,068 | | | | 80,750 | |
| American Standard Companies, Inc. | | 7,063 | | | | 305,616 | |
| Ampco-Pittsburgh Corporation | | 613 | | | | 17,562 | |
| Applied Industrial Technologies, Inc. | | 2,056 | | | | 49,981 | |
| Applied Materials, Inc. | | 64,912 | | | | 1,056,767 | |
| Astec Industries, Inc. | * | | | 821 | | | | 28,013 | |
| Asyst Technologies, Inc. | * | | | 1,782 | | | | 13,418 | |
| Aviall, Inc. | * | | | 1,365 | | | | 64,865 | |
| Axcelis Technologies, Inc. | * | | | 4,095 | | | | 24,161 | |
| Baker Hughes, Inc. | | 13,494 | | | | 1,104,484 | |
| Black & Decker Corporation | | 3,225 | | | | 272,384 | |
| Briggs & Stratton Corporation | | 1,822 | | | | 56,682 | |
| Brooks Automation, Inc. | *† | | | 3,103 | | | | 36,615 | |
| Cameron International Corp. | | 3,466 | | | | 165,571 | |
| Caterpillar, Inc. | | 27,818 | | | | 2,071,885 | |
| Cummins, Inc. | † | | | 1,755 | | | | 214,549 | |
| Deere & Company | | 9,859 | | | | 823,128 | |
| Donaldson Company, Inc. | | 3,810 | | | | 129,045 | |
| Dover Corporation | | 7,805 | | | | 385,801 | |
| Dril-Quip, Inc. | * | | | 988 | | | | 81,451 | |
| Dycom Industries, Inc. | * | | | 2,076 | | | | 44,198 | |
| Eaton Corporation | | 6,607 | | | | 498,168 | |
| Electroglas, Inc. | * | | | 1,990 | | | | 6,050 | |
| EnPro Industries, Inc. | * | | | 981 | | | | 32,962 | |
| Entegris, Inc. | * | | | 5,738 | | | | 54,683 | |
| Fedders Corporation | | 1,828 | | | | 4,424 | |
| Flow International Corporation | † | | | 2,200 | | | | 30,954 | |
| Flowserve Corporation | * | | | 2,375 | | | | 135,138 | |
| FMC Technologies, Inc. | * | | | 2,695 | | | | 181,805 | |
| Gardner Denver, Inc. | * | | | 1,836 | | | | 70,686 | |
| Graco, Inc. | | 2,883 | | | | 132,560 | |
| Grant Prideco, Inc. | * | | | 4,753 | | | | 212,697 | |
| H&E Equipment Services, Inc. | * | | | 1,600 | | | | 47,120 | |
| Hurco Companies, Inc. | * | | | 300 | | | | 7,707 | |
| Hydril | * | | | 1,094 | | | | 85,901 | |
| Idex Corporation | | 2,203 | | | | 103,982 | |
| Ingersoll-Rand Company Class A | | 13,496 | | | | 577,359 | |
| Insituform Technologies, Inc. Class A | * | | | 1,223 | | | | 27,994 | |
| Intermec, Inc. | *† | | | 2,374 | | | | 54,460 | |
| Joy Global, Inc. | | 4,599 | | | | 239,562 | |
| Kadant, Inc. | * | | | 721 | | | | 16,583 | |
| Kaydon Corporation | | 1,422 | | | | 53,055 | |
| Kennametal, Inc. | | 1,598 | | | | 99,476 | |
| Knight Transportation, Inc. | | 3,879 | | | | 78,356 | |
| Kulicke and Soffa Industries, Inc. | * | | | 2,008 | | | | 14,879 | |
| Lam Research Corporation | * | | | 5,335 | | | | 248,718 | |
| Lennox International, Inc. | | 2,437 | | | | 64,532 | |
| Lindsay Manufacturing Company | | 808 | | | | 21,913 | |
| Lufkin Industries, Inc. | | 1,000 | | | | 59,430 | |
| Manitowoc Company | | 2,522 | | | | 112,229 | |
| Matrix Service Company | * | | | 468 | | | | 5,354 | |
| Modine Manufacturing Company | | 1,208 | | | | 28,219 | |
| NACCO Industries, Inc. Class A | | 309 | | | | 42,460 | |
| NATCO Group, Inc. Class A | * | | | 900 | | | | 36,180 | |
| National-Oilwell Varco, Inc. | * | | | 7,090 | | | | 448,939 | |
| Nordson Corporation | | 1,522 | | | | 74,852 | |
| Oil States International, Inc. | * | | | 2,026 | | | | 69,451 | |
| Oilgear Company (The) | * | | | 1,300 | | | | 17,199 | |
| Pall Corporation | | 5,186 | | | | 145,208 | |
| Paragon Technologies, Inc. | * | | | 1,800 | | | | 15,804 | |
| Parker Hannifin Corporation | | 5,221 | | | | 405,150 | |
| Pentair, Inc. | | 3,618 | | | | 123,699 | |
| Robbins & Myers, Inc. | | 868 | | | | 22,690 | |
| Rockwell Automation, Inc. | | 7,135 | | | | 513,791 | |
| Sauer-Danfoss, Inc. | | 1,531 | | | | 38,918 | |
| Semitool, Inc. | * | | | 1,060 | | | | 9,561 | |
| SPX Corporation | | 3,125 | | | | 174,844 | |
| Standex International Corporation | | 724 | | | | 21,973 | |
| Stanley Works (The) | | 3,365 | | | | 158,895 | |
| Tecumseh Products Company Class A | | 712 | | | | 13,670 | |
| Tennant Company | | 640 | | | | 32,179 | |
| Terex Corporation | * | | | 2,062 | | | | 203,519 | |
| Timken Company | | 3,702 | | | | 124,054 | |
| Toro Company | | 2,550 | | | | 119,085 | |
| TurboChef Technologies, Inc. | *† | | | 993 | | | | 11,042 | |
| Ultratech, Inc. | * | | | 971 | | | | 15,284 | |
| United Technologies Corporation | | 38,454 | | | | 2,438,753 | |
| Varian Medical Systems, Inc. | * | | | 5,512 | | | | 260,993 | |
| W.W. Grainger, Inc. | | 3,286 | | | | 247,206 | |
| Watsco, Inc. | | 553 | | | | 33,080 | |
| Willis Lease Finance Corporation | * | | | 1,234 | | | | 11,624 | |
| WJ Communications, Inc. | * | | | 1,509 | | | | 2,233 | |
| Woodward Governor Company | | 1,224 | | | | 37,344 | |
| | | 16,261,286 | |
Home Construction, Furnishings & Appliances—0.7% |
| American Technology Corporation | *† | | | 3,686 | | | | 9,842 | |
| Applica, Inc. | * | | | 1,507 | | | | 6,661 | |
| Bassett Furniture Industries, Inc. | | 1,139 | | | | 21,083 | |
| BE Aerospace, Inc. | * | | | 2,393 | | | | 54,704 | |
| Beazer Homes USA, Inc. | | 1,494 | | | | 68,530 | |
| Brookfield Homes Corporation | † | | | 1,218 | | | | 40,133 | |
| Dominion Homes, Inc. | *† | | | 650 | | | | 5,844 | |
| DR Horton, Inc. | | 11,522 | | | | 274,454 | |
| DTS, Inc. | * | | | 755 | | | | 14,707 | |
| Ethan Allen Interiors, Inc. | | 1,551 | | | | 56,689 | |
| Fossil, Inc. | * | | | 3,154 | | | | 56,804 | |
| Furniture Brands International, Inc. | † | | | 2,341 | | | | 48,786 | |
| Gemstar-TV Guide International, Inc. | * | | | 16,221 | | | | 57,098 | |
| Harman International Industries, Inc. | | 2,728 | | | | 232,889 | |
| Helen of Troy Ltd. | *† | | | 1,333 | | | | 24,527 | |
| Herman Miller, Inc. | | 3,155 | | | | 81,304 | |
| Hillenbrand Industries, Inc. | † | | | 2,596 | | | | 125,906 | |
| HNI Corporation | † | | | 2,512 | | | | 113,919 | |
| Johnson Controls, Inc. | | 8,295 | | | | 682,015 | |
| KB Home | | 3,248 | | | | 148,921 | |
| Kimball International, Inc. Class B | | 1,500 | | | | 29,565 | |
| Kinetic Concepts, Inc. | * | | | 2,200 | | | | 97,130 | |
| Layne Christensen Company | * | | | 510 | | | | 14,459 | |
| La-Z-Boy, Inc. | † | | | 2,404 | | | | 33,656 | |
| Leggett & Platt, Inc. | | 8,763 | | | | 218,900 | |
| Masco Corporation | † | | | 18,520 | | | | 548,933 | |
| MDC Holdings, Inc. | † | | | 1,091 | | | | 56,656 | |
| Meritage Corporation | * | | | 1,300 | | | | 61,425 | |
| Movado Group, Inc. | | 1,678 | | | | 38,510 | |
| National Presto Industries, Inc. | | 535 | | | | 27,970 | |
| NVR, Inc. | * | | | 262 | | | | 128,708 | |
| Palm Harbor Homes, Inc. | *† | | | 1,181 | | | | 20,774 | |
| Parkervision, Inc. | *† | | | 1,052 | | | | 9,573 | |
| Pulte Homes, Inc. | | 8,898 | | | | 256,173 | |
| Rowe Furniture Corporation | * | �� | | 970 | | | | 1,571 | |
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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| Ryland Group, Inc. | | 1,852 | | | $ | 80,692 | |
| Salton, Inc. | * | | | 701 | | | | 1,661 | |
| Select Comfort Corporation | *† | | | 2,104 | | | | 48,329 | |
| Skyline Corporation | | 720 | | | | 30,802 | |
| Standard-Pacific Corporation | | 2,568 | | | | 65,998 | |
| Steelcase, Inc. Class A | † | | | 1,992 | | | | 32,768 | |
| Technical Olympic USA, Inc. | | 1,793 | | | | 25,747 | |
| Tempur-Pedic International, Inc. | *† | | | 1,346 | | | | 18,184 | |
| Toll Brothers, Inc. | *† | | | 4,132 | | | | 105,655 | |
| Virco Manufacturing Corporation | * | | | 799 | | | | 3,995 | |
| Walter Industries, Inc. | † | | | 1,640 | | | | 94,546 | |
| Whirlpool Corporation | | 2,980 | | | | 246,297 | |
| | | 4,423,493 | |
Household Products—0.4% |
| Apogee Enterprises, Inc. | | 1,250 | | | | 18,375 | |
| Charles & Colvard Ltd. | † | | | 1,843 | | | | 19,407 | |
| Ferro Corporation | | 1,818 | | | | 29,015 | |
| Fortune Brands, Inc. | | 6,052 | | | | 429,753 | |
| Gentex Corporation | | 6,594 | | | | 92,316 | |
| Illinois Tool Works, Inc. | † | | | 21,170 | | | | 1,005,575 | |
| Kronos Worldwide, Inc. | | 1,131 | | | | 33,082 | |
| Lazare Kaplan International | * | | | 1,139 | | | | 9,397 | |
| Libbey, Inc. | | 749 | | | | 5,505 | |
| Newell Rubbermaid, Inc. | | 11,388 | | | | 294,152 | |
| Owens-IIlinois, Inc. | * | | | 6,064 | | | | 101,633 | |
| Rohm & Haas Company | | 6,241 | | | | 312,799 | |
| RPM, Inc. | | 4,832 | | | | 86,976 | |
| Snap-On, Inc. | † | | | 2,419 | | | | 97,776 | |
| Valspar Corporation | | 3,724 | | | | 98,351 | |
| | | 2,634,112 | |
Industrial—Diversified—0.4% |
| Blyth, Inc. | | 1,839 | | | | 33,948 | |
| Daktronics, Inc. | | 3,600 | | | | 103,932 | |
| Identix, Inc. | * | | | 3,461 | | | | 24,192 | |
| Roper Industries, Inc. | | 2,980 | | | | 139,315 | |
| Russ Berrie & Company, Inc. | | 1,156 | | | | 14,173 | |
| Shuffle Master, Inc. | *† | | | 1,527 | | | | 50,055 | |
| Tyco International Ltd. | | 82,500 | | | | 2,268,750 | |
| Yankee Candle Company, Inc. | | 2,152 | | | | 53,822 | |
| Zomax, Inc. MN | * | | | 1,549 | | | | 2,370 | |
| | | 2,690,557 | |
Insurance—5.2% |
| 21st Century Insurance Group | | 310 | | | | 4,464 | |
| ACE Ltd. (Bermuda) | | 13,100 | | | | 662,729 | |
| Aflac, Inc. | | 20,981 | | | | 972,469 | |
| Aetna, Inc. | | 23,924 | | | | 955,285 | |
| Alfa Corporation | | 1,928 | | | | 31,928 | |
| Alleghany Corporation | * | | | 145 | | | | 40,072 | |
| Allstate Corporation (The) | | 27,395 | | | | 1,499,328 | |
| AMBAC Financial Group, Inc. | | 4,735 | | | | 384,009 | |
| American Financial Group, Inc. | | 1,617 | | | | 69,369 | |
| American Independence Corporation | * | | | 430 | | | | 5,285 | |
| American International Group, Inc. | | 93,220 | | | | 5,504,641 | |
| American National Insurance | | 945 | | | | 122,585 | |
| American Physicians Capital, Inc. | * | | | 860 | | | | 45,227 | |
| Amerigroup Corporation | * | | | 1,950 | | | | 60,528 | |
| AmerUs Group Company | † | | | 1,580 | | | | 92,509 | |
| AON Corporation | | 10,312 | | | | 359,064 | |
| Arch Capital Group Ltd. (Bermuda) | * | | | 1,428 | | | | 84,909 | |
| Argonaut Group, Inc. | * | | | 1,387 | | | | 41,665 | |
| Arthur J. Gallagher & Company | † | | | 3,230 | | | | 81,848 | |
| Assurant, Inc. | † | | | 5,717 | | | | 276,703 | |
| Axis Capital Holdings, Ltd. (Bermuda) | | 1,900 | | | | 54,359 | |
| Baldwin & Lyons, Inc. Class B | | 945 | | | | 24,098 | |
| Bristol West Holdings, Inc. | | 1,365 | | | | 21,840 | |
| Brown & Brown, Inc. | | 5,036 | | | | 147,152 | |
| Centene Corporation | * | | | 1,972 | | | | 46,401 | |
| Chubb Corporation | | 15,586 | | | | 777,741 | |
| Cigna Corporation | | 5,331 | | | | 525,157 | |
| Cincinnati Financial Corporation | | 6,788 | | | | 319,104 | |
| Clark, Inc. | | 1,174 | | | | 15,497 | |
| CNA Financial Corporation | * | | | 1,422 | | | | 46,869 | |
| CNA Surety Corporation | * | | | 1,486 | | | | 25,678 | |
| Commerce Group, Inc. | | 3,086 | | | | 91,160 | |
| Conseco, Inc. | *† | | | 6,600 | | | | 152,460 | |
| Covanta Holding Corporation | * | | | 2,954 | | | | 52,138 | |
| Crawford & Company Class B | | 1,891 | | | | 13,577 | |
| Delphi Financial Group, Inc. Class A | | 1,945 | | | | 70,720 | |
| Donegal Group, Inc. Class B | | 758 | | | | 13,890 | |
| EMC Insurance Group, Inc. | | 341 | | | | 9,807 | |
| Erie Indemnity Company Class A | | 1,023 | | | | 53,196 | |
| Everest Re Group Ltd. (Bermuda) | | 2,000 | | | | 173,140 | |
| FBL Financial Group, Inc. Class A | | 1,275 | | | | 41,310 | |
| Fidelity National Financial, Inc. | | 6,737 | | | | 262,406 | |
| Fidelity National Title Group, Inc.—Class A | † | | | 1,178 | | | | 23,171 | |
| First American Corporation | † | | | 3,159 | | | | 133,531 | |
| GAINSCO, INC. | * | | | 128 | | | | 1,087 | |
| Genworth Financial, Inc. Class A | | 15,900 | | | | 553,956 | |
| Great American Financial Resources, Inc. | | 1,717 | | | | 35,937 | |
| Hanover Insurance Group (The), Inc. | | 2,346 | | | | 111,341 | |
| Harleysville Group, Inc. | | 1,351 | | | | 42,854 | |
| Hartford Financial Services Group, Inc. | | 12,039 | | | | 1,018,499 | |
| HCC Insurance Holdings, Inc. | | 3,999 | | | | 117,731 | |
| Health Net, Inc. | * | | | 4,879 | | | | 220,384 | |
| HealthExtras, Inc. | * | | | 1,864 | | | | 56,330 | |
| Hilb Rogal & Hobbs Company | | 1,604 | | | | 59,781 | |
| Horace Mann Educators Corporation | | 2,000 | | | | 33,900 | |
| Humana, Inc. | * | | | 6,683 | | | | 358,877 | |
| Independence Holding Company | | 961 | | | | 21,536 | |
| Infinity Property & Casualty Corporation | | 810 | | | | 33,210 | |
| Kansas City Life Insurance Company | | 902 | | | | 38,037 | |
| Landamerica Financial Group, Inc. | | 845 | | | | 54,587 | |
| Leucadia National Corporation | | 8,118 | | | | 236,964 | |
| Lincoln National Corporation | | 12,285 | | | | 693,365 | |
| Loews Corporation | | 16,488 | | | | 584,500 | |
| MBIA, Inc. | † | | | 5,981 | | | | 350,188 | |
| MGIC Investment Corporation | | 4,084 | | | | 265,460 | |
| Markel Corporation | *† | | | 412 | | | | 142,964 | |
| Marsh & McLennan Companies, Inc. | | 21,504 | | | | 578,243 | |
| Mercury General Corporation | | 1,109 | | | | 62,514 | |
| Metlife, Inc. | † | | | 17,345 | | | | 888,237 | |
| National Financial Partners Corporation | | 1,495 | | | | 66,243 | |
| Nationwide Financial Services Class A | | 2,414 | | | | 106,409 | |
| Navigators Group, Inc. | * | | | 938 | | | | 41,103 | |
| Odyssey Re Holdings Corporation | † | | | 505 | | | | 13,307 | |
| Ohio Casualty Corporation | | 2,335 | | | | 69,420 | |
| Old Republic International Corporation | | 9,191 | | | | 196,412 | |
| PMI Group, Inc. (The) | | 3,929 | | | | 175,155 | |
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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| PartnerRe Ltd. (Bermuda) | † | | | 2,300 | | | $ | 147,315 | |
| Philadelphia Consolidated Holding Corporation | * | | | 2,562 | | | | 77,782 | |
| Phoenix Companies, Inc. (The) | | 4,217 | | | | 59,375 | |
| PMA Capital Corporation Class A | * | | | 1,826 | | | | 18,808 | |
| Presidential Life Corporation | | 1,144 | | | | 28,120 | |
| Principal Financial Group | | 11,001 | | | | 612,206 | |
| ProAssurance Corporation | * | | | 1,647 | | | | 79,352 | |
| Progressive Corporation (The) | | 28,252 | | | | 726,359 | |
| Protective Life Corporation | | 3,130 | | | | 145,921 | |
| Prudential Financial, Inc. | | 21,230 | | | | 1,649,571 | |
| Radian Group, Inc. | | 3,844 | | | | 237,482 | |
| Reinsurance Group of America, Inc. | | 1,440 | | | | 70,776 | |
| RenaissanceRe Holdings, Ltd. (Bermuda) | | 2,900 | | | | 140,534 | |
| RLI Corporation | | 1,164 | | | | 56,082 | |
| Safeco Corporation | | 5,751 | | | | 324,069 | |
| Safety Insurance Group, Inc. | | 850 | | | | 40,418 | |
| Scottish Re Group, Ltd. | | 2,910 | | | | 48,539 | |
| Selective Insurance Group | | 1,061 | | | | 59,278 | |
| St. Paul Travelers Companies | | 27,939 | | | | 1,245,521 | |
| Stancorp Financial Group, Inc. | | 2,460 | | | | 125,239 | |
| State Auto Financial Corporation | | 488 | | | | 15,880 | |
| Stewart Information Services Corporation | † | | | 1,239 | | | | 44,988 | |
| Torchmark Corporation | | 4,697 | | | | 285,202 | |
| Transatlantic Holdings, Inc. | | 1,167 | | | | 65,235 | |
| Triad Guaranty, Inc. | *† | | | 692 | | | | 33,825 | |
| United American Healthcare Corporation | * | | | 4,251 | | | | 16,154 | |
| United Fire & Casualty Company | | 1,250 | | | | 37,663 | |
| Unitrin, Inc. | | 1,906 | | | | 83,083 | |
| Universal American Financial Corporation | * | | | 1,812 | | | | 23,828 | |
| UnumProvident Corporation | | 13,588 | | | | 246,350 | |
| USI Holdings Corporation | * | | | 1,550 | | | | 20,786 | |
| WellPoint, Inc. | * | | | 25,689 | | | | 1,869,389 | |
| Wesco Financial Corporation | | 187 | | | | 71,247 | |
| White Mountains Insurance Group Ltd. | † | | | 300 | | | | 146,100 | |
| WR Berkley Corporation | | 7,560 | | | | 258,023 | |
| XL Capital Ltd. Class A (Bermuda) | | 7,300 | | | | 447,490 | |
| Zenith National Insurance Corporation | | 1,498 | | | | 59,426 | |
| | | 31,234,966 | |
Lodging—0.5% |
| Ameristar Casinos, Inc. | | 300 | | | | 5,835 | |
| Aztar Corporation | * | | | 1,549 | | | | 80,486 | |
| Boyd Gaming Corporation | | 2,619 | | | | 105,703 | |
| Choice Hotels International, Inc. | | 1,616 | | | | 97,930 | |
| Empire Resorts, Inc. | *† | | | 582 | | | | 4,045 | |
| Hilton Hotels Corporation | | 14,441 | | | | 408,391 | |
| International Leisure Hosts Ltd. | * | | | 1,200 | | | | 5,880 | |
| Isle of Capri Casinos, Inc. | * | | | 1,250 | | | | 32,063 | |
| Las Vegas Sands Corporation | * | | | 5,400 | | | | 420,444 | |
| MGM Mirage, Inc. | * | | | 5,184 | | | | 211,507 | |
| Marcus Corporation | | 1,505 | | | | 31,424 | |
| Marriott International, Inc. Class A | | 15,992 | | | | 609,615 | |
| Morgans Hotel Group Co. | * | | | 2,300 | | | | 35,788 | |
| Starwood Hotels & Resorts Worldwide, Inc. | | 8,391 | | | | 506,313 | |
| Station Casinos, Inc. | | 2,465 | | | | 167,817 | |
| Trump Entertainment Resorts, Inc. | | 1,600 | | | | 32,240 | |
| Vail Resorts, Inc. | *† | | | 1,491 | | | | 55,316 | |
| Wynn Resorts Ltd. | *† | | | 2,554 | | | | 187,208 | |
| | | 2,998,005 | |
Media—Broadcasting & Publishing—2.0% |
| 4Kids Entertainment, Inc. | * | | | 605 | | | | 9,807 | |
| Acme Communications, Inc. | * | | | 1,200 | | | | 6,096 | |
| American Greetings Corporation Class A | † | | | 2,760 | | | | 57,988 | |
| Banta Corporation | | 1,074 | | | | 49,758 | |
| Beasley Broadcasting Group, Inc. Class A | | 1,150 | | | | 8,050 | |
| Belo Corporation Class A | | 4,721 | | | | 73,648 | |
| Cablevision Systems Corporation Class A | * | | | 9,044 | | | | 193,994 | |
| CBS Corp. Class B | | 29,194 | | | | 789,698 | |
| Charter Communications, Inc. Class A | *† | | | 11,237 | | | | 12,698 | |
| Citadel Broadcasting Corporation | † | | | 1,025 | | | | 9,123 | |
| CKX, Inc. | * | | | 1,800 | | | | 24,426 | |
| Clear Channel Communications, Inc. | | 21,643 | | | | 669,851 | |
| Comcast Corporation Class A | *† | | | 83,604 | | | | 2,737,195 | |
| COX Radio, Inc. Class A | * | | | 1,752 | | | | 25,264 | |
| Crown Media Holdings, Inc. | * | | | 5,899 | | | | 24,304 | |
| Cumulus Media, Inc. Class A | *† | | | 2,174 | | | | 23,197 | |
| DIRECTV Group, Inc. (The) | * | | | 39,747 | | | | 655,826 | |
| Dow Jones & Company, Inc. | † | | | 1,884 | | | | 65,959 | |
| E.W. Scripps Company Class A | | 3,612 | | | | 155,822 | |
| EchoStar Communications Corporation Class A | * | | | 9,386 | | | | 289,183 | |
| Emmis Communications Corporation Class A | * | | | 1,175 | | | | 18,377 | |
| Entercom Communications Corporation | | 2,183 | | | | 57,107 | |
| Entravision Communications Corporation Class A | * | | | 2,852 | | | | 24,442 | |
| Gannett Company, Inc. | | 10,348 | | | | 578,764 | |
| Gray Television, Inc. | | 1,838 | | | | 10,642 | |
| Harte-Hanks, Inc. | | 3,119 | | | | 79,971 | |
| Hearst-Argyle Television, Inc. | | 2,184 | | | | 48,179 | |
| Hollinger International, Inc. | | 3,613 | | | | 29,012 | |
| IAC/InterActiveCorp | *† | | | 12,018 | | | | 318,357 | |
| ION Media Networks, Inc. | | 2,670 | | | | 2,456 | |
| John Wiley & Sons Class A | | 2,491 | | | | 82,701 | |
| Journal Communications, Inc. Class A | | 3,900 | | | | 43,836 | |
| Journal Register Company | | 1,817 | | | | 16,280 | |
| Lee Enterprises, Inc. | | 1,973 | | | | 53,172 | |
| Liberty Global, Inc.—Class A | * | | | 10,937 | | | | 235,146 | |
| Liberty Global, Inc.—Class C | * | | | 4,147 | | | | 85,304 | |
| Liberty Media Holding Corp.—Class A | * | | | 27,258 | | | | 470,473 | |
| Liberty Media Holding Corp.—Class A | * | | | 5,451 | | | | 456,630 | |
| LIN TV Corporation Class A | * | | | 1,419 | | | | 10,713 | |
| Lodgenet Entertainment Corporation | * | | | 1,250 | | | | 23,313 | |
| McClatchy Company Class A | † | | | 2,444 | | | | 98,053 | |
| McGraw-Hill Companies, Inc. (The) | | 15,900 | | | | 798,657 | |
| Media General, Inc. Class A | | 952 | | | | 39,879 | |
| Mediacom Communications Corporation | * | | | 3,433 | | | | 21,388 | |
| Meredith Corporation | | 2,083 | | | | 103,192 | |
| New York Times Company Class A | † | | | 5,682 | | | | 139,436 | |
| Pac-West Telecomm, Inc. | * | | | 5,562 | | | | 3,170 | |
| Playboy Enterprises, Inc. Class B | * | | | 1,251 | | | | 12,485 | |
| Price Communications Corporation | * | | | 2,062 | | | | 34,951 | |
| Primedia, Inc. | * | | | 8,853 | | | | 16,201 | |
| Radio One, Inc. Class A | * | | | 4,327 | | | | 32,453 | |
| Radio Unica Communications Corporation | *‡*** | | | 1,900 | | | | — | |
See accompanying notes to financial statements.
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| Readers Digest Association, Inc. (The) | | 3,917 | | | $ | 54,681 | |
| Regent Communications, Inc. | * | | | 1,600 | | | | 6,544 | |
| RH Donnelley Corporation | * | | | 2,471 | | | | 133,607 | |
| Salem Communications Corporation Class A | * | | | 850 | | | | 11,059 | |
| Scholastic Corporation | * | | | 1,845 | | | | 47,915 | |
| Sinclair Broadcast Group, Inc. Class A | | 2,049 | | | | 17,539 | |
| Spanish Broadcasting System, Inc. Class A | * | | | 1,300 | | | | 6,643 | |
| Speedus Corporation | * | | | 4,207 | | | | 5,553 | |
| Tivo, Inc. | *† | | | 2,696 | | | | 19,276 | |
| Tribune Company | | 9,158 | | | | 296,994 | |
| Triple Crown Media, Inc. | * | | | 183 | | | | 1,587 | |
| Univision Communications, Inc. Class A | * | | | 10,782 | | | | 361,197 | |
| Viacom, Inc. Class B | * | | | 25,894 | | | | 928,041 | |
| Washington Post Class B | | 258 | | | | 201,243 | |
| Worldgate Communications | *† | | | 3,160 | | | | 5,182 | |
| Young Broadcasting, Inc. Class A | * | | | 831 | | | | 2,609 | |
| | | 11,926,297 | |
Medical Equipment & Supplies—0.3% |
| Abaxis, Inc. | * | | | 749 | | | | 16,755 | |
| Abiomed, Inc. | *† | | | 886 | | | | 11,491 | |
| ADE Corporation | * | | | 967 | | | | 31,418 | |
| Advanced Medical Optics, Inc. | *† | | | 2,304 | | | | 116,813 | |
| Aetrium, Inc. | * | | | 614 | | | | 2,788 | |
| Aksys Ltd. | *† | | | 1,005 | | | | 1,015 | |
| Arrow International, Inc. | | 1,305 | | | | 42,895 | |
| Avigen, Inc. | * | | | 1,009 | | | | 5,227 | |
| Axsys Technologies, Inc. | * | | | 883 | | | | 13,307 | |
| Bioject Medical Technologies, Inc. | * | | | 4,490 | | | | 6,376 | |
| Biolase Technology, Inc. | † | | | 765 | | | | 6,426 | |
| BioVeris Corporation | * | | | 1,071 | | | | 8,622 | |
| Britesmile, Inc. | *† | | | 1,080 | | | | 3,175 | |
| Bruker BioSciences Corporation | * | | | 1,667 | | | | 8,935 | |
| Cardiodynamics International Corporation | * | | | 1,872 | | | | 2,359 | |
| Cerus Corporation | * | | | 1,010 | | | | 7,201 | |
| Coherent, Inc. | * | | | 1,348 | | | | 45,468 | |
| Cohu, Inc. | | 859 | | | | 15,075 | |
| Cooper Companies, Inc. | | 1,627 | | | | 72,060 | |
| Dade Behring Holdings, Inc. | | 3,120 | | | | 129,917 | |
| Electro-Sensors, Inc. | | 2,581 | | | | 11,460 | |
| Excel Technology, Inc. | * | | | 562 | | | | 16,815 | |
| Faro Technologies, Inc. | * | | | 453 | | | | 7,683 | |
| Formfactor, Inc. | *† | | | 1,417 | | | | 63,241 | |
| Frequency Electronics, Inc. | | 821 | | | | 10,657 | |
| HealthTronics Surgical Services, Inc. | * | | | 2,529 | | | | 19,347 | |
| Hologic, Inc. | * | | | 2,692 | | | | 132,877 | |
| II-VI, Inc. | * | | | 682 | | | | 12,481 | |
| Illumina, Inc. | * | | | 1,280 | | | | 37,965 | |
| Integra LifeSciences Holdings Corporation | *† | | | 1,190 | | | | 46,184 | |
| Intermagnetics General Corporation | * | | | 1,495 | | | | 40,335 | |
| Intest Corporation | * | | | 950 | | | | 3,905 | |
| Intuitive Surgical, Inc. | *† | | | 1,610 | | | | 189,932 | |
| Ixia | * | | | 2,330 | | | | 20,970 | |
| Meade Instruments Corporation | * | | | 1,640 | | | | 4,018 | |
| Mechanical Technology, Inc. | * | | | 957 | | | | 2,364 | |
| Medwave, Inc. | * | | | 2,500 | | | | 6,325 | |
| Mesa Laboratories, Inc. | | 1,200 | | | | 18,600 | |
| Molecular Devices Corporation | * | | | 909 | | | | 27,779 | |
| MTS Systems Corporation | | 1,342 | | | | 53,022 | |
| Nanogen, Inc. | * | | | 950 | | | | 1,805 | |
| OI Corporation | * | | | 1,600 | | | | 20,120 | |
| Orbit International Corporation | * | | | 2,812 | | | | 20,275 | |
| Orthologic Corporation | * | | | 1,516 | | | | 2,456 | |
| OYO Geospace Corporation | * | | | 550 | | | | 31,411 | |
| Palomar Medical Technologies, Inc. | *† | | | 1,116 | | | | 50,923 | |
| Q-Med, Inc. | * | | | 1,634 | | | | 6,961 | |
| Resmed, Inc. | * | | | 3,034 | | | | 142,446 | |
| Somanetics Corporation | * | | | 1,352 | | | | 25,823 | |
| Spectranetics Corporation | * | | | 1,045 | | | | 11,202 | |
| Staar Surgical Company | * | | | 848 | | | | 6,564 | |
| Synovis Life Technologies, Inc. | * | | | 346 | | | | 3,401 | |
| Theragenics Corporation | * | | | 1,492 | | | | 5,088 | |
| Thermogenesis | * | | | 4,316 | | | | 17,782 | |
| TriPath Imaging, Inc. | * | | | 1,739 | | | | 11,512 | |
| Valentis, Inc. | *† | | | 2,990 | | | | 9,897 | |
| Ventana Medical Systems, Inc. | * | | | 1,416 | | | | 66,807 | |
| Viasys Healthcare, Inc. | * | | | 1,380 | | | | 35,328 | |
| Vivus, Inc. | * | | | 1,400 | | | | 5,390 | |
| White Electronic Designs Corporation | * | | | 514 | | | | 2,611 | |
| X-Rite, Inc. | | 1,890 | | | | 20,771 | |
| Young Innovations, Inc. | | 677 | | | | 23,851 | |
| Zevex International, Inc. | * | | | 900 | | | | 14,580 | |
| Zygo Corporation | * | | | 967 | | | | 15,849 | |
| | | 1,826,136 | |
Medical Products—0.0% |
| Solexa, Inc., LP | *† | | | 1,008 | | | | 8,568 | |
Medical Supplies—3.1% |
| Align Technology, Inc. | * | | | 2,449 | | | | 18,098 | |
| Allergan, Inc. | | 6,476 | | | | 694,616 | |
| American Medical Systems Holdings, Inc. | *† | | | 3,000 | | | | 49,950 | |
| Analogic Corporation | | 593 | | | | 27,640 | |
| Applera Corporation—Applied Biosystems Group | | 8,630 | | | | 279,181 | |
| Aradigm Corp. | * | | | 224 | | | | 302 | |
| ArthoCare Corporation | *† | | | 851 | | | | 35,751 | |
| Bausch & Lomb, Inc. | † | | | 2,176 | | | | 106,711 | |
| Baxter International, Inc. | | 25,124 | | | | 923,558 | |
| Beckman Coulter, Inc. | | 2,512 | | | | 139,542 | |
| Becton, Dickinson & Company | | 10,137 | | | | 619,675 | |
| Biomet, Inc. | | 10,108 | | | | 316,279 | |
| Bio-Rad Laboratories, Inc. Class A | * | | | 88 | | | | 5,715 | |
| Biosite, Inc. | * | | | 725 | | | | 33,104 | |
| Boston Scientific Corporation | * | | | 47,016 | | | | 791,749 | |
| C.R. Bard, Inc. | | 3,904 | | | | 286,007 | |
| Clarient, Inc. | * | | | 3,308 | | | | 2,944 | |
| Conmed Corporation | * | | | 1,362 | | | | 28,193 | |
| Credence Systems Corporation | * | | | 2,727 | | | | 9,545 | |
| Cyberonics, Inc. | *† | | | 956 | | | | 20,382 | |
| Datascope Corporation | | 556 | | | | 17,147 | |
| Dentsply International, Inc. | | 2,834 | | | | 171,740 | |
| Dionex Corporation | * | | | 1,031 | | | | 56,354 | |
| DJ Orthopedics, Inc. | * | | | 729 | | | | 26,849 | |
| ev3, Inc. | *† | | | 785 | | | | 11,626 | |
| FEI Company | *† | | | 1,368 | | | | 31,026 | |
| Fisher Scientific International | * | | | 4,467 | | | | 326,314 | |
| Haemonetics Corporation | * | | | 1,157 | | | | 53,812 | |
| Hanger Orthopedic Group, Inc. | * | | | 1,083 | | | | 9,054 | |
| ICU Medical, Inc. | * | | | 605 | | | | 25,555 | |
See accompanying notes to financial statements.
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| Input/Output, Inc. | *† | | | 2,427 | | | $ | 22,935 | |
| Invacare Corporation | | 1,333 | | | | 33,165 | |
| Itron, Inc. | * | | | 955 | | | | 56,593 | |
| Johnson & Johnson | | 121,566 | | | | 7,284,235 | |
| Kla-Tencor Corporation | | 7,679 | | | | 319,216 | |
| Kensey Nash Corporation | *† | | | 866 | | | | 25,547 | |
| Kopin Corporation | * | | | 2,431 | | | | 8,776 | |
| Kyphon, Inc. | *† | | | 1,594 | | | | 61,146 | |
| Laserscope | * | | | 1,300 | | | | 40,053 | |
| LTX Corporation | * | | | 2,405 | | | | 16,859 | |
| MKS Instruments, Inc. | * | | | 2,455 | | | | 49,395 | |
| Medtronic, Inc. | | 49,297 | | | | 2,313,015 | |
| Mentor Corporation | | 1,961 | | | | 85,304 | |
| Merit Medical Systems, Inc. | * | | | 2,519 | | | | 34,661 | |
| Millipore Corporation | *† | | | 2,026 | | | | 127,618 | |
| Mine Safety Appliances Company | † | | | 1,444 | | | | 58,049 | |
| Newport Corporation | * | | | 1,614 | | | | 26,018 | |
| Oakley, Inc. | | 2,900 | | | | 48,865 | |
| Osteotech, Inc. | * | | | 1,498 | | | | 6,052 | |
| PerkinElmer, Inc. | | 5,266 | | | | 110,059 | |
| Photon Dynamics, Inc. | * | | | 659 | | | | 8,251 | |
| PolyMedica Corporation | † | | | 960 | | | | 34,522 | |
| Quest Diagnostics, Inc. | | 6,828 | | | | 409,134 | |
| Respironics, Inc. | * | | | 3,060 | | | | 104,713 | |
| Specialized Health Products International, Inc. | | 1,463 | | | | 571 | |
| St. Jude Medical, Inc. | * | | | 15,318 | | | | 496,610 | |
| Steris Corporation | | 2,777 | | | | 63,482 | |
| Stryker Corporation | | 12,056 | | | | 507,678 | |
| Techne Corporation | * | | | 1,736 | | | | 88,397 | |
| Tektronix, Inc. | | 3,804 | | | | 111,914 | |
| Therma-Wave, Inc. | * | | | 757 | | | | 992 | |
| Thermo Electron Corporation | *† | | | 6,758 | | | | 244,910 | |
| Thoratec Corporation | * | | | 2,306 | | | | 31,984 | |
| Urologix, Inc. | * | | | 1,050 | | | | 3,297 | |
| Varian, Inc. | * | | | 1,502 | | | | 62,348 | |
| Veeco Instruments, Inc. | * | | | 1,294 | | | | 30,849 | |
| Vital Signs, Inc. | | 634 | | | | 31,402 | |
| Waters Corporation | * | | | 5,040 | | | | 223,776 | |
| Wright Medical Group, Inc. | * | | | 1,309 | | | | 27,397 | |
| Zimmer Holdings, Inc. | * | | | 10,634 | | | | 603,160 | |
| Zoll Medical Corporation | * | | | 425 | | | | 13,923 | |
| | | 18,945,290 | |
Metals—1.4% |
| AK Steel Holding Corporation | * | | | 5,009 | | | | 69,274 | |
| Alcoa, Inc. | | 35,208 | | | | 1,139,331 | |
| Aleris International, Inc. | * | | | 1,256 | | | | 57,588 | |
| Allegheny Technologies, Inc. | | 3,350 | | | | 231,954 | |
| Alpine Group, Inc. | * | | | 698 | | | | 2,220 | |
| Ameron International Corporation | | 542 | | | | 36,325 | |
| Aptargroup, Inc. | | 1,565 | | | | 77,640 | |
| Brush Engineered Materials, Inc. | * | | | 1,122 | | | | 23,394 | |
| Carpenter Technology Corporation | | 941 | | | | 108,686 | |
| Century Aluminum Company | * | | | 865 | | | | 30,872 | |
| Chaparral Steel Company | * | | | 1,116 | | | | 80,374 | |
| Circor International, Inc. | | 711 | | | | 21,678 | |
| Cleveland-Cliffs, Inc. | † | | | 1,018 | | | | 80,717 | |
| Commercial Metals Company | | 4,080 | | | | 104,856 | |
| Commscope, Inc. | * | | | 2,612 | | | | 82,069 | |
| Couer D’alene Mines Corporation | * | | | 8,276 | | | | 39,808 | |
| Crane Company | | 2,467 | | | | 102,627 | |
| Curtiss-Wright Corporation | | 2,112 | | | | 65,219 | |
| Danaher Corporation | | 11,144 | | | | 716,782 | |
| Encore Wire Corporation | *† | | | 1,400 | | | | 50,316 | |
| General Cable Corporation | * | | | 1,382 | | | | 48,370 | |
| Gibraltar Industries, Inc. | | 1,188 | | | | 34,452 | |
| Glamis Gold, Ltd. (Canada) | *† | | | 5,700 | | | | 215,802 | |
| Griffon Corporation | * | | | 1,288 | | | | 33,617 | |
| Hecla Mining Company | * | | | 4,124 | | | | 21,651 | |
| Hubbell, Inc. Class B | | 2,078 | | | | 99,017 | |
| International Aluminum Corporation | | 1,105 | | | | 41,990 | |
| Jacuzzi Brands, Inc. | * | | | 2,655 | | | | 23,364 | |
| Ladish Company, Inc. | * | | | 900 | | | | 33,723 | |
| Lone Star Technologies, Inc. | * | | | 1,337 | | | | 72,225 | |
| Massey Energy Company | † | | | 3,053 | | | | 109,908 | |
| Matthews International Corporation Class A | | 1,052 | | | | 36,262 | |
| Maverick Tube Corporation | *† | | | 1,736 | | | | 109,698 | |
| MAXXAM, Inc. | * | | | 856 | | | | 24,011 | |
| Meridian Gold, Inc. (Canada) | * | | | 4,300 | | | | 136,224 | |
| Metal Management, Inc. | | 1,800 | | | | 55,116 | |
| Mittal Steel Co. NV—Class A, ADR (Holland *Jas) | † | | | 1 | | | | 31 | |
| Mueller Industries, Inc. | | 1,592 | | | | 52,584 | |
| NCI Building Systems, Inc. | * | | | 1,232 | | | | 65,505 | |
| Newmont Mining Corporation | | 17,430 | | | | 922,570 | |
| NS Group, Inc. | * | | | 923 | | | | 50,839 | |
| Nucor Corporation | | 10,996 | | | | 596,533 | |
| Optical Cable Corporation | * | | | 240 | | | | 1,013 | |
| Phelps Dodge Corporation | | 7,416 | | | | 609,299 | |
| Precision Castparts Corporation | | 5,136 | | | | 306,927 | |
| Quanex Corporation | | 1,671 | | | | 71,970 | |
| Reliance Steel & Aluminum Company | | 1,483 | | | | 123,015 | |
| Royal Gold, Inc. | † | | | 1,153 | | | | 32,076 | |
| Ryerson Tull, Inc. | † | | | 1,471 | | | | 39,717 | |
| Schnitzer Steel Industries, Inc. Class A | | 693 | | | | 24,588 | |
| Shaw Group, Inc. (The) | *† | | | 2,182 | | | | 60,660 | |
| Shiloh Industries, Inc. | * | | | 1,441 | | | | 21,673 | |
| Simpson Manufacturing Company, Inc. | † | | | 2,084 | | | | 75,128 | |
| Southern Copper Corp. | † | | | 657 | | | | 58,558 | |
| Steel Dynamics, Inc. | | 2,020 | | | | 132,795 | |
| Stillwater Mining Company | * | | | 3,727 | | | | 47,258 | |
| Sturm, Ruger & Company, Inc. | | 3,296 | | | | 20,600 | |
| Taser International, Inc. | *† | | | 2,292 | | | | 18,130 | |
| Texas Industries, Inc. | | 1,116 | | | | 59,260 | |
| Titanium Metals Corporation | *† | | | 1,840 | | | | 63,259 | |
| Tredegar Corporation | | 1,606 | | | | 25,407 | |
| United States Steel Corporation | | 4,607 | | | | 323,043 | |
| Valmont Industries, Inc. | | 1,162 | | | | 54,021 | |
| Watts Water Technologies, Inc. Class A | | 1,225 | | | | 41,099 | |
| Worthington Industries, Inc. | | 3,575 | | | | 74,896 | |
| | | 8,189,614 | |
Metals & Mining—0.0% |
| Oregon Steel Mills, Inc. | * | | | 2,300 | | | | 116,518 | |
Mining—0.1% |
| Freeport-McMoran Copper & Gold, Inc. Class B | | 7,496 | | | | 415,353 | |
Miscellaneous—0.1% |
| Alliance One International, Inc. | | 2,000 | | | | 8,880 | |
| Corrections Corporation of America | * | | | 1,900 | | | | 100,586 | |
| Geo Group, Inc. (The) | * | | | 819 | | | | 28,706 | |
| Handleman Company | | 1,657 | | | | 13,505 | |
| Pool Corp. | † | | | 2,434 | | | | 106,195 | |
| Terra Industries, Inc. | * | | | 2,513 | | | | 16,008 | |
| Tractor Supply Company | *† | | | 1,549 | | | | 85,613 | |
| | | 359,493 | |
See accompanying notes to financial statements.
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Miscellaneous Manufacturing—0.0% |
| American Railcar Industries, Inc. | | 1,200 | | | $ | 39,732 | |
Oil & Gas—9.6% |
| Adams Resources & Energy, Inc. | | 1,462 | | | | 47,895 | |
| AGL Resources, Inc. | | 2,166 | | | | 82,568 | |
| Anadarko Petroleum Corporation | † | | | 19,220 | | | | 916,602 | |
| Apache Corporation | | 14,149 | | | | 965,669 | |
| Apco Argentina, Inc. (Cayman Islands) | | 622 | | | | 52,948 | |
| Ashland, Inc. | | 2,848 | | | | 189,962 | |
| Atlas America, Inc. | * | | | 1,146 | | | | 51,352 | |
| Atmos Energy Corporation | | 2,732 | | | | 76,250 | |
| ATP Oil & Gas Corporation | * | | | 685 | | | | 28,722 | |
| Atwood Oceanics, Inc. | *† | | | 1,662 | | | | 82,435 | |
| Basic Energy Services, Inc. | * | | | 1,600 | | | | 48,912 | |
| Berry Petroleum Company Class A | | 1,202 | | | | 39,846 | |
| BJ Services Company | † | | | 13,938 | | | | 519,330 | |
| Blue Dolphin Energy Company | *† | | | 3,650 | | | | 16,535 | |
| BP Prudhoe Bay Royalty Trust | † | | | 1,105 | | | | 88,290 | |
| Buckeye Partners, LP | † | | | 1,400 | | | | 58,926 | |
| Cabot Oil & Gas Corporation | † | | | 2,274 | | | | 111,426 | |
| Callon Petroleum Company | * | | | 779 | | | | 15,066 | |
| Carrizo Oil & Gas, Inc. | * | | | 1,800 | | | | 56,358 | |
| Cascade Natural Gas Corporation | | 1,289 | | | | 27,185 | |
| Chesapeake Energy Corporation | † | | | 12,243 | | | | 370,351 | |
| Chesapeake Utilities Corporation | | 949 | | | | 28,546 | |
| Chevron Texaco Corporation | | 92,076 | | | | 5,714,237 | |
| Cimarex Energy Company | † | | | 2,681 | | | | 115,283 | |
| Clayton Williams Energy, Inc. | * | | | 550 | | | | 18,997 | |
| CNX Gas Corporation | | 1,100 | | | | 33,000 | |
| Complete Production Services, Inc. | | 1,200 | | | | 28,368 | |
| ConocoPhillips | | 63,546 | | | | 4,164,169 | |
| Cross Timbers Royalty Trust | | 575 | | | | 25,869 | |
| Crosstex Energy, Inc. | | 700 | | | | 66,556 | |
| Dawson Geophysical Company | * | | | 1,200 | | | | 36,924 | |
| Delta Natural Gas Company, Inc. | | 380 | | | | 9,314 | |
| Delta Petroleum Corporation | * | | | 2,709 | | | | 46,405 | |
| Denbury Resources, Inc. | * | | | 4,466 | | | | 141,438 | |
| Devon Energy Corporation | | 18,000 | | | | 1,087,380 | |
| Diamond Offshore Drilling, Inc. | † | | | 2,694 | | | | 226,107 | |
| Dorchester Minerals, LP | | 2,200 | | | | 55,242 | |
| Dynegy, Inc. Class A | * | | | 15,654 | | | | 85,627 | |
| EOG Resources, Inc. | | 10,352 | | | | 717,808 | |
| EL Paso Corporation | † | | | 25,233 | | | | 378,495 | |
| Enbridge Energy Partners, LP | † | | | 1,775 | | | | 77,301 | |
| Encore Acquisition Company | * | | | 2,062 | | | | 55,323 | |
| Energen Corporation | | 2,644 | | | | 101,556 | |
| Energy Partners Ltd. | *† | | | 1,758 | | | | 33,314 | |
| Energy Transfer Partners, LP | | 2,777 | | | | 123,993 | |
| ENSCO International, Inc. | † | | | 5,990 | | | | 275,660 | |
| Enterprise Products Partners LP | † | | | 8,400 | | | | 209,160 | |
| Equitable Resources, Inc. | | 5,624 | | | | 188,404 | |
| EXCO Resources, Inc. | * | | | 4,100 | | | | 46,740 | |
| Exploration Company of Delaware, Inc. (The) | * | | | 5,411 | | | | 57,681 | |
| Exxon Mobil Corporation | | 247,283 | | | | 15,170,812 | |
| Forest Oil Corporation | *† | | | 2,547 | | | | 84,459 | |
| Frontier Oil Corporation | | 4,576 | | | | 148,262 | |
| FX Energy, Inc. | *† | | | 3,496 | | | | 16,152 | |
| Giant Industries, Inc. | * | | | 540 | | | | 35,937 | |
| Global Industries Ltd. | * | | | 2,539 | | | | 42,401 | |
| GlobalSantaFe Corporation | | 9,544 | | | | 551,166 | |
| Grey Wolf, Inc. | *† | | | 5,192 | | | | 39,978 | |
| Halliburton Company | | 21,179 | | | | 1,571,694 | |
| Hanover Compressor Company | * | | | 2,998 | | | | 56,302 | |
| Headwaters, Inc. | *† | | | 2,095 | | | | 53,548 | |
| Helix Energy Solutions Group, Inc. | *† | | | 3,336 | | | | 134,641 | |
| Helmerich & Payne, Inc. | | 1,963 | | | | 118,290 | |
| Hess Corp. | † | | | 11,190 | | | | 591,392 | |
| Holly Corporation | | 1,972 | | | | 95,050 | |
| Houston Exploration Company | * | | | 1,352 | | | | 82,729 | |
| Hugoton Royalty Trust | † | | | 1,669 | | | | 49,569 | |
| KCS Energy, Inc. | * | | | 3,200 | | | | 95,040 | |
| Kerr-McGee Corporation | | 8,226 | | | | 570,473 | |
| Kinder Morgan Energy Partners, LP | † | | | 5,150 | | | | 236,694 | |
| Kinder Morgan Management LLC | * | | | 1,799 | | | | 77,393 | |
| Kinder Morgan, Inc. | | 4,214 | | | | 420,936 | |
| Laclede Group, Inc. (The) | | 1,025 | | | | 35,219 | |
| Magellan Midstream Partners | † | | | 2,000 | | | | 67,960 | |
| Marathon Oil Corporation | | 14,747 | | | | 1,228,425 | |
| Mariner Energy, Inc. | * | | | 3,261 | | | | 59,905 | |
| Markwest Hydrocarbon, Inc. | | 1,182 | | | | 29,255 | |
| McMoRan Exploration Company | *† | | | 1,059 | | | | 18,638 | |
| MDU Resources Group, Inc. | | 5,105 | | | | 186,894 | |
| Meridian Resource Corporation | * | | | 2,950 | | | | 10,325 | |
| Murphy Oil Corporation | † | | | 7,770 | | | | 434,032 | |
| Nabors Industries Ltd. | * | | | 12,168 | | | | 411,157 | |
| National Fuel Gas Company | | 4,022 | | | | 141,333 | |
| New Jersey Resources Corporation | | 1,121 | | | | 52,440 | |
| Newfield Exploration Company | * | | | 5,246 | | | | 256,739 | |
| Newpark Resources, Inc. | * | | | 3,484 | | | | 21,427 | |
| Nicor, Inc. | † | | | 1,828 | | | | 75,862 | |
| Noble Corporation | | 5,552 | | | | 413,180 | |
| Noble Energy, Inc. | | 8,186 | | | | 383,596 | |
| Northwest Natural Gas Company | | 1,183 | | | | 43,806 | |
| Occidental Petroleum Corporation | | 17,329 | | | | 1,777,089 | |
| Oceaneering International, Inc. | * | | | 2,232 | | | | 102,337 | |
| ONEOK Partners, LP | † | | | 1,650 | | | | 81,428 | |
| Oneok, Inc. | | 3,908 | | | | 133,028 | |
| Pacific Energy Partners, LP | † | | | 2,100 | | | | 68,418 | |
| Parallel Petroleum Corporation | * | | | 2,700 | | | | 66,717 | |
| Parker Drilling Company | * | | | 3,755 | | | | 26,961 | |
| Patterson-UTI Energy, Inc. | † | | | 6,712 | | | | 190,017 | |
| Penn Virginia Corporation | | 300 | | | | 20,964 | |
| Peoples Energy Corporation | | 1,528 | | | | 54,870 | |
| Petrohawk Energy Corporation | *† | | | 5,455 | | | | 68,733 | |
| Petroleum Development Corporation | * | | | 1,250 | | | | 47,125 | |
| Piedmont Natural Gas Company | | 2,740 | | | | 66,582 | |
| Pioneer Drilling Co. | * | | | 2,700 | | | | 41,688 | |
| Pioneer Natural Resources Company | † | | | 5,801 | | | | 269,224 | |
| Plains All American Pipeline, LP | † | | | 2,300 | | | | 100,441 | |
| Plains Exploration & Production Company | * | | | 4,202 | | | | 170,349 | |
| Pogo Producing Company | † | | | 2,307 | | | | 106,353 | |
| Pride International, Inc. | * | | | 5,416 | | | | 169,142 | |
| Questar Corporation | | 3,706 | | | | 298,296 | |
| Quicksilver Resources, Inc. | *† | | | 1,980 | | | | 72,884 | |
| Range Resources Corporation | | 4,350 | | | | 118,277 | |
| Remington Oil & Gas Corporation | * | | | 1,186 | | | | 52,148 | |
| Resource America, Inc. Class A | | 1,287 | | | | 24,517 | |
| Rosetta Resources, Inc. | *† | | | 3,400 | | | | 56,508 | |
| Rowan Companies, Inc. | | 3,918 | | | | 139,442 | |
| Schlumberger Ltd. | | 47,986 | | | | 3,124,368 | |
| SEACOR Holdings, Inc. | * | | | 983 | | | | 80,704 | |
| SEMCO Energy, Inc. | * | | | 5,450 | | | | 30,302 | |
| Smith International, Inc. | | 8,020 | | | | 356,649 | |
| South Jersey Industries, Inc. | | 2,014 | | | | 55,163 | |
| Southern Union Company | † | | | 3,367 | | | | 91,111 | |
See accompanying notes to financial statements.
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| Southwest Gas Corporation | | 1,252 | | | $ | 39,238 | |
| Southwestern Energy Company | * | | | 6,072 | | | | 189,204 | |
| St. Mary Land & Exploration Company | | 2,262 | | | | 91,046 | |
| Stone Energy Corporation | * | | | 1,208 | | | | 56,232 | |
| Sunoco Logistics Partners, LP | | 950 | | | | 38,808 | |
| Sunoco, Inc. | | 5,812 | | | | 402,713 | |
| Superior Energy Services, Inc. | * | | | 2,900 | | | | 98,310 | |
| Swift Energy Company | *† | | | 1,142 | | | | 49,026 | |
| Syntroleum Corporation | *† | | | 1,246 | | | | 7,563 | |
| TC Pipelines, LP | † | | | 1,100 | | | | 36,300 | |
| Teppco Partners LP | † | | | 2,500 | | | | 88,125 | |
| Tesoro Petroleum Corporation | | 3,423 | | | | 254,534 | |
| Tetra Technologies, Inc. | * | | | 2,352 | | | | 71,242 | |
| Tidewater, Inc. | | 2,430 | | | | 119,556 | |
| Todco Class A | | 2,002 | | | | 81,782 | |
| Transmontaigne, Inc. | * | | | 2,979 | | | | 33,395 | |
| Transocean, Inc. | * | | | 12,976 | | | | 1,042,232 | |
| UGI Corporation | | 2,720 | | | | 66,966 | |
| Ultra Petroleum Corporation | * | | | 6,082 | | | | 360,480 | |
| Unit Corporation | * | | | 1,702 | | | | 96,827 | |
| United Heritage Corp. | * | | | 1,060 | | | | 3,604 | |
| VAALCO Energy, Inc. | * | | | 3,800 | | | | 37,088 | |
| Valero Energy Corporation | | 23,922 | | | | 1,591,291 | |
| Valero, LP | † | | | 1,500 | | | | 74,025 | |
| Vectren Corporation | | 3,706 | | | | 100,989 | |
| Veritas DGC, Inc. | *† | | | 1,390 | | | | 71,696 | |
| Warren Resources, Inc. | * | | | 3,600 | | | | 51,696 | |
| Wd-40 Company | | 949 | | | | 31,858 | |
| Weatherford International Ltd. | * | | | 13,510 | | | | 670,366 | |
| Western Gas Resources, Inc. | | 2,548 | | | | 152,498 | |
| Western Refining, Inc. | | 2,500 | | | | 53,950 | |
| WGL Holdings, Inc. | | 2,315 | | | | 67,019 | |
| W-H Energy Services, Inc. | * | | | 1,377 | | | | 69,993 | |
| Whiting Petroleum Corporation | *† | | | 1,242 | | | | 52,003 | |
| Williams Companies, Inc. | | 24,207 | | | | 565,476 | |
| XTO Energy, Inc. | | 15,020 | | | | 664,935 | |
| | | 57,652,537 | |
Pharmaceuticals—6.1% |
| Aastrom Biosciences, Inc. | * | | | 3,289 | | | | 4,374 | |
| Abbott Laboratories | | 63,572 | | | | 2,772,375 | |
| Abraxis BioScience, Inc. | | 1,756 | | | | 41,863 | |
| Adolor Corporation | * | | | 1,927 | | | | 48,194 | |
| Albany Molecular Research, Inc. | * | | | 1,371 | | | | 14,642 | |
| Alexion Pharmaceuticals, Inc. | *† | | | 1,108 | | | | 40,021 | |
| Alfacell Corporation | * | | | 4,295 | | | | 12,241 | |
| Alkermes, Inc. | *† | | | 3,579 | | | | 67,715 | |
| Allscripts Healthcare Solutions, Inc. | *† | | | 2,300 | | | | 40,365 | |
| Alpharma, Inc. Class A | | 2,463 | | | | 59,211 | |
| AmerisourceBergen Corporation | | 8,488 | | | | 355,817 | |
| Amgen, Inc. | * | | | 49,755 | | | | 3,245,519 | |
| Amylin Pharmaceuticals, Inc. | *† | | | 3,885 | | | | 191,802 | |
| Andrx Corporation | *† | | | 3,036 | | | | 70,405 | |
| Anesiva, Inc. | | 9 | | | | 68 | |
| Arena Pharmaceuticals, Inc. | *† | | | 1,439 | | | | 16,664 | |
| ArQule, Inc. | * | | | 864 | | | | 4,873 | |
| Atherogenics, Inc. | *† | | | 1,603 | | | | 20,919 | |
| AVANIR Pharmaceuticals—Class A | *† | | | 1,500 | | | | 10,260 | |
| Avant Immunotherapeutics, Inc. | * | | | 5,150 | | | | 8,292 | |
| AVI BioPharma, Inc. | *† | | | 2,400 | | | | 9,000 | |
| Barr Pharmaceuticals, Inc. | * | | | 4,174 | | | | 199,058 | |
| Bentley Pharmaceuticals, Inc. | *† | | | 711 | | | | 7,793 | |
| Biogen Idec, Inc. | * | | | 14,695 | | | | 680,819 | |
| BioMarin Pharmaceuticals, Inc. | *† | | | 2,400 | | | | 34,488 | |
| Biopure Corporation Class A | * | | | 309 | | | | 377 | |
| BioScrip, Inc. | * | | | 1,095 | | | | 5,880 | |
| Boston Life Sciences, Inc. | *† | | | 724 | | | | 2,360 | |
| Bradley Pharmaceuticals, Inc. | *† | | | 591 | | | | 6,028 | |
| Bristol-Myers Squibb Company | | 79,572 | | | | 2,057,732 | |
| Cambrex Corporation | | 1,258 | | | | 26,204 | |
| Cardinal Health, Inc. | | 17,566 | | | | 1,130,021 | |
| Cell Genesys, Inc. | *† | | | 1,642 | | | | 8,243 | |
| Cell Therapeutics, Inc. | *† | | | 1,391 | | | | 2,003 | |
| Cellegy Pharmaceuticals, Inc. | * | | | 1,550 | | | | 1,008 | |
| Cephalon, Inc. | *† | | | 2,347 | | | | 141,055 | |
| Charles River Laboratories International, Inc. | * | | | 2,755 | | | | 101,384 | |
| Collagenex Pharmaceuticals, Inc. | * | | | 1,558 | | | | 18,665 | |
| Columbia Laboratories, Inc. | * | | | 1,819 | | | | 6,367 | |
| Connetics Corporation | *† | | | 1,618 | | | | 19,028 | |
| Conor Medsystems, Inc. | * | | | 2,500 | | | | 68,975 | |
| Cubist Pharmaceuticals, Inc. | *† | | | 1,762 | | | | 44,367 | |
| Cypress Bioscience, Inc. | * | | | 1,560 | | | | 9,578 | |
| Cytogen Corporation | * | | | 755 | | | | 1,888 | |
| CytRx Corporation | * | | | 4,200 | | | | 5,544 | |
| Dendreon Corporation | *† | | | 1,879 | | | | 9,094 | |
| Diagnostic Products Corporation | | 1,263 | | | | 73,469 | |
| Digene Corporation | *† | | | 725 | | | | 28,087 | |
| Discovery Laboratories, Inc. | *† | | | 2,566 | | | | 5,363 | |
| Durect Corporation | * | | | 1,900 | | | | 7,353 | |
| Eli Lilly & Company | | 39,396 | | | | 2,177,417 | |
| Emisphere Technologies, Inc. | *† | | | 772 | | | | 6,585 | |
| Encysive Pharmaceuticals, Inc. | * | | | 2,128 | | | | 14,747 | |
| Endo Pharmaceuticals Holdings, Inc. | * | | | 2,935 | | | | 96,796 | |
| EpiCept Corp. | *† | | | 751 | | | | 1,802 | |
| EPIX Pharmaceuticals, Inc. | * | | | 960 | | | | 4,176 | |
| Forest Laboratories, Inc. | * | | | 14,872 | | | | 575,398 | |
| Genaera Corporation | * | | | 4,787 | | | | 2,633 | |
| Genelabs Technologies | * | | | 721 | | | | 1,045 | |
| Genentech, Inc. | * | | | 18,818 | | | | 1,539,312 | |
| Genta, Inc. | * | | | 2,971 | | | | 4,872 | |
| Genzyme Corporation | * | | | 10,181 | | | | 621,550 | |
| Geron Corporation | * | | | 1,370 | | | | 9,453 | |
| Gilead Sciences, Inc. | * | | | 17,410 | | | | 1,029,976 | |
| GTC Biotherapeutics, Inc. | *† | | | 3,988 | | | | 6,062 | |
| GTx, Inc. | * | | | 200 | | | | 1,820 | |
| Hemispherx Biopharma, Inc. | *† | | | 920 | | | | 2,337 | |
| Henry Schein, Inc. | *† | | | 3,652 | | | | 170,658 | |
| Heska Corporation | * | | | 4,462 | | | | 4,685 | |
| Hi-Tech Pharmacal Company, Inc. | * | | | 862 | | | | 14,283 | |
| Hollis-Eden Pharmaceuticals | * | | | 954 | | | | 4,570 | |
| Hospira, Inc. | * | | | 6,367 | | | | 273,399 | |
| Human Genome Sciences, Inc. | *† | | | 5,277 | | | | 56,464 | |
| Idexx Laboratories, Inc. | * | | | 1,568 | | | | 117,804 | |
| IDM Pharma, Inc. | * | | | 142 | | | | 496 | |
| ImClone Systems, Inc. | *† | | | 3,034 | | | | 117,234 | |
| Immtech International, Inc. | *† | | | 681 | | | | 4,624 | |
| Immucor, Inc. | * | | | 1,828 | | | | 35,152 | |
| ImmunoGen, Inc. | * | | | 1,323 | | | | 4,141 | |
| Indevus Pharmaceuticals, Inc. | * | | | 5,716 | | | | 31,267 | |
| Inspire Pharmaceuticals, Inc. | * | | | 1,369 | | | | 6,366 | |
| InterMune, Inc. | *† | | | 1,586 | | | | 26,090 | |
| Inverness Medical Innovations, Inc. | * | | | 880 | | | | 24,842 | |
| Invitrogen Corporation | * | | | 2,122 | | | | 140,201 | |
| King Pharmaceuticals, Inc. | * | | | 10,009 | | | | 170,153 | |
| KOS Pharmaceuticals, Inc. | * | | | 1,090 | | | | 41,006 | |
| KV Pharmaceutical Company Class A | * | | | 2,179 | | | | 40,660 | |
See accompanying notes to financial statements.
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| Martek Biosciences Corporation | *† | | | 1,148 | | | $ | 33,235 | |
| McKesson Corporation | | 11,391 | | | | 538,566 | |
| Medarex, Inc. | * | | | 3,092 | | | | 29,714 | |
| Medco Health Solutions, Inc. | * | | | 12,790 | | | | 732,611 | |
| Medicines Company | * | | | 2,018 | | | | 39,452 | |
| Medicis Pharmaceutical Corporation Class A | | 2,422 | | | | 58,128 | |
| Medifast, Inc. | * | | | 734 | | | | 13,117 | |
| MedImmune, Inc. | * | | | 10,273 | | | | 278,398 | |
| Merck & Company, Inc. | | 89,830 | | | | 3,272,507 | |
| Meridian Bioscience, Inc. | | 772 | | | | 19,261 | |
| MGI Pharma, Inc. | * | | | 2,665 | | | | 57,298 | |
| Millennium Pharmaceuticals, Inc. | * | | | 12,456 | | | | 124,186 | |
| Mylan Laboratories | | 8,108 | | | | 162,160 | |
| Nabi Biopharmaceuticals | * | | | 1,995 | | | | 11,451 | |
| Nastech Pharmaceutical Company, Inc. | *† | | | 1,500 | | | | 23,700 | |
| Natrol, Inc. | * | | | 1,145 | | | | 2,164 | |
| NBTY, Inc. | * | | | 2,664 | | | | 63,696 | |
| Neose Technologies, Inc. | * | | | 704 | | | | 2,851 | |
| Neurobiological Technologies | *† | | | 3,136 | | | | 8,718 | |
| Neurocrine Biosciences, Inc. | *† | | | 1,479 | | | | 15,677 | |
| Novavax, Inc. | *† | | | 1,550 | | | | 7,812 | |
| Noven Pharmaceuticals, Inc. | * | | | 1,350 | | | | 24,165 | |
| NPS Pharmaceuticals, Inc. | * | | | 1,660 | | | | 8,101 | |
| Nu Skin Enterprises, Inc. Class A | | 3,018 | | | | 44,817 | |
| Nuvelo, Inc. | * | | | 1,150 | | | | 19,148 | |
| Omnicare, Inc. | | 4,277 | | | | 202,815 | |
| Onyx Pharmaceuticals, Inc. | *† | | | 1,214 | | | | 20,432 | |
| OraSure Technologies, Inc. | * | | | 1,687 | | | | 16,060 | |
| OSI Pharmaceuticals, Inc. | *† | | | 2,729 | | | | 89,948 | |
| Pain Therapeutics, Inc. | *† | | | 1,318 | | | | 11,005 | |
| Palatin Technologies, Inc. | * | | | 2,104 | | | | 4,103 | |
| Panacos Pharmaceuticals, Inc. | * | | | 157 | | | | 867 | |
| Par Pharmaceutical Companies, Inc. | * | | | 1,362 | | | | 25,143 | |
| Parexel International Corporation | * | | | 1,153 | | | | 33,264 | |
| PDL BioPharma, Inc. | *† | | | 3,841 | | | | 70,713 | |
| Penwest Pharmaceuticals Company | * | | | 930 | | | | 20,302 | |
| Peregrine Pharmaceuticals, Inc. | * | | | 9,115 | | | | 14,493 | |
| Perrigo Company | | 2,922 | | | | 47,044 | |
| Pfizer, Inc. | | 297,280 | | | | 6,977,162 | |
| Pharmacopeia Drug Discovery, Inc. | * | | | 572 | | | | 2,288 | |
| Pharmacyclics, Inc. | * | | | 1,700 | | | | 6,562 | |
| Poniard Pharmaceuticals, Inc. | | 2,381 | | | | 2,283 | |
| Pozen, Inc. | *† | | | 1,014 | | | | 7,139 | |
| Praecis Pharmaceuticals, Inc. | * | | | 367 | | | | 1,116 | |
| Progenics Pharmeceuticals, Inc. | * | | | 793 | | | | 19,080 | |
| Regeneron Pharmaceuticals, Inc. | * | | | 2,632 | | | | 33,742 | |
| Salix Pharmaceuticals Ltd. | * | | | 2,346 | | | | 28,856 | |
| Schering-Plough Corporation | | 61,678 | | | | 1,173,732 | |
| Sciclone Pharmaceuticals, Inc. | * | | | 1,700 | | | | 3,893 | |
| Sciele Pharma, Inc. | † | | | 1,613 | | | | 37,405 | |
| Sepracor, Inc. | *† | | | 4,575 | | | | 261,416 | |
| Serologicals Corporation | *† | | | 1,093 | | | | 34,364 | |
| SIGA Technologies, Inc. | * | | | 4,649 | | | | 6,509 | |
| Sigma Aldrich Corporation | | 2,478 | | | | 180,002 | |
| SirnaTherapeutics, Inc. | * | | | 4,257 | | | | 24,265 | |
| SuperGen, Inc. | * | | | 1,338 | | | | 4,857 | |
| Tanox, Inc. | * | | | 1,721 | | | | 23,801 | |
| Tapestry Pharmaceuticals, Inc. | * | | | 522 | | | | 1,749 | |
| Targeted Genetics Corp. | | 626 | | | | 1,440 | |
| Third Wave Technologies, Inc. | * | | | 1,227 | | | | 3,656 | |
| Titan Pharmaceuticals, Inc. | * | | | 1,743 | | | | 3,730 | |
| United Therapeutics Corporation | *† | | | 914 | | | | 52,802 | |
| USANA Health Sciences, Inc. | *† | | | 593 | | | | 22,475 | |
| Valeant Pharmaceuticals International | | 3,473 | | | | 58,763 | |
| Vertex Pharmaceuticals, Inc. | *† | | | 3,255 | | | | 119,491 | |
| Vion Pharmaceuticals, Inc. | * | | | 4,504 | | | | 6,441 | |
| Viropharma, Inc. | * | | | 4,061 | | | | 35,006 | |
| Watson Pharmaceuticals, Inc. | * | | | 4,480 | | | | 104,294 | |
| Wyeth | | 54,364 | | | | 2,414,305 | |
| XOMA Ltd. | * | | | 4,976 | | | | 8,459 | |
| Zymogenetics, Inc. | * | | | 2,343 | | | | 44,447 | |
| | | 36,969,579 | |
Real Estate—2.2% |
| Acadia Realty Trust REIT | | 1,318 | | | | 31,171 | |
| Affordable Residential Communities REIT | † | | | 950 | | | | 10,213 | |
| Agree Realty Corporation REIT | | 814 | | | | 27,652 | |
| Alderwoods Group, Inc. | * | | | 3,200 | | | | 62,272 | |
| Alexander’s, Inc. REIT | * | | | 161 | | | | 43,753 | |
| Alexandria Real Estate Equities, Inc. REIT | | 802 | | | | 71,121 | |
| AMB Property Corporation REIT | | 3,649 | | | | 184,457 | |
| American Financial Realty Trust REIT | | 5,234 | | | | 50,665 | |
| American Land Lease, Inc. REIT | | 1,828 | | | | 44,786 | |
| American Mortgage Acceptance Corporation REIT | | 1,842 | | | | 27,151 | |
| Annaly Mortgage Management, Inc. REIT | † | | | 3,840 | | | | 49,190 | |
| Anthracite Capital, Inc. REIT | | 1,100 | | | | 13,376 | |
| Apartment Investment & Management Company REIT Class A | † | | | 3,910 | | | | 169,890 | |
| Archstone-Smith Trust REIT | | 7,979 | | | | 405,892 | |
| Arizona Land Income Corporation REIT Class A | † | | | 1,050 | | | | 4,074 | |
| Avalonbay Communities, Inc. REIT | † | | | 3,116 | | | | 344,692 | |
| BioMed Realty Trust, Inc. REIT | | 1,400 | | | | 41,916 | |
| Boston Properties, Inc. REIT | † | | | 4,700 | | | | 424,880 | |
| Brandywine Realty Trust REIT | | 2,965 | | | | 95,384 | |
| BRE Properties Class A | | 2,433 | | | | 133,815 | |
| Brookfield Properties Co. (Canada) | | 2,000 | | | | 64,340 | |
| BRT Realty Trust REIT | | 355 | | | | 9,106 | |
| California Coastal Communities, Inc. | * | | | 267 | | | | 8,544 | |
| Camden Property Trust REIT | | 2,732 | | | | 200,939 | |
| Capital Alliance Income Trust Ltd. REIT | * | | | 799 | | | | 6,104 | |
| Capstead Mortgage Corporation REIT | † | | | 2,400 | | | | 18,216 | |
| CarrAmerica Realty Corporation REIT | | 2,765 | | | | 123,181 | |
| CB Richard Ellis Group, Inc. Class A | * | | | 6,900 | | | | 171,810 | |
| CBL & Associates Properties, Inc. REIT | | 2,548 | | | | 99,194 | |
| Cedar Shopping Centers, Inc. REIT | | 583 | | | | 8,582 | |
| Colonial Properties Trust REIT | | 1,962 | | | | 96,923 | |
| Cousins Properties, Inc. REIT | | 2,338 | | | | 72,314 | |
| Crescent Real Estate EQT Company REIT | | 4,527 | | | | 84,021 | |
| Developers Diversified Realty Corporation REIT | | 4,733 | | | | 246,968 | |
| Duke Realty Corporation REIT | | 5,609 | | | | 197,156 | |
| Eastgroup Properties, Inc. REIT | | 1,538 | | | | 71,794 | |
| Entertainment Properties Trust REIT | | 749 | | | | 32,244 | |
| Equity Inns, Inc. REIT | | 3,264 | | | | 54,052 | |
| Equity Office Properties Trust REIT | | 16,590 | | | | 605,701 | |
See accompanying notes to financial statements.
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| Equity One, Inc. REIT | | 2,619 | | | $ | 54,737 | |
| Equity Residential REIT | | 11,429 | | | | 511,219 | |
| Essex Property Trust, Inc. REIT | | 807 | | | | 90,110 | |
| Extra Space Storage, Inc. REIT | | 3,500 | | | | 56,840 | |
| Federal Realty Investment Trust REIT | | 1,810 | | | | 126,700 | |
| FelCor Lodging Trust, Inc. REIT | | 3,135 | | | | 68,155 | |
| First Industrial Realty Trust, Inc. REIT | | 1,599 | | | | 60,666 | |
| Forest City Enterprises, Inc. Class A | | 2,608 | | | | 130,165 | |
| General Growth Properties, Inc. REIT | | 9,800 | | | | 441,588 | |
| Getty Realty Corporation REIT | | 1,747 | | | | 49,685 | |
| Glenborough Realty Trust, Inc. REIT | † | | | 2,111 | | | | 45,471 | |
| Glimcher Realty Trust REIT | | 1,584 | | | | 39,299 | |
| Grubb and Ellis Company | * | | | 652 | | | | 6,031 | |
| Health Care Property Investors, Inc. REIT | † | | | 5,334 | | | | 142,631 | |
| Health Care REIT, Inc. | | 1,824 | | | | 63,749 | |
| Healthcare Realty Trust, Inc. REIT | | 1,881 | | | | 59,910 | |
| Heritage Property Investment Trust REIT | | 2,051 | | | | 71,621 | |
| Highwoods Properties, Inc. REIT | | 2,393 | | | | 86,579 | |
| HMG Courtland Properties REIT | | 1,450 | | | | 13,340 | |
| Home Properties, Inc. REIT | | 1,390 | | | | 77,159 | |
| Hospitality Properties Trust REIT | | 2,923 | | | | 128,378 | |
| Host Marriott Corporation REIT | † | | | 17,443 | | | | 381,478 | |
| HRPT Properties Trust REIT | | 9,142 | | | | 105,682 | |
| IMPAC Mortgage Holdings, Inc. REIT | † | | | 3,238 | | | | 36,201 | |
| Innkeepers USA Trust REIT | | 2,014 | | | | 34,802 | |
| iStar Financial, Inc. REIT | | 4,331 | | | | 163,495 | |
| Jones Lang Lasalle, Inc. | | 1,311 | | | | 114,778 | |
| Kimco Realty Corporation REIT | † | | | 8,694 | | | | 317,244 | |
| Lexington Corporate Properties Trust REIT | † | | | 1,399 | | | | 30,218 | |
| Liberty Property Trust REIT | † | | | 3,172 | | | | 140,202 | |
| Mack-Cali Realty Corporation REIT | | 2,488 | | | | 114,249 | |
| Maguire Properties, Inc. REIT | | 1,199 | | | | 42,169 | |
| Mid-America Apartment Communities, Inc. REIT | | 1,240 | | | | 69,130 | |
| Mills Corporation (The) REIT | | 2,070 | | | | 55,373 | |
| Mission West Properties REIT | | 1,417 | | | | 15,700 | |
| Monmouth Capital Corporation | | 2,974 | | | | 15,911 | |
| Monmouth Class A REIT | | 1,328 | | | | 10,704 | |
| National Health Investors, Inc. REIT | | 2,097 | | | | 56,388 | |
| Nationwide Health Properties, Inc. REIT | | 2,362 | | | | 53,169 | |
| New Plan Excel Realty Trust REIT | | 4,341 | | | | 107,179 | |
| Newcastle Investment Corporation REIT | | 754 | | | | 19,091 | |
| Novastar Financial, Inc. REIT | † | | | 771 | | | | 24,371 | |
| Pan Pacific Retail Properties, Inc. REIT | | 1,419 | | | | 98,436 | |
| Parkway Properties, Inc. REIT | | 986 | | | | 44,863 | |
| Plum Creek Timber Company, Inc. REIT | | 7,592 | | | | 269,516 | |
| PMC Commercial Trust REIT | | 865 | | | | 11,003 | |
| Post Properties, Inc. REIT | | 2,078 | | | | 94,217 | |
| Prologis REIT | | 9,458 | | | | 492,951 | |
| Public Storage, Inc. REIT | † | | | 3,797 | | | | 288,192 | |
| RAIT Investment Trust REIT | | 991 | | | | 28,937 | |
| Rayonier, Inc. REIT | | 3,336 | | | | 126,468 | |
| Realty Income Corporation REIT | | 4,138 | | | | 90,622 | |
| Redwood Trust, Inc. REIT | † | | | 1,008 | | | | 49,221 | |
| Regency Centers Corporation REIT | | 2,545 | | | | 158,172 | |
| Senior Housing Properties Trust REIT | | 2,216 | | | | 39,689 | |
| Shurgard Storage Centers, Inc. REIT Class A | | 1,600 | | | | 100,000 | |
| Simon Property Group, Inc. REIT | | 9,585 | | | | 794,980 | |
| SL Green Realty Corporation REIT | † | | | 1,735 | | | | 189,930 | |
| Sovran Self Storage, Inc. REIT | † | | | 1,269 | | | | 64,453 | |
| St. Joe Company (The) | † | | | 2,906 | | | | 135,245 | |
| Stewart Enterprises, Inc. Class A | | 4,115 | | | | 23,661 | |
| Sun Communities, Inc. REIT | | 1,061 | | | | 34,514 | |
| Taubman Centers, Inc. REIT | | 2,083 | | | | 85,195 | |
| Thornburg Mortgage, Inc. REIT | † | | | 4,059 | | | | 113,124 | |
| Trammell Crow Company | *† | | | 2,116 | | | | 74,420 | |
| Trizec Properties, Inc. REIT | † | | | 3,914 | | | | 112,097 | |
| United Capital Corporation | *† | | | 690 | | | | 18,285 | |
| United Dominion Realty Trust, Inc. REIT | | 4,883 | | | | 136,773 | |
| Ventas, Inc. REIT | | 3,213 | | | | 108,856 | |
| Vornado Realty Trust REIT | † | | | 5,255 | | | | 512,625 | |
| W.P. Carey & Company LLC | | 1,592 | | | | 40,309 | |
| Washington REIT | | 1,834 | | | | 67,308 | |
| Weingarten Realty Investors REIT | | 3,474 | | | | 132,985 | |
| | | 13,176,153 | |
Restaurants—0.7% |
| Applebee’s International, Inc. | | 3,613 | | | | 69,442 | |
| Aramark Corporation Class B | | 4,444 | | | | 147,141 | |
| Back Yard Burgers, Inc. | * | | | 1,698 | | | | 8,864 | |
| Bob Evans Farms, Inc. | | 1,465 | | | | 43,965 | |
| Brinker International, Inc. | † | | | 3,445 | | | | 125,054 | |
| Burger King Holdings, Inc. | † | | | 1,700 | | | | 26,775 | |
| CEC Entertainment, Inc. | * | | | 1,614 | | | | 51,842 | |
| CKE Restaurants, Inc. | † | | | 1,945 | | | | 32,306 | |
| California Pizza Kitchen, Inc. | * | | | 970 | | | | 26,656 | |
| CBRL Group, Inc. | | 2,120 | | | | 71,910 | |
| Cheesecake Factory (The) | *† | | | 3,444 | | | | 92,816 | |
| Chipotle Mexican Grill, Inc.—Class A | * | | | 900 | | | | 54,855 | |
| Darden Restaurants, Inc. | | 6,843 | | | | 269,614 | |
| IHOP Corporation | | 1,079 | | | | 51,878 | |
| Jack in the Box, Inc. | * | | | 1,437 | | | | 56,330 | |
| Krispy Kreme Doughnuts, Inc. | *† | | | 2,573 | | | | 20,944 | |
| Landry’s Restaurants, Inc. | | 1,253 | | | | 40,660 | |
| Lone Star Steakhouse & Saloon, Inc. | | 1,124 | | | | 29,483 | |
| McDonald’s Corporation | | 51,567 | | | | 1,732,651 | |
| Morton’s Restaurant Group, Inc. | * | | | 2,200 | | | | 33,704 | |
| O’Charley’s, Inc. | * | | | 1,091 | | | | 18,547 | |
| OSI Restaurant Partners, Inc. | | 2,790 | | | | 96,534 | |
| Papa John’s International, Inc. | * | | | 1,610 | | | | 53,452 | |
| PF Chang’s China Bistro, Inc. | *† | | | 1,089 | | | | 41,404 | |
| Rare Hospitality International, Inc. | * | | | 1,475 | | | | 42,421 | |
| Red Robin Gourmet Burgers, Inc. | *† | | | 692 | | | | 29,452 | |
| Ruby Tuesday, Inc. | † | | | 2,816 | | | | 68,739 | |
| Ryan’s Restaurant Group, Inc. | * | | | 2,818 | | | | 33,562 | |
| Sonic Corporation | * | | | 3,730 | | | | 77,547 | |
| Steak N Shake Company (The) | * | | | 1,267 | | | | 19,182 | |
| Texas Roadhouse, Inc. Class A | * | | | 3,070 | | | | 41,506 | |
| Triarc Companies Class B | | 2,886 | | | | 45,108 | |
| Wendy’s International, Inc. | | 5,229 | | | | 304,798 | |
| Yum! Brands, Inc. | | 11,805 | | | | 593,437 | |
| | | 4,452,579 | |
Retail—Apparel—0.0% |
| dELIA*s, Inc. | * | | | 925 | | | | 7,474 | |
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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Retailers—3.7% |
| 1-800-FLOWERS.COM, Inc. | * | | | 793 | | | $ | 4,576 | |
| 99 Cents Only Stores | * | | | 3,207 | | | | 33,545 | |
| AC Moore Arts & Crafts, Inc. | *† | | | 876 | | | | 14,288 | |
| Advance Auto Parts, Inc. | | 4,485 | | | | 129,617 | |
| Alloy, Inc. | * | | | 462 | | | | 4,846 | |
| Amazon.Com, Inc. | *† | | | 12,783 | | | | 494,446 | |
| Autozone, Inc. | * | | | 2,384 | | | | 210,269 | |
| BJ’s Wholesale Club, Inc. | * | | | 2,859 | | | | 81,053 | |
| Barnes & Noble, Inc. | | 2,814 | | | | 102,711 | |
| Bed Bath & Beyond, Inc. | * | | | 12,988 | | | | 430,812 | |
| Bell Microproducts, Inc. | * | | | 1,146 | | | | 6,211 | |
| Best Buy Company, Inc. | | 15,993 | | | | 877,056 | |
| Big 5 Sporting Goods Corporation | | 1,071 | | | | 20,885 | |
| Big Lots, Inc. | * | | | 4,853 | | | | 82,889 | |
| Blair Corporation | | 306 | | | | 9,104 | |
| Bluefly, Inc. | * | | | 2,341 | | | | 2,833 | |
| Bombay Company, Inc. (The) | * | | | 1,080 | | | | 2,614 | |
| Borders Group, Inc. | | 3,342 | | | | 61,693 | |
| CSK Auto Corporation | * | | | 1,990 | | | | 23,820 | |
| CVS Corporation | | 34,580 | | | | 1,061,606 | |
| Casey’s General Stores, Inc. | | 1,608 | | | | 40,216 | |
| Cash America International, Inc. | | 2,411 | | | | 77,152 | |
| Central Garden & Pet Company | * | | | 615 | | | | 26,476 | |
| Circuit City Stores, Inc. | | 8,696 | | | | 236,705 | |
| Coldwater Creek, Inc. | * | | | 1,528 | | | | 40,889 | |
| Cost Plus, Inc. | * | | | 1,014 | | | | 14,865 | |
| Costco Wholesale Corporation | † | | | 18,694 | | | | 1,067,988 | |
| Dick’s Sporting Goods, Inc. | * | | | 1,240 | | | | 49,104 | |
| Dillard’s, Inc. Class A | † | | | 3,454 | | | | 110,010 | |
| Dollar General Corporation | | 13,983 | | | | 195,482 | |
| Dollar Tree Stores, Inc. | *† | | | 4,830 | | | | 127,995 | |
| Drugstore.Com, Inc. | * | | | 3,800 | | | | 11,020 | |
| eBay, Inc. | * | | | 40,410 | | | | 1,183,609 | |
| Family Dollar Stores, Inc. | | 6,556 | | | | 160,163 | |
| Fastenal Company | | 5,638 | | | | 227,155 | |
| Federated Department Stores | | 22,466 | | | | 822,256 | |
| Foot Locker, Inc. | | 5,840 | | | | 143,022 | |
| Fred’s, Inc. | † | | | 1,781 | | | | 23,776 | |
| GameStop Corp.—Class A | *† | | | 1,890 | | | | 79,380 | |
| GSI Commerce, Inc. | * | | | 1,469 | | | | 19,876 | |
| Guitar Center, Inc. | *† | | | 1,020 | | | | 45,359 | |
| Hancock Fabrics, Inc. | | 631 | | | | 2,108 | |
| Haverty Furniture Companies, Inc. | | 1,111 | | | | 17,432 | |
| Hibbett Sporting Goods, Inc. | * | | | 1,396 | | | | 33,364 | |
| JC Penney Company, Inc. (Holding Company) | | 7,928 | | | | 535,219 | |
| Jo-Ann Stores, Inc. | *† | | | 1,266 | | | | 18,547 | |
| Kenneth Cole Productions, Inc. Class A | | 956 | | | | 21,347 | |
| Kirkland’s, Inc. | * | | | 833 | | | | 4,357 | |
| Longs Drug Stores Corporation | | 1,757 | | | | 80,154 | |
| MarineMax, Inc. | *† | | | 800 | | | | 20,984 | |
| Marvel Entertainment, Inc. | *† | | | 4,501 | | | | 90,020 | |
| Men’s Wearhouse, Inc. | | 2,437 | | | | 73,841 | |
| Michaels Stores, Inc. | | 5,676 | | | | 234,078 | |
| Movie Gallery, Inc. | † | | | 1,145 | | | | 7,110 | |
| MSC Industrial Direct Company Class A | | 1,782 | | | | 84,770 | |
| Nitches, Inc. | * | | | 2,850 | | | | 14,963 | |
| Office Depot, Inc. | * | | | 11,792 | | | | 448,096 | |
| OfficeMax, Inc. | | 3,587 | | | | 146,170 | |
| O’Reilly Automotive, Inc. | * | | | 4,772 | | | | 148,839 | |
| Overstock.com, Inc. | *† | | | 770 | | | | 16,370 | |
| PC Connection, Inc. | * | | | 854 | | | | 4,996 | |
| Petco Animal Supplies, Inc. | * | | | 612 | | | | 12,503 | |
| Petsmart, Inc. | | 5,983 | | | | 153,165 | |
| Pier 1 Imports, Inc. | † | | | 3,712 | | | | 25,910 | |
| Priceline.com, Inc. | *† | | | 1,548 | | | | 46,223 | |
| RadioShack Corporation | † | | | 6,811 | | | | 95,354 | |
| Restoration Hardware, Inc. | *† | | | 314 | | | | 2,255 | |
| Retail Ventures, Inc. | * | | | 1,372 | | | | 24,449 | |
| Rite Aid Corporation | * | | | 20,882 | | | | 88,540 | |
| Saks, Inc. | *† | | | 5,811 | | | | 93,964 | |
| Samsonite Corporation | * | | | 1,133 | | | | 1,156 | |
| School Specialty, Inc. | *† | | | 854 | | | | 27,200 | |
| Sears Holdings Corporation | *† | | | 3,979 | | | | 616,108 | |
| Sharper Image Corporation | * | | | 648 | | | | 7,199 | |
| Sherwin-Williams Company (The) | | 4,948 | | | | 234,931 | |
| Stamps.com, Inc. | *† | | | 1,050 | | | | 29,211 | |
| Staples, Inc. | | 29,867 | | | | 726,365 | |
| Stein Mart, Inc. | | 1,261 | | | | 18,663 | |
| Stride Rite Corporation | | 2,388 | | | | 31,498 | |
| Systemax, Inc. | * | | | 1,358 | | | | 10,592 | |
| TJX Companies, Inc. | | 20,086 | | | | 459,166 | |
| Target Corporation | | 32,621 | | | | 1,594,188 | |
| Tiffany & Company | | 6,084 | | | | 200,894 | |
| Trans World Entertainment Corporation | * | | | 1,932 | | | | 13,949 | |
| Tuesday Morning Corporation | | 1,816 | | | | 23,880 | |
| Tweeter Home Entertainment Group, Inc. | * | | | 1,128 | | | | 8,009 | |
| Valuevision Media, Inc. Class A | * | | | 1,741 | | | | 19,203 | |
| Walgreen Company | | 41,643 | | | | 1,867,272 | |
| Wal-Mart Stores, Inc. | | 105,587 | | | | 5,086,126 | |
| Williams-Sonoma, Inc. | *† | | | 3,877 | | | | 132,012 | |
| Zale Corporation | *† | | | 2,300 | | | | 55,407 | |
| | | 22,065,529 | |
Telecommunications—0.2% |
| Citizens Communications Company | | 11,806 | | | | 154,068 | |
| Lucent Technologies, Inc. | * | | | 174,603 | | | | 422,539 | |
| NTL, Inc. | † | | | 8,979 | | | | 223,577 | |
| Superior Telecom, Inc. | *‡*** | | | 2,013 | | | | — | |
| Tellabs, Inc. | * | | | 19,143 | | | | 254,793 | |
| | | 1,054,977 | |
Telephone Systems—2.8% |
| Adtran, Inc. | | 3,197 | | | | 71,709 | |
| Alaska Communications Systems Group, Inc. | | 2,850 | | | | 36,053 | |
| Alltel Corporation | | 14,709 | | | | 938,875 | |
| AT&T, Inc. | | 160,327 | | | | 4,471,520 | |
| Audiovox Corporation Class A | * | | | 1,218 | | | | 16,638 | |
| BellSouth Corporation | | 73,788 | | | | 2,671,126 | |
| Brightpoint, Inc. | * | | | 2,358 | | | | 31,904 | |
| C2 Global Technologies, Inc. | * | | | 677 | | | | 1,029 | |
| Centennial Communications Corporation | | 3,036 | | | | 15,787 | |
| CenturyTel, Inc. | † | | | 5,985 | | | | 222,343 | |
| Cincinnati Bell, Inc. | * | | | 9,266 | | | | 37,991 | |
| Commonwealth Telephone Enterprises, Inc. | | 876 | | | | 29,048 | |
| Covad Communications Group, Inc. | * | | | 13,040 | | | | 26,210 | |
| D&E Communications, Inc. | | 1,712 | | | | 18,558 | |
| Deltathree, Inc. | * | | | 2,552 | | | | 5,921 | |
| Dobson Communications Corporation Class A | * | | | 3,916 | | | | 30,271 | |
| Embarq Corp. | | 5,950 | | | | 243,891 | |
| Equinix, Inc. | *† | | | 622 | | | | 34,123 | |
| Forgent Networks, Inc. | * | | | 1,350 | | | | 905 | |
| General Communication Class A | * | | | 2,516 | | | | 30,997 | |
| Global Payments, Inc. | | 3,238 | | | | 157,205 | |
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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| Goamerica, Inc. | * | | | 24 | | | $ | 69 | |
| Hickory Tech Corporation | | 651 | | | | 4,557 | |
| IDT Corporation Class B | * | | | 4,800 | | | | 66,192 | |
| iPCS, Inc. | † | | | 700 | | | | 33,810 | |
| j2 Global Communications, Inc. | *† | | | 1,614 | | | | 50,389 | |
| LCC International, Inc. Class A | * | | | 1,000 | | | | 3,730 | |
| Leap Wireless International, Inc. | * | | | 2,100 | | | | 99,645 | |
| Level 3 Communications, Inc. | *† | | | 26,967 | | | | 119,733 | |
| Lightbridge, Inc. | * | | | 1,288 | | | | 16,680 | |
| Mastec, Inc. | * | | | 2,049 | | | | 27,067 | |
| NII Holdings, Inc. Class B | * | | | 4,900 | | | | 276,262 | |
| Novatel Wireless, Inc. | * | | | 1,358 | | | | 14,096 | |
| NTELOS Holdings Corp. | * | | | 2,700 | | | | 39,015 | |
| Primus Telecommunications GP | * | | | 3,086 | | | | 1,728 | |
| Qwest Communications International, Inc. | *† | | | 62,767 | | | | 507,785 | |
| RCN Corporation | *† | | | 2,597 | | | | 64,743 | |
| Redback Networks, Inc. | * | | | 1,198 | | | | 21,971 | |
| Rural Cellular Corporation Class A | * | | | 1,265 | | | | 13,902 | |
| SAVVIS, Inc. | | 408 | | | | 12,081 | |
| Sprint Nextel Corp. | | 119,001 | | | | 2,378,830 | |
| SunCom Wireless Holdings, Inc.,—Class A | * | | | 2,699 | | | | 4,049 | |
| SureWest Communications | | 184 | | | | 3,555 | |
| Talk America Holdings, Inc. | *† | | | 1,398 | | | | 8,654 | |
| Telecommunication Systems, Inc. | *† | | | 1,200 | | | | 2,868 | |
| Telephone & Data Systems, Inc. | | 2,518 | | | | 104,245 | |
| Telephone & Data Systems, Inc. | | 1,018 | | | | 39,600 | |
| Time Warner Telecom, Inc. Class A | *† | | | 1,928 | | | | 28,631 | |
| Ubiquitel, Inc. | * | | | 4,078 | | | | 42,167 | |
| US Cellular Corporation | * | | | 680 | | | | 41,208 | |
| Verizon Communications, Inc. | | 120,229 | | | | 4,026,469 | |
| West Corporation | * | | | 875 | | | | 41,921 | |
| Wireless Facilities, Inc. | *† | | | 2,398 | | | | 6,595 | |
| | | 17,194,351 | |
Textiles, Clothing & Fabrics—0.5% |
| Albany International Corporation Class A | | 1,437 | | | | 60,914 | |
| Brown Shoe Company, Inc. | | 1,194 | | | | 40,692 | |
| Coach, Inc. | * | | | 15,372 | | | | 459,623 | |
| Columbia Sportswear Company | * | | | 652 | | | | 29,510 | |
| CROCS, Inc. | *† | | | 1,800 | | | | 45,270 | |
| Culp, Inc. | * | | | 888 | | | | 4,342 | |
| Genesco, Inc. | * | | | 921 | | | | 31,194 | |
| Guess ?, Inc. | * | | | 1,774 | | | | 74,065 | |
| Gymboree Corporation | * | | | 1,400 | | | | 48,664 | |
| Iconix Brand Group, Inc. | | 2,100 | | | | 34,314 | |
| Jones Apparel Group, Inc. | | 4,641 | | | | 147,537 | |
| Kellwood Company | | 1,170 | | | | 34,246 | |
| K-Swiss, Inc. Class A | | 1,476 | | | | 39,409 | |
| Liz Claiborne, Inc. | | 4,930 | | | | 182,706 | |
| Mohawk Industries, Inc. | *† | | | 2,460 | | | | 173,061 | |
| Mossimo, Inc. | * | | | 2,806 | | | | 22,308 | |
| Mothers Work, Inc. | * | | | 600 | | | | 21,030 | |
| Nike, Inc. Class B | | 6,890 | | | | 558,090 | |
| Oxford Industries, Inc. | | 936 | | | | 36,888 | |
| Phillips-Van Heusen Corporation | | 1,267 | | | | 48,349 | |
| Polo Ralph Lauren Corporation | | 2,143 | | | | 117,651 | |
| Polymer Group Escrow | ‡*** | | | 1,565 | | | | — | |
| Quaker Fabric Corporation | * | | | 2,550 | | | | 3,468 | |
| Quiksilver, Inc. | * | | | 4,288 | | | | 52,228 | |
| Russell Corporation | | 1,339 | | | | 24,316 | |
| Sport-Haley, Inc. | * | | | 1,042 | | | | 5,002 | |
| Steven Madden Ltd. | | 751 | | | | 22,245 | |
| Tag-It Pacific, Inc. | * | | | 1,334 | | | | 894 | |
| Tarrant Apparel Group | *† | | | 1,106 | | | | 2,157 | |
| Timberland Company Class A | * | | | 2,970 | | | | 77,517 | |
| VF Corporation | | 3,785 | | | | 257,077 | |
| Warnaco Group, Inc. (The) | * | | | 1,569 | | | | 29,309 | |
| Wolverine World Wide, Inc. | | 2,589 | | | | 60,401 | |
| | | 2,744,477 | |
Therapeutics—0.0% |
| Altus Pharmaceuticals, Inc. | * | | | 1,600 | | | | 29,520 | |
Transportation—1.9% |
| Alexander & Baldwin, Inc. | † | | | 1,466 | | | | 64,900 | |
| American Commercial Lines, Inc. | * | | | 1,000 | | | | 60,250 | |
| Arctic Cat, Inc. | | 1,857 | | | | 36,230 | |
| Arkansas Best Corporation | | 903 | | | | 45,340 | |
| Brunswick Corporation | | 3,797 | | | | 126,250 | |
| Burlington Northern Santa Fe Corporation | | 15,305 | | | | 1,212,921 | |
| CSX Corporation | | 8,882 | | | | 625,648 | |
| Carnival Corporation | † | | | 17,238 | | | | 719,514 | |
| CH Robinson Worldwide, Inc. | | 7,150 | | | | 381,095 | |
| Con-way, Inc. | | 2,160 | | | | 125,129 | |
| Expedia, Inc. | * | | | 12,018 | | | | 179,909 | |
| Expeditors International Washington, Inc. | | 8,772 | | | | 491,320 | |
| FedEx Corporation | | 11,378 | | | | 1,329,633 | |
| Fleetwood Enterprises, Inc. | * | | | 1,750 | | | | 13,195 | |
| Florida East Coast Industries | | 423 | | | | 22,136 | |
| Forward Air Corporation | | 1,431 | | | | 58,285 | |
| Freightcar America, Inc. | | 900 | | | | 49,959 | |
| GATX Corporation | | 1,766 | | | | 75,055 | |
| General Maritime Corporation | | 1,897 | | | | 70,113 | |
| Genesee & Wyoming, Inc. Class A | * | | | 1,576 | | | | 55,901 | |
| Gulfmark Offshore, Inc. | * | | | 1,000 | | | | 25,830 | |
| Heartland Express, Inc. | | 4,220 | | | | 75,496 | |
| Hornbeck Offshore Services, Inc. | * | | | 1,800 | | | | 63,936 | |
| HUB Group, Inc. Class A | * | | | 2,400 | | | | 58,872 | |
| JB Hunt Transport Services, Inc. | | 6,334 | | | | 157,780 | |
| Kansas City Southern | *† | | | 2,513 | | | | 69,610 | |
| Kirby Corporation | * | | | 2,358 | | | | 93,141 | |
| Laidlaw International, Inc. | | 3,900 | | | | 98,280 | |
| Landstar System, Inc. | † | | | 2,256 | | | | 106,551 | |
| Maritrans, Inc. | | 499 | | | | 12,425 | |
| Norfolk Southern Corporation | | 16,102 | | | | 856,948 | |
| Old Dominion Freight Line, Inc. | * | | | 1,783 | | | | 67,023 | |
| OMI Corporation | † | | | 3,824 | | | | 82,790 | |
| Overseas Shipholding Group | | 1,587 | | | | 93,871 | |
| P.A.M. Transportation Services, Inc. | * | | | 338 | | | | 9,765 | |
| Pacer International, Inc. | | 1,664 | | | | 54,213 | |
| Polaris Industries, Inc. | | 1,858 | | | | 80,451 | |
| Quality Distribution, Inc. | * | | | 93 | | | | 1,235 | |
| RailAmerica, Inc. | * | | | 1,527 | | | | 15,972 | |
| Royal Caribbean Cruises Ltd. | | 4,300 | | | | 164,475 | |
| Sabre Holdings Corporation | | 5,055 | | | | 111,210 | |
| SCS Transportation, Inc. | * | | | 1,662 | | | | 45,755 | |
| Sirva, Inc. | * | | | 517 | | | | 3,345 | |
| Swift Transportation Company, Inc. | * | | | 3,649 | | | | 115,892 | |
| Thor Industries, Inc. | † | | | 1,221 | | | | 59,157 | |
| Trinity Industries, Inc. | † | | | 3,051 | | | | 123,260 | |
| Union Pacific Corporation | | 10,489 | | | | 975,057 | |
| United Parcel Service, Inc. Class B | | 25,952 | | | | 2,136,628 | |
| Wabtec Corporation | | 1,737 | | | | 64,964 | |
| Werner Enterprises, Inc. | | 2,915 | | | | 59,087 | |
See accompanying notes to financial statements.
187
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Broad
Market Index Fund
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COMMON STOCKS—(Continued)
|
| West Marine, Inc.*† | | 803 | | | $ | 10,824 | |
| YRC Worldwide, Inc.* | | 2,278 | | | | 95,927 | |
| | | 11,732,553 | |
Transportation Services—0.0% |
| Velocity Express Corporation* | | 2 | | | | 3 | |
Water Companies—0.0% |
| American States Water Company | | 500 | | | | 17,825 | |
| Aqua America, Inc. | | 4,329 | | | | 98,658 | |
| California Water Service Group | | 965 | | | | 34,489 | |
| Connecticut Water Service, Inc. | | 500 | | | | 11,710 | |
| Pico Holdings, Inc.* | | 1,150 | | | | 37,088 | |
| SJW Corporation | | 1,010 | | | | 25,705 | |
| | | 225,475 | |
Webhosting/Design—0.0% |
| Verso Technologies, Inc.* | | 1,618 | | | | 1,667 | |
Wireless Equipment—Communications—0.0% |
| Terabeam, Inc.* | | 2,197 | | | | 4,482 | |
TOTAL COMMON STOCKS |
| (Cost $411,327,214) | | | | | | 598,013,248 | |
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U.S. TREASURY OBLIGATIONS—0.1% |
U.S. Treasury Bills—0.1% |
| U.S. Treasury Bill |
| 4.730% | | | | 09/07/2006** | | | | | | | |
| (Cost $272,543) | $ | 275,000 | | | | 272,543 | |
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WARRANTS—0.0% |
Financial Services—0.0% |
Equitex, Inc. Warrants,
Expires 2/7/2010†*** | | 264 | | | | — | |
| Equitex, Inc. Warrants, Expires 2/7/2010†*** | | 264 | | | | — | |
| (Cost $—) | | | | | | — | |
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CASH EQUIVALENTS—9.3% |
Institutional Money Market Funds—0.1% | | | |
| BGI Institutional Fund†† | $ | 460,522 | | | | 460,522 | |
Bank & Certificate Deposits/
Offshore Time Deposits—8.9% | | | |
| Abbey National PLC | | | |
| 5.100% | | | | 07/10/2006 | | | †† | | | | 1,842,084 | | | | 1,842,084 | |
| Bank Of Montreal | | | |
| 5.290% | | | | 08/03/2006 | | | †† | | | | 690,783 | | | | 690,783 | |
| Bank Of Nova Scotia | | | |
| 5.290% | | | | 08/08/2006 | | | †† | | | | 1,151,306 | | | | 1,151,306 | |
| Barclays | | | |
| 5.150% | | | | 08/01/2006 | | | †† | | | | 1,151,306 | | | | 1,151,306 | |
| Barton Capital LLC | | | |
| 5.258% | | | | 07/07/2006 | | | †† | | | | 921,045 | | | | 921,045 | |
| Barton Capital LLC | | | |
| 5.120% | | | | 07/05/2006 | | †† | | | 912,237 | | | | 912,237 | |
| Calyon | | | |
| 5.300% | | | | 08/08/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| Canadian Imperial Bank of Commerce | | | |
| 5.310% | | | | 07/31/2006 | | †† | | | 690,783 | | | | 690,783 | |
| Clipper Receivables Corp | | | |
| 5.119% | | | | 07/05/2006 | | †† | | | 921,045 | | | | 921,045 | |
| Compass Securitization | | | |
| 5.222% | | | | 07/14/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| CRC Funding LLC | | | |
| 5.282% | | | | 07/21/2006 | | †† | | | 450,766 | | | | 450,766 | |
| Credit Suisse First Boston Corporation | | | |
| 5.275% | | | | 07/24/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| Deutsche Bank | | | |
| 5.250% | | | | 07/05/2006 | | †† | | | 921,045 | | | | 921,045 | |
| Dexia Group | | | |
| 5.300% | | | | 08/09/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| Fairway Finance | | | |
| 5.264% | | | | 07/11/2006 | | †† | | | 921,045 | | | | 921,045 | |
| Falcon Asset Securitization Corporation | | | |
| 5.290% | | | | 07/24/2006 | | †† | | | 460,522 | | | | 460,522 | |
| Grampian Funding LLC | | | |
| 5.319% | | | | 07/21/2006 | | †† | | | 921,045 | | | | 921,045 | |
| Harris NA | | | |
| 5.080% | | | | 07/05/2006 | | †† | | | 921,045 | | | | 921,045 | |
| Jupiter Securitization Corporation | | | |
| 5.252% | | | | 07/18/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| Lexington Parker Cap Comp | | | |
| 5.202% | | | | 07/13/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| Lexington Parker Cap Comp | | | |
| 5.192% | | | | 07/13/2006 | | †† | | | 450,602 | | | | 450,602 | |
| Merrill Lynch & Co | | | |
| 5.303% | | | | 07/03/2006 | | †† | | | 7,598,618 | | | | 7,598,618 | |
| Morgan Stanley & Co | | | |
| 5.303% | | | | 07/03/2006 | | †† | | | 7,452,883 | | | | 7,452,883 | |
| National Australia Bank | | | |
| 5.290% | | | | 07/03/2006 | | †† | | | 3,132,448 | | | | 3,132,448 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 921,045 | | | | 921,045 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 690,783 | | | | 690,783 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 230,261 | | | | 230,261 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 2,302,612 | | | | 2,302,612 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 1,617,278 | | | | 1,617,278 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 921,045 | | | | 921,045 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 460,522 | | | | 460,522 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 460,522 | | | | 460,522 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 921,045 | | | | 921,045 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 1,381,567 | | | | 1,381,567 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 1,611,828 | | | | 1,611,828 | |
| | | 53,390,870 | |
See accompanying notes to financial statements.
188
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Broad
Market Index Fund
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Date
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CASH EQUIVALENTS—(Continued) |
Floating Rate Instruments/Master Notes—0.3% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | $ | 921,045 | | | $ | 921,045 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 1,151,306 | | | | 1,151,306 | |
| | | 2,072,351 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $55,923,743) | | | | | | 55,923,743 | |
| |
REPURCHASE AGREEMENTS—0.7% |
| IBT Repurchase Agreement dated 06/30/2006 due 07/03/2006, with a maturity value of $4,210,568 and an effective yield of 4.65% collateralized by U.S. Government Obligations with a rate of 8.375%, maturity date of 11/25/2015 and an aggregate market value of $4,419,384. | | 4,208,938 | | | | 4,208,938 | |
TOTAL INVESTMENTS—109.2% | | | |
| (Cost $471,732,438) | | 658,418,472 | |
| Other assets less liabilities—(9.2%) | | (55,217,007 | ) |
NET ASSETS—100.0% | $ | 603,201,465 | |
Notes to the Schedule of Investments:
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing security. |
| † | | Denotes all or a portion of security on loan. |
| ‡ | | Security valued at fair value as determined by policies approved by the board of directors. |
| ** | | Security has been pledged as collateral for futures contracts. |
| †† | | Represents collateral received from securities lending transactions. |
| *** | | Security has no market value at 06/30/2006. |
See accompanying notes to financial statements.
189
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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COMMON STOCKS—97.3% |
Advertising—0.4% |
| 24/7 Real Media, Inc. | * | | | 1,934 | | | $ | 16,981 | |
| Aquantive, Inc. | *† | | | 3,727 | | | | 94,405 | |
| Catalina Marketing Corporation | | 2,132 | | | | 60,677 | |
| Clear Channel Outdoor Holdings, Inc. Class A | * | | | 1,750 | | | | 36,680 | |
| Getty Images, Inc. | *† | | | 2,522 | | | | 160,172 | |
| Jupitermedia Corporation | * | | | 1,450 | | | | 18,850 | |
| Lamar Advertising Company | * | | | 4,390 | | | | 236,445 | |
| Valueclick, Inc. | *† | | | 5,119 | | | | 78,577 | |
| | | 702,787 | |
Aerospace & Defense—0.3% |
| AAR Corporation | *† | | | 2,170 | | | | 48,239 | |
| Alliant Techsystems, Inc. | *† | | | 1,931 | | | | 147,432 | |
| Armor Holdings, Inc. | * | | | 1,840 | | | | 100,887 | |
Fairchild Corporation (The)
Class A | * | | | 3,266 | | | | 6,793 | |
| Gencorp, Inc. | *† | | | 2,409 | | | | 38,616 | |
| Heico Corporation | | 705 | | | | 19,987 | |
| Heico Corporation Class A | | 878 | | | | 20,826 | |
| Innovative Solutions & Support, Inc. | *† | | | 1,200 | | | | 16,872 | |
| Kaman Corporation Class A | | 1,060 | | | | 19,292 | |
| Kreisler Manufacturing Corporation | * | | | 1,250 | | | | 16,713 | |
| Orbital Sciences Corporation | *† | | | 3,534 | | | | 57,039 | |
| Sequa Corporation Class A | * | | | 511 | | | | 41,646 | |
| Triumph Group, Inc. | * | | | 822 | | | | 39,456 | |
| United Industrial Corporation Ltd. | | 540 | | | | 24,435 | |
| | | 598,233 | |
Airlines—0.7% |
| AMR Corporation | * | | | 9,373 | | | | 238,262 | |
| Air T, Inc. | | 563 | | | | 6,244 | |
| Airnet Systems, Inc. | * | | | 2,610 | | | | 7,752 | |
| Airtran Holdings, Inc. | *† | | | 4,678 | | | | 69,515 | |
| Alaska Air Group, Inc. | * | | | 1,824 | | | | 71,902 | |
| Atlas Air Worldwide Holdings, Inc. | | 765 | | | | 37,516 | |
| Bristow Group, Inc. | * | | | 983 | | | | 35,388 | |
| Continental Airlines, Inc. Class B | *† | | | 4,443 | | | | 132,401 | |
| ExpressJet Holdings, Inc. | * | | | 1,626 | | | | 11,236 | |
| Frontier Airlines Holdings, Inc. | | 3,730 | | | | 26,893 | |
| JetBlue Airways Corporation | *† | | | 8,064 | | | | 97,897 | |
| Mesa Air Group, Inc. | * | | | 2,928 | | | | 28,841 | |
| Midwest Air Group, Inc. | *† | | | 4,075 | | | | 20,579 | |
| PHI, Inc. | * | | | 774 | | | | 25,697 | |
| Pinnacle Airlines Corporation | *† | | | 930 | | | | 6,547 | |
| Skywest, Inc. | | 3,080 | | | | 76,384 | |
| UAL Corp. | *† | | | 4,810 | | | | 149,206 | |
| US Airways Group, Inc. | * | | | 2,792 | | | | 141,108 | |
| | | 1,183,368 | |
Apparel Retailers—1.4% |
| Abercrombie & Fitch Company Class A | | 4,753 | | | | 263,459 | |
| Aeropostale, Inc. | * | | | 2,863 | | | | 82,712 | |
| American Eagle Outfitters, Inc. | † | | | 7,116 | | | | 242,229 | |
| AnnTaylor Stores Corporation | * | | | 3,874 | | | | 168,054 | |
| Bebe Stores, Inc. | | 940 | | | | 14,495 | |
| Big Dog Holdings, Inc. | * | | | 1,621 | | | | 20,230 | |
| Buckle, Inc. (The) | | 695 | | | | 29,100 | |
| Cache, Inc. | * | | | 1,030 | | | | 17,860 | |
| Carter’s, Inc. | * | | | 2,156 | | | | 56,983 | |
| Casual Male Retail Group, Inc. | * | | | 2,471 | | | | 24,834 | |
| Cato Corporation Class A | | 1,762 | | | | 45,548 | |
| Charlotte Russe Holding, Inc. | * | | | 1,100 | | | | 26,334 | |
| Charming Shoppes, Inc. | * | | | 6,239 | | | | 70,126 | |
| Chico’s FAS, Inc. | * | | | 9,268 | | | | 250,051 | |
| Children’s Place | *† | | | 1,134 | | | | 68,097 | |
| Christopher & Banks Corporation | | 2,379 | | | | 68,991 | |
| Claire’s Stores, Inc. | | 4,386 | | | | 111,887 | |
| Dress Barn, Inc. | *† | | | 2,592 | | | | 65,707 | |
| Finish Line Class A | | 1,604 | | | | 18,975 | |
| HOT Topic, Inc. | *† | | | 2,815 | | | | 32,401 | |
| JOS A. Bank Clothiers, Inc. | *† | | | 1,078 | | | | 25,829 | |
| Pacific Sunwear of California, Inc. | *† | | | 3,586 | | | | 64,297 | |
| Payless Shoesource, Inc. | *† | | | 3,074 | | | | 83,521 | |
| Ross Stores, Inc. | | 7,870 | | | | 220,753 | |
| Stage Stores, Inc. | | 1,491 | | | | 49,203 | |
| Talbots, Inc. | | 1,205 | | | | 22,232 | |
| Too, Inc. | * | | | 2,075 | | | | 79,659 | |
| Under Armour, Inc.—Class A | *† | | | 1,360 | | | | 57,963 | |
| United Retail Group, Inc. | * | | | 1,000 | | | | 15,510 | |
| Urban Outfitters, Inc. | *† | | | 6,082 | | | | 106,374 | |
| Wet Seal, Inc. (The) Class A | * | | | 4,497 | | | | 21,945 | |
| Wilsons The Leather Experts, Inc. | * | | | 2,979 | | | | 12,244 | |
| | | 2,437,603 | |
Automotive—1.2% |
| A.O. Smith Corporation | | 952 | | | | 44,135 | |
| Adesa, Inc. | | 4,711 | | | | 104,773 | |
| Aftermarket Technology Corporation | * | | | 1,503 | | | | 37,350 | |
| American Axle & Manufacturing Holdings, Inc. | † | | | 2,114 | | | | 36,171 | |
| America’s Car Mart, Inc. | * | | | 489 | | | | 9,932 | |
| Amerigon, Inc. | * | | | 2,108 | | | | 18,909 | |
| ArvinMeritor, Inc. | † | | | 3,702 | | | | 63,637 | |
| Asbury Automotive Group, Inc. | * | | | 1,342 | | | | 28,101 | |
| BorgWarner, Inc. | | 2,846 | | | | 185,275 | |
| Carmax, Inc. | *† | | | 5,398 | | | | 191,413 | |
| Clarcor, Inc. | | 2,844 | | | | 84,723 | |
| Coachmen Industries, Inc. | | 705 | | | | 8,418 | |
| Copart, Inc. | * | | | 3,582 | | | | 87,974 | |
| Dura Automotive Systems, Inc. | * | | | 1,399 | | | | 2,616 | |
| Exide Technologies, Inc. | * | | | 2,130 | | | | 9,116 | |
| Federal Signal Corporation | | 3,130 | | | | 47,388 | |
| Group 1 Automotive, Inc. | | 1,068 | | | | 60,171 | |
| Harsco Corporation | | 2,133 | | | | 166,289 | |
| Jarden Corporation | *† | | | 2,876 | | | | 87,574 | |
| JLG Industries, Inc. | | 5,224 | | | | 117,540 | |
| Keystone Automotive Industries, Inc. | * | | | 1,143 | | | | 48,257 | |
| Lear Corporation | † | | | 3,281 | | | | 72,871 | |
| Lithia Motors, Inc. Class A | | 863 | | | | 26,166 | |
| LKQ Corporation | * | | | 2,300 | | | | 43,700 | |
| Monaco Coach Corporation | | 1,376 | | | | 17,475 | |
| Oshkosh Truck Corporation | | 3,930 | | | | 186,754 | |
| PEP Boys-Manny Moe & Jack | | 3,451 | | | | 40,480 | |
| Proliance International, Inc. | * | | | 2,240 | | | | 10,349 | |
| Rush Enterprises, Inc.—Class A | * | | | 1,100 | | | | 19,987 | |
| Sonic Automotive, Inc. | | 1,869 | | | | 41,454 | |
| Standard Motor Products, Inc. | | 1,280 | | | | 10,675 | |
| Strattec Security Corporation | * | | | 124 | | | | 6,176 | |
| Superior Industries International, Inc. | † | | | 1,113 | | | | 20,357 | |
| Tenneco Automotive, Inc. | * | | | 2,430 | | | | 63,180 | |
| Titan International, Inc. | † | | | 1,086 | | | | 20,319 | |
| TRW Automotive Holdings Corporation | * | | | 1,800 | | | | 49,104 | |
| United Auto Group, Inc. | | 2,086 | | | | 44,536 | |
| Visteon Corporation | * | | | 8,560 | | | | 61,718 | |
See accompanying notes to financial statements.
190
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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COMMON STOCKS—(Continued)
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| Wabash National Corporation | | 1,396 | | | $ | 21,443 | |
| Winnebago Industries, Inc. | † †† | | | 1,714 | | | | 53,203 | |
| | | 2,249,709 | |
Banking—7.2% |
| 1st Source Corporation | | 1,073 | | | | 36,300 | |
| ACE Cash Express, Inc. | * | | | 1,200 | | | | 35,124 | |
| Advance America Cash Advance Centers, Inc. | | 3,290 | | | | 57,707 | |
| Advanta Corporation Class A | | 1,447 | | | | 47,447 | |
| Alabama National Bancorp | | 795 | | | | 54,179 | |
| Alliance Bankshares Corporation | * | | | 745 | | | | 12,221 | |
| Amcore Financial, Inc. | | 1,313 | | | | 38,484 | |
| AmericanWest Bancorp | * | | | 720 | | | | 16,308 | |
| AmeriCredit Corporation | * | | | 7,568 | | | | 211,299 | |
| Ameris Bancorp | | 1,414 | | | | 32,720 | |
| Anchor Bancorp Wisconsin, Inc. | | 1,412 | | | | 42,600 | |
| Arrow Financial Corporation | | 463 | | | | 12,700 | |
| Associated Banc Corporation | | 6,886 | | | | 217,116 | |
| Asta Funding, Inc. | † | | | 650 | | | | 24,342 | |
| Astoria Financial Corporation | | 4,831 | | | | 147,104 | |
| BancFirst Corporation | | 642 | | | | 28,729 | |
| Bancorpsouth, Inc. | | 3,722 | | | | 101,424 | |
| BancTrust Financial Group, Inc. | | 1,600 | | | | 37,552 | |
| Bank Mutual Corporation | | 3,757 | | | | 45,911 | |
| Bank of Hawaii Corporation | | 2,694 | | | | 133,622 | |
| Bank of the Ozarks, Inc. | | 1,070 | | | | 35,631 | |
| BankAtlantic Bancorp, Inc. Class A | | 3,411 | | | | 50,619 | |
| Bankunited Financial Corporation Class A | | 2,413 | | | | 73,645 | |
| Banner Corporation | | 990 | | | | 38,155 | |
| Blue River Bancshares, Inc. | * | | | 2,545 | | | | 17,433 | |
| BOK Financial Corporation | | 1,496 | | | | 74,306 | |
| Boston Private Financial Holdings, Inc. | | 1,777 | | | | 49,578 | |
| Brookline Bancorp, Inc. | | 3,836 | | | | 52,822 | |
| Bryn Mawr Bank Corporation | | 1,548 | | | | 34,304 | |
| Camden National Corporation | | 740 | | | | 29,526 | |
| Capital Bank Corporation | † | | | 1,283 | | | | 20,849 | |
| Capital City Bank Group, Inc. | | 738 | | | | 22,288 | |
| Capital Crossing Bank | * | | | 362 | | | | 8,905 | |
| Capitol Bancorp Ltd. | | 1,130 | | | | 44,013 | |
| Capitol Federal Financial | | 1,016 | | | | 34,839 | |
| Cardinal Financial Corporation | | 2,163 | | | | 25,134 | |
| Cascade Bancorp | | 1,755 | | | | 50,035 | |
| Cascade Financial Corporation | | 1,063 | | | | 16,448 | |
| Cathay General Bancorp | | 2,284 | | | | 83,092 | |
| Centennial Bank Holdings, Inc. | *† | | | 4,150 | | | | 42,911 | |
| Central Pacific Financial Corporation | | 1,889 | | | | 73,104 | |
| CFS Bancorp, Inc. | | 1,873 | | | | 27,795 | |
| Charter Financial Corporation | | 350 | | | | 13,811 | |
| Chemical Financial Corporation | | 1,637 | | | | 50,092 | |
| Chittenden Corporation | | 2,222 | | | | 57,439 | |
| Citizens Banking Corporation | | 2,320 | | | | 56,631 | |
| City Bank, Lynnwood, WA | | 1,098 | | | | 51,233 | |
| City Holding Company | | 930 | | | | 33,610 | |
| City National Corporation | | 2,229 | | | | 145,086 | |
| Coastal Financial Corporation | | 1,775 | | | | 23,146 | |
| CoBiz, Inc. | | 1,800 | | | | 40,536 | |
| Colonial BancGroup, Inc. (The) | | 7,913 | | | | 203,206 | |
| Columbia Banking System, Inc. | | 1,330 | | | | 49,715 | |
| Commerce Bancshares, Inc. | | 3,400 | | | | 170,170 | |
| Commercial Bankshares, Inc. (Florida) | | 310 | | | | 11,464 | |
| Commercial Capital Bancorp, Inc. | † | | | 2,557 | | | | 40,273 | |
| Community Bancorp | * | | | 430 | | | | 13,364 | |
| Community Bank System, Inc. | | 1,892 | | | | 38,162 | |
| Community Banks, Inc. | † | | | 1,641 | | | | 42,666 | |
| Community Trust Bancorp, Inc. | | 1,028 | | | | 35,908 | |
| CompuCredit Corporation | * | | | 2,354 | | | | 90,488 | |
| Corus Bankshares, Inc. | † | | | 2,102 | | | | 55,030 | |
| Cullen/Frost Bankers, Inc. | | 2,873 | | | | 164,623 | |
| CVB Financial Corporation | | 3,713 | | | | 58,146 | |
| Dime Community Bancshares | | 1,638 | | | | 22,228 | |
| Downey Financial Corporation | | 1,308 | | | | 88,748 | |
| Eastern Virginia Bankshares, Inc. | | 701 | | | | 15,492 | |
| East-West Bancorp, Inc. | | 3,020 | | | | 114,488 | |
| Euronet Worldwide, Inc. | *† | | | 1,586 | | | | 60,855 | |
| Farmers Capital Bank Corporation | | 1,113 | | | | 36,451 | |
| Fidelity Bankshares, Inc. | | 1,432 | | | | 45,566 | |
| Fidelity Southern Corporation | | 1,382 | | | | 24,572 | |
| Financial Federal Corporation | | 1,515 | | | | 42,132 | |
| Financial Institutions, Inc. | | 750 | | | | 15,645 | |
| First Bancorp North Carolina | | 1,473 | | | | 30,933 | |
| First Bancorp Puerto Rico | | 3,926 | | | | 36,512 | |
| First Charter Corporation | | 2,103 | | | | 51,587 | |
| First Citizens BancShares, Inc. Class A | | 275 | | | | 55,137 | |
| First Commonwealth Financial Corporation | | 4,656 | | | | 59,131 | |
| First Community Bancorp | | 894 | | | | 52,818 | |
| First Financial Bancorp | † | | | 3,075 | | | | 45,848 | |
| First Financial Bankshares, Inc. | | 1,106 | | | | 40,413 | |
| First Financial Holdings, Inc. | | 450 | | | | 14,400 | |
| First Financial Service Corporation | | 818 | | | | 24,949 | |
| First Indiana Corporation | | 1,200 | | | | 31,236 | |
| First Merchants Corporation | | 1,625 | | | | 39,504 | |
| First Midwest Bancorp, Inc. | | 2,422 | | | | 89,808 | |
| First Niagara Financial Group, Inc. | | 5,990 | | | | 83,980 | |
| First Oak Brook Bancshares Class A | | 771 | | | | 28,527 | |
| First of Long Island Corporation (The) | | 493 | | | | 20,533 | |
| First Republic Bank | | 1,471 | | | | 67,372 | |
| FirstBank NW Corporation | | 400 | | | | 10,504 | |
| FirstFed Financial Corporation | *† | | | 1,033 | | | | 59,573 | |
| FirstMerit Corporation | | 4,085 | | | | 85,540 | |
| Flag Financial Corp. | | 720 | | | | 14,004 | |
| Flagstar Bancorp, Inc. | | 1,470 | | | | 23,461 | |
| Flushing Financial Corporation | | 1,450 | | | | 26,042 | |
| FMS Financial Corporation | | 500 | | | | 8,060 | |
| FNB Corporation | | 3,347 | | | | 52,782 | |
| Franklin Bank Corporation | * | | | 1,930 | | | | 38,967 | |
| Fremont General Corporation | † | | | 3,340 | | | | 61,990 | |
| Frontier Financial Corporation | † | | | 1,503 | | | | 51,087 | |
| Fulton Financial Corporation | | 9,693 | | | | 154,313 | |
| Glacier Bancorp, Inc. | | 1,743 | | | | 51,018 | |
| Great Lakes Bancorp, Inc. | | 791 | | | | 13,827 | |
| Great Southern Bancorp, Inc. | | 470 | | | | 14,349 | |
| Greater Bay Bancorp | | 2,834 | | | | 81,477 | |
| Hallwood Group, Inc. | | 100 | | | | 11,200 | |
| Hancock Holding Company | | 1,352 | | | | 75,712 | |
| Hanmi Financial Corporation | | 2,860 | | | | 55,598 | |
| Harbor Florida Bancshares, Inc. | | 1,412 | | | | 52,442 | |
| Harleysville National Corporation | | 2,023 | | | | 42,908 | |
| Harrington West Financial Group, Inc. | | 1,172 | | | | 18,635 | |
| Heritage Commerce Corporation | | 1,180 | | | | 29,252 | |
| Heritage Financial Corporation | | 972 | | | | 25,602 | |
| Horizon Financial Corporation | | 500 | | | | 13,715 | |
| Horizon Financial Services Corporation | | 450 | | | | 6,232 | |
| Hudson City Bancorp, Inc. | | 28,966 | | | | 386,117 | |
| Iberiabank Corporation | | 687 | | | | 39,530 | |
See accompanying notes to financial statements.
191
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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COMMON STOCKS—(Continued)
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| Independent Bank Corporation (Massachusetts) | | 874 | | | $ | 28,379 | |
| Independent Bank Corporation (Michigan) | | 1,319 | | | | 34,690 | |
| IndyMac Bancorp, Inc. | † | | | 3,274 | | | | 150,113 | |
| Integra Bank Corporation | | 1,659 | | | | 36,083 | |
| International Bancshares Corporation | | 3,087 | | | | 84,831 | |
| Investors Financial Services Corporation | | 3,490 | | | | 156,701 | |
| Irwin Financial Corporation | | 1,296 | | | | 25,129 | |
| Itla Capital Corporation | | 680 | | | | 35,754 | |
| Kearny Financial Corporation | † | | | 1,000 | | | | 14,800 | |
| KNBT Bancorp, Inc. | | 1,653 | | | | 27,308 | |
| Lakeland Financial Corporation | | 500 | | | | 12,145 | |
| MAF Bancorp, Inc. | | 1,636 | | | | 70,086 | |
| Main Street Trust, Inc. | | 291 | | | | 8,875 | |
| MainSource Financial Group, Inc. | | 650 | | | | 11,329 | |
| Matrix Bancorp, Inc. | * | | | 974 | | | | 22,792 | |
| MB Financial, Inc. | † | | | 1,430 | | | | 50,565 | |
| Medallion Financial Corporation | | 2,518 | | | | 32,633 | |
| Mercantile Bankshares Corporation | | 6,466 | | | | 230,642 | |
| Merchants Bancshares, Inc. | | 572 | | | | 13,814 | |
| Midsouth Bancorp, Inc. | | 401 | | | | 12,110 | |
| Mid-State Bancshares | | 1,770 | | | | 49,560 | |
| Midwest Banc Holdings, Inc. | | 1,420 | | | | 31,595 | |
| MidWestOne Financial Group, Inc. | | 583 | | | | 11,223 | |
| Mitcham Industries, Inc. | * | | | 1,100 | | | | 14,047 | |
| Nara Bancorp, Inc. | | 2,060 | | | | 38,625 | |
| NASB Financial, Inc. | † | | | 529 | | | | 17,864 | |
| National Penn Bancshares, Inc. | | 2,366 | | | | 46,989 | |
| NBT Bancorp, Inc. | | 2,320 | | | | 53,894 | |
| Nelnet, Inc. Class A | * | | | 1,351 | | | | 54,783 | |
| Netbank, Inc. | | 2,851 | | | | 18,902 | |
| New York Community Bancorp, Inc. | † | | | 13,111 | | | | 216,463 | |
| NewAlliance Bancshares, Inc. | † | | | 5,770 | | | | 82,569 | |
| Northern States Financial Corporation | | 773 | | | | 14,764 | |
| Northwest Bancorp, Inc. | | 1,598 | | | | 42,347 | |
| Ocwen Financial Corp. | † | | | 3,358 | | | | 42,680 | |
| Old National Bancorp | | 3,796 | | | | 75,806 | |
| Old Second Bancorp, Inc. | | 940 | | | | 29,140 | |
| Omega Financial Corp. | | 1,100 | | | | 34,441 | |
| Oriental Financial Group (Puerto Rico) | † | | | 2,140 | | | | 27,306 | |
| Pacific Capital Bancorp | | 2,664 | | | | 82,904 | |
| Pacific Premier Bancorp, Inc. | * | | | 977 | | | | 11,431 | |
| Park National Corporation | † | | | 624 | | | | 61,657 | |
| Parkvale Financial Corporation | | 1,077 | | | | 31,502 | |
| Partners Trust Financial Group, Inc. | † | | | 3,310 | | | | 37,767 | |
| Peapack Gladstone Financial Corporation | † | | | 390 | | | | 10,097 | |
| Peoples Bancorp, Inc. | | 1,235 | | | | 36,852 | |
| People’s Bank | | 2,904 | | | | 95,396 | |
| Peoples Financial Corporation | | 884 | | | | 19,550 | |
| PFF Bancorp, Inc. | | 1,563 | | | | 51,829 | |
| Popular, Inc. (Puerto Rico) | | 12,566 | | | | 241,267 | |
| Premier Community Bankshares, Inc. | | 934 | | | | 19,292 | |
| PrivateBancorp, Inc. | | 1,270 | | | | 52,591 | |
| Prosperity Bancshares, Inc. | | 1,930 | | | | 63,478 | |
| Provident Bankshares Corporation | | 1,869 | | | | 68,013 | |
| Provident Financial Services, Inc. | | 3,604 | | | | 64,692 | |
| Provident New York Bancorp | | 3,488 | | | | 46,111 | |
| R&G Financial Corporation Class B (Puerto Rico) | | 1,556 | | | | 13,366 | |
| Renasant Corporation | | 810 | | | | 32,683 | |
| Republic Bancorp, Inc. | | 3,755 | | | | 46,524 | |
| Republic Bancorp, Inc. Class A | | 976 | | | | 20,106 | |
| Riverview Bancorp, Inc. | | 1,301 | | | | 34,086 | |
| Royal Bancshares of Pennsylvania Class A | | 840 | | | | 20,395 | |
| S&T Bancorp, Inc. | | 1,478 | | | | 49,114 | |
| S.Y. Bancorp, Inc. | | 1,060 | | | | 29,129 | |
| Sandy Spring Bancorp, Inc. | | 694 | | | | 25,026 | |
| Santander Bancorp (Puerto Rico) | † | | | 511 | | | | 12,581 | |
| Security Bank Corporation | | 440 | | | | 9,799 | |
| Shore Bancshares, Inc. | | 828 | | | | 22,464 | |
| Signature Bank/New York, NY | * | | | 1,670 | | | | 54,075 | |
| Simmons First National Corporation Class A | | 911 | | | | 26,428 | |
| Sky Financial Group, Inc. | | 5,959 | | | | 140,692 | |
| Sound Federal Bancorp, Inc. | | 860 | | | | 17,879 | |
| South Financial Group, Inc. (The) | | 3,909 | | | | 103,237 | |
| SouthFirst Bancshares, Inc. | | 400 | | | | 5,740 | |
| Southwest Bancorp, Inc. | | 1,320 | | | | 33,660 | |
| State Bancorp, Inc. | | 988 | | | | 17,053 | |
| Sterling Bancorp, NY | | 1,691 | | | | 32,974 | |
| Sterling Bancshares, Inc. | | 2,585 | | | | 48,469 | |
| Sterling Financial Corporation (Pennsylvania) | | 1,558 | | | | 34,120 | |
| Sterling Financial Corporation (Washington) | | 2,023 | | | | 61,722 | |
| Student Loan Corporation | | 247 | | | | 49,894 | |
| Suffolk Bancorp | | 1,100 | | | | 36,025 | |
| Susquehanna Bancshares, Inc. | | 2,892 | | | | 69,119 | |
| SVB Financial Group | *† | | | 1,768 | | | | 80,373 | |
| TCF Financial Corporation | † | | | 6,764 | | | | 178,908 | |
| TD Banknorth, Inc. | | 6,870 | | | | 202,322 | |
| Texas Capital Bancshares, Inc. | * | | | 1,870 | | | | 43,571 | |
| Texas Regional Bancshares, Inc. Class A | | 2,981 | | | | 113,040 | |
| Texas United Bancshares, Inc. | | 550 | | | | 15,482 | |
| Tompkins Trustco, Inc. | | 665 | | | | 28,595 | |
| Trustco Bank Corporation | † | | | 4,645 | | | | 51,188 | |
| Trustmark Corporation | | 2,436 | | | | 75,443 | |
| UCBH Holdings, Inc. | | 5,352 | | | | 88,522 | |
| UMB Financial Corporation | | 1,992 | | | | 66,413 | |
| Umpqua Holdings Corporation | | 2,761 | | | | 70,820 | |
| Union Bankshares Corporation | | 790 | | | | 34,081 | |
| UnionBanCal Corporation | | 2,988 | | | | 192,995 | |
| United Bankshares, Inc. | | 2,205 | | | | 80,769 | |
| United Community Banks, Inc. | † | | | 2,120 | | | | 64,533 | |
| Valley National Bancorp | | 6,445 | | | | 165,701 | |
| W Holding Company, Inc. (Puerto Rico) | † | | | 6,219 | | | | 41,356 | |
| Washington Federal, Inc. | | 4,712 | | | | 109,271 | |
| Washington Trust Bancorp, Inc. | | 960 | | | | 26,611 | |
| Webster Financial Corporation | | 2,793 | | | | 132,500 | |
| Wesbanco, Inc. | | 1,500 | | | | 46,485 | |
| West Coast Bancorp | | 1,290 | | | | 38,016 | |
| Westamerica Bancorporation | | 1,709 | | | | 83,690 | |
| Westfield Financial, Inc. | | 1,240 | | | | 34,633 | |
| Whitney Holding Corporation | | 3,297 | | | | 116,597 | |
| Willow Grove Bancorp, Inc. | | 1,179 | | | | 18,758 | |
| Wilmington Trust Corporation | | 3,614 | | | | 152,439 | |
| Wintrust Financial Corporation | | 1,298 | | | | 66,003 | |
| World Acceptance Corporation | * | | | 739 | | | | 26,249 | |
| WSFS Financial Corporation | | 610 | | | | 37,484 | |
| | | 12,911,336 | |
Beverages, Food & Tobacco—1.7% |
| American Italian Pasta Company Class A | | 937 | | | | 8,021 | |
See accompanying notes to financial statements.
192
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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COMMON STOCKS—(Continued)
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| Boston Beer Co., Inc. Class A | * | | | 580 | | | $ | 16,988 | |
| Bridgford Foods Corporation | * | | | 560 | | | | 3,500 | |
| Bunge Ltd. | † | | | 6,150 | | | | 309,037 | |
| Central European Distribution Corporation | *† | | | 1,597 | | | | 40,181 | |
| Chiquita Brands International, Inc. | | 1,890 | | | | 26,044 | |
| Coca-Cola Bottling Company Consolidated | | 437 | | | | 22,186 | |
| Corn Products International, Inc. | | 3,796 | | | | 116,158 | |
| Del Monte Foods Company | | 11,215 | | | | 125,944 | |
| Delta & Pine Land Company | † | | | 2,268 | | | | 66,679 | |
| Farmer Brothers Company | | 930 | | | | 20,162 | |
| Flowers Foods, Inc. | | 2,760 | | | | 79,046 | |
| Fresh Del Monte Produce, Inc. (Cayman Islands) | | 1,097 | | | | 18,945 | |
| Gold Kist, Inc. | * | | | 2,330 | | | | 31,152 | |
| Green Mountain Coffee Roasters, Inc. | * | | | 500 | | | | 20,085 | |
| Griffin Land & Nurseries, Inc. | * | | | 650 | | | | 20,312 | |
| Hain Celestial Group, Inc. | * | | | 2,166 | | | | 55,796 | |
| Hansen Natural Corporation | *† | | | 920 | | | | 175,140 | |
| Hormel Foods Corporation | | 4,076 | | | | 151,383 | |
| Inventure Group (The), Inc. | | 683 | | | | 1,967 | |
| JM Smucker Company (The) | | 3,155 | | | | 141,028 | |
| John B. Sanfilippo & SON | * | | | 370 | | | | 4,902 | |
| Kraft Foods, Inc. Class A | † | | | 13,408 | | | | 414,307 | |
| Lancaster Colony Corporation | | 1,510 | | | | 59,600 | |
| Lance, Inc. | | 1,371 | | | | 31,560 | |
| Loews Corp.—Carolina Group | | 4,880 | | | | 250,686 | |
| M&F Worldwide Corporation | * | | | 781 | | | | 12,574 | |
| Margo Caribe, Inc. (Puerto Rico) | * | | | 1,022 | | | | 5,774 | |
| Nash Finch Company | † | | | 570 | | | | 12,135 | |
| Peet’s Coffee & Tea, Inc. | * | | | 1,297 | | | | 39,156 | |
| PepsiAmericas, Inc. | | 3,812 | | | | 84,283 | |
| Performance Food Group Company | * | | | 1,907 | | | | 57,935 | |
| Pilgrim’s Pride Corporation | † | | | 2,376 | | | | 61,301 | |
| Ralcorp Holdings, Inc. | * | | | 1,658 | | | | 70,515 | |
| Reliv International, Inc. | | 1,110 | | | | 10,967 | |
| Sanderson Farms, Inc. | † | | | 1,504 | | | | 42,097 | |
| Seaboard Corporation | † | | | 23 | | | | 29,440 | |
| Smart & Final, Inc. | * | | | 1,115 | | | | 18,777 | |
| Smithfield Foods, Inc. | * | | | 4,853 | | | | 139,912 | |
| Spartan Stores, Inc. | | 960 | | | | 14,045 | |
| Tootsie Roll Industries, Inc. | | 1,665 | | | | 48,501 | |
| Topps Company, Inc. (The) | | 2,256 | | | | 18,544 | |
| TreeHouse Foods, Inc. | *† | | | 1,394 | | | | 33,303 | |
| United Natural Foods, Inc. | *† | | | 2,024 | | | | 66,832 | |
| Universal Corporation | | 1,079 | | | | 40,160 | |
| Vector Group Ltd. | † | | | 2,169 | | | | 35,246 | |
| | | 3,052,306 | |
Bio-Technology—0.0% |
| Acacia Research—Acacia Technologies | | 1,430 | | | | 20,106 | |
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Building Materials—0.8% |
| Amcol International Corporation | | 1,827 | | | | 48,141 | |
| Andersons, Inc. | † | | | 1,222 | | | | 50,847 | |
| Carbo Ceramics, Inc. | † | | | 1,203 | | | | 59,103 | |
| Champion Enterprises, Inc. | * | | | 4,019 | | | | 44,370 | |
| Chemed Corporation | | 1,472 | | | | 80,268 | |
| Chindex International, Inc. | *† | | | 549 | | | | 4,343 | |
| Comfort Systems USA, Inc. | | 2,180 | | | | 31,152 | |
| Conceptus, Inc. | * | | | 1,047 | | | | 14,281 | |
| Digi International, Inc. | * | | | 2,517 | | | | 31,538 | |
| Eagle Materials, Inc. | | 2,611 | | | | 124,022 | |
| ElkCorp | | 939 | | | | 26,076 | |
| EP Medsystems, Inc. | * | | | 5,240 | | | | 9,013 | |
| Florida Rock Industries, Inc. | † | | | 2,698 | | | | 134,010 | |
| Ikon Office Solutions, Inc. | | 5,770 | | | | 72,702 | |
| Ingram Micro, Inc. Class A | * | | | 6,771 | | | | 122,758 | |
| Insight Enterprises, Inc. | * | | | 2,944 | | | | 56,083 | |
| Interline Brands, Inc. | * | | | 1,400 | | | | 32,732 | |
| Jewett-Cameron Trading Ltd. (Canada) | * | | | 1,050 | | | | 12,054 | |
| Microtek Medical Holdings, Inc. | * | | | 4,250 | | | | 16,235 | |
| Nyer Medical Group, Inc. | * | | | 2,533 | | | | 6,915 | |
| Owens & Minor, Inc. | | 2,163 | | | | 61,862 | |
| PSS World Medical, Inc. | *† | | | 3,574 | | | | 63,081 | |
| Performance Technologies, Inc. | * | | | 794 | | | | 5,479 | |
| Precis, Inc. | * | | | 3,538 | | | | 5,838 | |
| Programmers Paradise, Inc. | | 1,787 | | | | 24,982 | |
| Quanta Services, Inc. | *† | | | 5,753 | | | | 99,699 | |
| Rock of Ages Corporation | | 1,387 | | | | 6,727 | |
| Tech Data Corporation | * | | | 2,708 | | | | 103,743 | |
| US Concrete, Inc. | * | | | 2,050 | | | | 22,652 | |
| USG Corporation | *† | | | 1,845 | | | | 134,556 | |
| | | 1,505,262 | |
Chemicals—1.7% |
| A. Schulman, Inc. | | 1,444 | | | | 33,053 | |
| Aceto Corporation | | 1,070 | | | | 7,404 | |
| AEP Industries, Inc. | * | | | 373 | | | | 12,466 | |
| Airgas, Inc. | | 3,575 | | | | 133,169 | |
| Albemarle Corporation | † | | | 2,236 | | | | 107,060 | |
| Applied Films Corporation | * | | | 564 | | | | 16,068 | |
| Arch Chemicals, Inc. | | 1,211 | | | | 43,657 | |
| Atlantis Plastics, Inc. Class A | | 1,278 | | | | 11,579 | |
| Balchem Corp.—Class B | | 720 | | | | 16,200 | |
| Cabot Corporation | | 2,894 | | | | 99,901 | |
| Cabot Microelectronics Corporation | * | | | 1,450 | | | | 43,949 | |
| Calgon Carbon Corporation | † | | | 1,650 | | | | 10,048 | |
| Celanese Corporation Class A | | 3,960 | | | | 80,863 | |
| CF Industries Holdings, Inc. | | 3,230 | | | | 46,060 | |
| Chemtura Corporation | | 13,115 | | | | 122,494 | |
| Church & Dwight, Inc. | | 3,411 | | | | 124,229 | |
| Compass Minerals International, Inc. | | 2,020 | | | | 50,399 | |
| Cytec Industries, Inc. | † | | | 2,025 | | | | 108,661 | |
| Empire Financial Holding Company | * | | | 1,550 | | | | 4,340 | |
| FMC Corporation | | 1,938 | | | | 124,788 | |
| Female Health Company (The) | *† | | | 4,532 | | | | 6,118 | |
| Georgia Gulf Corporation | | 1,719 | | | | 43,009 | |
| HB Fuller Company | | 1,285 | | | | 55,987 | |
| Huntsman Corporation | * | | | 5,430 | | | | 94,048 | |
| Landec Corporation | * | | | 3,037 | | | | 28,092 | |
| LSB Industries, Inc. | *† | | | 1,412 | | | | 11,663 | |
| Lubrizol Corporation | | 3,430 | | | | 136,685 | |
| Lyondell Chemical Company | | 11,899 | | | | 269,631 | |
| MacDermid, Inc. | | 1,457 | | | | 41,962 | |
| Minerals Technologies, Inc. | | 1,108 | | | | 57,616 | |
| Mosaic Company (The) | *† | | | 6,930 | | | | 108,454 | |
| Myers Industries, Inc. | | 1,717 | | | | 29,515 | |
| Nalco Holding Company | * | | | 4,180 | | | | 73,693 | |
| NewMarket Corporation | | 690 | | | | 33,851 | |
| NL Industries, Inc. | | 412 | | | | 4,429 | |
| NuCo2, Inc. | * | | | 761 | | | | 18,294 | |
| Olin Corporation | | 3,437 | | | | 61,625 | |
| OM Group, Inc. | * | | | 1,477 | | | | 45,565 | |
| Omnova Solutions, Inc. | * | | | 3,769 | | | | 21,408 | |
| Penford Corporation | | 786 | | | | 13,283 | |
| Pharmos Corporation | * | | | 1,375 | | | | 2,901 | |
See accompanying notes to financial statements.
193
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| PolyOne Corporation | * | | | 4,683 | | | $ | 41,117 | |
| Scotts Company (The) Class A | | 2,494 | | | | 105,546 | |
| Sensient Technologies Corporation | | 2,028 | | | | 42,405 | |
| Spartech Corporation | | 2,251 | | | | 50,873 | |
| Stepan Company | | 1,197 | | | | 37,801 | |
| SurModics, Inc. | *† | | | 1,185 | | | | 42,790 | |
| Trex Company, Inc. | *† | | | 732 | | | | 18,951 | |
| Tronox, Inc.—Class A | | 2,250 | | | | 29,205 | |
| Tupperware Corporation | | 3,120 | | | | 61,433 | |
| UAP Holding Corporation | | 2,160 | | | | 47,110 | |
| Unifi, Inc. | * | | | 2,629 | | | | 7,624 | |
| USEC, Inc. | | 4,047 | | | | 47,957 | |
| Valhi, Inc. | | 1,641 | | | | 40,287 | |
| W.R. Grace & Company | *† | | | 3,690 | | | | 43,173 | |
| Wellman, Inc. | | 1,669 | | | | 6,743 | |
| West Pharmaceutical Services, Inc. | | 1,706 | | | | 61,894 | |
| Westlake Chemical Corp. | | 800 | | | | 23,840 | |
| | | 3,062,966 | |
Coal—0.8% |
| Alliance Resource Partners, LP | | 1,280 | | | | 46,374 | |
| Alpha Natural Resources, Inc. | * | | | 3,220 | | | | 63,176 | |
| Arch Coal, Inc. | † | | | 7,556 | | | | 320,148 | |
| Foundation Coal Holdings, Inc. | | 2,120 | | | | 99,492 | |
| International Coal Group, Inc. | *† | | | 7,310 | | | | 52,559 | |
| James River Coal Company | *† | | | 780 | | | | 20,662 | |
| Natural Resource Partners, LP | † | | | 700 | | | | 37,940 | |
| Peabody Energy Corporation | | 13,638 | | | | 760,318 | |
| Penn Virginia Resource Partners, LP | † | | | 1,440 | | | | 38,707 | |
| Westmoreland Coal Company | * | | | 600 | | | | 14,232 | |
| | | 1,453,608 | |
Commercial Services—6.4% |
| Aaron Rents, Inc. | | 2,599 | | | | 69,861 | |
| ABM Industries, Inc. | | 2,291 | | | | 39,176 | |
| Accelrys, Inc. | * | | | 3,326 | | | | 23,714 | |
| Accenture Ltd. Class A (Bermuda) | | 29,660 | | | | 839,971 | |
| ACCO Brands Corporation | * | | | 2,358 | | | | 51,640 | |
| Administaff, Inc. | | 1,143 | | | | 40,931 | |
| Advisory Board Company (The) | * | | | 950 | | | | 45,685 | |
| Advo, Inc. | | 1,727 | | | | 42,501 | |
| Affymetrix, Inc. | * | | | 3,535 | | | | 90,496 | |
| Akamai Technologies, Inc. | *† | | | 7,885 | | | | 285,358 | |
| Ambassadors Group, Inc. | | 1,380 | | | | 39,854 | |
| Ambassadors International, Inc. | | 524 | | | | 12,183 | |
| Amerco, Inc. | * | | | 806 | | | | 81,132 | |
| AmeriGas Partners, LP | | 1,070 | | | | 31,479 | |
| AMN Healthcare Services, Inc. | * | | | 1,507 | | | | 30,592 | |
| Angelica Corporation | | 511 | | | | 8,963 | |
| Antigenics, Inc. | * | | | 1,707 | | | | 3,619 | |
| APAC Customer Services, Inc. | * | | | 1,972 | | | | 3,786 | |
| Applera Corporation Celera Genomics Group | * | | | 4,519 | | | | 58,521 | |
| Ariad Pharmaceuticals, Inc. | * | | | 5,713 | | | | 25,766 | |
| Artemis International Solutions Corporation | * | | | 56 | | | | 89 | |
| Asset Acceptance Capital Corporation | * | | | 728 | | | | 14,414 | |
| Axonyx, Inc. | * | | | 2,772 | | | | 2,356 | |
| BISYS Group, Inc. (The) | * | | | 6,749 | | | | 92,461 | |
| Bandag, Inc. | | 1,000 | | | | 36,590 | |
| Barrett Business Services, Inc. | * | | | 1,740 | | | | 31,929 | |
| BearingPoint, Inc. | * | | | 10,066 | | | | 84,252 | |
| Bowne & Company, Inc. | | 1,575 | | | | 22,522 | |
| Bright Horizons Family Solutions, Inc. | * | | | 1,210 | | | | 45,605 | |
| Brink’s Company (The) | | 2,780 | | | | 156,820 | |
| Career Education Corporation | * | | | 5,428 | | | | 162,243 | |
| Casella Waste Systems, Inc. Class A | * | | | 2,380 | | | | 31,154 | |
| CDI Corporation | | 711 | | | | 20,619 | |
| Celgene Corporation | * | | | 17,836 | | | | 845,961 | |
| Central Parking Corporation | | 1,898 | | | | 30,368 | |
| Cenveo, Inc. | * | | | 2,792 | | | | 50,116 | |
| Ciphergen Biosystems, Inc. | * | | | 1,500 | | | | 1,665 | |
| Clean Harbors, Inc. | * | | | 510 | | | | 20,558 | |
| Coinmach Service Corp.—Class A | | 1,800 | | | | 18,450 | |
| Coinstar, Inc. | * | | | 1,075 | | | | 25,735 | |
| Consolidated Graphics, Inc. | * | | | 777 | | | | 40,451 | |
| Corinthian Colleges, Inc. | * | | | 4,426 | | | | 63,557 | |
| Cornell Companies, Inc. | * | | | 750 | | | | 11,520 | |
| Corporate Executive Board Company | | 2,198 | | | | 220,240 | |
| Courier Corporation | | 816 | | | | 32,656 | |
| CRA International, Inc. | * | | | 836 | | | | 37,737 | |
| CuraGen Corporation | * | | | 2,318 | | | | 8,113 | |
| CV Therapeutics, Inc. | *† | | | 2,624 | | | | 36,657 | |
| Cytyc Corporation | * | | | 5,941 | | | | 150,664 | |
| DataTRAK International, Inc. | *† | | | 1,359 | | | | 9,771 | |
| DeVry, Inc. | *† | | | 2,980 | | | | 65,471 | |
| DiamondCluster International, Inc. Class A | * | | | 1,432 | | | | 11,341 | |
| Digitas, Inc. | * | | | 5,372 | | | | 62,423 | |
| Diversa Corporation | * | | | 1,790 | | | | 17,291 | |
| Dollar Thrifty Automotive Group, Inc. | * | | | 1,428 | | | | 64,360 | |
| Dun & Bradstreet Company | * | | | 3,402 | | | | 237,051 | |
| EGL, Inc. | *† | | | 1,862 | | | | 93,472 | |
| Edgewater Technology, Inc. | * | | | 1,533 | | | | 10,639 | |
| eFunds Corporation | * | | | 2,250 | | | | 49,612 | |
| Ennis Business Forms, Inc. | | 2,106 | | | | 41,446 | |
| EntreMed, Inc. | * | | | 1,390 | | | | 2,293 | |
| EPIQ Systems, Inc. | * | | | 725 | | | | 12,064 | |
| eResearch Technology, Inc. | *† | | | 2,056 | | | | 18,710 | |
| Escala Group, Inc. | *† | | | 952 | | | | 4,455 | |
| Exact Sciences Corporation | * | | | 1,250 | | | | 2,625 | |
| Exelixis, Inc. | * | | | 4,495 | | | | 45,175 | |
| Exponent, Inc. | * | | | 760 | | | | 12,844 | |
| First Advantage Corp.—Class A | * | | | 630 | | | | 14,654 | |
| First Aviation Services, Inc. | * | | | 1,818 | | | | 7,217 | |
| First Consulting Group, Inc. | * | | | 3,067 | | | | 27,112 | |
| Forrester Research, Inc. | * | | | 963 | | | | 26,945 | |
| FTI Consulting, Inc. | * | | | 2,345 | | | | 62,776 | |
| G&K Services, Inc. Class A | | 1,008 | | | | 34,574 | |
| Gene Logic, Inc. | * | | | 950 | | | | 1,282 | |
| Gen-Probe, Inc. | * | | | 2,640 | | | | 142,507 | |
| Gevity HR, Inc. | † | | | 1,764 | | | | 46,834 | |
| Greenfield Online, Inc. | * | | | 955 | | | | 7,077 | |
| Harris Interactive, Inc. | * | | | 2,730 | | | | 15,561 | |
| Healthcare Services Group, Inc. | | 1,141 | | | | 23,904 | |
| Heidrick & Struggles International, Inc. | * | | | 866 | | | | 29,305 | |
| Hewitt Associates, Inc. Class A | * | | | 2,628 | | | | 59,077 | |
| Hudson Highland Group, Inc. | *† | | | 1,880 | | | | 20,285 | |
| Icos Corporation | * | | | 3,529 | | | | 77,603 | |
| I-many, Inc. | * | | | 952 | | | | 2,285 | |
| Incyte Corporation | * | | | 4,623 | | | | 21,266 | |
| Inergy, LP | | 2,450 | | | | 63,112 | |
| Internet Capital Group, Inc. | * | | | 1,769 | | | | 15,921 | |
| inVentiv Health, Inc. | | 1,350 | | | | 38,853 | |
| Ipass, Inc. | * | | | 2,180 | | | | 12,208 | |
| IPIX Corporation | *† | | | 1,344 | | | | 1,159 | |
| Iron Mountain, Inc. | * | | | 6,400 | | | | 239,232 | |
See accompanying notes to financial statements.
194
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| Isis Pharmaceuticals, Inc. | * | | | 4,346 | | | $ | 26,293 | |
| ITT Educational Services, Inc. | * | | | 2,483 | | | | 163,406 | |
| Jackson Hewitt Tax Service, Inc. | | 1,730 | | | | 54,235 | |
| Jacobs Engineering Group, Inc. | * | | | 3,129 | | | | 249,194 | |
| John H. Harland Company | | 1,722 | | | | 74,907 | |
| Kelly Services, Inc. Class A | | 1,173 | | | | 31,870 | |
| Kendle International, Inc. | * | | | 790 | | | | 29,017 | |
| Kforce.com, Inc. | * | | | 1,688 | | | | 26,147 | |
| Korn Ferry International | * | | | 2,475 | | | | 48,485 | |
| Kosan Biosciences, Inc. | * | | | 2,000 | | | | 8,000 | |
| Labor Ready, Inc. | * | | | 3,035 | | | | 68,743 | |
| Landauer, Inc. | | 599 | | | | 28,692 | |
| Laureate Education, Inc. | * | | | 2,276 | | | | 97,026 | |
| Learning Tree International, Inc. | * | | | 766 | | | | 6,718 | |
| LECG Corporation | * | | | 884 | | | | 16,327 | |
| Lexicon Genetics, Inc. | * | | | 2,344 | | | | 10,290 | |
| LifeCell Corporation | * | | | 1,850 | | | | 57,202 | |
| Lionbridge Technologies, Inc. | * | | | 2,495 | | | | 13,797 | |
| LoJack Corporation | * | | | 740 | | | | 13,956 | |
| Luminex Corporation | * | | | 2,690 | | | | 46,779 | |
| Macquarie Infrastructure Company Trust | | 1,000 | | | | 27,590 | |
| Magellan Health Services, Inc. | * | | | 1,990 | | | | 90,167 | |
| Management Network Group, Inc. | * | | | 1,600 | | | | 3,481 | |
| Manpower, Inc. | | 4,504 | | | | 290,958 | |
| MasterCard, Inc. Class A | | 3,176 | | | | 152,448 | |
| Maximus, Inc. | | 1,052 | | | | 24,354 | |
| Maxygen, Inc. | * | | | 1,231 | | | | 9,208 | |
| Medical Staffing Network Holdings, Inc. | * | | | 1,686 | | | | 8,413 | |
| Midas, Inc. | * | | | 1,278 | | | | 23,515 | |
| Millennium Cell, Inc. | *† | | | 1,700 | | | | 2,431 | |
| Mobile Mini, Inc. | * | | | 1,880 | | | | 55,009 | |
| MoneyGram International, Inc. | | 4,671 | | | | 158,580 | |
| Monogram Biosciences, Inc. | * | | | 9,010 | | | | 17,840 | |
| Monro Muffler, Inc. | | 490 | | | | 15,954 | |
| MPS Group, Inc. | * | | | 5,227 | | | | 78,719 | |
| MPW Industrial Services Group, Inc. | * | | | 548 | | | | 1,365 | |
| MSGI Security Solutions, Inc. | * | | | 938 | | | | 2,420 | |
| MTC Technologies, Inc. | * | | | 620 | | | | 14,651 | |
| Myriad Genetics, Inc. | *† | | | 1,901 | | | | 48,000 | |
| NCO Group, Inc. | * | | | 1,315 | | | | 34,769 | |
| National Research Corporation | | 1,250 | | | | 29,062 | |
| Navigant Consulting, Inc. | * | | | 2,314 | | | | 52,412 | |
| NeoPharm, Inc. | *† | | | 965 | | | | 5,143 | |
| NetRatings, Inc. | * | | | 1,164 | | | | 16,168 | |
| Neurogen Corporation | * | | | 1,873 | | | | 9,590 | |
| Omnicell, Inc. | * | | | 1,584 | | | | 21,891 | |
| On Assignment, Inc. | * | | | 1,243 | | | | 11,423 | |
| Online Resources Corporation | * | | | 2,780 | | | | 28,745 | |
| Opsware, Inc. | * | | | 5,790 | | | | 47,710 | |
| Oscient Pharmaceuticals Corporation | * | | | 3,710 | | | | 3,191 | |
| Overland Storage, Inc. | * | | | 1,282 | | | | 8,589 | |
| PDI, Inc. | * | | | 703 | | | | 10,116 | |
| Pegasystems, Inc. | * | | | 2,142 | | | | 13,752 | |
| Perma-Fix Environmental Services | * | | | 5,502 | | | | 11,719 | |
| Per-Se Technologies, Inc. | * | | | 1,658 | | | | 41,748 | |
| Pfsweb, Inc. | * | | | 5,683 | | | | 5,740 | |
| Pharmaceutical Product Development, Inc. | | 5,808 | | | | 203,977 | |
| PHH Corporation | * | | | 3,080 | | | | 84,823 | |
| Portfolio Recovery Associates, Inc. | *† | | | 884 | | | | 40,399 | |
| Possis Medical, Inc. | * | | | 1,278 | | | | 11,259 | |
| PRA International | * | | | 1,380 | | | | 30,733 | |
| Pre-Paid Legal Services, Inc. | † | | | 780 | | | | 26,910 | |
| Presstek, Inc. | * | | | 2,015 | | | | 18,760 | |
| Princeton Review, Inc. | * | | | 2,409 | | | | 12,816 | |
| Ramtron International Corporation | * | | | 1,920 | | | | 3,802 | |
| RCM Technologies, Inc. | * | | | 1,593 | | | | 7,997 | |
| Regeneration Technologies, Inc. | * | | | 3,227 | | | | 20,653 | |
| Regis Corporation | | 2,208 | | | | 78,627 | |
| Rent-A-Center, Inc. | * | | | 4,057 | | | | 100,857 | |
| Rentech, Inc. | * | | | 6,500 | | | | 30,225 | |
| Rent-Way, Inc. | * | | | 1,360 | | | | 10,037 | |
| Republic Services, Inc. | | 6,349 | | | | 256,119 | |
| Res-Care, Inc. | * | | | 1,222 | | | | 24,440 | |
| Resources Connection, Inc. | * | | | 2,702 | | | | 67,604 | |
| Rewards Network, Inc. | * | | | 3,328 | | | | 27,190 | |
| Rollins, Inc. | | 1,702 | | | | 33,427 | |
| Savient Pharmaceuticals, Inc. | * | | | 4,700 | | | | 24,675 | |
| Senomyx, Inc. | *† | | | 1,340 | | | | 19,336 | |
| Sequenom, Inc. | | 614 | | | | 1,046 | |
| Service Corporation International | | 16,975 | | | | 138,176 | |
| ServiceMaster Company (The) | | 14,937 | | | | 154,299 | |
| SFBC International, Inc. | * | | | 1,036 | | | | 15,706 | |
| Sitel Corporation | * | | | 2,384 | | | | 9,345 | |
| Sotheby’s Holdings, Inc. Class A | * | | | 2,753 | | | | 72,266 | |
| Sourcecorp, Inc. | * | | | 748 | | | | 18,543 | |
| Spherion Corporation | * | | | 2,689 | | | | 24,524 | |
| Standard Register Company (The) | | 1,650 | | | | 19,552 | |
| StarTek, Inc. | | 495 | | | | 7,400 | |
| Steiner Leisure, Ltd. (Bahama Islands) | * | | | 990 | | | | 39,135 | |
| Stericycle, Inc. | * | | | 2,219 | | | | 144,457 | |
| Strayer Education, Inc. | | 851 | | | | 82,649 | |
| Suburban Propane Partners, LP | † | | | 1,000 | | | | 31,520 | |
| SupportSoft, Inc. | * | | | 2,202 | | | | 8,676 | |
| Symyx Technologies, Inc. | * | | | 1,965 | | | | 47,455 | |
| Synagro Technologies, Inc. | | 3,224 | | | | 12,670 | |
| Team, Inc. | *† | | | 620 | | | | 15,531 | |
| Tejon Ranch Company | *† | | | 763 | | | | 31,405 | |
| TeleTech Holdings, Inc. | * | | | 2,739 | | | | 34,676 | |
| Telik, Inc. | *† | | | 3,499 | | | | 57,733 | |
| Tetra Tech, Inc. | * | | | 3,204 | | | | 56,839 | |
| TRC Companies, Inc. | * | | | 998 | | | | 10,509 | |
| Trimeris, Inc. | * | | | 1,214 | | | | 13,949 | |
| TRM Corporation | * | | | 780 | | | | 5,405 | |
| United Rentals, Inc. | *† | | | 3,294 | | | | 105,342 | |
| Universal Compression Holdings, Inc. | * | | | 1,483 | | | | 93,385 | |
| Universal Technical Institute, Inc. | * | | | 1,609 | | | | 35,430 | |
| URS Corporation | * | | | 2,652 | | | | 111,384 | |
| Valassis Communications, Inc. | * | | | 2,737 | | | | 64,566 | |
| Varsity Group, Inc. | * | | | 2,748 | | | | 11,212 | |
| Vertrue, Inc. | *† | | | 749 | | | | 32,229 | |
| Viad Corporation | | 1,307 | | | | 40,909 | |
| Volt Information Sciences, Inc. | * | | | 834 | | | | 38,864 | |
| Washington Group International, Inc. | | 1,380 | | | | 73,609 | |
| Waste Connections, Inc. | * | | | 2,570 | | | | 93,548 | |
| Waste Industries USA, Inc. | | 1,297 | | | | 29,416 | |
| Watson Wyatt & Company Holdings | | 2,160 | | | | 75,902 | |
| Weight Watchers International, Inc. | | 2,447 | | | | 100,058 | |
| Westaff, Inc. | * | | | 942 | | | | 3,994 | |
| Wind River Systems, Inc. | * | | | 4,106 | | | | 36,543 | |
| World Fuel Services Corporation | | 1,382 | | | | 63,144 | |
| Wright Express Corporation | * | | | 1,900 | | | | 54,606 | |
| Xanser Corporation | * | | | 1,100 | | | | 5,555 | |
| | | 11,578,305 | |
See accompanying notes to financial statements.
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Communications—2.2% |
| Ace*Comm Corporation | * | | | 3,033 | | | $ | 8,280 | |
| AltiGen Communications, Inc. | * | | | 4,110 | | | | 6,494 | |
| American Tower Corporation Class A | * | | | 21,594 | | | | 672,005 | |
| Anadigics, Inc. | *† | | | 3,457 | | | | 23,231 | |
| Anixter International, Inc. | † | | | 1,724 | | | | 81,821 | |
| Applied Innovation, Inc. | * | | | 500 | | | | 1,850 | |
| Applied Signal Technology, Inc. | | 858 | | | | 14,620 | |
| Arris Group, Inc. | * | | | 5,807 | | | | 76,188 | |
| Avici Systems, Inc. | * | | | 711 | | | | 4,110 | |
| Avistar Communications Corporation | * | | | 774 | | | | 1,339 | |
| Blonder Tongue Laboratories | * | | | 2,285 | | | | 3,884 | |
| Broadwing Corporation | * | | | 4,278 | | | | 44,277 | |
| CalAmp Corporation | * | | | 1,650 | | | | 14,668 | |
| Carrier Access Corporation | * | | | 1,178 | | | | 9,742 | |
| C-COR.net Corporation | * | | | 4,848 | | | | 37,427 | |
| Centillium Communications, Inc. | * | | | 1,589 | | | | 4,465 | |
| Checkpoint Systems, Inc. | * | | | 2,042 | | | | 45,353 | |
| Comtech Telecommunications | * | | | 1,350 | | | | 39,514 | |
| Crown Castle International Corporation | * | | | 11,813 | | | | 408,021 | |
| CT Communications, Inc. | | 1,105 | | | | 25,271 | |
| Cubic Corporation | | 1,262 | | | | 24,748 | |
| Digital Lightwave, Inc. | * | | | 2,931 | | | | 879 | |
| Ditech Networks, Inc. | | 1,360 | | | | 11,859 | |
| EndWave Corporation | *† | | | 912 | | | | 11,336 | |
| Foundry Networks, Inc. | * | | | 6,611 | | | | 70,473 | |
| Glenayre Technologies, Inc. | * | | | 5,333 | | | | 14,079 | |
| Harmonic, Inc. | * | | | 2,820 | | | | 12,634 | |
| Harris Corporation | | 6,650 | | | | 276,041 | |
| Hungarian Telephone & Cable Corporation | *† | | | 712 | | | | 10,687 | |
| ID Systems, Inc. | * | | | 1,146 | | | | 20,319 | |
| InterDigital Communications Corporation | * | | | 3,383 | | | | 118,101 | |
| International Electronics, Inc. | * | | | 1,150 | | | | 2,012 | |
| Inter-Tel, Inc. | | 1,334 | | | | 28,094 | |
| InterVoice, Inc. | * | | | 4,035 | | | | 28,729 | |
| Intraware, Inc. | * | | | 783 | | | | 4,776 | |
| Loral Space & Communications, Ltd. (Bermuda) | | 660 | | | | 18,718 | |
| Marvell Technology Group Ltd. (Bermuda) | * | | | 11,755 | | | | 521,099 | |
| McData Corporation Class A | * | | | 8,674 | | | | 35,390 | |
| MDI, Inc. | * | | | 271 | | | | 209 | |
| Metro One Telecommunications | * | | | 1,248 | | | | 824 | |
| Mindspeed Technologies, Inc. | * | | | 4,010 | | | | 9,664 | |
| NMS Communications Corporation | * | | | 3,530 | | | | 12,779 | |
| On2 Technologies, Inc. | * | | | 4,620 | | | | 3,188 | |
| Openwave Systems, Inc. | * | | | 4,311 | | | | 49,749 | |
| PanAmSat Holding Corporation | | 2,300 | | | | 57,477 | |
| Peco II, Inc. | * | | | 657 | | | | 1,215 | |
| Pegasus Wireless Corporation | † | | | 2,000 | | | | 17,880 | |
| Plantronics, Inc. | | 2,366 | | | | 52,549 | |
| Polycom, Inc. | * | | | 4,658 | | | | 102,103 | |
| Powerwave Technologies, Inc. | *† | | | 5,514 | | | | 50,288 | |
| Premiere Global Services, Inc. | * | | | 3,644 | | | | 27,512 | |
| Radyne Corporation | * | | | 1,100 | | | | 12,518 | |
| SBA Communications Corporation | * | | | 4,170 | | | | 109,004 | |
| SeaChange International, Inc. | * | | | 1,339 | | | | 9,319 | |
| Sirius Satellite Radio, Inc. | *† | | | 63,179 | | | | 300,100 | |
| Socket Communications, Inc. | * | | | 1,300 | | | | 1,586 | |
| Sonus Networks, Inc. | *† | | | 12,770 | | | | 63,211 | |
| Spectralink Corporation | | 1,133 | | | | 9,993 | |
| Standard Microsystems Corporation | * | | | 1,446 | | | | 31,566 | |
| Stratex Networks, Inc. | * | | | 6,040 | | | | 20,476 | |
| Symmetricom, Inc. | * | | | 2,040 | | | | 14,423 | |
| Tekelec | * | | | 3,640 | | | | 44,954 | |
| Tollgrade Communications, Inc. | * | | | 601 | | | | 5,830 | |
| Tut Systems, Inc. | * | | | 1,414 | | | | 3,422 | |
| Ulticom, Inc. | * | | | 1,583 | | | | 16,574 | |
| Universal Security Instruments, Inc. | * | | | 200 | | | | 4,538 | |
| Utstarcom, Inc. | * | | | 4,666 | | | | 36,348 | |
| Viasat, Inc. | * | | | 1,190 | | | | 30,559 | |
| Westell Technologies, Inc. Class A | * | | | 3,671 | | | | 8,039 | |
| XM Satellite Radio Holdings, Inc. Class A | * | | | 12,131 | | | | 177,719 | |
| Zhone Technologies, Inc. | * | | | 3,916 | | | | 7,989 | |
| Zix Corporation | *† | | | 1,016 | | | | 853 | |
| Zoom Telephonics, Inc. | * | | | 2,712 | | | | 2,956 | |
| | | 4,029,948 | |
Computer Software & Processing—5.2% |
| 3D Systems Corporation | * | | | 1,159 | | | | 23,284 | |
| ActivIdentity Corp. | * | | | 5,830 | | | | 26,585 | |
| Activision, Inc. | * | | | 14,911 | | | | 169,687 | |
| Actuate Corporation | * | | | 6,674 | | | | 26,963 | |
| Acxiom Corporation | | 4,032 | | | | 100,800 | |
| Advent Software, Inc. | * | | | 1,451 | | | | 52,338 | |
| Agile Software Corporation | * | | | 2,087 | | | | 13,232 | |
| Alliance Data Systems Corporation | * | | | 3,646 | | | | 214,458 | |
| Altiris, Inc. | * | | | 975 | | | | 17,589 | |
| American Access Technologies, Inc. | * | | | 1,400 | | | | 1,484 | |
| American Software, Inc. Class A | | 1,950 | | | | 13,104 | |
| AMICAS, Inc. | * | | | 2,496 | | | | 8,062 | |
| answerthink, Inc. | * | | | 2,851 | | | | 11,490 | |
| Ansys, Inc. | * | | | 1,688 | | | | 80,720 | |
| Applied Digital Solutions, Inc. | *† | | | 4,675 | | | | 8,836 | |
| Applix, Inc. | * | | | 4,341 | | | | 32,037 | |
| Arbitron, Inc. | | 1,628 | | | | 62,401 | |
| Ariba, Inc. | * | | | 4,717 | | | | 38,821 | |
| Art Technology Group, Inc. | * | | | 8,335 | | | | 24,838 | |
| Aspen Technology, Inc. | *† | | | 2,980 | | | | 39,098 | |
| At Road, Inc. | * | | | 1,948 | | | | 10,753 | |
| Audible, Inc. | *† | | | 1,213 | | | | 11,026 | |
| Autobytel, Inc. | * | | | 4,755 | | | | 16,785 | |
| Avocent Corporation | * | | | 2,887 | | | | 75,784 | |
| BEA Systems, Inc. | * | | | 23,961 | | | | 313,649 | |
| Bankrate, Inc. | *† | | | 1,084 | | | | 40,932 | |
| Blue Coat Systems, Inc. | * | | | 1,736 | | | | 29,269 | |
| Borland Software Corporation | * | | | 2,936 | | | | 15,502 | |
| Bottomline Technologies, Inc. | * | | | 1,490 | | | | 12,129 | |
| Brady Corporation Class A | | 2,304 | | | | 84,879 | |
| Bsquare Corp. | * | | | 225 | | | | 499 | |
| CMGI, Inc. | * | | | 15,258 | | | | 18,462 | |
| CNET Networks, Inc. | *† | | | 7,001 | | | | 55,868 | |
| CSG Systems International, Inc. | * | | | 3,014 | | | | 74,566 | |
| CACI International, Inc. Class A | * | | | 1,719 | | | | 100,269 | |
| Cadence Design Systems, Inc. | * | | | 14,776 | | | | 253,408 | |
| Callidus Software, Inc. | * | | | 173 | | | | 913 | |
| Captaris, Inc. | * | | | 1,164 | | | | 5,413 | |
| Carreker Corporation | * | | | 1,681 | | | | 12,019 | |
| Cellular Technical Services Company, Inc. | * | | | 500 | | | | 1,250 | |
| Ceridian Corporation | * | | | 7,517 | | | | 183,715 | |
| Cerner Corporation | *† | | | 3,496 | | | | 129,737 | |
See accompanying notes to financial statements.
196
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| Checkfree Corporation | * | | | 3,707 | | | $ | 183,719 | |
| Choicepoint, Inc. | *† | | | 4,713 | | | | 196,862 | |
| Chordiant Software, Inc. | * | | | 4,649 | | | | 14,086 | |
| Ciber, Inc. | * | | | 2,445 | | | | 16,113 | |
| Click Commerce, Inc. | *† | | | 670 | | | | 13,219 | |
| Clinical Data, Inc. | † | | | 1,332 | | | | 21,365 | |
| Cogent Communications Group, Inc. | * | | | 3,215 | | | | 30,125 | |
| Cogent, Inc. | *† | | | 1,940 | | | | 29,236 | |
| Cognex Corporation | | 2,024 | | | | 52,685 | |
| Cognizant Technology Solutions Corporation | * | | | 7,428 | | | | 500,424 | |
| Computer Horizons Corporation | * | | | 1,347 | | | | 6,358 | |
| Concur Technologies, Inc. | * | | | 2,083 | | | | 32,224 | |
| Corillian Corporation | * | | | 1,472 | | | | 4,401 | |
| CoStar Group, Inc. | *† | | | 1,140 | | | | 68,206 | |
| Covansys Corporation | * | | | 1,478 | | | | 18,578 | |
| Cybersource Corporation | * | | | 1,281 | | | | 14,988 | |
| DST Systems, Inc. | * | | | 3,335 | | | | 198,432 | |
| Deluxe Corporation | | 2,710 | | | | 47,371 | |
| Dendrite International, Inc. | * | | | 1,587 | | | | 14,664 | |
| Digital Insight Corporation | * | | | 1,983 | | | | 67,997 | |
| Digital River, Inc. | *† | | | 1,977 | | | | 79,851 | |
| DocuCorp International, Inc. | * | | | 1,429 | | | | 10,675 | |
| Earthlink, Inc. | * | | | 5,814 | | | | 50,349 | |
| EasyLink Services Corporation Class A | * | | | 233 | | | | 156 | |
| ebix.com, Inc. | * | | | 1,755 | | | | 29,835 | |
| Echelon Corporation | *† | | | 1,770 | | | | 13,257 | |
| Eclipsys Corporation | * | | | 1,847 | | | | 33,542 | |
| eCollege.com, Inc. | * | | | 635 | | | | 13,424 | |
| Egain Communications Corporation | * | | | 2,914 | | | | 3,788 | |
| Electro Rent Corporation | * | | | 951 | | | | 15,235 | |
| Electronics for Imaging | *† | | | 2,859 | | | | 59,696 | |
| Embarcadero Technologies, Inc. | * | | | 1,253 | | | | 7,643 | |
| eMerge Interactive, Inc. | | 224 | | | | 504 | |
| Entrust Technologies, Inc. | * | | | 2,200 | | | | 7,502 | |
| Epicor Software Corporation | * | | | 1,693 | | | | 17,827 | |
| eSpeed, Inc. Class A | * | | | 1,470 | | | | 12,245 | |
| Evolving Systems, Inc. | * | | | 1,054 | | | | 1,328 | |
| F5 Networks, Inc. | *† | | | 2,022 | | | | 108,137 | |
| Factset Research Systems, Inc. | | 1,911 | | | | 90,390 | |
| Fair Isaac Corporation | | 3,719 | | | | 135,037 | |
| FalconStor Software, Inc. | *† | | | 1,374 | | | | 9,577 | |
| Fidelity National Information Services, Inc. | † | | | 4,578 | | | | 162,061 | |
| Filenet Corporation | * | | | 2,329 | | | | 62,720 | |
| Gartner Group, Inc. Class A | * | | | 3,019 | | | | 42,870 | |
| Gerber Scientific, Inc. | * | | | 1,608 | | | | 20,920 | |
| GTECH Holdings Corporation | | 6,414 | | | | 223,079 | |
| Hypercom Corporation | * | | | 4,002 | | | | 37,419 | |
| HyperFeed Technologies, Inc. | * | | | 1,614 | | | | 1,170 | |
| Hyperion Solutions Corporation | * | | | 3,084 | | | | 85,118 | |
| iGate Capital Corporation | * | | | 2,997 | | | | 19,151 | |
| Imergent, Inc. | *† | | | 560 | | | | 7,280 | |
| Infocrossing, Inc. | *† | | | 880 | | | | 10,164 | |
| Informatica Corporation | * | | | 4,842 | | | | 63,721 | |
| Inforte Corporation | | 1,897 | | | | 8,992 | |
| Infospace, Inc. | * | | | 1,323 | | | | 29,992 | |
| InfoUSA, Inc. | | 2,708 | | | | 27,919 | |
| Integral Systems, Inc. | | 631 | | | | 16,930 | |
| Interactive Data Corporation | | 2,351 | | | | 47,232 | |
| Interactive Intelligence, Inc. | * | | | 950 | | | | 13,433 | |
| Intergraph Corporation | * | | | 1,734 | | | | 54,604 | |
| Internap Network Services Corporation | * | | | 11,691 | | | | 12,276 | |
| Internet Security Systems, Inc. | * | | | 2,039 | | | | 38,435 | |
| Intersections, Inc. | * | | | 1,900 | | | | 20,615 | |
| Intervideo, Inc. | *† | | | 991 | | | | 9,682 | |
| Interwoven, Inc. | * | | | 1,909 | | | | 16,379 | |
| Intrusion, Inc. | * | | | 266 | | | | 112 | |
| JDA Software Group, Inc. | * | | | 1,257 | | | | 17,636 | |
| Jack Henry & Associates, Inc. | | 4,391 | | | | 86,327 | |
| Kanbay International, Inc. | *† | | | 1,170 | | | | 17,012 | |
| Keane, Inc. | * | | | 2,632 | | | | 32,900 | |
| Keynote Systems, Inc. | * | | | 1,400 | | | | 14,434 | |
| Knot, Inc. (The) | * | | | 2,305 | | | | 48,244 | |
| Kronos, Inc. | *† | | | 1,633 | | | | 59,131 | |
| Lawson Software, Inc. | | 6,650 | | | | 44,555 | |
| LivePerson, Inc. | * | | | 3,334 | | | | 16,170 | |
| Looksmart | * | | | 4,010 | | | | 12,992 | |
| Loudeye Corp. | | 504 | | | | 1,134 | |
| LQ Corp., Inc. | * | | | 161 | | | | 267 | |
| Magma Design Automation, Inc. | * | | | 1,429 | | | | 10,503 | |
| Manhattan Associates, Inc. | * | | | 1,346 | | | | 27,310 | |
| Mantech International Corporation Class A | * | | | 1,168 | | | | 36,044 | |
| Manugistics Group, Inc. | * | | | 2,824 | | | | 7,060 | |
| Mapinfo Corporation | * | | | 812 | | | | 10,597 | |
| McAfee, Inc. | * | | | 8,664 | | | | 210,275 | |
| Mediware Information Systems | * | | | 1,089 | | | | 10,509 | |
| Mentor Graphics Corporation | * | | | 4,245 | | | | 55,100 | |
| MetaSolv, Inc. | * | | | 1,380 | | | | 3,892 | |
| MicroStrategy, Inc. Class A | * | | | 733 | | | | 71,482 | |
| Mitek Systems, Inc. | * | | | 3,473 | | | | 3,681 | |
| MIVA, Inc. | * | | | 991 | | | | 4,014 | |
| Mobius Management Systems, Inc. | * | | | 878 | | | | 5,092 | |
| Move, Inc. | | 7,363 | | | | 40,349 | |
| MRO Software, Inc. | * | | | 1,778 | | | | 35,684 | |
| Napster, Inc. | * | | | 6,796 | | | | 20,932 | |
| National Instruments Corporation | | 2,955 | | | | 80,967 | |
| Navisite, Inc. | *† | | | 3,725 | | | | 16,762 | |
| NAVTEQ Corporation | * | | | 4,860 | | | | 217,145 | |
| Neoware Systems, Inc. | *† | | | 900 | | | | 11,061 | |
| NetFlix, Inc. | *† | | | 2,859 | | | | 77,793 | |
| NETIQ Corporation | * | | | 2,494 | | | | 30,402 | |
| Netscout Systems, Inc. | * | | | 1,250 | | | | 11,150 | |
| Netsmart Technologies, Inc. | * | | | 506 | | | | 6,558 | |
| NIC, Inc. | * | | | 2,450 | | | | 17,713 | |
| NVE Corporation | *† | | | 848 | | | | 12,186 | |
| Onyx Software Corporation | * | | | 469 | | | | 2,336 | |
| Open Solutions, Inc. | * | | | 883 | | | | 23,497 | |
| Packeteer, Inc. | * | | | 1,900 | | | | 21,546 | |
| PDF Solutions, Inc. | * | | | 974 | | | | 12,087 | |
| Perficient, Inc. | | 1,080 | | | | 13,349 | |
| Perot Systems Corporation Class A | * | | | 4,359 | | | | 63,118 | |
| Phoenix Technologies Ltd. | * | | | 1,238 | | | | 5,955 | |
| Plato Learning, Inc. | * | | | 1,826 | | | | 11,358 | |
| Progress Software Corporation | * | | | 1,803 | | | | 42,208 | |
| QAD, Inc. | | 1,363 | | | | 10,563 | |
| Quality Systems, Inc. | | 768 | | | | 28,278 | |
| Quest Software, Inc. | * | | | 3,848 | | | | 54,026 | |
| RSA Security, Inc. | * | | | 4,071 | | | | 110,690 | |
| Radiant Systems, Inc. | * | | | 1,019 | | | | 10,771 | |
| Radisys Corporation | * | | | 961 | | | | 21,104 | |
| RealNetworks, Inc. | * | | | 5,844 | | | | 62,531 | |
| Red Hat, Inc. | *† | | | 9,042 | | | | 211,583 | |
| Renaissance Learning, Inc. | | 1,354 | | | | 18,347 | |
| Reynolds & Reynolds Company (The) Class A | | 3,001 | | | | 92,041 | |
See accompanying notes to financial statements.
197
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| S1 Corporation | * | | | 2,637 | | | $ | 12,658 | |
| Saba Software, Inc. | * | | | 1,576 | | | | 8,605 | |
| SafeNet, Inc. | * | | | 1,099 | | | | 19,474 | |
| SAFLINK Corporation | * | | | 4,996 | | | | 1,849 | |
| Salesforce.com, Inc. | *† | | | 4,270 | | | | 113,838 | |
| Sapient Corporation | * | | | 4,601 | | | | 24,385 | |
| Scientific Learning Corporation | * | | | 3,146 | | | | 14,472 | |
| SCO Group, Inc. (The) | *† | | | 998 | | | | 4,092 | |
| Secure Computing Corporation | * | | | 3,114 | | | | 26,780 | |
| Sonic Foundry, Inc. | * | | | 1,200 | | | | 2,004 | |
| SonicWall, Inc. | * | | | 2,442 | | | | 21,954 | |
| Source Interlink Companies, Inc. | *† | | | 1,650 | | | | 19,635 | |
| SPSS, Inc. | * | | | 1,231 | | | | 39,564 | |
| SRA International, Inc. Class A | * | | | 2,136 | | | | 56,882 | |
| Stellent, Inc. | | 1,714 | | | | 16,369 | |
| Stratasys, Inc. | * | | | 981 | | | | 28,900 | |
| Sybase, Inc. | * | | | 4,546 | | | | 88,192 | |
| Sykes Enterprises, Inc. | * | | | 1,424 | | | | 23,012 | |
| SYNNEX Corporation | * | | | 1,034 | | | | 19,605 | |
| Synopsys, Inc. | * | | | 7,202 | | | | 135,182 | |
| Synplicity, Inc. | * | | | 1,050 | | | | 6,163 | |
| Syntel, Inc. | | 1,554 | | | | 31,795 | |
| Take-Two Interactive Software, Inc. | *† | | | 3,244 | | | | 34,581 | |
| Talx Corporation | | 1,671 | | | | 36,545 | |
| Technology Solutions Co. | * | | | 108 | | | | 999 | |
| TenFold Corporation | * | | | 4,098 | | | | 1,229 | |
| THQ, Inc. | * | | | 2,929 | | | | 63,266 | |
| 3Com Corporation | * | | | 21,442 | | | | 109,783 | |
| TIBCO Software, Inc. | * | | | 10,477 | | | | 73,863 | |
| Total System Services, Inc. | † | | | 2,202 | | | | 42,388 | |
| Tradestation Group, Inc. | *† | | | 1,691 | | | | 21,425 | |
| Transaction Systems Architects, Inc. Class A | * | | | 1,859 | | | | 77,502 | |
| Trizetto Group, Inc. | * | | | 2,710 | | | | 40,081 | |
| Tumbleweed Communications Corporation | * | | | 2,952 | | | | 8,413 | |
| Ultimate Software Group, Inc. | * | | | 1,243 | | | | 23,816 | |
| United Online, Inc. | † | | | 2,509 | | | | 30,108 | |
| Vasco Data Security International, Inc. | * | | | 1,245 | | | | 10,396 | |
| Verint Systems, Inc. | * | | | 652 | | | | 19,032 | |
| Versant Corporation | * | | | 330 | | | | 2,211 | |
| VerticalNet, Inc. | | 264 | | | | 341 | |
| Viewpoint Corporation | * | | | 1,141 | | | | 1,997 | |
| Vignette Corporation | * | | | 1,259 | | | | 18,356 | |
| Vitria Technology, Inc. | * | | | 1,150 | | | | 3,266 | |
| WatchGuard Technologies, Inc. | * | | | 4,850 | | | | 19,739 | |
| Wave Systems Corporation Class A | * | | | 3,014 | | | | 2,019 | |
| WebEx Communications, Inc. | *† | | | 1,743 | | | | 61,946 | |
| WebMD Health Corp.—Class A | *† | | | 510 | | | | 24,123 | |
| Webmethods, Inc. | * | | | 2,154 | | | | 21,260 | |
| Websense, Inc. | * | | | 2,638 | | | | 54,185 | |
| Witness Systems, Inc. | *† | | | 1,610 | | | | 32,474 | |
| XETA Technologies, Inc. | * | | | 1,947 | | | | 5,354 | |
| | | 9,432,538 | |
Computers & Information—1.5% |
| Advanced Digital Information Corporation | *† | | | 2,415 | | | | 28,425 | |
| Authentidate Holding Corporation | * | | | 1,023 | | | | 2,711 | |
| Black Box Corporation | | 866 | | | | 33,194 | |
| Brocade Communications Systems, Inc. | * | | | 15,008 | | | | 92,149 | |
| CDW Corporation | | 3,233 | | | | 176,683 | |
| Ciprico, Inc. | * | | | 1,658 | | | | 9,998 | |
| Cirrus Logic, Inc. | * | | | 5,397 | | | | 43,932 | |
| Concurrent Computer Corporation | * | | | 7,592 | | | | 19,815 | |
| Cray, Inc. | | 714 | | | | 7,104 | |
| Dataram Corporation | | 1,175 | | | | 5,487 | |
| Datawatch Corporation | * | | | 3,500 | | | | 12,530 | |
| Diebold, Inc. | † | | | 3,530 | | | | 143,389 | |
| Dot Hill Systems Corporation | * | | | 3,866 | | | | 13,222 | |
| Emulex Corporation | * | | | 4,279 | | | | 69,619 | |
| Exabyte Corp. | * | | | 156 | | | | 19 | |
| Extreme Networks, Inc. | * | | | 4,492 | | | | 18,687 | |
| Fargo Electronics | * | | | 870 | | | | 22,089 | |
| Focus Enhancements, Inc. | * | | | 5,319 | | | | 5,213 | |
| Global Imaging Systems, Inc. | * | | | 1,486 | | | | 61,342 | |
| Global Payment Technologies, Inc. | * | | | 1,270 | | | | 2,476 | |
| InFocus Corporation | * | | | 1,636 | | | | 4,679 | |
| Iomega Corporation | * | | | 7,475 | | | | 20,556 | |
| Iteris, Inc. | * | | | 4,264 | | | | 10,148 | |
| Komag, Inc. | *† | | | 1,680 | | | | 77,582 | |
| MTI Technology Corporation | * | | | 3,844 | | | | 4,574 | |
| Micros Systems, Inc. | * | | | 2,146 | | | | 93,737 | |
| MTM Technologies, Inc. | * | | | 500 | | | | 1,700 | |
| Netgear, Inc. | *† | | | 2,027 | | | | 43,885 | |
| Network Engines, Inc. | * | | | 1,330 | | | | 2,514 | |
| Nuance Communications, Inc. | * | | | 7,693 | | | | 77,392 | |
| Palm, Inc. | *† | | | 4,614 | | | | 74,285 | |
| Paxar Corporation | * | | | 1,972 | | | | 40,564 | |
| Planar Systems, Inc. | * | | | 1,786 | | | | 21,503 | |
| ProQuest Company | *† | | | 1,673 | | | | 20,561 | |
| Quantum Corporation | * | | | 10,382 | | | | 27,201 | |
| Rackable Systems, Inc. | * | | | 1,470 | | | | 58,050 | |
| Safeguard Scientifics, Inc. | * | | | 4,074 | | | | 8,800 | |
| ScanSource, Inc. | * | | | 1,126 | | | | 33,014 | |
| Scientific Games Corporation Class A | * | | | 3,568 | | | | 127,092 | |
| SCM Microsystems, Inc. | * | | | 1,494 | | | | 4,557 | |
| Seagate Technology (Cayman Islands) | | 27,122 | | | | 614,042 | |
| Sigma Designs, Inc. | * | | | 1,590 | | | | 14,994 | |
| SimpleTech, Inc. | * | | | 3,666 | | | | 13,747 | |
| TransAct Technologies, Inc. | * | | | 889 | | | | 9,157 | |
| VA Software Corporation | * | | | 6,619 | | | | 25,682 | |
| VeriFone Holdings, Inc. | *† | | | 1,980 | | | | 60,350 | |
| VitalStream Holdings, Inc. | | 250 | | | | 2,650 | |
| Web.com, Inc. | * | | | 706 | | | | 4,215 | |
| Western Digital Corporation | * | | | 11,615 | | | | 230,093 | |
| Zebra Technologies Corporation Class A | * | | | 3,669 | | | | 125,333 | |
| | | 2,620,741 | |
Containers & Packaging—0.1% |
| Crown Holdings, Inc. | * | | | 9,065 | | | | 141,142 | |
| Silgan Holdings, Inc. | | 1,454 | | | | 53,813 | |
| | | 194,955 | |
Cosmetics & Personal Care—0.0% |
| 1-800 Contacts, Inc. | *† | | | 502 | | | | 7,531 | |
| Chattem, Inc. | *† | | | 873 | | | | 26,513 | |
| Elizabeth Arden, Inc. | *† | | | 1,677 | | | | 29,985 | |
| Quaker Chemical Corporation | | 1,303 | | | | 24,366 | |
| | | 88,395 | |
Distribution/Wholesale—0.0% |
| Navarre Corporation | *† | | | 1,460 | | | | 7,271 | |
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See accompanying notes to financial statements.
198
SCHEDULE OF INVESTMENTS—(Continued)
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Diversified—0.0% |
| Hexcel Corporation | * | | | 5,390 | | | $ | 84,677 | |
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E-Commerce—0.1% |
| Blue Nile, Inc. | *† | | | 780 | | | | 25,085 | |
| Nutri/System, Inc. | *† | | | 1,520 | | | | 94,438 | |
| | | 119,523 | |
E-Commerce Services—0.1% |
| Emdeon Corp. | * | | | 14,620 | | | | 181,434 | |
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Educational Software—0.0% |
| INVESTools, Inc. | * | | | 2,950 | | | | 23,423 | |
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Electric Measuring Instruments—0.0% |
| Badger Meter, Inc. | | 880 | | | | 23,760 | |
| |
Electric Utilities—2.4% |
| Allete, Inc. | | 1,430 | | | | 67,710 | |
| Alliant Energy Corporation | | 5,771 | | | | 197,945 | |
| Aquila, Inc. | * | | | 18,185 | | | | 76,559 | |
| Avista Corporation | | 2,579 | | | | 58,879 | |
| Black Hills Corporation | | 2,151 | | | | 73,844 | |
| Central Vermont Public Service Corporation | | 541 | | | | 9,998 | |
| CH Energy Group, Inc. | | 1,074 | | | | 51,552 | |
| Cleco Corporation | | 2,830 | | | | 65,797 | |
| DPL, Inc. | | 7,047 | | | | 188,860 | |
| Duquesne Light Holdings, Inc. | † | | | 4,679 | | | | 76,923 | |
| EL Paso Electric Company | * | | | 2,458 | | | | 49,553 | |
| Empire District Electric Company (The) | | 2,088 | | | | 42,908 | |
| Energy East Corporation | | 7,469 | | | | 178,733 | |
| Great Plains Energy, Inc. | † | | | 3,878 | | | | 108,041 | |
| Green Mountain Power Corporation | | 1,312 | | | | 44,595 | |
| Hawaiian Electric Industries, Inc. | | 3,786 | | | | 105,667 | |
| Idacorp, Inc. | | 1,965 | | | | 67,380 | |
| KFX, Inc. | * | | | 4,470 | | | | 68,302 | |
| MGE Energy, Inc. | | 860 | | | | 26,789 | |
| Mirant Corp. | *† | | | 16,050 | | | | 430,140 | |
| Northeast Utilities | | 8,291 | | | | 171,375 | |
| NorthWestern Corporation | | 1,830 | | | | 62,860 | |
| NRG Energy, Inc. | * | | | 4,930 | | | | 237,527 | |
| NSTAR | | 5,336 | | | | 152,610 | |
| OGE Energy Corporation | | 4,865 | | | | 170,421 | |
| Otter Tail Corporation | | 1,726 | | | | 47,172 | |
| Pepco Holdings, Inc. | | 9,387 | | | | 221,345 | |
| Plug Power, Inc. | *† | | | 2,705 | | | | 12,632 | |
| PNM Resources, Inc. | | 3,109 | | | | 77,601 | |
| Portland General Electric Company | † | | | 1,400 | | | | 34,958 | |
| Puget Energy, Inc. | † | | | 5,589 | | | | 120,052 | |
| Reliant Energy, Inc. | *† | | | 15,230 | | | | 182,455 | |
| SCANA Corporation | | 5,122 | | | | 197,607 | |
| Sierra Pacific Resources | * | | | 10,465 | | | | 146,510 | |
| Sunpower Corp.—Class A | *† | | | 530 | | | | 14,851 | |
| UIL Holdings Corporation | | 598 | | | | 33,661 | |
| Unisource Energy Corporation | | 2,031 | | | | 63,266 | |
| Unitil Corporation | | 1,000 | | | | 24,060 | |
| Westar Energy, Inc. | | 4,853 | | | | 106,766 | |
| Wisconsin Energy Corporation | | 5,655 | | | | 227,896 | |
| WPS Resources Corporation | | 2,062 | | | | 102,275 | |
| | | 4,398,075 | |
Electrical Equipment—1.0% |
| Active Power, Inc. | * | | | 3,953 | | | | 13,401 | |
| Acuity Brands, Inc. | | 2,413 | | | | 93,890 | |
| Advanced Lighting Technologies, Inc. | *‡*** | | | 973 | | | | — | |
| Aeroflex, Inc. | * | | | 4,701 | | | | 54,861 | |
| Ametek, Inc. | | 3,613 | | | | 171,184 | |
| AZZ, Inc. | * | | | 1,032 | | | | 27,049 | |
| Baldor Electric Company | | 1,338 | | | | 41,866 | |
| C&D Technologies, Inc. | | 1,314 | | | | 9,881 | |
| Capstone Turbine Corporation | * | | | 7,050 | | | | 16,074 | |
| Cataytica Energy Systems, Inc. | * | | | 853 | | | | 1,211 | |
| Cherokee International Corporation | * | | | 29 | | | | 112 | |
| Distributed Energy Systems Corporation | * | | | 3,757 | | | | 19,424 | |
| Electro Scientific Industries, Inc. | * | | | 1,422 | | | | 25,582 | |
| Energizer Holdings, Inc. | * | | | 3,402 | | | | 199,255 | |
| Energy Conversion Devices, Inc. | * | | | 1,852 | | | | 67,468 | |
| Evans & Sutherland Computer Corporation | * | | | 1,883 | | | | 9,415 | |
| Franklin Electric Company, Inc. | | 902 | | | | 46,579 | |
| FuelCell Energy, Inc. | * | | | 1,939 | | | | 18,576 | |
| Genlyte Group, Inc. | * | | | 1,382 | | | | 100,098 | |
| GrafTech International Ltd. | * | | | 4,368 | | | | 25,334 | |
| Greatbatch, Inc. | * | | | 942 | | | | 22,231 | |
| JMAR Technologies, Inc. | * | | | 2,904 | | | | 1,859 | |
| Lamson & Sessions Company (The) | *† | | | 970 | | | | 27,509 | |
| Lincoln Electric Holdings, Inc. | | 1,907 | | | | 119,474 | |
| Littelfuse, Inc. | * | | | 1,479 | | | | 50,848 | |
| LSI Industries, Inc. | | 1,084 | | | | 18,417 | |
| Medis Technologies Ltd. | *† | | | 705 | | | | 14,297 | |
| Metrologic Instruments, Inc. | * | | | 722 | | | | 10,837 | |
| Moog, Inc. Class A | * | | | 1,977 | | | | 67,653 | |
| Powell Industries, Inc. | * | | | 1,046 | | | | 25,031 | |
| Quantum Fuel Systems Technologies Worldwide, Inc. | *† | | | 2,810 | | | | 9,554 | |
| Regal-Beloit Corporation | | 1,703 | | | | 75,187 | |
| Servotronics, Inc. | * | | | 705 | | | | 4,477 | |
| Spectrum Brands, Inc. | *† | | | 1,891 | | | | 24,432 | |
| Superconductor Technologies | * | | | 208 | | | | 424 | |
| Tech/Ops Sevcon, Inc. | | 720 | | | | 4,550 | |
| Teleflex, Inc. | | 1,922 | | | | 103,826 | |
| Thomas & Betts Corporation | * | | | 3,090 | | | | 158,517 | |
| Trans-Lux Corporation | | 867 | | | | 5,159 | |
| Ultralife Batteries, Inc. | *† | | | 767 | | | | 7,770 | |
| Universal Display Corporation | * | | | 1,350 | | | | 17,968 | |
| Universal Electronics, Inc. | * | | | 639 | | | | 11,317 | |
| Valence Technology, Inc. | *† | | | 4,773 | | | | 8,257 | |
| Vicor Corporation | | 1,381 | | | | 22,883 | |
| Woodhead Industries, Inc. | | 903 | | | | 17,283 | |
| | | 1,771,020 | |
Electronic Compo Semiconductors—0.0% |
| Syntax-Brillian Corp. | * | | | 4,531 | | | | 10,874 | |
| |
Electronic Measuring Unit—0.0% |
| Keithley Instruments, Inc. | | 740 | | | | 9,420 | |
| LeCroy Corp. | * | | | 600 | | | | 8,610 | |
| | | 18,030 | |
Electronics—4.0% |
| 8X8, Inc. | *† | | | 3,049 | | | | 2,988 | |
| AVX Corporation | † | | | 2,510 | | | | 39,633 | |
| Actel Corporation | * | | | 1,140 | | | | 16,359 | |
| Adaptec, Inc. | * | | | 7,841 | | | | 34,030 | |
See accompanying notes to financial statements.
199
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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COMMON STOCKS—(Continued)
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| Advanced Energy Industries, Inc. | * | | | 1,429 | | | $ | 18,920 | |
| Agere Systems, Inc. | * | | | 9,779 | | | | 143,751 | |
| Agilysys, Inc. | | 1,336 | | | | 24,048 | |
| Alliance Fiber Optic Products, Inc. | * | | | 4,818 | | | | 6,986 | |
| Alliance Semiconductor Corporation | * | | | 1,336 | | | | 3,621 | |
| American Superconductor Corporation | *† | | | 2,707 | | | | 23,903 | |
| AMIS Holdings, Inc. | * | | | 1,550 | | | | 15,500 | |
| Amkor Technology, Inc. | *† | | | 7,212 | | | | 68,226 | |
| Amphenol Corporation Class A | | 4,578 | | | | 256,185 | |
| Anaren, Inc. | * | | | 813 | | | | 16,658 | |
| Applied Micro Circuits Corporation | * | | | 16,100 | | | | 43,953 | |
| Arrow Electronics, Inc. | * | | | 6,275 | | | | 202,055 | |
| Atheros Communications, Inc. | * | | | 2,011 | | | | 38,129 | |
| Atmel Corporation | * | | | 23,229 | | | | 128,921 | |
| ATMI, Inc. | *† | | | 2,219 | | | | 54,632 | |
| Avanex Corporation | * | | | 5,031 | | | | 8,855 | |
| Avnet, Inc. | * | | | 7,439 | | | | 148,929 | |
| AXT, Inc. | * | | | 946 | | | | 3,065 | |
| Barnes Group, Inc. | | 2,480 | | | | 49,476 | |
| Bel Fuse, Inc. Class A | | 546 | | | | 14,824 | |
| Belden CDT, Inc. | | 2,586 | | | | 85,467 | |
| Benchmark Electronics, Inc. | *† | | | 3,196 | | | | 77,088 | |
| California Micro Devices Corporation | * | | | 2,476 | | | | 9,904 | |
| Caliper Life Sciences, Inc. | * | | | 3,187 | | | | 15,903 | |
| Carlisle Companies, Inc. | | 1,677 | | | | 132,986 | |
| Catalyst Semiconductor, Inc. | * | | | 2,416 | | | | 8,770 | |
| Catapult Communications Corporation | * | | | 750 | | | | 8,175 | |
| Ceradyne, Inc. | *† | | | 1,374 | | | | 67,999 | |
| Ceva, Inc. | * | | | 692 | | | | 4,000 | |
| Conexant Systems, Inc. | * | | | 25,531 | | | | 63,827 | |
| Cree, Inc. | *† | | | 4,087 | | | | 97,107 | |
| CTS Corporation | | 1,580 | | | | 23,526 | |
| Cymer, Inc. | * | | | 1,929 | | | | 89,621 | |
| Cypress Semiconductor Corporation | *† | | | 7,187 | | | | 104,499 | |
| DRS Technologies, Inc. | † | | | 2,209 | | | | 107,689 | |
| Dolby Laboratories, Inc. Class A | * | | | 1,500 | | | | 34,950 | |
| DSP Group, Inc. | * | | | 1,884 | | | | 46,817 | |
| EDO Corporation | | 1,198 | | | | 29,159 | |
| Emcor Group, Inc. | * | | | 1,704 | | | | 82,934 | |
| Emcore Corporation | * | | | 2,929 | | | | 28,118 | |
| EMS Technologies, Inc. | * | | | 960 | | | | 17,251 | |
| ESCO Technologies, Inc. | * | | | 1,224 | | | | 65,423 | |
| ESS Technology | * | | | 1,759 | | | | 3,799 | |
| Esterline Technologies Corporation | * | | | 1,449 | | | | 60,264 | |
| Evergreen Solar, Inc. | *† | | | 2,410 | | | | 31,282 | |
| Exar Corporation | * | | | 1,759 | | | | 23,342 | |
| Fairchild Semiconductor International, Inc. | *† | | | 6,664 | | | | 121,085 | |
| Finisar Corporation | * | | | 14,726 | | | | 48,154 | |
| Flir Systems, Inc. | *† | | | 3,904 | | | | 86,122 | |
| FSI International, Inc. | * | | | 1,480 | | | | 10,197 | |
| Garmin Ltd. (Cayman Islands) | † | | | 3,110 | | | | 327,918 | |
| Genesis Microchip, Inc. | * | | | 1,530 | | | | 17,687 | |
| HEI, Inc. | * | | | 1,050 | | | | 2,278 | |
| Herley Industries, Inc. | * | | | 1,550 | | | | 17,375 | |
| HI/FN, Inc. | * | | | 1,882 | | | | 11,631 | |
| Hutchinson Technology, Inc. | * | | | 1,150 | | | | 24,874 | |
| Imation Corporation | | 1,665 | | | | 68,348 | |
| Innovex, Inc. | * | | | 1,922 | | | | 7,342 | |
| Integrated Device Technology, Inc. | * | | | 10,714 | | | | 151,925 | |
| Integrated Silicon Solutions, Inc. | * | | | 2,930 | | | | 16,144 | |
| International Rectifier Corporation | * | | | 3,821 | | | | 149,325 | |
| Intersil Corporation Class A | | 8,287 | | | | 192,673 | |
| IXYS Corporation | * | | | 1,330 | | | | 12,768 | |
| Kemet Corporation | * | | | 5,278 | | | | 48,663 | |
| KVH Industries, Inc. | * | | | 1,286 | | | | 14,995 | |
| LaBarge, Inc. | * | | | 950 | | | | 12,606 | |
| Lattice Semiconductor Corporation | * | | | 7,425 | | | | 45,886 | |
| Lightpath Technologies, Inc. Class A | *† | | | 1,527 | | | | 6,200 | |
| MIPS Technologies, Inc. Class A | * | | | 2,229 | | | | 13,530 | |
| MRV Communications, Inc. | * | | | 4,568 | | | | 14,206 | |
| Magnetek, Inc. | * | | | 1,406 | | | | 3,796 | |
| Mattson Technology, Inc. | * | | | 1,761 | | | | 17,205 | |
| Maxwell Technologies, Inc. | *† | | | 1,371 | | | | 26,913 | |
| Measurement Specialties, Inc. | * | | | 580 | | | | 12,917 | |
| MEMC Electronics Materials, Inc. | * | | | 7,952 | | | | 298,200 | |
| Mercury Computer Systems, Inc. | * | | | 963 | | | | 14,821 | |
| Merix Corporation | *† | | | 2,175 | | | | 23,860 | |
| Methode Electronics, Inc. | | 1,384 | | | | 14,546 | |
| Micrel, Inc. | * | | | 3,731 | | | | 37,347 | |
| Micro Linear Corporation | * | | | 1,440 | | | | 3,456 | |
| Microchip Technology, Inc. | | 10,890 | | | | 365,359 | |
| Microsemi Corporation | *† | | | 3,244 | | | | 79,089 | |
| Mobility Electronics, Inc. | * | | | 2,804 | | | | 20,357 | |
| Moscow CableCom Corporation | *† | | | 1,900 | | | | 19,893 | |
| MoSys, Inc. | | 1,252 | | | | 9,791 | |
| Nu Horizons Electronics Corporation | * | | | 1,208 | | | | 11,657 | |
| Numerex Corporation Class A | * | | | 1,800 | | | | 12,870 | |
| Omnivision Technologies, Inc. | *† | | | 2,994 | | | | 63,233 | |
| ON Semiconductor Corporation | *† | | | 4,997 | | | | 29,382 | |
| Oplink Communications, Inc. | * | | | 758 | | | | 13,879 | |
| Optelecom, Inc. | * | | | 819 | | | | 10,917 | |
| OSI Systems, Inc. | *† | | | 867 | | | | 15,407 | |
| Park Electrochemical Corporation | | 1,087 | | | | 27,990 | |
| Pericom Semiconductor Corporation | * | | | 2,254 | | | | 18,708 | |
| Photronics, Inc. | * | | | 1,989 | | | | 29,437 | |
| Pixelworks, Inc. | * | | | 2,467 | | | | 6,735 | |
| Plexus Corporation | * | | | 2,384 | | | | 81,557 | |
| PLX Technology, Inc. | * | | | 1,050 | | | | 12,831 | |
| Power Integrations, Inc. | * | | | 1,263 | | | | 22,077 | |
| Power-One, Inc. | * | | | 3,500 | | | | 23,100 | |
| Quicklogic Corporation | * | | | 4,080 | | | | 19,951 | |
| RF Micro Devices, Inc. | * | | | 11,167 | | | | 66,667 | |
| Rambus, Inc. | * | | | 5,001 | | | | 114,073 | |
| Raven Industries, Inc. | | 800 | | | | 25,200 | |
| Research Frontiers, Inc. | *† | | | 752 | | | | 3,895 | |
| Rofin-Sinar Technologies, Inc. | * | | | 880 | | | | 50,574 | |
| Rogers Corporation | * | | | 803 | | | | 45,241 | |
| Rudolph Technologies, Inc. | * | | | 2,191 | | | | 31,769 | |
| Semtech Corporation | * | | | 3,600 | | | | 52,020 | |
| Sigmatel, Inc. | * | | | 1,378 | | | | 5,664 | |
| Sigmatron International, Inc. | * | | | 283 | | | | 2,380 | |
| Silicon Image, Inc. | * | | | 4,319 | | | | 46,559 | |
| Silicon Laboratories, Inc. | *† | | | 2,865 | | | | 100,705 | |
| Silicon Storage Technology, Inc. | * | | | 3,794 | | | | 15,404 | |
| Sirenza Microdevices, Inc. | | 1,250 | | | | 15,175 | |
| Sirf Technology Holdings, Inc. | *† | | | 2,150 | | | | 69,273 | |
| Skyworks Solutions, Inc. | * | | | 9,613 | | | | 52,968 | |
| Somera Communications, Inc. | | 275 | | | | 1,169 | |
| Spansion LLC—Class A | *† | | | 2,050 | | | | 32,677 | |
See accompanying notes to financial statements.
200
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
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COMMON STOCKS—(Continued)
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| Spectrum Control, Inc. | * | | | 1,195 | | | $ | 11,054 | |
| Spire Corporation | *† | | | 210 | | | | 1,581 | |
| Staktek Holdings, Inc. | * | | | 43 | | | | 209 | |
| Stratos International, Inc. | * | | | 974 | | | | 6,672 | |
| Sycamore Networks, Inc. | * | | | 9,917 | | | | 40,263 | |
| Synaptics, Inc. | *† | | | 1,058 | | | | 22,641 | |
| Technitrol, Inc. | | 1,866 | | | | 43,198 | |
| Tegal Corporation | * | | | 3,755 | | | | 1,427 | |
| Teledyne Technologies, Inc. | * | | | 1,729 | | | | 56,642 | |
| Tessera Technologies, Inc. | *† | | | 2,581 | | | | 70,977 | |
| Transmeta Corporation | * | | | 8,599 | | | | 13,930 | |
| Transwitch Corporation | * | | | 2,483 | | | | 5,239 | |
| Trident Microsystems, Inc. | *† | | | 3,040 | | | | 57,699 | |
| Trimble Navigation Ltd. | * | | | 2,822 | | | | 125,974 | |
| Triquint Semiconductor, Inc. | * | | | 8,519 | | | | 37,995 | |
| TTM Technologies, Inc. | * | | | 1,640 | | | | 23,731 | |
| Tvia, Inc. | * | | | 4,026 | | | | 14,494 | |
| Tyler Technologies, Inc. | * | | | 1,886 | | | | 21,123 | |
| Varian Semiconductor Equipment Associates, Inc. | * | | | 2,832 | | | | 92,352 | |
| Virage Logic Corporation | * | | | 902 | | | | 8,470 | |
| Vishay Intertechnology, Inc. | *† | | | 8,954 | | | | 140,846 | |
| Volterra Semiconductor Corp. | * | | | 760 | | | | 11,598 | |
| Wesco International, Inc. | * | | | 2,570 | | | | 171,573 | |
| Zoran Corporation | * | | | 2,411 | | | | 58,684 | |
| | | 7,222,545 | |
Entertainment & Leisure—1.0% |
| Avid Technology, Inc. | *† | | | 2,088 | | | | 69,593 | |
| Bally Technologies, Inc. | *† | | | 3,012 | | | | 49,608 | |
| Bally Total Fitness Holding Corporation | *† | | | 1,307 | | | | 8,861 | |
| Blockbuster, Inc. Class A | | 8,250 | | | | 41,085 | |
| Callaway Golf Company | † | | | 3,931 | | | | 51,064 | |
| Cedar Fair, LP | | 2,480 | | | | 65,819 | |
| Churchill Downs, Inc. | | 639 | | | | 23,931 | |
| Concord Camera Corporation | * | | | 2,863 | | | | 1,832 | |
| Discovery Holding Company Class A | *† | | | 14,930 | | | | 218,426 | |
| Dover Downs Gaming & Entertainment, Inc. | | 3,135 | | | | 61,571 | |
| Dover Motorsports, Inc. | | 1,645 | | | | 9,656 | |
| DreamWorks Animation SKG, Inc. Class A | *† | | | 2,110 | | | | 48,319 | |
| Gaylord Entertainment Company | *† | | | 2,203 | | | | 96,139 | |
| Hollywood Media Corporation | * | | | 1,495 | | | | 5,711 | |
| Image Entertainment, Inc. | * | | | 300 | | | | 1,083 | |
| International Speedway Corporation Class A | | 1,980 | | | | 91,813 | |
| Jakks Pacific, Inc. | * | | | 1,625 | | | | 32,646 | |
| K2, Inc. | * | | | 2,544 | | | | 27,831 | |
| Leapfrog Enterprises, Inc. | *† | | | 1,262 | | | | 12,746 | |
| Life Time Fitness, Inc. | * | | | 910 | | | | 42,106 | |
| Live Nation, Inc. | * | | | 3,010 | | | | 61,284 | |
| Macrovision Corporation | * | | | 2,884 | | | | 62,064 | |
| MTR Gaming Group, Inc. | * | | | 1,340 | | | | 12,569 | |
| Multimedia Games, Inc. | *† | | | 2,902 | | | | 29,397 | |
| Nashua Corporation | * | | | 1,542 | | | | 10,594 | |
| National Lampoon, Inc. | * | | | 3,300 | | | | 4,620 | |
| Nautilus Group, Inc. | † | | | 2,480 | | | | 38,961 | |
| New Frontier Media, Inc. | * | | | 2,079 | | | | 14,906 | |
| Penn National Gaming, Inc. | * | | | 3,286 | | | | 127,431 | |
| Pinnacle Entertainment, Inc. | * | | | 2,900 | | | | 88,885 | |
| RC2 Corporation | * | | | 1,030 | | | | 39,820 | |
| Regal Entertainment Group Class A | † | | | 3,043 | | | | 61,834 | |
| Six Flags, Inc. | *† | | | 3,814 | | | | 21,435 | |
| Sonic Solutions, Inc. | *† | | | 1,810 | | | | 29,865 | |
| Speedway Motorsports, Inc. | | 650 | | | | 24,531 | |
| Steinway Musical Instruments, Inc. | * | | | 683 | | | | 16,747 | |
| Warner Music Group Corporation | | 2,380 | | | | 70,162 | |
| Westwood One, Inc. | | 3,878 | | | | 29,085 | |
| WMS Industries, Inc. | *† | | | 1,850 | | | | 50,671 | |
| World Wrestling Entertainment, Inc. | | 1,031 | | | | 17,414 | |
| Youbet.com, Inc. | * | | | 2,200 | | | | 10,626 | |
| | | 1,782,741 | |
Financial Services—6.8% |
| Aames Investment Corporation REIT | | 2,930 | | | | 14,621 | |
| Accredited Home Lenders Holding Company | *† | | | 1,079 | | | | 51,587 | |
| Aether Holdings, Inc. | * | | | 4,629 | | | | 25,459 | |
| Affiliated Managers Group | *† | | | 1,776 | | | | 154,317 | |
| AG Edwards, Inc. | | 4,032 | | | | 223,050 | |
| AllianceBernstein Holding, LP | | 1,250 | | | | 76,425 | |
| American Campus Communities, Inc. REIT | | 1,200 | | | | 29,820 | |
| American Home Mortgage Investment Corporation REIT | † | | | 2,607 | | | | 96,094 | |
| Ampal American Israel Corporation Class A | * | | | 1,392 | | | | 6,960 | |
| Anworth Mortgage Asset Corporation REIT | | 3,855 | | | | 31,996 | |
| Arbor Realty Trust, Inc. REIT | | 830 | | | | 20,791 | |
| Ashford Hospitality Trust, Inc. REIT | | 4,430 | | | | 55,907 | |
| Associated Estates Realty Corporation REIT | | 2,550 | | | | 31,620 | |
| Berkshire Hathaway, Inc. Class A | * | | | 54 | | | | 4,949,586 | |
| BlackRock, Inc. | † | | | 706 | | | | 98,254 | |
| Boykin Lodging Company REIT | * | | | 1,200 | | | | 13,068 | |
| Calamos Asset Management, Inc. Class A | | 1,520 | | | | 44,065 | |
| Capital Lease Funding, Inc. REIT | | 2,320 | | | | 26,471 | |
| Capital Trust Class A | | 923 | | | | 32,877 | |
| CapitalSource, Inc. | † | | | 6,771 | | | | 158,848 | |
| Catskill Litigation Trust | *‡*** | | | 583 | | | | — | |
| Cbot Holdings, Inc.—Class A | * | | | 1,030 | | | | 123,178 | |
| CentraCore Properties Trust REIT | | 1,307 | | | | 32,348 | |
| CharterMac | | 2,735 | | | | 51,172 | |
| Cherokee, Inc. | | 995 | | | | 41,153 | |
| Chicago Mercantile Exchange | | 1,615 | | | | 793,207 | |
| Columbia Equity Trust, Inc. REIT | | 1,100 | | | | 16,896 | |
| Corporate Office Properties Trust SBI MD REIT | † | | | 1,870 | | | | 78,690 | |
| Deerfield Triarc Capital Corp. REIT | | 1,990 | | | | 25,830 | |
| Diamond Hill Investment Group, Inc. | * | | | 1,311 | | | | 61,656 | |
| DiamondRock Hospitality Company REIT | | 3,760 | | | | 55,686 | |
| Digital Realty Trust, Inc. REIT | | 1,330 | | | | 32,838 | |
| Doral Financial Corporation (Puerto Rico) | † | | | 4,428 | | | | 28,383 | |
| Eagle Hospitality Properties Trust, Inc. REIT | | 1,200 | | | | 11,556 | |
| Eaton Vance Corporation | | 7,064 | | | | 176,317 | |
| Ecc Capital Corporation REIT | | 2,700 | | | | 3,294 | |
| Education Realty Trust, Inc. REIT | † | | | 1,700 | | | | 28,305 | |
| ePresense, Inc. | ‡*** | | | 1,173 | | | | — | |
| Equity Lifestyle Properties, Inc. REIT | | 1,560 | | | | 68,375 | |
| Fieldstone Investment Corporation REIT | | 3,450 | | | | 31,602 | |
See accompanying notes to financial statements.
201
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| First Cash Financial Services, Inc. | * | | | 1,260 | | | $ | 24,885 | |
| First Marblehead Corporation (The) | † | | | 1,910 | | | | 108,755 | |
| First Potomac Realty Trust REIT | | 1,240 | | | | 36,940 | |
| Franklin Street Properties Corporation REIT | | 2,730 | | | | 53,726 | |
| Friedman Billings Ramsey Group, Inc. Class A | † | | | 8,470 | | | | 92,916 | |
| GAMCO Investors, Inc. Class A | | 559 | | | | 20,549 | |
| Global Signal, Inc. REIT | | 1,230 | | | | 56,974 | |
| GMH Communities Trust REIT | | 2,460 | | | | 32,423 | |
| Government Properties Trust, Inc. REIT | | 1,050 | | | | 9,964 | |
| Hersha Hospitality Trust REIT | | 3,010 | | | | 27,963 | |
| Highland Hospitality Corporation REIT | | 3,270 | | | | 46,042 | |
| HomeBanc Corporation REIT | | 3,270 | | | | 25,964 | |
| Inland Real Estate Corporation REIT | | 3,790 | | | | 56,395 | |
| Integrated Telecom Express, Inc. | ‡*** | | | 1,103 | | | | — | |
| IntercontinentalExchange, Inc. | * | | | 770 | | | | 44,614 | |
| International Securities Exchange, Inc. | | 1,850 | | | | 70,429 | |
| Investment Technology Group, Inc. | * | | | 2,429 | | | | 123,539 | |
| Jefferies Group, Inc. | | 5,358 | | | | 158,758 | |
| JER Investors Trust, Inc. REIT | | 2,190 | | | | 34,054 | |
| Kent Financial Services, Inc. | * | | | 2,200 | | | | 5,060 | |
| Kilroy Realty Corporation REIT | † | | | 1,637 | | | | 118,273 | |
| Kite Realty Group Trust REIT | | 1,880 | | | | 29,309 | |
| KKR Financial Corporation REIT | | 3,860 | | | | 80,327 | |
| Knight Capital Group, Inc. Class A | * | | | 5,980 | | | | 91,075 | |
| LaBranche & Company, Inc. | *† | | | 2,588 | | | | 31,341 | |
| Ladenburg Thalmann Financial Services, Inc. | * | | | 495 | | | | 495 | |
| LaSalle Hotel Properties REIT | | 2,060 | | | | 95,378 | |
| LTC Properties, Inc. REIT | | 1,460 | | | | 32,631 | |
| Luminent Mortgage Capital, Inc. REIT | | 3,940 | | | | 36,484 | |
| Macerich Company (The) REIT | | 3,580 | | | | 251,316 | |
| MarketAxess Holdings, Inc. | *† | | | 1,100 | | | | 12,111 | |
| MFA Mortgage Investments, Inc. REIT | | 4,880 | | | | 33,574 | |
| MortgageIT Holdings, Inc. REIT | | 2,640 | | | | 31,838 | |
| Nasdaq Stock Market Inc. | * | | | 5,330 | | | | 159,367 | |
| National Retail Properties, Inc. REIT | | 2,357 | | | | 47,022 | |
| New Century Financial Corporation REIT | † | | | 3,162 | | | | 144,662 | |
| NorthStar Realty Finance Corporation REIT | | 2,620 | | | | 31,466 | |
| Nuveen Investments, Inc. Class A | † | | | 3,994 | | | | 171,942 | |
| NYSE Group, Inc. | *† | | | 2,500 | | | | 171,200 | |
| Omega Healthcare Investors, Inc. REIT | | 3,330 | | | | 44,023 | |
| Opteum, Inc.—Class A REIT | † | | | 1,800 | | | | 16,236 | |
| optionsXpress Holdings, Inc. | | 1,300 | | | | 30,303 | |
| Pennsylvania REIT | | 1,941 | | | | 78,358 | |
| Piper Jaffray Companies | * | | | 1,140 | | | | 69,779 | |
| Potlatch Corp. REIT | | 2,078 | | | | 78,444 | |
| PS Business Parks, Inc. REIT | | 823 | | | | 48,557 | |
| Ramco-Gershenson Properties REIT | | 1,430 | | | | 38,510 | |
| Raymond James Financial, Inc. | | 5,156 | | | | 156,072 | |
| Reckson Associates Realty Corporation REIT | | 3,963 | | | | 163,989 | |
| Republic Property Trust REIT | | 1,350 | | | | 13,338 | |
| Resource Capital Corp. | † | | | 1,200 | | | | 15,444 | |
| Saul Centers, Inc. REIT | | 950 | | | | 38,741 | |
| Saxon REIT, Inc. REIT | | 2,316 | | | | 26,495 | |
| SEI Investments Company | | 3,639 | | | | 177,874 | |
| Siebert Financial Corporation | * | | | 1,470 | | | | 3,557 | |
| Spirit Finance Corporation REIT | | 2,980 | | | | 33,555 | |
| Stifel Financial Corp. | * | | | 640 | | | | 22,598 | |
| Strategic Hotel Capital, Inc. REIT | | 2,940 | | | | 60,976 | |
| SumTotal Systems, Inc. | * | | | 1,899 | | | | 11,907 | |
| Sunstone Hotel Investors, Inc. REIT | | 3,520 | | | | 102,291 | |
| Superior Bancorp | † | | | 895 | | | | 9,845 | |
| SWS Group, Inc. | | 882 | | | | 21,274 | |
| Tanger Factory Outlet Centers REIT | | 1,690 | | | | 54,705 | |
| TD Ameritrade Holding Corp. | | 16,044 | | | | 237,612 | |
| Trustreet Properties, Inc. REIT | | 2,739 | | | | 36,127 | |
| Universal Health Realty Income REIT | | 1,090 | | | | 34,171 | |
| Urstadt Biddle Properties, Inc. REIT Class A | | 1,030 | | | | 16,779 | |
| U-Store-It Trust REIT | | 2,170 | | | | 40,926 | |
| Value Line, Inc. | | 573 | | | | 24,467 | |
| Waddell & Reed Financial, Inc. Class A | | 4,102 | | | | 84,337 | |
| Westwood Holdings Group, Inc. | | 1,768 | | | | 33,238 | |
| Windrose Medical Properties Trust REIT | | 1,780 | | | | 25,988 | |
| Winston Hotels, Inc. REIT | | 2,850 | | | | 34,912 | |
| | | 12,287,491 | |
Food Retailers—0.2% |
| Arden Group, Inc. Class A | | 260 | | | | 29,424 | |
| Panera Bread Company Class A | *† | | | 1,560 | | | | 104,894 | |
| Pantry, Inc. (The) | * | | | 1,200 | | | | 69,048 | |
| Pathmark Stores, Inc. | * | | | 2,510 | | | | 23,619 | |
| Ruddick Corporation | | 1,968 | | | | 48,236 | |
| Weis Markets, Inc. | | 422 | | | | 17,386 | |
| Wild Oats Markets, Inc. | *† | | | 1,310 | | | | 25,676 | |
| | | 318,283 | |
Forest Products & Paper—0.8% |
| American Woodmark Corporation | | 800 | | | | 28,032 | |
| Beacon Roofing Supply, Inc. | * | | | 2,640 | | | | 58,106 | |
| Bowater, Inc. | † | | | 2,910 | | | | 66,202 | |
| Buckeye Technologies, Inc. | * | | | 2,191 | | | | 16,739 | |
| Building Material Holding Corporation | † | | | 1,800 | | | | 50,166 | |
| Caraustar Industries, Inc. | * | | | 1,610 | | | | 14,490 | |
| Chesapeake Corporation | | 2,165 | | | | 35,528 | |
| Deltic Timber Corporation | | 724 | | | | 40,812 | |
| Drew Industries, Inc. | * | | | 780 | | | | 25,272 | |
| Glatfelter | | 1,741 | | | | 27,630 | |
| Graphic Packaging Corporation | * | | | 5,000 | | | | 18,950 | |
| Greif, Inc. Class A | | 826 | | | | 61,917 | |
| Longview Fibre Company | | 3,085 | | | | 58,893 | |
| Martin Marietta Materials, Inc. | | 2,437 | | | | 222,133 | |
| Neenah Paper, Inc. | | 890 | | | | 27,100 | |
| Packaging Corporation of America | | 3,760 | | | | 82,795 | |
| Playtex Products, Inc. | *† | | | 2,560 | | | | 26,701 | |
| Pope & Talbot, Inc. | | 895 | | | | 5,576 | |
| Rock-Tenn Company Class A | | 1,450 | | | | 23,127 | |
| Schweitzer-Mauduit International, Inc. | | 724 | | | | 15,675 | |
| Smurfit-Stone Container Corporation | * | | | 12,843 | | | | 140,502 | |
| Sonoco Products Company | | 5,044 | | | | 159,643 | |
| United Stationers, Inc. | * | | | 1,499 | | | | 73,931 | |
| Universal Forest Products, Inc. | | 1,040 | | | | 65,239 | |
| US Home Systems, Inc. | * | | | 1,292 | | | | 12,519 | |
| Wausau Paper Corporation | | 1,903 | | | | 23,692 | |
| | | 1,381,370 | |
See accompanying notes to financial statements.
202
SCHEDULE OF INVESTMENTS—(Continued)
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Health Care Providers—1.6% |
| Alliance Imaging, Inc. | * | | | 1,820 | | | $ | 11,648 | |
| Amedisys, Inc. | *† | | | 1,120 | | | | 42,448 | |
| America Service Group, Inc. | * | | | 590 | | | | 9,157 | |
| American Dental Partners, Inc. | * | | | 720 | | | | 10,987 | |
| American Retirement Corporation | * | | | 1,940 | | | | 63,574 | |
| Amsurg Corporation | *† | | | 2,223 | | | | 50,573 | |
| Apria Healthcare Group, Inc. | * | | | 2,542 | | | | 48,044 | |
| Bio-Reference Labs, Inc. | * | | | 1,000 | | | | 21,760 | |
| Community Health Systems, Inc. | * | | | 4,763 | | | | 175,040 | |
| Covance, Inc. | * | | | 3,250 | | | | 198,965 | |
| Cross Country Healthcare, Inc. | * | | | 1,340 | | | | 24,375 | |
| CryoLife, Inc. | * | | | 937 | | | | 5,060 | |
| DaVita, Inc. | * | | | 5,301 | | | | 263,460 | |
| Edwards Lifesciences Corporation | * | | | 3,306 | | | | 150,192 | |
| Enzo Biochem, Inc. | *† | | | 1,353 | | | | 20,403 | |
| Enzon Pharmaceuticals, Inc. | *† | | | 4,016 | | | | 30,281 | |
| Five Star Quality Care, Inc. | * | | | 1,700 | | | | 18,819 | |
| Genesis HealthCare Corporation | *† | | | 975 | | | | 46,186 | |
| Gentiva Health Services, Inc. | * | | | 1,000 | | | | 16,030 | |
| Healthspring, Inc. | * | | | 930 | | | | 17,437 | |
| Healthways, Inc. | * | | | 1,822 | | | | 95,910 | |
| Hooper Holmes, Inc. | | 4,139 | | | | 12,624 | |
| Immunomedics, Inc. | *† | | | 2,141 | | | | 5,652 | |
| Interleukin Genetics, Inc. | *† | | | 2,825 | | | | 16,244 | |
| Kindred Healthcare, Inc. | * | | | 1,340 | | | | 34,840 | |
| LCA-Vision, Inc. | † | | | 823 | | | | 43,545 | |
| LifePoint Hospitals, Inc. | * | | | 2,759 | | | | 88,647 | |
| Lincare Holdings, Inc. | * | | | 5,490 | | | | 207,742 | |
| Matria Healthcare, Inc. | *† | | | 1,270 | | | | 27,203 | |
| National Healthcare Corporation | | 431 | | | | 19,201 | |
| Nektar Therapeutics | *† | | | 4,738 | | | | 86,895 | |
| NovaMed, Inc. | * | | | 1,250 | | | | 8,437 | |
| Odyssey HealthCare, Inc. | *† | | | 1,593 | | | | 27,989 | |
| Pediatrix Medical Group, Inc. | * | | | 2,502 | | | | 113,341 | |
| Psychemedics Corporation | | 902 | | | | 15,839 | |
| Psychiatric Solutions, Inc. | * | | | 3,032 | | | | 86,897 | |
| RehabCare Group, Inc. | * | | | 1,590 | | | | 27,634 | |
| Sagemark Companies Ltd. | * | | | 1,088 | | | | 1,404 | |
| Sierra Health Services, Inc. | * | | | 2,976 | | | | 134,009 | |
| Sunrise Senior Living, Inc. | * | | | 1,950 | | | | 53,917 | |
| Symbion, Inc. | * | | | 1,435 | | | | 29,791 | |
| Triad Hospitals, Inc. | * | | | 4,778 | | | | 189,113 | |
| U.S. Physical Therapy, Inc. | * | | | 610 | | | | 8,930 | |
| United Surgical Partners International, Inc. | * | | | 2,394 | | | | 71,988 | |
| Universal Health Services, Inc. Class B | | 2,594 | | | | 130,374 | |
| VCA Antech, Inc. | * | | | 4,094 | | | | 130,721 | |
| VistaCare, Inc. Class A | *† | | | 1,962 | | | | 23,740 | |
| | | 2,917,066 | |
Heavy Construction—0.4% |
| Blount International, Inc. | * | | | 2,743 | | | | 32,971 | |
| Foster Wheeler, Ltd. (Bermuda) | * | | | 3,660 | | | | 158,112 | |
| Granite Construction, Inc. | | 1,890 | | | | 85,560 | |
| Hovnanian Enterprises, Inc. | *† | | | 2,128 | | | | 64,010 | |
| Levitt Corporation Class A | † | | | 763 | | | | 12,208 | |
| M/I Homes, Inc. | | 611 | | | | 21,434 | |
| McDermott International, Inc. | * | | | 5,578 | | | | 253,632 | |
| McGrath Rentcorp | † | | | 916 | | | | 25,474 | |
| WCI Communities, Inc. | *† | | | 1,922 | | | | 38,709 | |
| | | 692,110 | |
Heavy Machinery—3.4% |
| Ablest, Inc. | * | | | 850 | | | | 7,225 | |
| Actuant Corporation Class A | | 1,281 | | | | 63,986 | |
| Agco Corporation | * | | | 4,908 | | | | 129,179 | |
| Ampco-Pittsburgh Corporation | | 1,503 | | | | 43,061 | |
| Applied Industrial Technologies, Inc. | | 2,058 | | | | 50,030 | |
| Astec Industries, Inc. | * | | | 822 | | | | 28,047 | |
| ASV, Inc. | *† | | | 1,340 | | | | 30,874 | |
| Asyst Technologies, Inc. | * | | | 3,243 | | | | 24,420 | |
| Aviall, Inc. | * | | | 1,366 | | | | 64,912 | |
| Axcelis Technologies, Inc. | * | | | 4,096 | | | | 24,166 | |
| Briggs & Stratton Corporation | | 2,482 | | | | 77,215 | |
| Brooks Automation, Inc. | *† | | | 4,415 | | | | 52,097 | |
| Bucyrus International, Inc. Class A | | 1,845 | | | | 93,172 | |
| Cameron International Corp. | | 6,116 | | | | 292,161 | |
| Cascade Corporation | | 510 | | | | 20,170 | |
| Columbus McKinnon Corp. | | 880 | | | | 19,131 | |
| Donaldson Company, Inc. | | 3,870 | | | | 131,077 | |
| Dresser-Rand Group, Inc. | * | | | 2,640 | | | | 61,987 | |
| Dril-Quip, Inc. | * | | | 989 | | | | 81,533 | |
| Dycom Industries, Inc. | * | | | 2,767 | | | | 58,909 | |
| Electroglas, Inc. | * | | | 3,991 | | | | 12,133 | |
| EnPro Industries, Inc. | * | | | 981 | | | | 32,962 | |
| Entegris, Inc. | * | | | 5,738 | | | | 54,683 | |
| Fedders Corporation | | 1,828 | | | | 4,424 | |
| Flow International Corporation | † | | | 1,650 | | | | 23,215 | |
| Flowserve Corporation | * | | | 2,865 | | | | 163,018 | |
| FMC Technologies, Inc. | * | | | 3,816 | | | | 257,427 | |
| Gardner Denver, Inc. | * | | | 2,716 | | | | 104,566 | |
| Goodman Global, Inc. | | 1,200 | | | | 18,216 | |
| Gorman-Rupp Company | | 1,210 | | | | 32,186 | |
| Graco, Inc. | | 3,574 | | | | 164,333 | |
| Grant Prideco, Inc. | * | | | 7,014 | | | | 313,876 | |
| H&E Equipment Services, Inc. | * | | | 630 | | | | 18,553 | |
| Hurco Companies, Inc. | * | | | 750 | | | | 19,267 | |
| Hydril | * | | | 1,025 | | | | 80,483 | |
| Idex Corporation | | 2,633 | | | | 124,278 | |
| Insituform Technologies, Inc. Class A | * | | | 1,983 | | | | 45,391 | |
| Intermec, Inc. | *† | | | 2,374 | | | | 54,460 | |
| Intevac, Inc. | * | | | 1,300 | | | | 28,184 | |
| Joy Global, Inc. | | 6,515 | | | | 339,366 | |
| Kadant, Inc. | * | | | 722 | | | | 16,606 | |
| Kaydon Corporation | | 1,423 | | | | 53,092 | |
| Kennametal, Inc. | | 1,999 | | | | 124,438 | |
| Knight Transportation, Inc. | † | | | 3,880 | | | | 78,376 | |
| Kulicke and Soffa Industries, Inc. | * | | | 4,089 | | | | 30,299 | |
| Lam Research Corporation | *† | | | 7,026 | | | | 327,552 | |
| Lennox International, Inc. | | 3,657 | | | | 96,837 | |
| Lindsay Manufacturing Company | | 1,559 | | | | 42,280 | |
| Lufkin Industries, Inc. | | 810 | | | | 48,138 | |
| Manitowoc Company | | 3,284 | | | | 146,138 | |
| Matrix Service Company | * | | | 1,379 | | | | 15,776 | |
| Middleby Corporation | *† | | | 270 | | | | 23,371 | |
| Modine Manufacturing Company | | 1,658 | | | | 38,731 | |
| NACCO Industries, Inc. Class A | | 310 | | | | 42,597 | |
| NATCO Group, Inc. Class A | * | | | 690 | | | | 27,738 | |
| NN, Inc. | | 2,240 | | | | 27,664 | |
| Nordson Corporation | | 1,522 | | | | 74,852 | |
| Oil States International, Inc. | * | | | 2,027 | | | | 69,486 | |
| Oilgear Company (The) | * | | | 1,300 | | | | 17,199 | |
| Paragon Technologies, Inc. | * | | | 900 | | | | 7,902 | |
| Pentair, Inc. | | 5,378 | | | | 183,874 | |
| Robbins & Myers, Inc. | | 868 | | | | 22,690 | |
| Sauer-Danfoss, Inc. | | 832 | | | | 21,149 | |
| Semitool, Inc. | * | | | 2,320 | | | | 20,926 | |
| SPX Corporation | | 3,895 | | | | 217,925 | |
| Standex International Corporation | | 724 | | | | 21,973 | |
See accompanying notes to financial statements.
203
SCHEDULE OF INVESTMENTS—(Continued)
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| Tecumseh Products Company Class A | | 713 | | | $ | 13,690 | |
| Tennant Company | | 851 | | | | 42,788 | |
| Terex Corporation | * | | | 2,553 | | | | 251,981 | |
| Timken Company | | 4,343 | | | | 145,534 | |
| Toro Company | | 2,170 | | | | 101,339 | |
| TurboChef Technologies, Inc. | *† | | | 994 | | | | 11,053 | |
| Ultratech, Inc. | * | | | 972 | | | | 15,299 | |
| Varian Medical Systems, Inc. | * | | | 6,924 | | | | 327,851 | |
| Watsco, Inc. | | 1,193 | | | | 71,365 | |
| Willis Lease Finance Corporation | * | | | 1,234 | | | | 11,624 | |
| WJ Communications, Inc. | * | | | 4,940 | | | | 7,311 | |
| Woodward Governor Company | | 1,794 | | | | 54,735 | |
| | | 6,096,552 | |
Home Construction, Furnishings & Appliances—1.2% |
| American Technology Corporation | *† | | | 3,686 | | | | 9,842 | |
| Applica, Inc. | * | | | 1,507 | | | | 6,661 | |
| Bassett Furniture Industries, Inc. | | 610 | | | | 11,291 | |
| BE Aerospace, Inc. | * | | | 3,694 | | | | 84,445 | |
| Beazer Homes USA, Inc. | | 2,117 | | | | 97,107 | |
| Brookfield Homes Corporation | † | | | 858 | | | | 28,271 | |
| Cavco Industries, Inc. | * | | | 470 | | | | 20,887 | |
| Dominion Homes, Inc. | *† | | | 650 | | | | 5,843 | |
| DTS, Inc. | * | | | 755 | | | | 14,707 | |
| Ethan Allen Interiors, Inc. | | 1,551 | | | | 56,689 | |
| Fossil, Inc. | * | | | 2,864 | | | | 51,581 | |
| Furniture Brands International, Inc. | † | | | 2,392 | | | | 49,849 | |
| Gemstar-TV Guide International, Inc. | * | | | 12,602 | | | | 44,359 | |
| Helen of Troy Ltd. | *† | | | 1,333 | | | | 24,527 | |
| Herman Miller, Inc. | | 3,686 | | | | 94,988 | |
| Hillenbrand Industries, Inc. | † | | | 3,107 | | | | 150,689 | |
| HNI Corporation | † | | | 2,563 | | | | 116,232 | |
| Kimball International, Inc. Class B | | 1,500 | | | | 29,565 | |
| Kinetic Concepts, Inc. | * | | | 2,885 | | | | 127,373 | |
| Layne Christensen Company | * | | | 660 | | | | 18,711 | |
| La-Z-Boy, Inc. | † | | | 2,895 | | | | 40,530 | |
| MDC Holdings, Inc. | † | | | 1,471 | | | | 76,389 | |
| Meritage Corporation | * | | | 1,260 | | | | 59,535 | |
| Movado Group, Inc. | | 878 | | | | 20,150 | |
| National Presto Industries, Inc. | | 656 | | | | 34,296 | |
| NVR, Inc. | * | | | 302 | | | | 148,357 | |
| Palm Harbor Homes, Inc. | *† | | | 1,182 | | | | 20,791 | |
| Parkervision, Inc. | *† | | | 1,053 | | | | 9,582 | |
| Rowe Furniture Corporation | * | | | 971 | | | | 1,573 | |
| Ryland Group, Inc. | | 2,332 | | | | 101,605 | |
| Salton, Inc. | *† | | | 702 | | | | 1,664 | |
| Sealy Corp. | | 1,440 | | | | 19,109 | |
| Select Comfort Corporation | *† | | | 3,139 | | | | 72,103 | |
| Skyline Corporation | | 791 | | | | 33,839 | |
| Standard-Pacific Corporation | | 3,368 | | | | 86,558 | |
| Steelcase, Inc. Class A | † | | | 3,092 | | | | 50,863 | |
| Technical Olympic USA, Inc. | | 1,663 | | | | 23,881 | |
| Tempur-Pedic International, Inc. | *† | | | 3,197 | | | | 43,191 | |
| Toll Brothers, Inc. | *† | | | 5,982 | | | | 152,960 | |
| Virco Manufacturing Corporation | * | | | 799 | | | | 3,995 | |
| Walter Industries, Inc. | † | | | 2,141 | | | | 123,429 | |
| | | 2,168,017 | |
Household Products—0.3% |
| Apogee Enterprises, Inc. | | 1,250 | | | | 18,375 | |
| Charles & Colvard Ltd. | † | | | 693 | | | | 7,297 | |
| CSS Industries, Inc. | | 420 | | | | 12,075 | |
| Ferro Corporation | | 2,588 | | | | 41,304 | |
| Gentex Corporation | | 8,026 | | | | 112,364 | |
| Kronos Worldwide, Inc. | | 235 | | | | 6,874 | |
| Lazare Kaplan International | * | | | 1,140 | | | | 9,405 | |
| Libbey, Inc. | | 750 | | | | 5,512 | |
| Owens-IIlinois, Inc. | * | | | 7,935 | | | | 132,991 | |
| RPM, Inc. | | 5,763 | | | | 103,734 | |
| Valspar Corporation | | 5,236 | | | | 138,283 | |
| | | 588,214 | |
Id Systems And Development—0.0% |
| Viisage Technology, Inc. | *† | | | 580 | | | | 8,793 | |
Industrial—Diversified—0.3% |
| Blyth, Inc. | | 1,380 | | | | 25,475 | |
| Daktronics, Inc. | | 2,300 | | | | 66,401 | |
| Identix, Inc. | * | | | 5,891 | | | | 41,178 | |
| Lydall, Inc. | * | | | 800 | | | | 7,376 | |
| Progressive Gaming International Corp. | † | | | 3,090 | | | | 24,102 | |
| Roper Industries, Inc. | | 4,680 | | | | 218,790 | |
| Russ Berrie & Company, Inc. | | 1,157 | | | | 14,185 | |
| Shuffle Master, Inc. | *† | | | 2,025 | | | | 66,380 | |
| Yankee Candle Company, Inc. | | 2,763 | | | | 69,103 | |
| Zomax, Inc. MN | * | | | 4,620 | | | | 7,069 | |
| | | 540,059 | |
Insurance—4.9% |
| 21st Century Insurance Group | | 1,500 | | | | 21,600 | |
| Alfa Corporation | | 2,608 | | | | 43,188 | |
| Alleghany Corporation | * | | | 245 | | | | 67,708 | |
| American Financial Group, Inc. | | 1,807 | | | | 77,520 | |
| American Independence Corporation | * | | | 430 | | | | 5,285 | |
| American National Insurance | | 646 | | | | 83,799 | |
| American Physicians Capital, Inc. | * | | | 801 | | | | 42,125 | |
| Amerigroup Corporation | * | | | 2,552 | | | | 79,214 | |
| AmerUs Group Company | † | | | 2,201 | | | | 128,869 | |
| Arch Capital Group Ltd. (Bermuda) | * | | | 1,778 | | | | 105,720 | |
| Argonaut Group, Inc. | * | | | 1,948 | | | | 58,518 | |
| Arthur J. Gallagher & Company | † | | | 4,820 | | | | 122,139 | |
| Aspen Insurance Holdings, Ltd. (Bermuda) | | 2,250 | | | | 52,403 | |
| Assurant, Inc. | † | | | 6,258 | | | | 302,887 | |
| Assured Guaranty, Ltd. (Bermuda) | | 2,400 | | | | 60,888 | |
| Axis Capital Holdings, Ltd. (Bermuda) | | 5,940 | | | | 169,943 | |
| Baldwin & Lyons, Inc. Class B | | 946 | | | | 24,123 | |
| Bristol West Holdings, Inc. | | 1,516 | | | | 24,256 | |
| Brown & Brown, Inc. | | 6,228 | | | | 181,982 | |
| Capital Title Group, Inc. | | 2,780 | | | | 20,489 | |
| Centene Corporation | * | | | 2,702 | | | | 63,578 | |
| Citizens, Inc., TX | *† | | | 2,504 | | | | 12,545 | |
| Clark, Inc. | | 1,175 | | | | 15,510 | |
| CNA Financial Corporation | * | | | 2,162 | | | | 71,260 | |
| CNA Surety Corporation | * | | | 1,486 | | | | 25,678 | |
| Commerce Group, Inc. | | 3,426 | | | | 101,204 | |
| Conseco, Inc. | * | | | 8,350 | | | | 192,885 | |
| Covanta Holding Corporation | * | | | 4,610 | | | | 81,367 | |
| Crawford & Company Class B | | 1,891 | | | | 13,577 | |
| Delphi Financial Group, Inc. Class A | | 2,472 | | | | 89,882 | |
| Direct General Corp. | | 1,040 | | | | 17,597 | |
| Donegal Group, Inc. Class B | | 759 | | | | 13,909 | |
| EMC Insurance Group, Inc. | | 1,041 | | | | 29,939 | |
| Endurance Specialty Holdings, Ltd. (Bermuda) | | 3,190 | | | | 102,080 | |
| Erie Indemnity Company Class A | | 2,414 | | | | 125,528 | |
See accompanying notes to financial statements.
204
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| Everest Re Group Ltd. (Bermuda) | | 3,140 | | | $ | 271,830 | |
| FBL Financial Group, Inc. Class A | | 1,276 | | | | 41,342 | |
| Fidelity National Financial, Inc. | | 8,238 | | | | 320,870 | |
| Fidelity National Title Group, Inc.—Class A | † | | | 1,345 | | | | 26,456 | |
| First American Corporation | † | | | 4,190 | | | | 177,111 | |
| FPIC Insurance Group, Inc. | * | | | 480 | | | | 18,600 | |
| GAINSCO, INC. | * | | | 128 | | | | 1,087 | |
| Great American Financial Resources, Inc. | | 807 | | | | 16,891 | |
| Hanover Insurance Group (The), Inc. | | 2,807 | | | | 133,220 | |
| Harleysville Group, Inc. | | 1,352 | | | | 42,885 | |
| HCC Insurance Holdings, Inc. | | 5,845 | | | | 172,077 | |
| Health Net, Inc. | * | | | 6,199 | | | | 280,009 | |
| HealthExtras, Inc. | * | | | 1,865 | | | | 56,360 | |
| Hilb Rogal & Hobbs Company | | 2,055 | | | | 76,590 | |
| Horace Mann Educators Corporation | | 2,001 | | | | 33,917 | |
| Independence Holding Company | | 963 | | | | 21,581 | |
| Infinity Property & Casualty Corporation | | 1,280 | | | | 52,480 | |
| IPC Holdings, Ltd. (Bermuda) | | 2,370 | | | | 58,444 | |
| Kansas City Life Insurance Company | | 903 | | | | 38,080 | |
| KMG America Corporation | * | | | 1,550 | | | | 13,749 | |
| Landamerica Financial Group, Inc. | | 845 | | | | 54,587 | |
| Leucadia National Corporation | | 8,840 | | | | 258,040 | |
| Markel Corporation | *† | | | 513 | | | | 178,011 | |
| Max Re Capital, Ltd. (Bermuda) | | 2,200 | | | | 48,048 | |
| Mercury General Corporation | | 1,239 | | | | 69,842 | |
| Molina Healthcare, Inc. | * | | | 530 | | | | 20,167 | |
| Montpelier Re Holdings, Ltd. (Bermuda) | † | | | 4,630 | | | | 80,053 | |
| National Financial Partners Corporation | | 1,846 | | | | 81,796 | |
| Nationwide Financial Services Class A | | 2,605 | | | | 114,828 | |
| Navigators Group, Inc. | * | | | 939 | | | | 41,147 | |
| Odyssey Re Holdings Corporation | † | | | 1,385 | | | | 36,495 | |
| Ohio Casualty Corporation | | 3,516 | | | | 104,531 | |
| Old Republic International Corporation | | 10,926 | | | | 233,489 | |
| PMI Group, Inc. (The) | | 5,069 | | | | 225,976 | |
| PartnerRe Ltd. (Bermuda) | † | | | 2,680 | | | | 171,654 | |
| Penn Treaty American Corp. | * | | | 1,630 | | | | 12,029 | |
| Philadelphia Consolidated Holding Corporation | * | | | 3,162 | | | | 95,998 | |
| Phoenix Companies, Inc. (The) | | 5,407 | | | | 76,131 | |
| Platinum Underwriters Holdings Ltd. (Bermuda) | | 2,862 | | | | 80,079 | |
| PMA Capital Corporation Class A | * | | | 1,826 | | | | 18,808 | |
| Presidential Life Corporation | | 1,145 | | | | 28,144 | |
| ProAssurance Corporation | * | | | 1,678 | | | | 80,846 | |
| Protective Life Corporation | | 3,201 | | | | 149,231 | |
| PXRE Group, Ltd. (Bermuda) | | 6,210 | | | | 23,101 | |
| Radian Group, Inc. | | 4,444 | | | | 274,550 | |
| Reinsurance Group of America, Inc. | | 1,541 | | | | 75,740 | |
| RenaissanceRe Holdings, Ltd. (Bermuda) | | 3,910 | | | | 189,479 | |
| RLI Corporation | | 1,164 | | | | 56,082 | |
| Safety Insurance Group, Inc. | | 1,030 | | | | 48,977 | |
| Scottish Re Group, Ltd. | | 2,970 | | | | 49,540 | |
| SCPIE Holdings, Inc. | * | | | 690 | | | | 16,043 | |
| Selective Insurance Group | | 1,691 | | | | 94,476 | |
| Stancorp Financial Group, Inc. | | 3,000 | | | | 152,730 | |
| State Auto Financial Corporation | | 958 | | | | 31,173 | |
| Stewart Information Services Corporation | † | | | 879 | | | | 31,916 | |
| Tower Group, Inc. | | 1,200 | | | | 36,300 | |
| Transatlantic Holdings, Inc. | | 1,305 | | | | 72,950 | |
| Triad Guaranty, Inc. | *† | | | 692 | | | | 33,825 | |
| United American Healthcare Corporation | * | | | 4,252 | | | | 16,158 | |
| United Fire & Casualty Company | | 852 | | | | 25,671 | |
| Unitrin, Inc. | | 2,357 | | | | 102,742 | |
| Universal American Financial Corporation | * | | | 1,872 | | | | 24,617 | |
| USI Holdings Corporation | * | | | 2,330 | | | | 31,245 | |
| WellCare Health Plans, Inc. | * | | | 1,980 | | | | 97,119 | |
| Wesco Financial Corporation | | 63 | | | | 24,003 | |
| White Mountains Insurance Group Ltd. | † | | | 430 | | | | 209,410 | |
| WR Berkley Corporation | | 8,740 | | | | 298,296 | |
| Zenith National Insurance Corporation | | 1,843 | | | | 73,112 | |
| | | 8,831,959 | |
Lodging—1.1% |
| Ameristar Casinos, Inc. | | 1,420 | | | | 27,619 | |
| Aztar Corporation | * | | | 2,020 | | | | 104,959 | |
| Bluegreen Corporation | * | | | 1,800 | | | | 20,628 | |
| Boyd Gaming Corporation | | 2,619 | | | | 105,703 | |
| Choice Hotels International, Inc. | | 1,816 | | | | 110,050 | |
| Empire Resorts, Inc. | *† | | | 583 | | | | 4,052 | |
| International Leisure Hosts Ltd. | * | | | 1,200 | | | | 5,880 | |
| Isle of Capri Casinos, Inc. | * | | | 1,251 | | | | 32,088 | |
| Kerzner International, Ltd. (Bahama Islands) | *† | | | 1,630 | | | | 129,226 | |
| Las Vegas Sands Corporation | * | | | 5,560 | | | | 432,902 | |
| MGM Mirage, Inc. | * | | | 6,754 | | | | 275,563 | |
| Marcus Corporation | | 905 | | | | 18,896 | |
| Monarch Casino & Resort, Inc. | * | | | 700 | | | | 19,684 | |
| Morgans Hotel Group Co. | * | | | 900 | | | | 14,004 | |
| Orient-Express Hotels, Ltd. Class A (Bermuda) | | 2,340 | | | | 90,886 | |
| Station Casinos, Inc. | | 2,715 | | | | 184,837 | |
| Trump Entertainment Resorts, Inc. | | 1,300 | | | | 26,195 | |
| Vail Resorts, Inc. | *† | | | 1,491 | | | | 55,316 | |
| Wynn Resorts Ltd. | *† | | | 3,615 | | | | 264,980 | |
| | | 1,923,468 | |
Media—Broadcasting & Publishing—2.9% |
| 4Kids Entertainment, Inc. | * | | | 646 | | | | 10,472 | |
| Acme Communications, Inc. | * | | | 1,200 | | | | 6,096 | |
| American Greetings Corporation Class A | † | | | 3,370 | | | | 70,804 | |
| Banta Corporation | | 1,435 | | | | 66,484 | |
| Beasley Broadcasting Group, Inc. Class A | | 1,150 | | | | 8,050 | |
| Belo Corporation Class A | | 4,881 | | | | 76,144 | |
| Cablevision Systems Corporation Class A | * | | | 11,174 | | | | 239,682 | |
| Charter Communications, Inc. Class A | *† | | | 11,237 | | | | 12,698 | |
| Citadel Broadcasting Corporation | † | | | 3,126 | | | | 27,821 | |
| CKX, Inc. | * | | | 2,170 | | | | 29,447 | |
| COX Radio, Inc. Class A | * | | | 1,753 | | | | 25,278 | |
| Crown Media Holdings, Inc. | * | | | 4,399 | | | | 18,124 | |
| Cumulus Media, Inc. Class A | *† | | | 3,854 | | | | 41,122 | |
| DIRECTV Group, Inc. (The) | * | | | 44,005 | | | | 726,083 | |
| EchoStar Communications Corporation Class A | * | | | 10,777 | | | | 332,039 | |
See accompanying notes to financial statements.
205
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| Emmis Communications Corporation Class A | * | | | 2,035 | | | $ | 31,827 | |
| Entercom Communications Corporation | | 1,873 | | | | 48,998 | |
| Entravision Communications Corporation Class A | * | | | 2,853 | | | | 24,450 | |
| Gray Television, Inc. | | 3,878 | | | | 22,454 | |
| Harte-Hanks, Inc. | | 2,959 | | | | 75,869 | |
| Hearst-Argyle Television, Inc. | | 1,654 | | | | 36,487 | |
| Hollinger International, Inc. | | 2,614 | | | | 20,990 | |
| IAC/InterActiveCorp | *† | | | 12,626 | | | | 334,463 | |
| ION Media Networks, Inc. | | 6,180 | | | | 5,686 | |
| John Wiley & Sons Class A | | 2,491 | | | | 82,701 | |
| Journal Communications, Inc. Class A | | 3,220 | | | | 36,193 | |
| Journal Register Company | | 3,158 | | | | 28,296 | |
| Lee Enterprises, Inc. | | 1,974 | | | | 53,199 | |
| Liberty Global, Inc.—Class A | * | | | 14,806 | | | | 318,329 | |
| Liberty Global, Inc.—Class C | * | | | 9,909 | | | | 203,828 | |
| Liberty Media Holding Corp.—Class A | * | | | 36,091 | | | | 622,931 | |
| Liberty Media Holding Corp.—Class A | * | | | 7,218 | | | | 604,652 | |
| LIN TV Corporation Class A | * | | | 1,419 | | | | 10,713 | |
| Lodgenet Entertainment Corporation | * | | | 1,250 | | | | 23,313 | |
| Martha Stewart Living Omnimedia Class A | *† | | | 1,860 | | | | 31,081 | |
| McClatchy Company Class A | † | | | 2,216 | | | | 88,906 | |
| Media General, Inc. Class A | | 953 | | | | 39,921 | |
| Mediacom Communications Corporation | * | | | 3,433 | | | | 21,388 | |
| Pac-West Telecomm, Inc. | * | | | 5,563 | | | | 3,171 | |
| Playboy Enterprises, Inc. Class B | * | | | 1,251 | | | | 12,485 | |
| Price Communications Corporation | * | | | 3,133 | | | | 53,104 | |
| Primedia, Inc. | * | | | 9,053 | | | | 16,567 | |
| Radio One, Inc. Class A | * | | | 4,327 | | | | 32,453 | |
| Radio Unica Communications Corporation | *‡*** | | | 1,900 | | | | — | |
| Readers Digest Association, Inc. (The) | | 5,247 | | | | 73,248 | |
| Regent Communications, Inc. | * | | | 3,610 | | | | 14,765 | |
| RH Donnelley Corporation | * | | | 2,635 | | | | 142,474 | |
| Salem Communications Corporation Class A | * | | | 850 | | | | 11,059 | |
| Scholastic Corporation | * | | | 1,425 | | | | 37,007 | |
| Sinclair Broadcast Group, Inc. Class A | | 2,050 | | | | 17,548 | |
| Spanish Broadcasting System, Inc. Class A | * | | | 4,320 | | | | 22,075 | |
| Speedus Corporation | * | | | 4,207 | | | | 5,553 | |
| Tivo, Inc. | *† | | | 5,766 | | | | 41,227 | |
| Triple Crown Media, Inc. | * | | | 183 | | | | 1,587 | |
| Washington Post Class B | | 308 | | | | 240,243 | |
| Worldgate Communications | *† | | | 3,160 | | | | 5,182 | |
| Young Broadcasting, Inc. Class A | * | | | 831 | | | | 2,609 | |
| | | 5,189,376 | |
Medical Equipment & Supplies—1.3% |
| Abaxis, Inc. | * | | | 2,000 | | | | 44,740 | |
| Abiomed, Inc. | * | | | 886 | | | | 11,491 | |
| ADE Corporation | * | | | 968 | | | | 31,450 | |
| Advanced Medical Optics, Inc. | *† | | | 3,505 | | | | 177,703 | |
| Aetrium, Inc. | * | | | 614 | | | | 2,788 | |
| Aksys Ltd. | *† | | | 1,005 | | | | 1,015 | |
| Arrow International, Inc. | | 1,266 | | | | 41,613 | |
| Avigen, Inc. | * | | | 1,010 | | | | 5,232 | |
| Axsys Technologies, Inc. | * | | | 885 | | | | 13,337 | |
| Bioject Medical Technologies, Inc. | * | | | 4,491 | | | | 6,377 | |
| Biolase Technology, Inc. | † | | | 3,105 | | | | 26,082 | |
| BioVeris Corporation | * | | | 1,072 | | | | 8,630 | |
| Britesmile, Inc. | *† | | | 1,080 | | | | 3,175 | |
| Bruker BioSciences Corporation | * | | | 4,038 | | | | 21,644 | |
| Cardiac Science Corp. | * | | | 1,600 | | | | 12,624 | |
| Cardiodynamics International Corporation | * | | | 1,872 | | | | 2,359 | |
| Cerus Corporation | * | | | 3,201 | | | | 22,823 | |
| Coherent, Inc. | * | | | 1,868 | | | | 63,008 | |
| Cohu, Inc. | | 859 | | | | 15,075 | |
| Cooper Companies, Inc. | | 2,268 | | | | 100,450 | |
| Dade Behring Holdings, Inc. | | 4,512 | | | | 187,880 | |
| Electro-Sensors, Inc. | | 2,581 | | | | 11,460 | |
| Excel Technology, Inc. | * | | | 562 | | | | 16,815 | |
| Faro Technologies, Inc. | * | | | 614 | | | | 10,413 | |
| Formfactor, Inc. | * | | | 1,858 | | | | 82,923 | |
| Frequency Electronics, Inc. | | 822 | | | | 10,670 | |
| HealthTronics Surgical Services, Inc. | * | | | 2,530 | | | | 19,355 | |
| Hologic, Inc. | * | | | 2,694 | | | | 132,976 | |
| II-VI, Inc. | * | | | 1,404 | | | | 25,693 | |
| Illumina, Inc. | * | | | 1,950 | | | | 57,837 | |
| Integra LifeSciences Holdings Corporation | *† | | | 1,190 | | | | 46,184 | |
| Intermagnetics General Corporation | * | | | 2,275 | | | | 61,380 | |
| Intest Corporation | * | | | 950 | | | | 3,905 | |
| Intuitive Surgical, Inc. | *† | | | 1,970 | | | | 232,401 | |
| Ixia | * | | | 2,330 | | | | 20,970 | |
| Lifecore Biomedical, Inc. | * | | | 1,730 | | | | 27,161 | |
| Meade Instruments Corporation | * | | | 1,640 | | | | 4,018 | |
| Mechanical Technology, Inc. | * | | | 5,237 | | | | 12,935 | |
| Medwave, Inc. | * | | | 2,500 | | | | 6,325 | |
| Mesa Laboratories, Inc. | | 1,200 | | | | 18,600 | |
| Molecular Devices Corporation | * | | | 909 | | | | 27,779 | |
| MTS Systems Corporation | | 893 | | | | 35,282 | |
| Nanogen, Inc. | * | | | 2,280 | | | | 4,332 | |
| OI Corporation | * | | | 1,600 | | | | 20,120 | |
| Orbit International Corporation | * | | | 2,812 | | | | 20,275 | |
| Orthologic Corporation | * | | | 1,517 | | | | 2,458 | |
| OYO Geospace Corporation | * | | | 550 | | | | 31,411 | |
| Palomar Medical Technologies, Inc. | *† | | | 1,117 | | | | 50,969 | |
| Q-Med, Inc. | * | | | 1,635 | | | | 6,965 | |
| Resmed, Inc. | * | | | 3,514 | | | | 164,982 | |
| Somanetics Corporation | * | | | 662 | | | | 12,644 | |
| Spectranetics Corporation | * | | | 1,446 | | | | 15,501 | |
| Staar Surgical Company | * | | | 2,688 | | | | 20,805 | |
| Synovis Life Technologies, Inc. | * | | | 957 | | | | 9,407 | |
| Theragenics Corporation | * | | | 1,492 | | | | 5,088 | |
| Thermogenesis | * | | | 4,317 | | | | 17,786 | |
| TriPath Imaging, Inc. | * | | | 1,740 | | | | 11,519 | |
| Valentis, Inc. | *† | | | 1,630 | | | | 5,395 | |
| Ventana Medical Systems, Inc. | * | | | 1,826 | | | | 86,151 | |
| Viasys Healthcare, Inc. | * | | | 1,381 | | | | 35,354 | |
| Vivus, Inc. | * | | | 4,800 | | | | 18,480 | |
| White Electronic Designs Corporation | * | | | 2,284 | | | | 11,603 | |
| X-Rite, Inc. | | 891 | | | | 9,792 | |
| Young Innovations, Inc. | | 677 | | | | 23,851 | |
| Zevex International, Inc. | * | | | 900 | | | | 14,580 | |
| Zygo Corporation | * | | | 967 | | | | 15,849 | |
| | | 2,279,895 | |
See accompanying notes to financial statements.
206
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Medical Imaging Services—0.0% |
| Merge Technologies, Inc. | * | | | 1,470 | | | $ | 18,096 | |
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Medical Products—0.0% |
| Solexa, Inc., LP | *† | | | 1,008 | | | | 8,568 | |
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Medical Supplies—1.4% |
| Align Technology, Inc. | * | | | 2,449 | | | | 18,098 | |
| American Medical Systems Holdings, Inc. | *† | | | 3,920 | | | | 65,268 | |
| American Science & Engineering, Inc. | *† | | | 530 | | | | 30,698 | |
| Analogic Corporation | | 884 | | | | 41,203 | |
| Angiodynamics, Inc. | * | | | 560 | | | | 15,148 | |
| Aradigm Corp. | * | | | 1,264 | | | | 1,706 | |
| ArthoCare Corporation | *† | | | 1,342 | | | | 56,377 | |
| Aspect Medical Systems, Inc. | *† | | | 680 | | | | 11,859 | |
| Beckman Coulter, Inc. | | 3,283 | | | | 182,371 | |
| Bio-Rad Laboratories, Inc. Class A | * | | | 1,078 | | | | 70,005 | |
| Biosite, Inc. | * | | | 1,025 | | | | 46,802 | |
| Candela Corporation | * | | | 1,060 | | | | 16,812 | |
| Cantel Medical Corporation | * | | | 600 | | | | 8,544 | |
| Cepheid, Inc. | * | | | 4,050 | | | | 39,326 | |
| Clarient, Inc. | * | | | 3,308 | | | | 2,944 | |
| CNS, Inc. | | 600 | | | | 14,700 | |
| Conmed Corporation | * | | | 1,363 | | | | 28,214 | |
| Credence Systems Corporation | * | | | 5,181 | | | | 18,134 | |
| Cyberonics, Inc. | *† | | | 956 | | | | 20,382 | |
| Datascope Corporation | | 557 | | | | 17,178 | |
| Dentsply International, Inc. | | 3,635 | | | | 220,281 | |
| Depomed, Inc. | * | | | 2,500 | | | | 14,675 | |
| Dionex Corporation | * | | | 1,031 | | | | 56,354 | |
| DJ Orthopedics, Inc. | * | | | 1,370 | | | | 50,457 | |
| Endologix, Inc. | * | | | 1,350 | | | | 4,779 | |
| ev3, Inc. | *† | | | 2,300 | | | | 34,063 | |
| FEI Company | *† | | | 1,368 | | | | 31,026 | |
| Foxhollow Technologies, Inc. | *† | | | 600 | | | | 16,392 | |
| Haemonetics Corporation | * | | | 1,508 | | | | 70,137 | |
| Hanger Orthopedic Group, Inc. | * | | | 1,083 | | | | 9,054 | |
| ICU Medical, Inc. | * | | | 606 | | | | 25,597 | |
| I-Flow Corporation | *† | | | 990 | | | | 10,712 | |
| Input/Output, Inc. | *† | | | 3,597 | | | | 33,992 | |
| Invacare Corporation | | 1,874 | | | | 46,625 | |
| IRIS International, Inc. | * | | | 940 | | | | 12,370 | |
| Itron, Inc. | * | | | 1,266 | | | | 75,023 | |
| Kensey Nash Corporation | *† | | | 867 | | | | 25,577 | |
| Kopin Corporation | * | | | 5,031 | | | | 18,162 | |
| Kyphon, Inc. | * | | | 2,084 | | | | 79,942 | |
| Laserscope | * | | | 790 | | | | 24,340 | |
| LTX Corporation | * | | | 2,405 | | | | 16,859 | |
| MKS Instruments, Inc. | * | | | 2,455 | | | | 49,395 | |
| Matrixx Initiatives, Inc. | * | | | 680 | | | | 10,581 | |
| Medical Action Industries, Inc. | * | | | 490 | | | | 10,824 | |
| Mentor Corporation | | 1,961 | | | | 85,304 | |
| Merit Medical Systems, Inc. | * | | | 1,179 | | | | 16,223 | |
| Mine Safety Appliances Company | † | | | 1,445 | | | | 58,089 | |
| Newport Corporation | * | | | 1,615 | | | | 26,034 | |
| Oakley, Inc. | | 1,411 | | | | 23,775 | |
| Osteotech, Inc. | * | | | 1,499 | | | | 6,056 | |
| Photon Dynamics, Inc. | * | | | 659 | | | | 8,251 | |
| PolyMedica Corporation | † | | | 1,350 | | | | 48,546 | |
| Respironics, Inc. | * | | | 4,050 | | | | 138,591 | |
| Sirona Dental Systems, Inc. | | 560 | | | | 22,187 | |
| SonoSite, Inc. | *† | | | 930 | | | | 36,307 | |
| Specialized Health Products International, Inc. | † | | | 1,465 | | | | 571 | |
| Steris Corporation | | 3,357 | | | | 76,741 | |
| Techne Corporation | * | | | 2,057 | | | | 104,742 | |
| Therma-Wave, Inc. | * | | | 758 | | | | 993 | |
| Thoratec Corporation | * | | | 2,307 | | | | 31,998 | |
| Urologix, Inc. | * | | | 1,050 | | | | 3,297 | |
| Varian, Inc. | * | | | 1,952 | | | | 81,028 | |
| Veeco Instruments, Inc. | * | | | 1,295 | | | | 30,873 | |
| Vital Signs, Inc. | | 635 | | | | 31,452 | |
| Wright Medical Group, Inc. | * | | | 2,180 | | | | 45,627 | |
| Zoll Medical Corporation | * | | | 1,115 | | | | 36,527 | |
| | | 2,566,198 | |
Medical—Biomedical—0.0% |
| Dyax Corporation | * | | | 3,200 | | | | 9,408 | |
| Keryx Biopharmaceuticals, Inc. | * | | | 1,560 | | | | 22,152 | |
| | | 31,560 | |
Metals—2.6% |
| AK Steel Holding Corporation | * | | | 5,009 | | | | 69,274 | |
| Aleris International, Inc. | * | | | 1,537 | | | | 70,471 | |
| Alpine Group, Inc. | * | | | 698 | | | | 2,220 | |
| Ameron International Corporation | | 543 | | | | 36,392 | |
| Aptargroup, Inc. | | 1,565 | | | | 77,640 | |
| Brush Engineered Materials, Inc. | * | | | 1,122 | | | | 23,394 | |
| Carpenter Technology Corporation | | 1,142 | | | | 131,901 | |
| Century Aluminum Company | * | | | 1,385 | | | | 49,431 | |
| Chaparral Steel Company | * | | | 1,116 | | | | 80,374 | |
| Circor International, Inc. | | 711 | | | | 21,678 | |
| Cleveland-Cliffs, Inc. | † | | | 1,100 | | | | 87,219 | |
| Commercial Metals Company | | 6,540 | | | | 168,078 | |
| Commercial Vehicle Group, Inc. | * | | | 1,280 | | | | 26,470 | |
| Commscope, Inc. | * | | | 2,613 | | | | 82,100 | |
| Couer D’alene Mines Corporation | * | | | 14,006 | | | | 67,369 | |
| Crane Company | | 2,830 | | | | 117,728 | |
| Curtiss-Wright Corporation | | 2,512 | | | | 77,571 | |
| Encore Wire Corporation | *† | | | 810 | | | | 29,111 | |
| General Cable Corporation | * | | | 2,562 | | | | 89,670 | |
| Gibraltar Industries, Inc. | | 1,868 | | | | 54,172 | |
| Glamis Gold, Ltd. (Canada) | *† | | | 8,340 | | | | 315,752 | |
| Griffon Corporation | * | | | 1,288 | | | | 33,617 | |
| Hecla Mining Company | * | | | 5,855 | | | | 30,739 | |
| Hubbell, Inc. Class B | | 2,939 | | | | 140,043 | |
| International Aluminum Corporation | | 686 | | | | 26,068 | |
| Jacuzzi Brands, Inc. | * | | | 3,955 | | | | 34,804 | |
| Ladish Company, Inc. | * | | | 970 | | | | 36,346 | |
| Lone Star Technologies, Inc. | * | | | 1,688 | | | | 91,186 | |
| Massey Energy Company | † | | | 4,323 | | | | 155,628 | |
| Material Sciences Corp. | * | | | 780 | | | | 7,043 | |
| Matthews International Corporation Class A | | 1,783 | | | | 61,460 | |
| Maverick Tube Corporation | *† | | | 2,136 | | | | 134,974 | |
| MAXXAM, Inc. | * | | | 857 | | | | 24,039 | |
| Meridian Gold, Inc. (Canada) | * | | | 5,310 | | | | 168,221 | |
| Metal Management, Inc. | | 1,220 | | | | 37,356 | |
| Mueller Industries, Inc. | | 1,592 | | | | 52,584 | |
| Mueller Water Products, Inc.—Class A | † | | | 1,260 | | | | 21,937 | |
| NCI Building Systems, Inc. | * | | | 1,232 | | | | 65,505 | |
| NS Group, Inc. | * | | | 1,303 | | | | 71,769 | |
| Olympic Steel, Inc. | | 630 | | | | 22,296 | |
| Optical Cable Corporation | * | | | 241 | | | | 1,017 | |
| Precision Castparts Corporation | | 7,016 | | | | 419,276 | |
| Quanex Corporation | | 2,061 | | | | 88,767 | |
See accompanying notes to financial statements.
207
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| Reliance Steel & Aluminum Company | | 1,684 | | | $ | 139,688 | |
| Royal Gold, Inc. | † | | | 1,154 | | | | 32,104 | |
| RTI International Metals, Inc. | *† | | | 1,130 | | | | 63,099 | |
| Ryerson Tull, Inc. | † | | | 1,471 | | | | 39,717 | |
| Schnitzer Steel Industries, Inc. Class A | | 974 | | | | 34,558 | |
| Shaw Group, Inc. (The) | *† | | | 3,742 | | | | 104,028 | |
| Shiloh Industries, Inc. | * | | | 1,441 | | | | 21,673 | |
| Simpson Manufacturing Company, Inc. | | 2,036 | | | | 73,398 | |
| Southern Copper Corp. | † | | | 1,957 | | | | 174,427 | |
| Steel Dynamics, Inc. | | 2,691 | | | | 176,906 | |
| Steel Technologies, Inc. | | 1,390 | | | | 27,022 | |
| Stillwater Mining Company | * | | | 2,228 | | | | 28,251 | |
| Sturm, Ruger & Company, Inc. | | 2,146 | | | | 13,413 | |
| Taser International, Inc. | *† | | | 4,142 | | | | 32,763 | |
| Texas Industries, Inc. | | 1,116 | | | | 59,260 | |
| Titanium Metals Corporation | *† | | | 3,560 | | | | 122,393 | |
| Tredegar Corporation | | 1,607 | | | | 25,423 | |
| Valmont Industries, Inc. | | 1,162 | | | | 54,021 | |
| Watts Water Technologies, Inc. Class A | | 1,226 | | | | 41,132 | |
| Wheeling-Pittsburgh Corporation | * | | | 860 | | | | 17,105 | |
| Worthington Industries, Inc. | | 4,120 | | | | 86,314 | |
| | | 4,769,385 | |
Metals & Mining—0.1% |
| Oregon Steel Mills, Inc. | * | | | 1,980 | | | | 100,307 | |
| |
Miscellaneous—0.2% |
| Alliance One International, Inc. | | 4,200 | | | | 18,648 | |
| Corrections Corporation of America | * | | | 1,970 | | | | 104,292 | |
| Geo Group, Inc. (The) | * | | | 819 | | | | 28,706 | |
| Handleman Company | | 1,157 | | | | 9,430 | |
| Lenox Group, Inc. | * | | | 1,340 | | | | 9,501 | |
| Pool Corp. | † | | | 2,836 | | | | 123,735 | |
| Terra Industries, Inc. | * | | | 4,733 | | | | 30,149 | |
| Tractor Supply Company | *† | | | 1,869 | | | | 103,300 | |
| | | 427,761 | |
Oil & Gas—8.5% |
| Abraxas Petroleum Corp. | * | | | 2,400 | | | | 10,368 | |
| Adams Resources & Energy, Inc. | | 1,462 | | | | 47,895 | |
| AGL Resources, Inc. | | 3,796 | | | | 144,704 | |
| Apco Argentina, Inc. (Cayman Islands) | | 622 | | | | 52,948 | |
| Arena Resources, Inc. | * | | | 1,140 | | | | 39,091 | |
| Atlas America, Inc. | * | | | 1,330 | | | | 59,597 | |
| Atmos Energy Corporation | | 4,032 | | | | 112,533 | |
| ATP Oil & Gas Corporation | * | | | 1,375 | | | | 57,654 | |
| Atwood Oceanics, Inc. | * | | | 1,662 | | | | 82,435 | |
| Aurora Oil & Gas Corp. | | 3,600 | | | | 14,400 | |
| Basic Energy Services, Inc. | * | | | 620 | | | | 18,953 | |
| Berry Petroleum Company Class A | | 2,362 | | | | 78,300 | |
| Bill Barrett Corporation | *† | | | 1,570 | | | | 46,488 | |
| Blue Dolphin Energy Company | *† | | | 3,650 | | | | 16,535 | |
| Boardwalk Pipeline Partners, LP | † | | | 1,700 | | | | 41,633 | |
| BP Prudhoe Bay Royalty Trust | † | | | 1,205 | | | | 96,280 | |
| Buckeye Partners, LP | † | | | 2,310 | | | | 97,228 | |
| Cabot Oil & Gas Corporation | † | | | 2,685 | | | | 131,565 | |
| Callon Petroleum Company | * | | | 1,600 | | | | 30,944 | |
| Cano Petroleum, Inc. | * | | | 2,030 | | | | 11,510 | |
| Carrizo Oil & Gas, Inc. | * | | | 1,620 | | | | 50,722 | |
| Cascade Natural Gas Corporation | | 1,459 | | | | 30,770 | |
| Cheniere Energy, Inc. | * | | | 2,680 | | | | 99,053 | |
| Chesapeake Utilities Corporation | | 1,039 | | | | 31,253 | |
| Cimarex Energy Company | † | | | 4,115 | | | | 176,945 | |
| Clayton Williams Energy, Inc. | * | | | 550 | | | | 18,997 | |
| CNX Gas Corporation | | 1,450 | | | | 43,500 | |
| Complete Production Services, Inc. | | 1,550 | | | | 36,642 | |
| Comstock Resources, Inc. | * | | | 2,330 | | | | 69,574 | |
| Contango Oil & Gas Co. | * | | | 1,270 | | | | 17,958 | |
| CREDO Petroleum Corp. | * | | | 700 | | | | 13,489 | |
| Cross Timbers Royalty Trust | | 776 | | | | 34,912 | |
| Crosstex Energy, Inc. | | 300 | | | | 28,524 | |
| Dawson Geophysical Company | * | | | 930 | | | | 28,616 | |
| DCP Midstream Partners, LP | † | | | 630 | | | | 17,766 | |
| Delta Natural Gas Company, Inc. | | 380 | | | | 9,314 | |
| Delta Petroleum Corporation | * | | | 2,239 | | | | 38,354 | |
| Denbury Resources, Inc. | * | | | 5,866 | | | | 185,776 | |
| Diamond Offshore Drilling, Inc. | † | | | 3,114 | | | | 261,358 | |
| Dorchester Minerals, LP | † | | | 1,880 | | | | 47,207 | |
| Edge Petroleum Corp. | * | | | 1,670 | | | | 33,367 | |
| Enbridge Energy Partners, LP | † | | | 2,367 | | | | 103,083 | |
| Encore Acquisition Company | * | | | 2,537 | | | | 68,068 | |
| Energen Corporation | | 3,294 | | | | 126,523 | |
| Energy Partners Ltd. | *† | | | 1,758 | | | | 33,314 | |
| Energy Transfer Partners, LP | | 3,539 | | | | 158,016 | |
| EnergySouth, Inc. | | 520 | | | | 16,240 | |
| ENSCO International, Inc. | | 7,970 | | | | 366,779 | |
| Enterprise Products Partners LP | † | | | 13,740 | | | | 342,126 | |
| Equitable Resources, Inc. | | 6,074 | | | | 203,479 | |
| EXCO Resources, Inc. | * | | | 3,860 | | | | 44,004 | |
| Exploration Company of Delaware, Inc. (The) | * | | | 1,411 | | | | 15,041 | |
| Forest Oil Corporation | *† | | | 2,458 | | | | 81,507 | |
| Frontier Oil Corporation | | 5,756 | | | | 186,494 | |
| FX Energy, Inc. | *† | | | 2,797 | | | | 12,922 | |
| Giant Industries, Inc. | * | | | 980 | | | | 65,219 | |
| Global Industries Ltd. | * | | | 4,499 | | | | 75,133 | |
| GlobalSantaFe Corporation | | 12,555 | | | | 725,051 | |
| Grey Wolf, Inc. | * | | | 10,142 | | | | 78,093 | |
| Hanover Compressor Company | *† | | | 5,487 | | | | 103,046 | |
| Harvest Natural Resources, Inc. | * | | | 1,620 | | | | 21,935 | |
| Headwaters, Inc. | *† | | | 2,476 | | | | 63,287 | |
| Helix Energy Solutions Group, Inc. | *† | | | 3,796 | | | | 153,207 | |
| Helmerich & Payne, Inc. | | 2,403 | | | | 144,805 | |
| Holly Corporation | | 2,496 | | | | 120,307 | |
| Holly Energy Partners, LP | † | | | 670 | | | | 27,035 | |
| Houston Exploration Company | * | | | 1,393 | | | | 85,238 | |
| Hugoton Royalty Trust | † | | | 2,065 | | | | 61,331 | |
| KCS Energy, Inc. | * | | | 2,430 | | | | 72,171 | |
| Kinder Morgan Energy Partners, LP | † | | | 7,360 | | | | 338,266 | |
| Kinder Morgan Management LLC | * | | | 2,539 | | | | 109,228 | |
| Laclede Group, Inc. (The) | | 1,025 | | | | 35,219 | |
| Magellan Midstream Partners | † | | | 3,420 | | | | 116,212 | |
| Mariner Energy, Inc. | * | | | 3,899 | | | | 71,625 | |
| Markwest Energy Partners, LP | † | | | 680 | | | | 28,064 | |
| Markwest Hydrocarbon, Inc. | | 1,182 | | | | 29,255 | |
| McMoRan Exploration Company | *† | | | 1,060 | | | | 18,656 | |
| MDU Resources Group, Inc. | | 5,706 | | | | 208,897 | |
| Meridian Resource Corporation | * | | | 4,340 | | | | 15,190 | |
| Metretek Technologies, Inc. | * | | | 1,220 | | | | 20,960 | |
| National Fuel Gas Company | | 3,702 | | | | 130,088 | |
| New Jersey Resources Corporation | | 1,541 | | | | 72,088 | |
| Newfield Exploration Company | * | | | 6,728 | | | | 329,268 | |
| Newpark Resources, Inc. | * | | | 6,294 | | | | 38,708 | |
| NGAS Resources, Inc. (Canada) | *† | | | 1,150 | | | | 9,074 | |
See accompanying notes to financial statements.
208
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| Noble Energy, Inc. | | 9,396 | | | $ | 440,297 | |
| Northwest Natural Gas Company | | 1,184 | | | | 43,844 | |
| Oceaneering International, Inc. | * | | | 2,932 | | | | 134,432 | |
| ONEOK Partners, LP | † | | | 2,155 | | | | 106,349 | |
| Oneok, Inc. | | 5,569 | | | | 189,569 | |
| Pacific Energy Partners, LP | † | | | 1,860 | | | | 60,599 | |
| Parallel Petroleum Corporation | * | | | 2,560 | | | | 63,258 | |
| Parker Drilling Company | * | | | 5,736 | | | | 41,184 | |
| Patterson-UTI Energy, Inc. | † | | | 9,384 | | | | 265,661 | |
| Penn Virginia Corporation | | 1,000 | | | | 69,880 | |
| Petrohawk Energy Corporation | *† | | | 3,967 | | | | 49,984 | |
| Petroleum Development Corporation | * | | | 1,030 | | | | 38,831 | |
| Petroquest Energy, Inc. | * | | | 2,000 | | | | 24,560 | |
| Piedmont Natural Gas Company | | 3,432 | | | | 83,398 | |
| Pioneer Drilling Co. | * | | | 2,930 | | | | 45,239 | |
| Pioneer Natural Resources Company | † | | | 7,192 | | | | 333,781 | |
| Plains All American Pipeline, LP | † | | | 2,930 | | | | 127,953 | |
| Plains Exploration & Production Company | * | | | 4,315 | | | | 174,930 | |
| Pogo Producing Company | † | | | 2,978 | | | | 137,286 | |
| Pride International, Inc. | * | | | 8,507 | | | | 265,674 | |
| Quest Resource Corp. | | 1,070 | | | | 14,499 | |
| Questar Corporation | | 4,476 | | | | 360,273 | |
| Quicksilver Resources, Inc. | *† | | | 2,850 | | | | 104,909 | |
| Range Resources Corporation | | 7,200 | | | | 195,768 | |
| Remington Oil & Gas Corporation | * | | | 1,186 | | | | 52,148 | |
| Resource America, Inc. Class A | | 787 | | | | 14,992 | |
| Rosetta Resources, Inc. | * | | | 2,500 | | | | 41,550 | |
| RPC, Inc. | | 1,520 | | | | 36,906 | |
| SEACOR Holdings, Inc. | * | | | 1,134 | | | | 93,101 | |
| SEMCO Energy, Inc. | * | | | 3,180 | | | | 17,681 | |
| Smith International, Inc. | | 11,430 | | | | 508,292 | |
| South Jersey Industries, Inc. | | 1,794 | | | | 49,138 | |
| Southern Union Company | † | | | 5,969 | | | | 161,521 | |
| Southwest Gas Corporation | | 1,913 | | | | 59,953 | |
| Southwestern Energy Company | * | | | 8,436 | | | | 262,866 | |
| St. Mary Land & Exploration Company | | 2,954 | | | | 118,899 | |
| Stone Energy Corporation | * | | | 1,249 | | | | 58,141 | |
| Sulphco, Inc. | † | | | 2,300 | | | | 16,468 | |
| Sunoco Logistics Partners, LP | † | | | 970 | | | | 39,625 | |
| Superior Energy Services, Inc. | * | | | 4,230 | | | | 143,397 | |
| Swift Energy Company | *† | | | 1,642 | | | | 70,491 | |
| Syntroleum Corporation | * | | | 2,736 | | | | 16,608 | |
| TC Pipelines, LP | † | | | 800 | | | | 26,400 | |
| Teppco Partners LP | † | | | 3,740 | | | | 131,835 | |
| Tesoro Petroleum Corporation | | 3,383 | | | | 251,560 | |
| Tetra Technologies, Inc. | * | | | 3,522 | | | | 106,681 | |
| Tidewater, Inc. | | 2,961 | | | | 145,681 | |
| Todco Class A | | 2,903 | | | | 118,588 | |
| Toreador Resources Corp. | *† | | | 550 | | | | 15,472 | |
| Transmeridian Exploration, Inc. | *† | | | 3,800 | | | | 21,660 | |
| Transmontaigne, Inc. | * | | | 2,979 | | | | 33,395 | |
| Trico Marine Services, Inc. | * | | | 600 | | | | 20,400 | |
| Tri-Valley Corp. | *† | | | 2,100 | | | | 17,325 | |
| UGI Corporation | | 5,040 | | | | 124,085 | |
| Ultra Petroleum Corporation | * | | | 7,994 | | | | 473,804 | |
| Unit Corporation | * | | | 2,353 | | | | 133,862 | |
| United Heritage Corp. | * | | | 1,060 | | | | 3,604 | |
| VAALCO Energy, Inc. | * | | | 3,610 | | | | 35,234 | |
| Valero, LP | † | | | 2,120 | | | | 104,622 | |
| Vectren Corporation | | 3,776 | | | | 102,896 | |
| Veritas DGC, Inc. | *† | | | 1,790 | | | | 92,328 | |
| W&T Offshore, Inc. | † | | | 880 | | | | 34,223 | |
| Warren Resources, Inc. | * | | | 3,440 | | | | 49,398 | |
| Wd-40 Company | | 950 | | | | 31,892 | |
| Western Gas Resources, Inc. | | 3,618 | | | | 216,537 | |
| Western Refining, Inc. | | 1,110 | | | | 23,954 | |
| WGL Holdings, Inc. | | 2,286 | | | | 66,180 | |
| W-H Energy Services, Inc. | * | | | 1,748 | | | | 88,851 | |
| Whiting Petroleum Corporation | *† | | | 2,153 | | | | 90,146 | |
| | | 15,283,958 | |
Pharmaceuticals—4.7% |
| Aastrom Biosciences, Inc. | * | | | 3,290 | | | | 4,376 | |
| Abraxis BioScience, Inc. | | 2,057 | | | | 49,039 | |
| Adams Respiratory Therapeutics, Inc. | * | | | 1,390 | | | | 62,022 | |
| Adolor Corporation | * | | | 2,738 | | | | 68,477 | |
| Advanced Magnetics, Inc. | * | | | 680 | | | | 20,550 | |
| Albany Molecular Research, Inc. | * | | | 1,371 | | | | 14,642 | |
| Alexion Pharmaceuticals, Inc. | *† | | | 1,698 | | | | 61,332 | |
| Alfacell Corporation | * | | | 2,756 | | | | 7,855 | |
| Alkermes, Inc. | *† | | | 4,629 | | | | 87,581 | |
| Allscripts Healthcare Solutions, Inc. | *† | | | 2,300 | | | | 40,365 | |
| Alpharma, Inc. Class A | | 2,513 | | | | 60,413 | |
| Amylin Pharmaceuticals, Inc. | *† | | | 5,006 | | | | 247,146 | |
| Andrx Corporation | *† | | | 3,666 | | | | 85,015 | |
| Anesiva, Inc. | | 1,779 | | | | 13,520 | |
| Arena Pharmaceuticals, Inc. | *† | | | 2,489 | | | | 28,823 | |
| ArQule, Inc. | * | | | 2,064 | | | | 11,641 | |
| Array BioPharma, Inc. | * | | | 4,170 | | | | 35,862 | |
| Atherogenics, Inc. | *† | | | 2,914 | | | | 38,028 | |
| AVANIR Pharmaceuticals—Class A | *† | | | 1,525 | | | | 10,431 | |
| Avant Immunotherapeutics, Inc. | * | | | 6,670 | | | | 10,739 | |
| AVI BioPharma, Inc. | *† | | | 2,400 | | | | 9,000 | |
| Bentley Pharmaceuticals, Inc. | *† | | | 2,011 | | | | 22,041 | |
| BioCryst Pharmaceuticals, Inc. | * | | | 1,300 | | | | 18,629 | |
| Bioenvision, Inc. | * | | | 2,160 | | | | 11,513 | |
| BioMarin Pharmaceuticals, Inc. | *† | | | 4,270 | | | | 61,360 | |
| Biopure Corporation Class A | * | | | 309 | | | | 377 | |
| BioScrip, Inc. | * | | | 3,476 | | | | 18,666 | |
| Boston Life Sciences, Inc. | *† | | | 724 | | | | 2,360 | |
| Bradley Pharmaceuticals, Inc. | *† | | | 1,581 | | | | 16,126 | |
| Cambrex Corporation | | 1,258 | | | | 26,204 | |
| Cell Genesys, Inc. | *† | | | 4,053 | | | | 20,346 | |
| Cell Therapeutics, Inc. | *† | | | 3,191 | | | | 4,595 | |
| Cellegy Pharmaceuticals, Inc. | * | | | 1,550 | | | | 1,008 | |
| Cephalon, Inc. | *† | | | 3,228 | | | | 194,003 | |
| Charles River Laboratories International, Inc. | * | | | 3,886 | | | | 143,005 | |
| Collagenex Pharmaceuticals, Inc. | * | | | 1,558 | | | | 18,665 | |
| Columbia Laboratories, Inc. | * | | | 1,820 | | | | 6,370 | |
| Connetics Corporation | *† | | | 1,619 | | | | 19,039 | |
| Conor Medsystems, Inc. | * | | | 1,440 | | | | 39,730 | |
| Cubist Pharmaceuticals, Inc. | * | | | 3,073 | | | | 77,378 | |
| Cypress Bioscience, Inc. | * | | | 4,031 | | | | 24,750 | |
| Cytogen Corporation | * | | | 2,255 | | | | 5,638 | |
| CytRx Corporation | * | | | 4,200 | | | | 5,544 | |
| Dendreon Corporation | *† | | | 2,719 | | | | 13,160 | |
| Diagnostic Products Corporation | | 1,264 | | | | 73,527 | |
| Digene Corporation | *† | | | 1,146 | | | | 44,396 | |
| Discovery Laboratories, Inc. | *† | | | 2,566 | | | | 5,363 | |
| Dov Pharmaceutical, Inc. | * | | | 1,020 | | | | 2,162 | |
| Durect Corporation | * | | | 2,700 | | | | 10,449 | |
| Emisphere Technologies, Inc. | *† | | | 3,412 | | | | 29,104 | |
| Encysive Pharmaceuticals, Inc. | * | | | 3,499 | | | | 24,248 | |
| Endo Pharmaceuticals Holdings, Inc. | * | | | 6,536 | | | | 215,557 | |
See accompanying notes to financial statements.
209
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| EpiCept Corp. | *† | | | 481 | | | $ | 1,154 | |
| EPIX Pharmaceuticals, Inc. | * | | | 961 | | | | 4,180 | |
| Genaera Corporation | * | | | 4,787 | | | | 2,633 | |
| Genelabs Technologies | * | | | 721 | | | | 1,045 | |
| Genentech, Inc. | * | | | 24,260 | | | | 1,984,468 | |
| Genitope Corporation | * | | | 2,890 | | | | 18,265 | |
| Genta, Inc. | * | | | 2,971 | | | | 4,872 | |
| Geron Corporation | * | | | 3,060 | | | | 21,114 | |
| GTC Biotherapeutics, Inc. | * | | | 3,988 | | | | 6,062 | |
| GTx, Inc. | * | | | 1,710 | | | | 15,561 | |
| Hana Biosciences, Inc. | | 1,380 | | | | 12,517 | |
| Hemispherx Biopharma, Inc. | *† | | | 4,821 | | | | 12,245 | |
| Henry Schein, Inc. | *† | | | 4,502 | | | | 210,378 | |
| Herbalife, Ltd. (Cayman Islands) | * | | | 2,390 | | | | 95,361 | |
| Heska Corporation | * | | | 4,463 | | | | 4,686 | |
| Hi-Tech Pharmacal Company, Inc. | * | | | 864 | | | | 14,316 | |
| Hollis-Eden Pharmaceuticals | * | | | 954 | | | | 4,570 | |
| Human Genome Sciences, Inc. | *† | | | 6,428 | | | | 68,780 | |
| Idexx Laboratories, Inc. | * | | | 1,589 | | | | 119,382 | |
| Idenix Pharmaceuticals, Inc. | *† | | | 740 | | | | 6,956 | |
| IDM Pharma, Inc. | * | | | 142 | | | | 496 | |
| ImClone Systems, Inc. | *† | | | 3,874 | | | | 149,691 | |
| Immtech International, Inc. | *† | | | 681 | | | | 4,624 | |
| Immucor, Inc. | * | | | 4,138 | | | | 79,574 | |
| ImmunoGen, Inc. | * | | | 1,903 | | | | 5,956 | |
| Indevus Pharmaceuticals, Inc. | * | | | 3,237 | | | | 17,706 | |
| Inspire Pharmaceuticals, Inc. | * | | | 1,860 | | | | 8,649 | |
| InterMune, Inc. | *† | | | 1,586 | | | | 26,090 | |
| Introgen Therapeutics, Inc. | *† | | | 2,150 | | | | 9,138 | |
| Inverness Medical Innovations, Inc. | *† | | | 1,571 | | | | 44,349 | |
| Invitrogen Corporation | * | | | 2,852 | | | | 188,432 | |
| KOS Pharmaceuticals, Inc. | * | | | 1,380 | | | | 51,916 | |
| KV Pharmaceutical Company Class A | * | | | 2,180 | | | | 40,679 | |
| Mannatech, Inc. | † | | | 690 | | | | 8,701 | |
| MannKind Corporation | *† | | | 2,020 | | | | 43,046 | |
| Martek Biosciences Corporation | *† | | | 1,769 | | | | 51,213 | |
| Medarex, Inc. | * | | | 6,332 | | | | 60,851 | |
| Medicines Company | * | | | 2,718 | | | | 53,137 | |
| Medicis Pharmaceutical Corporation Class A | | 2,862 | | | | 68,688 | |
| Medifast, Inc. | * | | | 734 | | | | 13,117 | |
| Meridian Bioscience, Inc. | | 2,122 | | | | 52,944 | |
| MGI Pharma, Inc. | * | | | 3,804 | | | | 81,786 | |
| Millennium Pharmaceuticals, Inc. | *† | | | 16,036 | | | | 159,879 | |
| Myogen, Inc. | *† | | | 1,540 | | | | 44,660 | |
| Nabi Biopharmaceuticals | * | | | 2,736 | | | | 15,705 | |
| Nastech Pharmaceutical Company, Inc. | *† | | | 1,500 | | | | 23,700 | |
| Natrol, Inc. | * | | | 1,145 | | | | 2,164 | |
| NBTY, Inc. | * | | | 3,365 | | | | 80,457 | |
| Neose Technologies, Inc. | * | | | 705 | | | | 2,855 | |
| Neurobiological Technologies | *† | | | 3,137 | | | | 8,721 | |
| Neurocrine Biosciences, Inc. | *† | | | 2,039 | | | | 21,613 | |
| NitroMed, Inc. | *† | | | 2,250 | | | | 10,868 | |
| Northfield Laboratories, Inc. | *† | | | 1,890 | | | | 18,692 | |
| Novavax, Inc. | *† | | | 4,170 | | | | 21,017 | |
| Noven Pharmaceuticals, Inc. | * | | | 1,350 | | | | 24,165 | |
| NPS Pharmaceuticals, Inc. | * | | | 3,900 | | | | 19,032 | |
| Nu Skin Enterprises, Inc. Class A | | 3,019 | | | | 44,832 | |
| Nuvelo, Inc. | * | | | 2,920 | | | | 48,618 | |
| Omnicare, Inc. | | 6,437 | | | | 305,243 | |
| Onyx Pharmaceuticals, Inc. | *† | | | 2,105 | | | | 35,427 | |
| OraSure Technologies, Inc. | * | | | 1,688 | | | | 16,070 | |
| OSI Pharmaceuticals, Inc. | *† | | | 2,981 | | | | 98,254 | |
| Pain Therapeutics, Inc. | *† | | | 1,319 | | | | 11,014 | |
| Palatin Technologies, Inc. | * | | | 2,104 | | | | 4,103 | |
| Panacos Pharmaceuticals, Inc. | * | | | 2,667 | | | | 14,722 | |
| Par Pharmaceutical Companies, Inc. | * | | | 1,702 | | | | 31,419 | |
| Parexel International Corporation | * | | | 1,844 | | | | 53,199 | |
| PDL BioPharma, Inc. | *† | | | 6,371 | | | | 117,290 | |
| Penwest Pharmaceuticals Company | * | | | 930 | | | | 20,302 | |
| Peregrine Pharmaceuticals, Inc. | * | | | 9,115 | | | | 14,493 | |
| Perrigo Company | | 5,083 | | | | 81,836 | |
| Pharmacopeia Drug Discovery, Inc. | * | | | 573 | | | | 2,292 | |
| Pharmacyclics, Inc. | * | | | 1,701 | | | | 6,566 | |
| Pharmion Corporation | *† | | | 900 | | | | 15,327 | |
| Poniard Pharmaceuticals, Inc. | | 2,381 | | | | 2,283 | |
| Pozen, Inc. | *† | | | 1,015 | | | | 7,146 | |
| Praecis Pharmaceuticals, Inc. | * | | | 367 | | | | 1,116 | |
| Prestige Brands Holdings, Inc. | * | | | 2,900 | | | | 28,913 | |
| Progenics Pharmeceuticals, Inc. | * | | | 1,383 | | | | 33,275 | |
| Quidel Corp. | * | | | 1,200 | | | | 11,400 | |
| Regeneron Pharmaceuticals, Inc. | * | | | 2,632 | | | | 33,742 | |
| Renovis, Inc. | * | | | 1,580 | | | | 24,190 | |
| Rigel Pharmaceuticals, Inc. | *† | | | 1,280 | | | | 12,454 | |
| Salix Pharmaceuticals Ltd. | * | | | 2,346 | | | | 28,856 | |
| Sciclone Pharmaceuticals, Inc. | * | | | 4,800 | | | | 10,992 | |
| Sciele Pharma, Inc. | † | | | 1,614 | | | | 37,429 | |
| SCOLR Pharma, Inc. | *† | | | 2,400 | | | | 11,952 | |
| Sepracor, Inc. | *† | | | 5,756 | | | | 328,898 | |
| Serologicals Corporation | *† | | | 1,614 | | | | 50,744 | |
| SIGA Technologies, Inc. | * | | | 4,650 | | | | 6,510 | |
| SirnaTherapeutics, Inc. | * | | | 4,258 | | | | 24,271 | |
| StemCells, Inc. | * | | | 3,500 | | | | 7,175 | |
| SuperGen, Inc. | * | | | 3,719 | | | | 13,500 | |
| Tanox, Inc. | * | | | 1,721 | | | | 23,801 | |
| Tapestry Pharmaceuticals, Inc. | * | | | 522 | | | | 1,749 | |
| Targeted Genetics Corp. | | 626 | | | | 1,440 | |
| Theravance, Inc. | * | | | 2,510 | | | | 57,429 | |
| Third Wave Technologies, Inc. | * | | | 1,507 | | | | 4,491 | |
| Titan Pharmaceuticals, Inc. | * | | | 4,244 | | | | 9,082 | |
| United Therapeutics Corporation | *† | | | 1,264 | | | | 73,021 | |
| USANA Health Sciences, Inc. | *† | | | 743 | | | | 28,160 | |
| Valeant Pharmaceuticals International | | 4,744 | | | | 80,268 | |
| Vertex Pharmaceuticals, Inc. | *† | | | 5,706 | | | | 209,467 | |
| Vion Pharmaceuticals, Inc. | * | | | 4,504 | | | | 6,441 | |
| Viropharma, Inc. | * | | | 3,252 | | | | 28,032 | |
| XOMA Ltd. | * | | | 4,977 | | | | 8,461 | |
| Zymogenetics, Inc. | * | | | 2,343 | | | | 44,447 | |
| | | 8,417,168 | |
Real Estate—5.8% |
| Acadia Realty Trust REIT | | 1,319 | | | | 31,194 | |
| Affordable Residential Communities REIT | † | | | 1,710 | | | | 18,383 | |
| Agree Realty Corporation REIT | | 515 | | | | 17,495 | |
| Alderwoods Group, Inc. | * | | | 2,860 | | | | 55,656 | |
| Alexander’s, Inc. REIT | * | | | 162 | | | | 44,025 | |
| Alexandria Real Estate Equities, Inc. REIT | | 1,163 | | | | 103,135 | |
| AMB Property Corporation REIT | | 4,360 | | | | 220,398 | |
| American Financial Realty Trust REIT | | 6,305 | | | | 61,032 | |
| American Land Lease, Inc. REIT | | 729 | | | | 17,861 | |
| American Mortgage Acceptance Corporation REIT | | 1,732 | | | | 25,530 | |
| American Real Estate Partners, LP | | 590 | | | | 24,072 | |
See accompanying notes to financial statements.
210
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
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COMMON STOCKS—(Continued)
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| Annaly Mortgage Management, Inc. REIT | † | | | 8,361 | | | $ | 107,104 | |
| Anthracite Capital, Inc. REIT | | 2,180 | | | | 26,509 | |
| Arizona Land Income Corporation REIT Class A | † | | | 1,050 | | | | 4,074 | |
| Avalonbay Communities, Inc. REIT | † | | | 3,746 | | | | 414,383 | |
| BioMed Realty Trust, Inc. REIT | | 2,740 | | | | 82,036 | |
| Brandywine Realty Trust REIT | | 4,486 | | | | 144,315 | |
| BRE Properties Class A | | 2,563 | | | | 140,965 | |
| Brookfield Properties Co. (Canada) | | 5,740 | | | | 184,656 | |
| BRT Realty Trust REIT | | 916 | | | | 23,495 | |
| California Coastal Communities, Inc. | * | | | 1,028 | | | | 32,896 | |
| Camden Property Trust REIT | | 2,734 | | | | 201,086 | |
| Capital Alliance Income Trust Ltd. REIT | * | | | 799 | | | | 6,104 | |
| Capstead Mortgage Corporation REIT | † | | | 3,310 | | | | 25,123 | |
| CarrAmerica Realty Corporation REIT | | 2,766 | | | | 123,225 | |
| CB Richard Ellis Group, Inc. Class A | * | | | 9,600 | | | | 239,040 | |
| CBL & Associates Properties, Inc. REIT | | 2,928 | | | | 113,987 | |
| Cedar Shopping Centers, Inc. REIT | | 2,883 | | | | 42,438 | |
| Colonial Properties Trust REIT | | 2,352 | | | | 116,189 | |
| Consolidated-Tomoka Land Company | | 280 | | | | 15,439 | |
| Cousins Properties, Inc. REIT | | 1,838 | | | | 56,849 | |
| Crescent Real Estate EQT Company REIT | | 4,528 | | | | 84,040 | |
| Developers Diversified Realty Corporation REIT | | 5,644 | | | | 294,504 | |
| Duke Realty Corporation REIT | | 7,300 | | | | 256,595 | |
| Eastgroup Properties, Inc. REIT | | 1,308 | | | | 61,057 | |
| Entertainment Properties Trust REIT | | 1,519 | | | | 65,393 | |
| Equity Inns, Inc. REIT | | 3,295 | | | | 54,565 | |
| Equity One, Inc. REIT | | 2,619 | | | | 54,737 | |
| Essex Property Trust, Inc. REIT | | 1,217 | | | | 135,890 | |
| Extra Space Storage, Inc. REIT | | 3,140 | | | | 50,994 | |
| Federal Realty Investment Trust REIT | | 2,671 | | | | 186,970 | |
| FelCor Lodging Trust, Inc. REIT | | 3,135 | | | | 68,155 | |
| First Industrial Realty Trust, Inc. REIT | | 2,030 | | | | 77,018 | |
| Forest City Enterprises, Inc. Class A | | 3,478 | | | | 173,587 | |
| General Growth Properties, Inc. REIT | | 11,730 | | | | 528,554 | |
| Getty Realty Corporation REIT | | 1,418 | | | | 40,328 | |
| Glenborough Realty Trust, Inc. REIT | † | | | 1,512 | | | | 32,568 | |
| Glimcher Realty Trust REIT | | 2,205 | | | | 54,706 | |
| Grubb and Ellis Company | * | | | 653 | | | | 6,040 | |
| Health Care Property Investors, Inc. REIT | † | | | 6,934 | | | | 185,415 | |
| Health Care REIT, Inc. | | 2,615 | | | | 91,394 | |
| Healthcare Realty Trust, Inc. REIT | | 2,271 | | | | 72,331 | |
| Heritage Property Investment Trust REIT | | 1,452 | | | | 50,704 | |
| Highwoods Properties, Inc. REIT | | 2,393 | | | | 86,579 | |
| HMG Courtland Properties REIT | | 1,250 | | | | 11,500 | |
| Home Properties, Inc. REIT | | 1,701 | | | | 94,423 | |
| Hospitality Properties Trust REIT | | 3,094 | | | | 135,888 | |
| Host Marriott Corporation REIT | † | | | 26,057 | | | | 569,867 | |
| HRPT Properties Trust REIT | | 10,403 | | | | 120,259 | |
| IMPAC Mortgage Holdings, Inc. REIT | † | | | 3,518 | | | | 39,331 | |
| Innkeepers USA Trust REIT | | 3,005 | | | | 51,926 | |
| iStar Financial, Inc. REIT | † | | | 5,882 | | | | 222,046 | |
| Jones Lang Lasalle, Inc. | | 1,781 | | | | 155,927 | |
| Lexington Corporate Properties Trust REIT | | 3,140 | | | | 67,824 | |
| Liberty Property Trust REIT | † | | | 4,302 | | | | 190,148 | |
| Mack-Cali Realty Corporation REIT | | 2,838 | | | | 130,321 | |
| Maguire Properties, Inc. REIT | | 1,740 | | | | 61,196 | |
| Mid-America Apartment Communities, Inc. REIT | | 1,300 | | | | 72,475 | |
| Mills Corporation (The) REIT | | 2,650 | | | | 70,888 | |
| Mission West Properties REIT | | 1,418 | | | | 15,711 | |
| Monmouth Capital Corporation | | 2,974 | | | | 15,911 | |
| Monmouth Class A REIT | | 2,978 | | | | 24,003 | |
| National Health Investors, Inc. REIT | | 1,198 | | | | 32,214 | |
| Nationwide Health Properties, Inc. REIT | | 3,112 | | | | 70,051 | |
| New Plan Excel Realty Trust REIT | | 4,691 | | | | 115,821 | |
| Newcastle Investment Corporation REIT | | 2,065 | | | | 52,286 | |
| Novastar Financial, Inc. REIT | † | | | 1,611 | | | | 50,924 | |
| Pan Pacific Retail Properties, Inc. REIT | | 1,910 | | | | 132,497 | |
| Parkway Properties, Inc. REIT | | 747 | | | | 33,989 | |
| PMC Commercial Trust REIT | | 2,035 | | | | 25,885 | |
| Post Properties, Inc. REIT | | 2,048 | | | | 92,856 | |
| RAIT Investment Trust REIT | | 1,592 | | | | 46,486 | |
| Rayonier, Inc. REIT | | 3,937 | | | | 149,252 | |
| Realty Income Corporation REIT | | 4,300 | | | | 94,170 | |
| Redwood Trust, Inc. REIT | † | | | 1,229 | | | | 60,012 | |
| Regency Centers Corporation REIT | | 3,366 | | | | 209,197 | |
| Senior Housing Properties Trust REIT | | 4,186 | | | | 74,971 | |
| Shurgard Storage Centers, Inc. REIT Class A | | 2,121 | | | | 132,563 | |
| SL Green Realty Corporation REIT | † | | | 2,166 | | | | 237,112 | |
| Sovran Self Storage, Inc. REIT | † | | | 859 | | | | 43,629 | |
| St. Joe Company (The) | † | | | 3,717 | | | | 172,989 | |
| Stewart Enterprises, Inc. Class A | | 4,116 | | | | 23,667 | |
| Sun Communities, Inc. REIT | | 1,061 | | | | 34,514 | |
| Taubman Centers, Inc. REIT | | 2,574 | | | | 105,277 | |
| Thornburg Mortgage, Inc. REIT | † | | | 4,899 | | | | 136,535 | |
| Trammell Crow Company | *† | | | 2,116 | | | | 74,420 | |
| Trizec Properties, Inc. REIT | † | | | 4,214 | | | | 120,689 | |
| United Dominion Realty Trust, Inc. REIT | | 7,244 | | | | 202,904 | |
| Ventas, Inc. REIT | | 5,414 | | | | 183,426 | |
| W.P. Carey & Company LLC | | 1,593 | | | | 40,335 | |
| Washington REIT | | 1,835 | | | | 67,345 | |
| Weingarten Realty Investors REIT | | 4,314 | | | | 165,140 | |
| | | 10,461,618 | |
Restaurants—1.1% |
| AFC Enterprises, Inc. | † | | | 1,000 | | | | 12,750 | |
| Applebee’s International, Inc. | | 4,415 | | | | 84,856 | |
| Aramark Corporation Class B | | 6,224 | | | | 206,077 | |
| Back Yard Burgers, Inc. | * | | | 1,698 | | | | 8,864 | |
| Bob Evans Farms, Inc. | | 2,055 | | | | 61,671 | |
| Brinker International, Inc. | † | | | 4,515 | | | | 163,895 | |
| Buffalo Wild Wings, Inc. | * | | | 560 | | | | 21,454 | |
| Burger King Holdings, Inc. | † | | | 1,290 | | | | 20,318 | |
| CEC Entertainment, Inc. | * | | | 1,994 | | | | 64,047 | |
| CKE Restaurants, Inc. | † | | | 3,046 | | | | 50,594 | |
| California Pizza Kitchen, Inc. | * | | | 970 | | | | 26,656 | |
| CBRL Group, Inc. | | 2,550 | | | | 86,496 | |
See accompanying notes to financial statements.
211
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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COMMON STOCKS—(Continued)
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| Cheesecake Factory (The) | *† | | | 3,914 | | | $ | 105,482 | |
| Chipotle Mexican Grill, Inc.—Class A | * | | | 390 | | | | 23,771 | |
| Cosi, Inc. | * | | | 3,120 | | | | 19,438 | |
| Domino’s Pizza, Inc. | | 1,940 | | | | 47,996 | |
| IHOP Corporation | | 1,079 | | | | 51,878 | |
| Jack in the Box, Inc. | * | | | 1,878 | | | | 73,618 | |
| Krispy Kreme Doughnuts, Inc. | *† | | | 2,574 | | | | 20,952 | |
| Landry’s Restaurants, Inc. | | 1,254 | | | | 40,692 | |
| Lone Star Steakhouse & Saloon, Inc. | | 1,125 | | | | 29,509 | |
| Luby’s, Inc. | * | | | 1,630 | | | | 17,001 | |
| O’Charley’s, Inc. | * | | | 1,092 | | | | 18,564 | |
| OSI Restaurant Partners, Inc. | | 3,710 | | | | 128,366 | |
| Papa John’s International, Inc. | * | | | 1,612 | | | | 53,518 | |
| PF Chang’s China Bistro, Inc. | *† | | | 1,340 | | | | 50,947 | |
| Rare Hospitality International, Inc. | * | | | 2,025 | | | | 58,239 | |
| Red Robin Gourmet Burgers, Inc. | *† | | | 693 | | | | 29,494 | |
| Ruby Tuesday, Inc. | † | | | 3,477 | | | | 84,874 | |
| Ryan’s Restaurant Group, Inc. | * | | | 1,918 | | | | 22,843 | |
| Sonic Corporation | * | | | 4,555 | | | | 94,698 | |
| Steak N Shake Company (The) | * | | | 2,198 | | | | 33,278 | |
| Texas Roadhouse, Inc. Class A | * | | | 2,820 | | | | 38,126 | |
| Triarc Companies Class B | | 2,886 | | | | 45,108 | |
| | | 1,896,070 | |
Retail—Apparel—0.0% |
| dELIA*s, Inc. | * | | | 2,555 | | | | 20,644 | |
| |
Retailers—2.2% |
| 1-800-FLOWERS.COM, Inc. | * | | | 2,113 | | | | 12,192 | |
| 99 Cents Only Stores | * | | | 2,727 | | | | 28,524 | |
| AC Moore Arts & Crafts, Inc. | *† | | | 877 | | | | 14,304 | |
| Advance Auto Parts, Inc. | | 5,595 | | | | 161,696 | |
| Alloy, Inc. | * | | | 462 | | | | 4,846 | |
| BJ’s Wholesale Club, Inc. | * | | | 3,379 | | | | 95,795 | |
| Barnes & Noble, Inc. | | 2,855 | | | | 104,208 | |
| Bell Microproducts, Inc. | * | | | 1,576 | | | | 8,542 | |
| Big 5 Sporting Goods Corporation | | 1,072 | | | | 20,904 | |
| Blair Corporation | | 306 | | | | 9,104 | |
| Bluefly, Inc. | * | | | 2,341 | | | | 2,833 | |
| Bombay Company, Inc. (The) | * | | | 2,630 | | | | 6,365 | |
| Borders Group, Inc. | | 3,582 | | | | 66,124 | |
| Build-A-Bear Workshop, Inc. | *† | | | 380 | | | | 8,174 | |
| CSK Auto Corporation | * | | | 1,990 | | | | 23,820 | |
| Cabela’s, Inc. Class A | *† | | | 2,190 | | | | 42,179 | |
| Casey’s General Stores, Inc. | | 2,409 | | | | 60,249 | |
| Cash America International, Inc. | | 1,841 | | | | 58,912 | |
| Central Garden & Pet Company | * | | | 965 | | | | 41,543 | |
| Coldwater Creek, Inc. | * | | | 2,863 | | | | 76,614 | |
| Cost Plus, Inc. | * | | | 1,015 | | | | 14,880 | |
| Design Within Reach, Inc. | *† | | | 1,210 | | | | 8,276 | |
| Dick’s Sporting Goods, Inc. | * | | | 1,632 | | | | 64,627 | |
| Dollar Tree Stores, Inc. | *† | | | 5,591 | | | | 148,162 | |
| Drugstore.Com, Inc. | * | | | 3,800 | | | | 11,020 | |
| Ezcorp, Inc. | * | | | 1,000 | | | | 37,690 | |
| Fastenal Company | | 7,418 | | | | 298,871 | |
| Foot Locker, Inc. | | 8,181 | | | | 200,353 | |
| Forward Industries, Inc.-N Y | *† | | | 630 | | | | 2,615 | |
| Fred’s, Inc. | † | | | 1,781 | | | | 23,776 | |
| GameStop Corp.—Class A | *† | | | 2,314 | | | | 97,188 | |
| GameStop Corp.—Class B | * | | | 1,034 | | | | 35,414 | |
| GSI Commerce, Inc. | * | | | 1,470 | | | | 19,889 | |
| Guitar Center, Inc. | *† | | | 1,300 | | | | 57,811 | |
| Hancock Fabrics, Inc. | | 1,321 | | | | 4,412 | |
| Haverty Furniture Companies, Inc. | | 1,111 | | | | 17,432 | |
| Hibbett Sporting Goods, Inc. | * | | | 1,926 | | | | 46,031 | |
| Jo-Ann Stores, Inc. | *† | | | 1,266 | | | | 18,547 | |
| Kenneth Cole Productions, Inc. Class A | | 956 | | | | 21,347 | |
| Kirkland’s, Inc. | * | | | 833 | | | | 4,357 | |
| Longs Drug Stores Corporation | | 1,508 | | | | 68,795 | |
| MarineMax, Inc. | *† | | | 800 | | | | 20,984 | |
| Marvel Entertainment, Inc. | *† | | | 4,501 | | | | 90,020 | |
| Men’s Wearhouse, Inc. | | 2,347 | | | | 71,114 | |
| Michaels Stores, Inc. | | 7,098 | | | | 292,722 | |
| Movie Gallery, Inc. | † | | | 1,396 | | | | 8,669 | |
| MSC Industrial Direct Company Class A | | 2,332 | | | | 110,933 | |
| Nitches, Inc. | * | | | 2,850 | | | | 14,963 | |
| O’Reilly Automotive, Inc. | * | | | 5,604 | | | | 174,789 | |
| Overstock.com, Inc. | *† | | | 771 | | | | 16,391 | |
| PC Connection, Inc. | * | | | 855 | | | | 5,002 | |
| Petco Animal Supplies, Inc. | * | | | 1,932 | | | | 39,471 | |
| Petsmart, Inc. | | 7,244 | | | | 185,446 | |
| Pier 1 Imports, Inc. | † | | | 3,763 | | | | 26,266 | |
| Priceline.com, Inc. | *† | | | 1,549 | | | | 46,253 | |
| Restoration Hardware, Inc. | *† | | | 2,795 | | | | 20,068 | |
| Retail Ventures, Inc. | * | | | 1,372 | | | | 24,449 | |
| Rite Aid Corporation | * | | | 25,793 | | | | 109,362 | |
| Saks, Inc. | *† | | | 6,702 | | | | 108,371 | |
| Samsonite Corporation | * | | | 1,134 | | | | 1,157 | |
| School Specialty, Inc. | *† | | | 1,184 | | | | 37,710 | |
| Sharper Image Corporation | *† | | | 649 | | | | 7,210 | |
| Sportsman’s Guide, Inc. (The) | * | | | 570 | | | | 17,385 | |
| Stamps.com, Inc. | *† | | | 1,050 | | | | 29,211 | |
| Stein Mart, Inc. | | 1,591 | | | | 23,547 | |
| Stride Rite Corporation | | 2,389 | | | | 31,511 | |
| Systemax, Inc. | * | | | 1,358 | | | | 10,592 | |
| Trans World Entertainment Corporation | * | | | 1,932 | | | | 13,949 | |
| Tuesday Morning Corporation | | 1,816 | | | | 23,880 | |
| Tweeter Home Entertainment Group, Inc. | * | | | 1,129 | | | | 8,016 | |
| Valuevision Media, Inc. Class A | * | | | 1,742 | | | | 19,214 | |
| Williams-Sonoma, Inc. | *† | | | 4,938 | | | | 168,139 | |
| Zale Corporation | *† | | | 3,140 | | | | 75,643 | |
| | | 3,880,858 | |
Telecom Equipment Fiber Optics—0.0% |
| Essex Corp. | * | | | 900 | | | | 16,578 | |
| |
Telecommunications—0.2% |
| NTL, Inc. | † | | | 13,710 | | | | 341,379 | |
| Superior Telecom, Inc. | *‡*** | | | 2,014 | | | | — | |
| | | 341,379 | |
Telephone Systems—1.4% |
| Adtran, Inc. | | 3,507 | | | | 78,662 | |
| Alaska Communications Systems Group, Inc. | | 2,850 | | | | 36,053 | |
| Audiovox Corporation Class A | * | | | 1,218 | | | | 16,638 | |
| Brightpoint, Inc. | * | | | 3,031 | | | | 41,009 | |
| C2 Global Technologies, Inc. | * | | | 678 | | | | 1,031 | |
| Centennial Communications Corporation | | 1,166 | | | | 6,063 | |
| Cincinnati Bell, Inc. | * | | | 12,616 | | | | 51,726 | |
| Commonwealth Telephone Enterprises, Inc. | | 1,807 | | | | 59,920 | |
| Covad Communications Group, Inc. | * | | | 13,041 | | | | 26,212 | |
| D&E Communications, Inc. | | 1,712 | | | | 18,558 | |
See accompanying notes to financial statements.
212
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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| Value
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COMMON STOCKS—(Continued)
|
| Deltathree, Inc. | * | | | 2,553 | | | $ | 5,923 | |
| Dobson Communications Corporation Class A | * | | | 8,796 | | | | 67,993 | |
| Equinix, Inc. | *† | | | 1,343 | | | | 73,677 | |
| First Avenue Networks, Inc. | † | | | 1,550 | | | | 16,864 | |
| Forgent Networks, Inc. | * | | | 1,350 | | | | 905 | |
| General Communication Class A | * | | | 2,517 | | | | 31,009 | |
| Global Crossing, Ltd. (Bermuda) | *† | | | 1,360 | | | | 24,167 | |
| Global Payments, Inc. | | 4,120 | | | | 200,026 | |
| Goamerica, Inc. | * | | | 24 | | | | 69 | |
| Hickory Tech Corporation | | 652 | | | | 4,564 | |
| IDT Corporation | *† | | | 679 | | | | 8,963 | |
| IDT Corporation Class B | * | | | 2,900 | | | | 39,991 | |
| Iowa Telecommunications Services, Inc. | | 2,510 | | | | 47,489 | |
| iPCS, Inc. | † | | | 570 | | | | 27,531 | |
| j2 Global Communications, Inc. | *† | | | 2,554 | | | | 79,736 | |
| LCC International, Inc. Class A | * | | | 1,000 | | | | 3,730 | |
| Leap Wireless International, Inc. | * | | | 2,250 | | | | 106,763 | |
| Level 3 Communications, Inc. | *† | | | 37,448 | | | | 166,269 | |
| Lightbridge, Inc. | * | | | 1,288 | | | | 16,680 | |
| Mastec, Inc. | * | | | 2,049 | | | | 27,067 | |
| NeuStar, Inc. Class A | * | | | 3,490 | | | | 117,788 | |
| NII Holdings, Inc. Class B | * | | | 7,140 | | | | 402,553 | |
| North Pittsburgh Systems, Inc. | | 1,480 | | | | 40,789 | |
| Novatel Wireless, Inc. | * | | | 2,949 | | | | 30,611 | |
| NTELOS Holdings Corp. | * | | | 1,200 | | | | 17,340 | |
| Primus Telecommunications GP | * | | | 4,516 | | | | 2,529 | |
| RCN Corporation | *† | | | 2,170 | | | | 54,098 | |
| Redback Networks, Inc. | * | | | 3,769 | | | | 69,123 | |
| Rural Cellular Corporation Class A | * | | | 1,266 | | | | 13,913 | |
| SAVVIS, Inc. | | 408 | | | | 12,081 | |
| SunCom Wireless Holdings, Inc.,—Class A | * | | | 2,699 | | | | 4,049 | |
| SureWest Communications | | 644 | | | | 12,442 | |
| Talk America Holdings, Inc. | *† | | | 1,398 | | | | 8,654 | |
| Telecommunication Systems, Inc. | *† | | | 1,200 | | | | 2,868 | |
| Telephone & Data Systems, Inc. | | 2,898 | | | | 119,977 | |
| Telephone & Data Systems, Inc. | | 2,448 | | | | 95,227 | |
| Time Warner Telecom, Inc. Class A | *† | | | 3,519 | | | | 52,257 | |
| Ubiquitel, Inc. | * | | | 4,079 | | | | 42,177 | |
| US Cellular Corporation | * | | | 921 | | | | 55,813 | |
| West Corporation | * | | | 1,535 | | | | 73,542 | |
| Wireless Facilities, Inc. | *† | | | 2,399 | | | | 6,597 | |
| | | 2,519,716 | |
Textiles, Clothing & Fabrics—0.8% |
| Albany International Corporation Class A | | 1,437 | | | | 60,914 | |
| Brown Shoe Company, Inc. | | 1,194 | | | | 40,692 | |
| Columbia Sportswear Company | *† | | | 1,053 | | | | 47,659 | |
| Culp, Inc. | * | | | 888 | | | | 4,342 | |
| Deckers Outdoor Corporation | *† | | | 450 | | | | 17,352 | |
| DHB Industries, Inc. | *‡ | | | 4,910 | | | | 3,854 | |
| Genesco, Inc. | * | | | 1,421 | | | | 48,129 | |
| Guess ?, Inc. | * | | | 1,575 | | | | 65,756 | |
| Gymboree Corporation | * | | | 1,400 | | | | 48,664 | |
| Iconix Brand Group, Inc. | | 1,710 | | | | 27,941 | |
| Interface, Inc. Class A | * | | | 3,470 | | | | 39,732 | |
| Kellwood Company | | 1,171 | | | | 34,275 | |
| K-Swiss, Inc. Class A | | 1,026 | | | | 27,394 | |
| Mohawk Industries, Inc. | *† | | | 2,811 | | | | 197,754 | |
| Mossimo, Inc. | * | | | 2,807 | | | | 22,316 | |
| Mothers Work, Inc. | * | | | 600 | | | | 21,030 | |
| Oxford Industries, Inc. | | 956 | | | | 37,676 | |
| Phillips-Van Heusen Corporation | | 2,257 | | | | 86,127 | |
| Polo Ralph Lauren Corporation | | 3,063 | | | | 168,159 | |
| Polymer Group Escrow | ‡*** | | | 1,566 | | | | — | |
| Quaker Fabric Corporation | * | | | 2,550 | | | | 3,468 | |
| Quiksilver, Inc. | * | | | 6,280 | | | | 76,490 | |
| Russell Corporation | | 1,340 | | | | 24,334 | |
| Skechers U.S.A., Inc. Class A | * | | | 1,680 | | | | 40,505 | |
| Sport-Haley, Inc. | * | | | 1,043 | | | | 5,006 | |
| Steven Madden Ltd. | | 1,593 | | | | 47,185 | |
| Tag-It Pacific, Inc. | * | | | 1,335 | | | | 894 | |
| Tarrant Apparel Group | * | | | 1,107 | | | | 2,159 | |
| Timberland Company Class A | * | | | 3,212 | | | | 83,833 | |
| Warnaco Group, Inc. (The) | * | | | 2,200 | | | | 41,096 | |
| Wolverine World Wide, Inc. | | 3,299 | | | | 76,966 | |
| | | 1,401,702 | |
Transportation—2.7% |
| Alexander & Baldwin, Inc. | † | | | 2,196 | | | | 97,217 | |
| American Commercial Lines, Inc. | * | | | 1,640 | | | | 98,810 | |
| Arctic Cat, Inc. | | 698 | | | | 13,618 | |
| Arkansas Best Corporation | | 1,383 | | | | 69,440 | |
| Arlington Tankers Ltd. (Bermuda) | | 760 | | | | 17,237 | |
| Celadon Group, Inc. | * | | | 1,012 | | | | 22,304 | |
| CH Robinson Worldwide, Inc. | | 8,872 | | | | 472,878 | |
| Con-way, Inc. | | 2,760 | | | | 159,887 | |
| Dynamex, Inc. | * | | | 760 | | | | 16,576 | |
| Excel Maritime Carriers, Ltd. (Liberia) | * | | | 1,400 | | | | 14,490 | |
| Expedia, Inc. | * | | | 13,936 | | | | 208,622 | |
| Expeditors International Washington, Inc. | | 11,074 | | | | 620,255 | |
| Fleetwood Enterprises, Inc. | * | | | 4,000 | | | | 30,160 | |
| Florida East Coast Industries | | 1,093 | | | | 57,197 | |
| Forward Air Corporation | | 1,912 | | | | 77,876 | |
| Freightcar America, Inc. | | 600 | | | | 33,306 | |
| GATX Corporation | | 2,367 | | | | 100,598 | |
| General Maritime Corporation | | 1,847 | | | | 68,265 | |
| Genesee & Wyoming, Inc. Class A | * | | | 2,371 | | | | 84,099 | |
| Gulfmark Offshore, Inc. | * | | | 1,000 | | | | 25,830 | |
| Heartland Express, Inc. | | 4,221 | | | | 75,514 | |
| Hornbeck Offshore Services, Inc. | * | | | 1,340 | | | | 47,597 | |
| HUB Group, Inc. Class A | * | | | 2,580 | | | | 63,287 | |
| JB Hunt Transport Services, Inc. | | 6,334 | | | | 157,780 | |
| Kansas City Southern | *† | | | 3,954 | | | | 109,526 | |
| Kirby Corporation | * | | | 2,358 | | | | 93,141 | |
| K-Sea Transportation Partners, LP | | 470 | | | | 15,111 | |
| Laidlaw International, Inc. | | 5,580 | | | | 140,616 | |
| Landstar System, Inc. | † | | | 3,156 | | | | 149,058 | |
| Maritrans, Inc. | | 1,140 | | | | 28,386 | |
| Martin Midstream Partners, LP | | 1,200 | | | | 36,936 | |
| Navigant International, Inc. | * | | | 710 | | | | 11,381 | |
| Old Dominion Freight Line, Inc. | * | | | 1,783 | | | | 67,023 | |
| OMI Corporation | † | | | 4,585 | | | | 99,265 | |
| Overseas Shipholding Group | | 1,338 | | | | 79,143 | |
| P.A.M. Transportation Services, Inc. | * | | | 1,139 | | | | 32,906 | |
| Pacer International, Inc. | | 2,275 | | | | 74,120 | |
| Polaris Industries, Inc. | | 2,090 | | | | 90,497 | |
| Quality Distribution, Inc. | * | | | 914 | | | | 12,138 | |
| RailAmerica, Inc. | * | | | 2,807 | | | | 29,361 | |
| Royal Caribbean Cruises Ltd. | | 6,770 | | | | 258,953 | |
| Rural/Metro Corporation | * | | | 1,600 | | | | 11,200 | |
| SCS Transportation, Inc. | * | | | 902 | | | | 24,832 | |
| Ship Finance International Ltd. (Bermuda) | | 1,800 | | | | 31,158 | |
| Sirva, Inc. | * | | | 1,337 | | | | 8,650 | |
See accompanying notes to financial statements.
213
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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|
| Value
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|---|
COMMON STOCKS—(Continued)
|
| Swift Transportation Company, Inc. | * | | | 3,009 | | | $ | 95,566 | |
| Teekay Shipping Corporation (Bahama Islands) | | 2,350 | | | | 98,324 | |
| Thor Industries, Inc. | † | | | 2,026 | | | | 98,160 | |
| Trinity Industries, Inc. | † | | | 4,071 | | | | 164,468 | |
| UTI Worldwide, Inc. (Luxembourg) | | 3,280 | | | | 82,754 | |
| US Shipping Partners, LP | | 680 | | | | 14,362 | |
| Wabtec Corporation | | 2,487 | | | | 93,014 | |
| Werner Enterprises, Inc. | | 2,916 | | | | 59,107 | |
| West Marine, Inc. | *† | | | 803 | | | | 10,824 | |
| YRC Worldwide, Inc. | * | | | 2,928 | | | | 123,298 | |
| | | 4,876,121 | |
Transportation Services—0.0% |
| Velocity Express Corporation | * | | | 2 | | | | 3 | |
| |
Water Companies—0.2% |
| American States Water Company | | 920 | | | | 32,798 | |
| Aqua America, Inc. | | 7,059 | | | | 160,875 | |
| California Water Service Group | | 965 | | | | 34,489 | |
| Connecticut Water Service, Inc. | | 500 | | | | 11,710 | |
| Middlesex Water Company | † | | | 550 | | | | 10,406 | |
| Pico Holdings, Inc. | * | | | 970 | | | | 31,283 | |
| SJW Corporation | | 1,012 | | | | 25,755 | |
| Southwest Water Company | | 2,215 | | | | 26,514 | |
| | | 333,830 | |
Webhosting/Design—0.0% |
| Terremark Worldwide, Inc. | * | | | 3,200 | | | | 11,520 | |
| Verso Technologies, Inc. | * | | | 1,619 | | | | 1,667 | |
| | | 13,187 | |
Wire & Cable Products—0.0% |
| Insteel Industries, Inc. | | 1,400 | | | | 33,880 | |
| |
Wireless Equipment—Communications—0.0% |
| Terabeam, Inc. | * | | | 2,197 | | | | 4,482 | |
| |
TOTAL COMMON STOCKS |
| (Cost $124,125,763) | | | | | | 175,411,261 | |
| |
Coupon
Rate
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| Maturity
Date
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| Face
|
| Value
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U.S. TREASURY OBLIGATIONS—0.1% |
U.S. Treasury Bills—0.1% | | | |
| U.S. Treasury Bill | | | |
| 4.730% | | | | 09/07/2006 | | ** | | | | | | | | |
| (Cost $213,079) | $ | 215,000 | | | | 213,079 | |
| |
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WARRANTS—0.0% |
Financial Services—0.0% |
| Equitex, Inc. Warrants, Expires 2/7/2010 | ‡*** | | | 264 | | | | — | |
| Equitex, Inc. Warrants, Expires 2/7/2010 | ‡*** | | | 264 | | | | — | |
| (Cost $0) | | | | | | — | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
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| Face
|
| Value
|
|---|
CASH EQUIVALENTS—19.4% |
Institutional Money Market Funds—0.2% |
| BGI Institutional Fund | †† | | | 288,207 | | | | 288,207 | |
| |
Bank & Certificate Deposits/
Offshore Time Deposits—18.5% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 1,152,827 | | | | 1,152,827 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 432,310 | | | | 432,310 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 720,517 | | | | 720,517 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 720,517 | | | | 720,517 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 576,413 | | | | 576,413 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 570,901 | | | | 570,901 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 720,517 | | | | 720,517 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 432,310 | | | | 432,310 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 576,413 | | | | 576,413 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 720,517 | | | | 720,517 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 282,101 | | | | 282,101 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 720,517 | | | | 720,517 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 576,413 | | | | 576,413 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 720,517 | | | | 720,517 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 576,413 | | | | 576,413 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 288,207 | | | | 288,207 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 576,413 | | | | 576,413 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 576,413 | | | | 576,413 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 720,517 | | | | 720,517 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 720,517 | | | | 720,517 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 281,998 | | | | 281,998 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 4,755,410 | | | | 4,755,410 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 4,664,206 | | | | 4,664,206 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 1,960,366 | | | | 1,960,366 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 576,413 | | | | 576,413 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 432,310 | | | | 432,310 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 144,103 | | | | 144,103 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 720,517 | | | | 720,517 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 1,441,033 | | | | 1,441,033 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 1,012,134 | | | | 1,012,134 | |
See accompanying notes to financial statements.
214
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
Coupon
Rate
|
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Date
|
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| Face
|
| Value
|
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CASH EQUIVALENTS—(Continued) |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | $ | 720,517 | | | $ | 720,517 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 720,517 | | | | 720,517 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 576,413 | | | | 576,413 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 288,207 | | | | 288,207 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 288,207 | | | | 288,207 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 576,413 | | | | 576,413 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 864,620 | | | | 864,620 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 1,008,723 | | | | 1,008,723 | |
| | | 33,413,377 | |
Floating Rate Instruments/Master Notes—0.7% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | | 576,413 | | | | 576,413 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 720,517 | | | | 720,517 | |
| | | 1,296,930 | |
TOTAL CASH EQUIVALENTS |
| (Cost $34,998,514) | | | | | | 34,998,514 | |
| |
REPURCHASE AGREEMENTS—2.4% |
| IBT Repurchase Agreement dated 06/30/2006 due 07/03/2006 with a maturity value of $4,244,636 and an effective yield of 4.65% collateralized by a U.S. Government Agency Obligation with a rate of 8.125%, maturity date of 07/25/2016 and a market value of $4,455,141. | | 4,242,992 | | | | 4,242,992 | |
TOTAL INVESTMENTS—119.2% |
| (Cost $163,580,348) | | | | | | 214,865,846 | |
| Other assets less liabilities—(19.2%) | | (34,556,078 | ) |
NET ASSETS—100.0% | $ | 180,309,768 | |
Notes to the Schedule of Investments:
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing security. |
| † | | Denotes all or a portion of security on loan. |
| †† | | Represents collateral received from securities lending transactions. |
| ‡ | | Security valued at fair value as determined by policies approved by the board of directors. |
| ** | | Security has been pledged as collateral for futures contracts. |
| *** | | Security has no market value at 06/30/2006. |
See accompanying notes to financial statements.
215
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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COMMON STOCKS—96.0% | | | |
Australia—5.1% |
| ABC Learning Centres, Ltd. | | 3,700 | | | $ | 17,552 | |
| Alinta, Ltd. | | 2,060 | | | | 15,937 | |
| Alumina Ltd. | | 11,019 | | | | 55,185 | |
| Amcor Ltd. | | 9,476 | | | | 46,921 | |
| AMP Ltd. | | 17,076 | | | | 115,358 | |
| Ansell Ltd. | | 1,154 | | | | 8,281 | |
| APN News & Media, Ltd. | | 3,565 | | | | 13,415 | |
| Aristocrat Leisure Ltd. | | 3,724 | | | | 35,551 | |
| Australia & New Zealand Banking Group Ltd. | | 17,807 | | | | 351,518 | |
| Australian Gas Light Company Ltd. | | 3,943 | | | | 51,236 | |
| Australian Stock Exchange Ltd. | | 1,427 | | | | 34,503 | |
| AXA Asia Pacific Holdings Ltd. | | 8,327 | | | | 38,572 | |
| Babcock & Brown, Ltd. | | 1,210 | | | | 19,386 | |
| BHP Billiton Ltd. | | 33,814 | | | | 730,225 | |
| BHP Steel Ltd. | | 6,292 | | | | 37,140 | |
| Billabong International, Ltd. | | 1,530 | | | | 17,416 | |
| Boral Ltd. | | 5,594 | | | | 33,819 | |
| Brambles Industries Ltd. | | 9,169 | | | | 74,845 | |
| Caltex Australia, Ltd. | | 1,090 | | | | 19,098 | |
| Centro Properties Group | | 6,737 | | | | 33,435 | |
Challenger Financial Services
Group, Ltd. | | 5,236 | | | | 12,250 | |
| Coca-Cola Amatil Ltd. | | 4,581 | | | | 24,091 | |
| Cochlear Ltd. | | 439 | | | | 17,791 | |
| Coles Myer Ltd. | | 11,152 | | | | 93,999 | |
| Commonwealth Bank of Australia | | 12,524 | | | | 411,935 | |
Commonwealth Property
Office Fund | | 28,508 | | | | 29,420 | |
| Computershare Ltd. | | 3,876 | | | | 22,552 | |
| CSL Ltd. | | 1,706 | | | | 67,928 | |
| CSR Ltd. | | 7,472 | | | | 18,570 | |
| DB RREEF Trust | | 34,466 | | | | 37,446 | |
| DCA Group, Ltd. | | 5,704 | | | | 11,801 | |
| Downer EDI, Ltd. | | 2,720 | | | | 15,005 | |
| Foster’s Group Ltd. | | 18,979 | | | | 76,935 | |
| Futuris Corporation Ltd. | | 5,023 | | | | 7,821 | |
| Gandel Retail Trust | | 24,195 | | | | 33,326 | |
| General Property Trust | | 19,543 | | | | 62,855 | |
| Goodman Fielder, Ltd. | | 12,355 | | | | 19,590 | |
| Harvey Norman Holdings Ltd. | | 4,015 | | | | 11,728 | |
| Iluka Resources Ltd. | | 1,488 | | | | 7,232 | |
| ING Industrial Fund | | 16,122 | | | | 26,603 | |
| Insurance Australia Group Ltd. | | 15,096 | | | | 59,896 | |
| Investa Property Group | | 18,616 | | | | 30,234 | |
| John Fairfax Holdings Ltd. | | 7,612 | | | | 21,187 | |
| Leighton Holdings Ltd. | | 1,184 | | | | 15,236 | |
| Lend Lease Corporation Ltd. | | 3,584 | | | | 37,172 | |
| Lion Nathan Ltd. | | 2,567 | | | | 14,839 | |
| Macquarie Airports | | 7,384 | | | | 16,808 | |
| Macquarie Bank Ltd. | | 2,199 | | | | 112,390 | |
| Macquarie Communications Infrastructure Group | | 3,831 | | | | 16,783 | |
| Macquarie Goodman Group | | 11,782 | | | | 52,433 | |
| Macquarie Infrastructure Group | | 25,036 | | | | 62,367 | |
| Macquarie Office Trust NPV | | 18,400 | | | | 18,809 | |
| Mayne Group Ltd. | | 4,793 | | | | 10,870 | |
| Mayne Pharma, Ltd. | * | | | 4,793 | | | | 9,221 | |
| Meinl European Land, Ltd. | * | | | 1,400 | | | | 28,498 | |
| Mirvac Group | | 12,567 | | | | 40,484 | |
| Multiplex Group | | 5,365 | | | | 13,006 | |
| National Australia Bank Ltd. | | 15,574 | | | | 404,612 | |
| Newcrest Mining Ltd. | | 2,913 | | | | 45,680 | |
| OneSteel Ltd. | | 7,510 | | | | 22,678 | |
| Orica Ltd. | | 3,258 | | | | 57,768 | |
| Origin Energy Ltd. | | 7,198 | | | | 39,295 | |
| Pacific Brands Ltd. | | 4,298 | | | | 6,856 | |
| Paladin Resources, Ltd. | | 5,044 | | | | 15,409 | |
| PaperlinX Ltd. | | 3,665 | | | | 8,487 | |
| Perpetual Trustees Australia Ltd. | | 532 | | | | 28,808 | |
| Publishing & Broadcasting Ltd. | | 2,360 | | | | 31,856 | |
| QBE Insurance Group Ltd. | | 7,420 | | | | 112,630 | |
| Qantas Airways Ltd. | | 6,946 | | | | 15,243 | |
| Rinker Group Ltd. | | 8,392 | | | | 101,477 | |
| Rio Tinto Ltd. | | 2,811 | | | | 162,437 | |
| Santos Ltd. | | 5,210 | | | | 46,814 | |
| SFE Corp., Ltd. | | 1,583 | | | | 19,479 | |
| Sonic Healthcare Ltd. | | 2,150 | | | | 22,647 | |
| Stockland | | 12,524 | | | | 65,227 | |
| Suncorp-Metway Ltd. | | 5,228 | | | | 74,886 | |
| Tabcorp Holdings Ltd. | | 4,560 | | | | 51,394 | |
| Telstra Corporation Ltd. | | 22,022 | | | | 60,086 | |
| Toll Holdings Ltd. | | 4,868 | | | | 50,700 | |
| Transurban Group | | 7,087 | | | | 36,536 | |
| UNiTAB, Ltd. | | 1,454 | | | | 15,925 | |
| Wesfarmers Ltd. | | 3,588 | | | | 94,011 | |
| Westfield Group | | 14,596 | | | | 187,622 | |
| Westpac Banking Corporation | | 17,853 | | | | 307,230 | |
| Woodside Petroleum Ltd. | | 4,375 | | | | 142,912 | |
| Woolworths Ltd. | | 10,786 | | | | 161,219 | |
| WorleyParsons, Ltd. | | 1,591 | | | | 23,754 | |
| Zinifex, Ltd. | | 5,122 | | | | 38,348 | |
| | | 5,770,530 | |
Austria—0.5% |
| BetandWin.com Interactive Entertainment AG | | 100 | | | | 7,909 | |
| Boehler-Uddeholm | | 576 | | | | 31,421 | |
| Erste Bank der Oesterreichischen Sparkassen AG | | 1,718 | | | | 96,465 | |
| Flughafen Wien AG | | 67 | | | | 5,113 | |
Immoeast Immobilien
Anlagen AG | | 2,964 | | | | 31,767 | |
| IMMOFINANZ Immobilien Anlagen AG | * | | | 3,602 | | | | 39,951 | |
| Mayr-Melnhof Karton AG | | 31 | | | | 4,989 | |
| OMV AG | | 1,550 | | | | 92,067 | |
| Raiffeisen International Bank Holding AG | * | | | 400 | | | | 34,617 | |
| RHI AG | * | | | 126 | | | | 4,073 | |
| Telekom Austria AG | | 3,298 | | | | 73,339 | |
Verbund-Oesterreichische Elektrizitaetswirtschafts AG
Class A | | 1,510 | | | | 72,509 | |
| Voestalpine AG | | 231 | | | | 35,005 | |
| Wiener Staedtische Allgemeine Versicherung AG | | 300 | | | | 17,623 | |
| Wienerberger AG | | 783 | | | | 37,114 | |
| | | 583,962 | |
Belgium—1.1% |
| Agfa Gevaert NV | | 895 | | | | 21,644 | |
| Barco NV | | 80 | | | | 7,383 | |
| Bekaert SA | | 118 | | | | 11,315 | |
| Belgacom SA | | 1,411 | | | | 46,740 | |
| Cofinimmo | | 88 | | | | 15,195 | |
| Colruyt SA | | 113 | | | | 17,623 | |
| Compagnie Maritime Belge SA | | 135 | | | | 3,933 | |
| Delhaize Group | | 782 | | | | 54,115 | |
| Dexia | | 5,081 | | | | 122,044 | |
| D’ieteren NV | | 21 | | | | 6,779 | |
| Euronav SA Private Equity | | 162 | | | | 4,988 | |
| Fortis | | 11,382 | | | | 387,053 | |
See accompanying notes to financial statements.
216
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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COMMON STOCKS—(Continued)
|
| Groupe Bruxelles Lambert SA | | 696 | | | $ | 72,766 | |
| Interbrew | | 1,737 | | | | 85,040 | |
| KBC Bancassurance Holding | | 1,796 | | | | 192,523 | |
| Mobistar SA | | 227 | | | | 17,970 | |
| Omega Pharma SA | | 155 | | | | 10,806 | |
| Solvay SA | | 601 | | | | 68,972 | |
| UCB SA | | 841 | | | | 45,426 | |
| Umicore | | 198 | | | | 26,403 | |
| | | 1,218,718 | |
Bermuda—0.1% | | | |
| Cheung Kong Infrastructure Holdings Ltd. | | 5,000 | | | | 14,453 | |
| Frontline Ltd. | | 465 | | | | 17,351 | |
| Kerry Properties Ltd. | | 4,000 | | | | 13,662 | |
| Orient Overseas International Ltd. | | 2,200 | | | | 7,974 | |
| SeaDrill, Ltd. | | 1,200 | | | | 15,827 | |
| Yue Yuen Industrial Holdings | | 3,500 | | | | 9,631 | |
| | | 78,898 | |
Cayman Islands—0.1% |
| ASM Pacific Technology Ltd. | | 500 | | | | 2,441 | |
Foxconn International
Holdings, Ltd. | | 17,000 | | | | 36,425 | |
| Hutchison Telecommunications International Ltd. | * | | | 28,000 | | | | 45,166 | |
| | | 84,032 | |
Denmark—0.7% |
| AP Moller—Maersk A/S | | 12 | | | | 93,508 | |
| Bang & Olufsen A/S Class B | | 79 | | | | 8,719 | |
| Codan A/S | | 175 | | | | 12,592 | |
| Coloplast A/S Class B | | 274 | | | | 20,302 | |
| Danisco A/S | | 452 | | | | 32,876 | |
| Danske Bank A/S | | 4,197 | | | | 159,203 | |
| DSV DE Sammenslut Vogn A/S | | 231 | | | | 38,621 | |
| FLS Industries AS Class B | | 499 | | | | 18,857 | |
| GN Store Nord | | 2,031 | | | | 23,282 | |
| H. Lundbeck A/S | | 507 | | | | 11,544 | |
| Jyske Bank | | 625 | | | | 36,026 | |
| NKT Holding A/S | | 179 | | | | 11,182 | |
| Novo Nordisk A/S Class B | | 2,269 | | | | 144,099 | |
| Novozymes A/S Class B | | 493 | | | | 33,250 | |
| Ostasiatiske Kompagni | | 186 | | | | 7,012 | |
| Sydbank A/S | | 700 | | | | 23,190 | |
| Topdanmark A/S | * | | | 178 | | | | 24,715 | |
| TrygVesta AS | | 350 | | | | 21,792 | |
| Vestas Wind Systems A/S | *† | | | 1,566 | | | | 42,852 | |
| William Demant Holding | * | | | 208 | | | | 15,514 | |
| | | 779,136 | |
Finland—1.4% |
| Amer Group | | 569 | | | | 11,859 | |
| Cargotec Corp. | | 332 | | | | 14,506 | |
| Elisa Oyj Class A | | 1,951 | | | | 37,049 | |
| Fortum Oyj | | 4,090 | | | | 104,365 | |
| KCI Konecranes Oyj | | 396 | | | | 7,108 | |
| Kesko Oyj Class B | | 722 | | | | 27,676 | |
| Kone Oyj | * | | | 664 | | | | 27,563 | |
| Metso Oyj | | 1,226 | | | | 44,343 | |
| Neste Oil Oyj | | 1,122 | | | | 39,383 | |
| Nokia Oyj | † | | | 40,768 | | | | 825,477 | |
| Nokian Renkaat OYJ | | 850 | | | | 11,143 | |
| OKO Bank Class A | | 1,100 | | | | 16,150 | |
| Orion-Yhtymae Oy Class B | | 552 | | | | 10,950 | |
| Outokumpu Oyj | | 1,269 | | | | 29,627 | |
| Rautaruukki Oyj | | 940 | | | | 28,269 | |
| Sampo Oyj | | 3,749 | | | | 71,416 | |
| SanomaWSOY Oyj Class B | | 750 | | | | 18,009 | |
| Stora Enso Oyj Class R | | 6,046 | | | | 84,295 | |
| Tietoenator Oyj | | 743 | | | | 21,415 | |
| UPM-Kymmene Oyj | | 4,870 | | | | 104,518 | |
| Uponor Oyj | | 478 | | | | 12,890 | |
| Wartsila Oyj Class B | | 477 | | | | 20,050 | |
| YIT Oyj | | 1,800 | | | | 44,003 | |
| | | 1,612,064 | |
France—9.1% |
| Accor SA | | 1,900 | | | | 115,448 | |
| Air France | | 924 | | | | 21,673 | |
| Air Liquide | | 1,124 | | | | 218,541 | |
| Alcatel SA | *† | | | 12,856 | | | | 161,969 | |
| Alstom | * | | | 1,041 | | | | 95,042 | |
| Atos Origin | * | | | 586 | | | | 38,261 | |
| AXA | | 16,074 | | | | 519,646 | |
| BNP Paribas | | 8,036 | | | | 767,505 | |
| Bouygues SA | | 1,926 | | | | 98,778 | |
| Business Objects SA | * | | | 1,011 | | | | 27,446 | |
| Cap Gemini SA | * | | | 1,271 | | | | 72,396 | |
| Carrefour SA | | 5,832 | | | | 341,167 | |
| Casino Guichard Perrachon SA | | 378 | | | | 28,686 | |
| Cie de Saint-Gobain | | 2,910 | | | | 207,400 | |
| Cie Generale D’Optique Essilor International SA | | 1,018 | | | | 102,269 | |
| CNP Assurances | | 435 | | | | 41,240 | |
| Credit Agricole SA | | 5,600 | | | | 212,262 | |
| Dassault Systemes SA | | 456 | | | | 24,348 | |
| France Telecom SA | | 16,444 | | | | 350,441 | |
| Gaz de France | * | | | 1,700 | | | | 56,931 | |
| Gecina SA | | 146 | | | | 19,099 | |
| Groupe Danone | | 2,320 | | | | 294,242 | |
| Hermes International | | 747 | | | | 65,967 | |
| Imerys SA | | 256 | | | | 20,429 | |
| Klepierre | | 330 | | | | 38,164 | �� |
| LVMH Moet Hennessy Louis Vuitton SA | | 2,395 | | | | 237,096 | |
| Lafarge SA | | 1,618 | | | | 202,562 | |
| Lagardere S.C.A. | | 1,132 | | | | 83,341 | |
| L’Oreal SA | | 2,895 | | | | 272,946 | |
| M6-Metropole Television | | 680 | | | | 21,238 | |
| Michelin (C.G.D.E.) Class B | | 1,400 | | | | 84,014 | |
| Neopost SA | | 339 | | | | 38,552 | |
| PagesJaunes SA | | 1,032 | | | | 32,355 | |
| Pernod-Ricard | † | | | 739 | | | | 146,189 | |
| Peugeot SA | † | | | 1,351 | | | | 83,804 | |
| Pinault-Printemps-Redoute SA | | 629 | | | | 80,046 | |
| Publicis Groupe | | 1,500 | | | | 57,871 | |
| Renault SA | | 1,815 | | | | 194,526 | |
| Safran SA | † | | | 1,470 | | | | 31,949 | |
| Sanofi-Synthelabo SA | | 9,751 | | | | 948,893 | |
| Schneider Electric SA | | 2,119 | | | | 220,281 | |
| SCOR | | 6,640 | | | | 14,485 | |
| Societe BIC SA | | 239 | | | | 15,455 | |
Societe Des Autoroutes
Paris-Rhin-Rhone | | 300 | | | | 20,590 | |
| Societe Generale Class A | | 3,365 | | | | 493,471 | |
| Societe Television Francaise 1 | † | | | 986 | | | | 32,086 | |
| Sodexho Alliance SA | | 910 | | | | 43,618 | |
| Suez SA | | 880 | | | | 11 | |
| Suez SA | | 9,889 | | | | 410,173 | |
| Technip SA | | 804 | | | | 44,247 | |
| Thales SA | | 965 | | | | 37,584 | |
| Thomson | | 2,856 | | | | 47,137 | |
See accompanying notes to financial statements.
217
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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| Value
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|---|
COMMON STOCKS—(Continued)
|
| Total SA | | 21,359 | | | $ | 1,401,411 | |
| Unibail | | 458 | | | | 79,699 | |
| Valeo SA | | 528 | | | | 18,770 | |
| Vallourec | | 70 | | | | 84,149 | |
| Veolia Environment | | 3,236 | | | | 166,766 | |
| Vinci SA | | 1,876 | | | | 192,684 | |
| Vivendi Universal SA | | 11,210 | | | | 391,120 | |
| Zodiac SA | | 343 | | | | 19,223 | |
| | | 10,187,692 | |
Germany—6.5% |
| Adidas-Salomon AG | | 2,024 | | | | 96,530 | |
| Allianz AG | | 3,936 | | | | 618,990 | |
| Altana AG | | 583 | | | | 32,332 | |
| BASF AG | | 5,008 | | | | 401,278 | |
| Bayer AG | | 6,763 | | | | 310,073 | |
| Beiersdorf AG | | 140 | | | | 21,059 | |
| Bilfinger Berger AG | | 370 | | | | 20,059 | |
| Carlsberg AS Class B | | 270 | | | | 19,703 | |
| Celesio AG | | 479 | | | | 43,418 | |
| Commerzbank AG | | 5,868 | | | | 212,592 | |
| Continental AG | | 1,224 | | | | 124,749 | |
| DaimlerChrysler AG | | 8,851 | | | | 436,210 | |
| Deutsche Bank AG | | 4,989 | | | | 560,001 | |
| Deutsche Boerse AG | | 1,045 | | | | 141,985 | |
| Deutsche Lufthansa AG | | 2,194 | | | | 40,280 | |
| Deutsche Post AG | | 6,649 | | | | 177,944 | |
| Deutsche Postbank AG | † | | | 470 | | | | 33,739 | |
| Deutsche Telekom AG | | 26,503 | | | | 425,178 | |
| Douglas Holding AG | | 278 | | | | 12,815 | |
| Fresenius Medical Care AG | | 612 | | | | 70,293 | |
| Heidelberger Druckmaschinen | | 500 | | | | 22,651 | |
| Hochtief AG | | 500 | | | | 27,765 | |
| Hypo Real Estate Holding | | 1,293 | | | | 78,346 | |
| Infineon Technologies AG | * | | | 7,297 | | | | 81,105 | |
| IVG Immobilien AG | | 800 | | | | 24,103 | |
| KarstadtQuelle AG | *† | | | 380 | | | | 10,053 | |
| Linde AG | | 790 | | | | 60,727 | |
| Man AG | | 1,329 | | | | 95,970 | |
| Merck AG | * | | | 462 | | | | 41,887 | |
| Metro AG | | 1,377 | | | | 77,823 | |
| MLP AG | | 575 | | | | 11,816 | |
| Muenchener Rueckversicherungs AG | | 1,827 | | | | 248,840 | |
| Premiere AG | | 870 | | | | 8,431 | |
| Puma AG Rudolf Dassler Sport | * | | | 131 | | | | 50,783 | |
| Rheinmetall AG | | 390 | | | | 27,068 | |
| RWE AG | | 4,329 | | | | 358,825 | |
| Salzgitter AG | | 432 | | | | 36,452 | |
| SAP AG | † | | | 2,151 | | | | 451,689 | |
| Siemens AG | | 8,200 | | | | 711,454 | |
| Solarworld AG | | 380 | | | | 23,769 | |
| Suedzucker AG | | 374 | | | | 8,275 | |
| ThyssenKrupp AG | | 3,382 | | | | 115,463 | |
| TUI AG | † | | | 2,646 | | | | 52,380 | |
| E.ON AG | | 6,033 | | | | 692,658 | |
| Volkswagen AG | † | | | 1,842 | | | | 128,777 | |
| Wincor Nixdorf AG | | 150 | | | | 19,114 | |
| | | 7,265,452 | |
Gibraltar—0.0% |
| PartyGaming PLC | | 10,700 | | | | 22,865 | |
Greece—0.5% |
| Alpha Bank AE | | 3,694 | | | | 92,052 | |
| Coca Cola Hellenic Bottling Company SA | | 940 | | | | 27,956 | |
Cosmote Mobile
Communications SA | | 860 | | | | 19,396 | |
| EFG Eurobank Ergasias SA | | 1,872 | | | | 52,062 | |
| Emporiki Bank of Greece SA | * | | | 600 | | | | 20,769 | |
| Folli-Follie SA | | 100 | | | | 2,334 | |
| Germanos SA | | 420 | | | | 10,033 | |
| Hellenic Petroleum SA | | 890 | | | | 11,793 | |
| Hellenic Technodomiki Tev SA | | 480 | | | | 4,610 | |
| Hellenic Telecommunications Organization SA | * | | | 2,130 | | | | 46,860 | |
| Intracom SA | | 500 | | | | 3,314 | |
| National Bank of Greece SA | | 3,220 | | | | 124,123 | |
| OPAP SA | | 1,960 | | | | 71,144 | |
| Piraeus Bank SA | * | | | 1,875 | | | | 44,478 | |
| Public Power Corporation | | 810 | | | | 19,139 | |
| Technical Olympic SA | | 500 | | | | 2,244 | |
| Titan Cement Company SA | | 500 | | | | 23,448 | |
| Viohalco | | 930 | | | | 8,490 | |
| | | 584,245 | |
Hong Kong—1.5% |
| Bank of East Asia Ltd. | | 14,200 | | | | 58,486 | |
| BOC Hong Kong Holdings Ltd. | | 37,500 | | | | 73,413 | |
| Cathay Pacific Airways Ltd. | | 18,000 | | | | 31,490 | |
| Cheung Kong Holdings Ltd. | | 14,000 | | | | 151,874 | |
| CLP Holdings Ltd. | | 17,000 | | | | 99,464 | |
| Esprit Holdings Ltd. | | 9,500 | | | | 77,636 | |
| Giordano International Ltd. | | 10,000 | | | | 4,735 | |
| Hang Lung Properties Ltd. | | 17,000 | | | | 30,531 | |
| Hang Seng Bank Ltd. | | 7,600 | | | | 96,233 | |
| Henderson Land Development | | 6,000 | | | | 31,198 | |
| Hong Kong & China Gas | | 36,000 | | | | 79,111 | |
Hong Kong Exchanges and
Clearing Ltd. | | 10,000 | | | | 64,381 | |
| Hong Kong Electric Holdings | | 11,500 | | | | 52,087 | |
| Hopewell Holdings Ltd. | | 5,000 | | | | 14,107 | |
| Hutchison Whampoa Ltd. | | 20,000 | | | | 182,599 | |
| Hysan Development Company Ltd. | | 7,000 | | | | 19,752 | |
| Johnson Electric Holdings Ltd. | | 10,000 | | | | 7,286 | |
| Kingboard Chemicals Holdings Company Ltd. | | 7,500 | | | | 21,132 | |
| Li & Fung Ltd. | | 17,600 | | | | 35,667 | |
| Link REIT | * | | | 25,000 | | | | 50,066 | |
| Melco International Development | | 7,000 | | | | 17,605 | |
| MTR Corporation | | 11,000 | | | | 26,627 | |
| New World Development Ltd. | | 26,600 | | | | 43,930 | |
| PCCW Ltd. | | 28,000 | | | | 20,009 | |
| Shangri-La Asia Ltd. | | 10,000 | | | | 19,275 | |
| Shun TAK Holdings, Ltd. | | 12,000 | | | | 15,717 | |
| Sino Land Company | | 8,000 | | | | 12,795 | |
| Sun Hung Kai Properties Ltd. | | 14,000 | | | | 142,903 | |
| Swire Pacific Ltd. Class A | | 9,500 | | | | 98,043 | |
| Techtronic Industries Company | | 14,500 | | | | 19,613 | |
| Television Broadcasts Ltd. | | 2,000 | | | | 12,368 | |
| Wharf Holdings Ltd. | | 10,000 | | | | 35,573 | |
| Wing Hang Bank, Ltd. | | 2,000 | | | | 17,554 | |
| | | 1,663,260 | |
See accompanying notes to financial statements.
218
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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|
| Value
|
|---|
COMMON STOCKS—(Continued)
|
Ireland—0.8% |
| Allied Irish Banks PLC | | 8,021 | | | $ | 191,713 | |
| Bank of Ireland | | 8,938 | | | | 158,652 | |
| C&C Group PLC | | 700 | | | | 6,068 | |
| C&C Group PLC | | 2,580 | | | | 22,380 | |
| CRH PLC | | 5,109 | | | | 166,119 | |
| DCC PLC | | 599 | | | | 14,385 | |
| Depfa Bank PLC | | 3,341 | | | | 55,264 | |
| Elan Corporation PLC | * | | | 4,299 | | | | 71,414 | |
| Fyffes PLC | | 2,423 | | | | 4,277 | |
| Grafton Group PLC | | 2,898 | | | | 36,467 | |
| Greencore Group PLC | | 1,189 | | | | 5,597 | |
| IAWS Group PLC | | 990 | | | | 17,472 | |
| Independent News & Media PLC | | 7,139 | | | | 20,870 | |
| Irish Life & Permanent PLC | | 2,562 | | | | 60,883 | |
| Kerry Group PLC Class A | | 1,659 | | | | 35,620 | |
| Kingspan Group PLC | | 893 | | | | 15,575 | |
| | | 882,756 | |
Italy—3.6% |
| Alleanza Assicurazioni SpA | | 4,024 | | | | 45,568 | |
| Arnoldo Mondadori Editore SpA | | 910 | | | | 8,762 | |
| Assicurazioni Generali SpA | | 9,319 | | | | 338,470 | |
| Autogrill SpA | | 999 | | | | 15,369 | |
| Autostrade SpA | | 2,698 | | | | 75,742 | |
| Banca Fideuram SpA | | 2,548 | | | | 14,801 | |
| Banca Intesa SpA | | 36,369 | | | | 211,945 | |
| Banca Intesa SpA | | 7,771 | | | | 42,016 | |
Banca Monte dei Paschi di
Siena SpA | | 10,085 | | | | 60,581 | |
| Banca Popolare di Milano Scrl | † | | | 4,385 | | | | 55,756 | |
| Banche Popolari Unite Scrl | | 3,171 | | | | 82,011 | |
Banco Popolare di Verona e
Novara Scrl | | 3,500 | | | | 93,656 | |
| Benetton Group SpA | | 478 | | | | 7,140 | |
| Bulgari SpA | † | | | 1,022 | | | | 11,563 | |
| Capitalia SpA | | 15,727 | | | | 128,666 | |
| Enel SpA | † | | | 41,921 | | | | 360,213 | |
| ENI-Ente Nazionale Idrocarburi SpA | † | | | 25,209 | | | | 739,566 | |
| Fiat SpA | * | | | 5,221 | | | | 69,213 | |
| Finmeccanica SpA | | 3,222 | | | | 71,395 | |
| Fondiaria-Sai SpA | | 790 | | | | 32,221 | |
| Gruppo Editoriale L’Espresso SpA | | 1,158 | | | | 6,171 | |
| Italcementi SpA | | 483 | | | | 12,191 | |
| Lottomatica SpA | | 540 | | | | 20,437 | |
| Luxottica Group SpA | | 1,102 | | | | 29,833 | |
| Mediaset SpA | | 6,944 | | | | 81,713 | |
| Mediobanca SpA | | 4,502 | | | | 87,961 | |
| Mediolanum SpA | | 3,095 | | | | 21,695 | |
| Pirelli & C SpA | | 36,491 | | | | 31,685 | |
| Sanpaolo IMI SpA | | 10,392 | | | | 183,499 | |
| Seat Pagine Gialle SpA | * | | | 29,520 | | | | 13,709 | |
| Snam Rete Gas SpA | | 9,347 | | | | 41,021 | |
| Telecom Italia RNC | | 56,499 | | | | 145,641 | |
| Telecom Italia SpA | † | | | 104,354 | | | | 290,072 | |
| Terna SpA | | 10,701 | | | | 28,491 | |
| Tiscali SpA | * | | | 1,909 | | | | 5,656 | |
| UniCredito Italiano SpA | † | | | 75,666 | | | | 591,073 | |
| | | 4,055,502 | |
Japan—23.7% |
| 77 Bank Ltd. (The) | | 3,000 | | | | 20,829 | |
| Access Co., Ltd. | | 2 | | | | 14,333 | |
| Acom Company Ltd. | | 590 | | | | 31,995 | |
| Aderans Company Ltd. | | 500 | | | | 13,480 | |
| Advantest Corporation | | 700 | | | | 71,535 | |
| Aeon Company Ltd. | | 6,100 | | | | 133,920 | |
| Aeon Credit Service Company Ltd. | | 900 | | | | 21,899 | |
| Aiful Corporation | | 825 | | | | 43,982 | |
| Aisin Seiki Company Ltd. | | 1,700 | | | | 50,548 | |
| Ajinomoto Company Inc. | | 6,000 | | | | 66,460 | |
| Alfresa Holdings Corporation | | 200 | | | | 12,420 | |
| All Nippon Airways Company Ltd. | | 6,000 | | | | 23,064 | |
| Alps Electric Company Ltd. | | 2,000 | | | | 24,986 | |
| Amada Company Ltd. | | 3,000 | | | | 31,478 | |
| Amano Corporation | | 1,000 | | | | 14,865 | |
| Aoyama Trading Company Ltd. | | 400 | | | | 12,519 | |
| Arrk Corp. | | 700 | | | | 16,486 | |
| Asahi Breweries Ltd. | | 3,100 | | | | 43,479 | |
| Asahi Glass Company Ltd. | | 9,000 | | | | 114,148 | |
| Asahi Kasei Corporation | | 12,000 | | | | 78,421 | |
| Asatsu-DK, Inc. | | 200 | | | | 6,463 | |
| Asics Corp. | | 1,000 | | | | 10,208 | |
| Autobacs Seven Company Ltd. | | 200 | | | | 8,708 | |
| Bank of Fukuoka Ltd. | | 5,000 | | | | 38,011 | |
| Bank of Kyoto, Ltd. (The) | | 2,000 | | | | 21,661 | |
| Bank of Yokohama Ltd. (The) | | 11,000 | | | | 84,929 | |
| Benesse Corporation | | 500 | | | | 17,244 | |
| Bridgestone Corporation | | 6,000 | | | | 115,660 | |
| Canon Sales Co., Inc. | | 900 | | | | 18,540 | |
| Canon, Inc. | | 10,500 | | | | 514,238 | |
| Casio Computer Company Ltd. | | 2,400 | | | | 45,840 | |
| Central Glass Company Ltd. | | 2,000 | | | | 11,892 | |
| Central Japan Railway Company | | 14 | | | | 139,383 | |
| Chiba Bank Ltd. (The) | | 7,000 | | | | 65,418 | |
| Chiyoda Corp. | | 2,000 | | | | 40,889 | |
Chubu Electric Power
Company, Inc. | | 6,200 | | | | 167,348 | |
Chugai Pharmaceutical
Company Ltd. | | 2,600 | | | | 53,052 | |
| Circle K Sunkus Company Ltd. | | 300 | | | | 6,481 | |
| Citizen Watch Company Ltd. | | 3,000 | | | | 27,129 | |
Coca-Cola West Japan
Company Ltd. | | 300 | | | | 6,353 | |
| COMSYS Holdings Corporation | | 1,000 | | | | 12,363 | |
| Credit Saison Company Ltd. | | 1,400 | | | | 66,287 | |
| CSK Corp. | | 500 | | | | 22,810 | |
| KDDI Corporation | | 22 | | | | 135,301 | |
| Dai Nippon Printing Company Ltd. | | 6,000 | | | | 92,707 | |
| Daicel Chemical Industries Ltd. | | 3,000 | | | | 24,580 | |
| Daido Steel Co., Ltd. | | 3,000 | | | | 23,558 | |
| Daifuku Co., Ltd. | | 1,000 | | | | 16,506 | |
| Daiichi Sankyo Co., Ltd. | | 7,002 | | | | 192,571 | |
| Daikin Industries Ltd. | | 2,200 | | | | 76,211 | |
| Daimaru, Inc. | | 2,000 | | | | 26,458 | |
| Dainippon Ink & Chemical, Inc. | | 6,000 | | | | 22,543 | |
| Dainippon Screen Manufacturing Company Ltd. | | 2,000 | | | | 18,292 | |
Daito Trust Construction
Company Ltd. | | 900 | | | | 49,893 | |
Daiwa House Industry
Company Ltd. | | 5,000 | | | | 79,901 | |
| Daiwa Securities Group, Inc. | | 12,000 | | | | 142,890 | |
| Denki Kagaku Kogyo KK | | 6,000 | | | | 24,970 | |
| Denso Corporation | | 5,000 | | | | 163,573 | |
| Dentsu, Inc. | | 16 | | | | 44,244 | |
| Dowa Mining Company Ltd. | | 3,000 | | | | 26,647 | |
| E*Trade Securities Co., Ltd. | | 12 | | | | 16,015 | |
| East Japan Railway Company | | 33 | | | | 245,170 | |
| Ebara Corporation | | 2,000 | | | | 8,541 | |
| EDION Corp. | | 900 | | | | 17,885 | |
| Eisai Company Ltd. | | 2,400 | | | | 108,029 | |
| Electric Power Development Company | | 1,440 | | | | 54,844 | |
See accompanying notes to financial statements.
219
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued)
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| Elpida Memory, Inc. | | 600 | | | $ | 22,560 | |
| Familymart Company Ltd. | | 600 | | | | 17,289 | |
| Fanuc Ltd. | | 1,700 | | | | 152,594 | |
| Fast Retailing Company Ltd. | | 500 | | | | 40,895 | |
| Fuji Electric Holdings Company Ltd. | | 4,000 | | | | 20,934 | |
| Fuji Photo Film Company Ltd. | | 4,600 | | | | 154,319 | |
| Fuji Soft ABC, Inc. | | 200 | | | | 6,610 | |
| Fujikura Ltd. | | 4,000 | | | | 44,125 | |
| Fujitsu Ltd. | | 17,000 | | | | 131,662 | |
Furukawa Electric Company
Ltd. (The) | | 6,000 | | | | 38,821 | |
| Glory, Ltd. | | 800 | | | | 15,399 | |
| Goodwill Group, Inc. (The) | | 12 | | | | 8,873 | |
| Gunma Bank Ltd. | | 3,000 | | | | 22,308 | |
| Gunze Ltd. | | 2,000 | | | | 11,912 | |
| Hakuhodo DY Holdings, Inc. | | 200 | | | | 14,720 | |
| Hankyu Department Stores, Inc. | | 1,000 | | | | 7,753 | |
| Hanshin Electric Railway Co., Ltd. | | 1,000 | | | | 7,125 | |
| Haseko Corp. | | 8,000 | | | | 27,190 | |
| Hikari Tsushin, Inc. | | 200 | | | | 10,808 | |
| Hino Motors Ltd. | | 2,000 | | | | 11,635 | |
| Hirose Electric Company Ltd. | | 330 | | | | 40,081 | |
| Hitachi Cable Ltd. | | 1,000 | | | | 4,634 | |
| Hitachi Chemical Company Ltd. | | 900 | | | | 23,592 | |
| Hitachi Construction Machinery Company Ltd. | | 1,000 | | | | 24,108 | |
| Hitachi Credit Corporation | | 400 | | | | 6,997 | |
| Hitachi High-Technologies Corp. | | 700 | | | | 21,312 | |
| Hitachi Ltd. | | 33,000 | | | | 217,869 | |
Hokkaido Electric Power
Company, Inc. | | 1,800 | | | | 42,708 | |
| Hokugin Financial Group, Inc. | | 12,000 | | | | 50,041 | |
| Honda Motor Company Ltd. | | 15,200 | | | | 482,478 | |
| House Foods Corporation | | 500 | | | | 7,553 | |
| Hoya Corporation | | 4,000 | | | | 142,301 | |
| Ibiden Co., Ltd. | | 1,200 | | | | 57,704 | |
| Index Corp. | | 9 | | | | 8,903 | |
| Inpex Holdings, Inc. | | 8 | | | | 70,555 | |
| Isetan Company Ltd. | | 1,400 | | | | 23,827 | |
| Ishikawajima-Harima Heavy Industries Company Ltd. | | 11,000 | | | | 34,819 | |
| Ito En Ltd. | | 800 | | | | 29,225 | |
| Itochu Corporation | | 14,000 | | | | 123,127 | |
| Itochu Techno-Science Corporation | | 300 | | | | 13,830 | |
| Jafco Company Ltd. | * | | | 400 | | | | 24,047 | |
| Japan Airlines System Corporation | *† | | | 5,000 | | | | 12,533 | |
Japan Prime Realty Investment
Corp. REIT | | 5 | | | | 15,032 | |
| Japan Real Estate Investment Corporation REIT | | 4 | | | | 35,614 | |
| Japan Retail Fund Investment Corporation REIT | | 2 | | | | 15,723 | |
| Japan Steel Works, Ltd. (The) | | 4,000 | | | | 27,411 | |
| Japan Tobacco, Inc. | | 44 | | | | 160,575 | |
| JFE Holdings, Inc. | | 5,500 | | | | 233,354 | |
| JGC Corporation | | 2,000 | | | | 34,408 | |
| Joyo Bank Ltd. | | 6,000 | | | | 36,455 | |
| JSR Corporation | | 1,700 | | | | 43,002 | |
| Kajima Corporation | | 9,000 | | | | 41,273 | |
Kaken Pharmaceutical
Company Ltd. | | 1,000 | | | | 7,500 | |
| Kamigumi Company Ltd. | | 2,000 | | | | 15,195 | |
| Kaneka Corporation | | 3,000 | | | | 27,257 | |
Kansai Electric Power Company,
Inc. (The) | | 7,200 | | | | 160,999 | |
| Kansai Paint Company Ltd. | | 2,000 | | | | 15,983 | |
| Kao Corporation | | 5,000 | | | | 130,786 | |
| Katokichi Company Ltd. | | 900 | | | | 9,054 | |
| Kawasaki Heavy Industries Ltd. | | 13,000 | | | | 43,773 | |
| Kawasaki Kisen Kaisha Ltd. | † | | | 6,000 | | | | 34,705 | |
| Keihin Electric Express Railway Company Ltd. | | 4,000 | | | | 28,301 | |
| Keio Electric Railway Company Ltd. | | 5,000 | | | | 32,380 | |
| Keisei Electric Railway Co., Ltd. | | 2,000 | | | | 11,286 | |
| Keyence Corporation | | 330 | | | | 84,144 | |
| Kikkoman Corporation | | 2,000 | | | | 24,909 | |
| Kinden Corporation | | 1,000 | | | | 8,565 | |
Kinki Nippon Railway
Company Ltd. | | 15,000 | | | | 49,993 | |
| Kirin Brewery Company Ltd. | | 8,000 | | | | 125,762 | |
| KK DaVinci Advisors | | 13 | | | | 12,861 | |
| Kobe Steel Ltd. | | 25,000 | | | | 78,211 | |
| Kokusai Securities Company Ltd. | | 3,000 | | | | 38,881 | |
| Kokuyo Company Ltd. | | 700 | | | | 11,693 | |
| Komatsu Ltd. | | 9,000 | | | | 178,966 | |
| Komori Corporation | | 430 | | | | 9,154 | |
| Konami Corporation | | 1,200 | | | | 26,478 | |
| Konica Corporation | * | | | 4,500 | | | | 56,900 | |
| Kose Corporation | | 400 | | | | 12,586 | |
| Koyo Seiko Company Ltd. | | 2,000 | | | | 38,650 | |
| Kubota Corporation | | 10,000 | | | | 95,073 | |
| Kuraray Company Ltd. | | 4,000 | | | | 44,742 | |
| Kuraya Sanseido, Inc. | | 1,400 | | | | 24,982 | |
| Kurita Water Industries Ltd. | | 1,500 | | | | 30,795 | |
| Kyocera Corporation | | 1,500 | | | | 116,261 | |
| Kyowa Hakko Kogyo Company Ltd. | | 3,000 | | | | 20,209 | |
Kyushu Electric Power
Company Inc. | | 3,600 | | | | 83,655 | |
| Lawson, Inc. | | 500 | | | | 18,209 | |
| Leopalace21 Corporation | | 1,000 | | | | 34,425 | |
| Mabuchi Motor Company Ltd. | | 400 | | | | 23,892 | |
| Makita Corporation | | 1,000 | | | | 31,514 | |
| Marubeni Corporation | | 13,000 | | | | 69,420 | |
| Marui Company Ltd. | | 2,800 | | | | 43,640 | |
| Matsui Securities Co., Ltd. | * | | | 1,100 | | | | 10,428 | |
| Matsumotokiyoshi Company Ltd. | | 300 | | | | 7,608 | |
| Matsushita Electric Industrial Company Ltd. | | 19,000 | | | | 400,868 | |
| Matsushita Electric Works Ltd. | | 4,000 | | | | 44,464 | |
| Meiji Dairies Corporation | | 2,000 | | | | 13,956 | |
| Meiji Seika Kaisha Ltd. | | 2,000 | | | | 10,186 | |
| Meitec Corporation | | 300 | | | | 9,774 | |
| Millea Holdings, Inc. | | 14 | | | | 260,427 | |
| Minebea Company Ltd. | | 3,000 | | | | 16,348 | |
Mitsubishi Chemical
Holdings Corp. | * | | | 12,000 | | | | 74,972 | |
| Mitsubishi Corporation | | 13,200 | | | | 264,192 | |
| Mitsubishi Electric Corporation | | 18,000 | | | | 144,189 | |
| Mitsubishi Estate Company Ltd. | | 11,000 | | | | 233,931 | |
Mitsubishi Gas Chemical
Company, Inc. | | 4,000 | | | | 45,978 | |
| Mitsubishi Heavy Industries Ltd. | | 32,000 | | | | 138,160 | |
| Mitsubishi Logistics Corporation | | 1,000 | | | | 15,623 | |
| Mitsubishi Materials Corporation | | 8,000 | | | | 34,194 | |
| Mitsubishi Rayon Company Ltd. | | 5,000 | | | | 40,713 | |
Mitsubishi UFJ Financial
Group, Inc. | | 84 | | | | 1,176,684 | |
| Mitsui & Company Ltd. | | 15,000 | | | | 211,935 | |
| Mitsui Chemicals, Inc. | | 6,000 | | | | 39,185 | |
| Mitsui Engineering & Shipbuilding Company Ltd. | | 6,000 | | | | 18,374 | |
| Mitsui Fudosan Company Ltd. | | 8,000 | | | | 173,741 | |
| Mitsui Mining & Smelting Company Ltd. | | 6,000 | | | | 35,481 | |
See accompanying notes to financial statements.
220
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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COMMON STOCKS—(Continued)
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| Mitsui O.S.K. Lines Ltd. | | 10,000 | | | $ | 68,048 | |
| Mitsui Sumitomo Insurance Company Ltd. | | 12,000 | | | | 150,415 | |
| Mitsui Trust Holdings, Inc. | | 5,000 | | | | 59,854 | |
| Mitsukoshi Ltd. | | 3,000 | | | | 13,716 | |
| Mitsumi Electric Company Ltd. | | 400 | | | | 4,730 | |
| Mizuho Financial Group, Inc. | | 93 | | | | 788,169 | |
Murata Manufacturing
Company Ltd. | | 1,900 | | | | 123,367 | |
| NEC Corporation | | 19,000 | | | | 101,265 | |
| NTT DoCoMo, Inc. | | 183 | | | | 267,549 | |
| Namco Bandai Holdings, Inc. | | 2,250 | | | | 34,251 | |
| NEC Electronics Corporation | * | | | 300 | | | | 9,612 | |
| NET One Systems Company Ltd. | | 4 | | | | 7,456 | |
| NGK Insulators Ltd. | | 3,000 | | | | 35,104 | |
| NGK Spark Plug Company Ltd. | | 2,000 | | | | 40,203 | |
| NHK Spring Co., Ltd. | | 2,000 | | | | 23,019 | |
| Nichirei Company | | 2,000 | | | | 10,700 | |
| Nidec Corporation | | 1,000 | | | | 71,695 | |
| Nikko Cordial Corporation | | 7,500 | | | | 95,751 | |
| Nikon Corporation | † | | | 3,000 | | | | 52,447 | |
| Nintendo Company Ltd. | | 1,000 | | | | 167,905 | |
| Nippon Building Fund, Inc. REIT | | 5 | | | | 48,413 | |
| Nippon Electric Glass Company Ltd. | | 2,000 | | | | 40,042 | |
| Nippon Express Company Ltd. | | 7,000 | | | | 37,848 | |
| Nippon Kayaku Company Ltd. | | 3,000 | | | | 24,997 | |
| Nippon Light Metal Company Ltd. | | 3,000 | | | | 8,219 | |
| Nippon Meat Packers, Inc. | | 2,000 | | | | 23,172 | |
| Nippon Mining Holdings, Inc. | | 7,500 | | | | 63,263 | |
| Nippon Oil Corporation | | 12,000 | | | | 87,744 | |
| Nippon Sanso Corporation | | 2,000 | | | | 15,855 | |
| Nippon Sheet Glass Company Ltd. | | 3,000 | | | | 16,681 | |
| Nippon Shokubai Company Ltd. | | 1,000 | | | | 12,239 | |
| Nippon Steel Corporation | * | | | 60,000 | | | | 227,211 | |
| Nippon Telegraph & Telephone Corporation | | 51 | | | | 248,838 | |
| Nippon Unipac Holding | | 10 | | | | 40,866 | |
| Nippon Yusen Kabushiki Kaisha | | 10,000 | | | | 65,035 | |
Nishimatsu Construction
Company Ltd. | | 2,000 | | | | 7,454 | |
| Nishi-Nippon City Bank, Ltd. (The) | | 4,000 | | | | 19,159 | |
| Nissan Chemical Industries Ltd. | | 2,000 | | | | 24,974 | |
| Nissan Motor Company Ltd. | | 22,100 | | | | 241,156 | |
| Nisshin Seifun Group, Inc. | | 2,200 | | | | 24,534 | |
| Nisshin Steel Company Ltd. | | 8,000 | | | | 25,736 | |
| Nisshinbo Industries, Inc. | | 1,000 | | | | 10,934 | |
| Nissin Food Products Company Ltd. | | 1,100 | | | | 38,824 | |
| Nitori Company Ltd. | | 300 | | | | 14,590 | |
| Nitto Denko Corporation | | 1,500 | | | | 106,792 | |
| NOK Corporation | | 1,100 | | | | 31,918 | |
| Nomura Holdings, Inc. | | 17,200 | | | | 322,799 | |
| Nomura Real Estate Office Fund, Inc. REIT | | 2 | | | | 15,829 | |
| Nomura Research Institute Ltd. | | 270 | | | | 33,379 | |
| NSK Ltd. | | 4,000 | | | | 33,184 | |
| NTN Corporation | | 4,000 | | | | 31,667 | |
| NTT Data Corporation | | 13 | | | | 56,365 | |
| NTT Urban Development Corp. | | 2 | | | | 15,647 | |
| Obayashi Corporation | | 6,000 | | | | 41,233 | |
| Obic Company Ltd. | | 100 | | | | 20,179 | |
Odakyu Electric Railway
Company Ltd. | | 6,000 | | | | 38,655 | |
| Oji Paper Company Ltd. | | 8,000 | | | | 45,482 | |
| Oki Electric Industry Company Ltd. | | 4,000 | | | | 9,418 | |
| Okuma Corp. | | 2,000 | | | | 22,585 | |
| Okumura Corporation | | 2,000 | | | | 11,094 | |
| Olympus Corporation | | 2,000 | | | | 53,446 | |
| Omron Corporation | | 2,000 | | | | 50,859 | |
| Onward Kashiyama Company Ltd. | | 2,000 | | | | 30,755 | |
| Oracle Corporation | | 300 | | | | 14,038 | |
| Oriental Land Company Ltd. | | 400 | | | | 22,506 | |
| ORIX Corporation | | 840 | | | | 204,827 | |
| Osaka Gas Company Ltd. | | 19,000 | | | | 61,054 | |
| OSG Corp. | | 900 | | | | 15,152 | |
| Otsuka Corp. | | 200 | | | | 22,538 | |
| Park24 Co., Ltd. | | 600 | | | | 17,708 | |
| Pioneer Corporation | | 1,200 | | | | 19,318 | |
| Promise Company Ltd. | | 710 | | | | 41,110 | |
| Q.P. Corporation | | 800 | | | | 7,593 | |
| Rakuten, Inc. | | 56 | | | | 33,340 | |
| Resona Holdings, Inc. | * | | | 42 | | | | 132,551 | |
| Ricoh Company Ltd. | | 7,000 | | | | 137,222 | |
| Rinnai Corporation | | 300 | | | | 7,954 | |
| Rohm Company Ltd. | | 1,000 | | | | 89,431 | |
| Round One Corp. | | 4 | | | | 14,283 | |
| Ryohin Keikaku Company Ltd. | | 200 | | | | 16,433 | |
| Sanken Electric Company Ltd. | | 1,000 | | | | 12,704 | |
| Sankyo Company Ltd. | | 600 | | | | 38,058 | |
Santen Pharmaceutical
Company Ltd. | | 700 | | | | 16,631 | |
| Sanwa Shutter Corporation | | 1,000 | | | | 5,887 | |
| Sanyo Electric Company Ltd. | | 18,000 | | | | 38,666 | |
| Sapporo Breweries Ltd. | | 4,000 | | | | 20,230 | |
| Sapporo Hokuyo Holdings, Inc. | | 3 | | | | 31,657 | |
| SBI Holdings, Inc. | | 70 | | | | 30,929 | |
| Secom Company Ltd. | | 2,000 | | | | 94,474 | |
| Sega Sammy Holdings, Inc. | | 1,848 | | | | 68,472 | |
| Seiko Epson Corporation | | 1,300 | | | | 35,374 | |
| Seino Transportation Company Ltd. | | 1,000 | | | | 10,561 | |
| Sekisui Chemical Company Ltd. | | 4,000 | | | | 34,535 | |
| Sekisui House Ltd. | | 5,000 | | | | 68,565 | |
| Seven & I Holdings Co., Ltd. | | 7,540 | | | | 248,429 | |
| Sharp Corporation | | 10,000 | | | | 157,978 | |
| Shimachu Company Ltd. | | 600 | | | | 15,676 | |
| Shimamura Company Ltd. | | 200 | | | | 21,928 | |
| Shimano, Inc. | | 1,000 | | | | 30,567 | |
| Shimizu Corporation | | 6,000 | | | | 33,561 | |
| Shin-Etsu Chemical Company Ltd. | | 3,800 | | | | 206,540 | |
| Shinko Electric Industries | | 800 | | | | 23,191 | |
| Shinko Securities Co., Ltd. | | 4,000 | | | | 16,935 | |
| Shinsei Bank Ltd. | | 13,000 | | | | 82,334 | |
| Shionogi & Company Ltd. | | 3,000 | | | | 53,527 | |
| Shiseido Company Ltd. | | 4,000 | | | | 78,426 | |
| Shizuoka Bank Ltd. | | 5,000 | | | | 53,915 | |
| Shohkoh Fund & Company Ltd. | | 70 | | | | 15,932 | |
| Showa Denko KK | | 9,000 | | | | 40,033 | |
| Showa Shell Sekiyu KK | | 1,400 | | | | 16,435 | |
| Skylark Company Ltd. | | 500 | | | | 10,934 | |
| SMC Corporation | | 500 | | | | 70,786 | |
| Softbank Corporation | *† | | | 7,300 | | | | 163,571 | |
| Sojitz Corporation | * | | | 4,400 | | | | 17,386 | |
| Sompo Japan Insurance, Inc. | | 8,000 | | | | 111,563 | |
| Sony Corporation | | 9,700 | | | | 427,374 | |
| Stanley Electric Company Ltd. | | 1,400 | | | | 28,924 | |
| Sumco Corp. | | 400 | | | | 22,806 | |
| Sumitomo Bakelite Company Ltd. | | 2,000 | | | | 18,801 | |
| Sumitomo Chemical Company Ltd. | | 14,000 | | | | 116,737 | |
| Sumitomo Corporation | | 10,000 | | | | 132,111 | |
| Sumitomo Electric Industries Ltd. | | 6,800 | | | | 99,533 | |
| Sumitomo Heavy Industries Ltd. | | 5,000 | | | | 46,167 | |
| Sumitomo Metal Industries Ltd. | | 38,000 | | | | 156,890 | |
Sumitomo Metal Mining
Company Ltd. | | 5,000 | | | | 65,473 | |
See accompanying notes to financial statements.
221
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
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COMMON STOCKS—(Continued)
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Sumitomo Mitsui Financial
Group, Inc. | | 57 | | | $ | 603,199 | |
Sumitomo Osaka Cement
Company Ltd. | | 4,000 | | | | 12,309 | |
| Sumitomo Realty & Development Company Ltd. | | 4,000 | | | | 98,632 | |
| Sumitomo Rubber Industries, Inc. | | 1,900 | | | | 20,911 | |
| Sumitomo Titanium Corp. | | 100 | | | | 15,863 | |
| Sumitomo Trust & Banking Company Ltd. (The) | | 12,000 | | | | 131,286 | |
| Suruga Bank Ltd. (The) | | 2,000 | | | | 27,062 | |
| Suzuken Company Ltd. | | 960 | | | | 38,059 | |
| T&D Holdings, Inc. | | 2,200 | | | | 177,235 | |
| TDK Corporation | | 1,300 | | | | 98,499 | |
| Taiheiyo Cement Corporation | | 9,000 | | | | 33,192 | |
| Taisei Corporation | | 9,000 | | | | 32,858 | |
Taisho Pharmaceutical
Company Ltd. | | 1,300 | | | | 25,464 | |
| Taiyo Yuden Company Ltd. | | 1,000 | | | | 12,682 | |
| Takara Holdings, Inc. | | 2,000 | | | | 11,682 | |
| Takashimaya Company Ltd. | | 3,000 | | | | 37,648 | |
| Takeda Chemical Industries Ltd. | | 8,620 | | | | 536,200 | |
| Takefuji Corporation | | 1,040 | | | | 61,946 | |
| Tanabe Seiyaju Company Ltd. | | 2,000 | | | | 24,646 | |
| Teijin Ltd. | | 8,000 | | | | 50,802 | |
| Terumo Corporation | | 1,500 | | | | 50,065 | |
| THK Company Ltd. | | 1,000 | | | | 29,840 | |
| TIS, Inc. | | 300 | | | | 8,388 | |
| Tobu Railway Company Ltd. | | 8,000 | | | | 38,130 | |
| Toda Corporation | | 2,000 | | | | 9,661 | |
| Toho Company Ltd. | | 1,200 | | | | 24,003 | |
| Toho Titanium Co., Ltd. | | 300 | | | | 16,226 | |
| Tohoku Electric Power Company Inc. | | 4,000 | | | | 87,648 | |
| Tokai Rika Co., Ltd. | | 700 | | | | 15,436 | |
| Tokuyama Corp. | | 2,000 | | | | 29,739 | |
| Tokyo Broadcasting System | | 200 | | | | 4,813 | |
Tokyo Electric Power Company,
Inc. (The) | | 11,200 | | | | 309,237 | |
| Tokyo Electron Ltd. | | 1,500 | | | | 104,743 | |
| Tokyo Gas Company Ltd. | † | | | 21,000 | | | | 98,899 | |
| Tokyo Seimitsu Company Ltd. | | 400 | | | | 20,749 | |
| Tokyo Steel Manufacturing Co., Ltd. | | 1,300 | | | | 28,469 | |
| Tokyo Style Company Ltd. | | 1,000 | | | | 11,895 | |
| Tokyo Tatemono Co., Ltd. | | 2,000 | | | | 21,435 | |
| Tokyu Corporation | † | | | 10,000 | | | | 58,455 | |
| Tokyu Land Corporation | | 4,000 | | | | 31,142 | |
| TonenGeneral Sekiyu KK | † | | | 3,000 | | | | 30,833 | |
| Toppan Printing Company Ltd. | | 6,000 | | | | 67,700 | |
| Toray Industries, Inc. | | 13,000 | | | | 112,740 | |
| Toshiba Corporation | | 27,000 | | | | 176,172 | |
| Tosoh Corporation | | 4,000 | | | | 15,940 | |
| Tostem Inax Holding Corporation | | 2,900 | | | | 60,923 | |
| Toto Ltd. | | 3,000 | | | | 28,618 | |
| Toyo Seikan Kaisha Ltd. | | 1,600 | | | | 29,029 | |
| Toyo Suisan Kaisha Ltd. | | 1,000 | | | | 15,654 | |
| Toyobo Company Ltd. | | 4,000 | | | | 11,330 | |
| Toyoda Gosei Company Ltd. | | 500 | | | | 10,039 | |
| Toyota Industries Corporation | | 2,000 | | | | 79,009 | |
| Toyota Motor Corporation | | 27,900 | | | | 1,457,155 | |
| Toyota Tsusho Corp. | | 2,000 | | | | 48,027 | |
| Trend Micro, Inc. | | 1,000 | | | | 33,736 | |
| Ube Industries Ltd. | | 9,000 | | | | 26,035 | |
| Uni-Charm Corporation | | 500 | | | | 27,624 | |
| Uniden Corp. | | 1,000 | | | | 11,094 | |
| UNY Company Ltd. | | 2,000 | | | | 29,476 | |
| Ushio, Inc. | | 1,000 | | | | 21,128 | |
| USS Company Ltd. | | 200 | | | | 13,208 | |
| Wacoal Corp. | | 1,000 | | | | 13,984 | |
| West Japan Railway Company | | 17 | | | | 70,443 | |
| Yahoo Japan Corporation | | 152 | | | | 80,499 | |
| Yakult Honsha Company Ltd. | | 1,000 | | | | 27,137 | |
| Yamada Denki Company Ltd. | | 700 | | | | 71,270 | |
| Yamaha Corporation | | 1,400 | | | | 26,303 | |
| Yamaha Motor Company Ltd. | | 1,800 | | | | 47,130 | |
| Yamanouchi Pharmaceutical Company Ltd. | | 5,375 | | | | 197,446 | |
| Yamato Transport Company Ltd. | | 4,000 | | | | 70,929 | |
| Yamazaki Baking Company Ltd. | | 1,000 | | | | 8,954 | |
| Yaskawa Electric Corp. | * | | | 2,000 | | | | 23,289 | |
| Yokogawa Electric Corporation | | 2,000 | | | | 28,547 | |
| Zeon Corporation | | 2,000 | | | | 23,841 | |
| | | 26,615,886 | |
Luxembourg—0.3% |
| Arcelor | | 4,870 | | | | 235,408 | |
| Arcelor NPV | | 448 | | | | 21,737 | |
| Stolt Offshore SA | * | | | 1,569 | | | | 23,973 | |
| | | 281,118 | |
Netherlands—4.6% |
| ABN AMRO Holding NV | | 17,609 | | | | 481,654 | |
| ASM Lithography Holdings NV | * | | | 4,761 | | | | 96,154 | |
| Aegon NV | | 13,445 | | | | 229,244 | |
| Akzo Nobel NV | | 2,548 | | | | 137,079 | |
| Buhrmann NV | | 1,100 | | | | 15,929 | |
| Corio NV | | 334 | | | | 20,752 | |
| DSM NV | | 1,430 | | | | 59,423 | |
| Euronext NV | | 853 | | | | 79,943 | |
| European Aeronautic Defense and Space Company | † | | | 3,116 | | | | 89,278 | |
| Fugro NV | | 580 | | | | 24,956 | |
| Getronics NV | | 1,442 | | | | 15,470 | |
| Hagemeyer NV | * | | | 5,005 | | | | 23,029 | |
| Heineken NV | | 2,307 | | | | 97,630 | |
| ING Groep NV | | 18,152 | | | | 711,740 | |
| James Hardie Industries NV | | 4,228 | | | | 24,094 | |
| Royal KPN NV | | 18,953 | | | | 212,735 | |
| Koninklijke Ahold NV | * | | | 14,802 | | | | 128,027 | |
| Koninklijke Philips Electronics NV | | 12,277 | | | | 382,002 | |
| Oce NV | | 599 | | | | 8,784 | |
| Qiagen NV | *† | | | 1,090 | | | | 14,676 | |
| Randstad Holding NV | | 420 | | | | 24,579 | |
| Reed Elsevier NV | | 6,621 | | | | 99,118 | |
| Rodamco Europe NV | | 552 | | | | 54,028 | |
| Royal Dutch Shell PLC—Class A | | 38,042 | | | | 1,277,733 | |
| Royal Numico NV | * | | | 1,613 | | | | 72,262 | |
| SBM Offshore NV | | 1,476 | | | | 39,236 | |
| STMicroelectronics NV | | 6,765 | | | | 108,508 | |
| TNT NV | | 3,934 | | | | 140,580 | |
| Unilever NV | | 16,678 | | | | 377,246 | |
| Vedior NV | | 1,538 | | | | 32,240 | |
| Wereldhave NV | | 171 | | | | 16,592 | |
| Wolters Kluwer NV | | 2,489 | | | | 58,686 | |
| | | 5,153,407 | |
New Zealand—0.1% |
| Auckland International Airport Ltd. | | 8,084 | | | | 10,669 | |
| Contact Energy Ltd. | | 2,322 | | | | 10,052 | |
Fisher & Paykel Appliances
Holdings Ltd. | | 1,564 | | | | 4,384 | |
| Fisher & Paykel Healthcare Corporation | | 3,856 | | | | 10,116 | |
| Fletcher Building Ltd. | | 4,375 | | | | 24,334 | |
See accompanying notes to financial statements.
222
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued)
|
| Sky City Entertainment Group Ltd. | | 3,619 | | | $ | 11,876 | |
| Sky Network Television Ltd. | | 1,544 | | | | 5,395 | |
| Telecom Corporation of New Zealand Ltd. | † | | | 20,980 | | | | 51,571 | |
| Tower Ltd. | * | | | 1,898 | | | | 3,969 | |
| Vector Ltd. | * | | | 1,296 | | | | 1,922 | |
| Warehouse Group Ltd. | | 1,485 | | | | 4,478 | |
| Waste Management NZ Ltd. | ‡ | | | 778 | | | | 4,087 | |
| | | 142,853 | |
Norway—0.7% |
| Aker Kvaerner ASA | | 240 | | | | 22,522 | |
| DET Norske Oljeselskap | | 7,200 | | | | 14,454 | |
| DNB NOR ASA | | 6,578 | | | | 81,749 | |
| Norsk Hydro ASA | | 6,440 | | | | 170,773 | |
| Norske Skogindustrier ASA | | 2,416 | | | | 35,388 | |
| Orkla ASA | | 1,794 | | | | 83,025 | |
| Petrojarl ASA | | 564 | | | | 3,714 | |
| Petroleum Geo-Services ASA | * | | | 564 | | | | 34,163 | |
| ProSafe ASA | | 320 | | | | 19,540 | |
| Schibsted ASA | | 967 | | | | 25,735 | |
| Statoil ASA | | 6,034 | | | | 171,972 | |
| Storebrand | | 2,060 | | | | 21,259 | |
| Tandberg ASA | | 985 | | | | 8,138 | |
| Telenor ASA | | 6,900 | | | | 83,348 | |
| TGS Nopec Geophysical Co. ASA | | 400 | | | | 7,087 | |
| Tomra Systems ASA | | 1,398 | | | | 11,337 | |
| Yara International ASA | † | | | 2,625 | | | | 34,983 | |
| | | 829,187 | |
Portugal—0.3% |
| Banco BPI SA | | 2,502 | | | | 19,005 | |
Banco Comercial Portugues SA
Class R | | 17,800 | | | | 50,506 | |
| Banco Espirito Santo SA | * | | | 2,116 | | | | 28,483 | |
| Brisa-Auto Estradas de Portugal SA | | 2,875 | | | | 29,921 | |
| Cimpor Cimentos de Portugal SA | | 1,457 | | | | 9,691 | |
| Electricidade de Portugal SA | | 17,328 | | | | 68,071 | |
| Jeronimo Martins SGPS SA | | 328 | | | | 5,596 | |
| Portugal Telecom SGPS SA | | 7,601 | | | | 91,620 | |
| PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA | | 624 | | | | 7,212 | |
| Sonae SGPS SA | | 7,461 | | | | 11,144 | |
| | | 321,249 | |
Singapore—0.7% |
| Allgreen Properties Ltd. | | 4,000 | | | | 3,190 | |
| Ascendas Real Estate Investment Trust REIT | | 7,300 | | | | 8,880 | |
| Capitaland Ltd. | | 8,000 | | | | 22,820 | |
| CapitaMall Trust REIT | | 5,000 | | | | 6,691 | |
| Chartered Semiconductor Manufacturing Ltd. | * | | | 7,000 | | | | 6,067 | |
| City Developments Ltd. | | 5,000 | | | | 29,641 | |
| ComfortDelgro Corporation Ltd. | | 15,000 | | | | 14,509 | |
| Creative Technology Ltd | | 400 | | | | 2,224 | |
| DBS Group Holdings Ltd. | | 10,000 | | | | 114,213 | |
| Fraser and Neave, Ltd. | | 10,000 | | | | 25,341 | |
| Jardine Cycle & Carriage Ltd. | | 1,000 | | | | 6,321 | |
| Keppel Corporation Ltd. | | 5,000 | | | | 46,486 | |
| Keppel Land Ltd. | | 4,000 | | | | 10,242 | |
| Neptune Orient Lines Ltd. | | 4,000 | | | | 4,583 | |
| Oversea-Chinese Banking Corp. | | 21,600 | | | | 90,060 | |
| Parkway Holdings Ltd. | | 3,000 | | | | 4,694 | |
| SembCorp Industries, Ltd. | | 10,340 | | | | 21,188 | |
| SembCorp Marine Ltd. | | 4,000 | | | | 7,597 | |
| Singapore Airlines Ltd. | | 5,000 | | | | 40,100 | |
| Singapore Exchange Ltd. | | 6,000 | | | | 13,308 | |
| Singapore Land Ltd. | | 1,000 | | | | 3,973 | |
| Singapore Post Ltd. | | 10,000 | | | | 6,824 | |
| Singapore Press Holdings Ltd. | | 13,500 | | | | 35,141 | |
Singapore Technologies
Engineering Ltd. | | 12,000 | | | | 21,942 | |
| Singapore Telecommunications Ltd. | | 69,220 | | | | 111,144 | |
| SMRT Corp Ltd. | | 6,000 | | | | 4,242 | |
| ST Assembly Test Services Ltd. | * | | | 7,000 | | | | 4,447 | |
| Suntec REIT | | 5,000 | | | | 3,915 | |
| United Overseas Bank Ltd. | | 10,000 | | | | 98,424 | |
| United Overseas Land Ltd. | | 3,000 | | | | 5,432 | |
| Venture Corporation Ltd. | | 2,000 | | | | 13,407 | |
| | | 787,046 | |
Spain—3.8% |
| Abertis Infraestructuras SA | | 2,325 | | | | 54,389 | |
| Acciona SA | | 264 | | | | 40,911 | |
| Acerinox SA | | 1,463 | | | | 25,340 | |
| ACS Actividades Construccion y Servicios | | 2,323 | | | | 96,685 | |
| Altadis SA | | 2,733 | | | | 128,895 | |
| Antena 3 de Television SA | | 1,163 | | | | 26,533 | |
| Banco Bilbao Vizcaya Argentaria SA | | 32,849 | | | | 675,124 | |
| Banco Popular Espanol SA | | 7,963 | | | | 118,589 | |
Banco Santander Central
Hispano SA | | 57,509 | | | | 839,326 | |
Cintra Concesiones de Infraestructuras de
Transporte SA | * | | | 1,515 | | | | 19,756 | |
| Corporacion Mapfre SA | | 836 | | | | 15,419 | |
| Ebro Puleva SA | | 982 | | | | 20,125 | |
| Endesa SA | | 9,285 | | | | 322,215 | |
| Fadesa SA | | 570 | | | | 19,498 | |
| Fomento de Construcciones Y Contratas SA | | 370 | | | | 28,080 | |
| Gamesa Corporation Tecnologica SA | | 1,999 | | | | 42,733 | |
| Gas Natural SDG SA | | 1,913 | | | | 58,350 | |
| Grupo Ferrovial SA | | 575 | | | | 43,798 | |
| Iberdrola SA | | 7,584 | | | | 260,684 | |
| Iberia Lineas Aereas de Espana | | 3,530 | | | | 9,096 | |
| Inditex SA | | 2,220 | | | | 93,478 | |
| Indra Sistemas SA | | 1,576 | | | | 30,884 | |
| Inmobiliaria Colonial | | 280 | | | | 22,207 | |
| Metrovacesa SA | | 558 | | | | 50,325 | |
| NH Hoteles SA | | 1,493 | | | | 26,729 | |
| Promotora de Informaciones SA | | 1,051 | | | | 16,836 | |
| Repsol YPF SA | | 8,946 | | | | 255,884 | |
| Sacyr Vallehermoso SA | | 976 | | | | 32,555 | |
| Sacyr Vallehermoso SA, Temporary Shares | ‡ | | | 36 | | | | 1,201 | |
| Sociedad General de Aguas de Barcelona SA Class B | | 937 | | | | 25,986 | |
| Sogecable SA | * | | | 245 | | | | 7,024 | |
Telefonica Publicidad e
Informacion SA | | 2,406 | | | | 25,998 | |
| Telefonica SA | | 43,201 | | | | 717,244 | |
| Union Fenosa SA | | 1,695 | | | | 65,549 | |
| Zeltia SA | | 1,200 | | | | 8,807 | |
| | | 4,226,253 | |
Sweden—2.2% |
| Alfa Laval AB | | 908 | | | | 27,225 | |
| Assa Abloy AB Class B | | 3,382 | | | | 56,731 | |
| Atlas Copco AB—Class A | | 3,347 | | | | 92,967 | |
| Atlas Copco AB—Class B | | 1,806 | | | | 46,878 | |
See accompanying notes to financial statements.
223
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
|
|
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|
|
|
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| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued)
|
| Axfood AB | | 275 | | | $ | 7,891 | |
| Billerud AB | | 333 | | | | 4,399 | |
| Boliden AB | | 2,800 | | | | 51,356 | |
| Capio AB | * | | | 590 | | | | 10,559 | |
| Castellum AB | | 1,188 | | | | 12,135 | |
| D Carnegie AB | | 350 | | | | 6,389 | |
| Electrolux AB Class B | | 2,441 | | | | 35,122 | |
| Elekta AB—Class B | | 525 | | | | 8,866 | |
| Eniro AB | | 1,320 | | | | 13,843 | |
| Fabege AG | * | | | 650 | | | | 12,073 | |
| Getinge AB | | 1,588 | | | | 26,942 | |
| Hennes & Mauritz AB Class B | | 4,446 | | | | 171,718 | |
| Hoganas AB Class B | | 196 | | | | 4,859 | |
| Holmen AB Class B | | 441 | | | | 17,749 | |
| Husqvarna AB | | 2,441 | | | | 29,350 | |
| Kungsleden AB | | 1,110 | | | | 12,976 | |
| Lundin Petroleum AB | * | | | 1,245 | | | | 15,030 | |
| Modern Times Group AB, Redemption Shares | ‡ | | | 430 | | | | 1,469 | |
Modern Times Group AB—
Class B | | 430 | | | | 22,543 | |
| Nobia AB | | 600 | | | | 19,439 | |
| Nordea Bank AB | | 21,240 | | | | 252,625 | |
| OMHEX AB | * | | | 585 | | | | 10,424 | |
| Oriflame Cosmetics SA SDR | | 210 | | | | 6,967 | |
| Sandvik AB | | 9,365 | | | | 108,701 | |
| SAS AB | * | | | 478 | | | | 5,013 | |
| Scania AB Class B | | 904 | | | | 40,952 | |
| Securitas AB Class B | | 3,488 | | | | 66,721 | |
Skandinaviska Enskilda Banken
AB Class A | | 4,330 | | | | 102,874 | |
| Skanska AB Class B | | 3,312 | | | | 50,931 | |
| SKF AB | | 3,932 | | | | 61,854 | |
| Ssab Svenskt Stal AB—Class A | | 1,401 | | | | 27,812 | |
| Ssab Svenskt Stal AB—Class B | | 669 | | | | 12,591 | |
| Svenska Cellulosa AB Class B | | 1,710 | | | | 70,420 | |
| Svenska Handelsbanken AB Class A | | 4,906 | | | | 126,066 | |
| Swedish Match AB | | 2,919 | | | | 46,899 | |
| Tele2 AB—Class B | | 2,595 | | | | 26,153 | |
| Telefonaktiebolaget LM Ericsson Class B | | 144,171 | | | | 474,585 | |
| TeliaSonera AB | | 17,429 | | | | 98,606 | |
| Trelleborg AB Class B | | 695 | | | | 11,823 | |
| Volvo AB Class A | | 857 | | | | 41,226 | |
| Volvo AB Class B | | 2,197 | | | | 107,686 | |
| Wihlborgs Fastigheter AB | | 520 | | | | 8,923 | |
| WM-data AB Class B | | 2,069 | | | | 6,357 | |
| | | 2,474,718 | |
Switzerland—6.6% |
| ABB Ltd. | * | | | 18,527 | | | | 240,142 | |
| Adecco SA | | 1,323 | | | | 78,015 | |
| Ciba Specialty Chemicals AG | | 590 | | | | 32,835 | |
| Clariant AG | * | | | 1,921 | | | | 27,151 | |
| Compagnie Financiere Richemont AG Class A | | 4,937 | | | | 225,190 | |
| Credit Suisse Group | | 11,309 | | | | 629,871 | |
| Geberit AG | | 45 | | | | 51,921 | |
| Givaudan | | 60 | | | | 47,098 | |
| Holcim Ltd. | † | | | 1,977 | | | | 151,298 | |
| Kudelski SA | | 295 | | | | 7,101 | |
| Kuehne & Nagel International AG | | 690 | | | | 50,241 | |
| Kuoni Reisen Holding | * | | | 19 | | | | 10,629 | |
| Lonza Group AG | | 306 | | | | 20,911 | |
| Micronas Semiconductor Holdings AS | * | | | 231 | | | | 6,215 | |
| Nestle SA | | 3,901 | | | | 1,220,908 | |
| Nobel Biocare Holding AG | | 221 | | | | 52,294 | |
| Novartis AG | | 22,505 | | | | 1,212,433 | |
| Phonak Holding AG | | 495 | | | | 30,869 | |
| PSP Swiss Property AG | * | | | 350 | | | | 18,049 | |
| Rieter Holding AG | | 37 | | | | 14,185 | |
| Roche Holding AG | | 6,794 | | | | 1,119,173 | |
| Schindler Holding AG | | 450 | | | | 23,233 | |
| Serono SA Class B | | 46 | | | | 31,607 | |
| SGS SA | | 36 | | | | 34,109 | |
| SIG Holding AG | | 75 | | | | 16,463 | |
| Straumann Holding AG | | 65 | | | | 16,562 | |
| Sulzer AG | | 31 | | | | 23,178 | |
| Swatch Group AG | | 503 | | | | 17,503 | |
| Swatch Group AG Class B | | 317 | | | | 53,329 | |
| Swiss Reinsurance | | 3,213 | | | | 223,784 | |
| Swisscom AG | | 184 | | | | 60,415 | |
| Syngenta AG | * | | | 1,055 | | | | 139,443 | |
| Synthes, Inc. | † | | | 510 | | | | 61,304 | |
| UBS AG | | 9,999 | | | | 1,092,665 | |
| Unaxis Holding AG Class R | * | | | 53 | | | | 14,689 | |
| Zurich Financial Services AG | * | | | 1,403 | | | | 306,623 | |
| | | 7,361,436 | |
United Kingdom—22.0% |
| 3i Group PLC | | 5,502 | | | | 91,538 | |
| Aegis Group PLC | | 10,694 | | | | 25,686 | |
| Aggreko PLC | | 1,629 | | | | 8,635 | |
| Alliance Unichem PLC | | 2,245 | | | | 42,353 | |
| Amec PLC | | 2,700 | | | | 15,856 | |
| Amvescap PLC | | 6,904 | | | | 63,119 | |
| Anglo American PLC | | 13,771 | | | | 561,443 | |
| ARM Holdings PLC | | 16,800 | | | | 35,071 | |
| Arriva PLC | | 1,576 | | | | 17,345 | |
Associated British Ports
Holdings PLC | | 2,834 | | | | 47,459 | |
| AstraZeneca PLC | | 15,258 | | | | 916,857 | |
| Aviva PLC | | 23,339 | | | | 330,087 | |
| BG Group PLC | | 34,281 | | | | 457,263 | |
| BOC Group PLC | | 4,714 | | | | 137,726 | |
| BAE Systems PLC | | 30,035 | | | | 205,047 | |
| Balfour Beatty PLC | | 3,420 | | | | 21,661 | |
| Barclays PLC | | 62,857 | | | | 712,079 | |
| Barratt Developments PLC | | 2,314 | | | | 40,453 | |
| BBA Group PLC | | 3,934 | | | | 19,288 | |
| Bellway PLC | | 909 | | | | 19,459 | |
| Berkeley Group Holdings PLC | | 994 | | | | 22,260 | |
| BHP Billiton PLC | | 23,967 | | | | 465,973 | |
| Boots Group PLC | | 4,992 | | | | 70,914 | |
| Bovis Homes Group PLC | | 1,100 | | | | 16,298 | |
| BP PLC | | 199,427 | | | | 2,310,730 | |
| Brambles Industries PLC | | 7,754 | | | | 61,586 | |
| British Airways PLC | * | | | 4,785 | | | | 30,292 | |
| British American Tobacco PLC | | 15,291 | | | | 384,723 | |
| British Land Company PLC | | 5,017 | | | | 116,935 | |
| British Sky Broadcasting PLC | | 11,777 | | | | 124,372 | |
| Brixton PLC | | 2,060 | | | | 18,214 | |
| BT Group PLC | | 81,364 | | | | 359,223 | |
| Bunzl PLC | | 3,373 | | | | 38,417 | |
| Burberry Group PLC | | 5,003 | | | | 39,713 | |
| Cadbury Schweppes PLC | | 20,440 | | | | 196,699 | |
| Capita Group PLC | | 5,866 | | | | 49,979 | |
| Carnival PLC | | 1,719 | | | | 69,844 | |
| Carphone Warehouse Group PLC | | 4,210 | | | | 24,647 | |
| Cattles PLC | | 2,649 | | | | 16,094 | |
| Centrica PLC | | 33,834 | | | | 178,042 | |
| Charter PLC | | 1,800 | | | | 26,854 | |
| Close Brothers Group PLC | | 1,002 | | | | 16,839 | |
See accompanying notes to financial statements.
224
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued)
|
| Cobham PLC | | 8,910 | | | $ | 27,456 | |
| Collins Stewart Tullett PLC | | 2,250 | | | | 31,501 | |
| Compass Group PLC | | 22,375 | | | | 108,328 | |
| Cookson Group PLC | * | | | 1,576 | | | | 15,274 | |
| Corus Group PLC | | 8,827 | | | | 74,265 | |
| CSR PLC | | 1,360 | | | | 31,603 | |
| Daily Mail and General Trust NV Class A | | 3,741 | | | | 42,360 | |
| Davis Service Group PLC | | 1,254 | | | | 10,924 | |
| De La Rue PLC | | 1,167 | | | | 11,768 | |
| Diageo PLC | | 27,697 | | | | 464,889 | |
| Dixons Group PLC | | 16,589 | | | | 58,485 | |
| Eircom Group PLC | | 9,925 | | | | 27,557 | |
| Electrocomponents PLC | | 4,126 | | | | 17,629 | |
| Emap PLC | | 2,585 | | | | 40,603 | |
| EMI Group PLC | | 7,567 | | | | 42,394 | |
| Enterprise Inns PLC | | 3,088 | | | | 54,047 | |
| First Choice Holidays PLC | | 3,620 | | | | 15,278 | |
| FirstGroup PLC | | 3,209 | | | | 27,762 | |
| FKI PLC | | 4,542 | | | | 8,997 | |
| Friends Provident PLC | | 19,732 | | | | 65,202 | |
| Gallaher Group PLC | | 6,455 | | | | 100,760 | |
| GKN PLC | | 8,292 | | | | 41,761 | |
| GlaxoSmithKline PLC | | 56,228 | | | | 1,568,093 | |
| Great Portland Estates PLC | | 1,047 | | | | 9,664 | |
| Group 4 Securicor PLC | | 9,839 | | | | 30,451 | |
| GUS PLC | | 8,219 | | | | 146,609 | |
| HSBC Holdings PLC | | 109,448 | | | | 1,924,445 | |
| Hammerson PLC | | 2,703 | | | | 59,048 | |
| Hanson PLC | | 7,436 | | | | 90,197 | |
| Hays PLC | | 15,085 | | | | 37,583 | |
| HBOS PLC | | 37,118 | | | | 643,709 | |
| HMV Group PLC | | 2,784 | | | | 8,822 | |
| ICAP PLC | | 4,624 | | | | 42,469 | |
| Imi PLC | | 2,838 | | | | 26,153 | |
| Imperial Chemical Industries PLC | | 11,243 | | | | 75,226 | |
| Imperial Tobacco Group PLC | | 6,889 | | | | 212,329 | |
| Inchcape PLC | | 3,918 | | | | 34,145 | |
| Intercontinental Hotels Group PLC | | 3,534 | | | | 61,699 | |
| International Power PLC | * | | | 13,909 | | | | 73,002 | |
| Intertek Testing Services Ltd. | | 1,272 | | | | 16,428 | |
| Invensys PLC | * | | | 43,259 | | | | 15,368 | |
| Investec PLC | | 720 | | | | 34,252 | |
| J Sainsbury PLC | | 13,946 | | | | 86,070 | |
| Johnson Matthey PLC | | 2,084 | | | | 51,023 | |
| Kelda Group PLC | | 3,574 | | | | 50,484 | |
| Kesa Electricals PLC | | 4,214 | | | | 22,468 | |
| Kingfisher PLC | | 23,057 | | | | 101,560 | |
| Ladbrokes PLC | | 5,501 | | | | 41,445 | |
| Legal & General Group PLC | | 60,955 | | | | 144,181 | |
| Liberty International PLC | | 2,610 | | | | 51,306 | |
| Lloyds TSB Group PLC | | 54,353 | | | | 532,084 | |
| LogicaCMG PLC | | 10,173 | | | | 32,765 | |
| London Stock Exchange Group PLC | | 2,041 | | | | 42,865 | |
| Man Group PLC | | 2,839 | | | | 133,559 | |
| Marks & Spencer Group PLC | | 15,541 | | | | 168,431 | |
| Meggitt PLC | | 3,847 | | | | 22,659 | |
| MFI Furniture Group PLC | | 5,133 | | | | 10,241 | |
| Michael Page International PLC | | 3,580 | | | | 23,166 | |
| Misys PLC | | 3,985 | | | | 15,805 | |
| National Express Group PLC | | 1,122 | | | | 18,371 | |
| National Grid PLC | | 26,460 | | | | 285,707 | |
| Next PLC | | 2,313 | | | | 69,658 | |
| Old Mutual PLC | | 51,093 | | | | 154,173 | |
| Pearson PLC | | 7,550 | | | | 102,599 | |
| Persimmon PLC | | 2,445 | | | | 55,685 | |
| Premier Farnell PLC | | 3,094 | | | | 10,134 | |
| Provident Financial PLC | | 2,037 | | | | 23,110 | |
| Prudential PLC | | 22,649 | | | | 255,939 | |
| Punch Taverns PLC | | 3,041 | | | | 49,105 | |
| Rank Group PLC | | 8,388 | | | | 30,884 | |
| Reckitt Benckiser PLC | | 6,003 | | | | 223,839 | |
| Reed Elsevier PLC | | 12,595 | | | | 126,871 | |
| Rentokil Initial PLC | | 17,251 | | | | 49,689 | |
| Resolution PLC | | 1,600 | | | | 19,814 | |
| Reuters Group PLC | | 14,000 | | | | 99,430 | |
| Rexam PLC | | 4,868 | | | | 47,384 | |
| Rio Tinto PLC | | 10,310 | | | | 542,513 | |
| Rolls-Royce Group PLC | * | | | 16,953 | | | | 129,573 | |
| Royal & Sun Alliance Insurance Group PLC | | 27,719 | | | | 68,866 | |
| Royal Bank of Scotland Group PLC | | 30,780 | | | | 1,009,666 | |
| Royal Dutch Shell PLC—Class B | | 26,699 | | | | 931,946 | |
| SABMiller PLC | | 8,366 | | | | 150,506 | |
| Sage Group PLC | | 11,338 | | | | 48,304 | |
| Schroders PLC | | 1,387 | | | | 25,848 | |
| Scottish & Newcastle PLC | | 7,528 | | | | 70,833 | |
| Scottish & Southern Energy PLC | | 8,004 | | | | 170,111 | |
| Scottish Power PLC | | 14,616 | | | | 157,338 | |
| Serco Group PLC | | 4,157 | | | | 24,549 | |
| Severn Trent PLC | | 3,290 | | | | 71,086 | |
| Signet Group PLC | | 15,918 | | | | 28,208 | |
| Slough Estates PLC | | 3,736 | | | | 42,158 | |
| Smith & Nephew PLC | | 9,453 | | | | 72,497 | |
| Smiths Group PLC | | 5,602 | | | | 92,149 | |
| Sportingbet PLC | | 3,970 | | | | 28,845 | |
| SSL International PLC | | 1,427 | | | | 7,823 | |
| Stagecoach Group PLC | | 6,784 | | | | 14,433 | |
| Stratex Networks, Inc. | | 4,623 | | | | 153,088 | |
| Tate & Lyle PLC | | 4,405 | | | | 49,248 | |
| Taylor Woodrow PLC | | 4,628 | | | | 28,521 | |
| Tesco PLC | | 76,309 | | | | 470,736 | |
| Tomkins PLC | | 6,884 | | | | 36,562 | |
| Travis Perkins PLC | | 965 | | | | 26,952 | |
| Trinity Mirror PLC | | 2,640 | | | | 23,781 | |
| Unilever PLC | | 12,041 | | | | 270,171 | |
| United Business Media PLC | | 3,388 | | | | 40,486 | |
| United Utilities PLC | | 8,208 | | | | 97,133 | |
| Vodafone Group PLC | | 583,410 | | | | 1,240,855 | |
| Whitbread PLC | | 1,869 | | | | 40,226 | |
| Whitbread PLC, Deferred Shares | ‡*** | | | 2,199 | | | | — | |
| William Hill PLC | | 3,359 | | | | 38,862 | |
| Wimpey (George) PLC | | 3,787 | | | | 31,780 | |
| Wolseley PLC | | 5,648 | | | | 124,252 | |
| WPP Group PLC | | 11,215 | | | | 135,476 | |
| Xstrata PLC | | 4,350 | | | | 165,458 | |
| Yell Group PLC | | 7,502 | | | | 70,851 | |
| | | 24,719,802 | |
TOTAL COMMON STOCKS | | | |
| (Cost $75,554,400) | | | | | | 107,702,067 | |
| |
MUTUAL FUNDS—0.0% | | | |
Switzerland—0.0% |
| Logitech International SA |
| (Cost $17,310) | | 732 | | | | 28,249 | |
See accompanying notes to financial statements.
225
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
PREFERRED STOCKS—0.2% |
Germany—0.2% |
| Henkel KGaA | | 558 | | | $ | 63,608 | |
| Porsche AG | | 76 | | | | 73,246 | |
| ProSieben SAT.1 Media AG | | 783 | | | | 19,530 | |
| RWE AG | | 318 | | | | 23,869 | |
| Volkswagen AG | | 999 | | | | 50,338 | |
| | | 230,591 | |
Italy—0.0% |
| Unipol SpA Preferred | | 9,480 | | | | 27,531 | |
TOTAL PREFERRED STOCKS |
| (Cost $184,082) | | | | | | 258,122 | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. TREASURY OBLIGATIONS—0.5% | | | |
U.S. Treasury Bills—0.5% |
| U.S. Treasury Bill |
| 4.730% | | | | 09/07/2006 | | ** | | | | | | | | |
| (Cost $532,202) | $ | 537,000 | | | | 532,202 | |
| |
RIGHTS—0.0% |
Germany—0.0% |
| Linde AG Rights, Expires 07/10/2006 |
| (Cost $0) |
| 0.000% | | | | 07/10/2006 | | | | | 790 | | | | 3,048 | |
| |
CASH EQUIVALENTS—4.3% |
Institutional Money Market Funds—0.0% |
| BGI Institutional Fund | †† | | $ | 39,998 | | | | 39,998 | |
Bank & Certificate Deposits/
Offshore Time Deposits—4.1% |
| Abbey National PLC |
| 5.100% | | | | 07/10/2006 | | †† | | | 159,992 | | | | 159,992 | |
| Bank Of Montreal |
| 5.290% | | | | 08/03/2006 | | †† | | | 59,997 | | | | 59,997 | |
| Bank Of Nova Scotia |
| 5.290% | | | | 08/08/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Barclays |
| 5.150% | | | | 08/01/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Barton Capital LLC |
| 5.258% | | | | 07/07/2006 | | †† | | | 79,996 | | | | 79,996 | |
| Barton Capital LLC |
| 5.120% | | | | 07/05/2006 | | †† | | | 79,231 | | | | 79,231 | |
| Calyon |
| 5.300% | | | | 08/08/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Canadian Imperial Bank of Commerce |
| 5.310% | | | | 07/31/2006 | | †† | | | 59,997 | | | | 59,997 | |
| Clipper Receivables Corp |
| 5.119% | | | | 07/05/2006 | | †† | | | 79,996 | | | | 79,996 | |
| Compass Securitization |
| 5.222% | | | | 07/14/2006 | | †† | | | 99,995 | | | | 99,995 | |
| CRC Funding LLC |
| 5.282% | | | | 07/21/2006 | | †† | | | 39,151 | | | | 39,151 | |
| Credit Suisse First Boston Corporation |
| 5.275% | | | | 07/24/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Deutsche Bank |
| 5.250% | | | | 07/05/2006 | | †† | | | 79,996 | | | | 79,996 | |
| Dexia Group |
| 5.300% | | | | 08/09/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Fairway Finance |
| 5.264% | | | | 07/11/2006 | | †† | | | 79,996 | | | | 79,996 | |
| Falcon Asset Securitization Corporation |
| 5.290% | | | | 07/24/2006 | | †† | | | 39,998 | | | | 39,998 | |
| Grampian Funding LLC |
| 5.319% | | | | 07/21/2006 | | †† | | | 79,996 | | | | 79,996 | |
| Harris NA |
| 5.080% | | | | 07/05/2006 | | †† | | | 79,996 | | | | 79,996 | |
| Jupiter Securitization Corporation |
| 5.252% | | | | 07/18/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Lexington Parker Cap Comp |
| 5.202% | | | | 07/13/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Lexington Parker Cap Comp |
| 5.192% | | | | 07/13/2006 | | †† | | | 39,136 | | | | 39,136 | |
| Merrill Lynch & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 659,967 | | | | 659,967 | |
| Morgan Stanley & Co |
| 5.303% | | | | 07/03/2006 | | †† | | | 647,309 | | | | 647,309 | |
| National Australia Bank |
| 5.290% | | | | 07/03/2006 | | †† | | | 272,064 | | | | 272,064 | |
| Old Line Funding LLC |
| 5.271% | | | | 07/12/2006 | | †† | | | 79,996 | | | | 79,996 | |
| Old Line Funding LLC |
| 5.221% | | | | 07/05/2006 | | †† | | | 59,997 | | | | 59,997 | |
| Prefco |
| 5.269% | | | | 07/18/2006 | | †† | | | 19,999 | | | | 19,999 | |
| Ranger Funding |
| 5.252% | | | | 07/27/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Skandinaviska Enskilda Banken AB |
| 5.130% | | | | 07/12/2006 | | †† | | | 199,990 | | | | 199,990 | |
| Svenska Handlesbanken |
| 5.290% | | | | 07/03/2006 | | †† | | | 140,466 | | | | 140,466 | |
| The Bank of the West |
| 5.250% | | | | 08/07/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Three Pillars Funding LLC |
| 5.245% | | | | 07/19/2006 | | †† | | | 99,995 | | | | 99,995 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/31/2006 | | †† | | | 39,998 | | | | 39,998 | |
| Toronto Dominion Bank |
| 5.300% | | | | 07/26/2006 | | †† | | | 79,996 | | | | 79,996 | |
| UBS AG |
| 5.250% | | | | 08/04/2006 | | †† | | | 79,996 | | | | 79,996 | |
| UBS AG |
| 5.250% | | | | 07/21/2006 | | †† | | | 39,998 | | | | 39,998 | |
| Wells Fargo |
| 5.210% | | | | 07/06/2006 | | †† | | | 119,994 | | | | 119,994 | |
| Wells Fargo |
| 5.170% | | | | 07/03/2006 | | †† | | | 139,993 | | | | 139,993 | |
| | | 4,637,186 | |
Floating Rate Instruments/Master Notes—0.2% |
| Bank of America |
| 5.270% | | | | 07/14/2006 | | †† | | | 79,996 | | | | 79,996 | |
| HBOS Halifax Bank of Scotland |
| 5.110% | | | | 07/10/2006 | | †† | | | 99,995 | | | | 99,995 | |
| | | 179,991 | |
TOTAL CASH EQUIVALENTS |
| (Cost $4,857,175) | | | | | | 4,857,175 | |
See accompanying notes to financial statements.
226
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2006 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
|
|
|
|
|
|
|
| Face
|
| Value
|
|---|
REPURCHASE AGREEMENTS—2.2% |
United States—2.2% |
| IBT Repurchase Agreement dated 6/30/06, with a maturity value of $2,412,691 and an effective yield of 4.65% collateralized by U.S. Government Obligations with a rate of 5.0%, a maturity date of 01/20/2035 and an aggregate market value of $2,532,345. | $ | 2,411,757 | | | $ | 2,411,757 | |
TOTAL INVESTMENTS—103.2% |
| (Cost $83,556,926) | | 115,792,620 | |
| Other assets less liabilities—(3.2%) | | (3,564,779 | ) |
NET ASSETS—100.0% | $ | 112,227,841 | |
Notes to the Schedule of Investments:
| REIT | | Real Estate Investment Trust |
| SDR | | Swedish Depositary Receipt |
| * | | Non-income producing security. |
| † | | Denotes all or a portion of security on loan. |
| ‡ | | Security valued at fair value as determined by policies approved by the board of directors. |
| ** | | Security has been pledged as collateral for futures contracts. |
| †† | | Represents collateral received from securities lending transactions. |
| *** | | Security has no market value at 06/30/2006. |
|
Percentage of Portfolio by Industry (unaudited): |
| Banking | | | | | 19.1 | % |
| Financial Services | | | | | 8.8 | % |
| Oil & Gas | | | | | 8.2 | % |
| Pharmaceuticals | | | | | 6.9 | % |
| Telephone Systems | | | | | 5.4 | % |
| Beverages, Food & Tobacco | | | | | 5.0 | % |
| Insurance | | | | | 5.0 | % |
| Automotive | | | | | 3.9 | % |
| Commercial Services | | | | | 3.8 | % |
| Electric Utilities | | | | | 3.6 | % |
| Metals | | | | | 3.5 | % |
| Electronics | | | | | 3.3 | % |
| Real Estate | | | | | 2.5 | % |
| Chemicals | | | | | 2.5 | % |
| Transportation | | | | | 1.8 | % |
| Retailers | | | | | 1.7 | % |
| Media—Broadcasting & Publishing | | | | | 1.6 | % |
| Building Materials | | | | | 1.4 | % |
| Heavy Machinery | | | | | 1.4 | % |
| Computer Software & Processing | | | | | 1.1 | % |
| Food Retailers | | | | | 1.1 | % |
| Communications | | | | | 1.1 | % |
| Computers & Information | | | | | 1.0 | % |
| Miscellaneous | | | | | 1.0 | % |
| Entertainment & Leisure | | | | | 0.9 | % |
| Cosmetics & Personal Care | | | | | 0.8 | % |
| Textiles, Clothing & Fabrics | | | | | 0.6 | % |
| Water Companies | | | | | 0.6 | % |
| Heavy Construction | | | | | 0.5 | % |
| Home Construction, Furnishings & Appliances | | | | | 0.5 | % |
| Aerospace & Defense | | | | | 0.5 | % |
| Mining | | | | | 0.5 | % |
| U.S. Treasury Bills | | | | | 0.5 | % |
| Forest Products & Paper | | | | | 0.4 | % |
| Medical Supplies | | | | | 0.4 | % |
| Apparel Retailers | | | | | 0.4 | % |
| Medical Equipment & Supplies | | | | | 0.3 | % |
| Advertising | | | | | 0.3 | % |
| Restaurants | | | | | 0.3 | % |
| Airlines | | | | | 0.2 | % |
| Lodging | | | | | 0.2 | % |
| Industrial—Diversified | | | | | 0.2 | % |
| Containers & Packaging | | | | | 0.1 | % |
| Electrical Equipment | | | | | 0.1 | % |
| Telecommunications | | | | | 0.1 | % |
| Metals & Mining | | | | | 0.1 | % |
| Education | | | | | 0.0 | % |
| Health Care Providers | | | | | 0.0 | % |
| Household Products | | | | | 0.0 | % |
| Internet | | | | | 0.0 | % |
TOTAL INVESTMENTS | | | | | 103.2 | % |
| Other assets less liabilities | | | | | (3.2 | )% |
TOTAL NET ASSETS | | | | | 100.0 | % |
See accompanying notes to financial statements.
227
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Model
Portfolio Savings
Oriented Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Core Bond Index Fund Class I | | | | | 8,684,431 | | | $ | 83,110,008 | |
Vantagepoint Equity
Income Fund | | | | | 3,008,564 | | | | 28,099,986 | |
Vantagepoint Growth &
Income Fund | | | | | 2,566,258 | | | | 27,997,871 | |
| Vantagepoint International Fund | | | | | 1,148,233 | | | | 14,352,916 | |
Vantagepoint Short-Term
Bond Fund | | | | | 9,957,377 | | | | 96,686,134 | |
| Vantagepoint US Government Securities Fund | | | | | 2,793,078 | | | | 27,679,403 | |
| | | | | | | | | | 277,926,318 | |
TOTAL INVESTMENTS—100.0% |
| (Cost $273,476,530) | | 277,926,318 | |
| Other assets less liabilities—(0.0%) | | (34,648 | ) |
NET ASSETS—100.0% | $ | 277,891,670 | |
See accompanying notes to financial statements.
228
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Model
Portfolio Conservative
Growth Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Aggressive Opportunities Fund | | | | | 2,149,662 | | | $ | 25,666,969 | |
Vantagepoint Core Bond
Index Fund Class I | | | | | 16,220,446 | | | | 155,229,672 | |
Vantagepoint Equity
Income Fund | | | | | 5,271,260 | | | | 49,233,569 | |
Vantagepoint Growth &
Income Fund | | | | | 4,489,810 | | | | 48,983,823 | |
| Vantagepoint Growth Fund | | | | | 4,442,575 | | | | 38,561,554 | |
| Vantagepoint International Fund | | | | | 3,513,956 | | | | 43,924,449 | |
Vantagepoint Short-Term
Bond Fund | | | | | 15,971,412 | | | | 155,082,406 | |
| | | 516,682,442 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $480,677,473) | | 516,682,442 | |
| Other assets less liabilities—(0.0%) | | (57,391 | ) |
NET ASSETS—100.0% | $ | 516,625,051 | |
See accompanying notes to financial statements.
229
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Model
Portfolio Traditional
Growth Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Aggressive Opportunities Fund | | | | | 10,080,961 | | | $ | 120,366,678 | |
Vantagepoint Core Bond
Index Fund Class I | | | | | 25,179,043 | | | | 240,963,445 | |
Vantagepoint Equity
Income Fund | | | | | 11,573,181 | | | | 108,093,507 | |
Vantagepoint Growth &
Income Fund | | | | | 15,399,573 | | | | 168,009,337 | |
| Vantagepoint Growth Fund | | | | | 19,325,404 | | | | 167,744,503 | |
Vantagepoint International
Fund | | | | | 12,677,551 | | | | 158,469,390 | |
Vantagepoint Short-Term
Bond Fund | | | | | 24,826,655 | | | | 241,066,821 | |
| | | 1,204,713,681 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $1,065,311,453) | | 1,204,713,681 | |
| Other assets less liabilities—(0.0%) | | (111,348 | ) |
NET ASSETS—100.0% | $ | 1,204,602,333 | |
See accompanying notes to financial statements.
230
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Model
Portfolio Long-Term
Growth Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Aggressive Opportunities Fund | | | | | 16,123,231 | | | $ | 192,511,377 | |
Vantagepoint Core Bond
Index Fund Class I | | | | | 27,348,652 | | | | 261,726,597 | |
Vantagepoint Equity
Income Fund | | | | | 15,946,393 | | | | 148,939,311 | |
Vantagepoint Growth &
Income Fund | | | | | 21,868,960 | | | | 238,590,350 | |
| Vantagepoint Growth Fund | | | | | 27,314,600 | | | | 237,090,731 | |
Vantagepoint International
Fund | | | | | 17,335,199 | | | | 216,689,990 | |
| | | 1,295,548,356 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $1,134,970,803) | | 1,295,548,356 | |
| Other assets less liabilities—(0.0%) | | (117,159 | ) |
NET ASSETS—100.0% | $ | 1,295,431,197 | |
See accompanying notes to financial statements.
231
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint Model
Portfolio All-Equity
Growth Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Aggressive Opportunities Fund | | | | | 6,326,178 | | | $ | 75,534,561 | |
Vantagepoint Equity
Income Fund | | | | | 5,238,990 | | | | 48,932,164 | |
Vantagepoint Growth &
Income Fund | | | | | 6,203,756 | | | | 67,682,976 | |
| Vantagepoint Growth Fund | | | | | 12,109,288 | | | | 105,108,619 | |
Vantagepoint International
Fund | | | | | 6,430,063 | | | | 80,375,794 | |
| | | 377,634,114 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $324,059,551) | | 377,634,114 | |
| Other assets less liabilities—(0.0%) | | (34,339 | ) |
NET ASSETS—100.0% | $ | 377,599,775 | |
See accompanying notes to financial statements.
232
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Milestone Retirement
Income Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 622,645 | | | $ | 5,958,715 | |
Vantagepoint Equity
Income Fund | | | | | 186,053 | | | | 1,737,732 | |
Vantagepoint Growth &
Income Fund | | | | | 238,084 | | | | 2,597,501 | |
| Vantagepoint International Fund | | | | | 70,885 | | | | 886,058 | |
Vantagepoint Short-Term
Bond Fund | | | | | 611,447 | | | | 5,937,149 | |
| | | 17,117,155 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $17,264,247) | | 17,117,155 | |
| Other assets less liabilities—0.0% | | 1 | |
NET ASSETS—100.0% | $ | 17,117,156 | |
See accompanying notes to financial statements.
233
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Milestone 2010 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Core Bond Index Fund Class I | | | | | 1,129,669 | | | $ | 10,810,929 | |
Vantagepoint Equity
Income Fund | | | | | 379,142 | | | | 3,541,188 | |
Vantagepoint Growth &
Income Fund | | | | | 797,291 | | | | 8,698,440 | |
| Vantagepoint Growth Fund | | | | | 162,707 | | | | 1,412,298 | |
| Vantagepoint International Fund | | | | | 213,970 | | | | 2,674,628 | |
Vantagepoint Short-Term
Bond Fund | | | | | 822,779 | | | | 7,989,186 | |
| | | 35,126,669 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $34,814,414) | | 35,126,669 | |
| Other assets less liabilities—(0.0%) | | (10,856 | ) |
NET ASSETS—100.0% | $ | 35,115,813 | |
See accompanying notes to financial statements.
234
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Milestone 2015 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 1,601,593 | | | $ | 15,327,245 | |
Vantagepoint Equity
Income Fund | | | | | 586,295 | | | | 5,475,996 | |
Vantagepoint Growth &
Income Fund | | | | | 1,642,422 | | | | 17,918,819 | |
| Vantagepoint Growth Fund | | | | | 395,645 | | | | 3,434,200 | |
| Vantagepoint International Fund | | | | | 544,049 | | | | 6,800,609 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 212,759 | | | | 3,363,717 | |
Vantagepoint Short-Term
Bond Fund | | | | | 726,630 | | | | 7,055,577 | |
| | | 59,376,163 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $57,979,153) | | 59,376,163 | |
| Other assets less liabilities—(0.0%) | | (20,621 | ) |
NET ASSETS—100.0% | $ | 59,355,542 | |
See accompanying notes to financial statements.
235
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Milestone 2020 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 1,011,825 | | | $ | 9,683,168 | |
Vantagepoint Equity
Income Fund | | | | | 409,039 | | | | 3,820,425 | |
Vantagepoint Growth &
Income Fund | | | | | 1,297,230 | | | | 14,152,775 | |
| Vantagepoint Growth Fund | | | | | 312,162 | | | | 2,709,564 | |
| Vantagepoint International Fund | | | | | 471,180 | | | | 5,889,744 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 233,423 | | | | 3,690,424 | |
Vantagepoint Short-Term
Bond Fund | | | | | 259,517 | | | | 2,519,905 | |
| | | 42,466,005 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $41,139,785) | | 42,466,005 | |
| Other assets less liabilities—(0.0%) | | (11,557 | ) |
NET ASSETS—100.0% | $ | 42,454,448 | |
See accompanying notes to financial statements.
236
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Milestone 2025 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 683,443 | | | $ | 6,540,549 | |
Vantagepoint Equity
Income Fund | | | | | 308,367 | | | | 2,880,146 | |
Vantagepoint Growth &
Income Fund | | | | | 1,066,647 | | | | 11,637,121 | |
| Vantagepoint Growth Fund | | | | | 253,919 | | | | 2,204,015 | |
| Vantagepoint International Fund | | | | | 406,975 | | | | 5,087,182 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 216,584 | | | | 3,424,194 | |
Vantagepoint Short-Term
Bond Fund | | | | | 32,793 | | | | 318,419 | |
| | | 32,091,626 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $30,947,705) | | 32,091,626 | |
| Other assets less liabilities—(0.0%) | | (5,977 | ) |
NET ASSETS—100.0% | $ | 32,085,649 | |
See accompanying notes to financial statements.
237
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Milestone 2030 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 289,161 | | | $ | 2,767,267 | |
Vantagepoint Equity
Income Fund | | | | | 152,074 | | | | 1,420,368 | |
Vantagepoint Growth &
Income Fund | | | | | 605,808 | | | | 6,609,370 | |
| Vantagepoint Growth Fund | | | | | 147,334 | | | | 1,278,862 | |
| Vantagepoint International Fund | | | | | 247,724 | | | | 3,096,546 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 138,592 | | | | 2,191,147 | |
| | | 17,363,560 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $16,752,033) | | 17,363,560 | |
| Other assets less liabilities—0.0% | | 457 | |
NET ASSETS—100.0% | $ | 17,364,017 | |
See accompanying notes to financial statements.
238
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Milestone 2035 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 122,012 | | | $ | 1,167,651 | |
Vantagepoint Equity
Income Fund | | | | | 81,675 | | | | 762,843 | |
Vantagepoint Growth &
Income Fund | | | | | 385,386 | | | | 4,204,558 | |
| Vantagepoint Growth Fund | | | | | 96,357 | | | | 836,377 | |
| Vantagepoint International Fund | | | | | 167,902 | | | | 2,098,774 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 98,011 | | | | 1,549,548 | |
| | | 10,619,751 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $10,337,783) | | 10,619,751 | |
| Other assets less liabilities—0.0% | | 3,525 | |
NET ASSETS—100.0% | $ | 10,623,276 | |
See accompanying notes to financial statements.
239
SCHEDULE OF INVESTMENTS
June 30, 2006 (Unaudited)
Vantagepoint
Milestone 2040 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—99.9% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 64,259 | | | $ | 614,955 | |
Vantagepoint Equity
Income Fund | | | | | 46,834 | | | | 437,434 | |
Vantagepoint Growth &
Income Fund | | | | | 228,723 | | | | 2,495,370 | |
| Vantagepoint Growth Fund | | | | | 57,414 | | | | 498,354 | |
| Vantagepoint International Fund | | | | | 101,458 | | | | 1,268,228 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 59,794 | | | | 945,345 | |
| | | 6,259,686 | |
TOTAL INVESTMENTS—99.9% | | | |
| (Cost $6,173,017) | | 6,259,686 | |
| Other assets less liabilities—0.1% | | 5,394 | |
NET ASSETS—100.0% | $ | 6,265,080 | |
See accompanying notes to financial statements.
240
Item 2 (Code of Ethics):
Sub-item 2a. Not applicable to this filing. |
Sub-item 2c. Not applicable.
Sub-item 2d. Not applicable. |
Sub-item 2e. Not applicable. |
Sub-item 2f. Not applicable. |
Item 3 (Audit Committee Financial Expert): Not applicable to this filing.
Item 4 (Principal Accountant Fees and Services): Not applicable to this filing.
Item 5 (Audit Committee of Listed Registrants): Not applicable to this registrant.
Item 6 (Schedule of Investments): Not applicable; included under Item 1.
Item 7 (Disclosure of Proxy Voting Policies & Procedures for Closed-end Management
Investment Companies): Not applicable to this registrant.
Item 8 (Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers): Not applicable to this registrant.
Item 9 (Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers): Not applicable to this registrant.
Item 10 (Submission of Matters to a Vote of Security Holders): Not applicable; no material changes.
Item 11 (Controls and Procedures):
Sub-item 11a. The principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.
Sub-item 11b. There was no change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to affect, the registrant’s internal control over financial reporting.
Item 12 (Exhibits):
Sub-item 12a(1). Not applicable.
Sub-item 12a(2). The certification exhibits are attached.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By: /s/ Joan McCallen
Joan McCallen, Principal Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities, and on the dates indicated.
By: /s/ Joan McCallen
Joan McCallen, Principal Executive Officer |
By: /s/ Gerard P. Maus
Gerard P. Maus, Principal Financial Officer |
