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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08941
The Vantagepoint Funds
(Exact name of registrant as specified in charter)
777 North Capitol Street, NE., Suite 600, Washington D.C. 20002-4240
(Address of principal executive offices) (Zip code)
Angela Montez, Secretary of the Registrant
777 North Capitol Street, NE., Suite 600, Washington D.C. 20002-4240
(Name and address of agent for service)
Registrant’s telephone number, including area code: 202-962-4600
Date of fiscal year end: 12/31/12
Date of reporting period: 01/01/12 – 06/30/12
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1 | (Report to Shareholders): The semi-annual report is set forth below. |
Table of Contents
Shareholder Expenses
As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory fees and other fund expenses. The following example is intended to help you understand your ongoing expenses (in dollars and cents) of investing in a fund and to compare these expenses with the ongoing expenses of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2012 to June 30, 2012.
Actual Expenses
The first section in the example below provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section in the example below provides information about the hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ACTUAL | | | | | HYPOTHETICAL | |
Beginning
Account
Value
1/01/12 | | Ending
Account
Value
6/30/12 | | | 2012
Annualized
Expense
Ratio | | | Expenses
Paid
During
Period* | | | Vantagepoint Funds | | Beginning
Account
Value
1/01/12 | | | Ending
Account
Value
6/30/12 | | | 2012
Annualized
Expense
Ratio | | | Expenses
Paid
During
Period* | |
| $1,000.00 | | $ | 1,020.70 | | | | 0.63% | | | $ | 3.17 | | | Low Duration Bond | | $ | 1,000.00 | | | $ | 1,021.73 | | | | 0.63% | | | $ | 3.17 | |
| $1,000.00 | | $ | 1,040.70 | | | | 0.63% | | | $ | 3.20 | | | Inflation Protected Securities | | $ | 1,000.00 | | | $ | 1,021.73 | | | | 0.63% | | | $ | 3.17 | |
| $1,000.00 | | $ | 1,071.30 | | | | 0.83% | | | $ | 4.27 | | | Equity Income | | $ | 1,000.00 | | | $ | 1,020.74 | | | | 0.83% | | | $ | 4.17 | |
| $1,000.00 | | $ | 1,088.50 | | | | 0.78% | | | $ | 4.05 | | | Growth & Income | | $ | 1,000.00 | | | $ | 1,020.98 | | | | 0.78% | | | $ | 3.92 | |
| $1,000.00 | | $ | 1,086.10 | | | | 0.79% | | | $ | 4.10 | | | Growth | | $ | 1,000.00 | | | $ | 1,020.93 | | | | 0.79% | | | $ | 3.97 | |
| $1,000.00 | | $ | 1,071.90 | | | | 1.00% | | | $ | 5.15 | | | Select Value | | $ | 1,000.00 | | | $ | 1,019.89 | | | | 1.00% | | | $ | 5.02 | |
| $1,000.00 | | $ | 1,087.50 | | | | 0.92% | | | $ | 4.78 | | | Aggressive Opportunities | | $ | 1,000.00 | | | $ | 1,020.29 | | | | 0.92% | | | $ | 4.62 | |
| $1,000.00 | | $ | 1,091.50 | | | | 0.96% | | | $ | 4.99 | | | Discovery | | $ | 1,000.00 | | | $ | 1,020.09 | | | | 0.96% | | | $ | 4.82 | |
| $1,000.00 | | $ | 1,050.50 | | | | 0.99% | | | $ | 5.05 | | | International | | $ | 1,000.00 | | | $ | 1,019.94 | | | | 0.99% | | | $ | 4.97 | |
| $1,000.00 | | $ | 1,010.00 | | | | 0.80% | | | $ | 4.00 | | | Diversifying Strategies | | $ | 1,000.00 | | | $ | 1,020.89 | | | | 0.80% | | | $ | 4.02 | |
| $1,000.00 | | $ | 1,021.50 | | | | 0.41% | | | $ | 2.06 | | | Core Bond Index Class I | | $ | 1,000.00 | | | $ | 1,022.82 | | | | 0.41% | | | $ | 2.06 | |
| $1,000.00 | | $ | 1,022.30 | | | | 0.21% | | | $ | 1.06 | | | Core Bond Index Class II | | $ | 1,000.00 | | | $ | 1,023.82 | | | | 0.21% | | | $ | 1.06 | |
| $1,000.00 | | $ | 1,093.40 | | | | 0.42% | | | $ | 2.19 | | | 500 Stock Index Class I | | $ | 1,000.00 | | | $ | 1,022.77 | | | | 0.42% | | | $ | 2.11 | |
| $1,000.00 | | $ | 1,093.70 | | | | 0.22% | | | $ | 1.15 | | | 500 Stock Index Class II | | $ | 1,000.00 | | | $ | 1,023.77 | | | | 0.22% | | | $ | 1.11 | |
| $1,000.00 | | $ | 1,089.40 | | | | 0.42% | | | $ | 2.18 | | | Broad Market Index Class I | | $ | 1,000.00 | | | $ | 1,022.77 | | | | 0.42% | | | $ | 2.11 | |
| $1,000.00 | | $ | 1,090.30 | | | | 0.22% | | | $ | 1.14 | | | Broad Market Index Class II | | $ | 1,000.00 | | | $ | 1,023.77 | | | | 0.22% | | | $ | 1.11 | |
| $1,000.00 | | $ | 1,086.30 | | | | 0.43% | | | $ | 2.23 | | | Mid/Small Company Index Class I | | $ | 1,000.00 | | | $ | 1,022.73 | | | | 0.43% | | | $ | 2.16 | |
| $1,000.00 | | $ | 1,087.50 | | | | 0.23% | | | $ | 1.19 | | | Mid/Small Company Index Class II | | $ | 1,000.00 | | | $ | 1,023.72 | | | | 0.23% | | | $ | 1.16 | |
| $1,000.00 | | $ | 1,035.90 | | | | 0.55% | | | $ | 2.78 | | | Overseas Equity Index Class I | | $ | 1,000.00 | | | $ | 1,022.13 | | | | 0.55% | | | $ | 2.77 | |
| $1,000.00 | | $ | 1,038.40 | | | | 0.35% | | | $ | 1.77 | | | Overseas Equity Index Class II | | $ | 1,000.00 | | | $ | 1,023.12 | | | | 0.35% | | | $ | 1.76 | |
| $1,000.00 | | $ | 1,034.80 | | | | 0.84% | | | $ | 4.25 | | | Model Portfolio Savings Oriented ** | | $ | 1,000.00 | | | $ | 1,020.69 | | | | 0.84% | | | $ | 4.22 | |
| $1,000.00 | | $ | 1,042.60 | | | | 0.86% | | | $ | 4.37 | | | Model Portfolio Conservative Growth ** | | $ | 1,000.00 | | | $ | 1,020.59 | | | | 0.86% | | | $ | 4.32 | |
| $1,000.00 | | $ | 1,053.40 | | | | 0.89% | | | $ | 4.54 | | | Model Portfolio Traditional Growth ** | | $ | 1,000.00 | | | $ | 1,020.44 | | | | 0.89% | | | $ | 4.47 | |
| $1,000.00 | | $ | 1,061.00 | | | | 0.93% | | | $ | 4.77 | | | Model Portfolio Long-Term Growth ** | | $ | 1,000.00 | | | $ | 1,020.24 | | | | 0.93% | | | $ | 4.67 | |
| $1,000.00 | | $ | 1,076.00 | | | | 1.02% | | | $ | 5.26 | | | Model Portfolio All-Equity Growth ** | | $ | 1,000.00 | | | $ | 1,019.79 | | | | 1.02% | | | $ | 5.12 | |
1
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| ACTUAL | | | | | HYPOTHETICAL | |
Beginning
Account
Value
1/01/12 | | Ending
Account
Value
6/30/12 | | | 2012
Annualized
Expense
Ratio | | | Expenses
Paid
During
Period* | | | Vantagepoint Funds | | Beginning
Account
Value
1/01/12 | | | Ending
Account
Value
6/30/12 | | | 2012
Annualized
Expense
Ratio | | | Expenses
Paid
During
Period* | |
| $1,000.00 | | $ | 1,034.40 | | | | 0.85% | | | $ | 4.30 | | | Milestone Retirement Income ** | | $ | 1,000.00 | | | $ | 1,020.64 | | | | 0.85% | | | $ | 4.27 | |
| $1,000.00 | | $ | 1,046.50 | | | | 0.90% | | | $ | 4.58 | | | Milestone 2010 ** | | $ | 1,000.00 | | | $ | 1,020.39 | | | | 0.90% | | | $ | 4.52 | |
| $1,000.00 | | $ | 1,049.20 | | | | 0.87% | | | $ | 4.43 | | | Milestone 2015 ** | | $ | 1,000.00 | | | $ | 1,020.54 | | | | 0.87% | | | $ | 4.37 | |
| $1,000.00 | | $ | 1,052.50 | | | | 0.87% | | | $ | 4.44 | | | Milestone 2020 ** | | $ | 1,000.00 | | | $ | 1,020.54 | | | | 0.87% | | | $ | 4.37 | |
| $1,000.00 | | $ | 1,057.20 | | | | 0.87% | | | $ | 4.45 | | | Milestone 2025 ** | | $ | 1,000.00 | | | $ | 1,020.54 | | | | 0.87% | | | $ | 4.37 | |
| $1,000.00 | | $ | 1,062.00 | | | | 0.89% | | | $ | 4.56 | | | Milestone 2030 ** | | $ | 1,000.00 | | | $ | 1,020.44 | | | | 0.89% | | | $ | 4.47 | |
| $1,000.00 | | $ | 1,066.90 | | | | 0.91% | | | $ | 4.68 | | | Milestone 2035 ** | | $ | 1,000.00 | | | $ | 1,020.34 | | | | 0.91% | | | $ | 4.57 | |
| $1,000.00 | | $ | 1,071.00 | | | | 0.91% | | | $ | 4.69 | | | Milestone 2040 ** | | $ | 1,000.00 | | | $ | 1,020.34 | | | | 0.91% | | | $ | 4.57 | |
| $1,000.00 | | $ | 1,071.90 | | | | 1.03% | | | $ | 5.32 | | | Milestone 2045 ** | | $ | 1,000.00 | | | $ | 1,019.74 | | | | 1.03% | | | $ | 5.17 | |
| * | | Expenses are calculated using each fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value over the period, multiplied by [number of days in most recent fiscal half year divided by total number of days in fiscal year e.g. 182/366] (to reflect the one-half year period). |
| ** | | This fund invests in one or more other mutual funds. The annualized expense ratio includes this fund’s proportionate share of the expense ratio of such other mutual fund(s). |
2
Vantagepoint Funds Returns*
As of June 30, 2012
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year to Date
through
6/30/2012 | | | 1 Year | | | 3 Years | | | 5 Years | | | 10 Years | | | Since
Inception | | | Inception
Date | |
Actively Managed Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Low Duration Bond Fund | | | 2.07 | % | | | 2.01 | % | | | 3.57 | % | | | 3.78 | % | | | 3.53 | % | | | — | | | | 12/00 | |
Inflation Protected Securities Fund | | | 4.07 | % | | | 10.80 | % | | | 8.82 | % | | | 8.04 | % | | | 5.30 | % | | | — | | | | 7/92 | |
Equity Income Fund | | | 7.13 | % | | | -0.75 | % | | | 15.02 | % | | | -1.13 | % | | | 5.74 | % | | | — | | | | 4/94 | |
Growth & Income Fund | | | 8.85 | % | | | 2.49 | % | | | 15.17 | % | | | 0.19 | % | | | 5.27 | % | | | — | | | | 10/98 | |
Growth Fund | | | 8.61 | % | | | 0.65 | % | | | 13.49 | % | | | -1.96 | % | | | 2.94 | % | | | — | | | | 4/83 | |
Select Value Fund | | | 7.19 | % | | | -1.58 | % | | | 17.81 | % | | | — | | | | — | | | | 2.00 | % | | | 10/07 | |
Aggressive Opportunities Fund | | | 8.75 | % | | | -7.01 | % | | | 14.21 | % | | | -0.53 | % | | | 6.81 | % | | | — | | | | 10/94 | |
Discovery Fund | | | 9.15 | % | | | -1.84 | % | | | 17.73 | % | | | — | | | | — | | | | 0.74 | % | | | 10/07 | |
International Fund | | | 5.05 | % | | | -10.11 | % | | | 7.81 | % | | | -4.35 | % | | | 4.84 | % | | | — | | | | 10/94 | |
Diversifying Strategies Fund | | | 1.00 | % | | | -0.27 | % | | | 3.13 | % | | | — | | | | — | | | | 1.16 | % | | | 10/07 | |
Index Funds | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Core Bond Index Fund (Class I) | | | 2.15 | % | | | 7.02 | % | | | 6.46 | % | | | 6.33 | % | | | 5.20 | % | | | — | | | | 6/97 | |
Core Bond Index Fund (Class II) | | | 2.23 | % | | | 7.19 | % | | | 6.67 | % | | | 6.55 | % | | | 5.41 | % | | | — | | | | 4/99 | |
500 Stock Index Fund (Class I) | | | 9.34 | % | | | 5.09 | % | | | 15.95 | % | | | -0.16 | % | | | 4.90 | % | | | — | | | | 6/97 | |
500 Stock Index Fund (Class II) | | | 9.37 | % | | | 5.25 | % | | | 16.19 | % | | | 0.02 | % | | | 5.10 | % | | | — | | | | 4/99 | |
Broad Market Index Fund (Class I) | | | 8.94 | % | | | 3.78 | % | | | 16.36 | % | | | 0.22 | % | | | 5.71 | % | | | — | | | | 10/94 | |
Broad Market Index Fund (Class II) | | | 9.03 | % | | | 3.92 | % | | | 16.61 | % | | | 0.43 | % | | | 5.93 | % | | | — | | | | 4/99 | |
Mid/Small Company Index Fund (Class I) | | | 8.63 | % | | | -2.52 | % | | | 18.55 | % | | | 1.43 | % | | | 8.24 | % | | | — | | | | 6/97 | |
Mid/Small Company Index Fund (Class II) | | | 8.75 | % | | | -2.30 | % | | | 18.81 | % | | | 1.63 | % | | | 8.45 | % | | | — | | | | 4/99 | |
Overseas Equity Index Fund (Class I) | | | 3.59 | % | | | -13.97 | % | | | 5.70 | % | | | -6.21 | % | | | 4.69 | % | | | — | | | | 6/97 | |
Overseas Equity Index Fund (Class II) | | | 3.84 | % | | | -13.68 | % | | | 5.94 | % | | | -6.01 | % | | | 4.92 | % | | | — | | | | 4/99 | |
Model Portfolio Funds1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Model Portfolio Savings Oriented Fund | | | 3.48 | % | | | 2.61 | % | | | 7.13 | % | | | 3.46 | % | | | 4.48 | % | | | — | | | | 2/95 | |
Model Portfolio Conservative Growth Fund | | | 4.26 | % | | | 1.63 | % | | | 8.48 | % | | | 2.70 | % | | | 4.79 | % | | | — | | | | 4/96 | |
Model Portfolio Traditional Growth Fund | | | 5.34 | % | | | 0.32 | % | | | 10.36 | % | | | 1.62 | % | | | 5.06 | % | | | — | | | | 4/96 | |
Model Portfolio Long-Term Growth Fund | | | 6.10 | % | | | -1.03 | % | | | 11.61 | % | | | 0.67 | % | | | 5.42 | % | | | — | | | | 4/96 | |
Model Portfolio All-Equity Growth Fund | | | 7.60 | % | | | -2.70 | % | | | 13.71 | % | | | -1.04 | % | | | 5.14 | % | | | — | | | | 10/00 | |
3
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year to Date
through
6/30/2012 | | | 1 Year | | | 3 Years | | | 5 Years | | | 10 Years | | | Since
Inception | | | Inception
Date | |
Milestone Funds1,2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Milestone Retirement Income Fund | | | 3.44 | % | | | 2.62 | % | | | 7.43 | % | | | 3.13 | % | | | — | | | | 4.00 | % | | | 1/05 | |
Milestone 2010 Fund | | | 4.65 | % | | | 1.85 | % | | | 8.28 | % | | | 2.71 | % | | | — | | | | 4.18 | % | | | 1/05 | |
Milestone 2015 Fund | | | 4.92 | % | | | 1.07 | % | | | 9.84 | % | | | 1.90 | % | | | — | | | | 4.20 | % | | | 1/05 | |
Milestone 2020 Fund | | | 5.25 | % | | | 0.13 | % | | | 10.53 | % | | | 1.24 | % | | | — | | | | 4.05 | % | | | 1/05 | |
Milestone 2025 Fund | | | 5.72 | % | | | -0.33 | % | | | 11.31 | % | | | 0.76 | % | | | — | | | | 3.97 | % | | | 1/05 | |
Milestone 2030 Fund | | | 6.20 | % | | | -0.91 | % | | | 12.06 | % | | | 0.32 | % | | | — | | | | 3.89 | % | | | 1/05 | |
Milestone 2035 Fund | | | 6.69 | % | | | -1.63 | % | | | 12.76 | % | | | 0.00 | % | | | — | | | | 3.83 | % | | | 1/05 | |
Milestone 2040 Fund | | | 7.10 | % | | | -1.80 | % | | | 13.33 | % | | | –0.07 | % | | | — | | | | 3.81 | % | | | 1/05 | |
Milestone 2045 Fund | | | 7.19 | % | | | -1.96 | % | | | — | | | | — | | | | — | | | | 7.36 | % | | | 1/10 | |
| * | Current performance may be higher or lower than the past performance presented in this report. Past performance is no guarantee of future performance. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance is available by calling 1-800-669-7400 or at www.icmarc.org/vpperformance. |
| 1 | Performance of the Model Portfolio Funds and Milestone Funds is dependent upon the performance of the underlying funds in which each Model Portfolio Fund and Milestone Fund invests. |
| 2 | The share values of the Milestone Funds are not guaranteed at any time, including at or after each Milestone Fund’s target year, which is the year when investors expect to retire and begin making gradual withdrawals. There is no guarantee that a Milestone Fund will provide adequate income at and through an investor’s retirement or that the investor will have adequate savings for retirement. The Milestone Funds’ asset allocations change over time, as described in The Vantagepoint Funds’ prospectus. |
4
Vantagepoint Funds Investment Objectives
Fund ticker symbols are included in parentheses after fund names. Total net assets presented are as of June 30, 2012.
ACTIVELY MANAGED FUNDS
| | | | | | |
Low Duration Bond Fund (VPIPX) | | Year of Inception: 2000 | | Total Net Assets: $562 million |
| | |
Investment Objective: | | To seek total return that is consistent with preservation of capital. | | |
Investment Subadvisers: | | Payden & Rygel | | | | |
| | STW Fixed Income Management LLC | | |
Market Index: | | BofA Merrill Lynch 1-3 Year US Corporate & Government Index |
Peer Group: | | Morningstar Short-Term Bond Funds Average | | |
Inflation Protected Securities Fund (VPTSX) | | Year of Inception: 1992 | | Total Net Assets: $646 million |
Investment Objective: | | To offer current income. | | | | |
Investment Subadvisers: | | BlackRock Financial Management, Inc. | | |
| | Pacific Investment Management Company, LLC | | |
Market Index: | | Barclays U.S. TIPS Index (Series - L) | | |
Peer Group: | | Morningstar Inflation-Protected Bond Funds Average | | |
Equity Income Fund (VPEIX) | | | | Year of Inception: 1994 | | Total Net Assets: $1,935 million |
Investment Objective: | | To offer long-term capital growth with consistency derived from dividend yield. |
Investment Subadvisers: | | Barrow, Hanley, Mewhinney & Strauss, LLC | | |
| | Southeastern Asset Management, Inc. | | |
| | T. Rowe Price Associates, Inc. | | |
Market Index: | | Russell 1000 Value Index | | |
Peer Group: | | Morningstar Large Value Funds Average | | |
Growth & Income Fund (VPGIX) | | Year of Inception: 1998 | | Total Net Assets: $1,240 million |
Investment Objective: | | To offer long-term capital growth and current income. | | |
Investment Subadvisers: | | Fiduciary Management, Inc. | | |
| | T. Rowe Price Associates, Inc. | | |
| | Wellington Management Company, LLP | | |
Market Index: | | S&P 500 Index | | | | |
Peer Group: | | Morningstar Large Blend Funds Average | | |
Growth Fund (VPGRX) | | | | Year of Inception: 1983 | | Total Net Assets: $1,844 million |
Investment Objective: | | To offer long-term capital growth. | | |
Investment Subadvisers: | | Atlanta Capital Management Company, LLC | | |
| | Columbus Circle Investors | | |
| | Victory Capital Management Inc. | | |
| | Westfield Capital Management Company, L.P. | | |
Market Index: | | Russell 1000 Growth Index | | |
Peer Group: | | Morningstar Large Growth Funds Average | | |
5
| | | | | | |
Select Value Fund (VPSVX) | | | | Year of Inception: 2007 | | Total Net Assets: $342 million |
Investment Objective: | | To offer long-term growth from dividend income and capital appreciation. |
Investment Subadvisers: | | Artisan Partners Limited Partnership | | |
| | Systematic Financial Management, L.P. | | |
| | WEDGE Capital Management L.L.P. | | |
Market Index: | | Russell Midcap Value Index | | |
Peer Group: | | Morningstar Mid-Cap Value Funds Average | | |
Aggressive Opportunities Fund (VPAOX) | | Year of Inception: 1994 | | Total Net Assets: $986 million |
Investment Objective: | | To offer high long-term capital appreciation. | | |
Investment Subadvisers: | | Legg Mason Capital Management, LLC* | | |
| | Southeastern Asset Management, Inc. | | |
| | TimesSquare Capital Management, LLC | | |
| | Wellington Management Company, LLP* | | |
Market Index: | | Russell Midcap Growth Index | | |
Peer Group: | | Morningstar Mid-Cap Growth Funds Average | | |
Discovery Fund (VPDSX) | | | | Year of Inception: 2007 | | Total Net Assets: $206 million |
Investment Objective: | | To offer long-term capital growth. | | |
Investment Subadvisers: | | Payden & Rygel | | | | |
| | Wellington Management Company, LLP | | |
Market Index: | | Russell 2000 Index | | | | |
Peer Group: | | Morningstar Small Blend Funds Average | | |
International Fund (VPINX) | | | | Year of Inception: 1994 | | Total Net Assets: $1,234 million |
Investment Objective: | | To offer long-term capital growth and diversification by country. | | |
Investment Subadvisers: | | Artisan Partners Limited Partnership | | |
| | GlobeFlex Capital, LP | | | | |
| | Mondrian Investment Partners Limited | | |
| | Walter Scott & Partners Limited | | |
Market Index: | | MSCI Europe Australasia Far East (EAFE) Index (Net) | | |
Peer Group: | | Morningstar Foreign Large Blend Funds Average | | |
Diversifying Strategies Fund (VPDAX) | | Year of Inception: 2007 | | Total Net Assets: $917 million |
Investment Objective: | | To offer long-term capital growth. | | |
Investment Subadvisers: | | Calamos Advisors LLC | | | | |
| | Mellon Capital Management Corporation | | |
| | Payden & Rygel | | | | |
| | Shenkman Capital Management, Inc. | | |
Market Index: | | Barclays U.S. Intermediate Aggregate Bond Index | | |
| * | At a meeting held on June 22, 2012, VIA recommended and The Vantagepoint Funds’ Board of Directors approved the termination of Legg Mason Capital Management, LLC and Wellington Management Company, LLP and the appointments of SSgA Funds Management, Inc. and Wells Capital Management Inc. as subadvisers to the Aggressive Opportunities Fund. These changes were effective on August 27, 2012. |
6
INDEX FUNDS
The Vantagepoint Index Funds follow an indexed or “passively managed” approach to investing, and are designed to approximate the investment characteristics and performance of their respective specified benchmarks. Mellon Capital Management Corporation is the subadviser of the Index Funds.
(Class I and II ticker symbols are listed.) Inception date listed is for the fund and not for the respective classes.
| | | | | | |
| Core Bond Index Fund (VPCIX/VPCDX) | | Year of Inception: 1997 | | Total Net Assets: $1,223 million |
| Investment Objective: | | To offer current income by approximating the performance of the Barclays U.S. Aggregate Bond Index. |
| Market Index: | | Barclays U.S. Aggregate Bond Index |
| 500 Stock Index Fund (VPFIX/VPSKX) | | Year of Inception: 1997 | | Total Net Assets: $442 million |
| Investment Objective: | | To offer long-term capital growth by approximating the performance of the S&P 500 Index. |
| Market Index: | | S&P 500 Index |
| Broad Market Index Fund (VPMIX/VPBMX) | | Year of Inception: 1994 | | Total Net Assets: $528 million |
| Investment Objective: | | To offer long-term capital growth by approximating the performance of the Wilshire 5000 Total Market Index. |
| Market Index: | | Wilshire 5000 Total Market Index |
| Mid/Small Company Index Fund (VPSIX/VPMSX) | | Year of Inception: 1997 | | Total Net Assets: $462 million |
| Investment Objective: | | To offer long-term capital growth by approximating the performance of the Wilshire 4500 Completion Index. |
| Market Index: | | Wilshire 4500 Completion Index |
| Overseas Equity Index Fund (VPOIX/VPOEX) | | Year of Inception: 1997 | | Total Net Assets: $207 million |
| Investment Objective: | | To offer long-term capital growth and diversification by approximating the performance of the MSCI EAFE Index (Net). |
| Market Index: | | MSCI EAFE Index (Net) |
| MODEL PORTFOLIO FUNDS | | | | | | |
| | |
| Model Portfolio Savings Oriented Fund (VPSOX) | | Year of Inception: 1995 | | Total Net Assets: $303 million |
| Investment Objective: | | To offer capital preservation, reasonable current income, and some capital growth while seeking to limit risk. |
| Allocation Ranges: | | FIXED INCOME FUNDS |
| | Vantagepoint Low Duration Bond Fund | | 26% – 36% |
| | Vantagepoint Core Bond Index Fund (Class I) | | 4% – 14% |
| | Vantagepoint Inflation Protected Securities Fund | | 10% – 20% |
| | EQUITY FUNDS | | | | |
| | Vantagepoint Equity Income Fund | | 5% – 15% |
| | Vantagepoint Growth & Income Fund | | 5% – 15% |
| | Vantagepoint International Fund | | 0% – 10% |
| | MULTI-STRATEGY FUND | | |
| | Vantagepoint Diversifying Strategies Fund | | 18% – 22% |
| Market Index: | | Barclays U.S. Intermediate Aggregate Bond Index |
| Peer Group: | | Morningstar Conservative Allocation Funds Average |
7
| | | | | | | | |
| Model Portfolio Conservative Growth Fund (VPCGX) | | Year of Inception: 1996 | | | Total Net Assets: $588 million | |
| Investment Objective: | | To offer reasonable current income and capital preservation, with modest potential for capital growth. | |
| Allocation Ranges: | | FIXED INCOME FUNDS | |
| | Vantagepoint Low Duration Bond Fund | | | 14% – 24% | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 7% – 17% | |
| | Vantagepoint Inflation Protected Securities Fund | | | 5% – 15% | |
| | EQUITY FUNDS | | | | |
| | Vantagepoint Equity Income Fund | | | 6% – 16% | |
| | Vantagepoint Growth & Income Fund | | | 4% – 14% | |
| | Vantagepoint Growth Fund | | | 1% – 11% | |
| | Vantagepoint Select Value Fund | | | 0% – 8% | |
| | Vantagepoint Aggressive Opportunities Fund | | | 0% – 8% | |
| | Vantagepoint International Fund | | | 3% – 13% | |
| | MULTI-STRATEGY FUND | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 17% – 21% | |
| Market Index: | | Barclays U.S. Intermediate Aggregate Bond Index | |
| Peer Group: | | Morningstar Conservative Allocation Funds Average | |
Model Portfolio Traditional Growth Fund (VPTGX) | | Year of Inception: 1996 | | | Total Net Assets: $1,444 million | |
| Investment Objective: | | To offer moderate capital growth and reasonable current income. | |
| Allocation Ranges: | | FIXED INCOME FUNDS | |
| | Vantagepoint Low Duration Bond Fund | | | 3% – 13% | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 8% – 18% | |
| | Vantagepoint Inflation Protected Securities Fund | | | 0% – 9% | |
| | EQUITY FUNDS | | | | |
| | Vantagepoint Equity Income Fund | | | 7% – 17% | |
| | Vantagepoint Growth & Income Fund | | | 7% – 17% | |
| | Vantagepoint Growth Fund | | | 5% – 15% | |
| | Vantagepoint Select Value Fund | | | 1% – 11% | |
| | Vantagepoint Aggressive Opportunities Fund | | | 1% – 11% | |
| | Vantagepoint Discovery Fund | | | 0% – 8% | |
| | Vantagepoint International Fund | | | 7% – 17% | |
| | MULTI-STRATEGY FUND | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 13% – 17% | |
| Market Index: | | S&P 500 Index | |
| Peer Group: | | Morningstar Moderate Allocation Funds Average | |
8
| | | | | | | | |
Model Portfolio Long-Term Growth Fund (VPLGX) | | Year of Inception: 1996 | | Total Net Assets: $ 1,817 million | |
| | |
Investment Objective: | | To offer high long-term capital growth and modest current income. | | | | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 8% – 18% | |
| | EQUITY FUNDS | | | | |
| | Vantagepoint Equity Income Fund | | | 8% – 18% | |
| | Vantagepoint Growth & Income Fund | | | 8% – 18% | |
| | Vantagepoint Growth Fund | | | 7% – 17% | |
| | Vantagepoint Select Value Fund | | | 4% – 14% | |
| | Vantagepoint Aggressive Opportunities Fund. | | | 4% – 14% | |
| | Vantagepoint Discovery Fund. | | | 0% – 10% | |
| | Vantagepoint International Fund | | | 11% – 21% | |
| | MULTI-STRATEGY FUND | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 10% – 14% | |
Market Index: | | S&P 500 Index | | | | |
Peer Group: | | Morningstar Aggressive Allocation Funds Average | | | | |
Model Portfolio All-Equity Growth Fund (VPAGX) | | Year of Inception: 2000 | | Total Net Assets: $ 709 million | |
Investment Objective: | | To offer high long-term capital growth. | | | | |
Allocation Ranges: | | EQUITY FUNDS | | | | |
| | Vantagepoint Equity Income Fund | | | 13% – 23% | |
| | Vantagepoint Growth & Income Fund | | | 12% – 22% | |
| | Vantagepoint Growth Fund | | | 12% – 22% | |
| | Vantagepoint Select Value Fund | | | 5% – 15% | |
| | Vantagepoint Aggressive Opportunities Fund. | | | 5% – 15% | |
| | Vantagepoint Discovery Fund. | | | 4% – 14% | |
| | Vantagepoint International Fund | | | 15% – 25% | |
Market Index: | | S&P 500 Index | | | | |
Peer Group: | | Morningstar Large Blend Funds Average | | | | |
|
| VANTAGEPOINT MILESTONE FUNDS | |
Milestone Retirement Income Fund (VPRRX) | | Year of Inception: 2005 | | Total Net Assets: $ 228 million | |
Investment Objective: | | To seek to offer current income and opportunities for capital growth that have limited risk. | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | | | |
| | Vantagepoint Low Duration Bond Fund | | | 26% – 36% | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 4% – 14% | |
| | Vantagepoint Inflation Protected Securities Fund. | | | 10% – 20% | |
| | EQUITY FUNDS | | | | | | |
| | Vantagepoint Equity Income Fund | | | 5% – 15% | |
| | Vantagepoint Growth & Income Fund | | | 5% – 15% | |
| | Vantagepoint International Fund | | | 0% – 10% | |
| | MULTI-STRATEGY FUND | | | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 15% – 25% | |
Market Index: | | Barclays U.S. Intermediate Aggregate Bond Index | | | | |
Peer Group: | | Morningstar Retirement Income Funds Average | | | | |
9
| | | | | | | | |
Milestone 2010 Fund (VPRQX) | | Year of Inception: 2005 | | Total Net Assets : $ 230 million | |
Investment Objective: | | To offer high total return consistent with the Fund’s current asset allocation. | | | | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | |
| | Vantagepoint Low Duration Bond Fund | | | 11% – 21% | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 2% – 12% | |
| | Vantagepoint Inflation Protected Securities Fund. | | | 10% – 20% | |
| | EQUITY FUNDS | | | | |
| | Vantagepoint Equity Income Fund | | | 13% – 23% | |
| | Vantagepoint Growth & Income Fund | | | 6% – 16% | |
| | Vantagepoint Growth Fund | | | 2% – 12% | |
| | Vantagepoint International Fund | | | 4% – 14% | |
| | MULTI-STRATEGY FUND | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 13% – 23% | |
Market Index: | | Barclays U.S. Intermediate Aggregate Bond Index | | | | |
Peer Group: | | Morningstar Target Date 2000–2010 Funds Average | | | | |
Milestone 2015 Fund (VPRPX) | | Year of Inception: 2005 | | Total Net Assets: $ 409 million | |
Investment Objective: | | To offer high total return consistent with the Fund’s current asset allocation. | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | |
| | Vantagepoint Low Duration Bond Fund | | | 7% – 17% | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 4% – 14% | |
| | Vantagepoint Inflation Protected Securities Fund | | | 6% – 16% | |
| | EQUITY FUNDS | | | | |
| | Vantagepoint Equity Income Fund | | | 14% – 24% | |
| | Vantagepoint Growth & Income Fund | | | 6% – 16% | |
| | Vantagepoint Growth Fund | | | 3% – 13% | |
| | Vantagepoint Mid/Small Company Index Fund (Class I) | | | 0% – 9% | |
| | Vantagepoint International Fund | | | 5% – 15% | |
| | MULTI-STRATEGY FUND | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 12% – 22% | |
Market Index: | | S&P 500 Index | | | | |
Peer Group: | | Morningstar Target Date 2011–2015 Funds Average | |
Milestone 2020 Fund (VPROX) | | Year of Inception: 2005 | | Total Net Assets: $ 431 million | |
Investment Objective: | | To offer high total return consistent with the Fund’s current asset allocation. | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | |
| | Vantagepoint Low Duration Bond Fund | | | 3% – 13% | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 8% – 18% | |
| | Vantagepoint Inflation Protected Securities Fund. | | | 0% – 8% | |
| | EQUITY FUNDS | | | | |
| | Vantagepoint Equity Income Fund | | | 16% – 26% | |
| | Vantagepoint Growth & Income Fund | | | 6% – 16% | |
| | Vantagepoint Growth Fund | | | 3% – 13% | |
| | Vantagepoint Mid/Small Company Index Fund (Class I) | | | 3% – 13% | |
| | Vantagepoint International Fund | | | 7% – 17% | |
| | MULTI-STRATEGY FUND | | | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 11% – 21% | |
Market Index: | | S&P 500 Index | | | | |
Peer Group: | | Morningstar Target Date 2016–2020 Funds Average | | | | |
10
| | | | | | | | |
Milestone 2025 Fund (VPRNX) | | Year of Inception: 2005 | | Total Net Assets: $344 million | |
Investment Objective: | | To offer high total return consistent with the Fund’s current asset allocation. | | | | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | | | |
| | Vantagepoint Low Duration Bond Fund | | | 0% – 9% | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 9% – 19% | |
| | EQUITY FUNDS | | | | | | |
| | Vantagepoint Equity Income Fund | | | 18% – 28% | |
| | Vantagepoint Growth & Income Fund | | | 8% – 18% | |
| | Vantagepoint Growth Fund | | | 4% – 14% | |
| | Vantagepoint Mid/Small Company Index Fund (Class I) | | | 6% – 16% | |
| | Vantagepoint International Fund | | | 9% – 19% | |
| | MULTI-STRATEGY FUND | | | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 9% – 19% | |
Market Index: | | S&P 500 Index | | | | |
Peer Group: | | Morningstar Target Date 2021–2025 Funds Average | | | | |
Milestone 2030 Fund (VPRMX) | | Year of Inception: 2005 | | Total Net Assets: $271 million | |
Investment Objective: | | To offer high total return consistent with the Fund’s current asset allocation. | | | | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | | | |
| | Vantagepoint Low Duration Bond Fund | | | 0% – 7% | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 5% – 15% | |
| | EQUITY FUNDS | | | | | | |
| | Vantagepoint Equity Income Fund | | | 19% – 29% | |
| | Vantagepoint Growth & Income Fund | | | 9% – 19% | |
| | Vantagepoint Growth Fund | | | 5% – 15% | |
| | Vantagepoint Mid/Small Company Index Fund (Class I) | | | 9% – 19% | |
| | Vantagepoint International Fund | | | 11% – 21% | |
| | MULTI-STRATEGY FUND | | | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 6% – 16% | |
Market Index: | | S&P 500 Index | | | | | | |
Peer Group: | | Morningstar Target Date 2026–2030 Funds Average | | | | |
Milestone 2035 Fund (VPRLX) | | Year of Inception: 2005 | | Total Net Assets: $176 million | |
Investment Objective: | | To offer high total return consistent with the Fund’s current asset allocation. | | | | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | | | |
| | Vantagepoint Low Duration Bond Fund | | | 0% – 5% | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 1% – 11% | |
| | EQUITY FUNDS | | | | | | |
| | Vantagepoint Equity Income Fund | | | 20% – 30% | |
| | Vantagepoint Growth & Income Fund | | | 10% – 20% | |
| | Vantagepoint Growth Fund | | | 6% – 16% | |
| | Vantagepoint Mid/Small Company Index Fund (Class I) | | | 12% – 22% | |
| | Vantagepoint International Fund | | | 12% – 22% | |
| | MULTI-STRATEGY FUND | | | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 2% – 12% | |
Market Index: | | S&P 500 Index | | | | | | |
Peer Group: | | Morningstar Target Date 2031–2035 Funds Average | | | | |
11
| | | | | | | | |
Milestone 2040 Fund (VPRKX) | | Year of Inception: 2005 | | Total Net Assets: $ 172 million | |
Investment Objective: | | To offer high total return consistent with the Fund’s current asset allocation. | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 0% – 10% | |
| | EQUITY FUNDS | | | | |
| | Vantagepoint Equity Income Fund | | | 22% – 32% | |
| | Vantagepoint Growth & Income Fund | | | 11% – 21% | |
| | Vantagepoint Growth Fund | | | 7% – 17% | |
| | Vantagepoint Mid/Small Company Index Fund (Class I) | | | 15% – 25% | |
| | Vantagepoint International Fund | | | 14% – 24% | |
| | MULTI-STRATEGY FUND | | | | |
| | Vantagepoint Diversifying Strategies Fund | | | 0% – 7% | |
Market Index: | | S&P 500 Index | | | | |
Peer Group: | | Morningstar Target Date 2036–2040 Funds Average | | | | |
Milestone 2045 Fund (VPRJX) | | Year of Inception: 2010 | | Total Net Assets: $ 45 million | |
Investment Objective: | | To offer high total return consistent with the Fund’s current asset allocation. | | | | |
Allocation Ranges: | | FIXED INCOME FUNDS | | | | |
| | Vantagepoint Core Bond Index Fund (Class I) | | | 0% – 10% | |
| | EQUITY FUNDS | | | | | | |
| | Vantagepoint Equity Income Fund | | | 22% – 32% | |
| | Vantagepoint Growth & Income Fund | | | 11% – 21% | |
| | Vantagepoint Growth Fund | | | 8% – 18% | |
| | Vantagepoint Mid/Small Company Index Fund (Class I) | | | 15% – 25% | |
| | Vantagepoint International Fund | | | 14% – 24% | |
Market Index: | | S&P 500 Index | | | | |
Peer Group: | | Morningstar Target Date 2041–2045 Funds Average | | | | |
12
Comparative Indexes
The Funds may, from time to time, use one or more of the unmanaged indexes listed below for purposes of appraising fund performance. This list of indexes is not intended to be all inclusive, and other indexes, benchmarks, or peer groups may be used, as deemed appropriate. All of the indexes are unmanaged and do not reflect the costs of portfolio management, trading, fees, expenses, or taxes.
Barclays U.S. Aggregate Bond Index—consists of investment-grade U.S. fixed income securities.
Barclays U.S. Intermediate Aggregate Bond Index—consists of investment-grade U.S. fixed income securities with maturities of 1 to 10 years.
Barclays U.S. Treasury Inflation Protected Securities (“TIPS”) Index (Series-L)—consists of all U.S. Treasury inflation protected securities rated investment grade or better, having at least one year to final maturity, and at least $250 million par amount outstanding. The Series L reference identifies this index as the former Lehman Brothers U.S. Treasury Inflation Protected Securities (TIPS) Index.
BofA Merrill Lynch 1–3 Year US Corporate & Government Index—tracks the performance of U.S. dollar-denominated investment grade Government and corporate public debt securities issued in the U.S. domestic bond market with maturities ranging between 1 and 3 years.
MSCI Europe Australasia Far East (“EAFE”) Index (Net)—is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada, and approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra’s methodology.
Russell 1000 Index—measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index represents a large portion of the investible U.S. equity market.
Russell 1000 Growth Index—measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000 Value Index—measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.
Russell Midcap Index—measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities
based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately one-third of the total market capitalization of the Russell 1000 companies.
Russell Midcap Growth Index—measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell Midcap Value Index—measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.
Russell 2000 Index—measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index, and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
Russell 3000 Index—measures the performance of the largest 3000 U.S. companies based on market capitalization representing a substantial portion of the investable U.S. equity market.
Standard & Poor’s 500 Index (“S&P 500”)—consists of 500 companies representing larger capitalization stocks traded in the U.S.
Wilshire 5000 Total Market Index—consists of all U.S. equity securities with readily available price data (which includes common stocks, interests in real estate investment trusts and limited partnership interests of U.S. companies, that have their primary market listing in the U.S.) and is calculated using a float-adjusted market capitalization weighting. The float-adjusted methodology adjusts an individual stock’s market capitalization to account for (by excluding) shares that may be restricted or otherwise unavailable for purchase.
Wilshire 4500 Completion Index—consists of all U.S. equity securities included in the Wilshire 5000 Total Market Index, excluding the companies in the S&P 500 Index. As such, it consists of small- and mid-capitalization U.S. equity securities. It is calculated using a float-adjusted market capitalization weighting, which adjusts an individual stock’s market capitalization to account for (by excluding) shares that may be restricted or otherwise unavailable for purchase.
13
Vantagepoint Funds Portfolio Holdings
Fixed Income Funds’ Sector Allocation (% of Net Assets)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Asset-
backed | | | Mortgage-
related | | | Corporates | | | U.S.
Treasury | | | U.S.
Treasury
Inflation
Indexed | | | U.S.
Government
Agency | | | Non-U.S.
Government
Agency | | | Sovereign | | | Supranational | | | U.S.
Municipal | | | Non-U.S.
Regional
Authority | | | Cash/Cash
Equivalents1 | |
Low Duration Bond Fund | | | 10.0 | % | | | 8.3 | % | | | 62.6 | % | | | 9.4 | % | | | 0.0 | % | | | 1.7 | % | | | 0.7 | % | | | 0.8 | % | | | 1.0 | % | | | 1.2 | % | | | 0.3 | % | | | 4.0 | % |
Inflation Protected Securities Fund | | | 0.9 | % | | | 0.0 | % | | | 2.3 | % | | | 0.3 | % | | | 91.7 | % | | | 0.2 | % | | | 0.4 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 4.2 | % |
Core Bond Index Fund Class I and II | | | 0.2 | % | | | 32.6 | % | | | 20.7 | % | | | 35.0 | % | | | 0.0 | % | | | 5.3 | % | | | 1.4 | % | | | 1.1 | % | | | 1.5 | % | | | 1.1 | % | | | 0.4 | % | | | 0.7 | % |
Due to rounding, allocations may not add up to 100%.
Equity Funds’ Asset Class Allocation (% of Net Assets)
| | | | | | | | |
| | | Stocks | | | Cash/Cash Equivalents1 | |
Equity Income Fund | | | 95.2 | % | | | 4.8 | % |
500 Stock Index Fund Class I and II | | | 97.5 | % | | | 2.5 | % |
Growth & Income Fund | | | 96.5 | % | | | 3.5 | % |
Broad Market Index Fund Class I and II | | | 98.9 | % | | | 1.1 | % |
Growth Fund | | | 95.8 | % | | | 4.2 | % |
Select Value Fund | | | 96.8 | % | | | 3.2 | % |
Aggressive Opportunities Fund | | | 96.1 | % | | | 3.9 | % |
Mid/Small Company Index Fund Class I and II | | | 98.3 | % | | | 1.7 | % |
Equity Funds’ Sector Allocation (% of Total Investments)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Consumer
Discretionary | | | Consumer
Staples | | | Energy | | | Financials | | | Health
Care | | | Industrials | | | Information
Technology | | | Materials | | | Telecomm
Services | | | Utilities | | | Other | |
Equity Income Fund | | | 13.4 | % | | | 5.2 | % | | | 12.4 | % | | | 23.7 | % | | | 9.9 | % | | | 11.1 | % | | | 9.0 | % | | | 4.9 | % | | | 7.0 | % | | | 3.5 | % | | | 0.0 | % |
500 Stock Index Fund Class I and II | | | 11.0 | % | | | 11.3 | % | | | 10.8 | % | | | 14.4 | % | | | 12.0 | % | | | 10.4 | % | | | 19.7 | % | | | 3.4 | % | | | 3.2 | % | | | 3.7 | % | | | 0.1 | % |
Growth & Income Fund | | | 14.9 | % | | | 9.5 | % | | | 8.3 | % | | | 18.3 | % | | | 10.7 | % | | | 13.6 | % | | | 17.3 | % | | | 4.6 | % | | | 1.7 | % | | | 1.1 | % | | | 0.0 | % |
Broad Market Index Fund Class I and II | | | 11.5 | % | | | 10.0 | % | | | 10.4 | % | | | 16.0 | % | | | 11.9 | % | | | 10.6 | % | | | 19.0 | % | | | 3.8 | % | | | 3.0 | % | | | 3.8 | % | | | 0.0 | % |
Growth Fund | | | 19.4 | % | | | 5.3 | % | | | 8.1 | % | | | 5.4 | % | | | 15.2 | % | | | 11.5 | % | | | 30.5 | % | | | 3.9 | % | | | 0.7 | % | | | 0.0 | % | | | 0.0 | % |
Select Value Fund | | | 11.2 | % | | | 4.0 | % | | | 8.7 | % | | | 26.8 | % | | | 5.0 | % | | | 17.2 | % | | | 15.3 | % | | | 4.6 | % | | | 0.0 | % | | | 7.2 | % | | | 0.0 | % |
Aggressive Opportunities Fund | | | 17.1 | % | | | 3.1 | % | | | 8.0 | % | | | 16.9 | % | | | 10.3 | % | | | 17.7 | % | | | 20.2 | % | | | 3.2 | % | | | 3.0 | % | | | 0.6 | % | | | 0.0 | % |
Mid/Small Company Index Fund Class I and II | | | 15.7 | % | | | 3.4 | % | | | 5.6 | % | | | 23.9 | % | | | 11.1 | % | | | 14.5 | % | | | 14.9 | % | | | 5.7 | % | | | 1.1 | % | | | 4.1 | % | | | 0.0 | % |
Allocations represent the portion of each Fund classified as stocks above and due to rounding, the allocations may not add up to 100%.
| 1 | Cash allocation reduced by other assets and liabilities such as receivables, payables, and accrued expenses as detailed in the Statements of Assets & Liabilities. |
14
Vantagepoint Funds Portfolio Holdings (continued)
Vantagepoint Discovery Fund’s Asset Class Allocation (% of Net Assets)
| | | | | | | | | | | | |
| | | Stocks | | | Bonds | | | Cash/Cash Equivalents1 | |
Discovery Fund* | | | 98.0 | % | | | 45.0 | % | | | 3.0 | % |
| * | For the Discovery Fund, portfolio exposures represent the market value of physical securities and a measurement of the exposure through the derivative instruments held by the Fund as a percent of the Fund’s net assets. For the purpose of displaying this allocation information, exposure through derivatives is measured based on the value of the underlying assets, rate or index represented by the derivative. This measurement is different from the valuation used for the purposes of calculating the Fund’s net asset value, is intended to reflect the “economic exposure” of the derivative, and results in a total percentage reflected in the chart that exceeds 100%. |
Vantagepoint Discovery Fund’s Fixed Income Sector Allocation (% of Net Assets excluding equities)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Asset-
backed | | | Mortgage-
related | | | Corporates | | | U.S.
Treasury | | | U.S.
Treasury
Inflation
Indexed | | | U.S.
Government
Agency | | | Non-U.S.
Government
Agency | | | Sovereign | | | Supranational | | | U.S.
Municipal | | | Non-U.S.
Regional
Authority | | | Cash/Cash
Equivalents1 | |
Discovery Fund* | | | 4.4 | % | | | 10.0 | % | | | 51.7 | % | | | 23.1 | % | | | 0.0 | % | | | 7.7 | % | | | 0.2 | % | | | 0.2 | % | | | 0.0 | % | | | 1.2 | % | | | 0.7 | % | | | 1.0 | % |
| * | For the Discovery Fund, the fixed income sector allocations were calculated using the actual fixed income securities held. This represents the portion of the fund classified as bonds above. Due to rounding, allocations may not add up to 100% |
Vantagepoint Discovery Fund’s Equity Sector Allocation (% of Total Investments excluding bonds)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Consumer
Discretionary | | | Consumer
Staples | | | Energy | | | Financials | | | Health
Care | | | Industrials | | | Information
Technology | | | Materials | | | Telecomm
Services | | | Utilities | | | Other | |
Discovery Fund* | | | 14.9 | % | | | 2.9 | % | | | 8.0 | % | | | 20.4 | % | | | 12.2 | % | | | 14.5 | % | | | 16.7 | % | | | 5.3 | % | | | 0.9 | % | | | 3.2 | % | | | 0.9 | % |
| * | For the Discovery Fund, the equity sector allocations were calculated using the actual equity securities held by the Fund and blending them with the sectors represented in the Russell 2000 Index futures held by this Fund. This represents the portion of the Fund classified as stocks above and due to rounding, the allocations may not add up to 100%. |
Country Allocation for the International Fund and Overseas Equity Index Fund (% of Net Assets)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Australia | | | Canada | | | France | | | Germany | | | Hong
Kong | | | Italy | | | Japan | | | Netherlands | | | Singapore | | | Spain | | | Sweden | | | Switzerland | | | United
Kingdom | | | Cash/Cash
Equivalents1 | | | Other** | |
International Fund | | | 4.2 | % | | | 4.1 | % | | | 9.6 | % | | | 6.2 | % | | | 5.8 | % | | | 2.4 | % | | | 18.3 | % | | | 3.8 | % | | | 2.3 | % | | | 2.3 | % | | | 0.8 | % | | | 6.1 | % | | | 13.8 | % | | | 3.4 | % | | | 16.9 | % |
Overseas Equity Index Fund Class I and II | | | 8.5 | % | | | 0.0 | % | | | 8.5 | % | | | 7.2 | % | | | 2.9 | % | | | 2.0 | % | | | 21.4 | % | | | 4.7 | % | | | 1.8 | % | | | 2.6 | % | | | 3.0 | % | | | 8.7 | % | | | 19.6 | % | | | 2.4 | % | | | 6.7 | % |
| ** | Other represents countries not listed with under a 2.3% individual weighting. |
| 1 | Cash allocation reduced by other assets and liabilities such as receivables, payables, and accrued expenses as detailed in the Statements of Assets & Liabilities. |
15
Model Portfolio Funds and Milestone Funds Underlying Fund Allocation (% of Net Assets)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Low
Duration
Bond Fund | | | Core Bond
Index Fund,
Class I | | | Inflation
Protected
Securities
Fund | | | Equity
Income
Fund | | | Growth &
Income
Fund | | | Growth
Fund | | | Select
Value
Fund | | | Mid/Small
Company
Index Fund,
Class I | | | Aggressive
Opportunities
Fund | | | Discovery
Fund | | | International
Fund | | | Diversifying
Strategies
Fund | |
Model Portfolio Savings Oriented Fund | | | 31.0 | % | | | 9.0 | % | | | 15.0 | % | | | 10.0 | % | | | 10.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 5.0 | % | | | 20.0 | % |
Model Portfolio Conservative Growth Fund | | | 19.0 | % | | | 12.0 | % | | | 10.0 | % | | | 11.0 | % | | | 9.0 | % | | | 6.0 | % | | | 3.0 | % | | | 0.0 | % | | | 3.0 | % | | | 0.0 | % | | | 8.0 | % | | | 19.0 | % |
Model Portfolio Traditional Growth Fund | | | 8.0 | % | | | 13.0 | % | | | 4.0 | % | | | 12.0 | % | | | 12.0 | % | | | 10.0 | % | | | 5.5 | % | | | 0.0 | % | | | 5.5 | % | | | 3.0 | % | | | 12.0 | % | | | 15.0 | % |
Model Portfolio Long-Term Growth Fund | | | 0.0 | % | | | 13.0 | % | | | 0.0 | % | | | 13.0 | % | | | 13.0 | % | | | 11.5 | % | | | 8.5 | % | | | 0.0 | % | | | 8.5 | % | | | 4.5 | % | | | 16.0 | % | | | 12.0 | % |
Model Portfolio All-Equity Growth Fund | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 18.0 | % | | | 17.0 | % | | | 17.0 | % | | | 9.5 | % | | | 0.0 | % | | | 9.5 | % | | | 9.0 | % | | | 20.0 | % | | | 0.0 | % |
Milestone Retirement Income Fund | | | 31.0 | % | | | 9.0 | % | | | 15.0 | % | | | 10.0 | % | | | 10.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 5.0 | % | | | 20.0 | % |
Milestone 2010 Fund | | | 15.7 | % | | | 6.5 | % | | | 15.0 | % | | | 18.0 | % | | | 11.0 | % | | | 6.9 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 0.0 | % | | | 9.1 | % | | | 17.9 | % |
Milestone 2015 Fund | | | 11.2 | % | | | 9.5 | % | | | 9.8 | % | | | 19.1 | % | | | 11.0 | % | | | 7.5 | % | | | 0.0 | % | | | 4.7 | % | | | 0.0 | % | | | 0.0 | % | | | 10.6 | % | | | 16.6 | % |
Milestone 2020 Fund | | | 7.3 | % | | | 13.7 | % | | | 2.3 | % | | | 20.9 | % | | | 11.5 | % | | | 8.2 | % | | | 0.0 | % | | | 8.5 | % | | | 0.0 | % | | | 0.0 | % | | | 12.3 | % | | | 15.4 | % |
Milestone 2025 Fund | | | 3.3 | % | | | 13.6 | % | | | 0.0 | % | | | 22.8 | % | | | 12.8 | % | | | 9.2 | % | | | 0.0 | % | | | 11.0 | % | | | 0.0 | % | | | 0.0 | % | | | 14.1 | % | | | 13.3 | % |
Milestone 2030 Fund | | | 1.4 | % | | | 9.6 | % | | | 0.0 | % | | | 24.2 | % | | | 14.0 | % | | | 10.3 | % | | | 0.0 | % | | | 13.9 | % | | | 0.0 | % | | | 0.0 | % | | | 15.8 | % | | | 10.8 | % |
Milestone 2035 Fund | | | 0.3 | % | | | 6.0 | % | | | 0.0 | % | | | 25.6 | % | | | 14.8 | % | | | 11.6 | % | | | 0.0 | % | | | 17.7 | % | | | 0.0 | % | | | 0.0 | % | | | 17.5 | % | | | 6.5 | % |
Milestone 2040 Fund | | | 0.0 | % | | | 5.0 | % | | | 0.0 | % | | | 27.0 | % | | | 15.7 | % | | | 12.4 | % | | | 0.0 | % | | | 19.7 | % | | | 0.0 | % | | | 0.0 | % | | | 18.7 | % | | | 1.5 | % |
Milestone 2045 Fund | | | 0.0 | % | | | 5.0 | % | | | 0.0 | % | | | 27.4 | % | | | 16.0 | % | | | 12.6 | % | | | 0.0 | % | | | 20.0 | % | | | 0.0 | % | | | 0.0 | % | | | 19.0 | % | | | 0.0 | % |
Vantagepoint Diversifying Strategies Fund’s Asset Class Allocation (% of Net Assets)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Stocks | | | Bonds | | | Cash | | | Currencies | |
| | | Long | | | Short | | | Long | | | Short | | | Long | | | Short | | | Long | | | Short | |
Vantagepoint Diversifying Strategies Fund*** | | | 12 | % | | | -4 | % | | | 94 | % | | | -11 | % | | | 6 | % | | | 0 | % | | | 10 | % | | | -10 | % |
| *** | For the Diversifying Strategies Fund, portfolio exposures represent the market value of physical securities and a measurement of exposure to asset classes through the derivative instruments held by the Fund as a percent of the Fund’s net assets. For the purpose of displaying this allocation information, exposure through derivatives is measured based on the value of the underlying assets, rate, or index represented by the derivative. This measurement is different from the valuation used for the purposes of calculating the Fund’s net asset value, is intended to reflect the “economic exposure” of the derivative, and results in a total percentage reflected in the chart that exceeds 100%. In its use of derivative instruments, the fund may take both long positions (the values of which move in the same direction as the prices of the underlying investments, pools of investments, indexes or currencies) and short positions (the values of which move in the opposite direction as the prices of the underlying investments, pools of investments, indexes or currencies). These long and short positions are reflected above. |
16
THE VANTAGEPOINT FUNDS
Statements of Assets and Liabilities
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| | | Low Duration
Bond | | | Inflation
Protected
Securities | | | Equity
Income | |
ASSETS: | | | | | | | | | | | | |
Investment in securities, at value† | | $ | 592,953,575 | | | $ | 643,498,699 | | | $ | 2,104,197,207 | |
Cash | | | 42,064 | | | | — | | | | — | |
Cash denominated in foreign currencies | | | 9,175 | | | | 205,470 | | | | — | |
Receivables: | | | | | | | | | | | | |
Dividends | | | 4,561 | | | | 3,830 | | | | 2,434,562 | |
Interest | | | 3,730,336 | | | | 3,261,602 | | | | — | |
Security lending income | | | 1,156 | | | | 461 | | | | 17,430 | |
Investments sold | | | 626,752 | | | | 30,053 | | | | 1,105,069 | |
Fund shares sold | | | 1,205,639 | | | | 1,808,441 | | | | 511,640 | |
Variation margin on futures contracts | | | 10,454 | | | | 211,847 | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 598,583,712 | | | | 649,020,403 | | | | 2,108,265,908 | |
| | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investments purchased | | | 18,930,561 | | | | — | | | | 1,632,556 | |
Distributions | | | 729,304 | | | | 1,275,971 | | | | — | |
Fund shares redeemed | | | 174,700 | | | | 119,204 | | | | 1,040 | |
Collateral for securities loaned | | | 16,138,328 | | | | 718,575 | | | | 168,754,065 | |
Written options, at value (Premium $0, $432,896 and $0, respectively) | | | — | | | | 414,880 | | | | — | |
Due to custodian | | | — | | | | — | | | | 660 | |
Unrealized depreciation on forward foreign currency exchange contracts | | | 34,931 | | | | — | | | | — | |
Accrued Expenses: | | | | | | | | | | | | |
Advisory fees | | | 46,090 | | | | 53,422 | | | | 152,792 | |
Subadviser fees | | | 192,164 | | | | 315,405 | | | | 1,708,619 | |
Fund services fees | | | 161,320 | | | | 186,980 | | | | 534,784 | |
Administration fees | | | 4,327 | | | | 4,327 | | | | 4,327 | |
Directors' fees and expenses | | | 7,666 | | | | 7,227 | | | | 26,311 | |
Other accrued expenses | | | 88,457 | | | | 79,084 | | | | 222,009 | |
| | | | | | | | | | | | |
Total Liabilities | | | 36,507,848 | | | | 3,175,075 | | | | 173,037,163 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 562,075,864 | | | $ | 645,845,328 | | | $ | 1,935,228,745 | |
| | | | | | | | | | | | |
NET ASSETS REPRESENTED BY: | | | | | | | | | | | | |
Paid-in capital | | $ | 558,960,937 | | | $ | 579,893,111 | | | $ | 1,741,950,605 | |
Undistributed net investment income (loss) | | | (79,285 | ) | | | 58,679 | | | | 15,684,511 | |
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, written options and swap agreements | | | (1,590,704 | ) | | | 19,637,625 | | | | 2,512,889 | |
Net unrealized appreciation on investments, futures contracts, foreign currency transactions and written Options | | | 4,784,916 | | | | 46,255,913 | | | | 175,080,740 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 562,075,864 | | | $ | 645,845,328 | | | $ | 1,935,228,745 | |
| | | | | | | | | | | | |
CAPITAL SHARES: | | | | | | | | | | | | |
Net Assets | | $ | 562,075,864 | | | $ | 645,845,328 | | | $ | 1,935,228,745 | |
Shares Outstanding | | | 55,761,609 | | | | 53,734,763 | | | | 218,475,018 | |
Net Asset Value offering and redemption price per share
(net assets divided by shares outstanding) | | $ | 10.08 | | | $ | 12.02 | | | $ | 8.86 | |
Cost of investments | | $ | 588,099,054 | | | $ | 597,283,368 | | | $ | 1,929,117,825 | |
Cost of cash denominated in foreign currencies | | $ | 9,119 | | | $ | 213,340 | | | $ | — | |
| | | | | | | | | | | | |
†Includes securities on loan with values of (Note 7): | | $ | 15,803,008 | | | $ | 702,754 | | | $ | 168,851,971 | |
See Notes to Financial Statements.
17
THE VANTAGEPOINT FUNDS
Statements of Assets and Liabilities
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Growth &
Income | | | Growth | | | Select Value | | | Aggressive
Opportunities | |
ASSETS: | | | | | | | | | | | | | | | | |
Investment in securities, at value† | | $ | 1,299,385,049 | | | $ | 1,902,688,333 | | | $ | 371,547,654 | | | $ | 1,111,507,814 | |
Cash | | | — | | | | — | | | | — | | | | 206 | |
Cash denominated in foreign currencies | | | — | | | | — | | | | — | | | | 15 | |
Receivables: | | | | | | | | | | | | | | | | |
Dividends | | | 2,006,079 | | | | 1,451,308 | | | | 699,237 | | | | 700,870 | |
Interest | | | — | | | | — | | | | — | | | | — | |
Security lending income | | | 8,742 | | | | 8,291 | | | | 18,961 | | | | 33,244 | |
Investments sold | | | 3,812,412 | | | | 22,713,383 | | | | 3,541,562 | | | | 3,594,736 | |
Fund shares sold | | | 987,510 | | | | 1,823,491 | | | | 365,388 | | | | 300,818 | |
Recoverable foreign taxes | | | 5,784 | | | | — | | | | — | | | | 7,372 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 1,306,205,576 | | | | 1,928,684,806 | | | | 376,172,802 | | | | 1,116,145,075 | |
| | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Investments purchased | | | 2,433,610 | | | | 11,149,858 | | | | 3,493,061 | | | | 3,633,013 | |
Fund shares redeemed | | | 204,468 | | | | 95,503 | | | | 166 | | | | 427,305 | |
Collateral for securities loaned | | | 62,398,872 | | | | 71,459,765 | | | | 30,099,531 | | | | 124,234,834 | |
Accrued Expenses: | | | | | | | | | | | | | | | | |
Advisory fees | | | 98,410 | | | | 148,043 | | | | 27,008 | | | | 78,191 | |
Subadviser fees | | | 907,849 | | | | 1,490,656 | | | | 405,599 | | | | 1,056,371 | |
Fund services fees | | | 344,444 | | | | 518,163 | | | | 94,531 | | | | 273,675 | |
Administration fees | | | 4,327 | | | | 4,318 | | | | 4,327 | | | | 4,328 | |
Directors' fees and expenses | | | 17,011 | | | | 26,674 | | | | 4,699 | | | | 15,281 | |
Other accrued expenses | | | 166,329 | | | | 278,758 | | | | 86,111 | | | | 138,816 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 66,575,320 | | | | 85,171,738 | | | | 34,215,033 | | | | 129,861,814 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 1,239,630,256 | | | $ | 1,843,513,068 | | | $ | 341,957,769 | | | $ | 986,283,261 | |
| | | | | | | | | | | | | | | | |
NET ASSETS REPRESENTED BY: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 1,055,037,800 | | | $ | 2,058,577,540 | | | $ | 308,360,355 | | | $ | 907,874,573 | |
Undistributed net investment income | | | 11,885,528 | | | | 2,413,889 | | | | 2,852,259 | | | | 5,373,558 | |
Accumulated net realized loss on investments and foreign currency transactions | | | (8,499,844 | ) | | | (401,327,917 | ) | | | (4,193,749 | ) | | | (13,023,615 | ) |
Net unrealized appreciation on investments and foreign currency transactions | | | 181,206,772 | | | | 183,849,556 | | | | 34,938,904 | | | | 86,058,745 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 1,239,630,256 | | | $ | 1,843,513,068 | | | $ | 341,957,769 | | | $ | 986,283,261 | |
| | | | | | | | | | | | | | | | |
CAPITAL SHARES: | | | | | | | | | | | | | | | | |
Net Assets | | $ | 1,239,630,256 | | | $ | 1,843,513,068 | | | $ | 341,957,769 | | | $ | 986,283,261 | |
Shares Outstanding | | | 119,970,630 | | | | 203,091,143 | | | | 32,773,174 | | | | 97,974,467 | |
Net Asset Value offering and redemption price per share
(net assets divided by shares outstanding) | | $ | 10.33 | | | $ | 9.08 | | | $ | 10.43 | | | $ | 10.07 | |
Cost of investments | | $ | 1,118,179,108 | | | $ | 1,718,838,777 | | | $ | 336,608,750 | | | $ | 1,025,448,513 | |
Cost of cash denominated in foreign currencies | | $ | — | | | $ | — | | | $ | — | | | $ | 16 | |
| | | | | | | | | | | | | | | | |
† Includes securities on loan with values of (Note 7): | | $ | 62,714,869 | | | $ | 72,409,531 | | | $ | 27,906,755 | | | $ | 124,377,619 | |
See Notes to Financial Statements.
18
THE VANTAGEPOINT FUNDS
Statements of Assets and Liabilities
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| | | Discovery | | | International | | | Diversifying
Strategies(1) | |
ASSETS: | | | | | | | | | | | | |
Investment in securities, at value† | | $ | 218,558,518 | | | $ | 1,273,497,865 | | | $ | 913,236,897 | |
Cash | | | — | | | | 320 | | | | 409,406 | |
Cash denominated in foreign currencies | | | 37 | | | | 8,258,554 | | | | 241,659 | |
Receivables: | | | | | | | | | | | | |
Dividends | | | 121,705 | | | | 2,828,402 | | | | 10,775 | |
Interest | | | 487,976 | | | | — | | | | 4,355,368 | |
Security lending income | | | 21,530 | | | | 180,935 | | | | — | |
Investments sold | | | 924,385 | | | | 2,002,989 | | | | 3,781,695 | |
Fund shares sold | | | 14,380 | | | | 534,102 | | | | 881,573 | |
Recoverable foreign taxes | | | — | | | | 1,166,192 | | | | 72,562 | |
Variation margin on futures contracts | | | 2,775,785 | | | | — | | | | 1,805,014 | |
Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | | 38,046 | | | | 2,557,105 | |
| | | | | | | | | | | | |
Total Assets | | | 222,904,316 | | | | 1,288,507,405 | | | | 927,352,054 | |
| | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investments purchased | | | 863,257 | | | | 1,683,093 | | | | 5,757,570 | |
Fund shares redeemed | | | 439,948 | | | | — | | | | — | |
Variation margin on purchased options on Euro-Bund futures contracts | | | — | | | | — | | | | 220,387 | |
Foreign taxes | | | — | | | | 115,577 | | | | — | |
Collateral for securities loaned | | | 15,365,407 | | | | 50,493,035 | | | | — | |
Written options, at value (Premium $0, $0 and $366,249, respectively) | | | — | | | | — | | | | 701,020 | |
Unrealized depreciation on forward foreign currency exchange contracts | | | 16,384 | | | | — | | | | 2,130,568 | |
Accrued Expenses: | | | | | | | | | | | | |
Advisory fees | | | 16,222 | | | | 96,503 | | | | 74,657 | |
Subadviser fees | | | 218,117 | | | | 1,439,875 | | | | 774,317 | |
Fund services fees | | | 56,778 | | | | 337,767 | | | | 261,305 | |
Administration fees | | | 4,327 | | | | 4,327 | | | | 4,327 | |
Directors' fees and expenses | | | 2,893 | | | | 16,911 | | | | 12,374 | |
Other accrued expenses | | | 48,729 | | | | 260,642 | | | | 108,774 | |
| | | | | | | | | | | | |
Total Liabilities | | | 17,032,062 | | | | 54,447,730 | | | | 10,045,299 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 205,872,254 | | | $ | 1,234,059,675 | | | $ | 917,306,755 | |
| | | | | | | | | | | | |
NET ASSETS REPRESENTED BY: | | | | | | | | | | | | |
Paid-in capital | | $ | 192,337,859 | | | $ | 1,359,381,307 | | | $ | 905,274,467 | |
Undistributed net investment income (loss) | | | 983,756 | | | | 34,136,525 | | | | (660,183 | ) |
Accumulated net realized gain (loss) on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund Futures and written options | | | 1,453,212 | | | | (159,985,946 | ) | | | 4,754,763 | |
Net unrealized appreciation on investments, futures contracts, foreign currency transactions, purchased options on Euro-Bund futures and written options | | | 11,097,427 | | | | 527,789 | | | | 7,937,708 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 205,872,254 | | | $ | 1,234,059,675 | | | $ | 917,306,755 | |
| | | | | | | | | | | | |
CAPITAL SHARES: | | | | | | | | | | | | |
Net Assets | | $ | 205,872,254 | | | $ | 1,234,059,675 | | | $ | 917,306,755 | |
Shares Outstanding | | | 21,576,398 | | | | 141,267,888 | | | | 90,690,480 | |
Net Asset Value offering and redemption price per share
(net assets divided by shares outstanding) | | $ | 9.54 | | | $ | 8.74 | | | $ | 10.11 | |
Cost of investments | | $ | 212,636,881 | | | $ | 1,272,954,385 | | | $ | 904,464,078 | |
Cost of cash denominated in foreign currencies | | $ | 37 | | | $ | 8,203,845 | | | $ | 240,827 | |
| | | | | | | | | | | | |
† Includes securities on loan with values of (Note 7): | | $ | 14,393,842 | | | $ | 49,395,266 | | | $ | — | |
| (1) | Formerly Diversified Assets Fund. |
See Notes to Financial Statements.
19
THE VANTAGEPOINT FUNDS
Statements of Assets and Liabilities
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Core Bond
Index | | | 500 Stock
Index | | | Broad
Market Index | | | Mid/Small
Company
Index | | | Overseas
Equity Index | |
ASSETS: | | | | | | | | | | | | | | | | | | | | |
Investment in securities, at value† | | $ | 1,265,850,911 | | | $ | 460,327,704 | | | $ | 559,557,136 | | | $ | 519,970,116 | | | $ | 212,926,949 | |
Cash | | | 307,648 | | | | 185,573 | | | | 127,887 | | | | 26,426 | | | | — | |
Cash denominated in foreign currencies | | | — | | | | — | | | | — | | | | — | | | | 1,074,144 | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Dividends | | | 4,455 | | | | 560,551 | | | | 663,011 | | | | 624,847 | | | | 493,251 | |
Interest | | | 8,159,494 | | | | — | | | | — | | | | — | | | | — | |
Security lending income | | | 2,259 | | | | 3,648 | | | | 14,522 | | | | 54,435 | | | | 17,743 | |
Investments sold | | | 25,714,405 | | | | 390,295 | | | | 416,580 | | | | 1,788,774 | | | | 10,867 | |
Fund shares sold | | | 3,572,576 | | | | 80,478 | | | | 157,257 | | | | 44,251 | | | | 211,402 | |
Recoverable foreign taxes | | | — | | | | — | | | | — | | | | — | | | | 280,800 | |
Variation margin on futures contracts | | | — | | | | 296,910 | | | | 144,852 | | | | 249,611 | | | | 114,076 | |
Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | — | | | | 21,696 | |
| | | | | | | | | | | | | | | | | | | | |
Total Assets | | | 1,303,611,748 | | | | 461,845,159 | | | | 561,081,245 | | | | 522,758,460 | | | | 215,150,928 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | | | | | |
Investments purchased | | | 52,577,400 | | | | 943,739 | | | | 317,292 | | | | 622,713 | | | | — | |
Distributions | | | 2,975,540 | | | | — | | | | — | | | | — | | | | — | |
Fund shares redeemed | | | 729,202 | | | | 410,474 | | | | 44,997 | �� | | | 302,914 | | | | 84 | |
Collateral for securities loaned | | | 23,750,128 | | | | 18,623,632 | | | | 32,253,704 | | | | 59,874,734 | | | | 7,679,152 | |
Unrealized depreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | — | | | | 5,341 | |
Accrued Expenses: | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | 50,315 | | | | 17,577 | | | | 20,982 | | | | 18,185 | | | | 8,064 | |
Subadviser fees | | | 60,804 | | | | 20,832 | | | | 34,055 | | | | 33,399 | | | | 34,398 | |
Fund services fees | | | 245,982 | | | | 51,733 | | | | 61,984 | | | | 79,928 | | | | 24,042 | |
Administration fees | | | 4,327 | | | | 4,327 | | | | 4,327 | | | | 4,327 | | | | 4,327 | |
Directors' fees and expenses | | | 15,657 | | | | 5,446 | | | | 7,324 | | | | 5,888 | | | | 2,837 | |
Other accrued expenses | | | 147,642 | | | | 67,540 | | | | 81,105 | | | | 64,424 | | | | 68,312 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | | | 80,556,997 | | | | 20,145,300 | | | | 32,825,770 | | | | 61,006,512 | | | | 7,826,557 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 1,223,054,751 | | | $ | 441,699,859 | | | $ | 528,255,475 | | | $ | 461,751,948 | | | $ | 207,324,371 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS REPRESENTED BY: | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 1,171,658,959 | | | $ | 304,760,765 | | | $ | 346,955,164 | | | $ | 391,231,200 | | | $ | 240,546,675 | |
Undistributed net investment income (loss) | | | (3,552,127 | ) | | | 4,143,370 | | | | 10,889,183 | | | | 4,570,753 | | | | 3,797,244 | |
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions | | | (15,875,127 | ) | | | (10,964,213 | ) | | | 3,464,357 | | | | 14,466,548 | | | | (6,953,496 | ) |
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions | | | 70,823,046 | | | | 143,759,937 | | | | 166,946,771 | | | | 51,483,447 | | | | (30,066,052 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 1,223,054,751 | | | $ | 441,699,859 | | | $ | 528,255,475 | | | $ | 461,751,948 | | | $ | 207,324,371 | |
| | | | | | | | | | | | | | | | | | | | |
CAPITAL SHARES: | | | | | | | | | | | | | | | | | | | | |
Net Assets—Class I | | $ | 883,438,346 | | | $ | 104,638,413 | | | $ | 125,808,535 | | | $ | 276,982,848 | | | $ | 50,914,754 | |
Shares Outstanding—Class I | | | 83,928,352 | | | | 9,611,657 | | | | 10,643,387 | | | | 18,190,503 | | | | 5,345,693 | |
Net Asset Value—Class I, offering and redemption price per share (net assets divided by shares outstanding) | | $ | 10.53 | | | $ | 10.89 | | | $ | 11.82 | | | $ | 15.23 | | | $ | 9.52 | |
Net Assets—Class II | | $ | 339,616,405 | | | $ | 337,061,446 | | | $ | 402,446,940 | | | $ | 184,769,100 | | | $ | 156,409,617 | |
Shares Outstanding—Class II | | | 32,076,197 | | | | 32,812,767 | | | | 36,216,647 | | | | 12,817,436 | | | | 17,522,655 | |
Net Asset Value—Class II, offering and redemption price per share (net assets divided by shares outstanding) | | $ | 10.59 | | | $ | 10.27 | | | $ | 11.11 | | | $ | 14.42 | | | $ | 8.93 | |
Cost of investments | | $ | 1,195,027,865 | | | $ | 317,118,836 | | | $ | 392,836,648 | | | $ | 468,758,686 | | | $ | 243,193,705 | |
Cost of cash denominated in foreign currencies | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,071,539 | |
| | | | | | | | | | | | | | | | | | | | |
†Includes securities on loan with values of (Note 7): | | $ | 23,213,348 | | | $ | 18,542,331 | | | $ | 32,059,070 | | | $ | 59,413,413 | | | $ | 7,494, 665 | |
See Notes to Financial Statements.
20
THE VANTAGEPOINT FUNDS
Statements of Assets and Liabilities
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Model Portfolio Funds | |
| | | Savings
Oriented | | | Conservative
Growth | | | Traditional
Growth | | | Long-Term
Growth | | | All-Equity
Growth | |
ASSETS: | | | | | | | | | | | | | | | | | | | | |
Investment in securities of affiliated Mutual Funds, at value(a) | | $ | 302,922,323 | | | $ | 588,487,367 | | | $ | 1,444,484,324 | | | $ | 1,817,252,911 | | | $ | 708,971,357 | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Dividends | | | 276,905 | | | | 434,037 | | | | 731,210 | | | | 581,434 | | | | — | |
Investments sold | | | 23,706 | | | | 45,225 | | | | 101,358 | | | | 123,823 | | | | 52,658 | |
Fund shares sold | | | 323,964 | | | | 404,239 | | | | 917,831 | | | | 868,534 | | | | 381,975 | |
| | | | | | | | | | | | | | | | | | | | |
Total Assets | | | 303,546,898 | | | | 589,370,868 | | | | 1,446,234,723 | | | | 1,818,826,702 | | | | 709,405,990 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | | | | | |
Investments purchased | | | 600,772 | | | | 838,121 | | | | 1,648,476 | | | | 1,449,559 | | | | 323,541 | |
Fund shares redeemed | | | — | | | | — | | | | — | | | | — | | | | 58,434 | |
Accrued Expenses: | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | 25,354 | | | | 48,374 | | | | 108,435 | | | | 132,498 | | | | 56,367 | |
Administration fees | | | 3,601 | | | | 3,601 | | | | 3,601 | | | | 3,601 | | | | 3,601 | |
Directors' fees and expenses | | | 4,568 | | | | 8,119 | | | | 20,380 | | | | 25,481 | | | | 9,894 | |
Other accrued expenses | | | 55,089 | | | | 87,103 | | | | 177,658 | | | | 211,739 | | | | 98,819 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | | | 689,384 | | | | 985,318 | | | | 1,958,550 | | | | 1,822,878 | | | | 550,656 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 302,857,514 | | | $ | 588,385,550 | | | $ | 1,444,276,173 | | | $ | 1,817,003,824 | | | $ | 708,855,334 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS REPRESENTED BY: | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 286,462,821 | | | $ | 558,743,268 | | | $ | 1,389,279,570 | | | $ | 1,739,856,255 | | | $ | 706,967,242 | |
Undistributed net investment income | | | 1,876,609 | | | | 3,293,637 | | | | 4,028,127 | | | | 3,007,666 | | | | 835,789 | |
Accumulated net realized gain (loss) on investments | | | (7,643,054 | ) | | | (8,471,328 | ) | | | (14,067,755 | ) | | | 3,076,566 | | | | (7,265,316 | ) |
Net unrealized appreciation on investments | | | 22,161,138 | | | | 34,819,973 | | | | 65,036,231 | | | | 71,063,337 | | | | 8,317,619 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 302,857,514 | | | $ | 588,385,550 | | | $ | 1,444,276,173 | | | $ | 1,817,003,824 | | | $ | 708,855,334 | |
| | | | | | | | | | | | | | | | | | | | |
CAPITAL SHARES: | | | | | | | | | | | | | | | | | | | | |
Net Assets | | $ | 302,857,514 | | | $ | 588,385,550 | | | $ | 1,444,276,173 | | | $ | 1,817,003,824 | | | $ | 708,855,334 | |
Shares Outstanding | | | 11,992,153 | | | | 24,050,536 | | | | 63,695,511 | | | | 84,288,352 | | | | 35,257,372 | |
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding) | | $ | 25.25 | | | $ | 24.46 | | | $ | 22.67 | | | $ | 21.56 | | | $ | 20.11 | |
Cost of investments | | $ | 280,761,185 | | | $ | 553,667,394 | | | $ | 1,379,448,093 | | | $ | 1,746,189,574 | | | $ | 700,653,738 | |
| (a) | Investment in other Vantagepoint Funds (Note 1). |
See Notes to Financial Statements.
21
THE VANTAGEPOINT FUNDS
Statements of Assets and Liabilities
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
| | | Milestone
Retirement
Income | | | Milestone
2010 | | | Milestone
2015 | | | Milestone
2020 | | | Milestone
2025 | |
ASSETS: | | | | | | | | | | | | | | | | | | | | |
Investment in securities of affiliated Mutual Funds, at value(a) | | $ | 227,790,090 | | | $ | 229,646,571 | | | $ | 408,940,045 | | | $ | 430,816,703 | | | $ | 344,511,078 | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Dividends | | | 206,520 | | | | 148,962 | | | | 229,990 | | | | 199,204 | | | | 126,185 | |
Investments sold | | | 17,854 | | | | 17,917 | | | | 31,739 | | | | 33,262 | | | | 26,530 | |
Fund shares sold | | | 238,670 | | | | 220,512 | | | | 304,084 | | | | 596,082 | | | | 397,090 | |
| | | | | | | | | | | | | | | | | | | | |
Total Assets | | | 228,253,134 | | | | 230,033,962 | | | | 409,505,858 | | | | 431,645,251 | | | | 345,060,883 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | | | | | |
Investments purchased | | | 445,190 | | | | 369,475 | | | | 534,074 | | | | 791,793 | | | | 523,275 | |
Fund shares redeemed | | | — | | | | — | | | | — | | | | 3,493 | | | | — | |
Accrued Expenses: | | | | | | | | | | | | | | | | | | | | |
Advisory fees | | | 19,093 | | | | 19,162 | | | | 33,955 | | | | 35,593 | | | | 28,393 | |
Administration fees | | | 3,601 | | | | 3,601 | | | | 3,601 | | | | 3,601 | | | | 3,601 | |
Directors' fees and expenses | | | 3,114 | | | | 3,143 | | | | 5,337 | | | | 5,187 | | | | 4,035 | |
Other accrued expenses | | | 51,144 | | | | 49,029 | | | | 59,837 | | | | 54,766 | | | | 51,767 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | | | 522,142 | | | | 444,410 | | | | 636,804 | | | | 894,433 | | | | 611,071 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 227,730,992 | | | $ | 229,589,552 | | | $ | 408,869,054 | | | $ | 430,750,818 | | | $ | 344,449,812 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS REPRESENTED BY: | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 221,527,307 | | | $ | 219,959,757 | | | $ | 391,912,486 | | | $ | 411,112,586 | | | $ | 327,071,587 | |
Undistributed net investment income | | | 1,129,981 | | | | 760,230 | | | | 1,154,229 | | | | 995,495 | | | | 585,340 | |
Accumulated net realized loss on investments | | | (1,347,478 | ) | | | (865,149 | ) | | | (8,494,332 | ) | | | (7,679,761 | ) | | | (4,867,266 | ) |
Net unrealized appreciation on investments | | | 6,421,182 | | | | 9,734,714 | | | | 24,296,671 | | | | 26,322,498 | | | | 21,660,151 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 227,730,992 | | | $ | 229,589,552 | | | $ | 408,869,054 | | | $ | 430,750,818 | | | $ | 344,449,812 | |
| | | | | | | | | | | | | | | | | | | | |
CAPITAL SHARES: | | | | | | | | | | | | | | | | | | | | |
Net Assets | | $ | 227,730,992 | | | $ | 229,589,552 | | | $ | 408,869,054 | | | $ | 430,750,818 | | | $ | 344,449,812 | |
Shares Outstanding | | | 21,619,183 | | | | 21,727,427 | | | | 38,363,968 | | | | 40,503,503 | | | | 32,680,058 | |
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding) | | $ | 10.53 | | | $ | 10.57 | | | $ | 10.66 | | | $ | 10.63 | | | $ | 10.54 | |
Cost of investments | | $ | 221,368,908 | | | $ | 219,911,857 | | | $ | 384,643,374 | | | $ | 404,494,205 | | | $ | 322,850,927 | |
| (a) | Investment in other Vantagepoint Funds (Note 1). |
See Notes to Financial Statements.
22
THE VANTAGEPOINT FUNDS
Statements of Assets and Liabilities
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
| | | Milestone
2030 | | | Milestone
2035 | | | Milestone
2040 | | | Milestone
2045 | |
ASSETS: | | | | | | | | | | | | | | | | |
Investment in securities of affiliated Mutual Funds, at value(a) | | $ | 271,290,159 | | | $ | 176,391,412 | | | $ | 172,304,342 | | | $ | 45,015,656 | |
Receivables: | | | | | | | | | | | | | | | | |
Dividends | | | 67,771 | | | | 25,214 | | | | 20,851 | | | | 5,244 | |
Investments sold | | | 20,714 | | | | 13,472 | | | | 14,904 | | | | 3,372 | |
Fund shares sold | | | 300,613 | | | | 339,004 | | | | 347,103 | | | | 74,420 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 271,679,257 | | | | 176,769,102 | | | | 172,687,200 | | | | 45,098,692 | |
| | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Investments purchased | | | 368,384 | | | | 364,218 | | | | 351,964 | | | | 59,967 | |
Fund shares redeemed | | | — | | | | — | | | | 17,817 | | | | 19,696 | |
Accrued Expenses: | | | | | | | | | | | | | | | | |
Advisory fees | | | 22,179 | | | | 14,423 | | | | 14,005 | | | | 3,615 | |
Administration fees | | | 3,601 | | | | 3,601 | | | | 3,601 | | | | 3,732 | |
Directors' fees and expenses | | | 3,159 | | | | 2,004 | | | | 1,960 | | | | 375 | |
Other accrued expenses | | | 45,953 | | | | 38,898 | | | | 41,025 | | | | 28,319 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 443,276 | | | | 423,144 | | | | 430,372 | | | | 115,704 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 271,235,981 | | | $ | 176,345,958 | | | $ | 172,256,828 | | | $ | 44,982,988 | |
| | | | | | | | | | | | | | | | |
NET ASSETS REPRESENTED BY: | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 254,047,335 | | | $ | 163,888,409 | | | $ | 157,019,344 | | | $ | 42,067,671 | |
Undistributed net investment income (loss) | | | 250,052 | | | | 34,436 | | | | 2,395 | | | | (23,263 | ) |
Accumulated net realized gain (loss) on investments | | | (3,540,033 | ) | | | (2,711,381 | ) | | | (6,740,151 | ) | | | 606,472 | |
Net unrealized appreciation on investments | | | 20,478,627 | | | | 15,134,494 | | | | 21,975,240 | | | | 2,332,108 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 271,235,981 | | | $ | 176,345,958 | | | $ | 172,256,828 | | | $ | 44,982,988 | |
| | | | | | | | | | | | | | | | |
CAPITAL SHARES: | | | | | | | | | | | | | | | | |
Net Assets | | $ | 271,235,981 | | | $ | 176,345,958 | | | $ | 172,256,828 | | | $ | 44,982,988 | |
Shares Outstanding | | | 25,548,535 | | | | 16,760,280 | | | | 16,317,461 | | | | 3,919,671 | |
Net Asset Value offering and redemption price per share (net assets divided by shares outstanding) | | $ | 10.62 | | | $ | 10.52 | | | $ | 10.56 | | | $ | 11.48 | |
Cost of investments | | $ | 250,811,532 | | | $ | 161,256,918 | | | $ | 150,329,102 | | | $ | 42,683,548 | |
| (a) | Investment in other Vantagepoint Funds (Note 1). |
See Notes to Financial Statements.
23
THE VANTAGEPOINT FUNDS
Statements of Operations
For the Period from January 1, 2012 to June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| | | Low
Duration
Bond | | | Inflation
Protected
Securities | | | Equity
Income | |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividends | | $ | 19,809 | | | $ | 33,665 | | | $ | 22,971,368 | |
Interest | | | 6,356,653 | | | | 9,229,779 | | | | — | |
Security lending income | | | 12,580 | | | | 10,034 | | | | 357,757 | |
Foreign taxes withheld on dividends | | | (1,442 | ) | | | — | | | | (166,452 | ) |
| | | | | | | | | | | | |
Total investment income | | | 6,387,600 | | | | 9,273,478 | | | | 23,162,673 | |
| | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | |
Advisory (Note 4) | | | 275,872 | | | | 313,905 | | | | 953,630 | |
Subadviser | | | 383,467 | | | | 464,584 | | | | 3,384,974 | |
Fund services | | | 965,573 | | | | 1,098,690 | | | | 3,337,776 | |
Custodian | | | 23,556 | | | | 9,807 | | | | 27,182 | |
Administration | | | 8,951 | | | | 8,951 | | | | 8,951 | |
Fund accounting | | | 11,218 | | | | 11,218 | | | | 27,970 | |
Legal | | | 25,619 | | | | 25,610 | | | | 89,284 | |
Audit | | | 13,169 | | | | 13,169 | | | | 13,170 | |
Directors | | | 5,321 | | | | 5,096 | | | | 18,192 | |
State license fees and memberships | | | 18,588 | | | | 8,617 | | | | 28,653 | |
Other expenses | | | 15,973 | | | | 23,091 | | | | 60,998 | |
| | | | | | | | | | | | |
Total expenses | | | 1,747,307 | | | | 1,982,738 | | | | 7,950,780 | |
Less waivers (Note 4) | | | — | | | | — | | | | (37,669 | ) |
| | | | | | | | | | | | |
Net Expenses | | | 1,747,307 | | | | 1,982,738 | | | | 7,913,111 | |
| | | | | | | | | | | | |
NET INVESTMENT INCOME | | | 4,640,293 | | | | 7,290,740 | | | | 15,249,562 | |
| | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (Note 2): | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 342,619 | | | | 11,799,392 | | | | 30,049,428 | |
Forward contracts and foreign currency transactions | | | 280,202 | | | | — | | | | (301 | ) |
Futures contracts | | | (22,200 | ) | | | (82,888 | ) | | | — | |
Written options | | | — | | | | 474,370 | | | | — | |
Swap agreements | | | — | | | | 233,248 | | | | — | |
| | | | | | | | | | | | |
Net realized gain | | | 600,621 | | | | 12,424,122 | | | | 30,049,127 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 6,344,302 | | | | 5,731,246 | | | | 84,075,561 | |
Forward contracts and foreign currency transactions | | | (170,015 | ) | | | (2,151 | ) | | | 2,637 | |
Futures contracts | | | (52,864 | ) | | | 307,402 | | | | — | |
Written options | | | — | | | | (271,063 | ) | | | — | |
Swap agreements | | | — | | | | (390,113 | ) | | | — | |
| | | | | | | | | | | | |
Net change in unrealized appreciation | | | 6,121,423 | | | | 5,375,321 | | | | 84,078,198 | |
| | | | | | | | | | | | |
NET GAIN | | | 6,722,044 | | | | 17,799,443 | | | | 114,127,325 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 11,362,337 | | | $ | 25,090,183 | | | $ | 129,376,887 | |
| | | | | | | | | | | | |
See Notes to Financial Statements.
24
THE VANTAGEPOINT FUNDS
Statements of Operations
For the Period from January 1, 2012 to June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Growth &
Income | | | Growth | | | Select Value | | | Aggressive
Opportunities | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividends | | $ | 13,112,319 | | | $ | 9,268,840 | | | $ | 4,079,150 | | | $ | 5,988,153 | |
Interest | | | — | | | | — | | | | 323 | | | | — | |
Security lending income | | | 132,899 | | | | 72,470 | | | | 72,412 | | | | 273,468 | |
Foreign taxes withheld on dividends | | | (26,342 | ) | | | (32,106 | ) | | | — | | | | (111,569 | ) |
| | | | | | | | | | | | | | | | |
Total investment income | | | 13,218,876 | | | | 9,309,204 | | | | 4,151,885 | | | | 6,150,052 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Advisory (Note 4) | | | 616,401 | | | | 932,731 | | | | 169,736 | | | | 501,826 | |
Subadviser | | | 1,884,492 | | | | 2,943,747 | | | | 841,900 | | | | 2,182,969 | |
Fund services | | | 2,157,448 | | | | 3,264,628 | | | | 594,087 | | | | 1,756,430 | |
Custodian | | | 20,533 | | | | 8,550 | | | | 10,200 | | | | 22,466 | |
Administration | | | 8,951 | | | | 8,951 | | | | 8,951 | | | | 8,951 | |
Fund accounting | | | 18,540 | | | | 36,580 | | | | 16,490 | | | | 21,000 | |
Legal | | | 57,728 | | | | 89,223 | | | | 15,980 | | | | 50,589 | |
Audit | | | 13,169 | | | | 13,164 | | | | 13,169 | | | | 13,169 | |
Directors | | | 11,747 | | | | 18,342 | | | | 3,241 | | | | 10,436 | |
State license fees and memberships | | | 18,368 | | | | 25,911 | | | | 13,706 | | | | 20,589 | |
Other expenses | | | 32,385 | | | | 59,025 | | | | 8,548 | | | | 33,826 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 4,839,762 | | | | 7,400,852 | | | | 1,696,008 | | | | 4,622,251 | |
Less waivers (Note 4) | | | (22,926 | ) | | | (17,264 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net Expenses | | | 4,816,836 | | | | 7,383,588 | | | | 1,696,008 | | | | 4,622,251 | |
| | | | | | | | | | | | | | | | |
NET INVESTMENT INCOME | | | 8,402,040 | | | | 1,925,616 | | | | 2,455,877 | | | | 1,527,801 | |
| | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (Note 2): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | |
Investments | | | 30,323,859 | | | | 124,834,763 | | | | 12,057,009 | | | | 21,386,856 | |
Forward contracts and foreign currency transactions | | | (227 | ) | | | — | | | | — | | | | (3,281 | ) |
| | | | | | | | | | | | | | | | |
Net realized gain | | | 30,323,632 | | | | 124,834,763 | | | | 12,057,009 | | | | 21,383,575 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | |
Investments | | | 64,798,915 | | | | 24,700,274 | | | | 8,868,132 | | | | 61,819,925 | |
Forward contracts and foreign currency transactions | | | 411 | | | | — | | | | — | | | | 614 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation | | | 64,799,326 | | | | 24,700,274 | | | | 8,868,132 | | | | 61,820,539 | |
| | | | | | | | | | | | | | | | |
NET GAIN | | | 95,122,958 | | | | 149,535,037 | | | | 20,925,141 | | | | 83,204,114 | |
| | | | | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 103,524,998 | | | $ | 151,460,653 | | | $ | 23,381,018 | | | $ | 84,731,915 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
25
THE VANTAGEPOINT FUNDS
Statements of Operations
For the Period from January 1, 2012 to June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| | | Discovery | | | International | | | Diversifying
Strategies(1) | |
INVESTMENT INCOME: | | | | | | | | | | | | |
Dividends | | $ | 948,079 | | | $ | 27,611,562 | | | $ | 772,248 | |
Interest | | | 852,684 | | | | 2,691 | | | | 8,006,834 | |
Security lending income | | | 178,014 | | | | 878,458 | | | | — | |
Foreign taxes withheld on dividends | | | (8,659 | ) | | | (2,230,272 | ) | | | (54,879 | ) |
| | | | | | | | | | | | |
Total investment income | | | 1,970,118 | | | | 26,262,439 | | | | 8,724,203 | |
| | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | |
Advisory (Note 4) | | | 102,286 | | | | 605,583 | | | | 448,888 | |
Subadviser | | | 444,949 | | | | 2,894,730 | | | | 1,847,158 | |
Fund services | | | 358,008 | | | | 2,119,587 | | | | 1,571,140 | |
Custodian | | | 20,913 | | | | 195,269 | | | | 47,123 | |
Administration | | | 8,951 | | | | 8,951 | | | | 8,951 | |
Fund accounting | | | 7,587 | | | | 13,538 | | | | 17,884 | |
Legal | | | 9,822 | | | | 57,267 | | | | 41,525 | |
Audit | | | 13,169 | | | | 13,170 | | | | 13,169 | |
Directors | | | 1,986 | | | | 11,672 | | | | 8,581 | |
State license fees and memberships | | | 11,488 | | | | 17,595 | | | | 7,041 | |
Other expenses | | | 5,815 | | | | 47,791 | | | | 26,677 | |
| | | | | | | | | | | | |
Total expenses | | | 984,974 | | | | 5,985,153 | | | | 4,038,137 | |
Less waivers (Note 4) | | | — | | | | — | | | | (446,606 | ) |
| | | | | | | | | | | | |
Net Expenses | | | 984,974 | | | | 5,985,153 | | | | 3,591,531 | |
| | | | | | | | | | | | |
NET INVESTMENT INCOME | | | 985,144 | | | | 20,277,286 | | | | 5,132,672 | |
| | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (Note 2): | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Investments | | | 4,147,348 | | | | 13,349,529 | | | | 2,349,356 | |
Forward contracts and foreign currency transactions | | | 35,959 | | | | 356,797 | | | | 1,215,898 | |
Futures contracts | | | 6,121,557 | | | | — | | | | (3,941,004 | ) |
Written options | | | — | | | | — | | | | (374,750 | ) |
Purchased options on Euro-Bund futures contracts | | | — | | | | — | | | | 4,623,252 | |
| | | | | | | | | | | | |
Net realized gain | | | 10,304,864 | | | | 13,706,326 | | | | 3,872,752 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments | | | 4,166,526 | | | | 24,134,643 | (a) | | | 6,006,624 | |
Forward contracts and foreign currency transactions | | | (50,533 | ) | | | (748,204 | ) | | | (3,676,358 | ) |
Futures contracts | | | 2,380,633 | | | | — | | | | (89,259 | ) |
Written options | | | — | | | | — | | | | (69,608 | ) |
Purchased options on Euro-Bund futures contracts | | | — | | | | — | | | | (2,996,059 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) | | | 6,496,626 | | | | 23,386,439 | | | | (824,660 | ) |
| | | | | | | | | | | | |
NET GAIN | | | 16,801,490 | | | | 37,092,765 | | | | 3,048,092 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 17,786,634 | | | $ | 57,370,051 | | | $ | 8,180,764 | |
| | | | | | | | | | | | |
| (1) | Formerly Diversified Assets Fund. |
| (a) | Net of decrease in deferred foreign tax of $115,577. |
See Notes to Financial Statements.
26
THE VANTAGEPOINT FUNDS
Statements of Operations
For the Period from January 1, 2012 to June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Core Bond
Index | | | 500 Stock
Index | | | Broad
Market Index | | | Mid/Small
Company
Index | | | Overseas
Equity Index | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
Dividends | | $ | 35,802 | | | $ | 4,457,930 | | | $ | 5,392,045 | | | $ | 3,673,846 | | | $ | 4,861,567 | |
Interest | | | 17,551,294 | | | | 158 | | | | 154 | | | | 127 | | | | 692 | |
Security lending income | | | 18,273 | | | | 23,274 | | | | 141,052 | | | | 559,603 | | | | 168,220 | |
Foreign taxes withheld on dividends | | | (587 | ) | | | — | | | | (537 | ) | | | (1,913 | ) | | | (373,744 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total investment income | | | 17,604,782 | | | | 4,481,362 | | | | 5,532,714 | | | | 4,231,663 | | | | 4,656,735 | |
| | | | | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | | | | | |
Advisory (Note 4) | | | 297,916 | | | | 105,285 | | | | 132,653 | | | | 111,260 | | | | 49,072 | |
Subadviser | | | 121,735 | | | | 41,531 | | | | 61,184 | | | | 66,880 | | | | 68,831 | |
Fund services Class I | | | 1,286,529 | | | | 152,140 | | | | 186,047 | | | | 399,532 | | | | 73,231 | |
Fund services Class II | | | 166,998 | | | | 159,858 | | | | 203,292 | | | | 89,347 | | | | 73,733 | |
Custodian | | | 76,166 | | | | 12,447 | | | | 21,875 | | | | 20,913 | | | | 23,119 | |
Administration | | | 8,951 | | | | 8,951 | | | | 8,951 | | | | 8,951 | | | | 8,951 | |
Fund accounting | | | 16,900 | | | | 11,219 | | | | 11,218 | | | | 11,218 | | | | 11,218 | |
Legal | | | 53,092 | | | | 18,749 | | | | 24,905 | | | | 20,232 | | | | 9,455 | |
Audit | | | 13,169 | | | | 13,169 | | | | 13,169 | | | | 13,169 | | | | 13,169 | |
Directors | | | 10,904 | | | | 3,766 | | | | 5,040 | | | | 4,085 | | | | 1,948 | |
State license fees and memberships | | | 31,802 | | | | 34,149 | | | | 23,248 | | | | 23,305 | | | | 39,651 | |
Other expenses | | | 33,108 | | | | 11,688 | | | | 16,254 | | | | 17,676 | | | | 21,198 | |
| | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 2,117,270 | | | | 572,952 | | | | 707,836 | | | | 786,568 | | | | 393,576 | |
| | | | | | | | | | | | | | | | | | | | |
NET INVESTMENT INCOME | | | 15,487,512 | | | | 3,908,410 | | | | 4,824,878 | | | | 3,445,095 | | | | 4,263,159 | |
| | | | | | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (Note 2): | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 6,226,069 | | | | 1,531,096 | | | | 3,776,143 | | | | 13,272,996 | | | | (1,091,721 | ) |
Forward contracts and foreign currency transactions | | | — | | | | — | | | | — | | | | – | | | | (111,406 | ) |
Futures contracts | | | — | | | | 364,000 | | | | 1,169,092 | | | | 238,759 | | | | (69,768 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 6,226,069 | | | | 1,895,096 | | | | 4,945,235 | | | | 13,511,755 | | | | (1,272,895 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 4,469,933 | | | | 29,718,098 | | | | 35,446,209 | | | | 17,453,488 | | | | 3,080,875 | |
Forward contracts and foreign currency transactions | | | — | | | | — | | | | — | | | | — | | | | 31,698 | |
Futures contracts | | | — | | | | 524,228 | | | | 175,039 | | | | 226,299 | | | | 142,019 | |
| | | | | | | | | | | | | | | | | | | | |
Net change in unrealized appreciation | | | 4,469,933 | | | | 30,242,326 | | | | 35,621,248 | | | | 17,679,787 | | | | 3,254,592 | |
| | | | | | | | | | | | | | | | | | | | |
NET GAIN | | | 10,696,002 | | | | 32,137,422 | | | | 40,566,483 | | | | 31,191,542 | | | | 1,981,697 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 26,183,514 | | | $ | 36,045,832 | | | $ | 45,391,361 | | | $ | 34,636,637 | | | $ | 6,244,856 | |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
27
THE VANTAGEPOINT FUNDS
Statements of Operations
For the Period from January 1, 2012 to June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Model Portfolio Funds | |
| | | Savings
Oriented | | | Conservative
Growth | | | Traditional
Growth | | | Long-Term
Growth | | | All-Equity
Growth | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
Dividend income from affiliated mutual funds(a) | | $ | 1,729,717 | | | $ | 2,719,108 | | | $ | 4,590,728 | | | $ | 3,698,401 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
Total investment income | | | 1,729,717 | | | | 2,719,108 | | | | 4,590,728 | | | | 3,698,401 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | | | | | |
Advisory (Note 4) | | | 148,684 | | | | 285,464 | | | | 646,004 | | | | 795,806 | | | | 339,779 | |
Custodian | | | 1,092 | | | | 1,092 | | | | 1,092 | | | | 1,092 | | | | 1,092 | |
Administration | | | 7,458 | | | | 7,458 | | | | 7,458 | | | | 7,458 | | | | 7,458 | |
Fund accounting | | | 6,215 | | | | 8,918 | | | | 25,480 | | | | 22,640 | | | | 11,980 | |
Legal | | | 14,987 | | | | 27,159 | | | | 68,040 | | | | 85,597 | | | | 33,370 | |
Audit | | | 9,976 | | | | 9,975 | | | | 9,976 | | | | 9,976 | | | | 9,976 | |
Directors | | | 3,129 | | | | 5,621 | | | | 14,051 | | | | 17,574 | | | | 6,801 | |
State license fees and memberships | | | 15,237 | | | | 18,840 | | | | 25,246 | | | | 27,934 | | | | 19,875 | |
Other expenses | | | 4,289 | | | | 14,833 | | | | 34,804 | | | | 51,127 | | | | 18,813 | |
| | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 211,067 | | | | 379,360 | | | | 832,151 | | | | 1,019,204 | | | | 449,144 | |
| | | | | | | | | | | | | | | | | | | | |
NET INVESTMENT INCOME (LOSS) | | | 1,518,650 | | | | 2,339,748 | | | | 3,758,577 | | | | 2,679,197 | | | | (449,144 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (Note 2): | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments | | | 928,605 | | | | (50,812 | ) | | | 5,137,622 | | | | 9,354,073 | | | | (207,359 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 7,690,352 | | | | 21,553,804 | | | | 64,573,527 | | | | 92,540,850 | | | | 49,700,970 | |
| | | | | | | | | | | | | | | | | | | | |
NET GAIN | | | 8,618,957 | | | | 21,502,992 | | | | 69,711,149 | | | | 101,894,923 | | | | 49,493,611 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 10,137,607 | | | $ | 23,842,740 | | | $ | 73,469,726 | | | $ | 104,574,120 | | | $ | 49,044,467 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | Received from other Vantagepoint Funds (Note 1). |
See Notes to Financial Statements.
28
THE VANTAGEPOINT FUNDS
Statements of Operations
For the Period from January 1, 2012 to June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
| | | Milestone
Retirement
Income | | | Milestone
2010 | | | Milestone
2015 | | | Milestone
2020 | | | Milestone
2025 | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | | |
Dividend income from affiliated mutual funds(a) . | | $ | 1,301,231 | | | $ | 934,843 | | | $ | 1,432,551 | | | $ | 1,276,711 | | | $ | 811,430 | |
| | | | | | | | | | | | | | | | | | | | |
Total investment income | | | 1,301,231 | | | | 934,843 | | | | 1,432,551 | | | | 1,276,711 | | | | 811,430 | |
| | | | | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | | | | | |
Advisory (Note 4) | | | 112,479 | | | | 114,943 | | | | 200,765 | | | | 208,623 | | | | 165,153 | |
Custodian | | | 182 | | | | 182 | | | | 182 | | | | 182 | | | | 182 | |
Administration | | | 7,458 | | | | 7,459 | | | | 7,458 | | | | 7,458 | | | | 7,458 | |
Fund accounting | | | 6,215 | | | | 6,215 | | | | 6,215 | | | | 6,215 | | | | 6,216 | |
Legal | | | 10,446 | | | | 10,611 | | | | 18,198 | | | | 18,091 | | | | 14,131 | |
Audit | | | 9,975 | | | | 9,975 | | | | 9,975 | | | | 9,975 | | | | 9,976 | |
Directors | | | 2,173 | | | | 2,192 | | | | 3,729 | | | | 3,634 | | | | 2,829 | |
State license fees and memberships | | | 14,581 | | | | 15,182 | | | | 16,900 | | | | 16,267 | | | | 14,456 | |
Other expenses | | | 7,741 | | | | 7,854 | | | | 14,900 | | | | 17,564 | | | | 14,029 | |
| | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 171,250 | | | | 174,613 | | | | 278,322 | | | | 288,009 | | | | 234,430 | |
| | | | | | | | | | | | | | | | | | | | |
NET INVESTMENT INCOME | | | 1,129,981 | | | | 760,230 | | | | 1,154,229 | | | | 988,702 | | | | 577,000 | |
| | | | | | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (Note 2): | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments | | | 963,249 | | | | 1,698,109 | | | | 125,725 | | | | (711,925 | ) | | | (865,546 | ) |
Net change in unrealized appreciation (depreciation) on investments | | | 5,533,583 | | | | 7,684,817 | | | | 17,601,895 | | | | 20,110,883 | | | | 17,514,012 | |
| | | | | | | | | | | | | | | | | | | | |
NET GAIN | | | 6,496,832 | | | | 9,382,926 | | | | 17,727,620 | | | | 19,398,958 | | | | 16,648,466 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 7,626,813 | | | $ | 10,143,156 | | | $ | 18,881,849 | | | $ | 20,387,660 | | | $ | 17,225,466 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | Received from other Vantagepoint Funds (Note 1). |
See Notes to Financial Statements.
29
THE VANTAGEPOINT FUNDS
Statement of Operations
For the Period from January 1, 2012 to June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
| | | Milestone
2030 | | | Milestone
2035 | | | Milestone
2040 | | | Milestone
2045 | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Dividend income from affiliated mutual funds(a) . | | $ | 431,862 | | | $ | 164,208 | | | $ | 131,568 | | | $ | 31,950 | |
| | | | | | | | | | | | | | | | |
Total investment income | | | 431,862 | | | | 164,208 | | | | 131,568 | | | | 31,950 | |
| | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Advisory (Note 4) | | | 129,802 | | | | 83,857 | | | | 81,602 | | | | 19,889 | |
Custodian | | | 182 | | | | 182 | | | | 182 | | | | 351 | |
Administration | | | 7,458 | | | | 7,458 | | | | 7,458 | | | | 7,480 | |
Fund accounting | | | 6,215 | | | | 6,215 | | | | 6,215 | | | | 6,223 | |
Legal | | | 11,089 | | | | 7,094 | | | | 6,928 | | | | 1,467 | |
Audit | | | 9,975 | | | | 9,975 | | | | 9,975 | | | | 9,975 | |
Directors | | | 2,211 | | | | 1,405 | | | | 1,368 | | | | 281 | |
State license fees and memberships | | | 12,882 | | | | 11,415 | | | | 11,717 | | | | 5,709 | |
Other expenses | | | 10,928 | | | | 7,225 | | | | 6,718 | | | | 3,838 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 190,742 | | | | 134,826 | | | | 132,163 | | | | 55,213 | |
| | | | | | | | | | | | | | | | |
NET INVESTMENT INCOME (LOSS) | | | 241,120 | | | | 29,382 | | | | (595 | ) | | | (23,263 | ) |
| | | | | | | | | | | | | | | | |
NET REALIZED AND UNREALIZED GAIN (Note 2): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments | | | (711,743 | ) | | | (492,627 | ) | | | 168,977 | | | | 104,448 | |
Net change in unrealized appreciation (depreciation) on investments | | | 15,106,696 | | | | 10,553,272 | | | | 10,178,631 | | | | 2,240,505 | |
| | | | | | | | | | | | | | | | |
NET GAIN | | | 14,394,953 | | | | 10,060,645 | | | | 10,347,608 | | | | 2,344,953 | |
| | | | | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 14,636,073 | | | $ | 10,090,027 | | | $ | 10,347,013 | | | $ | 2,321,690 | |
| | | | | | | | | | | | | | | | |
| (a) | Received from other Vantagepoint Funds (Note 1). |
See Notes to Financial Statements.
30
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Low Duration Bond | | | Inflation Protected Securities | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 4,640,293 | | | $ | 10,499,622 | | | $ | 7,290,740 | | | $ | 15,343,970 | |
Net realized gain | | | 600,621 | | | | 1,923,500 | | | | 12,424,122 | | | | 14,907,371 | |
Net change in unrealized appreciation (depreciation) | | | 6,121,423 | | | | (6,161,968 | ) | | | 5,375,321 | | | | 26,946,823 | |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 11,362,337 | | | | 6,261,154 | | | | 25,090,183 | | | | 57,198,164 | |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | (4,774,518 | ) | | | (10,532,013 | ) | | | (7,232,061 | ) | | | (16,239,280 | ) |
Net realized gain | | | — | | | | — | | | | — | | | | (9,659,966 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | (4,774,518 | ) | | | (10,532,013 | ) | | | (7,232,061 | ) | | | (25,899,246 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 41,695,706 | | | | 89,913,269 | | | | 66,296,095 | | | | 143,708,312 | |
Reinvestment of distributions | | | 4,774,518 | | | | 10,532,013 | | | | 7,232,061 | | | | 25,899,246 | |
Value of shares redeemed | | | (15,445,056 | ) | | | (109,420,716 | ) | | | (29,732,443 | ) | | | (108,716,628 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from capital share transactions | | | 31,025,168 | | | | (8,975,434 | ) | | | 43,795,713 | | | | 60,890,930 | |
| | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 37,612,987 | | | | (13,246,293 | ) | | | 61,653,835 | | | | 92,189,848 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 524,462,877 | | | | 537,709,170 | | | | 584,191,493 | | | | 492,001,645 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 562,075,864 | | | $ | 524,462,877 | | | $ | 645,845,328 | | | $ | 584,191,493 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income (loss) included in net assets at end of period | | $ | (79,285 | ) | | $ | 54,940 | | | $ | 58,679 | | | $ | — | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 4,145,211 | | | | 8,967,929 | | | | 5,594,471 | | | | 12,432,838 | |
Number of shares issued through reinvestment of dividends and distributions | | | 473,757 | | | | 1,050,169 | | | | 601,211 | | | | 2,259,024 | |
Number of shares redeemed | | | (1,532,345 | ) | | | (10,914,618 | ) | | | (2,487,074 | ) | | | (9,446,370 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 3,086,623 | | | | (896,520 | ) | | | 3,708,608 | | | | 5,245,492 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
31
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Equity Income | | | Growth & Income | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | |
Net investment income | | $ | 15,249,562 | | | $ | 24,675,340 | | | $ | 8,402,040 | | | $ | 13,473,037 | |
Net realized gain | | | 30,049,127 | | | | 82,074,328 | | | | 30,323,632 | | | | 93,645,116 | |
Net change in unrealized appreciation (depreciation) | | | 84,078,198 | | | | (102,160,417 | ) | | | 64,799,326 | | | | (112,363,378 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 129,376,887 | | | | 4,589,251 | | | | 103,524,998 | | | | (5,245,225 | ) |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (46,144,465 | ) | | | — | | | | (13,366,132 | ) |
Net realized gain | | | — | | | | (30,409,530 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (76,553,995 | ) | | | — | | | | (13,366,132 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 55,305,841 | | | | 165,692,872 | | | | 32,812,737 | | | | 111,888,165 | |
Reinvestment of distributions | | | — | | | | 76,552,827 | | | | — | | | | 13,365,853 | |
Value of shares redeemed | | | (67,011,273 | ) | | | (220,228,833 | ) | | | (59,189,527 | ) | | | (172,282,535 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from capital share transactions | | | (11,705,432 | ) | | | 22,016,866 | | | | (26,376,790 | ) | | | (47,028,517 | ) |
| | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 117,671,455 | | | | (49,947,878 | ) | | | 77,148,208 | | | | (65,639,874 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 1,817,557,290 | | | | 1,867,505,168 | | | | 1,162,482,048 | | | | 1,228,121,922 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 1,935,228,745 | | | $ | 1,817,557,290 | | | $ | 1,239,630,256 | | | $ | 1,162,482,048 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 15,684,511 | | | $ | 434,949 | | | $ | 11,885,528 | | | $ | 3,483,488 | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 6,288,262 | | | | 19,316,926 | | | | 3,194,984 | | | | 11,824,262 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 9,509,668 | | | | — | | | | 1,451,233 | |
Number of shares redeemed | | | (7,574,451 | ) | | | (25,142,453 | ) | | | (5,673,492 | ) | | | (17,795,739 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (1,286,189 | ) | | | 3,684,141 | | | | (2,478,508 | ) | | | (4,520,244 | ) |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
32
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Growth | | | Select Value | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | |
Net investment income | | $ | 1,925,616 | | | $ | 9,121,734 | | | $ | 2,455,877 | | | $ | 3,184,309 | |
Net realized gain | | | 124,834,763 | | | | 109,646,065 | | | | 12,057,009 | | | | 34,844,389 | |
Net change in unrealized appreciation (depreciation) | | | 24,700,274 | | | | (194,568,063 | ) | | | 8,868,132 | | | | (36,822,309 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 151,460,653 | | | | (75,800,264 | ) | | | 23,381,018 | | | | 1,206,389 | |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (9,226,338 | ) | | | — | | | | (2,974,231 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (9,226,338 | ) | | | — | | | | (2,974,231 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 28,160,008 | | | | 88,778,128 | | | | 15,147,276 | | | | 40,187,068 | |
Reinvestment of distributions | | | — | | | | 9,226,338 | | | | — | | | | 2,974,231 | |
Value of shares redeemed | | | (87,183,039 | ) | | | (233,709,687 | ) | | | (16,589,714 | ) | | | (59,710,708 | ) |
| | | | | | | | | | | | | | | | |
Net decrease from capital share transactions | | | (59,023,031 | ) | | | (135,705,221 | ) | | | (1,442,438 | ) | | | (16,549,409 | ) |
| | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 92,437,622 | | | | (220,731,823 | ) | | | 21,938,580 | | | | (18,317,251 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 1,751,075,446 | | | | 1,971,807,269 | | | | 320,019,189 | | | | 338,336,440 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 1,843,513,068 | | | $ | 1,751,075,446 | | | $ | 341,957,769 | | | $ | 320,019,189 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 2,413,889 | | | $ | 488,273 | | | $ | 2,852,259 | | | $ | 396,382 | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 3,108,496 | | | | 10,466,360 | | | | 1,446,002 | | | | 4,179,747 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 1,127,914 | | | | — | | | | 314,401 | |
Number of shares redeemed | | | (9,451,536 | ) | | | (26,864,686 | ) | | | (1,554,831 | ) | | | (5,991,582 | ) |
| | | | | | | | | | | | | | | | |
Net decrease in shares outstanding | | | (6,343,040 | ) | | | (15,270,412 | ) | | | (108,829 | ) | | | (1,497,434 | ) |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
33
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Aggressive Opportunities | | | Discovery | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | |
Net investment income | | $ | 1,527,801 | | | $ | 2,263,482 | | | $ | 985,144 | | | $ | 2,143,311 | |
Net realized gain | | | 21,383,575 | | | | 58,474,102 | | | | 10,304,864 | | | | 5,263,580 | |
Net change in unrealized appreciation (depreciation) | | | 61,820,539 | | | | (168,765,752 | ) | | | 6,496,626 | | | | (18,762,178 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 84,731,915 | | | | (108,028,168 | ) | | | 17,786,634 | | | | (11,355,287 | ) |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (3,492,614 | ) | | | — | | | | (2,156,271 | ) |
Net realized gain | | | — | | | | (78,909,119 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (82,401,733 | ) | | | — | | | | (2,156,271 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 14,121,245 | | | | 59,715,009 | | | | 7,887,620 | | | | 34,078,276 | |
Reinvestment of distributions | | | — | | | | 82,401,733 | | | | — | | | | 2,156,271 | |
Value of shares redeemed | | | (69,840,658 | ) | | | (141,985,872 | ) | | | (13,673,682 | ) | | | (41,621,265 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from capital share transactions | | | (55,719,413 | ) | | | 130,870 | | | | (5,786,062 | ) | | | (5,386,718 | ) |
| | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 29,012,502 | | | | (190,299,031 | ) | | | 12,000,572 | | | | (18,898,276 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 957,270,759 | | | | 1,147,569,790 | | | | 193,871,682 | | | | 212,769,958 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 986,283,261 | | | $ | 957,270,759 | | | $ | 205,872,254 | | | $ | 193,871,682 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income (loss) included in net assets at end of period | | $ | 5,373,558 | | | $ | 3,845,757 | | | $ | 983,756 | | | $ | (1,388 | ) |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 1,402,430 | | | | 5,873,382 | | | | 828,715 | | | | 3,935,791 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 9,145,586 | | | | — | | | | 253,195 | |
Number of shares redeemed | | | (6,834,510 | ) | | | (12,840,586 | ) | | | (1,433,014 | ) | | | (4,583,506 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (5,432,080 | ) | | | 2,178,382 | | | | (604,299 | ) | | | (394,520 | ) |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
34
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | International | | | Diversifying Strategies(1) | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | |
Net investment income | | $ | 20,277,286 | | | $ | 27,035,117 | | | $ | 5,132,672 | | | $ | 8,754,124 | |
Net realized gain | | | 13,706,326 | | | | 14,141,235 | | | | 3,872,752 | | | | 3,129,880 | |
Net change in unrealized appreciation (depreciation) | | | 23,386,439 | | | | (137,855,829 | ) | | | (824,660 | ) | | | (12,531,370 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 57,370,051 | | | | (96,679,477 | ) | | | 8,180,764 | | | | (647,366 | ) |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (28,267,374 | ) | | | — | | | | (2,003,574 | ) |
Net realized gain | | | — | | | | — | | | | — | | | | (11,262,657 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (28,267,374 | ) | | | — | | | | (13,266,231 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 63,124,518 | | | | 180,804,130 | | | | 67,931,195 | | | | 125,684,627 | |
Reinvestment of distributions | | | — | | | | 28,267,374 | | | | — | | | | 13,266,231 | |
Value of shares redeemed | | | (26,398,553 | ) | | | (162,924,179 | ) | | | (8,581,970 | ) | | | (145,851,609 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from capital share transactions | | | 36,725,965 | | | | 46,147,325 | | | | 59,349,225 | | | | (6,900,751 | ) |
| | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 94,096,016 | | | | (78,799,526 | ) | | | 67,529,989 | | | | (20,814,348 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 1,139,963,659 | | | | 1,218,763,185 | | | | 849,776,766 | | | | 870,591,114 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 1,234,059,675 | | | $ | 1,139,963,659 | | | $ | 917,306,755 | | | $ | 849,776,766 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income (loss) included in net assets at end of period | | $ | 34,136,525 | | | $ | 13,859,239 | | | $ | (660,183 | ) | | $ | (5,792,855 | ) |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 7,247,255 | | | | 20,269,574 | | | | 6,657,371 | | | | 12,311,251 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 3,494,113 | | | | — | | | | 1,334,631 | |
Number of shares redeemed | | | (2,976,770 | ) | | | (17,194,310 | ) | | | (850,794 | ) | | | (14,437,106 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 4,270,485 | | | | 6,569,377 | | | | 5,806,577 | | | | (791,224 | ) |
| | | | | | | | | | | | | | | | |
| (1) | Formerly Diversified Assets Fund. |
See Notes to Financial Statements.
35
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Core Bond Index | | | 500 Stock Index | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | |
Net investment income | | $ | 15,487,512 | | | $ | 33,963,511 | | | $ | 3,908,410 | | | $ | 6,950,518 | |
Net realized gain | | | 6,226,069 | | | | 13,157,942 | | | | 1,895,096 | | | | 5,847,733 | |
Net change in unrealized appreciation (depreciation) | | | 4,469,933 | | | | 34,307,648 | | | | 30,242,326 | | | | (4,958,307 | ) |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 26,183,514 | | | | 81,429,101 | | | | 36,045,832 | | | | 7,839,944 | |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income—Class I | | | (13,510,736 | ) | | | (29,321,806 | ) | | | — | | | | (1,457,030 | ) |
Net investment income—Class II | | | (5,538,478 | ) | | | (10,828,719 | ) | | | — | | | | (5,368,593 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | (19,049,214 | ) | | | (40,150,525 | ) | | | — | | | | (6,825,623 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares—Class I | | | 82,435,551 | | | | 154,830,581 | | | | 6,573,352 | | | | 15,004,449 | |
Proceeds from sale of shares—Class II | | | 26,593,361 | | | | 55,189,411 | | | | 32,233,605 | | | | 42,704,327 | |
Reinvestment of distributions—Class I | | | 13,510,736 | | | | 29,321,806 | | | | — | | | | 1,456,429 | |
Reinvestment of distributions—Class II | | | 5,538,478 | | | | 10,828,719 | | | | — | | | | 5,368,593 | |
Value of shares redeemed—Class I | | | (31,140,307 | ) | | | (226,620,000 | ) | | | (4,953,385 | ) | | | (25,473,968 | ) |
Value of shares redeemed—Class II | | | (15,257,446 | ) | | | (37,910,366 | ) | | | (9,469,000 | ) | | | (42,890,111 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from capital share transactions | | | 81,680,373 | | | | (14,359,849 | ) | | | 24,384,572 | | | | (3,830,281 | ) |
| | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 88,814,673 | | | | 26,918,727 | | | | 60,430,404 | | | | (2,815,960 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 1,134,240,078 | | | | 1,107,321,351 | | | | 381,269,455 | | | | 384,085,415 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 1,223,054,751 | | | $ | 1,134,240,078 | | | $ | 441,699,859 | | | $ | 381,269,455 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income (loss) included in net assets at end of period | | $ | (3,552,127 | ) | | $ | 9,575 | | | $ | 4,143,370 | | | $ | 234,960 | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold—Class I | | | 7,892,810 | | | | 15,075,414 | | | | 615,473 | | | | 1,487,565 | |
Number of shares issued through reinvestment of dividends and distributions—Class I | | | 1,287,268 | | | | 2,857,923 | | | | — | | | | 150,925 | |
Number of shares redeemed—Class I | | | (2,965,612 | ) | | | (21,873,215 | ) | | | (460,566 | ) | | | (2,498,225 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding—Class I | | | 6,214,466 | | | | (3,939,878 | ) | | | 154,907 | | | | (859,735 | ) |
| | | | | | | | | | | | | | | | |
Number of shares sold—Class II | | | 2,522,835 | | | | 5,322,939 | | | | 3,181,337 | | | | 4,508,609 | |
Number of shares issued through reinvestment of dividends and distributions—Class II | | | 524,671 | | | | 1,048,508 | | | | — | | | | 589,955 | |
Number of shares redeemed—Class II | | | (1,445,543 | ) | | | (3,690,535 | ) | | | (941,689 | ) | | | (4,489,530 | ) |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding—Class II | | | 1,601,963 | | | | 2,680,912 | | | | 2,239,648 | | | | 609,034 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
36
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Broad Market Index | | | Mid/Small Company Index | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | |
Net investment income | | $ | 4,824,878 | | | $ | 8,873,123 | | | $ | 3,445,095 | | | $ | 4,955,959 | |
Net realized gain | | | 4,945,235 | | | | 17,247,356 | | | | 13,511,755 | | | | 16,825,014 | |
Net change in unrealized appreciation (depreciation) | | | 35,621,248 | | | | (19,101,547 | ) | | | 17,679,787 | | | | (36,445,534 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 45,391,361 | | | | 7,018,932 | | | | 34,636,637 | | | | (14,664,561 | ) |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income—Class I | | | — | | | | (1,639,619 | ) | | | — | | | | (2,428,025 | ) |
Net investment income—Class II | | | — | | | | (6,889,586 | ) | | | — | | | | (2,001,727 | ) |
Net realized gain—Class I | | | — | | | | — | | | | — | | | | (10,097,260 | ) |
Net realized gain—Class II | | | — | | | | — | | | | — | | | | (6,898,716 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (8,529,205 | ) | | | — | | | | (21,425,728 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares—Class I | | | 6,717,806 | | | | 11,415,454 | | | | 21,266,435 | | | | 61,546,128 | |
Proceeds from sale of shares—Class II | | | 7,459,106 | | | | 36,872,748 | | | | 18,094,711 | | | | 37,937,915 | |
Reinvestment of distributions—Class I | | | — | | | | 1,639,619 | | | | — | | | | 12,524,481 | |
Reinvestment of distributions—Class II | | | — | | | | 6,889,586 | | | | — | | | | 8,900,443 | |
Value of shares redeemed—Class I | | | (5,840,848 | ) | | | (30,043,681 | ) | | | (12,823,023 | ) | | | (49,925,329 | ) |
Value of shares redeemed—Class II | | | (29,177,405 | ) | | | (59,260,258 | ) | | | (7,864,238 | ) | | | (31,424,662 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from capital share transactions | | | (20,841,341 | ) | | | (32,486,532 | ) | | | 18,673,885 | | | | 39,558,976 | |
| | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 24,550,020 | | | | (33,996,805 | ) | | | 53,310,522 | | | | 3,468,687 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 503,705,455 | | | | 537,702,260 | | | | 408,441,426 | | | | 404,972,739 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 528,255,475 | | | $ | 503,705,455 | | | $ | 461,751,948 | | | $ | 408,441,426 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 10,889,183 | | | $ | 6,064,305 | | | $ | 4,570,753 | | | $ | 1,125,658 | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold—Class I | | | 571,397 | | | | 1,031,697 | | | | 1,392,827 | | | | 4,144,118 | |
Number of shares issued through reinvestment of dividends and distributions—Class I | | | — | | | | 155,857 | | | | — | | | | 918,217 | |
Number of shares redeemed—Class I | | | (497,567 | ) | | | (2,681,236 | ) | | | (868,031 | ) | | | (3,234,606 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding—Class I | | | 73,830 | | | | (1,493,682 | ) | | | 524,796 | | | | 1,827,729 | |
| | | | | | | | | | | | | | | | |
Number of shares sold—Class II | | | 681,739 | | | | 3,538,800 | | | | 1,249,416 | | | | 2,563,731 | |
Number of shares issued through reinvestment of dividends and distributions—Class II | | | — | | | | 697,326 | | | | — | | | | 689,957 | |
Number of shares redeemed—Class II | | | (2,645,612 | ) | | | (5,602,099 | ) | | | (548,758 | ) | | | (2,173,431 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding—Class II | | | (1,963,873 | ) | | | (1,365,973 | ) | | | 700,658 | | | | 1,080,257 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
37
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | |
| | | Overseas Equity Index | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | |
Net investment income | | $ | 4,263,159 | | | $ | 6,090,265 | |
Net realized loss | | | (1,272,895 | ) | | | (1,471,292 | ) |
Net change in unrealized appreciation (depreciation) | | | 3,254,592 | | | | (29,322,421 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 6,244,856 | | | | (24,703,448 | ) |
| | | | | | | | |
Distributions to shareholders from: | | | | | | | | |
Net investment income—Class I | | | — | | | | (1,300,170 | ) |
Net investment income—Class II | | | — | | | | (4,495,031 | ) |
| | | | | | | | |
Total distributions | | | — | | | | (5,795,201 | ) |
| | | | | | | | |
Capital share transactions: | | | | | | | | |
Proceeds from sale of shares—Class I | | | 5,728,693 | | | | 5,355,854 | |
Proceeds from sale of shares—Class II | | | 21,058,433 | | | | 20,846,747 | |
Reinvestment of distributions—Class I | | | — | | | | 1,300,170 | |
Reinvestment of distributions—Class II | | | — | | | | 4,495,031 | |
Value of shares redeemed—Class I | | | (1,307,550 | ) | | | (11,561,711 | ) |
Value of shares redeemed—Class II | | | (2,184,040 | ) | | | (19,010,679 | ) |
| | | | | | | | |
Net increase from capital share transactions | | | 23,295,536 | | | | 1,425,412 | |
| | | | | | | | |
Total increase (decrease) in net assets | | | 29,540,392 | | | | (29,073,237 | ) |
| | | | | | | | |
NET ASSETS at beginning of period | | | 177,783,979 | | | | 206,857,216 | |
| | | | | | | | |
NET ASSETS at end of period | | $ | 207,324,371 | | | $ | 177,783,979 | |
| | | | | | | | |
Accumulated net investment income (loss) included in net assets at end of period | | $ | 3,797,244 | | | $ | (465,915 | ) |
| | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | |
Number of shares sold—Class I | | | 589,840 | | | | 497,952 | |
Number of shares issued through reinvestment of dividends and distributions—Class I | | | — | | | | 145,923 | |
Number of shares redeemed—Class I | | | (132,292 | ) | | | (1,083,214 | ) |
| | | | | | | | |
Net increase (decrease) in shares out standing—Class I | | | 457,548 | | | | (439,339 | ) |
| | | | | | | | |
Number of shares sold—Class II | | | 2,320,656 | | | | 2,110,621 | |
Number of shares issued through reinvestment of dividends and distributions—Class II | | | — | | | | 538,972 | |
Number of shares redeemed—Class II | | | (244,880 | ) | | | (1,885,576 | ) |
| | | | | | | | |
Net increase in shares outstanding—Class II | | | 2,075,776 | | | | 764,017 | |
| | | | | | | | |
See Notes to Financial Statements.
38
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Model Portfolio Funds | |
| | | Savings Oriented | | | Conservative Growth | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,518,650 | | | $ | 5,652,643 | | | $ | 2,339,748 | | | $ | 9,592,040 | |
Net realized gain (loss) | | | 928,605 | | | | (476,785 | ) | | | (50,812 | ) | | | 5,653,335 | |
Net change in unrealized appreciation (depreciation) | | | 7,690,352 | | | | 1,450,544 | | | | 21,553,804 | | | | (8,573,402 | ) |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations. | | | 10,137,607 | | | | 6,626,402 | | | | 23,842,740 | | | | 6,671,973 | |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (5,656,447 | ) | | | — | | | | (9,593,725 | ) |
Net realized gain | | | — | | | | (125,894 | ) | | | — | | | | (426,959 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (5,782,341 | ) | | | — | | | | (10,020,684 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 16,245,207 | | | | 34,730,309 | | | | 27,727,071 | | | | 40,299,829 | |
Reinvestment of distributions | | | — | | | | 5,781,314 | | | | — | | | | 10,020,684 | |
Value of shares redeemed | | | (11,992,307 | ) | | | (91,421,580 | ) | | | (19,348,204 | ) | | | (77,719,720 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from capital share transactions | | | 4,252,900 | | | | (50,909,957 | ) | | | 8,378,867 | | | | (27,399,207 | ) |
| | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 14,390,507 | | | | (50,065,896 | ) | | | 32,221,607 | | | | (30,747,918 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 288,467,007 | | | | 338,532,903 | | | | 556,163,943 | | | | 586,911,861 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 302,857,514 | | | $ | 288,467,007 | | | $ | 588,385,550 | | | $ | 556,163,943 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 1,876,609 | | | $ | 357,959 | | | $ | 3,293,637 | | | $ | 953,889 | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 646,295 | | | | 1,400,880 | | | | 1,138,552 | | | | 1,682,331 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 236,939 | | | | — | | | | 427,139 | |
Number of shares redeemed | | | (477,224 | ) | | | (3,733,716 | ) | | | (795,390 | ) | | | (3,250,086 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 169,071 | | | | (2,095,897 | ) | | | 343,162 | | | | (1,140,616 | ) |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
39
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Model Portfolio Funds | |
| | | Traditional Growth | | | Long-Term Growth | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 3,758,577 | | | $ | 21,923,334 | | | $ | 2,679,197 | | | $ | 25,627,207 | |
Net realized gain | | | 5,137,622 | | | | 41,372,040 | | | | 9,354,073 | | | | 47,640,696 | |
Net change in unrealized appreciation (depreciation) | | | 64,573,527 | | | | (70,336,673 | ) | | | 92,540,850 | | | | (108,133,801 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 73,469,726 | | | | (7,041,299 | ) | | | 104,574,120 | | | | (34,865,898 | ) |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (28,313,249 | ) | | | — | | | | (30,098,534 | ) |
Net realized gain | | | — | | | | (4,292,155 | ) | | | — | | | | (24,301,340 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (32,605,404 | ) | | | — | | | | (54,399,874 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 41,856,598 | | | | 73,296,341 | | | | 47,144,900 | | | | 86,481,553 | |
Reinvestment of distributions | | | — | | | | 32,600,948 | | | | — | | | | 54,399,874 | |
Value of shares redeemed | | | (37,157,914 | ) | | | (195,900,060 | ) | | | (46,943,310 | ) | | | (187,817,488 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from capital share transactions | | | 4,698,684 | | | | (90,002,771 | ) | | | 201,590 | | | | (46,936,061 | ) |
| | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 78,168,410 | | | | (129,649,474 | ) | | | 104,775,710 | | | | (136,201,833 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 1,366,107,763 | | | | 1,495,757,237 | | | | 1,712,228,114 | | | | 1,848,429,947 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 1,444,276,173 | | | $ | 1,366,107,763 | | | $ | 1,817,003,824 | | | $ | 1,712,228,114 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 4,028,127 | | | $ | 269,550 | | | $ | 3,007,666 | | | $ | 328,469 | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 1,848,511 | | | | 3,284,198 | | | | 2,194,748 | | | | 4,030,628 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 1,514,914 | | | | — | | | | 2,677,159 | |
Number of shares redeemed | | | (1,647,929 | ) | | | (8,786,410 | ) | | | (2,181,896 | ) | | | (8,747,060 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 200,582 | | | | (3,987,298 | ) | | | 12,852 | | | | (2,039,273 | ) |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
40
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | |
| | | Model Portfolio Fund | |
| | | All-Equity Growth | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | |
Net investment income (loss) | | $ | (449,144 | ) | | $ | 8,651,245 | |
Net realized gain (loss) | | | (207,359 | ) | | | 4,668,318 | |
Net change in unrealized appreciation (depreciation) | | | 49,700,970 | | | | (41,317,903 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 49,044,467 | | | | (27,998,340 | ) |
| | | | | | | | |
Distributions to shareholders from: | | | | | | | | |
Net investment income | | | — | | | | (8,642,925 | ) |
Net realized gain | | | — | | | | (979,356 | ) |
| | | | | | | | |
Total distributions | | | — | | | | (9,622,281 | ) |
| | | | | | | | |
Capital share transactions: | | | | | | | | |
Proceeds from sale of shares | | | 28,111,783 | | | | 55,069,364 | |
Reinvestment of distributions | | | — | | | | 9,622,281 | |
Value of shares redeemed | | | (18,126,425 | ) | | | (92,335,125 | ) |
| | | | | | | | |
Net increase (decrease) from capital share transactions | | | 9,985,358 | | | | (27,643,480 | ) |
| | | | | | | | |
Total increase (decrease) in net assets | | | 59,029,825 | | | | (65,264,101 | ) |
| | | | | | | | |
NET ASSETS at beginning of period | | | 649,825,509 | | | | 715,089,610 | |
| | | | | | | | |
NET ASSETS at end of period | | $ | 708,855,334 | | | $ | 649,825,509 | |
| | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 835,789 | | | $ | 1,284,933 | |
| | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | |
Number of shares sold | | | 1,396,375 | | | | 2,782,327 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 514,836 | |
Number of shares redeemed | | | (903,371 | ) | | | (4,635,666 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 493,004 | | | | (1,338,503 | ) |
| | | | | | | | |
See Notes to Financial Statements.
41
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
| | | Milestone Retirement Income | | | Milestone 2010 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
| | | | |
| | | | |
| | | | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,129,981 | | | $ | 3,973,613 | | | $ | 760,230 | | | $ | 3,935,474 | |
Net realized gain | | | 963,249 | | | | 7,277,501 | | | | 1,698,109 | | | | 7,787,624 | |
Net change in unrealized appreciation (depreciation) | | | 5,533,583 | | | | (6,109,472 | ) | | | 7,684,817 | | | | (8,706,661 | ) |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 7,626,813 | | | | 5,141,642 | | | | 10,143,156 | | | | 3,016,437 | |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (3,975,718 | ) | | | — | | | | (4,335,853 | ) |
Net realized gain | | | — | | | | (4,250,737 | ) | | | — | | | | (1,755,343 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (8,226,455 | ) | | | — | | | | (6,091,196 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 13,983,409 | | | | 40,604,046 | | | | 12,515,155 | | | | 38,705,399 | |
Reinvestment of distributions | | | — | | | | 8,226,455 | | | | — | | | | 6,091,196 | |
Value of shares redeemed | | | (13,941,778 | ) | | | (41,644,586 | ) | | | (15,343,420 | ) | | | (37,217,191 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from capital share transactions | | | 41,631 | | | | 7,185,915 | | | | (2,828,265 | ) | | | 7,579,404 | |
| | | | | | | | | | | | | | | | |
Total increase in net assets | | | 7,668,444 | | | | 4,101,102 | | | | 7,314,891 | | | | 4,504,645 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 220,062,548 | | | | 215,961,446 | | | | 222,274,661 | | | | 217,770,016 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 227,730,992 | | | $ | 220,062,548 | | | $ | 229,589,552 | | | $ | 222,274,661 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 1,129,981 | | | $ | — | | | $ | 760,230 | | | $ | — | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 1,333,351 | | | | 3,856,537 | | | | 1,189,043 | | | | 3,692,226 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 808,100 | | | | — | | | | 603,089 | |
Number of shares redeemed | | | (1,332,670 | ) | | | (3,957,807 | ) | | | (1,459,037 | ) | | | (3,569,346 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 681 | | | | 706,830 | | | | (269,994 | ) | | | 725,969 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
42
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
| | | Milestone 2015 | | | Milestone 2020 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
| | | | |
| | | | |
| | | | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | |
Net investment income | | $ | 1,154,229 | | | $ | 6,547,527 | | | $ | 988,702 | | | $ | 6,430,619 | |
Net realized gain (loss) | | | 125,725 | | | | 239,834 | | | | (711,925 | ) | | | (1,478,769 | ) |
Net change in unrealized appreciation (depreciation) | | | 17,601,895 | | | | (4,786,269 | ) | | | 20,110,883 | | | | (6,768,227 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 18,881,849 | | | | 2,001,092 | | | | 20,387,660 | | | | (1,816,377 | ) |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (7,384,621 | ) | | | — | | | | (6,433,834 | ) |
Net realized gain | | | — | | | | (2,229,389 | ) | | | — | | | | (1,523,980 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (9,614,010 | ) | | | — | | | | (7,957,814 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 24,762,540 | | | | 66,950,595 | | | | 36,406,766 | | | | 79,151,031 | |
Reinvestment of distributions | | | — | | | | 9,614,010 | | | | — | | | | 7,957,814 | |
Value of shares redeemed | | | (16,630,795 | ) | | | (50,239,931 | ) | | | (12,370,595 | ) | | | (35,040,309 | ) |
| | | | | | | | | | | | | | | | |
Net increase from capital share transactions | | | 8,131,745 | | | | 26,324,674 | | | | 24,036,171 | | | | 52,068,536 | |
| | | | | | | | | | | | | | | | |
Total increase in net assets | | | 27,013,594 | | | | 18,711,756 | | | | 44,423,831 | | | | 42,294,345 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 381,855,460 | | | | 363,143,704 | | | | 386,326,987 | | | | 344,032,642 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 408,869,054 | | | $ | 381,855,460 | | | $ | 430,750,818 | | | $ | 386,326,987 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 1,154,229 | | | $ | — | | | $ | 995,495 | | | $ | 6,793 | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 2,333,993 | | | | 6,323,761 | | | | 3,434,747 | | | | 7,514,993 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 946,261 | | | | — | | | | 787,902 | |
Number of shares redeemed | | | (1,570,453 | ) | | | (4,768,534 | ) | | | (1,168,784 | ) | | | (3,347,269 | ) |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | 763,540 | | | | 2,501,488 | | | | 2,265,963 | | | | 4,955,626 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
43
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
| | | Milestone 2025 | | | Milestone 2030 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 577,000 | | | $ | 4,953,297 | | | $ | 241,120 | | | $ | 3,736,230 | |
Net realized loss | | | (865,546 | ) | | | (414,142 | ) | | | (711,743 | ) | | | (393,776 | ) |
Net change in unrealized appreciation (depreciation) | | | 17,514,012 | | | | (7,766,396 | ) | | | 15,106,696 | | | | (7,385,447 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 17,225,466 | | | | (3,227,241 | ) | | | 14,636,073 | | | | (4,042,993 | ) |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (4,955,325 | ) | | | — | | | | (3,737,605 | ) |
Net realized gain | | | — | | | | (1,321,791 | ) | | | — | | | | (632,273 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (6,277,116 | ) | | | — | | | | (4,369,878 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 33,559,360 | | | | 62,102,070 | | | | 25,973,993 | | | | 50,648,092 | |
Reinvestment of distributions | | | — | | | | 6,277,116 | | | | — | | | | 4,369,878 | |
Value of shares redeemed | | | (7,609,643 | ) | | | (24,755,453 | ) | | | (5,826,565 | ) | | | (21,307,635 | ) |
| | | | | | | | | | | | | | | | |
Net increase from capital share transactions | | | 25,949,717 | | | | 43,623,733 | | | | 20,147,428 | | | | 33,710,335 | |
| | | | | | | | | | | | | | | | |
Total increase in net assets | | | 43,175,183 | | | | 34,119,376 | | | | 34,783,501 | | | | 25,297,464 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 301,274,629 | | | | 267,155,253 | | | | 236,452,480 | | | | 211,155,016 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 344,449,812 | | | $ | 301,274,629 | | | $ | 271,235,981 | | | $ | 236,452,480 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 585,340 | | | $ | 8,340 | | | $ | 250,052 | | | $ | 8,932 | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 3,192,456 | | | | 5,946,639 | | | | 2,449,909 | | | | 4,830,598 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 629,600 | | | | — | | | | 436,988 | |
Number of shares redeemed | | | (729,315 | ) | | | (2,382,418 | ) | | | (552,613 | ) | | | (2,028,739 | ) |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | 2,463,141 | | | | 4,193,821 | | | | 1,897,296 | | | | 3,238,847 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
44
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
| | | Milestone 2035 | | | Milestone 2040 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 29,382 | | | $ | 2,313,903 | | | $ | (595 | ) | | $ | 2,345,169 | |
Net realized gain (loss) | | | (492,627 | ) | | | (614,579 | ) | | | 168,977 | | | | 1,064,163 | |
Net change in unrealized appreciation (depreciation) | | | 10,553,272 | | | | (5,353,565 | ) | | | 10,178,631 | | | | (7,456,184 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 10,090,027 | | | | (3,654,241 | ) | | | 10,347,013 | | | | (4,046,852 | ) |
| | | | | | | | | | | | | | | | |
Distributions to shareholders from: | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (2,314,189 | ) | | | — | | | | (2,345,175 | ) |
Net realized gain | | | — | | | | (522,524 | ) | | | — | | | | (145,839 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (2,836,713 | ) | | | — | | | | (2,491,014 | ) |
| | | | | | | | | | | | | | | | |
Capital share transactions: | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 19,628,438 | | | | 37,042,100 | | | | 19,084,129 | | | | 36,820,049 | |
Reinvestment of distributions | | | — | | | | 2,836,713 | | | | — | | | | 2,491,014 | |
Value of shares redeemed | | | (3,844,125 | ) | | | (16,036,919 | ) | | | (3,206,686 | ) | | | (19,047,271 | ) |
| | | | | | | | | | | | | | | | |
Net increase from capital share transactions | | | 15,784,313 | | | | 23,841,894 | | | | 15,877,443 | | | | 20,263,792 | |
| | | | | | | | | | | | | | | | |
Total increase in net assets | | | 25,874,340 | | | | 17,350,940 | | | | 26,224,456 | | | | 13,725,926 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at beginning of period | | | 150,471,618 | | | | 133,120,678 | | | | 146,032,372 | | | | 132,306,446 | |
| | | | | | | | | | | | | | | | |
NET ASSETS at end of period | | $ | 176,345,958 | | | $ | 150,471,618 | | | $ | 172,256,828 | | | $ | 146,032,372 | |
| | | | | | | | | | | | | | | | |
Accumulated net investment income included in net assets at end of period | | $ | 34,436 | | | $ | 5,054 | | | $ | 2,395 | | | $ | 2,990 | |
| | | | | | | | | | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Number of shares sold | | | 1,863,706 | | | | 3,571,504 | | | | 1,804,610 | | | | 3,544,151 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 287,699 | | | | — | | | | 252,638 | |
Number of shares redeemed | | | (367,746 | ) | | | (1,543,867 | ) | | | (304,856 | ) | | | (1,830,534 | ) |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | 1,495,960 | | | | 2,315,336 | | | | 1,499,754 | | | | 1,966,255 | |
| | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
45
THE VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
| | | | | | | | |
| | | Milestone Fund | |
| | | Milestone 2045 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the
Year Ended
December 31,
2011 | |
Increase (decrease) in net assets resulting from operations: | | | | | | | | |
Net investment income (loss) | | $ | (23,263 | ) | | $ | 488,992 | |
Net realized gain | | | 104,448 | | | | 862,205 | |
Net change in unrealized appreciation (depreciation) | | | 2,240,505 | | | | (2,482,770 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 2,321,690 | | | | (1,131,573 | ) |
| | | | | | | | |
Distributions to shareholders from: | | | | | | | | |
Net investment income | | | — | | | | (490,728 | ) |
Net realized gain | | | — | | | | (424,960 | ) |
| | | | | | | | |
Total distributions | | | — | | | | (915,688 | ) |
| | | | | | | | |
Capital share transactions: | | | | | | | | |
Proceeds from sale of shares | | | 10,557,945 | | | | 17,424,814 | |
Reinvestment of distributions | | | — | | | | 915,688 | |
Value of shares redeemed | | | (1,330,300 | ) | | | (5,222,933 | ) |
| | | | | | | | |
Net increase from capital share transactions | | | 9,227,645 | | | | 13,117,569 | |
| | | | | | | | |
Total increase in net assets | | | 11,549,335 | | | | 11,070,308 | |
| | | | | | | | |
NET ASSETS at beginning of period | | | 33,433,653 | | | | 22,363,345 | |
| | | | | | | | |
NET ASSETS at end of period | | $ | 44,982,988 | | | $ | 33,433,653 | |
| | | | | | | | |
Accumulated net investment loss included in net assets at end of period | | $ | (23,263 | ) | | $ | — | |
| | | | | | | | |
SHARE TRANSACTIONS: | | | | | | | | |
Number of shares sold | | | 914,897 | | | | 1,534,720 | |
Number of shares issued through reinvestment of dividends and distributions | | | — | | | | 85,498 | |
Number of shares redeemed | | | (117,140 | ) | | | (471,317 | ) |
| | | | | | | | |
Net increase in shares outstanding | | | 797,757 | | | | 1,148,901 | |
| | | | | | | | |
See Notes to Financial Statements.
46
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Low Duration Bond(1) | |
| | | For the Period
January 1, 2012
to June 30,
2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 9.96 | | | $ | 10 .04 | | | $ | 9 .95 | | | $ | 9 .28 | | | $ | 9 .83 | | | $ | 9 .76 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.08 | | | | 0.19 | | | | 0.25 | | | | 0.32 | | | | 0.37 | | | | 0.41 | |
Net realized and unrealized gain (loss) | | | 0.13 | | | | (0.08 | ) | | | 0.10 | | | | 0.65 | | | | (0.51 | ) | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.21 | | | | 0.11 | | | | 0.35 | | | | 0.97 | | | | (0.14 | ) | | | 0.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.09 | ) | | | (0.19 | ) | | | (0.26 | ) | | | (0.30 | ) | | | (0.41 | ) | | | (0.43 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.09 | ) | | | (0.19 | ) | | | (0.26 | ) | | | (0.30 | ) | | | (0.41 | ) | | | (0.43 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.08 | | | $ | 9.96 | | | $ | 10.04 | | | $ | 9.95 | | | $ | 9.28 | | | $ | 9.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 2.07 | %†† | | | 1.14 | % | | | 3.58 | % | | | 10.63 | % | | | (1.52 | )% | | | 5.24 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.63 | %† | | | 0.62 | % | | | 0.64 | % | | | 0.66 | % | | | 0.66 | % | | | 0.65 | % |
Net investment income | | | 1.68 | %† | | | 1.93 | % | | | 2.51 | % | | | 3.27 | % | | | 3.82 | % | | | 4.15 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 562,076 | | | $ | 524,463 | | | $ | 537,709 | | | $ | 517,659 | | | $ | 394,704 | | | $ | 507,120 | |
Portfolio turnover | | | 28 | %†† | | | 66 | % | | �� | 70 | % | | | 63 | % | | | 91 | % | | | 149 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Inflation Protected Securities(2) | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 11.68 | | | $ | 10.99 | | | $ | 10.72 | | | $ | 9.88 | | | $ | 10.46 | | | $ | 10.03 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.14 | | | | 0.34 | | | | 0.19 | | | | 0.11 | | | | 0.57 | | | | 0.50 | |
Net realized and unrealized gain (loss) | | | 0.34 | | | | 0.91 | | | | 0.44 | | | | 0.85 | | | | (0.59 | ) | | | 0.43 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.48 | | | | 1.25 | | | | 0.63 | | | | 0.96 | | | | (0.02 | ) | | | 0.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.14 | ) | | | (0.36 | ) | | | (0.19 | ) | | | (0.12 | ) | | | (0.46 | ) | | | (0.50 | ) |
From net realized gain | | | — | | | | (0.20 | ) | | | (0.17 | ) | | | — | | | | — | | | | — | |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.10 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.14 | ) | | | (0.56 | ) | | | (0.36 | ) | | | (0.12 | ) | | | (0.56 | ) | | | (0.50 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 12.02 | | | $ | 11.68 | | | $ | 10.99 | | | $ | 10.72 | | | $ | 9.88 | | | $ | 10.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 4.07 | %†† | | | 11.53 | % | | | 5.95 | % | | | 9.75 | % | | | (0.40 | )% | | | 9.64 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.63 | %† | | | 0.64 | % | | | 0.65 | % | | | 0.67 | % | | | 0.67 | % | | | 0.68 | % |
Net investment income | | | 2.32 | %† | | | 2.94 | % | | | 1.73 | % | | | 1.13 | % | | | 4.64 | % | | | 4.86 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 645,845 | | | $ | 584,191 | | | $ | 492,002 | | | $ | 338,790 | | | $ | 300,148 | | | $ | 274,209 | |
Portfolio turnover | | | 46 | %†† | | | 109 | % | | | 97 | % | | | 105 | % | | | 149 | % | | | 174 | % |
| (1) | Formerly Short-Term Bond Fund. |
| (2) | Formerly US Government Securities Fund. |
See Notes to Financial Statements.
47
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Equity Income | |
| | | For the Period
January 1, 2012
to June 30,
2012 (Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 8.27 | | | $ | 8.64 | | | $ | 7.70 | | | $ | 5.79 | | | $ | 9.78 | | | $ | 9.90 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.07 | | | | 0.12 | | | | 0.08 | | | | 0.09 | | | | 0.13 | | | | 0.13 | |
Net realized and unrealized gain (loss) | | | 0.52 | | | | (0.13 | ) | | | 0.94 | | | | 1.95 | | | | (3.96 | ) | | | 0.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.59 | | | | 0.01 | | | | 1.02 | | | | 2.04 | | | | (3.83 | ) | | | 0.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.22 | ) | | | (0.08 | ) | | | (0.13 | ) | | | — | | | | (0.14 | ) |
From net realized gain | | | — | | | | (0.14 | ) | | | — | | | | — | | | | (0.16 | ) | | | (0.36 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.36 | ) | | | (0.08 | ) | | | (0.13 | ) | | | (0.16 | ) | | | (0.50 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 8.86 | | | $ | 8.27 | | | $ | 8.64 | | | $ | 7.70 | | | $ | 5.79 | | | $ | 9.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 7.13 | %†† | | | 0.04 | % | | | 13.28 | % | | | 35.28 | % | | | (39.19 | )% | | | 3.76 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.83 | %† | | | 0.84 | % | | | 0.85 | % | | | 0.88 | % | | | 0.88 | % | �� | | 0.88 | % |
Expenses net of reimbursements/waivers, if any | | | 0.83 | %† | | | 0.83 | % | | | 0.85 | % | | | 0.88 | % | | | 0.88 | % | | | 0.88 | % |
Net investment income before reimbursements/waivers | | | 1.59 | %† | | | 1.32 | % | | | 1.19 | % | | | 1.49 | % | | | 1.74 | % | | | 1.22 | % |
Net investment income net of reimbursements/waivers, if any | | | 1.60 | %† | | | 1.32 | % | | | 1.19 | % | | | 1.49 | % | | | 1.74 | % | | | 1.23 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,935,229 | | | $ | 1,817,557 | | | $ | 1,867,505 | | | $ | 1,516,199 | | | $ | 1,102,032 | | | $ | 1,734,750 | |
Portfolio turnover | | | 5 | %†† | | | 18 | % | | | 18 | % | | | 22 | % | | | 29 | % | | | 18 | % |
| |
| | | Growth & Income | |
| | | For the Period
January 1, 2012
to June 30,
2012 (Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 9.49 | | | $ | 9.67 | | | $ | 8.49 | | | $ | 6.43 | | | $ | 10.56 | | | $ | 11.49 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.07 | | | | 0.11 | | | | 0.08 | | | | 0.10 | | | | 0.10 | | | | 0.12 | |
Net realized and unrealized gain (loss) | | | 0.77 | | | | (0.18 | ) | | | 1.18 | | | | 2.06 | | | | (4.13 | ) | | | 0.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.84 | | | | (0.07 | ) | | | 1.26 | | | | 2.16 | | | | (4.03 | ) | | | 0.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.11 | ) | | | (0.08 | ) | | | (0.10 | ) | | | (0.07 | ) | | | (0.15 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) | | | (1.48 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.11 | ) | | | (0.08 | ) | | | (0.10 | ) | | | (0.10 | ) | | | (1.63 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.33 | | | $ | 9.49 | | | $ | 9.67 | | | $ | 8.49 | | | $ | 6.43 | | | $ | 10.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 8.85 | %†† | | | (0.69 | )% | | | 14.81 | % | | | 33.61 | % | | | (38.16 | )% | | | 5.98 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.78 | %† | | | 0.78 | % | | | 0.79 | % | | | 0.82 | % | | | 0.81 | % | | | 0.81 | % |
Expenses net of reimbursements/waivers, if any | | | 0.78 | %† | | | 0.78 | % | | | 0.79 | % | | | 0.81 | % | | | 0.80 | % | | | 0.80 | % |
Net investment income before reimbursements/waivers | | | 1.36 | %† | | | 1.12 | % | | | 0.91 | % | | | 1.39 | % | | | 1.20 | % | | | 0.90 | % |
Net investment income net of reimbursements/waivers, if any | | | 1.36 | %† | | | 1.12 | % | | | 0.91 | % | | | 1.39 | % | | | 1.21 | % | | | 0.90 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,239,630 | | | $ | 1,162,482 | | | $ | 1,228,122 | | | $ | 1,023,636 | | | $ | 747,032 | | | $ | 1,101,700 | |
Portfolio turnover | | | 13 | %†† | | | 40 | % | | | 46 | % | | | 111 | % | | | 58 | % | | | 41 | % |
See Notes to Financial Statements.
48
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Growth | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 8.36 | | | $ | 8.78 | | | $ | 7.70 | | | $ | 5.91 | | | $ | 10.45 | | | $ | 9.56 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.01 | | | | 0.04 | | | | 0.05 | | | | 0.04 | | | | 0.06 | | | | 0.05 | |
Net realized and unrealized gain (loss) | | | 0.71 | | | | (0.42 | ) | | | 1.09 | | | | 1.79 | | | | (4.54 | ) | | | 0.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.72 | | | | (0.38 | ) | | | 1.14 | | | | 1.83 | | | | (4.48 | ) | | | 0.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.04 | ) | | | (0.06 | ) | | | (0.04 | ) | | | (0.06 | ) | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.04 | ) | | | (0.06 | ) | | | (0.04 | ) | | | (0.06 | ) | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 9.08 | | | $ | 8.36 | | | $ | 8.78 | | | $ | 7.70 | | | $ | 5.91 | | | $ | 10.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 8.61 | %†† | | | (4.27 | )% | | | 14.76 | % | | | 31.02 | % | | | (42.89 | )% | | | 9.81 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.79 | %† | | | 0.83 | % | | | 0.86 | % | | | 0.86 | % | | | 0.88 | % | | | 0.87 | % |
Expenses net of reimbursements/waivers, if any | | | 0.79 | %† | | | 0.81 | % | | | 0.84 | % | | | 0.84 | % | | | 0.87 | % | | | 0.87 | % |
Net investment income before reimbursements/waivers | | | 0.20 | %† | | | 0.47 | % | | | 0.64 | % | | | 0.64 | % | | | 0.63 | % | | | 0.41 | % |
Net investment income net of reimbursements/waivers, if any | | | 0.21 | %† | | | 0.49 | % | | | 0.66 | % | | | 0.66 | % | | | 0.64 | % | | | 0.41 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,843,513 | | | $ | 1,751,075 | | | $ | 1,971,807 | | | $ | 1,814,533 | | | $ | 1,427,675 | | | $ | 2,567,845 | |
Portfolio turnover | | | 64 | %†† | | | 70 | % | | | 117 | % | | | 89 | % | | | 175 | % | | | 50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Select Value | |
| | | For the Period
January 1, 2012
to June 30,
2012 (Unaudited) | | | For the Year Ended December 31, | | | For the Period
from October 30,
2007* to
December 31,
2007 | |
| | | | 2011 | | | 2010 | | | 2009 | | | 2008 | | |
Net Asset Value, beginning of period | | $ | 9.73 | | | $ | 9.84 | | | $ | 8.25 | | | $ | 6.07 | | | $ | 9.38 | | | $ | 10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.08 | | | | 0.10 | | | | 0.09 | | | | 0.10 | | | | 0.12 | | | | 0.04 | |
Net realized and unrealized gain (loss) | | | 0.62 | | | | (0.12 | ) | | | 1.59 | | | | 2.14 | | | | (3.31 | ) | | | (0.62 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.70 | | | | (0.02 | ) | | | 1.68 | | | | 2.24 | | | | (3.19 | ) | | | (0.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.09 | ) | | | (0.09 | ) | | | (0.06 | ) | | | (0.12 | ) | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.09 | ) | | | (0.09 | ) | | | (0.06 | ) | | | (0.12 | ) | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.43 | | | $ | 9.73 | | | $ | 9.84 | | | $ | 8.25 | | | $ | 6.07 | | | $ | 9.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 7.19 | %†† | | | (0.16 | )% | | | 20.34 | % | | | 36.99 | % | | | (33.96 | )% | | | (5.85 | )%†† |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 1.00 | %† | | | 0.99 | % | | | 1.00 | % | | | 1.04 | % | | | 1.01 | % | | | 1.04 | %† |
Expenses net of reimbursements/waivers, if any | | | 1.00 | %† | | | 0.99 | % | | | 1.00 | % | | | 1.04 | % | | | 0.98 | % | | | 1.00 | %† |
Net investment income before reimbursements/waivers | | | 1.45 | %† | | | 0.96 | % | | | 1.01 | % | | | 1.42 | % | | | 1.65 | % | | | 2.02 | %† |
Net investment income net of reimbursements/waivers, if any | | | 1.45 | %† | | | 0.96 | % | | | 1.01 | % | | | 1.42 | % | | | 1.68 | % | | | 2.06 | %† |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 341,958 | | | $ | 320,019 | | | $ | 338,336 | | | $ | 295,800 | | | $ | 220,955 | | | $ | 294,157 | |
Portfolio turnover | | | 27 | %†† | | | 60 | % | | | 68 | % | | | 85 | % | | | 211 | % | | | 11 | %†† |
| * | Commencement of operations |
See Notes to Financial Statements.
49
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Aggressive Opportunities | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 9.26 | | | $ | 11.34 | | | $ | 9.52 | | | $ | 6.32 | | | $ | 11.26 | | | $ | 12.85 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.02 | | | | 0.03 | | | | 0.01 | | | | (0.00 | )# | | | 0.03 | | | | 0.01 | |
Net realized and unrealized gain (loss) | | | 0.79 | | | | (1.23 | ) | | | 1.81 | | | | 3.22 | | | | (4.68 | ) | | | 0.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.81 | | | | (1.20 | ) | | | 1.82 | | | | 3.22 | | | | (4.65 | ) | | | 0.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.04 | ) | | | — | | | | (0.02 | ) | | | (0.01 | ) | | | — | |
From net realized gain | | | — | | | | (0.84 | ) | | | — | | | | — | | | | (0.28 | ) | | | (2.32 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.88 | ) | | | — | | | | (0.02 | ) | | | (0.29 | ) | | | (2.32 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.07 | | | $ | 9.26 | | | $ | 11.34 | | | $ | 9.52 | | | $ | 6.32 | | | $ | 11.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 8.75 | %†† | | | (10.42 | )% | | | 19.12 | % | | | 50.95 | % | | | (41.29 | )% | | | 5.53 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.92 | %† | | | 0.91 | % | | | 0.93 | % | | | 0.99 | % | | | 1.01 | % | | | 1.02 | % |
Expenses net of reimbursements/waivers, if any | | | 0.92 | %† | | | 0.91 | % | | | 0.93 | % | | | 0.98 | % | | | 0.96 | % | | | 1.02 | % |
Net investment income (loss) before reimbursements/waivers | | | 0.30 | %† | | | 0.21 | % | | | 0.05 | % | | | (0.02 | )% | | | 0.25 | % | | | 0.07 | % |
Net investment income (loss) net of reimbursements/waivers, if any | | | 0.30 | %† | | | 0.21 | % | | | 0.05 | % | | | (0.02 | )% | | | 0.30 | % | | | 0.08 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 986,283 | | | $ | 957,271 | | | $ | 1,147,570 | | | $ | 1,010,098 | | | $ | 668,403 | | | $ | 1,154,745 | |
Portfolio turnover | | | 20 | %†† | | | 53 | % | | | 96 | % | | | 53 | % | | | 57 | % | | | 45 | % |
| |
| | | Discovery | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | | | For the Period
from October 30,
2007* to
December 31,
2007 | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | |
Net Asset Value, beginning of period | | $ | 8.74 | | | $ | 9.42 | | | $ | 7.54 | | | $ | 5.46 | | | $ | 9.25 | | | $ | 10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.05 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.20 | | | | 0.03 | |
Net realized and unrealized gain (loss) | | | 0.75 | | | | (0.68 | ) | | | 1.89 | | | | 2.07 | | | | (3.77 | ) | | | (0.68 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.80 | | | | (0.58 | ) | | | 1.97 | | | | 2.15 | | | | (3.57 | ) | | | (0.65 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.10 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.17 | ) | | | (0.03 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.07 | ) |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.05 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.10 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.22 | ) | | | (0.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 9.54 | | | $ | 8.74 | | | $ | 9.42 | | | $ | 7.54 | | | $ | 5.46 | | | $ | 9.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 9.15 | %†† | | | (6.15 | )% | | | 26.08 | % | | | 39.32 | % | | | (38.51 | )% | | | (6.46 | )%†† |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.96 | %† | | | 0.95 | % | | | 0.98 | % | | | 0.99 | % | | | 0.99 | % | | | 1.07 | %† |
Expenses net of reimbursements/waivers, if any | | | 0.96 | %† | | | 0.96 | % | | | 0.98 | % | | | 0.99 | % | | | 0.99 | % | | | 1.07 | %† |
Net investment income | | | 0.99 | %† | | | 1.05 | % | | | 0.97 | % | | | 1.35 | % | | | 2.12 | % | | | 2.08 | %† |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 205,872 | | | $ | 193,872 | | | $ | 212,770 | | | $ | 178,174 | | | $ | 126,382 | | | $ | 173,510 | |
Portfolio turnover | | | 41 | %†† | | | 86 | % | | | 73 | % | | | 85 | % | | | 111 | % | | | 36 | %†† |
| * | Commencement of operations |
| # | Rounds to less than $0.01 |
See Notes to Financial Statements.
50
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | International | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 8.32 | | | $ | 9.34 | | | $ | 8.85 | | | $ | 6.94 | | | $ | 12.19 | | | $ | 12.57 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.14 | | | | 0.20 | | | | 0.15 | | | | 0.12 | | | | 0.17 | | | | 0.18 | |
Net realized and unrealized gain (loss) | | | 0.28 | | | | (1.01 | ) | | | 0.52 | | | | 1.96 | | | | (5.29 | ) | | | 1.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.42 | | | | (0.81 | ) | | | 0.67 | | | | 2.08 | | | | (5.12 | ) | | | 1.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.21 | ) | | | (0.18 | ) | | | (0.17 | ) | | | (0.02 | ) | | | (0.21 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | (0.11 | ) | | | (1.72 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.21 | ) | | | (0.18 | ) | | | (0.17 | ) | | | (0.13 | ) | | | (1.93 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 8.74 | | | $ | 8.32 | | | $ | 9.34 | | | $ | 8.85 | | | $ | 6.94 | | | $ | 12.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 5.05 | %†† | | | (8.57 | )% | | | 7.61 | % | | | 29.97 | % | | | (42.03 | )% | | | 12.46 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.99 | %† | | | 0.97 | % | | | 0.98 | % | | | 1.05 | % | | | 1.07 | % | | | 1.10 | % |
Expenses net of reimbursements/waivers, if any | | | 0.99 | %† | | | 0.95 | % | | | 0.98 | % | | | 1.05 | % | | | 1.07 | % | | | 1.10 | % |
Net investment income before reimbursements/waivers | | | 3.35 | %† | | | 2.25 | % | | | 1.95 | % | | | 1.70 | % | | | 1.95 | % | | | 1.15 | % |
Net investment income net of reimbursements/waivers, if any | | | 3.35 | %† | | | 2.26 | % | | | 1.95 | % | | | 1.70 | % | | | 1.95 | % | | | 1.15 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,234,060 | | | $ | 1,139,964 | | | $ | 1,218,763 | | | $ | 1,015,627 | | | $ | 766,210 | | | $ | 1,145,029 | |
Portfolio turnover | | | 23 | %†† | | | 50 | % | | | 53 | % | | | 164 | % | | | 59 | % | | | 60 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Diversifying Strategies (1) | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | �� | | For the Period
from October 30,
2007* to
December 31,
2007 | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | |
Net Asset Value, beginning of period | | $ | 10.01 | | | $ | 10.16 | | | $ | 9.85 | | | $ | 9.28 | | | $ | 9.95 | | | $ | 10.00 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.06 | | | | 0.10 | | | | 0.06 | | | | 0.09 | | | | 0.28 | | | | 0.06 | |
Net realized and unrealized gain (loss) | | | 0.04 | | | | (0.09 | ) | | | 0.44 | | | | 0.53 | | | | (0.95 | ) | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.10 | | | | 0.01 | | | | 0.50 | | | | 0.62 | | | | (0.67 | ) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.02 | ) | | | (0.19 | ) | | | (0.05 | ) | | | — | | | | (0.04 | ) |
From net realized gain | | | — | | | | (0.14 | ) | | | — | | | | — | | | | (0.00 | )# | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.16 | ) | | | (0.19 | ) | | | (0.05 | ) | | | (0.00 | )# | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.11 | | | $ | 10.01 | | | $ | 10.16 | | | $ | 9.85 | | | $ | 9.28 | | | $ | 9.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 1.00 | %†† | | | 0.10 | % | | | 5.04 | % | | | 6.64 | % | | | (6.73 | )% | | | (0.07 | )%†† |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.90 | %† | | | 0.91 | % | | | 0.91 | % | | | 0.96 | % | | | 1.00 | % | | | 1.02 | %† |
Expenses net of reimbursements/waivers, if any | | | 0.80 | %† | | | 0.85 | % | | | 0.91 | % | | | 0.95 | % | | | 0.99 | % | | | 1.01 | %† |
Net investment income before reimbursements/waivers | | | 1.04 | %† | | | 0.93 | % | | | 1.06 | % | | | 1.05 | % | | | 2.30 | % | | | 3.52 | %† |
Net investment income net of reimbursements/waivers, if any | | | 1.14 | %† | | | 1.00 | % | | | 1.06 | % | | | 1.06 | % | | | 2.31 | % | | | 3.53 | %† |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 917,307 | | | $ | 849,777 | | | $ | 870,591 | | | $ | 453,196 | | | $ | 338,090 | | | $ | 465,175 | |
Portfolio turnover | | | 39 | %†† | | | 73 | % | | | 63 | % | | | 129 | % | | | 89 | % | | | 16 | %†† |
| (1) | Formerly Diversified Assets Fund. |
| * | Commencement of operations |
| # | Rounds to less than $0.01 |
See Notes to Financial Statements.
51
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond Index Class I | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 10.47 | | | $ | 10.10 | | | $ | 9.89 | | | $ | 9.81 | | | $ | 9.87 | | | $ | 9.75 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.13 | | | | 0.31 | | | | 0.34 | | | | 0.40 | | | | 0.46 | | | | 0.47 | |
Net realized and unrealized gain (loss) | | | 0.09 | | | | 0.42 | | | | 0.26 | | | | 0.13 | | | | (0.02 | ) | | | 0.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.22 | | | | 0.73 | | | | 0.60 | | | | 0.53 | | | | 0.44 | | | | 0.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.16 | ) | | | (0.36 | ) | | | (0.39 | ) | | | (0.45 | ) | | | (0.50 | ) | | | (0.50 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.16 | ) | | | (0.36 | ) | | | (0.39 | ) | | | (0.45 | ) | | | (0.50 | ) | | | (0.50 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.53 | | | $ | 10.47 | | | $ | 10.10 | | | $ | 9.89 | | | $ | 9.81 | | | $ | 9.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 2.15 | %†† | | | 5.57 | % | | | 6.13 | % | | | 5.57 | % | | | 4.63 | % | | | 6.52 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.41 | %† | | | 0.41 | % | | | 0.42 | % | | | 0.42 | % | | | 0.44 | % | | | 0.44 | % |
Net investment income | | | 2.54 | %† | | | 3.00 | % | | | 3.31 | % | | | 3.99 | % | | | 4.70 | % | | | 4.71 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 883,438 | | | $ | 813,431 | | | $ | 824,963 | | | $ | 857,504 | | | $ | 656,279 | | | $ | 888,541 | |
Portfolio turnover | | | 34 | %†† | | | 57 | % | | | 85 | % | | | 60 | % | | | 49 | % | | | 76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond Index Class II | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 10.53 | | | $ | 10.16 | | | $ | 9.94 | | | $ | 9.86 | | | $ | 9.92 | | | $ | 9.80 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.14 | | | | 0.33 | | | | 0.36 | | | | 0.42 | | | | 0.48 | | | | 0.49 | |
Net realized and unrealized gain (loss) | | | 0.09 | | | | 0.43 | | | | 0.27 | | | | 0.13 | | | | (0.02 | ) | | | 0.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.23 | | | | 0.76 | | | | 0.63 | | | | 0.55 | | | | 0.46 | | | | 0.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.17 | ) | | | (0.39 | ) | | | (0.41 | ) | | | (0.47 | ) | | | (0.52 | ) | | | (0.52 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.17 | ) | | | (0.39 | ) | | | (0.41 | ) | | | (0.47 | ) | | | (0.52 | ) | | | (0.52 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.59 | | | $ | 10.53 | | | $ | 10.16 | | | $ | 9.94 | | | $ | 9.86 | | | $ | 9.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 2.23 | %†† | | | 7.57 | % | | | 6.41 | % | | | 5.74 | % | | | 4.82 | % | | | 6.71 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.21 | %† | | | 0.21 | % | | | 0.22 | % | | | 0.22 | % | | | 0.24 | % | | | 0.24 | % |
Net investment income | | | 2.75 | %† | | | 3.15 | % | | | 3.51 | % | | | 4.21 | % | | | 4.90 | % | | | 4.91 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 339,616 | | | $ | 320,809 | | | $ | 282,359 | | | $ | 238,193 | | | $ | 220,355 | | | $ | 201,573 | |
Portfolio turnover | | | 34 | %†† | | | 57 | % | | | 85 | % | | | 60 | % | | | 49 | % | | | 76 | % |
See Notes to Financial Statements.
52
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 500 Stock Index Class I | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 9.96 | | | $ | 9.95 | | | $ | 8.81 | | | $ | 7.12 | | | $ | 11.63 | | | $ | 11.23 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.09 | | | | 0.17 | | | | 0.15 | | | | 0.16 | | | | 0.18 | | | | 0.22 | |
Net realized and unrealized gain (loss) | | | 0.84 | | | | 0.00 | # | | | 1.13 | | | | 1.70 | | | | (4.52 | ) | | | 0.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.93 | | | | 0.17 | | | | 1.28 | | | | 1.86 | | | | (4.34 | ) | | | 0.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.16 | ) | | | (0.14 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.16 | ) | | | (0.14 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.89 | | | $ | 9.96 | | | $ | 9.95 | | | $ | 8.81 | | | $ | 7.12 | | | $ | 11.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 9.34 | %†† | | | 1.72 | % | | | 14.56 | % | | | 26.13 | % | | | (37.31 | )% | | | 5.06 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.42 | %† | | | 0.42 | % | | | 0.43 | % | | | 0.44 | % | | | 0.46 | % | | | 0.45 | % |
Net investment income | | | 1.70 | %† | | | 1.65 | % | | | 1.63 | % | | | 2.19 | % | | | 1.92 | % | | | 1.55 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 104,638 | | | $ | 94,197 | | | $ | 102,642 | | | $ | 85,772 | | | $ | 59,748 | | | $ | 95,694 | |
Portfolio turnover | | | 1 | %†† | | | 3 | % | | | 3 | % | | | 15 | % | | | 7 | % | | | 5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 500 Stock Index Class II | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 9.39 | | | $ | 9.39 | | | $ | 8.32 | | | $ | 6.73 | | | $ | 11.01 | | | $ | 10.65 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.09 | | | | 0.18 | | | | 0.16 | | | | 0.19 | | | | 0.19 | | | | 0.20 | |
Net realized and unrealized gain (loss) | | | 0.79 | | | | 0.00 | # | | | 1.07 | | | | 1.58 | | | | (4.28 | ) | | | 0.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.88 | | | | 0.18 | | | | 1.23 | | | | 1.77 | | | | (4.09 | ) | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.18 | ) | | | (0.16 | ) | | | (0.18 | ) | | | (0.19 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.18 | ) | | | (0.16 | ) | | | (0.18 | ) | | | (0.19 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.27 | | | $ | 9.39 | | | $ | 9.39 | | | $ | 8.32 | | | $ | 6.73 | | | $ | 11.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 9.37 | %†† | | | 1.97 | % | | | 14.78 | % | | | 26.35 | % | | | (37.15 | )% | | | 5.22 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.22 | %† | | | 0.22 | % | | | 0.23 | % | | | 0.24 | % | | | 0.26 | % | | | 0.25 | % |
Net investment income | | | 1.90 | %† | | | 1.86 | % | | | 1.84 | % | | | 2.40 | % | | | 2.13 | % | | | 1.75 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 337,061 | | | $ | 287,072 | | | $ | 281,443 | | | $ | 237,743 | | | $ | 200,989 | | | $ | 316,248 | |
Portfolio turnover | | | 1 | %†† | | | 3 | % | | | 3 | % | | | 15 | % | | | 7 | % | | | 5 | % |
| # | Rounds to less than $0.01 |
See Notes to Financial Statements.
53
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Broad Market Index Class I | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 10.85 | | | $ | 10.92 | | | $ | 9.47 | | | $ | 7.53 | | | $ | 12.25 | | | $ | 11.81 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.10 | | | | 0.20 | | | | 0.16 | | | | 0.17 | | | | 0.21 | | | | 0.26 | |
Net realized and unrealized gain (loss) | | | 0.87 | | | | (0.11 | ) | | | 1.43 | | | | 1.92 | | | | (4.75 | ) | | | 0.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.97 | | | | 0.09 | | | | 1.59 | | | | 2.09 | | | | (4.54 | ) | | | 0.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.16 | ) | | | (0.14 | ) | | | (0.15 | ) | | | (0.18 | ) | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.16 | ) | | | (0.14 | ) | | | (0.15 | ) | | | (0.18 | ) | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 11.82 | | | $ | 10.85 | | | $ | 10.92 | | | $ | 9.47 | | | $ | 7.53 | | | $ | 12.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 8.94 | %†† | | | 0.85 | % | | | 16.84 | % | | | 27.78 | % | | | (37.06 | )% | | | 5.15 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.42 | %† | | | 0.41 | % | | | 0.42 | % | | | 0.43 | % | | | 0.44 | % | | | 0.44 | % |
Net investment income | | | 1.67 | %† | | | 1.56 | % | | | 1.55 | % | | | 2.05 | % | | | 1.81 | % | | | 1.48 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 125,809 | | | $ | 114,674 | | | $ | 131,673 | | | $ | 119,777 | | | $ | 94,710 | | | $ | 170,584 | |
Portfolio turnover | | | 1 | %†† | | | 1 | % | | | 6 | % | | | 7 | % | | | 4 | % | | | 2 | % |
| |
| | | Broad Market Index Class II | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | | |
| | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 10.19 | | | $ | 10.27 | | | $ | 8.91 | | | $ | 7.09 | | | $ | 11.57 | | | $ | 11.17 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.11 | | | | 0.19 | | | | 0.16 | | | | 0.18 | | | | 0.20 | | | | 0.20 | |
Net realized and unrealized gain (loss) | | | 0.81 | | | | (0.09 | ) | | | 1.36 | | | | 1.81 | | | | (4.48 | ) | | | 0.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.92 | | | | 0.10 | | | | 1.52 | | | | 1.99 | | | | (4.28 | ) | | | 0.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.18 | ) | | | (0.16 | ) | | | (0.17 | ) | | | (0.20 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.18 | ) | | | (0.16 | ) | | | (0.17 | ) | | | (0.20 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 11.11 | | | $ | 10.19 | | | $ | 10.27 | | | $ | 8.91 | | | $ | 7.09 | | | $ | 11.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 9.03 | %†† | | | 1.07 | % | | | 17.12 | % | | | 28.04 | % | | | (36.97 | )% | | | 5.35 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.22 | %† | | | 0.21 | % | | | 0.22 | % | | | 0.23 | % | | | 0.24 | % | | | 0.24 | % |
Net investment income | | | 1.86 | %† | | | 1.77 | % | | | 1.75 | % | | | 2.26 | % | | | 2.03 | % | | | 1.68 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 402,447 | | | $ | 389,031 | | | $ | 406,029 | | | $ | 358,250 | | | $ | 295,297 | | | $ | 484,534 | |
Portfolio turnover | | | 1 | %†† | | | 1 | % | | | 6 | % | | | 7 | % | | | 4 | % | | | 2 | % |
See Notes to Financial Statements.
54
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Mid/Small Company Index Class I | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 14.02 | | | $ | 15.39 | | | $ | 12.35 | | | $ | 9.17 | | | $ | 16.23 | | | $ | 16.52 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.11 | | | | 0.16 | | | | 0.13 | | | | 0.13 | | | | 0.18 | | | | 0.16 | |
Net realized and unrealized gain (loss) | | | 1.10 | | | | (0.78 | ) | | | 3.31 | | | | 3.19 | | | | (6.46 | ) | | | 0.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.21 | | | | (0.62 | ) | | | 3.44 | | | | 3.32 | | | | (6.28 | ) | | | 0.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.15 | ) | | | (0.12 | ) | | | (0.14 | ) | | | (0.18 | ) | | | (0.20 | ) |
From net realized gain | | | — | | | | (0.60 | ) | | | (0.28 | ) | | | — | | | | (0.59 | ) | | | (0.93 | ) |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.75 | ) | | | (0.40 | ) | | | (0.14 | ) | | | (0.78 | ) | | | (1.13 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 15.23 | | | $ | 14.02 | | | $ | 15.39 | | | $ | 12.35 | | | $ | 9.17 | | | $ | 16.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 8.63 | %†† | | | (3.91 | )% | | | 27.93 | % | | | 36.19 | % | | | (38.57 | )% | | | 4.98 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.43 | %† | | | 0.43 | % | | | 0.45 | % | | | 0.48 | % | | | 0.50 | % | | | 0.50 | % |
Net investment income | | | 1.47 | %† | | | 1.11 | % | | | 1.16 | % | | | 1.46 | % | | | 1.47 | % | | | 1.16 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 276,983 | | | $ | 247,732 | | | $ | 243,794 | | | $ | 134,165 | | | $ | 82,628 | | | $ | 105,496 | |
Portfolio turnover | | | 9 | %†† | | | 15 | % | | | 14 | % | | | 25 | % | | | 15 | % | | | 18 | % |
| |
| | | Mid/Small Company Index Class II | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 13.26 | | | $ | 14.60 | | | $ | 11.73 | | | $ | 8.71 | | | $ | 15.48 | | | $ | 15.80 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.11 | | | | 0.19 | | | | 0.15 | | | | 0.17 | | | | 0.23 | | | | 0.22 | |
Net realized and unrealized gain (loss) | | | 1.05 | | | | (0.76 | ) | | | 3.14 | | | | 3.00 | | | | (6.20 | ) | | | 0.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.16 | | | | (0.57 | ) | | | 3.29 | | | | 3.17 | | | | (5.97 | ) | | | 0.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.17 | ) | | | (0.14 | ) | | | (0.15 | ) | | | (0.20 | ) | | | (0.22 | ) |
From net realized gain | | | — | | | | (0.60 | ) | | | (0.28 | ) | | | — | | | | (0.59 | ) | | | (0.93 | ) |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.01 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.77 | ) | | | (0.42 | ) | | | (0.15 | ) | | | (0.80 | ) | | | (1.15 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 14.42 | | | $ | 13.26 | | | $ | 14.60 | | | $ | 11.73 | | | $ | 8.71 | | | $ | 15.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 8.75 | %†† | | | (3.70 | )% | | | 28.15 | % | | | 36.47 | % | | | (38.44 | )% | | | 5.20 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.23 | %† | | | 0.23 | % | | | 0.25 | % | | | 0.28 | % | | | 0.30 | % | | | 0.30 | % |
Net investment income | | | 1.67 | %† | | | 1.30 | % | | | 1.35 | % | | | 1.66 | % | | | 1.63 | % | | | 1.36 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 184,769 | | | $ | 160,710 | | | $ | 161,178 | | | $ | 97,453 | | | $ | 71,965 | | | $ | 121,950 | |
Portfolio turnover | | | 9 | %†† | | | 15 | % | | | 14 | % | | | 25 | % | | | 15 | % | | | 18 | % |
See Notes to Financial Statements.
55
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Overseas Equity Index Class I | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 9.19 | | | $ | 10.82 | | | $ | 10.30 | | | $ | 8.20 | | | $ | 14.80 | | | $ | 13.79 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.19 | | | | 0.33 | | | | 0.23 | | | | 0.22 | | | | 0.39 | | | | 0.35 | |
Net realized and unrealized gain (loss) | | | 0.14 | | | | (1.68 | ) | | | 0.52 | | | | 2.12 | | | | (6.61 | ) | | | 1.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.33 | | | | (1.35 | ) | | | 0.75 | | | | 2.34 | | | | (6.22 | ) | | | 1.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.28 | ) | | | (0.23 | ) | | | (0.24 | ) | | | (0.32 | ) | | | (0.38 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | (0.06 | ) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.28 | ) | | | (0.23 | ) | | | (0.24 | ) | | | (0.38 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 9.52 | | | $ | 9.19 | | | $ | 10.82 | | | $ | 10.30 | | | $ | 8.20 | | | $ | 14.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | �� | | 3.59 | %†† | | | (12.42 | )% | | | 7.37 | % | | | 28.63 | % | | | (42.05 | )% | | | 10.17 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.55 | %† | | | 0.54 | % | | | 0.56 | % | | | 0.59 | % | | | 0.63 | % | | | 0.63 | % |
Net investment income | | | 4.17 | %† | | | 2.93 | % | | | 2.27 | % | | | 2.61 | % | | | 3.07 | % | | | 2.36 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 50,915 | | | $ | 44,911 | | | $ | 57,649 | | | $ | 52,937 | | | $ | 36,021 | | | $ | 70,723 | |
Portfolio turnover | | | 1 | %†† | | | 2 | % | | | 2 | % | | | 5 | % | | | 6 | % | | | 5 | % |
| |
| | | Overseas Equity Index Class II | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 8.60 | | | $ | 10.16 | | | $ | 9.69 | | | $ | 7.72 | | | $ | 13.98 | | | $ | 13.06 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.19 | | | | 0.31 | | | | 0.23 | | | | 0.23 | | | | 0.39 | | | | 0.35 | |
Net realized and unrealized gain (loss) | | | 0.14 | | | | (1.57 | ) | | | 0.50 | | | | 2.00 | | | | (6.25 | ) | | | 0.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.33 | | | | (1.26 | ) | | | 0.73 | | | | 2.23 | | | | (5.86 | ) | | | 1.34 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.30 | ) | | | (0.26 | ) | | | (0.26 | ) | | | (0.34 | ) | | | (0.41 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | (0.06 | ) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.30 | ) | | | (0.26 | ) | | | (0.26 | ) | | | (0.40 | ) | | | (0.42 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 8.93 | | | $ | 8.60 | | | $ | 10.16 | | | $ | 9.69 | | | $ | 7.72 | | | $ | 13.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 3.84 | %†† | | �� | (12.28 | )% | | | 7.54 | % | | | 28.94 | % | | | (41.90 | )% | | | 10.30 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.35 | %† | | | 0.34 | % | | | 0.36 | % | | | 0.39 | % | | | 0.43 | % | | | 0.43 | % |
Net investment income | | | 4.40 | %† | | | 3.11 | % | | | 2.45 | % | | | 2.83 | % | | | 3.27 | % | | | 2.56 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 156,410 | | | $ | 132,873 | | | $ | 149,208 | | | $ | 128,002 | | | $ | 92,719 | | | $ | 178,661 | |
Portfolio turnover | | | 1 | %†† | | | 2 | % | | | 2 | % | | | 5 | % | | | 6 | % | | | 5 | % |
See Notes to Financial Statements.
56
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Model Portfolio Savings Oriented | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 24.40 | | | $ | 24.32 | | | $ | 23.22 | | | $ | 20.58 | | | $ | 24.70 | | | $ | 24.70 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.13 | | | | 0.51 | | | | 0.46 | | | | 0.49 | | | | 0.73 | | | | 0.88 | |
Net realized and unrealized gain (loss) | | | 0.72 | | | | 0.07 | | | | 1.11 | | | | 2.64 | | | | (3.63 | ) | | | 0.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.85 | | | | 0.58 | | | | 1.57 | | | | 3.13 | | | | (2.90 | ) | | | 1.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.50 | ) | | | (0.47 | ) | | | (0.48 | ) | | | (0.70 | ) | | | (0.96 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | (0.01 | ) | | | (0.52 | ) | | | (0.55 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.50 | ) | | | (0.47 | ) | | | (0.49 | ) | | | (1.22 | ) | | | (1.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 25.25 | | | $ | 24.40 | | | $ | 24.32 | | | $ | 23.22 | | | $ | 20.58 | | | $ | 24.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 3.48 | %†† | | | 2.38 | % | | | 6.78 | % | | | 15.18 | % | | | (11.67 | )% | | | 6.15 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.14 | %† | | | 0.14 | % | | | 0.14 | % | | | 0.16 | % | | | 0.16 | % | | | 0.15 | % |
Net investment income | | | 1.02 | %† | | | 1.76 | % | | | 1.97 | % | | | 2.36 | % | | | 2.88 | % | | | 3.66 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 302,858 | | | $ | 288,467 | | | $ | 338,533 | | | $ | 307,297 | | | $ | 255,970 | | | $ | 311,455 | |
Portfolio turnover | | | 4 | %†† | | | 15 | % | | | 25 | % | | | 7 | % | | | 18 | % | | | 27 | % |
| |
| | | Model Portfolio Conservative Growth | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 23.46 | | | $ | 23.62 | | | $ | 22.13 | | | $ | 19.04 | | | $ | 24.62 | | | $ | 24.48 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.10 | | | | 0.43 | | | | 0.40 | | | | 0.44 | | | | 0.58 | | | | 0.68 | |
Net realized and unrealized gain (loss) | | | 0.90 | | | | (0.16 | ) | | | 1.50 | | | | 3.08 | | | | (4.92 | ) | | | 0.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.00 | | | | 0.27 | | | | 1.90 | | | | 3.52 | | | | (4.34 | ) | | | 1.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.43 | ) | | | (0.41 | ) | | | (0.43 | ) | | | (0.53 | ) | | | (0.75 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | — | | | | (0.71 | ) | | | (0.71 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.43 | ) | | | (0.41 | ) | | | (0.43 | ) | | | (1.24 | ) | | | (1.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 24.46 | | | $ | 23.46 | | | $ | 23.62 | | | $ | 22.13 | | | $ | 19.04 | | | $ | 24.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 4.26 | %†† | | | 1.15 | % | | | 8.60 | % | | | 18.50 | % | | | (17.56 | )% | | | 6.57 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.13 | %† | | | 0.12 | % | | | 0.13 | % | | | 0.15 | % | | | 0.15 | % | | | 0.14 | % |
Net investment income | | | 0.81 | %† | | | 1.67 | % | | | 1.80 | % | | | 2.20 | % | | | 2.40 | % | | | 2.99 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 588,386 | | | $ | 556,164 | | | $ | 586,912 | | | $ | 528,183 | | | $ | 449,433 | | | $ | 597,775 | |
Portfolio turnover | | | 4 | %†† | | | 14 | % | | | 23 | % | | | 13 | % | | | 19 | % | | | 27 | % |
See Notes to Financial Statements.
57
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Model Portfolio Traditional Growth | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 21.52 | | | $ | 22.17 | | | $ | 20.28 | | | $ | 16.65 | | | $ | 24.04 | | | $ | 24.26 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.06 | | | | 0.38 | | | | 0.33 | | | | 0.33 | | | | 0.38 | | | | 0.46 | |
Net realized and unrealized gain (loss) | | | 1.09 | | | | (0.50 | ) | | | 1.89 | | | | 3.62 | | | | (6.53 | ) | | | 1.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.15 | | | | (0.12 | ) | | | 2.22 | | | | 3.95 | | | | (6.15 | ) | | | 1.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.48 | ) | | | (0.33 | ) | | | (0.30 | ) | | | (0.30 | ) | | | (0.56 | ) |
From net realized gain | | | — | | | | (0.05 | ) | | | — | | | | (0.02 | ) | | | (0.94 | ) | | | (1.37 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.53 | ) | | | (0.33 | ) | | | (0.32 | ) | | | (1.24 | ) | | | (1.93 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 22.67 | | | $ | 21.52 | | | $ | 22.17 | | | $ | 20.28 | | | $ | 16.65 | | | $ | 24.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 5.34 | %†† | | | (0.56 | )% | | | 10.95 | % | | | 23.72 | % | | | (25.39 | )% | | | 7.03 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.12 | %† | | | 0.11 | % | | | 0.12 | % | | | 0.13 | % | | | 0.13 | % | | | 0.13 | % |
Net investment income | | | 0.53 | %† | | | 1.52 | % | | | 1.57 | % | | | 1.86 | % | | | 1.74 | % | | | 2.23 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,444,276 | | | $ | 1,366,108 | | | $ | 1,495,757 | | | $ | 1,353,050 | | | $ | 1,072,076 | | | $ | 1,487,224 | |
Portfolio turnover | | | 4 | %†† | | | 13 | % | | | 15 | % | | | 8 | % | | | 20 | % | | | 28 | % |
| |
| | | Model Portfolio Long-Term Growth | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 20.32 | | | $ | 21.41 | | | $ | 19.30 | | | $ | 15.35 | | | $ | 24.26 | | | $ | 24.56 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.03 | | | | 0.35 | | | | 0.27 | | | | 0.26 | | | | 0.24 | | | | 0.26 | |
Net realized and unrealized gain (loss) | | | 1.21 | | | | (0.77 | ) | | | 2.15 | | | | 3.99 | | | | (7.81 | ) | | | 1.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.24 | | | | (0.42 | ) | | | 2.42 | | | | 4.25 | | | | (7.57 | ) | | | 1.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.40 | ) | | | (0.31 | ) | | | (0.21 | ) | | | (0.21 | ) | | | (0.43 | ) |
From net realized gain | | | — | | | | (0.27 | ) | | | — | | | | (0.09 | ) | | | (1.13 | ) | | | (1.77 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.67 | ) | | | (0.31 | ) | | | (0.30 | ) | | | (1.34 | ) | | | (2.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 21.56 | | | $ | 20.32 | | | $ | 21.41 | | | $ | 19.30 | | | $ | 15.35 | | | $ | 24.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.10 | %†† | | | (1.98 | )% | | | 12.54 | % | | | 27.67 | % | | | (30.99 | )% | | | 7.74 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.11 | %† | | | 0.11 | % | | | 0.12 | % | | | 0.13 | % | | | 0.13 | % | | | 0.12 | % |
Net investment income | | | 0.30 | %† | | | 1.42 | % | | | 1.40 | % | | | 1.63 | % | | | 1.16 | % | | | 1.57 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,817,004 | | | $ | 1,712,228 | | | $ | 1,848,430 | | | $ | 1,621,102 | | | $ | 1,203,596 | | | $ | 1,677,987 | |
Portfolio turnover | | | 3 | %†† | | | 11 | % | | | 10 | % | | | 5 | % | | | 14 | % | | | 27 | % |
See Notes to Financial Statements.
58
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Model Portfolio All-Equity Growth | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 18.69 | | | $ | 19.81 | | | $ | 17.38 | | | $ | 13.07 | | | $ | 24.63 | | | $ | 25.88 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.01 | ) | | | 0.28 | | | | 0.16 | | | | 0.18 | | | | 0.11 | | | | 0.04 | |
Net realized and unrealized gain (loss) | | | 1.43 | | | | (1.12 | ) | | | 2.43 | | | | 4.41 | | | | (10.01 | ) | | | 1.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.42 | | | | (0.84 | ) | | | 2.59 | | | | 4.59 | | | | (9.90 | ) | | | 2.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.28 | ) | | | (0.16 | ) | | | (0.15 | ) | | | (0.12 | ) | | | (0.21 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | (0.13 | ) | | | (1.54 | ) | | | (3.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.28 | ) | | | (0.16 | ) | | | (0.28 | ) | | | (1.66 | ) | | | (3.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 20.11 | | | $ | 18.69 | | | $ | 19.81 | | | $ | 17.38 | | | $ | 13.07 | | | $ | 24.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 7.60 | %†† | | | (4.23 | )% | | | 14.93 | % | | | 35.07 | % | | | (39.86 | )% | | | 7.75 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses | | | 0.13 | %† | | | 0.12 | % | | | 0.13 | % | | | 0.14 | % | | | 0.15 | % | | | 0.14 | % |
Net investment income (loss) | | | (0.13 | )%† | | | 1.24 | % | | | 0.95 | % | | | 1.30 | % | | | 0.57 | % | | | 0.82 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 708,855 | | | $ | 649,826 | | | $ | 715,090 | | | $ | 591,533 | | | $ | 385,657 | | | $ | 597,973 | |
Portfolio turnover | | | 2 | %†† | | | 9 | % | | | 6 | % | | | 3 | % | | | 7 | % | | | 23 | % |
| |
| | | Milestone Retirement Income | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 10.18 | | | $ | 10.33 | | | $ | 9.81 | | | $ | 8.56 | | | $ | 10.61 | | | $ | 10.51 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.05 | | | | 0.19 | | | | 0.12 | | | | 0.16 | | | | 0.29 | | | | 0.27 | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.05 | | | | 0.56 | | | | 1.26 | | | | (1.76 | ) | | | 0.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.35 | | | | 0.24 | | | | 0.68 | | | | 1.42 | | | | (1.47 | ) | | | 0.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.19 | ) | | | (0.15 | ) | | | (0.15 | ) | | | (0.29 | ) | | | (0.29 | ) |
From net realized gain | | | — | | | | (0.20 | ) | | | (0.01 | ) | | | (0.02 | ) | | | (0.29 | ) | | | (0.24 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.39 | ) | | | (0.16 | ) | | | (0.17 | ) | | | (0.58 | ) | | | (0.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.53 | | | $ | 10.18 | | | $ | 10.33 | | | $ | 9.81 | | | $ | 8.56 | | | $ | 10.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 3.44 | %†† | | | 2.37 | % | | | 6.93 | % | | | 16.53 | % | | | (13.76 | )% | | | 6.05 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.15 | %† | | | 0.15 | % | | | 0.18 | % | | | 0.25 | % | | | 0.27 | % | | | 0.30 | % |
Expenses net of reimbursements/waivers, if any | | | 0.15 | %† | | | 0.15 | % | | | 0.18 | % | | | 0.20 | % | | | 0.07 | % | | | 0.14 | % |
Net investment income before reimbursements/waivers | | | 1.00 | %† | | | 1.79 | % | | | 2.49 | % | | | 2.29 | % | | | 2.55 | % | | | 3.48 | % |
Net investment income net of reimbursements/waivers, if any | | | 1.00 | %† | | | 1.79 | % | | | 2.49 | % | | | 2.34 | % | | | 2.74 | % | | | 3.63 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 227,731 | | | $ | 220,063 | | | $ | 215,961 | | | $ | 76,683 | | | $ | 43,323 | | | $ | 54,573 | |
Portfolio turnover | | | 4 | %†† | | | 19 | % | | | 25 | % | | | 14 | % | | | 36 | % | | | 63 | % |
See Notes to Financial Statements.
59
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Milestone 2010 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 10.10 | | | $ | 10.24 | | | $ | 9.56 | | | $ | 8.27 | | | $ | 10.65 | | | $ | 10.85 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.04 | | | | 0.19 | | | | 0.10 | | | | 0.18 | | | | 0.23 | | | | 0.27 | |
Net realized and unrealized gain (loss) | | | 0.43 | | | | (0.04 | ) | | | 0.71 | | | | 1.29 | | | | (2.09 | ) | | | 0.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.47 | | | | 0.15 | | | | 0.81 | | | | 1.47 | | | | (1.86 | ) | | | 0.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.21 | ) | | | (0.13 | ) | | | (0.14 | ) | | | (0.23 | ) | | | (0.30 | ) |
From net realized gain | | | — | | | | (0.08 | ) | | | — | | | | (0.04 | ) | | | (0.29 | ) | | | (0.59 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.29 | ) | | | (0.13 | ) | | | (0.18 | ) | | | (0.52 | ) | | | (0.89 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.57 | | | $ | 10.10 | | | $ | 10.24 | | | $ | 9.56 | | | $ | 8.27 | | | $ | 10.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 4.65 | %†† | | | 1.41 | % | | | 8.51 | % | | | 17.71 | % | | | (17.34 | )% | | | 6.43 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.15 | %† | | | 0.15 | % | | | 0.18 | % | | | 0.22 | % | | | 0.23 | % | | | 0.24 | % |
Expenses net of reimbursements/waivers, if any | | | 0.15 | %† | | | 0.15 | % | | | 0.18 | % | | | 0.19 | % | | | 0.13 | % | | | 0.18 | % |
Net investment income before reimbursements/waivers | | | 0.66 | %† | | | 1.75 | % | | | 2.11 | % | | | 2.15 | % | | | 2.31 | % | | | 2.97 | % |
Net investment income net of reimbursements/waivers, if any | | | 0.66 | %† | | | 1.75 | % | | | 2.11 | % | | | 2.17 | % | | | 2.41 | % | | | 3.02 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 229,590 | | | $ | 222,275 | | | $ | 217,770 | | | $ | 90,790 | | | $ | 65,043 | | | $ | 70,403 | |
Portfolio turnover | | | 5 | %†† | | | 22 | % | | | 33 | % | | | 20 | % | | | 27 | % | | | 58 | % |
| |
| | | Milestone 2015 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 10.16 | | | $ | 10.35 | | | $ | 9.53 | | | $ | 7.96 | | | $ | 11.13 | | | $ | 11.29 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.03 | | | | 0.18 | | | | 0.12 | | | | 0.16 | | | | 0.17 | | | | 0.22 | |
Net realized and unrealized gain (loss) | | | 0.47 | | | | (0.10 | ) | | | 0.85 | | | | 1.58 | | | | (2.80 | ) | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.50 | | | | 0.08 | | | | 0.97 | | | | 1.74 | | | | (2.63 | ) | | | 0.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.21 | ) | | | (0.14 | ) | | | (0.11 | ) | | | (0.18 | ) | | | (0.25 | ) |
From net realized gain | | | — | | | | (0.06 | ) | | | (0.01 | ) | | | (0.06 | ) | | | (0.36 | ) | | | (0.69 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.27 | ) | | | (0.15 | ) | | | (0.17 | ) | | | (0.54 | ) | | | (0.94 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.66 | | | $ | 10.16 | | | $ | 10.35 | | | $ | 9.53 | | | $ | 7.96 | | | $ | 11.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 4.92 | %†† | | | 0.70 | % | | | 10.20 | % | | | 21.84 | % | | | (23.54 | )% | | | 6.88 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.14 | %† | | | 0.14 | % | | | 0.15 | % | | | 0.18 | % | | | 0.19 | % | | | 0.18 | % |
Expenses net of reimbursements/waivers, if any | | | 0.14 | %† | | | 0.14 | % | | | 0.15 | % | | | 0.17 | % | | | 0.14 | % | | | 0.18 | % |
Net investment income before reimbursements/waivers | | | 0.57 | %† | | | 1.72 | % | | | 1.96 | % | | | 2.06 | % | | | 1.81 | % | | | 2.57 | % |
Net investment income net of reimbursements/waivers, if any | | | 0.57 | %† | | | 1.72 | % | | | 1.96 | % | | | 2.07 | % | | | 1.85 | % | | | 2.57 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 408,869 | | | $ | 381,855 | | | $ | 363,144 | | | $ | 185,989 | | | $ | 120,249 | | | $ | 138,535 | |
Portfolio turnover | | | 4 | %†† | | | 20 | % | | | 15 | % | | | 12 | % | | | 21 | % | | | 40 | % |
See Notes to Financial Statements.
60
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Milestone 2020 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 10.10 | | | $ | 10.34 | | | $ | 9.43 | | | $ | 7.83 | | | $ | 11.38 | | | $ | 11.52 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.02 | | | | 0.18 | | | | 0.14 | | | | 0.16 | | | | 0.13 | | | | 0.20 | |
Net realized and unrealized gain (loss) | | | 0.51 | | | | (0.20 | ) | | | 0.92 | | | | 1.68 | | | | (3.20 | ) | | | 0.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.53 | | | | (0.02 | ) | | | 1.06 | | | | 1.84 | | | | (3.07 | ) | | | 0.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.18 | ) | | | (0.14 | ) | | | (0.16 | ) | | | (0.14 | ) | | | (0.23 | ) |
From net realized gain | | | — | | | | (0.04 | ) | | | (0.01 | ) | | | (0.08 | ) | | | (0.34 | ) | | | (0.74 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.22 | ) | | | (0.15 | ) | | | (0.24 | ) | | | (0.48 | ) | | | (0.97 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.63 | | | $ | 10.10 | | | $ | 10.34 | | | $ | 9.43 | | | $ | 7.83 | | | $ | 11.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 5.25 | %†† | | | (0.26 | )% | | | 11.27 | % | | | 23.43 | % | | | (26.86 | )% | | | 7.17 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.14 | %† | | | 0.13 | % | | | 0.15 | % | | | 0.18 | % | | | 0.19 | % | | | 0.20 | % |
Expenses net of reimbursements/waivers, if any | | | 0.14 | %† | | | 0.13 | % | | | 0.15 | % | | | 0.17 | % | | | 0.15 | % | | | 0.19 | % |
Net investment income before reimbursements/waivers | | | 0.47 | %† | | | 1.73 | % | | | 1.93 | % | | | 2.16 | % | | | 1.50 | % | | | 2.23 | % |
Net investment income net of reimbursements/waivers, if any | | | 0.47 | %† | | | 1.73 | % | | | 1.93 | % | | | 2.17 | % | | | 1.54 | % | | | 2.24 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 430,751 | | | $ | 386,327 | | | $ | 344,033 | | | $ | 186,148 | | | $ | 112,440 | | | $ | 112,064 | |
Portfolio turnover | | | 3 | %†† | | | 16 | % | | | 10 | % | | | 7 | % | | | 12 | % | | | 40 | % |
| |
| | | Milestone 2025 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 9.97 | | | $ | 10.27 | | | $ | 9.28 | | | $ | 7.58 | | | $ | 11.55 | | | $ | 11.72 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.02 | | | | 0.17 | | | | 0.13 | | | | 0.14 | | | | 0.10 | | | | 0.16 | |
Net realized and unrealized gain (loss) | | | 0.55 | | | | (0.26 | ) | | | 1.00 | | | | 1.78 | | | | (3.57 | ) | | | 0.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.57 | | | | (0.09 | ) | | | 1.13 | | | | 1.92 | | | | (3.47 | ) | | | 0.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.17 | ) | | | (0.12 | ) | | | (0.14 | ) | | | (0.11 | ) | | | (0.20 | ) |
From net realized gain | | | — | | | | (0.04 | ) | | | (0.02 | ) | | | (0.08 | ) | | | (0.39 | ) | | | (0.81 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.21 | ) | | | (0.14 | ) | | | (0.22 | ) | | | (0.50 | ) | | | (1.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.54 | | | $ | 9.97 | | | $ | 10.27 | | | $ | 9.28 | | | $ | 7.58 | | | $ | 11.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 5.72 | %†† | | | (0.85 | )% | | | 12.25 | % | | | 25.40 | % | | | (29.90 | )% | | | 7.17 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.14 | %† | | | 0.14 | % | | | 0.16 | % | | | 0.19 | % | | | 0.21 | % | | | 0.22 | % |
Expenses net of reimbursements/waivers, if any | | | 0.14 | %† | | | 0.14 | % | | | 0.16 | % | | | 0.18 | % | | | 0.15 | % | | | 0.18 | % |
Net investment income before reimbursements/waivers | | | 0.35 | %† | | | 1.71 | % | | | 1.77 | % | | | 2.03 | % | | | 1.17 | % | | | 1.98 | % |
Net investment income net of reimbursements/waivers, if any | | | 0.35 | %† | | | 1.71 | % | | | 1.77 | % | | | 2.04 | % | | | 1.22 | % | | | 2.02 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 344,450 | | | $ | 301,275 | | | $ | 267,155 | | | $ | 146,397 | | | $ | 81,317 | | | $ | 83,891 | |
Portfolio turnover | | | 2 | %†† | | | 15 | % | | | 7 | % | | | 5 | % | | | 11 | % | | | 38 | % |
See Notes to Financial Statements.
61
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Milestone 2030 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 10.00 | | | $ | 10.34 | | | $ | 9.26 | | | $ | 7.45 | | | $ | 11.75 | | | $ | 11.88 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.01 | | | | 0.16 | | | | 0.12 | | | | 0.13 | | | | 0.08 | | | | 0.14 | |
Net realized and unrealized gain (loss) | | | 0.61 | | | | (0.31 | ) | | | 1.09 | | | | 1.90 | | | | (3.92 | ) | | | 0.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.62 | | | | (0.15 | ) | | | 1.21 | | | | 2.03 | | | | (3.84 | ) | | | 0.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.17 | ) | | | (0.12 | ) | | | (0.13 | ) | | | (0.09 | ) | | | (0.18 | ) |
From net realized gain | | | — | | | | (0.02 | ) | | | (0.01 | ) | | | (0.09 | ) | | | (0.37 | ) | | | (0.79 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.19 | ) | | | (0.13 | ) | | | (0.22 | ) | | | (0.46 | ) | | | (0.97 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.62 | | | $ | 10.00 | | | $ | 10.34 | | | $ | 9.26 | | | $ | 7.45 | | | $ | 11.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.20 | %†† | | | (1.46 | )% | | | 13.11 | % | | | 27.33 | % | | | (32.54 | )% | | | 7.11 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.15 | %† | | | 0.15 | % | | | 0.16 | % | | | 0.20 | % | | | 0.23 | % | | | 0.26 | % |
Expenses net of reimbursements/waivers, if any | | | 0.15 | %† | | | 0.15 | % | | | 0.16 | % | | | 0.19 | % | | | 0.16 | % | | | 0.20 | % |
Net investment income before reimbursements/waivers | | | 0.19 | %† | | | 1.65 | % | | | 1.53 | % | | | 1.89 | % | | | 1.01 | % | | | 1.78 | % |
Net investment income net of reimbursements/waivers, if any | | | 0.19 | %† | | | 1.65 | % | | | 1.53 | % | | | 1.90 | % | | | 1.07 | % | | | 1.85 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 271,236 | | | $ | 236,452 | | | $ | 211,155 | | | $ | 121,219 | | | $ | 66,183 | | | $ | 61,465 | |
Portfolio turnover | | | 2 | %†† | | | 14 | % | | | 7 | % | | | 4 | % | | | 10 | % | | | 43 | % |
| |
| | | Milestone 2035 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 9.86 | | | $ | 10.28 | | | $ | 9.10 | | | $ | 7.21 | | | $ | 11.83 | | | $ | 11.98 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.00 | | | | 0.16 | | | | 0.10 | | | | 0.13 | | | | 0.08 | | | | 0.12 | |
Net realized and unrealized gain (loss) | | | 0.66 | | | | (0.39 | ) | | | 1.20 | | | | 1.98 | | | | (4.23 | ) | | | 0.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.66 | | | | (0.23 | ) | | | 1.30 | | | | 2.11 | | | | (4.15 | ) | | | 0.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.16 | ) | | | (0.10 | ) | | | (0.13 | ) | | | (0.08 | ) | | | (0.17 | ) |
From net realized gain | | | — | | | | (0.03 | ) | | | (0.02 | ) | | | (0.09 | ) | | | (0.39 | ) | | | (0.85 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.19 | ) | | | (0.12 | ) | | | (0.22 | ) | | | (0.47 | ) | | | (1.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.52 | | | $ | 9.86 | | | $ | 10.28 | | | $ | 9.10 | | | $ | 7.21 | | | $ | 11.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 6.69 | %†† | | | (2.24 | )% | | | 14.33 | % | | | 29.22 | % | | | (34.91 | )% | | | 7.25 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.16 | %† | | | 0.17 | % | | | 0.19 | % | | | 0.25 | % | | | 0.31 | % | | | 0.40 | % |
Expenses net of reimbursements/waivers, if any | | | 0.16 | %† | | | 0.17 | % | | | 0.19 | % | | | 0.22 | % | | | 0.19 | % | | | 0.20 | % |
Net investment income before reimbursements/waivers | | | 0.04 | %† | | | 1.62 | % | | | 1.35 | % | | | 1.92 | % | | | 0.90 | % | | | 1.60 | % |
Net investment income net of reimbursements/waivers, if any | | | 0.04 | %† | | | 1.62 | % | | | 1.35 | % | | | 1.95 | % | | | 1.03 | % | | | 1.80 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 176,346 | | | $ | 150,472 | | | $ | 133,121 | | | $ | 76,875 | | | $ | 37,375 | | | $ | 34,831 | |
Portfolio turnover | | | 2 | %†† | | | 13 | % | | | 7 | % | | | 4 | % | | | 9 | % | | | 40 | % |
See Notes to Financial Statements.
62
THE VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Milestone 2040 | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year Ended December 31, | |
| | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Net Asset Value, beginning of period | | $ | 9.86 | | | $ | 10.30 | | | $ | 9.07 | | | $ | 7.10 | | | $ | 11.85 | | | $ | 11.91 | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 0.00 | | | | 0.17 | | | | 0.10 | | | | 0.13 | | | | 0.08 | | | | 0.11 | |
Net realized and unrealized gain (loss) | | | 0.70 | | | | (0.44 | ) | | | 1.25 | | | | 2.05 | | | | (4.38 | ) | | | 0.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.70 | | | | (0.27 | ) | | | 1.35 | | | | 2.18 | | | | (4.30 | ) | | | 0.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.17 | ) | | | (0.10 | ) | | | (0.13 | ) | | | (0.08 | ) | | | (0.16 | ) |
From net realized gain | | | — | | | | — | | | | (0.02 | ) | | | (0.08 | ) | | | (0.37 | ) | | | (0.76 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.17 | ) | | | (0.12 | ) | | | (0.21 | ) | | | (0.45 | ) | | | (0.92 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 10.56 | | | $ | 9.86 | | | $ | 10.30 | | | $ | 9.07 | | | $ | 7.10 | | | $ | 11.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 7.10 | %†† | | | (2.61 | )% | | | 14.91 | % | | | 30.70 | % | | | (36.13 | )% | | | 7.23 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.16 | %† | | | 0.17 | % | | | 0.18 | % | | | 0.23 | % | | | 0.32 | % | | | 0.43 | % |
Expenses net of reimbursements/waivers, if any | | | 0.16 | %† | | | 0.17 | % | | | 0.18 | % | | | 0.21 | % | | | 0.19 | % | | | 0.19 | % |
Net investment income before reimbursements/waivers | | | 0.00 | %† | | | 1.67 | % | | | 1.20 | % | | | 2.05 | % | | | 0.92 | % | | | 1.61 | % |
Net investment income net of reimbursements/waivers, if any | | | 0.00 | %† | | | 1.67 | % | | | 1.20 | % | | | 2.06 | % | | | 1.05 | % | | | 1.85 | % |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 172,257 | | | $ | 146,032 | | | $ | 132,306 | | | $ | 91,348 | | | $ | 38,001 | | | $ | 32,882 | |
Portfolio turnover | | | 1 | %†† | | | 14 | % | | | 21 | % | | | 4 | % | | | 11 | % | | | 47 | % |
| | | | |
| | | Milestone 2045 | | | | | | | | | | |
| | | For the Period
January 1, 2012
to June 30, 2012
(Unaudited) | | | For the Year
Ended
December 31,
2011 | | | For the Period
from January 4,
2010* to
December 31,
2010 | | | | | | | | | | |
Net Asset Value, beginning of period | | $ | 10.71 | | | $ | 11.33 | | | $ | 10.00 | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | (0.01 | ) | | | 0.17 | | | | 0.10 | | | | | | | | | | | | | |
Net realized and unrealized gain (loss). | | | 0.78 | | | | (0.49 | ) | | | 1.36 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.77 | | | | (0.32 | ) | | | 1.46 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.17 | ) | | | (0.10 | ) | | | | | | | | | | | | |
From net realized gain | | | — | | | | (0.13 | ) | | | (0.03 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.30 | ) | | | (0.13 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net Asset Value, end of period | | $ | 11.48 | | | $ | 10.71 | | | $ | 11.33 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total return | | | 7.19 | %†† | | | (2.81 | )% | | | 14.62 | %†† | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses before reimbursements/waivers | | | 0.28 | %† | | | 0.35 | % | | | 0.87 | %† | | | | | | | | | | | | |
Expenses net of reimbursements/waivers, if any | | | 0.28 | %† | | | 0.35 | % | | | 0.34 | %† | | | | | | | | | | | | |
Net investment income (loss) before reimbursements/waivers | | | (0.12 | )%† | | | 1.68 | % | | | 1.67 | %† | | | | | | | | | | | | |
Net investment income (loss) net of reimbursements/waivers, if any | | | (0.12 | )%† | | | 1.69 | % | | | 2.19 | %† | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 44,983 | | | $ | 33,434 | | | $ | 22,363 | | | | | | | | | | | | | |
Portfolio turnover | | | 2 | %†† | | | 14 | % | | | 8 | %†† | | | | | | | | | | | | |
| * | Commencement of operations |
See Notes to Financial Statements.
63
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
The Vantagepoint Funds (the “Company”) was organized as a Delaware statutory trust on July 28, 1998 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company consisted of the following series on June 30, 2012:
| | |
| |
| The “Actively Managed Funds”: | | The “Index Funds”: |
Low Duration Bond Fund | | Core Bond Index Fund |
Inflation Protected Securities Fund | | 500 Stock Index Fund |
Equity Income Fund | | Broad Market Index Fund |
Growth & Income Fund | | Mid/Small Company Index Fund |
Growth Fund | | Overseas Equity Index Fund |
Select Value Fund | | |
Aggressive Opportunities Fund | | |
Discovery Fund | | |
International Fund | | |
Diversifying Strategies Fund | | |
| |
| The “Milestone Funds”: | | The “Model Portfolio Funds”: |
Milestone Retirement Income Fund | | Model Portfolio Savings Oriented Fund |
Milestone 2010 Fund | | Model Portfolio Conservative Growth Fund |
Milestone 2015 Fund | | Model Portfolio Traditional Growth Fund |
Milestone 2020 Fund | | Model Portfolio Long-Term Growth Fund |
Milestone 2025 Fund | | Model Portfolio All-Equity Growth Fund |
Milestone 2030 Fund | | |
Milestone 2035 Fund | | |
Milestone 2040 Fund | | |
Milestone 2045 Fund | | |
The Actively Managed, Model Portfolio and Milestone Funds each offer a single class of shares. The Index Funds offer two classes of shares: Class I Shares and Class II Shares. The two classes of shares differ principally in their respective level of account-based services and the fees associated with such services. Ordinary dividends to shareholders are allocated to each class, based upon shares outstanding on the record date of distribution. Neither class has preferential dividend rights. Differences in per share dividend rates are generally due to differences in separate class expenses.
The Model Portfolio Funds Structure
The Model Portfolio Funds invest entirely in other series of the Company (“underlying funds”). Subject to the supervision of the Board, Vantagepoint Investment Advisers, LLC (“VIA” or the “Adviser”) may make allocation changes to the underlying funds based on its periodic analysis to identify the allocation of assets among the different underlying funds that it believes is optimum for each Model Portfolio Fund. Each Model Portfolio Fund has a different degree of potential risk and reward and is diversified among various underlying funds in differing allocations. The underlying funds of each Model Portfolio Fund and the target investment allocation to each underlying fund as of June 30, 2012 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Model Portfolio Funds | |
Fund | | Savings
Oriented | | | Conservative
Growth | | | Traditional
Growth | | | Long-
Term
Growth | | | All-Equity
Growth | |
Fixed Income—% | | | | | | | | | | | | | | | | | | | | |
Low Duration Bond | | | 31.00 | % | | | 19.00 | % | | | 8.00 | % | | | 0.00 | % | | | 0.00 | % |
Core Bond Index, Class I | | | 9.00 | % | | | 12.00 | % | | | 13.00 | % | | | 13.00 | % | | | 0.00 | % |
Inflation Protected Securities | | | 15.00 | % | | | 10.00 | % | | | 4.00 | % | | | 0.00 | % | | | 0.00 | % |
| | | | | | | �� | | | | | | | | | | | | | |
Total Fixed Income—% | | | 55.00 | % | | | 41.00 | % | | | 25.00 | % | | | 13.00 | % | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | |
64
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Model Portfolio Funds | |
Fund | | Savings
Oriented | | | Conservative
Growth | | | Traditional
Growth | | | Long-
Term
Growth | | | All-Equity
Growth | |
Equity—% | | | | | | | | | | | | | | | | | | | | |
Equity Income | | | 10.00 | % | | | 11.00 | % | | | 12.00 | % | | | 13.00 | % | | | 18.00 | % |
Growth & Income | | | 10.00 | % | | | 9.00 | % | | | 12.00 | % | | | 13.00 | % | | | 17.00 | % |
Growth | | | 0.00 | % | | | 6.00 | % | | | 10.00 | % | | | 11.50 | % | | | 17.00 | % |
Select Value | | | 0.00 | % | | | 3.00 | % | | | 5.50 | % | | | 8.50 | % | | | 9.50 | % |
Aggressive Opportunities | | | 0.00 | % | | | 3.00 | % | | | 5.50 | % | | | 8.50 | % | | | 9.50 | % |
Discovery | | | 0.00 | % | | | 0.00 | % | | | 3.00 | % | | | 4.50 | % | | | 9.00 | % |
International | | | 5.00 | % | | | 8.00 | % | | | 12.00 | % | | | 16.00 | % | | | 20.00 | % |
| | | | | | | | | | | | | | | | | | | | |
Total Equity—% | | | 25.00 | % | | | 40.00 | % | | | 60.00 | % | | | 75.00 | % | | | 100.00 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Multi-Strategy—% | | | | | | | | | | | | | | | | | | | | |
Diversifying Strategies | | | 20.00 | % | | | 19.00 | % | | | 15.00 | % | | | 12.00 | % | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | |
Total Multi-Strategy—% | | | 20.00 | % | | | 19.00 | % | | | 15.00 | % | | | 12.00 | % | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total—% | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % |
| | | | | | | | | | | | | | | | | | | | |
The Milestone Funds Structure
The Milestone Funds invest entirely in underlying funds. Subject to the supervision of the Board, VIA may make allocation changes to the underlying funds based on its periodic analysis to identify the allocation of assets among the different underlying funds that it believes is optimum for each Milestone Fund. Each Milestone Fund invests in a combination of underlying funds that is believed to be appropriate for investors who expect to begin making gradual withdrawals from the Milestone Fund, typically at or after retirement, in or around the year stated in the Milestone Fund’s name, except for the Milestone Retirement Income Fund. VIA adjusts the asset allocation of each “dated” Milestone Fund to become more conservative over time until the Milestone Fund achieves a constant asset allocation approximately ten years after the year designated in its name. The Milestone 2045 Fund has not yet been adjusted because of its long remaining time horizon. Each Milestone Fund has a different degree of potential risk and reward and is diversified among various underlying funds in differing allocations. The underlying funds of each Milestone Fund and the target investment allocation to each underlying fund as of June 30, 2012, were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
Fund | | Retirement
Income | | | 2010 | | | 2015 | | | 2020 | | | 2025 | |
Fixed Income—% | | | | | | | | | | | | | | | | | | | | |
Low Duration Bond | | | 31.00 | % | | | 15.65 | % | | | 11.16 | % | | | 7.25 | % | | | 3.34 | % |
Core Bond Index, Class I | | | 9.00 | % | | | 6.51 | % | | | 9.50 | % | | | 13.72 | % | | | 13.61 | % |
Inflation Protected Securities | | | 15.00 | % | | | 15.00 | % | | | 9.75 | % | | | 2.25 | % | | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | |
Total Fixed Income—% | | | 55.00 | % | | | 37.16 | % | | | 30.41 | % | | | 23.22 | % | | | 16.95 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Equity—% | | | | | | | | | | | | | | | | | | | | |
Equity Income | | | 10.00 | % | | | 17.99 | % | | | 19.06 | % | | | 20.89 | % | | | 22.78 | % |
Growth & Income | | | 10.00 | % | | | 11.00 | % | | | 11.04 | % | | | 11.52 | % | | | 12.78 | % |
Growth | | | 0.00 | % | | | 6.90 | % | | | 7.52 | % | | | 8.19 | % | | | 9.18 | % |
Mid/Small Company Index, Class I | | | 0.00 | % | | | 0.00 | % | | | 4.72 | % | | | 8.48 | % | | | 10.98 | % |
International | | | 5.00 | % | | | 9.07 | % | | | 10.62 | % | | | 12.32 | % | | | 14.08 | % |
| | | | | | | | | | | | | | | | | | | | |
Total Equity—% | | | 25.00 | % | | | 44.96 | % | | | 52.96 | % | | | 61.40 | % | | | 69.80 | % |
| | | | | | | | | | | | | | | | | | | | |
65
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
Fund | | Retirement
Income | | | 2010 | | | 2015 | | | 2020 | | | 2025 | |
Multi-Strategy—% | | | | | | | | | | | | | | | | | | | | |
Diversifying Strategies | | | 20.00 | % | | | 17.88 | % | | | 16.63 | % | | | 15.38 | % | | | 13.25 | % |
| | | | | | | | | | | | | | | | | | | | |
Total Multi-Strategy—% | | | 20.00 | % | | | 17.88 | % | | | 16.63 | % | | | 15.38 | % | | | 13.25 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total—% | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | Milestone Funds | |
Fund | | 2030 | | | 2035 | | | 2040 | | | 2045 | |
Fixed Income—% | | | | | | | | | | | | | | | | |
Low Duration Bond | | | | | | | | | | | | | | | | |
Core Bond Index, Class I | | | 1.42 | % | | | 0.33 | % | | | 0.00 | % | | | 0.00 | % |
Inflation Protected Securities | | | 9.64 | % | | | 5.95 | % | | | 5.00 | % | | | 5.00 | % |
Total Fixed Income—% | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
| | | | | | | | | | | | | | | | |
| | | 11.06 | % | | | 6.28 | % | | | 5.00 | % | | | 5.00 | % |
| | | | | | | | | | | | | | | | |
| | | | |
Equity—% | | | | | | | | | | | | | | | | |
Equity Income | | | | | | | | | | | | | | | | |
Growth & Income | | | 24.21 | % | | | 25.63 | % | | | 26.99 | % | | | 27.40 | % |
Growth | | | 13.98 | % | | | 14.81 | % | | | 15.71 | % | | | 16.00 | % |
Mid/Small Company Index, Class I | | | 10.32 | % | | | 11.62 | % | | | 12.43 | % | | | 12.60 | % |
International | | | 13.90 | % | | | 17.68 | % | | | 19.67 | % | | | 20.00 | % |
Total Equity—% | | | 15.78 | % | | | 17.48 | % | | | 18.70 | % | | | 19.00 | % |
| | | | | | | | | | | | | | | | |
| | | 78.19 | % | | | 87.22 | % | | | 93.50 | % | | | 95.00 | % |
| | | | | | | | | | | | | | | | |
| | | | |
Multi-Strategy—% | | | | | | | | | | | | | | | | |
Diversifying Strategies | | | | | | | | | | | | | | | | |
Total Multi-Strategy—% | | | 10.75 | % | | | 6.50 | % | | | 1.50 | % | | | 0.00 | % |
| | | | | | | | | | | | | | | | |
| | | 10.75 | % | | | 6.50 | % | | | 1.50 | % | | | 0.00 | % |
| | | | | | | | | | | | | | | | |
| | | | |
Total —% | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % | | | 100.00 | % |
| | | | | | | | | | | | | | | | |
Since the Model Portfolio Funds and Milestone Funds invest entirely in underlying funds, investment earnings are composed of:
| | 1. | ordinary and capital gain dividends from the underlying funds, |
| | 2. | unrealized appreciation/depreciation on investments in the underlying funds, and |
| | 3. | realized gain/loss from sales of the shares of the underlying funds triggered by net outflows associated with normal capital stock activity and rebalancing of the Model Portfolio Funds and Milestone Funds. |
Subadviser Changes from January 1, 2012 to June 30, 2012
At a meeting held on June 22, 2012, VIA recommended, and the Company’s Board of Directors (“Vantagepoint Board”) approved, the termination of Legg Mason Capital Management, LLC, and Wellington Management Company, LLP, and the appointments of SSgA Funds Management, Inc. and Wells Capital Management Inc. as subadvisers to the Aggressive Opportunities Fund. These changes were effective on August 27, 2012.
66
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| 2. | | Significant Accounting Policies |
The Company’s significant accounting policies are consistently applied in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management makes estimates and assumptions in the preparation of financial statements that affect the reported amounts of assets and liabilities, including the disclosure of contingent assets and liabilities at the date of the financial statements as well as the revenue and expense amounts during the reporting period. Actual results could differ from those estimates and those differences could be material.
New Accounting Pronouncements
In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820)—Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (International Financial Reporting Standards). The update establishes common requirements for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011.
In December 2011, the Financial Accounting Standards Board issued amended guidance to enhance disclosures for offsetting assets and liabilities. The guidance is effective for fiscal years and interim periods beginning on or after January 1, 2013; the adoption of such guidance will have no effect on the funds’ net assets or results of operations.
Fair Value Measurements
The Company adopted FASB ASC 820, Fair Value Measurements and Disclosures, effective January 1, 2008. In accordance with ASC 820, fair value is defined as the price that the fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. ASC 820 established a three-tier hierarchy, which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.
The Vantagepoint Board has established policies and procedures for valuing portfolio securities and assets (the “Valuation Procedures”). The Vantagepoint Board has delegated authority to a Committee (the “Pricing Committee”) to make fair value determinations. The Pricing Committee makes fair value determinations as necessary and reports these determinations to the Vantagepoint Board on a quarterly basis. The Pricing Committee includes representatives from VIA and officers of the Company.
The Pricing Committee follows fair valuation guidelines contained in the Valuation Procedures for the use of non-vendor pricing sources to make fair value determinations when sufficient information exists. Fair Valuation determinations are reviewed by the Pricing Committee on a monthly basis. Pricing decisions, processes, and controls over fair value determinations are subject to quarterly reviews by the Chief Compliance Officer of VIA.
Fair valuation determinations are referred to the Pricing Committee. Fair value situations could include, but are not limited to: (1) a significant event that affects the value of a Fund’s securities (e.g., news relating to natural disasters affecting an issuer’s operations or earnings announcements); (2) illiquid securities; (3) securities that may be defaulted or de-listed from an exchange and are no longer trading; or (4) any other circumstance in which the Pricing Committee believes that market quotations do not accurately reflect the value of a security. The Pricing Committee may consider various inputs in order to make a good faith determination of a security’s fair value. These inputs include, but are not limited to, use of related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach with regard to fixed income securities, in which the anticipated future cash flows of the investment are discounted to calculate fair value, may also be used. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments.
67
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
The Pricing Committee monitors the results of fair valuation determinations and reports quarterly the results of these determinations to the Vantagepoint Board. Valuation Procedures are reviewed on an annual basis by the Vantagepoint Board, but may be updated more frequently as needed.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| Level 1—quoted | prices in active markets for identical investments |
| Level 2—other | significant observable inputs (including quoted prices for similar investments in active markets, interest rates and yield curves, prepayment speeds, credit risks, etc.) |
| Level 3—significant | unobservable inputs (including the fund’s own assumptions about the assumptions that market participants would use in determining the fair value of investments) |
Investment Policy and Security Valuation
All equity securities that are traded on a national securities exchange (other than NASDAQ Global/Global Select and Capital Market securities traded primarily on the Nasdaq Stock Market, Inc. exchange (“NASDAQ”)) held by each fund normally will be valued at the last reported sale price or official close price (if available) on the exchange on which the security is primarily traded, and are categorized as Level 1 in the hierarchy. If, on a particular day, an exchange-traded security does not trade on its primary exchange, then the price normally will be the mean between the closing bid and closing offer reported to the primary exchange and made available to quotation vendors or disseminated through an automated quotation system, or obtained by a pricing service from other quotation sources believed to be reliable and is generally categorized as Level 2 in the hierarchy. NASDAQ Global/Global Select and Capital Market securities traded primarily on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If, on any given day, no NOCP is available, the price of such securities normally will be the mean between the closing bid and closing offer reported on NASDAQ prior to the calculation of the net asset value (“NAV”) of a fund and are generally categorized as Level 1 in the hierarchy. All equity securities not traded on a national securities exchange (“OTC Equities”) normally will be priced at the last reported sale price in the over-the-counter market and are generally categorized as Level 1 in the hierarchy. If an OTC Equity does not trade in an over-the-counter market on a particular day, then the price normally will be the mean between the closing bid and closing offer obtained from a quotation service or other source believed to be reliable and is generally categorized as Level 1 in the hierarchy. Short-term debt instruments, such as commercial paper, bankers’ acceptances, and U.S. Treasury Bills, with a remaining maturity of less than 60 days may be valued at amortized cost and are generally categorized as Level 2 in the hierarchy. Prices for debt instruments normally will be obtained from a pricing service. In determining prices, the pricing service may employ methodologies designed to identify the market value of debt instruments, which may include reference to actual market transactions, broker-dealer supplied quotations or valuations, matrix pricing, or other valuation techniques. These techniques generally consider such factors as securities’ prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations and are generally categorized as Level 2 in the hierarchy. In the event a pricing service is unable to provide a price for a particular security, the security may be priced based on the average of two or more independent broker-dealer quotations and is generally categorized as Level 2 in the hierarchy. Any security for which market value as described above is not readily available is valued at fair value as determined in good faith in accordance with policies approved by the Board (“Valuation Procedures”) and is generally categorized as Level 2 or Level 3 in the hierarchy depending on the observability of market inputs. Except for certain foreign equity securities described later in this note, foreign exchange traded securities are valued in the same manner as domestic exchange traded equity securities and are generally categorized as Level 1 in the hierarchy.
Shares of the underlying funds in which the Model Portfolio and Milestone Funds invest are valued by using the underlying funds’ current NAVs for purchase and/or redemption orders that day and are categorized as Level 1 in the hierarchy.
68
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
Valuation of Certain Foreign Equity Securities
For foreign equity securities that are primarily traded in markets outside North and South America, the Board has approved the use of a third party fair valuation service. The service uses a multifactor model to calculate a factor that is then applied to adjust the market price for each such security, which are generally categorized as Level 2 in the hierarchy. Additionally, the Board has approved the use of the fair value prices provided by this service on a daily basis without a market trigger or confidence interval filter for all foreign equity securities held by the funds that are primarily traded in markets outside North and South America which are generally categorized as Level 2 in the hierarchy. In the event prices for such foreign securities are not available through the service or another fair value pricing service approved by the Board, the securities may be priced at the average of two or more independent broker-dealer quotations or at the fair value of the security in accordance with the Company’s Valuation Procedures and are generally categorized as Level 2 or Level 3 in the hierarchy.
The valuation techniques used by the funds to measure fair value during the six month period ended June 30, 2012 maximized the use of observable inputs and minimized the use of unobservable inputs. The funds utilized fair value techniques such as a multi- dimensional relational pricing model and option adjusted spread pricing to estimate prices that would have prevailed in a liquid market given information available at the time of evaluation.
The following is a summary of the inputs used as of June 30, 2012, in valuing each fund’s investment carried at value:
| | | | | | | | | | | | | | | | |
Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Low Duration Bond Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Corporate Obligations | | $ | — | | | $ | 352,124,915 | | | $ | — | | | $ | 352,124,915 | |
Mortgage-Related Securities | | | — | | | | 46,473,756 | | | | — | | | | 46,473,756 | |
U.S. Treasury Obligations | | | — | | | | 52,882,082 | | | | — | | | | 52,882,082 | |
Government Related Obligations | | | — | | | | 31,786,985 | | | | — | | | | 31,786,985 | |
Asset-Backed Securities | | | — | | | | 56,337,550 | | | | — | | | | 56,337,550 | |
Money Market Funds | | | 53,348,287 | | | | — | | | | — | | | | 53,348,287 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 53,348,287 | | | $ | 539,605,288 | | | $ | — | | | $ | 592,953,575 | |
| | | | | | | | | | | | | | | | |
Derivative Instruments: | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Futures | | | (33,847 | ) | | | — | | | | — | | | | (33,847 | ) |
Forward Currency Contracts | | | — | | | | (34,931 | ) | | | — | | | | (34,931 | ) |
| | | | | | | | | | | | | | | | |
Total Liabilities | | $ | (33,847 | ) | | $ | (34,931 | ) | | $ | — | | | $ | (68,778 | ) |
| | | | | | | | | | | | | | | | |
Total Derivative Instruments | | $ | (33,847 | ) | | $ | (34,931 | ) | | $ | — | | | $ | (68,778 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Inflation Protected Securities Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Corporate Obligations | | $ | — | | | $ | 15,114,507 | | | $ | — | | | $ | 15,114,507 | |
U.S. Treasury Obligations | | | — | | | | 594,291,782 | | | | — | | | | 594,291,782 | |
Government Related Obligations | | | — | | | | 3,671,478 | | | | — | | | | 3,671,478 | |
Asset-Backed Securities | | | — | | | | 5,843,443 | | | | — | | | | 5,843,443 | |
Purchased Options | | | 8,859 | | | | — | | | | — | | | | 8,859 | |
Certificates of Deposit | | | — | | | | 3,729,172 | | | | — | | | | 3,729,172 | |
Money Market Funds | | | 20,839,458 | | | | — | | | | — | | | | 20,839,458 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 20,848,317 | | | $ | 622,650,382 | | | $ | — | | | $ | 643,498,699 | |
| | | | | | | | | | | | | | | | |
69
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | |
Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Derivative Instruments: | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Futures | | $ | 71,969 | | | $ | — | | | $ | — | | | $ | 71,969 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 71,969 | | | | — | | | | — | | | | 71,969 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Written Options | | | (2,531 | ) | | | (412,349 | ) | | | — | | | | (414,880 | ) |
Futures | | | (41,533 | ) | | | — | | | | — | | | | (41,533 | ) |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | (44,064 | ) | | | (412,349 | ) | | | — | | | | (456,413 | ) |
| | | | | | | | | | | | | | | | |
Total Derivative Instruments | | $ | 27,905 | | | $ | (412,349 | ) | | $ | — | | | $ | (384,444 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Equity Income Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,833,664,116 | | | $ | 6,371,054 | | | $ | — | | | $ | 1,840,035,170 | |
Convertible Preferred Stocks | | | 3,027,840 | | | | — | | | | — | | | | 3,027,840 | |
Money Market Funds | | | 261,134,197 | | | | — | | | | — | | | | 261,134,197 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 2,097,826,153 | | | $ | 6,371,054 | | | $ | — | | | $ | 2,104,197,207 | |
| | | | | | | | | | | | | | | | |
| | | | |
Growth & Income Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,193,190,039 | | | $ | 3,177,566 | | | $ | — | | | $ | 1,196,367,605 | |
Money Market Funds | | | 103,017,444 | | | | — | | | | — | | | | 103,017,444 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 1,296,207,483 | | | $ | 3,177,566 | | | $ | — | | | $ | 1,299,385,049 | |
| | | | | | | | | | | | | | | | |
| | | | |
Growth Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,765,845,640 | | | $ | — | | | $ | — | | | $ | 1,765,845,640 | |
Money Market Funds | | | 136,842,693 | | | | — | | | | — | | | | 136,842,693 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 1,902,688,333 | | | $ | — | | | $ | — | | | $ | 1,902,688,333 | |
| | | | | | | | | | | | | | | | |
| | | | |
Select Value Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 329,359,150 | | | $ | 1,334,479 | | | $ | — | | | $ | 330,693,629 | |
Money Market Funds | | | 40,854,025 | | | | — | | | | — | | | | 40,854,025 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 370,213,175 | | | $ | 1,334,479 | | | $ | — | | | $ | 371,547,654 | |
| | | | | | | | | | | | | | | | |
| | | | |
Aggressive Opportunities Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 938,594,229 | | | $ | 9,162,592 | | | $ | — | | | $ | 947,756,821 | |
Money Market Funds | | | 163,750,993 | | | | — | | | | — | | | | 163,750,993 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 1,102,345,222 | | | $ | 9,162,592 | | | $ | — | | | $ | 1,111,507,814 | |
| | | | | | | | | | | | | | | | |
70
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | |
Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Discovery Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 96,881,356 | | | $ | 2,917,448 | | | $ | — | | | $ | 99,798,804 | |
Convertible Preferred Stocks | | | — | | | | 1,200,793 | | | | — | | | | 1,200,793 | |
Corporate Obligations | | | — | | | | 47,739,323 | | | | — | | | | 47,739,323 | |
Mortgage-Related Securities | | | — | | | | 10,275,568 | | | | — | | | | 10,275,568 | |
Convertible Debt Obligations | | | — | | | | 160,145 | | | | — | | | | 160,145 | |
U.S. Treasury Obligations | | | — | | | | 22,338,626 | | | | — | | | | 22,338,626 | |
Government Related Obligations | | | — | | | | 9,742,095 | | | | — | | | | 9,742,095 | |
Asset-Backed Securities | | | — | | | | 5,360,281 | | | | — | | | | 5,360,281 | |
Warrants | | | — | | | | 19,195 | | | | — | | | | 19,195 | |
Money Market Funds | | | 21,923,688 | | | | — | | | | — | | | | 21,923,688 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 118,805,044 | | | $ | 99,753,474 | | | $ | — | | | $ | 218,558,518 | |
| | | | | | | | | | | | | | | | |
Derivative Instruments: | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Futures | | | 5,202,235 | | | | — | | | | — | | | | 5,202,235 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | 5,202,235 | | | $ | — | | | $ | — | | | $ | 5,202,235 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Futures | | | (9,670 | ) | | | — | | | | — | | | | (9,670 | ) |
Forward Currency Contracts | | | — | | | | (16,384 | ) | | | — | | | | (16,384 | ) |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | (9,670 | ) | | | (16,384 | ) | | | — | | | | (26,054 | ) |
| | | | | | | | | | | | | | | | |
Total Derivative Instruments | | $ | 5,192,565 | | | $ | (16,384 | ) | | $ | — | | | $ | 5,176,181 | |
| | | | | | | | | | | | | | | | |
| | | | |
International Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 118,014,233 | | | $ | 1,067,269,296 | | | $ | — | | | $ | 1,185,283,529 | |
Preferred Stocks | | | — | | | | 6,631,793 | | | | — | | | | 6,631,793 | |
Money Market Funds | | | 81,582,543 | | | | — | | | | — | | | | 81,582,543 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 199,596,776 | | | $ | 1,073,901,089 | | | $ | — | | | $ | 1,273,497,865 | |
| | | | | | | | | | | | | | | | |
Derivative Instruments: | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward Currency Contracts | | | — | | | | 38,046 | | | | — | | | | 38,046 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | — | | | $ | 38,046 | | | $ | — | | | $ | 38,046 | |
| | | | | | | | | | | | | | | | |
Total Derivative Instruments | | $ | — | | | $ | 38,046 | | | $ | — | | | $ | 38,046 | |
| | | | | | | | | | | | | | | | |
71
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | |
Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Diversifying Strategies Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 9,136,026 | | | $ | 20,274,407 | | | $ | — | | | $ | 29,410,433 | |
Convertible Preferred Stocks | | | 8,745,653 | | | | 5,368,821 | | | | — | | | | 14,114,474 | |
Corporate Obligations | | | — | | | | 281,914,372 | | | | — | | | | 281,914,372 | |
Mortgage-Related Securities | | | — | | | | 63,851,481 | | | | — | | | | 63,851,481 | |
Convertible Debt Obligations | | | — | | | | 296,190,988 | | | | — | | | | 296,190,988 | |
U.S. Treasury Obligations | | | — | | | | 83,130,453 | | | | — | | | | 83,130,453 | |
Government Related Obligations | | | — | | | | 54,805,834 | | | | — | | | | 54,805,834 | |
Asset-Backed Securities | | | — | | | | 48,108,735 | | | | — | | | | 48,108,735 | |
Purchased Options | | | 2,260,125 | | | | 299,380 | | | | — | | | | 2,559,505 | |
Certificates of Deposit | | | — | | | | 3,291,813 | | | | — | | | | 3,291,813 | |
Money Market Funds | | | 35,858,809 | | | | — | | | | — | | | | 35,858,809 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 56,000,613 | | | $ | 857,236,284 | | | $ | — | | | $ | 913,236,897 | |
| | | | | | | | | | | | | | | | |
Derivative Instruments: | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Futures | | | 2,443,640 | | | | — | | | | — | | | | 2,443,640 | |
Forward Currency Contracts | | | — | | | | 2,557,105 | | | | — | | | | 2,557,105 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | 2,443,640 | | | $ | 2,557,105 | | | $ | — | | | $ | 5,000,745 | |
| | | | | | | | | | | | | | | | |
| | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Purchased Option on Euro-Bund Future | | | (520,338 | ) | | | — | | | | — | | | | (520,338 | ) |
Written Options | | | — | | | | (701,020 | ) | | | — | | | | (701,020 | ) |
Futures | | | (2,774,309 | ) | | | — | | | | — | | | | (2,774,309 | ) |
Forward Currency Contracts | | | — | | | | (2,130,568 | ) | | | — | | | | (2,130,568 | ) |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | (3,294,647 | ) | | | (2,831,588 | ) | | | — | | | | (6,126,235 | ) |
| | | | | | | | | | | | | | | | |
Total Derivative Instruments | | $ | (851,007 | ) | | $ | (274,483 | ) | | $ | — | | | $ | (1,125,490 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Core Bond Index Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Corporate Obligations | | $ | — | | | $ | 253,773,052 | | | $ | — | | | $ | 253,773,052 | |
Mortgage-Related Securities | | | — | | | | 398,194,929 | | | | — | | | | 398,194,929 | |
U.S. Treasury Obligations | | | — | | | | 428,335,051 | | | | — | | | | 428,335,051 | |
Government Related Obligations | | | — | | | | 131,698,766 | | | | — | | | | 131,698,766 | |
Asset-Backed Securities | | | — | | | | 2,617,519 | | | | — | | | | 2,617,519 | |
Money Market Funds | | | 51,231,594 | | | | — | | | | — | | | | 51,231,594 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 51,231,594 | | | $ | 1,214,619,317 | | | $ | — | | | $ | 1,265,850,911 | |
| | | | | | | | | | | | | | | | |
| | | | |
500 Stock Index Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 430,628,675 | | | $ | — | | | $ | — | | | $ | 430,628,675 | |
U.S. Treasury Obligations | | | — | | | | 629,902 | | | | — | | | | 629,902 | |
Money Market Funds | | | 29,069,127 | | | | — | | | | — | | | | 29,069,127 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 459,697,802 | | | $ | 629,902 | | | $ | — | | | $ | 460,327,704 | |
| | | | | | | | | | | | | | | | |
Derivative Instruments: | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Futures | | | 551,069 | | | | — | | | | — | | | | 551,069 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | 551,069 | | | $ | — | | | $ | — | | | $ | 551,069 | |
| | | | | | | | | | | | | | | | |
Total Derivative Instruments | | $ | 551,069 | | | $ | — | | | $ | — | | | $ | 551,069 | |
| | | | | | | | | | | | | | | | |
72
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | |
Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Broad Market Index Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 522,717,885 | | | $ | — | | | $ | — | | | $ | 522,717,885 | |
U.S. Treasury Obligations | | | — | | | | 319,950 | | | | — | | | | 319,950 | |
Rights | | | — | | | | — | | | | — | | | | — | |
Warrants | | | — | | | | — | | | | — | | | | — | |
Money Market Funds | | | 36,519,301 | | | | — | | | | — | | | | 36,519,301 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 559,237,186 | | | $ | 319,950 | | | $ | — | | | $ | 559,557,136 | |
| | | | | | | | | | | | | | | | |
Derivative Instruments: | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Futures | | | 226,283 | | | | — | | | | — | | | | 226,283 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | 226,283 | | | $ | — | | | $ | — | | | $ | 226,283 | |
| | | | | | | | | | | | | | | | |
Total Derivative Instruments | | $ | 226,283 | | | $ | — | | | $ | — | | | $ | 226,283 | |
| | | | | | | | | | | | | | | | |
| | | | |
Mid/Small Company Index Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 453,729,757 | | | $ | — | | | $ | — | | | $ | 453,729,757 | |
U.S. Treasury Obligations | | | — | | | | 574,910 | | | | — | | | | 574,910 | |
Rights | | | — | | | | 1,754 | | | | — | | | | 1,754 | |
Warrants | | | — | | | | — | | | | — | | | | — | |
Money Market Funds | | | 65,663,695 | | | | — | | | | — | | | | 65,663,695 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 519,393,452 | | | $ | 576,664 | | | $ | — | | | $ | 519,970,116 | |
| | | | | | | | | | | | | | | | |
Derivative Instruments: | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Futures | | | 272,017 | | | | — | | | | — | | | | 272,017 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | 272,017 | | | $ | — | | | $ | — | | | $ | 272,017 | |
| | | | | | | | | | | | | | | | |
Total Derivative Instruments | | $ | 272,017 | | | $ | — | | | $ | — | | | $ | 272,017 | |
| | | | | | | | | | | | | | | | |
| | | | |
Overseas Equity Index Fund | | | | | | | | | | | | | | | | |
Investments in Securities: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 7,711 | | | $ | 201,343,322 | | | $ | — | | | $ | 201,351,033 | |
Preferred Stocks | | | — | | | | 1,001,296 | | | | — | | | | 1,001,296 | |
Convertible Preferred Stocks | | | — | | | | 6,106 | | | | — | | | | 6,106 | |
U.S. Treasury Obligations | | | — | | | | 259,959 | | | | — | | | | 259,959 | |
Rights | | | — | | | | 2,637 | | | | — | | | | 2,637 | |
Money Market Funds | | | 10,305,918 | | | | — | | | | — | | | | 10,305,918 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 10,313,629 | | | $ | 202,613,320 | | | $ | — | | | $ | 212,926,949 | |
| | | | | | | | | | | | | | | | |
Derivative Instruments: | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Futures | | | 177,217 | | | | — | | | | — | | | | 177,217 | |
Forward Currency Contracts | | | — | | | | 21,696 | | | | — | | | | 21,696 | |
| | | | | | | | | | | | | | | | |
Total Assets | | $ | 177,217 | | | $ | 21,696 | | | $ | — | | | $ | 198,913 | |
| | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | |
Futures | | | (1,119 | ) | | | — | | | | — | | | | (1,119 | ) |
Forward Currency Contracts | | | — | | | | (5,341 | ) | | | — | | | | (5,341 | ) |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | (1,119 | ) | | | (5,341 | ) | | | — | | | | (6,460 | ) |
| | | | | | | | | | | | | | | | |
Total Derivative Instruments | | $ | 176,098 | | | $ | 16,355 | | | $ | — | | | $ | 192,453 | |
| | | | | | | | | | | | | | | | |
73
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
See Schedule of Investments for identification of securities by industry classification.
All investments held by the Model Portfolio Funds and Milestone Funds are categorized as Level 1.
As of June 30, 2012 the funds did not hold any investments in Level 3. Additionally, there were no significant transfers in and out of Levels 1 and 2.
The significant unobservable inputs used in the fair value measurement of the Fund’s investments include the probability of default, loss severity in the event of default, increases in market interest rates, downgrades to the issuer’s credit rating, potential for insolvency, government actions or pronouncements, and other financial and non-financial news. Significant changes in any of those inputs in isolation would result in a significantly lower or higher fair value measurement. Generally, a change in the inputs used for fair valuations are accompanied by directionally similar changes in the assumption used for fair valuation determinations.
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
| | | | |
Discovery Fund | | Common
Stocks | |
Balance as of December 31, 2011 | | $ | 183,980 | |
Accrued discounts/(premiums) | | | — | |
Realized gain/(loss) | | | — | |
Change in unrealized appreciation/(depreciation) | | | — | |
Purchases | | | — | |
Sales | | | — | |
Transfers in to Level 3 | | | — | |
Transfers out of Level 3 | | | (183,980 | ) |
| | | | |
Balance as of June 30, 2012 | | $ | — | |
| | | | |
When Issued Securities
When issued securities or “To Be Announced” securities are sometimes held by the funds. The funds maintain security positions and cash positions such that sufficient liquid assets will be available to make payments for such securities purchased.
Foreign Currency
The accounting records of the funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies will be translated (but not actually converted) into U.S. Dollars daily at the closing spot rates supplied by the WM/Reuters Intraday Spot exchange rates provided as of 4:00 pm Eastern Time. Purchases and sales of securities, income receipts and expense payments are translated (but not actually converted) into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions. Unrealized gains and losses, not relating to securities, that result from changes in foreign currency exchange rates, have been included in unrealized appreciation/(depreciation) of securities. Net realized foreign currency gains and losses include foreign currency gains and losses resulting from changes in exchange rates between trade date and settlement date on investment securities transactions, gains and losses on foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gains/(losses) from security transactions.
74
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
Currency symbols utilized throughout the notes to these financial statements are defined as follows:
| | | | | | |
| AUD | | — Australian Dollar | | JPY | | — Japanese Yen |
| BRL | | — Brazilian Real | | MXN | | — Mexican Peso |
| CAD | | — Canadian Dollar | | NOK | | — Norwegian Krona |
| CHF | | — Swiss Franc | | NZD | | — New Zealand Dollar |
| EUR | | — European Monetary Unit | | SEK | | — Swedish Krona |
| GBP | | — British Pound | | USD | | — U.S. Dollar |
Options (other than Swaptions)
Exchange traded options normally will be priced based on the last reported sale price or official closing price (if available) on the exchange on which the option is primarily traded, as provided by a pricing service. If on a particular day, an option does not trade on its primary exchange, the fund’s custodian will calculate and use the mean between the closing bid and closing offer reported to the exchange and obtained from a pricing service and such options are generally categorized as Level 1 in the hierarchy.
Purchased options on Euro-Bund futures trade on foreign exchanges and are marked to market daily with variation margin payments received or made by the funds daily based on fluctuation in value. There is no premium paid at the time of purchase. These options are generally categorized as Level 1 in the hierarchy.
Non-exchange traded (i.e., over-the-counter) options normally will be priced using an option valuation model, which incorporates relevant parameters (e.g., implied volatility; current value of underlier). Such prices will be provided by a pricing service and these options are generally categorized as Level 2 in the hierarchy.
In the event a pricing service is unable to provide a price for a particular option, the option may be priced based on the average of two or more independent broker-dealer quotations, pursuant to the Valuation Procedures, or at its fair value determined in accordance with the Valuation Procedures and is generally categorized as Level 2 in the hierarchy.
Futures
Futures contracts normally will be priced at their settlement prices established and reported each day on the exchange on which they are traded, as provided by a pricing service and are generally categorized as Level 1 in the hierarchy. In the event a pricing service is unable to provide a price for a particular futures contract, the value of the contract will be priced at its fair value in accordance with the Valuation Procedures and generally such futures are categorized as Level 2 in the hierarchy.
Futures exchange abbreviations utilized throughout the notes to these financial statements are defined as follows:
| | | | | | |
| CBT | | — Chicago Board of Trade Exchange | | MIL | | — Milan Stock Exchange |
| CME | | — Chicago Mercantile Exchange | | MSE | | — Montreal Exchange |
| EOE | | — Dutch Options Exchange | | NYF | | — New York Futures Exchange |
| EOP | | — NYSE — Liffe Exchange | | SFE | | — Sydney Futures Exchange |
| EUX | | — Eurex Deutschland Exchange | | SGX | | — Singapore Exchange |
| HKG | | — Hong Kong Futures Exchange | | TSE | | — Tokyo Stock Exchange |
| LIF | | — Liffe Exchange | | | | |
Forward Currency Contracts
Forward currency contracts normally will be priced using the WM/Reuters Intraday Forwards rates provided as of 4:00 pm Eastern Time. In the event WM/Reuters (or a designated pricing service) is unable to provide a rate for a particular contract, the fair value of the contract will be determined in accordance with the Valuation Procedures and generally such contracts are categorized as Level 2 in the hierarchy.
75
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
Interest Rate Swaps and Inflation Swaps
Interest rate and inflation swaps normally will be priced based on the applicable swap valuation model (i.e., interest rate or inflation) which incorporates a snapshot of the relevant swap curve (interest rate curve or inflation rate curve, as applicable). Such prices will be provided by a pricing service. In the event a pricing service is unable to provide a price for a particular swap, the swap will be priced at its fair value in accordance with the Valuation Procedures and generally such swaps are categorized as Level 2 in the hierarchy.
Interest Rate Swaptions
Interest rate swaptions normally will be priced based on a snapshot taken of the relevant swap curve, deriving an implied volatility surface from actual and/or indicative broker-dealer swaption prices, and combining them in a swaption valuation model. Such prices will be provided by a pricing service. In the event a pricing service is unable to provide a price for a particular swaption, the swaption will be priced at its fair value in accordance with the Valuation Procedures and generally such swaptions are categorized as Level 2 in the hierarchy.
Total Return Swaps
Total return swaps are normally priced based on a valuation model that incorporates cash flow forecasts for the reference asset and a snapshot of the relevant interest rate swap curve. Such prices will be provided by a pricing service. In the event a pricing service is unable to provide a price for a particular total return swap, the total return swap will be priced at its fair value in accordance with the Valuation Procedures and generally such swaps are categorized as Level 2 in the hierarchy.
Security Transactions and Income Recognition
Security transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recognized on the ex-dividend date and interest income is accrued daily. Realized gains or losses are reported on the basis of identified cost of securities delivered. Bond discounts and premiums are amortized for both financial reporting and tax purposes, except for the Core Bond Index Fund, which does not amortize bond premium for tax purposes.
Dividends and Distributions to Shareholders
Dividends received from mutual fund investments are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividends from net investment income, if any, are declared and paid monthly to shareholders of the Core Bond Index, Low Duration Bond, and Inflation Protected Securities Funds. For the remaining funds, dividends from net investment income, if any, are declared and paid annually to shareholders. Distributions from net realized capital gains, if any, are generally declared and paid annually to shareholders. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on investment securities, and differing characterizations of distributions being made by each fund.
Certain differences are permanent, and result in reclassifications among paid-in capital, net investment income or realized gains. These include net operating losses not utilized during the current year, commission adjustments, pay-down gains and losses, bond premium amortization, foreign currency gains and losses, treasury inflation-protected securities adjustments, taxable over-distributions or returns of capital, and adjustments relating to income received from, or dispositions of, real estate investment trust, passive foreign investment company, publicly traded partnership, contingent payment debt instruments, and mutual fund company securities. These reclassifications have no effect on net assets or net asset values per share, and they do not affect the net investment income per share calculations presented in the Financial Highlights.
Federal Income Taxes
Each fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code for federal tax purposes. Accordingly, each fund intends to make distributions of substantially all of its net investment
76
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
company taxable income and any net realized capital gains (after reduction for capital loss carry forwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Any taxable income or gains remaining at fiscal year-end are distributed in the following year. Therefore, no provision for federal income or excise taxes was required.
The FASB issued Interpretation ASC 740, “Income Taxes,” which establishes guidelines for recognizing, measuring, and disclosing tax return positions in financial statements. Management has evaluated the Company’s tax positions and determined that the application of ASC 740 had no material impact on the Company’s financial statements. Accordingly, no adjustments for unrecognized tax benefits or related interest or penalties were required as of June 30, 2012. If applicable, the Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in “Other Expenses” in the Statement of Operations. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease in the next twelve months.
The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act changed various technical rules governing the tax treatment of regulated investment companies, which are generally effective beginning with the Company’s taxable year ending December 31, 2011. Under the Act, the funds are permitted to carry forward capital losses incurred in taxable years beginning after the enactment date indefinitely. However, any losses incurred during post-enactment taxable years are required to be utilized prior to the losses incurred in pre-enactment taxable years, which expires according to their original schedule. As a result of this ordering rule, pre-enactment capital loss carry forwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered entirely short-term as required under prior law.
| 3. | | Investments in Derivative Instruments |
Some of the funds use derivative instruments in pursuing their investment objectives. The following table and discussion provides more detailed information about a fund’s derivative usage. The table below shows the average monthly notional balance, settlement value, or market value (as applicable) of the derivative instruments held by each fund during the reporting period.
| | | | | | | | | | | | | | | | |
| | | Low Duration
Bond Fund | | | Inflation
Protected
Securities Fund | | | Discovery
Fund | | | Diversifying
Strategies Fund | |
Futures Contracts: | | | | | | | | | | | | | | | | |
Average Notional Balance Long | | $ | 1,817,191 | | | $ | 35,118,452 | | | $ | 101,384,963 | | | $ | 78,544,749 | |
Average Notional Balance Short | | | 4,654,615 | | | | 26,507,435 | | | | 1,549,390 | | | | 156,749,082 | |
| | | |
Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | |
Average Settlement Value - To Be Paid | | $ | 843,945 | | | $ | — | | | $ | 382,947 | | | $ | 285,549,456 | |
Average Settlement Value - To Be Received | | | 5,950,395 | | | | — | | | | 1,750,320 | | | | 264,642,218 | |
| | | | |
Exchange-Traded Options: | | | | | | | | | | | | | | | | |
Average Market Value Purchased | | $ | — | | | $ | 54,152 | | | $ | — | | | $ | 7,205,013 | |
Average Market Value Written | | | — | | | | 35,203 | | | | — | | | | — | |
Average Market Value Purchased Options on Euro-Bund futures | | | — | | | | — | | | | — | | | | 8,206,225 | |
| | | | |
Over the Counter Options: | | | | | | | | | | | | | | | | |
Average Market Value Purchased | | $ | — | | | $ | — | | | $ | — | | | $ | 456,159 | |
Average Market Value Written | | | — | | | | — | | | | — | | | | 440,042 | |
| | | | |
Swaptions: | | | | | | | | | | | | | | | | |
Average Notional Balance Purchased | | $ | — | | | $ | 1,914,286 | | | $ | — | | | $ | — | |
Average Notional Balance Written | | | — | | | | 33,742,850 | | | | — | | | | — | |
| | | | |
Interest Rate Swaps: | | | | | | | | | | | | | | | | |
Average Notional Balance—Pays Fixed Rate | | $ | — | | | $ | 1,142,857 | | | $ | — | | | $ | — | |
Average Notional Balance—Receives Fixed Rate | | | — | | | | 7,928,571 | | | | — | | | | — | |
77
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | |
| | | 500 Stock
Index Fund | | | Broad Market
Index Fund | | | Mid/Small
Company Index
Fund | | | Overseas
Equity Index
Fund | |
Futures Contracts: | | | | | | | | | | | | | | | | |
Average Notional Balance Long | | $ | 12,069,279 | | | $ | 10,396,393 | | | $ | 6,715,074 | | | $ | 5,093,657 | |
Average Notional Balance Short | | | — | | | | — | | | | — | | | | — | |
| | | | |
Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | | | | | |
Average Settlement Value Purchased | | $ | — | | | $ | — | | | $ | — | | | $ | 7,879,966 | |
Average Settlement Value Sold | | | — | | | | — | | | | — | | | | 4,098,299 | |
| | | | |
| | | International
Fund | |
Forward Foreign Currency Exchange Contracts: | | | | |
Average Settlement Value Purchased | | $ | 159,416 | |
Average Settlement Value Sold | | | 15,128,587 | |
Futures Contracts (“Futures”)
A futures contract is an agreement to buy or sell a specific amount of a commodity or financial instrument at a particular price on a stipulated future date.
Certain funds may enter into futures to manage certain risks. These risks may include interest rate risk (the risk that interest rates will rise, causing fixed income securities prices to fall), credit risk (the risk that the issuer of a fixed income security will default on its obligation to pay interest and/or principal in a timely manner on the instrument), stock market risk (the risk that stock prices overall will decline over short or extended periods), or foreign currency risk (the risk that foreign currency values will decline relative to the U.S. dollar). Certain funds may use futures to seek to increase portfolio value, by increasing or decreasing their exposure to changes in the market value of the specific underlying security, foreign currency, or index.
Futures may be used by the following funds for the following purposes:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Manage Risk: | | | Obtain or Adjust Investment
Exposure: | |
Fund | | Interest
Rate Risk | | | Credit
Risk | | | Stock
Market
Risk | | | Foreign
Currency
Risk | | | To Certain Assets
or Asset Classes | | | To Foreign
Currencies | |
Low Duration Bond | | | * | | | | * | | | | | | | | * | | | | * | | | | * | |
Inflation Protected Securities | | | * | | | | * | | | | | | | | * | | | | * | | | | * | |
Equity Income | | | | | | | | | | | * | | | | * | | | | * | | | | | |
Growth & Income | | | | | | | | | | | * | | | | * | | | | * | | | | | |
Growth | | | | | | | | | | | * | | | | * | | | | * | | | | | |
Select Value | | | | | | | | | | | * | | | | * | | | | * | | | | | |
Aggressive Opportunities | | | | | | | | | | | * | | | | * | | | | * | | | | | |
Discovery | | | * | | | | * | | | | * | | | | * | | | | * | | | | * | |
International | | | | | | | | | | | * | | | | * | | | | * | | | | * | |
Diversifying Strategies | | | * | | | | * | | | | * | | | | * | | | | * | | | | * | |
Core Bond Index | | | * | | | | | | | | | | | | | | | | * | | | | | |
500 Stock Index | | | | | | | | | | | | | | | | | | | * | | | | | |
Broad Market Index | | | | | | | | | | | | | | | | | | | * | | | | | |
Mid/Small Company Index | | | | | | | | | | | | | | | | | | | * | | | | | |
Overseas Equity Index | | | | | | | | | | | | | | | * | | | | * | | | | | |
Upon entering into the futures contract, the fund agrees to deposit an amount equal to a certain percentage of the contract notional value (initial margin). The fund agrees to subsequently receive or pay an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the fund as unrealized gains or losses. When the contract is closed, the fund records a realized gain or loss
78
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses are a component of net realized gain (loss) on futures in the Statement of Operations.
Use of futures may involve risks different from, or possibly greater than, the risks associated with more traditional investments, and may involve a small amount of investment relative to the amount of risk assumed. Risks associated with futures include: the risk that a particular future may be difficult to purchase or sell (liquidity risk); the risk that certain futures may be more sensitive than traditional investments to interest rate changes and market price fluctuations (interest rate and market risks); the risk of mispricing or improper valuation of the future, and the inability of the future to correlate perfectly, or at all, with the value of the underlying asset, reference rate, or index it is designed to closely track (valuation risk); the risk that the fund may lose substantially more than the amount invested and that the fund may be forced to liquidate portfolio positions when it may not be advantageous to do so (leverage risk).
During the six month period ended June 30, 2012, the following funds purchased and/or sold futures contracts: Low Duration Bond Fund, Inflation Protected Securities Fund, Discovery Fund, Diversifying Strategies Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, and Overseas Equity Index Fund.
As of June 30, 2012, the following funds had open futures contracts outstanding:
Low Duration Bond Fund
| | | | | | | | | | | | | | | | |
Number of
Contracts | | | Exchange | | Contract | | Expiration Date | | Contract
Value | | | Net
Unrealized
Depreciation | |
| | Sold | | | | | | | | | | | | | | | |
| | 7 | | | TSE | | Japan 10 Year Bond | | September 2012 | | $ | 12,583,099 | | | $ | (33,847 | ) |
| | | | | | | | | | | | | | | | |
| |
| Inflation Protected Securities Fund | | | | | |
Number of
Contracts | | | Exchange | | Contract | | Expiration Date | | Contract
Value | | | Net
Unrealized
Appreciation/
(Depreciation) | |
| | Purchased | | | | | | | | | | | | | | | |
| | 249 | | | CBT | | U.S. 10 Year Treasury Note | | September 2012 | | $ | 33,210,375 | | | $ | (41,533 | ) |
| | 56 | | | CBT | | U.S. 5 Year Treasury Note | | September 2012 | | | 6,942,250 | | | | 3,576 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (37,957 | ) |
| | | | | | | | | | | | | | | | |
| | Sold | | | | | | | | | | | | | | | |
| | 35 | | | CBT | | U.S. Long Bond | | September 2012 | | $ | 5,178,906 | | | $ | 4,511 | |
| | 93 | | | CBT | | U.S. Ultra Bond | | September 2012 | | | 15,516,469 | | | | 63,882 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 68,393 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 30,436 | |
| | | | | | | | | | | | | | | | |
| |
| Discovery Fund | | | | | |
Number of
Contracts | | | Exchange | | Contract | | Expiration Date | | Contract
Value | | | Net
Unrealized
Appreciation/
(Depreciation) | |
| | Purchased | | | | | | | | | | | | | | | |
| | 1,277 | | | NYF | | E-MINI Russell 2000 Index | | September 2012 | | $ | 101,572,580 | | | $ | 5,202,235 | |
| | | | | | | | | | | | | | | | |
| | Sold | | | | | | | | | | | | | | | |
| | 2 | | | TSE | | Japan 10 Year Bond | | September 2012 | | $ | 3,595,171 | | | $ | (9,670 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 5,192,565 | |
| | | | | | | | | | | | | | | | |
79
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | |
| Diversifying Strategies Fund | | | | | |
Number of
Contracts | | | Exchange | | Contract | | Expiration Date | | Contract
Value | | | Net
Unrealized
Appreciation/
(Depreciation) | |
| | Purchased | | | | | | | | | | | | | | | |
| | 227 | | | EOE | | Amsterdam Index | | July 2012 | | $ | 17,652,649 | | | $ | 914,543 | |
| | 261 | | | EOP | | CAC40 10 Euro Future | | July 2012 | | | 10,543,032 | | | | 453,229 | |
| | 69 | | | EUX | | DAX Index | | September 2012 | | | 13,996,224 | | | | 516,973 | |
| | 189 | | | CME | | E-MINI S&P 500 Index | | September 2012 | | | 12,817,980 | | | | 451,528 | |
| | 32 | | | EUX | | Euro-Bund Futures | | September 2012 | | | 5,705,886 | | | | (41,218 | ) |
| | 1 | | | MIL | | FTSE/MIB Index | | September 2012 | | | 90,458 | | | | 10,129 | |
| | 41 | | | MSE | | S&P/TSX 60 Index | | September 2012 | | | 5,327,060 | | | | 97,238 | |
| | 165 | | | SFE | | SPI 200 Index | | September 2012 | | | 17,128,400 | | | | (51,566 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 2,350,856 | |
| | | | | | | | | | | | | | | | |
| | Sold | | | | | | | | | | | | | | | |
| | 174 | | | SGX | | 10 Year Mini-JGB | | September 2012 | | $ | 31,280,165 | | | $ | (39,220 | ) |
| | 19 | | | SFE | | Australian Government 10 Year Bond | | September 2012 | | | 2,439,714 | | | | (6,095 | ) |
| | 88 | | | MSE | | Canadian Government 10 Year Bond | | September 2012 | | | 11,966,997 | | | | (104,521 | ) |
| | 88 | | | LIF | | FTSE 100 Index | | September 2012 | | | 7,611,865 | | | | (156,989 | ) |
| | 108 | | | HKG | | Hang Seng Index | | July 2012 | | | 13,537,674 | | | | (354,754 | ) |
| | 8 | | | TSE | | Japan 10 Year Bond | | September 2012 | | | 14,380,684 | | | | (5,345 | ) |
| | 194 | | | TSE | | TOPIX Index | | September 2012 | | | 18,663,414 | | | | (1,811,126 | ) |
| | 49 | | | CBT | | U.S. 10 Year Treasury Note | | September 2012 | | | 6,535,375 | | | | (30,825 | ) |
| | 29 | | | CBT | | U.S. 5 Year Treasury Note | | September 2012 | | | 3,595,094 | | | | (6,187 | ) |
| | 185 | | | LIF | | UK Gilt Long Bond | | September 2012 | | | 34,510,663 | | | | (166,463 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (2,681,525 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (330,669 | ) |
| | | | | | | | | | | | | | | | |
| |
| 500 Stock Index Fund | | | | | |
Number of
Contracts | | | Exchange | | Contract | | Expiration Date | | Contract
Value | | | Net
Unrealized
Appreciation | |
| | Purchased | | | | | | | | | | | | | | | |
| | 170 | | | CME | | E-MINI S&P 500 Index | | September 2012 | | $ | 11,529,400 | | | $ | 551,069 | |
| | | | | | | | | | | | | | | | |
| |
| Broad Market Index Fund | | | | | |
Number of
Contracts | | | Exchange | | Contract | | Expiration Date | | Contract
Value | | | Net
Unrealized
Appreciation | |
| | Purchased | | | | | | | | | | | | | | | |
| | 11 | | | NYF | | E-MINI Russell 2000 Index | | September 2012 | | $ | 874,940 | | | $ | 42,306 | |
| | 70 | | | CME | | E-MINI S&P 500 Index | | September 2012 | | | 4,747,400 | | | | 183,977 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 226,283 | |
| | | | | | | | | | | | | | | | |
80
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | |
| Mid/Small Company Index Fund | | | | | |
Number of
Contracts | | | Exchange | | Contract | | Expiration Date | | Contract
Value | | | Net
Unrealized
Appreciation | |
| | Purchased | | | | | | | | | | | | | | | |
| | 55 | | | NYF | | E-MINI Russell 2000 Index | | September 2012 | | $ | 4,374,700 | | | $ | 161,001 | |
| | 46 | | | CME | | E-MINI S&P MidCap 400 Index | | September 2012 | | | 4,321,700 | | | | 111,016 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 272,017 | |
| | | | | | | | | | | | | | | | |
| |
| Overseas Equity Index Fund | | | | | |
Number of
Contracts | | | Exchange | | Contract | | Expiration Date | | Contract
Value | | | Net
Unrealized
Appreciation/
(Depreciation) | |
| | Purchased | | | | | | | | | | | | | | | |
| | 62 | | | EUX | | DJ Euro STOXX 50 | | September 2012 | | $ | 1,769,295 | | | $ | 71,167 | |
| | 15 | | | LIF | | FTSE 100 Index | | September 2012 | | | 1,297,477 | | | | 25,838 | |
| | 4 | | | SFE | | SPI 200 Index | | September 2012 | | | 415,234 | | | | (1,119 | ) |
| | 12 | | | TSE | | TOPIX Index | | September 2012 | | | 1,154,438 | | | | 80,212 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 176,098 | |
| | | | | | | | | | | | | | | | |
Forward Currency Contracts
A forward currency contract involves a privately negotiated obligation to purchase or sell a specific currency at a future date at a price set in the contract.
Certain funds may enter into forward currency contracts to manage foreign currency risk. Foreign currency risk is the risk that a fund’s investment in or exposure to foreign currencies or securities denominated in foreign currencies may cause the fund to experience gains or losses solely based on changes in the exchange rate between foreign currencies and the U.S. dollar, or, in the case of hedged positions, the risk that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities held by a fund denominated in those currencies. Certain funds also may enter into forward currency contracts to obtain or adjust investment exposure to a foreign currency.
Forward currency contracts may be used by the following funds for the following purposes:
| | | | | | | | |
Fund | | Manage Foreign
Currency Risk | | | Obtain or Adjust Investment
Exposure to Foreign
Currencies | |
Low Duration Bond | | | * | | | | * | |
Inflation Protected Securities | | | * | | | | * | |
Equity Income | | | * | | | | | |
Growth & Income | | | * | | | | | |
Growth | | | * | | | | | |
Select Value | | | * | | | | | |
Aggressive Opportunities | | | * | | | | | |
Discovery | | | * | | | | * | |
International | | | * | | | | * | |
Diversifying Strategies | | | * | | | | * | |
Overseas Equity Index | | | * | | | | | |
81
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
Risks of entering into forward currency contracts include the possibility that a fund may lose money. For example, foreign currency values may change unfavorably relative to the U.S. dollar, there may be an illiquid market or a change in the value of the contracts may not correlate with changes in the value of the underlying currency. The use of over-the-counter forward currency contracts includes counterparty risk, which is the risk that the other party to a contract may not fulfill its obligations.
The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily using prevailing exchange rates. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward currency contracts are components of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on forward currency contracts and foreign currency transactions in the Statement of Operations, respectively.
During the six month period ended June 30, 2012, the following funds purchased and/or sold forward foreign currency exchange contracts: Low Duration Bond Fund, Discovery Fund, International Fund, Diversifying Strategies Fund, and Overseas Equity Index Fund.
As of June 30, 2012, the following funds had open forward currency contracts outstanding:
| | | | | | | | | | | | | | | | | | | | | | | | |
Low Duration Bond Fund | |
Contract Type | | Counterparty | | Currency to
Deliver | | In Exchange
For | | | Exchange
Date | | | Foreign Currency
Cost/Proceeds
(U.S.$) | | | U.S. Dollar Value at
June 30, 2012 | | | Net
Unrealized
Depreciation | |
| Purchase | | HSBC Bank plc | | USD | | | GBP | | | | 07/11/2012 | | | $ | 1,339,648 | | | $ | 1,339,029 | | | $ | (619 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Sale | | Citibank NA | | EUR | | | USD | | | | 07/11/2012 | | | $ | 2,120,480 | | | $ | 2,137,541 | | | $ | (17,061 | ) |
| Sale | | HSBC Bank plc | | GBP | | | USD | | | | 07/11/2012 | | | | 1,321,779 | | | | 1,339,030 | | | | (17,251 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (34,312 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (34,931 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Discovery Fund | |
Contract Type | | Counterparty | | Currency to
Deliver | | In Exchange
For | | | Exchange
Date | | | Foreign Currency
Cost/Proceeds
(U.S.$) | | | U.S. Dollar Value at
June 30, 2012 | | | Net
Unrealized
Depreciation | |
| Purchase | | HSBC Bank plc | | USD | | | GBP | | | | 07/11/2012 | | | $ | 520,191 | | | $ | 519,950 | | | $ | (241 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Sale | | HSBC Bank plc | | BRL | | | USD | | | | 07/30/2012 | | | $ | 362,251 | | | $ | 371,696 | | | $ | (9,445 | ) |
| Sale | | HSBC Bank plc | | GBP | | | USD | | | | 07/11/2012 | | | | 513,252 | | | | 519,950 | | | | (6,698 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (16,143 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (16,384 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
International Fund | |
Contract Type | | Counterparty | | Currency to
Deliver | | In Exchange
For | | | Exchange
Date | | | Foreign Currency
Cost/Proceeds
(U.S.$) | | | U.S. Dollar Value at
June 30, 2012 | | | Net
Unrealized
Appreciation | |
| Sale | | JPMorgan Chase
Bank NA | | AUD | | | USD | | | | 07/31/2012 | | | $ | 12,609,059 | | | $ | 12,571,013 | | | $ | 38,046 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
82
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | | | | | | | |
Diversifying Strategies Fund | |
Contract Type | | Counterparty | | Currency
to
Deliver | | In
Exchange
For | | Exchange
Date | | | Foreign
Currency
Cost/Proceeds
(U.S.$) | | | U.S. Dollar
Value at
June 30, 2012 | | | Net
Unrealized
Appreciation/
(Depreciation) | |
| Purchase | | Deutsche Bank AG | | USD | | AUD | | | 08/03/2012 | | | $ | 5,464,245 | | | $ | 5,465,288 | | | $ | 1,043 | |
| Purchase | | Deutsche Bank AG | | USD | | AUD | | | 09/19/2012 | | | | 22,905,765 | | | | 23,190,059 | | | | 284,294 | |
| Purchase | | Goldman Sachs International | | USD | | AUD | | | 09/19/2012 | | | | 7,519,164 | | | | 7,548,583 | | | | 29,419 | |
| Purchase | | Deutsche Bank AG | | USD | | CAD | | | 08/03/2012 | | | | 9,021,594 | | | | 9,097,966 | | | | 76,372 | |
| Purchase | | Deutsche Bank AG | | USD | | CAD | | | 09/19/2012 | | | | 6,004,630 | | | | 6,007,854 | | | | 3,224 | |
| Purchase | | Goldman Sachs International | | USD | | CAD | | | 08/03/2012 | | | | 9,955,824 | | | | 10,041,285 | | | | 85,461 | |
| Purchase | | Deutsche Bank AG | | USD | | CHF | | | 08/03/2012 | | | | 748,628 | | | | 748,588 | | | | (40 | ) |
| Purchase | | Goldman Sachs International | | USD | | CHF | | | 08/03/2012 | | | | 675,138 | | | | 676,439 | | | | 1,301 | |
| Purchase | | Deutsche Bank AG | | USD | | GBP | | | 08/03/2012 | | | | 14,899,832 | | | | 14,939,927 | | | | 40,095 | |
| Purchase | | Deutsche Bank AG | | USD | | GBP | | | 09/19/2012 | | | | 1,339,026 | | | | 1,339,452 | | | | 426 | |
| Purchase | | Deutsche Bank AG | | USD | | JPY | | | 08/03/2012 | | | | 6,775,051 | | | | 6,736,807 | | | | (38,244 | ) |
| Purchase | | Deutsche Bank AG | | USD | | JPY | | | 09/19/2012 | | | | 11,118,308 | | | | 10,980,720 | | | | (137,588 | ) |
| Purchase | | Goldman Sachs International | | USD | | JPY | | | 09/19/2012 | | | | 2,838,129 | | | | 2,825,141 | | | | (12,988 | ) |
| Purchase | | JPMorgan Chase Bank NA | | USD | | MXN | | | 07/30/2012 | | | | 677,030 | | | | 689,293 | | | | 12,263 | |
| Purchase | | Deutsche Bank AG | | USD | | NOK | | | 08/03/2012 | | | | 8,819,194 | | | | 8,939,615 | | | | 120,421 | |
| Purchase | | Deutsche Bank AG | | USD | | NOK | | | 09/19/2012 | | | | 2,065,643 | | | | 2,069,670 | | | | 4,027 | |
| Purchase | | Goldman Sachs International | | USD | | NOK | | | 08/03/2012 | | | | 7,337,152 | | | | 7,452,979 | | | | 115,827 | |
| Purchase | | Deutsche Bank AG | | USD | | NZD | | | 08/03/2012 | | | | 7,167,180 | | | | 7,401,589 | | | | 234,409 | |
| Purchase | | Goldman Sachs International | | USD | | NZD | | | 08/03/2012 | | | | 10,749,657 | | | | 11,102,383 | | | | 352,726 | |
| Purchase | | Deutsche Bank AG | | USD | | SEK | | | 08/03/2012 | | | | 15,213,040 | | | | 15,626,801 | | | | 413,761 | |
| Purchase | | Goldman Sachs International | | USD | | SEK | | | 08/03/2012 | | | | 22,812,701 | | | | 23,440,202 | | | | 627,501 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 2,213,710 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Sale | | Goldman Sachs International | | AUD | | USD | | | 08/03/2012 | | | $ | 13,837,275 | | | $ | 14,288,078 | | | $ | (450,803 | ) |
| Sale | | Deutsche Bank AG | | AUD | | USD | | | 08/03/2012 | | | | 10,378,157 | | | | 10,715,180 | | | | (337,023 | ) |
| Sale | | JPMorgan Chase Bank NA | | BRL | | USD | | | 07/30/2012 | | | | 466,718 | | | | 479,591 | | | | (12,873 | ) |
| Sale | | Deutsche Bank AG | | CAD | | USD | | | 08/03/2012 | | | | 1,222,016 | | | | 1,222,008 | | | | 8 | |
| Sale | | Deutsche Bank AG | | CAD | | USD | | | 09/19/2012 | | | | 1,071,977 | | | | 1,081,097 | | | | (9,120 | ) |
| Sale | | Goldman Sachs International | | CHF | | USD | | | 08/03/2012 | | | | 832,349 | | | | 843,202 | | | | (10,853 | ) |
| Sale | | Deutsche Bank AG | | CHF | | USD | | | 08/03/2012 | | | | 554,915 | | | | 562,135 | | | | (7,220 | ) |
| Sale | | JPMorgan Chase Bank NA | | EUR | | USD | | | 07/11/2012 | | | | 1,514,518 | | | | 1,525,008 | | | | (10,490 | ) |
| Sale | | Deutsche Bank AG | | EUR | | USD | | | 08/03/2012 | | | | 28,959,704 | | | | 29,325,516 | | | | (365,812 | ) |
| Sale | | Deutsche Bank AG | | EUR | | USD | | | 09/19/2012 | | | | 12,046,186 | | | | 12,069,649 | | | | (23,463 | ) |
| Sale | | Goldman Sachs International | | EUR | | USD | | | 08/03/2012 | | | | 23,612,696 | | | | 23,935,643 | | | | (322,947 | ) |
| Sale | | Deutsche Bank AG | | GBP | | USD | | | 08/03/2012 | | | | 8,466,136 | | | | 8,521,871 | | | | (55,735 | ) |
| Sale | | Deutsche Bank AG | | GBP | | USD | | | 09/19/2012 | | | | 11,691,032 | | | | 11,644,988 | | | | 46,044 | |
| Sale | | Goldman Sachs International | | GBP | | USD | | | 08/03/2012 | | | | 12,698,402 | | | | 12,782,804 | | | | (84,402 | ) |
| Sale | | Deutsche Bank AG | | JPY | | USD | | | 08/03/2012 | | | | 4,968,526 | | | | 4,938,395 | | | | 30,131 | |
| Sale | | Deutsche Bank AG | | JPY | | USD | | | 09/19/2012 | | | | 1,294,909 | | | | 1,284,757 | | | | 10,152 | |
| Sale | | Goldman Sachs International | | JPY | | USD | | | 08/03/2012 | | | | 7,452,602 | | | | 7,407,593 | | | | 45,009 | |
| Sale | | JPMorgan Chase Bank NA | | NOK | | USD | | | 07/11/2012 | | | | 1,523,897 | | | | 1,555,552 | | | | (31,655 | ) |
| Sale | | Deutsche Bank AG | | NOK | | USD | | | 09/19/2012 | | | | 3,298,017 | | | | 3,289,880 | | | | 8,137 | |
| Sale | | Goldman Sachs International | | NOK | | USD | | | 09/19/2012 | | | | 2,051,677 | | | | 2,037,224 | | | | 14,453 | |
| Sale | | Deutsche Bank AG | | NZD | | USD | | | 08/03/2012 | | | | 1,336,921 | | | | 1,336,320 | | | | 601 | |
| Sale | | Deutsche Bank AG | | NZD | | USD | | | 09/19/2012 | | | | 1,040,324 | | | | 1,054,579 | | | | (14,255 | ) |
| Sale | | Deutsche Bank AG | | SEK | | USD | | | 08/03/2012 | | | | 1,592,991 | | | | 1,631,760 | | | | (38,769 | ) |
| Sale | | Deutsche Bank AG | | SEK | | USD | | | 09/19/2012 | | | | 11,438,521 | | | | 11,595,204 | | | | (156,683 | ) |
| Sale | | Goldman Sachs International | | SEK | | USD | | | 09/19/2012 | | | | 1,747,458 | | | | 1,757,063 | | | | (9,605 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | (1,787,173 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 426,537 | |
| | | | | | | | | | | | | | | | | | | | | | |
83
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | | | | | | | |
Overseas Equity Index Fund | |
Contract Type | | Counterparty | | Currency
to
Deliver | | In
Exchange
For | | Exchange
Date | | | Foreign
Currency
Cost/Proceeds
(U.S.$) | | | U.S. Dollar
Value at
June 30, 2012 | | | Net
Unrealized
Appreciation/
(Depreciation) | |
| Purchase | | Citibank NA | | USD | | AUD | | | 09/19/2012 | | | $ | 275,664 | | | $ | 282,128 | | | $ | 6,464 | |
| Purchase | | Citibank NA | | USD | | EUR | | | 09/19/2012 | | | | 135,940 | | | | 136,146 | | | | 206 | |
| Purchase | | Credit Suisse International | | USD | | EUR | | | 09/19/2012 | | | | 54,504 | | | | 54,838 | | | | 334 | |
| Purchase | | Royal Bank of Scotland | | USD | | EUR | | | 09/19/2012 | | | | 840,173 | | | | 848,430 | | | | 8,257 | |
| Purchase | | UBS AG | | USD | | EUR | | | 09/19/2012 | | | | 166,989 | | | | 167,048 | | | | 59 | |
| Purchase | | Barclays Bank plc | | USD | | GBP | | | 09/19/2012 | | | | 701,137 | | | | 705,595 | | | | 4,458 | |
| Purchase | | Citibank NA | | USD | | GBP | | | 09/19/2012 | | | | 85,326 | | | | 85,337 | | | | 11 | |
| Purchase | | Credit Suisse International | | USD | | GBP | | | 09/19/2012 | | | | 84,321 | | | | 85,024 | | | | 703 | |
| Purchase | | UBS AG | | USD | | GBP | | | 09/19/2012 | | | | 87,443 | | | | 87,372 | | | | (71 | ) |
| Purchase | | Citibank NA | | USD | | JPY | | | 09/19/2012 | | | | 186,177 | | | | 185,480 | | | | (697 | ) |
| Purchase | | Credit Suisse International | | USD | | JPY | | | 09/19/2012 | | | | 93,966 | | | | 94,430 | | | | 464 | |
| Purchase | | Standard Chartered Bank | | USD | | JPY | | | 09/19/2012 | | | | 463,472 | | | | 459,959 | | | | (3,513 | ) |
| Purchase | | UBS AG | | USD | | JPY | | | 09/19/2012 | | | | 93,220 | | | | 93,491 | | | | 271 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 16,946 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Sale | | Citibank NA | | EUR | | USD | | | 09/19/2012 | | | $ | 54,295 | | | $ | 54,331 | | | $ | (36 | ) |
| Sale | | Citibank NA | | GBP | | USD | | | 09/19/2012 | | | | 143,658 | | | | 144,682 | | | | (1,024 | ) |
| Sale | | Citibank NA | | JPY | | USD | | | 09/19/2012 | | | | 114,212 | | | | 113,743 | | | | 469 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | (591 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 16,355 | |
| | | | | | | | | | | | | | | | | | | | | | |
Option Contracts (“Options”)
An option gives the holder the right but not the obligation to enter into a transaction (e.g., the purchase or sale of a security, an index of securities or another instrument, such as a futures contract) with another party on or before a specific date at a specified price (called the strike price). The counterparty is obligated to enter into the transaction if the holder elects to exercise the option. A call option gives the holder the right to purchase the underlying security or instrument from the other party; a put option gives the holder the right to sell the underlying security or instrument to the other party.
Certain funds may enter into options to manage certain risks. These risks may include interest rate risk (the risk that interest rates will rise, causing prices of fixed income securities to fall), credit risk (the risk that the issuer of a fixed income security will default on its obligation to pay interest and/or principal on the instrument in a timely manner), stock market risk (the risk that stock prices overall will decline over short or extended periods), and foreign currency risk (the risk that foreign currency values will decline relative to the U.S. dollar). Some funds also may use options, including options on Euro-Bund futures contracts, to obtain or adjust investment exposure to certain assets, asset classes, or foreign currencies.
84
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
Option contracts may be used by the following funds for the following purposes:
| | | | | | | | | | | | | | | | | | | | |
| | | Manage Risk: | | | Obtain or Adjust Investment
Exposure: | |
Fund | | Interest
Rate
Risk | | Credit
Risk | | Stock
Market
Risk | | | Foreign
Currency
Risk | | | To Certain
Assets or Asset
Classes | | | To Foreign
Currencies | |
| Low Duration Bond | | * | | * | | | | | | | * | | | | * | | | | * | |
| Inflation Protected Securities | | * | | * | | | | | | | * | | | | * | | | | * | |
| Equity Income | | | | | | | * | | | | | | | | * | | | | | |
| Growth & Income | | | | | | | * | | | | | | | | * | | | | | |
| Growth | | | | | | | * | | | | | | | | * | | | | | |
| Select Value | | | | | | | * | | | | | | | | * | | | | | |
| Aggressive Opportunities | | | | | | | * | | | | | | | | * | | | | | |
| Discovery | | * | | * | | | * | | | | * | | | | * | | | | * | |
| International | | | | | | | * | | | | * | | | | * | | | | * | |
| Diversifying Strategies | | * | | * | | | * | | | | * | | | | * | | | | * | |
Purchases of put and call options are recorded as an investment, the value of which is marked to market at each valuation date. When a purchased option expires, the fund will realize a loss equal to the premium paid. When a fund enters into a closing sale transaction, the fund will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. When a fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a fund exercises a call option, the cost of the security that the fund purchases upon exercise will be increased by the premium originally paid. When a fund writes (sells) a call or put option, an amount equal to the premium received by the fund is recorded as a liability, and the value of each option is marked to market at each valuation date. When a written option expires, the fund realizes a gain equal to the amount of the premium originally received. When a fund enters into a closing purchase transaction, the fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium originally received when the option was sold/written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a written call option is exercised, the fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the amount of the premium originally received. When a written put option is exercised, the amount of the premium originally received will reduce the cost of the security that the fund purchased upon exercise. Option contract transactions may incur a commission, in addition to the premium paid or received. Options written are reported as a liability in a fund’s Statement of Assets and Liabilities.
Purchased options on Euro-Bund futures are recorded, accounted for and reported in the financial statements very much like futures contracts. There is no premium paid at the time of purchase and they are marked to market daily with variation margin payments received or made by the funds daily based on fluctuation in value and recorded as unrealized gain or loss. At the expiration of the option, the accumulated variation margin received or paid is recorded as realized gain or loss. If the option is exercised, the transaction is recorded as a normal purchase or sale of a futures contract.
A risk in writing (selling) a call option is that the fund gives up the opportunity for profit if the market price of the security increases to or above the strike price and the option is exercised. A risk in writing (selling) a call option on a futures contract, including a Euro- Bund futures contract, is that the fund may incur a loss if the market value of the underlying futures contract increases and the option is exercised. A risk in writing a put option is that the fund may incur a loss if the market price of the security, or futures contract including a Euro-Bund futures contract, decreases and the option is exercised. A risk in buying an option, including an option on a Euro-Bund futures contract, is that the fund pays a premium whether or not the option is exercised. The use of over-the-counter option contracts may also include counterparty risk, which is the risk that the other party to the contract may not fulfill its obligations.
During the six month period ended June 30, 2012, the following funds purchased and/or sold put and/or call options: Inflation Protected Securities Fund and Diversifying Strategies Fund.
85
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
Written option activity for the six month period ended June 30, 2012 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Call Options | | | Put Options | | | Total | |
Inflation Protected Securities Fund | | Number of
Contracts | | | Premium | | | Number of
Contracts | | | Premium | | | Number of
Contracts | | | Premium | |
Beginning balance as of 12/31/2011 | | | 37 | | | $ | 21,010 | | | | — | | | $ | — | | | | 37 | | | $ | 21,010 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Written | | | — | | | | — | | | | 348 | | | | 286,069 | | | | 348 | | | | 286,069 | |
Closed | | | — | | | | — | | | | (219 | ) | | | (203,564 | ) | | | (219 | ) | | | (203,564 | ) |
Expired | | | (37 | ) | | | (21,010 | ) | | | (48 | ) | | | (56,130 | ) | | | (85 | ) | | | (77,140 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance as of 06/30/2012 | | | — | | | | — | | | | 81 | | | $ | 26,375 | | | | 81 | | | $ | 26,375 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | Call Options | | | Put Options | | | Total | |
Diversifying Strategies Fund | | Number of
Contracts | | | Premium | | | Number of
Contracts | | | Premium | | | Number of
Contracts | | | Premium | |
Beginning balance as of 12/31/2011 | | | 2,700 | | | $ | 554,178 | | | | — | | | $ | — | | | | 2,700 | | | $ | 554,178 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Written | | | 8,240 | | | | 1,217,762 | | | | — | | | | — | | | | 8,240 | | | | 1,217,762 | |
Closed | | | (8,660 | ) | | | (1,405,692 | ) | | | — | | | | — | | | | (8,660 | ) | | | (1,405,692 | ) |
Expired | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance as of 06/30/2012 | | | 2,280 | | | $ | 366,248 | | | | — | | | | — | | | | 2,280 | | | $ | 366,248 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2012, the following funds had open written option contracts or open purchased option contracts on Euro-Bund futures:
| | | | | | | | | | | | | | | | | | |
Inflation Protected Securities Fund | |
Option Type | | Description | | # Contracts | | | Strike Price | | | Expiration
Date | | | Unrealized
Gain/(Loss) | |
Written Put | | U.S. 10 Year Treasury Note | | | 81 | | | | 129.50 | | | | 7/27/2012 | | | $ | 23,844 | |
| | | | | | | | | | | | | | | | | | |
|
Diversifying Strategies Fund | |
Option Type | | Description | | # Contracts | | | Strike Price | | | Expiration
Date | | | Unrealized
Gain/(Loss) | |
Written Call | | Swiss Market Index | | | 2,280 | | | | 5,894.50 | | | | 9/21/2012 | | | $ | (334,771 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Option Type | | Description | | # Contracts | | | Strike Price | | | Expiration
Date | | | Unrealized
Gain/(Loss) | |
Purchased Call | | Euro-Bund | | | 215 | | | | EUR | | | | 8/24/2012 | | | $ | (520,338 | ) |
| | | | | | | | | | | | | | | | | | |
Swap Agreements (“Swaps”)
Swaps are two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a typical “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, such as specified interest rates, a particular foreign currency, or a “basket” of securities or commodities as represented by a particular index. The gross returns to be exchanged or “swapped” between the parties are generally calculated based on the return on or change in value of a “notional amount”, i.e. the predetermined dollar amount on which the dollar amount of gross returns are calculated.
Swap contract provisions and underlying assets are varied and customized to the specifications of the swap parties. Total return swaps are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indexes during the specified period, in return for periodic payments based on a fixed or variable
86
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
interest rate or the total return from other underlying assets. Total return swaps may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Credit default swaps are contracts whereby one party makes periodic payments to a counterparty in exchange for the right to receive from the counterparty a payment equal to the par (or other agreed-upon) value of a referenced fixed income security in the event of a default or other agreed upon credit related event by the issuer of the debt obligation. Interest rate swaps involve the exchange by a fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. Inflation rate swaps involve the exchange by a fund with another party of their respective commitments to pay or receive a fixed rate in exchange for the rate of change of an inflation index with respect to a notional amount of principal.
Certain funds may enter into swaps to manage certain risks (e.g. interest rate risk, which is the risk that interest rates will rise, causing prices of fixed income securities to fall, and credit risk, which is the risk that the issuer of a fixed income security will default on its obligation to pay interest and/or principal on the instrument in a timely manner). Some funds also may use swaps to manage foreign currency risk or to obtain or adjust investment exposure to certain assets or asset classes.
Swaps may be used by the following funds for the following purposes:
| | | | | | | | | | | | | | | | |
| | | Manage Risk: | | | Obtain or Adjust Investment Exposure: | |
Fund | | Interest Rate
Risk | | | Credit
Risk | | | Foreign Currency
Risk | | | To Certain Assets or Asset Classes | |
Low Duration Bond | | | * | | | | * | | | | * | | | | * | |
Inflation Protected Securities | | | * | | | | * | | | | * | | | | * | |
Discovery | | | * | | | | * | | | | * | | | | * | |
Diversifying Strategies | | | * | | | | * | | | | * | | | | * | |
Core Bond Index | | | * | | | | * | | | | | | | | * | |
The risks of entering into swaps include the possible lack of liquidity and unfavorable changes in the underlying investments or instruments. The use of swaps may also include counterparty risk, which is the risk that the other party to a swap may not fulfill its obligations.
In certain types of swap transactions, the risk of loss is increased because the fund may be required to make additional or higher payments to the counterparty as a result of market volatility. In addition, swaps are not traded on exchanges or other organized markets and are generally illiquid.
Swap value changes, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation (depreciation) on swaps. A realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of a swap. Net realized and unrealized gains and losses occurring during the holding period of swaps are a component of net realized gain (loss) on swaps and change in net unrealized appreciation (depreciation) on swaps in the Statement of Operations, respectively.
During the six month period ended June 30, 2012, the Inflation Protected Securities Fund participated in interest rate swaps. As of June 30, 2012 there were no swaps outstanding.
Swap Options (“Swaptions”)
A swaption is a contract that gives the holder the right (but not the obligation), in return for the payment of a premium, to enter into a new swap agreement, or shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms.
Certain funds may enter into swaptions to manage certain risks (e.g., interest rate risk, which is the risk that interest rates will rise, causing bond prices to fall, and credit risk, which is the risk that the issuer of a debt instrument will default on its obligation to pay interest and/or principal on the instrument in a timely manner). Some funds also may use swaptions to manage foreign currency risk or to obtain or adjust investment exposure to certain assets or asset classes.
87
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
Swaptions may be used by the following funds for the following purposes:
| | | | | | | | | | | | |
| | | Manage Risk: | | | Obtain or Adjust Investment Exposure: | |
Fund | | Interest Rate
Risk | | | Credit Risk | | | To Certain Assets or Asset Classes | |
Low Duration Bond | | | * | | | | * | | | | * | |
Inflation Protected Securities | | | * | | | | * | | | | * | |
Discovery | | | * | | | | * | | | | * | |
Diversifying Strategies | | | * | | | | * | | | | * | |
Core Bond Index | | | * | | | | * | | | | * | |
When a fund purchases a swaption, it risks losing the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a fund writes a swaption, upon exercise of the option the fund will become obligated according to the terms of the underlying agreement (i.e., the fund may be required to enter into a new swap agreement, or to shorten, extend, cancel, or otherwise modify an existing swap agreement, even when there has been an unfavorable change in the value of the underlying swap). The use of swaptions includes counterparty risk, which is the risk that the other party to a swaption may not fulfill its obligations.
When a fund writes a call or put swaption, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the swaption written. These liabilities are reflected as written swaptions outstanding on the Statement of Assets and Liabilities. Certain swaptions may be written with premiums to be determined on a future date. Premiums received from writing swaptions that expire are treated as realized gains. Premiums received from writing swaptions that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying swap to determine the realized gain or loss.
Funds may also purchase put and call swaptions. Purchasing put or call swaptions tends to increase the fund’s potential opportunity to benefit from favorable market value changes in the underlying swap without obligating the fund to participate in unfavorable market changes that may occur. The fund pays a premium that is included on the fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the swaption. Premiums paid for purchasing swaptions which expire are treated as realized losses. Certain swaptions may be purchased with premiums to be determined on a future date. The premiums for these swaptions are based upon implied volatility parameters at specified terms. When a fund enters into a closing sale transaction, the fund will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the swaption. When a fund exercises a put swaption, it will realize a gain or loss from the underlying swap and the proceeds will be decreased by the premium originally paid. When a fund exercises a call swaption, the cost of the swap that the fund purchases upon exercise will be increased by the premium originally paid. Swaptions written are reported as a liability in a fund’s Statement of Assets and Liabilities. Gains and losses are reported in a fund’s Statement of Operations.
During the six month period ended June 30, 2012, the Inflation Protected Securities Fund participated in interest rate swaptions.
Written swaption activity for the six month period ended June 30, 2012 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Call Swaptions | | | Put Swaptions | | | Total | |
Inflation Protected Securities Fund | | Notional
Amount | | | Premium | | | Notional
Amount | | | Premium | | | Notional
Amount | | | Premium | |
Beginning balance as of 12/31/2011 | | $ | — | | | $ | — | | | $ | 42,100,000 | | | $ | 323,650 | | | $ | 42,100,000 | | | $ | 323,650 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Written | | | 14,500,000 | | | | 165,550 | | | | 14,800,000 | | | | 240,971 | | | | 29,300,000 | | | | 406,521 | |
Closed | | | — | | | | — | | | | (42,100,000 | ) | | | (323,650 | ) | | | (42,100,000 | ) | | | (323,650 | ) |
Expired | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance as of 06/31/2012 | | $ | 14,500,000 | | | $ | 165,550 | | | $ | 14,800,000 | | | $ | 240,971 | | | $ | 29,300,000 | | | $ | 406,521 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
88
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
As of June 30, 2012, the following fund had open written swaption contracts outstanding:
Inflation Protected Securities Fund
| | | | | | | | | | | | | | | | | | | | |
Exchange | | Counterparty | | Contract | | Notional
Amount | | | Strike Rate | | | Expiration
Date | | | Net
Unrealized
Appreciation/
(Depreciation) | |
OTC | | Deutsche Bank AG | | Put—Interest Rate Swaption | | $ | 7,300,000 | | | | 1.70% | | | | 3/18/2013 | | | $ | 117,212 | |
OTC | | Deutsche Bank AG | | Call—Interest Rate Swaption | | | 7,300,000 | | | | 1.70% | | | | 3/18/2013 | | | | (114,350 | ) |
OTC | | Deutsche Bank AG | | Put—Interest Rate Swaption | | | 4,800,000 | | | | 1.50% | | | | 9/24/2012 | | | | 48,518 | |
OTC | | Deutsche Bank AG | | Call—Interest Rate Swaption | | | 4,800,000 | | | | 1.50% | | | | 9/24/2012 | | | | (58,750 | ) |
OTC | | Citibank NA | | Put—Interest Rate Swaption | | | 2,400,000 | | | | 1.70% | | | | 3/18/2013 | | | | 36,930 | |
OTC | | Citibank NA | | Call—Interest Rate Swaption | | | 2,400,000 | | | | 1.70% | | | | 3/18/2013 | | | | (37,663 | ) |
OTC | | Deutsche Bank AG | | Put—Interest Rate Swaption | | | 300,000 | | | | 2.00% | | | | 3/18/2013 | | | | 2,275 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (5,828 | ) |
| | | | | | | | | | | | | | | | | | | | |
Derivative Risk Exposure
In April 2009, the Company adopted FASB ASC 815 “Disclosure about Derivative Instruments and Hedging Activities” (“ASC 815”), which requires enhanced disclosures about the funds’ derivatives and hedging activities. The following tables reflect the value of the funds’ derivative contracts by certain risk exposure types (risks to which a fund is exposed as a result of holding the derivative contract) as of June 30, 2012.
| | | | | | | | | | | | |
| | | Asset Derivatives | | | Liability Derivatives | |
Risk Exposure | | Statement of Assets and Liabilities
Location | | Value | | | Statement of Assets and Liabilities
Location | | Value | |
Low Duration Bond Fund | | | | | | | | | | |
| Interest rate | | Receivable for variation margin on futures contracts | | $ | — | | | Payable for variation margin on futures contracts | | $ | 33,847 | * |
| Foreign currency | | Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | Unrealized depreciation on forward foreign currency exchange contracts | | | 34,931 | |
| | | | | | | | | | | | |
| Total | | | | $ | — | | | | | $ | 68,778 | |
| | | | | | | | | | | | |
Inflation Protected Securities Fund | | | | | | | | | | |
| Interest rate | | Investment in Securities, at value—purchased options and receivable for variation margin on futures contracts | | $ | 80,828 | * | | Payable for variation margin on futures contracts and written options at value | | $ | 456,413 | * |
| | | | | | | | | | | | |
| Total | | | | $ | 80,828 | | | | | $ | 456,413 | |
| | | | | | | | | | | | |
Discovery Fund | | | | | | | | | | |
| Interest rate | | Receivable for variation margin on futures contracts | | $ | — | | | Payable for variation margin on futures contracts | | $ | 9,670 | * |
| Foreign currency | | Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | Unrealized depreciation on forward foreign currency exchange contracts | | | 16,384 | |
| Stock market | | Receivable for variation margin on futures contracts | | | 5,202,235 | * | | Payable for variation margin on futures contracts | | | — | |
| | | | | | | | | | | | |
| Total | | | | $ | 5,202,235 | | | | | $ | 26,054 | |
| | | | | | | | | | | | |
89
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | |
| | | Asset Derivatives | | | Liability Derivatives | |
Risk Exposure | | Statement of Assets and Liabilities
Location | | Value | | | Statement of Assets and Liabilities
Location | | Value | |
International Fund | | | | | | | | | | |
| Foreign currency | | Unrealized appreciation on forward foreign currency exchange contracts | | $ | 38,046 | | | Unrealized depreciation on forward foreign currency exchange contracts | | $ | — | |
| | | | | | | | | | | | |
| Total | | | | $ | 38,046 | | | | | $ | — | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
Diversifying Strategies Fund | | | | | | | | | | |
| Interest rate | | Investment in Securities, at value—purchased options | | $ | 2,260,125 | | | Payable for variation margin on futures contracts and payable for variation margin for options on Euro-Bund futures contracts | | $ | 920,212^ | * |
| Foreign currency | | Unrealized appreciation on forward foreign currency exchange contracts | | | 2,557,105 | | | Unrealized depreciation on forward foreign currency exchange contracts | | | 2,130,568 | |
| Stock market | | Investment in Securities, at value—purchased options and receivable for variation margin on futures contracts | | | 2,743,020 | * | | Payable for variation margin on futures contracts and written options at value | | | 3,075,455 | * |
| | | | | | | | | | | | |
| Total | | | | $ | 7,560,250 | | | | | $ | 6,126,235 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
500 Stock Index Fund | | | | | | | | | | |
| Stock market | | Receivable for variation margin on futures contracts | | $ | 551,069 | * | | Payable for variation margin on futures contracts | | $ | — | * |
| | | | | | | | | | | | |
| Total | | | | $ | 551,069 | | | | | $ | — | |
| | | | | | | | | | | | |
Broad Market Index Fund | | | | | | | | | | |
| Stock market | | Receivable for variation margin on futures contracts | | $ | 226,283 | * | | Payable for variation margin on futures contracts | | $ | — | * |
| | | | | | | | | | | | |
| Total | | | | $ | 226,283 | | | | | $ | — | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
Mid/Small Company Index Fund | | | | | | | | | | |
| Stock market | | Receivable for variation margin on futures contracts | | $ | 272,017 | * | | Payable for variation margin on futures contracts | | $ | — | * |
| | | | | | | | | | | | |
| Total | | | | $ | 272,017 | | | | | $ | — | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
Overseas Equity Index Fund | | | | | | | | | | |
| Foreign currency | | Unrealized appreciation on forward foreign currency exchange contracts | | $ | 21,696 | | | Unrealized depreciation on forward foreign currency exchange contracts | | $ | 5,341 | |
| Stock market | | Receivable for variation margin on futures contracts | | | 177,217 | * | | Payable for variation margin on futures contracts | | | 1,119 | * |
| | | | | | | | | | | | |
| Total | | | | $ | 198,913 | | | | | $ | 6,460 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| * | | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Notes to Financial Statements. Only the current day’s variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities. |
| ^ | | Includes cumulative appreciation (depreciation) of options on Euro-Bund futures and options contracts at value as reported in the Notes to Financial Statements and Schedule of Investments. Only the current day’s variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities for the options on Euro-Bund futures. |
90
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
The following tables reflect the funds’ gains (losses) related to derivative activities by risk exposure types (risks to which a fund is exposed as a result of holding the derivative contract) for the six month period ended June 30, 2012, in accordance with ASC 815. These gains (losses) are included in net realized gain (loss) or net change in unrealized appreciation (depreciation) in the Statements of Operations.
| | | | | | | | | | | | | | | | | | | | |
|
Low Duration Bond Fund1 | |
| Realized Gain (Loss) | |
Risk Exposure | | Options | | | Futures | | | Forward Currency
Contracts | | | Swap Agreements | | | Total | |
Interest rate | | $ | — | | | $ | (22,200 | ) | | $ | — | | | $ | — | | | $ | (22,200 | ) |
Foreign currency | | | — | | | | — | | | | 312,558 | | | | — | | | | 312,558 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | (22,200 | ) | | $ | 312,558 | | | $ | — | | | $ | 290,358 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) | |
Risk Exposure | | Options | | | Futures | | | Forward Currency
Contracts | | | Swap Agreements | | | Total | |
Interest rate | | $ | — | | | $ | (52,864 | ) | | $ | — | | | $ | — | | | $ | (52,864 | ) |
Foreign currency | | | — | | | | — | | | | (183,950 | ) | | | — | | | | (183,950 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | (52,864 | ) | | $ | (183,950 | ) | | $ | — | | | $ | (236,814 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
|
Inflation Protected Securities Fund2 | |
| Realized Gain (Loss) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Interest rate | | $ | 492,837 | ** | | $ | (82,888 | ) | | $ | — | | | $ | 233,248 | | | $ | 643,197 | |
| Change in Unrealized Appreciation (Depreciation) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Interest rate | | $ | (280,468 | )** | | $ | 307,402 | | | $ | — | | | $ | (390,113 | ) | | $ | (363,179 | ) |
| | | | | |
Discovery Fund3 | | | | | | | | | | | | | | | | | | | | |
| Realized Gain (Loss) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Interest rate | | $ | — | | | $ | (22,284 | ) | | $ | — | | | $ | — | | | $ | (22,284 | ) |
Foreign currency | | | — | | | | — | | | | 45,220 | | | | — | | | | 45,220 | |
Stock market | | | — | | | | 6,143,841 | | | | — | | | | — | | | | 6,143,841 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | 6,121,557 | | | $ | 45,220 | | | $ | — | | | $ | 6,166,777 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Interest rate | | $ | — | | | $ | (9,670 | ) | | $ | — | | | $ | — | | | $ | (9,670 | ) |
Foreign currency | | | — | | | | — | | | | (49,813 | ) | | | — | | | | (49,813 | ) |
Stock market | | | — | | | | 2,390,303 | | | | — | | | | — | | | | 2,390,303 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | 2,380,633 | | | $ | (49,813 | ) | | $ | — | | | $ | 2,330,820 | |
| | | | | | | | | | | | | | | | | | | | |
91
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
International Fund4 | | | | | | | | | | | | | | | | | | | | |
| Realized Gain (Loss) | |
Risk Exposure | | Options | | | Futures | | | Forward Currency
Contracts | | | Swap Agreements | | | Total | |
Foreign currency | | $ | — | | | $ | — | | | $ | 495,621 | | | $ | — | | | $ | 495,621 | |
| Change in Unrealized Appreciation (Depreciation) | |
Risk Exposure | | Options | | | Futures | | | Forward Currency
Contracts | | | Swap Agreements | | | Total | |
Foreign currency | | $ | — | | | $ | — | | | $ | (796,823 | ) | | $ | — | | | $ | (796,823 | ) |
| | | | |
Diversifying Strategies Fund5 | | | | | | | | | | | | | | | | | |
| Realized Gain (Loss) | |
Risk Exposure | | Options | | | Futures | | | Forward Currency
Contracts | | | Swap Agreements | | | Total | |
Interest rate | | $ | 5,290,673 | ** | | $ | (3,909,495 | ) | | $ | — | | | $ | — | | | $ | 1,381,178 | |
Foreign currency | | | — | | | | — | | | | 1,581,482 | | | | — | | | | 1,581,482 | |
Stock market | | | — | | | | (31,509 | ) | | | — | | | | — | | | | (31,509 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | 5,290,673 | ** | | $ | (3,941,004 | ) | | $ | 1,581,482 | | | $ | — | | | $ | 2,931,151 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Interest rate | | $ | (3,261,463 | )** | | $ | 1,374,568 | | | $ | — | | | $ | — | | | $ | (1,886,895 | ) |
Foreign currency | | | — | | | | — | | | | (3,637,256 | ) | | | — | | | | (3,637,256 | ) |
Stock market | | | 26,709 | ** | | | (1,463,827 | ) | | | — | | | | — | | | | (1,437,118 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | (3,234,754 | )** | | $ | (89,259 | ) | | $ | (3,637,256 | ) | | $ | — | | | $ | (6,961,269 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
500 Stock Index Fund6 | | | | | | | | | | | | | | | | | |
| Realized Gain (Loss) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Stock market | | $ | — | | | $ | 364,000 | | | $ | — | | | $ | — | | | $ | $364,000 | |
| | | Change in Unrealized Appreciation (Depreciation) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Stock market | | $ | — | | | $ | 524,228 | | | $ | — | | | $ | — | | | $ | 524,228 | |
| | | |
Broad Market Index Fund7 | | | | | | | | | | | | | |
| Realized Gain (Loss) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Stock market | | $ | — | | | $ | 1,169,092 | | | $ | — | | | $ | — | | | $ | 1,169,092 | |
| | | Change in Unrealized Appreciation (Depreciation) | | | | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Stock market | | $ | — | | | $ | 175,039 | | | $ | — | | | $ | — | | | $ | 175,039 | |
92
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | |
Mid/Small Company Index Fund8 | | | | | | | | | | | | | | | | | |
| Realized Gain (Loss) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Stock market | | $ | — | | | $ | 238,759 | | | $ | — | | | $ | — | | | $ | 238,759 | |
| Change in Unrealized Appreciation (Depreciation) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Stock market | | $ | — | | | $ | 226,299 | | | $ | — | | | $ | — | | | $ | 226,299 | |
|
Overseas Equity Index Fund9 | |
| Realized Gain (Loss) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Foreign currency | | $ | — | | | $ | — | | | $ | (74,408 | ) | | $ | — | | | $ | (74,408 | ) |
Stock market | | | — | | | $ | (69,768 | ) | | | — | | | | — | | | $ | (69,768 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | (69,768 | ) | | $ | (74,408 | ) | | $ | — | | | $ | (144,176 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Change in Unrealized Appreciation (Depreciation) | |
Risk Exposure | | Options | | | Futures | | | Forward
Currency Contracts | | | Swap Agreements | | | Total | |
Foreign currency | | $ | — | | | $ | — | | | $ | 23,057 | | | $ | — | | | $ | 23,057 | |
Stock market | | | — | | | | 142,019 | | | | — | | | | — | | | | 142,019 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | 142,019 | | | $ | 23,057 | | | $ | — | | | $ | 165,076 | |
| | | | | | | | | | | | | | | | | | | | |
| | ** | The realized gain (loss) and unrealized appreciation (depreciation) for purchased options is reported in the Statements of Operations within realized gains (losses) on investments and net change in unrealized appreciation (depreciation) on investments. The realized gain (loss) and unrealized appreciation (depreciation) for purchased options on Euro-Bund futures is reported in the Statements of Operations within realized gains (losses) on purchased options on Euro-Bund futures contracts and net change in unrealized appreciation (depreciation) on purchased options on Euro-Bund futures contracts. |
| | (1) | The Low Duration Bond Fund used futures to manage interest rate risk inherent in its fixed income securities, consistent with its principal investment strategies. The fund used forward currency contracts to manage currency risk. |
| | (2) | The Inflation Protected Securities Fund used futures, options (including swaptions), and swaps to manage interest rate risk inherent in its fixed income securities, consistent with its principal investment strategies. The fund used futures, options (including swaptions), and swaps to obtain or adjust investment exposure to segments of the fixed income market in pursuit of its investment objective. |
| | (3) | The Discovery Fund used Russell 2000 Index futures to obtain or adjust investment exposure to U.S. common stocks and used Japan Bond futures to manage interest rate risk inherent in its fixed income securities consistent with its principal investment strategies. The fund used forward currency contracts to manage foreign currency risk inherent in its foreign fixed income holdings. |
| | (4) | The International Fund used forward currency contracts to obtain or adjust investment exposure to foreign currencies to facilitate the trading of the foreign securities in which the fund invested consistent with its principal investment strategies and in pursuit of its investment objective. |
| | (5) | The Diversifying Strategies Fund, consistent with its principal investment strategies, used (1) foreign currency contracts to obtain or adjust investment exposure to foreign currencies; (2) futures to obtain or adjust investment exposure to stocks or to fixed income securities; and (3) options to obtain or adjust investment exposure to stocks and to fixed income securities. |
93
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | (6) | The 500 Stock Index Fund used futures to obtain or adjust investment exposure to equity issues in pursuit of its investment objective, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly. |
| | (7) | The Broad Market Index Fund used futures to obtain or adjust investment exposure to equity issues in pursuit of its investment objective, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly. |
| | (8) | The Mid/Small Company Index Fund used futures to obtain or adjust investment exposure to equity issues in pursuit of its investment objective, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly. |
| | (9) | The Overseas Equity Index Fund used forward currency contracts to manage currency risks inherent in the fund’s equity securities in pursuit of its investment objective. The fund used futures to obtain or adjust investment exposure to equity securities, which were in support of the fund’s investment objective, when it was believed that using futures would be more efficient or cost effective than trading in the securities directly. |
| 4. | | Agreements and Other Transactions with Affiliates |
VIA, a wholly owned subsidiary of ICMA Retirement Corporation (“ICMA-RC”), provides investment advisory services to each of the funds. Pursuant to Master Advisory Agreements, VIA is entitled to receive 0.10% of the average daily net assets of each Actively Managed and Milestone Fund and 0.05% of the average daily net assets of the Index Funds. Effective July 1, 2005, VIA is entitled to receive 0.10% on the first $500 million of net assets, 0.09% on the next $500 million of net assets, and 0.08% on net assets over $1 billion for each Model Portfolio Fund. For these services, VIA earned $8,925,080 in the aggregate for the six month period ended June 30, 2012.
Vantagepoint Transfer Agents, LLC (“VTA”), a wholly owned subsidiary of ICMA-RC, provides certain transfer agency and administrative shareholder support services for the funds related to the retirement plans investing in the funds. Pursuant to a Transfer Agency and Administrative Services Agreement with the Company, VTA is entitled to receive a fee for fund services. VTA receives 0.35% of the average daily net assets of each Actively Managed Fund, 0.30% of the average daily net assets of the Class I shares of the Index Funds and 0.10% of the average daily net assets of the Class II shares of the Index Funds. For these services, VTA earned $19,963,915 in the aggregate for the six month period ended June 30, 2012.
VIA and the Company contract with one or more subadvisers (“Subadvisers”) for the day-to-day management of each of the funds other than the Model Portfolio Funds and Milestone Funds. Each Subadviser is paid a fee by the funds during the year based on average net assets under management, except that the subadvisory fees for Mellon Capital Management Corporation for the Diversifying Strategies Fund are calculated based on the average net asset value of the fund’s assets allocated and assigned to it by VIA. The fee structure for many of the Subadvisers provides for a range of fees so that as average net assets under management increases the rate of fee paid to the Subadviser decreases. Other Subadvisers charge one fee no matter what amount of assets they have under management. Additional information about each Subadviser’s fee is presented in the Company’s prospectus and statement of additional information. Fees paid by each fund to Subadvisers during the six month period ended June 30, 2012 are presented in the “Additional Information” section of these Notes. The Subadviser’s fees during the six month period ended June 30, 2012 are shown here as an annual percentage of average net assets under management, except the subadvisory fees for Mellon Capital Management Corporation for the Diversifying Strategies Fund which were calculated based on the average net asset value of the assets allocated and assigned to it by VIA.
| | | | | | |
Fund | | Subadviser | | Actual Fee as a Percentage of
Average Daily Net Assets (net of
any subadviser fee waivers) | |
| Low Duration Bond | | Payden & Rygel | | | 0.10 | % |
| | STW Fixed Income Management LLC | | | 0.18 | % |
| | |
| Inflation Protected Securities | | Pacific Investment Management Company, LLC | | | 0.20 | % |
| | BlackRock Financial Management, Inc. | | | 0.10 | % |
| | |
| Equity Income | | Barrow, Hanley, Mewhinney & Strauss, LLC | | | 0.22 | % |
| | T. Rowe Price Associates, Inc. | | | 0.32 | % |
| | Southeastern Asset Management, Inc. | | | 0.52 | % |
94
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | |
Fund | | Subadviser | | Actual Fee as a Percentage of
Average Daily Net Assets (net of
any subadviser fee waivers) | |
| Growth & Income | | Fiduciary Management, Inc. | | | 0.29 | % |
| | T. Rowe Price Associates, Inc. | | | 0.38 | % |
| | Wellington Management Company, LLP | | | 0.27 | % |
| | |
| Growth | | Atlanta Capital Management Company, LLC (1) | | | 0.30 | % |
| | Columbus Circle Investors | | | 0.33 | % |
| | D.G. Capital Management Trust (1) | | | 0.35 | % |
| | Legg Mason Capital Management, LLC (1) | | | 0.32 | % |
| | Tukman Grossman Capital Management, Inc. (1) | | | 0.40 | % |
| | Victory Capital Management, Inc. (1) | | | 0.26 | % |
| | Westfield Capital Management Company, L.P. | | | 0.33 | % |
| | |
| Select Value | | Artisan Partners Limited Partnership | | | 0.55 | % |
| | Systematic Financial Management, L.P. | | | 0.42 | % |
| | WEDGE Capital Management LLP | | | 0.53 | % |
| | |
| Aggressive Opportunities | | Legg Mason Capital Management, LLC (2) | | | 0.32 | % |
| | Southeastern Asset Management, Inc. | | | 0.56 | % |
| | TimesSquare Capital Management, LLC | | | 0.50 | % |
| | Wellington Management Company, LLP (2) | | | 0.41 | % |
| | |
| Discovery | | Payden & Rygel | | | 0.15 | % |
| | Wellington Management Company, LLP | | | 0.73 | % |
| | |
| International | | Artisan Partners Limited Partnership | | | 0.65 | % |
| | GlobeFlex Capital, LP | | | 0.40 | % |
| | Mondrian Investment Partners Limited | | | 0.43 | % |
| | Walter Scott & Partners Limited | | | 0.55 | % |
| | |
| Diversifying Strategies | | Calamos Advisors LLC | | | 0.53 | % |
| | Mellon Capital Management Corporation (3) | | | 0.33 | % |
| | Payden & Rygel (Enhanced Cash Strategy) | | | 0.10 | % |
| | Payden & Rygel (Low Duration Strategy) | | | 0.10 | % |
| | Shenkman Capital Management, Inc. | | | 0.38 | % |
| | |
| Core Bond Index | | Mellon Capital Management Corporation | | | 0.02 | % |
| | |
| 500 Stock Index | | Mellon Capital Management Corporation | | | 0.02 | % |
| | |
| Broad Market Index | | Mellon Capital Management Corporation | | | 0.02 | % |
| | |
| Mid/Small Company Index | | Mellon Capital Management Corporation | | | 0.03 | % |
| | |
| Overseas Equity Index | | Mellon Capital Management Corporation | | | 0.07 | % |
| | (1) | On January 23, 2012, Atlanta Capital Management Company, LLC and Victory Capital Management, Inc. began managing the assets allocated to them. D.G. Capital Management, LLC, Legg Mason Capital Management, LLC and Tukman Grossman Capital Management, Inc. were terminated as subadvisers. |
| | (2) | At a meeting held on June 22, 2012, VIA recommended, and the Vantagepoint Board approved, the termination of Legg Mason Capital Management, LLC and Wellington Management Company, LLP, and the appointments of SSgA Funds Management, Inc. and Wells Capital Management Inc. as subadvisers to the Aggressive Opportunities Fund. These changes were effective on August 27, 2012. |
| | (3) | Effective May 1, 2011, Mellon Capital Management Corporation contractually agreed to waive a portion of its subadvisory fee through April 30, 2014. |
95
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
Expenses
The Model Portfolio Funds and Milestone Funds incur fees and expenses indirectly as shareholders in their respective underlying funds. Because the underlying funds have varied expense and fee levels and the Model Portfolio and Milestone Funds may own different proportions of such funds at different times, the amount of fees and expenses indirectly incurred by the Model Portfolio and Milestone Funds will vary.
Fee Waivers
VIA will waive its management fee or reimburse expenses to the extent necessary as a result of any increase in subadvisory fees payable by the Growth Fund that would cause the aggregate management and subadvisory fees of the Growth Fund to exceed 0.54% as a result of subadvisory changes. This commitment will continue until such time as shareholders approve an increase in this limit. For the six month period ended June 30, 2012 no waiver or reimbursement was required.
From January 4, 2010 through April 30, 2011, and from May 1, 2011 through April 30, 2012, and from May 1, 2012 through April 30, 2013, VIA contractually agreed to limit the Milestone 2045 Fund expense ratio to 1.10%. For the six month period ended June 30, 2012 no waiver or reimbursement was required.
T. Rowe Price Associates, Inc. (“T. Rowe Price”) voluntarily waives a portion of its aggregate subadvisory fees for the Growth & Income and Equity Income Funds. These voluntary fee waivers were first implemented on May 1, 2003. The fee for each fund managed by T. Rowe Price is voluntarily reduced by the following percentages, which are determined based on the total amount of assets managed by T. Rowe Price for the Company: a 2.5% waiver on the first $500 million in total assets provided the total amount of assets managed by T. Rowe Price is between $250 and $500 million and a 5% waiver on total assets above $500 million. For the six month period ended June 30, 2012, the fee waiver for the Growth & Income Fund totaled $22,926 and the fee waiver for the Equity Income Fund totaled $37,669. Effective October 1, 2008, Tukman Grossman Capital Management, Inc. (“Tukman Grossman”) voluntarily agreed to waive a portion of its subadvisory fee in an amount equal to 0.10% of the average daily market value of the assets managed in the Growth Fund. This waiver totaled $17,264 for the six month period ended June 30, 2012. Effective May 1, 2011, Mellon Capital Management Corporation (“Mellon Capital Management”) agreed to waive a portion of its subadvisory fee through April 30, 2014 so that its fee for the Diversifying Strategies Fund does not exceed 0.325% of the average daily market value of the assets managed in the Diversifying Strategies Fund. This waiver totaled $446,606 for the six month period ended June 30, 2012.
| 5. | | Investment Portfolio Transactions |
Purchases and sales of investments, exclusive of short-term securities, for each fund for the six month period ended June 30, 2012 were as follows:
| | | | | | | | | | | | | | | | |
| | | U.S. Government Obligations | | | Other Securities | |
Fund | | Purchases at Cost | | | Sales Proceeds | | | Purchases at Cost | | | Sales Proceeds | |
Low Duration Bond | | $ | 53,691,542 | | | $ | 38,007,117 | | | $ | 123,494,053 | | | $ | 110,883,818 | |
Inflation Protected Securities | | | 72,359,546 | | | | 248,361,999 | | | | 258,282,149 | | | | 15,476,562 | |
Equity Income | | | — | | | | — | | | | 91,635,251 | | | | 106,226,013 | |
Growth & Income | | | — | | | | — | | | | 156,716,223 | | | | 187,179,169 | |
Growth | | | — | | | | — | | | | 1,144,693,987 | | | | 1,195,837,048 | |
Select Value | | | — | | | | — | | | | 89,395,547 | | | | 87,986,913 | |
Aggressive Opportunities | | | — | | | | — | | | | 194,122,104 | | | | 262,916,390 | |
Discovery | | | 27,744,126 | | | | 24,783,799 | | | | 53,934,701 | | | | 57,335,634 | |
International | | | — | | | | — | | | | 330,032,349 | | | | 277,352,525 | |
Diversifying Strategies | | | 61,660,036 | | | | 64,784,661 | | | | 318,732,314 | | | | 244,010,910 | |
Core Bond Index | | | 198,263,866 | | | | 164,666,467 | | | | 286,332,935 | | | | 235,798,343 | |
500 Stock Index | | | — | | | | — | | | | 29,126,941 | | | | 3,220,541 | |
Broad Market Index | | | — | | | | — | | | | 2,890,495 | | | | 8,977,870 | |
Mid/Small Company Index | | | — | | | | — | | | | 55,559,628 | | | | 37,611,575 | |
96
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| | | | | | | | | | | | | | | | |
| | | U.S. Government Obligations | | | Other Securities | |
Fund | | Purchases at Cost | | | Sales Proceeds | | | Purchases at Cost | | | Sales Proceeds | |
Overseas Equity Index | | $ | — | | | $ | — | | | $ | 29,590,442 | | | $ | 1,611,273 | |
Model Portfolio Savings Oriented | | | — | | | | — | | | | 16,221,835 | | | | 10,446,707 | |
Model Portfolio Conservative Growth | | | — | | | | — | | | | 32,859,317 | | | | 22,122,377 | |
Model Portfolio Traditional Growth | | | — | | | | — | | | | 63,805,816 | | | | 55,304,781 | |
Model Portfolio Long-Term Growth | | | — | | | | — | | | | 64,565,674 | | | | 61,628,897 | |
Model Portfolio All-Equity Growth | | | — | | | | — | | | | 22,877,687 | | | | 13,316,701 | |
Milestone Retirement Income | | | — | | | | — | | | | 9,962,666 | | | | 8,785,862 | |
Milestone 2010 | | | — | | | | — | | | | 11,393,557 | | | | 13,455,258 | |
Milestone 2015 | | | — | | | | — | | | | 24,879,703 | | | | 15,579,118 | |
Milestone 2020 | | | — | | | | — | | | | 36,448,424 | | | | 11,411,834 | |
Milestone 2025 | | | — | | | | — | | | | 31,884,317 | | | | 5,348,053 | |
Milestone 2030 | | | — | | | | — | | | | 24,751,246 | | | | 4,358,126 | |
Milestone 2035 | | | — | | | | — | | | | 18,798,339 | | | | 2,985,983 | |
Milestone 2040 | | | — | | | | — | | | | 18,032,180 | | | | 2,156,813 | |
Milestone 2045 | | | — | | | | — | | | | 9,945,683 | | | | 750,122 | |
| 6. | | Tax Basis Unrealized Appreciation (Depreciation) |
As of June 30, 2012, net unrealized appreciation (depreciation) on investments was as follows:
| | | | | | | | | | | | | | | | |
Fund | | Federal Income
Tax Cost | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Tax Basis Net
Unrealized
Appreciation/
(Depreciation) | |
Low Duration Bond | | $ | 588,102,921 | | | $ | 8,139,559 | | | $ | 3,288,905 | | | $ | 4,850,654 | |
Inflation Protected Securities | | | 597,770,393 | | | | 46,661,261 | | | | 932,955 | | | | 45,728,306 | |
Equity Income | | | 1,967,583,226 | | | | 299,578,404 | | | | 162,964,423 | | | | 136,613,981 | |
Growth & Income | | | 1,132,267,532 | | | | 217,684,464 | | | | 50,566,947 | | | | 167,117,517 | |
Growth | | | 1,738,643,891 | | | | 221,831,022 | | | | 57,786,580 | | | | 164,044,442 | |
Select Value | | | 340,367,714 | | | | 42,258,048 | | | | 11,078,108 | | | | 31,179,940 | |
Aggressive Opportunities | | | 1,041,861,194 | | | | 149,018,928 | | | | 79,372,308 | | | | 69,646,620 | |
Discovery | | | 214,686,842 | | | | 15,157,858 | | | | 11,286,182 | | | | 3,871,676 | |
International | | | 1,282,068,931 | | | | 101,586,979 | | | | 110,158,045 | | | | (8,571,066 | ) |
Diversifying Strategies | | | 904,683,906 | | | | 18,137,591 | | | | 9,584,600 | | | | 8,552,991 | |
Core Bond Index | | | 1,202,944,509 | | | | 65,788,982 | | | | 2,882,580 | | | | 62,906,402 | |
500 Stock Index | | | 321,124,138 | | | | 186,810,023 | | | | 47,606,457 | | | | 139,203,566 | |
Broad Market Index | | | 393,074,428 | | | | 250,831,523 | | | | 84,348,815 | | | | 166,482,708 | |
Mid/Small Company Index | | | 469,039,308 | | | | 100,761,707 | | | | 49,830,899 | | | | 50,930,808 | |
Overseas Equity Index | | | 244,207,868 | | | | 25,863,565 | | | | 57,144,484 | | | | (31,280,919 | ) |
Model Portfolio Savings Oriented | | | 289,682,698 | | | | 13,239,625 | | | | — | | | | 13,239,625 | |
Model Portfolio Conservative Growth | | | 565,781,379 | | | | 24,686,691 | | | | 1,980,703 | | | | 22,705,988 | |
Model Portfolio Traditional Growth | | | 1,408,555,998 | | | | 59,156,438 | | | | 23,228,112 | | | | 35,928,326 | |
Model Portfolio Long-Term Growth | | | 1,769,187,956 | | | | 88,187,657 | | | | 40,122,702 | | | | 48,064,955 | |
Model Portfolio All-Equity Growth | | | 712,023,595 | | | | 22,660,246 | | | | 25,712,484 | | | | (3,052,238 | ) |
Milestone Retirement Income | | | 224,805,832 | | | | 3,453,252 | | | | 468,994 | | | | 2,984,258 | |
Milestone 2010 | | | 224,429,298 | | | | 5,847,075 | | | | 629,802 | | | | 5,217,273 | |
Milestone 2015 | | | 397,055,073 | | | | 11,884,972 | | | | — | | | | 11,884,972 | |
Milestone 2020 | | | 415,940,175 | | | | 14,876,528 | | | | — | | | | 14,876,528 | |
Milestone 2025 | | | 330,722,957 | | | | 14,111,636 | | | | 323,515 | | | | 13,788,121 | |
Milestone 2030 | | | 256,916,353 | | | | 14,622,089 | | | | 248,283 | | | | 14,373,806 | |
Milestone 2035 | | | 165,748,055 | | | | 10,718,445 | | | | 75,088 | | | | 10,643,357 | |
Milestone 2040 | | | 156,889,339 | | | | 15,437,874 | | | | 22,871 | | | | 15,415,003 | |
Milestone 2045 | | | 42,688,912 | | | | 2,326,744 | | | | — | | | | 2,326,744 | |
97
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| 7. | | Portfolio Securities Loaned |
Certain funds lend securities to approved borrowers to seek to earn additional income. As of June 30, 2012 certain funds had loaned securities, which were collateralized by cash or other forms of collateral as provided for in the Company’s Securities Lending Agency Agreement with JPMorgan Chase Bank, N.A. at least equal to the market value of the securities loaned. The funds receive dividends and interest on the loaned securities and a portion of interest earned on reinvested collateral. All securities loaned are marked to market daily in U.S. dollars and collateral is received and released accordingly on the following day to achieve the required collateralization for the previous day’s market value. The fund may terminate a loan at any time and generally expects to receive the securities loaned within the normal settlement period for the security involved. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of the borrower. The fund may not retain voting rights on securities while they are on loan. Voting rights on the loaned securities may pass to the borrower. The funds, however, are entitled to terminate or recall the loans to vote proxies or otherwise obtain rights to vote or consent with respect to a material event.
The funds will be indemnified by its custodian for securities lending programs conducted through the custodian if, at the time of a default by a borrower, some or all of the loaned securities have not been returned by the borrower. The custodian, as soon as practicable after the time of default, shall deposit in the funds’ accounts securities of the same number, issue, type, class and series of the unreturned loaned securities. If the custodian is unable to purchase replacement securities, it will credit to the funds’ accounts an amount equal to the market value of the unreturned loaned securities. For purposes of calculating the amount of credit to a fund’s account, the market value of U.S. securities will be determined as of the date on which the custodian posts the credit to the fund and the market value of the U.S. securities may be more or less than it was on the date the securities were due to be returned to the fund. For non-U.S. securities, the market value of the securities to be credited to a fund is determined as of the date the securities were due to be returned to the fund.
The market value of the securities on loan and the value of the related collateral as of June 30, 2012, were as follows:
| | | | | | | | | | | | |
Fund | | Securities on
Loan | | | Collateral | | | Collateralization | |
Low Duration Bond | | $ | 15,803,008 | | | $ | 16,138,328 | | | | 102 | % |
Inflation Protected Securities | | | 702,754 | | | | 718,575 | | | | 102 | % |
Equity Income | | | 168,851,971 | | | | 168,754,065 | | | | 100 | % * |
Growth & Income | | | 62,714,869 | | | | 62,398,872 | | | | 99 | % * |
Growth | | | 72,409,531 | | | | 71,459,765 | | | | 99 | % * |
Select Value | | | 27,906,755 | | | | 30,099,531 | | | | 108 | % * |
Aggressive Opportunities | | | 124,377,619 | | | | 124,234,834 | | | | 100 | % * |
Discovery | | | 14,393,842 | | | | 15,365,407 | | | | 107 | % * |
International | | | 49,395,266 | | | | 50,493,035 | | | | 102 | % * |
Core Bond Index | | | 23,213,348 | | | | 23,750,128 | | | | 102 | % |
500 Stock Index | | | 18,542,331 | | | | 18,623,632 | | | | 100 | % * |
Broad Market Index | | | 32,059,070 | | | | 32,253,704 | | | | 101 | % * |
Mid/Small Company Index | | | 59,413,413 | | | | 59,874,734 | | | | 101 | % * |
Overseas Equity Index | | | 7,494,665 | | | | 7,679,152 | | | | 102 | % * |
| | * | Collateralization was brought into compliance the following business day. |
98
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
| 8. | | Transactions with Affiliated Funds |
As of June 30, 2012, the Model Portfolio Funds and Milestone Funds held investments in a number of the underlying funds. The figures presented below represent the percentages of shares outstanding in each of the underlying funds owned by the Model Portfolio and Milestone Funds on that date:
| | | | | | | | | | | | | | | | | | | | |
Underlying Fund | | Model Portfolio
Savings
Oriented | | | Model Portfolio
Conservative
Growth | | | Model Portfolio
Traditional
Growth | | | Model Portfolio
Long-Term
Growth | | | Model Portfolio
All-Equity
Growth | |
Low Duration Bond | | | 16.69 | % | | | 19.93 | % | | | 20.80 | % | | | — | | | | — | |
Inflation Protected Securities | | | 7.04 | % | | | 9.23 | % | | | 9.23 | % | | | — | | | | — | |
Equity Income | | | 1.57 | % | | | 3.34 | % | | | 8.94 | % | | | 12.24 | % | | | 6.60 | % |
Growth & Income | | | 2.44 | % | | | 4.24 | % | | | 13.83 | % | | | 18.94 | % | | | 9.68 | % |
Growth | | | — | | | | 1.88 | % | | | 7.65 | % | | | 11.10 | % | | | 6.45 | % |
Select Value | | | — | | | | 5.13 | % | | | 22.97 | % | | | 44.83 | % | | | 19.68 | % |
Aggressive Opportunities | | | — | | | | 1.77 | % | | | 7.94 | % | | | 15.51 | % | | | 6.83 | % |
Discovery | | | — | | | | — | | | | 21.18 | % | | | 40.14 | % | | | 31.22 | % |
International | | | 1.23 | % | | | 3.80 | % | | | 13.87 | % | | | 23.41 | % | | | 11.60 | % |
Core Bond Index Class I | | | 3.09 | % | | | 8.08 | % | | | 21.83 | % | | | 27.51 | % | | | — | |
Diversifying Strategies | | | 6.59 | % | | | 12.15 | % | | | 23.73 | % | | | 23.97 | % | | | — | |
| | | | | |
Underlying Fund | | Milestone
Retirement
Income | | | Milestone
2010 | | | Milestone
2015 | | | Milestone
2020 | | | Milestone
2025 | |
Low Duration Bond | | | 12.49 | % | | | 6.35 | % | | | 8.08 | % | | | 5.51 | % | | | 2.03 | % |
Inflation Protected Securities | | | 5.25 | % | | | 5.28 | % | | | 6.15 | % | | | 1.49 | % | | | — | |
Equity Income | | | 1.20 | % | | | 2.16 | % | | | 4.06 | % | | | 4.68 | % | | | 4.07 | % |
Growth & Income | | | 1.86 | % | | | 2.05 | % | | | 3.64 | % | | | 4.00 | % | | | 3.54 | % |
Growth | | | — | | | | 0.86 | % | | | 1.65 | % | | | 1.90 | % | | | 1.70 | % |
International | | | 0.94 | % | | | 1.71 | % | | | 3.55 | % | | | 4.35 | % | | | 3.98 | % |
Core Bond Index Class I | | | 2.31 | % | | | 1.68 | % | | | 4.39 | % | | | 6.65 | % | | | 5.28 | % |
Mid/Small Company Index Class I | | | — | | | | — | | | | 6.99 | % | | | 13.24 | % | | | 13.68 | % |
Diversifying Strategies | | | 4.96 | % | | | 4.46 | % | | | 7.38 | % | | | 7.16 | % | | | 4.94 | % |
| | | | | |
Underlying Fund | | Milestone
2030 | | | Milestone
2035 | | | Milestone
2040 | | | Milestone
2045 | | | | |
Low Duration Bond | | | 0.68 | % | | | 0.10 | % | | | — | | | | — | | | | | |
Equity Income | | | 3.40 | % | | | 2.34 | % | | | 2.40 | % | | | 0.64 | % | | | | |
Growth & Income | | | 3.05 | % | | | 2.10 | % | | | 2.17 | % | | | 0.58 | % | | | | |
Growth | | | 1.50 | % | | | 1.11 | % | | | 1.15 | % | | | 0.31 | % | | | | |
International | | | 3.50 | % | | | 2.52 | % | | | 2.63 | % | | | 0.70 | % | | | | |
Core Bond Index Class I | | | 2.97 | % | | | 1.17 | % | | | 0.99 | % | | | 0.25 | % | | | | |
Mid/Small Company Index Class I | | | 13.63 | % | | | 11.28 | % | | | 12.23 | % | | | 3.26 | % | | | | |
Diversifying Strategies | | | 3.16 | % | | | 1.24 | % | | | 0.28 | % | | | — | | | | | |
| 9. | | Control Persons and Principal Holders of Securities |
A majority of the voting shares of each Fund are held either directly, or indirectly through the Model Portfolio Funds and the Milestone Funds, by VantageTrust, a group trust sponsored and maintained by VantageTrust Company, LLC (“Trust Company”), 777 N. Capitol Street, NE, Suite 600, Washington, DC 20002. VantageTrust was established for the purpose of holding and investing the assets of public sector retirement and deferred compensation plans. The Trust Company, a New Hampshire non-depository banking Limited Liability Company, has the power to vote the shares of the Funds directly held by VantageTrust and has the power to direct the vote of the shares of the
99
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
underlying Funds held by the Model Portfolio Funds and the Milestone Funds under the proxy voting policy adopted by VIA and is therefore considered a “control” person of the Funds for purposes of the 1940 Act. Both the Trust Company and VIA are wholly owned subsidiaries of ICMA-RC. As a control person of each Fund, the Trust Company has the ability to control the outcome of matters submitted to the vote of shareholders. The following represents the percentage of shares outstanding in each of the Funds held, directly or indirectly, by VantageTrust as of June 30, 2012:
| | | | |
Fund | | % owned by
VantageTrust | |
Low Duration Bond | | | 78.28 | % |
Inflation Protected Securities | | | 85.67 | % |
Equity Income | | | 90.52 | % |
Growth & Income | | | 89.85 | % |
Growth | | | 95.09 | % |
Select Value | | | 92.99 | % |
Aggressive Opportunities | | | 95.70 | % |
Discovery | | | 92.99 | % |
International | | | 90.93 | % |
Diversifying Strategies | | | 88.27 | % |
Core Bond Index Class I | | | 88.15 | % |
Core Bond Index Class II | | | 89.44 | % |
500 Stock Index Class I | | | 82.58 | % |
500 Stock Index Class II | | | 99.84 | % |
Broad Market Index Class I | | | 81.64 | % |
Broad Market Index Class I | | | 98.15 | % |
Mid/Small Company Index Class I | | | 81.43 | % |
Mid/Small Company Index Class II | | | 98.81 | % |
Overseas Equity Index Class I | | | 84.89 | % |
Overseas Equity Index Class II | | | 99.03 | % |
Model Portfolio Savings Oriented | | | 80.66 | % |
Model Portfolio Conservative Growth | | | 87.87 | % |
Model Portfolio Traditional Growth | | | 93.90 | % |
Model Portfolio Long-Term Growth | | | 95.71 | % |
Model Portfolio All-Equity Growth | | | 90.28 | % |
Milestone Retirement Income | | | 76.45 | % |
Milestone 2010 | | | 74.03 | % |
Milestone 2015 | | | 80.44 | % |
Milestone 2020 | | | 83.69 | % |
Milestone 2025 | | | 84.16 | % |
Milestone 2030 | | | 83.91 | % |
Milestone 2035 | | | 81.49 | % |
Milestone 2040 | | | 83.04 | % |
Milestone 2045 | | | 70.61 | % |
Below are the names, addresses, and percentage of ownership of each person (or entity) that owns of record or is known to own beneficially 5% or more of any class of any Fund’s outstanding shares as of June 30, 2012:
Model Portfolio All-Equity Growth Fund
| | | | | | |
Name | | Address | | Percentage of
Shares Owned | |
| Cobb County Government (EIP) | | 100 Cherokee Street Suite 200
Marietta, Georgia 30090 | | | 5.12 | % |
100
THE VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)
Milestone 2045 Fund
| | | | | | |
Name | | Address | | Percentage of
Shares Owned | |
| County of Sacramento (RHS) | | 700 H Street Suite 4667
Sacramento, CA 95814 | | | 11.80 | % |
| 10. | | Rebates of Brokerage Commissions |
VIA has entered into agreements with brokers whereby the brokers will rebate a portion of the funds’ brokerage commissions on behalf of certain funds. Such amounts, under such agreements, are included in net realized gain (loss) on the sale of investments presented in the Statements of Operations. For the six month period ended June 30, 2012, the funds recaptured the following amounts of brokerage commissions:
| | | | |
Fund | | Recaptured Brokerage
Commissions | |
Equity Income | | $ | 3,955 | |
Growth & Income | | | 17,712 | |
Growth | | | 129,554 | |
Select Value | | | 25,294 | |
Aggressive Opportunities | | | 49,339 | |
Discovery | | | 6,539 | |
International | | | 142,407 | |
Management has evaluated events or transactions that may have occurred since June 30, 2012, that would merit recognition or disclosure in the financial statements. Subsequent events occurring after the date of this report have been evaluated for potential impact to this report through the date the financial statements were issued. There were no subsequent events that required disclosure.
| 12. | | Capital Stock Authorization |
The Company’s Amended Declaration of Trust permits it to issue an unlimited number of full and fractional shares of beneficial interest of each fund, without par value, and to divide or combine the shares of any series into a greater or lesser number of shares of that fund without thereby changing the proportionate beneficial interests in that fund and to divide such shares into classes. Each share of a class of a fund represents an equal proportional interest in the fund with each other share in the same class.
The Company received updated information concerning the tax character of distributions made by certain issuers during 2011, and as a result, pursuant to Section 852 of the Internal Revenue Code, has modified its reported designation of capital gain dividends for the year ended December 31, 2011, as follows:
| | | | | | | | | | |
Fund | | Long Term
Capital Gain
Dividend | | | Fund | | Long Term
Capital Gain
Dividend | |
Equity Income | | | $33,024,325 | | | Milestone 2020 | | | $1,372,938 | |
Model Portfolio Traditional Growth | | | 3,347,381 | | | Milestone 2025 | | | 1,258,304 | |
Model Portfolio Long-Term Growth | | | 22,400,091 | | | Milestone 2030 | | | 550,504 | |
Milestone Retirement Income | | | 4,195,160 | | | Milestone 2035 | | | 432,417 | |
Milestone 2010 | | | 1,724,774 | | | Milestone 2045 | | | 302,595 | |
Milestone 2015 | | | 2,143,112 | | | | | | | |
101
THE VANTAGEPOINT FUNDS
Additional Information (Unaudited)
Presented below are the fees paid by each fund to subadvisers during the six month period ended June 30, 2012. Fees are shown as an annual percentage of average net assets under management except that the subadvisory fees for Mellon Capital Management Corporation for the Diversifying Strategies Fund are calculated based on the average net asset value of the assets allocated and assigned to it by VIA. The total dollars below represent amounts paid to subadvisers for services performed during the period July 1, 2011 through March 31, 2012.
| | | | | | | | | | |
Fund | | Subadviser | | Actual Fee
as a Percentage of
Average Daily
Net Assets (net of any
subadviser fee waivers) | | | Dollars Paid | |
| Low Duration Bond | | Payden & Rygel | | | 0.10% | | | $ | 128,103 | |
| | STW Fixed Income Management LLC | | | 0.18% | | | | 245,381 | |
| | | |
| Inflation Protected Securities | | Pacific Investment Management Company, LLC | | | 0.20% | | | | 289,277 | |
| | BlackRock Financial Management, Inc. | | | 0.10% | | | | 137,469 | |
| | | |
| Equity Income | | Barrow, Hanley, Mewhinney & Strauss, LLC | | | 0.22% | | | | 688,976 | |
| | T. Rowe Price Associates, Inc. | | | 0.32% | | | | 953,537 | |
| | Southeastern Asset Management, Inc. | | | 0.52% | | | | 1,592,602 | |
| | | |
| Growth & Income | | Fiduciary Management, Inc. | | | 0.29% | | | | 601,015 | |
| | T. Rowe Price Associates, Inc. | | | 0.38% | | | | 575,189 | |
| | Wellington Management Company, LLP | | | 0.27% | | | | 648,416 | |
| | | |
| Growth | | Atlanta Capital Management Company, LLC (1) | | | 0.30% | | | | 185,478 | |
| | Columbus Circle Investors | | | 0.33% | | | | 811,829 | |
| | D.G. Capital Management Trust (1) | | | 0.35% | | | | 201,238 | |
| | Legg Mason Capital Management, LLC (1) | | | 0.32% | | | | 271,302 | |
| | Tukman Grossman Capital Management, Inc. (1) | | | 0.40% | | | | 341,208 | |
| | Victory Capital Management, Inc. (1) | | | 0.26% | | | | 205,882 | |
| | Westfield Capital Management Company, L.P. | | | 0.33% | | | | 884,829 | |
| | | |
| Select Value | | Artisan Partners Limited Partnership | | | 0.55% | | | | 301,674 | |
| | Systematic Financial Management, L.P | | | 0.42% | | | | 229,835 | |
| | WEDGE Capital Management LLP | | | 0.53% | | | | 294,288 | |
| | | |
| Aggressive Opportunities | | Legg Mason Capital Management, LLC (2) | | | 0.32% | | | | 474,613 | |
| | Southeastern Asset Management, Inc. | | | 0.56% | | | | 552,737 | |
| | TimesSquare Capital Management, LLC | | | 0.50% | | | | 748,203 | |
| | Wellington Management Company, LLP (2) | | | 0.41% | | | | 396,968 | |
| | | |
| Discovery | | Payden & Rygel | | | 0.15% | | | | 74,902 | |
| | Wellington Management Company, LLP | | | 0.73% | | | | 361,692 | |
| | | |
| International | | Artisan Partners Limited Partnership | | | 0.65% | | | | 674,182 | |
| | GlobeFlex Capital, LP | | | 0.40% | | | | 701,077 | |
| | Mondrian Investment Partners Limited | | | 0.43% | | | | 733,095 | |
| | Walter Scott & Partners Limited | | | 0.55% | | | | 561,113 | |
| | | |
| Diversifying Strategies | | Calamos Advisors LLC | | | 0.53% | | | | 351,349 | |
| | Mellon Capital Management Corporation (3) | | | 0.33% | | | | 480,095 | |
| | Payden & Rygel (Enhanced Cash Strategy) | | | 0.10% | | | | 116,772 | |
| | Payden & Rygel (Low Duration Strategy) | | | 0.10% | | | | 144,525 | |
| | Shenkman Capital Management, Inc. | | | 0.38% | | | | 250,290 | |
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| | | | | | | | | | |
Fund | | Subadviser | | Actual Fee
as a Percentage of
Average Daily
Net Assets (net of any
subadviser fee waivers) | | | Dollars Paid | |
| Core Bond Index | | Mellon Capital Management Corporation | | | 0.02% | | | $ | 119,510 | |
| | | |
| 500 Stock Index | | Mellon Capital Management Corporation | | | 0.02% | | | | 39,515 | |
| | | |
| Broad Market Index | | Mellon Capital Management Corporation | | | 0.02% | | | | 58,818 | |
| | | |
| Mid/Small Company Index | | Mellon Capital Management Corporation | | | 0.03% | | | | 64,805 | |
| | | |
| Overseas Equity Index | | Mellon Capital Management Corporation | | | 0.07% | | | | 66,283 | |
| | (1) | On January 23, 2012, Atlanta Capital Management Company, LLC and Victory Capital Management, Inc. began managing the assets allocated to them. D.G. Capital Management, LLC, Legg Mason Capital Management, LLC and Tukman Grossman Capital Management, Inc. were terminated as subadvisers. |
| | (2) | At a meeting held on June 22, 2012, VIA recommended, and the Vantagepoint Board approved, the termination of Legg Mason Capital Management, LLC and Wellington Management Company, LLP, and the appointments of SSgA Funds Management, Inc. and Wells Capital Management Inc. as subadvisers to the Aggressive Opportunities Fund. These changes were effective on August 27, 2012. |
| | (3) | Effective May 1, 2011, Mellon Capital Management Corporation contractually agreed to waive a portion of its subadvisory fee through April 30, 2014. |
| B. | | Directors’ Considerations of Investment Advisory and Subadvisory Agreements |
The following relates to the consideration by the Board of Directors of the Company (“Directors” or “Board”), during the period beginning January 1, 2012 through June 30, 2012, of the approval of the Master Investment Advisory Agreements (“Advisory Agreement” or “Advisory Agreements��) between VIA 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.
Annual Consideration of the Investment Advisory Agreements and Certain Subadvisory Agreements
At a meeting held on January 13, 2012 (“January Meeting”), the Board, including a majority of the Directors who are not “interested persons” as defined in the Investment Company Act of 1940 (“Independent Directors”), approved the continuance of the Advisory Agreements between VIA and each Fund. In addition, the Board, including a majority of the Independent Directors, approved the continuance of the Subadvisory Agreements with respect to the following subadvisers and Funds (may be referred to collectively as the “Sub-Advised Funds”): Artisan Partners Limited Partnership (International and Select Value Funds); Barrow, Hanley, Mewhinney & Strauss LLC (Equity Income Fund); BlackRock Financial Management, Inc. (Inflation Protected Securities Fund); Calamos Advisors LLC (Diversifying Strategies Fund); Columbus Circle Investors (Growth Fund); Fiduciary Management, Inc. (Growth & Income Fund); GlobeFlex Capital, LP (“GlobeFlex”) (International Fund); Legg Mason Capital Management, LLC (“Legg Mason”) (Aggressive Opportunities Fund); Mellon Capital Management Corporation (“Mellon”) (Diversifying Strategies and Index Funds); Mondrian Investment Partners Limited (International Fund); Pacific Investment Management Company, LLC (“PIMCO”) (Inflation Protected Securities Fund); Payden & Rygel (Low Duration Bond, Discovery and Diversifying Strategies Funds); Shenkman Capital Management, Inc. (Diversifying Strategies Fund); Southeastern Asset Management Inc. (“Southeastern”) (Aggressive Opportunities and Equity Income Funds); STW Fixed Income Management, LLC (Low Duration Bond Fund); Systematic Financial Management L.P. (Select Value Fund); TimesSquare Capital Management, LLC (“TimesSquare”) (Aggressive Opportunities Fund); T. Rowe Price Associates, Inc. (Equity Income and Growth & Income Funds); Walter Scott & Partners Limited (International Fund); WEDGE Capital Management LLP (Select Value Fund); Wellington Management Company, LLP (“Wellington”) (Aggressive Opportunities, Growth & Income and Discovery Funds); and Westfield Capital Management Company, L.P. (Growth Fund).
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In reaching its decisions, the Board considered the information furnished and discussed throughout the year at regularly scheduled Board or Committee meetings, as applicable, and reviewed and considered the information provided specifically in relation to the annual consideration of the approval of the Advisory Agreements and Subadvisory Agreements.
Information furnished in connection with Board or Investment Committee meetings throughout the year included, among other things, VIA’s analysis of, and presentations given by VIA 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 VIA and its affiliates. In preparation for the January Meeting, the Directors requested and received information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data, on: (i) the investment performance over various time periods of each Fund as compared to a group of comparable funds (“Lipper peer group”); and (ii) the fees and expenses of each Fund as compared to a group of comparable funds (“Lipper expense group”). Additionally, in response to specific requests from the Independent Directors in connection with the January Meeting, VIA furnished, and the Board considered, a wide variety of information and reports concerning VIA and the subadvisers, including: (1) the nature, extent and quality of services provided to the Funds by VIA (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 VIA and its affiliate, Vantagepoint Transfer Agents, LLC (“VTA”), and, to the extent available, certain profitability information of the subadvisers; and (4) VIA’s and each subadviser’s compliance program. The Board also considered information related to potential “fall out” or ancillary benefits enjoyed by VIA 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 VIA, the Board also considered the answers to questions posed by the Board to representatives of VIA 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. In view of the broad scope and variety of factors and information, the Directors did not find it practicable to, and did not, assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the Advisory Agreements and Subadvisory Agreements for an additional year. Rather, the approval determinations were made on the basis of each Director’s business judgment after consideration of all of the factors taken in their entirety. Although not meant to be all-inclusive, the following discusses some of the factors relevant to the Board’s decisions to approve the Advisory Agreements and Subadvisory Agreements.
Nature, Extent and Quality of Services In examining the nature, extent and quality of the services to be provided by VIA, the Directors considered the qualifications, experience and capability of VIA’s management and other personnel and the extent of care and conscientiousness with which VIA 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 VIA with respect to the Model Portfolio Funds and the Milestone Funds; (b) the subadviser selection process and fee negotiation process whereby VIA seeks to achieve an appropriate and competitive level of fee and fee structure, and VIA’s on-going monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure; (c) the process by which VIA evaluates and monitors the subadvisers, including with respect to portfolio security brokerage and trading practices; (d) VIA’s process for identifying instances where there may be a need to replace a subadviser, reallocate assets, or both, and to efficiently and economically effect such changes; (e) the cash management services provided to the Sub-Advised Funds; and (f) 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 VIA or its affiliates.
The Board also considered the nature, extent and quality of the services provided to the Funds by VIA’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.
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In addition, the Directors considered information provided by VIA regarding the overall financial strength of VIA and its affiliates and the resources and staffing in place with respect to the services provided to the Funds.
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. In addition, the Directors considered information with respect to the assets under management of each subadviser; the percentage of assets the applicable Fund represents of the assets under management of each subadviser; and the resources and staffing in place with regard to the services provided to the Funds by each subadviser. The Directors also considered the favorable assessment provided by VIA as to the nature and quality of the services provided by each subadviser to the Sub-Advised Funds and the ability of each subadviser to fulfill its contractual obligations with respect 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 VIA’s and the subadvisers’ services, as applicable, as well as the services of VIA’s affiliates, and that VIA and its affiliates, as well as the subadvisers, have the ability to continue to provide these services based on their respective experience, operations and current 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 or Investment Committee meetings, as applicable, particular attention was given to the performance reports provided specifically in connection with the January Meeting. In particular, the Directors reviewed the performance of each Fund over a five-year period ending June 30, 2011, or shorter period, as applicable, relative to its stated investment objective, benchmark and Lipper peer group. The Directors also considered updated performance information for each Fund relative to its benchmark and, with respect to applicable Funds, its Morningstar, Inc. (“Morningstar”) peer category (“Morningstar peer group”), through October 31, 2011.
In reviewing the performance of the Funds over the five-year period ended June 30, 2011, the Directors considered that the performance of each of the following Funds was in one of the first three quintiles of its Lipper peer group for all of the periods reviewed: Low Duration Bond Fund; Growth & Income Fund; Select Value Fund; Discovery Fund; International Fund; 500 Stock Index Fund; Overseas Equity Index Fund; Model Portfolio All-Equity Growth Fund; Milestone 2030 Fund; Milestone 2035 Fund; Milestone 2040 Fund; and Milestone 2045 Fund. In addition, the Directors considered that the performance of each of the following Funds was in one of the first three quintiles of its Lipper peer group for all but one of the periods reviewed: Equity Income Fund; Aggressive Opportunities Fund; Broad Market Index Fund (Class II); and Milestone 2020 Fund.
With regard to the performance of the Inflation Protected Securities Fund relative to its Lipper peer group, the Directors noted that its performance was in the second quintile for the three-, four- and five-year periods ended June 30, 2011. In addition, the Directors considered VIA’s explanation that the Fund had below-average duration positioning as compared to the funds included in its Lipper peer group in late 2010 and early 2011, which affected the Fund’s more recent performance relative to its Lipper peer group. The Directors also considered that the Fund outperformed its Morningstar peer group for the 2010 calendar year and the calendar year-to-date period ended October 31, 2011.
With regard to the performance of the Growth Fund relative to its Lipper peer group, the Board considered that VIA had conducted a strategic review and evaluation of the Fund during 2010, which resulted in the reallocation of the Growth Fund’s assets in October 2010 among the Fund’s subadvisers in order to enhance the Fund’s overall risk/return profile. The Board also considered that in December 2011, in order to improve the Fund’s performance, VIA recommended, and the Board approved, changes to the subadvisory structure of the Fund effective at the end of January 2012, which would result in the termination of three subadvisers, the hiring of two replacement subadvisers and the reallocation of the Fund’s assets among the two remaining subadvisers and the two new subadvisers.
With respect to the performance of the Diversifying Strategies Fund, the Directors considered that the Fund was in the second quintile of its Lipper peer group for the period since inception (October 30, 2007) through June 30, 2011.
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In addition, the Directors noted that the Fund outperformed the median of its Morningstar peer group for the calendar year-to-date period ended June 30, 2011 and for the three-year period ended June 30, 2011. The Board also considered that, in an effort to enhance the Fund’s performance, VIA had conducted a strategic review and evaluation of the Fund, which resulted in the termination of a subadviser to the Fund and the reallocation of the Fund’s assets among the remaining subadvisers in June 2011. The Directors further considered VIA’s continuing review and evaluation of the Fund, which would result in an increase in the Fund’s assets allocated to the convertible securities strategy effective on May 1, 2012.
With regard to the performance of the Core Bond Index Fund, the Broad Market Index Fund (Class I) and the Mid/Small Company Index Fund relative to their respective Lipper peer groups, the Directors considered VIA’s explanation that the Lipper peer group for each of these Funds includes certain funds that seek to replicate the performance of an index that is different than the index the applicable Fund seeks to replicate, which affected each Fund’s performance relative to its Lipper peer group. With respect to the performance of the Core Bond Index Fund relative to its Lipper peer group, the Directors also considered that the Class II performance of the Fund was in the second and third quintiles of its Lipper peer group for the one- and two-year periods ended June 30, 2011, respectively. With respect to the performance of the Mid/Small Company Index Fund relative to its Lipper peer group, the Directors also considered that the Class I performance of the Fund was in the second quintile of its Lipper peer group for the one- and three-year periods ended June 30, 2011, and the Class II performance of the Fund was in the first quintile of its Lipper peer group for the one- and three-year periods ended June 30, 2011. In addition, the Directors took into consideration VIA’s explanation that the Core Bond Index Fund, the Broad Market Index Fund and the Mid/Small Company Index Fund performed as expected relative to their respective benchmarks when taking into account the fees and expenses of the applicable Funds.
With respect to the performance of the Model Portfolio Savings Oriented Fund, Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund and Model Portfolio Long-Term Growth Fund relative to each Fund’s Lipper peer group, the Directors took into consideration VIA’s assessment that each Fund’s conservative asset allocation positioning as compared to certain funds included in its Lipper peer group affected the Fund’s performance in certain of the periods reviewed. The Directors also considered that the performance of the Model Portfolio Traditional Growth Fund and Model Portfolio Long-Term Growth Fund relative to their respective Lipper peer groups was in one of the top three quintiles in three of the five performance periods presented. In addition, the Directors considered that the performance of the Model Portfolio Savings Oriented Fund and Model Portfolio Conservative Growth Fund relative to their respective Lipper peer groups was in one of the top three quintiles in two of the five performance periods presented.
With respect to the performance of the Milestone Retirement Income Fund, Milestone 2010 Fund, Milestone 2015 Fund and Milestone 2025 Fund relative to each Fund’s Lipper peer group, the Directors considered VIA’s assessment that each Fund’s conservative asset allocation positioning as compared to certain funds included in its Lipper peer group affected the Fund’s relative performance in certain of the periods reviewed. The Directors also considered that the performance of the Milestone 2010 Fund, Milestone 2015 Fund and Milestone 2025 Fund relative to their respective Lipper peer groups was in one of the top three quintiles in three of the five performance periods presented; and the performance of the Milestone Retirement Income Fund relative to its Lipper peer group was in the third quintile in two of the five performance periods presented.
For the Sub-Advised Funds, the Directors also considered VIA’s conclusions, and the reasons supporting VIA’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 for an additional one-year period.
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 based on the Fund’s total net assets as of June 30, 2011) and actual management fee rate (which includes the effect of any fee waivers) as a percentage of total assets—these fee rates include advisory, subadvisory and administrative service fees—to other funds in its Lipper expense group. Based on the data provided on management fee rates, on a Fund-by-Fund basis, the Board noted that: (i) each Fund’s
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contractual management fee rate at a common asset level, was lower than the median of its Lipper expense group; and (ii) the actual management fee rate of each Fund was at or lower than the median of its Lipper expense group, except for the Inflation Protected Securities Fund, Select Value Fund, International Fund, 500 Stock Index Fund (Class I), Broad Market Index Fund (Class I), Mid/Small Company Index Fund (Class I), Model Portfolio Long-Term 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 the median of its Lipper expense group.
The Board also reviewed the information compiled by Lipper comparing each Fund’s total expense ratio to other funds in its Lipper expense group. Based on this comparative expense data, the Board noted that the actual total expense ratio for each Fund was lower than the median of its Lipper expense group.
The Board also reviewed and considered information about the fee rates charged to other accounts for which VIA’s affiliate provides management and/or investment advisory services, and for which, in some cases, these services are provided in conjunction with administrative services, and took into consideration the differences in services performed for such other accounts as compared to their fee rates.
With regard to the Sub-Advised Funds, the Directors also considered VIA’s assessment, which was based in part on information provided by the subadvisers, that each subadvisory fee reflects the lowest available fee schedule from the respective subadviser for “like accounts.” For this purpose, the term “like accounts” was used by VIA generally to describe other accounts of similar size (including any other registered and unregistered investment companies) managed by a subadviser that have the same investment objective as, and other characteristics similar to, the portfolio being managed for a Fund by the subadviser.
For each Sub-Advised Fund, the Directors also considered VIA’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 VIA regarding its revenues and expenses in connection with the services provided to each Fund and the Company as a whole. The Directors considered information regarding VTA’s revenues and expenses relating to the services it provides to each Fund and the Company as a whole. The materials provided in this regard showed, and the Directors acknowledged, that VIA and VTA experienced positive net margins with respect to certain Funds and did not experience positive net margins with respect to other Funds. The Directors also considered the overall net margin levels of VIA and VTA. With respect to the Sub-Advised Funds, the Directors reviewed the subadviser profitability information to the extent available, and took into account VIA’s on-going monitoring of the appropriateness and competitiveness of each subadvisory fee and fee structure, as well as VIA’s assessment that the subadvisory fee rate 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 VIA 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 VIA’s fee structure with respect to each Fund was appropriate at this time.
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 PIMCO (Inflation Protected Securities Fund), Legg Mason (Aggressive Opportunities Fund), GlobeFlex (International Fund) and Mellon (Diversifying Strategies Fund)) 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. With respect to GlobeFlex, the Directors considered that GlobeFlex had agreed to, and the Board was being asked to approve at the January Meeting, an amendment to the International Fund’s Subadvisory Agreement with GlobeFlex that adds a breakpoint to the
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existing fee schedule, effective March 1, 2012. The Directors also considered that each Subadvisory Agreement was the product of arm’s-length negotiations. The Directors further considered the appropriateness of each subadvisory fee structure in light of VIA’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 VIA and its affiliates and the subadvisers as a result of their relationships with the Funds. With respect to VIA, the Directors noted that VIA stated that it indirectly benefits from increased exposure to the research, insight, management style, investment strategies, personnel and resources of the subadvisers. With regard to the subadvisers, the Board considered that certain subadvisers may experience benefits due to their relationships with the Funds, which include reputational and marketing benefits, and may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Directors noted that the subadvisers are required to select brokers that meet the Funds’ requirements for seeking best execution, and that VIA 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 VIA and its affiliates and to the subadvisers by virtue of their relationships to the Funds appeared to be 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 VIA and each subadviser, the Board concluded that the level of fees to be paid to VIA 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.
Vantagepoint International Fund
As discussed above, at the January Meeting, the Board, including a majority of the Independent Directors, also approved an amended fee schedule to the existing Subadvisory Agreement with GlobeFlex for the International Fund. The fee schedule for the International Fund was amended to incorporate a breakpoint of 0.30% of the International Fund’s average daily net asset assets when the assets managed by GlobeFlex are above $450 million, effective as of March 1, 2012. In approving the amended fee schedule with GlobeFlex, the Board took into consideration that GlobeFlex represented that the nature, quality and scope of services GlobeFlex provides to the International Fund would not be affected by the change in fee.
Vantagepoint Aggressive Opportunities Fund
At the June Meeting, the Board, including a majority of the Independent Directors, also approved initial Subadvisory Agreements (each a “New Subadvisory Agreement”) among the Company, VIA and each of Wells Capital Management Inc. (“WellsCap”) and SSgA Funds Management, Inc. (“SSgA FM”), relating to the Aggressive Opportunities Fund. In connection with the approval of the New Subadvisory Agreement with SSgA FM, VIA also recommended, and the Board approved, the implementation of an additional principal investment strategy for the Aggressive Opportunities Fund that would allow SSgA FM to manage the portion of the Fund’s assets allocated to it by following an indexed or “passively managed” strategy of investing in (or obtaining exposure to) stocks included in a custom version of the Russell Midcap Growth Index (the “passive mid cap growth strategy”). Also at the June Meeting, VIA recommended and the Board approved: (i) the termination of Legg Mason and Wellington as subadvisers to the Aggressive Opportunities Fund; and (ii) a change in the amount of the Funds’ assets to be allocated to one of its existing subadvisers, Southeastern. Before approving the appointment of WellsCap and SSgA FM as subadvisers to the Aggressive Opportunities Fund, the Board of the Company considered the recommendations of, and supporting analyses and data presented by, VIA.
With respect to the Board’s consideration of each New Subadvisory Agreement, the Directors received written information in advance of the June Meeting from VIA, which included: (1) VIA’s rationale for recommending the implementation of a
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passive mid cap growth strategy for the Aggressive Opportunities Fund; (2) the process by which VIA selected and recommended for Board approval WellsCap and SSgA FM as subadvisers to the Aggressive Opportunities Fund; (3) the nature, extent and quality of the services that WellsCap and SSgA FM would provide to the Aggressive Opportunities Fund; (4) the experience, investment management business, personnel and operations of each of WellsCap and SSgA FM; (5) the brokerage and trading policies and practices of each of WellsCap and SSgA FM; (6) the level of the subadvisory fees to be charged to the Aggressive Opportunities Fund by WellsCap and SSgA FM and a comparison of those fees to the: (a) fee schedules for WellsCap and SSgA FM for managing other comparable accounts; and (b) fees charged by a group of U.S. separate account investment managers utilizing an active small/mid cap growth equity style with respect to WellsCap, and a U.S. passive equity style with respect to SSgA FM; (7) the compliance programs of WellsCap and SSgA FM; (8) the performance information for each of WellsCap and SSgA FM utilizing a small/mid cap growth equity strategy and a passive mid cap growth strategy, respectively, and such performance compared to a relevant benchmark and peer group; (9) the Aggressive Opportunities Fund’s expected overall investment advisory fee and projected total expense ratio compared to a group of mid cap growth funds, taking into account: (a) the proposed change in subadvisers; and (b) the proposed amount of the Aggressive Opportunities Fund’s assets to be allocated to each of WellsCap, SSgA FM, Southeastern and TimesSquare (“proposed target asset allocation levels”); and (10) the financial condition of each of WellsCap and SSgA FM.
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. In determining whether to approve each New Subadvisory Agreement, the Directors considered the information received in advance of the June Meeting, the presentations made by, and discussions held with, representatives of WellsCap and SSgA FM, VIA’s personnel and the Company’s Chief Compliance Officer prior to the June Meeting and at the June Meeting, as applicable, as well as a variety of factors. In view of the scope and variety of factors and information, the Directors did not find it practicable to, and did not, assign relative weights to the specific factors considered in reaching their conclusions and determinations to approve the New Subadvisory Agreements. 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 decision to approve the New Subadvisory Agreements.
Nature, Extent and Quality of Services With respect to the nature, extent and quality of the services expected to be provided by WellsCap and SSgA FM under their respective New Subadvisory Agreements, the Directors considered the specific investment process to be employed by each of WellsCap and SSgA FM in managing the assets of the Aggressive Opportunities Fund to be allocated to them; the qualifications of WellsCap’s and SSgA FM’s respective investment management personnel with regard to implementing a small/mid cap growth equity strategy and a passive mid cap growth strategy, respectively; performance information provided for each of WellsCap and SSgA FM as compared to a relevant benchmark and peer group; WellsCap’s and SSgA FM’s infrastructure and whether such infrastructure appeared to adequately support the investment strategies to be implemented by each of WellsCap and SSgA FM; and VIA’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by each of WellsCap and SSgA FM to the Aggressive Opportunities Fund. The Directors acknowledged that WellsCap and SSgA FM have experienced portfolio management personnel; and appeared to have adequate infrastructure and support staff to seek to achieve favorable results implementing their respective proposed mandates for the Aggressive Opportunities Fund. The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by each of WellsCap and SSgA FM were appropriate for the Aggressive Opportunities Fund in light of its investment strategy and, thus, supported a decision to approve each New Subadvisory Agreement.
Investment Performance The Directors evaluated the investment performance information provided by VIA for WellsCap and SSgA FM with respect to the proposed mandate each is to employ for the Aggressive Opportunities Fund, and considered such performance information versus a relevant benchmark and peer group (based on information provided by an independent third-party source). The Directors concluded that the performance information provided supported approval of each New Subadvisory Agreement.
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Subadvisory Fees, Expense Ratio Impact and Economies of Scale In evaluating each proposed subadvisory fee, the Directors reviewed WellsCap’s and SSgA FM’s subadvisory fee schedules. The Directors considered comparisons of the subadvisory fee to be charged by each of WellsCap and SSgA FM to the Aggressive Opportunities Fund with its respective fee schedule for managing other accounts with an investment mandate similar to the mandate the subadviser is to employ on behalf of the Aggressive Opportunities Fund. The Directors considered that, based on the information provided by VIA, the proposed fee schedule for each of WellsCap and SSgA FM is lower than each subadviser’s respective standard fee schedule for managing accounts with a similar mandate. The Directors also considered VIA’s representation that, with respect to WellsCap and SSgA FM, it negotiated the lowest fee schedule available for “like accounts” (accounts of similar size and mandate). Additionally, based on information provided by VIA, the Directors considered that the nature of the subadvisory services each of WellsCap and SSgA FM is to provide to the Aggressive Opportunities Fund appeared to be comparable to those each subadviser currently provides to its other subadvisory clients.
The Directors reviewed information provided by VIA (which was based on an independent third-party source) on the fees charged by a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets to be allocated initially to each of WellsCap and SSgA FM and that employ a similar investment style to the investment style each subadviser is to employ for the Aggressive Opportunities Fund. According to the information provided, the effective fee rate to be paid by the Aggressive Opportunities Fund to each of WellsCap and SSgA FM at the proposed initial asset allocation levels would be below the median fee charged by such managers.
The Directors also considered information from VIA showing that there would be a decrease in the overall subadvisory fees and, therefore, a decrease in the total expense ratio of the Aggressive Opportunities Fund as a result of the proposed changes in subadvisory arrangements and the proposed target asset allocation levels for the Fund. Referring to data provided by VIA and compiled by Morningstar, the Directors also noted that the expected total investment advisory fee for the Aggressive Opportunities Fund, taking into account the proposed subadviser changes and the proposed target asset allocation levels of the Fund, was lower than the average and median investment advisory fee of a group of mutual funds in Morningstar’s mid cap growth funds category. The Directors also considered information provided by VIA and compiled by Morningstar on the total expense ratios of a group of mutual funds in Morningstar’s mid cap growth funds category, which showed that, if WellsCap and SSgA FM served as a subadvisers to the Aggressive Opportunities Fund at the proposed subadvisory fee rates, along with Southeastern and TimesSquare at their current subadvisory fee rates, based on the proposed target asset allocation levels for the Fund, the Fund’s expected total expense ratio would be below the average and median expense ratios of such funds.
The foregoing comparisons assisted the Directors in considering the New Subadvisory Agreements by providing them with a basis for evaluating WellsCap’s and SSgA FM’s respective fees, including in light of the Aggressive Opportunities Fund’s expected overall investment advisory fee and total expense ratio, on a relative basis. Based on this information, the Directors concluded that WellsCap’s and SSgA FM’s subadvisory fees appeared to be within a reasonable range for the services to be provided.
The Directors also reviewed the information provided by WellsCap and SSgA FM regarding the estimated profits to be realized from their respective relationships with the Aggressive Opportunities Fund. In reviewing the extent to which economies of scale may be realized by WellsCap as the assets of the Aggressive Opportunities Fund to be managed by it grow, and whether the proposed fee levels reflect these economies, the Directors considered that WellsCap’s proposed fee schedule included breakpoints, which indicates that the proposed subadvisory fee rate is intended to capture certain anticipated economies of scale for the benefit of the Aggressive Opportunities Fund’s shareholders in connection with the services to be provided. With respect to SSgA FM, the Directors considered that, although the proposed subadvisory fee schedule does not include breakpoints, the fee schedule is lower than SSgA FM’s standard fee schedule for its other U.S. passive equity mandates and is lower than the median fee charged by a group of U.S. separate account investment managers to accounts with assets comparable to the amount of assets proposed to be allocated to SSgA FM and with a similar investment strategy to the investment strategy SSgA FM is to employ for the Aggressive Opportunities Fund. The Directors concluded that each proposed fee schedule with respect to WellsCap and SSgA FM was appropriate at this time.
110
THE VANTAGEPOINT FUNDS
Additional Information (Unaudited) — (Continued)
Other Considerations The Directors considered VIA’s judgment that the addition of the passive mid cap growth strategy to the Aggressive Opportunities Fund, along with the addition of WellsCap and SSgA FM as subadvisers to the Aggressive Opportunities Fund, would add value by complementing the investment approach of two of the current subadvisers to the Aggressive Opportunities Fund, TimesSquare and Southeastern. In this regard, the Directors considered VIA’s belief that the addition of the passive mid cap growth strategy and the addition of WellsCap and SSgA FM as subadvisers, along with VIA’s recommendation to terminate Legg Mason and Wellington and implement the proposed target asset allocation levels for the Aggressive Opportunities Fund should serve to enhance the Aggressive Opportunities Fund’s risk/return attributes.
The Directors considered the selection and due diligence process employed by VIA in deciding to recommend WellsCap and SSgA FM as subadvisers to the Aggressive Opportunities Fund and also considered VIA’s conclusion that the fee to be paid to each of WellsCap and SSgA FM for their respective services to the Fund is reasonable and appropriate in light of the nature and quality of services to be provided by each subadviser and the reasons supporting that conclusion. The Directors also considered information from VIA concerning its strategy to efficiently implement the subadviser transitions. The Directors concluded that VIA’s recommendations and conclusions supported approval of each New Subadvisory Agreement.
The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to WellsCap and SSgA FM due to each subadviser’s relationship with the Aggressive Opportunities Fund. The Directors considered that WellsCap and SSgA FM receive research or other services from certain brokers in connection with the execution of the Aggressive Opportunities Fund’s brokerage transactions. However, the Directors noted that all subadvisers are required to select brokers who meet the Aggressive Opportunities Fund’s requirements for seeking best execution, and that VIA monitors and evaluates the subadvisers’ trade execution with respect to Aggressive Opportunities Fund brokerage transactions on a regular basis and provides reports to the Board in this regard. With regard to SSgA FM, the Board also considered that SSgA FM stated that it may experience benefits such as reputational, marketing and economies of resources due to its relationship with the Fund. The Directors concluded that the potential benefits that may accrue to WellsCap and SSgA FM by virtue of their relationships with the Aggressive Opportunities Fund appeared to be reasonable.
Conclusion After full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the initial approval of each New Subadvisory Agreement was in the best interests of the Aggressive Opportunities Fund and its shareholders, and approved the New Subadvisory Agreement with, and the fee to be paid to, each of WellsCap and SSgA FM.
The foregoing changes to the Aggressive Opportunities Fund are expected to be in place on or about August 27, 2012.
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 Company has received instructions to the contrary. If you need additional copies of this Semi-Annual Report, please contact the Company toll free at 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 Company in writing at 777 North Capitol Street, NE, Suite 600, Washington, D.C. 20002 or toll free at 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 six month period ended June 30, 2012 are available without charge, upon request by calling 800-669-7400, 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 800-SEC-0330.
111
THE VANTAGEPOINT FUNDS
Additional Information (Unaudited) — (Continued)
Wilshire®, the Wilshire IndexesSM, Wilshire 5000 Total Market IndexSM, and Wilshire 4500 Completion IndexSM are service marks of Wilshire Associates Incorporated (“Wilshire”) and have been licensed for use by The Vantagepoint Funds (the “Funds”), on behalf of the Broad Market Index Fund and the Mid/Small Company Index Fund, respectively. All content of the Wilshire Indexes and the aforementioned indexes is ©2012 Wilshire Associates Incorporated, all rights reserved. The Funds are not sponsored, endorsed, sold or promoted by Wilshire, and Wilshire makes no representations or warranties with respect to the Funds. Wilshire has no relationship with The Vantagepoint Funds, other than the licensing of the aforementioned indexes and its service marks for use in connection with these two Funds. Wilshire does not:
| | • | | Sponsor, endorse, sell or promote the Funds. |
| | • | | Recommend that any person invest in the Funds or any other securities. |
| | • | | Have any responsibility or liability for or make any decisions about the timing, amount or pricing of the Funds. |
| | • | | Have any responsibility or liability for the administration, management or marketing of the Funds. |
| | • | | Consider the needs of the Funds or their shareholders in determining, composing or calculating the above indexes or have any obligation to do so. |
Wilshire shall have no liability in connection with the Funds. Specifically, Wilshire makes no representation or warranty, express or implied, regarding:
| | • | | The results to be obtained by the Funds, their shareholders or any other person in connection with the use of the above indexes and the data included in those indexes; |
| | • | | The accuracy or completeness of these indexes and any related data; or |
| | • | | The merchantability or the fitness for a particular purpose or use of these indexes and/or its related data. |
Wilshire shall not have any liability for any errors, omissions or interruptions in the above indexes or related data. Under no circumstances will Wilshire be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if Wilshire knows that they might occur. The licensing agreement between The Vantagepoint Funds, on behalf of the Broad Market Index Fund and the Mid/Small Company Index Fund, and Wilshire is solely for the Funds’ benefit and not for the benefit of Fund shareholders or any other third parties.
“Standard & Poor’s “, “S&P “, “S&P 500 “, “Standard & Poor’s 500 “, and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by The Vantagepoint Funds for the Vantagepoint 500 Stock Index Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and makes no representation regarding the advisability of investing in the Fund.
112
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Low Duration Bond Fund | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—62.6% | | | | | |
| Aerospace & Defense—0.6% | | | | | |
Boeing Co. (The) | | | | | |
1.875% | | | 11/20/2012 | | | | | $ | 1,280,000 | | | $ | 1,286,577 | |
Raytheon Co. | | | | | |
1.400% | | | 12/15/2014 | | | | | | 430,000 | | | | 436,536 | |
United Technologies Corp. | | | | | |
1.200% | | | 06/01/2015 | | | | | | 280,000 | | | | 283,460 | |
0.967% | | | 06/01/2015 | | | # | | | 1,285,000 | | | | 1,299,838 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,306,411 | |
| | | | | | | | | | | | | | |
| Auto Components—0.5% | | | | | |
Johnson Controls, Inc. | | | | | |
1.750% | | | 03/01/2014 | | | | | | 3,000,000 | | | | 3,044,232 | |
| | | | | | | | | | | | | | |
| Automobile—0.8% | | | | | |
Daimler Finance North America LLC | | | | | |
2.300% | | | 01/09/2015 | | | ^ | | | 1,290,000 | | | | 1,316,974 | |
1.875% | | | 09/15/2014 | | | ^ | | | 760,000 | | | | 764,466 | |
Toyota Motor Credit Corp. MTN | | | | | |
1.000% | | | 02/17/2015 | | | † | | | 910,000 | | | | 911,664 | |
Volkswagen International Finance NV (Netherlands) | |
1.625% | | | 03/22/2015 | | | ^ | | | 1,400,000 | | | | 1,405,779 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,398,883 | |
| | | | | | | | | | | | | | |
| Beverages—0.7% | | | | | |
Anheuser-Busch InBev Worldwide, Inc. | | | | | |
9.750% | | | 11/17/2015 | | | | | | BRL 1,125,000 | | | | 622,013 | |
2.500% | | | 03/26/2013 | | | † | | | 1,080,000 | | | | 1,095,284 | |
Diageo Capital plc (United Kingdom) | | | | | |
1.500% | | | 05/11/2017 | | | | | | 770,000 | | | | 773,738 | |
SABMiller Holdings, Inc. | | | | | |
2.450% | | | 01/15/2017 | | | ^ | | | 720,000 | | | | 742,927 | |
1.850% | | | 01/15/2015 | | | ^ | | | 590,000 | | | | 598,795 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,832,757 | |
| | | | | | | | | | | | | | |
| Biotechnology—0.6% | | | | | |
Amgen, Inc. | | | | | |
2.300% | | | 06/15/2016 | | | | | | 700,000 | | | | 720,118 | |
1.875% | | | 11/15/2014 | | | | | | 860,000 | | | | 873,852 | |
Gilead Sciences, Inc. | | | | | |
2.400% | | | 12/01/2014 | | | | | | 370,000 | | | | 381,556 | |
Life Technologies Corp. | | | | | |
3.500% | | | 01/15/2016 | | | | | | 1,300,000 | | | | 1,354,539 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,330,065 | |
| | | | | | | | | | | | | | |
| Capital Markets—2.7% | | | | | |
Astoria Financial Corp. | | | | | |
5.000% | | | 06/19/2017 | | | | | | 690,000 | | | | 690,702 | |
Bank of New York Mellon Corp. (The) MTN | | | | | |
1.200% | | | 02/20/2015 | | | | | | 300,000 | | | | 301,811 | |
Bear Stearns Cos. LLC (The) | | | | | |
5.700% | | | 11/15/2014 | | | | | | 7,340,000 | | | | 7,946,959 | |
Goldman Sachs Group, Inc. (The) | | | | | |
1.466% | | | 02/07/2014 | | | # | | | 1,430,000 | | | | 1,413,576 | |
Morgan Stanley | | | | | |
1.446% | | | 04/29/2013 | | | # | | | 1,530,000 | | | | 1,509,116 | |
TD Ameritrade Holding Corp. | | | | | |
4.150% | | | 12/01/2014 | | | | | | 1,140,000 | | | | 1,205,794 | |
WCI Finance LLC/WEA Finance LLC | | | | | |
5.400% | | | 10/01/2012 | | | ^ | | | 1,000,000 | | | | 1,009,994 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
WT Finance Aust Pty Ltd./Westfield Capital/WEA
Finance LLC (Australia) | |
5.125% | | | 11/15/2014 | | | ^ | | $ | 1,170,000 | | | $ | 1,238,546 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 15,316,498 | |
| | | | | | | | | | | | | | |
| Chemicals—1.3% | | | | | |
Airgas, Inc. | | | | | |
2.850% | | | 10/01/2013 | | | | | | 460,000 | | | | 470,040 | |
Dow Chemical Co. (The) | | | | | |
7.600% | | | 05/15/2014 | | | | | | 4,685,000 | | | | 5,217,483 | |
2.500% | | | 02/15/2016 | | | † | | | 690,000 | | | | 709,958 | |
Eastman Chemical Co. | | | | | |
2.400% | | | 06/01/2017 | | | | | | 500,000 | | | | 505,880 | |
Ecolab, Inc. | | | | | |
2.375% | | | 12/08/2014 | | | | | | 290,000 | | | | 299,734 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,203,095 | |
| | | | | | | | | | | | | | |
| Commercial Banks—9.9% | | | | | |
Banco Bradesco SA (Brazil) | | | | | |
2.566% | | | 05/16/2014 | | | #^ | | | 300,000 | | | | 299,767 | |
Banco de Credito del Peru (Peru) | | | | | |
4.750% | | | 03/16/2016 | | | ^ | | | 1,110,000 | | | | 1,146,075 | |
Banco do Brasil SA (Brazil) | | | | | |
4.500% | | | 01/22/2015 | | | ^ | | | 1,180,000 | | | | 1,253,750 | |
Bank of Ceylon (Sri Lanka) | | | | | |
6.875% | | | 05/03/2017 | | | ^ | | | 840,000 | | | | 840,000 | |
Bank of Nova Scotia (Canada) | | | | | |
1.850% | | | 01/12/2015 | | | | | | 950,000 | | | | 965,778 | |
Barclays Bank plc (United Kingdom) | | | | | |
3.900% | | | 04/07/2015 | | | | | | 2,590,000 | | | | 2,684,563 | |
1.509% | | | 01/13/2014 | | | # | | | 970,000 | | | | 971,463 | |
BB&T Corp. | | | | | |
1.166% | | | 04/28/2014 | | | # | | | 350,000 | | | | 352,100 | |
BB&T Corp., Series A MTN | | | | | |
3.375% | | | 09/25/2013 | | | | | | 700,000 | | | | 720,303 | |
Capital One Financial Corp. | | | | | |
7.375% | | | 05/23/2014 | | | | | | 3,630,000 | | | | 3,989,392 | |
2.125% | | | 07/15/2014 | | | | | | 860,000 | | | | 867,751 | |
CIT Group, Inc. | | | | | |
4.750% | | | 02/15/2015 | | | ^ | | �� | 700,000 | | | | 719,250 | |
Commonwealth Bank of Australia (Australia) | | | | | |
2.125% | | | 03/17/2014 | | | ^ | | | 1,360,000 | | | | 1,380,151 | |
Credit Suisse (Switzerland) | | | | | |
1.427% | | | 01/14/2014 | | | #† | | | 2,020,000 | | | | 2,023,052 | |
Danske Bank A/S (Denmark) | | | | | |
1.517% | | | 04/14/2014 | | | #^ | | | 1,450,000 | | | | 1,418,587 | |
HSBC Bank plc (United Kingdom) | | | | | |
1.625% | | | 07/07/2014 | | | ^† | | | 970,000 | | | | 978,319 | |
HSBC USA, Inc. | | | | | |
2.375% | | | 02/13/2015 | | | | | | 595,000 | | | | 602,161 | |
ING Bank NV (Netherlands) | | | | | |
3.750% | | | 03/07/2017 | | | ^ | | | 1,200,000 | | | | 1,195,641 | |
1.518% | | | 03/15/2013 | | | #^ | | | 1,400,000 | | | | 1,400,753 | |
KeyCorp MTN | | | | | |
3.750% | | | 08/13/2015 | | | | | | 560,000 | | | | 593,371 | |
National Bank of Canada (Canada) | | | | | |
1.500% | | | 06/26/2015 | | | | | | 780,000 | | | | 782,968 | |
Oversea-Chinese Banking Corp. Ltd. (Singapore) | |
1.625% | | | 03/13/2015 | | | ^ | | | 700,000 | | | | 703,803 | |
Royal Bank of Scotland plc (The) (United Kingdom) | |
3.950% | | | 09/21/2015 | | | | | | 5,990,000 | | | | 6,105,829 | |
3.250% | | | 01/11/2014 | | | | | | 1,320,000 | | | | 1,325,709 | |
Royal Bank of Scotland plc (The), Series 2 (United Kingdom) | |
3.400% | | | 08/23/2013 | | | | | | 1,250,000 | | | | 1,263,295 | |
See accompanying notes to financial statements.
113
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Low Duration Bond Fund | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Santander US Debt SAU (Spain) | | | | | |
3.781% | | | 10/07/2015 | | | ^ | | $ | 5,200,000 | | | $ | 4,858,719 | |
Sparebank 1 Boligkreditt AS (Norway) | | | | | |
1.250% | | | 10/25/2013 | | | ^ | | | 570,000 | | | | 573,013 | |
Standard Chartered plc (United Kingdom) | | | | | |
3.200% | | | 05/12/2016 | | | ^† | | | 3,800,000 | | | | 3,887,894 | |
Toronto-Dominion Bank (The) (Canada) | | | | | |
2.500% | | | 07/14/2016 | | | | | | 4,150,000 | | | | 4,303,911 | |
Union Bank NA, Bank Note | | | | | |
2.125% | | | 12/16/2013 | | | | | | 1,380,000 | | | | 1,401,429 | |
US Bancorp | | | | | |
4.200% | | | 05/15/2014 | | | | | | 1,300,000 | | | | 1,384,201 | |
US Bancorp MTN | | | | | |
1.375% | | | 09/13/2013 | | | | | | 1,000,000 | | | | 1,008,796 | |
US Bank NA, Bank Note | | | | | |
0.747% | | | 10/14/2014 | | | # | | | 690,000 | | | | 687,294 | |
Wachovia Bank NA, Bank Note | | | | | |
4.800% | | | 11/01/2014 | | | | | | 1,385,000 | | | | 1,476,733 | |
Wells Fargo & Co. MTN | | | | | |
2.100% | | | 05/08/2017 | | | | | | 310,000 | | | | 311,049 | |
Westpac Banking Corp. (Australia) | | | | | |
1.019% | | | 04/08/2013 | | | #^ | | | 1,000,000 | | | | 1,003,473 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 55,480,343 | |
| | | | | | | | | | | | | | |
| Computers & Peripherals—1.8% | | | | | |
Hewlett-Packard Co. | | | | | |
3.000% | | | 09/15/2016 | | | | | | 4,436,000 | | | | 4,567,292 | |
2.650% | | | 06/01/2016 | | | | | | 750,000 | | | | 767,481 | |
2.350% | | | 03/15/2015 | | | | | | 1,100,000 | | | | 1,117,895 | |
1.550% | | | 05/30/2014 | | | † | | | 3,660,000 | | | | 3,681,188 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 10,133,856 | |
| | | | | | | | | | | | | | |
| Consumer Finance—4.4% | | | | | |
Ally Financial, Inc. | | | | | |
4.500% | | | 02/11/2014 | | | | | | 900,000 | | | | 914,625 | |
American Express Credit Corp. MTN | | | | | |
2.750% | | | 09/15/2015 | | | | | | 2,500,000 | | | | 2,610,720 | |
1.750% | | | 06/12/2015 | | | | | | 300,000 | | | | 303,624 | |
American Express Credit Corp., Series D MTN | | | | | |
5.125% | | | 08/25/2014 | | | | | | 3,177,000 | | | | 3,433,800 | |
American Honda Finance Corp. | | | | | |
2.375% | | | 03/18/2013 | | | ^ | | | 470,000 | | | | 475,747 | |
1.450% | | | 02/27/2015 | | | ^ | | | 1,190,000 | | | | 1,195,269 | |
Caterpillar Financial Services Corp. | | | | | |
2.050% | | | 08/01/2016 | | | | | | 2,766,000 | | | | 2,857,369 | |
Caterpillar Financial Services Corp. MTN | | | | | |
1.125% | | | 12/15/2014 | | | | | | 200,000 | | | | 201,857 | |
Ford Motor Credit Co. LLC | | | | | |
3.875% | | | 01/15/2015 | | | | | | 1,280,000 | | | | 1,318,954 | |
HSBC Finance Corp. | | | | | |
0.897% | | | 06/01/2016 | | | # | | | 5,347,000 | | | | 4,905,242 | |
International Lease Finance Corp. | | | | | |
4.875% | | | 04/01/2015 | | | | | | 690,000 | | | | 693,855 | |
John Deere Capital Corp. MTN | | | | | |
2.950% | | | 03/09/2015 | | | | | | 1,210,000 | | | | 1,278,480 | |
1.600% | | | 03/03/2014 | | | | | | 1,160,000 | | | | 1,178,735 | |
PACCAR Financial Corp. MTN | | | | | |
1.550% | | | 09/29/2014 | | | | | | 620,000 | | | | 629,703 | |
1.050% | | | 06/05/2015 | | | | | | 280,000 | | | | 281,134 | |
0.695% | | | 04/05/2013 | | | # | | | 840,000 | | | | 843,159 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
RCI Banque SA (France) | | | | | |
2.339% | | | 04/11/2014 | | | #^ | | $ | 1,900,000 | | | $ | 1,847,571 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 24,969,844 | |
| | | | | | | | | | | | | | |
| Containers & Packaging—0.1% | | | | | |
Rock-Tenn Co. | | | | | |
4.450% | | | 03/01/2019 | | | ^ | | | 410,000 | | | | 421,753 | |
| | | | | | | | | | | | | | |
| Diversified Financial Services—8.6% | | | | | |
Bank of America Corp. | | | | | |
4.875% | | | 01/15/2013 | | | | | | 3,850,000 | | | | 3,914,210 | |
4.500% | | | 04/01/2015 | | | | | | 3,025,000 | | | | 3,120,061 | |
3.700% | | | 09/01/2015 | | | † | | | 635,000 | | | | 641,981 | |
Bank of America Corp., Series 1 | | | | | |
3.750% | | | 07/12/2016 | | | | | | 520,000 | | | | 524,715 | |
Caisse Centrale Desjardins du Quebec (Canada) | | | | | |
1.700% | | | 09/16/2013 | | | ^ | | | 350,000 | | | | 353,573 | |
Citigroup, Inc. | | | | | |
6.375% | | | 08/12/2014 | | | | | | 2,000,000 | | | | 2,141,942 | |
6.010% | | | 01/15/2015 | | | | | | 2,660,000 | | | | 2,859,649 | |
6.000% | | | 12/13/2013 | | | † | | | 2,800,000 | | | | 2,943,682 | |
4.450% | | | 01/10/2017 | | | | | | 1,545,000 | | | | 1,621,190 | |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) | |
3.375% | | | 01/19/2017 | | | | | | 4,887,000 | | | | 5,034,920 | |
Equifax, Inc. | | | | | |
4.450% | | | 12/01/2014 | | | | | | 240,000 | | | | 253,675 | |
ERAC USA Finance LLC | | | | | |
2.250% | | | 01/10/2014 | | | ^ | | | 550,000 | | | | 553,507 | |
General Electric Capital Corp. | | | | | |
5.900% | | | 05/13/2014 | | | | | | 680,000 | | | | 738,975 | |
2.150% | | | 01/09/2015 | | | | | | 1,290,000 | | | | 1,312,540 | |
General Electric Capital Corp. MTN | | | | | |
1.875% | | | 09/16/2013 | | | | | | 300,000 | | | | 303,219 | |
1.099% | | | 04/07/2014 | | | # | | | 1,000,000 | | | | 999,638 | |
General Electric Capital Corp., Series A MTN | | | | | |
3.750% | | | 11/14/2014 | | | | | | 1,130,000 | | | | 1,187,039 | |
0.728% | | | 09/15/2014 | | | # | | | 2,075,000 | | | | 2,051,009 | |
General Electric Capital Corp., Series G MTN | | | | | |
1.336% | | | 05/09/2016 | | | # | | | 5,675,000 | | | | 5,589,620 | |
JPMorgan Chase & Co. | | | | | |
3.150% | | | 07/05/2016 | | | | | | 460,000 | | | | 473,509 | |
JPMorgan Chase & Co. MTN | | | | | |
1.875% | | | 03/20/2015 | | | | | | 1,230,000 | | | | 1,229,857 | |
Lloyds TSB Bank plc (United Kingdom) | | | | | |
4.875% | | | 01/21/2016 | | | | | | 7,280,000 | | | | 7,649,016 | |
NASDAQ OMX Group, Inc. (The) | | | | | |
4.000% | | | 01/15/2015 | | | | | | 1,040,000 | | | | 1,075,934 | |
National Rural Utilities Cooperative Finance Corp. | |
1.000% | | | 02/02/2015 | | | † | | | 520,000 | | | | 522,923 | |
Susser Holdings LLC/Susser Finance Corp. | | | | | |
8.500% | | | 05/15/2016 | | | | | | 950,000 | | | | 1,037,875 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 48,134,259 | |
| | | | | | | | | | | | | | |
| Diversified Telecommunication Services—4.7% | |
AT&T, Inc. | | | | | |
4.850% | | | 02/15/2014 | | | | | | 600,000 | | | | 639,407 | |
1.700% | | | 06/01/2017 | | | | | | 1,380,000 | | | | 1,388,045 | |
0.875% | | | 02/13/2015 | | | † | | | 620,000 | | | | 619,936 | |
British Telecommunications plc (United Kingdom) | |
2.000% | | | 06/22/2015 | | | | | | 400,000 | | | | 405,788 | |
Cellco Partnership/Verizon Wireless Capital LLC | |
5.550% | | | 02/01/2014 | | | | | | 400,000 | | | | 428,376 | |
See accompanying notes to financial statements.
114
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
| Vantagepoint Low Duration Bond Fund | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Deutsche Telekom International Finance BV (Netherlands) | |
3.125% | | | 04/11/2016 | | | ^ | | $ | 8,695,000 | | | $ | 9,001,264 | |
Frontier Communications Corp. | | | | | |
6.250% | | | 01/15/2013 | | | | | | 700,000 | | | | 717,938 | |
Telecom Italia Capital SA (Luxembourg) | | | | | |
5.250% | | | 11/15/2013 | | | | | | 280,000 | | | | 281,400 | |
5.250% | | | 10/01/2015 | | | | | | 1,986,000 | | | | 1,971,105 | |
Telefonica Emisiones SAU (Spain) | | | | | |
4.949% | | | 01/15/2015 | | | | | | 4,000,000 | | | | 3,783,820 | |
2.582% | | | 04/26/2013 | | | | | | 1,090,000 | | | | 1,073,921 | |
Verizon Communications, Inc. | | | | | |
4.350% | | | 02/15/2013 | | | | | | 750,000 | | | | 767,481 | |
1.250% | | | 11/03/2014 | | | | | | 1,680,000 | | | | 1,701,645 | |
1.071% | | | 03/28/2014 | | | # | | | 3,595,000 | | | | 3,628,455 | |
Windstream Corp. | | | | | |
8.125% | | | 08/01/2013 | | | | | | 190,000 | | | | 201,162 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 26,609,743 | |
| | | | | | | | | | | | | | |
| Electric Utilities—2.5% | | | | | |
Enel Finance International NV (Luxembourg) | | | | | |
3.875% | | | 10/07/2014 | | | ^† | | | 6,034,000 | | | | 5,935,591 | |
Exelon Generation Co. LLC | | | | | |
5.350% | | | 01/15/2014 | | | | | | 5,345,000 | | | | 5,663,760 | |
Georgia Power Co. | | | | | |
1.300% | | | 09/15/2013 | | | | | | 1,100,000 | | | | 1,109,266 | |
MidAmerican Energy Holdings Co. | | | | | |
3.150% | | | 07/15/2012 | | | | | | 1,000,000 | | | | 1,001,005 | |
NextEra Energy Capital Holdings, Inc. | | | | | |
1.611% | | | 06/01/2014 | | | | | | 520,000 | | | | 521,654 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 14,231,276 | |
| | | | | | | | | | | | | | |
Electronic Equipment, Instruments & Components—0.2% | |
Agilent Technologies, Inc. | | | | | |
2.500% | | | 07/15/2013 | | | | | | 470,000 | | | | 476,538 | |
Thermo Fisher Scientific, Inc. | | | | | |
2.150% | | | 12/28/2012 | | | | | | 640,000 | | | | 643,238 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,119,776 | |
| | | | | | | | | | | | | | |
| Food & Staples Retailing—1.3% | | | | | |
Kroger Co. (The) | | | | | |
2.200% | | | 01/15/2017 | | | | | | 650,000 | | | | 657,968 | |
Safeway, Inc. | | | | | |
5.800% | | | 08/15/2012 | | | | | | 1,000,000 | | | | 1,005,857 | |
3.400% | | | 12/01/2016 | | | | | | 650,000 | | | | 662,636 | |
TESCO plc (United Kingdom) | | | | | |
2.000% | | | 12/05/2014 | | | ^ | | | 4,700,000 | | | | 4,750,957 | |
Woolworths Ltd. (Australia) | | | | | |
2.550% | | | 09/22/2015 | | | ^ | | | 220,000 | | | | 226,666 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,304,084 | |
| | | | | | | | | | | | | | |
| Food Products—0.8% | | | | | |
Ingredion, Inc. | | | | | |
3.200% | | | 11/01/2015 | | | | | | 310,000 | | | | 323,634 | |
Kellogg Co. | | | | | |
5.125% | | | 12/03/2012 | | | | | | 1,000,000 | | | | 1,018,793 | |
Kraft Foods Group, Inc. | | | | | |
1.625% | | | 06/04/2015 | | | ^ | | | 440,000 | | | | 444,971 | |
Kraft Foods, Inc. | | | | | |
5.250% | | | 10/01/2013 | | | | | | 340,000 | | | | 357,998 | |
2.625% | | | 05/08/2013 | | | | | | 340,000 | | | | 345,103 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Wm. Wrigley Jr. Co. | | | | | |
3.700% | | | 06/30/2014 | | | ^ | | $ | 2,190,000 | | | $ | 2,263,825 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,754,324 | |
| | | | | | | | | | | | | | |
| Gas Utilities—0.1% | | | | | |
Sabine Pass LNG LP | | | | | |
7.250% | | | 11/30/2013 | | | | | | 665,000 | | | | 691,600 | |
| | | | | | | | | | | | | | |
| Health Care Equipment & Supplies—0.7% | |
Covidien International Finance SA (Luxembourg) | |
1.875% | | | 06/15/2013 | | | | | | 880,000 | | | | 888,899 | |
1.350% | | | 05/29/2015 | | | | | | 350,000 | | | | 350,703 | |
DENTSPLY International, Inc. | | | | | |
1.967% | | | 08/15/2013 | | | # | | | 800,000 | | | | 804,679 | |
Stryker Corp. | | | | | |
3.000% | | | 01/15/2015 | | | | | | 680,000 | | | | 715,976 | |
2.000% | | | 09/30/2016 | | | | | | 1,120,000 | | | | 1,148,654 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,908,911 | |
| | | | | | | | | | | | | | |
| Health Care Providers & Services—1.9% | | | | | |
Express Scripts Holding Co. | | | | | |
2.750% | | | 11/21/2014 | | | ^ | | | 1,300,000 | | | | 1,328,575 | |
HCA, Inc. | | | | | |
6.750% | | | 07/15/2013 | | | | | | 225,000 | | | | 235,688 | |
Quest Diagnostics, Inc. | | | | | |
1.318% | | | 03/24/2014 | | | # | | | 410,000 | | | | 413,576 | |
UnitedHealth Group, Inc. | | | | | |
4.875% | | | 02/15/2013 | | | | | | 3,000,000 | | | | 3,076,767 | |
WellPoint, Inc. | | | | | |
6.800% | | | 08/01/2012 | | | | | | 1,790,000 | | | | 1,798,657 | |
5.000% | | | 12/15/2014 | | | | | | 2,000,000 | | | | 2,174,380 | |
2.375% | | | 02/15/2017 | | | | | | 1,445,000 | | | | 1,482,499 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 10,510,142 | |
| | | | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—0.2% | | | | | |
Wendy’s Restaurants LLC | | | | | |
10.000% | | | 07/15/2016 | | | | | | 910,000 | | | | 981,672 | |
| | | | | | | | | | | | | | |
| Independent Power Producers & Energy Traders—0.1% | |
AES Corp. (The) | | | | | |
7.750% | | | 03/01/2014 | | | | | | 565,000 | | | | 615,850 | |
| | | | | | | | | | | | | | |
| Industrial Conglomerates—0.1% | | | | | |
Danaher Corp. | | | | | |
1.300% | | | 06/23/2014 | | | | | | 400,000 | | | | 404,357 | |
| | | | | | | | | | | | | | |
| Insurance—3.2% | | | | | |
Aflac, Inc. | | | | | |
3.450% | | | 08/15/2015 | | | † | | | 2,937,000 | | | | 3,128,061 | |
Allstate Corp. (The) | | | | | |
6.200% | | | 05/16/2014 | | | | | | 800,000 | | | | 880,368 | |
American International Group, Inc. | | | | | |
3.000% | | | 03/20/2015 | | | † | | | 700,000 | | | | 703,992 | |
Hartford Financial Services Group, Inc. | | | | | |
4.000% | | | 03/30/2015 | | | | | | 510,000 | | | | 535,218 | |
MetLife, Inc. | | | | | |
2.375% | | | 02/06/2014 | | | | | | 450,000 | | | | 459,346 | |
Metropolitan Life Global Funding I | | | | | |
5.125% | | | 04/10/2013 | | | ^ | | | 2,000,000 | | | | 2,066,532 | |
1.219% | | | 01/10/2014 | | | #^ | | | 2,100,000 | | | | 2,102,457 | |
Prudential Covered Trust 2012-1 | | | | | |
2.997% | | | 09/30/2015 | | | ^ | | | 2,275,000 | | | | 2,312,799 | |
Prudential Financial, Inc. MTN | | | | | |
3.875% | | | 01/14/2015 | | | | | | 1,951,000 | | | | 2,044,121 | |
Prudential Financial, Inc., Series C MTN | | | | | |
4.750% | | | 06/13/2015 | | | | | | 1,600,000 | | | | 1,718,835 | |
See accompanying notes to financial statements.
115
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Low Duration Bond Fund | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Prudential Financial, Inc., Series D MTN | | | | | |
5.150% | | | 01/15/2013 | | | | | $ | 1,000,000 | | | $ | 1,023,354 | |
3.625% | | | 09/17/2012 | | | | | | 1,100,000 | | | | 1,106,411 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 18,081,494 | |
| | | | | | | | | | | | | | |
| Internet & Catalog Retail—0.1% | | | | | |
eBay, Inc. | | | | | |
0.875% | | | 10/15/2013 | | | | | | 500,000 | | | | 503,081 | |
| | | | | | | | | | | | | | |
| IT Services—0.4% | | | | | |
International Business Machines Corp. | | | | | |
2.100% | | | 05/06/2013 | | | | | | 2,170,000 | | | | 2,199,273 | |
| | | | | | | | | | | | | | |
| Life Sciences Tools & Services—0.2% | | | | | |
Howard Hughes Medical Institute | | | | | |
3.450% | | | 09/01/2014 | | | | | | 1,100,000 | | | | 1,168,477 | |
| | | | | | | | | | | | | | |
| Machinery—0.1% | | | | | |
Tyco Electronics Group SA (Luxembourg) | | | | | |
1.600% | | | 02/03/2015 | | | | | | 270,000 | | | | 271,300 | |
| | | | | | | | | | | | | | |
| Media—2.2% | | | | | |
DirecTV Holdings LLC/DirecTV Financing Co., Inc. | |
4.750% | | | 10/01/2014 | | | | | | 1,060,000 | | | | 1,138,442 | |
DISH DBS Corp. | | | | | |
4.625% | | | 07/15/2017 | | | ^† | | | 1,000,000 | | | | 1,006,250 | |
NBCUniversal Media LLC | | | | | |
3.650% | | | 04/30/2015 | | | | | | 850,000 | | | | 903,675 | |
Time Warner Cable, Inc. | | | | | |
8.250% | | | 02/14/2014 | | | | | | 2,200,000 | | | | 2,450,382 | |
6.200% | | | 07/01/2013 | | | | | | 5,500,000 | | | | 5,780,665 | |
Time Warner, Inc. | | | | | |
3.150% | | | 07/15/2015 | | | | | | 440,000 | | | | 464,372 | |
Viacom, Inc. | | | | | |
4.375% | | | 09/15/2014 | | | | | | 700,000 | | | | 749,703 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 12,493,489 | |
| | | | | | | | | | | | | | |
| Metals & Mining—3.5% | | | | | |
Alcoa, Inc. | | | | | |
6.000% | | | 07/15/2013 | | | † | | | 5,200,000 | | | | 5,455,486 | |
ArcelorMittal (Luxembourg) | | | | | |
3.750% | | | 02/25/2015 | | | | | | 1,980,000 | | | | 2,008,346 | |
Barrick Gold Corp. (Canada) | | | | | |
1.750% | | | 05/30/2014 | | | | | | 510,000 | | | | 516,503 | |
Barrick Gold Financeco LLC | | | | | |
6.125% | | | 09/15/2013 | | | | | | 795,000 | | | | 844,315 | |
BHP Billiton Finance USA Ltd. (Australia) | | | | | |
1.000% | | | 02/24/2015 | | | | | | 360,000 | | | | 360,851 | |
0.737% | | | 02/18/2014 | | | # | | | 2,704,000 | | | | 2,714,629 | |
FMG Resources August 2006 Pty Ltd. (Australia) | |
6.000% | | | 04/01/2017 | | | ^† | | | 720,000 | | | | 725,400 | |
Freeport-McMoRan Copper & Gold, Inc. | | | | | |
2.150% | | | 03/01/2017 | | | † | | | 270,000 | | | | 266,499 | |
1.400% | | | 02/13/2015 | | | | | | 300,000 | | | | 299,166 | |
Rio Tinto Finance USA Ltd. (Australia) | | | | | |
8.950% | | | 05/01/2014 | | | | | | 2,875,000 | | | | 3,284,308 | |
Rio Tinto Finance USA plc (United Kingdom) | | | | | |
1.125% | | | 03/20/2015 | | | | | | 700,000 | | | | 702,040 | |
Steel Dynamics, Inc. | | | | | |
7.375% | | | 11/01/2012 | | | | | | 880,000 | | | | 891,000 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Xstrata Finance Canada Ltd. (Canada) | | | | | |
2.850% | | | 11/10/2014 | | | ^ | | $ | 1,765,000 | | | $ | 1,799,575 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 19,868,118 | |
| | | | | | | | | | | | | | |
| Multiline Retail—0.4% | | | | | |
Target Corp. | | | | | |
1.125% | | | 07/18/2014 | | | | | | 500,000 | | | | 504,888 | |
0.636% | | | 07/18/2014 | | | # | | | 1,800,000 | | | | 1,806,210 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,311,098 | |
| | | | | | | | | | | | | | |
| Multi-Utilities—0.6% | | | | | |
DTE Energy Co. | | | | | |
1.167% | | | 06/03/2013 | | | # | | | 950,000 | | | | 951,798 | |
Sempra Energy | | | | | |
1.228% | | | 03/15/2014 | | | # | | | 2,661,000 | | | | 2,667,730 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,619,528 | |
| | | | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—1.2% | | | | | |
BP Capital Markets plc (United Kingdom) | | | | | |
3.875% | | | 03/10/2015 | | | | | | 700,000 | | | | 750,604 | |
Chesapeake Energy Corp. | | | | | |
7.625% | | | 07/15/2013 | | | † | | | 460,000 | | | | 476,675 | |
ConocoPhillips | | | | | |
4.750% | | | 02/01/2014 | | | | | | 600,000 | | | | 637,527 | |
4.600% | | | 01/15/2015 | | | † | | | 455,000 | | | | 498,432 | |
Petrohawk Energy Corp. | | | | | |
7.875% | | | 06/01/2015 | | | | | | 1,000,000 | | | | 1,040,234 | |
Phillips 66 | | | | | |
2.950% | | | 05/01/2017 | | | ^ | | | 270,000 | | | | 277,755 | |
1.950% | | | 03/05/2015 | | | ^† | | | 270,000 | | | | 272,109 | |
Rockies Express Pipeline LLC | | | | | |
3.900% | | | 04/15/2015 | | | ^ | | | 680,000 | | | | 657,900 | |
Tesoro Corp. | | | | | |
6.625% | | | 11/01/2015 | | | | | | 355,000 | | | | 362,988 | |
Total Capital International SA (France) | | | | | |
1.500% | | | 02/17/2017 | | | | | | 410,000 | | | | 412,081 | |
TransCanada PipeLines Ltd. (Canada) | | | | | |
3.400% | | | 06/01/2015 | | | | | | 550,000 | | | | 586,415 | |
WPX Energy, Inc. | | | | | |
5.250% | | | 01/15/2017 | | | ^ | | | 990,000 | | | | 1,007,325 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,980,045 | |
| | | | | | | | | | | | | | |
| Paper & Forest Products—0.1% | | | | | |
Masco Corp. | | | | | |
4.800% | | | 06/15/2015 | | | | | | 465,000 | | | | 478,102 | |
| | | | | | | | | | | | | | |
| Personal Products—0.2% | | | | | |
Revlon Consumer Products Corp. | | | | | |
9.750% | | | 11/15/2015 | | | | | | 950,000 | | | | 1,021,250 | |
| | | | | | | | | | | | | | |
| Pharmaceuticals—1.0% | | | | | |
GlaxoSmithKline Capital plc (United Kingdom) | |
0.750% | | | 05/08/2015 | | | | | | 860,000 | | | | 860,506 | |
Novartis Capital Corp. | | | | | |
4.125% | | | 02/10/2014 | | | | | | 1,170,000 | | | | 1,235,629 | |
Pfizer, Inc. | | | | | |
3.625% | | | 06/03/2013 | | | EUR | | | 200,000 | | | | 260,010 | |
Sanofi (France) | | | | | |
1.625% | | | 03/28/2014 | | | | | | 800,000 | | | | 813,802 | |
Teva Pharmaceutical Finance III BV (Netherlands Antilles) | |
1.700% | | | 03/21/2014 | | | | | | 500,000 | | | | 507,288 | |
Teva Pharmaceutical Finance IV LLC | | | | | |
1.700% | | | 11/10/2014 | | | | | | 1,040,000 | | | | 1,061,693 | |
See accompanying notes to financial statements.
116
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Low Duration Bond Fund | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Valeant Pharmaceuticals International | | | | | |
6.500% | | | 07/15/2016 | | | ^† | | $ | 720,000 | | | $ | 756,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,494,928 | |
| | | | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—0.9% | |
Digital Realty Trust LP | |
4.500% | | | 07/15/2015 | | | | | | 550,000 | | | | 574,857 | |
Duke Realty LP | |
5.400% | | | 08/15/2014 | | | | | | 560,000 | | | | 595,070 | |
HCP, Inc. | |
2.700% | | | 02/01/2014 | | | | | | 1,410,000 | | | | 1,433,073 | |
Health Care REIT, Inc. | |
6.000% | | | 11/15/2013 | | | | | | 810,000 | | | | 849,561 | |
Simon Property Group LP | |
4.200% | | | 02/01/2015 | | | | | | 210,000 | | | | 221,518 | |
Vornado Realty LP | |
4.250% | | | 04/01/2015 | | | | | | 1,080,000 | | | | 1,139,716 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,813,795 | |
| | | | | | | | | | | | | | |
| Road & Rail—0.4% | | | | | |
JB Hunt Transport Services, Inc. | |
3.375% | | | 09/15/2015 | | | | | | 850,000 | | | | 878,526 | |
Penske Truck Leasing Co. Lp/PTL Finance Corp. | |
3.125% | | | 05/11/2015 | | | ^ | | | 800,000 | | | | 805,330 | |
Ryder System, Inc. MTN | |
2.500% | | | 03/01/2017 | | | | | | 540,000 | | | | 545,455 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,229,311 | |
| | | | | | | | | | | | | | |
| Software—0.4% | | | | | |
Microsoft Corp. | |
2.950% | | | 06/01/2014 | | | | | | 1,400,000 | | | | 1,464,120 | |
Oracle Corp. | |
3.750% | | | 07/08/2014 | | | | | | 700,000 | | | | 743,648 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,207,768 | |
| | | | | | | | | | | | | | |
| Tobacco—1.7% | | | | | |
Altria Group, Inc. | |
8.500% | | | 11/10/2013 | | | | | | 5,319,000 | | | | 5,845,246 | |
BAT International Finance plc (United Kingdom) | |
1.400% | | | 06/05/2015 | | | ^ | | | 2,469,000 | | | | 2,470,469 | |
Lorillard Tobacco Co. | |
3.500% | | | 08/04/2016 | | | | | | 1,060,000 | | | | 1,106,060 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,421,775 | |
| | | | | | | | | | | | | | |
| Trading Companies & Distributors—0.1% | | | | | |
AmeriGas Partners LP/AmeriGas Finance Corp. | |
6.250% | | | 08/20/2019 | | | | | | 695,000 | | | | 701,950 | |
| | | | | | | | | | | | | | |
| Transportation Infrastructure—0.6% | | | | | |
BAA Funding Ltd. (CHI) | |
2.500% | | | 06/25/2015 | | | ^ | | | 3,500,000 | | | | 3,522,096 | |
| | | | | | | | | | | | | | |
| Water Utilities—0.3% | | | | | |
Thames Water Utilities Cayman Finance Ltd. MTN
(Cayman Islands) | |
6.125% | | | 02/04/2013 | | | EUR | | | 1,400,000 | | | | 1,824,723 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
| Wireless Telecommunication Services—0.4% | |
America Movil SAB de CV (Mexico) | |
3.625% | | | 03/30/2015 | | | | | $ | 300,000 | | | $ | 320,569 | |
Vodafone Group plc (United Kingdom) | |
4.150% | | | 06/10/2014 | | | | | | 1,780,000 | | | | 1,889,014 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,209,583 | |
| | | | | | | | | | | | | | |
| TOTAL CORPORATE OBLIGATIONS | |
(Cost $347,437,007) | | | | 352,124,915 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| MORTGAGE-RELATED SECURITIES—8.3% | |
| Commercial Mortgage-Backed Securities—0.4% | |
Extended Stay America Trust,
Series 2010-ESHA, Class A | |
2.951% | | | 11/05/2027 | | | ^ | | | 1,154,855 | | | | 1,166,580 | |
National Credit Union Administration Guaranteed Notes, Series 2010-C1, Class A2 | |
2.900% | | | 10/29/2020 | | | | | | 1,100,000 | | | | 1,172,875 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,339,455 | |
| | | | | | | | | | | | | | |
| Non-Agency Mortgage-Backed Securities—2.7% | |
Banc of America Mortgage Securities, Inc.,
Series 2004-L, Class 1A1 | |
3.025% | | | 01/25/2035 | | | # | | | 571,108 | | | | 500,697 | |
Fosse Master Issuer plc,
Series 2012-1A, Class 2A2 (United Kingdom) | |
1.727% | | | 10/18/2054 | | | #^ | | | 2,250,000 | | | | 2,249,888 | |
GSR Mortgage Loan Trust,
Series 2005-AR6, Class 2A1 | |
2.651% | | | 09/25/2035 | | | # | | | 2,095,376 | | | | 2,048,815 | |
Harborview Mortgage Loan Trust,
Series 2005-14, Class 3A1A | |
2.954% | | | 12/19/2035 | | | # | | | 2,585,848 | | | | 1,823,168 | |
MLCC Mortgage Investors, Inc.,
Series 2004-1, Class 2A2 | |
2.351% | | | 12/25/2034 | | | # | | | 1,433,532 | | | | 1,449,330 | |
Provident Funding Mortgage Loan Trust,
Series 2004-1, Class 1A1 | |
2.619% | | | 04/25/2034 | | | # | | | 207,636 | | | | 204,214 | |
Sequoia Mortgage Trust,
Series 2012-1, Class 1A1 | |
2.865% | | | 01/25/2042 | | | # | | | 2,534,456 | | | | 2,566,982 | |
Sequoia Mortgage Trust,
Series 2012-2, Class A2 | |
3.500% | | | 04/25/2042 | | | # | | | 2,531,025 | | | | 2,604,806 | |
Structured Asset Mortgage Investments, Inc.,
Series 2004-AR5, Class 2A1 | |
2.149% | | | 10/19/2034 | | | # | | | 511,792 | | | | 312,094 | |
Thornburg Mortgage Securities Trust,
Series 2004-1, Class II2A | |
1.906% | | | 03/25/2044 | | | # | | | 500,300 | | | | 471,858 | |
Wells Fargo Mortgage Backed Securities Trust,
Series 2004-S, Class B1 | |
2.649% | | | 09/25/2034 | | | # | | | 1,366,497 | | | | 1,090,297 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 15,322,149 | |
| | | | | | | | | | | | | | |
U.S. Government Agency Mortgage-Backed Securities—5.2% | |
Federal Deposit Insurance Corporation Structured Sale Guaranteed Notes,
Series 2010-S1, Class 2A | |
3.250% | | | 04/25/2038 | | | ^ | | | 1,352,771 | | | | 1,384,900 | |
See accompanying notes to financial statements.
117
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
| Vantagepoint Low Duration Bond Fund | | | | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| MORTGAGE-RELATED SECURITIES—(Continued) | |
Federal National Mortgage Association | |
5.000% | | | 07/01/2035 | | | | | $ | 3,901,305 | | | $ | 4,255,469 | |
4.000% | | | 11/01/2040- | | | | | | | | | | | |
| | | 09/01/2041 | | | | | | 3,571,574 | | | | 3,809,079 | |
3.500% | | | 05/01/2020- | | | | | | | | | | | |
| | | 12/01/2020 | | | | | | 1,935,642 | | | | 2,047,401 | |
3.144% | | | 07/01/2041 | | | # | | | 3,928,843 | | | | 4,130,933 | |
3.088% | | | 06/01/2041 | | | # | | | 2,596,679 | | | | 2,730,110 | |
2.241% | | | 10/01/2034 | | | # | | | 1,500,247 | | | | 1,585,563 | |
2.191% | | | 09/01/2034 | | | # | | | 128,325 | | | | 134,123 | |
2.165% | | | 09/01/2034 | | | # | | | 181,537 | | | | 189,826 | |
2.059% | | | 10/01/2034 | | | # | | | 223,713 | | | | 234,910 | |
0.589% | | | 07/01/2016 | | | # | | | 2,800,000 | | | | 2,824,580 | |
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A | |
1.840% | | | 10/07/2020 | | | | | | 362,845 | | | | 367,322 | |
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A | |
0.610% | | | 11/06/2017 | | | # | | | 1,584,148 | | | | 1,584,639 | |
National Credit Union Administration Guaranteed Notes, Series 2010-R3, Class 1A | |
0.800% | | | 12/08/2020 | | | # | | | 3,518,449 | | | | 3,533,297 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 28,812,152 | |
| | | | | | | | | | | | | | |
| TOTAL MORTGAGE-RELATED SECURITIES | |
(Cost $47,270,373) | | | | 46,473,756 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS—9.4% | |
| U.S. Treasury Notes—9.4% | |
U.S. Treasury Note | |
1.250% | | | 10/31/2015 | | | | | | 6,000,000 | | | | 6,150,468 | |
0.875% | | | 11/30/2016 | | | | | | 25,450,000 | | | | 25,706,485 | |
0.375% | | | 06/30/2013 | | | ‡‡ | | | 7,280,000 | | | | 7,289,952 | |
0.250% | | | 02/28/2014- | | | | | | | | | | | |
| | | 02/15/2015 | | | | | | 13,749,000 | | | | 13,735,177 | |
| | | | | | | | | | | | | | |
| TOTAL U.S. TREASURY OBLIGATIONS | |
(Cost $52,827,599) | | | | 52,882,082 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| GOVERNMENT RELATED OBLIGATIONS—5.7% | |
| U.S. Government Agencies—1.7% | |
Federal Home Loan Mortgage Corp. | |
0.625% | | | 12/29/2014 | | | | | | 7,800,000 | | | | 7,834,764 | |
National Credit Union Administration Guaranteed Notes, Series A2 | |
1.400% | | | 06/12/2015 | | | | | | 1,770,000 | | | | 1,804,940 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,639,704 | |
| | | | | | | | | | | | | | |
| Non-U.S. Government Agencies—0.7% | |
IPIC Ltd. MTN (Cayman Islands) | |
3.125% | | | 11/15/2015 | | | ^ | | | 500,000 | | | | 518,125 | |
KFW (Germany) | |
1.375% | | | 01/13/2014 | | | | | | 1,500,000 | | | | 1,521,159 | |
Korea National Oil Corp. (Korea, Republic of) | |
2.875% | | | 11/09/2015 | | | ^ | | | 1,160,000 | | | | 1,183,321 | |
Petrobras International Finance Co. (Cayman Islands) | |
2.875% | | | 02/06/2015 | | | | | | 410,000 | | | | 417,175 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,639,780 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
| Sovereign Debt—0.8% | |
Korea Finance Corp. (Korea, Republic of) | |
3.250% | | | 09/20/2016 | | | | | $ | 1,660,000 | | | $ | 1,709,073 | |
Panama Government International Bond (Panama) | |
9.375% | | | 07/23/2012 | | | | | | 500,000 | | | | 502,262 | |
7.250% | | | 03/15/2015 | | | | | | 393,000 | | | | 449,985 | |
Qatar Government International Bond (Qatar) | |
3.125% | | | 01/20/2017 | | | ^ | | | 780,000 | | | | 817,050 | |
South Africa Government International Bond (South Africa) | |
6.500% | | | 06/02/2014 | | | | | | 880,000 | | | | 970,640 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,449,010 | |
| | | | | | | | | | | | | | |
| Supranational—1.0% | |
European Investment Bank | |
1.125% | | | 04/15/2015 | | | | | | 5,555,000 | | | | 5,606,323 | |
| | | | | | | | | | | | | | |
| U.S. Municipal Bonds—1.2% | |
California General Obligation Bonds (California) | |
5.450% | | | 04/01/2015 | | | | | | 3,635,000 | | | | 4,031,215 | |
5.250% | | | 04/01/2014 | | | | | | 1,200,000 | | | | 1,288,332 | |
Kentucky Asset Liability Commission Revenue Bonds (Kentucky) | |
3.165% | | | 04/01/2018 | | | | | | 1,100,000 | | | | 1,139,864 | |
University of California Revenue Bonds (California) | |
1.988% | | | 05/15/2050 | | | # | | | 460,000 | | | | 465,874 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,925,285 | |
| | | | | | | | | | | | | | |
| Non-U.S. Regional Authority Bonds—0.3% | |
Province of Manitoba (Canada) | |
1.375% | | | 04/28/2014 | | | † | | | 1,500,000 | | | | 1,526,883 | |
| | | | | | | | | | | | | | |
| TOTAL GOVERNMENT RELATED OBLIGATIONS | |
(Cost $30,883,779) | | | | 31,786,985 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES—10.0% | |
| Automobile—2.0% | |
Capital Auto Receivables Asset Trust
Series 2008-1, Class A4B | |
1.592% | | | 07/15/2014 | | | # | | | 406,156 | | | | 406,501 | |
Enterprise Fleet Financing LLC
Series 2012-1, Class A2 | |
1.140% | | | 11/20/2017 | | | ^ | | | 2,800,000 | | | | 2,802,001 | |
Ford Credit Auto Owner Trust
Series 2009-A, Class A4 | |
6.070% | | | 05/15/2014 | | | | | | 1,074,911 | | | | 1,095,980 | |
Harley-Davidson Motorcycle Trust
Series 2009-3, Class A4 | |
2.540% | | | 04/15/2017 | | | | | | 1,767,707 | | | | 1,773,274 | |
Harley-Davidson Motorcycle Trust
Series 2008-1, Class A4 | |
4.900% | | | 12/15/2013 | | | | | | 213,287 | | | | 214,034 | |
Honda Auto Receivables Owner Trust
Series 2009-2, Class A4 | |
4.430% | | | 07/15/2015 | | | | | | 724,550 | | | | 729,503 | |
Honda Auto Receivables Owner Trust
Series 2011-1, Class A3 | |
1.130% | | | 10/15/2014 | | | | | | 2,000,000 | | | | 2,008,062 | |
Hyundai Capital Auto Funding Ltd. (Cayman Islands)
Series 2010-8A, Class A | |
1.243% | | | 09/20/2016 | | | #^ | | | 2,200,000 | | | | 2,164,217 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 11,193,572 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
118
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
| Vantagepoint Low Duration Bond Fund | | | | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES—(Continued) | |
| Credit Card—7.3% | |
American Express Credit Account Master Trust
Series 2008-5, Class A | |
1.042% | | | 03/15/2016 | | | # | | $ | 4,550,000 | | | $ | 4,589,368 | |
Capital One Multi-Asset Execution Trust
Series 2006-A5, Class A5 | |
0.302% | | | 01/15/2016 | | | # | | | 6,750,000 | | | | 6,747,318 | |
Capital One Multi-Asset Execution Trust
Series 2005-A10, Class A | |
0.322% | | | 09/15/2015 | | | # | | | 2,095,000 | | | | 2,094,568 | |
Chase Issuance Trust Series 2007-A17, Class A | |
5.120% | | | 10/15/2014 | | | | | | 5,050,000 | | | | 5,121,102 | |
Citibank Credit Card Issuance Trust
Series 2008-A2, Class A2 | |
1.395% | | | 01/23/2020 | | | # | | | 1,600,000 | | | | 1,679,251 | |
Citibank Credit Card Issuance Trust
Series 2009-A5, Class A5 | |
2.250% | | | 12/23/2014 | | | | | | 4,230,000 | | | | 4,268,114 | |
Discover Card Master Trust
Series 2009-A2, Class A | |
1.542% | | | 02/17/2015 | | | # | | | 2,200,000 | | | | 2,203,587 | |
Discover Card Master Trust
Series 2012-A1, Class A1 | |
0.810% | | | 08/15/2017 | | | | | | 2,050,000 | | | | 2,053,876 | |
GE Capital Credit Card Master Note Trust
Series 2012-1, Class A | |
1.030% | | | 01/15/2018 | | | | | | 2,000,000 | | | | 2,013,082 | |
GE Capital Credit Card Master Note Trust
Series 2010-3, Class A | |
2.210% | | | 06/15/2016 | | | | | | 6,300,000 | | | | 6,398,804 | |
Gracechurch Card Funding plc (United Kingdom)
Series 2012-1A, Class A1 | |
0.942% | | | 02/15/2017 | | | #^ | | | 2,700,000 | | | | 2,701,417 | |
Penarth Master Issuer plc (United Kingdom)
Series 2011-1A, Class A1 | |
0.893% | | | 05/18/2015 | | | #^ | | | 300,000 | | | | 300,155 | |
Penarth Master Issuer plc (United Kingdom)
Series 2012-1A, Class A1 | |
0.813% | | | 03/18/2014 | | | #^ | | | 780,000 | | | | 780,534 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 40,951,176 | |
| | | | | | | | | | | | | | |
| Other—0.7% | | | | | | | | | | | | | | |
CenterPoint Energy Transition Bond Co. LLC
Series 2012-1, Class A1 | |
0.901% | | | 04/15/2018 | | | | | | 2,570,000 | | | | 2,585,387 | |
CNH Equipment Trust
Series 2011-A, Class A2 | |
0.620% | | | 06/16/2014 | | | | | | 43,492 | | | | 43,494 | |
MMAF Equipment Finance LLC
Series 2011-AA, Class A3 | |
1.270% | | | 09/15/2015 | | | ^ | | | 1,560,000 | | | | 1,563,921 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,192,802 | |
| | | | | | | | | | | | | | |
| TOTAL ASSET-BACKED SECURITIES | |
(Cost $56,332,009) | | | | | | | 56,337,550 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
| MONEY MARKET FUNDS—9.5% | |
| Institutional Money Market Funds—9.5% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | ††¥ | | | 2,800,000 | | | $ | 2,800,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | ¥ | | | 37,209,959 | | | | 37,209,959 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | ††¥ | | | 2,938,328 | | | | 2,938,328 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17% | | ††¥ | | | 2,000,000 | | | | 2,000,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | ††¥ | | | 2,800,000 | | | | 2,800,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 2,800,000 | | | | 2,800,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13% | | ††¥ | | | 2,800,000 | | | | 2,800,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $53,348,287) | | | | | | | 53,348,287 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—105.5% | |
(Cost $588,099,054) | | | | | | | 592,953,575 | |
Other assets less liabilities—(5.5%) | | | | (30,877,711 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 562,075,864 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| BRL | | Brazilian Real |
| EUR | | European Monetary Unit |
| MTN | | Medium Term Note |
| REIT | | Real Estate Investment Trust |
| # | | Rate is subject to change. Rate shown reflects current rate. |
| ^ | | Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $94,950,051, which represents 16.9% of Net Assets. The illiquid 144A securities represented 0.0% of Net Assets, and 0.0% of total 144A securities held. |
| † | | Denotes all or a portion of the security on loan. |
| ‡‡ | | Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
119
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
| Vantagepoint Inflation Protected Securities Fund | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—2.3% | |
| Capital Markets—0.7% | | | | | | | | |
Bear Stearns Cos. LLC (The), Series CPI MTN | | | | | |
4.450% | | | 03/10/2014 | | | # | | $ | 380,000 | | | | $384,909 | |
Morgan Stanley MTN | | | | | |
2.967% | | | 05/14/2013 | | | # | | | 4,000,000 | | | | 3,995,536 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,380,445 | |
| | | | | | | | | | | | | | |
| Commercial Banks—0.2% | | | | | | | | |
Barclays Bank plc MTN (United Kingdom) | | | | | |
0.668% | | | 09/11/2017 | | | # | | | 1,500,000 | | | | 1,473,750 | |
| | | | | | | | | | | | | | |
| Consumer Finance—1.2% | | | | | | | | |
HSBC Finance Corp. | | | | | |
0.717% | | | 01/15/2014 | | | # | | | 4,900,000 | | | | 4,847,712 | |
SLM Corp. MTN | | | | | |
6.250% | | | 01/25/2016 | | | | | | 2,400,000 | | | | 2,532,000 | |
5.050% | | | 11/14/2014 | | | | | | 500,000 | | | | 517,477 | |
SLM Corp., Series MTNBED | | | | | |
4.901% | | | 03/15/2013 | | | # | | | 120,000 | | | | 119,274 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,016,463 | |
| | | | | | | | | | | | | | |
| Diversified Financial Services—0.1% | |
Citigroup, Inc. | | | | | |
2.467% | | | 08/13/2013 | | | # | | | 700,000 | | | | 705,094 | |
| | | | | | | | | | | | | | |
| Energy Equipment & Services—0.1% | |
Transocean, Inc. (Cayman Islands) | | | | | |
4.950% | | | 11/15/2015 | | | | | | 500,000 | | | | 538,755 | |
| | | | | | | | | | | | | | |
| TOTAL CORPORATE OBLIGATIONS | |
(Cost $14,841,972) | | | | | | | | | | 15,114,507 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS—92.0% | |
| U.S. Treasury Bills—0.1% | | | | | | | | |
U.S. Treasury Bill | | | | | |
0.139% | | | 09/06/2012 | | | | | | 352,000 | | | | 351,958 | |
| | | | | | | | | | | | | | |
| U.S. Treasury Inflation Protected Securities Bonds—34.9% | |
U.S. Treasury Bond | |
3.875% | | | 04/15/2029 | | | | | | 10,785,000 | | | | 24,441,602 | |
3.625% | | | 04/15/2028 | | | | | | 11,240,000 | | | | 24,707,634 | |
3.375% | | | 04/15/2032 | | | | | | 449,100 | | | | 939,984 | |
2.500% | | | 01/15/2029 | | | | | | 12,200,000 | | | | 18,176,270 | |
2.375% | |
| 01/15/2025-
01/15/2027 |
| | | | | 40,267,400 | | | | 64,146,957 | |
2.125% | | | 02/15/2040 | | | ‡‡ | | | 8,219,800 | | | | 12,452,545 | |
2.125% | | | 02/15/2041 | | | | | | 13,350,300 | | | | 20,071,233 | |
2.000% | | | 01/15/2026 | | | | | | 18,005,000 | | | | 26,688,821 | |
1.750% | | | 01/15/2028 | | | | | | 16,170,000 | | | | 22,294,724 | |
0.750% | | | 02/15/2042 | | | | | | 10,649,500 | | | | 11,415,693 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 225,335,463 | |
| | | | | | | | | | | | | | |
| U.S. Treasury Inflation Protected Securities Notes—56.8% | |
U.S. Treasury Note | | | | | |
3.000% | | | 07/15/2012 | | | | | | 3,970,000 | | | | 5,094,052 | |
2.625% | | | 07/15/2017 | | | | | | 21,335,000 | | | | 28,155,603 | |
2.500% | | | 07/15/2016 | | | | | | 10,374,800 | | | | 13,538,652 | |
2.375% | | | 01/15/2017 | | | | | | 3,165,300 | | | | 4,170,024 | |
2.125% | | | 01/15/2019 | | | | | | 3,107,600 | | | | 3,988,802 | |
2.000% | |
| 01/15/2014 -
01/15/2016 |
| | | | | 34,873,500 | | | | 45,037,999 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
1.875% | |
| 07/15/2013 -
07/15/2019 |
| | | | $ | 20,556,900 | | | $ | 26,449,677 | |
1.625% | |
| 01/15/2015 -
01/15/2018 |
| | | | | 8,355,000 | | | | 10,696,607 | |
1.375% | | | 01/15/2020 | | | | | | 5,609,800 | | | | 6,947,154 | |
1.250% | |
| 04/15/2014 -
07/15/2020 |
| | | | | 25,665,000 | | | | 30,444,724 | |
1.125% | | | 01/15/2021 | | | | | | 21,165,000 | | | | 25,645,762 | |
0.625% | |
| 04/15/2013 -
07/15/2021 |
| | | | | 35,419,500 | | | | 40,135,217 | |
0.500% | | | 04/15/2015 | | | | | | 18,926,700 | | | | 20,876,470 | |
0.125% | |
| 04/15/2016 -
01/15/2022 |
| | | | | 97,913,300 | | | | 105,918,033 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 367,098,776 | |
| | | | | | | | | | | | | | |
| U.S. Treasury Notes—0.2% | |
U.S. Treasury Note | |
0.125% | | | 04/15/2017 | | | | | | 1,407,100 | | | | 1,505,585 | |
| | | | | | | | | | | | | | |
| TOTAL U.S. TREASURY OBLIGATIONS | |
(Cost $548,446,442) | | | | | | | | | | 594,291,782 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| GOVERNMENT RELATED OBLIGATIONS—0.6% | |
| U.S. Government Agencies—0.1% | |
New Valley Generation I, Series 2000-1 | |
7.299% | | | 03/15/2019 | | | | | | 751,486 | | | | 908,359 | |
| | | | | | | | | | | | | | |
| Non-U.S. Government Agencies—0.4% | |
Export-Import Bank of Korea (Korea, Republic of) | |
4.000% | | | 01/29/2021 | | | † | | | 1,200,000 | | | | 1,244,668 | |
Petrobras International Finance Co. (Cayman Islands) | |
3.875% | | | 01/27/2016 | | | | | | 1,200,000 | | | | 1,244,928 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,489,596 | |
| | | | | | | | | | | | | | |
| Supranational—0.1% | |
International Bank for Reconstruction & Development,
Series CPI | |
3.712% | | | 12/10/2013 | | | # | | | 275,000 | | | | 273,523 | |
| | | | | | | | | | | | | | |
| TOTAL GOVERNMENT RELATED OBLIGATIONS | |
(Cost $3,572,411) | | | | | | | 3,671,478 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES—0.9% | |
| Home Equity—0.3% | |
Argent Securities, Inc.
Series 2005-W2, Class A2B1 | |
0.445% | | | 10/25/2035 | | | # | | | 214,148 | | | | 207,625 | |
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF11, Class A2D | |
0.585% | | | 11/25/2035 | | | # | | | 1,422,582 | | | | 1,288,505 | |
Saxon Asset Securities Trust
Series 2003-1, Class AF7 | |
4.034% | | | 06/25/2033 | | | | | | 125,621 | | | | 125,832 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,621,962 | |
| | | | | | | | | | | | | | |
| Manufactured Housing—0.1% | |
Conseco Finance Securitizations Corp.
Series 2002-1, Class A | |
6.681% | | | 12/01/2033 | | | # | | | 818,389 | | | | 859,195 | |
| | | | | | | | | | | | | | |
| Other—0.0% | |
Park Place Securities, Inc.
Series 2004-WWF1, Class M2 | |
0.925% | | | 12/25/2034 | | | # | | | 262,428 | | | | 257,694 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
120
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
| Vantagepoint Inflation Protected Securities Fund | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES—(Continued) | |
| Student Loan—0.5% | |
Illinois Student Assistance Commission
Series 2010-1, Class A1 | |
0.946% | | | 04/25/2017 | | | # | | $ | 1,153,547 | | | $ | 1,154,816 | |
North Carolina State Education Assistance Authority
Series 2011-2, Class A1 | |
1.010% | | | 10/26/2020 | | | # | | | 469,654 | | | | 469,302 | |
South Carolina Student Loan Corp.
Series 2010-1, Class A1 | |
0.916% | | | 01/25/2021 | | | # | | | 1,488,812 | | | | 1,480,474 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,104,592 | |
| | | | | | | | | | | | | | |
| TOTAL ASSET-BACKED SECURITIES | |
(Cost $5,728,461) | | | | 5,843,443 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | Contracts | | | | Value | |
| PURCHASED OPTIONS—0.0% | |
Put—U.S. 10 Year Treasury Note,
Expires 07/27/2012,
Strike $131.00 | |
(Cost $54,624) | | | 81 | | | | 8,859 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| CERTIFICATES OF DEPOSIT—0.6% | |
| Commercial Banks—0.6% | |
Abbey National Treasury Services plc (United Kingdom) | |
1.818% | | | 06/10/2013 | | | | | | 3,800,000 | | | | 3,729,172 | |
| | | | | | | | | | | | | | |
(Cost $3,800,000) | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | Shares | | | | Value | |
| MONEY MARKET FUNDS—3.2% | |
| Institutional Money Market Funds—3.2% | |
Dreyfus Institutional Cash Advantage
Fund, 0.15% | | | ††¥ | | | 119,000 | | | | 119,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | | ¥ | | | 20,120,883 | | | | 20,120,883 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | | ††¥ | | | 123,575 | | | | 123,575 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional
Class, 0.17% | | | ††¥ | | | 119,000 | | | | 119,000 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
| | | | | | | | | | | | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional
Class, 0.15% | | ††¥ | | $ | 119,000 | | | $ | 119,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 119,000 | | | | 119,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select
Class, 0.13% | | ††¥ | | | 119,000 | | | | 119,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $20,839,458) | | | | | | | 20,839,458 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—99.6% | |
(Cost $597,283,368) | | | | | | | 643,498,699 | |
Other assets less liabilities—0.4% | | | | | | | 2,346,629 | |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | $ | 645,845,328 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| MTN | | Medium Term Note |
| # | | Rate is subject to change. Rate shown reflects current rate. |
| ‡‡ | | Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts. |
| † | | Denotes all or a portion of the security on loan. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
121
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Equity Income Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—95.1% | |
| Aerospace & Defense—2.1% | | | | | | | | |
Boeing Co. (The) | | | | | 74,200 | | | $ | 5,513,060 | |
Honeywell International, Inc. | | | | | 393,200 | | | | 21,956,288 | |
Lockheed Martin Corp. | | | | | 35,800 | | | | 3,117,464 | |
Raytheon Co. | | | | | 187,900 | | | | 10,633,261 | |
| | | | | | | | | | | | |
| | | | | | | | | 41,220,073 | |
| | | | | | | | | | | | |
| Air Freight & Logistics—2.2% | | | | | | | | |
FedEx Corp. | | | | | 393,600 | | | | 36,057,696 | |
United Parcel Service, Inc., Class B | | | | | 87,300 | | | | 6,875,748 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 42,933,444 | |
| | | | | | | | | | | | |
| Airlines—0.2% | | | | | | | | | | | | |
United Continental Holdings, Inc. | | *† | | | 140,200 | | | | 3,411,066 | |
| | | | | | | | | | | | |
| Automobiles—0.2% | | | | | | | | | | | | |
General Motors Co. | | *† | | | 63,600 | | | | 1,254,192 | |
Harley-Davidson, Inc. | | | | | 42,800 | | | | 1,957,244 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,211,436 | |
| | | | | | | | | | | | |
| Beverages—0.4% | | | | | | | | |
Molson Coors Brewing Co., Class B | | | | | 55,300 | | | | 2,301,033 | |
PepsiCo, Inc. | | | | | 85,000 | | | | 6,006,100 | |
| | | | | | | | | | | | |
| | | | | | | | | 8,307,133 | |
| | | | | | | | | | | | |
| Biotechnology—0.3% | | | | | | | | | | | | |
Amgen, Inc. | | | | | 70,400 | | | | 5,142,016 | |
| | | | | | | | | | | | |
| Building Products—0.2% | | | | | | | | |
Masco Corp. | | | | | 212,500 | | | | 2,947,375 | |
USG Corp. | | *† | | | 85,900 | | | | 1,636,395 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,583,770 | |
| | | | | | | | | | | | |
| Capital Markets—4.0% | | | | | | | | |
Bank of New York Mellon Corp. (The) | | | | | 1,581,500 | | | | 34,713,925 | |
Franklin Resources, Inc. | | | | | 140,000 | | | | 15,538,600 | |
Legg Mason, Inc. | | | | | 170,500 | | | | 4,496,085 | |
Morgan Stanley | | | | | 105,500 | | | | 1,539,245 | |
Northern Trust Corp. | | | | | 126,200 | | | | 5,807,724 | |
Och-Ziff Capital Management Group LLC, Class A | | | | | 38,300 | | | | 290,314 | |
State Street Corp. | | | | | 333,500 | | | | 14,887,440 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 77,273,333 | |
| | | | | | | | | | | | |
| Chemicals—0.7% | | | | | | | | | | |
E.I. Du Pont de Nemours & Co. | | | 69,246 | | | | 3,501,770 | |
International Flavors & Fragrances, Inc. | | | | | 47,100 | | | | 2,581,080 | |
Monsanto Co. | | | | | 85,200 | | | | 7,052,856 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,135,706 | |
| | | | | | | | | | | | |
| Commercial Banks—3.5% | | | | | | | | |
PNC Financial Services Group, Inc. | | | 347,000 | | | | 21,205,170 | |
Regions Financial Corp. | | | | | 319,100 | | | | 2,153,925 | |
SunTrust Banks, Inc. | | | | | 201,400 | | | | 4,879,922 | |
U.S. Bancorp | | | | | 347,400 | | | | 11,172,384 | |
Wells Fargo & Co. | | | | | 846,700 | | | | 28,313,648 | |
| | | | | | | | | | | | |
| | | | | | | | | 67,725,049 | |
| | | | | | | | | | | | |
| Commercial Services & Supplies—0.1% | | | | | |
Avery Dennison Corp. | | | | | 77,600 | | | | 2,121,584 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
| Communications Equipment—0.6% | |
Cisco Systems, Inc. | | | | | 273,800 | | | $ | 4,701,146 | |
Harris Corp. | | † | | | 152,300 | | | | 6,373,755 | |
Nokia Oyj ADR (Finland) | | † | | | 406,500 | | | | 841,455 | |
| | | | | | | | | | | | |
| | | | | | | | | 11,916,356 | |
| | | | | | | | | | | | |
| Computers & Peripherals—2.8% | |
Dell, Inc. | | * | | | 3,617,200 | | | | 45,287,344 | |
Hewlett-Packard Co. | | | | | 429,400 | | | | 8,635,234 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 53,922,578 | |
| | | | | | | | | | | | |
| Construction Materials—3.2% | |
Cemex SAB de CV ADR (Mexico) | | *† | | | 2,407,120 | | | | 16,199,918 | |
Martin Marietta Materials, Inc. | | | 221,000 | | | | 17,419,220 | |
Vulcan Materials Co. | | | | | 707,100 | | | | 28,078,941 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 61,698,079 | |
| | | | | | | | | | | | |
| Consumer Finance—3.3% | | | | | | | | | | |
American Express Co. | | | | | 547,900 | | | | 31,893,259 | |
Capital One Financial Corp. | | | | | 332,900 | | | | 18,196,314 | |
SLM Corp. | | | | | 926,700 | | | | 14,558,457 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 64,648,030 | |
| | | | | | | | | | | | |
| Distributors—0.2% | | | | | | | | | | |
Genuine Parts Co. | | | | | 57,052 | | | | 3,437,383 | |
| | | | | | | | | | | | |
| Diversified Financial Services—2.8% | | | | | |
Bank of America Corp. | | | | | 1,792,806 | | | | 14,665,153 | |
Citigroup, Inc. | | | | | 388,199 | | | | 10,640,535 | |
JPMorgan Chase & Co. | | | | | 733,200 | | | | 26,197,236 | |
NYSE Euronext | | | | | 87,200 | | | | 2,230,576 | |
| | | | | | | | | | | | |
| | | | | | | | | 53,733,500 | |
| | | | | | | | | | | | |
| Diversified Telecommunication Services—5.9% | |
AT&T, Inc. | | | | | 782,542 | | | | 27,905,448 | |
CenturyLink, Inc. | | | | | 97,790 | | | | 3,861,727 | |
Level 3 Communications, Inc. | | *† | | | 1,097,599 | | | | 24,311,818 | |
Telefonica SA (Spain) | | † | | | 145,874 | | | | 1,920,204 | |
tw telecom inc. | | * | | | 1,231,400 | | | | 31,597,724 | |
Verizon Communications, Inc. | | | 547,841 | | | | 24,346,054 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 113,942,975 | |
| | | | | | | | | | | | |
| Electric Utilities—2.3% | | | | | | | | |
Duke Energy Corp. | | | | | 176,800 | | | | 4,077,008 | |
Entergy Corp. | | | | | 243,000 | | | | 16,497,270 | |
Exelon Corp. | | | | | 167,400 | | | | 6,297,588 | |
FirstEnergy Corp. | | | | | 64,100 | | | | 3,153,079 | |
Pinnacle West Capital Corp. | | | | | 69,400 | | | | 3,590,756 | |
PPL Corp. | | | | | 38,000 | | | | 1,056,780 | |
Progress Energy, Inc. | | | | | 89,100 | | | | 5,361,147 | |
Xcel Energy, Inc. | | | | | 163,400 | | | | 4,642,194 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 44,675,822 | |
| | | | | | | | | | | | |
| Electrical Equipment—1.2% | |
Cooper Industries plc | | | | | 99,400 | | | | 6,777,092 | |
Emerson Electric Co. | | | | | 352,900 | | | | 16,438,082 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,215,174 | |
| | | | | | | | | | | | |
Electronic Equipment, Instruments &
Components—0.4% | |
Corning, Inc. | | | | | 563,900 | | | | 7,291,227 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—0.6% | |
Diamond Offshore Drilling, Inc. | | † | | | 77,100 | | | | 4,558,923 | |
Schlumberger Ltd. | | | | | 92,600 | | | | 6,010,666 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,569,589 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
122
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Equity Income Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
| Food & Staples Retailing—0.7% | | | | | | | | |
Walgreen Co. | | | | | 470,900 | | | $ | 13,929,222 | |
| | | | | | | | | | | | |
| Food Products—1.0% | | | | | | | | | | | | |
Archer-Daniels-Midland Co. | | | | | 167,300 | | | | 4,938,696 | |
Campbell Soup Co. | | † | | | 166,700 | | | | 5,564,446 | |
ConAgra Foods, Inc. | | | | | 153,900 | | | | 3,990,627 | |
Kellogg Co. | | | | | 28,300 | | | | 1,396,039 | |
McCormick & Co., Inc. | | | | | 52,600 | | | | 3,190,190 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,079,998 | |
| | | | | | | | | | | | |
| Health Care Equipment & Supplies—1.4% | | | | | |
Baxter International, Inc. | | | | | 214,900 | | | | 11,421,935 | |
Medtronic, Inc. | | | | | 417,900 | | | | 16,185,267 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,607,202 | |
| | | | | | | | | | | | |
| Health Care Providers & Services—2.1% | | | | | |
Quest Diagnostics, Inc. | | | | | 61,700 | | | | 3,695,830 | |
UnitedHealth Group, Inc. | | | | | 342,000 | | | | 20,007,000 | |
WellPoint, Inc. | | | | | 254,600 | | | | 16,240,934 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 39,943,764 | |
| | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—1.7% | | | | | |
Carnival Corp. | | | | | 420,200 | | | | 14,400,254 | |
InterContinental Hotels Group plc
ADR (United Kingdom) | | | 673,000 | | | | 16,219,300 | |
Marriott International, Inc., Class A | | † | | | 77,288 | | | | 3,029,690 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,649,244 | |
| | | | | | | | | | | | |
| Household Durables—0.3% | | | | | |
Whirlpool Corp. | | | | | 98,500 | | | | 6,024,260 | |
| | | | | | | | | | | | |
| Household Products—0.8% | | | | | | | | |
Clorox Co. (The) | | | | | 91,100 | | | | 6,601,106 | |
Kimberly-Clark Corp. | | | | | 90,259 | | | | 7,560,996 | |
Procter & Gamble Co. (The) | | | | | 28,300 | | | | 1,733,375 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,895,477 | |
| | | | | | | | | | | | |
| Industrial Conglomerates—3.6% | | | | | |
3M Co. | | | | | 102,800 | | | | 9,210,880 | |
General Electric Co. | | | | | 1,426,500 | | | | 29,728,260 | |
Koninklijke Philips Electronics NV NYRS (Netherlands) | | | | | 1,599,000 | | | | 31,452,330 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 70,391,470 | |
| | | | | | | | | | | | |
| Insurance—8.7% | | | | | |
Allstate Corp. (The) | | | | | 425,200 | | | | 14,920,268 | |
Aon plc (United Kingdom) | | | | | 721,141 | | | | 33,734,976 | |
Chubb Corp. (The) | | | | | 41,100 | | | | 2,992,902 | |
Fairfax Financial Holdings Ltd. (Canada) | | † | | | 91,500 | | | | 35,840,550 | |
Lincoln National Corp. | | | | | 135,590 | | | | 2,965,353 | |
Loews Corp. | | | | | 787,500 | | | | 32,216,625 | |
Marsh & McLennan Cos., Inc. | | | | | 213,800 | | | | 6,890,774 | |
Sun Life Financial, Inc. (Canada) | | | | | 105,400 | | | | 2,293,504 | |
Travelers Cos., Inc. (The) | | | | | 554,000 | | | | 35,367,360 | |
XL Group plc (Ireland) | | | | | 84,000 | | | | 1,767,360 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 168,989,672 | |
| | | | | | | | | | | | |
| Internet & Catalog Retail—1.1% | | | | | |
Liberty Interactive Corp., Series A | | * | | | 1,243,500 | | | | 22,121,865 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
| IT Services—1.2% | | | | | |
Computer Sciences Corp. | | | | | 171,600 | | | $ | 4,259,112 | |
International Business Machines Corp. | | | | | 98,600 | | | | 19,284,188 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,543,300 | |
| | | | | | | | | | | | |
| Leisure Equipment & Products—0.5% | | | | | |
Hasbro, Inc. | | † | | | 69,600 | | | | 2,357,352 | |
Mattel, Inc. | | | | | 195,500 | | | | 6,342,020 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,699,372 | |
| | | | | | | | | | | | |
| Life Sciences Tools & Services—0.4% | | | | | |
Thermo Fisher Scientific, Inc. | | | | | 141,400 | | | | 7,340,074 | |
| | | | | | | | | | | | |
| Machinery—2.5% | | | | | |
Illinois Tool Works, Inc. | | | | | 471,700 | | | | 24,948,213 | |
Ingersoll-Rand plc (Ireland) | | | | | 91,000 | | | | 3,838,380 | |
ITT Corp. | | | | | 48,100 | | | | 846,560 | |
Stanley Black & Decker, Inc. | | | | | 251,200 | | | | 16,167,232 | |
Xylem, Inc. | | | | | 73,800 | | | | 1,857,546 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 47,657,931 | |
| | | | | | | | | | | | |
| Media—5.2% | | | | | |
Cablevision Systems Corp., Class A | | † | | | 174,200 | | | | 2,315,118 | |
Comcast Corp., Class A | | | | | 130,700 | | | | 4,178,479 | |
DIRECTV, Class A | | * | | | 674,000 | | | | 32,904,680 | |
Madison Square Garden Co. (The), Class A | | * | | | 60,400 | | | | 2,261,376 | |
McGraw-Hill Cos., Inc. (The) | | | | | 119,800 | | | | 5,391,000 | |
New York Times Co. (The), Class A | | *† | | | 183,800 | | | | 1,433,640 | |
Time Warner, Inc. | | | | | 238,933 | | | | 9,198,921 | |
Walt Disney Co. (The) | | | | | 833,800 | | | | 40,439,300 | |
WPP plc (Ireland) | | | | | 162,700 | | | | 1,975,137 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 100,097,651 | |
| | | | | | | | | | | | |
| Metals & Mining—0.3% | | | | | |
Nucor Corp. | | † | | | 159,500 | | | | 6,045,050 | |
| | | | | | | | | | | | |
| Multiline Retail—0.8% | | | | | |
Kohl’s Corp. | | | | | 120,300 | | | | 5,472,447 | |
Macy’s, Inc. | | | | | 105,700 | | | | 3,630,795 | |
Target Corp. | | | | | 111,000 | | | | 6,459,090 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,562,332 | |
| | | | | | | | | | | | |
| Multi-Utilities—1.0% | | | | | |
Dominion Resources, Inc. | | | | | 208,600 | | | | 11,264,400 | |
NiSource, Inc. | | † | | | 284,100 | | | | 7,031,475 | |
TECO Energy, Inc. | | | | | 68,800 | | | | 1,242,528 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,538,403 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—11.3% | | | | | |
Anadarko Petroleum Corp. | | | | | 89,200 | | | | 5,905,040 | |
BP plc ADR (United Kingdom) | | | | | 366,198 | | | | 14,845,667 | |
Chesapeake Energy Corp. | | † | | | 2,031,000 | | | | 37,776,600 | |
Chevron Corp. | | | | | 233,558 | | | | 24,640,369 | |
ConocoPhillips | | † | | | 325,400 | | | | 18,183,352 | |
CONSOL Energy, Inc. | | † | | | 1,153,400 | | | | 34,878,816 | |
Exxon Mobil Corp. | | | | | 172,660 | | | | 14,774,516 | |
Hess Corp. | | | | | 35,100 | | | | 1,525,095 | |
Marathon Oil Corp. | | | | | 568,800 | | | | 14,544,216 | |
Murphy Oil Corp. | | | | | 129,400 | | | | 6,507,526 | |
Occidental Petroleum Corp. | | | | | 220,400 | | | | 18,903,708 | |
See accompanying notes to financial statements.
123
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Equity Income Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
Phillips 66 | | * | | | 139,300 | | | $ | 4,630,332 | |
Royal Dutch Shell plc, Class A ADR (Netherlands) | | | | | 163,181 | | | | 11,003,295 | |
Spectra Energy Corp. | | | | | 335,512 | | | | 9,749,979 | |
Valero Energy Corp. | | | | | 28,000 | | | | 676,200 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 218,544,711 | |
| | | | | | | | | | | | |
| Paper & Forest Products—0.5% | | | | | |
International Paper Co. | | | | | 246,600 | | | | 7,129,206 | |
MeadWestvaco Corp. | | | | | 111,600 | | | | 3,208,500 | |
| | | | | | | | | | | | |
| | | | | | | | | 10,337,706 | |
| | | | | | | | | | | | |
| Personal Products—0.2% | | | | | |
Avon Products, Inc. | | | | | 249,900 | | | | 4,050,879 | |
| | | | | | | | | | | | |
| Pharmaceuticals—5.3% | | | | | |
Abbott Laboratories | | | | | 300,000 | | | | 19,341,000 | |
Bristol-Myers Squibb Co. | | | | | 368,700 | | | | 13,254,765 | |
Johnson & Johnson | | † | | | 396,200 | | | | 26,767,272 | |
Merck & Co., Inc. | | | | | 191,000 | | | | 7,974,250 | |
Pfizer, Inc. | | | | | 1,129,787 | | | | 25,985,101 | |
Teva Pharmaceutical Industries Ltd. ADR (Israel) | | | | | 209,300 | | | | 8,254,792 | |
| | | | | | | | | | | | |
| | | | | | | | | 101,577,180 | |
| | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—0.2% | |
Weyerhaeuser Co. REIT | | | | | 183,037 | | | | 4,092,707 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—2.1% | |
Analog Devices, Inc. | | | | | 116,000 | | | | 4,369,720 | |
Applied Materials, Inc. | | | | | 784,700 | | | | 8,992,662 | |
First Solar, Inc. | | *† | | | 42,100 | | | | 634,026 | |
Intel Corp. | | | | | 499,600 | | | | 13,314,340 | |
Texas Instruments, Inc. | | | | | 454,600 | | | | 13,042,474 | |
| | | | | | | | | | | | |
| | | | | | | | | 40,353,222 | |
| | | | | | | | | | | | |
| Software—1.5% | | | | | |
Microsoft Corp. | | | | | 977,900 | | | | 29,913,961 | |
| | | | | | | | | | | | |
| Specialty Retail—1.0% | | | | | |
Home Depot, Inc. (The) | | | | | 269,900 | | | | 14,302,001 | |
Staples, Inc. | | | | | 304,000 | | | | 3,967,200 | |
Tiffany & Co. | | | | | 7,300 | | | | 386,535 | |
| | | | | | | | | | | | |
| | | | | | | | | 18,655,736 | |
| | | | | | | | | | | | |
| Tobacco—1.8% | | | | | |
Altria Group, Inc. | | | | | 243,300 | | | | 8,406,015 | |
Imperial Tobacco Group plc ADR (United Kingdom) | | | | | 106,900 | | | | 8,267,646 | |
Philip Morris International, Inc. | | | | | 197,300 | | | | 17,216,398 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,890,059 | |
| | | | | | | | | | | | |
| Wireless Telecommunication Services—0.7% | |
Vodafone Group plc (United Kingdom) | | | | | 880,800 | | | | 2,475,713 | |
Vodafone Group plc ADR (United Kingdom) | | | | | 422,700 | | | | 11,911,686 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,387,399 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | |
(Cost $1,663,428,615) | | | | | | | | | 1,840,035,170 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
| CONVERTIBLE PREFERRED STOCKS—0.1% | |
| Automobiles—0.1% | | | | | |
General Motors Co.,
Series B 4.750% | | | | | |
(Cost $4,555,013) | | | | | 91,200 | | | $ | 3,027,840 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| MONEY MARKET FUNDS—13.5% | |
| Institutional Money Market Funds—13.5% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | ††¥ | | | 27,200,000 | | | | 27,200,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | ¥ | | | 92,380,132 | | | | 92,380,132 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | ††¥ | | | 36,454,065 | | | | 36,454,065 | �� |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17% | | ††¥ | | | 23,500,000 | | | | 23,500,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | ††¥ | | | 27,200,000 | | | | 27,200,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 27,200,000 | | | | 27,200,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13% | | ††¥ | | | 27,200,000 | | | | 27,200,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $261,134,197) | | | | | | | | | | | 261,134,197 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—108.7% | |
(Cost $1,929,117,825) | | | | | | | | | 2,104,197,207 | |
Other assets less liabilities—(8.7%) | | | | (168,968,462 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | | | | | | $ | 1,935,228,745 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| ADR | | American Depositary Receipt |
| NYRS | | New York Registry Shares |
| REIT | | Real Estate Investment Trust |
| † | | Denotes all or a portion of the security on loan. |
| * | | Non-income producing. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
124
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Growth & Income Fund | | | | | Shares | | | | Value | |
| COMMON STOCKS—96.5% | |
| Aerospace & Defense—0.9% | |
Boeing Co. (The) | | | | | 33,700 | | | $ | 2,503,910 | |
Honeywell International, Inc. | | | | | 41,600 | | | | 2,322,944 | |
Precision Castparts Corp. | | | | | 28,200 | | | | 4,638,618 | |
United Technologies Corp. | | | | | 16,100 | | | | 1,216,033 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,681,505 | |
| | | | | | | | | | | | |
| Air Freight & Logistics—1.5% | |
C.H. Robinson Worldwide, Inc. | | † | | | 400 | | | | 23,412 | |
Expeditors International of Washington, Inc. | | | 345,725 | | | | 13,396,844 | |
FedEx Corp. | | | | | 54,000 | | | | 4,946,940 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,367,196 | |
| | | | | | | | | | | | |
| Airlines—0.0% | | | | | | | | |
United Continental Holdings, Inc. | | *† | | | 8,600 | | | | 209,238 | |
| | | | | | | | | | | | |
| Auto Components—0.5% | |
Goodyear Tire & Rubber Co. (The) | | * | | | 503,000 | | | | 5,940,430 | |
Johnson Controls, Inc. | | | | | 23,300 | | | | 645,643 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,586,073 | |
| | | | | | | | | | | | |
| Automobiles—0.4% | | | | | | | | | | | | |
General Motors Co. | | *† | | | 187,500 | | | | 3,697,500 | |
Harley-Davidson, Inc. | | | | | 26,400 | | | | 1,207,272 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,904,772 | |
| | | | | | | | | | | | |
| Beverages—1.4% | | | | | | | | | | | | |
Anheuser-Busch InBev NV ADR (Belgium) | | | | | 88,160 | | | | 7,021,944 | |
Coca-Cola Co. (The) | | | | | 400 | | | | 31,276 | |
Diageo plc ADR
(United Kingdom) | | | | | 94,725 | | | | 9,763,306 | |
Monster Beverage Corp. | | * | | | 12,000 | | | | 854,400 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,670,926 | |
| | | | | | | | | | | | |
| Biotechnology—1.7% | | | | | | | | | | | | |
Alexion Pharmaceuticals, Inc. | | * | | | 27,800 | | | | 2,760,540 | |
Amgen, Inc. | | | | | 122,900 | | | | 8,976,616 | |
Biogen Idec, Inc. | | * | | | 32,200 | | | | 4,649,036 | |
Celgene Corp. | | * | | | 35,500 | | | | 2,277,680 | |
Gilead Sciences, Inc. | | * | | | 41,500 | | | | 2,128,120 | |
Regeneron Pharmaceuticals, Inc. | | * | | | 3,600 | | | | 411,192 | |
Vertex Pharmaceuticals, Inc. | | * | | | 1,000 | | | | 55,920 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,259,104 | |
| | | | | | | | | | | | |
| Capital Markets—4.1% | | | | | | | | | | | | |
Ameriprise Financial, Inc. | | | | | 13,000 | | | | 679,380 | |
Bank of New York Mellon Corp. (The) | | | | | 756,000 | | | | 16,594,200 | |
BlackRock, Inc. | | | | | 41,700 | | | | 7,081,494 | |
Charles Schwab Corp. (The) | | | | | 2,000 | | | | 25,860 | |
Credit Suisse Group AG ADR (Switzerland) | | † | | | 209,600 | | | | 3,841,968 | |
Franklin Resources, Inc. | | | | | 42,600 | | | | 4,728,174 | |
Goldman Sachs Group, Inc. (The) | | | | | 55,300 | | | | 5,301,058 | |
Invesco Ltd. | | | | | 441,100 | | | | 9,968,860 | |
Morgan Stanley | | | | | 3,600 | | | | 52,524 | |
Northern Trust Corp. | | | | | 18,700 | | | | 860,574 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
State Street Corp. | | | | | 17,400 | | | $ | 776,736 | |
TD Ameritrade Holding Corp. | | | | | 24,000 | | | | 408,000 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 50,318,828 | |
| | | | | | | | | | | | |
| Chemicals—3.1% | |
Air Products & Chemicals, Inc. | | | | | 400 | | | | 32,292 | |
Dow Chemical Co. (The) | | † | | | 260,000 | | | | 8,190,000 | |
Ecolab, Inc. | | | | | 27,500 | | | | 1,884,575 | |
Monsanto Co. | | | | | 148,850 | | | | 12,321,803 | |
Mosaic Co. (The) | | | | | 116,500 | | | | 6,379,540 | |
Praxair, Inc. | | | | | 57,900 | | | | 6,295,467 | |
Sherwin-Williams Co. (The) | | | | | 24,600 | | | | 3,255,810 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 38,359,487 | |
| | | | | | | | | | | | |
| Commercial Banks—4.6% | |
BB&T Corp. | | | | | 308,900 | | | | 9,529,565 | |
Comerica, Inc. | | | | | 490,150 | | | | 15,052,507 | |
PNC Financial Services Group, Inc. | | | 191,400 | | | | 11,696,454 | |
U.S. Bancorp | | | | | 55,000 | | | | 1,768,800 | |
Wells Fargo & Co. | | | | | 574,000 | | | | 19,194,560 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 57,241,886 | |
| | | | | | | | | | | | |
| Commercial Services & Supplies—1.0% | |
Cintas Corp. | | | | | 318,500 | | | | 12,297,285 | |
| | | | | | | | | | | | |
| Communications Equipment—1.5% | |
Cisco Systems, Inc. | | | | | 634,500 | | | | 10,894,365 | |
Juniper Networks, Inc. | | * | | | 86,300 | | | | 1,407,553 | |
QUALCOMM, Inc. | | | | | 110,600 | | | | 6,158,208 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,460,126 | |
| | | | | | | | | | | | |
| Computers & Peripherals—3.7% | |
Apple, Inc. | | * | | | 62,300 | | | | 36,383,200 | |
EMC Corp. | | * | | | 148,500 | | | | 3,806,055 | |
Hewlett-Packard Co. | | | | | 298,900 | | | | 6,010,879 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 46,200,134 | |
| | | | | | | | | | | | |
| Construction Materials—0.4% | |
CRH plc ADR (Ireland) | | † | | | 251,400 | | | | 4,836,936 | |
| | | | | | | | | | | | |
| Consumer Finance—1.4% | |
American Express Co. | | | | | 304,600 | | | | 17,730,766 | |
| | | | | | | | | | | | |
| Diversified Financial Services—2.7% | |
Citigroup, Inc. | | | | | 420,600 | | | | 11,528,646 | |
IntercontinentalExchange, Inc. | | * | | | 14,700 | | | | 1,998,906 | |
JPMorgan Chase & Co. | | | | | 552,208 | | | | 19,730,392 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,257,944 | |
| | | | | | | | | | | | |
| Diversified Telecommunication Services—1.0% | |
AT&T, Inc. | | | | | 338,406 | | | | 12,067,558 | |
| | | | | | | | | | | | |
| Electric Utilities—1.1% | |
Edison International | | | | | 121,500 | | | | 5,613,300 | |
Entergy Corp. | | | | | 80,000 | | | | 5,431,200 | |
PPL Corp. | | † | | | 78,600 | | | | 2,185,866 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,230,366 | |
| | | | | | | | | | | | |
| Electrical Equipment—0.1% | |
Roper Industries, Inc. | | | | | 9,100 | | | | 897,078 | |
| | | | | | | | | | | | |
| Electronic Equipment, Instruments & Components—1.1% | |
Amphenol Corp., Class A | | | | | 500 | | | | 27,460 | |
TE Connectivity Ltd. (Switzerland) | | | | | 438,375 | | | | 13,988,546 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,016,006 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
125
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Growth & Income Fund | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
| Energy Equipment & Services—2.4% | |
Baker Hughes, Inc. | | | | | 145,400 | | | $ | 5,975,940 | |
Cameron International Corp. | | * | | | 34,500 | | | | 1,473,495 | |
FMC Technologies, Inc. | | * | | | 20,400 | | | | 800,292 | |
Halliburton Co. | | | | | 200 | | | | 5,678 | |
Noble Corp. (Switzerland) | | * | | | 156,300 | | | | 5,084,439 | |
Schlumberger Ltd. | | | | | 244,975 | | | | 15,901,327 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 29,241,171 | |
| | | | | | | | | | | | |
| Food & Staples Retailing—3.6% | |
CVS Caremark Corp. | | | | | 20,700 | | | | 967,311 | |
Sysco Corp. | | † | | | 654,175 | | | | 19,500,957 | |
Wal-Mart Stores, Inc. | | | | | 316,075 | | | | 22,036,749 | |
Whole Foods Market, Inc. | | | | | 23,200 | | | | 2,211,424 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 44,716,441 | |
| | | | | | | | | | | | |
| Food Products—2.1% | |
Archer-Daniels-Midland Co. | | | | | 231,200 | | | | 6,825,024 | |
General Mills, Inc. | | | | | 174,200 | | | | 6,713,668 | |
Nestle SA ADR (Switzerland) | | † | | | 212,700 | | | | 12,706,698 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 26,245,390 | |
| | | | | | | | | | | | |
| Health Care Equipment & Supplies—2.9% | |
Baxter International, Inc. | | | | | 129,700 | | | | 6,893,555 | |
Covidien plc (Ireland) | | | | | 404,200 | | | | 21,624,700 | |
Edwards Lifesciences Corp. | | * | | | 11,100 | | | | 1,146,630 | |
Intuitive Surgical, Inc. | | * | | | 100 | | | | 55,379 | |
St. Jude Medical, Inc. | | | | | 131,600 | | | | 5,252,156 | |
Stryker Corp. | | | | | 25,100 | | | | 1,383,010 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 36,355,430 | |
| | | | | | | | | | | | |
| Health Care Providers & Services—2.2% | |
AmerisourceBergen Corp. | | | | | 368,550 | | | | 14,502,442 | |
Cardinal Health, Inc. | | | | | 41,700 | | | | 1,751,400 | |
Express Scripts Holding Co. | | * | | | 70,100 | | | | 3,913,683 | |
Henry Schein, Inc. | | * | | | 400 | | | | 31,396 | |
McKesson Corp. | | | | | 50,400 | | | | 4,725,000 | |
UnitedHealth Group, Inc. | | | | | 32,600 | | | | 1,907,100 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 26,831,021 | |
| | | | | | | | | | | | |
| Health Care Technology—0.0% | |
Cerner Corp. | | * | | | 100 | | | | 8,266 | |
| | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—2.1% | |
Carnival Corp. | | | | | 82,700 | | | | 2,834,129 | |
Chipotle Mexican Grill, Inc. | | * | | | 6,400 | | | | 2,431,680 | |
Las Vegas Sands Corp. | | | | | 77,800 | | | | 3,383,522 | |
Marriott International, Inc., Class A | | † | | | 75,571 | | | | 2,962,383 | |
McDonald’s Corp. | | | | | 16,700 | | | | 1,478,451 | |
Starbucks Corp. | | | | | 142,300 | | | | 7,587,436 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | | | 52,200 | | | | 2,768,688 | |
Tim Hortons, Inc. (Canada) | | | | | 600 | | | | 31,584 | |
Wynn Resorts Ltd. | | | | | 2,100 | | | | 217,812 | |
Yum! Brands, Inc. | | | | | 41,900 | | | | 2,699,198 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 26,394,883 | |
| | | | | | | | | | | | |
| Household Durables—0.5% | |
Newell Rubbermaid, Inc. | | | | | 358,400 | | | | 6,501,376 | |
| | | | | | | | | | | | |
| Household Products—1.4% | |
Kimberly-Clark Corp. | | † | | | 205,000 | | | | 17,172,850 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
| Industrial Conglomerates—5.2% | |
3M Co. | | | | | 258,725 | | | $ | 23,181,760 | |
Danaher Corp. | | | | | 186,800 | | | | 9,728,544 | |
General Electric Co. | | | | | 852,200 | | | | 17,759,848 | |
Koninklijke Philips Electronics NV NYRS (Netherlands) | | | | | 370,200 | | | | 7,281,834 | |
Tyco International Ltd. (Switzerland) | | | | | 127,500 | | | | 6,738,375 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 64,690,361 | |
| | | | | | | | | | | | |
| Insurance—4.3% | |
ACE Ltd. (Switzerland) | | | | | 88,600 | | | | 6,567,918 | |
Berkshire Hathaway, Inc., Class B | | * | | | 250,675 | | | | 20,888,748 | |
Marsh & McLennan Cos., Inc. | | | | | 236,000 | | | | 7,606,280 | |
Principal Financial Group, Inc. | | | | | 196,700 | | | | 5,159,441 | |
Prudential Financial, Inc. | | | | | 1,500 | | | | 72,645 | |
Unum Group | | | | | 174,800 | | | | 3,343,924 | |
Willis Group Holdings plc (United Kingdom) | | | | | 264,550 | | | | 9,653,429 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 53,292,385 | |
| | | | | | | | | | | | |
| Internet & Catalog Retail—1.9% | |
Amazon.com, Inc. | | * | | | 55,200 | | | | 12,604,920 | |
Expedia, Inc. | | | | | 700 | | | | 33,649 | |
Groupon, Inc., Class A | | *† | | | 76,400 | | | | 812,132 | |
Liberty Interactive Corp., Series A | | * | | | 52,300 | | | | 930,417 | |
priceline.com, Inc. | | * | | | 14,200 | | | | 9,436,184 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,817,302 | |
| | | | | | | | | | | | |
| Internet Software & Services—2.8% | |
Baidu, Inc. ADR (China) | | * | | | 50,600 | | | | 5,817,988 | |
eBay, Inc. | | * | | | 104,200 | | | | 4,377,442 | |
Facebook, Inc., Class A | | *† | | | 5,800 | | | | 180,496 | |
Google, Inc., Class A | | * | | | 33,900 | | | | 19,664,373 | |
LinkedIn Corp., Class A | | *† | | | 10,400 | | | | 1,105,208 | |
Tencent Holdings Ltd. (China) | | | | | 107,600 | | | | 3,177,566 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 34,323,073 | |
| | | | | | | | | | | | |
| IT Services—3.5% | |
Accenture plc, Class A (Ireland) | | | | | 287,500 | | | | 17,275,875 | |
Automatic Data Processing, Inc. | | | | | 226,350 | | | | 12,598,641 | |
Fiserv, Inc. | | * | | | 4,800 | | | | 346,656 | |
International Business Machines Corp. | | | | | 300 | | | | 58,674 | |
Mastercard, Inc., Class A | | | | | 20,800 | | | | 8,946,288 | |
Visa, Inc., Class A | | | | | 34,500 | | | | 4,265,235 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 43,491,369 | |
| | | | | | | | | | | | |
| Life Sciences Tools & Services—0.1% | |
Thermo Fisher Scientific, Inc. | | | | | 27,600 | | | | 1,432,716 | |
| | | | | | | | | | | | |
| Machinery—3.5% | |
Caterpillar, Inc. | | | | | 1,200 | | | | 101,892 | |
Cummins, Inc. | | | | | 3,200 | | | | 310,112 | |
Deere & Co. | | | | | 400 | | | | 32,348 | |
Eaton Corp. | | † | | | 117,700 | | | | 4,664,451 | |
Illinois Tool Works, Inc. | | | | | 254,400 | | | | 13,455,216 | |
Ingersoll-Rand plc (Ireland) | | | | | 482,975 | | | | 20,371,885 | |
Stanley Black & Decker, Inc. | | | | | 72,600 | | | | 4,672,536 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 43,608,440 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
126
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Growth & Income Fund | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
| Media—4.3% | |
CBS Corp., Class B | | | | | 172,600 | | | $ | 5,657,828 | |
Comcast Corp., Class A | | | | | 281,700 | | | | 9,005,949 | |
Discovery Communications, Inc., Class C | | * | | | 49,750 | | | | 2,491,978 | |
Omnicom Group, Inc. | | | | | 328,900 | | | | 15,984,540 | |
Thomson Reuters Corp. | | | | | 226,600 | | | | 6,446,770 | |
Time Warner, Inc. | | | | | 298,400 | | | | 11,488,400 | |
Walt Disney Co. (The) | | | | | 49,300 | | | | 2,391,050 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 53,466,515 | |
| | | | | | | | | | | | |
| Metals & Mining—0.5% | |
Barrick Gold Corp. (Canada) | | | | | 92,400 | | | | 3,471,468 | |
Steel Dynamics, Inc. | | | | | 280,600 | | | | 3,297,050 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,768,518 | |
| | | | | | | | | | | | |
| Multiline Retail—1.9% | | | | | | | | | | | | |
Dollar General Corp. | | *† | | | 12,700 | | | | 690,753 | |
Dollar Tree, Inc. | | * | | | 11,500 | | | | 618,700 | |
Kohl’s Corp. | | | | | 350,775 | | | | 15,956,755 | |
Nordstrom, Inc. | | | | | 125,100 | | | | 6,216,219 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,482,427 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—5.7% | |
Chevron Corp. | | | | | 158,600 | | | | 16,732,300 | |
Concho Resources, Inc. | | * | | | 17,700 | | | | 1,506,624 | |
Devon Energy Corp. | | | | | 287,550 | | | | 16,675,025 | |
EOG Resources, Inc. | | | | | 23,300 | | | | 2,099,563 | |
EQT Corp. | | | | | 19,100 | | | | 1,024,333 | |
Marathon Oil Corp. | | | | | 200,700 | | | | 5,131,899 | |
Occidental Petroleum Corp. | | | | | 85,000 | | | | 7,290,450 | |
Petroleo Brasileiro SA ADR (Brazil) | | | | | 263,100 | | | | 4,938,387 | |
Pioneer Natural Resources Co. | | | | | 13,400 | | | | 1,182,014 | |
Range Resources Corp. | | | | | 16,100 | | | | 996,107 | |
Royal Dutch Shell plc, Class A ADR (Netherlands) | | | | | 104,000 | | | | 7,012,720 | |
Southwestern Energy Co. | | * | | | 175,400 | | | | 5,600,522 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 70,189,944 | |
| | | | | | | | | | | | |
| Paper & Forest Products—0.5% | |
International Paper Co. | | | | | 195,200 | | | | 5,643,232 | |
| | | | | | | | | | | | |
| Pharmaceuticals—3.4% | | | | | | | | | | | | |
Allergan, Inc. | | | | | 24,100 | | | | 2,230,937 | |
GlaxoSmithKline plc ADR (United Kingdom) | | | | | 324,500 | | | | 14,787,465 | |
Merck & Co., Inc. | | | | | 223,940 | | | | 9,349,495 | |
Perrigo Co. | | | | | 3,600 | | | | 424,548 | |
Pfizer, Inc. | | | | | 369,000 | | | | 8,487,000 | |
Teva Pharmaceutical Industries Ltd. ADR (Israel) | | | | | 185,500 | | | | 7,316,120 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 42,595,565 | |
| | | | | | | | | | | | |
| Professional Services—0.1% | |
IHS, Inc., Class A | | *† | | | 12,900 | | | | 1,389,717 | |
| | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—0.5% | |
American Tower Corp. REIT | | | | | 98,100 | | | | 6,858,171 | |
| | | | | | | | | | | | |
| Road & Rail—0.6% | | | | | | | | | | | | |
J.B. Hunt Transport Services, Inc. | | | | | 9,600 | | | | 572,160 | |
Kansas City Southern | | | | | 14,200 | | | | 987,752 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Union Pacific Corp. | | | | | 47,600 | | | $ | 5,679,156 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,239,068 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—2.1% | |
Altera Corp. | | | | | 15,000 | | | | 507,600 | |
Broadcom Corp., Class A | | * | | | 118,400 | | | | 4,001,920 | |
Intel Corp. | | | | | 310,600 | | | | 8,277,490 | |
Maxim Integrated Products, Inc. | | | | | 220,600 | | | | 5,656,184 | |
Xilinx, Inc. | | | | | 216,700 | | | | 7,274,619 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,717,813 | |
| | | | | | | | | | | | |
| Software—2.1% | | | | | | | | | | | | |
Autodesk, Inc. | | * | | | 42,400 | | | | 1,483,576 | |
Intuit, Inc. | | | | | 13,800 | | | | 819,030 | |
Microsoft Corp. | | | | | 666,950 | | | | 20,402,000 | |
Oracle Corp. | | | | | 3,300 | | | | 98,010 | |
Red Hat, Inc. | | * | | | 11,500 | | | | 649,520 | |
Salesforce.com, Inc. | | * | | | 15,300 | | | | 2,115,378 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,567,514 | |
| | | | | | | | | | | | |
| Specialty Retail—1.6% | |
Bed Bath & Beyond, Inc. | | * | | | 10,000 | | | | 618,000 | |
Home Depot, Inc. (The) | | | | | 10,900 | | | | 577,591 | |
Limited Brands, Inc. | | | | | 18,200 | | | | 774,046 | |
Lowe’s Cos., Inc. | | | | | 200,700 | | | | 5,707,908 | |
O’Reilly Automotive, Inc. | | * | | | 25,800 | | | | 2,161,266 | |
Ross Stores, Inc. | | | | | 6,800 | | | | 424,796 | |
Staples, Inc. | | | | | 740,275 | | | | 9,660,589 | |
Tiffany & Co. | | | | | 100 | | | | 5,295 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,929,491 | |
| | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—0.9% | |
Coach, Inc. | | | | | 31,700 | | | | 1,853,816 | |
Fossil, Inc. | | * | | | 28,100 | | | | 2,150,774 | |
Michael Kors Holdings Ltd. (Hong Kong) | | *† | | | 5,800 | | | | 242,672 | |
NIKE, Inc., Class B | | | | | 23,800 | | | | 2,089,164 | |
PVH Corp. | | | | | 21,100 | | | | 1,641,369 | |
Ralph Lauren Corp. | | | | | 19,000 | | | | 2,661,140 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,638,935 | |
| | | | | | | | | | | | |
| Tobacco—0.6% | |
Imperial Tobacco Group plc ADR (United Kingdom) | | | | | 95,500 | | | | 7,385,970 | |
| | | | | | | | | | | | |
| Trading Companies & Distributors—0.4% | |
Fastenal Co. | | † | | | 73,100 | | | | 2,946,661 | |
W.W. Grainger, Inc. | | | | | 9,300 | | | | 1,778,532 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,725,193 | |
| | | | | | | | | | | | |
| Wireless Telecommunication Services—0.6% | |
Vodafone Group plc ADR (United Kingdom) | | | | | 285,800 | | | | 8,053,844 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | |
(Cost $1,015,161,664) | | | | | | | 1,196,367,605 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
127
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Growth & Income Fund | | | Shares | | | | Value | |
| MONEY MARKET FUNDS—8.3% | |
| Institutional Money Market Funds—8.3% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | ††¥ | | | 10,000,000 | | | $ | 10,000,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | ¥ | | | 40,618,572 | | | | 40,618,572 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | ††¥ | | | 10,898,872 | | | | 10,898,872 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional
Class, 0.17% | | ††¥ | | | 11,500,000 | | | | 11,500,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional
Class, 0.15% | | ††¥ | | | 10,000,000 | | | | 10,000,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select
Class, 0.15% | | ††¥ | | | 10,000,000 | | | | 10,000,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select
Class, 0.13% | | ††¥ | | | 10,000,000 | | | | 10,000,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $103,017,444) | | | | | | | | | 103,017,444 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—104.8% | |
(Cost $1,118,179,108) | | | | | | | 1,299,385,049 | |
Other assets less liabilities—(4.8%) | | | | (59,754,793 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 1,239,630,256 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| ADR | | American Depositary Receipt |
| NYRS | | New York Registry Shares |
| REIT | | Real Estate Investment Trust |
| † | | Denotes all or a portion of the security on loan. |
| * | | Non-income producing. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
128
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint
Growth Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—95.8% | |
| Aerospace & Defense—1.7% | |
Honeywell International, Inc. | | | 112,579 | | | $ | 6,286,411 | |
Precision Castparts Corp. | | | | | 93,158 | | | | 15,323,560 | |
United Technologies Corp. | | | | | 132,130 | | | | 9,979,779 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 31,589,750 | |
| | | | | | | | | | | | |
| Air Freight & Logistics—1.0% | |
C.H. Robinson Worldwide, Inc. | | | 74,264 | | | | 4,346,672 | |
Expeditors International of Washington, Inc. | | | | | 138,534 | | | | 5,368,193 | |
FedEx Corp. | | | | | | | 96,200 | | | | 8,812,882 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,527,747 | |
| | | | | | | | | | | | |
| Auto Components—0.2% | |
BorgWarner, Inc. | | | | *† | | | 50,826 | | | | 3,333,677 | |
| | | | | | | | | | | | |
| Automobiles—0.4% | |
Ford Motor Co. | | | | † | | | 731,412 | | | | 7,014,241 | |
| | | | | | | | | | | | |
| Beverages—1.4% | |
Coca-Cola Co. (The) | | | | | | | 329,958 | | | | 25,799,416 | |
| | | | | | | | | | | | |
| Biotechnology—5.7% | |
Alexion Pharmaceuticals, Inc. | | *† | | | 252,134 | | | | 25,036,906 | |
Biogen Idec, Inc. | | * | | | 151,500 | | | | 21,873,570 | |
Celgene Corp. | | * | | | 334,330 | | | | 21,450,613 | |
Gilead Sciences, Inc. | | * | | | 311,281 | | | | 15,962,490 | |
Vertex Pharmaceuticals, Inc. | | * | | | 383,610 | | | | 21,451,471 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 105,775,050 | |
| | | | | | | | | | | | |
| Building Products—0.1% | |
Masco Corp. | | | | | | | 174,400 | | | | 2,418,928 | |
| | | | | | | | | | | | |
| Capital Markets—1.4% | |
Affiliated Managers Group, Inc. | | * | | | 110,200 | | | | 12,061,390 | |
State Street Corp. | | | | | 206,140 | | | | 9,202,089 | |
T. Rowe Price Group, Inc. | | | | | | | 69,832 | | | | 4,396,623 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,660,102 | |
| | | | | | | | | | | | |
| Chemicals—3.2% | |
LyondellBasell Industries NV, | | | | | | | | |
Class A (Netherlands) | | | | | 114,000 | | | | 4,590,780 | |
Monsanto Co. | | | | | 482,782 | | | | 39,964,694 | |
PPG Industries, Inc. | | | | | 110,340 | | | | 11,709,281 | |
Sherwin-Williams Co. (The) | | | | | 26,100 | | | | 3,454,335 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 59,719,090 | |
| | | | | | | | | | | | |
| Commercial Banks—0.5% | |
Wells Fargo & Co. | | | | | | | 248,522 | | | | 8,310,576 | |
| | | | | | | | | | | | |
| Communications Equipment—3.4% | |
Acme Packet, Inc. | | *† | | | 112,560 | | | | 2,099,244 | |
Cisco Systems, Inc. | | | | | 357,190 | | | | 6,132,952 | |
Juniper Networks, Inc. | | * | | | 237,650 | | | | 3,876,072 | |
QUALCOMM, Inc. | | | | | | | 919,775 | | | | 51,213,072 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 63,321,340 | |
| | | | | | | | | | | | |
| Computers & Peripherals—8.5% | |
Apple, Inc. | | * | | | 222,495 | | | | 129,937,080 | |
EMC Corp. | | | | * | | | 1,034,883 | | | | 26,524,051 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 156,461,131 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | Shares | | | Value | |
| Consumer Finance—2.1% | |
American Express Co. | | | | | 267,549 | | | $ | 15,574,027 | |
Capital One Financial Corp. | | | | | 210,414 | | | | 11,501,229 | |
Discover Financial Services | | | | | | | 323,563 | | | | 11,188,809 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 38,264,065 | |
| | | | | | | | | | | | |
| Diversified Financial Services—1.3% | |
Citigroup, Inc. | | | | | 269,560 | | | | 7,388,640 | |
IntercontinentalExchange, Inc. | | * | | | 39,949 | | | | 5,432,265 | |
JPMorgan Chase & Co. | | | | | | | 302,410 | | | | 10,805,109 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,626,014 | |
| | | | | | | | | | | | |
| Diversified Telecommunication Services—0.7% | |
AT&T, Inc. | | | | | | | 353,400 | | | | 12,602,244 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—4.4% | |
Cameron International Corp. | | * | | | 507,788 | | | | 21,687,626 | |
FMC Technologies, Inc. | | * | | | 59,200 | | | | 2,322,416 | |
Halliburton Co. | | | | | 286,710 | | | | 8,139,697 | |
National Oilwell Varco, Inc. | | | | | 311,870 | | | | 20,096,903 | |
Schlumberger Ltd. | | | | | 370,678 | | | | 24,060,709 | |
Weatherford International Ltd. (Switzerland) | | | | * | | | 386,780 | | | | 4,885,031 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 81,192,382 | |
| | | | | | | | | | | | |
| Food & Staples Retailing—1.4% | |
Costco Wholesale Corp. | | | | | 82,238 | | | | 7,812,610 | |
CVS Caremark Corp. | | | | | 213,307 | | | | 9,967,836 | |
Whole Foods Market, Inc. | | | | | | | 86,100 | | | | 8,207,052 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,987,498 | |
| | | | | | | | | | | | |
| Food Products—2.0% | |
General Mills, Inc. | | | | | 138,440 | | | | 5,335,478 | |
Hershey Co. (The) | | | | | 198,060 | | | | 14,266,262 | |
Kraft Foods, Inc., Class A | | | | | 276,220 | | | | 10,667,616 | |
Mead Johnson Nutrition Co. | | | | | | | 90,300 | | | | 7,270,053 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 37,539,409 | |
| | | | | | | | | | | | |
| Health Care Equipment & Supplies—1.2% | |
Cooper Cos., Inc. (The) | | | | | 72,080 | | | | 5,749,101 | |
Edwards Lifesciences Corp. | | * | | | 67,456 | | | | 6,968,205 | |
Intuitive Surgical, Inc. | | * | | | 11,123 | | | | 6,159,806 | |
Varian Medical Systems, Inc. | | | | * | | | 44,330 | | | | 2,693,934 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,571,046 | |
| | | | | | | | | | | | |
| Health Care Providers & Services—1.2% | |
Cardinal Health, Inc. | | | | | 267,730 | | | | 11,244,660 | |
Express Scripts Holding Co. | | | | * | | | 206,400 | | | | 11,523,312 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 22,767,972 | |
| | | | | | | | | | | | |
| Health Care Technology—0.2% | |
Cerner Corp. | | | | *† | | | 47,719 | | | | 3,944,453 | |
| | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—4.9% | |
Chipotle Mexican Grill, Inc. | | * | | | 36,000 | | | | 13,678,200 | |
Las Vegas Sands Corp. | | | | | 353,280 | | | | 15,364,147 | |
McDonald's Corp. | | | | | 62,290 | | | | 5,514,534 | |
MGM Resorts International | | * | | | 361,700 | | | | 4,036,572 | |
Starbucks Corp. | | | | | 668,780 | | | | 35,659,349 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | | | 180,100 | | | | 9,552,504 | |
Yum! Brands, Inc. | | | | | | | 107,700 | | | | 6,938,034 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 90,743,340 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
129
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Growth Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
| Industrial Conglomerates—2.9% | |
Danaher Corp. | | | | | 346,413 | | | $ | 18,041,189 | |
General Electric Co. | | | | | 992,691 | | | | 20,687,680 | |
Tyco International Ltd. (Switzerland) | | | | | | | 267,380 | | | | 14,131,033 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 52,859,902 | |
| | | | | | | | | | | | |
| Internet & Catalog Retail—4.1% | |
Amazon.com, Inc. | | * | | | 160,120 | | | | 36,563,402 | |
priceline.com, Inc. | | * | | | 58,697 | | | | 39,005,330 | |
| | | | | | | | | | | | |
| | | | | | | | 75,568,732 | |
| | | | | | | | | | | | |
| Internet Software & Services—3.6% | |
Baidu, Inc. ADR (China) | | * | | | 70,300 | | | | 8,083,094 | |
eBay, Inc. | | * | | | 406,800 | | | | 17,089,668 | |
Google, Inc., Class A | | * | | | 57,955 | | | | 33,617,957 | |
LinkedIn Corp., Class A | | *† | | | 19,900 | | | | 2,114,773 | |
MercadoLibre, Inc. (Argentina) | | † | | | 60,193 | | | | 4,562,629 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 65,468,121 | |
| | | | | | | | | | | | |
| IT Services—6.7% | |
Accenture plc, Class A (Ireland) | | | 148,800 | | | | 8,941,392 | |
Cognizant Technology Solutions Corp., Class A | | * | | | 590,139 | | | | 35,408,340 | |
Mastercard, Inc., Class A | | | | | 64,470 | | | | 27,729,192 | |
Teradata Corp. | | * | | | 186,200 | | | | 13,408,262 | |
VeriFone Systems, Inc. | | *† | | | 118,200 | | | | 3,911,238 | |
Visa, Inc., Class A | | | | | | | 279,570 | | | | 34,563,239 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 123,961,663 | |
| | | | | | | | | | | | |
| Life Sciences Tools & Services—0.7% | |
Thermo Fisher Scientific, Inc. | | | | | 259,840 | | | | 13,488,294 | |
| | | | | | | | | | | | |
| Machinery—3.2% | |
Caterpillar, Inc. | | | | | 255,800 | | | | 21,719,978 | |
Cummins, Inc. | | | | | 78,200 | | | | 7,578,362 | |
Deere & Co. | | | | | 118,334 | | | | 9,569,670 | |
Eaton Corp. | | † | | | 174,470 | | | | 6,914,246 | |
Stanley Black & Decker, Inc. | | | | | 192,260 | | | | 12,373,854 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 58,156,110 | |
| | | | | | | | | | | | |
| Media—1.8% | |
Comcast Corp., Class A | | | | | 497,340 | | | | 15,899,960 | |
Viacom, Inc., Class B | | | | | 173,410 | | | | 8,153,738 | |
Walt Disney Co. (The) | | | | | | | 173,920 | | | | 8,435,120 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 32,488,818 | |
| | | | | | | | | | | | |
| Multiline Retail—1.1% | |
Dollar Tree, Inc. | | * | | | 291,900 | | | | 15,704,220 | |
Kohl's Corp. | | | | | 93,140 | | | | 4,236,939 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,941,159 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—3.4% | |
Cabot Oil & Gas Corp. | | | | | 127,466 | | | | 5,022,160 | |
Exxon Mobil Corp. | | | | | 90,567 | | | | 7,749,818 | |
Noble Energy, Inc. | | | | | 51,100 | | | | 4,334,302 | |
Occidental Petroleum Corp. | | | 219,020 | | | | 18,785,346 | |
Suncor Energy, Inc. (Canada) | | | | | 538,337 | | | | 15,584,856 | |
Valero Energy Corp. | | | | | 452,140 | | | | 10,919,181 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 62,395,663 | |
| | | | | | | | | | | | |
| Paper & Forest Products—0.5% | |
International Paper Co. | | | | | 331,220 | | | | 9,575,570 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
| Personal Products—0.2% | |
Estee Lauder Cos., Inc. (The), Class A | | | | | | | 82,188 | | | $ | 4,448,015 | |
| | | | | | | | | | | | |
| Pharmaceuticals—5.5% | |
Allergan, Inc. | | | | | 435,814 | | | | 40,343,302 | |
Mylan, Inc. | | * | | | 297,935 | | | | 6,366,871 | |
Perrigo Co. | | † | | | 190,568 | | | | 22,473,684 | |
Pfizer, Inc. | | | | | 596,500 | | | | 13,719,500 | |
Teva Pharmaceutical Industries Ltd. ADR (Israel) | | | | | 94,866 | | | | 3,741,515 | |
Valeant Pharmaceuticals International, Inc. (Canada) | | * | | | 101,318 | | | | 4,538,033 | |
Warner Chilcott plc, Class A (Ireland) | | * | | | 596,677 | | | | 10,692,452 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 101,875,357 | |
| | | | | | | | | | | | |
| Road & Rail—2.1% | |
J.B. Hunt Transport Services, Inc. | | | 62,291 | | | | 3,712,544 | |
Union Pacific Corp. | | | | | 291,214 | | | | 34,744,742 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 38,457,286 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—1.9% | |
Avago Technologies Ltd. (Singapore) | | | | | 146,600 | | | | 5,262,940 | |
Broadcom Corp., Class A | | * | | | 707,341 | | | | 23,908,126 | |
Texas Instruments, Inc. | | | | | 210,271 | | | | 6,032,675 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 35,203,741 | |
| | | | | | | | | | | | |
| Software—5.1% | |
Check Point Software Technologies Ltd. (Israel) | | * | | | 148,605 | | | | 7,369,322 | |
Citrix Systems, Inc. | | * | | | 431,870 | | | | 36,251,168 | |
Informatica Corp. | | * | | | 46,258 | | | | 1,959,489 | |
Intuit, Inc. | | | | | 46,310 | | | | 2,748,499 | |
Microsoft Corp. | | | | | 546,780 | | | | 16,726,000 | |
Oracle Corp. | | | | | 386,820 | | | | 11,488,554 | |
Salesforce.com, Inc. | | *† | | | 69,380 | | | | 9,592,479 | |
VMware, Inc., Class A | | | | * | | | 88,260 | | | | 8,035,190 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 94,170,701 | |
| | | | | | | | | | | | |
| Specialty Retail—3.8% | |
Bed Bath & Beyond, Inc. | | * | | | 70,313 | | | | 4,345,344 | |
CarMax, Inc. | | * | | | 300,269 | | | | 7,788,978 | |
Home Depot, Inc. (The) | | | | | 394,480 | | | | 20,903,495 | |
Limited Brands, Inc. | | | | | 108,800 | | | | 4,627,264 | |
Lowe's Cos., Inc. | | | | | 501,030 | | | | 14,249,293 | |
Tractor Supply Co. | | | | | 171,100 | | | | 14,211,566 | |
Ulta Salon Cosmetics & Fragrance, Inc. | | | | | 35,900 | | | | 3,352,342 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 69,478,282 | |
| | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—2.3% | |
Coach, Inc. | | | | | 175,270 | | | | 10,249,790 | |
Lululemon Athletica, Inc. (Canada) | | *† | | | 216,400 | | | | 12,903,932 | |
Michael Kors Holdings Ltd. (Hong Kong) | | *† | | | 102,736 | | | | 4,298,474 | |
NIKE, Inc., Class B | | | | | | | 167,311 | | | | 14,686,559 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 42,138,755 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | |
(Cost $1,581,996,084) | | | | 1,765,845,640 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
130
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Growth Fund | | | | | | Shares | | | Value | |
| MONEY MARKET FUNDS—7.4% | |
| Institutional Money Market Funds—7.4% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | ††¥ | | | 12,000,000 | | | $ | 12,000,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | ¥ | | | 65,382,928 | | | | 65,382,928 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | ††¥ | | | 9,459,765 | | | | 9,459,765 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional
Class, 0.17% | | ††¥ | | | 14,000,000 | | | | 14,000,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional
Class, 0.15% | | ††¥ | | | 12,000,000 | | | | 12,000,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 12,000,000 | | | | 12,000,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select
Class, 0.13% | | ††¥ | | | 12,000,000 | | | | 12,000,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $136,842,693) | | | | 136,842,693 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—103.2% | |
(Cost $1,718,838,777) | | | | 1,902,688,333 | |
Other assets less liabilities—(3.2%) | | | | (59,175,265 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | $ | 1,843,513,068 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| ADR | | American Depositary Receipt |
| † | | Denotes all or a portion of the security on loan. |
| * | | Non-income producing. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
131
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Select
Value Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—96.8% | |
| Aerospace & Defense—4.1% | |
L-3 Communications Holdings, Inc. | | | | | 28,400 | | | $ | 2,101,884 | |
Northrop Grumman Corp. | | | | | 17,900 | | | | 1,141,841 | |
Rockwell Collins, Inc. | | | | | 47,500 | | | | 2,344,125 | |
Spirit Aerosystems Holdings, Inc., Class A | | * | | | 83,800 | | | | 1,996,954 | |
TransDigm Group, Inc. | | * | | | 34,519 | | | | 4,635,902 | |
Triumph Group, Inc. | | | | | 30,250 | | | | 1,702,167 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,922,873 | |
| | | | | | | | | | | | |
| Auto Components—0.3% | | | | | | | | |
Dana Holding Corp. | | † | | | 37,150 | | | | 475,892 | |
Delphi Automotive plc
(United Kingdom) | | * | | | 19,100 | | | | 487,050 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 962,942 | |
| | | | | | | | | | | | |
| Beverages—0.2% | | | | | | | | | | |
Coca-Cola Enterprises, Inc. | | | | | 20,100 | | | | 563,604 | |
| | | | | | | | | | | | |
| Capital Markets—1.4% | | | | | | | | |
Invesco Ltd. | | | | | 33,500 | | | | 757,100 | |
Northern Trust Corp. | | | | | 36,700 | | | | 1,688,934 | |
Raymond James Financial, Inc. | | | | | 63,975 | | | | 2,190,504 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,636,538 | |
| | | | | | | | | | | | |
| Chemicals—1.7% | | | | | | | | | | |
Agrium, Inc. (Canada) | | | | | 7,525 | | | | 665,737 | |
Ashland, Inc. | | | | | 34,125 | | | | 2,365,204 | |
Cytec Industries, Inc. | | | | | 28,125 | | | | 1,649,250 | |
PPG Industries, Inc. | | | | | 10,550 | | | | 1,119,566 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,799,757 | |
| | | | | | | | | | | | |
| Commercial Banks—4.5% | | | | | | | | |
Bank of Hawaii Corp. | | | | | 49,600 | | | | 2,279,120 | |
Comerica, Inc. | | | | | 87,500 | | | | 2,687,125 | |
Fifth Third Bancorp | | | | | 58,475 | | | | 783,565 | |
First Niagara Financial Group, Inc. | | | | | 109,300 | | | | 836,145 | |
KeyCorp | | | | | 311,050 | | | | 2,407,527 | |
M&T Bank Corp. | | | | | 26,500 | | | | 2,188,105 | |
Regions Financial Corp. | | | | | 289,075 | | | | 1,951,256 | |
TCF Financial Corp. | | | | | 195,202 | | | | 2,240,919 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,373,762 | |
| | | | | | | | | | | | |
| Commercial Services & Supplies—1.8% | |
R.R. Donnelley & Sons Co. | | † | | | 248,013 | | | | 2,919,113 | |
Republic Services, Inc. | | | | | 31,000 | | | | 820,260 | |
Steelcase, Inc., Class A | | | | | 275,400 | | | | 2,486,862 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,226,235 | |
| | | | | | | | | | | | |
| Communications Equipment—0.5% | | | | | |
Comtech Telecommunications Corp. | | † | | | 64,200 | | | | 1,834,836 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
| Computers & Peripherals—0.9% | | | | | |
Diebold, Inc. | | | | | 38,750 | | | $ | 1,430,262 | |
Lexmark International, Inc., Class A | | | | | 64,000 | | | | 1,701,120 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,131,382 | |
| | | | | | | | | | | | |
| Construction & Engineering—1.8% | |
Jacobs Engineering Group, Inc. | | * | | | 64,600 | | | | 2,445,756 | |
KBR, Inc. | | | | | 25,885 | | | | 639,618 | |
URS Corp. | | | | | 91,700 | | | | 3,198,496 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,283,870 | |
| | | | | | | | | | | | |
| Consumer Finance—1.3% | | | | | | | | |
Discover Financial Services | | | | | 69,675 | | | | 2,409,361 | |
SLM Corp. | | | | | 121,225 | | | | 1,904,445 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,313,806 | |
| | | | | | | | | | | | |
| Containers & Packaging—1.8% | | | | | |
Bemis Co., Inc. | | | | | 98,300 | | | | 3,080,722 | |
Sonoco Products Co. | | | | | 107,617 | | | | 3,244,653 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,325,375 | |
| | | | | | | | | | | | |
| Diversified Consumer Services—0.6% | |
H&R Block, Inc. | | † | | | 138,500 | | | | 2,213,230 | |
| | | | | | | | | | | | |
| Diversified Financial Services—0.3% | | | | | |
PHH Corp. | | *† | | | 63,200 | | | | 1,104,736 | |
| | | | | | | | | | | | |
| Electric Utilities—3.4% | | | | | |
Cleco Corp. | | | | | 40,375 | | | | 1,688,886 | |
FirstEnergy Corp. | | | | | 12,250 | | | | 602,578 | |
Great Plains Energy, Inc. | | | | | 120,400 | | | | 2,577,764 | |
OGE Energy Corp. | | | | | 12,100 | | | | 626,659 | |
Pinnacle West Capital Corp. | | | | | 68,400 | | | | 3,539,016 | |
PPL Corp. | | | | | 90,625 | | | | 2,520,281 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,555,184 | |
| | | | | | | | | | | | |
| Electrical Equipment—0.7% | | | | | |
Hubbell, Inc., Class B | | | | | 31,100 | | | | 2,423,934 | |
| | | | | | | | | | | | |
| Electronic Equipment, Instruments & Components—3.5% | |
Arrow Electronics, Inc. | | * | | | 77,100 | | | | 2,529,651 | |
Avnet, Inc. | | * | | | 98,100 | | | | 3,027,366 | |
FEI Co. | | * | | | 15,050 | | | | 719,992 | |
FLIR Systems, Inc. | | | | | 103,900 | | | | 2,026,050 | |
Ingram Micro, Inc., Class A | | * | | | 150,800 | | | | 2,634,476 | |
Jabil Circuit, Inc. | | | | | 49,100 | | | | 998,203 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,935,738 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—3.1% | | | | | |
Ensco plc, Class A (United Kingdom) | | | 45,957 | | | | 2,158,600 | |
McDermott International, Inc. | | * | | | 157,900 | | | | 1,759,006 | |
Oil States International, Inc. | | * | | | 21,100 | | | | 1,396,820 | |
Patterson-UTI Energy, Inc. | | | | | 115,600 | | | | 1,683,136 | |
SEACOR Holdings, Inc. | | * | | | 23,800 | | | | 2,127,244 | |
Superior Energy Services, Inc. | | * | | | 68,600 | | | | 1,387,778 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,512,584 | |
| | | | | | | | | | | | |
| Food & Staples Retailing—1.8% | | | | | |
Harris Teeter Supermarkets, Inc. | | | | | 45,765 | | | | 1,875,907 | |
Kroger Co. (The) | | | | | 118,600 | | | | 2,750,334 | |
Sysco Corp. | | † | | | 54,300 | | | | 1,618,683 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,244,924 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
132
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Select
Value Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
| Food Products—1.0% | | | | | | | | | | |
Campbell Soup Co. | | † | | | 25,400 | | | $ | 847,852 | |
D.E. Master Blenders 1753 NV (Netherlands) | | * | | | 118,351 | | | | 1,334,479 | |
Hain Celestial Group, Inc. (The) | | * | | | 11,800 | | | | 649,472 | |
Hillshire Brands Co. | | | | | 23,670 | | | | 686,199 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,518,002 | |
| | | | | | | | | | | | |
| Gas Utilities—0.4% | | | | | | | | | | |
UGI Corp. | | | | | 42,800 | | | | 1,259,604 | |
| | | | | | | | | | | | |
| Health Care Equipment & Supplies—0.7% | | | | | |
Becton Dickinson and Co. | | | | | 13,600 | | | | 1,016,600 | |
Sirona Dental Systems, Inc. | | * | | | 32,425 | | | | 1,459,449 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,476,049 | |
| | | | | | | | | | | | |
| Health Care Providers & Services—2.2% | | | | | |
Cardinal Health, Inc. | | | | | 51,825 | | | | 2,176,650 | |
Cigna Corp. | | | | | 53,800 | | | | 2,367,200 | |
HCA Holdings, Inc. | | | | | 97,600 | | | | 2,969,968 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,513,818 | |
| | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—2.5% | | | | | |
Darden Restaurants, Inc. | | † | | | 66,000 | | | | 3,341,580 | |
Wyndham Worldwide Corp. | | | | | 96,850 | | | | 5,107,869 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,449,449 | |
| | | | | | | | | | | | |
| Household Durables—0.7% | | | | | | | | |
MDC Holdings, Inc. | | † | | | 30,925 | | | | 1,010,320 | |
Mohawk Industries, Inc. | | * | | | 21,700 | | | | 1,515,311 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,525,631 | |
| | | | | | | | | | | | |
| Industrial Conglomerates—1.1% | | | | | | | | |
Carlisle Cos., Inc. | | | | | 70,500 | | | | 3,737,910 | |
| | | | | | | | | | | | |
| Insurance—11.2% | | | | | | | | | | |
Alleghany Corp. | | * | | | 9,170 | | | | 3,115,507 | |
Allied World Assurance Co. Holdings AG (Switzerland) | | | | | 18,000 | | | | 1,430,460 | |
Allstate Corp. (The) | | | | | 268,300 | | | | 9,414,647 | |
Aon plc (United Kingdom) | | | | | 46,149 | | | | 2,158,850 | |
Arch Capital Group Ltd. (Bermuda) | | * | | | 56,100 | | | | 2,226,609 | |
Fidelity National Financial, Inc., Class A | | | | | 68,000 | | | | 1,309,680 | |
HCC Insurance Holdings, Inc. | | | | | 111,300 | | | | 3,494,820 | |
Lincoln National Corp. | | | | | 334,237 | | | | 7,309,763 | |
Loews Corp. | | | | | 51,600 | | | | 2,110,956 | |
Progressive Corp. (The) | | † | | | 142,200 | | | | 2,962,026 | |
Validus Holdings Ltd. (Bermuda) | | | | | 86,850 | | | | 2,781,806 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 38,315,124 | |
| | | | | | | | | | | | |
| Internet Software & Services—1.0% | | | | | |
Open Text Corp. (Canada) | | *† | | | 30,700 | | | | 1,531,930 | |
ValueClick, Inc. | | * | | | 110,750 | | | | 1,815,193 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,347,123 | |
| | | | | | | | | | | | |
| IT Services—4.2% | | | | | | | | |
Broadridge Financial Solutions, Inc. | | | | | 77,800 | | | | 1,654,806 | |
Computer Sciences Corp. | | | | | 173,267 | | | | 4,300,487 | |
Convergys Corp. | | | | | 153,200 | | | | 2,262,764 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Fidelity National Information Services, Inc. | | | | | 15,950 | | | $ | 543,576 | |
SAIC, Inc. | | | | | 153,700 | | | | 1,862,844 | |
Total System Services, Inc. | | | | | 36,600 | | | | 875,838 | |
Western Union Co. (The) | | | | | 175,900 | | | | 2,962,156 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,462,471 | |
| | | | | | | | | | | | |
| Leisure Equipment & Products—2.1% | | | | | |
Brunswick Corp. | | | | | | | 210,900 | | | | 4,686,198 | |
Mattel, Inc. | | | | | | | 73,700 | | | | 2,390,828 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,077,026 | |
| | | | | | | | | | | | |
| Life Sciences Tools & Services—1.9% | | | | | |
Agilent Technologies, Inc. | | | | | 39,175 | | | | 1,537,227 | |
Charles River Laboratories International, Inc. | | * | | | 24,575 | | | | 805,077 | |
Covance, Inc. | | * | | | 20,200 | | | | 966,570 | |
Life Technologies Corp. | | * | | | 50,400 | | | | 2,267,496 | |
PerkinElmer, Inc. | | | | | 34,800 | | | | 897,840 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,474,210 | |
| | | | | | | | | | | | |
| Machinery—2.8% | | | | | |
AGCO Corp. | | * | | | 14,075 | | | | 643,650 | |
Dover Corp. | | | | | 42,100 | | | | 2,256,981 | |
Eaton Corp. | | † | | | 32,600 | | | | 1,291,938 | |
Flowserve Corp. | | | | | 15,700 | | | | 1,801,575 | |
Snap-on, Inc. | | | | | 6,450 | | | | 401,513 | |
Stanley Black & Decker, Inc. | | | | | 11,300 | | | | 727,268 | |
Timken Co. | | | | | 50,775 | | | | 2,324,987 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,447,912 | |
| | | | | | | | | | | | |
| Marine—0.0% | | | | | |
Kirby Corp. | | * | | | 800 | | | | 37,664 | |
| | | | | | | | | | | | |
| Media—1.0% | | | | | | | | |
CBS Corp., Class B | | | | | 33,100 | | | | 1,085,018 | |
Omnicom Group, Inc. | | | | | 46,400 | | | | 2,255,040 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,340,058 | |
| | | | | | | | | | | | |
| Metals & Mining—0.4% | | | | | | | | |
Nucor Corp. | | † | | | 38,250 | | | | 1,449,675 | |
| | | | | | | | | | | | |
| Multiline Retail—0.6% | | | | | | | | |
Macy's, Inc. | | | | | 60,650 | | | | 2,083,328 | |
| | | | | | | | | | | | |
| Multi-Utilities—2.6% | | | | | | | | | | |
CMS Energy Corp. | | | | | 92,125 | | | | 2,164,938 | |
NiSource, Inc. | | † | | | 104,450 | | | | 2,585,137 | |
PG&E Corp. | | | | | 78,900 | | | | 3,571,803 | |
SCANA Corp. | | | | | 14,200 | | | | 679,328 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,001,206 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—5.4% | | | | | |
Cimarex Energy Co. | | | | | 46,400 | | | | 2,557,568 | |
Energen Corp. | | | | | 86,750 | | | | 3,915,028 | |
Hess Corp. | | | | | 38,400 | | | | 1,668,480 | |
HollyFrontier Corp. | | | | | 71,450 | | | | 2,531,473 | |
Marathon Petroleum Corp. | | | | | 22,150 | | | | 994,978 | |
Murphy Oil Corp. | | | | | 46,200 | | | | 2,323,398 | |
QEP Resources, Inc. | | | | | 65,500 | | | | 1,963,035 | |
Southwestern Energy Co. | | * | | | 76,300 | | | | 2,436,259 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,390,219 | |
| | | | | | | | | | | | |
| Paper & Forest Products—0.5% | | | | | | | | |
MeadWestvaco Corp. | | † | | | 54,175 | | | | 1,557,531 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
133
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Select
Value Fund | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
| Personal Products—0.7% | | | | | | | | |
Herbalife Ltd.
(Cayman Islands) | | † | | | 22,050 | | | $ | 1,065,677 | |
Nu Skin Enterprises, Inc., Class A | | † | | | 26,050 | | | | 1,221,745 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,287,422 | |
| | | | | | | | | | | | |
| Professional Services—1.7% | | | | | | | | |
Dun & Bradstreet Corp. (The) | | | | | 29,600 | | | | 2,106,632 | |
Equifax, Inc. | | | | | 11,000 | | | | 512,600 | |
Manpower, Inc. | | | | | 37,700 | | | | 1,381,705 | |
Towers Watson & Co., Class A | | | | | 32,200 | | | | 1,928,780 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,929,717 | |
| | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—7.3% | |
American Capital Agency Corp. REIT | | | | | 25,600 | | | | 860,416 | |
Annaly Capital Management, Inc. REIT | | † | | | 117,500 | | | | 1,971,650 | |
BioMed Realty Trust, Inc. REIT | | † | | | 113,425 | | | | 2,118,779 | |
Brandywine Realty Trust REIT | | | | | 168,275 | | | | 2,076,514 | |
Capstead Mortgage Corp. REIT | | | | | 78,400 | | | | 1,090,544 | |
CBL & Associates Properties, Inc. REIT | | | | | 76,350 | | | | 1,491,879 | |
Digital Realty Trust, Inc. REIT | | | | | 19,950 | | | | 1,497,647 | |
Duke Realty Corp. REIT | | | | | 317,032 | | | | 4,641,348 | |
DuPont Fabros Technology, Inc. REIT | | † | | | 23,875 | | | | 681,870 | |
Entertainment Properties Trust REIT | | | | | 24,400 | | | | 1,003,084 | |
Hatteras Financial Corp. REIT | | | | | 47,000 | | | | 1,344,200 | |
Health Care REIT, Inc. REIT | | † | | | 44,250 | | | | 2,579,775 | |
Home Properties, Inc. REIT | | | | | 15,520 | | | | 952,307 | |
Kilroy Realty Corp. REIT | | | | | 19,525 | | | | 945,205 | |
MFA Financial, Inc. REIT | | | | | 146,000 | | | | 1,151,940 | |
Weyerhaeuser Co. REIT | | | | | 19,850 | | | | 443,846 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 24,851,004 | |
| | | | | | | | | | | | |
| Road & Rail—2.0% | | | | | | | | |
Hertz Global Holdings, Inc. | | * | | | 149,700 | | | | 1,916,160 | |
Ryder System, Inc. | | | | | 48,200 | | | | 1,735,682 | |
Werner Enterprises, Inc. | | | | | 131,200 | | | | 3,134,368 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,786,210 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—3.1% | |
Analog Devices, Inc. | | | | | 75,200 | | | | 2,832,784 | |
Applied Materials, Inc. | | | | | 193,500 | | | | 2,217,510 | |
Broadcom Corp., Class A | | * | | | 16,325 | | | | 551,785 | |
Lam Research Corp. | | *† | | | 86,950 | | | | 3,281,493 | |
Skyworks Solutions, Inc. | | * | | | 64,100 | | | | 1,754,417 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,637,989 | |
| | | | | | | | | | | | |
| Software—1.5% | |
BMC Software, Inc. | | * | | | 14,900 | | | | 635,932 | |
Cadence Design Systems, Inc. | | * | | | 234,950 | | | | 2,582,100 | |
Synopsys, Inc. | | * | | | 64,400 | | | | 1,895,292 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,113,324 | |
| | | | | | | | | | | | |
| Specialty Retail—1.9% | | | | | |
Foot Locker, Inc. | | | | | 92,900 | | | | 2,840,882 | |
GNC Holdings, Inc., Class A | | | | | 50,525 | | | | 1,980,580 | |
Pier 1 Imports, Inc. | | | | | 95,900 | | | | 1,575,637 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,397,099 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | |
| | | | | | Shares | | | | Value | |
| Textiles, Apparel & Luxury Goods—1.2% | | | | | |
PVH Corp. | | | | | 12,625 | | | $ | 982,099 | |
V.F. Corp. | | | | | 22,900 | | | | 3,056,005 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,038,104 | |
| | | | | | | | | | | | |
| Tobacco—0.2% | | | | | | | | | | | | |
Lorillard, Inc. | | | | | 5,975 | | | | 788,401 | |
| | | | | | | | | | | | |
| Trading Companies & Distributors—0.6% | | | | | |
United Rentals, Inc. | | *† | | | 59,525 | | | | 2,026,231 | |
| | | | | | | | | | | | |
| Water Utilities—0.6% | | | | | |
American Water Works Co., Inc. | | | | | 58,600 | | | | 2,008,808 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | |
(Cost $295,754,725) | | | | | | | | | | | 330,693,629 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| MONEY MARKET FUNDS—11.9% | |
| Institutional Money Market Funds—11.9% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | ††¥ | | | 5,300,000 | | | | 5,300,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | ¥ | | | 10,754,494 | | | | 10,754,494 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | ††¥ | | | 4,899,531 | | | | 4,899,531 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17% | | ††¥ | | | 4,000,000 | | | | 4,000,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | ††¥ | | | 5,300,000 | | | | 5,300,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 5,300,000 | | | | 5,300,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13% | | ††¥ | | | 5,300,000 | | | | 5,300,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $40,854,025) | | | | | | | | | | | 40,854,025 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—108.7% | |
(Cost $336,608,750) | | | | | | | | | | | 371,547,654 | |
Other assets less liabilities—(8.7%) | | | | (29,589,885 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | $ | 341,957,769 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing. |
| † | | Denotes all or a portion of the security on loan. |
| †† | | Represents reinvestment of collateral received in |
| | conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the |
| | fund at period end. |
See accompanying notes to financial statements.
134
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Aggressive Opportunities Fund | | Shares | | | Value | |
| COMMON STOCKS—96.1% | | | | | |
| Aerospace & Defense—0.5% | | | | | |
Rockwell Collins, Inc. | | | | | 37,200 | | | $ | 1,835,820 | |
TransDigm Group, Inc. | | * | | | 23,000 | | | | 3,088,900 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,924,720 | |
| | | | | | | | | | | | |
| Air Freight & Logistics—2.5% | | | | | |
C.H. Robinson Worldwide, Inc. | | | 141,145 | | | | 8,261,217 | |
Expeditors International of Washington, Inc. | | | | | 154,435 | | | | 5,984,356 | |
FedEx Corp. | | | | | 118,100 | | | | 10,819,141 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,064,714 | |
| | | | | | | | | | | | |
| Airlines—0.8% | | | | | | | | | | |
United Continental Holdings, Inc. | | *† | | | 338,495 | | | | 8,235,583 | |
| | | | | | | | | | | | |
| Auto Components—2.2% | | | | | | | | | | |
Allison Transmission Holdings, Inc. | | † | | | 393,740 | | | | 6,914,074 | |
Autoliv, Inc. (Sweden) | | † | | | 58,500 | | | | 3,197,610 | |
BorgWarner, Inc. | | *† | | | 64,000 | | | | 4,197,760 | |
Gentex Corp. | | | | | 174,000 | | | | 3,631,380 | |
WABCO Holdings, Inc. | | * | | | 70,600 | | | | 3,736,858 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,677,682 | |
| | | | | | | | | | | | |
| Beverages—0.5% | | | | | | | | | | |
Dr. Pepper Snapple Group, Inc. | | † | | | 121,200 | | | | 5,302,500 | |
| | | | | | | | | | | | |
| Biotechnology—1.6% | | | | | | | | | | |
Amylin Pharmaceuticals, Inc. | | * | | | 361,140 | | | | 10,194,982 | |
Human Genome Sciences, Inc. | | * | | | 223,200 | | | | 2,930,616 | |
Myriad Genetics, Inc. | | * | | | 127,800 | | | | 3,037,806 | |
| | | | | | | | | | | | |
| | | | | | | | | 16,163,404 | |
| | | | | | | | | | | | |
| Building Products—1.2% | | | | | | | | | | |
Masco Corp. | | | | | 483,400 | | | | 6,704,758 | |
Owens Corning, Inc. | | * | | | 171,705 | | | | 4,900,461 | |
| | | | | | | | | | | | |
| | | | | | | | | 11,605,219 | |
| | | | | | | | | | | | |
| Capital Markets—3.7% | | | | | | | | | | |
Bank of New York Mellon Corp.
(The) | | | 484,000 | | | | 10,623,800 | |
Carlyle Group LP (The) | | * | | | 122,000 | | | | 2,734,020 | |
Fortress Investment Group LLC,
Class A | | | 1,444,700 | | | | 4,868,639 | |
Lazard Ltd., Class A (Bermuda) | | | | | 36,900 | | | | 959,031 | |
LPL Financial Holdings, Inc. | | | | | 90,070 | | | | 3,041,664 | |
SEI Investments Co. | | | | | 398,325 | | | | 7,922,684 | |
TD Ameritrade Holding Corp. | | † | | | 383,500 | | | | 6,519,500 | |
| | | | | | | | | | | | |
| | | | | | | | | 36,669,338 | |
| | | | | | | | | | | | |
| Chemicals—1.5% | | | | | | | | | | |
Airgas, Inc. | | | | | 52,100 | | | | 4,376,921 | |
Ecolab, Inc. | | | | | 74,500 | | | | 5,105,485 | |
FMC Corp. | | | | | 91,900 | | | | 4,914,812 | |
| | | | | | | | | | | | |
| | | | | | | | | 14,397,218 | |
| | | | | | | | | | | | |
| Commercial Banks—1.6% | | | | | | | | | | |
Fifth Third Bancorp | | | | | 589,000 | | | | 7,892,600 | |
First Interstate BancSystem, Inc. | | † | | | 247,300 | | | | 3,521,552 | |
Synovus Financial Corp. | | † | | | 2,461,900 | | | | 4,874,562 | |
| | | | | | | | | | | | |
| | | | | | | | | 16,288,714 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
| Commercial Services & Supplies—0.5% | |
Copart, Inc. | | * | | | 157,600 | | | $ | 3,733,544 | |
Stericycle, Inc. | | * | | | 18,400 | | | | 1,686,728 | |
| | | | | | | | | | | | |
| | | | | | | | | 5,420,272 | |
| | | | | | | | | | | | |
| Communications Equipment—1.1% | |
Acme Packet, Inc. | | *† | | | 83,450 | | | | 1,556,342 | |
ADTRAN, Inc. | | | | | 193,005 | | | | 5,826,821 | |
F5 Networks, Inc. | | * | | | 30,800 | | | | 3,066,448 | |
| | | | | | | | | | | | |
| | | | | | | | | 10,449,611 | |
| | | | | | | | | | | | |
| Computers & Peripherals—1.7% | | | | | | | | |
Dell, Inc. | | * | | | 1,106,000 | | | | 13,847,120 | |
NetApp, Inc. | | * | | | 77,600 | | | | 2,469,232 | |
| | | | | | | | | | | | |
| | | | | | | | | 16,316,352 | |
| | | | | | | | | | | | |
| Construction & Engineering—1.5% | |
ACS Actividades de Construcciony Servicios SA (Spain) | | † | | | 304,000 | | | | 6,511,856 | |
Jacobs Engineering Group, Inc. | | * | | | 138,310 | | | | 5,236,417 | |
URS Corp. | | | | | 86,400 | | | | 3,013,632 | |
| | | | | | | | | | | | |
| | | | | | | | | 14,761,905 | |
| | | | | | | | | | | | |
| Construction Materials—1.4% | | | | | |
Cemex SAB de CV ADR (Mexico) | | *† | | | 1,134,155 | | | | 7,632,863 | |
Vulcan Materials Co. | | | | | 160,924 | | | | 6,390,292 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,023,155 | |
| | | | | | | | | | | | |
| Consumer Finance—0.2% | | | | | | | | | | |
Green Dot Corp., Class A | | *† | | | 99,200 | | | | 2,194,304 | |
| | | | | | | | | | | | |
| Distributors—0.5% | | | | | | | | | | |
Pool Corp. | | | | | 116,500 | | | | 4,713,590 | |
| | | | | | | | | | | | |
| Diversified Consumer Services—0.5% | |
Weight Watchers International, Inc. | | † | | | 90,690 | | | | 4,675,976 | |
| | | | | | | | | | | | |
| Diversified Financial Services—1.1% | |
KKR Financial Holdings LLC | | | | | 735,600 | | | | 6,267,312 | |
NASDAQ OMX Group, Inc.
(The) | | | | | 222,500 | | | | 5,044,075 | |
| | | | | | | | | | | | |
| | | | | | | | | 11,311,387 | |
| | | | | | | | | | | | |
| Diversified Telecommunication Services—1.9% | |
Level 3 Communications, Inc. | | *† | | | 401,133 | | | | 8,885,096 | |
tw telecom inc. | | * | | | 373,000 | | | | 9,571,180 | |
| | | | | | | | | | | | |
| | | | | | | | | 18,456,276 | |
| | | | | | | | | | | | |
| Electrical Equipment—2.0% | | | | | | | | | | |
AMETEK, Inc. | | | | | 185,730 | | | | 9,269,784 | |
Babcock & Wilcox Co. (The) | | * | | | 172,675 | | | | 4,230,538 | |
Cooper Industries plc | | | | | 27,400 | | | | 1,868,132 | |
Polypore International, Inc. | | *† | | | 105,200 | | | | 4,249,028 | |
| | | | | | | | | | | | |
| | | | | | | | | 19,617,482 | |
| | | | | | | | | | | | |
Electronic Equipment, Instruments & Components—0.2% | |
Trimble Navigation Ltd. | | * | | | 50,898 | | | | 2,341,817 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—0.8% | |
Cameron International Corp. | | * | | | 87,900 | | | | 3,754,209 | |
Oil States International, Inc. | | * | | | 56,100 | | | | 3,713,820 | |
| | | | | | | | | | | | |
| | | | | | | | | 7,468,029 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
135
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Aggressive Opportunities Fund | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | | | | | |
| Food & Staples Retailing—0.8% | | | | | |
Pricesmart, Inc. | | | | | 28,460 | | | $ | 1,921,335 | |
Safeway, Inc. | | † | | | 207,900 | | | | 3,773,385 | |
Whole Foods Market, Inc. | | | | | 22,000 | | | | 2,097,040 | |
| | | | | | | | | | | | |
| | | | | | | | | 7,791,760 | |
| | | | | | | | | | | | |
| Food Products—0.4% | | | | | | | | | | |
Hershey Co. (The) | | | | | 54,200 | | | | 3,904,026 | |
| | | | | | | | | | | | |
| Health Care Equipment & Supplies—0.8% | |
Boston Scientific Corp. | | * | | | 1,443,100 | | | | 8,182,377 | |
| | | | | | | | | | | | |
| Health Care Providers & Services—3.6% | |
DaVita, Inc. | | * | | | 147,600 | | | | 14,495,796 | |
Health Management Associates, Inc., Class A | | * | | | 411,300 | | | | 3,228,705 | |
Laboratory Corp. of America Holdings | | * | | | 36,300 | | | | 3,361,743 | |
Lincare Holdings, Inc. | | | | | 248,970 | | | | 8,469,959 | |
WellPoint, Inc. | | | | | 94,400 | | | | 6,021,776 | |
| | | | | | | | | | | | |
| | | | | | | | | 35,577,979 | |
| | | | | | | | | | | | |
| Health Care Technology—1.1% | | | | | |
SXC Health Solutions Corp. | | *† | | | 111,360 | | | | 11,048,026 | |
| | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—1.3% | | | | | |
Bwin.Party Digital Entertainmentplc (Gibraltar) | | | | | 1,534,000 | | | | 2,650,736 | |
InterContinental Hotels Group plc ADR (United Kingdom) | | | | | 353,000 | | | | 8,507,300 | |
Wyndham Worldwide Corp. | | | | | 33,800 | | | | 1,782,612 | |
| | | | | | | | | | | | |
| | | | | | | | | 12,940,648 | |
| | | | | | | | | | | | |
| Household Durables—1.5% | | | | | |
Lennar Corp., Class A | | † | | | 229,300 | | | | 7,087,663 | |
NVR, Inc. | | * | | | 8,610 | | | | 7,318,500 | |
| | | | | | | | | | | | |
| | | | | | | | | 14,406,163 | |
| | | | | | | | | | | | |
| Household Products—1.0% | | | | | | | | | | |
Church & Dwight Co., Inc. | | | | | 50,600 | | | | 2,806,782 | |
Energizer Holdings, Inc. | | * | | | 93,200 | | | | 7,013,300 | |
| | | | | | | | | | | | |
| | | | | | | | | 9,820,082 | |
| | | | | | | | | | | | |
| Independent Power Producers & Energy Traders—0.6% | |
Calpine Corp. | | * | | | 357,900 | | | | 5,908,929 | |
| | | | | | | | | | | | |
| Industrial Conglomerates—1.1% | | | | | |
Koninklijke Philips Electronics NV NYRS (Netherlands) | | | | | 528,000 | | | | 10,385,760 | |
| | | | | | | | | | | | |
| Insurance—7.8% | | | | | | | | | | |
Aflac, Inc. | | | | | 72,200 | | | | 3,074,998 | |
Aon plc (United Kingdom) | | | | | 238,000 | | | | 11,133,640 | |
Assured Guaranty Ltd. (Bermuda) | | | | | 559,800 | | | | 7,893,180 | |
Axis Capital Holdings Ltd. (Bermuda) | | | | | 148,400 | | | | 4,830,420 | |
Fairfax Financial Holdings Ltd. (Canada) | | † | | | 27,900 | | | | 10,928,430 | |
Genworth Financial, Inc., Class A | | * | | | 741,400 | | | | 4,196,324 | |
Hartford Financial Services Group, Inc. | | | | | 284,600 | | | | 5,017,498 | |
Loews Corp. | | | | | 273,000 | | | | 11,168,430 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
RenaissanceRe Holdings Ltd. (Bermuda) | | | | | 103,800 | | | $ | 7,889,838 | |
Syncora Holdings Ltd. (Bermuda) | | *† | | | 626,661 | | | | 106,532 | |
Travelers Cos., Inc. (The) | | | | | 87,000 | | | | 5,554,080 | |
XL Group plc (Ireland) | | | | | 238,900 | | | | 5,026,456 | |
| | | | | | | | | | | | |
| | | | | | | | | 76,819,826 | |
| | | | | | | | | | | | |
| Internet & Catalog Retail—2.1% | | | | | | | | |
Expedia, Inc. | | | | | 79,799 | | | | 3,835,938 | |
Liberty Interactive Corp.,
Series A | | * | | | 403,575 | | | | 7,179,599 | |
TripAdvisor, Inc. | | * | | | 207,160 | | | | 9,257,981 | |
| | | | | | | | | | | | |
| | | | | | | | | 20,273,518 | |
| | | | | | | | | | | | |
| Internet Software & Services—2.8% | |
Active Network, Inc. (The) | | *† | | | 117,400 | | | | 1,806,786 | |
eBay, Inc. | | * | | | 231,500 | | | | 9,725,315 | |
Rackspace Hosting, Inc. | | * | | | 108,000 | | | | 4,745,520 | |
VeriSign, Inc. | | * | | | 256,975 | | | | 11,196,401 | |
| | | | | | | | | | | | |
| | | | | | | | | 27,474,022 | |
| | | | | | | | | | | | |
| IT Services—5.3% | | | | | | | | | | |
Alliance Data Systems Corp. | | *† | | | 61,700 | | | | 8,329,500 | |
Amdocs Ltd. | | | | | 365,200 | | | | 10,853,744 | |
FleetCor Technologies, Inc. | | * | | | 111,500 | | | | 3,906,960 | |
Gartner, Inc. | | * | | | 133,800 | | | | 5,760,090 | |
Genpact Ltd. (Bermuda) | | * | | | 457,540 | | | | 7,608,890 | |
Global Payments, Inc. | | | | | 76,100 | | | | 3,289,803 | |
NeuStar, Inc., Class A | | * | | | 180,100 | | | | 6,015,340 | |
Teradata Corp. | | * | | | 41,700 | | | | 3,002,817 | |
Vantiv, Inc., Class A | | * | | | 79,000 | | | | 1,839,910 | |
VeriFone Systems, Inc. | | *† | | | 58,400 | | | | 1,932,456 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 52,539,510 | |
| | | | | | | | | | | | |
| Life Sciences Tools & Services—0.9% | | | | | |
BG Medicine, Inc. | | *† | | | 353,500 | | | | 2,467,430 | |
Waters Corp. | | * | | | 79,355 | | | | 6,306,342 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,773,772 | |
| | | | | | | | | | | | |
| Machinery—2.2% | | | | | | | | | | |
Eaton Corp. | | | | | 80,500 | | | | 3,190,215 | |
Gardner Denver, Inc. | | | | | 121,800 | | | | 6,444,438 | |
Nordson Corp. | | | | | 50,300 | | | | 2,579,887 | |
Pall Corp. | | | | | 44,200 | | | | 2,422,602 | |
SPX Corp. | | | | | 35,100 | | | | 2,292,732 | |
Stanley Black & Decker, Inc. | | | | | 81,200 | | | | 5,226,032 | |
| | | | | | | | | | | | |
| | | | | | | | | 22,155,906 | |
| | | | | | | | | | | | |
| Media—5.2% | | | | | | | | | | |
AMC Networks, Inc., Class A | | * | | | 145,405 | | | | 5,169,148 | |
DIRECTV, Class A | | * | | | 234,000 | | | | 11,423,880 | |
Discovery Communications, Inc., Class C | | * | | | 157,500 | | | | 7,889,175 | |
National CineMedia, Inc. | | | | | 145,800 | | | | 2,211,786 | |
Scripps Networks Interactive, Inc., Class A | | | | | 84,900 | | | | 4,827,414 | |
Virgin Media, Inc. | | † | | | 413,400 | | | | 10,082,826 | |
Walt Disney Co. (The) | | | | | 201,000 | | | | 9,748,500 | |
| | | | | | | | | | | | |
| | | | | | | | | 51,352,729 | |
| | | | | | | | | | | | |
| Metals & Mining—0.2% | | | | | | | | | | |
Compass Minerals International, Inc. | | | | | 30,600 | | | | 2,334,168 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
136
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Aggressive Opportunities Fund | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | | | | | |
| Multiline Retail—0.5% | | | | | |
Big Lots, Inc. | | *† | | | 112,650 | | | $ | 4,594,994 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—6.9% | |
Cabot Oil & Gas Corp. | | | | | 103,120 | | | | 4,062,928 | |
Chesapeake Energy Corp. | | † | | | 695,000 | | | | 12,927,000 | |
Cobalt International Energy, Inc. | | * | | | 133,550 | | | | 3,138,425 | |
Concho Resources, Inc. | | * | | | 42,300 | | | | 3,600,576 | |
CONSOL Energy, Inc. | | | | | 624,905 | | | | 18,897,127 | |
Denbury Resources, Inc. | | * | | | 196,100 | | | | 2,963,071 | |
Newfield Exploration Co. | | * | | | 168,625 | | | | 4,942,399 | |
Pioneer Natural Resources Co. | | | | | 43,980 | | | | 3,879,476 | |
QEP Resources, Inc. | | | | | 150,500 | | | | 4,510,485 | |
Southwestern Energy Co. | | * | | | 79,700 | | | | 2,544,821 | |
Whiting Petroleum Corp. | | * | | | 157,800 | | | | 6,488,736 | |
| | | | | | | | | | | | |
| | | | | | | | | 67,955,044 | |
| | | | | | | | | | | | |
| Personal Products—0.2% | |
Herbalife Ltd. (Cayman Islands) | | † | | | 45,300 | | | $ | 2,189,349 | |
| | | | | | | | | | | | |
| Pharmaceuticals—1.8% | | | | | |
Nektar Therapeutics | | *† | | | 283,200 | | | | 2,285,424 | |
Salix Pharmaceuticals Ltd. | | *† | | | 46,550 | | | | 2,534,182 | |
Shire plc ADR (Ireland) | | | | | 42,700 | | | | 3,688,853 | |
Watson Pharmaceuticals, Inc. | | * | | | 128,540 | | | | 9,510,675 | |
| | | | | | | | | | | | |
| | | | | | | | | 18,019,134 | |
| | | | | | | | | | | | |
| Professional Services—2.9% | | | | | |
Acacia Research Corp. | | * | | | 89,700 | | | | 3,340,428 | |
Equifax, Inc. | | | | | 154,710 | | | | 7,209,486 | |
IHS, Inc., Class A | | * | | | 46,500 | | | | 5,009,445 | |
Manpower, Inc. | | | | | 50,900 | | | | 1,865,485 | |
Nielsen Holdings NV | | * | | | 203,600 | | | | 5,338,392 | |
Robert Half International, Inc. | | | | | 212,935 | | | | 6,083,553 | |
| | | | | | | | | | | | |
| | | | | | | | | 28,846,789 | |
| | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—1.0% | |
American Tower Corp. REIT | | | | | 56,400 | | | | 3,942,924 | |
Hatteras Financial Corp. REIT | | | | | 201,840 | | | | 5,772,624 | |
| | | | | | | | | | | | |
| | | | | | | | | 9,715,548 | |
| | | | | | | | | | | | |
| Real Estate Management & Development—0.3% | |
Jones Lang LaSalle, Inc. | | | | | 46,200 | | | | 3,251,094 | |
| | | | | | | | | | | | |
| Road & Rail—1.0% | | | | | | | | | | |
Kansas City Southern | | | | | 76,500 | | | | 5,321,340 | |
Old Dominion Freight Line, Inc. | | * | | | 99,600 | | | | 4,311,684 | |
| | | | | | | | | | | | |
| | | | | | | | | 9,633,024 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—3.6% | |
Altera Corp. | | | | | 77,600 | | | | 2,625,984 | |
Analog Devices, Inc. | | | | | 90,900 | | | | 3,424,203 | |
ASML Holding NV NYRS (Netherlands) | | † | | | 71,600 | | | | 3,681,672 | |
Broadcom Corp., Class A | | * | | | 93,400 | | | | 3,156,920 | |
Integrated Device Technology, Inc. | | * | | | 1,139,500 | | | | 6,403,990 | |
Marvell Technology Group Ltd. (Bermuda) | | | | | 541,100 | | | | 6,103,608 | |
Micron Technology, Inc. | | * | | | 595,400 | | | | 3,756,974 | |
Skyworks Solutions, Inc. | | * | | | 223,485 | | | | 6,116,784 | |
| | | | | | | | | | | | |
| | | | | | | | | 35,270,135 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
| Software—4.8% | | | | | | | | | | |
Adobe Systems, Inc. | | * | | | 213,200 | | | $ | 6,901,284 | |
ANSYS, Inc. | | * | | | 34,000 | | | | 2,145,740 | |
Citrix Systems, Inc. | | * | | | 61,565 | | | | 5,167,766 | |
FactSet Research Systems, Inc. | | | | | 67,615 | | | | 6,284,138 | |
Informatica Corp. | | * | | | 56,800 | | | | 2,406,048 | |
MICROS Systems, Inc. | | * | | | 139,713 | | | | 7,153,306 | |
Red Hat, Inc. | | * | | | 157,675 | | | | 8,905,484 | |
Rovi Corp. | | * | | | 237,505 | | | | 4,659,848 | |
ServiceNow, Inc. | | * | | | 20,500 | | | | 504,300 | |
Solera Holdings, Inc. | | | | | 66,400 | | | | 2,774,856 | |
| | | | | | | | | | | | |
| | | | | | | | | 46,902,770 | |
| | | | | | | | | | | | |
| Specialty Retail—1.7% | | | | | | | | | | |
CarMax, Inc. | | * | | | 182,880 | | | | 4,743,907 | |
O’Reilly Automotive, Inc. | | * | | | 41,500 | | | | 3,476,455 | |
Sally Beauty Holdings, Inc. | | * | | | 115,200 | | | | 2,965,248 | |
Tiffany & Co. | | | | | 43,900 | | | | 2,324,505 | |
Tractor Supply Co. | | | | | 33,500 | | | | 2,782,510 | |
| | | | | | | | | | | | |
| | | | | | | | | 16,292,625 | |
| | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—0.8% | |
Coach, Inc. | | | | | 73,000 | | | | 4,269,040 | |
Hanesbrands, Inc. | | * | | | 116,700 | | | | 3,236,091 | |
| | | | | | | | | | | | |
| | | | | | | | | 7,505,131 | |
| | | | | | | | | | | | |
| Thrifts & Mortgage Finance—0.4% | | | | | |
People’s United Financial, Inc. | | | | | 303,900 | | | | 3,528,279 | |
| | | | | | | | | | | | |
| Trading Companies & Distributors—1.0% | |
Aircastle Ltd. | | | | | 382,900 | | | | 4,613,945 | |
MSC Industrial Direct Co., Inc., Class A | | | | | 85,275 | | | | 5,589,776 | |
| | | | | | | | | | | | |
| | | | | | | | | 10,203,721 | |
| | | | | | | | | | | | |
| Wireless Telecommunication Services—1.0% | |
SBA Communications Corp., Class A | | *† | | | 176,700 | | | | 10,080,735 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | |
(Cost $861,697,520) | | | | | | | | | 947,756,821 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| MONEY MARKET FUNDS—16.6% | |
| Institutional Money Market Funds—16.6% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | ††¥ | | | 18,700,000 | | | | 18,700,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | ¥ | | | 39,516,158 | | | | 39,516,159 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | ††¥ | | | 29,434,834 | | | | 29,434,834 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17% | | ††¥ | | | 20,000,000 | | | | 20,000,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | ††¥ | | | 18,700,000 | | | | 18,700,000 | |
See accompanying notes to financial statements.
137
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Aggressive Opportunities Fund | | Shares | | | Value | |
| MONEY MARKET FUNDS—(Continued) | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 18,700,000 | | | $ | 18,700,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13% | | ††¥ | | | 18,700,000 | | | | 18,700,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $163,750,993) | | | | | | | 163,750,993 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—112.7% | |
(Cost $1,025,448,513) | | | | | | | 1,111,507,814 | |
Other assets less liabilities—(12.7%) | | | | (125,224,553 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | $ | 986,283,261 | |
| | | | | |
Notes to the Schedule of Investments:
| | |
| ADR | | American Depositary Receipt |
| NYRS | | New York Registry Shares |
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing. |
| † | | Denotes all or a portion of the security on loan. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
138
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Discovery
Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—48.5% | |
| Automobiles—0.6% | |
Tesla Motors, Inc. | | *† | | | 38,200 | | | $ | 1,195,278 | |
| | | | | | | | | | | | |
| Biotechnology—1.4% | |
Arena Pharmaceuticals, Inc. | | *† | | | 71,658 | | | | 715,147 | |
Incyte Corp. Ltd. | | *† | | | 46,300 | | | | 1,051,010 | |
Rigel Pharmaceuticals, Inc. | | * | | | 113,200 | | | | 1,052,760 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,818,917 | |
| | | | | | | | | | | | |
| Capital Markets—1.9% | |
BGC Partners, Inc., Class A | | | | | 178,500 | | | | 1,047,795 | |
Fifth Street Finance Corp. | | | | | 107,000 | | | | 1,067,860 | |
Knight Capital Group, Inc., Class A | | * | | | 79,000 | | | | 943,260 | |
Uranium Participation Corp. (Canada) | | * | | | 168,978 | | | | 914,516 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,973,431 | |
| | | | | | | | | | | | |
| Chemicals—0.8% | |
EcoSynthetix, Inc.—Legend Shares (Canada) | | *‡ | | | 24,500 | | | | 93,851 | |
EcoSynthetix, Inc. (Canada) | | * | | | 182,100 | | | | 697,564 | |
LSB Industries, Inc. | | * | | | 29,500 | | | | 911,845 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,703,260 | |
| | | | | | | | | | | | |
| Commercial Banks—1.2% | |
Hudson Valley Holding Corp. | | † | | | 68,489 | | | | 1,239,651 | |
MB Financial, Inc. | | | | | 52,000 | | | | 1,120,080 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,359,731 | |
| | | | | | | | | | | | |
| Commercial Services & Supplies—0.5% | |
United Stationers, Inc. | | | | | 37,000 | | | | 997,150 | |
| | | | | | | | | | | | |
| Communications Equipment—3.4% | |
Arris Group, Inc. | | * | | | 83,800 | | | | 1,165,658 | |
Comverse Technology, Inc. | | * | | | 140,600 | | | | 818,292 | |
Emulex Corp. | | * | | | 138,300 | | | | 995,760 | |
Extreme Networks, Inc. | | *† | | | 295,700 | | | | 1,017,208 | |
Mitel Networks Corp. (Canada) | | *† | | | 213,870 | | | | 945,306 | |
NETGEAR, Inc. | | * | | | 36,800 | | | | 1,269,968 | |
Parkervision, Inc. | | *† | | | 338,540 | | | | 805,725 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,017,917 | |
| | | | | | | | | | | | |
| Construction & Engineering—1.2% | |
EMCOR Group, Inc. | | | | | 40,300 | | | | 1,121,146 | |
Michael Baker Corp. | | * | | | 49,200 | | | | 1,283,628 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,404,774 | |
| | | | | | | | | | | | |
| Consumer Finance—0.7% | |
DFC Global Corp. | | * | | | 73,800 | | | | 1,360,134 | |
| | | | | | | | | | | | |
| Containers & Packaging—0.4% | |
AptarGroup, Inc. | | | | | 17,300 | | | | 883,165 | |
| | | | | | | | | | | | |
| Diversified Consumer Services—0.5% | |
Steiner Leisure Ltd. (Bahamas) | | * | | | 22,500 | | | | 1,044,225 | |
| | | | | | | | | | | | |
| Diversified Financial Services—0.4% | |
Gain Capital Holdings, Inc. | | † | | | 158,500 | | | | 790,915 | |
| | | | | | | | | | | | |
| Electric Utilities—1.4% | |
Portland General Electric Co. | | | | | 36,800 | | | | 981,088 | |
UNS Energy Corp. | | | | | 23,900 | | | | 917,999 | |
Westar Energy, Inc. | | | | | 32,400 | | | | 970,380 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,869,467 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
| Electronic Equipment, Instruments & Components—1.5% | |
Fabrinet (Cayman Islands) | | *† | | | 68,900 | | | $ | 864,695 | |
Park Electrochemical Corp. | | | | | 42,000 | | | | 1,086,960 | |
TTM Technologies, Inc. | | * | | | 121,500 | | | | 1,143,315 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,094,970 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—0.8% | |
C&J Energy Services, Inc. | | *^‡ | | | 94,000 | | | | 1,738,999 | |
| | | | | | | | | | | | |
| Food Products—1.0% | |
Darling International, Inc. | | * | | | 61,500 | | | | 1,014,135 | |
Omega Protein Corp. | | * | | | 151,000 | | | | 1,111,360 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,125,495 | |
| | | | | | | | | | | | |
| Health Care Equipment & Supplies—1.7% | |
Greatbatch, Inc. | | * | | | 49,200 | | | | 1,117,332 | |
ICU Medical, Inc. | | *† | | | 21,200 | | | | 1,131,656 | |
Merit Medical Systems, Inc. | | * | | | 90,500 | | | | 1,249,805 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,498,793 | |
| | | | | | | | | | | | |
| Health Care Providers & Services—1.8% | |
Amsurg Corp. | | * | | | 31,800 | | | | 953,364 | |
Ensign Group, Inc. (The) | | | | | 32,500 | | | | 918,775 | |
LHC Group, Inc. | | * | | | 58,000 | | | | 983,680 | |
MEDNAX, Inc. | | *† | | | 12,400 | | | | 849,896 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,705,715 | |
| | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—0.5% | |
Whistler Blackcomb Holdings, Inc. (Canada) | | ‡ | | | 30,100 | | | | 324,918 | |
Whistler Blackcomb Holdings, Inc. (Canada) | | | | | 69,700 | | | | 752,385 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,077,303 | |
| | | | | | | | | | | | |
| Industrial Conglomerates—0.5% | |
Carlisle Cos., Inc. | | | | | 19,000 | | | | 1,007,380 | |
| | | | | | | | | | | | |
| Internet & Catalog Retail—0.4% | |
PetMed Express, Inc. | | † | | | 72,200 | | | | 877,952 | |
| | | | | | | | | | | | |
| Internet Software & Services—1.0% | |
EarthLink, Inc. | | | | | 133,000 | | | | 989,520 | |
XO Group, Inc. | | * | | | 115,200 | | | | 1,021,824 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,011,344 | |
| | | | | | | | | | | | |
| Machinery—1.3% | |
Altra Holdings, Inc. | | | | | 64,300 | | | | 1,014,654 | |
John Bean Technologies Corp. | | | | | 66,000 | | | | 895,620 | |
Wabash National Corp. | | * | | | 129,800 | | | | 859,276 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,769,550 | |
| | | | | | | | | | | | |
| Metals & Mining—1.8% | |
Allied Nevada Gold Corp. | | * | | | 36,900 | | | | 1,047,222 | |
New Gold, Inc. (Canada) | | *† | | | 109,600 | | | | 1,041,200 | |
Romarco Minerals, Inc. (Canada) | | * | | | 1,113,900 | | | | 579,871 | |
Universal Stainless & Alloy Products, Inc. | | * | | | 24,100 | | | | 990,510 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,658,803 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—4.1% | |
Alberta Oilsands, Inc. (Canada) | | * | | | 1,498,600 | | | | 213,434 | |
Berry Petroleum Co., Class A | | | | | 26,200 | | | | 1,039,092 | |
Bonanza Creek Energy, Inc. | | * | | | 45,000 | | | | 748,350 | |
BPZ Resources, Inc. | | *† | | | 374,100 | | | | 946,473 | |
See accompanying notes to financial statements.
139
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Discovery
Fund | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | | | | | |
Karoon Gas Australia Ltd. (Australia) | | * | | | 180,888 | | | $ | 759,680 | |
Midstates Petroleum Co., Inc. | | * | | | 89,000 | | | | 864,190 | |
Oilsands Quest, Inc. (Canada) | | *† | | | 2,055,636 | | | | 87,364 | |
Porto Energy Corp. | | * | | | 1,598,400 | | | | 156,998 | |
Swift Energy Co. | | * | | | 48,300 | | | | 898,863 | |
Synergy Resources Corp. | | *† | | | 201,900 | | | | 621,852 | |
Triangle Petroleum Corp. | | *† | | | 174,400 | | | | 973,152 | |
Warren Resources, Inc. | | * | | | 441,300 | | | | 1,059,120 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,368,568 | |
| | | | | | | | | | | | |
| Pharmaceuticals—0.6% | |
Medicines Co. (The) | | * | | | 56,200 | | | | 1,289,228 | |
| | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—4.0% | |
Anworth Mortgage Asset Corp. REIT | | † | | | 140,200 | | | | 988,410 | |
Capstead Mortgage Corp. REIT | | | | | 59,400 | | | | 826,254 | |
CreXus Investment Corp. REIT | | | | | 91,318 | | | | 928,704 | |
Gladstone Commercial Corp. REIT | | † | | | 55,500 | | | | 924,630 | |
Medical Properties Trust, Inc. REIT | | | | | 101,400 | | | | 975,468 | |
MFA Financial, Inc. REIT | | | | | 125,200 | | | | 987,828 | |
Pebblebrook Hotel Trust REIT | | | | | 23,800 | | | | 554,778 | |
STAG Industrial, Inc. REIT | | | | | 58,600 | | | | 854,388 | |
Summit Hotel Properties, Inc. REIT | | | | | 142,900 | | | | 1,196,073 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,236,533 | |
| | | | | | | | | | | | |
| Real Estate Management & Development—0.5% | |
Brasil Brokers Participacoes SA (Brazil) | | | | | 317,100 | | | | 1,059,368 | |
| | | | | | | | | | | | |
| Road & Rail—0.5% | |
Quality Distribution, Inc. | | * | | | 92,100 | | | | 1,021,389 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—0.9% | |
Microsemi Corp. | | * | | | 57,000 | | | | 1,053,930 | |
PMC—Sierra, Inc. | | * | | | 137,200 | | | | 842,408 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,896,338 | |
| | | | | | | | | | | | |
| Software—1.1% | |
JDA Software Group, Inc. | | * | | | 40,900 | | | | 1,214,321 | |
SeaChange International, Inc. | | * | | | 123,743 | | | | 1,018,405 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,232,726 | |
| | | | | | | | | | | | |
| Specialty Retail—4.3% | |
Cato Corp. (The), Class A | | | | | 38,300 | | | | 1,166,618 | |
Children’s Place Retail Stores, Inc. (The) | | * | | | 24,400 | | | | 1,215,852 | |
Destination Maternity Corp. | | | | | 52,600 | | | | 1,136,160 | |
Express, Inc. | | * | | | 57,500 | | | | 1,044,775 | |
Finish Line, Inc. (The), Class A | | | | | 56,000 | | | | 1,170,960 | |
Hot Topic, Inc. | | | | | 93,700 | | | | 907,953 | |
Shoe Carnival, Inc. | | | | | 55,750 | | | | 1,198,067 | |
Wet Seal, Inc. (The), Class A | | * | | | 330,500 | | | | 1,044,380 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,884,765 | |
| | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—1.1% | |
Skechers U.S.A., Inc., Class A | | * | | | 55,200 | | | | 1,124,424 | |
True Religion Apparel, Inc. | | | | | 38,500 | | | | 1,115,730 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,240,154 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | Shares | | | | Value | |
| Thrifts & Mortgage Finance—1.2% | |
EverBank Financial Corp. | | | * | | | 98,400 | | | $ | 1,069,608 | |
Flushing Financial Corp. | | | | | | 86,617 | | | | 1,180,590 | |
WSFS Financial Corp. | | | | | | 3,100 | | | | 125,271 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,375,469 | |
| | | | | | | | | | | | | | |
| Trading Companies & Distributors—3.0% | |
Applied Industrial Technologies, Inc. | | | | | | 22,500 | | | | 829,125 | |
CAI International, Inc. | | | * | | | 56,000 | | | | 1,113,280 | |
H&E Equipment Services, Inc. | | | * | | | 57,400 | | | | 862,722 | |
SeaCube Container Leasing Ltd. | | | | | | 61,800 | | | | 1,054,926 | |
TAL International Group, Inc. | | | | | | 32,853 | | | | 1,100,247 | |
Textainer Group Holdings Ltd. (Bermuda) | | | † | | | 32,100 | | | | 1,184,490 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,144,790 | |
| | | | | | | | | | | | | | |
| Wireless Telecommunication Services—0.5% | |
Leap Wireless International, Inc. | | | *† | | | 165,600 | | | | 1,064,808 | |
| | | | | | | | | | | | | | |
| TOTAL COMMON STOCKS | |
(Cost $93,064,149) | | | | | | | | | | 99,798,804 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| CONVERTIBLE PREFERRED STOCKS—0.6% | |
| Leisure Equipment & Products—0.6% | |
Callaway Golf Co., Perpetual, Series B 7.500% | | | 12,500 | | | | 1,196,250 | |
| | | | | | | | | | | | | | |
| Real Estate Management & Development—0.0% | |
Grubb & Ellis Co. 12.000% | | | * | | | 5,800 | | | | 2,395 | |
Grubb & Ellis Co., Perpetual 12.000% | | | *^ | | | 5,200 | | | | 2,148 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,543 | |
| | | | | | | | | | | | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | |
(Cost $2,252,172) | | | | | | | | | | 1,200,793 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—23.2% | |
| Aerospace & Defense—0.6% | |
Boeing Co. (The) | | | | | | | | | | | |
1.875% | | | 11/20/2012 | | | | | $ | 450,000 | | | | 452,312 | |
Raytheon Co. | | | | | | | | | | | |
1.400% | | | 12/15/2014 | | | | | | 145,000 | | | | 147,204 | |
United Technologies Corp. | |
0.967% | | | 06/01/2015 | | | # | | | 545,000 | | | | 551,293 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,150,809 | |
| | | | | | | | | | | | | | |
| Auto Components—0.1% | |
Johnson Controls, Inc. | | | | | | | | | | | |
0.876% | | | 02/04/2014 | | | # | | | 290,000 | | | | 291,067 | |
| | | | | | | | | | | | | | |
| Beverages—0.8% | |
Anheuser-Busch InBev Worldwide, Inc. | |
9.750% | | | 11/17/2015 | | | †BRL | | | 1,030,000 | | | | 569,487 | |
See accompanying notes to financial statements.
140
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Discovery
Fund | | | | | | |
| | | | |
Coupon
Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Coca-Cola Enterprises, Inc. | | | | | | | | | | | |
1.125% | | | 11/12/2013 | | | | | $ | 530,000 | | | $ | 532,376 | |
SABMiller Holdings, Inc. | | | | | | | | | | | |
2.450% | | | 01/15/2017 | | | ^ | | | 270,000 | | | | 278,597 | |
1.850% | | | 01/15/2015 | | | ^ | | | 220,000 | | | | 223,280 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,603,740 | |
| | | | | | | | | | | | | | |
| Biotechnology—0.2% | |
Amgen, Inc. | | | | | | | | | | | |
1.875% | | | 11/15/2014 | | | | | | 330,000 | | | | 335,315 | |
Gilead Sciences, Inc. | | | | | | | | | | | |
2.400% | | | 12/01/2014 | | | | | | 140,000 | | | | 144,373 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 479,688 | |
| | | | | | | | | | | | | | |
| Capital Markets—0.9% | |
Astoria Financial Corp. | | | | | | | | | | | |
5.000% | | | 06/19/2017 | | | | | | 240,000 | | | | 240,244 | |
Bank of New York Mellon Corp. (The) MTN | | | | | |
1.200% | | | 02/20/2015 | | | | | | 100,000 | | | | 100,604 | |
Goldman Sachs Group, Inc. (The) | | | | | |
1.466% | | | 02/07/2014 | | | # | | | 570,000 | | | | 563,454 | |
Morgan Stanley | | | | | |
1.446% | | | 04/29/2013 | | | # | | | 610,000 | | | | 601,673 | |
TD Ameritrade Holding Corp. | | | | | |
4.150% | | | 12/01/2014 | | | | | | 410,000 | | | | 433,663 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,939,638 | |
| | | | | | | | | | | | | | |
| Chemicals—0.1% | |
Ecolab, Inc. | | | | | |
2.375% | | | 12/08/2014 | | | | | | 110,000 | | | | 113,692 | |
| | | | | | | | | | | | | | |
| Commercial Banks—3.3% | |
Banco Bradesco SA (Brazil) | | | | | |
2.566% | | | 05/16/2014 | | | #^ | | | 300,000 | | | | 299,767 | |
Banco de Credito del Peru (Peru) | | | | | |
4.750% | | | 03/16/2016 | | | ^ | | | 420,000 | | | | 433,650 | |
Bank of Ceylon (Sri Lanka) | | | | | |
6.875% | | | 05/03/2017 | | | ^ | | | 200,000 | | | | 200,000 | |
Bank of Nova Scotia (Canada) | | | | | |
1.850% | | | 01/12/2015 | | | | | | 200,000 | | | | 203,322 | |
Barclays Bank plc (United Kingdom) | | | | | |
1.509% | | | 01/13/2014 | | | # | | | 520,000 | | | | 520,784 | |
BB&T Corp., Series A MTN | | | | | |
3.375% | | | 09/25/2013 | | | | | | 200,000 | | | | 205,801 | |
Capital One Financial Corp. | | | | | |
2.125% | | | 07/15/2014 | | | | | | 340,000 | | | | 343,064 | |
CIT Group, Inc. | | | | | |
4.750% | | | 02/15/2015 | | | ^ | | | 270,000 | | | | 277,425 | |
HSBC Bank plc (United Kingdom) | | | | | |
1.625% | | | 07/07/2014 | | | ^† | | | 360,000 | | | | 363,087 | |
HSBC USA, Inc. | | | | | |
2.375% | | | 02/13/2015 | | | | | | 240,000 | | | | 242,889 | |
ING Bank NV (Netherlands) | | | | | |
3.750% | | | 03/07/2017 | | | ^ | | | 500,000 | | | | 498,183 | |
1.518% | | | 03/15/2013 | | | #^† | | | 570,000 | | | | 570,307 | |
KeyCorp MTN | | | | | |
3.750% | | | 08/13/2015 | | | | | | 230,000 | | | | 243,706 | |
Oversea-Chinese Banking Corp. Ltd. (Singapore) | |
1.625% | | | 03/13/2015 | | | ^ | | | 300,000 | | | | 301,630 | |
Royal Bank of Scotland plc (The) (United Kingdom) | |
3.250% | | | 01/11/2014 | | | | | | 520,000 | | | | 522,249 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
US Bancorp | |
4.200% | | | 05/15/2014 | | | | | $ | 500,000 | | | $ | 532,385 | |
US Bank NA, Bank Note | | | | | |
0.747% | | | 10/14/2014 | | | # | | | 400,000 | | | | 398,432 | |
Wachovia Bank NA, Bank Note | | | | | |
4.800% | | | 11/01/2014 | | | | | | 545,000 | | | | 581,097 | |
Wells Fargo & Co. MTN | | | | | |
2.100% | | | 05/08/2017 | | | | | | 100,000 | | | | 100,339 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,838,117 | |
| | | | | | | | | | | | | | |
| Communications Equipment—0.3% | |
Cisco Systems, Inc. | | | | | |
0.718% | | | 03/14/2014 | | | # | | | 680,000 | | | | 683,807 | |
| | | | | | | | | | | | | | |
| Computers & Peripherals—0.2% | |
Hewlett-Packard Co. | | | | | |
2.018% | | | 09/19/2014 | | | # | | | 300,000 | | | | 303,575 | |
| | | | | | | | | | | | | | |
| Consumer Finance—1.9% | |
Ally Financial, Inc. | | | | | |
4.500% | | | 02/11/2014 | | | | | | 400,000 | | | | 406,500 | |
American Express Credit Corp. MTN | | | | | |
1.750% | | | 06/12/2015 | | | | | | 100,000 | | | | 101,208 | |
American Express Credit Corp., Series D MTN | | | | | |
5.125% | | | 08/25/2014 | | | | | | 300,000 | | | | 324,249 | |
Banque PSA Finance SA (France) | | | | | |
2.361% | | | 04/04/2014 | | | #^ | | | 540,000 | | | | 525,462 | |
Caterpillar Financial Services Corp., Series G MTN | | | | | |
1.375% | | | 05/20/2014 | | | | | | 360,000 | | | | 364,578 | |
Ford Motor Credit Co. LLC | | | | | |
3.875% | | | 01/15/2015 | | | | | | 470,000 | | | | 484,304 | |
International Lease Finance Corp. | | | | | |
6.500% | | | 09/01/2014 | | | ^ | | | 200,000 | | | | 212,000 | |
4.875% | | | 04/01/2015 | | | | | | 210,000 | | | | 211,173 | |
John Deere Capital Corp. MTN | | | | | |
1.600% | | | 03/03/2014 | | | | | | 270,000 | | | | 274,361 | |
PACCAR Financial Corp. MTN | | | | | |
1.550% | | | 09/29/2014 | | | | | | 210,000 | | | | 213,287 | |
1.050% | | | 06/05/2015 | | | | | | 90,000 | | | | 90,364 | |
RCI Banque SA (France) | | | | | |
2.339% | | | 04/11/2014 | | | #^ | | | 800,000 | | | | 777,925 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,985,411 | |
| | | | | | | | | | | | | | |
| Containers & Packaging—0.1% | |
Rock-Tenn Co. | | | | | |
4.450% | | | 03/01/2019 | | | ^ | | | 160,000 | | | | 164,586 | |
| | | | | | | | | | | | | | |
| Diversified Financial Services—3.1% | |
Bank of America Corp. | | | | | |
3.700% | | | 09/01/2015 | | | † | | | 425,000 | | | | 429,673 | |
Bank of America Corp., Series 1 | | | | | |
3.750% | | | 07/12/2016 | | | | | | 130,000 | | | | 131,179 | |
Caisse Centrale Desjardins du Quebec (Canada) | | | | | |
1.700% | | | 09/16/2013 | | | ^ | | | 450,000 | | | | 454,593 | |
Citigroup, Inc. | | | | | |
6.000% | | | 12/13/2013 | | | | | | 175,000 | | | | 183,980 | |
5.300% | | | 10/17/2012 | | | | | | 175,000 | | | | 177,196 | |
4.450% | | | 01/10/2017 | | | | | | 225,000 | | | | 236,095 | |
1.317% | | | 02/15/2013 | | | #† | | | 470,000 | | | | 470,091 | |
CME Group, Inc. | | | | | |
5.400% | | | 08/01/2013 | | | | | | 200,000 | | | | 209,866 | |
Equifax, Inc. | | | | | |
4.450% | | | 12/01/2014 | | | | | | 80,000 | | | | 84,558 | |
ERAC USA Finance LLC | | | | | |
2.250% | | | 01/10/2014 | | | ^ | | | 400,000 | | | | 402,551 | |
See accompanying notes to financial statements.
141
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Discovery
Fund | | | | | | |
| | | | |
Coupon
Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
General Electric Capital Corp. | | | | | |
5.900% | | | 05/13/2014 | | | | | $ | 260,000 | | | $ | 282,549 | |
2.150% | | | 01/09/2015 | | | | | | 240,000 | | | | 244,194 | |
1.625% | | | 07/02/2015 | | | | | | 400,000 | | | | 401,628 | |
General Electric Capital Corp. MTN | | | | | |
1.099% | | | 04/07/2014 | | | # | | | 300,000 | | | | 299,891 | |
General Electric Capital Corp., Series A MTN | | | | | |
3.750% | | | 11/14/2014 | | | | | | 390,000 | | | | 409,686 | |
JPMorgan Chase & Co. | | | | | |
4.750% | | | 05/01/2013 | | | | | | 350,000 | | | | 360,927 | |
JPMorgan Chase & Co. MTN | | | | | |
1.875% | | | 03/20/2015 | | | | | | 105,000 | | | | 104,988 | |
1.266% | | | 01/24/2014 | | | # | | | 540,000 | | | | 541,650 | |
NASDAQ OMX Group, Inc. (The) | | | | | |
4.000% | | | 01/15/2015 | | | | | | 460,000 | | | | 475,894 | |
National Rural Utilities Cooperative Finance Corp. | |
1.125% | | | 11/01/2013 | | | | | | 215,000 | | | | 216,367 | |
1.000% | | | 02/02/2015 | | | † | | | 200,000 | | | | 201,125 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,318,681 | |
| | | | | | | | | | | | | | |
| Diversified Telecommunication Services—1.1% | |
AT&T, Inc. | | | | | | | | | | | |
1.700% | | | 06/01/2017 | | | | | | 480,000 | | | | 482,798 | |
0.875% | | | 02/13/2015 | | | † | | | 780,000 | | | | 779,919 | |
Cellco Partnership/Verizon Wireless Capital LLC | |
5.550% | | | 02/01/2014 | | | | | | 100,000 | | | | 107,094 | |
Telecom Italia Capital SA (Luxembourg) | | | | | |
5.250% | | | 11/15/2013 | | | | | | 105,000 | | | | 105,525 | |
Telefonica Emisiones SAU (Spain) | | | | | |
2.582% | | | 04/26/2013 | | | | | | 490,000 | | | | 482,772 | |
Verizon Communications, Inc. | | | | | |
1.071% | | | 03/28/2014 | | | # | | | 300,000 | | | | 302,792 | |
Windstream Corp. | | | | | | | | | | | |
8.125% | | | 08/01/2013 | | | | | | 70,000 | | | | 74,112 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,335,012 | |
| | | | | | | | | | | | | | |
| Electric Utilities—0.9% | | | | | |
Cia de Eletricidade do Estado da Bahia (Brazil) | | | | | |
11.750% | | | 04/27/2016 | | | ^ | | | BRL 450,000 | | | | 243,092 | |
Georgia Power Co. | |
1.300% | | | 09/15/2013 | | | | | | 460,000 | | | | 463,875 | |
MidAmerican Energy Holdings Co. | | | | | |
3.150% | | | 07/15/2012 | | | | | | 300,000 | | | | 300,302 | |
NextEra Energy Capital Holdings, Inc. | | | | | |
1.611% | | | 06/01/2014 | | | | | | 180,000 | | | | 180,572 | |
Public Service Electric & Gas Co., Series B MTN | |
5.125% | | | 09/01/2012 | | | | | | 700,000 | | | | 705,028 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,892,869 | |
| | | | | | | | | | | | | | |
| Food & Staples Retailing—0.5% | | | | | |
Kroger Co. (The) | | | | | |
2.200% | | | 01/15/2017 | | | | | | 500,000 | | | | 506,129 | |
Safeway, Inc. | | | | | | | | | | | |
5.800% | | | 08/15/2012 | | | | | | 350,000 | | | | 352,050 | |
3.400% | | | 12/01/2016 | | | | | | 200,000 | | | | 203,888 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,062,067 | |
| | | | | | | | | | | | | | |
| Food Products—0.8% | | | | | |
General Mills, Inc. | | | | | | | | | | | |
5.250% | | | 08/15/2013 | | | | | | 750,000 | | | | 787,517 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
Kellogg Co. | | | | | | | | | | | |
1.125% | | | 05/15/2015 | | | | | $ | 350,000 | | | $ | 351,932 | |
Kraft Foods Group, Inc. | | | | | | | | | | | |
1.625% | | | 06/04/2015 | | | ^ | | | 150,000 | | | | 151,695 | |
Kraft Foods, Inc. | | | | | | | | | | | |
5.250% | | | 10/01/2013 | | | | | | 140,000 | | | | 147,411 | |
2.625% | | | 05/08/2013 | | | | | | 140,000 | | | | 142,101 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,580,656 | |
| | | | | | | | | | | | | | |
| Gas Utilities—0.1% | | | | | |
Sabine Pass LNG LP | | | | | | | | |
7.250% | | | 11/30/2013 | | | | | | 245,000 | | | | 254,800 | |
| | | | | | | | | | | | | | |
| Health Care Equipment & Supplies—0.5% | | | | | |
DENTSPLY International, Inc. | | | | | | | | |
1.967% | | | 08/15/2013 | | | # | | | 280,000 | | | | 281,638 | |
Stryker Corp. | | | | | | | | |
3.000% | | | 01/15/2015 | | | † | | | 300,000 | | | | 315,872 | |
2.000% | | | 09/30/2016 | | | | | | 400,000 | | | | 410,233 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,007,743 | |
| | | | | | | | | | | | | | |
| Health Care Providers & Services—0.6% | | | | | |
Express Scripts Holding Co. | | | | | | | | |
2.750% | | | 11/21/2014 | | | ^ | | | 500,000 | | | | 510,990 | |
HCA, Inc. | | | | | | | | | | | | | | |
6.750% | | | 07/15/2013 | | | | | | 80,000 | | | | 83,800 | |
Quest Diagnostics, Inc. | | | | | | | | |
1.318% | | | 03/24/2014 | | | # | | | 160,000 | | | | 161,396 | |
WellPoint, Inc. | |
2.375% | | | 02/15/2017 | | | | | | 465,000 | | | | 477,067 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,233,253 | |
| | | | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—0.4% | | | | | |
Arcos Dorados Holdings, Inc. (Virgin Islands, British) | |
10.250% | | | 07/13/2016 | | | ^ | | | BRL 450,000 | | | | 237,491 | |
McDonald’s Corp. MTN | |
0.750% | | | 05/29/2015 | | | | | | 190,000 | | | | 190,114 | |
Wendy’s Restaurants LLC | |
10.000% | | | 07/15/2016 | | | | | | 345,000 | | | | 372,172 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 799,777 | |
| | | | | | | | | | | | | | |
| Independent Power Producers & Energy Traders—0.1% | |
AES Corp. (The) | |
7.750% | | | 03/01/2014 | | | | | | 225,000 | | | | 245,250 | |
| | | | | | | | | | | | | | |
| Industrial Conglomerates—0.2% | | | | | |
Danaher Corp. | |
0.718% | | | 06/21/2013 | | | # | | | 500,000 | | | | 501,646 | |
| | | | | | | | | | | | | | |
| Insurance—1.0% | |
Allstate Corp. (The) | |
6.200% | | | 05/16/2014 | | | | | | 300,000 | | | | 330,138 | |
MetLife, Inc. | |
2.375% | | | 02/06/2014 | | | | | | 190,000 | | | | 193,946 | |
Metropolitan Life Global Funding I | | | | | |
1.219% | | | 01/10/2014 | | | #^ | | | 700,000 | | | | 700,819 | |
New York Life Global Funding | | | | | |
0.721% | | | 04/04/2014 | | | #^ | | | 500,000 | | | | 499,826 | |
Prudential Financial, Inc., Series D MTN | |
3.625% | | | 09/17/2012 | | | | | | 355,000 | | | | 357,069 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,081,798 | |
| | | | | | | | | | | | | | |
| IT Services—0.3% | |
International Business Machines Corp. | | | | | |
0.550% | | | 02/06/2015 | | | | | | 610,000 | | | | 606,430 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
142
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Discovery
Fund | | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
| Life Sciences Tools & Services—0.2% | |
Howard Hughes Medical Institute | | | | | |
3.450% | | | 09/01/2014 | | | | | $ | 400,000 | | | $ | 424,901 | |
| | | | | | | | | | | | | | |
| Machinery—0.2% | |
Case New Holland, Inc. | |
7.750% | | | 09/01/2013 | | | | | | 200,000 | | | | 213,500 | |
Tyco Electronics Group SA (Luxembourg) | |
1.600% | | | 02/03/2015 | | | | | | 100,000 | | | | 100,482 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 313,982 | |
| | | | | | | | | | | | | | |
| Media—0.3% | |
DISH DBS Corp. | | | | | |
4.625% | | | 07/15/2017 | | | ^† | | | 360,000 | | | | 362,250 | |
Viacom, Inc. | | | | | | | | | | | | | | |
4.375% | | | 09/15/2014 | | | | | | 200,000 | | | | 214,201 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 576,451 | |
| | | | | | | | | | | | | | |
| Metals & Mining—0.4% | |
FMG Resources August 2006 Pty Ltd. (Australia) | | | | | |
6.000% | | | 04/01/2017 | | | ^† | | | 280,000 | | | | 282,100 | |
Freeport-McMoRan Copper & Gold, Inc. | | | | | |
1.400% | | | 02/13/2015 | | | | | | 100,000 | | | | 99,722 | |
Steel Dynamics, Inc. | | | | | | | | | | | |
7.375% | | | 11/01/2012 | | | | | | 375,000 | | | | 379,688 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 761,510 | |
| | | | | | | | | | | | | | |
| Multiline Retail—0.3% | |
Target Corp. | | | | | | | | | | | | | | |
0.636% | | | 07/18/2014 | | | # | | | 700,000 | | | | 702,415 | |
| | | | | | | | | | | | | | |
| Multi-Utilities—0.2% | |
DTE Energy Co. | |
1.167% | | | 06/03/2013 | | | # | | | 370,000 | | | | 370,700 | |
| | | | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—1.1% | |
Chesapeake Energy Corp. | | | | | | | | |
7.625% | | | 07/15/2013 | | | † | | | 165,000 | | | | 170,981 | |
ConocoPhillips | | | | | | | | | | | | | | |
4.750% | | | 02/01/2014 | | | | | | 200,000 | | | | 212,509 | |
Kinder Morgan Energy Partners LP | | | | | |
5.850% | | | 09/15/2012 | | | | | | 370,000 | | | | 373,613 | |
Kinder Morgan Kansas, Inc. | | | | | | | | | | | |
6.500% | | | 09/01/2012 | | | | | | 460,000 | | | | 462,783 | |
Phillips 66 | |
1.950% | | | 03/05/2015 | | | ^† | | | 230,000 | | | | 231,797 | |
Rockies Express Pipeline LLC | | | | | |
3.900% | | | 04/15/2015 | | | ^ | | | 290,000 | | | | 280,575 | |
Tesoro Corp. | | | | | | | | | | | | | | |
6.625% | | | 11/01/2015 | | | | | | 140,000 | | | | 143,150 | |
WPX Energy, Inc. | |
5.250% | | | 01/15/2017 | | | ^ | | | 355,000 | | | | 361,213 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,236,621 | |
| | | | | | | | | | | | | | |
| Paper & Forest Products—0.1% | |
Masco Corp. | |
4.800% | | | 06/15/2015 | | | | | | 165,000 | | | | 169,649 | |
| | | | | | | | | | | | | | |
| Personal Products—0.2% | |
Revlon Consumer Products Corp. | |
9.750% | | | 11/15/2015 | | | | | | 380,000 | | | | 408,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| Pharmaceuticals—0.3% | |
Novartis Capital Corp. | | | | | | | | | | | |
4.125% | | | 02/10/2014 | | | | | $ | 100,000 | | | $ | 105,609 | |
Valeant Pharmaceuticals International | | | | | |
6.500% | | | 07/15/2016 | | | ^† | | | 400,000 | | | | 420,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 525,609 | |
| | | | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—0.8% | |
HCP, Inc. | | | | | | | | | | | | | | |
2.700% | | | 02/01/2014 | | | | | | 570,000 | | | | 579,328 | |
Health Care REIT, Inc. | | | | | | | | | | | |
6.000% | | | 11/15/2013 | | | | | | 370,000 | | | | 388,071 | |
Simon Property Group LP | | | | | | | | | | | |
4.200% | | | 02/01/2015 | | | | | | 90,000 | | | | 94,936 | |
Vornado Realty LP | | | | | | | | | | | |
4.250% | | | 04/01/2015 | | | | | | 470,000 | | | | 495,987 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,558,322 | |
| | | | | | | | | | | | | | |
| Road & Rail—0.1% | |
Penske Truck Leasing Co. Lp/PTL Finance Corp. | |
3.125% | | | 05/11/2015 | | | ^ | | | 300,000 | | | | 301,999 | |
| | | | | | | | | | | | | | |
| Software—0.5% | |
Microsoft Corp. | |
2.950% | | | 06/01/2014 | | | | | | 500,000 | | | | 522,900 | |
Oracle Corp. | | | | | | | | | | | | | | |
3.750% | | | 07/08/2014 | | | | | | 480,000 | | | | 509,930 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,032,830 | |
| | | | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—0.1% | |
VF Corp. | | | | | | | | | | | | | | |
1.217% | | | 08/23/2013 | | | # | | | 300,000 | | | | 300,102 | |
| | | | | | | | | | | | | | |
| Tobacco—0.1% | |
BAT International Finance plc (United Kingdom) | |
1.400% | | | 06/05/2015 | | | ^ | | | 180,000 | | | | 180,107 | |
| | | | | | | | | | | | | | |
| Trading Companies & Distributors—0.1% | | | | | |
AmeriGas Partners LP/AmeriGas Finance Corp. | | | | | |
6.250% | | | 08/20/2019 | | | | | | 260,000 | | | | 262,600 | |
| | | | | | | | | | | | | | |
| Wireless Telecommunication Services—0.1% | |
America Movil SAB de CV (Mexico) | | | | | |
3.625% | | | 03/30/2015 | | | | | | 130,000 | | | | 138,913 | |
| | | | | | | | | | | | | | |
| TOTAL CORPORATE OBLIGATIONS | |
(Cost $47,209,378) | | | | | | | | | | 47,739,323 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| MORTGAGE-RELATED SECURITIES—5.0% | |
| Commercial Mortgage-Backed Securities—0.5% | |
Extended Stay America Trust,
Series 2010-ESHA, Class A | | | | | |
2.951% | | | 11/05/2027 | | | ^ | | | 494,938 | | | | 499,963 | |
National Credit Union Administration Guaranteed Notes,
Series 2010-C1, Class A1 | |
1.600% | | | 10/29/2020 | | | | | | 402,087 | | | | 407,475 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 907,438 | |
| | | | | | | | | | | | | | |
| Non-Agency Mortgage-Backed Securities—1.2% | |
Harborview Mortgage Loan Trust,
Series 2005-14, Class 3A1A | | | | | |
2.954% | | | 12/19/2035 | | | # | | | 756,096 | | | | 533,090 | |
Sequoia Mortgage Trust,
Series 2012-2, Class A2 | | | | | |
3.500% | | | 04/25/2042 | | | # | | | 973,471 | | | | 1,001,848 | |
See accompanying notes to financial statements.
143
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Discovery
Fund | | | | | | |
| | | | |
Coupon
Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| MORTGAGE-RELATED SECURITIES—(Continued) | |
Thornburg Mortgage Securities Trust,
Series 2004-1, Class II2A | | | | | |
1.906% | | | 03/25/2044 | | | # | | $ | 966,489 | | | $ | 911,543 | |
WaMu Mortgage Pass Through Certificates,
Series 2006-AR12, Class 1A1 | | | | | |
2.561% | | | 10/25/2036 | | | # | | | 107,001 | | | | 75,882 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,522,363 | |
| | | | | | | | | | | | | | |
| U.S. Government Agency Mortgage-Backed Securities—3.3% | |
Federal National Mortgage Association | | | | | |
5.000% | | | 07/01/2035 | | | | | | 1,378,486 | | | | 1,503,626 | |
4.000% | | | 11/01/2040- | | | | | | | | | | | |
| | | 09/01/2041 | | | | | | 1,113,334 | | | | 1,187,351 | |
3.500% | | | 12/01/2020 | | | | | | 511,855 | | | | 541,408 | |
0.589% | | | 07/01/2016 | | | # | | | 1,500,000 | | | | 1,513,168 | |
National Credit Union Administration Guaranteed Notes,
Series 2010-R1, Class 1A | |
0.691% | | | 10/07/2020 | | | # | | | 626,757 | | | | 628,029 | |
National Credit Union Administration Guaranteed Notes,
Series 2011-R6, Class 1A | |
0.621% | | | 05/07/2020 | | | # | | | 1,471,725 | | | | 1,472,185 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,845,767 | |
| | | | | | | | | | | | | | |
| TOTAL MORTGAGE-RELATED SECURITIES | |
(Cost $10,452,544) | | | | | | | 10,275,568 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| CONVERTIBLE DEBT OBLIGATIONS—0.1% | |
| Oil, Gas & Consumable Fuels—0.1% | | | | | |
Rentech, Inc. | | | | | | | | | | | |
4.000% | | | 04/15/2013 | | | | | | 148,000 | | | | 148,185 | |
| | | | | | | | | | | | | | |
| Real Estate Management & Development—0.0% | |
Grubb & Ellis Co. | | | | | | | | | | | |
7.950% | | | 05/01/2015 | | | ^D | | | 299,000 | | | | 11,960 | |
| | | | | | | | | | | | | | |
| TOTAL CONVERTIBLE DEBT OBLIGATIONS | |
(Cost $411,777) | | | | | | | | | | 160,145 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS—10.9% | | | | | |
| U.S. Treasury Notes—10.9% | | | | | |
U.S. Treasury Note | | | | | |
0.375% | | | 11/15/2014 | | | ‡‡ | | | 6,590,000 | | | | 6,594,633 | |
0.250% | | | 04/30/2014- | | | | | | | | | | | |
| | | 02/15/2015 | | | | | | 15,239,000 | | | | 15,199,951 | |
0.125% | | | 09/30/2013 | | | ‡‡ | | | 545,000 | | | | 544,042 | |
| | | | | | | | | | | | | | |
| TOTAL U.S. TREASURY OBLIGATIONS | | | | | |
(Cost $22,328,186) | | | | | | | | | | 22,338,626 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| GOVERNMENT RELATED OBLIGATIONS—4.7% | |
| U.S. Government Agencies—2.3% | | | | | |
Federal Home Loan Mortgage Corp. | | | | | |
1.000% | | | 07/30/2014 | | | ‡‡ | | | 2,000,000 | | | | 2,025,706 | |
Federal National Mortgage Association | | | | | |
1.125% | | | 06/27/2014 | | | ‡‡ | | | 2,000,000 | | | | 2,031,278 | |
National Credit Union Administration Guaranteed Notes,
Series A1 | |
0.261% | | | 06/12/2013 | | | # | | | 570,000 | | | | 569,835 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
National Credit Union Administration Guaranteed Notes,
Series A2 | |
1.400% | | | 06/12/2015 | | | | | $ | 180,000 | | | $ | 183,553 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,810,372 | |
| | | | | | | | | | | | | | |
| U.S. Government Agencies-U.S. Government Guaranteed Bank Debt—1.0% | |
Ally Financial, Inc. | | | | | |
2.200% | | | 12/19/2012 | | | | | | 1,000,000 | | | | 1,009,214 | |
General Electric Capital Corp. MTN | | | | | |
2.125% | | | 12/21/2012 | | | | | | 1,000,000 | | | | 1,008,736 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,017,950 | |
| | | | | | | | | | | | | | |
| Non-U.S. Government Agencies—0.4% | | | | | |
IPIC Ltd. MTN (Cayman Islands) | | | | | |
3.125% | | | 11/15/2015 | | | ^ | | | 250,000 | | | | 259,063 | |
Korea National Oil Corp. (Korea, Republic of) | | | | | |
2.875% | | | 11/09/2015 | | | ^ | | | 500,000 | | | | 510,052 | |
Petrobras International Finance Co. (Cayman Islands) | |
2.875% | | | 02/06/2015 | | | | | | 160,000 | | | | 162,800 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 931,915 | |
| | | | | | | | | | | | | | |
| Sovereign Debt—0.1% | | | | | |
Panama Government International Bond (Panama) | |
7.250% | | | 03/15/2015 | | | | | | 150,000 | | | | 171,750 | |
| | | | | | | | | | | | | | |
| U.S. Municipal Bonds—0.9% | | | | | |
Citizens Property Insurance Corp. Revenue Bonds,
Series 2007-A (Florida) | |
5.000% | | | 03/01/2013 | | | | | | 150,000 | | | | 154,381 | |
Missouri Higher Education Loan Authority (Missouri) | |
1.069% | | | 12/25/2025 | | | | | | 800,000 | | | | 802,832 | |
State of Louisiana General Obligation Bonds,
Series 2011-B (Louisiana) | | | | | |
0.967% | | | 07/15/2014 | | | # | | | 670,000 | | | | 670,596 | |
University of California Revenue Bonds (California) | | | | | |
1.988% | | | 05/15/2050 | | | # | | | 180,000 | | | | 182,299 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,810,108 | |
| | | | | | | | | | | | | | |
| TOTAL GOVERNMENT RELATED OBLIGATIONS | |
(Cost $9,653,068) | | | | | | | | | | 9,742,095 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES—2.6% | | | | | |
| Automobile—0.5% | | | | | |
Enterprise Fleet Financing LLC
Series 2012-1, Class A2 | | | | | |
1.140% | | | 11/20/2017 | | | ^ | | | 1,000,000 | | | | 1,000,715 | |
| | | | | | | | | | | | | | |
| Credit Card—0.8% | | | | | |
Discover Card Master Trust
Series 2012-A1, Class A1 | | | | | |
0.810% | | | 08/15/2017 | | | | | | 600,000 | | | | 601,134 | |
GE Capital Credit Card Master Note Trust
Series 2012-1, Class A | | | | | |
1.030% | | | 01/15/2018 | | | | | | 750,000 | | | | 754,906 | |
Gracechurch Card Funding plc (United Kingdom)
Series 2012-1A, Class A1 | |
0.942% | | | 02/15/2017 | | | #^ | | | 350,000 | | | | 350,184 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,706,224 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
144
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Discovery
Fund | | | | | | |
| | | | |
Coupon
Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES—(Continued) | |
| Other—0.8% | | | | | |
CenterPoint Energy Transition Bond Co. LLC
Series 2012-1, Class A1 | | | | | |
0.901% | | | 04/15/2018 | | | | | $ | 950,000 | | | $ | 955,687 | |
MMAF Equipment Finance LLC
Series 2011-AA, Class A3 | | | | | |
1.270% | | | 09/15/2015 | | | ^ | | | 580,000 | | | | 581,458 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,537,145 | |
| | | | | | | | | | | | | | |
| Student Loan—0.5% | |
National Credit Union Administration Guaranteed Notes
Series 2010-A1, Class A | |
0.589% | | | 12/07/2020 | | | # | | | 1,112,215 | | | | 1,116,197 | |
| | | | | | | | | | | | | | |
| TOTAL ASSET-BACKED SECURITIES | |
(Cost $5,341,919) | | | | | | | | | | 5,360,281 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | Shares | | | Value | |
| WARRANTS—0.0% | |
| Food Products—0.0% | |
Kulim Malaysia BHD (Malaysia), Expires 02/27/2016, Strike MYR 3.85 (Cost $—) | | | * | | | 60,350 | | | | 19,195 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| MONEY MARKET FUNDS—10.6% | |
| Institutional Money Market Funds—10.6% | |
Dreyfus Institutional Cash Advantage
Fund, 0.15% | | | ††¥ | | | 2,800,000 | | | | 2,800,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | | ¥ | | | 6,558,281 | | | | 6,558,281 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | | ††¥ | | | 1,365,408 | | | | 1,365,407 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17% | | | ††¥ | | | 2,800,000 | | | | 2,800,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | | ††¥ | | | 2,800,000 | | | | 2,800,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | | ††¥ | | | 2,800,000 | | | | 2,800,000 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
| | | | | | | | | | | | |
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13% | | ††¥ | | $ | 2,800,000 | | | $ | 2,800,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $21,923,688) | | | | | | | | | 21,923,688 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—106.2% | |
(Cost $212,636,881) | | | | | | | | | 218,558,518 | |
Other assets less liabilities—(6.2%) | | | | | | | (12,686,264 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | $ | 205,872,254 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| BRL | | Brazilian Real |
| MTN | | Medium Term Note |
| MYR | | Malaysian Ringgit |
| REIT | | Real Estate Investment Trust |
| # | | Rate is subject to change. Rate shown reflects current rate. |
| * | | Non-income producing. |
| ^ | | Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $15,701,539, which represents 7.6% of Net Assets. The illiquid 144A securities represented 0.9% of Net Assets, and 11.2% of total 144A securities held. |
| † | | Denotes all or a portion of the security on loan. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ‡ | | Security valued at fair value as determined by policies approved by the Board of Directors. |
| ‡‡ | | Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
| D | | Security in default. |
See accompanying notes to financial statements.
145
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint
International Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—96.1% | |
| Argentina—0.1% | | | | | |
Arcos Dorados Holdings, Inc., Class A | | † | | | 90,366 | | | $ | 1,335,609 | |
| | | | | | | | | | | | |
| Australia—4.2% | | | | | | | | | | |
AMP Ltd. | | | | | 1,175,672 | | | | 4,678,372 | |
Beach Energy Ltd. | | † | | | 2,712,300 | | | | 2,641,298 | |
Coca-Cola Amatil Ltd. | | † | | | 376,382 | | | | 5,172,399 | |
Cochlear Ltd. | | † | | | 29,000 | | | | 1,969,475 | |
CSL Ltd. | | | | | 179,300 | | | | 7,272,717 | |
Insurance Australia Group Ltd. | | | | | 640,200 | | | | 2,296,155 | |
Lend Lease Group | | | | | 213,600 | | | | 1,588,562 | |
QBE Insurance Group Ltd. | | | | | 675,830 | | | | 9,340,472 | |
Regis Resources Ltd. | | *† | | | 860,000 | | | | 3,467,400 | |
Sigma Pharmaceuticals Ltd. | | | | | 4,368,200 | | | | 2,748,220 | |
Telstra Corp. Ltd. | | | | | 813,400 | | | | 3,081,907 | |
Woodside Petroleum Ltd. | | | | | 101,701 | | | | 3,259,115 | |
Woolworths Ltd. | | † | | | 153,800 | | | | 4,233,831 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 51,749,923 | |
| | | | | | | | | | | | |
| Austria—0.5% | | | | | | | | |
OMV AG | | | | | 92,900 | | | | 2,921,679 | |
Raiffeisen Bank International AG | | † | | | 94,100 | | | | 3,080,838 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,002,517 | |
| | | | | | | | | | | | |
| Belgium—1.4% | | | | | |
Anheuser-Busch InBev NV | | | | | 150,675 | | | | 11,879,408 | |
Colruyt SA | | | | | 106,800 | | | | 4,764,737 | |
Telenet Group Holding NV | | | | | 2,792 | | | | 122,172 | |
UCB SA | | | | | 12,805 | | | | 646,850 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,413,167 | |
| | | | | | | | | | | | |
| Brazil—1.5% | | | | | | | | |
CCR SA | | | | | 240,600 | | | | 1,951,393 | |
Cia de Bebidas das Americas ADR | | | 47,500 | | | | 1,820,675 | |
Cia Siderurgica Nacional SA ADR | | | 117,600 | | | | 666,792 | |
CPFL Energia SA ADR | | | | | 69,900 | | | | 1,746,801 | |
Itau Unibanco Holding SA ADR | | | 35,000 | | | | 487,200 | |
Itausa—Investimentos Itau SA | | | 426,316 | | | | 1,793,562 | |
Petroleo Brasileiro SA | | | | | 173,500 | | | | 1,569,577 | |
Petroleo Brasileiro SA ADR | | | | | 186,400 | | | | 3,381,296 | |
Redecard SA | | | | | 157,200 | | | | 2,571,083 | |
Vale SA ADR | | | | | 125,300 | | | | 2,444,603 | |
Vale SA Preferred ADR | | | | | 23,100 | | | | 458,535 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,891,517 | |
| | | | | | | | | | | | |
| Canada—4.1% | | | | | | | | |
Aecon Group, Inc. | | | | | 204,200 | | | | 2,366,722 | |
Alimentation Couche Tard, Inc., Class B | | | | | 66,100 | | | | 2,886,559 | |
BCE, Inc. | | | | | 212,100 | | | | 8,745,662 | |
Canadian National Railway Co. | | | | | 508 | | | | 42,865 | |
Canadian Pacific Railway Ltd. | | | 109,518 | | | | 8,023,289 | |
Enbridge, Inc. | | | | | 65,900 | | | | 2,631,857 | |
Gibson Energy, Inc. | | | | | 141,000 | | | | 2,852,961 | |
Husky Energy, Inc. | | | | | 82,400 | | | | 2,059,798 | |
Metro, Inc. | | | | | 33,800 | | | | 1,730,669 | |
National Bank of Canada | | | | | 35,100 | | | | 2,508,817 | |
Rogers Communications, Inc., Class B | | | | | 70,300 | | | | 2,548,643 | |
Royal Bank of Canada | | | | | 41,300 | | | | 2,115,910 | |
Suncor Energy, Inc. | | | | | 219,600 | | | | 6,350,087 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Trinidad Drilling Ltd. | | | | | 226,800 | | | $ | 1,294,282 | |
Wajax Corp. | | | | | 65,600 | | | | 3,104,418 | |
Yamana Gold, Inc. | | | | | 118,100 | | | | 1,822,366 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 51,084,905 | |
| | | | | | | | | | | | |
| Chile—0.2% | | | | | | | | | | |
Enersis SA ADR | | | | | 142,800 | | | | 2,670,360 | |
| | | | | | | | | | | | |
| China—1.9% | | | | | | | | |
Baidu, Inc. ADR | | * | | | 55,327 | | | | 6,361,498 | |
China Construction Bank Corp., H Shares | | | | | 5,930,600 | | | | 4,097,300 | |
China Shenhua Energy Co. Ltd., H Shares | | | | | 1,135,366 | | | | 4,017,272 | |
Hengan International Group Co. Ltd. | | | | | 164,000 | | | | 1,597,550 | |
Industrial & Commercial Bank of China, H Shares | | | | | 3,223,715 | | | | 1,807,178 | |
SunVic Chemical Holdings Ltd. | | * | | | 7,793,200 | | | | 2,156,153 | |
Tencent Holdings Ltd. | | | | | 67,300 | | | | 1,987,455 | |
Want Want China Holdings Ltd. | | | | | 1,374,000 | | | | 1,699,144 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,723,550 | |
| | | | | | | | | | | | |
| Denmark—1.3% | | | | | | | | |
Coloplast A/S, Class B | | | | | 13,300 | | | | 2,391,442 | |
Novo Nordisk A/S, Class B | | | | | 65,600 | | | | 9,514,419 | |
Topdanmark A/S | | * | | | 15,650 | | | | 2,683,331 | |
Tryg A/S | | | | | 36,100 | | | | 2,029,339 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,618,531 | |
| | | | | | | | | | | | |
| Finland—0.2% | | | | | | | | | | |
Kone Oyj, Class B | | | | | 36,000 | | | | 2,174,157 | |
| | | | | | | | | | | | |
| France—9.6% | | | | | | | | |
Air Liquide SA | | | | | 13,730 | | | | 1,569,731 | |
Carrefour SA | | † | | | 400,786 | | | | 7,400,675 | |
Cie de Saint-Gobain | | † | | | 273,147 | | | | 10,092,568 | |
Cie Generale d’Optique Essilor International SA | | | | | 62,000 | | | | 5,759,789 | |
Danone SA | | | | | 121,762 | | | | 7,567,097 | |
France Telecom SA | | | | | 828,945 | | | | 10,899,301 | |
L’Oreal SA | | | | | 61,100 | | | | 7,149,025 | |
LVMH Moet Hennessy Louis Vuitton SA | | | | | 28,408 | | | | 4,323,411 | |
NicOx SA | | *† | | | 606,000 | | | | 2,209,597 | |
Pernod-Ricard SA | | | | | 44,308 | | | | 4,737,950 | |
Rexel SA | | | | | 147,500 | | | | 2,519,435 | |
Sanofi | | | | | 244,654 | | | | 18,520,518 | |
Schneider Electric SA | | | | | 117,727 | | | | 6,543,705 | |
Societe Generale SA | | * | | | 152,473 | | | | 3,575,430 | |
Technip SA | | | | | 35,992 | | | | 3,750,945 | |
Total SA | | | | | 315,867 | | | | 14,216,839 | |
Unibail-Rodamco SE (Paris Exchange) REIT | | | | | 17,636 | | | | 3,248,731 | |
Valeo SA | | † | | | 44,200 | | | | 1,826,079 | |
Vallourec SA | | | | | 20,000 | | | | 817,224 | |
Zodiac Aerospace | | | | | 17,289 | | | | 1,758,721 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 118,486,771 | |
| | | | | | | | | | | | |
| Germany—6.0% | | | | | | | | | | |
Adidas AG | | † | | | 55,600 | | | | 3,985,294 | |
BASF SE | | | | | 35,400 | | | | 2,461,519 | |
Bayer AG | | | | | 56,997 | | | | 4,107,166 | |
See accompanying notes to financial statements.
146
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint
International Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Bayerische Motoren Werke AG | | | 41,100 | | | $ | 2,974,321 | |
Beiersdorf AG | | † | | | 52,478 | | | | 3,402,021 | |
Brenntag AG | | † | | | 31,981 | | | | 3,539,257 | |
Daimler AG (Registered) | | | | | 97,825 | | | | 4,396,200 | |
Deutsche Telekom AG (Registered) | | | | | 625,488 | | | | 6,855,000 | |
Duerr AG | | | | | 71,300 | | | | 4,399,346 | |
Kabel Deutschland Holding AG | | * | | | 6,189 | | | | 385,697 | |
Linde AG | | | | | 61,051 | | | | 9,508,126 | |
Muenchener Rueckversicherungs AG (Registered) | | | | | 23,705 | | | | 3,344,875 | |
RWE AG | | † | | | 300,227 | | | | 12,277,655 | |
SAP AG | | | | | 69,100 | | | | 4,091,787 | |
Suedzucker AG | | | | | 66,000 | | | | 2,341,382 | |
TAG Immobilien AG | | | | | 250,900 | | | | 2,360,880 | |
Volkswagen AG | | | | | 21,000 | | | | 3,173,381 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 73,603,907 | |
| | | | | | | | | | | | |
| Hong Kong—5.8% | | | | | |
AIA Group Ltd. | | | | | 1,969,000 | | | | 6,801,043 | |
Beijing Enterprises Holdings Ltd. | | † | | | 298,500 | | | | 1,801,072 | |
Belle International Holdings Ltd. | | | | | 1,824,837 | | | | 3,126,238 | |
BOC Hong Kong Holdings Ltd. | | | | | 530,745 | | | | 1,633,875 | |
China Merchants Holdings International Co. Ltd. | | | | | 626,000 | | | | 1,915,091 | |
China Mobile Ltd. | | | | | 911,134 | | | | 10,001,965 | |
China Resources Land Ltd. | | † | | | 1,028,000 | | | | 2,125,661 | |
China Resources Power Holdings Co. Ltd. | | | | | 852,000 | | | | 1,759,902 | |
CLP Holdings Ltd. | | | | | 480,000 | | | | 4,079,450 | |
CNOOC Ltd. | | | | | 2,511,000 | | | | 5,062,476 | |
Galaxy Entertainment Group Ltd. | | *† | | | 1,093,000 | | | | 2,749,838 | |
Hang Lung Properties Ltd. | | | | | 583,000 | | | | 1,994,221 | |
Hang Seng Bank Ltd. | | † | | | 181,294 | | | | 2,492,428 | |
Henderson Land Development Co. Ltd. | | | | | 265,999 | | | | 1,478,803 | |
Hong Kong & China Gas Co. Ltd. | | | | | 1,961,630 | | | | 4,167,092 | |
Hongkong Land Holdings Ltd. | | | | | 251,970 | | | | 1,453,556 | |
Jardine Matheson Holdings Ltd. | | | | | 58,400 | | | | 2,844,681 | |
Li & Fung Ltd. | | | | | 1,314,000 | | | | 2,544,234 | |
Link (The) REIT | | | | | 596,000 | | | | 2,442,922 | |
MGM China Holdings Ltd. | | | | | 215,620 | | | | 330,622 | |
Sino Land Co. Ltd. | | | | | 1,659,838 | | | | 2,520,411 | |
SmarTone Telecommunications Holdings Ltd. | | | | | 1,460,500 | | | | 2,835,382 | |
Sun Hung Kai Properties Ltd. | | | | | 421,954 | | | | 5,016,589 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 71,177,552 | |
| | | | | | | | | | | | |
| India—0.7% | | | | | |
Axis Bank Ltd., Reg S GDR | | | | | 106,248 | | | | 1,981,262 | |
ICICI Bank Ltd. ADR | | | | | 64,800 | | | | 2,100,168 | |
Infosys Ltd. ADR | | | | | 16,100 | | | | 725,466 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Larsen & Toubro Ltd. GDR | | | | | 112,782 | | | $ | 2,881,055 | |
Tata Motors Ltd. ADR | | | | | 51,100 | | | | 1,122,156 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,810,107 | |
| | | | | | | | | | | | |
| Indonesia—0.5% | | | | | |
Astra International Tbk PT | | | | | 3,028,500 | | | | 2,232,606 | |
Bank Rakyat Indonesia Persero Tbk PT | | | | | 3,169,500 | | | | 2,170,808 | |
Perusahaan Gas Negara Persero Tbk PT | | | | | 5,212,500 | | | | 1,973,369 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,376,783 | |
| | | | | | | | | | | | |
| Ireland—0.8% | | | | | |
Covidien plc | | | | | 89,408 | | | | 4,783,328 | |
Shire plc | | | | | 84,359 | | | | 2,426,999 | |
WPP plc | | | | | 220,948 | | | | 2,682,253 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,892,580 | |
| | | | | | | | | | | | |
| Israel—1.1% | | | | | |
Bank Hapoalim BM | | | | | 710,626 | | | | 2,191,628 | |
Mizrahi Tefahot Bank Ltd. | | * | | | 333,668 | | | | 2,603,282 | |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | | | | | 66,215 | | | | 1,898,643 | |
Teva Pharmaceutical Industries Ltd. ADR | | | | | 188,700 | | | | 7,442,328 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,135,881 | |
| | | | | | | | | | | | |
| Italy—2.4% | | | | | |
ENI SpA | | | | | 557,285 | | | | 11,839,606 | |
Fiat Industrial SpA | | | | | 255,663 | | | | 2,516,501 | |
Intesa Sanpaolo SpA | | | | | 2,878,560 | | | | 4,096,902 | |
Pirelli & C. SpA | | † | | | 281,100 | | | | 2,964,715 | |
Saipem SpA | | | | | 141,644 | | | | 6,308,021 | |
Sorin SpA | | * | | | 675,648 | | | | 1,469,382 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 29,195,127 | |
| | | | | | | | | | | | |
| Japan—18.3% | | | | | |
Aeon Mall Co. Ltd. | | † | | | 148,400 | | | | 3,162,176 | |
Aisin Seiki Co. Ltd. | | | | | 81,100 | | | | 2,711,001 | |
AOC Holdings, Inc. | | | | | 281,900 | | | | 1,150,186 | |
Bridgestone Corp. | | | | | 84,210 | | | | 1,933,807 | |
Canon, Inc. | | † | | | 355,300 | | | | 14,180,210 | |
Central Japan Railway Co. | | | | | 299 | | | | 2,354,886 | |
Chugai Pharmaceutical Co. Ltd. | | † | | | 167,200 | | | | 3,169,656 | |
Daikin Industries Ltd. | | | | | 98,000 | | | | 2,759,908 | |
Daikyo, Inc. | | | | | 958,000 | | | | 2,526,730 | |
Daito Trust Construction Co. Ltd. | | | 50,200 | | | | 4,758,564 | |
Denso Corp. | | | | | 146,500 | | | | 5,006,055 | |
FANUC Corp. | | | | | 32,500 | | | | 5,342,387 | |
Geo Holdings Corp. | | † | | | 1,500 | | | | 1,670,735 | |
Hokuetsu Kishu Paper Co. Ltd. | | | | | 341,000 | | | | 1,828,649 | |
Honda Motor Co. Ltd. | | | | | 315,300 | | | | 11,002,566 | |
HOYA Corp. | | | | | 164,900 | | | | 3,632,750 | |
INPEX Corp. | | | | | 1,021 | | | | 5,734,448 | |
Japan Tobacco, Inc. | | | | | 369,000 | | | | 10,931,863 | |
JX Holdings, Inc. | | | | | 270,000 | | | | 1,391,584 | |
Kao Corp. | | | | | 541,800 | | | | 14,941,973 | |
KDDI Corp. | | | | | 309 | | | | 1,993,332 | |
Keyence Corp. | | | | | 16,192 | | | | 4,005,465 | |
Komatsu Ltd. | | | | | 188,300 | | | | 4,494,973 | |
Mitsubishi Estate Co. Ltd. | | | | | 123,000 | | | | 2,206,719 | |
Mitsubishi UFJ Financial Group, Inc. | | | | | 686,000 | | | | 3,286,543 | |
See accompanying notes to financial statements.
147
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint
International Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Mizuho Financial Group, Inc. | | | 1,764,000 | | | $ | 2,979,827 | |
NGK Insulators Ltd. | | | | | 182,000 | | | | 2,015,383 | |
Nippon Steel Corp. | | | | | 1,046,000 | | | | 2,372,502 | |
Nippon Telegraph & Telephone Corp. | | | | | 144,427 | | | | 6,734,706 | |
Nissan Motor Co. Ltd. | | | | | 344,000 | | | | 3,266,531 | |
Nomura Holdings, Inc. | | | | | 602,000 | | | | 2,250,601 | |
ORIX Corp. | | | | | 29,900 | | | | 2,786,555 | |
Seven & I Holdings Co. Ltd. | | | | | 382,300 | | | | 11,524,568 | |
Shimamura Co. Ltd. | | | | | 27,000 | | | | 3,119,993 | |
Shin-Etsu Chemical Co. Ltd. | | | | | 103,800 | | | | 5,716,059 | |
Softbank Corp. | | | | | 169,600 | | | | 6,313,136 | |
Sumitomo Corp. | | | | | 233,700 | | | | 3,269,886 | |
Sumitomo Mitsui Financial Group, Inc. | | | | | 134,291 | | | | 4,436,294 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | | | 951,000 | | | | 2,842,179 | |
Sumitomo Precision Products Co. Ltd. | | | | | 328,000 | | | | 1,798,139 | |
Takeda Pharmaceutical Co. Ltd. | | | | | 258,100 | | | | 11,718,222 | |
Tokio Marine Holdings, Inc. | | | | | 538,900 | | | | 13,522,671 | |
Tokyo Electron Ltd. | | | | | 67,900 | | | | 3,184,164 | |
Toyota Motor Corp. | | | | | 288,200 | | | | 11,632,392 | |
Unipres Corp. | | | | | 189,200 | | | | 4,945,470 | |
Universal Entertainment Corp. | | | | | 82,600 | | | | 1,723,821 | |
Yorozu Corp. | | † | | | 68,000 | | | | 1,116,315 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 225,446,580 | |
| | | | | | | | | | | | |
| Kazakhstan—0.1% | | | | | |
KazMunaiGas Exploration Production JSC GDR | | | | | 82,959 | | | | 1,402,125 | |
| | | | | | | | | | | | |
| Korea, Republic of—1.9% | | | | | |
Dongbu Insurance Co. Ltd. | | | | | 56,400 | | | | 2,082,238 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | | | 78,200 | | | | 2,037,516 | |
Hyundai Mobis | | | | | 12,476 | | | | 3,024,135 | |
KB Financial Group, Inc. | | | | | 55,509 | | | | 1,813,307 | |
Korea Electric Power Corp. | | * | | | 114,800 | | | | 2,586,512 | |
LG Display Co. Ltd. | | * | | | 126,200 | | | | 2,382,583 | |
Samsung Electronics Co. Ltd. | | | | | 6,869 | | | | 7,274,185 | |
SK Holdings Co. Ltd. | | | | | 15,000 | | | | 1,762,046 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 22,962,522 | |
| | | | | | | | | | | | |
| Macau—0.6% | | | | | |
Sands China Ltd. | | † | | | 1,672,169 | | | | 5,379,413 | |
Wynn Macau Ltd. | | † | | | 803,452 | | | | 1,895,909 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,275,322 | |
| | | | | | | | | | | | |
| Mexico—0.4% | | | | | |
America Movil SAB de CV, Series L ADR | | | | | 70,600 | | | | 1,839,836 | |
Grupo Mexico SAB de CV, Series B | | | | | 854,596 | | | | 2,540,142 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,379,978 | |
| | | | | | | | | | | | |
| Netherlands—3.8% | | | | | |
Akzo Nobel NV | | | | | 42,492 | | | | 1,999,869 | |
ASML Holding NV | | | | | 47,700 | | | | 2,449,686 | |
European Aeronautic Defence and Space Co. NV | | | | | 79,300 | | | | 2,814,415 | |
Koninklijke Ahold NV | | | | | 942,683 | | | | 11,677,304 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Koninklijke Vopak NV | | | | | 32,276 | | | $ | 2,070,239 | |
Reed Elsevier NV | | | | | 571,435 | | | | 6,519,196 | |
Royal Dutch Shell plc, Class A | | | | | 334,669 | | | | 11,295,310 | |
Unilever NV CVA | | | | | 238,538 | | | | 7,968,471 | |
Ziggo NV | | * | | | 6,868 | | | | 218,894 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 47,013,384 | |
| | | | | | | | | | | | |
| Norway—0.3% | | | | | |
Norske Skogindustrier ASA | | *† | | | 2,326,000 | | | | 1,609,415 | |
Statoil ASA | | | | | 105,500 | | | | 2,516,020 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,125,435 | |
| | | | | | | | | | | | |
| Peru—0.3% | | | | | |
Credicorp Ltd. | | | | | 25,156 | | | | 3,166,889 | |
| | | | | | | | | | | | |
| Philippines—0.2% | | | | | |
Philippine Long Distance Telephone Co. ADR | | | | | 45,700 | | | | 2,906,520 | |
| | | | | | | | | | | | |
| Russia—0.3% | | | | | |
Gazprom OAO ADR | | | | | 198,494 | | | | 1,884,814 | |
Lukoil OAO ADR | | | | | 41,600 | | | | 2,332,928 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,217,742 | |
| | | | | | | | | | | | |
| Singapore—2.3% | | | | | |
City Developments Ltd. | | | | | 86,049 | | | | 767,033 | |
DBS Group Holdings Ltd. | | | | | 419,449 | | | | 4,633,099 | |
Genting Singapore plc (Registered) | | | | | 1,043,374 | | | | 1,172,115 | |
Global Logistic Properties Ltd. | | * | | | 1,414,200 | | | | 2,354,304 | |
Oversea-Chinese Banking Corp. Ltd. | | | | | 418,100 | | | | 2,923,726 | |
SembCorp Marine Ltd. | | | | | 536,900 | | | | 2,049,423 | |
Singapore Telecommunications Ltd. | | | | | 1,870,000 | | | | 4,897,086 | |
United Overseas Bank Ltd. | | | | | 658,236 | | | | 9,774,498 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 28,571,284 | |
| | | | | | | | | | | | |
| South Africa—0.2% | | | | | |
Sasol Ltd. | | | | | 38,904 | | | | 1,641,061 | |
Tiger Brands Ltd. | | | | | 49,267 | | | | 1,479,891 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,120,952 | |
| | | | | | | | | | | | |
| Spain—2.3% | | | | | |
Gas Natural SDG SA | | | | | 126,500 | | | | 1,624,219 | |
Grifols SA | | * | | | 53,038 | | | | 1,343,678 | |
Iberdrola SA | | | | | 2,007,203 | | | | 9,476,454 | |
Inditex SA | | | | | 77,800 | | | | 8,041,817 | |
Telefonica SA | | † | | | 617,668 | | | | 8,130,640 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 28,616,808 | |
| | | | | | | | | | | | |
| Sweden—0.8% | | | | | |
Hennes & Mauritz AB, Class B | | | | | 130,300 | | | | 4,676,981 | |
Investment AB Kinnevik, Class B | | | | | 99,200 | | | | 1,991,172 | |
NCC AB, Class B | | | | | 80,788 | | | | 1,453,756 | |
Skanska AB, Class B | | | | | 89,785 | | | | 1,375,912 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,497,821 | |
| | | | | | | | | | | | |
| Switzerland—6.1% | | | | | |
ABB Ltd. | | * | | | 361,040 | | | | 5,895,133 | |
Adecco SA (Registered) | | * | | | 61,900 | | | | 2,752,681 | |
Bucher Industries AG | | | | | 10,600 | | | | 1,692,961 | |
Clariant AG | | * | | | 165,000 | | | | 1,630,593 | |
See accompanying notes to financial statements.
148
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint International Fund | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Compagnie Financiere Richemont SA (A Bearer Shares) | | | | | 65,778 | | | $ | 3,611,857 | |
Forbo Holding AG | | * | | | 4,400 | | | | 2,518,205 | |
Givaudan SA (Registered) | | * | | | 2,012 | | | | 1,974,706 | |
Nestle SA | | | | | 214,938 | | | | 12,827,042 | |
Novartis AG (Registered) | | | | | 267,047 | | | | 14,930,950 | |
OC Oerlikon Corp. AG (Registered) | | * | | | 272,300 | | | | 2,262,757 | |
Roche Holding AG (Genusschein) | | | | | 13,911 | | | | 2,402,889 | |
SGS SA (Registered) | | | | | 2,500 | | | | 4,687,426 | |
Swatch Group AG (The) (Bearer) | | | | | 5,967 | | | | 2,358,406 | |
Swiss Re AG | | * | | | 54,100 | | | | 3,410,562 | |
Syngenta AG (Registered) | | | | | 12,700 | | | | 4,347,530 | |
Zurich Insurance Group AG (Registered) | | * | | | 33,383 | | | | 7,548,697 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 74,852,395 | |
| | | | | | | | | | | | |
| Taiwan—0.7% | | | | | |
HTC Corp. | | | | | 98,800 | | | | 1,304,459 | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | | * | | | 320,300 | | | | 4,471,388 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | * | | | 1,059,000 | | | | 2,898,979 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,674,826 | |
| | | | | | | | | | | | |
| Thailand—0.4% | | | | | |
Kasikornbank PCL NVDR | | | | | 376,100 | | | | 1,939,308 | |
PTT PCL | | ‡ | | | 261,900 | | | | 2,682,824 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,622,132 | |
| | | | | | | | | | | | |
| Turkey—0.4% | | | | | |
Tupras Turkiye Petrol Rafinerileri AS | | | | | 110,506 | | | | 2,370,365 | |
Turkiye Garanti Bankasi AS | | | 523,814 | | | | 2,061,997 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,432,362 | |
| | | | | | | | | | | | |
| United Kingdom—13.8% | | | | | |
Anglo American plc | | | | | 66,200 | | | | 2,175,685 | |
AstraZeneca plc (London Exchange) | | | | | 155,899 | | | | 6,966,760 | |
BAE Systems plc | | | | | 547,100 | | | | 2,480,350 | |
Barclays plc | | | | | 843,300 | | | | 2,154,844 | |
BG Group plc | | | | | 214,000 | | | | 4,380,894 | |
BP plc | | | | | 2,496,152 | | | | 16,669,798 | |
BT Group plc | | | | | 961,280 | | | | 3,185,229 | |
Centrica plc | | | | | 849,000 | | | | 4,244,965 | |
Debenhams plc | | | | | 4,433,663 | | | | 6,020,258 | |
Diageo plc | | | | | 45,427 | | | | 1,170,880 | |
Drax Group plc | | | | | 201,000 | | | | 1,768,205 | |
EnQuest plc | | * | | | 1,204,500 | | | | 2,036,744 | |
Enterprise Inns plc | | * | | | 1,017,399 | | | | 1,045,088 | |
GlaxoSmithKline plc | | | | | 590,068 | | | | 13,402,825 | |
HSBC Holdings plc (London Exchange) | | | | | 1,665,868 | | | | 14,679,356 | |
Imperial Tobacco Group plc | | | | | 215,646 | | | | 8,308,459 | |
Intermediate Capital Group plc | | | | | 1,220,132 | | | | 5,171,162 | |
Johnson Matthey plc | | | | | 46,653 | | | | 1,617,918 | |
Kingfisher plc | | | | | 218,023 | | | | 983,506 | |
Land Securities Group plc REIT | | | | | 51,288 | | | | 594,220 | |
| | | | | | | | | | | | |
| | | |
| | | | Shares | | | | Value | |
Legal & General Group plc | | | 1,263,863 | | | $ | 2,526,806 | |
London Stock Exchange Group plc | | | | | 138,100 | | | | 2,180,146 | |
Petropavlovsk plc | | | | | 210,378 | | | | 1,507,192 | |
Prudential plc | | | | | 79,471 | | | | 921,468 | |
Reckitt Benckiser Group plc | | | 127,281 | | | | 6,727,688 | |
Rio Tinto plc | | | | | 47,852 | | | | 2,274,101 | |
SABMiller plc | | | | | 115,215 | | | | 4,622,569 | |
Smith & Nephew plc | | | | | 394,900 | | | | 3,949,971 | |
Standard Chartered plc (London Exchange) | | | | | 174,375 | | | | 3,787,945 | |
Tate & Lyle plc | | | | | 127,094 | | | | 1,290,757 | |
Tesco plc | | | | | 2,903,902 | | | | 14,112,449 | |
Unilever plc | | | | | 321,784 | | | | 10,803,491 | |
Vodafone Group plc | | | | | 3,439,921 | | | | 9,668,776 | |
William Hill plc | | | | | 490,300 | | | | 2,174,394 | |
Wm Morrison Supermarkets plc | | | | | 992,692 | | | | 4,142,283 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 169,747,182 | |
| | | | | | | | | | | | |
| United States—0.6% | | | | | |
Boart Longyear Ltd. | | | | | 918,559 | | | | 2,737,645 | |
Liberty Global, Inc., Series A | | * | | | 9,656 | | | | 479,227 | |
Schlumberger Ltd. | | | | | 53,702 | | | | 3,485,797 | |
Virgin Media, Inc. | | † | | | 8,432 | | | | 205,657 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,908,326 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | |
(Cost $1,184,496,209) | | | | 1,185,283,529 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| PREFERRED STOCKS—0.5% | |
| Germany—0.2% | | | | | |
Henkel AG & Co. KGaA | | | | | 47,151 | | | | 3,132,989 | |
| | | | | | | | | | | | |
| Korea, Republic of—0.3% | | | | | |
Samsung Electronics Co. Ltd. | | | 5,300 | | | | 3,498,804 | |
| | | | | | | | | | | | |
| TOTAL PREFERRED STOCKS | |
(Cost $6,875,633) | | | | 6,631,793 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| MONEY MARKET FUNDS—6.6% | |
| Institutional Money Market Funds—6.6% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | ††¥ | | | 8,500,000 | | | | 8,500,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | ¥ | | | 31,089,508 | | | | 31,089,508 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | ††¥ | | | 9,293,035 | | | | 9,293,035 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional
Class, 0.17% | | ††¥ | | | 7,200,000 | | | | 7,200,000 | |
See accompanying notes to financial statements.
149
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint International Fund | | | Shares | | | | Value | |
| MONEY MARKET FUNDS—(Continued) | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | ††¥ | | | 8,500,000 | | | $ | 8,500,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 8,500,000 | | | | 8,500,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13% | | ††¥ | | | 8,500,000 | | | | 8,500,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $81,582,543) | | | | 81,582,543 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—103.2% | |
(Cost $1,272,954,385) | | | | 1,273,497,865 | |
Other assets less liabilities—(3.2%) | | | | (39,438,190 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | $ | 1,234,059,675 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| ADR | | American Depositary Receipt |
| CVA | | Dutch Certificate of Shares |
| GDR | | Global Depositary Receipt |
| NVDR | | Non-Voting Depositary Receipt |
| Reg S | | Security purchased outside the United States and is not registered under the Securities Act of 1933. This security may be resold in the United States only if the offer and sale are made pursuant to such registration or are exempt from registration. |
| REIT | | Real Estate Investment Trust |
| † | | Denotes all or a portion of the security on loan. |
| * | | Non-income producing. |
| ‡ | | Security valued at fair value as determined by policies approved by the Board of Directors. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
150
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | |
Vantagepoint International
Fund | | | | |
| Percentage of Portfolio by Industry: | | | | |
| |
| COMMON STOCKS | | | | |
Oil, Gas & Consumable Fuels | | | 9.8% | |
Commercial Banks | | | 8.0% | |
Pharmaceuticals | | | 7.7% | |
Food & Staples Retailing | | | 5.2% | |
Insurance | | | 5.1% | |
Diversified Telecommunication Services | | | 4.3% | |
Food Products | | | 3.7% | |
Automobiles | | | 3.2% | |
Wireless Telecommunication Services | | | 3.1% | |
Real Estate Management & Development | | | 2.8% | |
Chemicals | | | 2.7% | |
Beverages | | | 2.4% | |
Machinery | | | 2.3% | |
Personal Products | | | 2.2% | |
Auto Components | | | 1.9% | |
Specialty Retail | | | 1.8% | |
Electric Utilities | | | 1.7% | |
Health Care Equipment & Supplies | | | 1.7% | |
Semiconductors & Semiconductor Equipment | | | 1.6% | |
Tobacco | | | 1.6% | |
Metals & Mining | | | 1.6% | |
Multi-Utilities | | | 1.3% | |
Hotels, Restaurants & Leisure | | | 1.3% | |
Energy Equipment & Services | | | 1.2% | |
Textiles, Apparel & Luxury Goods | | | 1.2% | |
Office Electronics | | | 1.2% | |
Electrical Equipment | | | 1.0% | |
Trading Companies & Distributors | | | 1.0% | |
Building Products | | | 1.0% | |
Construction & Engineering | | | 0.9% | |
Biotechnology | | | 0.9% | |
Electronic Equipment, Instruments & Components | | | 0.8% | |
Media | | | 0.8% | |
Road & Rail | | | 0.8% | |
Aerospace & Defense | | | 0.7% | |
Internet Software & Services | | | 0.7% | |
Capital Markets | | | 0.6% | |
Gas Utilities | | | 0.6% | |
Diversified Financial Services | | | 0.6% | |
Professional Services | | | 0.6% | |
Multiline Retail | | | 0.5% | |
Transportation Infrastructure | | | 0.5% | |
Household Products | | | 0.5% | |
Industrial Conglomerates | | | 0.5% | |
Real Estate Investment Trusts (REITs) | | | 0.5% | |
Software | | | 0.3% | |
Paper & Forest Products | | | 0.3% | |
IT Services | | | 0.3% | |
Independent Power Producers & Energy Traders | | | 0.3% | |
Health Care Providers & Services | | | 0.2% | |
Household Durables | | | 0.2% | |
Distributors | | | 0.2% | |
Leisure Equipment & Products | | | 0.1% | |
Communications Equipment | | | 0.1% | |
| | | | |
| TOTAL COMMON STOCKS | | | 96.1% | |
| | | | |
| | | | |
| PREFERRED STOCKS | | | | |
Semiconductors & Semiconductor Equipment | | | 0.3% | |
Household Products | | | 0.2% | |
| | | | |
| TOTAL PREFERRED STOCKS | | | 0.5% | |
| | | | |
| MONEY MARKET FUNDS | | | | |
Institutional Money Market Funds | | | 6.6% | |
| | | | |
| TOTAL INVESTMENTS | | | 103.2% | |
Other assets less liabilities | | | (3.2)% | |
| | | | |
| TOTAL NET ASSETS | | | 100.0% | |
| | | | |
See accompanying notes to financial statements.
151
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | Shares | | | | Value | |
| COMMON STOCKS—3.2% | |
| Capital Markets—0.3% | |
Franklin Resources, Inc. | | | 14,800 | | | $ | 1,642,652 | |
T. Rowe Price Group, Inc. | | | 12,000 | | | | 755,520 | |
| | | | | | | | | | | | |
| | | | | | | 2,398,172 | |
| | | | | | | | | | | | |
| Electrical Equipment—0.0% | |
ABB Ltd. (Switzerland) | | * | | | 30,000 | | | | 489,846 | |
| | | | | | | | | | | | |
| Electronic Equipment, Instruments & Components—0.1% | |
Hon Hai Precision Industry Co. Ltd. (Taiwan) | | | 210,000 | | | | 634,945 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—0.1% | |
National Oilwell Varco, Inc. | | | 12,000 | | | | 773,280 | |
| | | | | | | | | | | | |
| Food Products—0.1% | |
Nestle SA (Switzerland) | | | 16,200 | | | | 966,781 | |
| | | | | | | | | | | | |
| Industrial Conglomerates—0.0% | |
Siemens AG (Registered) (Germany) | | | 6,400 | | | | 537,774 | |
| | | | | | | | | | | | |
| Metals & Mining—0.4% | |
Barrick Gold Corp. (Canada) | | | 61,000 | | | | 2,297,761 | |
Goldcorp, Inc. (Canada) | | | 27,000 | | | | 1,014,660 | |
| | | | | | | | | | | | |
| | | | | | | 3,312,421 | |
| | | | | | | | | | | | |
| Pharmaceuticals—0.8% | |
Novo Nordisk A/S, Class B (Denmark) | | | 46,600 | | | | 6,758,717 | |
Sawai Pharmaceutical Co. Ltd. (Japan) | | | 9,900 | | | | 1,065,058 | |
| | | | | | | | | | | | |
| | | | | | | 7,823,775 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—0.1% | |
Dialog Semiconductor plc
(United Kingdom) | | * | | | 40,000 | | | | 726,136 | |
| | | | | | | | | | | | |
| Software—0.9% | |
Microsoft Corp. | | | 86,700 | | | | 2,652,153 | |
SAP AG (Germany) | | | 91,800 | | | | 5,435,977 | |
| | | | | | | | | | | | |
| | | | | | | 8,088,130 | |
| | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—0.4% | |
Swatch Group AG (The) (Bearer) (Switzerland) | | | 7,275 | | | | 2,875,381 | |
Swatch Group AG (The) (Registered) (Switzerland) | | | 11,266 | | | | 783,792 | |
| | | | | | | | | | | | |
| | | | | | | 3,659,173 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | |
(Cost $28,507,269) | | | | | | | 29,410,433 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| CONVERTIBLE PREFERRED STOCKS—1.5% | |
| Communications Equipment—0.2% | |
Lucent Technologies Capital Trust I 7.750% | | | 3,000 | | | | 2,025,000 | |
| | | | | | | | | | | | |
| Electric Utilities—0.4% | |
NextEra Energy, Inc. 5.599% | | | 70,500 | | | | 3,613,125 | |
| | | | | | | | | | | | |
| Food Products—0.1% | |
Bunge Ltd., Perpetual (Bermuda) 4.875% | | | 14,195 | | | | 1,357,397 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | Shares | | | | Value | |
| Metals & Mining—0.2% | |
AngloGold Ashanti Holdings Finance plc (South Africa) 6.000% | | | 42,500 | | | $ | 1,751,000 | |
| | | | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—0.6% | |
Apache Corp., Series D 6.000% | | | 71,900 | | | | 3,612,256 | |
Chesapeake Energy Corp., Perpetual 5.750% | | | ^ | | | 2,035 | | | | 1,755,696 | |
| | | | | | | | | | | | | | |
| | | | | | | 5,367,952 | |
| | | | | | | | | | | | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | |
(Cost $15,893,182) | | | | | | | 14,114,474 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—30.7% | |
| Aerospace & Defense—0.4% | |
General Dynamics Corp. | |
4.250% | | | 05/15/2013 | | | § | | $ | 980,000 | | | | 1,012,276 | |
Raytheon Co. | |
1.400% | | | 12/15/2014 | | | § | | | 875,000 | | | | 888,301 | |
United Technologies Corp. | |
1.200% | | | 06/01/2015 | | | | | | 320,000 | | | | 323,955 | |
0.967% | | | 06/01/2015 | | | # | | | 1,055,000 | | | | 1,067,182 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,291,714 | |
| | | | | | | | | | | | | | |
| Auto Components—0.2% | |
American Axle & Manufacturing, Inc. | |
7.875% | | | 03/01/2017 | | | | | | 900,000 | | | | 931,500 | |
Goodyear Tire & Rubber Co. (The) | |
7.000% | | | 05/15/2022 | | | | | | 350,000 | | | | 351,312 | |
Johnson Controls, Inc. | |
0.876% | | | 02/04/2014 | | | #§ | | | 770,000 | | | | 772,833 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,055,645 | |
| | | | | | | | | | | | | | |
| Automobile—0.8% | |
Daimler Finance North America LLC | |
2.300% | | | 01/09/2015 | | | ^§ | | | 1,480,000 | | | | 1,510,947 | |
1.875% | | | 09/15/2014 | | | ^§ | | | 870,000 | | | | 875,112 | |
Toyota Motor Credit Corp. MTN | |
1.000% | | | 02/17/2015 | | | § | | | 1,860,000 | | | | 1,863,402 | |
Volkswagen International Finance NV (Netherlands) | |
1.625% | | | 03/22/2015 | | | ^§ | | | 1,600,000 | | | | 1,606,605 | |
1.218% | | | 03/21/2014 | | | #^ | | | 1,250,000 | | | | 1,251,096 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,107,162 | |
| | | | | | | | | | | | | | |
| Beverages—1.0% | |
Anheuser-Busch InBev Worldwide, Inc. | |
9.750% | | | 11/17/2015 | | | BRL | | | 2,600,000 | | | | 1,437,540 | |
3.000% | | | 10/15/2012 | | | § | | | 910,000 | | | | 916,223 | |
2.500% | | | 03/26/2013 | | | § | | | 1,240,000 | | | | 1,257,548 | |
1.192% | | | 03/26/2013 | | | # | | | 1,100,000 | | | | 1,105,982 | |
Coca-Cola Enterprises, Inc. | |
1.125% | | | 11/12/2013 | | | § | | | 720,000 | | | | 723,228 | |
Constellation Brands, Inc. | |
6.000% | | | 05/01/2022 | | | | | | 750,000 | | | | 808,125 | |
SABMiller Holdings, Inc. | |
2.450% | | | 01/15/2017 | | | ^§ | | | 810,000 | | | | 835,792 | |
1.850% | | | 01/15/2015 | | | ^ | | | 1,870,000 | | | | 1,897,876 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,982,314 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
152
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
| Biotechnology—0.5% | |
Amgen, Inc. | |
2.300% | | | 06/15/2016 | | | § | | $ | 750,000 | | | $ | 771,555 | |
1.875% | | | 11/15/2014 | | | § | | | 970,000 | | | | 985,624 | |
Genzyme Corp. | |
3.625% | | | 06/15/2015 | | | § | | | 730,000 | | | | 783,719 | |
Gilead Sciences, Inc. | |
2.400% | | | 12/01/2014 | | | | | | 420,000 | | | | 433,117 | |
Life Technologies Corp. | |
3.500% | | | 01/15/2016 | | | § | | | 1,500,000 | | | | 1,562,929 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,536,944 | |
| | | | | | | | | | | | | | |
| Capital Markets—0.9% | |
Astoria Financial Corp. | |
5.000% | | | 06/19/2017 | | | | | | 1,120,000 | | | | 1,121,140 | |
Bank of New York Mellon Corp. (The) MTN | |
1.200% | | | 02/20/2015 | | | | | | 300,000 | | | | 301,811 | |
0.746% | | | 01/31/2014 | | | # | | | 1,000,000 | | | | 1,002,072 | |
Bear Stearns Cos. LLC (The), Series B MTN | |
6.950% | | | 08/10/2012 | | | | | | 2,000,000 | | | | 2,014,103 | |
Morgan Stanley | |
1.446% | | | 04/29/2013 | | | #§ | | | 2,700,000 | | | | 2,663,145 | |
TD Ameritrade Holding Corp. | |
4.150% | | | 12/01/2014 | | | | | | 760,000 | | | | 803,863 | |
WT Finance Aust Pty Ltd./Westfield Capital/WEA Finance LLC (Australia) | |
5.125% | | | 11/15/2014 | | | ^ | | | 400,000 | | | | 423,434 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,329,568 | |
| | | | | | | | | | | | | | |
| Chemicals—0.3% | |
Airgas, Inc. | |
2.850% | | | 10/01/2013 | | | § | | | 1,270,000 | | | | 1,297,720 | |
Eastman Chemical Co. | |
2.400% | | | 06/01/2017 | | | | | | 570,000 | | | | 576,703 | |
Ecolab, Inc. | |
2.375% | | | 12/08/2014 | | | § | | | 600,000 | | | | 620,139 | |
Ferro Corp. | |
7.875% | | | 08/15/2018 | | | | | | 400,000 | | | | 392,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,886,562 | |
| | | | | | | | | | | | | | |
| Commercial Banks—4.8% | |
Banco Bradesco SA (Brazil) | |
2.566% | | | 05/16/2014 | | | #^§ | | | 1,000,000 | | | | 999,224 | |
Banco de Credito del Peru (Peru) | |
6.125% | | | 04/24/2027 | | | #^§ | | | 630,000 | | | | 648,900 | |
Banco do Brasil SA (Brazil) | |
4.500% | | | 01/22/2015 | | | ^§ | | | 1,200,000 | | | | 1,275,000 | |
Banco do Nordeste do Brasil SA (Brazil) | |
3.625% | | | 11/09/2015 | | | ^§ | | | 1,320,000 | | | | 1,339,800 | |
Bank of Ceylon (Sri Lanka) | |
6.875% | | | 05/03/2017 | | | ^§ | | | 1,000,000 | | | | 1,000,000 | |
Bank of Nova Scotia (Canada) | |
1.850% | | | 01/12/2015 | | | § | | | 2,000,000 | | | | 2,033,216 | |
Barclays Bank plc (United Kingdom) | |
3.900% | | | 04/07/2015 | | | § | | | 925,000 | | | | 958,773 | |
1.509% | | | 01/13/2014 | | | #§ | | | 2,010,000 | | | | 2,013,031 | |
BB&T Corp. | |
1.166% | | | 04/28/2014 | | | #§ | | | 850,000 | | | | 855,100 | |
BB&T Corp., Series A MTN | |
3.375% | | | 09/25/2013 | | | | | | 400,000 | | | | 411,602 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Capital One Financial Corp. | |
2.125% | | | 07/15/2014 | | | § | | $ | 1,780,000 | | | $ | 1,796,043 | |
CBQ Finance Ltd. (Bermuda) | |
5.000% | | | 11/18/2014 | | | ^§ | | | 750,000 | | | | 794,454 | |
CIT Group, Inc. | |
5.250% | | | 03/15/2018 | | | | | | 500,000 | | | | 516,875 | |
5.000% | | | 05/15/2017 | | | | | | 695,000 | | | | 716,284 | |
4.750% | | | 02/15/2015 | | | ^§ | | | 1,440,000 | | | | 1,479,600 | |
Credit Suisse (Switzerland) | |
1.427% | | | 01/14/2014 | | | #§ | | | 3,330,000 | | | | 3,335,032 | |
HSBC USA, Inc. | |
2.375% | | | 02/13/2015 | | | | | | 680,000 | | | | 688,184 | |
ICICI Bank Ltd. (India) | |
5.500% | | | 03/25/2015 | | | ^§ | | | 450,000 | | | | 461,095 | |
ING Bank NV (Netherlands) | |
3.750% | | | 03/07/2017 | | | ^§ | | | 1,500,000 | | | | 1,494,550 | |
KeyCorp MTN | |
3.750% | | | 08/13/2015 | | | | | | 630,000 | | | | 667,543 | |
National Bank of Canada (Canada) | |
1.500% | | | 06/26/2015 | | | | | | 600,000 | | | | 602,283 | |
Oversea-Chinese Banking Corp. Ltd. (Singapore) | |
1.625% | | | 03/13/2015 | | | ^§ | | | 800,000 | | | | 804,346 | |
Royal Bank of Canada (Canada) | |
1.125% | | | 01/15/2014 | | | | | | 2,330,000 | | | | 2,347,116 | |
Royal Bank of Scotland plc (The) (United Kingdom) | |
3.250% | | | 01/11/2014 | | | § | | | 2,360,000 | | | | 2,370,207 | |
Societe Generale SA (France) | |
1.788% | | | 12/13/2013 | | | #^§ | | | 1,000,000 | | | | 983,574 | |
Toronto-Dominion Bank (The) (Canada) | |
2.500% | | | 07/14/2016 | | | | | | 2,100,000 | | | | 2,177,883 | |
0.767% | | | 07/14/2014 | | | # | | | 1,320,000 | | | | 1,325,775 | |
Union Bank NA | |
1.417% | | | 06/06/2014 | | | # | | | 1,360,000 | | | | 1,353,350 | |
Union Bank NA, Bank Note | |
2.125% | | | 12/16/2013 | | | § | | | 1,560,000 | | | | 1,584,224 | |
US Bancorp | |
4.200% | | | 05/15/2014 | | | § | | | 800,000 | | | | 851,816 | |
2.000% | | | 06/14/2013 | | | § | | | 1,000,000 | | | | 1,014,637 | |
US Bancorp MTN | |
1.375% | | | 09/13/2013 | | | § | | | 1,000,000 | | | | 1,008,796 | |
US Bank NA, Bank Note | |
0.747% | | | 10/14/2014 | | | #§ | | | 1,500,000 | | | | 1,494,118 | |
Wachovia Bank NA, Bank Note | |
4.800% | | | 11/01/2014 | | | § | | | 1,390,000 | | | | 1,482,064 | |
Wachovia Corp. MTN | |
0.656% | | | 08/01/2013 | | | # | | | 1,000,000 | | | | 1,001,129 | |
Wells Fargo & Co. MTN | |
2.100% | | | 05/08/2017 | | | | | | 340,000 | | | | 341,151 | |
1.250% | | | 02/13/2015 | | | | | | 200,000 | | | | 199,851 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 44,426,626 | |
| | | | | | | | | | | | | | |
| Communications Equipment—0.2% | |
Cisco Systems, Inc. | |
0.718% | | | 03/14/2014 | | | # | | | 1,500,000 | | | | 1,508,399 | |
| | | | | | | | | | | | | | |
| Computers & Peripherals—0.2% | |
Hewlett-Packard Co. | |
2.350% | | | 03/15/2015 | | | § | | | 1,200,000 | | | | 1,219,522 | |
2.018% | | | 09/19/2014 | | | #§ | | | 900,000 | | | | 910,725 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,130,247 | |
| | | | | | | | | | | | | | |
| Consumer Finance—2.8% | |
Ally Financial, Inc. | |
4.500% | | | 02/11/2014 | | | § | | | 1,600,000 | | | | 1,626,000 | |
See accompanying notes to financial statements.
153
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
American Express Credit Corp. | |
1.318% | | | 06/24/2014 | | | #§ | | $ | 1,570,000 | | | $ | 1,580,607 | |
American Express Credit Corp. MTN | |
1.943% | | | 06/19/2013 | | | #§ | | | 700,000 | | | | 708,288 | |
1.750% | | | 06/12/2015 | | | | | | 530,000 | | | | 536,402 | |
American Honda Finance Corp. | |
1.450% | | | 02/27/2015 | | | ^§ | | | 2,410,000 | | | | 2,420,671 | |
Banque PSA Finance SA (France) | |
2.361% | | | 04/04/2014 | | | #^§ | | | 1,360,000 | | | | 1,323,385 | |
Caterpillar Financial Services Corp. MTN | |
0.816% | | | 02/09/2015 | | | # | | | 1,200,000 | | | | 1,205,629 | |
Caterpillar Financial Services Corp., Series G MTN | |
1.375% | | | 05/20/2014 | | | § | | | 1,700,000 | | | | 1,721,621 | |
Ford Motor Credit Co. LLC | |
3.875% | | | 01/15/2015 | | | § | | | 2,620,000 | | | | 2,699,734 | |
3.000% | | | 06/12/2017 | | | § | | | 1,275,000 | | | | 1,269,421 | |
HSBC Finance Corp. | |
0.717% | | | 01/15/2014 | | | #§ | | | 1,500,000 | | | | 1,483,993 | |
International Lease Finance Corp. | |
6.500% | | | 09/01/2014 | | | ^ | | | 600,000 | | | | 636,000 | |
4.875% | | | 04/01/2015 | | | § | | | 1,630,000 | | | | 1,639,107 | |
John Deere Capital Corp. | |
0.638% | | | 06/16/2014 | | | # | | | 1,350,000 | | | | 1,354,729 | |
0.611% | | | 04/25/2014 | | | # | | | 910,000 | | | | 911,311 | |
John Deere Capital Corp. MTN | |
1.600% | | | 03/03/2014 | | | | | | 2,720,000 | | | | 2,763,931 | |
PACCAR Financial Corp. | |
0.718% | | | 06/05/2014 | | | #§ | | | 380,000 | | | | 381,240 | |
PACCAR Financial Corp. MTN | |
1.550% | | | 09/29/2014 | | | | | | 710,000 | | | | 721,112 | |
1.050% | | | 06/05/2015 | | | | | | 320,000 | | | | 321,295 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 25,304,476 | |
| | | | | | | | | | | | | | |
| Containers & Packaging—0.1% | |
Bemis Co., Inc. | |
5.650% | | | 08/01/2014 | | | | | | 290,000 | | | | 313,959 | |
Rock-Tenn Co. | |
4.450% | | | 03/01/2019 | | | ^§ | | | 475,000 | | | | 488,616 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 802,575 | |
| | | | | | | | | | | | | | |
| Diversified Financial Services—2.4% | |
Bank of America Corp. | |
3.700% | | | 09/01/2015 | | | | | | 1,370,000 | | | | 1,385,062 | |
0.968% | | | 09/11/2012 | | | # | | | 800,000 | | | | 799,968 | |
Bank of America Corp., Series 1 | |
3.750% | | | 07/12/2016 | | | | | | 385,000 | | | | 388,491 | |
Citigroup, Inc. | |
6.000% | | | 12/13/2013 | | | | | | 475,000 | | | | 499,375 | |
5.300% | | | 10/17/2012 | | | | | | 475,000 | | | | 480,960 | |
4.450% | | | 01/10/2017 | | | § | | | 675,000 | | | | 708,287 | |
2.467% | | | 08/13/2013 | | | # | | | 1,530,000 | | | | 1,541,134 | |
CME Group, Inc. | |
5.750% | | | 02/15/2014 | | | § | | | 1,000,000 | | | | 1,078,550 | |
Equifax, Inc. | |
4.450% | | | 12/01/2014 | | | | | | 160,000 | | | | 169,117 | |
ERAC USA Finance LLC | |
2.250% | | | 01/10/2014 | | | ^ | | | 630,000 | | | | 634,017 | |
General Electric Capital Corp. | |
5.900% | | | 05/13/2014 | | | | | | 430,000 | | | | 467,293 | |
2.150% | | | 01/09/2015 | | | | | | 1,740,000 | | | | 1,770,403 | |
1.625% | | | 07/02/2015 | | | | | | 1,100,000 | | | | 1,104,477 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
General Electric Capital Corp. MTN | |
1.875% | | | 09/16/2013 | | | § | | $ | 1,400,000 | | | $ | 1,415,021 | |
General Electric Capital Corp., Series A MTN | |
3.750% | | | 11/14/2014 | | | § | | | 750,000 | | | | 787,858 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | |
7.750% | | | 01/15/2016 | | | § | | | 1,035,000 | | | | 1,093,219 | |
JPMorgan Chase & Co. | |
5.250% | | | 05/01/2015 | | | § | | | 1,335,000 | | | | 1,440,112 | |
JPMorgan Chase & Co. MTN | |
1.266% | | | 01/24/2014 | | | #§ | | | 800,000 | | | | 802,445 | |
NASDAQ OMX Group, Inc. (The) | |
4.000% | | | 01/15/2015 | | | § | | | 1,210,000 | | | | 1,251,808 | |
National Rural Utilities Cooperative Finance Corp. | |
1.000% | | | 02/02/2015 | | | § | | | 1,070,000 | | | | 1,076,015 | |
National Rural Utilities Cooperative Finance Corp. MTN | |
0.711% | | | 04/04/2014 | | | #§ | | | 420,000 | | | | 420,804 | |
Noble Group Ltd. (Bermuda) | |
8.500% | | | 05/30/2013 | | | ^ | | | 530,000 | | | | 556,765 | |
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp. | |
8.250% | | | 09/01/2017 | | | | | | 550,000 | | | | 584,375 | |
Susser Holdings LLC/Susser Finance Corp. | |
8.500% | | | 05/15/2016 | | | § | | | 1,090,000 | | | | 1,190,825 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 21,646,381 | |
| | | | | | | | | | | | | | |
| Diversified Telecommunication Services—2.0% | |
AT&T, Inc. | |
4.850% | | | 02/15/2014 | | | | | | 600,000 | | | | 639,407 | |
1.700% | | | 06/01/2017 | | | § | | | 1,590,000 | | | | 1,599,270 | |
0.875% | | | 02/13/2015 | | | § | | | 3,410,000 | | | | 3,409,645 | |
British Telecommunications plc (United Kingdom) | |
2.000% | | | 06/22/2015 | | | | | | 400,000 | | | | 405,788 | |
1.593% | | | 12/20/2013 | | | # | | | 1,000,000 | | | | 1,006,172 | |
Cellco Partnership/Verizon Wireless Capital LLC | |
5.550% | | | 02/01/2014 | | | | | | 500,000 | | | | 535,469 | |
CenturyLink, Inc. | |
5.800% | | | 03/15/2022 | | | | | | 400,000 | | | | 398,933 | |
Frontier Communications Corp. | |
8.500% | | | 04/15/2020 | | | | | | 1,050,000 | | | | 1,118,250 | |
6.250% | | | 01/15/2013 | | | § | | | 820,000 | | | | 841,012 | |
Hughes Satellite Systems Corp. | |
7.625% | | | 06/15/2021 | | | | | | 1,000,000 | | | | 1,092,500 | |
PAETEC Holding Corp. | |
8.875% | | | 06/30/2017 | | | | | | 500,000 | | | | 541,250 | |
Qtel International Finance Ltd. (Bermuda) | |
6.500% | | | 06/10/2014 | | | ^§ | | | 1,170,000 | | | | 1,279,980 | |
Telecom Italia Capital SA (Luxembourg) | |
5.250% | | | 11/15/2013 | | | | | | 280,000 | | | | 281,400 | |
Telefonica Emisiones SAU (Spain) | |
2.582% | | | 04/26/2013 | | | § | | | 1,260,000 | | | | 1,241,414 | |
Verizon Communications, Inc. | |
1.071% | | | 03/28/2014 | | | #§ | | | 3,800,000 | | | | 3,835,363 | |
Virgin Media Finance plc (United Kingdom) | |
5.250% | | | 02/15/2022 | | | | | | 200,000 | | | | 205,500 | |
Windstream Corp. | |
8.125% | | | 08/01/2013 | | | § | | | 300,000 | | | | 317,625 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 18,748,978 | |
| | | | | | | | | | | | | | |
| Electric Utilities—1.3% | |
Cia de Eletricidade do Estado da Bahia (Brazil) | |
11.750% | | | 04/27/2016 | | | ^ | | BRL$ | 1,100,000 | | | | 594,225 | |
Consolidated Edison Co. of New York, Inc., Series 2002-B | |
4.875% | | | 02/01/2013 | | | | | | 1,000,000 | | | | 1,025,268 | |
Dominion Resources, Inc. | |
5.700% | | | 09/17/2012 | | | | | | 700,000 | | | | 707,196 | |
See accompanying notes to financial statements.
154
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Duke Energy Corp. | |
3.950% | | | 09/15/2014 | | | § | | BRL$ | 290,000 | | | $ | 307,992 | |
Georgia Power Co. | |
1.300% | | | 09/15/2013 | | | § | | | 1,260,000 | | | | 1,270,614 | |
0.788% | | | 03/15/2013 | | | # | | | 1,700,000 | | | | 1,702,006 | |
NextEra Energy Capital Holdings, Inc. | |
2.600% | | | 09/01/2015 | | | | | | 2,000,000 | | | | 2,056,358 | |
1.611% | | | 06/01/2014 | | | § | | | 340,000 | | | | 341,081 | |
Northeast Utilities | |
1.218% | | | 09/20/2013 | | | # | | | 1,190,000 | | | | 1,195,192 | |
Northern States Power Co., Series B | |
8.000% | | | 08/28/2012 | | | | | | 1,039,000 | | | | 1,050,404 | |
Ohio Power Co., Series C | |
5.500% | | | 03/01/2013 | | | | | | 750,000 | | | | 773,255 | |
Pacific Gas & Electric Co. | |
0.917% | | | 11/20/2012 | | | #§ | | | 590,000 | | | | 591,031 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 11,614,622 | |
| | | | | | | | | | | | | | |
| Electronic Equipment, Instruments & Components—0.2% | |
Agilent Technologies, Inc. | |
2.500% | | | 07/15/2013 | | | | | | 520,000 | | | | 527,233 | |
Thermo Fisher Scientific, Inc. | |
2.150% | | | 12/28/2012 | | | | | | 1,200,000 | | | | 1,206,072 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,733,305 | |
| | | | | | | | | | | | | | |
| Energy Equipment & Services—0.2% | |
Cameron International Corp. | |
1.397% | | | 06/02/2014 | | | # | | | 1,010,000 | | | | 1,009,094 | |
Precision Drilling Corp. (Canada) | |
6.625% | | | 11/15/2020 | | | | | | 900,000 | | | | 931,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,940,594 | |
| | | | | | | | | | | | | | |
| Food & Staples Retailing—0.5% | |
Kroger Co. (The) | | | | | | | | | | | |
2.200% | | | 01/15/2017 | | | § | | | 750,000 | | | | 759,194 | |
Safeway, Inc. | | | | | | | | | | | |
5.800% | | | 08/15/2012 | | | | | | 1,786,000 | | | | 1,796,461 | |
3.400% | | | 12/01/2016 | | | § | | | 750,000 | | | | 764,580 | |
1.968% | | | 12/12/2013 | | | # | | | 1,230,000 | | | | 1,234,200 | |
Sysco Corp. | | | | | | | | | | | |
0.550% | | | 06/12/2015 | | | | | | 270,000 | | | | 268,364 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,822,799 | |
| | | | | | | | | | | | | | |
| Food Products—0.8% | |
General Mills, Inc. | | | | | | | | |
5.250% | | | 08/15/2013 | | | § | | | 1,500,000 | | | | 1,575,035 | |
Ingredion, Inc. | |
3.200% | | | 11/01/2015 | | | | | | 350,000 | | | | 365,393 | |
Kellogg Co. | |
1.125% | | | 05/15/2015 | | | § | | | 1,100,000 | | | | 1,106,071 | |
Kraft Foods Group, Inc. | | | | | | | | |
1.625% | | | 06/04/2015 | | | ^ | | | 500,000 | | | | 505,648 | |
Kraft Foods, Inc. | | | | | | | | | | | |
5.250% | | | 10/01/2013 | | | | | | 390,000 | | | | 410,645 | |
2.625% | | | 05/08/2013 | | | | | | 390,000 | | | | 395,854 | |
Wm. Wrigley Jr. Co. | |
3.700% | | | 06/30/2014 | | | ^ | | | 2,510,000 | | | | 2,594,612 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,953,258 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| Gas Utilities—0.1% | |
Sabine Pass LNG LP | |
7.250% | | | 11/30/2013 | | | § | | $ | 1,065,000 | | | $ | 1,107,600 | |
| | | | | | | | | | | | | | |
| Health Care Equipment & Supplies—0.6% | |
Covidien International Finance SA (Luxembourg) | |
1.875% | | | 06/15/2013 | | | § | | | 1,250,000 | | | | 1,262,640 | |
1.350% | | | 05/29/2015 | | | | | | 400,000 | | | | 400,804 | |
DENTSPLY International, Inc. | |
1.967% | | | 08/15/2013 | | | #§ | | | 1,640,000 | | | | 1,649,592 | |
Stryker Corp. | |
3.000% | | | 01/15/2015 | | | § | | | 790,000 | | | | 831,796 | |
2.000% | | | 09/30/2016 | | | § | | | 1,280,000 | | | | 1,312,747 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,457,579 | |
| | | | | | | | | | | | | | |
| Health Care Providers & Services—0.7% | |
DaVita, Inc. | |
6.625% | | | 11/01/2020 | | | | | | 1,050,000 | | | | 1,099,875 | |
Express Scripts Holding Co. | |
2.750% | | | 11/21/2014 | | | ^§ | | | 1,500,000 | | | | 1,532,971 | |
2.100% | | | 02/12/2015 | | | ^§ | | | 330,000 | | | | 333,437 | |
HCA Holdings, Inc. | |
7.750% | | | 05/15/2021 | | | | | | 500,000 | | | | 538,750 | |
HCA, Inc. | |
6.750% | | | 07/15/2013 | | | § | | | 355,000 | | | | 371,863 | |
Quest Diagnostics, Inc. | |
1.318% | | | 03/24/2014 | | | #§ | | | 890,000 | | | | 897,764 | |
WellPoint, Inc. | |
2.375% | | | 02/15/2017 | | | § | | | 1,645,000 | | | | 1,687,689 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,462,349 | |
| | | | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—0.2% | |
Arcos Dorados Holdings, Inc. (Virgin Islands, British) | |
10.250% | | | 07/13/2016 | | | ^ | | BRL | 1,450,000 | | | | 765,248 | |
Wendy’s Restaurants LLC | |
10.000% | | | 07/15/2016 | | | § | | | 1,445,000 | | | | 1,558,808 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,324,056 | |
| | | | | | | | | | | | | | |
| Household Durables—0.2% | |
Clorox Co. (The) | |
5.000% | | | 03/01/2013 | | | | | | 1,000,000 | | | | 1,028,301 | |
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC | |
9.875% | | | 08/15/2019 | | | ^ | | | 750,000 | | | | 779,063 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,807,364 | |
| | | | | | | | | | | | | | |
| Independent Power Producers & Energy Traders—0.3% | |
Abu Dhabi National Energy Co. (United Arab Emirates) | |
4.750% | | | 09/15/2014 | | | ^§ | | | 1,400,000 | | | | 1,477,350 | |
AES Corp. (The) | |
7.750% | | | 03/01/2014 | | | § | | | 650,000 | | | | 708,500 | |
Calpine Corp. | |
7.250% | | | 10/15/2017 | | | ^ | | | 750,000 | | | | 810,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,995,850 | |
| | | | | | | | | | | | | | |
| Industrial Conglomerates—0.2% | |
3M Co., Series E MTN | |
4.375% | | | 08/15/2013 | | | | | | 750,000 | | | | 783,694 | |
Danaher Corp. | |
1.300% | | | 06/23/2014 | | | | | | 500,000 | | | | 505,446 | |
0.718% | | | 06/21/2013 | | | # | | | 1,000,000 | | | | 1,003,291 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,292,431 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
155
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
| Insurance—0.6% | |
Allstate Corp. (The) | |
6.200% | | | 05/16/2014 | | | | | $ | 510,000 | | | $ | 561,234 | |
Hartford Financial Services Group, Inc. | |
4.000% | | | 03/30/2015 | | | | | | 570,000 | | | | 598,185 | |
MetLife Institutional Funding II | |
1.361% | | | 04/04/2014 | | | #^§ | | | 500,000 | | | | 502,685 | |
MetLife, Inc. | |
2.375% | | | 02/06/2014 | | | § | | | 980,000 | | | | 1,000,353 | |
Prudential Financial, Inc., Series D MTN | |
5.150% | | | 01/15/2013 | | | § | | | 2,000,000 | | | | 2,046,708 | |
3.625% | | | 09/17/2012 | | | | | | 710,000 | | | | 714,138 | |
2.750% | | | 01/14/2013 | | | | | | 600,000 | | | | 605,999 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,029,302 | |
| | | | | | | | | | | | | | |
| Internet & Catalog Retail—0.1% | |
eBay, Inc. | |
0.875% | | | 10/15/2013 | | | | | | 570,000 | | | | 573,512 | |
| | | | | | | | | | | | | | |
| IT Services—0.2% | |
International Business Machines Corp. | |
2.100% | | | 05/06/2013 | | | | | | 630,000 | | | | 638,499 | |
0.750% | | | 05/11/2015 | | | § | | | 900,000 | | | | 899,264 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,537,763 | |
| | | | | | | | | | | | | | |
| Life Sciences Tools & Services—0.1% | |
Howard Hughes Medical Institute | |
3.450% | | | 09/01/2014 | | | | | | 700,000 | | | | 743,576 | |
| | | | | | | | | | | | | | |
| Machinery—0.4% | |
Case New Holland, Inc. | |
7.750% | | | 09/01/2013 | | | § | | | 1,450,000 | | | | 1,547,875 | |
Greenbrier Cos., Inc. | |
3.500% | | | 04/01/2018 | | | ^ | | | 1,050,000 | | | | 930,562 | |
Terex Corp. | |
8.000% | | | 11/15/2017 | | | | | | 500,000 | | | | 521,250 | |
6.500% | | | 04/01/2020 | | | | | | 500,000 | | | | 507,500 | |
Tyco Electronics Group SA (Luxembourg) | |
1.600% | | | 02/03/2015 | | | | | | 310,000 | | | | 311,493 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,818,680 | |
| | | | | | | | | | | | | | |
| Media—0.8% | |
COX Communications, Inc. | |
5.450% | | | 12/15/2014 | | | | | | 500,000 | | | | 550,513 | |
DirecTV Holdings LLC/DirecTV Financing Co., Inc. | |
4.750% | | | 10/01/2014 | | | § | | | 1,200,000 | | | | 1,288,802 | |
DISH DBS Corp. | |
6.625% | | | 10/01/2014 | | | § | | | 850,000 | | | | 915,875 | |
4.625% | | | 07/15/2017 | | | ^§ | | | 1,120,000 | | | | 1,127,000 | |
Mediacom Broadband LLC/Mediacom Broadband Corp. | |
8.500% | | | 10/15/2015 | | | | | | 500,000 | | | | 516,250 | |
Mediacom LLC / Mediacom Capital Corp. | |
7.250% | | | 02/15/2022 | | | | | | 650,000 | | | | 664,625 | |
NBCUniversal Media LLC | |
2.100% | | | 04/01/2014 | | | | | | 1,600,000 | | | | 1,629,112 | |
Time Warner, Inc. | |
3.150% | | | 07/15/2015 | | | | | | 500,000 | | | | 527,695 | |
Viacom, Inc. | |
4.375% | | | 09/15/2014 | | | | | | 500,000 | | | | 535,502 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,755,374 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
| Metals & Mining—0.6% | |
BHP Billiton Finance USA Ltd. (Australia) | |
1.000% | | | 02/24/2015 | | | | | $ | 1,840,000 | | | $ | 1,844,348 | |
FMG Resources August 2006 Pty Ltd. (Australia) | |
6.000% | | | 04/01/2017 | | | ^§ | | | 835,000 | | | | 841,262 | |
Freeport-McMoRan Copper & Gold, Inc. | |
2.150% | | | 03/01/2017 | | | | | | 310,000 | | | | 305,980 | |
1.400% | | | 02/13/2015 | | | § | | | 700,000 | | | | 698,055 | |
Rio Tinto Finance USA plc (United Kingdom) | |
1.125% | | | 03/20/2015 | | | § | | | 800,000 | | | | 802,331 | |
Steel Dynamics, Inc. | |
7.375% | | | 11/01/2012 | | | | | | 1,065,000 | | | | 1,078,313 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,570,289 | |
| | | | | | | | | | | | | | |
| Multiline Retail—0.1% | |
Target Corp. | |
1.125% | | | 07/18/2014 | | | | | | 600,000 | | | | 605,865 | |
| | | | | | | | | | | | | | |
| Multi-Utilities—0.2% | |
DTE Energy Co. | |
1.167% | | | 06/03/2013 | | | #§ | | | 2,070,000 | | | | 2,073,919 | |
| | | | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—1.7% | |
Berau Coal Energy Tbk PT (Indonesia) | |
7.250% | | | 03/13/2017 | | | ^§ | | | 470,000 | | | | 458,250 | |
BP Capital Markets plc (United Kingdom) | |
3.875% | | | 03/10/2015 | | | | | | 805,000 | | | | 863,195 | |
Canadian Natural Resources Ltd. (Canada) | |
5.450% | | | 10/01/2012 | | | | | | 1,200,000 | | | | 1,214,041 | |
Chesapeake Energy Corp. | |
7.625% | | | 07/15/2013 | | | § | | | 530,000 | | | | 549,212 | |
Chevron Corp. | |
3.950% | | | 03/03/2014 | | | § | | | 1,000,000 | | | | 1,055,436 | |
ConocoPhillips | |
4.750% | | | 02/01/2014 | | | | | | 750,000 | | | | 796,908 | |
Copano Energy LLC/Copano Energy Finance Corp. | |
7.125% | | | 04/01/2021 | | | | | | 250,000 | | | | 258,750 | |
Husky Energy, Inc. (Canada) | |
5.900% | | | 06/15/2014 | | | § | | | 550,000 | | | | 598,184 | |
Kinder Morgan Energy Partners LP | |
5.850% | | | 09/15/2012 | | | | | | 980,000 | | | | 989,571 | |
Kinder Morgan Kansas, Inc. | |
6.500% | | | 09/01/2012 | | | | | | 1,300,000 | | | | 1,307,865 | |
Petrohawk Energy Corp. | |
7.875% | | | 06/01/2015 | | | § | | | 1,000,000 | | | | 1,040,234 | |
Phillips 66 | |
2.950% | | | 05/01/2017 | | | ^ | | | 310,000 | | | | 318,904 | |
1.950% | | | 03/05/2015 | | | ^ | | | 310,000 | | | | 312,422 | |
Plains Exploration & Production Co. | |
6.125% | | | 06/15/2019 | | | | | | 500,000 | | | | 505,000 | |
Ras Laffan Liquefied Natural Gas Co. Ltd. III (Qatar) | |
5.500% | | | 09/30/2014 | | | ^ | | | 750,000 | | | | 810,938 | |
Rockies Express Pipeline LLC | |
3.900% | | | 04/15/2015 | | | ^§ | | | 770,000 | | | | 744,975 | |
Tesoro Corp. | | | | | |
6.625% | | | 11/01/2015 | | | § | | | 390,000 | | | | 398,775 | |
Total Capital Canada Ltd. (Canada) | | | | | |
0.557% | | | 05/13/2013 | | | # | | | 1,000,000 | | | | 1,001,007 | |
Total Capital International SA (France) | | | | | |
1.500% | | | 02/17/2017 | | | § | | | 480,000 | | | | 482,436 | |
TransCanada PipeLines Ltd. (Canada) | | | | | |
3.400% | | | 06/01/2015 | | | § | | | 630,000 | | | | 671,712 | |
WPX Energy, Inc. | | | | | |
5.250% | | | 01/15/2017 | | | ^ | | | 1,145,000 | | | | 1,165,037 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 15,542,852 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
156
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
| Paper & Forest Products—0.1% | |
Masco Corp. | | | | | |
4.800% | | | 06/15/2015 | | | § | | $ | 540,000 | | | $ | 555,216 | |
| | | | | | | | | | | | | | |
| Personal Products—0.1% | |
Revlon Consumer Products Corp. | | | | | |
9.750% | | | 11/15/2015 | | | § | | | 1,090,000 | | | | 1,171,750 | |
| | | | | | | | | | | | | | |
| Pharmaceuticals—1.2% | |
AstraZeneca plc (United Kingdom) | | | | | |
5.400% | | | 09/15/2012 | | | | | | 1,000,000 | | | | 1,009,814 | |
GlaxoSmithKline Capital plc (United Kingdom) | | | | | |
0.750% | | | 05/08/2015 | | | § | | | 560,000 | | | | 560,329 | |
GlaxoSmithKline Capital, Inc. | | | | | |
4.850% | | | 05/15/2013 | | | § | | | 1,700,000 | | | | 1,765,198 | |
Novartis Capital Corp. | | | | | |
4.125% | | | 02/10/2014 | | | § | | | 1,580,000 | | | | 1,668,627 | |
Sanofi (France) | | | | | |
1.625% | | | 03/28/2014 | | | § | | | 1,410,000 | | | | 1,434,325 | |
1.200% | | | 09/30/2014 | | | § | | | 350,000 | | | | 354,162 | |
Teva Pharmaceutical Finance III BV (Netherlands Antilles) | | | | | |
1.700% | | | 03/21/2014 | | | | | | 580,000 | | | | 588,455 | |
0.968% | | | 03/21/2014 | | | #§ | | | 470,000 | | | | 471,047 | |
Teva Pharmaceutical Finance IV LLC | | | | | |
1.700% | | | 11/10/2014 | | | § | | | 1,180,000 | | | | 1,204,614 | |
Valeant Pharmaceuticals International | | | | | |
6.500% | | | 07/15/2016 | | | ^§ | | | 1,620,000 | | | | 1,701,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 10,757,571 | |
| | | | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—0.6% | |
Digital Realty Trust LP | | | | | |
4.500% | | | 07/15/2015 | | | | | | 630,000 | | | | 658,472 | |
Duke Realty LP | | | | | |
5.400% | | | 08/15/2014 | | | | | | 650,000 | | | | 690,707 | |
HCP, Inc. | | | | | |
2.700% | | | 02/01/2014 | | | § | | | 1,610,000 | | | | 1,636,346 | |
Health Care REIT, Inc. | | | | | |
6.000% | | | 11/15/2013 | | | § | | | 930,000 | | | | 975,422 | |
Simon Property Group LP | | | | | |
4.200% | | | 02/01/2015 | | | | | | 250,000 | | | | 263,712 | |
Vornado Realty LP | | | | | |
4.250% | | | 04/01/2015 | | | § | | | 1,240,000 | | | | 1,308,562 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,533,221 | |
| | | | | | | | | | | | | | |
| Road & Rail—0.3% | |
JB Hunt Transport Services, Inc. | | | | | |
3.375% | | | 09/15/2015 | | | § | | | 970,000 | | | | 1,002,553 | |
Penske Truck Leasing Co. Lp/PTL Finance Corp. | | | | | |
3.125% | | | 05/11/2015 | | | ^§ | | | 1,400,000 | | | | 1,409,327 | |
Ryder System, Inc. MTN | | | | | |
2.500% | | | 03/01/2017 | | | § | | | 620,000 | | | | 626,263 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,038,143 | |
| | | | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—0.1% | |
Texas Instruments, Inc. | | | | | |
0.875% | | | 05/15/2013 | | | | | | 1,050,000 | | | | 1,054,646 | |
| | | | | | | | | | | | | | |
| Software—0.2% | |
Microsoft Corp. | | | | | |
2.950% | | | 06/01/2014 | | | § | | | 900,000 | | | | 941,220 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Oracle Corp. | | | | | |
3.750% | | | 07/08/2014 | | | § | | $ | 750,000 | | | $ | 796,766 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,737,986 | |
| | | | | | | | | | | | | | |
| Specialty Retail—0.2% | |
Limited Brands, Inc. | | | | | |
5.625% | | | 02/15/2022 | | | | | | 400,000 | | | | 414,000 | |
Michaels Stores, Inc. | | | | | |
7.750% | | | 11/01/2018 | | | | | | 400,000 | | | | 424,000 | |
Sally Holdings LLC / Sally Capital, Inc. | | | | | |
5.750% | | | 06/01/2022 | | | | | | 500,000 | | | | 525,625 | |
Toys “R” Us, Inc. | | | | | |
7.375% | | | 09/01/2016 | | | ^ | | | 100,000 | | | | 99,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,463,125 | |
| | | | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—0.2% | |
Hanesbrands, Inc. | | | | | |
6.375% | | | 12/15/2020 | | | | | | 950,000 | | | | 1,004,625 | |
VF Corp. | | | | | |
1.217% | | | 08/23/2013 | | | #§ | | | 700,000 | | | | 700,239 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,704,864 | |
| | | | | | | | | | | | | | |
| Tobacco—0.3% | |
BAT International Finance plc (United Kingdom) | | | | | |
1.400% | | | 06/05/2015 | | | ^ | | | 1,460,000 | | | | 1,460,869 | |
Lorillard Tobacco Co. | | | | | |
3.500% | | | 08/04/2016 | | | § | �� | | 1,200,000 | | | | 1,252,143 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,713,012 | |
| | | | | | | | | | | | | | |
| Trading Companies & Distributors—0.2% | |
AmeriGas Finance LLC/AmeriGas Finance Corp. | | | | | |
6.750% | | | 05/20/2020 | | | | | | 700,000 | | | | 715,750 | |
AmeriGas Partners LP/AmeriGas Finance Corp. | | | | | |
6.250% | | | 08/20/2019 | | | § | | | 800,000 | | | | 808,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,523,750 | |
| | | | | | | | | | | | | | |
| Water Utilities—0.1% | |
Veolia Environnement SA (France) | | | | | |
5.250% | | | 06/03/2013 | | | § | | | 910,000 | | | | 939,540 | |
| | | | | | | | | | | | | | |
| Wireless Telecommunication Services—0.4% | |
America Movil SAB de CV (Mexico) | | | | | |
3.625% | | | 03/30/2015 | | | § | | | 350,000 | | | | 373,997 | |
Rogers Communications, Inc. (Canada) | | | | | |
6.375% | | | 03/01/2014 | | | | | | 1,390,000 | | | | 1,514,493 | |
6.250% | | | 06/15/2013 | | | | | | 1,100,000 | | | | 1,155,772 | |
Vodafone Group plc (United Kingdom) | | | | | |
4.150% | | | 06/10/2014 | | | § | | | 1,090,000 | | | | 1,156,756 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,201,018 | |
| | | | | | | | | | | | | | |
| TOTAL CORPORATE OBLIGATIONS | |
(Cost $278,039,132) | | | | | | | | | | 281,914,372 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| MORTGAGE-RELATED SECURITIES—7.0% | |
| Commercial Mortgage-Backed Securities—0.5% | |
Extended Stay America Trust,
Series 2010-ESHA, Class A | | | | | |
2.951% | | | 11/05/2027 | | | ^ | | | 1,329,539 | | | | 1,343,037 | |
LA Arena Funding LLC, Series 1, Class A | | | | | |
7.656% | | | 12/15/2026 | | | ^ | | | 636,857 | | | | 696,602 | |
See accompanying notes to financial statements.
157
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| MORTGAGE-RELATED SECURITIES—(Continued) | |
National Credit Union Administration Guaranteed Notes,
Series 2010-C1, Class A1 | |
1.600% | | | 10/29/2020 | | | § | | $ | 954,956 | | | $ | 967,753 | |
National Credit Union Administration Guaranteed Notes,
Series 2010-C1, Class A2 | |
2.900% | | | 10/29/2020 | | | | | | 1,260,000 | | | | 1,343,475 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,350,867 | |
| | | | | | | | | | | | | | |
| Non-Agency Mortgage-Backed Securities—1.8% | |
Banc of America Mortgage Securities, Inc.,
Series 2002-K, Class 1A4 | | | | | |
2.642% | | | 10/20/2032 | | | # | | | 626,756 | | | | 633,724 | |
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2004-3, Class 2A1 | | | | | |
5.000% | | | 04/25/2019 | | | | | | 177,657 | | | | 184,735 | |
Credit Suisse Mortgage Capital Certificates,
Series 2011-1R, Class A1 | | | | | |
1.245% | | | 02/27/2047 | | | #^§ | | | 5,490,667 | | | | 5,401,584 | |
Fosse Master Issuer plc,
Series 2012-1A, Class 2A2 (United Kingdom) | | | | | |
1.727% | | | 10/18/2054 | | | #^§ | | | 4,040,000 | | | | 4,039,799 | |
Sequoia Mortgage Trust,
Series 2012-1, Class 1A1 | | | | | |
2.865% | | | 01/25/2042 | | | # | | | 2,628,325 | | | | 2,662,056 | |
Sequoia Mortgage Trust, Series 2012-2, Class A2 | | | | | |
3.500% | | | 04/25/2042 | | | # | | | 2,920,413 | | | | 3,005,545 | |
Thornburg Mortgage Securities Trust,
Series 2004-1, Class II2A | | | | | |
1.906% | | | 03/25/2044 | | | #§ | | | 852,330 | | | | 803,874 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 16,731,317 | |
| | | | | | | | | | | | | | |
| U.S. Government Agency Mortgage-Backed Securities—4.7% | |
Federal Home Loan Mortgage Corp. | | | | | |
3.931% | | | 12/01/2039 | | | # | | | 384,636 | | | | 408,435 | |
2.395% | | | 09/01/2035 | | | #§ | | | 5,711,967 | | | | 6,077,135 | |
Federal Home Loan Mortgage Corp. REMICS,
Series 2929, Class AC | | | | | |
4.500% | | | 12/15/2022 | | | | | | 34,044 | | | | 34,069 | |
Federal National Mortgage Association | | | | | |
5.000% | | | 01/01/2018- | | | | | | | | | | | |
| | | 07/01/2035 | | | | | | 5,489,985 | | | | 5,980,071 | |
4.000% | | | 11/01/2040- | | | | | | | | | | | |
| | | 09/01/2041 | | | | | | 2,547,010 | | | | 2,716,211 | |
3.500% | | | 05/01/2020- | | | | | | | | | | | |
| | | 12/01/2020 | | | | | | 2,106,261 | | | | 2,227,870 | |
3.144% | | | 07/01/2041 | | | # | | | 4,501,799 | | | | 4,733,361 | |
3.088% | | | 06/01/2041 | | | # | | | 2,921,264 | | | | 3,071,374 | |
0.589% | | | 07/01/2016 | | | #§ | | | 6,600,000 | | | | 6,657,939 | |
Federal National Mortgage Association REMICS,
Series 2005-38, Class CD | | | | | |
5.000% | | | 06/25/2019 | | | | | | 409,848 | | | | 419,424 | |
Federal National Mortgage Association REMICS,
Series 2012-1, Class AE | | | | | |
1.750% | | | 12/25/2021 | | | § | | | 2,184,100 | | | | 2,203,647 | |
Government National Mortgage Association,
Series 2004-19, Class FC | | | | | |
0.544% | | | 03/20/2034 | | | #§ | | | 1,600,134 | | | | 1,601,974 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 1A | | | | | |
0.691% | | | 10/07/2020 | | | #§ | | $ | 1,498,454 | | | $ | 1,501,496 | |
National Credit Union Administration Guaranteed Notes, Series 2010-R1, Class 2A | | | | | |
1.840% | | | 10/07/2020 | | | | | | 413,240 | | | | 418,339 | |
National Credit Union Administration Guaranteed Notes, Series 2010-R2, Class 1A | | | | | |
0.610% | | | 11/06/2017 | | | #§ | | | 3,181,721 | | | | 3,182,708 | |
National Credit Union Administration Guaranteed Notes, Series 2011-R4, Class 1A | | | | | |
0.621% | | | 03/06/2020 | | | #§ | | | 1,534,522 | | | | 1,535,244 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 42,769,297 | |
| | | | | | | | | | | | | | |
| TOTAL MORTGAGE-RELATED SECURITIES | |
(Cost $63,259,648) | | | | | | | | | | 63,851,481 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| CONVERTIBLE DEBT OBLIGATIONS—32.3% | |
| Aerospace & Defense—0.3% | |
Alliant Techsystems, Inc. | | | | | |
3.000% | | | 08/15/2024 | | | | | | 900,000 | | | | 905,625 | |
L-3 Communications Holdings, Inc. | | | | | |
3.000% | | | 08/01/2035 | | | | | | 1,950,000 | | | | 1,911,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,816,625 | |
| | | | | | | | | | | | | | |
| Beverages—0.8% | |
Asahi Group Holdings Ltd. (Japan) | | | | | |
0.000% | | | 05/26/2028 | | | | | JPY | 360,000,000 | | | | 4,584,725 | |
Molson Coors Brewing Co. | | | | | |
2.500% | | | 07/30/2013 | | | | | | 2,775,000 | | | | 2,820,094 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,404,819 | |
| | | | | | | | | | | | | | |
| Biotechnology—0.9% | |
Amgen, Inc., Series B | | | | | |
0.375% | | | 02/01/2013 | | | | | | 3,850,000 | | | | 4,023,250 | |
Gilead Sciences, Inc. | | | | | |
1.625% | | | 05/01/2016 | | | | | | 2,750,000 | | | | 3,571,563 | |
1.000% | | | 05/01/2014 | | | ^ | | | 875,000 | | | | 1,091,562 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,686,375 | |
| | | | | | | | | | | | | | |
| Building Products—0.1% | |
Griffon Corp. | | | | | |
4.000% | | | 01/15/2017 | | | ^ | | | 925,000 | | | | 866,031 | |
| | | | | | | | | | | | | | |
| Capital Markets—1.5% | |
Affiliated Managers Group, Inc. | | | | | |
3.950% | | | 08/15/2038 | | | | | | 4,700,000 | | | | 5,093,625 | |
Billion Express Investments Ltd.
(Virgin Islands, British) | | | | | |
0.750% | | | 10/18/2015 | | | | | | 2,000,000 | | | | 1,982,500 | |
Temasek Financial III Pte Ltd. (Singapore) | | | | | |
0.000% | | | 10/24/2014 | | | | | SGD | 7,750,000 | | | | 6,349,463 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 13,425,588 | |
| | | | | | | | | | | | | | |
| Commercial Services & Supplies—0.3% | |
Covanta Holding Corp. | | | | | |
3.250% | | | 06/01/2014 | | | ^ | | | 2,050,000 | | | | 2,416,438 | |
| | | | | | | | | | | | | | |
| Communications Equipment—0.2% | |
Arris Group, Inc. | | | | | |
2.000% | | | 11/15/2026 | | | | | | 1,775,000 | | | | 1,897,031 | |
| | | | | | | | | | | | | | |
| Computers & Peripherals—0.7% | |
EMC Corp., Series B | | | | | |
1.750% | | | 12/01/2013 | | | | | | 2,600,000 | | | | 4,244,500 | |
See accompanying notes to financial statements.
158
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CONVERTIBLE DEBT OBLIGATIONS—(Continued) | |
SanDisk Corp. | | | | | |
1.000% | | | 05/15/2013 | | | | | $ | 2,305,000 | | | $ | 2,281,950 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,526,450 | |
| | | | | | | | | | | | | | |
| Containers & Packaging—0.3% | |
Owens-Brockway Glass Container, Inc. | | | | | |
3.000% | | | 06/01/2015 | | | ^ | | | 2,815,000 | | | | 2,702,400 | |
| | | | | | | | | | | | | | |
| Diversified Consumer Services—0.2% | |
Stewart Enterprises, Inc. | | | | | |
3.125% | | | 07/15/2014 | | | | | | 2,000,000 | | | | 1,995,000 | |
| | | | | | | | | | | | | | |
| Diversified Telecommunication Services—0.4% | |
Inmarsat plc, Series ISAT (United Kingdom) | | | | | |
1.750% | | | 11/16/2017 | | | | | | 1,900,000 | | | | 2,275,250 | |
tw telecom inc. | | | | | |
2.375% | | | 04/01/2026 | | | | | | 800,000 | | | | 1,126,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,401,250 | |
| | | | | | | | | | | | | | |
| Electrical Equipment—0.3% | |
General Cable Corp. | | | | | |
0.875% | | | 11/15/2013 | | | | | | 3,300,000 | | | | 3,155,625 | |
| | | | | | | | | | | | | | |
| Electronic Equipment, Instruments & Components—0.4% | |
Hon Hai Precision Industry Co. Ltd. (Taiwan) | | | | | |
0.000% | | | 10/12/2013 | | | | | | 1,800,000 | | | | 1,782,000 | |
Pegatron Corp. (Taiwan) | | | | | |
0.000% | | | 02/06/2017 | | | | | | 1,600,000 | | | | 1,752,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,534,000 | |
| | | | | | | | | | | | | | |
| Energy Equipment & Services—2.9% | |
Bristow Group, Inc. | | | | | |
3.000% | | | 06/15/2038 | | | | | | 2,925,000 | | | | 2,961,562 | |
Cie Generale de Geophysique—Veritas (France) | | | | | |
1.750% | | | 01/01/2016 | | | | | EUR | 931,383 | | | | 1,264,660 | |
Exterran Energy Corp. | | | | | |
4.750% | | | 01/15/2014 | | | | | | 1,035,000 | | | | 1,009,125 | |
Exterran Holdings, Inc. | | | | | |
4.250% | | | 06/15/2014 | | | | | | 3,390,000 | | | | 3,292,538 | |
Helix Energy Solutions Group, Inc. | | | | | |
3.250% | | | 12/15/2025 | | | | | | 2,725,000 | | | | 2,738,625 | |
Hercules Offshore, Inc. | | | | | |
3.375% | | | 06/01/2038 | | | | | | 1,200,000 | | | | 1,194,000 | |
Hornbeck Offshore Services, Inc. | | | | | |
1.625% | | | 11/15/2026 | | | | | | 3,000,000 | | | | 3,157,500 | |
Subsea 7 SA (Luxembourg) | | | | | |
2.250% | | | 10/11/2013 | | | | | | 4,000,000 | | | | 4,392,000 | |
Technip SA (France) | | | | | |
0.500% | | | 01/01/2016 | | | | | EUR | 2,160,600 | | | | 3,209,868 | |
0.250% | | | 01/01/2017 | | | | | EUR | 2,152,416 | | | | 3,042,509 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 26,262,387 | |
| | | | | | | | | | | | | | |
| Food Products—0.3% | |
Archer-Daniels-Midland Co. | | | | | |
0.875% | | | 02/15/2014 | | | | | | 2,250,000 | | | | 2,272,500 | |
| | | | | | | | | | | | | | |
| Health Care Equipment & Supplies—2.2% | |
Alere, Inc. | | | | | |
3.000% | | | 05/15/2016 | | | | | | 3,305,000 | | | | 2,982,763 | |
Elekta AB (Sweden) | | | | | |
2.750% | | | 04/25/2017 | | | | | SEK | 11,600,100 | | | | 1,790,210 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Hologic, Inc. | | | | | |
2.000% | | | 03/01/2042 | | | | | $ | 3,225,000 | | | $ | 3,003,281 | |
Integra LifeSciences Holdings Corp. | |
1.625% | | | 12/15/2016 | | | ^ | | | 3,650,000 | | | | 3,517,687 | |
Medtronic, Inc., Series B | | | | | |
1.625% | | | 04/15/2013 | | | | | | 4,175,000 | | | | 4,206,313 | |
NuVasive, Inc. | | | | | |
2.750% | | | 07/01/2017 | | | | | | 3,225,000 | | | | 3,196,781 | |
Teleflex, Inc. | | | | | |
3.875% | | | 08/01/2017 | | | | | | 1,150,000 | | | | 1,346,937 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 20,043,972 | |
| | | | | | | | | | | | | | |
| Health Care Providers & Services—1.0% | |
LifePoint Hospitals, Inc. | | | | | |
3.500% | | | 05/15/2014 | | | | | | 4,800,000 | | | | 5,154,000 | |
Omnicare, Inc. | | | | | |
3.250% | | | 12/15/2035 | | | | | | 3,825,000 | | | | 3,657,656 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,811,656 | |
| | | | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—0.7% | |
Gaylord Entertainment Co. | | | | | |
3.750% | | | 10/01/2014 | | | ^ | | | 1,050,000 | | | | 1,571,063 | |
International Game Technology | | | | | |
3.250% | | | 05/01/2014 | | | | | | 1,650,000 | | | | 1,829,438 | |
MGM Resorts International | | | | | |
4.250% | | | 04/15/2015 | | | | | | 3,250,000 | | | | 3,302,812 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,703,313 | |
| | | | | | | | | | | | | | |
| Household Durables—0.5% | |
Lennar Corp. | | | | | |
2.000% | | | 12/01/2020 | | | ^ | | | 3,650,000 | | | | 4,599,000 | |
| | | | | | | | | | | | | | |
| Household Products—0.8% | |
Unicharm Corp. (Japan) | | | | | |
0.000% | | | 09/24/2013 | | | | | JPY | 230,000,000 | | | | 3,429,067 | |
0.000% | | | 09/24/2015 | | | | | JPY | 250,000,000 | | | | 3,804,654 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,233,721 | |
| | | | | | | | | | | | | | |
| Industrial Conglomerates—0.9% | |
Danaher Corp. | | | | | |
0.000% | | | 01/22/2021 | | | | | | 865,000 | | | | 1,313,719 | |
Siemens Financieringsmaatschappij NV,
Series WW (Netherlands) | | | | | |
1.050% | | | 08/16/2017 | | | | | | 7,250,000 | | | | 6,977,762 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,291,481 | |
| | | | | | | | | | | | | | |
| Internet & Catalog Retail—0.5% | |
priceline.com, Inc. | |
1.000% | | | 03/15/2018 | | | ^ | | | 3,960,000 | | | | 4,192,650 | |
| | | | | | | | | | | | | | |
| Internet Software & Services—0.3% | |
WebMD Health Corp. | | | | | |
2.500% | | | 01/31/2018 | | | ^ | | | 3,700,000 | | | | 3,126,500 | |
| | | | | | | | | | | | | | |
| IT Services—0.6% | |
AtoS (France) | | | | | |
2.500% | | | 01/01/2016 | | | | | EUR | 1,154,250 | | | | 1,769,433 | |
Cap Gemini SA (France) | | | | | |
3.500% | | | 01/01/2014 | | | | | EUR | 1,462,000 | | | | 2,053,114 | |
Euronet Worldwide, Inc. | | | | | |
3.500% | | | 10/15/2025 | | | | | | 1,850,000 | | | | 1,868,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,691,047 | |
| | | | | | | | | | | | | | |
| Life Sciences Tools & Services—0.7% | |
Charles River Laboratories International, Inc. | | | | | |
2.250% | | | 06/15/2013 | | | | | | 3,200,000 | | | | 3,216,000 | |
See accompanying notes to financial statements.
159
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CONVERTIBLE DEBT OBLIGATIONS—(Continued) | |
Illumina, Inc. | | | | | |
0.250% | | | 03/15/2016 | | | ^ | | $ | 3,175,000 | | | $ | 2,849,562 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 6,065,562 | |
| | | | | | | | | | | | | | |
| Machinery—1.1% | |
AGCO Corp. | | | | | |
1.250% | | | 12/15/2036 | | | | | | 600,000 | | | | 754,500 | |
Disco Corp. (Japan) | | | | | |
0.000% | | | 12/16/2014 | | | JPY | | | 140,000,000 | | | | 1,810,241 | |
Meritor, Inc. | | | | | |
4.625% | | | 03/01/2026 | | | | | | 2,800,000 | | | | 2,446,500 | |
Navistar International Corp. | | | | | |
3.000% | | | 10/15/2014 | | | | | | 1,000,000 | | | | 937,500 | |
Trinity Industries, Inc. | | | | | |
3.875% | | | 06/01/2036 | | | | | | 3,850,000 | | | | 3,816,313 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,765,054 | |
| | | | | | | | | | | | | | |
| Media—1.3% | |
Central European Media Enterprises Ltd. (Bermuda) | |
5.000% | | | 11/15/2015 | | | | | | 1,600,000 | | | | 1,402,000 | |
Liberty Interactive LLC | | | | | |
3.250% | | | 03/15/2031 | | | | | | 1,625,000 | | | | 1,427,969 | |
3.125% | | | 03/30/2023 | | | | | | 1,925,000 | | | | 2,360,531 | |
Live Nation Entertainment, Inc. | | | | | |
2.875% | | | 07/15/2027 | | | | | | 2,400,000 | | | | 2,298,000 | |
Omnicom Group, Inc. | | | | | |
0.000% | | | 07/01/2038 | | | | | | 3,475,000 | | | | 3,761,688 | |
XM Satellite Radio, Inc. | | | | | |
7.000% | | | 12/01/2014 | | | ^ | | | 500,000 | | | | 653,750 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 11,903,938 | |
| | | | | | | | | | | | | | |
| Metals & Mining—1.3% | |
AngloGold Ashanti Holdings Finance plc (Isle of Man) | |
3.500% | | | 05/22/2014 | | | | | | 2,300,000 | | | | 2,443,750 | |
ArcelorMittal (Luxembourg) | | | | | |
5.000% | | | 05/15/2014 | | | | | | 875,000 | | | | 901,250 | |
Goldcorp, Inc. (Canada) | | | | | |
2.000% | | | 08/01/2014 | | | | | | 3,500,000 | | | | 3,959,375 | |
Newmont Mining Corp., Series A | | | | | |
1.250% | | | 07/15/2014 | | | | | | 725,000 | | | | 902,625 | |
Newmont Mining Corp., Series B | | | | | |
1.625% | | | 07/15/2017 | | | | | | 2,300,000 | | | | 3,061,875 | |
Royal Gold, Inc. | | | | | |
2.875% | | | 06/15/2019 | | | | | | 890,000 | | | | 936,725 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 12,205,600 | |
| | | | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—1.5% | |
Bill Barrett Corp. | | | | | |
5.000% | | | 03/15/2028 | | | | | | 2,000,000 | | | | 2,010,000 | |
Chesapeake Energy Corp. | | | | | |
2.750% | | | 11/15/2035 | | | | | | 1,250,000 | | | | 1,148,438 | |
2.500% | | | 05/15/2037 | | | | | | 3,840,000 | | | | 3,307,200 | |
Goodrich Petroleum Corp. | | | | | |
5.000% | | | 10/01/2029 | | | | | | 4,800,000 | | | | 4,494,000 | |
PetroBakken Energy Ltd. (Canada) | | | | | |
3.125% | | | 02/08/2016 | | | | | | 2,900,000 | | | | 2,871,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 13,830,638 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
| Pharmaceuticals—2.5% | |
Endo Health Solutions, Inc. | | | | | |
1.750% | | | 04/15/2015 | | | | | $ | 700,000 | | | $ | 845,250 | |
Medicis Pharmaceutical Corp. | | | | | |
2.500% | | | 06/04/2032 | | | | | | 665,000 | | | | 840,394 | |
1.375% | | | 06/01/2017 | | | | | | 1,825,000 | | | | 1,818,156 | |
Salix Pharmaceuticals Ltd. | | | | | |
1.500% | | | 03/15/2019 | | | ^ | | | 1,083,000 | | | | 1,164,225 | |
Sawai Pharmaceutical Co. Ltd. (Japan) | | | | | |
0.000% | | | 09/17/2015 | | | JPY | | | 210,000,000 | | | | 2,814,975 | |
Shire plc (Jersey, Channel Islands) | | | | | |
2.750% | | | 05/09/2014 | | | | | | 6,150,000 | | | | 6,986,400 | |
Teva Pharmaceutical Finance Co. LLC, Series C | | | | | |
0.250% | | | 02/01/2026 | | | | | | 5,950,000 | | | | 6,232,625 | |
UCB SA (Belgium) | | | | | |
4.500% | | | 10/22/2015 | | | EUR | | | 1,500,000 | | | | 2,297,357 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 22,999,382 | |
| | | | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—1.1% | |
Boston Properties LP | | | | | |
3.625% | | | 02/15/2014 | | | ^ | | | 1,700,000 | | | | 1,853,000 | |
Health Care REIT, Inc. | | | | | |
3.000% | | | 12/01/2029 | | | | | | 2,025,000 | | | | 2,407,219 | |
Host Hotels & Resorts LP | | | | | |
3.250% | | | 04/15/2024 | | | ^ | | | 2,500,000 | | | | 2,756,250 | |
ProLogis LP | | | | | |
3.250% | | | 03/15/2015 | | | | | | 2,450,000 | | | | 2,704,187 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,720,656 | |
| | | | | | | | | | | | | | |
| Road & Rail—0.3% | |
Avis Budget Group, Inc. | | | | | |
3.500% | | | 10/01/2014 | | | ^ | | | 2,475,000 | | | | 3,099,937 | |
| | | | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—1.9% | |
Advanced Micro Devices, Inc. | | | | | | | | |
6.000% | | | 05/01/2015 | | | | | | 4,425,000 | | | | 4,485,844 | |
Dialog Semiconductor plc (United Kingdom) | | | | | |
1.000% | | | 04/12/2017 | | | | | | 1,400,000 | | | | 1,443,820 | |
Intel Corp. | | | | | |
3.250% | | | 08/01/2039 | | | | | | 3,010,000 | | | | 4,067,262 | |
Lam Research Corp. | | | | | |
1.250% | | | 05/15/2018 | | | | | | 867,000 | | | | 859,414 | |
0.500% | | | 05/15/2016 | | | | | | 1,300,000 | | | | 1,251,250 | |
Linear Technology Corp., Series A | | | | | |
3.000% | | | 05/01/2027 | | | | | | 3,050,000 | | | | 3,164,375 | |
Micron Technology, Inc. | | | | | |
1.875% | | | 06/01/2014 | | | | | | 2,275,000 | | | | 2,240,875 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 17,512,840 | |
| | | | | | | | | | | | | | |
| Software—1.8% | |
Electronic Arts, Inc. | | | | | |
0.750% | | | 07/15/2016 | | | ^ | | | 3,110,000 | | | | 2,736,800 | |
Mentor Graphics Corp. | | | | | |
4.000% | | | 04/01/2031 | | | | | | 1,300,000 | | | | 1,392,625 | |
Microsoft Corp. | | | | | |
0.000% | | | 06/15/2013 | | | ^ | | | 5,500,000 | | | | 5,864,375 | |
Nuance Communications, Inc. | |
2.750% | | | 11/01/2031 | | | ^ | | | 1,675,000 | | | | 1,857,156 | |
Rovi Corp. | | | | | |
2.625% | | | 02/15/2040 | | | | | | 3,300,000 | | | | 3,192,750 | |
TIBCO Software, Inc. | | | | | |
2.250% | | | 05/01/2032 | | | ^ | | | 1,900,000 | | | | 1,854,875 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 16,898,581 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
160
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CONVERTIBLE DEBT OBLIGATIONS—(Continued) | |
| Specialty Retail—0.5% | | | | | |
Group 1 Automotive, Inc. | | | | | |
2.250% | | | 06/15/2036 | | | | | $ | 3,300,000 | | | $ | 3,415,500 | |
Sonic Automotive, Inc. | | | | | |
5.000% | | | 10/01/2029 | | | | | | 850,000 | | | | 1,111,375 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,526,875 | |
| | | | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—0.6% | | | | | |
Adidas AG (Germany) | | | | | |
0.250% | | | 06/14/2019 | | | EUR | | | 1,800,000 | | | | 2,388,879 | |
Hengdeli Holdings Ltd. (Cayman Islands) | | | | | |
2.500% | | | 10/20/2015 | | | HKD | | | 2,000,000 | | | | 250,968 | |
Iconix Brand Group, Inc. | | | | | |
2.500% | | | 06/01/2016 | | | ^ | | | 3,350,000 | | | | 3,245,313 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,885,160 | |
| | | | | | | | | | | | | | |
| Wireless Telecommunication Services—0.6% | |
Leap Wireless International, Inc. | | | | | |
4.500% | | | 07/15/2014 | | | | | | 3,375,000 | | | | 3,218,906 | |
SBA Communications Corp. | | | | | |
1.875% | | | 05/01/2013 | | | ^ | | | 1,800,000 | | | | 2,502,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,720,906 | |
| | | | | | | | | | | | | | |
| TOTAL CONVERTIBLE DEBT OBLIGATIONS | |
(Cost $291,183,488) | | | | | | | | | | 296,190,988 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS—9.1% | |
| U.S. Treasury Bills—3.9% | | | | | |
U.S. Treasury Bill | | | | | |
0.130% | | | 01/10/2013 | | | | | | 5,000,000 | | | | 4,996,135 | |
0.127% | | | 10/18/2012 | | | | | | 6,000,000 | | | | 5,998,158 | |
0.105% | | | 12/13/2012 | | | | | | 2,000,000 | | | | 1,998,726 | |
0.095% | | | 09/20/2012 | | | ‡‡ | | | 8,540,000 | | | | 8,538,668 | |
0.081% | | | 07/12/2012 | | | | | | 5,700,000 | | | | 5,699,871 | |
0.077% | | | 08/30/2012 | | | | | | 1,000,000 | | | | 999,922 | |
0.076% | | | 07/19/2012 | | | | | | 5,000,000 | | | | 4,999,841 | |
0.070% | | | 08/16/2012 | | | | | | 2,000,000 | | | | 1,999,829 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 35,231,150 | |
| | | | | | | | | | | | | | |
| U.S. Treasury Notes—5.2% | | | | | |
U.S. Treasury Note | | | | | |
1.750% | | | 01/31/2014 | | | | | | 1,500,000 | | | | 1,534,161 | |
1.250% | | | 10/31/2015 | | | | | | 15,300,000 | | | | 15,683,693 | |
0.625% | | | 02/28/2013 | | | | | | 4,000,000 | | | | 4,012,188 | |
0.500% | | | 11/30/2012 | | | | | | 4,000,000 | | | | 4,005,940 | |
0.375% | | | 07/31/2013 | | | | | | 1,500,000 | | | | 1,502,051 | |
0.250% | | | 10/31/2013- | | | | | | | | | | | |
| | | 02/15/2015 | | | § | | | 20,990,000 | | | | 20,961,622 | |
0.125% | | | 09/30/2013 | | | ‡‡ | | | 200,000 | | | | 199,648 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 47,899,303 | |
| | | | | | | | | | | | | | |
| TOTAL U.S. TREASURY OBLIGATIONS | |
(Cost $83,157,742) | | | | | | | | | | 83,130,453 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| GOVERNMENT RELATED OBLIGATIONS—6.0% | |
| U.S. Government Agencies—2.6% | | | | | |
Federal Home Loan Banks | | | | | |
0.300% | | | 06/14/2013 | | | | | | 3,000,000 | | | | 3,000,030 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Federal Home Loan Banks, Series 1 | | | | | |
0.500% | | | 08/28/2013 | | | | | $ | 4,280,000 | | | $ | 4,291,453 | |
Federal Home Loan Mortgage Corp. | | | | | |
0.625% | | | 12/29/2014 | | | | | | 8,800,000 | | | | 8,839,222 | |
Federal National Mortgage Association | | | | | |
0.750% | | | 12/18/2013 | | | | | | 4,000,000 | | | | 4,027,896 | |
National Credit Union Administration Guaranteed Notes, Series A1 | | | | | |
0.261% | | | 06/12/2013 | | | # | | | 1,510,000 | | | | 1,509,562 | |
National Credit Union Administration Guaranteed Notes, Series A2 | | | | | |
1.400% | | | 06/12/2015 | | | | | | 2,050,000 | | | | 2,090,467 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 23,758,630 | |
| | | | | | | | | | | | | | |
| U.S. Government Agencies-U.S. Government Guaranteed Bank Debt—0.4% | | | | | |
Ally Financial, Inc. | | | | | |
2.200% | | | 12/19/2012 | | | | | | 2,350,000 | | | | 2,371,653 | |
General Electric Capital Corp., Series G MTN | | | | | |
2.625% | | | 12/28/2012 | | | | | | 1,546,000 | | | | 1,563,788 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,935,441 | |
| | | | | | | | | | | | | | |
| Non-U.S. Government Agencies—0.5% | | | | | |
Export-Import Bank of Korea (Korea, Republic of) | | | | | |
5.500% | | | 10/17/2012 | | | | | | 500,000 | | | | 506,633 | |
IPIC Ltd. MTN (Cayman Islands) | | | | | |
3.125% | | | 11/15/2015 | | | ^ | | | 600,000 | | | | 621,750 | |
Korea National Oil Corp. (Korea, Republic of) | | | | | |
2.875% | | | 11/09/2015 | | | ^ | | | 1,330,000 | | | | 1,356,738 | |
Petrobras International Finance Co.
(Cayman Islands) | | | | | |
2.875% | | | 02/06/2015 | | | § | | | 470,000 | | | | 478,225 | |
Petroleos Mexicanos (Mexico) | | | | | |
4.875% | | | 03/15/2015 | | | § | | | 1,400,000 | | | | 1,517,250 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,480,596 | |
| | | | | | | | | | | | | | |
| Sovereign Debt—1.0% | | | | | |
Canadian Government International Bond (Canada) | |
2.000% | | | 12/01/2014 | | | CAD | | | 500,000 | | | | 501,974 | |
Korea Finance Corp. (Korea, Republic of) | | | | | |
3.250% | | | 09/20/2016 | | | | | | 1,890,000 | | | | 1,945,872 | |
Mexican Bonos, Series M 10 (Mexico) | | | | | |
7.250% | | | 12/15/2016 | | | MXN | | | 28,700,000 | | | | 2,359,372 | |
Norway Government International Bond (Norway) | | | | | |
5.000% | | | 05/15/2015 | | | NOK | | | 2,500,000 | | | | 463,467 | |
Panama Government International Bond (Panama) | | | | | |
9.375% | | | 07/23/2012 | | | | | | 740,000 | | | | 743,348 | |
7.250% | | | 03/15/2015 | | | § | | | 1,150,000 | | | | 1,316,750 | |
Qatar Government International Bond (Qatar) | | | | | |
3.125% | | | 01/20/2017 | | | ^ | | | 900,000 | | | | 942,750 | |
South Africa Government International Bond (South Africa) | | | | | |
6.500% | | | 06/02/2014 | | | § | | | 1,000,000 | | | | 1,103,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,376,533 | |
| | | | | | | | | | | | | | |
| Supranational—0.2% | | | | | |
Asian Development Bank, Series G MTN
(Philippines) | |
3.375% | | | 05/20/2014 | | | NOK | | | 8,700,000 | | | | 1,504,043 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
161
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| GOVERNMENT RELATED OBLIGATIONS—(Continued) | |
| U.S. Municipal Bonds—1.1% | |
Citizens Ppty Ins Corp. Fla Pers & Coml Lines-Sr
Secd-Nts-Ser A-2 01/Jun/2013 02.500 Revenue
Bonds (Florida) | |
2.500% | | | 06/01/2013 | | | | | $ | 1,500,000 | | | $ | 1,526,250 | |
Citizens Property Insurance Corp. Revenue Bonds,
Series 2007-A (Florida) | |
5.000% | | | 03/01/2013 | | | | | | 290,000 | | | | 298,471 | |
Kentucky Asset Liability Commission Revenue
Bonds (Kentucky) | |
3.165% | | | 04/01/2018 | | | | | | 1,300,000 | | | | 1,347,112 | |
Minnesota School District Capital Equipment
Borrowing Program, Series 2011-B (Minnesota) | |
2.000% | | | 09/09/2012 | | | | | | 1,660,000 | | | | 1,665,893 | |
South Carolina State Public Service Authority
Revenue Bonds, Series 2011-A (South Carolina) | |
0.939% | | | 06/02/2014 | | | # | | | 1,500,000 | | | | 1,503,315 | |
State of Louisiana General Obligation Bonds,
Series 2011-B (Louisiana) | |
0.967% | | | 07/15/2014 | | | # | | | 1,780,000 | | | | 1,781,584 | |
University of California Revenue Bonds (California) | |
1.988% | | | 05/15/2050 | | | # | | | 1,000,000 | | | | 1,012,770 | |
0.818% | | | 07/01/2041 | | | # | | | 1,000,000 | | | | 1,000,010 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 10,135,405 | |
| | | | | | | | | | | | | | |
| Non-U.S. Regional Authority Bonds—0.2% | |
Province of Ontario (Canada) | | | | | | | | |
2.950% | | | 02/05/2015 | | | | | | 1,530,000 | | | | 1,615,186 | |
| | | | | | | | | | | | | | |
| TOTAL GOVERNMENT RELATED OBLIGATIONS | |
(Cost $54,349,626) | | | | | | | | | | 54,805,834 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES—5.2% | | | | | |
| Automobile—1.9% | |
Ally Auto Receivables Trust
Series 2011-1, Class A2 | |
0.810% | | | 10/15/2013 | | | | | | 200,116 | | | | 200,176 | |
AmeriCredit Automobile Receivables Trust
Series 2012-1, Class A2 | |
0.910% | | | 10/08/2015 | | | § | | | 2,550,000 | | | | 2,556,038 | |
CarMax Auto Owner Trust
Series 2012-1, Class A2 | |
0.590% | | | 03/16/2015 | | | § | | | 4,200,000 | | | | 4,202,793 | |
Enterprise Fleet Financing LLC
Series 2012-1, Class A2 | |
1.140% | | | 11/20/2017 | | | ^§ | | | 3,200,000 | | | | 3,202,287 | |
First Investors Auto Owner Trust
Series 2011-1, Class C | |
3.400% | | | 03/15/2016 | | | ^§ | | | 1,400,000 | | | | 1,414,985 | |
Honda Auto Receivables Owner Trust
Series 2012-1, Class A2 | |
0.570% | | | 08/15/2014 | | | § | | | 1,275,000 | | | | 1,275,768 | |
Hyundai Capital Auto Funding Ltd. (Cayman Islands)
Series 2010-8A, Class A | |
1.243% | | | 09/20/2016 | | | #^§ | | | 1,100,000 | | | | 1,082,109 | |
MMCA Automobile Trust
Series 2012-A, Class A1 | |
0.601% | | | 02/04/2013 | | | ^§ | | | 379,446 | | | | 379,743 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Santander Drive Auto Receivables Trust
Series 2012-3, Class A1 | |
0.328% | | | 05/15/2013 | | | § | | $ | 1,411,745 | | | $ | 1,412,525 | |
Volkswagen Auto Loan Enhanced Trust
Series 2011-1, Class A2 | |
0.670% | | | 12/20/2013 | | | § | | | 1,288,558 | | | | 1,289,238 | |
World Omni Auto Receivables Trust
Series 2011-A, Class A2 | |
0.640% | | | 11/15/2013 | | | § | | | 1,045,494 | | | | 1,045,574 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 18,061,236 | |
| | | | | | | | | | | | | | |
| Credit Card—2.3% | |
Capital One Multi-Asset Execution Trust
Series 2008-A3, Class A3 | |
5.050% | | | 02/15/2016 | | | § | | | 3,050,000 | | | | 3,157,037 | |
Chase Issuance Trust
Series 2011-A2, Class A2 | |
0.332% | | | 05/15/2015 | | | #§ | | | 2,500,000 | | | | 2,501,094 | |
Citibank Credit Card Issuance Trust
Series 2009-A5, Class A5 | |
2.250% | | | 12/23/2014 | | | § | | | 4,700,000 | | | | 4,742,349 | |
Discover Card Master Trust
Series 2012-A1, Class A1 | |
0.810% | | | 08/15/2017 | | | § | | | 3,000,000 | | | | 3,005,672 | |
GE Capital Credit Card Master Note Trust
Series 2012-1, Class A | |
1.030% | | | 01/15/2018 | | | § | | | 2,200,000 | | | | 2,214,390 | |
Gracechurch Card Funding plc (United Kingdom)
Series 2012-1A, Class A2 | |
1.184% | | | 02/15/2017 | | | #^ | | EUR | 1,200,000 | | | | 1,520,473 | |
Gracechurch Card Funding plc (United Kingdom)
Series 2012-1A, Class A1 | |
0.942% | | | 02/15/2017 | | | #^§ | | | 3,950,000 | | | | 3,952,073 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 21,093,088 | |
| | | | | | | | | | | | | | |
| Home Equity—0.4% | |
Ameriquest Mortgage Securities, Inc.
Series 2003-AR3, Class M2 | |
3.320% | | | 10/25/2033 | | | # | | | 97,238 | | | | 96,552 | |
Argent Securities, Inc.
Series 2006-W3, Class A2B | |
0.365% | | | 04/25/2036 | | | # | | | 72,894 | | | | 21,317 | |
Countrywide Asset-Backed Certificates
Series 2004-AB1, Class 2A3 | |
1.285% | | | 02/25/2035 | | | # | | | 117,497 | | | | 116,004 | |
Countrywide Asset-Backed Certificates
Series 2005-12, Class 2A3 | |
5.069% | | | 02/25/2036 | | | # | | | 537,430 | | | | 507,787 | |
Option One Mortgage Loan Trust
Series 2005-4, Class A3 | |
0.505% | | | 11/25/2035 | | | # | | | 702,458 | | | | 672,356 | |
Saxon Asset Securities Trust
Series 2005-4, Class A2C | |
0.495% | | | 11/25/2037 | | | # | | | 373,475 | | | | 366,826 | |
Structured Asset Investment Loan Trust
Series 2003-BC1, Class A2 | |
0.925% | | | 01/25/2033 | | | # | | | 1,862,491 | | | | 1,609,224 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,390,066 | |
| | | | | | | | | | | | | | |
| Other—0.3% | |
CenterPoint Energy Transition Bond Co. LLC
Series 2012-1, Class A1 | |
0.901% | | | 04/15/2018 | | | § | | | 2,650,000 | | | | 2,665,865 | |
See accompanying notes to financial statements.
162
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Diversifying Strategies Fund | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES—(Continued) | |
CNH Equipment Trust
Series 2011-A, Class A2 | |
0.620% | | | 06/16/2014 | | | | | $ | 33,573 | | | $ | 33,575 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,699,440 | |
| | | | | | | | | | | | | | |
| Student Loan—0.3% | |
National Credit Union Administration Guaranteed Notes
Series 2010-A1, Class A | |
0.589% | | | 12/07/2020 | | | #§ | | | 2,854,685 | | | | 2,864,905 | |
| | | | | | | | | | | | | | |
| TOTAL ASSET-BACKED SECURITIES | |
(Cost $48,370,588) | | | | | | | 48,108,735 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | Contracts | | | | Value | |
| PURCHASED OPTIONS—0.3% | | | | | |
Put—Swiss Market Index, Expires 09/21/2012 ,Strike CHF 5,894.50 | | | 2,280 | | | | 299,380 | |
Call—U.S. 10 Year Treasury Future, Expires 08/24/2012, Strike $115.00 | | | 123 | | | | 2,260,125 | |
| | | | | | | | | | | | | | |
| TOTAL PURCHASED OPTIONS | |
(Cost $2,554,017) | | | | | | | 2,559,505 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| CERTIFICATES OF DEPOSIT—0.4% | | | | | |
| Commercial Banks—0.4% | | | | | | | | |
Bank of Montreal (Canada) | | | | | | | | |
0.464% | | | 06/21/2013 | | | | | $ | 1,000,000 | | | | 1,000,002 | |
Nordea Bank Finland plc | | | | | | | | | | | |
0.946% | | | 02/07/2013 | | | | | | 900,000 | | | | 900,834 | |
Royal Bank of Canada | | | | | | | | |
0.488% | | | 03/11/2013 | | | | | | 1,390,000 | | | | 1,390,977 | |
| | | | | | | | | | | | | | |
| TOTAL CERTIFICATES OF DEPOSIT | | | | | |
(Cost $3,290,577) | | | | | | | 3,291,813 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | Shares | | | | Value | |
| MONEY MARKET FUNDS—3.9% | |
| Institutional Money Market Fund—3.9% | |
Fidelity Institutional Money Market: Money Market
Portfolio—Institutional Class, 0.22% | | | ¥ | | | | | | | | |
(Cost $35,858,809) | | | | | | 35,858,809 | | | | 35,858,809 | |
| | | | | | | | | | | | | | |
| TOTAL INVESTMENTS—99.6% | |
(Cost $904,464,078) | | | | | | | | | | 913,236,897 | |
Other assets less liabilities—0.4% | | | | 4,069,858 | |
| | | | | | | | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 917,306,755 | |
| | | | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| BRL | | Brazilian Real |
| CAD | | Canadian Dollar |
| CHF | | Swiss Franc |
| EUR | | European Monetary Unit |
| HKD | | Hong Kong Dollar |
| JPY | | Japanese Yen |
| MTN | | Medium Term Note |
| MXN | | Mexican Peso |
| NOK | | Norwegian Krone |
| REIT | | Real Estate Investment Trust |
| SEK | | Swedish Krona |
| SGD | | Singapore Dollar |
| * | | Non-income producing. |
| ^ | | Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $130,526,325, which represents 14.2% of Net Assets. The illiquid 144A securities represented 0.0% of Net Assets, and 0.0% of total 144A securities held. |
| § | | Security has been segregated to cover economic leverage under certain derivatives contracts which may include, but are not limited to, futures, swaps, forwards, options and TBA's, a security that is subject to delayed delivery. |
| # | | Rate is subject to change. Rate shown reflects current rate. |
| ‡‡ | | Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
163
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—20.7% | | | | | |
| Aerospace & Defense—0.2% | |
Boeing Co. (The) | | | | | | | | |
6.125% | | | 02/15/2033 | | | | | $ | 100,000 | | | $ | 131,277 | |
4.875% | | | 02/15/2020 | | | † | | | 200,000 | | | | 240,327 | |
L-3 Communications Corp. | | | | | | | | |
4.950% | | | 02/15/2021 | | | | | | 300,000 | | | | 325,009 | |
Lockheed Martin Corp., Series B | | | | | | | | |
6.150% | | | 09/01/2036 | | | | | | 250,000 | | | | 314,144 | |
Northrop Grumman Corp. | | | | | | | | |
3.500% | | | 03/15/2021 | | | | | | 300,000 | | | | 317,644 | |
United Technologies Corp. | | | | | | | | |
6.700% | | | 08/01/2028 | | | | | | 150,000 | | | | 197,628 | |
4.875% | | | 05/01/2015 | | | | | | 500,000 | | | | 553,791 | |
4.500% | | | 06/01/2042 | | | | | | 200,000 | | | | 220,618 | |
3.100% | | | 06/01/2022 | | | | | | 200,000 | | | | 210,020 | |
1.800% | | | 06/01/2017 | | | † | | | 300,000 | | | | 306,731 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,817,189 | |
| | | | | | | | | | | | | | |
| Airlines—0.0% | |
Continental Airlines, Inc.,
Series 2010-1 A, Class A | | | | | | | | |
4.750% | | | 01/12/2021 | | | | | | 294,222 | | | | 308,197 | |
| | | | | | | | | | | | | | |
| Auto Components—0.0% | |
Johnson Controls, Inc. | | | | | | | | |
5.500% | | | 01/15/2016 | | | | | | 250,000 | | | | 281,242 | |
4.250% | | | 03/01/2021 | | | | | | 300,000 | | | | 322,817 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 604,059 | |
| | | | | | | | | | | | | | |
| Automobile—0.1% | |
Daimler Finance North America LLC | | | | | |
6.500% | | | 11/15/2013 | | | | | | 400,000 | | | | 428,919 | |
Ford Motor Co. | | | | | |
7.450% | | | 07/16/2031 | | | † | | | 200,000 | | | | 251,500 | |
Toyota Motor Credit Corp. MTN | | | | | |
4.500% | | | 06/17/2020 | | | | | | 300,000 | | | | 341,505 | |
1.375% | | | 08/12/2013 | | | | | | 500,000 | | | | 504,302 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,526,226 | |
| | | | | | | | | | | | | | |
| Beverages—0.6% | |
Anheuser-Busch InBev Worldwide, Inc. | | | | | |
8.200% | | | 01/15/2039 | | | | | | 300,000 | | | | 478,607 | |
7.750% | | | 01/15/2019 | | | | | | 500,000 | | | | 661,264 | |
6.875% | | | 11/15/2019 | | | | | | 300,000 | | | | 387,618 | |
5.375% | | | 01/15/2020 | | | | | | 500,000 | | | | 596,754 | |
1.500% | | | 07/14/2014 | | | | | | 200,000 | | | | 202,843 | |
Beam, Inc. | | | | | | | | |
5.375% | | | 01/15/2016 | | | | | | 90,000 | | | | 100,179 | |
Bottling Group LLC | | | | | | | | | | | |
5.500% | | | 04/01/2016 | | | | | | 500,000 | | | | 579,842 | |
Coca-Cola Co. (The) | | | | | | | | | | | |
5.350% | | | 11/15/2017 | | | | | | 500,000 | | | | 600,910 | |
4.875% | | | 03/15/2019 | | | | | | 300,000 | | | | 356,782 | |
3.150% | | | 11/15/2020 | | | | | | 200,000 | | | | 214,672 | |
0.750% | | | 11/15/2013 | | | | | | 200,000 | | | | 200,756 | |
0.750% | | | 03/13/2015 | | | | | | 300,000 | | | | 300,806 | |
Coca-Cola Enterprises, Inc. | | | | | |
4.500% | | | 09/01/2021 | | | | | | 300,000 | | | | 334,892 | |
Diageo Finance BV (Netherlands) | | | | | |
5.300% | | | 10/28/2015 | | | | | | 750,000 | | | | 846,227 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
PepsiCo, Inc. | | | | | |
3.750% | | | 03/01/2014 | | | | | $ | 500,000 | | | $ | 524,707 | |
3.000% | | | 08/25/2021 | | | | | | 500,000 | | | | 518,436 | |
2.500% | | | 05/10/2016 | | | | | | 200,000 | | | | 210,162 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,115,457 | |
| | | | | | | | | | | | | | |
| Biotechnology—0.2% | |
Amgen, Inc. | | | | | | | | |
6.900% | | | 06/01/2038 | | | | | | 267,000 | | | | 341,045 | |
6.150% | | | 06/01/2018 | | | | | | 500,000 | | | | 600,640 | |
5.850% | | | 06/01/2017 | | | | | | 250,000 | | | | 294,935 | |
5.150% | | | 11/15/2041 | | | | | | 300,000 | | | | 314,381 | |
3.875% | | | 11/15/2021 | | | | | | 300,000 | | | | 317,381 | |
Genentech, Inc. | | | | | | | | |
5.250% | | | 07/15/2035 | | | | | | 100,000 | | | | 118,159 | |
Gilead Sciences, Inc. | | | | | |
4.400% | | | 12/01/2021 | | | † | | | 300,000 | | | | 331,764 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,318,305 | |
| | | | | | | | | | | | | | |
| Capital Markets—1.5% | |
Bank of New York Mellon Corp. (The) | | | | | |
3.550% | | | 09/23/2021 | | | | | | 300,000 | | | | 319,637 | |
Bank of New York Mellon Corp. (The) MTN | | | | | |
2.300% | | | 07/28/2016 | | | | | | 100,000 | | | | 103,278 | |
Bank of New York Mellon Corp. (The), Series 1 | |
2.950% | | | 06/18/2015 | | | | | | 500,000 | | | | 527,414 | |
Bear Stearns Cos. LLC (The) | |
7.250% | | | 02/01/2018 | | | | | | 250,000 | | | | 299,233 | |
6.400% | | | 10/02/2017 | | | | | | 400,000 | | | | 461,794 | |
5.700% | | | 11/15/2014 | | | | | | 550,000 | | | | 595,481 | |
4.650% | | | 07/02/2018 | | | | | | 400,000 | | | | 421,660 | |
BlackRock, Inc. | |
4.250% | | | 05/24/2021 | | | | | | 500,000 | | | | 547,809 | |
Credit Suisse USA, Inc. | |
5.500% | | | 08/15/2013 | | | | | | 300,000 | | | | 312,757 | |
5.125% | | | 01/15/2014 | | | † | | | 500,000 | | | | 524,235 | |
5.125% | | | 08/15/2015 | | | | | | 500,000 | | | | 545,642 | |
Goldman Sachs Group, Inc. (The) | |
7.500% | | | 02/15/2019 | | | | | | 300,000 | | | | 342,574 | |
6.250% | | | 09/01/2017 | | | | | | 500,000 | | | | 544,237 | |
6.250% | | | 02/01/2041 | | | | | | 500,000 | | | | 523,148 | |
6.150% | | | 04/01/2018 | | | | | | 500,000 | | | | 542,698 | |
6.125% | | | 02/15/2033 | | | | | | 600,000 | | | | 617,963 | |
5.750% | | | 01/24/2022 | | | | | | 300,000 | | | | 317,265 | |
5.375% | | | 03/15/2020 | | | | | | 300,000 | | | | 309,311 | |
5.250% | | | 07/27/2021 | | | | | | 300,000 | | | | 305,292 | |
5.150% | | | 01/15/2014 | | | | | | 500,000 | | | | 519,805 | |
5.125% | | | 01/15/2015 | | | | | | 500,000 | | | | 522,334 | |
5.000% | | | 10/01/2014 | | | | | | 553,000 | | | | 576,861 | |
3.625% | | | 02/07/2016 | | | † | | | 500,000 | | | | 500,472 | |
Jefferies Group, Inc. | |
6.250% | | | 01/15/2036 | | | | | | 230,000 | | | | 209,300 | |
5.125% | | | 04/13/2018 | | | | | | 300,000 | | | | 294,000 | |
JPMorgan Chase Capital XXV, Series Y | |
6.800% | | | 10/01/2037 | | | | | | 500,000 | | | | 501,247 | |
Mellon Funding Corp. | |
5.200% | | | 05/15/2014 | | | | | | 400,000 | | | | 431,584 | |
Merrill Lynch & Co., Inc. | |
6.875% | | | 11/15/2018 | | | | | | 250,000 | | | | 280,367 | |
Merrill Lynch & Co., Inc. MTN | |
6.875% | | | 04/25/2018 | | | | | | 500,000 | | | | 560,145 | |
Morgan Stanley | |
7.250% | | | 04/01/2032 | | | | | | 100,000 | | | | 106,504 | |
6.000% | | | 05/13/2014 | | | | | | 500,000 | | | | 518,491 | |
See accompanying notes to financial statements.
164
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
5.750% | | | 01/25/2021 | | | | | $ | 600,000 | | | $ | 592,612 | |
4.750% | | | 03/22/2017 | | | | | | 300,000 | | | | 299,653 | |
2.875% | | | 01/24/2014 | | | † | | | 300,000 | | | | 296,736 | |
Morgan Stanley MTN | |
5.450% | | | 01/09/2017 | | | | | | 500,000 | | | | 505,446 | |
Morgan Stanley, Series F MTN | |
6.625% | | | 04/01/2018 | | | | | | 500,000 | | | | 523,406 | |
6.000% | | | 04/28/2015 | | | | | | 1,000,000 | | | | 1,034,372 | |
5.950% | | | 12/28/2017 | | | | | | 500,000 | | | | 514,178 | |
Nomura Holdings, Inc. (Japan) | | | | | |
6.700% | | | 03/04/2020 | | | | | | 300,000 | | | | 332,891 | |
Northern Trust Corp. | | | | | | | | |
3.375% | | | 08/23/2021 | | | | | | 500,000 | | | | 538,270 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 17,820,102 | |
| | | | | | | | | | | | | | |
| Chemicals—0.4% | | | | | | | | |
Agrium, Inc. (Canada) | |
6.125% | | | 01/15/2041 | | | | | | 400,000 | | | | 491,808 | |
Airgas, Inc. | | | | | | | | | | | |
2.950% | | | 06/15/2016 | | | | | | 200,000 | | | | 207,587 | |
Dow Chemical Co. (The) | |
8.550% | | | 05/15/2019 | | | | | | 629,000 | | | | 837,763 | |
5.250% | | | 11/15/2041 | | | | | | 300,000 | | | | 332,918 | |
4.125% | | | 11/15/2021 | | | | | | 150,000 | | | | 161,198 | |
E.I. du Pont de Nemours & Co. | |
4.900% | | | 01/15/2041 | | | | | | 200,000 | | | | 234,548 | |
4.250% | | | 04/01/2021 | | | † | | | 300,000 | | | | 343,127 | |
2.750% | | | 04/01/2016 | | | | | | 300,000 | | | | 319,035 | |
1.750% | | | 03/25/2014 | | | | | | 300,000 | | | | 306,104 | |
Ecolab, Inc. | | | | | | | | |
5.500% | | | 12/08/2041 | | | | | | 300,000 | | | | 361,364 | |
Monsanto Co. | | | | | | | | | | | | | | |
5.500% | | | 08/15/2025 | | | | | | 200,000 | | | | 250,524 | |
PPG Industries, Inc. | |
3.600% | | | 11/15/2020 | | | | | | 400,000 | | | | 423,544 | |
Praxair, Inc. | |
3.250% | | | 09/15/2015 | | | | | | 500,000 | | | | 536,439 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,805,959 | |
| | | | | | | | | | | | | | |
| Commercial Banks—1.6% | |
Abbey National Treasury Services plc (United Kingdom) | |
2.875% | | | 04/25/2014 | | | | | | 300,000 | | | | 292,685 | |
Bank of Nova Scotia (Canada) | |
2.375% | | | 12/17/2013 | | | | | | 300,000 | | | | 307,232 | |
2.050% | | | 10/07/2015 | | | | | | 400,000 | | | | 409,155 | |
Barclays Bank plc (United Kingdom) | |
3.900% | | | 04/07/2015 | | | | | | 1,000,000 | | | | 1,036,511 | |
2.750% | | | 02/23/2015 | | | | | | 300,000 | | | | 302,208 | |
2.375% | | | 01/13/2014 | | | | | | 500,000 | | | | 501,368 | |
BB&T Corp. | | | | | |
5.250% | | | 11/01/2019 | | | | | | 500,000 | | | | 565,891 | |
BNP Paribas SA (France) | |
3.250% | | | 03/11/2015 | | | † | | | 500,000 | | | | 504,486 | |
BNP Paribas SA, Bank Note (France) | |
5.000% | | | 01/15/2021 | | | | | | 400,000 | | | | 411,318 | |
Capital One Financial Corp. | |
6.150% | | | 09/01/2016 | | | | | | 500,000 | | | | 559,504 | |
2.125% | | | 07/15/2014 | | | | | | 200,000 | | | | 201,803 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Credit Suisse (Switzerland) | |
5.500% | | | 05/01/2014 | | | | | $ | 500,000 | | | $ | 530,304 | |
5.300% | | | 08/13/2019 | | | | | | 400,000 | | | | 450,695 | |
Credit Suisse MTN (Switzerland) | |
4.375% | | | 08/05/2020 | | | | | | 200,000 | | | | 214,480 | |
Discover Bank | | | | | | | | | | | | | | |
7.000% | | | 04/15/2020 | | | | | | 200,000 | | | | 233,131 | |
HSBC Bank USA NA | |
4.875% | | | 08/24/2020 | | | | | | 400,000 | | | | 412,166 | |
HSBC Holdings plc (United Kingdom) | |
6.100% | | | 01/14/2042 | | | | | | 500,000 | | | | 614,654 | |
4.000% | | | 03/30/2022 | | | | | | 500,000 | | | | 520,246 | |
HSBC USA, Inc. | | | | | | | | | | | |
2.375% | | | 02/13/2015 | | | | | | 400,000 | | | | 404,814 | |
KeyBank NA, Bank Note | |
5.800% | | | 07/01/2014 | | | | | | 400,000 | | | | 428,997 | |
KeyCorp MTN | | | | | | | | | | | | | | |
5.100% | | | 03/24/2021 | | | | | | 500,000 | | | | 558,648 | |
LBBW (Germany) | | | | | | | | | | | |
7.625% | | | 02/01/2023 | | | | | | 200,000 | | | | 254,347 | |
National City Corp. | |
6.875% | | | 05/15/2019 | | | | | | 500,000 | | | | 604,314 | |
PNC Funding Corp. | |
2.700% | | | 09/19/2016 | | | | | | 200,000 | | | | 207,475 | |
Royal Bank of Canada MTN (Canada) | |
2.875% | | | 04/19/2016 | | | | | | 300,000 | | | | 315,747 | |
Royal Bank of Scotland plc (The) (United Kingdom) | |
6.125% | | | 01/11/2021 | | | | | | 300,000 | | | | 333,835 | |
4.875% | | | 03/16/2015 | | | | | | 100,000 | | | | 103,540 | |
4.375% | | | 03/16/2016 | | | | | | 500,000 | | | | 512,826 | |
SunTrust Banks, Inc. | |
3.600% | | | 04/15/2016 | | | | | | 500,000 | | | | 519,645 | |
Toronto-Dominion Bank (The) (Canada) | |
1.375% | | | 07/14/2014 | | | | | | 300,000 | | | | 303,876 | |
U.S. Bank NA, Bank Note | |
4.800% | | | 04/15/2015 | | | | | | 250,000 | | | | 275,024 | |
UBS AG (Switzerland) | |
7.000% | | | 10/15/2015 | | | | | | 100,000 | | | | 108,294 | |
5.875% | | | 07/15/2016 | | | | | | 1,000,000 | | | | 1,054,037 | |
UBS AG MTN (Switzerland) | |
7.375% | | | 06/15/2017 | | | | | | 100,000 | | | | 111,835 | |
US Bancorp | | | | | | | | | | | | | | |
4.200% | | | 05/15/2014 | | | | | | 400,000 | | | | 425,908 | |
US Bancorp, Series MTNT | |
1.650% | | | 05/15/2017 | | | | | | 500,000 | | | | 504,228 | |
USB Capital XIII Trust | |
6.625% | | | 12/15/2039 | | | | | | 300,000 | | | | 303,408 | |
Wachovia Bank NA, Bank Note | |
6.600% | | | 01/15/2038 | | | † | | | 300,000 | | | | 379,913 | |
Wells Fargo & Co. | | | | | | | | | | | |
5.000% | | | 11/15/2014 | | | | | | 750,000 | | | | 802,679 | |
3.676% | | | 06/15/2016 | | | | | | 400,000 | | | | 426,152 | |
Wells Fargo & Co. MTN | |
4.600% | | | 04/01/2021 | | | | | | 500,000 | | | | 558,835 | |
2.100% | | | 05/08/2017 | | | † | | | 300,000 | | | | 301,015 | |
Wells Fargo Bank NA | |
5.950% | | | 08/26/2036 | | | | | | 100,000 | | | | 118,377 | |
Westpac Banking Corp. (Australia) | |
3.000% | | | 08/04/2015 | | | | | | 400,000 | | | | 414,640 | |
1.850% | | | 12/09/2013 | | | | | | 600,000 | | | | 606,128 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 19,006,374 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
165
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
| Vantagepoint Core Bond Index Fund | | | | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
| Commercial Services & Supplies—0.1% | |
Republic Services, Inc. | |
5.700% | | | 05/15/2041 | | | | | $ | 200,000 | | | $ | 230,291 | |
5.500% | | | 09/15/2019 | | | | | | 300,000 | | | | 347,669 | |
Waste Management, Inc. | |
7.000% | | | 07/15/2028 | | | | | | 50,000 | | | | 63,951 | |
6.375% | | | 03/11/2015 | | | | | | 400,000 | | | | 450,084 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,091,995 | |
| | | | | | | | | | | | | | |
| Communications Equipment—0.3% | |
Cisco Systems, Inc. | | | | | |
5.500% | | | 02/22/2016 | | | † | | | 500,000 | | | | 580,680 | |
4.950% | | | 02/15/2019 | | | | | | 500,000 | | | | 590,398 | |
1.625% | | | 03/14/2014 | | | | | | 400,000 | | | | 407,768 | |
Corning, Inc. | | | | | | | | | | | | | | |
4.750% | | | 03/15/2042 | | | | | | 400,000 | | | | 420,857 | |
Harris Corp. | | | | | | | | | | | | | | |
6.150% | | | 12/15/2040 | | | | | | 250,000 | | | | 292,023 | |
Juniper Networks, Inc. | |
3.100% | | | 03/15/2016 | | | | | | 400,000 | | | | 415,645 | |
Motorola Solutions, Inc. | | | | | |
7.500% | | | 05/15/2025 | | | | | | 340,000 | | | | 421,178 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,128,549 | |
| | | | | | | | | | | | | | |
| Computers & Peripherals—0.2% | |
Dell, Inc. | | | | | | | | | | | | | | |
5.400% | | | 09/10/2040 | | | † | | | 300,000 | | | | 316,509 | |
1.400% | | | 09/10/2013 | | | † | | | 300,000 | | | | 302,248 | |
Hewlett-Packard Co. | |
4.650% | | | 12/09/2021 | | | | | | 300,000 | | | | 315,062 | |
3.300% | | | 12/09/2016 | | | | | | 300,000 | | | | 313,898 | |
2.125% | | | 09/13/2015 | | | | | | 500,000 | | | | 504,558 | |
1.250% | | | 09/13/2013 | | | | | | 200,000 | | | | 199,903 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,952,178 | |
| | | | | | | | | | | | | | |
| Construction Materials—0.1% | |
CRH America, Inc. | |
6.000% | | | 09/30/2016 | | | | | | 750,000 | | | | 821,755 | |
| | | | | | | | | | | | | | |
| Consumer Finance—0.7% | |
American Express Co. | |
8.150% | | | 03/19/2038 | | | | | | 350,000 | | | | 555,925 | |
4.875% | | | 07/15/2013 | | | | | | 1,000,000 | | | | 1,040,196 | |
American Express Credit Corp. MTN | |
2.800% | | | 09/19/2016 | | | | | | 400,000 | | | | 417,681 | |
2.750% | | | 09/15/2015 | | | | | | 400,000 | | | | 417,715 | |
Capital One Bank USA NA | |
8.800% | | | 07/15/2019 | | | | | | 500,000 | | | | 630,538 | |
Caterpillar Financial Services Corp. | |
1.550% | | | 12/20/2013 | | | | | | 400,000 | | | | 405,620 | |
Caterpillar Financial Services Corp. MTN | |
2.850% | | | 06/01/2022 | | | † | | | 300,000 | | | | 301,932 | |
2.750% | | | 06/24/2015 | | | | | | 200,000 | | | | 210,461 | |
1.625% | | | 06/01/2017 | | | † | | | 300,000 | | | | 301,823 | |
Caterpillar Financial Services Corp., Series | |
F MTN | | | | | | | | | | | | | | |
2.650% | | | 04/01/2016 | | | † | | | 400,000 | | | | 420,000 | |
Ford Motor Credit Co. LLC | |
8.700% | | | 10/01/2014 | | | | | | 200,000 | | | | 228,189 | |
7.000% | | | 10/01/2013 | | | | | | 200,000 | | | | 213,904 | |
5.875% | | | 08/02/2021 | | | | | | 500,000 | | | | 557,246 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
5.000% | | | 05/15/2018 | | | | | $ | 200,000 | | | $ | 212,877 | |
4.250% | | | 02/03/2017 | | | | | | 200,000 | | | | 209,864 | |
3.000% | | | 06/12/2017 | | | | | | 300,000 | | | | 298,687 | |
2.750% | | | 05/15/2015 | | | | | | 500,000 | | | | 504,402 | |
HSBC Finance Capital Trust IX | |
5.911% | | | 11/30/2035 | | | # | | | 500,000 | | | | 471,875 | |
John Deere Capital Corp. MTN | |
3.900% | | | 07/12/2021 | | | | | | 300,000 | | | | 331,556 | |
2.250% | | | 06/07/2016 | | | | | | 200,000 | | | | 207,506 | |
SLM Corp., Series A MTN | |
8.450% | | | 06/15/2018 | | | | | | 400,000 | | | | 450,000 | |
5.000% | | | 10/01/2013 | | | | | | 500,000 | | | | 517,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,905,497 | |
| | | | | | | | | | | | | | |
| Diversified Financial Services—1.9% | |
Bank of America Corp. | |
7.750% | | | 08/15/2015 | | | | | | 250,000 | | | | 272,348 | |
5.875% | | | 01/05/2021 | | | | | | 400,000 | | | | 437,460 | |
5.875% | | | 02/07/2042 | | | | | | 300,000 | | | | 329,819 | |
5.625% | | | 07/01/2020 | | | | | | 500,000 | | | | 536,182 | |
4.500% | | | 04/01/2015 | | | | | | 700,000 | | | | 721,998 | |
3.875% | | | 03/22/2017 | | | † | | | 700,000 | | | | 713,852 | |
Bank of America Corp. MTN | |
5.000% | | | 05/13/2021 | | | | | | 300,000 | | | | 310,064 | |
3.625% | | | 03/17/2016 | | | | | | 500,000 | | | | 502,720 | |
Bank of America Corp., Series L MTN | |
7.375% | | | 05/15/2014 | | | | | | 200,000 | | | | 215,181 | |
5.650% | | | 05/01/2018 | | | | | | 500,000 | | | | 535,311 | |
Citigroup, Inc. | | | | | | | | | | | | | | |
8.500% | | | 05/22/2019 | | | | | | 300,000 | | | | 371,010 | |
8.125% | | | 07/15/2039 | | | | | | 500,000 | | | | 669,394 | |
6.625% | | | 06/15/2032 | | | | | | 150,000 | | | | 156,846 | |
6.375% | | | 08/12/2014 | | | | | | 500,000 | | | | 535,486 | |
6.125% | | | 11/21/2017 | | | | | | 750,000 | | | | 831,901 | |
6.010% | | | 01/15/2015 | | | | | | 200,000 | | | | 215,011 | |
6.000% | | | 08/15/2017 | | | | | | 600,000 | | | | 657,965 | |
5.850% | | | 12/11/2034 | | | | | | 100,000 | | | | 107,685 | |
4.500% | | | 01/14/2022 | | | | | | 500,000 | | | | 517,426 | |
3.953% | | | 06/15/2016 | | | | | | 200,000 | | | | 205,118 | |
2.650% | | | 03/02/2015 | | | | | | 400,000 | | | | 400,206 | |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) | |
3.875% | | | 02/08/2022 | | | | | | 400,000 | | | | 407,705 | |
3.375% | | | 01/19/2017 | | | | | | 300,000 | | | | 309,081 | |
2.125% | | | 10/13/2015 | | | | | | 200,000 | | | | 200,918 | |
Deutsche Bank AG (Germany) | |
6.000% | | | 09/01/2017 | | | | | | 650,000 | | | | 742,607 | |
Deutsche Bank Financial LLC MTN | |
5.375% | | | 03/02/2015 | | | | | | 250,000 | | | | 260,314 | |
General Electric Capital Corp. | |
5.500% | | | 01/08/2020 | | | | | | 500,000 | | | | 573,163 | |
4.625% | | | 01/07/2021 | | | | | | 300,000 | | | | 330,556 | |
2.950% | | | 05/09/2016 | | | | | | 400,000 | | | | 413,147 | |
2.100% | | | 01/07/2014 | | | | | | 400,000 | | | | 406,372 | |
General Electric Capital Corp. MTN | |
5.875% | | | 01/14/2038 | | | | | | 700,000 | | | | 806,419 | |
5.400% | | | 02/15/2017 | | | | | | 650,000 | | | | 740,227 | |
General Electric Capital Corp., Series A MTN | |
6.875% | | | 01/10/2039 | | | | | | 300,000 | | | | 388,377 | |
6.750% | | | 03/15/2032 | | | | | | 750,000 | | | | 931,377 | |
5.625% | | | 09/15/2017 | | | | | | 300,000 | | | | 344,666 | |
3.750% | | | 11/14/2014 | | | | | | 500,000 | | | | 525,238 | |
JPMorgan Chase & Co. | |
6.400% | | | 05/15/2038 | | | | | | 300,000 | | | | 361,944 | |
6.300% | | | 04/23/2019 | | | | | | 500,000 | | | | 585,191 | |
See accompanying notes to financial statements.
166
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
| Vantagepoint Core Bond Index Fund | | | | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
5.600% | | | 07/15/2041 | | | | | $ | 200,000 | | | $ | 227,589 | |
5.125% | | | 09/15/2014 | | | | | | 500,000 | | | | 531,469 | |
4.750% | | | 03/01/2015 | | | | | | 500,000 | | | | 535,659 | |
4.625% | | | 05/10/2021 | | | | | | 300,000 | | | | 321,581 | |
4.500% | | | 01/24/2022 | | | | | | 400,000 | | | | 431,729 | |
3.450% | | | 03/01/2016 | | | | | | 500,000 | | | | 518,685 | |
JPMorgan Chase & Co. MTN | |
2.050% | | | 01/24/2014 | | | | | | 300,000 | | | | 303,396 | |
1.875% | | | 03/20/2015 | | | | | | 500,000 | | | | 499,942 | |
JPMorgan Chase Bank NA, Bank Note | |
6.000% | | | 10/01/2017 | | | | | | 500,000 | | | | 560,447 | |
National Rural Utilities Cooperative Finance Corp. | |
10.375% | | | 11/01/2018 | | | | | | 281,000 | | | | 407,676 | |
5.500% | | | 07/01/2013 | | | | | | 75,000 | | | | 78,722 | |
3.050% | | | 03/01/2016 | | | | | | 250,000 | | | | 266,528 | |
Western Union Co. (The) | |
5.253% | | | 04/01/2020 | | | | | | 502,000 | | | | 578,633 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 22,832,341 | |
| | | | | | | | | | | | | | |
| Diversified Telecommunication Services—1.2% | |
AT&T, Inc. | | | | | | | | | | | | | | |
6.550% | | | 02/15/2039 | | | | | | 200,000 | | | | 258,318 | |
6.300% | | | 01/15/2038 | | | | | | 250,000 | | | | 312,488 | |
6.150% | | | 09/15/2034 | | | | | | 500,000 | | | | 604,514 | |
5.800% | | | 02/15/2019 | | | | | | 500,000 | | | | 610,691 | |
5.625% | | | 06/15/2016 | | | | | | 450,000 | | | | 521,470 | |
5.550% | | | 08/15/2041 | | | | | | 300,000 | | | | 358,985 | |
5.350% | | | 09/01/2040 | | | | | | 307,000 | | | | 353,692 | |
1.600% | | | 02/15/2017 | | | † | | | 400,000 | | | | 400,956 | |
BellSouth Capital Funding Corp. | |
7.875% | | | 02/15/2030 | | | | | | 400,000 | | | | 523,407 | |
BellSouth Corp. | | | | | | | | | | | | | | |
6.875% | | | 10/15/2031 | | | | | | 350,000 | | | | 426,517 | |
5.200% | | | 09/15/2014 | | | | | | 500,000 | | | | 544,422 | |
British Telecommunications plc (United Kingdom) | |
9.625% | | | 12/15/2030 | | | | | | 450,000 | | | | 678,528 | |
Cellco Partnership/Verizon Wireless Capital LLC | |
8.500% | | | 11/15/2018 | | | | | | 500,000 | | | | 685,083 | |
7.375% | | | 11/15/2013 | | | | | | 300,000 | | | | 325,824 | |
5.550% | | | 02/01/2014 | | | | | | 300,000 | | | | 321,282 | |
CenturyLink, Inc. | | | | | | | | | | | |
5.800% | | | 03/15/2022 | | | | | | 400,000 | | | | 398,933 | |
Deutsche Telekom International Finance BV (Netherlands) | |
8.750% | | | 06/15/2030 | | | | | | 300,000 | | | | 417,491 | |
Embarq Corp. | | | | | | | | | | | | | | |
7.082% | | | 06/01/2016 | | | | | | 250,000 | | | | 286,383 | |
France Telecom SA (France) | |
8.500% | | | 03/01/2031 | | | | | | 500,000 | | | | 703,610 | |
Qwest Capital Funding, Inc. | |
6.875% | | | 07/15/2028 | | | | | | 200,000 | | | | 193,282 | |
Qwest Communications International, Inc. | |
8.000% | | | 10/01/2015 | | | | | | 200,000 | | | | 211,135 | |
Qwest Corp. | | | | | | | | | | | | | | |
6.500% | | | 06/01/2017 | | | | | | 500,000 | | | | 562,355 | |
Telecom Italia Capital SA (Luxembourg) | |
6.999% | | | 06/04/2018 | | | | | | 500,000 | | | | 500,000 | |
6.000% | | | 09/30/2034 | | | | | | 250,000 | | | | 193,125 | |
5.250% | | | 11/15/2013 | | | | | | 350,000 | | | | 351,750 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Telefonica Emisiones SAU (Spain) | |
5.134% | | | 04/27/2020 | | | | | $ | 600,000 | | | $ | 517,629 | |
3.729% | | | 04/27/2015 | | | | | | 200,000 | | | | 182,225 | |
Telefonica Europe BV (Netherlands) | |
8.250% | | | 09/15/2030 | | | | | | 350,000 | | | | 339,323 | |
Verizon Communications, Inc. | |
6.400% | | | 02/15/2038 | | | | | | 500,000 | | | | 651,585 | |
6.350% | | | 04/01/2019 | | | | | | 500,000 | | | | 624,130 | |
6.000% | | | 04/01/2041 | | | | | | 300,000 | | | | 381,781 | |
5.850% | | | 09/15/2035 | | | | | | 250,000 | | | | 309,804 | |
3.000% | | | 04/01/2016 | | | † | | | 400,000 | | | | 425,548 | |
1.950% | | | 03/28/2014 | | | | | | 400,000 | | | | 408,995 | |
Verizon Global Funding Corp. | |
7.750% | | | 12/01/2030 | | | | | | 130,000 | | | | 183,883 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 14,769,144 | |
| | | | | | | | | | | | | | |
| Electric Utilities—1.6% | |
Alabama Power Co., Series Q | |
5.500% | | | 10/15/2017 | | | | | | 150,000 | | | | 177,853 | |
Arizona Public Service Co. | |
4.500% | | | 04/01/2042 | | | | | | 300,000 | | | | 310,894 | |
Commonwealth Edison Co. | |
5.900% | | | 03/15/2036 | | | | | | 300,000 | | | | 390,450 | |
5.800% | | | 03/15/2018 | | | | | | 100,000 | | | | 120,976 | |
1.625% | | | 01/15/2014 | | | | | | 400,000 | | | | 405,545 | |
Consolidated Edison Co. of New York, Inc., | |
Series 06-C | | | | | | | | | | | | | | |
5.500% | | | 09/15/2016 | | | | | | 500,000 | | | | 583,305 | |
Constellation Energy Group, Inc. | |
5.150% | | | 12/01/2020 | | | | | | 400,000 | | | | 443,540 | |
Consumers Energy Co., Series P | |
5.500% | | | 08/15/2016 | | | | | | 150,000 | | | | 173,598 | |
Dominion Resources, Inc. | |
1.800% | | | 03/15/2014 | | | | | | 400,000 | | | | 405,828 | |
Dominion Resources, Inc., Series A | |
5.600% | | | 11/15/2016 | | | | | | 300,000 | | | | 349,027 | |
Dominion Resources, Inc., Series C | |
4.900% | | | 08/01/2041 | | | | | | 300,000 | | | | 340,428 | |
Duke Energy Carolinas LLC | |
6.450% | | | 10/15/2032 | | | | | | 330,000 | | | | 437,045 | |
4.300% | | | 06/15/2020 | | | | | | 100,000 | | | | 114,562 | |
Duke Energy Corp. | |
2.150% | | | 11/15/2016 | | | | | | 200,000 | | | | 205,074 | |
Duke Energy Indiana, Inc. | |
3.750% | | | 07/15/2020 | | | | | | 300,000 | | | | 328,607 | |
Entergy Corp. | | | | | | | | | | | | | | |
4.700% | | | 01/15/2017 | | | | | | 500,000 | | | | 525,003 | |
Exelon Corp. | | | | | | | | | | | | | | |
4.900% | | | 06/15/2015 | | | | | | 350,000 | | | | 380,671 | |
FirstEnergy Corp., Series C | |
7.375% | | | 11/15/2031 | | | | | | 150,000 | | | | 188,822 | |
FirstEnergy Solutions Corp. | |
6.050% | | | 08/15/2021 | | | | | | 250,000 | | | | 275,058 | |
Florida Power & Light Co. | |
5.625% | | | 04/01/2034 | | | | | | 50,000 | | | | 62,714 | |
5.125% | | | 06/01/2041 | | | † | | | 200,000 | | | | 244,950 | |
4.950% | | | 06/01/2035 | | | | | | 100,000 | | | | 117,787 | |
Florida Power Corp. | |
6.400% | | | 06/15/2038 | | | | | | 350,000 | | | | 479,077 | |
Georgia Power Co., Series 07-A | |
5.650% | | | 03/01/2037 | | | | | | 200,000 | | | | 243,137 | |
Georgia Power Co., Series AMBC | |
6.000% | | | 09/01/2040 | | | | | | 141,000 | | | | 141,451 | |
See accompanying notes to financial statements.
167
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | Value | |
| | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Great Plains Energy, Inc. | |
4.850% | | | 06/01/2021 | | | | | $ 400,000 | | $ | 430,371 | |
Indiana Michigan Power Co. | |
7.000% | | | 03/15/2019 | | | | | 250,000 | | | 311,344 | |
Jersey Central Power & Light | | | | |
5.625% | | | 05/01/2016 | | | | | 500,000 | | | 573,395 | |
Kentucky Utilities Co. | |
5.125% | | | 11/01/2040 | | | | | 500,000 | | | 606,185 | |
MidAmerican Energy Co. | |
5.800% | | | 10/15/2036 | | | | | 500,000 | | | 619,971 | |
MidAmerican Energy Holdings Co. | |
6.125% | | | 04/01/2036 | | | | | 200,000 | | | 251,107 | |
MidAmerican Energy Holdings Co., Series D | |
5.000% | | | 02/15/2014 | | | | | 150,000 | | | 159,711 | |
NextEra Energy Capital Holdings, Inc. | |
6.000% | | | 03/01/2019 | | | | | 250,000 | | | 293,533 | |
4.500% | | | 06/01/2021 | | | | | 200,000 | | | 217,017 | |
Nisource Finance Corp. | |
5.450% | | | 09/15/2020 | | | | | 500,000 | | | 561,901 | |
5.250% | | | 02/15/2043 | | | | | 300,000 | | | 305,344 | |
Northern States Power Co. | |
5.250% | | | 03/01/2018 | | | | | 500,000 | | | 596,028 | |
Ohio Power Co., Series C | |
5.500% | | | 03/01/2013 | | | | | 150,000 | | | 154,651 | |
Ohio Power Co., Series K | |
6.000% | | | 06/01/2016 | | | | | 500,000 | | | 579,340 | |
Pacific Gas & Electric Co. | |
6.050% | | | 03/01/2034 | | | | | 500,000 | | | 632,165 | |
4.450% | | | 04/15/2042 | | | | | 300,000 | | | 316,241 | |
Potomac Electric Power Co. | |
7.900% | | | 12/15/2038 | | | | | 200,000 | | | 327,409 | |
Progress Energy, Inc. | |
7.050% | | | 03/15/2019 | | | | | 400,000 | | | 503,515 | |
4.400% | | | 01/15/2021 | | | | | 300,000 | | | 334,140 | |
PSEG Power LLC | |
8.625% | | | 04/15/2031 | | | | | 300,000 | | | 434,616 | |
2.750% | | | 09/15/2016 | | | | | 200,000 | | | 203,607 | |
Puget Sound Energy, Inc. | |
4.434% | | | 11/15/2041 | | | | | 300,000 | | | 328,850 | |
South Carolina Electric & Gas Co. | |
5.300% | | | 05/15/2033 | | | | | 150,000 | | | 174,328 | |
Southern California Edison Co. | |
6.650% | | | 04/01/2029 | | | | | 500,000 | | | 658,185 | |
Southern Power Co., Series D | |
4.875% | | | 07/15/2015 | | | | | 350,000 | | | 383,430 | |
Union Electric Co. | |
6.400% | | | 06/15/2017 | | | | | 250,000 | | | 300,284 | |
Virginia Electric and Power Co. | |
5.950% | | | 09/15/2017 | | | | | 250,000 | | | 304,048 | |
5.400% | | | 04/30/2018 | | | | | 250,000 | | | 299,721 | |
Virginia Electric and Power Co., Series B | |
6.000% | | | 01/15/2036 | | | | | 380,000 | | | 492,960 | |
Wisconsin Electric Power | |
5.625% | | | 05/15/2033 | | | | | 150,000 | | | 188,382 | |
Xcel Energy, Inc. | | | | | | | | | | | | |
4.800% | | | 09/15/2041 | | | | | 200,000 | | | 224,723 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,211,904 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | Face | | | Value | |
| | | | | | | | | | | | |
| Electrical Equipment—0.1% | |
Emerson Electric Co. | |
5.000% | | | 12/15/2014 | | | | | $ 150,000 | | $ | 164,870 | |
5.000% | | | 04/15/2019 | | | | | 500,000 | | | 590,624 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 755,494 | |
| | | | | | | | | | | | |
| Electronic Equipment, Instruments & Components—0.1% | |
Agilent Technologies, Inc. | |
5.000% | | | 07/15/2020 | | | | | 100,000 | | | 113,449 | |
Arrow Electronics, Inc. | |
6.875% | | | 07/01/2013 | | | | | 250,000 | | | 264,217 | |
Thermo Fisher Scientific, Inc. | |
2.050% | | | 02/21/2014 | | | | | 300,000 | | | 306,710 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 684,376 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—0.3% | |
Halliburton Co. | | | | | | | | | | | | |
7.450% | | | 09/15/2039 | | | | | 400,000 | | | 593,858 | |
Noble Holding International Ltd. (Cayman Islands) | |
6.200% | | | 08/01/2040 | | | | | 200,000 | | | 222,607 | |
3.450% | | | 08/01/2015 | | | | | 200,000 | | | 210,684 | |
2.500% | | | 03/15/2017 | | | | | 300,000 | | | 304,980 | |
Pride International, Inc. | |
6.875% | | | 08/15/2020 | | | | | 200,000 | | | 245,789 | |
Rowan Cos., Inc. | | | | | | | | | | | | |
4.875% | | | 06/01/2022 | | | | | 250,000 | | | 252,681 | |
Transocean, Inc. (Cayman Islands) | |
6.800% | | | 03/15/2038 | | | | | 500,000 | | | 563,985 | |
Weatherford International Ltd. (Bermuda) | |
9.625% | | | 03/01/2019 | | | | | 400,000 | | | 521,973 | |
6.750% | | | 09/15/2040 | | | | | 300,000 | | | 337,850 | |
4.500% | | | 04/15/2022 | | | | | 300,000 | | | 308,065 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,562,472 | |
| | | | | | | | | | | | |
| Food & Staples Retailing—0.2% | |
CVS Caremark Corp. | |
6.600% | | | 03/15/2019 | | | | | 250,000 | | | 312,199 | |
4.875% | | | 09/15/2014 | | | | | 230,000 | | | 248,922 | |
4.125% | | | 05/15/2021 | | | | | 200,000 | | | 219,264 | |
Kroger Co. (The) | |
7.500% | | | 04/01/2031 | | | | | 200,000 | | | 260,863 | |
5.400% | | | 07/15/2040 | | | | | 200,000 | | | 210,990 | |
4.950% | | | 01/15/2015 | | | | | 300,000 | | | 326,914 | |
Safeway, Inc. | | | | | | | | | | | | |
6.250% | | | 03/15/2014 | | | | | 300,000 | | | 321,957 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,901,109 | |
| | | | | | | | | | | | |
| Food Products—0.4% | |
Archer-Daniels Midland Co. | |
5.450% | | | 03/15/2018 | | | | | 500,000 | | | 593,990 | |
Bunge Ltd. Finance Corp. | |
5.350% | | | 04/15/2014 | | | | | 500,000 | | | 527,825 | |
Campbell Soup Co. | |
4.875% | | | 10/01/2013 | | | | | 250,000 | | | 262,879 | |
ConAgra Foods, Inc. | |
5.875% | | | 04/15/2014 | | | | | 500,000 | | | 540,143 | |
General Mills, Inc. | |
5.400% | | | 06/15/2040 | | | | | 300,000 | | | 357,099 | |
3.150% | | | 12/15/2021 | | | | | 200,000 | | | 205,070 | |
Hillshire Brands Co. | |
2.750% | | | 09/15/2015 | | | | | 300,000 | | | 307,496 | |
Kellogg Co. | |
4.000% | | | 12/15/2020 | | | | | 300,000 | | | 330,818 | |
See accompanying notes to financial statements.
168
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | | | |
| | | | |
Coupon Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Kraft Foods, Inc. | |
6.875% | | | 02/01/2038 | | | | | $ | 380,000 | | | $ | 498,666 | |
6.500% | | | 02/09/2040 | | | † | | | 200,000 | | | | 257,849 | |
5.375% | | | 02/10/2020 | | | | | | 400,000 | | | | 474,097 | |
5.250% | | | 10/01/2013 | | | | | | 600,000 | | | | 631,761 | |
4.125% | | | 02/09/2016 | | | | | | 100,000 | | | | 108,982 | |
Unilever Capital Corp. | |
4.250% | | | 02/10/2021 | | | | | | 300,000 | | | | 350,617 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,447,292 | |
| | | | | | | | | | | | | | |
| Gas Utilities—0.1% | |
Southern California Gas Co. | |
5.125% | | | 11/15/2040 | | | | | | 400,000 | | | | 496,968 | |
Southern Union Co. | |
7.600% | | | 02/01/2024 | | | | | | 200,000 | | | | 243,583 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 740,551 | |
| | | | | | | | | | | | | | |
| Health Care Equipment & Supplies—0.2% | |
Baxter International, Inc. | |
5.900% | | | 09/01/2016 | | | | | | 400,000 | | | | 475,871 | |
Becton Dickinson and Co. | |
5.000% | | | 11/12/2040 | | | | | | 300,000 | | | | 348,784 | |
Boston Scientific Corp. | |
7.375% | | | 01/15/2040 | | | | | | 200,000 | | | | 273,154 | |
6.250% | | | 11/15/2015 | | | | | | 200,000 | | | | 224,171 | |
6.000% | | | 01/15/2020 | | | | | | 200,000 | | | | 238,895 | |
CareFusion Corp. | |
6.375% | | | 08/01/2019 | | | | | | 250,000 | | | | 295,278 | |
Covidien International Finance SA (Luxembourg) | |
6.000% | | | 10/15/2017 | | | | | | 250,000 | | | | 302,688 | |
Medtronic, Inc. | | | | | | | | | | | | | | |
4.450% | | | 03/15/2020 | | | | | | 300,000 | | | | 344,897 | |
3.000% | | | 03/15/2015 | | | | | | 380,000 | | | | 403,506 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,907,244 | |
| | | | | | | | | | | | | | |
| Health Care Providers & Services—0.3% | |
Aetna, Inc. | | | | | | | | | | | | | | |
6.625% | | | 06/15/2036 | | | | | | 250,000 | | | | 320,766 | |
Cigna Corp. | | | | | | | | | | | | | | |
5.125% | | | 06/15/2020 | | | | | | 300,000 | | | | 332,344 | |
Express Scripts Holding Co. | |
6.250% | | | 06/15/2014 | | | | | | 300,000 | | | | 328,169 | |
6.125% | | | 11/15/2041 | | | ^ | | | 200,000 | | | | 243,948 | |
4.750% | | | 11/15/2021 | | | ^ | | | 200,000 | | | | 221,739 | |
Quest Diagnostics, Inc. | |
6.950% | | | 07/01/2037 | | | | | | 300,000 | | | | 378,804 | |
4.700% | | | 04/01/2021 | | | | | | 300,000 | | | | 334,661 | |
UnitedHealth Group, Inc. | |
6.000% | | | 02/15/2018 | | | | | | 500,000 | | | | 605,761 | |
5.950% | | | 02/15/2041 | | | | | | 200,000 | | | | 257,474 | |
5.375% | | | 03/15/2016 | | | | | | 200,000 | | | | 229,645 | |
WellPoint, Inc. | |
5.250% | | | 01/15/2016 | | | | | | 500,000 | | | | 558,777 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,812,088 | |
| | | | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—0.2% | |
McDonald's Corp., Series I MTN | |
5.350% | | | 03/01/2018 | | | | | | 500,000 | | | | 601,109 | |
Starwood Hotels & Resorts Worldwide, Inc. | |
7.875% | | | 10/15/2014 | | | | | | 300,000 | | | | 340,547 | |
7.150% | | | 12/01/2019 | | | | | | 300,000 | | | | 354,033 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Wyndham Worldwide Corp. | |
7.375% | | | 03/01/2020 | | | | | $ | 300,000 | | | $ | 357,130 | |
Yum! Brands, Inc. | |
6.875% | | | 11/15/2037 | | | | | | 200,000 | | | | 265,783 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,918,602 | |
| | | | | | | | | | | | | | |
| Household Durables—0.1% | |
Clorox Co. (The) | |
3.800% | | | 11/15/2021 | | | | | | 400,000 | | | | 417,786 | |
Kimberly-Clark Corp. | |
6.125% | | | 08/01/2017 | | | | | | 500,000 | | | | 613,190 | |
Whirlpool Corp. MTN | |
4.850% | | | 06/15/2021 | | | | | | 200,000 | | | | 207,565 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,238,541 | |
| | | | | | | | | | | | | | |
| Household Products—0.1% | |
Procter & Gamble Co. (The) | |
5.800% | | | 08/15/2034 | | | | | | 250,000 | | | | 336,500 | |
4.700% | | | 02/15/2019 | | | | | | 500,000 | | | | 593,930 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 930,430 | |
| | | | | | | | | | | | | | |
| Industrial Conglomerates—0.0% | |
3M Co. MTN | | | | | | | | | | | |
5.700% | | | 03/15/2037 | | | | | | 100,000 | | | | 136,534 | |
GE Capital Trust I | | | | | | | | | | | |
6.375% | | | 11/15/2067 | | | #† | | | 130,000 | | | | 134,063 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 270,597 | |
| | | | | | | | | | | | | | |
| Insurance—0.9% | |
ACE INA Holdings, Inc. | |
5.875% | | | 06/15/2014 | | | | | | 300,000 | | | | 327,171 | |
AEGON Funding Co. LLC | |
5.750% | | | 12/15/2020 | | | | | | 290,000 | | | | 321,998 | |
Allstate Corp. (The) | |
5.350% | | | 06/01/2033 | | | | | | 500,000 | | | | 564,325 | |
American International Group, Inc. | |
6.400% | | | 12/15/2020 | | | | | | 400,000 | | | | 453,342 | |
6.250% | | | 03/15/2037 | | | | | | 300,000 | | | | 279,000 | |
3.800% | | | 03/22/2017 | | | | | | 500,000 | | | | 510,242 | |
3.000% | | | 03/20/2015 | | | † | | | 400,000 | | | | 402,281 | |
American International Group, Inc., Series G MTN | |
5.850% | | | 01/16/2018 | | | | | | 500,000 | | | | 554,078 | |
Assurant, Inc. | | | | | | | | | | | | | | |
5.625% | | | 02/15/2014 | | | | | | 500,000 | | | | 522,559 | |
AXA SA (France) | | | | | | | | | | | |
8.600% | | | 12/15/2030 | | | | | | 250,000 | | | | 268,042 | |
Berkshire Hathaway Finance Corp. | |
5.000% | | | 08/15/2013 | | | | | | 700,000 | | | | 734,045 | |
4.250% | | | 01/15/2021 | | | | | | 300,000 | | | | 330,760 | |
Chubb Corp. (The) | |
6.375% | | | 03/29/2067 | | | # | | | 200,000 | | | | 207,500 | |
CNA Financial Corp. | |
5.850% | | | 12/15/2014 | | | | | | 430,000 | | | | 461,603 | |
5.750% | | | 08/15/2021 | | | | | | 300,000 | | | | 330,234 | |
Fidelity National Financial, Inc. | |
6.600% | | | 05/15/2017 | | | | | | 300,000 | | | | 324,411 | |
Genworth Financial, Inc. | |
7.700% | | | 06/15/2020 | | | | | | 200,000 | | | | 197,889 | |
Hartford Financial Services Group, Inc. | |
6.100% | | | 10/01/2041 | | | | | | 150,000 | | | | 145,568 | |
4.000% | | | 10/15/2017 | | | | | | 300,000 | | | | 301,600 | |
Jefferson-Pilot Corp. | |
4.750% | | | 01/30/2014 | | | | | | 300,000 | | | | 311,870 | |
See accompanying notes to financial statements.
169
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Lincoln National Corp. | |
6.150% | | | 04/07/2036 | | | | | $ | 250,000 | | | $ | 265,124 | |
Marsh & McLennan Cos., Inc. | |
5.750% | | | 09/15/2015 | | | | | | 46,000 | | | | 51,056 | |
MetLife, Inc. | | | | | | | | | | | | | | |
6.750% | | | 06/01/2016 | | | † | | | 600,000 | | | | 704,175 | |
5.700% | | | 06/15/2035 | | | | | | 250,000 | | | | 297,374 | |
2.375% | | | 02/06/2014 | | | | | | 300,000 | | | | 306,230 | |
Progressive Corp. (The) | |
6.625% | | | 03/01/2029 | | | | | | 150,000 | | | | 189,469 | |
Prudential Financial, Inc. | |
6.625% | | | 06/21/2040 | | | | | | 100,000 | | | | 114,362 | |
5.375% | | | 06/21/2020 | | | | | | 300,000 | | | | 332,519 | |
Prudential Financial, Inc. MTN | |
5.800% | | | 11/16/2041 | | | | | | 200,000 | | | | 210,120 | |
Prudential Financial, Inc., Series D MTN | |
5.700% | | | 12/14/2036 | | | | | | 250,000 | | | | 256,599 | |
4.750% | | | 09/17/2015 | | | | | | 300,000 | | | | 323,225 | |
Validus Holdings Ltd. (Bermuda) | |
8.875% | | | 01/26/2040 | | | | | | 200,000 | | | | 224,647 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 10,823,418 | |
| | | | | | | | | | | | | | |
| Internet & Catalog Retail—0.0% | |
Expedia, Inc. | | | | | | | | | | | | | | |
7.456% | | | 08/15/2018 | | | | | | 500,000 | | | | 576,554 | |
| | | | | | | | | | | | | | |
| Internet Software & Services—0.1% | |
Google, Inc. | | | | | | | | | | | | | | |
3.625% | | | 05/19/2021 | | | | | | 300,000 | | | | 332,876 | |
2.125% | | | 05/19/2016 | | | | | | 300,000 | | | | 313,416 | |
1.250% | | | 05/19/2014 | | | | | | 300,000 | | | | 304,802 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 951,094 | |
| | | | | | | | | | | | | | |
| IT Services—0.2% | |
HP Enterprise Services LLC, Series B | |
6.000% | | | 08/01/2013 | | | | | | 650,000 | | | | 682,338 | |
International Business Machines Corp. | |
7.000% | | | 10/30/2025 | | | | | | 300,000 | | | | 416,662 | |
5.700% | | | 09/14/2017 | | | † | | | 500,000 | | | | 601,836 | |
1.000% | | | 08/05/2013 | | | | | | 300,000 | | | | 301,810 | |
0.875% | | | 10/31/2014 | | | | | | 500,000 | | | | 502,689 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,505,335 | |
| | | | | | | | | | | | | | |
| Machinery—0.3% | |
Caterpillar, Inc. | | | | | | | | | | | | | | |
6.050% | | | 08/15/2036 | | | | | | 500,000 | | | | 657,423 | |
0.950% | | | 06/26/2015 | | | | | | 200,000 | | | | 200,886 | |
Deere & Co. | | | | | | | | | | | | | | |
6.950% | | | 04/25/2014 | | | | | | 250,000 | | | | 278,025 | |
Dover Corp. | | | | | | | | | | | | | | |
5.375% | | | 03/01/2041 | | | | | | 300,000 | | | | 370,431 | |
General Electric Co. | |
5.250% | | | 12/06/2017 | | | | | | 500,000 | | | | 584,572 | |
Honeywell International, Inc. | |
5.700% | | | 03/15/2036 | | | | | | 300,000 | | | | 383,980 | |
3.875% | | | 02/15/2014 | | | † | | | 300,000 | | | | 316,769 | |
Parker Hannifin Corp. MTN | |
3.500% | | | 09/15/2022 | | | | | | 100,000 | | | | 106,671 | |
Tyco International Finance SA (Luxembourg) | |
4.625% | | | 01/15/2023 | | | | | | 300,000 | | | | 359,148 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
3.750% | | | 01/15/2018 | | | | | $ | 300,000 | | | $ | 334,901 | |
3.375% | | | 10/15/2015 | | | | | | 200,000 | | | | 215,755 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,808,561 | |
| | | | | | | | | | | | | | |
| Media—1.1% | |
CBS Corp. | | | | | | | | | | | | | | |
7.875% | | | 07/30/2030 | | | | | | 250,000 | | | | 322,115 | |
5.750% | | | 04/15/2020 | | | | | | 200,000 | | | | 232,988 | |
4.850% | | | 07/01/2042 | | | | | | 500,000 | | | | 491,288 | |
1.950% | | | 07/01/2017 | | | † | | | 300,000 | | | | 300,055 | |
Comcast Corp. | | | | | | | | | | | | | | |
6.450% | | | 03/15/2037 | | | | | | 500,000 | | | | 610,097 | |
6.300% | | | 11/15/2017 | | | | | | 1,000,000 | | | | 1,203,656 | |
5.650% | | | 06/15/2035 | | | | | | 200,000 | | | | 224,621 | |
COX Communications, Inc. | |
5.500% | | | 10/01/2015 | | | | | | 75,000 | | | | 84,501 | |
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. | |
6.375% | | | 03/01/2041 | | | | | | 500,000 | | | | 574,487 | |
5.200% | | | 03/15/2020 | | | | | | 200,000 | | | | 221,684 | |
3.800% | | | 03/15/2022 | | | | | | 300,000 | | | | 304,000 | |
3.550% | | | 03/15/2015 | | | | | | 200,000 | | | | 210,735 | |
3.500% | | | 03/01/2016 | | | | | | 400,000 | | | | 422,259 | |
Discovery Communications LLC | |
5.625% | | | 08/15/2019 | | | | | | 400,000 | | | | 468,873 | |
Historic TW, Inc. | |
9.150% | | | 02/01/2023 | | | | | | 300,000 | | | | 417,714 | |
NBCUniversal Media LLC | |
5.950% | | | 04/01/2041 | | | | | | 250,000 | | | | 296,219 | |
4.375% | | | 04/01/2021 | | | | | | 250,000 | | | | 275,536 | |
News America, Inc. | |
8.000% | | | 10/17/2016 | | | | | | 150,000 | | | | 184,499 | |
7.750% | | | 12/01/2045 | | | | | | 200,000 | | | | 245,403 | |
6.150% | | | 02/15/2041 | | | | | | 300,000 | | | | 352,082 | |
5.650% | | | 08/15/2020 | | | | | | 500,000 | | | | 579,722 | |
Omnicom Group, Inc. | |
5.900% | | | 04/15/2016 | | | | | | 500,000 | | | | 576,589 | |
Thomson Reuters Corp. (Canada) | |
6.500% | | | 07/15/2018 | | | | | | 500,000 | | | | 617,694 | |
Time Warner Cable, Inc. | |
6.750% | | | 06/15/2039 | | | | | | 200,000 | | | | 244,590 | |
6.200% | | | 07/01/2013 | | | | | | 500,000 | | | | 525,515 | |
5.850% | | | 05/01/2017 | | | | | | 400,000 | | | | 470,526 | |
Time Warner Entertainment Co. LP | |
8.375% | | | 03/15/2023 | | | | | | 250,000 | | | | 339,286 | |
8.375% | | | 07/15/2033 | | | | | | 250,000 | | | | 339,613 | |
Time Warner, Inc. | |
5.875% | | | 11/15/2016 | | | | | | 1,000,000 | | | | 1,172,176 | |
5.375% | | | 10/15/2041 | | | | | | 250,000 | | | | 267,042 | |
Viacom, Inc. | | | | | | | | | | | | | | |
6.875% | | | 04/30/2036 | | | | | | 300,000 | | | | 389,698 | |
4.500% | | | 03/01/2021 | | | | | | 200,000 | | | | 221,989 | |
2.500% | | | 12/15/2016 | | | | | | 300,000 | | | | 310,935 | |
Walt Disney Co. (The), Series B MTN | |
7.000% | | | 03/01/2032 | | | | | | 210,000 | | | | 303,111 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 13,801,298 | |
| | | | | | | | | | | | | | |
| Metals & Mining—0.7% | |
Alcoa, Inc. | | | | | | | | | | | | | | |
5.550% | | | 02/01/2017 | | | † | | | 290,000 | | | | 316,882 | |
5.400% | | | 04/15/2021 | | | | | | 300,000 | | | | 299,248 | |
ArcelorMittal (Luxembourg) | |
7.000% | | | 10/15/2039 | | | | | | 400,000 | | | | 389,418 | |
5.250% | | | 08/05/2020 | | | † | | | 400,000 | | | | 384,073 | |
3.750% | | | 08/05/2015 | | | | | | 400,000 | | | | 402,508 | |
See accompanying notes to financial statements.
170
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core
Bond Index Fund | | | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Barrick Gold Corp. (Canada) | |
2.900% | | | 05/30/2016 | | | | | $ | 200,000 | | | $ | 209,983 | |
Barrick PD Australia Finance Pty Ltd. (Australia) | |
5.950% | | | 10/15/2039 | | | | | | 400,000 | | | | 460,670 | |
BHP Billiton Finance USA Ltd. (Australia) | |
6.500% | | | 04/01/2019 | | | | | | 500,000 | | | | 637,370 | |
4.125% | | | 02/24/2042 | | | | | | 400,000 | | | | 412,714 | |
1.625% | | | 02/24/2017 | | | | | | 400,000 | | | | 403,198 | |
1.125% | | | 11/21/2014 | | | | | | 300,000 | | | | 301,930 | |
Freeport-McMoRan Copper & Gold, Inc. | |
3.550% | | | 03/01/2022 | | | | | | 400,000 | | | | 394,348 | |
Newmont Mining Corp. | |
6.250% | | | 10/01/2039 | | | | | | 200,000 | | | | 228,408 | |
3.500% | | | 03/15/2022 | | | | | | 400,000 | | | | 395,604 | |
Rio Tinto Alcan, Inc. (Canada) | |
6.125% | | | 12/15/2033 | | | | | | 150,000 | | | | 188,287 | |
Rio Tinto Finance USA Ltd. (Australia) | |
8.950% | | | 05/01/2014 | | | | | | 500,000 | | | | 571,184 | |
Rio Tinto Finance USA plc (Australia) | |
2.000% | | | 03/22/2017 | | | | | | 500,000 | | | | 510,277 | |
Rio Tinto Finance USA plc (United Kingdom) | |
4.750% | | | 03/22/2042 | | | † | | | 300,000 | | | | 337,090 | |
Southern Copper Corp. | |
7.500% | | | 07/27/2035 | | | | | | 250,000 | | | | 289,482 | |
Teck Resources Ltd. (Canada) | |
5.200% | | | 03/01/2042 | | | | | | 300,000 | | | | 288,497 | |
3.000% | | | 03/01/2019 | | | | | | 300,000 | | | | 298,469 | |
Vale Overseas Ltd. (Cayman Islands) | |
6.875% | | | 11/21/2036 | | | | | | 100,000 | | | | 116,495 | |
4.625% | | | 09/15/2020 | | | | | | 500,000 | | | | 525,548 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,361,683 | |
| | | | | | | | | | | | | | |
| Multiline Retail—0.4% | |
Kohl's Corp. | | | | | | | | | | | | | | |
4.000% | | | 11/01/2021 | | | † | | | 300,000 | | | | 312,401 | |
Macy's Retail Holdings, Inc. | |
6.900% | | | 04/01/2029 | | | | | | 100,000 | | | | 118,564 | |
6.650% | | | 07/15/2024 | | | | | | 100,000 | | | | 120,578 | |
5.900% | | | 12/01/2016 | | | | | | 100,000 | | | | 115,379 | |
5.750% | | | 07/15/2014 | | | † | | | 300,000 | | | | 325,741 | |
Nordstrom, Inc. | | | | | | | | | | | |
4.000% | | | 10/15/2021 | | | | | | 100,000 | | | | 109,890 | |
Target Corp. | | | | | | | | | | | | | | |
7.000% | | | 07/15/2031 | | | | | | 150,000 | | | | 206,300 | |
6.000% | | | 01/15/2018 | | | | | | 500,000 | | | | 613,092 | |
4.000% | | | 07/01/2042 | | | | | | 200,000 | | | | 197,858 | |
Wal-Mart Stores, Inc. | |
7.550% | | | 02/15/2030 | | | | | | 250,000 | | | | 375,750 | |
5.250% | | | 09/01/2035 | | | | | | 750,000 | | | | 910,948 | |
4.875% | | | 07/08/2040 | | | | | | 300,000 | | | | 352,305 | |
4.250% | | | 04/15/2021 | | | | | | 300,000 | | | | 346,637 | |
3.625% | | | 07/08/2020 | | | | | | 300,000 | | | | 331,813 | |
1.625% | | | 04/15/2014 | | | | | | 300,000 | | | | 305,852 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,743,108 | |
| | | | | | | | | | | | | | |
| Multi-Utilities—0.0% | |
Sempra Energy | | | | | | | | | | | | | | |
6.150% | | | 06/15/2018 | | | | | | 250,000 | | | | 302,168 | |
2.000% | | | 03/15/2014 | | | | | | 250,000 | | | | 254,015 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 556,183 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
| Office Electronics—0.1% | |
Pitney Bowes, Inc. | | | | | | | | | | | |
5.000% | | | 03/15/2015 | | | | | $ | 500,000 | | | $ | 515,474 | |
Pitney Bowes, Inc. MTN | |
4.750% | | | 01/15/2016 | | | | | | 200,000 | | | | 203,071 | |
Xerox Corp. | | | | | | | | | | | | | | |
6.350% | | | 05/15/2018 | | | | | | 500,000 | | | | 583,657 | |
4.500% | | | 05/15/2021 | | | | | | 200,000 | | | | 207,921 | |
4.250% | | | 02/15/2015 | | | | | | 300,000 | | | | 318,274 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,828,397 | |
| | | | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—1.8% | |
Alberta Energy Co. Ltd. (Canada) | |
7.375% | | | 11/01/2031 | | | | | | 400,000 | | | | 473,522 | |
Anadarko Petroleum Corp. | |
8.700% | | | 03/15/2019 | | | | | | 500,000 | | | | 654,454 | |
Apache Corp. | | | | | | | | | | | | | | |
5.250% | | | 02/01/2042 | | | | | | 500,000 | | | | 590,124 | |
Apache Finance Canada Corp. (Canada) | |
7.750% | | | 12/15/2029 | | | | | | 150,000 | | | | 216,748 | |
BP Capital Markets plc (United Kingdom) | |
5.250% | | | 11/07/2013 | | | | | | 500,000 | | | | 529,976 | |
4.500% | | | 10/01/2020 | | | | | | 300,000 | | | | 338,340 | |
3.245% | | | 05/06/2022 | | | | | | 200,000 | | | | 207,514 | |
3.200% | | | 03/11/2016 | | | | | | 400,000 | | | | 425,814 | |
1.846% | | | 05/05/2017 | | | | | | 200,000 | | | | 202,222 | |
Canadian Natural Resources Ltd. (Canada) | |
5.850% | | | 02/01/2035 | | | | | | 500,000 | | | | 573,973 | |
3.450% | | | 11/15/2021 | | | | | | 200,000 | | | | 207,707 | |
Cenovus Energy, Inc. (Canada) | |
5.700% | | | 10/15/2019 | | | | | | 200,000 | | | | 235,992 | |
CenterPoint Energy Resources Corp. | |
4.500% | | | 01/15/2021 | | | | | | 434,000 | | | | 474,627 | |
Chevron Corp. | | | | | | | | | | | | | | |
3.950% | | | 03/03/2014 | | | | | | 300,000 | | | | 316,631 | |
ConocoPhillips Canada Funding Co. I (Canada) | |
5.950% | | | 10/15/2036 | | | | | | 500,000 | | | | 630,392 | |
5.625% | | | 10/15/2016 | | | | | | 500,000 | | | | 591,611 | |
ConocoPhillips Holding Co. | |
6.950% | | | 04/15/2029 | | | | | | 500,000 | | | | 687,807 | |
Devon Energy Corp. | | | | | | | | | | | |
5.600% | | | 07/15/2041 | | | | | | 100,000 | | | | 116,468 | |
2.400% | | | 07/15/2016 | | | | | | 300,000 | | | | 308,722 | |
1.875% | | | 05/15/2017 | | | | | | 300,000 | | | | 300,400 | |
Enbridge Energy Partners LP | |
9.875% | | | 03/01/2019 | | | | | | 300,000 | | | | 394,150 | |
Encana Corp. (Canada) | |
5.150% | | | 11/15/2041 | | | | | | 300,000 | | | | 287,634 | |
3.900% | | | 11/15/2021 | | | † | | | 300,000 | | | | 297,318 | |
Energy Transfer Partners LP | |
6.500% | | | 02/01/2042 | | | | | | 400,000 | | | | 430,107 | |
5.950% | | | 02/01/2015 | | | | | | 500,000 | | | | 544,938 | |
5.200% | | | 02/01/2022 | | | | | | 300,000 | | | | 321,870 | |
Enterprise Products Operating LLC | |
5.950% | | | 02/01/2041 | | | | | | 200,000 | | | | 226,996 | |
3.700% | | | 06/01/2015 | | | | | | 100,000 | | | | 106,764 | |
3.200% | | | 02/01/2016 | | | | | | 200,000 | | | | 209,672 | |
Enterprise Products Operating LLC, Series D | |
6.875% | | | 03/01/2033 | | | | | | 150,000 | | | | 181,526 | |
Enterprise Products Operating LLC, Series G | |
5.600% | | | 10/15/2014 | | | | | | 150,000 | | | | 164,494 | |
EOG Resources, Inc. | |
4.100% | | | 02/01/2021 | | | | | | 300,000 | | | | 333,522 | |
See accompanying notes to financial statements.
171
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Hess Corp. | | | | | | | | | | | | | | |
7.300% | | | 08/15/2031 | | | | | $ | 250,000 | | | $ | 313,723 | |
Kinder Morgan Energy Partners LP | |
6.550% | | | 09/15/2040 | | | | | | 300,000 | | | | 343,322 | |
6.500% | | | 02/01/2037 | | | | | | 300,000 | | | | 338,744 | |
5.950% | | | 02/15/2018 | | | † | | | 300,000 | | | | 348,305 | |
Marathon Oil Corp. | |
5.900% | | | 03/15/2018 | | | | | | 455,000 | | | | 533,294 | |
Nexen, Inc. (Canada) | |
6.400% | | | 05/15/2037 | | | | | | 500,000 | | | | 531,529 | |
ONEOK Partners LP | |
6.150% | | | 10/01/2016 | | | | | | 160,000 | | | | 186,172 | |
Petro-Canada (Canada) | |
5.950% | | | 05/15/2035 | | | | | | 100,000 | | | | 111,941 | |
Petroleos Mexicanos (Mexico) | |
5.500% | | | 06/27/2044 | | | ^† | | | 200,000 | | | | 205,000 | |
Phillips 66 | | | | | | | | | | | | | | |
4.300% | | | 04/01/2022 | | | ^ | | | 400,000 | | | | 421,626 | |
Pioneer Natural Resources Co. | |
3.950% | | | 07/15/2022 | | | | | | 200,000 | | | | 200,888 | |
Plains All American Pipeline LP/PAA Finance Corp. | |
3.950% | | | 09/15/2015 | | | | | | 300,000 | | | | 321,583 | |
Shell International Finance BV (Netherlands) | |
5.200% | | | 03/22/2017 | | | | | | 500,000 | | | | 588,971 | |
3.100% | | | 06/28/2015 | | | | | | 500,000 | | | | 533,819 | |
Southern Natural Gas Co./Southern Natural Issuing Corp. | |
4.400% | | | 06/15/2021 | | | | | | 200,000 | | | | 213,471 | |
Statoil ASA (Norway) | |
5.100% | | | 08/17/2040 | | | | | | 300,000 | | | | 356,418 | |
3.150% | | | 01/23/2022 | | | | | | 500,000 | | | | 522,904 | |
Suncor Energy, Inc. (Canada) | |
7.150% | | | 02/01/2032 | | | | | | 500,000 | | | | 642,629 | |
Tennessee Gas Pipeline Co. LLC | |
7.000% | | | 10/15/2028 | | | | | | 350,000 | | | | 439,971 | |
Texas Eastern Transmission LP | |
7.000% | | | 07/15/2032 | | | | | | 150,000 | | | | 194,868 | |
Total Capital International SA (France) | |
2.875% | | | 02/17/2022 | | | | | | 400,000 | | | | 406,397 | |
Total Capital SA (France) | |
4.450% | | | 06/24/2020 | | | | | | 300,000 | | | | 343,314 | |
3.000% | | | 06/24/2015 | | | | | | 300,000 | | | | 318,609 | |
TransCanada PipeLines Ltd. (Canada) | |
5.850% | | | 03/15/2036 | | | | | | 500,000 | | | | 628,094 | |
Valero Energy Corp. | |
6.125% | | | 06/15/2017 | | | † | | | 250,000 | | | | 291,318 | |
Williams Cos., Inc. | |
7.875% | | | 09/01/2021 | | | | | | 630,000 | | | | 797,009 | |
Williams Partners LP | |
6.300% | | | 04/15/2040 | | | | | | 100,000 | | | | 118,852 | |
5.250% | | | 03/15/2020 | | | | | | 100,000 | | | | 112,536 | |
3.800% | | | 02/15/2015 | | | | | | 100,000 | | | | 105,264 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 22,052,606 | |
| | | | | | | | | | | | | | |
| Paper & Forest Products—0.0% | |
International Paper Co. | |
7.500% | | | 08/15/2021 | | | † | | | 500,000 | | | | 638,878 | |
| | | | | | | | | | | | | | |
| Pharmaceuticals—0.7% | |
Abbott Laboratories | |
5.875% | | | 05/15/2016 | | | | | | 700,000 | | | | 826,122 | |
5.125% | | | 04/01/2019 | | | | | | 300,000 | | | | 357,882 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
AstraZeneca plc (United Kingdom) | |
5.900% | | | 09/15/2017 | | | | | $ | 250,000 | | | $ | 300,687 | |
Bristol-Myers Squibb Co. | |
5.875% | | | 11/15/2036 | | | | | | 155,000 | | | | 201,053 | |
5.450% | | | 05/01/2018 | | | | | | 250,000 | | | | 301,046 | |
Eli Lilly & Co. | | | | | | | | | | | | | | |
6.770% | | | 01/01/2036 | | | | | | 250,000 | | | | 356,679 | |
GlaxoSmithKline Capital plc (United Kingdom) | |
2.850% | | | 05/08/2022 | | | | | | 300,000 | | | | 305,815 | |
0.750% | | | 05/08/2015 | | | | | | 300,000 | | | | 300,177 | |
GlaxoSmithKline Capital, Inc. | |
4.375% | | | 04/15/2014 | | | | | | 500,000 | | | | 532,854 | |
Johnson & Johnson | | | | | | | | | | | |
4.950% | | | 05/15/2033 | | | | | | 200,000 | | | | 243,274 | |
4.850% | | | 05/15/2041 | | | | | | 200,000 | | | | 247,454 | |
3.550% | | | 05/15/2021 | | | | | | 200,000 | | | | 224,796 | |
2.150% | | | 05/15/2016 | | | | | | 200,000 | | | | 209,496 | |
Merck & Co., Inc. | | | | | | | | | | | |
6.550% | | | 09/15/2037 | | | | | | 200,000 | | | | 287,326 | |
6.500% | | | 12/01/2033 | | | | | | 250,000 | | | | 355,570 | |
4.750% | | | 03/01/2015 | | | | | | 350,000 | | | | 386,944 | |
Novartis Capital Corp. | | | | | |
2.900% | | | 04/24/2015 | | | | | | 200,000 | | | | 211,734 | |
Novartis Securities Investment Ltd. (Bermuda) | |
5.125% | | | 02/10/2019 | | | | | | 500,000 | | | | 596,964 | |
Pfizer, Inc. | | | | | | | | | | | | | | |
5.350% | | | 03/15/2015 | | | | | | 500,000 | | | | 559,390 | |
Pharmacia Corp. | | | | | | | | | | | | | | |
6.500% | | | 12/01/2018 | | | | | | 350,000 | | | | 444,339 | |
Sanofi (France) | | | | | | | | | | | | | | |
2.625% | | | 03/29/2016 | | | | | | 400,000 | | | | 420,056 | |
Teva Pharmaceutical Finance Co. LLC | |
6.150% | | | 02/01/2036 | | | | | | 250,000 | | | | 325,977 | |
Wyeth LLC | | | | | | | | | | | | | | |
6.500% | | | 02/01/2034 | | | | | | 250,000 | | | | 343,676 | |
5.500% | | | 02/01/2014 | | | | | | 250,000 | | | | 269,176 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,608,487 | |
| | | | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—0.4% | |
American Tower Corp. | |
4.500% | | | 01/15/2018 | | | | | | 500,000 | | | | 529,154 | |
Boston Properties LP | |
4.125% | | | 05/15/2021 | | | | | | 300,000 | | | | 316,275 | |
Camden Property Trust | |
5.000% | | | 06/15/2015 | | | | | | 200,000 | | | | 215,707 | |
Duke Realty LP | | | | | | | | | | | | | | |
7.375% | | | 02/15/2015 | | | | | | 150,000 | | | | 167,443 | |
ERP Operating LP | | | | | | | | | | | |
5.375% | | | 08/01/2016 | | | | | | 500,000 | | | | 560,550 | |
HCP, Inc. | | | | | | | | | | | | | | |
2.700% | | | 02/01/2014 | | | | | | 300,000 | | | | 304,909 | |
HCP, Inc. MTN | | | | | | | | | | | |
6.700% | | | 01/30/2018 | | | | | | 250,000 | | | | 290,623 | |
Health Care REIT, Inc. | |
6.125% | | | 04/15/2020 | | | | | | 300,000 | | | | 334,482 | |
ProLogis LP | | | | | | | | | | | | | | |
7.375% | | | 10/30/2019 | | | | | | 350,000 | | | | 424,658 | |
Realty Income Corp. | |
5.875% | | | 03/15/2035 | | | | | | 200,000 | | | | 218,353 | |
Simon Property Group LP | |
4.750% | | | 03/15/2042 | | | | | | 400,000 | | | | 401,737 | |
4.375% | | | 03/01/2021 | | | | | | 400,000 | | | | 436,380 | |
2.800% | | | 01/30/2017 | | | | | | 500,000 | | | | 515,254 | |
See accompanying notes to financial statements.
172
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| CORPORATE OBLIGATIONS—(Continued) | |
Ventas Realty LP/Ventas Capital Corp. | |
4.250% | | | 03/01/2022 | | | | | $ | 400,000 | | | $ | 403,544 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,119,069 | |
| | | | | | | | | | | | | | |
| Road & Rail—0.3% | |
Burlington Northern Santa Fe LLC | |
5.650% | | | 05/01/2017 | | | | | | 500,000 | | | | 586,850 | |
3.450% | | | 09/15/2021 | | | | | | 200,000 | | | | 209,657 | |
CSX Corp. | | | | | | | | | | | | | | |
7.375% | | | 02/01/2019 | | | | | | 300,000 | | | | 383,207 | |
6.000% | | | 10/01/2036 | | | | | | 334,000 | | | | 398,460 | |
Norfolk Southern Corp. | |
5.900% | | | 06/15/2019 | | | | | | 300,000 | | | | 366,899 | |
3.250% | | | 12/01/2021 | | | † | | | 200,000 | | | | 207,143 | |
Ryder System, Inc. MTN | |
3.150% | | | 03/02/2015 | | | | | | 300,000 | | | | 309,838 | |
Union Pacific Corp. | |
6.625% | | | 02/01/2029 | | | | | | 250,000 | | | | 330,318 | |
5.780% | | | 07/15/2040 | | | | | | 300,000 | | | | 374,651 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 3,167,023 | |
| | | | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—0.1% | |
Intel Corp. | | | | | | | | | | | | | | |
4.800% | | | 10/01/2041 | | | | | | 300,000 | | | | 344,997 | |
3.300% | | | 10/01/2021 | | | | | | 300,000 | | | | 321,346 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 666,343 | |
| | | | | | | | | | | | | | |
| Software—0.2% | |
Microsoft Corp. | |
4.500% | | | 10/01/2040 | | | | | | 300,000 | | | | 346,317 | |
1.625% | | | 09/25/2015 | | | | | | 400,000 | | | | 413,987 | |
0.875% | | | 09/27/2013 | | | | | | 300,000 | | | | 302,072 | |
Oracle Corp. | | | | | | | | | | | | | | |
5.750% | | | 04/15/2018 | | | | | | 500,000 | | | | 607,412 | |
5.375% | | | 07/15/2040 | | | | | | 500,000 | | | | 615,033 | |
5.250% | | | 01/15/2016 | | | | | | 500,000 | | | | 573,739 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,858,560 | |
| | | | | | | | | | | | | | |
| Specialty Retail—0.2% | |
Gap, Inc. (The) | | | | | | | | | | | |
5.950% | | | 04/12/2021 | | | | | | 200,000 | | | | 207,655 | |
Home Depot, Inc. (The) | |
5.875% | | | 12/16/2036 | | | | | | 550,000 | | | | 706,646 | |
5.400% | | | 03/01/2016 | | | | | | 400,000 | | | | 461,518 | |
Lowe's Cos., Inc. | |
5.800% | | | 04/15/2040 | | | | | | 300,000 | | | | 374,116 | |
5.400% | | | 10/15/2016 | | | | | | 400,000 | | | | 463,385 | |
Staples, Inc. | | | | | | | | | | | | | | |
9.750% | | | 01/15/2014 | | | | | | 300,000 | | | | 335,434 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,548,754 | |
| | | | | | | | | | | | | | |
| Tobacco—0.2% | |
Altria Group, Inc. | |
9.950% | | | 11/10/2038 | | | | | | 300,000 | | | | 478,492 | |
9.250% | | | 08/06/2019 | | | | | | 800,000 | | | | 1,112,976 | |
Lorillard Tobacco Co. | |
6.875% | | | 05/01/2020 | | | † | | | 300,000 | | | | 355,318 | |
Philip Morris International, Inc. | |
5.650% | | | 05/16/2018 | | | | | | 500,000 | | | | 604,616 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
4.375% | | | 11/15/2041 | | | | | $ | 200,000 | | | $ | 207,173 | |
2.900% | | | 11/15/2021 | | | | | | 200,000 | | | | 206,383 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,964,958 | |
| | | | | | | | | | | | | | |
| Trading Companies & Distributors—0.0% | |
GATX Corp. | | | | | | | | | | | | | | |
4.750% | | | 06/15/2022 | | | | | | 300,000 | | | | 303,907 | |
| | | | | | | | | | | | | | |
| Transportation Infrastructure—0.0% | |
United Parcel Service, Inc. | |
6.200% | | | 01/15/2038 | | | | | | 300,000 | | | | 413,815 | |
| | | | | | | | | | | | | | |
| Water Utilities—0.0% | |
American Water Capital Corp. | |
6.085% | | | 10/15/2017 | | | | | | 300,000 | | | | 351,624 | |
| | | | | | | | | | | | | | |
| Wireless Telecommunication Services—0.2% | |
America Movil SAB de CV (Mexico) | |
6.125% | | | 03/30/2040 | | | | | | 300,000 | | | | 372,246 | |
5.000% | | | 03/30/2020 | | | | | | 400,000 | | | | 456,258 | |
Rogers Communications, Inc. (Canada) | |
6.800% | | | 08/15/2018 | | | | | | 500,000 | | | | 617,423 | |
Vodafone Group plc (United Kingdom) | |
7.875% | | | 02/15/2030 | | | | | | 250,000 | | | | 354,451 | |
6.150% | | | 02/27/2037 | | | | | | 200,000 | | | | 256,524 | |
5.625% | | | 02/27/2017 | | | | | | 500,000 | | | | 585,662 | |
5.375% | | | 01/30/2015 | | | | | | 250,000 | | | | 276,806 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,919,370 | |
| | | | | | | | | | | | | | |
| TOTAL CORPORATE OBLIGATIONS | |
(Cost $228,534,124) | | | | | | | | | | 253,773,052 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| MORTGAGE-RELATED SECURITIES—32.6% | |
| Commercial Mortgage-Backed Securities—1.9% | |
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
Series 2005-1, Class A4 | |
5.246% | | | 11/10/2042 | | | # | | | 500,000 | | | | 518,875 | |
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
Series 2005-6, Class A4 | |
5.366% | | | 09/10/2047 | | | # | | | 800,000 | | | | 896,586 | |
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
Series 2005-6, Class AM | |
5.366% | | | 09/10/2047 | | | # | | | 1,000,000 | | | | 1,096,847 | |
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
Series 2006-3, Class A4 | |
5.889% | | | 07/10/2044 | | | # | | | 500,000 | | | | 566,706 | |
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
Series 2007-2, Class A2 | |
5.634% | | | 04/10/2049 | | | # | | | 550,281 | | | | 571,518 | |
Banc of America Merrill Lynch Commercial Mortgage, Inc.,
Series 2007-5, Class A4 | |
5.492% | | | 02/10/2051 | | | | | | 2,000,000 | | | | 2,294,045 | |
Bear Stearns Commercial Mortgage Securities,
Series 2005-T20, Class A4A | |
5.298% | | | 10/12/2042 | | | # | | | 921,000 | | | | 1,028,297 | |
Bear Stearns Commercial Mortgage Securities,
Series 2006-T24, Class A4 | |
5.537% | | | 10/12/2041 | | | | | | 1,000,000 | | | | 1,149,122 | |
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2005- CD1, Class A4 | |
5.394% | | | 07/15/2044 | | | # | | | 900,000 | | | | 1,004,261 | |
Citigroup/Deutsche Bank Commercial Mortgage Trust,
Series 2007- CD4, Class A4 | |
5.322% | | | 12/11/2049 | | | | | | 1,000,000 | | | | 1,115,367 | |
See accompanying notes to financial statements.
173
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core
Bond Index Fund | |
| | | | |
Coupon Rate | | Maturity Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| MORTGAGE-RELATED SECURITIES—(Continued) | |
Commercial Mortgage Pass Through Certificates,
Series 2004- LB4A, Class A5 | |
4.840% | | | 10/15/2037 | | | | | $ | 200,000 | | | $ | 209,765 | |
GMAC Commercial Mortgage Securities, Inc.,
Series 2006-C1, Class AM | |
5.290% | | | 11/10/2045 | | | # | | | 750,000 | | | | 765,140 | |
Greenwich Capital Commercial Funding Corp.,
Series 2007-GG11, Class A4 | |
5.736% | | | 12/10/2049 | | | | | | 1,000,000 | | | | 1,112,401 | |
Greenwich Capital Commercial Funding Corp.,
Series 2007-GG9, Class A4 | |
5.444% | | | 03/10/2039 | | | † | | | 1,000,000 | | | | 1,113,371 | |
GS Mortgage Securities Corp. II,
Series 2004-GG2, Class A6 | |
5.396% | | | 08/10/2038 | | | #† | | | 600,000 | | | | 643,567 | |
GS Mortgage Securities Corp. II,
Series 2006-GG6, Class A4 | |
5.553% | | | 04/10/2038 | | | # | | | 800,000 | | | | 892,778 | |
GS Mortgage Securities Corp. II,
Series 2006-GG8, Class A4 | |
5.560% | | | 11/10/2039 | | | | | | 1,200,000 | | | | 1,370,265 | |
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2005-LDP2, Class A4 | |
4.738% | | | 07/15/2042 | | | | | | 935,000 | | | | 1,018,250 | |
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2006-CB17, Class AM | |
5.464% | | | 12/12/2043 | | | | | | 750,000 | | | | 715,992 | |
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2007-CB20, Class A4 | |
5.794% | | | 02/12/2051 | | | #† | | | 500,000 | | | | 581,279 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-3, Class A4 | |
5.414% | | | 07/12/2046 | | | # | | | 750,000 | | | | 852,062 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-3, Class AJ | |
5.485% | | | 07/12/2046 | | | # | | | 500,000 | | | | 423,985 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2007-5, Class A3 | |
5.364% | | | 08/12/2048 | | | | | | 500,000 | | | | 510,142 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2003-C9, Class A4 | |
5.012% | | | 12/15/2035 | | | # | | | 750,000 | | | | 781,683 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C11, Class A5 | |
5.215% | | | 01/15/2041 | | | # | | | 500,000 | | | | 532,330 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C12, Class A4 | |
5.494% | | | 07/15/2041 | | | # | | | 750,000 | | | | 801,611 | |
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C15, Class B | |
4.892% | | | 10/15/2041 | | | | | | 1,000,000 | | | | 973,304 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 23,539,549 | |
| | | | | | | | | | | | | | |
U.S. Government Agency Mortgage-Backed
Securities—30.7% | |
Fannie Mae Pool TBA | | | | | |
3.500% | | | 07/25/2027 | | | | | | 2,300,000 | | | | 2,430,812 | |
Federal Home Loan Mortgage Corp. | | | | | |
7.500% | |
| 06/01/2027-
10/01/2029 |
| | | | | 253,648 | | | | 305,803 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | | | Maturity Date | | | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
7.000% | |
| 02/01/2016-
09/01/2036 |
| | | | $ | 552,753 | | | $ | 646,681 | |
6.500% | |
| 07/01/2014-
01/01/2039 |
| | | | | 2,642,226 | | | | 2,973,997 | |
6.060% | | | 01/01/2037 | | | # | | | 423,541 | | | | 459,823 | |
6.000% | |
| 11/01/2016-
10/01/2038 |
| | | | | 7,104,784 | | | | 7,847,525 | |
5.793% | | | 01/01/2037 | | | # | | | 116,302 | | | | 125,439 | |
5.620% | | | 02/01/2037 | | | # | | | 271,540 | | | | 293,867 | |
5.500% | |
| 02/01/2018-
08/01/2039 |
| | | | | 11,517,619 | | | | 12,591,421 | |
5.000% | |
| 08/01/2017-
04/01/2041 |
| | | | | 17,007,472 | | | | 18,377,231 | |
4.500% | |
| 08/01/2018-
08/01/2041 |
| | | | | 22,794,209 | | | | 24,413,407 | |
4.000% | |
| 05/01/2019-
03/01/2042 |
| | | | | 17,553,540 | | | | 18,696,917 | |
3.500% | |
| 10/01/2025-
05/01/2042 |
| | | | | 12,765,037 | | | | 13,435,710 | |
3.436% | | | 06/01/2041 | | | # | | | 218,853 | | | | 229,688 | |
3.000% | | | 02/01/2032 | | | | | | 985,257 | | | | 1,022,486 | |
2.671% | | | 01/01/2042 | | | # | | | 460,545 | | | | 481,183 | |
Federal Home Loan Mortgage Corp. TBA | | | | | |
6.000% | | | 07/15/2041 | | | | | | 1,100,000 | | | | 1,205,360 | |
5.500% | | | 07/15/2040 | | | | | | 900,000 | | | | 978,188 | |
5.000% | | | 07/15/2042 | | | | | | 800,000 | | | | 860,000 | |
4.500% | | | 07/15/2027 | | | | | | 200,000 | | | | 212,562 | |
4.000% | |
| 07/15/2024-
08/15/2042 |
| | | | | 1,000,000 | | | | 1,058,906 | |
3.500% | |
| 07/15/2027-
07/15/2042 |
| | | | | 2,300,000 | | | | 2,416,063 | |
Federal National Mortgage Association | | | | | |
7.500% | |
| 06/01/2030-
07/01/2031 |
| | | | | 26,136 | | | | 30,152 | |
7.000% | |
| 03/01/2030-
04/01/2038 |
| | | | | 1,366,527 | | | | 1,598,553 | |
6.500% | |
| 02/01/2017-
10/01/2039 |
| | | | | 2,679,905 | | | | 3,050,058 | |
6.000% | |
| 04/01/2014-
11/01/2039 |
| | | | | 11,554,475 | | | | 12,795,827 | |
5.645% | | | 01/01/2037 | | | # | | | 1,166,308 | | | | 1,254,880 | |
5.500% | |
| 01/01/2018-
05/01/2040 |
| | | | | 19,590,602 | | | | 21,492,807 | |
5.000% | |
| 03/01/2018-
05/01/2041 |
| | | | | 20,651,917 | | | | 22,462,224 | |
4.500% | |
| 03/01/2018-
11/01/2041 |
| | | | | 32,881,689 | | | | 35,403,837 | |
4.000% | |
| 08/01/2018-
03/01/2042 |
| | | | | 33,139,985 | | | | 35,388,060 | |
3.619% | | | 05/01/2041 | | | # | | | 350,635 | | | | 370,083 | |
3.585% | | | 08/01/2040 | | | # | | | 301,046 | | | | 317,590 | |
3.500% | |
| 08/01/2025-
04/01/2042 |
| | | | | 21,655,312 | | | | 22,871,432 | |
3.474% | | | 02/01/2041 | | | # | | | 203,220 | | | | 214,624 | |
3.223% | | | 07/01/2040 | | | # | | | 575,993 | | | | 604,761 | |
3.141% | | | 06/01/2040 | | | # | | | 280,581 | | | | 292,923 | |
2.942% | | | 05/01/2035 | | | # | | | 244,302 | | | | 261,656 | |
2.917% | | | 02/01/2037 | | | # | | | 95,382 | | | | 102,266 | |
2.843% | | | 01/01/2042 | | | # | | | 872,375 | | | | 912,495 | |
2.789% | | | 05/01/2035 | | | # | | | 618,625 | | | | 657,753 | |
2.527% | | | 03/01/2037 | | | # | | | 2,001,860 | | | | 2,134,914 | |
2.517% | | | 10/01/2035 | | | # | | | 698,712 | | | | 746,240 | |
Federal National Mortgage Association TBA | | | | | |
6.000% | | | 07/25/2040 | | | | | | 100,000 | | | | 109,906 | |
5.500% | | | 07/25/2037 | | | | | | 400,000 | | | | 436,375 | |
See accompanying notes to financial statements.
174
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core
Bond Index Fund | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| MORTGAGE-RELATED SECURITIES—(Continued) | |
5.000% | | | 07/25/2041 | | | | | $ | 2,500,000 | | | $ | 2,705,860 | |
4.500% | | | 07/25/2041 | | | | | | 500,000 | | | | 536,484 | |
4.000% | | | 08/25/2042 | | | | | | 600,000 | | | | 637,594 | |
3.500% | |
| 08/25/2027-
07/25/2042 |
| | | | | 4,200,000 | | | | 4,419,188 | |
Government National Mortgage Association | | | | | |
7.500% | |
| 12/15/2029-
05/15/2032 |
| | | | | 349,382 | | | | 427,882 | |
7.000% | | | 09/15/2037 | | | | | | 48,564 | | | | 57,186 | |
6.500% | |
| 03/15/2026-
01/15/2039 |
| | | | | 1,486,061 | | | | 1,715,135 | |
6.000% | |
| 02/15/2033-
12/15/2039 |
| | | | | 4,046,760 | | | | 4,562,068 | |
5.500% | |
| 01/15/2024-
07/20/2040 |
| | | | | 6,596,774 | | | | 7,351,311 | |
5.000% | |
| 05/15/2033-
10/20/2041 |
| | | | | 15,432,342 | | | | 17,066,444 | |
4.500% | |
| 04/20/2026-
11/20/2041 |
| | | | | 24,812,943 | | | | 27,247,295 | |
4.000% | |
| 08/15/2024-
03/20/2042 |
| | | | | 16,680,698 | | | | 18,251,152 | |
3.500% | |
| 12/15/2025-
04/20/2042 |
| | | | | 6,122,580 | | | | 6,556,040 | |
3.500% | | | 12/20/2040 | | | # | | | 410,511 | | | | 435,202 | |
3.000% | | | 04/15/2027 | | | | | | 494,173 | | | | 523,640 | |
3.000% | |
| 02/20/2041-
11/20/2041 |
| | # | | | 1,399,577 | | | | 1,476,748 | |
2.500% | |
| 11/20/2040-
12/20/2040 |
| | # | | | 909,404 | | | | 944,838 | |
Government National Mortgage Association TBA | |
6.000% | | | 07/15/2039 | | | | | | 100,000 | | | | 112,281 | |
5.500% | | | 07/15/2042 | | | | | | 400,000 | | | | 443,875 | |
5.000% | | | 07/15/2041 | | | | | | 500,000 | | | | 550,235 | |
3.500% | | | 07/15/2042 | | | | | | 3,800,000 | | | | 4,062,437 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 374,655,380 | |
| | | | | | | | | | | | | | |
| TOTAL MORTGAGE-RELATED SECURITIES | |
(Cost $378,763,653) | | | | 398,194,929 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS—35.0% | |
| U.S. Treasury Bonds—6.6% | |
U.S. Treasury Bond | |
11.250% | | | 02/15/2015 | | | | | | 1,300,000 | | | | 1,666,640 | |
9.875% | | | 11/15/2015 | | | | | | 2,470,000 | | | | 3,243,999 | |
9.125% | | | 05/15/2018 | | | | | | 1,060,000 | | | | 1,559,690 | |
8.750% | |
| 05/15/2017-
08/15/2020 |
| | | | | 1,910,000 | | | | 2,964,270 | |
8.500% | | | 02/15/2020 | | | | | | 991,000 | | | | 1,519,172 | |
8.125% | |
| 08/15/2019-
08/15/2021 |
| | | | | 2,570,000 | | | | 3,867,606 | |
8.000% | | | 11/15/2021 | | | | | | 1,110,000 | | | | 1,742,700 | |
7.625% | |
| 11/15/2022-
02/15/2025 |
| | | | | 940,000 | | | | 1,516,603 | |
7.500% | | | 11/15/2024 | | | | | | 475,000 | | | | 767,719 | |
7.250% | |
| 05/15/2016-
08/15/2022 |
| | | | | 2,040,000 | | | | 2,679,125 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
6.875% | | | 08/15/2025 | | | | | $ | 300,000 | | | $ | 468,656 | |
6.750% | | | 08/15/2026 | | | | | | 700,000 | | | | 1,098,016 | |
6.625% | | | 02/15/2027 | | | | | | 300,000 | | | | 468,797 | |
6.500% | | | 11/15/2026 | | | | | | 800,000 | | | | 1,233,375 | |
6.375% | | | 08/15/2027 | | | | | | 300,000 | | | | 462,094 | |
6.250% | |
| 08/15/2023-
05/15/2030 |
| | | | | 2,160,000 | | | | 3,195,668 | |
6.125% | |
| 11/15/2027-
08/15/2029 |
| | | | | 1,930,000 | | | | 2,930,213 | |
6.000% | | | 02/15/2026 | | | | | | 965,000 | | | | 1,414,781 | |
5.375% | | | 02/15/2031 | | | | | | 510,000 | | | | 743,246 | |
5.250% | |
| 11/15/2028-
02/15/2029 |
| | | | | 1,000,000 | | | | 1,409,141 | |
5.000% | | | 05/15/2037 | | | | | | 710,000 | | | | 1,024,730 | |
4.750% | | | 02/15/2041 | | | | | | 2,500,000 | | | | 3,531,640 | |
4.625% | | | 02/15/2040 | | | | | | 2,300,000 | | | | 3,181,907 | |
4.500% | |
| 02/15/2036-
08/15/2039 |
| | | | | 3,620,000 | | | | 4,897,537 | |
4.375% | |
| 02/15/2038-
05/15/2041 |
| | | | | 8,620,000 | | | | 11,494,481 | |
4.250% | |
| 05/15/2039-
11/15/2040 |
| | | | | 4,900,000 | | | | 6,406,718 | |
3.875% | | | 08/15/2040 | | | | | | 3,000,000 | | | | 3,693,750 | |
3.750% | | | 08/15/2041 | | | | | | 2,500,000 | | | | 3,015,235 | |
3.500% | | | 02/15/2039 | | | | | | 1,800,000 | | | | 2,083,219 | |
3.125% | |
| 11/15/2041-
02/15/2042 |
| | | | | 5,870,000 | | | | 6,308,477 | |
3.000% | | | 05/15/2042 | | | | | | 800,000 | | | | 838,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 81,427,205 | |
| | | | | | | | | | | | | | |
| U.S. Treasury Notes—28.4% | |
U.S. Treasury Note | |
5.125% | | | 05/15/2016 | | | | | | 1,500,000 | | | | 1,760,978 | |
4.875% | | | 08/15/2016 | | | | | | 1,600,000 | | | | 1,877,250 | |
4.750% | |
| 05/15/2014-
08/15/2017 |
| | | | | 2,760,000 | | | | 3,110,829 | |
4.625% | |
| 11/15/2016-
02/15/2017 |
| | | | | 2,080,000 | | | | 2,439,069 | |
4.500% | |
| 11/15/2015-
02/15/2016 |
| | | | | 1,760,000 | | | | 1,999,186 | |
4.250% | |
| 08/15/2013-
11/15/2017 |
| | | | | 11,335,000 | | | | 12,318,651 | |
4.125% | | | 05/15/2015 | | | | | | 1,070,000 | | | | 1,182,601 | |
4.000% | |
| 02/15/2014-
08/15/2018 |
| | | | | 5,090,000 | | | | 5,533,760 | |
3.875% | | | 05/15/2018 | | | | | | 130,000 | | | | 152,212 | |
3.750% | | | 11/15/2018 | | | | | | 1,400,000 | | | | 1,640,079 | |
3.625% | |
| 08/15/2019-
02/15/2021 |
| | | | | 11,150,000 | | | | 13,126,053 | |
3.500% | |
| 02/15/2018-
05/15/2020 |
| | | | | 4,965,000 | | | | 5,736,467 | |
3.375% | |
| 07/31/2013-
11/15/2019 |
| | | | | 4,625,000 | | | | 5,117,027 | |
3.250% | |
| 05/31/2016-
03/31/2017 |
| | | | | 8,740,000 | | | | 9,709,025 | |
3.125% | |
| 08/31/2013-
05/15/2021 |
| | | | | 16,905,000 | | | | 18,630,839 | |
3.000% | |
| 08/31/2016-
02/28/2017 |
| | | | | 5,900,000 | | | | 6,499,415 | |
2.875% | | | 03/31/2018 | | | | | | 600,000 | | | | 666,844 | |
2.750% | |
| 10/31/2013-
02/15/2019 |
| | | | | 9,430,000 | | | | 10,267,474 | |
See accompanying notes to financial statements.
175
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS—(Continued) | |
2.625% | |
| 06/30/2014-
11/15/2020 |
| | | | $ | 21,715,000 | | | $ | 23,350,922 | |
2.500% | |
| 03/31/2015-
06/30/2017 |
| | | | | 6,500,000 | | | | 6,919,492 | |
2.375% | |
| 08/31/2014-
07/31/2017 |
| | | | | 11,228,000 | | | | 11,834,037 | |
2.250% | |
| 05/31/2014-
07/31/2018 |
| | | | | 11,160,000 | | | | 11,809,106 | |
2.125% | |
| 11/30/2014-
08/15/2021 |
| | | | | 8,800,000 | | | | 9,243,420 | |
2.000% | |
| 11/30/2013-
02/15/2022 |
| | | | | 15,150,000 | | | | 15,728,942 | |
1.875% | |
| 02/28/2014-
10/31/2017 |
| | | | | 11,545,000 | | | | 12,083,746 | |
1.750% | |
| 01/31/2014-
05/15/2022 |
| | | | | 11,745,000 | | | | 12,098,863 | |
1.500% | |
| 12/31/2013-
03/31/2019 |
| | | | | 7,150,000 | | | | 7,368,020 | |
1.375% | |
| 11/30/2015-
02/28/2019 |
| | | | | 5,000,000 | | | | 5,121,369 | |
1.250% | |
| 02/15/2014-
04/30/2019 |
| | | | | 19,760,000 | | | | 20,131,340 | |
1.125% | | | 05/31/2019 | | | | | | 2,200,000 | | | | 2,203,782 | |
1.000% | |
| 07/15/2013-
06/30/2019 |
| | | | | 19,610,000 | | | | 19,810,393 | |
0.875% | |
| 11/30/2016-
04/30/2017 |
| | | | | 11,450,000 | | | | 11,553,083 | |
0.750% | |
| 08/15/2013-
06/30/2017 |
| | | | | 9,900,000 | | | | 9,952,144 | |
0.625% | |
| 07/15/2014-
05/31/2017 |
| | | | | 4,723,000 | | | | 4,724,791 | |
0.500% | |
| 10/15/2013-
10/15/2014 |
| | | | | 6,490,000 | | | | 6,511,985 | |
0.375% | |
| 07/31/2013-
06/15/2015 |
| | | | | 15,000,000 | | | | 15,004,365 | |
0.250% | |
| 10/31/2013-
05/15/2015 |
| | | | | 33,450,000 | | | | 33,402,689 | |
0.125% | |
| 08/31/2013-
12/31/2013 |
| | | | | 6,300,000 | | | | 6,287,598 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 346,907,846 | |
| | | | | | | | | | | | | | |
| TOTAL U.S. TREASURY OBLIGATIONS | | | | | |
(Cost $409,540,114) | | | | 428,335,051 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| GOVERNMENT RELATED OBLIGATIONS—10.8% | |
| U.S. Government Agencies—5.3% | |
Federal Farm Credit Bank | |
2.625% | | | 04/17/2014 | | | | | | 500,000 | | | | 520,491 | |
1.125% | | | 02/27/2014 | | | | | | 500,000 | | | | 506,644 | |
0.750% | | | 12/19/2014 | | | | | | 750,000 | | | | 751,252 | |
0.470% | | | 12/19/2013 | | | | | | 750,000 | | | | 750,397 | |
Federal Home Loan Bank | |
5.500% | |
| 08/13/2014-
07/15/2036 |
| | | | | 1,400,000 | | | | 1,675,196 | |
4.875% | | | 09/08/2017 | | | | | | 1,250,000 | | | | 1,486,990 | |
4.750% | | | 12/16/2016 | | | | | | 1,000,000 | | | | 1,171,017 | |
3.625% | | | 10/18/2013 | | | | | | 900,000 | | | | 938,540 | |
3.125% | | | 12/13/2013 | | | | | | 500,000 | | | | 520,316 | |
2.875% | | | 06/12/2015 | | | | | | 900,000 | | | | 961,900 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
2.375% | | | 03/14/2014 | | | | | $ | 1,000,000 | | | $ | 1,034,469 | |
1.375% | | | 05/28/2014 | | | | | | 1,000,000 | | | | 1,020,712 | |
1.240% | | | 03/14/2017 | | | | | | 750,000 | | | | 751,294 | |
0.410% | | | 03/12/2014 | | | | | | 1,000,000 | | | | 1,000,120 | |
Federal Home Loan Bank, Series 467 | |
5.250% | | | 06/18/2014 | | | | | | 1,000,000 | | | | 1,096,069 | |
Federal Home Loan Bank, Series 656 | |
5.375% | | | 05/18/2016 | | | | | | 900,000 | | | | 1,062,118 | |
Federal Home Loan Mortgage Corp. | |
6.250% | | | 07/15/2032 | | | | | | 650,000 | | | | 970,065 | |
5.500% | | | 07/18/2016 | | | | | | 1,000,000 | | | | 1,189,030 | |
5.125% | | | 11/17/2017 | | | | | | 800,000 | | | | 970,153 | |
5.000% | |
| 01/30/2014-
07/15/2014 |
| | | | | 1,500,000 | | | | 1,628,611 | |
4.875% | | | 06/13/2018 | | | | | | 1,000,000 | | | | 1,212,680 | |
4.500% | |
| 07/15/2013-
01/15/2015 |
| | | | | 3,100,000 | | | | 3,281,795 | |
4.375% | | | 07/17/2015 | | | | | | 1,400,000 | | | | 1,562,497 | |
4.125% | | | 09/27/2013 | | | | | | 1,000,000 | | | | 1,047,735 | |
3.750% | | | 03/27/2019 | | | | | | 500,000 | | | | 578,387 | |
2.875% | | | 02/09/2015 | | | | | | 1,000,000 | | | | 1,062,319 | |
2.375% | | | 01/13/2022 | | | | | | 1,000,000 | | | | 1,028,441 | |
1.250% | | | 05/12/2017 | | | | | | 1,000,000 | | | | 1,014,410 | |
1.000% | |
| 08/20/2014-
08/27/2014 |
| | | | | 1,500,000 | | | | 1,519,208 | |
0.900% | | | 01/23/2015 | | | | | | 500,000 | | | | 500,965 | |
0.750% | | | 11/25/2014 | | | | | | 1,000,000 | | | | 1,008,101 | |
0.375% | | | 10/30/2013 | | | | | | 1,000,000 | | | | 1,002,780 | |
Federal Home Loan Mortgage Corp. MTN | |
5.050% | | | 01/26/2015 | | | | | | 300,000 | | | | 335,117 | |
Federal National Mortgage Association | |
7.250% | | | 05/15/2030 | | | | | | 400,000 | | | | 640,468 | |
6.625% | | | 11/15/2030 | | | | | | 500,000 | | | | 760,887 | |
6.250% | | | 05/15/2029 | | | | | | 740,000 | | | | 1,068,725 | |
6.000% | | | 04/18/2036 | | | | | | 250,000 | | | | 292,263 | |
5.000% | |
| 04/15/2015-
05/11/2017 |
| | | | | 2,550,000 | | | | 2,941,504 | |
4.625% | | | 10/15/2013 | | | | | | 900,000 | | | | 950,279 | |
4.375% | | | 10/15/2015 | | | | | | 1,000,000 | | | | 1,123,295 | |
2.750% | |
| 02/05/2014-
03/13/2014 |
| | | | | 4,000,000 | | | | 4,161,528 | |
2.625% | | | 11/20/2014 | | | | | | 1,000,000 | | | | 1,053,264 | |
2.375% | | | 07/28/2015 | | | | | | 1,000,000 | | | | 1,055,987 | |
1.500% | |
| 09/08/2014-
04/17/2017 |
| | | | | 1,250,000 | | | | 1,266,153 | |
1.250% | |
| 08/20/2013-
01/30/2017 |
| | | | | 2,000,000 | | | | 2,028,533 | |
1.220% | | | 05/30/2017 | | | | | | 100,000 | | | | 100,226 | |
1.125% | |
| 06/27/2014-
06/14/2017 |
| | | | | 2,300,000 | | | | 2,325,821 | |
1.000% | |
| 09/20/2013-
08/29/2016 |
| | | | | 1,000,000 | | | | 999,970 | |
0.800% | | | 11/23/2015 | | | | | | 500,000 | | | | 500,323 | |
0.750% | | | 12/18/2013 | | | | | | 1,000,000 | | | | 1,006,974 | |
0.500% | |
| 08/09/2013-
11/21/2014 |
| | | | | 2,250,000 | | | | 2,253,133 | |
0.000% | | | 06/01/2017 | | | | | | 400,000 | | | | 379,643 | |
Financing Corp. Fico | |
8.600% | | | 09/26/2019 | | | | | | 500,000 | | | | 732,411 | |
Financing Corp. Fico, Series E | |
9.650% | | | 11/02/2018 | | | | | | 500,000 | | | | 742,955 | |
Israel Government AID Bond (Israel) | |
5.500% | | | 04/26/2024 | | | | | | 350,000 | | | | 460,766 | |
See accompanying notes to financial statements.
176
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| GOVERNMENT RELATED OBLIGATIONS—(Continued) | |
Tennessee Valley Authority | |
5.250% | | | 09/15/2039 | | | | | $ | 500,000 | | | $ | 654,556 | |
Tennessee Valley Authority, Series E | |
6.250% | | | 12/15/2017 | | | | | | 1,200,000 | | | | 1,526,730 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 64,186,213 | |
| | | | | | | | | | | | | | |
| Non-U.S. Government Agencies—1.4% | |
Export Development Canada (Canada) | |
2.250% | | | 05/28/2015 | | | | | | 300,000 | | | | 315,264 | |
1.500% | | | 05/15/2014 | | | | | | 300,000 | | | | 306,484 | |
Export-Import Bank of Korea (Korea, Republic of) | |
5.125% | | | 03/16/2015 | | | | | | 500,000 | | | | 541,826 | |
5.000% | | | 04/11/2022 | | | | | | 400,000 | | | | 445,661 | |
Japan Bank for International Cooperation (Japan) | |
2.500% | | | 05/18/2016 | | | | | | 400,000 | | | | 422,982 | |
KFW (Germany) | |
4.875% | | | 01/17/2017 | | | † | | | 1,000,000 | | | | 1,167,162 | |
4.500% | | | 07/16/2018 | | | | | | 500,000 | | | | 586,835 | |
4.125% | | | 10/15/2014 | | | | | | 1,000,000 | | | | 1,076,423 | |
4.000% | | | 01/27/2020 | | | † | | | 300,000 | | | | 343,486 | |
3.500% | | | 03/10/2014 | | | | | | 500,000 | | | | 525,075 | |
2.625% | | | 03/03/2015 | | | | | | 1,050,000 | | | | 1,104,415 | |
1.375% | | | 01/13/2014 | | | | | | 800,000 | | | | 811,285 | |
1.250% | | | 02/15/2017 | | | † | | | 400,000 | | | | 404,766 | |
0.625% | | | 04/24/2015 | | | † | | | 1,000,000 | | | | 1,000,471 | |
KFW MTN (Germany) | |
2.750% | | | 09/08/2020 | | | | | | 500,000 | | | | 524,353 | |
Korea Development Bank (The) (Korea, Republic of) | |
8.000% | | | 01/23/2014 | | | | | | 500,000 | | | | 546,747 | |
3.875% | | | 05/04/2017 | | | | | | 300,000 | | | | 319,698 | |
Landwirtschaftliche Rentenbank (Germany) | |
5.125% | | | 02/01/2017 | | | | | | 300,000 | | | | 351,695 | |
4.125% | | | 07/15/2013 | | | | | | 450,000 | | | | 466,680 | |
Landwirtschaftliche Rentenbank, Series G13 (Germany) | |
4.875% | | | 11/16/2015 | | | | | | 750,000 | | | | 848,864 | |
Oesterreichische Kontrollbank AG (Austria) | |
2.000% | | | 06/03/2016 | | | | | | 300,000 | | | | 306,575 | |
Pemex Project Funding Master Trust | |
6.625% | | | 06/15/2035 | | | | | | 500,000 | | | | 597,500 | |
Petrobras International Finance Co. (Cayman Islands) | |
8.375% | | | 12/10/2018 | | | | | | 250,000 | | | | 313,054 | |
6.750% | | | 01/27/2041 | | | | | | 300,000 | | | | 353,395 | |
6.125% | | | 10/06/2016 | | | | | | 500,000 | | | | 561,688 | |
5.375% | | | 01/27/2021 | | | | | | 600,000 | | | | 649,663 | |
2.875% | | | 02/06/2015 | | | | | | 300,000 | | | | 305,250 | |
Petroleos Mexicanos (Mexico) | |
8.000% | | | 05/03/2019 | | | | | | 250,000 | | | | 318,750 | |
5.500% | | | 01/21/2021 | | | | | | 500,000 | | | | 567,500 | |
Svensk Exportkredit AB (Sweden) | |
5.125% | | | 03/01/2017 | | | | | | 500,000 | | | | 575,708 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 16,659,255 | |
| | | | | | | | | | | | | | |
| Sovereign Debt—1.1% | |
Brazilian Government International Bond (Brazil) | |
11.000% | | | 08/17/2040 | | | | | | 260,000 | | | | 336,050 | |
10.125% | | | 05/15/2027 | | | | | | 435,000 | | | | 744,938 | |
8.875% | | | 04/15/2024 | | | | | | 400,000 | | | | 620,000 | |
7.875% | | | 03/07/2015 | | | | | | 455,000 | | | | 533,032 | |
7.125% | | | 01/20/2037 | | | | | | 460,000 | | | | 665,850 | |
5.875% | | | 01/15/2019 | | | | | | 500,000 | | | | 606,000 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Canada Government International Bond (Canada) | |
2.375% | | | 09/10/2014 | | | | | $ | 500,000 | | | $ | 522,096 | |
Chile Government International Bond (Chile) | |
3.875% | | | 08/05/2020 | | | | | | 500,000 | | | | 557,500 | |
Colombia Government International Bond (Colombia) | |
11.750% | | | 02/25/2020 | | | | | | 200,000 | | | | 321,000 | |
8.125% | | | 05/21/2024 | | | | | | 200,000 | | | | 291,700 | |
7.375% | | | 09/18/2037 | | | | | | 200,000 | | | | 296,900 | |
Israel Government International Bond (Israel) | |
4.000% | | | 06/30/2022 | | | † | | | 400,000 | | | | 414,759 | |
Mexico Government International Bond (Mexico) | |
6.050% | | | 01/11/2040 | | | | | | 500,000 | | | | 647,500 | |
5.875% | | | 02/17/2014 | | | † | | | 500,000 | | | | 537,000 | |
Mexico Government International Bond MTN (Mexico) | |
4.750% | | | 03/08/2044 | | | | | | 200,000 | | | | 216,000 | |
Panama Government International Bond (Panama) | |
6.700% | | | 01/26/2036 | | | | | | 288,000 | | | | 390,240 | |
5.200% | | | 01/30/2020 | | | | | | 300,000 | | | | 351,750 | |
Peruvian Government International Bond (Peru) | |
7.350% | | | 07/21/2025 | | | | | | 400,000 | | | | 564,000 | |
6.550% | | | 03/14/2037 | | | | | | 500,000 | | | | 683,000 | |
Poland Government International Bond (Poland) | |
5.125% | | | 04/21/2021 | | | | | | 300,000 | | | | 332,400 | |
3.875% | | | 07/16/2015 | | | | | | 300,000 | | | | 317,865 | |
Republic of Finland (Finland) | |
6.950% | | | 02/15/2026 | | | | | | 150,000 | | | | 211,974 | |
Republic of Italy (Italy) | |
6.875% | | | 09/27/2023 | | | † | | | 250,000 | | | | 257,350 | |
5.375% | | | 06/15/2033 | | | | | | 500,000 | | | | 442,249 | |
Republic of Korea (Korea, Republic of) | |
5.750% | | | 04/16/2014 | | | | | | 500,000 | | | | 539,070 | |
South Africa Government International Bond (South Africa) | |
6.875% | | | 05/27/2019 | | | † | | | 500,000 | | | | 616,250 | |
State of Israel (Israel) | |
5.500% | | | 11/09/2016 | | | | | | 300,000 | | | | 342,916 | |
United Mexican States (Mexico) | |
8.125% | | | 12/30/2019 | | | | | | 750,000 | | | | 1,012,500 | |
United Mexican States MTN (Mexico) | |
8.300% | | | 08/15/2031 | | | | | | 200,000 | | | | 311,000 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 13,682,889 | |
| | | | | | | | | | | | | | |
| Supranational—1.5% | | | | | | | | |
African Development Bank, Series GDIF | |
1.250% | | | 09/02/2016 | | | † | | | 400,000 | | | | 407,435 | |
Asian Development Bank | |
2.750% | | | 05/21/2014 | | | | | | 100,000 | | | | 104,505 | |
Asian Development Bank MTN | |
4.250% | | | 10/20/2014 | | | | | | 300,000 | | | | 325,898 | |
3.625% | | | 09/05/2013 | | | † | | | 800,000 | | | | 829,010 | |
2.500% | | | 03/15/2016 | | | | | | 400,000 | | | | 426,231 | |
1.125% | | | 03/15/2017 | | | | | | 500,000 | | | | 508,283 | |
Corp. Andina de Fomento | |
3.750% | | | 01/15/2016 | | | | | | 300,000 | | | | 313,272 | |
Council Of Europe Development Bank MTN | |
1.500% | | | 02/22/2017 | | | † | | | 400,000 | | | | 401,141 | |
European Bank for Reconstruction & Development MTN | |
2.500% | | | 03/15/2016 | | | † | | | 500,000 | | | | 529,452 | |
1.000% | | | 02/16/2017 | | | † | | | 500,000 | | | | 500,089 | |
European Investment Bank | |
5.125% | | | 09/13/2016 | | | | | | 500,000 | | | | 578,983 | |
5.125% | | | 05/30/2017 | | | † | | | 500,000 | | | | 585,204 | |
4.875% | | | 02/16/2016 | | | | | | 400,000 | | | | 452,382 | |
4.875% | | | 01/17/2017 | | | † | | | 400,000 | | | | 460,762 | |
4.625% | | | 05/15/2014 | | | | | | 500,000 | | | | 535,602 | |
See accompanying notes to financial statements.
177
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| GOVERNMENT RELATED OBLIGATIONS—(Continued) | |
3.000% | | | 04/08/2014 | | | † | | $ | 500,000 | | | $ | 520,202 | |
2.875% | | | 09/15/2020 | | | † | | | 500,000 | | | | 519,746 | |
2.125% | | | 07/15/2016 | | | † | | | 500,000 | | | | 517,385 | |
1.750% | | | 03/15/2017 | | | † | | | 500,000 | | | | 507,557 | |
1.500% | | | 05/15/2014 | | | | | | 500,000 | | | | 507,155 | |
1.250% | | | 02/14/2014 | | | † | | | 500,000 | | | | 505,322 | |
1.125% | |
| 08/15/2014-
04/15/2015 |
| | | | | 1,200,000 | | | | 1,211,533 | |
European Investment Bank MTN | |
1.625% | | | 09/01/2015 | | | | | | 700,000 | | | | 716,404 | |
Inter-American Development Bank | |
2.250% | | | 07/15/2015 | | | | | | 200,000 | | | | 209,594 | |
1.625% | | | 07/15/2013 | | | | | | 500,000 | | | | 505,696 | |
1.375% | | | 10/18/2016 | | | † | | | 300,000 | | | | 307,154 | |
1.125% | | | 03/15/2017 | | | | | | 500,000 | | | | 505,308 | |
Inter-American Development Bank MTN | |
3.875% | | | 02/14/2020 | | | † | | | 400,000 | | | | 468,750 | |
International Bank for Reconstruction & Development | |
2.375% | | | 05/26/2015 | | | | | | 200,000 | | | | 211,367 | |
2.125% | | | 03/15/2016 | | | | | | 500,000 | | | | 526,459 | |
1.750% | | | 07/15/2013 | | | | | | 500,000 | | | | 507,019 | |
1.125% | | | 08/25/2014 | | | | | | 500,000 | | | | 506,453 | |
0.875% | | | 04/17/2017 | | | | | | 700,000 | | | | 704,344 | |
0.650% | | | 11/29/2013 | | | | | | 400,000 | | | | 400,305 | |
0.500% | | | 11/26/2013 | | | | | | 600,000 | | | | 600,901 | |
International Finance Corp. MTN | |
2.125% | | | 11/17/2017 | | | † | | | 500,000 | | | | 526,206 | |
Nordic Investment Bank | | | | | | | | |
2.500% | | | 07/15/2015 | | | | | | 500,000 | | | | 528,306 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 18,471,415 | |
| | | | | | | | | | | | | | |
| U.S. Municipal Bonds—1.1% | |
American Municipal Power-Ohio, Inc. Revenue Bonds (Ohio) | |
7.499% | | | 02/15/2050 | | | | | | 200,000 | | | | 267,954 | |
Bay Area Toll Authority Revenue Bonds (California) | |
6.263% | | | 04/01/2049 | | | | | | 400,000 | | | | 533,644 | |
California General Obligation Bonds (California) | |
7.550% | | | 04/01/2039 | | | | | | 500,000 | | | | 643,460 | |
5.250% | | | 04/01/2014 | | | | | | 300,000 | | | | 322,083 | |
California State Public Works Board Revenue Bonds,
Series 2009 G-2 (California) | |
8.361% | | | 10/01/2034 | | | | | | 400,000 | | | | 512,248 | |
City of New York General Obligation Bonds (New York) | |
5.517% | | | 10/01/2037 | | | | | | 100,000 | | | | 118,311 | |
County of Cook Illinois General Obligation Bonds,
Series 2010 D (Illinois) | |
6.229% | | | 11/15/2034 | | | | | | 400,000 | | | | 441,060 | |
Dallas Area Rapid Transit Revenue Bonds (Texas) | |
5.022% | | | 12/01/2048 | | | | | | 300,000 | | | | 364,602 | |
Dallas Convention Center Hotel Development Corp. Revenue Bonds (Texas) | |
7.088% | | | 01/01/2042 | | | | | | 200,000 | | | | 237,368 | |
Dallas County Hospital District General Obligation Bonds,
Series 2009 C (Texas) | |
5.621% | | | 08/15/2044 | | | | | | 300,000 | | | | 381,339 | |
Dallas Independent School District General Obligation Bonds (Texas) | |
6.450% | | | 02/15/2035 | | | | | | 300,000 | | | | 364,299 | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| | | | | | | | | | | | | | |
Government Development Bank for Puerto Rico Revenue Bonds,
Series 2011 B (Puerto Rico) | |
4.704% | | | 05/01/2016 | | | | | $ | 400,000 | | | $ | 416,928 | |
3.670% | | | 05/01/2014 | | | | | | 400,000 | | | | 407,772 | |
Illinois General Obligation Bonds (Illinois) | |
5.100% | | | 06/01/2033 | | | | | | 500,000 | | | | 473,100 | |
Los Angeles Unified School District General Obligation Bonds (California) | |
5.755% | | | 07/01/2029 | | | | | | 200,000 | | | | 232,206 | |
5.750% | | | 07/01/2034 | | | | | | 300,000 | | | | 351,996 | |
Metropolitan Government of Nashville & Davidson County Authority General Obligation Bonds (Tennessee) | |
5.707% | | | 07/01/2034 | | | | | | 300,000 | | | | 358,425 | |
Metropolitan Transportation Authority Revenue Bonds (New York) | |
6.648% | | | 11/15/2039 | | | | | | 300,000 | | | | 378,468 | |
6.548% | | | 11/15/2031 | | | | | | 200,000 | | | | 246,636 | |
Municipal Electric Authority of Georgia Revenue Bonds,
Series 2010 J (Georgia) | |
6.637% | | | 04/01/2057 | | | | | | 300,000 | | | | 348,360 | |
New Jersey Economic Development Authority Revenue Bonds,
Series 1997 A (New Jersey) | |
7.425% | | | 02/15/2029 | | | | | | 200,000 | | | | 245,400 | |
New Jersey State Turnpike Authority Revenue Bonds
(New Jersey) | |
7.102% | | | 01/01/2041 | | | | | | 500,000 | | | | 705,435 | |
New Jersey State Turnpike Authority Revenue Bonds,
Series 2003 B (New Jersey) | |
4.252% | | | 01/01/2016 | | | | | | 25,000 | | | | 27,219 | |
New York City Municipal Water Finance Authority Revenue Bonds (New York) | |
5.724% | | | 06/15/2042 | | | | | | 200,000 | | | | 259,864 | |
New York State Dormitory Authority Revenue Bonds
(New York) | |
5.600% | | | 03/15/2040 | | | | | | 200,000 | | | | 253,688 | |
North Texas Tollway Authority Revenue Bonds,
Series 2010 B-2 (Texas) | |
8.910% | | | 02/01/2030 | | | | | | 200,000 | | | | 230,778 | |
Ohio State University General Obligation Bonds (Ohio) | |
4.910% | | | 06/01/2040 | | | | | | 300,000 | | | | 360,468 | |
Oregon General Obligation Bonds (Oregon) | |
5.762% | | | 06/01/2023 | | | | | | 200,000 | | | | 252,408 | |
Oregon State Department of Transportation Revenue Bonds,
Series 2010 A (Oregon) | |
5.834% | | | 11/15/2034 | | | | | | 300,000 | | | | 385,668 | |
Port Authority of New York & New Jersey Revenue Bonds
(New York) | |
6.040% | | | 12/01/2029 | | | | | | 255,000 | | | | 327,242 | |
State of California General Obligation Bonds (California) | |
7.625% | | | 03/01/2040 | | | | | | 600,000 | | | | 776,304 | |
State of Connecticut General Obligation Bonds,
Series 2008 A (Connecticut) | |
5.850% | | | 03/15/2032 | | | | | | 200,000 | | | | 250,752 | |
State of Georgia General Obligation Bonds,
Series 2009 H (Georgia) | |
4.503% | | | 11/01/2025 | | | | | | 300,000 | | | | 344,490 | |
State of Illinois General Obligation Bonds (Illinois) | |
4.961% | | | 03/01/2016 | | | | | | 300,000 | | | | 323,886 | |
4.071% | | | 01/01/2014 | | | | | | 500,000 | | | | 516,720 | |
State of Texas General Obligation Bonds,
Series 2010 A (Texas) | |
4.681% | | | 04/01/2040 | | | | | | 300,000 | | | | 351,330 | |
See accompanying notes to financial statements.
178
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
Vantagepoint Core Bond Index Fund | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | Value | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| GOVERNMENT RELATED OBLIGATIONS—(Continued) | |
University of California Revenue Bonds (California) | |
6.548% | | | 05/15/2048 | | | | | $ | 300,000 | | | $ | 393,639 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 13,405,550 | |
| | | | | | | | | | | | | | |
| Non-U.S. Regional Authority Bonds—0.4% | |
Hydro Quebec, Series IO (Canada) | |
8.050% | | | 07/07/2024 | | | | | | 250,000 | | | | 370,588 | |
Province of British Columbia (Canada) | |
2.850% | | | 06/15/2015 | | | | | | 200,000 | | | | 212,819 | |
Province of Manitoba, Series FH (Canada) | |
4.900% | | | 12/06/2016 | | | | | | 500,000 | | | | 584,813 | |
Province of Nova Scotia (Canada) | |
2.375% | | | 07/21/2015 | | | | | | 300,000 | | | | 313,953 | |
Province of Ontario (Canada) | |
5.450% | | | 04/27/2016 | | | | | | 1,000,000 | | | | 1,160,594 | |
4.500% | | | 02/03/2015 | | | | | | 650,000 | | | | 711,243 | |
4.400% | | | 04/14/2020 | | | † | | | 200,000 | | | | 232,896 | |
2.700% | | | 06/16/2015 | | | | | | 200,000 | | | | 210,998 | |
1.375% | | | 01/27/2014 | | | | | | 300,000 | | | | 303,978 | |
Province of Quebec (Canada) | | | | | | | | |
4.600% | | | 05/26/2015 | | | † | | | 500,000 | | | | 555,900 | |
2.750% | | | 08/25/2021 | | | † | | | 300,000 | | | | 310,940 | |
Province of Saskatchewan (Canada) | | | | | |
7.375% | | | 07/15/2013 | | | | | | 230,000 | | | | 245,102 | |
Region of Lombardy (Italy) | | | | | | | | |
5.804% | | | 10/25/2032 | | | | | | 100,000 | | | | 79,620 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,293,444 | |
| | | | | | | | | | | | | | |
| TOTAL GOVERNMENT RELATED OBLIGATIONS | |
(Cost $124,483,333) | | | | | | | 131,698,766 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| ASSET-BACKED SECURITIES—0.2% | |
| Automobile—0.0% | | | | | |
Honda Auto Receivables Owner Trust
Series 2010-1, Class A4 | |
1.980% | | | 05/23/2016 | | | | | | 350,000 | | | | 353,630 | |
| Credit Card—0.2% | | | | | | | | |
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7 | |
5.750% | | | 07/15/2020 | | | | | | 1,500,000 | | | | 1,823,981 | |
| Other—0.0% | | | | | | | | | | | | | | |
CenterPoint Energy Transition Bond Co. LLC
Series 2009-1, Class A2 | | | | | |
3.460% | | | 08/15/2019 | | | | | | 400,000 | | | | 439,908 | |
| | | | | | | | | | | | | | |
| TOTAL ASSET-BACKED SECURITIES | |
(Cost $2,475,047) | | | | | | | | | | 2,617,519 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | |
|
Shares |
| | | Value | |
| MONEY MARKET FUNDS—4.2% | | | | | |
| Institutional Money Market Funds—4.2% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | ††¥ | | | 4,000,000 | | | $ | 4,000,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | ¥ | | | 27,481,466 | | | | 27,481,466 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | ††¥ | | | 3,750,128 | | | | 3,750,128 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional
Class, 0.17% | | ††¥ | | | 4,000,000 | | | | 4,000,000 | |
Short-Term Investments Trust Liquid Assets Portfolio - Institutional Class, 0.15% | | ††¥ | | | 4,000,000 | | | | 4,000,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 4,000,000 | | | | 4,000,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13% | | ††¥ | | | 4,000,000 | | | | 4,000,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $51,231,594) | | | | | | | 51,231,594 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—103.5% | |
(Cost $1,195,027,865) | | | | | | | 1,265,850,911 | |
Other assets less liabilities—(3.5%) | | | | (42,796,160 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | $ | 1,223,054,751 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| MTN | | Medium Term Note |
| REIT | | Real Estate Investment Trust |
| TBA | | Security is subject to delayed delivery. |
| † | | Denotes all or a portion of the security on loan. |
| # | | Rate is subject to change. Rate shown reflects current rate. |
| ^ | | Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. Such securities are considered illiquid unless deemed liquid by a subadviser under the liquidity procedures adopted by the Board of Directors. The total market value of 144A securities was $1,092,313, which represents 0.1% of Net Assets. The illiquid 144A securities represented 0.1% of Net Assets, and 100.0% of total 144A securities held. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
179
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint 500 Stock
Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—97.5% | |
| Aerospace & Defense—2.5% | | | | | |
Boeing Co. (The) | | | | | | | 26,102 | | | $ | 1,939,378 | |
General Dynamics Corp. | | | | | | | 12,530 | | | | 826,479 | |
Goodrich Corp. | | | | | | | 4,431 | | | | 562,294 | |
Honeywell International, Inc. | | | | | | | 27,154 | | | | 1,516,279 | |
L-3 Communications Holdings, Inc. | | | | | 3,424 | | | | 253,410 | |
Lockheed Martin Corp. | | | | | | | 9,363 | | | | 815,330 | |
Northrop Grumman Corp. | | | | | | | 8,606 | | | | 548,977 | |
Precision Castparts Corp. | | | | | | | 5,097 | | | | 838,405 | |
Raytheon Co. | | | | | | | 11,786 | | | | 666,970 | |
Rockwell Collins, Inc. | | | | | | | 5,022 | | | | 247,836 | |
Textron, Inc. | | | | | | | 10,178 | | | | 253,127 | |
United Technologies Corp. | | | | | | | 31,841 | | | | 2,404,951 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,873,436 | |
| | | | | | | | | | | | |
| Air Freight & Logistics—1.0% | | | | | |
C.H. Robinson Worldwide, Inc. | | † | | | 5,867 | | | | 343,396 | |
Expeditors International of Washington, Inc. | | | | | | | 7,127 | | | | 276,171 | |
FedEx Corp. | | | | | | | 11,005 | | | | 1,008,168 | |
United Parcel Service, Inc., Class B | | | | | 33,537 | | | | 2,641,374 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,269,109 | |
| | | | | | | | | | | | |
| Airlines—0.1% | | | | | | | | | | | | |
Southwest Airlines Co. | | | | | | | 25,882 | | | | 238,632 | |
| | | | | | | | | | | | |
| Auto Components—0.2% | | | | | | | | | | | | |
BorgWarner, Inc. | | | | *† | | | 3,937 | | | | 258,228 | |
Goodyear Tire & Rubber Co. (The) | | * | | | 9,472 | | | | 111,864 | |
Johnson Controls, Inc. | | | | | | | 23,726 | | | | 657,448 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,027,540 | |
| | | | | | | | | | | | |
| Automobiles—0.4% | | | | | | | | | | | | |
Ford Motor Co. | | | | | | | 133,158 | | | | 1,276,985 | |
Harley-Davidson, Inc. | | | | | | | 8,043 | | | | 367,807 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,644,792 | |
| | | | | | | | | | | | |
| Beverages—2.7% | | | | | | | | | | | | |
Beam, Inc. | | | | | | | 5,640 | | | | 352,444 | |
Brown-Forman Corp., Class B | | | | | | | 3,358 | | | | 325,222 | |
Coca-Cola Co. (The) | | | | | | | 79,088 | | | | 6,183,891 | |
Coca-Cola Enterprises, Inc. | | | | | | | 10,815 | | | | 303,253 | |
Constellation Brands, Inc., Class A | | * | | | 5,379 | | | | 145,556 | |
Dr. Pepper Snapple Group, Inc. | | † | | | 7,442 | | | | 325,587 | |
Molson Coors Brewing Co., Class B | | | | | 5,731 | | | | 238,467 | |
Monster Beverage Corp. | | | | * | | | 5,362 | | | | 381,774 | |
PepsiCo, Inc. | | | | | | | 54,914 | | | | 3,880,223 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,136,417 | |
| | | | | | | | | | | | |
| Biotechnology—1.4% | | | | | | | | | | | | |
Alexion Pharmaceuticals, Inc. | | | | * | | | 6,696 | | | | 664,913 | |
Amgen, Inc. | | | | | | | 27,252 | | | | 1,990,486 | |
Biogen Idec, Inc. | | | | * | | | 8,366 | | | | 1,207,883 | |
Celgene Corp. | | | | * | | | 15,390 | | | | 987,422 | |
Gilead Sciences, Inc. | | | | * | | | 26,539 | | | | 1,360,920 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,211,624 | |
| | | | | | | | | | | | |
| Building Products—0.0% | | | | | | | | | | | | |
Masco Corp. | | | | | | | 13,189 | | | | 182,931 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
| Capital Markets—1.8% | | | | | | | | | | | | |
Ameriprise Financial, Inc. | | | | | | | 7,688 | | | $ | 401,775 | |
Bank of New York Mellon Corp. (The) | | | | | 42,274 | | | | 927,914 | |
BlackRock, Inc. | | | | | | | 4,460 | | | | 757,397 | |
Charles Schwab Corp. (The) | | | | | | | 36,819 | | | | 476,070 | |
E*TRADE Financial Corp. | | | | * | | | 8,183 | | | | 65,791 | |
Federated Investors, Inc., Class B | | † | | | 2,838 | | | | 62,010 | |
Franklin Resources, Inc. | | | | | | | 4,958 | | | | 550,289 | |
Goldman Sachs Group, Inc. (The) | | | | | 17,324 | | | | 1,660,679 | |
Invesco Ltd. | | | | | | | 15,963 | | | | 360,764 | |
Legg Mason, Inc. | | | | | | | 4,333 | | | | 114,261 | |
Morgan Stanley | | | | | | | 53,492 | | | | 780,448 | |
Northern Trust Corp. | | | | | | | 8,343 | | | | 383,945 | |
State Street Corp. | | | | | | | 17,139 | | | | 765,085 | |
T. Rowe Price Group, Inc. | | | | | | | 8,891 | | | | 559,777 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,866,205 | |
| | | | | | | | | | | | |
| Chemicals—2.3% | | | | | | | | | | | | |
Air Products & Chemicals, Inc. | | | | | 7,460 | | | | 602,246 | |
Airgas, Inc. | | | | | | | 2,441 | | | | 205,068 | |
CF Industries Holdings, Inc. | | | | | | | 2,335 | | | | 452,383 | |
Dow Chemical Co. (The) | | | | † | | | 41,537 | | | | 1,308,415 | |
E.I. Du Pont de Nemours & Co. | | | | | 32,642 | | | | 1,650,706 | |
Eastman Chemical Co. | | | | | | | 4,986 | | | | 251,145 | |
Ecolab, Inc. | | | | | | | 10,221 | | | | 700,445 | |
FMC Corp. | | | | | | | 4,898 | | | | 261,945 | |
International Flavors & Fragrances, Inc. | | | | | 3,000 | | | | 164,400 | |
Monsanto Co. | | | | | | | 18,760 | | | | 1,552,953 | |
Mosaic Co. (The) | | | | | | | 10,143 | | | | 555,431 | |
PPG Industries, Inc. | | | | | | | 5,393 | | | | 572,305 | |
Praxair, Inc. | | | | | | | 10,461 | | | | 1,137,425 | |
Sherwin-Williams Co. (The) | | | | | | | 2,998 | | | | 396,785 | |
Sigma-Aldrich Corp. | | | | | | | 4,195 | | | | 310,136 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,121,788 | |
| | | | | | | | | | | | |
| Commercial Banks—2.9% | | | | | | | | | | | | |
BB&T Corp. | | | | | | | 24,364 | | | | 751,629 | |
Comerica, Inc. | | | | | | | 6,948 | | | | 213,373 | |
Fifth Third Bancorp | | | | | | | 31,737 | | | | 425,276 | |
First Horizon National Corp. | | | | | | | 8,525 | | | | 73,741 | |
Huntington Bancshares, Inc./Ohio | | | | | 27,946 | | | | 178,855 | |
KeyCorp | | | | | | | 34,531 | | | | 267,270 | |
M&T Bank Corp. | | | | | | | 4,519 | | | | 373,134 | |
PNC Financial Services Group, Inc. | | | | | 18,493 | | | | 1,130,107 | |
Regions Financial Corp. | | | | | | | 50,821 | | | | 343,042 | |
SunTrust Banks, Inc. | | | | | | | 18,966 | | | | 459,546 | |
U.S. Bancorp | | | | | | | 66,874 | | | | 2,150,668 | |
Wells Fargo & Co. | | | | | | | 185,707 | | | | 6,210,042 | |
Zions Bancorporation | | | | | | | 5,936 | | | | 115,277 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,691,960 | |
| | | | | | | | | | | | |
| Commercial Services & Supplies—0.4% | | | | | |
Avery Dennison Corp. | | | | | | | 3,386 | | | | 92,573 | |
Cintas Corp. | | | | | | | 3,833 | | | | 147,992 | |
Iron Mountain, Inc. | | | | | | | 6,512 | | | | 214,636 | |
Pitney Bowes, Inc. | | | | † | | | 7,101 | | | | 106,302 | |
R.R. Donnelley & Sons Co. | | | | † | | | 5,629 | | | | 66,253 | |
Republic Services, Inc. | | | | | | | 11,354 | | | | 300,427 | |
Stericycle, Inc. | | | | * | | | 2,981 | | | | 273,268 | |
Waste Management, Inc. | | | | | | | 16,126 | | | | 538,609 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,740,060 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
180
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint 500 Stock
Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
| Communications Equipment—1.8% | |
Cisco Systems, Inc. | | | | | | | 188,313 | | | $ | 3,233,334 | |
F5 Networks, Inc. | | | | * | | | 2,757 | | | | 274,487 | |
Harris Corp. | | | | † | | | 4,085 | | | | 170,957 | |
JDS Uniphase Corp. | | | | * | | | 7,658 | | | | 84,238 | |
Juniper Networks, Inc. | | | | * | | | 18,852 | | | | 307,476 | |
Motorola Solutions, Inc. | | | | | | | 9,946 | | | | 478,502 | |
QUALCOMM, Inc. | | | | | | | 59,879 | | | | 3,334,063 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,883,057 | |
| | | | | | | | | | | | |
| Computers & Peripherals—5.5% | | | | | |
Apple, Inc. | | | | * | | | 32,692 | | | | 19,092,128 | |
Dell, Inc. | | | | * | | | 53,621 | | | | 671,335 | |
EMC Corp. | | | | * | | | 73,284 | | | | 1,878,269 | |
Hewlett-Packard Co. | | | | | | | 69,207 | | | | 1,391,753 | |
Lexmark International, Inc., Class A | | | | | 2,870 | | | | 76,285 | |
NetApp, Inc. | | | | * | | | 12,276 | | | | 390,622 | |
SanDisk Corp. | | | | * | | | 8,296 | | | | 302,638 | |
Seagate Technology plc (Ireland) | | | | | | | 13,227 | | | | 327,104 | |
Western Digital Corp. | | | | * | | | 8,422 | | | | 256,702 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 24,386,836 | |
| | | | | | | | | | | | |
| Construction & Engineering—0.1% | | | | | |
Fluor Corp. | | | | | | | 5,633 | | | | 277,932 | |
Jacobs Engineering Group, Inc. | | | | * | | | 4,477 | | | | 169,499 | |
Quanta Services, Inc. | | | | * | | | 6,807 | | | | 163,845 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 611,276 | |
| | | | | | | | | | | | |
| Construction Materials—0.0% | | | | | |
Vulcan Materials Co. | | | | | | | 4,526 | | | | 179,727 | |
| | | | | | | | | | | | |
| Consumer Finance—0.9% | | | | | | | | |
American Express Co. | | | | | | | 35,072 | | | | 2,041,541 | |
Capital One Financial Corp. | | | | | | | 20,210 | | | | 1,104,679 | |
Discover Financial Services | | | | | | | 18,726 | | | | 647,545 | |
SLM Corp. | | | | | | | 17,168 | | | | 269,709 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,063,474 | |
| | | | | | | | | | | | |
| Containers & Packaging—0.1% | | | | | |
Ball Corp. | | | | | | | 5,788 | | | | 237,597 | |
Bemis Co., Inc. | | | | | | | 3,365 | | | | 105,459 | |
Owens-Illinois, Inc. | | | | * | | | 5,235 | | | | 100,355 | |
Sealed Air Corp. | | | | | | | 6,841 | | | | 105,625 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 549,036 | |
| | | | | | | | | | | | |
| Distributors—0.1% | | | | | | | | | | | | |
Genuine Parts Co. | | | | | | | 5,403 | | | | 325,531 | |
| | | | | | | | | | | | |
| Diversified Consumer Services—0.1% | | | | | |
Apollo Group, Inc., Class A | | | | * | | | 4,113 | | | | 148,850 | |
DeVry, Inc. | | | | | | | 2,111 | | | | 65,378 | |
H&R Block, Inc. | | | | † | | | 10,479 | | | | 167,454 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 381,682 | |
| | | | | | | | | | | | |
| Diversified Financial Services—2.8% | | | | | |
Bank of America Corp. | | | | | | | 375,346 | | | | 3,070,330 | |
Citigroup, Inc. | | | | | | | 102,412 | | | | 2,807,113 | |
CME Group, Inc. | | | | | | | 2,356 | | | | 631,667 | |
IntercontinentalExchange, Inc. | | | | * | | | 2,472 | | | | 336,143 | |
JPMorgan Chase & Co. | | | | | | | 133,407 | | | | 4,766,632 | |
Leucadia National Corp. | | | | | | | 6,542 | | | | 139,148 | |
Moody's Corp. | | | | † | | | 6,750 | | | | 246,713 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
NASDAQ OMX Group, Inc. (The) | | | | | 4,218 | | | $ | 95,622 | |
NYSE Euronext | | | | | | | 8,746 | | | | 223,723 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,317,091 | |
| | | | | | | | | | | | |
| Diversified Telecommunication Services—2.9% | |
AT&T, Inc. | | | | | | | 205,281 | | | | 7,320,321 | |
CenturyLink, Inc. | | | | | | | 21,758 | | | | 859,223 | |
Frontier Communications Corp. | | | | † | | | 32,749 | | | | 125,429 | |
Verizon Communications, Inc. | | | | | | | 99,126 | | | | 4,405,159 | |
Windstream Corp. | | | | † | | | 21,388 | | | | 206,608 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,916,740 | |
| | | | | | | | | | | | |
| Electric Utilities—2.1% | | | | | |
American Electric Power Co., Inc. | | | | | 17,116 | | | | 682,928 | |
Duke Energy Corp. | | | | | | | 46,865 | | | | 1,080,707 | |
Edison International | | | | | | | 11,120 | | | | 513,744 | |
Entergy Corp. | | | | | | | 6,169 | | | | 418,813 | |
Exelon Corp. | | | | | | | 29,844 | | | | 1,122,731 | |
FirstEnergy Corp. | | | | | | | 14,589 | | | | 717,633 | |
NextEra Energy, Inc. | | | | | | | 14,354 | | | | 987,699 | |
Northeast Utilities | | | | | | | 10,607 | | | | 411,658 | |
Pepco Holdings, Inc. | | | | † | | | 7,419 | | | | 145,190 | |
Pinnacle West Capital Corp. | | | | | | | 3,839 | | | | 198,630 | |
PPL Corp. | | | | † | | | 19,707 | | | | 548,052 | |
Progress Energy, Inc. | | | | | | | 10,324 | | | | 621,195 | |
Southern Co. | | | | | | | 30,364 | | | | 1,405,853 | |
Xcel Energy, Inc. | | | | | | | 16,727 | | | | 475,214 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,330,047 | |
| | | | | | | | | | | | |
| Electrical Equipment—0.5% | | | | | |
Cooper Industries plc | | | | | | | 5,371 | | | | 366,195 | |
Emerson Electric Co. | | | | | | | 25,743 | | | | 1,199,109 | |
Rockwell Automation, Inc. | | | | | | | 4,779 | | | | 315,701 | |
Roper Industries, Inc. | | | | | | | 3,356 | | | | 330,834 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,211,839 | |
| | | | | | | | | | | | |
| Electronic Equipment, Instruments & Components—0.4% | |
Amphenol Corp., Class A | | | | | | | 5,737 | | | | 315,076 | |
Corning, Inc. | | | | | | | 53,463 | | | | 691,277 | |
FLIR Systems, Inc. | | | | | | | 5,021 | | | | 97,910 | |
Jabil Circuit, Inc. | | | | | | | 6,753 | | | | 137,288 | |
Molex, Inc. | | | | † | | | 4,895 | | | | 117,186 | |
TE Connectivity Ltd. (Switzerland) | | | | | 15,000 | | | | 478,650 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,837,387 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—1.6% | |
Baker Hughes, Inc. | | | | | | | 15,496 | | | | 636,886 | |
Cameron International Corp. | | | | * | | | 8,784 | | | | 375,165 | |
Diamond Offshore Drilling, Inc. | | | | | | | 2,210 | | | | 130,677 | |
FMC Technologies, Inc. | | | | * | | | 8,229 | | | | 322,824 | |
Halliburton Co. | | | | | | | 32,375 | | | | 919,126 | |
Helmerich & Payne, Inc. | | | | | | | 3,734 | | | | 162,354 | |
Nabors Industries Ltd. (Bermuda) | | * | | | 9,642 | | | | 138,845 | |
National Oilwell Varco, Inc. | | | | | | | 14,881 | | | | 958,932 | |
Noble Corp. (Switzerland) | | | | * | | | 9,079 | | | | 295,340 | |
Rowan Cos. plc, Class A (United Kingdom) | | * | | | 4,110 | | | | 132,876 | |
Schlumberger Ltd. | | | | | | | 46,639 | | | | 3,027,337 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,100,362 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
181
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint 500 Stock
Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
| Food & Staples Retailing—2.4% | | | | | |
Costco Wholesale Corp. | | | | | | | 15,244 | | | $ | 1,448,180 | |
CVS Caremark Corp. | | | | | | | 44,900 | | | | 2,098,177 | |
Kroger Co. (The) | | | | | | | 19,656 | | | | 455,823 | |
Safeway, Inc. | | | | † | | | 9,050 | | | | 164,257 | |
Sysco Corp. | | | | † | | | 20,093 | | | | 598,972 | |
Walgreen Co. | | | | | | | 30,189 | | | | 892,991 | |
Wal-Mart Stores, Inc. | | | | | | | 60,428 | | | | 4,213,040 | |
Whole Foods Market, Inc. | | | | | | | 5,768 | | | | 549,806 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,421,246 | |
| | | | | | | | | | | | |
| Food Products—1.7% | | | | | | | | | | | | |
Archer-Daniels-Midland Co. | | | | | | | 23,248 | | | | 686,281 | |
Campbell Soup Co. | | | | † | | | 6,126 | | | | 204,486 | |
ConAgra Foods, Inc. | | | | | | | 14,350 | | | | 372,095 | |
Dean Foods Co. | | | | * | | | 6,452 | | | | 109,877 | |
General Mills, Inc. | | | | | | | 22,633 | | | | 872,276 | |
H.J. Heinz Co. | | | | | | | 10,910 | | | | 593,286 | |
Hershey Co. (The) | | | | | | | 5,490 | | | | 395,445 | |
Hormel Foods Corp. | | | | | | | 4,650 | | | | 141,453 | |
J.M. Smucker Co. (The) | | | | | | | 3,807 | | | | 287,505 | |
Kellogg Co. | | | | | | | 8,785 | | | | 433,364 | |
Kraft Foods, Inc., Class A | | | | | | | 61,863 | | | | 2,389,149 | |
McCormick & Co., Inc. | | | | | | | 4,418 | | | | 267,952 | |
Mead Johnson Nutrition Co. | | | | | | | 6,939 | | | | 558,659 | |
Tyson Foods, Inc., Class A | | | | | | | 10,014 | | | | 188,563 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,500,391 | |
| | | | | | | | | | | | |
| Gas Utilities—0.1% | | | | | | | | | | | | |
AGL Resources, Inc. | | | | | | | 3,798 | | | | 147,172 | |
ONEOK, Inc. | | | | | | | 7,486 | | | | 316,733 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 463,905 | |
| | | | | | | | | | | | |
| Health Care Equipment & Supplies—1.8% | |
Baxter International, Inc. | | | | | | | 19,653 | | | | 1,044,557 | |
Becton Dickinson and Co. | | | | | | | 7,322 | | | | 547,320 | |
Boston Scientific Corp. | | | | * | | | 52,253 | | | | 296,275 | |
C.R. Bard, Inc. | | | | | | | 2,796 | | | | 300,402 | |
CareFusion Corp. | | | | * | | | 8,238 | | | | 211,552 | |
Covidien plc (Ireland) | | | | | | | 16,965 | | | | 907,628 | |
DENTSPLY International, Inc. | | | | † | | | 5,225 | | | | 197,557 | |
Edwards Lifesciences Corp. | | | | * | | | 4,131 | | | | 426,732 | |
Intuitive Surgical, Inc. | | | | * | | | 1,380 | | | | 764,230 | |
Medtronic, Inc. | | | | | | | 36,460 | | | | 1,412,096 | |
St. Jude Medical, Inc. | | | | | | | 11,430 | | | | 456,171 | |
Stryker Corp. | | | | | | | 11,023 | | | | 607,367 | |
Varian Medical Systems, Inc. | | | | * | | | 3,908 | | | | 237,489 | |
Zimmer Holdings, Inc. | | | | | | | 6,212 | | | | 399,804 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,809,180 | |
| | | | | | | | | | | | |
| Health Care Providers & Services—2.0% | |
Aetna, Inc. | | | | | | | 11,917 | | | | 462,022 | |
AmerisourceBergen Corp. | | | | | | | 8,861 | | | | 348,680 | |
Cardinal Health, Inc. | | | | | | | 12,181 | | | | 511,602 | |
Cigna Corp. | | | | | | | 9,848 | | | | 433,312 | |
Coventry Health Care, Inc. | | | | | | | 5,273 | | | | 167,629 | |
DaVita, Inc. | | | | * | | | 3,186 | | | | 312,897 | |
Express Scripts Holding Co. | | | | * | | | 27,992 | | | | 1,562,793 | |
Humana, Inc. | | | | | | | 5,787 | | | | 448,145 | |
Laboratory Corp. of America Holdings | | *† | | | 3,235 | | | | 299,593 | |
McKesson Corp. | | | | | | | 8,275 | | | | 775,781 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
Patterson Cos., Inc. | | | | | | | 2,852 | | | $ | 98,309 | |
Quest Diagnostics, Inc. | | | | | | | 5,486 | | | | 328,612 | |
Tenet Healthcare Corp. | | | | * | | | 14,819 | | | | 77,652 | |
UnitedHealth Group, Inc. | | | | | | | 36,574 | | | | 2,139,579 | |
WellPoint, Inc. | | | | | | | 11,825 | | | | 754,317 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,720,923 | |
| | | | | | | | | | | | |
| Health Care Technology—0.1% | |
Cerner Corp. | | | | * | | | 5,042 | | | | 416,772 | |
| | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—1.9% | |
Carnival Corp. | | | | | | | 16,099 | | | | 551,713 | |
Chipotle Mexican Grill, Inc. | | | | * | | | 1,080 | | | | 410,346 | |
Darden Restaurants, Inc. | | | | | | | 4,663 | | | | 236,088 | |
International Game Technology | | | | | | | 11,074 | | | | 174,415 | |
Marriott International, Inc., Class A | | † | | | 9,303 | | | | 364,678 | |
McDonald's Corp. | | | | | | | 35,615 | | | | 3,152,996 | |
Starbucks Corp. | | | | | | | 26,393 | | | | 1,407,275 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | | | 6,631 | | | | 351,708 | |
Wyndham Worldwide Corp. | | | | | | | 5,452 | | | | 287,538 | |
Wynn Resorts Ltd. | | | | | | | 2,846 | | | | 295,187 | |
Yum! Brands, Inc. | | | | | | | 16,143 | | | | 1,039,932 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,271,876 | |
| | | | | | | | | | | | |
| Household Durables—0.2% | | | | | |
D.R. Horton, Inc. | | | | † | | | 9,898 | | | | 181,925 | |
Harman International Industries, Inc. | | | | | 2,512 | | | | 99,475 | |
Leggett & Platt, Inc. | | | | † | | | 4,242 | | | | 89,634 | |
Lennar Corp., Class A | | | | † | | | 5,349 | | | | 165,338 | |
Newell Rubbermaid, Inc. | | | | | | | 9,337 | | | | 169,373 | |
PulteGroup, Inc. | | | | * | | | 11,419 | | | | 122,183 | |
Whirlpool Corp. | | | | | | | 2,518 | | | | 154,001 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 981,929 | |
| | | | | | | | | | | | |
| Household Products—2.1% | | | | | | | | | | | | |
Clorox Co. (The) | | | | | | | 4,678 | | | | 338,968 | |
Colgate-Palmolive Co. | | | | | | | 16,794 | | | | 1,748,255 | |
Kimberly-Clark Corp. | | | | † | | | 13,806 | | | | 1,156,529 | |
Procter & Gamble Co. (The) | | | | | | | 95,883 | | | | 5,872,834 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,116,586 | |
| | | | | | | | | | | | |
| Independent Power Producers & Energy Traders—0.1% | |
AES Corp. (The) | | | | * | | | 21,242 | | | | 272,535 | |
NRG Energy, Inc. | | | | * | | | 8,174 | | | | 141,900 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 414,435 | |
| | | | | | | | | | | | |
| Industrial Conglomerates—2.7% | | | | | |
3M Co. | | | | | | | 24,306 | | | | 2,177,818 | |
Danaher Corp. | | | | | | | 20,066 | | | | 1,045,037 | |
General Electric Co. | | | | | | | 369,717 | | | | 7,704,902 | |
Tyco International Ltd. (Switzerland) | | | | | 16,200 | | | | 856,170 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,783,927 | |
| | | | | | | | | | | | |
| Insurance—3.5% | | | | | | | | | | | | |
ACE Ltd. (Switzerland) | | | | | | | 11,800 | | | | 874,734 | |
Aflac, Inc. | | | | | | | 16,308 | | | | 694,558 | |
Allstate Corp. (The) | | | | | | | 16,951 | | | | 594,811 | |
American International Group, Inc. | | * | | | 22,472 | | | | 721,127 | |
Aon plc (United Kingdom) | | | | | | | 11,453 | | | | 535,771 | |
Assurant, Inc. | | | | | | | 3,058 | | | | 106,541 | |
See accompanying notes to financial statements.
182
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint 500 Stock Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Berkshire Hathaway, Inc., Class B | | * | | | 61,450 | | | $ | 5,120,629 | |
Chubb Corp. (The) | | | | | | | 9,531 | | | | 694,047 | |
Cincinnati Financial Corp. | | | | | | | 5,643 | | | | 214,829 | |
Genworth Financial, Inc., Class A | | * | | | 16,334 | | | | 92,450 | |
Hartford Financial Services Group, Inc. | | | | | 14,732 | | | | 259,725 | |
Lincoln National Corp. | | | | | | | 10,294 | | | | 225,130 | |
Loews Corp. | | | | | | | 10,441 | | | | 427,141 | |
Marsh & McLennan Cos., Inc. | | | | | | | 19,241 | | | | 620,137 | |
MetLife, Inc. | | | | | | | 37,162 | | | | 1,146,448 | |
Principal Financial Group, Inc. | | | | | | | 10,148 | | | | 266,182 | |
Progressive Corp. (The) | | | | † | | | 21,568 | | | | 449,261 | |
Prudential Financial, Inc. | | | | | | | 16,502 | | | | 799,192 | |
Torchmark Corp. | | | | | | | 3,646 | | | | 184,305 | |
Travelers Cos., Inc. (The) | | | | | | | 13,799 | | | | 880,928 | |
Unum Group | | | | | | | 10,175 | | | | 194,648 | |
XL Group plc (Ireland) | | | | | | | 10,640 | | | | 223,866 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,326,460 | |
| | | | | | | | | | | | |
| Internet & Catalog Retail—1.0% | |
Amazon.com, Inc. | | | | * | | | 12,620 | | | | 2,881,777 | |
Expedia, Inc. | | | | † | | | 3,270 | | | | 157,189 | |
Netflix, Inc. | | | | *† | | | 1,931 | | | | 132,216 | |
priceline.com, Inc. | | | | * | | | 1,745 | | | | 1,159,587 | |
TripAdvisor, Inc. | | | | * | | | 3,270 | | | | 146,136 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,476,905 | |
| | | | | | | | | | | | |
| Internet Software & Services—1.8% | | | | | |
Akamai Technologies, Inc. | | | | * | | | 5,766 | | | | 183,070 | |
eBay, Inc. | | | | * | | | 40,112 | | | | 1,685,105 | |
Google, Inc., Class A | | | | * | | | 8,892 | | | | 5,157,982 | |
VeriSign, Inc. | | | | * | | | 5,701 | | | | 248,393 | |
Yahoo! Inc. | | | | * | | | 42,972 | | | | 680,247 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,954,797 | |
| | | | | | | | | | | | |
| IT Services—3.8% | | | | | | | | | | | | |
Accenture plc, Class A (Ireland) | | | | | | | 22,678 | | | | 1,362,721 | |
Automatic Data Processing, Inc. | | | | | | | 17,219 | | | | 958,410 | |
Cognizant Technology Solutions Corp., Class A | | * | | | 10,754 | | | | 645,240 | |
Computer Sciences Corp. | | | | | | | 5,168 | | | | 128,270 | |
Fidelity National Information Services, Inc. | | | | | 8,254 | | | | 281,296 | |
Fiserv, Inc. | | | | * | | | 4,834 | | | | 349,112 | |
International Business Machines Corp. | | | | | 40,359 | | | | 7,893,413 | |
Mastercard, Inc., Class A | | | | | | | 3,722 | | | | 1,600,869 | |
Paychex, Inc. | | | | | | | 11,185 | | | | 351,321 | |
SAIC, Inc. | | | | | | | 9,268 | | | | 112,328 | |
Teradata Corp. | | | | * | | | 5,791 | | | | 417,010 | |
Total System Services, Inc. | | | | | | | 5,490 | | | | 131,376 | |
Visa, Inc., Class A | | | | | | | 17,410 | | | | 2,152,398 | |
Western Union Co. (The) | | | | | | | 22,176 | | | | 373,444 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,757,208 | |
| | | | | | | | | | | | |
| Leisure Equipment & Products—0.1% | | | | | |
Hasbro, Inc. | | | | † | | | 4,244 | | | | 143,744 | |
Mattel, Inc. | | | | | | | 12,113 | | | | 392,946 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 536,690 | |
| | | | | | | | | | | | |
| Life Sciences Tools & Services—0.4% | | | | | |
Agilent Technologies, Inc. | | | | | | | 12,254 | | | | 480,847 | |
Life Technologies Corp. | | | | * | | | 6,210 | | | | 279,388 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
PerkinElmer, Inc. | | | | | | | 4,019 | | | $ | 103,690 | |
Thermo Fisher Scientific, Inc. | | | | | | | 12,863 | | | | 667,718 | |
Waters Corp. | | | | * | | | 2,974 | | | | 236,344 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,767,987 | |
| | | | | | | | | | | | |
| Machinery—1.8% | | | | | | | | | | | | |
Caterpillar, Inc. | | | | | | | 22,659 | | | | 1,923,976 | |
Cummins, Inc. | | | | | | | 6,747 | | | | 653,852 | |
Deere & Co. | | | | | | | 14,090 | | | | 1,139,458 | |
Dover Corp. | | | | | | | 6,406 | | | | 343,426 | |
Eaton Corp. | | | | † | | | 11,791 | | | | 467,277 | |
Flowserve Corp. | | | | | | | 1,878 | | | | 215,500 | |
Illinois Tool Works, Inc. | | | | | | | 16,976 | | | | 897,861 | |
Ingersoll-Rand plc (Ireland) | | | | | | | 10,300 | | | | 434,454 | |
Joy Global, Inc. | | | | | | | 3,656 | | | | 207,405 | |
PACCAR, Inc. | | | | | | | 12,577 | | | | 492,893 | |
Pall Corp. | | | | | | | 3,958 | | | | 216,938 | |
Parker Hannifin Corp. | | | | | | | 5,376 | | | | 413,307 | |
Snap-on, Inc. | | | | | | | 1,846 | | | | 114,913 | |
Stanley Black & Decker, Inc. | | | | | | | 5,825 | | | | 374,897 | |
Xylem, Inc. | | | | | | | 5,979 | | | | 150,491 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,046,648 | |
| | | | | | | | | | | | |
| Media—3.3% | | | | | | | | | | | | |
Cablevision Systems Corp., Class A | | † | | | 7,437 | | | | 98,838 | |
CBS Corp., Class B | | | | | | | 22,808 | | | | 747,646 | |
Comcast Corp., Class A | | | | | | | 94,315 | | | | 3,015,251 | |
DIRECTV, Class A | | | | * | | | 22,990 | | | | 1,122,372 | |
Discovery Communications, Inc., Class A | | * | | | 9,025 | | | | 487,350 | |
Gannett Co., Inc. | | | | † | | | 9,041 | | | | 133,174 | |
Interpublic Group of Cos., Inc. (The) | | | | | 16,092 | | | | 174,598 | |
McGraw-Hill Cos., Inc. (The) | | | 10,038 | | | | 451,710 | |
News Corp., Class A | | | | | | | 74,322 | | | | 1,656,637 | |
Omnicom Group, Inc. | | | | | | | 9,317 | | | | 452,806 | |
Scripps Networks Interactive, Inc., Class A | | | | | 3,525 | | | | 200,432 | |
Time Warner Cable, Inc. | | | | | | | 11,027 | | | | 905,317 | |
Time Warner, Inc. | | | | | | | 33,989 | | | | 1,308,576 | |
Viacom, Inc., Class B | | | | | | | 18,754 | | | | 881,813 | |
Walt Disney Co. (The) | | | | | | | 62,694 | | | | 3,040,659 | |
Washington Post Co. (The), Class B | | | 160 | | | | 59,811 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,736,990 | |
| | | | | | | | | | | | |
| Metals & Mining—0.7% | | | | | | | | | | | | |
Alcoa, Inc. | | | | | | | 36,839 | | | | 322,341 | |
Allegheny Technologies, Inc. | | | 3,978 | | | | 126,859 | |
Cliffs Natural Resources, Inc. | | | 4,728 | | | | 233,043 | |
Freeport-McMoRan Copper & Gold, Inc. | | | | | 33,229 | | | | 1,132,112 | |
Newmont Mining Corp. | | | | | | | 17,389 | | | | 843,540 | |
Nucor Corp. | | | | † | | | 11,307 | | | | 428,535 | |
Titanium Metals Corp. | | | | † | | | 2,725 | | | | 30,820 | |
United States Steel Corp. | | | | † | | | 4,478 | | | | 92,247 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,209,497 | |
| | | | | | | | | | | | |
| Multiline Retail—0.8% | | | | | | | | | | | | |
Big Lots, Inc. | | | | *† | | | 2,176 | | | | 88,759 | |
Dollar Tree, Inc. | | | | * | | | 8,488 | | | | 456,654 | |
Family Dollar Stores, Inc. | | | 3,929 | | | | 261,200 | |
J.C. Penney Co., Inc. | | | | † | | | 4,844 | | | | 112,914 | |
Kohl's Corp. | | | | | | | 8,451 | | | | 384,436 | |
Macy's, Inc. | | | | | | | 14,108 | | | | 484,610 | |
See accompanying notes to financial statements.
183
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint 500 Stock Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Nordstrom, Inc. | | | | | | | 5,299 | | | $ | 263,307 | |
Sears Holdings Corp. | | | | *† | | | 1,559 | | | | 93,072 | |
Target Corp. | | | | | | | 23,535 | | | | 1,369,502 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,514,454 | |
| | | | | | | | | | | | |
| Multi-Utilities—1.3% | | | | | | | | | | | | |
Ameren Corp. | | | | | | | 8,026 | | | | 269,192 | |
CenterPoint Energy, Inc. | | | | | | | 14,854 | | | | 307,032 | |
CMS Energy Corp. | | | | | | | 8,680 | | | | 203,980 | |
Consolidated Edison, Inc. | | | 9,978 | | | | 620,532 | |
Dominion Resources, Inc. | | | 19,999 | | | | 1,079,946 | |
DTE Energy Co. | | | | | | | 6,094 | | | | 361,557 | |
Integrys Energy Group, Inc. | | | 2,588 | | | | 147,180 | |
NiSource, Inc. | | | | † | | | 9,791 | | | | 242,327 | |
PG&E Corp. | | | | | | | 14,594 | | | | 660,670 | |
Public Service Enterprise Group, Inc. | | | | | 17,247 | | | | 560,527 | |
SCANA Corp. | | | | | | | 3,814 | | | | 182,462 | |
Sempra Energy | | | | | | | 8,179 | | | | 563,370 | |
TECO Energy, Inc. | | | | | | | 7,055 | | | | 127,413 | |
Wisconsin Energy Corp. | | | | | | | 8,321 | | | | 329,262 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,655,450 | |
| | | | | | | | | | | | |
| Office Electronics—0.1% | | | | | | | | | | | | |
Xerox Corp. | | | | | | | 45,690 | | | | 359,580 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—8.9% | | | | | |
Alpha Natural Resources, Inc. | | * | | | 7,415 | | | | 64,585 | |
Anadarko Petroleum Corp. | | | | | 17,473 | | | | 1,156,713 | |
Apache Corp. | | | | | 13,474 | | | | 1,184,230 | |
Cabot Oil & Gas Corp. | | | | | 7,263 | | | | 286,162 | |
Chesapeake Energy Corp. | | † | | | 22,470 | | | | 417,942 | |
Chevron Corp. | | | | | 69,077 | | | | 7,287,623 | |
ConocoPhillips | | | | | 44,285 | | | | 2,474,646 | |
CONSOL Energy, Inc. | | † | | | 7,547 | | | | 228,221 | |
Denbury Resources, Inc. | | * | | | 13,879 | | | | 209,712 | |
Devon Energy Corp. | | | | | 14,184 | | | | 822,530 | |
EOG Resources, Inc. | | | | | 9,441 | | | | 850,728 | |
EQT Corp. | | | | | 5,423 | | | | 290,835 | |
Exxon Mobil Corp. | | | | | 163,667 | | | | 14,004,985 | |
Hess Corp. | | | | | 10,745 | | | | 466,870 | |
Kinder Morgan, Inc. | | | | | 17,629 | | | | 568,006 | |
Marathon Oil Corp. | | | | | 24,924 | | | | 637,307 | |
Marathon Petroleum Corp. | | | | | 12,159 | | | | 546,182 | |
Murphy Oil Corp. | | | | | 6,683 | | | | 336,088 | |
Newfield Exploration Co. | | * | | | 4,380 | | | | 128,378 | |
Noble Energy, Inc. | | | | | 6,275 | | | | 532,245 | |
Occidental Petroleum Corp. | | | | | 28,374 | | | | 2,433,638 | |
Peabody Energy Corp. | | | | | 9,844 | | | | 241,375 | |
Phillips 66 | | * | | | 21,948 | | | | 729,552 | |
Pioneer Natural Resources Co. | | | | | 4,179 | | | | 368,630 | |
QEP Resources, Inc. | | † | | | 5,856 | | | | 175,504 | |
Range Resources Corp. | | | | | 5,640 | | | | 348,947 | |
Southwestern Energy Co. | | * | | | 12,533 | | | | 400,179 | |
Spectra Energy Corp. | | | | | 22,892 | | | | 665,242 | |
Sunoco, Inc. | | | | | 3,836 | | | | 182,210 | |
Tesoro Corp. | | * | | | 4,285 | | | | 106,954 | |
Valero Energy Corp. | | | | | 18,867 | | | | 455,638 | |
Williams Cos., Inc. (The) | | | | | 21,778 | | | | 627,642 | |
WPX Energy, Inc. | | *† | | | 6,454 | | | | 104,426 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 39,333,925 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
| Paper & Forest Products—0.1% | | | | | |
International Paper Co. | | | | | 15,411 | | | $ | 445,532 | |
MeadWestvaco Corp. | | † | | | 5,994 | | | | 172,327 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 617,859 | |
| | | | | | | | | | | | |
| Personal Products—0.2% | | | | | |
Avon Products, Inc. | | | | | 15,040 | | | | 243,798 | |
Estee Lauder Cos., Inc. (The), Class A | | | | | 7,929 | | | | 429,118 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 672,916 | |
| | | | | | | | | | | | |
| Pharmaceuticals—6.0% | | | | | |
Abbott Laboratories | | | | | 54,979 | | | | 3,544,496 | |
Allergan, Inc. | | | | | 10,681 | | | | 988,740 | |
Bristol-Myers Squibb Co. | | | | | 59,086 | | | | 2,124,142 | |
Eli Lilly & Co. | | | | | 35,770 | | | | 1,534,891 | |
Forest Laboratories, Inc. | | * | | | 9,192 | | | | 321,628 | |
Hospira, Inc. | | * | | | 5,541 | | | | 193,824 | |
Johnson & Johnson | | † | | | 95,924 | | | | 6,480,625 | |
Merck & Co., Inc. | | | | | 106,412 | | | | 4,442,701 | |
Mylan, Inc. | | * | | | 15,379 | | | | 328,649 | |
Perrigo Co. | | † | | | 3,354 | | | | 395,537 | |
Pfizer, Inc. | | | | | 262,067 | | | | 6,027,541 | |
Watson Pharmaceuticals, Inc. | | * | | | 4,448 | | | | 329,108 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 26,711,882 | |
| | | | | | | | | | | | |
| Professional Services—0.1% | | | | | |
Dun & Bradstreet Corp. (The) | | | | | 1,587 | | | | 112,947 | |
Equifax, Inc. | | | | | 3,923 | | | | 182,812 | |
Robert Half International, Inc. | | | | | 5,314 | | | | 151,821 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 447,580 | |
| | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—2.1% | |
American Tower Corp. REIT | | | | | 13,819 | | | | 966,086 | |
Apartment Investment & Management Co., Class A REIT | | | | | 4,369 | | | | 118,094 | |
AvalonBay Communities, Inc. REIT | | | | | 3,281 | | | | 464,196 | |
Boston Properties, Inc. REIT | | | | | 5,262 | | | | 570,243 | |
Equity Residential REIT | | | | | 10,627 | | | | 662,700 | |
HCP, Inc. REIT | | | | | 14,520 | | | | 641,058 | |
Health Care REIT, Inc. REIT | | † | | | 7,185 | | | | 418,885 | |
Host Hotels & Resorts, Inc. REIT | | | | | 24,442 | | | | 386,672 | |
Kimco Realty Corp. REIT | | | | | 14,713 | | | | 279,988 | |
Plum Creek Timber Co., Inc. REIT | | † | | | 5,901 | | | | 234,270 | |
Prologis, Inc. REIT | | | | | 15,625 | | | | 519,219 | |
Public Storage REIT | | | | | 4,964 | | | | 716,851 | |
Simon Property Group, Inc. REIT | | | | | 10,724 | | | | 1,669,298 | |
Ventas, Inc. REIT | | | | | 10,242 | | | | 646,475 | |
Vornado Realty Trust REIT | | | | | 6,292 | | | | 528,402 | |
Weyerhaeuser Co. REIT | | | | | 19,182 | | | | 428,910 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,251,347 | |
| | | | | | | | | | | | |
| Real Estate Management & Development—0.0% | |
CBRE Group, Inc. | | * | | | 12,038 | | | | 196,942 | |
| | | | | | | | | | | | |
| Road & Rail—0.8% | | | | | |
CSX Corp. | | | | | 36,959 | | | | 826,403 | |
Norfolk Southern Corp. | | | | | 11,425 | | | | 819,972 | |
Ryder System, Inc. | | | | | 1,762 | | | | 63,450 | |
Union Pacific Corp. | | | | | 16,805 | | | | 2,005,005 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,714,830 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—2.2% | |
Advanced Micro Devices, Inc. | | * | | | 20,715 | | | | 118,697 | |
Altera Corp. | | | | | 11,530 | | | | 390,175 | |
See accompanying notes to financial statements.
184
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint 500 Stock Index Fund | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Analog Devices, Inc. | | | | | 10,642 | | | $ | 400,884 | |
Applied Materials, Inc. | | | | | 45,508 | | | | 521,522 | |
Broadcom Corp., Class A | | * | | | 17,391 | | | | 587,816 | |
First Solar, Inc. | | *† | | | 1,746 | | | | 26,295 | |
Intel Corp. | | | | | 175,836 | | | | 4,686,029 | |
KLA-Tencor Corp. | | | | | 5,820 | | | | 286,635 | |
Lam Research Corp. | | * | | | 6,957 | | | | 262,557 | |
Linear Technology Corp. | | | | | 7,535 | | | | 236,071 | |
LSI Corp. | | * | | | 19,354 | | | | 123,285 | |
Microchip Technology, Inc. | | † | | | 6,653 | | | | 220,081 | |
Micron Technology, Inc. | | * | | | 32,473 | | | | 204,905 | |
NVIDIA Corp. | | | | * | | | 21,218 | | | | 293,233 | |
Teradyne, Inc. | | | | *† | | | 6,358 | | | | 89,393 | |
Texas Instruments, Inc. | | | | | | | 40,135 | | | | 1,151,473 | |
Xilinx, Inc. | | | | | | | 9,115 | | | | 305,991 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,905,042 | |
| | | | | | | | | | | | |
| Software—3.7% | | | | | |
Adobe Systems, Inc. | | | | * | | | 17,281 | | | | 559,386 | |
Autodesk, Inc. | | | | * | | | 8,155 | | | | 285,343 | |
BMC Software, Inc. | | | | * | | | 5,758 | | | | 245,751 | |
CA, Inc. | | | | | | | 12,683 | | | | 343,582 | |
Citrix Systems, Inc. | | | | * | | | 6,364 | | | | 534,194 | |
Electronic Arts, Inc. | | | | * | | | 10,885 | | | | 134,430 | |
Intuit, Inc. | | | | | | | 10,457 | | | | 620,623 | |
Microsoft Corp. | | | | | | | 261,457 | | | | 7,997,970 | |
Oracle Corp. | | | | | | | 135,865 | | | | 4,035,191 | |
Red Hat, Inc. | | | | * | | | 6,899 | | | | 389,656 | |
Salesforce.com, Inc. | | | | *† | | | 4,807 | | | | 664,616 | |
Symantec Corp. | | | | * | | | 24,479 | | | | 357,638 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,168,380 | |
| | | | | | | | | | | | |
| Specialty Retail—2.0% | | | | | |
Abercrombie & Fitch Co., Class A | | | | | 2,804 | | | | 95,729 | |
AutoNation, Inc. | | | | *† | | | 1,994 | | | | 70,348 | |
AutoZone, Inc. | | | | * | | | 940 | | | | 345,140 | |
Bed Bath & Beyond, Inc. | | * | | | 8,337 | | | | 515,227 | |
Best Buy Co., Inc. | | | | † | | | 9,936 | | | | 208,258 | |
CarMax, Inc. | | | | * | | | 7,931 | | | | 205,730 | |
GameStop Corp., Class A | | † | | | 4,873 | | | | 89,468 | |
Gap, Inc. (The) | | | | | | | 11,424 | | | | 312,561 | |
Home Depot, Inc. (The) | | | | | 53,921 | | | | 2,857,274 | |
Limited Brands, Inc. | | | | | | | 8,319 | | | | 353,807 | |
Lowe's Cos., Inc. | | | | | | | 41,392 | | | | 1,177,188 | |
O'Reilly Automotive, Inc. | | * | | | 4,492 | | | | 376,295 | |
Ross Stores, Inc. | | | | | | | 7,978 | | | | 498,386 | |
Staples, Inc. | | | | | | | 24,219 | | | | 316,058 | |
Tiffany & Co. | | | | | | | 4,254 | | | | 225,249 | |
TJX Cos., Inc. | | | | | | | 26,453 | | | | 1,135,627 | |
Urban Outfitters, Inc. | | | | * | | | 4,083 | | | | 112,650 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,894,995 | |
| | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—0.6% | |
Coach, Inc. | | | | | | | 9,921 | | | | 580,180 | |
Fossil, Inc. | | | | * | | | 1,758 | | | | 134,557 | |
NIKE, Inc., Class B | | | | | | | 12,862 | | | | 1,129,026 | |
Ralph Lauren Corp. | | | | | | | 2,311 | | | | 323,679 | |
V.F. Corp. | | | | | | | 2,955 | | | | 394,345 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,561,787 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | | Shares | | | | Value | |
| Thrifts & Mortgage Finance—0.1% | | | | | |
Hudson City Bancorp, Inc. | | | 19,920 | | | $ | 126,891 | |
People's United Financial, Inc. | | | 12,543 | | | | 145,624 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 272,515 | |
| | | | | | | | | | | | | | |
| Tobacco—2.0% | |
Altria Group, Inc. | | | | | | 71,578 | | | | 2,473,020 | |
Lorillard, Inc. | | | | | | 4,679 | | | | 617,394 | |
Philip Morris International, Inc. | | | 59,708 | | | | 5,210,120 | |
Reynolds American, Inc. | | | | | | 11,537 | | | | 517,665 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 8,818,199 | |
| | | | | | | | | | | | | | |
| Trading Companies & Distributors—0.2% | |
Fastenal Co. | | | † | | | 10,064 | | | | 405,680 | |
W.W. Grainger, Inc. | | | | | | 2,074 | | | | 396,632 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 802,312 | |
| | | | | | | | | | | | | | |
| Wireless Telecommunication Services—0.2% | |
Crown Castle International Corp. | | | * | | | 8,904 | | | | 522,309 | |
| | | | | | | | | | | | | | |
MetroPCS Communications, Inc. | | | * | | | 8,843 | | | | 53,500 | |
Sprint Nextel Corp. | | | * | | | 104,276 | | | | 339,940 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 915,749 | |
| | | | | | | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | |
(Cost $287,419,829) | | | | | | | 430,628,675 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
Coupon Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| U.S. TREASURY OBLIGATIONS—0.1% | | | | | |
| U.S. Treasury Bills—0.1% | | | | | |
U.S. Treasury Bill | | | | | | | | | | | |
0.085% | | | 09/20/2012 | | | ‡‡ | | | | | | | | |
(Cost $629,880) | | | | | $ | 630,000 | | | | 629,902 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | |
| | | | | | | Shares | | | | Value | |
| MONEY MARKET FUNDS—6.6% | |
| Institutional Money Market Funds—6.6% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | | ††¥ | | | 3,500,000 | | | | 3,500,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | | ¥ | | | 10,445,495 | | | | 10,445,495 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | | ††¥ | | | 1,623,632 | | | | 1,623,632 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17% | | | ††¥ | | | 3,500,000 | | | | 3,500,000 | |
See accompanying notes to financial statements.
185
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint 500 Stock Index Fund | | | | | | |
| | | | |
Coupon Rate | | Maturity
Date | | | | | Face | | | | Value | |
| MONEY MARKET FUNDS—(continued) | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | ††¥ | | | 3,000,000 | | | $ | 3,000,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 3,500,000 | | | | 3,500,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13% | | ††¥ | | | 3,500,000 | | | | 3,500,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | | | | | |
(Cost $29,069,127) | | | | | | | | | 29,069,127 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—104.2% | | | | | |
(Cost $317,118,836) | | | | | | | | | 460,327,704 | |
Other assets less liabilities—(4.2%) | | | | (18,627,845 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | $ | 441,699,859 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| REIT | | Real Estate Investment Trust |
| † | | Denotes all or a portion of the security on loan. |
| * | | Non-income producing. |
| ‡‡ | | Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
186
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Broad
Market Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—98.9% | |
| Aerospace & Defense—2.2% | | | | | |
AAR Corp. | | | | | 1,489 | | | $ | 20,072 | |
Alliant Techsystems, Inc. | | | | | 1,550 | | | | 78,384 | |
American Science & Engineering, Inc. | | | 435 | | | | 24,556 | |
BE Aerospace, Inc. | | * | | | 2,393 | | | | 104,478 | |
Boeing Co. (The) | | | | | 22,743 | | | | 1,689,805 | |
Ceradyne, Inc. | | | | | 1,867 | | | | 47,889 | |
Cubic Corp. | | | | | 476 | | | | 22,886 | |
Curtiss-Wright Corp. | | | | | 2,112 | | | | 65,578 | |
Esterline Technologies Corp. | | * | | | 1,049 | | | | 65,405 | |
Exelis, Inc. | | | | | 4,977 | | | | 49,073 | |
GenCorp, Inc. | | * | | | 1,629 | | | | 10,605 | |
General Dynamics Corp. | | | | | 12,337 | | | | 813,749 | |
Goodrich Corp. | | | | | 4,882 | | | | 619,526 | |
HEICO Corp., Class A | | | | | 1,713 | | | | 55,261 | |
Hexcel Corp. | | * | | | 4,757 | | | | 122,683 | |
Honeywell International, Inc. | | | | | 26,085 | | | | 1,456,586 | |
Huntington Ingalls Industries, Inc. | | * | | | 1,577 | | | | 63,458 | |
Kratos Defense & Security Solutions, Inc. | | * | | | 832 | | | | 4,859 | |
L-3 Communications Holdings, Inc. | | | 3,737 | | | | 276,575 | |
Lockheed Martin Corp. | | | | | 9,671 | | | | 842,151 | |
Moog, Inc., Class A | | * | | | 1,446 | | | | 59,792 | |
National Presto Industries, Inc. | | † | | | 535 | | | | 37,327 | |
Northrop Grumman Corp. | | | | | 7,805 | | | | 497,881 | |
Orbital Sciences Corp. | | * | | | 2,123 | | | | 27,429 | |
Precision Castparts Corp. | | | | | 5,136 | | | | 844,821 | |
Raytheon Co. | | | | | 10,521 | | | | 595,383 | |
Rockwell Collins, Inc. | | | | | 6,041 | | | | 298,123 | |
Spirit Aerosystems Holdings, Inc., Class A | | * | | | 2,103 | | | | 50,115 | |
Taser International, Inc. | | *† | | | 2,292 | | | | 12,010 | |
Teledyne Technologies, Inc. | | * | | | 1,228 | | | | 75,706 | |
Textron, Inc. | | | | | 8,214 | | | | 204,282 | |
TransDigm Group, Inc. | | * | | | 414 | | | | 55,600 | |
Triumph Group, Inc. | | | | | 1,644 | | | | 92,508 | |
United Technologies Corp. | | | | | 29,160 | | | | 2,202,455 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,487,011 | |
| | | | | | | | | | | | |
| Air Freight & Logistics—0.7% | | | | | |
Air T, Inc. | | | | | 1,352 | | | | 11,181 | |
Atlas Air Worldwide Holdings, Inc. | | * | | | 600 | | | | 26,106 | |
C.H. Robinson Worldwide, Inc. | | † | | | 6,357 | | | | 372,075 | |
Expeditors International of Washington, Inc. | | | | | 8,772 | | | | 339,915 | |
FedEx Corp. | | | | | 8,008 | | | | 733,613 | |
Forward Air Corp. | | | | | 1,431 | | | | 46,178 | |
Hub Group, Inc., Class A | | * | | | 2,400 | | | | 86,880 | |
Pacer International, Inc. | | * | | | 1,664 | | | | 9,019 | |
United Parcel Service, Inc., Class B | | | | | 26,935 | | | | 2,121,401 | |
UTi Worldwide, Inc. (Virgin Islands, British) | | | | | 2,208 | | | | 32,259 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,778,627 | |
| | | | | | | | | | | | |
| Airlines—0.2% | | | | | |
Alaska Air Group, Inc. | | * | | | 2,686 | | | | 96,427 | |
Delta Air Lines, Inc. | | * | | | 25,505 | | | | 279,280 | |
JetBlue Airways Corp. | | *† | | | 6,414 | | | | 33,994 | |
SkyWest, Inc. | | | | | 2,390 | | | | 15,607 | |
Southwest Airlines Co. | | | | | 18,586 | | | | 171,363 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
United Continental Holdings, Inc. | | *† | | | 12,259 | | | $ | 298,261 | |
US Airways Group, Inc. | | *† | | | 8,660 | | | | 115,438 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,010,370 | |
| | | | | | | | | | | | |
| Auto Components—0.3% | | | | | |
American Axle & Manufacturing Holdings, Inc. | | * | | | 2,113 | | | | 22,165 | |
Amerigon, Inc. | | * | | | 2,107 | | | | 24,209 | |
Autoliv, Inc. (Sweden) | | † | | | 915 | | | | 50,014 | |
BorgWarner, Inc. | | *† | | | 4,109 | | | | 269,509 | |
Cooper Tire & Rubber Co. | | | | | 3,066 | | | | 53,778 | |
Dana Holding Corp. | | † | | | 9,980 | | | | 127,844 | |
Fuel Systems Solutions, Inc. | | *† | | | 769 | | | | 12,835 | |
Gentex Corp. | | | | | 6,594 | | | | 137,617 | |
Goodyear Tire & Rubber Co. (The) | | * | | | 7,281 | | | | 85,989 | |
Johnson Controls, Inc. | | | | | 21,627 | | | | 599,284 | |
Lear Corp. | | | | | 2,719 | | | | 102,588 | |
Modine Manufacturing Co. | | * | | | 1,208 | | | | 8,371 | |
Quantum Fuel Systems Technologies Worldwide, Inc. | | *† | | | 141 | | | | 104 | |
Shiloh Industries, Inc. | | | | | 1,441 | | | | 16,571 | |
Strattec Security Corp. | | | | | 123 | | | | 2,588 | |
Superior Industries International, Inc. | | | 1,102 | | | | 18,040 | |
Tenneco, Inc. | | * | | | 1,600 | | | | 42,912 | |
TRW Automotive Holdings Corp. | | * | | | 3,548 | | | | 130,424 | |
WABCO Holdings, Inc. | | * | | | 2,354 | | | | 124,597 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,829,439 | |
| | | | | | | | | | | | |
| Automobiles—0.4% | | | | | |
Ford Motor Co. | | | | | 132,145 | | | | 1,267,270 | |
General Motors Co. | | *† | | | 26,868 | | | | 529,837 | |
Harley-Davidson, Inc. | | | | | 5,597 | | | | 255,951 | |
Thor Industries, Inc. | | | | | 1,221 | | | | 33,468 | |
Winnebago Industries, Inc. | | * | | | 1,432 | | | | 14,592 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,101,118 | |
| | | | | | | | | | | | |
| Beverages—2.4% | | | | | |
Beam, Inc. | | | | | 3,861 | | | | 241,274 | |
Brown-Forman Corp., Class B | | | | | 3,385 | | | | 327,837 | |
Central European Distribution Corp. (Poland) | | *† | | | 9,797 | | | | 28,020 | |
Coca-Cola Bottling Co. Consolidated | | † | | | 437 | | | | 28,090 | |
Coca-Cola Co. (The) | | | | | 78,428 | | | | 6,132,285 | |
Coca-Cola Enterprises, Inc. | | | | | 13,572 | | | | 380,559 | |
Constellation Brands, Inc., Class A | | * | | | 8,096 | | | | 219,078 | |
Dr. Pepper Snapple Group, Inc. | | † | | | 7,323 | | | | 320,381 | |
Molson Coors Brewing Co., Class B | | | | | 3,486 | | | | 145,053 | |
Monster Beverage Corp. | | * | | | 5,360 | | | | 381,632 | |
PepsiCo, Inc. | | | | | 59,809 | | | | 4,226,104 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,430,313 | |
| | | | | | | | | | | | |
| Biotechnology—1.7% | | | | | |
Aastrom Biosciences, Inc. | | *† | | | 411 | | | | 884 | |
Acorda Therapeutics, Inc. | | * | | | 674 | | | | 15,879 | |
Agenus, Inc. | | * | | | 284 | | | | 1,488 | |
Alexion Pharmaceuticals, Inc. | | * | | | 4,700 | | | | 466,710 | |
Alkermes plc (Ireland) | | * | | | 3,579 | | | | 60,736 | |
Allos Therapeutics, Inc. | | * | | | 3,978 | | | | 7,121 | |
See accompanying notes to financial statements.
187
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Broad
Market Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Alnylam Pharmaceuticals, Inc. | | *† | | | 2,390 | | | $ | 27,891 | |
AMAG Pharmaceuticals, Inc. | | * | | | 834 | | | | 12,844 | |
Amgen, Inc. | | | | | 29,207 | | | | 2,133,279 | |
Amylin Pharmaceuticals, Inc. | | * | | | 4,036 | | | | 113,936 | |
ARCA Biopharma, Inc. | | * | | | 57 | | | | 28 | |
Arena Pharmaceuticals, Inc. | | *† | | | 1,439 | | | | 14,361 | |
Ariad Pharmaceuticals, Inc. | | * | | | 5,175 | | | | 89,062 | |
Arqule, Inc. | | * | | | 864 | | | | 5,124 | |
Array BioPharma, Inc. | | * | | | 4,333 | | | | 15,035 | |
Astex Pharmaceuticals | | *† | | | 1,338 | | | | 2,796 | |
AVI BioPharma, Inc. | | * | | | 2,400 | | | | 1,502 | |
Biogen Idec, Inc. | | * | | | 6,544 | | | | 944,823 | |
BioMarin Pharmaceutical, Inc. | | * | | | 3,587 | | | | 141,973 | |
Celgene Corp. | | * | | | 19,373 | | | | 1,242,972 | |
Cell Therapeutics, Inc. | | *† | | | 15,172 | | | | 8,800 | |
Celldex Therapeutics, Inc. | | * | | | 429 | | | | 2,226 | |
Cepheid, Inc. | | *† | | | 4,930 | | | | 220,617 | |
Codexis, Inc. | | *† | | | 230 | | | | 860 | |
Cubist Pharmaceuticals, Inc. | | *† | | | 1,762 | | | | 66,797 | |
CytRx Corp. | | *† | | | 600 | | | | 2,748 | |
Dendreon Corp. | | *† | | | 4,737 | | | | 35,054 | |
Discovery Laboratories, Inc. | | * | | | 171 | | | | 397 | |
Emergent Biosolutions, Inc. | | * | | | 1,319 | | | | 19,983 | |
Entremed, Inc. | | * | | | 126 | | | | 232 | |
Enzon Pharmaceuticals, Inc. | | * | | | 1,765 | | | | 12,126 | |
Exact Sciences Corp. | | * | | | 1,250 | | | | 13,400 | |
Exelixis, Inc. | | *† | | | 2,695 | | | | 14,903 | |
Galena Biopharma, Inc. | | * | | | 209 | | | | 345 | |
Genomic Health, Inc. | | *† | | | 1,284 | | | | 42,886 | |
Geron Corp. | | * | | | 4,719 | | | | 8,117 | |
Gilead Sciences, Inc. | | * | | | 29,798 | | | | 1,528,041 | |
GTx, Inc. | | * | | | 200 | | | | 706 | |
Halozyme Therapeutics, Inc. | | *† | | | 6,362 | | | | 56,367 | |
Hemispherx Biopharma, Inc. | | *† | | | 920 | | | | 256 | |
Human Genome Sciences, Inc. | | * | | | 5,938 | | | | 77,966 | |
Immunogen, Inc. | | *† | | | 1,323 | | | | 22,200 | |
Immunomedics, Inc. | | *† | | | 2,141 | | | | 7,643 | |
Incyte Corp. Ltd. | | *† | | | 3,102 | | | | 70,415 | |
InterMune, Inc. | | * | | | 1,586 | | | | 18,953 | |
Isis Pharmaceuticals, Inc. | | *† | | | 2,216 | | | | 26,592 | |
Keryx Biopharmaceuticals, Inc. | | *† | | | 5,221 | | | | 9,398 | |
Lexicon Pharmaceuticals, Inc. | | *† | | | 2,343 | | | | 5,272 | |
Ligand Pharmaceuticals, Inc., Class B | | * | | | 815 | | | | 13,806 | |
MannKind Corp. | | *† | | | 4,492 | | | | 10,287 | |
Maxygen, Inc. | | * | | | 1,231 | | | | 7,337 | |
MediciNova, Inc. | | * | | | 91 | | | | 148 | |
Medivation, Inc. | | * | | | 1,731 | | | | 158,213 | |
Momenta Pharmaceuticals, Inc. | | * | | | 2,618 | | | | 35,395 | |
Myrexis, Inc. | | * | | | 1,031 | | | | 2,691 | |
Myriad Genetics, Inc. | | * | | | 4,124 | | | | 98,027 | |
Nabi Biopharmaceuticals | | * | | | 1,995 | | | | 3,152 | |
Neurocrine Biosciences, Inc. | | * | | | 1,479 | | | | 11,699 | |
Novavax, Inc. | | *† | | | 1,550 | | | | 2,418 | |
NPS Pharmaceuticals, Inc. | | * | | | 1,660 | | | | 14,293 | |
Onyx Pharmaceuticals, Inc. | | * | | | 1,361 | | | | 90,438 | |
Osiris Therapeutics, Inc. | | *† | | | 1,402 | | | | 15,380 | |
PDL BioPharma, Inc. | | † | | | 3,841 | | | | 25,466 | |
Peregrine Pharmaceuticals, Inc. | | * | | | 1,823 | | | | 985 | |
Progenics Pharmaceuticals, Inc. | | *† | | | 793 | | | | 7,756 | |
Regeneron Pharmaceuticals, Inc. | | * | | | 2,632 | | | | 300,627 | |
Rigel Pharmaceuticals, Inc. | | * | | | 1,882 | | | | 17,503 | |
Savient Pharmaceuticals, Inc. | | *† | | | 1,538 | | | | 831 | |
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| | | | | | | Shares | | | Value | |
SIGA Technologies, Inc. | | *† | | | 4,649 | | | $ | 13,343 | |
Synageva BioPharma Corp. | | * | | | 242 | | | | 9,816 | |
Telik, Inc. | | * | | | 58 | | | | 125 | |
Theravance, Inc. | | *† | | | 3,224 | | | | 71,637 | |
United Therapeutics Corp. | | *† | | | 1,828 | | | | 90,267 | |
Vanda Pharmaceuticals, Inc. | | * | | | 2,680 | | | | 11,792 | |
Vertex Pharmaceuticals, Inc. | | * | | | 5,197 | | | | 290,616 | |
XOMA Corp. | | *† | | | 331 | | | | 993 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,876,785 | |
| | | | | | | | | | | | |
| Building Products—0.1% | |
A.O. Smith Corp. | | | | | 2,012 | | | | 98,367 | |
American Woodmark Corp. | | * | | | 800 | | | | 13,680 | |
Apogee Enterprises, Inc. | | | | | 1,250 | | | | 20,088 | |
Fortune Brands Home & Security, Inc. | | * | | | 3,861 | | | | 85,984 | |
Gibraltar Industries, Inc. | | * | | | 1,188 | | | | 12,331 | |
Griffon Corp. | | | | | 1,288 | | | | 11,051 | |
Lennox International, Inc. | | | | | 2,437 | | | | 113,637 | |
Masco Corp. | | | | | 9,464 | | | | 131,266 | |
NCI Building Systems, Inc. | | * | | | 246 | | | | 2,664 | |
Owens Corning, Inc. | | * | | | 1,100 | | | | 31,394 | |
Quanex Building Products Corp. | | | | | 1,671 | | | | 29,877 | |
Simpson Manufacturing Co., Inc. | | | | | 2,084 | | | | 61,499 | |
Trex Co., Inc. | | * | | | 731 | | | | 21,996 | |
U.S. Home Systems, Inc. | | | | | 1,291 | | | | 13,104 | |
Universal Forest Products, Inc. | | | | | 1,121 | | | | 43,697 | |
USG Corp. | | * | | | 3,348 | | | | 63,779 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 754,414 | |
| | | | | | | | | | | | |
| Capital Markets—1.9% | | | | | | | | | | |
Affiliated Managers Group, Inc. | | * | | | 1,354 | | | | 148,195 | |
Ameriprise Financial, Inc. | | | | | 9,235 | | | | 482,621 | |
Arlington Asset Investment Corp., Class A | | | | | 304 | | | | 6,600 | |
Bank of New York Mellon Corp. (The) | | | | | 46,996 | | | | 1,031,562 | |
BGC Partners, Inc., Class A | | † | | | 7,270 | | | | 42,675 | |
BlackRock, Inc. | | | | | 4,558 | | | | 774,040 | |
Calamos Asset Management, Inc., Class A | | | | | 1,800 | | | | 20,610 | |
Charles Schwab Corp. (The) | | | | | 39,829 | | | | 514,989 | |
CIFC Corp. | | *† | | | 342 | | | | 2,521 | |
Cowen Group, Inc., Class A | | * | | | 2,582 | | | | 6,868 | |
Diamond Hill Investment Group, Inc. | | | 331 | | | | 25,914 | |
E*TRADE Financial Corp. | | * | | | 13,474 | | | | 108,331 | |
Eaton Vance Corp. | | † | | | 5,282 | | | | 142,350 | |
Federated Investors, Inc., Class B | | † | | | 3,745 | | | | 81,828 | |
Franklin Resources, Inc. | | | | | 6,281 | | | | 697,128 | |
GAMCO Investors, Inc., Class A | | | | | 558 | | | | 24,770 | |
GFI Group, Inc. | | | | | 2,520 | | | | 8,971 | |
Goldman Sachs Group, Inc. (The) | | | | | 17,270 | | | | 1,655,502 | |
Greenhill & Co., Inc. | | † | | | 495 | | | | 17,647 | |
Institutional Financial Markets, Inc. | | | | | 421 | | | | 358 | |
INTL FCStone, Inc. | | * | | | 507 | | | | 9,810 | |
Invesco Ltd. | | | | | 16,610 | | | | 375,386 | |
Investment Technology Group, Inc. | | * | | | 2,078 | | | | 19,118 | |
Janus Capital Group, Inc. | | | | | 6,411 | | | | 50,134 | |
Jefferies Group, Inc. | | | | | 4,678 | | | | 60,767 | |
KBW, Inc. | | † | | | 1,604 | | | | 26,386 | |
Knight Capital Group, Inc., Class A | | * | | | 4,630 | | | | 55,282 | |
Legg Mason, Inc. | | | | | 5,850 | | | | 154,264 | |
Medallion Financial Corp. | | | | | 958 | | | | 10,174 | |
Morgan Stanley | | | | | 60,840 | | | | 887,656 | |
See accompanying notes to financial statements.
188
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| COMMON STOCKS—(Continued) | |
Northern Trust Corp. | | | | | 8,495 | | | $ | 390,940 | |
Piper Jaffray Cos. | | * | | | 963 | | | | 22,563 | |
Raymond James Financial, Inc. | | | | | 3,472 | | | | 118,881 | |
Safeguard Scientifics, Inc. | | * | | | 678 | | | | 10,495 | |
SEI Investments Co. | | | | | 5,918 | | | | 117,709 | |
State Street Corp. | | | | | 19,892 | | | | 887,979 | |
Stifel Financial Corp. | | * | | | 2,381 | | | | 73,573 | |
SWS Group, Inc. | | * | | | 1,323 | | | | 7,052 | |
T. Rowe Price Group, Inc. | | | | | 10,248 | | | | 645,214 | |
TD Ameritrade Holding Corp. | | | | | 8,355 | | | | 142,035 | |
Virtus Investment Partners, Inc. | | * | | | 210 | | | | 17,010 | |
Waddell & Reed Financial, Inc., Class A | | | | | 3,971 | | | | 120,242 | |
Walter Investment Management Corp. | | | 602 | | | | 14,111 | |
Westwood Holdings Group, Inc. | | † | | | 1,027 | | | | 38,266 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,048,527 | |
| | | | | | | | | | | | |
| Chemicals—2.4% | |
A. Schulman, Inc. | | | | | 1,444 | | | | 28,663 | |
Air Products & Chemicals, Inc. | | | | | 6,756 | | | | 545,412 | |
Airgas, Inc. | | | | | 3,075 | | | | 258,331 | |
Albemarle Corp. | | | | | 3,712 | | | | 221,384 | |
Ashland, Inc. | | | | | 1,520 | | | | 105,351 | |
Cabot Corp. | | | | | 2,693 | | | | 109,605 | |
Calgon Carbon Corp. | | * | | | 3,184 | | | | 45,276 | |
Celanese Corp., Class A | | | | | 2,979 | | | | 103,133 | |
CF Industries Holdings, Inc. | | | | | 2,571 | | | | 498,106 | |
Cytec Industries, Inc. | | | | | 1,644 | | | | 96,404 | |
Dow Chemical Co. (The) | | † | | | 41,287 | | | | 1,300,541 | |
E.I. Du Pont de Nemours & Co. | | | | | 36,166 | | | | 1,828,915 | |
Eastman Chemical Co. | | | | | 4,366 | | | | 219,915 | |
Ecolab, Inc. | | | | | 10,311 | | | | 706,613 | |
Ferro Corp. | | * | | | 1,818 | | | | 8,726 | |
FMC Corp. | | | | | 6,672 | | | | 356,819 | |
Georgia Gulf Corp. | | | | | 50 | | | | 1,284 | |
H.B. Fuller Co. | | | | | 2,570 | | | | 78,899 | |
Huntsman Corp. | | | | | 5,470 | | | | 70,782 | |
International Flavors & Fragrances, Inc. | | | | | 3,885 | | | | 212,898 | |
Intrepid Potash, Inc. | | * | | | 1,172 | | | | 26,675 | |
Koppers Holdings, Inc. | | | | | 1,582 | | | | 53,788 | |
Kronos Worldwide, Inc. | | † | | | 2,262 | | | | 35,717 | |
Landec Corp. | | * | | | 986 | | | | 8,440 | |
LSB Industries, Inc. | | * | | | 1,411 | | | | 43,614 | |
Minerals Technologies, Inc. | | | | | 868 | | | | 55,361 | |
Monsanto Co. | | | | | 20,701 | | | | 1,713,629 | |
Mosaic Co. (The) | | | | | 6,742 | | | | 369,192 | |
NewMarket Corp. | | † | | | 378 | | | | 81,875 | |
Olin Corp. | | | | | 2,796 | | | | 58,408 | |
OM Group, Inc. | | * | | | 1,147 | | | | 21,793 | |
Omnova Solutions, Inc. | | * | | | 6,478 | | | | 48,844 | |
Penford Corp. | | * | | | 785 | | | | 7,026 | |
PolyOne Corp. | | | | | 2,862 | | | | 39,152 | |
PPG Industries, Inc. | | | | | 5,657 | | | | 600,321 | |
Praxair, Inc. | | | | | 10,790 | | | | 1,173,197 | |
Quaker Chemical Corp. | | | | | 483 | | | | 22,319 | |
RPM International, Inc. | | | | | 4,832 | | | | 131,430 | |
Scotts Miracle-Gro Co. (The), Class A | | | | | 1,662 | | | | 68,341 | |
Sensient Technologies Corp. | | | | | 2,027 | | | | 74,452 | |
Sherwin-Williams Co. (The) | | | | | 2,340 | | | | 309,699 | |
Sigma-Aldrich Corp. | | | | | 3,395 | | | | 250,992 | |
Spartech Corp. | | * | | | 1,451 | | | | 7,502 | |
| | | | | | | | | | | | |
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| | | | | | | | Shares | | | | Value | |
Stepan Co. | | | | | 556 | | | $ | 52,364 | |
Tredegar Corp. | | | | | 1,606 | | | | 23,383 | |
Valhi, Inc. | | | | | 1,533 | | | | 19,147 | |
Valspar Corp. | | | | | 2,240 | | | | 117,578 | |
W.R. Grace & Co. | | * | | | 4,200 | | | | 211,890 | |
Zep, Inc. | | | | | 936 | | | | 12,851 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,436,037 | |
| | | | | | | | | | | | |
| Commercial Banks—3.2% | |
1st Source Corp. | | | | | 1,180 | | | | 26,668 | |
Associated Banc-Corp | | | | | 5,110 | | | | 67,401 | |
BancFirst Corp. | | | | | 642 | | | | 26,906 | |
BancorpSouth, Inc. | | † | | | 3,611 | | | | 52,432 | |
BancTrust Financial Group, Inc. | | * | | | 1,600 | | | | 4,784 | |
Bank of Hawaii Corp. | | | | | 1,898 | | | | 87,213 | |
BB&T Corp. | | | | | 24,485 | | | | 755,362 | |
BOK Financial Corp. | | | | | 1,765 | | | | 102,723 | |
Boston Private Financial Holdings, Inc. | | † | | | 1,297 | | | | 11,582 | |
Bryn Mawr Bank Corp. | | | | | 1,058 | | | | 22,292 | |
Capital Bank Corp. | | *† | | | 1,779 | | | | 4,056 | |
Capital City Bank Group, Inc. | | | | | 1,113 | | | | 8,203 | |
CapitalSource, Inc. | | | | | 19,650 | | | | 132,048 | |
Cardinal Financial Corp. | | | | | 1,142 | | | | 14,024 | |
Cascade Bancorp | | *† | | | 219 | | | | 1,299 | |
Cathay General Bancorp | | | | | 2,082 | | | | 34,374 | |
Catskill Litigation Trust | | *‡d | | | 582 | | | | — | |
Central Pacific Financial Corp. | | * | | | 103 | | | | 1,454 | |
Chemical Financial Corp. | | | | | 1,552 | | | | 33,368 | |
CIT Group, Inc. | | * | | | 6,132 | | | | 218,544 | |
Citizens Republic Bancorp, Inc. | | * | | | 6,759 | | | | 115,782 | |
City Holding Co. | | † | | | 250 | | | | 8,422 | |
City National Corp./California | | | | | 1,548 | | | | 75,202 | |
CoBiz Financial, Inc. | | | | | 1,063 | | | | 6,654 | |
Comerica, Inc. | | | | | 8,301 | | | | 254,924 | |
Commerce Bancshares, Inc./Missouri | | | | | 2,723 | | | | 103,202 | |
Community Bank System, Inc. | | † | | | 1,402 | | | | 38,022 | |
Community Trust Bancorp, Inc. | | † | | | 665 | | | | 22,271 | |
Cullen/Frost Bankers, Inc. | | | | | 2,502 | | | | 143,840 | |
CVB Financial Corp. | | † | | | 4,084 | | | | 47,579 | |
East West Bancorp, Inc. | | | | | 7,969 | | | | 186,953 | |
Eastern Virginia Bankshares, Inc. | | * | | | 6,402 | | | | 23,943 | |
Fidelity Southern Corp. | | | | | 1,503 | | | | 12,986 | |
Fifth Third Bancorp | | | | | 34,539 | | | | 462,823 | |
Financial Institutions, Inc. | | | | | 749 | | | | 12,643 | |
First BanCorp. (Puerto Rico) | | * | | | 322 | | | | 1,275 | |
First Bancorp/North Carolina | | | | | 643 | | | | 5,716 | |
First Busey Corp. | | † | | | 2,407 | | | | 11,626 | |
First Citizens BancShares, Inc./North Carolina, Class A | | | | | 254 | | | | 42,329 | |
First Commonwealth Financial Corp. | | | | | 2,619 | | | | 17,626 | |
First Financial Bancorp | | | | | 1,895 | | | | 30,282 | |
First Financial Bankshares, Inc. | | † | | | 500 | | | | 17,280 | |
First Horizon National Corp. | | | | | 8,735 | | | | 75,558 | |
First Merchants Corp. | | | | | 874 | | | | 10,890 | |
First Midwest Bancorp, Inc./Illinois | | | | | 2,002 | | | | 21,982 | |
First Niagara Financial Group, Inc. | | | 10,034 | | | | 76,760 | |
First of Long Island Corp. (The) | | | | | 986 | | | | 28,564 | |
FirstMerit Corp. | | | | | 3,950 | | | | 65,254 | |
FNB Corp./Pennsylvania | | † | | | 4,685 | | | | 50,926 | |
Fulton Financial Corp. | | † | | | 6,533 | | | | 65,265 | |
See accompanying notes to financial statements.
189
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| COMMON STOCKS—(Continued) | |
Glacier Bancorp, Inc. | | | | | 1,771 | | | $ | 27,433 | |
Guaranty Bancorp | | * | | | 5,300 | | | | 11,183 | |
Hancock Holding Co. | | | | | 2,032 | | | | 61,854 | |
Hanmi Financial Corp. | | * | | | 900 | | | | 9,432 | |
Heritage Financial Corp./Washington | | | | | 332 | | | | 4,864 | |
Home Bancshares, Inc./Arkansas | | | | | 1,170 | | | | 35,779 | |
Huntington Bancshares, Inc./Ohio | | | | | 26,837 | | | | 171,757 | |
IBERIABANK Corp. | | † | | | 966 | | | | 48,735 | |
Independent Bank Corp./Massachusetts | | † | | | 874 | | | | 25,530 | |
Independent Bank Corp./Michigan | | *† | | | 208 | | | | 522 | |
International Bancshares Corp. | | | | | 3,248 | | | | 63,401 | |
KeyCorp | | | | | 27,431 | | | | 212,316 | |
M&T Bank Corp. | | | | | 3,469 | | | | 286,435 | |
MB Financial, Inc. | | | | | 931 | | | | 20,054 | |
Merchants Bancshares, Inc. | | | | | 571 | | | | 15,731 | |
MidSouth Bancorp, Inc. | | | | | 522 | | | | 7,350 | |
MidWestOne Financial Group, Inc. | | | 552 | | | | 11,868 | |
National Penn Bancshares, Inc. | | | | | 2,758 | | | | 26,394 | |
NBT Bancorp, Inc. | | | | | 1,000 | | | | 21,590 | |
Old National Bancorp/Indiana | | | | | 3,552 | | | | 42,659 | |
Pacific Capital Bancorp NA | | * | | | 281 | | | | 12,850 | |
Pacific Premier Bancorp, Inc. | | * | | | 976 | | | | 8,198 | |
PacWest Bancorp | | | | | 894 | | | | 21,161 | |
Park National Corp. | | † | | | 728 | | | | 50,778 | |
Peoples Bancorp, Inc./Ohio | | † | | | 814 | | | | 17,892 | |
Peoples Financial Corp./Mississippi | | | | | 883 | | | | 8,609 | |
Pinnacle Financial Partners, Inc. | | * | | | 1,818 | | | | 35,469 | |
PNC Financial Services Group, Inc. | | | 20,071 | | | | 1,226,539 | |
Popular, Inc. (Puerto Rico) | | * | | | 5,380 | | | | 89,362 | |
PrivateBancorp, Inc. | | | | | 1,200 | | | | 17,712 | |
Prosperity Bancshares, Inc. | | † | | | 2,300 | | | | 96,669 | |
Regions Financial Corp. | | | | | 41,501 | | | | 280,132 | |
Republic Bancorp, Inc./Kentucky, Class A | | | | | 1,603 | | | | 35,667 | |
Royal Bancshares of Pennsylvania, Inc., Class A | | * | | | 882 | | | | 1,596 | |
S&T Bancorp, Inc. | | | | | 955 | | | | 17,639 | |
Sandy Spring Bancorp, Inc. | | | | | 344 | | | | 6,192 | |
Shore Bancshares, Inc. | | | | | 826 | | | | 4,906 | |
Signature Bank/New York | | * | | | 1,900 | | | | 115,843 | |
Simmons First National Corp., Class A | | † | | | 911 | | | | 21,181 | |
Sterling Bancorp/New York | | † | | | 1,476 | | | | 14,730 | |
Sterling Financial Corp./Washington | | * | | | 38 | | | | 718 | |
Suffolk Bancorp | | * | | | 1,100 | | | | 14,267 | |
SunTrust Banks, Inc. | | | | | 19,144 | | | | 463,859 | |
Susquehanna Bancshares, Inc. | | | | | 2,932 | | | | 30,200 | |
SVB Financial Group | | * | | | 1,437 | | | | 84,381 | |
Synovus Financial Corp. | | † | | | 41,667 | | | | 82,501 | |
TCF Financial Corp. | | | | | 6,104 | | | | 70,074 | |
Texas Capital Bancshares, Inc. | | * | | | 2,821 | | | | 113,940 | |
Tompkins Financial Corp. | | | | | 730 | | | | 27,506 | |
TowneBank/Virginia | | † | | | 1,448 | | | | 20,272 | |
Trustmark Corp. | | | | | 2,435 | | | | 59,609 | |
U.S. Bancorp | | | | | 73,433 | | | | 2,361,605 | |
UMB Financial Corp. | | † | | | 1,211 | | | | 62,040 | |
Umpqua Holdings Corp. | | | | | 1,151 | | | | 15,147 | |
United Bankshares, Inc. | | † | | | 2,134 | | | | 55,228 | |
United Community Banks, Inc./Georgia | | *† | | | 454 | | | | 3,891 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Valley National Bancorp | | † | | | 6,899 | | | $ | 73,129 | |
Washington Trust Bancorp, Inc. | | | | | 500 | | | | 12,190 | |
Webster Financial Corp. | | | | | 2,393 | | | | 51,832 | |
Wells Fargo & Co. | | | | | 188,400 | | | | 6,300,096 | |
WesBanco, Inc. | | | | | 1,699 | | | | 36,121 | |
Westamerica Bancorporation | | † | | | 1,628 | | | | 76,825 | |
Western Alliance Bancorp | | * | | | 1,400 | | | | 13,104 | |
Wintrust Financial Corp. | | | | | 1,017 | | | | 36,103 | |
Zions Bancorporation | | | | | 5,053 | | | | 98,129 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,992,091 | |
| | | | | | | | | | | | |
| Commercial Services & Supplies—0.6% | |
ABM Industries, Inc. | | | | | 2,291 | | | | 44,812 | |
ACCO Brands Corp. | | * | | | 2,302 | | | | 23,803 | |
Avery Dennison Corp. | | | | | 3,924 | | | | 107,282 | |
Brink’s Co. (The) | | | | | 2,084 | | | | 48,307 | |
Cenveo, Inc. | | *† | | | 4,741 | | | | 9,150 | |
Cintas Corp. | | | | | 2,017 | | | | 77,876 | |
Clean Harbors, Inc. | | * | | | 2,414 | | | | 136,198 | |
Consolidated Graphics, Inc. | | * | | | 776 | | | | 22,543 | |
Copart, Inc. | | * | | | 7,164 | | | | 169,715 | |
Corrections Corp. of America | | | | | 5,700 | | | | 167,865 | |
Courier Corp. | | | | | 424 | | | | 5,618 | |
Covanta Holding Corp. | | | | | 4,185 | | | | 71,773 | |
Deluxe Corp. | | † | | | 2,098 | | | | 52,324 | |
EnergySolutions, Inc. | | * | | | 4,049 | | | | 6,843 | |
Ennis, Inc. | | | | | 695 | | | | 10,689 | |
G&K Services, Inc., Class A | | | | | 1,008 | | | | 31,440 | |
Geo Group, Inc. (The) | | * | | | 2,456 | | | | 55,800 | |
Healthcare Services Group, Inc. | | | | | 5,603 | | | | 108,586 | |
Herman Miller, Inc. | | | | | 3,155 | | | | 58,431 | |
HNI Corp. | | | | | 2,512 | | | | 64,684 | |
Interface, Inc. | | | | | 3,357 | | | | 45,756 | |
Iron Mountain, Inc. | | | | | 7,146 | | | | 235,532 | |
Kimball International, Inc., Class B | | † | | | 1,500 | | | | 11,550 | |
Knoll, Inc. | | | | | 2,701 | | | | 36,247 | |
McGrath RentCorp | | | | | 916 | | | | 24,274 | |
Mine Safety Appliances Co. | | | | | 1,444 | | | | 58,107 | |
Mobile Mini, Inc. | | * | | | 2,000 | | | | 28,800 | |
NL Industries, Inc. | | † | | | 2,111 | | | | 26,324 | |
Perma-Fix Environmental Services, Inc. | | * | | | 5,502 | | | | 6,437 | |
Pitney Bowes, Inc. | | † | | | 1,828 | | | | 27,365 | |
Portfolio Recovery Associates, Inc. | | * | | | 504 | | | | 45,995 | |
R.R. Donnelley & Sons Co. | | † | | | 8,887 | | | | 104,600 | |
Republic Services, Inc. | | | | | 14,202 | | | | 375,785 | |
Rollins, Inc. | | | | | 1,486 | | | | 33,242 | |
Standard Register Co. (The) | | † | | | 1,650 | | | | 990 | |
Steelcase, Inc., Class A | | | | | 1,992 | | | | 17,988 | |
Stericycle, Inc. | | * | | | 3,138 | | | | 287,661 | |
Sykes Enterprises, Inc. | | * | | | 1,423 | | | | 22,711 | |
Tetra Tech, Inc. | | * | | | 2,114 | | | | 55,133 | |
TRC Cos., Inc. | | * | | | 327 | | | | 1,988 | |
United Stationers, Inc. | | | | | 2,556 | | | | 68,884 | |
Viad Corp. | | | | | 937 | | | | 18,740 | |
Virco Manufacturing Corp. | | * | | | 799 | | | | 1,294 | |
Waste Connections, Inc. | | | | | 3,543 | | | | 106,007 | |
Waste Management, Inc. | | | | | 9,462 | | | | 316,031 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,231,180 | |
| | | | | | | | | | | | |
| Communications Equipment—1.8% | |
ADTRAN, Inc. | | | | | 3,197 | | | | 96,517 | |
See accompanying notes to financial statements.
190
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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Market Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | | | | | |
Alliance Fiber Optic Products, Inc. | | * | | | 963 | | | $ | 8,609 | |
Anaren, Inc. | | * | | | 813 | | | | 15,935 | |
Arris Group, Inc. | | * | | | 3,613 | | | | 50,257 | |
Aruba Networks, Inc. | | * | | | 2,125 | | | | 31,981 | |
Aviat Networks, Inc. | | * | | | 2,182 | | | | 6,110 | |
Black Box Corp. | | | | | 865 | | | | 24,826 | |
Blonder Tongue Laboratories, Inc. | | * | | | 2,285 | | | | 2,742 | |
Brocade Communications Systems, Inc. | | * | | | 14,008 | | | | 69,059 | |
CalAmp Corp. | | * | | | 550 | | | | 4,031 | |
Ciena Corp. | | *† | | | 5,950 | | | | 97,402 | |
Cisco Systems, Inc. | | | | | 206,501 | | | | 3,545,622 | |
Comtech Telecommunications Corp. | | † | | | 1,350 | | | | 38,583 | |
Digi International, Inc. | | *† | | | 1,976 | | | | 20,234 | |
Ditech Networks, Inc. | | * | | | 1,360 | | | | 1,170 | |
EchoStar Corp., Class A | | * | | | 1,877 | | | | 49,590 | |
Emcore Corp. | | * | | | 306 | | | | 1,353 | |
Emulex Corp. | | * | | | 3,408 | | | | 24,538 | |
Extreme Networks, Inc. | | *† | | | 4,491 | | | | 15,449 | |
F5 Networks, Inc. | | * | | | 2,664 | | | | 265,228 | |
Finisar Corp. | | *† | | | 856 | | | | 12,806 | |
Harmonic, Inc. | | * | | | 2,820 | | | | 12,013 | |
Harris Corp. | | | | | 3,891 | | | | 162,838 | |
Infinera Corp. | | *† | | | 4,191 | | | | 28,666 | |
InterDigital, Inc. | | † | | | 2,803 | | | | 82,717 | |
Ixia | | * | | | 2,330 | | | | 28,007 | |
JDS Uniphase Corp. | | * | | | 7,444 | | | | 81,884 | |
Juniper Networks, Inc. | | * | | | 17,553 | | | | 286,289 | |
KVH Industries, Inc. | | * | | | 375 | | | | 4,687 | |
Motorola Solutions, Inc. | | | | | 12,061 | | | | 580,255 | |
NETGEAR, Inc. | | * | | | 1,206 | | | | 41,619 | |
Network Engines, Inc. | | * | | | 1,329 | | | | 1,874 | |
Numerex Corp., Class A | | *† | | | 1,800 | | | | 16,740 | |
Oclaro, Inc. | | *† | | | 363 | | | | 1,104 | |
Oplink Communications, Inc. | | * | | | 758 | | | | 10,256 | |
Optical Cable Corp. | | | | | 240 | | | | 1,080 | |
Parkervision, Inc. | | *† | | | 1,052 | | | | 2,504 | |
Performance Technologies, Inc. | | * | | | 793 | | | | 1,776 | |
Plantronics, Inc. | | † | | | 1,826 | | | | 60,988 | |
Polycom, Inc. | | * | | | 8,354 | | | | 87,884 | |
Powerwave Technologies, Inc. | | * | | | 486 | | | | 352 | |
QUALCOMM, Inc. | | | | | 63,004 | | | | 3,508,063 | |
Riverbed Technology, Inc. | | * | | | 3,698 | | | | 59,723 | |
Sonus Networks, Inc. | | * | | | 10,700 | | | | 23,005 | |
Sycamore Networks, Inc. | | * | | | 991 | | | | 14,389 | |
Tellabs, Inc. | | | | | 19,143 | | | | 63,746 | |
UTStarcom Holdings Corp. (China) | | * | | | 4,555 | | | | 5,420 | |
ViaSat, Inc. | | * | | | 1,190 | | | | 44,946 | |
Westell Technologies, Inc., Class A | | * | | | 1,821 | | | | 4,334 | |
Zoom Technologies, Inc. (China) | | *† | | | 542 | | | | 564 | |
| | | | | | | | | | |
| | | | | | | | | | | 9,599,765 | |
| | | | | | | | | | | | |
| Computers & Peripherals—4.7% | |
3D Systems Corp. | | *† | | | 2,316 | | | | 79,068 | |
Apple, Inc. | | * | | | 32,927 | | | | 19,229,368 | |
Avid Technology, Inc. | | *† | | | 1,448 | | | | 10,759 | |
Concurrent Computer Corp. | | * | | | 190 | | | | 789 | |
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| | | | | | | | Shares | | | | Value | |
Cray, Inc. | | * | | | 714 | | | $ | 8,625 | |
Dataram Corp. | | * | | | 1,175 | | | | 905 | |
Dell, Inc. | | * | | | 58,645 | | | | 734,235 | |
Diebold, Inc. | | | | | 3,079 | | | | 113,646 | |
Dot Hill Systems Corp. | | * | | | 1,396 | | | | 1,591 | |
Electronics for Imaging, Inc. | | * | | | 2,638 | | | | 42,868 | |
EMC Corp. | | * | | | 74,289 | | | | 1,904,027 | |
Hewlett-Packard Co. | | | | | 74,642 | | | | 1,501,051 | |
Hutchinson Technology, Inc. | | *† | | | 1,149 | | | | 1,678 | |
iGO, Inc. | | * | | | 674 | | | | 283 | |
Imation Corp. | | * | | | 1,564 | | | | 9,243 | |
Intermec, Inc. | | * | | | 2,374 | | | | 14,719 | |
Lexmark International, Inc., Class A | | | | | 1,492 | | | | 39,657 | |
NCR Corp. | | * | | | 7,848 | | | | 178,385 | |
NetApp, Inc. | | * | | | 11,382 | | | | 362,175 | |
Novatel Wireless, Inc. | | * | | | 1,358 | | | | 3,381 | |
Overland Storage, Inc. | | * | | | 160 | | | | 301 | |
Presstek, Inc. | | * | | | 945 | | | | 404 | |
QLogic Corp. | | * | | | 3,731 | | | | 51,077 | |
Quantum Corp. | | * | | | 6,681 | | | | 13,562 | |
SanDisk Corp. | | * | | | 8,969 | | | | 327,189 | |
Silicon Graphics International Corp. | | *† | | | 1,843 | | | | 11,832 | |
STEC, Inc. | | * | | | 1,255 | | | | 9,789 | |
Stratasys, Inc. | | *† | | | 1,782 | | | | 88,298 | |
Synaptics, Inc. | | *† | | | 1,586 | | | | 45,407 | |
TransAct Technologies, Inc. | | * | | | 888 | | | | 6,847 | |
Western Digital Corp. | | * | | | 8,356 | | | | 254,691 | |
| | | | | | | | | | |
| | | | | | | | | | | 25,045,850 | |
| | | | | | | | | | | | |
| Construction & Engineering—0.2% | |
AECOM Technology Corp. | | * | | | 3,236 | | | | 53,232 | |
Aegion Corp. | | * | | | 1,223 | | | | 21,879 | |
Comfort Systems USA, Inc. | | † | | | 2,179 | | | | 21,834 | |
Dycom Industries, Inc. | | * | | | 2,076 | | | | 38,634 | |
EMCOR Group, Inc. | | | | | 2,908 | | | | 80,901 | |
Fluor Corp. | | | | | 4,946 | | | | 244,036 | |
Furmanite Corp. | | *† | | | 1,100 | | | | 5,346 | |
Granite Construction, Inc. | | | | | 1,889 | | | | 49,322 | |
Jacobs Engineering Group, Inc. | | * | | | 4,968 | | | | 188,089 | |
KBR, Inc. | | | | | 6,464 | | | | 159,725 | |
Layne Christensen Co. | | * | | | 510 | | | | 10,552 | |
MasTec, Inc. | | *† | | | 2,049 | | | | 30,817 | |
Quanta Services, Inc. | | * | | | 8,861 | | | | 213,284 | |
Shaw Group, Inc. (The) | | * | | | 2,182 | | | | 59,590 | |
Tutor Perini Corp. | | * | | | 960 | | | | 12,163 | |
URS Corp. | | | | | 2,934 | | | | 102,338 | |
| | | | | | | | | | |
| | | | | | | | | | | 1,291,742 | |
| | | | | | | | | | | | |
| Construction Materials—0.1% | |
Eagle Materials, Inc. | | | | | 2,083 | | | | 77,779 | |
Headwaters, Inc. | | * | | | 2,095 | | | | 10,789 | |
Martin Marietta Materials, Inc. | | | | | 494 | | | | 38,937 | |
Texas Industries, Inc. | | † | | | 1,116 | | | | 43,535 | |
Vulcan Materials Co. | | | | | 3,605 | | | | 143,155 | |
| | | | | | | | | | |
| | | | | | | | | | | 314,195 | |
| | | | | | | | | | | | |
| Consumer Finance—0.8% | |
American Express Co. | | | | | 34,754 | | | | 2,023,030 | |
Capital One Financial Corp. | | | | | 18,869 | | | | 1,031,380 | |
Cash America International, Inc. | | | | | 685 | | | | 30,167 | |
CompuCredit Holdings Corp. | | * | | | 38 | | | | 138 | |
Discover Financial Services | | | | | 18,027 | | | | 623,374 | |
See accompanying notes to financial statements.
191
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| COMMON STOCKS—(Continued) | | | | | |
Ezcorp, Inc., Class A | | * | | | 2,031 | | | $ | 47,647 | |
First Marblehead Corp. (The) | | *† | | | 2,764 | | | | 3,234 | |
Nelnet, Inc., Class A | | | | | 481 | | | | 11,063 | |
SLM Corp. | | | | | 20,100 | | | | 315,771 | |
World Acceptance Corp. | | *† | | | 639 | | | | 42,046 | |
| | | | | | | | | | |
| | | | | | | | | | | 4,127,850 | |
| | | | | | | | | | | | |
| Containers & Packaging—0.2% | |
AEP Industries, Inc. | | * | | | 372 | | | | 16,201 | |
AptarGroup, Inc. | | | | | 3,130 | | | | 159,786 | |
Ball Corp. | | | | | 6,557 | | | | 269,165 | |
Bemis Co., Inc. | | | | | 1,316 | | | | 41,243 | |
Crown Holdings, Inc. | | * | | | 3,283 | | | | 113,231 | |
Greif, Inc., Class A | | | | | 852 | | | | 34,932 | |
Myers Industries, Inc. | | | | | 1,716 | | | | 29,447 | |
Owens-Illinois, Inc. | | * | | | 6,064 | | | | 116,247 | |
Packaging Corp. of America | | | | | 4,339 | | | | 122,533 | |
Rock-Tenn Co., Class A | | | | | 1,450 | | | | 79,097 | |
Sealed Air Corp. | | | | | 2,704 | | | | 41,750 | |
Silgan Holdings, Inc. | | | | | 908 | | | | 38,763 | |
Sonoco Products Co. | | | | | 3,353 | | | | 101,093 | |
| | | | | | | | | | |
| | | | | | | | | | | 1,163,488 | |
| | | | | | | | | | | | |
| Distributors—0.1% | |
Genuine Parts Co. | | | | | 3,417 | | | | 205,874 | |
LKQ Corp. | | * | | | 7,000 | | | | 233,800 | |
Pool Corp. | | | | | 2,434 | | | | 98,480 | |
VOXX International Corp. | | * | | | 1,218 | | | | 11,352 | |
| | | | | | | | | | |
| | | | | | | | | | | 549,506 | |
| | | | | | | | | | | | |
| Diversified Consumer Services—0.3% | |
American Public Education, Inc. | | *† | | | 698 | | | | 22,336 | |
Apollo Group, Inc., Class A | | * | | | 5,209 | | | | 188,514 | |
Ascent Capital Group, Inc., Class A | | * | | | 545 | | | | 28,204 | |
Career Education Corp. | | * | | | 4,167 | | | | 27,877 | |
Coinstar, Inc. | | *† | | | 1,075 | | | | 73,810 | |
Corinthian Colleges, Inc. | | *† | | | 3,624 | | | | 10,473 | |
DeVry, Inc. | | | | | 2,980 | | | | 92,291 | |
H&R Block, Inc. | | † | | | 11,402 | | | | 182,204 | |
Hillenbrand, Inc. | | † | | | 1,576 | | | | 28,967 | |
ITT Educational Services, Inc. | | *† | | | 1,873 | | | | 113,785 | |
Learning Tree International, Inc. | | * | | | 766 | | | | 3,347 | |
Matthews International Corp., Class A | | | | | 1,052 | | | | 34,179 | |
Regis Corp. | | † | | | 1,818 | | | | 32,651 | |
School Specialty, Inc. | | *† | | | 854 | | | | 2,784 | |
Service Corp. International | | | | | 11,775 | | | | 145,657 | |
Sotheby’s | | † | | | 2,623 | | | | 87,503 | |
Steiner Leisure Ltd. (Bahamas) | | * | | | 1,503 | | | | 69,754 | |
Stewart Enterprises, Inc., Class A | | † | | | 4,115 | | | | 29,381 | |
Strayer Education, Inc. | | † | | | 551 | | | | 60,070 | |
Universal Technical Institute, Inc. | | | | | 418 | | | | 5,647 | |
Weight Watchers International, Inc. | | † | | | 1,826 | | | | 94,149 | |
| | | | | | | | | | |
| | | | | | | | | | | 1,333,583 | |
| | | | | | | | | | | | |
| Diversified Financial Services—2.6% | |
Bank of America Corp. | | | | | 407,057 | | | | 3,329,726 | |
Citigroup, Inc. | | | | | 111,256 | | | | 3,049,527 | |
CME Group, Inc. | | | | | 2,698 | | | | 723,361 | |
Interactive Brokers Group, Inc., Class A | | | | | 1,570 | | | | 23,110 | |
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| | | | | | | | Shares | | | | Value | |
IntercontinentalExchange, Inc. | | * | | | 2,776 | | | $ | 377,480 | |
JPMorgan Chase & Co. | | | | | 148,125 | | | | 5,292,506 | |
Leucadia National Corp. | | | | | 6,084 | | | | 129,407 | |
Moody’s Corp. | | | | | 6,057 | | | | 221,383 | |
MSCI, Inc. | | * | | | 3,439 | | | | 116,995 | |
NASDAQ OMX Group, Inc. (The) | | | | | 5,431 | | | | 123,121 | |
NYSE Euronext | | | | | 9,567 | | | | 244,724 | |
PHH Corp. | | *† | | | 2,212 | | | | 38,666 | |
PICO Holdings, Inc. | | * | | | 1,150 | | | | 25,772 | |
Resource America, Inc., Class A | | | | | 1,287 | | | | 8,211 | |
| | | | | | | | | | |
| | | | | | | | | | | 13,703,989 | |
| | | | | | | | | | | | |
| Diversified Telecommunication Services—2.7% | |
8x8, Inc. | | * | | | 3,048 | | | | 12,802 | |
Alaska Communications Systems Group, Inc. | | † | | | 2,850 | | | | 5,985 | |
AT&T, Inc. | | | | | 223,413 | | | | 7,966,908 | |
CenturyLink, Inc. | | | | | 19,640 | | | | 775,584 | |
Cincinnati Bell, Inc. | | *† | | | 35,531 | | | | 132,175 | |
Cogent Communications Group, Inc. | | * | | | 2,886 | | | | 55,555 | |
Frontier Communications Corp. | | † | | | 39,354 | | | | 150,726 | |
General Communication, Inc., Class A | | * | | | 2,516 | | | | 20,908 | |
HickoryTech Corp. | | | | | 651 | | | | 7,233 | |
IDT Corp., Class B | | | | | 1,600 | | | | 15,696 | |
Level 3 Communications, Inc. | | *† | | | 3,878 | | | | 85,898 | |
Lumos Networks Corp. | | | | | 1,350 | | | | 12,757 | |
Premiere Global Services, Inc. | | *† | | | 2,174 | | | | 18,240 | |
SureWest Communications | | | | | 184 | | | | 3,877 | |
tw telecom inc. | | * | | | 1,928 | | | | 49,472 | |
Verizon Communications, Inc. | | | | | 105,621 | | | | 4,693,797 | |
Windstream Corp. | | † | | | 21,003 | | | | 202,889 | |
| | | | | | | | | | |
| | | | | | | | | | | 14,210,502 | |
| | | | | | | | | | | | |
| Electric Utilities—2.0% | |
ALLETE, Inc. | | | | | 1,243 | | | | 51,957 | |
American Electric Power Co., Inc. | | | | | 17,879 | | | | 713,372 | |
Cleco Corp. | | | | | 2,109 | | | | 88,219 | |
Duke Energy Corp. | | | | | 48,292 | | | | 1,113,614 | |
Edison International | | | | | 12,222 | | | | 564,656 | |
El Paso Electric Co. | | | | | 1,748 | | | | 57,964 | |
Empire District Electric Co. (The) | | | | | 1,197 | | | | 25,257 | |
Entergy Corp. | | | | | 5,441 | | | | 369,390 | |
Exelon Corp. | | | | | 31,466 | | | | 1,183,751 | |
FirstEnergy Corp. | | | | | 12,192 | | | | 599,724 | |
Great Plains Energy, Inc. | | | | | 3,450 | | | | 73,865 | |
Hawaiian Electric Industries, Inc. | | | | | 3,066 | | | | 87,442 | |
IDACORP, Inc. | | | | | 1,515 | | | | 63,751 | |
ITC Holdings Corp. | | | | | 1,539 | | | | 106,052 | |
MGE Energy, Inc. | | | | | 1,559 | | | | 73,741 | |
NextEra Energy, Inc. | | | | | 16,813 | | | | 1,156,903 | |
Northeast Utilities | | | | | 10,939 | | | | 424,543 | |
NV Energy, Inc. | | | | | 7,959 | | | | 139,919 | |
OGE Energy Corp. | | | | | 3,358 | | | | 173,911 | |
Otter Tail Corp. | | | | | 1,095 | | | | 25,043 | |
Pepco Holdings, Inc. | | † | | | 7,066 | | | | 138,282 | |
Pinnacle West Capital Corp. | | | | | 3,789 | | | | 196,043 | |
PNM Resources, Inc. | | | | | 2,169 | | | | 42,382 | |
Portland General Electric Co. | | | | | 1,100 | | | | 29,326 | |
PPL Corp. | | | | | 16,345 | | | | 454,554 | |
See accompanying notes to financial statements.
192
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
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| COMMON STOCKS—(Continued) | | | | | |
Progress Energy, Inc. | | | | | 10,369 | | | $ | 623,903 | |
Southern Co. | | | | | 31,134 | | | | 1,441,504 | |
UIL Holdings Corp. | | | | | 1,496 | | | | 53,647 | |
Unitil Corp. | | | | | 420 | | | | 11,130 | |
UNS Energy Corp. | | | | | 1,571 | | | | 60,342 | |
Westar Energy, Inc. | | | | | 4,032 | | | | 120,758 | |
Xcel Energy, Inc. | | | | | 16,552 | | | | 470,242 | |
| | | | | | | | | | |
| | | | | | | | | | | 10,735,187 | |
| | | | | | | | | | | | |
| Electrical Equipment—0.6% | |
Active Power, Inc. | | * | | | 1,093 | | | | 882 | |
Acuity Brands, Inc. | | | | | 1,873 | | | | 95,354 | |
American Superconductor Corp. | | *† | | | 1,147 | | | | 5,391 | |
AMETEK, Inc. | | | | | 6,351 | | | | 316,978 | |
AZZ, Inc. | | † | | | 1,582 | | | | 96,913 | |
Babcock & Wilcox Co. (The) | | * | | | 5,852 | | | | 143,374 | |
Belden, Inc. | | | | | 1,894 | | | | 63,165 | |
Brady Corp., Class A | | | | | 2,402 | | | | 66,079 | |
Capstone Turbine Corp. | | *† | | | 34,249 | | | | 34,591 | |
Emerson Electric Co. | | | | | 26,374 | | | | 1,228,501 | |
Encore Wire Corp. | | | | | 1,400 | | | | 37,492 | |
Franklin Electric Co., Inc. | | | | | 902 | | | | 46,119 | |
FuelCell Energy, Inc. | | *† | | | 93,986 | | | | 94,926 | |
General Cable Corp. | | * | | | 3,772 | | | | 97,846 | |
GrafTech International Ltd. | | * | | | 3,487 | | | | 33,650 | |
Hubbell, Inc., Class B | | | | | 2,078 | | | | 161,959 | |
II-VI, Inc. | | *† | | | 1,364 | | | | 22,738 | |
LSI Industries, Inc. | | | | | 1,083 | | | | 7,711 | |
Magnetek, Inc. | | * | | | 140 | | | | 2,162 | |
Orbit International Corp. | | * | | | 2,812 | | | | 9,701 | |
Plug Power, Inc. | | *† | | | 270 | | | | 308 | |
Powell Industries, Inc. | | * | | | 1,045 | | | | 39,041 | |
Regal-Beloit Corp. | | | | | 1,272 | | | | 79,195 | |
Rockwell Automation, Inc. | | | | | 4,331 | | | | 286,106 | |
Roper Industries, Inc. | | | | | 2,980 | | | | 293,768 | |
Ultralife Corp. | | * | | | 416 | | | | 1,606 | |
Universal Security Instruments, Inc. | | * | | | 1,866 | | | | 9,517 | |
Valence Technology, Inc. | | *† | | | 6,972 | | | | 4,330 | |
Vicor Corp. | | | | | 1,380 | | | | 9,577 | |
| | | | | | | | | | |
| | | | | | | | | | | 3,288,980 | |
| | | | | | | | | | | | |
Electronic Equipment, Instruments &
Components—0.6% | |
Agilysys, Inc. | | * | | | 1,335 | | | | 11,574 | |
Amphenol Corp., Class A | | | | | 5,423 | | | | 297,831 | |
Anixter International, Inc. | | | | | 1,723 | | | | 91,405 | |
Arrow Electronics, Inc. | | * | | | 4,585 | | | | 150,434 | |
Avnet, Inc. | | * | | | 5,129 | | | | 158,281 | |
AVX Corp. | | | | | 2,270 | | | | 24,266 | |
Badger Meter, Inc. | | † | | | 1,134 | | | | 42,582 | |
Benchmark Electronics, Inc. | | * | | | 2,520 | | | | 35,154 | |
Brightpoint, Inc. | | * | | | 2,358 | | | | 12,757 | |
Checkpoint Systems, Inc. | | * | | | 1,441 | | | | 12,551 | |
Cognex Corp. | | | | | 2,023 | | | | 64,028 | |
Coherent, Inc. | | * | | | 1,348 | | | | 58,368 | |
Corning, Inc. | | | | | 52,776 | | | | 682,394 | |
CTS Corp. | | | | | 1,580 | | | | 14,884 | |
Daktronics, Inc. | | | | | 927 | | | | 6,406 | |
Dolby Laboratories, Inc., Class A | | * | | | 1,370 | | | | 56,581 | |
DTS, Inc. | | * | | | 755 | | | | 19,690 | |
Echelon Corp. | | *† | | | 1,769 | | | | 6,156 | |
Electro Rent Corp. | | | | | 950 | | | | 15,419 | |
Electro Scientific Industries, Inc. | | | | | 1,421 | | | | 16,796 | |
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| | | | | | | | Shares | | | | Value | |
FARO Technologies, Inc. | | * | | | 453 | | | $ | 19,062 | |
FEI Co. | | * | | | 1,368 | | | | 65,445 | |
FLIR Systems, Inc. | | | | | 5,608 | | | | 109,356 | |
Frequency Electronics, Inc. | | * | | | 821 | | | | 6,634 | |
ID Systems, Inc. | | * | | | 2,016 | | | | 8,830 | |
Identive Group, Inc. | | *† | | | 1,494 | | | | 1,399 | |
Ingram Micro, Inc., Class A | | * | | | 1,030 | | | | 17,994 | |
Insight Enterprises, Inc. | | * | | | 2,054 | | | | 34,569 | |
Iteris, Inc. | | * | | | 4,263 | | | | 5,712 | |
Itron, Inc. | | * | | | 955 | | | | 39,384 | |
Jabil Circuit, Inc. | | | | | 8,287 | | | | 168,475 | |
Lightpath Technologies, Inc., Class A | | *† | | | 1,526 | | | | 1,618 | |
Littelfuse, Inc. | | | | | 909 | | | | 51,713 | |
LRAD Corp. | | * | | | 3,686 | | | | 4,386 | |
Maxwell Technologies, Inc. | | * | | | 370 | | | | 2,427 | |
Mercury Computer Systems, Inc. | | * | | | 963 | | | | 12,452 | |
Mesa Laboratories, Inc. | | | | | 1,200 | | | | 55,788 | |
Methode Electronics, Inc. | | † | | | 1,383 | | | | 11,769 | |
Molex, Inc. | | | | | 1,611 | | | | 38,567 | |
MTS Systems Corp. | | | | | 1,342 | | | | 51,734 | |
National Instruments Corp. | | | | | 5,121 | | | | 137,550 | |
Newport Corp. | | * | | | 1,614 | | | | 19,400 | |
OSI Systems, Inc. | | * | | | 867 | | | | 54,916 | |
Park Electrochemical Corp. | | | | | 1,086 | | | | 28,106 | |
PC Connection, Inc. | | | | | 854 | | | | 9,069 | |
Planar Systems, Inc. | | * | | | 785 | | | | 1,295 | |
Plexus Corp. | | * | | | 1,884 | | | | 53,129 | |
Power-One, Inc. | | *† | | | 3,459 | | | | 15,635 | |
Pulse Electronics Corp. | | | | | 1,866 | | | | 3,676 | |
Radisys Corp. | | * | | | 961 | | | | 6,035 | |
Research Frontiers, Inc. | | *† | | | 752 | | | | 2,346 | |
Rofin-Sinar Technologies, Inc. | | * | | | 2,200 | | | | 41,646 | |
Rogers Corp. | | * | | | 803 | | | | 31,807 | |
Sanmina-SCI Corp. | | * | | | 3,577 | | | | 29,296 | |
ScanSource, Inc. | | * | | | 1,126 | | | | 34,501 | |
Sigmatron International, Inc. | | * | | | 282 | | | | 945 | |
SYNNEX Corp. | | * | | | 104 | | | | 3,587 | |
Tech Data Corp. | | * | | | 2,057 | | | | 99,086 | |
Trimble Navigation Ltd. | | * | | | 4,318 | | | | 198,671 | |
TTM Technologies, Inc. | | * | | | 1,639 | | | | 15,423 | |
Universal Display Corp. | | *† | | | 1,350 | | | | 48,519 | |
Vishay Intertechnology, Inc. | | *† | | | 6,172 | | | | 58,202 | |
Vishay Precision Group, Inc. | | * | | | 440 | | | | 6,138 | |
Wayside Technology Group, Inc. | | | | | 1,787 | | | | 22,069 | |
Zygo Corp. | | * | | | 967 | | | | 17,271 | |
| | | | | | | | | | |
| | | | | | | | | | | 3,423,189 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—1.7% | |
Atwood Oceanics, Inc. | | * | | | 1,298 | | | | 49,116 | |
Baker Hughes, Inc. | | | | | 13,177 | | | | 541,575 | |
Basic Energy Services, Inc. | | *† | | | 1,600 | | | | 16,512 | |
Bristow Group, Inc. | | | | | 982 | | | | 39,938 | |
Cal Dive International, Inc. | | * | | | 4,816 | | | | 13,966 | |
Cameron International Corp. | | * | | | 9,319 | | | | 398,014 | |
CARBO Ceramics, Inc. | | † | | | 1,137 | | | | 87,242 | |
Dawson Geophysical Co. | | * | | | 924 | | | | 22,010 | |
Diamond Offshore Drilling, Inc. | | | | | 1,577 | | | | 93,248 | |
Dresser-Rand Group, Inc. | | * | | | 2,924 | | | | 130,235 | |
Dril-Quip, Inc. | | * | | | 880 | | | | 57,719 | |
Exterran Holdings, Inc. | | * | | | 2,465 | | | | 31,429 | |
FMC Technologies, Inc. | | * | | | 8,237 | | | | 323,138 | |
Gulfmark Offshore, Inc., Class A | | * | | | 1,000 | | | | 34,040 | |
Halliburton Co. | | | | | 32,022 | | | | 909,105 | |
See accompanying notes to financial statements.
193
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| | | | | | | | | | | | |
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| COMMON STOCKS—(Continued) | | | | | |
Helix Energy Solutions Group, Inc. | | * | | | 3,853 | | | $ | 63,228 | |
Helmerich & Payne, Inc. | | | | | 3,926 | | | | 170,702 | |
Hercules Offshore, Inc. | | * | | | 5,226 | | | | 18,500 | |
Hornbeck Offshore Services, Inc. | | *† | | | 1,800 | | | | 69,804 | |
ION Geophysical Corp. | | * | | | 6,136 | | | | 40,436 | |
Key Energy Services, Inc. | | * | | | 7,257 | | | | 55,153 | |
Lufkin Industries, Inc. | | † | | | 2,000 | | | | 108,640 | |
Matrix Service Co. | | * | | | 468 | | | | 5,312 | |
McDermott International, Inc. | | * | | | 11,704 | | | | 130,383 | |
Mitcham Industries, Inc. | | * | | | 1,100 | | | | 18,667 | |
Nabors Industries Ltd. (Bermuda) | | * | | | 10,988 | | | | 158,227 | |
National Oilwell Varco, Inc. | | | | | 16,517 | | | | 1,064,355 | |
Newpark Resources, Inc. | | * | | | 3,484 | | | | 20,556 | |
Oceaneering International, Inc. | | | | | 4,464 | | | | 213,647 | |
Oil States International, Inc. | | * | | | 2,026 | | | | 134,121 | |
OYO Geospace Corp. | | * | | | 550 | | | | 49,494 | |
Parker Drilling Co. | | * | | | 3,755 | | | | 16,935 | |
Patterson-UTI Energy, Inc. | | | | | 6,712 | | | | 97,727 | |
PHI, Inc. | | * | | | 774 | | | | 21,525 | |
Pioneer Drilling Co. | | * | | | 2,700 | | | | 21,519 | |
Rowan Cos. plc, Class A (United Kingdom) | | * | | | 3,918 | | | | 126,669 | |
Schlumberger Ltd. | | | | | 52,043 | | | | 3,378,111 | |
SEACOR Holdings, Inc. | | * | | | 713 | | | | 63,728 | |
Superior Energy Services, Inc. | | * | | | 4,034 | | | | 81,608 | |
Tesco Corp. | | * | | | 3,185 | | | | 38,220 | |
TETRA Technologies, Inc. | | * | | | 2,352 | | | | 16,770 | |
Tidewater, Inc. | | | | | 78 | | | | 3,616 | |
Unit Corp. | | * | | | 1,702 | | | | 62,787 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,997,727 | |
| | | | | | | | | | | | |
| Food & Staples Retailing—2.1% | | | | | |
Andersons, Inc. (The) | | † | | | 700 | | | | 29,862 | |
Arden Group, Inc., Class A | | | | | 260 | | | | 22,675 | |
Casey’s General Stores, Inc. | | | | | 1,608 | | | | 94,856 | |
Costco Wholesale Corp. | | | | | 13,209 | | | | 1,254,855 | |
CVS Caremark Corp. | | | | | 46,763 | | | | 2,185,235 | |
Harris Teeter Supermarkets, Inc. | | | | | 1,967 | | | | 80,627 | |
Kroger Co. (The) | | | | | 14,687 | | | | 340,592 | |
Nash Finch Co. | | | | | 674 | | | | 14,477 | |
Pantry, Inc. (The) | | * | | | 1,200 | | | | 17,640 | |
Rite Aid Corp. | | * | | | 25,982 | | | | 36,375 | |
Safeway, Inc. | | † | | | 8,825 | | | | 160,174 | |
SUPERVALU, Inc. | | † | | | 8,154 | | | | 42,238 | |
Sysco Corp. | | † | | | 22,511 | | | | 671,053 | |
United Natural Foods, Inc. | | * | | | 1,912 | | | | 104,892 | |
Walgreen Co. | | | | | 34,325 | | | | 1,015,333 | |
Wal-Mart Stores, Inc. | | | | | 63,901 | | | | 4,455,178 | |
Weis Markets, Inc. | | | | | 382 | | | | 17,007 | |
Whole Foods Market, Inc. | | | | | 5,036 | | | | 480,031 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,023,100 | |
| | | | | | | | | | | | |
| Food Products—1.7% | | | | | |
Archer-Daniels-Midland Co. | | | | | 23,265 | | | | 686,783 | |
Bridgford Foods Corp. | | *†d | | | — | | | | — | |
Bunge Ltd. | | | | | 4,700 | | | | 294,878 | |
Campbell Soup Co. | | † | | | 5,629 | | | | 187,896 | |
Chiquita Brands International, Inc. | | *† | | | 2,150 | | | | 10,750 | |
ConAgra Foods, Inc. | | | | | 14,190 | | | | 367,947 | |
Darling International, Inc. | | * | | | 3,150 | | | | 51,944 | |
Dean Foods Co. | | * | | | 6,281 | | | | 106,965 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Farmer Bros. Co. | | *† | | | 930 | | | $ | 7,403 | |
Flowers Foods, Inc. | | | | | 6,210 | | | | 144,258 | |
Fresh Del Monte Produce, Inc. | | | | | 567 | | | | 13,307 | |
General Mills, Inc. | | | | | 21,313 | | | | 821,403 | |
Green Mountain Coffee Roasters, Inc. | | *† | | | 4,435 | | | | 96,594 | |
Griffin Land & Nurseries, Inc. | | † | | | 650 | | | | 18,194 | |
H.J. Heinz Co. | | | | | 10,532 | | | | 572,730 | |
Hain Celestial Group, Inc. (The) | | * | | | 1,426 | | | | 78,487 | |
Hershey Co. (The) | | | | | 6,664 | | | | 480,008 | |
Hillshire Brands Co. | | d | | | — | | | | — | |
Hillshire Brands Co. | | | | | 4,327 | | | | 125,440 | |
Hormel Foods Corp. | | | | | 6,390 | | | | 194,384 | |
Ingredion, Inc. | | | | | 3,164 | | | | 156,681 | |
Inventure Foods, Inc. | | * | | | 5,272 | | | | 33,214 | |
J&J Snack Foods Corp. | | | | | 761 | | | | 44,975 | |
J.M. Smucker Co. (The) | | | | | 4,592 | | | | 346,788 | |
Kellogg Co. | | | | | 8,673 | | | | 427,839 | |
Kraft Foods, Inc., Class A | | | | | 59,086 | | | | 2,281,901 | |
Lancaster Colony Corp. | | † | | | 1,389 | | | | 98,911 | |
McCormick & Co., Inc. | | | | | 4,101 | | | | 248,726 | |
Mead Johnson Nutrition Co. | | | | | 4,802 | | | | 386,609 | |
Post Holdings, Inc. | | * | | | 1,156 | | | | 35,547 | |
Ralcorp Holdings, Inc. | | * | | | 2,312 | | | | 154,303 | |
Sanderson Farms, Inc. | | † | | | 864 | | | | 39,588 | |
Smithfield Foods, Inc. | | * | | | 4,682 | | | | 101,272 | |
Snyders-Lance, Inc. | | | | | 1,370 | | | | 34,565 | |
Tootsie Roll Industries, Inc. | | † | | | 661 | | | | 15,771 | |
TreeHouse Foods, Inc. | | * | | | 1,256 | | | | 78,236 | |
Tyson Foods, Inc., Class A | | | | | 10,231 | | | | 192,650 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,936,947 | |
| | | | | | | | | | | | |
| Gas Utilities—0.3% | | | | | |
AGL Resources, Inc. | | | | | 3,698 | | | | 143,298 | |
Atmos Energy Corp. | | | | | 2,732 | | | | 95,811 | |
Chesapeake Utilities Corp. | | | | | 949 | | | | 41,490 | |
Delta Natural Gas Co., Inc. | | † | | | 760 | | | | 16,515 | |
Laclede Group, Inc. (The) | | | | | 1,025 | | | | 40,805 | |
National Fuel Gas Co. | | | | | 3,639 | | | | 170,960 | |
New Jersey Resources Corp. | | | | | 1,681 | | | | 73,308 | |
Northwest Natural Gas Co. | | † | | | 1,183 | | | | 56,311 | |
ONEOK, Inc. | | | | | 7,816 | | | | 330,695 | |
Piedmont Natural Gas Co., Inc. | | † | | | 2,740 | | | | 88,201 | |
Questar Corp. | | | | | 7,412 | | | | 154,614 | |
South Jersey Industries, Inc. | | | | | 2,014 | | | | 102,654 | |
Southwest Gas Corp. | | | | | 1,252 | | | | 54,650 | |
UGI Corp. | | | | | 2,720 | | | | 80,050 | |
WGL Holdings, Inc. | | | | | 2,315 | | | | 92,021 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,541,383 | |
| | | | | | | | | | | | |
| Health Care Equipment & Supplies—1.7% | |
Abaxis, Inc. | | * | | | 749 | | | | 27,713 | |
ABIOMED, Inc. | | *† | | | 886 | | | | 20,219 | |
Alere, Inc. | | * | | | 3,011 | | | | 58,534 | |
Align Technology, Inc. | | * | | | 2,449 | | | | 81,944 | |
Analogic Corp. | | | | | 593 | | | | 36,766 | |
Baxter International, Inc. | | | | | 19,308 | | | | 1,026,220 | |
Becton Dickinson and Co. | | | | | 7,370 | | | | 550,907 | |
Biolase, Inc. | | * | | | 807 | | | | 1,574 | |
Boston Scientific Corp. | | * | | | 53,540 | | | | 303,572 | |
C.R. Bard, Inc. | | | | | 2,876 | | | | 308,997 | |
CareFusion Corp. | | * | | | 6,833 | | | | 175,471 | |
Cerus Corp. | | * | | | 1,010 | | | | 3,353 | |
Conceptus, Inc. | | * | | | 1,047 | | | | 20,752 | |
See accompanying notes to financial statements.
194
SCHEDULE OF INVESTMENTS—(Continued)
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| COMMON STOCKS—(Continued) | |
CONMED Corp. | | | | | 1,362 | | | $ | 37,687 | |
Cooper Cos., Inc. (The) | | | | | 1,627 | | | | 129,770 | |
CryoLife, Inc. | | * | | | 937 | | | | 4,901 | |
Cyberonics, Inc. | | * | | | 956 | | | | 42,963 | |
DENTSPLY International, Inc. | | † | | | 5,668 | | | | 214,307 | |
Edwards Lifesciences Corp. | | * | | | 4,494 | | | | 464,230 | |
Gen-Probe, Inc. | | * | | | 1,849 | | | | 151,988 | |
Greatbatch, Inc. | | * | | | 942 | | | | 21,393 | |
Haemonetics Corp. | | * | | | 1,157 | | | | 85,745 | |
Hill-Rom Holdings, Inc. | | | | | 1,576 | | | | 48,620 | |
Hologic, Inc. | | * | | | 9,792 | | | | 176,648 | |
ICU Medical, Inc. | | *† | | | 605 | | | | 32,295 | |
IDEXX Laboratories, Inc. | | *† | | | 1,985 | | | | 190,818 | |
Integra LifeSciences Holdings Corp. | | * | | | 1,190 | | | | 44,244 | |
Intuitive Surgical, Inc. | | * | | | 1,260 | | | | 697,775 | |
Invacare Corp. | | | | | 1,333 | | | | 20,568 | |
Masimo Corp. | | * | | | 1,500 | | | | 33,570 | |
Medtronic, Inc. | | | | | 39,854 | | | | 1,543,545 | |
Meridian Bioscience, Inc. | | † | | | 1,158 | | | | 23,693 | |
Merit Medical Systems, Inc. | | * | | | 3,149 | | | | 43,488 | |
NuVasive, Inc. | | * | | | 990 | | | | 25,106 | |
OraSure Technologies, Inc. | | * | | | 1,687 | | | | 18,962 | |
Palomar Medical Technologies, Inc. | | * | | | 1,116 | | | | 9,486 | |
ResMed, Inc. | | *† | | | 6,068 | | | | 189,322 | |
RTI Biologics, Inc. | | * | | | 807 | | | | 3,034 | |
Spectranetics Corp. | | * | | | 1,045 | | | | 11,934 | |
St. Jude Medical, Inc. | | | | | 11,448 | | | | 456,890 | |
Staar Surgical Co. | | * | | | 848 | | | | 6,589 | |
STERIS Corp. | | | | | 2,777 | | | | 87,114 | |
Stryker Corp. | | | | | 10,105 | | | | 556,785 | |
SurModics, Inc. | | * | | | 675 | | | | 11,677 | |
Teleflex, Inc. | | | | | 1,322 | | | | 80,523 | |
Theragenics Corp. | | * | | | 1,492 | | | | 2,999 | |
ThermoGenesis Corp. | | * | | | 1,079 | | | | 1,025 | |
Thoratec Corp. | | * | | | 2,306 | | | | 77,435 | |
Urologix, Inc. | | * | | | 1,050 | | | | 808 | |
Varian Medical Systems, Inc. | | * | | | 4,761 | | | | 289,326 | |
Volcano Corp. | | * | | | 1,970 | | | | 56,440 | |
West Pharmaceutical Services, Inc. | | | | | 1,704 | | | | 86,035 | |
Wright Medical Group, Inc. | | * | | | 1,309 | | | | 27,947 | |
Young Innovations, Inc. | | | | | 677 | | | | 23,350 | |
Zimmer Holdings, Inc. | | | | | 6,941 | | | | 446,723 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,093,780 | |
| | | | | | | | | | | | |
| Health Care Providers & Services—2.2% | |
Aetna, Inc. | | | | | 12,020 | | | | 466,015 | |
Alliance HealthCare Services, Inc. | | * | | | 1,429 | | | | 1,426 | |
Almost Family, Inc. | | * | | | 422 | | | | 9,427 | |
Amedisys, Inc. | | *† | | | 1,698 | | | | 21,140 | |
AMERIGROUP Corp. | | *† | | | 1,157 | | | | 76,258 | |
AmerisourceBergen Corp. | | | | | 11,686 | | | | 459,844 | |
AMN Healthcare Services, Inc. | | * | | | 1,507 | | | | 8,937 | |
Amsurg Corp. | | * | | | 1,423 | | | | 42,662 | |
BioScrip, Inc. | | * | | | 1,095 | | | | 8,136 | |
Brookdale Senior Living, Inc. | | * | | | 2,200 | | | | 39,028 | |
Cardinal Health, Inc. | | | | | 13,667 | | | | 574,014 | |
CardioNet, Inc. | | * | | | 1,151 | | | | 2,337 | |
Catalyst Health Solutions, Inc. | | * | | | 1,864 | | | | 174,172 | |
Centene Corp. | | * | | | 1,972 | | | | 59,476 | |
Chemed Corp. | | | | | 1,162 | | | | 70,231 | |
Chindex International, Inc. | | * | | | 822 | | | | 8,056 | |
Cigna Corp. | | | | | 7,259 | | | | 319,396 | |
Community Health Systems, Inc. | | * | | | 4,282 | | | | 120,024 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Coventry Health Care, Inc. | | | | | 5,198 | | | $ | 165,244 | |
Cross Country Healthcare, Inc. | | * | | | 1,339 | | | | 5,851 | |
DaVita, Inc. | | * | | | 3,507 | | | | 344,422 | |
Express Scripts Holding Co. | | * | | | 30,253 | | | | 1,689,025 | |
Gentiva Health Services, Inc. | | * | | | 1,474 | | | | 10,215 | |
Hanger, Inc. | | * | | | 1,083 | | | | 27,768 | |
HCA Holdings, Inc. | | | | | 3,319 | | | | 100,997 | |
Health Management Associates, Inc., Class A | | * | | | 9,953 | | | | 78,131 | |
Health Net, Inc. | | * | | | 3,209 | | | | 77,882 | |
Healthways, Inc. | | * | | | 1,362 | | | | 10,869 | |
Henry Schein, Inc. | | * | | | 3,652 | | | | 286,645 | |
HMS Holdings Corp. | | * | | | 4,230 | | | | 140,901 | |
Humana, Inc. | | | | | 4,622 | | | | 357,928 | |
Kindred Healthcare, Inc. | | * | | | 2,148 | | | | 21,115 | |
Laboratory Corp. of America Holdings | | *† | | | 3,138 | | | | 290,610 | |
Landauer, Inc. | | | | | 598 | | | | 34,283 | |
LCA-Vision, Inc. | | * | | | 616 | | | | 2,649 | |
LifePoint Hospitals, Inc. | | * | | | 2,149 | | | | 88,066 | |
Lincare Holdings, Inc. | | | | | 3,193 | | | | 108,626 | |
Magellan Health Services, Inc. | | * | | | 1,400 | | | | 63,462 | |
McKesson Corp. | | | | | 9,930 | | | | 930,938 | |
MEDNAX, Inc. | | *† | | | 2,182 | | | | 149,554 | |
National Healthcare Corp. | | | | | 431 | | | | 19,494 | |
National Research Corp. | | | | | 1,250 | | | | 65,438 | |
Omnicare, Inc. | | | | | 4,277 | | | | 133,571 | |
Owens & Minor, Inc. | | † | | | 2,434 | | | | 74,553 | |
Patterson Cos., Inc. | | | | | 5,546 | | | | 191,171 | |
PDI, Inc. | | * | | | 703 | | | | 5,793 | |
PharMerica Corp. | | * | | | 1,365 | | | | 14,906 | |
PSS World Medical, Inc. | | *† | | | 3,574 | | | | 75,018 | |
Psychemedics Corp. | | | | | 302 | | | | 3,108 | |
Quest Diagnostics, Inc. | | | | | 3,899 | | | | 233,550 | |
Sun Healthcare Group, Inc. | | * | | | 694 | | | | 5,809 | |
Sunrise Senior Living, Inc. | | *† | | | 1,950 | | | | 14,216 | |
Tenet Healthcare Corp. | | * | | | 19,289 | | | | 101,074 | |
U.S. Physical Therapy, Inc. | | | | | 1,300 | | | | 33,059 | |
UnitedHealth Group, Inc. | | | | | 37,545 | | | | 2,196,382 | |
Universal American Corp. | | * | | | 1,812 | | | | 19,080 | |
Universal Health Services, Inc., Class B | | | | | 2,466 | | | | 106,433 | |
VCA Antech, Inc. | | * | | | 3,442 | | | | 75,655 | |
WellCare Health Plans, Inc. | | * | | | 1,500 | | | | 79,500 | |
WellPoint, Inc. | | | | | 12,343 | | | | 787,360 | |
| | | | | | | | | | |
| | | | | | | | | 11,680,930 | |
| | | | | | | | | | |
| Health Care Technology—0.1% | |
Allscripts Healthcare Solutions, Inc. | | * | | | 4,515 | | | | 49,349 | |
Authentidate Holding Corp. | | * | | | 1,023 | | | | 665 | |
Cerner Corp. | | * | | | 6,088 | | | | 503,234 | |
Mediware Information Systems, Inc. | | * | | | 1,088 | | | | 15,885 | |
Omnicell, Inc. | | * | | | 783 | | | | 11,463 | |
Quality Systems, Inc. | | † | | | 1,536 | | | | 42,255 | |
| | | | | | | | | | | | |
| | | | | | | | | 622,851 | |
| | | | | | | | | | | | |
| Hotels, Restaurants & Leisure—2.1% | |
Ameristar Casinos, Inc. | | | | | 300 | | | | 5,331 | |
Bally Technologies, Inc. | | * | | | 1,971 | | | | 91,967 | |
Biglari Holdings, Inc. | | * | | | 63 | | | | 24,343 | |
Bob Evans Farms, Inc. | | | | | 1,465 | | | | 58,893 | |
Boyd Gaming Corp. | | *† | | | 2,619 | | | | 18,857 | |
See accompanying notes to financial statements.
195
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| COMMON STOCKS—(Continued) | |
Brinker International, Inc. | | | | | 5,167 | | | $ | 164,672 | |
Buffalo Wild Wings, Inc. | | *† | | | 867 | | | | 75,117 | |
Carnival Corp. | | | | | 11,468 | | | | 393,008 | |
CEC Entertainment, Inc. | | | | | 1,614 | | | | 58,701 | |
Cheesecake Factory, Inc. (The) | | *† | | | 3,444 | | | | 110,070 | |
Chipotle Mexican Grill, Inc. | | * | | | 1,003 | | | | 381,090 | |
Choice Hotels International, Inc. | | | | | 1,616 | | | | 64,527 | |
Churchill Downs, Inc. | | | | | 638 | | | | 37,508 | |
Cracker Barrel Old Country Store, Inc. | | | | | 2,120 | | | | 133,136 | |
Darden Restaurants, Inc. | | † | | | 3,930 | | | | 198,976 | |
DineEquity, Inc. | | * | | | 1,079 | | | | 48,167 | |
Dover Downs Gaming & Entertainment, Inc. | | | | | 1,710 | | | | 5,147 | |
Dover Motorsports, Inc. | | * | | | 1,645 | | | | 2,139 | |
Gaylord Entertainment Co. | | *† | | | 1,772 | | | | 68,328 | |
International Game Technology | | | | | 7,153 | | | | 112,660 | |
International Speedway Corp., Class A | | | | | 1,190 | | | | 31,154 | |
Interval Leisure Group, Inc. | | | | | 1,886 | | | | 35,853 | |
Isle of Capri Casinos, Inc. | | * | | | 1,250 | | | | 7,713 | |
Jack in the Box, Inc. | | * | | | 2,874 | | | | 80,127 | |
Krispy Kreme Doughnuts, Inc. | | * | | | 2,573 | | | | 16,441 | |
Las Vegas Sands Corp. | | | | | 16,217 | | | | 705,277 | |
Life Time Fitness, Inc. | | *† | | | 1,774 | | | | 82,509 | |
Marcus Corp. | | † | | | 1,505 | | | | 20,709 | |
Marriott International, Inc., Class A | | † | | | 10,755 | | | | 421,596 | |
Marriott Vacations Worldwide Corp. | | * | | | 1,075 | | | | 33,303 | |
McDonald’s Corp. | | | | | 37,036 | | | | 3,278,797 | |
MGM Resorts International | | * | | | 8,952 | | | | 99,904 | |
Morgans Hotel Group Co. | | * | | | 2,300 | | | | 10,810 | |
Multimedia Games Holding Co., Inc. | | * | | | 1,202 | | | | 16,828 | |
Orient-Express Hotels Ltd., Class A (Bermuda) | | * | | | 1,577 | | | | 13,199 | |
P.F. Chang’s China Bistro, Inc. | | † | | | 1,089 | | | | 56,051 | |
Panera Bread Co., Class A | | * | | | 1,250 | | | | 174,300 | |
Papa John’s International, Inc. | | * | | | 1,610 | | | | 76,588 | |
Peet’s Coffee & Tea, Inc. | | *† | | | 637 | | | | 38,245 | |
Penn National Gaming, Inc. | | * | | | 2,586 | | | | 115,310 | |
Pinnacle Entertainment, Inc. | | * | | | 1,629 | | | | 15,671 | |
Red Robin Gourmet Burgers, Inc. | | * | | | 692 | | | | 21,113 | |
Royal Caribbean Cruises Ltd. | | | | | 7,613 | | | | 198,166 | |
Ruby Tuesday, Inc. | | * | | | 2,816 | | | | 19,177 | |
Scientific Games Corp., Class A | | * | | | 2,517 | | | | 21,520 | |
Shuffle Master, Inc. | | * | | | 1,527 | | | | 21,073 | |
Sonic Corp. | | * | | | 3,730 | | | | 37,375 | |
Speedway Motorsports, Inc. | | | | | 149 | | | | 2,520 | |
Starbucks Corp. | | | | | 24,221 | | | | 1,291,464 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | | | 7,939 | | | | 421,085 | |
Texas Roadhouse, Inc. | | | | | 3,070 | | | | 56,580 | |
Vail Resorts, Inc. | | † | | | 1,491 | | | | 74,669 | |
Wendy’s Co. (The) | | † | | | 25,109 | | | | 118,514 | |
WMS Industries, Inc. | | * | | | 564 | | | | 11,252 | |
Wyndham Worldwide Corp. | | | | | 6,992 | | | | 368,758 | |
Wynn Resorts Ltd. | | | | | 2,554 | | | | 264,901 | |
Yum! Brands, Inc. | | | | | 14,951 | | | | 963,143 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,274,332 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
| Household Durables—0.3% | |
American Greetings Corp., Class A | | † | | | 2,760 | | | $ | 40,351 | |
Bassett Furniture Industries, Inc. | | | | | 1,139 | | | | 11,743 | |
Beazer Homes USA, Inc. | | *† | | | 34,087 | | | | 110,783 | |
Blyth, Inc. | | | | | 920 | | | | 31,795 | |
D.R. Horton, Inc. | | † | | | 3,903 | | | | 71,737 | |
Ethan Allen Interiors, Inc. | | † | | | 1,551 | | | | 30,912 | |
Furniture Brands International, Inc. | | * | | | 2,341 | | | | 2,903 | |
Harman International Industries, Inc. | | | 2,728 | | | | 108,029 | |
Helen of Troy Ltd. (Bermuda) | | * | | | 1,333 | | | | 45,175 | |
Hovnanian Enterprises, Inc., Class A | | * | | | 15,517 | | | | 44,999 | |
Jarden Corp. | | | | | 2,055 | | | | 86,351 | |
KB Home | | † | | | 3,248 | | | | 31,830 | |
Kid Brands, Inc. | | * | | | 1,156 | | | | 2,312 | |
La-Z-Boy, Inc. | | * | | | 2,404 | | | | 29,545 | |
Leggett & Platt, Inc. | | † | | | 2,928 | | | | 61,869 | |
Lennar Corp., Class A | | † | | | 5,675 | | | | 175,414 | |
M/I Homes, Inc. | | * | | | 610 | | | | 10,565 | |
MDC Holdings, Inc. | | | | | 1,091 | | | | 35,643 | |
Meritage Homes Corp. | | * | | | 1,300 | | | | 44,122 | |
Mohawk Industries, Inc. | | * | | | 868 | | | | 60,613 | |
Newell Rubbermaid, Inc. | | | | | 3,792 | | | | 68,787 | |
NVR, Inc. | | * | | | 112 | | | | 95,200 | |
PulteGroup, Inc. | | * | | | 13,539 | | | | 144,867 | |
Ryland Group, Inc. (The) | | † | | | 1,852 | | | | 47,374 | |
Skyline Corp. | | | | | 720 | | | | 3,658 | |
Standard Pacific Corp. | | *† | | | 2,568 | | | | 15,896 | |
Tempur-Pedic International, Inc. | | * | | | 1,346 | | | | 31,483 | |
Toll Brothers, Inc. | | * | | | 4,132 | | | | 122,844 | |
Tupperware Brands Corp. | | | | | 2,427 | | | | 132,903 | |
Universal Electronics, Inc. | | * | | | 639 | | | | 8,416 | |
Whirlpool Corp. | | | | | 1,858 | | | | 113,635 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,821,754 | |
| | | | | | | | | | | | |
| Household Products—1.9% | |
Central Garden and Pet Co., Class A | | * | | | 1,230 | | | | 13,395 | |
Church & Dwight Co., Inc. | | | | | 5,138 | | | | 285,005 | |
Clorox Co. (The) | | | | | 4,503 | | | | 326,287 | |
Colgate-Palmolive Co. | | | | | 16,371 | | | | 1,704,221 | |
Energizer Holdings, Inc. | | * | | | 1,856 | | | | 139,664 | |
Kimberly-Clark Corp. | | † | | | 13,185 | | | | 1,104,507 | |
Procter & Gamble Co. (The) | | | | | 102,376 | | | | 6,270,530 | |
WD-40 Co. | | | | | 949 | | | | 47,270 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,890,879 | |
| | | | | | | | | | | | |
| Independent Power Producers & Energy Traders—0.2% | |
AES Corp. (The) | | * | | | 26,935 | | | | 345,576 | |
Calpine Corp. | | * | | | 16,000 | | | | 264,160 | |
Dynegy, Inc. | | * | | | 25,395 | | | | 14,856 | |
Genie Energy Ltd., Class B | | | | | 1,600 | | | | 12,432 | |
GenOn Energy, Inc. | | * | | | 15,396 | | | | 26,327 | |
NRG Energy, Inc. | | * | | | 8,000 | | | | 138,880 | |
Tegal Corp. | | * | | | 62 | | | | 212 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 802,443 | |
| | | | | | | | | | | | |
| Industrial Conglomerates—2.2% | |
3M Co. | | | | | 24,174 | | | | 2,165,990 | |
Carlisle Cos., Inc. | | | | | 2,452 | | | | 130,005 | |
Danaher Corp. | | | | | 16,656 | | | | 867,445 | |
General Electric Co. | | | | | 395,685 | | | | 8,246,075 | |
Seaboard Corp. | | * | | | 18 | | | | 38,394 | |
Standex International Corp. | | † | | | 724 | | | | 30,821 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,478,730 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
196
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| COMMON STOCKS—(Continued) | |
| Insurance—3.4% | |
Aflac, Inc. | | | | | 19,465 | | | $ | 829,014 | |
Alleghany Corp. | | * | | | 66 | | | | 22,423 | |
Allstate Corp. (The) | | | | | 18,288 | | | | 641,726 | |
Alterra Capital Holdings Ltd. (Bermuda) | | | 1,915 | | | | 44,715 | |
American Equity Investment Life Holding Co. | | † | | | 4,302 | | | | 47,365 | |
American Financial Group, Inc. | | | | | 2,657 | | | | 104,234 | |
American International Group, Inc. | | * | | | 14,067 | | | | 451,410 | |
American National Insurance Co. | | | | | 945 | | | | 67,350 | |
Arch Capital Group Ltd. (Bermuda) | | * | | | 4,284 | | | | 170,032 | |
Argo Group International Holdings Ltd. (Bermuda) | | | | | 899 | | | | 26,314 | |
Arthur J. Gallagher & Co. | | | | | 3,230 | | | | 113,276 | |
Aspen Insurance Holdings Ltd. (Bermuda) | | | 3,512 | | | | 101,497 | |
Assurant, Inc. | | | | | 1,358 | | | | 47,313 | |
Assured Guaranty Ltd. (Bermuda) | | | | | 7,538 | | | | 106,286 | |
Axis Capital Holdings Ltd. (Bermuda) | | | 5,691 | | | | 185,242 | |
Baldwin & Lyons, Inc., Class B | | | | | 945 | | | | 21,962 | |
Berkshire Hathaway, Inc., Class B | | * | | | 68,409 | | | | 5,700,522 | |
Brown & Brown, Inc. | | | | | 5,036 | | | | 137,332 | |
Chubb Corp. (The) | | | | | 8,118 | | | | 591,153 | |
Cincinnati Financial Corp. | | | | | 6,036 | | | | 229,791 | |
CNA Financial Corp. | | | | | 1,422 | | | | 39,418 | |
CNO Financial Group, Inc. | | | | | 6,600 | | | | 51,480 | |
Crawford & Co., Class B | | † | | | 1,891 | | | | 7,734 | |
EMC Insurance Group, Inc. | | | | | 341 | | | | 6,888 | |
Employers Holdings, Inc. | | | | | 2,770 | | | | 49,971 | |
Endurance Specialty Holdings Ltd. (Bermuda) | | | | | 2,698 | | | | 103,387 | |
Erie Indemnity Co., Class A | | | | | 1,023 | | | | 73,257 | |
Everest Re Group Ltd. (Bermuda) | | | | | 2,468 | | | | 255,413 | |
FBL Financial Group, Inc., Class A | | | | | 1,275 | | | | 35,713 | |
Fidelity National Financial, Inc., Class A | | | 8,236 | | | | 158,625 | |
First American Financial Corp. | | | | | 3,159 | | | | 53,577 | |
Genworth Financial, Inc., Class A | | * | | | 16,181 | | | | 91,584 | |
Hanover Insurance Group, Inc. (The) | | | 2,346 | | | | 91,799 | |
Hartford Financial Services Group, Inc. | | | 15,915 | | | | 280,581 | |
HCC Insurance Holdings, Inc. | | | | | 3,999 | | | | 125,569 | |
Hilltop Holdings, Inc. | | * | | | 1,180 | | | | 12,166 | |
Horace Mann Educators Corp. | | | | | 2,000 | | | | 34,960 | |
Independence Holding Co. | | | | | 1,056 | | | | 10,402 | |
Infinity Property & Casualty Corp. | | | | | 810 | | | | 46,713 | |
Kansas City Life Insurance Co. | | | | | 902 | | | | 31,741 | |
Kemper Corp. | | | | | 1,906 | | | | 58,610 | |
Lincoln National Corp. | | | | | 10,899 | | | | 238,361 | |
Loews Corp. | | | | | 6,027 | | | | 246,565 | |
Markel Corp. | | * | | | 152 | | | | 67,138 | |
Marsh & McLennan Cos., Inc. | | | | | 15,676 | | | | 505,237 | |
MBIA, Inc. | | *† | | | 5,212 | | | | 56,342 | |
Mercury General Corp. | | | | | 1,109 | | | | 46,212 | |
MetLife, Inc. | | | | | 32,137 | | | | 991,426 | |
Montpelier Re Holdings Ltd. (Bermuda) | | | 3,734 | | | | 79,497 | |
National Financial Partners Corp. | | * | | | 1,495 | | | | 20,033 | |
Navigators Group, Inc. (The) | | * | | | 938 | | | | 46,947 | |
Old Republic International Corp. | | | | | 10,195 | | | | 84,517 | |
PartnerRe Ltd. (Bermuda) | | | | | 2,300 | | | | 174,041 | |
Phoenix Cos., Inc. (The) | | * | | | 4,217 | | | | 7,801 | |
Platinum Underwriters Holdings Ltd. (Bermuda) | | | | | 2,734 | | | | 104,165 | |
Presidential Life Corp. | | | | | 1,144 | | | | 11,246 | |
Principal Financial Group, Inc. | | | | | 10,891 | | | | 285,671 | |
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| | | | | | | | Shares | | | | Value | |
ProAssurance Corp. | | | | | 1,647 | | | $ | 146,731 | |
Progressive Corp. (The) | | † | | | 18,475 | | | | 384,834 | |
Protective Life Corp. | | | | | 3,130 | | | | 92,053 | |
Prudential Financial, Inc. | | | | | 17,746 | | | | 859,439 | |
Reinsurance Group of America, Inc. | | | 1,440 | | | | 76,622 | |
RenaissanceRe Holdings Ltd. (Bermuda) | | | 2,900 | | | | 220,429 | |
RLI Corp. | | † | | | 1,164 | | | | 79,385 | |
Safety Insurance Group, Inc. | | | | | 850 | | | | 34,544 | |
Selective Insurance Group, Inc. | | | | | 2,122 | | | | 36,944 | |
StanCorp Financial Group, Inc. | | | | | 2,460 | | | | 91,414 | |
State Auto Financial Corp. | | | | | 488 | | | | 6,856 | |
Stewart Information Services Corp. | | † | | | 1,239 | | | | 19,019 | |
Torchmark Corp. | | | | | 5,434 | | | | 274,689 | |
Tower Group, Inc. | | † | | | 1,736 | | | | 36,230 | |
Travelers Cos., Inc. (The) | | | | | 12,194 | | | | 778,465 | |
United Fire Group, Inc. | | | | | 1,250 | | | | 26,662 | |
Unum Group | | | | | 7,547 | | | | 144,374 | |
Validus Holdings Ltd. (Bermuda) | | | | | 3,553 | | | | 113,803 | |
W.R. Berkley Corp. | | | | | 2,501 | | | | 97,339 | |
White Mountains Insurance Group Ltd. | | | 300 | | | | 156,525 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,900,101 | |
| | | | | | | | | | | | |
| Internet & Catalog Retail—0.9% | |
1-800-Flowers.com, Inc., Class A | | * | | | 793 | | | | 2,767 | |
Amazon.com, Inc. | | * | | | 13,403 | | | | 3,060,575 | |
dELiA*s, Inc. | | * | | | 925 | | | | 1,434 | |
Expedia, Inc. | | † | | | 3,588 | | | | 172,475 | |
Geeknet, Inc. | | * | | | 201 | | | | 3,984 | |
Hollywood Media Corp. | | * | | | 998 | | | | 1,198 | |
HSN, Inc. | | | | | 1,886 | | | | 76,100 | |
Liberty Interactive Corp., Series A | | * | | | 16,418 | | | | 292,076 | |
Netflix, Inc. | | *† | | | 1,859 | | | | 127,286 | |
Overstock.com, Inc. | | *† | | | 770 | | | | 5,321 | |
priceline.com, Inc. | | * | | | 1,548 | | | | 1,028,677 | |
TripAdvisor, Inc. | | * | | | 3,588 | | | | 160,348 | |
Valuevision Media, Inc., Class A | | * | | | 1,741 | | | | 3,621 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,935,862 | |
| | | | | | | | | | | | |
| Internet Software & Services—1.9% | |
Akamai Technologies, Inc. | | * | | | 7,479 | | | | 237,458 | |
AOL, Inc. | | * | | | 3,989 | | | | 112,011 | |
Autobytel, Inc. | | * | | | 1,384 | | | | 1,042 | |
Blucora, Inc. | | * | | | 1,323 | | | | 16,299 | |
CoStar Group, Inc. | | * | | | 770 | | | | 62,524 | |
DealerTrack Holdings, Inc. | | *† | | | 1,800 | | | | 54,198 | |
Digital River, Inc. | | * | | | 1,627 | | | | 27,041 | |
EarthLink, Inc. | | | | | 5,814 | | | | 43,256 | |
eBay, Inc. | | * | | | 40,546 | | | | 1,703,337 | |
Equinix, Inc. | | * | | | 1,323 | | | | 232,385 | |
Facebook, Inc., Class A | | *† | | | 14,600 | | | | 454,352 | |
Google, Inc., Class A | | * | | | 9,291 | | | | 5,389,430 | |
IAC/InterActiveCorp | | | | | 2,481 | | | | 113,134 | |
Internap Network Services Corp. | | * | | | 1,297 | | | | 8,443 | |
Inuvo, Inc. | | * | | | 306 | | | | 208 | |
j2 Global, Inc. | | † | | | 1,614 | | | | 42,642 | |
Keynote Systems, Inc. | | | | | 1,400 | | | | 20,790 | |
LivePerson, Inc. | | * | | | 3,333 | | | | 63,527 | |
Looksmart Ltd. | | * | | | 500 | | | | 389 | |
Monster Worldwide, Inc. | | *† | | | 4,681 | | | | 39,789 | |
Move, Inc. | | * | | | 1,840 | | | | 16,762 | |
NIC, Inc. | | | | | 2,450 | | | | 31,115 | |
Rackspace Hosting, Inc. | | * | | | 985 | | | | 43,281 | |
RealNetworks, Inc. | | | | | 1,461 | | | | 12,623 | |
Saba Software, Inc. | | * | | | 1,576 | | | | 14,625 | |
See accompanying notes to financial statements.
197
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| COMMON STOCKS—(Continued) | |
Stamps.com, Inc. | | * | | | 1,050 | | | $ | 25,904 | |
support.com, Inc. | | * | | | 1,562 | | | | 4,983 | |
United Online, Inc. | | | | | 2,509 | | | | 10,588 | |
Unwired Planet, Inc. | | * | | | 2,570 | | | | 5,911 | |
ValueClick, Inc. | | * | | | 4,058 | | | | 66,511 | |
VeriSign, Inc. | | * | | | 8,080 | | | | 352,046 | |
Web.com Group, Inc. | | * | | | 308 | | | | 5,643 | |
WebMD Health Corp. | | * | | | 2,424 | | | | 49,716 | |
WebMediaBrands, Inc. | | * | | | 1,450 | | | | 914 | |
XO Group, Inc. | | * | | | 2,304 | | | | 20,436 | |
Yahoo! Inc. | | * | | | 43,481 | | | | 688,304 | |
Zix Corp. | | * | | | 1,015 | | | | 2,639 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,974,256 | |
| | | | | | | | | | | | |
| IT Services—3.4% | |
Acxiom Corp. | | * | | | 3,451 | | | | 52,145 | |
Alliance Data Systems Corp. | | *† | | | 1,955 | | | | 263,925 | |
Automatic Data Processing, Inc. | | | | | 17,041 | | | | 948,502 | |
Broadridge Financial Solutions, Inc. | | | 5,748 | | | | 122,260 | |
CACI International, Inc., Class A | | * | | | 1,198 | | | | 65,914 | |
CIBER, Inc. | | * | | | 2,444 | | | | 10,534 | |
Cognizant Technology Solutions Corp., Class A | | * | | | 11,127 | | | | 667,620 | |
Computer Sciences Corp. | | | | | 3,563 | | | | 88,434 | |
Convergys Corp. | | | | | 5,933 | | | | 87,630 | |
CoreLogic, Inc. | | * | | | 3,159 | | | | 57,841 | |
CSG Systems International, Inc. | | * | | | 2,153 | | | | 37,204 | |
DST Systems, Inc. | | | | | 2,518 | | | | 136,753 | |
Edgewater Technology, Inc. | | * | | | 1,533 | | | | 5,963 | |
Euronet Worldwide, Inc. | | * | | | 1,056 | | | | 18,079 | |
Fidelity National Information Services, Inc. | | | | | 9,512 | | | | 324,169 | |
Fiserv, Inc. | | * | | | 3,747 | | | | 270,608 | |
Forrester Research, Inc. | | | | | 963 | | | | 32,607 | |
Gartner, Inc. | | * | | | 1,179 | | | | 50,756 | |
Global Payments, Inc. | | | | | 3,238 | | | | 139,979 | |
Hackett Group, Inc. (The) | | * | | | 1,140 | | | | 6,350 | |
iGATE Corp. | | * | | | 1,397 | | | | 23,777 | |
International Business Machines Corp. | | | 41,470 | | | | 8,110,703 | |
Jack Henry & Associates, Inc. | | | | | 3,591 | | | | 123,961 | |
Lender Processing Services, Inc. | | | | | 4,048 | | | | 102,333 | |
Lionbridge Technologies, Inc. | | * | | | 1,165 | | | | 3,670 | |
Management Network Group, Inc. | | * | | | 320 | | | | 685 | |
Mantech International Corp., Class A | | † | | | 1,217 | | | | 28,563 | |
Mastercard, Inc., Class A | | | | | 3,819 | | | | 1,642,590 | |
MAXIMUS, Inc. | | | | | 2,104 | | | | 108,882 | |
ModusLink Global Solutions, Inc. | | * | | | 1,007 | | | | 3,011 | |
MoneyGram International, Inc. | | * | | | 468 | | | | 6,833 | |
NeuStar, Inc., Class A | | * | | | 3,140 | | | | 104,876 | |
Online Resources Corp. | | * | | | 700 | | | | 1,701 | |
Paychex, Inc. | | | | | 9,849 | | | | 309,357 | |
Pfsweb, Inc. | | * | | | 1,209 | | | | 3,434 | |
SAIC, Inc. | | | | | 8,529 | | | | 103,371 | |
Sapient Corp. | | | | | 4,150 | | | | 41,790 | |
StarTek, Inc. | | * | | | 994 | | | | 2,883 | |
Syntel, Inc. | | | | | 1,554 | | | | 94,328 | |
TeleTech Holdings, Inc. | | * | | | 2,738 | | | | 43,808 | |
Teradata Corp. | | * | | | 6,451 | | | | 464,536 | |
Total System Services, Inc. | | | | | 6,935 | | | | 165,954 | |
Unisys Corp. | | *† | | | 1,371 | | | | 26,803 | |
VeriFone Systems, Inc. | | *† | | | 3,103 | | | | 102,678 | |
Visa, Inc., Class A | | | | | 18,001 | | | | 2,225,464 | |
Western Union Co. (The) | | | | | 25,245 | | | | 425,126 | |
| | | | | | | | | | | | |
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| | | | | | | Shares | | | Value | |
Wright Express Corp. | | * | | | 1,750 | | | $ | 108,010 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,766,400 | |
| | | | | | | | | | | | |
| Leisure Equipment & Products—0.2% | |
Arctic Cat, Inc. | | * | | | 1,857 | | | | 67,892 | |
Brunswick Corp. | | | | | 3,797 | | | | 84,369 | |
Callaway Golf Co. | | † | | | 2,881 | | | | 17,027 | |
Hasbro, Inc. | | † | | | 2,107 | | | | 71,364 | |
JAKKS Pacific, Inc. | | † | | | 925 | | | | 14,809 | |
LeapFrog Enterprises, Inc. | | * | | | 1,261 | | | | 12,938 | |
Mattel, Inc. | | | | | 8,487 | | | | 275,318 | |
Nautilus, Inc. | | * | | | 1,359 | | | | 4,498 | |
Polaris Industries, Inc. | | | | | 2,406 | | | | 171,981 | |
Steinway Musical Instruments, Inc. | | * | | | 683 | | | | 16,734 | |
Sturm Ruger & Co., Inc. | | † | | | 3,296 | | | | 132,334 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 869,264 | |
| | | | | | | | | | | | |
| Life Sciences Tools & Services—0.6% | |
Affymetrix, Inc. | | * | | | 2,525 | | | | 11,842 | |
Agilent Technologies, Inc. | | | | | 10,372 | | | | 406,997 | |
Albany Molecular Research, Inc. | | * | | | 1,371 | | | | 3,496 | |
Bio-Rad Laboratories, Inc., Class A | | * | | | 623 | | | | 62,306 | |
Bruker Corp. | | * | | | 1,667 | | | | 22,188 | |
Cambrex Corp. | | * | | | 1,258 | | | | 11,838 | |
Charles River Laboratories International, Inc. | | * | | | 2,755 | | | | 90,254 | |
Covance, Inc. | | * | | | 2,839 | | | | 135,846 | |
Enzo Biochem, Inc. | | * | | | 1,353 | | | | 2,260 | |
eResearchTechnology, Inc. | | * | | | 2,056 | | | | 16,428 | |
Furiex Pharmaceuticals, Inc. | | * | | | 394 | | | | 8,254 | |
Illumina, Inc. | | *† | | | 4,535 | | | | 183,169 | |
Life Technologies Corp. | | * | | | 7,474 | | | | 336,255 | |
Luminex Corp. | | * | | | 1,070 | | | | 26,204 | |
Mettler-Toledo International, Inc. | | * | | | 913 | | | | 142,291 | |
PAREXEL International Corp. | | * | | | 2,306 | | | | 65,098 | |
PerkinElmer, Inc. | | | | | 5,266 | | | | 135,863 | |
Sequenom, Inc. | | *† | | | 19,756 | | | | 80,209 | |
Techne Corp. | | | | | 1,736 | | | | 128,811 | |
Thermo Fisher Scientific, Inc. | | | | | 14,773 | | | | 766,867 | |
Waters Corp. | | * | | | 3,878 | | | | 308,185 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,944,661 | |
| | | | | | | | | | | | |
| Machinery—2.2% | |
Actuant Corp., Class A | | | | | 2,022 | | | | 54,918 | |
AGCO Corp. | | * | | | 3,068 | | | | 140,300 | |
Albany International Corp., Class A | | | | | 1,437 | | | | 26,886 | |
American Railcar Industries, Inc. | | * | | | 1,200 | | | | 32,520 | |
Ampco-Pittsburgh Corp. | | | | | 613 | | | | 11,236 | |
Astec Industries, Inc. | | * | | | 821 | | | | 25,188 | |
Barnes Group, Inc. | | | | | 2,018 | | | | 49,017 | |
Blount International, Inc. | | * | | | 1,532 | | | | 22,444 | |
Briggs & Stratton Corp. | | † | | | 1,822 | | | | 31,867 | |
Caterpillar, Inc. | | | | | 21,496 | | | | 1,825,225 | |
Chart Industries, Inc. | | * | | | 1,070 | | | | 73,573 | |
CIRCOR International, Inc. | | | | | 711 | | | | 24,238 | |
CLARCOR, Inc. | | | | | 2,354 | | | | 113,369 | |
Crane Co. | | | | | 2,467 | | | | 89,749 | |
Cummins, Inc. | | | | | 5,514 | | | | 534,362 | |
Deere & Co. | | | | | 15,887 | | | | 1,284,782 | |
Donaldson Co., Inc. | | | | | 4,058 | | | | 135,415 | |
Dover Corp. | | | | | 5,761 | | | | 308,847 | |
Eaton Corp. | | † | | | 11,582 | | | | 458,995 | |
EnPro Industries, Inc. | | *† | | | 981 | | | | 36,660 | |
ESCO Technologies, Inc. | | | | | 1,222 | | | | 44,530 | |
Federal Signal Corp. | | * | | | 2,159 | | | | 12,609 | |
See accompanying notes to financial statements.
198
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| | | | | | | | | | | | |
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| COMMON STOCKS—(Continued) | |
Flow International Corp. | | * | | | 2,200 | | | $ | 6,930 | |
Flowserve Corp. | | | | | 2,375 | | | | 272,531 | |
FreightCar America, Inc. | | | | | 900 | | | | 20,673 | |
Gardner Denver, Inc. | | | | | 1,836 | | | | 97,143 | |
Graco, Inc. | | | | | 2,883 | | | | 132,849 | |
Harsco Corp. | | | | | 3,646 | | | | 74,305 | |
Hurco Cos., Inc. | | * | | | 300 | | | | 6,147 | |
IDEX Corp. | | | | | 3,304 | | | | 128,790 | |
Illinois Tool Works, Inc. | | | | | 16,815 | | | | 889,345 | |
ITT Corp. | | | | | 2,488 | | | | 43,789 | |
John Bean Technologies Corp. | | | | | 1,164 | | | | 15,795 | |
Joy Global, Inc. | | | | | 4,237 | | | | 240,365 | |
Kadant, Inc. | | * | | | 721 | | | | 16,907 | |
Kaydon Corp. | | † | | | 1,422 | | | | 30,417 | |
Kennametal, Inc. | | | | | 3,196 | | | | 105,947 | |
Lincoln Electric Holdings, Inc. | | | | | 3,754 | | | | 164,388 | |
Lindsay Corp. | | | | | 808 | | | | 52,439 | |
Manitowoc Co., Inc. (The) | | † | | | 5,044 | | | | 59,015 | |
Meritor, Inc. | | * | | | 2,791 | | | | 14,569 | |
Middleby Corp. | | * | | | 984 | | | | 98,016 | |
Mueller Industries, Inc. | | | | | 1,592 | | | | 67,803 | |
Mueller Water Products, Inc., Class A | | | | | 3,000 | | | | 10,380 | |
NACCO Industries, Inc., Class A | | | | | 309 | | | | 35,921 | |
Navistar International Corp. | | *† | | | 2,436 | | | | 69,109 | |
Nordson Corp. | | | | | 3,044 | | | | 156,127 | |
Oshkosh Corp. | | * | | | 2,868 | | | | 60,085 | |
PACCAR, Inc. | | | | | 14,853 | | | | 582,089 | |
Pall Corp. | | | | | 3,831 | | | | 209,977 | |
Parker Hannifin Corp. | | | | | 5,068 | | | | 389,628 | |
Pentair, Inc. | | | | | 3,618 | | | | 138,497 | |
Robbins & Myers, Inc. | | | | | 2,604 | | | | 108,899 | |
Sauer-Danfoss, Inc. | | | | | 1,531 | | | | 53,478 | |
Snap-on, Inc. | | | | | 2,419 | | | | 150,583 | |
SPX Corp. | | | | | 2,157 | | | | 140,895 | |
Stanley Black & Decker, Inc. | | | | | 5,209 | | | | 335,251 | |
Tecumseh Products Co., Class A | | * | | | 712 | | | | 3,596 | |
Tennant Co. | | | | | 1,280 | | | | 51,136 | |
Terex Corp. | | *† | | | 4,124 | | | | 73,531 | |
Timken Co. | | | | | 3,702 | | | | 169,515 | |
Titan International, Inc. | | † | | | 1,356 | | | | 33,263 | |
Toro Co. (The) | | | | | 1,020 | | | | 74,756 | |
Trinity Industries, Inc. | | | | | 3,051 | | | | 76,214 | |
Valmont Industries, Inc. | | | | | 1,162 | | | | 140,567 | |
Wabash National Corp. | | * | | | 6,441 | | | | 42,639 | |
Wabtec Corp. | | | | | 1,737 | | | | 135,503 | |
Watts Water Technologies, Inc., Class A | | | | | 1,225 | | | | 40,842 | |
Woodward, Inc. | | | | | 2,448 | | | | 96,549 | |
Xylem, Inc. | | | | | 4,977 | | | | 125,271 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,379,194 | |
| | | | | | | | | | | | |
| Marine—0.0% | |
Alexander & Baldwin Holdings, Inc. | | | | | 1,466 | | | | 78,064 | |
Eagle Bulk Shipping, Inc. | | *† | | | 912 | | | | 2,882 | |
Genco Shipping & Trading Ltd. | | * | | | 2,042 | | | | 6,228 | |
Kirby Corp. | | * | | | 2,358 | | | | 111,015 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 198,189 | |
| | | | | | | | | | | | |
| Media—2.9% | |
A.H. Belo Corp., Class A | | | | | 944 | | | | 3,795 | |
AMC Networks, Inc., Class A | | * | | | 2,261 | | | | 80,379 | |
Arbitron, Inc. | | | | | 1,298 | | | | 45,430 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
Belo Corp., Class A | | | | | 4,721 | | | $ | 30,403 | |
Cablevision Systems Corp., Class A | | † | | | 9,044 | | | | 120,195 | |
CBS Corp., Class B | | | | | 23,133 | | | | 758,300 | |
Clear Channel Outdoor Holdings, Inc., Class A | | * | | | 2,500 | | | | 15,050 | |
Comcast Corp., Class A | | | | | 71,429 | | | | 2,283,585 | |
Crown Media Holdings, Inc., Class A | | *† | | | 5,899 | | | | 10,323 | |
Cumulus Media, Inc., Class A | | *† | | | 2,174 | | | | 6,544 | |
DIRECTV, Class A | | * | | | 21,514 | | | | 1,050,313 | |
Discovery Communications, Inc., Class A | | * | | | 5,451 | | | | 294,354 | |
DISH Network Corp., Class A | | | | | 4,775 | | | | 136,326 | |
DreamWorks Animation SKG, Inc., Class A | | *† | | | 1,300 | | | | 24,778 | |
E.W. Scripps Co. (The), Class A | | * | | | 1,204 | | | | 11,570 | |
Emmis Communications Corp., Class A | | * | | | 1,175 | | | | 2,162 | |
Entercom Communications Corp., Class A | | * | | | 2,183 | | | | 13,142 | |
Entravision Communications Corp., Class A | | | | | 2,852 | | | | 3,451 | |
Gannett Co., Inc. | | † | | | 7,301 | | | | 107,544 | |
Gray Television, Inc. | | * | | | 1,838 | | | | 2,702 | |
Harris Interactive, Inc. | | * | | | 2,730 | | | | 3,085 | |
Harte-Hanks, Inc. | | | | | 3,119 | | | | 28,508 | |
Interpublic Group of Cos., Inc. (The) | | | 17,203 | | | | 186,653 | |
John Wiley & Sons, Inc., Class A | | | | | 2,491 | | | | 122,034 | |
Journal Communications, Inc., Class A | | * | | | 3,900 | | | | 20,124 | |
Lamar Advertising Co., Class A | | *† | | | 3,479 | | | | 99,499 | |
Liberty Global, Inc., Series A | | * | | | 4,456 | | | | 221,151 | |
Liberty Media Corp.—Liberty Capital, Class A | | * | | | 4,301 | | | | 378,101 | |
LIN TV Corp., Class A | | * | | | 1,419 | | | | 4,285 | |
Live Nation Entertainment, Inc. | | * | | | 5,485 | | | | 50,352 | |
LodgeNet Interactive Corp. | | *† | | | 1,250 | | | | 1,637 | |
Madison Square Garden Co. (The), Class A | | * | | | 2,261 | | | | 84,652 | |
McClatchy Co. (The), Class A | | *† | | | 2,444 | | | | 5,377 | |
McGraw-Hill Cos., Inc. (The) | | | | | 9,601 | | | | 432,045 | |
Media General, Inc., Class A | | *† | | | 952 | | | | 4,389 | |
Meredith Corp. | | † | | | 2,083 | | | | 66,531 | |
National CineMedia, Inc. | | | | | 2,226 | | | | 33,768 | |
New Frontier Media, Inc. | | * | | | 3,808 | | | | 6,245 | |
New York Times Co. (The), Class A | | *† | | | 5,682 | | | | 44,320 | |
News Corp., Class A | | | | | 50,315 | | | | 1,121,521 | |
Omnicom Group, Inc. | | | | | 9,924 | | | | 482,306 | |
Radio Unica Communications Corp. | | *‡d | | | 1,900 | | | | — | |
Regal Entertainment Group, Class A | | † | | | 2,743 | | | | 37,744 | |
Salem Communications Corp., Class A | | | | | 850 | | | | 4,649 | |
Scholastic Corp. | | † | | | 1,845 | | | | 51,955 | |
Scripps Networks Interactive, Inc., Class A | | | | | 3,612 | | | | 205,378 | |
Sinclair Broadcast Group, Inc., Class A | | | | | 2,049 | | | | 18,564 | |
Sirius XM Radio, Inc. | | *† | | | 169,893 | | | | 314,302 | |
Time Warner Cable, Inc. | | | | | 10,238 | | | | 840,540 | |
Time Warner, Inc. | | | | | 34,296 | | | | 1,320,396 | |
Valassis Communications, Inc. | | * | | | 2,236 | | | | 48,633 | |
Value Line, Inc. | | † | | | 573 | | | | 6,813 | |
See accompanying notes to financial statements.
199
SCHEDULE OF INVESTMENTS—(Continued)
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| COMMON STOCKS—(Continued) | |
Viacom, Inc., Class B | | | | | 19,730 | | | $ | 927,705 | |
Virgin Media, Inc. | | † | | | 10,479 | | | | 255,583 | |
Walt Disney Co. (The) | | | | | 61,815 | | | | 2,998,027 | |
Washington Post Co. (The), Class B | | † | | | 258 | | | | 96,446 | |
World Wrestling Entertainment, Inc., Class A | | | | | 1,030 | | | | 8,055 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,531,719 | |
| | | | | | | | | | | | |
| Metals & Mining—0.9% | |
AK Steel Holding Corp. | | † | | | 5,009 | | | | 29,403 | |
Alcoa, Inc. | | | | | 44,044 | | | | 385,385 | |
Allegheny Technologies, Inc. | | | | | 3,760 | | | | 119,906 | |
AMCOL International Corp. | | | | | 1,186 | | | | 33,576 | |
Carpenter Technology Corp. | | | | | 1,882 | | | | 90,035 | |
Century Aluminum Co. | | * | | | 865 | | | | 6,341 | |
Cliffs Natural Resources, Inc. | | | | | 4,448 | | | | 219,242 | |
Coeur d’Alene Mines Corp. | | * | | | 7,315 | | | | 128,451 | |
Commercial Metals Co. | | | | | 4,080 | | | | 51,571 | |
Compass Minerals International, Inc. | | | 1,915 | | | | 146,076 | |
Freeport-McMoRan Copper & Gold, Inc. | | | | | 38,302 | | | $ | 1,304,949 | |
Hecla Mining Co. | | | | | 20,609 | | | | 97,893 | |
Materion Corp. | | | | | 1,122 | | | | 25,840 | |
Molycorp, Inc. | | *† | | | 1,566 | | | | 33,747 | |
Newmont Mining Corp. | | | | | 16,854 | | | | 817,588 | |
Nucor Corp. | | † | | | 10,963 | | | | 415,498 | |
Reliance Steel & Aluminum Co. | | | | | 2,966 | | | | 149,783 | |
Royal Gold, Inc. | | | | | 1,153 | | | | 90,395 | |
RTI International Metals, Inc. | | *† | | | 1,363 | | | | 30,845 | |
Schnitzer Steel Industries, Inc., Class A | | | 693 | | | | 19,418 | |
Southern Copper Corp. | | | | | 8,793 | | | | 277,067 | |
Steel Dynamics, Inc. | | | | | 8,080 | | | | 94,940 | |
Stillwater Mining Co. | | * | | | 3,727 | | | | 31,829 | |
SunCoke Energy, Inc. | | *† | | | 1,473 | | | | 21,579 | |
Titanium Metals Corp. | | † | | | 5,344 | | | | 60,441 | |
United States Steel Corp. | | † | | | 5,607 | | | | 115,504 | |
Walter Energy, Inc. | | | | | 1,840 | | | | 81,254 | |
Worthington Industries, Inc. | | | | | 3,575 | | | | 73,180 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,951,736 | |
| | | | | | | | | | | | |
| Multiline Retail—0.7% | |
Big Lots, Inc. | | *† | | | 1,874 | | | | 76,440 | |
Dillard’s, Inc., Class A | | | | | 1,535 | | | | 97,749 | |
Dollar Tree, Inc. | | * | | | 8,356 | | | | 449,553 | |
Family Dollar Stores, Inc. | | | | | 3,743 | | | | 248,834 | |
Fred’s, Inc., Class A | | † | | | 1,781 | | | | 27,231 | |
J.C. Penney Co., Inc. | | † | | | 7,928 | | | | 184,802 | |
Kohl’s Corp. | | | | | 8,292 | | | | 377,203 | |
Macy’s, Inc. | | | | | 14,423 | | | | 495,430 | |
Nordstrom, Inc. | | | | | 6,901 | | | | 342,911 | |
Saks, Inc. | | *† | | | 5,811 | | | | 61,887 | |
Sears Holdings Corp. | | *† | | | 3,097 | | | | 184,891 | |
Target Corp. | | | | | 23,232 | | | | 1,351,870 | |
Tuesday Morning Corp. | | * | | | 1,816 | | | | 7,791 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,906,592 | |
| | | | | | | | | | | | |
| Multi-Utilities—1.2% | |
Alliant Energy Corp. | | | | | 4,491 | | | | 204,655 | |
Ameren Corp. | | | | | 8,429 | | | | 282,709 | |
Avista Corp. | | | | | 1,759 | | | | 46,965 | |
Black Hills Corp. | | † | | | 2,041 | | | | 65,659 | |
CenterPoint Energy, Inc. | | | | | 12,705 | | | | 262,612 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
CH Energy Group, Inc. | | | | | 694 | | | $ | 45,589 | |
CMS Energy Corp. | | | | | 15,613 | | | | 366,906 | |
Consolidated Edison, Inc. | | | | | 9,508 | | | | 591,303 | |
Dominion Resources, Inc. | | | | | 18,948 | | | | 1,023,192 | |
DTE Energy Co. | | | | | 5,654 | | | | 335,452 | |
Integrys Energy Group, Inc. | | † | | | 5,523 | | | | 314,093 | |
MDU Resources Group, Inc. | | | | | 7,657 | | | | 165,468 | |
NiSource, Inc. | | | | | 10,893 | | | | 269,602 | |
NorthWestern Corp. | | | | | 1,449 | | | | 53,178 | |
PG&E Corp. | | | | | 13,909 | | | | 629,660 | |
Public Service Enterprise Group, Inc. | | | 19,188 | | | | 623,610 | |
SCANA Corp. | | | | | 4,791 | | | | 229,201 | |
Sempra Energy | | | | | 6,698 | | | | 461,358 | |
TECO Energy, Inc. | | | | | 7,797 | | | | 140,814 | |
Vectren Corp. | | | | | 3,706 | | | | 109,401 | |
Wisconsin Energy Corp. | | | | | 9,128 | | | | 361,195 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,582,622 | |
| | | | | | | | | | | | |
| Office Electronics—0.1% | |
Xerox Corp. | | | | | 37,010 | | | | 291,269 | |
Zebra Technologies Corp., Class A | | * | | | 2,988 | | | | 102,667 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 393,936 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—8.6% | |
Adams Resources & Energy, Inc. | | | | | 1,462 | | | | 61,287 | |
Alpha Natural Resources, Inc. | | * | | | 8,351 | | | | 72,737 | |
Anadarko Petroleum Corp. | | | | | 17,995 | | | | 1,191,269 | |
Apache Corp. | | | | | 13,575 | | | | 1,193,107 | |
Apco Oil and Gas International, Inc. | | | 1,181 | | | | 21,317 | |
Arch Coal, Inc. | | † | | | 7,214 | | | | 49,704 | |
ATP Oil & Gas Corp. | | *† | | | 685 | | | | 2,315 | |
Berry Petroleum Co., Class A | | | | | 2,902 | | | | 115,093 | |
BP Prudhoe Bay Royalty Trust | | | | | 1,105 | | | | 128,810 | |
BPZ Resources, Inc. | | *† | | | 4,003 | | | | 10,128 | |
Cabot Oil & Gas Corp. | | | | | 6,150 | | | | 242,310 | |
Callon Petroleum Co. | | * | | | 779 | | | | 3,319 | |
Carrizo Oil & Gas, Inc. | | * | | | 1,800 | | | | 42,318 | |
Chesapeake Energy Corp. | | † | | | 24,112 | | | | 448,483 | |
Chevron Corp. | | | | | 71,520 | | | | 7,545,360 | |
Cimarex Energy Co. | | | | | 2,681 | | | | 147,777 | |
Clayton Williams Energy, Inc. | | * | | | 550 | | | | 26,609 | |
Comstock Resources, Inc. | | *† | | | 1,735 | | | | 28,489 | |
Concho Resources, Inc. | | * | | | 3,943 | | | | 335,628 | |
ConocoPhillips | | | | | 50,449 | | | | 2,819,090 | |
CONSOL Energy, Inc. | | | | | 7,662 | | | | 231,699 | |
Contango Oil & Gas Co. | | * | | | 902 | | | | 53,398 | |
Continental Resources, Inc. | | * | | | 2,992 | | | | 199,327 | |
Cross Timbers Royalty Trust | | | | | 575 | | | | 20,119 | |
Crosstex Energy, Inc. | | | | | 2,100 | | | | 29,400 | |
Denbury Resources, Inc. | | * | | | 16,015 | | | | 241,987 | |
Devon Energy Corp. | | | | | 14,461 | | | | 838,593 | |
DHT Holdings, Inc. (Jersey, Channel Islands) | | | | | 4,173 | | | | 2,606 | |
Energen Corp. | | | | | 2,644 | | | | 119,324 | |
EOG Resources, Inc. | | | | | 7,506 | | | | 676,366 | |
EQT Corp. | | | | | 5,288 | | | | 283,595 | |
Evergreen Energy, Inc. | | * | | | 416 | | | | 7 | |
EXCO Resources, Inc. | | † | | | 8,720 | | | | 66,185 | |
Exxon Mobil Corp. | | | | | 177,795 | | | | 15,213,918 | |
Forest Oil Corp. | | *† | | | 3,820 | | | | 28,001 | |
FX Energy, Inc. | | * | | | 3,496 | | | | 20,801 | |
GMX Resources, Inc. | | *† | | | 1,297 | | | | 1,052 | |
Goodrich Petroleum Corp. | | *† | | | 1,566 | | | | 21,705 | |
Hess Corp. | | | | | 10,275 | | | | 446,449 | |
See accompanying notes to financial statements.
200
SCHEDULE OF INVESTMENTS—(Continued)
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| COMMON STOCKS—(Continued) | |
HollyFrontier Corp. | | | | | 5,470 | | | $ | 193,802 | |
Hugoton Royalty Trust | | | | | 1,669 | | | | 13,035 | |
James River Coal Co. | | *† | | | 1,500 | | | | 4,065 | |
Kinder Morgan, Inc. | | | | | 35,675 | | | | 1,149,448 | |
Kodiak Oil & Gas Corp. | | *† | | | 5,207 | | | | 42,749 | |
Marathon Oil Corp. | | | | | 25,577 | | | | 654,004 | |
Marathon Petroleum Corp. | | | | | 12,788 | | | | 574,437 | |
McMoRan Exploration Co. | | *† | | | 2,961 | | | | 37,516 | |
Murphy Oil Corp. | | | | | 5,804 | | | | 291,883 | |
Newfield Exploration Co. | | * | | | 3,712 | | | | 108,799 | |
Noble Energy, Inc. | | | | | 4,966 | | | | 421,216 | |
Occidental Petroleum Corp. | | | | | 30,246 | | | | 2,594,199 | |
Overseas Shipholding Group, Inc. | | † | | | 1,587 | | | | 17,632 | |
Patriot Coal Corp. | | *† | | | 2,992 | | | | 3,650 | |
PDC Energy, Inc. | | *† | | | 1,250 | | | | 30,650 | |
Peabody Energy Corp. | | | | | 10,624 | | | | 260,500 | |
Penn Virginia Corp. | | | | | 34,083 | | | | 250,169 | |
Petroquest Energy, Inc. | | *† | | | 3,346 | | | | 16,730 | |
Phillips 66 | | * | | | 25,224 | | | | 838,446 | |
Pioneer Natural Resources Co. | | | | | 5,081 | | | | 448,195 | |
Plains Exploration & Production Co. | | * | | | 5,227 | | | | 183,886 | |
QEP Resources, Inc. | | † | | | 7,412 | | | | 222,138 | |
Quicksilver Resources, Inc. | | *† | | | 3,960 | | | | 21,463 | |
Range Resources Corp. | | | | | 5,516 | | | | 341,275 | |
Rentech, Inc. | | * | | | 49,300 | | | | 101,558 | |
Rosetta Resources, Inc. | | * | | | 3,400 | | | | 124,576 | |
SandRidge Energy, Inc. | | | | *† | | | 8,962 | | | | 59,956 | |
Ship Finance International Ltd. (Bermuda) | | | | † | | | 3,352 | | | | 52,392 | |
SM Energy Co. | | | | | | | 2,262 | | | | 111,087 | |
Southwestern Energy Co. | | | | * | | | 12,344 | | | | 394,144 | |
Spectra Energy Corp. | | | | | | | 23,691 | | | | 688,460 | |
Stone Energy Corp. | | | | * | | | 1,208 | | | | 30,611 | |
Sunoco, Inc. | | | | | | | 2,777 | | | | 131,907 | |
Swift Energy Co. | | | | * | | | 1,142 | | | | 21,253 | |
Syntroleum Corp. | | | | * | | | 1,246 | | | | 841 | |
Teekay Corp. (Bermuda) | | | | | | | 1,691 | | | | 49,512 | |
Tesoro Corp. | | | | * | | | 6,846 | | | | 170,876 | |
Ultra Petroleum Corp. | | | | *† | | | 7,839 | | | | 180,846 | |
USEC, Inc. | | | | *† | | | 7,347 | | | | 7,274 | |
Vaalco Energy, Inc. | | | | * | | | 3,800 | | | | 32,794 | |
Valero Energy Corp. | | | | | | | 22,004 | | | | 531,397 | |
Verenium Corp. | | | | *† | | | 149 | | | | 466 | |
Warren Resources, Inc. | | | | * | | | 3,600 | | | | 8,640 | |
Western Refining, Inc. | | | | † | | | 2,500 | | | | 55,675 | |
Whiting Petroleum Corp. | | | | * | | | 2,484 | | | | 102,142 | |
Williams Cos., Inc. (The) | | | | | | | 24,207 | | | | 697,646 | |
World Fuel Services Corp. | | | | † | | | 1,920 | | | | 73,018 | |
WPX Energy, Inc. | | | | *† | | | 8,069 | | | | 130,556 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 45,457,196 | |
| | | | | | | | | | | | |
| Paper & Forest Products—0.2% | |
Buckeye Technologies, Inc. | | | | | | | 1,251 | | | | 35,641 | |
Clearwater Paper Corp. | | | | * | | | 924 | | | | 31,527 | |
Deltic Timber Corp. | | | | | | | 724 | | | | 44,150 | |
Domtar Corp. (Canada) | | | | | | | 1,388 | | | | 106,473 | |
International Paper Co. | | | | | | | 14,370 | | | | 415,437 | |
Louisiana-Pacific Corp. | | | | * | | | 4,396 | | | | 47,828 | |
MeadWestvaco Corp. | | | | † | | | 2,983 | | | | 85,761 | |
Neenah Paper, Inc. | | | | | | | 652 | | | | 17,402 | |
P.H. Glatfelter Co. | | | | | | | 1,740 | | | | 28,484 | |
Schweitzer-Mauduit International, Inc. | | | 724 | | | | 49,333 | |
Wausau Paper Corp. | | | | | | | 1,903 | | | | 18,516 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 880,552 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
| Personal Products—0.2% | |
Avon Products, Inc. | | | | | | | 14,351 | | | $ | 232,630 | |
Elizabeth Arden, Inc. | | | | * | | | 1,017 | | | | 39,470 | |
Estee Lauder Cos., Inc. (The), Class A | | | | | | | 7,494 | | | | 405,575 | |
Herbalife Ltd. (Cayman Islands) | | | | † | | | 1,696 | | | | 81,968 | |
Medifast, Inc. | | | | *† | | | 734 | | | | 14,445 | |
Nu Skin Enterprises, Inc., Class A | | † | | | 3,018 | | | | 141,544 | |
USANA Health Sciences, Inc. | | | | *† | | | 593 | | | | 24,384 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 940,016 | |
| | | | | | | | | | | | |
| Pharmaceuticals—5.4% | |
Abbott Laboratories | | | | | | | 59,451 | | | | 3,832,806 | |
Allergan, Inc. | | | | | | | 11,119 | | | | 1,029,286 | |
AVANIR Pharmaceuticals, Inc., Class A | | | | *† | | | 30,376 | | | | 119,074 | |
Biosante Pharmaceuticals, Inc. | | | | * | | | 50 | | | | 127 | |
Bristol-Myers Squibb Co. | | | | | | | 62,456 | | | | 2,245,293 | |
Columbia Laboratories, Inc. | | | | * | | | 1,819 | | | | 1,237 | |
Durect Corp. | | | | * | | | 1,900 | | | | 1,728 | |
Eli Lilly & Co. | | | | | | | 35,287 | | | | 1,514,165 | |
Emisphere Technologies, Inc. | | | | * | | | 772 | | | | 120 | |
Endo Health Solutions, Inc. | | | | * | | | 4,151 | | | | 128,598 | |
Forest Laboratories, Inc. | | | | * | | | 9,208 | | | | 322,188 | |
Heska Corp. | | | | | | | 446 | | | | 4,951 | |
Hi-Tech Pharmacal Co., Inc. | | | | * | | | 862 | | | | 27,929 | |
Hospira, Inc. | | | | * | | | 5,415 | | | | 189,417 | |
Johnson & Johnson | | | | † | | | 97,345 | | | | 6,576,628 | |
KV Pharmaceutical Co., Class A | | *† | | | 2,179 | | | | 1,177 | |
Medicines Co. (The) | | | | * | | | 2,018 | | | | 46,293 | |
Medicis Pharmaceutical Corp., Class A | | | | † | | | 2,564 | | | | 87,561 | |
Merck & Co., Inc. | | | | | | | 105,830 | | | | 4,418,402 | |
Mylan, Inc. | | | | * | | | 10,972 | | | | 234,472 | |
Nektar Therapeutics | | | | *† | | | 2,368 | | | | 19,110 | |
Optimer Pharmaceuticals, Inc. | | | | *† | | | 2,592 | | | | 40,228 | |
Pain Therapeutics, Inc. | | | | * | | | 1,318 | | | | 6,181 | |
Par Pharmaceutical Cos., Inc. | | | | * | | | 1,362 | | | | 49,223 | |
Perrigo Co. | | | | | | | 3,119 | | | | 367,824 | |
Pfizer, Inc. | | | | | | | 288,580 | | | | 6,637,340 | |
Pozen, Inc. | | | | * | | | 1,014 | | | | 6,327 | |
Questcor Pharmaceuticals, Inc. | | | | *† | | | 4,217 | | | | 224,513 | |
Salix Pharmaceuticals Ltd. | | | | *† | | | 2,346 | | | | 127,716 | |
Sciclone Pharmaceuticals, Inc. | | | | * | | | 1,700 | | | | 11,917 | |
ViroPharma, Inc. | | | | * | | | 4,061 | | | | 96,246 | |
Vivus, Inc. | | | | * | | | 1,630 | | | | 46,520 | |
Watson Pharmaceuticals, Inc. | | | | * | | | 4,630 | | | | 342,574 | |
XenoPort, Inc. | | | | *† | | | 1,939 | | | | 11,711 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 28,768,882 | |
| | | | | | | | | | | | |
| Professional Services—0.3% | |
Advisory Board Co. (The) | | | | * | | | 1,900 | | | | 94,221 | |
Barrett Business Services, Inc. | | | | | | | 2,203 | | | | 46,571 | |
CDI Corp. | | | | | | | 1,131 | | | | 18,548 | |
Corporate Executive Board Co. (The) | | | 1,507 | | | | 61,606 | |
CRA International, Inc. | | | | * | | | 986 | | | | 14,484 | |
Dun & Bradstreet Corp. (The) | | | | | | | 1,546 | | | | 110,029 | |
Equifax, Inc. | | | | | | | 2,521 | | | | 117,479 | |
FTI Consulting, Inc. | | | | * | | | 1,735 | | | | 49,881 | |
Heidrick & Struggles International, Inc. | | | 865 | | | | 15,138 | |
Huron Consulting Group, Inc. | | | | * | | | 988 | | | | 31,270 | |
IHS, Inc., Class A | | | | *† | | | 1,414 | | | | 152,330 | |
Insperity, Inc. | | | | | | | 1,143 | | | | 30,918 | |
See accompanying notes to financial statements.
201
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| COMMON STOCKS—(Continued) | |
Kelly Services, Inc., Class A | | | | | | | 1,173 | | | $ | 15,144 | |
Kforce, Inc. | | | | * | | | 297 | | | | 3,998 | |
Korn/Ferry International | | | | * | | | 1,624 | | | | 23,304 | |
Manpower, Inc. | | | | | | | 3,593 | | | | 131,684 | |
Navigant Consulting, Inc. | | | | * | | | 2,313 | | | | 29,236 | |
On Assignment, Inc. | | | | * | | | 1,243 | | | | 19,838 | |
RCM Technologies, Inc. | | | | * | | | 1,593 | | | | 8,825 | |
Resources Connection, Inc. | | | | | | | 2,060 | | | | 25,338 | |
Robert Half International, Inc. | | | | | | | 3,922 | | | | 112,052 | |
Towers Watson & Co., Class A | | | 1,600 | | | | 95,840 | |
TrueBlue, Inc. | | | | * | | | 2,485 | | | | 38,468 | |
Verisk Analytics, Inc., Class A | | | | * | | | 4,073 | | | | 200,636 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,446,838 | |
| | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—3.6% | |
Acadia Realty Trust REIT | | | | | | | 1,368 | | | | 31,710 | |
Agree Realty Corp. REIT | | | | | | | 814 | | | | 18,014 | |
Alexander’s, Inc. REIT | | | | | | | 78 | | | | 33,627 | |
Alexandria Real Estate Equities, Inc. REIT | | | | † | | | 1,245 | | | | 90,536 | |
American Campus Communities, Inc. REIT | | | 5,751 | | | | 258,680 | |
American Capital Agency Corp. REIT | | | 4,640 | | | | 155,950 | |
American Tower Corp. REIT | | | | | | | 13,160 | | | | 920,016 | |
Annaly Capital Management, Inc. REIT | | † | | | 30,573 | | | | 513,015 | |
Anworth Mortgage Asset Corp. REIT | | † | | | 18,790 | | | | 132,469 | |
Apartment Investment & Management Co., Class A REIT | | | | | | | 5,659 | | | | 152,963 | |
Ashford Hospitality Trust, Inc. REIT | | | | | 4,200 | | | | 35,406 | |
AvalonBay Communities, Inc. REIT | | | | | 3,314 | | | | 468,865 | |
BioMed Realty Trust, Inc. REIT | | | | | | | 6,210 | | | | 116,003 | |
Boston Properties, Inc. REIT | | | | | | | 5,737 | | | | 621,719 | |
Brandywine Realty Trust REIT | | | | | | | 6,105 | | | | 75,336 | |
BRE Properties, Inc. REIT | | | | | | | 2,433 | | | | 121,699 | |
BRT Realty Trust REIT | | | | * | | | 421 | | | | 2,736 | |
Camden Property Trust REIT | | | | | | | 2,058 | | | | 139,265 | |
Capital Trust, Inc., Class A REIT | | | | *† | | | 523 | | | | 1,506 | |
Capstead Mortgage Corp. REIT | | | | | | | 2,400 | | | | 33,384 | |
CBL & Associates Properties, Inc. REIT | | | 10,788 | | | | 210,798 | |
Cedar Realty Trust, Inc. REIT | | | | † | | | 33,497 | | | | 169,160 | |
Chimera Investment Corp. REIT | | | | | | | 42,645 | | | | 100,642 | |
Colonial Properties Trust REIT | | | | | | | 1,962 | | | | 43,439 | |
CommonWealth REIT REIT | | | | | | | 2,285 | | | | 43,689 | |
Corporate Office Properties Trust REIT | | | 1,904 | | | | 44,763 | |
Cousins Properties, Inc. REIT | | | | | | | 2,489 | | | | 19,290 | |
CubeSmart REIT | | | | † | | | 8,821 | | | | 102,941 | |
DCT Industrial Trust, Inc. REIT | | | | | | | 6,576 | | | | 41,429 | |
DDR Corp. REIT | | | | | | | 5,227 | | | | 76,523 | |
DiamondRock Hospitality Co. REIT | | | 4,047 | | | | 41,279 | |
Digital Realty Trust, Inc. REIT | | | | † | | | 5,681 | | | | 426,473 | |
Douglas Emmett, Inc. REIT | | | | | | | 4,212 | | | | 97,297 | |
Duke Realty Corp. REIT | | | | | | | 5,609 | | | | 82,116 | |
DuPont Fabros Technology, Inc. REIT | | † | | | 4,666 | | | | 133,261 | |
EastGroup Properties, Inc. REIT | | | | | | | 1,538 | | | | 81,975 | |
Entertainment Properties Trust REIT | | | 2,733 | | | | 112,354 | |
Equity Lifestyle Properties, Inc. REIT | | | | | 1,140 | | | | 78,626 | |
Equity One, Inc. REIT | | | | | | | 2,619 | | | | 55,523 | |
| | | | | | | | | | | | |
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| | | | | | | | Shares | | | | Value | |
Equity Residential REIT | | | | | | | 11,387 | | | $ | 710,093 | |
Essex Property Trust, Inc. REIT | | | | † | | | 807 | | | | 124,213 | |
Extra Space Storage, Inc. REIT | | | | | | | 3,500 | | | | 107,100 | |
Federal Realty Investment Trust REIT | | | | | 2,295 | | | | 238,887 | |
FelCor Lodging Trust, Inc. REIT | | | | * | | | 19,456 | | | | 91,443 | |
First Industrial Realty Trust, Inc. REIT | | * | | | 6,729 | | | | 84,920 | |
First Potomac Realty Trust REIT | | | | | | | 1,628 | | | | 19,162 | |
Franklin Street Properties Corp. REIT | | | | | 2,200 | | | | 23,276 | |
General Growth Properties, Inc. REIT | | | | | 27,060 | | | | 489,515 | |
Getty Realty Corp. REIT | | | | † | | | 1,747 | | | | 33,455 | |
Glimcher Realty Trust REIT | | | | | | | 17,270 | | | | 176,499 | |
Gramercy Capital Corp. REIT | | | | * | | | 2,182 | | | | 5,455 | |
Hatteras Financial Corp. REIT | | | | | | | 1,935 | | | | 55,341 | |
HCP, Inc. REIT | | | | | | | 13,391 | | | | 591,213 | |
Health Care REIT, Inc. REIT | | | | † | | | 4,494 | | | | 262,000 | |
Healthcare Realty Trust, Inc. REIT | | | | | | | 1,881 | | | | 44,843 | |
Highwoods Properties, Inc. REIT | | | | † | | | 2,393 | | | | 80,524 | |
Home Properties, Inc. REIT | | | | | | | 1,390 | | | | 85,290 | |
Hospitality Properties Trust REIT | | | | | | | 2,923 | | | | 72,403 | |
Host Hotels & Resorts, Inc. REIT | | | | | | | 21,796 | | | | 344,813 | |
Inland Real Estate Corp. REIT | | | | | | | 2,302 | | | | 19,291 | |
Investors Real Estate Trust REIT | | | | † | | | 2,989 | | | | 23,613 | |
iStar Financial, Inc. REIT | | | | * | | | 4,331 | | | | 27,935 | |
Kilroy Realty Corp. REIT | | | | | | | 1,316 | | | | 63,708 | |
Kimco Realty Corp. REIT | | | | | | | 15,341 | | | | 291,939 | |
Kite Realty Group Trust REIT | | | | | | | 2,654 | | | | 13,243 | |
LaSalle Hotel Properties REIT | | | | | | | 1,561 | | | | 45,488 | |
Lexington Realty Trust REIT | | | | † | | | 9,308 | | | | 78,839 | |
Liberty Property Trust REIT | | | | † | | | 3,372 | | | | 124,224 | |
LTC Properties, Inc. REIT | | | | | | | 2,385 | | | | 86,528 | |
Macerich Co. (The) REIT | | | | | | | 5,275 | | | | 311,489 | |
Mack-Cali Realty Corp. REIT | | | | | | | 2,488 | | | | 72,326 | |
Medical Properties Trust, Inc. REIT | | | 11,530 | | | | 110,919 | |
MFA Financial, Inc. REIT | | | | | | | 10,801 | | | | 85,220 | |
Mid-America Apartment Communities, Inc. REIT | | | | | | | 1,240 | | | | 84,618 | |
Mission West Properties, Inc. REIT | | | | | 1,417 | | | | 12,215 | |
Monmouth Real Estate Investment Corp., Class A REIT | | | | | 3,275 | | | | 38,383 | |
MPG Office Trust, Inc. REIT | | | | *† | | | 68,246 | | | | 137,174 | |
National Health Investors, Inc. REIT | | | 979 | | | | 49,851 | |
National Retail Properties, Inc. REIT | | † | | | 2,356 | | | | 66,651 | |
Newcastle Investment Corp. REIT | | | 754 | | | | 5,052 | |
NorthStar Realty Finance Corp. REIT | | | 4,388 | | | | 22,905 | |
Omega Healthcare Investors, Inc. REIT | | | 4,100 | | | | 92,250 | |
Parkway Properties, Inc. REIT | | | | | | | 16,897 | | | | 193,302 | |
Pennsylvania Real Estate Investment Trust REIT | | | | | | | 1,510 | | | | 22,620 | |
Plum Creek Timber Co., Inc. REIT | | † | | | 7,429 | | | | 294,931 | |
PMC Commercial Trust REIT | | | | | | | 865 | | | | 6,660 | |
Post Properties, Inc. REIT | | | | | | | 2,078 | | | | 101,718 | |
Potlatch Corp. REIT | | | | | | | 1,618 | | | | 51,679 | |
Prologis, Inc. REIT | | | | | | | 16,023 | | | | 532,444 | |
PS Business Parks, Inc. REIT | | | | | | | 599 | | | | 40,564 | |
Public Storage REIT | | | | | | | 6,057 | | | | 874,691 | |
RAIT Financial Trust REIT | | | | † | | | 7,882 | | | | 36,415 | |
Ramco-Gershenson Properties Trust REIT | | | 1,275 | | | | 16,027 | |
Rayonier, Inc. REIT | | | | | | | 5,004 | | | | 224,680 | |
Realty Income Corp. REIT | | | | † | | | 4,138 | | | | 172,844 | |
Redwood Trust, Inc. REIT | | | | † | | | 1,008 | | | | 12,580 | |
Regency Centers Corp. REIT | | | | | | | 2,745 | | | | 130,580 | |
Rouse Properties, Inc. REIT | | | | *† | | | 579 | | | | 7,845 | |
Sabra Healthcare REIT, Inc. REIT | | | 694 | | | | 11,874 | |
Saul Centers, Inc. REIT | | | | | | | 987 | | | | 42,313 | |
See accompanying notes to financial statements.
202
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Broad Market Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Senior Housing Properties Trust REIT | | | 3,680 | | | $ | 82,138 | |
Simon Property Group, Inc. REIT | | | 11,699 | | | | 1,821,066 | |
SL Green Realty Corp. REIT | | | | † | | | 3,603 | | | | 289,105 | |
Sovran Self Storage, Inc. REIT | | | | | | | 1,269 | | | | 63,564 | |
Strategic Hotels & Resorts, Inc. REIT | | * | | | 22,977 | | | | 148,431 | |
Sun Communities, Inc. REIT | | | | | | | 1,061 | | | | 46,939 | |
Sunstone Hotel Investors, Inc. REIT | | * | | | 2,559 | | | | 28,123 | |
Tanger Factory Outlet Centers, Inc. REIT | | | 2,442 | | | | 78,266 | |
Taubman Centers, Inc. REIT | | | | | | | 2,083 | | | | 160,724 | |
UDR, Inc. REIT | | | | | | | 6,077 | | | | 157,030 | |
Universal Health Realty Income Trust REIT | | | | † | | | 1,333 | | | | 55,359 | |
Ventas, Inc. REIT | | | | | | | 12,494 | | | | 788,621 | |
Vornado Realty Trust REIT | | | | | | | 7,702 | | | | 646,814 | |
Washington Real Estate Investment Trust REIT | | | | † | | | 1,834 | | | | 52,177 | |
Weingarten Realty Investors REIT | | | | † | | | 3,474 | | | | 91,505 | |
Weyerhaeuser Co. REIT | | | | | | | 16,471 | | | | 368,292 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,040,704 | |
| | | | | | | | | | | | |
| Real Estate Management & Development—0.1% | |
Altisource Portfolio Solutions SA (Luxembourg) | | | | * | | | 1,119 | | | | 81,944 | |
Brookfield Office Properties, Inc. | | | | | | | 15,325 | | | | 266,962 | |
CBRE Group, Inc. | | | | * | | | 6,900 | | | | 112,884 | |
Forest City Enterprises, Inc., Class A | | | | * | | | 9,240 | | | | 134,904 | |
Forestar Group, Inc. | | | | * | | | 1,502 | | | | 19,241 | |
Jones Lang LaSalle, Inc. | | | | | | | 1,311 | | | | 92,255 | |
St. Joe Co. (The) | | | | *† | | | 3,582 | | | | 56,631 | |
Tejon Ranch Co. | | | | * | | | 858 | | | | 24,556 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 789,377 | |
| | | | | | | | | | | | |
| Road & Rail—0.9% | |
Amerco, Inc. | | | | | | | 805 | | | | 72,426 | |
Arkansas Best Corp. | | | | | | | 903 | | | | 11,378 | |
Avis Budget Group, Inc. | | | | * | | | 4,424 | | | | 67,245 | |
Con-way, Inc. | | | | | | | 2,160 | | | | 77,998 | |
CSX Corp. | | | | | | | 35,751 | | | | 799,392 | |
Dollar Thrifty Automotive Group, Inc. | | | | * | | | 1,057 | | | | 85,575 | |
Genesee & Wyoming, Inc., Class A | | *† | | | 1,576 | | | | 83,276 | |
Heartland Express, Inc. | | | | † | | | 4,220 | | | | 60,388 | |
J.B. Hunt Transport Services, Inc. | | | | | 1,317 | | | | 78,493 | |
Kansas City Southern | | | | | | | 4,745 | | | | 330,062 | |
Knight Transportation, Inc. | | | | | | | 3,879 | | | | 62,025 | |
Landstar System, Inc. | | | | † | | | 2,256 | | | | 116,680 | |
Norfolk Southern Corp. | | | | | | | 12,299 | | | | 882,699 | |
Old Dominion Freight Line, Inc. | | | | * | | | 2,674 | | | | 115,758 | |
PAM Transportation Services, Inc. | | | | | 338 | | | | 3,262 | |
Ryder System, Inc. | | | | | | | 707 | | | | 25,459 | |
Saia, Inc. | | | | * | | | 1,662 | | | | 36,381 | |
Union Pacific Corp. | | | | | | | 15,516 | | | | 1,851,214 | |
Werner Enterprises, Inc. | | | | | | | 2,915 | | | | 69,639 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,829,350 | |
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| Semiconductors & Semiconductor Equipment—2.3% | |
Advanced Energy Industries, Inc. | | * | | | 1,428 | | | $ | 19,164 | |
Advanced Micro Devices, Inc. | | | | * | | | 21,447 | | | | 122,891 | |
Aetrium, Inc. | | | | * | | | 614 | | | | 485 | |
Altera Corp. | | | | | | | 9,504 | | | | 321,615 | |
Amkor Technology, Inc. | | | | *† | | | 7,211 | | | | 35,190 | |
ANADIGICS, Inc. | | | | *† | | | 61,077 | | | | 110,549 | |
Analog Devices, Inc. | | | | | | | 7,450 | | | | 280,642 | |
Applied Materials, Inc. | | | | | | | 43,119 | | | | 494,144 | |
Applied Micro Circuits Corp. | | | | * | | | 3,186 | | | | 18,224 | |
Atmel Corp. | | | | * | | | 18,733 | | | | 125,511 | |
ATMI, Inc. | | | | * | | | 1,559 | | | | 32,069 | |
Axcelis Technologies, Inc. | | | | *† | | | 4,095 | | | | 4,914 | |
AXT, Inc. | | | | * | | | 946 | | | | 3,737 | |
Broadcom Corp., Class A | | | | * | | | 18,226 | | | | 616,039 | |
Brooks Automation, Inc. | | | | | | | 3,103 | | | | 29,292 | |
Cabot Microelectronics Corp. | | | | | | | 1,049 | | | | 30,641 | |
Ceva, Inc. | | | | * | | | 692 | | | | 12,186 | |
Cirrus Logic, Inc. | | | | * | | | 2,946 | | | | 88,026 | |
Cohu, Inc. | | | | | | | 859 | | | | 8,727 | |
Cree, Inc. | | | | *† | | | 3,097 | | | | 79,500 | |
Cymer, Inc. | | | | *† | | | 1,498 | | | | 88,307 | |
Cypress Semiconductor Corp. | | | | * | | | 4,876 | | | | 64,461 | |
Diodes, Inc. | | | | * | | | 2,400 | | | | 45,048 | |
DSP Group, Inc. | | | | * | | | 1,194 | | | | 7,570 | |
Entegris, Inc. | | | | * | | | 5,738 | | | | 49,003 | |
Exar Corp. | | | | * | | | 1,758 | | | | 14,345 | |
Fairchild Semiconductor International, Inc. | | | | * | | | 4,903 | | | | 69,132 | |
First Solar, Inc. | | | | *† | | | 2,540 | | | | 38,252 | |
FormFactor, Inc. | | | | * | | | 1,417 | | | | 9,168 | |
FSI International, Inc. | | | | * | | | 1,479 | | | | 5,310 | |
GigOptix, Inc. | | | | *† | | | 827 | | | | 2,225 | |
Integrated Device Technology, Inc. | | * | | | 8,168 | | | | 45,904 | |
Integrated Silicon Solution, Inc. | | * | | | 1,269 | | | | 12,804 | |
Intel Corp. | | | | | | | 189,338 | | | | 5,045,858 | |
International Rectifier Corp. | | | | * | | | 2,631 | | | | 52,594 | |
Intersil Corp., Class A | | | | | | | 5,757 | | | | 61,312 | |
IXYS Corp. | | | | * | | | 1,329 | | | | 14,845 | |
KLA-Tencor Corp. | | | | | | | 4,441 | | | | 218,719 | |
Kopin Corp. | | | | * | | | 2,431 | | | | 8,363 | |
Kulicke & Soffa Industries, Inc. | | * | | | 2,008 | | | | 17,911 | |
Lam Research Corp. | | | | * | | | 6,125 | | | | 231,158 | |
Lattice Semiconductor Corp. | | | | * | | | 4,395 | | | | 16,569 | |
Linear Technology Corp. | | | | | | | 5,243 | | | | 164,263 | |
LSI Corp. | | | | * | | | 30,700 | | | | 195,559 | |
LTX-Credence Corp. | | | | * | | | 1,358 | | | | 9,099 | |
Marvell Technology Group Ltd. (Bermuda) | | | | | | | 18,500 | | | | 208,680 | |
Mattson Technology, Inc. | | | | * | | | 1,760 | | | | 3,080 | |
Maxim Integrated Products, Inc. | | | | | 5,913 | | | | 151,609 | |
MEMC Electronic Materials, Inc. | | *† | | | 8,113 | | | | 17,605 | |
Micrel, Inc. | | | | | | | 3,731 | | | | 35,556 | |
Microchip Technology, Inc. | | | | | | | 3,565 | | | | 117,930 | |
Micron Technology, Inc. | | | | * | | | 35,271 | | | | 222,560 | |
Microsemi Corp. | | | | * | | | 2,474 | | | | 45,744 | |
Mindspeed Technologies, Inc. | | | | *† | | | 801 | | | | 1,970 | |
MIPS Technologies, Inc. | | | | * | | | 2,228 | | | | 14,861 | |
MKS Instruments, Inc. | | | | | | | 2,455 | | | | 71,023 | |
MoSys, Inc. | | | | *† | | | 1,251 | | | | 4,053 | |
NVE Corp. | | | | * | | | 348 | | | | 18,705 | |
NVIDIA Corp. | | | | * | | | 20,184 | | | | 278,943 | |
OmniVision Technologies, Inc. | | * | | | 2,354 | | | | 31,449 | |
ON Semiconductor Corp. | | | | * | | | 10,008 | | | | 71,057 | |
See accompanying notes to financial statements.
203
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| COMMON STOCKS—(Continued) | |
PDF Solutions, Inc. | | | | *† | | | 974 | | | $ | 9,613 | |
Pericom Semiconductor Corp. | | | | * | | | 1,023 | | | | 9,207 | |
Photronics, Inc. | | | | * | | | 1,388 | | | | 8,467 | |
PLX Technology, Inc. | | | | * | | | 1,050 | | | | 6,668 | |
PMC—Sierra, Inc. | | | | * | | | 7,045 | | | | 43,256 | |
Power Integrations, Inc. | | | | † | | | 1,952 | | | | 72,810 | |
QuickLogic Corp. | | | | * | | | 1,050 | | | | 2,636 | |
Rambus, Inc. | | | | * | | | 4,071 | | | | 23,368 | |
Ramtron International Corp. | | | | * | | | 1,920 | | | | 5,798 | |
RF Micro Devices, Inc. | | | | * | | | 8,143 | | | | 34,608 | |
Rudolph Technologies, Inc. | | | | * | | | 1,247 | | | | 10,874 | |
Semtech Corp. | | | | * | | | 2,970 | | | | 72,230 | |
Sigma Designs, Inc. | | | | * | | | 1,320 | | | | 8,422 | |
Silicon Image, Inc. | | | | * | | | 2,948 | | | | 12,205 | |
Silicon Laboratories, Inc. | | | | * | | | 2,124 | | | | 80,500 | |
Skyworks Solutions, Inc. | | | | * | | | 5,822 | | | | 159,348 | |
Spire Corp. | | | | * | | | 2,500 | | | | 1,488 | |
Standard Microsystems Corp. | | | | * | | | 806 | | | | 29,733 | |
SunPower Corp. | | | | *† | | | 141 | | | | 678 | |
Teradyne, Inc. | | | | *† | | | 7,938 | | | | 111,608 | |
Tessera Technologies, Inc. | | | | | | | 1,560 | | | | 23,977 | |
Texas Instruments, Inc. | | | | | | | 35,370 | | | | 1,014,765 | |
Transwitch Corp. | | | | *† | | | 429 | | | | 472 | |
TriQuint Semiconductor, Inc. | | | | * | | | 4,918 | | | | 27,049 | |
Ultratech, Inc. | | | | * | | | 971 | | | | 30,587 | |
Veeco Instruments, Inc. | | | | *† | | | 1,294 | | | | 44,462 | |
Xilinx, Inc. | | | | | | | 6,637 | | | | 222,804 | |
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| | | | | | | | | | | 12,283,783 | |
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| Software—3.9% | | | | | | | | | | | | |
Accelrys, Inc. | | | | * | | | 2,216 | | | | 17,927 | |
ACI Worldwide, Inc. | | | | * | | | 1,653 | | | | 73,079 | |
Activision Blizzard, Inc. | | | | | | | 23,814 | | | | 285,530 | |
Actuate Corp. | | | | * | | | 2,084 | | | | 14,442 | |
Adobe Systems, Inc. | | | | * | | | 17,358 | | | | 561,878 | |
Advent Software, Inc. | | | | * | | | 2,902 | | | | 78,673 | |
American Software, Inc., Class A | | | 1,950 | | | | 15,502 | |
ANSYS, Inc. | | | | * | | | 2,396 | | | | 151,212 | |
Ariba, Inc. | | | | * | | | 2,075 | | | | 92,877 | |
Autodesk, Inc. | | | | * | | | 9,258 | | | | 323,937 | |
Blackbaud, Inc. | | | | | | | 2,650 | | | | 68,026 | |
BMC Software, Inc. | | | | * | | | 2,708 | | | | 115,577 | |
CA, Inc. | | | | | | | 11,593 | | | | 314,054 | |
Cadence Design Systems, Inc. | | | | * | | | 10,745 | | | | 118,088 | |
Callidus Software, Inc. | | | | *† | | | 172 | | | | 857 | |
Citrix Systems, Inc. | | | | * | | | 7,179 | | | | 602,605 | |
Compuware Corp. | | | | * | | | 7,505 | | | | 69,721 | |
Concur Technologies, Inc. | | | | *† | | | 2,083 | | | | 141,852 | |
Datawatch Corp. | | | | * | | | 3,500 | | | | 45,150 | |
Ebix, Inc. | | | | † | | | 2,802 | | | | 55,900 | |
Electronic Arts, Inc. | | | | * | | | 12,060 | | | | 148,941 | |
EPIQ Systems, Inc. | | | | | | | 1,087 | | | | 13,316 | |
Evolving Systems, Inc. | | | | | | | 527 | | | | 2,899 | |
FactSet Research Systems, Inc. | | | | | | | 1,490 | | | | 138,481 | |
Fair Isaac Corp. | | | | | | | 3,039 | | | | 128,489 | |
FalconStor Software, Inc. | | | | *† | | | 1,373 | | | | 3,584 | |
Informatica Corp. | | | | * | | | 3,171 | | | | 134,324 | |
Interactive Intelligence Group, Inc. | | * | | | 950 | | | | 26,800 | |
Intuit, Inc. | | | | | | | 8,244 | | | | 489,281 | |
JDA Software Group, Inc. | | | | * | | | 1,256 | | | | 37,291 | |
Kenexa Corp. | | | | * | | | 1,681 | | | | 48,799 | |
Manhattan Associates, Inc. | | | | * | | | 1,346 | | | | 61,526 | |
Mentor Graphics Corp. | | | | * | | | 2,745 | | | | 41,175 | |
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MICROS Systems, Inc. | | | | * | | | 3,428 | | | $ | 175,514 | |
Microsoft Corp. | | | | | | | 294,920 | | | | 9,021,603 | |
MicroStrategy, Inc., Class A | | | | * | | | 513 | | | | 66,618 | |
Netscout Systems, Inc. | | | | * | | | 1,250 | | | | 26,988 | |
Nuance Communications, Inc. | | | | * | | | 4,541 | | | | 108,167 | |
Oracle Corp. | | | | | | | 150,585 | | | | 4,472,374 | |
Parametric Technology Corp. | | | | * | | | 4,423 | | | | 92,706 | |
Pegasystems, Inc. | | | | † | | | 2,141 | | | | 70,610 | |
Progress Software Corp. | | | | * | | | 1,983 | | | | 41,385 | |
QAD, Inc., Class B | | | | * | | | 136 | | | | 1,851 | |
Quest Software, Inc. | | | | * | | | 3,847 | | | | 107,139 | |
Red Hat, Inc. | | | | * | | | 7,251 | | | | 409,536 | |
Rovi Corp. | | | | * | | | 3,917 | | | | 76,852 | |
Salesforce.com, Inc. | | | | * | | | 3,783 | | | | 523,038 | |
Scientific Learning Corp. | | | | * | | | 3,145 | | | | 5,126 | |
SeaChange International, Inc. | | | | * | | | 958 | | | | 7,884 | |
Solera Holdings, Inc. | | | | | | | 1,099 | | | | 45,927 | |
Sonic Foundry, Inc. | | | | * | | | 120 | | | | 841 | |
Symantec Corp. | | | | * | | | 26,135 | | | | 381,832 | |
Synopsys, Inc. | | | | * | | | 6,501 | | | | 191,324 | |
Take-Two Interactive Software, Inc. | | | | * | | | 2,643 | | | | 25,003 | |
TeleCommunication Systems, Inc., Class A | | | | * | | | 1,200 | | | | 1,476 | |
THQ, Inc. | | | | *† | | | 2,914 | | | | 1,807 | |
TIBCO Software, Inc. | | | | * | | | 4,452 | | | | 133,204 | |
TiVo, Inc. | | | | * | | | 2,696 | | | | 22,296 | |
Tyler Technologies, Inc. | | | | * | | | 1,886 | | | | 76,100 | |
Ultimate Software Group, Inc. | | | | *† | | | 1,242 | | | | 110,687 | |
VASCO Data Security International, Inc. | | | | *† | | | 3,804 | | | | 31,117 | |
Versant Corp. | | | | * | | | 330 | | | | 3,198 | |
VMware, Inc., Class A | | | | * | | | 1,733 | | | | 157,772 | |
Websense, Inc. | | | | * | | | 1,958 | | | | 36,673 | |
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| | | | | | | | | | | 20,848,441 | |
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Specialty Retail—2.3% | | | | | | | | | | | | |
Aaron’s, Inc. | | | | | | | 2,908 | | | | 82,325 | |
Abercrombie & Fitch Co., Class A | | | 3,072 | | | | 104,878 | |
Advance Auto Parts, Inc. | | | | | | | 1,752 | | | | 119,521 | |
Aeropostale, Inc. | | | | * | | | 2,075 | | | | 36,997 | |
American Eagle Outfitters, Inc. | | | | | | | 3,552 | | | | 70,081 | |
America’s Car-Mart, Inc. | | | | * | | | 354 | | | | 13,753 | |
ANN, Inc. | | | | * | | | 2,733 | | | | 69,664 | |
Asbury Automotive Group, Inc. | | * | | | 1,342 | | | | 31,792 | |
Ascena Retail Group, Inc. | | | | * | | | 5,194 | | | | 96,712 | |
AutoNation, Inc. | | | | *† | | | 5,363 | | | | 189,207 | |
AutoZone, Inc. | | | | * | | | 1,460 | | | | 536,068 | |
Barnes & Noble, Inc. | | | | *† | | | 828 | | | | 13,629 | |
bebe stores, Inc. | | | | | | | 790 | | | | 4,637 | |
Bed Bath & Beyond, Inc. | | | | * | | | 6,586 | | | | 407,015 | |
Best Buy Co., Inc. | | | | † | | | 9,299 | | | | 194,907 | |
Big 5 Sporting Goods Corp. | | | | | | | 1,071 | | | | 8,097 | |
Brown Shoe Co., Inc. | | | | | | | 1,791 | | | | 23,122 | |
Buckle, Inc. (The) | | | | † | | | 1,236 | | | | 48,909 | |
CarMax, Inc. | | | | * | | | 6,608 | | | | 171,412 | |
Casual Male Retail Group, Inc. | | *† | | | 1,930 | | | | 7,006 | |
Cato Corp. (The), Class A | | | | | | | 1,761 | | | | 53,640 | |
Chico’s FAS, Inc. | | | | | | | 7,236 | | | | 107,382 | |
Children’s Place Retail Stores, Inc. (The) | | | | * | | | 1,144 | | | | 57,006 | |
Christopher & Banks Corp. | | | | | | | 1,528 | | | | 1,803 | |
Coldwater Creek, Inc. | | | | * | | | 1,528 | | | | 834 | |
Collective Brands, Inc. | | | | * | | | 2,964 | | | | 63,489 | |
Cost Plus, Inc. | | | | * | | | 1,014 | | | | 22,308 | |
Destination Maternity Corp. | | | | | | | 1,200 | | | | 25,920 | |
See accompanying notes to financial statements.
204
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
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| COMMON STOCKS—(Continued) | |
Dick’s Sporting Goods, Inc. | | | | | | | 2,480 | | | $ | 119,040 | |
DSW, Inc., Class A | | | | | | | 596 | | | | 32,422 | |
Finish Line, Inc. (The), Class A | | | | | | | 1,917 | | | | 40,084 | |
Foot Locker, Inc. | | | | | | | 5,840 | | | | 178,587 | |
GameStop Corp., Class A | | | | † | | | 1,010 | | | | 18,544 | |
Gap, Inc. (The) | | | | | | | 15,719 | | | | 430,072 | |
Genesco, Inc. | | | | * | | | 921 | | | | 55,398 | |
Group 1 Automotive, Inc. | | | | † | | | 1,068 | | | | 48,711 | |
Guess?, Inc. | | | | † | | | 3,548 | | | | 107,753 | |
Haverty Furniture Cos., Inc. | | | | | | | 1,111 | | | | 12,410 | |
Hibbett Sports, Inc. | | | | * | | | 1,396 | | | | 80,563 | |
Home Depot, Inc. (The) | | | | | | | 47,382 | | | | 2,510,772 | |
Hot Topic, Inc. | | | | | | | 1,824 | | | | 17,675 | |
JOS A. Bank Clothiers, Inc. | | | | *† | | | 865 | | | | 36,728 | |
Kirkland’s, Inc. | | | | * | | | 833 | | | | 9,371 | |
Limited Brands, Inc. | | | | | | | 9,245 | | | | 393,190 | |
Lithia Motors, Inc., Class A | | | | † | | | 862 | | | | 19,869 | |
Lowe’s Cos., Inc. | | | | | | | 47,338 | | | | 1,346,293 | |
MarineMax, Inc. | | | | * | | | 800 | | | | 7,608 | |
Men’s Wearhouse, Inc. (The) | | | | † | | | 2,437 | | | | 68,577 | |
Monro Muffler Brake, Inc. | | | | | | | 1,487 | | | | 49,428 | |
Office Depot, Inc. | | | | * | | | 11,792 | | | | 25,471 | |
OfficeMax, Inc. | | | | * | | | 3,587 | | | | 18,150 | |
Orchard Supply Hardware Stores Corp., Class A | | | | * | | | 140 | | | | 2,328 | |
O’Reilly Automotive, Inc. | | | | * | | | 5,478 | | | | 458,892 | |
Pacific Sunwear of California, Inc. | | *† | | | 3,025 | | | | 5,536 | |
Penske Automotive Group, Inc. | | | | † | | | 1,654 | | | | 35,131 | |
Pep Boys-Manny, Moe & Jack (The) | | | 2,200 | | | | 21,780 | |
PetSmart, Inc. | | | | | | | 3,546 | | | | 241,766 | |
Pier 1 Imports, Inc. | | | | | | | 3,712 | | | | 60,988 | |
RadioShack Corp. | | | | † | | | 2,569 | | | | 9,865 | |
Rent-A-Center, Inc. | | | | | | | 3,377 | | | | 113,940 | |
Ross Stores, Inc. | | | | | | | 6,787 | | | | 423,984 | |
Sally Beauty Holdings, Inc. | | | | * | | | 3,659 | | | | 94,183 | |
Select Comfort Corp. | | | | * | | | 2,104 | | | | 44,016 | |
Signet Jewelers Ltd. (Bermuda) | | | | † | | | 3,344 | | | | 147,169 | |
Sonic Automotive, Inc., Class A | | | | † | | | 1,649 | | | | 22,542 | |
Stage Stores, Inc. | | | | | | | 2,236 | | | | 40,964 | |
Staples, Inc. | | | | | | | 22,960 | | | | 299,628 | |
Stein Mart, Inc. | | | | * | | | 1,261 | | | | 10,025 | |
Systemax, Inc. | | | | * | | | 1,358 | | | | 16,052 | |
Talbots, Inc. | | | | * | | | 375 | | | | 945 | |
Tiffany & Co. | | | | | | | 3,221 | | | | 170,552 | |
TJX Cos., Inc. | | | | | | | 24,012 | | | | 1,030,835 | |
Tractor Supply Co. | | | | | | | 3,098 | | | | 257,320 | |
Trans World Entertainment Corp. | | * | | | 1,932 | | | | 5,989 | |
Urban Outfitters, Inc. | | | | * | | | 5,012 | | | | 138,281 | |
West Marine, Inc. | | | | * | | | 803 | | | | 9,435 | |
Wet Seal, Inc. (The), Class A | | | | * | | | 1,246 | | | | 3,937 | |
Williams-Sonoma, Inc. | | | | | | | 3,877 | | | | 135,579 | |
Zale Corp. | | | | * | | | 2,300 | | | | 6,187 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,996,679 | |
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| Textiles, Apparel & Luxury Goods—0.7% | |
Carter’s, Inc. | | | | * | | | 1,476 | | | | 77,638 | |
Charles & Colvard Ltd. | | | | * | | | 1,843 | | | | 6,948 | |
Cherokee, Inc. | | | | | | | 994 | | | | 13,846 | |
Coach, Inc. | | | | | | | 10,479 | | | | 612,812 | |
Columbia Sportswear Co. | | | | † | | | 652 | | | | 34,960 | |
Crocs, Inc. | | | | * | | | 3,600 | | | | 58,140 | |
Culp, Inc. | | | | | | | 888 | | | | 9,102 | |
Deckers Outdoor Corp. | | | | * | | | 1,935 | | | | 85,159 | |
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| | | | | | | | Shares | | | | Value | |
Fifth & Pacific Cos., Inc. | | | | *† | | | 4,930 | | | $ | 52,899 | |
Fossil, Inc. | | | | * | | | 1,614 | | | | 123,536 | |
Hallwood Group, Inc. (The) | | | | * | | | 100 | | | | 997 | |
Hanesbrands, Inc. | | | | * | | | 4,099 | | | | 113,665 | |
Iconix Brand Group, Inc. | | | | *† | | | 2,737 | | | | 47,815 | |
Jones Group, Inc. (The) | | | | | | | 4,641 | | | | 44,368 | |
Kenneth Cole Productions, Inc., Class A | | | | * | | | 956 | | | | 14,388 | |
K-Swiss, Inc., Class A | | | | *† | | | 1,476 | | | | 4,546 | |
Movado Group, Inc. | | | | | | | 1,678 | | | | 41,984 | |
NIKE, Inc., Class B | | | | | | | 12,835 | | | | 1,126,656 | |
Oxford Industries, Inc. | | | | | | | 936 | | | | 41,839 | |
PVH Corp. | | | | | | | 1,267 | | | | 98,560 | |
Quiksilver, Inc. | | | | * | | | 4,288 | | | | 9,991 | |
Ralph Lauren Corp. | | | | | | | 2,143 | | | | 300,149 | |
Skechers U.S.A., Inc., Class A | | | | * | | | 1,935 | | | | 39,416 | |
Steven Madden Ltd. | | | | * | | | 1,689 | | | | 53,626 | |
Under Armour, Inc., Class A | | | | *† | | | 1,937 | | | | 183,008 | |
Unifi, Inc. | | | | * | | | 876 | | | | 9,925 | |
V.F. Corp. | | | | | | | 3,109 | | | | 414,896 | |
Warnaco Group, Inc. (The) | | | | * | | | 1,527 | | | | 65,020 | |
Wolverine World Wide, Inc. | | | | † | | | 2,589 | | | | 100,401 | |
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| | | | | | | | | | | 3,786,290 | |
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| Thrifts & Mortgage Finance—0.2% | |
Astoria Financial Corp. | | | | † | | | 3,465 | | | | 33,957 | |
Bank Mutual Corp. | | | | | | | 3,756 | | | | 16,564 | |
BankAtlantic Bancorp, Inc., Class A | | | | * | | | 639 | | | | 3,527 | |
Beneficial Mutual Bancorp, Inc. | | | | * | | | 969 | | | | 8,363 | |
Brookline Bancorp, Inc. | | | | | | | 3,765 | | | | 33,320 | |
Capitol Federal Financial, Inc. | | | | | 4,787 | | | | 56,870 | |
CFS Bancorp, Inc. | | | | | | | 1,873 | | | | 8,372 | |
Dime Community Bancshares, Inc. | | | | | | | 1,638 | | | | 21,769 | |
Doral Financial Corp. (Puerto Rico) | | | | * | | | 221 | | | | 332 | |
Federal Home Loan Mortgage Corp. | | | | *† | | | 25,235 | | | | 6,309 | |
Federal National Mortgage Association | | | | *† | | | 37,770 | | | | 9,631 | |
Flagstar Bancorp, Inc. | | | | * | | | 211 | | | | 177 | |
Hudson City Bancorp, Inc. | | | | | | | 14,470 | | | | 92,174 | |
MGIC Investment Corp. | | | | * | | | 4,084 | | | | 11,762 | |
NASB Financial, Inc. | | | | * | | | 528 | | | | 10,481 | |
New York Community Bancorp, Inc. | | | | † | | | 12,640 | | | | 158,379 | |
Northwest Bancshares, Inc. | | | | | | | 4,608 | | | | 53,960 | |
Ocwen Financial Corp. | | | | * | | | 3,358 | | | | 63,063 | |
People’s United Financial, Inc. | | | | | | | 9,716 | | | | 112,803 | |
Provident Financial Services, Inc. | | | | | | | 943 | | | | 14,475 | |
Provident New York Bancorp | | | | | | | 3,670 | | | | 27,855 | |
Radian Group, Inc. | | | | | | | 3,844 | | | | 12,647 | |
Riverview Bancorp, Inc. | | | | * | | | 2,600 | | | | 3,250 | |
TFS Financial Corp. | | | | * | | | 3,398 | | | | 32,451 | |
Tree.com, Inc. | | | | * | | | 314 | | | | 3,592 | |
Triad Guaranty, Inc. | | | | *† | | | 692 | | | | 36 | |
Trustco Bank Corp. | | | | | | | 3,435 | | | | 18,755 | |
Washington Federal, Inc. | | | | | | | 3,379 | | | | 57,071 | |
Westfield Financial, Inc. | | | | | | | 4,068 | | | | 29,696 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 901,641 | |
| | | | | | | | | | | | |
| Tobacco—1.8% | |
Alliance One International, Inc. | | | | *† | | | 2,000 | | | | 6,920 | |
Altria Group, Inc. | | | | | | | 70,302 | | | | 2,428,934 | |
Lorillard, Inc. | | | | | | | 4,458 | | | | 588,233 | |
See accompanying notes to financial statements.
205
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Broad Market Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Philip Morris International, Inc. | | | | | | | 62,767 | | | $ | 5,477,048 | |
Reynolds American, Inc. | | | | | | | 15,280 | | | | 685,614 | |
Universal Corp. | | | | † | | | 1,078 | | | | 49,944 | |
Vector Group Ltd. | | | | † | | | 2,901 | | | | 49,375 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,286,068 | |
| | | | | | | | | | | | |
| Trading Companies & Distributors—0.3% | |
Ampal-American Israel Corp., Class A | | | | *† | | | 1,391 | | | | 179 | |
Applied Industrial Technologies, Inc. | | | | | | | 2,056 | | | | 75,764 | |
Beacon Roofing Supply, Inc. | | | | *† | | | 2,570 | | | | 64,815 | |
Fastenal Co. | | | | † | | | 11,276 | | | | 454,536 | |
GATX Corp. | | | | | | | 1,766 | | | | 67,991 | |
H&E Equipment Services, Inc. | | | | * | | | 1,600 | | | | 24,048 | |
Interline Brands, Inc. | | | | * | | | 982 | | | | 24,619 | |
MSC Industrial Direct Co., Inc., Class A | | | | | | | 1,782 | | | | 116,810 | |
United Rentals, Inc. | | | | *† | | | 2,798 | | | | 95,244 | |
W.W. Grainger, Inc. | | | | | | | 2,301 | | | | 440,043 | |
Watsco, Inc. | | | | | | | 553 | | | | 40,811 | |
WESCO International, Inc. | | | | * | | | 1,550 | | | | 89,203 | |
Willis Lease Finance Corp. | | | | * | | | 1,234 | | | | 15,203 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,509,266 | |
| | | | | | | | | | | | |
| Water Utilities—0.1% | |
American States Water Co. | | | | | 1,261 | | | | 49,910 | |
American Water Works Co., Inc. | | | 2,266 | | | | 77,679 | |
Aqua America, Inc. | | † | | | 4,329 | | | | 108,052 | |
California Water Service Group | | | 1,930 | | | | 35,647 | |
Connecticut Water Service, Inc. | | | 500 | | | | 14,490 | |
SJW Corp. | | | | † | | | 1,010 | | | | 24,250 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 310,028 | |
| | | | | | | | | | | | |
| Wireless Telecommunication Services—0.3% | |
Crown Castle International Corp. | | * | | | 11,170 | | | | 655,232 | |
Leap Wireless International, Inc. | | *† | | | 3,300 | | | | 21,219 | |
MetroPCS Communications, Inc. | | * | | | 7,134 | | | | 43,161 | |
NII Holdings, Inc. | | *† | | | 5,995 | | | | 61,329 | |
NTELOS Holdings Corp. | | | | | 1,350 | | | | 25,447 | |
SBA Communications Corp., Class A | | *† | | | 4,064 | | | | 231,851 | |
Shenandoah Telecommunications Co. | | † | | | 1,200 | | | | 16,332 | |
Sprint Nextel Corp. | | * | | | 88,755 | | | | 289,341 | |
Telephone & Data Systems, Inc. | | | 445 | | | | 9,474 | |
United States Cellular Corp. | | * | | | 680 | | | | 26,262 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,379,648 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | |
(Cost $355,997,405) | | | | | | | 522,717,885 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| U.S. TREASURY OBLIGATIONS—0.1% | |
| U.S. Treasury Bills—0.1% | |
U.S. Treasury Bill | |
0.081% | | | 09/20/2012 | | | | | | | | | | | |
(Cost $319,942) | | | ‡‡ | | $ | 320,000 | | | $ | 319,950 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| RIGHTS—0.0% | |
| Machinery—0.0% | |
Gerber Scientific, Inc. CVR | | | *†‡d | | | 1,608 | | | | — | |
| | | | | | | | | | | | | | |
| Pharmaceuticals—0.0% | |
Forest Laboratories, Inc. | | | *‡d | | | 1,998 | | | | — | |
| | | | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—0.0% | |
Mossimo, Inc. | | | *‡d | | | 2,806 | | | | — | |
| | | | | | | | | | | | | | |
| TOTAL RIGHTS | |
(Cost $—) | | | | | | | — | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| WARRANTS—0.0% | |
| Diversified Financial Services—0.0% | |
Pegasus Wireless Corp. | | | *‡d | | | | | | | | |
(Cost $—) | | | | | | | | | 540 | | | | — | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| MONEY MARKET FUNDS—6.9% | |
| Institutional Money Market Funds—6.9% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | | ††¥ | | | 5,500,000 | | | | 5,500,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | | ¥ | | | 4,265,597 | | | | 4,265,597 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | | ††¥ | | | 4,753,704 | | | | 4,753,704 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional
Class, 0.17% | | | ††¥ | | | 5,500,000 | | | | 5,500,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | | ††¥ | | | 5,500,000 | | | | 5,500,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | | ††¥ | | | 5,500,000 | | | | 5,500,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select
Class, 0.13% | | | ††¥ | | | 5,500,000 | | | | 5,500,000 | |
| | | | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $36,519,301) | | | | | | | | | | 36,519,301 | |
| | | | | | | | | | | | | | |
| TOTAL INVESTMENTS—105.9% | |
(Cost $392,836,648) | | | | | | | | | | 559,557,136 | |
Other assets less liabilities—(5.9%) | | | | (31,301,661 | ) |
| | | | | | | | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 528,255,475 | |
| | | | | | | | | | | | | | |
See accompanying notes to financial statements.
206
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
Notes to the Schedule of Investments:
| | |
| CVR | | Contingent Value Rights |
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing. |
| † | | Denotes all or a portion of the security on loan. |
| d | | Security has no market value at June 30, 2012. |
| ‡ | | Security valued at fair value as determined by policies approved by the Board of Directors. |
| ‡‡ | | Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
207
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Mid/Small Company Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—98.3% | |
| Aerospace & Defense—1.4% | |
AAR Corp. | | | | | 6,897 | | | $ | 92,971 | |
Aerovironment, Inc. | | * | | | 8,991 | | | | 236,553 | |
Alliant Techsystems, Inc. | | | | | 4,487 | | | | 226,908 | |
American Science & Engineering, Inc. | | | | | 1,020 | | | | 57,579 | |
Astronics Corp. | | *† | | | 1,631 | | | | 46,059 | |
BE Aerospace, Inc. | | * | | | 18,242 | | | | 796,446 | |
Ceradyne, Inc. | | | | | 2,334 | | | | 59,867 | |
Cubic Corp. | | | | | 1,597 | | | | 76,784 | |
Curtiss-Wright Corp. | | | | | 9,576 | | | | 297,335 | |
DigitalGlobe, Inc. | | * | | | 6,919 | | | | 104,892 | |
Ducommun, Inc. | | * | | | 6,327 | | | | 62,068 | |
Esterline Technologies Corp. | | * | | | 2,519 | | | | 157,060 | |
Exelis, Inc. | | | | | 29,631 | | | | 292,162 | |
GenCorp, Inc. | | * | | | 31,676 | | | | 206,211 | |
GeoEye, Inc. | | * | | | 5,933 | | | | 91,843 | |
HEICO Corp., Class A | | | | | 4,837 | | | | 156,042 | |
Hexcel Corp. | | * | | | 14,456 | | | | 372,820 | |
Huntington Ingalls Industries, Inc. | | * | | | 6,221 | | | | 250,333 | |
Innovative Solutions & Support, Inc. | | * | | | 3,094 | | | | 10,179 | |
Kratos Defense & Security Solutions, Inc. | | * | | | 9,324 | | | | 54,452 | |
Moog, Inc., Class A | | * | | | 4,645 | | | | 192,071 | |
National Presto Industries, Inc. | | † | | | 656 | | | | 45,769 | |
Orbital Sciences Corp. | | * | | | 18,688 | | | | 241,449 | |
Spirit Aerosystems Holdings, Inc., Class A | | * | | | 16,921 | | | | 403,227 | |
Taser International, Inc. | | *† | | | 15,133 | | | | 79,297 | |
Teledyne Technologies, Inc. | | * | | | 4,308 | | | | 265,588 | |
TransDigm Group, Inc. | | * | | | 9,915 | | | | 1,331,584 | |
Triumph Group, Inc. | | | | | 5,443 | | | | 306,278 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,513,827 | |
| | | | | | | | | | | | |
| Air Freight & Logistics—0.2% | |
Air T, Inc. | | | | | 1,301 | | | | 10,759 | |
Air Transport Services Group, Inc. | | * | | | 25,035 | | | | 130,182 | |
Atlas Air Worldwide Holdings, Inc. | | * | | | 4,051 | | | | 176,259 | |
Forward Air Corp. | | | | | 3,034 | | | | 97,907 | |
Hub Group, Inc., Class A | | * | | | 5,189 | | | | 187,842 | |
Pacer International, Inc. | | * | | | 3,711 | | | | 20,114 | |
UTi Worldwide, Inc. (Virgin Islands, British) | | | | | 16,303 | | | | 238,187 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 861,250 | |
| | | | | | | | | | | | |
| Airlines—0.9% | |
Alaska Air Group, Inc. | | * | | | 8,175 | | | | 293,483 | |
Allegiant Travel Co. | | * | | | 2,296 | | | | 159,985 | |
Delta Air Lines, Inc. | | * | | | 153,603 | | | | 1,681,953 | |
JetBlue Airways Corp. | | *† | | | 58,802 | | | | 311,651 | |
Republic Airways Holdings, Inc. | | * | | | 27,551 | | | | 152,908 | |
SkyWest, Inc. | | | | | 6,829 | | | | 44,593 | |
United Continental Holdings, Inc. | | *† | | | 54,595 | | | | 1,328,296 | |
US Airways Group, Inc. | | *† | | | 22,444 | | | | 299,179 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,272,048 | |
| | | | | | | | | | | | |
| Auto Components—1.2% | |
American Axle & Manufacturing Holdings, Inc. | | * | | | 10,679 | | | | 112,023 | |
Amerigon, Inc. | | * | | | 10,898 | | | | 125,218 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | Shares | | | Value | |
Autoliv, Inc. (Sweden) | | † | | | 14,503 | | | $ | 792,734 | |
Cooper Tire & Rubber Co. | | | | | 9,129 | | | | 160,123 | |
Dana Holding Corp. | | † | | | 32,442 | | | | 415,582 | |
Drew Industries, Inc. | | * | | | 2,363 | | | | 65,810 | |
Exide Technologies | | * | | | 11,062 | | | | 37,168 | |
Federal-Mogul Corp. | | * | | | 17,441 | | | | 191,851 | |
Fuel Systems Solutions, Inc. | | *† | | | 4,238 | | | | 70,732 | |
Gentex Corp. | | | | | 28,535 | | | | 595,525 | |
Lear Corp. | | | | | 16,692 | | | | 629,789 | |
Modine Manufacturing Co. | | * | | | 10,902 | | | | 75,551 | |
Quantum Fuel Systems Technologies Worldwide, Inc. | | *† | | | 67,128 | | | | 49,306 | |
Shiloh Industries, Inc. | | | | | 5,043 | | | | 57,994 | |
Spartan Motors, Inc. | | † | | | 16,899 | | | | 88,551 | |
Standard Motor Products, Inc. | | | | | 5,615 | | | | 79,059 | |
Strattec Security Corp. | | | | | 502 | | | | 10,562 | |
Superior Industries International, Inc. | | | | | 2,803 | | | | 45,885 | |
Tenneco, Inc. | | * | | | 8,885 | | | | 238,296 | |
TRW Automotive Holdings Corp. | | * | | | 19,520 | | | | 717,555 | |
Visteon Corp. | | * | | | 8,132 | | | | 304,950 | |
WABCO Holdings, Inc. | | | | * | | | 12,253 | | | | 648,551 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,512,815 | |
| | | | | | | | | | | | |
| Automobiles—0.7% | |
General Motors Co. | | * | | | 139,347 | | | | 2,747,923 | |
Tesla Motors, Inc. | | *† | | | 8,156 | | | | 255,201 | |
Thor Industries, Inc. | | | | | 7,449 | | | | 204,177 | |
Winnebago Industries, Inc. | | *† | | | 15,478 | | | | 157,721 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,365,022 | |
| | | | | | | | | | | | |
| Beverages—0.1% | | | | | | | | | | | | |
Boston Beer Co., Inc. (The), Class A | | *† | | | 1,904 | | | | 230,384 | |
Central European Distribution Corp. (Poland) | | *† | | | 15,916 | | | | 45,520 | |
Coca-Cola Bottling Co. Consolidated | | † | | | 798 | | | | 51,295 | |
Jones Soda Co. | | * | | | 36,928 | | | | 11,817 | |
National Beverage Corp. | | * | | | 766 | | | | 11,444 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 350,460 | |
| | | | | | | | | | | | |
| Biotechnology—3.4% | |
Aastrom Biosciences, Inc. | | *† | | | 9,842 | | | | 21,160 | |
Acorda Therapeutics, Inc. | | * | | | 5,183 | | | | 122,112 | |
Agenus, Inc. | | * | | | 3,197 | | | | 16,752 | |
Alkermes plc (Ireland) | | * | | | 17,553 | | | | 297,874 | |
Allos Therapeutics, Inc. | | * | | | 18,248 | | | | 32,664 | |
Alnylam Pharmaceuticals, Inc. | | * | | | 6,491 | | | | 75,750 | |
AMAG Pharmaceuticals, Inc. | | * | | | 3,480 | | | | 53,592 | |
Amylin Pharmaceuticals, Inc. | | * | | | 25,467 | | | | 718,933 | |
ARCA Biopharma, Inc. | | * | | | 436 | | | | 218 | |
Arena Pharmaceuticals, Inc. | | *† | | | 33,880 | | | | 338,122 | |
Ariad Pharmaceuticals, Inc. | | * | | | 34,626 | | | | 595,913 | |
Arqule, Inc. | | * | | | 6,240 | | | | 37,003 | |
Array BioPharma, Inc. | | * | | | 17,505 | | | | 60,742 | |
Astex Pharmaceuticals | | *† | | | 17,702 | | | | 36,997 | |
AVEO Pharmaceuticals, Inc. | | *† | | | 10,510 | | | | 127,802 | |
AVI BioPharma, Inc. | | * | | | 51,906 | | | | 32,493 | |
BioCryst Pharmaceuticals, Inc. | | *† | | | 21,994 | | | | 87,536 | |
BioMarin Pharmaceutical, Inc. | | * | | | 18,803 | | | | 744,223 | |
BioMimetic Therapeutics, Inc. | | * | | | 7,095 | | | | 18,660 | |
Cell Therapeutics, Inc. | | *† | | | 103,528 | | | | 60,046 | |
Celldex Therapeutics, Inc. | | * | | | 10,060 | | | | 52,211 | |
See accompanying notes to financial statements.
208
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Mid/Small
Company Index Fund | | | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Cepheid, Inc. | | * | | | 8,077 | | | $ | 361,446 | |
Codexis, Inc. | | *† | | | 13,873 | | | | 51,885 | |
Cubist Pharmaceuticals, Inc. | | * | | | 7,593 | | | | 287,851 | |
Cytokinetics, Inc. | | * | | | 69,212 | | | | 44,330 | |
CytRx Corp. | | *† | | | 29,055 | | | | 133,072 | |
Dendreon Corp. | | *† | | | 24,041 | | | | 177,903 | |
Discovery Laboratories, Inc. | | * | | | 7,623 | | | | 17,685 | |
Dyax Corp. | | * | | | 22,226 | | | | 47,341 | |
Emergent Biosolutions, Inc. | | * | | | 4,839 | | | | 73,311 | |
Entremed, Inc. | | * | | | 126 | | | | 232 | |
Enzon Pharmaceuticals, Inc. | | * | | | 7,159 | | | | 49,182 | |
Exact Sciences Corp. | | * | | | 11,980 | | | | 128,426 | |
Exelixis, Inc. | | *† | | | 35,337 | | | | 195,414 | |
Galena Biopharma, Inc. | | * | | | 11,942 | | | | 19,704 | |
Genomic Health, Inc. | | *† | | | 6,866 | | | | 229,324 | |
Geron Corp. | | *† | | | 36,667 | | | | 63,067 | |
GTx, Inc. | | * | | | 4,210 | | | | 14,861 | |
Halozyme Therapeutics, Inc. | | *† | | | 18,837 | | | | 166,896 | |
Hemispherx Biopharma, Inc. | | *† | | | 54,952 | | | | 15,277 | |
Human Genome Sciences, Inc. | | * | | | 34,289 | | | | 450,215 | |
Idenix Pharmaceuticals, Inc. | | *† | | | 11,707 | | | | 120,582 | |
Idera Pharmaceuticals, Inc. | | * | | | 1,932 | | | | 2,067 | |
Immunogen, Inc. | | *† | | | 9,339 | | | | 156,708 | |
Immunomedics, Inc. | | *† | | | 12,320 | | | | 43,982 | |
Incyte Corp. Ltd. | | *† | | | 29,421 | | | | 667,857 | |
InterMune, Inc. | | * | | | 7,345 | | | | 87,773 | |
Isis Pharmaceuticals, Inc. | | *† | | | 15,742 | | | | 188,904 | |
Keryx Biopharmaceuticals, Inc. | | * | | | 33,078 | | | | 59,540 | |
Lexicon Pharmaceuticals, Inc. | | *† | | | 34,034 | | | | 76,577 | |
Ligand Pharmaceuticals, Inc., Class B | | * | | | 3,990 | | | | 67,591 | |
MannKind Corp. | | *† | | | 21,902 | | | | 50,156 | |
Maxygen, Inc. | | *† | | | 5,279 | | | | 31,463 | |
MediciNova, Inc. | | * | | | 3,130 | | | | 5,102 | |
Medivation, Inc. | | * | | | 6,781 | | | | 619,783 | |
Metabolix, Inc. | | * | | | 8,606 | | | | 15,921 | |
Momenta Pharmaceuticals, Inc. | | * | | | 7,065 | | | | 95,519 | |
Myrexis, Inc. | | * | | | 58,092 | | | | 151,620 | |
Myriad Genetics, Inc. | | * | | | 17,432 | | | | 414,359 | |
Nabi Biopharmaceuticals | | * | | | 6,806 | | | | 10,754 | |
Neurocrine Biosciences, Inc. | | * | | | 8,240 | | | | 65,178 | |
Novavax, Inc. | | *† | | | 21,148 | | | | 32,991 | |
NPS Pharmaceuticals, Inc. | | * | | | 9,432 | | | | 81,210 | |
Onyx Pharmaceuticals, Inc. | | * | | | 13,102 | | | | 870,628 | |
Osiris Therapeutics, Inc. | | *† | | | 4,513 | | | | 49,508 | |
PDL BioPharma, Inc. | | † | | | 38,667 | | | | 256,362 | |
Peregrine Pharmaceuticals, Inc. | | * | | | 14,427 | | | | 7,795 | |
Pharmacyclics, Inc. | | * | | | 8,784 | | | | 479,694 | |
Progenics Pharmaceuticals, Inc. | | *† | | | 6,205 | | | | 60,685 | |
Regeneron Pharmaceuticals, Inc. | | * | | | 10,359 | | | | 1,183,205 | |
Repligen Corp. | | * | | | 9,025 | | | | 38,808 | |
Rigel Pharmaceuticals, Inc. | | * | | | 12,762 | | | | 118,687 | |
Sangamo Biosciences, Inc. | | *† | | | 10,702 | | | | 59,075 | |
Savient Pharmaceuticals, Inc. | | *† | | | 32,380 | | | | 17,488 | |
Seattle Genetics, Inc. | | *† | | | 20,977 | | | | 532,606 | |
SIGA Technologies, Inc. | | *† | | | 4,650 | | | | 13,346 | |
Spectrum Pharmaceuticals, Inc. | | *† | | | 8,460 | | | | 131,638 | |
StemCells, Inc. | | *† | | | 12,574 | | | | 10,059 | |
Synageva BioPharma Corp. | | * | | | 1,384 | | | | 56,135 | |
Telik, Inc. | | * | | | 202 | | | | 436 | |
Theravance, Inc. | | *† | | | 11,784 | | | | 261,841 | |
United Therapeutics Corp. | | * | | | 10,148 | | | | 501,108 | |
Vanda Pharmaceuticals, Inc. | | * | | | 9,426 | | | | 41,474 | |
| | | | | | | | | | | | |
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| | | | | | | | Shares | | | | Value | |
Vertex Pharmaceuticals, Inc. | | * | | | 31,505 | | | $ | 1,761,760 | |
XOMA Corp. | | *† | | | 17,238 | | | | 51,714 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,607,914 | |
| | | | | | | | | | | | |
| Building Products—0.7% | | | | | | | | | | | | |
A.O. Smith Corp. | | | | | 8,295 | | | | 405,542 | |
American Woodmark Corp. | | * | | | 1,317 | | | | 22,521 | |
Apogee Enterprises, Inc. | | | | | 5,631 | | | | 90,490 | |
Armstrong World Industries, Inc. | | | | | 5,873 | | | | 288,717 | |
Fortune Brands Home & Security, Inc. | | * | | | 26,296 | | | | 585,612 | |
Gibraltar Industries, Inc. | | * | | | 3,678 | | | | 38,178 | |
Griffon Corp. | | | | | 6,441 | | | | 55,264 | |
Insteel Industries, Inc. | | | | | 2,829 | | | | 31,543 | |
Lennox International, Inc. | | | | | 9,822 | | | | 458,000 | |
NCI Building Systems, Inc. | | * | | | 8,291 | | | | 89,791 | |
Owens Corning, Inc. | | * | | | 13,707 | | | | 391,198 | |
Quanex Building Products Corp. | | | | | 11,668 | | | | 208,624 | |
Simpson Manufacturing Co., Inc. | | | | | 8,898 | | | | 262,580 | |
Trex Co., Inc. | | * | | | 2,108 | | | | 63,430 | |
U.S. Home Systems, Inc. | | | | | 1,624 | | | | 16,483 | |
Universal Forest Products, Inc. | | | | | 1,649 | | | | 64,278 | |
USG Corp. | | *† | | | 9,453 | | | | 180,080 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,252,331 | |
| | | | | | | | | | | | |
| Capital Markets—1.9% | | | | | | | | | | | | |
Affiliated Managers Group, Inc. | | * | | | 8,961 | | | | 980,781 | |
American Capital Ltd. | | * | | | 68,077 | | | | 685,535 | |
Apollo Investment Corp. | | | | | 49,910 | | | | 383,309 | |
Arlington Asset Investment Corp., Class A | | | | | 3,155 | | | | 68,495 | |
Artio Global Investors, Inc. | | † | | | 13,209 | | | | 46,231 | |
BGC Partners, Inc., Class A | | | | | 13,921 | | | | 81,716 | |
Calamos Asset Management, Inc., Class A | | | | | 3,748 | | | | 42,915 | |
CIFC Corp. | | * | | | 2,540 | | | | 18,720 | |
Cowen Group, Inc., Class A | | * | | | 21,336 | | | | 56,754 | |
Diamond Hill Investment Group, Inc. | | | | | 649 | | | | 50,810 | |
Eaton Vance Corp. | | | | | 18,870 | | | | 508,546 | |
Edelman Financial Group, Inc. | | | | | 5,428 | | | | 47,224 | |
Evercore Partners, Inc., Class A | | | | | 8,031 | | | | 187,845 | |
GAMCO Investors, Inc., Class A | | | | | 1,052 | | | | 46,698 | |
GFI Group, Inc. | | | | | 33,019 | | | | 117,548 | |
Greenhill & Co., Inc. | | † | | | 6,438 | | | | 229,515 | |
ICG Group, Inc. | | * | | | 7,645 | | | | 70,716 | |
Institutional Financial Markets, Inc. | | | | | 4,976 | | | | 4,230 | |
INTL FCStone, Inc. | | * | | | 4,667 | | | | 90,306 | |
Investment Technology Group, Inc. | | * | | | 22,766 | | | | 209,447 | |
Janus Capital Group, Inc. | | | | | 25,815 | | | | 201,873 | |
Jefferies Group, Inc. | | † | | | 29,047 | | | | 377,321 | |
KBW, Inc. | | † | | | 12,959 | | | | 213,176 | |
Knight Capital Group, Inc., Class A | | * | | | 25,616 | | | | 305,855 | |
Medallion Financial Corp. | | | | | 2,518 | | | | 26,741 | |
Penson Worldwide, Inc. | | *† | | | 21,060 | | | | 3,222 | |
Piper Jaffray Cos. | | * | | | 2,312 | | | | 54,170 | |
Raymond James Financial, Inc. | | | | | 18,586 | | | | 636,385 | |
Safeguard Scientifics, Inc. | | * | | | 3,658 | | | | 56,626 | |
SEI Investments Co. | | | | | 34,850 | | | | 693,166 | |
Stifel Financial Corp. | | * | | | 14,993 | | | | 463,284 | |
SWS Group, Inc. | | * | | | 14,960 | | | | 79,737 | |
See accompanying notes to financial statements.
209
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Mid/Small
Company Index Fund | | | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
TD Ameritrade Holding Corp. | | | | | 50,281 | | | $ | 854,777 | |
U.S. Global Investors, Inc., Class A | | | | | 8,854 | | | | 38,692 | |
Virtus Investment Partners, Inc. | | * | | | 1,399 | | | | 113,319 | |
Waddell & Reed Financial, Inc., Class A | | | | | 12,604 | | | | 381,649 | |
Walter Investment Management Corp. | | | | | 5,513 | | | | 129,225 | |
Westwood Holdings Group, Inc. | | | | | 1,427 | | | | 53,170 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,609,729 | |
| | | | | | | | | | | | |
| Chemicals—2.6% | | | | | | | | | | | | |
A. Schulman, Inc. | | | | | 5,791 | | | | 114,951 | |
Albemarle Corp. | | | | | 14,830 | | | | 884,461 | |
Ashland, Inc. | | | | | 10,597 | | | | 734,478 | |
Balchem Corp. | | | | | 4,960 | | | | 161,746 | |
Cabot Corp. | | | | | 13,759 | | | | 559,991 | |
Calgon Carbon Corp. | | *† | | | 19,947 | | | | 283,646 | |
Celanese Corp., Class A | | | | | 22,431 | | | | 776,561 | |
Chemtura Corp. | | * | | | 15,439 | | | | 223,865 | |
Cytec Industries, Inc. | | | | | 6,784 | | | | 397,814 | |
Ferro Corp. | | * | | | 20,271 | | | | 97,301 | |
Flotek Industries, Inc. | | *† | | | 11,454 | | | | 106,980 | |
Georgia Gulf Corp. | | | | | 3,528 | | | | 90,564 | |
H.B. Fuller Co. | | | | | 12,649 | | | | 388,324 | |
Huntsman Corp. | | | | | 30,318 | | | | 392,315 | |
Intrepid Potash, Inc. | | * | | | 8,881 | | | | 202,132 | |
Koppers Holdings, Inc. | | | | | 3,348 | | | | 113,832 | |
Kronos Worldwide, Inc. | | † | | | 3,735 | | | | 58,976 | |
Landec Corp. | | *† | | | 8,822 | | | | 75,516 | |
LSB Industries, Inc. | | * | | | 5,477 | | | | 169,294 | |
Material Sciences Corp. | | * | | | 5,258 | | | | 43,116 | |
Minerals Technologies, Inc. | | | | | 1,872 | | | | 119,396 | |
NewMarket Corp. | | † | | | 1,802 | | | | 390,313 | |
Olin Corp. | | | | | 8,990 | | | | 187,801 | |
OM Group, Inc. | | * | | | 7,720 | | | | 146,680 | |
Omnova Solutions, Inc. | | * | | | 9,679 | | | | 72,980 | |
Penford Corp. | | * | | | 5,562 | | | | 49,780 | |
PolyOne Corp. | | | | | 16,034 | | | | 219,345 | |
Quaker Chemical Corp. | | | | | 1,879 | | | | 86,829 | |
Rockwood Holdings, Inc. | | | | | 11,577 | | | | 513,440 | |
RPM International, Inc. | | | | | 25,982 | | | | 706,710 | |
Scotts Miracle-Gro Co. (The), Class A | | | | | 8,157 | | | | 335,416 | |
Sensient Technologies Corp. | | | | | 12,353 | | | | 453,726 | |
Solutia, Inc. | | | | | 20,513 | | | | 575,390 | |
Spartech Corp. | | * | | | 2,131 | | | | 11,017 | |
Stepan Co. | | | | | 1,197 | | | | 112,733 | |
Tredegar Corp. | | | | | 2,467 | | | | 35,920 | |
Valhi, Inc. | | | | | 11,760 | | | | 146,882 | |
Valspar Corp. | | | | | 19,576 | | | | 1,027,544 | |
W.R. Grace & Co. | | * | | | 13,453 | | | | 678,704 | |
Westlake Chemical Corp. | | † | | | 4,325 | | | | 226,024 | |
Zep, Inc. | | | | | 2,287 | | | | 31,401 | |
Zoltek Cos., Inc. | | *† | | | 17,218 | | | | 155,479 | |
| | | | | | | | | | | | |
| | | | | | | | | 12,159,373 | |
| | | | | | | | | | | | |
| Commercial Banks—4.6% | |
1st Source Corp. | | | | | 2,200 | | | | 49,720 | |
Ameris Bancorp | | * | | | 6,211 | | | | 78,259 | |
Arrow Financial Corp. | | † | | | 4,262 | | | | 103,013 | |
Associated Banc-Corp | | | | | 39,187 | | | | 516,876 | |
BancFirst Corp. | | | | | 1,092 | | | | 45,766 | |
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Bancorp, Inc. (The)/Delaware | | * | | | 8,887 | | | $ | 83,982 | |
BancorpSouth, Inc. | | † | | | 19,643 | | | | 285,216 | |
BancTrust Financial Group, Inc. | | * | | | 4,800 | | | | 14,352 | |
Bank of Hawaii Corp. | | | | | 11,077 | | | | 508,988 | |
Bank of the Ozarks, Inc. | | | | | 10,632 | | | | 319,811 | |
Banner Corp. | | | | | 2,674 | | | | 58,587 | |
BBCN Bancorp, Inc./California | | * | | | 31,191 | | | | 339,670 | |
BOK Financial Corp. | | | | | 2,311 | | | | 134,500 | |
Boston Private Financial Holdings, Inc. | | | | | 12,410 | | | | 110,821 | |
Bryn Mawr Bank Corp. | | | | | 4,411 | | | | 92,940 | |
Camden National Corp. | | † | | | 1,411 | | | | 51,671 | |
Capital Bank Corp. | | *† | | | 22,531 | | | | 51,371 | |
Capital City Bank Group, Inc. | | | | | 4,374 | | | | 32,236 | |
CapitalSource, Inc. | | | | | 48,390 | | | | 325,181 | |
Cardinal Financial Corp. | | | | | 7,745 | | | | 95,109 | |
Cascade Bancorp | | *† | | | 479 | | | | 2,840 | |
Cathay General Bancorp | | | | | 18,966 | | | | 313,129 | |
Catskill Litigation Trust | | *‡d | | | 583 | | | | — | |
Central Pacific Financial Corp. | | * | | | 2,074 | | | | 29,285 | |
Chemical Financial Corp. | | | | | 3,780 | | | | 81,270 | |
CIT Group, Inc. | | * | | | 28,383 | | | | 1,011,570 | |
Citizens Republic Bancorp, Inc. | | * | | | 16,394 | | | | 280,829 | |
City Holding Co. | | † | | | 2,691 | | | | 90,660 | |
City National Corp./California | | | | | 7,803 | | | | 379,070 | |
CoBiz Financial, Inc. | | | | | 13,041 | | | | 81,637 | |
Columbia Banking System, Inc. | | | | | 9,767 | | | | 183,815 | |
Commerce Bancshares, Inc./Missouri | | | | | 12,773 | | | | 484,097 | |
Community Bank System, Inc. | | | | | 8,019 | | | | 217,475 | |
Community Trust Bancorp, Inc. | | † | | | 2,246 | | | | 75,219 | |
Cullen/Frost Bankers, Inc. | | | | | 13,285 | | | | 763,755 | |
CVB Financial Corp. | | † | | | 17,733 | | | | 206,589 | |
East West Bancorp, Inc. | | | | | 33,951 | | | | 796,490 | |
Eastern Virginia Bankshares, Inc. | | * | | | 701 | | | | 2,622 | |
Fidelity Southern Corp. | | | | | 7,091 | | | | 61,266 | |
Financial Institutions, Inc. | | | | | 2,448 | | | | 41,322 | |
First BanCorp. (Puerto Rico) | | * | | | 25,707 | | | | 101,800 | |
First Bancorp/North Carolina | | | | | 5,052 | | | | 44,912 | |
First Busey Corp. | | † | | | 14,438 | | | | 69,736 | |
First Citizens BancShares, Inc./North Carolina, Class A | | | | | 634 | | | | 105,656 | |
First Commonwealth Financial Corp. | | | | | 30,605 | | | | 205,972 | |
First Financial Bancorp | | | | | 6,617 | | | | 105,740 | |
First Financial Bankshares, Inc. | | † | | | 3,801 | | | | 131,363 | |
First Merchants Corp. | | | | | 4,647 | | | | 57,902 | |
First Midwest Bancorp, Inc./Illinois | | | | | 9,549 | | | | 104,848 | |
First Niagara Financial Group, Inc. | | | | | 76,028 | | | | 581,614 | |
First of Long Island Corp. (The) | | | | | 1,432 | | | | 41,485 | |
FirstMerit Corp. | | | | | 18,310 | | | | 302,481 | |
FNB Corp./Pennsylvania | | † | | | 28,242 | | | | 306,990 | |
Fulton Financial Corp. | | | | | 42,856 | | | | 428,131 | |
Glacier Bancorp, Inc. | | † | | | 21,753 | | | | 336,954 | |
Great Southern Bancorp, Inc. | | | | | 3,068 | | | | 84,615 | |
Green Bankshares, Inc. | | *† | | | 2,129 | | | | 3,534 | |
Guaranty Bancorp | | * | | | 38,669 | | | | 81,592 | |
Hancock Holding Co. | | | | | 13,641 | | | | 415,232 | |
Hanmi Financial Corp. | | * | | | 8,190 | | | | 85,831 | |
Heritage Commerce Corp. | | * | | | 8,988 | | | | 58,422 | |
Heritage Financial Corp./Washington | | | | | 5,490 | | | | 80,428 | |
See accompanying notes to financial statements.
210
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Mid/Small
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| COMMON STOCKS—(Continued) | |
IBERIABANK Corp. | | | | | 6,270 | | | $ | 316,321 | |
Independent Bank Corp./Massachusetts | | † | | | 3,125 | | | | 91,281 | |
Independent Bank Corp./Michigan | | * | | | 389 | | | | 976 | |
International Bancshares Corp. | | | | | 7,878 | | | | 153,779 | |
Investors Bancorp, Inc. | | * | | | 16,332 | | | | 246,450 | |
Lakeland Financial Corp. | | | | | 4,843 | | | | 129,938 | |
Macatawa Bank Corp. | | * | | | 9,867 | | | | 33,646 | |
MainSource Financial Group, Inc. | | | | | 4,454 | | | | 52,691 | |
MB Financial, Inc. | | | | | 7,169 | | | | 154,420 | |
Merchants Bancshares, Inc. | | | | | 1,298 | | | | 35,760 | |
MidSouth Bancorp, Inc. | | | | | 3,651 | | | | 51,406 | |
MidWestOne Financial Group, Inc. | | | | | 4,566 | | | | 98,169 | |
National Penn Bancshares, Inc. | | | | | 8,522 | | | | 81,556 | |
NBT Bancorp, Inc. | | | | | 4,152 | | | | 89,642 | |
Old National Bancorp/Indiana | | | | | 30,830 | | | | 370,268 | |
Old Second Bancorp, Inc. | | *† | | | 5,324 | | | | 6,921 | |
Oriental Financial Group, Inc. (Puerto Rico) | | | | | 19,202 | | | | 212,758 | |
Pacific Capital Bancorp NA | | * | | | 1,651 | | | | 75,500 | |
Pacific Premier Bancorp, Inc. | | * | | | 977 | | | | 8,207 | |
PacWest Bancorp | | | | | 2,392 | | | | 56,619 | |
Park National Corp. | | † | | | 1,421 | | | | 99,115 | |
Peapack Gladstone Financial Corp. | | | | | 1,086 | | | | 16,844 | |
Peoples Bancorp, Inc./Ohio | | † | | | 2,337 | | | | 51,367 | |
Peoples Financial Corp./Mississippi | | | | | 3,749 | | | | 36,553 | |
Pinnacle Financial Partners, Inc. | | * | | | 6,115 | | | | 119,304 | |
Popular, Inc. (Puerto Rico) | | * | | | 17,490 | | | | 290,509 | |
Preferred Bank/Los Angeles CA | | *† | | | 4,011 | | | | 53,587 | |
PrivateBancorp, Inc. | | | | | 12,737 | | | | 187,998 | |
Prosperity Bancshares, Inc. | | † | | | 10,569 | | | | 444,215 | |
Renasant Corp. | | † | | | 4,358 | | | | 68,464 | |
Republic Bancorp, Inc./Kentucky, Class A | | † | | | 2,055 | | | | 45,724 | |
Royal Bancshares of Pennsylvania, Inc., Class A | | * | | | 11,522 | | | | 20,855 | |
S&T Bancorp, Inc. | | | | | 3,512 | | | | 64,867 | |
Sandy Spring Bancorp, Inc. | | | | | 2,239 | | | | 40,302 | |
Seacoast Banking Corp. of Florida | | * | | | 53,038 | | | | 80,087 | |
Shore Bancshares, Inc. | | | | | 5,419 | | | | 32,189 | |
Sierra Bancorp | | | | | 5,758 | | | | 57,004 | |
Signature Bank/New York | | * | | | 5,846 | | | | 356,431 | |
Simmons First National Corp., Class A | | † | | | 3,697 | | | | 85,955 | |
Southwest Bancorp, Inc./Oklahoma | | * | | | 4,075 | | | | 38,346 | |
Sterling Bancorp/New York | | † | | | 5,344 | | | | 53,333 | |
Sterling Financial Corp./Washington | | * | | | 3,511 | | | | 66,323 | |
Suffolk Bancorp | | * | | | 3,976 | | | | 51,569 | |
Susquehanna Bancshares, Inc. | | | | | 21,345 | | | | 219,853 | |
SVB Financial Group | | * | | | 6,536 | | | | 383,794 | |
SY Bancorp, Inc. | | | | | 4,501 | | | | 107,799 | |
Synovus Financial Corp. | | † | | | 102,979 | | | | 203,898 | |
TCF Financial Corp. | | | | | 16,152 | | | | 185,425 | |
Texas Capital Bancshares, Inc. | | * | | | 6,292 | | | | 254,134 | |
Tompkins Financial Corp. | | | | | 1,976 | | | | 74,456 | |
TowneBank/Virginia | | † | | | 4,995 | | | | 69,930 | |
Trustmark Corp. | | | | | 7,243 | | | | 177,309 | |
UMB Financial Corp. | | | | | 5,083 | | | | 260,402 | |
Umpqua Holdings Corp. | | | | | 15,160 | | | | 199,506 | |
Union First Market Bankshares Corp. | | | | | 4,226 | | | | 61,066 | |
United Bankshares, Inc. | | † | | | 5,447 | | | | 140,968 | |
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| | | | | | | | Shares | | | | Value | |
United Community Banks, Inc./Georgia | | *† | | | 8,268 | | | $ | 70,857 | |
Valley National Bancorp | | † | | | 47,250 | | | | 500,850 | |
Virginia Commerce Bancorp, Inc. | | * | | | 10,179 | | | | 85,809 | |
Washington Trust Bancorp, Inc. | | | | | 3,270 | | | | 79,723 | |
Webster Financial Corp. | | | | | 19,943 | | | | 431,965 | |
WesBanco, Inc. | | | | | 2,801 | | | | 59,549 | |
West Coast Bancorp/Oregon | | * | | | 3,288 | | | | 64,609 | |
Westamerica Bancorporation | | | | | 5,748 | | | | 271,248 | |
Western Alliance Bancorp | | * | | | 35,451 | | | | 331,821 | |
Wilshire Bancorp, Inc. | | * | | | 17,149 | | | | 93,976 | |
Wintrust Financial Corp. | | | | | 5,057 | | | | 179,523 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,271,966 | |
| | | | | | | | | | | | |
| Commercial Services & Supplies—1.5% | |
ABM Industries, Inc. | | | | | 9,730 | | | | 190,319 | |
ACCO Brands Corp. | | * | | | 14,981 | | | | 154,904 | |
American Reprographics Co. | | * | | | 15,235 | | | | 76,632 | |
Asset Acceptance Capital Corp. | | * | | | 6,870 | | | | 46,716 | |
Asta Funding, Inc. | | | | | 3,486 | | | | 32,664 | |
Brink’s Co. (The) | | | | | 6,600 | | | | 152,988 | |
Casella Waste Systems, Inc., Class A | | * | | | 5,820 | | | | 34,047 | |
Cenveo, Inc. | | *† | | | 10,269 | | | | 19,819 | |
Clean Harbors, Inc. | | *† | | | 5,992 | | | | 338,069 | |
Consolidated Graphics, Inc. | | * | | | 699 | | | | 20,306 | |
Copart, Inc. | | * | | | 19,876 | | | | 470,862 | |
Corrections Corp. of America | | | | | 24,625 | | | | 725,206 | |
Courier Corp. | | | | | 1,904 | | | | 25,228 | |
Covanta Holding Corp. | | | | | 32,749 | | | | 561,645 | |
Deluxe Corp. | | † | | | 6,902 | | | | 172,136 | |
EnergySolutions, Inc. | | * | | | 17,158 | | | | 28,997 | |
Ennis, Inc. | | | | | 2,217 | | | | 34,097 | |
G&K Services, Inc., Class A | | | | | 2,038 | | | | 63,565 | |
Geo Group, Inc. (The) | | * | | | 10,797 | | | | 245,308 | |
Healthcare Services Group, Inc. | | | | | 8,543 | | | | 165,563 | |
Herman Miller, Inc. | | | | | 7,167 | | | | 132,733 | |
HNI Corp. | | | | | 4,666 | | | | 120,150 | |
Interface, Inc. | | | | | 5,624 | | | | 76,655 | |
Intersections, Inc. | | | | | 4,413 | | | | 69,946 | |
Kimball International, Inc., Class B | | † | | | 4,445 | | | | 34,227 | |
Knoll, Inc. | | | | | 8,621 | | | | 115,694 | |
McGrath RentCorp | | | | | 2,986 | | | | 79,129 | |
Metalico, Inc. | | * | | | 25,521 | | | | 56,146 | |
Mine Safety Appliances Co. | | | | | 4,632 | | | | 186,392 | |
Mobile Mini, Inc. | | * | | | 4,526 | | | | 65,174 | |
Multi-Color Corp. | | | | | 2,526 | | | | 56,178 | |
NL Industries, Inc. | | | | | 412 | | | | 5,138 | |
Perma-Fix Environmental Services, Inc. | | * | | | 25,765 | | | | 30,145 | |
Portfolio Recovery Associates, Inc. | | * | | | 1,756 | | | | 160,253 | |
Rollins, Inc. | | † | | | 17,041 | | | | 381,207 | |
Standard Register Co. (The) | | † | | | 1,650 | | | | 990 | |
Steelcase, Inc., Class A | | | | | 19,006 | | | | 171,624 | |
Sykes Enterprises, Inc. | | * | | | 3,519 | | | | 56,163 | |
Team, Inc. | | * | | | 3,347 | | | | 104,359 | |
Tetra Tech, Inc. | | * | | | 6,841 | | | | 178,413 | |
TRC Cos., Inc. | | * | | | 11,036 | | | | 67,099 | |
Unifirst Corp. | | | | | 996 | | | | 63,495 | |
United Stationers, Inc. | | | | | 4,110 | | | | 110,765 | |
US Ecology, Inc. | | | | | 11,022 | | | | 195,530 | |
Viad Corp. | | | | | 1,978 | | | | 39,560 | |
Virco Manufacturing Corp. | | * | | | 1,859 | | | | 3,012 | |
Waste Connections, Inc. | | | | | 22,840 | | | | 683,373 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,802,621 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
211
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June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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Company Index Fund | | Shares | | | Value | |
| COMMON STOCKS—(Continued) | |
Communications Equipment—1.3% | |
Acme Packet, Inc. | | *† | | | 10,066 | | | $ | 187,731 | |
ADTRAN, Inc. | | | | | 12,844 | | | | 387,760 | |
Alliance Fiber Optic Products, Inc. | | * | | | 963 | | | | 8,609 | |
Anaren, Inc. | | * | | | 2,003 | | | | 39,259 | |
Arris Group, Inc. | | * | | | 25,408 | | | | 353,425 | |
Aruba Networks, Inc. | | *† | | | 24,779 | | | | 372,924 | |
Aviat Networks, Inc. | | * | | | 22,656 | | | | 63,437 | |
Black Box Corp. | | | | | 1,414 | | | | 40,582 | |
Blonder Tongue Laboratories, Inc. | | * | | | 2,285 | | | | 2,742 | |
Brocade Communications Systems, Inc. | | * | | | 65,397 | | | | 322,407 | |
CalAmp Corp. | | * | | | 9,992 | | | | 73,241 | |
Ciena Corp. | | *† | | | 24,804 | | | | 406,041 | |
Comtech Telecommunications Corp. | | | | | 4,419 | | | | 126,295 | |
Digi International, Inc. | | *† | | | 2,517 | | | | 25,774 | |
Ditech Networks, Inc. | | * | | | 3,980 | | | | 3,423 | |
EchoStar Corp., Class A | | * | | | 12,469 | | | | 329,431 | |
Emcore Corp. | | * | | | 11,797 | | | | 52,143 | |
Emulex Corp. | | * | | | 15,840 | | | | 114,048 | |
Extreme Networks, Inc. | | *† | | | 9,940 | | | | 34,194 | |
Finisar Corp. | | *† | | | 16,126 | | | | 241,245 | |
Globecomm Systems, Inc. | | * | | | 5,067 | | | | 51,379 | |
Harmonic, Inc. | | * | | | 19,391 | | | | 82,606 | |
Infinera Corp. | | *† | | | 12,147 | | | | 83,085 | |
InterDigital, Inc. | | † | | | 7,655 | | | | 225,899 | |
Ixia | | * | | | 7,348 | | | | 88,323 | |
KVH Industries, Inc. | | * | | | 3,755 | | | | 46,938 | |
Loral Space & Communications, Inc. | | | | | 2,725 | | | | 183,529 | |
NETGEAR, Inc. | | * | | | 3,773 | | | | 130,206 | |
Network Engines, Inc. | | * | | | 1,330 | | | | 1,875 | |
Network Equipment Technologies, Inc. | | * | | | 20,690 | | | | 27,104 | |
Numerex Corp., Class A | | * | | | 1,800 | | | | 16,740 | |
Oclaro, Inc. | | *† | | | 9,084 | | | | 27,615 | |
Oplink Communications, Inc. | | * | | | 1,808 | | | | 24,462 | |
Optical Cable Corp. | | | | | 241 | | | | 1,085 | |
Parkervision, Inc. | | *† | | | 37,014 | | | | 88,093 | |
Performance Technologies, Inc. | | * | | | 794 | | | | 1,779 | |
Plantronics, Inc. | | | | | 9,656 | | | | 322,510 | |
Polycom, Inc. | | * | | | 30,575 | | | | 321,649 | |
Powerwave Technologies, Inc. | | *† | | | 6,812 | | | | 4,939 | |
Riverbed Technology, Inc. | | * | | | 23,885 | | | | 385,743 | |
Sonus Networks, Inc. | | * | | | 107,679 | | | | 231,510 | |
Sycamore Networks, Inc. | | * | | | 1,477 | | | | 21,446 | |
Symmetricom, Inc. | | * | | | 6,110 | | | | 36,599 | |
Tellabs, Inc. | | | | | 59,542 | | | | 198,275 | |
UTStarcom Holdings Corp. (China) | | * | | | 76,536 | | | | 91,078 | |
ViaSat, Inc. | | * | | | 4,503 | | | | 170,078 | |
Westell Technologies, Inc., Class A | | * | | | 13,644 | | | | 32,473 | |
Zoom Technologies, Inc. (China) | | *† | | | 542 | | | | 564 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,082,293 | |
| | | | | | | | | | | | |
| Computers & Peripherals—0.6% | |
3D Systems Corp. | | *† | | | 6,673 | | | | 227,816 | |
Avid Technology, Inc. | | * | | | 2,658 | | | | 19,749 | |
Concurrent Computer Corp. | | * | | | 759 | | | | 3,150 | |
Cray, Inc. | | * | | | 5,759 | | | | 69,569 | |
Dataram Corp. | | * | | | 1,175 | | | | 905 | |
Diebold, Inc. | | | | | 14,906 | | | | 550,180 | |
Dot Hill Systems Corp. | | * | | | 21,866 | | | | 24,927 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Electronics for Imaging, Inc. | | * | | | 3,912 | | | $ | 63,570 | |
Hutchinson Technology, Inc. | | *† | | | 2,054 | | | | 2,999 | |
iGO, Inc. | | * | | | 2,804 | | | | 1,178 | |
Imation Corp. | | * | | | 18,494 | | | | 109,300 | |
Immersion Corp. | | * | | | 5,977 | | | | 33,650 | |
Intermec, Inc. | | * | | | 11,337 | | | | 70,289 | |
Intevac, Inc. | | * | | | 3,891 | | | | 29,260 | |
NCR Corp. | | * | | | 25,457 | | | | 578,638 | |
Novatel Wireless, Inc. | | * | | | 10,536 | | | | 26,235 | |
Overland Storage, Inc. | | * | | | 9,851 | | | | 18,520 | |
Presstek, Inc. | | * | | | 6,107 | | | | 2,609 | |
QLogic Corp. | | * | | | 26,656 | | | | 364,921 | |
Quantum Corp. | | * | | | 58,778 | | | | 119,319 | |
Rimage Corp. | | | | | 924 | | | | 7,392 | |
Silicon Graphics International Corp. | | *† | | | 9,365 | | | | 60,123 | |
STEC, Inc. | | * | | | 14,855 | | | | 115,869 | |
Stratasys, Inc. | | *† | | | 1,962 | | | | 97,217 | |
Synaptics, Inc. | | *† | | | 5,067 | | | | 145,068 | |
TransAct Technologies, Inc. | | * | | | 2,600 | | | | 20,046 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,762,499 | |
| | | | | | | | | | | | |
| Construction & Engineering—0.6% | |
AECOM Technology Corp. | | * | | | 23,093 | | | | 379,880 | |
Aegion Corp. | | * | | | 2,980 | | | | 53,312 | |
Comfort Systems USA, Inc. | | † | | | 3,803 | | | | 38,106 | |
Dycom Industries, Inc. | | * | | | 13,213 | | | | 245,894 | |
EMCOR Group, Inc. | | | | | 10,329 | | | | 287,353 | |
Furmanite Corp. | | *† | | | 7,017 | | | | 34,103 | |
Granite Construction, Inc. | | | | | 5,631 | | | | 147,025 | |
KBR, Inc. | | | | | 23,912 | | | | 590,865 | |
Layne Christensen Co. | | * | | | 2,498 | | | | 51,684 | |
MasTec, Inc. | | *† | | | 11,328 | | | | 170,373 | |
Northwest Pipe Co. | | * | | | 2,458 | | | | 59,631 | |
Orion Marine Group, Inc. | | * | | | 17,265 | | | | 120,164 | |
Pike Electric Corp. | | * | | | 1,369 | | | | 10,569 | |
Shaw Group, Inc. (The) | | * | | | 12,959 | | | | 353,910 | |
Sterling Construction Co., Inc. | | * | | | 3,155 | | | | 32,244 | |
Tutor Perini Corp. | | * | | | 5,845 | | | | 74,056 | |
URS Corp. | | | | | 9,779 | | | | 341,092 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,990,261 | |
| | | | | | | | | | | | |
| Construction Materials—0.2% | |
Eagle Materials, Inc. | | | | | 6,632 | | | | 247,639 | |
Headwaters, Inc. | | * | | | 14,630 | | | | 75,344 | |
Martin Marietta Materials, Inc. | | | | | 3,939 | | | | 310,472 | |
Texas Industries, Inc. | | † | | | 3,011 | | | | 117,459 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 750,914 | |
| | | | | | | | | | | | |
| Consumer Finance—0.3% | |
Cash America International, Inc. | | | | | 7,304 | | | | 321,668 | |
CompuCredit Holdings Corp. | | * | | | 1,291 | | | | 4,673 | |
DFC Global Corp. | | * | | | 10,439 | | | | 192,391 | |
Ezcorp, Inc., Class A | | * | | | 7,391 | | | | 173,393 | |
First Cash Financial Services, Inc. | | * | | | 7,544 | | | | 303,043 | |
First Marblehead Corp. (The) | | * | | | 25,118 | | | | 29,388 | |
Nelnet, Inc., Class A | | | | | 4,517 | | | | 103,891 | |
World Acceptance Corp. | | *† | | | 1,346 | | | | 88,567 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,217,014 | |
| | | | | | | | | | | | |
| Containers & Packaging—0.9% | |
AEP Industries, Inc. | | * | | | 1,473 | | | | 64,149 | |
AptarGroup, Inc. | | | | | 8,499 | | | | 433,874 | |
Crown Holdings, Inc. | | * | | | 30,834 | | | | 1,063,465 | |
Graphic Packaging Holding Co. | | * | | | 52,944 | | | | 291,192 | |
Greif, Inc., Class A | | | | | 4,197 | | | | 172,077 | |
See accompanying notes to financial statements.
212
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Mid/Small Company Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
Myers Industries, Inc. | | | | | 4,506 | | | $ | 77,323 | |
Packaging Corp. of America | | | | | 18,729 | | | | 528,907 | |
Rock-Tenn Co., Class A | | | | | 9,473 | | | | 516,752 | |
Silgan Holdings, Inc. | | | | | 9,969 | | | | 425,576 | |
Sonoco Products Co. | | | | | 13,840 | | | | 417,276 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,990,591 | |
| | | | | | | | | | | | |
| Distributors—0.3% | |
LKQ Corp. | | * | | | 28,390 | | | | 948,226 | |
Pool Corp. | | | | | 4,626 | | | | 187,168 | |
VOXX International Corp. | | * | | | 2,945 | | | | 27,447 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,162,841 | |
| | | | | | | | | | | | |
| Diversified Consumer Services—0.8% | |
American Public Education, Inc. | | *† | | | 2,444 | | | | 78,208 | |
Ascent Capital Group, Inc., Class A | | * | | | 2,424 | | | | 125,442 | |
Capella Education Co. | | * | | | 3,229 | | | | 112,240 | |
Career Education Corp. | | * | | | 11,632 | | | | 77,818 | |
Coinstar, Inc. | | *† | | | 3,501 | | | | 240,379 | |
Corinthian Colleges, Inc. | | * | | | 17,447 | | | | 50,422 | |
Education Management Corp. | | *† | | | 12,017 | | | | 83,518 | |
Grand Canyon Education, Inc. | | * | | | 8,434 | | | | 176,608 | |
Hillenbrand, Inc. | | | | | 14,350 | | | | 263,753 | |
ITT Educational Services, Inc. | | *† | | | 4,939 | | | | 300,044 | |
K12, Inc. | | *† | | | 8,049 | | | | 187,542 | |
Learning Tree International, Inc. | | * | | | 4,044 | | | | 17,672 | |
Matthews International Corp., Class A | | | | | 4,455 | | | | 144,743 | |
Regis Corp. | | † | | | 10,858 | | | | 195,010 | |
School Specialty, Inc. | | *† | | | 1,184 | | | | 3,860 | |
Service Corp. International | | | | | 41,199 | | | | 509,632 | |
Sotheby’s | | † | | | 9,227 | | | | 307,813 | |
Steiner Leisure Ltd. (Bahamas) | | * | | | 1,645 | | | | 76,344 | |
Stewart Enterprises, Inc., Class A | | † | | | 11,267 | | | | 80,446 | |
Strayer Education, Inc. | | † | | | 944 | | | | 102,915 | |
Universal Technical Institute, Inc. | | | | | 4,524 | | | | 61,119 | |
Weight Watchers International, Inc. | | † | | | 5,424 | | | | 279,661 | |
| | | | | | | | | | | | |
| | | | | | | | | 3,475,189 | |
| | | | | | | | | | | | |
| Diversified Financial Services—0.3% | |
Interactive Brokers Group, Inc., Class A | | | | | 14,771 | | | | 217,429 | |
MarketAxess Holdings, Inc. | | | | | 8,655 | | | | 230,569 | |
MSCI, Inc. | | * | | | 22,345 | | | | 760,177 | |
PHH Corp. | | *† | | | 11,809 | | | | 206,421 | |
PICO Holdings, Inc. | | * | | | 2,556 | | | | 57,280 | |
Resource America, Inc., Class A | | | | | 3,696 | | | | 23,581 | |
| | | | | | | | | | | | |
| | | | | | | | | 1,495,457 | |
| | | | | | | | | | | | |
| Diversified Telecommunication Services—0.6% | |
8x8, Inc. | | * | | | 33,730 | | | | 141,666 | |
AboveNet, Inc. | | * | | | 3,155 | | | | 265,020 | |
Alaska Communications Systems Group, Inc. | | † | | | 8,744 | | | | 18,362 | |
Atlantic Tele-Network, Inc. | | | | | 1,034 | | | | 34,877 | |
Cbeyond, Inc. | | * | | | 5,638 | | | | 38,169 | |
Cincinnati Bell, Inc. | | * | | | 76,144 | | | | 283,256 | |
Cogent Communications Group, Inc. | | * | | | 9,120 | | | | 175,560 | |
Consolidated Communications Holdings, Inc. | | | | | 13,175 | | | | 194,990 | |
General Communication, Inc., Class A | | * | | | 3,847 | | | | 31,969 | |
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| | | | | | | | Shares | | | | Value | |
HickoryTech Corp. | | | | | 2,286 | | | $ | 25,397 | |
IDT Corp., Class B | | | | | 2,274 | | | | 22,308 | |
Level 3 Communications, Inc. | | *† | | | 28,997 | | | | 642,283 | |
Lumos Networks Corp. | | | | | 1,551 | | | | 14,657 | |
Neutral Tandem, Inc. | | * | | | 13,265 | | | | 174,833 | |
ORBCOMM, Inc. | | * | | | 13,962 | | | | 45,516 | |
Premiere Global Services, Inc. | | * | | | 5,642 | | | | 47,336 | |
SureWest Communications | | | | | 6,213 | | | | 130,908 | |
tw telecom inc. | | * | | | 22,613 | | | | 580,250 | |
| | | | | | | | | | | | |
| | | | | | | | | 2,867,357 | |
| | | | | | | | | | | | |
| Electric Utilities—1.4% | |
ALLETE, Inc. | | | | | 4,831 | | | | 201,936 | |
Cleco Corp. | | | | | 8,902 | | | | 372,371 | |
El Paso Electric Co. | | | | | 7,953 | | | | 263,721 | |
Empire District Electric Co. (The) | | | | | 10,377 | | | | 218,955 | |
Great Plains Energy, Inc. | | | | | 17,908 | | | | 383,410 | |
Hawaiian Electric Industries, Inc. | | | | | 25,440 | | | | 725,549 | |
IDACORP, Inc. | | | | | 8,127 | | | | 341,984 | |
ITC Holdings Corp. | | | | | 6,971 | | | | 480,372 | |
MGE Energy, Inc. | | | | | 4,750 | | | | 224,675 | |
NV Energy, Inc. | | | | | 33,967 | | | | 597,140 | |
OGE Energy Corp. | | | | | 14,078 | | | | 729,100 | |
Otter Tail Corp. | | | | | 4,299 | | | | 98,318 | |
PNM Resources, Inc. | | | | | 13,928 | | | | 272,153 | |
Portland General Electric Co. | | | | | 13,022 | | | | 347,166 | |
UIL Holdings Corp. | | | | | 10,662 | | | | 382,339 | |
Unitil Corp. | | | | | 1,689 | | | | 44,758 | |
UNS Energy Corp. | | | | | 4,770 | | | | 183,216 | |
Westar Energy, Inc. | | | | | 18,809 | | | | 563,330 | |
| | | | | | | | | | | | |
| | | | | | | | | 6,430,493 | |
| | | | | | | | | | | | |
| Electrical Equipment—1.2% | |
A123 Systems, Inc. | | *† | | | 39,421 | | | | 49,670 | |
Active Power, Inc. | | * | | | 42,100 | | | | 33,970 | |
Acuity Brands, Inc. | | | | | 4,246 | | | | 216,164 | |
American Superconductor Corp. | | * | | | 6,746 | | | | 31,706 | |
AMETEK, Inc. | | | | | 30,225 | | | | 1,508,530 | |
AZZ, Inc. | | | | | 1,134 | | | | 69,469 | |
Babcock & Wilcox Co. (The) | | * | | | 19,772 | | | | 484,414 | |
Belden, Inc. | | | | | 8,915 | | | | 297,315 | |
Brady Corp., Class A | | | | | 7,763 | | | | 213,560 | |
Capstone Turbine Corp. | | *† | | | 79,299 | | | | 80,092 | |
Encore Wire Corp. | | | | | 1,693 | | | | 45,339 | |
EnerSys | | * | | | 11,416 | | | | 400,359 | |
Franklin Electric Co., Inc. | | | | | 3,929 | | | | 200,890 | |
FuelCell Energy, Inc. | | *† | | | 48,935 | | | | 49,424 | |
General Cable Corp. | | * | | | 7,507 | | | | 194,732 | |
GrafTech International Ltd. | | * | | | 22,518 | | | | 217,299 | |
Hubbell, Inc., Class B | | | | | 7,363 | | | | 573,872 | |
II-VI, Inc. | | * | | | 5,345 | | | | 89,101 | |
LSI Industries, Inc. | | | | | 3,003 | | | | 21,381 | |
Magnetek, Inc. | | * | | | 458 | | | | 7,072 | |
Orbit International Corp. | | * | | | 2,812 | | | | 9,701 | |
Plug Power, Inc. | | *† | | | 893 | | | | 1,018 | |
Polypore International, Inc. | | *† | | | 5,835 | | | | 235,676 | |
Powell Industries, Inc. | | * | | | 1,046 | | | | 39,079 | |
PowerSecure International, Inc. | | * | | | 2,650 | | | | 13,197 | |
Regal-Beloit Corp. | | | | | 5,997 | | | | 373,373 | |
Ultralife Corp. | | * | | | 3,672 | | | | 14,174 | |
Universal Security Instruments, Inc. | | * | | | 266 | | | | 1,357 | |
Valence Technology, Inc. | | *† | | | 68,689 | | | | 42,656 | |
Vicor Corp. | | | | | 3,481 | | | | 24,158 | |
| | | | | | | | | | | | |
| | | | | | | | | 5,538,748 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
213
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
| Electronic Equipment, Instruments & Components—2.0% | |
Agilysys, Inc. | | * | | | 4,188 | | | $ | 36,310 | |
Anixter International, Inc. | | | | | 5,818 | | | | 308,645 | |
Arrow Electronics, Inc. | | * | | | 15,485 | | | | 508,063 | |
Avnet, Inc. | | * | | | 23,170 | | | | 715,026 | |
AVX Corp. | | | | | 16,770 | | | | 179,271 | |
Badger Meter, Inc. | | † | | | 4,287 | | | | 160,977 | |
Benchmark Electronics, Inc. | | * | | | 14,600 | | | | 203,670 | |
Brightpoint, Inc. | | * | | | 13,208 | | | | 71,455 | |
Checkpoint Systems, Inc. | | * | | | 8,101 | | | | 70,560 | |
Cognex Corp. | | | | | 3,670 | | | | 116,156 | |
Coherent, Inc. | | * | | | 3,191 | | | | 138,170 | |
CTS Corp. | | | | | 4,578 | | | | 43,125 | |
Daktronics, Inc. | | | | | 5,610 | | | | 38,765 | |
Dolby Laboratories, Inc., Class A | | * | | | 7,320 | | | | 302,316 | |
DTS, Inc. | | * | | | 1,605 | | | | 41,858 | |
Echelon Corp. | | *† | | | 3,748 | | | | 13,043 | |
Electro Rent Corp. | | | | | 2,563 | | | | 41,598 | |
Electro Scientific Industries, Inc. | | | | | 3,685 | | | | 43,557 | |
FARO Technologies, Inc. | | * | | | 1,400 | | | | 58,912 | |
FEI Co. | | * | | | 7,016 | | | | 335,645 | |
Frequency Electronics, Inc. | | * | | | 1,355 | | | | 10,948 | |
ID Systems, Inc. | | * | | | 2,437 | | | | 10,674 | |
Identive Group, Inc. | | *† | | | 11,064 | | | | 10,360 | |
Ingram Micro, Inc., Class A | | * | | | 29,411 | | | | 513,810 | |
Insight Enterprises, Inc. | | * | | | 3,820 | | | | 64,291 | |
IPG Photonics Corp. | | * | | | 6,852 | | | | 298,679 | |
Iteris, Inc. | | * | | | 4,264 | | | | 5,714 | |
Itron, Inc. | | * | | | 10,094 | | | | 416,277 | |
LeCroy Corp. | | * | | | 3,916 | | | | 55,842 | |
Lightpath Technologies, Inc., Class A | | *† | | | 17,646 | | | | 18,705 | |
Littelfuse, Inc. | | | | | 2,845 | | | | 161,852 | |
LoJack Corp. | | * | | | 1,880 | | | | 5,678 | |
LRAD Corp. | | * | | | 3,686 | | | | 4,386 | |
Maxwell Technologies, Inc. | | * | | | 3,381 | | | | 22,179 | |
Measurement Specialties, Inc. | | * | | | 3,063 | | | | 99,578 | |
Mercury Computer Systems, Inc. | | * | | | 3,652 | | | | 47,220 | |
Mesa Laboratories, Inc. | | | | | 1,200 | | | | 55,788 | |
Methode Electronics, Inc. | | † | | | 16,111 | | | | 137,105 | |
Microvision, Inc. | | *† | | | 14,308 | | | | 23,036 | |
MTS Systems Corp. | | | | | 1,818 | | | | 70,084 | |
National Instruments Corp. | | | | | 17,107 | | | | 459,494 | |
Newport Corp. | | * | | | 4,130 | | | | 49,643 | |
OSI Systems, Inc. | | * | | | 2,750 | | | | 174,185 | |
Park Electrochemical Corp. | | | | | 1,950 | | | | 50,466 | |
PC Connection, Inc. | | | | | 2,755 | | | | 29,258 | |
Planar Systems, Inc. | | * | | | 8,504 | | | | 14,032 | |
Plexus Corp. | | * | | | 4,416 | | | | 124,531 | |
Power-One, Inc. | | * | | | 40,825 | | | | 184,529 | |
Pulse Electronics Corp. | | | | | 7,988 | | | | 15,736 | |
Radisys Corp. | | * | | | 4,878 | | | | 30,634 | |
Research Frontiers, Inc. | | *† | | | 2,932 | | | | 9,148 | |
Rofin-Sinar Technologies, Inc. | | * | | | 3,102 | | | | 58,721 | |
Rogers Corp. | | * | | | 1,417 | | | | 56,127 | |
Sanmina-SCI Corp. | | * | | | 9,115 | | | | 74,652 | |
ScanSource, Inc. | | * | | | 1,798 | | | | 55,091 | |
Sigmatron International, Inc. | | * | | | 283 | | | | 948 | |
SYNNEX Corp. | | * | | | 5,088 | | | | 175,485 | |
Tech Data Corp. | | * | | | 9,451 | | | | 455,255 | |
Trimble Navigation Ltd. | | * | | | 18,784 | | | | 864,252 | |
TTM Technologies, Inc. | | * | | | 13,456 | | | | 126,621 | |
Universal Display Corp. | | *† | | | 5,881 | | | | 211,363 | |
Vishay Intertechnology, Inc. | | *† | | | 19,798 | | | | 186,695 | |
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Vishay Precision Group, Inc. | | * | | | 7,543 | | | $ | 105,225 | |
Wayside Technology Group, Inc. | | | | | 1,787 | | | | 22,069 | |
Zygo Corp. | | * | | | 2,997 | | | | 53,526 | |
| | | | | | | | | | | | |
| | | | | | | | | 9,047,014 | |
| | | | | | | | | | | | |
| Energy Equipment & Services—1.8% | |
Atwood Oceanics, Inc. | | * | | | 8,965 | | | | 339,236 | |
Basic Energy Services, Inc. | | * | | | 5,491 | | | | 56,667 | |
Bolt Technology Corp. | | | | | 4,903 | | | | 73,594 | |
Bristow Group, Inc. | | | | | 7,731 | | | | 314,420 | |
Cal Dive International, Inc. | | * | | | 45,231 | | | | 131,170 | |
CARBO Ceramics, Inc. | | † | | | 2,596 | | | | 199,191 | |
Dawson Geophysical Co. | | * | | | 2,635 | | | | 62,766 | |
Dresser-Rand Group, Inc. | | * | | | 13,863 | | | | 617,458 | |
Dril-Quip, Inc. | | * | | | 5,987 | | | | 392,687 | |
Exterran Holdings, Inc. | | * | | | 10,606 | | | | 135,226 | |
Gulfmark Offshore, Inc., Class A | | * | | | 3,758 | | | | 127,922 | |
Heckmann Corp. | | *† | | | 12,249 | | | | 41,402 | |
Helix Energy Solutions Group, Inc. | | * | | | 12,150 | | | | 199,381 | |
Hercules Offshore, Inc. | | * | | | 42,310 | | | | 149,777 | |
Hornbeck Offshore Services, Inc. | | *† | | | 4,277 | | | | 165,862 | |
ION Geophysical Corp. | | * | | | 22,870 | | | | 150,713 | |
Key Energy Services, Inc. | | * | | | 31,716 | | | | 241,042 | |
Lufkin Industries, Inc. | | † | | | 5,305 | | | | 288,168 | |
Matrix Service Co. | | * | | | 3,244 | | | | 36,819 | |
McDermott International, Inc. | | * | | | 35,609 | | | | 396,684 | |
Mitcham Industries, Inc. | | * | | | 3,707 | | | | 62,908 | |
Natural Gas Services Group, Inc. | | * | | | 5,244 | | | | 77,716 | |
Newpark Resources, Inc. | | *† | | | 17,228 | | | | 101,645 | |
Oceaneering International, Inc. | | | | | 13,067 | | | | 625,387 | |
Oil States International, Inc. | | * | | | 6,650 | | | | 440,230 | |
OYO Geospace Corp. | | * | | | 802 | | | | 72,172 | |
Parker Drilling Co. | | * | | | 18,562 | | | | 83,715 | |
Patterson-UTI Energy, Inc. | | | | | 34,323 | | | | 499,743 | |
PHI, Inc. | | * | | | 2,638 | | | | 73,363 | |
Pioneer Drilling Co. | | * | | | 16,802 | | | | 133,912 | |
RPC, Inc. | | † | | | 25,188 | | | | 299,485 | |
SEACOR Holdings, Inc. | | * | | | 2,817 | | | | 251,783 | |
Superior Energy Services, Inc. | | * | | | 25,901 | | | | 523,977 | |
TETRA Technologies, Inc. | | * | | | 8,961 | | | | 63,892 | |
Tidewater, Inc. | | | | | 7,544 | | | | 349,740 | |
Unit Corp. | | * | | | 6,849 | | | | 252,660 | |
Vantage Drilling Co. | | * | | | 44,721 | | | | 67,082 | |
| | | | | | | | | | | | |
| | | | | | | | | 8,099,595 | |
| | | | | | | | | | | | |
| Food & Staples Retailing—0.5% | |
Andersons, Inc. (The) | | | | | 2,228 | | | | 95,046 | |
Arden Group, Inc., Class A | | | | | 552 | | | | 48,140 | |
Casey’s General Stores, Inc. | | | | | 7,327 | | | | 432,220 | |
Harris Teeter Supermarkets, Inc. | | | | | 7,740 | | | | 317,263 | |
Nash Finch Co. | | | | | 1,190 | | | | 25,561 | |
Pantry, Inc. (The) | | * | | | 2,139 | | | | 31,443 | |
Pricesmart, Inc. | | | | | 2,707 | | | | 182,749 | |
Rite Aid Corp. | | * | | | 203,564 | | | | 284,990 | |
Spartan Stores, Inc. | | | | | 3,490 | | | | 63,274 | |
SUPERVALU, Inc. | | † | | | 28,510 | | | | 147,682 | |
United Natural Foods, Inc. | | * | | | 6,858 | | | | 376,230 | |
Village Super Market, Inc., Class A | | | | | 2,777 | | | | 90,475 | |
Weis Markets, Inc. | | | | | 1,103 | | | | 49,105 | |
| | | | | | | | | | | | |
| | | | | | | | | 2,144,178 | |
| | | | | | | | | | | | |
| Food Products—1.9% | |
B&G Foods, Inc. | | | | | 15,178 | | | | 403,735 | |
Bridgford Foods Corp. | | *†d | | | — | | | | — | |
See accompanying notes to financial statements.
214
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
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| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
Bunge Ltd. | | | | | 25,636 | | | $ | 1,608,403 | |
Calavo Growers, Inc. | | † | | | 2,244 | | | | 57,401 | |
Cal-Maine Foods, Inc. | | | | | 6,514 | | | | 254,697 | |
Chiquita Brands International, Inc. | | * | | | 9,802 | | | | 49,010 | |
Darling International, Inc. | | * | | | 17,587 | | | | 290,010 | |
Diamond Foods, Inc. | | † | | | 4,466 | | | | 79,673 | |
Dole Food Co., Inc. | | *† | | | 12,165 | | | | 106,809 | |
Farmer Bros. Co. | | *† | | | 930 | | | | 7,403 | |
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Flowers Foods, Inc. | | | | | 28,075 | | | | 652,182 | |
Fresh Del Monte Produce, Inc. | | | | | 11,486 | | | | 269,576 | |
Green Mountain Coffee Roasters, Inc. | | *† | | | 18,718 | | | | 407,678 | |
Griffin Land & Nurseries, Inc. | | † | | | 2,039 | | | | 57,072 | |
Hain Celestial Group, Inc. (The) | | * | | | 10,164 | | | | 559,426 | |
Hillshire Brands Co. | | | | | 21,866 | | | | 633,895 | |
Ingredion, Inc. | | | | | 11,771 | | | | 582,900 | |
Inventure Foods, Inc. | | * | | | 9,182 | | | | 57,847 | |
J&J Snack Foods Corp. | | | | | 1,866 | | | | 110,281 | |
John B. Sanfilippo & Son, Inc. | | * | | | 1,899 | | | | 33,897 | |
Lancaster Colony Corp. | | | | | 2,437 | | | | 173,539 | |
Omega Protein Corp. | | * | | | 2,815 | | | | 20,718 | |
Post Holdings, Inc. | | * | | | 5,073 | | | | 155,995 | |
Ralcorp Holdings, Inc. | | * | | | 7,658 | | | | 511,095 | |
Sanderson Farms, Inc. | | † | | | 2,102 | | | | 96,314 | |
Smart Balance, Inc. | | * | | | 15,817 | | | | 148,522 | |
Smithfield Foods, Inc. | | * | | | 23,691 | | | | 512,436 | |
Snyders-Lance, Inc. | | | | | 10,604 | | | | 267,539 | |
Tootsie Roll Industries, Inc. | | † | | | 3,255 | | | | 77,664 | |
TreeHouse Foods, Inc. | | * | | | 8,182 | | | | 509,657 | |
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| | | | | | | | | 8,695,374 | |
| | | | | | | | | | | | |
| Gas Utilities—0.9% | |
Atmos Energy Corp. | | | | | 14,680 | | | | 514,828 | |
Chesapeake Utilities Corp. | | † | | | 2,965 | | | | 129,630 | |
Delta Natural Gas Co., Inc. | | † | | | 7,514 | | | | 163,279 | |
Laclede Group, Inc. (The) | | | | | 1,902 | | | | 75,719 | |
National Fuel Gas Co. | | | | | 12,519 | | | | 588,143 | |
New Jersey Resources Corp. | | | | | 5,892 | | | | 256,950 | |
Northwest Natural Gas Co. | | † | | | 3,667 | | | | 174,549 | |
Piedmont Natural Gas Co., Inc. | | † | | | 15,429 | | | | 496,659 | |
Questar Corp. | | | | | 29,569 | | | | 616,809 | |
South Jersey Industries, Inc. | | | | | 3,110 | | | | 158,517 | |
Southwest Gas Corp. | | | | | 7,750 | | | | 338,287 | |
UGI Corp. | | | | | 16,949 | | | | 498,809 | |
WGL Holdings, Inc. | | | | | 6,648 | | | | 264,258 | |
| | | | | | | | | | | | |
| | | | | | | | | 4,276,437 | |
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| Health Care Equipment & Supplies—2.4% | |
Abaxis, Inc. | | * | | | 2,445 | | | | 90,465 | |
ABIOMED, Inc. | | *† | | | 6,733 | | | | 153,647 | |
Accuray, Inc. | | * | | | 10,434 | | | | 71,369 | |
Alere, Inc. | | * | | | 9,884 | | | | 192,145 | |
Align Technology, Inc. | | * | | | 11,608 | | | | 388,404 | |
Analogic Corp. | | | | | 1,810 | | | | 112,220 | |
AngioDynamics, Inc. | | * | | | 14,132 | | | | 169,725 | |
Atrion Corp. | | † | | | 435 | | | | 89,166 | |
Biolase, Inc. | | *† | | | 22,079 | | | | 43,054 | |
Cantel Medical Corp. | | | | | 6,766 | | | | 184,374 | |
Cerus Corp. | | * | | | 16,123 | | | | 53,528 | |
Conceptus, Inc. | | * | | | 5,717 | | | | 113,311 | |
CONMED Corp. | | | | | 9,592 | | | | 265,411 | |
Cooper Cos., Inc. (The) | | | | | 6,675 | | | | 532,398 | |
CryoLife, Inc. | | * | | | 6,833 | | | | 35,737 | |
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Cutera, Inc. | | * | | | 3,098 | | | $ | 22,290 | |
Cyberonics, Inc. | | * | | | 3,767 | | | | 169,289 | |
Cynosure, Inc., Class A | | * | | | 3,342 | | | | 70,683 | |
DexCom, Inc. | | * | | | 11,213 | | | | 145,320 | |
Endologix, Inc. | | * | | | 14,422 | | | | 222,676 | |
Gen-Probe, Inc. | | * | | | 6,307 | | | | 518,435 | |
Greatbatch, Inc. | | * | | | 2,283 | | | | 51,847 | |
Haemonetics Corp. | | * | | | 3,839 | | | | 284,508 | |
Hill-Rom Holdings, Inc. | | | | | 9,662 | | | | 298,073 | |
Hologic, Inc. | | * | | | 52,477 | | | | 946,685 | |
ICU Medical, Inc. | | * | | | 1,366 | | | | 72,917 | |
IDEXX Laboratories, Inc. | | *† | | | 5,851 | | | | 562,457 | |
Insulet Corp. | | *† | | | 7,107 | | | | 151,877 | |
Integra LifeSciences Holdings Corp. | | * | | | 2,236 | | | | 83,134 | |
Invacare Corp. | | | | | 4,378 | | | | 67,553 | |
IRIS International, Inc. | | * | | | 4,135 | | | | 46,725 | |
MAKO Surgical Corp. | | *† | | | 5,397 | | | | 138,217 | |
Masimo Corp. | | * | | | 6,826 | | | | 152,766 | |
Medical Action Industries, Inc. | | * | | | 7,146 | | | | 24,868 | |
Meridian Bioscience, Inc. | | † | | | 4,370 | | | | 89,410 | |
Merit Medical Systems, Inc. | | * | | | 7,183 | | | | 99,197 | |
Natus Medical, Inc. | | * | | | 15,518 | | | | 180,319 | |
Neogen Corp. | | * | | | 3,093 | | | | 142,897 | |
NuVasive, Inc. | | * | | | 6,151 | | | | 155,989 | |
NxStage Medical, Inc. | | * | | | 12,475 | | | | 209,081 | |
OraSure Technologies, Inc. | | * | | | 7,330 | | | | 82,389 | |
Orthofix International NV (Netherlands Antilles) | | * | | | 2,888 | | | | 119,130 | |
Palomar Medical Technologies, Inc. | | * | | | 2,762 | | | | 23,477 | |
Quidel Corp. | | *† | | | 14,799 | | | | 232,048 | |
ResMed, Inc. | | * | | | 24,026 | | | | 749,611 | |
Rochester Medical Corp. | | * | | | 5,305 | | | | 57,082 | |
RTI Biologics, Inc. | | * | | | 13,504 | | | | 50,775 | |
Sirona Dental Systems, Inc. | | * | | | 8,415 | | | | 378,759 | |
Spectranetics Corp. | | * | | | 8,571 | | | | 97,881 | |
Staar Surgical Co. | | * | | | 13,188 | | | | 102,471 | |
STERIS Corp. | | | | | 13,087 | | | | 410,539 | |
SurModics, Inc. | | * | | | 4,009 | | | | 69,356 | |
Teleflex, Inc. | | | | | 5,117 | | | | 311,676 | |
Theragenics Corp. | | * | | | 12,488 | | | | 25,101 | |
ThermoGenesis Corp. | | * | | | 1,079 | | | | 1,025 | |
Thoratec Corp. | | * | | | 9,579 | | | | 321,663 | |
Urologix, Inc. | | * | | | 25,612 | | | | 19,721 | |
Vision-Sciences, Inc. | | * | | | 27,178 | | | | 40,767 | |
Volcano Corp. | | * | | | 5,711 | | | | 163,620 | |
West Pharmaceutical Services, Inc. | | | | | 4,069 | | | | 205,444 | |
Wright Medical Group, Inc. | | * | | | 5,713 | | | | 121,973 | |
Young Innovations, Inc. | | | | | 1,093 | | | | 37,698 | |
| | | | | | | | | | | | |
| | | | | | | | | 11,024,373 | |
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| Health Care Providers & Services—2.7% | |
Alliance HealthCare Services, Inc. | | * | | | 10,817 | | | | 10,795 | |
Almost Family, Inc. | | * | | | 2,502 | | | | 55,895 | |
Amedisys, Inc. | | * | | | 2,921 | | | | 36,366 | |
AMERIGROUP Corp. | | *† | | | 5,262 | | | | 346,818 | |
AMN Healthcare Services, Inc. | | * | | | 3,864 | | | | 22,914 | |
Amsurg Corp. | | * | | | 3,538 | | | | 106,069 | |
Bio-Reference Labs, Inc. | | * | | | 11,461 | | | | 301,195 | |
BioScrip, Inc. | | * | | | 9,835 | | | | 73,074 | |
Brookdale Senior Living, Inc. | | * | | | 27,632 | | | | 490,192 | |
Capital Senior Living Corp. | | * | | | 9,966 | | | | 105,640 | |
CardioNet, Inc. | | * | | | 8,331 | | | | 16,912 | |
Catalyst Health Solutions, Inc. | | * | | | 8,068 | | | | 753,874 | |
See accompanying notes to financial statements.
215
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
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Vantagepoint Mid/Small Company Index Fund | | | Shares | | | | Value | |
| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
Centene Corp. | | * | | | 7,045 | | | $ | 212,477 | |
Chemed Corp. | | | | | 2,102 | | | | 127,045 | |
Chindex International, Inc. | | * | | | 5,225 | | | | 51,205 | |
Community Health Systems, Inc. | | * | | | 12,136 | | | | 340,172 | |
Cross Country Healthcare, Inc. | | * | | | 2,631 | | | | 11,498 | |
Emeritus Corp. | | *† | | | 5,975 | | | | 100,559 | |
Ensign Group, Inc. (The) | | | | | 3,393 | | | | 95,920 | |
Five Star Quality Care, Inc. | | * | | | 23,205 | | | | 71,239 | |
Gentiva Health Services, Inc. | | * | | | 3,767 | | | | 26,105 | |
Hanger, Inc. | | * | | | 7,988 | | | | 204,812 | |
HCA Holdings, Inc. | | | | | 7,601 | | | | 231,298 | |
Health Management Associates, Inc., Class A | | * | | | 41,012 | | | | 321,944 | |
Health Net, Inc. | | * | | | 15,676 | | | | 380,457 | |
HealthSouth Corp. | | * | | | 20,125 | | | | 468,108 | |
Healthways, Inc. | | * | | | 3,517 | | | | 28,066 | |
Henry Schein, Inc. | | * | | | 14,562 | | | | 1,142,971 | |
HMS Holdings Corp. | | * | | | 13,299 | | | | 442,990 | |
IPC The Hospitalist Co., Inc. | | * | | | 4,870 | | | | 220,708 | |
Kindred Healthcare, Inc. | | * | | | 6,873 | | | | 67,562 | |
Landauer, Inc. | | | | | 923 | | | | 52,916 | |
LHC Group, Inc. | | * | | | 8,598 | | | | 145,822 | |
LifePoint Hospitals, Inc. | | * | | | 8,109 | | | | 332,307 | |
Lincare Holdings, Inc. | | | | | 18,155 | | | | 617,633 | |
Magellan Health Services, Inc. | | * | | | 4,963 | | | | 224,973 | |
MEDNAX, Inc. | | *† | | | 8,920 | | | | 611,377 | |
Molina Healthcare, Inc. | | * | | | 3,366 | | | | 78,966 | |
MWI Veterinary Supply, Inc. | | * | | | 1,760 | | | | 180,875 | |
National Healthcare Corp. | | | | | 1,078 | | | | 48,758 | |
National Research Corp. | | | | | 1,250 | | | | 65,438 | |
Omnicare, Inc. | | | | | 14,725 | | | | 459,862 | |
Owens & Minor, Inc. | | † | | | 7,718 | | | | 236,402 | |
PDI, Inc. | | * | | | 864 | | | | 7,119 | |
PharMerica Corp. | | * | | | 5,445 | | | | 59,459 | |
Providence Service Corp. (The) | | * | | | 3,898 | | | | 53,442 | |
PSS World Medical, Inc. | | * | | | 14,310 | | | | 300,367 | |
Psychemedics Corp. | | | | | 902 | | | | 9,282 | |
Skilled Healthcare Group, Inc., Class A | | * | | | 10,902 | | | | 68,465 | |
Sun Healthcare Group, Inc. | | * | | | 7,309 | | | | 61,176 | |
Sunrise Senior Living, Inc. | | *† | | | 17,453 | | | | 127,232 | |
Team Health Holdings, Inc. | | * | | | 9,475 | | | | 228,253 | |
Triple-S Management Corp., Class B (Puerto Rico) | | * | | | 7,729 | | | | 141,286 | |
U.S. Physical Therapy, Inc. | | | | | 3,224 | | | | 81,986 | |
Universal American Corp. | | * | | | 10,462 | | | | 110,165 | |
Universal Health Services, Inc., Class B | | | | | 13,418 | | | | 579,121 | |
Vanguard Health Systems, Inc. | | * | | | 3,023 | | | | 26,874 | |
VCA Antech, Inc. | | * | | | 11,415 | | | | 250,902 | |
WellCare Health Plans, Inc. | | * | | | 5,753 | | | | 304,909 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,330,247 | |
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| Health Care Technology—0.4% | |
Allscripts Healthcare Solutions, Inc. | | * | | | 39,879 | | | | 435,878 | |
athenahealth, Inc. | | *† | | | 4,838 | | | | 383,024 | |
Authentidate Holding Corp. | | * | | | 41,599 | | | | 27,039 | |
Computer Programs & Systems, Inc. | | | | | 3,593 | | | | 205,592 | |
MedAssets, Inc. | | * | | | 19,972 | | | | 268,623 | |
Medidata Solutions, Inc. | | * | | | 11,494 | | | | 375,509 | |
Mediware Information Systems, Inc. | | * | | | 1,191 | | | | 17,389 | |
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| | | |
| | | | Shares | | | | Value | |
Merge Healthcare, Inc. | | *† | | | 9,619 | | | $ | 27,510 | |
Omnicell, Inc. | | * | | | 7,892 | | | | 115,539 | |
Quality Systems, Inc. | | | | | 5,804 | | | | 159,668 | |
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| | | | | | | | | | | 2,015,771 | |
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| Hotels, Restaurants & Leisure—3.1% | |
AFC Enterprises, Inc. | | * | | | 5,988 | | | | 138,562 | |
Ambassadors Group, Inc. | | | | | 2,796 | | | | 15,210 | |
Ameristar Casinos, Inc. | | | | | 3,664 | | | | 65,109 | |
Bally Technologies, Inc. | | * | | | 8,445 | | | | 394,044 | |
Benihana, Inc. | | | | | 1,953 | | | | 31,463 | |
Biglari Holdings, Inc. | | * | | | 109 | | | | 42,116 | |
Bluegreen Corp. | | * | | | 1,800 | | | | 8,928 | |
Bob Evans Farms, Inc. | | | | | 2,925 | | | | 117,585 | |
Boyd Gaming Corp. | | *† | | | 9,758 | | | | 70,258 | |
Brinker International, Inc. | | | | | 8,138 | | | | 259,358 | |
Buffalo Wild Wings, Inc. | | *† | | | 4,069 | | | | 352,538 | |
CEC Entertainment, Inc. | | | | | 2,926 | | | | 106,419 | |
Cheesecake Factory, Inc. (The) | | *† | | | 8,701 | | | | 278,084 | |
Choice Hotels International, Inc. | | † | | | 6,229 | | | | 248,724 | |
Churchill Downs, Inc. | | | | | 1,867 | | | | 109,761 | |
Cosi, Inc. | | * | | | 66,861 | | | | 47,485 | |
Cracker Barrel Old Country Store, Inc. | | | | | 2,879 | | | | 180,801 | |
DineEquity, Inc. | | * | | | 1,467 | | | | 65,487 | |
Domino’s Pizza, Inc. | | | | | 12,378 | | | | 382,604 | |
Dover Downs Gaming & Entertainment, Inc. | | | | | 1,687 | | | | 5,078 | |
Dover Motorsports, Inc. | | * | | | 1,645 | | | | 2,138 | |
Gaylord Entertainment Co. | | *† | | | 7,071 | | | | 272,658 | |
Hyatt Hotels Corp., Class A | | * | | | 8,122 | | | | 301,813 | |
International Speedway Corp., Class A | | | | | 3,250 | | | | 85,085 | |
Interval Leisure Group, Inc. | | | | | 5,696 | | | | 108,281 | |
Isle of Capri Casinos, Inc. | | * | | | 1,251 | | | | 7,719 | |
Jack in the Box, Inc. | | * | | | 8,142 | | | | 226,999 | |
Jamba, Inc. | | * | | | 31,424 | | | | 61,591 | |
Krispy Kreme Doughnuts, Inc. | | * | | | 23,022 | | | | 147,111 | |
Las Vegas Sands Corp. | | | | | 99,322 | | | | 4,319,514 | |
Life Time Fitness, Inc. | | *† | | | 5,382 | | | | 250,317 | |
Luby’s, Inc. | | * | | | 14,427 | | | | 96,661 | |
Marcus Corp. | | † | | | 1,805 | | | | 24,837 | |
Marriott Vacations Worldwide Corp. | | * | | | 4,601 | | | | 142,539 | |
MGM Resorts International | | * | | | 65,940 | | | | 735,890 | |
Monarch Casino & Resort, Inc. | | * | | | 6,897 | | | | 63,039 | |
Morgans Hotel Group Co. | | * | | | 7,052 | | | | 33,144 | |
MTR Gaming Group, Inc. | | * | | | 4,525 | | | | 21,494 | |
Multimedia Games Holding Co., Inc. | | * | | | 4,259 | | | | 59,626 | |
Orient-Express Hotels Ltd., Class A (Bermuda) | | * | | | 13,651 | | | | 114,259 | |
P.F. Chang’s China Bistro, Inc. | | † | | | 4,443 | | | | 228,681 | |
Panera Bread Co., Class A | | * | | | 4,389 | | | | 612,002 | |
Papa John’s International, Inc. | | * | | | 2,356 | | | | 112,075 | |
Peet’s Coffee & Tea, Inc. | | * | | | 2,241 | | | | 134,550 | |
Penn National Gaming, Inc. | | * | | | 13,863 | | | | 618,151 | |
Pinnacle Entertainment, Inc. | | * | | | 22,133 | | | | 212,919 | |
Red Robin Gourmet Burgers, Inc. | | * | | | 1,203 | | | | 36,703 | |
Royal Caribbean Cruises Ltd. | | | | | 22,990 | | | | 598,430 | |
Ruby Tuesday, Inc. | | * | | | 20,841 | | | | 141,927 | |
Scientific Games Corp., Class A | | * | | | 13,630 | | | | 116,536 | |
Shuffle Master, Inc. | | * | | | 6,463 | | | | 89,189 | |
Six Flags Entertainment Corp. | | | | | 6,337 | | | | 343,339 | |
Sonic Corp. | | * | | | 13,814 | | | | 138,416 | |
See accompanying notes to financial statements.
216
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
Speedway Motorsports, Inc. | | | | | 1,680 | | | $ | 28,409 | |
Texas Roadhouse, Inc. | | | | | 20,520 | | | | 378,184 | |
Vail Resorts, Inc. | | | | | 5,686 | | | | 284,755 | |
Wendy’s Co. (The) | | † | | | 64,355 | | | | 303,756 | |
WMS Industries, Inc. | | * | | | 4,326 | | | | 86,304 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,458,655 | |
| | | | | | | | | | | | |
| Household Durables—1.1% | |
American Greetings Corp., Class A | | † | | | 15,327 | | | | 224,081 | |
Bassett Furniture Industries, Inc. | | | | | 610 | | | | 6,289 | |
Beazer Homes USA, Inc. | | *† | | | 42,835 | | | | 139,214 | |
Blyth, Inc. | | | | | 1,754 | | | | 60,618 | |
Cavco Industries, Inc. | | * | | | 1,216 | | | | 62,356 | |
CSS Industries, Inc. | | | | | 1,140 | | | | 23,427 | |
Ethan Allen Interiors, Inc. | | | | | 3,468 | | | | 69,117 | |
Furniture Brands International, Inc. | | * | | | 9,746 | | | | 12,085 | |
Helen of Troy Ltd. (Bermuda) | | * | | | 3,893 | | | | 131,934 | |
Hooker Furniture Corp. | | | | | 3,953 | | | | 46,606 | |
Hovnanian Enterprises, Inc., Class A | | *† | | | 48,421 | | | | 140,421 | |
Jarden Corp. | | | | | 15,029 | | | | 631,519 | |
KB Home | | † | | | 20,796 | | | | 203,801 | |
Kid Brands, Inc. | | * | | | 1,157 | | | | 2,314 | |
La-Z-Boy, Inc. | | * | | | 13,087 | | | | 160,839 | |
M/I Homes, Inc. | | * | | | 1,741 | | | | 30,154 | |
MDC Holdings, Inc. | | | | | 5,581 | | | | 182,331 | |
Meritage Homes Corp. | | * | | | 4,845 | | | | 164,439 | |
Mohawk Industries, Inc. | | * | | | 6,907 | | | | 482,316 | |
NVR, Inc. | | * | | | 724 | | | | 615,400 | |
Ryland Group, Inc. (The) | | † | | | 13,131 | | | | 335,891 | |
Sealy Corp. | | *† | | | 6,171 | | | | 11,416 | |
Skyline Corp. | | | | | 918 | | | | 4,663 | |
Standard Pacific Corp. | | *† | | | 29,234 | | | | 180,958 | |
Tempur-Pedic International, Inc. | | * | | | 8,386 | | | | 196,149 | |
Toll Brothers, Inc. | | * | | | 17,613 | | | | 523,635 | |
Tupperware Brands Corp. | | | | | 8,397 | | | | 459,820 | |
Universal Electronics, Inc. | | * | | | 3,125 | | | | 41,156 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,142,949 | |
| | | | | | | | | | | | |
| Household Products—0.5% | |
Central Garden and Pet Co., Class A | | * | | | 2,770 | | | | 30,165 | |
Church & Dwight Co., Inc. | | | | | 24,239 | | | | 1,344,537 | |
Energizer Holdings, Inc. | | * | | | 11,077 | | | | 833,544 | |
WD-40 Co. | | | | | 2,756 | | | | 137,277 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,345,523 | |
| | | | | | | | | | | | |
| Independent Power Producers & Energy Traders—0.4% | |
Calpine Corp. | | * | | | 87,853 | | | | 1,450,453 | |
Dynegy, Inc. | | * | | | 14,760 | | | | 8,634 | |
Genie Energy Ltd., Class B | | | | | 4,871 | | | | 37,848 | |
GenOn Energy, Inc. | | * | | | 117,063 | | | | 200,178 | |
Ormat Technologies, Inc. | | † | | | 9,093 | | | | 194,499 | |
Tegal Corp. | | * | | | 62 | | | | 212 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,891,824 | |
| | | | | | | | | | | | |
| Industrial Conglomerates—0.2% | |
Carlisle Cos., Inc. | | | | | 9,558 | | | | 506,765 | |
Raven Industries, Inc. | | | | | 5,412 | | | | 376,621 | |
Seaboard Corp. | | * | | | 43 | | | | 91,718 | |
Standex International Corp. | | | | | 1,584 | | | | 67,431 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,042,535 | |
| | | | | | | | | | | | |
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| | | |
| | | | Shares | | | | Value | |
| Insurance—4.3% | |
Alleghany Corp. | | * | | | 1,686 | | | $ | 572,819 | |
Alterra Capital Holdings Ltd. (Bermuda) | | | | | 13,003 | | | | 303,620 | |
American Financial Group, Inc. | | | | | 21,040 | | | | 825,399 | |
American National Insurance Co. | | | | | 3,719 | | | | 265,053 | |
American Safety Insurance Holdings Ltd. | | * | | | 8,481 | | | | 159,019 | |
AMERISAFE, Inc. | | * | | | 5,765 | | | | 149,602 | |
Amtrust Financial Services, Inc. | | † | | | 10,931 | | | | 324,760 | |
Arch Capital Group Ltd. (Bermuda) | | * | | | 20,502 | | | | 813,724 | |
Argo Group International Holdings Ltd. (Bermuda) | | | | | 3,031 | | | | 88,717 | |
Arthur J. Gallagher & Co. | | | | | 18,868 | | | | 661,701 | |
Aspen Insurance Holdings Ltd. (Bermuda) | | | | | 19,083 | | | | 551,499 | |
Assured Guaranty Ltd. (Bermuda) | | | | | 23,630 | | | | 333,183 | |
Axis Capital Holdings Ltd. (Bermuda) | | | | | 23,436 | | | | 762,842 | |
Baldwin & Lyons, Inc., Class B | | | | | 1,316 | | | | 30,584 | |
Brown & Brown, Inc. | | | | | 21,301 | | | | 580,878 | |
Citizens, Inc. | | *† | | | 26,322 | | | | 256,640 | |
CNA Financial Corp. | | | | | 8,025 | | | | 222,453 | |
CNO Financial Group, Inc. | | | | | 33,835 | | | | 263,913 | |
Crawford & Co., Class B | | | | | 3,543 | | | | 14,491 | |
eHealth, Inc. | | * | | | 9,146 | | | | 147,342 | |
EMC Insurance Group, Inc. | | | | | 1,041 | | | | 21,028 | |
Employers Holdings, Inc. | | | | | 8,216 | | | | 148,217 | |
Endurance Specialty Holdings Ltd. (Bermuda) | | | | | 8,343 | | | | 319,704 | |
Enstar Group Ltd. (Bermuda) | | * | | | 626 | | | | 61,936 | |
Erie Indemnity Co., Class A | | | | | 3,864 | | | | 276,701 | |
Everest Re Group Ltd. (Bermuda) | | | | | 7,226 | | | | 747,819 | |
FBL Financial Group, Inc., Class A | | | | | 2,268 | | | | 63,527 | |
Fidelity National Financial, Inc., Class A | | | | | 34,685 | | | | 668,033 | |
First American Financial Corp. | | | | | 13,864 | | | | 235,133 | |
Flagstone Reinsurance Holdings SA (Luxembourg) | | | | | 11,279 | | | | 90,345 | |
Hanover Insurance Group, Inc. (The) | | | | | 4,762 | | | | 186,337 | |
HCC Insurance Holdings, Inc. | | | | | 17,374 | | | | 545,544 | |
Hilltop Holdings, Inc. | | * | | | 18,258 | | | | 188,240 | |
Horace Mann Educators Corp. | | | | | 16,564 | | | | 289,539 | |
Independence Holding Co. | | | | | 6,525 | | | | 64,271 | |
Infinity Property & Casualty Corp. | | | | | 1,280 | | | | 73,818 | |
Kansas City Life Insurance Co. | | | | | 1,203 | | | | 42,334 | |
Kemper Corp. | | | | | 11,715 | | | | 360,236 | |
Markel Corp. | | * | | | 1,213 | | | | 535,782 | |
MBIA, Inc. | | *† | | | 16,677 | | | | 180,278 | |
Meadowbrook Insurance Group, Inc. | | | | | 30,802 | | | | 270,750 | |
Mercury General Corp. | | | | | 4,554 | | | | 189,765 | |
Montpelier Re Holdings Ltd. (Bermuda) | | | | | 15,659 | | | | 333,380 | |
National Financial Partners Corp. | | * | | | 9,598 | | | | 128,613 | |
Navigators Group, Inc. (The) | | * | | | 1,745 | | | | 87,337 | |
Old Republic International Corp. | | | | | 33,631 | | | | 278,801 | |
OneBeacon Insurance Group Ltd., Class A | | | | | 9,986 | | | | 130,018 | |
PartnerRe Ltd. (Bermuda) | | | | | 9,458 | | | | 715,687 | |
Phoenix Cos., Inc. (The) | | *† | | | 29,424 | | | | 54,434 | |
Platinum Underwriters Holdings Ltd. (Bermuda) | | | | | 7,129 | | | | 271,615 | |
Presidential Life Corp. | | | | | 2,568 | | | | 25,243 | |
ProAssurance Corp. | | | | | 3,102 | | | | 276,357 | |
Protective Life Corp. | | | | | 9,843 | | | | 289,483 | |
Reinsurance Group of America, Inc. | | | | | 11,745 | | | | 624,951 | |
See accompanying notes to financial statements.
217
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
RenaissanceRe Holdings Ltd. (Bermuda) | | | | | 8,998 | | | $ | 683,938 | |
RLI Corp. | | † | | | 1,980 | | | | 135,036 | |
Safety Insurance Group, Inc. | | | | | 1,536 | | | | 62,423 | |
SeaBright Holdings, Inc. | | | | | 5,072 | | | | 45,090 | |
Selective Insurance Group, Inc. | | | | | 9,573 | | | | 166,666 | |
StanCorp Financial Group, Inc. | | | | | 10,880 | | | | 404,301 | |
State Auto Financial Corp. | | | | | 2,585 | | | | 36,319 | |
Stewart Information Services Corp. | | | | | 1,684 | | | | 25,849 | |
Symetra Financial Corp. | | | | | 15,274 | | | | 192,758 | |
Tower Group, Inc. | | | | | 3,847 | | | | 80,287 | |
United Fire Group, Inc. | | | | | 2,592 | | | | 55,287 | |
Validus Holdings Ltd. (Bermuda) | | | | | 13,643 | | | | 436,985 | |
W.R. Berkley Corp. | | | | | 21,597 | | | | 840,555 | |
White Mountains Insurance Group Ltd. | | | | | 706 | | | | 368,356 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,637,345 | |
| | | | | | | | | | | | |
| Internet & Catalog Retail—0.5% | |
1-800-Flowers.com, Inc., Class A | | * | | | 2,113 | | | | 7,374 | |
Blue Nile, Inc. | | *† | | | 2,444 | | | | 72,611 | |
dELiA*s, Inc. | | * | | | 8,443 | | | | 13,087 | |
Geeknet, Inc. | | * | | | 1,436 | | | | 28,461 | |
Groupon, Inc., Class A | | *† | | | 5,455 | | | | 57,987 | |
Hollywood Media Corp. | | * | | | 10,671 | | | | 12,805 | |
HSN, Inc. | | | | | 5,319 | | | | 214,622 | |
Liberty Interactive Corp., Series A | | * | | | 82,227 | | | | 1,462,818 | |
Nutrisystem, Inc. | | † | | | 5,029 | | | | 58,135 | |
Overstock.com, Inc. | | *† | | | 3,326 | | | | 22,983 | |
Shutterfly, Inc. | | *† | | | 11,814 | | | | 362,572 | |
Valuevision Media, Inc., Class A | | * | | | 34,796 | | | | 72,376 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,385,831 | |
| | | | | | | | | | | | |
| Internet Software & Services—2.0% | |
AOL, Inc. | | *† | | | 14,126 | | | | 396,658 | |
Autobytel, Inc. | | * | | | 4,755 | | | | 3,581 | |
Blucora, Inc. | | * | | | 11,869 | | | | 146,226 | |
comScore, Inc. | | * | | | 6,023 | | | | 99,139 | |
Constant Contact, Inc. | | *† | | | 10,251 | | | | 183,288 | |
CoStar Group, Inc. | | * | | | 3,058 | | | | 248,310 | |
Crexendo, Inc. | | † | | | 1,043 | | | | 3,870 | |
DealerTrack Holdings, Inc. | | * | | | 4,113 | | | | 123,842 | |
Digital River, Inc. | | * | | | 5,786 | | | | 96,163 | |
EarthLink, Inc. | | | | | 42,332 | | | | 314,950 | |
Equinix, Inc. | | * | | | 5,651 | | | | 992,598 | |
Facebook, Inc., Class A | | *† | | | 80,074 | | | | 2,491,903 | |
IAC/InterActiveCorp | | | | | 15,369 | | | | 700,826 | |
Internap Network Services Corp. | | * | | | 12,216 | | | | 79,526 | |
Inuvo, Inc. | | * | | | 2,034 | | | | 1,383 | |
Ipass, Inc. | | * | | | 24,123 | | | | 57,413 | |
j2 Global, Inc. | | † | | | 7,537 | | | | 199,128 | |
Keynote Systems, Inc. | | | | | 3,262 | | | | 48,441 | |
Limelight Networks, Inc. | | * | | | 6,937 | | | | 20,325 | |
LinkedIn Corp., Class A | | * | | | 1,220 | | | | 129,649 | |
Liquidity Services, Inc. | | * | | | 3,959 | | | | 202,661 | |
LivePerson, Inc. | | * | | | 8,484 | | | | 161,705 | |
LogMeIn, Inc. | | *† | | | 6,170 | | | | 188,308 | |
Looksmart Ltd. | | * | | | 4,010 | | | | 3,120 | |
Marchex, Inc., Class B | | † | | | 2,710 | | | | 9,783 | |
Move, Inc. | | * | | | 14,314 | | | | 130,401 | |
NIC, Inc. | | | | | 10,696 | | | | 135,839 | |
OpenTable, Inc. | | *† | | | 7,353 | | | | 330,959 | |
Perficient, Inc. | | * | | | 4,400 | | | | 49,412 | |
| | | | | | | | | | | | |
| | | |
| | | | Shares | | | | Value | |
Rackspace Hosting, Inc. | | * | | | 13,040 | | | $ | 572,978 | |
RealNetworks, Inc. | | | | | 4,328 | | | | 37,394 | |
Saba Software, Inc. | | * | | | 8,343 | | | | 77,423 | |
Stamps.com, Inc. | | * | | | 3,772 | | | | 93,055 | |
support.com, Inc. | | * | | | 4,962 | | | | 15,829 | |
United Online, Inc. | | | | | 18,915 | | | | 79,821 | |
Unwired Planet, Inc. | | * | | | 21,687 | | | | 49,880 | |
ValueClick, Inc. | | * | | | 13,525 | | | | 221,675 | |
Vocus, Inc. | | * | | | 2,731 | | | | 50,797 | |
Web.com Group, Inc. | | * | | | 9,045 | | | | 165,704 | |
WebMD Health Corp. | | * | | | 6,687 | | | | 137,150 | |
WebMediaBrands, Inc. | | * | | | 4,020 | | | | 2,533 | |
XO Group, Inc. | | * | | | 3,458 | | | | 30,672 | |
Zix Corp. | | * | | | 18,330 | | | | 47,658 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,131,976 | |
| | | | | | | | | | | | |
| IT Services—2.1% | |
Acxiom Corp. | | * | | | 9,001 | | | | 136,005 | |
Alliance Data Systems Corp. | | *† | | | 8,278 | | | | 1,117,530 | |
Broadridge Financial Solutions, Inc. | | | | | 23,680 | | | | 503,674 | |
CACI International, Inc., Class A | | * | | | 4,046 | | | | 222,611 | |
Cass Information Systems, Inc. | | † | | | 1,333 | | | | 53,653 | |
CIBER, Inc. | | * | | | 14,012 | | | | 60,392 | |
Convergys Corp. | | | | | 30,359 | | | | 448,402 | |
CoreLogic, Inc. | | * | | | 15,057 | | | | 275,694 | |
CSG Systems International, Inc. | | * | | | 3,644 | | | | 62,968 | |
DST Systems, Inc. | | | | | 9,362 | | | | 508,450 | |
Edgewater Technology, Inc. | | * | | | 2,568 | | | | 9,990 | |
Euronet Worldwide, Inc. | | * | | | 6,728 | | | | 115,183 | |
FleetCor Technologies, Inc. | | * | | | 5,847 | | | | 204,879 | |
Forrester Research, Inc. | | | | | 1,573 | | | | 53,262 | |
Gartner, Inc. | | * | | | 19,704 | | | | 848,257 | |
Genpact Ltd. (Bermuda) | | * | | | 33,812 | | | | 562,294 | |
Global Cash Access Holdings, Inc. | | * | | | 27,153 | | | | 195,773 | |
Global Payments, Inc. | | | | | 14,275 | | | | 617,108 | |
Hackett Group, Inc. (The) | | * | | | 7,902 | | | | 44,014 | |
Heartland Payment Systems, Inc. | | | | | 6,660 | | | | 200,333 | |
Higher One Holdings, Inc. | | *† | | | 5,176 | | | | 63,251 | |
iGATE Corp. | | * | | | 2,997 | | | | 51,009 | |
Jack Henry & Associates, Inc. | | | | | 12,750 | | | | 440,130 | |
Lender Processing Services, Inc. | | | | | 11,943 | | | | 301,919 | |
Lionbridge Technologies, Inc. | | * | | | 18,369 | | | | 57,862 | |
Management Network Group, Inc. | | * | | | 320 | | | | 685 | |
Mantech International Corp., Class A | | † | | | 3,037 | | | | 71,278 | |
MAXIMUS, Inc. | | | | | 6,111 | | | | 316,244 | |
ModusLink Global Solutions, Inc. | | * | | | 10,739 | | | | 32,110 | |
MoneyGram International, Inc. | | * | | | 9,913 | | | | 144,730 | |
NCI, Inc., Class A | | * | | | 1,956 | | | | 7,922 | |
NeuStar, Inc., Class A | | * | | | 16,328 | | | | 545,355 | |
Online Resources Corp. | | * | | | 2,780 | | | | 6,755 | |
Pfsweb, Inc. | | * | | | 1,209 | | | | 3,434 | |
Sapient Corp. | | | | | 25,306 | | | | 254,831 | |
StarTek, Inc. | | * | | | 1,875 | | | | 5,437 | |
Syntel, Inc. | | | | | 3,095 | | | | 187,866 | |
TeleTech Holdings, Inc. | | * | | | 4,611 | | | | 73,776 | |
TNS, Inc. | | * | | | 6,651 | | | | 119,319 | |
Unisys Corp. | | *† | | | 7,450 | | | | 145,648 | |
VeriFone Systems, Inc. | | *† | | | 12,801 | | | | 423,585 | |
Wright Express Corp. | | * | | | 5,323 | | | | 328,536 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,822,154 | |
| | | | | | | | | | | | |
| Leisure Equipment & Products—0.4% | |
Arctic Cat, Inc. | | * | | | 1,738 | | | | 63,541 | |
Brunswick Corp. | | | | | 10,281 | | | | 228,444 | |
See accompanying notes to financial statements.
218
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Mid/Small Company Index Fund | | | Shares | | | | Value | |
| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
Callaway Golf Co. | | † | | | 18,335 | | | $ | 108,360 | |
JAKKS Pacific, Inc. | | | | | 3,922 | | | | 62,791 | |
LeapFrog Enterprises, Inc. | | * | | | 19,865 | | | | 203,815 | |
Nautilus, Inc. | | * | | | 2,480 | | | | 8,209 | |
Polaris Industries, Inc. | | | | | 8,781 | | | | 627,666 | |
Smith & Wesson Holding Corp. | | * | | | 25,585 | | | | 212,611 | |
Steinway Musical Instruments, Inc. | | * | | | 1,536 | | | | 37,632 | |
Sturm Ruger & Co., Inc. | | † | | | 2,146 | | | | 86,162 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,639,231 | |
| | | | | | | | | | | | |
| Life Sciences Tools & Services—0.9% | |
Affymetrix, Inc. | | * | | | 21,563 | | | | 101,130 | |
Albany Molecular Research, Inc. | | * | | | 2,944 | | | | 7,507 | |
Bio-Rad Laboratories, Inc., Class A | | * | | | 2,830 | | | | 283,028 | |
Bruker Corp. | | * | | | 19,689 | | | | 262,061 | |
Cambrex Corp. | | * | | | 6,259 | | | | 58,897 | |
Charles River Laboratories International, Inc. | | * | | | 11,766 | | | | 385,454 | |
Covance, Inc. | | * | | | 7,313 | | | | 349,927 | |
Enzo Biochem, Inc. | | * | | | 6,306 | | | | 10,531 | |
eResearchTechnology, Inc. | | * | | | 6,233 | | | | 49,802 | |
Furiex Pharmaceuticals, Inc. | | * | | | 2,109 | | | | 44,184 | |
Illumina, Inc. | | *† | | | 23,166 | | | | 935,675 | |
Luminex Corp. | | * | | | 6,030 | | | | 147,675 | |
Mettler-Toledo International, Inc. | | * | | | 3,532 | | | | 550,462 | |
PAREXEL International Corp. | | * | | | 8,690 | | | | 245,319 | |
Sequenom, Inc. | | *† | | | 27,582 | | | | 111,983 | |
Techne Corp. | | | | | 5,121 | | | | 379,978 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,923,613 | |
| | | | | | | | | | | | |
| Machinery—3.7% | |
Actuant Corp., Class A | | | | | 12,782 | | | | 347,159 | |
AGCO Corp. | | * | | | 16,605 | | | | 759,347 | |
Albany International Corp., Class A | | | | | 7,775 | | | | 145,470 | |
Ampco-Pittsburgh Corp. | | | | | 986 | | | | 18,073 | |
Astec Industries, Inc. | | * | | | 2,247 | | | | 68,938 | |
Barnes Group, Inc. | | | | | 11,835 | | | | 287,472 | |
Blount International, Inc. | | * | | | 13,845 | | | | 202,829 | |
Briggs & Stratton Corp. | | † | | | 9,174 | | | | 160,453 | |
Cascade Corp. | | | | | 1,255 | | | | 59,048 | |
Chart Industries, Inc. | | * | | | 4,867 | | | | 334,655 | |
CIRCOR International, Inc. | | | | | 1,935 | | | | 65,964 | |
CLARCOR, Inc. | | | | | 12,111 | | | | 583,266 | |
Colfax Corp. | | *† | | | 7,548 | | | | 208,098 | |
Columbus McKinnon Corp. | | * | | | 4,765 | | | | 71,904 | |
Commercial Vehicle Group, Inc. | | * | | | 6,660 | | | | 57,409 | |
Crane Co. | | | | | 12,831 | | | | 466,792 | |
Donaldson Co., Inc. | | | | | 25,670 | | | | 856,608 | |
Dynamic Materials Corp. | | † | | | 9,575 | | | | 165,935 | |
EnPro Industries, Inc. | | * | | | 5,844 | | | | 218,390 | |
ESCO Technologies, Inc. | | | | | 2,714 | | | | 98,898 | |
Federal Signal Corp. | | * | | | 19,708 | | | | 115,095 | |
Flow International Corp. | | * | | | 9,896 | | | | 31,172 | |
FreightCar America, Inc. | | | | | 2,798 | | | | 64,270 | |
Gardner Denver, Inc. | | | | | 9,352 | | | | 494,814 | |
Gorman-Rupp Co. (The) | | | | | 2,362 | | | | 70,388 | |
Graco, Inc. | | | | | 13,302 | | | | 612,956 | |
Graham Corp. | | | | | 1,617 | | | | 30,109 | |
Greenbrier Cos., Inc. | | * | | | 4,956 | | | | 87,126 | |
Harsco Corp. | | | | | 14,896 | | | | 303,580 | |
Hurco Cos., Inc. | | * | | | 1,248 | | | | 25,572 | |
IDEX Corp. | | | | | 17,560 | | | | 684,489 | |
ITT Corp. | | | | | 14,806 | | | | 260,586 | |
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John Bean Technologies Corp. | | | | | 5,724 | | | $ | 77,675 | |
Kadant, Inc. | | * | | | 1,553 | | | | 36,418 | |
Kaydon Corp. | | | | | 9,101 | | | | 194,670 | |
Kennametal, Inc. | | | | | 13,046 | | | | 432,475 | |
L.B. Foster Co., Class A | | | | | 951 | | | | 27,208 | |
Lincoln Electric Holdings, Inc. | | | | | 12,952 | | | | 567,168 | |
Lindsay Corp. | | † | | | 969 | | | | 62,888 | |
Lydall, Inc. | | * | | | 2,982 | | | | 40,317 | |
Manitowoc Co., Inc. (The) | | † | | | 23,699 | | | | 277,278 | |
Meritor, Inc. | | * | | | 20,436 | | | | 106,676 | |
Middleby Corp. | | * | | | 2,361 | | | | 235,179 | |
Mueller Industries, Inc. | | | | | 5,751 | | | | 244,935 | |
Mueller Water Products, Inc., Class A | | | | | 30,046 | | | | 103,959 | |
NACCO Industries, Inc., Class A | | | | | 441 | | | | 51,266 | |
Navistar International Corp. | | * | | | 9,135 | | | | 259,160 | |
NN, Inc. | | * | | | 6,804 | | | | 69,469 | |
Nordson Corp. | | | | | 7,420 | | | | 380,572 | |
Oshkosh Corp. | | * | | | 13,390 | | | | 280,520 | |
Pentair, Inc. | | | | | 18,227 | | | | 697,730 | |
RBC Bearings, Inc. | | * | | | 6,724 | | | | 318,045 | |
Robbins & Myers, Inc. | | | | | 7,886 | | | | 329,793 | |
Sauer-Danfoss, Inc. | | | | | 5,746 | | | | 200,708 | |
SPX Corp. | | | | | 6,336 | | | | 413,868 | |
Tecumseh Products Co., Class A | | * | | | 1,703 | | | | 8,600 | |
Tennant Co. | | | | | 3,185 | | | | 127,241 | |
Terex Corp. | | *† | | | 20,581 | | | | 366,959 | |
Timken Co. | | | | | 14,936 | | | | 683,919 | |
Titan International, Inc. | | † | | | 9,793 | | | | 240,222 | |
Toro Co. (The) | | | | | 5,158 | | | | 378,030 | |
Trinity Industries, Inc. | | | | | 8,202 | | | | 204,886 | |
Valmont Industries, Inc. | | | | | 3,525 | | | | 426,419 | |
Wabash National Corp. | | * | | | 16,414 | | | | 108,661 | |
Wabtec Corp. | | | | | 9,853 | | | | 768,633 | |
Watts Water Technologies, Inc., Class A | | | | | 7,251 | | | | 241,748 | |
Woodward, Inc. | | | | | 9,791 | | | | 386,157 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,306,317 | |
| | | | | | | | | | | | |
| Marine—0.2% | |
Alexander & Baldwin Holdings, Inc. | | | | | 5,685 | | | | 302,726 | |
Eagle Bulk Shipping, Inc. | | *† | | | 10,448 | | | | 33,016 | |
Genco Shipping & Trading Ltd. | | * | | | 24,517 | | | | 74,777 | |
International Shipholding Corp. | | † | | | 724 | | | | 13,654 | |
Kirby Corp. | | * | | | 8,425 | | | | 396,649 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 820,822 | |
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| Media—2.5% | |
A.H. Belo Corp., Class A | | | | | 3,861 | | | | 15,521 | |
AMC Networks, Inc., Class A | | * | | | 11,748 | | | | 417,641 | |
Arbitron, Inc. | | | | | 3,649 | | | | 127,715 | |
Belo Corp., Class A | | | | | 21,860 | | | | 140,778 | |
Carmike Cinemas, Inc. | | * | | | 6,117 | | | | 89,614 | |
Charter Communications, Inc., Class A | | * | | | 8,873 | | | | 628,830 | |
Cinemark Holdings, Inc. | | | | | 17,424 | | | | 398,138 | |
Clear Channel Outdoor Holdings, Inc., Class A | | * | | | 16,925 | | | | 101,889 | |
Crown Media Holdings, Inc., Class A | | *† | | | 4,399 | | | | 7,698 | |
Cumulus Media, Inc., Class A | | *† | | | 20,178 | | | | 60,736 | |
Digital Generation, Inc. | | *† | | | 2,455 | | | | 30,368 | |
DISH Network Corp., Class A | | | | | 35,668 | | | | 1,018,321 | |
See accompanying notes to financial statements.
219
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
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| COMMON STOCKS—(Continued) | |
DreamWorks Animation SKG, Inc., Class A | | * | | | 11,561 | | | $ | 220,353 | |
E.W. Scripps Co. (The), Class A | | * | | | 13,465 | | | | 129,399 | |
Emmis Communications Corp., Class A | | * | | | 4,461 | | | | 8,208 | |
Entercom Communications Corp., Class A | | * | | | 1,873 | | | | 11,276 | |
Entravision Communications Corp., Class A | | | | | 4,930 | | | | 5,965 | |
Gray Television, Inc. | | * | | | 3,878 | | | | 5,701 | |
Harris Interactive, Inc. | | * | | | 10,590 | | | | 11,967 | |
Harte-Hanks, Inc. | | | | | 4,646 | | | | 42,464 | |
John Wiley & Sons, Inc., Class A | | | | | 7,173 | | | | 351,405 | |
Journal Communications, Inc., Class A | | * | | | 5,969 | | | | 30,800 | |
Lamar Advertising Co., Class A | | *† | | | 11,114 | | | | 317,860 | |
Liberty Global, Inc., Series A | | * | | | 24,312 | | | | 1,206,605 | |
Liberty Media Corp.—Liberty Capital, Class A | | * | | | 19,305 | | | | 1,697,103 | |
LIN TV Corp., Class A | | * | | | 2,390 | | | | 7,218 | |
Live Nation Entertainment, Inc. | | * | | | 27,818 | | | | 255,369 | |
Madison Square Garden Co. (The), Class A | | * | | | 14,922 | | | | 558,680 | |
Martha Stewart Living Omnimedia, Class A | | † | | | 20,003 | | | | 68,010 | |
McClatchy Co. (The), Class A | | *† | | | 3,506 | | | | 7,713 | |
Media General, Inc., Class A | | *† | | | 1,595 | | | | 7,353 | |
Meredith Corp. | | † | | | 8,290 | | | | 264,783 | |
Morningstar, Inc. | | | | | 5,535 | | | | 320,144 | |
National CineMedia, Inc. | | | | | 13,811 | | | | 209,513 | |
Navarre Corp. | | * | | | 16,007 | | | | 25,451 | |
New Frontier Media, Inc. | | * | | | 6,104 | | | | 10,011 | |
New York Times Co. (The), Class A | | *† | | | 11,654 | | | | 90,901 | |
Radio Unica Communications Corp. | | *‡d | | | 1,900 | | | | — | |
Regal Entertainment Group, Class A | | † | | | 22,336 | | | | 307,343 | |
Salem Communications Corp., Class A | | | | | 3,266 | | | | 17,865 | |
Scholastic Corp. | | | | | 2,095 | | | | 58,995 | |
Sinclair Broadcast Group, Inc., Class A | | | | | 7,563 | | | | 68,521 | |
Sirius XM Radio, Inc. | | *† | | | 704,056 | | | | 1,302,504 | |
Valassis Communications, Inc. | | *† | | | 8,118 | | | | 176,567 | |
Value Line, Inc. | | † | | | 573 | | | | 6,813 | |
Virgin Media, Inc. | | † | | | 32,937 | | | | 803,333 | |
World Wrestling Entertainment, Inc., Class A | | | | | 4,170 | | | | 32,609 | |
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| | | | | | | | | 11,676,051 | |
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| Metals & Mining—1.6% | |
AK Steel Holding Corp. | | † | | | 13,061 | | | | 76,668 | |
Allied Nevada Gold Corp. | | * | | | 17,040 | | | | 483,595 | |
AMCOL International Corp. | | | | | 2,631 | | | | 74,484 | |
Carpenter Technology Corp. | | | | | 6,934 | | | | 331,722 | |
Century Aluminum Co. | | * | | | 15,081 | | | | 110,544 | |
Coeur d’Alene Mines Corp. | | * | | | 19,535 | | | | 343,035 | |
Commercial Metals Co. | | | | | 16,183 | | | | 204,553 | |
Compass Minerals International, Inc. | | | | | 5,208 | | | | 397,266 | |
Globe Specialty Metals, Inc. | | | | | 11,348 | | | | 152,404 | |
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Haynes International, Inc. | | | | | 1,995 | | | $ | 101,625 | |
Hecla Mining Co. | | † | | | 49,415 | | | | 234,721 | |
Horsehead Holding Corp. | | * | | | 13,896 | | | | 138,404 | |
Kaiser Aluminum Corp. | | | | | 2,084 | | | | 108,034 | |
Materion Corp. | | | | | 2,925 | | | | 67,363 | |
Molycorp, Inc. | | *† | | | 14,830 | | | | 319,586 | |
Olympic Steel, Inc. | | | | | 3,361 | | | | 55,188 | |
Reliance Steel & Aluminum Co. | | | | | 10,836 | | | | 547,218 | |
Royal Gold, Inc. | | | | | 11,689 | | | | 916,418 | |
RTI International Metals, Inc. | | *† | | | 5,082 | | | | 115,006 | |
Schnitzer Steel Industries, Inc., Class A | | | | | 3,033 | | | | 84,985 | |
Southern Copper Corp. | | | | | 30,829 | | | | 971,422 | |
Steel Dynamics, Inc. | | | | | 51,926 | | | | 610,130 | |
Stillwater Mining Co. | | * | | | 18,728 | | | | 159,937 | |
Universal Stainless & Alloy Products, Inc. | | * | | | 2,058 | | | | 84,584 | |
Walter Energy, Inc. | | | | | 9,631 | | | | 425,305 | |
Worthington Industries, Inc. | | | | | 8,883 | | | | 181,835 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,296,032 | |
| | | | | | | | | | | | |
| Multiline Retail—0.3% | | | | | | | | | | |
Dillard’s, Inc., Class A | | | | | 6,475 | | | | 412,328 | |
Dollar General Corp. | | * | | | 9,157 | | | | 498,049 | |
Fred’s, Inc., Class A | | | | | 5,995 | | | | 91,663 | |
Saks, Inc. | | *† | | | 24,378 | | | | 259,626 | |
Tuesday Morning Corp. | | * | | | 1,816 | | | | 7,791 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,269,457 | |
| | | | | | | | | | | | |
| Multi-Utilities—0.7% | | | | | | | | | | |
Alliant Energy Corp. | | | | | 16,939 | | | | 771,910 | |
Avista Corp. | | | | | 15,256 | | | | 407,335 | |
Black Hills Corp. | | † | | | 8,743 | | | | 281,262 | |
CH Energy Group, Inc. | | | | | 1,512 | | | | 99,323 | |
MDU Resources Group, Inc. | | | | | 37,545 | | | | 811,348 | |
NorthWestern Corp. | | | | | 10,040 | | | | 368,468 | |
Vectren Corp. | | | | | 15,419 | | | | 455,169 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,194,815 | |
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| Office Electronics—0.1% | | | | | | | | | | |
Zebra Technologies Corp., Class A | | * | | | 7,185 | | | | 246,877 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—3.7% | | | | | |
Abraxas Petroleum Corp. | | | | *† | | | 30,906 | | | | 98,590 | |
Adams Resources & Energy, Inc. | | | | | | | 1,462 | | | | 61,287 | |
Apco Oil and Gas International, Inc. | | | | | | | 2,488 | | | | 44,908 | |
Approach Resources, Inc. | | | | *† | | | 11,314 | | | | 288,960 | |
Arch Coal, Inc. | | | | † | | | 37,708 | | | | 259,808 | |
ATP Oil & Gas Corp. | | | | *† | | | 8,607 | | | | 29,092 | |
Berry Petroleum Co., Class A | | | | | | | 8,684 | | | | 344,407 | |
Bill Barrett Corp. | | | | *† | | | 5,963 | | | | 127,727 | |
BP Prudhoe Bay Royalty Trust | | | | | | | 3,434 | | | | 400,301 | |
BPZ Resources, Inc. | | | | *† | | | 27,149 | | | | 68,687 | |
Callon Petroleum Co. | | | | * | | | 20,318 | | | | 86,555 | |
Carrizo Oil & Gas, Inc. | | | | * | | | 8,019 | | | | 188,527 | |
Cheniere Energy, Inc. | | | | *† | | | 32,953 | | | | 485,727 | |
Cimarex Energy Co. | | | | | | | 13,393 | | | | 738,222 | |
Clayton Williams Energy, Inc. | | | | * | | | 1,241 | | | | 60,040 | |
Cloud Peak Energy, Inc. | | | | * | | | 12,175 | | | | 205,879 | |
Comstock Resources, Inc. | | | | *† | | | 11,590 | | | | 190,308 | |
Concho Resources, Inc. | | | | * | | | 14,442 | | | | 1,229,303 | |
Contango Oil & Gas Co. | | | | * | | | 2,731 | | | | 161,675 | |
Continental Resources, Inc. | | | | * | | | 10,155 | | | | 676,526 | |
CREDO Petroleum Corp. | | | | * | | | 5,377 | | | | 77,805 | |
Cross Timbers Royalty Trust | | | | | | | 1,515 | | | | 53,010 | |
See accompanying notes to financial statements.
220
SCHEDULE OF INVESTMENTS—(Continued)
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| COMMON STOCKS—(Continued) | |
Crosstex Energy, Inc. | | | | | 8,856 | | | $ | 123,984 | |
DHT Holdings, Inc. (Jersey, Channel Islands) | | | | | 19,677 | | | | 12,286 | |
Energen Corp. | | | | | 13,114 | | | | 591,835 | |
Energy XXI Bermuda Ltd. (Bermuda) | | | | | 15,053 | | | | 471,008 | |
Evergreen Energy, Inc. | | * | | | 373 | | | | 7 | |
EXCO Resources, Inc. | | † | | | 39,666 | | | | 301,065 | |
Forest Oil Corp. | | *† | | | 19,596 | | | | 143,639 | |
FX Energy, Inc. | | * | | | 20,766 | | | | 123,558 | |
GMX Resources, Inc. | | *† | | | 17,772 | | | | 14,413 | |
Goodrich Petroleum Corp. | | *† | | | 9,150 | | | | 126,819 | |
Gulfport Energy Corp. | | * | | | 8,914 | | | | 183,896 | |
Harvest Natural Resources, Inc. | | *† | | | 4,175 | | | | 35,696 | |
HollyFrontier Corp. | | | | | 27,180 | | | | 962,987 | |
Hugoton Royalty Trust | | | | | 8,143 | | | | 63,597 | |
James River Coal Co. | | *† | | | 10,211 | | | | 27,672 | |
Kodiak Oil & Gas Corp. | | *† | | | 56,931 | | | | 467,403 | |
Magnum Hunter Resources Corp. | | *† | | | 36,378 | | | | 152,060 | |
McMoRan Exploration Co. | | *† | | | 27,649 | | | | 350,313 | |
Northern Oil and Gas, Inc. | | *† | | | 10,226 | | | | 163,002 | |
Oasis Petroleum, Inc. | | *† | | | 7,445 | | | | 180,020 | |
Overseas Shipholding Group, Inc. | | † | | | 3,627 | | | | 40,296 | |
Pacific Ethanol, Inc. | | * | | | 1,422 | | | | 506 | |
Patriot Coal Corp. | | *† | | | 28,282 | | | | 34,504 | |
PDC Energy, Inc. | | *† | | | 3,828 | | | | 93,863 | |
Penn Virginia Corp. | | | | | 4,723 | | | | 34,667 | |
Petroquest Energy, Inc. | | *† | | | 13,685 | | | | 68,425 | |
Plains Exploration & Production Co. | | * | | | 24,930 | | | | 877,037 | |
PostRock Energy Corp. | | * | | | 295 | | | | 469 | |
Quicksilver Resources, Inc. | | *† | | | 22,131 | | | | 119,950 | |
Rentech, Inc. | | * | | | 80,188 | | | | 165,187 | |
Resolute Energy Corp. | | *† | | | 5,849 | | | | 55,975 | |
REX American Resources Corp. | | * | | | 1,034 | | | | 20,184 | |
Rosetta Resources, Inc. | | * | | | 9,634 | | | | 352,990 | |
SandRidge Energy, Inc. | | *† | | | 80,303 | | | | 537,227 | |
SemGroup Corp., Class A | | * | | | 6,110 | | | | 195,092 | |
Ship Finance International Ltd. (Bermuda) | | † | | | 12,947 | | | | 202,362 | |
SM Energy Co. | | | | | 10,452 | | | | 513,298 | |
Stone Energy Corp. | | * | | | 10,027 | | | | 254,084 | |
Swift Energy Co. | | * | | | 5,041 | | | | 93,813 | |
Syntroleum Corp. | | * | | | 20,762 | | | | 14,014 | |
Teekay Corp. (Bermuda) | | | | | 8,465 | | | | 247,855 | |
Tengasco, Inc. | | *† | | | 9,394 | | | | 7,515 | |
Tri-Valley Corp. | | * | | | 10,477 | | | | 262 | |
Ultra Petroleum Corp. | | *† | | | 30,853 | | | | 711,779 | |
Uranium Resources, Inc. | | *† | | | 78,345 | | | | 48,590 | |
USEC, Inc. | | * | | | 30,878 | | | | 30,569 | |
Vaalco Energy, Inc. | | * | | | 28,928 | | | | 249,649 | |
Verenium Corp. | | *† | | | 6,543 | | | | 20,480 | |
W&T Offshore, Inc. | | † | | | 9,297 | | | | 142,244 | |
Warren Resources, Inc. | | * | | | 23,225 | | | | 55,740 | |
Western Refining, Inc. | | † | | | 17,605 | | | | 392,063 | |
Westmoreland Coal Co. | | * | | | 4,305 | | | | 34,655 | |
Whiting Petroleum Corp. | | * | | | 19,631 | | | | 807,227 | |
World Fuel Services Corp. | | | | | 10,762 | | | | 409,279 | |
ZaZa Energy Corp. | | *† | | | 22,201 | | | | 100,349 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,304,803 | |
| | | | | | | | | | | | |
| Paper & Forest Products—0.4% | | | | | |
Buckeye Technologies, Inc. | | | | | 10,262 | | | | 292,364 | |
Clearwater Paper Corp. | | * | | | 3,863 | | | | 131,806 | |
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Deltic Timber Corp. | | | | | 1,046 | | | $ | 63,785 | |
Domtar Corp. (Canada) | | | | | 4,889 | | | | 375,035 | |
Louisiana-Pacific Corp. | | * | | | 14,060 | | | | 152,973 | |
Neenah Paper, Inc. | | | | | 2,110 | | | | 56,316 | |
P.H. Glatfelter Co. | | | | | 19,358 | | | | 316,891 | |
Schweitzer-Mauduit International, Inc. | | | | | 1,838 | | | | 125,241 | |
Wausau Paper Corp. | | | | | 30,223 | | | | 294,070 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,808,481 | |
| | | | | | | | | | | | |
| Personal Products—0.4% | | | | | |
Elizabeth Arden, Inc. | | * | | | 3,488 | | | | 135,369 | |
Herbalife Ltd. (Cayman Islands) | | † | | | 18,109 | | | | 875,208 | |
Mannatech, Inc. | | * | | | 263 | | | | 1,822 | |
Medifast, Inc. | | *† | | | 10,350 | | | | 203,688 | |
Nu Skin Enterprises, Inc., Class A | | † | | | 11,273 | | | | 528,704 | |
Prestige Brands Holdings, Inc. | | * | | | 13,428 | | | | 212,297 | |
Reliv International, Inc. | | | | | 3,018 | | | | 4,829 | |
USANA Health Sciences, Inc. | | *† | | | 2,706 | | | | 111,271 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,073,188 | |
| | | | | | | | | | | | |
| Pharmaceuticals—1.1% | | | | | |
Alexza Pharmaceuticals, Inc. | | *† | | | 10,270 | | | | 43,545 | |
Auxilium Pharmaceuticals, Inc. | | * | | | 12,905 | | | | 347,016 | |
AVANIR Pharmaceuticals, Inc., Class A | | *† | | | 57,291 | | | | 224,581 | |
Biosante Pharmaceuticals, Inc. | | * | | | 310 | | | | 791 | |
Cadence Pharmaceuticals, Inc. | | *† | | | 9,924 | | | | 35,429 | |
Columbia Laboratories, Inc. | | * | | | 5,940 | | | | 4,039 | |
Depomed, Inc. | | * | | | 27,228 | | | | 154,927 | |
Durect Corp. | | * | | | 7,330 | | | | 6,668 | |
Emisphere Technologies, Inc. | | * | | | 3,412 | | | | 532 | |
Endo Health Solutions, Inc. | | * | | | 19,228 | | | | 595,683 | |
Heska Corp. | | | | | 446 | | | | 4,951 | |
Hi-Tech Pharmacal Co., Inc. | | * | | | 2,404 | | | | 77,890 | |
Impax Laboratories, Inc. | | * | | | 9,974 | | | | 202,173 | |
KV Pharmaceutical Co., Class A | | *† | | | 32,504 | | | | 17,552 | |
Medicines Co. (The) | | * | | | 12,199 | | | | 279,845 | |
Medicis Pharmaceutical Corp., Class A | | † | | | 6,465 | | | | 220,780 | |
Nektar Therapeutics | | * | | | 11,384 | | | | 91,869 | |
Obagi Medical Products, Inc. | | * | | | 4,294 | | | | 65,569 | |
Optimer Pharmaceuticals, Inc. | | *† | | | 5,641 | | | | 87,548 | |
Pain Therapeutics, Inc. | | * | | | 10,298 | | | | 48,298 | |
Par Pharmaceutical Cos., Inc. | | * | | | 7,244 | | | | 261,798 | |
Pozen, Inc. | | * | | | 5,088 | | | | 31,749 | |
Questcor Pharmaceuticals, Inc. | | *† | | | 12,843 | | | | 683,761 | |
Salix Pharmaceuticals Ltd. | | * | | | 8,896 | | | | 484,298 | |
Santarus, Inc. | | * | | | 11,760 | | | | 83,378 | |
Sciclone Pharmaceuticals, Inc. | | * | | | 10,639 | | | | 74,579 | |
ViroPharma, Inc. | | * | | | 12,330 | | | | 292,221 | |
Vivus, Inc. | | *† | | | 24,224 | | | | 691,353 | |
XenoPort, Inc. | | *† | | | 16,376 | | | | 98,911 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,211,734 | |
| | | | | | | | | | | | |
| Professional Services—1.3% | | | | | |
Acacia Research Corp. | | * | | | 8,726 | | | | 324,956 | |
Advisory Board Co. (The) | | * | | | 4,934 | | | | 244,677 | |
Barrett Business Services, Inc. | | | | | 3,976 | | | | 84,053 | |
CBIZ, Inc. | | * | | | 32,523 | | | | 193,187 | |
CDI Corp. | | | | | 2,129 | | | | 34,916 | |
Corporate Executive Board Co. (The) | | | | | 9,092 | | | | 371,681 | |
CRA International, Inc. | | * | | | 1,427 | | | | 20,963 | |
Exponent, Inc. | | * | | | 1,790 | | | | 94,566 | |
See accompanying notes to financial statements.
221
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
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| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
FTI Consulting, Inc. | | * | | | 9,264 | | | $ | 266,340 | |
Heidrick & Struggles International, Inc. | | | | | 3,000 | | | | 52,500 | |
Hudson Global, Inc. | | *† | | | 10,844 | | | | 45,219 | |
Huron Consulting Group, Inc. | | * | | | 2,888 | | | | 91,405 | |
ICF International, Inc. | | * | | | 8,590 | | | | 204,786 | |
IHS, Inc., Class A | | * | | | 8,175 | | | | 880,693 | |
Insperity, Inc. | | | | | 2,769 | | | | 74,901 | |
Kelly Services, Inc., Class A | | | | | 2,431 | | | | 31,384 | |
Kforce, Inc. | | * | | | 4,102 | | | | 55,213 | |
Korn/Ferry International | | * | | | 8,421 | | | | 120,841 | |
Manpower, Inc. | | | | | 12,007 | | | | 440,057 | |
Navigant Consulting, Inc. | | * | | | 11,220 | | | | 141,821 | |
Odyssey Marine Exploration, Inc. | | *† | | | 24,771 | | | | 92,643 | |
On Assignment, Inc. | | * | | | 5,011 | | | | 79,976 | |
RCM Technologies, Inc. | | * | | | 13,065 | | | | 72,380 | |
Resources Connection, Inc. | | | | | 3,825 | | | | 47,047 | |
Towers Watson & Co., Class A | | | | | 12,774 | | | | 765,163 | |
TrueBlue, Inc. | | * | | | 13,711 | | | | 212,246 | |
Verisk Analytics, Inc., Class A | | * | | | 23,829 | | | | 1,173,816 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,217,430 | |
| | | | | | | | | | | | |
| Real Estate Investment Trusts (REITs)—10.5% | |
Acadia Realty Trust REIT | | | | | 16,088 | | | | 372,920 | |
Agree Realty Corp. REIT | | | | | 4,572 | | | | 101,178 | |
Alexander’s, Inc. REIT | | | | | 496 | | | | 213,831 | |
Alexandria Real Estate Equities, Inc. REIT | | | | | 9,916 | | | | 721,092 | |
American Assets Trust, Inc. REIT | | | | | 5,602 | | | | 135,848 | |
American Campus Communities, Inc. REIT | | | | | 18,126 | | | | 815,307 | |
American Capital Agency Corp. REIT | | | | | 58,261 | | | | 1,958,152 | |
Annaly Capital Management, Inc. REIT | | † | | | 186,459 | | | | 3,128,782 | |
Anworth Mortgage Asset Corp. REIT | | † | | | 44,342 | | | | 312,611 | |
Apollo Commercial Real Estate Finance, Inc. REIT | | | | | 5,200 | | | | 83,564 | |
Apollo Residential Mortgage, Inc. REIT | | | | | 7,881 | | | | 151,946 | |
Arbor Realty Trust, Inc. REIT | | | | | 6,648 | | | | 35,567 | |
ARMOUR Residential REIT, Inc. REIT | | † | | | 54,719 | | | | 389,052 | |
Ashford Hospitality Trust, Inc. REIT | | | | | 24,783 | | | | 208,921 | |
Associated Estates Realty Corp. REIT | | | | | 10,964 | | | | 163,912 | |
BioMed Realty Trust, Inc. REIT | | | | | 22,994 | | | | 429,528 | |
Brandywine Realty Trust REIT | | | | | 23,412 | | | | 288,904 | |
BRE Properties, Inc. REIT | | | | | 11,698 | | | | 585,134 | |
BRT Realty Trust REIT | | * | | | 10,925 | | | | 71,012 | |
Camden Property Trust REIT | | | | | 12,750 | | | | 862,793 | |
Capital Trust, Inc., Class A REIT | | *† | | | 9,337 | | | | 26,891 | |
CapLease, Inc. REIT | | | | | 22,151 | | | | 91,927 | |
Capstead Mortgage Corp. REIT | | | | | 20,046 | | | | 278,840 | |
CBL & Associates Properties, Inc. REIT | | | | | 33,587 | | | | 656,290 | |
Cedar Realty Trust, Inc. REIT | | | | | 10,823 | | | | 54,656 | |
Chimera Investment Corp. REIT | | | | | 155,088 | | | | 366,008 | |
Colonial Properties Trust REIT | | | | | 17,084 | | | | 378,240 | |
CommonWealth REIT REIT | | | | | 12,186 | | | | 232,996 | |
| | | | | | | | | | | | |
| | | |
| | | | Shares | | | | Value | |
Corporate Office Properties Trust REIT | | | | | 12,130 | | | $ | 285,176 | |
Cousins Properties, Inc. REIT | | | | | 43,575 | | | | 337,706 | |
CubeSmart REIT | | | | | 37,992 | | | | 443,367 | |
CYS Investments, Inc. REIT | | † | | | 34,604 | | | | 476,497 | |
DCT Industrial Trust, Inc. REIT | | | | | 27,165 | | | | 171,140 | |
DDR Corp. REIT | | | | | 34,333 | | | | 502,635 | |
DiamondRock Hospitality Co. REIT | | | | | 34,477 | | | | 351,665 | |
Digital Realty Trust, Inc. REIT | | † | | | 19,301 | | | | 1,448,926 | |
Douglas Emmett, Inc. REIT | | | | | 19,265 | | | | 445,021 | |
Duke Realty Corp. REIT | | | | | 38,155 | | | | 558,589 | |
DuPont Fabros Technology, Inc. REIT | | † | | | 12,750 | | | | 364,140 | |
EastGroup Properties, Inc. REIT | | | | | 8,574 | | | | 456,994 | |
Education Realty Trust, Inc. REIT | | | | | 33,387 | | | | 369,928 | |
Entertainment Properties Trust REIT | | | | | 11,873 | | | | 488,099 | |
Equity Lifestyle Properties, Inc. REIT | | | | | 7,789 | | | | 537,207 | |
Equity One, Inc. REIT | | | | | 13,749 | | | | 291,479 | |
Essex Property Trust, Inc. REIT | | | | | 5,695 | | | | 876,574 | |
Extra Space Storage, Inc. REIT | | | | | 24,311 | | | | 743,917 | |
Federal Realty Investment Trust REIT | | | | | 10,597 | | | | 1,103,042 | |
FelCor Lodging Trust, Inc. REIT | | * | | | 33,618 | | | | 158,005 | |
First Industrial Realty Trust, Inc. REIT | | * | | | 12,017 | | | | 151,655 | |
First Potomac Realty Trust REIT | | | | | 11,442 | | | | 134,672 | |
Franklin Street Properties Corp. REIT | | | | | 16,006 | | | | 169,343 | |
General Growth Properties, Inc. REIT | | | | | 90,781 | | | | 1,642,228 | |
Getty Realty Corp. REIT | | † | | | 3,716 | | | | 71,161 | |
Glimcher Realty Trust REIT | | | | | 18,737 | | | | 191,492 | |
Government Properties Income Trust REIT | | | | | 14,341 | | | | 324,393 | |
Gramercy Capital Corp. REIT | | * | | | 21,078 | | | | 52,695 | |
Hatteras Financial Corp. REIT | | | | | 17,493 | | | | 500,300 | |
Healthcare Realty Trust, Inc. REIT | | | | | 23,089 | | | | 550,442 | |
Hersha Hospitality Trust REIT | | | | | 37,283 | | | | 196,854 | |
Highwoods Properties, Inc. REIT | | | | | 11,752 | | | | 395,455 | |
Home Properties, Inc. REIT | | | | | 6,160 | | | | 377,978 | |
Hospitality Properties Trust REIT | | | | | 18,862 | | | | 467,212 | |
Inland Real Estate Corp. REIT | | | | | 38,025 | | | | 318,650 | |
Invesco Mortgage Capital, Inc. REIT | | | | | 18,612 | | | | 341,344 | |
Investors Real Estate Trust REIT | | † | | | 15,828 | | | | 125,041 | |
iStar Financial, Inc. REIT | | *† | | | 17,809 | | | | 114,868 | |
Kilroy Realty Corp. REIT | | | | | 9,701 | | | | 469,625 | |
Kite Realty Group Trust REIT | | | | | 13,680 | | | | 68,263 | |
LaSalle Hotel Properties REIT | | | | | 14,030 | | | | 408,834 | |
Lexington Realty Trust REIT | | † | | | 15,470 | | | | 131,031 | |
Liberty Property Trust REIT | | | | | 16,949 | | | | 624,401 | |
LTC Properties, Inc. REIT | | | | | 6,423 | | | | 233,026 | |
Macerich Co. (The) REIT | | | | | 23,884 | | | | 1,410,350 | |
Mack-Cali Realty Corp. REIT | | | | | 10,597 | | | | 308,055 | |
Medical Properties Trust, Inc. REIT | | | | | 26,987 | | | | 259,615 | |
MFA Financial, Inc. REIT | | | | | 35,167 | | | | 277,468 | |
Mid-America Apartment Communities, Inc. REIT | | | | | 7,444 | | | | 507,979 | |
Mission West Properties, Inc. REIT | | | | | 9,069 | | | | 78,175 | |
Monmouth Real Estate Investment Corp., Class A REIT | | | | | 10,886 | | | | 127,584 | |
MPG Office Trust, Inc. REIT | | *† | | | 32,440 | | | | 65,204 | |
See accompanying notes to financial statements.
222
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
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| COMMON STOCKS—(Continued) | |
National Health Investors, Inc. REIT | | | | | 3,674 | | | $ | 187,080 | |
National Retail Properties, Inc. REIT | | † | | | 10,392 | | | | 293,990 | |
Newcastle Investment Corp. REIT | | | | | 20,499 | | | | 137,343 | |
NorthStar Realty Finance Corp. REIT | | | | | 20,272 | | | | 105,820 | |
Omega Healthcare Investors, Inc. REIT | | | | | 19,310 | | | | 434,475 | |
Parkway Properties, Inc. REIT | | | | | 5,327 | | | | 60,941 | |
Pennsylvania Real Estate Investment Trust REIT | | | | | 6,555 | | | | 98,194 | |
PennyMac Mortgage Investment Trust REIT | | | | | 17,296 | | | | 341,250 | |
Piedmont Office Realty Trust, Inc., Class A REIT | | | | | 28,141 | | | | 484,307 | |
PMC Commercial Trust REIT | | | | | 2,035 | | | | 15,669 | |
Post Properties, Inc. REIT | | | | | 8,338 | | | | 408,145 | |
Potlatch Corp. REIT | | | | | 9,789 | | | | 312,661 | |
PS Business Parks, Inc. REIT | | | | | 2,861 | | | | 193,747 | |
RAIT Financial Trust REIT | | | | | 25,884 | | | | 119,584 | |
Ramco-Gershenson Properties Trust REIT | | | | | 18,567 | | | | 233,387 | |
Rayonier, Inc. REIT | | | | | 20,078 | | | | 901,502 | |
Realty Income Corp. REIT | | † | | | 19,515 | | | | 815,142 | |
Redwood Trust, Inc. REIT | | † | | | 23,999 | | | | 299,508 | |
Regency Centers Corp. REIT | | | | | 14,126 | | | | 671,974 | |
Resource Capital Corp. REIT | | † | | | 26,944 | | | | 143,612 | |
RLJ Lodging Trust REIT | | | | | 12,933 | | | | 234,475 | |
Rouse Properties, Inc. REIT | | *† | | | 10,391 | | | | 140,798 | |
Sabra Healthcare REIT, Inc. REIT | | | | | 7,264 | | | | 124,287 | |
Saul Centers, Inc. REIT | | | | | 2,698 | | | | 115,663 | |
Senior Housing Properties Trust REIT | | | | | 23,663 | | | | 528,158 | |
SL Green Realty Corp. REIT | | † | | | 15,525 | | | | 1,245,726 | |
Sovran Self Storage, Inc. REIT | | | | | 8,547 | | | | 428,119 | |
Starwood Property Trust, Inc. REIT | | | | | 26,919 | | | | 573,644 | |
Strategic Hotels & Resorts, Inc. REIT | | * | | | 30,630 | | | | 197,870 | |
Sun Communities, Inc. REIT | | | | | 3,803 | | | | 168,245 | |
Sunstone Hotel Investors, Inc. REIT | | * | | | 15,570 | | | | 171,114 | |
Tanger Factory Outlet Centers, Inc. REIT | | | | | 21,379 | | | | 685,197 | |
Taubman Centers, Inc. REIT | | | | | 8,675 | | | | 669,363 | |
UDR, Inc. REIT | | | | | 40,523 | | | | 1,047,114 | |
Universal Health Realty Income Trust REIT | | | | | 3,713 | | | | 154,201 | |
Urstadt Biddle Properties, Inc., Class A REIT | | | | | 9,838 | | | | 194,497 | |
Washington Real Estate Investment Trust REIT | | | | | 16,572 | | | | 471,473 | |
Weingarten Realty Investors REIT | | † | | | 20,384 | | | | 536,915 | |
Winthrop Realty Trust REIT | | | | | 5,324 | | | | 64,740 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 48,631,332 | |
| | | | | | | | | | | | |
| Real Estate Management & Development—0.6% | |
Altisource Portfolio Solutions SA (Luxembourg) | | * | | | 3,528 | | | | 258,356 | |
Brookfield Office Properties, Inc. | | | | | 55,336 | | | | 963,953 | |
Consolidated-Tomoka Land Co. | | | | | 530 | | | | 15,253 | |
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| | | |
| | | | Shares | | | | Value | |
Forest City Enterprises, Inc., Class A | | * | | | 33,533 | | | $ | 489,582 | |
Forestar Group, Inc. | | * | | | 8,367 | | | | 107,181 | |
Howard Hughes Corp. (The) | | * | | | 4,804 | | | | 296,119 | |
Jones Lang LaSalle, Inc. | | | | | 6,173 | | | | 434,394 | |
St. Joe Co. (The) | | *† | | | 9,635 | | | | 152,329 | |
Tejon Ranch Co. | | * | | | 2,983 | | | | 85,374 | |
Thomas Properties Group, Inc. | | | | | 2,396 | | | | 13,034 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,815,575 | |
| | | | | | | | | | | | |
| Road & Rail—1.4% | |
Amerco, Inc. | | | | | 547 | | | | 49,214 | |
Arkansas Best Corp. | | | | | 2,819 | | | | 35,519 | |
Avis Budget Group, Inc. | | * | | | 13,648 | | | | 207,450 | |
Celadon Group, Inc. | | | | | 11,882 | | | | 194,627 | |
Con-way, Inc. | | | | | 6,152 | | | | 222,149 | |
Dollar Thrifty Automotive Group, Inc. | | * | | | 5,367 | | | | 434,512 | |
Genesee & Wyoming, Inc., Class A | | *† | | | 8,456 | | | | 446,815 | |
Heartland Express, Inc. | | | | | 15,449 | | | | 221,075 | |
Hertz Global Holdings, Inc. | | * | | | 22,711 | | | | 290,701 | |
J.B. Hunt Transport Services, Inc. | | | | | 19,188 | | | | 1,143,605 | |
Kansas City Southern | | | | | 20,188 | | | | 1,404,277 | |
Knight Transportation, Inc. | | | | | 14,495 | | | | 231,775 | |
Landstar System, Inc. | | | | | 8,939 | | | | 462,325 | |
Old Dominion Freight Line, Inc. | | * | | | 8,482 | | | | 367,186 | |
PAM Transportation Services, Inc. | | | | | 1,139 | | | | 10,991 | |
Quality Distribution, Inc. | | * | | | 5,838 | | | | 64,743 | |
Saia, Inc. | | * | | | 2,156 | | | | 47,195 | |
Swift Transportation Co. | | *† | | | 21,197 | | | | 200,312 | |
Werner Enterprises, Inc. | | | | | 11,650 | | | | 278,318 | |
YRC Worldwide, Inc. | | * | | | 17 | | | | 120 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,312,909 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment—2.6% | |
Advanced Energy Industries, Inc. | | * | | | 9,964 | | | | 133,717 | |
Aetrium, Inc. | | * | | | 614 | | | | 485 | |
Amkor Technology, Inc. | | *† | | | 26,356 | | | | 128,617 | |
ANADIGICS, Inc. | | * | | | 15,184 | | | | 27,483 | |
Applied Micro Circuits Corp. | | * | | | 11,626 | | | | 66,501 | |
Atmel Corp. | | * | | | 90,250 | | | | 604,675 | |
ATMI, Inc. | | * | | | 3,386 | | | | 69,650 | |
Axcelis Technologies, Inc. | | * | | | 20,883 | | | | 25,060 | |
AXT, Inc. | | * | | | 5,871 | | | | 23,190 | |
Brooks Automation, Inc. | | | | | 9,612 | | | | 90,737 | |
Cabot Microelectronics Corp. | | | | | 5,893 | | | | 172,135 | |
Cavium, Inc. | | *† | | | 11,274 | | | | 315,672 | |
Ceva, Inc. | | * | | | 3,801 | | | | 66,936 | |
Cirrus Logic, Inc. | | *† | | | 16,788 | | | | 501,625 | |
Cohu, Inc. | | | | | 1,889 | | | | 19,192 | |
Cree, Inc. | | *† | | | 14,245 | | | | 365,669 | |
Cymer, Inc. | | *† | | | 3,321 | | | | 195,773 | |
Cypress Semiconductor Corp. | | * | | | 21,129 | | | | 279,325 | |
Diodes, Inc. | | * | | | 3,326 | | | | 62,429 | |
DSP Group, Inc. | | * | | | 4,251 | | | | 26,951 | |
Entegris, Inc. | | * | | | 30,372 | | | | 259,377 | |
Exar Corp. | | *† | | | 4,600 | | | | 37,536 | |
Fairchild Semiconductor International, Inc. | | * | | | 12,506 | | | | 176,335 | |
FormFactor, Inc. | | * | | | 11,437 | | | | 73,997 | |
FSI International, Inc. | | * | | | 4,280 | | | | 15,365 | |
GigOptix, Inc. | | *† | | | 5,164 | | | | 13,891 | |
GT Advanced Technologies, Inc. | | * | | | 28,398 | | | | 149,941 | |
Hittite Microwave Corp. | | * | | | 6,713 | | | | 343,169 | |
Integrated Device Technology, Inc. | | * | | | 48,629 | | | | 273,295 | |
Integrated Silicon Solution, Inc. | | * | | | 2,930 | | | | 29,564 | |
See accompanying notes to financial statements.
223
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
International Rectifier Corp. | | * | | | 7,620 | | | $ | 152,324 | |
Intersil Corp., Class A | | | | | 27,625 | | | | 294,206 | |
IXYS Corp. | | * | | | 3,270 | | | | 36,526 | |
Kopin Corp. | | * | | | 10,484 | | | | 36,065 | |
Kulicke & Soffa Industries, Inc. | | * | | | 11,993 | | | | 106,978 | |
Lattice Semiconductor Corp. | | * | | | 16,642 | | | | 62,740 | |
LTX-Credence Corp. | | * | | | 8,847 | | | | 59,275 | |
Marvell Technology Group Ltd. (Bermuda) | | | | | 78,244 | | | | 882,592 | |
Mattson Technology, Inc. | | * | | | 11,630 | | | | 20,352 | |
Maxim Integrated Products, Inc. | | | | | 37,778 | | | | 968,628 | |
Micrel, Inc. | | | | | 11,121 | | | | 105,983 | |
Microsemi Corp. | | * | | | 13,240 | | | | 244,808 | |
Mindspeed Technologies, Inc. | | * | | | 9,324 | | | | 22,937 | |
MIPS Technologies, Inc. | | * | | | 15,340 | | | | 102,318 | |
MKS Instruments, Inc. | | | | | 4,420 | | | | 127,871 | |
Monolithic Power Systems, Inc. | | * | | | 2,918 | | | | 57,981 | |
MoSys, Inc. | | *† | | | 16,699 | | | | 54,105 | |
NVE Corp. | | * | | | 771 | | | | 41,441 | |
OmniVision Technologies, Inc. | | * | | | 11,385 | | | | 152,104 | |
ON Semiconductor Corp. | | * | | | 62,204 | | | | 441,648 | |
PDF Solutions, Inc. | | *† | | | 9,022 | | | | 89,047 | |
Pericom Semiconductor Corp. | | * | | | 5,204 | | | | 46,836 | |
Photronics, Inc. | | *† | | | 15,405 | | | | 93,971 | |
PLX Technology, Inc. | | * | | | 17,286 | | | | 109,766 | |
PMC—Sierra, Inc. | | * | | | 56,477 | | | | 346,769 | |
Power Integrations, Inc. | | | | | 4,153 | | | | 154,907 | |
QuickLogic Corp. | | * | | | 14,701 | | | | 36,900 | |
Rambus, Inc. | | *† | | | 13,734 | | | | 78,833 | |
Ramtron International Corp. | | * | | | 11,651 | | | | 35,186 | |
RF Micro Devices, Inc. | | * | | | 31,040 | | | | 131,920 | |
Rudolph Technologies, Inc. | | * | | | 2,516 | | | | 21,940 | |
Semtech Corp. | | * | | | 9,874 | | | | 240,136 | |
Sigma Designs, Inc. | | * | | | 8,818 | | | | 56,259 | |
Silicon Image, Inc. | | * | | | 8,359 | | | | 34,606 | |
Silicon Laboratories, Inc. | | * | | | 8,366 | | | | 317,071 | |
Skyworks Solutions, Inc. | | * | | | 30,058 | | | | 822,687 | |
Spire Corp. | | * | | | 1,921 | | | | 1,143 | |
Standard Microsystems Corp. | | * | | | 2,912 | | | | 107,424 | |
SunPower Corp. | | *† | | | 12,586 | | | | 60,539 | |
Supertex, Inc. | | * | | | 1,279 | | | | 24,109 | |
Tessera Technologies, Inc. | | | | | 6,777 | | | | 104,162 | |
Transwitch Corp. | | *† | | | 6,212 | | | | 6,833 | |
TriQuint Semiconductor, Inc. | | * | | | 34,569 | | | | 190,129 | |
Ultra Clean Holdings, Inc. | | * | | | 6,562 | | | | 42,194 | |
Ultratech, Inc. | | * | | | 2,462 | | | | 77,553 | |
Veeco Instruments, Inc. | | *† | | | 5,359 | | | | 184,135 | |
Volterra Semiconductor Corp. | | * | | | 3,597 | | | | 84,350 | |
| | | | | | | | | | |
| | | | | | | | | | | 12,018,579 | |
| | | | | | | | | | |
| Software—4.0% | | | | | | | | | | |
Accelrys, Inc. | | * | | | 6,341 | | | | 51,299 | |
ACI Worldwide, Inc. | | * | | | 4,103 | | | | 181,394 | |
Activision Blizzard, Inc. | | | | | 98,680 | | | | 1,183,173 | |
Actuate Corp. | | * | | | 9,173 | | | | 63,569 | |
Advent Software, Inc. | | * | | | 5,224 | | | | 141,623 | |
American Software, Inc., Class A | | | | | 7,072 | | | | 56,222 | |
ANSYS, Inc. | | * | | | 13,922 | | | | 878,617 | |
Ariba, Inc. | | * | | | 13,705 | | | | 613,436 | |
Aspen Technology, Inc. | | * | | | 11,581 | | | | 268,100 | |
Blackbaud, Inc. | | | | | 6,583 | | | | 168,986 | |
Bottomline Technologies, Inc. | | * | | | 7,908 | | | | 142,739 | |
BroadSoft, Inc. | | * | | | 2,938 | | | | 85,084 | |
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| | | |
| | | | Shares | | | | Value | |
Cadence Design Systems, Inc. | | * | | | 53,095 | | | $ | 583,514 | |
Callidus Software, Inc. | | *† | | | 14,237 | | | | 70,900 | |
CommVault Systems, Inc. | | * | | | 10,616 | | | | 526,235 | |
Compuware Corp. | | * | | | 23,815 | | | | 221,241 | |
Concur Technologies, Inc. | | *† | | | 7,229 | | | | 492,295 | |
Datawatch Corp. | | * | | | 3,500 | | | | 45,150 | |
Ebix, Inc. | | † | | | 3,924 | | | | 78,284 | |
EPIQ Systems, Inc. | | | | | 7,191 | | | | 88,090 | |
Evolving Systems, Inc. | | | | | 1,123 | | | | 6,177 | |
FactSet Research Systems, Inc. | | | | | 6,018 | | | | 559,313 | |
Fair Isaac Corp. | | | | | 4,616 | | | | 195,164 | |
FalconStor Software, Inc. | | *† | | | 8,712 | | | | 22,738 | |
Fortinet, Inc. | | * | | | 19,429 | | | | 451,141 | |
Informatica Corp. | | * | | | 14,500 | | | | 614,220 | |
Interactive Intelligence Group, Inc. | | * | | | 1,644 | | | | 46,377 | |
JDA Software Group, Inc. | | * | | | 8,151 | | | | 242,003 | |
Kenexa Corp. | | * | | | 4,449 | | | | 129,154 | |
Manhattan Associates, Inc. | | * | | | 2,125 | | | | 97,134 | |
Mentor Graphics Corp. | | * | | | 30,439 | | | | 456,585 | |
MICROS Systems, Inc. | | * | | | 10,580 | | | | 541,696 | |
MicroStrategy, Inc., Class A | | * | | | 791 | | | | 102,719 | |
Netscout Systems, Inc. | | * | | | 5,654 | | | | 122,070 | |
NetSuite, Inc. | | * | | | 5,386 | | | | 294,991 | |
Nuance Communications, Inc. | | * | | | 48,468 | | | | 1,154,508 | |
Parametric Technology Corp. | | * | | | 25,649 | | | | 537,603 | |
Pegasystems, Inc. | | | | | 2,142 | | | | 70,643 | |
Progress Software Corp. | | * | | | 6,994 | | | | 145,965 | |
PROS Holdings, Inc. | | * | | | 2,944 | | | | 49,518 | |
QAD, Inc., Class B | | * | | | 136 | | | | 1,851 | |
QLIK Technologies, Inc. | | * | | | 9,118 | | | | 201,690 | |
Quest Software, Inc. | | * | | | 11,892 | | | | 331,192 | |
Rovi Corp. | | * | | | 19,181 | | | | 376,331 | |
Scientific Learning Corp. | | * | | | 3,146 | | | | 5,128 | |
SeaChange International, Inc. | | * | | | 3,359 | | | | 27,645 | |
Smith Micro Software, Inc. | | * | | | 2,612 | | | | 4,806 | |
SolarWinds, Inc. | | * | | | 13,069 | | | | 569,286 | |
Solera Holdings, Inc. | | | | | 13,734 | | | | 573,944 | |
Sonic Foundry, Inc. | | * | | | 1,155 | | | | 8,097 | |
Sourcefire, Inc. | | * | | | 4,489 | | | | 230,735 | |
Synchronoss Technologies, Inc. | | *† | | | 12,077 | | | | 223,062 | |
Synopsys, Inc. | | * | | | 27,981 | | | | 823,481 | |
Take-Two Interactive Software, Inc. | | * | | | 23,034 | | | | 217,902 | |
TeleCommunication Systems, Inc., Class A | | * | | | 67,716 | | | | 83,291 | |
THQ, Inc. | | *† | | | 12,835 | | | | 7,958 | |
TIBCO Software, Inc. | | * | | | 28,166 | | | | 842,727 | |
TiVo, Inc. | | * | | | 36,938 | | | | 305,477 | |
Tyler Technologies, Inc. | | * | | | 5,227 | | | | 210,909 | |
Ultimate Software Group, Inc. | | * | | | 3,872 | | | | 345,073 | |
VASCO Data Security International, Inc. | | * | | | 4,225 | | | | 34,560 | |
Versant Corp. | | * | | | 1,264 | | | | 12,248 | |
VirnetX Holding Corp. | | *† | | | 7,740 | | | | 272,835 | |
VMware, Inc., Class A | | * | | | 8,652 | | | | 787,678 | |
Websense, Inc. | | * | | | 4,024 | | | | 75,370 | |
Zynga, Inc., Class A | | * | | | 34,113 | | | | 185,575 | |
| | | | | | | | | | |
| | | | | | | | | | | 18,538,521 | |
| | | | | | | | | | |
| Specialty Retail—3.4% | | | | | | | | | | |
Aaron’s, Inc. | | | | | 20,249 | | | | 573,249 | |
Advance Auto Parts, Inc. | | | | | 8,467 | | | | 577,619 | |
Aeropostale, Inc. | | * | | | 8,619 | | | | 153,677 | |
American Eagle Outfitters, Inc. | | | | | 31,912 | | | | 629,624 | |
America’s Car-Mart, Inc. | | * | | | 1,569 | | | | 60,956 | |
See accompanying notes to financial statements.
224
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
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| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
ANN, Inc. | | * | | | 10,541 | | | $ | 268,690 | |
Asbury Automotive Group, Inc. | | * | | | 5,664 | | | | 134,180 | |
Ascena Retail Group, Inc. | | * | | | 19,188 | | | | 357,281 | |
Barnes & Noble, Inc. | | *† | | | 3,301 | | | | 54,334 | |
bebe stores, Inc. | | | | | 9,951 | | | | 58,412 | |
Big 5 Sporting Goods Corp. | | | | | 2,416 | | | | 18,265 | |
Brown Shoe Co., Inc. | | | | | 5,385 | | | | 69,520 | |
Buckle, Inc. (The) | | † | | | 3,569 | | | | 141,225 | |
Build-A-Bear Workshop, Inc. | | * | | | 5,570 | | | | 26,625 | |
Cabela’s, Inc. | | * | | | 10,417 | | | | 393,867 | |
Cache, Inc. | | * | | | 4,005 | | | | 18,583 | |
Casual Male Retail Group, Inc. | | * | | | 21,865 | | | | 79,370 | |
Cato Corp. (The), Class A | | | | | 4,713 | | | | 143,558 | |
Chico’s FAS, Inc. | | | | | 23,609 | | | | 350,358 | |
Children’s Place Retail Stores, Inc. (The) | | *† | | | 4,359 | | | | 217,209 | |
Christopher & Banks Corp. | | | | | 9,394 | | | | 11,085 | |
Citi Trends, Inc. | | * | | | 8,340 | | | | 128,770 | |
Coldwater Creek, Inc. | | * | | | 47,132 | | | | 25,734 | |
Collective Brands, Inc. | | * | | | 6,749 | | | | 144,564 | |
Cost Plus, Inc. | | * | | | 2,725 | | | | 59,950 | |
Destination Maternity Corp. | | | | | 2,707 | | | | 58,471 | |
Dick’s Sporting Goods, Inc. | | | | | 13,341 | | | | 640,368 | |
DSW, Inc., Class A | | | | | 3,315 | | | | 180,336 | |
Finish Line, Inc. (The), Class A | | | | | 7,061 | | | | 147,645 | |
Foot Locker, Inc. | | | | | 22,998 | | | | 703,279 | |
Genesco, Inc. | | * | | | 2,883 | | | | 173,412 | |
Group 1 Automotive, Inc. | | † | | | 2,367 | | | | 107,959 | |
Guess?, Inc. | | | | | 10,418 | | | | 316,395 | |
Haverty Furniture Cos., Inc. | | | | | 2,301 | | | | 25,702 | |
Hibbett Sports, Inc. | | * | | | 3,546 | | | | 204,640 | |
Hot Topic, Inc. | | | | | 22,025 | | | | 213,422 | |
JOS A. Bank Clothiers, Inc. | | *† | | | 3,491 | | | | 148,228 | |
Kirkland’s, Inc. | | * | | | 2,193 | | | | 24,671 | |
Lithia Motors, Inc., Class A | | † | | | 3,558 | | | | 82,012 | |
Lumber Liquidators Holdings, Inc. | | *† | | | 10,206 | | | | 344,861 | |
MarineMax, Inc. | | * | | | 3,026 | | | | 28,777 | |
Men’s Wearhouse, Inc. (The) | | † | | | 3,813 | | | | 107,298 | |
Monro Muffler Brake, Inc. | | † | | | 5,955 | | | | 197,944 | |
Office Depot, Inc. | | * | | | 52,060 | | | | 112,450 | |
OfficeMax, Inc. | | * | | | 6,942 | | | | 35,126 | |
Pacific Sunwear of California, Inc. | | * | | | 18,790 | | | | 34,386 | |
Penske Automotive Group, Inc. | | † | | | 10,147 | | | | 215,522 | |
Pep Boys-Manny, Moe & Jack (The) | | | | | 19,564 | | | | 193,684 | |
PetSmart, Inc. | | | | | 20,979 | | | | 1,430,348 | |
Pier 1 Imports, Inc. | | | | | 22,968 | | | | 377,364 | |
RadioShack Corp. | | † | | | 19,631 | | | | 75,383 | |
Rent-A-Center, Inc. | | | | | 12,187 | | | | 411,189 | |
Sally Beauty Holdings, Inc. | | * | | | 19,894 | | | | 512,071 | |
Select Comfort Corp. | | * | | | 10,528 | | | | 220,246 | |
Shoe Carnival, Inc. | | | | | 2,174 | | | | 46,719 | |
Signet Jewelers Ltd. (Bermuda) | | † | | | 14,589 | | | | 642,062 | |
Sonic Automotive, Inc., Class A | | † | | | 8,013 | | | | 109,538 | |
Stage Stores, Inc. | | | | | 8,324 | | | | 152,496 | |
Stein Mart, Inc. | | * | | | 14,281 | | | | 113,534 | |
Systemax, Inc. | | * | | | 1,358 | | | | 16,052 | |
Talbots, Inc. | | * | | | 55,150 | | | | 138,978 | |
Tractor Supply Co. | | | | | 11,633 | | | | 966,237 | |
Trans World Entertainment Corp. | | * | | | 1,932 | | | | 5,989 | |
Ulta Salon Cosmetics & Fragrance, Inc. | | | | | 10,623 | | | | 991,976 | |
Vitamin Shoppe, Inc. | | * | | | 2,327 | | | | 127,822 | |
West Marine, Inc. | | * | | | 6,841 | | | | 80,382 | |
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| | | | Shares | | | | Value | |
Wet Seal, Inc. (The), Class A | | * | | | 48,869 | | | $ | 154,426 | |
Williams-Sonoma, Inc. | | | | | 9,154 | | | | 320,115 | |
Zale Corp. | | * | | | 12,363 | | | | 33,256 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,919,476 | |
| | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—1.1% | | | | | |
Carter’s, Inc. | | * | | | 7,414 | | | | 389,976 | |
Charles & Colvard Ltd. | | * | | | 4,894 | | | | 18,450 | |
Cherokee, Inc. | | | | | 2,054 | | | | 28,612 | |
Columbia Sportswear Co. | | † | | | 1,447 | | | | 77,588 | |
Crocs, Inc. | | * | | | 18,713 | | | | 302,215 | |
Culp, Inc. | | | | | 888 | | | | 9,102 | |
Deckers Outdoor Corp. | | *† | | | 6,235 | | | | 274,402 | |
Fifth & Pacific Cos., Inc. | | *† | | | 16,691 | | | | 179,094 | |
Forward Industries, Inc. | | *† | | | 3,751 | | | | 6,527 | |
Hallwood Group, Inc. (The) | | * | | | 100 | | | | 998 | |
Hanesbrands, Inc. | | * | | | 16,070 | | | | 445,621 | |
Iconix Brand Group, Inc. | | *† | | | 13,558 | | | | 236,858 | |
Jones Group, Inc. (The) | | | | | 7,884 | | | | 75,371 | |
Kenneth Cole Productions, Inc., Class A | | * | | | 4,620 | | | | 69,531 | |
K-Swiss, Inc., Class A | | * | | | 2,909 | | | | 8,960 | |
Maidenform Brands, Inc. | | * | | | 2,034 | | | | 40,517 | |
Movado Group, Inc. | | | | | 1,527 | | | | 38,206 | |
Oxford Industries, Inc. | | | | | 3,507 | | | | 156,763 | |
PVH Corp. | | | | | 9,479 | | | | 737,371 | |
Quiksilver, Inc. | | * | | | 16,228 | | | | 37,811 | |
Skechers U.S.A., Inc., Class A | | * | | | 7,438 | | | | 151,512 | |
Steven Madden Ltd. | | * | | | 7,089 | | | | 225,076 | |
True Religion Apparel, Inc. | | | | | 5,573 | | | | 161,506 | |
Under Armour, Inc., Class A | | *† | | | 6,746 | | | | 637,362 | |
Unifi, Inc. | | * | | | 3,223 | | | | 36,517 | |
Warnaco Group, Inc. (The) | | * | | | 5,608 | | | | 238,789 | |
Wolverine World Wide, Inc. | | † | | | 11,160 | | | | 432,785 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,017,520 | |
| | | | | | | | | | | | |
| Thrifts & Mortgage Finance—1.0% | | | | | |
Astoria Financial Corp. | | † | | | 12,205 | | | | 119,609 | |
Bank Mutual Corp. | | | | | 18,221 | | | | 80,355 | |
BankAtlantic Bancorp, Inc., Class A | | * | | | 6,764 | | | | 37,337 | |
BankUnited, Inc. | | † | | | 4,652 | | | | 109,694 | |
Beneficial Mutual Bancorp, Inc. | | * | | | 4,733 | | | | 40,846 | |
Brookline Bancorp, Inc. | | | | | 10,999 | | | | 97,341 | |
Capitol Federal Financial, Inc. | | | | | 29,545 | | | | 350,995 | |
CFS Bancorp, Inc. | | | | | 2,085 | | | | 9,320 | |
Dime Community Bancshares, Inc. | | | | | 3,549 | | | | 47,166 | |
Doral Financial Corp. (Puerto Rico) | | * | | | 70,932 | | | | 106,398 | |
ESSA Bancorp, Inc. | | | | | 5,953 | | | | 64,292 | |
Federal Agricultural Mortgage Corp., Class C | | | | | 4,576 | | | | 120,028 | |
Federal Home Loan Mortgage Corp. | | *† | | | 43,895 | | | | 10,974 | |
Federal National Mortgage Association | | *† | | | 66,437 | | | | 16,941 | |
First Financial Holdings, Inc. | | | | | 3,864 | | | | 41,422 | |
First Financial Northwest, Inc. | | * | | | 4,938 | | | | 40,097 | |
Flagstar Bancorp, Inc. | | * | | | 49,751 | | | | 41,791 | |
Flushing Financial Corp. | | | | | 2,981 | | | | 40,631 | |
Kearny Financial Corp. | | † | | | 3,008 | | | | 29,148 | |
MGIC Investment Corp. | | * | | | 12,237 | | | | 35,243 | |
NASB Financial, Inc. | | * | | | 529 | | | | 10,501 | |
New York Community Bancorp, Inc. | | † | | | 56,803 | | | | 711,742 | |
See accompanying notes to financial statements.
225
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Mid/Small Company Index Fund | | | Shares | | | | Value | |
| | | | | | | | | | | | |
| COMMON STOCKS—(Continued) | |
Northfield Bancorp, Inc. | | † | | | 6,837 | | | $ | 97,154 | |
Northwest Bancshares, Inc. | | | | | 21,039 | | | | 246,367 | |
OceanFirst Financial Corp. | | † | | | 2,108 | | | | 30,271 | |
Ocwen Financial Corp. | | * | | | 23,494 | | | | 441,217 | |
Oritani Financial Corp. | | | | | 20,044 | | | | 288,433 | |
Provident Financial Services, Inc. | | | | | 16,334 | | | | 250,727 | |
Provident New York Bancorp | | | | | 5,681 | | | | 43,119 | |
Radian Group, Inc. | | | | | 23,028 | | | | 75,762 | |
Riverview Bancorp, Inc. | | * | | | 2,602 | | | | 3,252 | |
TFS Financial Corp. | | * | | | 13,499 | | | | 128,915 | |
Tree.com, Inc. | | * | | | 5,006 | | | | 57,269 | |
Triad Guaranty, Inc. | | *† | | | 5,663 | | | | 297 | |
Trustco Bank Corp. | | | | | 10,073 | | | | 54,999 | |
United Financial Bancorp, Inc. | | | | | 5,398 | | | | 77,623 | |
ViewPoint Financial Group, Inc. | | | | | 6,157 | | | | 96,295 | |
Washington Federal, Inc. | | | | | 25,523 | | | | 431,083 | |
Westfield Financial, Inc. | | | | | 8,596 | | | | 62,751 | |
WSFS Financial Corp. | | | | | 1,929 | | | | 77,951 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,625,356 | |
| | | | | | | | | | | | |
| Tobacco—0.1% | |
Alliance One International, Inc. | | *† | | | 28,423 | | | | 98,343 | |
Universal Corp. | | † | | | 3,751 | | | | 173,784 | |
Vector Group Ltd. | | † | | | 21,852 | | | | 371,921 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 644,048 | |
| | | | | | | | | | | | |
| Trading Companies & Distributors—0.8% | |
Aceto Corp. | | | | | 4,950 | | | | 44,698 | |
Air Lease Corp. | | *† | | | 12,769 | | | | 247,591 | |
Aircastle Ltd. | | | | | 14,047 | | | | 169,266 | |
Ampal-American Israel Corp., Class A | | * | | | 15,776 | | | | 2,033 | |
Applied Industrial Technologies, Inc. | | | | | 10,609 | | | | 390,942 | |
Beacon Roofing Supply, Inc. | | *† | | | 14,827 | | | | 373,937 | |
GATX Corp. | | | | | 10,704 | | | | 412,104 | |
H&E Equipment Services, Inc. | | * | | | 2,196 | | | | 33,006 | |
Houston Wire & Cable Co. | | | | | 6,215 | | | | 67,930 | |
Interline Brands, Inc. | | * | | | 6,176 | | | | 154,832 | |
Kaman Corp. | | | | | 2,736 | | | | 84,652 | |
MSC Industrial Direct Co., Inc., Class A | | | | | 6,049 | | | | 396,512 | |
Rush Enterprises, Inc., Class A | | * | | | 3,897 | | | | 63,716 | |
United Rentals, Inc. | | *† | | | 14,871 | | | | 506,209 | |
Watsco, Inc. | | | | | 6,350 | | | | 468,630 | |
WESCO International, Inc. | | * | | | 5,516 | | | | 317,446 | |
Willis Lease Finance Corp. | | * | | | 1,234 | | | | 15,203 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,748,707 | |
| | | | | | | | | | | | |
| Water Utilities—0.6% | |
American States Water Co. | | | | | 3,697 | | | | 146,327 | |
American Water Works Co., Inc. | | | | | 31,246 | | | | 1,071,113 | |
Aqua America, Inc. | | † | | | 31,674 | | | | 790,583 | |
California Water Service Group | | | | | 16,632 | | | | 307,193 | |
Connecticut Water Service, Inc. | | | | | 3,803 | | | | 110,211 | |
Middlesex Water Co. | | | | | 4,246 | | | | 80,674 | |
SJW Corp. | | † | | | 5,096 | | | | 122,355 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,628,456 | |
| | | | | | | | | | | | |
| Wireless Telecommunication Services—0.4% | |
Clearwire Corp., Class A | | *† | | | 23,621 | | | | 26,456 | |
Leap Wireless International, Inc. | | *† | | | 16,479 | | | | 105,960 | |
NII Holdings, Inc. | | *† | | | 25,758 | | | | 263,504 | |
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| | | |
| | | | Shares | | | | Value | |
NTELOS Holdings Corp. | | | | | 1,551 | | | $ | 29,236 | |
SBA Communications Corp., Class A | | * | | | 22,201 | | | | 1,266,567 | |
Shenandoah Telecommunications Co. | | | | | 2,133 | | | | 29,030 | |
Telephone & Data Systems, Inc. | | | | | 8,723 | | | | 185,713 | |
United States Cellular Corp. | | * | | | 1,375 | | | | 53,102 | |
USA Mobility, Inc. | | | | | 3,582 | | | | 46,065 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,005,633 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | |
(Cost $402,504,924) | | | | | | | | | 453,729,757 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | |
Coupon
Rate | | Maturity
Date | | | | | Face | | | | Value | |
| | | | | | | | | | | | |
| U.S. TREASURY OBLIGATIONS—0.1% | |
| U.S. Treasury Bills—0.1% | |
U.S. Treasury Bill | | | | | | | | | | |
0.082% | | 09/20/2012 | | | | | | | | | | |
(Cost $574,895) | | ‡‡ | | $ | 575,000 | | | | 574,910 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
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| | | | | | | | Shares | | | | Value | |
| RIGHTS—0.0% | |
| Hotels, Restaurants & Leisure—0.0% | |
Cosi, Inc. | | *‡ | | | 66,861 | | | | 1,754 | |
| | | | | | | | | | | | |
| Machinery—0.0% | |
Gerber Scientific, Inc. CVR | | *‡d | | | 3,478 | | | | — | |
| | | | | | | | | | | | |
| Pharmaceuticals—0.0% | |
Forest Laboratories, Inc. | | *‡d | | | 2,916 | | | | — | |
| | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods—0.0% | |
Mossimo, Inc. | | *‡d | | | 2,807 | | | | — | |
| | | | | | | | | | | | |
| TOTAL RIGHTS | | | | | |
(Cost $15,172) | | | | | | | 1,754 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| WARRANTS—0.0% | |
| Diversified Financial Services—0.0% | |
Pegasus Wireless Corp. | | *‡d | | | 200 | | | | — | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels—0.0% | |
Magnum Hunter Resources Corp., Expires 10/14/2013, Strike $10.50 | | *‡d | | | 2,972 | | | | — | |
| | | | | | | | | | | | |
| TOTAL WARRANTS | | | | | |
(Cost $—) | | | | | | | — | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| MONEY MARKET FUNDS—14.2% | |
| Institutional Money Market Funds—14.2% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | ††¥ | | | 10,700,000 | | | | 10,700,000 | |
See accompanying notes to financial statements.
226
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
Vantagepoint Mid/Small Company Index Fund | | | Shares | | | | Value | |
| MONEY MARKET FUNDS—(Continued) | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | ¥ | | | 5,788,961 | | | $ | 5,788,961 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional
Class, 0.22% | | ††¥ | | | 12,374,734 | | | | 12,374,734 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17% | | ††¥ | | | 4,700,000 | | | | 4,700,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | ††¥ | | | 10,700,000 | | | | 10,700,000 | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 10,700,000 | | | | 10,700,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select
Class, 0.13% | | ††¥ | | | 10,700,000 | | | | 10,700,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | |
(Cost $65,663,695) | | | | | | | | | 65,663,695 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—112.6% | |
(Cost $468,758,686) | | | | | | | | | 519,970,116 | |
Other assets less liabilities—(12.6%) | | | | (58,218,168 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | | | | | | $ | 461,751,948 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| CVR | | Contingent Value Rights |
| REIT | | Real Estate Investment Trust |
| * | | Non-income producing. |
| † | | Denotes all or a portion of the security on loan. |
| d | | Security has no market value at June 30, 2012. |
| ‡ | | Security valued at fair value as determined by policies approved by the Board of Directors. |
| ‡‡ | | Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
227
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—97.1% | |
| Australia—8.5% | | | | | | | | | | | | |
AGL Energy Ltd. | | | | † | | | 11,099 | | | $ | 168,669 | |
Alumina Ltd. | | | | † | | | 52,912 | | | | 43,399 | |
Amcor Ltd. | | | | | | | 25,788 | | | | 188,255 | |
AMP Ltd. | | | | | | | 60,805 | | | | 241,962 | |
APA Group | | | | † | | | 14,492 | | | | 74,394 | |
Asciano Ltd. | | | | | | | 20,462 | | | | 91,907 | |
ASX Ltd. | | | | | | | 3,522 | | | | 108,111 | |
Australia & New Zealand Banking Group Ltd. | | | | | | | 56,307 | | | | 1,282,679 | |
Bendigo and Adelaide Bank Ltd. | | | | † | | | 7,833 | | | | 59,860 | |
BHP Billiton Ltd. | | | | | | | 67,664 | | | | 2,203,974 | |
Boral Ltd. | | | | † | | | 16,512 | | | | 50,324 | |
Brambles Ltd. | | | | | | | 30,138 | | | | 191,144 | |
Caltex Australia Ltd. | | | | | | | 2,904 | | | | 40,560 | |
Campbell Brothers Ltd. | | | | | | | 1,342 | | | | 75,235 | |
Centro Retail Australia REIT | | | | | | | 24,782 | | | | 50,298 | |
CFS Retail Property Trust Group REIT | | | | | | | 43,842 | | | | 87,504 | |
Coca-Cola Amatil Ltd. | | | | † | | | 11,986 | | | | 164,717 | |
Cochlear Ltd. | | | | | | | 1,128 | | | | 76,606 | |
Commonwealth Bank of Australia | | | | † | | | 33,199 | | | | 1,818,133 | |
Computershare Ltd. | | | | | | | 8,966 | | | | 68,533 | |
Crown Ltd. | | | | | | | 9,242 | | | | 80,819 | |
CSL Ltd. | | | | | | | 10,838 | | | | 439,608 | |
Dexus Property Group REIT | | | | | | | 98,639 | | | | 94,388 | |
Echo Entertainment Group Ltd. | | | | | | | 13,011 | | | | 57,366 | |
Fairfax Media Ltd. | | | | † | | | 41,888 | | | | 24,028 | |
Fortescue Metals Group Ltd. | | | | † | | | 30,217 | | | | 154,398 | |
Goodman Group REIT | | | | † | | | 33,696 | | | | 127,588 | |
GPT Group REIT | | | | | | | 29,912 | | | | 101,179 | |
Harvey Norman Holdings Ltd. | | | | † | | | 10,998 | | | | 22,114 | |
Iluka Resources Ltd. | | | | † | | | 9,119 | | | | 107,626 | |
Incitec Pivot Ltd. | | | | | | | 34,633 | | | | 102,318 | |
Insurance Australia Group Ltd. | | | | | | | 44,825 | | | | 160,770 | |
Leighton Holdings Ltd. | | | | † | | | 3,007 | | | | 50,648 | |
Lend Lease Group | | | | | | | 11,091 | | | | 82,485 | |
Lynas Corp. Ltd. | | | | * | | | 37,439 | | | | 33,135 | |
Macquarie Group Ltd. | | | | | | | 6,807 | | | | 183,815 | |
Metcash Ltd. | | | | | | | 16,948 | | | | 58,714 | |
Mirvac Group REIT | | | | | | | 66,619 | | | | 87,536 | |
National Australia Bank Ltd. | | | | | | | 47,065 | | | | 1,146,391 | |
Newcrest Mining Ltd. | | | | | | | 16,167 | | | | 376,224 | |
Orica Ltd. | | | | | | | 7,608 | | | | 193,789 | |
Origin Energy Ltd. | | | | | | | 23,045 | | | | 290,228 | |
OZ Minerals Ltd. | | | | † | | | 7,183 | | | | 58,604 | |
Qantas Airways Ltd. | | | | * | | | 25,206 | | | | 28,002 | |
QBE Insurance Group Ltd. | | | | | | | 24,560 | | | | 339,437 | |
QR National Ltd. | | | | | | | 34,266 | | | | 120,032 | |
Ramsay Health Care Ltd. | | | | | | | 2,635 | | | | 61,225 | |
Rio Tinto Ltd. | | | | † | | | 9,198 | | | | 539,986 | |
Santos Ltd. | | | | | | | 19,665 | | | | 216,581 | |
Sonic Healthcare Ltd. | | | | | | | 7,920 | | | | 103,586 | |
SP AusNet | | | | | | | 35,545 | | | | 37,252 | |
Stockland REIT | | | | | | | 48,769 | | | | 154,788 | |
Suncorp Group Ltd. | | | | | | | 26,851 | | | | 224,369 | |
Sydney Airport | | | | | | | 7,906 | | | | 23,562 | |
Tabcorp Holdings Ltd. | | | | | | | 13,011 | | | | 39,236 | |
Tatts Group Ltd. | | | | | | | 29,248 | | | | 78,815 | |
Telstra Corp. Ltd. | | | | | | | 90,368 | | | | 342,397 | |
Toll Holdings Ltd. | | | | | | | 13,906 | | | | 57,177 | |
Transurban Group | | | | | | | 27,435 | | | | 160,248 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Wesfarmers Ltd. | | | | † | | | 21,214 | | | $ | 653,002 | |
Westfield Group REIT | | | | | | | 45,394 | | | | 444,470 | |
Westfield Retail Trust REIT | | | | | | | 59,438 | | | | 174,343 | |
Westpac Banking Corp. | | | | † | | | 64,159 | | | | 1,400,991 | |
Whitehaven Coal Ltd. | | | | | | | 8,680 | | | | 37,316 | |
Woodside Petroleum Ltd. | | | | | | | 13,336 | | | | 427,366 | |
Woolworths Ltd. | | | | † | | | 25,841 | | | | 711,355 | |
WorleyParsons Ltd. | | | | | | | 4,476 | | | | 116,227 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,611,798 | |
| | | | | | | | | | | | |
| Austria—0.3% | | | | | | | | | | | | |
Andritz AG | | | | | | | 1,416 | | | | 72,817 | |
Erste Group Bank AG | | | | * | | | 4,709 | | | | 89,431 | |
IMMOFINANZ AG | | | | * | | | 21,175 | | | | 67,377 | |
OMV AG | | | | | | | 3,294 | | | | 103,595 | |
Raiffeisen Bank International AG | | | | † | | | 930 | | | | 30,448 | |
Telekom Austria AG | | | | | | | 7,195 | | | | 70,719 | |
Verbund AG | | | | | | | 1,308 | | | | 29,962 | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | | | | | | | 889 | | | | 35,937 | |
Voestalpine AG | | | | | | | 2,136 | | | | 56,731 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 557,017 | |
| | | | | | | | | | | | |
| Belgium—1.1% | | | | | | | | | | | | |
Ageas | | | | | | | 46,832 | | | | 93,002 | |
Anheuser-Busch InBev NV | | | | | | | 16,877 | | | | 1,330,604 | |
Belgacom SA | | | | | | | 3,168 | | | | 90,089 | |
Colruyt SA | | | | | | | 1,567 | | | | 69,910 | |
Delhaize Group SA | | | | | | | 2,059 | | | | 75,425 | |
Groupe Bruxelles Lambert SA | | | | | | | 1,713 | | | | 116,278 | |
Groupe Bruxelles Lambert SA STRIP VVPR | | | | *d | | | 127 | | | | — | |
KBC Groep NV | | | | | | | 3,288 | | | | 69,533 | |
Mobistar SA | | | | | | | 586 | | | | 20,069 | |
Solvay SA | | | | | | | 1,220 | | | | 120,452 | |
Telenet Group Holding NV | | | | | | | 1,103 | | | | 48,265 | |
UCB SA | | | | | | | 2,384 | | | | 120,429 | |
Umicore SA | | | | | | | 2,256 | | | | 104,306 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,258,362 | |
| | | | | | | | | | | | |
| Bermuda—0.1% | | | �� | | | | | | | | | |
Seadrill Ltd. | | | | | | | 7,181 | | | | 256,114 | |
| | | | | | | | | | | | |
| China—0.0% | | | | | | | | | | | | |
Yangzijiang Shipbuilding Holdings Ltd. | | | | | | | 34,000 | | | | 27,267 | |
| | | | | | | | | | | | |
| Denmark—1.1% | | | | | | | | | | | | |
A.P. Moller - Maersk A/S, Class A | | | | | | | 12 | | | | 74,693 | |
A.P. Moller - Maersk A/S, Class B | | | | | | | 28 | | | | 183,611 | |
Carlsberg A/S, Class B | | | | | | | 2,293 | | | | 180,993 | |
Coloplast A/S, Class B | | | | | | | 459 | | | | 82,532 | |
Danske Bank A/S | | | | * | | | 13,625 | | | | 189,448 | |
DSV A/S | | | | | | | 3,821 | | | | 75,763 | |
Novo Nordisk A/S, Class B | | | | | | | 8,559 | | | | 1,241,371 | |
Novozymes A/S, Class B | | | | | | | 5,254 | | | | 136,243 | |
TDC A/S | | | | | | | 9,968 | | | | 69,274 | |
Tryg A/S | | | | | | | 491 | | | | 27,601 | |
William Demant Holding A/S | | | | * | | | 482 | | | | 43,326 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,304,855 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
228
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
| Finland—0.7% | | | | | | | | | | | | |
Elisa Oyj | | | | | | | 2,840 | | | $ | 57,190 | |
Fortum Oyj | | | | | | | 9,291 | | | | 176,440 | |
Kesko Oyj, Class B | | | | † | | | 1,238 | | | | 32,364 | |
Kone Oyj, Class B | | | | | | | 3,257 | | | | 196,701 | |
Metso Oyj | | | | | | | 2,573 | | | | 88,715 | |
Neste Oil Oyj | | | | | | | 3,010 | | | | 33,871 | |
Nokia Oyj | | | | † | | | 75,999 | | | | 155,037 | |
Nokian Renkaat Oyj | | | | | | | 2,164 | | | | 82,204 | |
Orion Oyj, Class B | | | | | | | 2,182 | | | | 41,329 | |
Pohjola Bank plc, Class A | | | | | | | 2,462 | | | | 28,731 | |
Sampo Oyj, Class A | | | | | | | 8,763 | | | | 227,355 | |
Stora Enso Oyj (Registered), Class R | | | | | | | 11,073 | | | | 68,172 | |
UPM-Kymmene Oyj | | | | | | | 10,836 | | | | 122,583 | |
Wartsila Oyj Abp | | | | | | | 3,537 | | | | 115,879 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,426,571 | |
| | | | | | | | | | | | |
| France—8.5% | | | | | | | | | | | | |
Accor SA | | | | | | | 2,980 | | | | 93,385 | |
Aeroports de Paris | | | | | | | 714 | | | | 54,004 | |
Air Liquide SA | | | | | | | 6,436 | | | | 735,819 | |
Alcatel-Lucent | | | | * | | | 46,002 | | | | 75,714 | |
Alstom SA | | | | † | | | 4,242 | | | | 134,211 | |
Arkema SA | | | | | | | 1,359 | | | | 89,107 | |
AtoS | | | | | | | 1,213 | | | | 72,541 | |
AXA SA | | | | | | | 37,358 | | | | 499,428 | |
BNP Paribas SA | | | | | | | 20,347 | | | | 784,473 | |
Bouygues SA | | | | | | | 4,012 | | | | 107,657 | |
Bureau Veritas SA | | | | | | | 1,071 | | | | 95,277 | |
Cap Gemini SA | | | | | | | 2,968 | | | | 109,239 | |
Carrefour SA | | | | † | | | 11,752 | | | | 217,005 | |
Casino Guichard Perrachon SA | | | | | | | 1,097 | | | | 96,425 | |
Christian Dior SA | | | | | | | 1,172 | | | | 161,182 | |
Cie de Saint-Gobain | | | | | | | 8,518 | | | | 314,733 | |
Cie Generale de Geophysique-Veritas | | | | * | | | 2,841 | | | | 73,482 | |
Cie Generale des Etablissements Michelin (Registered) | | | | | | | 3,746 | | | | 245,087 | |
Cie Generale d’Optique Essilor International SA | | | | | | | 4,302 | | | | 399,655 | |
CNP Assurances | | | | * | | | 2,704 | | | | 33,027 | |
Credit Agricole SA | | | | * | | | 19,718 | | | | 87,005 | |
Danone SA | | | | | | | 12,165 | | | | 756,014 | |
Dassault Systemes SA | | | | † | | | 1,320 | | | | 123,845 | |
Edenred | | | | | | | 3,706 | | | | 105,063 | |
Electricite de France SA | | | | | | | 4,999 | | | | 111,226 | |
Eurazeo | | | | | | | 640 | | | | 24,645 | |
Eutelsat Communications SA | | | | | | | 2,752 | | | | 84,656 | |
Fonciere Des Regions REIT | | | | | | | 530 | | | | 38,106 | |
France Telecom SA | | | | | | | 39,125 | | | | 514,431 | |
GDF Suez | | | | | | | 26,134 | | | | 623,240 | |
Gecina SA REIT | | | | | | | 463 | | | | 41,275 | |
Groupe Eurotunnel SA | | | | | | | 12,276 | | | | 99,783 | |
ICADE REIT | | | | † | | | 448 | | | | 33,882 | |
Iliad SA | | | | † | | | 506 | | | | 73,271 | |
Imerys SA | | | | | | | 725 | | | | 36,961 | |
JCDecaux SA | | | | † | | | 1,204 | | | | 26,551 | |
Klepierre REIT | | | | | | | 2,087 | | | | 68,587 | |
Lafarge SA | | | | † | | | 4,000 | | | | 178,633 | |
Lagardere SCA (Registered) | | | | | | | 2,447 | | | | 68,305 | |
Legrand SA | | | | † | | | 5,100 | | | | 173,096 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
L’Oreal SA | | | | | | | 5,068 | | | $ | 592,983 | |
LVMH Moet Hennessy Louis Vuitton SA | | | | | | | 5,344 | | | | 813,303 | |
Natixis | | | | | | | 19,004 | | | | 51,190 | |
Pernod-Ricard SA | | | | | | | 4,475 | | | | 478,521 | |
Peugeot SA | | | | * | | | 5,165 | | | | 50,937 | |
PPR | | | | | | | 1,585 | | | | 225,913 | |
Publicis Groupe SA | | | | † | | | 3,053 | | | | 139,625 | |
Remy Cointreau SA | | | | | | | 434 | | | | 47,682 | |
Renault SA | | | | | | | 4,115 | | | | 164,322 | |
Rexel SA | | | | | | | 2,092 | | | | 35,733 | |
Safran SA | | | | † | | | 4,631 | | | | 171,979 | |
Sanofi | | | | | | | 25,333 | | | | 1,917,730 | |
Schneider Electric SA | | | | | | | 10,990 | | | | 610,865 | |
SCOR SE | | | | | | | 3,511 | | | | 85,116 | |
Societe BIC SA | | | | | | | 579 | | | | 59,811 | |
Societe Generale SA | | | | * | | | 14,807 | | | | 347,218 | |
Sodexo | | | | | | | 1,983 | | | | 154,402 | |
Suez Environnement Co. | | | | | | | 5,623 | | | | 60,461 | |
Technip SA | | | | | | | 2,019 | | | | 210,412 | |
Thales SA | | | | | | | 2,071 | | | | 68,424 | |
Total SA | | | | | | | 44,548 | | | | 2,005,058 | |
Unibail-Rodamco SE (Paris Exchange) REIT | | | | | | | 1,945 | | | | 358,289 | |
Vallourec SA | | | | | | | 2,264 | | | | 92,510 | |
Veolia Environnement SA | | | | | | | 7,140 | | | | 90,415 | |
Vinci SA | | | | | | | 9,357 | | | | 437,301 | |
Vivendi SA | | | | | | | 27,222 | | | | 505,809 | |
Wendel SA | | | | † | | | 688 | | | | 50,946 | |
Zodiac Aerospace | | | | | | | 664 | | | | 67,545 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,554,526 | |
| | | | | | | | | | | | |
| Germany—7.2% | | | | | | | | | | | | |
Adidas AG | | | | | | | 4,435 | | | | 317,892 | |
Allianz SE (Registered) | | | | | | | 9,579 | | | | 963,503 | |
Axel Springer AG | | | | | | | 720 | | | | 30,934 | |
BASF SE | | | | | | | 19,294 | | | | 1,341,598 | |
Bayer AG | | | | | | | 17,382 | | | | 1,252,535 | |
Bayerische Motoren Werke AG | | | | | | | 6,987 | | | | 505,635 | |
Beiersdorf AG | | | | | | | 2,124 | | | | 137,694 | |
Brenntag AG | | | | † | | | 934 | | | | 103,363 | |
Celesio AG | | | | | | | 1,532 | | | | 25,076 | |
Commerzbank AG | | | | *† | | | 76,473 | | | | 129,885 | |
Continental AG | | | | | | | 1,683 | | | | 140,296 | |
Daimler AG (Registered) | | | | | | | 19,069 | | | | 856,950 | |
Deutsche Bank AG (Registered) | | | | | | | 19,576 | | | | 706,562 | |
Deutsche Boerse AG | | | | | | | 3,965 | | | | 213,916 | |
Deutsche Lufthansa AG (Registered) | | | | | | | 4,312 | | | | 49,850 | |
Deutsche Post AG (Registered) | | | | | | | 17,563 | | | | 310,751 | |
Deutsche Telekom AG (Registered) | | | | | | | 59,211 | | | | 648,920 | |
E.ON AG | | | | | | | 37,926 | | | | 819,548 | |
Fraport AG Frankfurt Airport Services Worldwide | | | | | | | 822 | | | | 44,260 | |
Fresenius Medical Care AG & Co. KGaA | | | | | | | 4,358 | | | | 307,798 | |
Fresenius SE & Co. KGaA | | | | | | | 2,544 | | | | 263,400 | |
GEA Group AG | | | | | | | 3,459 | | | | 92,192 | |
Hannover Rueckversicherung AG (Registered) | | | | | | | 1,341 | | | | 79,881 | |
HeidelbergCement AG | | | | | | | 2,804 | | | | 134,618 | |
Henkel AG & Co. KGaA | | | | | | | 2,728 | | | | 151,382 | |
See accompanying notes to financial statements.
229
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
Hochtief AG | | | | * | | | 816 | | | $ | 39,555 | |
Hugo Boss AG | | | | | | | 403 | | | | 39,926 | |
Infineon Technologies AG | | | | | | | 22,149 | | | | 149,909 | |
K+S AG | | | | | | | 3,614 | | | | 165,452 | |
Kabel Deutschland Holding AG | | | | * | | | 1,819 | | | | 113,360 | |
Lanxess AG | | | | | | | 1,754 | | | | 111,001 | |
Linde AG | | | | | | | 3,608 | | | | 561,913 | |
MAN SE | | | | | | | 886 | | | | 90,616 | |
Merck KGaA | | | | | | | 1,293 | | | | 129,127 | |
Metro AG | | | | | | | 2,788 | | | | 81,298 | |
Muenchener Rueckversicherungs AG (Registered) | | | | | | | 3,707 | | | | 523,073 | |
RWE AG | | | | † | | | 10,130 | | | | 414,262 | |
Salzgitter AG | | | | | | | 718 | | | | 29,557 | |
SAP AG | | | | | | | 19,339 | | | | 1,145,167 | |
Siemens AG (Registered) | | | | | | | 17,280 | | | | 1,451,990 | |
Suedzucker AG | | | | | | | 1,523 | | | | 54,029 | |
ThyssenKrupp AG | | | | | | | 7,886 | | | | 128,460 | |
United Internet AG (Registered) | | | | | | | 2,186 | | | | 37,580 | |
Volkswagen AG | | | | | | | 616 | | | | 93,086 | |
Wacker Chemie AG | | | | | | | 270 | | | | 18,600 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,006,400 | |
| | | | | | | | | | | | |
| Greece—0.0% | | | | | | | | | | | | |
Coca Cola Hellenic Bottling Co. SA | | | | * | | | 3,863 | | | | 68,409 | |
OPAP SA | | | | | | | 4,010 | | | | 25,099 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 93,508 | |
| | | | | | | | | | | | |
| Guernsey, Channel Islands—0.0% | | | | | |
Resolution Ltd. | | | | | | | 28,824 | | | | 88,667 | |
| | | | | | | | | | | | |
| Hong Kong—2.9% | | | | | | | | | | | | |
AIA Group Ltd. | | | | | | | 215,600 | | | | 744,695 | |
ASM Pacific Technology Ltd. | | | | † | | | 4,300 | | | | 54,964 | |
Bank of East Asia Ltd. | | | | † | | | 30,720 | | | | 110,722 | |
BOC Hong Kong Holdings Ltd. | | | | | | | 77,000 | | | | 237,041 | |
Cathay Pacific Airways Ltd. | | | | | | | 23,000 | | | | 37,288 | |
Cheung Kong Holdings Ltd. | | | | | | | 29,000 | | | | 358,043 | |
Cheung Kong Infrastructure Holdings Ltd. | | | | | | | 9,000 | | | | 54,484 | |
CLP Holdings Ltd. | | | | | | | 38,000 | | | | 322,956 | |
First Pacific Co. Ltd. | | | | | | | 42,000 | | | | 43,565 | |
Foxconn International Holdings Ltd. | | | | * | | | 41,000 | | | | 14,978 | |
Galaxy Entertainment Group Ltd. | | | | *† | | | 32,000 | | | | 80,508 | |
Hang Lung Group Ltd. | | | | | | | 18,000 | | | | 111,297 | |
Hang Lung Properties Ltd. | | | | | | | 49,000 | | | | 167,610 | |
Hang Seng Bank Ltd. | | | | † | | | 16,000 | | | | 219,968 | |
Henderson Land Development Co. Ltd. | | | | | | | 19,000 | | | | 105,629 | |
Hong Kong & China Gas Co. Ltd. | | | | | | | 110,468 | | | | 234,667 | |
Hong Kong Exchanges and Clearing Ltd. | | | | | | | 21,300 | | | | 306,481 | |
Hopewell Holdings Ltd. | | | | | | | 11,000 | | | | 31,491 | |
Hutchison Whampoa Ltd. | | | | | | | 44,000 | | | | 381,652 | |
Hysan Development Co. Ltd. | | | | | | | 12,000 | | | | 45,742 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Kerry Properties Ltd. | | | | | | | 15,000 | | | $ | 64,548 | |
Li & Fung Ltd. | | | | | | | 121,200 | | | | 234,674 | |
Lifestyle International Holdings Ltd. | | | | | | | 11,000 | | | | 24,239 | |
Link (The) REIT | | | | | | | 48,500 | | | | 198,795 | |
MGM China Holdings Ltd. | | | | | | | 18,400 | | | | 28,214 | |
MTR Corp. Ltd. | | | | | | | 30,000 | | | | 102,986 | |
New World Development Co. Ltd. | | | | | | | 72,900 | | | | 85,902 | |
Noble Group Ltd. | | | | | | | 77,309 | | | | 69,078 | |
NWS Holdings Ltd. | | | | | | | 26,500 | | | | 38,758 | |
Orient Overseas International Ltd. | | | | | | | 3,700 | | | | 18,147 | |
PCCW Ltd. | | | | | | | 84,000 | | | | 30,979 | |
Power Assets Holdings Ltd. | | | | | | | 29,000 | | | | 217,621 | |
Shangri-La Asia Ltd. | | | | | | | 34,000 | | | | 65,308 | |
Sino Land Co. Ltd. | | | | | | | 63,000 | | | | 95,663 | |
SJM Holdings Ltd. | | | | | | | 43,000 | | | | 80,572 | |
Sun Hung Kai Properties Ltd. | | | | | | | 33,000 | | | | 392,335 | |
Swire Pacific Ltd., Class A | | | | | | | 14,500 | | | | 168,647 | |
Wharf Holdings Ltd. | | | | | | | 31,637 | | | | 175,932 | |
Wheelock & Co. Ltd. | | | | | | | 20,000 | | | | 75,996 | |
Wing Hang Bank Ltd. | | | | | | | 3,000 | | | | 29,171 | |
Yue Yuen Industrial Holdings Ltd. | | | | | | | 14,000 | | | | 44,017 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,905,363 | |
| | | | | | | | | | | | |
| Ireland—0.8% | | | | | | | | | | | | |
CRH plc (Dublin Exchange) | | | | | | | 15,281 | | | | 292,755 | |
Elan Corp. plc | | | | * | | | 10,793 | | | | 158,286 | |
Experian plc | | | | | | | 20,860 | | | | 294,296 | |
Irish Bank Resolution Corp. Ltd. | | | | *‡d | | | 11,206 | | | | — | |
James Hardie Industries SE CDI | | | | | | | 9,384 | | | | 77,371 | |
Kerry Group plc, Class A | | | | | | | 3,210 | | | | 140,724 | |
Shire plc | | | | | | | 11,917 | | | | 342,851 | |
WPP plc | | | | | | | 26,718 | | | | 324,350 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,630,633 | |
| | | | | | | | | | | | |
| Israel—0.6% | | | | | | | | | | | | |
Bank Hapoalim BM | | | | | | | 22,424 | | | | 69,158 | |
Bank Leumi Le-Israel BM | | | | * | | | 25,538 | | | | 62,391 | |
Bezeq Israeli Telecommunication Corp. Ltd. | | | | | | | 43,766 | | | | 46,565 | |
Delek Group Ltd. | | | | | | | 117 | | | | 17,421 | |
Elbit Systems Ltd. | | | | | | | 388 | | | | 13,360 | |
Israel Chemicals Ltd. | | | | | | | 9,235 | | | | 102,179 | |
Israel Corp. Ltd. (The) | | | | | | | 39 | | | | 22,055 | |
Mizrahi Tefahot Bank Ltd. | | | | * | | | 2,045 | | | | 15,955 | |
NICE Systems Ltd. | | | | * | | | 1,340 | | | | 49,069 | |
Teva Pharmaceutical Industries Ltd. | | | | | | | 19,829 | | | | 781,609 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,179,762 | |
| | | | | | | | | | | | |
| Italy—2.0% | | | | | | | | | | | | |
Assicurazioni Generali SpA | | | | | | | 24,265 | | | | 329,005 | |
Atlantia SpA | | | | | | | 6,684 | | | | 85,312 | |
Autogrill SpA | | | | | | | 2,307 | | | | 20,931 | |
Banca Monte dei Paschi di Siena SpA | | | | *† | | | 100,790 | | | | 25,128 | |
Banco Popolare SC | | | | * | | | 35,958 | | | | 48,280 | |
Enel Green Power SpA | | | | | | | 38,326 | | | | 60,733 | |
See accompanying notes to financial statements.
230
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
Enel SpA | | | | | | | 136,230 | | | $ | 439,867 | |
ENI SpA | | | | | | | 50,529 | | | | 1,073,496 | |
Exor SpA | | | | | | | 1,270 | | | | 27,302 | |
Fiat Industrial SpA | | | | | | | 18,313 | | | | 180,256 | |
Fiat SpA | | | | *† | | | 19,199 | | | | 96,798 | |
Finmeccanica SpA | | | | * | | | 7,024 | | | | 28,401 | |
Intesa Sanpaolo SpA | | | | | | | 213,830 | | | | 304,333 | |
Intesa Sanpaolo SpA RSP | | | | | | | 17,138 | | | | 19,513 | |
Luxottica Group SpA | | | | | | | 2,311 | | | | 80,696 | |
Mediaset SpA | | | | † | | | 13,265 | | | | 23,232 | |
Mediobanca SpA | | | | | | | 11,665 | | | | 51,443 | |
Pirelli & C. SpA | | | | † | | | 4,877 | | | | 51,437 | |
Prysmian SpA | | | | | | | 4,225 | | | | 63,020 | |
Saipem SpA | | | | | | | 5,378 | | | | 239,506 | |
Snam SpA | | | | | | | 33,809 | | | | 151,468 | |
Telecom Italia SpA | | | | | | | 196,107 | | | | 193,782 | |
Telecom Italia SpA RSP | | | | | | | 121,188 | | | | 98,207 | |
Terna Rete Elettrica Nazionale SpA | | | | | | | 28,443 | | | | 102,780 | |
UniCredit SpA | | | | * | | | 85,975 | | | | 325,984 | |
Unione di Banche Italiane ScpA | | | | † | | | 16,898 | | | | 55,209 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,176,119 | |
| | | | | | | | | | | | |
| Japan—21.4% | | | | | | | | | | | | |
ABC-Mart, Inc. | | | | | | | 600 | | | | 22,449 | |
Advantest Corp. | | | | | | | 2,800 | | | | 43,771 | |
Aeon Co. Ltd. | | | | † | | | 12,900 | | | | 160,774 | |
Aeon Credit Service Co. Ltd. | | | | † | | | 1,400 | | | | 25,970 | |
Aeon Mall Co. Ltd. | | | | | | | 1,400 | | | | 29,832 | |
Air Water, Inc. | | | | | | | 3,000 | | | | 36,375 | |
Aisin Seiki Co. Ltd. | | | | | | | 3,800 | | | | 127,026 | |
Ajinomoto Co., Inc. | | | | | | | 14,000 | | | | 194,846 | |
Alfresa Holdings Corp. | | | | | | | 1,000 | | | | 53,122 | |
All Nippon Airways Co. Ltd. | | | | † | | | 19,000 | | | | 53,828 | |
Amada Co. Ltd. | | | | | | | 7,000 | | | | 41,418 | |
Aozora Bank Ltd. | | | | | | | 11,000 | | | | 26,195 | |
Asahi Glass Co. Ltd. | | | | † | | | 22,000 | | | | 148,416 | |
Asahi Group Holdings Ltd. | | | | | | | 8,300 | | | | 178,320 | |
Asahi Kasei Corp. | | | | | | | 27,000 | | | | 146,357 | |
Asics Corp. | | | | | | | 3,000 | | | | 38,057 | |
Astellas Pharma, Inc. | | | | | | | 9,175 | | | | 400,385 | |
Bank of Kyoto Ltd. (The) | | | | | | | 6,000 | | | | 45,461 | |
Bank of Yokohama Ltd. (The) | | | | | | | 25,000 | | | | 118,203 | |
Benesse Holdings, Inc. | | | | | | | 1,300 | | | | 58,205 | |
Bridgestone Corp. | | | | | | | 13,800 | | | | 316,905 | |
Brother Industries Ltd. | | | | | | | 4,600 | | | | 52,666 | |
Canon, Inc. | | | | | | | 23,800 | | | | 949,871 | |
Casio Computer Co. Ltd. | | | | † | | | 4,500 | | | | 29,507 | |
Central Japan Railway Co. | | | | | | | 31 | | | | 244,152 | |
Chiba Bank Ltd. (The) | | | | | | | 16,000 | | | | 96,106 | |
Chiyoda Corp. | | | | | | | 3,000 | | | | 36,757 | |
Chubu Electric Power Co., Inc. | | | | | | | 13,200 | | | | 214,047 | |
Chugai Pharmaceutical Co. Ltd. | | | | † | | | 4,400 | | | | 83,412 | |
Chugoku Bank Ltd. (The) | | | | | | | 4,000 | | | | 52,128 | |
Chugoku Electric Power Co., Inc. (The) | | | | | | | 6,200 | | | | 102,255 | |
Citizen Holdings Co. Ltd. | | | | | | | 4,700 | | | | 27,565 | |
Coca-Cola West Holdings Co. Ltd. | | | | | | | 1,200 | | | | 20,924 | |
Cosmo Oil Co. Ltd. | | | | | | | 12,000 | | | | 30,543 | |
Credit Saison Co. Ltd. | | | | | | | 3,100 | | | | 68,925 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Dai Nippon Printing Co. Ltd. | | | | | | | 11,000 | | | $ | 86,173 | |
Daicel Corp. | | | | | | | 7,000 | | | | 43,061 | |
Daido Steel Co. Ltd. | | | | | | | 6,000 | | | | 37,389 | |
Daihatsu Motor Co. Ltd. | | | | | | | 4,000 | | | | 70,029 | |
Dai-ichi Life Insurance Co. Ltd. (The) | | | | | | | 183 | | | | 211,939 | |
Daiichi Sankyo Co. Ltd. | | | | | | | 14,002 | | | | 236,100 | |
Daikin Industries Ltd. | | | | | | | 4,800 | | | | 135,179 | |
Dainippon Sumitomo Pharma Co. Ltd. | | | | | | | 3,000 | | | | 30,652 | |
Daito Trust Construction Co. Ltd. | | | | | | | 1,500 | | | | 142,188 | |
Daiwa House Industry Co. Ltd. | | | | | | | 11,000 | | | | 156,034 | |
Daiwa Securities Group, Inc. | | | | | | | 34,000 | | | | 128,137 | |
Dena Co. Ltd. | | | | | | | 2,500 | | | | 65,804 | |
Denki Kagaku Kogyo K.K. | | | | | | | 11,000 | | | | 38,453 | |
Denso Corp. | | | | | | | 10,300 | | | | 351,962 | |
Dentsu, Inc. | | | | | | | 3,800 | | | | 112,635 | |
East Japan Railway Co. | | | | | | | 7,200 | | | | 452,097 | |
Eisai Co. Ltd. | | | | | | | 5,300 | | | | 232,092 | |
Electric Power Development Co. Ltd. | | | | | | | 2,540 | | | | 66,749 | |
FamilyMart Co. Ltd. | | | | | | | 1,200 | | | | 54,923 | |
FANUC Corp. | | | | | | | 4,000 | | | | 657,525 | |
Fast Retailing Co. Ltd. | | | | | | | 1,100 | | | | 220,101 | |
Fuji Electric Co. Ltd. | | | | | | | 10,000 | | | | 24,394 | |
Fuji Heavy Industries Ltd. | | | | | | | 13,000 | | | | 105,327 | |
FUJIFILM Holdings Corp. | | | | | | | 9,700 | | | | 183,778 | |
Fujitsu Ltd. | | | | | | | 40,000 | | | | 191,429 | |
Fukuoka Financial Group, Inc. | | | | | | | 17,000 | | | | 66,384 | |
Furukawa Electric Co. Ltd. | | | | | | | 12,000 | | | | 28,383 | |
Gree, Inc. | | | | | | | 1,800 | | | | 35,806 | |
GS Yuasa Corp. | | | | † | | | 8,000 | | | | 36,576 | |
Gunma Bank Ltd. (The) | | | | | | | 8,000 | | | | 37,851 | |
Hachijuni Bank Ltd. (The) | | | | | | | 8,000 | | | | 41,585 | |
Hakuhodo DY Holdings, Inc. | | | | | | | 480 | | | | 31,853 | |
Hamamatsu Photonics KK | | | | | | | 1,400 | | | | 47,496 | |
Hankyu Hanshin Holdings, Inc. | | | | | | | 25,000 | | | | 126,250 | |
Hino Motors Ltd. | | | | | | | 5,000 | | | | 36,189 | |
Hirose Electric Co. Ltd. | | | | | | | 630 | | | | 62,364 | |
Hisamitsu Pharmaceutical Co., Inc. | | | | | | | 1,200 | | | | 59,058 | |
Hitachi Chemical Co. Ltd. | | | | | | | 2,300 | | | | 36,235 | |
Hitachi Construction Machinery Co. Ltd. | | | | † | | | 2,300 | | | | 43,438 | |
Hitachi High-Technologies Corp. | | | | | | | 1,100 | | | | 27,086 | |
Hitachi Ltd. | | | | | | | 95,000 | | | | 585,755 | |
Hitachi Metals Ltd. | | | | | | | 3,000 | | | | 35,802 | |
Hokkaido Electric Power Co., Inc. | | | | | | | 3,400 | | | | 43,942 | |
Hokuriku Electric Power Co. | | | | | | | 3,200 | | | | 49,830 | |
Honda Motor Co. Ltd. | | | | | | | 34,300 | | | | 1,196,917 | |
HOYA Corp. | | | | | | | 9,100 | | | | 200,473 | |
Ibiden Co. Ltd. | | | | | | | 2,200 | | | | 39,851 | |
Idemitsu Kosan Co. Ltd. | | | | | | | 400 | | | | 35,881 | |
IHI Corp. | | | | | | | 26,000 | | | | 55,614 | |
INPEX Corp. | | | | | | | 46 | | | | 258,359 | |
Isetan Mitsukoshi Holdings Ltd. | | | | | | | 8,040 | | | | 85,420 | |
Isuzu Motors Ltd. | | | | | | | 25,000 | | | | 133,910 | |
ITOCHU Corp. | | | | | | | 31,200 | | | | 327,933 | |
Itochu Techno-Solutions Corp. | | | | | | | 600 | | | | 28,958 | |
Iyo Bank Ltd. (The) | | | | | | | 5,000 | | | | 39,929 | |
J. Front Retailing Co. Ltd. | | | | | | | 10,600 | | | | 53,281 | |
Japan Petroleum Exploration Co. | | | | | | | 500 | | | | 19,037 | |
See accompanying notes to financial statements.
231
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
Japan Prime Realty Investment Corp. REIT | | | | | | | 16 | | | $ | 45,036 | |
Japan Real Estate Investment Corp. REIT | | | | | | | 12 | | | | 110,025 | |
Japan Retail Fund Investment Corp. REIT | | | | | | | 38 | | | | 60,278 | |
Japan Steel Works Ltd. (The) | | | | | | | 6,000 | | | | 33,127 | |
Japan Tobacco, Inc. | | | | | | | 19,000 | | | | 562,887 | |
JFE Holdings, Inc. | | | | | | | 9,900 | | | | 165,697 | |
JGC Corp. | | | | | | | 4,000 | | | | 115,965 | |
Joyo Bank Ltd. (The) | | | | | | | 14,000 | | | | 63,704 | |
JS Group Corp. | | | | | | | 5,800 | | | | 122,404 | |
JSR Corp. | | | | | | | 3,500 | | | | 60,731 | |
JTEKT Corp. | | | | | | | 4,700 | | | | 48,662 | |
Jupiter Telecommunications Co. Ltd. | | | | | | | 48 | | | | 49,011 | |
JX Holdings, Inc. | | | | | | | 46,810 | | | | 241,259 | |
Kajima Corp. | | | | | | | 17,000 | | | | 49,911 | |
Kamigumi Co. Ltd. | | | | | | | 5,000 | | | | 39,776 | |
Kaneka Corp. | | | | | | | 6,000 | | | | 33,183 | |
Kansai Electric Power Co., Inc. (The) | | | | | | | 15,300 | | | | 183,486 | |
Kansai Paint Co. Ltd. | | | | | | | 5,000 | | | | 53,579 | |
Kao Corp. | | | | | | | 11,200 | | | | 308,878 | |
Kawasaki Heavy Industries Ltd. | | | | | | | 29,000 | | | | 79,531 | |
Kawasaki Kisen Kaisha Ltd. | | | | * | | | 17,000 | | | | 33,768 | |
KDDI Corp. | | | | | | | 57 | | | | 367,702 | |
Keikyu Corp. | | | | | | | 10,000 | | | | 90,984 | |
Keio Corp. | | | | | | | 13,000 | | | | 94,224 | |
Keisei Electric Railway Co. Ltd. | | | | | | | 6,000 | | | | 50,685 | |
Keyence Corp. | | | | | | | 972 | | | | 240,447 | |
Kikkoman Corp. | | | | | | | 4,000 | | | | 49,445 | |
Kinden Corp. | | | | | | | 2,000 | | | | 13,099 | |
Kintetsu Corp. | | | | † | | | 34,000 | | | | 135,558 | |
Kirin Holdings Co. Ltd. | | | | † | | | 19,000 | | | | 223,935 | |
Kobe Steel Ltd. | | | | | | | 54,000 | | | | 64,959 | |
Koito Manufacturing Co. Ltd. | | | | | | | 2,000 | | | | 28,024 | |
Komatsu Ltd. | | | | | | | 19,600 | | | | 467,878 | |
Konami Corp. | | | | | | | 2,000 | | | | 45,318 | |
Konica Minolta Holdings, Inc. | | | | | | | 10,500 | | | | 82,719 | |
Kubota Corp. | | | | | | | 23,000 | | | | 212,552 | |
Kuraray Co. Ltd. | | | | | | | 6,900 | | | | 89,420 | |
Kurita Water Industries Ltd. | | | | | | | 2,600 | | | | 60,141 | |
Kyocera Corp. | | | | | | | 3,200 | | | | 276,928 | |
Kyowa Hakko Kirin Co. Ltd. | | | | | | | 5,000 | | | | 51,496 | |
Kyushu Electric Power Co., Inc. | | | | | | | 9,300 | | | | 110,329 | |
Lawson, Inc. | | | | | | | 1,300 | | | | 90,911 | |
Mabuchi Motor Co. Ltd. | | | | | | | 400 | | | | 15,945 | |
Makita Corp. | | | | | | | 2,400 | | | | 84,191 | |
Marubeni Corp. | | | | | | | 35,000 | | | | 233,201 | |
Marui Group Co. Ltd. | | | | | | | 4,000 | | | | 30,593 | |
Maruichi Steel Tube Ltd. | | | | | | | 1,000 | | | | 21,524 | |
Mazda Motor Corp. | | | | * | | | 56,000 | | | | 76,258 | |
McDonald’s Holdings Co. Japan Ltd. | | | | † | | | 1,400 | | | | 39,405 | |
Medipal Holdings Corp. | | | | | | | 2,800 | | | | 39,662 | |
MEIJI Holdings Co. Ltd. | | | | | | | 1,302 | | | | 59,788 | |
Miraca Holdings, Inc. | | | | | | | 1,200 | | | | 49,822 | |
Mitsubishi Chemical Holdings Corp. | | | | | | | 28,500 | | | | 125,636 | |
Mitsubishi Corp. | | | | | | | 29,600 | | | | 598,343 | |
Mitsubishi Electric Corp. | | | | | | | 41,000 | | | | 343,025 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Mitsubishi Estate Co. Ltd. | | | | | | | 26,000 | | | $ | 466,461 | |
Mitsubishi Gas Chemical Co., Inc. | | | | | | | 9,000 | | | | 51,165 | |
Mitsubishi Heavy Industries Ltd. | | | | | | | 63,000 | | | | 256,105 | |
Mitsubishi Logistics Corp. | | | | | | | 3,000 | | | | 31,721 | |
Mitsubishi Materials Corp. | | | | | | | 25,000 | | | | 72,497 | |
Mitsubishi Motors Corp. | | | | * | | | 83,000 | | | | 83,696 | |
Mitsubishi Tanabe Pharma Corp. | | | | | | | 4,800 | | | | 69,022 | |
Mitsubishi UFJ Financial Group, Inc. | | | | | | | 267,740 | | | | 1,282,710 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | | | | | | | 1,180 | | | | 49,083 | |
Mitsui & Co. Ltd. | | | | | | | 36,700 | | | | 545,357 | |
Mitsui Chemicals, Inc. | | | | | | | 20,000 | | | | 50,084 | |
Mitsui Fudosan Co. Ltd. | | | | | | | 18,000 | | | | 349,251 | |
Mitsui OSK Lines Ltd. | | | | | | | 24,000 | | | | 86,517 | |
Mizuho Financial Group, Inc. | | | | | | | 480,680 | | | | 811,986 | |
MS&AD Insurance Group Holdings | | | | | | | 10,474 | | | | 183,246 | |
Murata Manufacturing Co. Ltd. | | | | | | | 4,200 | | | | 220,922 | |
Nabtesco Corp. | | | | | | | 2,000 | | | | 44,608 | |
Namco Bandai Holdings, Inc. | | | | | | | 4,150 | | | | 56,912 | |
NEC Corp. | | | | * | | | 53,000 | | | | 82,467 | |
Nexon Co. Ltd. | | | | * | | | 2,100 | | | | 41,111 | |
NGK Insulators Ltd. | | | | | | | 6,000 | | | | 66,441 | |
NGK Spark Plug Co. Ltd. | | | | | | | 4,000 | | | | 52,834 | |
NHK Spring Co. Ltd. | | | | | | | 3,000 | | | | 32,396 | |
Nidec Corp. | | | | | | | 2,200 | | | | 167,274 | |
Nikon Corp. | | | | | | | 7,100 | | | | 216,129 | |
Nintendo Co. Ltd. | | | | | | | 2,200 | | | | 256,918 | |
Nippon Building Fund, Inc. REIT | | | | † | | | 13 | | | | 125,693 | |
Nippon Electric Glass Co. Ltd. | | | | | | | 7,500 | | | | 44,794 | |
Nippon Express Co. Ltd. | | | | | | | 19,000 | | | | 78,458 | |
Nippon Meat Packers, Inc. | | | | | | | 4,000 | | | | 52,946 | |
Nippon Paper Group, Inc. | | | | † | | | 1,900 | | | | 30,163 | |
Nippon Steel Corp. | | | | | | | 104,000 | | | | 235,889 | |
Nippon Telegraph & Telephone Corp. | | | | | | | 9,000 | | | | 419,675 | |
Nippon Yusen K.K. | | | | | | | 33,000 | | | | 87,280 | |
Nishi-Nippon City Bank Ltd. (The) | | | | | | | 15,000 | | | | 36,418 | |
Nissan Motor Co. Ltd. | | | | | | | 51,400 | | | | 488,081 | |
Nisshin Seifun Group, Inc. | | | | | | | 4,200 | | | | 49,170 | |
Nisshin Steel Co. Ltd. | | | | | | | 15,000 | | | | 21,054 | |
Nissin Foods Holdings Co. Ltd. | | | | | | | 1,100 | | | | 41,830 | |
Nitori Holdings Co. Ltd. | | | | | | | 700 | | | | 66,191 | |
Nitto Denko Corp. | | | | | | | 3,400 | | | | 145,672 | |
NKSJ Holdings, Inc. | | | | | | | 7,875 | | | | 167,642 | |
NOK Corp. | | | | | | | 2,000 | | | | 42,702 | |
Nomura Holdings, Inc. | | | | | | | 75,500 | | | | 282,260 | |
Nomura Real Estate Holdings, Inc. | | | | | | | 1,700 | | | | 31,131 | |
Nomura Real Estate Office Fund, Inc. REIT | | | | | | | 5 | | | | 28,206 | |
Nomura Research Institute Ltd. | | | | | | | 2,150 | | | | 47,312 | |
NSK Ltd. | | | | | | | 10,000 | | | | 64,795 | |
NTN Corp. | | | | | | | 9,000 | | | | 28,331 | |
NTT Data Corp. | | | | | | | 26 | | | | 79,801 | |
NTT DoCoMo, Inc. | | | | | | | 322 | | | | 535,809 | |
NTT Urban Development Corp. | | | | | | | 24 | | | | 19,417 | |
See accompanying notes to financial statements.
232
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
Obayashi Corp. | | | | | | | 13,000 | | | $ | 57,087 | |
Odakyu Electric Railway Co. Ltd. | | | | † | | | 13,000 | | | | 129,250 | |
OJI Paper Co. Ltd. | | | | | | | 17,000 | | | | 65,136 | |
Olympus Corp. | | | | *† | | | 4,800 | | | | 77,782 | |
Omron Corp. | | | | | | | 4,400 | | | | 93,243 | |
Ono Pharmaceutical Co. Ltd. | | | | | | | 1,700 | | | | 106,827 | |
Oracle Corp. Japan | | | | | | | 900 | | | | 38,739 | |
Oriental Land Co. Ltd. | | | | | | | 1,000 | | | | 114,344 | |
ORIX Corp. | | | | | | | 2,240 | | | | 208,759 | |
Osaka Gas Co. Ltd. | | | | | | | 38,000 | | | | 159,209 | |
Otsuka Corp. | | | | | | | 300 | | | | 25,540 | |
Otsuka Holdings Co. Ltd. | | | | | | | 7,700 | | | | 236,353 | |
Panasonic Corp. | | | | | | | 46,800 | | | | 382,581 | |
Rakuten, Inc. | | | | | | | 15,600 | | | | 161,283 | |
Resona Holdings, Inc. | | | | | | | 38,600 | | | | 159,016 | |
Ricoh Co. Ltd. | | | | † | | | 14,000 | | | | 118,154 | |
Rinnai Corp. | | | | | | | 600 | | | | 41,401 | |
Rohm Co. Ltd. | | | | | | | 2,100 | | | | 80,922 | |
Sankyo Co. Ltd. | | | | | | | 1,100 | | | | 53,679 | |
Sanrio Co. Ltd. | | | | † | | | 900 | | | | 32,812 | |
Santen Pharmaceutical Co. Ltd. | | | | | | | 1,700 | | | | 69,861 | |
SBI Holdings, Inc. | | | | | | | 521 | | | | 38,714 | |
Secom Co. Ltd. | | | | | | | 4,500 | | | | 206,366 | |
Sega Sammy Holdings, Inc. | | | | | | | 4,148 | | | | 84,376 | |
Seiko Epson Corp. | | | | † | | | 2,400 | | | | 24,355 | |
Sekisui Chemical Co. Ltd. | | | | | | | 9,000 | | | | 83,617 | |
Sekisui House Ltd. | | | | | | | 12,000 | | | | 113,304 | |
Seven & I Holdings Co. Ltd. | | | | | | | 15,940 | | | | 480,517 | |
Seven Bank Ltd. | | | | | | | 13,600 | | | | 34,925 | |
Sharp Corp. | | | | | | | 20,000 | | | | 101,899 | |
Shikoku Electric Power Co., Inc. | | | | | | | 3,600 | | | | 76,526 | |
Shimadzu Corp. | | | | | | | 5,000 | | | | 43,265 | |
Shimamura Co. Ltd. | | | | | | | 500 | | | | 57,778 | |
Shimano, Inc. | | | | | | | 1,500 | | | | 98,344 | |
Shimizu Corp. | | | | | | | 13,000 | | | | 45,102 | |
Shin-Etsu Chemical Co. Ltd. | | | | | | | 8,500 | | | | 468,078 | |
Shinsei Bank Ltd. | | | | | | | 30,000 | | | | 36,498 | |
Shionogi & Co. Ltd. | | | | | | | 6,300 | | | | 85,660 | |
Shiseido Co. Ltd. | | | | | | | 7,800 | | | | 123,081 | |
Shizuoka Bank Ltd. (The) | | | | | | | 12,000 | | | | 123,470 | |
Shoei Co. Ltd./Chiyoda-ku | | | | | | | 5,000 | | | | 27,499 | |
Showa Denko K.K. | | | | | | | 31,000 | | | | 60,228 | |
Showa Shell Sekiyu K.K. | | | | † | | | 4,500 | | | | 27,625 | |
SMC Corp. | | | | | | | 1,100 | | | | 190,716 | |
Softbank Corp. | | | | | | | 18,700 | | | | 696,083 | |
Sojitz Corp. | | | | | | | 26,800 | | | | 44,342 | |
Sony Corp. | | | | | | | 21,300 | | | | 304,574 | |
Sony Financial Holdings, Inc. | | | | | | | 3,400 | | | | 55,494 | |
Square Enix Holdings Co. Ltd. | | | | | | | 1,500 | | | | 23,626 | |
Stanley Electric Co. Ltd. | | | | | | | 3,200 | | | | 49,695 | |
Sumco Corp. | | | | * | | | 1,900 | | | | 17,284 | |
Sumitomo Chemical Co. Ltd. | | | | | | | 32,000 | | | | 98,363 | |
Sumitomo Corp. | | | | | | | 23,900 | | | | 334,404 | |
Sumitomo Electric Industries Ltd. | | | | | | | 15,400 | | | | 191,898 | |
Sumitomo Heavy Industries Ltd. | | | | | | | 12,000 | | | | 54,035 | |
Sumitomo Metal Industries Ltd. | | | | | | | 67,000 | | | | 110,524 | |
Sumitomo Metal Mining Co. Ltd. | | | | | | | 11,000 | | | | 123,960 | |
Sumitomo Mitsui Financial Group, Inc. | | | | | | | 28,300 | | | | 934,889 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | | | | | 64,740 | | | | 193,483 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Sumitomo Realty & Development Co. Ltd. | | | | | | | 7,500 | | | $ | 184,473 | |
Sumitomo Rubber Industries Ltd. | | | | | | | 3,800 | | | | 49,495 | |
Suruga Bank Ltd. | | | | | | | 4,000 | | | | 40,969 | |
Suzuken Co. Ltd. | | | | | | | 1,560 | | | | 52,660 | |
Suzuki Motor Corp. | | | | | | | 7,800 | | | | 160,156 | |
Sysmex Corp. | | | | | | | 1,500 | | | | 59,322 | |
T&D Holdings, Inc. | | | | | | | 12,300 | | | | 131,031 | |
Taiheiyo Cement Corp. | | | | | | | 22,000 | | | | 50,517 | |
Taisei Corp. | | | | | | | 20,000 | | | | 53,606 | |
Taisho Pharmaceutical Holdings Co. Ltd. | | | | | | | 690 | | | | 58,351 | |
Taiyo Nippon Sanso Corp. | | | | | | | 5,000 | | | | 29,214 | |
Takashimaya Co. Ltd. | | | | | | | 5,000 | | | | 38,430 | |
Takeda Pharmaceutical Co. Ltd. | | | | | | | 16,620 | | | | 754,579 | |
TDK Corp. | | | | | | | 2,500 | | | | 101,771 | |
Teijin Ltd. | | | | | | | 19,000 | | | | 57,839 | |
Terumo Corp. | | | | | | | 3,100 | | | | 127,400 | |
THK Co. Ltd. | | | | | | | 2,700 | | | | 51,043 | |
Tobu Railway Co. Ltd. | | | | | | | 22,000 | | | | 115,662 | |
Toho Co. Ltd. | | | | | | | 2,400 | | | | 41,520 | |
Toho Gas Co. Ltd. | | | | | | | 9,000 | | | | 55,857 | |
Tohoku Electric Power Co., Inc. | | | | * | | | 8,800 | | | | 88,420 | |
Tokio Marine Holdings, Inc. | | | | | | | 15,300 | | | | 383,924 | |
Tokyo Electric Power Co., Inc. | | | | * | | | 31,000 | | | | 60,003 | |
Tokyo Electron Ltd. | | | | | | | 3,700 | | | | 173,511 | |
Tokyo Gas Co. Ltd. | | | | | | | 52,000 | | | | 265,773 | |
Tokyu Corp. | | | | | | | 24,000 | | | | 112,975 | |
Tokyu Land Corp. | | | | | | | 9,000 | | | | 44,674 | |
TonenGeneral Sekiyu K.K. | | | | † | | | 6,000 | | | | 53,350 | |
Toppan Printing Co. Ltd. | | | | | | | 12,000 | | | | 80,157 | |
Toray Industries, Inc. | | | | | | | 30,000 | | | | 204,566 | |
Toshiba Corp. | | | | | | | 84,000 | | | | 319,734 | |
Tosoh Corp. | | | | | | | 9,000 | | | | 24,545 | |
TOTO Ltd. | | | | | | | 7,000 | | | | 52,195 | |
Toyo Seikan Kaisha Ltd. | | | | | | | 3,300 | | | | 40,049 | |
Toyo Suisan Kaisha Ltd. | | | | | | | 2,000 | | | | 53,334 | |
Toyoda Gosei Co. Ltd. | | | | | | | 1,200 | | | | 27,664 | |
Toyota Boshoku Corp. | | | | | | | 1,400 | | | | 17,014 | |
Toyota Industries Corp. | | | | | | | 3,700 | | | | 106,082 | |
Toyota Motor Corp. | | | | | | | 57,900 | | | | 2,336,973 | |
Toyota Tsusho Corp. | | | | | | | 4,200 | | | | 80,285 | |
Trend Micro, Inc. | | | | | | | 2,200 | | | | 64,813 | |
Tsumura & Co. | | | | | | | 1,400 | | | | 37,076 | |
Ube Industries Ltd. | | | | | | | 19,000 | | | | 44,194 | |
Unicharm Corp. | | | | | | | 2,300 | | | | 130,919 | |
Ushio, Inc. | | | | | | | 1,900 | | | | 23,550 | |
USS Co. Ltd. | | | | | | | 460 | | | | 49,635 | |
West Japan Railway Co. | | | | | | | 3,600 | | | | 148,097 | |
Yahoo! Japan Corp. | | | | | | | 311 | | | | 100,690 | |
Yakult Honsha Co. Ltd. | | | | † | | | 1,900 | | | | 74,406 | |
Yamada Denki Co. Ltd. | | | | | | | 1,700 | | | | 87,037 | |
Yamaguchi Financial Group, Inc. | | | | | | | 4,000 | | | | 35,277 | |
Yamaha Corp. | | | | | | | 2,700 | | | | 27,785 | |
Yamaha Motor Co. Ltd. | | | | † | | | 5,500 | | | | 52,666 | |
Yamato Holdings Co. Ltd. | | | | | | | 8,400 | | | | 135,254 | |
Yamato Kogyo Co. Ltd. | | | | | | | 700 | | | | 19,494 | |
Yamazaki Baking Co. Ltd. | | | | | | | 2,000 | | | | 26,191 | |
Yaskawa Electric Corp. | | | | | | | 4,000 | | | | 30,475 | |
Yokogawa Electric Corp. | | | | | | | 4,300 | | | | 44,455 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 44,266,759 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
233
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
| Luxembourg—0.4% | | | | | | | | | | | | |
ArcelorMittal | | | | | | | 19,884 | | | $ | 304,216 | |
Millicom International Cellular SA SDR | | | | | | | 1,299 | | | | 122,594 | |
SES SA, Class A FDR | | | | | | | 6,158 | | | | 145,598 | |
Tenaris SA | | | | † | | | 9,898 | | | | 174,065 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 746,473 | |
| | | | | | | | | | | | |
| Macau—0.1% | | | | | | | | | | | | |
Sands China Ltd. | | | | | | | 49,294 | | | | 158,580 | |
Wynn Macau Ltd. | | | | † | | | 31,256 | | | | 73,755 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 232,335 | |
| | | | | | | | | | | | |
| Malta—0.0% | | | | | | | | | | | | |
BGP Holdings plc | | | | *‡d | | | 142,647 | | | | — | |
| | | | | | | | | | | | |
| Mexico—0.0% | | | | | | | | | | | | |
Fresnillo plc | | | | | | | 3,849 | | | | 88,165 | |
| | | | | | | | | | | | |
| Netherlands—4.7% | | | | | | | | | | | | |
Aegon NV | | | | | | | 37,232 | | | | 172,667 | |
Akzo Nobel NV | | | | | | | 4,890 | | | | 230,146 | |
ASML Holding NV | | | | | | | 8,877 | | | | 455,888 | |
Corio NV REIT | | | | | | | 1,453 | | | | 63,972 | |
Delta Lloyd NV | | | | | | | 2,176 | | | | 30,261 | |
European Aeronautic Defence and Space Co. NV | | | | | | | 8,716 | | | | 309,337 | |
Fugro NV CVA | | | | | | | 1,480 | | | | 89,775 | |
Gemalto NV | | | | | | | 1,724 | | | | 123,824 | |
Heineken Holding NV | | | | | | | 2,084 | | | | 93,344 | |
Heineken NV | | | | | | | 4,752 | | | | 247,801 | |
ING Groep NV CVA | | | | * | | | 79,146 | | | | 530,603 | |
Koninklijke Ahold NV | | | | | | | 21,556 | | | | 267,021 | |
Koninklijke Boskalis Westminster NV | | | | | | | 1,476 | | | | 48,705 | |
Koninklijke DSM NV | | | | | | | 3,156 | | | | 155,589 | |
Koninklijke KPN NV | | | | | | | 29,997 | | | | 286,831 | |
Koninklijke Philips Electronics NV | | | | | | | 20,901 | | | | 411,869 | |
Koninklijke Vopak NV | | | | | | | 1,384 | | | | 88,772 | |
Qiagen NV | | | | * | | | 4,858 | | | | 81,345 | |
Randstad Holding NV | | | | | | | 2,394 | | | | 70,592 | |
Reed Elsevier NV | | | | | | | 14,435 | | | | 164,681 | |
Royal Dutch Shell plc, Class A | | | | | | | 76,962 | | | | 2,593,077 | |
Royal Dutch Shell plc, Class B | | | | | | | 55,861 | | | | 1,950,874 | |
SBM Offshore NV | | | | * | | | 3,564 | | | | 49,391 | |
TNT Express NV | | | | | | | 6,778 | | | | 79,509 | |
Unilever NV CVA | | | | | | | 34,240 | | | | 1,143,803 | |
Wolters Kluwer NV | | | | | | | 6,087 | | | | 96,781 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,836,458 | |
| | | | | | | | | | | | |
| New Zealand—0.1% | | | | | | | | | | | | |
Auckland International Airport Ltd. | | | | | | | 20,988 | | | | 41,163 | |
Contact Energy Ltd. | | | | *† | | | 7,514 | | | | 29,073 | |
Fletcher Building Ltd. | | | | † | | | 14,083 | | | | 66,659 | |
SKYCITY Entertainment Group Ltd. | | | | † | | | 12,302 | | | | 33,607 | |
Telecom Corp of New Zealand Ltd. | | | | | | | 37,806 | | | | 71,986 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 242,488 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
| Norway—0.7% | | | | | | | | | | | | |
Aker Solutions ASA | | | | | | | 3,442 | | | $ | 48,840 | |
DnB ASA | | | | | | | 19,876 | | | | 197,637 | |
Gjensidige Forsikring ASA | | | | | | | 4,209 | | | | 49,039 | |
Norsk Hydro ASA | | | | | | | 18,486 | | | | 83,366 | |
Orkla ASA | | | | | | | 16,384 | | | | 118,898 | |
Statoil ASA | | | | | | | 23,541 | | | | 561,418 | |
Telenor ASA | | | | | | | 15,412 | | | | 257,662 | |
Veripos, Inc. | | | | *‡ | | | 563 | | | | 1,513 | |
Yara International ASA | | | | | | | 3,824 | | | | 167,345 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,485,718 | |
| | | | | | | | | | | | |
| Portugal—0.2% | | | | | | | | | | | | |
Banco Espirito Santo SA (Registered) | | | | * | | | 45,157 | | | | 30,875 | |
EDP - Energias de Portugal SA | | | | | | | 40,453 | | | | 95,696 | |
Galp Energia SGPS SA, Class B | | | | | | | 4,652 | | | | 58,978 | |
Jeronimo Martins SGPS SA | | | | | | | 4,265 | | | | 72,108 | |
Portugal Telecom SGPS SA (Registered) | | | | | | | 14,350 | | | | 62,848 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 320,505 | |
| | | | | | | | | | | | |
| Singapore—1.8% | | | | | | | | | | | | |
Ascendas Real Estate Investment Trust REIT | | | | | | | 42,786 | | | | 72,991 | |
CapitaLand Ltd. | | | | | | | 51,500 | | | | 111,042 | |
CapitaMall Trust REIT | | | | | | | 52,000 | | | | 78,764 | |
CapitaMalls Asia Ltd. | | | | | | | 23,000 | | | | 28,689 | |
City Developments Ltd. | | | | | | | 10,000 | | | | 89,139 | |
ComfortDelGro Corp. Ltd. | | | | | | | 37,000 | | | | 45,309 | |
Cosco Corp. Singapore Ltd. | | | | | | | 18,000 | | | | 14,138 | |
DBS Group Holdings Ltd. | | | | | | | 37,500 | | | | 414,214 | |
Fraser and Neave Ltd. | | | | | | | 18,000 | | | | 100,229 | |
Genting Singapore plc (Registered) | | | | | | | 131,000 | | | | 147,164 | |
Global Logistic Properties Ltd. | | | | * | | | 40,000 | | | | 66,590 | |
Golden Agri-Resources Ltd. | | | | | | | 136,320 | | | | 72,805 | |
Hutchison Port Holdings Trust | | | | | | | 112,000 | | | | 80,059 | |
Jardine Cycle & Carriage Ltd. | | | | | | | 2,000 | | | | 73,712 | |
Keppel Corp. Ltd. | | | | | | | 29,400 | | | | 240,860 | |
Keppel Land Ltd. | | | | | | | 16,000 | | | | 41,174 | |
Neptune Orient Lines Ltd. | | | | * | | | 17,000 | | | | 15,003 | |
Olam International Ltd. | | | | | | | 30,672 | | | | 44,424 | |
Oversea-Chinese Banking Corp. Ltd. | | | | | | | 54,600 | | | | 381,812 | |
SembCorp Industries Ltd. | | | | | | | 21,340 | | | | 87,346 | |
SembCorp Marine Ltd. | | | | | | | 17,000 | | | | 64,891 | |
Singapore Airlines Ltd. | | | | | | | 11,400 | | | | 94,005 | |
Singapore Exchange Ltd. | | | | | | | 17,000 | | | | 85,405 | |
Singapore Press Holdings Ltd. | | | | | | | 35,500 | | | | 109,665 | |
Singapore Technologies Engineering Ltd. | | | | | | | 31,000 | | | | 76,423 | |
Singapore Telecommunications Ltd. | | | | | | | 165,159 | | | | 432,512 | |
StarHub Ltd. | | | | | | | 13,730 | | | | 37,214 | |
United Overseas Bank Ltd. | | | | | | | 27,000 | | | | 400,937 | |
UOL Group Ltd. | | | | | | | 8,000 | | | | 31,359 | |
Wilmar International Ltd. | | | | | | | 39,000 | | | | 112,451 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,650,326 | |
| | | | | | | | | | | | |
| Spain—2.6% | | | | | | | | | | | | |
Abertis Infraestructuras SA | | | | *‡ | | | 382 | | | | 5,163 | |
Abertis Infraestructuras SA | | | | | | | 7,646 | | | | 103,332 | |
Acciona SA | | | | † | | | 445 | | | | 26,602 | |
See accompanying notes to financial statements.
234
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
Acerinox SA | | | | | | | 1,819 | | | $ | 20,386 | |
ACS Actividades de Construccion y Servicios SA | | | | † | | | 2,634 | | | | 56,422 | |
Amadeus IT Holding SA, Class A | | | | | | | 6,615 | | | | 140,147 | |
Banco Bilbao Vizcaya Argentaria SA | | | | | | | 99,812 | | | | 712,793 | |
Banco de Sabadell SA | | | | † | | | 45,080 | | | | 87,547 | |
Banco Popular Espanol SA | | | | † | | | 24,402 | | | | 55,196 | |
Banco Santander SA | | | | | | | 196,728 | | | | 1,301,406 | |
Bankia SA | | | | *† | | | 15,810 | | | | 18,499 | |
CaixaBank | | | | *‡ | | | 318 | | | | 1,035 | |
CaixaBank | | | | † | | | 14,001 | | | | 45,585 | |
Distribuidora Internacional de Alimentacion SA | | | | * | | | 12,844 | | | | 60,389 | |
Enagas SA | | | | | | | 3,844 | | | | 70,138 | |
Ferrovial SA | | | | | | | 7,868 | | | | 88,732 | |
Gas Natural SDG SA | | | | | | | 6,693 | | | | 85,936 | |
Grifols SA | | | | * | | | 3,303 | | | | 83,679 | |
Iberdrola SA | | | | | | | 82,235 | | | | 388,250 | |
Inditex SA | | | | | | | 4,615 | | | | 477,031 | |
Mapfre SA | | | | † | | | 13,416 | | | | 27,293 | |
Red Electrica Corp. SA | | | | † | | | 2,146 | | | | 93,663 | |
Repsol YPF SA | | | | | | | 16,501 | | | | 265,255 | |
Telefonica SA | | | | | | | 86,351 | | | | 1,136,677 | |
Zardoya Otis SA | | | | † | | | 2,829 | | | | 31,449 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,382,605 | |
| | | | | | | | | | | | |
| Sweden—3.0% | | | | | | | | | | | | |
Alfa Laval AB | | | | | | | 7,085 | | | | 121,400 | |
Assa Abloy AB, Class B | | | | | | | 7,093 | | | | 198,079 | |
Atlas Copco AB, Class A | | | | | | | 14,254 | | | | 306,757 | |
Atlas Copco AB, Class B | | | | | | | 7,990 | | | | 152,251 | |
Boliden AB | | | | | | | 6,115 | | | | 85,328 | |
Electrolux AB, Series B | | | | | | | 5,005 | | | | 99,602 | |
Elekta AB, Class B | | | | | | | 2,005 | | | | 91,620 | |
Getinge AB, Class B | | | | | | | 4,153 | | | | 103,055 | |
Hennes & Mauritz AB, Class B | | | | | | | 20,014 | | | | 718,381 | |
Hexagon AB, Class B | | | | | | | 4,884 | | | | 83,833 | |
Holmen AB, Class B | | | | | | | 1,079 | | | | 29,378 | |
Husqvarna AB, Class B | | | | | | | 9,820 | | | | 46,316 | |
Industrivarden AB, Class C | | | | | | | 2,724 | | | | 35,096 | |
Investment AB Kinnevik, Class B | | | | | | | 4,060 | | | | 81,493 | |
Investor AB, Class B | | | | | | | 9,541 | | | | 182,168 | |
Lundin Petroleum AB | | | | * | | | 4,899 | | | | 91,711 | |
Modern Times Group AB, Class B | | | | | | | 977 | | | | 45,221 | |
Nordea Bank AB | | | | | | | 54,421 | | | | 468,997 | |
Ratos AB, Class B | | | | | | | 3,896 | | | | 36,994 | |
Sandvik AB | | | | | | | 20,873 | | | | 267,690 | |
Scania AB, Class B | | | | | | | 6,605 | | | | 113,191 | |
Securitas AB, Class B | | | | | | | 6,575 | | | | 51,125 | |
Skandinaviska Enskilda Banken AB, Class A | | | | | | | 28,809 | | | | 187,099 | |
Skanska AB, Class B | | | | | | | 8,011 | | | | 122,765 | |
SKF AB, Class B | | | | | | | 8,213 | | | | 161,894 | |
SSAB AB, Class A | | | | | | | 3,099 | | | | 25,758 | |
Svenska Cellulosa AB, Class B | | | | | | | 12,107 | | | | 181,647 | |
Svenska Handelsbanken AB, Class A | | | | | | | 10,397 | | | | 341,810 | |
Swedbank AB, Class A | | | | | | | 17,071 | | | | 268,936 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Swedish Match AB | | | | | | | 4,558 | | | $ | 183,713 | |
Tele2 AB, Class B | | | | | | | 6,369 | | | | 98,684 | |
Telefonaktiebolaget LM Ericsson, Class B | | | | | | | 63,517 | | | | 581,163 | |
TeliaSonera AB | | | | | | | 45,957 | | | | 293,607 | |
Volvo AB, Class B | | | | | | | 29,489 | | | | 337,163 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,193,925 | |
| | | | | | | | | | | | |
| Switzerland—8.7% | | | | | | | | | | | | |
ABB Ltd. | | | | * | | | 46,297 | | | | 755,947 | |
Actelion Ltd. (Registered) | | | | * | | | 2,226 | | | | 91,560 | |
Adecco SA (Registered) | | | | * | | | 2,808 | | | | 124,871 | |
Aryzta AG | | | | * | | | 1,779 | | | | 88,549 | |
Baloise Holding AG (Registered) | | | | | | | 934 | | | | 61,705 | |
Banque Cantonale Vaudoise | | | | | | | 59 | | | | 31,268 | |
Barry Callebaut AG (Registered) | | | | * | | | 41 | | | | 37,300 | |
Compagnie Financiere Richemont SA (A Bearer Shares) | | | | | | | 11,003 | | | | 604,173 | |
Credit Suisse Group AG (Registered) | | | | * | | | 24,555 | | | | 449,284 | |
GAM Holding AG | | | | * | | | 3,736 | | | | 41,709 | |
Geberit AG (Registered) | | | | * | | | 822 | | | | 162,163 | |
Givaudan SA (Registered) | | | | * | | | 170 | | | | 166,849 | |
Glencore International plc | | | | | | | 28,992 | | | | 134,441 | |
Holcim Ltd. (Registered) | | | | * | | | 4,703 | | | | 260,572 | |
Julius Baer Group Ltd. (Registered) | | | | * | | | 4,235 | | | | 153,547 | |
Kuehne + Nagel International AG (Registered) | | | | | | | 1,080 | | | | 114,419 | |
Lindt & Spruengli AG (Participation Certificates) | | | | * | | | 17 | | | | 52,539 | |
Lindt & Spruengli AG (Registered) | | | | * | | | 2 | | | | 73,448 | |
Lonza Group AG (Registered) | | | | * | | | 1,067 | | | | 44,393 | |
Nestle SA | | | | | | | 69,188 | | | | 4,128,992 | |
Novartis AG (Registered) | | | | | | | 48,253 | | | | 2,697,889 | |
Pargesa Holding SA (Bearer) | | | | | | | 467 | | | | 27,803 | |
Partners Group Holding AG | | | | | | | 281 | | | | 49,977 | |
Roche Holding AG (Genusschein) | | | | | | | 14,740 | | | | 2,546,084 | |
Schindler Holding AG (Participation Certificates) | | | | | | | 1,028 | | | | 114,937 | |
Schindler Holding AG (Registered) | | | | | | | 416 | | | | 46,913 | |
SGS SA (Registered) | | | | | | | 114 | | | | 213,747 | |
Sika AG | | | | | | | 47 | | | | 90,758 | |
Sonova Holding AG (Registered) | | | | * | | | 1,073 | | | | 103,786 | |
STMicroelectronics NV | | | | | | | 13,835 | | | | 75,286 | |
Straumann Holding AG (Registered) | | | | † | | | 152 | | | | 22,356 | |
Sulzer AG (Registered) | | | | | | | 487 | | | | 57,740 | |
Swatch Group AG (The) (Bearer) | | | | | | | 656 | | | | 259,278 | |
Swatch Group AG (The) (Registered) | | | | | | | 843 | | | | 58,649 | |
Swiss Life Holding AG (Registered) | | | | * | | | 625 | | | | 58,908 | |
Swiss Prime Site AG | | | | * | | | 952 | | | | 79,407 | |
Swiss Re AG | | | | * | | | 7,444 | | | | 469,283 | |
Swisscom AG (Registered) | | | | | | | 476 | | | | 191,771 | |
Syngenta AG (Registered) | | | | | | | 1,994 | | | | 682,596 | |
Transocean Ltd. | | | | | | | 7,176 | | | | 321,798 | |
UBS AG (Registered) | | | | * | | | 76,560 | | | | 895,919 | |
Wolseley plc | | | | | | | 5,951 | | | | 221,810 | |
Xstrata plc | | | | | | | 43,735 | | | | 549,898 | |
See accompanying notes to financial statements.
235
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | | | Shares | | | | Value | |
| COMMON STOCKS—(Continued) | |
Zurich Insurance Group AG (Registered) | | | | * | | | 3,105 | | | $ | 702,115 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,116,437 | |
| | | | | | | | | | | | |
| United Kingdom—19.6% | | | | | |
3i Group plc | | | | | | | 21,458 | | | | 66,351 | |
Aberdeen Asset Management plc | | | | | | | 16,705 | | | | 68,039 | |
Admiral Group plc | | | | | | | 3,873 | | | | 72,248 | |
Aggreko plc | | | | | | | 5,440 | | | | 176,912 | |
AMEC plc | | | | | | | 6,862 | | | | 108,176 | |
Anglo American plc | | | | | | | 27,915 | | | | 917,436 | |
Antofagasta plc | | | | | | | 8,096 | | | | 138,489 | |
ARM Holdings plc | | | | | | | 28,198 | | | | 223,402 | |
Associated British Foods plc | | | | | | | 7,666 | | | | 154,250 | |
AstraZeneca plc (London Exchange) | | | | | | | 26,833 | | | | 1,199,104 | |
Aviva plc | | | | | | | 60,381 | | | | 258,549 | |
Babcock International Group plc | | | | | | | 7,669 | | | | 102,713 | |
BAE Systems plc | | | | | | | 68,683 | | | | 311,383 | |
Balfour Beatty plc | | | | | | | 15,564 | | | | 72,775 | |
Barclays plc | | | | | | | 244,174 | | | | 623,926 | |
BG Group plc | | | | | | | 71,333 | | | | 1,460,291 | |
BHP Billiton plc | | | | | | | 44,381 | | | | 1,261,416 | |
BP plc | | | | | | | 398,126 | | | | 2,658,764 | |
British American Tobacco plc | | | | | | | 41,317 | | | | 2,100,555 | |
British Land Co. plc REIT | | | | | | | 17,389 | | | | 139,242 | |
British Sky Broadcasting Group plc | | | | | | | 23,127 | | | | 252,128 | |
BT Group plc | | | | | | | 164,163 | | | | 543,959 | |
Bunzl plc | | | | | | | 7,026 | | | | 114,838 | |
Burberry Group plc | | | | | | | 9,157 | | | | 190,656 | |
Capita plc | | | | | | | 13,767 | | | | 141,464 | |
Capital Shopping Centres Group plc REIT | | | | | | | 11,469 | | | | 57,940 | |
Carnival plc | | | | | | | 3,921 | | | | 134,061 | |
Centrica plc | | | | | | | 109,147 | | | | 545,730 | |
Cobham plc | | | | | | | 22,289 | | | | 81,202 | |
Compass Group plc | | | | | | | 40,042 | | | | 420,322 | |
Croda International plc | | | | | | | 2,954 | | | | 104,956 | |
Diageo plc | | | | | | | 52,580 | | | | 1,355,249 | |
Eurasian Natural Resources Corp. plc | | | | | | | 5,413 | | | | 35,329 | |
Evraz plc | | | | | | | 6,518 | | | | 26,731 | |
G4S plc | | | | | | | 29,065 | | | | 127,029 | |
GKN plc | | | | | | | 34,028 | | | | 96,475 | |
GlaxoSmithKline plc | | | | | | | 105,921 | | | | 2,405,893 | |
Hammerson plc REIT | | | | | | | 15,196 | | | | 105,539 | |
HSBC Holdings plc (London Exchange) | | | | | | | 377,603 | | | | 3,327,376 | |
ICAP plc | | | | | | | 12,431 | | | | 65,800 | |
IMI plc | | | | | | | 7,035 | | | | 91,906 | |
Imperial Tobacco Group plc | | | | | | | 21,063 | | | | 811,520 | |
Inmarsat plc | | | | | | | 9,682 | | | | 74,718 | |
Intercontinental Hotels Group plc | | | | | | | 5,976 | | | | 143,869 | |
International Consolidated Airlines Group SA | | | | * | | | 20,308 | | | | 50,952 | |
International Power plc | | | | ‡ | | | 31,910 | | | | 208,899 | |
Intertek Group plc | | | | | | | 3,382 | | | | 141,692 | |
Invensys plc | | | | | | | 18,496 | | | | 64,463 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Investec plc | | | | | | | 10,820 | | | $ | 63,163 | |
ITV plc | | | | | | | 78,784 | | | | 94,800 | |
J. Sainsbury plc | | | | | | | 24,532 | | | | 115,942 | |
Johnson Matthey plc | | | | | | | 4,610 | | | | 159,874 | |
Kazakhmys plc | | | | | | | 4,399 | | | | 49,875 | |
Kingfisher plc | | | | | | | 49,320 | | | | 222,483 | |
Land Securities Group plc REIT | | | | | | | 16,659 | | | | 193,010 | |
Legal & General Group plc | | | | | | | 122,562 | | | | 245,035 | |
Lloyds Banking Group plc | | | | * | | | 843,687 | | | | 412,149 | |
London Stock Exchange Group plc | | | | | | | 3,963 | | | | 62,563 | |
Lonmin plc | | | | | | | 3,101 | | | | 37,722 | |
Man Group plc | | | | | | | 37,598 | | | | 44,989 | |
Marks & Spencer Group plc | | | | | | | 33,198 | | | | 169,298 | |
Meggitt plc | | | | | | | 17,028 | | | | 103,037 | |
National Grid plc | | | | | | | 75,051 | | | | 795,393 | |
Next plc | | | | | | | 3,436 | | | | 172,529 | |
Old Mutual plc | | | | | | | 101,444 | | | | 241,260 | |
Pearson plc | | | | | | | 17,304 | | | | 343,342 | |
Petrofac Ltd. | | | | | | | 5,470 | | | | 119,395 | |
Prudential plc | | | | | | | 53,735 | | | | 623,058 | |
Randgold Resources Ltd. | | | | | | | 1,879 | | | | 168,701 | |
Reckitt Benckiser Group plc | | | | | | | 13,885 | | | | 733,919 | |
Reed Elsevier plc | | | | | | | 25,415 | | | | 203,705 | |
Rexam plc | | | | | | | 19,037 | | | | 125,643 | |
Rio Tinto plc | | | | | | | 28,290 | | | | 1,344,444 | |
Rolls-Royce Holdings plc | | | | * | | | 39,515 | | | | 532,573 | |
Royal Bank of Scotland Group plc | | | | * | | | 41,922 | | | | 142,004 | |
RSA Insurance Group plc | | | | | | | 76,655 | | | | 130,129 | |
SABMiller plc | | | | | | | 20,106 | | | | 806,678 | |
Sage Group plc (The) | | | | | | | 26,424 | | | | 115,005 | |
Schroders plc | | | | | | | 2,465 | | | | 51,669 | |
Segro plc REIT | | | | | | | 15,666 | | | | 53,374 | |
Serco Group plc | | | | | | | 10,464 | | | | 87,877 | |
Severn Trent plc | | | | | | | 5,017 | | | | 130,056 | |
Smith & Nephew plc | | | | | | | 18,267 | | | | 182,715 | |
Smiths Group plc | | | | | | | 7,875 | | | | 125,066 | |
SSE plc | | | | | | | 19,426 | | | | 423,788 | |
Standard Chartered plc (London Exchange) | | | | | | | 50,121 | | | | 1,088,777 | |
Standard Life plc | | | | | | | 48,149 | | | | 176,294 | |
Subsea 7 SA | | | | | | | 5,630 | | | | 111,418 | |
Tate & Lyle plc | | | | | | | 9,949 | | | | 101,041 | |
Tesco plc | | | | | | | 169,039 | | | | 821,500 | |
TUI Travel plc | | | | | | | 9,107 | | | | 24,211 | |
Tullow Oil plc | | | | | | | 18,719 | | | | 432,644 | |
Unilever plc | | | | | | | 27,002 | | | | 906,558 | |
United Utilities Group plc | | | | | | | 14,641 | | | | 155,095 | |
Vedanta Resources plc | | | | | | | 2,170 | | | | 31,104 | |
Vodafone Group plc | | | | | | | 1,045,163 | | | | 2,937,697 | |
Weir Group plc (The) | | | | | | | 4,498 | | | | 108,086 | |
Whitbread plc | | | | | | | 3,705 | | | | 117,801 | |
Wm Morrison Supermarkets plc | | | | | | | 48,539 | | | | 202,542 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 40,675,748 | |
| | | | | | | | | | | | |
| United States—0.0% | | | | | | | | | | | | |
Sims Metal Management Ltd. | | | | | | | 3,648 | | | | 36,129 | |
| | | | | | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | | | |
(Cost $231,742,079) | | | | | | | | | | | 201,351,033 | |
| | | | | | | | | | | | |
See accompanying notes to financial statements.
236
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | | | | | | | |
| Vantagepoint Overseas Equity Index Fund | | | Shares | | | | Value | |
| CONVERTIBLE PREFERRED STOCKS—0.0% | |
| United Kingdom—0.0% | |
Rolls-Royce Holdings plc
(Cost $—) | | | *‡ | | | 3,898,892 | | | $ | 6,106 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| PREFERRED STOCKS—0.5% | |
| Germany—0.5% | |
Bayerische Motoren Werke AG | | | | | | 1,130 | | | | 55,741 | |
Henkel AG & Co. KGaA | | | | | | 3,792 | | | | 251,963 | |
Porsche Automobil Holding SE | | | | | | 3,135 | | | | 155,947 | |
ProSiebenSat.1 Media AG | | | | | | 1,674 | | | | 37,526 | |
RWE AG | | | | | | | | | 720 | | | | 26,736 | |
Volkswagen AG | | | | | | | | | 2,988 | | | | 473,383 | |
| | | | | | | | | | | | | | |
| TOTAL PREFERRED STOCKS | | | | | |
(Cost $885,758) | | | | | | | | | | 1,001,296 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
Coupon
Rate | |
| Maturity
Date |
| | | | | Face | | | | Value | |
| U.S. TREASURY OBLIGATIONS—0.1% | |
| U.S. Treasury Bills—0.1% | |
U.S. Treasury Bill | | | | | | | | | | | |
0.082% | | | 09/20/2012 | | | | | | | | | | | |
(Cost $259,950) | | | ‡‡ | | $ | 260,000 | | | | 259,959 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | Shares | | | | Value | |
| RIGHTS—0.0% | |
| Australia—0.0% | |
Echo Entertainment Group Ltd., Expires 07/09/12 | | | | | | | | | | | |
(Cost $—) | | | | | | *‡ | | | 2,602 | | | | 2,637 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| MONEY MARKET FUNDS—5.0% | |
| Institutional Money Market Funds—5.0% | |
Dreyfus Institutional Cash Advantage Fund, 0.15% | | | ††¥ | | | 1,300,000 | | | | 1,300,000 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | | ¥ | | | 2,626,766 | | | | 2,626,766 | |
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class, 0.22% | | | ††¥ | | | 1,179,152 | | | | 1,179,152 | |
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class, 0.17% | | | ††¥ | | | 1,300,000 | | | | 1,300,000 | |
Short-Term Investments Trust Liquid Assets Portfolio—Institutional Class, 0.15% | | | ††¥ | | | 1,300,000 | | | | 1,300,000 | |
| | | | | | | | | | | | |
| | | | | |
| | | | | | | | Shares | | | | Value | |
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class, 0.15% | | ††¥ | | | 1,300,000 | | | $ | 1,300,000 | |
Wells Fargo Advantage Heritage Money Market Fund—Select Class, 0.13% | | ††¥ | | | 1,300,000 | | | | 1,300,000 | |
| | | | | | | | | | | | |
| TOTAL MONEY MARKET FUNDS | | | | | |
(Cost $10,305,918) | | | | | | | | | | | 10,305,918 | |
| | | | | | | | | | | | |
| TOTAL INVESTMENTS—102.7% | | | | | |
(Cost $243,193,705) | | | | | | | | | | | 212,926,949 | |
Other assets less liabilities—(2.7%) | | | | (5,602,578 | ) |
| | | | | | | | | | | | |
| NET ASSETS—100.0% | | | $ | 207,324,371 | |
| | | | | | | | | | | | |
Notes to the Schedule of Investments:
| | |
| CDI | | Chess Depository Interest |
| CVA | | Dutch Certificate of Shares |
| FDR | | Fiduciary Depository Receipt |
| REIT | | Real Estate Investment Trust |
| RSP | | Risparmio (Italian Savings Shares) |
| SDR | | Swedish Depository Receipt |
| VVPR | | Verlaagde Vooheffing Precompte Reduit (Belgian dividend coupon) |
| † | | Denotes all or a portion of the security on loan. |
| * | | Non-income producing. |
| d | | Security has no market value at June 30, 2012. |
| ‡ | | Security valued at fair value as determined by policies approved by the Board of Directors. |
| ‡‡ | | Security or a portion of the security has been pledged as collateral for futures contracts and/or options contracts. |
| †† | | Represents reinvestment of collateral received in conjunction with securities lending. |
| ¥ | | The rate quoted is the annualized seven-day yield of the fund at period end. |
See accompanying notes to financial statements.
237
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | |
Vantagepoint Overseas
Equity Index Fund | | | | |
| Percentage of Portfolio by Industry: | | | | |
| |
| COMMON STOCKS | | | | |
Commercial Banks | | | 11.5% | |
Pharmaceuticals | | | 8.4% | |
Oil, Gas & Consumable Fuels | | | 7.2% | |
Metals & Mining | | | 4.9% | |
Insurance | | | 4.4% | |
Food Products | | | 4.1% | |
Chemicals | | | 3.5% | |
Diversified Telecommunication Services | | | 3.2% | |
Automobiles | | | 3.1% | |
Machinery | | | 2.7% | |
Beverages | | | 2.5% | |
Wireless Telecommunication Services | | | 2.3% | |
Food & Staples Retailing | | | 2.1% | |
Electric Utilities | | | 2.1% | |
Real Estate Management & Development | | | 1.9% | |
Tobacco | | | 1.8% | |
Capital Markets | | | 1.6% | |
Real Estate Investment Trusts (REITs) | | | 1.5% | |
Industrial Conglomerates | | | 1.4% | |
Multi-Utilities | | | 1.3% | |
Trading Companies & Distributors | | | 1.3% | |
Textiles, Apparel & Luxury Goods | | | 1.3% | |
Media | | | 1.2% | |
Electrical Equipment | | | 1.2% | |
Electronic Equipment, Instruments & Components | | | 1.1% | |
Hotels, Restaurants & Leisure | | | 1.1% | |
Road & Rail | | | 1.1% | |
Diversified Financial Services | | | 1.0% | |
Software | | | 0.9% | |
Specialty Retail | | | 0.9% | |
Energy Equipment & Services | | | 0.9% | |
Auto Components | | | 0.9% | |
Aerospace & Defense | | | 0.8% | |
Construction & Engineering | | | 0.7% | |
Health Care Equipment & Supplies | | | 0.7% | |
Household Durables | | | 0.6% | |
Office Electronics | | | 0.6% | |
Commercial Services & Supplies | | | 0.6% | |
Semiconductors & Semiconductor Equipment | | | 0.6% | |
Personal Products | | | 0.6% | |
Professional Services | | | 0.6% | |
Construction Materials | | | 0.6% | |
Gas Utilities | | | 0.5% | |
Household Products | | | 0.5% | |
Building Products | | | 0.5% | |
Health Care Providers & Services | | | 0.5% | |
Communications Equipment | | | 0.4% | |
Multiline Retail | | | 0.4% | |
Computers & Peripherals | | | 0.4% | |
Transportation Infrastructure | | | 0.4% | |
Biotechnology | | | 0.3% | |
Leisure Equipment & Products | | | 0.3% | |
Air Freight & Logistics | | | 0.3% | |
IT Services | | | 0.3% | |
Marine | | | 0.3% | |
Paper & Forest Products | | | 0.2% | |
Independent Power Producers & Energy Traders | | | 0.2% | |
Containers & Packaging | | | 0.2% | |
| | | | |
| | | | | |
Distributors | | | 0.1% | |
Internet & Catalog Retail | | | 0.1% | |
Airlines | | | 0.1% | |
Water Utilities | | | 0.1% | |
Internet Software & Services | | | 0.1% | |
Life Sciences Tools & Services | | | 0.1% | |
Diversified Consumer Services | | | 0.0% | |
Consumer Finance | | | 0.0% | |
| | | | |
| | | 97.1% | |
| | | | |
| CONVERTIBLE PREFERRED STOCKS | | | | |
Aerospace & Defense | | | 0.0% | |
| | | | |
| PREFERRED STOCKS | | | | |
Automobiles | | | 0.4% | |
Household Products | | | 0.1% | |
Media | | | 0.0% | |
Multi-Utilities | | | 0.0% | |
| | | | |
| | | 0.5% | |
| | | | |
| RIGHTS | | | | |
Hotels, Restaurants & Leisure | | | 0.0% | |
| | | | |
| TOTAL COMMON STOCKS/CONVERTIBLE PREFERRED STOCKS/PREFERRED STOCKS/RIGHTS | | | 97.6% | |
| | | | |
| U.S. TREASURY OBLIGATIONS | | | | |
U.S. Treasury Bills | | | 0.1% | |
| | | | |
| MONEY MARKET FUNDS | | | | |
Institutional Money Market Funds | | | 5.0% | |
| | | | |
| TOTAL INVESTMENTS | | | 102.7% | |
Other assets less liabilities | | | (2.7)% | |
| | | | |
| TOTAL NET ASSETS | | | 100.0% | |
| | | | |
See accompanying notes to financial statements.
238
SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Model Portfolio Savings Oriented Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Core Bond Index Fund Class I | | | 2,595,162 | | | $ | 27,327,061 | |
Vantagepoint Diversifying Strategies Fund | | | 5,973,277 | | | | 60,389,830 | |
Vantagepoint Equity Income Fund | | | 3,441,078 | | | | 30,487,953 | |
Vantagepoint Growth & Income Fund | | | 2,924,427 | | | | 30,209,326 | |
Vantagepoint Inflation Protected Securities Fund | | | 3,784,662 | | | | 45,491,639 | |
Vantagepoint International Fund | | | 1,742,183 | | | | 15,226,681 | |
Vantagepoint Low Duration Bond Fund | | | 9,304,547 | | | | 93,789,833 | |
| | | | | | | | |
| | | | | | | 302,922,323 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | |
(Cost $280,761,185) | | | | | | | 302,922,323 | |
Other assets less liabilities—(0.0%) | | | | (64,809 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 302,857,514 | |
| | | | | | | | |
See accompanying notes to financial statements.
239
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Model Portfolio Conservative Growth Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Aggressive Opportunities Fund | | | 1,738,677 | | | $ | 17,508,478 | |
Vantagepoint Core Bond Index Fund Class I | | | 6,778,593 | | | | 71,378,587 | |
Vantagepoint Diversifying Strategies Fund | | | 11,020,853 | | | | 111,420,822 | |
Vantagepoint Equity Income Fund | | | 7,316,038 | | | | 64,820,093 | |
Vantagepoint Growth & Income Fund | | | 5,087,642 | | | | 52,555,340 | |
Vantagepoint Growth Fund | | | 3,821,657 | | | | 34,700,650 | |
Vantagepoint Inflation Protected Securities Fund | | | 4,958,936 | | | | 59,606,415 | |
Vantagepoint International Fund | | | 5,372,715 | | | | 46,957,530 | |
Vantagepoint Low Duration Bond Fund | | | 11,113,168 | | | | 112,020,733 | |
Vantagepoint Select Value Fund | | | 1,679,647 | | | | 17,518,719 | |
| | | | | | | | |
| | | | | | | 588,487,367 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $553,667,394) | | | | | | | 588,487,367 | |
Other assets less liabilities—(0.0%) | | | | (101,817 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 588,385,550 | |
| | | | | | | | |
See accompanying notes to financial statements.
240
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Model Portfolio Traditional Growth Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Aggressive Opportunities Fund | | | 7,782,270 | | | $ | 78,367,458 | |
Vantagepoint Core Bond Index Fund Class I | | | 18,322,020 | | | | 192,930,866 | |
Vantagepoint Discovery Fund | | | 4,569,371 | | | | 43,591,802 | |
Vantagepoint Diversifying Strategies Fund | | | 21,518,532 | | | | 217,552,354 | |
Vantagepoint Equity Income Fund | | | 19,550,532 | | | | 173,217,710 | |
Vantagepoint Growth & Income Fund | | | 16,592,286 | | | | 171,398,312 | |
Vantagepoint Growth Fund | | | 15,545,235 | | | | 141,150,737 | |
Vantagepoint Inflation Protected Securities Fund | | | 4,959,219 | | | | 59,609,808 | |
Vantagepoint International Fund | | | 19,591,825 | | | | 171,232,548 | |
Vantagepoint Low Duration Bond Fund | | | 11,599,656 | | | | 116,924,535 | |
Vantagepoint Select Value Fund | | | 7,527,152 | | | | 78,508,194 | |
| | | | | | | | |
| | | | | | | 1,444,484,324 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $1,379,448,093) | | | | | | | 1,444,484,324 | |
Other assets less liabilities—(0.0%) | | | | (208,151 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 1,444,276,173 | |
| | | | | | | | |
See accompanying notes to financial statements.
241
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Model Portfolio Long-Term Growth Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Aggressive Opportunities Fund | | | 15,195,199 | | | $ | 153,015,658 | |
Vantagepoint Core Bond Index Fund Class I | | | 23,085,944 | | | | 243,094,985 | |
Vantagepoint Discovery Fund | | | 8,661,560 | | | | 82,631,278 | |
Vantagepoint Diversifying Strategies Fund | | | 21,739,708 | | | | 219,788,445 | |
Vantagepoint Equity Income Fund | | | 26,763,484 | | | | 237,124,469 | |
Vantagepoint Growth & Income Fund | | | 22,716,585 | | | | 234,662,323 | |
Vantagepoint Growth Fund | | | 22,542,164 | | | | 204,682,851 | |
Vantagepoint International Fund | | | 33,069,608 | | | | 289,028,371 | |
Vantagepoint Select Value Fund | | | 14,690,751 | | | | 153,224,531 | |
| | | | | | | | |
| | | | | | | 1,817,252,911 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $1,746,189,574) | | | | | | | 1,817,252,911 | |
Other assets less liabilities—(0.0%) | | | | (249,087 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 1,817,003,824 | |
| | | | | | | | |
See accompanying notes to financial statements.
242
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Model Portfolio All-Equity Growth Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Aggressive Opportunities Fund | | | 6,693,942 | | | $ | 67,407,997 | |
Vantagepoint Discovery Fund | | | 6,736,726 | | | | 64,268,367 | |
Vantagepoint Equity Income Fund | | | 14,440,384 | | | | 127,941,801 | |
Vantagepoint Growth & Income Fund | | | 11,610,973 | | | | 119,941,348 | |
Vantagepoint Growth Fund | | | 13,100,683 | | | | 118,954,204 | |
Vantagepoint International Fund | | | 16,382,007 | | | | 143,178,738 | |
Vantagepoint Select Value Fund | | | 6,450,518 | | | | 67,278,902 | |
| | | | | | | | |
| | | | | | | 708,971,357 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $700,653,738) | | | | | | | 708,971,357 | |
Other assets less liabilities—(0.0%) | | | | (116,023 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 708,855,334 | |
| | | | | | | | |
See accompanying notes to financial statements.
243
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Milestone Retirement Income Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Core Bond Index Fund Class I | | | 1,935,056 | | | $ | 20,376,134 | |
Vantagepoint Diversifying Strategies Fund | | | 4,496,252 | | | | 45,457,103 | |
Vantagepoint Equity Income Fund | | | 2,617,598 | | | | 23,191,922 | |
Vantagepoint Growth & Income Fund | | | 2,228,251 | | | | 23,017,833 | |
Vantagepoint Inflation Protected Securities Fund | | | 2,821,298 | | | | 33,912,007 | |
Vantagepoint International Fund | | | 1,333,809 | | | | 11,657,495 | |
Vantagepoint Low Duration Bond Fund | | | 6,962,063 | | | | 70,177,596 | |
| | | | | | | | |
| | | | | | | 227,790,090 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $221,368,908) | | | | | | | 227,790,090 | |
Other assets less liabilities—(0.0%) | | | | (59,098 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 227,730,992 | |
| | | | | | | | |
See accompanying notes to financial statements.
244
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Milestone 2010 Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Core Bond Index Fund Class I | | | 1,411,039 | | | $ | 14,858,236 | |
Vantagepoint Diversifying Strategies Fund | | | 4,041,455 | | | | 40,859,106 | |
Vantagepoint Equity Income Fund | | | 4,719,625 | | | | 41,815,882 | |
Vantagepoint Growth & Income Fund | | | 2,455,782 | | | | 25,368,225 | |
Vantagepoint Growth Fund | | | 1,741,450 | | | | 15,812,366 | |
Vantagepoint Inflation Protected Securities Fund | | | 2,836,388 | | | | 34,093,383 | |
Vantagepoint International Fund | | | 2,418,806 | | | | 21,140,368 | |
Vantagepoint Low Duration Bond Fund | | | 3,541,568 | | | | 35,699,005 | |
| | | | | | | | |
| | | | | | | 229,646,571 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $219,911,857) | | | | | | | 229,646,571 | |
Other assets less liabilities—(0.0%) | | | | (57,019 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 229,589,552 | |
| | | | | | | | |
See accompanying notes to financial statements.
245
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Milestone 2015 Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Core Bond Index Fund Class I | | | 3,681,064 | | | $ | 38,761,604 | |
Vantagepoint Diversifying Strategies Fund | | | 6,689,955 | | | | 67,635,441 | |
Vantagepoint Equity Income Fund | | | 8,875,943 | | | | 78,640,851 | |
Vantagepoint Growth & Income Fund | | | 4,361,792 | | | | 45,057,315 | |
Vantagepoint Growth Fund | | | 3,355,993 | | | | 30,472,413 | |
Vantagepoint Inflation Protected Securities Fund | | | 3,306,875 | | | | 39,748,643 | |
Vantagepoint International Fund | | | 5,015,732 | | | | 43,837,495 | |
Vantagepoint Low Duration Bond Fund | | | 4,506,066 | | | | 45,421,147 | |
Vantagepoint Mid/Small Company Index Fund Class I | | | 1,271,513 | | | | 19,365,136 | |
| | | | | | | | |
| | | | | | | 408,940,045 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $384,643,374) | | | | | | | 408,940,045 | |
Other assets less liabilities—(0.0%) | | | | (70,991 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 408,869,054 | |
| | | | | | | | |
See accompanying notes to financial statements.
246
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Milestone 2020 Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Core Bond Index Fund Class I | | | 5,580,094 | | | $ | 58,758,393 | |
Vantagepoint Diversifying Strategies Fund | | | 6,494,889 | | | | 65,663,332 | |
Vantagepoint Equity Income Fund | | | 10,245,765 | | | | 90,777,479 | |
Vantagepoint Growth & Income Fund | | | 4,797,976 | | | | 49,563,092 | |
Vantagepoint Growth Fund | | | 3,857,239 | | | | 35,023,730 | |
Vantagepoint Inflation Protected Securities Fund | | | 800,957 | | | | 9,627,499 | |
Vantagepoint International Fund | | | 6,150,415 | | | | 53,754,625 | |
Vantagepoint Low Duration Bond Fund | | | 3,072,871 | | | | 30,974,539 | |
Vantagepoint Mid/Small Company Index Fund Class I | | | 2,408,011 | | | | 36,674,014 | |
| | | | | | | | |
| | | | | | | 430,816,703 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $404,494,205) | | | | | | | 430,816,703 | |
Other assets less liabilities—(0.0%) | | | | (65,885 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 430,750,818 | |
| | | | | | | | |
See accompanying notes to financial statements.
247
SCHEDULE OF INVESTMENTS)
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Milestone 2025 Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Core Bond Index Fund Class I | | | 4,432,524 | | | $ | 46,674,473 | |
Vantagepoint Diversifying Strategies Fund | | | 4,477,915 | | | | 45,271,724 | |
Vantagepoint Equity Income Fund | | | 8,910,075 | | | | 78,943,264 | |
Vantagepoint Growth & Income Fund | | | 4,248,382 | | | | 43,885,787 | |
Vantagepoint Growth Fund | | | 3,449,562 | | | | 31,322,022 | |
Vantagepoint International Fund | | | 5,615,724 | | | | 49,081,430 | |
Vantagepoint Low Duration Bond Fund | | | 1,133,962 | | | | 11,430,335 | |
Vantagepoint Mid/Small Company Index Fund Class I | | | 2,488,644 | | | | 37,902,043 | |
| | | | | | | | |
| | | | | | | 344,511,078 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $322,850,927) | | | | | | | 344,511,078 | |
Other assets less liabilities—(0.0%) | | | | (61,266 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 344,449,812 | |
| | | | | | | | |
See accompanying notes to financial statements.
248
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Milestone 2030 Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Core Bond Index Fund Class I | | | 2,492,957 | | | $ | 26,250,835 | |
Vantagepoint Diversifying Strategies Fund | | | 2,862,796 | | | | 28,942,864 | |
Vantagepoint Equity Income Fund | | | 7,428,131 | | | | 65,813,243 | |
Vantagepoint Growth & Income Fund | | | 3,655,078 | | | | 37,756,956 | |
Vantagepoint Growth Fund | | | 3,055,097 | | | | 27,740,283 | |
Vantagepoint International Fund | | | 4,941,025 | | | | 43,184,558 | |
Vantagepoint Low Duration Bond Fund | | | 381,429 | | | | 3,844,806 | |
Vantagepoint Mid/Small Company Index Fund Class I | | | 2,479,095 | | | | 37,756,614 | |
| | | | | | | | |
| | | | | | | 271,290,159 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $250,811,532) | | | | | | | 271,290,159 | |
Other assets less liabilities—(0.0%) | | | | (54,178 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 271,235,981 | |
| | | | | | | | |
See accompanying notes to financial statements.
249
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Milestone 2035 Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Core Bond Index Fund Class I | | | 982,984 | | | $ | 10,350,817 | |
Vantagepoint Diversifying Strategies Fund | | | 1,120,068 | | | | 11,323,883 | |
Vantagepoint Equity Income Fund | | | 5,113,647 | | | | 45,306,909 | |
Vantagepoint Growth & Income Fund | | | 2,522,736 | | | | 26,059,862 | |
Vantagepoint Growth Fund | | | 2,245,821 | | | | 20,392,053 | |
Vantagepoint International Fund | | | 3,561,689 | | | | 31,129,160 | |
Vantagepoint Low Duration Bond Fund | | | 56,945 | | | | 574,002 | |
Vantagepoint Mid/Small Company Index Fund Class I | | | 2,052,182 | | | | 31,254,726 | |
| | | | | | | | |
| | | | | | | 176,391,412 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $161,256,918) | | | | | | | 176,391,412 | |
Other assets less liabilities—(0.0%) | | | | (45,454 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 176,345,958 | |
| | | | | | | | |
See accompanying notes to financial statements.
250
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Milestone 2040 Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.0% | |
Vantagepoint Core Bond Index Fund Class I | | | 827,906 | | | $ | 8,717,846 | |
Vantagepoint Diversifying Strategies Fund | | | 254,782 | | | | 2,575,848 | |
Vantagepoint Equity Income Fund | | | 5,244,556 | | | | 46,466,763 | |
Vantagepoint Growth & Income Fund | | | 2,608,576 | | | | 26,946,586 | |
Vantagepoint Growth Fund | | | 2,343,538 | | | | 21,279,322 | |
Vantagepoint International Fund | | | 3,712,373 | | | | 32,446,141 | |
Vantagepoint Mid/Small Company Index Fund Class I | | | 2,224,021 | | | | 33,871,836 | |
| | | | | | | | |
| | | | | | | 172,304,342 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.0% | | | | | |
(Cost $150,329,102) | | | | | | | 172,304,342 | |
Other assets less liabilities—(0.0%) | | | | (47,514 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 172,256,828 | |
| | | | | | | | |
See accompanying notes to financial statements.
251
SCHEDULE OF INVESTMENTS
June 30, 2012 (Unaudited)
| | | | | | | | |
| Vantagepoint Milestone 2045 Fund | | | Shares | | | | Value | |
| AFFILIATED MUTUAL FUNDS—100.1% | |
Vantagepoint Core Bond Index Fund Class I | | | 210,653 | | | $ | 2,218,181 | |
Vantagepoint Equity Income Fund | | | 1,391,309 | | | | 12,326,994 | |
Vantagepoint Growth & Income Fund | | | 695,676 | | | | 7,186,335 | |
Vantagepoint Growth Fund | | | 622,108 | | | | 5,648,742 | |
Vantagepoint International Fund | | | 985,870 | | | | 8,616,507 | |
Vantagepoint Mid/Small Company Index Fund Class I | | | 592,180 | | | | 9,018,897 | |
| | | | | | | | |
| | | | | | | 45,015,656 | |
| | | | | | | | |
| TOTAL INVESTMENTS—100.1% | | | | | |
(Cost $42,683,548) | | | | | | | 45,015,656 | |
Other assets less liabilities—(0.1%) | | | | (32,668 | ) |
| | | | | | | | |
| NET ASSETS—100.0% | | | | | | $ | 44,982,988 | |
| | | | | | | | |
See accompanying notes to financial statements.
252
Sub-item 2a. Not applicable.
Sub-item 2c. Not applicable.
Sub-item 2d. Not applicable.
Sub-item 2e. Not applicable.
Sub-item 2f. Not applicable.
| Item 3 | (Audit Committee Financial Expert): Not applicable. |
| Item 4 | (Principal Accountant Fees and Services): Not applicable. |
| Item 5 | (Audit Committee of Listed Registrants): Not applicable. |
Sub-item 6a. Not applicable; included under Item 1 above.
Sub-item 6b. Not applicable; the registrant did not divest itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
| Item 7 | (Disclosure of Proxy Voting Policies & Procedures for Closed-end Management Investment Companies): Not applicable to this registrant. |
| Item 8 | (Portfolio Managers of Closed-End Management Investment Companies): Not applicable. |
| Item 9 | (Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers): Not applicable. |
| Item 10 | (Submission of Matters to a Vote of Security Holders): None. |
| Item 11 | (Controls and Procedures): |
Sub-item 11a. The principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.
Sub-item 11b. There was no change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to affect, the registrant’s internal control over financial reporting.
Sub-item 12a(1). Not applicable.
Sub-item 12a(2). The certification exhibits are attached.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| The Vantagepoint Funds |
| |
| By: | | /s/ Joan McCallen |
| | Joan McCallen, Principal Executive Officer |
Date: August 30, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities, and on the dates indicated.
| | |
|
| |
| By: | | /s/ Joan McCallen |
| | Joan McCallen, Principal Executive Officer |
|
| Date: August 30, 2012 |
|
| |
| By: | | /s/ Elizabeth Glista |
| | Elizabeth Glista, Principal Financial Officer |
Date: August 30, 2012
