The following relates to the consideration by the Board of Directors (“Board”) of The Vantagepoint Funds (“Company”) during the period beginning January 1, 2007 through June 30, 2007, 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, the “Funds”) and certain Investment Subadvisory Agreements (“Subadvisory Agreement” or “Subadvisory Agreements”) for the Funds.
Information furnished at Board meetings throughout the year included, among other things, 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 (“Lipper”), 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; and (4) the Adviser’s and each subadviser’s compliance program. The Board also considered information related to potential “fall out” or ancillary benefits enjoyed by the Adviser or its affiliates and the subadvisers as a result of their relationships 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
Vantagepoint Funds
Additional Information (Unaudited)—(Continued)
| | 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. |
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 process 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 ending June 30, 2006, 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 the median of its peer group for all of the periods reviewed: Money Market Fund, Growth & Income Fund, Milestone Retirement Income Fund, Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund, Milestone 2035 Fund and Milestone 2040 Fund. The Directors also considered that the performance of each of the following Funds exceeded the median of its peer group for four of the five periods reviewed: Short-Term Bond Fund, Equity Income Fund, Aggressive Opportunities Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund (for three of the five periods reviewed and equal to the median for the four-year period), Model Portfolio Long-Term Growth Fund and Model Portfolio All-Equity Growth Fund.
100
Vantagepoint Funds
Additional Information (Unaudited)—(Continued)
The Directors noted the modifications to the Short-Term Bond Fund’s principal investment strategy recently approved by the Board, whereby the Fund will seek to maintain a maximum portfolio effective duration of three years. This modification is intended to enhance the Fund’s investment opportunities and is expected to improve the Fund’s ability to provide more competitive performance results.
With regard to the relative performance of the US Government Securities Fund, the Directors considered that the Fund’s performance exceeded the median for the one-year period and the Adviser’s explanation that the Fund’s performance relative to its peer group for the remaining periods was primarily due to the Fund’s below-average allocation to non-Treasury securities versus its peer group. The Board also considered its recent approval of a new principal investment strategy for the Fund, effective May 1, 2007, whereby the Fund will invest, under normal circumstances, primarily in inflation-adjusted U.S. and non-U.S. debt securities. In connection with the implementation of this new investment strategy, the Board approved two new subadvisers to replace Mellon, also effective May 1, 2007.
With respect to the performance of the Asset Allocation Fund, the Board considered that the Fund’s performance exceeded the median of its peer group for the one- and five-year periods, and that the Fund’s performance was in the third quintile of its peer group (i.e., the Fund’s performance was within the top 60% of funds in its peer group with the highest performance) for all periods reviewed. The Board also noted that the Asset Allocation Fund outperformed its benchmark in three of the past five full calendar years.
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 improve the Fund’s performance, and the reallocation of the Fund’s assets among certain of the existing subadvisers in May and June 2006 in connection with a subadviser termination. The Directors further considered that the Growth Fund’s performance improved since the restructuring and, for the one-year period, its performance was in the third quintile of its 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 in December 2005, which included the addition of two new subadvisers, in order to improve the performance of the Fund. The Board considered that for the one-year period the Fund’s performance exceeded the median performance of its peer group.
With regard to the performance of the Core Bond Index Fund and the Overseas Equity Index Fund relative to their respective peer groups, the Directors considered that Class II of the Core Bond Index Fund exceeded the median for all periods reviewed except for the one-year period and Class II of the Overseas Equity Index Fund exceeded or was equal to the median for the four- and five-year periods under review. In addition, the Class I performance of each Fund exceeded or was equal to the median for the five-year period. The Board considered the Adviser’s explanation that when compared to a smaller group of funds in the respective peer groups identified by Lipper that are similar in size and fee structure to the Core Bond Index Fund and the Overseas Equity Index Fund, each Fund ranked above average in performance. The Directors also took into consideration the Adviser’s explanation that each Fund performed as expected relative to its respective benchmark when taking into account the fees and expenses of each Fund.
In considering the performance of the Model Portfolio Savings Oriented Fund, the Directors noted that the Fund’s performance was in the third quintile of its peer group for all periods reviewed except for the four-year period.
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 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) the actual management fee rate of each Fund was lower than or equal to the median of
101
Vantagepoint Funds
Additional Information (Unaudited)—(Continued)
its expense peer group, except for the 500 Stock Index Fund (Class I), Short-Term Bond Fund, Model Portfolio All-Equity Growth Fund and each of the Milestone Funds. With respect to these Funds, the Board considered that each Fund’s actual total expense ratio was lower than or equal to the median of its peer group.
The Board also reviewed the information compiled by Lipper 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 lower than or equal to the median of its expense peer group. The Directors further noted the Adviser’s current agreement to limit the total annual operating expenses of each Milestone Fund until April 30, 2007, and, after that, the Adviser’s intention to continue to limit the total annual operating expenses of each Milestone Fund until April 30, 2008.
With regard to the Sub-Advised Funds, the Directors also considered the Adviser’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 (including asset size) similar to the portfolio being managed for the Fund by the subadviser.
The Directors noted that revised subadvisory fee schedules had been previously approved by the Board for Mellon relating to the Core Bond Index Fund, Overseas Equity Index Fund and the US Government Securities Fund, effective September 14, 2006.
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.
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.
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 considered that the overall net margin levels appeared to be reasonable. 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 intend to continue to seek and consider information from the Adviser relating to economies of scale.
With regard to each Sub-Advised Fund, the Directors considered that the fee schedule relating to each Subadvisory Agreement (except for the Subadvisory Agreements with Artisan and GlobeFlex) 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 also considered that each Subadvisory Agreement was the product of arms-length negotiations. 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
102
Vantagepoint Funds
Additional Information (Unaudited)—(Continued)
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 the Funds’ 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.
B. | | Directors and Officers Remuneration |
Aggregate compensation that was paid to the directors during the six months ended June 30, 2007 totaled $32,178. 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, 2007 totaled $114,655.
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 Semi-Annual Report may be mailed to households, even if more than one person in a household is a shareholder of record unless; The Vantagepoint Funds has received instructions to the contrary. If you need additional copies of this Semi-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 Semi-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, 2007 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, 2007 (Unaudited)
Vantagepoint Money
Market Fund
|
| Shares
|
| Value
|
|
|---|
MUTUAL FUNDS—99.5% |
AIM Short-Term Investments Trust Liquid Assets Portfolio
(Cost $263,327,343) | | 263,327,343 | | | $ | 263,327,343 | |
TOTAL INVESTMENTS—99.5% | | | |
| (Cost $263,327,343) | | 263,327,343 | |
| Other assets less liabilities—0.5% | | 1,426,210 | |
NET ASSETS—100.0% | $ | 264,753,553 | |
See accompanying notes to financial statements.
104
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Low Duration
Bond Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—27.8% |
Automotive—0.1% | | | |
| General Motors Acceptance Corporation, Global Note |
| 5.125% | | | | 05/09/2008 | | | | $ | 729,000 | | | $ | 720,041 | |
Banking—16.0% | | | |
| AIG SunAmerica Global Financing VII, Senior Note, 144A |
| 5.850% | | | | 08/01/2008 | | * | | | 700,000 | | | | 703,102 | |
| American Express Centurion Bank, Note |
| 5.480% | | | | 12/17/2009 | | # | | | 2,410,000 | | | | 2,417,524 | |
| Bank of America Corporation, Subordinated Note |
| 6.625% | | | | 10/15/2007 | | | | | 5,000,000 | | | | 5,013,780 | |
| Bank of America Corporation, Subordinated Note |
| 6.600% | | | | 05/15/2010 | | | | | 400,000 | | | | 412,212 | |
| Bank of America Corporation, Subordinated Note |
| 6.375% | | | | 02/15/2008 | | | | | 930,000 | | | | 935,107 | |
| Bank One NA, Note |
| 3.700% | | | | 01/15/2008 | | | | | 2,500,000 | | | | 2,479,480 | |
| Capital One Bank, Note |
| 4.250% | | | | 12/01/2008 | | | | | 5,000,000 | | | | 4,922,480 | |
| CIT Group, Inc., Global Note |
| 4.250% | | | | 02/01/2010 | | | | | 380,000 | | | | 367,432 | |
| CIT Group, Inc., Note, (MTN) |
| 5.480% | | | | 08/17/2009 | | # | | | 3,200,000 | | | | 3,189,219 | |
| CIT Group, Inc., Senior Note |
| 5.750% | | | | 09/25/2007 | | | | | 6,000,000 | | | | 6,003,738 | |
| Citigroup, Inc., Global Note |
| 3.625% | | | | 02/09/2009 | | | | | 4,000,000 | | | | 3,897,276 | |
| Citigroup, Inc., Note |
| 6.200% | | | | 03/15/2009 | | | | | 7,915,000 | | | | 8,024,559 | |
| Eksportfinans A/S, Note, (MTN) (Norway) |
| 4.750% | | | | 12/15/2008 | | | | | 5,100,000 | | | | 5,071,236 | |
| Eksportfinans A/S, Note, (MTN) (Norway) |
| 4.375% | | | | 07/15/2009 | | | | | 2,500,000 | | | | 2,457,460 | |
| General Electric Capital Corp., Note, (MTN) |
| 4.875% | | | | 10/21/2010 | | | | | 5,810,000 | | | | 5,723,971 | |
| General Electric Capital Corp., Series A, Note, (MTN) |
| 4.250% | | | | 09/13/2010 | | | | | 4,600,000 | | | | 4,445,201 | |
| Household Finance Corporation, Note |
| 6.400% | | | | 06/17/2008 | | | | | 6,000,000 | | | | 6,053,700 | |
| Inter-American Development Bank, Global Note (Supra National) |
| 5.375% | | | | 11/18/2008 | | | | | 2,000,000 | | | | 2,008,532 | |
| Inter-American Development Bank, Note (Supra National) |
| 6.375% | | | | 10/22/2007 | | | | | 2,136,000 | | | | 2,142,246 | |
| Kreditanstalt fuer Wiederaufbau, Global Note (Germany) |
| 5.250% | | | | 05/19/2009 | | | | | 3,885,000 | | | | 3,894,005 | |
| Kreditanstalt fuer Wiederaufbau, Note (Germany) |
| 4.875% | | | | 10/19/2009 | | | | | 2,975,000 | | | | 2,958,397 | |
| Santander US Debt SA Unipersonal, Senior Note, 144A (Spain) |
| 5.420% | | | | 11/20/2009 | | *# | | | 2,500,000 | | | | 2,501,780 | |
| SLM Corp., Series A, Note, (MTN) |
| 5.495% | | | | 07/27/2009 | | # | | | 7,000,000 | | | | 6,828,437 | |
| SLM Corporation, Note, (MTN) |
| 4.000% | | | | 01/15/2009 | | | | | 3,175,000 | | | | 3,051,731 | |
| Wachovia Bank NA, Bank Note |
| 7.800% | | | | 08/18/2010 | | | | | 6,500,000 | | | | 6,904,404 | |
| Washington Mutual, Inc., Note |
| 5.660% | | | | 01/15/2010 | | # | | | 4,500,000 | | | | 4,514,161 | |
| Wells Fargo & Company, Note |
| 4.125% | | | | 03/10/2008 | | | | | 3,560,000 | | | | 3,526,369 | |
| Wells Fargo & Company, Senior Note |
| 4.000% | | | | 08/15/2008 | | | | $ | 2,585,000 | | | $ | 2,543,718 | |
Wells Fargo & Company,
Series J, Note, (MTN) |
| 4.200% | | | | 01/15/2010 | | | | | 1,000,000 | | | | 975,252 | |
| | | 103,966,509 | |
Beverages, Food & Tobacco—0.2% | | | |
| Smithfield Foods, Inc., Senior Note |
| 8.000% | | | | 10/15/2009 | | | | | 1,275,000 | | | | 1,319,625 | |
Computer Software & Processing—0.6% | | | |
| Hewlett-Packard Co., Senior Note |
| 5.420% | | | | 06/15/2010 | | #‡ | | | 2,500,000 | | | | 2,498,597 | |
| Unisys Corp., Senior Note |
| 6.875% | | | | 03/15/2010 | | † | | | 1,390,000 | | | | 1,360,462 | |
| | | 3,859,059 | |
Containers & Packaging—0.0% | | | |
| Ball Corp., Senior Note |
| 6.875% | | | | 12/15/2012 | | | | | 100,000 | | | | 100,500 | |
Electric Utilities—0.9% | | | |
| Allegheny Energy Supply Company LLC |
| 7.800% | | | | 03/15/2011 | | | | | 160,000 | | | | 166,800 | |
| Duke Energy Corp., Senior Note |
| 4.200% | | | | 10/01/2008 | | | | | 5,030,000 | | | | 4,953,237 | |
| PSEG Energy Holdings LLC, Senior Note |
| 8.625% | | | | 02/15/2008 | | | | | 521,000 | | | | 530,478 | |
| | | 5,650,515 | |
Financial Services—4.6% | | | |
Allstate Life Global Fund Trust,
Series 2004-1, Note |
| 4.500% | | | | 05/29/2009 | | | | | 5,000,000 | | | | 4,933,525 | |
| ASIF Global Financing, Senior Note 144A |
| 3.850% | | | | 11/26/2007 | | * | | | 380,000 | | | | 377,789 | |
| Countrywide Home Loans, Inc., Note, (MTN) |
| 4.125% | | | | 09/15/2009 | | | | | 6,514,000 | | | | 6,321,355 | |
| Ford Motor Credit Company, Note |
| 7.250% | | | | 10/25/2011 | | | | | 785,000 | | | | 756,192 | |
| Hutchison Whampoa International 03/33 Ltd., Guaranteed Note, 144A (Cayman Islands) |
| 5.450% | | | | 11/24/2010 | | * | | | 1,500,000 | | | | 1,491,453 | |
| Merrill Lynch & Co., Inc., Note, (MTN) |
| 4.831% | | | | 10/27/2008 | | | | | 2,540,000 | | | | 2,517,714 | |
| Principal Life Global Funding I, Note, 144A |
| 3.625% | | | | 04/30/2008 | | * | | | 550,000 | | | | 540,075 | |
| Principal Life Global Funding I, Note, 144A, (MTN) |
| 2.800% | | | | 06/26/2008 | | * | | | 4,500,000 | | | | 4,371,935 | |
| Svensk Exportkredit AB, Note (Sweden) |
| 4.625% | | | | 02/17/2009 | | | | | 2,760,000 | | | | 2,731,597 | |
| TIAA Global Markets 144A |
| 3.875% | | | | 01/22/2008 | | * | | | 6,000,000 | | | | 5,944,362 | |
| | | 29,985,997 | |
Home Construction, Furnishings & Appliances—0.2% |
| KB Home, Senior Subordinated Note |
| 8.625% | | | | 12/15/2008 | | † | | | 1,260,000 | | | | 1,291,500 | |
Insurance—0.5% | | | |
| American International Group, Inc., Note |
| 4.700% | | | | 10/01/2010 | | | | | 2,040,000 | | | | 2,002,042 | |
| ASIF Global Financing, Senior Note, 144A |
| 3.900% | | | | 10/22/2008 | | * | | | 1,220,000 | | | | 1,197,506 | |
| | | 3,199,548 | |
|
See accompanying notes to financial statements.
105
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Low Duration
Bond Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued) |
Lodging—0.2% | | | |
| MGM Mirage, Senior Note |
| 6.000% | | | | 10/01/2009 | | | | $ | 1,320,000 | | | $ | 1,315,050 | |
Media—Broadcasting & Publishing—0.8% |
| Clear Channel Communications, Inc., Global Note |
| 4.250% | | | | 05/15/2009 | | | | | 750,000 | | | | 725,186 | |
| Echostar DBS Corporation, Note |
| 5.750% | | | | 10/01/2008 | | | | | 1,345,000 | | | | 1,345,000 | |
| Gannett Co., Inc., Senior Note |
| 4.125% | | | | 06/15/2008 | | | | | 3,430,000 | | | | 3,383,966 | |
| | | 5,454,152 | |
Oil & Gas—0.4% | | | |
| Pemex Project Funding Master Trust, Note |
| 7.875% | | | | 02/01/2009 | | | | | 2,900,000 | | | | 2,998,600 | | | |
Pharmaceuticals—0.2% | | | |
| Abbott Laboratories, Note |
| 5.375% | | | | 05/15/2009 | | | | | 1,050,000 | | | | 1,051,262 | | | |
Telephone Systems—2.5% | | | |
| America Movil SA de CV, Senior Note, 144A (Mexico) |
| 5.460% | | | | 06/27/2008 | | *# | | | 1,565,000 | | | | 1,565,250 | |
| Ameritech Capital Funding, Note |
| 6.250% | | | | 05/18/2009 | | | | | 1,570,000 | | | | 1,585,549 | |
| BellSouth Corp., Note |
| 4.200% | | | | 09/15/2009 | | | | | 3,262,000 | | | | 3,178,640 | |
| SBC Communications, Inc., Global Note |
| 4.125% | | | | 09/15/2009 | | | | | 5,505,000 | | | | 5,355,897 | |
| Sprint Capital Corporation, Guaranteed Note |
| 6.375% | | | | 05/01/2009 | | | | | 1,550,000 | | | | 1,569,713 | |
Telecom Italia Capital SA,
Series A, Senior Note (Luxembourg) |
| 4.000% | | | | 11/15/2008 | | | | | 2,970,000 | | | | 2,907,814 | |
| | | 16,162,863 | |
Transportation—0.6% | | | |
| CSX Corporation, Note |
| 6.250% | | | | 10/15/2008 | | | | | 2,500,000 | | | | 2,521,000 | |
| Royal Caribbean Cruises Ltd., Senior Note |
| 7.000% | | | | 10/15/2007 | | | | | 1,305,000 | | | | 1,315,587 | |
| | | 3,836,587 | |
TOTAL CORPORATE OBLIGATIONS | | | |
| (Cost $181,674,214) | | 180,911,808 | |
| |
U.S. GOVERNMENT AGENCY OBLIGATIONS—10.1% |
U.S. Government Agencies—3.6% | | | |
| Federal Home Loan Bank |
| 0.000% | | | | 07/25/2007 | | | | | 16,000,000 | | | | 15,942,667 | |
| Federal National Mortgage Association |
| 5.788% | | | | 10/01/2036 | | # | | | 3,694,823 | | | | 3,708,704 | |
| 0.000% | | | | 07/25/2007 | | | | | 4,000,000 | | | | 3,986,967 | |
| | | 23,638,338 | |
U.S. Government Agencies—Mortgage Backed—6.5% |
| Federal Home Loan Mortgage Corporation |
| 5.706% | | | | 11/01/2036 | | # | | | 8,393,521 | | | | 8,310,358 | |
| 5.390% | | | | 03/01/2036 | | # | | | 4,562,923 | | | | 4,529,748 | |
| 4.386% | | | | 10/01/2034 | | # | | | 5,050,033 | | | | 4,969,577 | |
Federal Home Loan Mortgage Corporation,
Series 2885, Class DK |
| 3.500% | | | | 10/15/2012 | | | | $ | 1,975,837 | | | $ | 1,958,263 | |
Federal Home Loan Mortgage Corporation,
Series 2891, Class LN |
| 4.250% | | | | 06/15/2024 | | | | | 2,673,543 | | | | 2,637,566 | |
| Federal National Mortgage Association |
| 5.575% | | | | 12/01/2036 | | # | | | 5,528,285 | | | | 5,514,521 | |
| 5.085% | | | | 10/01/2034 | | # | | | 4,886,441 | | | | 4,869,089 | |
| 5.079% | | | | 09/01/2034 | | # | | | 551,011 | | | | 549,421 | |
| 4.956% | | | | 10/01/2034 | | # | | | 6,150,734 | | | | 6,093,785 | |
| 4.887% | | | | 09/01/2034 | | # | | | 468,559 | | | | 465,236 | |
| 4.744% | | | | 10/01/2034 | | # | | | 842,130 | | | | 832,754 | |
Federal National Mortgage Association,
Series 2004-81, Class KG |
| 3.500% | | | | 05/25/2012 | | | | | 1,424,853 | | | | 1,414,027 | |
| | | 42,144,345 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| (Cost $66,447,103) | | 65,782,683 | |
| |
U.S. TREASURY OBLIGATIONS—17.6% |
U.S. Treasury Notes—17.6% | | | |
| U.S. Treasury Note |
| 4.875% | | | | 08/15/2009-
07/31/2011 | | ** | | | 31,569,000 | | | | 31,537,004 | |
| 4.750% | | | | 02/15/2010 | | | | | 64,955,000 | | | | 64,736,816 | |
| 4.500% | | | | 05/15/2010 | | | | | 2,200,000 | | | | 2,177,657 | |
| 3.875% | | | | 09/15/2010 | | | | | 16,607,000 | | | | 16,116,579 | |
TOTAL U.S. TREASURY OBLIGATIONS |
| (Cost $114,361,342) | | 114,568,056 | |
| |
SOVEREIGN DEBT OBLIGATIONS—1.3% |
Government Issued—1.3% | | | |
| New Brunswick Province (Canada) |
| 3.500% | | | | 10/23/2007 | | | | | 2,678,000 | | | | 2,665,526 | |
| Ontario Electricity Financial Corp. (Canada) |
| 6.100% | | | | 01/30/2008 | | | | | 2,949,000 | | | | 2,963,173 | |
| Republic of South Africa (South Africa) | * | | | | | | | | |
| 9.125% | | | | 05/19/2009 | | | | | 2,750,000 | | | | 2,927,375 | |
TOTAL SOVEREIGN DEBT OBLIGATIONS |
| (Cost $8,569,654) | | 8,556,074 | |
| |
ASSET BACKED SECURITIES—25.3% |
Automotive—13.6% | | | |
Capital Auto Receivables Asset Trust,
Series 2004-2, Class A3 |
| 3.580% | | | | 01/15/2009 | | | | | 5,591,478 | | | | 5,566,856 | |
Capital Auto Receivables Asset Trust,
Series 2006-SN1A, Class A4A, 144A |
| 5.320% | | | | 03/20/2010 | | * | | | 3,400,000 | | | | 3,396,226 | |
Capital One Prime Auto Receivables Trust,
Series 2006-2, Class A4 |
| 4.940% | | | | 07/15/2012 | | | | | 7,061,000 | | | | 6,998,023 | |
Carmax Auto Owner Trust,
Series 2007-1, Class B |
| 5.340% | | | | 10/15/2012 | | | | | 3,000,000 | | | | 2,982,967 | |
Chase Manhattan Auto Owner Trust,
Series 2006-B, Class A3 |
| 5.130% | | | | 05/15/2011 | | | | | 2,200,000 | | | | 2,196,499 | |
|
See accompanying notes to financial statements.
106
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Low Duration
Bond Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
ASSET BACKED SECURITIES—(Continued) |
Chase Manhattan Auto Owner Trust,
Series 2006-B, Class A4 |
| 5.110% | | | | 04/15/2014 | | | | $ | 2,200,000 | | | $ | 2,187,096 | |
Daimler Chrysler Auto Trust,
Series 2003-B, Class A-4 |
| 2.860% | | | | 03/09/2009 | | | | | 1,910,905 | | | | 1,911,154 | |
Daimler Chrysler Auto Trust,
Series 2004-C, Class A4 |
| 3.280% | | | | 12/08/2009 | | | | | 780,683 | | | | 771,265 | |
Daimler Chrysler Auto Trust,
Series 2005-A, Class A3 |
| 3.490% | | | | 12/08/2008 | | | | | 152,966 | | | | 152,877 | |
Ford Credit Auto Owner Trust,
Series 2005-A, Class A3 |
| 3.480% | | | | 11/15/2008 | | | | | 468,800 | | | | 467,828 | |
Ford Credit Auto Owner Trust,
Series 2005-A, Class B |
| 3.880% | | | | 01/15/2010 | | | | | 2,600,000 | | | | 2,560,727 | |
Ford Credit Auto Owner Trust,
Series 2005-B, Class A3 |
| 4.170% | | | | 01/15/2009 | | | | | 1,227,939 | | | | 1,225,488 | |
Ford Credit Auto Owner Trust,
Series 2006-A, Class A3 |
| 5.050% | | | | 03/15/2010 | | # | | | 1,065,000 | | | | 1,063,050 | |
Ford Credit Auto Owner Trust,
Series 2006-B, Class A2B |
| 5.340% | | | | 07/15/2009 | | # | | | 1,708,138 | | | | 1,709,330 | |
Ford Credit Auto Owner Trust,
Series 2006-B, Class A3 |
| 5.260% | | | | 10/15/2010 | | | | | 5,650,000 | | | | 5,644,676 | |
Harley-Davidson Motorcycle Trust,
Series 2006-3, Class A3 |
| 5.240% | | | | 01/15/2012 | | | | | 3,060,000 | | | | 3,058,916 | |
Harley-Davidson Motorcycle Trust,
Series 2007-2, Class A4 |
| 5.120% | | | | 08/15/2013 | | | | | 4,725,000 | | | | 4,688,180 | |
Hertz Vehicle Financing LLC,
Series 2004-1A, Class A4, 144A |
| 3.230% | | | | 05/25/2009 | | * | | | 5,000,000 | | | | 4,834,506 | |
Honda Auto Receivables Owner Trust,
Series 2004-3, Class A4 |
| 3.280% | | | | 02/18/2010 | | | | | 4,000,000 | | | | 3,940,487 | |
Honda Auto Receivables Owner Trust,
Series 2005-3, Class A3 |
| 3.870% | | | | 04/20/2009 | | | | | 1,786,609 | | | | 1,776,765 | |
Household Automotive Trust,
Series 2006-1, Class A3 |
| 5.430% | | | | 06/17/2011 | | | | | 3,800,000 | | | | 3,805,065 | |
Long Beach Auto Receivables Trust,
Series 2006-B, Class A3 |
| 5.170% | | | | 08/15/2011 | | | | | 4,350,000 | | | | 4,339,723 | |
Nissan Auto Receivables Owner Trust,
Series 2003-C, Class A-5 |
| 3.210% | | | | 03/16/2009 | | | | | 1,180,892 | | | | 1,174,254 | |
Nissan Auto Receivables Owner Trust,
Series 2004-A, Class A4 |
| 2.760% | | | | 07/15/2009 | | | | | 2,911,455 | | | | 2,877,465 | |
Nissan Auto Receivables Owner Trust,
Series 2005-B, Class A4 |
| 4.180% | | | | 10/15/2010 | | | | | 1,000,000 | | | | 983,859 | |
Triad Auto Receivables Owner Trust,
Series 2006-A, Class A3 |
| 4.770% | | | | 01/12/2011 | | | | | 3,189,000 | | | | 3,178,812 | |
USAA Auto Owner Trust,
Series 2004-3, Class A4 |
| 3.530% | | | | 06/15/2011 | | | | $ | 6,000,000 | | | $ | 5,922,287 | |
USAA Auto Owner Trust,
Series 2006-4, Class A2 |
| 5.160% | | | | 11/16/2009 | | | | | 1,000,000 | | | | 999,951 | |
Wachovia Auto Owner Trust,
Series 2004-A, Class A4 |
| 3.660% | | | | 07/20/2010 | | | | | 822,164 | | | | 820,202 | |
Wachovia Auto Owner Trust,
Series 2004-B, Class A4 |
| 3.440% | | | | 03/21/2011 | | | | | 2,600,000 | | | | 2,570,265 | |
Wachovia Auto Owner Trust,
Series 2005-B, Class A4 |
| 4.840% | | | | 04/20/2011 | | | | | 4,525,000 | | | | 4,496,302 | |
| | | 88,301,101 | |
Credit Cards—8.9% | | | |
Bank of America Mortgage Securities,
Series 2004-L, Class 1A1 |
| 4.196% | | | | 01/25/2035 | | # | | | 3,760,842 | | | | 3,763,307 | |
Bank One Issuance Trust,
Series 2002-3, Class A |
| 3.590% | | | | 05/17/2010 | | # | | | 3,575,000 | | | | 3,564,527 | |
Bank One Issuance Trust,
Series 2003-A9, Class A9 |
| 3.860% | | | | 06/15/2011 | | # | | | 1,500,000 | | | | 1,473,739 | |
Bank One Issuance Trust,
Series 2004-A6, Class A6 |
| 3.940% | | | | 04/16/2012 | | # | | | 1,000,000 | | | | 973,620 | |
Capital One Multi-Asset Execution Trust,
Series 2005-A8, Class A |
| 4.400% | | | | 08/15/2011 | | | | | 2,150,000 | | | | 2,127,494 | |
Capital One Multi-Asset Execution Trust,
Series 2003-A4, Class A4 |
| 3.650% | | | | 07/15/2011 | | | | | 6,800,000 | | | | 6,671,804 | |
Chase Issuance Trust,
Series 2004-9A, Class A |
| 3.220% | | | | 06/15/2010 | | | | | 3,000,000 | | | | 2,984,221 | |
Citibank Credit Card Issuance Trust,
Series 2007-A5, Class A5 |
| 5.500% | | | | 06/22/2012 | | ‡ | | | 7,965,000 | | | | 7,986,157 | |
Discover Card Master Trust I,
Series 2007-A, Class A1 |
| 5.330% | | | | 08/15/2012 | | | | | 1,950,000 | | | | 1,950,232 | |
FPL Recovery Funding LLC,
Series 2007-A, Class A1 |
| 5.053% | | | | 02/01/2013 | | ‡ | | | 3,070,000 | | | | 3,052,252 | |
GE Capital Credit Card Master Note Trust,
Series 2007-3, Class A2 |
| 5.400% | | | | 06/15/2013 | | #‡ | | | 7,915,000 | | | | 7,927,367 | |
MBNA Credit Card Master Note Trust,
Series 2003-6A, Class A |
| 2.750% | | | | 10/15/2010 | | | | | 1,500,000 | | | | 1,468,138 | |
MBNA Credit Card Master Note Trust,
Series 2005-A1, Class A |
| 4.200% | | | | 09/15/2010 | | | | | 5,000,000 | | | | 4,960,594 | |
MBNA Credit Card Master Note Trust,
Series 2006-A1, Class A1 |
| 4.900% | | | | 07/15/2011 | | | | | 2,600,000 | | | | 2,586,580 | |
Morgan Stanley ABS Capital I,
Series 2007-NC3, Class A2B |
| 5.460% | | | | 05/25/2037 | | ‡ | | | 6,300,000 | | | | 6,300,000 | |
| | | 57,790,032 | |
Equipment—0.8% | | | |
GE Dealer Floorplan Master Note Trust,
Series 2006-1, Class A |
| 5.330% | | | | 04/20/2011 | | # | | | 5,150,000 | | | | 5,151,535 | |
|
See accompanying notes to financial statements.
107
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Low Duration
Bond Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
ASSET BACKED SECURITIES—(Continued) |
Utilities—2.0% | | | |
California Infrastructure PG&E-1,
Series 1997-1, Class A8 |
| 6.480% | | | | 12/26/2009 | | | | $ | 2,201,336 | | | $ | 2,212,145 | |
California Infrastructure SCE-1,
Series 1997-1, Class A7 |
| 6.420% | | | | 12/26/2009 | | | | | 2,655,866 | | | | 2,664,730 | |
Peco Energy Transition Trust,
Series 2000-A, Class A3 |
| 7.625% | | | | 03/01/2010 | | | | | 7,164,000 | | | | 7,416,863 | |
PG&E Energy Recovery Funding LLC,
Series 2005-1, Class A2 |
| 3.870% | | | | 06/25/2011 | | | | | 773,256 | | | | 762,385 | |
| | | 13,056,123 | |
TOTAL ASSET BACKED SECURITIES |
| (Cost $165,296,228) | | 164,298,791 | |
| |
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—15.5% |
Mortgage Backed—15.5% | | | |
Adjustable Rate Mortgage Trust,
Series 2007-1, Class 4A1 |
| 5.961% | | | | 03/25/2037 | | # | | | 7,670,584 | | | | 7,661,765 | |
Arkle Master Issuer PLC,
Series 2006-1, Class 3A, 144A |
| 5.410% | | | | 08/17/2011 | | *#‡ | | | 4,000,000 | | | | 3,999,844 | |
Banc of America Commercial Mortgage, Inc.,
Series 2005-4, Class A2 |
| 4.764% | | | | 07/10/2045 | | # | | | 3,030,000 | | | | 2,970,592 | |
Bear Stearns Commercial Mortgage Securities,
Series 2004-PWR3, Class A2 |
| 3.869% | | | | 02/11/2041 | | | | | 5,490,000 | | | | 5,364,151 | |
| Credit Suisse First Boston Mortgage Securities Corporation, Series 2004-C3, Class A3 |
| 4.302% | | | | 07/15/2036 | | | | | 1,000,000 | | | | 978,383 | |
CS First Boston Mortgage Securities Corp.,
Series 2005-C4, Class A2 |
| 5.017% | | | | 08/15/2038 | | | | | 3,950,000 | | | | 3,896,556 | |
First Horizon Asset Securities, Inc.,
Series 2005-AR4, Class IIA1 |
| 5.331% | | | | 10/25/2035 | | | | | 4,474,675 | | | | 4,446,926 | |
GE Capital Commercial Mortgage Corporation,
Series 2005-C1, Class A2 |
| 4.353% | | | | 06/10/2048 | | | | | 4,910,000 | | | | 4,784,014 | |
GS Mortgage Securities Corp. II,
Series 2006-GG6, Class A2 |
| 5.506% | | | | 04/10/2038 | | | | | 2,450,000 | | | | 2,447,433 | |
GSR Mortgage Loan Trust,
Series 2005-AR6, Class 2A1 |
| 4.538% | | | | 10/25/2035 | | # | | | 4,641,689 | | | | 4,575,258 | |
GSR Mortgage Loan Trust,
Series 2004-11, Class 2A2 |
| 4.764% | | | | 09/25/2034 | | # | | | 3,019,959 | | | | 2,983,536 | |
Harborview Mortgage Loan Trust,
Series 2005-14, Class 3A1A |
| 5.308% | | | | 12/19/2035 | | # | | | 6,099,138 | | | | 6,064,216 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A2 |
| 4.851% | | | | 08/15/2042 | | | | | 2,000,000 | | | | 1,964,069 | |
LB-UBS Commercial Mortgage Trust,
Series 2003-C8, Class A2 |
| 4.207% | | | | 11/15/2027 | | | | | 5,800,000 | | | | 5,700,230 | |
LB-UBS Commercial Mortgage Trust,
Series 2005-C2, Class A2 |
| 4.821% | | | | 04/15/2030 | | | | $ | 4,013,240 | | | $ | 3,955,125 | |
MLCC Mortgage Investors, Inc.,
Series 2004-1, Class 2A2 |
| 4.726% | | | | 12/25/2034 | | # | | | 3,972,933 | | | | 3,930,254 | |
PNC Mortgage Acceptance Corp.,
Series 2001-C1, Class A1 |
| 5.910% | | | | 03/12/2034 | | | | | 2,360,305 | | | | 2,370,698 | |
Provident Funding Mortgage Loan Trust,
Series 2004-1, Class 1A1 |
| 4.046% | | | | 04/25/2034 | | # | | | 802,134 | | | | 788,320 | |
Structured Adjustable Rate Mortgage Loan Trust,
Series 2005-11, Class 3A |
| 5.383% | | | | 05/25/2035 | | # | | | 4,775,894 | | | | 4,769,302 | |
Structured Asset Mortgage Investments, Inc.,
Series 2004-AR5, Class IIA1 |
| 7.223% | | | | 10/19/2034 | | # | | | 786,153 | | | | 792,475 | |
Thornburg Mortgage Securities Trust,
Series 2004-1, Class II2A |
| 3.305% | | | | 03/25/2044 | | # | | | 1,055,591 | | | | 1,029,183 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C12, Class A-2 |
| 5.001% | | | | 07/15/2041 | | | | | 4,080,000 | | | | 4,028,814 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2005-C16, Class A2 |
| 4.380% | | | | 10/15/2041 | | | | | 4,497,406 | | | | 4,392,543 | |
WaMu Mortgage Pass Through Certificates,
Series 2007-HY7, Class 2A1 |
| 5.901% | | | | 06/25/2037 | | #‡ | | | 8,100,000 | | | | 8,093,672 | |
Wells Fargo Mortgage Backed Securities Trust,
Series 2004-S, Class B1 |
| 3.539% | | | | 09/25/2034 | | | | | 2,061,502 | | | | 1,988,268 | |
Wells Fargo Mortgage Backed Securities Trust,
Series 2004-Z, Class 2A1 |
| 4.575% | | | | 12/25/2034 | | # | | | 2,534,479 | | | | 2,498,830 | |
Wells Fargo Mortgage Backed Securities Trust,
Series 2005-AR9, Class IIA1 |
| 4.362% | | | | 05/25/2035 | | # | | | 3,914,067 | | | | 3,880,860 | |
TOTAL NON-U.S. GOVERNMENT
MORTGAGE-BACKED SECURITIES |
| (Cost $100,812,719) | | 100,355,317 | |
| |
REPURCHASE AGREEMENTS—1.3% |
| Investors Bank & Trust Repurchase Agreement dated 06/29/2007 due 07/02/2007, with a maturity value of $8,249,155 and effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 5.094% to 8.625%, maturity dates ranging from 09/25/2014 to 10/01/2032 and an aggregate market value of $8,658,258. | | 8,245,959 | | | | 8,245,959 | |
TOTAL INVESTMENTS—98.9% | | | |
| (Cost $645,407,218) | | 642,718,688 | |
| Other assets less liabilities—1.1% | | 7,409,079 | |
NET ASSETS—100.0% | $ | 650,127,767 | |
|
See accompanying notes to financial statements.
108
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Low Duration
Bond Fund
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 5.27% of Total Investments. |
| # | | Rate is subject to change. Rate shown reflects current rate. |
| ‡ | | Security valued at fair value as determined by policies approved by the board of directors. |
| † | | Denotes all or a portion of security on loan. |
| ** | | Security has been pledged as collateral for futures contracts. |
See accompanying notes to financial statements.
109
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint Inflation Protected
Securities Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. GOVERNMENT AGENCY OBLIGATIONS—1.6% |
U.S. Government Agencies—0.2% | | | |
| Federal National Mortgage Association |
| 5.150% | | | | 09/26/2007 | | | | $ | 200,000 | | | $ | 197,482 | |
U.S. Government Agencies—Mortgage Backed—1.4% |
| Federal Home Loan Mortgage Corporation |
| 6.500% | | | | 04/01/2035 | | | | | 117,643 | | | | 119,655 | |
| 5.000% | | | | 11/01/2017 | | | | | 50,131 | | | | 48,637 | |
| Federal National Mortgage Association |
| 7.500% | | | | 01/01/2034 | | | | | 350,249 | | | | 364,501 | |
| 7.000% | | | | 02/01/2013 | | | | | 106,520 | | | | 109,469 | |
| 6.500% | | | | 05/01/2035 | | | | | 155,730 | | | | 158,262 | |
| 6.000% | | | | 12/01/2013-
10/01/2017 | | | | | 167,135 | | | | 168,505 | |
| Federal National Mortgage Association TBA |
| 5.500% | | | | 07/01/2037 | | | | | 1,100,000 | | | | 1,060,983 | |
| | | 2,030,012 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| (Cost $2,259,140) | | 2,227,494 | |
| |
U.S. TREASURY OBLIGATIONS—97.5% |
U.S. Treasury Bills—0.1% | | | |
| U.S. Treasury Bill |
| 4.650% | | | | 08/30/2007 | | * | | | 60,000 | | | | 59,527 | |
| 4.605% | | | | 09/13/2007 | | * | | | 30,000 | | | | 29,712 | |
| 4.445% | | | | 09/13/2007 | | * | | | 20,000 | | | | 19,815 | |
| | | 109,054 | |
U.S. Treasury Inflation Protected Securities Bonds—80.5% |
| U.S. Treasury Bond |
| 3.000% | | | | 07/15/2012 | | | | | 10,341,360 | | | | 10,544,961 | |
| 2.500% | | | | 07/15/2016 | | | | | 3,222,450 | | | | 3,187,457 | |
| 2.375% | | | | 04/15/2011-
01/15/2025 | | | | | 46,735,563 | | | | 45,207,862 | |
| 2.000% | | | | 07/15/2014-
01/15/2026 | | | | | 34,600,502 | | | | 32,307,024 | |
| 1.875% | | | | 07/15/2015 | | | | | 3,335,120 | | | | 3,152,732 | |
| 1.625% | | | | 01/15/2015 | | | | | 3,819,354 | | | | 3,551,404 | |
| 0.875% | | | | 04/15/2010 | | | | | 16,445,343 | | | | 15,623,093 | |
| | | 113,574,533 | |
U.S. Treasury Inflation Protected Securities Notes—16.9% |
| U.S. Treasury Note |
| 4.250% | | | | 01/15/2010 | | | | | 2,333,105 | | | | 2,422,239 | |
| 3.875% | | | | 01/15/2009 | | | | | 9,511,037 | | | | 9,665,601 | |
| 3.500% | | | | 01/15/2011 | | | | | 1,187,030 | | | | 1,221,621 | |
| 3.375% | | | | 01/15/2012 | | | | | 1,163,500 | | | | 1,201,315 | |
| 1.875% | | | | 07/15/2013 | | | | | 9,786,282 | | | | 9,390,251 | |
| | | 23,901,027 | |
TOTAL U.S. TREASURY OBLIGATIONS | | | |
| (Cost $141,622,219) | | 137,584,614 | |
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REPURCHASE AGREEMENTS—0.7% |
| Investors Bank & Trust Repurchase Agreement dated 06/29/2007 due 07/02/2007, with a maturity value of $977,078 and an effective yield of 4.65% collateralized by a U.S. Government Agency Obligation with a rate of 8.125%, maturity date of 10/25/2021 and an aggregate market value of $1,025,535. | $ | 976,700 | | | $ | 976,700 | |
TOTAL INVESTMENTS—99.8% | | | |
| (Cost $144,858,059) | | 140,788,808 | |
| Other assets less liabilities—0.2% | | 263,533 | |
NET ASSETS—100.0% | $ | 141,052,341 | |
Notes to the Schedule of Investments:
| * | | Security has been pledged as collateral for futures contracts. |
See accompanying notes to financial statements.
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June 30, 2007 (Unaudited)
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COMMON STOCKS—77.0% |
Advertising—0.2% | | | |
| Interpublic Group, Inc. | *† | | | 18,883 | | | $ | 215,266 | |
| Monster Worldwide, Inc. | * | | | 5,522 | | | | 226,954 | |
| Omnicom Group | | 15,836 | | | | 838,041 | |
| | | 1,280,261 | |
Aerospace & Defense—1.7% | | | |
| Goodrich Corporation | | 5,239 | | | | 312,035 | |
| Boeing Company (The) | | 35,548 | | | | 3,418,296 | |
| General Dynamics Corporation | | 18,179 | | | | 1,421,961 | |
| Honeywell International, Inc. | | 35,405 | | | | 1,992,593 | |
| Lockheed Martin Corporation | | 16,028 | | | | 1,508,716 | |
| Northrop Grumman Corporation | | 15,444 | | | | 1,202,624 | |
| Textron, Inc. | | 5,839 | | | | 642,932 | |
| United Technologies Corporation | | 44,656 | | | | 3,167,450 | |
| | | 13,666,607 | |
Airlines—0.3% | | | |
| FedEx Corporation | | 13,674 | | | | 1,517,404 | |
| Southwest Airlines Company | | 35,312 | | | | 526,502 | |
| | | 2,043,906 | |
Apparel Retailers—0.4% | | | |
| Abercrombie & Fitch Company Class A | | 3,919 | | | | 286,009 | |
| Gap (The), Inc. | | 25,447 | | | | 486,038 | |
| Kohl’s Corporation | * | | | 15,275 | | | | 1,084,983 | |
| Ltd. Brands, Inc. | † | | | 15,296 | | | | 419,875 | |
| Nordstrom, Inc. | | 10,183 | | | | 520,555 | |
| | | 2,797,460 | |
Automotive—0.6% | | | |
| Autonation, Inc. | * | | | 6,006 | | | | 134,775 | |
| Ford Motor Company | † | | | 81,761 | | | | 770,189 | |
| General Motors Corporation | † | | | 24,816 | | | | 938,045 | |
| Genuine Parts Company | | 7,626 | | | | 378,250 | |
| Goodyear Tire & Rubber Company (The) | * | | | 9,249 | | | | 321,495 | |
| Harley-Davidson, Inc. | | 12,041 | | | | 717,764 | |
| ITT Corporation | | 8,141 | | | | 555,867 | |
| Paccar, Inc. | | 11,173 | | | | 972,498 | |
| | | 4,788,883 | |
Banking—8.8% | | | |
| American Express Company | | 54,639 | | | | 3,342,814 | |
| BB&T Corporation | | 24,341 | | | | 990,192 | |
| Bank of America Corporation | | 201,110 | | | | 9,832,268 | |
| Bank of New York Company, Inc. (The) | | 33,912 | | | | 1,405,313 | |
| Capital One Financial Corporation | | 18,547 | | | | 1,454,827 | |
| CIT Group, Inc. | | 8,779 | | | | 481,353 | |
| Citigroup, Inc. | | 223,597 | | | | 11,468,290 | |
| Comerica, Inc. | | 7,218 | | | | 429,254 | |
| Commerce Bancorp, Inc. | † | | | 8,448 | | | | 312,492 | |
| Compass Bancshares, Inc. | | 5,412 | | | | 373,320 | |
| Fannie Mae | | 43,894 | | | | 2,867,595 | |
| Fifth Third Bancorp | | 24,353 | | | | 968,519 | |
| First Horizon National Corporation | † | | | 5,539 | | | | 216,021 | |
| Freddie Mac | | 30,144 | | | | 1,829,741 | |
| Hudson City Bancorp, Inc. | | 22,136 | | | | 270,502 | |
| Huntington Bancshares, Inc. | † | | | 11,294 | | | | 256,826 | |
| JPMorgan Chase & Company | | 154,714 | | | | 7,495,893 | |
| Keycorp | † | | | 17,811 | | | | 611,452 | |
| M&T Bank Corporation | | 3,525 | | | | 376,822 | |
| Marshall & IIsley Corporation | | 11,451 | | | | 545,411 | |
| Mellon Financial Corporation | | 18,205 | | | $ | 801,020 | |
| National City Corporation | † | | | 26,274 | | | | 875,450 | |
| Northern Trust Corporation | | 8,155 | | | | 523,877 | |
| PNC Financial Services Group, Inc. | | 15,480 | | | | 1,108,058 | |
| Regions Financial Corporation | | 32,130 | | | | 1,063,503 | |
| SLM Corporation | | 18,334 | | | | 1,055,672 | |
| Sovereign Bancorp, Inc. | † | | | 16,575 | | | | 350,395 | |
| State Street Corporation | † | | | 15,139 | | | | 1,035,508 | |
| SunTrust Banks, Inc. | | 16,396 | | | | 1,405,793 | |
| Synovus Financial Corporation | | 14,677 | | | | 450,584 | |
| U.S. Bancorp | | 79,260 | | | | 2,611,617 | |
| Wachovia Corporation | | 86,411 | | | | 4,428,564 | |
| Washington Mutual, Inc. | | 40,172 | | | | 1,712,934 | |
| Wells Fargo & Company | | 151,795 | | | | 5,338,630 | |
| Zions Bancorporation | | 4,920 | | | | 378,397 | |
| | | 68,668,907 | |
Beverages, Food & Tobacco—3.8% | | | |
| Altria Group, Inc. | | 95,018 | | | | 6,664,563 | |
| Anheuser-Busch Companies, Inc. | | 34,115 | | | | 1,779,438 | |
| Archer-Daniels-Midland Company | | 28,680 | | | | 949,021 | |
| Brown-Forman Corporation Class B | † | | | 3,664 | | | | 267,765 | |
| Campbell Soup Company | | 9,478 | | | | 367,841 | |
| Coca-Cola Company (The) | | 90,663 | | | | 4,742,582 | |
| Coca-Cola Enterprises, Inc. | | 13,492 | | | | 323,808 | |
| ConAgra Foods, Inc. | | 22,835 | | | | 613,348 | |
| Constellation Brands, Inc. Class A | *† | | | 8,617 | | | | 209,221 | |
| Dean Foods Company | * | | | 5,320 | | | | 169,548 | |
| General Mills, Inc. | | 15,679 | | | | 915,967 | |
| Hershey Company (The) | † | | | 7,857 | | | | 397,721 | |
| HJ Heinz Company | | 14,736 | | | | 699,518 | |
| Kellogg Company | | 11,077 | | | | 573,678 | |
| Kraft Foods, Inc. Class A | | 72,431 | | | | 2,553,193 | |
| McCormick & Company, Inc. | | 5,813 | | | | 221,940 | |
| Molson Coors Brewing Company Class B | | 2,412 | | | | 223,014 | |
| Pepsi Bottling Group, Inc. | | 5,916 | | | | 199,251 | |
| Pepsico, Inc. | | 73,509 | | | | 4,767,059 | |
| Reynolds American, Inc. | † | | | 7,455 | | | | 486,066 | |
| Sara Lee Corporation | | 33,530 | | | | 583,422 | |
| Supervalu, Inc. | | 8,705 | | | | 403,216 | |
| Sysco Corporation | | 27,245 | | | | 898,813 | |
| Tyson Foods, Inc. Class A | | 11,069 | | | | 255,030 | |
| UST, Inc. | | 7,153 | | | | 384,188 | |
| WM Wrigley Jr. Company | † | | | 9,736 | | | | 538,498 | |
| | | 30,187,709 | |
Building Materials—0.8% | | | |
| Home Depot, Inc. | | 89,433 | | | | 3,519,189 | |
| Lowe’s Companies, Inc. | | 68,926 | | | | 2,115,339 | |
| Vulcan Materials Company | † | | | 4,399 | | | | 503,861 | |
| | | 6,138,389 | |
Chemicals—1.2% | | | |
| Air Products & Chemicals, Inc. | | 9,858 | | | | 792,287 | |
| Avery Dennison Corporation | | 4,917 | | | | 326,882 | |
| Dow Chemical Company (The) | | 42,576 | | | | 1,882,711 | |
| Eastman Chemical Company | | 3,534 | | | | 227,342 | |
| EI Du Pont de Nemours & Company | | 41,425 | | | | 2,106,047 | |
| Hercules, Inc. | * | | | 4,386 | | | | 86,185 | |
| International Flavors & Fragrances, Inc. | | 3,888 | | | | 202,720 | |
| Monsanto Company | | 24,331 | | | | 1,643,316 | |
| PPG Industries, Inc. | | 7,259 | | | | 552,482 | |
| Praxair, Inc. | | 14,140 | | | | 1,017,939 | |
| Sealed Air Corporation | | 7,079 | | | | 219,591 | |
| | | 9,057,502 | |
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See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
Coal—0.1% | | | |
| Consol Energy, Inc. | | 7,673 | | | $ | 353,802 | |
| Peabody Energy Corporation | | 11,507 | | | | 556,709 | |
| | | 910,511 | |
Commercial Services—0.6% | | | |
| Allied Waste Industries, Inc. | * | | | 10,555 | | | | 142,070 | |
| Cintas Corporation | | 6,084 | | | | 239,892 | |
| Convergys Corporation | * | | | 6,879 | | | | 166,747 | |
| Equifax, Inc. | | 6,441 | | | | 286,109 | |
| Fluor Corporation | | 3,836 | | | | 427,215 | |
| H&R Block, Inc. | † | | | 14,400 | | | | 336,528 | |
| Moody’s Corporation | | 10,766 | | | | 669,645 | |
| Paychex, Inc. | | 14,661 | | | | 573,538 | |
| Robert Half International, Inc. | | 7,514 | | | | 274,261 | |
| RR Donnelley & Sons Company | | 9,448 | | | | 411,082 | |
| Ryder System, Inc. | † | | | 2,780 | | | | 149,564 | |
| Waste Management, Inc. | | 24,315 | | | | 949,501 | |
| | | 4,626,152 | |
Communications—0.9% | | | |
| Avaya, Inc. | * | | | 20,276 | | | | 341,448 | |
| Ciena Corporation | * | | | 3,922 | | | | 141,702 | |
| L-3 Communications Holdings, Inc. | | 5,343 | | | | 520,355 | |
| Motorola, Inc. | | 105,079 | | | | 1,859,898 | |
| Network Appliance, Inc. | * | | | 16,442 | | | | 480,106 | |
| Qualcomm, Inc. | | 75,261 | | | | 3,265,575 | |
| Tellabs, Inc. | * | | | 19,893 | | | | 214,049 | |
| | | 6,823,133 | |
Computer Software & Processing—4.3% | | | |
| Adobe Systems, Inc. | * | | | 26,395 | | | | 1,059,759 | |
| Affiliated Computer Services, Inc. Class A | * | | | 5,278 | | | | 299,368 | |
| Autodesk, Inc. | * | | | 10,178 | | | | 479,180 | |
| Automatic Data Processing, Inc. | | 25,597 | | | | 1,240,687 | |
| BMC Software, Inc. | * | | | 9,424 | | | | 285,547 | |
| CA, Inc. | | 20,246 | | | | 522,954 | |
| Citrix Systems, Inc. | * | | | 7,947 | | | | 267,575 | |
| Cognizant Technology Solutions Corporation | * | | | 6,159 | | | | 462,479 | |
| Computer Sciences Corporation | * | | | 8,286 | | | | 490,117 | |
| Compuware Corporation | * | | | 17,089 | | | | 202,676 | |
| Electronic Arts, Inc. | * | | | 13,954 | | | | 660,303 | |
| Electronic Data Systems Corporation | | 22,586 | | | | 626,310 | |
| Fidelity National Information Services, Inc. | | 7,010 | | | | 380,503 | |
| First Data Corporation | | 33,763 | | | | 1,103,037 | |
| Fiserv, Inc. | * | | | 8,200 | | | | 465,760 | |
| Google, Inc. Class A | * | | | 9,853 | | | | 5,156,863 | |
| IMS Health, Inc. | | 8,795 | | | | 282,583 | |
| Intuit, Inc. | * | | | 15,593 | | | | 469,037 | |
| Juniper Networks, Inc. | * | | | 25,214 | | | | 634,636 | |
| Microsoft Corporation | | 382,029 | | | | 11,258,395 | |
| NCR Corporation | * | | | 8,056 | | | | 423,262 | |
| Novell, Inc. | * | | | 17,011 | | | | 132,516 | |
| Oracle Corporation | * | | | 177,668 | | | | 3,501,836 | |
| Sun Microsystems, Inc. | * | | | 161,703 | | | | 850,558 | |
| Symantec Corporation | * | | | 43,490 | | | | 878,498 | |
| Unisys Corporation | * | | | 13,879 | | | | 126,854 | |
| VeriSign, Inc. | * | | | 10,507 | | | | 333,387 | |
| Yahoo!, Inc. | * | | | 55,659 | | | | 1,510,029 | |
| | | 34,104,709 | |
Computers & Information—3.3% | | | |
| 3M Company | | 33,278 | | | $ | 2,888,198 | |
| Apple Computer, Inc. | * | | | 39,053 | | | | 4,766,028 | |
| Dell, Inc. | * | | | 102,515 | | | | 2,926,803 | |
| EMC Corporation | * | | | 95,328 | | | | 1,725,437 | |
| Hewlett-Packard Company | | 118,566 | | | | 5,290,415 | |
| International Business Machines Corporation | | 61,865 | | | | 6,511,291 | |
| International Game Technology | | 14,815 | | | | 588,155 | |
| Jabil Circuit, Inc. | | 7,616 | | | | 168,085 | |
| Lexmark International, Inc. | * | | | 4,793 | | | | 236,343 | |
| Pitney Bowes, Inc. | | 10,038 | | | | 469,979 | |
| SanDisk Corporation | * | | | 9,800 | | | | 479,612 | |
| Solectron Corporation | * | | | 40,230 | | | | 148,046 | |
| | | 26,198,392 | |
Containers & Packaging—0.1% | | | |
| Ball Corporation | | 4,556 | | | | 242,243 | |
| Temple-Inland, Inc. | | 4,945 | | | | 304,266 | |
| | | 546,509 | |
Cosmetics & Personal Care—1.5% | | | |
| Avon Products, Inc. | | 19,873 | | | | 730,333 | |
| Clorox Company | | 6,602 | | | | 409,984 | |
| Colgate-Palmolive Company | | 22,691 | | | | 1,471,511 | |
| Ecolab, Inc. | | 8,001 | | | | 341,643 | |
| Estee Lauder Companies (The), Inc. Class A | | 5,057 | | | | 230,144 | |
| Procter & Gamble Company | | 142,354 | | | | 8,710,641 | |
| | | 11,894,256 | |
Education—0.0% | | | |
| Apollo Group, Inc. Class A | * | | | 6,172 | | | | 360,630 | |
Electric Utilities—2.6% | | | |
| AES Corporation (The) | * | | | 28,796 | | | | 630,056 | |
| Allegheny Energy, Inc. | * | | | 7,132 | | | | 369,010 | |
| Ameren Corporation | | 9,010 | | | | 441,580 | |
| American Electric Power Company, Inc. | | 17,957 | | | | 808,783 | |
| CMS Energy Corporation | | 9,922 | | | | 170,658 | |
| Centerpoint Energy, Inc. | | 13,537 | | | | 235,544 | |
| Consolidated Edison, Inc. | | 11,541 | | | | 520,730 | |
| Constellation Energy Group, Inc. | | 7,847 | | | | 684,023 | |
| DTE Energy Company | | 7,766 | | | | 374,477 | |
| Dominion Resources, Inc. | | 15,730 | | | | 1,357,656 | |
| Duke Energy Corporation | | 55,876 | | | | 1,022,531 | |
| Dynegy, Inc. Class A | | 15,071 | | | | 142,270 | |
| Edison International | | 14,281 | | | | 801,450 | |
| Entergy Corporation | | 9,154 | | | | 982,682 | |
| Exelon Corporation | | 30,358 | | | | 2,203,991 | |
| FPL Group, Inc. | | 18,300 | | | | 1,038,342 | |
| FirstEnergy Corporation | | 14,589 | | | | 944,346 | |
| Integrys Energy Group, Inc. | | 3,300 | | | | 167,409 | |
| KeySpan Corporation | | 7,674 | | | | 322,155 | |
| NiSource, Inc. | | 11,857 | | | | 245,558 | |
| PG&E Corporation | | 15,829 | | | | 717,054 | |
| PPL Corporation | | 17,328 | | | | 810,777 | |
| Pinnacle West Capital Corporation | | 4,372 | | | | 174,224 | |
| Progress Energy, Inc. | | 11,044 | | | | 503,496 | |
| Public Service Enterprise Group, Inc. | | 11,416 | | | | 1,002,096 | |
| Sempra Energy | | 11,832 | | | | 700,809 | |
| Southern Company (The) | † | | | 33,551 | | | | 1,150,464 | |
| TXU Corporation | | 20,371 | | | | 1,370,968 | |
| TECO Energy, Inc. | | 9,094 | | | | 156,235 | |
| Xcel Energy, Inc. | † | | | 17,719 | | | | 362,708 | |
| | | 20,412,082 | |
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See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
Electrical Equipment—2.5% | | | |
| Cooper Industries Ltd. Class A (Bermuda) | | 8,037 | | | $ | 458,832 | |
| Emerson Electric Company | | 36,190 | | | | 1,693,692 | |
| General Electric Company | | 465,108 | | | | 17,804,334 | |
| | | 19,956,858 | |
Electronics—3.2% | | | |
| Advanced Micro Devices, Inc. | *† | | | 22,772 | | | | 325,640 | |
| Altera Corporation | *† | | | 15,819 | | | | 350,074 | |
| Analog Devices, Inc. | | 16,239 | | | | 611,236 | |
| Broadcom Corporation Class A | * | | | 20,382 | | | | 596,173 | |
| Cisco Systems, Inc. | * | | | 274,484 | | | | 7,644,379 | |
| Eastman Kodak Company | † | | | 12,583 | | | | 350,185 | |
| Intel Corporation | | 262,614 | | | | 6,239,709 | |
| JDS Uniphase Corporation | *† | | | 9,473 | | | | 127,222 | |
| LSI Corp. | * | | | 34,716 | | | | 260,717 | |
| Linear Technology Corporation | † | | | 11,721 | | | | 424,066 | |
| Maxim Integrated Products, Inc. | | 14,128 | | | | 472,016 | |
| MEMC Electronics Materials, Inc. | * | | | 10,061 | | | | 614,928 | |
| Micron Technology, Inc. | *† | | | 31,818 | | | | 398,680 | |
| Molex, Inc. | | 6,227 | | | | 186,872 | |
| National Semiconductor Corporation | † | | | 13,204 | | | | 373,277 | |
| Novellus Systems, Inc. | * | | | 5,537 | | | | 157,085 | |
| Nvidia Corporation | * | | | 16,324 | | | | 674,344 | |
| QLogic Corporation | * | | | 7,961 | | | | 132,551 | |
| Raytheon Company | | 19,546 | | | | 1,053,334 | |
| Rockwell Collins, Inc. | | 7,612 | | | | 537,712 | |
| Texas Instruments, Inc. | | 65,085 | | | | 2,449,149 | |
| Xerox Corporation | * | | | 42,793 | | | | 790,815 | |
| Xilinx, Inc. | † | | | 15,159 | | | | 405,806 | |
| | | 25,175,970 | |
Entertainment & Leisure—1.3% | | | |
| Harrah’s Entertainment, Inc. | | 8,077 | | | | 688,645 | |
| Hasbro, Inc. | | 7,426 | | | | 233,251 | |
| Mattel, Inc. | | 17,004 | | | | 430,031 | |
| News Corporation, Inc. Class A | | 105,672 | | | | 2,241,303 | |
| Time Warner, Inc. | | 172,037 | | | | 3,619,658 | |
| Walt Disney Company | | 89,858 | | | | 3,067,752 | |
| | | 10,280,640 | |
Environmental—0.2% | | | |
| Agilent Technologies, Inc. | * | | | 18,919 | | | | 727,246 | |
| Danaher Corporation | | 10,454 | | | | 789,277 | |
| Tektronix, Inc. | † | | | 4,069 | | | | 137,288 | |
| Teradyne, Inc. | *† | | | 8,399 | | | | 147,654 | |
| | | 1,801,465 | |
Financial Services—2.8% | | | |
| Ameriprise Financial, Inc. | | 11,064 | | | | 703,338 | |
| Bear Stearns Companies, Inc. (The) | | 5,201 | | | | 728,140 | |
| Charles Schwab Corporation (The) | | 45,303 | | | | 929,618 | |
| Chicago Mercantile Exchange | † | | | 1,599 | | | | 854,442 | |
| Countrywide Financial Corporation | † | | | 27,686 | | | | 1,006,386 | |
| E*Trade Financial Corporation | * | | | 18,346 | | | | 405,263 | |
| Federated Investors, Inc. Class B | | 3,330 | | | | 127,639 | |
| Franklin Resources, Inc. | | 7,431 | | | | 984,385 | |
| Goldman Sachs Group, Inc. | | 18,540 | | | | 4,018,545 | |
| Janus Capital Group, Inc. | † | | | 9,399 | | | | 261,668 | |
| Legg Mason, Inc. | | 5,766 | | | | 567,259 | |
| Lehman Brothers Holdings, Inc. | | 23,824 | | | | 1,775,364 | |
| Merrill Lynch & Company, Inc. | | 39,604 | | | $ | 3,310,102 | |
| Morgan Stanley | | 47,814 | | | | 4,010,638 | |
| Principal Financial Group | | 12,337 | | | | 719,124 | |
| T Rowe Price Group, Inc. | | 11,620 | | | | 602,962 | |
| Western Union Company (The) | | 33,663 | | | | 701,200 | |
| | | 21,706,073 | |
Food Retailers—0.3% | | | |
| Kroger Company (The) | | 31,965 | | | | 899,175 | |
| Safeway, Inc. | | 19,776 | | | | 672,977 | |
| Starbucks Corporation | * | | | 33,638 | | | | 882,661 | |
| Whole Foods Market, Inc. | † | | | 6,058 | | | | 232,021 | |
| | | 2,686,834 | |
Forest Products & Paper—0.4% | | | |
| Bemis Company | | 5,148 | | | | 170,811 | |
| International Paper Company | | 19,914 | | | | 777,642 | |
| Kimberly-Clark Corporation | | 20,212 | | | | 1,351,981 | |
| MeadWestvaco Corporation | | 7,851 | | | | 277,297 | |
| Pactiv Corporation | * | | | 6,199 | | | | 197,686 | |
| Weyerhaeuser Company | | 9,586 | | | | 756,623 | |
| | | 3,532,040 | |
Health Care Providers—0.2% | | | |
| Coventry Health Care, Inc. | * | | | 6,999 | | | | 403,492 | |
| Express Scripts, Inc. | * | | | 12,968 | | | | 648,530 | |
| Laboratory Corporation of America Holdings | *† | | | 5,554 | | | | 434,656 | |
| Manor Care, Inc. | † | | | 3,516 | | | | 229,560 | |
| Tenet Healthcare Corporation | *† | | | 23,062 | | | | 150,134 | |
| | | 1,866,372 | |
Heavy Construction—0.1% | | | |
| Centex Corporation | † | | | 5,370 | | | | 215,337 | |
| Lennar Corporation Class A | | 5,972 | | | | 218,336 | |
| | | 433,673 | |
Heavy Machinery—1.5% | | | |
| American Standard Companies, Inc. | | 7,828 | | | | 461,695 | |
| Applied Materials, Inc. | | 62,930 | | | | 1,250,419 | |
| Black & Decker Corporation | | 3,454 | | | | 305,023 | |
| Caterpillar, Inc. | | 29,593 | | | | 2,317,132 | |
| Cummins, Inc. | | 4,550 | | | | 460,506 | |
| Deere & Company | | 10,503 | | | | 1,268,132 | |
| Dover Corporation | | 8,920 | | | | 456,258 | |
| Eaton Corporation | | 6,529 | | | | 607,197 | |
| Ingersoll-Rand Company Class A (Bermuda) | | 14,476 | | | | 793,574 | |
| National-Oilwell Varco, Inc. | * | | | 7,982 | | | | 832,044 | |
| Pall Corporation | | 5,917 | | | | 272,123 | |
| Parker Hannifin Corporation | | 5,314 | | | | 520,294 | |
| Rockwell Automation, Inc. | | 7,826 | | | | 543,437 | |
| Smith International, Inc. | | 8,885 | | | | 521,016 | |
| Stanley Works (The) | | 3,363 | | | | 204,134 | |
| Terex Corporation | * | | | 4,319 | | | | 351,135 | |
| Varian Medical Systems, Inc. | * | | | 5,760 | | | | 244,858 | |
| WW Grainger, Inc. | | 3,422 | | | | 318,417 | |
| | | 11,727,394 | |
Home Construction, Furnishings & Appliances—0.4% |
| DR Horton, Inc. | † | | | 11,960 | | | | 238,363 | |
| Harman International Industries, Inc. | | 2,854 | | | | 333,347 | |
| Johnson Controls, Inc. | | 8,843 | | | | 1,023,754 | |
| KB Home | † | | | 3,394 | | | | 133,622 | |
| Leggett & Platt, Inc. | † | | | 8,064 | | | | 177,811 | |
| Masco Corporation | | 18,434 | | | | 524,816 | |
| Newell Rubbermaid, Inc. | | 11,995 | | | | 353,013 | |
|
See accompanying notes to financial statements.
113
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
| Pulte Homes, Inc. | | 9,419 | | | $ | 211,457 | |
| Whirlpool Corporation | | 3,383 | | | | 376,190 | |
| | | 3,372,373 | |
Household Products—0.3% | | | |
| Fortune Brands, Inc. | | 6,876 | | | | 566,376 | |
| Illinois Tool Works, Inc. | | 18,598 | | | | 1,007,826 | |
| Rohm & Haas Company | | 6,344 | | | | 346,890 | |
| Snap-On, Inc. | | 2,539 | | | | 128,245 | |
| | | 2,049,337 | |
Industrial—Diversified—0.4% | | | |
| Tyco International Ltd. (Bermuda) | | 88,718 | | | | 2,997,781 | |
Insurance—4.6% | | | |
| ACE Ltd. (Cayman Islands) | | 14,666 | | | | 916,918 | |
| Aflac, Inc. | | 21,905 | | | | 1,125,917 | |
| Aetna, Inc. | | 24,024 | | | | 1,186,786 | |
| Allstate Corporation (The) | | 28,474 | | | | 1,751,436 | |
| AMBAC Financial Group, Inc. | | 4,610 | | | | 401,946 | |
| American International Group, Inc. | | 117,245 | | | | 8,210,667 | |
| AON Corporation | | 14,251 | | | | 607,235 | |
| Assurant, Inc. | | 4,469 | | | | 263,313 | |
| Chubb Corporation | | 18,064 | | | | 977,985 | |
| Cigna Corporation | | 13,368 | | | | 698,077 | |
| Cincinnati Financial Corporation | | 7,627 | | | | 331,012 | |
| Genworth Financial, Inc. Class A | | 19,514 | | | | 671,282 | |
| Hartford Financial Services Group, Inc. | | 14,401 | | | | 1,418,643 | |
| Humana, Inc. | * | | | 7,120 | | | | 433,679 | |
| Lincoln National Corporation | | 12,544 | | | | 889,997 | |
| Loews Corporation | | 19,590 | | | | 998,698 | |
| MBIA, Inc. | † | | | 5,839 | | | | 363,303 | |
| MGIC Investment Corporation | † | | | 3,862 | | | | 219,593 | |
| Marsh & McLennan Companies, Inc. | | 24,984 | | | | 771,506 | |
| Metlife, Inc. | | 33,946 | | | | 2,188,838 | |
| Progressive Corporation (The) | | 34,792 | | | | 832,573 | |
| Prudential Financial, Inc. | | 21,226 | | | | 2,063,804 | |
| Safeco Corporation | | 5,043 | | | | 313,977 | |
| Torchmark Corporation | | 4,583 | | | | 307,061 | |
| Travelers Cos., Inc. (The) | | 30,652 | | | | 1,639,882 | |
| UnitedHealth Group, Inc. | | 60,755 | | | | 3,107,011 | |
| UnumProvident Corporation | | 14,510 | | | | 378,856 | |
| WellPoint, Inc. | * | | | 27,839 | | | | 2,222,387 | |
| XL Capital Ltd. Class A (Cayman Islands) | | 8,095 | | | | 682,328 | |
| | | 35,974,710 | |
Lodging—0.3% | | | |
| Hilton Hotels Corporation | | 17,148 | | | | 573,944 | |
| Marriott International, Inc. Class A | | 15,100 | | | | 652,924 | |
| Starwood Hotels & Resorts Worldwide, Inc. | | 9,466 | | | | 634,885 | |
| Wyndham Worldwide Corporation | * | | | 8,923 | | | | 323,548 | |
| | | 2,185,301 | |
Media—Broadcasting & Publishing—1.4% |
| CBS Corporation Class B | | 34,151 | | | | 1,137,911 | |
| Clear Channel Communications, Inc. | | 22,852 | | | | 864,263 | |
| Comcast Corporation Class A | * | | | 140,162 | | | | 3,941,355 | |
| DIRECTV Group (The), Inc. | * | | | 33,859 | | | | 782,481 | |
| Dow Jones & Company, Inc. | | 3,045 | | | | 174,935 | |
| EW Scripps Company Class A | | 3,760 | | | | 171,794 | |
| Gannett Company, Inc. | | 10,491 | | | | 576,480 | |
| IAC/InterActiveCorp | * | | | 9,631 | | | $ | 333,329 | |
McGraw-Hill Companies,
Inc. (The) | | 16,227 | | | | 1,104,734 | |
| Meredith Corporation | | 1,895 | | | | 116,732 | |
| New York Times Company Class A | † | | | 6,241 | | | | 158,521 | |
| Tribune Company | | 4,121 | | | | 121,157 | |
| Viacom, Inc. Class B | * | | | 31,993 | | | | 1,331,869 | |
| | | 10,815,561 | |
Medical Supplies—2.7% | | | |
| Allergan, Inc. | | 13,378 | | | | 771,108 | |
| Applera Corporation—Applied Biosystems Group | | 8,032 | | | | 245,297 | |
| Bausch & Lomb, Inc. | | 2,519 | | | | 174,919 | |
| Baxter International, Inc. | | 29,138 | | | | 1,641,635 | |
| Becton Dickinson & Company | | 10,910 | | | | 812,795 | |
| Biomet, Inc. | | 10,933 | | | | 499,857 | |
| Boston Scientific Corporation | * | | | 53,082 | | | | 814,278 | |
| CR Bard, Inc. | | 4,555 | | | | 376,380 | |
| Johnson & Johnson | | 130,959 | | | | 8,069,694 | |
| Kla-Tencor Corporation | | 8,766 | | | | 481,692 | |
| Medtronic, Inc. | | 52,035 | | | | 2,698,535 | |
| Millipore Corporation | *† | | | 2,215 | | | | 166,324 | |
| Patterson Cos., Inc. | * | | | 6,066 | | | | 226,080 | |
| PerkinElmer, Inc. | | 5,757 | | | | 150,027 | |
| St. Jude Medical, Inc. | *† | | | 16,184 | | | | 671,474 | |
| Stryker Corporation | | 13,327 | | | | 840,800 | |
| Thermo Fisher Scientific, Inc. | * | | | 18,784 | | | | 971,508 | |
| Waters Corporation | * | | | 4,564 | | | | 270,919 | |
| Zimmer Holdings, Inc. | * | | | 10,939 | | | | 928,612 | |
| | | 20,811,934 | |
Metals—0.9% | | | |
| Alcoa, Inc. | | 39,273 | | | | 1,591,735 | |
| Allegheny Technologies, Inc. | | 4,545 | | | | 476,680 | |
| Corning, Inc. | * | | | 70,940 | | | | 1,812,517 | |
| Newmont Mining Corporation | | 19,589 | | | | 765,146 | |
| Nucor Corporation | | 13,611 | | | | 798,285 | |
| Precision Castparts Corporation | | 6,202 | | | | 752,675 | |
| United States Steel Corporation | | 5,195 | | | | 564,956 | |
| | | 6,761,994 | |
Mining—0.2% | | | |
| Freeport-McMoran Copper & Gold, Inc. | | 16,939 | | | | 1,402,888 | |
Oil & Gas—8.1% | | | |
| Anadarko Petroleum Corporation | | 20,897 | | | | 1,086,435 | |
| Apache Corporation | | 14,926 | | | | 1,217,812 | |
| Ashland, Inc. | | 3,106 | | | | 198,629 | |
| Baker Hughes, Inc. | | 14,690 | | | | 1,235,870 | |
| BJ Services Company | | 14,353 | | | | 408,199 | |
| Chesapeake Energy Corporation | | 18,240 | | | | 631,104 | |
| Chevron Corporation | | 97,596 | | | | 8,221,487 | |
| ConocoPhillips | | 73,845 | | | | 5,796,833 | |
| Devon Energy Corporation | | 19,943 | | | | 1,561,337 | |
| EOG Resources, Inc. | | 11,033 | | | | 806,071 | |
| El Paso Corporation | | 31,393 | | | | 540,901 | |
| ENSCO International, Inc. | | 6,778 | | | | 413,526 | |
| Exxon Mobil Corporation | | 254,869 | | | | 21,378,412 | |
| Halliburton Company | | 41,598 | | | | 1,435,131 | |
| Hess Corporation | | 12,305 | | | | 725,503 | |
| Marathon Oil Corporation | | 31,144 | | | | 1,867,394 | |
| Murphy Oil Corporation | | 8,420 | | | | 500,485 | |
| Nabors Industries Ltd. | *† | | | 14,031 | | | | 468,355 | |
| Nicor, Inc. | † | | | 1,963 | | | | 84,252 | |
| Noble Corporation (Cayman Islands) | | 5,990 | | | | 584,145 | |
|
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
| Occidental Petroleum Corporation | | 37,958 | | | $ | 2,197,009 | |
| Questar Corporation | | 7,316 | | | | 386,651 | |
| Rowan Companies., Inc. | | 4,817 | | | | 197,401 | |
| Schlumberger Ltd. (Netherland Antilles) | | 52,972 | | | | 4,499,442 | |
| Spectra Energy Corp. | | 27,942 | | | | 725,374 | |
| Sunoco, Inc. | | 5,960 | | | | 474,893 | |
| Transocean, Inc. (Cayman Islands) | * | | | 13,365 | | | | 1,416,423 | |
| Valero Energy Corporation | | 25,471 | | | | 1,881,288 | |
| Weatherford International Ltd. (Bermuda) | * | | | 15,336 | | | | 847,161 | |
| Williams Companies, Inc. | | 26,146 | | | | 826,737 | |
| XTO Energy, Inc. | | 17,245 | | | | 1,036,425 | |
| | | 63,650,685 | |
Pharmaceuticals—5.2% | | | |
| Abbott Laboratories | | 69,259 | | | | 3,708,819 | |
| AmerisourceBergen Corporation | | 9,300 | | | | 460,071 | |
| Amgen, Inc. | * | | | 52,435 | | | | 2,899,131 | |
| Barr Pharmaceuticals, Inc. | * | | | 4,637 | | | | 232,917 | |
| Biogen Idec, Inc. | * | | | 13,123 | | | | 702,081 | |
| Bristol-Myers Squibb Company | | 90,646 | | | | 2,860,788 | |
| Cardinal Health, Inc. | | 17,538 | | | | 1,238,884 | |
| Celgene Corporation | * | | | 17,109 | | | | 980,859 | |
| Eli Lilly & Company | | 44,595 | | | | 2,491,969 | |
| Forest Laboratories, Inc. | * | | | 14,323 | | | | 653,845 | |
| Genzyme Corporation | * | | | 11,410 | | | | 734,804 | |
| Gilead Sciences, Inc. | * | | | 41,558 | | | | 1,611,204 | |
| Hospira, Inc. | * | | | 7,127 | | | | 278,238 | |
| King Pharmaceuticals, Inc. | * | | | 10,183 | | | | 208,344 | |
| McKesson Corporation | | 13,531 | | | | 806,989 | |
| Medco Health Solutions, Inc. | * | | | 13,435 | | | | 1,047,796 | |
| Merck & Company, Inc. | | 97,890 | | | | 4,874,922 | |
| Mylan Laboratories | �� | 11,139 | | | | 202,618 | |
| Pfizer, Inc. | | 318,723 | | | | 8,149,747 | |
| Quest Diagnostics, Inc. | | 7,162 | | | | 369,917 | |
| Schering-Plough Corporation | | 66,751 | | | | 2,031,900 | |
| Sigma Aldrich Corporation | | 5,903 | | | | 251,881 | |
| Watson Pharmaceuticals, Inc. | * | | | 4,259 | | | | 138,545 | |
| Wyeth | | 60,498 | | | | 3,468,955 | |
| | | 40,405,224 | |
Real Estate—0.9% | | | |
| Apartment Investment & Management Company REIT Class A | † | | | 3,885 | | | | 195,882 | |
| Archstone-Smith Trust REIT | † | | | 9,927 | | | | 586,785 | |
Avalonbay Communities,
Inc. REIT | | 3,501 | | | | 416,199 | |
| Boston Properties, Inc. REIT | | 5,172 | | | | 528,216 | |
| CB Richard Ellis Group, Inc. Class A | * | | | 7,914 | | | | 288,861 | |
| Developers Diversified Realty Corporation REIT | | 5,585 | | | | 294,385 | |
| Equity Residential REIT | | 12,749 | | | | 581,737 | |
| General Growth Properties, Inc. REIT | | 9,929 | | | | 525,740 | |
| Host Hotels & Resorts Inc. REIT | † | | | 23,370 | | | | 540,314 | |
| Kimco Realty Corporation REIT | | 9,907 | | | | 377,159 | |
| Plum Creek Timber Company, Inc. REIT | | 8,165 | | | | 340,154 | |
| Prologis REIT | | 11,448 | | | | 651,391 | |
| Public Storage REIT | | 5,464 | | | | 419,744 | |
| Simon Property Group, Inc. REIT | | 9,868 | | | | 918,119 | |
| Vornado Realty Trust REIT | | 5,612 | | | | 616,422 | |
| | | 7,281,108 | |
Restaurants—0.5% | | | |
| Darden Restaurants, Inc. | | 6,534 | | | $ | 287,431 | |
| McDonald’s Corporation | | 54,251 | | | | 2,753,781 | |
| Wendy’s International, Inc. | | 5,142 | | | | 188,969 | |
| Yum! Brands, Inc. | | 24,418 | | | | 798,957 | |
| | | 4,029,138 | |
Retailers—3.1% | | | |
| Amazon.Com, Inc. | *† | | | 14,009 | | | | 958,356 | |
| Autozone, Inc. | * | | | 2,448 | | | | 334,446 | |
| Bed Bath & Beyond, Inc. | * | | | 12,305 | | | | 442,857 | |
| Best Buy Company, Inc. | † | | | 17,879 | | | | 834,413 | |
| Big Lots, Inc. | *† | | | 4,622 | | | | 135,979 | |
| CVS Caremark Corp. | | 69,710 | | | | 2,540,930 | |
| Circuit City Stores, Inc. | † | | | 6,649 | | | | 100,267 | |
| Costco Wholesale Corporation | | 20,890 | | | | 1,222,483 | |
| Dillard’s, Inc. Class A | | 2,579 | | | | 92,663 | |
| Dollar General Corporation | | 13,924 | | | | 305,214 | |
| eBay, Inc. | * | | | 51,735 | | | | 1,664,832 | |
| Family Dollar Stores, Inc. | | 7,400 | | | | 253,968 | |
| JC Penney Company, Inc. | | 10,233 | | | | 740,665 | |
| Macys, Inc. | | 21,019 | | | | 836,136 | |
| Nike, Inc. Class B | | 16,726 | | | | 974,959 | |
| Office Depot, Inc. | * | | | 13,041 | | | | 395,142 | |
| OfficeMax, Inc. | | 2,974 | | | | 116,878 | |
| RadioShack Corporation | † | | | 5,381 | | | | 178,326 | |
| Sears Holdings Corporation | * | | | 3,864 | | | | 654,948 | |
| Sherwin-Williams Company (The) | | 4,841 | | | | 321,781 | |
| Staples, Inc. | | 32,067 | | | | 760,950 | |
| TJX Companies., Inc. | | 20,299 | | | | 558,223 | |
| Target Corporation | | 38,669 | | | | 2,459,348 | |
| Tiffany & Company | | 6,286 | | | | 333,535 | |
| Walgreen Company | | 45,220 | | | | 1,968,879 | |
| Wal-Mart Stores, Inc. | | 109,926 | | | | 5,288,540 | |
| | | 24,474,718 | |
Telephone Systems—2.9% | | | |
| Alltel Corporation | | 15,779 | | | | 1,065,871 | |
| AT&T, Inc. | | 279,069 | | | | 11,581,364 | |
| CenturyTel, Inc. | | 5,012 | | | | 245,839 | |
| Citizens Communications Company | † | | | 14,413 | | | | 220,087 | |
| Embarq Corporation | | 6,503 | | | | 412,095 | |
| Qwest Communications International, Inc. | *† | | | 68,054 | | | | 660,124 | |
| Sprint Nextel Corporation | | 130,646 | | | | 2,705,679 | |
| Verizon Communications, Inc. | | 131,219 | | | | 5,402,286 | |
| Windstream Corporation | | 19,512 | | | | 287,997 | |
| | | 22,581,342 | |
Textiles, Clothing & Fabrics—0.2% | | | |
| Coach, Inc. | * | | | 16,947 | | | | 803,118 | |
| Jones Apparel Group, Inc. | | 5,028 | | | | 142,041 | |
| Liz Claiborne, Inc. | | 4,454 | | | | 166,134 | |
| Polo Ralph Lauren Corporation | | 2,737 | | | | 268,527 | |
| VF Corporation | | 3,825 | | | | 350,294 | |
| | | 1,730,114 | |
Transportation—1.2% | | | |
| Brunswick Corporation | | 4,421 | | | | 144,257 | |
| Burlington Northern Santa Fe Corporation | | 16,462 | | | | 1,401,575 | |
| CSX Corporation | | 19,296 | | | | 869,864 | |
| Carnival Corporation | | 19,796 | | | | 965,451 | |
| CH Robinson Worldwide, Inc. | | 7,757 | | | | 407,398 | |
| Norfolk Southern Corporation | | 18,206 | | | | 957,089 | |
|
See accompanying notes to financial statements.
115
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
| Union Pacific Corporation | | 11,972 | | | $ | 1,378,576 | |
| United Parcel Service, Inc. Class B | | 48,074 | | | | 3,509,402 | |
| | | 9,633,612 | |
TOTAL COMMON STOCKS | | | |
| (Cost $450,731,567) | | 603,831,137 | |
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Date
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| Face
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| Value
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U.S. TREASURY OBLIGATIONS—0.1% |
U.S. Treasury Bills—0.1% | | | |
| U.S. Treasury Bill |
| 4.637% | | | | 09/20/2007 | | ** | | | | | | | | |
| (Cost $1,014,173) | $ | 1,025,000 | | | | 1,014,173 | |
| |
| | | | | | | | | | Shares | | | | Value |
RIGHTS—0.0% |
Computers & Information—0.0% | | | |
| Seagate Technology, Inc. | *d | | | | | | | | |
| (Cost $—) | | 10,600 | | | | — | |
| |
Coupon
Rate | | | | Maturity
Date | | | | | Face | | | | Value |
COMMERCIAL PAPER—21.4% |
Banking—15.1% | | | |
| Alliance & Leicester PLC, 144A |
| 5.250% | | | | 09/14/2007 | | *** | | $ | 30,000,000 | | | | 29,667,500 | |
| ANZ National International, Ltd. (United Kingdom) |
| 5.235% | | | | 09/19/2007 | | | | | 30,000,000 | | | | 29,646,638 | |
| CBA (Delaware) Finance, Inc. |
| 5.245% | | | | 09/17/2007 | | | | | 30,000,000 | | | | 29,654,704 | |
| Dexia Delaware LLC |
| 5.240% | | | | 09/17/2007 | | | | | 30,000,000 | | | | 29,655,033 | |
| | | 118,623,875 | |
Financial Services—6.3% | | | |
| Bavaria Universal Funding, 144A |
| 5.270% | | | | 09/18/2007 | | *** | | | 25,000,000 | | | | 24,707,222 | |
| Versailles CDS LLC, 144A |
| 5.265% | | | | 09/19/2007 | | *** | | | 25,000,000 | | | | 24,703,844 | |
| | | 49,411,066 | |
TOTAL COMMERCIAL PAPER | | | |
| (Cost $168,034,941) | | 168,034,941 | |
| |
CASH EQUIVALENTS—2.8% |
Institutional Money Market Funds—0.0% | | | |
| Reserve Primary Money Market Fund |
| 5.230% | | | | 07/02/2007 | | †† | | | 338,613 | | | | 338,613 | |
Bank & Certificate Deposits/
Offshore Time Deposits—2.5% |
| Abbey National PLC |
| 5.280% | | | | 07/05/2007 | | †† | | | 253,960 | | | | 253,960 | |
| BancoBilbao Vizcaya Argentaria SA |
| 5.300% | | | | 08/10/2007 | | †† | | | 169,307 | | | | 169,307 | |
| Bank of Montreal |
| 5.310% | | | | 08/14/2007 | | †† | | | 169,307 | | | | 169,307 | |
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Coupon
Rate
|
|
|
| Maturity
Date
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| Face
|
| Value
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| Bank of Montreal |
| 5.290% | | | | 07/02/2007 | | †† | | $ | 338,613 | | | $ | 338,613 | |
| Bank of Montreal |
| 5.280% | | | | 07/03/2007 | | †† | | | 338,613 | | | | 338,613 | |
| Bank of Nova Scotia |
| 5.290% | | | | 07/11/2007 | | †† | | | 423,266 | | | | 423,266 | |
| Bank of Nova Scotia |
| 5.280% | | | | 07/09/2007 | | †† | | | 253,960 | | | | 253,960 | |
| Barclays |
| 5.320% | | | | 09/04/2007 | | †† | | | 169,307 | | | | 169,307 | |
| Barton Capital LLC |
| 5.310% | | | | 07/12/2007 | | †† | | | 253,960 | | | | 253,960 | |
| BNP Paribas |
| 5.350% | | | | 07/02/2007 | | †† | | | 507,920 | | | | 507,920 | |
| CAFCO Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 169,306 | | | | 169,306 | |
| Calyon |
| 5.380% | | | | 07/02/2007 | | †† | | | 507,920 | | | | 507,920 | |
| Canadian Imperial Bank of Commerce |
| 5.300% | | | | 07/30/2007 | | †† | | | 846,533 | | | | 846,533 | |
| Clipper Receivables Corp |
| 5.310% | | | | 07/10/2007 | | †† | | | 507,920 | | | | 507,920 | |
| CRC Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 253,960 | | | | 253,960 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/13/2007 | | †† | | | 253,960 | | | | 253,960 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 592,573 | | | | 592,573 | |
| Den Danske Bank |
| 5.280% | | | | 07/09/2007 | | †† | | | 338,613 | | | | 338,613 | |
| Falcon Asset Securitization Corporation |
| 5.310% | | | | 07/17/2007 | | †† | | | 118,515 | | | | 118,515 | |
| First Tennessee Bank |
| 5.300% | | | | 07/18/2007 | | †† | | | 169,306 | | | | 169,306 | |
| Fortis Bank |
| 5.300% | | | | 07/20/2007 | | †† | | | 423,266 | | | | 423,266 | |
| Greyhawk Funding |
| 5.290% | | | | 07/02/2007 | | †† | | | 169,306 | | | | 169,306 | |
| Jupiter Securitization Corporation |
| 5.320% | | | | 07/26/2007 | | †† | | | 253,960 | | | | 253,960 | |
| Lexington Parker Capital Company |
| 5.290% | | | | 07/03/2007 | | †† | | | 169,306 | | | | 169,306 | |
| Liberty Street Funding Corporation |
| 5.330% | | | | 07/31/2007 | | †† | | | 118,515 | | | | 118,515 | |
| Liberty Street Funding Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 338,613 | | | | 338,613 | |
| Liberty Street Funding Corporation |
| 5.280% | | | | 07/02/2007 | | †† | | | 338,613 | | | | 338,613 | |
| Lloyds TSB Bank |
| 5.280% | | | | 07/17/2007 | | †† | | | 169,306 | | | | 169,306 | |
| Merrill Lynch & Company |
| 5.340% | | | | 07/02/2007 | | †† | | | 3,047,517 | | | | 3,047,517 | |
| Morgan Stanley & Company |
| 5.370% | | | | 07/02/2007 | | †† | | | 1,777,718 | | | | 1,777,718 | |
| National Australia Bank |
| 5.320% | | | | 07/02/2007 | | †† | | | 507,920 | | | | 507,920 | |
| Old Line Funding LCC |
| 5.320% | | | | 07/12/2007 | | †† | | | 169,306 | | | | 169,306 | |
| Paradigm Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 169,306 | | | | 169,306 | |
| Paradigm Funding LLC |
| 5.300% | | | | 07/10/2007 | | †† | | | 843,056 | | | | 843,056 | |
| Park Avenue Receivables Corp |
| 5.300% | | | | 07/09/2007 | | †† | | | 843,056 | | | | 843,056 | |
| Rabobank Nederland |
| 5.330% | | | | 07/02/2007 | | †† | | | 507,920 | | | | 507,920 | |
| Rabobank Nederland |
| 5.280% | | | | 07/05/2007 | | †† | | | 423,266 | | | | 423,266 | |
See accompanying notes to financial statements.
116
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Asset
Allocation Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
| Ranger Funding Corporation |
| 5.330% | | | | 08/02/2007 | | †† | | $ | 423,266 | | | $ | 423,266 | |
| Royal Bank of Scotland |
| 5.270% | | | | 07/11/2007 | | †† | | | 338,613 | | | | 338,613 | |
| Sheffield Receivables Corporation |
| 5.290% | | | | 07/06/2007 | | †† | | | 84,653 | | | | 84,653 | |
| Skandinaviska Enskilda Banken AB |
| 5.290% | | | | 07/19/2007 | | †† | | | 423,266 | | | | 423,266 | |
| Svenska Handlesbanken |
| 5.300% | | | | 07/02/2007 | | †† | | | 700,391 | | | | 700,391 | |
| Wells Fargo |
| 5.280% | | | | 07/12/2007 | | †† | | | 423,266 | | | | 423,266 | |
| Wells Fargo |
| 5.260% | | | | 07/02/2007 | | †† | | | 169,306 | | | | 169,306 | |
| | | 19,469,530 | |
Floating Rate Instruments/Master Notes—0.3% |
| Bank of America |
| 5.310% | | | | 07/10/2007 | | †† | | | 423,266 | | | | 423,266 | |
| Bank of America |
| 5.300% | | | | 09/17/2007 | | †† | | | 846,533 | | | | 846,533 | |
| Bank of America |
| 5.270% | | | | 07/16/2007 | | †† | | | 253,960 | | | | 253,960 | |
| Bank of America |
| 5.270% | | | | 08/17/2007 | | †† | | | 423,266 | | | | 423,266 | |
| | | 1,947,025 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $21,755,168) | | 21,755,168 | |
TOTAL INVESTMENTS—101.3% | | | |
| (Cost $641,535,849) | | 794,635,419 | |
| Other assets less liabilities—(1.3%) | | (10,347,528 | ) |
NET ASSETS—100.0% | $ | 784,287,891 | |
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. |
| *** | | 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 9.95% of Total Investments. |
| †† | | Represents collateral received from securities lending transactions. |
| d | | Security has no market value at 06/30/2007. |
See accompanying notes to financial statements.
117
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Equity Income Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—94.1% |
Aerospace & Defense—1.2% | | | |
| Honeywell International, Inc. | | 378,000 | | | $ | 21,273,840 | |
Airlines—1.2% | | | |
| FedEx Corporation | | 190,000 | | | | 21,084,300 | |
Automotive—2.2% | | | |
| Ford Motor Company | † | | | 200,000 | | | | 1,884,000 | |
| General Motors Corporation | † | | | 804,000 | | | | 30,391,200 | |
| Genuine Parts Company | | 90,552 | | | | 4,491,379 | |
| | | 36,766,579 | |
Banking—8.6% | | | |
| American Express Company | | 205,700 | | | | 12,584,726 | |
| Bank of America Corporation | | 390,492 | | | | 19,091,154 | |
| Capital One Financial Corporation | | 132,000 | | | | 10,354,080 | |
| Citigroup, Inc. | | 385,669 | | | | 19,780,963 | |
| Fannie Mae | | 40,806 | | | | 2,665,856 | |
| Fifth Third Bancorp | | 75,000 | | | | 2,982,750 | |
| JPMorgan Chase & Company | | 250,000 | | | | 12,112,500 | |
| Keycorp | † | | | 100,000 | | | | 3,433,000 | |
| Mellon Financial Corporation | | 150,000 | | | | 6,600,000 | |
| National City Corporation | † | | | 85,000 | | | | 2,832,200 | |
| SLM Corporation | | 248,800 | | | | 14,325,904 | |
| State Street Corporation | † | | | 110,000 | | | | 7,524,000 | |
| SunTrust Banks, Inc. | | 40,000 | | | | 3,429,600 | |
| U.S. Bancorp | | 175,000 | | | | 5,766,250 | |
| Wachovia Corporation | | 166,004 | | | | 8,507,705 | |
| Washington Mutual, Inc. | † | | | 151,845 | | | | 6,474,671 | |
| Wells Fargo & Company | | 233,000 | | | | 8,194,610 | |
| | | 146,659,969 | |
Beverages, Food & Tobacco—4.9% | | | |
| Altria Group, Inc. | | 186,300 | | | | 13,067,082 | |
| Anheuser-Busch Companies, Inc. | | 125,000 | | | | 6,520,000 | |
| Archer-Daniels-Midland Company | | 50,000 | | | | 1,654,500 | |
| Campbell Soup Company | | 99,712 | | | | 3,869,823 | |
| Coca-Cola Company (The) | | 120,000 | | | | 6,277,200 | |
| General Mills, Inc. | | 80,022 | | | | 4,674,885 | |
| Hershey Company (The) | | 80,000 | | | | 4,049,600 | |
| HJ Heinz Company | | 121,000 | | | | 5,743,870 | |
| Imperial Tobacco Group PLC (United Kingdom) | | 168,300 | | | | 15,522,309 | |
| Kraft Foods, Inc. Class A | | 336,824 | | | | 11,873,046 | |
| McCormick & Company, Inc. | | 75,000 | | | | 2,863,500 | |
| UST, Inc. | | 153,337 | | | | 8,235,730 | |
| | | 84,351,545 | |
Building Materials—2.5% | | | |
| Cemex SAB de CV (Mexico) | * | | | 749,107 | | | | 27,642,048 | |
| Home Depot, Inc. | | 381,600 | | | | 15,015,960 | |
| | | 42,658,008 | |
Chemicals—1.6% | | | |
| Avery Dennison Corporation | | 85,000 | | | | 5,650,800 | |
| Dow Chemical Company (The) | | 39,771 | | | | 1,758,674 | |
| EI Du Pont de Nemours & Company | | 306,446 | | | | 15,579,715 | |
| International Flavors & Fragrances, Inc. | | 70,000 | | | | 3,649,800 | |
| | | 26,638,989 | |
Commercial Services—0.4% | | | |
| H&R Block, Inc. | † | | | 125,000 | | | | 2,921,250 | |
| Waste Management, Inc. | | 100,000 | | | | 3,905,000 | |
| | | 6,826,250 | |
Communications—3.6% | | | |
| Koninklijke (Royal) Philips Electronics NV NY Shares (Netherlands) | | 660,000 | | | $ | 27,931,200 | |
L-3 Communications
Holdings, Inc. | | 79,300 | | | | 7,723,027 | |
| Motorola, Inc. | | 110,000 | | | | 1,947,000 | |
| Nokia Corporation Sponsored ADR (Finland) | | 629,000 | | | | 17,681,190 | |
| Sony Corporation ADR (Japan) | | 125,000 | | | | 6,421,250 | |
| | | 61,703,667 | |
Computer Software & Processing—0.5% | | | |
| Microsoft Corporation | | 200,000 | | | | 5,894,000 | |
| Yahoo!, Inc. | * | | | 130,000 | | | | 3,526,900 | |
| | | 9,420,900 | |
Computers & Information—5.0% | | | |
| 3M Company | † | | | 155,300 | | | | 13,478,487 | |
| Dell, Inc. | * | | | 2,135,500 | | | | 60,968,525 | |
| International Business Machines Corporation | | 60,000 | | | | 6,315,000 | |
| Pitney Bowes, Inc. | | 117,700 | | | | 5,510,714 | |
| | | 86,272,726 | |
Cosmetics & Personal Care—0.8% | | | |
| Avon Products, Inc. | | 100,000 | | | | 3,675,000 | |
| Colgate-Palmolive Company | | 80,000 | | | | 5,188,000 | |
| Procter & Gamble Company | | 85,000 | | | | 5,201,150 | |
| | | 14,064,150 | |
Electric Utilities—2.5% | | | |
| Ameren Corporation | | 50,000 | | | | 2,450,500 | |
| Dominion Resources, Inc. | | 86,200 | | | | 7,439,922 | |
| Duke Energy Corporation | | 594,024 | | | | 10,870,639 | |
| Entergy Corporation | | 105,200 | | | | 11,293,220 | |
| FirstEnergy Corporation | | 50,000 | | | | 3,236,500 | |
| NiSource, Inc. | | 130,000 | | | | 2,692,300 | |
| Progress Energy, Inc. | | 100,000 | | | | 4,559,000 | |
| | | 42,542,081 | |
Electrical Equipment—1.7% | | | |
| Cooper Industries Ltd. Class A (Bermuda) | | 120,000 | | | | 6,850,800 | |
| Emerson Electric Company | | 206,800 | | | | 9,678,240 | |
| General Electric Company | | 350,000 | | | | 13,398,000 | |
| | | 29,927,040 | |
Electronics—1.3% | | | |
| Analog Devices, Inc. | | 125,000 | | | | 4,705,000 | |
| Eastman Kodak Company | † | | | 135,741 | | | | 3,777,672 | |
| Intel Corporation | | 175,000 | | | | 4,158,000 | |
| Raytheon Company | | 100,000 | | | | 5,389,000 | |
| Texas Instruments, Inc. | | 125,000 | | | | 4,703,750 | |
| | | 22,733,422 | |
Entertainment & Leisure—4.3% | | | |
| Discovery Holding Company Class A | * | | | 1,209,800 | | | | 27,813,302 | |
| Mattel, Inc. | | 175,000 | | | | 4,425,750 | |
| Time Warner, Inc. | | 250,000 | | | | 5,260,000 | |
| Walt Disney Company | | 1,054,000 | | | | 35,983,560 | |
| | | 73,482,612 | |
Financial Services—1.1% | | | |
| Bear Stearns Companies, Inc. (The) | | 39,800 | | | | 5,572,000 | |
|
See accompanying notes to financial statements.
118
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint
Equity Income Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| Charles Schwab Corporation (The) | | 250,000 | | | $ | 5,130,000 | |
| Legg Mason, Inc. | | 10,000 | | | | 983,800 | |
| Morgan Stanley | | 75,000 | | | | 6,291,000 | |
| | | 17,976,800 | |
Forest Products & Paper—0.7% | | | |
| International Paper Company | | 175,000 | | | | 6,833,750 | |
| Kimberly-Clark Corporation | | 45,259 | | | | 3,027,374 | |
| MeadWestvaco Corporation | | 75,000 | | | | 2,649,000 | |
| | | 12,510,124 | |
Heavy Machinery—1.6% | | | |
| Applied Materials, Inc. | † | | | 200,000 | | | | 3,974,000 | |
| Ingersoll-Rand Company Class A (Bermuda) | | 50,000 | | | | 2,741,000 | |
| Pall Corporation | | 100,000 | | | | 4,599,000 | |
| Stanley Works (The) | † | | | 263,000 | | | | 15,964,100 | |
| | | 27,278,100 | |
Home Construction, Furnishings & Appliances—0.7% | | | |
| DR Horton, Inc. | | 60,000 | | | | 1,195,800 | |
| Masco Corporation | | 160,000 | | | | 4,555,200 | |
| Newell Rubbermaid, Inc. | | 185,000 | | | | 5,444,550 | |
| | | 11,195,550 | |
Household Products—1.3% | | | |
| Fortune Brands, Inc. | † | | | 50,000 | | | | 4,118,500 | |
| Illinois Tool Works, Inc. | | 325,800 | | | | 17,655,102 | |
| | | 21,773,602 | |
Insurance—9.0% | | | |
| Allstate Corporation (The) | | 117,000 | | | | 7,196,670 | |
| American International Group, Inc. | | 306,914 | | | | 21,493,187 | |
| AON Corporation | † | | | 766,000 | | | | 32,639,260 | |
| Fairfax Financial Holdings Ltd. (Canada) | † | | | 110,000 | | | | 21,083,700 | |
| Hartford Financial Services Group, Inc. | | 106,500 | | | | 10,491,315 | |
| Lincoln National Corporation | | 49,690 | | | | 3,525,505 | |
| MGIC Investment Corporation | † | | | 125,300 | | | | 7,124,558 | |
| Marsh & McLennan Companies, Inc. | | 140,000 | | | | 4,323,200 | |
| Progressive Corporation (The) | | 125,000 | | | | 2,991,250 | |
| Travelers Cos., Inc. (The) | | 183,806 | | | | 9,833,621 | |
| UnitedHealth Group, Inc. | | 290,400 | | | | 14,851,056 | |
| UnumProvident Corporation | | 105,000 | | | | 2,741,550 | |
| WellPoint, Inc. | * | | | 194,200 | | | | 15,502,986 | |
| | | 153,797,858 | |
Media—Broadcasting & Publishing—7.2% |
| CBS Corporation Class B | | 70,000 | | | | 2,332,400 | |
| Comcast Corporation Special Class A | * | | | 442,500 | | | | 12,372,300 | |
| DIRECTV Group (The), Inc. | * | | | 1,099,000 | | | | 25,397,890 | |
| Dow Jones & Company, Inc. | | 98,000 | | | | 5,630,100 | |
| Gannett Company, Inc. | | 189,800 | | | | 10,429,510 | |
| Liberty Media Corporation Interactive Class A | * | | | 1,193,250 | | | | 26,645,272 | |
| Liberty Media Holdings Corporation Capital Class A | * | | | 258,050 | | | | 30,367,324 | |
| New York Times Company Class A | † | | | 160,000 | | | | 4,064,000 | |
| Tribune Company | | 68,433 | | | | 2,011,930 | |
| Viacom, Inc. Class B | * | | | 70,000 | | | | 2,914,100 | |
| | $ | 122,164,826 | |
Medical Supplies—1.4% | | | |
| Baxter International, Inc. | | 299,300 | | | | 16,862,562 | |
| Boston Scientific Corporation | * | | | 175,000 | | | | 2,684,500 | |
| Johnson & Johnson | | 85,000 | | | | 5,237,700 | |
| | | 24,784,762 | |
Metals—0.3% | | | |
| Alcoa, Inc. | | 125,000 | | | | 5,066,250 | |
Oil & Gas—10.4% | | | |
| BP Amoco PLC ADR (United Kingdom) | | 72,798 | | | | 5,251,648 | |
| Baker Hughes, Inc. | | 75,000 | | | | 6,309,750 | |
| BJ Services Company | | 125,000 | | | | 3,555,000 | |
| Chesapeake Energy Corporation | † | | | 851,000 | | | | 29,444,600 | |
| Chevron Corporation | | 139,758 | | | | 11,773,214 | |
| ConocoPhillips | | 217,900 | | | | 17,105,150 | |
| Exxon Mobil Corporation | | 124,760 | | | | 10,464,869 | |
| Hess Corporation | | 225,000 | | | | 13,266,000 | |
| Marathon Oil Corporation | | 282,600 | | | | 16,944,696 | |
| Murphy Oil Corporation | | 40,000 | | | | 2,377,600 | |
| Occidental Petroleum Corporation | | 291,200 | | | | 16,854,656 | |
| Pioneer Natural Resources Company | | 527,000 | | | | 25,670,170 | |
| Royal Dutch Shell PLC Class A ADR (United Kingdom) | | 70,781 | | | | 5,747,417 | |
| Spectra Energy Corp. | | 477,412 | | | | 12,393,616 | |
| | | 177,158,386 | |
Pharmaceuticals—5.0% | | | |
| Abbott Laboratories | | 75,000 | | | | 4,016,250 | |
| Amgen, Inc. | * | | | 75,000 | | | | 4,146,750 | |
| Bristol-Myers Squibb Company | | 605,100 | | | | 19,096,956 | |
| Eli Lilly & Company | | 100,000 | | | | 5,588,000 | |
| Merck & Company, Inc. | | 175,000 | | | | 8,715,000 | |
| Pfizer, Inc. | | 803,200 | | | | 20,537,824 | |
| Schering-Plough Corporation | | 231,600 | | | | 7,049,904 | |
| Wyeth | | 273,400 | | | | 15,676,756 | |
| | | 84,827,440 | |
Restaurants—2.0% | | | |
| Yum! Brands, Inc. | | 1,034,000 | | | | 33,832,480 | |
Retailers—1.5% | | | |
| Bed Bath & Beyond, Inc. | * | | | 50,000 | | | | 1,799,500 | |
| Dollar General Corporation | | 394,800 | | | | 8,654,016 | |
| JC Penney Company, Inc. | | 79,000 | | | | 5,718,020 | |
| Office Depot, Inc. | * | | | 171,400 | | | | 5,193,420 | |
| Wal-Mart Stores, Inc. | | 75,000 | | | | 3,608,250 | |
| | | 24,973,206 | |
Telephone Systems—7.1% | | | |
| Alltel Corporation | | 80,000 | | | | 5,404,000 | |
| AT&T, Inc. | | 536,342 | | | | 22,258,194 | |
| Level 3 Communications, Inc. | †* | | | 4,786,000 | | | | 27,998,100 | |
| Qwest Communications International, Inc. | †* | | | 600,000 | | | | 5,820,000 | |
| Sprint Nextel Corporation | | 1,711,000 | | | | 35,434,810 | |
| Verizon Communications, Inc. | | 546,741 | | | | 22,509,327 | |
| Windstream Corporation | | 82,714 | | | | 1,220,859 | |
| | | 120,645,290 | |
Transportation—2.5% | | | |
| Burlington Northern Santa Fe Corporation | | 147,300 | | | | 12,541,122 | |
| Carnival Corporation | † | | | 275,000 | | | | 13,411,750 | |
| Norfolk Southern Corporation | | 84,540 | | | | 4,444,268 | |
|
See accompanying notes to financial statements.
119
SCHEDULE OF INVESTMENT—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint
Equity Income Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| Union Pacific Corporation | | 70,997 | | | $ | 8,175,305 | |
| United Parcel Service, Inc. Class B | | 50,000 | | | | 3,650,000 | |
| | | 42,222,445 | |
TOTAL COMMON STOCKS | | | |
| (Cost $1,173,827,437) | | 1,606,613,197 | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
COMMERCIAL PAPER—1.8% |
Banking—0.5% | | | |
| Ciesco LLC, 144A |
| 5.270% | | | | 07/24/2007 | | ** | | $ | 4,000,000 | | | | 3,985,947 | |
| Park Avenue Receivables Corp., 144A |
| 5.280% | | | | 07/24/2007 | | ** | | | 4,700,000 | | | | 4,683,456 | |
| | | 8,669,403 | |
Financial Services—1.3% | | | |
| Atlantic Asset Securities Corp., 144A |
| 5.280% | | | | 08/02/2007 | | ** | | | 5,600,000 | | | | 5,572,896 | |
| Atlantic Asset Securities Corp., 144A |
| 5.250% | | | | 08/07/2007 | | ** | | | 4,500,000 | | | | 4,475,063 | |
| Chariot Funding LLC, 144A |
| 5.280% | | | | 07/16/2007 | | ** | | | 2,700,000 | | | | 2,693,664 | |
| Ranger Funding Co. LLC, 144A |
| 5.260% | | | | 07/17/2007 | | ** | | | 8,700,000 | | | | 8,678,390 | |
| | | 21,420,013 | |
TOTAL COMMERCIAL PAPER | | | |
| (Cost $30,089,416) | | 30,089,416 | |
| |
CASH EQUIVALENTS—8.4% |
Institutional Money Market Funds—0.1% | | | |
| Reserve Primary Money Market Fund |
| 5.230% | | | | 07/02/2007 | | †† | | | 2,231,563 | | | | 2,231,563 | |
Bank & Certificate Deposits/
Offshore Time Deposits—7.5% | | | |
| Abbey National PLC |
| 5.280% | | | | 07/05/2007 | | †† | | | 1,673,671 | | | | 1,673,671 | |
| BancoBilbao Vizcaya Argentaria SA |
| 5.300% | | | | 08/10/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| Bank of Montreal |
| 5.310% | | | | 08/14/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| Bank of Montreal |
| 5.290% | | | | 07/02/2007 | | †† | | | 2,231,563 | | | | 2,231,563 | |
| Bank of Montreal |
| 5.280% | | | | 07/03/2007 | | †† | | | 2,231,563 | | | | 2,231,563 | |
| Bank of Nova Scotia |
| 5.290% | | | | 07/11/2007 | | †† | | | 2,789,454 | | | | 2,789,454 | |
| Bank of Nova Scotia |
| 5.280% | | | | 07/09/2007 | | †† | | | 1,673,672 | | | | 1,673,672 | |
| Barclays |
| 5.320% | | | | 09/04/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| Barton Capital LLC |
| 5.310% | | | | 07/12/2007 | | †† | | | 1,673,672 | | | | 1,673,672 | |
| BNP Paribas |
| 5.350% | | | | 07/02/2007 | | †† | | | 3,347,345 | | | | 3,347,345 | |
| CAFCO Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| Calyon |
| 5.380% | | | | 07/02/2007 | | †† | | | 3,347,345 | | | | 3,347,345 | |
|
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
| Canadian Imperial Bank of Commerce |
| 5.300% | | | | 07/30/2007 | | †† | | $ | 5,578,907 | | | $ | 5,578,907 | |
| Clipper Receivables Corp |
| 5.310% | | | | 07/10/2007 | | †† | | | 3,347,345 | | | | 3,347,345 | |
| CRC Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 1,673,672 | | | | 1,673,672 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/13/2007 | | †† | | | 1,673,672 | | | | 1,673,672 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 3,905,236 | | | | 3,905,236 | |
| Den Danske Bank |
| 5.280% | | | | 07/09/2007 | | †† | | | 2,231,563 | | | | 2,231,563 | |
| Falcon Asset Securitization Corporation |
| 5.310% | | | | 07/17/2007 | | †† | | | 781,048 | | | | 781,048 | |
| First Tennessee Bank |
| 5.300% | | | | 07/18/2007 | | †† | | | 1,115,780 | | | | 1,115,780 | |
| Fortis Bank |
| 5.300% | | | | 07/20/2007 | | †† | | | 2,789,453 | | | | 2,789,453 | |
| Greyhawk Funding |
| 5.290% | | | | 07/02/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| Jupiter Securitization Corporation |
| 5.320% | | | | 07/26/2007 | | †† | | | 1,673,672 | | | | 1,673,672 | |
| Lexington Parker Capital Company |
| 5.290% | | | | 07/03/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| Liberty Street Funding Corporation |
| 5.330% | | | | 07/31/2007 | | †† | | | 781,048 | | | | 781,048 | |
| Liberty Street Funding Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 2,231,563 | | | | 2,231,563 | |
| Liberty Street Funding Corporation |
| 5.280% | | | | 07/02/2007 | | †† | | | 2,231,563 | | | | 2,231,563 | |
| Lloyds TSB Bank |
| 5.280% | | | | 07/17/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| Merrill Lynch & Company |
| 5.340% | | | | 07/02/2007 | | †† | | | 20,084,068 | | | | 20,084,068 | |
| Morgan Stanley & Company |
| 5.370% | | | | 07/02/2007 | | †† | | | 11,715,706 | | | | 11,715,706 | |
| National Australia Bank |
| 5.320% | | | | 07/02/2007 | | †† | | | 3,347,344 | | | | 3,347,344 | |
| Old Line Funding LCC |
| 5.320% | | | | 07/12/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| Paradigm Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| Paradigm Funding LLC |
| 5.300% | | | | 07/10/2007 | | †† | | | 5,555,997 | | | | 5,555,997 | |
| Park Avenue Receivables Corp |
| 5.300% | | | | 07/09/2007 | | †† | | | 5,555,997 | | | | 5,555,997 | |
| Rabobank Nederland |
| 5.330% | | | | 07/02/2007 | | †† | | | 3,347,344 | | | | 3,347,344 | |
| Rabobank Nederland |
| 5.280% | | | | 07/05/2007 | | †† | | | 2,789,454 | | | | 2,789,454 | |
| Ranger Funding Corporation |
| 5.330% | | | | 08/02/2007 | | †† | | | 2,789,454 | | | | 2,789,454 | |
| Royal Bank of Scotland |
| 5.270% | | | | 07/11/2007 | | †† | | | 2,231,563 | | | | 2,231,563 | |
| Sheffield Receivables Corporation |
| 5.290% | | | | 07/06/2007 | | †† | | | 557,891 | | | | 557,891 | |
| Skandinaviska Enskilda Banken AB |
| 5.290% | | | | 07/19/2007 | | †† | | | 2,789,454 | | | | 2,789,453 | |
| Svenska Handlesbanken |
| 5.300% | | | | 07/02/2007 | | †† | | | 4,615,793 | | | | 4,615,792 | |
| Wells Fargo |
| 5.280% | | | | 07/12/2007 | | †† | | | 2,789,454 | | | | 2,789,454 | |
| Wells Fargo |
| 5.260% | | | | 07/02/2007 | | †† | | | 1,115,782 | | | | 1,115,782 | |
| | | 128,310,144 | |
See accompanying notes to financial statements.
120
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint
Equity Income Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
Floating Rate Instruments/Master Notes—0.8% |
| Bank of America |
| 5.310% | | | | 07/10/2007 | | †† | | $ | 2,789,454 | | | $ | 2,789,454 | |
| Bank of America |
| 5.300% | | | | 09/17/2007 | | †† | | | 5,578,907 | | | | 5,578,907 | |
| Bank of America |
| 5.270% | | | | 07/16/2007 | | †† | | | 1,673,672 | | | | 1,673,672 | |
| Bank of America |
| 5.270% | | | | 08/17/2007 | | †† | | | 2,789,454 | | | | 2,789,454 | |
| | | 12,831,487 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $143,373,194) | | 143,373,194 | |
| |
REPURCHASE AGREEMENTS—4.2% |
| Investors Bank & Trust Company Repurchase Agreement, dated 06/29/07, due 07/02/07, with a maturity value of $72,699,853 and an effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 4.186% to 8.290%, maturity dates ranging from 12/25/2028 to 07/01/2034 and an aggregate market value of $76,305,277. | | 72,671,692 | | | | 72,671,692 | |
TOTAL INVESTMENTS—108.5% | | | |
| (Cost $1,419,961,739) | | 1,852,747,499 | |
| Other assets less liabilities—(8.5%) | | (144,912,422 | ) |
NET ASSETS—100.0% | $ | 1,707,835,077 | |
Notes to the Schedule of Investments:
| ADR | | American Depositary Receipt |
| † | | 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 1.62% of Total Investments. |
| †† | | Represents collateral received from securities lending transactions. |
See accompanying notes to financial statements.
121
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Growth & Income Fund
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|---|
COMMON STOCKS—97.6% |
Advertising—0.5% | | | |
| Getty Images, Inc. | * | | | 38,100 | | | $ | 1,821,561 | |
| Monster Worldwide, Inc. | * | | | 50,600 | | | | 2,079,660 | |
| Omnicom Group | | 44,000 | | | | 2,328,480 | |
| | | 6,229,701 | |
Aerospace & Defense—2.3% | | | |
| Goodrich Corporation | | 82,700 | | | | 4,925,612 | |
| Boeing Company (The) | | 11,000 | | | | 1,057,760 | |
| General Dynamics Corporation | | 183,700 | | | | 14,369,014 | |
| Textron, Inc. | | 28,400 | | | | 3,127,124 | |
| United Technologies Corporation | | 91,400 | | | | 6,483,002 | |
| | | 29,962,512 | |
Airlines—0.3% | | | |
| AMR Corporation | * | | | 68,600 | | | | 1,807,610 | |
| FedEx Corporation | | 7,300 | | | | 810,081 | |
| Southwest Airlines Company | | 57,800 | | | | 861,798 | |
| | | 3,479,489 | |
Apparel Retailers—0.9% | | | |
| Gap (The), Inc. | | 185,900 | | | | 3,550,690 | |
| Kohl’s Corporation | * | | | 96,800 | | | | 6,875,704 | |
| Urban Outfitters, Inc. | * | | | 26,100 | | | | 627,183 | |
| | | 11,053,577 | |
Automotive—0.3% | | | |
| Ford Motor Company | † | | | 291,900 | | | | 2,749,698 | |
| General Motors Corporation | | 37,000 | | | | 1,398,600 | |
| | | 4,148,298 | |
Banking—11.2% | | | |
| American Express Company | | 101,600 | | | | 6,215,888 | |
| AmeriCredit Corporation | *† | | | 38,300 | | | | 1,016,865 | |
| Bank of America Corporation | | 322,800 | | | | 15,781,692 | |
| Bank of New York Company, Inc. (The) | | 133,500 | | | | 5,532,240 | |
| Capital One Financial Corporation | | 25,400 | | | | 1,992,376 | |
| Citigroup, Inc. | | 421,250 | | | | 21,605,913 | |
| Commerce Bancorp, Inc. | † | | | 18,600 | | | | 688,014 | |
| Deutsche Boerse AG (Germany) | | 2,774 | | | | 313,709 | |
| Fannie Mae | | 53,500 | | | | 3,495,155 | |
| Fifth Third Bancorp | | 46,600 | | | | 1,853,282 | |
| Freddie Mac | | 34,500 | | | | 2,094,150 | |
| Hudson City Bancorp, Inc. | | 170,000 | | | | 2,077,400 | |
| IndyMac Bancorp, Inc. | † | | | 17,100 | | | | 498,807 | |
| JPMorgan Chase & Company | | 358,736 | | | | 17,380,759 | |
| Mellon Financial Corporation | | 53,400 | | | | 2,349,600 | |
| Northern Trust Corporation | | 58,400 | | | | 3,751,616 | |
| PNC Financial Services Group, Inc. | | 55,600 | | | | 3,979,848 | |
| SLM Corporation | | 87,700 | | | | 5,049,766 | |
| State Street Corporation | † | | | 169,200 | | | | 11,573,280 | |
| SunTrust Banks, Inc. | | 12,800 | | | | 1,097,472 | |
| U.S. Bancorp | | 164,100 | | | | 5,407,095 | |
| Wachovia Corporation | | 221,480 | | | | 11,350,850 | |
| Washington Mutual, Inc. | † | | | 166,100 | | | | 7,082,504 | |
| Wells Fargo & Company | | 323,900 | | | | 11,391,563 | |
| | | 143,579,844 | |
Beverages, Food & Tobacco—4.5% | | | |
| Altria Group, Inc. | | 159,903 | | | | 11,215,596 | |
| Anheuser-Busch Companies, Inc. | | 13,284 | | | | 692,893 | |
| Campbell Soup Company | | 20,700 | | | | 803,367 | |
| Coca-Cola Company (The) | | 39,000 | | | | 2,040,090 | |
| Kellogg Company | | 83,600 | | | | 4,329,644 | |
| Kraft Foods, Inc. Class A | | 123,282 | | | $ | 4,345,691 | |
| Pepsico, Inc. | | 208,600 | | | | 13,527,710 | |
| Sara Lee Corporation | | 214,300 | | | | 3,728,820 | |
| Supervalu, Inc. | | 108,400 | | | | 5,021,088 | |
| Sysco Corporation | | 88,800 | | | | 2,929,512 | |
| Tyson Foods, Inc. Class A | | 302,500 | | | | 6,969,600 | |
| Unilever NV (Netherlands) | | 67,100 | | | | 2,081,442 | |
| | | 57,685,453 | |
Building Materials—0.9% | | | |
| Home Depot, Inc. | | 113,900 | | | | 4,481,965 | |
| Lowe’s Companies, Inc. | | 245,700 | | | | 7,540,533 | |
| | | 12,022,498 | |
Chemicals—2.1% | | | |
| Agrium, Inc. (Canada) | | 116,400 | | | | 5,092,500 | |
| Dow Chemical Company (The) | | 117,000 | | | | 5,173,740 | |
| EI Du Pont de Nemours & Company | | 165,700 | | | | 8,424,188 | |
| Huntsman Corporation | | 5,500 | | | | 133,705 | |
| Methanex Corporation (Canada) | † | | | 32,300 | | | | 812,022 | |
| Monsanto Company | | 59,900 | | | | 4,045,646 | |
| Potash Corporation of Saskatchewan, Inc. (Canada) | | 35,700 | | | | 2,783,529 | |
| | | 26,465,330 | |
Coal—0.1% | | | |
| Arch Coal, Inc. | † | | | 44,000 | | | | 1,531,200 | |
Commercial Services—0.7% | | | |
| Accenture Ltd. Class A (Bermuda) | | 21,500 | | | | 922,135 | |
| Fluor Corporation | | 48,600 | | | | 5,412,582 | |
| Paychex, Inc. | | 49,800 | | | | 1,948,176 | |
| Siemens AG Sponsored ADR (Germany) | † | | | 9,000 | | | | 1,287,540 | |
| | | 9,570,433 | |
Communications—2.1% | | | |
| American Tower Corporation Class A | * | | | 168,500 | | | | 7,077,000 | |
| Nokia Corporation Sponsored ADR (Finland) | | 362,800 | | | | 10,198,308 | |
| Qualcomm, Inc. | | 164,000 | | | | 7,115,960 | |
| Telefonaktiebolaget LM Ericsson ADR (Sweden) | | 62,000 | | | | 2,473,180 | |
| | | 26,864,448 | |
Computer Software & Processing—6.3% | | | |
| Adobe Systems, Inc. | * | | | 57,800 | | | | 2,320,670 | |
| Affiliated Computer Services, Inc. Class A | * | | | 13,500 | | | | 765,720 | |
| Alliance Data Systems Corporation | * | | | 9,000 | | | | 695,520 | |
| Autodesk, Inc. | * | | | 83,400 | | | | 3,926,472 | |
| Automatic Data Processing, Inc. | | 114,700 | | | | 5,559,509 | |
| Cerner Corporation | *† | | | 12,500 | | | | 693,375 | |
| Electronic Arts, Inc. | * | | | 47,200 | | | | 2,233,504 | |
| Google, Inc. Class A | * | | | 37,100 | | | | 19,417,398 | |
| Intuit, Inc. | * | | | 37,000 | | | | 1,112,960 | |
| Juniper Networks, Inc. | *† | | | 181,400 | | | | 4,565,838 | |
| Microsoft Corporation | | 756,300 | | | | 22,288,161 | |
| NAVTEQ Corporation | *† | | | 16,000 | | | | 677,440 | |
| Oracle Corporation | * | | | 172,400 | | | | 3,398,004 | |
| SAP AG ADR (Germany) | † | | | 55,000 | | | | 2,808,850 | |
| Sun Microsystems, Inc. | * | | | 1,071,800 | | | | 5,637,668 | |
| Symantec Corporation | * | | | 41,900 | | | | 846,380 | |
| Yahoo!, Inc. | * | | | 146,800 | | | | 3,982,684 | |
| | | 80,930,153 | |
|
See accompanying notes to financial statements.
122
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint
Growth & Income Fund
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COMMON STOCKS—(Continued) |
Computers & Information—3.6% | | | |
| Apple Computer, Inc. | * | | | 54,400 | | | $ | 6,638,976 | |
| Brocade Communications Systems, Inc. | | 275,800 | | | | 2,156,756 | |
| Dell, Inc. | * | | | 178,100 | | | | 5,084,755 | |
| EMC Corporation | * | | | 432,400 | | | | 7,826,440 | |
| Hewlett-Packard Company | | 154,100 | | | | 6,875,942 | |
| International Game Technology | | 45,100 | | | | 1,790,470 | |
| Jabil Circuit, Inc. | | 85,800 | | | | 1,893,606 | |
| Pitney Bowes, Inc. | | 97,800 | | | | 4,578,996 | |
| SanDisk Corporation | * | | | 121,600 | | | | 5,951,104 | |
| Seagate Technology (Cayman Islands) | | 175,200 | | | | 3,814,104 | |
| | | 46,611,149 | |
Cosmetics & Personal Care—0.9% | | | |
| Avon Products, Inc. | | 50,534 | | | | 1,857,125 | |
| Colgate-Palmolive Company | | 59,700 | | | | 3,871,545 | |
| Procter & Gamble Company | | 85,875 | | | | 5,254,691 | |
| | | 10,983,361 | |
Electric Utilities—1.8% | | | |
| AES Corporation (The) | * | | | 82,800 | | | | 1,811,664 | |
| Allegheny Energy, Inc. | * | | | 16,400 | | | | 848,536 | |
| Edison International | | 41,900 | | | | 2,351,428 | |
| Entergy Corporation | | 41,900 | | | | 4,497,965 | |
| Exelon Corporation | | 85,200 | | | | 6,185,520 | |
| FPL Group, Inc. | | 82,200 | | | | 4,664,028 | |
| SCANA Corporation | | 70,100 | | | | 2,684,129 | |
| | | 23,043,270 | |
Electrical Equipment—3.3% | | | |
| Cooper Industries Ltd. Class A (Bermuda) | | 23,000 | | | | 1,313,070 | |
| Emerson Electric Company | | 27,400 | | | | 1,282,320 | |
| General Electric Company | | 1,045,100 | | | | 40,006,428 | |
| | | 42,601,818 | |
Electronics—5.3% | | | |
| ASM Lithography Holdings NV New York Registered Shares (Netherlands) | *† | | �� | 66,000 | | | | 1,811,700 | |
| Altera Corporation | * | | | 135,700 | | | | 3,003,041 | |
| Analog Devices, Inc. | | 79,100 | | | | 2,977,324 | |
| Cisco Systems, Inc. | * | | | 822,150 | | | | 22,896,878 | |
| Flextronics International Ltd. (Singapore) | * | | | 171,400 | | | | 1,851,120 | |
| Intel Corporation | | 520,300 | | | | 12,362,328 | |
| Linear Technology Corporation | † | | | 36,000 | | | | 1,302,480 | |
| Marvell Technology Group Ltd. (Bermuda) | * | | | 205,700 | | | | 3,745,797 | |
| Maxim Integrated Products, Inc. | | 91,300 | | | | 3,050,333 | |
| Qimonda AG, ADR (Germany) | *† | | | 36,300 | | | | 560,835 | |
| Rockwell Collins, Inc. | | 21,000 | | | | 1,483,440 | |
| Silicon Laboratories, Inc. | * | | | 22,000 | | | | 761,420 | |
| Teledyne Technologies, Inc. | * | | | 53,100 | | | | 2,439,945 | |
| Texas Instruments, Inc. | | 95,100 | | | | 3,578,613 | |
| Xilinx, Inc. | † | | | 250,400 | | | | 6,703,208 | |
| | | 68,528,462 | |
Entertainment & Leisure—0.9% | | | |
| Time Warner, Inc. | | 342,200 | | | | 7,199,888 | |
| Walt Disney Company | | 114,100 | | | | 3,895,374 | |
| | | 11,095,262 | |
Environmental—1.1% |
| Agilent Technologies, Inc. | * | | | 19,472 | | | $ | 748,504 | |
| Danaher Corporation | † | | | 175,900 | | | | 13,280,450 | |
| | | 14,028,954 | |
Financial Services—5.2% | | | |
| Ameriprise Financial, Inc. | | 30,500 | | | | 1,938,885 | |
| Berkshire Hathaway, Inc. Class A | * | | | 22 | | | | 2,408,450 | |
| Charles Schwab Corporation (The) | | 199,300 | | | | 4,089,636 | |
| Chicago Mercantile Exchange | † | | | 3,200 | | | | 1,709,952 | |
| Countrywide Financial Corporation | † | | | 63,700 | | | | 2,315,495 | |
| E*Trade Financial Corporation | * | | | 109,200 | | | | 2,412,228 | |
| Franklin Resources, Inc. | | 54,100 | | | | 7,166,627 | |
| Goldman Sachs Group, Inc. | | 62,400 | | | | 13,525,200 | |
| Interactive Brokers Group, Inc. Class A | | 9,400 | | | | 255,022 | |
| IntercontinentalExchange, Inc. | * | | | 7,800 | | | | 1,153,230 | |
| Legg Mason, Inc. | | 37,500 | | | | 3,689,250 | |
| Lehman Brothers Holdings, Inc. | | 30,900 | | | | 2,302,668 | |
| Merrill Lynch & Company, Inc. | | 41,300 | | | | 3,451,854 | |
| Morgan Stanley | | 70,100 | | | | 5,879,988 | |
| Nuveen Investments, Inc. Class A | | 55,400 | | | | 3,443,110 | |
| UBS AG (Switzerland) | | 90,100 | | | | 5,374,509 | |
| UBS AG (Switzerland) | | 93,400 | | | | 5,604,934 | |
| | | 66,721,038 | |
Food Retailers—0.8% | | | |
| Kroger Company (The) | | 142,100 | | | | 3,997,273 | |
| Safeway, Inc. | | 121,100 | | | | 4,121,033 | |
| Starbucks Corporation | * | | | 70,000 | | | | 1,836,800 | |
| | | 9,955,106 | |
Forest Products & Paper—0.4% | | | |
| Kimberly-Clark Corporation | | 44,500 | | | | 2,976,605 | |
| Smurfit-Stone Container Corporation | * | | | 164,500 | | | | 2,189,495 | |
| | | 5,166,100 | |
Health Care Providers—0.5% | | | |
| DaVita, Inc. | * | | | 41,500 | | | | 2,236,020 | |
| Express Scripts, Inc. | * | | | 56,400 | | | | 2,820,564 | |
| Laboratory Corporation of America Holdings | *† | | | 18,100 | | | | 1,416,506 | |
| | | 6,473,090 | |
Heavy Construction—0.3% | | | |
| Foster Wheeler Ltd. (Bermuda) | * | | | 19,200 | | | | 2,054,208 | |
| Lennar Corporation Class A | | 21,600 | | | | 789,696 | |
| McDermott International, Inc. | * | | | 15,500 | | | | 1,288,360 | |
| | | 4,132,264 | |
Heavy Machinery—2.4% | | | |
| American Standard Companies, Inc. | | 156,400 | | | | 9,224,472 | |
| Applied Materials, Inc. | | 308,900 | | | | 6,137,843 | |
| Deere & Company | | 42,800 | | | | 5,167,672 | |
| Joy Global, Inc. | | 19,700 | | | | 1,149,101 | |
| Lam Research Corporation | * | | | 19,000 | | | | 976,600 | |
| Parker Hannifin Corporation | | 3,100 | | | | 303,521 | |
| Smith International, Inc. | | 124,100 | | | | 7,277,224 | |
| | | 30,236,433 | |
Home Construction, Furnishings & Appliances—0.5% |
| Harman International Industries, Inc. | | 31,000 | | | | 3,620,800 | |
| Jarden Corporation | *† | | | 18,100 | | | | 778,481 | |
|
See accompanying notes to financial statements.
123
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
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COMMON STOCKS—(Continued) |
| Johnson Controls, Inc. | | 13,700 | | | $ | 1,586,049 | |
| Leggett & Platt, Inc. | † | | | 47,500 | | | | 1,047,375 | |
| | | 7,032,705 | |
Household Products—0.5% | | | |
| Fortune Brands, Inc. | † | | | 900 | | | | 74,133 | |
| Illinois Tool Works, Inc. | | 103,100 | | | | 5,586,989 | |
| Rohm & Haas Company | † | | | 6,700 | | | | 366,356 | |
| | | 6,027,478 | |
Insurance—6.0% | | | |
| ACE Ltd. (Cayman Islands) | | 94,300 | | | | 5,895,636 | |
| Aflac, Inc. | | 21,800 | | | | 1,120,520 | |
| Aetna, Inc. | | 165,900 | | | | 8,195,460 | |
| Allstate Corporation (The) | | 63,700 | | | | 3,918,187 | |
| AMBAC Financial Group, Inc. | | 9,500 | | | | 828,305 | |
| American International Group, Inc. | | 279,200 | | | | 19,552,376 | |
| Chubb Corporation | | 112,500 | | | | 6,090,750 | |
| Hartford Financial Services Group, Inc. | | 17,100 | | | | 1,684,521 | |
| Humana, Inc. | * | | | 27,400 | | | | 1,668,934 | |
| MBIA, Inc. | | 12,700 | | | | 790,194 | |
| Marsh & McLennan Companies, Inc. | | 100,200 | | | | 3,094,176 | |
| Progressive Corporation (The) | | 45,700 | | | | 1,093,601 | |
| Prudential Financial, Inc. | | 49,700 | | | | 4,832,331 | |
| RenaissanceRe Holdings Ltd. (Bermuda) | | 16,600 | | | | 1,029,034 | |
| UnitedHealth Group, Inc. | | 134,400 | | | | 6,873,216 | |
| WellPoint, Inc. | * | | | 111,400 | | | | 8,893,062 | |
| XL Capital Ltd. Class A (Cayman Islands) | | 25,000 | | | | 2,107,250 | |
| | | 77,667,553 | |
Lodging—0.8% | | | |
| Las Vegas Sands Corporation | *† | | | 37,800 | | | | 2,887,542 | |
| MGM MIRAGE | * | | | 14,400 | | | | 1,187,712 | |
| Marriott International, Inc. Class A | | 63,800 | | | | 2,758,712 | |
| Starwood Hotels & Resorts Worldwide, Inc. | | 13,800 | | | | 925,566 | |
| Wynn Resorts Ltd. | † | | | 28,000 | | | | 2,511,320 | |
| | | 10,270,852 | |
Media—Broadcasting & Publishing—1.0% |
| Cablevision Systems Corporation Class A | | 19,281 | | | | 697,779 | |
| CBS Corporation Class B | | 66,300 | | | | 2,209,116 | |
| Citadel Broadcasting Corporation | † | | | 8,762 | | | | 56,515 | |
| Comcast Corporation Class A | * | | | 167,850 | | | | 4,719,942 | |
| Grupo Televisa SA ADR (Mexico) | | 50,100 | | | | 1,383,261 | |
| Time Warner Cable, Inc. Class A | * | | | 27,100 | | | | 1,061,507 | |
| Viacom, Inc. Class B | * | | | 62,600 | | | | 2,606,038 | |
| | | 12,734,158 | |
Medical Supplies—3.0% | | | |
| Alcon, Inc. (Switzerland) | | 9,400 | | | | 1,268,154 | |
| Allergan, Inc. | | 103,500 | | | | 5,965,740 | |
| Baxter International, Inc. | | 212,500 | | | | 11,972,250 | |
| Kla-Tencor Corporation | † | | | 96,000 | | | | 5,275,200 | |
| Kyphon, Inc. | * | | | 2,200 | | | | 105,930 | |
| Medtronic, Inc. | | 140,600 | | | | 7,291,516 | |
| St. Jude Medical, Inc. | *† | | | 77,400 | | | | 3,211,326 | |
| Stryker Corporation | | 52,300 | | | | 3,299,607 | |
| Thermo Fisher Scientific, Inc. | * | | | 12,900 | | | | 667,188 | |
| | | 39,056,911 | |
Metals—1.5% | | | |
| Alcoa, Inc. | | 105,600 | | | $ | 4,279,968 | |
| Barrick Gold Corporation (Canada) | | 45,800 | | | | 1,331,406 | |
| Cameco Corporation (Canada) | † | | | 74,900 | | | | 3,800,426 | |
| Corning, Inc. | * | | | 361,700 | | | | 9,241,435 | |
| Newmont Mining Corporation | | 23,000 | | | | 898,380 | |
| | | 19,551,615 | |
Mining—0.1% | | | |
| Freeport-McMoran Copper & Gold, Inc. | | 15,300 | | | | 1,267,146 | |
Oil & Gas—8.2% | | | |
| Anadarko Petroleum Corporation | | 17,200 | | | | 894,228 | |
| Baker Hughes, Inc. | | 101,300 | | | | 8,522,369 | |
| BJ Services Company | | 77,800 | | | | 2,212,632 | |
| Chevron Corporation | | 105,472 | | | | 8,884,961 | |
| ConocoPhillips | | 89,900 | | | | 7,057,150 | |
| EOG Resources, Inc. | | 29,600 | | | | 2,162,576 | |
| Exxon Mobil Corporation | | 260,600 | | | | 21,859,128 | |
| GlobalSantaFe Corporation | | 52,000 | | | | 3,757,000 | |
| MDU Resources Group, Inc. | | 34,800 | | | | 975,792 | |
| Murphy Oil Corporation | | 34,900 | | | | 2,074,456 | |
| Newfield Exploration Company | * | | | 170,600 | | | | 7,770,830 | |
| Royal Dutch Shell PLC Class A ADR (United Kingdom) | | 71,300 | | | | 5,789,560 | |
| Royal Dutch Shell PLC Class B, ADR (United Kingdom) | | 21,356 | | | | 1,780,023 | |
| Schlumberger Ltd. (Netherland Antilles) | | 195,500 | | | | 16,605,770 | |
| Sunoco, Inc. | | 7,000 | | | | 557,760 | |
| Total Fina SA ADR (France) | | 44,600 | | | | 3,611,708 | |
| Transocean, Inc. (Cayman Islands) | * | | | 9,100 | | | | 964,418 | |
| Weatherford International Ltd. (Bermuda) | * | | | 56,300 | | | | 3,110,012 | |
| XTO Energy, Inc. | | 105,600 | | | | 6,346,560 | |
| | | 104,936,933 | |
Pharmaceuticals—6.9% | | | |
| Abbott Laboratories | | 79,700 | | | | 4,267,935 | |
| Amgen, Inc. | * | | | 1,200 | | | | 66,348 | |
| AstraZeneca Group PLC ADR (United Kingdom) | | 123,500 | | | | 6,604,780 | |
| Bristol-Myers Squibb Company | | 227,500 | | | | 7,179,900 | |
| Cardinal Health, Inc. | | 28,700 | | | | 2,027,368 | |
| Celgene Corporation | * | | | 55,300 | | | | 3,170,349 | |
| Eli Lilly & Company | | 29,300 | | | | 1,637,284 | |
| Forest Laboratories, Inc. | * | | | 140,800 | | | | 6,427,520 | |
| Genentech, Inc. | * | | | 129,300 | | | | 9,782,838 | |
| Gilead Sciences, Inc. | * | | | 166,000 | | | | 6,435,820 | |
| ImClone Systems, Inc. | * | | | 62,700 | | | | 2,217,072 | |
| Medco Health Solutions, Inc. | * | | | 42,200 | | | | 3,291,178 | |
| Merck & Company, Inc. | | 50,700 | | | | 2,524,860 | |
| Millennium Pharmaceuticals, Inc. | * | | | 116,100 | | | | 1,227,177 | |
| Novartis AG (Switzerland) | | 36,700 | | | | 2,055,060 | |
| Pfizer, Inc. | | 83,000 | | | | 2,122,310 | |
| Roche Holding AG—Genusschein (Switzerland) | | 21,623 | | | | 3,821,450 | |
| Sanofi-Aventis, ADR (France) | † | | | 80,300 | | | | 3,233,681 | |
| Schering-Plough Corporation | | 72,500 | | | | 2,206,900 | |
| Sepracor, Inc. | *† | | | 60,500 | | | | 2,481,710 | |
| Teva Pharmaceutical Industries Ltd. ADR (Israel) | | 62,000 | | | | 2,557,500 | |
| Wyeth | | 228,900 | | | | 13,125,126 | |
| | | 88,464,166 | |
|
See accompanying notes to financial statements.
124
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint
Growth & Income Fund
|
|
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| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
Real Estate—0.7% | | | |
| Douglas Emmett, Inc. REIT | | 21,400 | | | $ | 529,436 | |
| General Growth Properties, Inc. REIT | † | | | 16,110 | | | | 853,025 | |
| Host Hotels & Resorts Inc. REIT | † | | | 312,945 | | | | 7,235,288 | |
| | | 8,617,749 | |
Restaurants—0.5% | | | |
| Cheesecake Factory (The) | *† | | | 20,600 | | | | 505,112 | |
| McDonald’s Corporation | | 123,500 | | | | 6,268,860 | |
| | | 6,773,972 | |
Retailers—4.6% | | | |
| Amazon.Com, Inc. | *† | | | 110,300 | | | | 7,545,623 | |
| Bed Bath & Beyond, Inc. | *† | | | 52,600 | | | | 1,893,074 | |
| Best Buy Company, Inc. | † | | | 60,700 | | | | 2,832,869 | |
| CVS Caremark Corp. | | 464,386 | | | | 16,926,870 | |
| Costco Wholesale Corporation | | 12,600 | | | | 737,352 | |
| eBay, Inc. | * | | | 226,700 | | | | 7,295,206 | |
| Macys, Inc. | | 95,700 | | | | 3,806,946 | |
| Target Corporation | | 228,800 | | | | 14,551,680 | |
| Wal-Mart Stores, Inc. | | 54,500 | | | | 2,621,995 | |
| Williams-Sonoma, Inc. | † | | | 21,100 | | | | 666,338 | |
| | | 58,877,953 | |
Telephone Systems—3.6% | | | |
| America Movil SA de CV ADR (Mexico) | | 102,100 | | | | 6,323,053 | |
| AT&T, Inc. | | 507,306 | | | | 21,053,199 | |
| Level 3 Communications, Inc. | *† | | | 302,800 | | | | 1,771,380 | |
| MetroPCS Communications, Inc. | | 31,900 | | | | 1,053,976 | |
| Rogers Communications, Inc. (Canada) | † | | | 97,100 | | | | 4,125,779 | |
| Time Warner Telecom, Inc. Class A | * | | | 77,600 | | | | 1,559,760 | |
| Verizon Communications, Inc. | | 250,900 | | | | 10,329,553 | |
| | | 46,216,700 | |
Textiles, Clothing & Fabrics—0.3% | | | |
| Coach, Inc. | * | | | 52,500 | | | | 2,487,975 | |
| Hanesbrands, Inc. | * | | | 68,537 | | | | 1,852,555 | |
| | | 4,340,530 | |
Transportation—0.7% | | | |
| Carnival Corporation | | 12,700 | | | | 619,379 | |
| Expeditors International Washington, Inc. | | 40,400 | | | | 1,668,520 | |
| United Parcel Service, Inc. Class B | | 83,600 | | | | 6,102,800 | |
| | | 8,390,699 | |
TOTAL COMMON STOCKS | | | |
| (Cost $978,921,240) | | 1,253,326,363 | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CONVERTIBLE DEBT OBLIGATIONS—0.1% |
Automotive—0.1% | | | |
| Ford Motor Company | | | |
| 4.250% | | | | 12/15/2036 | | | | | | | | | | |
| (Cost $923,649) | $ | 918,000 | | | | 1,154,385 | |
| |
COMMERCIAL PAPER—0.1% |
Banking—0.1% | | | |
| Ciesco LLC, 144A | ** | | | | | | | | |
| 5.270% | | | | 07/24/2007 | | | | $ | 1,500,000 | | | $ | 1,494,730 | |
| Park Avenue Receivables Corp., 144A | ** | | | | | | | | |
| 5.310% | | | | 07/25/2007 | | | | | 600,000 | | | | 597,787 | |
TOTAL COMMERCIAL PAPER | | | |
| (Cost $2,092,518) | | 2,092,517 | |
| |
CASH EQUIVALENTS—7.8% |
Institutional Money Market Funds—0.1% | | | |
| Reserve Primary Money Market Fund | | | |
| 5.230% | | | | 07/02/2007 | | †† | | | 1,554,092 | | | | 1,554,092 | |
Bank & Certificate Deposits/
Offshore Time Deposits—7.0% | | | |
| Abbey National PLC | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 1,165,569 | | | | 1,165,569 | |
| BancoBilbao Vizcaya Argentaria SA |
| 5.300% | | | | 08/10/2007 | | †† | | | 777,047 | | | | 777,047 | |
| Bank of Montreal |
| 5.310% | | | | 08/14/2007 | | †† | | | 777,047 | | | | 777,047 | |
| Bank of Montreal |
| 5.290% | | | | 07/02/2007 | | †† | | | 1,554,092 | | | | 1,554,092 | |
| Bank of Montreal |
| 5.280% | | | | 07/03/2007 | | †† | | | 1,554,092 | | | | 1,554,092 | |
| Bank of Nova Scotia |
| 5.290% | | | | 07/11/2007 | | †† | | | 1,942,616 | | | | 1,942,616 | |
| Bank of Nova Scotia |
| 5.280% | | | | 07/09/2007 | | †† | | | 1,165,569 | | | | 1,165,569 | |
| Barclays |
| 5.320% | | | | 09/04/2007 | | †† | | | 777,046 | | | | 777,046 | |
| Barton Capital LLC |
| 5.310% | | | | 07/12/2007 | | †† | | | 1,165,569 | | | | 1,165,569 | |
| BNP Paribas |
| 5.350% | | | | 07/02/2007 | | †† | | | 2,331,138 | | | | 2,331,138 | |
| CAFCO Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 777,046 | | | | 777,046 | |
| Calyon |
| 5.380% | | | | 07/02/2007 | | †† | | | 2,331,138 | | | | 2,331,138 | |
| Canadian Imperial Bank of Commerce |
| 5.300% | | | | 07/30/2007 | | †† | | | 3,885,230 | | | | 3,885,230 | |
| Clipper Receivables Corp |
| 5.310% | | | | 07/10/2007 | | †† | | | 2,331,138 | | | | 2,331,138 | |
| CRC Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 1,165,569 | | | | 1,165,569 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/13/2007 | | †† | �� | | 1,165,569 | | | | 1,165,569 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 2,719,661 | | | | 2,719,661 | |
| Den Danske Bank |
| 5.280% | | | | 07/09/2007 | | †† | | | 1,554,092 | | | | 1,554,092 | |
| Falcon Asset Securitization Corporation |
| 5.310% | | | | 07/17/2007 | | †† | | | 543,932 | | | | 543,932 | |
| First Tennessee Bank |
| 5.300% | | | | 07/18/2007 | | †† | | | 777,046 | | | | 777,046 | |
| Fortis Bank |
| 5.300% | | | | 07/20/2007 | | †† | | | 1,942,616 | | | | 1,942,616 | |
| Greyhawk Funding |
| 5.290% | | | | 07/02/2007 | | †† | | | 777,046 | | | | 777,046 | |
|
See accompanying notes to financial statements.
125
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint
Growth & Income Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
| Jupiter Securitization Corporation |
| 5.320% | | | | 07/26/2007 | | †† | | $ | 1,165,569 | | | $ | 1,165,569 | |
| Lexington Parker Capital Company |
| 5.290% | | | | 07/03/2007 | | †† | | | 777,046 | | | | 777,046 | |
| Liberty Street Funding Corporation |
| 5.330% | | | | 07/31/2007 | | †† | | | 543,932 | | | | 543,932 | |
| Liberty Street Funding Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 1,554,092 | | | | 1,554,092 | |
| Liberty Street Funding Corporation |
| 5.280% | | | | 07/02/2007 | | †† | | | 1,554,092 | | | | 1,554,092 | |
| Lloyds TSB Bank |
| 5.280% | | | | 07/17/2007 | | †† | | | 777,046 | | | | 777,046 | |
| Merrill Lynch & Company |
| 5.340% | | | | 07/02/2007 | | †† | | | 13,986,830 | | | | 13,986,830 | |
| Morgan Stanley & Company |
| 5.370% | | | | 07/02/2007 | | †† | | | 8,158,984 | | | | 8,158,984 | |
| National Australia Bank |
| 5.320% | | | | 07/02/2007 | | †† | | | 2,331,138 | | | | 2,331,138 | |
| Old Line Funding LCC |
| 5.320% | | | | 07/12/2007 | | †† | | | 777,046 | | | | 777,046 | |
| Paradigm Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 777,046 | | | | 777,046 | |
| Paradigm Funding LLC |
| 5.300% | | | | 07/10/2007 | | †† | | | 3,869,275 | | | | 3,869,275 | |
| Park Avenue Receivables Corp |
| 5.300% | | | | 07/09/2007 | | †† | | | 3,869,275 | | | | 3,869,275 | |
| Rabobank Nederland |
| 5.330% | | | | 07/02/2007 | | †† | | | 2,331,138 | | | | 2,331,138 | |
| Rabobank Nederland |
| 5.280% | | | | 07/05/2007 | | †† | | | 1,942,616 | | | | 1,942,616 | |
| Ranger Funding Corporation |
| 5.330% | | | | 08/02/2007 | | †† | | | 1,942,616 | | | | 1,942,616 | |
| Royal Bank of Scotland |
| 5.270% | | | | 07/11/2007 | | †† | | | 1,554,092 | | | | 1,554,092 | |
| Sheffield Receivables Corporation |
| 5.290% | | | | 07/06/2007 | | †† | | | 388,523 | | | | 388,523 | |
| Skandinaviska Enskilda Banken AB |
| 5.290% | | | | 07/19/2007 | | †† | | | 1,942,616 | | | | 1,942,616 | |
| Svenska Handlesbanken |
| 5.300% | | | | 07/02/2007 | | †† | | | 3,214,504 | | | | 3,214,504 | |
| Wells Fargo |
| 5.280% | | | | 07/12/2007 | | †† | | | 1,942,616 | | | | 1,942,616 | |
| Wells Fargo |
| 5.260% | | | | 07/02/2007 | | †† | | | 777,046 | | | | 777,046 | |
| | | 89,357,006 | |
Floating Rate Instruments/Master Notes—0.7% |
| Bank of America |
| 5.310% | | | | 07/10/2007 | | †† | | | 1,942,616 | | | | 1,942,616 | |
| Bank of America |
| 5.300% | | | | 09/17/2007 | | †† | | | 3,885,230 | | | | 3,885,230 | |
| Bank of America |
| 5.270% | | | | 07/16/2007 | | †† | | | 1,165,569 | | | | 1,165,569 | |
| Bank of America |
| 5.270% | | | | 08/17/2007 | | †† | | | 1,942,616 | | | | 1,942,616 | |
| | | 8,936,031 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $99,847,129) | | 99,847,129 | |
|
|
|
|
|
|
|
|
| Face
|
| Value
|
|---|
REPURCHASE AGREEMENTS—2.0% |
| Investors Bank & Trust Repurchase Agreement dated 06/29/2007 due 07/02/2007, with a maturity value of $25,356,176 and effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 4.286% to 9.000%, maturity dates ranging from 10/25/2014 to 12/15/2034 and an aggregate market value of $26,613,672. | $ | 25,346,354 | | | $ | 25,346,354 | |
TOTAL INVESTMENTS—107.6% | | | |
| (Cost $1,107,130,890) | | 1,381,766,748 | |
| Other assets less liabilities—(7.6%) | | (97,542,499 | ) |
NET ASSETS—100.0% | $ | 1,284,224,249 | |
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. |
| ** | | 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 0.15% of Total Investments. |
See accompanying notes to financial statements.
126
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Growth Fund
|
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| Shares
|
| Value
|
|---|
COMMON STOCKS—97.4% |
Advertising—0.0% | | | |
| Valueclick, Inc. | * | | | 15,700 | | | $ | 462,522 | |
Aerospace & Defense—0.8% | | | |
| Boeing Company (The) | | 46,728 | | | | 4,493,365 | |
| Honeywell International, Inc. | | 13,300 | | | | 748,524 | |
| Lockheed Martin Corporation | | 18,400 | | | | 1,731,992 | |
| Northrop Grumman Corporation | | 46,900 | | | | 3,652,103 | |
| United Technologies Corporation | | 150,100 | | | | 10,646,593 | |
| | | 21,272,577 | |
Airlines—0.5% | | | |
| Copa Holdings SA-Class A (Panama) | | 600 | | | | 40,344 | |
| FedEx Corporation | | 127,100 | | | | 14,104,287 | |
| | | 14,144,631 | |
Apparel Retailers—0.6% | | | |
| Aeropostale, Inc. | * | | | 28,300 | | | | 1,179,544 | |
| Kohl’s Corporation | * | | | 209,900 | | | | 14,909,197 | |
| Payless Shoesource, Inc. | * | | | 29,600 | | | | 933,880 | |
| | | 17,022,621 | |
Automotive—0.6% | | | |
| Autonation, Inc. | * | | | 109,148 | | | | 2,449,281 | |
| Harley-Davidson, Inc. | | 1,400 | | | | 83,454 | |
| ITT Corporation | | 147,500 | | | | 10,071,300 | |
| Paccar, Inc. | | 45,600 | | | | 3,969,024 | |
| | | 16,573,059 | |
Banking—3.4% | | | |
| American Express Company | | 132,700 | | | | 8,118,586 | |
| AmeriCredit Corporation | *† | | | 106,200 | | | | 2,819,610 | |
| Citigroup, Inc. | | 604,200 | | | | 30,989,418 | |
| Hudson City Bancorp, Inc. | † | | | 111,091 | | | | 1,357,532 | |
| JPMorgan Chase & Company | | 203,500 | | | | 9,859,575 | |
| SLM Corporation | | 8,600 | | | | 495,188 | |
| SunTrust Banks, Inc. | | 100 | | | | 8,574 | |
| Wells Fargo & Company | | 1,230,400 | | | | 43,273,168 | |
| | | 96,921,651 | |
Beverages, Food & Tobacco—4.2% | | | |
| Altria Group, Inc. | | 20,446 | | | | 1,434,082 | |
| Anheuser-Busch Companies, Inc. | | 489,000 | | | | 25,506,240 | |
| Coca-Cola Company (The) | | 762,500 | | | | 39,886,375 | |
| Molson Coors Brewing Company Class B | | 6,600 | | | | 610,236 | |
| Nestle SA-Sponsored ADR (Switzerland) | | 123,000 | | | | 11,691,827 | |
| Pepsico, Inc. | | 526,300 | | | | 34,130,555 | |
| Tyson Foods, Inc. Class A | | 144,200 | | | | 3,322,368 | |
| UST, Inc. | | 61,378 | | | | 3,296,612 | |
| | | 119,878,295 | |
Building Materials—1.8% | | | |
| Home Depot, Inc. | | 849,300 | | | | 33,419,955 | |
| Lowe’s Companies, Inc. | | 553,500 | | | | 16,986,915 | |
| Owens Corning, Inc. | * | | | 3,000 | | | | 100,890 | |
| | | 50,507,760 | |
Chemicals—0.7% | | | |
| Celanese Corporation Class A | | 19,300 | | | | 748,454 | |
| Monsanto Company | | 80,570 | | | | 5,441,698 | |
| Praxair, Inc. | | 184,500 | | | | 13,282,155 | |
| | | 19,472,307 | |
Commercial Services—3.9% | | | |
| Accenture Ltd. Class A (Bermuda) | | 109,900 | | | $ | 4,713,611 | |
| Avis Budget Group, Inc. | * | | | 38,100 | | | | 1,083,183 | |
| Cintas Corporation | † | | | 240,100 | | | | 9,467,143 | |
| Dun & Bradstreet Company | | 6,100 | | | | 628,178 | |
| Fluor Corporation | | 171,700 | | | | 19,122,229 | |
| Manpower, Inc. | | 41,349 | | | | 3,814,032 | |
| MasterCard, Inc. Class A | † | | | 28,900 | | | | 4,793,643 | |
| Moody’s Corporation | † | | | 62,600 | | | | 3,893,720 | |
| Paychex, Inc. | | 697,650 | | | | 27,292,068 | |
| Quanta Services, Inc. | *† | | | 529,400 | | | | 16,236,698 | |
| Shaw Group, Inc. (The) | * | | | 445,200 | | | | 20,608,308 | |
| Sotheby’s Holdings, Inc. Class A | | 900 | | | | 41,418 | |
| | | 111,694,231 | |
Communications—4.8% | | | |
| Andrew Corporation | *† | | | 41,000 | | | | 592,040 | |
| Nokia Corporation Sponsored ADR (Finland) | | 2,611,700 | | | | 73,414,887 | |
| Qualcomm, Inc. | | 1,067,000 | | | | 46,297,130 | |
| Utstarcom, Inc. | *† | | | 41,600 | | | | 233,376 | |
| XM Satellite Radio Holdings, Inc. Class A | *† | | | 1,241,100 | | | | 14,607,747 | |
| | | 135,145,180 | |
Computer Software & Processing—12.8% | | | |
| Adobe Systems, Inc. | * | | | 31,000 | | | | 1,244,650 | |
| Amdocs Ltd. | * | | | 203,900 | | | | 8,119,298 | |
| Autodesk, Inc. | * | | | 239,500 | | | | 11,275,660 | |
| Automatic Data Processing, Inc. | | 969,400 | | | | 46,986,818 | |
| Citrix Systems, Inc. | * | | | 249,200 | | | | 8,390,564 | |
| DST Systems, Inc. | *† | | | 2,600 | | | | 205,946 | |
| Electronic Arts, Inc. | *† | | | 521,300 | | | | 24,667,916 | |
| Fidelity National Information Services, Inc. | † | | | 165,100 | | | | 8,961,628 | |
| First Data Corporation | | 4,900 | | | | 160,083 | |
| Gartner Group, Inc. Class A | * | | | 6,700 | | | | 164,753 | |
| Google, Inc. Class A | * | | | 139,722 | | | | 73,127,700 | |
| Juniper Networks, Inc. | *† | | | 67,300 | | | | 1,693,941 | |
| Microsoft Corporation | | 3,164,010 | | | | 93,243,375 | |
| NAVTEQ Corporation | *† | | | 360,100 | | | | 15,246,634 | |
| Symantec Corporation | *† | | | 203,100 | | | | 4,102,620 | |
| Synopsys, Inc. | * | | | 69,438 | | | | 1,835,246 | |
| Total System Services, Inc. | † | | | 29,100 | | | | 858,741 | |
| Yahoo!, Inc. | * | | | 2,306,800 | | | | 62,583,484 | |
| | | 362,869,057 | |
Computers & Information—3.8% | | | |
| 3M Company | | 24,200 | | | | 2,100,318 | |
| Apple Computer, Inc. | * | | | 52,800 | | | | 6,443,712 | |
| Dell, Inc. | * | | | 54,000 | | | | 1,541,700 | |
| EMC Corporation | * | | | 1,267,200 | | | | 22,936,320 | |
| Hewlett-Packard Company | | 122,400 | | | | 5,461,488 | |
| Ingram Micro, Inc. Class A | * | | | 14,900 | | | | 323,479 | |
| International Business Machines Corporation | | 484,800 | | | | 51,025,200 | |
| Jabil Circuit, Inc. | | 629,000 | | | | 13,882,030 | |
| Lexmark International, Inc. | * | | | 51,800 | | | | 2,554,258 | |
| Tech Data Corporation | * | | | 9,100 | | | | 349,986 | |
| | | 106,618,491 | |
Containers & Packaging—0.0% | | | |
| Owens-IIlinois, Inc. | * | | | 4,900 | | | | 171,500 | |
Cosmetics & Personal Care—1.0% | | | |
| Ecolab, Inc. | | 210,400 | | | | 8,984,080 | |
| Procter & Gamble Company | | 311,800 | | | | 19,079,042 | |
| | | 28,063,122 | |
|
See accompanying notes to financial statements.
127
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
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COMMON STOCKS—(Continued) |
Education—0.1% | | | |
| ITT Educational Services, Inc. | * | | | 30,900 | | | $ | 3,627,042 | |
Electric Utilities—0.2% | | | |
| PG&E Corporation | | 42,600 | | | | 1,929,780 | |
| Reliant Energy, Inc. | * | | | 51,300 | | | | 1,382,535 | |
| TXU Corporation | | 16,527 | | | | 1,112,267 | |
| | | 4,424,582 | |
Electrical Equipment—3.4% | | | |
| Energizer Holdings, Inc. | * | | | 37,054 | | | | 3,690,578 | |
| General Electric Company | | 2,443,905 | | | | 93,552,683 | |
| | | 97,243,261 | |
Electronics—7.5% | | | |
| Avnet, Inc. | * | | | 52,400 | | | | 2,077,136 | |
| Cisco Systems, Inc. | * | | | 2,499,100 | | | | 69,599,935 | |
| Intel Corporation | | 1,443,600 | | | | 34,299,936 | |
| Intersil Corporation Class A | | 84,300 | | | | 2,652,078 | |
| Linear Technology Corporation | † | | | 361,300 | | | | 13,071,834 | |
| Marvell Technology Group Ltd. (Bermuda) | * | | | 566,500 | | | | 10,315,965 | |
| Maxim Integrated Products, Inc. | | 391,000 | | | | 13,063,310 | |
| Novellus Systems, Inc. | *† | | | 53,400 | | | | 1,514,958 | |
| Nvidia Corporation | * | | | 22,200 | | | | 917,082 | |
| Raytheon Company | | 32,744 | | | | 1,764,574 | |
| Sunpower Corp. Class A | *† | | | 205,530 | | | | 12,958,667 | |
| Texas Instruments, Inc. | | 1,346,600 | | | | 50,672,558 | |
| | | 212,908,033 | |
Entertainment & Leisure—1.2% | | | |
| Hasbro, Inc. | | 36,100 | | | | 1,133,901 | |
| Time Warner, Inc. | | 672,003 | | | | 14,138,943 | |
| Walt Disney Company | | 557,100 | | | | 19,019,394 | |
| | | 34,292,238 | |
Financial Services—11.0% | | | |
| Berkshire Hathaway, Inc., Class B | * | | | 2,955 | | | | 10,652,775 | |
| Broadridge Financial Solutions, Inc. | | 140,300 | | | | 2,682,536 | |
| Charles Schwab Corporation (The) | | 1,913,050 | | | | 39,255,786 | |
| Chicago Mercantile Exchange | | 30,500 | | | | 16,297,980 | |
| Countrywide Financial Corporation | † | | | 922,800 | | | | 33,543,780 | |
| E*Trade Financial Corporation | * | | | 663,300 | | | | 14,652,297 | |
| Franklin Resources, Inc. | | 244,800 | | | | 32,428,656 | |
| Goldman Sachs Group, Inc. | | 548,000 | | | | 118,779,000 | |
| Legg Mason, Inc. | † | | | 318,900 | | | | 31,373,382 | |
| Merrill Lynch & Company, Inc. | | 46,259 | | | | 3,866,327 | |
| Nuveen Investments, Inc. Class A | † | | | 1,100 | | | | 68,365 | |
| T Rowe Price Group, Inc. | | 7,270 | | | | 377,240 | |
| Western Union Company (The) | † | | | 368,800 | | | | 7,682,104 | |
| | | 311,660,228 | |
Food Retailers—0.2% | | | |
| Kroger Company (The) | | 102,600 | | | | 2,886,138 | |
| Safeway, Inc. | | 84,900 | | | | 2,889,147 | |
| | | 5,775,285 | |
Forest Products & Paper—0.1% | | | |
| Domtar Corporation | * | | | 274,200 | | | | 3,060,072 | |
Heavy Construction—0.7% | | | |
| Foster Wheeler Ltd. (Bermuda) | * | | | 196,700 | | | | 21,044,933 | |
Heavy Machinery—1.4% | | | |
| Agco Corporation | * | | | 41,200 | | | $ | 1,788,492 | |
| Caterpillar, Inc. | | 222,800 | | | | 17,445,240 | |
| Cummins, Inc. | | 25,400 | | | | 2,570,734 | |
| Dresser-Rand Group, Inc. | * | | | 15,600 | | | | 616,200 | |
| National-Oilwell Varco, Inc. | * | | | 143,600 | | | | 14,968,864 | |
| Terex Corporation | * | | | 30,100 | | | | 2,447,130 | |
| Toro Company | | 100 | | | | 5,889 | |
| | | 39,842,549 | |
Insurance—5.1% | | | |
| Aetna, Inc. | | 370,000 | | | | 18,278,000 | |
| AMBAC Financial Group, Inc. | | 6,500 | | | | 566,735 | |
| American International Group, Inc. | | 1,448,150 | | | | 101,413,945 | |
| Cigna Corporation | | 64,700 | | | | 3,378,634 | |
| Humana, Inc. | * | | | 62,100 | | | | 3,782,511 | |
| Loews Corporation | | 22,900 | | | | 1,167,442 | |
| MBIA, Inc. | | 47,575 | | | | 2,960,117 | |
| UnitedHealth Group, Inc. | | 165,100 | | | | 8,443,214 | |
| WellCare Health Plans, Inc. | *† | | | 38,600 | | | | 3,493,686 | |
| | | 143,484,284 | |
Lodging—1.0% | | | |
| Hilton Hotels Corporation | | 437,000 | | | | 14,626,390 | |
| MGM MIRAGE | * | | | 124,400 | | | | 10,260,512 | |
| Marriott International, Inc. Class A | | 89,703 | | | | 3,878,758 | |
| | | 28,765,660 | |
Media—Broadcasting & Publishing—2.1% |
| American Greetings Corporation Class A | | 13,300 | | | | 376,789 | |
| CBS Corporation Class B | | 108,063 | | | | 3,600,659 | |
| Comcast Corporation Class A | * | | | 370,050 | | | | 10,405,806 | |
| DIRECTV Group (The), Inc. | *† | | | 80,500 | | | | 1,860,355 | |
| Gannett Company, Inc. | † | | | 469,800 | | | | 25,815,510 | |
| IAC/InterActiveCorp | *† | | | 80,600 | | | | 2,789,566 | |
| Liberty Media Holdings Corporation Capital Class A | * | | | 5,000 | | | | 588,400 | |
McGraw-Hill Companies,
Inc. (The) | | 65,370 | | | | 4,450,390 | |
| Viacom, Inc. Class B | * | | | 241,800 | | | | 10,066,134 | |
| | | 59,953,609 | |
Medical Supplies—4.4% | | | |
| Alcon, Inc. (Switzerland) | † | | | 68,000 | | | | 9,173,880 | |
| Allergan, Inc. | | 200,600 | | | | 11,562,584 | |
| Applera Corporation—Applied Biosystems Group | | 41,500 | | | | 1,267,410 | |
| Baxter International, Inc. | | 11,600 | | | | 653,544 | |
| Dentsply International, Inc. | | 9,100 | | | | 348,166 | |
| Johnson & Johnson | | 604,500 | | | | 37,249,290 | |
| Medtronic, Inc. | | 736,800 | | | | 38,210,448 | |
| St. Jude Medical, Inc. | * | | | 49,400 | | | | 2,049,606 | |
| Thermo Fisher Scientific, Inc. | * | | | 349,600 | | | | 18,081,312 | |
| Waters Corporation | * | | | 41,955 | | | | 2,490,449 | |
| Zimmer Holdings, Inc. | * | | | 52,300 | | | | 4,439,747 | |
| | | 125,526,436 | |
Metals—0.6% | | | |
| AK Steel Holding Corporation | * | | | 2,600 | | | | 97,162 | |
| Cleveland-Cliffs, Inc. | | 11,600 | | | | 900,972 | |
| Commercial Metals Company | | 200 | | | | 6,754 | |
| Corning, Inc. | * | | | 372,200 | | | | 9,509,710 | |
| General Cable Corporation | * | | | 11,500 | | | | 871,125 | |
| Nucor Corporation | | 58,600 | | | | 3,436,890 | |
| Precision Castparts Corporation | | 8,800 | | | | 1,067,968 | |
| Steel Dynamics, Inc. | | 600 | | | | 25,146 | |
| | | 15,915,727 | |
|
See accompanying notes to financial statements.
128
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint
Growth Fund
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COMMON STOCKS—(Continued) |
Mining—0.3% | | | |
| Freeport-McMoran Copper & Gold, Inc. | † | | | 110,100 | | | $ | 9,118,482 | |
Oil & Gas—2.1% | | | |
| Ashland, Inc. | | 5,100 | | | | 326,145 | |
| Cabot Oil & Gas Corporation | | 1,500 | | | | 55,320 | |
| Chevron Corporation | | 300 | | | | 25,272 | |
| Devon Energy Corporation | | 45,700 | | | | 3,577,853 | |
| EOG Resources, Inc. | | 6,700 | | | | 489,502 | |
| Exxon Mobil Corporation | | 34,400 | | | | 2,885,472 | |
| GlobalSantaFe Corporation | | 31,900 | | | | 2,304,775 | |
| Halliburton Company | | 216,900 | | | | 7,483,050 | |
| Marathon Oil Corporation | | 7,600 | | | | 455,696 | |
| Nabors Industries Ltd. | *† | | | 5,300 | | | | 176,914 | |
| Noble Energy, Inc. | | 2,800 | | | | 174,692 | |
| Occidental Petroleum Corporation | | 175,100 | | | | 10,134,788 | |
| Pioneer Natural Resources Company | | 3,300 | | | | 160,743 | |
| Plains Exploration & Production Company | * | | | 11,200 | | | | 535,472 | |
| Schlumberger Ltd. (Netherland Antilles) | | 4,000 | | | | 339,760 | |
| SEACOR Holdings, Inc. | * | | | 6,900 | | | | 644,184 | |
| Suncor Energy, Inc. (Canada) | | 103,600 | | | | 9,315,712 | |
| Tesoro Petroleum Corporation | | 13,000 | | | | 742,950 | |
| Tidewater, Inc. | † | | | 17,085 | | | | 1,210,985 | |
| Transocean, Inc. (Cayman Islands) | * | | | 9,900 | | | | 1,049,202 | |
| Valero Energy Corporation | | 18,800 | | | | 1,388,568 | |
| Weatherford International Ltd. (Bermuda) | * | | | 252,500 | | | | 13,948,100 | |
| Western Refining, Inc. | | 7,200 | | | | 416,160 | |
| XTO Energy, Inc. | | 21,300 | | | | 1,280,130 | |
| | | 59,121,445 | |
Pharmaceuticals—6.6% | | | |
| AmerisourceBergen Corporation | | 63,108 | | | | 3,121,953 | |
| Amgen, Inc. | * | | | 568,400 | | | | 31,426,836 | |
| Biogen Idec, Inc. | * | | | 240,700 | | | | 12,877,450 | |
| Celgene Corporation | *† | | | 174,800 | | | | 10,021,284 | |
| Elan Corporation PLC ADR (Ireland) | *† | | | 1,120,000 | | | | 24,561,600 | |
| Eli Lilly & Company | | 36,400 | | | | 2,034,032 | |
| Forest Laboratories, Inc. | * | | | 88,300 | | | | 4,030,895 | |
| Genentech, Inc. | * | | | 316,200 | | | | 23,923,692 | |
| Genzyme Corporation | * | | | 161,500 | | | | 10,400,600 | |
| Gilead Sciences, Inc. | * | | | 334,000 | | | | 12,949,180 | |
| Medco Health Solutions, Inc. | * | | | 37,800 | | | | 2,948,022 | |
| Merck & Company, Inc. | | 70,201 | | | | 3,496,010 | |
| Millennium Pharmaceuticals, Inc. | * | | | 30,800 | | | | 325,556 | |
| NBTY, Inc. | * | | | 2,700 | | | | 116,640 | |
| Novartis AG, ADR (Switzerland) | | 91,400 | | | | 5,124,798 | |
| Pfizer, Inc. | | 162,500 | | | | 4,155,125 | |
| Schering-Plough Corporation | | 180,400 | | | | 5,491,376 | |
| Shire Pharmaceuticals Group PLC (United Kingdom) | † | | | 184,500 | | | | 13,676,985 | |
| Watson Pharmaceuticals, Inc. | * | | | 18,700 | | | | 608,311 | |
| Wyeth | | 271,900 | | | | 15,590,746 | |
| | | 186,881,091 | |
Real Estate—0.2% | | | |
| CB Richard Ellis Group, Inc. Class A | * | | | 27,600 | | | | 1,007,400 | |
| Douglas Emmett, Inc. REIT | | 10,400 | | | | 257,296 | |
| HRPT Properties Trust REIT | | 15,200 | | | | 158,080 | |
| Jones Lang Lasalle, Inc. | | 21,082 | | | | 2,392,807 | |
| Prologis REIT | | 6,400 | | | $ | 364,160 | |
| SL Green Realty Corporation REIT | | 13,173 | | | | 1,632,003 | |
| Weingarten Realty Investors REIT | | 1,000 | | | | 41,100 | |
| | | 5,852,846 | |
Restaurants—0.1% | | | |
| Yum! Brands, Inc. | | 48,000 | | | | 1,570,560 | |
Retailers—8.4% | | | |
| Amazon.Com, Inc. | *† | | | 822,400 | | | | 56,260,384 | |
| BJ’s Wholesale Club, Inc. | * | | | 1,000 | | | | 36,030 | |
| CVS Caremark Corp. | | 412,321 | | | | 15,029,100 | |
| Dollar Tree Stores, Inc. | * | | | 16,200 | | | | 705,510 | |
| eBay, Inc. | * | | | 2,190,800 | | | | 70,499,944 | |
| Fastenal Company | † | | | 329,000 | | | | 13,771,940 | |
| RadioShack Corporation | † | | | 107,400 | | | | 3,559,236 | |
| Target Corporation | | 403,800 | | | | 25,681,680 | |
| Wal-Mart Stores, Inc. | | 1,097,300 | | | | 52,791,103 | |
| | | 238,334,927 | |
Telephone Systems—0.2% | | | |
| Embarq Corporation | | 13,300 | | | | 842,821 | |
| Sprint Nextel Corporation | | 190,599 | | | | 3,947,305 | |
| Telephone & Data Systems, Inc. | | 5,500 | | | | 344,135 | |
| Verizon Communications, Inc. | | 4,000 | | | | 164,680 | |
| | | 5,298,941 | |
Textiles, Clothing & Fabrics—0.1% | | | |
| Coach, Inc. | * | | | 26,500 | | | | 1,255,835 | |
Transportation—1.5% | | | |
| CSX Corporation | | 52,400 | | | | 2,362,192 | |
| Canadian Pacific Railway Ltd. (Canada) | † | | | 15,300 | | | | 1,052,946 | |
| Carnival Corporation | † | | | 15,400 | | | | 751,058 | |
| CH Robinson Worldwide, Inc. | | 191,000 | | | | 10,031,320 | |
| Expedia, Inc. | *† | | | 596,200 | | | | 17,462,698 | |
| Expeditors International Washington, Inc. | | 152,700 | | | | 6,306,510 | |
| JB Hunt Transport Services, Inc. | † | | | 33,500 | | | | 982,220 | |
| Overseas Shipholding Group | | 16,600 | | | | 1,351,240 | |
| Teekay Corporation (Bahama Islands) | | 5,500 | | | | 318,505 | |
| Union Pacific Corporation | | 26,275 | | | | 3,025,566 | |
| | | 43,644,255 | |
TOTAL COMMON STOCKS | | | |
| (Cost $2,301,914,521) | | 2,759,419,325 | |
| |
Coupon
Rate
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| Maturity
Date
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| Face
|
| Value
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CASH EQUIVALENTS—7.5% |
Institutional Money Market Funds—0.1% | | | |
| Reserve Primary Money Market Fund | | | |
| 5.230% | | | | 07/02/2007 | | †† | | $ | 3,335,586 | | | | 3,335,586 | |
Bank & Certificate Deposits/
Offshore Time Deposits—6.7% | | | |
| Abbey National PLC |
| 5.280% | | | | 07/05/2007 | | †† | | | 2,501,688 | | | | 2,501,688 | |
| BancoBilbao Vizcaya Argentaria SA |
| 5.300% | | | | 08/10/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Bank of Montreal |
| 5.310% | | | | 08/14/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Bank of Montreal |
| 5.290% | | | | 07/02/2007 | | †† | | | 3,335,586 | | | | 3,335,586 | |
|
See accompanying notes to financial statements.
129
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
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CASH EQUIVALENTS—(Continued) |
| Bank of Montreal |
| 5.280% | | | | 07/03/2007 | | †† | | $ | 3,335,586 | | | $ | 3,335,586 | |
| Bank of Nova Scotia |
| 5.290% | | | | 07/11/2007 | | †† | | | 4,169,482 | | | | 4,169,482 | |
| Bank of Nova Scotia |
| 5.280% | | | | 07/09/2007 | | †† | | | 2,501,688 | | | | 2,501,688 | |
| Barclays |
| 5.320% | | | | 09/04/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Barton Capital LLC |
| 5.310% | | | | 07/12/2007 | | †† | | | 2,501,688 | | | | 2,501,688 | |
| BNP Paribas |
| 5.350% | | | | 07/02/2007 | | †† | | | 5,003,376 | | | | 5,003,376 | |
| CAFCO Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Calyon |
| 5.380% | | | | 07/02/2007 | | †† | | | 5,003,376 | | | | 5,003,376 | |
| Canadian Imperial Bank of Commerce |
| 5.300% | | | | 07/30/2007 | | †† | | | 8,338,962 | | | | 8,338,962 | |
| Clipper Receivables Corp |
| 5.310% | | | | 07/10/2007 | | †† | | | 5,003,376 | | | | 5,003,376 | |
| CRC Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 2,501,688 | | | | 2,501,688 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/13/2007 | | †† | | | 2,501,688 | | | | 2,501,688 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 5,837,274 | | | | 5,837,274 | |
| Den Danske Bank |
| 5.280% | | | | 07/09/2007 | | †† | | | 3,335,586 | | | | 3,335,586 | |
| Falcon Asset Securitization Corporation |
| 5.310% | | | | 07/17/2007 | | †† | | | 1,167,455 | | | | 1,167,455 | |
| First Tennessee Bank |
| 5.300% | | | | 07/18/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Fortis Bank |
| 5.300% | | | | 07/20/2007 | | †† | | | 4,169,482 | | | | 4,169,482 | |
| Greyhawk Funding |
| 5.290% | | | | 07/02/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Jupiter Securitization Corporation |
| 5.320% | | | | 07/26/2007 | | †† | | | 2,501,688 | | | | 2,501,688 | |
| Lexington Parker Capital Company |
| 5.290% | | | | 07/03/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Liberty Street Funding Corporation |
| 5.330% | | | | 07/31/2007 | | †† | | | 1,167,455 | | | | 1,167,455 | |
| Liberty Street Funding Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 3,335,586 | | | | 3,335,586 | |
| Liberty Street Funding Corporation |
| 5.280% | | | | 07/02/2007 | | †† | | | 3,335,586 | | | | 3,335,586 | |
| Lloyds TSB Bank |
| 5.280% | | | | 07/17/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Merrill Lynch & Company |
| 5.340% | | | | 07/02/2007 | | †† | | | 30,020,265 | | | | 30,020,265 | |
| Morgan Stanley & Company |
| 5.370% | | | | 07/02/2007 | | †† | | | 17,511,821 | | | | 17,511,821 | |
| National Australia Bank |
| 5.320% | | | | 07/02/2007 | | †† | | | 5,003,376 | | | | 5,003,376 | |
| Old Line Funding LCC |
| 5.320% | | | | 07/12/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Paradigm Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| Paradigm Funding LLC |
| 5.300% | | | | 07/10/2007 | | †† | | | 8,304,716 | | | | 8,304,716 | |
| Park Avenue Receivables Corp |
| 5.300% | | | | 07/09/2007 | | †† | | | 8,304,716 | | | | 8,304,716 | |
| Rabobank Nederland |
| 5.330% | | | | 07/02/2007 | | †† | | | 5,003,376 | | | | 5,003,376 | |
| Rabobank Nederland |
| 5.280% | | | | 07/05/2007 | | †† | | $ | 4,169,482 | | | $ | 4,169,482 | |
| Ranger Funding Corporation |
| 5.330% | | | | 08/02/2007 | | †† | | | 4,169,482 | | | | 4,169,482 | |
| Royal Bank of Scotland |
| 5.270% | | | | 07/11/2007 | | †† | | | 3,335,586 | | | | 3,335,586 | |
| Sheffield Receivables Corporation |
| 5.290% | | | | 07/06/2007 | | †† | | | 833,895 | | | | 833,895 | |
| Skandinaviska Enskilda Banken AB |
| 5.290% | | | | 07/19/2007 | | †† | | | 4,169,482 | | | | 4,169,482 | |
| Svenska Handlesbanken |
| 5.300% | | | | 07/02/2007 | | †† | | | 6,899,365 | | | | 6,899,365 | |
| Wells Fargo |
| 5.280% | | | | 07/12/2007 | | †† | | | 4,169,482 | | | | 4,169,482 | |
| Wells Fargo |
| 5.260% | | | | 07/02/2007 | | †† | | | 1,667,793 | | | | 1,667,793 | |
| | | 191,789,063 | |
Floating Rate Instruments/Master Notes—0.7% |
| Bank of America |
| 5.310% | | | | 07/10/2007 | | †† | | | 4,169,482 | | | | 4,169,482 | |
| Bank of America |
| 5.300% | | | | 09/17/2007 | | †† | | | 8,338,962 | | | | 8,338,962 | |
| Bank of America |
| 5.270% | | | | 07/16/2007 | | †† | | | 2,501,688 | | | | 2,501,688 | |
| Bank of America |
| 5.270% | | | | 08/17/2007 | | †† | | | 4,169,482 | | | | 4,169,482 | |
| | | 19,179,614 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $214,304,263) | | 214,304,263 | |
| |
REPURCHASE AGREEMENTS—2.5% |
| Investors Bank & Trust Repurchase Agreement dated 06/29/07 due 07/02/07, with a maturity value of $70,909,096 and effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 3.94% to 9.13%, maturity dates ranging from 12/25/13 to 07/01/34 and an aggregate market value of $74,425,711. | | 70,881,629 | | | | 70,881,629 | |
TOTAL INVESTMENTS—107.4% | | | |
| (Cost $2,587,100,413) | | 3,044,605,217 | |
| Other assets less liabilities—(7.4%) | | (210,779,377 | ) |
NET ASSETS—100.0% | $ | 2,833,825,840 | |
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.
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COMMON STOCKS—96.7% |
Advertising—1.1% | | | |
| Focus Media Holding Ltd., ADR (Cayman Islands) | *† | | | 95,800 | | | $ | 4,837,900 | |
| Lamar Advertising Company | | 81,800 | | | | 5,133,768 | |
| Marchex, Inc. Class B | † | | | 120,000 | | | | 1,958,400 | |
| Monster Worldwide, Inc. | * | | | 91,400 | | | | 3,756,540 | |
| | | 15,686,608 | |
Aerospace & Defense—0.2% | | | |
| Empresa Brasileira de Aeronautica SA, Sponsored ADR (Brazil) | | 64,600 | | | | 3,114,366 | |
Apparel Retailers—1.2% | | | |
| AnnTaylor Stores Corporation | * | | | 197,500 | | | | 6,995,450 | |
| Christopher & Banks Corporation | † | | | 233,200 | | | | 3,999,380 | |
| Urban Outfitters, Inc. | * | | | 271,730 | | | | 6,529,672 | |
| | | 17,524,502 | |
Automotive—2.9% | | | |
| Autoliv, Inc. | | 88,000 | | | | 5,004,560 | |
| Copart, Inc. | * | | | 103,900 | | | | 3,178,301 | |
| General Motors Corporation | † | | | 638,000 | | | | 24,116,400 | |
| Oshkosh Truck Corporation | | 154,500 | | | | 9,721,140 | |
| | | 42,020,401 | |
Banking—0.5% | | | |
| Investors Financial Services Corporation | | 41,300 | | | | 2,546,971 | |
| Signature Bank of New York | * | | | 65,500 | | | | 2,233,550 | |
| Texas Capital Bancshares, Inc. | * | | | 94,300 | | | | 2,107,605 | |
| | | 6,888,126 | |
Building Materials—2.5% | | | |
| Cemex SAB de CV (Mexico) | * | | | 430,685 | | | | 15,892,276 | |
| Interline Brands, Inc. | * | | | 324,100 | | | | 8,452,528 | |
| Martin Marietta Materials, Inc. | | 43,100 | | | | 6,983,062 | |
| Vulcan Materials Company | † | | | 43,500 | | | | 4,982,490 | |
| | | 36,310,356 | |
Chemicals—1.3% | | | |
| Agrium, Inc. (Canada) | | 90,900 | | | | 3,976,875 | |
| Nalco Holding Co. | | 290,387 | | | | 7,971,123 | |
| UAP Holding Corporation | † | | | 245,600 | | | | 7,402,384 | |
| | | 19,350,382 | |
Commercial Services—6.5% | | | |
| Accenture Ltd. Class A (Bermuda) | | 222,600 | | | | 9,547,314 | |
| Administaff, Inc. | † | | | 76,600 | | | | 2,565,334 | |
| Advisory Board Company (The) | * | | | 113,300 | | | | 6,294,948 | |
| American Reprographics Company | *† | | | 119,400 | | | | 3,676,325 | |
| Corporate Executive Board Company | † | | | 273,500 | | | | 17,752,885 | |
| Dun & Bradstreet Company | | 46,800 | | | | 4,819,464 | |
| Heartland Payment Systems, Inc. | † | | | 156,700 | | | | 4,596,011 | |
| Korn Ferry International | * | | | 335,800 | | | | 8,818,108 | |
| Limelight Networks, Inc. | † | | | 10,500 | | | | 207,690 | |
| Moody’s Corporation | | 43,800 | | | | 2,724,360 | |
| Navigant Consulting, Inc. | *† | | | 162,700 | | | | 3,019,712 | |
| Quanta Services, Inc. | *† | | | 138,000 | | | | 4,232,460 | |
| Resources Connection, Inc. | * | | | 194,800 | | | | 6,463,464 | |
| Stericycle, Inc. | * | | | 60,400 | | | | 2,685,384 | |
| Visual Sciences, Inc. | † | | | 111,600 | | | $ | 1,726,452 | |
| Waste Connections, Inc. | * | | | 218,950 | | | | 6,621,048 | |
| Weight Watchers International, Inc. | † | | | 91,400 | | | | 4,646,776 | |
| Wind River Systems, Inc. | * | | | 366,400 | | | | 4,030,400 | |
| | | 94,428,135 | |
Communications—1.8% | | | |
| American Tower Corporation Class A | * | | | 312,800 | | | | 13,137,600 | |
| SBA Communications Corporation | *† | | | 263,000 | | | | 8,834,170 | |
| Standard Microsystems Corporation | * | | | 13,300 | | | | 456,722 | |
| XM Satellite Radio Holdings, Inc. Class A | *† | | | 313,300 | | | | 3,687,541 | |
| | | 26,116,033 | |
Computer Software & Processing—9.6% | | | |
| Activision, Inc. | * | | | 102,599 | | | | 1,915,522 | |
| Amdocs Ltd. | *† | | | 406,000 | | | | 16,166,920 | |
| Ariba, Inc. | * | | | 182,900 | | | | 1,812,539 | |
| BEA Systems, Inc. | * | | | 217,100 | | | �� | 2,972,099 | |
| Bottomline Technologies, Inc. | * | | | 129,800 | | | | 1,603,030 | |
| CNET Networks, Inc. | *† | | | 1,361,199 | | | | 11,148,220 | |
| Choicepoint, Inc. | * | | | 140,800 | | | | 5,976,960 | |
| Citrix Systems, Inc. | * | | | 162,400 | | | | 5,468,008 | |
| Cognos, Inc. (Canada) | * | | | 67,300 | | | | 2,669,791 | |
| comScore, Inc. | | 2,000 | | | | 46,300 | |
| DST Systems, Inc. | * | | | 99,910 | | | | 7,913,871 | |
| Factset Research Systems, Inc. | | 175,800 | | | | 12,015,930 | |
| Global Cash Access, Inc. | * | | | 204,200 | | | | 3,271,284 | |
| IHS, Inc. Class A | * | | | 32,200 | | | | 1,481,200 | |
| Jack Henry & Associates, Inc. | | 278,200 | | | | 7,163,650 | |
| Juniper Networks, Inc. | * | | | 417,200 | | | | 10,500,924 | |
Lenovo Group Ltd.
(Hong Kong) | | 10,057,100 | | | | 5,932,193 | |
| LivePerson, Inc. | * | | | 339,700 | | | | 1,817,395 | |
| PROS Holdings, Inc. | | 8,100 | | | | 106,110 | |
| Red Hat, Inc. | *† | | | 395,600 | | | | 8,813,968 | |
| RightNow Technologies, Inc. | *† | | | 313,000 | | | | 5,136,330 | |
| Skillsoft PLC, ADR (Ireland) | * | | | 360,800 | | | | 3,351,832 | |
| Take-Two Interactive Software, Inc. | *† | | | 440,500 | | | | 8,796,785 | |
| Taleo Corp. Class A | * | | | 190,900 | | | | 4,300,977 | |
| Ultimate Software Group, Inc. | * | | | 40,900 | | | | 1,183,237 | |
| Verint Systems, Inc. | * | | | 62,700 | | | | 1,962,510 | |
| VeriSign, Inc. | * | | | 170,200 | | | | 5,400,446 | |
| | | 138,928,031 | |
Computers & Information—3.1% | | | |
| Data Domain, Inc. | | 7,200 | | | | 165,600 | |
| Dell, Inc. | * | | | 891,000 | | | | 25,438,050 | |
| Jabil Circuit, Inc. | | 484,300 | | | | 10,688,501 | |
| Micros Systems, Inc. | * | | | 56,300 | | | | 3,062,720 | |
| Palm, Inc. | *† | | | 187,700 | | | | 3,005,077 | |
| SanDisk Corporation | * | | | 60,800 | | | | 2,975,552 | |
| | | 45,335,500 | |
Education—1.2% | | | |
| Laureate Education, Inc. | * | | | 140,400 | | | | 8,657,064 | |
| Strayer Education, Inc. | † | | | 24,700 | | | | 3,253,237 | |
| Universal Technical Institute, Inc. | * | | | 217,900 | | | | 5,532,481 | |
| | | 17,442,782 | |
|
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
Electrical Equipment—0.9% | | | |
| Ametek, Inc. | | 129,650 | | | $ | 5,144,511 | |
| Energy Conversion Devices, Inc. | *† | | | 174,400 | | | | 5,375,008 | |
| Moog, Inc. Class A | * | | | 53,100 | | | | 2,342,241 | |
| | | 12,861,760 | |
Electronics—5.6% | | | |
| Advanced Micro Devices, Inc. | *† | | | 279,400 | | | | 3,995,420 | |
| Analog Devices, Inc. | | 239,700 | | | | 9,022,308 | |
| Broadcom Corporation Class A | * | | | 186,800 | | | | 5,463,900 | |
| Cymer, Inc. | *† | | | 40,699 | | | | 1,636,100 | |
| DRS Technologies, Inc. | | 96,100 | | | | 5,503,647 | |
| Evergreen Solar, Inc. | *† | | | 396,800 | | | | 3,690,240 | |
| Fairchild Semiconductor International, Inc. | * | | | 163,100 | | | | 3,151,092 | |
| Finisar Corporation | * | | | 468,700 | | | | 1,771,686 | |
| Integrated Device Technology, Inc. | * | | | 362,200 | | | | 5,530,794 | |
| Intersil Corporation Class A | | 189,300 | | | | 5,955,378 | |
| Microchip Technology, Inc. | | 165,500 | | | | 6,130,120 | |
| National Semiconductor Corporation | † | | | 254,500 | | | | 7,194,715 | |
| Nvidia Corporation | * | | | 106,100 | | | | 4,382,991 | |
| PMC-Sierra, Inc. | *† | | | 595,900 | | | | 4,606,307 | |
| Semtech Corporation | *† | | | 242,200 | | | | 4,197,326 | |
| Silicon Laboratories, Inc. | * | | | 101,000 | | | | 3,495,610 | |
| Sunpower Corp. Class A | *† | | | 91,100 | | | | 5,743,855 | |
| | | 81,471,489 | |
Entertainment & Leisure—4.0% | | | |
| Discovery Holding Company Class A | * | | | 425,710 | | | | 9,787,073 | |
| International Speedway Corporation Class A | | 89,800 | | | | 4,733,358 | |
| National CineMedia, Inc. | *† | | | 166,200 | | | | 4,655,262 | |
| Pool Corporation | † | | | 232,100 | | | | 9,058,863 | |
| Walt Disney Company | | 615,000 | | | | 20,996,100 | |
| WMS Industries, Inc. | *† | | | 290,600 | | | | 8,386,716 | |
| | | 57,617,372 | |
Environmental—1.4% | | | |
| Roper Industries, Inc. | | 329,100 | | | | 18,791,610 | |
| Teradyne, Inc. | * | | | 94,800 | | | | 1,666,584 | |
| | | 20,458,194 | |
Financial Services—1.9% | | | |
| Bear Stearns Companies, Inc. (The) | | 32,100 | | | | 4,494,000 | |
| Countrywide Financial Corporation | | 114,100 | | | | 4,147,535 | |
| E*Trade Financial Corporation | * | | | 214,900 | | | | 4,747,141 | |
| Fortress Investment Group LLC Class A | † | | | 129,800 | | | | 3,091,836 | |
Nuveen Investments, Inc.
Class A | | 104,400 | | | | 6,488,460 | |
| SEI Investments Company | | 163,900 | | | | 4,759,656 | |
| | | 27,728,628 | |
Food Retailers—0.7% | | | |
| Panera Bread Company Class A | *† | | | 117,900 | | | | 5,430,474 | |
| Pantry, Inc. (The) | * | | | 92,400 | | | | 4,259,640 | |
| | | 9,690,114 | |
Forest Products & Paper—0.2% | | | |
| School Specialty, Inc. | *† | | | 76,709 | | | $ | 2,718,567 | |
Health Care Providers—4.9% | | | |
| Coventry Health Care, Inc. | * | | | 260,950 | | | | 15,043,767 | |
| DaVita, Inc. | *† | | | 464,500 | | | | 25,027,260 | |
| Edwards Lifesciences Corporation | *† | | | 71,900 | | | | 3,547,546 | |
| Express Scripts, Inc. | * | | | 64,400 | | | | 3,220,644 | |
| Healthways, Inc. | *† | | | 120,200 | | | | 5,693,874 | |
| Laboratory Corporation of America Holdings | *† | | | 63,900 | | | | 5,000,814 | |
| Lincare Holdings, Inc. | *† | | | 136,700 | | | | 5,447,495 | |
| Matria Healthcare, Inc. | *† | | | 38,700 | | | | 1,171,836 | |
| Nighthawk Radiology Holdings, Inc. | † | | | 65,000 | | | | 1,173,250 | |
| Symbion, Inc. | * | | | 100,200 | | | | 2,175,342 | |
| VCA Antech, Inc. | * | | | 82,200 | | | | 3,098,118 | |
| | | 70,599,946 | |
Heavy Machinery—2.5% | | | |
| Actuant Corporation Class A | † | | | 224,700 | | | | 14,169,582 | |
| Bucyrus International, Inc. Class A | † | | | 34,600 | | | | 2,448,988 | |
| Entegris, Inc. | *† | | | 246,400 | | | | 2,927,232 | |
| FMC Technologies, Inc. | *† | | | 146,000 | | | | 11,566,120 | |
| Grant Prideco, Inc. | * | | | 87,100 | | | | 4,688,593 | |
| | | 35,800,515 | |
Home Construction, Furnishings & Appliances—1.3% |
| Meritage Homes Corporation | *† | | | 173,100 | | | | 4,630,425 | |
| Standard-Pacific Corporation | † | | | 322,000 | | | | 5,644,660 | |
| Toll Brothers, Inc. | *† | | | 153,500 | | | | 3,834,430 | |
| Williams Scotsman International, Inc. | *† | | | 176,700 | | | | 4,207,227 | |
| | | 18,316,742 | |
Insurance—8.9% | | | |
| AMBAC Financial Group, Inc. | | 181,550 | | | | 15,829,344 | |
| Amerigroup Corporation | *† | | | 140,100 | | | | 3,334,380 | |
| AON Corporation | † | | | 540,600 | | | | 23,034,966 | |
| Brown & Brown, Inc. | | 118,000 | | | | 2,966,520 | |
| Centene Corporation | *† | | | 141,300 | | | | 3,026,646 | |
| Fairfax Financial Holdings Ltd. (Canada) | † | | | 118,880 | | | | 22,785,730 | |
| HealthExtras, Inc. | * | | | 23,200 | | | | 686,256 | |
| Infinity Property & Casualty Corporation | | 39,500 | | | | 2,003,835 | |
| Markel Corporation | * | | | 6,400 | | | | 3,101,184 | |
| Millea Holdings, Inc. (Japan) | | 272,000 | | | | 11,151,290 | |
| Montpelier Re Holdings Ltd. (Bermuda) | † | | | 410,100 | | | | 7,603,254 | |
| Nipponkoa Insurance Company Ltd. (Japan) | | 1,260,000 | | | | 11,310,758 | |
| Security Capital Assurance Ltd. (Bermuda) | | 167,800 | | | | 5,179,986 | |
| WellPoint, Inc. | * | | | 105,900 | | | | 8,453,997 | |
| XL Capital Ltd. Class A (Cayman Islands) | | 98,700 | | | | 8,319,423 | |
| | | 128,787,569 | |
Media—Broadcasting & Publishing—4.4% |
| Central European Media Enterprises Ltd. | *† | | | 41,000 | | | | 4,000,780 | |
| Comcast Corporation Special Class A | *† | | | 207,000 | | | | 5,787,720 | |
| DIRECTV Group (The), Inc. | * | | | 1,147,000 | | | | 26,507,170 | |
|
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
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COMMON STOCKS—(Continued) |
| Liberty Media Corporation Interactive Class A | * | | | 602,275 | | | $ | 13,448,801 | |
| Liberty Media Holdings Corporation Capital Class A | * | | | 120,455 | | | | 14,175,144 | |
| | | 63,919,615 | |
Medical Supplies—2.8% | | | |
| Biomet, Inc. | | 79,100 | | | | 3,616,452 | |
| Cytyc Corporation | * | | | 110,200 | | | | 4,750,722 | |
| FEI Company | *† | | | 223,000 | | | | 7,238,580 | |
| Illumina, Inc. | *† | | | 88,700 | | | | 3,600,333 | |
| Resmed, Inc. | * | | | 140,400 | | | | 5,792,904 | |
| Respironics, Inc. | * | | | 124,500 | | | | 5,302,455 | |
| Stereotaxis, Inc. | † | | | 140,700 | | | | 1,837,542 | |
| Thermo Fisher Scientific, Inc. | * | | | 168,800 | | | | 8,730,336 | |
| | | 40,869,324 | |
Metals—1.5% | | | |
| United States Steel Corporation | | 200,000 | | | | 21,750,000 | |
Oil & Gas—3.1% | | | |
| Bill Barrett Corporation | *† | | | 85,800 | | | | 3,160,014 | |
| BJ Services Company | † | | | 182,100 | | | | 5,178,924 | |
| Chesapeake Energy Corporation | † | | | 324,000 | | | | 11,210,400 | |
| Denbury Resources, Inc. | * | | | 172,600 | | | | 6,472,500 | |
| Encore Acquisition Company | *† | | | 141,699 | | | | 3,939,232 | |
| GlobalSantaFe Corporation | | 70,100 | | | | 5,064,725 | |
| Range Resources Corporation | | 162,500 | | | | 6,079,125 | |
| W-H Energy Services, Inc. | * | | | 64,800 | | | | 4,011,768 | |
| | | 45,116,688 | |
Pharmaceuticals—5.8% | | | |
| Affymetrix, Inc. | *† | | | 300,300 | | | | 7,474,467 | |
| Alexion Pharmaceuticals, Inc. | * | | | 66,200 | | | | 2,982,972 | |
| Alkermes, Inc. | *† | | | 477,200 | | | | 6,967,120 | |
| Cell Genesys, Inc. | *† | | | 419,500 | | | | 1,405,325 | |
| Cephalon, Inc. | *† | | | 31,600 | | | | 2,540,324 | |
| Cubist Pharmaceuticals, Inc. | *† | | | 89,300 | | | | 1,760,103 | |
| deCODE genetics, Inc. | *† | | | 373,300 | | | | 1,394,276 | |
| Exelixis, Inc. | * | | | 205,300 | | | | 2,484,130 | |
| Far East Pharmaceutical Tech (Hong Kong) | *‡d | | | 6,152,600 | | | | — | |
| Henry Schein, Inc. | *† | | | 165,700 | | | | 8,853,351 | |
| Herbalife Ltd. (Cayman Islands) | * | | | 133,000 | | | | 5,273,450 | |
| Hospira, Inc. | * | | | 128,600 | | | | 5,020,544 | |
| Immucor, Inc. | * | | | 79,587 | | | | 2,226,048 | |
| Incyte Corporation | *† | | | 399,300 | | | | 2,395,800 | |
| Medarex, Inc. | *† | | | 401,400 | | | | 5,736,006 | |
| Medicines Company | *† | | | 96,000 | | | | 1,691,520 | |
| Medicis Pharmaceutical Corporation Class A | † | | | 421,400 | | | | 12,869,556 | |
| Myriad Genetics, Inc. | *† | | | 60,700 | | | | 2,257,433 | |
| Senomyx, Inc. | *† | | | 292,323 | | | | 3,946,361 | |
| Shire Pharmaceuticals Group PLC (United Kingdom) | † | | | 82,200 | | | | 6,093,486 | |
| Symyx Technologies, Inc. | *† | | | 145,600 | | | | 1,675,856 | |
| | | 85,048,128 | |
Real Estate—1.5% | | | |
| CapitalSource, Inc. | † | | | 582,000 | | | | 14,311,380 | |
| CB Richard Ellis Group, Inc. Class A | *† | | | 135,300 | | | | 4,938,450 | |
| St. Joe Company (The) | † | | | 68,100 | | | | 3,155,754 | |
| | | 22,405,584 | |
Restaurants—0.4% | | | |
| PF Chang’s China Bistro, Inc. | *† | | | 164,700 | | | $ | 5,797,440 | |
Retailers—3.6% | | | |
| AC Moore Arts & Crafts, Inc. | * | | | 155,000 | | | | 3,039,550 | |
| Amazon.Com, Inc. | *† | | | 228,135 | | | | 15,606,715 | |
| Blue Nile, Inc. | *† | | | 25,400 | | | | 1,534,160 | |
| Fastenal Company | † | | | 131,100 | | | | 5,487,846 | |
| MarineMax, Inc. | *† | | | 89,100 | | | | 1,783,782 | |
| O’Reilly Automotive, Inc. | * | | | 308,800 | | | | 11,286,640 | |
| Sears Holdings Corporation | * | | | 46,800 | | | | 7,932,600 | |
| Tiffany & Company | | 120,800 | | | | 6,409,648 | |
| | | 53,080,941 | |
Telephone Systems—7.5% | | | |
| Adtran, Inc. | | 85,800 | | | | 2,228,226 | |
| KDDI Corporation (Japan) | | 1,483 | | | | 10,955,423 | |
| Global Payments, Inc. | | 274,200 | | | | 10,872,030 | |
| Level 3 Communications, Inc. | *† | | | 2,672,600 | | | | 15,634,710 | |
| NeuStar, Inc. Class A | *† | | | 351,900 | | | | 10,194,543 | |
| NII Holdings, Inc. Class B | *† | | | 321,045 | | | | 25,921,173 | |
| Sprint Nextel Corporation | | 1,329,300 | | | | 27,529,803 | |
| Virgin Media, Inc. | | 246,600 | | | | 6,009,642 | |
| | | 109,345,550 | |
Textiles, Clothing & Fabrics—0.4% | | | |
| Iconix Brand Group, Inc. | *† | | | 122,600 | | | | 2,724,172 | |
| Mohawk Industries, Inc. | *† | | | 30,800 | | | | 3,104,332 | |
| | | 5,828,504 | |
Transportation—1.5% | | | |
| Expedia, Inc. | *† | | | 320,732 | | | | 9,394,240 | |
| Mobile Mini, Inc. | * | | | 183,500 | | | | 5,358,200 | |
| Thor Industries, Inc. | † | | | 73,100 | | | | 3,299,734 | |
| UTI Worldwide, Inc. (Luxembourg) | † | | | 145,300 | | | | 3,892,587 | |
| | | 21,944,761 | |
TOTAL COMMON STOCKS | | | |
| (Cost $1,086,782,412) | | 1,404,302,653 | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. TREASURY OBLIGATIONS—0.0% |
U.S. Treasury Bills—0.0% | | | |
| U.S. Treasury Bill | | | |
| 4.742% | | | | 08/30/2007 | | | | | | | | | | |
| (Cost $585,259) | $ | 590,000 | | | | 585,259 | |
| |
COMMERCIAL PAPER—0.1% |
Banking—0.0% | | | |
| Ciesco LLC, 144A | ** | | | | | | | | |
| 5.270% | | | | 07/30/2007 | | | | | 600,000 | | | | 597,365 | |
Financial Services—0.1% | | | |
| Alpine Securitization Corp., 144A | ** | | | | | | | | |
| 5.270% | | | | 07/16/2007 | | | | | 600,000 | | | | 598,595 | |
TOTAL COMMERCIAL PAPER | | | |
| (Cost $1,195,960) | | 1,195,960 | |
|
See accompanying notes to financial statements.
133
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Aggressive
Opportunities Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—28.1% |
Institutional Money Market Funds—0.4% | | | |
| Reserve Primary Money Market Fund | | | |
| 5.230% | | | | 07/02/2007 | | †† | | $ | 6,365,814 | | | $ | 6,365,814 | |
Bank & Certificate Deposits/
Offshore Time Deposits—25.2% | | | |
| Abbey National PLC | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 4,774,360 | | | | 4,774,360 | |
| BancoBilbao Vizcaya Argentaria SA |
| 5.300% | | | | 08/10/2007 | | †† | | | 3,182,908 | | | | 3,182,908 | |
| Bank of Montreal |
| 5.310% | | | | 08/14/2007 | | †† | | | 3,182,908 | | | | 3,182,908 | |
| Bank of Montreal |
| 5.290% | | | | 07/02/2007 | | †† | | | 6,365,814 | | | | 6,365,814 | |
| Bank of Montreal |
| 5.280% | | | | 07/03/2007 | | †† | | | 6,365,815 | | | | 6,365,815 | |
| Bank of Nova Scotia |
| 5.290% | | | | 07/11/2007 | | †† | | | 7,957,267 | | | | 7,957,267 | |
| Bank of Nova Scotia |
| 5.280% | | | | 07/09/2007 | | †† | | | 4,774,361 | | | | 4,774,361 | |
| Barclays |
| 5.320% | | | | 09/04/2007 | | †† | | | 3,182,907 | | | | 3,182,907 | |
| Barton Capital LLC |
| 5.310% | | | | 07/12/2007 | | †† | | | 4,774,361 | | | | 4,774,361 | |
| BNP Paribas |
| 5.350% | | | | 07/02/2007 | | †† | | | 9,548,722 | | | | 9,548,722 | |
| CAFCO Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 3,182,907 | | | | 3,182,907 | |
| Calyon |
| 5.380% | | | | 07/02/2007 | | †† | | | 9,548,722 | | | | 9,548,722 | |
| Canadian Imperial Bank of Commerce |
| 5.300% | | | | 07/30/2007 | | †† | | | 15,914,535 | | | | 15,914,535 | |
| Clipper Receivables Corp |
| 5.310% | | | | 07/10/2007 | | †† | | | 9,548,722 | | | | 9,548,722 | |
| CRC Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 4,774,361 | | | | 4,774,361 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/13/2007 | | †† | | | 4,774,361 | | | | 4,774,361 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 11,140,175 | | | | 11,140,175 | |
| Den Danske Bank |
| 5.280% | | | | 07/09/2007 | | †† | | | 6,365,814 | | | | 6,365,814 | |
| Falcon Asset Securitization Corporation |
| 5.310% | | | | 07/17/2007 | | †† | | | 2,228,035 | | | | 2,228,035 | |
| First Tennessee Bank |
| 5.300% | | | | 07/18/2007 | | †† | | | 3,182,907 | | | | 3,182,907 | |
| Fortis Bank |
| 5.300% | | | | 07/20/2007 | | †† | | | 7,957,267 | | | | 7,957,267 | |
| Greyhawk Funding |
| 5.290% | | | | 07/02/2007 | | †† | | | 3,182,907 | | | | 3,182,907 | |
| Jupiter Securitization Corporation |
| 5.320% | | | | 07/26/2007 | | †† | | | 4,774,361 | | | | 4,774,361 | |
| Lexington Parker Capital Company |
| 5.290% | | | | 07/03/2007 | | †† | | | 3,182,907 | | | | 3,182,907 | |
| Liberty Street Funding Corporation |
| 5.330% | | | | 07/31/2007 | | †† | | | 2,228,035 | | | | 2,228,035 | |
| Liberty Street Funding Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 6,365,814 | | | | 6,365,814 | |
| Liberty Street Funding Corporation |
| 5.280% | | | | 07/02/2007 | | †† | | | 6,365,814 | | | | 6,365,814 | |
| Lloyds TSB Bank |
| 5.280% | | | | 07/17/2007 | | †† | | | 3,182,907 | | | | 3,182,907 | |
| Merrill Lynch & Company |
| 5.340% | | | | 07/02/2007 | | †† | | | 57,292,327 | | | | 57,292,327 | |
| Morgan Stanley & Company |
| 5.370% | | | | 07/02/2007 | | †† | | $ | 33,420,524 | | | $ | 33,420,524 | |
| National Australia Bank |
| 5.320% | | | | 07/02/2007 | | †† | | | 9,548,722 | | | | 9,548,722 | |
| Old Line Funding LCC |
| 5.320% | | | | 07/12/2007 | | †† | | | 3,182,907 | | | | 3,182,907 | |
| Paradigm Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 3,182,907 | | | | 3,182,907 | |
| Paradigm Funding LLC |
| 5.300% | | | | 07/10/2007 | | †† | | | 15,849,179 | | | | 15,849,179 | |
| Park Avenue Receivables Corp |
| 5.300% | | | | 07/09/2007 | | †† | | | 15,849,179 | | | | 15,849,179 | |
| Rabobank Nederland |
| 5.330% | | | | 07/02/2007 | | †† | | | 9,548,722 | | | | 9,548,722 | |
| Rabobank Nederland |
| 5.280% | | | | 07/05/2007 | | †† | | | 7,957,267 | | | | 7,957,267 | |
| Ranger Funding Corporation |
| 5.330% | | | | 08/02/2007 | | †† | | | 7,957,267 | | | | 7,957,267 | |
| Royal Bank of Scotland |
| 5.270% | | | | 07/11/2007 | | †† | | | 6,365,814 | | | | 6,365,814 | |
| Sheffield Receivables Corporation |
| 5.290% | | | | 07/06/2007 | | †† | | | 1,591,453 | | | | 1,591,453 | |
| Skandinaviska Enskilda Banken AB |
| 5.290% | | | | 07/19/2007 | | †† | | | 7,957,267 | | | | 7,957,267 | |
| Svenska Handlesbanken |
| 5.300% | | | | 07/02/2007 | | †† | | | 13,167,129 | | | | 13,167,129 | |
| Wells Fargo |
| 5.280% | | | | 07/12/2007 | | †† | | | 7,957,267 | | | | 7,957,267 | |
| Wells Fargo |
| 5.260% | | | | 07/02/2007 | | †† | | | 3,182,907 | | | | 3,182,907 | |
| | | 366,020,812 | |
Floating Rate Instruments/Master Notes—2.5% |
| Bank of America |
| 5.310% | | | | 07/10/2007 | | †† | | | 7,957,268 | | | | 7,957,268 | |
| Bank of America |
| 5.300% | | | | 09/17/2007 | | †† | | | 15,914,536 | | | | 15,914,536 | |
| Bank of America |
| 5.270% | | | | 07/16/2007 | | †† | | | 4,774,362 | | | | 4,774,362 | |
| Bank of America |
| 5.270% | | | | 08/17/2007 | | †† | | | 7,957,268 | | | | 7,957,268 | |
| | | 36,603,434 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $408,990,060) | | 408,990,060 | |
| |
REPURCHASE AGREEMENTS—2.9% |
| Investors Bank & Trust Company Repurchase Agreement, dated 06/29/2007, due 07/02/2007, with a maturity value of $41,595,209 and an effective yield of 4.65%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 4.290% to 8.875%, maturity dates ranging from 03/25/2017 to 03/01/2034 and an aggregate market value of $43,658,052. | | 41,579,098 | | | | 41,579,098 | |
TOTAL INVESTMENTS—127.8% | | | |
| (Cost $1,539,132,789) | | 1,856,653,030 | |
| Other assets less liabilities—(27.8%) | | (403,808,365 | ) |
NET ASSETS—100.0% | $ | 1,452,844,665 | |
See accompanying notes to financial statements.
134
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Aggressive
Opportunities Fund
Notes to the Schedule of Investments:
| ADR | | American 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 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 .06% of Total Investments. |
| †† | | Represents collateral received from securities lending transactions. |
| d | | Security has no market value at 06/30/2007. |
See accompanying notes to financial statements.
135
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
International Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—97.0% |
Argentina—0.0% | | | |
| Tenaris SA ADR | | 12,600 | | | $ | 616,896 | |
Australia—2.7% | | | |
| Amcor Ltd. | | 92,256 | | | | 584,925 | |
| AMP Ltd. | | 58,900 | | | | 504,919 | |
| Asciano Group | * | | | 47,494 | | | | 408,394 | |
| Austal Ltd. | | 182,000 | | | | 578,292 | |
| AXA Asia Pacific Holdings Ltd. | | 88,600 | | | | 557,754 | |
| BHP Billiton Ltd. | | 24,700 | | | | 738,966 | |
| BHP Billiton Ltd., Sponsored ADR | † | | | 4,500 | | | | 268,875 | |
| Brambles Ltd. | * | | | 167,202 | | | | 1,725,882 | |
| CSL Ltd. | | 7,200 | | | | 536,613 | |
| Foster’s Group Ltd. | | 151,148 | | | | 816,653 | |
| Insurance Australia Group Ltd. | | 169,187 | | | | 817,091 | |
| Macquarie Bank Ltd. | | 39,480 | | | | 2,839,164 | |
| Publishing & Broadcasting Ltd. | | 170,014 | | | | 2,820,900 | |
| QBE Insurance Group Ltd. | | 137,500 | | | | 3,632,419 | |
| Telstra Corporation Ltd. | | 225,481 | | | | 878,347 | |
| Toll Holdings Ltd. | | 47,494 | | | | 582,721 | |
| UXC Ltd. | | 156,635 | | | | 331,875 | |
| Woodside Petroleum Ltd. | | 213,000 | | | | 8,244,276 | |
| Woolworths Ltd. | | 84,761 | | | | 1,939,430 | |
| WorleyParsons Ltd. | | 65,200 | | | | 1,877,802 | |
| | | 30,685,298 | |
Austria—0.5% | | | |
| OMV AG | | 8,400 | | | | 559,309 | |
| Raiffeisen International Bank Holding AG | | 10,600 | | | | 1,671,225 | |
| Telekom Austria AG | | 25,500 | | | | 633,870 | |
| Wiener Staedtische Allgemeine Versicherung AG | | 28,761 | | | | 2,045,955 | |
| Wienerberger AG | | 8,900 | | | | 653,235 | |
| | | 5,563,594 | |
Belgium—1.3% | | | |
| Dexia | | 103,535 | | | | 3,228,167 | |
| Fortis | | 117,534 | | | | 4,977,240 | |
| Fortis | | 22,500 | | | | 951,907 | |
| Interbrew | | 23,400 | | | | 1,850,052 | |
| KBC Groep NV | | 20,200 | | | | 2,717,384 | |
| UCB SA | | 16,522 | | | | 975,422 | |
| Umicore | | 161 | | | | 34,845 | |
| | | 14,735,017 | |
Bermuda—0.8% | | | |
| Guoco Group Ltd. | | 80,000 | | | | 1,122,511 | |
| Jardine Matheson Holdings Ltd. | | 16,800 | | | | 399,840 | |
| Kerry Properties Ltd. | | 118,500 | | | | 744,351 | |
| NWS Holdings Ltd. | | 681,396 | | | | 1,700,443 | |
| Orient Overseas International Ltd. | | 57,000 | | | | 557,357 | |
| SeaDrill Ltd. | * | | | 189,400 | | | | 4,060,570 | |
| Vtech Holdings Ltd. | | 97,000 | | | | 818,441 | |
| | | 9,403,513 | |
Brazil—0.2% | | | |
| Companhia Vale do Rio Doce ADR | † | | | 33,000 | | | | 1,470,150 | |
| Vivo Participacoes SA ADR | † | | | 159,018 | | | | 796,680 | |
| | | 2,266,830 | |
Canada—5.4% | | | |
| Alcan Aluminum Ltd. | | 37,200 | | | | 3,043,382 | |
| Barrick Gold Corporation | | 112,600 | | | | 3,273,282 | |
| Cameco Corporation | † | | | 13,300 | | | $ | 674,842 | |
| Cameco Corporation | † | | | 93,500 | | | | 4,753,342 | |
| Canadian Imperial Bank of Commerce | | 15,000 | | | | 1,355,536 | |
| Canadian Natural Resources Ltd. | | 56,300 | | | | 3,751,567 | |
| Canadian Pacific Railway Ltd. | † | | | 42,582 | | | | 2,930,493 | |
| EnCana Corporation | | 25,600 | | | | 1,579,092 | |
| Finning International, Inc. | | 3,000 | | | | 85,521 | |
| First Quantum Minerals Ltd. | | 13,900 | | | | 1,189,522 | |
| Inmet Mining Corporation | | 28,500 | | | | 2,210,883 | |
| Manulife Financial Corporation | † | | | 21,000 | | | | 787,648 | |
| Methanex Corp. | | 27,300 | | | | 679,544 | |
| Nortel Networks Corp. | * | | | 113,600 | | | | 2,732,080 | |
| Potash Corporation of Saskatchewan, Inc. (foreign shares) | | 96,700 | | | | 7,581,600 | |
| Research In Motion Ltd. | * | | | 23,600 | | | | 4,763,547 | |
| Rogers Communications, Inc. Class B | | 20,800 | | | | 889,414 | |
| Royal Bank of Canada | † | | | 47,700 | | | | 2,542,623 | |
Shaw Communications, Inc.
Class B | | 22,700 | | | | 962,111 | |
| Sun Life Financial, Inc. | | 8,800 | | | | 420,531 | |
| Suncor Energy, Inc. | | 98,300 | | | | 8,880,501 | |
| Teck CominCo Ltd. Class B | † | | | 53,200 | | | | 2,263,830 | |
| Telus Corporation | | 48,600 | | | | 2,917,739 | |
Telus Corporation
Non-voting Shares | | 17,900 | | | | 1,057,452 | |
| Toronto-Dominion Bank | | 9,600 | | | | 658,497 | |
| | | 61,984,579 | |
Cayman Islands—0.2% | | | |
| China Resources Land Ltd. | | 1,352,300 | | | | 2,043,895 | |
| Tencent Holdings Ltd. | | 33,000 | | | | 132,678 | |
| | | 2,176,573 | |
China—0.4% | | | |
| China Construction Bank Class H | | 2,133,000 | | | | 1,466,958 | |
| China High Speed Transmission Equipment Group Co., Ltd. | ‡ | | | 5,000 | | | | 4,574 | |
| China Life Insurance Co., Ltd. Class H | | 703,700 | | | | 2,517,492 | |
| China Petroleum & Chemical Corporation Class H | | 176,000 | | | | 196,384 | |
| China Shenhua Energy Co., Ltd Class H | | 270,000 | | | | 942,261 | |
| | | 5,127,669 | |
Denmark—0.4% | | | |
| AP Moller-Maersk A/S | | 150 | | | | 1,800,852 | |
| Novo Nordisk A/S Class B | | 23,300 | | | | 2,529,769 | |
| | | 4,330,621 | |
Finland—1.5% | | | |
| Fortum Oyj | | 237,714 | | | | 7,414,493 | |
| Neste Oil Oyj | † | | | 15,600 | | | | 610,200 | |
| Nokia Oyj | | 200,400 | | | | 5,618,083 | |
| Outokumpu Oyj | | 13,200 | | | | 443,161 | |
| Stora Enso Oyj Class R | | 37,400 | | | | 702,418 | |
| UPM-Kymmene Oyj | | 77,900 | | | | 1,913,660 | |
| | | 16,702,015 | |
France—11.3% | | | |
| Accor SA | | 14,500 | | | | 1,279,487 | |
| Air France | | 46,400 | | | | 2,155,058 | |
| Air Liquide SA | | 16,680 | | | | 2,184,821 | |
| Alstom | *† | | | 28,472 | | | | 4,739,172 | |
| AXA | | 126,671 | | | | 5,435,162 | |
|
See accompanying notes to financial statements.
136
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint
International Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| BNP Paribas | | 58,470 | | | $ | 6,932,681 | |
| Bouygues SA | | 163,269 | | | | 13,654,727 | |
| Cap Gemini SA | | 19,300 | | | | 1,408,439 | |
| Carrefour SA | | 80,307 | | | | 5,630,036 | |
| Cie Generale D’Optique Essilor International SA | | 49,500 | | | | 5,885,044 | |
| Dassault Systemes SA | | 6,700 | | | | 421,637 | |
| Electricite de France | | 106,843 | | | | 11,526,981 | |
| Groupe Danone | | 35,700 | | | | 2,878,123 | |
| Haulotte Group | | 17,900 | | | | 739,210 | |
| LVMH Moet Hennessy Louis Vuitton SA | | 86,431 | | | | 9,927,127 | |
| Lafarge SA | | 14,800 | | | | 2,692,452 | |
| L’Oreal SA | † | | | 78,000 | | | | 9,202,932 | |
| PagesJaunes SA | | 18,853 | | | | 396,141 | |
| Pernod-Ricard SA | | 3,600 | | | | 793,393 | |
| Peugeot SA | | 16,900 | | | | 1,359,006 | |
| Renault SA | | 6,400 | | | | 1,024,629 | |
| Rhodia SA | * | | | 19,008 | | | | 862,857 | |
| Sanofi-Synthelabo SA | | 72,200 | | | | 5,822,264 | |
| Schneider Electric SA | | 22,700 | | | | 3,174,690 | |
| Societe Generale Class A | | 13,330 | | | | 2,465,282 | |
Societe Television Francaise1 | † | | | 128,000 | | | | 4,416,155 | |
| Technip SA | | 50,895 | | | | 4,198,971 | |
| Total SA | | 120,340 | | | | 9,739,258 | |
| Veolia Environnement | † | | | 29,959 | | | | 2,348,722 | |
| Vinci SA | | 54,822 | | | | 4,084,333 | |
| Vivendi Universal SA | | 35,600 | | | | 1,528,654 | |
| Wendel | | 5,600 | | | | 1,018,356 | |
| | | 129,925,800 | |
Germany—7.6% | | | |
| Allianz AG | † | | | 64,450 | | | | 15,088,363 | |
| Bayer AG | | 90,858 | | | | 6,867,082 | |
| Bayerische Motoren Werke AG | † | | | 11,500 | | | | 744,200 | |
| Celesio AG | | 4,272 | | | | 277,101 | |
| Commerzbank AG | | 35,381 | | | | 1,695,930 | |
| Continental AG | | 5,600 | | | | 789,143 | |
| DaimlerChrysler AG | | 100,687 | | | | 9,297,862 | |
| Deutsche Bank AG | | 28,932 | | | | 4,203,450 | |
| Deutsche Post AG | | 141,889 | | | | 4,601,998 | |
| Deutsche Telekom AG | | 196,858 | | | | 3,632,324 | |
| Fraport AG | † | | | 50,481 | | | | 3,599,441 | |
Fresenius Medical Care AG
& Co. KGaA | | 18,600 | | | | 855,866 | |
| IVG Immobilien AG | † | | | 22,174 | | | | 862,675 | |
| Kloeckner & Co. AG | | 13,700 | | | | 991,860 | |
| Linde AG | † | | | 31,941 | | | | 3,848,056 | |
| MAN AG | | 5,900 | | | | 847,582 | |
| Metro AG | | 13,300 | | | | 1,102,291 | |
Muenchener
Rueckversicherungs AG | | 17,500 | | | | 3,215,091 | |
| RWE AG | | 25,263 | | | | 2,691,399 | |
| Salzgitter AG | | 27,400 | | | | 5,292,976 | |
| SAP AG | | 32,900 | | | | 1,688,344 | |
| Siemens AG | | 47,235 | | | | 6,784,971 | |
| ThyssenKrupp AG | | 8,800 | | | | 523,185 | |
| United Internet AG | | 71,022 | | | | 1,479,344 | |
| Wacker Chemie AG | | 28,090 | | | | 6,603,875 | |
| | | 87,584,409 | |
Greece—0.0% | | | |
| OPAP SA | | 2,190 | | | | 77,240 | |
Hong Kong—5.6% | | | |
| Bank of East Asia Ltd. | | 648,400 | | | $ | 3,646,958 | |
| China Merchants Holdings International Co. Ltd. | | 502,200 | | | | 2,431,479 | |
| China Mobile Ltd. | | 578,300 | | | | 6,222,819 | |
| China Netcom Group Corporation Hong Kong Ltd. | | 773,000 | | | | 2,134,178 | |
| China Unicom Ltd. | | 2,304,700 | | | | 3,974,970 | |
| CLP Holdings Ltd. | | 770,000 | | | | 5,169,541 | |
| CNOOC Ltd. | | 7,350,000 | | | | 8,349,425 | |
| Denway Motors Ltd. | | 1,631,300 | | | | 771,996 | |
| Hang Lung Properties Ltd. | | 330,000 | | | | 1,139,628 | |
| Hengan International Group Co. Ltd. | | 346,000 | | | | 1,230,494 | |
| Hong Kong & China Gas | | 2,420,000 | | | | 5,100,254 | |
| Hutchison Whampoa Ltd. | | 889,100 | | | | 8,827,379 | |
| Li & Fung Ltd. | | 506,400 | | | | 1,823,015 | |
| MTR Corporation | | 86,700 | | | | 205,452 | |
| Sino Land Company | | 1,186,000 | | | | 2,469,584 | |
| Sun Hung Kai Properties Ltd. | | 315,200 | | | | 3,793,226 | |
| Swire Pacific Ltd. Class A | | 582,322 | | | | 6,482,447 | |
| Wing Lung Bank | | 45,000 | | | | 455,349 | |
| | | 64,228,194 | |
Ireland—0.3% | | | |
| CRH PLC | | 20,821 | | | | 1,023,283 | |
| CRH PLC | | 33,100 | | | | 1,632,809 | |
| Depfa Bank PLC | | 44,500 | | | | 786,607 | |
| | | 3,442,699 | |
Israel—0.1% | | | |
| Teva Pharmaceutical Industries Ltd. ADR | | 16,500 | | | | 680,625 | |
Italy—1.9% | | | |
| ENI SpA | † | | | 123,619 | | | | 4,473,976 | |
| Esprinet SpA | | 39,000 | | | | 784,443 | |
| Fiat SpA | † | | | 99,600 | | | | 2,953,041 | |
| Hera SpA | | 126,658 | | | | 527,689 | |
| IFIL-Investments SpA | | 193,900 | | | | 2,073,782 | |
| Intesa Sanpaola | | 554,671 | | | | 4,127,981 | |
| Mediobanca SpA | † | | | 106,311 | | | | 2,410,462 | |
| UniCredito Italiano SpA | | 471,130 | | | | 4,200,315 | |
| | | 21,551,689 | |
Japan—24.7% | | | |
| Advantest Corporation | | 83,600 | | | | 3,629,777 | |
| Aeon Company Ltd. | | 224,200 | | | | 4,149,915 | |
| Ain Pharmaciez, Inc. | | 2,000 | | | | 30,469 | |
| Aisin Seiki Company Ltd. | | 88,900 | | | | 3,252,634 | |
| Aloka Co., Ltd. | | 112,000 | | | | 1,284,691 | |
| Astellas Pharma, Inc. | | 115,000 | | | | 4,988,223 | |
| Canon, Inc. | | 188,550 | | | | 11,026,248 | |
| Chugai Pharmaceutical Company Ltd. | | 105,600 | | | | 1,892,194 | |
| Citizen Holding Co.,Ltd. | | 34,000 | | | | 305,758 | |
| Credit Saison Company Ltd. | | 169,300 | | | | 4,394,150 | |
| D&M Holdings, Inc. | | 176,000 | | | | 763,642 | |
| Daikin Industries Ltd. | | 137,000 | | | | 4,976,016 | |
| Daito Trust Construction Company Ltd. | | 94,000 | | | | 4,463,546 | |
| Daiwa House Industry Company Ltd. | | 40,000 | | | | 570,121 | |
| Denso Corporation | | 130,800 | | | | 5,101,380 | |
| East Japan Railway Company | | 83 | | | | 637,746 | |
|
See accompanying notes to financial statements.
137
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
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COMMON STOCKS—(Continued) |
| Eisai Company Ltd. | | 99,000 | | | $ | 4,310,980 | |
| Fanuc Ltd. | | 111,900 | | | | 11,517,301 | |
| Fuji Corp. Ltd. | | 205,100 | | | | 763,964 | |
| Fuji Machine Manufacturing Co. Ltd. | | 32,000 | | | | 745,924 | |
| FUJIFILM Holding Corp. | | 29,900 | | | | 1,332,661 | |
| Futaba Industrial Co. Ltd. | | 37,000 | | | | 891,976 | |
| Hirose Electric Company Ltd. | | 40,700 | | | | 5,337,178 | |
| Honda Motor Company Ltd. | | 191,000 | | | | 6,916,259 | |
| Hoya Corporation | | 208,300 | | | | 6,890,652 | |
| Idemitsu Kosan Co. Ltd. | | 6,900 | | | | 770,001 | |
| Inpex Holdings, Inc. | | 233 | | | | 2,171,183 | |
| Itochu Corporation | | 333,000 | | | | 3,845,171 | |
| Izumiya Co. Ltd. | | 110,000 | | | | 799,770 | |
| Japan Tobacco, Inc. | | 1,120 | | | | 5,505,330 | |
| JSP Corp. | | 57,000 | | | | 757,599 | |
| Jupiter Telecommunications Co. | * | | | 4,060 | | | | 3,344,816 | |
| Kansai Electric Power Company, Inc. (The) | | 27,100 | | | | 639,124 | |
| Keiyo Co. Ltd. | | 70,000 | | | | 497,490 | |
| Keyence Corporation | | 32,840 | | | | 7,154,228 | |
| Kirin Brewery Company Ltd. | | 117,100 | | | | 1,746,737 | |
| Marubeni Corporation | | 300,000 | | | | 2,460,926 | |
| Millea Holdings, Inc. | | 148,700 | | | | 6,096,312 | |
| Mitsubishi Corporation | | 117,500 | | | | 3,070,137 | |
| Mitsubishi Electric Corporation | | 126,000 | | | | 1,163,937 | |
| Mitsubishi Estate Company Ltd. | | 339,900 | | | | 9,195,937 | |
| Mitsubishi Heavy Industries Ltd. | | 1,069,700 | | | | 6,831,780 | |
| Mitsubishi UFJ Financial Group, Inc. | | 569 | | | | 6,253,250 | |
| Mitsui & Company Ltd. | | 234,000 | | | | 4,656,891 | |
| Mitsui Fudosan Company Ltd. | | 75,300 | | | | 2,104,636 | |
| Mitsui O.S.K. Lines Ltd. | | 78,000 | | | | 1,054,641 | |
| Mizuho Financial Group, Inc. | | 565 | | | | 3,892,415 | |
| Murata Manufacturing Company Ltd. | | 12,900 | | | | 967,890 | |
| NTT DoCoMo, Inc. | | 3,396 | | | | 5,356,100 | |
| NAC Co. Ltd. | | 22,600 | | | | 238,002 | |
| Nintendo Company Ltd. | | 6,300 | | | | 2,292,091 | |
| Nippon Electric Glass Company Ltd. | | 68,500 | | | | 1,204,338 | |
| Nippon Mining Holdings, Inc. | | 87,000 | | | | 829,979 | |
| Nippon Telegraph & Telephone Corporation | | 116 | | | | 511,902 | |
| Nissan Motor Company Ltd. | | 178,800 | | | | 1,908,865 | |
| Nitto Denko Corporation | | 72,700 | | | | 3,654,092 | |
| Nomura Holdings, Inc. | | 38,000 | | | | 736,025 | |
| NTT Data Corporation | | 381 | | | | 1,802,609 | |
| NTT Urban Development Corporation | | 557 | | | | 1,075,526 | |
| Obayashi Corporation | | 116,000 | | | | 630,166 | |
| Odakyu Electric Railway Company Ltd. | † | | | 100,000 | | | | 614,925 | |
| Oracle Corporation (Japan) | | 2,100 | | | | 92,427 | |
| Oriental Yeast Co. Ltd. | | 114,000 | | | | 638,581 | |
| ORIX Corporation | | 36,520 | | | | 9,599,309 | |
| Rohm Company Ltd. | | 64,900 | | | | 5,743,491 | |
| Secom Company Ltd. | | 98,000 | | | | 4,610,412 | |
| Shimamura Company Ltd. | † | | | 42,300 | | | | 4,506,397 | |
| Shin-Etsu Chemical Company Ltd. | | 96,800 | | | | 6,891,975 | |
| SMC Corporation | † | | | 14,300 | | | | 1,895,508 | |
| Softbank Corporation | *† | | | 347,400 | | | | 7,465,368 | |
| Sompo Japan Insurance, Inc. | | 17,700 | | | | 215,879 | |
| Sony Corporation | | 34,300 | | | | 1,755,761 | |
| Star Micronics Co. Ltd. | | 23,000 | | | | 612,040 | |
| Sumitomo Chemical Company Ltd. | | 90,000 | | | | 602,249 | |
| Sumitomo Corporation | | 380,000 | | | | 6,908,628 | |
| Sumitomo Mitsui Financial Group, Inc. | | 817 | | | $ | 7,595,124 | |
| Sumitomo Realty & Development Company Ltd. | | 54,000 | | | | 1,753,674 | |
| Suzuki Motor Corporation | | 123,000 | | | | 3,483,195 | |
| TDK Corporation | | 22,500 | | | | 2,171,536 | |
| Takeda Pharmaceutical Company Ltd. | | 99,100 | | | | 6,384,115 | |
| TOA Corporation | | 58,000 | | | | 448,805 | |
| Tokyo Electric Power Company, Inc. (The) | | 36,300 | | | | 1,164,396 | |
| Tokyo Electron Ltd. | | 16,400 | | | | 1,203,170 | |
| Tokyo Gas Company Ltd. | | 249,000 | | | | 1,177,418 | |
| Tokyu Corporation | | 155,000 | | | | 1,033,048 | |
| Tokyu Land Corporation | | 116,500 | | | | 1,235,295 | |
| Toshiba Corporation | | 406,000 | | | | 3,527,508 | |
| Tostem Inax Holding Corporation | | 26,400 | | | | 533,739 | |
| Toyota Industries Corporation | | 11,700 | | | | 542,099 | |
| Toyota Motor Corporation | | 43,500 | | | | 2,735,723 | |
| Trend Micro, Inc. | † | | | 38,000 | | | | 1,223,448 | |
| UMC Japan | * | | | 288 | | | | 46,817 | |
| UniCharm Corporation | | 10,100 | | | | 571,004 | |
| Unipres Corporation | | 56,000 | | | | 421,740 | |
| Urban Corporation | | 123,300 | | | | 2,233,342 | |
| Ushio, Inc. | † | | | 21,400 | | | | 473,388 | |
| Yahoo Japan Corporation | | 7,356 | | | | 2,486,925 | |
| Yamada Denki Company Ltd. | | 20,490 | | | | 2,133,941 | |
| Yamato Transport Company Ltd. | | 102,200 | | | | 1,440,674 | |
| | | 283,566,375 | |
Luxembourg—0.2% | | | |
| RTL Group | | 9,004 | | | | 1,029,564 | |
| SES | | 20,100 | | | | 431,878 | |
| SES Global | | 28,900 | | | | 622,977 | |
| Tenaris SA | | 32,269 | | | | 787,248 | |
| | | 2,871,667 | |
Mexico—0.7% | | | |
| America Movil SA de CV ADR | | 90,700 | | | | 5,617,051 | |
| Grupo Televisa SA ADR | | 92,700 | | | | 2,559,447 | |
| | | 8,176,498 | |
Netherlands—3.0% | | | |
| ABN AMRO Holding NV | | 40,340 | | | | 1,846,329 | |
| ASM Lithography Holdings NV New York Registered Shares | * | | | 17,700 | | | | 485,865 | |
| ASML Holdings NV | * | | | 183,256 | | | | 5,025,891 | |
| Aegon NV | | 56,307 | | | | 1,106,225 | |
| Akzo Nobel NV | | 11,200 | | | | 965,022 | |
| Heineken Holding NV Class A | | 25,743 | | | | 1,328,691 | |
| ING Groep NV | | 208,760 | | | | 9,171,660 | |
| Royal KPN NV | | 106,800 | | | | 1,768,683 | |
| Reed Elsevier NV | | 76,200 | | | | 1,445,609 | |
| Royal Dutch Shell PLC Class A | | 237,092 | | | | 9,631,736 | |
| Royal Numico NV | † | | | 17,080 | | | | 885,963 | |
| Unilever NV | | 44,200 | | | | 1,369,207 | |
| | | 35,030,881 | |
Norway—0.6% | | | |
| DNB NOR ASA | | 49,500 | | | | 636,298 | |
| Norske Skogindustrier ASA | | 23,571 | | | | 339,011 | |
| Orkla ASA | | 124,501 | | | | 2,345,960 | |
| Renewable Energy Corporation AS | *† | | | 43,650 | | | | 1,689,421 | |
| Telenor ASA | * | | | 74,800 | | | | 1,461,177 | |
| | | 6,471,867 | |
|
See accompanying notes to financial statements.
138
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
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COMMON STOCKS—(Continued) |
Russia—0.7% | | | |
| JSC Mining and Metallurgical Company Norilsk Nickel ADR | | 3,050 | | | $ | 637,450 | |
| NovaTek OAO Sponsored GDR | | 10,615 | | | | 551,980 | |
| OAO Lukoil Holding ADR | † | | | 43,760 | | | | 3,356,392 | |
| TMK OAO GDR, 144A | * ** | | | 13,699 | | | | 495,904 | |
| Unified Energy System GDR | * | | | 20,446 | | | | 2,759,319 | |
| Unified Energy System, GDR | * | | | 250 | | | | 33,875 | |
| | | 7,834,920 | |
Singapore—1.0% | | | |
| Capitaland Ltd. | | 376,000 | | | | 1,992,271 | |
| DBS Group Holdings Ltd. | | 408,000 | | | | 6,079,611 | |
| SembCorp Industries Ltd. | | 214,600 | | | | 799,961 | |
| Singapore Telecommunications Ltd. | | 308,392 | | | | 685,938 | |
| United Overseas Bank Ltd. | | 99,000 | | | | 1,423,318 | |
| | | 10,981,099 | |
South Africa—0.3% | | | |
| Harmony Gold Mining Co., Ltd. | * | | | 28,100 | | | | 400,352 | |
| Harmony Gold Mining Co., Ltd., Sponsored ADR | *† | | | 32,400 | | | | 462,348 | |
| MTN Group Ltd. | | 78,847 | | | | 1,074,686 | |
| Naspers Ltd. Class N | | 19,300 | | | | 497,217 | |
| Sasol Ltd. | | 36,800 | | | | 1,385,389 | |
| | | 3,819,992 | |
South Korea—1.2% | | | |
| Hana Financial Group, Inc. | | 49,249 | | | | 2,396,802 | |
| Kookmin Bank | | 43,989 | | | | 3,858,007 | |
| Kookmin Bank ADR | | 9,500 | | | | 833,340 | |
| NHN Corp. | * | | | 11,306 | | | | 2,057,849 | |
| Samsung Card Co., Ltd. | * | | | 1,380 | | | | 84,840 | |
| Samsung Electronics Company Ltd. | | 1,501 | | | | 917,591 | |
| Samsung Electronics Company Ltd. GDR, 144A | ** | | | 5,545 | | | | 1,716,178 | |
| Samsung Electronics GDR, 144A | ** | | | 1,520 | | | | 465,592 | |
| SK Telecom Co., Ltd. ADR | † | | | 41,200 | | | | 1,126,820 | |
| | | 13,457,019 | |
Spain—2.5% | | | |
| Banco Bilbao Vizcaya Argentaria SA | | 164,400 | | | | 4,013,094 | |
| Banco Santander Central Hispano SA | | 336,400 | | | | 6,172,485 | |
| Bolsas y Mercados Espanoles | | 3,683 | | | | 214,589 | |
| Gamesa Corporation Tecnologica SA | | 93,854 | | | | 3,389,096 | |
| Grupo Catalana Occidente SA | * | | | 29,500 | | | | 1,153,504 | |
| Inditex SA | | 141,883 | | | | 8,335,963 | |
| Repsol YPF SA | | 64,600 | | | | 2,552,782 | |
| Telefonica SA | | 137,223 | | | | 3,048,232 | |
| | | 28,879,745 | |
Sweden—1.6% | | | |
| Alfa Laval AB | | 13,400 | | | | 805,751 | |
| Assa Abloy AB Class B | | 31,300 | | | | 687,393 | |
| Atlas Copco AB Class A | | 38,800 | | | | 644,980 | |
| Atlas Copco AB Class B | | 13,300 | | | | 207,638 | |
| Hennes & Mauritz AB Class B | | 89,000 | | | | 5,251,774 | |
| Nordea Bank AB | | 255,900 | | | | 3,988,942 | |
| Telefonaktiebolaget LM Ericsson Class B | | 1,050,000 | | | | 4,180,026 | |
| TeliaSonera AB | | 285,300 | | | | 2,088,845 | |
| | | 17,855,349 | |
Switzerland—7.1% | | | |
| ABB Ltd. | | 23,900 | | | $ | 537,470 | |
| Adecco SA | | 51,584 | | | | 3,980,383 | |
| Burckhardt Compression Holding AG | * | | | 2,400 | | | | 580,884 | |
| Compagnie Financiere Richemont AG Class A | | 89,754 | | | | 5,350,912 | |
| Credit Suisse Group | | 17,498 | | | | 1,239,007 | |
| Elektrizitaets-Gesellschaft Laufenburg AG | | 1,530 | | | | 1,736,990 | |
| Geberit AG | | 3,800 | | | | 645,806 | |
| Holcim Ltd. | | 31,301 | | | | 3,371,738 | |
| Julius Baer Holding AG | | 6,400 | | | | 456,741 | |
| Nestle SA | | 43,318 | | | | 16,417,357 | |
| Novartis AG | | 179,045 | | | | 10,025,837 | |
| OC Oerlikon Corporation AG | *† | | | 3,060 | | | | 1,617,471 | |
| Roche Holding AG—Bearer | | 6,487 | | | | 1,292,769 | |
| Roche Holding AG—Genusschein | | 46,386 | | | | 8,197,836 | |
| Swiss Reinsurance | † | | | 127,175 | | | | 11,568,541 | |
| Swisscom AG | | 3,927 | | | | 1,339,112 | |
| Temenos Group AG | * | | | 25,800 | | | | 616,974 | |
| UBS AG | | 168,243 | | | | 10,035,777 | |
| Vontobel Holding AG | | 13,500 | | | | 771,147 | |
| Zurich Financial Services AG | | 4,000 | | | | 1,233,341 | |
| | | 81,016,093 | |
Taiwan—0.2% | | | |
| High Tech Computer Corp. | | 30,000 | | | | 536,861 | |
| Taiwan Semiconductor Manufacturing Company Ltd. | | 131,655 | | | | 283,043 | |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | | 176,862 | | | | 1,968,471 | |
| | | 2,788,375 | |
United Kingdom—13.0% | | | |
| ARM Holdings PLC | | 249,100 | | | | 727,831 | |
| AstraZeneca Group PLC | | 42,084 | | | | 2,244,531 | |
| Aveva Group PLC | | 29,200 | | | | 538,755 | |
| Axon Group PLC | | 39,300 | | | | 622,260 | |
| BG Group PLC | | 540,000 | | | | 8,841,571 | |
| BAE Systems PLC | | 602,800 | | | | 4,858,567 | |
| Barclays PLC | | 81,400 | | | | 1,131,178 | |
| BHP Billiton PLC | | 212,700 | | | | 5,901,609 | |
| BP PLC | | 425,000 | | | | 5,107,717 | |
| British Land Company PLC | | 27,400 | | | | 732,342 | |
| Cadbury Schweppes PLC | | 48,988 | | | | 664,103 | |
| Centrica PLC | | 850,000 | | | | 6,596,118 | |
| Chaucer Holdings PLC | | 893,800 | | | | 1,720,146 | |
| Elementis PLC | | 533,300 | | | | 1,051,108 | |
| Eurocamp PLC | | 78,500 | | | | 1,366,838 | |
| Game Group PLC | | 150,500 | | | | 502,236 | |
| GlaxoSmithKline PLC | | 182,000 | | | | 4,735,522 | |
| HSBC Holdings PLC | | 79,500 | | | | 1,453,971 | |
| HBOS PLC | | 181,400 | | | | 3,563,816 | |
| Hunting PLC | | 111,800 | | | | 1,634,701 | |
| ITE Group PLC | | 261,700 | | | | 884,511 | |
| Johnston Press PLC | | 74,900 | | | | 613,130 | |
| Kingfisher PLC | | 845,660 | | | | 3,825,886 | |
| Lavendon Group PLC | | 64,000 | | | | 774,059 | |
| Lloyds TSB Group PLC | | 552,998 | | | | 6,140,091 | |
| Micro Focus International PLC | | 192,500 | | | | 1,005,056 | |
| MJ Gleeson Group PLC | | 51,700 | | | | 416,325 | |
| Morrison WM Supermarkets | | 1,726,006 | | | | 10,412,158 | |
| National Grid PLC | | 489,459 | | | | 7,213,620 | |
| Oxford BioMedica PLC | * | | | 961,800 | | | | 826,493 | |
|
See accompanying notes to financial statements.
139
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
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COMMON STOCKS—(Continued) |
| Pearson PLC | | 41,700 | | | $ | 701,620 | |
| Persimmon PLC | | 16,400 | | | | 378,794 | |
| Reckitt Benckiser PLC | | 124,000 | | | | 6,780,462 | |
| Reed Elsevier PLC | | 74,900 | | | | 966,864 | |
| Reuters Group PLC | | 106,900 | | | | 1,331,051 | |
| Rightmove PLC | | 98,900 | | | | 1,238,676 | |
| Rio Tinto PLC | | 146,900 | | | | 11,225,188 | |
| Robert Walters PLC | | 87,100 | | | | 672,823 | |
| Royal Bank of Scotland Group PLC | | 576,900 | | | | 7,291,207 | |
Royal Dutch Shell PLC
Class A ADR | † | | | 8,400 | | | | 682,080 | |
| Royal Dutch Shell PLC Class B | | 86,639 | | | | 3,607,385 | |
| SABMiller PLC | | 111,300 | | | | 2,814,610 | |
| Scottish & Southern Energy PLC | | 99,000 | | | | 2,867,054 | |
| SDL PLC | * | | | 64,000 | | | | 536,714 | |
| Standard Chartered PLC | | 153,845 | | | | 5,012,115 | |
| Telecom Plus PLC | | 496,476 | | | | 2,066,769 | |
| Tesco PLC | | 123,400 | | | | 1,031,236 | |
| TI Automotive Ltd. | d | | | 70,000 | | | | — | |
| Vodafone Group PLC | | 947,501 | | | | 3,171,161 | |
| Wetherspoon (J.D.) | | 147,100 | | | | 1,630,873 | |
| Wilmington Group PLC | | 143,550 | | | | 649,437 | |
| Xstrata PLC | | 112,566 | | | | 6,693,504 | |
| Yell Group PLC | | 153,800 | | | | 1,419,009 | |
| | | 148,874,881 | |
TOTAL COMMON STOCKS | | | |
| (Cost $879,127,765) | | 1,112,708,022 | |
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CASH EQUIVALENTS—6.6% |
Institutional Money Market Funds—0.1% | | | |
| Reserve Primary Money Market Fund | | | |
| 5.230% | | | | 07/02/2007 | | †† | | $ | 1,184,559 | | | | 1,184,559 | |
Bank & Certificate Deposits/Offshore Time Deposits—5.9% | | | |
| Abbey National PLC |
| 5.280% | | | | 07/05/2007 | | †† | | | 888,419 | | | | 888,419 | |
| BancoBilbao Vizcaya Argentaria SA |
| 5.300% | | | | 08/10/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Bank of Montreal |
| 5.310% | | | | 08/14/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Bank of Montreal |
| 5.290% | | | | 07/02/2007 | | †† | | | 1,184,559 | | | | 1,184,559 | |
| Bank of Montreal |
| 5.280% | | | | 07/03/2007 | | †† | | | 1,184,559 | | | | 1,184,559 | |
| Bank of Nova Scotia |
| 5.290% | | | | 07/11/2007 | | †† | | | 1,480,700 | | | | 1,480,700 | |
| Bank of Nova Scotia |
| 5.280% | | | | 07/09/2007 | | †† | | | 888,419 | | | | 888,419 | |
| Barclays |
| 5.320% | | | | 09/04/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Barton Capital LLC |
| 5.310% | | | | 07/12/2007 | | †† | | | 888,419 | | | | 888,419 | |
| BNP Paribas |
| 5.350% | | | | 07/02/2007 | | †† | | | 1,776,841 | | | | 1,776,841 | |
| CAFCO Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Calyon |
| 5.380% | | | | 07/02/2007 | | †† | | | 1,776,841 | | | | 1,776,841 | |
| Canadian Imperial Bank of Commerce |
| 5.300% | | | | 07/30/2007 | | †† | | | 2,961,400 | | | | 2,961,400 | |
| Clipper Receivables Corp |
| 5.310% | | | | 07/10/2007 | | †† | | $ | 1,776,841 | | | $ | 1,776,841 | |
| CRC Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 888,419 | | | | 888,419 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 2,072,979 | | | | 2,072,979 | |
| Credit Suisse First Boston Corporation |
| 5.290% | | | | 07/13/2007 | | †† | | | 888,419 | | | | 888,419 | |
| Den Danske Bank |
| 5.280% | | | | 07/09/2007 | | †† | | | 1,184,559 | | | | 1,184,559 | |
| Falcon Asset Securitization Corporation |
| 5.310% | | | | 07/17/2007 | | †† | | | 414,596 | | | | 414,596 | |
| First Tennessee Bank |
| 5.300% | | | | 07/18/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Fortis Bank |
| 5.300% | | | | 07/20/2007 | | †† | | | 1,480,700 | | | | 1,480,700 | |
| Greyhawk Funding |
| 5.290% | | | | 07/02/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Jupiter Securitization Corporation |
| 5.320% | | | | 07/26/2007 | | †† | | | 888,419 | | | | 888,419 | |
| Lexington Parker Capital Company |
| 5.290% | | | | 07/03/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Liberty Street Funding Corporation |
| 5.330% | | | | 07/31/2007 | | †† | | | 414,596 | | | | 414,596 | |
| Liberty Street Funding Corporation |
| 5.290% | | | | 07/18/2007 | | †† | | | 1,184,559 | | | | 1,184,559 | |
| Liberty Street Funding Corporation |
| 5.280% | | | | 07/02/2007 | | †† | | | 1,184,559 | | | | 1,184,559 | |
| Lloyds TSB Bank |
| 5.280% | | | | 07/17/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Merrill Lynch & Company |
| 5.340% | | | | 07/02/2007 | | †† | | | 10,661,038 | | | | 10,661,038 | |
| Morgan Stanley & Company |
| 5.370% | | | | 07/02/2007 | | †† | | | 6,218,939 | | | | 6,218,939 | |
| National Australia Bank |
| 5.320% | | | | 07/02/2007 | | †† | | | 1,776,841 | | | | 1,776,841 | |
| Old Line Funding LCC |
| 5.320% | | | | 07/12/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Paradigm Funding LLC |
| 5.310% | | | | 07/16/2007 | | †† | | | 592,281 | | | | 592,281 | |
| Paradigm Funding LLC |
| 5.300% | | | | 07/10/2007 | | †† | | | 2,949,237 | | | | 2,949,237 | |
| Park Avenue Receivables Corp |
| 5.300% | | | | 07/09/2007 | | †† | | | 2,949,237 | | | | 2,949,237 | |
| Rabobank Nederland |
| 5.330% | | | | 07/02/2007 | | †† | | | 1,776,841 | | | | 1,776,841 | |
| Rabobank Nederland |
| 5.280% | | | | 07/05/2007 | | †† | | | 1,480,700 | | | | 1,480,700 | |
| Ranger Funding Corporation |
| 5.330% | | | | 08/02/2007 | | †† | | | 1,480,700 | | | | 1,480,700 | |
| Royal Bank of Scotland |
| 5.270% | | | | 07/11/2007 | | †† | | | 1,184,559 | | | | 1,184,559 | |
| Sheffield Receivables Corporation |
| 5.290% | | | | 07/06/2007 | | †† | | | 296,141 | | | | 296,141 | |
| Skandinaviska Enskilda Banken AB |
| 5.290% | | | | 07/19/2007 | | †† | | | 1,480,700 | | | | 1,480,700 | |
| Svenska Handlesbanken |
| 5.300% | | | | 07/02/2007 | | †† | | | 2,450,158 | | | | 2,450,158 | |
| Wells Fargo |
| 5.280% | | | | 07/12/2007 | | †† | | | 1,480,692 | | | | 1,480,692 | |
| Wells Fargo |
| 5.260% | | | | 07/02/2007 | | †† | | | 592,281 | | | | 592,281 | |
| | | 68,109,677 | |
|
See accompanying notes to financial statements.
140
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint
International Fund
|
| Face
|
| Value
|
|
|---|
CASH EQUIVALENTS—(Continued) |
Floating Rate Instruments/Master Notes—0.6% |
| Bank of America |
| 5.310% | | | | 07/10/2007 | | †† | | $ | 1,480,700 | | | $ | 1,480,700 | |
| Bank of America |
| 5.300% | | | | 09/17/2007 | | †† | | | 2,961,400 | | | | 2,961,400 | |
| Bank of America |
| 5.270% | | | | 08/17/2007 | | †† | | | 1,480,700 | | | | 1,480,700 | |
| Bank of America |
| 5.270% | | | | 07/16/2007 | | †† | | | 888,419 | | | | 888,419 | |
| | | 6,811,219 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $76,105,455) | | 76,105,455 | |
| |
REPURCHASE AGREEMENTS—3.0% |
United States—3.0% | | | |
| Investors Bank & Trust Repurchase Agreement dated 06/29/07 due 07/02/07, with a maturity value of $34,674,396 and effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 5.82% to 9.13%, maturity dates ranging from 04/25/13 to 06/15/34 and an aggregate market value of $36,394,013. | | 34,660,992 | | | | 34,660,992 | |
TOTAL INVESTMENTS—106.6% | | | |
| ��(Cost $989,894,212) | | 1,223,474,469 | |
| Other assets less liabilities—(6.6%) | | (75,922,947 | ) |
NET ASSETS—100.0% | $ | 1,147,551,522 | |
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 valued at fair value as determined by policies approved by the board of directors. |
| ** | | 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. |
| d | | Security has no market value at 06/30/2007. |
Percentage of Portfolio by Industry (unaudited):
| Banking | | | | | 11.9 | % |
| Oil & Gas | | | | | 10.1 | % |
| Insurance | | | | | 5.9 | % |
| Pharmaceuticals | | | | | 5.0 | % |
| Telephone Systems | | | | | 4.6 | % |
| Commercial Services | | | | | 4.5 | % |
| Electronics | | | | | 4.1 | % |
| Metals | | | | | 4.0 | % |
| Financial Services | | | | | 3.8 | % |
| Automotive | | | | | 3.7 | % |
| Electric Utilities | | | | | 3.6 | % |
| Beverages, Food & Tobacco | | | | | 3.5 | % |
| Chemicals | | | | | 3.3 | % |
| Real Estate | | | | | 3.2 | % |
| Retailers | | | | | 3.0 | % |
| Medical Supplies | | | | | 2.7 | % |
| Transportation | | | | | 2.2 | % |
| Media—Broadcasting & Publishing | | | | | 2.0 | % |
| Communications | | | | | 2.0 | % |
| Computer Software & Processing | | | | | 1.9 | % |
| Apparel Retailers | | | | | 1.6 | % |
| Heavy Machinery | | | | | 1.5 | % |
| Food Retailers | | | | | 1.5 | % |
| Cosmetics & Personal Care | | | | | 1.4 | % |
| Building Materials | | | | | 1.3 | % |
| Computers & Information | | | | | 1.0 | % |
| Heavy Construction | | | | | 0.7 | % |
| Distribution/Wholesale | | | | | 0.5 | % |
| Aerospace & Defense | | | | | 0.4 | % |
| Home Construction, Furnishings & Appliances | | | | | 0.3 | % |
| Electrical Equipment | | | | | 0.3 | % |
| Forest Products & Paper | | | | | 0.3 | % |
| Mining | | | | | 0.2 | % |
| Airlines | | | | | 0.2 | % |
| Water Companies | | | | | 0.2 | % |
| Entertainment & Leisure | | | | | 0.2 | % |
| Coal | | | | | 0.1 | % |
| Advertising | | | | | 0.1 | % |
| Lodging | | | | | 0.1 | % |
| Restaurants | | | | | 0.1 | % |
| Containers & Packaging | | | | | 0.0 | % |
| Health Care Providers | | | | | 0.0 | % |
| Metals & Mining | | | | | 0.0 | % |
Total Common Stocks | | | | | 97.0 | % |
| Bank & Certificate/Offshore Time Deposits | | | | | 5.9 | % |
| Repurchase Agreements | | | | | 3.0 | % |
| Floating Rate Instruments/Master Notes | | | | | 0.6 | % |
| Institutional Money Market Funds | | | | | 0.1 | % |
Total Cash Equivalents/Repurchase Agreements | | | | | 9.6 | % |
Total Investments | | | | | 106.6 | % |
| Other assets less liabilities | | | | | (6.6 | )% |
Total Net Assets | | | | | 100.0 | % |
See accompanying notes to financial statements.
141
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—19.8% |
Advertising—0.0% | | | |
| Omnicom Group, Inc., Note | | | |
| 5.900% | | | | 04/15/2016 | | | | $ | 500,000 | | | $ | 494,728 | |
Aerospace & Defense—0.4% | | | |
| Boeing Capital Corporation, Senior Note | | | |
| 6.100% | | | | 03/01/2011 | | | | | 500,000 | | | | 511,273 | |
| Boeing Company (The), Note | | | |
| 6.125% | | | | 02/15/2033 | | | | | 100,000 | | | | 103,282 | |
| Boeing Company (The), Note | | | |
| 5.125% | | | | 02/15/2013 | | | | | 250,000 | | | | 246,430 | |
| General Dynamics Corp., Note | | | |
| 4.250% | | | | 05/15/2013 | | | | | 1,000,000 | | | | 937,678 | |
| Honeywell International, Inc., Note | | | |
| 7.500% | | | | 03/01/2010 | | | | | 1,000,000 | | | | 1,051,599 | |
| Honeywell International, Inc., Note | | | |
| 6.125% | | | | 11/01/2011 | | | | | 250,000 | | | | 256,060 | |
| Lockheed Martin Corporation, Note | | | |
| 6.150% | | | | 09/01/2036 | | | | | 750,000 | | | | 750,430 | |
| Northrop Grumman Corporation, Note | | | |
| 7.750% | | | | 02/15/2031 | | | | | 750,000 | | | | 894,654 | |
| Textron Financial Corporation, Note | | | |
| 6.000% | | | | 11/20/2009 | | | | | 200,000 | | | | 202,447 | |
| United Technologies Corporation, Note | | | |
| 6.700% | | | | 08/01/2028 | | | | | 150,000 | | | | 160,678 | |
| United Technologies Corporation, Note | | | |
| 6.100% | | | | 05/15/2012 | | | | | 50,000 | | | | 51,357 | |
| United Technologies Corporation, Note | | | |
| 4.875% | | | | 05/01/2015 | | | | | 500,000 | | | | 474,373 | |
| | | 5,640,261 | |
Airlines—0.1% | | | |
| American Airlines, Inc., Series 1999-1, Class A2 |
| 7.024% | | | | 10/15/2009 | | | | | 157,000 | | | | 159,453 | |
| Continental Airlines, Inc., Series 1998-1, Class 1A |
| 6.648% | | | | 09/15/2017 | | | | | 556,725 | | | | 561,249 | |
| FedEx Corporation, Note | | | |
| 9.650% | | | | 06/15/2012 | | | | | 150,000 | | | | 174,824 | |
| | | 895,526 | |
Automotive—0.2% | | | |
DaimlerChrysler North America Holding Corporation,
Guaranteed Note |
| 7.200% | | | | 09/01/2009 | | | | | 350,000 | | | | 361,412 | |
| DaimlerChrysler North America Holding Corporation, Note | | | |
| 8.500% | | | | 01/18/2031 | | | | | 1,100,000 | | | | 1,394,059 | |
DaimlerChrysler North America Holding Corporation,
Senior Note |
| 6.500% | | | | 11/15/2013 | | | | | 500,000 | | | | 517,067 | |
| Johnson Controls, Inc., Note | | | |
| 5.500% | | | | 01/15/2016 | | | | | 750,000 | | | | 727,422 | |
| | | 2,999,960 | |
Banking—4.1% | | | |
| American Express Company, Note, (FRN) | | | |
| 6.800% | | | | 09/01/2066 | | | | | 1,000,000 | | | | 1,032,871 | |
| Asian Development Bank/Pasig, Global Note (Supra National) | | | |
| 4.250% | | | | 10/20/2014 | | | | | 1,000,000 | | | | 935,037 | |
| Associates Corporate of North America, Senior Note |
| 6.950% | | | | 11/01/2018 | | | | | 250,000 | | | | 271,537 | |
| Associates Corporate of North America, Subordinated Note |
| 6.875% | | | | 11/15/2008 | | | | $ | 410,000 | | | $ | 418,037 | |
| BAC Capital Trust XI, Guaranteed Note | | | |
| 6.625% | | | | 05/23/2036 | | | | | 500,000 | | | | 511,483 | |
| Bank of America Corp., Subordinated Note | | | |
| 5.420% | | | | 03/15/2017 | | | | | 700,000 | | | | 672,307 | |
| Bank of America Corporation, Senior Note | | | |
| 5.875% | | | | 02/15/2009 | | | | | 1,000,000 | | | | 1,008,366 | |
| Bank of America Corporation, Subordinated Note |
| 7.750% | | | | 08/15/2015 | | | | | 750,000 | | | | 839,937 | |
| Bank of America Corporation, Subordinated Note |
| 6.800% | | | | 03/15/2028 | | | | | 500,000 | | | | 530,723 | |
| Bank One Corporation, Subordinated Note | | | |
| 5.900% | | | | 11/15/2011 | | | | | 750,000 | | | | 761,467 | |
| Bayerische Landesbank Girozentrale, Note | | | |
| 2.875% | | | | 10/15/2008 | | | | | 250,000 | | | | 242,291 | |
| BB&T Corporation, Note | | | |
| 5.250% | | | | 11/01/2019 | | | | | 500,000 | | | | 466,838 | |
| Branch Banking & Trust Company | | | |
| 5.200% | | | | 12/23/2015 | | | | | 150,000 | | | | 143,137 | |
| BSCH Issuances Ltd., Subordinated Note (Cayman Islands) | | | |
| 7.625% | | | | 09/14/2010 | | | | | 350,000 | | | | 372,698 | |
| Capital One Bank, Note, (MTN) | | | |
| 5.125% | | | | 02/15/2014 | | | | | 500,000 | | | | 480,590 | |
| CIT Group Funding Co. of Canada, Senior Note (Canada) |
| 4.650% | | | | 07/01/2010 | | | | | 1,000,000 | | | | 971,391 | |
| CIT Group, Inc., Global Senior Note | | | |
| 5.000% | | | | 02/13/2014 | | | | | 500,000 | | | | 469,607 | |
| CIT Group, Inc., Senior Note, (MTN) | | | |
| 4.750% | | | | 12/15/2010 | | | | | 1,000,000 | | | | 970,630 | |
| Citigroup, Inc., Subordinated Note | | | |
| 6.125% | | | | 08/25/2036 | | | | | 500,000 | | | | 492,605 | |
| Corporacion Andina de Fomento, Note (Supra National) |
| 6.875% | | | | 03/15/2012 | | | | | 150,000 | | | | 157,248 | |
| Deutsche Bank Financial, Inc., Note, Convertible, (MTN) | | | |
| 5.375% | | | | 03/02/2015 | | | | | 250,000 | | | | 244,217 | |
| European Investment Bank, Global Note (Supra National) | | | |
| 4.125% | | | | 09/15/2010 | | | | | 1,500,000 | | | | 1,458,756 | |
| European Investment Bank, Note (Supra National) |
| 5.125% | | | | 09/13/2016 | | | | | 1,000,000 | | | | 985,892 | |
| European Investment Bank, Note (Supra National) |
| 4.625% | | | | 05/15/2014 | | | | | 500,000 | | | | 481,601 | |
| European Investment Bank, Note (Supra National) |
| 3.375% | | | | 06/12/2013 | | | | | 1,000,000 | | | | 908,263 | |
| First Union Institutional Trust I Capital Securities, Note | | | |
| 8.040% | | | | 12/01/2026 | | | | | 1,000,000 | | | | 1,041,174 | |
| FleetBoston Financial Corporation, Senior Note |
| 6.875% | | | | 01/15/2028 | | | | | 150,000 | | | | 160,450 | |
| General Electric Capital Corp., Note, (MTN) | | | |
| 5.400% | | | | 02/15/2017 | | | | | 750,000 | | | | 724,457 | |
| Household Finance Corporation, Note | | | |
| 8.000% | | | | 07/15/2010 | | | | | 750,000 | | | | 801,570 | |
| Household Finance Corporation, Note | | | |
| 6.500% | | | | 11/15/2008 | | | | | 350,000 | | | | 355,029 | |
| Household Finance Corporation, Note | | | |
| 6.375% | | | | 11/27/2012 | | | | | 1,000,000 | | | | 1,027,835 | |
| Household Finance Corporation, Note | | | |
| 4.125% | | | | 12/15/2008 | | | | | 1,000,000 | | | | 982,349 | |
| HSBC Bank USA NA, Senior Note, (MTN) | | | |
| 3.875% | | | | 09/15/2009 | | | | | 1,500,000 | | | | 1,454,172 | |
| HSBC Finance Corp., Note | | | |
| 7.000% | | | | 05/15/2012 | | | | | 1,500,000 | | | | 1,580,938 | |
| HSBC Holdings PLC, Note (United Kingdom) | | | |
| 5.250% | | | | 12/12/2012 | | | | | 150,000 | | | | 147,820 | |
|
See accompanying notes to financial statements.
142
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued) |
| ING Capital Funding Trust III | | | |
| 8.439% | | | | 12/31/2049 | | | | $ | 150,000 | | | $ | 162,946 | |
| Inter-American Development Bank (Supra National) |
| 7.375% | | | | 01/15/2010 | | | | | 750,000 | | | | 789,635 | |
| Inter-American Development Bank, Global Note (Supra National) | | | |
| 5.375% | | | | 11/18/2008 | | † | | | 2,000,000 | | | | 2,008,532 | |
| International Bank for Reconstruction & Development, Note | | | |
| 7.625% | | | | 01/19/2023 | | | | | 1,000,000 | | | | 1,222,275 | |
| International Bank for Reconstruction & Development, Note (Supra National) |
| 3.625% | | | | 05/21/2013 | | | | | 150,000 | | | | 138,386 | |
International Bank for Reconstruction & Development,
Note, (MTN) (Supra National) |
| 4.125% | | | | 08/12/2009 | | | | | 350,000 | | | | 343,425 | |
| International Finance Corp., Note (Supra National) |
| 5.125% | | | | 05/02/2011 | | | | | 1,000,000 | | | | 999,377 | |
| J.P. Morgan Chase & Company | | | |
| 6.625% | | | | 03/15/2012 | | | | | 1,500,000 | | | | 1,561,155 | |
| JPMorgan Chase & Company, Global Subordinated Note | | | |
| 5.125% | | | | 09/15/2014 | | | | | 750,000 | | | | 721,260 | |
| KFW—Kreditanstalt fuer Wiederaufbau, Global Note (Denmark) | | | |
| 3.250% | | | | 03/30/2009 | | | | | 1,000,000 | | | | 967,892 | |
| KFW International Finance, Inc., Note | | | |
| 8.000% | | | | 02/15/2010 | | | | | 250,000 | | | | 265,638 | |
| Korea Development Bank, Note (South Korea) | | | |
| 5.750% | | | | 09/10/2013 | | | | | 500,000 | | | | 500,339 | |
| Kreditanstalt fuer Wiederaufbau, Global Note (Germany) | | | |
| 4.250% | | | | 06/15/2010 | | | | | 1,000,000 | | | | 974,557 | |
| Kreditanstalt fuer Wiederaufbau, Global Note (Germany) | | | |
| 4.125% | | | | 10/15/2014 | | | | | 1,000,000 | | | | 936,137 | |
| Landwirtschaftliche Rentenbank, Global Note (Germany) | | | |
| 4.875% | | | | 11/16/2015 | | | | | 1,000,000 | | | | 969,552 | |
| Marshall & Ilsley Corporation, Senior Note | | | |
| 4.375% | | | | 08/01/2009 | | | | | 500,000 | | | | 491,418 | |
| National City Corporation, Subordinated Note | | | |
| 6.875% | | | | 05/15/2019 | | | | | 500,000 | | | | 534,228 | |
| National Rural Utilities Cooperative Finance Corporation, Note | | | |
| 7.250% | | | | 03/01/2012 | | | | | 500,000 | | | | 533,243 | |
| PNC Funding Corporation, Subordinated Note | | | |
| 5.250% | | | | 11/15/2015 | | | | | 200,000 | | | | 192,458 | |
| Royal Bank of Canada, Note (Canada) | | | |
| 5.650% | | | | 07/20/2011 | | | | | 500,000 | | | | 505,283 | |
| Royal Bank of Scotland Group PLC, Global Note (United Kingdom) | | | |
| 5.000% | | | | 10/01/2014 | | | | | 750,000 | | | | 718,477 | |
| Royal Bank of Scotland Group PLC, Note (FRN) (United Kingdom) | | | |
| 7.648% | | | | 08/29/2049 | | | | | 500,000 | | | | 559,072 | |
| Sanwa Bank Ltd., Note | | | |
| 7.400% | | | | 06/15/2011 | | | | | 250,000 | | | | 266,770 | |
| SLM Corporation, Note | | | |
| 3.950% | | | | 08/15/2008 | | | | | 1,150,000 | | | | 1,120,594 | |
| SLM Corporation, Note, (MTN) | | | |
| 5.000% | | | | 10/01/2013 | | | | | 500,000 | | | | 427,156 | |
| SouthTrust Corporation, Subordinated Note | | | |
| 5.800% | | | | 06/15/2014 | | | | | 750,000 | | | | 749,812 | |
| Suntrust Banks, Inc., Subordinated Note | | | |
| 5.200% | | | | 01/17/2017 | | | | $ | 250,000 | | | $ | 237,112 | |
| Swiss Bank Corporation, Subordinated Note | | | |
| 7.000% | | | | 10/15/2015 | | | | | 100,000 | | | | 108,542 | |
| U.S. Bank NA, Note | | | |
| 4.800% | | | | 04/15/2015 | | | | | 250,000 | | | | 234,408 | |
| UBS AG/Stamford Branch, Note | | | |
| 5.875% | | | | 07/15/2016 | | | | | 1,000,000 | | | | 1,014,726 | |
| Wachovia Corporation, Senior Note | | | |
| 5.250% | | | | 08/01/2014 | | | | | 1,000,000 | | | | 972,799 | |
| Washington Mutual Bank FA, Global Subordinated Note, (MTN) | | | |
| 5.650% | | | | 08/15/2014 | | | | | 250,000 | | | | 244,232 | |
| Washington Mutual, Inc., Note | | | |
| 4.000% | | | | 01/15/2009 | | | | | 1,000,000 | | | | 978,689 | |
| Wells Fargo & Company, Note | | | |
| 5.000% | | | | 11/15/2014 | | | | | 750,000 | | | | 717,367 | |
| Wells Fargo & Company, Series J, Note, (MTN) |
| 4.200% | | | | 01/15/2010 | | | | | 500,000 | | | | 487,626 | |
| Wells Fargo & Company, Subordinated Note | | | |
| 7.550% | | | | 06/21/2010 | | | | | 750,000 | | | | 794,200 | |
| Wells Fargo Bank NA, Note | | | |
| 6.450% | | | | 02/01/2011 | | | | | 1,000,000 | | | | 1,031,911 | |
| Wells Fargo Bank NA, Note | | | |
| 5.950% | | | | 08/26/2036 | | | | | 500,000 | | | | 491,920 | |
| Wells Fargo Financial, Inc., Note | | | |
| 5.500% | | | | 08/01/2012 | | | | | 750,000 | | | | 751,969 | |
| Zions Bancorporation, Subordinated Note | | | |
| 6.000% | | | | 09/15/2015 | | | | | 500,000 | | | | 496,759 | |
| | | 51,325,200 | |
Beverages, Food & Tobacco—0.6% | | | |
| Altria Group, Inc., Note | | | |
| 7.750% | | | | 01/15/2027 | | | | | 350,000 | | | | 410,427 | |
| Altria Group, Inc., Note | | | |
| 7.000% | | | | 11/04/2013 | | | | | 400,000 | | | | 424,802 | |
| Anheuser-Busch Companies, Inc., Note | | | |
| 6.800% | | | | 01/15/2031 | | | | | 350,000 | | | | 365,804 | |
| Archer-Daniels Midland Company, Note | | | |
| 8.375% | | | | 04/15/2017 | | | | | 350,000 | | | | 410,625 | |
| Bottling Group LLC, Series B, Senior Note | | | |
| 4.125% | | | | 06/15/2015 | | | | | 250,000 | | | | 222,861 | |
| Bunge Ltd. Finance Corporation, Guaranteed Senior Note | | | |
| 5.350% | | | | 04/15/2014 | | | | | 500,000 | | | | 475,639 | |
| Campbell Soup Company, Note | | | |
| 4.875% | | | | 10/01/2013 | | | | | 250,000 | | | | 239,903 | |
| Cia Brasileira de Bebidas, Guaranteed Note (Brazil) |
| 8.750% | | | | 09/15/2013 | | | | | 100,000 | | | | 114,250 | |
| Coca-Cola Enterprises, Inc., Note | | | |
| 8.500% | | | | 02/01/2022 | | | | | 150,000 | | | | 183,841 | |
| ConAgra Foods, Inc., Note | | | |
| 6.750% | | | | 09/15/2011 | | | | | 97,000 | | | | 100,833 | |
| ConAgra Foods, Inc., Senior Note | | | |
| 7.125% | | | | 10/01/2026 | | | | | 500,000 | | | | 528,016 | |
| ConAgra Foods, Inc., Senior Note | | | |
| 5.819% | | | | 06/15/2017 | | | | | 153,000 | | | | 149,212 | |
| Coors Brewing Company, Senior Note | | | |
| 6.375% | | | | 05/15/2012 | | | | | 500,000 | | | | 512,513 | |
| Diageo Capital PLC, Guaranteed Note (United Kingdom) |
| 4.375% | | | | 05/03/2010 | | | | | 500,000 | | | | 486,014 | |
| Diageo Finance BV, Guaranteed Note (Netherlands) |
| 5.300% | | | | 10/28/2015 | | | | | 750,000 | | | | 720,778 | |
| General Mills, Inc., Note | | | |
| 5.700% | | | | 02/15/2017 | | | | | 500,000 | | | | 488,226 | |
| HJ Heinz Company, Guaranteed Note | | | |
| 6.625% | | | | 07/15/2011 | | | | | 250,000 | | | | 257,444 | |
|
See accompanying notes to financial statements.
143
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued) |
| Kellogg Company, Note | | | |
| 6.600% | | | | 04/01/2011 | | | | $ | 750,000 | | | $ | 776,038 | |
| Kraft Foods, Inc., Global Note | | | |
| 6.500% | | | | 11/01/2031 | | | | | 100,000 | | | | 96,963 | |
| Kraft Foods, Inc., Global Note | | | |
| 5.625% | | | | 11/01/2011 | | | | | 350,000 | | | | 347,590 | |
| Unilever Capital Corporation, Note | | | |
| 7.125% | | | | 11/01/2010 | | | | | 500,000 | | | | 524,496 | |
| | | 7,836,275 | |
Building Materials—0.3% | | | |
| CRH America, Inc., Note | | | |
| 6.000% | | | | 09/30/2016 | | | | | 750,000 | | | | 742,856 | |
| Hanson Australia Funding Ltd., Note (Australia) |
| 5.250% | | | | 03/15/2013 | | | | | 100,000 | | | | 97,876 | |
| Hanson PLC, Note (United Kingdom) | | | |
| 6.125% | | | | 08/15/2016 | | | | | 1,000,000 | | | | 1,025,520 | |
| Home Depot, Inc., Senior Note | | | |
| 4.625% | | | | 08/15/2010 | | | | | 500,000 | | | | 485,841 | |
| Lafarge SA, Note (France) | | | |
| 6.500% | | | | 07/15/2016 | | | | | 750,000 | | | | 769,003 | |
| | | 3,121,096 | |
Chemicals—0.2% | | | |
| Dow Chemical Company, Note | | | |
| 7.375% | | | | 11/01/2029 | | | | | 250,000 | | | | 271,353 | |
| Dow Chemical Company, Note | | | |
| 6.000% | | | | 10/01/2012 | | | | | 150,000 | | | | 151,729 | |
| Du Pont (E.I.) de Nemours & Company, Note | | | |
| 6.875% | | | | 10/15/2009 | | | | | 150,000 | | | | 155,020 | |
| EI Du Pont de Nemours & Company, Note | | | |
| 4.750% | | | | 11/15/2012 | | | | | 500,000 | | | | 480,353 | |
| Monsanto Co., Note | | | |
| 5.500% | | | | 08/15/2035 | | | | | 500,000 | | | | 457,873 | |
| Potash Corporation of Saskatchewan, Note (Canada) |
| 4.875% | | | | 03/01/2013 | | | | | 500,000 | | | | 474,696 | |
| Praxair, Inc., Note | | | |
| 3.950% | | | | 06/01/2013 | | | | | 150,000 | | | | 137,919 | |
| Rohm & Haas Company, Note | | | |
| 7.850% | | | | 07/15/2029 | | | | | 150,000 | | | | 171,895 | |
| | | 2,300,838 | |
Commercial Services—0.1% | | | |
| PHH Corporation, Note | | | |
| 7.125% | | | | 03/01/2013 | | | | | 100,000 | | | | 105,758 | |
| RR Donnelley & Sons Co., Note | | | |
| 4.950% | | | | 04/01/2014 | | | | | 550,000 | | | | 503,163 | |
| USA Waste Services, Inc., Senior Note | | | |
| 7.000% | | | | 07/15/2028 | | | | | 550,000 | | | | 557,569 | |
| | | 1,166,490 | |
Communications—0.0% | | | |
| Motorola, Inc., Note | | | |
| 7.500% | | | | 05/15/2025 | | | | | 500,000 | | | | 527,404 | |
Computer Software & Processing—0.1% | | | |
| Computer Sciences Corporation, Senior Note | | | |
| 7.375% | | | | 06/15/2011 | | | | | 100,000 | | | | 105,219 | |
Electronic Data Systems Corporation,
Series B, Senior Note | | | |
| 6.500% | | | | 08/01/2013 | | | | | 150,000 | | | | 148,436 | |
| Oracle Corp. and Ozark Holding, Inc., Note | | | |
| 5.250% | | | | 01/15/2016 | | | | $ | 1,000,000 | | | $ | 960,466 | |
| | | 1,214,121 | |
Computers & Information—0.2% | | | |
| International Business Machines Corporation, Note |
| 7.000% | | | | 10/30/2025 | | | | | 500,000 | | | | 554,170 | |
| International Business Machines Corporation, Note |
| 4.750% | | | | 11/29/2012 | | | | | 250,000 | | | | 241,934 | |
| International Business Machines Corporation, Note, (MTN) |
| 4.375% | | | | 06/01/2009 | | | | | 1,000,000 | | | | 984,755 | |
| Pitney Bowes, Inc., Global Note, (MTN) | | | |
| 4.750% | | | | 01/15/2016 | | | | | 200,000 | | | | 184,062 | |
| Pitney Bowes, Inc., Senior Note | | | |
| 5.000% | | | | 03/15/2015 | | | | | 500,000 | | | | 469,864 | |
| | | 2,434,785 | |
Cosmetics & Personal Care—0.1% | | | |
| Procter & Gamble Company, Global Note | | | |
| 6.875% | | | | 09/15/2009 | | | | | 750,000 | | | | 774,504 | |
| Procter & Gamble Company, Note | | | |
| 5.800% | | | | 08/15/2034 | | | | | 250,000 | | | | 244,143 | |
| | | 1,018,647 | |
Electric Utilities—1.4% | | | |
| Alabama Power Company, Senior Note | | | |
| 5.500% | | | | 10/15/2017 | | | | | 150,000 | | | | 145,973 | |
American Electric Power Company, Inc.,
Series C, Senior Note |
| 5.375% | | | | 03/15/2010 | | | | | 250,000 | | | | 249,341 | |
| Arizona Public Service Company, Note | | | |
| 6.500% | | | | 03/01/2012 | | | | | 150,000 | | | | 153,756 | |
| Cincinnati Gas & Electric Company, Note | | | |
| 5.700% | | | | 09/15/2012 | | | | | 150,000 | | | | 150,086 | |
Columbus Southern Power Company,
Series A, Senior Note |
| 5.500% | | | | 03/01/2013 | | | | | 150,000 | | | | 147,773 | |
| Consolidated Edison Company of New York, Inc., Note |
| 4.875% | | | | 02/01/2013 | | | | | 200,000 | | | | 193,086 | |
| Consolidated Edison Company of New York, Note |
| 5.300% | | | | 03/01/2035 | | | | | 500,000 | | | | 441,505 | |
| Constellation Energy Group, Inc., Note | | | |
| 7.600% | | | | 04/01/2032 | | | | | 150,000 | | | | 166,024 | |
| Consumers Energy Co., Note | | | |
| 5.500% | | | | 08/15/2016 | | | | | 150,000 | | | | 145,807 | |
| Dominion Resources, Inc., Senior Note | | | |
| 8.125% | | | | 06/15/2010 | | | | | 350,000 | | | | 377,126 | |
| Dominion Resources, Inc., Series A, Senior Note |
| 7.195% | | | | 09/15/2014 | | | | | 350,000 | | | | 382,863 | |
| DTE Energy Company, Note | | | |
| 7.050% | | | | 06/01/2011 | | | | | 350,000 | | | | 366,000 | |
| Duke Capital Corporation, Senior Note | | | |
| 4.370% | | | | 03/01/2009 | | | | | 250,000 | | | | 245,573 | |
| Duke Energy Corporation, Senior Note | | | |
| 6.450% | | | | 10/15/2032 | | | | | 500,000 | | | | 515,274 | |
| Duke Energy Field Services Corporation LLC, Note |
| 7.875% | | | | 08/16/2010 | | | | | 350,000 | | | | 371,940 | |
| Energy East Corp., Note | | | |
| 6.750% | | | | 07/15/2036 | | | | | 500,000 | | | | 519,693 | |
| Exelon Corp., Senior Note | | | |
| 4.900% | | | | 06/15/2015 | | | | | 350,000 | | | | 322,607 | |
| Exelon Generation Company LLC, Senior Note |
| 6.950% | | | | 06/15/2011 | | | | | 500,000 | | | | 519,546 | |
| FirstEnergy Corporation, Series B, Note | | | |
| 6.450% | | | | 11/15/2011 | | | | | 175,000 | | | | 179,616 | |
| FirstEnergy Corporation, Series C, Note | | | |
| 7.375% | | | | 11/15/2031 | | | | | 675,000 | | | | 732,868 | |
|
See accompanying notes to financial statements.
144
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued) |
| Florida Power & Light Co., Note | | | |
| 4.950% | | | | 06/01/2035 | | | | $ | 500,000 | | | $ | 425,816 | |
| Florida Power & Light Company, Note | | | |
| 5.625% | | | | 04/01/2034 | | | | | 50,000 | | | | 47,020 | |
| Florida Power & Light Company, Note | | | |
| 4.850% | | | | 02/01/2013 | | | | | 150,000 | | | | 144,256 | |
| FPL Group Capital, Inc., Guaranteed Note | | | |
| 7.375% | | | | 06/01/2009 | | | | | 100,000 | | | | 103,405 | |
| Jersey Central Power & Light, Global Note | | | |
| 5.625% | | | | 05/01/2016 | | | | | 500,000 | | | | 486,919 | |
| KeySpan Corporation, Note | | | |
| 7.625% | | | | 11/15/2010 | | | | | 350,000 | | | | 372,088 | |
| Midamerican Energy Company, Note | | | |
| 6.750% | | | | 12/30/2031 | | | | | 250,000 | | | | 268,587 | |
| Midamerican Energy Holdings Co., Senior Note |
| 6.125% | | | | 04/01/2036 | | | | | 500,000 | | | | 484,649 | |
Midamerican Energy Holdings Company, Senior Note,
Class D |
| 5.000% | | | | 02/15/2014 | | | | | 150,000 | | | | 143,796 | |
| National Grid PLC | | | |
| 6.300% | | | | 08/01/2016 | | | | | 1,250,000 | | | | 1,274,996 | |
| Nisource Finance Corp., Guaranteed Note | | | |
| 5.450% | | | | 09/15/2020 | | | | | 500,000 | | | | 453,291 | |
| NiSource Finance Corporation, Guaranteed Note |
| 7.875% | | | | 11/15/2010 | | | | | 50,000 | | | | 53,278 | |
| Northern States Power Company, Series A, Note |
| 8.000% | | | | 08/28/2012 | | | | | 150,000 | | | | 165,587 | |
| Oncor Electric Delivery Company, Senior Secured Note |
| 6.375% | | | | 05/01/2012 | | | | | 350,000 | | | | 357,514 | |
| Ontario Electricity Financial Corporation, Note (Canada) |
| 7.450% | | | | 03/31/2013 | | | | | 350,000 | | | | 385,654 | |
| Pacific Gas & Electric Company, Note | | | |
| 6.050% | | | | 03/01/2034 | | | | | 500,000 | | | | 485,916 | |
| Pacific Gas & Electric Company, Note | | | |
| 4.800% | | | | 03/01/2014 | | | | | 1,000,000 | | | | 946,414 | |
| Pepco Holdings, Inc., Note | | | |
| 6.450% | | | | 08/15/2012 | | | | | 150,000 | | | | 154,081 | |
| Progress Energy, Inc., Senior Note | | | |
| 7.750% | | | | 03/01/2031 | | | | | 250,000 | | | | 289,872 | |
| Progress Energy, Inc., Senior Note | | | |
| 7.100% | | | | 03/01/2011 | | | | | 188,000 | | | | 197,155 | |
| PSEG Power LLC, Senior Note | | | |
| 8.625% | | | | 04/15/2031 | | | | | 500,000 | | | | 613,039 | |
| Public Service Company of Colorado, Series 12, Note |
| 4.875% | | | | 03/01/2013 | | | | | 200,000 | | | | 191,730 | |
| Public Service Electric & Gas Company, Note | | | |
| 5.125% | | | | 09/01/2012 | | | | | 150,000 | | | | 146,803 | |
| Scottish Power PLC, Note (United Kingdom) | | | |
| 5.375% | | | | 03/15/2015 | | | | | 500,000 | | | | 487,519 | |
| South Carolina Electric & Gas Company, Note | | | |
| 5.300% | | | | 05/15/2033 | | | | | 150,000 | | | | 134,869 | |
| Southern California Edison Company, Note | | | |
| 6.650% | | | | 04/01/2029 | | | | | 500,000 | | | | 526,112 | |
| Southern Power Co., Senior Note | | | |
| 4.875% | | | | 07/15/2015 | | | | | 1,000,000 | | | | 930,339 | |
| TXU Energy Company LLC, Senior Note | | | |
| 7.000% | | | | 03/15/2013 | | | | | 150,000 | | | | 154,904 | |
| Virginia Electric and Power Co., Senior Note | | | |
| 6.000% | | | | 01/15/2036 | | | | | 600,000 | | | | 576,436 | |
| Wisconsin Electric Power, Note | | | |
| 5.625% | | | | 05/15/2033 | | | | | 250,000 | | | | 234,381 | |
| | | 17,562,883 | |
Electrical Equipment—0.1% | | | |
| Cooper Industries, Inc., Guaranteed Senior Note |
| 5.500% | | | | 11/01/2009 | | | | $ | 100,000 | | | $ | 100,117 | |
| Emerson Electric Company, Note | | | |
| 5.000% | | | | 12/15/2014 | | | | | 150,000 | | | | 144,287 | |
| General Electric Company | | | |
| 5.000% | | | | 02/01/2013 | | | | | 800,000 | | | | 776,558 | |
| | | 1,020,962 | |
Electronics—0.1% | | | |
| Arrow Electronics, Inc., Note | | | |
| 6.875% | | | | 07/01/2013 | | | | | 250,000 | | | | 258,769 | |
| Cisco Systems, Inc., Senior Note | | | |
| 5.500% | | | | 02/22/2016 | | | | | 1,000,000 | | | | 977,460 | |
| | | 1,236,229 | |
Entertainment & Leisure—0.3% | | | |
| News America Holdings, Guaranteed Senior Note |
| 7.750% | | | | 12/01/2045 | | | | | 200,000 | | | | 220,075 | |
| News America Holdings, Inc., Note | | | |
| 8.000% | | | | 10/17/2016 | | | | | 150,000 | | | | 169,133 | |
| News America Holdings, Inc., Note | | | |
| 7.600% | | | | 10/11/2015 | | | | | 350,000 | | | | 384,104 | |
| News America, Inc., Note | | | |
| 5.300% | | | | 12/15/2014 | | | | | 500,000 | | | | 483,736 | |
| Time Warner, Inc., Note | | | |
| 7.625% | | | | 04/15/2031 | | | | | 1,000,000 | | | | 1,074,408 | |
| Time Warner, Inc., Note | | | |
| 6.875% | | | | 05/01/2012 | | | | | 150,000 | | | | 156,650 | |
| Walt Disney Company, Note, (MTN) | | | |
| 7.000% | | | | 03/01/2032 | | | | | 500,000 | | | | 557,290 | |
| Walt Disney Company, Note, (MTN) | | | |
| 6.375% | | | | 03/01/2012 | | | | | 250,000 | | | | 259,218 | |
| | | 3,304,614 | |
Financial Services—3.6% | | | |
| Abbey National PLC, Note (United Kingdom) | | | |
| 7.950% | | | | 10/26/2029 | | | | | 250,000 | | | | 301,147 | |
| Allstate Life Global Fund Trust, Series 2004-1, Note |
| 4.500% | | | | 05/29/2009 | | | | | 250,000 | | | | 246,676 | |
| Amvescap PLC, Senior Note | | | |
| 5.375% | | | | 02/27/2013 | | | | | 100,000 | | | | 97,230 | |
| Bank of Tokyo-Mitsubishi Ltd. (The), Global Senior Subordinated Note (Japan) | | | |
| 8.400% | | | | 04/15/2010 | | | | | 250,000 | | | | 268,620 | |
| Bear Stearns Companies (The), Inc., Note | | | |
| 7.625% | | | | 12/07/2009 | | | | | 1,000,000 | | | | 1,046,096 | |
| Bear Stearns Companies, Inc., (The), Note | | | |
| 5.700% | | | | 11/15/2014 | | | | | 50,000 | | | | 49,103 | |
| Bear Stearns Companies, Inc., (The), Note | | | |
| 2.875% | | | | 07/02/2008 | | | | | 1,000,000 | | | | 974,158 | |
| Bear Stearns Cos. (The), Inc., Global Note | | | |
| 4.500% | | | | 10/28/2010 | | | | | 1,000,000 | | | | 967,806 | |
| Berkshire Hathaway Finance Corp., Guaranteed Senior Note | | | |
| 4.850% | | | | 01/15/2015 | | | | | 1,000,000 | | | | 951,486 | |
| Berkshire Hathaway Finance Corp., Guaranteed Senior Note | | | |
| 4.125% | | | | 01/15/2010 | | | | | 500,000 | | | | 486,405 | |
| BHP Finance USA Ltd., Guaranteed Senior Note |
| 4.800% | | | | 04/15/2013 | | | | | 150,000 | | | | 143,373 | |
| Citigroup, Inc., Global Note | | | |
| 5.850% | | | | 12/11/2034 | | | | | 500,000 | | | | 479,257 | |
| Citigroup, Inc., Global Senior Note | | | |
| 6.500% | | | | 01/18/2011 | | | | | 1,000,000 | | | | 1,032,087 | |
| Citigroup, Inc., Global Senior Note | | | |
| 6.000% | | | | 02/21/2012 | | | | | 350,000 | | | | 356,885 | |
|
See accompanying notes to financial statements.
145
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued) |
| Citigroup, Inc., Global Subordinated Note | | | |
| 6.625% | | | | 06/15/2032 | | | | $ | 150,000 | | | $ | 156,762 | |
| Citigroup, Inc., Global Subordinated Note | | | |
| 5.625% | | | | 08/27/2012 | | | | | 150,000 | | | | 150,198 | |
| Citigroup, Inc., Subordinated Note | | | |
| 5.000% | | | | 09/15/2014 | | | | | 2,513,000 | | | | 2,394,067 | |
| Countrywide Financial Corp., Note | | | |
| 6.250% | | | | 05/15/2016 | | | | | 1,500,000 | | | | 1,475,622 | |
| Credit Suisse First Boston USA, Inc., Global Note |
| 4.875% | | | | 01/15/2015 | | | | | 1,000,000 | | | | 948,056 | |
| Credit Suisse First Boston USA, Inc., Note | | | |
| 6.500% | | | | 01/15/2012 | | | | | 350,000 | | | | 362,875 | |
| Credit Suisse First Boston USA, Inc., Note | | | |
| 6.125% | | | | 11/15/2011 | | | | | 1,000,000 | | | | 1,022,800 | |
| Credit Suisse First Boston USA, Inc., Note | | | |
| 5.500% | | | | 08/15/2013 | | | | | 150,000 | | | | 148,945 | |
| Credit Suisse First Boston USA, Inc., Senior Global Note | | | |
| 5.125% | | | | 01/15/2014 | | | | | 500,000 | | | | 485,547 | |
| Export-Import Bank Of Korea (South Korea) | | | |
| 5.125% | | | | 03/16/2015 | | | | | 500,000 | | | | 480,439 | |
| General Electric Capital Corp., Note | | | |
| 4.125% | | | | 09/01/2009 | | | | | 1,000,000 | | | | 976,285 | |
| General Electric Capital Corp., Note, (MTN) | | | |
| 5.450% | | | | 01/15/2013 | | | | | 1,000,000 | | | | 990,737 | |
| General Electric Capital Corporation, Note | | | |
| 6.000% | | | | 06/15/2012 | | | | | 1,000,000 | | | | 1,018,915 | |
| General Electric Capital Corporation, Note | | | |
| 4.625% | | | | 09/15/2009 | | | | | 1,000,000 | | | | 986,567 | |
| General Electric Capital Corporation, Note, (MTN) |
| 6.750% | | | | 03/15/2032 | | | | | 750,000 | | | | 816,263 | |
| General Electric Capital Corporation, Note, (MTN) |
| 5.875% | | | | 02/15/2012 | | | | | 500,000 | | | | 506,360 | |
| Goldman Sachs Group, Inc., Global Note | | | |
| 5.125% | | | | 01/15/2015 | | | | | 500,000 | | | | 475,847 | |
| Goldman Sachs Group, Inc., Global Subordinated Note | | | |
| 5.950% | | | | 01/15/2027 | | | | | 1,000,000 | | | | 942,236 | |
| Goldman Sachs Group, Inc., Guaranteed Note | | | |
| 6.345% | | | | 02/15/2034 | | | | | 500,000 | | | | 478,347 | |
| Goldman Sachs Group, Inc., Note | | | |
| 6.875% | | | | 01/15/2011 | | | | | 250,000 | | | | 260,242 | |
| Goldman Sachs Group, Inc., Senior Note | | | |
| 6.600% | | | | 01/15/2012 | | | | | 650,000 | | | | 673,741 | |
| Goldman Sachs Group, Inc., Senior Note | | | |
| 6.125% | | | | 02/15/2033 | | | | | 700,000 | | | | 669,809 | |
| Goldman Sachs Group, Inc., Senior Note | | | |
| 5.700% | | | | 09/01/2012 | | | | | 250,000 | | | | 250,125 | |
| Goldman Sachs Group, Inc., Senior Note | | | |
| 5.150% | | | | 01/15/2014 | | | | | 500,000 | | | | 481,108 | |
| Goldman Sachs Group, Inc., Series B, Note, (MTN) |
| 7.350% | | | | 10/01/2009 | | | | | 750,000 | | | | 780,854 | |
| Household Finance Corporation | | | |
| 6.375% | | | | 10/15/2011 | | | | | 1,750,000 | | | | 1,799,826 | |
| JP Morgan & Company, Inc., Note | | | |
| 6.000% | | | | 01/15/2009 | | | | | 350,000 | | | | 352,498 | |
| JP Morgan Chase & Company, Global Subordinated Note | | | |
| 5.750% | | | | 01/02/2013 | | | | | 1,750,000 | | | | 1,752,490 | |
| JP Morgan Chase & Company, Note | | | |
| 6.750% | | | | 02/01/2011 | | | | | 750,000 | | | | 779,834 | |
| Lehman Brothers Holdings, Inc., Note | | | |
| 7.875% | | | | 08/15/2010 | | | | | 1,000,000 | | | | 1,067,050 | |
| Lehman Brothers Holdings, Inc., Note, (MTN) |
| 6.625% | | | | 01/18/2012 | | | | $ | 750,000 | | | $ | 778,694 | |
| Lehman Brothers Holdings, Inc., Note, (MTN) |
| 4.500% | | | | 07/26/2010 | | | | | 1,000,000 | | | | 972,811 | |
| Merrill Lynch & Company, Inc., Note, (MTN) | | | |
| 5.450% | | | | 07/15/2014 | | | | | 500,000 | | | | 489,727 | |
| Merrill Lynch & Company, Inc., Note | | | |
| 6.000% | | | | 02/17/2009 | | | | | 1,000,000 | | | | 1,009,330 | |
| Merrill Lynch & Company, Inc., Note, (MTN) | | | |
| 4.125% | | | | 09/10/2009 | | | | | 500,000 | | | | 487,590 | |
| Merrill Lynch & Company, Inc., Subordinated Note |
| 6.220% | | | | 09/15/2026 | | | | | 1,000,000 | | | | 976,993 | |
| Merrill Lynch & Company., Inc., Note | | | |
| 6.875% | | | | 11/15/2018 | | | | | 250,000 | | | | 266,871 | |
| Morgan Stanley, Global Note | | | |
| 6.750% | | | | 04/15/2011 | | | | | 1,000,000 | | | | 1,037,685 | |
| Morgan Stanley, Note | | | |
| 8.000% | | | | 06/15/2010 | | | | | 750,000 | | | | 801,548 | |
| Morgan Stanley, Note | | | |
| 7.250% | | | | 04/01/2032 | | | | | 100,000 | | | | 111,277 | |
| Morgan Stanley, Note | | | |
| 4.750% | | | | 04/01/2014 | | | | | 1,000,000 | | | | 935,157 | |
| Morgan Stanley, Note | | | |
| 3.875% | | | | 01/15/2009 | | | | | 2,750,000 | | | | 2,692,228 | |
| Morgan Stanley, Series E, Note, (MTN) | | | |
| 5.450% | | | | 01/09/2017 | | | | | 1,000,000 | | | | 948,561 | |
| MUFG Capital Finance 1, Ltd., Secured Note (Cayman Islands) | | | |
| 6.346% | | | | 07/29/2049 | | | | | 1,000,000 | | | | 984,243 | |
| Residential Capital Corp., Note | | | |
| 6.875% | | | | 06/30/2015 | | | | | 500,000 | | | | 485,689 | |
| Residential Capital Corp., Senior Note | | | |
| 6.000% | | | | 02/22/2011 | | | | | 550,000 | | | | 532,626 | |
| Residential Capital Corporation, Note | | | |
| 6.375% | | | | 06/30/2010 | | | | | 350,000 | | | | 345,713 | |
| Rio Tinto Finance USA Ltd., Guaranteed Note (Australia) |
| 2.625% | | | | 09/30/2008 | | | | | 100,000 | | | | 96,551 | |
| Swiss Bank Corporation of New York, Note, (MTN) |
| 7.375% | | | | 06/15/2017 | | | | | 100,000 | | | | 112,208 | |
| U.S. Bank National Association, Note, (MTN) | | | |
| 6.375% | | | | 08/01/2011 | | | | | 750,000 | | | | 773,302 | |
| | | 45,923,578 | |
Food Retailers—0.1% | | | |
| Kroger Co. (The), Senior Note | | | |
| 7.500% | | | | 04/01/2031 | | | | | 700,000 | | | | 737,192 | |
| Safeway, Inc., Note | | | |
| 7.500% | | | | 09/15/2009 | | | | | 800,000 | | | | 832,136 | |
| | | 1,569,328 | |
Forest Products & Paper—0.1% | | | |
| Kimberly Clark Corporation, Note | | | |
| 5.625% | | | | 02/15/2012 | | | | | 250,000 | | | | 250,687 | |
| MeadWestvaco Corporation, Note | | | |
| 6.850% | | | | 04/01/2012 | | | | | 150,000 | | | | 154,813 | |
| Weyerhaeuser Company, Note | | | |
| 7.375% | | | | 03/15/2032 | | | | | 1,000,000 | | | | 1,017,342 | |
| Weyerhaeuser Company, Note | | | |
| 6.750% | | | | 03/15/2012 | | | | | 100,000 | | | | 103,569 | |
| | | 1,526,411 | |
Heavy Construction—0.1% | | | |
| Centex Corporation, Senior Note | | | |
| 4.550% | | | | 11/01/2010 | | | | | 1,000,000 | | | | 954,537 | |
| Lennar Corporation, Series B, Senior Note | | | |
| 5.500% | | | | 09/01/2014 | | | | | 500,000 | | | | 470,068 | |
| | | 1,424,605 | |
|
See accompanying notes to financial statements.
146
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued) |
Heavy Machinery—0.2% | | | |
| Caterpillar, Inc., Note | | | |
| 6.050% | | | | 08/15/2036 | | | | $ | 500,000 | | | $ | 493,558 | |
| Caterpillar, Inc., Senior Note | | | |
| 7.250% | | | | 09/15/2009 | | | | | 750,000 | | | | 778,593 | |
| Deere & Company, Global Note | | | |
| 6.950% | | | | 04/25/2014 | | | | | 250,000 | | | | 268,352 | |
| John Deere Capital Corporation, Note | | | |
| 7.000% | | | | 03/15/2012 | | | | | 350,000 | | | | 370,421 | |
| | | 1,910,924 | |
Home Construction, Furnishings & Appliances—0.1% |
| MDC Holdings, Inc., Senior Note | | | |
| 5.500% | | | | 05/15/2013 | | | | | 500,000 | | | | 477,605 | |
| Newell Rubbermaid, Inc., Note | | | |
| 4.625% | | | | 12/15/2009 | | | | | 100,000 | | | | 98,233 | |
| Pulte Homes, Inc., Senior Note | | | |
| 7.875% | | | | 08/01/2011 | | | | | 350,000 | | | | 363,533 | |
| | | 939,371 | |
Household Products—0.1% | | | |
| Fortune Brands, Inc., Note | | | |
| 5.375% | | | | 01/15/2016 | | | | | 1,250,000 | | | | 1,162,493 | |
Insurance—1.3% | | | |
| Aetna, Inc., Senior Note | | | |
| 6.625% | | | | 06/15/2036 | | | | | 1,000,000 | | | | 1,020,917 | |
| Allstate Corporation (The), Senior Note | | | |
| 7.200% | | | | 12/01/2009 | | | | | 750,000 | | | | 779,808 | |
| Allstate Corporation (The), Senior Note | | | |
| 5.350% | | | | 06/01/2033 | | | | | 500,000 | | | | 441,266 | |
| American International Group, Inc., Global Senior Note |
| 4.250% | | | | 05/15/2013 | | | | | 100,000 | | | | 93,399 | |
| American International Group, Inc., Note | | | |
| 6.250% | | | | 05/01/2036 | | | | | 500,000 | | | | 506,319 | |
| American International Group, Inc., Note | | | |
| 5.050% | | | | 10/01/2015 | | | | | 750,000 | | | | 715,139 | |
| Anthem, Inc., Note | | | |
| 6.800% | | | | 08/01/2012 | | | | | 150,000 | | | | 157,174 | |
| Assurant, Inc., Global Note | | | |
| 5.625% | | | | 02/15/2014 | | | | | 500,000 | | | | 489,995 | |
| Assurant, Inc., Senior Note | | | |
| 6.750% | | | | 02/15/2034 | | | | | 650,000 | | | | 669,128 | |
| Axa Company (France) | | | |
| 8.600% | | | | 12/15/2030 | | | | | 250,000 | | | | 305,482 | |
| AXA Financial, Inc., Senior Note | | | |
| 7.750% | | | | 08/01/2010 | | | | | 100,000 | | | | 106,529 | |
| Cigna Corp., Senior Note | | | |
| 6.150% | | | | 11/15/2036 | | | | | 500,000 | | | | 477,847 | |
| Cincinnati Financial Corp., Senior Note | | | |
| 6.125% | | | | 11/01/2034 | | | | | 500,000 | | | | 483,026 | |
| General Electric Global Insurance Holding Corporation, Note | | | |
| 7.500% | | | | 06/15/2010 | | | | | 150,000 | | | | 157,674 | |
| Hartford Financial Services Group, Inc., Senior Note |
| 6.100% | | | | 10/01/2041 | | | | | 150,000 | | | | 145,892 | |
| ING Groep NV, Secured Note, (FRN) (Netherlands) |
| 5.775% | | | | 12/08/2049 | | | | | 1,000,000 | | | | 966,728 | |
| International Lease Finance Corp., Note, (MTN) |
| 5.450% | | | | 03/24/2011 | | | | | 1,000,000 | | | | 996,299 | |
| Lincoln National Corp., Note, (FRN) | | | |
| 7.000% | | | | 05/17/2066 | | | | | 1,000,000 | | | | 1,027,767 | |
| Marsh & McLennan Cos., Inc., Senior Note | | | |
| 5.750% | | | | 09/15/2015 | | | | $ | 1,000,000 | | | $ | 946,445 | |
| MetLife, Inc., Note | | | |
| 5.000% | | | | 11/24/2013 | | | | | 500,000 | | | | 481,360 | |
| MetLife, Inc., Senior Note | | | |
| 6.500% | | | | 12/15/2032 | | | | | 100,000 | | | | 103,173 | |
| Metlife, Inc., Senior Note | | | |
| 5.700% | | | | 06/15/2035 | | | | | 1,000,000 | | | | 927,240 | |
| Metlife, Inc., Senior Note | | | |
| 5.000% | | | | 06/15/2015 | | | | | 1,000,000 | | | | 945,655 | |
| Progressive Corporation (The), Senior Note | | | |
| 6.625% | | | | 03/01/2029 | | | | | 150,000 | | | | 160,661 | |
| Protective Life Secured Trust, Note, (MTN) | | | |
| 4.000% | | | | 04/01/2011 | | | | | 400,000 | | | | 381,610 | |
| Prudential Financial, Inc., Note, (MTN) | | | |
| 5.100% | | | | 09/20/2014 | | | | | 500,000 | | | | 479,766 | |
| Radian Group, Inc., Senior Note | | | |
| 5.625% | | | | 02/15/2013 | | | | | 100,000 | | | | 99,211 | |
| Safeco Corporation, Senior Note | | | |
| 4.875% | | | | 02/01/2010 | | | | | 150,000 | | | | 147,314 | |
| Travelers Property Casualty Corporation, Note | | | |
| 7.750% | | | | 04/15/2026 | | | | | 500,000 | | | | 575,779 | |
| UnitedHealth Group, Inc., Note | | | |
| 3.750% | | | | 02/10/2009 | | | | | 1,150,000 | | | | 1,120,300 | |
| WellPoint, Inc., Note | | | |
| 5.250% | | | | 01/15/2016 | | | | | 1,000,000 | | | | 950,163 | |
| | | 16,859,066 | |
Lodging—0.0% | | | |
| Wyndham Worldwide Corp., Note | | | |
| 6.000% | | | | 12/01/2016 | | | | | 435,000 | | | | 420,285 | |
Media—Broadcasting & Publishing—0.6% |
| British Sky Broadcasting PLC, Note (United Kingdom) |
| 8.200% | | | | 07/15/2009 | | | | | 250,000 | | | | 262,315 | |
| Comcast Cable Communications Holdings, Inc., Note |
| 9.455% | | | | 11/15/2022 | | | | | 400,000 | | | | 508,790 | |
| Comcast Cable Communications Holdings, Inc., Note |
| 8.375% | | | | 03/15/2013 | | | | | 500,000 | | | | 558,794 | |
| Comcast Corp., Note | | | |
| 5.850% | | | | 01/15/2010 | | | | | 1,000,000 | | | | 1,007,245 | |
| Comcast Corp., Note | | | |
| 5.650% | | | | 06/15/2035 | | | | | 500,000 | | | | 436,419 | |
| Comcast Corp., Note | | | |
| 5.300% | | | | 01/15/2014 | | | | | 500,000 | | | | 482,620 | |
| Comcast Corporation, Note | | | |
| 7.050% | | | | 03/15/2033 | | | | | 500,000 | | | | 517,618 | |
| COX Communications, Inc., Note | | | |
| 5.500% | | | | 10/01/2015 | | | | | 75,000 | | | | 72,182 | |
| COX Communications, Inc., Note | | | |
| 5.450% | | | | 12/15/2014 | | | | | 300,000 | | | | 290,672 | |
| COX Communications, Inc., Note | | | |
| 4.625% | | | | 06/01/2013 | | | | | 250,000 | | | | 234,446 | |
| Time Warner Entertainment Company, LP, Senior Note |
| 8.375% | | | | 03/15/2023 | | | | | 1,000,000 | | | | 1,150,568 | |
| Viacom, Inc., Senior Note | | | |
| 7.875% | | | | 07/30/2030 | | | | | 250,000 | | | | 259,211 | |
| Viacom, Inc., Senior Note | | | |
| 6.625% | | | | 05/15/2011 | | | | | 1,000,000 | | | | 1,027,289 | |
| Viacom, Inc., Senior Note | | | |
| 6.250% | | | | 04/30/2016 | | | | | 1,000,000 | | | | 986,592 | |
| Viacom, Inc., Senior Note | | | |
| 5.625% | | | | 08/15/2012 | | | | | 50,000 | | | | 49,213 | |
| | | 7,843,974 | |
Medical Supplies—0.0% | | | |
| Johnson & Johnson, Note | | | |
| 4.950% | | | | 05/15/2033 | | | | | 200,000 | | | | 179,697 | |
|
See accompanying notes to financial statements.
147
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued) |
Metals—0.3% | | | |
| Alcan, Inc., Note (Canada) | | | |
| 6.125% | | | | 12/15/2033 | | | | $ | 150,000 | | | $ | 139,810 | |
| Alcan, Inc., Senior Note (Canada) | | | |
| 4.875% | | | | 09/15/2012 | | | | | 350,000 | | | | 334,109 | |
| Alcoa, Inc., Note | | | |
| 7.375% | | | | 08/01/2010 | | | | | 750,000 | | | | 786,104 | |
| Alcoa, Inc., Note | | | |
| 6.500% | | | | 06/01/2011 | | | | | 1,000,000 | | | | 1,024,122 | |
| Vale Overseas Ltd., Guaranteed Note (Cayman Islands) |
| 6.875% | | | | 11/21/2036 | | | | | 600,000 | | | | 604,612 | |
| Vale Overseas, Ltd, Guaranteed Note (Cayman Islands) |
| 6.250% | | | | 01/23/2017 | | | | | 750,000 | | | | 747,615 | |
| | | 3,636,372 | |
Oil & Gas—1.4% | | | |
| Alberta Energy Ltd., Note | | | |
| 7.375% | | | | 11/01/2031 | | | | | 400,000 | | | | 439,924 | |
| Amerada Hess Corp., Note | | | |
| 7.300% | | | | 08/15/2031 | | | | | 250,000 | | | | 268,890 | |
| Amerada Hess Corporation | | | |
| 6.650% | | | | 08/15/2011 | | | | | 150,000 | | | | 155,118 | |
| Anadarko Petroleum Corp., Senior Note | | | |
| 6.450% | | | | 09/15/2036 | | | | | 500,000 | | | | 482,455 | |
| Apache Finance Canada Corporation, Note (Canada) |
| 7.750% | | | | 12/15/2029 | | | | | 150,000 | | | | 173,049 | |
| Burlington Resources Finance Company, Guaranteed Note (Canada) | | | |
| 7.200% | | | | 08/15/2031 | | | | | 150,000 | | | | 168,934 | |
| Canadian Natural Resources Ltd., Note (Canada) |
| 5.850% | | | | 02/01/2035 | | | | | 500,000 | | | | 452,168 | |
| Canadian Natural Resources Ltd., Note (Canada) |
| 5.450% | | | | 10/01/2012 | | | | | 250,000 | | | | 247,458 | |
| CenterPoint Energy Resources Corp., Series B, Senior Note |
| 7.875% | | | | 04/01/2013 | | | | | 850,000 | | | | 928,883 | |
| Conoco, Inc., Note | | | |
| 6.950% | | | | 04/15/2029 | | | | | 1,250,000 | | | | 1,368,170 | |
| Consolidated Natural Gas Company, Senior Note |
| 5.000% | | | | 03/01/2014 | | | | | 250,000 | | | | 238,536 | |
| Devon Financing Corporation ULC, Note | | | |
| 7.875% | | | | 09/30/2031 | | | | | 500,000 | | | | 580,870 | |
| Devon Financing Corporation ULC, Note | | | |
| 6.875% | | | | 09/30/2011 | | | | | 750,000 | | | | 783,667 | |
| Enbridge Energy Partners, LP, Note | | | |
| 4.000% | | | | 01/15/2009 | | | | | 50,000 | | | | 48,902 | |
| Energy Transfer Partners, LP, Note | | | |
| 5.950% | | | | 02/01/2015 | | | | | 750,000 | | | | 739,176 | |
| Enterprise Products Operating, LP, Note | | | |
| 4.950% | | | | 06/01/2010 | | | | | 150,000 | | | | 147,395 | |
| Enterprise Products Operating, LP, Series B, Senior Note |
| 5.600% | | | | 10/15/2014 | | | | | 150,000 | | | | 146,034 | |
| Enterprise Products Partners, LP, Senior Note | | | |
| 6.875% | | | | 03/01/2033 | | | | | 150,000 | | | | 153,084 | |
| Kinder Morgan Energy Partners, LP, Note | | | |
| 7.300% | | | | 08/15/2033 | | | | | 500,000 | | | | 523,689 | |
| Kinder Morgan Energy Partners, LP, Note | | | |
| 6.750% | | | | 03/15/2011 | | | | | 500,000 | | | | 517,856 | |
| Marathon Oil Corporation, Note | | | |
| 6.125% | | | | 03/15/2012 | | | | | 350,000 | | | | 356,664 | |
| Nexen, Inc., Note (Canada) | | | |
| 5.050% | | | | 11/20/2013 | | | | | 250,000 | | | | 238,317 | |
| Norsk Hydro AS, Note (Norway) | | | |
| 6.360% | | | | 01/15/2009 | | | | | 450,000 | | | | 455,817 | |
| Pemex Project Funding Master Trust, Guaranteed Note |
| 9.375% | | | | 12/02/2008 | | | | $ | 350,000 | | | $ | 368,900 | |
| Pemex Project Funding Master Trust, Note | | | |
| 9.125% | | | | 10/13/2010 | | | | | 350,000 | | | | 385,875 | |
| Pemex Project Funding Master Trust, Note | | | |
| 8.625% | | | | 02/01/2022 | | | | | 750,000 | | | | 926,131 | |
| Pemex Project Funding Master Trust, Note | | | |
| 7.375% | | | | 12/15/2014 | | | | | 350,000 | | | | 382,146 | |
| Petrobras International Finance Co., Note (Cayman Islands) |
| 6.125% | | | | 10/06/2016 | | | | | 500,000 | | | | 492,500 | |
| Petro-Canada, Senior Note (Canada) | | | |
| 5.950% | | | | 05/15/2035 | | | | | 250,000 | | | | 230,937 | |
| Plains All American Pipeline, LP/PAA Finance Corp., Senior Note |
| 6.650% | | | | 01/15/2037 | | * | | | 250,000 | | | | 247,278 | |
| Shell International Finance BV, Guaranteed Note (Netherlands) |
| 5.625% | | | | 06/27/2011 | | | | | 1,000,000 | | | | 1,008,476 | |
| Southern California Gas Company, Note | | | |
| 4.800% | | | | 10/01/2012 | | | | | 100,000 | | | | 96,600 | |
| Suncor Energy, Inc., Note | | | |
| 7.150% | | | | 02/01/2032 | | | | | 500,000 | | | | 544,916 | |
| Texaco Capital, Inc., Note | | | |
| 5.500% | | | | 01/15/2009 | | | | | 350,000 | | | | 351,048 | |
| TransCanada Corp., Senior Note (Canada) | | | |
| 5.850% | | | | 03/15/2036 | | | | | 500,000 | | | | 474,184 | |
| TransCanada Pipelines Ltd., Note (Canada) | | | |
| 4.000% | | | | 06/15/2013 | | | | | 250,000 | | | | 228,344 | |
| Transocean, Inc., Note (Cayman Islands) | | | |
| 7.375% | | | | 04/15/2018 | | | | | 100,000 | | | | 107,812 | |
| Union Pacific Resources Group, Inc., Note | | | |
| 7.150% | | | | 05/15/2028 | | | | | 350,000 | | | | 357,025 | |
| Valero Energy Corporation, Note | | | |
| 4.750% | | | | 06/15/2013 | | | | | 500,000 | | | | 474,817 | |
| XTO Energy, Inc., Senior Note | | | |
| 4.900% | | | | 02/01/2014 | | | | | 750,000 | | | | 710,738 | |
| | | 17,002,783 | |
Pharmaceuticals—0.6% | | | |
| Abbott Laboratories, Note | | | |
| 5.875% | | | | 05/15/2016 | | | | | 1,000,000 | | | | 1,001,967 | |
| Abbott Laboratories, Note | | | |
| 3.500% | | | | 02/17/2009 | | | | | 250,000 | | | | 243,080 | |
| American Home Products Corporation, Senior Note |
| 6.950% | | | | 03/15/2011 | | | | | 250,000 | | | | 261,844 | |
| Eli Lilly & Company, Note | | | |
| 6.770% | | | | 01/01/2036 | | | | | 250,000 | | | | 273,576 | |
| Genentech, Inc., Senior Note | | | |
| 5.250% | | | | 07/15/2035 | | | | | 600,000 | | | | 531,533 | |
| Genentech, Inc., Senior Note | | | |
| 4.750% | | | | 07/15/2015 | | | | | 200,000 | | | | 187,219 | |
| Genentech, Inc., Senior Note | | | |
| 4.400% | | | | 07/15/2010 | | | | | 100,000 | | | | 97,334 | |
| GlaxoSmithKline Capital, Inc., Guaranteed Note |
| 4.375% | | | | 04/15/2014 | | | | | 500,000 | | | | 465,737 | |
| Merck & Company, Inc., Note | | | |
| 4.750% | | | | 03/01/2015 | | | | | 1,250,000 | | | | 1,177,889 | |
| Merck & Company, Inc., Senior Note | | | |
| 4.375% | | | | 02/15/2013 | | | | | 200,000 | | | | 188,905 | |
| Pharmacia Corporation, Note | | | |
| 6.500% | | | | 12/01/2018 | | | | | 350,000 | | | | 371,562 | |
| Schering-Plough Corp., Senior Note | | | |
| 5.550% | | | | 12/01/2013 | | | | | 1,000,000 | | | | 1,005,021 | |
| Schering-Plough Corporation, Senior Note | | | |
| 6.750% | | | | 12/01/2033 | | | | | 250,000 | | | | 268,827 | |
| Wyeth, Note | | | |
| 5.500% | | | | 03/15/2013 | | | | | 100,000 | | | | 99,074 | |
| Wyeth, Senior Note | | | |
| 6.500% | | | | 02/01/2034 | | | | | 250,000 | | | | 257,871 | |
|
See accompanying notes to financial statements.
148
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued) |
| Wyeth, Senior Note | | | |
| 5.500% | | | | 02/01/2014 | | | | $ | 1,250,000 | | | $ | 1,233,658 | |
| | | 7,665,097 | |
Real Estate—0.2% | | | |
| Boston Properties, Inc. REIT | | | |
| 6.250% | | | | 01/15/2013 | | | | | 750,000 | | | | 769,970 | |
| Camden Property Trust REIT, Note | | | |
| 5.000% | | | | 06/15/2015 | | | | | 200,000 | | | | 188,153 | |
| ERP Operating, LP, Note | | | |
| 5.200% | | | | 04/01/2013 | | | | | 250,000 | | | | 243,129 | |
| ERP Operating, LP, Senior Note | | | |
| 5.375% | | | | 08/01/2016 | | | | | 500,000 | | | | 480,326 | |
| Simon Property Group, LP REIT, Note | | | |
| 6.350% | | | | 08/28/2012 | | | | | 250,000 | | | | 258,015 | |
| | | 1,939,593 | |
Restaurants—0.0% | | | |
| Yum! Brands, Inc., Senior Note | | | |
| 7.700% | | | | 07/01/2012 | | | | | 250,000 | | | | 269,707 | |
Retailers—0.4% | | | |
| CVS Corporation, Note | | | |
| 4.875% | | | | 09/15/2014 | | | | | 530,000 | | | | 494,709 | |
| Federated Department Stores, Inc., Senior Note | | | |
| 6.900% | | | | 04/01/2029 | | | | | 500,000 | | | | 478,029 | |
| Federated Department Stores, Inc., Senior Note | | | |
| 6.300% | | | | 04/01/2009 | | | | | 253,000 | | | | 255,537 | |
| Federated Retail Holdings, Inc., Guaranteed Senior Note |
| 5.900% | | | | 12/01/2016 | | | | | 750,000 | | | | 732,271 | |
| Limited Brands, Note | | | |
| 5.250% | | | | 11/01/2014 | | | | | 250,000 | | | | 232,885 | |
| May Department Stores Company (The), Note | | | |
| 5.750% | | | | 07/15/2014 | | | | | 250,000 | | | | 239,989 | |
| Target Corporation, Note | | | |
| 7.000% | | | | 07/15/2031 | | | | | 350,000 | | | | 382,628 | |
| Wal-Mart Stores, Inc., Note | | | |
| 7.550% | | | | 02/15/2030 | | | | | 750,000 | | | | 873,892 | |
| Wal-Mart Stores, Inc., Note | | | |
| 6.875% | | | | 08/10/2009 | | | | | 750,000 | | | | 773,825 | |
| Wal-Mart Stores, Inc., Note | | | |
| 4.550% | | | | 05/01/2013 | | | | | 500,000 | | | | 474,257 | |
| Wal-Mart Stores, Inc., Note | | | |
| 4.125% | | | | 02/15/2011 | | | | | 250,000 | | | | 240,240 | |
| | | 5,178,262 | |
Sovereign—0.1% | | | |
| Quebec Province (Canada) | | | |
| 5.125% | | | | 11/14/2016 | | | | | 750,000 | | | | 729,053 | |
| Svensk Exportkredit AB, Note (Sweden) | | | |
| 5.125% | | | | 03/01/2017 | | | | | 500,000 | | | | 487,888 | |
| | | 1,216,941 | |
Telephone Systems—2.0% | | | |
| America Movil SA de CV, Guaranteed Senior Note (Mexico) |
| 5.500% | | | | 03/01/2014 | | | | | 100,000 | | | | 98,235 | |
| AT&T Corporation (FRN) | | | |
| 8.050% | | | | 11/15/2011 | | | | | 1,000,000 | | | | 1,065,475 | |
| AT&T Wireless Services, Inc., Senior Note | | | |
| 8.750% | | | | 03/01/2031 | | | | | 250,000 | | | | 312,532 | |
| AT&T Wireless Services, Inc., Senior Note | | | |
| 7.875% | | | | 03/01/2011 | | | | | 750,000 | | | | 807,025 | |
| Bellsouth Capital Funding Corporation, Note | | | |
| 7.875% | | | | 02/15/2030 | | | | $ | 900,000 | | | $ | 1,018,967 | |
| BellSouth Corporation, Note | | | |
| 6.875% | | | | 10/15/2031 | | | | | 350,000 | | | | 361,176 | |
| BellSouth Corporation, Note | | | |
| 6.000% | | | | 10/15/2011 | | | | | 250,000 | | | | 253,401 | |
| British Telecommunications PLC, Note (United Kingdom) | | | |
| 8.875% | | | | 12/15/2030 | | | | | 150,000 | | | | 196,868 | |
| British Telecommunications PLC, Note (United Kingdom) | | | |
| 8.375% | | | | 12/15/2010 | | | | | 2,000,000 | | | | 2,187,172 | |
| Cingular Wireless LLC, Senior Note | | | |
| 6.500% | | | | 12/15/2011 | | | | | 250,000 | | | | 258,784 | |
| Deutsche Telekom International Finance BV, Guaranteed Note (Netherlands) | | | |
| 8.250% | | | | 06/15/2030 | | | | | 750,000 | | | | 901,461 | |
| Deutsche Telekom International Finance BV, Note, Step Bond (Netherlands) | | | |
| 8.000% | | | | 06/15/2010 | | | | | 700,000 | | | | 746,590 | |
| Embarq Corp., Note | | | |
| 7.082% | | | | 06/01/2016 | | | | | 1,250,000 | | | | 1,259,059 | |
| France Telecom SA, Global Step Note, (FRN) (France) |
| 8.500% | | | | 03/01/2031 | | | | | 500,000 | | | | 630,056 | |
| France Telecom SA, Global Step Note, (FRN) (France) |
| 7.750% | | | | 03/01/2011 | | | | | 100,000 | | | | 106,923 | |
| GTE Corp., Note | | | |
| 6.940% | | | | 04/15/2028 | | | | | 750,000 | | | | 773,515 | |
| GTE Corporation, Note | | | |
| 7.510% | | | | 04/01/2009 | | | | | 200,000 | | | | 206,505 | |
| Koninklijve KPN NV, Note (Netherlands) | | | |
| 8.000% | | | | 10/01/2010 | | | | | 350,000 | | | | 374,863 | |
| SBC Communications, Inc., Global Note | | | |
| 6.250% | | | | 03/15/2011 | | | | | 250,000 | | | | 255,623 | |
| SBC Communications, Inc., Global Note | | | |
| 6.150% | | | | 09/15/2034 | | | | | 500,000 | | | | 480,948 | |
| SBC Communications, Inc., Global Note | | | |
| 5.300% | | | | 11/15/2010 | | | | | 1,250,000 | | | | 1,245,055 | |
| SBC Communications, Inc., Global Note | | | |
| 5.100% | | | | 09/15/2014 | | | | | 500,000 | | | | 477,625 | |
| Sprint Capital Corporation, Guaranteed Note | | | |
| 6.375% | | | | 05/01/2009 | | | | | 750,000 | | | | 759,539 | |
| Sprint Capital Corporation, Note | | | |
| 8.375% | | | | 03/15/2012 | | | | | 850,000 | | | | 926,886 | |
| Sprint Capital Corporation, Note | | | |
| 6.875% | | | | 11/15/2028 | | | | | 500,000 | | | | 477,226 | |
| Sprint Capital Corporation, Note | | | |
| 6.125% | | | | 11/15/2008 | | | | | 1,000,000 | | | | 1,005,990 | |
| Sprint Nextel Corp., Note | | | |
| 6.000% | | | | 12/01/2016 | | | | | 500,000 | | | | 475,161 | |
| Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg) | | | |
| 6.000% | | | | 09/30/2014 | | | | | 250,000 | | | | 225,944 | |
| Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg) | | | |
| 4.950% | | | | 09/30/2014 | | | | | 1,500,000 | | | | 1,391,853 | |
| Telecom Italia Capital SA, Series B, Senior Note (Luxembourg) | | | |
| 5.250% | | | | 11/15/2013 | | | | | 350,000 | | | | 333,948 | |
| Telefonica Emisones SAU, Guaranteed Senior Note (Spain) |
| 6.421% | | | | 06/20/2016 | | | | | 500,000 | | | | 507,833 | |
| Telefonica Europe BV (Netherlands) | | | |
| 8.250% | | | | 09/15/2030 | | | | | 350,000 | | | | 407,930 | |
| Verizon Global Funding Corporation | | | |
| 7.375% | | | | 09/01/2012 | | | | | 1,000,000 | | | | 1,078,200 | |
| Verizon Global Funding Corporation, Note | | | |
| 7.750% | | | | 12/01/2030 | | | | | 750,000 | | | | 842,521 | |
|
See accompanying notes to financial statements.
149
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CORPORATE OBLIGATIONS—(Continued) |
| Verizon Pennsylvania, Inc., Note, Class A | | | |
| 5.650% | | | | 11/15/2011 | | | | $ | 350,000 | | | $ | 349,638 | |
| Verizon Virginia, Inc., Note | | | |
| 4.625% | | | | 03/15/2013 | | | | | 250,000 | | | | 234,694 | |
| Vodafone Group PLC, Note (United Kingdom) |
| 7.875% | | | | 02/15/2030 | | | | | 250,000 | | | | 280,530 | |
| Vodafone Group PLC, Note (United Kingdom) |
| 7.750% | | | | 02/15/2010 | | | | | 550,000 | | | | 578,062 | |
| Vodafone Group PLC, Note (United Kingdom) |
| 5.375% | | | | 01/30/2015 | | | | | 750,000 | | | | 719,141 | |
| Vodafone Group PLC, Note (United Kingdom) |
| 5.000% | | | | 09/15/2015 | | | | | 1,000,000 | | | | 931,014 | |
| | | 25,543,968 | |
Transportation—0.3% | | | |
| Burlington Northern Santa Fe Corporation, Note |
| 7.125% | | | | 12/15/2010 | | | | | 750,000 | | | | 786,987 | |
| Canadian National Railway Company, Note (Canada) |
| 4.400% | | | | 03/15/2013 | | | | | 585,000 | | | | 548,144 | |
| CSX Corporation, Note | | | |
| 6.750% | | | | 03/15/2011 | | | | | 300,000 | | | | 310,310 | |
| Norfolk Southern Corp., Note | | | |
| 5.257% | | | | 09/17/2014 | | | | | 500,000 | | | | 478,270 | |
| Norfolk Southern Corporation, Note | | | |
| 7.700% | | | | 05/15/2017 | | | | | 350,000 | | | | 386,156 | |
| Norfolk Southern Corporation., Note | | | |
| 7.050% | | | | 05/01/2037 | | | | | 500,000 | | | | 529,925 | |
| Union Pacific Corporation, Note | | | |
| 6.625% | | | | 02/01/2029 | | | | | 250,000 | | | | 253,375 | |
| | | 3,293,167 | |
TOTAL CORPORATE OBLIGATIONS | | | |
| (Cost $255,520,626) | | 249,605,641 | |
| |
U.S. GOVERNMENT AGENCY OBLIGATIONS—48.6% |
U.S. Government Agencies—11.1% | | | |
| Federal Home Loan Bank | | | |
| 5.945% | | | | 07/28/2008 | | | | | 2,000,000 | | | | 2,014,072 | |
| 5.750% | | | | 05/15/2012 | | | | | 5,225,000 | | | | 5,337,003 | |
| 5.375% | | | | 05/18/2016 | | | | | 2,000,000 | | | | 1,993,524 | |
| 5.300% | | | | 01/16/2009-
01/22/2010 | | | | | 1,300,000 | | | | 1,299,595 | |
| 5.250% | | | | 05/07/2010-
06/18/2014 | | | | | 6,400,000 | | | | 6,378,957 | |
| 4.900% | | | | 07/24/2008 | | | | | 350,000 | | | | 348,711 | |
| 4.625% | | | | 02/18/2011 | | | | | 5,500,000 | | | | 5,397,777 | |
| 4.375% | | | | 03/17/2010 | | | | | 825,000 | | | | 809,278 | |
| 3.875% | | | | 01/15/2010 | | | | | 1,500,000 | | | | 1,454,526 | |
| 3.625% | | | | 11/14/2008 | | | | | 2,500,000 | | | | 2,447,715 | |
| 3.000% | | | | 04/15/2009 | | | | | 8,000,000 | | | | 7,706,568 | |
| 2.625% | | | | 07/15/2008 | | | | | 3,250,000 | | | | 3,165,633 | |
| Federal Home Loan Mortgage Corporation | | | |
| 7.000% | | | | 03/15/2010 | | | | | 2,630,000 | | | | 2,749,344 | |
| 6.750% | | | | 09/15/2029 | | | | | 660,000 | | | | 758,721 | |
| 6.250% | | | | 07/15/2032 | | | | | 1,050,000 | | | | 1,142,015 | |
| 6.000% | | | | 06/15/2011-
09/19/2016 | | | | | 1,200,000 | | | | 1,196,839 | |
| 5.750% | | | | 03/15/2009-
01/15/2012 | | | | | 2,000,000 | | | | 2,018,688 | |
| 5.650% | | | | 02/23/2017 | | | | | 1,160,000 | | | | 1,147,883 | |
| 5.625% | | | | 11/23/2035 | | | | | 130,000 | | | | 122,013 | |
| 5.600% | | | | 10/17/2013 | | | | | 500,000 | | | | 497,702 | |
| 5.500% | | | | 07/18/2016 | | | | $ | 6,040,000 | | | $ | 6,071,402 | |
| 5.450% | | | | 09/02/2011-
11/21/2013 | | | | | 1,100,000 | | | | 1,093,952 | |
| 5.400% | | | | 03/02/2012 | | | | | 770,000 | | | | 766,478 | |
| 5.375% | | | | 12/27/2011-
01/09/2014 | | | | | 1,170,000 | | | | 1,162,712 | |
| 5.250% | | | | 02/24/2011-
10/06/2011 | | | | | 1,400,000 | | | | 1,391,853 | |
| 5.200% | | | | 03/05/2019 | | | | | 200,000 | | | | 192,612 | |
| 5.125% | | | | 07/15/2012 | | | | | 2,000,000 | | | | 1,990,878 | |
| 5.050% | | | | 01/26/2015 | | | | | 300,000 | | | | 294,194 | |
| 5.000% | | | | 01/30/2014 | | | | | 600,000 | | | | 588,946 | |
| 4.900% | | | | 11/03/2008 | | | | | 400,000 | | | | 398,509 | |
| 4.750% | | | | 12/08/2010 | | | | | 500,000 | | | | 492,913 | |
| 4.500% | | | | 08/04/2008-
11/01/2035 | | | | | 4,257,355 | | | | 4,097,522 | |
| 4.375% | | | | 01/25/2010-
07/17/2015 | | | | | 3,600,000 | | | | 3,505,627 | |
| 4.125% | | | | 09/01/2009-
02/24/2011 | | | | | 5,150,000 | | | | 5,015,867 | |
| 4.000% | | | | 09/22/2009 | | | | | 560,000 | | | | 546,379 | |
| 3.625% | | | | 09/15/2008 | | | | | 2,260,000 | | | | 2,217,659 | |
| Federal National Mortgage Association | | | |
| 7.250% | | | | 01/15/2010 | | | | | 2,800,000 | | | | 2,936,357 | |
| 7.125% | | | | 06/15/2010 | | | | | 1,500,000 | | | | 1,579,092 | |
| 6.625% | | | | 09/15/2009-
11/15/2030 | | | | | 5,900,000 | | | | 6,218,668 | |
| 6.500% | | | | 01/01/2037 | | | | | 1,899,844 | | | | 1,918,619 | |
| 6.375% | | | | 06/15/2009 | | | | | 394,000 | | | | 402,770 | |
| 6.250% | | | | 05/15/2029 | | | | | 2,240,000 | | | | 2,429,909 | |
| 6.125% | | | | 03/15/2012-
07/17/2013 | | | | | 1,250,000 | | | | 1,278,916 | |
| 6.070% | | | | 05/12/2016 | | | | | 700,000 | | | | 701,919 | |
| 6.000% | | | | 05/15/2011-
08/22/2016 | | | | | 3,660,000 | | | | 3,729,728 | |
| 5.750% | | | | 02/13/2017 | | | | | 600,000 | | | | 596,686 | |
| 5.700% | | | | 10/05/2021 | | | | | 300,000 | | | | 294,640 | |
| 5.625% | | | | 05/19/2011-
01/24/2017 | | | | | 2,900,000 | | | | 2,905,892 | |
| 5.500% | | | | 03/15/2011-
03/26/2014 | | | | | 2,900,000 | | | | 2,908,987 | |
| 5.400% | | | | 04/02/2012 | | | | | 770,000 | | | | 766,386 | |
| 5.375% | | | | 04/11/2022 | | | | | 750,000 | | | | 727,072 | |
| 5.300% | | | | 04/16/2010 | | | | | 3,100,000 | | | | 3,092,882 | |
| 5.250% | | | | 11/20/2008-
12/28/2009 | | | | | 9,850,000 | | | | 9,849,219 | |
| 5.000% | | | | 01/23/2009-
05/11/2017 | | † | | | 1,400,000 | | | | 1,375,417 | |
| 4.875% | | | | 12/15/2016 | | | | | 1,000,000 | | | | 958,720 | |
| 4.625% | | | | 10/15/2013 | | | | | 900,000 | | | | 865,907 | |
| 4.500% | | | | 10/15/2008 | | | | | 3,000,000 | | | | 2,973,576 | |
| 4.375% | | | | 09/15/2012-
03/15/2013 | | | | | 2,950,000 | | | | 2,822,329 | |
| 4.250% | | | | 05/15/2009 | | | | | 1,500,000 | | | | 1,476,097 | |
| 4.125% | | | | 05/15/2010 | | | | | 1,200,000 | | | | 1,166,737 | |
| 3.250% | | | | 08/15/2008-
02/15/2009 | | | | | 6,000,000 | | | | 5,847,310 | |
| 0.000% | | | | 06/01/2017 | | | | | 1,000,000 | | | | 583,236 | |
| Financing Corporation, Note | | | |
| 9.650% | | | | 11/02/2018 | | | | | 500,000 | | | | 675,328 | |
| 8.600% | | | | 09/26/2019 | | | | | 500,000 | | | | 638,192 | |
| Tennessee Valley Authority | | | |
| 6.250% | | | | 12/15/2017 | | | | | 1,200,000 | | | | 1,274,659 | |
| | | 140,809,317 | |
|
See accompanying notes to financial statements.
150
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. GOVERNMENT AGENCY OBLIGATIONS—(Continued) |
U.S. Government Agencies—Mortgage Backed—37.5% |
| Federal Home Loan Mortgage Corporation | | | |
| 7.500% | | | | 06/01/2027-
10/01/2029 | | | | $ | 635,243 | | | $ | 664,995 | |
| 7.000% | | | | 02/01/2016-
09/01/2036 | | | | | 2,086,944 | | | | 2,150,164 | |
| 6.500% | | | | 05/01/2008-
10/01/2036 | | | | | 11,949,035 | | | | 12,165,890 | |
| 6.055% | | | | 01/01/2037 | | | | | 3,071,929 | | | | 3,087,706 | |
| 6.000% | | | | 11/01/2016-
02/01/2037 | | | | | 23,924,854 | | | | 23,794,145 | |
| 5.911% | | | | 01/01/2037 | | | | | 826,486 | | | | 828,719 | |
| 5.625% | | | | 02/01/2037 | | | | | 1,878,487 | | | | 1,851,770 | |
| 5.500% | | | | 02/01/2018-
04/01/2037 | | | | | 51,981,848 | | | | 50,391,664 | |
| 5.000% | | | | 05/01/2018-
01/01/2037 | | | | | 45,096,009 | | | | 42,787,465 | |
| 4.823% | | | | 09/01/2035 | | | | | 922,007 | | | | 913,924 | |
| 4.500% | | | | 07/01/2011-
09/01/2036 | | | | | 18,984,070 | | | | 17,928,251 | |
| 4.416% | | | | 12/01/2035 | | | | | 7,026,314 | | | | 6,680,342 | |
| 4.000% | | | | 04/01/2009-
12/01/2020 | | | | | 3,878,330 | | | | 3,614,672 | |
| 3.500% | | | | 05/01/2011 | | | | | 64,404 | | | | 61,047 | |
| Federal Home Loan Mortgage Corporation TBA |
| 6.000% | | | | 07/01/2037 | | | | | 2,000,000 | | | | 1,981,250 | |
| 5.000% | | | | 07/01/2034 | | | | | 4,000,000 | | | | 3,749,376 | |
Federal Home Loan Mortgage Corporation,
Series A60373 |
| 6.000% | | | | 05/01/2037 | | | | | 3,996,319 | | | | 3,960,394 | |
| Federal National Mortgage Association | | | |
| 7.500% | | | | 06/01/2030-
07/01/2031 | | | | | 72,252 | | | | 75,554 | |
| 7.000% | | | | 03/01/2030-
03/01/2037 | | | | | 5,079,182 | | | | 5,229,017 | |
| 6.500% | | | | 02/01/2017-
04/01/2037 | | | | | 16,593,247 | | | | 16,802,827 | |
| 6.000% | | | | 04/01/2014-
04/01/2037 | | | | | 47,319,095 | | | | 47,012,328 | |
| 5.684% | | | | 01/01/2037 | | | | | 3,080,549 | | | | 3,067,897 | |
| 5.661% | | | | 05/01/2036 | | | | | 2,480,765 | | | | 2,471,749 | |
| 5.656% | | | | 03/01/2037 | | | | | 15,550,717 | | | | 15,556,027 | |
| 5.586% | | | | 07/01/2036 | | | | | 2,121,404 | | | | 2,108,854 | |
| 5.500% | | | | 01/01/2018-
06/01/2037 | | | | | 73,008,828 | | | | 70,788,597 | |
| 5.460% | | | | 02/01/2037 | | | | | 437,459 | | | | 434,439 | |
| 5.429% | | | | 12/01/2036 | | | | | 3,764,938 | | | | 3,766,104 | |
| 5.000% | | | | 03/01/2018-
05/01/2037 | | | | | 62,027,753 | | | | 58,851,000 | |
| 4.863% | | | | 10/01/2035 | | | | | 1,922,831 | | | | 1,907,926 | |
| 4.761% | | | | 05/01/2035 | | | | | 2,124,259 | | | | 2,090,722 | |
| 4.673% | | | | 05/01/2035 | | | | | 619,315 | | | | 611,683 | |
| 4.500% | | | | 08/01/2011-
07/01/2035 | | | | | 17,440,486 | | | | 16,356,468 | |
| 4.446% | | | | 08/01/2034 | | | | | 1,031,404 | | | | 1,019,648 | |
| 4.000% | | | | 07/01/2011-
12/01/2018 | | | | | 4,915,454 | | | | 4,601,604 | |
| Federal National Mortgage Association TBA | | | |
| 5.500% | | | | 07/01/2037 | | | | | 4,000,000 | | | | 3,858,124 | |
| Government National Mortgage Association | | | |
| 7.500% | | | | 12/15/2029-
05/15/2032 | | | | | 911,707 | | | | 955,036 | |
| 7.000% | | | | 09/15/2031 | | | | | 672,565 | | | | 701,281 | |
| 6.500% | | | | 03/15/2026-
06/15/2036 | | | | | 4,218,957 | | | | 4,296,235 | |
| 6.000% | | | | 02/15/2033-
06/15/2037 | | | | $ | 12,696,213 | | | $ | 12,645,525 | |
| 5.500% | | | | 03/15/2033-
01/15/2037 | | | | | 13,801,619 | | | | 13,416,590 | |
| 5.000% | | | | 05/15/2033-
06/15/2036 | | | | | 8,408,965 | | | | 7,967,370 | |
| | | 473,204,379 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| (Cost $629,549,235) | | 614,013,696 | |
| |
U.S. TREASURY OBLIGATIONS—22.3% |
U.S. Treasury Bonds—5.5% | | | |
| U.S. Treasury Bond | | | |
| 13.250% | | | | 05/15/2014 | | | | | 850,000 | | | | 974,977 | |
| 11.750% | | | | 11/15/2014 | | | | | 500,000 | | | | 575,664 | |
| 11.250% | | | | 02/15/2015 | | | | | 500,000 | | | | 695,430 | |
| 10.375% | | | | 11/15/2012 | | | | | 300,000 | | | | 305,813 | |
| 9.875% | | | | 11/15/2015 | | | | | 1,550,000 | | | | 2,058,837 | |
| 9.125% | | | | 05/15/2018 | | | | | 1,000,000 | | | | 1,331,094 | |
| 8.750% | | | | 05/15/2017-
05/15/2020 | | | | | 1,940,000 | | | | 2,535,964 | |
| 8.500% | | | | 02/15/2020 | | † | | | 2,500,000 | | | | 3,263,672 | |
| 8.125% | | | | 08/15/2019 | | | | | 5,230,000 | | | | 6,615,134 | |
| 8.000% | | | | 11/15/2021 | | | | | 3,420,000 | | | | 4,376,800 | |
| 7.875% | | | | 02/15/2021 | | † | | | 3,500,000 | | | | 4,405,352 | |
| 7.625% | | | | 02/15/2025 | | | | | 1,600,000 | | | | 2,038,002 | |
| 7.500% | | | | 11/15/2024 | | | | | 3,850,000 | | | | 4,844,386 | |
| 7.250% | | | | 05/15/2016-
08/15/2022 | | | | | 3,180,000 | | | | 3,758,397 | |
| 7.125% | | | | 02/15/2023 | | † | | | 4,625,000 | | | | 5,553,617 | |
| 6.500% | | | | 11/15/2026 | | | | | 1,150,000 | | | | 1,328,789 | |
| 6.250% | | | | 05/15/2030 | | | | | 2,910,000 | | | | 3,326,951 | |
| 6.125% | | | | 11/15/2027 | | † | | | 3,850,000 | | | | 4,292,149 | |
| 6.000% | | | | 02/15/2026 | | † | | | 2,750,000 | | | | 3,002,659 | |
| 5.750% | | | | 08/15/2010 | | | | | 1,290,000 | | | | 1,322,049 | |
| 5.375% | | | | 02/15/2031 | | † | | | 5,591,000 | | | | 5,743,008 | |
| 5.250% | | | | 02/15/2029 | | | | | 2,130,000 | | | | 2,145,310 | |
| 5.000% | | | | 08/15/2011 | | | | | 3,060,000 | | | | 3,074,345 | |
| 4.750% | | | | 02/15/2037 | | † | | | 3,000,000 | | | | 2,829,612 | |
| | | 70,398,011 | |
U.S. Treasury Notes—16.8% | | | |
| U.S. Treasury Note | | | |
| 5.500% | | | | 05/15/2009 | | † | | | 9,050,000 | | | | 9,148,989 | |
| 5.125% | | | | 05/15/2016 | | | | | 5,500,000 | | | | 5,532,659 | |
| 5.000% | | | | 07/31/2008-
02/15/2011 | | † | | | 23,620,000 | | | | 23,697,609 | |
| 4.875% | | | | 08/31/2008-
02/15/2012 | | | | | 33,825,000 | | | | 33,789,063 | |
| 4.750% | | | | 11/15/2008-
02/15/2010 | | | | | 9,450,000 | | | | 9,422,525 | |
| 4.625% | | | | 11/30/2008-
02/15/2017 | | † | | | 30,380,000 | | | | 29,704,547 | |
| 4.500% | | | | 04/30/2009-
02/15/2036 | | † | | | 29,150,000 | | | | 28,301,629 | |
| 4.375% | | | | 08/15/2012 | | † | | | 4,230,000 | | | | 4,135,819 | |
| 4.250% | | | | 01/15/2011-
11/15/2013 | | | | | 15,750,000 | | | | 15,232,472 | |
| 4.125% | | | | 08/15/2008-
05/15/2015 | | | | | 10,130,000 | | | | 9,699,242 | |
| 4.000% | | | | 03/15/2010-
02/15/2014 | | | | | 22,790,000 | | | | 22,275,829 | |
| 3.875% | | | | 09/15/2010-
02/15/2013 | | | | | 3,850,000 | | | | 3,707,997 | |
| 3.625% | | | | 05/15/2013 | | | | | 410,000 | | | | 383,446 | |
|
See accompanying notes to financial statements.
151
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. TREASURY OBLIGATIONS—(Continued) |
| 3.375% | | | | 12/15/2008-
10/15/2009 | | | | $ | 8,580,000 | | | $ | 8,364,870 | |
| 3.250% | | | | 01/15/2009 | | | | | 7,630,000 | | | | 7,444,622 | |
| 3.125% | | | | 04/15/2009 | | | | | 970,000 | | | | 941,204 | |
| | | 211,782,522 | |
TOTAL U.S. TREASURY OBLIGATIONS | | | |
| (Cost $287,014,278) | | 282,180,533 | |
| |
MUNICIPAL OBLIGATIONS—0.2% |
Financial Services—0.2% | | | |
| Illinois State (Illinois) | | | |
| 5.100% | | | | 06/01/2033 | | | | | 1,100,000 | | | | 996,787 | |
| New Jersey Economic Development Authority (New Jersey) |
| 7.425% | | | | 02/15/2029 | | | | | 500,000 | | | | 598,330 | |
| New Jersey State Turnpike Authority (New Jersey) |
| 4.252% | | | | 01/01/2016 | | | | | 25,000 | | | | 22,947 | |
| New Jersey State Turnpike Authority (New Jersey) |
| 4.252% | | | | 01/01/2016 | | | | | 525,000 | | | | 488,266 | |
| Oregon State (Oregon) | | | |
| 5.762% | | | | 06/01/2023 | | | | | 200,000 | | | | 201,140 | |
TOTAL MUNICIPAL OBLIGATIONS | | | |
| (Cost $2,333,840) | | 2,307,470 | |
| |
SOVEREIGN DEBT OBLIGATIONS—1.6% |
Government Issued—1.5% | | | |
| British Columbia (Province of) (Canada) | | | |
| 6.500% | | | | 01/15/2026 | | | | | 150,000 | | | | 164,926 | |
| Canadian Government (Canada) | | | |
| 5.250% | | | | 11/05/2008 | | | | | 250,000 | | | | 250,603 | |
| Hydro Quebec (Canada) | | | |
| 6.300% | | | | 05/11/2011 | | | | | 350,000 | | | | 361,708 | |
| Hydro-Quebec (Canada) | | | |
| 8.050% | | | | 07/07/2024 | | | | | 500,000 | | | | 627,630 | |
| Italian Republic (Italy) | | | |
| 6.875% | | | | 09/27/2023 | | | | | 750,000 | | | | 837,490 | |
| Italian Republic (Italy) | | | |
| 6.000% | | | | 02/22/2011 | | | | | 1,550,000 | | | | 1,587,192 | |
| Italian Republic (Italy) | | | |
| 5.375% | | | | 06/15/2033 | | | | | 500,000 | | | | 473,705 | |
| Italian Republic (Italy) | | | |
| 4.375% | | | | 06/15/2013 | | | | | 1,000,000 | | | | 949,415 | |
| Italian Republic (Italy) | | | |
| 3.250% | | | | 05/15/2009 | | | | | 500,000 | | | | 483,709 | |
| Malaysia Government (Malaysia) | | | |
| 8.750% | | | | 06/01/2009 | | | | | 500,000 | | | | 529,486 | |
| Malaysia Government (Malaysia) | | | |
| 7.500% | | | | 07/15/2011 | | | | | 250,000 | | | | 267,514 | |
| Nova Scotia Province (Canada) | | | |
| 5.750% | | | | 02/27/2012 | | | | | 850,000 | | | | 863,404 | |
| Ontario Province (Canada) | | | |
| 5.500% | | | | 10/01/2008 | | | | | 550,000 | | | | 551,468 | |
| Ontario Province (Canada) | | | |
| 5.450% | | | | 04/27/2016 | | | | | 1,000,000 | | | | 1,003,384 | |
| Ontario Province (Canada) | | | |
| 4.500% | | | | 02/03/2015 | | | | | 400,000 | | | | 379,986 | |
| Ontario Province (Canada) | | | |
| 3.625% | | | | 10/21/2009 | | | | | 250,000 | | | | 241,609 | |
| People’s Republic of China (China) | | | |
| 4.750% | | | | 10/29/2013 | | | | | 250,000 | | | | 241,966 | |
| Quebec Province (Canada) | | | |
| 7.500% | | | | 09/15/2029 | | | | $ | 600,000 | | | $ | 728,231 | |
| Quebec Province (Canada) | | | |
| 6.125% | | | | 01/22/2011 | | | | | 850,000 | | | | 872,240 | |
| Quebec Province (Canada) | | | |
| 5.750% | | | | 02/15/2009 | | | | | 850,000 | | | | 857,540 | |
| Region of Lombardy (Italy) | | | |
| 5.804% | | | | 10/25/2032 | | | | | 100,000 | | | | 98,633 | |
| Republic of Chile (Chile) | | | |
| 5.500% | | | | 01/15/2013 | | | | | 150,000 | | | | 148,890 | |
| Republic of Finland (Finland) | | | |
| 6.950% | | | | 02/15/2026 | | | | | 150,000 | | | | 172,680 | |
| Republic of Korea (South Korea) | | | |
| 4.875% | | | | 09/22/2014 | | | | | 1,000,000 | | | | 958,517 | |
| Republic of Poland (Poland) | | | |
| 5.250% | | | | 01/15/2014 | | | | | 200,000 | | | | 197,170 | |
| Republic of Poland (Poland) | | | |
| 5.000% | | | | 10/19/2015 | | | | | 300,000 | | | | 288,346 | |
| Republic of South Africa (South Africa) | | | |
| 7.375% | | | | 04/25/2012 | | | | | 250,000 | | | | 266,250 | |
| Saskatchewan Province (Canada) | | | |
| 7.375% | | | | 07/15/2013 | | | | | 230,000 | | | | 252,855 | |
| State of Israel (Israel) | | | |
| 5.125% | | | | 03/01/2014 | | | | | 250,000 | | | | 241,990 | |
| United Mexican States (Mexico) | | | |
| 8.375% | | | | 01/14/2011 | | | | | 500,000 | | | | 543,750 | |
| United Mexican States (Mexico) | | | |
| 8.300% | | | | 08/15/2031 | | | | | 500,000 | | | | 628,000 | |
| United Mexican States (Mexico) | | | |
| 8.125% | | | | 12/30/2019 | | | | | 750,000 | | | | 890,625 | |
| United Mexican States (Mexico) | | | |
| 7.500% | | | | 04/08/2033 | | | | | 400,000 | | | | 464,600 | |
| United Mexican States (Mexico) | | | |
| 6.625% | | | | 03/03/2015 | | | | | 185,000 | | | | 194,898 | |
| United Mexican States (Mexico) | | | |
| 6.375% | | | | 01/16/2013 | | | | | 679,000 | | | | 703,784 | |
| United Mexican States (Mexico) | | | |
| 5.875% | | | | 01/15/2014 | | | | | 1,000,000 | | | | 1,007,500 | |
| | | 19,331,694 | |
Sovereign—0.1% | | | |
| Republic of Hungary (Hungary) | | | |
| 4.750% | | | | 02/03/2015 | | | | | 500,000 | | | | 470,784 | |
TOTAL SOVEREIGN DEBT OBLIGATIONS |
| (Cost $19,936,299) | | 19,802,478 | |
| |
ASSET BACKED SECURITIES—0.7% |
Automotive—0.3% | | | |
| AmeriCredit Automobile Receivables Trust, Series 2003-D-M, Class A-4 | | | |
| 2.840% | | | | 08/06/2010 | | | | | 400,913 | | | | 399,685 | |
WFS Financial Owner Trust,
Series 2004-4, Class A4 |
| 3.440% | | | | 05/17/2012 | | | | | 2,750,000 | | | | 2,701,523 | |
| | | 3,101,208 | |
Credit Cards—0.2% | | | |
Citibank Credit Card Master Trust I,
Series 1999-2, Class A | | | |
| 5.875% | | | | 03/10/2011 | | | | | 1,500,000 | | | | 1,513,929 | |
MBNA Master Credit Card Trust,
Series 1999-B, Class A |
| 5.900% | | | | 08/15/2011 | | | | | 825,000 | | | | 833,995 | |
| | | 2,347,924 | |
|
See accompanying notes to financial statements.
152
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
ASSET BACKED SECURITIES—(Continued) |
Electric Utilities—0.2% | | | |
Detroit Edison Securitization Funding LLC,
Series 2001-1, Class A6 |
| 6.620% | | | | 03/01/2016 | | | | $ | 2,700,000 | | | $ | 2,860,707 | |
TOTAL ASSET BACKED SECURITIES | | | |
| (Cost $8,719,455) | �� | 8,309,839 | |
| |
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—5.6% |
Mortgage Backed—5.6% | | | |
Banc of America Commercial Mortgage, Inc.,
Series 2002-2, Class A3 |
| 5.118% | | | | 07/11/2043 | | | | | 500,000 | | | | 490,098 | |
Banc of America Commercial Mortgage, Inc.,
Series 2004-2, Class A3 |
| 4.050% | | | | 11/10/2038 | | | | | 3,000,000 | | | | 2,888,008 | |
Banc of America Commercial Mortgage, Inc.,
Series 2004-6, Class A5 |
| 4.811% | | | | 12/10/2042 | | | | | 500,000 | | | | 472,371 | |
Banc of America Commercial Mortgage, Inc.,
Series 2005-4, Class A2 |
| 4.764% | | | | 07/10/2045 | | | | | 1,750,000 | | | | 1,715,688 | |
Banc of America Commercial Mortgage, Inc.,
Series 2005-6, Class AM, (FRN) |
| 5.350% | | | | 09/10/2047 | | | | | 1,000,000 | | | | 960,995 | |
Banc of America Commercial Mortgage, Inc.,
Series 2007-1, Class AMFX |
| 5.482% | | | | 01/15/2049 | | | | | 1,500,000 | | | | 1,450,583 | |
Bear Stearns Commercial Mortgage Securities,
Series 2005-T20, Class A4A, (FRN) |
| 5.302% | | | | 10/12/2042 | | | | | 921,000 | | | | 887,216 | |
Citigroup Commercial Mortgage Trust,
Series 2004-C1, Class A3 |
| 5.251% | | | | 04/15/2040 | | | | | 750,000 | | | | 741,071 | |
Citigroup Commercial Mortgage Trust,
Series 2005-C3, Class AM |
| 4.830% | | | | 05/15/2043 | | | | | 1,500,000 | | | | 1,404,286 | |
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2005-C1, Class A4, (FRN) |
| 5.399% | | | | 07/15/2044 | | | | | 900,000 | | | | 872,056 | |
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2006-CD3, Class A5 |
| 5.617% | | | | 10/15/2048 | | | | | 1,500,000 | | | | 1,474,124 | |
CS First Boston Mortgage Securities Corp.,
Series 2004-C2, Class A2 |
| 5.416% | | | | 05/15/2036 | | | | | 2,000,000 | | | | 1,961,305 | |
CS First Boston Mortgage Securities Corp.,
Series 2005-C2, Class A4 |
| 4.832% | | | | 04/15/2037 | | | | | 1,750,000 | | | | 1,646,243 | |
CS First Boston Mortgage Securities Corp.,
Series 2005-C5, Class A3 |
| 5.100% | | | | 08/15/2038 | | | | | 2,650,000 | | | | 2,574,823 | |
CS First Boston Mortgage Securities Corporation,
Series 1998-C2, Class A2 |
| 6.300% | | | | 11/15/2030 | | | | | 363,157 | | | | 366,237 | |
CS First Boston Mortgage Securities Corporation,
Series 2003-C5, Class A2 |
| 3.808% | | | | 12/15/2036 | | | | | 962,360 | | | | 946,067 | |
CW Capital Cobalt Ltd.,
Series 2006-C1, Class A4 |
| 5.223% | | | | 08/15/2048 | | | | | 750,000 | | | | 714,079 | |
GE Capital Commercial Mortgage Corp.,
Series 2005-C2, Class A4 |
| 4.978% | | | | 05/10/2043 | | | | $ | 1,000,000 | | | $ | 949,348 | |
| GE Capital Commercial Mortgage Corp., Series 2005-C4, Class AM, (FRN) | | | |
| 5.511% | | | | 11/10/2045 | | | | | 2,000,000 | | | | 1,940,716 | |
GE Capital Commercial Mortgage Corporation,
Series 2001-A, Class A2 |
| 6.531% | | | | 05/15/2033 | | | | | 3,500,000 | | | | 3,605,993 | |
GE Capital Commercial Mortgage Corporation,
Series 2004-C1, Class A2 |
| 3.915% | | | | 11/10/2038 | | | | | 1,000,000 | | | | 967,453 | |
| GMAC Commercial Mortgage Securities, Inc., Series 2000-C1, Class A2 | | | |
| 7.724% | | | | 03/15/2033 | | | | | 1,670,056 | | | | 1,743,015 | |
| GMAC Commercial Mortgage Securities, Inc., Series 2004-C1, Class A3 | | | |
| 4.776% | | | | 03/10/2038 | | | | | 1,000,000 | | | | 957,901 | |
| GMAC Commercial Mortgage Securities, Inc., Series 2004-C3, Class D | | | |
| 5.044% | | | | 12/10/2041 | | | | | 250,000 | | | | 236,139 | |
GS Mortgage Securities Corp. II,
Series 2003-C1, Class A3 |
| 4.608% | | | | 01/10/2040 | | | | | 60,000 | | | | 57,082 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-ML1, Class A2 |
| 4.767% | | | | 03/12/2039 | | | | | 1,000,000 | | | | 955,933 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC13, Class AM, (FRN) |
| 5.335% | | | | 01/12/2043 | | | | | 900,000 | | | | 873,516 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A4 |
| 4.738% | | | | 07/15/2042 | | | | | 935,000 | | | | 872,186 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class E, (FRN) |
| 4.981% | | | | 07/15/2042 | | | | | 750,000 | | | | 691,845 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A4B |
| 4.996% | | | | 08/15/2042 | | | | | 1,075,000 | | | | 1,016,479 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A4 |
| 4.918% | | | | 10/15/2042 | | | | | 1,565,000 | | | | 1,475,600 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB17, Class A4 |
| 5.429% | | | | 12/12/2043 | | | | | 460,000 | | | | 445,523 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CIBC17, Class AM |
| 5.464% | | | | 12/12/2043 | | | | | 750,000 | | | | 727,840 | |
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class A3 |
| 5.420% | | | | 01/15/2049 | | | | | 1,500,000 | | | | 1,449,016 | |
JP Morgan Chase Commercial Mortgage Securities Corporation,
Series 2003-CIBC7, Class A3 |
| 4.449% | | | | 01/12/2038 | | | | | 2,000,000 | | | | 1,934,478 | |
JP Morgan Chase Commercial Mortgage Securities Corporation,
Series 2004-CB9, Class A4, (FRN) |
| 5.377% | | | | 06/12/2041 | | | | | 750,000 | | | | 740,811 | |
JP Morgan Chase Commercial Mortgage Securities Corporation,
Series 2004-CIBC10, Class AJ |
| 4.951% | | | | 01/12/2037 | | | | | 1,750,000 | | | | 1,657,347 | |
LB Commercial Mortgage Trust,
Series 1991-C1, Class A2 |
| 6.780% | | | | 06/15/2031 | | | | | 1,961,484 | | | | 1,994,492 | |
LB-UBS Commercial Mortgage Trust,
Series 2002-C4, Class A5 |
| 4.853% | | | | 09/15/2031 | | | | | 1,500,000 | | | | 1,446,673 | |
|
See accompanying notes to financial statements.
153
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued) |
LB-UBS Commercial Mortgage Trust,
Series 2003-C8, Class A2 |
| 4.207% | | | | 11/15/2027 | | | | $ | 1,000,000 | | | $ | 982,798 | |
LB-UBS Commercial Mortgage Trust,
Series 2004-C7, Class A6 |
| 4.786% | | | | 10/15/2029 | | | | | 1,000,000 | | | | 944,974 | |
LB-UBS Commercial Mortgage Trust,
Series 2007-C1, Class A4 | | | |
| 5.424% | | | | 02/15/2040 | | | | | 1,000,000 | | | | 967,332 | |
LB-UBS Commercial Mortgage Trust,
Series 2007-C2, Class A3 | | | |
| 5.430% | | | | 02/15/2040 | | | | | 750,000 | | | | 725,550 | |
Merrill Lynch Mortgage Trust,
Series 2002-MW1, Class A3 | | | |
| 5.403% | | | | 07/12/2034 | | | | | 500,000 | | | | 499,126 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-1, Class A3, (FRN) |
| 5.484% | | | | 02/12/2039 | | | | | 750,000 | | | | 744,260 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-1, Class A4, (FRN) |
| 5.434% | | | | 02/12/2039 | | | | | 1,500,000 | | | | 1,466,801 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-3, Class A4 |
| 5.414% | | | | 07/12/2046 | | | | | 750,000 | | | | 726,454 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-4, Class A3 |
| 5.172% | | | | 12/12/2049 | | | | | 1,000,000 | | | | 950,031 | |
Morgan Stanley Capital I,
Series 2004-HQ3, Class A3 |
| 4.490% | | | | 01/13/2041 | | | | | 1,000,000 | | | | 966,987 | |
Morgan Stanley Capital I,
Series 2004-HQ3, Class A4 |
| 4.800% | | | | 01/13/2041 | | | | | 750,000 | | | | 712,549 | |
Morgan Stanley Capital I,
Series 2004-T13, Class A2 |
| 3.940% | | | | 09/13/2045 | | | | | 820,548 | | | | 795,961 | |
Morgan Stanley Capital I,
Series 2004-T15, Class A2 |
| 4.690% | | | | 06/13/2041 | | | | | 500,000 | | | | 491,168 | |
Morgan Stanley Capital I,
Series 2006-IQ12, Class A-2 |
| 5.283% | | | | 12/15/2043 | | | | | 750,000 | | | | 739,430 | |
Morgan Stanley Capital I,
Series 2007-HQ11, Class A4 |
| 5.447% | | | | 02/12/2044 | | | | | 1,500,000 | | | | 1,451,223 | |
Morgan Stanley Capital I,
Series 2007-IQ13, Class AM |
| 5.410% | | | | 03/15/2044 | | | | | 1,500,000 | | | | 1,440,280 | |
Morgan Stanley Dean Witter Capital I,
Series 2003-HQ2, Class A1 |
| 4.180% | | | | 03/12/2035 | | | | | 588,096 | | | | 560,506 | |
Mortgage Capital Funding, Inc.,
Series 1998-MC2, Class A2 |
| 6.423% | | | | 06/18/2030 | | | | | 382,263 | | | | 382,974 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2002-C2, Class A3 |
| 4.440% | | | | 11/15/2034 | | | | | 3,000,000 | | | | 2,945,545 | |
| Wachovia Bank Commercial Mortgage Trust, Series 2003-C5, Class A2 | | | |
| 3.989% | | | | 06/15/2035 | | | | | 750,000 | | | | 688,449 | |
| Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A4 | | | |
| 5.012% | | | | 12/15/2035 | | | | | 750,000 | | | | 721,035 | |
| Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5 | | | |
| 5.215% | | | | 01/15/2041 | | | | $ | 500,000 | | | $ | 485,367 | |
| Wachovia Bank Commercial Mortgage Trust, Series 2004-C12, Class A4, (FRN) | | | |
| 5.233% | | | | 07/15/2041 | | | | | 750,000 | | | | 732,632 | |
| Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class B | | | |
| 4.892% | | | | 10/15/2041 | | | | | 1,000,000 | | | | 941,991 | |
| Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class AJ, (FRN) | | | |
| 5.992% | | | | 06/15/2045 | | | | | 1,000,000 | | | | 1,008,926 | |
TOTAL NON-U.S. GOVERNMENT
MORTGAGE-BACKED SECURITIES |
| (Cost $73,355,997) | | 71,376,985 | |
| |
CASH EQUIVALENTS—9.9% |
Institutional Money Market Funds��0.2% | | | |
| Reserve Primary Money Market Fund | | | |
| 5.230% | | | | 07/02/2007 | | †† | | | 1,941,224 | | | | 1,941,224 | |
Bank & Certificate Deposits/
Offshore Time Deposits—8.8% | | | |
| Abbey National PLC | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 1,455,918 | | | | 1,455,918 | |
| BancoBilbao Vizcaya Argentaria SA | | | |
| 5.300% | | | | 08/10/2007 | | †† | | | 970,612 | | | | 970,612 | |
| Bank of Montreal | | | |
| 5.310% | | | | 08/14/2007 | | †† | | | 970,612 | | | | 970,612 | |
| Bank of Montreal | | | |
| 5.290% | | | | 07/02/2007 | | †† | | | 1,941,224 | | | | 1,941,224 | |
| Bank of Montreal | | | |
| 5.280% | | | | 07/03/2007 | | †† | | | 1,941,224 | | | | 1,941,224 | |
| Bank of Nova Scotia | | | |
| 5.290% | | | | 07/11/2007 | | †† | | | 2,426,530 | | | | 2,426,530 | |
| Bank of Nova Scotia | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 1,455,918 | | | | 1,455,918 | |
| Barclays | | | |
| 5.320% | | | | 09/04/2007 | | †† | | | 970,612 | | | | 970,612 | |
| Barton Capital LLC | | | |
| 5.310% | | | | 07/12/2007 | | †† | | | 1,455,918 | | | | 1,455,918 | |
| BNP Paribas | | | |
| 5.350% | | | | 07/02/2007 | | †† | | | 2,911,836 | | | | 2,911,836 | |
| CAFCO Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 970,612 | | | | 970,612 | |
| Calyon | | | |
| 5.380% | | | | 07/02/2007 | | †† | | | 2,911,836 | | | | 2,911,836 | |
| Canadian Imperial Bank of Commerce | | | |
| 5.300% | | | | 07/30/2007 | | †† | | | 4,853,059 | | | | 4,853,059 | |
| Clipper Receivables Corp | | | |
| 5.310% | | | | 07/10/2007 | | †† | | | 2,911,836 | | | | 2,911,836 | |
| CRC Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 1,455,918 | | | | 1,455,918 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/13/2007 | | †† | | | 1,455,918 | | | | 1,455,918 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 3,397,141 | | | | 3,397,141 | |
| Den Danske Bank | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 1,941,224 | | | | 1,941,224 | |
| Falcon Asset Securitization Corporation | | | |
| 5.310% | | | | 07/17/2007 | | †† | | | 679,428 | | | | 679,428 | |
| First Tennessee Bank | | | |
| 5.300% | | | | 07/18/2007 | | †† | | | 970,612 | | | | 970,612 | |
| Fortis Bank | | | |
| 5.300% | | | | 07/20/2007 | | †† | | | 2,426,530 | | | | 2,426,530 | |
|
See accompanying notes to financial statements.
154
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Core Bond
Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
| Greyhawk Funding | | | |
| 5.290% | | | | 07/02/2007 | | †† | | $ | 970,612 | | | $ | 970,612 | |
| Jupiter Securitization Corporation | | | |
| 5.320% | | | | 07/26/2007 | | †† | | | 1,455,918 | | | | 1,455,918 | |
| Lexington Parker Capital Company | | | |
| 5.290% | | | | 07/03/2007 | | †† | | | 970,612 | | | | 970,612 | |
| Liberty Street Funding Corporation | | | |
| 5.330% | | | | 07/31/2007 | | †† | | | 679,428 | | | | 679,428 | |
| Liberty Street Funding Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 1,941,224 | | | | 1,941,224 | |
| Liberty Street Funding Corporation | | | |
| 5.280% | | | | 07/02/2007 | | †† | | | 1,941,224 | | | | 1,941,224 | |
| Lloyds TSB Bank | | | |
| 5.280% | | | | 07/17/2007 | | †† | | | 970,612 | | | | 970,612 | |
| Merrill Lynch & Company | | | |
| 5.340% | | | | 07/02/2007 | | †† | | | 17,471,015 | | | | 17,471,015 | |
| Morgan Stanley & Company | | | |
| 5.370% | | | | 07/02/2007 | | †† | | | 10,191,425 | | | | 10,191,425 | |
| National Australia Bank | | | |
| 5.320% | | | | 07/02/2007 | | †† | | | 2,911,835 | | | | 2,911,835 | |
| Old Line Funding LCC | | | |
| 5.320% | | | | 07/12/2007 | | †† | | | 970,612 | | | | 970,612 | |
| Paradigm Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 970,612 | | | | 970,612 | |
| Paradigm Funding LLC | | | |
| 5.300% | | | | 07/10/2007 | | †† | | | 4,833,130 | | | | 4,833,130 | |
| Park Avenue Receivables Corp | | | |
| 5.300% | | | | 07/09/2007 | | †† | | | 4,833,130 | | | | 4,833,130 | |
| Rabobank Nederland | | | |
| 5.330% | | | | 07/02/2007 | | †† | | | 2,911,835 | | | | 2,911,835 | |
| Rabobank Nederland | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 2,426,530 | | | | 2,426,530 | |
| Ranger Funding Corporation | | | |
| 5.330% | | | | 08/02/2007 | | †† | | | 2,426,530 | | | | 2,426,530 | |
| Royal Bank of Scotland | | | |
| 5.270% | | | | 07/11/2007 | | †† | | | 1,941,224 | | | | 1,941,224 | |
| Sheffield Receivables Corporation | | | |
| 5.290% | | | | 07/06/2007 | | †† | | | 485,306 | | | | 485,306 | |
| Skandinaviska Enskilda Banken AB | | | |
| 5.290% | | | | 07/19/2007 | | †† | | | 2,426,530 | | | | 2,426,530 | |
| Svenska Handlesbanken | | | |
| 5.300% | | | | 07/02/2007 | | †† | | | 4,015,252 | | | | 4,015,252 | |
| Wells Fargo | | | |
| 5.280% | | | | 07/12/2007 | | †† | | | 2,426,530 | | | | 2,426,530 | |
| Wells Fargo | | | |
| 5.260% | | | | 07/02/2007 | | †† | | | 970,612 | | | | 970,612 | |
| | | 111,616,256 | |
Floating Rate Instruments/Master Notes—0.9% |
| Bank of America | | | |
| 5.310% | | | | 07/10/2007 | | †† | | | 2,426,530 | | | | 2,426,530 | |
| Bank of America | | | |
| 5.300% | | | | 09/17/2007 | | †† | | | 4,853,059 | | | | 4,853,059 | |
| Bank of America | | | |
| 5.270% | | | | 07/16/2007 | | †† | | | 1,455,918 | | | | 1,455,918 | |
| Bank of America | | | |
| 5.270% | | | | 08/17/2007 | | †† | | | 2,426,530 | | | | 2,426,530 | |
| | | 11,162,037 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $124,719,517) | | 124,719,517 | |
|
|
|
|
|
|
|
|
| Face
|
| Value
|
|---|
REPURCHASE AGREEMENTS—1.1% |
| Investors Bank & Trust Repurchase Agreement dated 06/29/2007 due 07/02/2007, with a maturity value of $14,047,257 and effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 4.275% to 8.250%, maturity dates ranging from 12/25/2028 to 05/01/2034 and an aggregate market value of $14,743,907. | $ | 14,041,816 | | | $ | 14,041,816 | |
TOTAL INVESTMENTS—109.8% | | | |
| (Cost $1,415,191,063) | | 1,386,357,975 | |
| Other assets less liabilities—(9.8%) | | (124,195,262 | ) |
NET ASSETS—100.0% | $ | 1,262,162,713 | |
Notes to the Schedule of Investments:
| REIT | | Real Estate Investment Trust |
| † | | 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 0.02% of Total Investments. |
| ** | | Security has been pledged as collateral for futures contracts. |
| †† | | Represents collateral received from securities lending transactions. |
See accompanying notes to financial statements.
155
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint 500
Stock Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—98.9% |
Advertising—0.2% | | | |
| Interpublic Group, Inc. | *† | | | 13,428 | | | $ | 153,079 | |
| Monster Worldwide, Inc. | * | | | 4,065 | | | | 167,071 | |
| Omnicom Group | | 10,696 | | | | 566,032 | |
| | | 886,182 | |
Aerospace & Defense—2.2% | | | |
| Goodrich Corporation | | 3,725 | | | | 221,861 | |
| Boeing Company (The) | | 24,280 | | | | 2,334,765 | |
| General Dynamics Corporation | | 12,623 | | | | 987,371 | |
| Honeywell International, Inc. | | 24,525 | | | | 1,380,267 | |
| Lockheed Martin Corporation | | 11,104 | | | | 1,045,220 | |
| Northrop Grumman Corporation | | 10,891 | | | | 848,082 | |
| Textron, Inc. | | 3,736 | | | | 411,371 | |
| United Technologies Corporation | | 30,619 | | | | 2,171,806 | |
| | | 9,400,743 | |
Airlines—0.3% | | | |
| FedEx Corporation | | 9,562 | | | | 1,061,095 | |
| Southwest Airlines Company | | 24,870 | | | | 370,812 | |
| | | 1,431,907 | |
Apparel Retailers—0.5% | | | |
| Abercrombie & Fitch Company Class A | | 2,804 | | | | 204,636 | |
| Gap (The), Inc. | | 16,874 | | | | 322,293 | |
| Kohl’s Corporation | * | | | 10,216 | | | | 725,642 | |
| Ltd. Brands, Inc. | † | | | 10,263 | | | | 281,719 | |
| Nordstrom, Inc. | | 7,178 | | | | 366,939 | |
| | | 1,901,229 | |
Automotive—0.8% | | | |
| Autonation, Inc. | * | | | 4,218 | | | | 94,652 | |
| Ford Motor Company | † | | | 59,170 | | | | 557,381 | |
| General Motors Corporation | † | | | 17,696 | | | | 668,909 | |
| Genuine Parts Company | | 5,410 | | | | 268,336 | |
| Goodyear Tire & Rubber Company (The) | * | | | 6,396 | | | | 222,325 | |
| Harley-Davidson, Inc. | | 8,109 | | | | 483,377 | |
| ITT Corporation | | 5,806 | | | | 396,434 | |
| Paccar, Inc. | | 7,773 | | | | 676,562 | |
| | | 3,367,976 | |
Banking—11.2% | | | |
| American Express Company | | 36,676 | | | | 2,243,838 | |
| BB&T Corporation | | 16,901 | | | | 687,533 | |
| Bank of America Corporation | | 138,448 | | | | 6,768,723 | |
| Bank of New York Company, Inc. (The) | | 23,840 | | | | 987,930 | |
| Capital One Financial Corporation | | 12,540 | | | | 983,638 | |
| CIT Group, Inc. | | 6,087 | | | | 333,750 | |
| Citigroup, Inc. | | 152,994 | | | | 7,847,062 | |
| Comerica, Inc. | | 4,863 | | | | 289,203 | |
| Commerce Bancorp, Inc. | † | | | 5,556 | | | | 205,516 | |
| Compass Bancshares, Inc. | | 4,100 | | | | 282,818 | |
| Fannie Mae | | 29,732 | | | | 1,942,392 | |
| Fifth Third Bancorp | | 17,438 | | | | 693,509 | |
| First Horizon National Corporation | † | | | 3,674 | | | | 143,286 | |
| Freddie Mac | | 21,592 | | | | 1,310,634 | |
| Hudson City Bancorp, Inc. | | 15,412 | | | | 188,335 | |
| Huntington Bancshares, Inc. | | 7,147 | | | | 162,523 | |
| JPMorgan Chase & Company | | 107,132 | | | | 5,190,545 | |
| Keycorp | † | | | 12,073 | | | | 414,466 | |
| M&T Bank Corporation | | 2,431 | | | | 259,874 | |
| Marshall & IIsley Corporation | | 8,011 | | | $ | 381,564 | |
| Mellon Financial Corporation | | 12,888 | | | | 567,072 | |
| National City Corporation | † | | | 18,129 | | | | 604,058 | |
| Northern Trust Corporation | | 5,889 | | | | 378,309 | |
PNC Financial Services
Group, Inc. | | 10,783 | | | | 771,847 | |
| Regions Financial Corporation | | 22,761 | | | | 753,389 | |
| SLM Corporation | | 12,376 | | | | 712,610 | |
| Sovereign Bancorp, Inc. | † | | | 11,004 | | | | 232,625 | |
| State Street Corporation | † | | | 10,377 | | | | 709,787 | |
| SunTrust Banks, Inc. | | 10,877 | | | | 932,594 | |
| Synovus Financial Corporation | | 10,222 | | | | 313,815 | |
| U.S. Bancorp | | 54,727 | | | | 1,803,255 | |
| Wachovia Corporation | | 58,702 | | | | 3,008,478 | |
| Washington Mutual, Inc. | | 27,227 | | | | 1,160,959 | |
| Wells Fargo & Company | | 104,115 | | | | 3,661,725 | |
| Zions Bancorporation | | 3,246 | | | | 249,650 | |
| | | 47,177,312 | |
Beverages, Food & Tobacco—5.0% | | | |
| Altria Group, Inc. | | 64,701 | | | | 4,538,128 | |
| Anheuser-Busch Companies, Inc. | | 23,378 | | | | 1,219,396 | |
| Archer-Daniels-Midland Company | | 20,536 | | | | 679,536 | |
| Brown-Forman Corporation Class B | † | | | 2,464 | | | | 180,069 | |
| Campbell Soup Company | | 6,505 | | | | 252,459 | |
| Coca-Cola Company (The) | | 62,045 | | | | 3,245,574 | |
| Coca-Cola Enterprises, Inc. | | 8,053 | | | | 193,272 | |
| ConAgra Foods, Inc. | | 15,594 | | | | 418,855 | |
| Constellation Brands, Inc. Class A | *† | | | 6,692 | | | | 162,482 | |
| Dean Foods Company | * | | | 4,192 | | | | 133,599 | |
| General Mills, Inc. | | 10,752 | | | | 628,132 | |
| Hershey Company (The) | | 5,550 | | | | 280,941 | |
| HJ Heinz Company | | 10,333 | | | | 490,508 | |
| Kellogg Company | | 7,575 | | | | 392,309 | |
| Kraft Foods, Inc. Class A | | 51,250 | | | | 1,806,563 | |
| McCormick & Company, Inc. | | 3,895 | | | | 148,711 | |
| Molson Coors Brewing Company Class B | | 1,506 | | | | 139,245 | |
| Pepsi Bottling Group, Inc. | | 4,086 | | | | 137,616 | |
| Pepsico, Inc. | | 50,454 | | | | 3,271,942 | |
| Reynolds American, Inc. | † | | | 5,390 | | | | 351,428 | |
| Sara Lee Corporation | | 23,124 | | | | 402,358 | |
| Supervalu, Inc. | | 6,343 | | | | 293,808 | |
| Sysco Corporation | | 19,320 | | | | 637,367 | |
| Tyson Foods, Inc. Class A | | 7,900 | | | | 182,016 | |
| UST, Inc. | | 5,151 | | | | 276,660 | |
| WM Wrigley Jr. Company | † | | | 6,663 | | | | 368,531 | |
| | | 20,831,505 | |
Building Materials—1.0% | | | |
| Home Depot, Inc. | | 63,504 | | | | 2,498,882 | |
| Lowe’s Companies, Inc. | | 47,428 | | | | 1,455,565 | |
| Vulcan Materials Company | † | | | 3,021 | | | | 346,025 | |
| | | 4,300,472 | |
Chemicals—1.5% | | | |
| Air Products & Chemicals, Inc. | | 6,726 | | | | 540,569 | |
| Avery Dennison Corporation | | 2,698 | | | | 179,363 | |
| Dow Chemical Company (The) | | 29,774 | | | | 1,316,606 | |
| Eastman Chemical Company | | 2,451 | | | | 157,673 | |
EI Du Pont de
Nemours & Company | | 28,658 | | | | 1,456,973 | |
| Hercules, Inc. | * | | | 3,515 | | | | 69,070 | |
International Flavors &
Fragrances, Inc. | | 2,365 | | | | 123,311 | |
| Monsanto Company | | 16,953 | | | | 1,145,006 | |
|
See accompanying notes to financial statements.
156
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint 500
Stock Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| PPG Industries, Inc. | | 5,081 | | | $ | 386,715 | |
| Praxair, Inc. | | 9,796 | | | | 705,214 | |
| Sealed Air Corporation | | 4,782 | | | | 148,338 | |
| | | 6,228,838 | |
Coal—0.2% | | | |
| Consol Energy, Inc. | | 5,595 | | | | 257,985 | |
| Peabody Energy Corporation | † | | | 8,293 | | | | 401,215 | |
| | | 659,200 | |
Commercial Services—0.8% | | | |
| Allied Waste Industries, Inc. | *† | | | 8,207 | | | | 110,466 | |
| Cintas Corporation | | 4,114 | | | | 162,215 | |
| Convergys Corporation | * | | | 4,528 | | | | 109,759 | |
| Equifax, Inc. | | 4,589 | | | | 203,843 | |
| Fluor Corporation | | 2,599 | | | | 289,451 | |
| H&R Block, Inc. | † | | | 10,232 | | | | 239,122 | |
| Moody’s Corporation | | 7,378 | | | | 458,912 | |
| Paychex, Inc. | | 10,619 | | | | 415,415 | |
| Robert Half International, Inc. | | 5,293 | | | | 193,194 | |
| RR Donnelley & Sons Company | | 6,781 | | | | 295,041 | |
| Ryder System, Inc. | † | | | 2,030 | | | | 109,214 | |
| Waste Management, Inc. | | 16,395 | | | | 640,225 | |
| | | 3,226,857 | |
Communications—1.1% | | | |
| Avaya, Inc. | * | | | 13,317 | | | | 224,258 | |
| Ciena Corporation | * | | | 2,144 | | | | 77,463 | |
L-3 Communications
Holdings, Inc. | | 3,929 | | | | 382,645 | |
| Motorola, Inc. | | 73,285 | | | | 1,297,144 | |
| Network Appliance, Inc. | *† | | | 11,224 | | | | 327,741 | |
| Qualcomm, Inc. | | 51,449 | | | | 2,232,372 | |
| Tellabs, Inc. | * | | | 12,229 | | | | 131,584 | |
| | | 4,673,207 | |
Computer Software & Processing—5.5% | | | |
| Adobe Systems, Inc. | * | | | 18,229 | | | | 731,894 | |
| Affiliated Computer Services, Inc. Class A | * | | | 3,065 | | | | 173,847 | |
| Autodesk, Inc. | * | | | 7,066 | | | | 332,667 | |
| Automatic Data Processing, Inc. | | 17,188 | | | | 833,102 | |
| BMC Software, Inc. | * | | | 6,466 | | | | 195,920 | |
| CA, Inc. | | 12,912 | | | | 333,517 | |
| Citrix Systems, Inc. | * | | | 5,196 | | | | 174,949 | |
| Cognizant Technology Solutions Corporation | * | | | 4,324 | | | | 324,689 | |
| Computer Sciences Corporation | * | | | 5,432 | | | | 321,303 | |
| Compuware Corporation | * | | | 9,006 | | | | 106,811 | |
| Electronic Arts, Inc. | * | | | 9,665 | | | | 457,348 | |
| Electronic Data Systems Corporation | | 16,012 | | | | 444,013 | |
| Fidelity National Information Services, Inc. | | 5,123 | | | | 278,076 | |
| First Data Corporation | | 22,953 | | | | 749,875 | |
| Fiserv, Inc. | * | | | 5,132 | | | | 291,498 | |
| Google, Inc. Class A | * | | | 6,705 | | | | 3,509,263 | |
| IMS Health, Inc. | | 6,032 | | | | 193,808 | |
| Intuit, Inc. | * | | | 10,960 | | | | 329,677 | |
| Juniper Networks, Inc. | * | | | 17,005 | | | | 428,016 | |
| Microsoft Corporation | | 263,166 | | | | 7,755,502 | |
| NCR Corporation | * | | | 5,590 | | | | 293,699 | |
| Novell, Inc. | * | | | 11,821 | | | | 92,086 | |
| Oracle Corporation | * | | | 122,758 | | | | 2,419,560 | |
| Sun Microsystems, Inc. | * | | | 109,955 | | | | 578,363 | |
| Symantec Corporation | * | | | 29,439 | | | $ | 594,668 | |
| Unisys Corporation | * | | | 10,465 | | | | 95,650 | |
| VeriSign, Inc. | * | | | 7,800 | | | | 247,494 | |
| Yahoo!, Inc. | * | | | 37,700 | | | | 1,022,801 | |
| | | 23,310,096 | |
Computers & Information—4.3% | | | |
| 3M Company | | 22,750 | | | | 1,974,471 | |
| Apple Computer, Inc. | * | | | 26,842 | | | | 3,275,798 | |
| Dell, Inc. | * | | | 70,744 | | | | 2,019,741 | |
| EMC Corporation | * | | | 64,482 | | | | 1,167,124 | |
| Hewlett-Packard Company | | 82,458 | | | | 3,679,276 | |
| International Business Machines Corporation | | 43,046 | | | | 4,530,591 | |
| International Game Technology | | 10,262 | | | | 407,401 | |
| Jabil Circuit, Inc. | | 5,122 | | | | 113,043 | |
| Lexmark International, Inc. | * | | | 2,870 | | | | 141,520 | |
| Pitney Bowes, Inc. | | 6,896 | | | | 322,871 | |
| SanDisk Corporation | * | | | 6,917 | | | | 338,518 | |
| Solectron Corporation | * | | | 29,567 | | | | 108,807 | |
| | | 18,079,161 | |
Containers & Packaging—0.1% | | | |
| Ball Corporation | | 3,168 | | | | 168,443 | |
| Temple-Inland, Inc. | | 3,438 | | | | 211,540 | |
| | | 379,983 | |
Cosmetics & Personal Care—2.0% | | | |
| Avon Products, Inc. | | 13,350 | | | | 490,612 | |
| Clorox Company | | 4,566 | | | | 283,549 | |
| Colgate-Palmolive Company | | 16,039 | | | | 1,040,129 | |
| Ecolab, Inc. | | 5,738 | | | | 245,013 | |
| Estee Lauder Companies (The), Inc. Class A | | 3,640 | | | | 165,656 | |
| Procter & Gamble Company | | 97,343 | | | | 5,956,418 | |
| | | 8,181,377 | |
Education—0.1% | | | |
| Apollo Group, Inc. Class A | * | | | 4,409 | | | | 257,618 | |
Electric Utilities—3.4% | | | |
| AES Corporation (The) | * | | | 20,826 | | | | 455,673 | |
| Allegheny Energy, Inc. | * | | | 4,824 | | | | 249,594 | |
| Ameren Corporation | | 6,170 | | | | 302,392 | |
American Electric Power
Company, Inc. | | 12,380 | | | | 557,595 | |
| CMS Energy Corporation | | 7,199 | | | | 123,823 | |
| Centerpoint Energy, Inc. | | 9,695 | | | | 168,693 | |
| Consolidated Edison, Inc. | | 8,061 | | | | 363,712 | |
| Constellation Energy Group, Inc. | | 5,647 | | | | 492,249 | |
| DTE Energy Company | | 5,330 | | | | 257,013 | |
| Dominion Resources, Inc. | | 10,671 | | | | 921,014 | |
| Duke Energy Corporation | | 39,212 | | | | 717,580 | |
| Dynegy, Inc. Class A | | 12,555 | | | | 118,519 | |
| Edison International | | 9,898 | | | | 555,476 | |
| Entergy Corporation | | 6,303 | | | | 676,627 | |
| Exelon Corporation | | 20,910 | | | | 1,518,066 | |
| FPL Group, Inc. | | 12,628 | | | | 716,513 | |
| FirstEnergy Corporation | | 9,744 | | | | 630,729 | |
| Integrys Energy Group, Inc. | | 2,341 | | | | 118,759 | |
| KeySpan Corporation | | 5,136 | | | | 215,609 | |
| NiSource, Inc. | | 8,413 | | | | 174,233 | |
| PG&E Corporation | | 10,922 | | | | 494,767 | |
| PPL Corporation | | 11,967 | | | | 559,936 | |
| Pinnacle West Capital Corporation | | 2,891 | | | | 115,206 | |
| Progress Energy, Inc. | | 7,759 | | | | 353,733 | |
Public Service Enterprise
Group, Inc. | | 7,895 | | | | 693,023 | |
|
See accompanying notes to financial statements.
157
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint 500
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COMMON STOCKS—(Continued) |
| Sempra Energy | | 8,214 | | | $ | 486,515 | |
| Southern Company (The) | † | | | 23,187 | | | | 795,082 | |
| TXU Corporation | | 14,341 | | | | 965,149 | |
| TECO Energy, Inc. | | 5,950 | | | | 102,221 | |
| Xcel Energy, Inc. | † | | | 12,731 | | | | 260,604 | |
| | | 14,160,105 | |
Electrical Equipment—3.3% | | | |
| Cooper Industries Ltd. Class A (Bermuda) | | 5,710 | | | | 325,984 | |
| Emerson Electric Company | | 24,650 | | | | 1,153,620 | |
| General Electric Company | | 320,066 | | | | 12,252,126 | |
| | | 13,731,730 | |
Electronics—4.1% | | | |
| Advanced Micro Devices, Inc. | *† | | | 16,617 | | | | 237,623 | |
| Altera Corporation | * | | | 11,395 | | | | 252,171 | |
| Analog Devices, Inc. | | 10,381 | | | | 390,741 | |
| Broadcom Corporation Class A | * | | | 14,124 | | | | 413,127 | |
| Cisco Systems, Inc. | * | | | 188,878 | | | | 5,260,252 | |
| Eastman Kodak Company | † | | | 8,976 | | | | 249,802 | |
| Intel Corporation | | 180,750 | | | | 4,294,620 | |
| JDS Uniphase Corporation | *† | | | 5,668 | | | | 76,121 | |
| LSI Corp. | * | | | 23,786 | | | | 178,633 | |
| Linear Technology Corporation | † | | | 8,992 | | | | 325,331 | |
| Maxim Integrated Products, Inc. | | 9,705 | | | | 324,244 | |
MEMC Electronics
Materials, Inc. | * | | | 7,012 | | | | 428,573 | |
| Micron Technology, Inc. | *† | | | 23,746 | | | | 297,537 | |
| Molex, Inc. | | 4,262 | | | | 127,903 | |
| National Semiconductor Corporation | † | | | 8,732 | | | | 246,854 | |
| Novellus Systems, Inc. | * | | | 4,043 | | | | 114,700 | |
| Nvidia Corporation | * | | | 11,171 | | | | 461,474 | |
| QLogic Corporation | * | | | 4,584 | | | | 76,324 | |
| Raytheon Company | | 13,679 | | | | 737,161 | |
| Rockwell Collins, Inc. | | 5,106 | | | | 360,688 | |
| Texas Instruments, Inc. | | 44,309 | | | | 1,667,348 | |
| Xerox Corporation | * | | | 29,117 | | | | 538,082 | |
| Xilinx, Inc. | † | | | 10,839 | | | | 290,160 | |
| | | 17,349,469 | |
Entertainment & Leisure—1.7% | | | |
| Harrah’s Entertainment, Inc. | | 5,827 | | | | 496,810 | |
| Hasbro, Inc. | | 5,527 | | | | 173,603 | |
| Mattel, Inc. | | 11,814 | | | | 298,776 | |
| News Corporation, Inc. Class A | | 72,898 | | | | 1,546,167 | |
| Time Warner, Inc. | | 117,416 | | | | 2,470,433 | |
| Walt Disney Company | | 63,004 | | | | 2,150,957 | |
| | | 7,136,746 | |
Environmental—0.3% | | | |
| Agilent Technologies, Inc. | * | | | 12,539 | | | | 481,999 | |
| Danaher Corporation | | 7,201 | | | | 543,675 | |
| Tektronix, Inc. | † | | | 2,676 | | | | 90,288 | |
| Teradyne, Inc. | *† | | | 6,358 | | | | 111,774 | |
| | | 1,227,736 | |
Financial Services—3.5% | | | |
| Ameriprise Financial, Inc. | | 7,301 | | | | 464,125 | |
| Bear Stearns Companies, Inc. (The) | | 3,605 | | | | 504,700 | |
| Charles Schwab Corporation (The) | | 31,601 | | | | 648,453 | |
| Chicago Mercantile Exchange | † | | | 1,065 | | | $ | 569,093 | |
| Countrywide Financial Corporation | † | | | 17,838 | | | | 648,411 | |
| E*Trade Financial Corporation | * | | | 12,800 | | | | 282,752 | |
| Federated Investors, Inc. Class B | | 2,799 | | | | 107,286 | |
| Franklin Resources, Inc. | | 5,212 | | | | 690,434 | |
| Goldman Sachs Group, Inc. | | 12,665 | | | | 2,745,139 | |
| Janus Capital Group, Inc. | | 6,553 | | | | 182,436 | |
| Legg Mason, Inc. | | 3,983 | | | | 391,848 | |
| Lehman Brothers Holdings, Inc. | | 16,302 | | | | 1,214,825 | |
| Merrill Lynch & Company, Inc. | | 27,506 | | | | 2,298,951 | |
| Morgan Stanley | | 32,936 | | | | 2,762,672 | |
| Principal Financial Group | | 8,326 | | | | 485,323 | |
| T Rowe Price Group, Inc. | | 7,884 | | | | 409,101 | |
| Western Union Company (The) | | 23,989 | | | | 499,691 | |
| | | 14,905,240 | |
Food Retailers—0.4% | | | |
| Kroger Company (The) | | 21,895 | | | | 615,906 | |
| Safeway, Inc. | | 13,907 | | | | 473,255 | |
| Starbucks Corporation | * | | | 23,609 | | | | 619,500 | |
| Whole Foods Market, Inc. | † | | | 4,200 | | | | 160,860 | |
| | | 1,869,521 | |
Forest Products & Paper—0.6% | | | |
| Bemis Company | | 3,365 | | | | 111,651 | |
| International Paper Company | | 14,251 | | | | 556,502 | |
| Kimberly-Clark Corporation | | 14,297 | | | | 956,326 | |
| MeadWestvaco Corporation | | 5,462 | | | | 192,918 | |
| Pactiv Corporation | * | | | 4,478 | | | | 142,803 | |
| Weyerhaeuser Company | | 6,392 | | | | 504,521 | |
| | | 2,464,721 | |
Health Care Providers—0.3% | | | |
| Coventry Health Care, Inc. | * | | | 4,800 | | | | 276,720 | |
| Express Scripts, Inc. | * | | | 8,142 | | | | 407,181 | |
| Laboratory Corporation of America Holdings | *† | | | 3,951 | | | | 309,205 | |
| Manor Care, Inc. | † | | | 2,002 | | | | 130,711 | |
| Tenet Healthcare Corporation | *† | | | 14,819 | | | | 96,472 | |
| | | 1,220,289 | |
Heavy Construction—0.1% | | | |
| Centex Corporation | † | | | 3,736 | | | | 149,814 | |
| Lennar Corporation Class A | | 4,253 | | | | 155,490 | |
| | | 305,304 | |
Heavy Machinery—1.9% | | | |
American Standard
Companies, Inc. | | 5,509 | | | | 324,921 | |
| Applied Materials, Inc. | | 43,374 | | | | 861,841 | |
| Black & Decker Corporation | | 1,913 | | | | 168,937 | |
| Caterpillar, Inc. | | 19,816 | | | | 1,551,593 | |
| Cummins, Inc. | | 3,320 | | | | 336,017 | |
| Deere & Company | | 6,919 | | | | 835,400 | |
| Dover Corporation | | 6,423 | | | | 328,536 | |
| Eaton Corporation | | 4,680 | | | | 435,240 | |
| Ingersoll-Rand Company Class A (Bermuda) | | 9,736 | | | | 533,728 | |
| National-Oilwell Varco, Inc. | * | | | 5,295 | | | | 551,951 | |
| Pall Corporation | | 3,958 | | | | 182,028 | |
| Parker Hannifin Corporation | | 3,755 | | | | 367,652 | |
| Rockwell Automation, Inc. | | 5,356 | | | | 371,921 | |
| Smith International, Inc. | | 6,087 | | | | 356,942 | |
| Stanley Works (The) | | 2,596 | | | | 157,577 | |
| Terex Corporation | * | | | 3,229 | | | | 262,518 | |
|
See accompanying notes to financial statements.
158
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint 500
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COMMON STOCKS—(Continued) |
| Varian Medical Systems, Inc. | * | | | 4,001 | | | $ | 170,083 | |
| WW Grainger, Inc. | | 2,254 | | | | 209,735 | |
| | | 8,006,620 | |
Home Construction, Furnishings & Appliances—0.5% |
| DR Horton, Inc. | † | | | 8,206 | | | | 163,546 | |
Harman International
Industries, Inc. | | 2,000 | | | | 233,600 | |
| Johnson Controls, Inc. | | 5,919 | | | | 685,243 | |
| KB Home | † | | | 2,308 | | | | 90,866 | |
| Leggett & Platt, Inc. | † | | | 5,276 | | | | 116,336 | |
| Masco Corporation | | 11,772 | | | | 335,149 | |
| Newell Rubbermaid, Inc. | | 8,746 | | | | 257,395 | |
| Pulte Homes, Inc. | | 6,258 | | | | 140,492 | |
| Whirlpool Corporation | | 2,302 | | | | 255,982 | |
| | | 2,278,609 | |
Household Products—0.3% | | | |
| Fortune Brands, Inc. | † | | | 4,752 | | | | 391,422 | |
| Illinois Tool Works, Inc. | | 13,111 | | | | 710,485 | |
| Rohm & Haas Company | † | | | 4,355 | | | | 238,131 | |
| Snap-On, Inc. | | 1,846 | | | | 93,241 | |
| | | 1,433,279 | |
Industrial—Diversified—0.5% | | | |
| Tyco International Ltd. (Bermuda) | | 60,781 | | | | 2,053,790 | |
Insurance—5.9% | | | |
| ACE Ltd. (Cayman Islands) | | 10,182 | | | | 636,579 | |
| Aflac, Inc. | | 15,447 | | | | 793,976 | |
| Aetna, Inc. | | 16,306 | | | | 805,516 | |
| Allstate Corporation (The) | | 18,955 | | | | 1,165,922 | |
| AMBAC Financial Group, Inc. | | 3,342 | | | | 291,389 | |
| American International Group, Inc. | | 80,243 | | | | 5,619,417 | |
| AON Corporation | | 9,430 | | | | 401,812 | |
| Assurant, Inc. | | 3,200 | | | | 188,544 | |
| Chubb Corporation | | 12,865 | | | | 696,511 | |
| Cigna Corporation | | 8,754 | | | | 457,134 | |
| Cincinnati Financial Corporation | | 5,083 | | | | 220,602 | |
| Genworth Financial, Inc. Class A | | 13,920 | | | | 478,848 | |
Hartford Financial Services
Group, Inc. | | 9,889 | | | | 974,165 | |
| Humana, Inc. | * | | | 5,100 | | | | 310,641 | |
| Lincoln National Corporation | | 8,407 | | | | 596,477 | |
| Loews Corporation | | 14,289 | | | | 728,453 | |
| MBIA, Inc. | † | | | 4,034 | | | | 250,995 | |
| MGIC Investment Corporation | † | | | 2,777 | | | | 157,900 | |
Marsh & McLennan
Companies, Inc. | | 17,260 | | | | 532,989 | |
| Metlife, Inc. | | 23,100 | | | | 1,489,488 | |
| Progressive Corporation (The) | | 22,388 | | | | 535,745 | |
| Prudential Financial, Inc. | | 14,698 | | | | 1,429,087 | |
| Safeco Corporation | | 3,261 | | | | 203,030 | |
| Torchmark Corporation | | 2,839 | | | | 190,213 | |
| Travelers Cos., Inc. (The) | | 20,687 | | | | 1,106,755 | |
| UnitedHealth Group, Inc. | | 41,926 | | | | 2,144,096 | |
| UnumProvident Corporation | | 10,826 | | | | 282,667 | |
| WellPoint, Inc. | * | | | 18,800 | | | | 1,500,804 | |
XL Capital Ltd. Class A
(Cayman Islands) | | 5,668 | | | | 477,756 | |
| | | 24,667,511 | |
Lodging—0.4% | | | |
| Hilton Hotels Corporation | | 12,120 | | | | 405,656 | |
| Marriott International, Inc. Class A | | 10,468 | | | | 452,636 | |
| Starwood Hotels & Resorts Worldwide, Inc. | | 6,705 | | | $ | 449,704 | |
| Wyndham Worldwide Corporation | * | | | 6,076 | | | | 220,316 | |
| | | 1,528,312 | |
Media—Broadcasting & Publishing—1.8% |
| CBS Corporation Class B | | 22,482 | | | | 749,100 | |
Clear Channel
Communications, Inc. | | 15,334 | | | | 579,932 | |
| Comcast Corporation Class A | * | | | 95,732 | | | | 2,691,984 | |
| DIRECTV Group (The), Inc. | * | | | 24,117 | | | | 557,344 | |
| Dow Jones & Company, Inc. | | 2,056 | | | | 118,117 | |
| EW Scripps Company Class A | | 2,500 | | | | 114,225 | |
| Gannett Company, Inc. | | 7,093 | | | | 389,760 | |
| IAC/InterActiveCorp | * | | | 7,037 | | | | 243,551 | |
| McGraw-Hill Companies, Inc. (The) | | 10,854 | | | | 738,940 | |
| Meredith Corporation | | 1,189 | | | | 73,242 | |
| New York Times Company Class A | † | | | 4,417 | | | | 112,192 | |
| Tribune Company | | 4,293 | | | | 126,214 | |
| Viacom, Inc. Class B | * | | | 21,824 | | | | 908,533 | |
| | | 7,403,134 | |
Medical Supplies—3.4% | | | |
| Allergan, Inc. | | 9,624 | | | | 554,727 | |
| Applera Corporation—Applied Biosystems Group | | 5,286 | | | | 161,434 | |
| Bausch & Lomb, Inc. | | 1,661 | | | | 115,340 | |
| Baxter International, Inc. | | 20,414 | | | | 1,150,125 | |
| Becton Dickinson & Company | | 7,580 | | | | 564,710 | |
| Biomet, Inc. | | 7,495 | | | | 342,671 | |
| Boston Scientific Corporation | * | | | 36,858 | | | | 565,402 | |
| CR Bard, Inc. | | 3,184 | | | | 263,094 | |
| Johnson & Johnson | | 89,777 | | | | 5,532,059 | |
| Kla-Tencor Corporation | | 6,264 | | | | 344,207 | |
| Medtronic, Inc. | | 35,840 | | | | 1,858,662 | |
| Millipore Corporation | *† | | | 1,546 | | | | 116,089 | |
| Patterson Cos., Inc. | * | | | 4,422 | | | | 164,808 | |
| PerkinElmer, Inc. | | 4,019 | | | | 104,735 | |
| St. Jude Medical, Inc. | *† | | | 10,312 | | | | 427,845 | |
| Stryker Corporation | | 9,299 | | | | 586,674 | |
| Thermo Fisher Scientific, Inc. | * | | | 13,077 | | | | 676,342 | |
| Waters Corporation | * | | | 3,186 | | | | 189,121 | |
| Zimmer Holdings, Inc. | * | | | 7,357 | | | | 624,536 | |
| | | 14,342,581 | |
Metals—1.1% | | | |
| Alcoa, Inc. | | 27,063 | | | | 1,096,863 | |
| Allegheny Technologies, Inc. | | 3,169 | | | | 332,365 | |
| Corning, Inc. | * | | | 48,789 | | | | 1,246,559 | |
| Newmont Mining Corporation | | 14,078 | | | | 549,887 | |
| Nucor Corporation | | 9,520 | | | | 558,348 | |
| Precision Castparts Corporation | | 4,277 | | | | 519,057 | |
| United States Steel Corporation | | 3,716 | | | | 404,115 | |
| | | 4,707,194 | |
Mining—0.2% | | | |
| Freeport-McMoran Copper & Gold, Inc. | | 11,682 | | | | 967,503 | |
Oil & Gas—10.4% | | | |
| Anadarko Petroleum Corporation | | 14,377 | | | | 747,460 | |
| Apache Corporation | | 10,292 | | | | 839,724 | |
| Ashland, Inc. | | 1,771 | | | | 113,255 | |
| Baker Hughes, Inc. | | 9,795 | | | | 824,053 | |
| BJ Services Company | | 8,811 | | | | 250,585 | |
|
See accompanying notes to financial statements.
159
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint 500
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COMMON STOCKS—(Continued) |
| Chesapeake Energy Corporation | | 13,057 | | | $ | 451,772 | |
| Chevron Corporation | | 66,543 | | | | 5,605,582 | |
| ConocoPhillips | | 50,656 | | | | 3,976,496 | |
| Devon Energy Corporation | | 13,789 | | | | 1,079,541 | |
| EOG Resources, Inc. | | 7,355 | | | | 537,356 | |
| El Paso Corporation | | 22,180 | | | | 382,161 | |
| ENSCO International, Inc. | | 4,797 | | | | 292,665 | |
| Exxon Mobil Corporation | | 176,193 | | | | 14,779,069 | |
| Halliburton Company | | 27,911 | | | | 962,929 | |
| Hess Corporation | | 8,166 | | | | 481,467 | |
| Marathon Oil Corporation | | 21,170 | | | | 1,269,353 | |
| Murphy Oil Corporation | | 5,510 | | | | 327,514 | |
| Nabors Industries Ltd. | *† | | | 8,284 | | | | 276,520 | |
| Nicor, Inc. | † | | | 1,395 | | | | 59,873 | |
Noble Corporation
(Cayman Islands) | | 4,237 | | | | 413,192 | |
| Occidental Petroleum Corporation | | 25,699 | | | | 1,487,458 | |
| Questar Corporation | | 5,268 | | | | 278,414 | |
| Rowan Companies., Inc. | | 3,489 | | | | 142,979 | |
Schlumberger Ltd.
(Netherland Antilles) | | 36,396 | | | | 3,091,476 | |
| Spectra Energy Corp. | | 19,659 | | | | 510,348 | |
| Sunoco, Inc. | | 3,836 | | | | 305,652 | |
Transocean, Inc.
(Cayman Islands) | * | | | 8,959 | | | | 949,475 | |
| Valero Energy Corporation | | 17,522 | | | | 1,294,175 | |
| Weatherford International Ltd. (Bermuda) | * | | | 10,600 | | | | 585,544 | |
| Williams Companies, Inc. | | 18,675 | | | | 590,503 | |
| XTO Energy, Inc. | | 11,450 | | | | 688,145 | |
| | | 43,594,736 | |
Pharmaceuticals—6.6% | | | |
| Abbott Laboratories | | 47,763 | | | | 2,557,709 | |
| AmerisourceBergen Corporation | | 5,803 | | | | 287,074 | |
| Amgen, Inc. | * | | | 36,300 | | | | 2,007,027 | |
| Barr Pharmaceuticals, Inc. | * | | | 3,200 | | | | 160,736 | |
| Biogen Idec, Inc. | * | | | 10,556 | | | | 564,746 | |
| Bristol-Myers Squibb Company | | 62,894 | | | | 1,984,935 | |
| Cardinal Health, Inc. | | 12,639 | | | | 892,819 | |
| Celgene Corporation | * | | | 11,645 | | | | 667,608 | |
| Eli Lilly & Company | | 30,660 | | | | 1,713,281 | |
| Forest Laboratories, Inc. | * | | | 9,616 | | | | 438,970 | |
| Genzyme Corporation | * | | | 8,228 | | | | 529,883 | |
| Gilead Sciences, Inc. | * | | | 28,688 | | | | 1,112,234 | |
| Hospira, Inc. | * | | | 4,680 | | | | 182,707 | |
| King Pharmaceuticals, Inc. | * | | | 7,638 | | | | 156,273 | |
| McKesson Corporation | | 9,267 | | | | 552,684 | |
| Medco Health Solutions, Inc. | * | | | 8,772 | | | | 684,128 | |
| Merck & Company, Inc. | | 66,747 | | | | 3,324,001 | |
| Mylan Laboratories | | 7,620 | | | | 138,608 | |
| Pfizer, Inc. | | 218,597 | | | | 5,589,525 | |
| Quest Diagnostics, Inc. | | 4,860 | | | | 251,019 | |
| Schering-Plough Corporation | | 46,224 | | | | 1,407,059 | |
| Sigma Aldrich Corporation | | 3,792 | | | | 161,805 | |
| Watson Pharmaceuticals, Inc. | * | | | 2,919 | | | | 94,955 | |
| Wyeth | | 41,920 | | | | 2,403,693 | |
| | | 27,863,479 | |
Real Estate—1.2% | | | |
| Apartment Investment & Management Company REIT Class A | † | | | 2,984 | | | | 150,453 | |
| Archstone-Smith Trust REIT | † | | | 6,851 | | | | 404,963 | |
Avalonbay Communities,
Inc. REIT | | 2,470 | | | $ | 293,634 | |
| Boston Properties, Inc. REIT | | 3,717 | | | | 379,617 | |
| CB Richard Ellis Group, Inc. Class A | * | | | 5,846 | | | | 213,379 | |
| Developers Diversified Realty Corporation REIT | | 3,951 | | | | 208,257 | |
| Equity Residential REIT | | 9,149 | | | | 417,469 | |
| General Growth Properties, Inc. REIT | | 6,834 | | | | 361,860 | |
| Host Hotels & Resorts Inc. REIT | † | | | 16,217 | | | | 374,937 | |
| Kimco Realty Corporation REIT | | 7,102 | | | | 270,373 | |
| Plum Creek Timber Company, Inc. REIT | | 5,794 | | | | 241,378 | |
| Prologis REIT | | 7,749 | | | | 440,918 | |
| Public Storage REIT | | 3,844 | | | | 295,296 | |
| Simon Property Group, Inc. REIT | | 6,910 | | | | 642,906 | |
| Vornado Realty Trust REIT | | 4,063 | | | | 446,280 | |
| | | 5,141,720 | |
Restaurants—0.6% | | | |
| Darden Restaurants, Inc. | | 4,663 | | | | 205,125 | |
| McDonald’s Corporation | | 36,977 | | | | 1,876,953 | |
| Wendy’s International, Inc. | | 2,362 | | | | 86,804 | |
| Yum! Brands, Inc. | | 16,348 | | | | 534,907 | |
| | | 2,703,789 | |
Retailers—4.0% | | | |
| Amazon.Com, Inc. | *† | | | 9,679 | | | | 662,140 | |
| Autozone, Inc. | * | | | 1,646 | | | | 224,877 | |
| Bed Bath & Beyond, Inc. | * | | | 8,880 | | | | 319,591 | |
| Best Buy Company, Inc. | | 12,303 | | | | 574,181 | |
| Big Lots, Inc. | *† | | | 3,704 | | | | 108,972 | |
| CVS Caremark Corp. | | 47,765 | | | | 1,741,034 | |
| Circuit City Stores, Inc. | † | | | 4,766 | | | | 71,871 | |
| Costco Wholesale Corporation | | 14,007 | | | | 819,690 | |
| Dillard’s, Inc. Class A | | 1,726 | | | | 62,015 | |
| Dollar General Corporation | | 9,870 | | | | 216,350 | |
| eBay, Inc. | * | | | 34,808 | | | | 1,120,121 | |
| Family Dollar Stores, Inc. | | 5,061 | | | | 173,694 | |
| JC Penney Company, Inc. | | 7,038 | | | | 509,410 | |
| Macys, Inc. | | 13,973 | | | | 555,846 | |
| Nike, Inc. Class B | | 11,610 | | | | 676,747 | |
| Office Depot, Inc. | * | | | 8,714 | | | | 264,034 | |
| OfficeMax, Inc. | | 2,397 | | | | 94,202 | |
| RadioShack Corporation | | 3,908 | | | | 129,511 | |
| Sears Holdings Corporation | * | | | 2,604 | | | | 441,378 | |
| Sherwin-Williams Company (The) | | 3,384 | | | | 224,934 | |
| Staples, Inc. | | 22,357 | | | | 530,532 | |
| TJX Companies., Inc. | | 14,038 | | | | 386,045 | |
| Target Corporation | | 26,749 | | | | 1,701,236 | |
| Tiffany & Company | | 4,243 | | | | 225,134 | |
| Walgreen Company | | 31,265 | | | | 1,361,278 | |
| Wal-Mart Stores, Inc. | | 76,031 | | | | 3,657,851 | |
| | | 16,852,674 | |
Telephone Systems—3.7% | | | |
| Alltel Corporation | | 10,964 | | | | 740,618 | |
| AT&T, Inc. | | 193,286 | | | | 8,021,369 | |
| CenturyTel, Inc. | | 3,293 | | | | 161,522 | |
| Citizens Communications Company | † | | | 10,409 | | | | 158,945 | |
| Embarq Corporation | | 4,416 | | | | 279,842 | |
| Qwest Communications International, Inc. | *† | | | 46,865 | | | | 454,591 | |
| Sprint Nextel Corporation | | 89,305 | | | | 1,849,507 | |
|
See accompanying notes to financial statements.
160
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint 500
Stock Index Fund
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COMMON STOCKS—(Continued) |
| Verizon Communications, Inc. | | 89,645 | | | $ | 3,690,685 | |
| Windstream Corporation | | 14,143 | | | | 208,751 | |
| | | 15,565,830 | |
Textiles, Clothing & Fabrics—0.3% | | | |
| Coach, Inc. | * | | | 11,268 | | | | 533,991 | |
| Jones Apparel Group, Inc. | | 3,500 | | | | 98,875 | |
| Liz Claiborne, Inc. | | 3,056 | | | | 113,989 | |
| Polo Ralph Lauren Corporation | | 1,954 | | | | 191,707 | |
| VF Corporation | | 2,652 | | | | 242,870 | |
| | | 1,181,432 | |
Transportation—1.6% | | | |
| Brunswick Corporation | | 2,897 | | | | 94,529 | |
| Burlington Northern Santa Fe Corporation | | 11,092 | | | | 944,373 | |
| CSX Corporation | | 13,515 | | | | 609,256 | |
| Carnival Corporation | | 13,905 | | | | 678,147 | |
| CH Robinson Worldwide, Inc. | | 5,392 | | | | 283,188 | |
| Norfolk Southern Corporation | | 12,304 | | | | 646,821 | |
| Union Pacific Corporation | | 8,419 | | | | 969,448 | |
| United Parcel Service, Inc. Class B | | 32,812 | | | | 2,395,276 | |
| | | 6,621,038 | |
TOTAL COMMON STOCKS | | | |
| (Cost $212,029,318) | | 415,577,755 | |
| |
Coupon
Rate
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| Maturity
Date
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U.S. TREASURY OBLIGATIONS—0.1% |
U.S. Treasury Bills—0.1% | | | |
| U.S. Treasury Bill | | | |
| 4.585% | | | | 09/20/2007 | | ** | | | | | | | | |
| (Cost $197,912) | $ | 200,000 | | | | 197,912 | |
| |
CASH EQUIVALENTS—3.7% |
Institutional Money Market Funds—0.1% | | | |
| Reserve Primary Money Market Fund | | | |
| 5.230% | | | | 07/02/2007 | | †† | | | 242,163 | | | | 242,163 | |
Bank & Certificate Deposits/
Offshore Time Deposits—3.3% | | | |
| Abbey National PLC | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 181,623 | | | | 181,623 | |
| BancoBilbao Vizcaya Argentaria SA | | | |
| 5.300% | | | | 08/10/2007 | | †† | | | 121,082 | | | | 121,082 | |
| Bank of Montreal | | | |
| 5.310% | | | | 08/14/2007 | | †† | | | 121,082 | | | | 121,082 | |
| Bank of Montreal | | | |
| 5.290% | | | | 07/02/2007 | | †† | | | 242,164 | | | | 242,164 | |
| Bank of Montreal | | | |
| 5.280% | | | | 07/03/2007 | | †† | | | 242,164 | | | | 242,164 | |
| Bank of Nova Scotia | | | |
| 5.290% | | | | 07/11/2007 | | †† | | | 302,704 | | | | 302,704 | |
| Bank of Nova Scotia | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 181,623 | | | | 181,623 | |
| Barclays | | | |
| 5.320% | | | | 09/04/2007 | | †† | | | 121,082 | | | | 121,082 | |
| Barton Capital LLC | | | |
| 5.310% | | | | 07/12/2007 | | †† | | | 181,623 | | | | 181,623 | |
| BNP Paribas | | | |
| 5.350% | | | | 07/02/2007 | | †† | | | 363,245 | | | | 363,245 | |
| CAFCO Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | $ | 121,082 | | | $ | 121,082 | |
| Calyon | | | |
| 5.380% | | | | 07/02/2007 | | †† | | | 363,245 | | | | 363,245 | |
| Canadian Imperial Bank of Commerce | | | |
| 5.300% | | | | 07/30/2007 | | †† | | | 605,409 | | | | 605,409 | |
| Clipper Receivables Corp | | | |
| 5.310% | | | | 07/10/2007 | | †† | | | 363,245 | | | | 363,245 | |
| CRC Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 181,623 | | | | 181,623 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/13/2007 | | †† | | | 181,623 | | | | 181,623 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 423,786 | | | | 423,786 | |
| Den Danske Bank | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 242,163 | | | | 242,163 | |
| Falcon Asset Securitization Corporation | | | |
| 5.310% | | | | 07/17/2007 | | †† | | | 84,757 | | | | 84,757 | |
| First Tennessee Bank | | | |
| 5.300% | | | | 07/18/2007 | | †† | | | 121,082 | | | | 121,082 | |
| Fortis Bank | | | |
| 5.300% | | | | 07/20/2007 | | †† | | | 302,704 | | | | 302,704 | |
| Greyhawk Funding | | | |
| 5.290% | | | | 07/02/2007 | | †† | | | 121,082 | | | | 121,082 | |
| Jupiter Securitization Corporation | | | |
| 5.320% | | | | 07/26/2007 | | †† | | | 181,623 | | | | 181,623 | |
| Lexington Parker Capital Company | | | |
| 5.290% | | | | 07/03/2007 | | †† | | | 121,082 | | | | 121,082 | |
| Liberty Street Funding Corporation | | | |
| 5.330% | | | | 07/31/2007 | | †† | | | 84,757 | | | | 84,757 | |
| Liberty Street Funding Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 242,163 | | | | 242,163 | |
| Liberty Street Funding Corporation | | | |
| 5.280% | | | | 07/02/2007 | | †† | | | 242,163 | | | | 242,163 | |
| Lloyds TSB Bank | | | |
| 5.280% | | | | 07/17/2007 | | †† | | | 121,082 | | | | 121,082 | |
| Merrill Lynch & Company | | | |
| 5.340% | | | | 07/02/2007 | | †† | | | 2,179,471 | | | | 2,179,471 | |
| Morgan Stanley & Company | | | |
| 5.370% | | | | 07/02/2007 | | †† | | | 1,271,358 | | | | 1,271,358 | |
| National Australia Bank | | | |
| 5.320% | | | | 07/02/2007 | | †† | | | 363,245 | | | | 363,245 | |
| Old Line Funding LCC | | | |
| 5.320% | | | | 07/12/2007 | | †† | | | 121,082 | | | | 121,082 | |
| Paradigm Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 121,082 | | | | 121,082 | |
| Paradigm Funding LLC | | | |
| 5.300% | | | | 07/10/2007 | | †† | | | 602,922 | | | | 602,922 | |
| Park Avenue Receivables Corp | | | |
| 5.300% | | | | 07/09/2007 | | †† | | | 602,922 | | | | 602,922 | |
| Rabobank Nederland | | | |
| 5.330% | | | | 07/02/2007 | | †† | | | 363,245 | | | | 363,245 | |
| Rabobank Nederland | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 302,704 | | | | 302,704 | |
| Ranger Funding Corporation | | | |
| 5.330% | | | | 08/02/2007 | | †† | | | 302,704 | | | | 302,704 | |
| Royal Bank of Scotland | | | |
| 5.270% | | | | 07/11/2007 | | †† | | | 242,163 | | | | 242,163 | |
| Sheffield Receivables Corporation | | | |
| 5.290% | | | | 07/06/2007 | | †† | | | 60,541 | | | | 60,541 | |
| Skandinaviska Enskilda Banken AB | | | |
| 5.290% | | | | 07/19/2007 | | †† | | | 302,704 | | | | 302,704 | |
| Svenska Handlesbanken | | | |
| 5.300% | | | | 07/02/2007 | | †† | | | 500,894 | | | | 500,894 | |
| Wells Fargo | | | |
| 5.280% | | | | 07/12/2007 | | †† | | | 302,704 | | | | 302,704 | |
|
See accompanying notes to financial statements.
161
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint 500
Stock Index Fund
Coupon
Rate
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| Maturity
Date
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| Face
|
| Value
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|---|
CASH EQUIVALENTS—(Continued) |
| Wells Fargo | | | |
| 5.260% | | | | 07/02/2007 | | †† | | $ | 121,082 | | | $ | 121,082 | |
| | | 13,923,886 | |
Floating Rate Instruments/Master Notes—0.3% |
| Bank of America | | | |
| 5.310% | | | | 07/10/2007 | | †† | | | 302,704 | | | | 302,704 | |
| Bank of America | | | |
| 5.300% | | | | 09/17/2007 | | †† | | | 605,409 | | | | 605,409 | |
| Bank of America | | | |
| 5.270% | | | | 07/16/2007 | | †† | | | 181,623 | | | | 181,623 | |
| Bank of America | | | |
| 5.270% | | | | 08/17/2007 | | †† | | | 302,704 | | | | 302,704 | |
| | | 1,392,440 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $15,558,489) | | 15,558,489 | |
| |
REPURCHASE AGREEMENTS—1.0% |
| Investors Bank & Trust Repurchase Agreement dated 06/29/2007 due 07/02/2007, with a maturity value of $4,342,641 and an effective yield of 4.65% collateralized by a U.S. Government Agency Obligation with a rate of 8.625%, maturity date of 05/25/2015 and an aggregate market value of 4,558,007. | | 4,340,959 | | | | 4,340,959 | |
TOTAL INVESTMENTS—103.7% | | | |
| (Cost $232,126,679) | | 435,675,115 | |
| Other assets less liabilities—(3.7%) | | (15,362,384 | ) |
NET ASSETS—100.0% | $ | 420,312,731 | |
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, 2007 (Unaudited)
Vantagepoint Broad
Market Index Fund
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COMMON STOCKS—98.3% |
Advertising—0.3% | | | |
| Aquantive, Inc. | * | | | 2,027 | | | $ | 129,323 | |
| Catalina Marketing Corporation | | 2,131 | | | | 67,126 | |
| Clear Channel Outdoor Holdings, Inc. Class A | * | | | 2,500 | | | | 70,850 | |
| Getty Images, Inc. | * | | | 1,742 | | | | 83,285 | |
| Interpublic Group, Inc. | *† | | | 17,203 | | | | 196,114 | |
| Jupitermedia Corporation | * | | | 1,450 | | | | 10,556 | |
| Lamar Advertising Company | | 3,479 | | | | 218,342 | |
| Monster Worldwide, Inc. | * | | | 4,681 | | | | 192,389 | |
| Omnicom Group | | 13,220 | | | | 699,602 | |
| Valueclick, Inc. | * | | | 4,058 | | | | 119,549 | |
| | | 1,787,136 | |
Aerospace & Defense—1.7% | | | |
| AAR Corporation | *† | | | 1,489 | | | | 49,152 | |
| Alliant Techsystems, Inc. | * | | | 1,550 | | | | 153,682 | |
| Armor Holdings, Inc. | * | | | 1,500 | | | | 130,305 | |
| Goodrich Corporation | | 4,882 | | | | 290,772 | |
| BE Aerospace, Inc. | *† | | | 2,393 | | | | 98,831 | |
| Boeing Company (The) | | 27,705 | | | | 2,664,113 | |
| Fairchild Corporation (The) Class A | * | | | 3,265 | | | | 7,248 | |
| Gencorp, Inc. | * | | | 1,629 | | | | 21,291 | |
| General Dynamics Corporation | | 13,610 | | | | 1,064,574 | |
| Heico Corporation Class A | | 878 | | | | 30,862 | |
| Honeywell International, Inc. | | 29,167 | | | | 1,641,519 | |
| Kreisler Manufacturing Corporation | * | | | 1,250 | | | | 19,400 | |
| Lockheed Martin Corporation | | 13,135 | | | | 1,236,398 | |
| Northrop Grumman Corporation | | 12,770 | | | | 994,400 | |
| Orbital Sciences Corporation | *† | | | 2,123 | | | | 44,604 | |
| Sequa Corporation Class A | * | | | 510 | | | | 57,120 | |
| Textron, Inc. | | 4,107 | | | | 452,222 | |
| Triumph Group, Inc. | | 822 | | | | 53,816 | |
| United Technologies Corporation | | 36,395 | | | | 2,581,497 | |
| | | 11,591,806 | |
Agriculture, Forestry & Fishing—0.0% | | | |
| Andersons, Inc. | † | | | 700 | | | | 31,731 | |
| Griffin Land & Nurseries, Inc. | * | | | 650 | | | | 23,465 | |
Margo Caribe, Inc.
(Puerto Rico) | *† | | | 1,022 | | | | 4,854 | |
| Pilgrim’s Pride Corporation | | 2,476 | | | | 94,509 | |
| Seaboard Corporation | † | | | 18 | | | | 42,210 | |
| Terra Industries, Inc. | * | | | 2,513 | | | | 63,880 | |
| | | 260,649 | |
Airlines—0.4% | | | |
| AMR Corporation | * | | | 6,672 | | | | 175,807 | |
| Air T, Inc. | | 1,352 | | | | 13,534 | |
| Airnet Systems, Inc. | * | | | 2,609 | | | | 8,688 | |
| Airtran Holdings, Inc. | *† | | | 3,168 | | | | 34,595 | |
| Alaska Air Group, Inc. | * | | | 1,343 | | | | 37,416 | |
Atlas Air Worldwide
Holdings, Inc. | * | | | 600 | | | | 35,364 | |
| Bristow Group, Inc. | * | | | 982 | | | | 48,658 | |
Continental Airlines, Inc.
Class B | *† | | | 2,723 | | | | 92,228 | |
| Delta Air Lines, Inc. | | 5,791 | | | | 114,083 | |
| ExpressJet Holdings, Inc. | * | | | 2,636 | | | | 15,763 | |
| FedEx Corporation | | 11,378 | | | | 1,262,617 | |
| Frontier Airlines Holdings, Inc. | * | | | 1,369 | | | | 7,666 | |
| JetBlue Airways Corporation | *† | | | 6,414 | | | | 75,365 | |
| Mesa Air Group, Inc. | * | | | 847 | | | | 5,599 | |
| Midwest Air Group, Inc. | * | | | 915 | | | | 13,743 | |
| Northwest Airlines Corporation | | 11,009 | | | $ | 244,400 | |
| PHI, Inc. | * | | | 774 | | | | 23,057 | |
| Skywest, Inc. | | 2,390 | | | | 56,954 | |
| Southwest Airlines Company | | 30,863 | | | | 460,167 | |
| UAL Corporation | *† | | | 3,500 | | | | 142,065 | |
| US Airways Group, Inc. | * | | | 2,272 | | | | 68,773 | |
| | | 2,936,542 | |
Apparel Retailers—0.6% | | | |
| Abercrombie & Fitch Company Class A | | 3,982 | | | | 290,606 | |
| Aeropostale, Inc. | * | | | 2,403 | | | | 100,157 | |
| American Eagle Outfitters, Inc. | | 8,736 | | | | 224,166 | |
| AnnTaylor Stores Corporation | * | | | 2,733 | | | | 96,803 | |
| Bebe Stores, Inc. | | 790 | | | | 12,648 | |
| Big Dog Holdings, Inc. | *† | | | 1,620 | | | | 26,179 | |
| Buckle, Inc. (The) | | 1,672 | | | | 65,877 | |
| Carter’s, Inc. | * | | | 1,476 | | | | 38,287 | |
| Casual Male Retail Group, Inc. | *† | | | 1,930 | | | | 19,493 | |
| Cato Corporation Class A | | 1,761 | | | | 38,636 | |
| Charlotte Russe Holding, Inc. | * | | | 1,100 | | | | 29,557 | |
| Charming Shoppes, Inc. | * | | | 3,138 | | | | 33,985 | |
| Chico’s FAS, Inc. | * | | | 7,236 | | | | 176,124 | |
| Children’s Place | * | | | 1,144 | | | | 59,076 | |
| Christopher & Banks Corporation | | 1,528 | | | | 26,205 | |
| Dress Barn, Inc. | * | | | 1,900 | | | | 38,988 | |
| Finish Line Class A | | 1,604 | | | | 14,612 | |
| Gap (The), Inc. | | 25,472 | | | | 486,515 | |
| HOT Topic, Inc. | *† | | | 1,824 | | | | 19,827 | |
| JOS A. Bank Clothiers, Inc. | *† | | | 577 | | | | 23,928 | |
| Kohl’s Corporation | * | | | 11,796 | | | | 837,870 | |
| Ltd. Brands, Inc. | | 12,957 | | | | 355,670 | |
| Nordstrom, Inc. | | 8,394 | | | | 429,101 | |
| Pacific Sunwear of California, Inc. | * | | | 3,025 | | | | 66,550 | |
| Payless Shoesource, Inc. | * | | | 2,964 | | | | 93,514 | |
| Ross Stores, Inc. | | 6,350 | | | | 195,580 | |
| Stage Stores, Inc. | | 2,236 | | | | 46,867 | |
| Talbots, Inc. | † | | | 375 | | | | 9,386 | |
| Tween Brands, Inc. | * | | | 1,485 | | | | 66,231 | |
| Urban Outfitters, Inc. | * | | | 5,012 | | | | 120,438 | |
| Wet Seal, Inc. (The) Class A | *† | | | 1,246 | | | | 7,488 | |
Wilsons The Leather
Experts, Inc. | * | | | 819 | | | | 1,507 | |
| | | 4,051,871 | |
Automotive—0.9% | | | |
| A.O. Smith Corporation | | 1,341 | | | | 53,492 | |
| Aftermarket Technology Corporation | * | | | 603 | | | | 17,897 | |
| American Axle & Manufacturing Holdings, Inc. | | 2,113 | | | | 62,587 | |
| America’s Car Mart, Inc. | *† | | | 354 | | | | 4,811 | |
| Amerigon, Inc. | * | | | 2,107 | | | | 37,905 | |
| ArvinMeritor, Inc. | | 2,791 | | | | 61,960 | |
| Asbury Automotive Group, Inc. | | 1,342 | | | | 33,483 | |
| Autonation, Inc. | * | | | 5,363 | | | | 120,346 | |
| BorgWarner, Inc. | | 2,274 | | | | 195,655 | |
| Carmax, Inc. | *† | | | 8,516 | | | | 217,158 | |
| Clarcor, Inc. | | 2,354 | | | | 88,110 | |
| Coachmen Industries, Inc. | | 705 | | | | 6,810 | |
| Copart, Inc. | * | | | 3,582 | | | | 109,573 | |
| Federal Signal Corporation | | 2,159 | | | | 34,242 | |
| Force Protection, Inc. | *† | | | 3,825 | | | | 78,948 | |
| Ford Motor Company | † | | | 74,379 | | | | 700,650 | |
| General Motors Corporation | | 19,409 | | | | 733,660 | |
| Genuine Parts Company | | 7,620 | | | | 377,952 | |
|
See accompanying notes to financial statements.
163
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Broad
Market Index Fund
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|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| Goodyear Tire & Rubber Company (The) | * | | | 7,281 | | | $ | 253,088 | |
| Group 1 Automotive, Inc. | | 1,068 | | | | 43,083 | |
| Harley-Davidson, Inc. | | 10,663 | | | | 635,621 | |
| Harsco Corporation | | 3,646 | | | | 189,592 | |
| ITT Corporation | | 8,056 | | | | 550,064 | |
| Keystone Automotive Industries, Inc. | * | | | 1,743 | | | | 72,108 | |
| Lear Corporation | * | | | 2,741 | | | | 97,607 | |
| Lithia Motors, Inc. Class A | | 862 | | | | 21,843 | |
| LKQ Corporation | * | | | 3,500 | | | | 86,310 | |
| Monaco Coach Corporation | | 1,376 | | | | 19,746 | |
| Oshkosh Truck Corporation | † | | | 2,868 | | | | 180,455 | |
| Paccar, Inc. | | 9,902 | | | | 861,870 | |
| PEP Boys-Manny Moe & Jack | | 2,200 | | | | 44,352 | |
| Proliance International, Inc. | * | | | 2,239 | | | | 6,941 | |
| Sonic Automotive, Inc. | | 1,649 | | | | 47,772 | |
| Strattec Security Corporation | * | | | 123 | | | | 5,781 | |
| Superior Industries International, Inc. | † | | | 1,102 | | | | 23,980 | |
| Tenneco Automotive, Inc. | * | | | 1,600 | | | | 56,064 | |
| Titan International, Inc. | † | | | 1,085 | | | | 34,297 | |
| TRW Automotive Holdings Corporation | * | | | 900 | | | | 33,147 | |
| United Auto Group, Inc. | | 1,654 | | | | 35,214 | |
| Visteon Corporation | * | | | 5,429 | | | | 43,975 | |
| Wabash National Corporation | | 1,395 | | | | 20,409 | |
| Winnebago Industries, Inc. | | 1,432 | | | | 42,273 | |
| | | 6,340,831 | |
Banking—10.0% | | | |
| 1st Source Corporation | | 1,180 | | | | 29,406 | |
| Advance America Cash Advance Centers, Inc. | | 3,279 | | | | 58,169 | |
| Advanta Corp. Class B | | 1,050 | | | | 32,697 | |
| Alabama National Bancorp | | 575 | | | | 35,558 | |
| Alliance Bankshares Corporation | * | | | 744 | | | | 9,858 | |
| Amcore Financial, Inc. | | 1,313 | | | | 38,064 | |
| American Express Company | | 42,027 | | | | 2,571,212 | |
| AmeriCredit Corporation | *† | | | 6,437 | | | | 170,902 | |
| Anchor Bancorp Wisconsin, Inc. | | 1,411 | | | | 36,954 | |
| Associated Banc Corporation | | 5,110 | | | | 167,097 | |
| Astoria Financial Corporation | | 4,671 | | | | 116,962 | |
| BB&T Corporation | | 21,630 | | | | 879,908 | |
| BancFirst Corporation | | 642 | | | | 27,490 | |
| Bancorpsouth, Inc. | | 3,611 | | | | 88,325 | |
BancTrust Financial
Group, Inc. | † | | | 1,600 | | | | 33,600 | |
| Bank Mutual Corporation | | 3,756 | | | | 43,307 | |
| Bank of America Corporation | | 178,464 | | | | 8,725,105 | |
| Bank of Hawaii Corporation | | 2,494 | | | | 128,790 | |
| Bank of New York Company, Inc. (The) | | 29,648 | | | | 1,228,613 | |
| BankAtlantic Bancorp, Inc. Class A | | 2,210 | | | | 19,028 | |
| Bankunited Financial Corporation Class A | † | | | 793 | | | | 15,916 | |
| Blue River Bancshares, Inc. | | 2,545 | | | | 13,705 | |
| BOK Financial Corporation | | 1,765 | | | | 94,286 | |
| Boston Private Financial Holdings, Inc. | † | | | 1,297 | | | | 34,850 | |
| Brookline Bancorp, Inc. | † | | | 3,765 | | | | 43,335 | |
| Bryn Mawr Bank Corporation | | 1,058 | | | | 24,313 | |
| Capital Bank Corporation | | 1,282 | | | | 21,563 | |
| Capital City Bank Group, Inc. | † | | | 1,113 | | | | 34,881 | |
| Capital One Financial Corporation | | 16,283 | | | | 1,277,239 | |
| Capitol Federal Financial | † | | | 2,115 | | | | 78,086 | |
| Cardinal Financial Corporation | | 1,142 | | | $ | 11,272 | |
| Cascade Bancorp | † | | | 2,191 | | | | 50,700 | |
| Cascade Financial Corporation | | 1,063 | | | | 16,827 | |
| Cathay General Bancorp | † | | | 2,082 | | | | 69,830 | |
Centennial Bank
Holdings, Inc. | * | | | 5,300 | | | | 44,891 | |
| Central Pacific Financial Corporation | | 929 | | | | 30,666 | |
| CFS Bancorp, Inc. | | 1,873 | | | | 27,196 | |
| Charter Financial Corporation | | 350 | | | | 17,850 | |
| Chemical Financial Corporation | † | | | 1,552 | | | | 40,150 | |
| Chittenden Corporation | | 2,222 | | | | 77,659 | |
| CIT Group, Inc. | | 8,482 | | | | 465,068 | |
| Citigroup, Inc. | | 196,422 | | | | 10,074,484 | |
| Citizens Republic Bancorp Inc. | | 4,000 | | | | 73,200 | |
| City Bank, Lynnwood, WA | | 1,645 | | | | 51,834 | |
| City Holding Company | | 250 | | | | 9,582 | |
| City National Corporation | | 2,199 | | | | 167,322 | |
| CoBiz, Inc. | | 1,063 | | | | 19,262 | |
| Colonial BancGroup, Inc. (The) | | 5,643 | | | | 140,906 | |
| Comerica, Inc. | | 6,877 | | | | 408,975 | |
| Commerce Bancorp, Inc. | † | | | 6,314 | | | | 233,555 | |
| Commerce Bancshares, Inc. | | 3,607 | | | | 163,397 | |
| Community Bank System, Inc. | | 1,402 | | | | 28,068 | |
| Community Trust Bancorp, Inc. | | 665 | | | | 21,479 | |
| Compass Bancshares, Inc. | | 4,769 | | | | 328,966 | |
| CompuCredit Corporation | *† | | | 83 | | | | 2,907 | |
| Corus Bankshares, Inc. | † | | | 702 | | | | 12,117 | |
| Cullen/Frost Bankers, Inc. | | 2,502 | | | | 133,782 | |
| CVB Financial Corporation | | 4,084 | | | | 45,414 | |
| Dime Community Bancshares | | 1,638 | | | | 21,605 | |
| Downey Financial Corporation | † | | | 1,038 | | | | 68,487 | |
| Eastern Virginia Bankshares, Inc. | | 700 | | | | 15,400 | |
| East-West Bancorp, Inc. | † | | | 2,200 | | | | 85,536 | |
| Euronet Worldwide, Inc. | * | | | 1,056 | | | | 30,793 | |
| Fannie Mae | | 37,770 | | | | 2,467,514 | |
| Farmers Capital Bank Corporation | | 1,113 | | | | 32,199 | |
| Fidelity Southern Corporation | | 1,381 | | | | 23,339 | |
| Fifth Third Bancorp | | 18,257 | | | | 726,081 | |
| Financial Federal Corporation | † | | | 1,513 | | | | 45,118 | |
| Financial Institutions, Inc. | | 749 | | | | 15,122 | |
| First Bancorp North Carolina | | 643 | | | | 12,043 | |
| First Bancorp Puerto Rico | † | | | 3,246 | | | | 35,674 | |
| First Charter Corporation | | 843 | | | | 16,413 | |
| First Citizens BancShares, Inc. Class A | | 254 | | | | 49,378 | |
| First Commonwealth Financial Corporation | † | | | 5,133 | | | | 56,052 | |
| First Community Bancorp | | 894 | | | | 51,146 | |
| First Financial Bancorp | † | | | 1,895 | | | | 28,406 | |
| First Financial Bankshares, Inc. | | 333 | | | | 12,924 | |
| First Financial Service Corporation | | 366 | | | | 10,409 | |
| First Horizon National Corporation | † | | | 5,607 | | | | 218,673 | |
| First Marblehead Corporation (The) | † | | | 2,764 | | | | 106,801 | |
| First Merchants Corporation | | 874 | | | | 21,002 | |
| First Midwest Bancorp, Inc. | | 2,002 | | | | 71,091 | |
| First Niagara Financial Group, Inc. | | 4,099 | | | | 53,697 | |
| First of Long Island Corporation (The) | | 986 | | | | 20,647 | |
| First Republic Bank | | 1,336 | | | | 71,690 | |
| FirstFed Financial Corporation | *† | | | 922 | | | | 52,305 | |
| FirstMerit Corporation | | 3,895 | | | | 81,522 | |
| Flagstar Bancorp, Inc. | | 2,110 | | | | 25,425 | |
| FMS Financial Corporation | | 500 | | | | 14,355 | |
| FNB Corporation | † | | | 3,344 | | | | 55,979 | |
|
See accompanying notes to financial statements.
164
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COMMON STOCKS—(Continued) |
| Freddie Mac | | 26,933 | | | $ | 1,634,833 | |
| Fremont General Corporation | † | | | 2,929 | | | | 31,516 | |
| Frontier Financial Corporation | † | | | 2,254 | | | | 50,783 | |
| Fulton Financial Corporation | | 6,533 | | | | 94,206 | |
| Glacier Bancorp, Inc. | † | | | 1,771 | | | | 36,040 | |
| Great Lakes Bancorp, Inc. | * | | | 277 | | | | 3,659 | |
| Greater Bay Bancorp | | 2,213 | | | | 61,610 | |
| Hallwood Group, Inc. | * | | | 100 | | | | 7,844 | |
| Hancock Holding Company | † | | | 1,752 | | | | 65,788 | |
| Hanmi Financial Corporation | | 3,600 | | | | 61,416 | |
| Harleysville National Corporation | | 1,210 | | | | 19,505 | |
Harrington West Financial
Group, Inc. | | 1,171 | | | | 18,882 | |
| Heritage Financial Corporation | | 332 | | | | 7,936 | |
| Horizon Financial Services Corporation | | 450 | | | | 3,771 | |
| Hudson City Bancorp, Inc. | | 20,250 | | | | 247,455 | |
| Huntington Bancshares, Inc. | | 8,571 | | | | 194,905 | |
| Independent Bank Corporation (Massachusetts) | | 874 | | | | 25,818 | |
| Independent Bank Corporation (Michigan) | | 2,079 | | | | 35,780 | |
| IndyMac Bancorp, Inc. | † | | | 2,523 | | | | 73,596 | |
| Integra Bank Corporation | | 848 | | | | 18,207 | |
| International Bancshares Corporation | | 3,248 | | | | 83,214 | |
| Investors Financial Services Corporation | | 2,840 | | | | 175,143 | |
| Irwin Financial Corporation | | 1,296 | | | | 19,401 | |
| JPMorgan Chase & Company | | 137,629 | | | | 6,668,125 | |
| Keycorp | † | | | 15,774 | | | | 541,521 | |
| KNBT Bancorp, Inc. | | 1,002 | | | | 14,729 | |
| M&T Bank Corporation | | 3,475 | | | | 371,477 | |
| MAF Bancorp, Inc. | | 1,245 | | | | 67,554 | |
| Marshall & IIsley Corporation | | 8,572 | | | | 408,284 | |
| MB Financial, Inc. | | 931 | | | | 32,360 | |
| Medallion Financial Corporation | | 958 | | | | 11,333 | |
| Mellon Financial Corporation | | 17,152 | | | | 754,688 | |
| Merchants Bancshares, Inc. | | 571 | | | | 13,133 | |
| Midsouth Bancorp, Inc. | | 498 | | | | 11,877 | |
| MidWestOne Financial Group, Inc. | | 582 | | | | 10,185 | |
| Mitcham Industries, Inc. | * | | | 1,100 | | | | 20,999 | |
| NASB Financial, Inc. | | 528 | | | | 17,767 | |
| National City Corporation | † | | | 25,135 | | | | 837,498 | |
| National Penn Bancshares, Inc. | † | | | 1,676 | | | | 27,956 | |
| NBT Bancorp, Inc. | | 1,000 | | | | 22,560 | |
| Nelnet, Inc. Class A | | 481 | | | | 11,756 | |
| New York Community Bancorp, Inc. | † | | | 10,860 | | | | 184,837 | |
| NewAlliance Bancshares, Inc. | † | | | 4,600 | | | | 67,712 | |
| Northern States Financial Corporation | | 772 | | | | 18,520 | |
| Northern Trust Corporation | | 7,513 | | | | 482,635 | |
| Northwest Bancorp, Inc. | | 2,048 | | | | 53,535 | |
| Ocwen Financial Corporation | *† | | | 3,358 | | | | 44,762 | |
| Old National Bancorp | † | | | 3,552 | | | | 58,999 | |
PNC Financial Services
Group, Inc. | | 13,929 | | | | 997,038 | |
| Pacific Capital Bancorp | | 1,724 | | | | 46,514 | |
| Pacific Premier Bancorp, Inc. | * | | | 976 | | | | 10,433 | |
| Park National Corporation | † | | | 728 | | | | 61,727 | |
| Parkvale Financial Corporation | | 616 | | | | 18,301 | |
| Peoples Bancorp, Inc. | | 814 | | | | 22,035 | |
| Peoples Financial Corporation | † | | | 883 | | | | 22,516 | |
| Peoples United Financial, Inc. | † | | | 5,268 | | | | 93,402 | |
| PFF Bancorp, Inc. | | 1,096 | | | | 30,611 | |
| Popular, Inc. (Puerto Rico) | † | | | 10,296 | | | | 165,457 | |
Premier Community
Bankshares, Inc. | | 933 | | | $ | 30,472 | |
| PrivateBancorp, Inc. | † | | | 1,200 | | | | 34,560 | |
| Prosperity Bancshares, Inc. | † | | | 2,300 | | | | 75,348 | |
| Provident Bankshares Corporation | | 1,369 | | | | 44,876 | |
Provident Financial
Services, Inc. | † | | | 943 | | | | 14,862 | |
| Provident New York Bancorp | | 3,670 | | | | 49,582 | |
| Regions Financial Corporation | | 28,179 | | | | 932,725 | |
| Republic Bancorp, Inc. Class A | | 1,603 | | | | 26,594 | |
| Riverview Bancorp, Inc. | | 2,600 | | | | 35,672 | |
| Royal Bancshares of Pennsylvania Class A | | 882 | | | | 17,384 | |
| S&T Bancorp, Inc. | | 1,868 | | | | 61,457 | |
| Sandy Spring Bancorp, Inc. | | 344 | | | | 10,815 | |
| Santander Bancorp (Puerto Rico) | | 1,280 | | | | 19,021 | |
| Shore Bancshares, Inc. | † | | | 826 | | | | 21,311 | |
| Signature Bank of New York | * | | | 1,900 | | | | 64,790 | |
| Simmons First National Corporation Class A | | 911 | | | | 25,134 | |
| Sky Financial Group, Inc. | | 4,278 | | | | 119,185 | |
| SLM Corporation | | 16,037 | | | | 923,410 | |
| South Financial Group, Inc. (The) | | 2,799 | | | | 63,369 | |
| SouthFirst Bancshares, Inc. | | 400 | | | | 4,900 | |
| Sovereign Bancorp, Inc. | † | | | 12,496 | | | | 264,165 | |
| State Street Corporation | † | | | 13,568 | | | | 928,051 | |
| Sterling Bancorp, NY | | 1,476 | | | | 23,660 | |
| Sterling Bancshares, Inc. | | 2,422 | | | | 27,393 | |
| Sterling Financial Corporation (Pennsylvania) | | 1,557 | | | | 16,380 | |
| Sterling Financial Corporation (Washington) | † | | | 2,577 | | | | 74,578 | |
| Student Loan Corporation | | 207 | | | | 42,207 | |
| Suffolk Bancorp | | 1,100 | | | | 35,112 | |
| SunTrust Banks, Inc. | | 14,045 | | | | 1,204,218 | |
| Susquehanna Bancshares, Inc. | † | | | 2,932 | | | | 65,589 | |
| SVB Financial Group | * | | | 1,437 | | | | 76,319 | |
| Synovus Financial Corporation | | 10,920 | | | | 335,244 | |
| TCF Financial Corporation | | 6,104 | | | | 169,691 | |
| Tompkins Financial Corp. | | 665 | | | | 24,871 | |
| Trustco Bank Corporation | † | | | 3,435 | | | | 33,938 | |
| Trustmark Corporation | | 2,435 | | | | 62,969 | |
| U.S. Bancorp | | 69,469 | | | | 2,289,004 | |
| UCBH Holdings, Inc. | | 3,652 | | | | 66,722 | |
| UMB Financial Corporation | | 1,990 | | | | 73,371 | |
| Umpqua Holdings Corporation | | 1,151 | | | | 27,060 | |
| UnionBanCal Corporation | | 2,177 | | | | 129,967 | |
| United Bankshares, Inc. | | 2,134 | | | | 67,861 | |
United Community
Banks, Inc. | † | | | 2,188 | | | | 56,647 | |
| United Western Bancorp, Inc. | | 973 | | | | 24,568 | |
| Valley National Bancorp | † | | | 5,409 | | | | 121,648 | |
| W Holding Company, Inc. (Puerto Rico) | † | | | 8,055 | | | | 21,265 | |
| Wachovia Corporation | | 75,311 | | | | 3,859,689 | |
| Washington Federal, Inc. | | 3,379 | | | | 82,143 | |
| Washington Mutual, Inc. | | 37,457 | | | | 1,597,166 | |
| Washington Trust Bancorp, Inc. | | 500 | | | | 12,605 | |
| Webster Financial Corporation | | 2,393 | | | | 102,109 | |
| Wells Fargo & Company | | 123,315 | | | | 4,336,989 | |
| Wesbanco, Inc. | | 1,699 | | | | 50,120 | |
| Westamerica Bancorporation | † | | | 1,628 | | | | 72,023 | |
| Western Alliance Bancorp | * | | | 1,400 | | | | 41,790 | |
| Westfield Financial, Inc. | | 4,068 | | | | 40,558 | |
| Whitney Holding Corporation | | 2,371 | | | | 71,367 | |
| Willow Financial Bancorp, Inc. | | 533 | | | | 6,929 | |
| Wilmington Trust Corporation | | 3,204 | | | | 132,998 | |
| Wintrust Financial Corporation | | 1,017 | | | | 44,595 | |
|
See accompanying notes to financial statements.
165
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| World Acceptance Corporation | * | | | 639 | | | $ | 27,304 | |
| Zions Bancorporation | | 4,153 | | | | 319,407 | |
| | | 68,273,305 | |
Beverages, Food & Tobacco—4.3% | | | |
Alliance One
International, Inc. | * | | | 2,000 | | | | 20,100 | |
| Altria Group, Inc. | | 83,236 | | | | 5,838,173 | |
| American Italian Pasta Company Class A | *† | | | 721 | | | | 6,922 | |
| Anheuser-Busch Companies, Inc. | | 28,258 | | | | 1,473,937 | |
| Archer-Daniels-Midland Company | | 23,265 | | | | 769,839 | |
| Bridgford Foods Corporation | * | | | 559 | | | | 4,148 | |
Brown-Forman Corporation
Class B | | 2,437 | | | | 178,096 | |
| Bunge Ltd. | † | | | 4,700 | | | | 397,150 | |
| Campbell Soup Company | | 11,026 | | | | 427,919 | |
| Central European Distribution Corporation | *† | | | 652 | | | | 22,572 | |
| Chiquita Brands International, Inc. | † | | | 2,150 | | | | 40,764 | |
| Coca-Cola Bottling Company Consolidated | | 437 | | | | 21,981 | |
| Coca-Cola Company (The) | | 84,149 | | | | 4,401,834 | |
| Coca-Cola Enterprises, Inc. | | 10,775 | | | | 258,600 | |
| ConAgra Foods, Inc. | | 21,479 | | | | 576,926 | |
| Constellation Brands, Inc. Class A | *† | | | 8,096 | | | | 196,571 | |
| Corn Products International, Inc. | | 3,164 | | | | 143,804 | |
| Dean Foods Company | * | | | 6,281 | | | | 200,175 | |
| Del Monte Foods Company | | 8,204 | | | | 99,761 | |
| Farmer Brothers Company | | 930 | | | | 21,046 | |
| Flowers Foods, Inc. | | 2,760 | | | | 92,074 | |
| Fresh Del Monte Produce, Inc. (Cayman Islands) | | 567 | | | | 14,203 | |
| General Mills, Inc. | | 14,393 | �� | | | 840,839 | |
| Green Mountain Coffee Roasters, Inc. | * | | | 500 | | | | 39,370 | |
| Hain Celestial Group, Inc. | * | | | 1,426 | | | | 38,702 | |
| Hansen Natural Corporation | * | | | 2,680 | | | | 115,186 | |
| Hershey Company (The) | | 6,420 | | | | 324,980 | |
| HJ Heinz Company | | 12,672 | | | | 601,540 | |
| Hormel Foods Corporation | | 3,195 | | | | 119,333 | |
| Inventure Group, Inc. (The) | * | | | 5,272 | | | | 16,660 | |
| JM Smucker Company (The) | | 2,614 | | | | 166,407 | |
| Kellogg Company | | 10,337 | | | | 535,353 | |
| Kraft Foods, Inc. Class A | | 67,179 | | | | 2,368,060 | |
| Lancaster Colony Corporation | | 1,389 | | | | 58,185 | |
| Lance, Inc. | | 1,370 | | | | 32,277 | |
Loews Corporation—
Carolina Group | | 4,268 | | | | 329,788 | |
| M&F Worldwide Corporation | *† | | | 780 | | | | 51,932 | |
| McCormick & Company, Inc. | | 5,759 | | | | 219,879 | |
| Molson Coors Brewing Company Class B | | 2,911 | | | | 269,151 | |
| Peet’s Coffee & Tea, Inc. | * | | | 637 | | | | 15,689 | |
| Pepsi Bottling Group, Inc. | | 5,177 | | | | 174,361 | |
| PepsiAmericas, Inc. | | 3,031 | | | | 74,441 | |
| Pepsico, Inc. | | 65,448 | | | | 4,244,303 | |
| Performance Food Group Company | * | | | 1,907 | | | | 61,958 | |
| Ralcorp Holdings, Inc. | * | | | 1,228 | | | | 65,637 | |
| Reynolds American, Inc. | † | | | 6,595 | | | | 429,994 | |
| Sanderson Farms, Inc. | † | | | 864 | | | | 38,897 | |
| Sara Lee Corporation | | 29,377 | | | | 511,160 | |
| Smithfield Foods, Inc. | * | | | 4,682 | | | | 144,159 | |
| Supervalu, Inc. | | 8,154 | | | | 377,693 | |
| Sysco Corporation | | 24,091 | | | $ | 794,762 | |
| Tootsie Roll Industries, Inc. | | 572 | | | | 15,850 | |
| Topps Company, Inc. (The) | | 2,255 | | | | 23,700 | |
| TreeHouse Foods, Inc. | * | | | 1,256 | | | | 33,422 | |
| Tyson Foods, Inc. Class A | | 10,231 | | | | 235,722 | |
| UST, Inc. | | 6,881 | | | | 369,579 | |
| United Natural Foods, Inc. | *† | | | 1,912 | | | | 50,821 | |
| Universal Corporation | | 1,078 | | | | 65,672 | |
| Vector Group Ltd. | † | | | 2,276 | | | | 51,278 | |
| WM Wrigley Jr. Company | † | | | 7,657 | | | | 423,509 | |
| | | 29,536,844 | |
Building Materials—1.0% | | | |
| Amcol International Corporation | | 1,186 | | | | 32,390 | |
| Anixter International, Inc. | *† | | | 1,723 | | | | 129,587 | |
| Beacon Roofing Supply, Inc. | *† | | | 2,570 | | | | 43,664 | |
| Building Material Holding Corporation | † | | | 1,800 | | | | 25,542 | |
| Cabot Microelectronics Corporation | *† | | | 1,049 | | | | 37,229 | |
| Carbo Ceramics, Inc. | † | | | 1,137 | | | | 49,812 | |
| Carlisle Companies, Inc. | | 2,452 | | | | 114,043 | |
| Eagle Materials, Inc. | | 2,083 | | | | 102,171 | |
| Florida Rock Industries, Inc. | † | | | 2,697 | | | | 182,048 | |
| Home Depot, Inc. | | 80,722 | | | | 3,176,411 | |
| Interline Brands, Inc. | * | | | 982 | | | | 25,611 | |
| Jewett-Cameron Trading Ltd. (Canada) | * | | | 1,575 | | | | 13,214 | |
| Lowe’s Companies, Inc. | | 60,510 | | | | 1,857,052 | |
| Martin Marietta Materials, Inc. | | 1,737 | | | | 281,429 | |
| Numerex Corporation Class A | * | | | 1,800 | | | | 20,520 | |
| Owens Corning, Inc. | *† | | | 1,100 | | | | 36,993 | |
| Rock of Ages Corporation | * | | | 1,387 | | | | 6,935 | |
| US Home Systems, Inc. | *† | | | 1,291 | | | | 12,845 | |
| USG Corporation | *† | | | 3,348 | | | | 164,186 | |
| Vulcan Materials Company | † | | | 3,294 | | | | 377,295 | |
| Wesco International, Inc. | * | | | 1,550 | | | | 93,697 | |
| | | 6,782,674 | |
Chemicals—1.7% | | | |
| A. Schulman, Inc. | | 1,444 | | | | 35,133 | |
| AEP Industries, Inc. | * | | | 372 | | | | 16,744 | |
| Air Products & Chemicals, Inc. | | 8,040 | | | | 646,175 | |
| Airgas, Inc. | | 3,075 | | | | 147,292 | |
| Albemarle Corporation | | 3,712 | | | | 143,023 | |
| Arch Chemicals, Inc. | | 1,211 | | | | 42,555 | |
| Avery Dennison Corporation | | 4,185 | | | | 278,219 | |
| Cabot Corporation | | 2,693 | | | | 128,402 | |
| Celanese Corporation Class A | | 5,993 | | | | 232,409 | |
| CF Industries Holdings, Inc. | † | | | 3,400 | | | | 203,626 | |
| Chemtura Corporation | | 8,873 | | | | 98,579 | |
| Church & Dwight, Inc. | | 2,569 | | | | 124,494 | |
Compass Minerals
International, Inc. | | 2,200 | | | | 76,252 | |
| Cooper Tire & Rubber Company | | 3,066 | | | | 84,683 | |
| Cytec Industries, Inc. | | 1,644 | | | | 104,838 | |
| Dow Chemical Company (The) | | 38,798 | | | | 1,715,648 | |
| Eastman Chemical Company | | 3,211 | | | | 206,564 | |
| EI Du Pont de Nemours & Company | | 35,860 | | | | 1,823,122 | |
| Empire Financial Holding Company | * | | | 1,550 | | | | 2,247 | |
| FMC Corporation | | 1,668 | | | | 149,103 | |
| Georgia Gulf Corporation | † | | | 1,268 | | | | 22,963 | |
| HB Fuller Company | | 2,570 | | | | 76,817 | |
| Hercules, Inc. | * | | | 4,606 | | | | 90,508 | |
| Huntsman Corporation | | 2,600 | | | | 63,206 | |
|
See accompanying notes to financial statements.
166
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
International Flavors &
Fragrances, Inc. | | 3,885 | | | $ | 202,564 | |
| Koppers Holdings, Inc. | | 2,000 | | | | 67,360 | |
| Landec Corporation | * | | | 986 | | | | 13,212 | |
| LSB Industries, Inc. | *† | | | 1,411 | | | | 30,167 | |
| Lubrizol Corporation | | 1,819 | | | | 117,416 | |
| Lyondell Chemical Company | | 7,868 | | | | 292,060 | |
| Minerals Technologies, Inc. | | 868 | | | | 58,113 | |
| Monsanto Company | | 21,546 | | | | 1,455,217 | |
| Mosaic Company (The) | * | | | 4,509 | | | | 175,941 | |
| Myers Industries, Inc. | | 1,716 | | | | 37,941 | |
| Nalco Holding Co. | | 3,074 | | | | 84,381 | |
| NewMarket Corporation | | 1,200 | | | | 58,044 | |
| NL Industries, Inc. | | 2,111 | | | | 21,152 | |
| NuCo2, Inc. | * | | | 1,261 | | | | 32,370 | |
| Olin Corporation | | 2,796 | | | | 58,716 | |
| OM Group, Inc. | * | | | 1,147 | | | | 60,699 | |
| Omnova Solutions, Inc. | * | | | 6,478 | | | | 39,192 | |
| PPG Industries, Inc. | | 7,052 | | | | 536,728 | |
| Penford Corporation | | 785 | | | | 21,423 | |
| Pharmos Corporation | * | | | 1,375 | | | | 1,966 | |
| PolyOne Corporation | * | | | 2,862 | | | | 20,578 | |
| Praxair, Inc. | | 12,623 | | | | 908,730 | |
| Scotts Miracle-Gro Company (The) Class A | † | | | 1,662 | | | | 71,366 | |
| Sealed Air Corporation | | 7,054 | | | | 218,815 | |
| Sensient Technologies Corporation | | 2,027 | | | | 51,466 | |
| Spartech Corporation | | 1,451 | | | | 38,524 | |
| SurModics, Inc. | *† | | | 675 | | | | 33,750 | |
| Trex Company, Inc. | *† | | | 731 | | | | 14,350 | |
| Tronox, Inc. Class B | | 829 | | | | 11,647 | |
| Tupperware Corporation | | 2,427 | | | | 69,752 | |
| UAP Holding Corporation | † | | | 2,800 | | | | 84,392 | |
| Unifi, Inc. | * | | | 2,629 | | | | 6,888 | |
| USEC, Inc. | * | | | 2,637 | | | | 57,961 | |
| Valhi, Inc. | | 511 | | | | 8,329 | |
| W.R. Grace & Company | *† | | | 4,200 | | | | 102,858 | |
| Wellman, Inc. | | 1,509 | | | | 4,587 | |
| West Pharmaceutical Services, Inc. | | 1,704 | | | | 80,344 | |
| | | 11,661,601 | |
Coal—0.2% | | | |
| Alpha Natural Resources, Inc. | * | | | 1,280 | | | | 26,611 | |
| Arch Coal, Inc. | | 4,116 | | | | 143,237 | |
| Consol Energy, Inc. | | 7,462 | | | | 344,073 | |
| Evergreen Energy, Inc. | *† | | | 4,989 | | | | 30,084 | |
| International Coal Group, Inc. | *† | | | 4,900 | | | | 29,302 | |
| James River Coal Company | *† | | | 1,500 | | | | 19,440 | |
| Massey Energy Company | | 3,053 | | | | 81,362 | |
| Natural Resource Partners, LP | † | | | 2,000 | | | | 76,080 | |
| Peabody Energy Corporation | | 10,424 | | | | 504,313 | |
Penn Virginia Resource
Partners, LP | | 1,600 | | | | 49,760 | |
| | | 1,304,262 | |
Commercial Services—1.9% | | | |
| Aaron Rents, Inc. | † | | | 1,939 | | | | 56,619 | |
| ABM Industries, Inc. | | 2,291 | | | | 59,131 | |
| Accenture Ltd. Class A (Bermuda) | | 21,831 | | | | 936,332 | |
| ACCO Brands Corporation | * | | | 1,319 | | | | 30,403 | |
| Administaff, Inc. | | 1,143 | | | | 38,279 | |
| Advisory Board Company (The) | * | | | 950 | | | | 52,782 | |
| Akamai Technologies, Inc. | *† | | | 5,664 | | | | 275,497 | |
| Allied Waste Industries, Inc. | * | | | 7,625 | | | | 102,632 | |
| Amerco, Inc. | *† | | | 805 | | | | 60,777 | |
| American Railcar Industries, Inc. | | 1,200 | | | $ | 46,800 | |
| AMN Healthcare Services, Inc. | * | | | 1,507 | | | | 33,154 | |
| Angelica Corporation | | 510 | | | | 10,751 | |
| APAC Customer Services, Inc. | * | | | 1,972 | | | | 4,792 | |
| Avis Budget Group, Inc. | * | | | 4,424 | | | | 125,774 | |
| Barrett Business Services, Inc. | | 2,203 | | | | 56,903 | |
| BearingPoint, Inc. | *† | | | 8,105 | | | | 59,248 | |
| Bowne & Company, Inc. | | 1,575 | | | | 30,728 | |
| Brink’s Company (The) | | 2,360 | | | | 146,060 | |
| CDI Corporation | | 1,131 | | | | 36,418 | |
| Cenveo, Inc. | * | | | 2,792 | | | | 64,746 | |
| Chemed Corporation | | 1,162 | | | | 77,029 | |
| Cintas Corporation | † | | | 5,365 | | | | 211,542 | |
| Clean Harbors, Inc. | * | | | 1,207 | | | | 59,650 | |
| Coinstar, Inc. | * | | | 1,075 | | | | 33,841 | |
| Comfort Systems USA, Inc. | | 2,179 | | | | 30,898 | |
| Consolidated Graphics, Inc. | * | | | 776 | | | | 53,761 | |
| Convergys Corporation | * | | | 5,933 | | | | 143,816 | |
| Corporate Executive Board Company | | 1,507 | | | | 97,819 | |
| Courier Corporation | | 424 | | | | 16,960 | |
| CRA International, Inc. | *† | | | 986 | | | | 47,525 | |
| Daktronics, Inc. | † | | | 927 | | | | 19,912 | |
| Diamond Management & Technology Consultants, Inc. | | 1,431 | | | | 18,889 | |
| Dollar Thrifty Automotive Group, Inc. | * | | | 1,057 | | | | 43,168 | |
| Dun & Bradstreet Company | | 2,641 | | | | 271,970 | |
| EGL, Inc. | * | | | 1,861 | | | | 86,499 | |
| Edgewater Technology, Inc. | * | | | 1,533 | | | | 12,080 | |
| eFunds Corporation | * | | | 2,250 | | | | 79,402 | |
| Emcor Group, Inc. | * | | | 1,454 | | | | 105,997 | |
| Ennis Business Forms, Inc. | | 695 | | | | 16,346 | |
| EPIQ Systems, Inc. | * | | | 1,087 | | | | 17,566 | |
| Equifax, Inc. | | 5,325 | | | | 236,537 | |
| eResearch Technology, Inc. | *† | | | 2,056 | | | | 19,553 | |
| First Aviation Services, Inc. | * | | | 1,818 | | | | 4,890 | |
| First Consulting Group, Inc. | * | | | 1,097 | | | | 10,421 | |
| Fluor Corporation | | 3,405 | | | | 379,215 | |
| Forrester Research, Inc. | * | | | 963 | | | | 27,089 | |
| FTI Consulting, Inc. | *† | | | 1,735 | | | | 65,982 | |
| Furmanite Corporation | | 1,100 | | | | 8,514 | |
| G&K Services, Inc. Class A | | 1,008 | | | | 39,826 | |
| Gevity HR, Inc. | | 964 | | | | 18,634 | |
| H&E Equipment Services, Inc. | * | | | 1,600 | | | | 44,384 | |
| H&R Block, Inc. | | 11,402 | | | | 266,465 | |
| Harris Interactive, Inc. | * | | | 2,730 | | | | 14,605 | |
| Healthcare Services Group, Inc. | | 2,490 | | | | 73,455 | |
| Heidrick & Struggles International, Inc. | * | | | 865 | | | | 44,323 | |
| Hewitt Associates, Inc. Class A | * | | | 2,317 | | | | 74,144 | |
| Huron Consulting Group, Inc. | * | | | 988 | | | | 72,134 | |
| I-many, Inc. | * | | | 951 | | | | 2,615 | |
| Inergy, LP | | 1,700 | | | | 61,540 | |
| Infrasource Services, Inc. | * | | | 3,401 | | | | 126,177 | |
| inVentiv Health, Inc. | * | | | 2,100 | | | | 76,881 | |
| Iron Mountain, Inc. | * | | | 7,146 | | | | 186,725 | |
| Jackson Hewitt Tax Service, Inc. | | 1,779 | | | | 50,008 | |
| Jacobs Engineering Group, Inc. | * | | | 3,838 | | | | 220,723 | |
| KBR, Inc. | | 6,464 | | | | 169,551 | |
| Kelly Services, Inc. Class A | | 1,173 | | | | 32,211 | |
| Kforce.com, Inc. | * | | | 297 | | | | 4,746 | |
| Korn Ferry International | * | | | 1,624 | | | | 42,646 | |
| Labor Ready, Inc. | * | | | 2,485 | | | | 57,428 | |
| Landauer, Inc. | | 598 | | | | 29,451 | |
| Lazare Kaplan International | * | | | 1,139 | | | | 9,021 | |
| Lionbridge Technologies, Inc. | * | | | 1,165 | | | | 6,862 | |
| Magellan Health Services, Inc. | * | | | 1,400 | | | | 65,058 | |
|
See accompanying notes to financial statements.
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Management Network
Group, Inc. | * | | | 1,600 | | | $ | 3,648 | |
| Manpower, Inc. | | 3,593 | | | | 331,418 | |
| MasterCard, Inc. Class A | † | | | 2,238 | | | | 371,217 | |
| Maximus, Inc. | | 1,052 | | | | 45,636 | |
| Medical Staffing Network Holdings, Inc. | * | | | 1,686 | | | | 9,189 | |
| Metal Management, Inc. | | 1,800 | | | | 79,326 | |
| Midas, Inc. | * | | | 1,277 | | | | 28,950 | |
| MoneyGram International, Inc. | | 3,750 | | | | 104,812 | |
| Moody’s Corporation | | 9,284 | | | | 577,465 | |
| MPS Group, Inc. | * | | | 3,706 | | | | 49,549 | |
| MTC Technologies, Inc. | * | | | 619 | | | | 15,203 | |
| National Research Corporation | | 1,250 | | | | 31,462 | |
| Navigant Consulting, Inc. | *† | | | 2,313 | | | | 42,929 | |
| Omnicell, Inc. | * | | | 783 | | | | 16,271 | |
| On Assignment, Inc. | * | | | 1,243 | | | | 13,325 | |
| Online Resources Corporation | * | | | 700 | | | | 7,686 | |
| Opsware, Inc. | *† | | | 2,730 | | | | 25,962 | |
| Overland Storage, Inc. | * | | | 481 | | | | 1,251 | |
| Paychex, Inc. | | 13,545 | | | | 529,880 | |
| PDI, Inc. | * | | | 703 | | | | 7,213 | |
| Pegasystems, Inc. | | 2,141 | | | | 23,401 | |
| Perma-Fix Environmental Services | * | | | 5,502 | | | | 16,891 | |
| Pfsweb, Inc. | * | | | 5,683 | | | | 4,774 | |
| PHH Corporation | * | | | 2,212 | | | | 69,037 | |
| Portfolio Recovery Associates, Inc. | *† | | | 504 | | | | 30,250 | |
| Possis Medical, Inc. | * | | | 1,278 | | | | 13,905 | |
| Pre-Paid Legal Services, Inc. | *† | | | 779 | | | | 50,097 | |
| Presstek, Inc. | *† | | | 945 | | | | 7,551 | |
| Quanta Services, Inc. | *† | | | 4,702 | | | | 144,210 | |
| RCM Technologies, Inc. | * | | | 1,593 | | | | 12,409 | |
| Regis Corporation | † | | | 1,818 | | | | 69,539 | |
| Rent-A-Center, Inc. | *† | | | 3,377 | | | | 88,579 | |
| Republic Services, Inc. | | 8,443 | | | | 258,694 | |
| Resources Connection, Inc. | * | | | 2,060 | | | | 68,351 | |
| Rewards Network, Inc. | * | | | 1,127 | | | | 4,587 | |
| Robert Half International, Inc. | | 7,107 | | | | 259,405 | |
| Rollins, Inc. | | 661 | | | | 15,051 | |
| RR Donnelley & Sons Company | | 8,887 | | | | 386,673 | |
| Ryder System, Inc. | † | | | 2,660 | | | | 143,108 | |
| Sally Beauty Company, Inc. | * | | | 3,659 | | | | 32,931 | |
| Service Corporation International | | 11,775 | | | | 150,484 | |
| ServiceMaster Company (The) | | 11,826 | | | | 182,830 | |
| Shaw Group, Inc. (The) | * | | | 2,182 | | | | 101,005 | |
| Sotheby’s Holdings, Inc. Class A | | 2,623 | | | | 120,710 | |
| Spherion Corporation | * | | | 2,689 | | | | 25,250 | |
| Standard Register Company (The) | | 1,650 | | | | 18,810 | |
| StarTek, Inc. | | 994 | | | | 10,725 | |
Steiner Leisure Ltd.
(Bahama Islands) | * | | | 1,503 | | | | 73,827 | |
| Stericycle, Inc. | *† | | | 3,138 | | | | 139,515 | |
| SupportSoft, Inc. | * | | | 1,562 | | | | 8,529 | |
| Tejon Ranch Company | *† | | | 762 | | | | 33,680 | |
| TeleTech Holdings, Inc. | * | | | 2,738 | | | | 88,930 | |
| Tetra Tech, Inc. | * | | | 2,114 | | | | 45,557 | |
| Travelcenters of America LLC | * | | | 292 | | | | 11,811 | |
| TRC Companies, Inc. | * | | | 327 | | | | 4,849 | |
| United Rentals, Inc. | * | | | 3,294 | | | | 107,187 | |
| Universal Compression Holdings, Inc. | * | | | 1,492 | | | | 108,125 | |
| URS Corporation | * | | | 1,582 | | | | 76,806 | |
| Valassis Communications, Inc. | * | | | 2,236 | | | | 38,437 | |
| Varsity Group, Inc. | * | | | 2,747 | | | | 2,472 | |
| Verenium Corp. | † | | | 1,790 | | | $ | 9,075 | |
| Vertrue, Inc. | * | | | 749 | | | | 36,536 | |
| Viad Corporation | | 937 | | | | 39,513 | |
| Volt Information Sciences, Inc. | *† | | | 1,249 | | | | 23,032 | |
| Washington Group International, Inc. | * | | | 1,180 | | | | 94,412 | |
| Waste Connections, Inc. | * | | | 2,362 | | | | 71,427 | |
| Waste Industries USA, Inc. | | 1,296 | | | | 44,245 | |
| Waste Management, Inc. | | 20,986 | | | | 819,503 | |
| Watson Wyatt Worldwide Inc. | | 1,600 | | | | 80,768 | |
Weight Watchers
International, Inc. | | 1,826 | | | | 92,834 | |
| Westaff, Inc. | * | | | 942 | | | | 4,088 | |
| Wind River Systems, Inc. | * | | | 3,206 | | | | 35,266 | |
| World Fuel Services Corporation | | 960 | | | | 40,378 | |
| Wright Express Corporation | * | | | 1,750 | | | | 59,972 | |
| | | 13,006,733 | |
Communications—1.3% | | | |
| Ace*Comm Corporation | * | | | 3,033 | | | | 2,942 | |
| ADC Telecommunications, Inc. | * | | | 4,773 | | | | 87,489 | |
| AltiGen Communications, Inc. | * | | | 4,109 | | | | 6,821 | |
| American Tower Corporation Class A | * | | | 15,861 | | | | 666,162 | |
| Anadigics, Inc. | *† | | | 957 | | | | 13,197 | |
| Andrew Corporation | *† | | | 6,376 | | | | 92,069 | |
| Applied Signal Technology, Inc. | | 1,237 | | | | 19,310 | |
| Arris Group, Inc. | * | | | 2,896 | | | | 50,941 | |
| Avaya, Inc. | * | | | 17,294 | | | | 291,231 | |
| Avici Systems, Inc. | * | | | 711 | | | | 5,333 | |
| Blonder Tongue Laboratories | * | | | 2,285 | | | | 3,679 | |
| CalAmp Corporation | * | | | 550 | | | | 2,271 | |
| Carrier Access Corporation | * | | | 1,178 | | | | 5,525 | |
| C-COR.net Corporation | *† | | | 1,547 | | | | 21,751 | |
Centillium
Communications, Inc. | * | | | 1,588 | | | | 3,319 | |
| Checkpoint Systems, Inc. | * | | | 1,441 | | | | 36,385 | |
| Ciena Corporation | * | | | 2,809 | | | | 101,489 | |
| Comtech Telecommunications | *† | | | 1,350 | | | | 62,667 | |
| Crown Castle International Corporation | * | | | 8,983 | | | | 325,813 | |
| CT Communications, Inc. | | 214 | | | | 6,529 | |
| Cubic Corporation | | 1,692 | | | | 51,065 | |
| Ditech Networks, Inc. | * | | | 1,360 | | | | 11,138 | |
| EndWave Corporation | * | | | 911 | | | | 10,413 | |
| Entertainment Distribution Company, Inc. | | 2,143 | | | | 4,265 | |
| Foundry Networks, Inc. | * | | | 5,421 | | | | 90,314 | |
| Harmonic, Inc. | * | | | 2,820 | | | | 25,013 | |
| Harris Corporation | | 6,090 | | | | 332,209 | |
Hungarian Telephone &
Cable Corporation | * | | | 712 | | | | 14,247 | |
| ID Systems, Inc. | *† | | | 2,016 | | | | 25,946 | |
Integrated Telecom
Express, Inc. | ‡d | | | 1,103 | | | | — | |
| InterDigital Communications Corporation | *† | | | 2,803 | | | | 90,173 | |
| Inter-Tel, Inc. | | 1,334 | | | | 31,923 | |
| InterVoice, Inc. | * | | | 1,395 | | | | 11,620 | |
| Intraware, Inc. | * | | | 783 | | | | 3,727 | |
| L-3 Communications Holdings, Inc. | | 5,024 | | | | 489,287 | |
| Mindspeed Technologies, Inc. | * | | | 4,009 | | | | 8,860 | |
| Motorola, Inc. | | 95,635 | | | | 1,692,739 | |
| Network Appliance, Inc. | *† | | | 14,316 | | | | 418,027 | |
| NMS Communications Corporation | * | | | 1,250 | | | | 2,150 | |
| On2 Technologies, Inc. | *† | | | 4,620 | | | | 13,860 | |
|
See accompanying notes to financial statements.
168
SCHEDULE OF INVESTMENTS—(Continued)
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| Openwave Systems, Inc. | * | | | 2,570 | | | $ | 16,088 | |
| Plantronics, Inc. | | 1,826 | | | | 47,878 | |
| Polycom, Inc. | * | | | 4,177 | | | | 140,347 | |
| Powerwave Technologies, Inc. | *† | | | 2,434 | | | | 16,308 | |
| Premiere Global Services, Inc. | * | | | 2,174 | | | | 28,305 | |
| Qualcomm, Inc. | | 64,472 | | | | 2,797,440 | |
| SBA Communications Corporation | * | | | 1,350 | | | | 45,346 | |
| SeaChange International, Inc. | * | | | 958 | | | | 7,434 | |
| Sirius Satellite Radio, Inc. | *† | | | 47,469 | | | | 143,356 | |
| Sonus Networks, Inc. | * | | | 10,700 | | | | 91,164 | |
| Standard Microsystems Corporation | * | | | 806 | | | | 27,678 | |
| Syntax-Brillian Corporation | *† | | | 180 | | | | 886 | |
| Tekelec | * | | | 2,569 | | | | 37,045 | |
| TeleCorp PCS, Inc. | ‡d | | | 5,507 | | | | — | |
| Tellabs, Inc. | * | | | 19,143 | | | | 205,979 | |
Tollgrade
Communications, Inc. | * | | | 601 | | | | 6,341 | |
Universal Security
Instruments, Inc. | * | | | 1,866 | | | | 58,536 | |
| Utstarcom, Inc. | *† | | | 4,555 | | | | 25,554 | |
| Verso Technologies, Inc. | * | | | 1,618 | | | | 1,343 | |
| Viasat, Inc. | * | | | 1,190 | | | | 38,199 | |
Westell Technologies, Inc.
Class A | * | | | 1,821 | | | | 4,753 | |
| XM Satellite Radio Holdings, Inc. Class A | *† | | | 8,921 | | | | 105,000 | |
| Zhone Technologies, Inc. | *† | | | 3,915 | | | | 5,618 | |
| Zix Corporation | *† | | | 1,015 | | | | 1,878 | |
| Zoom Telephonics, Inc. | * | | | 2,711 | | | | 3,416 | |
| | | 8,987,791 | |
Computer Software & Processing—5.6% | | | |
| 3D Systems Corporation | *† | | | 1,158 | | | | 28,799 | |
| Activision, Inc. | * | | | 9,514 | | | | 177,626 | |
| Actuate Corporation | * | | | 2,084 | | | | 14,150 | |
| Acxiom Corporation | | 3,451 | | | | 91,279 | |
| Adobe Systems, Inc. | * | | | 22,505 | | | | 903,576 | |
| Advent Software, Inc. | *† | | | 1,451 | | | | 47,230 | |
| Affiliated Computer Services, Inc. Class A | * | | | 4,289 | | | | 243,272 | |
| Agile Software Corporation | * | | | 2,086 | | | | 16,813 | |
| Alliance Data Systems Corporation | * | | | 1,955 | | | | 151,082 | |
| American Software, Inc. Class A | | 1,950 | | | | 20,085 | |
| AMICAS, Inc. | * | | | 1,846 | | | | 6,535 | |
| answerthink, Inc. | * | | | 1,140 | | | | 4,127 | |
| Ansys, Inc. | * | | | 2,396 | | | | 63,494 | |
| Applix, Inc. | * | | | 6,240 | | | | 102,648 | |
| Arbitron, Inc. | | 1,298 | | | | 66,886 | |
| Ariba, Inc. | * | | | 2,075 | | | | 20,563 | |
| Art Technology Group, Inc. | * | | | 8,333 | | | | 22,166 | |
| Aspen Technology, Inc. | * | | | 1,529 | | | | 21,406 | |
| Audible, Inc. | * | | | 1,213 | | | | 12,227 | |
| Authorize.Net Holdings, Inc. | | 1,288 | | | | 23,042 | |
| Autobytel, Inc. | * | | | 1,384 | | | | 5,882 | |
| Autodesk, Inc. | * | | | 9,258 | | | | 435,867 | |
| Automatic Data Processing, Inc. | | 22,994 | | | | 1,114,519 | |
| Avocent Corporation | * | | | 2,007 | | | | 58,223 | |
| BEA Systems, Inc. | * | | | 16,581 | | | | 226,994 | |
| BMC Software, Inc. | * | | | 9,391 | | | | 284,547 | |
| Bankrate, Inc. | *† | | | 1,083 | | | | 51,897 | |
| Blackbaud, Inc. | | 2,650 | | | | 58,512 | |
| Blackboard, Inc. | *† | | | 1,400 | | | | 58,968 | |
| Blue Coat Systems, Inc. | *† | | | 536 | | | | 26,543 | |
| Borland Software Corporation | *† | | | 2,936 | | | $ | 17,440 | |
| Brady Corporation Class A | | 2,402 | | | | 89,210 | |
| CA, Inc. | | 17,506 | | | | 452,180 | |
| CMGI, Inc. | * | | | 10,077 | | | | 19,650 | |
| CNET Networks, Inc. | *† | | | 5,501 | | | | 45,053 | |
| CSG Systems International, Inc. | * | | | 2,153 | | | | 57,076 | |
CACI International, Inc.
Class A | * | | | 1,198 | | | | 58,522 | |
| Cadence Design Systems, Inc. | * | | | 10,745 | | | | 235,960 | |
| Callidus Software, Inc. | * | | | 172 | | | | 1,393 | |
| Captaris, Inc. | * | | | 1,164 | | | | 5,960 | |
| Ceridian Corporation | * | | | 6,177 | | | | 216,195 | |
| Cerner Corporation | *† | | | 3,044 | | | | 168,851 | |
| Checkfree Corporation | *† | | | 3,356 | | | | 134,911 | |
| Choicepoint, Inc. | * | | | 3,112 | | | | 132,104 | |
| Chordiant Software, Inc. | * | | | 1,859 | | | | 29,112 | |
| Ciber, Inc. | * | | | 2,444 | | | | 19,992 | |
| Citrix Systems, Inc. | * | | | 6,809 | | | | 229,259 | |
| Clinical Data, Inc. | *† | | | 1,332 | | | | 28,185 | |
| Cogent Communications Group, Inc. | *† | | | 2,886 | | | | 86,205 | |
| Cognex Corporation | | 2,023 | | | | 45,538 | |
| Cognizant Technology Solutions Corporation | * | | | 5,276 | | | | 396,175 | |
| Computer Sciences Corporation | * | | | 6,597 | | | | 390,213 | |
| Compuware Corporation | * | | | 15,945 | | | | 189,108 | |
| Concur Technologies, Inc. | *† | | | 2,083 | | | | 47,597 | |
| CoStar Group, Inc. | *† | | | 770 | | | | 40,718 | |
| Covansys Corporation | * | | | 1,477 | | | | 50,115 | |
| Cybersource Corporation | * | | | 1,281 | | | | 15,449 | |
| DST Systems, Inc. | *† | | | 2,794 | | | | 221,313 | |
| DealerTrack Holdings, Inc. | * | | | 1,800 | | | | 66,312 | |
| Deluxe Corporation | † | | | 2,098 | | | | 85,200 | |
| Digital River, Inc. | * | | | 1,627 | | | | 73,622 | |
| Earthlink, Inc. | * | | | 5,814 | | | | 43,431 | |
| ebix.com, Inc. | * | | | 1,754 | | | | 70,511 | |
| Echelon Corporation | *† | | | 1,769 | | | | 27,649 | |
| Eclipsys Corporation | * | | | 1,846 | | | | 36,551 | |
| eCollege.com, Inc. | * | | | 635 | | | | 14,129 | |
| Electro Rent Corporation | * | | | 950 | | | | 13,813 | |
| Electronic Arts, Inc. | * | | | 12,060 | | | | 570,679 | |
| Electronic Data Systems Corporation | | 22,135 | | | | 613,804 | |
| Electronics for Imaging | * | | | 2,638 | | | | 74,444 | |
| Entrust Technologies, Inc. | * | | | 2,200 | | | | 8,932 | |
| Epicor Software Corporation | * | | | 1,693 | | | | 25,175 | |
| ePresence, Inc. | ‡d | | | 1,173 | | | | — | |
| eSpeed, Inc. Class A | * | | | 1,470 | | | | 12,701 | |
| Evolving Systems, Inc. | * | | | 1,054 | | | | 2,382 | |
| F5 Networks, Inc. | * | | | 1,332 | | | | 107,359 | |
| Factset Research Systems, Inc. | | 1,490 | | | | 101,842 | |
| Fair Isaac Corporation | | 3,039 | | | | 121,925 | |
| FalconStor Software, Inc. | * | | | 1,373 | | | | 14,485 | |
| Fidelity National Information Services, Inc. | | 11,188 | | | | 607,285 | |
| First Data Corporation | | 29,639 | | | | 968,306 | |
| Fiserv, Inc. | * | | | 7,444 | | | | 422,819 | |
| Gartner Group, Inc. Class A | * | | | 1,179 | | | | 28,992 | |
| Gerber Scientific, Inc. | * | | | 1,608 | | | | 18,685 | |
| Google, Inc. Class A | * | | | 8,801 | | | | 4,606,267 | |
| HLTH Corporation | | 12,459 | | | | 174,551 | |
| Hypercom Corporation | * | | | 1,992 | | | | 11,773 | |
| IMS Health, Inc. | | 7,150 | | | | 229,729 | |
| iGate Capital Corporation | * | | | 1,397 | | | | 11,204 | |
| Informatica Corporation | * | | | 3,171 | | | | 46,836 | |
| Inforte Corporation | * | | | 1,897 | | | | 7,910 | |
|
See accompanying notes to financial statements.
169
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| Infospace, Inc. | * | | | 1,323 | | | $ | 30,707 | |
| InfoUSA, Inc. | | 1,708 | | | | 17,456 | |
| Integral Systems, Inc. | | 631 | | | | 15,340 | |
| Interactive Data Corporation | | 1,521 | | | | 40,732 | |
| Interactive Intelligence, Inc. | * | | | 950 | | | | 19,570 | |
| Internap Network Services Corporation | *† | | | 1,297 | | | | 18,703 | |
| Interwoven, Inc. | * | | | 1,908 | | | | 26,788 | |
| Intuit, Inc. | * | | | 13,074 | | | | 393,266 | |
| JDA Software Group, Inc. | * | | | 1,256 | | | | 24,655 | |
| Jack Henry & Associates, Inc. | | 3,591 | | | | 92,468 | |
| Juniper Networks, Inc. | * | | | 21,310 | | | | 536,373 | |
| Kenexa Corp. | *† | | | 1,681 | | | | 63,391 | |
| Keynote Systems, Inc. | * | | | 1,400 | | | | 22,960 | |
| Knot, Inc. (The) | *† | | | 2,304 | | | | 46,518 | |
| Lawson Software, Inc. | *† | | | 8,700 | | | | 86,043 | |
| LivePerson, Inc. | * | | | 3,333 | | | | 17,832 | |
| Looksmart | * | | | 500 | | | | 1,950 | |
Magma Design
Automation, Inc. | * | | | 1,429 | | | | 20,063 | |
| Manhattan Associates, Inc. | * | | | 1,346 | | | | 37,567 | |
| Mantech International Corporation Class A | * | | | 1,217 | | | | 37,520 | |
| McAfee, Inc. | * | | | 6,724 | | | | 236,685 | |
| Mediware Information Systems | * | | | 1,088 | | | | 7,834 | |
| Mentor Graphics Corporation | * | | | 2,745 | | | | 36,152 | |
| Microsoft Corporation | | 339,381 | | | | 10,001,558 | |
| MicroStrategy, Inc. Class A | * | | | 513 | | | | 48,473 | |
| MIVA, Inc. | * | | | 990 | | | | 6,435 | |
| Move, Inc. | * | | | 7,362 | | | | 32,982 | |
| NCR Corporation | * | | | 7,848 | | | | 412,334 | |
| Napster, Inc. | * | | | 1,145 | | | | 3,893 | |
| National Instruments Corporation | | 3,414 | | | | 111,194 | |
| Navisite, Inc. | * | | | 3,725 | | | | 28,310 | |
| NAVTEQ Corporation | *† | | | 3,700 | | | | 156,658 | |
| Neoware, Inc. | * | | | 900 | | | | 12,186 | |
| NetFlix, Inc. | *† | | | 679 | | | | 13,166 | |
| Netscout Systems, Inc. | * | | | 1,250 | | | | 10,837 | |
| NIC, Inc. | | 2,450 | | | | 16,758 | |
| Novell, Inc. | * | | | 15,492 | | | | 120,683 | |
| NVE Corporation | *† | | | 348 | | | | 12,250 | |
| Oracle Corporation | * | | | 157,223 | | | | 3,098,865 | |
| Packeteer, Inc. | * | | | 1,900 | | | | 14,839 | |
| Parametric Technology Corporation | * | | | 4,423 | | | | 95,581 | |
| PDF Solutions, Inc. | * | | | 974 | | | | 11,522 | |
| Perot Systems Corporation Class A | * | | | 4,359 | | | | 74,277 | |
| Phoenix Technologies Ltd. | * | | | 907 | | | | 7,646 | |
| Plato Learning, Inc. | * | | | 1,825 | | | | 8,395 | |
| Progress Software Corporation | * | | | 1,322 | | | | 42,026 | |
| QAD, Inc. | | 1,363 | | | | 11,313 | |
| Quality Systems, Inc. | † | | | 768 | | | | 29,161 | |
| Quest Software, Inc. | *† | | | 3,847 | | | | 62,283 | |
| Radiant Systems, Inc. | * | | | 1,019 | | | | 13,492 | |
| Radisys Corporation | * | | | 961 | | | | 11,916 | |
| RealNetworks, Inc. | * | | | 5,844 | | | | 47,745 | |
| Red Hat, Inc. | *† | | | 7,251 | | | | 161,552 | |
| Renaissance Learning, Inc. | † | | | 1,353 | | | | 17,792 | |
| S1 Corporation | * | | | 2,636 | | | | 21,062 | |
| Saba Software, Inc. | * | | | 1,576 | | | | 8,085 | |
| Salesforce.com, Inc. | *† | | | 2,200 | | | | 94,292 | |
| Sapient Corporation | * | | | 4,150 | | | | 32,079 | |
| Scientific Learning Corporation | * | | | 3,145 | | | | 21,229 | |
| Secure Computing Corporation | * | | | 1,554 | | | | 11,795 | |
| Sonic Foundry, Inc. | * | | | 1,200 | | | | 2,652 | |
| SonicWall, Inc. | * | | | 2,442 | | | $ | 20,977 | |
| SPSS, Inc. | * | | | 690 | | | | 30,457 | |
| SRA International, Inc. Class A | * | | | 1,664 | | | | 42,033 | |
| Stratasys, Inc. | *† | | | 891 | | | | 41,859 | |
| SumTotal Systems, Inc. | * | | | 317 | | | | 2,488 | |
| Sun Microsystems, Inc. | * | | | 135,549 | | | | 712,988 | |
| Sybase, Inc. | * | | | 3,825 | | | | 91,379 | |
| Sykes Enterprises, Inc. | * | | | 1,423 | | | | 27,023 | |
| Symantec Corporation | * | | | 38,372 | | | | 775,114 | |
| SYNNEX Corporation | * | | | 104 | | | | 2,143 | |
| Synopsys, Inc. | * | | | 6,501 | | | | 171,821 | |
| Synplicity, Inc. | * | | | 1,050 | | | | 7,350 | |
| Syntel, Inc. | | 1,554 | | | | 47,226 | |
Take-Two Interactive
Software, Inc. | *† | | | 2,643 | | | | 52,781 | |
| THQ, Inc. | *† | | | 2,914 | | | | 88,935 | |
| 3Com Corporation | * | | | 14,501 | | | | 59,889 | |
| TIBCO Software, Inc. | * | | | 8,337 | | | | 75,450 | |
| Total System Services, Inc. | | 1,651 | | | | 48,721 | |
| Tradestation Group, Inc. | * | | | 1,690 | | | | 19,688 | |
| Transaction Systems Architects, Inc. Class A | * | | | 1,298 | | | | 43,691 | |
| Trizetto Group, Inc. | * | | | 1,550 | | | | 30,008 | |
| Tumbleweed Communications Corporation | * | | | 1,102 | | | | 2,810 | |
| Ultimate Software Group, Inc. | * | | | 1,242 | | | | 35,931 | |
| Unisys Corporation | * | | | 13,714 | | | | 125,346 | |
| United Online, Inc. | | 2,509 | | | | 41,373 | |
| Vasco Data Security International, Inc. | * | | | 3,804 | | | | 86,579 | |
| Verint Systems, Inc. | * | | | 1,152 | | | | 36,058 | |
| VeriSign, Inc. | * | | | 10,106 | | | | 320,663 | |
| Versant Corporation | * | | | 330 | | | | 7,960 | |
| Vignette Corporation | * | | | 737 | | | | 14,121 | |
| Wave Systems Corporation Class A | *† | | | 1,004 | | | | 2,088 | |
| Websense, Inc. | * | | | 1,958 | | | | 41,607 | |
| XETA Technologies, Inc. | * | | | 1,946 | | | | 6,208 | |
| Yahoo!, Inc. | * | | | 50,447 | | | | 1,368,627 | |
| | | 38,201,026 | |
Computers & Information—3.8% | | | |
| 3M Company | | 27,011 | | | | 2,344,285 | |
| Access Plans USA, Inc. | * | | | 3,538 | | | | 6,368 | |
| Apple Computer, Inc. | * | | | 34,079 | | | | 4,159,001 | |
| Authentidate Holding Corporation | * | | | 1,023 | | | | 1,565 | |
| Black Box Corporation | | 865 | | | | 35,794 | |
Brocade Communications
Systems, Inc. | | 14,008 | | | | 109,543 | |
| CDW Corporation | | 2,743 | | | | 233,073 | |
| Ciprico, Inc. | * | | | 1,658 | �� | | | 13,446 | |
| Cirrus Logic, Inc. | * | | | 2,946 | | | | 24,452 | |
| Concurrent Computer Corporation | * | | | 1,901 | | | | 3,403 | |
| Cray, Inc. | * | | | 714 | | | | 5,448 | |
| Dataram Corporation | | 1,175 | | | | 4,900 | |
| Datawatch Corporation | * | | | 3,500 | | | | 19,075 | |
| Dell, Inc. | * | | | 78,317 | | | | 2,235,950 | |
| Diebold, Inc. | | 3,079 | | | | 160,724 | |
| Digi International, Inc. | * | | | 1,976 | | | | 29,126 | |
| Dot Hill Systems Corporation | * | | | 1,396 | | | | 5,026 | |
| EMC Corporation | * | | | 89,450 | | | | 1,619,045 | |
| Emulex Corporation | * | | | 3,408 | | | | 74,431 | |
| Extreme Networks, Inc. | * | | | 4,491 | | | | 18,189 | |
| Focus Enhancements, Inc. | * | | | 5,319 | | | | 5,479 | |
| Gateway, Inc. | * | | | 13,470 | | | | 21,417 | |
|
See accompanying notes to financial statements.
170
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Global Payment
Technologies, Inc. | * | | | 1,270 | | | $ | 813 | |
| Hewlett-Packard Company | | 109,000 | | | | 4,863,580 | |
| Ikon Office Solutions, Inc. | | 5,770 | | | | 90,070 | |
| InFocus Corporation | * | | | 1,636 | | | | 3,648 | |
| Ingram Micro, Inc. Class A | * | | | 6,500 | | | | 141,115 | |
| Insight Enterprises, Inc. | * | | | 2,054 | | | | 46,359 | |
| International Business Machines Corporation | | 56,080 | | | | 5,902,420 | |
| International Game Technology | | 13,866 | | | | 550,480 | |
| Iomega Corporation | * | | | 1,865 | | | | 8,672 | |
| Iteris, Inc. | * | | | 4,263 | | | | 10,103 | |
| Jabil Circuit, Inc. | | 8,287 | | | | 182,894 | |
| Komag, Inc. | * | | | 1,753 | | | | 55,903 | |
| Lexmark International, Inc. | * | | | 4,019 | | | | 198,177 | |
| Micros Systems, Inc. | * | | | 1,714 | | | | 93,242 | |
| Netgear, Inc. | * | | | 1,206 | | | | 43,717 | |
| Network Engines, Inc. | * | | | 1,329 | | | | 2,445 | |
| Nuance Communications, Inc. | *† | | | 4,541 | | | | 75,971 | |
| Palm, Inc. | *† | | | 4,574 | | | | 73,230 | |
| Performance Technologies, Inc. | * | | | 793 | | | | 3,584 | |
| Pitney Bowes, Inc. | | 9,192 | | | | 430,369 | |
| Planar Systems, Inc. | * | | | 785 | | | | 5,880 | |
| ProQuest Company | * | | | 1,332 | | | | 12,707 | |
| Quantum Corporation | *† | | | 6,681 | | | | 21,179 | |
| Rackable Systems, Inc. | * | | | 1,843 | | | | 22,779 | |
| Safeguard Scientifics, Inc. | * | | | 4,073 | | | | 11,445 | |
| SanDisk Corporation | * | | | 8,969 | | | | 438,943 | |
| ScanSource, Inc. | * | | | 1,126 | | | | 36,021 | |
| Scientific Games Corporation Class A | *† | | | 2,517 | | | | 87,969 | |
| SCM Microsystems, Inc. | * | | | 1,494 | | | | 4,482 | |
| Seagate Technology (Cayman Islands) | † | | | 20,081 | | | | 437,163 | |
| Solectron Corporation | * | | | 44,284 | | | | 162,965 | |
| SourceForge, Inc. | | 2,018 | | | | 8,516 | |
| STEC, Inc. | *† | | | 1,055 | | | | 6,784 | |
| Tech Data Corporation | * | | | 2,057 | | | | 79,112 | |
| TransAct Technologies, Inc. | * | | | 888 | | | | 5,319 | |
| VeriFone Holdings, Inc. | *† | | | 2,645 | | | | 93,236 | |
| Wayside Technology Group, Inc. | | 1,787 | | | | 28,735 | |
| Web.com, Inc. | * | | | 705 | | | | 4,449 | |
| Western Digital Corporation | *† | | | 8,154 | | | | 157,780 | |
| Zebra Technologies Corporation Class A | * | | | 2,988 | | | | 115,755 | |
| | | 25,647,751 | |
Containers & Packaging—0.2% | | | |
| Ball Corporation | | 4,676 | | | | 248,623 | |
| Crown Holdings, Inc. | * | | | 6,844 | | | | 170,895 | |
| Greif, Inc. Class A | | 852 | | | | 50,788 | |
| Libbey, Inc. | | 749 | | | | 16,156 | |
| Owens-IIlinois, Inc. | * | | | 6,064 | | | | 212,240 | |
| Silgan Holdings, Inc. | | 454 | | | | 25,097 | |
| Sonoco Products Company | | 3,353 | | | | 143,542 | |
| Temple-Inland, Inc. | | 4,506 | | | | 277,254 | |
| | | 1,144,595 | |
Cosmetics & Personal Care—1.6% | | | |
| Alberto-Culver Company | | 3,659 | | | | 86,791 | |
| Avon Products, Inc. | | 17,888 | | | | 657,384 | |
| Chattem, Inc. | *† | | | 872 | | | | 55,267 | |
| Clorox Company | | 6,558 | | | | 407,252 | |
| Colgate-Palmolive Company | | 20,694 | | | | 1,342,006 | |
| Ecolab, Inc. | | 8,093 | | | | 345,571 | |
| Elizabeth Arden, Inc. | * | | | 1,017 | | | | 24,672 | |
| Estee Lauder Companies (The), Inc. Class A | | 5,057 | | | $ | 230,144 | |
| Procter & Gamble Company | | 125,725 | | | | 7,693,113 | |
| Quaker Chemical Corporation | | 483 | | | | 11,399 | |
| Stepan Company | | 556 | | | | 16,836 | |
| | | 10,870,435 | |
Education—0.2% | | | |
| Ambassadors International, Inc. | † | | | 523 | | | | 17,395 | |
| Apollo Group, Inc. Class A | * | | | 5,517 | | | | 322,358 | |
| Career Education Corporation | * | | | 4,167 | | | | 140,720 | |
| Corinthian Colleges, Inc. | * | | | 3,624 | | | | 59,035 | |
| DeVry, Inc. | | 2,980 | | | | 101,380 | |
| ITT Educational Services, Inc. | * | | | 1,873 | | | | 219,853 | |
| Laureate Education, Inc. | * | | | 1,885 | | | | 116,229 | |
| Learning Tree International, Inc. | * | | | 766 | | | | 10,035 | |
| Princeton Review, Inc. | * | | | 818 | | | | 3,910 | |
| Strayer Education, Inc. | † | | | 551 | | | | 72,572 | |
Universal Technical
Institute, Inc. | * | | | 418 | | | | 10,613 | |
| | | 1,074,100 | |
Electric Utilities—3.1% | | | |
| AES Corporation (The) | * | | | 25,835 | | | | 565,270 | |
| Allegheny Energy, Inc. | * | | | 5,273 | | | | 272,825 | |
| Allete, Inc. | † | | | 1,243 | | | | 58,483 | |
| Alliant Energy Corporation | | 4,491 | | | | 174,475 | |
| Ameren Corporation | | 8,429 | | | | 413,105 | |
American Electric Power
Company, Inc. | | 16,393 | | | | 738,341 | |
| Aquila, Inc. | * | | | 7,275 | | | | 29,755 | |
| Avista Corporation | | 1,759 | | | | 37,906 | |
| Black Hills Corporation | | 2,041 | | | | 81,130 | |
| CMS Energy Corporation | | 6,681 | | | | 114,913 | |
| Centerpoint Energy, Inc. | | 12,705 | | | | 221,067 | |
| Central Vermont Public Service Corporation | † | | | 540 | | | | 20,347 | |
| CH Energy Group, Inc. | † | | | 694 | | | | 31,209 | |
| Cleco Corporation | | 2,109 | | | | 51,670 | |
| Consolidated Edison, Inc. | | 9,476 | | | | 427,557 | |
| Constellation Energy Group, Inc. | | 7,642 | | | | 666,153 | |
| DTE Energy Company | | 6,985 | | | | 336,817 | |
| Dominion Resources, Inc. | | 14,361 | | | | 1,239,498 | |
| DPL, Inc. | † | | | 5,037 | | | | 142,749 | |
| Duke Energy Corporation | | 47,382 | | | | 867,091 | |
| Dynegy, Inc. Class A | | 15,654 | | | | 147,774 | |
| Edison International | | 12,022 | | | | 674,675 | |
| EL Paso Electric Company | * | | | 1,748 | | | | 42,931 | |
| Empire District Electric Company (The) | † | | | 1,197 | | | | 26,777 | |
| Energy East Corporation | | 5,959 | | | | 155,470 | |
| Entergy Corporation | | 8,044 | | | | 863,523 | |
| Exelon Corporation | | 26,142 | | | | 1,897,909 | |
| FPL Group, Inc. | | 14,666 | | | | 832,149 | |
| FirstEnergy Corporation | | 12,802 | | | | 828,673 | |
| Great Plains Energy, Inc. | | 2,828 | | | | 82,351 | |
| Hawaiian Electric Industries, Inc. | | 3,066 | | | | 72,634 | |
| Idacorp, Inc. | | 1,515 | | | | 48,541 | |
| Integrys Energy Group, Inc. | | 2,691 | | | | 136,514 | |
| KeySpan Corporation | | 7,299 | | | | 306,412 | |
| MGE Energy, Inc. | | 1,559 | | | | 50,933 | |
| Mirant Corporation | * | | | 10,625 | | | | 453,156 | |
| NiSource, Inc. | | 10,893 | | | | 225,594 | |
| Northeast Utilities | | 5,201 | | | | 147,500 | |
| NRG Energy, Inc. | * | | | 8,000 | | | | 332,560 | |
| NSTAR | | 4,374 | | | | 141,936 | |
| OGE Energy Corporation | | 3,358 | | | | 123,071 | |
|
See accompanying notes to financial statements.
171
SCHEDULE OF INVESTMENTS—(Continued)
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| Otter Tail Corporation | | 1,095 | | | $ | 35,117 | |
| PG&E Corporation | | 13,709 | | | | 621,018 | |
| PPL Corporation | | 14,691 | | | | 687,392 | |
| Pepco Holdings, Inc. | | 7,066 | | | | 199,261 | |
| Pinnacle West Capital Corporation | | 3,789 | | | | 150,992 | |
| Plug Power, Inc. | *† | | | 2,704 | | | | 8,491 | |
| PNM Resources, Inc. | | 2,169 | | | | 60,277 | |
| Portland General Electric Company | | 1,100 | | | | 30,184 | |
| Progress Energy, Inc. | | 10,169 | | | | 463,605 | |
Public Service Enterprise
Group, Inc. | | 9,757 | | | | 856,469 | |
| Puget Energy, Inc. | | 3,548 | | | | 85,791 | |
| Reliant Energy, Inc. | * | | | 11,470 | | | | 309,116 | |
| SCANA Corporation | | 4,791 | | | | 183,447 | |
| Sempra Energy | | 8,687 | | | | 514,531 | |
| Sierra Pacific Resources | * | | | 3,864 | | | | 67,852 | |
| Southern Company (The) | | 30,082 | | | | 1,031,512 | |
| TXU Corporation | | 17,958 | | | | 1,208,573 | |
| TECO Energy, Inc. | | 7,797 | | | | 133,952 | |
| UIL Holdings Corporation | | 1,496 | | | | 49,518 | |
| Unisource Energy Corporation | | 1,571 | | | | 51,670 | |
| Unitil Corporation | | 420 | | | | 11,424 | |
| Westar Energy, Inc. | | 4,032 | | | | 97,897 | |
| Wisconsin Energy Corporation | | 4,564 | | | | 201,866 | |
| Xcel Energy, Inc. | † | | | 16,552 | | | | 338,819 | |
| | | 21,480,218 | |
Electrical Equipment—2.8% | | | |
| Active Power, Inc. | * | | | 1,093 | | | | 1,946 | |
| Acuity Brands, Inc. | | 1,873 | | | | 112,904 | |
| Aeroflex, Inc. | * | | | 2,811 | | | | 39,832 | |
| Ametek, Inc. | | 4,234 | | | | 168,005 | |
| AZZ, Inc. | * | | | 2,062 | | | | 69,386 | |
| Baldor Electric Company | | 1,338 | | | | 65,937 | |
| C&D Technologies, Inc. | † | | | 1,159 | | | | 6,490 | |
| Capstone Turbine Corporation | *† | | | 2,450 | | | | 2,646 | |
| Cooper Industries Ltd. Class A (Bermuda) | | 7,946 | | | | 453,637 | |
| Distributed Energy Systems Corporation | *† | | | 3,756 | | | | 4,883 | |
Electro Scientific
Industries, Inc. | * | | | 1,421 | | | | 29,557 | |
| Emerson Electric Company | | 32,010 | | | | 1,498,068 | |
| Energizer Holdings, Inc. | * | | | 1,856 | | | | 184,858 | |
| Energy Conversion Devices, Inc. | *† | | | 781 | | | | 24,070 | |
Evans & Sutherland
Computer Corporation | * | | | 1,882 | | | | 4,272 | |
Franklin Electric
Company, Inc. | † | | | 902 | | | | 42,556 | |
| FuelCell Energy, Inc. | *† | | | 1,938 | | | | 15,349 | |
| General Electric Company | | 406,059 | | | | 15,543,939 | |
| Genlyte Group, Inc. | * | | | 1,102 | | | | 86,551 | |
| GrafTech International Ltd. | * | | | 3,487 | | | | 58,721 | |
| Greatbatch, Inc. | * | | | 942 | | | | 30,521 | |
| Lincoln Electric Holdings, Inc. | | 1,877 | | | | 139,348 | |
| Littelfuse, Inc. | * | | | 909 | | | | 30,697 | |
| LSI Industries, Inc. | | 1,083 | | | | 19,386 | |
| Medis Technologies Ltd. | *† | | | 704 | | | | 10,342 | |
| Moog, Inc. Class A | * | | | 1,446 | | | | 63,783 | |
| Powell Industries, Inc. | * | | | 1,045 | | | | 33,189 | |
Quantum Fuel
Systems Technologies Worldwide, Inc. | *† | | | 2,809 | | | | 4,382 | |
| Regal-Beloit Corporation | | 1,272 | | | | 59,199 | |
| Servotronics, Inc. | * | | | 705 | | | | 7,575 | |
| Spectrum Brands, Inc. | * | | | 1,490 | | | $ | 10,087 | |
| Tech/Ops Sevcon, Inc. | | 719 | | | | 6,830 | |
| Teleflex, Inc. | | 1,322 | | | | 108,113 | |
| Thomas & Betts Corporation | * | | | 2,428 | | | | 140,824 | |
| Trans-Lux Corporation | | 866 | | | | 5,378 | |
| Ultralife Batteries, Inc. | * | | | 416 | | | | 4,376 | |
| Universal Display Corporation | *† | | | 1,350 | | | | 21,208 | |
| Universal Electronics, Inc. | * | | | 639 | | | | 23,208 | |
| Valence Technology, Inc. | *† | | | 6,972 | | | | 7,739 | |
| Vicor Corporation | | 1,380 | | | | 18,257 | |
| | | 19,158,049 | |
Electronics—4.1% | | | |
| 8X8, Inc. | *† | | | 3,048 | | | | 4,237 | |
| AVX Corporation | † | | | 2,270 | | | | 38,000 | |
| Actel Corporation | * | | | 1,140 | | | | 15,857 | |
| Adaptec, Inc. | * | | | 3,850 | | | | 14,668 | |
Advanced Energy
Industries, Inc. | * | | | 1,428 | | | | 32,358 | |
| Advanced Micro Devices, Inc. | *† | | | 21,447 | | | | 306,692 | |
| Agilysys, Inc. | | 1,335 | | | | 30,037 | |
Alliance Fiber Optic
Products, Inc. | * | | | 4,817 | | | | 10,019 | |
| Altera Corporation | * | | | 14,718 | | | | 325,709 | |
| American Superconductor Corporation | *† | | | 1,147 | | | | 22,149 | |
| AMIS Holdings, Inc. | * | | | 850 | | | | 10,642 | |
| Amkor Technology, Inc. | * | | | 7,211 | | | | 113,573 | |
| Amphenol Corporation Class A | | 7,376 | | | | 262,954 | |
| Analog Devices, Inc. | | 15,241 | | | | 573,671 | |
| Anaren, Inc. | * | | | 813 | | | | 14,317 | |
| Applied Micro Circuits Corporation | * | | | 12,746 | | | | 31,865 | |
| Arrow Electronics, Inc. | * | | | 4,585 | | | | 176,202 | |
| Atheros Communications, Inc. | * | | | 2,700 | | | | 83,268 | |
| Atmel Corporation | * | | | 18,733 | | | | 104,155 | |
| ATMI, Inc. | * | | | 1,559 | | | | 46,770 | |
| Avanex Corporation | * | | | 5,030 | | | | 9,054 | |
| Avnet, Inc. | * | | | 5,129 | | | | 203,314 | |
| AXT, Inc. | * | | | 946 | | | | 4,096 | |
| Barnes Group, Inc. | | 2,018 | | | | 63,930 | |
| Bel Fuse, Inc. Class A | | 545 | | | | 20,154 | |
| Belden Inc. | | 1,894 | | | | 104,833 | |
| Benchmark Electronics, Inc. | *† | | | 2,520 | | | | 57,002 | |
| Broadcom Corporation Class A | * | | | 16,147 | | | | 472,300 | |
| California Micro Devices Corporation | * | | | 745 | | | | 3,017 | |
| Caliper Life Sciences, Inc. | * | | | 867 | | | | 4,066 | |
| Catalyst Semiconductor, Inc. | * | | | 2,415 | | | | 11,495 | |
| Catapult Communications Corporation | * | | | 750 | | | | 7,440 | |
| Ceradyne, Inc. | *† | | | 1,867 | | | | 138,083 | |
| Ceva, Inc. | * | | | 692 | | | | 5,882 | |
| Cisco Systems, Inc. | * | | | 240,426 | | | | 6,695,864 | |
| Concord Camera Corporation | * | | | 572 | | | | 2,603 | |
| Conexant Systems, Inc. | * | | | 20,460 | | | | 28,235 | |
| Cree, Inc. | *† | | | 3,097 | | | | 80,057 | |
| CTS Corporation | | 1,580 | | | | 20,003 | |
| Cymer, Inc. | *† | | | 1,498 | | | | 60,220 | |
| Cypress Semiconductor Corporation | *�� | | | 4,876 | | | | 113,562 | |
| DRS Technologies, Inc. | | 1,486 | | | | 85,103 | |
| Diodes, Inc. | *† | | | 1,600 | | | | 66,832 | |
Dolby Laboratories, Inc.
Class A | * | | | 1,370 | | | | 48,512 | |
| DSP Group, Inc. | * | | | 1,194 | | | | 24,441 | |
| Eastman Kodak Company | † | | | 11,893 | | | | 330,982 | |
| EDO Corporation | † | | | 1,198 | | | | 39,378 | |
|
See accompanying notes to financial statements.
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| Emcore Corporation | *† | | | 1,219 | | | $ | 6,644 | |
| EMS Technologies, Inc. | * | | | 960 | | | | 21,178 | |
| ESCO Technologies, Inc. | *† | | | 1,222 | | | | 44,310 | |
| ESS Technology | * | | | 1,759 | | | | 2,920 | |
| Esterline Technologies Corporation | * | | | 1,049 | | | | 50,677 | |
| Exar Corporation | * | | | 1,758 | | | | 23,557 | |
| Fairchild Semiconductor International, Inc. | * | | | 4,903 | | | | 94,726 | |
| Finisar Corporation | * | | | 6,855 | | | | 25,912 | |
| FSI International, Inc. | * | | | 1,479 | | | | 4,718 | |
| Garmin Ltd. (Cayman Islands) | † | | | 4,774 | | | | 353,133 | |
| HEI, Inc. | * | | | 1,050 | | | | 1,165 | |
| HI/FN, Inc. | * | | | 681 | | | | 4,018 | |
| Hutchinson Technology, Inc. | * | | | 1,149 | | | | 21,613 | |
| Imation Corporation | | 1,564 | | | | 57,649 | |
| Innovex, Inc. | * | | | 1,922 | | | | 3,075 | |
Integrated Device
Technology, Inc. | * | | | 8,168 | | | | 124,725 | |
Integrated Silicon
Solutions, Inc. | * | | | 1,269 | | | | 7,995 | |
| Intel Corporation | | 227,315 | | | | 5,401,004 | |
| International Rectifier Corporation | * | | | 2,631 | | | | 98,031 | |
| Intersil Corporation Class A | † | | | 5,757 | | | | 181,115 | |
| IXYS Corporation | * | | | 1,329 | | | | 11,097 | |
| JDS Uniphase Corporation | *† | | | 7,444 | | | | 99,973 | |
| Kemet Corporation | * | | | 3,407 | | | | 24,019 | |
| KVH Industries, Inc. | * | | | 375 | | | | 3,289 | |
| LSI Corp. | * | | | 30,700 | | | | 230,557 | |
| Lattice Semiconductor Corporation | * | | | 4,395 | | | | 25,139 | |
| Lightpath Technologies, Inc. Class A | *† | | | 1,526 | | | | 7,447 | |
| Linear Technology Corporation | † | | | 12,363 | | | | 447,293 | |
MIPS Technologies, Inc.
Class A | * | | | 2,228 | | | | 19,584 | |
| MRV Communications, Inc. | * | | | 4,567 | | | | 14,843 | |
| Magnetek, Inc. | * | | | 1,406 | | | | 7,241 | |
| Marvell Technology Group Ltd. (Bermuda) | * | | | 18,500 | | | | 336,885 | |
| Mattson Technology, Inc. | * | | | 1,760 | | | | 17,072 | |
| Maxim Integrated Products, Inc. | | 12,341 | | | | 412,313 | |
| Maxwell Technologies, Inc. | *† | | | 370 | | | | 5,261 | |
MEMC Electronics
Materials, Inc. | * | | | 5,481 | | | | 334,999 | |
Mercury Computer
Systems, Inc. | * | | | 963 | | | | 11,749 | |
| Merix Corporation | * | | | 674 | | | | 5,318 | |
| Methode Electronics, Inc. | | 1,383 | | | | 21,644 | |
| Micrel, Inc. | * | | | 3,731 | | | | 47,458 | |
| Microchip Technology, Inc. | | 8,640 | | | | 320,026 | |
| Micron Technology, Inc. | *† | | | 25,902 | | | | 324,552 | |
| Microsemi Corporation | *† | | | 2,474 | | | | 59,252 | |
| Mobility Electronics, Inc. | *† | | | 674 | | | | 2,541 | |
| Molex, Inc. | | 5,599 | | | | 168,026 | |
| Moscow CableCom Corporation | * | | | 1,900 | | | | 24,396 | |
| MoSys, Inc. | * | | | 1,251 | | | | 10,946 | |
| Nashua Corporation | * | | | 1,541 | | | | 16,627 | |
| National Semiconductor Corporation | † | | | 14,384 | | | | 406,636 | |
| Novellus Systems, Inc. | * | | | 6,320 | | | | 179,298 | |
| Nu Horizons Electronics Corporation | * | | | 1,207 | | | | 16,065 | |
| Nvidia Corporation | * | | | 13,456 | | | | 555,867 | |
| Omnivision Technologies, Inc. | *† | | | 2,354 | | | | 42,631 | |
| ON Semiconductor Corporation | *† | | | 4,276 | | | $ | 45,839 | |
| Oplink Communications, Inc. | * | | | 758 | | | | 11,370 | |
| Optelecom, Inc. | *† | | | 819 | | | | 5,971 | |
| OSI Systems, Inc. | * | | | 867 | | | | 23,712 | |
| Park Electrochemical Corporation | | 1,086 | | | | 30,603 | |
| Pericom Semiconductor Corporation | * | | | 1,023 | | | | 11,417 | |
| Photronics, Inc. | * | | | 1,388 | | | | 20,653 | |
| Plexus Corporation | * | | | 1,884 | | | | 43,313 | |
| PLX Technology, Inc. | * | | | 1,050 | | | | 11,718 | |
| Power Integrations, Inc. | * | | | 1,952 | | | | 51,142 | |
| Power-One, Inc. | *† | | | 3,459 | | | | 13,767 | |
| QLogic Corporation | * | | | 7,842 | | | | 130,569 | |
| Quicklogic Corporation | * | | | 1,050 | | | | 2,803 | |
| RF Micro Devices, Inc. | *† | | | 7,206 | | | | 44,965 | |
| Rambus, Inc. | * | | | 4,071 | | | | 73,197 | |
| Raytheon Company | | 18,171 | | | | 979,235 | |
| Research Frontiers, Inc. | *† | | | 752 | | | | 10,611 | |
| Rockwell Collins, Inc. | | 7,347 | | | | 518,992 | |
| Rogers Corporation | * | | | 803 | | | | 29,711 | |
| Sanmina-SCI Corporation | * | | | 21,464 | | | | 67,182 | |
| Semtech Corporation | *† | | | 2,970 | | | | 51,470 | |
| Sigmatel, Inc. | * | | | 797 | | | | 2,311 | |
| Sigmatron International, Inc. | * | | | 282 | | | | 2,648 | |
| Silicon Image, Inc. | * | | | 2,948 | | | | 25,294 | |
| Silicon Laboratories, Inc. | *† | | | 2,124 | | | | 73,512 | |
Silicon Storage
Technology, Inc. | * | | | 3,793 | | | | 14,148 | |
| Sirenza Microdevices, Inc. | *† | | | 525 | | | | 6,232 | |
| Skyworks Solutions, Inc. | * | | | 5,822 | | | | 42,792 | |
| Sonic Solutions, Inc. | * | | | 889 | | | | 11,210 | |
| Spansion LLC Class A | *† | | | 1,900 | | | | 21,090 | |
| Spectrum Control, Inc. | * | | | 1,195 | | | | 20,172 | |
| Spire Corporation | *† | | | 2,500 | | | | 23,775 | |
| Stratos International, Inc. | * | | | 973 | | | | 7,755 | |
| Sunpower Corp. Class A | *† | | | 1,322 | | | | 83,352 | |
| Sycamore Networks, Inc. | * | | | 9,917 | | | | 39,866 | |
| Synaptics, Inc. | * | | | 1,057 | | | | 37,830 | |
| Technitrol, Inc. | | 1,866 | | | | 53,498 | |
| Tegal Corporation | * | | | 312 | | | | 2,012 | |
| Teledyne Technologies, Inc. | * | | | 1,228 | | | | 56,427 | |
| Terabeam, Inc. | * | | | 2,197 | | | | 4,833 | |
| Tessera Technologies, Inc. | * | | | 1,560 | | | | 63,258 | |
| Texas Instruments, Inc. | | 59,784 | | | | 2,249,672 | |
| Transmeta Corporation | * | | | 5,029 | | | | 3,772 | |
| Transwitch Corporation | *† | | | 2,483 | | | | 4,519 | |
| Trident Microsystems, Inc. | *† | | | 3,018 | | | | 55,380 | |
| Trimble Navigation Ltd. | * | | | 4,318 | | | | 139,040 | |
| Triquint Semiconductor, Inc. | * | | | 4,918 | | | | 24,885 | |
| TTM Technologies, Inc. | * | | | 1,639 | | | | 21,307 | |
| Tyler Technologies, Inc. | * | | | 1,886 | | | | 23,405 | |
| Varian Semiconductor Equipment Associates, Inc. | * | | | 3,367 | | | | 134,882 | |
| Virage Logic Corporation | * | | | 901 | | | | 6,613 | |
| Vishay Intertechnology, Inc. | * | | | 6,172 | | | | 97,641 | |
| Xerox Corporation | * | | | 36,218 | | | | 669,309 | |
| Xilinx, Inc. | | 15,105 | | | | 404,361 | |
| Zoran Corporation | * | | | 1,650 | | | | 33,066 | |
| | | 28,293,917 | |
Entertainment & Leisure—1.6% | | | |
| Avid Technology, Inc. | *† | | | 1,448 | | | | 51,187 | |
| Bally Technologies, Inc. | * | | | 1,971 | | | | 52,074 | |
| Blockbuster, Inc. Class A | *† | | | 7,850 | | | | 33,833 | |
| Callaway Golf Company | | 2,881 | | | | 51,311 | |
| Cedar Fair, LP | | 2,300 | | | | 64,906 | |
| Churchill Downs, Inc. | | 638 | | | | 33,418 | |
|
See accompanying notes to financial statements.
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| Discovery Holding Company Class A | * | | | 10,903 | | | $ | 250,660 | |
| Dover Downs Gaming & Entertainment, Inc. | | 1,710 | | | | 25,667 | |
| Dover Motorsports, Inc. | | 1,645 | | | | 9,969 | |
| DreamWorks Animation SKG, Inc. Class A | * | | | 1,300 | | | | 37,492 | |
| Gaylord Entertainment Company | * | | | 1,772 | | | | 95,050 | |
| Harrah’s Entertainment, Inc. | | 7,234 | | | | 616,771 | |
| Hasbro, Inc. | | 7,242 | | | | 227,471 | |
| Hollywood Media Corporation | * | | | 1,494 | | | | 6,514 | |
| Image Entertainment, Inc. | * | | | 299 | | | | 1,298 | |
| International Speedway Corporation Class A | | 1,190 | | | | 62,725 | |
| Jakks Pacific, Inc. | *† | | | 925 | | | | 26,030 | |
| K2, Inc. | * | | | 2,544 | | | | 38,643 | |
| Leapfrog Enterprises, Inc. | *† | | | 1,261 | | | | 12,925 | |
| Live Nation, Inc. | * | | | 2,705 | | | | 60,538 | |
| Macrovision Corporation | * | | | 2,053 | | | | 61,713 | |
| Mattel, Inc. | | 16,641 | | | | 420,851 | |
| Multimedia Games, Inc. | *† | | | 1,202 | | | | 15,338 | |
| National CineMedia, Inc. | *† | | | 2,226 | | | | 62,350 | |
| National Lampoon, Inc. | * | | | 3,300 | | | | 6,897 | |
| Nautilus Group, Inc. | † | | | 1,359 | | | | 16,362 | |
| New Frontier Media, Inc. | | 3,808 | | | | 33,206 | |
| News Corporation, Inc. Class A | | 91,998 | | | | 1,951,278 | |
| Penn National Gaming, Inc. | * | | | 2,586 | | | | 155,393 | |
| Pinnacle Entertainment, Inc. | * | | | 1,629 | | | | 45,856 | |
| Pool Corporation | † | | | 2,434 | | | | 94,999 | |
| RC2 Corporation | * | | | 1,650 | | | | 66,017 | |
| Regal Entertainment Group Class A | † | | | 2,743 | | | | 60,154 | |
| Shuffle Master, Inc. | *† | | | 1,527 | | | | 25,348 | |
| Six Flags, Inc. | *† | | | 3,814 | | | | 23,227 | |
| Speedway Motorsports, Inc. | | 149 | | | | 5,957 | |
| Steinway Musical Instruments, Inc. | | 683 | | | | 23,625 | |
| Time Warner, Inc. | | 158,821 | | | | 3,341,594 | |
| Walt Disney Company | | 76,460 | | | | 2,610,344 | |
| West Marine, Inc. | * | | | 803 | | | | 11,049 | |
| Westwood One, Inc. | | 4,247 | | | | 30,536 | |
| WMS Industries, Inc. | *† | | | 1,903 | | | | 54,921 | |
World Wrestling
Entertainment, Inc. | | 1,030 | | | | 16,470 | |
| | | 10,891,967 | |
Environmental—0.4% | | | |
| Aetrium, Inc. | * | | | 614 | | | | 2,726 | |
| Agilent Technologies, Inc. | * | | | 16,481 | | | | 633,530 | |
| Analogic Corporation | | 593 | | | | 43,591 | |
| Cohu, Inc. | | 859 | | | | 19,113 | |
| Credence Systems Corporation | * | | | 2,727 | | | | 9,817 | |
| Danaher Corporation | | 9,574 | | | | 722,837 | |
| Dionex Corporation | * | | | 1,031 | | | | 73,191 | |
| Flir Systems, Inc. | *† | | | 2,804 | | | | 129,685 | |
| Formfactor, Inc. | * | | | 1,417 | | | | 54,271 | |
| Frequency Electronics, Inc. | | 821 | | | | 8,653 | |
| Itron, Inc. | *† | | | 955 | | | | 74,433 | |
| Ixia | * | | | 2,330 | | | | 21,576 | |
| LTX Corporation | * | | | 2,405 | | | | 13,372 | |
| MKS Instruments, Inc. | * | | | 2,455 | | | | 68,004 | |
| Mine Safety Appliances Company | † | | | 1,444 | | | | 63,189 | |
| MTS Systems Corporation | | 1,342 | | | | 59,947 | |
| OI Corporation | | 1,600 | | | | 21,920 | |
| Orbit International Corporation | * | | | 2,812 | | | $ | 24,886 | |
| Photon Dynamics, Inc. | * | | | 659 | | | | 7,183 | |
| Roper Industries, Inc. | | 2,980 | | | | 170,158 | |
| Rudolph Technologies, Inc. | * | | | 1,247 | | | | 20,713 | |
| Tektronix, Inc. | † | | | 3,804 | | | | 128,347 | |
| Teradyne, Inc. | *† | | | 7,938 | | | | 139,550 | |
| Thermogenesis | * | | | 4,316 | | | | 11,912 | |
| Veeco Instruments, Inc. | * | | | 1,294 | | | | 26,838 | |
| White Electronic Designs Corporation | * | | | 514 | | | | 2,981 | |
| X-Rite, Inc. | | 1,890 | | | | 27,915 | |
| | | 2,580,338 | |
Financial Services—3.9% | | | |
| Accredited Home Lenders Holding Company | *† | | | 729 | | | | 9,965 | |
| Affiliated Managers Group | *† | | | 1,354 | | | | 174,341 | |
| AG Edwards, Inc. | | 3,542 | | | | 299,476 | |
| AllianceBernstein Holding, LP | | 1,100 | | | | 95,799 | |
| Ameriprise Financial, Inc. | | 9,235 | | | | 587,069 | |
| Ampal American Israel Corporation Class A | * | | | 1,391 | | | | 8,276 | |
| BISYS Group, Inc. (The) | * | | | 5,178 | | | | 61,256 | |
| Bear Stearns Companies, Inc. (The) | | 4,864 | | | | 680,960 | |
Berkshire Hathaway, Inc.
Class A | * | | | 41 | | | | 4,488,475 | |
| BlackRock, Inc. | † | | | 539 | | | | 84,402 | |
Broadridge Financial
Solutions, Inc. | | 5,748 | | | | 109,902 | |
| Calamos Asset Management, Inc. Class A | | 1,800 | | | | 45,990 | |
| Catskill Litigation Trust | *‡d | | | 582 | | | | — | |
| Cbot Holdings, Inc. Class A | *† | | | 1,430 | | | | 295,438 | |
| Centerline Holding Company | † | | | 1,905 | | | | 34,290 | |
| Charles Schwab Corporation (The) | | 40,347 | | | | 827,920 | |
| Cherokee, Inc. | | 994 | | | | 36,321 | |
| Chicago Mercantile Exchange | | 1,115 | | | | 595,811 | |
| Countrywide Financial Corporation | † | | | 24,520 | | | | 891,302 | |
| Diamond Hill Investment Group, Inc. | *† | | | 1,310 | | | | 118,883 | |
| Doral Financial Corporation (Puerto Rico) | *† | | | 4,427 | | | | 5,224 | |
| E*Trade Financial Corporation | * | | | 14,978 | | | | 330,864 | |
| Eaton Vance Corporation | | 5,282 | | | | 233,359 | |
| Federated Investors, Inc. Class B | | 4,508 | | | | 172,792 | |
| Franklin Resources, Inc. | | 6,114 | | | | 809,922 | |
| GAMCO Investors, Inc. Class A | | 558 | | | | 31,276 | |
| Goldman Sachs Group, Inc. | | 14,402 | | | | 3,121,634 | |
| IntercontinentalExchange, Inc. | * | | | 2,676 | | | | 395,647 | |
Investment Technology
Group, Inc. | * | | | 2,078 | | | | 90,040 | |
| Janus Capital Group, Inc. | † | | | 9,990 | | | | 278,122 | |
| Jefferies Group, Inc. | | 4,678 | | | | 126,212 | |
| Kent Financial Services, Inc. | *† | | | 2,200 | | | | 4,488 | |
| Knight Capital Group, Inc. Class A | * | | | 4,630 | | | | 76,858 | |
| LaBranche & Company, Inc. | * | | | 2,588 | | | | 19,099 | |
| Lazard Ltd. Class A (Bermuda) | | 1,519 | | | | 68,401 | |
| Legg Mason, Inc. | | 5,250 | | | | 516,495 | |
| Lehman Brothers Holdings, Inc. | | 21,084 | | | | 1,571,180 | |
| Merrill Lynch & Company, Inc. | | 32,770 | | | | 2,738,917 | |
| Morgan Stanley | | 38,240 | | | | 3,207,571 | |
| Nasdaq Stock Market Inc. | *† | | | 3,400 | | | | 101,014 | |
| Navidec Financial Services, Inc. | ‡d | | | 2,119 | | | | — | |
| NexCen Brands, Inc. | * | | | 1,368 | | | | 15,240 | |
| Nuveen Investments, Inc. Class A | | 2,324 | | | | 144,437 | |
|
See accompanying notes to financial statements.
174
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| Nymex Holdings, Inc. | † | | | 858 | | | $ | 107,791 | |
| NYSE Euronext | † | | | 6,870 | | | | 505,769 | |
| Principal Financial Group | | 11,001 | | | | 641,248 | |
| Raymond James Financial, Inc. | | 3,472 | | | | 107,285 | |
| SEI Investments Company | | 5,918 | | | | 171,859 | |
| Siebert Financial Corporation | | 1,469 | | | | 6,170 | |
| Superior Bancorp | † | | | 895 | | | | 9,156 | |
| SWS Group, Inc. | | 1,323 | | | | 28,603 | |
| T Rowe Price Group, Inc. | | 10,332 | | | | 536,127 | |
| TD Ameritrade Holding Corporation | * | | | 9,311 | | | | 186,220 | |
| Value Line, Inc. | | 573 | | | | 25,155 | |
| Waddell & Reed Financial, Inc. Class A | † | | | 3,971 | | | | 103,286 | |
| Western Union Company (The) | | 31,890 | | | | 664,269 | |
| Westwood Holdings Group, Inc. | | 1,027 | | | | 35,082 | |
| | | 26,632,688 | |
Food Retailers—0.4% | | | |
| Arden Group, Inc. Class A | | 260 | | | | 35,464 | |
| Kroger Company (The) | | 26,279 | | | | 739,228 | |
| Panera Bread Company Class A | *† | | | 1,250 | | | | 57,575 | |
| Pantry, Inc. (The) | * | | | 1,200 | | | | 55,320 | |
| Pathmark Stores, Inc. | * | | | 950 | | | | 12,312 | |
| Ruddick Corporation | | 1,967 | | | | 59,246 | |
| Safeway, Inc. | | 17,256 | | | | 587,222 | |
| Starbucks Corporation | * | | | 29,904 | | | | 784,681 | |
| Weis Markets, Inc. | | 382 | | | | 15,475 | |
| Whole Foods Market, Inc. | † | | | 5,036 | | | | 192,879 | |
| Wild Oats Markets, Inc. | * | | | 1,309 | | | | 21,939 | |
| Winn-Dixie Stores, Inc. | *† | | | 3,309 | | | | 96,954 | |
| | | 2,658,295 | |
Forest Products & Paper—0.6% | | | |
| American Woodmark Corporation | † | | | 800 | | | | 27,680 | |
| Bemis Company | | 4,410 | | | | 146,324 | |
| Bowater, Inc. | † | | | 2,289 | | | | 57,111 | |
| Buckeye Technologies, Inc. | * | | | 1,251 | | | | 19,353 | |
| Caraustar Industries, Inc. | * | | | 1,610 | | | | 8,453 | |
| Champion Enterprises, Inc. | *† | | | 2,559 | | | | 25,155 | |
| Chesapeake Corporation | | 814 | | | | 10,232 | |
| Deltic Timber Corporation | | 724 | | | | 39,690 | |
| Domtar Corporation | * | | | 16,660 | | | | 185,926 | |
| Glatfelter | | 1,740 | | | | 23,647 | |
| International Paper Company | | 19,016 | | | | 742,575 | |
| Kimberly-Clark Corporation | | 17,952 | | | | 1,200,809 | |
| Louisiana-Pacific Corporation | † | | | 4,396 | | | | 83,172 | |
| MeadWestvaco Corporation | | 6,398 | | | | 225,977 | |
| Neenah Paper, Inc. | | 652 | | | | 26,902 | |
| Packaging Corporation of America | | 4,339 | | | | 109,820 | |
| Pactiv Corporation | * | | | 6,523 | | | | 208,018 | |
| Playtex Products, Inc. | * | | | 2,449 | | | | 36,270 | |
| Pope & Talbot, Inc. | *† | | | 894 | | | | 3,549 | |
| Rock-Tenn Company Class A | | 1,450 | | | | 45,994 | |
| School Specialty, Inc. | *† | | | 854 | | | | 30,266 | |
| Schweitzer-Mauduit International, Inc. | | 724 | | | | 22,444 | |
| Skyline Corporation | | 720 | | | | 21,607 | |
| Smurfit-Stone Container Corporation | * | | | 10,013 | | | | 133,273 | |
| United Stationers, Inc. | * | | | 1,278 | | | | 85,166 | |
| Universal Forest Products, Inc. | | 1,121 | | | | 47,373 | |
| Wausau Paper Corporation | | 1,903 | | | $ | 25,500 | |
| Weyerhaeuser Company | | 8,921 | | | | 704,135 | |
| | | 4,296,421 | |
Health Care Providers—0.6% | | | |
| Alliance Imaging, Inc. | * | | | 1,429 | | | | 13,418 | |
| Amedisys, Inc. | *† | | | 1,698 | | | | 61,688 | |
| Amsurg Corporation | *† | | | 1,423 | | | | 34,351 | |
| Apria Healthcare Group, Inc. | *† | | | 2,101 | | | | 60,446 | |
| Brookdale Senior Living, Inc. | † | | | 2,200 | | | | 100,254 | |
Community Health
Systems, Inc. | * | | | 4,282 | | | | 173,207 | |
| Covance, Inc. | * | | | 2,839 | | | | 194,642 | |
| Coventry Health Care, Inc. | * | | | 6,568 | | | | 378,645 | |
| Cross Country Healthcare, Inc. | * | | | 1,339 | | | | 22,335 | |
| CryoLife, Inc. | * | | | 937 | | | | 12,190 | |
| DaVita, Inc. | * | | | 4,290 | | | | 231,145 | |
| Edwards Lifesciences Corporation | * | | | 2,575 | | | | 127,051 | |
| Enzo Biochem, Inc. | *† | | | 1,353 | | | | 20,227 | |
| Enzon Pharmaceuticals, Inc. | *† | | | 1,765 | | | | 13,855 | |
| Express Scripts, Inc. | * | | | 8,956 | | | | 447,890 | |
| Genesis HealthCare Corporation | * | | | 975 | | | | 66,710 | |
| Health Management Associates, Inc. Class A | † | | | 9,953 | | | | 113,066 | |
| Healthways, Inc. | *† | | | 1,362 | | | | 64,518 | |
| Hooper Holmes, Inc. | * | | | 1,959 | | | | 6,563 | |
| Immunomedics, Inc. | * | | | 2,141 | | | | 8,885 | |
| Interleukin Genetics, Inc. | *† | | | 2,825 | | | | 5,226 | |
| Kindred Healthcare, Inc. | * | | | 1,800 | | | | 55,296 | |
| Laboratory Corporation of America Holdings | *† | | | 4,851 | | | | 379,639 | |
| LCA-Vision, Inc. | | 616 | | | | 29,112 | |
| LifePoint Hospitals, Inc. | * | | | 2,149 | | | | 83,123 | |
| Lincare Holdings, Inc. | * | | | 4,169 | | | | 166,135 | |
| Manor Care, Inc. | | 3,698 | | | | 241,442 | |
| Matria Healthcare, Inc. | *† | | | 870 | | | | 26,344 | |
| National Healthcare Corporation | | 431 | | | | 22,240 | |
| NovaMed, Inc. | * | | | 1,250 | | | | 7,563 | |
| Odyssey HealthCare, Inc. | * | | | 1,593 | | | | 18,893 | |
| Pediatrix Medical Group, Inc. | * | | | 2,182 | | | | 120,337 | |
| Psychemedics Corporation | | 302 | | | | 6,164 | |
| Psychiatric Solutions, Inc. | * | | | 2,662 | | | | 96,524 | |
| RehabCare Group, Inc. | * | | | 739 | | | | 10,523 | |
| Sierra Health Services, Inc. | * | | | 2,474 | | | | 102,869 | |
| Sunrise Senior Living, Inc. | *† | | | 1,950 | | | | 77,981 | |
| Symbion, Inc. | * | | | 1,415 | | | | 30,720 | |
| Tenet Healthcare Corporation | *† | | | 19,289 | | | | 125,571 | |
| Triad Hospitals, Inc. | * | | | 3,297 | | | | 177,247 | |
| U.S. Physical Therapy, Inc. | * | | | 1,300 | | | | 17,511 | |
| Universal Health Services, Inc. Class B | | 2,373 | | | | 145,940 | |
| VCA Antech, Inc. | *† | | | 3,442 | | | | 129,729 | |
| VistaCare, Inc. Class A | * | | | 1,341 | | | | 13,169 | |
| | | 4,240,384 | |
Heavy Construction—0.2% | | | |
| Blount International, Inc. | * | | | 1,532 | | | | 20,039 | |
| Centex Corporation | † | | | 4,760 | | | | 190,876 | |
| Foster Wheeler Ltd. (Bermuda) | * | | | 2,911 | | | | 311,448 | |
| Granite Construction, Inc. | | 1,889 | | | | 121,236 | |
| Hovnanian Enterprises, Inc. | *† | | | 1,478 | | | | 24,431 | |
| Lennar Corporation Class A | | 5,675 | | | | 207,478 | |
| Levitt Corporation Class A | | 763 | | | | 7,195 | |
| M/I Homes, Inc. | † | | | 610 | | | | 16,226 | |
|
See accompanying notes to financial statements.
175
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| McDermott International, Inc. | * | | | 4,138 | | | $ | 343,951 | |
| McGrath Rentcorp | | 916 | | | | 30,860 | |
| WCI Communities, Inc. | * | | | 1,921 | | | | 32,042 | |
| | | 1,305,782 | |
Heavy Machinery—2.3% | | | |
| Actuant Corporation Class A | † | | | 1,011 | | | | 63,754 | |
| Agco Corporation | * | | | 3,068 | | | | 133,182 | |
American Standard
Companies, Inc. | | 7,063 | | | | 416,576 | |
| Ampco-Pittsburgh Corporation | | 613 | | | | 24,575 | |
Applied Industrial
Technologies, Inc. | | 2,056 | | | | 60,652 | |
| Applied Materials, Inc. | | 53,844 | | | | 1,069,880 | |
| Astec Industries, Inc. | * | | | 821 | | | | 34,663 | |
| Asyst Technologies, Inc. | * | | | 1,782 | | | | 12,884 | |
| Axcelis Technologies, Inc. | * | | | 4,095 | | | | 26,577 | |
| Black & Decker Corporation | | 3,225 | | | | 284,800 | |
| Briggs & Stratton Corporation | † | | | 1,822 | | | | 57,502 | |
| Brooks Automation, Inc. | * | | | 3,103 | | | | 56,319 | |
| Bucyrus International, Inc. Class A | † | | | 1,430 | | | | 101,215 | |
| Cameron International Corporation | * | | | 3,466 | | | | 247,715 | |
| Caterpillar, Inc. | | 25,568 | | | | 2,001,974 | |
| Cummins, Inc. | † | | | 3,510 | | | | 355,247 | |
| Curtiss-Wright Corporation | | 2,112 | | | | 98,440 | |
| Deere & Company | | 9,130 | | | | 1,102,356 | |
| Donaldson Company, Inc. | | 3,810 | | | | 135,446 | |
| Dover Corporation | | 7,805 | | | | 399,226 | |
| Dresser-Rand Group, Inc. | * | | | 2,924 | | | | 115,498 | |
| Dril-Quip, Inc. | * | | | 1,976 | | | | 88,821 | |
| Dycom Industries, Inc. | * | | | 2,076 | | | | 62,238 | |
| Eaton Corporation | | 5,791 | | | | 538,563 | |
| Electroglas, Inc. | * | | | 1,990 | | | | 4,279 | |
| EnPro Industries, Inc. | * | | | 981 | | | | 41,977 | |
| Entegris, Inc. | *† | | | 5,738 | | | | 68,167 | |
| Flow International Corporation | *† | | | 2,200 | | | | 27,720 | |
| Flowserve Corporation | | 2,375 | | | | 170,050 | |
| FMC Technologies, Inc. | * | | | 2,695 | | | | 213,498 | |
| Gardner Denver, Inc. | * | | | 1,836 | | | | 78,122 | |
| Graco, Inc. | | 2,883 | | | | 116,127 | |
| Grant Prideco, Inc. | * | | | 4,753 | | | | 255,854 | |
| Hurco Companies, Inc. | * | | | 300 | | | | 14,994 | |
| Idex Corporation | | 3,304 | | | | 127,336 | |
| Ingersoll-Rand Company Class A (Bermuda) | | 13,496 | | | | 739,851 | |
| Insituform Technologies, Inc. Class A | *† | | | 1,223 | | | | 26,674 | |
| Intermec, Inc. | *† | | | 2,374 | | | | 60,086 | |
| Joy Global, Inc. | | 4,599 | | | | 268,260 | |
| Kadant, Inc. | * | | | 721 | | | | 22,495 | |
| Kaydon Corporation | † | | | 1,422 | | | | 74,115 | |
| Kennametal, Inc. | | 1,598 | | | | 131,084 | |
| Knight Transportation, Inc. | † | | | 3,879 | | | | 75,175 | |
Kulicke and Soffa
Industries, Inc. | * | | | 2,008 | | | | 21,024 | |
| Lam Research Corporation | * | | | 5,335 | | | | 274,219 | |
| Layne Christensen Company | * | | | 510 | | | | 20,885 | |
| Lennox International, Inc. | | 2,437 | | | | 83,419 | |
| Lindsay Corporation | † | | | 808 | | | | 35,786 | |
| Lufkin Industries, Inc. | | 1,000 | | | | 64,550 | |
| Manitowoc Company | | 2,522 | | | | 202,718 | |
| Matrix Service Company | * | | | 468 | | | | 11,630 | |
| Middleby Corporation | * | | | 936 | | | | 55,992 | |
| Modine Manufacturing Company | | 1,208 | | | | 27,301 | |
| NACCO Industries, Inc. Class A | | 309 | | | $ | 48,046 | |
| NATCO Group, Inc. Class A | * | | | 900 | | | | 41,436 | |
| National-Oilwell Varco, Inc. | * | | | 7,090 | | | | 739,062 | |
| Nordson Corporation | | 1,522 | | | | 76,344 | |
| Oil States International, Inc. | *† | | | 2,026 | | | | 83,755 | |
| Pall Corporation | | 5,186 | | | | 238,504 | |
| Paragon Technologies, Inc. | * | | | 1,800 | | | | 12,060 | |
| Parker Hannifin Corporation | | 5,221 | | | | 511,188 | |
| Pentair, Inc. | | 3,618 | | | | 139,546 | |
| Robbins & Myers, Inc. | † | | | 868 | | | | 46,117 | |
| Rockwell Automation, Inc. | | 6,047 | | | | 419,904 | |
| Sauer-Danfoss, Inc. | | 1,531 | | | | 45,563 | |
| Semitool, Inc. | * | | | 1,060 | | | | 10,187 | |
| Smith International, Inc. | | 8,020 | | | | 470,293 | |
| SPX Corporation | | 2,157 | | | | 189,406 | |
| Standex International Corporation | | 724 | | | | 20,591 | |
| Stanley Works (The) | | 3,365 | | | | 204,256 | |
| Tecumseh Products Company Class A | * | | | 712 | | | | 11,186 | |
| Tennant Company | | 1,280 | | | | 46,720 | |
| Terex Corporation | * | | | 4,124 | | | | 335,281 | |
| Timken Company | | 3,702 | | | | 133,679 | |
| Toro Company | | 2,550 | | | | 150,170 | |
| TurboChef Technologies, Inc. | *† | | | 993 | | | | 13,823 | |
| Ultratech, Inc. | * | | | 971 | | | | 12,943 | |
| Varian Medical Systems, Inc. | * | | | 5,512 | | | | 234,315 | |
| Watsco, Inc. | | 553 | | | | 30,083 | |
| Willis Lease Finance Corporation | * | | | 1,234 | | | | 14,339 | |
| WJ Communications, Inc. | * | | | 1,509 | | | | 2,641 | |
| Woodward Governor Company | | 1,224 | | | | 65,692 | |
| WW Grainger, Inc. | | 3,286 | | | | 305,762 | |
| | | 15,454,383 | |
Home Construction, Furnishings & Appliances—0.7% |
| American Technology Corporation | * | | | 3,686 | | | | 13,896 | |
| Bassett Furniture Industries, Inc. | | 1,139 | | | | 15,547 | |
| Beazer Homes USA, Inc. | † | | | 1,494 | | | | 36,857 | |
| Brookfield Homes Corporation | † | | | 1,218 | | | | 35,432 | |
| Dominion Homes, Inc. | *† | | | 650 | | | | 3,010 | |
| DR Horton, Inc. | † | | | 11,522 | | | | 229,633 | |
| DTS, Inc. | *† | | | 755 | | | | 16,436 | |
| Ethan Allen Interiors, Inc. | † | | | 1,551 | | | | 53,122 | |
| Fossil, Inc. | * | | | 3,154 | | | | 93,011 | |
Furniture Brands
International, Inc. | † | | | 2,341 | | | | 33,242 | |
| Gemstar-TV Guide International, Inc. | * | | | 16,221 | | | | 79,807 | |
| Harman International Industries, Inc. | | 2,728 | | | | 318,630 | |
| Helen of Troy Ltd. | * | | | 1,333 | | | | 35,991 | |
| Herman Miller, Inc. | | 3,155 | | | | 99,698 | |
| HNI Corporation | | 2,512 | | | | 102,992 | |
| Jarden Corporation | * | | | 1,771 | | | | 76,171 | |
| Johnson Controls, Inc. | | 7,517 | | | | 870,243 | |
| KB Home | † | | | 3,248 | | | | 127,874 | |
| Kimball International, Inc. Class B | | 1,500 | | | | 21,015 | |
| Kinetic Concepts, Inc. | * | | | 2,200 | | | | 114,334 | |
| La-Z-Boy, Inc. | † | | | 2,404 | | | | 27,550 | |
| Leggett & Platt, Inc. | † | | | 8,763 | | | | 193,224 | |
| Masco Corporation | | 15,650 | | | | 445,556 | |
| MDC Holdings, Inc. | | 1,091 | | | | 52,761 | |
| Meritage Homes Corporation | *† | | | 1,300 | | | | 34,775 | |
| Movado Group, Inc. | | 1,678 | | | | 56,616 | |
| National Presto Industries, Inc. | | 535 | | | | 33,352 | |
| Newell Rubbermaid, Inc. | | 11,388 | | | | 335,149 | |
| NVR, Inc. | *† | | | 262 | | | | 178,095 | |
|
See accompanying notes to financial statements.
176
SCHEDULE OF INVESTMENTS—(Continued)
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| Palm Harbor Homes, Inc. | *† | | | 1,181 | | | $ | 16,711 | |
| Parkervision, Inc. | *† | | | 1,052 | | | | 12,571 | |
| Pulte Homes, Inc. | | 8,898 | | | | 199,760 | |
| Ryland Group, Inc. | † | | | 1,852 | | | | 69,209 | |
| Salton, Inc. | * | | | 701 | | | | 1,311 | |
| Select Comfort Corporation | *† | | | 2,104 | | | | 34,127 | |
| Standard-Pacific Corporation | † | | | 2,568 | | | | 45,017 | |
| Steelcase, Inc. Class A | | 1,992 | | | | 36,852 | |
Tempur-Pedic
International, Inc. | † | | | 1,346 | | | | 34,861 | |
| Toll Brothers, Inc. | *† | | | 4,132 | | | | 103,217 | |
| TOUSA, Inc. | † | | | 1,793 | | | | 7,513 | |
| Virco Manufacturing Corporation | * | | | 799 | | | | 5,257 | |
| Walter Industries, Inc. | | 1,640 | | | | 47,494 | |
| Whirlpool Corporation | | 2,980 | | | | 331,376 | |
| | | 4,679,295 | |
Household Products—0.4% | | | |
| Apogee Enterprises, Inc. | | 1,250 | | | | 34,775 | |
| Charles & Colvard Ltd. | † | | | 1,843 | | | | 9,123 | |
| Ferro Corporation | | 1,818 | | | | 45,323 | |
| Fortune Brands, Inc. | † | | | 6,052 | | | | 498,503 | |
| Gentex Corporation | † | | | 6,594 | | | | 129,836 | |
| Illinois Tool Works, Inc. | | 19,385 | | | | 1,050,473 | |
| Kronos Worldwide, Inc. | | 1,131 | | | | 28,558 | |
| Rohm & Haas Company | † | | | 6,241 | | | | 341,258 | |
| RPM, Inc. | | 4,832 | | | | 111,668 | |
| Snap-On, Inc. | | 2,419 | | | | 122,184 | |
| Valspar Corporation | | 3,724 | | | | 105,799 | |
| | | 2,477,500 | |
Industrial—Diversified—0.4% | | | |
| Blyth, Inc. | | 1,839 | | | | 48,881 | |
| Russ Berrie & Company, Inc. | * | | | 1,156 | | | | 21,536 | |
| Tyco International Ltd. (Bermuda) | | 78,983 | | | | 2,668,836 | |
| | | 2,739,253 | |
Insurance—5.5% | | | |
| 21st Century Insurance Group | | 310 | | | | 6,777 | |
| ACE Ltd. (Cayman Islands) | | 13,100 | | | | 819,012 | |
| Aflac, Inc. | | 19,543 | | | | 1,004,510 | |
| Aetna, Inc. | | 21,283 | | | | 1,051,380 | |
| Alfa Corporation | | 1,928 | | | | 30,019 | |
| Alleghany Corporation | *† | | | 147 | | | | 59,756 | |
| Allstate Corporation (The) | | 25,605 | | | | 1,574,964 | |
| AMBAC Financial Group, Inc. | | 4,045 | | | | 352,684 | |
| American Equity Investment Life Holding Company | | 4,302 | | | | 51,968 | |
| American Financial Group, Inc. | | 2,425 | | | | 82,814 | |
| American Independence Corporation | * | | | 430 | | | | 4,743 | |
| American International Group, Inc. | | 89,105 | | | | 6,240,023 | |
| American National Insurance | | 945 | | | | 144,207 | |
American Physicians
Capital, Inc. | * | | | 1,290 | | | | 52,245 | |
| Amerigroup Corporation | * | | | 1,950 | | | | 46,410 | |
| AON Corporation | | 10,312 | | | | 439,394 | |
| Arch Capital Group Ltd. (Bermuda) | * | | | 1,428 | | | | 103,587 | |
| Argonaut Group, Inc. | * | | | 1,387 | | | | 43,288 | |
| Arthur J. Gallagher & Company | † | | | 3,230 | | | | 90,052 | |
| Aspen Insurance Holdings Ltd. (Bermuda) | † | | | 3,512 | | | | 98,582 | |
| Assurant, Inc. | | 4,146 | | | | 244,282 | |
| Axis Capital Holdings Ltd. (Bermuda) | | 5,691 | | | $ | 231,339 | |
| Baldwin & Lyons, Inc. Class B | | 945 | | | | 24,551 | |
| Bristol West Holdings, Inc. | | 1,365 | | | | 30,535 | |
| Brown & Brown, Inc. | | 5,036 | | | | 126,605 | |
| Centene Corporation | * | | | 1,972 | | | | 42,240 | |
| Chubb Corporation | | 16,343 | | | | 884,810 | |
| Cigna Corporation | | 12,861 | | | | 671,601 | |
| Cincinnati Financial Corporation | | 6,788 | | | | 294,599 | |
| CNA Financial Corporation | *† | | | 1,422 | | | | 67,815 | |
| CNA Surety Corporation | * | | | 1,486 | | | | 28,100 | |
| Commerce Group, Inc. | | 3,086 | | | | 107,146 | |
| Conseco, Inc. | *† | | | 6,600 | | | | 137,874 | |
| Covanta Holding Corporation | * | | | 2,954 | | | | 72,816 | |
| Crawford & Company Class B | | 1,891 | | | | 12,783 | |
Delphi Financial Group, Inc.
Class A | | 1,945 | | | | 81,340 | |
| Donegal Group, Inc. Class B | | 758 | | | | 12,446 | |
| EMC Insurance Group, Inc. | | 341 | | | | 8,464 | |
| Employers Holdings, Inc. | * | | | 2,770 | | | | 58,835 | |
| Endurance Specialty Holdings Ltd. (Bermuda) | | 2,698 | | | | 108,028 | |
| Erie Indemnity Company Class A | | 1,023 | | | | 55,283 | |
| Everest Re Group Ltd. (Bermuda) | | 2,000 | | | | 217,280 | |
| FBL Financial Group, Inc. Class A | | 1,275 | | | | 50,133 | |
| Fidelity National Financial Inc. | | 8,236 | | | | 195,193 | |
| First American Corporation | | 3,159 | | | | 156,371 | |
| Genworth Financial, Inc. Class A | | 15,900 | | | | 546,960 | |
| Great American Financial Resources, Inc. | | 1,717 | | | | 41,534 | |
Hanover Insurance Group
(The), Inc. | | 2,346 | | | | 114,461 | |
| Harleysville Group, Inc. | | 1,351 | | | | 45,069 | |
Hartford Financial Services
Group, Inc. | | 12,039 | | | | 1,185,962 | |
| HCC Insurance Holdings, Inc. | | 3,999 | | | | 133,607 | |
| Health Net, Inc. | * | | | 4,879 | | | | 257,611 | |
| HealthExtras, Inc. | * | | �� | 1,864 | | | | 55,137 | |
| Healthspring, Inc. | * | | | 2,400 | | | | 45,744 | |
| Hilb Rogal & Hobbs Company | | 1,604 | | | | 68,747 | |
| Horace Mann Educators Corporation | | 2,000 | | | | 42,480 | |
| Humana, Inc. | * | | | 6,683 | | | | 407,062 | |
| Independence Holding Company | | 961 | | | | 19,633 | |
| Infinity Property & Casualty Corporation | | 810 | | | | 41,091 | |
| Kansas City Life Insurance Company | | 902 | | | | 41,961 | |
Landamerica Financial
Group, Inc. | † | | | 845 | | | | 81,534 | |
| Leucadia National Corporation | † | | | 6,084 | | | | 214,461 | |
| Lincoln National Corporation | | 10,899 | | | | 773,284 | |
| Loews Corporation | | 18,378 | | | | 936,910 | |
| MBIA, Inc. | † | | | 5,147 | | | | 320,246 | |
| MGIC Investment Corporation | | 4,084 | | | | 232,216 | |
| Markel Corporation | * | | | 412 | | | | 199,639 | |
Marsh & McLennan
Companies, Inc. | | 21,504 | | | | 664,044 | |
| Mercury General Corporation | | 1,109 | | | | 61,117 | |
| Metlife, Inc. | | 18,197 | | | | 1,173,343 | |
| National Financial Partners Corporation | † | | | 1,495 | | | | 69,233 | |
Nationwide Financial Services
Class A | | 2,414 | | | | 152,613 | |
| Navigators Group, Inc. | * | | | 938 | | | | 50,558 | |
| Odyssey Re Holdings Corporation | † | | | 505 | | | | 21,659 | |
| Ohio Casualty Corporation | † | | | 2,335 | | | | 101,129 | |
|
See accompanying notes to financial statements.
177
SCHEDULE OF INVESTMENTS—(Continued)
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| Old Republic International Corporation | | 9,191 | | | $ | 195,401 | |
| PMI Group, Inc. (The) | | 3,929 | | | | 175,508 | |
| PartnerRe Ltd. (Bermuda) | † | | | 2,300 | | | | 178,250 | |
| Philadelphia Consolidated Holding Corporation | * | | | 2,562 | | | | 107,092 | |
| Phoenix Companies, Inc. (The) | | 4,217 | | | | 63,297 | |
| Platinum Underwriters Holdings Ltd. (Bermuda) | | 2,734 | | | | 95,007 | |
| PMA Capital Corporation Class A | * | | | 1,826 | | | | 19,520 | |
| Presidential Life Corporation | | 1,144 | | | | 22,491 | |
| ProAssurance Corporation | *† | | | 1,647 | | | | 91,688 | |
| Progressive Corporation (The) | | 28,252 | | | | 676,070 | |
| Protective Life Corporation | | 3,130 | | | | 149,645 | |
| Prudential Financial, Inc. | | 18,979 | | | | 1,845,328 | |
| Radian Group, Inc. | | 3,844 | | | | 207,576 | |
Reinsurance Group of
America, Inc. | | 1,440 | | | | 86,746 | |
| RenaissanceRe Holdings Ltd. (Bermuda) | | 2,900 | | | | 179,771 | |
| RLI Corporation | | 1,164 | | | | 65,126 | |
| Safeco Corporation | | 4,453 | | | | 277,244 | |
| Safety Insurance Group, Inc. | | 850 | | | | 35,190 | |
| Scottish Re Group Ltd. | | 2,910 | | | | 14,230 | |
| Security Capital Assurance Ltd. (Bermuda) | | 2,963 | | | | 91,468 | |
| Selective Insurance Group | | 2,122 | | | | 57,039 | |
| Stancorp Financial Group, Inc. | | 2,460 | | | | 129,101 | |
| State Auto Financial Corporation | | 488 | | | | 14,957 | |
| Stewart Information Services Corporation | | 1,239 | | | | 49,349 | |
| Torchmark Corporation | | 3,778 | | | | 253,126 | |
| Tower Group, Inc. | | 1,736 | | | | 55,378 | |
| Transatlantic Holdings, Inc. | | 1,167 | | | | 83,009 | |
| Travelers Cos., Inc. (The) | | 27,939 | | | | 1,494,737 | |
| Triad Guaranty, Inc. | *† | | | 692 | | | | 27,632 | |
| United American Healthcare Corporation | * | | | 4,251 | | | | 17,769 | |
| United Fire & Casualty Company | † | | | 1,250 | | | | 44,225 | |
| UnitedHealth Group, Inc. | | 52,588 | | | | 2,689,350 | |
| Unitrin, Inc. | | 1,906 | | | | 93,737 | |
| Universal American Financial Corporation | * | | | 1,812 | | | | 38,559 | |
| UnumProvident Corporation | | 13,588 | | | | 354,783 | |
| WellCare Health Plans, Inc. | *† | | | 1,500 | | | | 135,765 | |
| WellPoint, Inc. | * | | | 24,176 | | | | 1,929,970 | |
| Wesco Financial Corporation | | 187 | | | | 71,995 | |
White Mountains Insurance
Group Ltd. | | 300 | | | | 181,806 | |
| WR Berkley Corporation | | 7,560 | | | | 246,002 | |
| XL Capital Ltd. Class A (Cayman Islands) | | 7,300 | | | | 615,317 | |
| Zenith National Insurance Corporation | | 1,498 | | | | 70,541 | |
| | | 37,546,724 | |
Lodging—0.5% | | | |
| Ameristar Casinos, Inc. | | 300 | | | | 10,422 | |
| Boyd Gaming Corporation | | 2,619 | | | | 128,829 | |
| Choice Hotels International, Inc. | | 1,616 | | | | 63,864 | |
| Empire Resorts, Inc. | * | | | 582 | | | | 4,231 | |
| Hilton Hotels Corporation | | 14,441 | | | | 483,340 | |
International Leisure
Hosts Ltd. | * | | | 1,200 | | | | 8,400 | |
| Isle of Capri Casinos, Inc. | *† | | | 1,250 | | | | 29,950 | |
| Las Vegas Sands Corporation | *† | | | 4,070 | | | $ | 310,907 | |
| MGM MIRAGE | * | | | 5,184 | | | | 427,576 | |
| Marcus Corporation | | 1,505 | | | | 35,759 | |
| Marriott International, Inc. Class A | | 13,654 | | | | 590,399 | |
| Morgans Hotel Group Company | *† | | | 2,300 | | | | 56,074 | |
Orient-Express Hotels Ltd.
Class A (Bermuda) | | 1,577 | | | | 84,212 | |
| Starwood Hotels & Resorts Worldwide, Inc. | | 8,391 | | | | 562,784 | |
| Station Casinos, Inc. | | 1,628 | | | | 141,310 | |
Trump Entertainment
Resorts, Inc. | *† | | | 1,600 | | | | 20,080 | |
| Vail Resorts, Inc. | *† | | | 1,491 | | | | 90,757 | |
| Wyndham Worldwide Corporation | * | | | 8,848 | | | | 320,828 | |
| Wynn Resorts Ltd. | | 2,554 | | | | 229,068 | |
| | | 3,598,790 | |
Media—Broadcasting & Publishing—2.0% |
| 4Kids Entertainment, Inc. | * | | | 605 | | | | 9,075 | |
| Acme Communications, Inc. | | 1,200 | | | | 6,012 | |
| American Greetings Corporation Class A | | 2,760 | | | | 78,191 | |
| Beasley Broadcasting Group, Inc. Class A | | 1,150 | | | | 10,235 | |
| Belo Corporation Class A | | 4,721 | | | | 97,205 | |
| Cablevision Systems Corporation Class A | | 9,044 | | | | 327,302 | |
| CBS Corporation Class B | | 26,582 | | | | 885,712 | |
| Charter Communications, Inc. Class A | *† | | | 11,237 | | | | 45,510 | |
| Citadel Broadcasting Corporation | † | | | 6,896 | | | | 44,479 | |
| Clear Channel Communications, Inc. | | 18,523 | | | | 700,540 | |
| Comcast Corporation Class A | * | | | 116,370 | | | | 3,272,324 | |
| COX Radio, Inc. Class A | * | | | 1,752 | | | | 24,948 | |
| Crown Media Holdings, Inc. | *† | | | 5,899 | | | | 42,473 | |
| Cumulus Media, Inc. Class A | *† | | | 2,174 | | | | 20,327 | |
| DIRECTV Group (The), Inc. | * | | | 33,457 | | | | 773,191 | |
| Dow Jones & Company, Inc. | | 1,884 | | | | 108,236 | |
| EchoStar Communications Corporation Class A | * | | | 9,386 | | | | 407,071 | |
| Emmis Communications Corporation Class A | | 1,175 | | | | 10,822 | |
| Entercom Communications Corporation | † | | | 2,183 | | | | 54,335 | |
| Entravision Communications Corporation Class A | * | | | 2,852 | | | | 29,746 | |
| EW Scripps Company Class A | | 3,612 | | | | 165,032 | |
| Gannett Company, Inc. | | 9,201 | | | | 505,595 | |
| Gray Television, Inc. | | 1,838 | | | | 17,038 | |
| Handleman Company | † | | | 1,657 | | | | 10,323 | |
| Harte-Hanks, Inc. | | 3,119 | | | | 80,096 | |
| Hearst-Argyle Television, Inc. | | 2,184 | | | | 52,634 | |
| IAC/InterActiveCorp | *† | | | 9,431 | | | | 326,407 | |
| Idearc, Inc. | | 5,663 | | | | 200,074 | |
| John Wiley & Sons Class A | | 2,491 | | | | 120,290 | |
| Journal Communications, Inc. Class A | | 3,900 | | | | 50,739 | |
| Journal Register Company | | 1,817 | | | | 8,140 | |
| Lee Enterprises, Inc. | | 1,973 | | | | 41,157 | |
| Liberty Global, Inc. Class C | * | | | 762 | | | | 29,947 | |
| Liberty Global, Inc. Class A | * | | | 15,937 | | | | 654,054 | |
| Liberty Media Corporation Interactive Class A | * | | | 27,258 | | | | 608,671 | |
| Liberty Media Holdings Corporation Capital Class A | * | | | 5,451 | | | | 641,474 | |
|
See accompanying notes to financial statements.
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| LIN TV Corporation Class A | * | | | 1,419 | | | $ | 26,691 | |
| Lodgenet Entertainment Corporation | * | | | 1,250 | | | | 40,075 | |
| McClatchy Company Class A | † | | | 2,444 | | | | 61,858 | |
| McGraw-Hill Companies, Inc. (The) | | 14,260 | | | | 970,821 | |
| Media General, Inc. Class A | | 952 | | | | 31,673 | |
| Mediacom Communications Corporation | * | | | 3,433 | | | | 33,266 | |
| Meredith Corporation | | 2,083 | | | | 128,313 | |
| New York Times Company Class A | † | | | 5,682 | | | | 144,323 | |
Playboy Enterprises, Inc.
Class B | *† | | | 1,251 | | | | 14,174 | |
| Primedia, Inc. | * | | | 8,853 | | | | 25,231 | |
| Radio One, Inc. Class A | * | | | 4,327 | | | | 30,592 | |
| Radio Unica Communications Corporation | *‡d | | | 1,900 | | | | — | |
| Regent Communications, Inc. | * | | | 1,600 | | | | 5,360 | |
| RH Donnelley Corporation | † | | | 2,471 | | | | 187,252 | |
| Salem Communications Corporation Class A | | 850 | | | | 9,427 | |
| Scholastic Corporation | * | | | 1,845 | | | | 66,309 | |
| Sinclair Broadcast Group, Inc. Class A | | 2,049 | | | | 29,137 | |
| Spanish Broadcasting System, Inc. Class A | * | | | 1,300 | | | | 5,590 | |
| Speedus Corporation | * | | | 4,207 | | | | 3,260 | |
| Sun-Times Media Group, Inc. Class A | | 3,613 | | | | 18,968 | |
Time Warner Cable, Inc.
Class A | *† | | | 4,450 | | | | 174,307 | |
| Tivo, Inc. | *† | | | 2,696 | | | | 15,610 | |
| Tribune Company | | 4,529 | | | | 133,153 | |
| Viacom, Inc. Class B | * | | | 25,894 | | | | 1,077,967 | |
| Washington Post Class B | † | | | 258 | | | | 200,231 | |
| Worldgate Communications | * | | | 3,160 | | | | 1,596 | |
Young Broadcasting, Inc.
Class A | * | | | 831 | | | | 3,066 | |
| | | 13,897,655 | |
Medical Supplies—3.3% | | | |
| 1-800 Contacts, Inc. | * | | | 502 | | | | 11,778 | |
| Abaxis, Inc. | * | | | 749 | | | | 15,624 | |
| Abiomed, Inc. | *† | | | 886 | | | | 9,551 | |
| Advanced Medical Optics, Inc. | *† | | | 2,304 | | | | 80,364 | |
| Align Technology, Inc. | *† | | | 2,449 | | | | 59,168 | |
| Allergan, Inc. | | 11,928 | | | | 687,530 | |
| American Medical Systems Holdings, Inc. | *† | | | 3,000 | | | | 54,120 | |
| Applera Corporation - Applied Biosystems Group | | 6,991 | | | | 213,505 | |
| Arrow International, Inc. | | 1,305 | | | | 49,955 | |
| ArthoCare Corporation | *† | | | 851 | | | | 37,367 | |
| Avigen, Inc. | * | | | 1,009 | | | | 6,205 | |
| Axsys Technologies, Inc. | * | | | 883 | | | | 18,887 | |
| Bausch & Lomb, Inc. | | 2,176 | | | | 151,101 | |
| Baxter International, Inc. | | 25,124 | | | | 1,415,486 | |
| Beckman Coulter, Inc. | † | | | 2,512 | | | | 162,476 | |
| Becton Dickinson & Company | | 8,917 | | | | 664,317 | |
| Bioject Medical Technologies, Inc. | * | | | 4,490 | | | | 7,543 | |
| Biolase Technology, Inc. | *† | | | 765 | | | | 4,644 | |
| Biomet, Inc. | | 10,108 | | | | 462,138 | |
| Bio-Rad Laboratories, Inc. Class A | * | | | 88 | | | | 6,650 | |
| Boston Scientific Corporation | * | | | 53,540 | | | | 821,304 | |
| Bruker BioSciences Corporation | * | | | 1,667 | | | $ | 15,020 | |
| Cepheid, Inc. | *† | | | 6,129 | | | | 89,483 | |
| Cerus Corporation | * | | | 1,010 | | | | 6,828 | |
| Chindex International, Inc. | *† | | | 548 | | | | 12,138 | |
| Clarient, Inc. | * | | | 3,308 | | | | 6,715 | |
| Coherent, Inc. | * | | | 1,348 | | | | 41,127 | |
| Conceptus, Inc. | * | | | 1,047 | | | | 20,280 | |
| Conmed Corporation | * | | | 1,362 | | | | 39,879 | |
| Cooper Companies, Inc. | | 1,627 | | | | 86,752 | |
| CR Bard, Inc. | | 3,904 | | | | 322,588 | |
| Cyberonics, Inc. | *† | | | 956 | | | | 16,080 | |
| Cytyc Corporation | * | | | 4,240 | | | | 182,786 | |
| Dade Behring Holdings, Inc. | | 3,120 | | | | 165,734 | |
| Datascope Corporation | | 556 | | | | 21,284 | |
| Dentsply International, Inc. | | 5,668 | | | | 216,858 | |
| DJO, Inc. | * | | | 729 | | | | 30,086 | |
| EP Medsystems, Inc. | * | | | 5,240 | | | | 9,537 | |
| ev3, Inc. | *† | | | 785 | | | | 13,251 | |
| Excel Technology, Inc. | * | | | 562 | | | | 15,702 | |
| Faro Technologies, Inc. | * | | | 453 | | | | 14,433 | |
| FEI Company | *† | | | 1,368 | | | | 44,405 | |
| Haemonetics Corporation | * | | | 1,157 | | | | 60,870 | |
Hanger Orthopedic
Group, Inc. | * | | | 1,083 | | | | 11,696 | |
| HealthTronics Surgical Services, Inc. | * | | | 2,529 | | | | 11,001 | |
| Hillenbrand Industries, Inc. | | 2,596 | | | | 168,740 | |
| Hologic, Inc. | *† | | | 2,692 | | | | 148,895 | |
| ICU Medical, Inc. | * | | | 605 | | | | 25,979 | |
| II-VI, Inc. | * | | | 682 | | | | 18,530 | |
| Illumina, Inc. | *† | | | 1,626 | | | | 65,999 | |
| Input/Output, Inc. | *† | | | 2,427 | | | | 37,885 | |
| Integra LifeSciences Holdings Corporation | *† | | | 1,190 | | | | 58,810 | |
| Intest Corporation | * | | | 950 | | | | 4,399 | |
| Intuitive Surgical, Inc. | * | | | 1,610 | | | | 223,420 | |
| Invacare Corporation | | 1,333 | | | | 24,434 | |
| Johnson & Johnson | | 116,267 | | | | 7,164,373 | |
| Kla-Tencor Corporation | | 7,679 | | | | 421,961 | |
| Kensey Nash Corporation | * | | | 866 | | | | 23,217 | |
| Kopin Corporation | * | | | 2,431 | | | | 9,481 | |
| Kyphon, Inc. | *† | | | 1,594 | | | | 76,751 | |
| L-1 Identity Solutions, Inc. | *† | | | 1,637 | | | | 33,477 | |
| Meade Instruments Corporation | * | | | 1,640 | | | | 3,592 | |
| Mechanical Technology, Inc. | * | | | 957 | | | | 1,206 | |
| Medtronic, Inc. | | 45,099 | | | | 2,338,834 | |
| Mentor Corporation | † | | | 1,961 | | | | 79,773 | |
| Merit Medical Systems, Inc. | * | | | 2,519 | | | | 30,127 | |
| Mesa Laboratories, Inc. | | 1,200 | | | | 27,600 | |
| Mettler-Toledo International, Inc. | * | | | 700 | | | | 66,857 | |
Microtek Medical
Holdings, Inc. | * | | | 1,250 | | | | 5,750 | |
| Millipore Corporation | *† | | | 2,026 | | | | 152,132 | |
| Nanogen, Inc. | * | | | 950 | | | | 1,283 | |
| Newport Corporation | * | | | 1,614 | | | | 24,985 | |
| NuVasive, Inc. | *† | | | 2,111 | | | | 57,018 | |
| Nyer Medical Group, Inc. | * | | | 2,532 | | | | 4,785 | |
| Oakley, Inc. | | 2,900 | | | | 82,360 | |
| Orthologic Corporation | * | | | 1,516 | | | | 2,153 | |
| Osteotech, Inc. | * | | | 1,498 | | | | 10,786 | |
| Owens & Minor, Inc. | | 1,623 | | | | 56,708 | |
| OYO Geospace Corporation | * | | | 550 | | | | 40,805 | |
| PSS World Medical, Inc. | * | | | 3,574 | | | | 65,118 | |
Palomar Medical
Technologies, Inc. | *† | | | 1,116 | | | | 38,736 | |
|
See accompanying notes to financial statements.
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| Patterson Cos., Inc. | * | | | 5,546 | | | $ | 206,699 | |
| PerkinElmer, Inc. | | 5,266 | | | | 137,232 | |
| PolyMedica Corporation | | 960 | | | | 39,216 | |
| Q-Med, Inc. | * | | | 1,634 | | | | 6,373 | |
| Resmed, Inc. | * | | | 3,034 | | | | 125,183 | |
| Respironics, Inc. | * | | | 3,060 | | | | 130,325 | |
| Rofin-Sinar Technologies, Inc. | * | | | 1,100 | | | | 75,900 | |
| Somanetics Corporation | * | | | 1,352 | | | | 24,755 | |
| SonoSite, Inc. | * | | | 1,264 | | | | 39,728 | |
| Spectranetics Corporation | *† | | | 1,045 | | | | 12,038 | |
| St. Jude Medical, Inc. | *† | | | 13,638 | | | | 565,841 | |
| Staar Surgical Company | * | | | 848 | | | | 3,239 | |
| Steris Corporation | | 2,777 | | | | 84,976 | |
| Stryker Corporation | | 10,806 | | | | 681,751 | |
| Synovis Life Technologies, Inc. | * | | | 346 | | | | 4,982 | |
| Techne Corporation | * | | | 1,736 | | | | 99,317 | |
| Theragenics Corporation | * | | | 1,492 | | | | 6,222 | |
| Thermo Fisher Scientific, Inc. | * | | | 15,692 | | | | 811,590 | |
| Thoratec Corporation | *† | | | 2,306 | | | | 42,407 | |
| Urologix, Inc. | * | | | 1,050 | | | | 2,342 | |
| Varian, Inc. | * | | | 1,502 | | | | 82,355 | |
| Ventana Medical Systems, Inc. | * | | | 1,416 | | | | 109,414 | |
| Vital Signs, Inc. | | 634 | | | | 35,219 | |
| Vivus, Inc. | * | | | 1,400 | | | | 7,322 | |
| Waters Corporation | * | | | 5,040 | | | | 299,174 | |
| Wright Medical Group, Inc. | * | | | 1,309 | | | | 31,573 | |
| Young Innovations, Inc. | | 677 | | | | 19,755 | |
| Zimmer Holdings, Inc. | * | | | 9,576 | | | | 812,907 | |
| Zoll Medical Corporation | * | | | 850 | | | | 18,964 | |
| Zygo Corporation | * | | | 967 | | | | 13,818 | |
| | | 22,521,822 | |
Metals—1.4% | | | |
| AK Steel Holding Corporation | * | | | 5,009 | | | | 187,186 | |
| Alcoa, Inc. | | 35,208 | | | | 1,426,980 | |
| Allegheny Technologies, Inc. | | 3,350 | | | | 351,348 | |
| Ameron International Corporation | | 542 | | | | 48,883 | |
| Aptargroup, Inc. | † | | | 3,130 | | | | 111,303 | |
Brush Engineered
Materials, Inc. | *† | | | 1,122 | | | | 47,113 | |
| Carpenter Technology Corporation | | 941 | | | | 122,622 | |
| Century Aluminum Company | *† | | | 865 | | | | 47,255 | |
| Chaparral Steel Company | | 2,232 | | | | 160,414 | |
| Circor International, Inc. | | 711 | | | | 28,746 | |
| Cleveland-Cliffs, Inc. | † | | | 2,036 | | | | 158,136 | |
| Commercial Metals Company | | 4,080 | | | | 137,782 | |
| Commscope, Inc. | * | | | 2,612 | | | | 152,410 | |
| Corning, Inc. | * | | | 60,152 | | | | 1,536,884 | |
| Couer D’alene Mines Corporation | *† | | | 8,276 | | | | 29,711 | |
| Crane Company | | 2,467 | | | | 112,125 | |
| Encore Wire Corporation | † | | | 1,400 | | | | 41,216 | |
| General Cable Corporation | * | | | 1,382 | | | | 104,687 | |
| Gibraltar Industries, Inc. | | 1,188 | | | | 26,314 | |
| Griffon Corporation | * | | | 1,288 | | | | 28,053 | |
| Hecla Mining Company | * | | | 4,124 | | | | 35,219 | |
| Hubbell, Inc. Class B | | 2,078 | | | | 112,669 | |
| Ladish Company, Inc. | * | | | 900 | | | | 38,700 | |
| Matthews International Corporation Class A | | 1,052 | | | | 45,878 | |
| MAXXAM, Inc. | * | | | 856 | | | | 24,075 | |
| Meridian Gold, Inc. (Canada) | * | | | 4,300 | | | | 118,594 | |
| Mueller Industries, Inc. | | 1,592 | | | | 54,828 | |
| Mueller Water Products, Inc. Class A | † | | | 3,000 | | | | 51,180 | |
| NCI Building Systems, Inc. | *† | | | 1,232 | | | | 60,775 | |
| Newmont Mining Corporation | | 16,091 | | | $ | 628,514 | |
| Nucor Corporation | | 10,996 | | | | 644,915 | |
| Optical Cable Corporation | * | | | 240 | | | | 1,234 | |
| Precision Castparts Corporation | | 5,136 | | | | 623,305 | |
| Quanex Corporation | | 1,671 | | | | 81,378 | |
| Reliance Steel & Aluminum Company | † | | | 2,966 | | | | 166,867 | |
| Royal Gold, Inc. | | 1,153 | | | | 27,407 | |
| RTI International Metals, Inc. | * | | | 1,363 | | | | 102,729 | |
| Ryerson Inc. | † | | | 1,471 | | | | 55,383 | |
| Schnitzer Steel Industries, Inc. Class A | | 693 | | | | 33,222 | |
| Shiloh Industries, Inc. | | 1,441 | | | | 17,551 | |
| Simpson Manufacturing Company, Inc. | † | | | 2,084 | | | | 70,314 | |
| Southern Copper Corporation | † | | | 2,900 | | | | 273,354 | |
| Steel Dynamics, Inc. | | 4,040 | | | | 169,316 | |
| Stillwater Mining Company | * | | | 3,727 | | | | 41,034 | |
Sturm, Ruger &
Company, Inc. | * | | | 3,296 | | | | 51,154 | |
| Superior Essex, Inc. | * | | | 1,617 | | | | 60,395 | |
| Superior Telecom, Inc. | *‡d | | | 2,013 | | | | — | |
| Taser International, Inc. | *† | | | 2,292 | | | | 31,996 | |
| Texas Industries, Inc. | † | | | 1,116 | | | | 87,506 | |
| Titanium Metals Corporation | * | | | 5,344 | | | | 170,474 | |
| Tredegar Corporation | | 1,606 | | | | 34,208 | |
| United States Steel Corporation | | 4,607 | | | | 501,011 | |
| Valmont Industries, Inc. | | 1,162 | | | | 84,547 | |
| Watts Water Technologies, Inc. Class A | † | | | 1,225 | | | | 45,901 | |
| Worthington Industries, Inc. | † | | | 3,575 | | | | 77,399 | |
| | | 9,482,200 | |
Mining—0.2% | | | |
| Freeport-McMoran Copper & Gold, Inc. | | 14,811 | | | | 1,226,647 | |
Oil & Gas—10.0% | | | |
| Adams Resources & Energy, Inc. | | 1,462 | | | | 43,626 | |
| AGL Resources, Inc. | | 2,166 | | | | 87,680 | |
| Anadarko Petroleum Corporation | | 17,797 | | | | 925,266 | |
| Apache Corporation | | 12,742 | | | | 1,039,620 | |
Apco Argentina, Inc.
(Cayman Islands) | | 622 | | | | 52,814 | |
| Ashland, Inc. | | 2,848 | | | | 182,130 | |
| Atlas America, Inc. | * | | | 1,719 | | | | 92,362 | |
| Atmos Energy Corporation | | 2,732 | | | | 82,124 | |
| ATP Oil & Gas Corporation | * | | | 685 | | | | 33,318 | |
| Atwood Oceanics, Inc. | * | | | 1,662 | | | | 114,046 | |
| Baker Hughes, Inc. | | 13,494 | | | | 1,135,250 | |
| Basic Energy Services, Inc. | *† | | | 1,600 | | | | 40,912 | |
| Berry Petroleum Company Class A | | 1,202 | | | | 45,291 | |
| BJ Services Company | | 11,495 | | | | 326,918 | |
| Blue Dolphin Energy Company | *† | | | 3,650 | | | | 10,950 | |
| BP Prudhoe Bay Royalty Trust | † | | | 1,105 | | | | 79,737 | |
| Buckeye Partners, LP | | 1,400 | | | | 71,848 | |
| Cabot Oil & Gas Corporation | | 4,548 | | | | 167,730 | |
| Callon Petroleum Company | * | | | 779 | | | | 11,038 | |
| Carrizo Oil & Gas, Inc. | * | | | 1,800 | | | | 74,646 | |
| Cascade Natural Gas Corporation | | 1,289 | | | | 34,042 | |
| Chesapeake Energy Corporation | | 15,920 | | | | 550,832 | |
| Chesapeake Utilities Corporation | | 949 | | | | 32,513 | |
| Chevron Corporation | | 85,915 | | | | 7,237,480 | |
| Cimarex Energy Company | | 2,681 | | | | 105,658 | |
| Clayton Williams Energy, Inc. | * | | | 550 | | | | 14,559 | |
| CNX Gas Corporation | *† | | | 1,100 | | | | 33,660 | |
Complete Production
Services, Inc. | * | | | 1,200 | | | | 31,020 | |
|
See accompanying notes to financial statements.
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COMMON STOCKS—(Continued) |
| ConocoPhillips | | 60,725 | | | $ | 4,766,913 | |
| Copano Energy LLC | | 2,400 | | | | 102,408 | |
| Cross Timbers Royalty Trust | † | | | 575 | | | | 24,449 | |
| Crosstex Energy, Inc. | † | | | 2,100 | | | | 60,333 | |
| Dawson Geophysical Company | * | | | 1,200 | | | | 73,752 | |
| Delta Natural Gas Company, Inc. | | 380 | | | | 9,823 | |
| Delta Petroleum Corporation | *† | | | 2,709 | | | | 54,397 | |
| Denbury Resources, Inc. | * | | | 4,466 | | | | 167,475 | |
| Devon Energy Corporation | | 16,306 | | | | 1,276,597 | |
| Diamond Offshore Drilling, Inc. | | 2,694 | | | | 273,603 | |
| Dorchester Minerals, LP | † | | | 2,200 | | | | 48,400 | |
| EOG Resources, Inc. | | 9,358 | | | | 683,695 | |
| El Paso Corporation | | 25,233 | | | | 434,765 | |
| Electro-Sensors, Inc. | * | | | 2,581 | | | | 15,822 | |
| Enbridge Energy Partners, LP | | 1,775 | | | | 98,601 | |
| Encore Acquisition Company | *† | | | 2,062 | | | | 57,324 | |
| Energen Corporation | | 2,644 | | | | 145,261 | |
| Energy Partners Ltd. | * | | | 1,667 | | | | 27,822 | |
| Energy Transfer Equity, LP | | 4,960 | | | | 210,750 | |
| Energy Transfer Partners, LP | | 2,777 | | | | 171,424 | |
| ENSCO International, Inc. | | 5,990 | | | | 365,450 | |
Enterprise Products
Partners, LP | † | | | 8,400 | | | | 267,204 | |
| Equitable Resources, Inc. | | 5,624 | | | | 278,725 | |
| EXCO Resources, Inc. | * | | | 4,100 | | | | 71,504 | |
| Exxon Mobil Corporation | | 225,586 | | | | 18,922,154 | |
| Forest Oil Corporation | *† | | | 3,820 | | | | 161,433 | |
| Frontier Oil Corporation | | 4,576 | | | | 200,292 | |
| FX Energy, Inc. | * | | | 3,496 | | | | 31,988 | |
| Global Industries Ltd. | * | | | 2,539 | | | | 68,096 | |
| GlobalSantaFe Corporation | | 9,544 | | | | 689,554 | |
| Grey Wolf, Inc. | *† | | | 5,192 | | | | 42,782 | |
| Halliburton Company | | 38,615 | | | | 1,332,218 | |
| Hanover Compressor Company | *† | | | 2,998 | | | | 71,502 | |
| Headwaters, Inc. | *† | | | 2,095 | | | | 36,181 | |
Helix Energy Solutions
Group, Inc. | *† | | | 3,853 | | | | 153,773 | |
| Helmerich & Payne, Inc. | | 3,926 | | | | 139,059 | |
| Hercules Offshore, Inc. | *† | | | 2,300 | | | | 74,474 | |
| Hess Corporation | | 10,726 | | | | 632,405 | |
| Holly Corporation | | 1,972 | | | | 146,303 | |
| Hugoton Royalty Trust | | 1,669 | | | | 42,109 | |
| Kinder Morgan Energy Partners, LP | † | | | 5,150 | | | | 284,229 | |
Kinder Morgan
Management LLC | * | | | 1,926 | | | | 99,959 | |
| Laclede Group, Inc. (The) | | 1,025 | | | | 32,677 | |
| Magellan Midstream Partners | | 2,000 | | | | 93,160 | |
| Marathon Oil Corporation | | 27,868 | | | | 1,670,965 | |
| Mariner Energy, Inc. | * | | | 3,261 | | | | 79,079 | |
| Markwest Energy Partners, LP | | 2,200 | | | | 76,560 | |
| Markwest Hydrocarbon, Inc. | | 1,182 | | | | 67,882 | |
| McMoRan Exploration Company | * | | | 1,059 | | | | 14,826 | |
| MDU Resources Group, Inc. | | 7,657 | | | | 214,702 | |
| Meridian Resource Corporation | * | | | 2,950 | | | | 8,909 | |
| Murphy Oil Corporation | | 7,770 | | | | 461,849 | |
| Nabors Industries Ltd. | *† | | | 12,168 | | | | 406,168 | |
| National Fuel Gas Company | | 4,022 | | | | 174,193 | |
| New Jersey Resources Corporation | | 1,121 | | | | 57,193 | |
| Newfield Exploration Company | * | | | 5,246 | | | | 238,955 | |
| Newpark Resources, Inc. | * | | | 3,484 | | | | 27,001 | |
| Nicor, Inc. | † | | | 1,828 | | | | 78,458 | |
Noble Corporation
(Cayman Islands) | | 5,552 | | | | 541,431 | |
| Noble Energy, Inc. | | 6,772 | | | | 422,505 | |
| Northwest Natural Gas Company | | 1,183 | | | $ | 54,643 | |
| NuStar Energy, LP | † | | | 1,500 | | | | 102,750 | |
| Occidental Petroleum Corporation | | 33,243 | | | | 1,924,105 | |
| Oceaneering International, Inc. | * | | | 2,232 | | | | 117,492 | |
| ONEOK Partners, LP | † | | | 1,650 | | | | 112,943 | |
| Oneok, Inc. | | 3,908 | | | | 197,002 | |
| Parallel Petroleum Corporation | * | | | 2,700 | | | | 59,130 | |
| Parker Drilling Company | *† | | | 3,755 | | | | 39,578 | |
| Patterson-UTI Energy, Inc. | | 6,712 | | | | 175,922 | |
| Penn Virginia Corporation | | 600 | | | | 24,120 | |
| Petrohawk Energy Corporation | * | | | 10,735 | | | | 170,257 | |
| Petroleum Development Corporation | * | | | 1,250 | | | | 59,350 | |
| Piedmont Natural Gas Company | † | | | 2,740 | | | | 67,541 | |
| Pioneer Drilling Company | * | | | 2,700 | | | | 40,257 | |
| Pioneer Natural Resources Company | | 5,801 | | | | 282,567 | |
| Plains All American Pipeline, LP | | 3,917 | | | | 249,317 | |
| Plains Exploration & Production Company | * | | | 2,855 | | | | 136,498 | |
| Pogo Producing Company | † | | | 2,307 | | | | 117,173 | |
| Pride International, Inc. | * | | | 5,416 | | | | 202,883 | |
| Questar Corporation | | 7,412 | | | | 391,724 | |
| Quicksilver Resources, Inc. | *† | | | 1,980 | | | | 88,268 | |
| Range Resources Corporation | | 4,350 | | | | 162,734 | |
| Resource America, Inc. Class A | | 1,287 | | | | 26,525 | |
| Rosetta Resources, Inc. | * | | | 3,400 | | | | 73,236 | |
| Rowan Companies., Inc. | | 3,918 | | | | 160,560 | |
Schlumberger Ltd.
(Netherland Antilles) | | 46,040 | | | | 3,910,638 | |
| SEACOR Holdings, Inc. | * | | | 983 | | | | 91,773 | |
| SEMCO Energy, Inc. | * | | | 5,450 | | | | 42,347 | |
| South Jersey Industries, Inc. | | 2,014 | | | | 71,255 | |
| Southern Union Company | | 3,367 | | | | 109,731 | |
| Southwest Gas Corporation | | 1,252 | | | | 42,330 | |
| Southwestern Energy Company | * | | | 6,072 | | | | 270,204 | |
| Spectra Energy Corp. | | 23,691 | | | | 615,018 | |
| St. Mary Land & Exploration Company | | 2,262 | | | | 82,834 | |
| Stone Energy Corporation | * | | | 1,208 | | | | 41,386 | |
| Sunoco Logistics Partners, LP | † | | | 950 | | | | 57,076 | |
| Sunoco, Inc. | | 5,812 | | | | 463,100 | |
| Superior Energy Services, Inc. | * | | | 2,900 | | | | 115,768 | |
| Swift Energy Company | *† | | | 1,142 | | | | 48,832 | |
| Syntroleum Corporation | *† | | | 1,246 | | | | 3,439 | |
| TC Pipelines, LP | | 1,100 | | | | 43,373 | |
| Teppco Partners, LP | | 2,500 | | | | 110,900 | |
| Tesoro Petroleum Corporation | | 6,846 | | | | 391,249 | |
| Tetra Technologies, Inc. | * | | | 2,352 | | | | 66,326 | |
| Tidewater, Inc. | † | | | 2,430 | | | | 172,238 | |
| Todco | * | | | 2,002 | | | | 94,514 | |
Transocean, Inc.
(Cayman Islands) | * | | | 11,405 | | | | 1,208,702 | |
| TXCO Resources, Inc. | | 5,411 | | | | 55,625 | |
| UGI Corporation | | 2,720 | | | | 74,202 | |
| Ultra Petroleum Corporation | * | | | 6,082 | | | | 335,970 | |
| Unit Corporation | * | | | 1,702 | | | | 107,073 | |
| VAALCO Energy, Inc. | * | | | 3,800 | | | | 18,354 | |
| Valero Energy Corporation | | 23,922 | | | | 1,766,879 | |
| Vectren Corporation | | 3,706 | | | | 99,803 | |
| Warren Resources, Inc. | *† | | | 3,600 | | | | 42,048 | |
| Wd-40 Company | | 949 | | | | 31,194 | |
| Weatherford International Ltd. (Bermuda) | * | | | 13,510 | | | | 746,292 | |
| Western Refining, Inc. | | 2,500 | | | | 144,500 | |
| WGL Holdings, Inc. | † | | | 2,315 | | | | 75,562 | |
| W-H Energy Services, Inc. | * | | | 1,377 | | | | 85,250 | |
|
See accompanying notes to financial statements.
181
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
| Whiting Petroleum Corporation | * | | | 1,242 | | | $ | 50,326 | |
| Williams Companies, Inc. | | 24,207 | | | | 765,425 | |
| Williams Partners, LP | | 1,275 | | | | 61,557 | |
| XTO Energy, Inc. | | 15,020 | | | | 902,702 | |
| | | 68,590,961 | |
Pharmaceuticals—6.2% | | | |
| Aastrom Biosciences, Inc. | * | | | 3,289 | | | | 4,407 | |
| Abbott Laboratories | | 60,081 | | | | 3,217,338 | |
| Abraxis BioScience, Inc. | | 1,756 | | | | 39,036 | |
| Accelrys, Inc. | * | | | 1,145 | | | | 7,202 | |
| Adams Respiratory Therapeutics, Inc. | *† | | | 2,571 | | | | 101,272 | |
| Adolor Corporation | *† | | | 1,927 | | | | 7,149 | |
| Advanced Magnetics, Inc. | * | | | 834 | | | | 48,505 | |
| Affymetrix, Inc. | *† | | | 2,525 | | | | 62,847 | |
| Albany Molecular Research, Inc. | * | | | 1,371 | | | | 20,359 | |
| Alexion Pharmaceuticals, Inc. | * | | | 1,108 | | | | 49,926 | |
| Alfacell Corporation | *† | | | 4,295 | | | | 10,695 | |
| Alkermes, Inc. | * | | | 3,579 | | | | 52,253 | |
Allscripts Healthcare
Solutions, Inc. | *† | | | 2,300 | | | | 58,604 | |
| Alnylam Pharmaceuticals, Inc. | * | | | 2,390 | | | | 36,304 | |
| Alpharma, Inc. Class A | | 2,463 | | | | 64,063 | |
| Alseres Pharmaceuticals, Inc. | | 724 | | | | 2,223 | |
| Altus Pharmaceuticals, Inc. | *† | | | 1,600 | | | | 18,464 | |
| AmerisourceBergen Corporation | | 8,488 | | | | 419,901 | |
| Amgen, Inc. | * | | | 46,060 | | | | 2,546,657 | |
| Amylin Pharmaceuticals, Inc. | *† | | | 3,885 | | | | 159,907 | |
| Antigenics, Inc. | *† | | | 1,707 | | | | 4,882 | |
| Applera Corporation-Celera Group | * | | | 3,028 | | | | 37,547 | |
| Arena Pharmaceuticals, Inc. | *† | | | 1,439 | | | | 15,815 | |
| Ariad Pharmaceuticals, Inc. | *† | | | 1,662 | | | | 9,124 | |
| ArQule, Inc. | *† | | | 864 | | | | 6,091 | |
| Array BioPharma, Inc. | * | | | 4,333 | | | | 50,566 | |
| Atherogenics, Inc. | *† | | | 1,603 | | | | 3,430 | |
AVANIR Pharmaceuticals
Class A | * | | | 1,500 | | | | 3,585 | |
| Avant Immunotherapeutics, Inc. | * | | | 5,150 | | | | 4,275 | |
| AVI BioPharma, Inc. | *† | | | 2,400 | | | | 6,720 | |
| Barr Pharmaceuticals, Inc. | * | | | 4,174 | | | | 209,660 | |
| Bentley Pharmaceuticals, Inc. | * | | | 711 | | | | 8,632 | |
| Biogen Idec, Inc. | * | | | 13,260 | | | | 709,410 | |
| BioMarin Pharmaceuticals, Inc. | *† | | | 2,400 | | | | 43,056 | |
| BioScrip, Inc. | * | | | 1,095 | | | | 5,256 | |
| Bradley Pharmaceuticals, Inc. | *† | | | 591 | | | | 12,831 | |
| Bristol-Myers Squibb Company | | 80,248 | | | | 2,532,627 | |
| Cambrex Corporation | | 1,258 | | | | 16,694 | |
| Cardinal Health, Inc. | | 16,253 | | | | 1,148,112 | |
| Celgene Corporation | * | | | 13,412 | | | | 768,910 | |
| Cell Genesys, Inc. | *† | | | 1,642 | | | | 5,501 | |
| Cell Therapeutics, Inc. | † | | | 347 | | | | 1,058 | |
| Cephalon, Inc. | *† | | | 2,347 | | | | 188,675 | |
| Charles River Laboratories International, Inc. | * | | | 2,755 | | | | 142,213 | |
| Ciphergen Biosystems, Inc. | * | | | 1,500 | | | | 1,455 | |
| Collagenex Pharmaceuticals, Inc. | *† | | | 1,558 | | | | 19,319 | |
| Columbia Laboratories, Inc. | * | | | 1,819 | | | | 4,384 | |
| Cubist Pharmaceuticals, Inc. | *† | | | 1,762 | | | | 34,729 | |
| CuraGen Corporation | * | | | 1,768 | | | | 3,483 | |
| CV Therapeutics, Inc. | *† | | | 1,424 | | | | 18,811 | |
| Cypress Bioscience, Inc. | * | | | 1,560 | | | $ | 20,686 | |
| Cytogen Corporation | * | | | 755 | | | | 1,472 | |
| CytRx Corporation | *† | | | 4,200 | | | | 13,104 | |
| DataTRAK International, Inc. | *† | | | 3,924 | | | | 17,972 | |
| Dendreon Corporation | *† | | | 1,879 | | | | 13,303 | |
| Digene Corporation | *† | | | 725 | | | | 43,536 | |
| Discovery Laboratories, Inc. | *† | | | 2,566 | | | | 7,262 | |
| Durect Corporation | * | | | 1,900 | | | | 7,315 | |
| Eli Lilly & Company | | 37,735 | | | | 2,108,632 | |
| Emisphere Technologies, Inc. | * | | | 772 | | | | 3,736 | |
| Encysive Pharmaceuticals, Inc. | *† | | | 2,128 | | | | 3,788 | |
| Endo Pharmaceuticals Holdings, Inc. | * | | | 2,935 | | | | 100,465 | |
| EntreMed, Inc. | * | | | 1,390 | | | | 2,127 | |
| EpiCept Corporation | *† | | | 751 | | | | 1,615 | |
| EPIX Pharmaceuticals, Inc. | *† | | | 640 | | | | 3,590 | |
| Exact Sciences Corporation | * | | | 1,250 | | | | 3,613 | |
| Exelixis, Inc. | * | | | 2,695 | | | | 32,610 | |
| Forest Laboratories, Inc. | * | | | 12,889 | | | | 588,383 | |
| Genaera Corporation | | 797 | | | | 2,295 | |
| Gene Logic, Inc. | * | | | 950 | | | | 1,311 | |
| Genelabs Technologies | *† | | | 721 | | | | 1,694 | |
| Genentech, Inc. | * | | | 18,069 | | | | 1,367,101 | |
| Gen-Probe, Inc. | * | | | 1,849 | | | | 111,717 | |
| Genzyme Corporation | * | | | 10,181 | | | | 655,656 | |
| Geron Corporation | *† | | | 1,370 | | | | 9,645 | |
| Gilead Sciences, Inc. | * | | | 34,820 | | | | 1,349,971 | |
| GTC Biotherapeutics, Inc. | * | | | 3,988 | | | | 4,626 | |
| GTx, Inc. | * | | | 200 | | | | 3,238 | |
| Halozyme Therapeutics, Inc. | *† | | | 6,362 | | | | 58,721 | |
| Hemispherx Biopharma, Inc. | *† | | | 920 | | | | 1,214 | |
| Henry Schein, Inc. | *† | | | 3,652 | | | | 195,126 | |
| Heska Corporation | * | | | 4,462 | | | | 10,396 | |
Hi-Tech Pharmacal
Company, Inc. | * | | | 862 | | | | 10,292 | |
| Hollis-Eden Pharmaceuticals | * | | | 954 | | | | 1,946 | |
| Hospira, Inc. | * | | | 6,367 | | | | 248,568 | |
| Human Genome Sciences, Inc. | *† | | | 5,277 | | | | 47,071 | |
| Idexx Laboratories, Inc. | * | | | 1,568 | | | | 148,380 | |
| ImClone Systems, Inc. | * | | | 3,034 | | | | 107,282 | |
| Immtech Pharmaceuticals Inc. | *† | | | 681 | | | | 5,509 | |
| Immucor, Inc. | * | | | 1,828 | | | | 51,129 | |
| ImmunoGen, Inc. | * | | | 1,323 | | | | 7,343 | |
| Incyte Corporation | *† | | | 3,102 | | | | 18,612 | |
| Indevus Pharmaceuticals, Inc. | *† | | | 5,716 | | | | 38,469 | |
| Inspire Pharmaceuticals, Inc. | *† | | | 1,369 | | | | 8,652 | |
| InterMune, Inc. | *† | | | 1,586 | | | | 41,141 | |
Inverness Medical
Innovations, Inc. | * | | | 880 | | | | 44,898 | |
| Invitrogen Corporation | * | | | 2,122 | | | | 156,498 | |
| Isis Pharmaceuticals, Inc. | *† | | | 2,216 | | | | 21,451 | |
| Keryx Biopharmaceuticals, Inc. | * | | | 5,221 | | | | 51,009 | |
| King Pharmaceuticals, Inc. | * | | | 10,009 | | | | 204,784 | |
| Kosan Biosciences, Inc. | * | | | 2,000 | | | | 10,440 | |
| KV Pharmaceutical Company Class A | * | | | 2,179 | | | | 59,356 | |
| Lexicon Pharmaceuticals, Inc. | * | | | 2,343 | | | | 7,521 | |
| LifeCell Corporation | * | | | 1,119 | | | | 34,174 | |
| Ligand Pharmaceuticals, Inc. Class B | * | | | 4,556 | | | | 31,345 | |
| Luminex Corporation | *† | | | 1,070 | | | | 13,172 | |
| MannKind Corporation | *† | | | 4,492 | | | | 55,386 | |
| Martek Biosciences Corporation | * | | | 1,148 | | | | 29,814 | |
| Maxygen, Inc. | * | | | 1,231 | | | | 10,550 | |
| McKesson Corporation | | 11,391 | | | | 679,359 | |
| Medarex, Inc. | *† | | | 3,092 | | | | 44,185 | |
| Medco Health Solutions, Inc. | * | | | 11,402 | | | | 889,242 | |
|
See accompanying notes to financial statements.
182
SCHEDULE OF INVESTMENTS—(Continued)
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| Medicines Company | * | | | 2,018 | | | $ | 35,557 | |
| Medicis Pharmaceutical Corporation Class A | † | | | 2,422 | | | | 73,968 | |
| Medifast, Inc. | *† | | | 734 | | | | 6,569 | |
| Merck & Company, Inc. | | 86,025 | | | | 4,284,045 | |
| Meridian Bioscience, Inc. | | 1,158 | | | | 25,082 | |
| MGI Pharma, Inc. | * | | | 2,665 | | | | 59,616 | |
| Millennium Pharmaceuticals, Inc. | * | | | 12,456 | | | | 131,660 | |
| Monogram Biosciences, Inc. | * | | | 2,414 | | | | 4,080 | |
| Mylan Laboratories | | 8,108 | | | | 147,485 | |
| Myriad Genetics, Inc. | *† | | | 1,210 | | | | 45,000 | |
| Nabi Biopharmaceuticals | * | | | 1,995 | | | | 9,177 | |
| Nastech Pharmaceutical Company, Inc. | *† | | | 1,500 | | | | 16,365 | |
| Natrol, Inc. | * | | | 1,145 | | | | 3,847 | |
| NBTY, Inc. | * | | | 2,664 | | | | 115,085 | |
| Nektar Therapeutics | *† | | | 2,368 | | | | 22,472 | |
| NeoPharm, Inc. | * | | | 964 | | | | 1,109 | |
| Neose Technologies, Inc. | * | | | 704 | | | | 1,739 | |
| Neurobiological Technologies | * | | | 3,136 | | | | 5,551 | |
| Neurocrine Biosciences, Inc. | *† | | | 1,479 | | | | 16,609 | |
| Neurogen Corporation | * | | | 1,872 | | | | 12,430 | |
| Novavax, Inc. | *† | | | 1,550 | | | | 4,495 | |
| Noven Pharmaceuticals, Inc. | * | | | 1,350 | | | | 31,658 | |
| NPS Pharmaceuticals, Inc. | * | | | 1,660 | | | | 6,872 | |
| Nu Skin Enterprises, Inc. Class A | | 3,018 | | | | 49,797 | |
| Nuvelo, Inc. | * | | | 1,150 | | | | 3,128 | |
| Omnicare, Inc. | | 4,277 | | | | 154,229 | |
| Onyx Pharmaceuticals, Inc. | *† | | | 1,214 | | | | 32,657 | |
| OraSure Technologies, Inc. | * | | | 1,687 | | | | 13,800 | |
| Oscient Pharmaceuticals Corporation | *† | | | 189 | | | | 864 | |
| OSI Pharmaceuticals, Inc. | *† | | | 2,729 | | | | 98,817 | |
| Pain Therapeutics, Inc. | * | | | 1,318 | | | | 11,480 | |
| Palatin Technologies, Inc. | * | | | 2,104 | | | | 4,166 | |
Par Pharmaceutical
Companies, Inc. | * | | | 1,362 | | | | 38,449 | |
| Parexel International Corporation | * | | | 1,153 | | | | 48,495 | |
| PDL BioPharma, Inc. | * | | | 3,841 | | | | 89,495 | |
| Penwest Pharmaceuticals Company | *† | | | 930 | | | | 11,597 | |
| Peregrine Pharmaceuticals, Inc. | *† | | | 9,115 | | | | 7,019 | |
| Perrigo Company | | 2,922 | | | | 57,213 | |
| Pfizer, Inc. | | 279,604 | | | | 7,149,474 | |
| Pharmaceutical Product Development, Inc. | | 4,736 | | | | 181,247 | |
| Pharmacopeia Inc. | * | | | 572 | | | | 3,175 | |
| Pharmacyclics, Inc. | * | | | 1,700 | | | | 4,624 | |
| PharmaNet Development Group, Inc. | * | | | 576 | | | | 18,363 | |
| Pharmion Corporation | * | | | 2,212 | | | | 64,037 | |
| Poniard Pharmaceuticals, Inc. | * | | | 396 | | | | 2,693 | |
| Pozen, Inc. | * | | | 1,014 | | | | 18,323 | |
| Progenics Pharmeceuticals, Inc. | * | | | 793 | | | | 17,105 | |
| Quest Diagnostics, Inc. | | 6,828 | | | | 352,666 | |
| Ramtron International Corporation | * | | | 1,920 | | | | 6,144 | |
| Regeneration Technologies, Inc. | * | | | 807 | | | | 9,079 | |
| Regeneron Pharmaceuticals, Inc. | * | | | 2,632 | | | | 47,165 | |
| Rentech, Inc. | * | | | 7,800 | | | | 20,202 | |
| Salix Pharmaceuticals Ltd. | * | | | 2,346 | | | | 28,856 | |
| Savient Pharmaceuticals, Inc. | * | | | 1,389 | | | | 17,251 | |
| Schering-Plough Corporation | | 57,447 | | | | 1,748,687 | |
| Sciclone Pharmaceuticals, Inc. | * | | | 1,700 | | | | 4,165 | |
| Sciele Pharma, Inc. | *† | | | 1,613 | | | $ | 38,002 | |
| Sepracor, Inc. | * | | | 4,575 | | | | 187,667 | |
| Sequenom, Inc. | *† | | | 614 | | | | 2,775 | |
| SIGA Technologies, Inc. | * | | | 4,649 | | | | 15,295 | |
| Sigma Aldrich Corporation | | 4,956 | | | | 211,473 | |
| SuperGen, Inc. | * | | | 1,338 | | | | 7,439 | |
| Symyx Technologies, Inc. | *† | | | 1,374 | | | | 15,815 | |
| Tanox, Inc. | *† | | | 1,721 | | | | 33,405 | |
| Targeted Genetics Corporation | *† | | | 626 | | | | 1,703 | |
| Telik, Inc. | *† | | | 1,748 | | | | 5,908 | |
| Third Wave Technologies, Inc. | * | | | 1,227 | | | | 7,178 | |
| Titan Pharmaceuticals, Inc. | * | | | 1,743 | | | | 3,782 | |
| TorreyPines Therapeutics, Inc. | * | | | 347 | | | | 2,408 | |
| Trimeris, Inc. | * | | | 1,214 | | | | 8,304 | |
| United Therapeutics Corporation | *† | | | 914 | | | | 58,277 | |
| USANA Health Sciences, Inc. | *† | | | 593 | | | | 26,531 | |
| Valeant Pharmaceuticals International | | 3,473 | | | | 57,964 | |
| Vanda Pharmaceuticals, Inc. | *† | | | 2,507 | | | | 50,792 | |
| Vertex Pharmaceuticals, Inc. | * | | | 3,255 | | | | 92,963 | |
| Vion Pharmaceuticals, Inc. | *† | | | 4,504 | | | | 4,864 | |
| Viropharma, Inc. | * | | | 4,061 | | | | 56,042 | |
| Watson Pharmaceuticals, Inc. | * | | | 4,480 | | | | 145,734 | |
| Wyeth | | 52,091 | | | | 2,986,898 | |
| Xenoport, Inc. | * | | | 2,399 | | | | 106,564 | |
| XOMA Ltd. | * | | | 4,976 | | | | 15,127 | |
| Zymogenetics, Inc. | *† | | | 2,343 | | | | 34,231 | |
| | | 42,319,535 | |
Public Administration—0.0% | | | |
Corrections Corporation
of America | * | | | 2,850 | | | | 179,864 | |
| Geo Group, Inc. (The) | * | | | 2,456 | | | | 71,470 | |
| | | 251,334 | |
Real Estate—2.2% | | | |
| Acadia Realty Trust REIT | | 1,318 | | | | 34,202 | |
| Affordable Residential Communities | *† | | | 1,180 | | | | 13,948 | |
| Agree Realty Corporation REIT | | 814 | | | | 25,438 | |
| Alesco Financial, Inc. REIT | | 4,213 | | | | 34,252 | |
| Alexander’s, Inc. REIT | *† | | | 161 | | | | 65,084 | |
| Alexandria Real Estate Equities, Inc. REIT | | 802 | | | | 77,650 | |
| AMB Property Corporation REIT | | 3,649 | | | | 194,200 | |
| American Campus Communities, Inc. REIT | | 1,699 | | | | 48,065 | |
| American Financial Realty Trust REIT | | 5,234 | | | | 54,015 | |
| American Home Mortgage Investment Corporation REIT | † | | | 1,107 | | | | 20,347 | |
| American Land Lease, Inc. REIT | | 1,828 | | | | 45,700 | |
| American Mortgage Acceptance Corporation REIT | | 1,842 | | | | 18,512 | |
| Annaly Capital Management Inc. | † | | | 10,541 | | | | 152,001 | |
| Anthracite Capital, Inc. REIT | † | | | 1,100 | | | | 12,870 | |
| Anworth Mortgage Asset Corporation REIT | | 834 | | | | 7,548 | |
| Apartment Investment & Management Company REIT Class A | † | | | 3,910 | | | | 197,142 | |
| Archstone-Smith Trust REIT | † | | | 7,979 | | | | 471,639 | |
| Arizona Land Income Corporation REIT Class A | † | | | 1,050 | | | | 9,083 | |
| Ashford Hospitality Trust, Inc. REIT | | 4,200 | | | | 49,392 | |
|
See accompanying notes to financial statements.
183
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
| Avalonbay Communities, Inc. REIT | | 3,116 | | | $ | 370,430 | |
| BioMed Realty Trust, Inc. REIT | † | | | 1,400 | | | | 35,168 | |
| Boston Properties, Inc. REIT | | 4,700 | | | | 480,011 | |
| Brandywine Realty Trust REIT | † | | | 2,965 | | | | 84,740 | |
| BRE Properties Class A | † | | | 2,433 | | | | 144,253 | |
| Brookfield Properties Company (Canada) | † | | | 7,509 | | | | 182,544 | |
| BRT Realty Trust REIT | | 355 | | | | 9,234 | |
| California Coastal Communities, Inc. | * | | | 267 | | | | 4,523 | |
| Camden Property Trust REIT | | 2,732 | | | | 182,962 | |
| Capital Alliance Income Trust Ltd. REIT | * | | | 799 | | | | 6,392 | |
| Capital Trust Class A | | 523 | | | | 17,855 | |
| CapitalSource, Inc. | † | | | 4,975 | | | | 122,335 | |
| Capstead Mortgage Corporation REIT | | 2,400 | | | | 23,280 | |
| CB Richard Ellis Group, Inc. Class A | * | | | 6,900 | | | | 251,850 | |
| CBL & Associates Properties, Inc. REIT | † | | | 2,548 | | | | 91,855 | |
| Cedar Shopping Centers, Inc. REIT | | 583 | | | | 8,366 | |
| Colonial Properties Trust REIT | † | | | 1,962 | | | | 71,515 | |
| Corporate Office Properties Trust SBI MD REIT | | 1,904 | | | | 78,083 | |
| Cousins Properties, Inc. REIT | | 2,338 | | | | 67,825 | |
| Crescent Real Estate EQT Company REIT | | 4,527 | | | | 101,586 | |
| Crystal River Capital, Inc. REIT | | 2,219 | | | | 53,877 | |
| Deerfield Triarc Capital Corporation REIT | | 3,120 | | | | 45,646 | |
| Developers Diversified Realty Corporation REIT | | 4,733 | | | | 249,476 | |
| DiamondRock Hospitality Company REIT | | 3,930 | | | | 74,984 | |
| Digital Realty Trust, Inc. REIT | † | | | 2,000 | | | | 75,360 | |
| Douglas Emmett, Inc. REIT | | 1,293 | | | | 31,989 | |
| Duke Realty Corporation REIT | | 5,609 | | | | 200,073 | |
| Eastgroup Properties, Inc. REIT | | 1,538 | | | | 67,395 | |
| Entertainment Properties Trust REIT | | 749 | | | | 40,281 | |
| Equity Inns, Inc. REIT | | 3,264 | | | | 73,114 | |
| Equity Lifestyle Properties, Inc. REIT | | 1,140 | | | | 59,497 | |
| Equity One, Inc. REIT | | 2,619 | | | | 66,915 | |
| Equity Residential REIT | | 11,429 | | | | 521,505 | |
| Essex Property Trust, Inc. REIT | | 807 | | | | 93,854 | |
| Extra Space Storage, Inc. REIT | † | | | 3,500 | | | | 57,750 | |
| Federal Realty Investment Trust REIT | | 1,810 | | | | 139,841 | |
| FelCor Lodging Trust, Inc. REIT | | 3,135 | | | | 81,604 | |
| Fieldstone Investment Corporation REIT | | 1,900 | | | | 6,916 | |
| First Industrial Realty Trust, Inc. REIT | † | | | 1,599 | | | | 61,977 | |
| First Potomac Realty Trust REIT | | 1,628 | | | | 37,916 | |
Forest City Enterprises, Inc.
Class A | | 2,608 | | | | 160,340 | |
| Franklin Street Properties Corporation REIT | | 2,200 | | | | 36,388 | |
| Friedman Billings Ramsey Group, Inc. Class A | † | | | 6,080 | | | | 33,197 | |
| General Growth Properties, Inc. REIT | † | | | 8,744 | | | | 462,995 | |
| Getty Realty Corporation REIT | | 1,747 | | | | 45,911 | |
| Glimcher Realty Trust REIT | | 1,584 | | | $ | 39,600 | |
Gramercy Capital Corp.,
New York REIT | | 1,549 | | | | 42,659 | |
| Grubb and Ellis Company | * | | | 652 | | | | 7,563 | |
| Health Care Property Investors, Inc. REIT | † | | | 7,664 | | | | 221,720 | |
| Health Care REIT, Inc. | † | | | 1,824 | | | | 73,617 | |
| Healthcare Realty Trust, Inc. REIT | † | | | 1,881 | | | | 52,254 | |
| Highland Hospitality Corporation REIT | | 4,200 | | | | 80,640 | |
| Highwoods Properties, Inc. REIT | | 2,393 | | | | 89,738 | |
| HMG Courtland Properties REIT | *† | | | 1,450 | | | | 17,690 | |
| Home Properties, Inc. REIT | † | | | 1,390 | | | | 72,183 | |
Hospitality Properties
Trust REIT | | 2,923 | | | | 121,275 | |
| Host Hotels & Resorts Inc. REIT | † | | | 17,443 | | | | 403,282 | |
| HRPT Properties Trust REIT | | 9,142 | | | | 95,077 | |
| IMPAC Mortgage Holdings, Inc. REIT | † | | | 3,238 | | | | 14,927 | |
| Inland Real Estate Corporation REIT | † | | | 4,700 | | | | 79,806 | |
| Innkeepers USA Trust REIT | | 2,014 | | | | 35,708 | |
| iStar Financial, Inc. REIT | | 4,331 | | | | 191,993 | |
| Jones Lang Lasalle, Inc. | | 1,311 | | | | 148,799 | |
| Kilroy Realty Corporation REIT | | 1,316 | | | | 93,225 | |
| Kimco Realty Corporation REIT | | 9,013 | | | | 343,125 | |
| Kite Realty Group Trust REIT | | 2,654 | | | | 50,479 | |
| KKR Financial Holdings LLC | | 3,300 | | | | 82,203 | |
| Lexington Corporate Properties Trust REIT | † | | | 1,399 | | | | 29,099 | |
| Liberty Property Trust REIT | † | | | 3,172 | | | | 139,346 | |
| Macerich Company (The) REIT | | 2,360 | | | | 194,511 | |
| Mack-Cali Realty Corporation REIT | | 2,488 | | | | 108,203 | |
| Maguire Properties, Inc. REIT | | 1,199 | | | | 41,162 | |
| Medical Properties Trust, Inc. REIT | † | | | 3,172 | | | | 41,966 | |
| MFA Mortgage Investments, Inc. REIT | | 4,149 | | | | 30,205 | |
| Mid-America Apartment Communities, Inc. REIT | | 1,240 | | | | 65,075 | |
| Mission West Properties REIT | | 1,417 | | | | 19,753 | |
| Monmouth Capital Corporation | | 2,974 | | | | 16,416 | |
| Monmouth Class A REIT | | 1,328 | | | | 11,540 | |
| National Health Investors, Inc. REIT | | 2,097 | | | | 66,517 | |
| National Retail Properties, Inc. REIT | | 2,356 | | | | 51,502 | |
| Nationwide Health Properties, Inc. REIT | † | | | 2,362 | | | | 64,246 | |
| Newcastle Investment Corporation REIT | | 754 | | | | 18,903 | |
| NorthStar Realty Finance Corporation REIT | † | | | 4,200 | | | | 52,542 | |
| Novastar Financial, Inc. REIT | † | | | 771 | | | | 5,382 | |
| Omega Healthcare Investors, Inc. REIT | | 4,100 | | | | 64,903 | |
| Parkway Properties, Inc. REIT | † | | | 986 | | | | 47,358 | |
| Pennsylvania REIT | | 1,510 | | | | 66,938 | |
| Plum Creek Timber Company, Inc. REIT | | 7,592 | | | | 316,283 | |
| PMC Commercial Trust REIT | | 865 | | | | 11,375 | |
| Post Properties, Inc. REIT | † | | | 2,078 | | | | 108,326 | |
| Potlatch Corporation | | 1,618 | | | | 69,655 | |
| Prologis REIT | | 9,458 | | | | 538,160 | |
| PS Business Parks, Inc. REIT | | 1,323 | | | | 83,839 | |
|
See accompanying notes to financial statements.
184
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
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COMMON STOCKS—(Continued) |
| Public Storage REIT | | 5,109 | | | $ | 392,473 | |
| RAIT Financial Trust | | 991 | | | | 25,786 | |
| Ramco-Gershenson Properties REIT | | 1,275 | | | | 45,811 | |
| Rayonier, Inc. REIT | | 3,336 | | | | 150,587 | |
| Realty Income Corporation REIT | † | | | 4,138 | | | | 104,236 | |
| Redwood Trust, Inc. REIT | † | | | 1,008 | | | | 48,767 | |
| Regency Centers Corporation REIT | | 2,545 | | | | 179,423 | |
| Republic Property Trust REIT | | 3,200 | | | | 39,200 | |
| Saul Centers, Inc. REIT | | 987 | | | | 44,760 | |
| Senior Housing Properties Trust REIT | | 2,216 | | | | 45,096 | |
| Simon Property Group, Inc. REIT | | 8,577 | | | | 798,004 | |
| SL Green Realty Corporation REIT | | 1,985 | | | | 245,922 | |
| Sovran Self Storage, Inc. REIT | | 1,269 | | | | 61,115 | |
| Spirit Finance Corporation REIT | | 5,700 | | | | 82,992 | |
| St. Joe Company (The) | † | | | 2,906 | | | | 134,664 | |
Stewart Enterprises, Inc.
Class A | † | | | 4,115 | | | | 32,056 | |
| Sun Communities, Inc. REIT | | 1,061 | | | | 31,586 | |
| Tanger Factory Outlet Centers REIT | | 2,200 | | | | 82,390 | |
| Taubman Centers, Inc. REIT | | 2,083 | | | | 103,338 | |
| Thornburg Mortgage, Inc. REIT | † | | | 4,059 | | | | 106,265 | |
| UDR, Inc. REIT | † | | | 4,883 | | | | 128,423 | |
| United Capital Corporation | * | | | 690 | | | | 19,838 | |
| U-Store-It Trust REIT | | 3,600 | | | | 59,004 | |
| Ventas, Inc. REIT | | 3,213 | | | | 116,471 | |
| Vornado Realty Trust REIT | | 5,255 | | | | 577,209 | |
| W.P. Carey & Company LLC | | 1,592 | | | | 50,068 | |
| Washington REIT | † | | | 1,834 | | | | 62,356 | |
Weingarten Realty
Investors REIT | | 3,474 | | | | 142,781 | |
| | | 15,176,085 | |
Restaurants—0.7% | | | |
| Applebee’s International, Inc. | | 3,613 | | | | 87,073 | |
| Back Yard Burgers, Inc. | * | | | 1,698 | | | | 10,765 | |
| Bob Evans Farms, Inc. | † | | | 1,465 | | | | 53,985 | |
| Brinker International, Inc. | | 5,167 | | | | 151,238 | |
| Burger King Holdings, Inc. | | 1,700 | | | | 44,778 | |
| CEC Entertainment, Inc. | * | | | 1,614 | | | | 56,813 | |
| CKE Restaurants, Inc. | | 1,945 | | | | 39,036 | |
| California Pizza Kitchen, Inc. | * | | | 1,455 | | | | 31,253 | |
| CBRL Group, Inc. | † | | | 2,120 | | | | 90,058 | |
| Cheesecake Factory (The) | *† | | | 3,444 | | | | 84,447 | |
| Chipotle Mexican Grill, Inc. Class A | *† | | | 900 | | | | 76,752 | |
| Darden Restaurants, Inc. | | 5,104 | | | | 224,525 | |
| IHOP Corporation | † | | | 1,079 | | | | 58,730 | |
| Jack in the Box, Inc. | * | | | 1,437 | | | | 101,941 | |
| Krispy Kreme Doughnuts, Inc. | *† | | | 2,573 | | | | 23,826 | |
| Landry’s Restaurants, Inc. | | 1,253 | | | | 37,916 | |
| McDonald’s Corporation | | 47,837 | | | | 2,428,206 | |
Morton’s Restaurant
Group, Inc. | * | | | 2,200 | | | | 39,842 | |
| O’Charley’s, Inc. | * | | | 1,091 | | | | 21,995 | |
| Papa John’s International, Inc. | * | | | 1,610 | | | | 46,304 | |
| PF Chang’s China Bistro, Inc. | *† | | | 1,089 | | | | 38,333 | |
| Rare Hospitality International, Inc. | * | | | 1,475 | | | | 39,486 | |
Red Robin Gourmet
Burgers, Inc. | * | | | 692 | | | | 27,936 | |
| Ruby Tuesday, Inc. | | 2,816 | | | $ | 74,145 | |
| Sonic Corporation | * | | | 3,730 | | | | 82,508 | |
| Steak N Shake Company (The) | * | | | 1,267 | | | | 21,146 | |
| Texas Roadhouse, Inc. Class A | * | | | 3,070 | | | | 39,265 | |
| Triarc Companies Class B | | 2,886 | | | | 45,310 | |
| Wendy’s International, Inc. | | 5,229 | | | | 192,166 | |
| Yum! Brands, Inc. | | 21,176 | | | | 692,879 | |
| | | 4,962,657 | |
Retailers—3.7% | | | |
| 1-800-FLOWERS.COM, Inc. | * | | | 793 | | | | 7,476 | |
| 99 Cents Only Stores | * | | | 3,207 | | | | 42,044 | |
| AC Moore Arts & Crafts, Inc. | * | | | 876 | | | | 17,178 | |
| Advance Auto Parts, Inc. | | 4,485 | | | | 181,777 | |
| Alloy, Inc. | * | | | 462 | | | | 4,620 | |
| Amazon.Com, Inc. | *† | | | 12,783 | | | | 874,485 | |
| Autozone, Inc. | * | | | 2,384 | | | | 325,702 | |
| BJ’s Wholesale Club, Inc. | * | | | 2,859 | | | | 103,010 | |
| Barnes & Noble, Inc. | | 2,814 | | | | 108,255 | |
| Bed Bath & Beyond, Inc. | * | | | 10,895 | | | | 392,111 | |
| Bell Microproducts, Inc. | * | | | 1,146 | | | | 7,472 | |
| Best Buy Company, Inc. | | 15,993 | | | | 746,393 | |
| Big 5 Sporting Goods Corporation | | 1,071 | | | | 27,311 | |
| Big Lots, Inc. | * | | | 4,853 | | | | 142,775 | |
| Bluefly, Inc. | * | | | 2,341 | | | | 2,318 | |
| Bombay Company, Inc. (The) | * | | | 1,080 | | | | 486 | |
| Borders Group, Inc. | † | | | 3,342 | | | | 63,699 | |
| CSK Auto Corporation | * | | | 1,990 | | | | 36,616 | |
| CVS Caremark Corp. | | 62,250 | | | | 2,269,012 | |
| Casey’s General Stores, Inc. | | 1,608 | | | | 43,834 | |
| Cash America International, Inc. | | 685 | | | | 27,160 | |
| Central Garden & Pet Company | * | | | 615 | | | | 7,540 | |
| Central Garden and Pet Co. Class A | * | | | 1,230 | | | | 14,428 | |
| Circuit City Stores, Inc. | † | | | 6,139 | | | | 92,576 | |
| CKX, Inc. | *† | | | 1,800 | | | | 24,876 | |
| Coldwater Creek, Inc. | *† | | | 1,528 | | | | 35,495 | |
| Cost Plus, Inc./ California | *† | | | 1,014 | | | | 8,599 | |
| Costco Wholesale Corporation | | 18,694 | | | | 1,093,973 | |
| dELIA*s, Inc. | * | | | 925 | | | | 7,058 | |
| Dick’s Sporting Goods, Inc. | *† | | | 1,240 | | | | 72,131 | |
| Dillard’s, Inc. Class A | | 3,454 | | | | 124,102 | |
| Dollar General Corporation | | 13,983 | | | | 306,507 | |
| Dollar Tree Stores, Inc. | * | | | 4,830 | | | | 210,347 | |
| Drugstore.Com, Inc. | * | | | 3,800 | | | | 10,222 | |
| eBay, Inc. | * | | | 40,410 | | | | 1,300,394 | |
| Family Dollar Stores, Inc. | | 6,556 | | | | 225,002 | |
| Fastenal Company | † | | | 5,638 | | | | 236,007 | |
| Foot Locker, Inc. | | 5,840 | | | | 127,312 | |
| Fred’s, Inc. | † | | | 1,781 | | | | 23,830 | |
| GameStop Corporation Class A | * | | | 3,780 | | | | 147,798 | |
| GSI Commerce, Inc. | * | | | 1,469 | | | | 33,361 | |
| Guitar Center, Inc. | * | | | 1,020 | | | | 61,006 | |
Haverty Furniture
Companies, Inc. | | 1,111 | | | | 12,965 | |
| Hibbett Sports, Inc. | * | | | 1,396 | | | | 38,222 | |
| JC Penney Company, Inc. | | 7,928 | | | | 573,829 | |
| Jo-Ann Stores, Inc. | * | | | 1,266 | | | | 35,992 | |
| Kenneth Cole Productions, Inc. Class A | | 956 | | | | 23,613 | |
| Kirkland’s, Inc. | * | | | 833 | | | | 3,174 | |
| Knoll, Inc. | † | | | 2,701 | | | | 60,502 | |
| K-Swiss, Inc. Class A | † | | | 1,476 | | | | 41,815 | |
| Longs Drug Stores Corporation | | 1,757 | | | | 92,278 | |
| Macys, Inc. | | 22,466 | | | | 893,697 | |
| MarineMax, Inc. | *† | | | 800 | | | | 16,016 | |
| Marvel Entertainment, Inc. | *† | | | 1,469 | | | | 37,430 | |
|
See accompanying notes to financial statements.
185
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Broad
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COMMON STOCKS—(Continued) |
| Men’s Wearhouse, Inc. | | 2,437 | | | $ | 124,458 | |
| Movie Gallery, Inc. | * | | | 1,145 | | | | 2,176 | |
| MSC Industrial Direct Company Class A | | 1,782 | | | | 98,010 | |
| Nike, Inc. Class B | | 13,780 | | | | 803,236 | |
| Nitches, Inc. | *† | | | 2,850 | | | | 10,232 | |
| Office Depot, Inc. | * | | | 11,792 | | | | 357,298 | |
| OfficeMax, Inc. | | 3,587 | | | | 140,969 | |
| O’Reilly Automotive, Inc. | * | | | 4,772 | | | | 174,417 | |
| Overstock.com, Inc. | *† | | | 770 | | | | 14,068 | |
| PC Connection, Inc. | *† | | | 854 | | | | 11,307 | |
| Petsmart, Inc. | | 5,983 | | | | 194,148 | |
| Pier 1 Imports, Inc. | † | | | 3,712 | | | | 31,515 | |
| Priceline.com, Inc. | *† | | | 1,548 | | | | 106,410 | |
| RadioShack Corporation | † | | | 6,811 | | | | 225,717 | |
| Restoration Hardware, Inc. | * | | | 314 | | | | 1,752 | |
| Retail Ventures, Inc. | * | | | 1,372 | | | | 22,130 | |
| Rite Aid Corporation | *† | | | 25,982 | | | | 165,765 | |
| Saks, Inc. | | 5,811 | | | | 124,065 | |
| Sears Holdings Corporation | * | | | 3,979 | | | | 674,441 | |
| Sharper Image Corporation | *† | | | 648 | | | | 7,381 | |
Sherwin-Williams
Company (The) | | 4,948 | | | | 328,894 | |
| Stamps.com, Inc. | * | | | 1,050 | | | | 14,469 | |
| Staples, Inc. | | 29,867 | | | | 708,744 | |
| Stein Mart, Inc. | | 1,261 | | | | 15,460 | |
| Stride Rite Corporation | | 2,388 | | | | 48,381 | |
| Systemax, Inc. | † | | | 1,358 | | | | 28,260 | |
| TJX Companies., Inc. | | 17,709 | | | | 486,998 | |
| Target Corporation | | 30,307 | | | | 1,927,525 | |
| Tiffany & Company | | 6,084 | | | | 322,817 | |
| Tractor Supply Company | *† | | | 1,549 | | | | 80,625 | |
| Trans World Entertainment Corporation | * | | | 1,932 | | | | 8,964 | |
| Tuesday Morning Corporation | † | | | 1,816 | | | | 22,446 | |
| Tweeter Home Entertainment Group, Inc. | *† | | | 1,128 | | | | 192 | |
Valuevision Media, Inc.
Class A | * | | | 1,741 | | | | 19,708 | |
| Walgreen Company | | 39,470 | | | | 1,718,524 | |
| Wal-Mart Stores, Inc. | | 100,947 | | | | 4,856,560 | |
| Williams-Sonoma, Inc. | † | | | 3,877 | | | | 122,436 | |
| Zale Corporation | * | | | 2,300 | | | | 54,763 | |
| | | 25,471,092 | |
Social Services—0.0% | | | |
| Bright Horizons Family Solutions, Inc. | *† | | | 1,208 | | | | 47,003 | |
| Res-Care, Inc. | * | | | 1,222 | | | | 25,833 | |
| | | 72,836 | |
Telephone Systems—3.3% | | | |
| Adtran, Inc. | | 3,197 | | | | 83,026 | |
| Alaska Communications Systems Group, Inc. | | 2,850 | | | | 45,144 | |
| Alltel Corporation | | 14,709 | | | | 993,593 | |
| AT&T, Inc. | | 246,594 | | | | 10,233,651 | |
| Audiovox Corporation Class A | * | | | 1,218 | | | | 15,797 | |
| Brightpoint, Inc. | *† | | | 2,358 | | | | 32,517 | |
| Centennial Communications Corporation | * | | | 3,036 | | | | 28,812 | |
| CenturyTel, Inc. | | 4,084 | | | | 200,320 | |
| Cincinnati Bell, Inc. | * | | | 9,266 | | | | 53,557 | |
| Citizens Communications Company | † | | | 12,478 | | | | 190,539 | |
| Covad Communications Group, Inc. | * | | | 13,040 | | | | 11,736 | |
| D&E Communications, Inc. | | 1,712 | | | | 31,398 | |
| Deltathree, Inc. | * | | | 2,552 | | | $ | 3,267 | |
| Dobson Communications Corporation Class A | * | | | 3,916 | | | | 43,507 | |
| Embarq Corporation | | 5,950 | | | | 377,052 | |
| Equinix, Inc. | *† | | | 622 | | | | 56,894 | |
| Fairpoint Communications, Inc. | | 2,670 | | | | 47,393 | |
General Communication
Class A | * | | | 2,516 | | | | 32,230 | |
| Global Payments, Inc. | | 3,238 | | | | 128,387 | |
| Harris Stratex Networks, Inc. | * | | | 670 | | | | 12,047 | |
| Hickory Tech Corporation | | 651 | | | | 5,924 | |
| IDT Corporation Class B | † | | | 4,800 | | | | 49,536 | |
Iowa Telecommunications
Services, Inc. | | 2,702 | | | | 61,416 | |
| iPCS, Inc. | * | | | 700 | | | | 23,709 | |
| j2 Global Communications, Inc. | * | | | 1,614 | | | | 56,329 | |
LCC International, Inc.
Class A | * | | | 1,000 | | | | 4,420 | |
| Leap Wireless International, Inc. | * | | | 2,100 | | | | 177,450 | |
| Level 3 Communications, Inc. | *† | | | 41,949 | | | | 245,402 | |
| Mastec, Inc. | * | | | 2,049 | | | | 32,415 | |
| NeuStar, Inc. Class A | * | | | 3,140 | | | | 90,966 | |
| NII Holdings, Inc. Class B | *† | | | 4,900 | | | | 395,626 | |
| Novatel Wireless, Inc. | * | | | 1,358 | | | | 35,335 | |
| NTELOS Holdings Corporation | * | | | 2,700 | | | | 74,628 | |
| PAETEC Holding Corp. | *† | | | 5,459 | | | | 61,632 | |
| Qwest Communications International, Inc. | *† | | | 62,767 | | | | 608,840 | |
| RCN Corporation | * | | | 2,597 | | | | 48,798 | |
| Rural Cellular Corporation Class A | * | | | 1,265 | | | | 55,420 | |
| SAVVIS, Inc. | * | | | 408 | | | | 20,200 | |
| Sprint Nextel Corporation | | 115,766 | | | | 2,397,514 | |
| SunCom Wireless Holdings, Inc. Class A | | 269 | | | | 4,977 | |
| SureWest Communications | | 184 | | | | 5,012 | |
| Telecommunication Systems, Inc. | * | | | 1,200 | | | | 6,096 | |
Telephone & Data
Systems, Inc. | | 3,518 | | | | 220,121 | |
| Time Warner Telecom, Inc. Class A | * | | | 1,928 | | | | 38,753 | |
| US Cellular Corporation | * | | | 680 | | | | 61,608 | |
| Verizon Communications, Inc. | | 114,552 | | | | 4,716,106 | |
| Virgin Media, Inc. | | 10,479 | | | | 255,373 | |
| Windstream Corporation | | 15,208 | | | | 224,470 | |
| Wireless Facilities, Inc. | *† | | | 2,398 | | | | 4,029 | |
| | | 22,602,972 | |
Textiles, Clothing & Fabrics—0.5% | | | |
| Albany International Corporation Class A | † | | | 1,437 | | | | 58,112 | |
| Brown Shoe Company, Inc. | | 1,791 | | | | 43,557 | |
| Coach, Inc. | * | | | 15,372 | | | | 728,479 | |
| Columbia Sportswear Company | † | | | 652 | | | | 44,779 | |
| CROCS, Inc. | *† | | | 3,600 | | | | 154,908 | |
| Culp, Inc. | * | | | 888 | | | | 8,001 | |
| Genesco, Inc. | *† | | | 921 | | | | 48,178 | |
| Guess ?, Inc. | | 3,548 | | | | 170,446 | |
| Gymboree Corporation | * | | | 1,400 | | | | 55,174 | |
| Hanesbrands, Inc. | * | | | 4,099 | | | | 110,796 | |
| Iconix Brand Group, Inc. | * | | | 2,737 | | | | 60,816 | |
| Interface, Inc. Class A | | 3,357 | | | | 63,313 | |
| Jones Apparel Group, Inc. | | 4,641 | | | | 131,108 | |
| Kellwood Company | | 1,170 | | | | 32,900 | |
|
See accompanying notes to financial statements.
186
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Broad
Market Index Fund
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COMMON STOCKS—(Continued) |
| Liz Claiborne, Inc. | | 4,930 | | | $ | 183,889 | |
| Mohawk Industries, Inc. | *† | | | 2,460 | | | | 247,943 | |
| Mothers Work, Inc. | * | | | 600 | | | | 18,762 | |
| Oxford Industries, Inc. | | 936 | | | | 41,502 | |
| Phillips-Van Heusen Corporation | | 1,267 | | | | 76,742 | |
| Polo Ralph Lauren Corporation | | 2,143 | | | | 210,250 | |
| Quaker Fabric Corporation | * | | | 2,550 | | | | 2,907 | |
| Quiksilver, Inc. | * | | | 4,288 | | | | 60,589 | |
| Skechers U.S.A., Inc. Class A | * | | | 1,935 | | | | 56,502 | |
| Sport-Haley, Inc. | | 1,042 | | | | 4,199 | |
| Steven Madden Ltd. | | 751 | | | | 24,603 | |
| Tag-It Pacific, Inc. | * | | | 1,334 | | | | 1,427 | |
| Tarrant Apparel Group | * | | | 1,106 | | | | 1,327 | |
| Timberland Company Class A | * | | | 2,970 | | | | 74,814 | |
| VF Corporation | | 3,785 | | | | 346,630 | |
| Warnaco Group, Inc. (The) | * | | | 1,569 | | | | 61,724 | |
| Wolverine World Wide, Inc. | | 2,589 | | | | 71,741 | |
| | | 3,196,118 | |
Transportation—1.6% | | | |
| Alexander & Baldwin, Inc. | † | | | 1,466 | | | | 77,859 | |
American Commercial
Lines, Inc. | *† | | | 2,000 | | | | 52,100 | |
| Arctic Cat, Inc. | | 1,857 | | | | 36,769 | |
| Arkansas Best Corporation | | 903 | | | | 35,190 | |
| Brunswick Corporation | | 3,797 | | | | 123,896 | |
| Burlington Northern Santa Fe Corporation | | 14,190 | | | | 1,208,137 | |
| CSX Corporation | | 17,764 | | | | 800,801 | |
| Carnival Corporation | | 17,238 | | | | 840,697 | |
| CH Robinson Worldwide, Inc. | | 7,150 | | | | 375,518 | |
| Con-way, Inc. | | 2,160 | | | | 108,518 | |
| Expedia, Inc. | * | | | 12,018 | | | | 352,007 | |
| Expeditors International Washington, Inc. | | 8,772 | | | | 362,284 | |
| Fleetwood Enterprises, Inc. | *† | | | 1,750 | | | | 15,838 | |
| Florida East Coast Industries | † | | | 423 | | | | 35,101 | |
| Forward Air Corporation | | 1,431 | | | | 48,783 | |
| Freightcar America, Inc. | | 900 | | | | 43,056 | |
| GATX Corporation | | 1,766 | | | | 86,976 | |
| General Maritime Corporation | † | | | 1,897 | | | | 50,802 | |
| Genesee & Wyoming, Inc. Class A | * | | | 1,576 | | | | 47,028 | |
| Gulfmark Offshore, Inc. | * | | | 1,000 | | | | 51,220 | |
| Heartland Express, Inc. | | 4,220 | | | | 68,786 | |
| Horizon Lines, Inc. Class A | | 2,035 | | | | 66,667 | |
| Hornbeck Offshore Services, Inc. | *† | | | 1,800 | | | | 69,768 | |
| HUB Group, Inc. Class A | * | | | 2,400 | | | | 84,384 | |
JB Hunt Transport
Services, Inc. | | 3,964 | | | | 116,224 | |
| Kansas City Southern | * | | | 2,513 | | | | 94,338 | |
| Kirby Corporation | * | | | 2,358 | | | | 90,524 | |
| Laidlaw International, Inc. | | 3,900 | | | | 134,745 | |
| Landstar System, Inc. | | 2,256 | | | | 108,852 | |
| Macquarie Infrastructure Company LLC | † | | | 2,000 | | | | 82,960 | |
| Mobile Mini, Inc. | * | | | 2,000 | | | | 58,400 | |
| Norfolk Southern Corporation | | 16,102 | | | | 846,482 | |
Old Dominion Freight
Line, Inc. | * | | | 1,783 | | | | 53,757 | |
| Overseas Shipholding Group | | 1,587 | | | | 129,182 | |
P.A.M. Transportation
Services, Inc. | * | | | 338 | | | | 6,179 | |
| Pacer International, Inc. | | 1,664 | | | | 39,137 | |
| Polaris Industries, Inc. | † | | | 1,858 | | | | 100,629 | |
| Royal Caribbean Cruises Ltd. | † | | | 4,300 | | | | 184,814 | |
| Saia, Inc. | * | | | 1,662 | | | $ | 45,306 | |
| Sirva, Inc. | * | | | 517 | | | | 1,024 | |
Teekay Corporation
(Bahama Islands) | | 1,691 | | | | 97,926 | |
| Thor Industries, Inc. | † | | | 1,221 | | | | 55,116 | |
| Trinity Industries, Inc. | | 3,051 | | | | 132,841 | |
| UTI Worldwide, Inc. (Luxembourg) | † | | | 2,208 | | | | 59,152 | |
| Union Pacific Corporation | | 10,489 | | | | 1,207,808 | |
United Parcel Service, Inc.
Class B | | 24,142 | | | | 1,762,366 | |
| Wabtec Corporation | | 1,737 | | | | 63,453 | |
| Werner Enterprises, Inc. | † | | | 2,915 | | | | 58,737 | |
| YRC Worldwide, Inc. | * | | | 2,278 | | | | 83,830 | |
| | | 10,655,967 | |
Water Companies—0.0% | | | |
American States
Water Company | † | | | 500 | | | | 17,785 | |
| Aqua America, Inc. | † | | | 4,329 | | | | 97,359 | |
| California Water Service Group | | 965 | | | | 36,178 | |
| Connecticut Water Service, Inc. | | 500 | | | | 12,185 | |
| Pico Holdings, Inc. | * | | | 1,150 | | | | 49,749 | |
| SJW Corporation | | 1,010 | | | | 33,633 | |
| | | 246,889 | |
TOTAL COMMON STOCKS | | | |
| (Cost $400,549,495) | | 672,168,726 | |
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Coupon
Rate
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Date
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U.S. TREASURY OBLIGATIONS—0.1% |
U.S. Treasury Bills—0.1% | | | |
| U.S. Treasury Bill | | | |
| 4.630% | | | | 09/20/2007 | | ** | | $ | 55,000 | | | | 54,420 | |
| 4.585% | | | | 09/20/2007 | | ** | | | 375,000 | | | | 371,084 | |
TOTAL U.S. TREASURY OBLIGATIONS | | | |
| (Cost $425,504) | | 425,504 | |
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| Value
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RIGHTS—0.0% |
Textiles, Clothing & Fabrics—0.0% | | | |
| Mossimo, Inc. Rights, Expires TBD | | | |
| (Cost $—) | ‡d | | | 2,806 | | | | — | |
| |
WARRANTS—0.0% |
Financial Services—0.0% | | | |
| Equitex, Inc. Warrants, Expires 2/7/2010 | ‡d | | | 264 | | | | — | |
| Equitex, Inc. Warrants, Expires 2/7/2010 | ‡d | | | 264 | | | | — | |
| Pegasus Wireless Corporation Warrants, Expires 08/11/2008 | ‡d | | | 540 | | | | — | |
| (Cost $—) | | | | | | | | — | |
| |
Coupon
Rate
|
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| Maturity
Date
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| Face
|
| Value
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CASH EQUIVALENTS—7.7% |
Institutional Money Market Funds—0.1% | | | |
| Reserve Primary Money Market Fund | | | |
| 5.230% | | | | 07/02/2007 | | †† | | $ | 824,493 | | | | 824,493 | |
|
See accompanying notes to financial statements.
187
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Broad
Market Index Fund
Coupon
Rate
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| Maturity
Date
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|
| Value
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CASH EQUIVALENTS—(Continued) |
Bank & Certificate Deposits/
Offshore Time Deposits—6.9% | | | |
| Abbey National PLC | | | |
| 5.280% | | | | 07/05/2007 | | †† | | $ | 618,369 | | | $ | 618,369 | |
| BancoBilbao Vizcaya Argentaria SA | | | |
| 5.300% | | | | 08/10/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Bank of Montreal | | | |
| 5.310% | | | | 08/14/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Bank of Montreal | | | |
| 5.290% | | | | 07/02/2007 | | †† | | | 824,493 | | | | 824,493 | |
| Bank of Montreal | | | |
| 5.280% | | | | 07/03/2007 | | †† | | | 824,493 | | | | 824,493 | |
| Bank of Nova Scotia | | | |
| 5.290% | | | | 07/11/2007 | | †† | | | 1,030,616 | | | | 1,030,616 | |
| Bank of Nova Scotia | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 618,369 | | | | 618,369 | |
| Barclays | | | |
| 5.320% | | | | 09/04/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Barton Capital LLC | | | |
| 5.310% | | | | 07/12/2007 | | †† | | | 618,369 | | | | 618,369 | |
| BNP Paribas | | | |
| 5.350% | | | | 07/02/2007 | | †† | | | 1,236,739 | | | | 1,236,739 | |
| CAFCO Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Calyon | | | |
| 5.380% | | | | 07/02/2007 | | †† | | | 1,236,739 | | | | 1,236,739 | |
| Canadian Imperial Bank of Commerce | | | |
| 5.300% | | | | 07/30/2007 | | †† | | | 2,061,231 | | | | 2,061,231 | |
| Clipper Receivables Corp | | | |
| 5.310% | | | | 07/10/2007 | | †† | | | 1,236,739 | | | | 1,236,739 | |
| CRC Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 618,369 | | | | 618,369 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/13/2007 | | †† | | | 618,369 | | | | 618,369 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 1,442,862 | | | | 1,442,862 | |
| Den Danske Bank | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 824,493 | | | | 824,493 | |
| Falcon Asset Securitization Corporation | | | |
| 5.310% | | | | 07/17/2007 | | †† | | | 288,572 | | | | 288,572 | |
| First Tennessee Bank | | | |
| 5.300% | | | | 07/18/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Fortis Bank | | | |
| 5.300% | | | | 07/20/2007 | | †† | | | 1,030,616 | | | | 1,030,616 | |
| Greyhawk Funding | | | |
| 5.290% | | | | 07/02/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Jupiter Securitization Corporation | | | |
| 5.320% | | | | 07/26/2007 | | †† | | | 618,369 | | | | 618,369 | |
| Lexington Parker Capital Company | | | |
| 5.290% | | | | 07/03/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Liberty Street Funding Corporation | | | |
| 5.330% | | | | 07/31/2007 | | †† | | | 288,572 | | | | 288,572 | |
| Liberty Street Funding Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 824,493 | | | | 824,493 | |
| Liberty Street Funding Corporation | | | |
| 5.280% | | | | 07/02/2007 | | †† | | | 824,493 | | | | 824,493 | |
| Lloyds TSB Bank | | | |
| 5.280% | | | | 07/17/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Merrill Lynch & Company | | | |
| 5.340% | | | | 07/02/2007 | | †† | | | 7,420,433 | | | | 7,420,433 | |
| Morgan Stanley & Company | | | |
| 5.370% | | | | 07/02/2007 | | †† | | | 4,328,586 | | | | 4,328,586 | |
Coupon
Rate
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| Maturity
Date
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| Face
|
| Value
|
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| National Australia Bank | | | |
| 5.320% | | | | 07/02/2007 | | †† | | $ | 1,236,739 | | | $ | 1,236,739 | |
| Old Line Funding LCC | | | |
| 5.320% | | | | 07/12/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Paradigm Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 412,246 | | | | 412,246 | |
| Paradigm Funding LLC | | | |
| 5.300% | | | | 07/10/2007 | | †† | | | 2,052,767 | | | | 2,052,767 | |
| Park Avenue Receivables Corp | | | |
| 5.300% | | | | 07/09/2007 | | †† | | | 2,052,767 | | | | 2,052,767 | |
| Rabobank Nederland | | | |
| 5.330% | | | | 07/02/2007 | | †† | | | 1,236,739 | | | | 1,236,739 | |
| Rabobank Nederland | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 1,030,616 | | | | 1,030,616 | |
| Ranger Funding Corporation | | | |
| 5.330% | | | | 08/02/2007 | | †† | | | 1,030,616 | | | | 1,030,616 | |
| Royal Bank of Scotland | | | |
| 5.270% | | | | 07/11/2007 | | †† | | | 824,493 | | | | 824,493 | |
| Sheffield Receivables Corporation | | | |
| 5.290% | | | | 07/06/2007 | | †† | | | 206,123 | | | | 206,123 | |
| Skandinaviska Enskilda Banken AB | | | |
| 5.290% | | | | 07/19/2007 | | †† | | | 1,030,616 | | | | 1,030,616 | |
| Svenska Handlesbanken | | | |
| 5.300% | | | | 07/02/2007 | | †† | | | 1,705,391 | | | | 1,705,391 | |
| Wells Fargo | | | |
| 5.280% | | | | 07/12/2007 | | †† | | | 1,030,616 | | | | 1,030,616 | |
| Wells Fargo | | | |
| 5.260% | | | | 07/02/2007 | | †† | | | 412,248 | | | | 412,248 | |
| | | 47,406,575 | |
Floating Rate Instruments/Master Notes—0.7% |
| Bank of America | | | |
| 5.310% | | | | 07/10/2007 | | †† | | | 1,030,616 | | | | 1,030,616 | |
| Bank of America | | | |
| 5.300% | | | | 09/17/2007 | | †† | | | 2,061,231 | | | | 2,061,231 | |
| Bank of America | | | |
| 5.270% | | | | 07/16/2007 | | †† | | | 618,369 | | | | 618,369 | |
| Bank of America | | | |
| 5.270% | | | | 08/17/2007 | | †† | | | 1,030,616 | | | | 1,030,616 | |
| | | 4,740,832 | |
TOTAL CASH EQUIVALENTS | | | |
| (Cost $52,971,900) | | 52,971,900 | |
| |
REPURCHASE AGREEMENTS—1.5% |
| Investors Bank & Trust Repurchase Agreement dated 06/29/07 due 07/02/07, with a maturity value of $10,349,465 and effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 5.82% to 9.13%, maturity dates ranging from 06/25/23 to 01/25/33 and an aggregate market value of $10,862,729. | | 10,345,456 | | | | 10,345,456 | |
TOTAL INVESTMENTS—107.6% | | | |
| (Cost $464,292,355) | | 735,911,586 | |
| Other assets less liabilities—(7.6%) | | (52,204,019 | ) |
NET ASSETS—100.0% | $ | 683,707,567 | |
See accompanying notes to financial statements.
188
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Broad
Market Index Fund
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. |
| d | | Security has no market value at 06/30/2007. |
|
See accompanying notes to financial statements.
189
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
|
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| Value
|
|---|
COMMON STOCKS—96.3% |
Advertising—0.4% | | | |
| Aquantive, Inc. | * | | | 3,727 | | | $ | 237,783 | |
| Catalina Marketing Corporation | | 2,132 | | | | 67,158 | |
| Clear Channel Outdoor Holdings, Inc. Class A | * | | | 2,470 | | | | 70,000 | |
| Getty Images, Inc. | * | | | 2,522 | | | | 120,577 | |
| Jupitermedia Corporation | * | | | 4,020 | | | | 29,266 | |
| Lamar Advertising Company | | 4,390 | | | | 275,516 | |
| Valueclick, Inc. | * | | | 5,119 | | | | 150,806 | |
| | | 951,106 | |
Aerospace & Defense—0.5% | | | |
| AAR Corporation | *† | | | 2,170 | | | | 71,632 | |
| Alliant Techsystems, Inc. | * | | | 1,931 | | | | 191,459 | |
| Armor Holdings, Inc. | * | | | 1,840 | | | | 159,841 | |
| BE Aerospace, Inc. | * | | | 4,954 | | | | 204,600 | |
| Fairchild Corporation (The) Class A | * | | | 3,266 | | | | 7,251 | |
| Gencorp, Inc. | * | | | 2,409 | | | | 31,486 | |
| Heico Corporation Class A | | 1,598 | | | | 56,170 | |
| Kaman Corporation Class A | | 1,920 | | | | 59,885 | |
| Kreisler Manufacturing Corporation | * | | | 1,250 | | | | 19,400 | |
| Orbital Sciences Corporation | *† | | | 3,534 | | | | 74,249 | |
| Sequa Corporation Class A | * | | | 430 | | | | 48,160 | |
| Spirit Aerosystems Holdings, Inc. Class A | * | | | 3,540 | | | | 127,617 | |
| Triumph Group, Inc. | | 822 | | | | 53,816 | |
| | | 1,105,566 | |
Agriculture, Forestry & Fishing—0.2% | | | |
| Andersons, Inc. | † | | | 1,222 | | | | 55,393 | |
| Griffin Land & Nurseries, Inc. | * | | | 650 | | | | 23,465 | |
| Margo Caribe, Inc. (Puerto Rico) | * | | | 1,022 | | | | 4,854 | |
| Pilgrim’s Pride Corporation | | 2,376 | | | | 90,692 | |
| Seaboard Corporation | † | | | 23 | | | | 53,935 | |
| Terra Industries, Inc. | * | | | 5,833 | | | | 148,275 | |
| | | 376,614 | |
Airlines—0.9% | | | |
| AMR Corporation | * | | | 12,666 | | | | 333,749 | |
| Air T, Inc. | | 563 | | | | 5,636 | |
| Airnet Systems, Inc. | * | | | 2,610 | | | | 8,691 | |
| Airtran Holdings, Inc. | *† | | | 4,678 | | | | 51,084 | |
| Alaska Air Group, Inc. | * | | | 2,394 | | | | 66,697 | |
| Atlas Air Worldwide Holdings, Inc. | * | | | 765 | | | | 45,089 | |
| Bristow Group, Inc. | * | | | 1,533 | | | | 75,960 | |
| Continental Airlines, Inc. Class B | *† | | | 5,573 | | | | 188,758 | |
| Delta Air Lines, Inc. | | 13,467 | | | | 265,300 | |
| ExpressJet Holdings, Inc. | * | | | 3,876 | | | | 23,178 | |
| Frontier Airlines Holdings, Inc. | * | | | 4,204 | | | | 23,542 | |
| JetBlue Airways Corporation | *† | | | 9,694 | | | | 113,904 | |
| Mesa Air Group, Inc. | * | | | 2,928 | | | | 19,354 | |
| Midwest Air Group, Inc. | * | | | 1,743 | | | | 26,180 | |
| Northwest Airlines Corporation | | 15,439 | | | | 342,746 | |
| PHI, Inc. | * | | | 774 | | | | 23,057 | |
| Pinnacle Airlines Corporation | * | | | 930 | | | | 17,437 | |
| Skywest, Inc. | | 3,850 | | | | 91,745 | |
| UAL Corporation | *† | | | 5,250 | | | | 213,097 | |
| US Airways Group, Inc. | * | | | 3,552 | | | | 107,519 | |
| | | 2,042,723 | |
Apparel Retailers—1.1% | | | |
| Aeropostale, Inc. | * | | | 2,863 | | | $ | 119,330 | |
| American Eagle Outfitters, Inc. | | 11,014 | | | | 282,619 | |
| AnnTaylor Stores Corporation | * | | | 3,874 | | | | 137,217 | |
| Bebe Stores, Inc. | | 2,040 | | | | 32,660 | |
| Big Dog Holdings, Inc. | * | | | 1,621 | | | | 26,195 | |
| Buckle, Inc. (The) | | 1,042 | | | | 41,055 | |
| Cache, Inc. | * | | | 2,130 | | | | 28,265 | |
| Carter’s, Inc. | * | | | 2,956 | | | | 76,679 | |
| Casual Male Retail Group, Inc. | *† | | | 2,471 | | | | 24,957 | |
| Cato Corporation Class A | | 1,762 | | | | 38,658 | |
| Charlotte Russe Holding, Inc. | * | | | 1,100 | | | | 29,557 | |
| Charming Shoppes, Inc. | * | | | 6,239 | | | | 67,568 | |
| Chico’s FAS, Inc. | * | | | 9,268 | | | | 225,583 | |
| Children’s Place | * | | | 1,134 | | | | 58,560 | |
| Christopher & Banks Corporation | | 2,379 | | | | 40,800 | |
| Dress Barn, Inc. | * | | | 2,592 | | | | 53,188 | |
| Finish Line Class A | | 3,184 | | | | 29,006 | |
| HOT Topic, Inc. | * | | | 2,815 | | | | 30,599 | |
| J Crew Group, Inc. | * | | | 2,070 | | | | 111,966 | |
| JOS A. Bank Clothiers, Inc. | *† | | | 1,078 | | | | 44,705 | |
| Pacific Sunwear of California, Inc. | * | | | 3,586 | | | | 78,892 | |
| Payless Shoesource, Inc. | * | | | 3,634 | | | | 114,653 | |
| Ross Stores, Inc. | | 7,690 | | | | 236,852 | |
| Stage Stores, Inc. | | 2,236 | | | | 46,867 | |
| Talbots, Inc. | † | | | 1,205 | | | | 30,161 | |
| Tween Brands, Inc. | * | | | 2,072 | | | | 92,411 | |
| Under Armour, Inc. Class A | *† | | | 1,800 | | | | 82,170 | |
| United Retail Group, Inc. | * | | | 1,000 | | | | 11,630 | |
| Urban Outfitters, Inc. | * | | | 6,852 | | | | 164,654 | |
| Wet Seal, Inc. (The) Class A | *† | | | 4,497 | | | | 27,027 | |
| Wilsons The Leather Experts, Inc. | * | | | 2,979 | | | | 5,481 | |
| | | 2,389,965 | |
Automotive—1.4% | | | |
| A.O. Smith Corporation | | 952 | | | | 37,975 | |
| Aftermarket Technology Corporation | * | | | 1,503 | | | | 44,609 | |
| American Axle & Manufacturing Holdings, Inc. | | 2,814 | | | | 83,351 | |
| America’s Car Mart, Inc. | *† | | | 1,569 | | | | 21,323 | |
| Amerigon, Inc. | * | | | 2,108 | | | | 37,923 | |
| ArvinMeritor, Inc. | | 3,702 | | | | 82,184 | |
| Asbury Automotive Group, Inc. | | 2,072 | | | | 51,696 | |
| BorgWarner, Inc. | | 3,406 | | | | 293,052 | |
| Carmax, Inc. | *† | | | 11,476 | | | | 292,638 | |
| Clarcor, Inc. | | 2,844 | | | | 106,451 | |
| Coachmen Industries, Inc. | | 2,275 | | | | 21,976 | |
| Copart, Inc. | * | | | 3,582 | | | | 109,573 | |
| Exide Technologies, Inc. | * | | | 3,957 | | | | 36,800 | |
| Federal Signal Corporation | | 3,130 | | | | 49,642 | |
| Force Protection, Inc. | *† | | | 3,780 | | | | 78,019 | |
| Group 1 Automotive, Inc. | | 1,068 | | | | 43,083 | |
| Harsco Corporation | | 4,726 | | | | 245,752 | |
| Keystone Automotive Industries, Inc. | * | | | 1,143 | | | | 47,286 | |
| Lear Corporation | * | | | 3,801 | | | | 135,354 | |
| Lithia Motors, Inc. Class A | | 863 | | | | 21,868 | |
| LKQ Corporation | * | | | 3,180 | | | | 78,419 | |
| Monaco Coach Corporation | | 1,376 | | | | 19,746 | |
| Navistar International Corporation | * | | | 916 | | | | 60,456 | |
| Oshkosh Truck Corporation | | 4,330 | | | | 272,444 | |
| PEP Boys-Manny Moe & Jack | | 3,451 | | | | 69,572 | |
| Proliance International, Inc. | * | | | 2,240 | | | | 6,944 | |
| Rush Enterprises, Inc. Class A | * | | | 1,100 | | | | 23,892 | |
| Sonic Automotive, Inc. | | 1,869 | | | | 54,145 | |
| Spartan Motors, Inc. | | 1,650 | | | | 28,083 | |
|
See accompanying notes to financial statements.
190
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
| Standard Motor Products, Inc. | | 2,540 | | | $ | 38,176 | |
| Strattec Security Corporation | * | | | 124 | | | | 5,828 | |
| Superior Industries International, Inc. | † | | | 2,013 | | | | 43,803 | |
| Tenneco Automotive, Inc. | * | | | 2,430 | | | | 85,147 | |
| Titan International, Inc. | † | | | 1,086 | | | | 34,328 | |
| TRW Automotive Holdings Corporation | * | | | 2,400 | | | | 88,392 | |
| United Auto Group, Inc. | | 2,086 | | | | 44,411 | |
| Visteon Corporation | * | | | 8,265 | | | | 66,946 | |
| Wabash National Corporation | | 2,596 | | | | 37,979 | |
| Winnebago Industries, Inc. | †† | | | 1,714 | | | | 50,597 | |
| | | 2,949,863 | |
Banking—5.5% | | | |
| 1st Source Corporation | | 1,180 | | | | 29,406 | |
| Advance America Cash Advance Centers, Inc. | | 3,290 | | | | 58,365 | |
| Advanta Corporation Class A | | 2,170 | | | | 61,650 | |
| Alabama National Bancorp | | 1,325 | | | | 81,938 | |
| Alliance Bankshares Corporation | * | | | 745 | | | | 9,871 | |
| Amcore Financial, Inc. | | 2,013 | | | | 58,357 | |
| AmericanWest Bancorp | | 720 | | | | 13,126 | |
| AmeriCredit Corporation | *† | | | 6,459 | | | | 171,486 | |
| Ameris Bancorp | | 1,414 | | | | 31,773 | |
| Anchor Bancorp Wisconsin, Inc. | | 1,412 | | | | 36,980 | |
| Arrow Financial Corporation | | 476 | | | | 10,477 | |
| Associated Banc Corporation | | 6,713 | | | | 219,515 | |
| Asta Funding, Inc. | † | | | 650 | | | | 24,979 | |
| Astoria Financial Corporation | | 4,831 | | | | 120,968 | |
| BancFirst Corporation | | 642 | | | | 27,490 | |
| Bancorpsouth, Inc. | | 4,522 | | | | 110,608 | |
| BancTrust Financial Group, Inc. | † | | | 1,600 | | | | 33,600 | |
| Bank Mutual Corporation | | 5,557 | | | | 64,072 | |
| Bank of Hawaii Corporation | | 3,094 | | | | 159,774 | |
| Bank of the Ozarks, Inc. | | 1,070 | | | | 29,821 | |
| BankAtlantic Bancorp, Inc. Class A | | 3,411 | | | | 29,369 | |
| Bankunited Financial Corporation Class A | † | | | 2,413 | | | | 48,429 | |
| Banner Corporation | | 990 | | | | 33,719 | |
| Blue River Bancshares, Inc. | | 2,545 | | | | 13,705 | |
| BOK Financial Corporation | | 1,447 | | | | 77,299 | |
| Boston Private Financial Holdings, Inc. | † | | | 2,447 | | | | 65,751 | |
| Brookline Bancorp, Inc. | † | | | 3,836 | | | | 44,152 | |
| Bryn Mawr Bank Corporation | | 1,548 | | | | 35,573 | |
| Camden National Corporation | | 740 | | | | 28,964 | |
| Capital Bank Corporation | | 1,283 | | | | 21,580 | |
| Capital City Bank Group, Inc. | † | | | 738 | | | | 23,129 | |
| Capitol Bancorp Ltd. | | 1,172 | | | | 32,031 | |
| Capitol Federal Financial | | 1,516 | | | | 55,971 | |
| Cardinal Financial Corporation | | 2,163 | | | | 21,349 | |
| Cascade Bancorp | † | | | 2,003 | | | | 46,349 | |
| Cascade Financial Corporation | | 1,063 | | | | 16,827 | |
| Cathay General Bancorp | † | | | 2,844 | | | | 95,388 | |
| Centennial Bank Holdings, Inc. | * | | | 4,150 | | | | 35,150 | |
Central Pacific Financial
Corporation | | 1,889 | | | | 62,356 | |
| CFS Bancorp, Inc. | | 1,873 | | | | 27,196 | |
| Charter Financial Corporation | | 350 | | | | 17,850 | |
| Chemical Financial Corporation | † | | | 1,637 | | | | 42,349 | |
| Chittenden Corporation | | 2,922 | | | | 102,124 | |
| Citizens Republic Bancorp Inc. | | 4,252 | | | | 77,812 | |
| City Bank, Lynnwood, WA | | 1,647 | | | | 51,897 | |
| City Holding Company | | 1,410 | | | | 54,045 | |
| City National Corporation | | 2,200 | | | | 167,398 | |
| CoBiz, Inc. | | 1,800 | | | $ | 32,616 | |
| Colonial BancGroup, Inc. (The) | | 8,761 | | | | 218,762 | |
| Columbia Banking System, Inc. | | 1,330 | | | | 38,902 | |
| Commerce Bancshares, Inc. | | 3,970 | | | | 179,841 | |
| Community Bancorp | * | | | 1,010 | | | | 28,260 | |
| Community Bank System, Inc. | | 1,892 | | | | 37,878 | |
| Community Banks, Inc. | | 1,641 | | | | 52,873 | |
| Community Trust Bancorp, Inc. | | 1,028 | | | | 33,204 | |
| CompuCredit Corporation | *† | | | 1,518 | | | | 53,160 | |
| Corus Bankshares, Inc. | † | | | 2,102 | | | | 36,281 | |
| Cullen/Frost Bankers, Inc. | | 3,273 | | | | 175,007 | |
| CVB Financial Corporation | | 4,084 | | | | 45,414 | |
| Dime Community Bancshares | | 1,638 | | | | 21,605 | |
| Downey Financial Corporation | † | | | 1,289 | | | | 85,048 | |
| Eastern Virginia Bankshares, Inc. | | 701 | | | | 15,422 | |
| East-West Bancorp, Inc. | † | | | 3,540 | | | | 137,635 | |
| Euronet Worldwide, Inc. | * | | | 2,256 | | | | 65,785 | |
| Farmers Capital Bank Corporation | | 1,113 | | | | 32,199 | |
| Fidelity Southern Corporation | | 1,382 | | | | 23,356 | |
| Financial Federal Corporation | † | | | 1,515 | | | | 45,177 | |
| Financial Institutions, Inc. | | 750 | | | | 15,142 | |
| First Bancorp North Carolina | | 1,473 | | | | 27,589 | |
| First Bancorp Puerto Rico | | 3,926 | | | | 43,147 | |
| First Charter Corporation | | 2,913 | | | | 56,716 | |
| First Citizens BancShares, Inc. Class A | | 275 | | | | 53,460 | |
| First Commonwealth Financial Corporation | † | | | 4,595 | | | | 50,177 | |
| First Community Bancorp | | 1,714 | | | | 98,058 | |
| First Financial Bancorp | † | | | 3,075 | | | | 46,094 | |
| First Financial Bankshares, Inc. | | 1,566 | | | | 60,776 | |
| First Financial Holdings, Inc. | | 990 | | | | 32,383 | |
| First Financial Service Corporation | | 899 | | | | 25,568 | |
| First Indiana Corporation | | 1,200 | | | | 26,544 | |
| First Marblehead Corporation (The) | † | | | 3,414 | | | | 131,917 | |
| First Merchants Corporation | | 1,625 | | | | 39,049 | |
| First Midwest Bancorp, Inc. | | 3,492 | | | | 124,001 | |
| First Niagara Financial Group, Inc. | | 5,990 | | | | 78,469 | |
| First of Long Island Corporation (The) | | 986 | | | | 20,647 | |
| First Republic Bank | | 1,821 | | | | 97,715 | |
| FirstFed Financial Corporation | *† | | | 1,033 | | | | 58,602 | |
| FirstMerit Corporation | | 4,085 | | | | 85,499 | |
| Flagstar Bancorp, Inc. | | 2,770 | | | | 33,378 | |
| Flushing Financial Corporation | | 1,450 | | | | 23,287 | |
| FMS Financial Corporation | | 500 | | | | 14,355 | |
| FNB Corporation | † | | | 4,487 | | | | 75,112 | |
| Franklin Bank Corporation | *† | | | 1,930 | | | | 28,757 | |
| Fremont General Corporation | † | | | 3,340 | | | | 35,938 | |
| Frontier Financial Corporation | † | | | 2,974 | | | | 67,004 | |
| Fulton Financial Corporation | | 11,491 | | | | 165,700 | |
| Glacier Bancorp, Inc. | † | | | 3,454 | | | | 70,289 | |
| Great Lakes Bancorp, Inc. | * | | | 791 | | | | 10,449 | |
| Great Southern Bancorp, Inc. | | 470 | | | | 12,713 | |
| Greater Bay Bancorp | | 2,834 | | | | 78,899 | |
| Hallwood Group, Inc. | * | | | 100 | | | | 7,844 | |
| Hancock Holding Company | † | | | 1,772 | | | | 66,539 | |
| Hanmi Financial Corporation | | 2,860 | | | | 48,792 | |
| Harleysville National Corporation | | 2,124 | | | | 34,239 | |
| Harrington West Financial Group, Inc. | | 1,172 | | | | 18,898 | |
| Heritage Commerce Corporation | | 1,180 | | | | 27,942 | |
| Heritage Financial Corporation | | 972 | | | | 23,236 | |
| Horizon Financial Corporation | | 625 | | | | 13,619 | |
| Horizon Financial Services Corporation | | 450 | | | | 3,771 | |
| Iberiabank Corporation | | 687 | | | | 33,972 | |
|
See accompanying notes to financial statements.
191
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
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COMMON STOCKS—(Continued) |
| Independent Bank Corporation (Massachusetts) | | 1,484 | | | $ | 43,837 | |
| Independent Bank Corporation (Michigan) | | 1,384 | | | | 23,819 | |
| IndyMac Bancorp, Inc. | † | | | 3,694 | | | | 107,754 | |
| Integra Bank Corporation | | 1,659 | | | | 35,619 | |
| International Bancshares Corporation | | 3,273 | | | | 83,854 | |
| Irwin Financial Corporation | | 1,296 | | | | 19,401 | |
| Itla Capital Corporation | | 680 | | | | 35,442 | |
| Kearny Financial Corporation | † | | | 1,000 | | | | 13,480 | |
| KNBT Bancorp, Inc. | | 1,653 | | | | 24,299 | |
| Lakeland Financial Corporation | † | | | 500 | | | | 10,635 | |
| MAF Bancorp, Inc. | | 1,636 | | | | 88,769 | |
| MainSource Financial Group, Inc. | | 1,732 | | | | 29,080 | |
| MB Financial, Inc. | | 2,091 | | | | 72,659 | |
| Medallion Financial Corporation | | 2,518 | | | | 29,788 | |
| Merchants Bancshares, Inc. | | 572 | | | | 13,156 | |
| Midsouth Bancorp, Inc. | | 501 | | | | 11,949 | |
| Midwest Banc Holdings, Inc. | † | | | 1,420 | | | | 20,590 | |
| MidWestOne Financial Group, Inc. | | 1,573 | | | | 27,527 | |
| Mitcham Industries, Inc. | * | | | 1,100 | | | | 20,999 | |
| Nara Bancorp, Inc. | | 2,060 | | | | 32,816 | |
| NASB Financial, Inc. | | 529 | | | | 17,801 | |
| National Penn Bancshares, Inc. | † | | | 3,476 | | | | 57,980 | |
| NBT Bancorp, Inc. | | 2,320 | | | | 52,339 | |
| Nelnet, Inc. Class A | | 1,351 | | | | 33,018 | |
| New York Community Bancorp, Inc. | † | | | 15,431 | | | | 262,636 | |
| NewAlliance Bancshares, Inc. | † | | | 5,770 | | | | 84,934 | |
| Northern States Financial Corporation | | 773 | | | | 18,544 | |
| Northwest Bancorp, Inc. | | 1,598 | | | | 41,772 | |
| Ocwen Financial Corporation | *† | | | 3,062 | | | | 40,816 | |
| Old National Bancorp | † | | | 3,796 | | | | 63,052 | |
| Old Second Bancorp, Inc. | | 940 | | | | 27,410 | |
| Omega Financial Corp. | | 1,100 | | | | 29,579 | |
| Oriental Financial Group (Puerto Rico) | | 2,140 | | | | 23,347 | |
| Pacific Capital Bancorp | | 2,664 | | | | 71,875 | |
| Pacific Premier Bancorp, Inc. | * | | | 977 | | | | 10,444 | |
| Park National Corporation | † | | | 624 | | | | 52,909 | |
| Parkvale Financial Corporation | | 1,077 | | | | 31,998 | |
| Partners Trust Financial Group, Inc. | | 3,310 | | | | 34,755 | |
| Peapack Gladstone Financial Corporation | | 390 | | | | 10,557 | |
| Peoples Bancorp, Inc. | | 1,235 | | | | 33,431 | |
| Peoples Financial Corporation | | 884 | | | | 22,542 | |
| Peoples United Financial, Inc. | † | | | 6,938 | | | | 123,011 | |
| PFF Bancorp, Inc. | | 1,563 | | | | 43,655 | |
| Popular, Inc. (Puerto Rico) | † | | | 14,776 | | | | 237,450 | |
| Premier Community Bankshares, Inc. | | 934 | | | | 30,504 | |
| PrivateBancorp, Inc. | † | | | 1,270 | | | | 36,576 | |
| Prosperity Bancshares, Inc. | † | | | 3,020 | | | | 98,935 | |
| Provident Bankshares Corporation | | 1,869 | | | | 61,266 | |
| Provident Financial Services, Inc. | † | | | 3,604 | | | | 56,799 | |
| Provident New York Bancorp | | 3,488 | | | | 47,123 | |
| Renasant Corporation | | 1,215 | | | | 27,629 | |
| Republic Bancorp, Inc. Class A | | 1,024 | | | | 16,988 | |
| Riverview Bancorp, Inc. | | 2,602 | | | | 35,699 | |
| Royal Bancshares of Pennsylvania Class A | | 882 | | | | 17,384 | |
| S&T Bancorp, Inc. | | 1,478 | | | | 48,626 | |
| S.Y. Bancorp, Inc. | † | | | 1,060 | | | | 25,186 | |
| Sandy Spring Bancorp, Inc. | | 1,234 | | | | 38,797 | |
| Santander Bancorp (Puerto Rico) | | 511 | | | | 7,593 | |
| Security Bank Corporation | | 2,170 | | | | 43,617 | |
| Shore Bancshares, Inc. | † | | | 828 | | | $ | 21,362 | |
| Signature Bank of New York | * | | | 1,670 | | | | 56,947 | |
| Simmons First National Corporation Class A | | 911 | | | | 25,134 | |
| Sky Financial Group, Inc. | | 6,759 | | | | 188,306 | |
| South Financial Group, Inc. (The) | | 3,909 | | | | 88,500 | |
| SouthFirst Bancshares, Inc. | | 400 | | | | 4,900 | |
| Southwest Bancorp, Inc. | | 1,320 | | | | 31,733 | |
| State Bancorp, Inc. | | 988 | | | | 16,470 | |
| Sterling Bancorp, NY | | 1,691 | | | | 27,107 | |
| Sterling Bancshares, Inc. | | 5,677 | | | | 64,207 | |
| Sterling Financial Corporation (Pennsylvania) | | 1,558 | | | | 16,390 | |
| Sterling Financial Corporation (Washington) | † | | | 2,928 | | | | 84,736 | |
| Student Loan Corporation | | 247 | | | | 50,363 | |
| Suffolk Bancorp | | 1,100 | | | | 35,112 | |
| Susquehanna Bancshares, Inc. | † | | | 2,892 | | | | 64,694 | |
| SVB Financial Group | *† | | | 2,178 | | | | 115,674 | |
| TCF Financial Corporation | | 6,764 | | | | 188,039 | |
| Texas Capital Bancshares, Inc. | * | | | 1,870 | | | | 41,794 | |
| Tompkins Financial Corp. | | 665 | | | | 24,871 | |
| Trustco Bank Corporation | † | | | 4,645 | | | | 45,893 | |
| Trustmark Corporation | | 3,786 | | | | 97,906 | |
| UCBH Holdings, Inc. | | 5,352 | | | | 97,781 | |
| UMB Financial Corporation | | 1,918 | | | | 70,717 | |
| Umpqua Holdings Corporation | | 3,511 | | | | 82,544 | |
| Union Bankshares Corporation | | 1,185 | | | | 27,492 | |
| UnionBanCal Corporation | | 2,988 | | | | 178,384 | |
| United Bankshares, Inc. | | 2,205 | | | | 70,119 | |
| United Community Banks, Inc. | † | | | 2,710 | | | | 70,162 | |
| United Western Bancorp, Inc. | | 974 | | | | 24,593 | |
| Valley National Bancorp | † | | | 7,667 | | | | 172,431 | |
| W Holding Company, Inc. (Puerto Rico) | † | | | 6,219 | | | | 16,418 | |
| Washington Federal, Inc. | | 5,612 | | | | 136,428 | |
| Washington Trust Bancorp, Inc. | | 960 | | | | 24,202 | |
| Webster Financial Corporation | | 3,163 | | | | 134,965 | |
| Wesbanco, Inc. | | 1,500 | | | | 44,250 | |
| West Coast Bancorp | | 1,290 | | | | 39,203 | |
| Westamerica Bancorporation | † | | | 1,709 | | | | 75,606 | |
| Western Alliance Bancorp | * | | | 1,000 | | | | 29,850 | |
| Westfield Financial, Inc. | | 4,068 | | | | 40,558 | |
| Whitney Holding Corporation | | 3,916 | | | | 117,872 | |
| Willow Financial Bancorp, Inc. | | 1,237 | | | | 16,081 | |
| Wilmington Trust Corporation | | 4,114 | | | | 170,772 | |
| Wintrust Financial Corporation | | 1,718 | | | | 75,334 | |
| World Acceptance Corporation | * | | | 1,219 | | | | 52,088 | |
| WSFS Financial Corporation | | 610 | | | | 39,912 | |
| | | 11,968,679 | |
Beverages, Food & Tobacco—1.6% | | | |
| Alliance One International, Inc. | * | | | 6,420 | | | | 64,521 | |
| American Italian Pasta Company Class A | *† | | | 2,837 | | | | 27,235 | |
| Boston Beer Co., Inc. Class A | * | | | 1,180 | | | | 46,433 | |
| Bridgford Foods Corporation | * | | | 560 | | | | 4,155 | |
| Bunge Ltd. | † | | | 6,650 | | | | 561,925 | |
| Central European Distribution Corporation | *† | | | 1,597 | | | | 55,288 | |
| Chiquita Brands International, Inc. | † | | | 1,890 | | | | 35,834 | |
| Coca-Cola Bottling Company Consolidated | | 437 | | | | 21,981 | |
| Corn Products International, Inc. | | 4,426 | | | | 201,162 | |
| Del Monte Foods Company | | 11,215 | | | | 136,374 | |
| Farmer Brothers Company | | 930 | | | | 21,046 | |
| Flowers Foods, Inc. | | 3,430 | | | | 114,425 | |
|
See accompanying notes to financial statements.
192
SCHEDULE OF INVESTMENTS—(Continued)
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Vantagepoint Mid/Small
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COMMON STOCKS—(Continued) |
| Fresh Del Monte Produce, Inc. (Cayman Islands) | | 2,097 | | | $ | 52,530 | |
| Green Mountain Coffee Roasters, Inc. | * | | | 500 | | | | 39,370 | |
| Hain Celestial Group, Inc. | * | | | 2,166 | | | | 58,785 | |
| Hansen Natural Corporation | * | | | 3,680 | | | | 158,166 | |
| Hormel Foods Corporation | | 4,076 | | | | 152,239 | |
| Inventure Group, Inc. (The) | * | | | 683 | | | | 2,158 | |
| JM Smucker Company (The) | | 3,155 | | | | 200,847 | |
| John B. Sanfilippo & SON | * | | | 370 | | | | 4,070 | |
| Lancaster Colony Corporation | | 1,510 | | | | 63,254 | |
| Lance, Inc. | | 2,511 | | | | 59,159 | |
Loews Corporation—
Carolina Group | | 5,911 | | | | 456,743 | |
| M&F Worldwide Corporation | *† | | | 781 | | | | 51,999 | |
| Matrixx Initiatives, Inc. | *† | | | 1,810 | | | | 37,883 | |
| Nash Finch Company | † | | | 1,190 | | | | 58,905 | |
| Peet’s Coffee & Tea, Inc. | * | | | 1,297 | | | | 31,945 | |
| PepsiAmericas, Inc. | | 3,812 | | | | 93,623 | |
| Performance Food Group Company | * | | | 1,907 | | | | 61,958 | |
| Ralcorp Holdings, Inc. | * | | | 1,618 | | | | 86,482 | |
| Reliv International, Inc. | | 1,110 | | | | 11,655 | |
| Sanderson Farms, Inc. | † | | | 860 | | | | 38,717 | |
| Smithfield Foods, Inc. | * | | | 6,933 | | | | 213,467 | |
| Spartan Stores, Inc. | | 1,780 | | | | 58,580 | |
| Tootsie Roll Industries, Inc. | | 1,714 | | | | 47,495 | |
| Topps Company, Inc. (The) | | 2,256 | | | | 23,711 | |
| TreeHouse Foods, Inc. | * | | | 2,074 | | | | 55,189 | |
| United Natural Foods, Inc. | *† | | | 2,024 | | | | 53,798 | |
| Universal Corporation | | 1,379 | | | | 84,009 | |
| Vector Group Ltd. | † | | | 2,276 | | | | 51,278 | |
| | | 3,598,394 | |
Building Materials—0.9% | | | |
| Amcol International Corporation | | 1,767 | | | | 48,257 | |
| Anixter International, Inc. | *† | | | 1,724 | | | | 129,662 | |
| Beacon Roofing Supply, Inc. | *† | | | 2,640 | | | | 44,854 | |
| Building Material Holding Corporation | † | | | 1,800 | | | | 25,542 | |
| Cabot Microelectronics Corporation | *† | | | 1,450 | | | | 51,460 | |
| Carbo Ceramics, Inc. | † | | | 1,203 | | | | 52,703 | |
| Carlisle Companies, Inc. | | 3,354 | | | | 155,995 | |
| Drew Industries, Inc. | * | | | 1,570 | | | | 52,030 | |
| Eagle Materials, Inc. | | 2,611 | | | | 128,070 | |
| Florida Rock Industries, Inc. | † | | | 2,988 | | | | 201,690 | |
| Interline Brands, Inc. | * | | | 2,320 | | | | 60,506 | |
| Jewett-Cameron Trading Ltd. (Canada) | * | | | 1,575 | | | | 13,214 | |
| Martin Marietta Materials, Inc. | | 2,567 | | | | 415,905 | |
| Numerex Corporation Class A | * | | | 1,800 | | | | 20,520 | |
| Owens Corning, Inc. | *† | | | 4,630 | | | | 155,707 | |
| Rock of Ages Corporation | * | | | 1,387 | | | | 6,935 | |
| US Concrete, Inc. | * | | | 4,770 | | | | 41,451 | |
| US Home Systems, Inc. | *† | | | 1,292 | | | | 12,855 | |
| USG Corporation | *† | | | 4,420 | | | | 216,757 | |
| Wesco International, Inc. | * | | | 2,870 | | | | 173,491 | |
| | | 2,007,604 | |
Chemicals—2.3% | | | |
| A. Schulman, Inc. | | 1,444 | | | | 35,133 | |
| Aceto Corporation | | 1,070 | | | | 9,919 | |
| AEP Industries, Inc. | * | | | 373 | | | | 16,789 | |
| Airgas, Inc. | | 3,575 | | | | 171,242 | |
| Albemarle Corporation | | 4,288 | | | | 165,217 | |
| Arch Chemicals, Inc. | | 1,211 | | | $ | 42,555 | |
| Balchem Corporation Class B | | 1,080 | | | | 19,624 | |
| Cabot Corporation | | 3,324 | | | | 158,488 | |
| Calgon Carbon Corporation | *† | | | 4,550 | | | | 52,780 | |
| Celanese Corporation Class A | | 7,460 | | | | 289,299 | |
| CF Industries Holdings, Inc. | † | | | 3,230 | | | | 193,445 | |
| Chemtura Corporation | | 13,115 | | | | 145,708 | |
| Church & Dwight, Inc. | | 3,821 | | | | 185,166 | |
| Compass Minerals International, Inc. | | 2,020 | | | | 70,013 | |
| Cooper Tire & Rubber Company | | 3,187 | | | | 88,025 | |
| Cytec Industries, Inc. | | 2,425 | | | | 154,642 | |
| Empire Financial Holding Company | * | | | 1,550 | | | | 2,247 | |
| FMC Corporation | | 1,938 | | | | 173,238 | |
| Georgia Gulf Corporation | † | | | 1,719 | | | | 31,131 | |
| HB Fuller Company | | 3,410 | | | | 101,925 | |
| Huntsman Corporation | | 5,278 | | | | 128,308 | |
| Landec Corporation | * | | | 3,037 | | | | 40,696 | |
| LSB Industries, Inc. | *† | | | 1,412 | | | | 30,189 | |
| Lubrizol Corporation | | 4,110 | | | | 265,300 | |
| Lyondell Chemical Company | | 12,361 | | | | 458,840 | |
| Minerals Technologies, Inc. | | 1,108 | | | | 74,181 | |
| Mosaic Company (The) | * | | | 8,570 | | | | 334,401 | |
| Myers Industries, Inc. | | 1,717 | | | | 37,963 | |
| Nalco Holding Co. | | 6,638 | | | | 182,213 | |
| NewMarket Corporation | | 690 | | | | 33,375 | |
| NL Industries, Inc. | | 412 | | | | 4,128 | |
| NuCo2, Inc. | * | | | 761 | | | | 19,535 | |
| Olin Corporation | | 4,587 | | | | 96,327 | |
| OM Group, Inc. | * | | | 1,477 | | | | 78,163 | |
| Omnova Solutions, Inc. | * | | | 3,769 | | | | 22,802 | |
| Penford Corporation | | 786 | | | | 21,450 | |
| Pharmos Corporation | * | | | 1,375 | | | | 1,966 | |
| PolyOne Corporation | * | | | 4,683 | | | | 33,671 | |
| Rockwood Holdings, Inc. | | 2,500 | | | | 91,375 | |
| Scotts Miracle-Gro Company (The) Class A | † | | | 2,994 | | | | 128,562 | |
| Sensient Technologies Corporation | | 2,948 | | | | 74,850 | |
| Spartech Corporation | | 2,131 | | | | 56,578 | |
| SurModics, Inc. | *† | | | 1,185 | | | | 59,250 | |
| Trex Company, Inc. | *† | | | 732 | | | | 14,369 | |
| Tronox, Inc. Class A | | 2,250 | | | | 32,355 | |
| Tupperware Corporation | | 3,940 | | | | 113,236 | |
| UAP Holding Corporation | † | | | 2,160 | | | | 65,102 | |
| Unifi, Inc. | * | | | 9,669 | | | | 25,333 | |
| USEC, Inc. | * | | | 5,447 | | | | 119,725 | |
| Valhi, Inc. | | 741 | | | | 12,078 | |
| W.R. Grace & Company | *† | | | 3,690 | | | | 90,368 | |
| Wellman, Inc. | | 9,169 | | | | 27,874 | |
| West Pharmaceutical Services, Inc. | | 1,706 | | | | 80,438 | |
| Westlake Chemical Corp. | | 800 | | | | 22,496 | |
| | | 4,984,083 | |
Coal—0.4% | | | |
| Alliance Resource Partners, LP | | 1,280 | | | | 53,632 | |
| Alpha Natural Resources, Inc. | * | | | 3,220 | | | | 66,944 | |
| Arch Coal, Inc. | | 8,196 | | | | 285,221 | |
| Evergreen Energy, Inc. | *† | | | 4,470 | | | | 26,954 | |
| Foundation Coal Holdings, Inc. | | 2,690 | | | | 109,322 | |
| International Coal Group, Inc. | * | | | 7,310 | | | | 43,714 | |
| James River Coal Company | *† | | | 1,950 | | | | 25,272 | |
| Massey Energy Company | | 4,323 | | | | 115,208 | |
| Natural Resource Partners, LP | † | | | 2,000 | | | | 76,080 | |
Penn Virginia Resource
Partners, LP | | 1,440 | | | | 44,784 | |
| Westmoreland Coal Company | * | | | 600 | | | | 16,410 | |
| | | 863,541 | |
|
See accompanying notes to financial statements.
193
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
Commercial Services—5.9% | | | |
| Aaron Rents, Inc. | † | | | 2,599 | | | $ | 75,891 | |
| ABM Industries, Inc. | | 2,991 | | | | 77,198 | |
| Accenture Ltd. Class A (Bermuda) | | 33,070 | | | | 1,418,372 | |
| ACCO Brands Corporation | * | | | 3,258 | | | | 75,097 | |
| Administaff, Inc. | | 1,663 | | | | 55,694 | |
| Advisory Board Company (The) | * | | | 1,300 | | | | 72,228 | |
| Aecom Technology Corp. | | 2,260 | | | | 56,071 | |
| Aircastle Ltd. (Bermuda) | | 1,550 | | | | 61,705 | |
| Akamai Technologies, Inc. | *† | | | 8,775 | | | | 426,816 | |
| Amerco, Inc. | *† | | | 547 | | | | 41,298 | |
| American Reprographics Company | *† | | | 1,600 | | | | 49,264 | |
| AmeriGas Partners, LP | | 2,300 | | | | 83,145 | |
| AMN Healthcare Services, Inc. | * | | | 2,247 | | | | 49,434 | |
| Angelica Corporation | | 1,241 | | | | 26,160 | |
| APAC Customer Services, Inc. | * | | | 1,972 | | | | 4,792 | |
| Asset Acceptance Capital Corporation | * | | | 728 | | | | 12,886 | |
| Avis Budget Group, Inc. | * | | | 5,473 | | | | 155,597 | |
| Barrett Business Services, Inc. | | 1,740 | | | | 44,944 | |
| BearingPoint, Inc. | *† | | | 10,066 | | | | 73,582 | |
| Bowne & Company, Inc. | | 1,575 | | | | 30,728 | |
| Brink’s Company (The) | | 2,529 | | | | 156,520 | |
| Casella Waste Systems, Inc. Class A | * | | | 2,380 | | | | 25,656 | |
| CDI Corporation | | 711 | | | | 22,894 | |
| Cenveo, Inc. | * | | | 2,792 | | | | 64,746 | |
| Chemed Corporation | | 1,472 | | | | 97,579 | |
| Clean Harbors, Inc. | * | | | 1,010 | | | | 49,914 | |
| Coinmach Service Corporation Class A | | 1,800 | | | | 23,814 | |
| Coinstar, Inc. | * | | | 1,725 | | | | 54,303 | |
| Comfort Systems USA, Inc. | | 2,180 | | | | 30,912 | |
| Consolidated Graphics, Inc. | * | | | 777 | | | | 53,831 | |
| Cornell Companies, Inc. | * | | | 1,730 | | | | 42,489 | |
Corporate Executive Board
Company | | 2,184 | | | | 141,763 | |
| Courier Corporation | | 816 | | | | 32,640 | |
| CRA International, Inc. | * | | | 836 | | | | 40,295 | |
| Daktronics, Inc. | † | | | 2,300 | | | | 49,404 | |
| Diamond Management & Technology Consultants, Inc. | | 1,432 | | | | 18,902 | |
| Dollar Thrifty Automotive Group, Inc. | * | | | 1,428 | | | | 58,320 | |
| Dun & Bradstreet Company | | 3,350 | | | | 344,983 | |
| EGL, Inc. | * | | | 1,862 | | | | 86,546 | |
| Edgewater Technology, Inc. | * | | | 1,533 | | | | 12,080 | |
| eFunds Corporation | * | | | 2,250 | | | | 79,402 | |
| Emcor Group, Inc. | * | | | 2,004 | | | | 146,092 | |
| Ennis Business Forms, Inc. | | 2,217 | | | | 52,144 | |
| EPIQ Systems, Inc. | *† | | | 2,722 | | | | 43,988 | |
| Equifax, Inc. | | 1 | | | | 44 | |
| eResearch Technology, Inc. | *† | | | 2,056 | | | | 19,553 | |
| Exponent, Inc. | * | | | 1,790 | | | | 40,042 | |
| FIrst Advantage Corporation Class A | * | | | 630 | | | | 14,496 | |
| First Aviation Services, Inc. | * | | | 1,818 | | | | 4,890 | |
| First Consulting Group, Inc. | * | | | 3,067 | | | | 29,136 | |
| Forrester Research, Inc. | * | | | 963 | | | | 27,089 | |
| FTI Consulting, Inc. | *† | | | 2,345 | | | | 89,180 | |
| Furmanite Corporation | | 4,100 | | | | 31,734 | |
| G&K Services, Inc. Class A | | 1,008 | | | | 39,826 | |
| Gevity HR, Inc. | | 1,764 | | | | 34,098 | |
| Greenfield Online, Inc. | * | | | 955 | | | | 15,194 | |
| H&E Equipment Services, Inc. | * | | | 1,490 | | | | 41,333 | |
| Harris Interactive, Inc. | * | | | 6,590 | | | $ | 35,256 | |
| Healthcare Services Group, Inc. | | 1,991 | | | | 58,734 | |
| Heidrick & Struggles International, Inc. | * | | | 866 | | | | 44,374 | |
| Hewitt Associates, Inc. Class A | * | | | 5,902 | | | | 188,864 | |
| Hudson Highland Group, Inc. | * | | | 1,880 | | | | 40,213 | |
| I-many, Inc. | * | | | 952 | | | | 2,618 | |
| Inergy, LP | | 2,474 | | | | 89,559 | |
| Infrasource Services, Inc. | * | | | 1,834 | | | | 68,041 | |
| Internet Capital Group, Inc. | * | | | 1,769 | | | | 21,936 | |
| inVentiv Health, Inc. | * | | | 2,050 | | | | 75,050 | |
| Ipass, Inc. | *† | | | 2,180 | | | | 11,816 | |
| Iron Mountain, Inc. | * | | | 9,540 | | | | 249,280 | |
| Jackson Hewitt Tax Service, Inc. | | 1,730 | | | | 48,630 | |
| Jacobs Engineering Group, Inc. | * | | | 6,698 | | | | 385,202 | |
| KBR, Inc. | | 8,900 | | | | 233,447 | |
| Kelly Services, Inc. Class A | | 1,173 | | | | 32,211 | |
| Kforce.com, Inc. | * | | | 3,398 | | | | 54,300 | |
| Korn Ferry International | * | | | 2,475 | | | | 64,993 | |
| Labor Ready, Inc. | * | | | 3,035 | | | | 70,139 | |
| Landauer, Inc. | | 599 | | | | 29,501 | |
| Lazare Kaplan International | * | | | 1,140 | | | | 9,029 | |
| LECG Corporation | * | | | 2,344 | | | | 35,418 | |
| Lionbridge Technologies, Inc. | * | | | 2,495 | | | | 14,696 | |
| LoJack Corporation | * | | | 1,880 | | | | 41,905 | |
| Magellan Health Services, Inc. | * | | | 2,460 | | | | 114,316 | |
| Management Network Group, Inc. | * | | | 1,600 | | | | 3,648 | |
| Manpower, Inc. | | 4,804 | | | | 443,121 | |
| MasterCard, Inc. Class A | † | | | 3,566 | | | | 591,492 | |
| Maximus, Inc. | | 1,052 | | | | 45,636 | |
| Medical Staffing Network Holdings, Inc. | * | | | 1,686 | | | | 9,189 | |
| Metal Management, Inc. | | 1,620 | | | | 71,393 | |
| Midas, Inc. | * | | | 1,278 | | | | 28,972 | |
| MoneyGram International, Inc. | | 4,671 | | | | 130,554 | |
| Monro Muffler, Inc. | | 1,090 | | | | 40,820 | |
| MPS Group, Inc. | * | | | 5,227 | | | | 69,885 | |
| MTC Technologies, Inc. | * | | | 620 | | | | 15,227 | |
| National Research Corporation | | 1,250 | | | | 31,462 | |
| Navigant Consulting, Inc. | *† | | | 3,254 | | | | 60,394 | |
| Omnicell, Inc. | * | | | 1,584 | | | | 32,916 | |
| On Assignment, Inc. | * | | | 3,093 | | | | 33,157 | |
| Online Resources Corporation | * | | | 2,780 | | | | 30,524 | |
| Opsware, Inc. | *† | | | 5,790 | | | | 55,063 | |
| Overland Storage, Inc. | * | | | 1,282 | | | | 3,333 | |
| PDI, Inc. | * | | | 703 | | | | 7,213 | |
| Pegasystems, Inc. | | 2,142 | | | | 23,412 | |
| Perma-Fix Environmental Services | * | | | 5,502 | | | | 16,891 | |
| Pfsweb, Inc. | * | | | 5,683 | | | | 4,774 | |
| PHH Corporation | * | | | 3,080 | | | | 96,127 | |
| Portfolio Recovery Associates, Inc. | *† | | | 884 | | | | 53,058 | |
| Possis Medical, Inc. | * | | | 1,278 | | | | 13,905 | |
| PRA International | * | | | 1,380 | | | | 34,914 | |
| Pre-Paid Legal Services, Inc. | *† | | | 780 | | | | 50,162 | |
| Presstek, Inc. | *† | | | 2,015 | | | | 16,100 | |
| Quanta Services, Inc. | *† | | | 5,753 | | | | 176,445 | |
| RCM Technologies, Inc. | * | | | 1,593 | | | | 12,409 | |
| Regis Corporation | † | | | 2,708 | | | | 103,581 | |
| Rent-A-Center, Inc. | *† | | | 4,059 | | | | 106,468 | |
| Republic Services, Inc. | | 8,700 | | | | 266,568 | |
| Resources Connection, Inc. | * | | | 2,702 | | | | 89,652 | |
| Rewards Network, Inc. | * | | | 3,328 | | | | 13,545 | |
| Rollins, Inc. | | 2,542 | | | | 57,881 | |
| SAIC, Inc. | * | | | 5,725 | | | | 103,451 | |
Service Corporation
International | | 16,383 | | | | 209,375 | |
| ServiceMaster Company (The) | | 16,377 | | | | 253,188 | |
| Shaw Group, Inc. (The) | * | | | 4,322 | | | | 200,065 | |
|
See accompanying notes to financial statements.
194
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
| Sotheby’s Holdings, Inc. Class A | | 3,833 | | | $ | 176,395 | |
| Spherion Corporation | * | | | 2,689 | | | | 25,250 | |
| Standard Register Company (The) | | 1,650 | | | | 18,810 | |
| StarTek, Inc. | | 1,875 | | | | 20,231 | |
| Steiner Leisure Ltd. (Bahama Islands) | * | | | 990 | | | | 48,629 | |
| Stericycle, Inc. | * | | | 4,938 | | | | 219,543 | |
| Suburban Propane Partners, LP | | 1,820 | | | | 87,123 | |
| SupportSoft, Inc. | * | | | 4,962 | | | | 27,093 | |
| Tejon Ranch Company | *† | | | 763 | | | | 33,725 | |
| TeleTech Holdings, Inc. | *† | | | 2,499 | | | | 81,168 | |
| Tetra Tech, Inc. | * | | | 3,204 | | | | 69,046 | |
| Travelcenters of America LLC | * | | | 964 | | | | 38,994 | |
| TRC Companies, Inc. | * | | | 998 | | | | 14,800 | |
| TRM Corporation | * | | | 780 | | | | 1,139 | |
| United Rentals, Inc. | * | | | 4,004 | | | | 130,290 | |
| Universal Compression Holdings, Inc. | * | | | 1,783 | | | | 129,214 | |
| URS Corporation | * | | | 3,112 | | | | 151,088 | |
| Valassis Communications, Inc. | * | | | 2,737 | | | | 47,049 | |
| Varsity Group, Inc. | * | | | 2,748 | | | | 2,473 | |
| Verenium Corp. | † | | | 1,790 | | | | 9,075 | |
| Vertrue, Inc. | * | | | 749 | | | | 36,536 | |
| Viad Corporation | | 1,307 | | | | 55,116 | |
| VistaPrint Ltd. (Bermuda) | *† | | | 2,380 | | | | 91,035 | |
| Volt Information Sciences, Inc. | *† | | | 1,251 | | | | 23,068 | |
| Washington Group International, Inc. | * | | | 1,720 | | | | 137,617 | |
| Waste Connections, Inc. | * | | | 4,555 | | | | 137,743 | |
| Waste Industries USA, Inc. | | 1,297 | | | | 44,280 | |
| Watson Wyatt Worldwide Inc. | | 2,570 | | | | 129,734 | |
| Weight Watchers International, Inc. | | 2,447 | | | | 124,405 | |
| Westaff, Inc. | * | | | 942 | | | | 4,088 | |
| Wind River Systems, Inc. | * | | | 4,106 | | | | 45,166 | |
| World Fuel Services Corporation | | 1,832 | | | | 77,054 | |
| Wright Express Corporation | * | | | 2,520 | | | | 86,360 | |
| | | 12,955,569 | |
Communications—2.0% | | | |
| Ace*Comm Corporation | * | | | 3,033 | | | | 2,942 | |
| ADC Telecommunications, Inc. | * | | | 6,490 | | | | 118,962 | |
| AltiGen Communications, Inc. | * | | | 4,110 | | | | 6,823 | |
| American Tower Corporation Class A | * | | | 23,495 | | | | 986,790 | |
| Anadigics, Inc. | *† | | | 3,457 | | | | 47,672 | |
| Andrew Corporation | *† | | | 8,267 | | | | 119,375 | |
| Applied Signal Technology, Inc. | | 858 | | | | 13,393 | |
| Arris Group, Inc. | * | | | 5,807 | | | | 102,145 | |
| Avici Systems, Inc. | * | | | 3,392 | | | | 25,440 | |
| Blonder Tongue Laboratories | * | | | 2,285 | | | | 3,679 | |
| CalAmp Corporation | * | | | 1,650 | | | | 6,814 | |
| Carrier Access Corporation | * | | | 5,178 | | | | 24,285 | |
| C-COR.net Corporation | *† | | | 4,848 | | | | 68,163 | |
| Centillium Communications, Inc. | * | | | 1,589 | | | | 3,321 | |
| Checkpoint Systems, Inc. | * | | | 2,042 | | | | 51,560 | |
| Comtech Telecommunications | *† | | | 1,350 | | | | 62,667 | |
| Crown Castle International Corporation | * | | | 13,095 | | | | 474,956 | |
| CT Communications, Inc. | | 1,105 | | | | 33,714 | |
| Cubic Corporation | | 1,262 | | | | 38,087 | |
| Ditech Networks, Inc. | * | | | 3,980 | | | | 32,596 | |
| EndWave Corporation | * | | | 912 | | | | 10,424 | |
| Entertainment Distribution Company, Inc. | | 5,333 | | | | 10,613 | |
| Foundry Networks, Inc. | * | | | 6,611 | | | | 110,139 | |
| Harmonic, Inc. | * | | | 5,690 | | | | 50,470 | |
| Harris Corporation | | 7,450 | | | $ | 406,397 | |
| Hungarian Telephone & Cable Corporation | * | | | 712 | | | | 14,247 | |
| ID Systems, Inc. | *† | | | 1,146 | | | | 14,749 | |
| Integrated Telecom Express, Inc. | ‡d | | | 1,103 | | | | — | |
| InterDigital Communications Corporation | *† | | | 3,103 | | | | 99,824 | |
| Inter-Tel, Inc. | | 1,334 | | | | 31,923 | |
| InterVoice, Inc. | * | | | 4,035 | | | | 33,612 | |
| Intraware, Inc. | * | | | 783 | | | | 3,727 | |
| Loral Space & Communications Ltd. (Bermuda) | * | | | 660 | | | | 32,525 | |
| Mindspeed Technologies, Inc. | * | | | 4,010 | | | | 8,862 | |
| NMS Communications Corporation | * | | | 3,530 | | | | 6,072 | |
| On2 Technologies, Inc. | *† | | | 4,620 | | | | 13,860 | |
| Openwave Systems, Inc. | * | | | 4,311 | | | | 26,987 | |
| Plantronics, Inc. | | 2,366 | | | | 62,037 | |
| Polycom, Inc. | * | | | 4,658 | | | | 156,509 | |
| Powerwave Technologies, Inc. | *† | | | 5,514 | | | | 36,944 | |
| Premiere Global Services, Inc. | * | | | 3,644 | | | | 47,445 | |
| Radyne Corporation | * | | | 1,100 | | | | 11,737 | |
| SBA Communications Corporation | * | | | 4,940 | | | | 165,935 | |
| SeaChange International, Inc. | * | | | 3,359 | | | | 26,066 | |
| Sirius Satellite Radio, Inc. | *† | | | 68,489 | | | | 206,837 | |
| Sonus Networks, Inc. | * | | | 12,770 | | | | 108,800 | |
| Standard Microsystems Corporation | * | | | 1,446 | | | | 49,656 | |
| Symmetricom, Inc. | * | | | 2,040 | | | | 17,136 | |
| Syntax-Brillian Corporation | *† | | | 4,531 | | | | 22,293 | |
| Tekelec | * | | | 3,640 | | | | 52,489 | |
| TeleCorp PCS, Inc. | ‡d | | | 5,508 | | | | — | |
| Terremark Worldwide, Inc. | * | | | 3,200 | | | | 20,640 | |
| Tollgrade Communications, Inc. | * | | | 601 | | | | 6,341 | |
| Universal Security Instruments, Inc. | * | | | 266 | | | | 8,344 | |
| Utstarcom, Inc. | *† | | | 4,666 | | | | 26,176 | |
| Verso Technologies, Inc. | * | | | 1,619 | | | | 1,343 | |
| Viasat, Inc. | * | | | 1,800 | | | | 57,780 | |
| Westell Technologies, Inc. Class A | * | | | 3,671 | | | | 9,581 | |
| XM Satellite Radio Holdings, Inc. Class A | * | | | 16,871 | | | | 198,572 | |
| Zhone Technologies, Inc. | * | | | 3,916 | | | | 5,619 | |
| Zix Corporation | *† | | | 1,016 | | | | 1,880 | |
| Zoom Telephonics, Inc. | * | | | 2,712 | | | | 3,417 | |
| | | 4,401,392 | |
Computer Software & Processing—4.8% | | | |
| 3D Systems Corporation | *† | | | 1,159 | | | | 28,824 | |
| Acacia Research—Acacia Technologies | * | | | 1,430 | | | | 23,109 | |
| ActivIdentity Corporation | * | | | 5,830 | | | | 26,818 | |
| Activision, Inc. | * | | | 14,911 | | | | 278,388 | |
| Actuate Corporation | * | | | 6,674 | | | | 45,316 | |
| Acxiom Corporation | | 3,561 | | | | 94,188 | |
| Advent Software, Inc. | *† | | | 951 | | | | 30,955 | |
| Agile Software Corporation | * | | | 2,087 | | | | 16,821 | |
| Alliance Data Systems Corporation | * | | | 3,636 | | | | 280,990 | |
| American Software, Inc. Class A | | 1,950 | | | | 20,085 | |
| AMICAS, Inc. | * | | | 2,496 | | | | 8,836 | |
| answerthink, Inc. | * | | | 2,851 | | | | 10,321 | |
| Ansys, Inc. | * | | | 4,156 | | | | 110,134 | |
| Applied Digital Solutions, Inc. | * | | | 4,675 | | | | 6,405 | |
| Applix, Inc. | * | | | 4,341 | | | | 71,409 | |
| Arbitron, Inc. | | 1,628 | | | | 83,891 | |
| Ariba, Inc. | * | | | 4,717 | | | | 46,745 | |
|
See accompanying notes to financial statements.
195
SCHEDULE OF INVESTMENTS—(Continued)
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| Art Technology Group, Inc. | * | | | 8,335 | | | $ | 22,171 | |
| Aspen Technology, Inc. | * | | | 2,980 | | | | 41,720 | |
| Audible, Inc. | * | | | 3,113 | | | | 31,379 | |
| Authorize.Net Holdings, Inc. | | 2,538 | | | | 45,405 | |
| Autobytel, Inc. | * | | | 4,755 | | | | 20,209 | |
| Avocent Corporation | * | | | 2,877 | | | | 83,462 | |
| BEA Systems, Inc. | * | | | 20,912 | | | | 286,285 | |
| Bankrate, Inc. | *† | | | 1,084 | | | | 51,945 | |
| Blackbaud, Inc. | | 2,265 | | | | 50,011 | |
| Blackboard, Inc. | *† | | | 1,613 | | | | 67,940 | |
| Blue Coat Systems, Inc. | *† | | | 1,067 | | | | 52,838 | |
| Borland Software Corporation | *† | | | 6,776 | | | | 40,249 | |
| Bottomline Technologies, Inc. | * | | | 1,490 | | | | 18,401 | |
| Brady Corporation Class A | | 2,824 | | | | 104,883 | |
| CMGI, Inc. | * | | | 15,258 | | | | 29,753 | |
| CNET Networks, Inc. | *† | | | 8,481 | | | | 69,459 | |
| CSG Systems International, Inc. | * | | | 2,623 | | | | 69,536 | |
| CACI International, Inc. Class A | * | | | 1,719 | | | | 83,973 | |
| Cadence Design Systems, Inc. | * | | | 15,676 | | | | 344,245 | |
| Callidus Software, Inc. | * | | | 2,703 | | | | 21,894 | |
| Captaris, Inc. | * | | | 3,554 | | | | 18,196 | |
| Ceridian Corporation | * | | | 8,117 | | | | 284,095 | |
| Cerner Corporation | *† | | | 3,437 | | | | 190,650 | |
| Checkfree Corporation | *† | | | 4,227 | | | | 169,925 | |
| Choicepoint, Inc. | * | | | 4,713 | | | | 200,067 | |
| Chordiant Software, Inc. | * | | | 1,859 | | | | 29,112 | |
| Ciber, Inc. | * | | | 2,445 | | | | 20,000 | |
| Clinical Data, Inc. | *† | | | 1,332 | | | | 28,185 | |
| Cogent Communications Group, Inc. | *† | | | 2,649 | | | | 79,126 | |
| Cogent, Inc. | *† | | | 1,940 | | | | 28,499 | |
| Cognex Corporation | | 2,024 | | | | 45,560 | |
| Concur Technologies, Inc. | *† | | | 2,083 | | | | 47,597 | |
| CoStar Group, Inc. | *† | | | 1,140 | | | | 60,283 | |
| Covansys Corporation | * | | | 1,478 | | | | 50,149 | |
| Cybersource Corporation | * | | | 2,791 | | | | 33,659 | |
| DST Systems, Inc. | *† | | | 2,948 | | | | 233,511 | |
| Deluxe Corporation | † | | | 3,350 | | | | 136,043 | |
| Digital River, Inc. | * | | | 2,337 | | | | 105,749 | |
| Earthlink, Inc. | * | | | 5,814 | | | | 43,431 | |
| ebix.com, Inc. | * | | | 1,755 | | | | 70,551 | |
| Echelon Corporation | *† | | | 1,770 | | | | 27,665 | |
| Eclipsys Corporation | * | | | 2,677 | | | | 53,005 | |
| eCollege.com, Inc. | * | | | 1,815 | | | | 40,384 | |
| Electro Rent Corporation | * | | | 951 | | | | 13,828 | |
| Electronics for Imaging | * | | | 2,859 | | | | 80,681 | |
| Entrust Technologies, Inc. | * | | | 7,470 | | | | 30,328 | |
| Epicor Software Corporation | * | | | 3,383 | | | | 50,305 | |
| ePresence, Inc. | ‡d | | | 1,173 | | | | — | |
| eSpeed, Inc. Class A | * | | | 3,650 | | | | 31,536 | |
| Evolving Systems, Inc. | * | | | 1,054 | | | | 2,382 | |
| F5 Networks, Inc. | * | | | 2,302 | | | | 185,541 | |
| Factset Research Systems, Inc. | | 2,521 | | | | 172,310 | |
| Fair Isaac Corporation | | 3,219 | | | | 129,146 | |
| FalconStor Software, Inc. | * | | | 1,374 | | | | 14,496 | |
| Gartner Group, Inc. Class A | * | | | 4,089 | | | | 100,549 | |
| Gerber Scientific, Inc. | * | | | 3,478 | | | | 40,414 | |
| HLTH Corporation | | 9,020 | | | | 126,370 | |
| Hypercom Corporation | * | | | 4,002 | | | | 23,652 | |
| iGate Capital Corporation | * | | | 2,997 | | | | 24,036 | |
| IHS, Inc. Class A | * | | | 2,000 | | | | 92,000 | |
| Imergent, Inc. | † | | | 1,043 | | | | 25,512 | |
| Infocrossing, Inc. | * | | | 2,480 | | | | 45,806 | |
| Informatica Corporation | * | | | 4,842 | | | | 71,516 | |
| Inforte Corporation | * | | | 1,897 | | | | 7,910 | |
| Infospace, Inc. | * | | | 1,323 | | | | 30,707 | |
| InfoUSA, Inc. | | 2,708 | | | $ | 27,676 | |
| Innovative Solutions & Support, Inc. | * | | | 1,200 | | | | 27,864 | |
| Integral Systems, Inc. | | 1,471 | | | | 35,760 | |
| Interactive Data Corporation | | 2,351 | | | | 62,960 | |
| Interactive Intelligence, Inc. | * | | | 950 | | | | 19,570 | |
| Internap Network Services Corporation | *† | | | 2,407 | | | | 34,709 | |
| Intersections, Inc. | * | | | 1,900 | | | | 19,000 | |
| Interwoven, Inc. | * | | | 1,909 | | | | 26,802 | |
| JDA Software Group, Inc. | * | | | 1,257 | | | | 24,675 | |
| Jack Henry & Associates, Inc. | | 4,391 | | | | 113,068 | |
| Keynote Systems, Inc. | * | | | 1,400 | | | | 22,960 | |
| Knot, Inc. (The) | *† | | | 1,493 | | | | 30,144 | |
| Lawson Software, Inc. | *† | | | 8,950 | | | | 88,515 | |
| LivePerson, Inc. | * | | | 3,334 | | | | 17,837 | |
| Looksmart | * | | | 4,010 | | | | 15,639 | |
| Magma Design Automation, Inc. | * | | | 3,929 | | | | 55,163 | |
| Manhattan Associates, Inc. | * | | | 1,346 | | | | 37,567 | |
| Mantech International Corporation Class A | * | | | 1,168 | | | | 36,009 | |
| McAfee, Inc. | * | | | 8,336 | | | | 293,427 | |
| Mediware Information Systems | * | | | 1,089 | | | | 7,841 | |
| Mentor Graphics Corporation | * | | | 4,245 | | | | 55,907 | |
| MicroStrategy, Inc. Class A | * | | | 544 | | | | 51,403 | |
| MIVA, Inc. | * | | | 6,581 | | | | 42,776 | |
| Move, Inc. | * | | | 7,363 | | | | 32,986 | |
| Napster, Inc. | * | | | 6,796 | | | | 23,106 | |
| National Instruments Corporation | | 2,955 | | | | 96,244 | |
| Navisite, Inc. | * | | | 3,725 | | | | 28,310 | |
| NAVTEQ Corporation | *† | | | 4,860 | | | | 205,772 | |
| Neoware, Inc. | * | | | 2,220 | | | | 30,059 | |
| NetFlix, Inc. | *† | | | 3,659 | | | | 70,948 | |
| Netscout Systems, Inc. | * | | | 1,250 | | | | 10,837 | |
| NIC, Inc. | | 2,450 | | | | 16,758 | |
| NVE Corporation | *† | | | 771 | | | | 27,139 | |
| Packeteer, Inc. | * | | | 1,900 | | | | 14,839 | |
| Parametric Technology Corporation | * | | | 5,713 | | | | 123,458 | |
| PDF Solutions, Inc. | * | | | 974 | | | | 11,522 | |
| Perficient, Inc. | * | | | 2,090 | | | | 43,263 | |
| Perot Systems Corporation Class A | * | | | 4,359 | | | | 74,277 | |
| Phoenix Technologies Ltd. | * | | | 4,238 | | | | 35,726 | |
| Plato Learning, Inc. | * | | | 1,826 | | | | 8,400 | |
| Progress Software Corporation | * | | | 2,503 | | | | 79,570 | |
| QAD, Inc. | | 1,363 | | | | 11,313 | |
| Quality Systems, Inc. | † | | | 1,208 | | | | 45,868 | |
| Quest Software, Inc. | *† | | | 2,548 | | | | 41,252 | |
| Radiant Systems, Inc. | * | | | 2,709 | | | | 35,867 | |
| Radisys Corporation | * | | | 961 | | | | 11,916 | |
| RealNetworks, Inc. | * | | | 5,844 | | | | 47,745 | |
| Red Hat, Inc. | *† | | | 10,392 | | | | 231,534 | |
| Renaissance Learning, Inc. | † | | | 1,354 | | | | 17,805 | |
| S1 Corporation | * | | | 2,637 | | | | 21,070 | |
| Saba Software, Inc. | * | | | 1,576 | | | | 8,085 | |
| Salesforce.com, Inc. | *† | | | 5,220 | | | | 223,729 | |
| Sapient Corporation | * | | | 4,601 | | | | 35,566 | |
| Scientific Learning Corporation | * | | | 3,146 | | | | 21,235 | |
| Secure Computing Corporation | *† | | | 3,114 | | | | 23,635 | |
| Sonic Foundry, Inc. | * | | | 6,100 | | | | 13,481 | |
| SonicWall, Inc. | * | | | 4,632 | | | | 39,789 | |
| Source Interlink Companies, Inc. | * | | | 1,650 | | | | 8,217 | |
| SPSS, Inc. | * | | | 1,231 | | | | 54,336 | |
| SRA International, Inc. Class A | * | | | 2,136 | | | | 53,955 | |
| Stratasys, Inc. | *† | | | 981 | | | | 46,087 | |
| SumTotal Systems, Inc. | * | | | 1,899 | | | | 14,907 | |
| Sybase, Inc. | * | | | 5,446 | | | | 130,105 | |
|
See accompanying notes to financial statements.
196
SCHEDULE OF INVESTMENTS—(Continued)
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| Sykes Enterprises, Inc. | * | | | 1,424 | | | $ | 27,042 | |
| SYNNEX Corporation | * | | | 1,034 | | | | 21,311 | |
| Synopsys, Inc. | * | | | 7,942 | | | | 209,907 | |
| Synplicity, Inc. | * | | | 1,050 | | | | 7,350 | |
| Syntel, Inc. | | 1,414 | | | | 42,971 | |
| Take-Two Interactive Software, Inc. | *† | | | 4,344 | | | | 86,750 | |
| THQ, Inc. | *† | | | 3,559 | | | | 108,621 | |
| 3Com Corporation | * | | | 21,442 | | | | 88,555 | |
| TIBCO Software, Inc. | * | | | 10,477 | | | | 94,817 | |
| Total System Services, Inc. | | 2,202 | | | | 64,981 | |
| Tradestation Group, Inc. | * | | | 3,191 | | | | 37,175 | |
| Transaction Systems Architects, Inc. Class A | * | | | 1,859 | | | | 62,574 | |
| Trizetto Group, Inc. | *† | | | 2,710 | | | | 52,466 | |
| Tumbleweed Communications Corporation | * | | | 2,952 | | | | 7,528 | |
| Ultimate Software Group, Inc. | * | | | 2,043 | | | | 59,104 | |
| United Online, Inc. | | 4,189 | | | | 69,077 | |
| Vasco Data Security International, Inc. | * | | | 1,245 | | | | 28,336 | |
| Verint Systems, Inc. | * | | | 652 | | | | 20,408 | |
| Versant Corporation | * | | | 330 | | | | 7,960 | |
| Vignette Corporation | * | | | 2,329 | | | | 44,624 | |
| Wave Systems Corporation Class A | *† | | | 1,004 | | | | 2,088 | |
| WebMD Health Corporation Class A | * | | | 510 | | | | 24,006 | |
| Websense, Inc. | * | | | 2,638 | | | | 56,057 | |
| XETA Technologies, Inc. | * | | | 1,947 | | | | 6,211 | |
| | | 10,461,362 | |
Computers & Information—1.7% | | | |
| Access Plans USA, Inc. | * | | | 3,538 | | | | 6,368 | |
| Authentidate Holding Corporation | * | | | 1,023 | | | | 1,565 | |
| Black Box Corporation | | 866 | | | | 35,835 | |
| Brocade Communications Systems, Inc. | | 21,693 | | | | 169,639 | |
| CDW Corporation | | 3,533 | | | | 300,199 | |
| Ciprico, Inc. | * | | | 1,658 | | | | 13,446 | |
| Cirrus Logic, Inc. | * | | | 5,397 | | | | 44,795 | |
| Concurrent Computer Corporation | * | | | 7,592 | | | | 13,590 | |
| Cray, Inc. | * | | | 2,314 | | | | 17,656 | |
| Dataram Corporation | | 1,175 | | | | 4,900 | |
| Datawatch Corporation | * | | | 3,500 | | | | 19,075 | |
| Diebold, Inc. | | 3,530 | | | | 184,266 | |
| Digi International, Inc. | * | | | 2,517 | | | | 37,101 | |
| Dot Hill Systems Corporation | * | | | 3,866 | | | | 13,918 | |
| Emulex Corporation | * | | | 4,279 | | | | 93,453 | |
| Extreme Networks, Inc. | * | | | 4,492 | | | | 18,193 | |
| Focus Enhancements, Inc. | * | | | 5,319 | | | | 5,479 | |
| Global Payment Technologies, Inc. | * | | | 1,270 | | | | 813 | |
| Ikon Office Solutions, Inc. | | 5,770 | | | | 90,070 | |
| InFocus Corporation | * | | | 1,636 | | | | 3,648 | |
| Ingram Micro, Inc. Class A | * | | | 7,761 | | | | 168,491 | |
| Insight Enterprises, Inc. | * | | | 2,944 | | | | 66,446 | |
| Iomega Corporation | * | | | 7,475 | | | | 34,759 | |
| Iteris, Inc. | * | | | 4,264 | | | | 10,106 | |
| Komag, Inc. | * | | | 1,680 | | | | 53,575 | |
| Merge Technologies, Inc. | * | | | 4,320 | | | | 28,210 | |
| Micros Systems, Inc. | * | | | 2,146 | | | | 116,742 | |
| Navarre Corporation | *† | | | 6,720 | | | | 26,208 | |
| Netgear, Inc. | * | | | 2,027 | | | | 73,479 | |
| Network Engines, Inc. | * | | | 1,330 | | | | 2,447 | |
| Nuance Communications, Inc. | *† | | | 7,693 | | | $ | 128,704 | |
| Palm, Inc. | *† | | | 5,814 | | | | 93,082 | |
| Performance Technologies, Inc. | * | | | 794 | | �� | | 3,589 | |
| Planar Systems, Inc. | * | | | 1,786 | | | | 13,377 | |
| ProQuest Company | * | | | 1,673 | | | | 15,960 | |
| Quantum Corporation | * | | | 10,382 | | | | 32,911 | |
| Rackable Systems, Inc. | * | | | 1,470 | | | | 18,169 | |
| Safeguard Scientifics, Inc. | * | | | 10,874 | | | | 30,556 | |
| ScanSource, Inc. | * | | | 1,126 | | | | 36,021 | |
| Scientific Games Corporation Class A | *† | | | 4,168 | | | | 145,672 | |
| SCM Microsystems, Inc. | * | | | 1,494 | | | | 4,482 | |
Seagate Technology
(Cayman Islands) | | 31,292 | | | | 681,227 | |
| Sigma Designs, Inc. | * | | | 1,590 | | | | 41,483 | |
| SourceForge, Inc. | | 6,619 | | | | 27,932 | |
| STEC, Inc. | *† | | | 578 | | | | 3,717 | |
| Tech Data Corporation | * | | | 2,708 | | | | 104,150 | |
| TransAct Technologies, Inc. | * | | | 889 | | | | 5,325 | |
| VeriFone Holdings, Inc. | *† | | | 3,620 | | | | 127,605 | |
| Wayside Technology Group, Inc. | | 1,787 | | | | 28,735 | |
| Web.com, Inc. | * | | | 706 | | | | 4,455 | |
| Western Digital Corporation | * | | | 12,675 | | | | 245,261 | |
| Zebra Technologies Corporation Class A | * | | | 4,169 | | | | 161,507 | |
| | | 3,608,392 | |
Containers & Packaging—0.4% | | | |
| Crown Holdings, Inc. | * | | | 9,065 | | | | 226,353 | |
| Greif, Inc. Class A | | 1,652 | | | | 98,476 | |
| Libbey, Inc. | | 2,250 | | | | 48,532 | |
| Owens-IIlinois, Inc. | * | | | 7,935 | | | | 277,725 | |
| Silgan Holdings, Inc. | | 1,454 | | | | 80,377 | |
| Sonoco Products Company | | 5,544 | | | | 237,339 | |
| | | 968,802 | |
Cosmetics & Personal Care—0.1% | | | |
| Alberto-Culver Company | | 5,070 | | | | 120,260 | |
| Chattem, Inc. | *† | | | 873 | | | | 55,331 | |
| Elizabeth Arden, Inc. | * | | | 1,677 | | | | 40,684 | |
| Quaker Chemical Corporation | | 1,303 | | | | 30,751 | |
| Stepan Company | | 1,197 | | | | 36,245 | |
| | | 283,271 | |
Education—0.5% | | | |
| Ambassadors Group, Inc. | | 1,380 | | | | 49,031 | |
| Ambassadors International, Inc. | † | | | 524 | | | | 17,428 | |
| Career Education Corporation | * | | | 5,308 | | | | 179,251 | |
| Corinthian Colleges, Inc. | * | | | 4,426 | | | | 72,100 | |
| DeVry, Inc. | | 3,690 | | | | 125,534 | |
| INVESTools, Inc. | * | | | 2,950 | | | | 29,382 | |
| ITT Educational Services, Inc. | * | | | 2,330 | | | | 273,495 | |
| Laureate Education, Inc. | * | | | 2,606 | | | | 160,686 | |
| Learning Tree International, Inc. | * | | | 766 | | | | 10,035 | |
| Princeton Review, Inc. | * | | | 2,409 | | | | 11,515 | |
| Strayer Education, Inc. | † | | | 851 | | | | 112,085 | |
| Universal Technical Institute, Inc. | * | | | 1,609 | | | | 40,853 | |
| | | 1,081,395 | |
Electric Utilities—2.6% | | | |
| Allete, Inc. | † | | | 1,430 | | | | 67,281 | |
| Alliant Energy Corporation | | 6,231 | | | | 242,074 | |
| Aquila, Inc. | * | | | 18,185 | | | | 74,377 | |
| Avista Corporation | | 2,579 | | | | 55,577 | |
| Black Hills Corporation | | 2,074 | | | | 82,441 | |
| Central Vermont Public Service Corporation | † | | | 541 | | | | 20,385 | |
|
See accompanying notes to financial statements.
197
SCHEDULE OF INVESTMENTS—(Continued)
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| CH Energy Group, Inc. | | 1,074 | | | $ | 48,298 | |
| Cleco Corporation | | 3,570 | | | | 87,465 | |
| DPL, Inc. | † | | | 6,317 | | | | 179,024 | |
| EL Paso Electric Company | * | | | 2,458 | | | | 60,368 | |
| Empire District Electric Company (The) | † | | | 2,088 | | | | 46,709 | |
| Energy East Corporation | | 7,469 | | | | 194,866 | |
| Great Plains Energy, Inc. | | 3,878 | | | | 112,927 | |
| Hawaiian Electric Industries, Inc. | | 4,586 | | | | 108,642 | |
| Idacorp, Inc. | | 1,965 | | | | 62,959 | |
| ITC Holdings Corp. | | 2,260 | | | | 91,824 | |
| MGE Energy, Inc. | | 1,510 | | | | 49,332 | |
| Mirant Corporation | * | | | 14,458 | | | | 616,634 | |
| Northeast Utilities | | 8,291 | | | | 235,133 | |
| NorthWestern Corporation | | 1,830 | | | | 58,212 | |
| NRG Energy, Inc. | * | | | 13,684 | | | | 568,844 | |
| NSTAR | | 5,916 | | | | 191,974 | |
| OGE Energy Corporation | | 5,385 | | | | 197,360 | |
| Otter Tail Corporation | | 1,726 | | | | 55,353 | |
| Pepco Holdings, Inc. | | 10,117 | | | | 285,299 | |
| Plug Power, Inc. | *† | | | 8,935 | | | | 28,056 | |
| PNM Resources, Inc. | | 3,749 | | | | 104,185 | |
| Portland General Electric Company | | 1,400 | | | | 38,416 | |
| Puget Energy, Inc. | | 6,389 | | | | 154,486 | |
| Reliant Energy, Inc. | * | | | 19,054 | | | | 513,505 | |
| SCANA Corporation | | 5,592 | | | | 214,118 | |
| Sierra Pacific Resources | * | | | 12,705 | | | | 223,100 | |
| UIL Holdings Corporation | | 1,516 | | | | 50,180 | |
| Unisource Energy Corporation | | 2,031 | | | | 66,800 | |
| Unitil Corporation | | 1,000 | | | | 27,200 | |
| Westar Energy, Inc. | | 4,853 | | | | 117,831 | |
| Wisconsin Energy Corporation | | 6,675 | | | | 295,235 | |
| | | 5,626,470 | |
Electrical Equipment—1.2% | | | |
| Active Power, Inc. | * | | | 3,953 | | | | 7,036 | |
| Acuity Brands, Inc. | | 2,413 | | | | 145,456 | |
| Aeroflex, Inc. | * | | | 4,661 | | | | 66,046 | |
| Ametek, Inc. | | 5,999 | | | | 238,040 | |
| AZZ, Inc. | * | | | 2,064 | | | | 69,454 | |
| Baldor Electric Company | | 1,888 | | | | 93,041 | |
| C&D Technologies, Inc. | † | | | 5,424 | | | | 30,374 | |
| Capstone Turbine Corporation | *† | | | 7,050 | | | | 7,614 | |
| Distributed Energy Systems Corporation | * | | | 3,757 | | | | 4,884 | |
| Electro Scientific Industries, Inc. | * | | | 1,422 | | | | 29,578 | |
| Energizer Holdings, Inc. | * | | | 3,134 | | | | 312,146 | |
| Energy Conversion Devices, Inc. | *† | | | 2,392 | | | | 73,721 | |
| Evans & Sutherland Computer Corporation | * | | | 1,883 | | | | 4,274 | |
| Franklin Electric Company, Inc. | † | | | 902 | | | | 42,556 | |
| FuelCell Energy, Inc. | *† | | | 1,939 | | | | 15,357 | |
| Genlyte Group, Inc. | * | | | 1,682 | | | | 132,104 | |
| GrafTech International Ltd. | * | | | 7,538 | | | | 126,940 | |
| Greatbatch, Inc. | * | | | 942 | | | | 30,521 | |
| Hexcel Corporation | *† | | | 5,390 | | | | 113,567 | |
| Lamson & Sessions Company (The) | * | | | 970 | | | | 25,773 | |
| Lincoln Electric Holdings, Inc. | | 2,217 | | | | 164,590 | |
| Littelfuse, Inc. | * | | | 1,479 | | | | 49,946 | |
| LSI Industries, Inc. | | 1,084 | | | | 19,404 | |
| Medis Technologies Ltd. | *† | | | 1,815 | | | | 26,662 | |
| Moog, Inc. Class A | * | | | 2,477 | | | | 109,260 | |
| Powell Industries, Inc. | * | | | 1,046 | | | | 33,221 | |
| Quantum Fuel Systems Technologies Worldwide, Inc. | *† | | | 2,810 | | | | 4,384 | |
| Regal-Beloit Corporation | | 1,703 | | | $ | 79,258 | |
| Servotronics, Inc. | * | | | 705 | | | | 7,575 | |
| Spectrum Brands, Inc. | * | | | 1,891 | | | | 12,802 | |
| Tech/Ops Sevcon, Inc. | | 720 | | | | 6,840 | |
| Teleflex, Inc. | | 1,922 | | | | 157,181 | |
| Thomas & Betts Corporation | * | | | 3,480 | | | | 201,840 | |
| Trans-Lux Corporation | | 867 | | | | 5,384 | |
| Ultralife Batteries, Inc. | * | | | 767 | | | | 8,069 | |
| Universal Display Corporation | *† | | | 1,350 | | | | 21,208 | |
| Universal Electronics, Inc. | * | | | 1,589 | | | | 57,712 | |
| Valence Technology, Inc. | *† | | | 4,773 | | | | 5,298 | |
| Vicor Corporation | | 3,481 | | | | 46,054 | |
| Zoltek Companies, Inc. | † | | | 1,488 | | | | 61,797 | |
| | | 2,646,967 | |
Electronics—4.0% | | | |
| 8X8, Inc. | *† | | | 3,049 | | | | 4,238 | |
| AVX Corporation | † | | | 2,510 | | | | 42,017 | |
| Actel Corporation | * | | | 1,140 | | | | 15,857 | |
| Adaptec, Inc. | * | | | 7,841 | | | | 29,874 | |
| Advanced Energy Industries, Inc. | * | | | 2,649 | | | | 60,026 | |
| Agilysys, Inc. | | 2,266 | | | | 50,985 | |
| Alliance Fiber Optic Products, Inc. | * | | | 4,818 | | | | 10,021 | |
| American Superconductor Corporation | *† | | | 2,707 | | | | 52,272 | |
| AMIS Holdings, Inc. | * | | | 3,250 | | | | 40,690 | |
| Amkor Technology, Inc. | * | | | 7,212 | | | | 113,589 | |
| Amphenol Corporation Class A | | 9,156 | | | | 326,411 | |
| Anaren, Inc. | * | | | 2,003 | | | | 35,273 | |
| Applied Micro Circuits Corporation | * | | | 16,100 | | | | 40,250 | |
| Arrow Electronics, Inc. | * | | | 6,795 | | | | 261,132 | |
| Atheros Communications, Inc. | * | | | 2,811 | | | | 86,691 | |
| Atmel Corporation | * | | | 23,229 | | | | 129,153 | |
| ATMI, Inc. | * | | | 2,219 | | | | 66,570 | |
| Avanex Corporation | * | | | 14,381 | | | | 25,886 | |
| Avnet, Inc. | * | | | 7,989 | | | | 316,684 | |
| AXT, Inc. | * | | | 946 | | | | 4,096 | |
| Barnes Group, Inc. | | 2,480 | | | | 78,566 | |
| Bel Fuse, Inc. Class A | | 546 | | | | 20,191 | |
| Belden Inc. | | 2,329 | | | | 128,910 | |
| Benchmark Electronics, Inc. | *† | | | 4,046 | | | | 91,521 | |
| California Micro Devices Corporation | * | | | 2,476 | | | | 10,028 | |
| Caliper Life Sciences, Inc. | * | | | 3,187 | | | | 14,947 | |
| Catalyst Semiconductor, Inc. | * | | | 2,416 | | | | 11,500 | |
| Catapult Communications Corporation | * | | | 750 | | | | 7,440 | |
| Ceradyne, Inc. | *† | | | 1,374 | | | | 101,621 | |
| Ceva, Inc. | * | | | 692 | | | | 5,882 | |
| Concord Camera Corporation | * | | | 572 | | | | 2,603 | |
| Conexant Systems, Inc. | * | | | 25,531 | | | | 35,233 | |
| Cree, Inc. | *† | | | 4,087 | | | | 105,649 | |
| CTS Corporation | | 1,580 | | | | 20,003 | |
| Cymer, Inc. | * | | | 1,929 | | | | 77,546 | |
| Cypress Semiconductor Corporation | *† | | | 8,257 | | | | 192,306 | |
| DRS Technologies, Inc. | | 2,209 | | | | 126,509 | |
| Dolby Laboratories, Inc. Class A | * | | | 2,110 | | | | 74,715 | |
| DSP Group, Inc. | * | | | 1,884 | | | | 38,565 | |
| EDO Corporation | † | | | 1,198 | | | | 39,378 | |
| Emcore Corporation | *† | | | 2,929 | | | | 15,963 | |
| EMS Technologies, Inc. | * | | | 960 | | | | 21,178 | |
| ESCO Technologies, Inc. | *† | | | 1,724 | | | | 62,512 | |
| ESS Technology | * | | | 1,759 | | | | 2,920 | |
| Esterline Technologies Corporation | * | | | 1,449 | | | | 70,001 | |
|
See accompanying notes to financial statements.
198
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| Evergreen Solar, Inc. | *† | | | 4,720 | | | $ | 43,896 | |
| Exar Corporation | * | | | 1,759 | | | | 23,571 | |
| Fairchild Semiconductor International, Inc. | * | | | 6,664 | | | | 128,748 | |
| Finisar Corporation | * | | | 14,726 | | | | 55,664 | |
| FSI International, Inc. | * | | | 4,280 | | | | 13,653 | |
| Garmin Ltd. (Cayman Islands) | † | | | 6,553 | | | | 484,725 | |
| Genesis Microchip, Inc. | * | | | 3,330 | | | | 31,169 | |
| HEI, Inc. | * | | | 1,050 | | | | 1,165 | |
| Herley Industries, Inc. | * | | | 1,550 | | | | 25,373 | |
| HI/FN, Inc. | * | | | 1,882 | | | | 11,104 | |
| Hutchinson Technology, Inc. | * | | | 1,150 | | | | 21,631 | |
| Imation Corporation | | 2,265 | | | | 83,488 | |
| Innovex, Inc. | * | | | 1,922 | | | | 3,075 | |
| Integrated Device Technology, Inc. | * | | | 10,714 | | | | 163,603 | |
| Integrated Silicon Solutions, Inc. | * | | | 2,930 | | | | 18,459 | |
| International Rectifier Corporation | * | | | 3,821 | | | | 142,370 | |
| Intersil Corporation Class A | | 7,724 | | | | 242,997 | |
| IXYS Corporation | * | | | 3,270 | | | | 27,304 | |
| Kemet Corporation | * | | | 5,278 | | | | 37,210 | |
| KVH Industries, Inc. | * | | | 1,286 | | | | 11,278 | |
| LaBarge, Inc. | * | | | 950 | | | | 11,675 | |
| Lattice Semiconductor Corporation | * | | | 7,425 | | | | 42,471 | |
| Lightpath Technologies, Inc. Class A | *† | | | 1,527 | | | | 7,452 | |
| MIPS Technologies, Inc. Class A | * | | | 5,359 | | | | 47,106 | |
| MRV Communications, Inc. | * | | | 9,278 | | | | 30,153 | |
| Magnetek, Inc. | * | | | 4,586 | | | | 23,618 | |
| Marvell Technology Group Ltd. (Bermuda) | * | | | 23,510 | | | | 428,117 | |
| Mattson Technology, Inc. | * | | | 4,081 | | | | 39,586 | |
| Maxwell Technologies, Inc. | *† | | | 1,371 | | | | 19,496 | |
| Mercury Computer Systems, Inc. | * | | | 2,443 | | | | 29,805 | |
| Merix Corporation | * | | | 2,175 | | | | 17,161 | |
| Methode Electronics, Inc. | | 2,784 | | | | 43,570 | |
| Micrel, Inc. | * | | | 3,731 | | | | 47,458 | |
| Microchip Technology, Inc. | | 11,390 | | | | 421,886 | |
| Microsemi Corporation | *† | | | 4,144 | | | | 99,249 | |
| Mobility Electronics, Inc. | *† | | | 2,804 | | | | 10,571 | |
| Moscow CableCom Corporation | * | | | 1,900 | | | | 24,396 | |
| MoSys, Inc. | * | | | 3,592 | | | | 31,430 | |
| Nashua Corporation | * | | | 1,542 | | | | 16,638 | |
| Nu Horizons Electronics Corporation | * | | | 1,208 | | | | 16,078 | |
| Omnivision Technologies, Inc. | *† | | | 2,994 | | | | 54,221 | |
| ON Semiconductor Corporation | *† | | | 13,897 | | | | 148,976 | |
| Oplink Communications, Inc. | * | | | 1,808 | | | | 27,120 | |
| Optelecom, Inc. | *† | | | 819 | | | | 5,971 | |
| OSI Systems, Inc. | * | | | 867 | | | | 23,712 | |
| PMC-Sierra, Inc. | * | | | 11,762 | | | | 90,920 | |
| Park Electrochemical Corporation | | 1,087 | | | | 30,632 | |
| Pericom Semiconductor Corporation | * | | | 2,254 | | | | 25,155 | |
| Photronics, Inc. | * | | | 1,989 | | | | 29,596 | |
| Plexus Corporation | * | | | 2,384 | | | | 54,808 | |
| PLX Technology, Inc. | * | | | 2,950 | | | | 32,922 | |
| Power-One, Inc. | *† | | | 3,500 | | | | 13,930 | |
| Quicklogic Corporation | * | | | 4,080 | | | | 10,894 | |
| RF Micro Devices, Inc. | *† | | | 11,167 | | | | 69,682 | |
| Rambus, Inc. | * | | | 5,001 | | | | 89,918 | |
| Raven Industries, Inc. | | 1,490 | | | | 53,208 | |
| Research Frontiers, Inc. | *† | | | 2,932 | | | | 41,371 | |
| Rogers Corporation | * | | | 803 | | | | 29,711 | |
| Sanmina-SCI Corporation | * | | | 29,430 | | | | 92,116 | |
| Semtech Corporation | *† | | | 3,600 | | | | 62,388 | |
| Sigmatel, Inc. | * | | | 4,938 | | | $ | 14,320 | |
| Sigmatron International, Inc. | * | | | 283 | | | | 2,657 | |
| Silicon Image, Inc. | * | | | 4,319 | | | | 37,057 | |
| Silicon Laboratories, Inc. | *† | | | 2,865 | | | | 99,158 | |
| Silicon Storage Technology, Inc. | * | | | 7,634 | | | | 28,475 | |
| Sirenza Microdevices, Inc. | * | | | 1,775 | | | | 21,069 | |
| Sirf Technology Holdings, Inc. | *† | | | 2,870 | | | | 59,524 | |
| Skyworks Solutions, Inc. | * | | | 9,613 | | | | 70,656 | |
| Smart Modular Technologies (WWH), Inc. (Cayman Islands) | | 2,050 | | | | 28,208 | |
| Sonic Solutions, Inc. | * | | | 1,810 | | | | 22,824 | |
| Spansion LLC Class A | *† | | | 4,050 | | | | 44,955 | |
| Spectrum Control, Inc. | * | | | 1,195 | | | | 20,172 | |
| Spire Corporation | * | | | 210 | | | | 1,997 | |
| Stratos International, Inc. | * | | | 974 | | | | 7,763 | |
| Sunpower Corporation Class A | *† | | | 980 | | | | 61,789 | |
| Sycamore Networks, Inc. | * | | | 9,917 | | | | 39,866 | |
| Synaptics, Inc. | * | | | 1,778 | | | | 63,635 | |
| Technitrol, Inc. | | 2,766 | | | | 79,301 | |
| Tegal Corporation | * | | | 312 | | | | 2,012 | |
| Teledyne Technologies, Inc. | * | | | 1,729 | | | | 79,448 | |
| Terabeam, Inc. | * | | | 2,197 | | | | 4,833 | |
| Tessera Technologies, Inc. | * | | | 2,581 | | | | 104,660 | |
| Transmeta Corporation | * | | | 8,599 | | | | 6,449 | |
| Transwitch Corporation | *† | | | 2,483 | | | | 4,519 | |
| Trident Microsystems, Inc. | *† | | | 3,040 | | | | 55,784 | |
| Trimble Navigation Ltd. | * | | | 6,518 | | | | 209,880 | |
| Triquint Semiconductor, Inc. | * | | | 8,519 | | | | 43,106 | |
| TTM Technologies, Inc. | * | | | 1,640 | | | | 21,320 | |
| Tyler Technologies, Inc. | * | | | 1,886 | | | | 23,405 | |
| United Industrial Corporation Ltd. | † | | | 540 | | | | 32,389 | |
| Varian Semiconductor Equipment Associates, Inc. | * | | | 4,863 | | | | 194,812 | |
| Virage Logic Corporation | * | | | 3,332 | | | | 24,457 | |
| Vishay Intertechnology, Inc. | * | | | 8,954 | | | | 141,652 | |
| Volterra Semiconductor Corp. | *† | | | 2,210 | | | | 31,382 | |
| Zoran Corporation | * | | | 2,411 | | | | 48,316 | |
| | | 8,764,902 | |
Energy—0.0% | | | |
| First Solar, Inc. | *† | | | 901 | | | | 80,450 | |
Entertainment & Leisure—1.2% | | | |
| Avid Technology, Inc. | *† | | | 2,658 | | | | 93,960 | |
| Bally Technologies, Inc. | * | | | 3,012 | | | | 79,577 | |
| Blockbuster, Inc. Class A | *† | | | 16,050 | | | | 69,175 | |
| Callaway Golf Company | | 3,931 | | | | 70,011 | |
| Cedar Fair, LP | | 3,180 | | | | 89,740 | |
| Churchill Downs, Inc. | | 639 | | | | 33,471 | |
| Discovery Holding Company Class A | * | | | 15,930 | | | | 366,231 | |
| Dover Downs Gaming & Entertainment, Inc. | | 1,687 | | | | 25,322 | |
| Dover Motorsports, Inc. | | 1,645 | | | | 9,969 | |
| DreamWorks Animation SKG, Inc. Class A | * | | | 3,500 | | | | 100,940 | |
| Gaylord Entertainment Company | * | | | 2,203 | | | | 118,169 | |
| Hollywood Media Corporation | * | | | 1,495 | | | | 6,518 | |
| Image Entertainment, Inc. | * | | | 300 | | | | 1,302 | |
| International Speedway Corporation Class A | | 1,980 | | | | 104,366 | |
| Jakks Pacific, Inc. | *† | | | 1,625 | | | | 45,727 | |
| K2, Inc. | * | | | 2,544 | | | | 38,643 | |
| Leapfrog Enterprises, Inc. | *† | | | 1,262 | | | | 12,935 | |
| Lenox Group, Inc. | * | | | 1,340 | | | | 9,420 | |
| Life Time Fitness, Inc. | *† | | | 1,900 | | | | 101,137 | |
| Live Nation, Inc. | * | | | 3,900 | | | | 87,282 | |
| Macrovision Corporation | * | | | 2,884 | | | | 86,693 | |
| Multimedia Games, Inc. | *† | | | 2,902 | | | | 37,030 | |
|
See accompanying notes to financial statements.
199
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| National CineMedia, Inc. | * | | | 2,000 | | | $ | 56,020 | |
| National Lampoon, Inc. | * | | | 3,300 | | | | 6,897 | |
| Nautilus Group, Inc. | † | | | 2,480 | | | | 29,859 | |
| New Frontier Media, Inc. | | 2,079 | | | | 18,129 | |
| Penn National Gaming, Inc. | * | | | 4,216 | | | | 253,339 | |
| Pinnacle Entertainment, Inc. | * | | | 3,490 | | | | 98,243 | |
| Pool Corporation | † | | | 2,836 | | | | 110,689 | |
| RC2 Corporation | * | | | 1,530 | | | | 61,215 | |
| Regal Entertainment Group Class A | † | | | 3,903 | | | | 85,593 | |
| Shuffle Master, Inc. | *† | | | 2,025 | | | | 33,615 | |
| Six Flags, Inc. | *† | | | 3,814 | | | | 23,227 | |
| Speedway Motorsports, Inc. | | 650 | | | | 25,987 | |
| Steinway Musical Instruments, Inc. | | 683 | | | | 23,625 | |
| Warner Music Group Corporation | | 2,380 | | | | 34,391 | |
| West Marine, Inc. | * | | | 803 | | | | 11,049 | |
| Westwood One, Inc. | | 3,878 | | | | 27,883 | |
| WMS Industries, Inc. | *† | | | 2,775 | | | | 80,086 | |
World Wrestling
Entertainment, Inc. | | 1,031 | | | | 16,486 | |
| Youbet.com, Inc. | * | | | 2,200 | | | | 5,368 | |
| | | 2,589,319 | |
Environmental—0.6% | | | |
| Aetrium, Inc. | * | | | 614 | | | | 2,726 | |
| Analogic Corporation | | 884 | | | | 64,983 | |
| Badger Meter, Inc. | | 880 | | | | 24,869 | |
| Cohu, Inc. | | 1,889 | | | | 42,030 | |
| Credence Systems Corporation | * | | | 5,181 | | | | 18,652 | |
| Dionex Corporation | * | | | 1,031 | | | | 73,191 | |
| Flir Systems, Inc. | *† | | | 3,824 | | | | 176,860 | |
| Formfactor, Inc. | * | | | 2,308 | | | | 88,396 | |
| Frequency Electronics, Inc. | | 822 | | | | 8,664 | |
| Itron, Inc. | *† | | | 1,576 | | | | 122,833 | |
| Ixia | * | | | 2,330 | | | | 21,576 | |
| Keithley Instruments, Inc. | | 2,170 | | | | 27,233 | |
| LeCroy Corp. | * | | | 2,720 | | | | 26,438 | |
| LTX Corporation | * | | | 2,405 | | | | 13,372 | |
| MKS Instruments, Inc. | * | | | 2,455 | | | | 68,003 | |
| Measurement Specialties, Inc. | * | | | 1,430 | | | | 33,862 | |
| Mine Safety Appliances Company | † | | | 1,445 | | | | 63,233 | |
| MTS Systems Corporation | | 893 | | | | 39,890 | |
| OI Corporation | | 1,600 | | | | 21,920 | |
| Orbit International Corporation | * | | | 2,812 | | | | 24,886 | |
| Photon Dynamics, Inc. | * | | | 2,009 | | | | 21,898 | |
| Roper Industries, Inc. | | 5,050 | | | | 288,355 | |
| Rudolph Technologies, Inc. | * | | | 1,206 | | | | 20,032 | |
| Thermogenesis | * | | | 4,317 | | | | 11,915 | |
| Veeco Instruments, Inc. | * | | | 1,295 | | | | 26,858 | |
| White Electronic Designs Corporation | * | | | 2,284 | | | | 13,247 | |
| X-Rite, Inc. | | 2,441 | | | | 36,054 | |
| | | 1,381,976 | |
Financial Services—5.8% | | | |
| Accredited Home Lenders Holding Company | *† | | | 1,353 | | | | 18,496 | |
| Affiliated Managers Group | *† | | | 1,729 | | | | 222,626 | |
| AG Edwards, Inc. | | 4,332 | | | | 366,271 | |
| AllianceBernstein Holding, LP | | 1,250 | | | | 108,862 | |
| Ampal American Israel Corporation Class A | * | | | 1,392 | | | | 8,282 | |
| BISYS Group, Inc. (The) | * | | | 6,749 | | | | 79,841 | |
| Berkshire Hathaway, Inc. Class A | * | | | 58 | | | | 6,349,550 | |
| BlackRock, Inc. | † | | | 1,026 | | | | 160,661 | |
| Broadridge Financial Solutions, Inc. | | 8,018 | | | $ | 153,304 | |
| Calamos Asset Management, Inc. Class A | | 1,520 | | | | 38,836 | |
| Cardiac Science Corp. | * | | | 1,600 | | | | 17,536 | |
| Catskill Litigation Trust | *‡d | | | 583 | | | | — | |
| Cbot Holdings, Inc. Class A | *† | | | 2,075 | | | | 428,695 | |
| Centerline Holding Company | † | | | 3,935 | | | | 70,830 | |
| Cherokee, Inc. | | 995 | | | | 36,357 | |
| Diamond Hill Investment Group, Inc. | * | | | 649 | | | | 58,897 | |
| Doral Financial Corporation (Puerto Rico) | *† | | | 11,708 | | | | 13,815 | |
| Eaton Vance Corporation | | 7,322 | | | | 323,486 | |
| First Cash Financial Services, Inc. | * | | | 2,180 | | | | 51,099 | |
| GAMCO Investors, Inc. Class A | | 1,039 | | | | 58,236 | |
| GFI Group, Inc. | * | | | 800 | | | | 57,984 | |
| Greenhill & Co., Inc. | † | | | 488 | | | | 33,530 | |
| Interactive Brokers Group, Inc. Class A | | 1,851 | | | | 50,218 | |
| IntercontinentalExchange, Inc. | * | | | 3,601 | | | | 532,408 | |
| International Securities Exchange Holding, Inc. | | 2,250 | | | | 147,037 | |
| Investment Technology Group, Inc. | * | | | 2,429 | | | | 105,249 | |
| Jefferies Group, Inc. | | 6,118 | | | | 165,064 | |
| Kent Financial Services, Inc. | * | | | 2,200 | | | | 4,488 | |
| Knight Capital Group, Inc. Class A | * | | | 5,980 | | | | 99,268 | |
| LaBranche & Company, Inc. | * | | | 2,588 | | | | 19,099 | |
| Lazard Ltd. Class A (Bermuda) | | 3,165 | | | | 142,520 | |
| MarketAxess Holdings, Inc. | * | | | 2,620 | | | | 47,134 | |
| Nasdaq Stock Market Inc. | *† | | | 5,340 | | | | 158,651 | |
| Navidec Financial Services, Inc. | ‡d | | | 2,120 | | | | — | |
| NexCen Brands, Inc. | * | | | 4,629 | | | | 51,567 | |
| Nuveen Investments, Inc. Class A | | 4,394 | | | | 273,087 | |
| Nymex Holdings, Inc. | † | | | 1,906 | | | | 239,451 | |
| NYSE Euronext | † | | | 10,480 | | | | 771,538 | |
| optionsXpress Holdings, Inc. | | 2,900 | | | | 74,414 | |
| Piper Jaffray Companies | * | | | 1,140 | | | | 63,532 | |
| Raymond James Financial, Inc. | | 5,156 | | | | 159,320 | |
| SEI Investments Company | | 7,898 | | | | 229,358 | |
| Siebert Financial Corporation | | 1,470 | | | | 6,174 | |
| Stifel Financial Corporation | *† | | | 640 | | | | 37,690 | |
| Superior Bancorp | † | | | 2,915 | | | | 29,820 | |
| SWS Group, Inc. | | 1,323 | | | | 28,603 | |
| TD Ameritrade Holding Corporation | * | | | 13,534 | | | | 270,680 | |
| TFS Financial Corp. | | 4,730 | | | | 54,584 | |
| Value Line, Inc. | | 573 | | | | 25,155 | |
| Waddell & Reed Financial, Inc. Class A | † | | | 4,862 | | | | 126,461 | |
| Westwood Holdings Group, Inc. | | 1,768 | | | | 60,395 | |
| | | 12,630,159 | |
Food Retailers—0.2% | | | |
| Arden Group, Inc. Class A | | 260 | | | | 35,464 | |
| Panera Bread Company Class A | *† | | | 1,900 | | | | 87,514 | |
| Pantry, Inc. (The) | * | | | 1,200 | | | | 55,320 | |
| Pathmark Stores, Inc. | * | | | 2,510 | | | | 32,530 | |
| Ruddick Corporation | | 1,968 | | | | 59,276 | |
| Weis Markets, Inc. | | 852 | | | | 34,515 | |
| Wild Oats Markets, Inc. | * | | | 2,360 | | | | 39,554 | |
| Winn-Dixie Stores, Inc. | *† | | | 3,088 | | | | 90,478 | |
| | | 434,651 | |
|
See accompanying notes to financial statements.
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Forest Products & Paper—0.7% | | | |
| American Woodmark Corporation | † | | | 800 | | | $ | 27,680 | |
| Bowater, Inc. | † | | | 2,910 | | | | 72,604 | |
| Buckeye Technologies, Inc. | * | | | 2,191 | | | | 33,895 | |
| Caraustar Industries, Inc. | * | | | 4,270 | | | | 22,417 | |
| Champion Enterprises, Inc. | *† | | | 4,019 | | | | 39,507 | |
| Chesapeake Corporation | | 2,527 | | | | 31,764 | |
| Deltic Timber Corporation | | 724 | | | | 39,690 | |
| Domtar Corporation | * | | | 33,452 | | | | 373,324 | |
| Glatfelter | | 1,741 | | | | 23,660 | |
| Graphic Packaging Corporation | * | | | 5,000 | | | | 24,200 | |
| Louisiana-Pacific Corporation | † | | | 5,279 | | | | 99,879 | |
| Neenah Paper, Inc. | | 890 | | | | 36,721 | |
Packaging Corporation
of America | | 4,660 | | | | 117,945 | |
| Playtex Products, Inc. | * | | | 4,060 | | | | 60,129 | |
| Pope & Talbot, Inc. | *† | | | 4,095 | | | | 16,257 | |
| Rock-Tenn Company Class A | | 2,040 | | | | 64,709 | |
| School Specialty, Inc. | *† | | | 1,184 | | | | 41,961 | |
| Schweitzer-Mauduit International, Inc. | | 724 | | | | 22,444 | |
| Skyline Corporation | | 918 | | | | 27,549 | |
| Smurfit-Stone Container Corporation | * | | | 14,543 | | | | 193,567 | |
| United Stationers, Inc. | * | | | 1,499 | | | | 99,893 | |
| Universal Forest Products, Inc. | | 1,040 | | | | 43,950 | |
| Wausau Paper Corporation | | 3,503 | | | | 46,940 | |
| | | 1,560,685 | |
Health Care Providers—1.7% | | | |
| Alliance Imaging, Inc. | * | | | 1,820 | | | | 17,090 | |
| Amedisys, Inc. | *† | | | 1,493 | | | | 54,241 | |
| America Service Group, Inc. | * | | | 590 | | | | 9,983 | |
| American Dental Partners, Inc. | * | | | 720 | | | | 18,698 | |
| Amsurg Corporation | *† | | | 2,315 | | | | 55,884 | |
| Apria Healthcare Group, Inc. | *† | | | 2,542 | | | | 73,133 | |
| Bio-Reference Labs, Inc. | *† | | | 1,000 | | | | 27,350 | |
| Brookdale Senior Living, Inc. | † | | | 3,000 | | | | 136,710 | |
| Community Health Systems, Inc. | * | | | 5,293 | | | | 214,102 | |
| Covance, Inc. | * | | | 3,560 | | | | 244,074 | |
| Cross Country Healthcare, Inc. | * | | | 1,340 | | | | 22,351 | |
| CryoLife, Inc. | * | | | 4,037 | | | | 52,521 | |
| DaVita, Inc. | * | | | 5,661 | | | | 305,015 | |
| Edwards Lifesciences Corporation | * | | | 3,660 | | | | 180,584 | |
| Enzo Biochem, Inc. | *† | | | 2,553 | | | | 38,167 | |
| Enzon Pharmaceuticals, Inc. | *† | | | 4,016 | | | | 31,526 | |
| Five Star Quality Care, Inc. | *† | | | 4,500 | | | | 35,910 | |
| Genesis HealthCare Corporation | * | | | 1,285 | | | | 87,920 | |
| Gentiva Health Services, Inc. | * | | | 2,330 | | | | 46,740 | |
| Health Management Associates, Inc. Class A | † | | | 14,732 | | | | 167,356 | |
| Healthsouth Corp. | *† | | | 4,740 | | | | 85,841 | |
| Healthways, Inc. | *† | | | 2,272 | | | | 107,625 | |
| Hooper Holmes, Inc. | * | | | 4,139 | | | | 13,866 | |
| Immunomedics, Inc. | *† | | | 6,421 | | | | 26,647 | |
| Interleukin Genetics, Inc. | *† | | | 2,825 | | | | 5,226 | |
| Kindred Healthcare, Inc. | * | | | 2,053 | | | | 63,068 | |
| LCA-Vision, Inc. | | 1,453 | | | | 68,669 | |
| LifePoint Hospitals, Inc. | * | | | 3,289 | | | | 127,219 | |
| Lincare Holdings, Inc. | * | | | 5,127 | | | | 204,311 | |
| Matria Healthcare, Inc. | *† | | | 1,270 | | | | 38,456 | |
| National Healthcare Corporation | | 431 | | | | 22,240 | |
| NovaMed, Inc. | * | | | 1,250 | | | | 7,562 | |
| Odyssey HealthCare, Inc. | * | | | 3,093 | | | | 36,683 | |
| Pediatrix Medical Group, Inc. | * | | | 2,502 | | | | 137,985 | |
| Psychemedics Corporation | | 902 | | | | 18,410 | |
| Psychiatric Solutions, Inc. | * | | | 3,032 | | | $ | 109,940 | |
| RehabCare Group, Inc. | * | | | 1,590 | | | | 22,642 | |
| Sierra Health Services, Inc. | * | | | 2,976 | | | | 123,742 | |
| Sunrise Senior Living, Inc. | *† | | | 2,650 | | | | 105,973 | |
| Symbion, Inc. | * | | | 1,435 | | | | 31,154 | |
| Triad Hospitals, Inc. | * | | | 5,104 | | | | 274,391 | |
| U.S. Physical Therapy, Inc. | * | | | 610 | | | | 8,217 | |
| Universal Health Services, Inc. Class B | | 2,594 | | | | 159,531 | |
| VCA Antech, Inc. | * | | | 4,674 | | | | 176,163 | |
| VistaCare, Inc. Class A | * | | | 1,962 | | | | 19,267 | |
| | | 3,814,183 | |
Heavy Construction—0.6% | | | |
| Blount International, Inc. | * | | | 2,743 | | | | 35,878 | |
| Foster Wheeler Ltd. (Bermuda) | * | | | 3,960 | | | | 423,680 | |
| Granite Construction, Inc. | | 1,890 | | | | 121,300 | |
| Hovnanian Enterprises, Inc. | *† | | | 2,128 | | | | 35,176 | |
| Levitt Corporation Class A | | 2,063 | | | | 19,454 | |
| M/I Homes, Inc. | † | | | 611 | | | | 16,253 | |
| McDermott International, Inc. | * | | | 6,358 | | | | 528,477 | |
| McGrath Rentcorp | | 1,646 | | | | 55,454 | |
| Team, Inc. | * | | | 1,190 | | | | 53,514 | |
| WCI Communities, Inc. | * | | | 1,922 | | | | 32,059 | |
| | | 1,321,245 | |
Heavy Machinery—3.3% | | | |
| Actuant Corporation Class A | † | | | 1,661 | | | | 104,743 | |
| Agco Corporation | * | | | 4,908 | | | | 213,056 | |
| Ampco-Pittsburgh Corporation | | 986 | | | | 39,529 | |
Applied Industrial
Technologies, Inc. | | 2,058 | | | | 60,711 | |
| Astec Industries, Inc. | * | | | 1,322 | | | | 55,815 | |
| ASV, Inc. | *† | | | 1,340 | | | | 23,155 | |
| Asyst Technologies, Inc. | * | | | 3,243 | | | | 23,447 | |
| Axcelis Technologies, Inc. | * | | | 6,926 | | | | 44,950 | |
| Briggs & Stratton Corporation | † | | | 2,482 | | | | 78,332 | |
| Brooks Automation, Inc. | * | | | 4,415 | | | | 80,132 | |
| Bucyrus International, Inc. Class A | † | | | 1,845 | | | | 130,589 | |
| Cameron International Corporation | * | | | 6,293 | | | | 449,761 | |
| Cascade Corporation | | 510 | | | | 40,004 | |
| Columbus McKinnon Corporation | * | | | 880 | | | | 28,336 | |
| Curtiss-Wright Corporation | | 2,512 | | | | 117,084 | |
| Donaldson Company, Inc. | | 3,870 | | | | 137,578 | |
| Dresser-Rand Group, Inc. | * | | | 4,090 | | | | 161,555 | |
| Dril-Quip, Inc. | * | | | 1,536 | | | | 69,043 | |
| Dycom Industries, Inc. | * | | | 2,716 | | | | 81,426 | |
| Electroglas, Inc. | * | | | 3,991 | | | | 8,581 | |
| EnPro Industries, Inc. | * | | | 981 | | | | 41,977 | |
| Entegris, Inc. | *† | | | 5,738 | | | | 68,167 | |
| Flow International Corporation | *† | | | 1,650 | | | | 20,790 | |
| Flowserve Corporation | | 3,165 | | | | 226,614 | |
| FMC Technologies, Inc. | * | | | 4,021 | | | | 318,544 | |
| Gardner Denver, Inc. | * | | | 2,716 | | | | 115,566 | |
| Goodman Global, Inc. | * | | | 2,520 | | | | 55,994 | |
| Gorman-Rupp Company | | 1,512 | | | | 48,172 | |
| Graco, Inc. | | 4,074 | | | | 164,101 | |
| Grant Prideco, Inc. | * | | | 7,414 | | | | 399,096 | |
| Hurco Companies, Inc. | * | | | 750 | | | | 37,485 | |
| Idex Corporation | | 4,534 | | | | 174,740 | |
| Insituform Technologies, Inc. Class A | *† | | | 2,053 | | | | 44,776 | |
| Intermec, Inc. | *† | | | 2,374 | | | | 60,086 | |
| Intevac, Inc. | * | | | 1,300 | | | | 27,638 | |
| Joy Global, Inc. | | 6,515 | | | | 380,020 | |
| Kadant, Inc. | * | | | 722 | | | | 22,526 | |
|
See accompanying notes to financial statements.
201
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| Kaydon Corporation | † | | | 1,423 | | | $ | 74,167 | |
| Kennametal, Inc. | | 1,999 | | | | 163,978 | |
| Knight Transportation, Inc. | † | | | 3,878 | | | | 75,156 | |
| Kulicke and Soffa Industries, Inc. | * | | | 4,089 | | | | 42,812 | |
| Lam Research Corporation | * | | | 7,856 | | | | 403,798 | |
| Layne Christensen Company | * | | | 1,240 | | | | 50,778 | |
| Lennox International, Inc. | | 3,657 | | | | 125,179 | |
| Lindsay Corporation | † | | | 516 | | | | 22,854 | |
| Lufkin Industries, Inc. | | 810 | | | | 52,285 | |
| Manitowoc Company | | 3,584 | | | | 288,082 | |
| Matrix Service Company | * | | | 1,379 | | | | 34,268 | |
| Middleby Corporation | *† | | | 980 | | | | 58,624 | |
| Modine Manufacturing Company | | 1,658 | | | | 37,471 | |
| NACCO Industries, Inc. Class A | | 310 | | | | 48,202 | |
| NATCO Group, Inc. Class A | * | | | 1,320 | | | | 60,773 | |
| NN, Inc. | | 2,240 | | | | 26,432 | |
| Nordson Corporation | | 1,942 | | | | 97,411 | |
| Oil States International, Inc. | *† | | | 2,587 | | | | 106,947 | |
| Paragon Technologies, Inc. | * | | | 900 | | | | 6,030 | |
| Pentair, Inc. | | 5,378 | | | | 207,429 | |
| RBC Bearings, Inc. | | 1,322 | | | | 54,533 | |
| Robbins & Myers, Inc. | † | | | 868 | | | | 46,117 | |
| Sauer-Danfoss, Inc. | | 832 | | | | 24,760 | |
| Semitool, Inc. | * | | | 2,320 | | | | 22,295 | |
| SPX Corporation | | 3,164 | | | | 277,831 | |
| Standex International Corporation | | 724 | | | | 20,591 | |
| Tecumseh Products Company Class A | * | | | 1,703 | | | | 26,754 | |
| Tennant Company | | 795 | | | | 29,018 | |
| Timken Company | | 4,943 | | | | 178,492 | |
| Toro Company | | 2,570 | | | | 151,347 | |
| TurboChef Technologies, Inc. | *† | | | 994 | | | | 13,836 | |
| Ultratech, Inc. | * | | | 2,462 | | | | 32,818 | |
| Watsco, Inc. | | 1,593 | | | | 86,659 | |
| Willis Lease Finance Corporation | * | | | 1,234 | | | | 14,339 | |
| WJ Communications, Inc. | * | | | 4,940 | | | | 8,645 | |
| Woodward Governor Company | | 1,794 | | | | 96,284 | |
| | | 7,221,114 | |
Home Construction, Furnishings & Appliances—1.0% |
| American Technology Corporation | * | | | 3,686 | | | | 13,896 | |
| Bassett Furniture Industries, Inc. | | 610 | | | | 8,327 | |
| Beazer Homes USA, Inc. | † | | | 2,117 | | | | 52,226 | |
| Brookfield Homes Corporation | † | | | 858 | | | | 24,959 | |
| Cavco Industries, Inc. | * | | | 470 | | | | 17,634 | |
| Dominion Homes, Inc. | *† | | | 650 | | | | 3,010 | |
| DTS, Inc. | *† | | | 1,605 | | | | 34,941 | |
| Ethan Allen Interiors, Inc. | † | | | 1,551 | | | | 53,122 | |
| Fossil, Inc. | * | | | 2,864 | | | | 84,459 | |
| Furniture Brands International, Inc. | † | | | 2,392 | | | | 33,966 | |
| Gemstar-TV Guide International, Inc. | * | | | 12,602 | | | | 62,002 | |
| Helen of Troy Ltd. | * | | | 1,333 | | | | 35,991 | |
| Herman Miller, Inc. | | 3,686 | | | | 116,478 | |
| HNI Corporation | | 2,371 | | | | 97,211 | |
| Jarden Corporation | *† | | | 3,886 | | | | 167,137 | |
Kimball International, Inc.
Class B | | 1,500 | | | | 21,015 | |
| Kinetic Concepts, Inc. | * | | | 2,885 | | | | 149,933 | |
| La-Z-Boy, Inc. | † | | | 2,895 | | | | 33,177 | |
| MDC Holdings, Inc. | | 1,861 | | | | 89,998 | |
| Meritage Homes Corporation | *† | | | 1,260 | | | | 33,705 | |
| Movado Group, Inc. | | 878 | | | | 29,624 | |
| National Presto Industries, Inc. | | 656 | | | | 40,895 | |
| NVR, Inc. | *† | | | 289 | | | $ | 196,448 | |
| Palm Harbor Homes, Inc. | *† | | | 1,182 | | | | 16,725 | |
| Parkervision, Inc. | *† | | | 2,943 | | | | 35,169 | |
| Ryland Group, Inc. | † | | | 2,332 | | | | 87,147 | |
| Salton, Inc. | *† | | | 702 | | | | 1,313 | |
| Sealy Corporation | | 2,640 | | | | 43,613 | |
| Select Comfort Corporation | *† | | | 3,139 | | | | 50,915 | |
| Standard-Pacific Corporation | † | | | 3,368 | | | | 59,041 | |
| Steelcase, Inc. Class A | | 3,092 | | | | 57,202 | |
| Tempur-Pedic International, Inc. | † | | | 3,957 | | | | 102,486 | |
| Toll Brothers, Inc. | *† | | | 7,352 | | | | 183,653 | |
| TOUSA, Inc. | † | | | 6,553 | | | | 27,457 | |
| Virco Manufacturing Corporation | * | | | 799 | | | | 5,257 | |
| Walter Industries, Inc. | | 3,281 | | | | 95,018 | |
| | | 2,165,150 | |
Household Products—0.3% | | | |
| Apogee Enterprises, Inc. | | 2,250 | | | | 62,595 | |
| Charles & Colvard Ltd. | † | | | 693 | | | | 3,430 | |
| Ferro Corporation | | 2,588 | | | | 64,519 | |
| Gentex Corporation | † | | | 8,026 | | | | 158,032 | |
| Kronos Worldwide, Inc. | | 235 | | | | 5,934 | |
| RPM, Inc. | | 6,623 | | | | 153,058 | |
| Valspar Corporation | | 5,236 | | | | 148,755 | |
| | | 596,323 | |
Industrial—Diversified—0.1% | | | |
| Armstrong World Industries, Inc. | | 866 | | | | 43,430 | |
| Blyth, Inc. | | 1,380 | | | | 36,680 | |
| Lydall, Inc. | * | | | 2,150 | | | | 31,412 | |
| Progressive Gaming International Corporation | *† | | | 7,390 | | | | 43,379 | |
| Russ Berrie & Company, Inc. | * | | | 1,157 | | | | 21,555 | |
| | | 176,456 | |
Insurance—4.9% | | | |
| 21st Century Insurance Group | | 1,500 | | | | 32,790 | |
| Alfa Corporation | | 2,608 | | | | 40,607 | |
| Alleghany Corporation | *† | | | 400 | | | | 162,600 | |
| Allied World Assurance Holdings Ltd./Bermuda (Bermuda) | | 2,150 | | | | 110,188 | |
| American Financial Group, Inc. | | 4,025 | | | | 137,454 | |
| American Independence Corporation | * | | | 430 | | | | 4,743 | |
| American National Insurance | | 646 | | | | 98,580 | |
| American Physicians Capital, Inc. | * | | | 1,201 | | | | 48,641 | |
| Amerigroup Corporation | * | | | 3,202 | | | | 76,208 | |
| Arch Capital Group Ltd. (Bermuda) | * | | | 2,388 | | | | 173,226 | |
| Argonaut Group, Inc. | * | | | 1,948 | | | | 60,797 | |
| Arthur J. Gallagher & Company | † | | | 5,500 | | | | 153,340 | |
| Aspen Insurance Holdings Ltd. (Bermuda) | † | | | 4,450 | | | | 124,912 | |
Assured Guaranty Ltd.
(Bermuda) | | 3,100 | | | | 91,636 | |
| Axis Capital Holdings Ltd. (Bermuda) | | 7,891 | | | | 320,769 | |
| Baldwin & Lyons, Inc. Class B | | 946 | | | | 24,577 | |
| Bristol West Holdings, Inc. | | 1,516 | | | | 33,913 | |
| Brown & Brown, Inc. | | 6,208 | | | | 156,069 | |
| Centene Corporation | *† | | | 2,702 | | | | 57,877 | |
| Citizens, Inc., TX | *† | | | 2,504 | | | | 17,628 | |
| CNA Financial Corporation | *† | | | 1,492 | | | | 71,153 | |
| CNA Surety Corporation | * | | | 1,486 | | | | 28,100 | |
| Commerce Group, Inc. | | 3,426 | | | | 118,951 | |
| Conseco, Inc. | *† | | | 8,350 | | | | 174,432 | |
| Covanta Holding Corporation | * | | | 6,390 | | | | 157,514 | |
| Crawford & Company Class B | | 1,891 | | | | 12,783 | |
|
See accompanying notes to financial statements.
202
SCHEDULE OF INVESTMENTS—(Continued)
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Delphi Financial Group, Inc.
Class A | | 2,972 | | | $ | 124,289 | |
| Donegal Group, Inc. Class B | | 759 | | | | 12,463 | |
| EMC Insurance Group, Inc. | | 1,041 | | | | 25,838 | |
| Employers Holdings, Inc. | * | | | 3,690 | | | | 78,376 | |
| Endurance Specialty Holdings Ltd. (Bermuda) | | 3,190 | | | | 127,728 | |
| Erie Indemnity Company Class A | | 3,264 | | | | 176,387 | |
| Everest Re Group Ltd. (Bermuda) | | 3,540 | | | | 384,586 | |
| FBL Financial Group, Inc. Class A | | 1,058 | | | | 41,601 | |
| Fidelity National Financial Inc. | | 12,116 | | | | 287,149 | |
| First American Corporation | | 5,030 | | | | 248,985 | |
| FPIC Insurance Group, Inc. | * | | | 1,050 | | | | 42,809 | |
| Great American Financial Resources, Inc. | | 807 | | | | 19,521 | |
| Hanover Insurance Group (The), Inc. | | 2,807 | | | | 136,954 | |
| Harleysville Group, Inc. | | 1,278 | | | | 42,634 | |
| HCC Insurance Holdings, Inc. | | 6,545 | | | | 218,668 | |
| Health Net, Inc. | * | | | 6,553 | | | | 345,998 | |
| HealthExtras, Inc. | * | | | 1,865 | | | | 55,167 | |
| Healthspring, Inc. | * | | | 3,130 | | | | 59,658 | |
| Hilb Rogal & Hobbs Company | | 2,055 | | | | 88,077 | |
| Horace Mann Educators Corporation | | 3,101 | | | | 65,865 | |
| Independence Holding Company | | 963 | | | | 19,674 | |
| Infinity Property & Casualty Corporation | | 1,280 | | | | 64,934 | |
| IPC Holdings Ltd. (Bermuda) | | 3,640 | | | | 117,536 | |
Kansas City Life
Insurance Company | | 903 | | | | 42,008 | |
| KMG America Corporation | * | | | 1,550 | | | | 8,138 | |
| Landamerica Financial Group, Inc. | † | | | 1,087 | | | | 104,885 | |
| Leucadia National Corporation | † | | | 9,407 | | | | 331,597 | |
| Markel Corporation | * | | | 553 | | | | 267,962 | |
| Max Capital Group Ltd. (Bermuda) | † | | | 3,010 | | | | 85,183 | |
| Mercury General Corporation | | 1,639 | | | | 90,325 | |
| Molina Healthcare, Inc. | * | | | 1,190 | | | | 36,319 | |
| Montpelier Re Holdings Ltd. (Bermuda) | † | | | 5,770 | | | | 106,976 | |
| National Financial Partners Corporation | | 1,846 | | | | 85,488 | |
| Nationwide Financial Services Class A | | 2,955 | | | | 186,815 | |
| Navigators Group, Inc. | * | | | 939 | | | | 50,612 | |
Odyssey Re Holdings
Corporation | | 1,306 | | | | 56,014 | |
| Ohio Casualty Corporation | † | | | 3,516 | | | | 152,278 | |
| Old Republic International Corporation | | 11,926 | | | | 253,547 | |
| OneBeacon Insurance Group Ltd. (Bermuda) | | 1,350 | | | | 34,196 | |
| PMI Group, Inc. (The) | | 4,609 | | | | 205,884 | |
| PartnerRe Ltd. (Bermuda) | † | | | 3,230 | | | | 250,325 | |
| Penn Treaty American Corporation | * | | | 1,630 | | | | 9,324 | |
| Philadelphia Consolidated Holding Corporation | * | | | 3,592 | | | | 150,146 | |
| Phoenix Companies, Inc. (The) | | 6,807 | | | | 102,173 | |
| Platinum Underwriters Holdings Ltd. (Bermuda) | | 3,482 | | | | 121,000 | |
| PMA Capital Corporation Class A | * | | | 1,826 | | | | 19,520 | |
| Presidential Life Corporation | | 1,145 | | | | 22,511 | |
| ProAssurance Corporation | *† | | | 2,078 | | | | 115,682 | |
| Protective Life Corporation | | 3,601 | | | | 172,164 | |
| PXRE Group Ltd. (Bermuda) | * | | | 6,210 | | | | 28,814 | |
| Radian Group, Inc. | | 4,461 | | | $ | 240,894 | |
Reinsurance Group of
America, Inc. | | 1,841 | | | | 110,902 | |
| RenaissanceRe Holdings Ltd. (Bermuda) | | 3,391 | | | | 210,208 | |
| RLI Corporation | | 1,164 | | | | 65,126 | |
| Safety Insurance Group, Inc. | | 1,040 | | | | 43,056 | |
| Scottish Re Group Ltd. | | 2,970 | | | | 14,523 | |
| SCPIE Holdings, Inc. | * | | | 690 | | | | 17,250 | |
| Security Capital Assurance Ltd. (Bermuda) | | 3,744 | | | | 115,577 | |
| Selective Insurance Group | | 3,400 | | | | 91,392 | |
| Stancorp Financial Group, Inc. | | 3,000 | | | | 157,440 | |
| State Auto Financial Corporation | | 958 | | | | 29,363 | |
| Stewart Information Services Corporation | | 879 | | | | 35,011 | |
| Tower Group, Inc. | | 1,200 | | | | 38,280 | |
| Transatlantic Holdings, Inc. | | 1,615 | | | | 114,875 | |
| Triad Guaranty, Inc. | *† | | | 692 | | | | 27,632 | |
| United American Healthcare Corporation | * | | | 4,252 | | | | 17,773 | |
| United Fire & Casualty Company | † | | | 1,472 | | | | 52,079 | |
| Unitrin, Inc. | | 2,357 | | | | 115,917 | |
| Universal American Financial Corporation | * | | | 2,892 | | | | 61,542 | |
| WellCare Health Plans, Inc. | *† | | | 1,980 | | | | 179,210 | |
| Wesco Financial Corporation | | 63 | | | | 24,255 | |
| White Mountains Insurance Group Ltd. | | 422 | | | | 255,740 | |
| WR Berkley Corporation | | 9,970 | | | | 324,424 | |
| Zenith National Insurance Corporation | | 2,253 | | | | 106,094 | |
| | | 10,812,834 | |
Lodging—1.1% | | | |
| Ameristar Casinos, Inc. | | 1,420 | | | | 49,331 | |
| Bluegreen Corporation | * | | | 1,800 | | | | 21,042 | |
| Boyd Gaming Corporation | | 3,089 | | | | 151,948 | |
| Choice Hotels International, Inc. | | 2,346 | | | | 92,714 | |
| Empire Resorts, Inc. | * | | | 2,513 | | | | 18,270 | |
| International Leisure Hosts Ltd. | * | | | 1,200 | | | | 8,400 | |
| Isle of Capri Casinos, Inc. | *† | | | 1,251 | | | | 29,974 | |
| Las Vegas Sands Corporation | *† | | | 6,007 | | | | 458,875 | |
| MGM MIRAGE | * | | | 6,803 | | | | 561,111 | |
| Marcus Corporation | | 1,805 | | | | 42,887 | |
| Monarch Casino & Resort, Inc. | * | | | 700 | | | | 18,795 | |
| Morgans Hotel Group Company | *† | | | 2,390 | | | | 58,268 | |
| MTR Gaming Group, Inc. | * | | | 1,340 | | | | 20,636 | |
| Orient-Express Hotels Ltd. Class A (Bermuda) | | 2,340 | | | | 124,956 | |
| Station Casinos, Inc. | | 2,395 | | | | 207,886 | |
| Trump Entertainment Resorts, Inc. | *† | | | 2,320 | | | | 29,116 | |
| Vail Resorts, Inc. | *† | | | 1,891 | | | | 115,105 | |
| Wynn Resorts Ltd. | † | | | 4,265 | | | | 382,528 | |
| | | 2,391,842 | |
Media—Broadcasting & Publishing—2.9% |
| 4Kids Entertainment, Inc. | * | | | 646 | | | | 9,690 | |
| Acme Communications, Inc. | | 1,200 | | | | 6,012 | |
| American Greetings Corporation Class A | | 3,420 | | | | 96,889 | |
| Beasley Broadcasting Group, Inc. Class A | | 1,150 | | | | 10,235 | |
| Belo Corporation Class A | | 4,881 | | | | 100,500 | |
| Cablevision Systems Corporation Class A | | 12,494 | | | | 452,158 | |
| Charter Communications, Inc. Class A | *† | | | 28,067 | | | | 113,671 | |
|
See accompanying notes to financial statements.
203
SCHEDULE OF INVESTMENTS—(Continued)
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COMMON STOCKS—(Continued) |
| Citadel Broadcasting Corporation | | 3,126 | | | $ | 20,163 | |
| COX Radio, Inc. Class A | * | | | 3,253 | | | | 46,323 | |
| Crown Media Holdings, Inc. | *† | | | 4,399 | | | | 31,673 | |
| CSS Industries, Inc. | | 420 | | | | 16,636 | |
| Cumulus Media, Inc. Class A | *† | | | 3,854 | | | | 36,035 | |
| EchoStar Communications Corporation Class A | * | | | 11,707 | | | | 507,733 | |
| Emmis Communications Corporation Class A | | 2,035 | | | | 18,742 | |
| Entercom Communications Corporation | † | | | 1,873 | | | | 46,619 | |
| Entravision Communications Corporation Class A | * | | | 2,853 | | | | 29,757 | |
| Gray Television, Inc. | | 3,878 | | | | 35,949 | |
| Handleman Company | † | | | 3,857 | | | | 24,029 | |
| Harte-Hanks, Inc. | | 3,759 | | | | 96,531 | |
| Hearst-Argyle Television, Inc. | | 1,654 | | | | 39,861 | |
| Idearc, Inc. | | 7,860 | | | | 277,694 | |
| John Wiley & Sons Class A | | 3,091 | | | | 149,264 | |
| Journal Communications, Inc. Class A | | 3,220 | | | | 41,892 | |
| Journal Register Company | | 6,458 | | | | 28,932 | |
| Lee Enterprises, Inc. | | 2,744 | | | | 57,240 | |
| Liberty Global, Inc.Class C | * | | | 1,820 | | | | 71,526 | |
| Liberty Global, Inc. Class A | * | | | 20,426 | | | | 838,283 | |
| Liberty Media Corporation Interactive Class A | * | | | 36,978 | | | | 825,719 | |
| Liberty Media Holdings Corporation Capital Class A | * | | | 7,378 | | | | 868,243 | |
| LIN TV Corporation Class A | * | | | 1,255 | | | | 23,607 | |
| Lodgenet Entertainment Corporation | * | | | 1,250 | | | | 40,075 | |
| Martha Stewart Living Omnimedia Class A | † | | | 1,860 | | | | 31,992 | |
| McClatchy Company Class A | † | | | 2,716 | | | | 68,742 | |
| Media General, Inc. Class A | | 953 | | | | 31,706 | |
| Mediacom Communications Corporation | * | | | 3,433 | | | | 33,266 | |
| Playboy Enterprises, Inc. Class B | *† | | | 1,251 | | | | 14,174 | |
| Primedia, Inc. | * | | | 9,053 | | | | 25,801 | |
| Radio One, Inc. Class A | * | | | 4,327 | | | | 30,592 | |
| Radio Unica Communications Corporation | *‡d | | | 1,900 | | | | — | |
| Regent Communications, Inc. | * | | | 3,610 | | | | 12,094 | |
| RH Donnelley Corporation | † | | | 4,065 | | | | 308,046 | |
| Salem Communications Corporation Class A | | 850 | | | | 9,427 | |
| Scholastic Corporation | * | | | 2,095 | | | | 75,294 | |
| Sinclair Broadcast Group, Inc. Class A | | 4,220 | | | | 60,008 | |
| Spanish Broadcasting System, Inc. Class A | * | | | 4,320 | | | | 18,576 | |
| Speedus Corporation | * | | | 4,207 | | | | 3,260 | |
| Sun-Times Media Group, Inc. Class A | | 2,614 | | | | 13,724 | |
| Time Warner Cable, Inc. Class A | * | | | 8,275 | | | | 324,132 | |
| Tivo, Inc. | *† | | | 5,766 | | | | 33,385 | |
| Washington Post Class B | † | | | 308 | | | | 239,036 | |
| Worldgate Communications | * | | | 3,160 | | | | 1,596 | |
| Young Broadcasting, Inc. Class A | * | | | 831 | | | | 3,066 | |
| | | 6,299,598 | |
Medical Supplies—2.9% | | | |
| 1-800 Contacts, Inc. | * | | | 502 | | | | 11,777 | |
| Abaxis, Inc. | * | | | 1,864 | | | | 38,883 | |
| Abiomed, Inc. | *† | | | 2,606 | | | | 28,093 | |
| Advanced Medical Optics, Inc. | *† | | | 3,424 | | | | 119,429 | |
| Align Technology, Inc. | *† | | | 4,029 | | | $ | 97,341 | |
| American Medical Systems Holdings, Inc. | *† | | | 3,920 | | | | 70,717 | |
| American Science & Engineering, Inc. | * | | | 530 | | | | 30,131 | |
| Angiodynamics, Inc. | * | | | 2,450 | | | | 44,125 | |
| Arrow International, Inc. | | 1,266 | | | | 48,462 | |
| ArthoCare Corporation | *† | | | 1,902 | | | | 83,517 | |
| Aspect Medical Systems, Inc. | *† | | | 680 | | | | 10,173 | |
| Avigen, Inc. | * | | | 3,880 | | | | 23,862 | |
| Axsys Technologies, Inc. | * | | | 885 | | | | 18,930 | |
| Beckman Coulter, Inc. | † | | | 3,583 | | | | 231,748 | |
| Bioject Medical Technologies, Inc. | * | | | 4,491 | | | | 7,545 | |
| Biolase Technology, Inc. | *† | | | 3,105 | | | | 18,847 | |
| Bio-Rad Laboratories, Inc. Class A | * | | | 1,078 | | | | 81,464 | |
| Bruker BioSciences Corporation | * | | | 4,130 | | | | 37,211 | |
| Candela Corporation | * | | | 2,794 | | | | 32,355 | |
| Cantel Medical Corporation | * | | | 1,690 | | | | 28,747 | |
| Cepheid, Inc. | *† | | | 4,050 | | | | 59,130 | |
| Cerus Corporation | * | | | 3,201 | | | | 21,639 | |
| Chindex International, Inc. | *† | | | 1,689 | | | | 37,411 | |
| Clarient, Inc. | * | | | 3,308 | | | | 6,715 | |
| Coherent, Inc. | * | | | 1,268 | | | | 38,687 | |
| Conceptus, Inc. | * | | | 1,047 | | | | 20,280 | |
| Conmed Corporation | * | | | 1,363 | | | | 39,909 | |
| Cooper Companies, Inc. | | 2,668 | | | | 142,258 | |
| Cyberonics, Inc. | *† | | | 956 | | | | 16,080 | |
| Cytyc Corporation | * | | | 6,581 | | | | 283,707 | |
| Dade Behring Holdings, Inc. | | 4,512 | | | | 239,677 | |
| Datascope Corporation | | 557 | | | | 21,322 | |
| Dentsply International, Inc. | | 8,370 | | | | 320,236 | |
| Depomed, Inc. | *† | | | 2,500 | | | | 11,925 | |
| DJO, Inc. | * | | | 1,370 | | | | 56,540 | |
| Endologix, Inc. | * | | | 1,350 | | | | 6,035 | |
| EP Medsystems, Inc. | * | | | 5,240 | | | | 9,537 | |
| ev3, Inc. | *† | | | 1,174 | | | | 19,817 | |
| Excel Technology, Inc. | * | | | 562 | | | | 15,702 | |
| Faro Technologies, Inc. | * | | | 614 | | | | 19,562 | |
| FEI Company | *† | | | 2,138 | | | | 69,399 | |
| Foxhollow Technologies, Inc. | * | | | 1,490 | | | | 31,648 | |
| Haemonetics Corporation | * | | | 1,508 | | | | 79,336 | |
| Hanger Orthopedic Group, Inc. | * | | | 3,263 | | | | 35,240 | |
| HealthTronics Surgical Services, Inc. | * | | | 2,530 | | | | 11,006 | |
| Hillenbrand Industries, Inc. | | 3,507 | | | | 227,955 | |
| Hologic, Inc. | *† | | | 3,044 | | | | 168,364 | |
| ICU Medical, Inc. | * | | | 1,096 | | | | 47,062 | |
| I-Flow Corporation | * | | | 2,590 | | | | 43,357 | |
| II-VI, Inc. | * | | | 1,404 | | | | 38,147 | |
| Illumina, Inc. | *† | | | 3,446 | | | | 139,873 | |
| Input/Output, Inc. | *† | | | 3,597 | | | | 56,149 | |
| Integra LifeSciences Holdings Corporation | *† | | | 1,190 | | | | 58,810 | |
| Intest Corporation | * | | | 950 | | | | 4,399 | |
| Intuitive Surgical, Inc. | * | | | 2,170 | | | | 301,131 | |
| Invacare Corporation | | 1,874 | | | | 34,350 | |
| IRIS International, Inc. | * | | | 2,570 | | | | 43,279 | |
| Kensey Nash Corporation | * | | | 867 | | | | 23,244 | |
| Kopin Corporation | * | | | 5,031 | | | | 19,621 | |
| Kyphon, Inc. | * | | | 2,504 | | | | 120,568 | |
| L-1 Identity Solutions, Inc. | *† | | | 3,366 | | | | 68,835 | |
| Meade Instruments Corporation | * | | | 1,640 | | | | 3,592 | |
| Mechanical Technology, Inc. | * | | | 5,237 | | | | 6,599 | |
| Medical Action Industries, Inc. | * | | | 1,860 | | | | 33,592 | |
| Mentor Corporation | † | | | 2,401 | | | | 97,673 | |
| Merit Medical Systems, Inc. | * | | | 2,509 | | | | 30,008 | |
| Mesa Laboratories, Inc. | | 1,200 | | | | 27,600 | |
| Mettler-Toledo International, Inc. | * | | | 2,182 | | | | 208,403 | |
|
See accompanying notes to financial statements.
204
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| Microtek Medical Holdings, Inc. | * | | | 4,250 | | | $ | 19,550 | |
| Nanogen, Inc. | * | | | 2,280 | | | | 3,078 | |
| Newport Corporation | * | | | 3,015 | | | | 46,672 | |
| NuVasive, Inc. | *† | | | 2,136 | | | | 57,693 | |
| Nyer Medical Group, Inc. | * | | | 2,533 | | | | 4,787 | |
| Oakley, Inc. | | 1,411 | | | | 40,072 | |
| Orthologic Corporation | * | | | 1,517 | | | | 2,154 | |
| Osteotech, Inc. | * | | | 1,499 | | | | 10,793 | |
| Owens & Minor, Inc. | | 2,163 | | | | 75,575 | |
| OYO Geospace Corporation | * | | | 550 | | | | 40,805 | |
| PSS World Medical, Inc. | * | | | 3,574 | | | | 65,118 | |
| Palomar Medical Technologies, Inc. | *† | | | 1,117 | | | | 38,771 | |
| PolyMedica Corporation | | 1,350 | | | | 55,148 | |
| Q-Med, Inc. | * | | | 1,635 | | | | 6,377 | |
| Resmed, Inc. | * | | | 4,224 | | | | 174,282 | |
| Respironics, Inc. | * | | | 4,002 | | | | 170,445 | |
| Rochester Medical Corp. | | 870 | | | | 13,067 | |
| Rofin-Sinar Technologies, Inc. | * | | | 880 | | | | 60,720 | |
| Sirona Dental Systems, Inc. | | 1,040 | | | | 39,343 | |
| Somanetics Corporation | * | | | 1,572 | | | | 28,783 | |
| SonoSite, Inc. | * | | | 930 | | | | 29,230 | |
| Spectranetics Corporation | *† | | | 3,376 | | | | 38,892 | |
| Staar Surgical Company | * | | | 2,688 | | | | 10,268 | |
| Steris Corporation | | 4,157 | | | | 127,204 | |
| Synovis Life Technologies, Inc. | * | | | 957 | | | | 13,781 | |
| Techne Corporation | * | | | 2,057 | | | | 117,681 | |
| Theragenics Corporation | * | | | 5,822 | | | | 24,278 | |
| Thoratec Corporation | *† | | | 3,337 | | | | 61,367 | |
| Urologix, Inc. | * | | | 1,050 | | | | 2,342 | |
| Varian, Inc. | * | | | 1,744 | | | | 95,624 | |
| Ventana Medical Systems, Inc. | * | | | 1,826 | | | | 141,095 | |
| Vital Signs, Inc. | | 635 | | | | 35,274 | |
| Vivus, Inc. | * | | | 4,800 | | | | 25,104 | |
| Wright Medical Group, Inc. | * | | | 2,180 | | | | 52,582 | |
| Young Innovations, Inc. | | 677 | | | | 19,755 | |
| Zoll Medical Corporation | * | | | 1,232 | | | | 27,486 | |
| Zygo Corporation | * | | | 967 | | | | 13,818 | |
| | | 6,267,780 | |
Metals—2.3% | | | |
| AK Steel Holding Corporation | * | | | 5,909 | | | | 220,819 | |
| Ameron International Corporation | | 543 | | | | 48,973 | |
| Aptargroup, Inc. | † | | | 3,710 | | | | 131,928 | |
| Brush Engineered Materials, Inc. | *† | | | 1,122 | | | | 47,113 | |
| Carpenter Technology Corporation | | 1,542 | | | | 200,938 | |
| Century Aluminum Company | *† | | | 1,385 | | | | 75,663 | |
| Chaparral Steel Company | | 2,532 | | | | 181,975 | |
| Circor International, Inc. | | 711 | | | | 28,746 | |
| Cleveland-Cliffs, Inc. | † | | | 2,200 | | | | 170,874 | |
| Commercial Metals Company | | 6,540 | | | | 220,856 | |
| Commercial Vehicle Group, Inc. | * | | | 1,280 | | | | 23,846 | |
| Commscope, Inc. | * | | | 3,323 | | | | 193,897 | |
| Couer D’alene Mines Corporation | *† | | | 14,006 | | | | 50,282 | |
| Crane Company | | 2,830 | | | | 128,624 | |
| Encore Wire Corporation | † | | | 810 | | | | 23,846 | |
| General Cable Corporation | * | | | 2,952 | | | | 223,614 | |
| Gibraltar Industries, Inc. | | 1,868 | | | | 41,376 | |
| Griffon Corporation | * | | | 1,288 | | | | 28,053 | |
| Hecla Mining Company | * | | | 8,305 | | | | 70,925 | |
| Hubbell, Inc. Class B | | 2,939 | | | | 159,353 | |
| Insteel Industries, Inc. | | 1,400 | | | | 25,200 | |
| Kaiser Aluminum Corporation | * | | | 1,080 | | | | 78,710 | |
| Ladish Company, Inc. | * | | | 970 | | | | 41,710 | |
| Material Sciences Corporation | * | | | 780 | | | | 9,196 | |
| Matthews International Corporation Class A | | 1,783 | | | $ | 77,757 | |
| MAXXAM, Inc. | * | | | 857 | | | | 24,103 | |
| Meridian Gold, Inc. (Canada) | * | | | 6,110 | | | | 168,514 | |
| Mueller Industries, Inc. | | 2,172 | | | | 74,804 | |
| Mueller Water Products, Inc. Class A | † | | | 3,770 | | | | 64,316 | |
Mueller Water Products, Inc.
Class B | | 4,149 | | | | 62,235 | |
| NCI Building Systems, Inc. | *† | | | 1,232 | | | | 60,775 | |
| Northwest Pipe Company | | 630 | | | | 22,409 | |
| Olympic Steel, Inc. | | 630 | | | | 18,056 | |
| Optical Cable Corporation | * | | | 241 | | | | 1,239 | |
| Quanex Corporation | | 2,061 | | | | 100,371 | |
| Reliance Steel & Aluminum Company | † | | | 3,368 | | | | 189,484 | |
| Royal Gold, Inc. | | 1,854 | | | | 44,070 | |
| RTI International Metals, Inc. | * | | | 1,370 | | | | 103,257 | |
| Ryerson Inc. | † | | �� | 1,471 | | | | 55,383 | |
| Schnitzer Steel Industries, Inc. Class A | | 1,484 | | | | 71,143 | |
| Shiloh Industries, Inc. | | 1,441 | | | | 17,551 | |
| Simpson Manufacturing Company, Inc. | † | | | 2,036 | | | | 68,695 | |
| Southern Copper Corporation | † | | | 4,204 | | | | 396,269 | |
| Steel Dynamics, Inc. | | 5,382 | | | | 225,560 | |
| Stillwater Mining Company | * | | | 2,228 | | | | 24,530 | |
| Sturm, Ruger & Company, Inc. | * | | | 2,146 | | | | 33,306 | |
| Superior Telecom, Inc. | *‡d | | | 2,014 | | | | — | |
| Taser International, Inc. | *† | | | 4,142 | | | | 57,822 | |
| Texas Industries, Inc. | † | | | 1,446 | | | | 113,381 | |
| Titanium Metals Corporation | * | | | 7,943 | | | | 253,382 | |
| Tredegar Corporation | | 1,607 | | | | 34,229 | |
| Universal Stainless & Alloy Products, Inc. | | 500 | | | | 17,615 | |
| Valmont Industries, Inc. | | 1,162 | | | | 84,547 | |
| Watts Water Technologies, Inc. Class A | † | | | 1,646 | | | | 61,676 | |
| Wheeling-Pittsburgh Corporation | * | | | 860 | | | | 16,366 | |
| Worthington Industries, Inc. | | 4,120 | | | | 89,198 | |
| | | 5,058,560 | |
Oil & Gas—8.5% | | | |
| Abraxas Petroleum Corporation | * | | | 2,400 | | | | 10,776 | |
| Adams Resources & Energy, Inc. | | 1,462 | | | | 43,626 | |
| AGL Resources, Inc. | | 4,296 | | | | 173,902 | |
| Apco Argentina, Inc. (Cayman Islands) | | 622 | | | | 52,814 | |
| Arena Resources, Inc. | * | | | 1,140 | | | | 66,245 | |
| Atlas America, Inc. | * | | | 1,882 | | | | 101,120 | |
| Atmos Energy Corporation | | 5,352 | | | | 160,881 | |
| ATP Oil & Gas Corporation | * | | | 1,355 | | | | 65,907 | |
| Atwood Oceanics, Inc. | * | | | 1,662 | | | | 114,046 | |
| Aurora Oil & Gas Corporation | * | | | 12,100 | | | | 25,773 | |
| Basic Energy Services, Inc. | *† | | | 1,420 | | | | 36,309 | |
| Berry Petroleum Company Class A | | 2,362 | | | | 89,000 | |
| Bill Barrett Corporation | *† | | | 1,570 | | | | 57,823 | |
| Blue Dolphin Energy Company | *† | | | 3,650 | | | | 10,950 | |
| Boardwalk Pipeline Partners, LP | † | | | 2,501 | | | | 88,735 | |
| BP Prudhoe Bay Royalty Trust | † | | | 1,205 | | | | 86,953 | |
| Buckeye Partners, LP | | 2,228 | | | | 114,341 | |
| Cabot Oil & Gas Corporation | | 5,370 | | | | 198,046 | |
| Callon Petroleum Company | * | | | 3,060 | | | | 43,360 | |
| Cano Petroleum, Inc. | *† | | | 2,030 | | | | 12,180 | |
| Carrizo Oil & Gas, Inc. | * | | | 1,600 | | | | 66,352 | |
| Cascade Natural Gas Corporation | | 1,459 | | | | 38,532 | |
| Cheniere Energy, Inc. | *† | | | 2,680 | | | | 103,957 | |
| Chesapeake Utilities Corporation | | 1,039 | | | | 35,596 | |
|
See accompanying notes to financial statements.
205
SCHEDULE OF INVESTMENTS—(Continued)
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| Cimarex Energy Company | | 4,625 | | | $ | 182,271 | |
| Clayton Williams Energy, Inc. | * | | | 550 | | | | 14,559 | |
| CNX Gas Corporation | *† | | | 1,450 | | | | 44,370 | |
| Complete Production Services, Inc. | * | | | 2,350 | | | | 60,748 | |
| Comstock Resources, Inc. | * | | | 2,330 | | | | 69,830 | |
| Contango Oil & Gas Company | * | | | 1,270 | | | | 46,088 | |
| Copano Energy LLC | | 1,748 | | | | 74,587 | |
| CREDO Petroleum Corporation | *† | | | 700 | | | | 9,310 | |
| Cross Timbers Royalty Trust | † | | | 833 | | | | 35,419 | |
| Crosstex Energy, Inc. | † | | | 3,380 | | | | 97,107 | |
| Dawson Geophysical Company | * | | | 930 | | | | 57,158 | |
| DCP Midstream Partners, LP | | 630 | | | | 29,371 | |
| Delta Natural Gas Company, Inc. | | 380 | | | | 9,823 | |
| Delta Petroleum Corporation | *† | | | 2,809 | | | | 56,405 | |
| Denbury Resources, Inc. | * | | | 6,546 | | | | 245,475 | |
| Diamond Offshore Drilling, Inc. | | 3,674 | | | | 373,131 | |
| Dorchester Minerals, LP | | 1,880 | | | | 41,360 | |
| Edge Petroleum Corporation | *† | | | 1,670 | | | | 23,397 | |
| Electro-Sensors, Inc. | * | | | 2,581 | | | | 15,822 | |
| Enbridge Energy Partners, LP | | 2,867 | | | | 159,262 | |
| Encore Acquisition Company | *† | | | 2,537 | | | | 70,529 | |
| Energen Corporation | | 3,704 | | | | 203,498 | |
| Energy Partners Ltd. | * | | | 1,667 | | | | 27,822 | |
| Energy Transfer Equity, LP | | 7,157 | | | | 304,101 | |
| Energy Transfer Partners, LP | | 4,929 | | | | 304,267 | |
| EnergySouth, Inc. | | 520 | | | | 26,520 | |
| Enterprise Products Partners, LP | † | | | 15,200 | | | | 483,512 | |
| Equitable Resources, Inc. | | 6,474 | | | | 320,851 | |
| EXCO Resources, Inc. | * | | | 5,400 | | | | 94,176 | |
| Forest Oil Corporation | *† | | | 4,320 | | | | 182,563 | |
| Frontier Oil Corporation | | 6,386 | | | | 279,515 | |
| FX Energy, Inc. | * | | | 2,797 | | | | 25,593 | |
| Global Industries Ltd. | * | | | 4,499 | | | | 120,663 | |
| GlobalSantaFe Corporation | | 13,017 | | | | 940,478 | |
| Grey Wolf, Inc. | *† | | | 10,142 | | | | 83,570 | |
| Hanover Compressor Company | *† | | | 5,137 | | | | 122,517 | |
| Harvest Natural Resources, Inc. | * | | | 3,340 | | | | 39,779 | |
| Headwaters, Inc. | *† | | | 2,476 | | | | 42,761 | |
| Helix Energy Solutions Group, Inc. | *† | | | 4,903 | | | | 195,679 | |
| Helmerich & Payne, Inc. | | 5,526 | | | | 195,731 | |
| Hercules Offshore, Inc. | *† | | | 2,180 | | | | 70,588 | |
| Holly Corporation | | 2,856 | | | | 211,887 | |
| Holly Energy Partners, LP | | 670 | | | | 34,103 | |
| Hugoton Royalty Trust | | 2,065 | | | | 52,100 | |
| Kinder Morgan Energy Partners, LP | † | | | 7,960 | | | | 439,312 | |
| Kinder Morgan Management LLC | * | | | 3,542 | | | | 183,830 | |
| Laclede Group, Inc. (The) | | 1,025 | | | | 32,677 | |
| Linn Energy LLC | † | | | 1,356 | | | | 44,626 | |
| Magellan Midstream Partners | | 3,920 | | | | 182,594 | |
| Mariner Energy, Inc. | * | | | 4,799 | | | | 116,376 | |
| Markwest Energy Partners, LP | | 1,960 | | | | 68,208 | |
| Markwest Hydrocarbon, Inc. | | 1,182 | | | | 67,882 | |
| McMoRan Exploration Company | * | | | 2,210 | | | | 30,940 | |
| MDU Resources Group, Inc. | | 9,309 | | | | 261,024 | |
| Meridian Resource Corporation | * | | | 11,330 | | | | 34,217 | |
| Metretek Technologies, Inc. | *† | | | 2,650 | | | | 40,916 | |
| National Fuel Gas Company | | 4,182 | | | | 181,122 | |
| New Jersey Resources Corporation | | 1,541 | | | | 78,622 | |
| Newfield Exploration Company | * | | | 7,228 | | | | 329,235 | |
| Newpark Resources, Inc. | * | | | 6,294 | | | | 48,779 | |
| NGAS Resources, Inc. (Canada) | *† | | | 6,300 | | | | 50,400 | |
| Noble Energy, Inc. | | 9,678 | | | | 603,810 | |
| Northwest Natural Gas Company | | 1,634 | | | | 75,474 | |
| NuStar Energy, LP | | 2,110 | | | | 144,535 | |
| NuStar GP Holdings LLC | | 1,180 | | | $ | 45,147 | |
| Oceaneering International, Inc. | * | | | 2,932 | | | | 154,340 | |
| ONEOK Partners, LP | † | | | 2,505 | | | | 171,467 | |
| Oneok, Inc. | | 5,569 | | | | 280,733 | |
| Parallel Petroleum Corporation | * | | | 2,560 | | | | 56,064 | |
| Parker Drilling Company | *† | | | 5,736 | | | | 60,457 | |
| Patterson-UTI Energy, Inc. | | 9,257 | | | | 242,626 | |
| Penn Virginia Corporation | | 2,000 | | | | 80,400 | |
| Petrohawk Energy Corporation | * | | | 9,726 | | | | 154,254 | |
| Petroleum Development Corporation | * | | | 1,030 | | | | 48,904 | |
| Petroquest Energy, Inc. | * | | | 3,600 | | | | 52,344 | |
| Piedmont Natural Gas Company | † | | | 4,232 | | | | 104,319 | |
| Pioneer Drilling Company | * | | | 2,930 | | | | 43,686 | |
Pioneer Natural Resources
Company | | 6,683 | | | | 325,529 | |
| Plains All American Pipeline, LP | | 4,277 | | | | 272,231 | |
| Plains Exploration & Production Company | * | | | 4,247 | | | | 203,049 | |
| Pogo Producing Company | † | | | 2,978 | | | | 151,253 | |
| Pride International, Inc. | * | | | 9,217 | | | | 345,269 | |
| Quest Resource Corporation | * | | | 5,130 | | | | 59,918 | |
| Quicksilver Resources, Inc. | *† | | | 2,850 | | | | 127,053 | |
| Range Resources Corporation | | 7,840 | | | | 293,294 | |
| Resource America, Inc. Class A | | 1,547 | | | | 31,884 | |
| Rosetta Resources, Inc. | * | | | 2,500 | | | | 53,850 | |
| RPC, Inc. | | 2,280 | | | | 38,851 | |
| SEACOR Holdings, Inc. | * | | | 1,334 | | | | 124,542 | |
| SEMCO Energy, Inc. | * | | | 3,180 | | | | 24,709 | |
| South Jersey Industries, Inc. | | 1,794 | | | | 63,472 | |
| Southern Union Company | | 6,540 | | | | 213,139 | |
| Southwest Gas Corporation | | 3,043 | | | | 102,884 | |
| Southwestern Energy Company | * | | | 9,446 | | | | 420,347 | |
| St. Mary Land & Exploration Company | | 2,954 | | | | 108,175 | |
| Stone Energy Corporation | * | | | 1,249 | | | | 42,791 | |
| Sulphco, Inc. | *† | | | 8,130 | | | | 29,349 | |
| Sunoco Logistics Partners, LP | † | | | 970 | | | | 58,278 | |
| Superior Energy Services, Inc. | * | | | 4,830 | | | | 192,814 | |
| Swift Energy Company | *† | | | 1,642 | | | | 70,212 | |
| Syntroleum Corporation | *† | | | 9,066 | | | | 25,022 | |
| TC Pipelines, LP | | 800 | | | | 31,544 | |
| Teppco Partners, LP | | 4,240 | | | | 188,086 | |
| Tesoro Petroleum Corporation | | 7,806 | | | | 446,113 | |
| Tetra Technologies, Inc. | * | | | 4,342 | | | | 122,444 | |
| Tidewater, Inc. | † | | | 3,261 | | | | 231,140 | |
| Todco | * | | | 3,353 | | | | 158,295 | |
| Toreador Resources Corporation | *† | | | 2,250 | | | | 33,750 | |
| Transmeridian Exploration, Inc. | *† | | | 12,000 | | | | 21,120 | |
| Trico Marine Services, Inc. | *† | | | 600 | | | | 24,528 | |
| Tri-Valley Corporation | *† | | | 2,100 | | | | 16,590 | |
| TXCO Resources, Inc. | | 3,031 | | | | 31,159 | |
| UGI Corporation | | 5,800 | | | | 158,224 | |
| Ultra Petroleum Corporation | * | | | 8,294 | | | | 458,161 | |
| Unit Corporation | * | �� | | 2,763 | | | | 173,820 | |
| VAALCO Energy, Inc. | * | | | 3,610 | | | | 17,436 | |
| Vectren Corporation | | 3,776 | | | | 101,688 | |
| W&T Offshore, Inc. | | 1,400 | | | | 39,186 | |
| Warren Resources, Inc. | *† | | | 3,440 | | | | 40,179 | |
| Wd-40 Company | | 950 | | | | 31,227 | |
| Western Refining, Inc. | | 2,380 | | | | 137,564 | |
| WGL Holdings, Inc. | | 2,886 | | | | 94,199 | |
| W-H Energy Services, Inc. | * | | | 1,748 | | | | 108,219 | |
| Whiting Petroleum Corporation | * | | | 2,153 | | | | 87,240 | |
| Williams Partners, LP | | 1,272 | | | | 61,412 | |
| | | 18,576,079 | |
|
See accompanying notes to financial statements.
206
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Pharmaceuticals—5.1% | | | |
| Aastrom Biosciences, Inc. | * | | | 3,290 | | | $ | 4,409 | |
| Abraxis BioScience, Inc. | | 1,744 | | | | 38,769 | |
| Accelrys, Inc. | * | | | 3,326 | | | | 20,921 | |
| Adams Respiratory Therapeutics, Inc. | *† | | | 1,820 | | | | 71,690 | |
| Adolor Corporation | *† | | | 2,738 | | | | 10,158 | |
| Advanced Magnetics, Inc. | * | | | 680 | | | | 39,549 | |
| Affymetrix, Inc. | *† | | | 3,535 | | | | 87,986 | |
| Albany Molecular Research, Inc. | * | | | 1,371 | | | | 20,359 | |
| Alexion Pharmaceuticals, Inc. | * | | | 2,228 | | | | 100,394 | |
| Alfacell Corporation | *† | | | 2,756 | | | | 6,862 | |
| Alkermes, Inc. | * | | | 5,949 | | | | 86,855 | |
| Allscripts Healthcare Solutions, Inc. | *† | | | 2,300 | | | | 58,604 | |
| Alpharma, Inc. Class A | | 2,513 | | | | 65,363 | |
| Alseres Pharmaceuticals, Inc. | † | | | 724 | | | | 2,223 | |
| Amylin Pharmaceuticals, Inc. | *† | | | 6,868 | | | | 282,687 | |
| Anesiva, Inc. | * | | | 1,779 | | | | 10,941 | |
| Antigenics, Inc. | *† | | | 1,707 | | | | 4,882 | |
| Applera Corporation—Celera Group | * | | | 4,519 | | | | 56,036 | |
| Arena Pharmaceuticals, Inc. | *† | | | 4,029 | | | | 44,279 | |
| Ariad Pharmaceuticals, Inc. | *† | | | 5,713 | | | | 31,364 | |
| ArQule, Inc. | *† | | | 4,724 | | | | 33,304 | |
| Array BioPharma, Inc. | * | | | 4,170 | | | | 48,664 | |
| Atherogenics, Inc. | *† | | | 2,914 | | | | 6,236 | |
| AVANIR Pharmaceuticals Class A | * | | | 9,525 | | | | 22,765 | |
| Avant Immunotherapeutics, Inc. | * | | | 6,670 | | | | 5,536 | |
| AVI BioPharma, Inc. | *† | | | 7,700 | | | | 21,560 | |
| Bare Escentuals, Inc. | *† | | | 2,302 | | | | 78,613 | |
| Bentley Pharmaceuticals, Inc. | * | | | 2,011 | | | | 24,414 | |
| BioCryst Pharmaceuticals, Inc. | *† | | | 1,300 | | | | 10,049 | |
| Bioenvision, Inc. | * | | | 6,140 | | | | 35,489 | |
| BioMarin Pharmaceuticals, Inc. | *† | | | 5,500 | | | | 98,670 | |
| BioScrip, Inc. | * | | | 3,476 | | | | 16,685 | |
| Bradley Pharmaceuticals, Inc. | *† | | | 1,581 | | | | 34,324 | |
| Cambrex Corporation | | 2,958 | | | | 39,253 | |
| Cell Genesys, Inc. | *† | | | 4,053 | | | | 13,578 | |
| Cell Therapeutics, Inc. | † | | | 797 | | | | 2,431 | |
| Cephalon, Inc. | *† | | | 3,528 | | | | 283,616 | |
| Charles River Laboratories International, Inc. | * | | | 3,766 | | | | 194,401 | |
| Ciphergen Biosystems, Inc. | * | | | 1,500 | | | | 1,455 | |
| Collagenex Pharmaceuticals, Inc. | * | | | 1,558 | | | | 19,319 | |
| Columbia Laboratories, Inc. | * | | | 5,940 | | | | 14,315 | |
| Cubist Pharmaceuticals, Inc. | *† | | | 3,073 | | | | 60,569 | |
| CuraGen Corporation | * | | | 6,958 | | | | 13,707 | |
| CV Therapeutics, Inc. | *† | | | 2,624 | | | | 34,663 | |
| Cypress Bioscience, Inc. | * | | | 4,031 | | | | 53,451 | |
| Cytogen Corporation | * | | | 2,255 | | | | 4,397 | |
| CytRx Corporation | *† | | | 4,200 | | | | 13,104 | |
| DataTRAK International, Inc. | * | | | 1,359 | | | | 6,224 | |
| Dendreon Corporation | *† | | | 7,889 | | | | 55,854 | |
| Digene Corporation | *† | | | 1,536 | | | | 92,237 | |
| Discovery Laboratories, Inc. | *† | | | 10,296 | | | | 29,138 | |
| Durect Corporation | * | | | 7,330 | | | | 28,221 | |
| Dyax Corporation | * | | | 3,200 | | | | 13,408 | |
| Emisphere Technologies, Inc. | * | | | 3,412 | | | | 16,514 | |
| Encysive Pharmaceuticals, Inc. | *† | | | 9,599 | | | | 17,086 | |
| Endo Pharmaceuticals Holdings, Inc. | * | | | 7,176 | | | | 245,634 | |
| EntreMed, Inc. | * | | | 1,390 | | | | 2,127 | |
| EpiCept Corporation | *† | | | 481 | | | | 1,034 | |
| EPIX Pharmaceuticals, Inc. | *† | | | 3,320 | | | | 18,625 | |
| Exact Sciences Corporation | * | | | 1,250 | | | | 3,613 | |
| Exelixis, Inc. | * | | | 6,955 | | | $ | 84,156 | |
| Genaera Corporation | | 797 | | | | 2,295 | |
| Gene Logic, Inc. | * | | | 950 | | | | 1,311 | |
| Genelabs Technologies | *† | | | 721 | | | | 1,694 | |
| Genentech, Inc. | * | | | 25,978 | | | | 1,965,495 | |
| Genitope Corporation | *† | | | 2,890 | | | | 11,155 | |
| Gen-Probe, Inc. | * | | | 3,040 | | | | 183,677 | |
| Geron Corporation | *† | | | 5,440 | | | | 38,298 | |
| GTC Biotherapeutics, Inc. | * | | | 3,988 | | | | 4,626 | |
| GTx, Inc. | * | | | 1,710 | | | | 27,685 | |
| Hana Biosciences, Inc. | *† | | | 3,510 | | | | 5,792 | |
| Hemispherx Biopharma, Inc. | *† | | | 4,821 | | | | 6,364 | |
| Henry Schein, Inc. | *† | | | 5,282 | | | | 282,217 | |
| Herbalife Ltd. (Cayman Islands) | * | | | 2,390 | | | | 94,764 | |
| Heska Corporation | * | | | 4,463 | | | | 10,399 | |
| Hi-Tech Pharmacal Company, Inc. | * | | | 2,404 | | | | 28,704 | |
| Hollis-Eden Pharmaceuticals | * | | | 3,834 | | | | 7,821 | |
| Human Genome Sciences, Inc. | *† | | | 6,428 | | | | 57,338 | |
| Idexx Laboratories, Inc. | * | | | 1,819 | | | | 172,132 | |
| Idenix Pharmaceuticals, Inc. | * | | | 3,110 | | | | 18,349 | |
| ImClone Systems, Inc. | * | | | 3,274 | | | | 115,769 | |
| Immtech Pharmaceuticals Inc. | *† | | | 3,841 | | | | 31,074 | |
| Immucor, Inc. | * | | | 3,883 | | | | 108,608 | |
| ImmunoGen, Inc. | * | | | 1,903 | | | | 10,562 | |
| Incyte Corporation | *† | | | 4,623 | | | | 27,738 | |
| Indevus Pharmaceuticals, Inc. | *† | | | 3,237 | | | | 21,785 | |
| Inspire Pharmaceuticals, Inc. | *† | | | 4,570 | | | | 28,882 | |
| InterMune, Inc. | *† | | | 1,586 | | | | 41,141 | |
| Introgen Therapeutics, Inc. | *† | | | 2,150 | | | | 7,740 | |
| Inverness Medical Innovations, Inc. | * | | | 2,491 | | | | 127,091 | |
| Invitrogen Corporation | * | | | 2,852 | | | | 210,335 | |
| Isis Pharmaceuticals, Inc. | *† | | | 4,346 | | | | 42,069 | |
| Kendle International, Inc. | * | | | 790 | | | | 29,048 | |
| Keryx Biopharmaceuticals, Inc. | * | | | 3,220 | | | | 31,459 | |
| Kosan Biosciences, Inc. | * | | | 2,000 | | | | 10,440 | |
| KV Pharmaceutical Company Class A | * | | | 2,180 | | | | 59,383 | |
| Lexicon Pharmaceuticals, Inc. | * | | | 7,724 | | | | 24,794 | |
| LifeCell Corporation | * | | | 1,850 | | | | 56,499 | |
| Lifecore Biomedical, Inc. | * | | | 1,730 | | | | 27,455 | |
| Luminex Corporation | *† | | | 1,355 | | | | 16,680 | |
| Mannatech, Inc. | † | | | 690 | | | | 10,964 | |
| MannKind Corporation | *† | | | 3,420 | | | | 42,169 | |
| Martek Biosciences Corporation | * | | | 1,769 | | | | 45,941 | |
| Maxygen, Inc. | * | | | 2,991 | | | | 25,633 | |
| Medarex, Inc. | *† | | | 6,332 | | | | 90,484 | |
| Medicines Company | * | | | 2,718 | | | | 47,891 | |
| Medicis Pharmaceutical Corporation Class A | † | | | 2,862 | | | | 87,405 | |
| Medifast, Inc. | *† | | | 2,284 | | | | 20,442 | |
| Meridian Bioscience, Inc. | | 2,700 | | | | 58,482 | |
| MGI Pharma, Inc. | * | | | 4,974 | | | | 111,268 | |
| Millennium Pharmaceuticals, Inc. | * | | | 17,936 | | | | 189,584 | |
| Monogram Biosciences, Inc. | * | | | 9,010 | | | | 15,227 | |
| Myriad Genetics, Inc. | *† | | | 2,461 | | | | 91,525 | |
| Nabi Biopharmaceuticals | * | | | 6,806 | | | | 31,308 | |
| Nastech Pharmaceutical Company, Inc. | *† | | | 3,350 | | | | 36,549 | |
| Natrol, Inc. | * | | | 1,145 | | | | 3,847 | |
| NBTY, Inc. | * | | | 3,365 | | | | 145,368 | |
| Nektar Therapeutics | *† | | | 4,738 | | | | 44,964 | |
| NeoPharm, Inc. | * | | | 965 | | | | 1,110 | |
| Neose Technologies, Inc. | * | | | 5,705 | | | | 14,091 | |
| Neurobiological Technologies | * | | | 3,137 | | | | 5,552 | |
| Neurocrine Biosciences, Inc. | *† | | | 2,039 | | | | 22,898 | |
| Neurogen Corporation | * | | | 1,873 | | | | 12,437 | |
| NitroMed, Inc. | *† | | | 2,250 | | | | 4,950 | |
| Northfield Laboratories, Inc. | *† | | | 1,890 | | | | 2,684 | |
|
See accompanying notes to financial statements.
207
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| Novavax, Inc. | *† | | | 4,170 | | | $ | 12,093 | |
| Noven Pharmaceuticals, Inc. | * | | | 1,350 | | | | 31,658 | |
| NPS Pharmaceuticals, Inc. | * | | | 3,900 | | | | 16,146 | |
| Nu Skin Enterprises, Inc. Class A | | 3,019 | | | | 49,814 | |
| Nuvelo, Inc. | * | | | 8,720 | | | | 23,718 | |
| Omnicare, Inc. | | 6,437 | | | | 232,118 | |
| Onyx Pharmaceuticals, Inc. | *† | | | 2,885 | | | | 77,607 | |
| OraSure Technologies, Inc. | * | | | 4,328 | | | | 35,403 | |
| Oscient Pharmaceuticals Corporation | *† | | | 4,064 | | | | 18,572 | |
| OSI Pharmaceuticals, Inc. | *† | | | 3,581 | | | | 129,668 | |
| Pain Therapeutics, Inc. | * | | | 3,499 | | | | 30,476 | |
| Palatin Technologies, Inc. | * | | | 2,104 | | | | 4,166 | |
| Panacos Pharmaceuticals, Inc. | * | | | 2,667 | | | | 8,614 | |
| Par Pharmaceutical Companies, Inc. | * | | | 1,702 | | | | 48,047 | |
| Parexel International Corporation | * | | | 1,844 | | | | 77,559 | |
| PDL BioPharma, Inc. | * | | | 6,371 | | | | 148,444 | |
| Penwest Pharmaceuticals Company | *† | | | 5,730 | | | | 71,453 | |
| Peregrine Pharmaceuticals, Inc. | *† | | | 9,115 | | | | 7,019 | |
| Perrigo Company | | 5,083 | | | | 99,525 | |
| Pharmaceutical Product Development, Inc. | | 5,649 | | | | 216,187 | |
| Pharmacopeia Inc. | * | | | 4,683 | | | | 25,991 | |
| Pharmacyclics, Inc. | * | | | 1,701 | | | | 4,627 | |
| PharmaNet Development Group, Inc. | * | | | 1,036 | | | | 33,028 | |
| Pharmion Corporation | *† | | | 1,640 | | | | 47,478 | |
| Poniard Pharmaceuticals, Inc. | * | | | 3,696 | | | | 25,133 | |
| Pozen, Inc. | * | | | 1,922 | | | | 34,731 | |
| Prestige Brands Holdings, Inc. | * | | | 2,900 | | | | 37,642 | |
| Progenics Pharmeceuticals, Inc. | * | | | 1,383 | | | | 29,831 | |
| Quidel Corporation | * | | | 2,820 | | | | 49,519 | |
| Ramtron International Corporation | * | | | 1,920 | | | | 6,144 | |
| Regeneration Technologies, Inc. | * | | | 3,227 | | | | 36,304 | |
| Regeneron Pharmaceuticals, Inc. | * | | | 3,602 | | | | 64,548 | |
| Renovis, Inc. | * | | | 1,580 | | | | 5,688 | |
| Rentech, Inc. | * | | | 14,020 | | | | 36,312 | |
| Rigel Pharmaceuticals, Inc. | * | | | 2,990 | | | | 26,641 | |
| Salix Pharmaceuticals Ltd. | * | | | 2,346 | | | | 28,856 | |
| Savient Pharmaceuticals, Inc. | * | | | 4,700 | | | | 58,374 | |
| Sciclone Pharmaceuticals, Inc. | * | | | 4,800 | | | | 11,760 | |
| Sciele Pharma, Inc. | *† | | | 1,614 | | | | 38,026 | |
| SCOLR Pharma, Inc. | *† | | | 2,400 | | | | 5,304 | |
| Senomyx, Inc. | *† | | | 2,620 | | | | 35,370 | |
| Sepracor, Inc. | * | | | 6,136 | | | | 251,699 | |
| Sequenom, Inc. | *† | | | 3,594 | | | | 16,245 | |
| SIGA Technologies, Inc. | * | | | 4,650 | | | | 15,299 | |
| StemCells, Inc. | *† | | | 3,500 | | | | 8,085 | |
| SuperGen, Inc. | * | | | 3,719 | | | | 20,678 | |
| Symyx Technologies, Inc. | *† | | | 1,965 | | | | 22,617 | |
| Tanox, Inc. | *† | | | 1,721 | | | | 33,405 | |
| Targeted Genetics Corporation | *† | | | 3,456 | | | | 9,400 | |
| Telik, Inc. | *† | | | 6,069 | | | | 20,513 | |
| Theravance, Inc. | * | | | 3,130 | | | | 100,160 | |
| Third Wave Technologies, Inc. | * | | | 5,437 | | | | 31,806 | |
| Titan Pharmaceuticals, Inc. | * | | | 4,244 | | | | 9,209 | |
| TorreyPines Therapeutics, Inc. | * | | | 347 | | | | 2,408 | |
| Trimeris, Inc. | * | | | 4,014 | | | | 27,456 | |
| United Therapeutics Corporation | *† | | | 1,264 | | | | 80,593 | |
| USANA Health Sciences, Inc. | *† | | | 743 | | | | 33,242 | |
Valeant Pharmaceuticals
International | | 4,744 | | | | 79,177 | |
| Vertex Pharmaceuticals, Inc. | * | | | 7,036 | | | | 200,948 | |
| Vion Pharmaceuticals, Inc. | *† | | | 4,504 | | | | 4,864 | |
| Viropharma, Inc. | * | | | 4,402 | | | $ | 60,748 | |
| Warner Chilcott Ltd. Class A (Bermuda) | * | | | 4,334 | | | | 78,402 | |
| XOMA Ltd. | * | | | 12,047 | | | | 36,623 | |
| Zymogenetics, Inc. | *† | | | 2,343 | | | | 34,231 | |
| | | 11,111,613 | |
Public Administration—0.1% | | | |
| Corrections Corporation of America | * | | | 3,355 | | | | 211,734 | |
| Geo Group, Inc. (The) | * | | | 2,456 | | | | 71,470 | |
| | | 283,204 | |
Real Estate—5.9% | | | |
| Acadia Realty Trust REIT | | 2,059 | | | | 53,431 | |
| Affordable Residential Communities | *† | | | 3,923 | | | | 46,370 | |
| Agree Realty Corporation REIT | | 1,045 | | | | 32,656 | |
| Alexander’s, Inc. REIT | *† | | | 119 | | | | 48,106 | |
Alexandria Real Estate
Equities, Inc. REIT | | 1,563 | | | | 151,330 | |
| AMB Property Corporation REIT | | 5,651 | | | | 300,746 | |
| American Campus Communities, Inc. REIT | | 1,200 | | | | 33,948 | |
| American Financial Realty Trust REIT | | 6,305 | | | | 65,068 | |
| American Home Mortgage Investment Corporation REIT | † | | | 2,607 | | | | 47,917 | |
| American Land Lease, Inc. REIT | | 729 | | | | 18,225 | |
| American Mortgage Acceptance Corporation REIT | | 1,732 | | | | 17,407 | |
| American Real Estate Partners, LP | | 533 | | | | 54,227 | |
| Annaly Capital Management Inc. | † | | | 14,525 | | | | 209,451 | |
| Anthracite Capital, Inc. REIT | † | | | 3,940 | | | | 46,098 | |
| Anworth Mortgage Asset Corporation REIT | | 3,855 | | | | 34,888 | |
| Arbor Realty Trust, Inc. REIT | | 1,450 | | | | 37,425 | |
| Arizona Land Income Corporation REIT Class A | † | | | 1,050 | | | | 9,083 | |
Ashford Hospitality Trust,
Inc. REIT | | 6,130 | | | | 72,089 | |
| Associated Estates Realty Corporation REIT | | 2,550 | | | | 39,755 | |
| BioMed Realty Trust, Inc. REIT | † | | | 4,010 | | | | 100,731 | |
| Brandywine Realty Trust REIT | † | | | 5,086 | | | | 145,358 | |
| BRE Properties Class A | † | | | 2,563 | | | | 151,960 | |
| Brookfield Properties Company (Canada) | | 11,730 | | | | 285,156 | |
| BRT Realty Trust REIT | | 916 | | | | 23,825 | |
| California Coastal Communities, Inc. | * | | | 1,028 | | | | 17,414 | |
| Camden Property Trust REIT | | 3,014 | | | | 201,848 | |
| Capital Alliance Income Trust Ltd. REIT | * | | | 799 | | | | 6,392 | |
| Capital Lease Funding, Inc. REIT | | 2,320 | | | | 24,940 | |
| Capital Trust Class A | | 923 | | | | 31,511 | |
| CapitalSource, Inc. | † | | | 7,471 | | | | 183,712 | |
Capstead Mortgage
Corporation REIT | | 3,102 | | | | 30,089 | |
| CBL & Associates Properties, Inc. REIT | | 3,838 | | | | 138,360 | |
Cedar Shopping Centers,
Inc. REIT | | 2,659 | | | | 38,157 | |
| Colonial Properties Trust REIT | † | | | 2,752 | | | | 100,310 | |
| Consolidated-Tomoka Land Company | | 530 | | | | 36,724 | |
| Corporate Office Properties Trust SBI MD REIT | | 2,320 | | | | 95,143 | |
| Cousins Properties, Inc. REIT | | 2,338 | | | | 67,825 | |
|
See accompanying notes to financial statements.
208
SCHEDULE OF INVESTMENTS—(Continued)
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| Crescent Real Estate EQT Company REIT | | 4,528 | | | $ | 101,608 | |
| DCT Industrial Trust, Inc. REIT | † | | | 10,500 | | | | 112,980 | |
| Deerfield Triarc Capital Corporation REIT | † | | | 1,990 | | | | 29,114 | |
| DiamondRock Hospitality Company REIT | | 4,800 | | | | 91,584 | |
| Digital Realty Trust, Inc. REIT | † | | | 2,650 | | | | 99,852 | |
| Douglas Emmett, Inc. REIT | | 5,670 | | | | 140,276 | |
| Duke Realty Corporation REIT | | 7,667 | | | | 273,482 | |
| Eagle Hospitality Properties Trust, Inc. REIT | | 1,200 | | | | 15,792 | |
| Eastgroup Properties, Inc. REIT | | 1,308 | | | | 57,317 | |
| Education Realty Trust, Inc. REIT | | 1,700 | | | | 23,851 | |
Entertainment Properties
Trust REIT | | 1,519 | | | | 81,692 | |
| Equity Inns, Inc. REIT | | 3,295 | | | | 73,808 | |
| Equity Lifestyle Properties, Inc. REIT | | 1,281 | | | | 66,855 | |
| Equity One, Inc. REIT | | 1,808 | | | | 46,194 | |
| Essex Property Trust, Inc. REIT | | 1,417 | | | | 164,797 | |
| Extra Space Storage, Inc. REIT | | 4,170 | | | | 68,805 | |
Federal Realty Investment
Trust REIT | | 2,881 | | | | 222,586 | |
| FelCor Lodging Trust, Inc. REIT | | 3,135 | | | | 81,604 | |
| Fieldstone Investment Corporation REIT | | 9,850 | | | | 35,854 | |
| First Industrial Realty Trust, Inc. REIT | † | | | 2,420 | | | | 93,799 | |
| First Potomac Realty Trust REIT | | 1,240 | | | | 28,880 | |
| Forest City Enterprises, Inc. Class A | | 4,118 | | | | 253,175 | |
| Franklin Street Properties Corporation REIT | | 3,670 | | | | 60,702 | |
| Friedman Billings Ramsey Group, Inc. Class A | † | | | 8,470 | | | | 46,246 | |
| Getty Realty Corporation REIT | | 1,418 | | | | 37,265 | |
| Glimcher Realty Trust REIT | | 2,205 | | | | 55,125 | |
| GMH Communities Trust REIT | | 2,460 | | | | 23,837 | |
| Grubb and Ellis Company | * | | | 2,553 | | | | 29,615 | |
| Health Care Property Investors, Inc. REIT | † | | | 11,094 | | | | 320,949 | |
| Health Care REIT, Inc. | † | | | 3,917 | | | | 158,090 | |
| Healthcare Realty Trust, Inc. REIT | † | | | 2,871 | | | | 79,756 | |
| Hersha Hospitality Trust REIT | | 3,010 | | | | 35,578 | |
| Highland Hospitality Corporation REIT | | 4,490 | | | | 86,208 | |
| Highwoods Properties, Inc. REIT | | 3,363 | | | | 126,113 | |
| HMG Courtland Properties REIT | * | | | 1,250 | | | | 15,250 | |
| Home Properties, Inc. REIT | † | | | 2,101 | | | | 109,105 | |
| HomeBanc Corporation REIT | † | | | 7,570 | | | | 9,614 | |
| Hospitality Properties Trust REIT | | 5,104 | | | | 211,765 | |
| HRPT Properties Trust REIT | | 10,403 | | | | 108,191 | |
| IMPAC Mortgage Holdings, Inc. REIT | † | | | 3,518 | | | | 16,218 | |
| Inland Real Estate Corporation REIT | † | | | 3,790 | | | | 64,354 | |
| Innkeepers USA Trust REIT | | 3,005 | | | | 53,279 | |
| iStar Financial, Inc. REIT | | 6,892 | | | | 305,522 | |
| JER Investors Trust, Inc. REIT | † | | | 2,190 | | | | 32,850 | |
| Jones Lang Lasalle, Inc. | | 1,961 | | | | 222,574 | |
| Kilroy Realty Corporation REIT | | 1,887 | | | | 133,675 | |
| Kite Realty Group Trust REIT | | 2,870 | | | | 54,587 | |
| KKR Financial Holdings LLC | | 4,560 | | | | 113,590 | |
| LaSalle Hotel Properties REIT | | 2,060 | | | | 89,445 | |
| Lexington Corporate Properties Trust REIT | † | | | 4,080 | | | | 84,864 | |
| Liberty Property Trust REIT | † | | | 5,062 | | | | 222,374 | |
| LTC Properties, Inc. REIT | | 1,460 | | | $ | 33,215 | |
| Luminent Mortgage Capital, Inc. REIT | † | | | 3,939 | | | | 39,745 | |
| Macerich Company (The) REIT | | 3,990 | | | | 328,856 | |
| Mack-Cali Realty Corporation REIT | | 3,578 | | | | 155,607 | |
| Maguire Properties, Inc. REIT | | 2,300 | | | | 78,959 | |
| MFA Mortgage Investments, Inc. REIT | | 4,880 | | | | 35,526 | |
| Mid-America Apartment Communities, Inc. REIT | | 1,300 | | | | 68,224 | |
| Mission West Properties REIT | | 1,418 | | | | 19,767 | |
| Monmouth Capital Corporation | | 2,974 | | | | 16,416 | |
| Monmouth Class A REIT | | 2,978 | | | | 25,879 | |
National Health Investors,
Inc. REIT | | 1,198 | | | | 38,001 | |
National Retail Properties,
Inc. REIT | | 3,137 | | | | 68,575 | |
| Nationwide Health Properties, Inc. REIT | † | | | 4,542 | | | | 123,542 | |
| Newcastle Investment Corporation REIT | | 2,675 | | | | 67,062 | |
| NorthStar Realty Finance Corporation REIT | † | | | 3,990 | | | | 49,915 | |
| Novastar Financial, Inc. REIT | † | | | 5,821 | | | | 40,631 | |
| Omega Healthcare Investors, Inc. REIT | | 3,330 | | | | 52,714 | |
| Opteum, Inc. Class A REIT | | 1,800 | | | | 4,896 | |
| Parkway Properties, Inc. REIT | † | | | 1,147 | | | | 55,090 | |
| Pennsylvania REIT | | 1,941 | | | | 86,045 | |
| PMC Commercial Trust REIT | | 2,035 | | | | 26,760 | |
| Post Properties, Inc. REIT | † | | | 2,448 | | | | 127,614 | |
| Potlatch Corporation | | 2,078 | | | | 89,458 | |
| PS Business Parks, Inc. REIT | | 1,123 | | | | 71,165 | |
| RAIT Financial Trust | | 3,172 | | | | 82,535 | |
| Ramco-Gershenson Properties REIT | | 1,412 | | | | 50,733 | |
| Rayonier, Inc. REIT | | 3,937 | | | | 177,716 | |
| Realty Income Corporation REIT | † | | | 5,830 | | | | 146,858 | |
| Redwood Trust, Inc. REIT | † | | | 1,229 | | | | 59,459 | |
| Regency Centers Corporation REIT | | 3,896 | | | | 274,668 | |
| Republic Property Trust REIT | | 1,350 | | | | 16,538 | |
| Resource Capital Corporation | | 1,200 | | | | 16,776 | |
| Saul Centers, Inc. REIT | | 882 | | | | 39,999 | |
| Senior Housing Properties Trust REIT | | 4,186 | | | | 85,185 | |
| SL Green Realty Corporation REIT | | 3,177 | | | | 393,599 | |
| Sovran Self Storage, Inc. REIT | | 1,179 | | | | 56,781 | |
| Spirit Finance Corporation REIT | | 6,090 | | | | 88,670 | |
| St. Joe Company (The) | † | | | 4,047 | | | | 187,538 | |
| Stewart Enterprises, Inc. Class A | † | | | 6,846 | | | | 53,330 | |
| Strategic Hotels & Resorts Inc. | † | | | 4,710 | | | | 105,928 | |
| Sun Communities, Inc. REIT | | 1,061 | | | | 31,586 | |
| Sunstone Hotel Investors, Inc. REIT | † | | | 2,677 | | | | 76,000 | |
Tanger Factory Outlet
Centers REIT | | 2,180 | | | | 81,641 | |
| Taubman Centers, Inc. REIT | | 2,904 | | | | 144,067 | |
| Thornburg Mortgage, Inc. REIT | † | | | 6,449 | | | | 168,835 | |
| UDR, Inc. REIT | | 7,244 | | | | 190,517 | |
| Universal Health Realty Income REIT | | 617 | | | | 20,546 | |
| Urstadt Biddle Properties, Inc. REIT Class A | | 1,030 | | | | 17,520 | |
| U-Store-It Trust REIT | | 3,040 | | | | 49,826 | |
| Ventas, Inc. REIT | | 5,854 | | | | 212,208 | |
| W.P. Carey & Company LLC | | 1,593 | | | | 50,100 | |
| Washington REIT | † | | | 2,885 | | | | 98,090 | |
| Weingarten Realty Investors REIT | | 4,314 | | | | 177,305 | |
| Winston Hotels, Inc. REIT | | 2,884 | | | | 43,260 | |
| | | 12,969,797 | |
|
See accompanying notes to financial statements.
209
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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COMMON STOCKS—(Continued) |
Restaurants—0.9% | | | |
| AFC Enterprises, Inc. | * | | | 2,170 | | | $ | 37,519 | |
| Applebee’s International, Inc. | | 4,405 | | | | 106,161 | |
| Back Yard Burgers, Inc. | * | | | 1,698 | | | | 10,765 | |
| Benihana, Inc. | | 340 | | | | 6,824 | |
| Benihana, Inc. Class A | | 680 | | | | 13,600 | |
| Bob Evans Farms, Inc. | † | | | 2,055 | | | | 75,727 | |
| Brinker International, Inc. | | 6,752 | | | | 197,631 | |
| Buffalo Wild Wings, Inc. | *† | | | 1,120 | | | | 46,581 | |
| Burger King Holdings, Inc. | | 3,170 | | | | 83,498 | |
| CEC Entertainment, Inc. | * | | | 1,994 | | | | 70,189 | |
| CKE Restaurants, Inc. | | 4,056 | | | | 81,404 | |
| California Pizza Kitchen, Inc. | * | | | 2,265 | | | | 48,652 | |
| CBRL Group, Inc. | † | | | 1,879 | | | | 79,820 | |
| Cheesecake Factory (The) | *† | | | 3,914 | | | | 95,971 | |
| Chipotle Mexican Grill, Inc. Class A | *† | | | 1,752 | | | | 149,411 | |
| Cosi, Inc. | * | | | 3,120 | | | | 14,227 | |
| Domino’s Pizza, Inc. | | 2,750 | | | | 50,243 | |
| IHOP Corporation | † | | | 1,079 | | | | 58,730 | |
| Jack in the Box, Inc. | * | | | 1,878 | | | | 133,225 | |
| Krispy Kreme Doughnuts, Inc. | *† | | | 2,574 | | | | 23,835 | |
| Landry’s Restaurants, Inc. | | 1,254 | | | | 37,946 | |
| Luby’s, Inc. | * | | | 3,380 | | | | 32,651 | |
| O’Charley’s, Inc. | * | | | 1,092 | | | | 22,015 | |
| Papa John’s International, Inc. | * | | | 1,581 | | | | 45,470 | |
| PF Chang’s China Bistro, Inc. | *† | | | 1,340 | | | | 47,168 | |
| Rare Hospitality International, Inc. | * | | | 2,025 | | | | 54,209 | |
| Red Robin Gourmet Burgers, Inc. | * | | | 1,203 | | | | 48,565 | |
| Ruby Tuesday, Inc. | | 3,481 | | | | 91,655 | |
| Sonic Corporation | * | | | 4,259 | | | | 94,209 | |
| Steak N Shake Company (The) | * | | | 2,198 | | | | 36,685 | |
| Texas Roadhouse, Inc. Class A | * | | | 4,130 | | | | 52,823 | |
| Triarc Companies Class B | | 4,026 | | | | 63,208 | |
| | | 2,010,617 | |
Retailers—2.4% | | | |
| 1-800-FLOWERS.COM, Inc. | * | | | 2,113 | | | | 19,926 | |
| 99 Cents Only Stores | * | | | 2,727 | | | | 35,751 | |
| AC Moore Arts & Crafts, Inc. | * | | | 877 | | | | 17,198 | |
| Advance Auto Parts, Inc. | | 6,095 | | | | 247,030 | |
| Alloy, Inc. | * | | | 462 | | | | 4,620 | |
| BJ’s Wholesale Club, Inc. | * | | | 3,379 | | | | 121,745 | |
| Barnes & Noble, Inc. | | 2,855 | | | | 109,832 | |
| Bell Microproducts, Inc. | * | | | 1,576 | | | | 10,276 | |
| Big 5 Sporting Goods Corporation | | 1,892 | | | | 48,246 | |
| Blue Nile, Inc. | *† | | | 780 | | | | 47,112 | |
| Bluefly, Inc. | * | | | 2,341 | | | | 2,318 | |
| Bombay Company, Inc. (The) | * | | | 2,630 | | | | 1,184 | |
| Borders Group, Inc. | † | | | 3,582 | | | | 68,273 | |
| Build-A-Bear Workshop, Inc. | *† | | | 960 | | | | 25,094 | |
| CSK Auto Corporation | * | | | 1,990 | | | | 36,616 | |
| Cabela’s, Inc. Class A | * | | | 3,090 | | | | 68,382 | |
| Casey’s General Stores, Inc. | | 3,169 | | | | 86,387 | |
| Cash America International, Inc. | | 1,831 | | | | 72,599 | |
| Central Garden & Pet Company | * | | | 1,385 | | | | 16,980 | |
| Central Garden and Pet Co. Class A | * | | | 2,770 | | | | 32,492 | |
| CKX, Inc. | *† | | | 4,120 | | | | 56,938 | |
| Coldwater Creek, Inc. | *† | | | 3,983 | | | | 92,525 | |
| Cost Plus, Inc./ California | *† | | | 2,725 | | | | 23,108 | |
| dELIA*s, Inc. | * | | | 2,555 | | | | 19,495 | |
| Design Within Reach, Inc. | *† | | | 1,210 | | | | 7,200 | |
| Dick’s Sporting Goods, Inc. | * | | | 2,002 | | | | 116,456 | |
| Dollar Tree Stores, Inc. | * | | | 5,591 | | | | 243,488 | |
| Drugstore.Com, Inc. | * | | | 3,800 | | | $ | 10,222 | |
| Ezcorp, Inc. | * | | | 3,000 | | | | 39,720 | |
| Fastenal Company | † | | | 7,528 | | | | 315,122 | |
| Ferrellgas Partners, LP | | 2,612 | | | | 63,001 | |
| Foot Locker, Inc. | | 8,181 | | | | 178,346 | |
| Forward Industries, Inc.—N Y | * | | | 630 | | | | 2,092 | |
| Fred’s, Inc. | † | | | 1,781 | | | | 23,830 | |
| GameStop Corporation Class A | * | | | 7,496 | | | | 293,094 | |
| GSI Commerce, Inc. | * | | | 1,470 | | | | 33,384 | |
| Guitar Center, Inc. | * | | | 1,720 | | | | 102,873 | |
| Haverty Furniture Companies, Inc. | | 2,301 | | | | 26,853 | |
| Hibbett Sports, Inc. | * | | | 1,926 | | | | 52,734 | |
| Jo-Ann Stores, Inc. | * | | | 1,266 | | | | 35,992 | |
| Kenneth Cole Productions, Inc. Class A | | 956 | | | | 23,613 | |
| Kirkland’s, Inc. | * | | | 833 | | | | 3,174 | |
| Knoll, Inc. | | 2,839 | | | | 63,594 | |
| K-Swiss, Inc. Class A | † | | | 1,706 | | | | 48,331 | |
| Longs Drug Stores Corporation | | 1,908 | | | | 100,208 | |
| MarineMax, Inc. | *† | | | 800 | | | | 16,016 | |
| Marvel Entertainment, Inc. | *† | | | 3,700 | | | | 94,276 | |
| Men’s Wearhouse, Inc. | | 2,797 | | | | 142,843 | |
| Movie Gallery, Inc. | * | | | 5,886 | | | | 11,183 | |
| MSC Industrial Direct Company Class A | | 2,782 | | | | 153,010 | |
| Nitches, Inc. | *† | | | 2,850 | | | | 10,232 | |
| Nutri/System, Inc. | *† | | | 1,970 | | | | 137,585 | |
| O’Reilly Automotive, Inc. | * | | | 6,174 | | | | 225,660 | |
| Overstock.com, Inc. | *† | | | 771 | | | | 14,086 | |
| PC Connection, Inc. | *† | | | 2,755 | | | | 36,476 | |
| Petsmart, Inc. | | 7,904 | | | | 256,485 | |
| Pier 1 Imports, Inc. | † | | | 3,763 | | | | 31,948 | |
| Priceline.com, Inc. | *† | | | 1,989 | | | | 136,724 | |
| Restoration Hardware, Inc. | * | | | 2,795 | | | | 15,596 | |
| Retail Ventures, Inc. | * | | | 1,372 | | | | 22,130 | |
| Rite Aid Corporation | *† | | | 36,403 | | | | 232,251 | |
| Saks, Inc. | | 6,702 | | | | 143,088 | |
| Sharper Image Corporation | *† | | | 649 | | | | 7,392 | |
| Stamps.com, Inc. | * | | | 1,050 | | | | 14,469 | |
| Stein Mart, Inc. | | 1,591 | | | | 19,506 | |
| Stride Rite Corporation | | 2,389 | | | | 48,401 | |
| Systemax, Inc. | † | | | 1,358 | | | | 28,260 | |
| Tractor Supply Company | *† | | | 1,869 | | | | 97,281 | |
| Trans World Entertainment Corporation | * | | | 1,932 | | | | 8,964 | |
| Tuesday Morning Corporation | † | | | 1,816 | | | | 22,446 | |
| Tweeter Home Entertainment Group, Inc. | *† | | | 1,129 | | | | 192 | |
| Valuevision Media, Inc. Class A | * | | | 1,742 | | | | 19,719 | |
| Williams-Sonoma, Inc. | † | | | 4,938 | | | | 155,942 | |
| Zale Corporation | * | | | 2,902 | | | | 69,097 | |
| | | 5,218,712 | |
Social Services—0.1% | | | |
| Bright Horizons Family Solutions, Inc. | *† | | | 1,710 | | | | 66,536 | |
| Providence Service Corporation | | 790 | | | | 21,109 | |
| Res-Care, Inc. | * | | | 1,222 | | | | 25,833 | |
| | | 113,478 | |
Telephone Systems—1.8% | | | |
| Adtran, Inc. | | 3,507 | | | | 91,077 | |
| Alaska Communications Systems Group, Inc. | | 2,850 | | | | 45,144 | |
| Audiovox Corporation Class A | * | | | 1,218 | | | | 15,797 | |
| Brightpoint, Inc. | *† | | | 3,031 | | | | 41,797 | |
| Centennial Communications Corporation | * | | | 1,166 | | | | 11,065 | |
|
See accompanying notes to financial statements.
210
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
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COMMON STOCKS—(Continued) |
| Cincinnati Bell, Inc. | * | | | 16,626 | | | $ | 96,098 | |
| Covad Communications Group, Inc. | * | | | 13,041 | | | | 11,737 | |
| D&E Communications, Inc. | | 1,712 | | | | 31,398 | |
| Deltathree, Inc. | * | | | 2,553 | | | | 3,268 | |
| Dobson Communications Corporation Class A | * | | | 8,796 | | | | 97,724 | |
| Equinix, Inc. | *† | | | 1,343 | | | | 122,844 | |
| FiberTower Corporation | * | | | 6,580 | | | | 28,491 | |
| General Communication Class A | * | | | 3,847 | | | | 49,280 | |
| Global Crossing Ltd. (Bermuda) | *† | | | 1,360 | | | | 25,677 | |
| Global Payments, Inc. | | 4,620 | | | | 183,183 | |
| Harris Stratex Networks, Inc. | * | | | 1,510 | | | | 27,150 | |
| Hickory Tech Corporation | | 652 | | | | 5,933 | |
| IDT Corporation Class B | † | | | 4,800 | | | | 49,536 | |
| Iowa Telecommunications Services, Inc. | | 2,435 | | | | 55,348 | |
| iPCS, Inc. | * | | | 940 | | | | 31,838 | |
| j2 Global Communications, Inc. | * | | | 2,554 | | | | 89,135 | |
| LCC International, Inc. Class A | * | | | 1,000 | | | | 4,420 | |
| Leap Wireless International, Inc. | * | | | 2,880 | | | | 243,360 | |
| Level 3 Communications, Inc. | *† | | | 59,925 | | | | 350,561 | |
| Mastec, Inc. | * | | | 2,049 | | | | 32,415 | |
| MetroPCS Communications, Inc. | | 2,807 | | | | 92,743 | |
| NeuStar, Inc. Class A | *† | | | 4,120 | | | | 119,356 | |
| NII Holdings, Inc. Class B | *† | | | 8,040 | | | | 649,150 | |
| North Pittsburgh Systems, Inc. | | 1,480 | | | | 31,450 | |
| Novatel Wireless, Inc. | * | | | 2,949 | | | | 76,733 | |
| NTELOS Holdings Corporation | * | | | 1,200 | | | | 33,168 | |
| RCN Corporation | * | | | 2,170 | | | | 40,774 | |
| Rural Cellular Corporation Class A | * | | | 1,266 | | | | 55,463 | |
| SAVVIS, Inc. | * | | | 1,078 | | | | 53,372 | |
| SunCom Wireless Holdings, Inc. Class A | | 269 | | | | 4,977 | |
| SureWest Communications | | 1,674 | | | | 45,600 | |
| Telecommunication Systems, Inc. | * | | | 6,400 | | | | 32,512 | |
| Telephone & Data Systems, Inc. | | 4,298 | | | | 268,926 | |
| Telephone & Data Systems, Inc. | | 1,827 | | | | 105,144 | |
| Time Warner Telecom, Inc. Class A | * | | | 8,061 | | | | 162,026 | |
| US Cellular Corporation | * | | | 921 | | | | 83,443 | |
| Virgin Media, Inc. | | 15,170 | | | | 369,693 | |
| Wireless Facilities, Inc. | *† | | | 2,399 | | | | 4,030 | |
| | | 3,972,836 | |
Textiles, Clothing & Fabrics—1.0% | | | |
| Albany International Corporation Class A | † | | | 1,437 | | | | 58,112 | |
| Brown Shoe Company, Inc. | | 2,496 | | | | 60,703 | |
| Columbia Sportswear Company | † | | | 940 | | | | 64,559 | |
| CROCS, Inc. | * | | | 4,600 | | | | 197,938 | |
| Culp, Inc. | * | | | 888 | | | | 8,001 | |
| Deckers Outdoor Corporation | * | | | 840 | | | | 84,756 | |
| Genesco, Inc. | *† | | | 1,421 | | | | 74,333 | |
| Guess ?, Inc. | | 3,690 | | | | 177,268 | |
| Gymboree Corporation | * | | | 1,960 | | | | 77,244 | |
| Hanesbrands, Inc. | * | | | 5,900 | | | | 159,477 | |
| Iconix Brand Group, Inc. | * | | | 3,317 | | | | 73,704 | |
| Interface, Inc. Class A | | 3,470 | | | | 65,444 | |
| Kellwood Company | | 1,171 | | | | 32,929 | |
| Mohawk Industries, Inc. | *† | | | 3,041 | | | | 306,502 | |
| Mothers Work, Inc. | * | | | 684 | | | | 21,389 | |
| Oxford Industries, Inc. | | 956 | | | | 42,389 | |
| Phillips-Van Heusen Corporation | | 3,157 | | | | 191,219 | |
| Quaker Fabric Corporation | * | | | 2,550 | | | | 2,907 | |
| Quiksilver, Inc. | * | | | 6,280 | | | | 88,736 | |
| Skechers U.S.A., Inc. Class A | * | | | 1,680 | | | $ | 49,056 | |
| Sport-Haley, Inc. | | 1,043 | | | | 4,203 | |
| Steven Madden Ltd. | | 1,528 | | | | 50,057 | |
| Tag-It Pacific, Inc. | * | | | 1,335 | | | | 1,428 | |
| Tarrant Apparel Group | * | | | 1,107 | | | | 1,328 | |
| Timberland Company Class A | * | | | 3,249 | | | | 81,842 | |
| Warnaco Group, Inc. (The) | * | | | 2,900 | | | | 114,086 | |
| Wolverine World Wide, Inc. | | 3,299 | | | | 91,415 | |
| | | 2,181,025 | |
Transportation—2.3% | | | |
| Alexander & Baldwin, Inc. | † | | | 2,596 | | | | 137,874 | |
| American Commercial Lines, Inc. | *† | | | 2,906 | | | | 75,701 | |
| Arctic Cat, Inc. | | 1,738 | | | | 34,412 | |
| Arkansas Best Corporation | | 1,383 | | | | 53,896 | |
Arlington Tankers Ltd.
(Bermuda) | | 1,590 | | | | 45,601 | |
| Celadon Group, Inc. | * | | | 1,972 | | | | 31,355 | |
| Con-way, Inc. | | 2,747 | | | | 138,009 | |
| Dynamex, Inc. | * | | | 760 | | | | 19,403 | |
| Eagle Bulk Shipping, Inc. | † | | | 2,303 | | | | 51,610 | |
| Excel Maritime Carriers Ltd. (Liberia) | * | | | 1,400 | | | | 35,252 | |
| Expedia, Inc. | * | | | 13,936 | | | | 408,185 | |
| Expeditors International Washington, Inc. | | 12,006 | | | | 495,848 | |
| Fleetwood Enterprises, Inc. | *† | | | 4,000 | | | | 36,200 | |
| Florida East Coast Industries | † | | | 1,393 | | | | 115,591 | |
| Forward Air Corporation | | 1,912 | | | | 65,180 | |
| Freightcar America, Inc. | | 930 | | | | 44,491 | |
| GATX Corporation | | 2,367 | | | | 116,575 | |
| Genco Shipping & Trading Ltd. | † | | | 858 | | | | 35,401 | |
| General Maritime Corporation | † | | | 1,283 | | | | 34,359 | |
| Genesee & Wyoming, Inc. Class A | * | | | 2,371 | | | | 70,751 | |
| Gulfmark Offshore, Inc. | * | | | 1,000 | | | | 51,220 | |
| Heartland Express, Inc. | | 4,044 | | | | 65,917 | |
| Hertz Global Holdings Inc. | * | | | 5,510 | | | | 146,401 | |
| Hornbeck Offshore Services, Inc. | *† | | | 1,340 | | | | 51,938 | |
| HUB Group, Inc. Class A | * | | | 2,580 | | | | 90,713 | |
| JB Hunt Transport Services, Inc. | | 6,083 | | | | 178,354 | |
| Kansas City Southern | * | | | 3,954 | | | | 148,433 | |
| Kirby Corporation | * | | | 2,958 | | | | 113,558 | |
| K-Sea Transportation Partners, LP | | 470 | | | | 22,161 | |
| Laidlaw International, Inc. | | 4,599 | | | | 158,895 | |
| Landstar System, Inc. | | 3,156 | | | | 152,277 | |
| Macquarie Infrastructure Company LLC | † | | | 2,150 | | | | 89,182 | |
| Martin Midstream Partners, LP | † | | | 1,200 | | | | 49,800 | |
| Mobile Mini, Inc. | * | | | 1,880 | | | | 54,896 | |
| Odyssey Marine Exploration, Inc. | | 3,340 | | | | 20,073 | |
| Old Dominion Freight Line, Inc. | * | | | 1,783 | | | | 53,757 | |
| Overseas Shipholding Group | | 1,658 | | | | 134,961 | |
| P.A.M. Transportation Services, Inc. | * | | | 1,139 | | | | 20,821 | |
| Pacer International, Inc. | | 2,275 | | | | 53,508 | |
| Polaris Industries, Inc. | † | | | 2,090 | | | | 113,194 | |
| Quality Distribution, Inc. | * | | | 914 | | | | 10,264 | |
| Royal Caribbean Cruises Ltd. | | 7,250 | | | | 311,605 | |
| Rural/Metro Corporation | *† | | | 1,600 | | | | 9,136 | |
| Saia, Inc. | * | | | 902 | | | | 24,589 | |
| Ship Finance International Ltd. (Bermuda) | † | | | 2,540 | | | | 75,387 | |
| Sirva, Inc. | * | | | 1,337 | | | | 2,647 | |
| Teekay Corporation (Bahama Islands) | | 2,350 | | | | 136,089 | |
| Thor Industries, Inc. | | 2,026 | | | | 91,454 | |
| Trinity Industries, Inc. | | 4,551 | | | | 198,151 | |
| UTI Worldwide, Inc. (Luxembourg) | † | | | 4,810 | | | | 128,860 | |
|
See accompanying notes to financial statements.
211
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| US Shipping Partners, LP | † | | | 1,660 | | | $ | 34,196 | |
| Wabtec Corporation | | 3,117 | | | | 113,864 | |
| Werner Enterprises, Inc. | † | | | 2,916 | | | | 58,757 | |
| YRC Worldwide, Inc. | * | | | 3,388 | | | | 124,678 | |
| | | 5,135,430 | |
Water Companies—0.2% | | | |
| American States Water Company | † | | | 920 | | | | 32,724 | |
| Aqua America, Inc. | † | | | 7,059 | | | | 158,757 | |
| California Water Service Group | | 965 | | | | 36,178 | |
| Connecticut Water Service, Inc. | | 500 | | | | 12,185 | |
| Middlesex Water Company | | 550 | | | | 10,566 | |
| Pico Holdings, Inc. | * | | | 970 | | | | 41,962 | |
| SJW Corporation | | 1,012 | | | | 33,700 | |
| Southwest Water Company | † | | | 2,215 | | | | 28,286 | |
| | | 354,358 | |
TOTAL COMMON STOCKS
| | | |
| (Cost $142,168,403) | | | | | | 210,766,134 | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. TREASURY OBLIGATIONS—0.1% |
U.S. Treasury Bills—0.1% | | | |
| U.S. Treasury Bill | | | |
| 4.645% | | | | 09/20/2007 | | | | $ | 40,000 | | | | 39,577 | |
| 4.585% | | | | 09/20/2007 | | ** | | | 250,000 | | | | 247,389 | |
TOTAL U.S. TREASURY OBLIGATIONS | | | |
| (Cost $286,966) | | | | | | 286,966 | |
|
|
|---|
| | | | | | | | | | Shares | | | | Value |
RIGHTS—0.0% |
Textiles, Clothing & Fabrics—0.0% | | | |
| Mossimo, Inc. Rights, Expires TBD | *‡d | | | | | | | | |
| (Cost $—) | | 2,807 | | | | — | �� |
| |
WARRANTS—0.0% |
Financial Services—0.0% | | | |
| Equitex, Inc. Warrants, Expires 2/7/2010 | ‡d | | | 264 | | | | — | |
| Equitex, Inc. Warrants, Expires 2/7/2010 | ‡d | | | 264 | | | | — | |
| Pegasus Wireless Corporation Warrants, Expires 08/11/2008 | ‡d | | | 200 | | | | — | |
| (Cost $—) | | | | | | — | |
| |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—22.3% |
Institutional Money Market Funds—0.4% | | | |
| Reserve Primary Money Market Fund | | | |
| 5.230% | | | | 07/02/2007 | | †† | | $ | 757,928 | | | | 757,928 | |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
Bank & Certificate Deposits/
Offshore Time Deposits—19.9% | | | |
| Abbey National PLC | | | |
| 5.280% | | | | 07/05/2007 | | †† | | $ | 568,446 | | | $ | 568,446 | |
| BancoBilbao Vizcaya Argentaria SA | | | |
| 5.300% | | | | 08/10/2007 | | †† | | | 378,964 | | | | 378,964 | |
| Bank of Montreal | | | |
| 5.310% | | | | 08/14/2007 | | †† | | | 378,964 | | | | 378,964 | |
| Bank of Montreal | | | |
| 5.290% | | | | 07/02/2007 | | †† | | | 757,928 | | | | 757,928 | |
| Bank of Montreal | | | |
| 5.280% | | | | 07/03/2007 | | †† | | | 757,928 | | | | 757,928 | |
| Bank of Nova Scotia | | | |
| 5.290% | | | | 07/11/2007 | | †† | | | 947,411 | | | | 947,411 | |
| Bank of Nova Scotia | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 568,446 | | | | 568,446 | |
| Barclays | | | |
| 5.320% | | | | 09/04/2007 | | †† | | | 378,964 | | | | 378,964 | |
| Barton Capital LLC | | | |
| 5.310% | | | | 07/12/2007 | | †† | | | 568,446 | | | | 568,446 | |
| BNP Paribas | | | |
| 5.350% | | | | 07/02/2007 | | †† | | | 1,136,893 | | | | 1,136,893 | |
| CAFCO Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 378,964 | | | | 378,964 | |
| Calyon | | | |
| 5.380% | | | | 07/02/2007 | | †† | | | 1,136,893 | | | | 1,136,893 | |
| Canadian Imperial Bank of Commerce | | | |
| 5.300% | | | | 07/30/2007 | | †† | | | 1,894,821 | | | | 1,894,821 | |
| Clipper Receivables Corp | | | |
| 5.310% | | | | 07/10/2007 | | †† | | | 1,136,893 | | | | 1,136,893 | |
| CRC Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 568,446 | | | | 568,446 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/13/2007 | | †† | | | 568,446 | | | | 568,446 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 1,326,375 | | | | 1,326,375 | |
| Den Danske Bank | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 757,928 | | | | 757,928 | |
| Falcon Asset Securitization Corporation | | | |
| 5.310% | | | | 07/17/2007 | | †† | | | 265,275 | | | | 265,275 | |
| First Tennessee Bank | | | |
| 5.300% | | | | 07/18/2007 | | †† | | | 378,964 | | | | 378,964 | |
| Fortis Bank | | | |
| 5.300% | | | | 07/20/2007 | | †† | | | 947,410 | | | | 947,410 | |
| Greyhawk Funding | | | |
| 5.290% | | | | 07/02/2007 | | †† | | | 378,964 | | | | 378,964 | |
| Jupiter Securitization Corporation | | | |
| 5.320% | | | | 07/26/2007 | | †† | | | 568,446 | | | | 568,446 | |
| Lexington Parker Capital Company | | | |
| 5.290% | | | | 07/03/2007 | | †† | | | 378,964 | | | | 378,964 | |
| Liberty Street Funding Corporation | | | |
| 5.330% | | | | 07/31/2007 | | †† | | | 265,275 | | | | 265,275 | |
| Liberty Street Funding Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 757,928 | | | | 757,928 | |
| Liberty Street Funding Corporation | | | |
| 5.280% | | | | 07/02/2007 | | †† | | | 757,928 | | | | 757,928 | |
| Lloyds TSB Bank | | | |
| 5.280% | | | | 07/17/2007 | | †† | | | 378,964 | | | | 378,964 | |
| Merrill Lynch & Company | | | |
| 5.340% | | | | 07/02/2007 | | †† | | | 6,821,355 | | | | 6,821,355 | |
| Morgan Stanley & Company | | | |
| 5.370% | | | | 07/02/2007 | | †† | | | 3,979,124 | | | | 3,979,124 | |
| National Australia Bank | | | |
| 5.320% | | | | 07/02/2007 | | †† | | | 1,136,893 | | | | 1,136,893 | |
| Old Line Funding LCC | | | |
| 5.320% | | | | 07/12/2007 | | †† | | | 378,964 | | | | 378,964 | |
| Paradigm Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 378,964 | | | | 378,964 | |
|
See accompanying notes to financial statements.
212
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Mid/Small
Company Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
CASH EQUIVALENTS—(Continued) |
| Paradigm Funding LLC | | | |
| 5.300% | | | | 07/10/2007 | | †† | | $ | 1,887,039 | | | $ | 1,887,039 | |
| Park Avenue Receivables Corp | | | |
| 5.300% | | | | 07/09/2007 | | †† | | | 1,887,039 | | | | 1,887,039 | |
| Rabobank Nederland | | | |
| 5.330% | | | | 07/02/2007 | | †† | | | 1,136,893 | | | | 1,136,893 | |
| Rabobank Nederland | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 947,410 | | | | 947,410 | |
| Ranger Funding Corporation | | | |
| 5.330% | | | | 08/02/2007 | | †† | | | 947,410 | | | | 947,410 | |
| Royal Bank of Scotland | | | |
| 5.270% | | | | 07/11/2007 | | †† | | | 757,928 | | | | 757,928 | |
| Sheffield Receivables Corporation | | | |
| 5.290% | | | | 07/06/2007 | | †† | | | 189,482 | | | | 189,482 | |
| Skandinaviska Enskilda Banken AB | | | |
| 5.290% | | | | 07/19/2007 | | †† | | | 947,410 | | | | 947,410 | |
| Svenska Handlesbanken | | | |
| 5.300% | | | | 07/02/2007 | | †† | | | 1,567,709 | | | | 1,567,709 | |
| Wells Fargo | | | |
| 5.280% | | | | 07/12/2007 | | †† | | | 947,410 | | | | 947,410 | |
| Wells Fargo | | | |
| 5.260% | | | | 07/02/2007 | | †† | | | 378,964 | | | | 378,964 | |
| | | 43,579,268 | |
Floating Rate Instruments/Master Notes—2.0% |
| Bank of America | | | |
| 5.310% | | | | 07/10/2007 | | †† | | | 947,411 | | | | 947,411 | |
| Bank of America | | | |
| 5.300% | | | | 09/17/2007 | | †† | | | 1,894,821 | | | | 1,894,821 | |
| Bank of America | | | |
| 5.270% | | | | 07/16/2007 | | †† | | | 568,446 | | | | 568,446 | |
| Bank of America | | | |
| 5.270% | | | | 08/17/2007 | | †† | | | 947,410 | | | | 947,410 | |
| | | 4,358,088 | |
TOTAL CASH EQUIVALENTS |
| (Cost $48,695,284) | | | | | | 48,695,284 | |
| |
REPURCHASE AGREEMENTS—3.1% |
| Investors Bank & Trust Repurchase Agreement dated 06/29/2007 due 07/02/2007, with a maturity value of $6,746,873 and effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 8.275% to 8.495%, maturity dates ranging from 01/25/2027 to 04/25/2028 and an aggregate market value of $7,081,473. | | 6,744,260 | | | | 6,744,260 | |
TOTAL INVESTMENTS—121.8% | | | |
| (Cost $197,894,913) | | 266,492,644 | |
| Other assets less liabilities—(21.8%) | | (47,702,718 | ) |
NET ASSETS—100.0% | $ | 218,789,926 | |
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. |
| d | | Security has no market value at 06/30/2007. |
See accompanying notes to financial statements.
213
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—96.6% |
Australia—6.1% | | | |
| ABC Learning Centres Ltd. | | 3,700 | | | $ | 21,677 | |
| AGL Energy Ltd. | | 7,248 | | | | 93,250 | |
| Alinta Ltd. | | 8,087 | | | | 104,430 | |
| Alumina Ltd. | | 20,052 | | | | 132,965 | |
| Amcor Ltd. | | 11,838 | | | | 75,056 | |
| AMP Ltd. | | 30,846 | | | | 264,427 | |
| Ansell Ltd. | | 1,154 | | | | 11,937 | |
| APN News & Media Ltd. | | 3,565 | | | | 17,684 | |
| Aristocrat Leisure Ltd. | | 6,119 | | | | 74,496 | |
| Asciano Group | * | | | 9,173 | | | | 78,877 | |
| ASX Ltd. | | 2,787 | | | | 114,914 | |
| Australia & New Zealand Banking Group Ltd. | | 30,172 | | | | 741,976 | |
| AXA Asia Pacific Holdings Ltd. | | 14,164 | | | | 89,165 | |
| Babcock & Brown Ltd. | | 3,777 | | | | 102,516 | |
| BHP Billiton Ltd. | | 57,201 | | | | 1,711,320 | |
| BHP Steel Ltd. | | 12,806 | | | | 112,219 | |
| Billabong International Ltd. | | 3,672 | | | | 55,822 | |
| Boral Ltd. | | 7,953 | | | | 59,109 | |
| Brambles Ltd. | * | | | 26,723 | | | | 275,838 | |
| Caltex Australia Ltd. | | 2,904 | | | | 58,223 | |
| Centro Properties Group | | 11,741 | | | | 84,533 | |
| CFS Retail Property Trust | | 24,195 | | | | 44,010 | |
| Challenger Financial Services Group Ltd. | | 5,236 | | | | 25,827 | |
| Coca-Cola Amatil Ltd. | | 11,883 | | | | 96,059 | |
| Cochlear Ltd. | | 767 | | | | 39,653 | |
| Coles Group Ltd. | | 19,401 | | | | 265,216 | |
| Commonwealth Bank of Australia | | 21,018 | | | | 984,493 | |
| Commonwealth Property Office Fund | | 28,508 | | | | 40,492 | |
| Computershare Ltd. | | 9,803 | | | | 93,653 | |
| CSL Ltd. | | 3,295 | | | | 245,575 | |
| CSR Ltd. | | 18,904 | | | | 55,707 | |
| DB RREEF Trust | | 34,466 | | | | 57,289 | |
| Downer EDI Ltd. | | 8,525 | | | | 53,192 | |
| Fortescue Metals Group, Ltd. | | 2,113 | | | | 60,438 | |
| Foster’s Group Ltd. | | 31,606 | | | | 170,767 | |
| Futuris Corporation Ltd. | | 5,023 | | | | 11,845 | |
| General Property Trust | | 30,675 | | | | 121,061 | |
| Goodman Fielder Ltd. | | 12,355 | | | | 25,457 | |
| Harvey Norman Holdings Ltd. | | 10,998 | | | | 49,254 | |
| Iluka Resources Ltd. | | 1,488 | | | | 7,765 | |
| ING Industrial Fund | | 16,122 | | | | 31,966 | |
| Insurance Australia Group Ltd. | | 31,863 | | | | 153,883 | |
| Investa Property Group | | 18,616 | | | | 46,016 | |
| John Fairfax Holdings Ltd. | | 24,051 | | | | 95,804 | |
| Leighton Holdings Ltd. | | 2,521 | | | | 87,981 | |
| Lend Lease Corporation Ltd. | | 6,835 | | | | 107,424 | |
| Lion Nathan Ltd. | | 2,567 | | | | 20,171 | |
| Macquarie Airports | | 17,294 | | | | 59,171 | |
| Macquarie Bank Ltd. | | 4,238 | | | | 304,771 | |
| Macquarie Communications Infrastructure Group | | 3,831 | | | | 20,527 | |
| Macquarie Goodman Group | | 24,482 | | | | 139,115 | |
| Macquarie Infrastructure Group | | 40,325 | | | | 122,978 | |
| Macquarie Office Trust NPV | | 42,146 | | | | 59,676 | |
| Mayne Group Ltd. | | 13,005 | | | | 45,003 | |
| Meinl European Land Ltd. | * | | | 5,430 | | | | 155,358 | |
| Mirvac Group | | 19,844 | | | | 95,835 | |
| Multiplex Group | | 13,912 | | | | 57,987 | |
| National Australia Bank Ltd. | | 26,454 | | | | 920,482 | |
| Newcrest Mining Ltd. | | 5,712 | | | | 110,378 | |
| OneSteel Ltd. | | 7,510 | | | | 40,902 | |
| Orica Ltd. | | 5,586 | | | | 140,930 | |
| Origin Energy Ltd. | | 11,982 | | | $ | 100,877 | |
| Pacific Brands Ltd. | | 4,298 | | | | 12,566 | |
| Paladin Resources Ltd. | * | | | 9,064 | | | | 63,060 | |
| PaperlinX Ltd. | | 3,665 | | | | 11,550 | |
| Perpetual Limited | | 532 | | | | 35,401 | |
| Publishing & Broadcasting Ltd. | | 6,625 | | | | 109,923 | |
| QBE Insurance Group Ltd. | | 13,872 | | | | 366,465 | |
| Qantas Airways Ltd. | | 18,484 | | | | 87,807 | |
| Rinker Group Ltd. | | 14,151 | | | | 225,782 | |
| Rio Tinto Ltd. | | 4,671 | | | | 390,126 | |
| Santos Ltd. | | 10,914 | | | | 129,026 | |
| Sonic Healthcare Ltd. | | 5,297 | | | | 67,597 | |
| Stockland | | 24,404 | | | | 168,329 | |
| Suncorp-Metway Ltd. | | 16,390 | | | | 280,275 | |
| Tabcorp Holdings Ltd. | | 9,246 | | | | 134,508 | |
| Tattersall’s Ltd. | | 17,158 | | | | 68,325 | |
| Telstra Corporation Ltd. | | 48,484 | | | | 188,866 | |
| Telstra Corporation Ltd. | | 27,519 | | | | 72,483 | |
| Toll Holdings Ltd. | | 9,173 | | | | 112,547 | |
| Transurban Group | | 18,847 | | | | 127,941 | |
| Wesfarmers Ltd. | | 5,671 | | | | 219,854 | |
| Westfield Group | | 26,200 | | | | 442,626 | |
| Westpac Banking Corporation | | 30,388 | | | | 660,684 | |
| Woodside Petroleum Ltd. | | 7,718 | | | | 298,729 | |
| Woolworths Ltd. | | 19,361 | | | | 443,002 | |
| WorleyParsons Ltd. | | 3,135 | | | | 90,290 | |
| Zinifex Ltd. | | 7,494 | | | | 118,991 | |
| | | 14,572,175 | |
Austria—0.5% | | | |
| Andritz AG | | 484 | | | | 31,817 | |
| BWIN Interactive Entertainment | * | | | 266 | | | | 8,748 | |
| Erste Bank der Oesterreichischen Sparkassen AG | | 2,844 | | | | 221,262 | |
| Flughafen Wien AG | | 67 | | | | 6,596 | |
| Immoeast AG | * | | | 7,515 | | | | 105,858 | |
| IMMOFINANZ Immobilien Anlagen AG | * | | | 7,160 | | | | 104,084 | |
| Mayr-Melnhof Karton AG | | 31 | | | | 7,019 | |
| OMV AG | | 2,427 | | | | 161,600 | |
| Raiffeisen International Bank Holding AG | | 621 | | | | 97,909 | |
| RHI AG | * | | | 682 | | | | 37,159 | |
| Telekom Austria AG | | 6,281 | | | | 156,131 | |
| Verbund-Oesterreichische Elektrizitaetswirtschafts AG Class A | | 1,510 | | | | 77,075 | |
| Voestalpine AG | | 1,825 | | | | 153,132 | |
| Wiener Staedtische Allgemeine Versicherung AG | | 618 | | | | 43,962 | |
| Wienerberger AG | | 1,303 | | | | 95,637 | |
| | | 1,307,989 | |
Belgium—1.2% | | | |
| Agfa Gevaert NV | | 1,839 | | | | 47,352 | |
| Barco NV | | 80 | | | | 7,413 | |
| Bekaert NV | | 118 | | | | 17,274 | |
| Belgacom SA | | 2,883 | | | | 127,366 | |
| Cofinimmo | | 88 | | | | 16,727 | |
| Colruyt SA | | 180 | | | | 37,503 | |
| Compagnie Maritime Belge SA | | 135 | | | | 9,407 | |
| Delhaize Group | | 1,273 | | | | 124,809 | |
| Dexia | | 8,587 | | | | 267,738 | |
| D’ieteren NV | | 21 | | | | 9,371 | |
| Euronav SA Private Equity | | 162 | | | | 5,882 | |
| Fortis | | 20,969 | | | | 887,135 | |
| Groupe Bruxelles Lambert SA | | 1,399 | | | | 173,580 | |
| Groupe Bruxelles Lambert SA | | 127 | | | | 2 | |
|
See accompanying notes to financial statements.
214
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| Interbrew | | 3,045 | | | $ | 240,744 | |
| KBC Groep NV | | 3,134 | | | | 421,598 | |
| Mobistar SA | | 449 | | | | 38,177 | |
| Omega Pharma SA | | 155 | | | | 13,394 | |
| Solvay SA | | 1,147 | | | | 180,227 | |
| UCB SA | | 2,101 | | | | 124,038 | |
| Umicore | | 399 | | | | 86,355 | |
| | | 2,836,092 | |
Bermuda—0.1% | | | |
| Cheung Kong Infrastructure Holdings Ltd. | | 5,000 | | | | 18,451 | |
| Frontline Ltd. | | 1,230 | | | | 56,501 | |
| Kerry Properties Ltd. | | 11,000 | | | | 69,096 | |
| Noble Group Ltd. | | 26,000 | | | | 29,291 | |
| Orient Overseas International Ltd. | | 2,200 | | | | 21,512 | |
| SeaDrill Ltd. | * | | | 4,479 | | | | 96,026 | |
| Yue Yuen Industrial Holdings | | 11,000 | | | | 34,104 | |
| | | 324,981 | |
Cayman Islands—0.1% | | | |
| ASM Pacific Technology Ltd. | | 7,500 | | | | 54,337 | |
| Belle International Holdings, Ltd. | | 34,000 | | | | 37,531 | |
| Foxconn International Holdings Ltd. | * | | | 41,000 | | | | 117,484 | |
| Hutchison Telecommunications International Ltd. | * | | | 28,000 | | | | 36,069 | |
| Shui On Land, Ltd. | | 38,000 | | | | 34,099 | |
| Tencent Holdings Ltd. | | 16,000 | | | | 64,328 | |
| | | 343,848 | |
Denmark—0.8% | | | |
| AP Moller-Maersk A/S | | 20 | | | | 240,114 | |
| Bang & Olufsen A/S Class B | | 259 | | | | 30,913 | |
| Coloplast A/S Class B | | 274 | | | | 22,157 | |
| D/S Torm A/S | | 500 | | | | 18,622 | |
| Danisco A/S | | 833 | | | | 61,991 | |
| Danske Bank A/S | | 7,929 | | | | 323,634 | |
| DSV A/S | | 4,086 | | | | 79,884 | |
| FLS Industries AS Class B | | 950 | | | | 74,253 | |
| GN Store Nord | * | | | 4,265 | | | | 50,248 | |
| H. Lundbeck A/S | | 507 | | | | 12,821 | |
| Jyske Bank | * | | | 1,193 | | | | 85,808 | |
| NKT Holding A/S | | 531 | | | | 52,613 | |
| Novo Nordisk A/S Class B | | 3,898 | | | | 423,221 | |
| Novozymes A/S Class B | | 839 | | | | 97,062 | |
| Ostasiatiske Kompagni | | 186 | | | | 10,210 | |
| Sydbank A/S | | 700 | | | | 33,409 | |
| Topdanmark A/S | * | | | 339 | | | | 57,698 | |
| TrygVesta AS | | 350 | | | | 27,451 | |
| Vestas Wind Systems A/S | * | | | 3,110 | | | | 203,707 | |
| William Demant Holding | * | | | 358 | | | | 35,391 | |
| | | 1,941,207 | |
Finland—1.7% | | | |
| Amer Group | | 1,534 | | | | 37,793 | |
| Cargotec Corp. | | 834 | | | | 51,195 | |
| Elisa Oyj Class A | | 1,951 | | | | 53,087 | |
| Fortum Oyj | | 7,999 | | | | 249,495 | |
| KCI Konecranes Oyj | | 1,717 | | | | 71,623 | |
| Kesko Oyj Class B | | 1,238 | | | | 81,985 | |
| Kone Oyj | | 1,521 | | | | 95,433 | |
| Metso Oyj | | 2,116 | | | | 124,304 | |
| Neste Oil Oyj | † | | | 2,491 | | | | 97,436 | |
| Nokia Oyj | | 67,418 | | | | 1,890,020 | |
| Nokian Renkaat Oyj | | 1,550 | | | | 54,204 | |
| OKO Bank Class A | | 1,100 | | | $ | 20,346 | |
| Orion Oyj | * | | | 1,592 | | | | 39,769 | |
| Outokumpu Oyj | | 2,272 | | | | 76,277 | |
| Rautaruukki Oyj | | 1,584 | | | | 101,005 | |
| Sampo Oyj | | 7,783 | | | | 223,689 | |
| SanomaWSOY Oyj Class B | | 1,909 | | | | 60,214 | |
| Stora Enso Oyj Class R | | 9,940 | | | | 186,686 | |
| Tietoenator Oyj | | 1,799 | | | | 57,698 | |
| UPM-Kymmene Oyj | | 9,367 | | | | 230,106 | |
| Uponor Oyj | | 1,125 | | | | 43,659 | |
| Wartsila Oyj Class B | | 877 | | | | 57,566 | |
| YIT Oyj | | 1,800 | | | | 56,388 | |
| | | 3,959,978 | |
France—9.5% | | | |
| Accor SA | | 3,064 | | | | 270,369 | |
| ADP | | 565 | | | | 65,448 | |
| Air France | | 1,650 | | | | 76,635 | |
| Air Liquide SA | | 4,059 | | | | 531,666 | |
| Alcatel-Lucent | | 38,733 | | | | 540,801 | |
| Alstom | * | | | 1,729 | | | | 287,793 | |
| Atos Origin | * | | | 1,417 | | | | 88,400 | |
| AXA | | 26,139 | | | | 1,121,564 | |
| BNP Paribas | | 13,932 | | | | 1,651,892 | |
| Bouygues SA | | 3,580 | | | | 299,407 | |
| Business Objects SA | * | | | 1,873 | | | | 73,030 | |
| Cap Gemini SA | | 2,519 | | | | 183,827 | |
| Carrefour SA | | 9,853 | | | | 690,759 | |
| Casino Guichard Perrachon SA | | 865 | | | | 87,307 | |
| Cie Generale D’Optique Essilor International SA | | 1,583 | | | | 188,203 | |
| CNP Assurances | | 916 | | | | 116,833 | |
| Compagnie de Saint-Gobain | | 5,346 | | | | 597,787 | |
| Credit Agricole SA | | 11,186 | | | | 453,083 | |
| Dassault Systemes SA | | 1,254 | | | | 78,915 | |
| France Telecom SA | | 28,113 | | | | 769,641 | |
| Gaz de France | † | | | 3,477 | | | | 175,079 | |
| Gecina SA | | 146 | | | | 24,458 | |
| Groupe Danone | | 7,418 | | | | 598,037 | |
| Hermes International | | 1,113 | | | | 125,592 | |
| Icade | | 672 | | | | 51,669 | |
| Imerys SA | | 411 | | | | 41,531 | |
| Klepierre | | 330 | | | | 55,780 | |
| LVMH Moet Hennessy Louis Vuitton SA | | 4,140 | | | | 475,504 | |
| Lafarge SA | | 2,423 | | | | 440,798 | |
| Lagardere S.C.A. | | 2,073 | | | | 179,462 | |
| L’Oreal SA | | 4,245 | | | | 500,852 | |
| M6-Metropole Television | | 1,711 | | | | 55,517 | |
| Michelin (C.G.D.E.) Class B | | 2,404 | | | | 335,336 | |
| Neopost SA | | 600 | | | | 87,632 | |
| PagesJaunes SA | | 1,314 | | | | 27,610 | |
| Pernod-Ricard SA | | 1,498 | | | | 330,140 | |
| Peugeot SA | | 2,422 | | | | 194,764 | |
| Pinault-Printemps-Redoute SA | | 1,274 | | | | 221,827 | |
| Publicis Groupe | | 2,281 | | | | 100,615 | |
| Renault SA | | 3,133 | | | | 501,588 | |
| Safran SA | | 2,404 | | | | 61,366 | |
| Sanofi-Aventis | | 1,097 | | | | 88,555 | |
| Sanofi-Synthelabo SA | | 15,735 | | | | 1,268,883 | |
| Schneider Electric SA | | 3,559 | | | | 497,741 | |
| SCOR | | 2,353 | | | | 63,757 | |
| Societe BIC SA | | 239 | | | | 17,570 | |
Societe Des Autoroutes
Paris-Rhin-Rhone | | 300 | | | | 30,430 | |
| Societe Generale Class A | | 6,078 | | | | 1,124,080 | |
Societe Television Francaise1 | | 2,508 | | | | 86,529 | |
| Sodexho Alliance SA | | 1,672 | | | | 119,343 | |
|
See accompanying notes to financial statements.
215
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
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COMMON STOCKS—(Continued) |
| Suez SA Strip-VVPR | * | | | 880 | | | $ | 12 | |
| Suez SA | | 16,623 | | | | 948,587 | |
| Technip SA | | 1,700 | | | | 140,254 | |
| Thales SA | | 1,497 | | | | 91,311 | |
| Thomson | | 4,484 | | | | 85,598 | |
| Total SA | | 35,848 | | | | 2,901,221 | |
| Unibail | | 654 | | | | 166,947 | |
| Unibail-Rodamco REIT | | 460 | | | | 118,400 | |
| Valeo SA | | 1,258 | | | | 67,376 | |
| Vallourec SA | | 750 | | | | 239,360 | |
| Veolia Environnement | † | | | 5,920 | | | | 464,109 | |
| Vinci SA | | 6,696 | | | | 498,864 | |
| Vivendi Universal SA | | 18,940 | | | | 813,278 | |
| Zodiac SA | | 569 | | | | 43,636 | |
| | | 22,634,358 | |
Germany—7.8% | | | |
| Adidas AG | | 3,316 | | | | 209,206 | |
| Allianz AG | | 7,549 | | | | 1,767,293 | |
| Altana AG | | 900 | | | | 21,699 | |
| BASF AG | | 8,158 | | | | 1,069,562 | |
| Bayer AG | | 11,852 | | | | 895,779 | |
| Beiersdorf AG | | 1,579 | | | | 112,421 | |
| Bilfinger Berger AG | | 720 | | | | 63,882 | |
| Carlsberg AS Class B | | 420 | | | | 50,675 | |
| Celesio AG | | 1,532 | | | | 99,373 | |
| Commerzbank AG | | 10,489 | | | | 502,773 | |
| Continental AG | | 2,278 | | | | 321,012 | |
| DaimlerChrysler AG | | 15,355 | | | | 1,417,945 | |
| Deutsche Bank AG | | 8,574 | | | | 1,245,693 | |
| Deutsche Boerse AG | | 3,496 | | | | 395,360 | |
| Deutsche Lufthansa AG | | 3,299 | | | | 92,383 | |
| Deutsche Post AG | | 13,562 | | | | 439,867 | |
| Deutsche Postbank AG | | 1,429 | | | | 125,531 | |
| Deutsche Telekom AG | | 47,378 | | | | 874,195 | |
| Douglas Holding AG | | 278 | | | | 18,084 | |
| Fresenius Medical Care AG & Co. KGaA | | 3,132 | | | | 144,117 | |
| Heidelberger Druckmaschinen | † | | | 810 | | | | 39,221 | |
| Hochtief AG | | 816 | | | | 88,797 | |
| Hypo Real Estate Holding | | 2,527 | | | | 163,536 | |
| Infineon Technologies AG | * | | | 12,151 | | | | 201,460 | |
| IVG Immobilien AG | | 2,061 | | | | 80,183 | |
| KarstadtQuelle AG | * | | | 920 | | | | 31,094 | |
| Linde AG | | 2,048 | | | | 246,730 | |
| MAN AG | | 1,916 | | | | 275,249 | |
| Merck AG | | 975 | | | | 134,143 | |
| Metro AG | | 2,543 | | | | 210,761 | |
| MLP AG | | 575 | | | | 11,014 | |
Muenchener
Rueckversicherungs AG | | 3,629 | | | | 666,718 | |
| Premiere AG | * | | | 870 | | | | 20,566 | |
| Puma AG Rudolf Dassler Sport | | 206 | | | | 91,707 | |
| Rheinmetall AG | | 723 | | | | 67,193 | |
| RWE AG | | 7,409 | | | | 789,319 | |
| Salzgitter AG | | 639 | | | | 123,438 | |
| SAP AG | | 14,581 | | | | 748,260 | |
| Siemens AG | | 14,037 | | | | 2,016,315 | |
| Solarworld AG | | 1,548 | | | | 71,332 | |
| Suedzucker AG | | 694 | | | | 15,389 | |
| ThyssenKrupp AG | | 5,881 | | | | 349,642 | |
| TUI AG | † | | | 3,859 | | | | 106,755 | |
| E.ON AG | | 10,322 | | | | 1,730,006 | |
| Volkswagen AG | | 2,934 | | | | 467,495 | |
| Wincor Nixdorf AG | | 641 | | | | 59,045 | |
| | | 18,672,218 | |
Gibraltar—0.0% | | | |
| PartyGaming PLC | | 10,700 | | | $ | 6,580 | |
Greece—0.6% | | | |
| Alpha Bank AE | | 6,130 | | | | 191,828 | |
| Coca Cola Hellenic Bottling Company SA | | 940 | | | | 43,178 | |
| Cosmote Mobile Communications SA | | 860 | | | | 26,484 | |
| EFG Eurobank Ergasias SA | | 2,872 | | | | 93,398 | |
| Folli-Follie SA | | 100 | | | | 4,040 | |
| Hellenic Exchanges SA | | 1,356 | | | | 35,323 | |
| Hellenic Petroleum SA | | 890 | | | | 14,290 | |
| Hellenic Technodomiki Tev SA | | 2,657 | | | | 34,684 | |
| Hellenic Telecommunications Organization SA | * | | | 6,620 | | | | 204,809 | |
| Motor Oil Hellas Corinth Refineries SA | | 1,267 | | | | 33,136 | |
| National Bank of Greece SA | | 6,063 | | | | 344,598 | |
| OPAP SA | | 3,163 | | | | 111,556 | |
| Piraeus Bank SA | | 3,431 | | | | 124,801 | |
| Public Power Corporation | | 2,009 | | | | 56,517 | |
| Titan Cement Company SA | | 500 | | | | 28,772 | |
| Viohalco | | 930 | | | | 14,372 | |
| | | 1,361,786 | |
Hong Kong—1.5% | | | |
| Bank of East Asia Ltd. | | 25,200 | | | | 141,739 | |
| BOC Hong Kong Holdings Ltd. | | 59,500 | | | | 141,682 | |
| Cathay Pacific Airways Ltd. | | 18,000 | | | | 44,771 | |
| Cheung Kong Holdings Ltd. | | 24,000 | | | | 314,530 | |
| CLP Holdings Ltd. | | 24,500 | | | | 164,485 | |
| Esprit Holdings Ltd. | | 17,500 | | | | 222,377 | |
| Giordano International Ltd. | | 10,000 | | | | 4,931 | |
| Hang Lung Properties Ltd. | | 38,000 | | | | 131,230 | |
| Hang Seng Bank Ltd. | | 12,100 | | | | 163,755 | |
| Henderson Land Development | | 16,000 | | | | 109,086 | |
| Hong Kong & China Gas | | 66,000 | | | | 139,098 | |
| Hong Kong Exchanges and Clearing Ltd. | | 18,000 | | | | 254,142 | |
| HongKong Electric Holdings | | 21,000 | | | | 105,946 | |
| Hopewell Holdings Ltd. | | 11,000 | | | | 44,899 | |
| Hutchison Whampoa Ltd. | | 33,000 | | | | 327,639 | |
| Hysan Development Company Ltd. | | 7,000 | | | | 18,647 | |
| Johnson Electric Holdings Ltd. | | 10,000 | | | | 5,554 | |
| Kingboard Chemicals Holdings Company Ltd. | | 11,000 | | | | 50,634 | |
| Li & Fung Ltd. | | 39,600 | | | | 142,558 | |
| Link REIT | | 38,000 | | | | 84,122 | |
| Melco International Development | | 7,000 | | | | 10,409 | |
| MTR Corporation | | 18,000 | | | | 42,654 | |
| New World Development Ltd. | | 46,600 | | | | 116,636 | |
| PCCW Ltd. | | 58,000 | | | | 35,710 | |
| Shangri-La Asia Ltd. | | 18,000 | | | | 43,514 | |
| Shun TAK Holdings Ltd. | | 12,000 | | | | 17,664 | |
| Sino Land Company | | 16,000 | | | | 33,316 | |
| Sun Hung Kai Properties Ltd. | | 23,000 | | | | 276,790 | |
| Swire Pacific Ltd. Class A | | 14,500 | | | | 161,415 | |
| Techtronic Industries Company | | 14,500 | | | | 19,363 | |
| Television Broadcasts Ltd. | | 5,000 | | | | 35,186 | |
| Tingyi Cayman Islands Holding Corp. | | 20,000 | | | | 23,271 | |
| Wharf Holdings Ltd. | | 25,000 | | | | 99,862 | |
| Wing Hang Bank Ltd. | | 2,000 | | | | 22,087 | |
| | | 3,549,702 | |
|
See accompanying notes to financial statements.
216
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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COMMON STOCKS—(Continued) |
Ireland—0.9% | | | |
| Allied Irish Banks PLC | | 14,714 | | | $ | 401,212 | |
| Bank of Ireland | | 17,295 | | | | 348,733 | |
| C&C Group PLC | | 6,903 | | | | 92,704 | |
| CRH PLC | | 9,192 | | | | 453,437 | |
| DCC PLC | | 1,555 | | | | 52,373 | |
| Depfa Bank PLC | | 5,776 | | | | 102,100 | |
| Elan Corporation PLC | * | | | 7,416 | | | | 161,128 | |
| Grafton Group PLC | * | | | 5,246 | | | | 74,730 | |
| Greencore Group PLC | | 5,146 | | | | 38,879 | |
| IAWS Group PLC | | 3,445 | | | | 72,099 | |
| Independent News & Media PLC | | 13,348 | | | | 67,534 | |
| Kerry Group PLC Class A | | 2,758 | | | | 77,052 | |
| Kingspan Group PLC | | 2,308 | | | | 64,618 | |
| Paddy Power PLC | | 684 | | | | 21,285 | |
| | | 2,027,884 | |
Italy—3.7% | | | |
| Alleanza Assicurazioni SpA | | 6,450 | | | | 84,160 | |
| Arnoldo Mondadori Editore SpA | | 910 | | | | 8,892 | |
| Assicurazioni Generali SpA | † | | | 17,753 | | | | 710,512 | |
| Atlartia SpA | | 4,849 | | | | 160,748 | |
| Autogrill SpA | | 999 | | | | 21,098 | |
| Banca Monte dei Paschi di Siena SpA | | 19,348 | | | | 130,618 | |
| Banca Popolare di Milano Scrl | | 5,753 | | | | 87,584 | |
| Banco Popolare di Verona e Novara Scrl | † | | | 9,442 | | | | 270,989 | |
| Bulgari SpA | | 2,013 | | | | 32,227 | |
| Capitalia SpA | | 29,679 | | | | 293,880 | |
| Enel SpA | † | | | 71,163 | | | | 763,546 | |
| ENI SpA | † | | | 43,509 | | | | 1,574,663 | |
| Fiat SpA | | 11,494 | | | | 340,786 | |
| Finmeccanica SpA | | 4,830 | | | | 148,127 | |
| Fondiaria-Sai SpA | | 1,454 | | | | 70,168 | |
| Intesa Sanpaola | | 128,015 | | | | 952,715 | |
| Intesa Sanpaolo-RNC | | 14,283 | | | | 99,854 | |
| Italcementi SpA | | 992 | | | | 30,572 | |
| Lottomatica SpA | | 894 | | | | 35,405 | |
| Luxottica Group SpA | | 2,714 | | | | 105,240 | |
| Mediaset SpA | | 13,265 | | | | 136,778 | |
| Mediobanca SpA | | 7,721 | | | | 175,064 | |
| Mediolanum SpA | | 3,095 | | | | 25,716 | |
| Parmalat SpA | | 22,775 | | | | 96,088 | |
| Pirelli & C SpA | | 65,674 | | | | 77,970 | |
| Seat Pagine Gialle SpA | | 99,963 | | | | 59,809 | |
| Snam Rete Gas SpA | | 14,205 | | | | 83,843 | |
| Telecom Italia RNC | | 114,360 | | | | 252,990 | |
| Telecom Italia SpA | | 167,608 | | | | 458,045 | |
| Terna SpA | | 24,044 | | | | 82,769 | |
| UniCredito Italiano SpA | | 130,422 | | | | 1,162,765 | |
| Unione Di Banche Italiane SCPA | | 10,800 | | | | 274,013 | |
| | | 8,807,634 | |
Japan—20.5% | | | |
| 77 Bank Ltd. (The) | | 8,000 | | | | 51,775 | |
| Access Co. Ltd. | * | | | 2 | | | | 6,015 | |
| Acom Company Ltd. | | 960 | | | | 34,343 | |
| Aderans Company Ltd. | | 500 | | | | 10,499 | |
| Advantest Corporation | | 2,400 | | | | 104,204 | |
| Aeon Company Ltd. | | 11,500 | | | | 212,864 | |
Aeon Credit Service
Company Ltd. | | 900 | | | | 14,241 | |
| Aeon Mall Co., Ltd. | | 600 | | | | 18,396 | |
| Aiful Corporation | | 2,075 | | | | 59,413 | |
| Aisin Seiki Company Ltd. | | 3,200 | | | | 117,080 | |
| Ajinomoto Company, Inc. | | 11,000 | | | | 126,346 | |
| Alfresa Holdings Corporation | | 700 | | | $ | 48,728 | |
| All Nippon Airways Company Ltd. | | 15,000 | | | | 56,907 | |
| Alps Electric Company Ltd. | | 2,000 | | | | 19,927 | |
| Amada Company Ltd. | | 5,000 | | | | 62,357 | |
| Aoyama Trading Company Ltd. | | 1,000 | | | | 30,675 | |
| Asahi Breweries Ltd. | | 7,600 | | | | 117,533 | |
| Asahi Glass Company Ltd. | † | | | 16,000 | | | | 215,132 | |
| Asahi Kasei Corporation | | 18,000 | | | | 117,928 | |
| Asatsu-DK, Inc. | | 200 | | | | 6,760 | |
| Asics Corp. | | 4,000 | | | | 49,285 | |
| Astellas Pharma, Inc. | | 9,175 | | | | 397,973 | |
| Autobacs Seven Company Ltd. | | 200 | | | | 6,223 | |
| Bank of Kyoto Ltd. (The) | | 4,000 | | | | 47,783 | |
| Bank of Yokohama Ltd. (The) | | 21,000 | | | | 146,668 | |
| Benesse Corporation | | 900 | | | | 26,001 | |
| Bridgestone Corporation | | 11,200 | | | | 239,424 | |
| Canon Marketing Japan Inc. | | 900 | | | | 18,360 | |
| Canon, Inc. | | 17,500 | | | | 1,023,386 | |
| Casio Computer Company Ltd. | | 4,500 | | | | 69,967 | |
| Central Glass Company Ltd. | | 2,000 | | | | 11,145 | |
| Central Japan Railway Company | | 26 | | | | 273,548 | |
| Chiba Bank Ltd. (The) | | 14,000 | | | | 123,747 | |
| Chiyoda Corp. | | 2,000 | | | | 38,003 | |
| Chubu Electric Power Company, Inc. | | 11,400 | | | | 301,632 | |
| Chugai Pharmaceutical Company Ltd. | | 4,500 | | | | 80,633 | |
| Circle K Sunkus Company Ltd. | | 300 | | | | 5,221 | |
| Citizen Holding Co.,Ltd. | | 4,700 | | | | 42,267 | |
| Coca-Cola West Japan Company Ltd. | | 1,200 | | | | 27,795 | |
| COMSYS Holdings Corporation | | 1,000 | | | | 11,550 | |
| Credit Saison Company Ltd. | | 2,400 | | | | 62,292 | |
| CSK Corp. | | 800 | | | | 28,094 | |
| KDDI Corporation | | 40 | | | | 295,494 | |
| Dai Nippon Printing Company Ltd. | | 11,000 | | | | 163,696 | |
| Daicel Chemical Industries Ltd. | | 3,000 | | | | 19,470 | |
| Daido Steel Co. Ltd. | | 8,000 | | | | 54,305 | |
| Daifuku Co. Ltd. | | 1,000 | | | | 13,747 | |
| Daiichi Sankyo Co. Ltd. | | 11,702 | | | | 309,617 | |
| Daikin Industries Ltd. | | 4,100 | | | | 148,917 | |
| Daimaru, Inc. | | 4,000 | | | | 47,641 | |
| Dainippon Ink & Chemical, Inc. | | 14,000 | | | | 53,868 | |
| Dainippon Screen Manufacturing Company Ltd. | | 2,000 | | | | 15,051 | |
| Daito Trust Construction Company Ltd. | | 1,600 | | | | 75,975 | |
| Daiwa House Industry Company Ltd. | | 9,000 | | | | 128,277 | |
| Daiwa Securities Group, Inc. | | 22,000 | | | | 233,242 | |
| Denki Kagaku Kogyo KK | | 6,000 | | | | 26,929 | |
| Denso Corporation | | 7,700 | | | | 300,311 | |
| Dentsu, Inc. | | 33 | | | | 93,291 | |
| Dowa Mining Company Ltd. | | 3,000 | | | | 31,872 | |
| E*Trade Securities Co. Ltd. | | 25 | | | | 26,442 | |
| eAccess Ltd. | | 19 | | | | 11,305 | |
| East Japan Railway Company | | 53 | | | | 407,235 | |
| Ebara Corporation | | 5,000 | | | | 22,871 | |
| EDION Corp. | | 900 | | | | 11,657 | |
| Eisai Company Ltd. | | 4,100 | | | | 178,536 | |
| Electric Power Development Company | | 2,840 | | | | 112,540 | |
| Elpida Memory, Inc. | * | | | 1,500 | | | | 65,685 | |
| Familymart Company Ltd. | | 600 | | | | 15,769 | |
| Fanuc Ltd. | | 3,100 | | | | 319,067 | |
| Fast Retailing Company Ltd. | | 1,000 | | | | 70,977 | |
Fuji Electric Holdings
Company Ltd. | | 7,000 | | | | 35,407 | |
|
See accompanying notes to financial statements.
217
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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| Value
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|---|
COMMON STOCKS—(Continued) |
| Fuji Soft ABC, Inc. | | 200 | | | $ | 4,691 | |
| FUJIFILM Holding Corp. | | 8,500 | | | | 378,850 | |
| Fujikura Ltd. | | 4,000 | | | | 29,625 | |
| Fujitsu Ltd. | | 30,000 | | | | 220,370 | |
| Fukuoka Financial Group, Inc. | | 12,000 | | | | 79,112 | |
| Furukawa Electric Company Ltd. (The) | | 8,000 | | | | 44,058 | |
| Glory Ltd. | | 800 | | | | 17,460 | |
| Goodwill Group, Inc. (The) | | 12 | | | | 4,120 | |
| Gunma Bank Ltd. | | 5,000 | | | | 33,518 | |
| Gunze Ltd. | | 2,000 | | | | 11,648 | |
| Hachijuni Bank (The), Ltd. | | 3,000 | | | | 21,070 | |
| Hakuhodo DY Holdings, Inc. | | 660 | | | | 43,456 | |
| Hankyu Department Stores, Inc. | | 1,000 | | | | 10,617 | |
| Hankyu Holdings, Inc. | | 18,600 | | | | 97,944 | |
| Haseko Corp. | * | | | 17,000 | | | | 50,132 | |
| Hikari Tsushin, Inc. | | 200 | | | | 8,377 | |
| Hino Motors Ltd. | | 2,000 | | | | 11,923 | |
| Hirose Electric Company Ltd. | | 630 | | | | 82,615 | |
| Hiroshima Bank (The), Ltd. | | 10,000 | | | | 55,222 | |
| Hitachi Cable Ltd. | | 1,000 | | | | 5,842 | |
| Hitachi Chemical Company Ltd. | | 2,300 | | | | 51,868 | |
| Hitachi Construction Machinery Company Ltd. | | 2,000 | | | | 69,298 | |
| Hitachi Credit Corporation | | 400 | | | | 6,081 | |
| Hitachi High-Technologies Corp. | | 700 | | | | 18,109 | |
| Hitachi Ltd. | | 58,000 | | | | 409,290 | |
| Hokkaido Electric Power Company, Inc. | | 3,000 | | | | 64,943 | |
| Hokugin Financial Group, Inc. | | 19,000 | | | | 61,250 | |
| Honda Motor Company Ltd. | | 25,700 | | | | 930,617 | |
| House Foods Corporation | | 500 | | | | 7,653 | |
| Hoya Corporation | | 7,100 | | | | 234,871 | |
| Ibiden Co. Ltd. | | 2,200 | | | | 141,555 | |
| Idemitsu Kosan Co. Ltd. | | 200 | | | | 22,319 | |
| Inpex Holdings, Inc. | | 14 | | | | 130,457 | |
| Isetan Company Ltd. | | 3,900 | | | | 63,896 | |
| Ishikawajima-Harima Heavy Industries Company Ltd. | | 21,000 | | | | 76,376 | |
| Ito En Ltd. | | 800 | | | | 26,211 | |
| Itochu Corporation | | 25,000 | | | | 288,676 | |
| Itochu Techno-Science Corporation | | 300 | | | | 11,731 | |
| Jafco Company Ltd. | | 400 | | | | 18,340 | |
| Japan Airlines System Corporation | *† | | | 14,000 | | | | 26,262 | |
| Japan Petroleum Exploration Company | | 500 | | | | 35,206 | |
| Japan Prime Realty Investment Corp. REIT | | 5 | | | | 19,447 | |
| Japan Real Estate Investment Corporation REIT | | 6 | | | | 70,317 | |
| Japan Retail Fund Investment Corporation REIT | | 4 | | | | 34,572 | |
| Japan Steel Works Ltd. (The) | | 6,000 | | | | 91,042 | |
| Japan Tobacco, Inc. | | 78 | | | | 383,407 | |
| JFE Holdings, Inc. | | 9,300 | | | | 576,437 | |
| JGC Corporation | | 3,000 | | | | 56,059 | |
| Joyo Bank Ltd. | | 9,000 | | | | 55,767 | |
| JSR Corporation | | 3,800 | | | | 91,438 | |
| JTEKT Corporation | | 3,700 | | | | 66,638 | |
| Jupiter Telecommunications Co. | * | | | 23 | | | | 18,948 | |
| Kajima Corporation | | 19,000 | | | | 79,190 | |
| Kamigumi Company Ltd. | | 5,000 | | | | 43,199 | |
| Kaneka Corporation | | 6,000 | | | | 50,109 | |
| Kansai Electric Power Company, Inc. (The) | | 12,200 | | | | 287,724 | |
| Kansai Paint Company Ltd. | | 2,000 | | | | 17,434 | |
| Kao Corporation | | 9,000 | | | $ | 232,371 | |
| Kawasaki Heavy Industries Ltd. | | 19,000 | | | | 77,297 | |
| Kawasaki Kisen Kaisha Ltd. | | 9,000 | | | | 109,455 | |
| Keihin Electric Express Railway Company Ltd. | | 7,000 | | | | 46,084 | |
Keio Electric Railway
Company Ltd. | | 12,000 | | | | 79,675 | |
| Keisei Electric Railway Co. Ltd. | | 7,000 | | | | 40,865 | |
| Keyence Corporation | | 530 | | | | 115,461 | |
| Kikkoman Corporation | | 2,000 | | | | 29,625 | |
| Kinden Corporation | | 1,000 | | | | 8,658 | |
| Kinki Nippon Railway Company Ltd. | | 30,000 | | | | 90,109 | |
| Kirin Brewery Company Ltd. | | 13,000 | | | | 193,916 | |
| KK DaVinci Advisors | * | | | 13 | | | | 11,317 | |
| Kobe Steel Ltd. | | 46,000 | | | | 173,979 | |
| Kokuyo Company Ltd. | | 700 | | | | 8,188 | |
| Komatsu Ltd. | | 15,000 | | | | 433,532 | |
| Komori Corporation | | 430 | | | | 10,050 | |
| Konami Corporation | | 1,200 | | | | 27,483 | |
| Konica Minolta Holdings, Inc. | | 7,500 | | | | 110,231 | |
| Kose Corporation | | 400 | | | | 11,292 | |
| Kubota Corporation | | 19,000 | | | | 153,155 | |
| Kuraray Company Ltd. | | 7,000 | | | | 81,824 | |
| Kurita Water Industries Ltd. | | 1,500 | | | | 46,963 | |
| Kyocera Corporation | | 2,600 | | | | 275,444 | |
Kyowa Hakko Kogyo
Company Ltd. | | 7,000 | | | | 65,874 | |
| Kyushu Electric Power Company, Inc. | | 5,300 | | | | 138,522 | |
| Lawson, Inc. | | 1,700 | | | | 58,636 | |
| Leopalace21 Corporation | | 2,400 | | | | 81,785 | |
| Mabuchi Motor Company Ltd. | | 400 | | | | 24,428 | |
| Makita Corporation | | 2,100 | | | | 93,292 | |
| Marubeni Corporation | | 27,000 | | | | 221,483 | |
| Marui Company Ltd. | | 4,000 | | | | 50,397 | |
| Matsui Securities Co. Ltd. | * | | | 1,100 | | | | 9,783 | |
| Matsumotokiyoshi Company Ltd. | | 300 | | | | 6,568 | |
| Matsushita Electric Industrial Company Ltd. | | 33,000 | | | | 652,139 | |
| Matsushita Electric Works Ltd. | | 4,000 | | | | 51,000 | |
| Mediceo Paltac Holdings Company Ltd. | | 2,100 | | | | 32,071 | |
| Meiji Dairies Corporation | | 6,000 | | | | 38,114 | |
| Meiji Seika Kaisha Ltd. | | 5,000 | | | | 22,807 | |
| Meitec Corporation | | 300 | | | | 8,570 | |
| Millea Holdings, Inc. | | 12,800 | | | | 524,767 | |
| Minebea Company Ltd. | | 9,000 | | | | 50,727 | |
| Mitsubishi Chemical Holdings Corp. | | 18,000 | | | | 164,776 | |
| Mitsubishi Corporation | | 22,500 | | | | 587,899 | |
| Mitsubishi Electric Corporation | | 33,000 | | | | 304,841 | |
| Mitsubishi Estate Company Ltd. | | 19,000 | | | | 514,042 | |
| Mitsubishi Gas Chemical Company, Inc. | | 7,000 | | | | 63,723 | |
| Mitsubishi Heavy Industries Ltd. | | 56,000 | | | | 357,651 | |
| Mitsubishi Logistics Corporation | | 3,000 | | | | 49,246 | |
| Mitsubishi Materials Corporation | | 18,000 | | | | 97,861 | |
| Mitsubishi Rayon Company Ltd. | | 10,000 | | | | 71,029 | |
| Mitsubishi UFJ Financial Group, Inc. | | 133 | | | | 1,461,656 | |
| Mitsubishi UFJ Lease & Finance Co., Ltd. | | 440 | | | | 19,708 | |
| Mitsubishi UFJ Securities Company Ltd. | * | | | 6,000 | | | | 67,041 | |
| Mitsui & Company Ltd. | | 24,000 | | | | 477,630 | |
| Mitsui Chemicals, Inc. | | 13,000 | | | | 98,461 | |
| Mitsui Engineering & Shipbuilding Company Ltd. | | 12,000 | | | | 63,807 | |
| Mitsui Fudosan Company Ltd. | | 14,000 | | | | 391,300 | |
|
See accompanying notes to financial statements.
218
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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COMMON STOCKS—(Continued) |
| Mitsui Mining & Smelting Company Ltd. | | 12,000 | | | $ | 55,834 | |
| Mitsui O.S.K. Lines Ltd. | | 17,000 | | | | 229,858 | |
| Mitsui Sumitomo Insurance Company Ltd. | | 21,000 | | | | 268,672 | |
| Mitsui Trust Holdings, Inc. | | 13,000 | | | | 112,790 | |
| Mitsukoshi Ltd. | | 6,000 | | | | 29,944 | |
| Mitsumi Electric Company Ltd. | | 1,700 | | | | 60,749 | |
| Mizuho Financial Group, Inc. | | 157 | | | | 1,081,609 | |
| Murata Manufacturing Company Ltd. | | 3,600 | | | | 270,109 | |
| NEC Corporation | | 34,000 | | | | 174,547 | |
| NTT DoCoMo, Inc. | | 279 | | | | 440,033 | |
| Namco Bandai Holdings, Inc. | | 4,150 | | | | 65,371 | |
| NEC Electronics Corporation | * | | | 300 | | | | 7,857 | |
| NGK Insulators Ltd. | | 4,000 | | | | 97,962 | |
| NGK Spark Plug Company Ltd. | | 4,000 | | | | 69,287 | |
| NHK Spring Co. Ltd. | | 2,000 | | | | 19,196 | |
| Nichirei Company | | 2,000 | | | | 10,262 | |
| Nidec Corporation | | 1,600 | | | | 93,608 | |
| Nikko Cordial Corporation | | 6,500 | | | | 84,541 | |
| Nikon Corporation | | 5,000 | | | | 138,857 | |
| Nintendo Company Ltd. | | 1,700 | | | | 618,501 | |
| Nippon Building Fund, Inc. REIT | | 7 | | | | 96,833 | |
| Nippon Electric Glass Company Ltd. | | 6,500 | | | | 114,280 | |
| Nippon Express Company Ltd. | | 14,000 | | | | 79,362 | |
| Nippon Kayaku Company Ltd. | | 3,000 | | | | 23,693 | |
| Nippon Light Metal Company Ltd. | | 3,000 | | | | 7,806 | |
| Nippon Meat Packers, Inc. | | 2,000 | | | | 24,124 | |
| Nippon Mining Holdings, Inc. | | 16,000 | | | | 152,640 | |
| Nippon Oil Corporation | | 21,000 | | | | 194,496 | |
| Nippon Sanso Corporation | | 6,000 | | | | 46,263 | |
| Nippon Sheet Glass Company Ltd. | | 14,000 | | | | 63,732 | |
| Nippon Shokubai Company Ltd. | | 1,000 | | | | 8,859 | |
| Nippon Steel Corporation | | 96,000 | | | | 673,426 | |
| Nippon Telegraph & Telephone Corporation | | 87 | | | | 383,927 | |
| Nippon Unipac Holding | | 21 | | | | 69,729 | |
| Nippon Yusen Kabushiki Kaisha | | 18,000 | | | | 164,624 | |
| Nishimatsu Construction Company Ltd. | | 2,000 | | | | 7,042 | |
| Nishi-Nippon City Bank Ltd. (The) | | 16,000 | | | | 58,385 | |
| Nissan Chemical Industries Ltd. | | 2,000 | | | | 23,467 | |
| Nissan Motor Company Ltd. | | 36,600 | | | | 390,741 | |
| Nisshin Seifun Group, Inc. | | 2,200 | | | | 21,700 | |
| Nisshin Steel Company Ltd. | | 15,000 | | | | 68,259 | |
| Nisshinbo Industries, Inc. | | 4,000 | | | | 55,714 | |
| Nissin Food Products Company Ltd. | | 1,100 | | | | 36,770 | |
| Nitori Company Ltd. | | 300 | | | | 14,935 | |
| Nitto Denko Corporation | | 2,800 | | | | 140,735 | |
| NOK Corporation | | 2,800 | | | | 58,933 | |
| Nomura Holdings, Inc. | | 29,500 | | | | 571,388 | |
| Nomura Real Estate Holdings, Inc. | | 600 | | | | 19,433 | |
| Nomura Real Estate Office Fund, Inc. REIT | | 5 | | | | 53,752 | |
| Nomura Research Institute Ltd. | | 1,350 | | | | 39,599 | |
| NSK Ltd. | | 7,000 | | | | 72,167 | |
| NTN Corporation | | 9,000 | | | | 77,382 | |
| NTT Data Corporation | | 25 | | | | 118,281 | |
| NTT Urban Development Corporation | | 24 | | | | 46,342 | |
| Obayashi Corporation | | 11,000 | | | | 59,757 | |
| Obic Company Ltd. | | 100 | | | | 19,696 | |
| Odakyu Electric Railway Company Ltd. | | 9,000 | | | | 55,343 | |
| Oji Paper Company Ltd. | | 16,000 | | | | 77,565 | |
| Oki Electric Industry Company Ltd. | * | | | 4,000 | | | $ | 7,403 | |
| Okuma Corp. | | 2,000 | | | | 31,508 | |
| Okumura Corporation | | 2,000 | | | | 10,207 | |
| Olympus Corporation | | 4,000 | | | | 155,621 | |
| Omron Corporation | | 4,100 | | | | 107,321 | |
| Onward Kashiyama Company Ltd. | | 2,000 | | | | 25,457 | |
| Oracle Corporation (Japan) | | 300 | | | | 13,204 | |
| Oriental Land Company Ltd. | | 1,300 | | | | 67,694 | |
| ORIX Corporation | | 1,460 | | | | 383,762 | |
| Osaka Gas Company Ltd. | | 35,000 | | | | 129,688 | |
| OSG Corp. | | 900 | | | | 12,365 | |
| Otsuka Corp. | | 200 | | | | 18,915 | |
| Park24 Co. Ltd. | | 1,200 | | | | 12,014 | |
| Pioneer Corporation | | 2,000 | | | | 27,125 | |
| Promise Company Ltd. | | 1,060 | | | | 32,614 | |
| Q.P. Corporation | | 800 | | | | 7,665 | |
| Rakuten, Inc. | | 94 | | | | 31,513 | |
| Resona Holdings, Inc. | | 94 | | | | 223,921 | |
| Ricoh Company Ltd. | | 12,000 | | | | 276,861 | |
| Rinnai Corporation | | 300 | | | | 9,327 | |
| Rohm Company Ltd. | | 1,500 | | | | 132,746 | |
| Round One Corp. | | 4 | | | | 7,242 | |
| Ryohin Keikaku Company Ltd. | | 500 | | | | 30,863 | |
| Sanken Electric Company Ltd. | | 1,000 | | | | 9,646 | |
| Sankyo Company Ltd. | | 600 | | | | 25,195 | |
| Santen Pharmaceutical Company Ltd. | | 700 | | | | 16,998 | |
| Sanwa Shutter Corporation | | 3,000 | | | | 17,351 | |
| Sanyo Electric Company Ltd. | *† | | | 39,000 | | | | 63,681 | |
| Sapporo Breweries Ltd. | | 4,000 | | | | 25,355 | |
| Sapporo Hokuyo Holdings, Inc. | | 7 | | | | 76,941 | |
| SBI Holdings, Inc. | | 111 | | | | 35,114 | |
| Secom Company Ltd. | | 3,500 | | | | 164,658 | |
| Sega Sammy Holdings, Inc. | | 4,348 | | | | 70,162 | |
| Seiko Epson Corporation | | 1,800 | | | | 51,960 | |
Seino Transportation
Company Ltd. | | 4,000 | | | | 37,757 | |
| Sekisui Chemical Company Ltd. | | 8,000 | | | | 61,656 | |
| Sekisui House Ltd. | | 8,000 | | | | 106,338 | |
| Seven & I Holdings Co. Ltd. | | 14,240 | | | | 405,918 | |
| Sharp Corporation | | 17,000 | | | | 321,377 | |
| Shimachu Company Ltd. | | 600 | | | | 16,088 | |
| Shimamura Company Ltd. | | 500 | | | | 53,267 | |
| Shimano, Inc. | | 1,000 | | | | 34,199 | |
| Shimizu Corporation | | 10,000 | | | | 57,773 | |
| Shin-Etsu Chemical Company Ltd. | | 6,600 | | | | 469,907 | |
| Shinko Electric Industries | | 800 | | | | 17,169 | |
| Shinko Securities Co. Ltd. | * | | | 13,000 | | | | 66,950 | |
| Shinsei Bank Ltd. | | 21,000 | | | | 84,635 | |
| Shionogi & Company Ltd. | | 6,000 | | | | 97,528 | |
| Shiseido Company Ltd. | | 6,000 | | | | 127,721 | |
| Shizuoka Bank Ltd. | | 8,000 | | | | 80,947 | |
| Showa Denko KK | | 22,000 | | | | 79,339 | |
| Showa Shell Sekiyu KK | | 2,900 | | | | 35,861 | |
| SMC Corporation | | 1,100 | | | | 145,808 | |
| Softbank Corporation | † | | | 12,200 | | | | 262,169 | |
| Sojitz Corporation | * | | | 17,200 | | | | 76,663 | |
| Sompo Japan Insurance, Inc. | | 14,000 | | | | 170,752 | |
| Sony Corporation | | 16,300 | | | | 834,370 | |
| Stanley Electric Company Ltd. | | 2,500 | | | | 54,110 | |
| Sumco Corp. | | 1,900 | | | | 94,934 | |
| Sumitomo Bakelite Company Ltd. | | 2,000 | | | | 13,964 | |
| Sumitomo Chemical Company Ltd. | | 28,000 | | | | 187,366 | |
| Sumitomo Corporation | | 18,000 | | | | 327,251 | |
| Sumitomo Electric Industries Ltd. | | 12,600 | | | | 187,074 | |
| Sumitomo Heavy Industries Ltd. | | 10,000 | | | | 112,738 | |
| Sumitomo Metal Industries Ltd. | | 67,000 | | | | 392,803 | |
|
See accompanying notes to financial statements.
219
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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| Value
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|---|
COMMON STOCKS—(Continued) |
| Sumitomo Metal Mining Company Ltd. | | 9,000 | | | $ | 194,563 | |
| Sumitomo Mitsui Financial Group, Inc. | | 108 | | | | 1,004,007 | |
| Sumitomo Osaka Cement Company Ltd. | | 4,000 | | | | 10,566 | |
| Sumitomo Realty & Development Company Ltd. | | 6,000 | | | | 194,853 | |
| Sumitomo Rubber Industries, Inc. | | 1,900 | | | | 22,614 | |
| Sumitomo Titanium Corp. | | 200 | | | | 18,621 | |
| Sumitomo Trust & Banking Company Ltd. (The) | | 22,000 | | | | 208,954 | |
| Suruga Bank Ltd. (The) | | 4,000 | | | | 50,269 | |
| Suzuken Company Ltd. | | 960 | | | | 29,904 | |
| T&D Holdings, Inc. | | 3,600 | | | | 242,443 | |
| TDK Corporation | | 2,000 | | | | 193,025 | |
| Taiheiyo Cement Corporation | | 15,000 | | | | 66,163 | |
| Taisei Corporation | | 22,000 | | | | 74,159 | |
| Taisho Pharmaceutical Company Ltd. | † | | | 2,300 | | | | 45,504 | |
| Taiyo Yuden Company Ltd. | | 1,000 | | | | 23,067 | |
| Takara Holdings, Inc. | | 2,000 | | | | 13,300 | |
| Takashimaya Company Ltd. | | 6,000 | | | | 75,594 | |
| Takeda Pharmaceutical Company Ltd. | | 14,020 | | | | 903,182 | |
| Takefuji Corporation | | 2,390 | | | | 80,147 | |
| Tanabe Seiyaju Company Ltd. | | 4,000 | | | | 47,426 | |
| Teijin Ltd. | | 13,000 | | | | 70,904 | |
| Terumo Corporation | | 2,800 | | | | 107,883 | |
| THK Company Ltd. | | 1,600 | | | | 39,957 | |
| TIS, Inc. | | 300 | | | | 6,871 | |
| Tobu Railway Company Ltd. | | 13,000 | | | | 58,600 | |
| Toda Corporation | | 2,000 | | | | 10,604 | |
| Toho Company Ltd. | | 3,000 | | | | 54,173 | |
| Toho Titanium Co. Ltd. | | 300 | | | | 12,127 | |
| Tohoku Electric Power Company, Inc. | | 7,700 | | | | 172,240 | |
| Tokai Rika Co. Ltd. | | 700 | | | | 19,076 | |
| Tokuyama Corp. | | 3,000 | | | | 38,890 | |
| Tokyo Broadcasting System | | 200 | | | | 6,103 | |
| Tokyo Electric Power Company, Inc. (The) | | 20,100 | | | | 644,748 | |
| Tokyo Electron Ltd. | | 3,000 | | | | 220,092 | |
| Tokyo Gas Company Ltd. | | 36,000 | | | | 170,229 | |
| Tokyo Seimitsu Company Ltd. | | 400 | | | | 15,415 | |
Tokyo Steel
Manufacturing Co. Ltd. | | 1,300 | | | | 20,302 | |
| Tokyo Tatemono Co. Ltd. | | 4,000 | | | | 49,659 | |
| Tokyu Corporation | | 16,000 | | | | 106,637 | |
| Tokyu Land Corporation | | 9,000 | | | | 95,430 | |
| TonenGeneral Sekiyu KK | | 3,000 | | | | 29,179 | |
| Toppan Printing Company Ltd. | | 8,000 | | | | 85,725 | |
| Toray Industries, Inc. | | 24,000 | | | | 176,850 | |
| Toshiba Corporation | | 48,000 | | | | 417,045 | |
| Tosoh Corporation | | 9,000 | | | | 49,782 | |
| Tostem Inax Holding Corporation | | 4,900 | | | | 99,065 | |
| Toto Ltd. | | 7,000 | | | | 60,428 | |
| Toyo Seikan Kaisha Ltd. | | 3,300 | | | | 63,611 | |
| Toyo Suisan Kaisha Ltd. | | 1,000 | | | | 17,987 | |
| Toyobo Company Ltd. | | 14,000 | | | | 39,950 | |
| Toyoda Gosei Company Ltd. | | 1,800 | | | | 50,611 | |
| Toyota Boshoku Corp. | | 1,400 | | | | 35,284 | |
| Toyota Industries Corporation | | 2,700 | | | | 125,100 | |
| Toyota Motor Corporation | | 45,100 | | | | 2,836,347 | |
| Toyota Tsusho Corp. | | 4,300 | | | | 99,182 | |
| Trend Micro, Inc. | † | | | 2,000 | | | | 64,392 | |
| Ube Industries Ltd. | | 19,000 | | | | 58,326 | |
| UniCharm Corporation | | 500 | | | $ | 28,268 | |
| UNY Company Ltd. | | 2,000 | | | | 23,641 | |
| Ushio, Inc. | † | | | 2,600 | | | | 57,514 | |
| USS Company Ltd. | | 200 | | | | 12,698 | |
| Wacoal Corp. | | 1,000 | | | | 12,296 | |
| West Japan Railway Company | | 30 | | | | 139,297 | |
| Yahoo Japan Corporation | | 290 | | | | 98,044 | |
| Yakult Honsha Company Ltd. | | 1,900 | | | | 47,909 | |
| Yamada Denki Company Ltd. | | 1,400 | | | | 145,804 | |
| Yamaha Corporation | | 3,700 | | | | 76,675 | |
| Yamaha Motor Company Ltd. | | 2,900 | | | | 83,909 | |
| Yamato Transport Company Ltd. | | 7,000 | | | | 98,676 | |
| Yamazaki Baking Company Ltd. | | 1,000 | | | | 8,513 | |
| Yaskawa Electric Corp. | | 5,000 | | | | 56,674 | |
| Yokogawa Electric Corporation | | 3,400 | | | | 45,450 | |
| Zeon Corporation | | 2,000 | | | | 21,201 | |
| | | 49,018,339 | |
Luxembourg—0.0% | | | |
| Acergy SA | * | | | 2,569 | | | | 57,798 | |
| Stolt-Nielsen S.A. | | 550 | | | | 18,308 | |
| | | 76,106 | |
Netherlands—5.1% | | | |
| ABN AMRO Holding NV | | 29,921 | | | | 1,369,460 | |
| ASML Holdings NV | * | | | 8,253 | | | | 226,343 | |
| Aegon NV | | 25,182 | | | | 494,734 | |
| Akzo Nobel NV | | 4,416 | | | | 380,495 | |
| Arcelor Mittal | | 14,991 | | | | 935,271 | |
| Corio NV | | 518 | | | | 40,500 | |
| Corporate Express | | 3,544 | | | | 54,247 | |
| European Aeronautic Defense and Space Company | † | | | 5,785 | | | | 187,404 | |
| Fugro NV | | 1,178 | | | | 74,493 | |
| Hagemeyer NV | * | | | 11,173 | | | | 57,469 | |
| Heineken NV | | 4,091 | | | | 239,387 | |
| ING Groep NV | | 30,638 | | | | 1,346,050 | |
| James Hardie Industries NV | | 6,561 | | | | 48,477 | |
| Royal KPN NV | | 32,358 | | | | 535,871 | |
| Koninklijke Ahold NV | * | | | 26,323 | | | | 329,568 | |
| Koninklijke DSM | | 2,591 | | | | 127,376 | |
Koninklijke Philips
Electronics NV | | 18,247 | | | | 771,850 | |
| Oce NV | | 599 | | | | 11,661 | |
| Qiagen NV | *† | | | 3,398 | | | | 60,938 | |
| Randstad Holding NV | | 1,085 | | | | 85,721 | |
| Reed Elsevier NV | | 13,028 | | | | 247,157 | |
| Royal Dutch Shell PLC Class A | | 60,751 | | | | 2,470,321 | |
| Royal Numico NV | | 2,691 | | | | 139,586 | |
| SBM Offshore NV | | 2,337 | | | | 88,971 | |
| STMicroelectronics NV | | 12,142 | | | | 233,578 | |
| TNT NV | | 7,124 | | | | 321,078 | |
| Unilever NV | | 28,413 | | | | 880,165 | |
| Vedior NV | | 3,358 | | | | 100,168 | |
| Wereldhave NV | | 289 | | | | 40,185 | |
| Wolters Kluwer NV | | 4,949 | | | | 150,647 | |
| | | 12,049,171 | |
New Zealand—0.2% | | | |
| Auckland International Airport Ltd. | | 8,084 | | | | 20,480 | |
| Contact Energy Ltd. | | 5,052 | | | | 35,174 | |
| Fisher & Paykel Appliances Holdings Ltd. | | 1,564 | | | | 4,205 | |
| Fisher & Paykel Healthcare Corporation | | 8,610 | | | | 22,418 | |
| Fletcher Building Ltd. | | 10,277 | | | | 98,144 | |
| Sky City Entertainment Group Ltd. | | 7,628 | | | | 29,955 | |
| Sky Network Television Ltd. | | 1,544 | | | | 6,718 | |
|
See accompanying notes to financial statements.
220
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
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| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| Telecom Corporation of New Zealand Ltd. | † | | | 43,048 | | | $ | 151,397 | |
| Vector Ltd. | | 1,296 | | | | 2,723 | |
| | | 371,214 | |
Norway—0.9% | | | |
| Aker Kvaerner ASA | | 3,235 | | | | 81,833 | |
| DET Norske Oljeselskap | *† | | | 7,200 | | | | 15,044 | |
| DNB NOR ASA | | 13,364 | | | | 171,788 | |
| Marine Harvest | * | | | 29,924 | | | | 32,291 | |
| Norsk Hydro ASA | | 11,436 | | | | 438,353 | |
| Norske Skogindustrier ASA | | 2,416 | | | | 34,748 | |
| Ocean RIG ASA | * | | | 2,400 | | | | 17,806 | |
| Orkla ASA | | 14,782 | | | | 278,536 | |
| Petroleum Geo-Services ASA | * | | | 2,899 | | | | 72,344 | |
| ProSafe SE | | 3,100 | | | | 49,537 | |
| Renewable Energy Corporation AS | * | | | 2,650 | | | | 102,565 | |
| Schibsted ASA | | 967 | | | | 44,167 | |
| Statoil ASA | | 10,873 | | | | 337,129 | |
| Storebrand | | 3,803 | | | | 58,872 | |
| Tandberg ASA | * | | | 2,486 | | | | 55,428 | |
| Telenor ASA | * | | | 14,385 | | | | 281,003 | |
TGS Nopec
Geophysical Co. ASA | * | | | 1,200 | | | | 24,537 | |
| Tomra Systems ASA | | 1,398 | | | | 12,193 | |
| Yara International ASA | | 2,625 | | | | 78,663 | |
| | | 2,186,837 | |
Portugal—0.3% | | | |
| Banco BPI SA | | 2,502 | | | | 22,212 | |
| Banco Comercial Portugues SA Class R | | 28,942 | | | | 161,450 | |
| Banco Espirito Santo SA | | 2,116 | | | | 47,091 | |
| Brisa-Auto Estradas de Portugal SA | | 2,875 | | | | 38,575 | |
| Cimpor Cimentos de Portugal SA | | 1,457 | | | | 13,737 | |
| Electricidade de Portugal SA | | 31,876 | | | | 175,943 | |
| Jeronimo Martins SGPS SA | | 6,730 | | | | 39,697 | |
| Portugal Telecom SGPS SA | | 11,716 | | | | 161,705 | |
| PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA | | 2,344 | | | | 37,676 | |
| Sonae SGPS SA | | 18,467 | | | | 52,331 | |
| | | 750,417 | |
Singapore—1.0% | | | |
| Allgreen Properties Ltd. | | 6,000 | | | | 8,212 | |
| Ascendas Real Estate Investment Trust REIT | | 7,300 | | | | 14,046 | |
| CapitaCommercial Trust REIT | | 20,000 | | | | 38,303 | |
| Capitaland Ltd. | | 23,000 | | | | 121,868 | |
| CapitaMall Trust REIT | | 22,000 | | | | 60,752 | |
| Chartered Semiconductor Manufacturing Ltd. | * | | | 7,000 | | | | 6,157 | |
| City Developments Ltd. | | 10,000 | | | | 113,057 | |
| ComfortDelgro Corporation Ltd. | | 37,000 | | | | 52,759 | |
| Cosco Corp. (Singapore) Ltd. | | 18,000 | | | | 43,966 | |
| DBS Group Holdings Ltd. | | 18,000 | | | | 268,218 | |
| Fraser and Neave Ltd. | | 10,000 | | | | 35,650 | |
| Jardine Cycle & Carriage Ltd. | | 1,000 | | | | 10,277 | |
| Keppel Corp, Ltd. | | 20,000 | | | | 163,627 | |
| Keppel Land Ltd. | | 4,000 | | | | 22,927 | |
| Neptune Orient Lines Ltd. | | 4,000 | | | | 13,867 | |
| Olam International Ltd. | | 19,000 | | | | 38,332 | |
| Oversea-Chinese Banking Corp. | | 39,600 | | | | 236,752 | |
| Parkway Holdings Ltd. | | 15,000 | | | | 39,275 | |
| SembCorp Industries Ltd. | | 10,340 | | | | 38,544 | |
| SembCorp Marine Ltd. | | 15,000 | | | $ | 48,109 | |
| Singapore Airlines Ltd. | | 9,000 | | | | 110,612 | |
| Singapore Exchange Ltd. | | 15,000 | | | | 96,247 | |
| Singapore Land Ltd. | | 1,000 | | | | 7,445 | |
| Singapore Post Ltd. | | 10,000 | | | | 8,304 | |
| Singapore Press Holdings Ltd. | | 24,500 | | | | 74,303 | |
| Singapore Technologies Engineering Ltd. | | 26,000 | | | | 61,242 | |
| Singapore Telecommunications Ltd. | | 135,159 | | | | 300,626 | |
| SMRT Corp Ltd. | | 6,000 | | | | 7,730 | |
| Suntec REIT | | 5,000 | | | | 6,350 | |
| United Overseas Bank Ltd. | | 20,000 | | | | 287,539 | |
| United Overseas Land Ltd. | | 13,000 | | | | 49,433 | |
| Venture Corporation Ltd. | | 5,000 | | | | 51,262 | |
| Want Want Holdings Ltd. | | 12,000 | | | | 27,600 | |
| Wing Tai Holdings Ltd. | | 14,000 | | | | 36,467 | |
| | | 2,499,858 | |
Spain—3.9% | | | |
| Abertis Infraestructuras SA | | 4,020 | | | | 124,446 | |
| Acciona SA | | 445 | | | | 120,842 | |
| Acerinox SA | | 2,413 | | | | 58,752 | |
| ACS Actividades Construccion y Servicios | | 3,895 | | | | 247,188 | |
| Altadis SA | | 4,213 | | | | 277,930 | |
| Antena 3 de Television SA | | 1,214 | | | | 25,185 | |
| Banco Bilbao Vizcaya Argentaria SA | | 58,333 | | | | 1,423,941 | |
| Banco Popular Espanol SA | | 13,398 | | | | 248,888 | |
| Banco Santander Central Hispano SA | | 102,494 | | | | 1,880,626 | |
| Cintra Concesiones de Infraestructuras de Transporte SA | | 4,742 | | | | 75,203 | |
| Corp Mapfre SA | | 7,235 | | | | 35,734 | |
| Ebro Puleva SA | | 982 | | | | 21,072 | |
| Endesa SA | | 10,646 | | | | 578,330 | |
| Fomento de Construcciones Y Contratas SA | | 687 | | | | 61,696 | |
| Gamesa Corporation Tecnologica SA | | 3,566 | | | | 128,769 | |
| Gas Natural SDG SA | | 2,735 | | | | 165,865 | |
| Gestevision Telecinco SA | | 765 | | | | 21,605 | |
| Grupo Ferrovial SA | | 1,190 | | | | 116,771 | |
| Iberdrola SA | | 14,719 | | | | 818,145 | |
| Iberia Lineas Aereas de Espana | | 9,947 | | | | 49,418 | |
| Inditex SA | | 3,636 | | | | 213,624 | |
| Indra Sistemas SA | | 1,576 | | | | 39,228 | |
| Promotora de Informaciones SA | | 1,051 | | | | 23,017 | |
| Repsol YPF SA | | 13,202 | | | | 521,700 | |
| Sacyr Vallehermoso SA | | 1,382 | | | | 66,181 | |
| Sociedad General de Aguas de Barcelona SA Class B | | 937 | | | | 34,295 | |
| Sogecable SA | * | | | 418 | | | | 17,423 | |
| Telefonica SA | | 74,254 | | | | 1,649,457 | |
| Union Fenosa SA | | 1,695 | | | | 90,329 | |
| Zardoya Otis SA | | 1,545 | | | | 60,423 | |
| Zeltia SA | * | | | 6,642 | | | | 62,227 | |
| | | 9,258,310 | |
Sweden—2.5% | | | |
| Alfa Laval AB | | 1,486 | | | | 89,354 | |
| Assa Abloy AB Class B | | 4,945 | | | | 108,599 | |
| Atlas Copco AB Class A | | 11,228 | | | | 186,645 | |
| Atlas Copco AB Class B | | 6,758 | | | | 105,505 | |
| Axfood AB | | 275 | | | | 9,707 | |
| Billerud AB | | 333 | | | | 5,047 | |
| Boliden AB | | 4,792 | | | | 99,149 | |
| Castellum AB | | 3,485 | | | | 41,819 | |
| D Carnegie AB | | 950 | | | | 16,526 | |
| Electrolux AB Class B | | 4,438 | | | | 104,869 | |
|
See accompanying notes to financial statements.
221
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| Elekta AB Class B | † | | | 1,525 | | | $ | 26,333 | |
| Eniro AB | | 2,820 | | | | 35,694 | |
| Fabege AB | | 3,032 | | | | 33,153 | |
| Getinge AB | | 3,096 | | | | 66,567 | |
| Hennes & Mauritz AB Class B | | 7,434 | | | | 438,671 | |
| Hoganas AB Class B | | 196 | | | | 5,817 | |
| Holmen AB Class B | | 741 | | | | 31,240 | |
| Husqvarna AB | * | | | 3,553 | | | | 50,196 | |
| Kungsleden AB | | 2,810 | | | | 34,901 | |
| Lundin Petroleum AB | * | | | 2,845 | | | | 28,285 | |
| Modern Times Group AB Class B | * | | | 680 | | | | 43,741 | |
| Nobia AB | | 1,800 | | | | 22,373 | |
| Nordea Bank AB | | 34,718 | | | | 541,181 | |
| OMHEX AB | | 1,822 | | | | 54,156 | |
| Oriflame Cosmetics SA SDR | | 760 | | | | 35,606 | |
| Sandvik AB | | 16,020 | | | | 322,221 | |
| SAS AB | * | | | 1,903 | | | | 43,678 | |
| Scania AB—Class B | | 5,968 | | | | 145,272 | |
| Securitas AB Class B | † | | | 6,443 | | | | 101,781 | |
| Securitas Direct AB Class B | * | | | 3,488 | | | | 9,390 | |
| Securitas Systems AB Class B | * | | | 3,488 | | | | 11,824 | |
Skandinaviska Enskilda
Banken AB Class A | | 7,991 | | | | 256,773 | |
| Skanska AB Class B | | 5,991 | | | | 128,034 | |
| SKF AB | | 6,189 | | | | 129,236 | |
| Ssab Svenskt Stal AB Class A | | 2,460 | | | | 100,328 | |
| Ssab Svenskt Stal AB Class B | | 669 | | | | 25,300 | |
| Svenska Cellulosa AB—Class B | | 10,516 | | | | 175,510 | |
Svenska Handelsbanken AB
Class A | | 8,670 | | | | 241,962 | |
| Swedish Match AB | | 5,428 | | | | 104,498 | |
| Tele2 AB Class B | | 4,495 | | | | 73,175 | |
| Telefonaktiebolaget LM Ericsson Class B | | 244,436 | | | | 973,094 | |
| TeliaSonera AB | | 37,998 | | | | 278,205 | |
| Trelleborg AB Class B | | 1,852 | | | | 50,863 | |
| Volvo AB—Class A | | 7,630 | | | | 155,966 | |
| Volvo AB—Class B | | 17,694 | | | | 351,102 | |
| Wihlborgs Fastigheter AB | | 260 | | | | 4,577 | |
| | | 5,897,923 | |
Switzerland—6.4% | | | |
| ABB Ltd. | | 34,405 | | | | 773,761 | |
| Adecco SA | | 2,218 | | | | 171,148 | |
| Ciba Specialty Chemicals AG | | 897 | | | | 58,133 | |
| Clariant AG | * | | | 4,264 | | | | 68,844 | |
| Compagnie Financiere Richemont AG Class A | | 8,750 | | | | 521,653 | |
| Credit Suisse Group | | 18,055 | | | | 1,278,447 | |
| Geberit AG | | 650 | | | | 110,467 | |
| Givaudan | | 95 | | | | 93,439 | |
| Holcim Ltd. | | 3,351 | | | | 360,969 | |
| Kudelski SA | | 295 | | | | 10,289 | |
| Kuehne & Nagel International AG | | 1,071 | | | | 98,389 | |
| Kuoni Reisen Holding | * | | | 30 | | | | 17,991 | |
| Logitech International S.A. | * | | | 2,953 | | | | 78,339 | |
| Lonza Group AG | * | | | 741 | | | | 67,812 | |
| Nestle SA | | 6,715 | | | | 2,544,959 | |
| Nobel Biocare Holding AG | | 407 | | | | 132,516 | |
| Novartis AG | | 38,336 | | | | 2,146,670 | |
| OC Oerlikon Corporation AG | *† | | | 92 | | | | 48,630 | |
| Phonak Holding AG | | 891 | | | | 79,663 | |
| PSP Swiss Property AG | * | | | 889 | | | | 49,687 | |
| Rieter Holding AG | | 82 | | | | 42,754 | |
| Roche Holding AG-Genusschein | | 11,639 | | | | 2,056,970 | |
| Schindler Holding AG | | 697 | | | | 46,181 | |
| SGS SA | | 84 | | | $ | 99,072 | |
| Straumann Holding AG | | 152 | | | | 42,501 | |
| Sulzer AG | | 61 | | | | 78,642 | |
| Swatch Group AG | | 1,240 | | | | 69,954 | |
| Swatch Group AG Class B | | 515 | | | | 145,919 | |
| Swiss Life Holding | * | | | 549 | | | | 144,370 | |
| Swiss Reinsurance | | 6,044 | | | | 549,796 | |
| Swisscom AG | | 356 | | | | 121,396 | |
| Syngenta AG | * | | | 1,724 | | | | 335,231 | |
| Synthes, Inc. | | 987 | | | | 118,028 | |
| UBS AG | | 33,065 | | | | 1,972,344 | |
| Zurich Financial Services AG | | 2,425 | | | | 747,713 | |
| | | 15,282,677 | |
United Kingdom—21.3% | | | |
| 3i Group PLC | | 8,015 | | | | 186,350 | |
| Aegis Group PLC | | 10,694 | | | | 29,274 | |
| Aggreko PLC | | 3,629 | | | | 41,510 | |
| Amec PLC | | 4,597 | | | | 53,803 | |
| Anglo American PLC | | 24,718 | | | | 1,449,531 | |
| ARM Holdings PLC | | 28,921 | | | | 84,503 | |
| Arriva PLC | | 2,576 | | | | 35,337 | |
| AstraZeneca PLC | | 25,239 | | | | 1,350,988 | |
| Aviva PLC | | 43,339 | | | | 642,599 | |
| BG Group PLC | | 55,435 | | | | 907,653 | |
| BAE Systems PLC | | 54,477 | | | | 439,084 | |
| Balfour Beatty PLC | | 5,436 | | | | 47,885 | |
| Barclays PLC | | 109,701 | | | | 1,524,464 | |
| Barratt Developments PLC | | 5,236 | | | | 103,667 | |
| BBA Aviation PLC | | 7,304 | | | | 39,600 | |
| Bellway PLC | | 1,998 | | | | 50,241 | |
| Berkeley Group Holdings PLC | * | | | 994 | | | | 35,246 | |
| BHP Billiton PLC | | 39,653 | | | | 1,100,219 | |
| Biffa PLC | | 4,042 | | | | 21,881 | |
| Bovis Homes Group PLC | | 2,241 | | | | 39,943 | |
| BP PLC | | 318,898 | | | | 3,832,566 | |
| British Airways PLC | * | | | 10,357 | | | | 86,523 | |
| British American Tobacco PLC | | 25,350 | | | | 863,557 | |
| British Energy Group PLC | * | | | 16,175 | | | | 174,289 | |
| British Land Company PLC | | 9,097 | | | | 243,143 | |
| British Sky Broadcasting PLC | | 20,783 | | | | 266,149 | |
| Brixton PLC | | 3,366 | | | | 29,435 | |
| BT Group PLC | | 141,298 | | | | 939,309 | |
| Bunzl PLC | | 6,330 | | | | 87,527 | |
| Burberry Group PLC | | 8,387 | | | | 114,748 | |
| Cadbury Schweppes PLC | | 35,554 | | | | 481,986 | |
| Capita Group PLC | | 11,152 | | | | 161,701 | |
| Carnival PLC | | 3,316 | | | | 158,291 | |
| Carphone Warehouse Group PLC | | 9,216 | | | | 60,506 | |
| Cattles PLC | | 4,437 | | | | 34,709 | |
| Centrica PLC | | 61,989 | | | | 481,043 | |
| Charter PLC | * | | | 3,320 | | | | 73,173 | |
| Close Brothers Group PLC | | 1,677 | | | | 28,774 | |
| Cobham PLC | | 22,875 | | | | 92,947 | |
| Compass Group PLC | | 35,477 | | | | 244,682 | |
| Cookson Group PLC | | 2,753 | | | | 38,945 | |
| CSR PLC | * | | | 1,360 | | | | 21,280 | |
Daily Mail and General
Trust NV Class A | | 5,678 | | | | 86,727 | |
| Davis Service Group PLC | | 3,894 | | | | 48,416 | |
| De La Rue PLC | | 2,402 | | | | 37,328 | |
| Diageo PLC | | 44,103 | | | | 915,598 | |
| DSG International PLC | | 34,463 | | | | 109,105 | |
| Electrocomponents PLC | | 8,176 | | | | 42,869 | |
| EMAP PLC | | 4,184 | | | | 68,581 | |
| EMI Group PLC | | 10,234 | | | | 54,766 | |
| Enterprise Inns PLC | | 10,091 | | | | 138,878 | |
| Experian Group Ltd. | | 17,497 | | | | 219,934 | |
|
See accompanying notes to financial statements.
222
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
|
|
|
|
|
|
|
| Shares
|
| Value
|
|---|
COMMON STOCKS—(Continued) |
| First Choice Holidays PLC | | 6,869 | | | $ | 43,578 | |
| FirstGroup PLC | | 6,943 | | | | 92,119 | |
| FKI PLC | | 16,782 | | | | 42,232 | |
| Friends Provident PLC | | 34,247 | | | | 122,447 | |
| G4S PLC | | 21,040 | | | | 88,615 | |
| Galiform PLC | * | | | 16,853 | | | | 45,826 | |
| GKN PLC | | 12,327 | | | | 98,013 | |
| GlaxoSmithKline PLC | | 94,226 | | | | 2,451,699 | |
| Great Portland Estates PLC | | 3,098 | | | | 41,045 | |
| HSBC Holdings PLC | | 193,417 | | | | 3,537,393 | |
| Hammerson PLC | | 4,335 | | | | 123,994 | |
| Hanson PLC | | 12,159 | | | | 262,015 | |
| Hays PLC | | 22,745 | | | | 77,609 | |
| HBOS PLC | | 62,763 | | | | 1,233,053 | |
| Hilton Group PLC | | 10,175 | | | | 87,863 | |
| Home Retail Group | | 15,769 | | | | 144,420 | |
| ICAP PLC | | 8,924 | | | | 87,852 | |
| Imi PLC | | 4,190 | | | | 49,571 | |
| Imperial Chemical Industries PLC | | 20,725 | | | | 257,504 | |
| Imperial Tobacco Group PLC | | 11,408 | | | | 525,358 | |
| Inchcape PLC | | 8,732 | | | | 86,974 | |
| Intercontinental Hotels Group PLC | | 4,710 | | | | 116,862 | |
| International Power PLC | | 24,040 | | | | 206,397 | |
| Intertek Testing Services Ltd. | | 2,153 | | | | 42,203 | |
| Invensys PLC | * | | | 15,349 | | | | 116,772 | |
| INVESCO PLC | | 14,343 | | | | 184,593 | |
| Investec PLC | | 7,041 | | | | 90,313 | |
| J Sainsbury PLC | | 24,871 | | | | 290,393 | |
| Johnson Matthey PLC | | 3,762 | | | | 127,039 | |
| Kelda Group PLC | | 4,152 | | | | 78,159 | |
| Kelda Group PLC Deferred Shares | ‡ | | | 5,398 | | | | — | |
| Kesa Electricals PLC | | 6,658 | | | | 41,729 | |
| Kingfisher PLC | | 43,785 | | | | 198,090 | |
| Land Securities Group PLC | | 8,073 | | | | 280,816 | |
| Legal & General Group PLC | | 117,475 | | | | 352,017 | |
| Liberty International PLC | | 4,854 | | | | 110,906 | |
| Lloyds TSB Group PLC | | 94,099 | | | | 1,044,807 | |
| LogicaCMG PLC | | 23,317 | | | | 70,577 | |
London Stock Exchange
Group PLC | | 3,304 | | | | 89,223 | |
| Man Group PLC | | 31,375 | | | | 381,194 | |
| Marks & Spencer Group PLC | | 29,794 | | | | 373,746 | |
| Meggitt PLC | | 11,533 | | | | 70,783 | |
| Michael Page International PLC | | 6,451 | | | | 67,694 | |
| Misys PLC | | 7,750 | | | | 36,253 | |
| National Express Group PLC | | 2,122 | | | | 45,119 | |
| National Grid PLC | | 44,896 | | | | 661,675 | |
| Next PLC | | 3,913 | | | | 156,911 | |
| Old Mutual PLC | | 92,615 | | | | 311,721 | |
| Pearson PLC | | 15,079 | | | | 253,711 | |
| Persimmon PLC | | 4,747 | | | | 109,642 | |
| Premier Farnell PLC | | 10,689 | | | | 42,640 | |
| Provident Financial PLC | | 5,545 | | | | 77,520 | |
| Prudential PLC | | 41,130 | | | | 584,768 | |
| Punch Taverns PLC | | 4,246 | | | | 104,046 | |
| Rank Group PLC | | 6,039 | | | | 22,560 | |
| Reckitt Benckiser PLC | | 10,155 | | | | 555,287 | |
| Reed Elsevier PLC | | 22,812 | | | | 294,474 | |
| Rentokil Initial PLC | | 31,388 | | | | 100,624 | |
| Resolution PLC | | 11,693 | | | | 146,158 | |
| Reuters Group PLC | | 20,631 | | | | 256,884 | |
| Rexam PLC | | 9,593 | | | | 95,429 | |
| Rio Tinto PLC | | 16,874 | | | | 1,289,407 | |
| Rolls-Royce Group Class B | ‡ | | | 1,449,098 | | | $ | 2,907 | |
| Rolls-Royce Group PLC | * | | | 27,928 | | | | 300,361 | |
Royal Bank of Scotland
Group PLC | | 158,893 | | | | 2,008,185 | |
| Royal Dutch Shell PLC Class B | | 46,040 | | | | 1,916,966 | |
| SABMiller PLC | | 15,547 | | | | 393,160 | |
| Sage Group PLC | | 23,751 | | | | 111,146 | |
| Schroders PLC | | 2,678 | | | | 68,336 | |
| Scottish & Newcastle PLC | | 13,361 | | | | 171,072 | |
| Scottish & Southern Energy PLC | | 14,681 | | | | 425,164 | |
| Serco Group PLC | | 9,839 | | | | 88,591 | |
| Sergo PLC | | 6,715 | | | | 83,659 | |
| Severn Trent PLC | | 4,129 | | | | 113,896 | |
| Signet Group PLC | | 37,938 | | | | 79,054 | |
| Smith & Nephew PLC | | 16,803 | | | | 207,944 | |
| Smiths Group PLC | | 6,367 | | | | 150,820 | |
| Smiths Group PLC Deferred Shares | ‡ | | | 9,551 | | | | — | |
| SSL International PLC | | 4,822 | | | | 42,066 | |
| Stagecoach Group PLC | | 7,725 | | | | 28,096 | |
| Stagecoach Group PLC—Class C | ‡ | | | 12,018 | | | | — | |
| Standard Life PLC | | 35,072 | | | | 231,215 | |
| Tate & Lyle PLC | | 8,459 | | | | 95,882 | |
| Taylor Woodrow PLC | | 11,537 | | | | 82,959 | |
| Tesco PLC | | 129,504 | | | | 1,082,246 | |
| Thomas Cook Group PLC | | 4,606 | | | | 29,933 | |
| Tomkins PLC | | 18,433 | | | | 95,637 | |
| Travis Perkins PLC | | 2,137 | | | | 81,015 | |
| Trinity Mirror PLC | | 6,163 | | | | 64,894 | |
| Tullett Prebon PLC | * | | | 2,250 | | | | 20,078 | |
| Unilever PLC | | 21,693 | | | | 699,640 | |
| United Business Media PLC | | 5,209 | | | | 82,302 | |
| United Utilities PLC | | 13,204 | | | | 187,352 | |
| Vodafone Group PLC | | 873,442 | | | | 2,923,296 | |
| Whitbread PLC | | 3,770 | | | | 133,175 | |
| William Hill PLC | | 4,532 | | | | 55,553 | |
| Wimpey (George) PLC | | 5,950 | | | | 59,490 | |
| Wolseley PLC | | 11,133 | | | | 266,874 | |
| WPP Group PLC | | 20,832 | | | | 311,207 | |
| Xstrata PLC | | 10,242 | | | | 609,019 | |
| Yell Group PLC | | 14,326 | | | | 132,176 | |
| | | 50,834,951 | |
TOTAL COMMON STOCKS | | | |
| (Cost $168,341,619) | | | | | | 230,572,235 | |
| |
PREFERRED STOCKS—0.3% |
Germany—0.3% | | | |
| Henkel KGaA | | 2,868 | | | | 151,089 | |
| Porsche AG | | 150 | | | | 267,040 | |
| ProSieben SAT.1 Media AG | | 1,687 | | | | 66,580 | |
| RWE AG | | 479 | | | | 47,855 | |
| Volkswagen AG | | 1,547 | | | | 161,009 | |
| | | 693,573 | |
Italy—0.0% | | | |
| Unipol SpA Preferred | | 16,591 | | | | 56,756 | |
TOTAL PREFERRED STOCKS |
| (Cost $469,227) | | | | | | 750,329 | |
|
See accompanying notes to financial statements.
223
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
U.S. TREASURY OBLIGATIONS—0.2% |
U.S. Treasury Bills—0.2% | | | |
| U.S. Treasury Bill | | | |
| 4.688% | | | | 09/20/2007 | | ** | | $ | 80,000 | | | $ | 79,166 | |
| 4.585% | | | | 09/20/2007 | | ** | | | 280,000 | | | | 277,076 | |
TOTAL U.S. TREASURY OBLIGATIONS |
| (Cost $356,241) | | | | | | 356,242 | |
| |
RIGHTS—0.0% |
Belgium—0.0% | | | |
| Groupe Bruxelles Lambert SA Rights | | | |
| 0.000% | | | | 06/26/2007 | | | | | 2 | | | | 2 | |
Hong Kong—0.0% | | | |
| New World Development Co. Rights | | | |
| 0.000% | | | | 06/29/2007 | | ‡ | | | 256 | | | | — | |
Italy—0.0% | | | |
| Compagnia Assicuratrice Unipolrights Rights | | | |
| 0.000% | | | | 07/02/2007 | | ‡ | | | 16,591 | | | | — | |
Spain—0.0% | | | |
| Zardoya Otis SA Rights | | | |
| 0.000% | | | | 06/27/2007 | | | | | 671 | | | | 2,565 | |
TOTAL RIGHTS |
| (Cost $226) | | | | | | 2,567 | |
| |
CASH EQUIVALENTS—2.0% |
Institutional Money Market Funds—0.0% | | | |
| Reserve Primary Money Market Fund | | | |
| 5.230% | | | | 07/02/2007 | | †† | | | 75,893 | | | | 75,893 | |
Bank & Certificate Deposits/
Offshore Time Deposits—1.8% | | | |
| Abbey National PLC | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 56,919 | | | | 56,919 | |
| BancoBilbao Vizcaya Argentaria SA | | | |
| 5.300% | | | | 08/10/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Bank of Montreal | | | |
| 5.310% | | | | 08/14/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Bank of Montreal | | | |
| 5.290% | | | | 07/02/2007 | | †† | | | 75,893 | | | | 75,893 | |
| Bank of Montreal | | | |
| 5.280% | | | | 07/03/2007 | | †† | | | 75,893 | | | | 75,893 | |
| Bank of Nova Scotia | | | |
| 5.290% | | | | 07/11/2007 | | †† | | | 94,866 | | | | 94,866 | |
| Bank of Nova Scotia | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 56,919 | | | | 56,919 | |
| Barclays | | | |
| 5.320% | | | | 09/04/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Barton Capital LLC | | | |
| 5.310% | | | | 07/12/2007 | | †† | | | 56,919 | | | | 56,919 | |
| BNP Paribas | | | |
| 5.350% | | | | 07/02/2007 | | †† | | | 113,839 | | | | 113,839 | |
| CAFCO Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Calyon | | | |
| 5.380% | | | | 07/02/2007 | | †† | | | 113,839 | | | | 113,839 | |
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
| Canadian Imperial Bank of Commerce | | | |
| 5.300% | | | | 07/30/2007 | | †† | | $ | 189,732 | | | $ | 189,732 | |
| Clipper Receivables Corp | | | |
| 5.310% | | | | 07/10/2007 | | †† | | | 113,839 | | | | 113,839 | |
| CRC Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 56,919 | | | | 56,919 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 132,812 | | | | 132,812 | |
| Credit Suisse First Boston Corporation | | | |
| 5.290% | | | | 07/13/2007 | | †† | | | 56,919 | | | | 56,919 | |
| Den Danske Bank | | | |
| 5.280% | | | | 07/09/2007 | | †† | | | 75,893 | | | | 75,893 | |
| Falcon Asset Securitization Corporation | | | |
| 5.310% | | | | 07/17/2007 | | †† | | | 26,562 | | | | 26,562 | |
| First Tennessee Bank | | | |
| 5.300% | | | | 07/18/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Fortis Bank | | | |
| 5.300% | | | | 07/20/2007 | | †† | | | 94,866 | | | | 94,866 | |
| Greyhawk Funding | | | |
| 5.290% | | | | 07/02/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Jupiter Securitization Corporation | | | |
| 5.320% | | | | 07/26/2007 | | †† | | | 56,919 | | | | 56,919 | |
| Lexington Parker Capital Company | | | |
| 5.290% | | | | 07/03/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Liberty Street Funding Corporation | | | |
| 5.330% | | | | 07/31/2007 | | †† | | | 26,562 | | | | 26,562 | |
| Liberty Street Funding Corporation | | | |
| 5.290% | | | | 07/18/2007 | | †† | | | 75,893 | | | | 75,893 | |
| Liberty Street Funding Corporation | | | |
| 5.280% | | | | 07/02/2007 | | †† | | | 75,893 | | | | 75,893 | |
| Lloyds TSB Bank | | | |
| 5.280% | | | | 07/17/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Merrill Lynch & Company | | | |
| 5.340% | | | | 07/02/2007 | | †† | | | 683,033 | | | | 683,033 | |
| Morgan Stanley & Company | | | |
| 5.370% | | | | 07/02/2007 | | †† | | | 398,436 | | | | 398,436 | |
| National Australia Bank | | | |
| 5.320% | | | | 07/02/2007 | | †† | | | 113,839 | | | | 113,839 | |
| Old Line Funding LCC | | | |
| 5.320% | | | | 07/12/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Paradigm Funding LLC | | | |
| 5.310% | | | | 07/16/2007 | | †† | | | 37,946 | | | | 37,946 | |
| Paradigm Funding LLC | | | |
| 5.300% | | | | 07/10/2007 | | †† | | | 188,952 | | | | 188,952 | |
| Park Avenue Receivables Corp | | | |
| 5.300% | | | | 07/09/2007 | | †† | | | 188,952 | | | | 188,952 | |
| Rabobank Nederland | | | |
| 5.330% | | | | 07/02/2007 | | †† | | | 113,839 | | | | 113,839 | |
| Rabobank Nederland | | | |
| 5.280% | | | | 07/05/2007 | | †† | | | 94,866 | | | | 94,866 | |
| Ranger Funding Corporation | | | |
| 5.330% | | | | 08/02/2007 | | †† | | | 94,866 | | | | 94,866 | |
| Royal Bank of Scotland | | | |
| 5.270% | | | | 07/11/2007 | | †† | | | 75,893 | | | | 75,893 | |
| Sheffield Receivables Corporation | | | |
| 5.290% | | | | 07/06/2007 | | †† | | | 18,973 | | | | 18,973 | |
| Skandinaviska Enskilda Banken AB | | | |
| 5.290% | | | | 07/19/2007 | | †† | | | 94,866 | | | | 94,866 | |
| Svenska Handlesbanken | | | |
| 5.300% | | | | 07/02/2007 | | †† | | | 156,977 | | | | 156,977 | |
| Wells Fargo | | | |
| 5.280% | | | | 07/12/2007 | | †† | | | 94,870 | | | | 94,870 | |
| Wells Fargo | | | |
| 5.260% | | | | 07/02/2007 | | †† | | | 37,946 | | | | 37,946 | |
| | | 4,363,664 | |
See accompanying notes to financial statements.
224
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2007 (Unaudited)
Vantagepoint Overseas
Equity Index Fund
Coupon
Rate
|
|
|
| Maturity
Date
|
|
|
| Face
|
| Value
|
|---|
Floating Rate Instruments/Master Notes—0.2% |
| Bank of America | | | |
| 5.310% | | | | 07/10/2007 | | †† | | $ | 94,866 | | | $ | 94,866 | |
| Bank of America | | | |
| 5.300% | | | | 09/17/2007 | | †† | | | 189,732 | | | | 189,732 | |
| Bank of America | | | |
| 5.270% | | | | 08/17/2007 | | †† | | | 94,866 | | | | 94,866 | |
| Bank of America | | | |
| 5.270% | | | | 07/16/2007 | | †† | | | 56,919 | | | | 56,919 | |
| | | 436,383 | |
TOTAL CASH EQUIVALENTS |
| (Cost $4,875,940) | | | | | | 4,875,940 | |
| |
REPURCHASE AGREEMENTS—2.0% |
United States—2.0% | | | |
| Investors Bank & Trust Repurchase Agreement dated 06/29/07 due 07/02/07, with a maturity value of $4,823,330 and effective yield of 4.65% collateralized by a U.S. Government Agency Obligation with a rate of 8.13%, a maturity date of 03/25/29 and an aggregate market value of $5,062,535. | | 4,821,462 | | | | 4,821,462 | |
TOTAL INVESTMENTS—101.1% | | | |
| (Cost $178,864,715) | | 241,378,775 | |
| Other assets less liabilities—(1.1%) | | (2,709,167 | ) |
NET ASSETS—100.0% | $ | 238,669,608 | |
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. |
Percentage of Portfolio by Industry (unaudited):
| Banking | | | | | 17.2 | % |
| Oil & Gas | | | | | 8.3 | % |
| Pharmaceuticals | | | | | 5.5 | % |
| Insurance | | | | | 5.3 | % |
| Beverages, Food & Tobacco | | | | | 5.0 | % |
| Telephone Systems | | | | | 4.9 | % |
| Metals | | | | | 4.6 | % |
| Electric Utilities | | | | | 4.2 | % |
| Automotive | | | | | 4.1 | % |
| Commercial Services | | | | | 3.9 | % |
| Financial Services | | | | | 3.0 | % |
| Real Estate | | | | | 2.9 | % |
| Electronics | | | | | 2.8 | % |
| Retailers | | | | | 2.6 | % |
| Chemicals | | | | | 2.5 | % |
| Communications | | | | | 2.3 | % |
| Transportation | | | | | 1.9 | % |
| Building Materials | | | | | 1.7 | % |
| Heavy Machinery | | | | | 1.7 | % |
| Media—Broadcasting & Publishing | | | | | 1.6 | % |
| Food Retailers | | | | | 1.3 | % |
| Computer Software & Processing | | | | | 1.2 | % |
| Medical Supplies | | | | | 0.9 | % |
| Computers & Information | | | | | 0.9 | % |
| Cosmetics & Personal Care | | | | | 0.8 | % |
| Entertainment & Leisure | | | | | 0.6 | % |
| Heavy Construction | | | | | 0.6 | % |
| Textiles, Clothing & Fabrics | | | | | 0.5 | % |
| Home Construction, Furnishings & Appliances | | | | | 0.5 | % |
| Aerospace & Defense | | | | | 0.5 | % |
| Forest Products & Paper | | | | | 0.4 | % |
| Apparel Retailers | | | | | 0.4 | % |
| Water Companies | | | | | 0.4 | % |
| Airlines | | | | | 0.3 | % |
| Electrical Equipment | | | | | 0.3 | % |
| Advertising | | | | | 0.3 | % |
| Restaurants | | | | | 0.3 | % |
| Lodging | | | | | 0.2 | % |
| Public Administration | | | | | 0.2 | % |
| Distribution/Wholesale | | | | | 0.2 | % |
| U.S. Treasury Bills | | | | | 0.2 | % |
| Containers & Packaging | | | | | 0.1 | % |
| Social Services | | | | | 0.0 | % |
| Food | | | | | 0.0 | % |
| Education | | | | | 0.0 | % |
| Household Products | | | | | 0.0 | % |
| Health Care Providers | | | | | 0.0 | % |
| Consumer Products | | | | | 0.0 | % |
| Industrial—Diversified | | | | | 0.0 | % |
Total Common Stocks | | | | | 97.1 | % |
| Bank & Certificate/Offshore Time Deposits | | | | | 1.8 | % |
| Repurchase Agreements | | | | | 2.0 | % |
| Floating Rate Instruments/Master Notes | | | | | 0.2 | % |
| Institutional Money Market Funds | | | | | 0.0 | % |
Total Cash Equivalents/Repurchase Agreements | | | | | 4.0 | % |
Total Investments | | | | | 101.1 | % |
| Other assets less liabilities | | | | | (1.1 | )% |
Total Net Assets | | | | | 100.0 | % |
See accompanying notes to financial statements.
225
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint Model
Portfolio Savings
Oriented Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Core Bond Index Fund Class I | | | | | 9,450,722 | | | $ | 90,632,426 | |
Vantagepoint Equity
Income Fund | | | | | 2,771,262 | | | | 30,095,904 | |
Vantagepoint Growth &
Income Fund | | | | | 2,433,031 | | | | 30,096,588 | |
Vantagepoint Inflation
Protected Securities | | | | | 3,112,157 | | | | 30,312,409 | |
| Vantagepoint International Fund | | | | | 1,101,819 | | | | 15,150,007 | |
Vantagepoint Low Duration
Bond Fund | | | | | 10,845,247 | | | | 105,632,704 | |
| | | | | | | | | | 301,920,038 | |
TOTAL INVESTMENTS—100.0% |
| (Cost $294,268,506) | | | | | | | | | 301,920,038 | |
| Other assets less liabilities—(0.0%) | | (36,145 | ) |
NET ASSETS—100.0% | | | | | | | | $ | 301,883,893 | |
See accompanying notes to financial statements.
226
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint Model
Portfolio Conservative
Growth Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Aggressive Opportunities Fund | | | | | 2,051,333 | | | $ | 29,375,090 | |
Vantagepoint Core Bond
Index Fund Class I | | | | | 17,890,994 | | | | 171,574,632 | |
Vantagepoint Equity
Income Fund | | | | | 5,099,336 | | | | 55,378,793 | |
Vantagepoint Growth &
Income Fund | | | | | 4,472,092 | | | | 55,319,780 | |
| Vantagepoint Growth Fund | | | | | 4,247,135 | | | | 43,957,844 | |
| Vantagepoint International Fund | | | | | 3,625,571 | | | | 49,851,601 | |
Vantagepoint Low Duration
Bond Fund | | | | | 17,698,866 | | | | 172,386,951 | |
| | | 577,844,691 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $517,148,112) | | 577,844,691 | |
| Other assets less liabilities—(0.0%) | | (58,914 | ) |
NET ASSETS—100.0% | $ | 577,785,777 | |
See accompanying notes to financial statements.
227
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint Model
Portfolio Traditional
Growth Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Aggressive Opportunities Fund | | | | | 10,029,404 | | | $ | 143,621,058 | |
Vantagepoint Core Bond
Index Fund Class I | | | | | 28,929,260 | | | | 277,431,602 | |
Vantagepoint Equity
Income Fund | | | | | 14,646,348 | | | | 159,059,341 | |
Vantagepoint Growth &
Income Fund | | | | | 15,896,913 | | | | 196,644,816 | |
| Vantagepoint Growth Fund | | | | | 18,872,866 | | | | 195,334,160 | |
Vantagepoint International
Fund | | | | | 13,891,093 | | | | 191,002,527 | |
Vantagepoint Low Duration
Bond Fund | | | | | 28,683,224 | | | | 279,374,598 | |
| | | 1,442,468,102 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $1,190,222,765) | | 1,442,468,102 | |
| Other assets less liabilities—(0.0%) | | (117,232 | ) |
NET ASSETS—100.0% | $ | 1,442,350,870 | |
See accompanying notes to financial statements.
228
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint Model
Portfolio Long-Term
Growth Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Aggressive Opportunities Fund | | | | | 16,627,167 | | | $ | 238,101,034 | |
Vantagepoint Core Bond
Index Fund Class I | | | | | 33,949,928 | | | | 325,579,812 | |
Vantagepoint Equity
Income Fund | | | | | 19,400,595 | | | | 210,690,462 | |
Vantagepoint Growth &
Income Fund | | | | | 23,606,644 | | | | 292,014,188 | |
| Vantagepoint Growth Fund | | | | | 28,220,457 | | | | 292,081,734 | |
Vantagepoint International
Fund | | | | | 19,610,517 | | | | 269,644,608 | |
| | | 1,628,111,838 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $1,293,035,033) | | 1,628,111,838 | |
| Other assets less liabilities—(0.0%) | | (128,009 | ) |
NET ASSETS—100.0% | $ | 1,627,983,829 | |
See accompanying notes to financial statements.
229
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint Model
Portfolio All-Equity
Growth Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Aggressive Opportunities Fund | | | | | 7,073,986 | | | $ | 101,299,476 | |
Vantagepoint Equity
Income Fund | | | | | 9,332,108 | | | | 101,346,689 | |
Vantagepoint Growth &
Income Fund | | | | | 7,739,313 | | | | 95,735,306 | |
| Vantagepoint Growth Fund | | | | | 14,134,525 | | | | 146,292,339 | |
Vantagepoint International
Fund | | | | | 8,643,164 | | | | 118,843,503 | |
| | | 563,517,313 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $440,841,952) | | 563,517,313 | |
| Other assets less liabilities—(0.0%) | | (47,175 | ) |
NET ASSETS—100.0% | $ | 563,470,138 | |
See accompanying notes to financial statements.
230
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Milestone Retirement
Income Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 1,444,957 | | | $ | 13,857,141 | |
Vantagepoint Equity
Income Fund | | | | | 363,204 | | | | 3,944,393 | |
Vantagepoint Growth &
Income Fund | | | | | 478,286 | | | | 5,916,392 | |
| Vantagepoint International Fund | | | | | 143,845 | | | | 1,977,863 | |
Vantagepoint Low Duration
Bond Fund | | | | | 1,420,018 | | | | 13,830,972 | |
| | | 39,526,761 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $38,914,004) | | 39,526,761 | |
| Other assets less liabilities—(0.0%) | | (18,591 | ) |
NET ASSETS—100.0% | $ | 39,508,170 | |
See accompanying notes to financial statements.
231
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Milestone 2010 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
| Vantagepoint Core Bond Index Fund Class I | | | | | 2,104,057 | | | $ | 20,177,907 | |
Vantagepoint Equity
Income Fund | | | | | 581,420 | | | | 6,314,226 | |
Vantagepoint Growth &
Income Fund | | | | | 1,135,353 | | | | 14,044,317 | |
| Vantagepoint Growth Fund | | | | | 183,067 | | | | 1,894,749 | |
| Vantagepoint International Fund | | | | | 314,685 | | | | 4,326,924 | |
Vantagepoint Low Duration
Bond Fund | | | | | 1,680,560 | | | | 16,368,659 | |
| | | 63,126,782 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $60,925,016) | | 63,126,782 | |
| Other assets less liabilities—(0.0%) | | (20,439 | ) |
NET ASSETS—100.0% | $ | 63,106,343 | |
See accompanying notes to financial statements.
232
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Milestone 2015 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 3,069,227 | | | $ | 29,433,883 | |
Vantagepoint Equity
Income Fund | | | | | 942,822 | | | | 10,239,048 | |
Vantagepoint Growth &
Income Fund | | | | | 2,594,465 | | | | 32,093,528 | |
| Vantagepoint Growth Fund | | | | | 589,693 | | | | 6,103,323 | |
| Vantagepoint International Fund | | | | | 829,525 | | | | 11,405,964 | |
Vantagepoint Low Duration
Bond Fund | | | | | 1,565,238 | | | | 15,245,422 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 254,616 | | | | 4,595,815 | |
| | | 109,116,983 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $102,020,978) | | 109,116,983 | |
| Other assets less liabilities—(0.0%) | | (25,173 | ) |
NET ASSETS—100.0% | $ | 109,091,810 | |
See accompanying notes to financial statements.
233
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Milestone 2020 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 2,293,793 | | | $ | 21,997,470 | |
Vantagepoint Equity
Income Fund | | | | | 773,795 | | | | 8,403,415 | |
Vantagepoint Growth &
Income Fund | | | | | 2,476,491 | | | | 30,634,195 | |
| Vantagepoint Growth Fund | | | | | 568,255 | | | | 5,881,443 | |
| Vantagepoint International Fund | | | | | 902,586 | | | | 12,410,556 | |
Vantagepoint Low Duration
Bond Fund | | | | | 672,230 | | | | 6,547,520 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 425,224 | | | | 7,675,302 | |
| | | 93,549,901 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $86,512,832) | | 93,549,901 | |
| Other assets less liabilities—(0.0%) | | (21,667 | ) |
NET ASSETS—100.0% | $ | 93,528,234 | |
See accompanying notes to financial statements.
234
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Milestone 2025 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 1,510,425 | | | $ | 14,484,978 | |
Vantagepoint Equity
Income Fund | | | | | 570,055 | | | | 6,190,801 | |
Vantagepoint Growth &
Income Fund | | | | | 1,992,100 | | | | 24,642,276 | |
| Vantagepoint Growth Fund | | | | | 451,736 | | | | 4,675,466 | |
| Vantagepoint International Fund | | | | | 765,955 | | | | 10,531,881 | |
Vantagepoint Low Duration
Bond Fund | | | | | 141,443 | | | | 1,377,657 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 389,990 | | | | 7,039,325 | |
| | | 68,942,384 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $63,146,173) | | 68,942,384 | |
| Other assets less liabilities—(0.0%) | | (20,166 | ) |
NET ASSETS—100.0% | $ | 68,922,218 | |
See accompanying notes to financial statements.
235
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Milestone 2030 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 896,603 | | | $ | 8,598,420 | |
Vantagepoint Equity
Income Fund | | | | | 389,677 | | | | 4,231,897 | |
Vantagepoint Growth &
Income Fund | | | | | 1,543,505 | | | | 19,093,158 | |
| Vantagepoint Growth Fund | | | | | 355,283 | | | | 3,677,175 | |
| Vantagepoint International Fund | | | | | 632,290 | | | | 8,693,992 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 340,641 | | | | 6,148,565 | |
| | | 50,443,207 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $46,358,069) | | 50,443,207 | |
| Other assets less liabilities—(0.0%) | | (18,021 | ) |
NET ASSETS—100.0% | $ | 50,425,186 | |
See accompanying notes to financial statements.
236
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Milestone 2035 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.1% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 323,095 | | | $ | 3,098,484 | |
Vantagepoint Equity
Income Fund | | | | | 175,260 | | | | 1,903,324 | |
Vantagepoint Growth &
Income Fund | | | | | 819,215 | | | | 10,133,685 | |
| Vantagepoint Growth Fund | | | | | 193,836 | | | | 2,006,206 | |
| Vantagepoint International Fund | | | | | 359,153 | | | | 4,938,354 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 202,345 | | | | 3,652,324 | |
| | | 25,732,377 | |
TOTAL INVESTMENTS—100.1% | | | |
| (Cost $23,668,954) | | 25,732,377 | |
| Other assets less liabilities—(0.1%) | | (16,734 | ) |
NET ASSETS—100.0% | $ | 25,715,643 | |
See accompanying notes to financial statements.
237
SCHEDULE OF INVESTMENTS
June 30, 2007 (Unaudited)
Vantagepoint
Milestone 2040 Fund
|
|
|
| Shares
|
| Value
|
|---|
MUTUAL FUNDS—100.0% |
Vantagepoint Core Bond
Index Fund Class I | | | | | 238,549 | | | $ | 2,287,686 | |
Vantagepoint Equity
Income Fund | | | | | 146,885 | | | | 1,595,175 | |
Vantagepoint Growth &
Income Fund | | | | | 736,887 | | | | 9,115,288 | |
| Vantagepoint Growth Fund | | | | | 176,141 | | | | 1,823,058 | |
| Vantagepoint International Fund | | | | | 331,465 | | | | 4,557,643 | |
| Vantagepoint Mid/Small Company Index Fund Class I | | | | | 189,376 | | | | 3,418,233 | |
| | | 22,797,083 | |
TOTAL INVESTMENTS—100.0% | | | |
| (Cost $21,229,689) | | 22,797,083 | |
| Other assets less liabilities—(0.0%) | | (8,555 | ) |
NET ASSETS—100.0% | $ | 22,788,528 | |
See accompanying notes to financial statements.
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