FORM N-CSR
OMB APPROVAL
OMB Number: 3235-0570
Expires: September 30, 2007
Estimated average burden
hours per response.....19.4
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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, Washington D.C. 20002-4240
--------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Paul Gallagher, 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: 12/31/04
Date of reporting period: 01/01/04 - 12/31/04
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. Section 3507.
FORM N-CSR
ITEM 1 (REPORT TO SHAREHOLDERS): The annual report is set forth, below.
THE VANTAGEPOINT FUNDS
ANNUAL REPORT
December 31, 2004
[THE VANTAGEPOINT(R) FUNDS LOGO]
TABLE OF CONTENTS
Letter from the President of The Vantagepoint Funds ..................... 1
Letter from Vantagepoint Investment Advisers, LLC ....................... 2
Shareholder Expenses .................................................... 5
Management's Discussion of Fund Performance ............................. 7
VANTAGEPOINT FUNDS
Report of Independent Auditors ....................................... 67
Statements of Assets and Liabilities ................................. 68
Statements of Operations ............................................. 72
Statements of Changes in Net Assets .................................. 76
Financial Highlights ................................................. 87
Notes to the Financial Statements .................................... 111
Schedules of Investments ............................................. 136
A description of the Company's proxy voting policies and procedures and the
proxy voting record for the 12-month period ended June 30, 2004 are available on
the Company's website at www.icmarc.org or by accessing the Securities and
Exchange Commission's website at www.sec.gov.
The Company files its complete schedule of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on form N-Q; the Company's
forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed
and copied at the SEC's Public Reference Room in Washington, D.C. Information on
the operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
JOAN McCALLEN 777 North Capitol Street, NE
President Washington, DC 20002-4240
LETTER FROM THE PRESIDENT OF THE VANTAGEPOINT FUNDS
Dear Shareholders:
The capital markets delivered positive results to investors in 2004. Equity
markets overcame rising interest rates, a decline in the value of the dollar and
a sharp escalation of crude oil prices to produce good returns across the broad
equity market. As in any year, however, the trend was not steady from quarter to
quarter and certain market sectors performed better than others.
We encourage our investors to take a long-term perspective focused on building
assets for their retirement years. While past performance is no guarantee of
future results, long-term performance of The Vantagepoint Funds has demonstrated
the value of our multi-management investment strategy, which is designed to
offer our mutual fund investors the opportunity to diversify their investments
between top-in-class investment managers with complementary investment styles.
As most investment professionals advise, the retirement investor should take
care to be properly invested among different asset classes--bonds, stocks and
cash--as well as within those asset classes.
This was demonstrated in particular this year. While the Standard & Poor's 500
Index, which is composed of the largest companies, showed a solid 10.9% return,
the Standard & Poor's 600 Index, with a bias to smaller companies, rose 21.5%.
In any given year, one area of the market may outpace others, and no one can
predict with certainty the source of the future returns.
A number of The Vantagepoint Funds regularly received high ratings from
Morningstar(R), a mutual fund rating service. In particular, we note the
performance of the Equity Income Fund, while cautioning that past performance is
not a predictor of future returns. Though its return lagged the S&P, the Growth
Fund received a four star Morningstar(R) rating and we believe it is properly
positioned to benefit from a general market turn to larger growth companies in
the future.
At The Vantagepoint Funds and Vantagepoint Investment Advisers, LLC, we actively
monitored the regulatory and legislative environment as federal agencies
continued their scrutiny of mutual funds that were found to have engaged in
unethical practices or illegal trading activities. At The Vantagepoint Funds,
our strong value of integrity is tied to our roots in the public sector. We
strongly support efforts to maintain the tradition of integrity in the mutual
fund industry, while urging regulators to consider the interests of retirement
investors in their proposed reforms.
As in prior years we continued to deliver enhanced services to our IRA
investors. In particular, we encourage you to look closely at our Vantagepoint
Milestone Funds, which were launched at the beginning of 2005 and are now
available to our investors. These target-based funds allow investors to invest
their assets in a fund dated close to when they expect to retire or draw upon
their savings. As the date nears, the fund, composed of a selection of
underlying Vantagepoint Funds, gradually moves to a more conservative asset mix.
We also note that our Internet Web site and our voice response system were given
awards by Dalbar, an independent consulting service that sets high criteria for
services in the mutual fund industry.
All of our work, whether through The Vantagepoint Funds or our related products
and services, is dedicated to helping build retirement security for our public
sector employees and their families. We look forward to another year of serving
you, our clients.
Sincerely,
/s/ Joan McCallen [THE VANTAGEPOINT(R) FUNDS LOGO]
Joan McCallen
* This information is being provided for educational purposes and is not
intended to be construed as or relied upon as investment advice. The ICMA
Retirement Corporation ("ICMA-RC") does not offer specific tax or legal
advice. Individuals are advised to consider any new investment strategies
carefully prior to implementing. Please consult the current Vantagepoint Fund
prospectus carefully before investing any money. The Vantagepoint Funds are
distributed by ICMA-RC Services, LLC, a wholly-owned broker-dealer subsidiary
of ICMA-RC and a member NASD/SIPC. 1-800-669-7400. VantagePlanning fee based
financial planning services are offered through ICMA-RC, a federally
registered investment adviser. Please consult all disclosure documents prior
to initiating any plan.
1
LETTER FROM VANTAGEPOINT INVESTMENT ADVISERS, LLC 777 North Capitol Street, NE
Washington, DC 20002-4240
Dear Shareholders:
Domestic and foreign stocks proved positive again this year. For the first time
since 1999, the major market indexes experienced back-to-back years of positive
returns. Bonds even continued to post positive returns, despite rising interest
rates. A sampling of the year's returns:
[DATA BELOW IS REPRESENTED BY A BAR CHART IN THE ORIGINAL REPORT]
Lehman Brothers Aggregate Bond Index 4.34%
(Investment-grade U.S. bonds)
S&P 500 Index 10.87%
(Larger U.S. stocks)
Dow Jones Wilshire 5000 Total 12.49%
Market Index
(All U.S. stocks)
Dow Jones Wilshire 4500 Index 18.08%
(Smaller U.S. stocks)
MSCI EAFE Index 20.70%
(Non-U.S. developed-country stocks)
The Vantagepoint Funds also benefited from the market gains.
FUND RETURNS
VANTAGEPOINT ACTIVELY MANAGED FUNDS YEAR ENDED DECEMBER 31, 2004
- --------------------------------------------------------------------------------
Vantagepoint Money Market Fund 0.82%
Vantagepoint Short-Term Bond Fund 3.65%
Vantagepoint US Government Securities Fund 1.77%
Vantagepoint Asset Allocation Fund 10.62%
Vantagepoint Equity Income Fund 14.78%
Vantagepoint Growth & Income Fund 8.85%
Vantagepoint Growth Fund 3.27%
Vantagepoint Aggressive Opportunities Fund 15.99%
Vantagepoint International Fund 15.23%
VANTAGEPOINT INDEX FUNDS CLASS I CLASS II
- --------------------------------------------------------------------------------
Vantagepoint Core Bond Index Fund 3.94% 4.22%
Vantagepoint 500 Stock Index Fund 10.49% 10.60%
Vantagepoint Broad Market Index Fund 11.96% 12.11%
Vantagepoint Mid/Small Company Index Fund 17.86% 17.95%
Vantagepoint Overseas Equity Index Fund 19.61% 20.05%
VANTAGEPOINT MODEL PORTFOLIO FUNDS
- --------------------------------------------------------------------------------
Vantagepoint Savings Oriented Fund 5.78%
Vantagepoint Conservative Growth Fund 6.74%
Vantagepoint Traditional Growth Fund 7.89%
Vantagepoint Long-Term Growth Fund 9.25%
Vantagepoint All-Equity Growth Fund 10.30%
A discussion of each Fund's 2004 results follows, beginning on page 7.
*This information is being provided for educational purposes and should not be
construed as or relied upon as investment advice or as a solicitation for a
particular product or security. Performance reflected above represents past
performance. The Lehman Brothers Aggregate Bond Index consists of
investment-grade U. S. fixed income securities. The S&P 500 Index is an index
comprised of 500 larger capitalization stocks traded in the U. S. The Dow Jones
Wilshire 5000 Index is composed of U. S. domiciled companies for which daily
pricing is available and is a broad measure of the U. S. equity market. The Dow
Jones Wilshire 4500 Index consists of all stocks in the Dow Jones Wilshire 5000
Index except those included in the S&P 500 Index. The MSCI EAFE Index consists
of approximately 1,100 securities listed on the stock exchanges of developed
markets of countries in Europe, Australasia and the Far East. A fund's portfolio
may differ significantly from the securities held in the indexes. Indexes are
not available for direct investment; therefore, their performance does not
reflect the expenses associated with the active management of an actual
portfolio. Investment returns and principal value of an investment in the funds
will fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost. Past performance is not indicative of future
returns. Please consult the current Vantagepoint Funds' prospectus, which
contains additional information on management fees, other fund expenses, and
investment risks and objectives carefully before investing any money. The
Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly-owned
broker-dealer subsidiary of ICMA-RC and a member NASD/SIPC. 1-800-669-7400
[VANTAGEPOINT(R) INVESTMENT ADVISERS, LLC LOGO]
2
STOCKS CONTINUE WITH POSITIVE RETURNS
In 2004, investors generally enjoyed what they hadn't experienced in some time
.... a fairly tranquil, average year. The roaring bull market of the late 1990s
swept equity investors to heights of euphoria before the bear market of
2000-2002 led them to feelings of despair. The stock market roared back in 2003,
with the S&P 500 Index gaining 28.7%, the Dow Jones Industrial Average climbing
25.9%, and the Nasdaq Composite Index advancing 50.7%. Meanwhile, on the bond
front, in the bear market years for stocks (2000-2002), investors benefited from
exceptionally good double-digit returns, as was reflected in the performance of
the Lehman Aggregate Bond Index (an average annual return of 10.1% over the
three-year period).
Against that backdrop, 2004 was comparatively tame. The S&P 500 Index returned
10.9 percent, placing it at the high end of its historic return range of 8 to 10
% annually. A broader measure of the market, the DJ Wilshire 5000 Index,
finished the year a mere 0.6% above its 10-year average return. The Lehman
Aggregate Bond Index returned 4.3%--below its average return of 7.7% over the
past 10 years, but above last year's 4.1% and a satisfactory performance in a
rising interest rate environment.
For something more exciting, investors had to look abroad and at small- and
mid-cap stocks. For U.S. investors, the MSCI EAFE Index returned a very healthy
20.7%, helped in large measure by a U.S. dollar that gave up considerable ground
against major foreign currencies throughout the year. As measured by the DJ
Wilshire 4500 Index, small- and mid-cap stocks advanced 18.1%--surprising some
investors, who felt they might lose steam after a very strong showing in 2003's
economic recovery.
While the U.S. equity market produced a somewhat average return, the ride was
bumpy. The S&P 500 Index returned 1.7% in each of the first two quarters before
giving up 1.9% in the third quarter. What made the year was the fourth quarter's
gain of 9.2%. The bulk of that gain came in the days just before and the weeks
following the presidential election, with the S&P 500 Index climbing 4.1% in
November and 3.4% in December.
For the fifth year in a row, value stocks outperformed growth stocks. While the
rotation between growth and value is ongoing, the two recent "runs"--growth over
value in the late 1990s and value over growth in the 2000s--are notable for
their length. The long trend favoring value stocks during the uncertain economic
and geopolitical times led many investors to increasingly question how much
longer the value trend can last. Specific value sectors, such as energy and
utilities, had a particularly strong year in 2004, while growth sectors, such as
semi-conductor and pharmaceutical companies, had an off year. The other stories
for 2004 were about the continuing preference for smaller capitalization and
lower quality stocks. As in 2003, they outperformed larger capitalization and
higher quality stocks. For example, according to Standard and Poor's, in 2004
stocks ranked B+ or better trailed stocks ranked B or worse by about 1.20%.
On the fixed income front, the 10-year U.S. Treasury yield closed 2004 at
4.22%--down just 0.03% from where it started the year. The year was not without
volatility, however, as the 10-year U.S. Treasury yield reached 4.87% in June.
In 2004's low yield environment, corporate bond exposure proved beneficial, and
lower quality credits continued to outperform more highly rated issues. High
yield bonds, for example, returned 10.9%--well over twice that of the broad bond
market benchmark, the Lehman Aggregate Bond Index. The real story in the bond
markets was the Federal Reserve finally reversing its highly accommodative
interest rate stance and hiking its target Federal Funds Rate five times
beginning in June. In the process, that key short-term rate jumped from 1.0% to
2.25%. The Federal Open Market Committee ("FOMC") has signaled its intention to
continue raising short-term rates at a measured pace during 2005.
3
In summary, it was a year of few surprises. For example, the FOMC made it clear
that it would be raising the Federal Funds Rate, so investors were not caught
off guard. As election uncertainty evaporated, the stock market rallied. The
dollar fell--but in a somewhat steady manner, so there was no sharp sell-off.
Higher cost oil extracted its measure of pain, but inflation overall remained
manageable. Corporate profit growth slowed, but that was to be expected after
the sharp run-up in 2003's recovery. Key economic numbers--such as Gross
Domestic Product ("GDP") and unemployment--remained steady. And on the
geopolitical front the conflicts around the world continued more or less as
expected without significant shocks. The big event--the presidential
election--was on everybody's calendar for the first Tuesday in November. In that
environment, investors realized returns that didn't stray too far from their
historical averages--and that may have been just the type of year investors were
looking for.
The Vantagepoint Funds produced returns in 2004 consistent with their particular
asset class and style focus. The fixed income funds returned between 0.82% and
4.22% with shorter-term funds such as the Money Market Fund producing lower
returns and the longer-term funds such as the Core Bond Index Fund producing
higher returns. The only significant fund change in 2004 was the conversion of
the Income Preservation Fund to a short-term bond fund with a fluctuating NAV.
At that time, the fund was renamed the Vantagepoint Short-Term Bond Fund.
The Vantagepoint equity funds' returns were clearly linked to the amount of
non-U.S., value and smaller capitalization exposure. For example, the strongest
one-year returns were earned by the Vantagepoint Aggressive Opportunities Fund
(+15.99%), followed by the Vantagepoint International Fund (+15.23%) and Equity
Income Fund (+14.78%). Lower one-year returns were earned by the Growth & Income
Fund (+8.85%) and the Growth Fund (+3.27%). Likewise, the Vantagepoint Model
Portfolio Funds produced results consistent with their asset mix and exposure to
specific underlying Vantagepoint Funds. All funds across the Vantagepoint Fund
family continue to produce risk-adjusted results that have earned them favorable
long-term Morningstar(R) ratings.
Knowing that "average" years in the market are actually atypical, Vantagepoint
Investment Advisers, LLC (VIA) continues to manage its funds with the goal of
producing above-average results over the longer-term, with below average
volatility over the shorter-term. By using independent third-party subadvisers
to manage certain fund's assets, VIA has the flexibility to always seek
best-in-class managers in multiple manager structures that provide consistency
of style and results.
Sincerely,
Vantagepoint Investment Advisers, LLC
* The information herein was obtained from various sources; we do not guarantee
its accuracy or completeness. Neither the information nor any opinion expressed
constitutes an offer, or an invitation to make an offer, to buy or sell any
securities. This information is intended for educational purposes only and is
not to be construed as investment advice. It does not have regard to the
individual investment objectives, financial situation or the particular needs of
any specific person who may receive this report. Investors should seek financial
advice regarding the appropriateness of investing in any securities or using any
investment strategies discussed or recommended here and should understand that
statements regarding future prospects may not be realized. Investors should note
that returns, if any, from investing in securities, will fluctuate and that each
security price or value may rise or fall. Accordingly, investors may receive
back less than originally invested. Past performance is not an indicator of
future performance. The Vantagepoint Funds are distributed by ICMA-RC Services,
LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member NASD/SIPC.
1-800-669-7400.
4
SHAREHOLDER EXPENSES
As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as
advisory fees, investor services fees, fund services 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 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 July 1, 2004 to December 31, 2004.
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 ENDING EXPENSES BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING VANTAGEPOINT VALUE VALUE EXPENSE DURING
7/1/2004 12/31/2004 RATIO PERIOD* FUNDS 7/1/2004 12/31/2004 RATIO PERIOD*
- -----------------------------------------------------------------------------------------------------------------------------------
$1,000.00 $ 1,005.80 0.65% $ 3.28 Money Market** $ 1,000.00 $ 1,022.50 0.65% $ 3.30
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,021.00 0.75% $ 3.81 Short-Term Bond $ 1,000.00 $ 1,021.40 0.75% $ 3.81
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,022.60 0.59% $ 3.00 US Government Securities $ 1,000.00 $ 1,022.20 0.59% $ 3.00
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,080.60 0.75% $ 3.92 Asset Allocation $ 1,000.00 $ 1,021.40 0.75% $ 3.81
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,096.30 0.89% $ 4.69 Equity Income $ 1,000.00 $ 1,020.70 0.89% $ 4.52
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,061.40 0.82% $ 4.25 Growth & Income $ 1,000.00 $ 1,021.00 0.82% $ 4.17
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,027.60 0.95% $ 4.84 Growth $ 1,000.00 $ 1,020.40 0.95% $ 4.82
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,068.00 1.23% $ 6.39 Aggressive Opportunities $ 1,000.00 $ 1,019.00 1.23% $ 6.24
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,118.20 1.18% $ 6.28 International $ 1,000.00 $ 1,019.20 1.18% $ 5.99
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,039.20 0.44% $ 2.26 Core Bond Index Class I $ 1,000.00 $ 1,022.90 0.44% $ 2.24
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,041.10 0.24% $ 1.23 Core Bond Index Class II $ 1,000.00 $ 1,023.90 0.24% $ 1.22
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,070.80 0.46% $ 2.39 500 Stock Index Class I $ 1,000.00 $ 1,022.80 0.46% $ 2.34
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,071.50 0.26% $ 1.35 500 Stock Index Class II $ 1,000.00 $ 1,023.80 0.26% $ 1.32
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,079.80 0.44% $ 2.30 Broad Market Index Class I $ 1,000.00 $ 1,022.90 0.44% $ 2.24
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,080.40 0.24% $ 1.26 Broad Market Index Class II $ 1,000.00 $ 1,023.90 0.24% $ 1.22
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,115.30 0.55% $ 2.92 Mid/Small Company Index Class I $ 1,000.00 $ 1,022.40 0.55% $ 2.80
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,115.50 0.35% $ 1.86 Mid/Small Company Index Class II $ 1,000.00 $ 1,023.40 0.35% $ 1.78
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,144.50 1.10% $ 5.93 Overseas Equity Index Class I $ 1,000.00 $ 1,019.60 1.10% $ 5.58
- --------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,147.30 0.90% $ 4.86 Overseas Equity Index Class II $ 1,000.00 $ 1,020.60 0.90% $ 4.57
- --------------------------------------------- ----------------------------------------------
5
ACTUAL HYPOTHETICAL
- --------------------------------------------- ---------------------------------------------
BEGINNING ENDING EXPENSES BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT ANNUALIZED PAID ACCOUNT ACCOUNT ANNUALIZED PAID
VALUE VALUE EXPENSE DURING VANTAGEPOINT VALUE VALUE EXPENSE DURING
7/1/2004 12/31/2004 RATIO PERIOD* FUNDS 7/1/2004 12/31/2004 RATIO PERIOD*
- ------------------------------------------------------------------------------------------------------------------------------------
$1,000.00 $ 1,038.90 0.83% $ 4.25 Model Portfolio Savings Oriented** $ 1,000.00 $ 1,021.00 0.83% $ 4.22
- -------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,044.60 0.89% $ 4.57 Model Portfolio Conservative Growth** $ 1,000.00 $ 1,020.70 0.89% $ 4.52
- -------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,051.70 0.97% $ 5.00 Model Portfolio Traditional Growth** $ 1,000.00 $ 1,020.30 0.97% $ 4.93
- -------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,062.50 1.02% $ 5.29 Model Portfolio Long-Term Growth** $ 1,000.00 $ 1,020.00 1.02% $ 5.18
- -------------------------------------------- ----------------------------------------------
$1,000.00 $ 1,065.80 1.17% $ 6.08 Model Portfolio All-Equity Growth** $ 1,000.00 $ 1,019.30 1.17% $ 5.94
- -------------------------------------------- ----------------------------------------------
- -----------
* 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 the number of days in most recent fiscal half-year
divided by total # of days in fiscal year e.g. 184/366 (to reflect the
one-half year period).
** This is a fund of funds. The annualized expense ratio includes this Fund's
proportionate share of the expense ratio of the underlying Fund(s).
6
VANTAGEPOINT MONEY MARKET FUND
The Vantagepoint Money Market Fund's objective is to seek maximum current
income, consistent with maintaining liquidity and a stable share price of $1.00.
The principal investment strategy is to invest substantially all of its assets
in the AIM Short-Term Investments Trust Liquid Assets Portfolio, a registered
money market mutual fund, which invests in high-quality, short-term money market
instruments. The underlying portfolio of the AIM Short-Term Investments Trust
Liquid Assets Portfolio consists of certificates of deposit of major U.S. banks,
prime commercial paper, high-quality, short-term corporate obligations and
short-term U.S. Government and agency securities. The Fund's portfolio has an
average maturity of less than 90 days.
PERFORMANCE
The Vantagepoint Money Market Fund returned 0.82% in 2004. The Fund's unmanaged
benchmark, the 30-day U.S. Treasury bill, returned 1.20%, while the benchmark
for the Fund's peer group, the MFR Prime Retail Average, returned 0.66%.
COMMENTARY
In 2003, short-term interest rates fell to 45-year lows as the Federal Open
Market Committee (FOMC) took its target Federal Funds Rate down to 1.00%--an
extremely accommodative monetary policy in response to weak economic conditions.
That key overnight lending rate reversed direction in 2004, however, as the FOMC
raised the rate by 0.25% in June. By the time the year was over, the FOMC raised
the Federal Funds Rate four more times for a total of 1.25%, bringing the
Federal Funds rate to 2.25% at year end. In reversing course and raising
short-term rates, the FOMC most likely was responding to a stronger overall
economic picture, capped by firming job creation. In addition, an exceptionally
strong housing market, steadily climbing oil prices and the likelihood that
corporations would regain some pricing power all led the FOMC to become
increasingly concerned over the inflation outlook.
While the bond market staged a brief, but sharp sell-off in the second quarter
based on strong economic numbers, the Fund benefited from higher money market
yields and provided a moderately better return in 2004 compared with 2003. The
Fund underperformed its unmanaged benchmark, the 30-day U.S. Treasury bill,
owing to fees, but topped its peer fund benchmark, the MFR Prime Retail Average.
The AIM Short-Term Investments Trust Liquid Assets Portfolio's average maturity
was 29 days at year-end. The AIM Investments Liquid Assets Portfolio has the
highest quality rating for money market funds, with all securities rated P-1 by
Moody's Investor Service.*
* Moody's Investors Service is one of the leading providers of independent
credit ratings and research to the capital markets. Moody's publishes credit
opinions, research and ratings on fixed income securities, issuers of securities
and other credit obligations.
7
VANTAGEPOINT MONEY MARKET FUND
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
Commercial Paper 36%
Variable Rate Securities 24%
Time Deposits 15%
Repurchase Agreements 12%
Certificates of Deposit 9%
U.S. Agencies 3%
Other 1%
Due to rounding, pie chart allocations may total more than 100%.
8
VANTAGEPOINT MONEY MARKET FUND VS. U.S. T-BILLS (30 DAY) AND MFR PRIME RETAIL
AVERAGE: GROWTH OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: iMoneyNet & Ibbotson Associates
VANTAGEPOINT MONEY MARKET FUND
TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 0.82%
Three Years 0.91%
Five Years 2.46%
Since Inception 2.80%
Fund Inception Date March 1, 1999
Past performance does not guarantee future results. Investment returns will
fluctuate. While the Fund seeks to maintain a stable net asset value of $1 per
share, there is no guarantee that it will do so and it is still possible to lose
money by investing in the Fund. All returns reflect reinvested dividends but do
not include the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. Please consult the current
prospectus carefully before investing any money. The Vantagepoint Funds are
distributed by ICMA-RC Services, LLC, a wholly-owned broker-dealer subsidiary of
ICMA-RC and a member NASD/SIPC. 1-800-669-7400.
This fund's peer benchmark, the MFR Prime Retail Average, measures the
performance of a group of approximately 600 retail money market funds. This
fund's market benchmark is the 30-day Treasury Bill, an unmanaged benchmark that
does not reflect the cost of portfolio management or trading. The Fund's
portfolio will differ significantly from the market benchmark, which is a single
security.
9
VANTAGEPOINT SHORT-TERM BOND FUND(1)
The Vantagepoint Short-Term Bond Fund's objective is to seek total return that
is consistent with preservation of capital. The principal investment strategy is
to invest, under normal market conditions, at least 80% of its total assets in
bonds of varying maturities. The Fund also normally invests at least 65% of its
total assets in debt securities with more than one year to maturity, and its
maximum average portfolio maturity (on a dollar-weighted basis) is three years.
PERFORMANCE
The Short-Term Bond Fund returned 3.65% for 2004. The Fund's benchmark at the
beginning of 2004, the 91-day U.S. Treasury bill, returned 1.33%. Effective with
the Fund's name, investment objective, strategy and subadviser changes in
November, the Merrill Lynch 1-3 Year Government/Corporate Index was selected as
the market benchmark for the Fund. For the year, that index returned 1.21%. With
the November changes in the Fund, it moved into a peer group of like-style
mutual funds benchmarked by the Lipper Short Investment Grade Index. That index
returned 1.60% for the year. The Fund's performance in 2004 should not be
considered representative of the past performance of the Fund as structured
currently. During most of 2004, when the Fund's performance was achieved, it was
managed with very different investment objectives and strategies than is the
case today.
COMMENTARY
In anticipation of the change in the Fund's objective and strategy, Pacific
Investment Management Company, LLC and Wellington Management Company, LLP, two
of the Funds subadvisers, were terminated on September 2, 2004. Payden & Rygel
Investment Counsel ("Payden & Rygel") continues to serve as subadviser and on
November 8, 2004, STW Fixed Income Management, Ltd ("STW") began serving as a
subadviser of the Fund.
The Fund's performance reflects a combination of positive factors. Throughout
most of 2004, when the Fund was the Vantagepoint Income Preservation Fund, the
Fund followed a strategy that sought to provide current income and maintain a
stable net asset value ("NAV") of $100.00. During this period the Fund was
invested in a broadly diversified portfolio of bonds that on average was
intermediate-term focused, and maintained wrapper contracts to seek to maintain
a stable NAV. Following the Fund's name, investment objective and strategy
change in November to the Short-Term Bond Fund, discussed below, the Fund began
to seek total return, consistent with capital preservation through shorter-term
bond investments. The allocation to intermediate term bonds for the majority of
the year provided higher returns than the peer group of short-term bond funds.
Despite rising short-term interest rates in 2004, which had a negative impact on
short-term bond values, the Fund's maturity positioning proved to be beneficial.
The headline news in bond markets during 2004 was the Federal Reserve Board's
reversal of its year-long highly accommodative monetary stance. In June, the
Federal Reserve Open Market Committee (FOMC) began a series of increases in its
target Federal Fund Rates. By year-end, the FOMC raised this key rate five
times, taking it from a 45-year low of 1.00% to 2.25%. The FOMC made its
intentions known well in advance, so despite a back-up in short-term yields,
which is to be expected under these conditions, bond market investors generally
took the increases in stride.
The Fund's name, investment objective, strategy and subadviser changes in
November were precipitated by inquiries by the Securities and Exchange
Commission regarding the method used to value wrap agreements by registered
"stable value" funds like the Income Preservation Fund. Coincident with the
change, the Fund's NAV began to be marked-to-market daily and the Fund invested
in high quality instruments that fall within the one- to three-year average
portfolio maturity range. Accordingly, the Fund's benchmark is the Merrill Lynch
1-3 Government/Corporate Index.(2)
(1) On November 8, 2004 the Fund underwent a change in name, investment
objective, strategy and subadvisers. Prior to this date the Fund was called the
Vantagepoint Income Preservation Fund.
(2) The Fund changed benchmarks on November 8, 2004, concurrent with the changes
in name, investment objective, strategy and subadvisers. Prior to this date, the
Fund was called the Vantagepoint Income Preservation Fund and used the 91-day
T-Bill as its benchmark.
10
Payden & Rygel and STW follow different approaches to short-term bond investing
that complement each other, and Vantagepoint Investment Advisers, LLC, the
Fund's adviser believes that together Payden & Rygel and STW are well positioned
to seek to achieve the Fund's new short-term bond mandate.
SUBADVISER DATA
PAYDEN & RYGEL
Founded: 1983
Investment Style: Broad-based short duration bond management
Investment approach: Pursues a portfolio that focuses on quality, liquidity and
safety of principal
STW FIXED INCOME MANAGEMENT LTD
Founded: 1977
Investment Style: Short duration fixed income management
Investment approach: Pursues a portfolio of Investment Grade fixed income
securities and short duration assets
VANTAGEPOINT SHORT-TERM BOND FUND
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
U.S. Treasuries 36%
Asset-Backed 18%
U.S. Corporate 16%
Cash 12%
Mortgage CMO 10%
Mortgage Pass-Thru 8%
Due to rounding, pie chart allocations may total more than 100%.
11
VANTAGEPOINT SHORT-TERM BOND FUND VS. U.S. T-BILLS (91 DAY) AND MERRILL LYNCH
1-3 GOVT/CORP: GROWTH OF $10,000 INVESTED DECEMBER 4, 2000
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: iMoneyNet & Ibbotson Associates
VANTAGEPOINT SHORT-TERM BOND
TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 3.65%
Three Years 3.75%
Since Inception 4.14%
Fund Inception Date December 4, 2000
The Fund's 2004 performance should not be considered representative of the past
performance of the Fund as currently managed. During most of 2004 the Fund's
performance was achieved using very different investment objectives and
strategies. The Fund was managed using its current investment objective and
strategy only since November 8, 2004.
Past performance does not guarantee future results. Investment returns will
fluctuate. It is still possible to lose money by investing in the Fund. All
returns reflect reinvested dividends but do not include the deduction of taxes
that a shareholder would pay on fund distributions or the redemption of fund
shares. Please consult the current prospectus carefully before investing any
money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a
wholly-owned broker-dealer subsidiary of ICMA-RC and a member NASD/SIPC.
1-800-669-7400.
The Fund's benchmark is the Merrill Lynch 1-3 year Government/Corporate Index
("Merrill 1-3"), which tracks the performance of US dollar-denominated
investment grade Government and Corporate public debt issued in the US Domestic
bond market with maturities ranging between 1 and 3 years. Bonds must be rated
investment grade based on a composite of Moody's and S&P. Prior to November 8,
2004, the Fund's benchmark was the 91-day Treasury bill, an unmanaged benchmark
that does not reflect the costs of portfolio management or trading. The Fund
changed the benchmark to which it compares its performance because the Merrill
1-3 is considered a more appropriate comparison since the Fund changed its name,
investment objective and strategies on November 8, 2004. The Fund's portfolio
will differ significantly from the securities comprising the indexes.
12
VANTAGEPOINT US GOVERNMENT SECURITIES FUND
The Vantagepoint US Government Securities Fund's objective is to offer current
income. The principal investment strategy is to invest, under normal
circumstances, at least 80% of its net assets in securities issued by the U.S.
Treasury, U.S. Government, and U.S. Government-sponsored entities, including
mortgage-backed securities issued or guaranteed by the Government National
Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association
("Fannie Mae"), and the Federal Home Loan Mortgage Corporation ("Freddie Mac").
Mortgage-backed securities issued by Fannie Mae and Freddie Mac are not backed
by the full faith and credit of the U.S. Government.
PERFORMANCE
The Fund returned 1.77% in 2004. Its market benchmark, the Lehman Intermediate
U.S. Government Bond Index, returned 2.31%. The Lipper Intermediate U.S.
Government Funds Index ("Lipper Index"), a group of mutual funds with similar
objectives, returned 2.84%.
COMMENTARY
The Fund provided a positive return to investors, despite rising short-term
interest rates in 2004, which had a negative impact on short-term bond values.
The headline news in bond markets during 2004 was the Federal Reserve Board
reversing its year-long highly accommodative monetary stance. In June, the
Federal Reserve Open Market Committee (FOMC) began a series of increases in its
target Federal Funds Rates. By year-end, the FOMC raised this key rate five
times, taking it from a 45-year low of 1.00% to 2.25%. The FOMC made its
intentions known well in advance, so despite a back-up in short-term yields,
which is to be expected under these conditions, bond market investors generally
took the increases in stride.
The Fund's performance lagged the Lipper Index due to a relative underweighting
in mortgage-backed securities (MBS), a sector of the bond market that was strong
in 2004. The Fund, on the other hand, invested principally in U.S. government
securities and limited its investments in MBS in order to diminish prepayment
risk.
In 2004, corporate bonds and mortgage securities were strong, as excess yield
over Treasuries and spread tightening drove performance. Mortgages, in
particular, continued to benefit throughout the year from strong demand from
banks and others. In spite of the FOMC's actions to raise interest rates as the
year progressed, market participants did not flee from mortgage investments as
levels of uncertainty remained low.
Lower demand for lower-yielding short- and intermediate-term Treasuries put
downward pressure on their prices. Anticipation of the FOMC's action at the end
of the second quarter also put significant pressure on Treasuries, particularly
short-term maturities most impacted by an increase in the Federal Funds Rate.
This caused Treasury yields to move sharply higher during the second quarter,
and they finished even higher by year-end. (The two-year U.S. Treasury Note
ended 2004 yielding 3.07%.) Despite this rise in yields, which has a negative
impact on performance, the Fund finished the year with a positive return.
The Fund began the year with a new subadviser, Mellon Capital Management. The
subadviser follows an enhanced index approach, seeking to achieve broad
diversification among U.S. Government Bonds in the intermediate sector of the
bond market. Because it makes very modest active management decisions, investors
should expect to achieve a return close to the Fund's market benchmark, the
Lehman Intermediate U.S. Government Bond Index.
SUBADVISER DATA
MELLON CAPITAL MANAGEMENT CORPORATION
Founded: 1983
Investment Style: U.S. Government securities, duration neutral
Investment Approach: Selects U.S. Treasury, U.S. government agency and
agency mortgage-backed securities.
13
VANTAGEPOINT US GOVERNMENT SECURITIES FUND
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
U.S. Treasuries 55%
U.S. Agency 38%
Cash 6%
Mortgage Pass-Thru 1%
Due to rounding, pie chart allocations may total more than 100%.
VANTAGEPOINT US GOVERNMENT SECURITIES FUND VS. LEHMAN BROTHERS INTERMEDIATE
GOVERNMENT BOND INDEX AND LIPPER INTERMEDIATE US GOVERNMENT FUNDS INDEX: GROWTH
OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
14
VANTAGEPOINT US GOVERNMENT SECURITIES FUND VS. LEHMAN BROTHERS INTERMEDIATE
GOVERNMENT BOND INDEX AND LIPPER INTERMEDIATE US GOVERNMENT FUNDS INDEX: GROWTH
OF $10,000 INVESTED DECEMBER 31, 1994
[DATA BLOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT US GOVERNMENT SECURITIES FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 1.77%
Three Years 4.01%
Five Years 6.25%
Ten Years 6.55%
Fund Inception Date July 1, 1992
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1, 1999 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's market benchmark, the Lehman Brothers Intermediate Government Bond
Index, consists of intermediate U. S. Government securities. The index is
unmanaged and does not reflect the costs of portfolio management or trading. The
Fund's portfolio will differ significantly from the securities comprising the
market index.
15
VANTAGEPOINT ASSET ALLOCATION FUND
The Vantagepoint Asset Allocation Fund's objective is to offer long-term capital
growth at a lower level of risk than an all equity portfolio. The principal
investment strategy is to tactically allocate assets among common stocks, U.S.
Treasury securities and short-term debt instruments in proportions determined by
the subadviser based on relative expected returns and risk for each asset class.
Under normal circumstances, the Fund invests 40% to 70% of its assets in common
stocks; however, the Fund's investments in common stocks may range from as
little as 0% to as much as 100% of Fund assets.
PERFORMANCE
The Fund returned 10.62% in 2004, while its custom benchmark, a blend of 65% S&P
500 Stock Index, 25% Lehman Brothers Long Term Treasury Bond Index and 10%
91-day U.S. Treasury bills, returned 9.21%. The Fund's peer group benchmark, the
Lipper Flexible Portfolio Funds Index, returned 9.49%.
COMMENTARY
Stocks generally outperformed bonds in 2004--stocks as measured by the S&P 500
Index returned 10.87% while bonds as measured by the Lehman Brothers Aggregate
Bond Index returned 4.34%. In this environment, the Fund benefited from its high
weighting in stocks throughout the year. The Fund opened the year with an 80%
allocation to stocks and a 20% allocation to bonds (and no cash allocation).
That stock/bond mix remained through the first and second quarters and the
beginning of the third quarter.
During the third quarter the stock market began falling amid improved corporate
earnings forecasts, increasing the expected returns for stocks. Additionally,
longer-term bonds posted strong returns as yields fell, lowering their expected
returns. This combination made stocks relatively more attractive than bonds and
led to an asset mix shift in mid-August to 90% stocks and 10% bonds. The Fund
closed the year at this same 90-10 allocation.
The timing of the allocation shift proved highly beneficial for the Fund. The
S&P 500 Index closed the third quarter down 1.9% owing to weakness during July
and early August. However, the stock market rallied from mid-August through
September. In the fourth quarter, stocks continued to gain ground, as the S&P
500 Index closed out the year with a solid 9.2% advance in the fourth quarter.
The year-end allocation of 90% stocks, 10% bonds, and 0% cash is more heavily
weighted to stocks then the Fund's custom blended benchmark. This reflects the
subadviser's belief in near-term stock opportunities as of year-end.
The asset allocation approach used by the Fund's subadviser, Mellon Capital
Management, has been consistently applied in the Fund for many years. It seeks
to provide equity-like returns with lower volatility than an all-equity
portfolio, and has achieved such a record historically. The asset allocation is
expected to continue to shift over time in an effort to benefit from attractive
expected returns as anticipated by the subadviser. When markets shift, the Fund
is potentially well suited to quickly change its allocations in an effort to
benefit shareholders.
SUBADVISER DATA
MELLON CAPITAL MANAGEMENT CORPORATION
Founded: 1983
Investment Style: Tactical asset allocation
Investment Approach: Active allocation between stocks, bonds and cash, using
a quantitative model and passive management of stock
and bond exposure
16
VANTAGEPOINT ASSET ALLOCATION FUND
ALLOCATION OF ASSETS FOR THE 3 YEARS ENDED DECEMBER 31, 2004
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
VANTAGEPOINT ASSET ALLOCATION FUND VS. BLENDED BENCHMARK, LIPPER FLEXIBLE
PORTFOLIO FUND INDEX AND S&P 500 INDEX: GROWTH OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associates
17
VANTAGEPOINT ASSET ALLOCATION FUND VS. BLENDED BENCHMARK, LIPPER FLEXIBLE
PORTFOLIO FUND INDEX AND S&P 500 INDEX: GROWTH OF $10,000 INVESTED DECEMBER 31,
1994
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associates
VANTAGEPOINT ASSET ALLOCATION FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 10.62%
Three Years 5.47%
Five Years 1.96%
Ten Years 10.59%
Fund Inception Date December 1, 1974
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1, 1999 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's custom benchmark is comprised of 65% S&P 500 Index, 25% Lehman
Brothers Long-Term Treasury Bond Index and 10% 91-day Treasury bills. The S&P
500 Index consists of 500 companies representing larger capitalization stocks
traded in the U.S. The Lehman Brothers Long-Term Treasury Bond Index consists of
all Treasury obligations with maturities of 10 years or greater. The indexes are
unmanaged and do not reflect the costs of portfolio management or trading. The
Fund's portfolio will differ significantly from the securities comprising the
indexes.
18
VANTAGEPOINT EQUITY INCOME FUND
The Vantagepoint Equity Income Fund's objective is to offer long-term capital
growth with consistency derived from dividend yield. The principal investment
strategy is to invest, under normal circumstances, at least 80% of its net
assets in equity securities. The Fund seeks to invest primarily in the common
stocks of companies that are expected to pay dividends at above-market levels.
The Fund may invest across companies of all sizes but generally focuses on
larger capitalization companies, which tend to have the most stable long-term
earnings and dividend-paying records. The Fund may also invest in bonds,
convertible securities and securities of foreign issuers.
PERFORMANCE
The Fund returned 14.78% in 2004. Its market benchmark, the S&P/BARRA Value
Index, gained 15.71%, and the Lipper Equity Income Funds Index, a group of
mutual funds with similar objectives, returned 13.02%.
COMMENTARY
The Fund's performance in 2004 was largely driven by results in the fourth
quarter of the year. The primary trends that shaped performance included value
stocks outperforming growth stocks; higher dividend paying stocks topping those
with lower yields; and smaller-cap stocks outperforming large-cap stocks.
Reflecting the value style's leadership, the energy and utilities sectors, which
tend to have below market valuations and above market yields, led stocks higher.
Financials are also typically favored by value investors, but posted returns in
line with the overall market as interest rates rose. Technology was decidedly
out of favor, as investors lacked confidence that business spending on
technology would benefit companies in the sector in the short-term. Investors
also shied away from the health care sector as some leading names encountered a
wide range of issues.
Compared to the Fund's value-oriented benchmark, the Fund benefited from a 50%
underweighting to financial stocks, which lagged in an environment of rising
interest rates. A relatively higher weighting to consumer discretionary stocks
also helped performance. However, within both sectors, stock-specific exposure
variously hurt or helped the Fund. In financials, for instance, insurance
holdings hurt Fund performance. The industry came under pressure after a series
of severe hurricanes hit the U.S. Southeast and investigators began to probe the
practices of several leading property and casualty insurers.
Within the consumer discretionary sector, hotel, restaurant, leisure, and media
stocks helped the Fund's return. Increased business travel and reduced room
discounts were a benefit to hotel stocks. Media stocks (television network and
cable providers) benefited from increased advertising revenue and stronger
network television programming.
Another factor positively impacting Fund performance was exposure to higher
yielding (dividend paying) stocks and higher quality stocks.
Because of the generally strong returns emanating from value-oriented stocks,
particularly in the fourth quarter, the Fund's three subadvisers became
increasingly cautious in their stock purchases. They continued to seek
attractively priced stocks within their value discipline, and those were
increasingly difficult to find as the year-progressed. The Fund's above-normal
cash position was reflective of some valuation concerns and detracted from
performance.
The Fund remained well diversified and style consistent throughout the year. The
Fund continued to utilize three distinct subadvisers, each managing
complementary value styles, with a goal of providing favorable results with more
consistency over time than a single style fund.
19
SUBADVISER DATA
BARROW, HANLEY, MEWHINNEY & STRAUSS, INC.
Founded: 1979
Investment Style: Contrarian value
Investment Approach: Bottom-up fundamental research
SOUTHEASTERN ASSET MANAGEMENT, INC.
Founded: 1975
Investment Style: Special situations value
Investment Approach: Bottom-up fundamental research
T. ROWE PRICE ASSOCIATES, INC.
Founded: 1937
Investment Style: Relative yield value
Investment Approach: Bottom-up fundamental research
VANTAGEPOINT EQUITY INCOME FUND
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENT
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
Software 1%
Hardware 1%
Media 11%
Telecommunications 3%
Healthcare 9%
Consumer Services 10%
Business Services 7%
Financial Services 20%
Consumer Goods 16%
Industrial Materials 10%
Energy 9%
Utilities 4%
Due to rounding, pie chart allocations may total more than 100%.
20
VANTAGEPOINT EQUITY INCOME FUND VS. S&P 500/BARRA VALUE INDEX AND LIPPER EQUITY
INCOME FUNDS INDEX: GROWTH OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT EQUITY INCOME FUND VS. S&P 500/BARRA VALUE INDEX AND LIPPER EQUITY
INCOME FUNDS INDEX: GROWTH OF $10,000 INVESTED DECEMBER 31, 1994
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
21
VANTAGEPOINT EQUITY INCOME FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 14.78%
Three Years 9.12%
Five Years 9.47%
Ten Years 13.61%
Fund Inception Date April 1, 1994
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1, 1999 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's market benchmark, the S&P/BARRA Value Index, consists of a subset of
the S&P 500 Index that includes stocks with lower price-to-book ratios. The
index is unmanaged and does not reflect the costs of portfolio management or
trading. The Fund's portfolio will differ significantly from the securities
comprising the market index.
22
VANTAGEPOINT GROWTH & INCOME FUND
The Vantagepoint Growth & Income Fund's objective is to offer long-term capital
growth and current income. The principal investment strategy is to invest
primarily in common stocks that the Fund's subadvisers believe offer the
potential for capital appreciation and, secondarily, current income by investing
in dividend-paying stocks.
PERFORMANCE
The Fund returned 8.85% in 2004. The S&P 500 Index, its market benchmark, gained
10.87%. The Lipper Growth & Income Fund Index, a group of mutual funds with
similar objectives, advanced 11.73%.
COMMENTARY
The Fund produced positive returns in 2004, largely due to the strong stock
market in the fourth quarter. Some key trends with segments and sectors of the
equity markets drove performance over the year. The primary trends that shaped
performance included value stocks outperforming growth stocks; higher dividend
paying stocks topping those with lower yields; and smaller capitalization stocks
outperforming large capitalization stocks.
Reflecting the value style's leadership, the energy and utilities sectors, which
tend to have below market valuations and above market yields, led stocks higher.
Financials are also typically favored by value investors, but posted returns in
line with the overall market as interest rates rose. Technology was decidedly
out of favor, as investors lacked confidence that business spending on
technology would benefit companies in the sector in the short-term. Investors
also shied away from the health care sector as some leading names encountered a
wide range of issues.
Two of the strongest areas for the Fund in 2003 became the biggest
underachievers in 2004. A larger-than-benchmark weight to semiconductor stocks
was the largest source of underperformance, as investors soured on the industry
due its excess inventory position. Intel, Applied Materials and Teradyne were
three of the Fund's primary detractors from performance. Large cap
pharmaceuticals also hurt performance. Concerns about drug development programs,
patent expirations, regulatory actions and potential litigation affected the
industry. Fund holdings Pfizer, Forest Labs, AstraZeneca and Eli Lilly all
lagged in performance. While the Fund did not own Merck, its Vioxx woes spread
throughout the industry.
Additional stock-specific issues held back performance, including Marsh &
McLennan (involved in New York Attorney General Eliot Spitzer's probe of the
insurance industry) and Alcoa (softer demand and lower-than-expected earnings).
On the positive side, the Fund benefited from exposure to selected "defensive"
industries. These included health care equipment and services; food staples and
retailers; energy; and utilities. The utility sector led all others in 2004,
posting a 30.71% return, while the energy sector advanced 29.79%.
Throughout the year, the Fund remained well diversified and style consistent. By
blending three complementary styles of investing--value, growth and core--the
Fund was successful in achieving large-capitalization core-like investment
results. The Fund continues to utilize three different subadvisers, each
managing in one of three distinct styles, with a goal of providing favorable
results with more consistency over time than a single-style fund.
23
SUBADVISER DATA
CAPITAL GUARDIAN TRUST COMPANY
Founded: 1968
Investment Style: Selected opportunities
Investment Approach: Bottom-up fundamental research
T. ROWE PRICE ASSOCIATES, INC.
Founded: 1937
Investment Style: Blue chip growth
Investment Approach: Bottom-up fundamental research
WELLINGTON MANAGEMENT COMPANY LLP
Founded: 1928
Investment Style: Yield-focused value
Investment Approach: Bottom-up fundamental research
VANTAGEPOINT GROWTH & INCOME FUND
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE GRAPH IN THE ORIGINAL REPORT]
Software 3%
Hardware 10%
Media 4%
Telecommunications 3%
Healthcare 15%
Consumer Services 7%
Business Services 4%
Financial Services 23%
Consumer Goods 7%
Industrial Material 12%
Energy 9%
Utilities 3%
Due to rounding, pie chart allocations may total more than 100%.
24
VANTAGEPOINT GROWTH & INCOME FUND VS. S&P 500 INDEX AND LIPPER GROWTH & INCOME
FUNDS INDEX: GROWTH OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT GROWTH & INCOME FUND VS. S&P 500 INDEX AND LIPPER GROWTH & INCOME
FUNDS INDEX: GROWTH OF $10,000 INVESTED OCTOBER 2, 1998
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
25
VANTAGEPOINT GROWTH & INCOME FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 8.85%
Three Years 3.06%
Five Years 1.67%
Since Inception 9.35%
Fund Inception Date October 2, 1998
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1, 1999 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's market benchmark, the S&P 500 Index, consists of 500 companies
representing larger capitalization stocks traded in the U.S. The index is
unmanaged and does not reflect the costs of portfolio management or trading. The
Fund's portfolio will differ significantly from the securities comprising the
market index.
26
VANTAGEPOINT GROWTH FUND
The Vantagepoint Growth Fund's objective is to offer long-term capital growth.
The principal investment strategy is to invest primarily in common stocks that
are considered by the Fund's subadvisers to have above-average potential for
growth.
PERFORMANCE
The Fund returned 3.27% in 2004. Its market benchmark, the DJ Wilshire 5000
Index, gained 12.49% while the Lipper Growth Funds Index, a group of mutual
funds with similar objectives, returned 9.22%.
COMMENTARY
The Fund was in positive territory again in 2004, with strong returns produced
in the fourth quarter. However, it lagged its benchmark and peer funds owing to
a combination of factors that made the year a challenging one for growth funds.
In brief, the Fund encountered a stock market driven by the value style, by
lower quality stocks, and by small- and mid-cap stocks.
Value-oriented stocks continued their multi-year outperformance versus
growth-oriented stocks. Also, small- and mid-cap stocks significantly
outperformed large-cap stocks (the Russell Small and Mid-Cap Growth Indexes
returned 14.3% and 15.5%, respectively, while Russell Large-Cap Growth returned
6.3%). Finally, lower quality stocks outperformed higher quality stocks. These
trends worked against the Fund's performance relative to the Fund's broad market
benchmark, which includes all styles and types of stocks, and the Fund's peers
that on average make more aggressive bets outside the large capitalization,
high-quality stock universe.
Across market sectors, 2004 performance was positive but ranged significantly in
magnitude across specific sectors as well as specific stocks. The market was led
by several sectors that are not traditionally identified with growth, including
energy, utilities and materials. The Fund was underweighted in all three sectors
because of its focus on growth-style consistency.
Traditional growth sectors, where the Fund was overweight, lagged. These
included information technology and health care. Finally, some individual Fund
holdings--including Pfizer, Intel, Cisco Systems and Gannett--suffered
stock-specific setbacks. The Fund was helped by a higher relative weighting to
consumer discretionary stocks vis-a-vis the broad market benchmark.
With growth stocks underperforming value stocks for a nearly unprecedented five
years (2000 - 2004), a rotation favoring growth is expected at some point. The
Fund's managers used the market fluctuations throughout 2004 to purchase
high-quality growth-oriented companies at favorable valuations. These
investments are believed to be positioned to perform well if style rotation
favoring growth ultimately occurs.
The Fund's investment management strategies complement one another by providing
four different styles of growth investing. This multi-management approach seeks
to position the Fund for attractive long-term investment opportunities.
27
SUBADVISER DATA
BROWN CAPITAL MANAGEMENT, INC.
Founded: 1983
Investment Style: Well-priced growth
Investment Approach: Bottom-up fundamental research
FIDELITY MANAGEMENT & RESEARCH COMPANY
Founded: 1981
Investment Style: Aggressive growth
Investment Approach: Bottom-up fundamental research
TUKMAN CAPITAL MANAGEMENT, INC.
Founded: 1980
Investment Style: Contrarian growth
Investment Approach: Bottom-up fundamental research
PEREGRINE CAPITAL MANAGEMENT, INC.
Founded: 1984
Investment Style: Concentrated growth
Investment Approach: Bottom-up fundamental analysis
VANTAGEPOINT GROWTH FUND
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
Software 7%
Hardware 16%
Media 5%
Telecommunications 1%
Healthcare 12%
Consumer Services 15%
Business Services 10%
Financial Services 14%
Consumer Goods 9%
Industrial Materials 10%
Energy 2%
Due to rounding, pie chart allocations may total more than 100%.
28
VANTAGEPOINT GROWTH FUND VS. DJ WILSHIRE 5000 INDEX AND LIPPER GROWTH FUNDS
INDEX: GROWTH OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT GROWTH FUND VS. DJ WILSHIRE 5000 INDEX AND LIPPER GROWTH FUNDS
INDEX: GROWTH OF $10,000 INVESTED DECEMBER 31, 1994
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
29
VANTAGEPOINT GROWTH FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 3.27%
Three Years 0.22%
Five Years -3.62%
Ten Years 10.96%
Fund Inception Date April 1, 1983
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1, 1999 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's market benchmark, the Dow Jones Wilshire 5000 Index, consists of
common equity securities of companies domiciled in the U.S. for which daily
pricing is available. It is the broadest measure of the U. S. equity market. The
index is unmanaged and does not reflect the costs of portfolio management or
trading. The Fund's portfolio will differ significantly from the securities
comprising the market index.
30
VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND
The Vantagepoint Aggressive Opportunities Fund's objective is to offer high
long-term capital appreciation. The principal investment strategy is to invest,
under normal circumstances, primarily in common stocks of small- to
medium-capitalization U.S. and foreign companies that the Fund's subadvisers
believe offer the opportunity for high capital appreciation.
PERFORMANCE
The Fund returned 15.99% for the year. The Fund's market benchmark, the DJ
Wilshire 4500 Index, gained 18.08%, while the Lipper Capital Appreciation Funds
Index, a group of mutual funds with similar objectives, returned 11.30%.
COMMENTARY
The Fund's annual return reflected strength in small- and mid-cap stocks over
their larger-cap counterparts. This was one of the key trends that drove stock
market and Fund results.
In addition to smaller-capitalization stocks generally outperforming
larger-capitalization stocks, the primary trends that shaped stock fund
performance in 2004 included value stocks outperforming growth; higher dividend
paying stocks topping those with lower yields; and foreign stocks as a whole
outperforming US stocks as measured in U.S. dollars.
While equity markets produced generally strong results in 2004, individual
sector performance was mixed, as was stock specific results within each sector.
Reflecting the value style's leadership, the energy and utilities sectors, which
tend to have below market valuations and above market yields, led stocks higher.
Financials are also typically favored by value investors, but posted returns in
line with the overall market as interest rates rose. Technology was decidedly
out of favor, as investors lacked confidence that business spending on
technology would benefit companies in the sector on the short-term. Investors
also shied away from the health care sector as some leading names encountered a
wide range of issues.
The Fund captured almost all of its return during the first quarter (+7.61%) and
the fourth quarter (+12.63%), when the equity markets were strongest. The second
quarter was flattish (+0.92%), while the third quarter (-5.18%) produced the
only negative period for the year. Returns early in the year were driven by the
Fund's smaller-capitalization focus and investments in financial, consumer
discretionary and health care stocks, while the strong close to the year was
supported by the consumer discretionary and information technology sectors,
along with companies in the commercial services and supply industry. Mid-year
market weakness can be traced to inventory problems in the semiconductor
industry, weak bookings in the software industry and regulatory issues in the
health care industry, as well as problems plaguing the broad market, such as
high energy prices, the weak dollar and election year uncertainty.
Despite the generally weaker performance of the technology sector for the year,
the Fund benefited from good stock selection in the sector. The Fund also
benefited from holding names with relatively higher Price/Earnings ratios.
Consistent with the overall market, lower quality issues outperformed, as well.
Financial stocks performed less well for the Fund, with insurance industry
holdings lagging the most. Investigators from the office of Eliot Spitzer, the
New York State Attorney General, put pressure on select insurance companies over
a range of regulatory and business practice issues.
The Aggressive Opportunities Fund will, from time to time, underperform the
broader market as it seeks to benefit from smaller, more volatile holdings.
However, the Fund seeks to limit this volatility by employing three different
subadvisers, each with distinct investing styles. The subadvisers of the Fund
continued to remain committed to their strategies at year-end and viewed their
market positioning as being value-additive in the future.
31
SUBADVISER DATA
SOUTHEASTERN ASSET MANAGEMENT, INC.
Founded: 1975
Investment Style: Worldwide special situations
Investment Approach: Bottom-up fundamental research
WELLINGTON CAPITAL MANAGEMENT LLP
Founded: 1928
Investment Style: Worldwide growth opportunities
Investment Approach: Bottom-up fundamental research
T. ROWE PRICE ASSOCIATES, INC.
Founded: 1937
Investment Style: Emerging growth
Investment Approach: Bottom-up fundamental research
VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
Software 4%
Hardware 6%
Media 13%
Telecommunications 5%
Healthcare 11%
Consumer Services 13%
Business Services 8%
Financial Services 17%
Consumer Goods 6%
Industrial Materials 13%
Energy 4%
Utilities 1%
Due to rounding, pie chart allocations may total more than 100%.
32
VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND VS. DJ WILSHIRE 4500 INDEX AND LIPPER
CAPITAL APPRECIATION FUNDS INDEX: GROWTH OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND VS. DJ WILSHIRE 4500 INDEX AND LIPPER
CAPITAL APPRECIATION FUNDS INDEX: GROWTH OF $10,000 INVESTED DECEMBER 31, 1994
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
33
VANTAGEPOINT AGGRESSIVE OPPORTUNITIES FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 15.99%
Three Years 1.07%
Five Years -4.19%
Since Inception 11.38%
Fund Inception Date October 1, 1994
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1, 1999 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's market benchmark, the DJ Wilshire 4500 Index, consists of all stocks
in the DJ Wilshire 5000 Index except for those included in the S&P 500 Index. It
represents mid- and small-capitalization companies. The index is unmanaged and
does not reflect the costs of portfolio management or trading. The Fund's
portfolio will differ significantly from the securities comprising the market
index.
34
VANTAGEPOINT INTERNATIONAL FUND
The Vantagepoint International Fund's objective is to offer long-term capital
growth and diversification by country. The principal investment strategy is to
invest primarily in the common stocks of companies headquartered outside of the
United States. The Fund will invest, under normal circumstances, at least 80% of
its assets in foreign equity securities.
PERFORMANCE
The Vantagepoint International Fund rose 15.23% for the year. The Fund's market
benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia
and Far East (EAFE) Index, returned 20.70%. The Lipper International Fund Index,
a group of mutual funds with similar investment objectives, returned 18.66%.
COMMENTARY
For the second consecutive year, major global stock indexes produced
double-digit returns in 2004, and it was the third year in a row that
international equity markets (as represented by the MSCI EAFE Index)
outperformed their broad U.S. counterparts. The outperformance was aided by
currency effects, as the falling dollar boosted foreign security returns to
U.S.-based investors. Without the effect of the lower dollar, developed market
returns as a whole were above broad market returns in the U.S.--about 13.11% in
local market terms and 7.59% due to currency for a total return of 20.70% versus
the S&P 500's 10.87% return. Performance across individual countries was widely
mixed, however, even within the same geographic region.
Fund performance reflected many of the factors that drove international returns
over the course of the year. The primary trends that shaped performance included
value stocks outperforming growth; higher dividend paying stocks topping those
with lower yields; and smaller cap stocks outperforming large-cap issues.
Reflecting the value style's leadership, utilities were the best performing
sector. Similarly, financial stocks also posted a good year. Energy stocks
benefited from high demand and oil prices that on a nominal basis reached record
highs. Technology was decidedly out of favor, as investors lacked confidence
that business spending on technology would benefit companies in the sector in
the short-term. Health care--a traditional growth sector--was out of favor as
some leading names encountered issues.
Fund performance was hindered by the weakness in technology stocks. Select
pharmaceutical holdings--AstraZeneca, in particular--detracted from performance
owing to health and litigation concerns. Holding less utility stocks also held
back performance, as did stock selection in the financial sector.
The Fund benefited from strong results in the telecommunications and energy
sectors. Select telecom holdings--such as Telefonica SA, Vodafone and Singapore
Telecom--contributed to return as a result of healthy growth in their served
markets.
Throughout the year, the Fund remained diversified across countries and industry
sectors. Because the Fund is designed to provide investors with a core
allocation to non-US companies, it largely avoided non-core sectors of the
international market such as emerging markets and smaller-capitalization
companies and therefore the Fund did not benefit from positive performance in
those sectors.
The Fund's higher-quality, higher-capitalization bias relative to the market
benchmark and the Fund's peers left the Fund trailing the two benchmarks.
However, the Fund's subadvisers remained confident at year-end that their
emphasis on larger capitalization, higher quality stocks, which were less
favored in 2004, would benefit performance in 2005 as the market rotates to the
most attractive opportunities.
35
SUBADVISER DATA
CAPITAL GUARDIAN TRUST COMPANY
Founded: 1968
Investment Style: International selected opportunities
Investment Approach: Bottom-up fundamental research
ARTISAN PARTNERS LIMITED PARTNERSHIP
Founded: 1995
Investment Style: International growth opportunities
Investment Approach: Bottom-up fundamental research
VANTAGEPOINT INTERNATIONAL FUND
REGIONAL EXPOSURE AS OF DECEMBER 31, 2004
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
Europe 50%
UK 15%
Latin America 2%
North America 4%
Asia 7%
Australia 1%
Japan 21%
Due to rounding, pie chart allocations may total more than 100%.
36
VANTAGEPOINT INTERNATIONAL FUND VS. MSCI EAFE INDEX AND LIPPER INTERNATIONAL
FUNDS INDEX: GROWTH OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT INTERNATIONAL FUND VS. MSCI EAFE INDEX AND LIPPER INTERNATIONAL
FUNDS INDEX: GROWTH OF $10,000 INVESTED DECEMBER 31, 1994
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
37
VANTAGEPOINT INTERNATIONAL FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 15.23%
Three Years 8.29%
Five Years -2.91%
Since Inception 5.43%
Fund Inception Date October 1, 1994
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1, 1999 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's market benchmark, the Morgan Stanley Capital International (MSCI)
Europe, Australasia, and Far East (EAFE) Index, consists of approximately 1,100
securities listed on the stock exchanges of developed markets of countries in
Europe, Australasia and the Far East. The index is unmanaged and does not
reflect the costs of portfolio management or trading. The Fund's portfolio will
differ significantly from the securities comprising the market index.
38
VANTAGEPOINT INDEX FUNDS
COMMENTARY
The Vantagepoint Index Funds follow an indexed or "passively managed" approach
to investing. The Funds invest in securities that are selected to approximate
the investment characteristics and performance of their respective benchmarks.
To minimize transaction costs, the Index Funds, with the exception of the 500
Stock Index Fund, use sampling techniques to approximate their benchmarks'
characteristics using fewer securities than are contained in the Index.
The VANTAGEPOINT CORE BOND INDEX FUND'S objective is to offer current income by
approximating the performance of the Lehman Brothers Aggregate Bond Index.
The VANTAGEPOINT 500 STOCK INDEX FUND'S objective is to offer long-term capital
growth by approximating the performance of the S&P 500 Index.
The VANTAGEPOINT BROAD MARKET INDEX FUND'S objective is to offer long-term
capital growth by approximating the performance of the Dow Jones Wilshire 5000
Index.
The VANTAGEPOINT MID/SMALL COMPANY INDEX FUND'S objective is to offer long-term
capital growth by approximating the performance of the Dow Jones Wilshire 4500
Index.
The VANTAGEPOINT OVERSEAS EQUITY INDEX FUND'S objective is to offer long-term
capital growth and diversification by approximating the performance of the
Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East
(EAFE) Free Index.
Interest rates rose from 45-year lows during 2004 as economic data pointed to an
acceleration of growth. Because interest rates and bond prices move in opposite
directions, the U.S. bond market posted modest returns. The Lehman Brothers
Aggregate Bond Index rose 4.34%. The Vantagepoint Core Bond Index Fund (Class II
shares), which tracks that index, returned 4.22%.
The major U.S. stock indexes posted positive returns for the second year in a
row, after three negative years from 2000 through 2002. The gains were fueled by
low absolute interest rates, an improving economic picture, rising corporate
earnings, and decreased uncertainty about U.S. action in Iraq. Most of the
returns were earned in the fourth quarter, as uncertainty about the U.S.
presidential election evaporated. The Vantagepoint 500 Stock Index Fund (Class
II shares) returned 10.60%. The Fund tracks the S&P 500 Index, which gained
10.87%. The Vantagepoint Broad Market Index Fund (Class II shares) returned
12.11%. The Fund tracks the DJ Wilshire 5000 Index, which comprises the stocks
of all U.S.-headquartered companies and rose 12.49%. The Vantagepoint Mid/Small
Company Index Fund (Class II shares) returned 17.95%. The Fund tracks the DJ
Wilshire 4500 Index, which measures the performance of small- and mid-sized
companies and gained 18.08%.
In general, international stocks experienced positive returns in 2004 and
generally higher than most U.S. stocks. Because the dollar declined against
major currencies, international stock returns were higher when translated into
U.S. dollars. The MSCI Europe, Australasia, Far East (EAFE) Index, which
comprises larger stocks in developed markets, rose 20.70% in dollar terms. The
Vantagepoint Overseas Equity Index Fund (Class II shares) returned 20.05%.
On December 11, 2003, the Board of Directors of the Company approved the
transfer of the Index Funds from a Master-Feeder structure to a stand-alone
structure where each Index Fund has an investment adviser and sub-adviser. In a
Master-Feeder structure, a feeder fund invests in a master portfolio that
invests in individual securities and has substantially the same investment
objectives as the feeder fund. In a stand-alone structure, a fund invests
directly in individual securities. On March 8, 2004, the Index Funds began
investing in securities directly. The Board also approved the discontinuation of
investing in Barclays Global Fund Advisors' Master Investment Portfolios
("Master Portfolios") in conjunction with the new fund structure. The new
subadviser to the Index Funds is Mellon Capital Management Corporation. This
transition occurred on March 8, 2004.
As of December 31, each Index Fund invested in a portfolio managed by Mellon
Capital Management.
39
SUBADVISER DATA
MELLON CAPITAL MANAGEMENT CORPORATION
Founded: 1983
Investment Style: Index portfolio
Investment approach: Approximate the investment characteristics and performance
of specified benchmarks
VANTAGEPOINT CORE BOND INDEX FUND CLASS II
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
U.S. Corporate 22%
Mortgage CMO 3%
Mortgage Pass-Thru 33%
U.S. Agency 12%
U.S. Treasuries 24%
Cash 2%
Foreign Corp 2%
Asset-Backed 2%
Due to rounding, pie chart allocations may total more than 100%.
40
VANTAGEPOINT CORE BOND INDEX FUND CLASS I VS. LEHMAN BROTHERS AGGREGATE BOND
INDEX: GROWTH OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT CORE BOND INDEX FUND CLASS II VS. LEHMAN BROTHERS AGGREGATE BOND
INDEX: GROWTH OF $10,000 INVESTED APRIL 5, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
41
VANTAGEPOINT CORE BOND INDEX FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
Class I Shares Class II Shares
One Year 3.94% 4.22%
Three Years 5.70% 5.96%
Five Years 7.39% 7.64%
Since Inception 6.52% 6.74%
Inception Date June 2, 1997 June 2, 1997
Offering Date March 1, 1999 April 5, 1999
Prior to March 1, 1999, the Fund existed as an unregistered commingled fund.
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1 (Class I Shares) and April 5 (Class II Shares), 1999 represents the
performance of the Fund prior to its SEC registration. All returns assume
reinvested dividends and do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
Please consult the current prospectus carefully before investing any money. The
Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly-owned
broker-dealer subsidiary of ICMA-RC and a member NASD/SIPC. 1-800-669-7400.
This fund's benchmark, the Lehman Brothers Aggregate Bond Index, consists of all
investment-grade U. S. fixed income securities. The index is unmanaged and does
not reflect the costs of portfolio management or trading. The Fund's portfolio
may differ from the securities in the market index.
42
VANTAGEPOINT 500 STOCK INDEX FUND CLASS II
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
Software 4%
Hardware 10%
Media 4%
Telecommunications 3%
Healthcare 13%
Consumer Services 9%
Business Services 4%
Financial Services 21%
Consumer Goods 9%
Industrial Materials 13%
Energy 7%
Utilities 3%
Due to rounding, pie chart allocations may total more than 100%.
VANTAGEPOINT 500 STOCK INDEX FUND CLASS I VS. S&P 500 INDEX: GROWTH OF $10,000
INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
43
VANTAGEPOINT 500 STOCK INDEX FUND CLASS II VS. S&P 500 INDEX: GROWTH OF $10,000
INVESTED APRIL 5, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT 500 STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
Class I Shares Class II Shares
One Year 10.49% 10.60%
Three Years 3.15% 3.35%
Five Years -2.75% -2.55%
Since Inception 5.96% 6.17%
Inception Date June 2, 1997 June 2, 1997
Offering Date March 1, 1999 April 5, 1999
Prior to March 1, 1999, the Fund existed as an unregistered commingled fund.
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1 (Class I Shares) and April 5 (Class II Shares), 1999 represents the
performance of the Fund prior to its SEC registration. All returns assume
reinvested dividends and do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
Please consult the current prospectus carefully before investing any money. The
Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly-owned
broker-dealer subsidiary of ICMA-RC and a member NASD/SIPC. 1-800-669-7400.
This fund's benchmark, the S&P 500 Index, consists of 500 companies representing
larger capitalization stocks traded in the U.S. The index is unmanaged and does
not reflect the costs of portfolio management or trading. The Fund's portfolio
may differ from the securities comprising the market index.
44
VANTAGEPOINT BROAD MARKET INDEX FUND CLASS II
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
Software 4%
Hardware 10%
Media 4%
Telecommunications 3%
Healthcare 12%
Consumer Services 9%
Business Services 5%
Financial Services 23%
Consumer Goods 8%
Industrial Materials 12%
Energy 7%
Utilities 3%
Due to rounding, pie chart allocations may total more than 100%.
VANTAGEPOINT BROAD MARKET INDEX FUND CLASS I VS. DJ WILSHIRE 5000 INDEX: GROWTH
OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
45
VANTAGEPOINT BROAD MARKET INDEX FUND CLASS II VS. DJ WILSHIRE 5000 INDEX: GROWTH
OF $10,000 INVESTED APRIL 5, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT BROAD MARKET INDEX FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
Class I Shares Class II Shares
One Year 11.96% 12.11%
Three Years 4.78% 4.99%
Five Years -1.99% -1.82%
Ten Years 11.32% 11.53%
Inception Date October 1, 1994 October 1, 1994
Offering Date March 1, 1999 April 5, 1999
Prior to March 1, 1999, the Fund existed as an unregistered commingled fund.
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1 (Class I Shares) and April 5 (Class II Shares), 1999 represents the
performance of the Fund prior to its SEC registration. All returns assume
reinvested dividends and do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
Please consult the current prospectus carefully before investing any money. The
Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly-owned
broker-dealer subsidiary of ICMA-RC and a member NASD/SIPC. 1-800-669-7400.
This fund's benchmark, the DJ Wilshire 5000 Index, consists of common equity
securities of companies domiciled in the U. S. for which daily pricing is
available. It is the broadest measure of the U.S. equity market. The index is
unmanaged and does not reflect the costs of portfolio management or trading. The
Fund's portfolio may differ from the securities comprising the market index.
46
VANTAGEPOINT MID/SMALL COMPANY INDEX FUND CLASS II
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
Software 4%
Hardware 7%
Media 5%
Telecommunications 2%
Healthcare 11%
Consumer Services 11%
Business Services 9%
Financial Services 25%
Consumer Goods 6%
Industrial Materials 10%
Energy 7%
Utilities 3%
Due to rounding, pie chart allocations may total more than 100%.
VANTAGEPOINT MID/SMALL COMPANY INDEX FUND CLASS I VS. DJ WILSHIRE 4500 INDEX:
GROWTH OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
47
VANTAGEPOINT MID/SMALL COMPANY INDEX FUND CLASS II VS. DJ WILSHIRE 4500 INDEX:
GROWTH OF $10,000 INVESTED APRIL 5, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT MID/SMALL COMPANY INDEX FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
Class I Shares Class II Shares
One Year 17.86% 17.95%
Three Years 10.99% 11.16%
Five Years 0.94% 1.13%
Since Inception 7.82% 8.03%
Inception Date June 2, 1997 June 2, 1997
Offering Date March 1, 1999 April 5, 1999
Prior to March 1, 1999, the Fund existed as an unregistered commingled fund.
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1 (Class I Shares) and April 5 (Class II Shares), 1999 represents the
performance of the Fund prior to its SEC registration. All returns assume
reinvested dividends and do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
Please consult the current prospectus carefully before investing any money. The
Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly-owned
broker-dealer subsidiary of ICMA-RC and a member NASD/SIPC. 1-800-669-7400.
This fund's benchmark, the DJ Wilshire 4500 Index, consists of all stocks in the
DJ Wilshire 5000 Index except for those included in the S&P 500 Index. It
represents mid- and small-capitalization companies. The index is unmanaged and
does not reflect the costs of portfolio management or trading. The Fund's
portfolio may differ from the securities comprising the market index.
48
VANTAGEPOINT OVERSEAS EQUITY INDEX FUND CLASS II
REGIONAL EXPOSURE AS OF DECEMBER 31, 2004
% OF TOTAL INVESTMENTS
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
Europe 45%
UK 25%
Asia 3%
Australia 5%
Japan 22%
Due to rounding, pie chart allocations may total more than 100%.
VANTAGEPOINT OVERSEAS EQUITY INDEX FUND CLASS I VS. MSCI EAFE FREE INDEX: GROWTH
OF $10,000 INVESTED MARCH 1, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
49
VANTAGEPOINT OVERSEAS EQUITY INDEX FUND CLASS II VS. MSCI EAFE FREE INDEX:
GROWTH OF $10,000 INVESTED APRIL 5, 1999
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT OVERSEAS EQUITY INDEX FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
Class I Shares Class II Shares
One Year 19.61% 20.05%
Three Years 11.12% 11.34%
Five Years -1.87% -1.65%
Since Inception 3.65% 3.87%
Inception Date June 2, 1997 June 2, 1997
Offering Date March 1, 1999 April 5, 1999
Prior to March 1, 1999, the Fund existed as an unregistered commingled fund.
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
March 1 (Class I Shares) and April 5 (Class II Shares), 1999 represents the
performance of the Fund prior to its SEC registration. All returns assume
reinvested dividends and do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
Please consult the current prospectus carefully before investing any money. The
Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly-owned
broker-dealer subsidiary of ICMA-RC and a member NASD/SIPC. 1-800-669-7400.
This fund's benchmark, the Morgan Stanley Capital International (MSCI) Europe,
Australasia, and Far East (EAFE) Free Index, consists of a subset of the EAFE
Index that excludes securities that are not available for purchase by foreign
investors. The index is unmanaged and does not reflect the costs of portfolio
management or trading. The Fund's portfolio may differ from the securities
comprising the market index.
50
VANTAGEPOINT MODEL PORTFOLIO SAVINGS ORIENTED FUND
The Vantagepoint Model Portfolio Savings Oriented Fund's objective is to offer
capital preservation, reasonable current income, and some capital growth while
seeking to limit risk. The principal investment strategy is to seek to invest
75% of the Fund's assets in fixed income funds and 25% of the Fund's assets in
stock funds by investing in the following Vantagepoint Funds in the target
percentages indicated:
Short-Term Bond Fund 35%
Core Bond Index Fund 30%
US Government Securities Fund 10%
Equity Income Fund 10%
Growth & Income Fund 10%
International Fund 5%
PERFORMANCE
The Vantagepoint Savings Oriented Fund returned 5.78% in 2004. The Fund's
composite benchmark returned 4.71%.
COMMENTARY
All components of the Savings Oriented Fund had positive returns in 2004. The
Short-Term Bond Fund, which was converted from the Income Preservation Fund on
November 8, 2004, continued to be the largest allocation in the Savings Oriented
Fund and fulfilled its role as a capital preservation anchor for the Fund. The
strong performance of the Equity Income, Growth & Income, and International
Funds (all up more than 8%) provided a boost to the lower returns of the bond
funds, which ranged in returns from 1.77% to 3.94%. Although stock funds
comprised just 25% of total fund assets, they produced almost half of the Fund's
overall return.
VANTAGEPOINT SAVINGS ORIENTED
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
SOFTWARE <1%
HARDWARE 1%
MEDIA 2%
TELECOMMUNICATIONS 1%
HEALTHCARE 3%
CONSUMER SERVICES 2%
BUSINESS SERVICES 1%
FINANCIAL SERVICES 6%
CONSUMER GOODS 3%
INDUSTRIAL MATERIALS 3%
ENERGY 2%
UTILITIES 1%
Cash 8%
Foreign Govt <1%
Foreign Corp <1%
Municipal <1%
Asset-Backed 12%
US Corporate 11%
Mortgage CMO 7%
Mortgage Pass-Thru 5%
US Agency 4%
US Treasury 29%
Fixed income funds are in italics and equity funds are shown in BOLD.
Due to rounding, pie chart allocations may total more than 100%.
51
VANTAGEPOINT MODEL PORTFOLIO SAVINGS ORIENTED FUND VS. BLENDED BENCHMARK AND
LEHMAN BROTHERS AGGREGATE BOND INDEX: GROWTH OF $10,000 INVESTED DECEMBER 4,
2000
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
VANTAGEPOINT MODEL PORTFOLIO SAVINGS ORIENTED FUND VS. BLENDED BENCHMARK AND
LEHMAN BROTHERS AGGREGATE BOND INDEX: GROWTH OF $10,000 INVESTED FEBRUARY 9,
1995
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark Returns: Ibbotson Associates
52
VANTAGEPOINT MODEL PORTFOLIO SAVINGS ORIENTED FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 5.78%
Three Years 4.67%
Five Years 4.64%
Since Inception 6.88%
Fund Inception Date February 9, 1995
Fund Registration Date December 4, 2000
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
December 4, 2000 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's composite blended benchmark is comprised of 65% 30-day T-bill, 10%
Lehman Brothers Aggregate Bond Index, 20% DJ Wilshire 5000 Index and 5% MSCI
EAFE. The Lehman Brothers Aggregate Bond Index consists of all investment-grade
U. S. fixed income securities. The DJ Wilshire 5000 Index consists of common
equity securities of companies domiciled in the U. S. for which daily pricing is
available. It is the broadest measure of the U.S. equity market. The MSCI EAFE
Index consists of approximately 1,100 securities listed on the stock exchanges
of developed markets of countries in Europe, Australasia and the Far East. The
indexes are unmanaged and do not reflect the costs of portfolio management or
trading. The Fund's portfolio will differ significantly from the securities
comprising the indexes.
53
VANTAGEPOINT MODEL PORTFOLIO CONSERVATIVE GROWTH FUND
The Vantagepoint Model Portfolio Conservative Growth Fund's objective is to
offer reasonable current income and capital preservation, with modest potential
for capital growth. The principal investment strategy is to seek to invest 60%
of the Fund's assets in fixed income funds and 40% of the Fund's assets in stock
funds by investing in the following Vantagepoint Funds in the target percentages
indicated:
Short-Term Bond Fund 30%
Core Bond Index Fund 30%
Equity Income Fund 10%
Growth & Income Fund 10%
Growth Fund 8%
Aggressive Opportunities Fund 5%
International Fund 7%
PERFORMANCE
The Conservative Growth Fund returned 6.74% in 2004. The Fund's composite
benchmark returned 6.42%.
COMMENTARY
All components of the Conservative Growth Fund had positive returns in 2004. The
bond funds, with returns ranging from 3.65% to 3.94%, produced the majority of
the overall Fund's return. The stock funds, which comprise 40% of Fund assets,
meaningfully outperformed the bond funds and contributed strongly to the overall
Fund return for the year. The Equity Income Fund was the most significant
contributor to the overall Fund return, followed by value-added from the Growth
& Income Fund. A lower return contribution came from the Aggressive
Opportunities Fund and the International Fund, which performed well but had a
low weighting in the Fund.
VANTAGEPOINT CONSERVATIVE GROWTH
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
SOFTWARE 1%
HARDWARE 3%
MEDIA 3%
TELECOMMUNICATIONS 2%
HEALTHCARE 4%
CONSUMER SERVICES 4%
BUSINESS SERVICES 3%
FINANCIAL SERVICES 8%
CONSUMER GOODS 4%
INDUSTRIAL MATERIALS 4%
ENERGY 3%
UTILITIES 1%
Cash 6%
Foreign Govt <1%
Foreign Corp <1%
Asset-Backed 9%
US Corporate 10%
Mortgage CMO 5%
Mortgage Pass-Thru 7%
US Agency 1%
US Treasury 20%
Fixed income funds are in italics and equity funds are shown in BOLD.
Due to rounding, pie chart allocations may total more than 100%.
54
VANTAGEPOINT MODEL PORTFOLIO CONSERVATIVE GROWTH VS. BLENDED BENCHMARK,
LEHMAN BROTHERS AGGREGATE BOND INDEX AND DJ WILSHIRE 5000 INDEX:
GROWTH OF $10,000 INVESTED DECEMBER 4, 2000
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associates
VANTAGEPOINT MODEL PORTFOLIO CONSERVATIVE GROWTH VS. BLENDED BENCHMARK,
LEHMAN BROTHERS AGGREGATE BOND INDEX AND DJ WILSHIRE 5000 INDEX:
GROWTH OF $10,000 INVESTED APRIL 1, 1996
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associate
55
VANTAGEPOINT MODEL PORTFOLIO CONSERVATIVE GROWTH FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 6.74%
Three Years 4.53%
Five Years 3.66%
Since Inception 7.02%
Fund Inception Date April 1, 1996
Fund Registration Date December 4, 2000
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
December 4, 2000 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's composite blended benchmark is comprised of 50% 30-day T-bill, 10%
Lehman Aggregate Bond Index, 35% DJ Wilshire 5000 Index and 5% MSCI EAFE Index.
The Lehman Brothers Aggregate Bond Index consists of all investment-grade U.S.
fixed income securities. The DJ Wilshire 5000 Index consists of common equity
securities of companies domiciled in the U.S. for which daily pricing is
available. It is the broadest measure of the U.S. equity market. The MSCI EAFE
Index consists of approximately 1,100 securities listed on the stock exchanges
of developed markets of countries in Europe, Australasia and the Far East. The
indexes are unmanaged and do not reflect the costs of portfolio management or
trading. The Fund's portfolio will differ significantly from the securities
comprising the indexes.
56
VANTAGEPOINT MODEL PORTFOLIO TRADITIONAL GROWTH FUND
The Vantagepoint Model Portfolio Traditional Growth Fund's objective is to offer
moderate capital growth and reasonable current income. The principal investment
strategy is to seek to invest 40% of the Fund's assets in fixed income funds and
60% of the Fund's assets in stock funds by investing in the following
Vantagepoint Funds in the target percentages indicated:
Short-Term Bond Fund 20%
Core Bond Index Fund 20%
Equity Income Fund 10%
Growth & Income Fund 15%
Growth Fund 15%
Aggressive Opportunities Fund 10%
International Fund 10%
PERFORMANCE
The Traditional Growth Fund returned 7.89% in 2004. The Fund's composite
benchmark returned 9.10%.
COMMENTARY
All components of the Traditional Growth Fund had positive returns in 2004.
Stock funds comprised 60% of total Fund assets and produced nearly all of the
Fund's return. The Aggressive Opportunities Fund and International Fund were the
most significant contributors to the overall Fund return, followed by the Equity
Income Fund and Growth & Income Fund, with the Growth Fund contributing a modest
amount.
VANTAGEPOINT TRADITIONAL GROWTH
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
SOFTWARE 2%
HARDWARE 5%
MEDIA 5%
TELECOMMUNICATIONS 2%
HEALTHCARE 7%
CONSUMER SERVICES 6%
BUSINESS SERVICES 4%
FINANCIAL SERVICES 12%
CONSUMER GOODS 6%
INDUSTRIAL MATERIALS 7%
ENERGY 3%
UTILITIES 1%
Cash 4%
Foreign Govt <1%
Foreign Corp <1%
Asset-Backed 6%
US Corporate 7%
Mortgage CMO 3%
Mortgage Pass-Thru 6%
US Agency 1%
US Treasury 13%
Fixed income funds are in italics and equity funds are shown in BOLD.
Due to rounding, pie chart allocations may total more than 100%.
57
VANTAGEPOINT MODEL PORTFOLIO TRADITIONAL GROWTH FUND VS. BLENDED BENCHMARK,
LEHMAN BROTHERS AGGREGATE BOND INDEX AND DJ WILSHIRE 5000 INDEX:
GROWTH OF $10,000 INVESTED DECEMBER 4, 2000
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associates
VANTAGEPOINT MODEL PORTFOLIO TRADITIONAL GROWTH FUND VS. BLENDED BENCHMARK,
LEHMAN BROTHERS AGGREGATE BOND INDEX AND DJ WILSHIRE 5000 INDEX:
GROWTH OF $10,000 INVESTED APRIL 1, 1996
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associates
58
VANTAGEPOINT MODEL PORTFOLIO TRADITIONAL GROWTH FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 7.89%
Three Years 4.39%
Five Years 2.35%
Since Inception 7.67%
Fund Inception Date April 1, 1996
Fund Registration Date December 4, 2000
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
December 4, 2000 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's custom benchmark is comprised of 30% 30-day U.S. Treasury bills, 10%
Lehman Brothers Aggregate Bond Index, 50% DJ Wilshire 5000 Index and 10% MSCI
EAFE. The Lehman Brothers Aggregate Bond Index consists of all investment-grade
U.S. fixed income securities. The DJ Wilshire 5000 Index consists of common
equity securities of companies domiciled in the U.S. for which daily pricing is
available. It is the broadest measure of the U. S. equity market. The MSCI EAFE
Index consists of approximately 1,100 securities listed on the stock exchanges
of developed markets of countries in Europe, Australasia and the Far East. The
indexes are unmanaged and do not reflect the costs of portfolio management or
trading. The Fund's portfolio will differ significantly from the securities
comprising the indexes.
59
VANTAGEPOINT MODEL PORTFOLIO LONG-TERM GROWTH FUND
The Vantagepoint Model Portfolio Long-Term Growth Fund's objective is to offer
high long-term capital growth and modest current income. The principal
investment strategy is to seek to invest 20% of the Fund's assets in fixed
income funds and 80% of the Fund's assets in stock funds by investing in the
following Vantagepoint Funds in the target percentages indicated:
Core Bond Index Fund 20%
Equity Income Fund 13%
Growth & Income Fund 20%
Growth Fund 20%
Aggressive Opportunities Fund 15%
International Fund 12%
PERFORMANCE
The Long-Term Growth Fund returned 9.25% in 2004. The Fund's composite benchmark
returned 12.15%.
COMMENTARY
All components of the Long-Term Growth Fund had positive returns in 2004. Since
stocks outperformed investment-grade bonds, virtually all of the Fund's return
came from stock funds. The Aggressive Opportunities Fund, which returned 15.99%
for the year, was the most significant contributor to the overall Fund return,
followed by the International Fund. The Equity Income Fund and Growth & Income
Fund were also strong contributors to the Fund's total return for the year.
VANTAGEPOINT LONG-TERM GROWTH
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
SOFTWARE 3%
HARDWARE 7%
MEDIA 6%
TELECOMMUNICATIONS 3%
HEALTHCARE 9%
CONSUMER SERVICES 8%
BUSINESS SERVICES 5%
FINANCIAL SERVICES 16%
CONSUMER GOODS 8%
INDUSTRIAL MATERIALS 9%
ENERGY 5%
UTILITIES 2%
Cash <1%
Foriegn Corp <1%
Asset-Backed <1%
US Corporate 4%
Mortgage CMO 1%
Mortgage Pass-Thru 7%
US Agency 2%
US Treasury 5%
Fixed income funds are shown in italics and equity funds are shown in BOLD.
Due to rounding, pie chart allocations may total more than 100%.
60
VANTAGEPOINT MODEL PORTFOLIO LONG-TERM GROWTH FUND VS. BLENDED BENCHMARK AND DJ
WILSHIRE 5000 INDEX: GROWTH OF $10,000 INVESTED DECEMBER 4, 2000
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associates
VANTAGEPOINT MODEL PORTFOLIO LONG-TERM GROWTH FUND VS. BLENDED BENCHMARK AND DJ
WILSHIRE 5000 INDEX: GROWTH OF $10,000 INVESTED APRIL 1, 1996
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associates
61
VANTAGEPOINT MODEL PORTFOLIO LONG-TERM GROWTH FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 9.25%
Three Years 4.45%
Five Years 0.96%
Since Inception 8.38%
Fund Inception Date April 1, 1996
Fund Registration Date December 4, 2000
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
December 4, 2000 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's custom benchmark is comprised of 20% Lehman Brothers Aggregate Bond
Index, 65% DJ Wilshire 5000 Index and 15% MSCI EAFE Index. The Lehman Brothers
Aggregate Bond Index consists of all investment-grade U.S. fixed income
securities. The DJ Wilshire 5000 Index consists of common equity securities of
companies domiciled in the U.S. for which daily pricing is available. It is the
broadest measure of the U.S. equity market. The MSCI EAFE Index consists of
approximately 1,100 securities listed on the stock exchanges of developed
markets of countries in Europe, Australasia and the Far East. The indexes are
unmanaged and do not reflect the costs of portfolio management or trading. The
Fund's portfolio will differ significantly from the securities comprising the
indexes.
62
VANTAGEPOINT MODEL PORTFOLIO ALL-EQUITY GROWTH FUND
The Vantagepoint Model Portfolio All-Equity Growth Fund's objective is to offer
high long-term capital growth. The principal investment strategy is to invest,
under normal circumstances, 100% of the Fund's assets in stock funds by
investing in the following Vantagepoint Funds whose assets are invested, under
normal circumstances, at least 80% in equity securities, in the target
percentages indicated:
Equity Income Fund 15%
Growth & Income Fund 20%
Growth Fund 30%
Aggressive Opportunities Fund 20%
International Fund 15%
PERFORMANCE
The All-Equity Growth Fund returned 10.30% in 2004. The Fund's composite
benchmark returned 14.21%.
COMMENTARY
The All-Equity Growth Fund's five component funds produced positive returns
ranging from 3.27% to 15.99%. The largest contributor to the total Fund return
was the 20% weighting in the Aggressive Opportunities Fund, which gained 15.99%
for the year. The next biggest contributor to the Fund's return was
International Fund, as international stocks generally outperformed US stocks for
the year. Each of the Fund's other component funds contributed positively to
performance.
VANTAGEPOINT ALL-EQUITY GROWTH
SECTOR ALLOCATION AS OF DECEMBER 31, 2004
[DATA BELOW IS REPRESENTED BY A PIE CHART IN THE ORIGINAL REPORT]
UTILITIES 2%
SOFTWARE 3%
HARDWARE 9%
MEDIA 8%
TELECOMMUNICATIONS 4%
HEALTHCARE 11%
CONSUMER SERVICES 11%
BUSINESS SERVICES 7%
FINANCIAL SERVICES 20%
CONSUMER GOODS 10%
INDUSTRIAL MATERIALS 11%
ENERGY 5%
Fixed income funds are shown in italics and equity funds are shown in BOLD.
Due to rounding, pie chart allocations may total more than 100%.
63
VANTAGEPOINT MODEL PORTFOLIO ALL-EQUITY GROWTH FUND VS. BLENDED BENCHMARK AND
DJ WILSHIRE 5000 INDEX: GROWTH OF $10,000 INVESTED DECEMBER 4, 2000
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associates
VANTAGEPOINT MODEL PORTFOLIO ALL-EQUITY GROWTH FUND VS. BLENDED BENCHMARK AND
DJ WILSHIRE 5000 INDEX: GROWTH OF $10,000 INVESTED OCTOBER 1, 2000
[DATA BELOW IS REPRESENTED BY A LINE GRAPH IN THE ORIGINAL REPORT]
[PLOT POINT TO COME]
Source for Benchmark returns: Ibbotson Associates
64
VANTAGEPOINT MODEL PORTFOLIO ALL-EQUITY GROWTH FUND
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2004
One Year 10.30%
Three Years 3.73%
Since Inception -1.33%
Fund Inception Date October 1, 2000
Fund Registration Date December 4, 2000
Past performance does not guarantee future results. Investment returns and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance information for periods prior to
December 4, 2000 represents the performance of the Fund prior to its SEC
registration. All returns assume reinvested dividends and do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. Please consult the current prospectus carefully
before investing any money. The Vantagepoint Funds are distributed by ICMA-RC
Services, LLC, a wholly-owned broker-dealer subsidiary of ICMA-RC and a member
NASD/SIPC. 1-800-669-7400.
This fund's custom benchmark is comprised of 80% DJ Wilshire 5000 Index and 20%
MSCI EAFE Index. The DJ Wilshire 5000 Index consists of common equity securities
of companies domiciled in the U.S. for which daily pricing is available. It is
the broadest measure of the U.S. equity market. The MSCI EAFE Index consists of
approximately 1,100 securities listed on the stock exchanges of developed
markets of countries in Europe, Australasia and the Far East. The indexes are
unmanaged and do not reflect the costs of portfolio management or trading. The
Fund's portfolio will differ significantly from the securities comprising the
indexes.
65
THIS PAGE IS INTENTIONALLY LEFT BLANK.
66
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors
of The Vantagepoint Funds:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the Money Market Fund, Short-Term
Bond Fund (formerly the Income Preservation Fund), US Government Securities
Fund, Asset Allocation Fund, Equity Income Fund, Growth & Income Fund, Growth
Fund, Aggressive Opportunities Fund, International Fund, Core Bond Index Fund,
500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund,
Overseas Equity Index Fund, Model Portfolio Savings Oriented Fund, Model
Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund,
Model Portfolio Long-Term Growth Fund and Model Portfolio All-Equity Growth Fund
(comprising The Vantagepoint Funds, hereafter referred to as the "Funds") at
December 31, 2004, and the results of each of their operations, the changes in
each of their net assets for the periods ended December 31, 2004 and 2003 and
the financial highlights for the periods ended December 31, 2004, 2003 and 2000,
in conformity with accounting principles generally accepted in the United States
of America. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Funds'
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2004 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion. The financial highlights for the periods ended December 31, 2002
and 2001 were audited by other independent auditors whose report dated March 7,
2003 expressed an unqualified opinion on those statements.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 25, 2005
67
VANTAGEPOINT FUNDS
STATEMENTS OF ASSETS & LIABILITIES
DECEMBER 31, 2004
SHORT-TERM
BOND
(FORMERLY US
MONEY INCOME GOVERNMENT ASSET EQUITY
MARKET PRESERVATION) SECURITIES ALLOCATION INCOME
------------ ------------ ------------ ------------ --------------
ASSETS:
Securities, at market value+ .................... $116,456,103 $516,837,853 $191,594,516 $854,987,336 $1,232,525,714
Cash ............................................ -- 7,257,374 -- 14,423,867 2,442,845
Receivable for:
Dividends ...................................... -- -- -- 885,476 1,592,253
Interest ....................................... 201,446 3,844,961 1,610,664 1,947,723 311,055
Investments sold ............................... -- -- 6,460,337 30,360 48,832
Fund shares sold ............................... 45,264 1,080,938 102,803 16,516 771,469
Recoverable foreign taxes ...................... -- -- -- -- 1,113
------------ ------------ ------------ ------------ --------------
Total Assets .................................. 116,702,813 529,021,126 199,768,320 872,291,278 1,237,693,281
------------ ------------ ------------ ------------ --------------
LIABILITIES:
Payable for:
Investments purchased .......................... -- 4,000,000 8,438,934 53,343 --
When issued securities ......................... -- 23,741,219 -- -- --
Fund shares redeemed ........................... 141,732 -- 471 608,917 231,369
Variation margin on futures contracts .......... -- 16,781 -- 462,935 --
Collateral for securities loaned ............... -- 1,210,000 28,012,188 74,703,511 147,420,698
Unamortized reimbursement from affiliate ....... 27,525 -- -- -- --
Distribution to shareholders .................... 5,522 -- -- -- --
Accrued Expenses:
Administrative services fees ................... 2,112 8,797 2,893 14,039 18,927
Advisory fees .................................. 9,786 41,845 13,761 66,779 90,034
Subadviser fees ................................ -- 187,153 47,033 443,633 1,296,348
Other accrued expense .......................... 67,457 411,682 85,564 404,030 429,403
------------ ------------ ------------ ------------ --------------
Total Liabilities ............................. 254,134 29,617,477 36,600,844 76,757,187 149,486,779
------------ ------------ ------------ ------------ --------------
NET ASSETS ...................................... $116,448,679 $499,403,649 $163,167,476 $795,534,091 $1,088,206,502
============ ============ ============ ============ ==============
NET ASSETS REPRESENTED BY:
Paid-in capital ................................. $116,448,679 $500,904,187 $164,151,341 $775,665,333 $ 908,609,847
Net unrealized appreciation (depreciation) on
investments, futures contracts and foreign
currency transactions .......................... -- (902,954) (618,295) 66,320,118 223,585,917
Undistributed net investment income ............. -- -- 74,752 1,057,089 188,498
Accumulated net realized loss on investments,
futures contracts, foreign currency
transactions, written options and swaps ........ -- (597,584) (440,322) (47,508,449) (44,177,760)
------------ ------------ ------------ ------------ --------------
NET ASSETS ...................................... $116,448,679 $499,403,649 $163,167,476 $795,534,091 $1,088,206,502
============ ============ ============ ============ ==============
CAPITAL SHARES:
Net Assets ...................................... $116,448,679 $499,403,649 $163,167,476 $795,534,091 $1,088,206,502
Shares Outstanding .............................. 116,448,679 5,005,792 15,792,417 108,587,661 121,536,270
Net Asset Value, offering and redemption
price per share (net assets divided by
shares outstanding) ............................ $ 1.00 $ 99.77 $ 10.33 $ 7.33 $ 8.95
Cost of investments ............................. $116,456,103 $517,663,034 $192,212,811 $789,830,874 $1,008,939,797
- -----------
+ Includes securities on loan with market
values of (Note 6): $ -- $ 1,183,750 $ 27,407,117 $ 71,997,642 $ 142,735,214
See Notes to Financial Statements.
68
VANTAGEPOINT FUNDS
STATEMENTS OF ASSETS & LIABILITIES
DECEMBER 31, 2004
GROWTH & AGGRESSIVE
INCOME GROWTH OPPORTUNITIES INTERNATIONAL
-------------- -------------- -------------- -------------
ASSETS:
Securities, at market value+ .............................. $1,009,044,905 $3,311,613,967 $1,413,860,974 $647,866,859
Cash ...................................................... 1,143,175 -- 2,470,187 --
Cash denominated in foreign currencies .................... -- -- 787,118 61,388
Receivable for:
Dividends ................................................ 914,152 2,470,777 605,270 391,055
Interest ................................................. 17,100 78,502 191,637 28,890
Investments sold ......................................... -- 8,774,384 3,145,469 927,457
Fund shares sold ......................................... 1,428,421 391,754 102,091 570,435
Recoverable foreign taxes ................................ 356 9,046 43,253 29,068
Gross unrealized gain on forward foreign currency
exchange contracts ....................................... -- -- 4,462,145 24,871
-------------- -------------- -------------- ------------
Total Assets ............................................ 1,012,548,109 3,323,338,430 1,425,668,144 649,900,023
-------------- -------------- -------------- ------------
LIABILITIES:
Payable for:
Investments purchased .................................... 750,378 7,526,073 2,687,597 1,431,600
Fund shares redeemed ..................................... 466,550 1,765,194 372,606 579,086
Collateral for securities loaned ......................... 97,333,589 310,829,981 236,308,830 41,502,762
Accrued Expenses:
Administrative services fees ............................. 15,973 53,128 20,123 10,478
Advisory fees ............................................ 75,983 252,701 95,722 49,841
Subadviser fees .......................................... 1,078,425 3,228,323 2,317,532 1,077,473
Other accrued expense .................................... 357,664 1,213,677 476,046 280,839
Gross unrealized loss on forward foreign currency
exchange contracts ....................................... -- -- 33,327,282 158,668
-------------- -------------- -------------- ------------
Total Liabilities ....................................... 100,078,562 324,869,077 275,605,738 45,090,747
-------------- -------------- -------------- ------------
NET ASSETS ................................................ $ 912,469,547 $2,998,469,353 $1,150,062,406 $604,809,276
============== ============== ============== ============
NET ASSETS REPRESENTED BY:
Paid-in capital ........................................... $ 824,801,425 $3,529,205,442 $1,152,145,423 $565,491,419
Net unrealized appreciation on investments, futures
contracts and foreign currency transactions .............. 152,311,967 381,671,682 262,913,427 122,039,706
Undistributed net investment income (loss) ................ 463,848 63,613 9,842,859 (2,948,521)
Accumulated net realized loss on investments, futures
contracts and foreign currency transactions .............. (65,107,693) (912,471,384) (274,839,303) (79,773,328)
-------------- -------------- -------------- ------------
NET ASSETS ................................................ $ 912,469,547 $2,998,469,353 $1,150,062,406 $604,809,276
============== ============== ============== ============
CAPITAL SHARES:
Net Assets ................................................ $ 912,469,547 $2,998,469,353 $1,150,062,406 $604,809,276
Shares Outstanding ........................................ 90,163,376 360,655,698 109,312,161 60,117,320
Net Asset Value, offering and redemption price per
share (net assets divided by shares outstanding) ......... $ 10.12 $ 8.31 $ 10.52 $ 10.06
Cost of investments ....................................... $ 856,732,939 $2,929,943,333 $1,122,113,523 $525,700,507
Cost of cash denominated in foreign currencies ............ $ -- $ -- $ 762,160 $ 61,085
- -------------
+ Includes securities on loan with market value of
(Note 6): $ 93,920,813 $ 300,641,785 $ 227,055,268 $ 39,505,595
See Notes to Financial Statements.
69
VANTAGEPOINT FUNDS
STATEMENTS OF ASSETS & LIABILITIES
DECEMBER 31, 2004
BROAD MID/SMALL OVERSEAS
CORE BOND 500 STOCK MARKET COMPANY EQUITY
INDEX INDEX INDEX INDEX INDEX
-------------- ------------ ------------ ------------ -----------
ASSETS:
Securities, at market value+ ..................... $1,026,885,562 $387,180,782 $659,823,870 $171,047,081 $69,584,384
Cash denominated in foreign currencies ........... -- -- -- -- 505,914
Receivable for:
Dividends ....................................... -- 502,127 799,093 174,353 77,524
Interest ........................................ 8,854,587 4,925 15,573 11,169 1,156
Investments sold ................................ 11,662,879 17,991 96 97 --
Fund shares sold ................................ 2,249,835 181,554 2,596 408,025 68,909
Recoverable foreign taxes ....................... -- -- -- -- 15,466
Variation margin on futures contracts ........... -- -- -- 9,190 --
Gross unrealized gain on forward foreign
currency exchange contracts ..................... -- -- -- -- 49,985
-------------- ------------ ------------ ------------ -----------
Total Assets ................................... 1,049,652,863 387,887,379 660,641,228 171,649,915 70,303,338
-------------- ------------ ------------ ------------ -----------
LIABILITIES:
Payable for:
Investments purchased ........................... 13,592,645 30,066 -- -- 983,250
When issued securities .......................... 10,367,405 -- -- -- --
Fund shares redeemed ............................ 454,443 221,760 420,407 564,879 707,734
Variation margin on futures contracts ........... -- 3,037 4,386 -- 1,395
Collateral for securities loaned ................ 92,127,853 29,756,221 60,953,706 28,110,505 1,109,206
Accrued Expenses:
Administrative services fees .................... 16,417 6,283 10,518 2,464 1,202
Advisory fees ................................... 39,046 14,944 25,016 5,861 2,858
Subadviser fees ................................. 83,790 18,133 32,531 17,885 14,412
Other accrued expense ........................... 287,384 116,252 159,470 51,382 44,082
Gross unrealized loss on forward foreign
currency exchange contracts ..................... -- -- -- -- 22,105
-------------- ------------ ------------ ------------ -----------
Total Liabilities .............................. 116,968,983 30,166,696 61,606,034 28,752,976 2,886,244
-------------- ------------ ------------ ------------ -----------
NET ASSETS ....................................... $ 932,683,880 $357,720,683 $599,035,194 $142,896,939 $67,417,094
============== ============ ============ ============ ===========
NET ASSETS REPRESENTED BY:
Paid-in capital .................................. $ 925,485,807 $210,455,801 $462,786,429 $103,301,178 $49,832,111
Net unrealized appreciation on investments,
futures contracts and foreign currency
transactions .................................... 9,320,857 167,818,491 167,665,411 44,794,414 21,552,529
Undistributed net investment income (loss) ....... 238,184 15,094 5,379,363 466,662 28,184
Accumulated net realized loss on investments,
futures contracts and foreign currency
transactions .................................... (2,360,968) (20,568,703) (36,796,009) (5,665,315) (3,995,730)
-------------- ------------ ------------ ------------ -----------
NET ASSETS ....................................... $ 932,683,880 $357,720,683 $599,035,194 $142,896,939 $67,417,094
============== ============ ============ ============ ===========
CAPITAL SHARES:
Net Assets--Class I .............................. $ 764,673,785 $115,532,851 $224,618,996 $ 56,156,106 $25,556,763
Shares Outstanding--Class I ...................... 75,226,045 12,065,312 22,699,913 4,070,543 2,514,000
Net Asset Value--Class I, offering and
redemption price per share (net assets
divided by shares outstanding) .................. $ 10.17 $ 9.58 $ 9.90 $ 13.80 $ 10.17
Net Assets--Class II ............................. $ 168,010,095 $242,187,832 $374,416,198 $ 86,740,833 $41,860,331
Shares Outstanding--Class II ..................... 16,462,819 26,621,682 39,946,169 6,559,286 4,342,339
Net Asset Value--Class II, offering and
redemption price per share (net assets
divided by shares outstanding) .................. $ 10.21 $ 9.10 $ 9.37 $ 13.22 $ 9.64
Cost of investments .............................. $1,017,564,705 $219,432,876 $492,352,509 $126,385,977 $48,073,238
Cost of cash denominated in foreign
currencies ...................................... $ -- $ -- $ -- $ -- $ 502,345
- ------------
+ Includes securities on loan with market
values of (Note 6): $ 90,049,724 $ 28,569,040 $ 58,525,689 $ 26,962,480 $ 1,040,121
See Notes to Financial Statements.
70
VANTAGEPOINT FUNDS
STATEMENTS OF ASSETS & LIABILITIES
DECEMBER 31, 2004
MODEL PORTFOLIOS
----------------------------------------------------------------------------------
SAVINGS CONSERVATIVE TRADITIONAL LONG-TERM ALL-EQUITY
ORIENTED GROWTH GROWTH GROWTH GROWTH
------------- ------------- -------------- -------------- ------------
ASSETS:
Securities of affiliated Mutual Funds,
at market value* ............................. $ 261,001,156 $ 480,129,455 $1,005,130,931 $1,040,562,840 $216,435,576
Receivable for:
Investments sold ............................. 32,773 58,415 231,409 123,817 26,704
Fund shares sold ............................. 524,816 1,099,653 25,435 424,071 110,104
------------- ------------- -------------- -------------- ------------
Total Assets ................................ 261,558,745 481,287,523 1,005,387,775 1,041,110,728 216,572,384
------------- ------------- -------------- -------------- ------------
LIABILITIES:
Payable for:
Investments purchased ........................ 447,996 893,083 -- 346,927 34,813
Fund shares redeemed ......................... 76,820 206,571 136,575 77,143 75,291
Accrued Expenses:
Administrative services fees ................. 3,508 6,397 13,454 13,881 2,856
Advisory fees ................................ 21,860 39,875 83,854 86,526 17,807
Other accrued expense ........................ 32,974 45,454 77,678 78,965 26,454
------------- ------------- -------------- -------------- ------------
Total Liabilities ........................... 583,158 1,191,380 311,561 603,442 157,221
------------- ------------- -------------- -------------- ------------
NET ASSETS .................................... $ 260,975,587 $ 480,096,143 $1,005,076,214 $1,040,507,286 $216,415,163
============= ============= ============== ============== ============
NET ASSETS REPRESENTED BY:
Paid-in capital .............................. $ 257,133,936 $ 483,072,607 $1,003,944,187 $1,017,560,527 $192,808,528
Net unrealized appreciation on investments .... 14,505,837 37,764,174 96,823,816 72,431,918 30,394,491
Undistributed net investment income ........... 486,284 72,722 804,759 162,561 --
Accumulated net realized loss on investments .. (11,150,470) (40,813,360) (96,496,548) (49,647,720) (6,787,856)
------------- ------------- -------------- -------------- ------------
NET ASSETS .................................... $ 260,975,587 $ 480,096,143 $1,005,076,214 $1,040,507,286 $216,415,163
============= ============= ============== ============== ============
CAPITAL SHARES:
Net Assets .................................... $ 260,975,587 $ 480,096,143 $1,005,076,214 $1,040,507,286 $216,415,163
Shares Outstanding ............................ 10,779,811 20,990,306 46,371,159 49,499,754 10,117,962
Net Asset Value, offering and redemption
price per share (net assets divided by
shares outstanding) .......................... $ 24.21 $ 22.87 $ 21.67 $ 21.02 $ 21.39
Cost of investments ........................... $ 246,495,319 $ 442,365,281 $ 908,307,115 $ 968,130,922 $186,041,085
- ------------
* Investment in other Vantagepoint Funds (Note 1)
See Notes to Financial Statements.
71
VANTAGEPOINT FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
SHORT-TERM
BOND
(FORMERLY
MONEY INCOME US GOVERNMENT ASSET EQUITY
MARKET PRESERVATION) SECURITIES ALLOCATION INCOME
---------- ------------- ------------- ------------ ------------
INVESTMENT INCOME:
Dividends ........................................ $1,416,187 $ -- $ -- $ 11,035,505 $ 17,468,917
Interest+ ........................................ -- 18,014,337 5,039,072 7,050,469 1,903,032
Foreign taxes withheld on dividends .............. -- -- -- -- (120,468)
Net increase from payments by affiliate .......... 33,900 37,582 62,054 66,591 67,668
---------- ----------- ----------- ------------ ------------
Total investment income .......................... 1,450,087 18,051,919 5,101,126 18,152,565 19,319,149
---------- ----------- ----------- ------------ ------------
EXPENSES:
Subadviser ....................................... -- 1,008,550 91,236 1,762,220 3,618,520
Custodian ........................................ 26,105 222,356 41,199 163,306 166,922
Advisory ........................................ 106,403 661,441 165,972 770,814 932,619
Fund services .................................... 159,605 992,162 248,957 1,156,221 1,398,929
Investor services ................................ 212,807 1,322,883 331,943 1,541,628 1,865,239
Administration ................................... 20,871 135,925 34,277 156,939 186,783
Wrapper .......................................... -- 689,757 -- -- --
Other expenses ................................... 32,118 160,528 46,875 238,305 185,767
---------- ----------- ----------- ------------ ------------
Total expenses ................................... 557,909 5,193,602 960,459 5,789,433 8,354,779
---------- ----------- ----------- ------------ ------------
NET INVESTMENT INCOME ............................ 892,178 12,858,317 4,140,667 12,363,132 10,964,370
---------- ----------- ----------- ------------ ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) (Note 2):
Net realized gain on sale of investments ......... -- 2,214,784 1,650,778 32,773,929 25,457,689
Net realized gain on futures contracts,
foreign currency transactions, written
options and swaps ............................... -- 1,958,397 -- 11,544,268 --
Net change in unrealized appreciation
(depreciation) of investments and
wrapper agreements .............................. -- 8,554,124 (2,796,396) 21,891,790 100,047,611
Net change in unrealized appreciation
(depreciation) on futures contracts,
foreign currency transactions, written
options and swaps ............................... -- (681,236) -- (1,158,268) --
---------- ----------- ----------- ------------ ------------
NET GAIN (LOSS) ON INVESTMENTS ................... -- 12,046,069 (1,145,618) 65,051,719 125,505,300
---------- ----------- ----------- ------------ ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ....................... $ 892,178 $24,904,386 $ 2,995,049 $ 77,414,851 $136,469,670
========== =========== =========== ============ ============
- -----------
+ Interest income includes net securities
lending income of (Note 6): $ -- $ 6,018 $ 71,922 $ 73,870 $ 287,980
See Notes to Financial Statements.
72
VANTAGEPOINT FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
GROWTH & AGGRESSIVE
INCOME GROWTH OPPORTUNITIES INTERNATIONAL
----------- ----------- ------------- -------------
INVESTMENT INCOME:
Dividends .......................................... $14,243,267 $34,877,663 $ 9,468,171 $11,159,457
Interest+ .......................................... 454,295 1,075,859 1,207,067 581,909
Foreign taxes withheld on dividends ................ (64,964) (138,613) (645,332) (1,193,475)
Net increase from payments by affiliate ............ 67,079 82,904 68,857 64,631
----------- ----------- ------------ -----------
Total investment income ............................ 14,699,677 35,897,813 10,098,763 10,612,522
----------- ----------- ------------ -----------
EXPENSES:
Subadviser ......................................... 2,502,048 12,922,534 6,996,274 2,975,984
Custodian .......................................... 172,603 637,694 598,852 625,716
Advisory ........................................... 824,394 2,909,334 1,041,121 528,297
Fund services ...................................... 1,236,592 4,364,000 1,561,682 792,445
Investor services .................................. 1,648,789 5,818,667 2,082,242 1,056,593
Administration ..................................... 166,103 588,467 209,628 105,154
Other expenses ..................................... 172,405 565,696 214,231 119,258
----------- ----------- ------------ -----------
Total expenses before reductions and
reimbursements .................................... 6,722,934 27,806,392 12,704,030 6,203,447
Less reimbursements (Note 3) ....................... -- (101,753) -- --
----------- ----------- ------------ -----------
Total expenses net of reductions and
reimbursements .................................... 6,722,934 27,704,639 12,704,030 6,203,447
----------- ----------- ------------ -----------
NET INVESTMENT INCOME (LOSS) ....................... 7,976,743 8,193,174 (2,605,267) 4,409,075
----------- ----------- ------------ -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
(NOTE 2):
Net realized gain on sale of investments ........... 19,147,790 87,152,984 118,544,267 28,167,371
Net realized loss on futures contracts and foreign
currency transactions ............................. -- (204,108) (14,727,215) (979,328)
Net change in unrealized appreciation (depreciation)
of investments .................................... 46,277,058 1,214,430 63,803,598 47,679,881
Net change in unrealized appreciation (depreciation)
on futures contracts and foreign currency
transactions ...................................... -- 6,971 (6,389,275) (26,368)
----------- ----------- ------------ -----------
NET GAIN ON INVESTMENTS ............................ 65,424,848 88,170,277 161,231,375 74,841,556
----------- ----------- ------------ -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................................... $73,401,591 $96,363,451 $158,626,108 $79,250,631
=========== =========== ============ ===========
- ------------
+ Interest income includes net securities lending
income of (Note 6): $ 82,926 $ 438,323 $ 653,444 $ 306,105
See Notes to Financial Statements.
73
VANTAGEPOINT FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
BROAD MID/SMALL OVERSEAS
CORE BOND 500 STOCK MARKET COMPANY EQUITY
INDEX INDEX INDEX INDEX INDEX
------------ --------------- ------------- ------------ ------------
INVESTMENT INCOME:
Dividends ...................................... $ -- $ 5,591,762 $ 8,834,845 $ 1,418,975 $ 1,300,717
Interest+ ...................................... 23,401,557 63,611 128,762 74,896 24,779
Net income allocated from
Master Portfolio .............................. 5,366,760 1,014,627 1,561,736 226,143 142,025
Foreign taxes withheld on dividends ............ -- -- (776) (779) (140,111)
Net increase from payments by affiliate ........ 116,313 114,230 115,803 152,692 169,887
------------ --------------- ------------- ------------ ------------
Total investment income ........................ 28,884,630 6,784,230 10,640,370 1,871,927 1,497,297
------------ --------------- ------------- ------------ ------------
EXPENSES:
Subadviser ..................................... 215,316 86,098 183,099 79,262 73,761
Custodian ...................................... 138,761 68,507 98,471 65,578 188,908
Advisory ....................................... 327,645 164,263 277,552 62,983 28,221
Fund services Class I .......................... 762,632 189,497 376,524 89,148 40,311
Fund services Class II ......................... 73,434 101,097 152,044 33,267 14,784
Investor services Class I ...................... 762,632 189,497 376,524 89,148 40,311
Investor services Class II ..................... 73,434 101,097 152,044 33,267 14,784
Administration ................................. 126,255 64,368 108,907 24,586 11,128
Other expenses ................................. 145,629 127,651 133,195 45,383 32,859
------------ --------------- ------------- ------------ ------------
Total expenses ................................. 2,625,738 1,092,075 1,858,360 522,622 445,067
------------ --------------- ------------- ------------ ------------
NET INVESTMENT INCOME .......................... 26,258,892 5,692,155 8,782,010 1,349,305 1,052,230
------------ --------------- ------------- ------------ ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) (NOTE 2):
Net realized gain on sale of investments ....... 4,667,579 7,226,376 2,519,763 21,426,391 13,545,717
Net realized gain (loss) on futures contracts
and foreign currency transactions ............. -- (32,677) 447,825 80,856 173,034
Net realized gain (loss) on sale
of investments allocated from
Master Portfolio for the period
1/1/2004 - 3/5/2004 ........................... 4,215 4,999,777 7,277,273 308,789 (2,232,686)
Net change in unrealized appreciation
(depreciation) of investments ................. (6,341,957) 180,724,820 195,772,002 41,656,137 16,860,430
Net change in unrealized appreciation
(depreciation) on futures contracts and
foreign currency transactions ................. (10) (72,657) (146,405) 178,375 5,774
Net change in unrealized appreciation
(depreciation) of investments allocated
from the Master Portfolio ..................... 1,699,132 (164,261,037) (149,463,973) (44,498,556) (17,924,012)
------------ --------------- ------------- ------------ ------------
NET GAIN ON INVESTMENTS ........................ 28,959 28,584,602 56,406,485 19,151,992 10,428,257
------------ --------------- ------------- ------------ ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ..................... $ 26,287,851 $ 34,276,757 $ 65,188,495 $ 20,501,297 $ 11,480,487
============ =============== ============= ============ ============
- -----------
+ Interest income includes net securities
lending income of (Note 6): $ 90,014 $ 18,197 $ 68,617 $ 53,708 $ 12,983
See Note 1 regarding the change in structure of the Index Funds
See Notes to Financial Statements.
74
VANTAGEPOINT FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
MODEL PORTFOLIOS
-----------------------------------------------------------------------
SAVINGS CONSERVATIVE TRADITIONAL LONG-TERM ALL-EQUITY
ORIENTED GROWTH GROWTH GROWTH GROWTH
----------- ----------- ------------ ----------- -----------
INVESTMENT INCOME OF AFFILIATED
MUTUAL FUNDS:
Dividends* ...................................... $ 7,345,256 $11,944,591 $ 19,073,351 $13,919,332 $ 1,300,558
Net increase from payments by affiliate ......... 42,366 43,759 47,117 47,292 41,954
----------- ----------- ------------ ----------- -----------
Total investment income ......................... 7,387,622 11,988,350 19,120,468 13,966,624 1,342,512
----------- ----------- ------------ ----------- -----------
EXPENSES:
Legal ........................................... 22,875 42,375 89,625 91,625 16,500
Custodian ....................................... 24,499 26,956 33,929 34,133 23,893
Advisory ........................................ 229,312 421,584 890,568 910,233 168,874
Administration .................................. 37,367 70,064 147,949 151,196 26,610
Other expenses .................................. 31,715 49,178 90,930 98,063 29,487
----------- ----------- ------------ ----------- -----------
Total expenses .................................. 345,768 610,157 1,253,001 1,285,250 265,364
----------- ----------- ------------ ----------- -----------
NET INVESTMENT INCOME ........................... 7,041,854 11,378,193 17,867,467 12,681,374 1,077,148
----------- ----------- ------------ ----------- -----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) (NOTE 2):
Net realized gain (loss) on sale of
investments .................................... 942,404 (481,869) (5,288,045) (776,226) 305,015
Realized gain distributions from affiliated
mutual funds ................................... 601,451 531,384 738,455 764,585 --
Net change in unrealized appreciation
(depreciation) of investments .................. 4,913,460 17,289,629 57,772,527 72,632,271 17,316,017
----------- ----------- ------------ ----------- -----------
NET GAIN ON INVESTMENTS ......................... 6,457,315 17,339,144 53,222,937 72,620,630 17,621,032
----------- ----------- ------------ ----------- -----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ...................... $13,499,169 $28,717,337 $ 71,090,404 $85,302,004 $18,698,180
=========== =========== ============ =========== ===========
- ---------
* Received from other Vantagepoint Funds (Note 1)
See Notes to Financial Statements.
75
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
SHORT-TERM BOND
MONEY MARKET (FORMERLY INCOME PRESERVATION)
------------------------------ ------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2004 2003 2004 2003
------------- ------------- -------------- -------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS:
Net investment income ................................. $ 892,178 $ 718,627 $ 12,858,317 $ 17,833,245
Net realized gain (loss) on sale of investments,
futures contracts, written options and swaps ......... -- -- 4,173,181 (210,172)
Net change in unrealized appreciation of
investments, futures contracts, wrapper
agreements, written options and swaps ................ -- -- 7,872,888 209,035
------------- ------------- -------------- -------------
Net increase in net assets resulting from
operations ........................................... 892,178 718,627 24,904,386 17,832,108
------------- ------------- -------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................. (892,178) (718,627) (13,695,265) (17,096,436)
Net realized gain on investments ...................... -- -- (2,997,378) (282,358)
Return of capital ..................................... -- -- (9,370,727) (735,660)
------------- ------------- -------------- -------------
Total distributions .................................. (892,178) (718,627) (26,063,370) (18,114,454)
------------- ------------- -------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares .......................... 67,693,871 50,094,767 147,809,055 186,595,284
Reinvestment of distributions ......................... 886,656 718,628 26,063,370 18,114,454
Value of shares redeemed .............................. (57,893,381) (83,283,464) (293,273,355) (39,147,262)
------------- ------------- -------------- -------------
Net increase (decrease) from capital
share transactions .................................. 10,687,146 (32,470,069) (119,400,930) 165,562,476
------------- ------------- -------------- -------------
Total increase (decrease) in net assets ............... 10,687,146 (32,470,069) (120,559,914) 165,280,130
------------- ------------- -------------- -------------
NET ASSETS at beginning of year ........................ 105,761,533 138,231,602 619,963,563 454,683,433
------------- ------------- -------------- -------------
NET ASSETS at end of year .............................. $ 116,448,679 $ 105,761,533 $ 499,403,649 $ 619,963,563
============= ============= ============== =============
SHARE TRANSACTIONS:
Reverse stock split (Note 9) .......................... -- -- -- (2,824)
Number of shares sold ................................. 67,693,871 50,094,767 1,478,246 1,865,954
Number of shares issued through reinvestment
of dividends and distributions ....................... 886,656 718,628 260,679 181,145
Number of shares redeemed ............................. (57,893,381) (83,283,464) (2,932,769) (391,473)
------------- ------------- -------------- -------------
Net increase (decrease) in shares
outstanding ......................................... 10,687,146 (32,470,069) (1,193,844) 1,652,802
============= ============= ============== =============
See Notes to Financial Statements.
76
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
US GOVERNMENT SECURITIES ASSET ALLOCATION
------------------------------ ------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2004 2003 2004 2003
------------- ------------- -------------- -------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS:
Net investment income ................................. $ 4,140,667 $ 5,720,320 $ 12,363,132 $ 7,302,865
Net realized gain on sale of investments and
futures contracts .................................... 1,650,778 1,347,658 44,318,197 28,429,333
Net change in unrealized appreciation
(depreciation) of investments and
futures contracts .................................... (2,796,396) (3,558,192) 20,733,522 126,594,793
------------- ------------- -------------- -------------
Net increase in net assets resulting
from operations ...................................... 2,995,049 3,509,786 77,414,851 162,326,991
------------- ------------- -------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................. (4,208,409) (6,277,903) (12,114,505) (18,592,974)
Net realized gain on investments ...................... (1,961,049) (1,764,146) (2,476,414) --
------------- ------------- -------------- -------------
Total distributions .................................. (6,169,458) (8,042,049) (14,590,919) (18,592,974)
------------- ------------- -------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares .......................... 27,362,135 29,263,078 70,983,496 29,594,988
Reinvestment of distributions ......................... 6,169,328 8,042,006 14,590,919 18,592,974
Value of shares redeemed .............................. (55,735,709) (79,870,716) (137,304,716) (55,637,459)
------------- ------------- -------------- -------------
Net decrease from capital share transactions ......... (22,204,246) (42,565,632) (51,730,301) (7,449,497)
------------- ------------- -------------- -------------
Total increase (decrease) in net assets ............... (25,378,655) (47,097,895) 11,093,631 136,284,520
------------- ------------- -------------- -------------
NET ASSETS at beginning of year ........................ 188,546,131 235,644,026 784,440,460 648,155,940
------------- ------------- -------------- -------------
NET ASSETS at end of year .............................. $ 163,167,476 $ 188,546,131 $ 795,534,091 $ 784,440,460
============= ============= ============== =============
Undistributed net investment income included in
net assets at end of year ............................ $ 74,752 $ -- $ 1,057,089 $ 812,895
============= ============= ============== =============
SHARE TRANSACTIONS:
Number of shares sold ................................. 2,601,985 2,727,506 10,241,095 4,766,549
Number of shares issued through reinvestment
of dividends and distributions ....................... 591,542 753,046 1,996,022 2,779,219
Number of shares redeemed ............................. (5,287,610) (7,486,679) (19,786,946) (9,438,905)
------------- ------------- -------------- -------------
Net decrease in shares outstanding ................... (2,094,083) (4,006,127) (7,549,829) (1,893,137)
============= ============= ============== =============
See Notes to Financial Statements.
77
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
EQUITY INCOME GROWTH & INCOME
------------------------------- ------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2004 2003 2004 2003
-------------- ------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS:
Net investment income ................................... $ 10,964,370 $ 8,128,669 $ 7,976,743 $ 5,203,793
Net realized gain (loss) on sale of investments ......... 25,457,689 (11,640,559) 19,147,790 (12,399,157)
Net change in unrealized appreciation
of investments ......................................... 100,047,611 198,421,766 46,277,058 175,167,589
-------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations ........................................ 136,469,670 194,909,876 73,401,591 167,972,225
-------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (11,313,087) (8,027,003) (8,053,044) (5,357,715)
-------------- ------------- ------------- -------------
Total distributions .................................... (11,313,087) (8,027,003) (8,053,044) (5,357,715)
-------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares ............................ 225,527,945 107,105,380 160,398,883 115,205,917
Reinvestment of distributions ........................... 11,312,360 8,027,003 8,053,044 5,357,715
Value of shares redeemed ................................ (97,883,783) (42,967,771) (86,446,179) (33,659,485)
-------------- ------------- ------------- -------------
Net increase from capital share transactions ........... 138,956,522 72,164,612 82,005,748 86,904,147
-------------- ------------- ------------- -------------
Total increase in net assets ............................ 264,113,105 259,047,485 147,354,295 249,518,657
-------------- ------------- ------------- -------------
NET ASSETS at beginning of year .......................... 824,093,397 565,045,912 765,115,252 515,596,595
-------------- ------------- ------------- -------------
NET ASSETS at end of year ................................ $1,088,206,502 $ 824,093,397 $ 912,469,547 $ 765,115,252
============== ============= ============= =============
Undistributed net investment income included in
net assets at end of year .............................. $ 188,498 $ 452,874 $ 463,848 $ 462,473
============== ============= ============= =============
SHARE TRANSACTIONS:
Number of shares sold ................................... 27,621,915 15,843,899 16,854,283 14,109,835
Number of shares issued through reinvestment
of dividends and distributions ......................... 1,271,052 1,034,408 798,121 579,212
Number of shares redeemed ............................... (11,953,977) (6,792,269) (9,038,442) (4,379,412)
-------------- ------------- ------------- -------------
Net increase in shares outstanding ..................... 16,938,990 10,086,038 8,613,962 10,309,635
============== ============= ============= =============
See Notes to Financial Statements.
78
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
GROWTH AGGRESSIVE OPPORTUNITIES
--------------------------------- -------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2004 2003 2004 2003
-------------- -------------- -------------- -------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS:
Net investment income (loss) .......................... $ 8,193,174 $ (1,055,417) $ (2,605,267) $ (927,175)
Net realized gain (loss) on sale of investments,
futures contracts and foreign currency
transactions ......................................... 86,948,876 (1,551,631) 103,817,052 32,699,862
Net change in unrealized appreciation of
investments, futures contracts and foreign
currency transactions ................................ 1,221,401 595,671,532 57,414,323 237,652,174
-------------- -------------- -------------- -------------
Net increase in net assets resulting
from operations ...................................... 96,363,451 593,064,484 158,626,108 269,424,861
-------------- -------------- -------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................. (8,572,095) (11,487) -- (117,905)
In excess of investment income ........................ -- -- -- (57)
-------------- -------------- -------------- -------------
Total distributions .................................. (8,572,095) (11,487) -- (117,962)
-------------- -------------- -------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares .......................... 533,717,568 370,213,000 242,579,461 151,533,874
Reinvestment of distributions ......................... 8,572,095 11,487 -- 117,962
Value of shares redeemed .............................. (527,252,433) (128,192,189) (189,934,356) (54,637,632)
-------------- -------------- -------------- -------------
Net increase from capital share transactions ......... 15,037,230 242,032,298 52,645,105 97,014,204
-------------- -------------- -------------- -------------
Total increase in net assets .......................... 102,828,586 835,085,295 211,271,213 366,321,103
-------------- -------------- -------------- -------------
NET ASSETS at beginning of year ........................ 2,895,640,767 2,060,555,472 938,791,193 572,470,090
-------------- -------------- -------------- -------------
NET ASSETS at end of year .............................. $2,998,469,353 $2,895,640,767 $1,150,062,406 $ 938,791,193
============== ============== ============== =============
Undistributed net investment income (loss)
included in net assets at end of year ................ $ 63,613 $ (213,643) $ 9,842,859 $ 9,274,177
============== ============== ============== =============
SHARE TRANSACTIONS:
Number of shares sold ................................. 66,090,849 49,213,468 25,454,212 19,994,985
Number of shares issued through reinvestment
of dividends and distributions ....................... 1,035,277 1,443 -- 13,195
Number of shares redeemed ............................. (65,379,183) (19,050,783) (19,694,589) (7,788,237)
-------------- -------------- -------------- -------------
Net increase in shares outstanding ................... 1,746,943 30,164,128 5,759,623 12,219,943
============== ============== ============== =============
See Notes to Financial Statements.
79
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
INTERNATIONAL
--------------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2004 2003
------------- -------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income ...................................................... $ 4,409,075 $ 3,030,082
Net realized gain (loss) on sale of investments and foreign
currency transactions ..................................................... 27,188,043 (501,142)
Net change in unrealized appreciation of investments and foreign
currency transactions ..................................................... 47,653,513 96,916,139
------------- -------------
Net increase in net assets resulting from operations ....................... 79,250,631 99,445,079
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ...................................................... (7,434,341) (4,534,410)
Return of capital .......................................................... -- (82,003)
------------- -------------
Total distributions ....................................................... (7,434,341) (4,616,413)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares ............................................... 125,800,143 117,611,346
Reinvestment of distributions .............................................. 7,434,341 4,616,413
Value of shares redeemed ................................................... (71,736,948) (28,481,849)
------------- -------------
Net increase from capital share transactions .............................. 61,497,536 93,745,910
------------- -------------
Total increase in net assets ............................................... 133,313,826 188,574,576
------------- -------------
NET ASSETS at beginning of year ............................................. 471,495,450 282,920,874
------------- -------------
NET ASSETS at end of year ................................................... $ 604,809,276 $ 471,495,450
============= =============
Undistributed net investment loss included in net assets at end of year .... $ (2,948,521) $ (1,406,432)
============= =============
SHARE TRANSACTIONS:
Number of shares sold ...................................................... 13,830,719 15,139,666
Number of shares issued through reinvestment of dividends and distributions 747,922 532,458
Number of shares redeemed .................................................. (7,801,496) (3,966,878)
------------- -------------
Net increase in shares outstanding ........................................ 6,777,145 11,705,246
============= =============
See Notes to Financial Statements.
80
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
CORE BOND INDEX 500 STOCK INDEX
------------------------------ ------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2004 2003 2004 2003
------------- ------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS:
Net investment income ................................. $ 26,258,892 $ 21,982,669 $ 5,692,155 $ 3,622,592
Net realized gain (loss) on sale of investments
and futures contracts ................................ 4,671,794 6,740,246 12,193,476 (3,378,597)
Net change in unrealized appreciation
(depreciation) of investments and
futures contracts .................................... (4,642,835) (8,590,458) 16,391,126 65,154,317
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations ...................................... 26,287,851 20,132,457 34,276,757 65,398,312
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income--Class I ........................ (23,468,707) (19,642,302) (1,565,275) (1,324,391)
Net investment income--Class II ....................... (6,981,820) (7,391,666) (4,112,161) (2,293,214)
Net realized gain on investments--Class I ............ (2,831,243) (2,787,601) -- --
Net realized gain on investments--Class II ............ (622,926) (858,658) -- --
------------- ------------- ------------- -------------
Total distributions .................................. (33,904,696) (30,680,227) (5,677,436) (3,617,605)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares--Class I ................. 353,975,429 117,057,172 25,033,535 34,902,771
Proceeds from sale of shares--Class II ................ 53,782,173 19,661,185 80,865,572 50,464,141
Reinvestment of distributions--Class I ................ 26,299,950 22,429,904 1,565,275 1,324,391
Reinvestment of distributions--Class II ............... 7,604,746 8,250,324 4,112,161 2,293,214
Value of shares redeemed--Class I ..................... (62,336,340) (63,242,255) (51,678,020) (16,094,565)
Value of shares redeemed--Class II .................... (30,419,241) (36,902,391) (47,341,881) (24,139,915)
------------- ------------- ------------- -------------
Net increase from capital share transactions ......... 348,906,717 67,253,939 12,556,642 48,750,037
------------- ------------- ------------- -------------
Total increase in net assets .......................... 341,289,872 56,706,169 41,155,963 110,530,744
------------- ------------- ------------- -------------
NET ASSETS at beginning of year ........................ 591,394,008 534,687,839 316,564,720 206,033,976
------------- ------------- ------------- -------------
NET ASSETS at end of year .............................. $ 932,683,880 $ 591,394,008 $ 357,720,683 $ 316,564,720
============= ============= ============= =============
Undistributed net investment income included in
net assets at end of year ............................ $ 238,184 $ -- $ 15,094 $ 3,378
============= ============= ============= =============
SHARE TRANSACTIONS:
Number of shares sold--Class I ........................ 34,647,630 11,224,595 2,789,480 4,534,443
Number of shares issued through reinvestment
of dividends and distributions--Class I .............. 2,580,522 2,159,844 163,732 152,932
Number of shares redeemed--Class I .................... (6,078,345) (6,053,167) (5,751,752) (2,110,783)
------------- ------------- ------------- -------------
Net increase (decrease) in shares
outstanding--Class I ................................ 31,149,807 7,331,272 (2,798,540) 2,576,592
============= ============= ============= =============
Number of shares sold--Class II ....................... 5,223,469 1,871,013 9,448,258 6,969,036
Number of shares issued through reinvestment
of dividends and distributions--Class II ............. 743,028 790,897 452,881 278,303
Number of shares redeemed--Class II ................... (2,957,308) (3,540,548) (5,498,720) (3,314,055)
------------- ------------- ------------- -------------
Net increase (decrease) in shares
outstanding--Class II ............................... 3,009,189 (878,638) 4,402,419 3,933,284
============= ============= ============= =============
See Notes to Financial Statements.
81
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
BROAD MARKET INDEX MID/SMALL COMPANY INDEX
------------------------------ -----------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2004 2003 2004 2003
------------- ------------- ------------- ------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS:
Net investment income ................................. $ 8,782,010 $ 5,839,494 $ 1,349,305 $ 677,073
Net realized gain (loss) on sale of investments
and futures contracts ................................ 10,244,861 (8,835,289) 21,816,036 (2,490,793)
Net change in unrealized appreciation
(depreciation) of investments and
futures contracts .................................... 46,161,624 127,184,348 (2,664,044) 27,378,308
------------- ------------- ------------- ------------
Net increase in net assets resulting
from operations ...................................... 65,188,495 124,188,553 20,501,297 25,564,588
------------- ------------- ------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income--Class I ........................ (2,700,957) (2,374,886) (386,820) (250,183)
Net investment income--Class II ....................... (5,816,259) (3,035,133) (845,754) (312,686)
------------- ------------- ------------- ------------
Total distributions .................................. (8,517,216) (5,410,019) (1,232,574) (562,869)
------------- ------------- ------------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares--Class I ................. 23,080,081 28,204,359 25,606,605 22,355,195
Proceeds from sale of shares--Class II ................ 103,837,138 38,133,764 44,174,621 20,820,155
Reinvestment of distributions--Class I ................ 2,699,233 2,374,086 386,820 250,183
Reinvestment of distributions--Class II ............... 5,816,259 3,035,133 845,754 312,686
Value of shares redeemed--Class I ..................... (91,467,641) (13,017,356) (34,816,487) (5,907,958)
Value of shares redeemed--Class II .................... (41,262,010) (17,495,892) (22,356,153) (5,745,000)
------------- ------------- ------------- ------------
Net increase from capital share transactions ......... 2,703,060 41,234,094 13,841,160 32,085,261
------------- ------------- ------------- ------------
Total increase in net assets ......................... 59,374,339 160,012,628 33,109,883 57,086,980
------------- ------------- ------------- ------------
NET ASSETS at beginning of year ........................ 539,660,855 379,648,227 109,787,056 52,700,076
------------- ------------- ------------- ------------
NET ASSETS at end of year .............................. $ 599,035,194 $ 539,660,855 $ 142,896,939 $109,787,056
============= ============= ============= ============
Undistributed net investment income included in
net assets at end of year ............................ $ 5,379,363 $ 5,425,575 $ 466,662 $ 530,123
============= ============= ============= ============
SHARE TRANSACTIONS:
Number of shares sold--Class I ........................ 2,518,584 3,690,025 2,066,217 2,139,171
Number of shares issued through reinvestment
of dividends and distributions--Class I .............. 273,478 268,866 28,256 21,383
Number of shares redeemed--Class I .................... (9,968,833) (1,744,055) (2,847,419) (631,230)
------------- ------------- ------------- ------------
Net increase (decrease) in shares
outstanding--Class I ................................ (7,176,771) 2,214,836 (752,946) 1,529,324
============= ============= ============= ============
Number of shares sold--Class II ....................... 11,913,586 5,266,992 3,728,681 2,104,290
Number of shares issued through reinvestment
of dividends and distributions--Class II ............. 622,726 362,620 64,463 27,869
Number of shares redeemed--Class II ................... (4,694,922) (2,406,675) (1,908,889) (621,496)
------------- ------------- ------------- ------------
Net increase in shares outstanding--Class II ......... 7,841,390 3,222,937 1,884,255 1,510,663
============= ============= ============= ============
See Notes to Financial Statements.
82
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
OVERSEAS EQUITY INDEX
-------------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2004 2003
------------- ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income ........................................................ $ 1,052,230 $ 963,079
Net realized gain (loss) on sale of investments, futures contracts and foreign
currency transactions ....................................................... 11,486,065 (339,572)
Net change in unrealized appreciation (depreciation) of investments, futures
contracts and foreign currency transactions ................................. (1,057,808) 18,699,542
------------- ------------
Net increase in net assets resulting from operations ......................... 11,480,487 19,323,049
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income--Class I ............................................... (436,369) (746,430)
Net investment income--Class II .............................................. (850,151) (284,019)
------------- ------------
Total distributions ......................................................... (1,286,520) (1,030,449)
------------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares--Class I ........................................ 14,500,712 17,087,851
Proceeds from sale of shares--Class II ....................................... 26,501,988 12,084,758
Reinvestment of distributions--Class I ....................................... 436,369 746,430
Reinvestment of distributions--Class II ...................................... 850,151 284,019
Value of shares redeemed--Class I ............................................ (54,719,455) (7,305,647)
Value of shares redeemed--Class II ........................................... (10,487,417) (4,123,347)
------------- ------------
Net increase (decrease) from capital share transactions ..................... (22,917,652) 18,774,064
------------- ------------
Total increase (decrease) in net assets ...................................... (12,723,685) 37,066,664
------------- ------------
NET ASSETS at beginning of year ............................................... 80,140,779 43,074,115
------------- ------------
NET ASSETS at end of year ..................................................... $ 67,417,094 $ 80,140,779
============= ============
Undistributed net investment loss included in net assets at end of year ...... $ 28,184 $ (98,051)
============= ============
SHARE TRANSACTIONS:
Number of shares sold--Class I ............................................... 1,587,950 2,415,187
Number of shares issued through reinvestment of dividends and
distributions--Class I ...................................................... 43,420 88,230
Number of shares redeemed--Class I ........................................... (6,124,012) (1,063,384)
------------- ------------
Net increase (decrease) in shares outstanding--Class I ...................... (4,492,642) 1,440,033
============= ============
Number of shares sold--Class II .............................................. 3,064,244 1,694,565
Number of shares issued through reinvestment of dividends and
distributions--Class II ..................................................... 89,208 35,370
Number of shares redeemed--Class II ......................................... (1,193,033) (617,086)
------------- ------------
Net increase in shares outstanding--Class II ................................ 1,960,419 1,112,849
============= ============
See Notes to Financial Statements.
83
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
MODEL PORTFOLIOS
----------------------------------------------------------------
SAVINGS ORIENTED CONSERVATIVE GROWTH
------------------------------ ------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2004 2003 2004 2003
------------- ------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS:
Net investment income ................................... $ 7,041,854 $ 4,622,134 $ 11,378,193 $ 7,258,186
Net realized gain (loss) on sale of investments ......... 1,543,855 (1,320,823) 49,515 (4,535,756)
Net change in unrealized appreciation
of investments ......................................... 4,913,460 13,931,335 17,289,629 41,499,733
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations ........................................ 13,499,169 17,232,646 28,717,337 44,222,163
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (7,102,173) (4,742,773) (11,420,590) (7,341,813)
------------- ------------- ------------- -------------
Total distributions .................................... (7,102,173) (4,742,773) (11,420,590) (7,341,813)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares ............................ 87,344,075 50,333,016 126,559,544 76,878,175
Reinvestment of distributions ........................... 7,102,172 4,742,773 11,420,590 7,341,813
Value of shares redeemed ................................ (42,131,690) (24,798,193) (51,181,257) (25,886,387)
------------- ------------- ------------- -------------
Net increase from capital share transactions ........... 52,314,557 30,277,596 86,798,877 58,333,601
------------- ------------- ------------- -------------
Total increase in net assets ............................ 58,711,553 42,767,469 104,095,624 95,213,951
------------- ------------- ------------- -------------
NET ASSETS at beginning of year .......................... 202,264,034 159,496,565 376,000,519 280,786,568
------------- ------------- ------------- -------------
NET ASSETS at end of year ................................ $ 260,975,587 $ 202,264,034 $ 480,096,143 $ 376,000,519
============= ============= ============= =============
Undistributed net investment income included in
net assets at end of year .............................. $ 486,284 $ 454,848 $ 72,722 $ 1,771
============= ============= ============= =============
SHARE TRANSACTIONS:
Number of shares sold ................................... 3,642,596 2,210,386 5,650,396 3,692,283
Number of shares issued through reinvestment
of dividends and distributions ......................... 293,842 201,735 500,026 334,631
Number of shares redeemed ............................... (1,752,687) (1,092,212) (2,288,725) (1,271,477)
------------- ------------- ------------- -------------
Net increase in shares outstanding ..................... 2,183,751 1,319,909 3,861,697 2,755,437
============= ============= ============= =============
See Notes to Financial Statements.
84
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
MODEL PORTFOLIOS
-------------------------------------------------------------------
TRADITIONAL GROWTH LONG-TERM GROWTH
------------------------------- -------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2004 2003 2004 2003
-------------- ------------- -------------- -------------
INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS:
Net investment income ................................. $ 17,867,467 $ 11,136,577 $ 12,681,374 $ 8,512,317
Net realized loss on sale of investments .............. (4,549,590) (24,668,299) (11,641) (3,713,663)
Net change in unrealized appreciation of
investments .......................................... 57,772,527 136,703,711 72,632,271 154,914,138
-------------- ------------- -------------- -------------
Net increase in net assets resulting
from operations ...................................... 71,090,404 123,171,989 85,302,004 159,712,792
-------------- ------------- -------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................. (17,929,796) (11,300,929) (12,739,224) (8,786,488)
Net realized gain on investments ...................... -- -- (16,720) (39,436)
-------------- ------------- -------------- -------------
Total distributions .................................. (17,929,796) (11,300,929) (12,755,944) (8,825,924)
-------------- ------------- -------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares .......................... 244,689,511 153,902,419 244,435,831 152,487,229
Reinvestment of distributions ......................... 17,929,796 11,300,929 12,755,944 8,825,924
Value of shares redeemed .............................. (106,284,836) (48,047,781) (110,007,651) (20,133,102)
-------------- ------------- -------------- -------------
Net increase from capital share transactions ......... 156,334,471 117,155,567 147,184,124 141,180,051
-------------- ------------- -------------- -------------
Total increase in net assets .......................... 209,495,079 229,026,627 219,730,184 292,066,919
-------------- ------------- -------------- -------------
NET ASSETS at beginning of year ........................ 795,581,135 566,554,508 820,777,102 528,710,183
-------------- ------------- -------------- -------------
NET ASSETS at end of year .............................. $1,005,076,214 $ 795,581,135 $1,040,507,286 $ 820,777,102
============== ============= ============== =============
Undistributed net investment income included in
net assets at end of year ............................ $ 804,759 $ 709,569 $ 162,561 $ 57,356
============== ============= ============== =============
SHARE TRANSACTIONS:
Number of shares sold ................................. 11,729,674 8,167,202 12,268,364 8,809,489
Number of shares issued through reinvestment
of dividends and distributions ....................... 828,166 552,883 607,137 453,542
Number of shares redeemed ............................. (5,086,532) (2,782,988) (5,513,684) (1,270,771)
-------------- ------------- -------------- -------------
Net increase in shares outstanding ................... 7,471,308 5,937,097 7,361,817 7,992,260
============== ============= ============== =============
See Notes to Financial Statements.
85
VANTAGEPOINT FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
MODEL PORTFOLIOS
------------------------------
ALL-EQUITY GROWTH
------------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
2004 2003
------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income ...................................................... $ 1,077,148 $ 478,278
Net realized gain (loss) on sale of investments ............................ 305,015 (920,294)
Net change in unrealized appreciation of investments ....................... 17,316,017 25,931,002
------------ ------------
Net increase in net assets resulting from operations ....................... 18,698,180 25,488,986
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ...................................................... (1,077,177) (478,278)
Return of capital .......................................................... -- (18)
------------ ------------
Total distributions ....................................................... (1,077,177) (478,296)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares ............................................... 97,584,412 55,390,147
Reinvestment of distributions .............................................. 1,077,177 478,296
Value of shares redeemed ................................................... (28,012,915) (7,512,736)
------------ ------------
Net increase from capital share transactions .............................. 70,648,674 48,355,707
------------ ------------
Total increase in net assets ............................................... 88,269,677 73,366,397
------------ ------------
NET ASSETS at beginning of year ............................................. 128,145,486 54,779,089
------------ ------------
NET ASSETS at end of year ................................................... $216,415,163 $128,145,486
============ ============
SHARE TRANSACTIONS:
Number of shares sold ...................................................... 4,895,761 3,277,779
Number of shares issued through reinvestment of dividends and distributions 50,359 24,553
Number of shares redeemed .................................................. (1,403,779) (458,502)
------------ ------------
Net increase in shares outstanding ........................................ 3,542,341 2,843,830
============ ============
See Notes to Financial Statements.
86
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MONEY MARKET
------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004 2003 2002 2001 2000
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF YEAR ...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.01 0.01 0.01 0.04 0.06
Net realized and unrealized gain
on investments ........................ -- -- -- -- --
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ........ 0.01 0.01 0.01 0.04 0.06
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ............. (0.01) (0.01) (0.01) (0.04) (0.06)
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS ..................... (0.01) (0.01) (0.01) (0.04) (0.06)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total return ............................ 0.82% 0.60% 1.32% 3.70% 6.05%
Ratios/Supplemental data:
Net assets, end of year (000) .......... $116,449 $105,762 $138,232 $119,652 $ 93,385
Ratios to average net assets:
Ratio of expenses to average net assets 0.52% 0.52% 0.49% 0.46% 0.46%
Ratio of net investment income to
average net assets .................... 0.84% 0.60% 1.30% 3.54% 5.89%
Ratio of expenses to average net assets
after expense reductions and reimbursed
expenses ............................... N/A N/A 0.52% 0.53% 0.52%
Ratio of net investment income to average
net assets after expense reductions and
reimbursed expenses .................... N/A N/A 1.27% 3.47% 5.83%
Portfolio turnover ...................... N/A N/A N/A N/A N/A
See Notes to Financial Statements.
87
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
SHORT-TERM BOND (FORMERLY INCOME PRESERVATION)
------------------------------------------------------------------------
FOR THE PERIOD
FROM DECEMBER 4,
2000* TO
FOR THE YEAR ENDED DECEMBER 31, DECEMBER 31,
2004 2003 2002- 2001(a)(carat) 2000(carat)
-------- -------- -------- -------------- ----------------
NET ASSET VALUE, BEGINNING OF PERIOD .............. $ 100.00 $ 100.00 $ 100.00 $ 100.00 $ 100.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................ 1.18 3.46 4.02 5.08 0.47
Net realized and unrealized gain on investments,
futures contracts, foreign currency transactions,
wrappers agreements, written options
and swaps ....................................... 2.41 --** --** --** --
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS .................. 3.59 3.46 4.02 5.08 0.47
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ....................... (2.00) (3.34) (4.02) (4.93) (0.47)
From net realized gains .......................... (0.44) (0.05) (0.47) (2.45) --
Reverse stock split (Note 10) .................... -- 0.05 0.47 2.45 --
Return of capital ................................ (1.38) (0.12) -- (0.15) --
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS ............................... (3.82) (3.46) (4.02) (5.08) (0.47)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD .................... $ 99.77 $ 100.00 $ 100.00 $ 100.00 $ 100.00
======== ======== ======== ======== ========
Total return ...................................... 3.65% 3.51% 4.09% 5.18% 0.46%++
Ratios/Supplemental data:
Net assets, end of period (000) .................. $499,404 $619,964 $454,683 $408,910 $329,137
Ratios to average net assets:
Ratio of expenses to average net assets .......... 0.78% 0.82% 0.83% 0.84% 0.78%+
Ratio of net investment income to average
net assets ...................................... 1.94% 3.42% 4.02% 5.06% 6.90%+
Portfolio turnover ................................ 273% 211% 310% 213% 139%++
- ---------------
+ Annualized
++ Not annualized
* Commencement of operations
** Rounds to less than $0.01
(a) The Fund has adopted the provisions of the AICPA Audit and Accounting
Guide for Investment Companies and began amortizing premium and discount
on debt securities. The effect of this change for the period ended
December 31, 2001 was an increase in net investment income per share of
less than $0.01, a decrease in net realized and unrealized gains and
losses per share of less than $0.01, and an increase in the ratio of net
investment income to average net assets of less than 0.01%.
- Per share amounts were calculated using average shares outstanding.
(carat) Per share amounts were restated to reflect a 0.9953 reverse stock split
effective December 27, 2002.
See Notes to Financial Statements.
88
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
US GOVERNMENT SECURITIES
-----------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004 2003 2002 2001(a) 2000
-------- -------- -------- -------- -------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 10.54 $ 10.76 $ 10.34 $ 10.07 $ 9.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.26 0.27 0.34 0.46 0.53
Net realized and unrealized gain (loss)
on investments ....................... (0.07) (0.10) 0.54 0.27 0.57
-------- -------- -------- -------- -------
TOTAL FROM INVESTMENT OPERATIONS ....... 0.19 0.17 0.88 0.73 1.10
-------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
From net investment income ............ (0.27) (0.30) (0.35) (0.46) (0.53)
From net realized gains ............... (0.13) (0.09) (0.11) -- --
-------- -------- -------- -------- -------
TOTAL DISTRIBUTIONS .................... (0.40) (0.39) (0.46) (0.46) (0.53)
-------- -------- -------- -------- -------
NET ASSET VALUE, END OF YEAR ........... $ 10.33 $ 10.54 $ 10.76 $ 10.34 $ 10.07
======== ======== ======== ======== =======
Total return ........................... 1.77% 1.66% 8.76% 7.42% 12.00%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $163,167 $188,546 $235,644 $150,807 $87,209
Ratios to average net assets:
Ratio of expenses to average net assets 0.58% 0.61% 0.61% 0.64% 0.68%
Ratio of net investment income to
average net assets ................... 2.49% 2.57% 3.30% 4.52% 5.54%
Portfolio turnover ..................... 205% 120% 114% 278% 121%
- ----------
(a) The Fund has adopted the provisions of the AICPA Audit and Accounting Guide
for Investment Companies and began amortizing premium and discount on debt
securities. The effect of this change for the year ended December 31, 2001
was an increase in net investment income per share of less than $0.01, a
decrease in net realized and unrealized gains and losses per share of less
than $0.01, and an increase in the ratio of net investment income to
average net assets of less than 0.01%.
See Notes to Financial Statements.
89
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
ASSET ALLOCATION
-----------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004 2003 2002 2001(a) 2000
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 6.75 $ 5.49 $ 6.52 $ 9.96 $ 10.49
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.12 0.07 0.10 0.21 0.29
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions .... 0.59 1.35 (1.13) (0.83) (0.36)
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ....... 0.71 1.42 (1.03) (0.62) (0.07)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ............ (0.11) (0.16) -- (0.21) (0.29)
From net realized gains ............... (0.02) -- -- (1.10) (0.17)
In excess of net realized gain
on investments ....................... -- -- -- (1.22) --
Return of capital ..................... -- -- -- (0.29) --
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .................... (0.13) (0.16) -- (2.82) (0.46)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ........... $ 7.33 $ 6.75 $ 5.49 $ 6.52 $ 9.96
======== ======== ======== ======== ========
Total return ........................... 10.62% 25.97% (15.80)% (5.42)% (0.71)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $795,534 $784,440 $648,156 $876,207 $986,504
Ratios to average net assets:
Ratio of expenses to average net assets 0.75% 0.76% 0.75% 0.75% 0.78%
Ratio of net investment income to
average net assets ................... 1.60% 1.06% 1.61% 2.21% 2.61%
Portfolio turnover ..................... 15% 17% 25% 107% 19%
- ----------
(a) The Fund has adopted the provisions of the AICPA Audit and Accounting Guide
for Investment Companies and began amortizing premium and discount on debt
securities. The effect of this change for the year ended December 31, 2001
was an increase in net investment income per share of less than $0.01, a
decrease in net realized and unrealized gains and losses per share of less
than $0.01, and an increase in the ratio of net investment income to
average net assets of less than 0.01%.
See Notes to Financial Statements.
90
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
EQUITY INCOME
--------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004 2003 2002 2001 2000
---------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD .... $ 7.88 $ 5.98 $ 7.12 $ 8.15 $ 7.16
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.09 0.08 0.09 0.11 0.15
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions ..... 1.07 1.90 (1.15) 0.06 1.11
---------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ........ 1.16 1.98 (1.06) 0.17 1.26
---------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ............. (0.09) (0.08) (0.08) (0.11) (0.15)
From net realized gains ................ -- -- -- (0.29) (0.12)
In excess of net realized gain
on investments ........................ -- -- -- (0.78) --
Return of capital ...................... -- -- -- (0.02) --
---------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS ..................... (0.09) (0.08) (0.08) (1.20) (0.27)
---------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ............ $ 8.95 $ 7.88 $ 5.98 $ 7.12 $ 8.15
========== ======== ======== ======== ========
Total return ............................ 14.78% 33.09% (14.96)% 2.92% 17.56%
Ratios/Supplemental data:
Net assets, end of year (000) .......... $1,088,207 $824,093 $565,046 $628,075 $522,954
Ratios to average net assets:
Ratio of expenses to average net assets 0.90% 0.92% 0.92% 0.94% 0.85%
Ratio of net investment income to
average net assets .................... 1.18% 1.25% 1.21% 1.37% 2.00%
Ratio of expenses to average net assets
after expense reductions and reimbursed
expenses ............................... N/A N/A 0.90% 0.92% 0.79%
Ratio of net investment income to average
net assets after expense reductions and
reimbursed expenses .................... N/A N/A 1.23% 1.39% 2.06%
Portfolio turnover ...................... 14% 13% 17% 16% 58%
See Notes to Financial Statements.
91
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
GROWTH & INCOME
------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004 2003 2002 2001 2000
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD ......... $ 9.38 $ 7.24 $ 9.45 $ 10.83 $ 11.85
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................... 0.09 0.06 0.05 0.05 0.06
Net realized and unrealized gain (loss) on
investments, futures contracts and foreign
currency transactions ...................... 0.74 2.15 (2.22) (0.62) 0.44
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ............. 0.83 2.21 (2.17) (0.57) 0.50
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income .................. (0.09) (0.07) (0.04) (0.05) (0.06)
From net realized gains ..................... -- -- -- -- (1.46)
In excess of net realized gain on investments -- -- -- (0.70) --
Return of capital ........................... -- -- -- (0.06) --
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .......................... (0.09) (0.07) (0.04) (0.81) (1.52)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ................. $ 10.12 $ 9.38 $ 7.24 $ 9.45 $ 10.83
======== ======== ======== ======== ========
Total return ................................. 8.85% 30.49% (22.93)% (4.77)% 4.21%
Ratios/Supplemental data:
Net assets, end of year (000) ............... $912,470 $765,115 $515,597 $436,285 $376,137
Ratios to average net assets:
Ratio of expenses to average net assets ..... 0.82% 0.83% 0.84% 0.88% 0.82%
Ratio of net investment income to average
net assets ................................. 0.97% 0.86% 0.76% 0.52% 0.58%
Ratio of expenses to average net assets after
expense reductions and reimbursed expenses .. N/A N/A 0.81% 0.85% 0.79%
Ratio of net investment income to average
net assets after expense reductions and
reimbursed expenses ......................... N/A N/A 0.79% 0.55% 0.61%
Portfolio turnover ........................... 22% 22% 29% 58% 94%
See Notes to Financial Statements.
92
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
GROWTH
----------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004 2003 2002 2001 2000
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, BEGINNING OF PERIOD .... $ 8.07 $ 6.27 $ 8.28 $ 10.77 $ 13.21
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ........... 0.02 --* --* (0.00)* (0.01)
Net realized and unrealized gain (loss)
on investments ........................ 0.24 1.80 (2.01) (1.69) (0.33)
---------- ---------- ---------- ---------- ----------
TOTAL FROM INVESTMENT OPERATIONS ........ 0.26 1.80 (2.01) (1.69) (0.34)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
From net investment income ............. (0.02) (0.00)* (0.00)* (0.00) (0.02)
From net realized gains ................ -- -- -- (0.00) (2.08)
In excess of net realized gain
on investments ........................ -- -- -- (0.72) --
Return of capital ...................... -- -- -- (0.08) --
---------- ---------- ---------- ---------- ----------
TOTAL DISTRIBUTIONS ..................... (0.02) --* (0.00)* (0.80) (2.10)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR ............ $ 8.31 $ 8.07 $ 6.27 $ 8.28 $ 10.77
========== ========== ========== ========== ==========
Total return ............................ 3.27% 28.71% (24.26)% (15.21)% (2.56)%
Ratios/Supplemental data:
Net assets, end of year (000) .......... $2,998,469 $2,895,641 $2,060,555 $2,810,546 $3,349,618
Ratios to average net assets:
Ratio of expenses to average net assets 0.95% 0.96% 0.91% 0.89% 0.86%
Ratio of net investment income (loss) to
average net assets .................... 0.28% (0.05)% (0.01)% (0.05)% (0.09)%
Ratio of expenses to average net assets
after expense reductions and reimbursed
expenses ............................... 0.95% N/A 0.88% 0.88% 0.84%
Ratio of net investment income (loss)
to average net assets after expense
reductions and reimbursed expenses ..... N/A N/A 0.02% (0.04)% (0.07)%
Portfolio turnover ...................... 49% 46% 74% 40% 59%
- ----------
* Rounds to less than $0.01
See Notes to Financial Statements.
93
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
AGGRESSIVE OPPORTUNITIES
--------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004 2003 2002 2001 2000
---------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 9.07 $ 6.27 $ 10.19 $ 11.82 $ 15.82
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................... (0.03) (0.00)* (0.04) (0.07) (0.03)
Net realized and unrealized gain (loss)
on investments ....................... 1.48 2.80 (3.88) (1.56) (1.45)
---------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ....... 1.45 2.80 (3.92) (1.63) (1.48)
---------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ............ -- (0.00)* -- -- --
In excess of net investment income .... -- (0.00)* -- -- --
From net realized gains ............... -- -- -- -- (2.52)
In excess of net realized gain
on investments ....................... -- -- -- (0.00)* --
---------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .................... -- -- -- -- (2.52)
---------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ........... $ 10.52 $ 9.07 $ 6.27 $ 10.19 $ 11.82
========== ======== ======== ======== ========
Total return ........................... 15.99% 44.68% (38.47)% (13.75)% (9.35)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $1,150,062 $938,791 $572,470 $819,047 $850,915
Ratios to average net assets:
Ratio of expenses to average net assets 1.22% 1.23% 1.18% 1.24% 1.25%
Ratio of net investment loss to average
net assets ........................... (0.25)% (0.13)% (0.58)% (0.72)% (0.29)%
Ratio of expenses to average net assets
after expense reductions and reimbursed
expenses .............................. N/A N/A 1.14% 1.19% 1.24%
Ratio of net investment loss to average
net assets after expense reductions
and reimbursed expenses ............... N/A N/A (0.54)% (0.67)% (0.28)%
Portfolio turnover ..................... 55% 75% 128% 102% 41%
- ----------
* Rounds to less than $0.01
See Notes to Financial Statements.
94
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
INTERNATIONAL
------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004 2003 2002 2001 2000
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD .... $ 8.84 $ 6.80 $ 8.20 $ 10.73 $ 13.76
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.08 0.06 0.07 0.06 0.07
Net realized and unrealized gain (loss)
on investments ........................ 1.27 2.07 (1.39) (2.23) (2.12)
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ........ 1.35 2.13 (1.32) (2.17) (2.05)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ............. (0.13) (0.09) (0.08) -- (0.12)
From net realized gains ................ -- -- -- -- (0.86)
In excess of net realized gain
on investments ........................ -- -- -- (0.25) --
Return of capital ...................... -- (0.00)* -- (0.11) --
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS ..................... (0.13) (0.09) (0.08) (0.36) (0.98)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ............ $ 10.06 $ 8.84 $ 6.80 $ 8.20 $ 10.73
======== ======== ======== ======== ========
Total return ............................ 15.23% 31.31% (16.08)% (20.16)% (14.91)%
Ratios/Supplemental data:
Net assets, end of year (000) .......... $604,809 $471,495 $282,921 $304,357 $326,534
Ratios to average net assets:
Ratio of expenses to average net assets 1.17% 1.22% 1.20% 1.20% 1.15%
Ratio of net investment income to
average net assets .................... 0.83% 0.93% 0.85% 0.54% 0.44%
Ratio of expenses to average net assets
after expense reductions and reimbursed
expenses ............................... N/A N/A 1.16% 1.18% 1.13%
Ratio of net investment income to average
net assets after expense reductions and
reimbursed expenses .................... N/A N/A 0.89% 0.56% 0.46%
Portfolio turnover ...................... 40% 38% 81% 37% 40%
- ----------
* Rounds to less than $0.01
See Notes to Financial Statements.
95
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
CORE BOND INDEX CLASS I
--------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001(a) 2000
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 10.27 $ 10.46 $ 10.07 $ 9.85 $ 9.41
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.40 0.40 0.50 0.52 0.60
Net realized and unrealized gain (loss)
on investments ....................... 0.01 (0.04) 0.44 0.30 0.44
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ....... 0.41 0.36 0.94 0.82 1.04
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ............ (0.47) (0.49) (0.55) (0.60) (0.60)
From net realized gains ............... (0.04) (0.06) (0.00)* -- --
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .................... (0.51) (0.55) (0.55) (0.60) (0.60)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ........... $ 10.17 $ 10.27 $ 10.46 $ 10.07 $ 9.85
======== ======== ======== ======== ========
Total return ........................... 3.94% 3.59% 9.69% 8.51% 11.43%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $764,674 $452,739 $384,323 $343,980 $293,330
Ratios to average net assets:
Ratio of expenses to average net assets 0.45% 0.48%** 0.48%** 0.48%** 0.47%**
Ratio of net investment income to
average net assets ................... 3.96% 3.85% 4.90% 5.58% 6.30%
Portfolio turnover ..................... 31%(carat) N/A N/A N/A N/A
- ----------
* Rounds to less than $0.01
** Includes effect of expenses allocated from Master Investment Portfolio
(Note 1)
(a) The Fund has adopted the provisions of the AICPA Audit and Accounting
Guide for Investment Companies and began amortizing premium and discount
on debt securities. The effect of this change for the period ended
December 31, 2001 was a decrease in net investment income per share of
$0.08, an increase in net realized and unrealized gains and losses per
share of $0.08 and a decrease in the ratio of net investment income to
average net assets from 5.98% to 5.58%.
(carat) Portfolio turnover figure represents the period from March 5, 2004 to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
96
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
CORE BOND INDEX CLASS II
------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001(a) 2000
-------- -------- -------- -------- -------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 10.31 $ 10.49 $ 10.10 $ 9.88 $ 9.43
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.43 0.42 0.53 0.55 0.62
Net realized and unrealized gain (loss)
on investments ....................... -- (0.02) 0.43 0.29 0.45
-------- -------- -------- -------- -------
TOTAL FROM INVESTMENT OPERATIONS ....... 0.43 0.40 0.96 0.84 1.07
-------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
From net investment income ............ (0.49) (0.52) (0.57) (0.62) (0.62)
From net realized gains ............... (0.04) (0.06) (0.00)* -- --
-------- -------- -------- -------- -------
TOTAL DISTRIBUTIONS .................... (0.53) (0.58) (0.57) (0.62) (0.62)
-------- -------- -------- -------- -------
NET ASSET VALUE, END OF YEAR ........... $ 10.21 $ 10.31 $ 10.49 $ 10.10 $ 9.88
======== ======== ======== ======== =======
Total return ........................... 4.22% 3.88% 9.88% 8.71% 11.73%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $168,010 $138,655 $150,365 $116,664 $81,972
Ratios to average net assets:
Ratio of expenses to average net assets 0.25% 0.28%** 0.28%** 0.28%** 0.27%**
Ratio of net investment income to
average net assets ................... 4.19% 4.05% 5.10% 5.78% 6.53%
Portfolio turnover ..................... 31%(carat) N/A N/A N/A N/A
- ----------
* Rounds to less than $(0.01)
** Includes effect of expenses allocated from Master Investment Portfolio
(Note 1)
(a) The Fund has adopted the provisions of the AICPA Audit and Accounting
Guide for Investment Companies and began amortizing premium and discount
on debt securities. The effect of this change for the period ended
December 31, 2001 was a decrease in net investment income per share of
$0.07, an increase in net realized and unrealized gains and losses per
share of $0.07 and a decrease in the ratio of net investment income to
average net assets from 6.17% to 5.78%.
(carat) Portfolio turnover figure represents the period from March 5, 2004 to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
97
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
500 STOCK INDEX CLASS I
----------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001 2000
-------- -------- ------- ------- --------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 8.79 $ 6.94 $ 9.05 $ 10.43 $ 11.85
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.14 0.09 0.09 0.08 0.10
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions .... 0.78 1.85 (2.11) (1.37) (1.24)
-------- -------- ------- ------- --------
TOTAL FROM INVESTMENT OPERATIONS ....... 0.92 1.94 (2.02) (1.29) (1.14)
-------- -------- ------- ------- --------
LESS DISTRIBUTIONS:
From net investment income ............ (0.13) (0.09) (0.09) (0.08) (0.07)
From net realized gains ............... -- -- -- -- (0.21)
Return of capital ..................... -- -- -- (0.01) --
-------- -------- ------- ------- --------
TOTAL DISTRIBUTIONS .................... (0.13) (0.09) (0.09) (0.09) (0.28)
-------- -------- ------- ------- --------
NET ASSET VALUE, END OF YEAR ........... $ 9.58 $ 8.79 $ 6.94 $ 9.05 $ 10.43
======== ======== ======= ======= ========
Total return ........................... 10.49% 27.98% (22.39)% (12.29)% (9.61)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $115,533 $130,663 $85,250 $97,478 $100,732
Ratios to average net assets:
Ratio of expenses to average net assets 0.46% 0.47%* 0.47%* 0.47%* 0.44%*
Ratio of net investment income to
average net assets ................... 1.56% 1.33% 1.17% 0.89% 0.83%
Portfolio turnover ..................... 7%(carat) N/A N/A N/A N/A
- ----------
* Includes effect of expenses allocated from Master Investment Portfolio
(Note 1)
(carat) Portfolio turnover figure represents the period from March 5, 2004 to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
98
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
500 STOCK INDEX CLASS II
------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001 2000
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 8.37 $ 6.61 $ 8.62 $ 9.95 $ 11.32
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.16 0.11 0.10 0.09 0.10
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions .... 0.73 1.75 (2.01) (1.31) (1.16)
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ....... 0.89 1.86 (1.91) (1.22) (1.06)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ............ (0.16) (0.10) (0.10) (0.10) (0.10)
From net realized gains ............... -- -- -- -- (0.21)
Return of capital ..................... -- -- -- (0.01) --
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .................... (0.16) (0.10) (0.10) (0.11) (0.31)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ........... $ 9.10 $ 8.37 $ 6.61 $ 8.62 $ 9.95
======== ======== ======== ======== ========
Total return ........................... 10.60% 28.24% (22.17)% (12.17)% (9.36)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $242,188 $185,901 $120,784 $144,574 $149,423
Ratios to average net assets:
Ratio of expenses to average net assets 0.26% 0.27%* 0.27%* 0.27%* 0.24%*
Ratio of net investment income to
average net assets ................... 1.84% 1.52% 1.37% 1.09% 1.02%
Portfolio turnover ..................... 7%(carat) N/A N/A N/A N/A
- ----------
* Includes effect of expenses allocated from Master Investment Portfolio
(Note 1)
(carat) Portfolio turnover figure represents the period from March 5, 2004 to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
99
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
BROAD MARKET INDEX CLASS I
-----------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001 2000
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 8.95 $ 6.89 $ 8.80 $ 10.17 $ 12.21
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.13 0.08 0.09 0.08 0.11
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions .... 0.94 2.06 (1.99) (1.30) (1.42)
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ....... 1.07 2.14 (1.90) (1.22) (1.31)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ............ (0.12) (0.08) (0.01) (0.06) (0.08)
From net realized gains ............... -- -- -- (0.09) (0.65)
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .................... (0.12) (0.08) (0.01) (0.15) (0.73)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ........... $ 9.90 $ 8.95 $ 6.89 $ 8.80 $ 10.17
======== ======== ======== ======== ========
Total return ........................... 11.96% 31.08% (21.62)% (11.87)% (10.78)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $224,619 $267,250 $190,706 $255,532 $313,268
Ratios to average net assets:
Ratio of expenses to average net assets 0.44% 0.48%* 0.49%* 0.47%* 0.47%*
Ratio of net investment income to
average net assets ................... 1.42% 1.22% 1.07% 0.85% 0.74%
Portfolio turnover ..................... 5%(carat) N/A N/A N/A N/A
- ----------
* Includes effect of expenses allocated from Master Investment Portfolio
(Note 1)
(carat) Portfolio turnover figure represents the period March 5, 2004 to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
100
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
BROAD MARKET INDEX CLASS II
-----------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001 2000
-------- -------- -------- -------- --------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 8.49 $ 6.54 $ 8.35 $ 9.67 $ 11.68
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.15 0.10 0.09 0.09 0.10
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions .... 0.88 1.95 (1.88) (1.24) (1.35)
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ....... 1.03 2.05 (1.79) (1.15) (1.25)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ............ (0.15) (0.10) (0.02) (0.08) (0.11)
From net realized gains ............... -- -- -- (0.09) (0.65)
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .................... (0.15) (0.10) (0.02) (0.17) (0.76)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR ........... $ 9.37 $ 8.49 $ 6.54 $ 8.35 $ 9.67
======== ======== ======== ======== ========
Total return ........................... 12.11% 31.30% (21.39)% (11.73)% (10.69)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $374,416 $272,411 $188,942 $240,617 $248,565
Ratios to average net assets:
Ratio of expenses to average net assets 0.24% 0.28%* 0.29%* 0.27%* 0.27%*
Ratio of net investment income to
average net assets ................... 1.72% 1.42% 1.27% 1.05% 0.94%
Portfolio turnover ..................... 5%(carat) N/A N/A N/A N/A
- ----------
* Includes effect of expenses allocated from Master Investment Portfolio
(note 1)
(carat) Portfolio turnover figure represents the period March 5, 2004 to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
101
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MID/SMALL COMPANY INDEX CLASS I
-----------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001 2000
------- ------- ------- ------- -------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 11.79 $ 8.33 $ 10.21 $ 11.50 $ 13.92
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.12 0.04 0.06 0.07 0.06
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions .... 1.99 3.47 (1.94) (1.22) (2.14)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS ....... 2.11 3.51 (1.88) (1.15) (2.08)
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment income ............ (0.10) (0.05) -- (0.05) (0.05)
From net realized gains ............... -- -- -- (0.08) (0.29)
Return of capital ..................... -- -- -- (0.01) --
------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS .................... (0.10) (0.05) -- (0.14) (0.34)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF YEAR ........... $ 13.80 $ 11.79 $ 8.33 $ 10.21 $ 11.50
======= ======= ======= ======= =======
Total return ........................... 17.86% 42.17% (18.41)% (9.90)% (14.91)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $56,156 $56,880 $27,427 $30,220 $33,805
Ratios to average net assets:
Ratio of expenses to average net assets 0.52% 0.52%* 0.53%* 0.55%* 0.51%*
Ratio of net investment income to
average net assets ................... 0.95% 0.86% 0.70% 0.63% 0.52%
Portfolio turnover ..................... 22%(carat) N/A N/A N/A N/A
- ----------
* Includes effect of expenses allocated from Master Investment Portfolio
(Note 1)
(carat) Portfolio turnover figure represents the period from March 5, 2004 to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
102
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MID/SMALL COMPANY INDEX CLASS II
-----------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001 2000
------- ------- ------- ------- -------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 11.32 $ 7.99 $ 9.78 $ 11.02 $ 13.37
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.14 0.06 0.08 0.08 0.09
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions .... 1.89 3.34 (1.87) (1.16) (2.06)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS ....... 2.03 3.40 (1.79) (1.08) (1.97)
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment income ............ (0.13) (0.07) -- (0.08) (0.09)
From net realized gains ............... -- -- -- (0.08) (0.29)
------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS .................... (0.13) (0.07) -- (0.16) (0.38)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF YEAR ........... $ 13.22 $ 11.32 $ 7.99 $ 9.78 $ 11.02
======= ======= ======= ======= =======
Total return ........................... 17.95% 42.53% (18.30)% (9.65)% (14.75)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $86,741 $52,907 $25,273 $30,158 $34,334
Ratios to average net assets:
Ratio of expenses to average net assets 0.32% 0.32%* 0.33%* 0.35%* 0.31%*
Ratio of net investment income to
average net assets ................... 1.18% 1.06% 0.90% 0.83% 0.73%
Portfolio turnover ..................... 22%(carat) N/A N/A N/A N/A
- ----------
* Includes effect of expenses allocated from the Master Investment
Portfolio (Note 1)
(carat) Portfolio turnover figure represents the period from March 5, 2004 to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
103
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
OVERSEAS EQUITY INDEX CLASS I
---------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001 2000
------- ------- ------- ------- -------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 8.65 $ 6.36 $ 7.78 $ 10.13 $ 12.75
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.15 0.11 0.10 0.09 0.16
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions .... 1.54 2.29 (1.40) (2.30) (2.10)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS ....... 1.69 2.40 (1.30) (2.21) (1.94)
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment income ............ (0.17) (0.11) (0.12) (0.07) (0.11)
From net realized gains ............... -- -- -- (0.01) (0.57)
Return of capital ..................... -- -- -- (0.06) --
------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS .................... (0.17) (0.11) (0.12) (0.14) (0.68)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF YEAR ........... $ 10.17 $ 8.65 $ 6.36 $ 7.78 $ 10.13
======= ======= ======= ======= =======
Total return ........................... 19.61% 37.75% (16.73)% (21.77)% (15.21)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $25,557 $60,601 $35,413 $35,682 $34,167
Ratios to average net assets:
Ratio of expenses to average net assets 0.89% 0.69%* 0.70%* 0.68%* 0.67%*
Ratio of net investment income to
average net assets ................... 1.61% 1.77% 1.51% 1.05% 1.07%
Portfolio turnover ..................... 12%(carat) N/A N/A N/A N/A
- ----------
* Includes effect of expenses allocated from Master Investment Portfolio
(Note 1)
(carat) Portfolio turnover figure represents the period from March 5, 2004, to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
104
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
OVERSEAS EQUITY INDEX CLASS II
--------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
2004- 2003 2002 2001 2000
------- ------- ------ ------ ------
NET ASSET VALUE, BEGINNING OF PERIOD ... $ 8.20 $ 6.04 $ 7.40 $ 9.64 $12.19
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.18 0.11 0.12 0.10 0.13
Net realized and unrealized gain (loss)
on investments, futures contracts
and foreign currency transactions .... 1.46 2.17 (1.35) (2.19) (1.96)
------- ------- ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS ....... 1.64 2.28 (1.23) (2.09) (1.83)
------- ------- ------ ------ ------
LESS DISTRIBUTIONS:
From net investment income ............ (0.20) (0.12) (0.13) (0.08) (0.15)
From net realized gains ............... -- -- -- (0.01) (0.57)
Return of capital ..................... -- -- -- (0.06) --
------- ------- ------ ------ ------
TOTAL DISTRIBUTIONS .................... (0.20) (0.12) (0.13) (0.15) (0.72)
------- ------- ------ ------ ------
NET ASSET VALUE, END OF YEAR ........... $ 9.64 $ 8.20 $ 6.04 $ 7.40 $ 9.64
======= ======= ====== ====== ======
Total return ........................... 20.05% 37.85% (16.59)% (21.56)% (15.02)%
Ratios/Supplemental data:
Net assets, end of year (000) ......... $41,860 $19,539 $7,661 $8,234 $9,950
Ratios to average net assets:
Ratio of expenses to average net assets 0.69% 0.49%* 0.50%* 0.48%* 0.47%*
Ratio of net investment income to
average net assets ................... 2.10% 1.89% 1.71% 1.28% 1.20%
Portfolio turnover ..................... 12%(carat) N/A N/A N/A N/A
- ----------
* Includes effect of expenses allocated from Master Investment Portfolio
(Note 1)
(carat) Portfolio turnover figure represents the period from March 5, 2004, to
December 31, 2004. Prior to March 5, 2004, portfolio turnover was
calculated at the Master Investment Portfolio level.
- Per share amounts were calculated using the average shares outstanding.
See Notes to Financial Statements.
105
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MODEL PORTFOLIO
SAVINGS ORIENTED
------------------------------------------------------------------
FOR THE PERIOD
FROM DECEMBER 4,
2000* TO
FOR THE YEAR ENDED DECEMBER 31, DECEMBER 31,
2004 2003 2002 2001 2000
-------- -------- -------- -------- ----------------
NET ASSET VALUE, BEGINNING OF PERIOD ......... $ 23.53 $ 21.92 $ 22.91 $ 25.09 $ 25.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................... 0.66 0.54 0.64 0.96 0.16
Net realized and unrealized gain (loss)
on investments ............................. 0.70 1.64 (0.96) (0.32) 0.21
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ............. 1.36 2.18 (0.32) 0.64 0.37
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income .................. (0.68) (0.57) (0.61) (1.47) (0.15)
From net realized gains ..................... -- -- (0.06) (0.85) (0.13)
In excess of net realized gain on investments -- -- -- (0.37) --
Return of capital ........................... -- -- -- (0.13) --
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .......................... (0.68) (0.57) (0.67) (2.82) (0.28)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD ............... $ 24.21 $ 23.53 $ 21.92 $ 22.91 $ 25.09
======== ======== ======== ======== ========
Total return ................................. 5.78% 9.93% (1.38)% 2.81% 1.48%++
Ratios/Supplemental data:
Net assets, end of period (000) ............. $260,976 $202,264 $159,497 $137,029 $101,093
Ratios to average net assets:
Ratio of expenses to average net assets ..... 0.15% 0.16% 0.16% 0.18% 0.13%+
Ratio of net investment income to average
net assets ................................. 3.07% 2.60% 3.06% 3.76% 8.95%+
Portfolio turnover ........................... 42% 10% 10% 14% 2%++
- ----------
+ Annualized
++ Not annualized
* Commencement of operations
See Notes to Financial Statements.
106
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MODEL PORTFOLIO
CONSERVATIVE GROWTH
--------------------------------------------------------------------
FOR THE PERIOD
FROM DECEMBER 4,
2000* TO
FOR THE YEAR ENDED DECEMBER 31, DECEMBER 31,
2004 2003 2002 2001 2000
-------- -------- -------- -------- ----------------
NET ASSET VALUE, BEGINNING OF PERIOD ......... $ 21.95 $ 19.54 $ 21.52 $ 24.81 $ 25.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................... 0.56 0.43 0.53 0.83 0.14
Net realized and unrealized gain (loss)
on investments ............................. 0.92 2.42 (1.96) (0.95) 0.33
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ............. 1.48 2.85 (1.43) (0.12) 0.47
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income .................. (0.56) (0.44) (0.55) (1.27) (0.14)
From net realized gains ..................... -- -- -- (1.17) (0.52)
In excess of net realized gain on investments -- -- -- (0.53) --
Return of capital ........................... -- -- -- (0.20) --
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS .......................... (0.56) (0.44) (0.55) (3.17) (0.66)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD ............... $ 22.87 $ 21.95 $ 19.54 $ 21.52 $ 24.81
======== ======== ======== ======== ========
Total return ................................. 6.74% 14.64% (6.66)% 0.09% 1.89%++
Ratios/Supplemental data:
Net assets, end of period (000) ............. $480,096 $376,001 $280,787 $280,813 $236,682
Ratios to average net assets:
Ratio of expenses to average net assets ..... 0.14% 0.15% 0.15% 0.15% 0.12%+
Ratio of net investment income to average
net assets ................................. 2.70% 2.29% 2.64% 3.17% 8.26%+
Portfolio turnover ........................... 27% 8% 12% 15% 1%++
- ----------
+ Annualized
++ Not annualized
* Commencement of operations
See Notes to Financial Statements.
107
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MODEL PORTFOLIO
TRADITIONAL GROWTH
----------------------------------------------------------------------
FOR THE PERIOD
FROM DECEMBER 4,
2000* TO
FOR THE YEAR ENDED DECEMBER 31, DECEMBER 31,
2004 2003 2002 2001 2000
---------- -------- -------- -------- ----------------
NET ASSET VALUE, BEGINNING OF PERIOD ............ $ 20.45 $ 17.19 $ 20.06 $ 24.64 $ 25.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.39 0.29 0.34 0.57 0.14
Net realized and unrealized gain (loss)
on investments ................................ 1.22 3.27 (2.88) (1.69) 0.47
---------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ................ 1.61 3.56 (2.54) (1.12) 0.61
---------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ..................... (0.39) (0.30) (0.33) (0.92) (0.14)
From net realized gains ........................ -- -- -- (1.78) (0.83)
In excess of net realized gain on investments .. -- -- -- (0.62) --
Return of capital .............................. -- -- -- (0.14) --
---------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS ............................. (0.39) (0.30) (0.33) (3.46) (0.97)
---------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD .................. $ 21.67 $ 20.45 $ 17.19 $ 20.06 $ 24.64
========== ======== ======== ======== ========
Total return .................................... 7.89% 20.68% (12.64)% (3.62)% 2.46%++
Ratios/Supplemental data:
Net assets, end of period (000) ................ $1,005,076 $795,581 $566,555 $571,357 $489,791
Ratios to average net assets:
Ratio of expenses to average net assets ........ 0.14% 0.15% 0.14% 0.15% 0.11%+
Ratio of net investment income to average
net assets .................................... 2.01% 1.73% 1.94% 2.20% 8.22%+
Portfolio turnover .............................. 14% 9% 11% 13% 0%++**
- ----------
+ Annualized
++ Not annualized
* Commencement of operations
** Rounds to less than 1%
See Notes to Financial Statements.
108
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MODEL PORTFOLIO
LONG-TERM GROWTH
-----------------------------------------------------------------------
FOR THE PERIOD
FROM DECEMBER 4
2000* TO
FOR THE YEAR ENDED DECEMBER 31, DECEMBER 31,
2004 2003 2002 2001 2000
---------- -------- -------- -------- ---------------
NET ASSET VALUE, BEGINNING OF PERIOD ............ $ 19.48 $ 15.48 $ 19.16 $ 24.53 $ 25.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.26 0.20 0.22 0.36 0.15
Net realized and unrealized gain (loss)
on investments ................................ 1.54 4.01 (3.67) (2.39) 0.66
---------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS ................ 1.80 4.21 (3.45) (2.03) 0.81
---------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment income ..................... (0.26) (0.21) (0.22) (0.62) (0.15)
From net realized gains ........................ --*** (0.00)*** (0.01) (2.11) (1.13)
In excess of net realized gain on investments .. -- -- -- (0.59) --
Return of capital .............................. -- -- -- (0.02) --
---------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS ............................. (0.26) (0.21) (0.23) (3.34) (1.28)
---------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD .................. $ 21.02 $ 19.48 $ 15.48 $ 19.16 $ 24.53
========== ======== ======== ======== ========
Total return .................................... 9.25% 27.21% (18.01)% (7.15)% 3.23%++
Ratios/Supplemental data:
Net assets, end of period (000) ................ $1,040,507 $820,777 $528,710 $533,348 $467,522
Ratios to average net assets:
Ratio of expenses to average net assets ........ 0.14% 0.14% 0.14% 0.15% 0.11%+
Ratio of net investment income to average
net assets .................................... 1.39% 1.33% 1.40% 1.40% 8.05%+
Portfolio turnover .............................. 8% 4% 9% 10% 0%++**
- ----------
+ Annualized
++ Not annualized
* Commencement of operations
** Rounds to less than 1%
*** Rounds to less than $0.01
See Notes to Financial Statements.
109
VANTAGEPOINT FUNDS
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
MODEL PORTFOLIO
ALL-EQUITY GROWTH
-----------------------------------------------------------------
FOR THE PERIOD
FROM DECEMBER 4
2000* TO
FOR THE YEAR ENDED DECEMBER 31, DECEMBER 31,
2004 2003 2002 2001 2000
-------- -------- ------- ------- ---------------
NET ASSET VALUE, BEGINNING OF PERIOD ............ $ 19.49 $ 14.68 $ 19.41 $ 24.27 $ 25.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.11 0.07 0.06 0.13 0.16
Net realized and unrealized gain (loss)
on investments ................................ 1.90 4.81 (4.73) (3.05) 0.72
-------- -------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS ................ 2.01 4.88 (4.67) (2.92) 0.88
-------- -------- ------- ------- -------
LESS DISTRIBUTIONS:
From net investment income ..................... (0.11) (0.07) (0.06) (0.42) (0.16)
From net realized gains ........................ -- -- -- (1.02) (1.45)
In excess of net realized gain on investments .. -- -- -- (0.49) --
Return of capital .............................. -- (0.00)** -- (0.01) --
-------- -------- ------- ------- -------
TOTAL DISTRIBUTIONS ............................. (0.11) (0.07) (0.06) (1.94) (1.61)
-------- -------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD .................. $ 21.39 $ 19.49 $ 14.68 $ 19.41 $ 24.27
======== ======== ======= ======= =======
Total return .................................... 10.30% 33.26% (24.07)% (11.13)% 3.53%++
Ratios/Supplemental data:
Net assets, end of period (000) ................ $216,415 $128,145 $54,779 $37,812 $11,697
Ratios to average net assets:
Ratio of expenses to average net assets ........ 0.16% 0.17% 0.18% 0.20% 0.13%+
Ratio of net investment income to average
net assets .................................... 0.64% 0.59% 0.45% 0.21% 9.23%+
Portfolio turnover .............................. 9% 3% 6% 18% 2%++
- ----------
+ Annualized
++ Not annualized
* Commencement of operations
** Rounds to less than $0.01
See Notes to Financial Statements.
110
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS
1. ORGANIZATION
The Vantagepoint Funds (the "Company") is registered under the Investment
Company Act of 1940, as amended, (the "1940 Act"), as an open-end management
investment company organized as a Delaware statutory trust. The Company
commenced operations on March 1, 1999 and as of December 31, 2004 consists of
the following series:
THE "ACTIVELY MANAGED FUNDS": THE "INDEX FUNDS": THE "MODEL PORTFOLIO FUNDS":
Money Market Fund Core Bond Index Fund Savings Oriented Fund
Short-Term Bond Fund(1) 500 Stock Index Fund Conservative Growth Fund
US Government Securities Fund Broad Market Index Fund Traditional Growth Fund
Asset Allocation Fund Mid/Small Company Index Fund Long-Term Growth Fund
Equity Income Fund Overseas Equity Index Fund All-Equity Growth Fund
Growth & Income Fund
Growth Fund
Aggressive Opportunities Fund
International Fund
On December 4, 2000, the Model Portfolio Funds commenced operations by
acquiring all of the assets of certain funds of the VantageTrust (the "Trust
Funds"). The acquisition was accomplished by a tax-free transfer of net assets
of the corresponding Trust Funds in exchange for shares in the newly formed
funds. Additionally, the Short-Term Bond Fund commenced operations on this
date.
The Actively Managed and Model Portfolio Funds 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 date of distribution. Neither class has preferential
dividend rights. Differences in per share dividend rates are generally due to
differences in separate class expenses.
Model Portfolio Fund Structure
The Model Portfolio Funds invest entirely in other series of the Company
("underlying funds"). Vantagepoint Investment Advisers, LLC ("VIA") may approve
allocation changes to the funds based on its periodic analysis to identify the
allocation of assets among the different funds of the Company that is optimum
for each Model Portfolio. The underlying funds of each Model Portfolio Fund and
the target percentage investment in each underlying fund at recent dates are
shown below:
MODEL PORTFOLIO FUND 12/31/04 6/30/04 12/31/03 IN UNDERLYING VANTAGEPOINT FUND
- -------------------- -------- ------- -------- -------------------------------
SAVINGS ORIENTED FUND 35% 65% 65% Short-Term Bond
10% 10% 10% US Government Securities Fund
30% 0% 0% Core Bond Index Fund
10% 10% 10% Equity Income Fund
10% 10% 10% Growth & Income Fund
5% 5% 5% International Fund
- --------------
(1) On November 8, 2004 the Vantagepoint Income Preservation Fund changed its
name to the Vantagepoint Short-Term Bond Fund and underwent changes in its
investment objective, strategies and subadvisers.
111
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
MODEL PORTFOLIO FUND 12/31/04 6/30/04 12/31/03 IN UNDERLYING VANTAGEPOINT FUND
- -------------------- -------- ------- -------- -------------------------------
CONSERVATIVE GROWTH FUND 30% 50% 50% Short-Term Bond
30% 10% 10% Core Bond Index Fund
10% 10% 10% Equity Income Fund
10% 10% 10% Growth & Income Fund
8% 8% 10% Growth Fund
7% 7% 5% International Fund
5% 5% 5% Aggressive Opportunities Fund
TRADITIONAL GROWTH FUND 20% 30% 30% Short-Term Bond
20% 10% 10% Core Bond Index Fund
15% 15% 15% Growth & Income Fund
15% 15% 15% Growth Fund
10% 10% 10% Equity Income Fund
10% 10% 10% International Fund
10% 10% 10% Aggressive Opportunities Fund
LONG-TERM GROWTH FUND 20% 20% 20% Core Bond Index Fund
20% 20% 20% Growth & Income Fund
20% 20% 20% Growth Fund
15% 15% 15% Aggressive Opportunities Fund
13% 13% 10% Equity Income Fund
12% 12% 10% International Fund
0% 0% 5% Overseas Equity Index Fund
ALL-EQUITY GROWTH FUND 30% 30% 25% Growth Fund
20% 20% 20% Growth & Income Fund
20% 20% 20% Aggressive Opportunities Fund
15% 15% 15% Equity Income Fund
15% 15% 20% International Fund
Since the Model Portfolio Funds invest entirely in other series of the Company,
investment earnings are composed of:
1. dividend and capital gain distributions from the underlying funds
2. unrealized appreciation/depreciation on investments in the underlying
funds
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.
Change in Structure of Index Funds
On December 11, 2003, the Board of Directors of the Company approved the
transfer of the Index Funds from a Master-Feeder structure to a stand-alone
structure where each Index Fund has an investment adviser and sub-adviser. In a
Master-Feeder structure, a feeder fund invests in a master portfolio that
invests in individual securities and has substantially the same investment
objectives as the feeder fund. In a stand-alone structure, a fund invests
directly in individual securities. On March 8, 2004, the Index Funds began
investing in securities directly. The Board also approved the discontinuation
of investing in Barclays Global Fund Advisors' Master Investment Portfolios
("Master Portfolios") in conjunction with the new fund structure. The new
subadviser to the Index Funds is Mellon Capital Management Corporation. This
transition occurred on March 8, 2004. On March 8, 2004, the Index Funds
received assets in each fund as follows:
112
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
MID/SMALL OVERSEAS
CORE BOND 500 STOCK BROAD MARKET COMPANY EQUITY
------------ ------------ ------------ ------------ -----------
Received assets $617,378,547 $339,746,824 $577,597,655 $132,704,425 $50,359,599
============ ============ ============ ============ ===========
Unrealized Appreciation/
(Depreciation) $ (1,699,132) $164,261,037 $149,463,973 $ 44,498,556 $17,924,012
============ ============ ============ ============ ===========
As of March 8, 2004, the received assets for each fund included the above-noted
amounts of unrealized appreciation/(depreciation) from a tax-free redemption.
The accounting policies of the Index Funds, when the Index Funds were invested
in the Master Portfolios from January 1, 2004 through March 5, 2004, were the
same as the Index Funds' policies disclosed herein.
Transition of Income Preservation Fund to Short-Term Bond Fund
On November 8, 2004, the name, investment objective, investment strategies and
certain subadvisers of the Vantagepoint Income Preservation Fund were changed.
Pacific Investment Management Company, LLC and Wellington Management Company,
LLP were terminated in September 2004 as subadvisers. STW Fixed Income
Management Ltd. started as a subadviser in November 2004 and Payden & Rygel
Investment Counsel ("Payden and Rygel") continues as a subadviser. The Board of
Directors of the Company took these actions because it concluded that it was
not likely that the fund would be able to continue, over the long term, to
follow its investment strategy of using wrapper agreements to seek to preserve
capital and maintain a stable net asset value per share. The Board's conclusion
was based on, among other things, the current regulatory uncertainty about the
method of valuing wrapper agreements. In this regard, the staff of the
Securities and Exchange Commission inquired of "stable value" mutual funds,
including the Income Preservation Fund, as to the methodology used by such
funds to value their wrapper agreements.
In early August 2004, at the direction of VIA, the fund's investment adviser,
the average duration of the fund's portfolio was shortened to approximately 1.5
years, as permitted by the fund's investment guidelines. Beginning in early
September 2004, those portions of the fund's portfolio subadvised by Wellington
Management Company, LLP and Pacific Investment Management Company, LLC were
placed under the management of the fund's remaining subadviser, Payden & Rygel.
In order to seek to maintain a stable net asset value, Payden & Rygel invested
the fund's assets in a portfolio of short-term fixed income instruments with
less than 60 days to maturity ("Interim Portfolio"). Payden & Rygel constructed
the Interim Portfolio and continued to subadvise the portfolio, subject to
VIA's oversight. Shortly before the November 8, 2004 conversion took place, the
Interim Portfolio matured and the fund's assets were primarily invested in cash
and cash equivalents for a brief period of time. By investing its assets in
this manner, the fund was able to maintain a stable net asset value of $100 per
share until the November 8, 2004 conversion.
The Vantagepoint Short-Term Bond Fund will retain the historical performance,
the ticker symbol, and cusip number of the Vantagepoint Income Preservation
Fund. While the fund's goal is to seek total return that is consistent with
preservation of capital, there is no assurance that the fund will be able to do
so. As a short-term bond fund, the fund's investment returns are expected to be
more volatile and will vary depending on market conditions, particularly over
the short-term. The fund's net asset value will fluctuate. Information
statements related to the changes were sent to shareholders on October 15, 2004
and February 14, 2005. The changes were also filed in the supplements to the
prospectus dated May 1, 2004, as amended on September 2, 2004 and November 8,
2004.
New Lifecycle Funds--The Milestone Funds
Eight new Vantagepoint Funds commenced operations on January 3, 2005. Each fund
received $500,000 in exchange for shares purchased by the ICMA Retirement
Corporation, the parent company of VIA. These new funds are referred to
collectively as the Vantagepoint Milestone Funds and are described in the
prospectus dated January 3, 2005.
113
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
The eight new funds are:
- Milestone Retirement Income Fund
- Milestone 2010 Fund
- Milestone 2015 Fund
- Milestone 2020 Fund
- Milestone 2025 Fund
- Milestone 2030 Fund
- Milestone 2035 Fund
- Milestone 2040 Fund
The Milestone Funds are designed to serve as investing vehicles for retirement
assets. Each fund invests in a professionally selected combination of equity
and fixed income funds that is believed to be appropriate given the time
remaining until retirement. Each of these funds invests in certain other
underlying funds rather than investing directly in a portfolio of securities.
Each Milestone Fund has a different degree of potential risk and reward and is
diversified among various Vantagepoint Funds in differing allocations.
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. 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. Certain prior year amounts have been
reclassified to conform to the current year presentation.
Investment Policy and Security Valuation
The equity securities held by each fund normally are valued at the last
reported sale price on the exchange on which the security is principally
traded. Securities for which the primary market is the National Association of
Securities Dealers Automated Quotations National Market System ("NASDAQ") are
valued at the NASDAQ Official Closing Price. Equity securities not traded on an
exchange or on NASDAQ normally are valued at the last reported sale price in
the over-the-counter market. If a non-exchange traded security does not trade
on a particular day, then the security is normally valued at the mean between
the highest bid price and the lowest priced offer obtained from quotation
services or other sources believed to be reliable. Fixed income debt
instruments, such as commercial paper, bankers' acceptances and U.S. Treasury
Bills, with a remaining maturity of less than 60 days, are valued at amortized
cost. Prices for other fixed income securities are normally obtained from a
commercial pricing service that may use pricing matrices or other methodologies
designed to identify the market value of fixed income securities. 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 Company's Board of Directors.
Each Model Portfolio Fund is diversified among various asset classes reflecting
different risk and reward tradeoff potentials. On each business day shares of
the underlying funds are valued and reported at their net asset value.
114
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
The Money Market Fund invests all of its assets in the AIM Short-Term
Investments Trust Liquid Assets Portfolio Institutional Class. The AIM
Short-Term Investments Trust Liquid Assets Portfolio uses the amortized cost
method to value its portfolio securities in accordance with Rule 2a-7 under the
1940 Act. Amortized cost, which is a security's historical cost adjusted for
amortization of discount or premium, if any, approximates market value.
Valuation of Foreign Securities
For foreign equity securities that are principally traded in markets outside
North and South America, effective October 1, 2004, The Company's Board of
Directors 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. The Company's Board of
Directors has approved use of the fair value prices provided by the service on
a daily basis without a market trigger or confidence interval filter for all
foreign equity securities held by the funds that are principally traded in
markets outside North and South America. In the event prices for such foreign
security are not available through the service or another fair value pricing
service approved by the Company's Board of Directors, the security may be
priced at the average of two or more independent broker-dealer quotations at
the fair value of the security, in accordance with the funds' valuation
procedures.
When Issued Securities
When issued securities or "To Be Announced" securities are held by the funds.
These securities are fully collateralized by other securities. Such collateral
is in possession of the fund's custodian. The collateral is evaluated daily to
ensure its market value equals the current market value of the when issued
securities and is noted in the Schedule of Investments.
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
are translated into U.S. dollars at the prevailing rates of exchange at the end
of each day. Purchases and sales of securities, income receipts and expense
payments are translated into U.S. dollars at the prevailing exchange rate on
the respective 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.
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 net of applicable taxes withheld by foreign countries, 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.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared and paid monthly to
shareholders of the Core Bond Index Fund, the Short-Term Bond Fund and US
Government Securities Fund. Dividends from net investment income are declared
daily and paid monthly to shareholders of the Money Market
115
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
Fund. Prior to November 2004, dividends from net investment income were
declared daily and paid monthly to shareholders of the Short-Term Bond Fund
(formerly the Income Preservation Fund). For the remaining Actively Managed
Funds and the Index Funds as well as the Model Porfolio Funds, dividends from
net investment income are declared and paid annually to shareholders.
Distributions from any net realized capital gains are generally declared and
paid annually to shareholders. Income distributions and capital gain
distributions are determined in accordance with income tax regulations which
may differ from accounting principles generally accepted in the United States
of America. These differences are primarily due to differing treatments of
income and gains on various investment securities held by the funds, dividends
payable, and differing characterization of distributions made by each fund as a
whole. The following reclassifications were made in the financial statements to
present each fund's components of its net asset accounts on a tax basis. Net
investment income per share calculations in the Financial Highlights were not
affected by these reclassifications.
Permanent book and tax differences, if any, relating to shareholder
distributions will result in reclassifications to paid-in capital. These
include net operating losses not utilized during the current year, commission
adjustments, foreign currency gains and losses, returns of capital,
recharacterized distributions, and adjustments relating to dispositions of REIT
and PFIC securities. These reclassifications have no effect on net assets or
net asset values per share. Any taxable gain remaining at fiscal year end is
distributed in the following year.
UNDISTRIBUTED ACCUMULATED NET REALIZED
PAID-IN CAPITAL NET INVESTMENT INCOME GAIN/(LOSS)
INCREASE/(DECREASE) INCREASE/(DECREASE) INCREASE/(DECREASE)
--------------------- ----------------------- -------------------------
Short-Term Bond $ (9,419,241) $13,205,053 $ (3,785,812)
US Government Securities 36,521 142,494 (179,015)
Asset Allocation 2,997 (4,433) 1,436
Equity Income 612,678 84,341 (697,019)
Growth & Income -- 77,676 (77,676)
Growth (1,848) 656,177 (654,329)
Aggressive Opportunities (17,191,628) 3,173,949 14,017,679
International 1 1,483,177 (1,483,178)
Core Bond Index (941,951) 4,429,819 (3,487,868)
500 Stock Index (5,282,328) (3,003) 5,285,331
Broad Market Index (19,759,606) (311,006) 20,070,612
Mid/Small Company Index 17,575,460 (180,192) (17,395,268)
Overseas Equity Index 7,331,271 360,525 (7,691,796)
Savings Oriented (2) 91,755 (91,753)
Conservative Growth -- 113,348 (113,348)
Traditional Growth 1 157,519 (157,520)
Long-Term Growth (665,287) 163,055 502,232
All-Equity Growth (29) 29 --
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
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income and excise taxes. Therefore, no provision for federal
income or excise taxes is required.
116
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
At December 31, 2004, the components of distributable earnings on a tax basis
were as follows:
UNDISTRIBUTED UNDISTRIBUTED TOTAL DISTRIBUTABLE
FUND ORDINARY INCOME LONG-TERM GAIN EARNINGS
- ---- --------------- -------------- -------------------
US Government Securities $ 74,752 $-- $ 74,752
Asset Allocation 1,029,496 -- 1,029,496
Equity Income 188,498 -- 188,498
Growth & Income 427,229 -- 427,229
Growth 63,382 -- 63,382
International 3,757,895 -- 3,757,895
Core Bond Index 238,184 -- 238,184
500 Stock Index 15,094 -- 15,094
Broad Market Index 5,364,213 -- 5,364,213
Mid/Small Company Index 455,567 -- 455,567
Overseas Equity Index 317,421 -- 317,421
Savings Oriented 486,284 -- 486,284
Conservative Growth 72,722 -- 72,722
Traditional Growth 804,759 -- 804,759
Long-Term Growth 162,561 -- 162,561
The tax character of distributions paid during 2004 were as follows:
DISTRIBUTIONS PAID DISTRIBUTIONS PAID
FROM ORDINARY FROM LONG-TERM RETURN OF TOTAL
FUND INCOME CAPITAL GAINS CAPITAL DISTRIBUTIONS
- ---- ------------------ ------------------ ------------ --------------
Money Market $ 892,178 $ -- $ -- $ 892,178
Short-Term Bond 13,695,265 2,997,378 9,370,727 26,063,370
US Government Securities 4,296,728 1,872,729 -- 6,169,457
Asset Allocation 12,114,597 2,476,322 -- 14,590,919
Equity Income 11,313,087 -- -- 11,313,087
Growth & Income 8,053,044 -- -- 8,053,044
Growth 8,572,095 -- -- 8,572,095
International 7,434,341 -- -- 7,434,341
Core Bond Index 31,240,408 2,664,288 -- 33,904,696
500 Stock Index 5,677,436 -- -- 5,677,436
Broad Market Index 8,517,216 -- -- 8,517,216
Mid/Small Company Index 1,232,574 -- -- 1,232,574
Overseas Equity Index 1,286,520 -- -- 1,286,520
Savings Oriented 7,102,173 -- -- 7,102,173
Conservative Growth 11,420,590 -- -- 11,420,590
Traditional Growth 17,929,796 -- -- 17,929,796
Long-Term Growth 12,739,261 16,683 -- 12,755,944
All-Equity Growth 1,077,177 -- -- 1,077,177
117
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
At December 31, 2004 the following funds had net capital loss carryovers:
EXPIRING DECEMBER 31,
--------------------------------------------
2010 2011 2012
-------------- ------------- ------------
Asset Allocation $ -- $ -- $ 977,358
Equity Income -- 8,064,610 --
Growth & Income 16,318,853 32,170,941 --
Growth 701,253,321 82,974,331 --
Aggressive Opportunities 272,442,199 -- --
International 57,789,244 11,063,180 --
500 Stock Index 17,305,336 3,056,924 --
Broad Market Index 28,893,686 7,434,496 --
Mid/Small Company Index 3,037,231 2,371,348 --
Overseas Equity Index 1,567,932 729,412 --
Savings Oriented 979,850 2,603,132 1,655,802
Conservative Growth 220,902 4,470,715 715,946
Traditional Growth 806,402 7,782,948 85,055
Long-Term Growth -- -- 821,661
All-Equity Growth 359,640 159,745 186,118
At December 31, 2004 the following Funds elected to defer post-October 31 net
capital losses and currency losses of:
CAPITAL LOSSES CURRENCY LOSSES
-------------- ---------------
Short-Term Bond $ 347,977 $ --
US Government Securities 151,813 --
Growth -- 12,065
Aggressive Opportunities -- 17,325,991
International -- 585,460
Core Bond Index 102,342 --
Overseas Equity Index 1,561,622 --
Savings Oriented 512,445 --
Conservative Growth 867,128 --
Traditional Growth 1,052,941 --
118
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
Futures Contracts
The funds may purchase futures contracts to gain exposure to market changes as
this may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between two parties to buy and
sell a security at a set price. Pursuant to the contract, the fund agrees to
receive from or pay to the broker an amount of cash equal to the daily
fluctuation in the value of the contract. Such receipts or payments are known
as "variation margin" and are recorded by the fund as unrealized gains or
losses. When the contract is closed, the fund records a gain or loss equal to
the difference between the value of the contract at the time it was opened and
the value at the time it was closed. Pursuant to regulations and/or published
positions of the Securities and Exchange Commission, the fund is required to
segregate cash or liquid instruments in connection with futures transactions in
an amount generally equal to the entire futures contract amount. Risks of
entering into futures contracts include the possibility that there may be an
illiquid market and that a change in the value of the contracts may not
correlate with changes in the value of the underlying securities. The amounts
of risk under such futures may exceed the amounts reflected in the financial
statements. As of December 31, 2004, the following funds had open futures
contracts:
Short-Term Bond Fund
UNDERLYING NET
NUMBER OF FACE AMOUNT UNREALIZED
CONTRACTS EXCHANGE CONTRACT EXPIRATION DATE AT VALUE DEPRECIATION
- --------- -------- -------- --------------- ----------- ------------
15 CBT U.S. 10 Year Treasury Note March 2005 $1,679,063 $(17,343)
91 CBT U.S. 5 Year Treasury Note March 2005 $9,967,344 (60,430)
--------
TOTAL UNREALIZED DEPRECIATION $(77,773)
========
Asset Allocation Fund
UNDERLYING NET
NUMBER OF FACE AMOUNT UNREALIZED
CONTRACTS EXCHANGE CONTRACT EXPIRATION DATE AT VALUE APPRECIATION
- --------- -------- -------- --------------- ----------- ------------
334 CBT S&P 500 Index March 2005 $101,343,950 $2,131,763
508 CME U.S. Treasury Long Bond March 2005 $ 57,150,000 (968,107)
----------
TOTAL UNREALIZED APPRECIATION $1,163,656
==========
500 Stock Index Fund
UNDERLYING NET
NUMBER OF FACE AMOUNT UNREALIZED
CONTRACTS EXCHANGE CONTRACT EXPIRATION DATE AT VALUE APPRECIATION
- --------- -------- -------- --------------- ----------- ------------
62 CME E-MINI S&P 500 Index March 2005 $3,762,470 $70,585
-------
TOTAL UNREALIZED APPRECIATION $70,585
=======
Broad Market Index Fund
UNDERLYING NET
NUMBER OF FACE AMOUNT UNREALIZED
CONTRACTS EXCHANGE CONTRACT EXPIRATION DATE AT VALUE APPRECIATION
- --------- -------- -------- --------------- ----------- ------------
14 CME E-MINI Russell Index March 2005 $ 915,530 $ 32,730
104 CME E-MINI S&P 500 Index March 2005 $6,311,240 161,320
--------
TOTAL UNREALIZED APPRECIATION $194,050
========
119
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
Mid/Small Company Index Fund
UNDERLYING NET
NUMBER OF FACE AMOUNT UNREALIZED
CONTRACTS EXCHANGE CONTRACT EXPIRATION DATE AT VALUE APPRECIATION
- --------- -------- -------- --------------- ----------- -------------
48 CME E-MINI Russell Index March 2005 $3,138,960 $ 70,120
38 CME E-MINI S&P MID 400 Index March 2005 $2,528,330 63,190
--------
TOTAL UNREALIZED APPRECIATION $133,310
========
Overseas Equity Index Fund
NET
UNDERLYING UNREALIZED
NUMBER OF FACE AMOUNT APPRECIATION/
CONTRACTS EXCHANGE CONTRACT EXPIRATION DATE AT VALUE (DEPRECIATION)
- --------- -------- -------- --------------- ----------- --------------
12 EUX DJ Stoxx 50 Eurodollar March 2005 $478,815 $ (309)
5 LSE FTSE 100 Index March 2005 $459,541 1,130
3 TSE Topix Index March 2005 $335,592 4,695
------
TOTAL UNREALIZED APPRECIATION $5,516
======
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract is an agreement to pay or receive
specific amounts of a currency at a future date in exchange for another
currency at an agreed upon exchange rate. The funds may use forward foreign
currency exchange contracts to hedge certain foreign currency assets and
liabilities. Contracts are recorded at market value and marked to market daily.
Risks of entering into forward foreign currency exchange contracts include the
possibility that there may be an illiquid market and that a change in the value
of the contracts may not correlate with changes in the value of the underlying
securities. The amount at risk for such forward foreign currency exchange
contracts may exceed the amount reflected in the financial statements. Realized
and unrealized gains or losses on forward foreign currency exchange contracts
are reflected in the accompanying financial statements. As of December 31,
2004, the funds had the following open forward foreign currency exchange
contracts outstanding:
Aggressive Opportunities Fund
EXCHANGE FOREIGN CURRENCY U.S. DOLLAR VALUE NET UNREALIZED
CURRENCY DATE COST/PROCEEDS (U.S.$) AT DECEMBER 31, 2004 GAIN/(LOSS)
- -------- ------------ ----------------------- ---------------------- -----------------
PURCHASE CONTRACTS
Australian Dollar 03/03/2005 $ 494,308 $ 504,103 $ 9,795
British Pound Sterling 08/01/2005 3,549,667 4,533,063 983,396
Canadian Dollar 01/04/2005 56,006 55,997 (9)
01/05/2005 13,415 13,384 (31)
Euro Dollar 03/03/2005 5,401,593 5,365,549 (36,044)
08/01/2005 6,038,705 8,549,905 2,511,200
Japanese Yen 01/05/2005 46,013 46,159 146
03/30/2005 11,087,127 11,081,839 (5,288)
06/23/2005 4,949,025 4,936,721 (12,304)
08/01/2005 3,318,942 3,602,355 283,413
New Zealand Dollar 08/01/2005 406,144 535,560 129,416
Swedish Krona 03/03/2005 178,423 180,294 1,871
Swiss Franc 08/02/2005 897,170 1,153,363 256,193
-----------
NET GAIN ON PURCHASE CONTRACTS $ 4,121,754
120
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
EXCHANGE FOREIGN CURRENCY U.S. DOLLAR VALUE NET UNREALIZED
CURRENCY DATE COST/PROCEEDS (U.S.$) AT DECEMBER 31, 2004 GAIN/(LOSS)
- ------------------------ ------------ ----------------------- ---------------------- ----------------
SALE CONTRACTS
Australian Dollar 08/02/2005 $ 4,031,960 $ 6,079,671 $ (2,047,711)
British Pound Sterling 01/04/2005 46,338 46,296 42
01/05/2005 60,657 60,471 186
03/03/2005 12,242,545 12,218,368 24,177
08/01/2005 17,432,460 22,167,957 (4,735,497)
Canadian Dollar 03/03/2005 22,949,703 22,687,657 262,046
03/30/2005 5,643,134 6,362,048 (718,914)
06/23/2005 14,174,091 16,150,817 (1,976,726)
Danish Krone 03/03/2005 383,751 390,339 (6,588)
08/01/2005 2,005,175 2,829,453 (824,278)
Euro Dollar 01/03/2005 26,902 26,813 89
01/04/2005 6,232 6,205 27
03/03/2005 20,002,031 20,347,644 (345,613)
06/23/2005 19,328,000 21,712,589 (2,384,589)
08/01/2005 28,613,280 40,067,066 (11,453,786)
Hong Kong Dollar 01/03/2005 27,480 27,502 (22)
01/04/2005 18,250 18,266 (16)
Japanese Yen 01/04/2005 37,213 37,783 (570)
01/06/2005 30,669 30,829 (160)
03/03/2005 23,262,506 23,292,187 (29,681)
03/30/2005 10,752,688 11,081,839 (329,151)
06/23/2005 80,710,516 84,566,036 (3,855,520)
08/01/2005 34,026,829 36,155,406 (2,128,577)
Mexican Peso 01/03/2005 50,371 50,470 (99)
New Zealand Dollar 01/05/2005 35,388 35,736 (348)
03/03/2005 4,052,440 4,105,537 (53,097)
08/01/2005 324,216 535,560 (211,344)
Republic of Korea Won 03/03/2005 9,048,828 9,164,998 (116,170)
Singapore Dollar 03/03/2005 3,655,934 3,656,382 (448)
Swedish Krona 01/03/2005 33,361 33,213 148
01/04/2005 13,463 13,517 (54)
01/05/2005 27,685 27,797 (112)
08/01/2005 3,491,968 5,281,081 (1,789,113)
Swiss Franc 03/03/2005 5,547,579 5,573,642 (26,063)
08/02/2005 914,004 1,153,363 (239,359)
------------
NET LOSS ON SALE CONTRACTS $(32,986,891)
------------
NET UNREALIZED LOSS ON FORWARD
FOREIGN CURRENCY CONTRACTS $(28,865,137)
============
121
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
International Fund
EXCHANGE FOREIGN CURRENCY U.S. DOLLAR VALUE NET UNREALIZED
CURRENCY DATE COST/PROCEEDS (U.S.$) AT DECEMBER 31, 2004 GAIN/(LOSS)
- -------- -------- --------------------- -------------------- --------------
PURCHASE CONTRACTS
British Pound Sterling 01/04/2005 $ 14,701 $ 14,700 $ (1)
06/30/2005 1,779,309 1,791,240 11,931
06/30/2005 1,095,674 1,099,551 3,877
Canadian Dollar 01/05/2005 16,641 16,602 (39)
Hong Kong Dollar 01/03/2005 179,539 179,684 145
01/04/2005 152,187 152,260 73
Japanese Yen 01/04/2005 441,976 444,174 2,198
01/05/2005 56,104 56,644 540
01/06/2005 371,411 373,093 1,682
----------
NET GAIN ON PURCHASE CONTRACTS $ 20,406
SALE CONTRACTS
British Pound Sterling 01/04/2005 $ 15,439 $ 15,425 $ 14
Canadian Dollar 01/03/2005 1,389 1,395 (6)
01/04/2005 270,271 272,292 (2,021)
01/06/2005 57,034 56,991 43
Euro Dollar 01/03/2005 64,253 63,968 285
01/04/2005 37,022 36,721 301
01/05/2005 178,733 177,503 1,230
06/27/2005 1,019,000 1,020,982 (1,982)
06/30/2005 1,095,674 1,101,946 (6,272)
Japanese Yen 01/05/2005 34,623 34,733 (110)
01/24/2005 1,575,000 1,678,019 (103,019)
03/01/2005 918,000 916,678 1,322
Swedish Krona 01/03/2005 7,295 7,263 32
Swiss Franc 01/03/2005 20,860 20,777 83
01/04/2005 21,129 20,963 166
02/17/2005 685,000 707,018 (22,018)
03/01/2005 2,810,018 2,809,855 163
04/07/2005 693,982 693,196 786
06/30/2005 1,779,309 1,802,509 (23,200)
----------
NET LOSS ON SALE CONTRACTS $ (154,203)
----------
NET UNREALIZED LOSS ON FORWARD
FOREIGN CURRENCY CONTRACTS $ (133,797)
==========
122
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
Overseas Equity Index Fund
EXCHANGE FOREIGN CURRENCY U.S. DOLLAR VALUE NET UNREALIZED
CURRENCY DATE COST/PROCEEDS (U.S.$) AT DECEMBER 31, 2004 GAIN/(LOSS)
- -------- -------- --------------------- -------------------- --------------
PURCHASE CONTRACTS
Australian Dollar 01/05/2005 $ 33,231 $ 33,323 $ 92
British Pound Sterling 01/05/2005 233,047 231,754 (1,293)
03/17/2005 1,212,107 1,213,693 1,586
Danish Krone 01/05/2005 8,243 8,179 (64)
Euro Dollar 01/04/2005 243,630 241,773 (1,857)
01/05/2005 65,496 64,997 (499)
03/17/2005 1,630,839 1,651,302 20,463
Hong Kong Dollar 01/04/2005 9,100 9,104 4
Japanese Yen 01/06/2005 306,172 307,498 1,326
03/17/2005 1,057,278 1,075,533 18,255
Norwegian Krone 01/04/2005 7,301 7,266 (35)
Swedish Krona 01/05/2005 14,746 14,653 (93)
Swiss Franc 01/04/2005 65,188 64,728 (460)
---------
NET GAIN ON PURCHASE CONTRACTS $ 37,425
SALE CONTRACTS
British Pound Sterling 03/17/2005 $ 820,693 $ 812,434 $ 8,259
Euro Dollar 03/17/2005 1,099,520 1,105,564 (6,044)
Japanese Yen 03/17/2005 759,348 771,108 (11,760)
---------
NET LOSS ON SALE CONTRACTS $ (9,545)
---------
NET UNREALIZED GAIN ON FORWARD
FOREIGN CURRENCY CONTRACTS $ 27,880
=========
Option Contracts
The Short-Term Bond Fund may use options to obtain exposure to fixed income
sectors without incurring leverage. The International and Aggressive
Opportunities Funds may use options for currency management. 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 which the fund purchases upon exercise
will be increased by the premium originally paid.
When a fund writes a call or put option, an amount equal to the premium
received by the fund is recorded as a liability, the value of which 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 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 put option is exercised, the amount of the premium originally
received will reduce the cost of the security which the fund purchased upon
exercise.
123
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
Options written are reported as a liability in the Statement of Assets and
Liabilities. Gains and losses are reported in the Statement of Operations.
There are no other transaction fees associated with option contracts other than
the premium paid or received. The risk in writing a call option is that the
fund gives up the opportunity for profit if the market price of the security
increases and the option is exercised. The risk in writing a put option is that
the fund may incur a loss if the market price of the security decreases and the
option is exercised. The risk in buying an option is that the fund pays a
premium whether or not the option is exercised. Written option activity for the
year ended December 31, 2004, was as follows:
CALL OPTIONS PUT OPTIONS
------------------------------ --------------------------
SHORT-TERM BOND FUND CONTRACTS PREMIUM CONTRACTS PREMIUM
- ------------------------------------ ----------- ---------------- ----------- ------------
Beginning balance as of 12/31/2003 368 $ 281,776 0 $ 0
------ ----------- ---- -------
Contracts written 731 $ 736,633 109 $ 1,565
Contracts closed (1,099) $(1,018,409) (109) $(1,565)
------ ----------- ---- -------
Ending balance as of 12/31/2004 0 $ 0 0 $ 0
====== =========== ==== =======
At December 31, 2004, there were no written options.
Swaptions
During the period January 1, 2004 through September 2, 2004, the Short-Term Bond
Fund (formerly the Income Preservation Fund) invested in swaptions for the
purposes of hedging against adverse movements in interest rates. This instrument
combines the features of an option and an interest rate swap. A swaption is an
option to buy an interest rate swap. If the agreement terminates at valuation,
the fund records an unrealized gain or loss for the amount expected to be
received or paid under the agreement. The unrealized gain or loss is recorded in
the fund's Statement of Assets and Liabilities. Swaption activity for the year
ended December 31, 2004, was as follows:
CALL OPTIONS PUT OPTIONS
---------------------------- ----------------------------
SHORT-TERM BOND FUND CONTRACTS PREMIUM CONTRACTS PREMIUM
- ------------------------------------ ------------- ------------ ------------- ------------
Beginning balance as of 12/31/2003 0 $ 0 0 $ 0
-------- -------- -------- --------
Contracts written 500,000 $ 2,625 500,000 $ 3,275
Contracts closed (500,000) $ (2,625) (500,000) $ (3,275)
-------- -------- -------- --------
Ending balance as of 12/31/2004 0 $ 0 0 $ 0
======== ======== ======== ========
At December 31, 2004, there were no positions in swaptions.
Swap Agreements
The Short-Term Bond Fund may invest in swap agreements. A swap is an agreement
to exchange the return generated by one instrument for the return generated by
another instrument. The fund may enter into interest rate swap agreements to
manage its exposure to interest rates and credit risk. Interest rate swap
agreements involve the exchange between two parties of their respective
commitments to pay or receive interest. Swaps are marked to market daily based
upon quotations from market makers and the change in value, if any, is recorded
as unrealized gain or loss in the Statement of Operations. Net payments of
interest on interest rate swap agreements are included as a component of net
realized gain (loss). Entering into these agreements involves, to varying
degrees, elements of credit, default, prepayment, market and documentation risk
in excess of the amounts recognized on the Statement of Assets and Liabilities.
Such risks involve the possibility that there will be no liquid market for
these agreements, the counterparty to these agreements may default on its
obligation to perform and there may be unfavorable changes in interest rates.
As a result of recent changes in generally accepted accounting principles, the
Fund has reclassified periodic payments made under interest rate swap
agreements, previously included within interest
124
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
income, as a component of net realized gain (loss) in the Statement of
Operations. This change does not affect the calculation of Net Asset Value per
share. The effect of this reclassification was to increase net investment
income and reduce net realized gain by $180,971.
At December 31, 2004, there were no open swap agreements.
Repurchase Agreements
Transactions involving purchases of securities under agreements to resell such
securities at a specified price and time ("repurchase agreements") are treated
as collateralized financing transactions and are recorded at their contracted
resale amounts. These repurchase agreements, if any, are detailed in each
fund's Schedule of Investments. The funds require that the cash investment be
fully collateralized based on values that are marked to market daily. The
collateral is generally held by an agent bank under a tri-party agreement. It
is the adviser's responsibility to value collateral daily and to obtain
additional collateral as necessary to maintain the value at equal to or greater
than 102% of market value. The repurchase agreements entered into on December
31, 2004 are collateralized by U.S. Government securities. If the custodian or
counterparty becomes bankrupt, the funds' realization of collateral might be
delayed, or the funds may incur a cost or possible losses of principal and
income in selling the collateral.
Wrapper Agreements
Until its transition to the Short-Term Bond Fund on November 8, 2004, the
Income Preservation Fund sought to maintain a stable net asset value ("NAV") by
purchasing wrapper agreements from financial institutions such as insurance
companies and banks ("wrap providers"). These agreements were designed to
maintain the fund's NAV at a stable share price. These agreements generally
offset differences between daily market value and book value for the fixed
income securities. Risks of purchasing wrapper agreements included the
possibility that the wrapper agreement purchased by the fund could fail to
achieve the goal of limiting fluctuations in the fund's NAV. Risks also
included potential changes in regulatory guidelines for wrapper agreements.
Wrap providers did not assume the credit risk associated with fixed income
securities. Therefore, if the issuer of a security defaulted on payment of
principal or interest or had its credit rating downgraded, the fund could have
to sell such a security quickly and at a price that may not reflect its book
value, and the wrapper agreements would not shield the fund from any resultant
loss. Additionally, the wrapper agreements were not liquid investments. The
fund had wrapper agreements with Bank of America, N.A. and AIG Financial
Products and the contractual fee related to both these agreements was 0.13% of
the average net assets assigned to each contract of the fund.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
VIA, a wholly owned subsidiary of the ICMA Retirement Corporation ("ICMA-RC"),
provides investment advisory services to each of the Actively Managed, Index
and Model Portfolio Funds. Pursuant to a Master Advisory Agreement, VIA is
entitled to receive 0.10% of the average daily net assets of each Actively
Managed and Model Portfolio Fund and 0.05% of the average daily net assets of
the Index Funds. 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 Money Market and Model Portfolio Funds. Each Subadviser is paid a fee by
the funds during the year based on average net assets under management. The fee
structure for many of the Subadvisers provides for a range of fees so that as
average net assets of a fund increase the rate of fee paid decreases. With
other Subadvisers, one fee is applicable to all levels of assets under
management. Additional information about each subadviser's fee is presented in
greater detail in the funds' prospectus and statement of additional
information. Presented below are the fees paid by the funds for the year ended
December 31, 2004. Fees are shown as an annual percentage of average net assets
under management as well as total dollars paid.
125
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
FEE AS A
PERCENTAGE OF
AVERAGE DAILY
NET ASSETS UNDER
FUND SUBADVISER MANAGEMENT DOLLARS PAID
- ---- ---------- ----------------- ------------
Short-Term Bond Payden & Rygel 0.09% $ 198,923
Pacific Investment Management
Company, LLC 0.25% 525,336
STW Fixed Income Management Ltd. 0.24% --
Wellington Management Company, LLP 0.20% 371,851
US Government Securities Mellon Capital Management Corporation 0.06% 45,472
Seix Investment Advisers, Inc.***** 0.10% 46,799
Asset Allocation Mellon Capital Management Corporation 0.23% 1,749,458
Equity Income Barrow, Hanley, Mewhinney &
Strauss, Inc. 0.25% 775,106
T. Rowe Price Associates, Inc. 0.38% 803,880
Southeastern Asset Management, Inc. 0.54% 1,498,093
Growth & Income Capital Guardian Trust Company** 0.24% 479,768
T. Rowe Price Associates, Inc. 0.38% 725,475
Wellington Management Company, LLP 0.28% 757,524
Growth Barclays Global Fund Advisors*** 0.02% 3,556
Brown Capital Management, Inc. 0.27% 1,860,930
Fidelity Management & Research
Company 0.61% 4,671,943
Peregrine Capital Management, Inc. 0.41% 2,713,136
Tukman Capital Management, Inc. 0.48% 3,344,323
Aggressive Opportunities Southeastern Asset Management, Inc. 0.79% 2,483,209
T. Rowe Price Associates, Inc. 0.57% 1,403,889
Wellington Management Company,
LLP**** 0.68% 2,261,945
International Artisan Partners Limited Partnership 0.70% 1,683,153
Capital Guardian Trust Company* 0.42% 761,273
Core Bond Index Mellon Capital Management Corporation 0.02% 83,409
500 Stock Index Mellon Capital Management Corporation 0.02% 38,632
Broad Market Index Mellon Capital Management Corporation 0.02% 69,585
Mid/Small Company Index Mellon Capital Management Corporation 0.05% 39,597
Overseas Equity Index Mellon Capital Management Corporation 0.09% 27,957
- --------------
* Minimum fee of $167,500 per year.
** Minimum fee of $337,000 per year.
*** Barclays Global Fund Advisors was terminated from the Growth Fund in
December 2003. Fourth Quarter 2003 payment was made during the first
quarter 2004.
**** Effective June 7, 2004, Wellington International Ltd. became a
sub-adviser to this fund, and is compensated from fees paid to this
subadviser.
***** Seix Investment Advisers was terminated from the US Government
Securities Fund in December 2003. Fourth quarter 2003 payment was made
during the first quarter 2004.
126
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
Vantagepoint Transfer Agents, LLC ("VTA"), a wholly owned subsidiary of
ICMA-RC, is the transfer agent for each fund in the Company. Pursuant to a
Transfer Agency and Administrative Services Agreement with the Vantagepoint
Funds, VTA is entitled to receive a fee for investor services and fund services
stated as an annual percentage of average daily net assets. For all funds,
except the Index Funds, VTA receives 0.35%. For Class I Shares of the Index
Funds, VTA receives 0.30%. For Class II Shares of the Index Funds, VTA receives
0.10%. Investors Bank & Trust Company ("IBT") provides sub-transfer agency
services pursuant to a sub-transfer agency and service agreement between IBT,
VTA and RC. VTA pays IBT for these services.
IBT serves as the custodian to each fund in the Company and also provides
portfolio accounting services. IBT is entitled to certain transaction charges
plus a monthly fee at an annual rate based on average daily net assets. IBT
also provides administrative services for the Actively Managed, Index and Model
Portfolio Funds.
Expenses
The Money Market Fund and the Model Portfolio Funds will incur fees and
expenses indirectly as shareholders in underlying funds. Because the underlying
funds have varied expense and fee levels and the Money Market and Model
Portfolio Funds may own different proportions of underlying funds at different
times, the amount of fees and expenses indirectly incurred by the Money Market
and Model Portfolio Funds will vary.
Fee Waiver
From March 1, 1999 until May 1, 2002, VIA voluntarily agreed to waive any fees
that would result in total fund expenses of the Money Market Fund exceeding an
annual rate of 0.55% of average net assets.
If the aggregate advisory fees of the Growth Fund exceed 0.54% because of
subadvisory changes, VIA will waive its advisory fee or reimburse expenses to
the extent necessary on any resulting increase in subadvisory fees payable by
the Growth Fund. This commitment will continue until such time as shareholders
approve an increase in this limit. For the year ended December 31, 2004, VIA
reimbursed the Growth Fund $101,753 related to advisory fees to comply with the
0.54% maximum subadvisory fee rate.
Correction of Error in Payments Made
During the period, errors were discovered in the payments of amounts by the
Company to IBT for sub-transfer agency services provided. Under the
sub-transfer agency agreement these payments should have been charged to and
paid for by VTA. The errors resulted in excess payments from the inception of
the Company through April 30, 2004 of approximately $1.2 million. The Company
was also disadvantaged due to understated NAVs by approximately $94,000. VTA
fully reimbursed the Company on October 1, 2004 for the total of these two
issues plus interest. The total reimbursement to the Company was approximately
$1.4 million. There was no material impact on the financial statements of the
funds as a result of this matter.
For 20 of 24 funds (which includes classes of the Index Funds), the cumulative
error amount through April 30, 2004 was less than $0.01 per capital share
outstanding. In four classes of the Index Funds (Mid/Small Company Index Class
I, Mid/Small Company Index Class II, Overseas Equity Index Class I, and
Overseas Equity Index Class II), the cumulative error equaled or exceeded $0.01
per share. The error was less than 1/2 of 1 percent for each fund over the
entire period except for the Overseas Equity Index Fund Class II. Disadvantaged
shareholders of this fund were made whole (by VTA) with interest on October 1,
2004. The total amount remitted to these shareholders was less than $4,000 due
to limited redemption activity in the fund during the period.
127
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
4. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities, for
each Fund for the year ended December 31, 2004 are as follows:
U.S. GOVERNMENT OBLIGATIONS OTHER SECURITIES
------------------------------------ ------------------------------------
FUND PURCHASES AT COST SALES PROCEEDS PURCHASES AT COST SALES PROCEEDS
- ---- ----------------- -------------- ----------------- --------------
Short-Term Bond $739,533,931 $748,443,223 $ 532,892,475 $ 495,543,446
US Government Securities 336,462,144 354,071,555 -- --
Asset Allocation 10,512,327 6,794,508 88,262,678 91,979,443
Equity Income -- -- 190,233,864 118,200,161
Growth & Income -- -- 245,144,810 172,984,063
Growth -- -- 1,395,488,781 1,409,985,629
Aggressive Opportunities -- -- 564,126,599 548,730,457
International -- -- 268,233,846 206,043,062
Core Bond Index 525,646,957 172,528,875 114,011,516 32,702,466
500 Stock Index -- -- 22,194,634 23,893,967
Broad Market Index -- -- 29,670,993 46,133,710
Mid/Small Company Index -- -- 27,613,797 28,978,929
Overseas Equity Index -- -- 16,159,095 6,251,838
Savings Oriented -- -- 149,175,804 96,309,872
Conservative Growth -- -- 200,878,106 113,581,300
Traditional Growth -- -- 278,257,274 121,234,420
Long-Term Growth -- -- 223,167,234 75,280,632
All-Equity Growth -- -- 85,212,809 14,550,729
5. TAX BASIS UNREALIZED APPRECIATION/(DEPRECIATION)
At December 31, 2004, net unrealized appreciation (depreciation) on securities
investments was as follows:
TAX BASIS
FEDERAL GROSS GROSS NET UNREALIZED
INCOME TAX UNREALIZED UNREALIZED APPRECIATION/
FUND COST APPRECIATION DEPRECIATION (DEPRECIATION)
- ---- ---------------- -------------- -------------- ---------------
Money Market $ 116,456,103 $ -- $ -- $ --
Short-Term Bond 517,912,641 75,858 1,150,646 (1,074,788)
US Government Securities 192,501,320 396,628 1,303,432 (906,804)
Asset Allocation 836,334,372 72,487,262 53,834,298 18,652,964
Equity Income 1,045,052,947 213,886,199 26,413,432 187,472,767
Growth & Income 873,314,219 152,489,024 16,758,338 135,730,686
Growth 3,058,174,768 352,341,322 98,902,123 253,439,199
Aggressive Opportunities 1,097,341,777 328,633,942 12,114,745 316,519,197
International 542,742,367 111,254,820 6,130,328 105,124,492
Core Bond Index 1,019,823,331 10,574,788 3,512,557 7,062,231
500 Stock Index 219,639,319 186,868,025 19,326,562 167,541,463
Broad Market Index 492,805,186 207,344,304 40,325,620 167,018,684
Mid/Small Company Index 126,631,617 56,621,878 12,206,414 44,415,464
Overseas Equity Index 48,499,239 23,143,099 2,057,954 21,085,145
Savings Oriented 251,894,561 9,909,673 803,078 9,106,595
Conservative Growth 476,903,950 4,354,537 1,129,032 3,225,505
Traditional Growth 995,076,317 12,181,292 2,126,678 10,054,614
Long-Term Growth 1,016,956,981 26,143,674 2,537,815 23,605,859
All-Equity Growth 192,123,438 24,312,138 -- 24,312,138
128
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
6. PORTFOLIO SECURITIES LOANED
The funds lend securities to approved brokers to earn additional income. As of
December 31, 2004, certain funds had loaned securities, which were
collateralized by cash, cash equivalents, or U.S. Government Obligations. Each
fund receives compensation for providing services in connection with the
securities lending program. Collateral is maintained over the life of the loan
in an amount not less than 102% of the value of the loaned securities, as
determined by the funds at the close of business each day. Any additional
collateral required due to changes in the value of securities is delivered to
the funds the next business day. Although the collateral mitigates risk, the
funds could experience a delay in recovering its securities and a possible loss
of income or value if the borrower fails to return the securities. The funds
have the right under the securities lending agreement to recover the securities
from the borrower on demand. The risks to the funds associated with securities
lending are that the borrower may not provide additional collateral when
required or return the securities when due. The value of the securities on loan
and the value of the related collateral were as follows:
COLLATERALIZATION
FUND SECURITIES ON LOAN COLLATERAL %
- ---- ------------------ ------------ -----------------
Short-Term Bond $ 1,183,750 $ 1,210,000 102%
US Government Securities 27,407,117 28,012,188 102%
Asset Allocation 71,997,642 74,703,511 104%
Equity Income 142,735,214 147,420,698 103%
Growth & Income 93,920,813 97,333,589 104%
Growth 300,641,785 310,829,980 103%
Aggressive Opportunities 227,055,268 236,308,830 104%
International 39,505,595 41,502,762 105%
Core Bond Index 90,049,724 92,127,853 102%
500 Stock Index 28,569,040 29,756,221 104%
Broad Market Index 58,525,689 60,953,706 104%
Mid/Small Company Index 26,962,480 28,110,505 104%
Overseas Equity Index 1,040,121 1,109,206 107%
7. TRANSACTIONS WITH AFFILIATED FUNDS
At December 31, 2004, the Model Portfolio Funds held investments in a number of
underlying funds. The figures presented below represent the percentage of
shares outstanding in each of the underlying funds owned by the Model Portfolio
Funds:
SAVINGS CONSERVATIVE TRADITIONAL LONG-TERM ALL-EQUITY
UNDERLYING FUND ORIENTED GROWTH GROWTH GROWTH GROWTH
- --------------- -------- ------------ ----------- --------- ----------
Short-Term Bond 18.23% 28.69% 39.79% -- --
US Government Securities 15.98% -- -- -- --
Equity Income 2.41% 4.44% 9.31% 12.45% 2.98%
Growth & Income 2.87% 5.27% 16.56% 22.77% 4.74%
Growth -- 1.28% 5.01% 6.91% 2.16%
Aggressive Opportunities -- 2.13% 8.92% 13.70% 3.77%
International 2.20% 5.68% 16.93% 20.91% 5.40%
Core Bond Index 10.22% 18.76% 26.02% 26.97% --
129
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(CONTINUED)
Additionally, at December 31, 2004, employer clients that have adopted the
VantageTrust, an affiliated group of common trust Funds, held shares of the
Vantagepoint Funds in the percentages shown below:
% OWNED
BY THE
FUND VANTAGE TRUST
- ---- -------------
Money Market 58.34%
US Government Securities 96.45%
Asset Allocation 98.21%
Equity Income 95.44%
Growth & Income 93.93%
Growth 98.91%
Aggressive Opportunities 97.92%
International 97.42%
Core Bond Index Class I 82.18%
Core Bond Index Class II 100.00%
500 Stock Index Class I 91.95%
500 Stock Index Class II 100.00%
Broad Market Index Class I 93.83%
Broad Market Index Class II 93.90%
Mid/Small Company Index Class I 89.56%
Mid/Small Company Index Class II 100.00%
Overseas Equity Index Class I 92.62%
Overseas Equity Index Class II 100.00%
Savings Oriented 90.55%
Conservative Growth 92.50%
Traditional Growth 95.86%
Long-Term Growth 97.38%
All-Equity Growth 94.79%
8. BROKERAGE COMMISSIONS
Certain funds have entered into agreements with brokers whereby the brokers
will rebate a portion of brokerage commissions. Such amounts earned by the
funds, under such agreements, are included in net realized gain (loss) on the
sale of investments presented in the Statement of Operations.
9. ADDITIONAL DISTRIBUTIONS
In order to comply with requirements of the Internal Revenue Code applicable to
regulated investment companies, the Income Preservation Fund was required to
distribute accumulated net realized gains, if any, on an annual basis. When
such distributions were made, the immediate effect was a corresponding
reduction in the net asset value per share. Given the objective of the fund to
maintain a stable net asset value per share, the fund declared a reverse stock
split immediately subsequent to the distribution at a rate that caused the
total number of shares held by each shareholder, including shares acquired on
reinvestment of that distribution, to remain the same as before the
distribution was paid and reinstated the same net asset value of $100 per share
as before the distribution. The last such distribution and reverse stock split
occurred on December 31, 2003. The Income Preservation Fund's transition to the
Short-Term Bond Fund eliminated the need for this procedure.
130
VANTAGEPOINT FUNDS
ADDITIONAL INFORMATION (UNAUDITED)
A. TAX DISCLOSURES
For corporate shareholders, a portion of the ordinary dividends paid during the
Company's year ended December 31, 2004 qualified for the dividends received
deduction as follows:
Asset Allocation 87.17%
Equity Income 100.00%
Growth & Income 100.00%
Growth 100.00%
500 Stock Index 97.34%
Broad Market Index 98.16%
Mid/Small Company Index 87.01%
Pursuant to Section 852 of the Internal Revenue Code, the Company designated
the following capital gain dividends for the year ended December 31, 2004:
LONG TERM
CAPITAL GAIN DIVIDEND
---------------------
Short-Term Bond $2,997,378
US Government Securities 1,872,729
Asset Allocation 2,476,322
Core Bond Index 2,664,288
Long-Term Growth 16,683
B. FOREIGN TAXES PAID
For the year ended December 31, 2004, dividends from foreign countries were
$11,585,403 and $1,313,182 for the International and Overseas Equity Index
Funds, respectively. Taxes paid to foreign countries were $1,191,864 and
$132,323 for the International and Overseas Equity Index Funds, respectively.
C. SOURCES OF INCOME
The following table summarizes the percentage of income received by the funds
in 2004 from various obligors:
OTHER
U.S. TREASURY U.S. GOVERNMENT
FUND OBLIGATIONS GNMA FNMA FHLMC AGENCY
- ---- ------------- -------- --------- -------- ---------------
Short-Term Bond 20.65% 4.00% 26.88% 5.34% 1.35%
US Government Securities 48.01% -- 27.72% 19.02% 3.48%
Asset Allocation 33.79% -- -- -- --
Aggressive Opportunities 0.01% -- -- -- --
Core Bond Index 17.28% 3.59% 15.56% 15.77% 1.68%
500 Stock Index 0.07% -- -- -- --
Broad Market Index 0.05% -- -- -- --
Mid/Small Company Index 0.08% -- -- -- --
Overseas Equity Index 0.09% -- -- -- --
131
VANTAGEPOINT FUNDS
ADDITIONAL INFORMATION--(CONTINUED)
D. QUALIFIED DIVIDEND INCOME
The following percentages represent the portion, of dividend income received by
the funds through December 31, 2004, that qualifies for a reduced tax rate
pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003:
QUALIFIED
FUND DIVIDEND INCOME
- ---- ---------------
Asset Allocation 89.28%
Equity Income 100.00
Growth & Income 100.00
Growth 100.00
International 100.00
500 Stock Index 100.00
Broad Market Index 100.00
Mid/Small Company Index 78.77
Overseas Equity Index 88.92
Savings Oriented 9.45
Conservative Growth 12.76
Traditional Growth 22.58
Long-Term Growth 42.33
All-Equity Growth 100.00
132
VANTAGEPOINT FUNDS
ADDITIONAL INFORMATION--(CONTINUED)
E. DIRECTORS TABLE
INDEPENDENT DIRECTORS
OTHER
DIRECTORSHIPS
POSITION(S) TERM OF OFFICE PRINCIPAL HELD BY
NAME HELD WITH AND LENGTH OF OCCUPATION(S) DIRECTOR
AND AGE FUND TIME SERVED DURING PAST 5 YEARS OR OFFICER
- -------------------------------------------------------------------------------------------------------------------------
N. Anthony Calhoun (57) Director Director since Deputy Chief Financial Officer N/A
November, and Treasurer--District of
1998 Columbia (2001 to present);
Term expires Deputy Executive Director &
October, 2006 Chief Financial Officer--
Pension Benefit Guaranty
Corp. (1993-2001)
- -------------------------------------------------------------------------------------------------------------------------
Donna K. Gilding (64) Chair of the Director since Chief Investment Officer-- N/A
Board and November, Progress Investment
Director 1998 Management Company
Term expires (2001-present); Chief
October, 2006 Investment Officer--New
York City Comptroller's Office
(1993-2001)
- -------------------------------------------------------------------------------------------------------------------------
Arthur R. Lynch (50) Director Director since Chief Financial Officer-- N/A
November, City of Glendale, Arizona
1998 (1985-present)
Term expires
October, 2006
- -------------------------------------------------------------------------------------------------------------------------
Eddie N. Moore, Jr. (57) Director Director since President--Virginia State Director--Universal
November University (1993-present) Corporation (2000-
1998 present)
Term expires
October 2009
- -------------------------------------------------------------------------------------------------------------------------
Peter Meenan (63) Director Director since Independent Consultant-- Trustee--Eclipse
December, (1999-2000); President and Funds, dba "Mainstay
2001 CEO Babson--United, Inc., Funds" (2002 present)
Term expires (2000-2003); Independent Director--Eclipse
October, 2009 Consultant (2003-present) Funds, Inc., dba
"Mainstay Funds"
(2002-present)
(12 portfolios
together);
Trustee--New York
Life Investment
Management
Institutional Funds
(3 portfolios)
(2001-2003)
- -------------------------------------------------------------------------------------------------------------------------
Robin L. Wiessmann (51) Director Director since Principal and President-- Director--ICMA
November, Brown, Wiessmann Retirement
1998 Group (Financial Services Corporation from
Term expires Consulting) (2002-present); January, 1994 to
October, 2009 Managing Director--Dain December, 2001;
Rauscher (Investment Director--Council of
Banking) (1999-2001) Lafayette Women;
Director--New York
City Public/Private
Initiatives Corporation;
Trustee--Citizens
Budget Commission
of New York
- -------------------------------------------------------------------------------------------------------------------------
133
VANTAGEPOINT FUNDS
ADDITIONAL INFORMATION--(CONTINUED)
INTERESTED DIRECTORS AND OFFICERS
OTHER
POSITION(S) TERM OF OFFICE PRINCIPAL DIRECTORSHIPS
NAME HELD WITH AND LENGTH OF OCCUPATION(S) HELD BY
AND AGE FUND TIME SERVED DURING PAST 5 YEARS DIRECTOR
- -------------------------------------------------------------------------------------------------------------------------
Alison D. Rudolf* (52) Director Since May 14, Township Manager--Lower Director--ICMA
2004; Term Moreland Twp, PA (1982- Retirement
expires present) Corporation (2003-
October 2005. present); Trustee--
ICMA Retirement
Trust (1997-2000)
- -------------------------------------------------------------------------------------------------------------------------
Joan McCallen** (52) President Since CEO--ICMA Retirement N/A
and September 11, Corporation (August 2003-
Principal 2003 present); President--
Executive Vantagepoint Investment
Officer Advisers, LLC (August 2003-
present); President, CEO
and Director--ICMA--RC
Services, LLC, broker-dealer
(August 2003-present);
Executive Vice President
and Chief Operations
Officer ICMA--Retirement
Corporation (1997 to 2003)
- -------------------------------------------------------------------------------------------------------------------------
Gerard P. Maus** (53) Treasurer Since Senior Vice President and N/A
and December, Chief Financial Officer
Principal 2004 ICMA Retirement Corporation
Financial (November 2004 to present)
Officer Manager and Treasurer--
VIA, VTA, ICMA-RC Services
(Dec. 2004-present); Chief
Financial Officer and Chief
Administrative Officer--
Schwab Soundview Capital
Markets (2002-November
2004); Partner, Chief
Administrative Officer--
Advanced Technology
Ventures (2001-2002); Chief
Financial Officer and Chief
Administrative Officer--State
Street Research and
Management Company
(1993-2001)
- -------------------------------------------------------------------------------------------------------------------------
Paul Gallagher** (45) Secretary Since Senior Vice President/ N/A
November, Secretary and General
1998 Counsel--ICMA Retirement
Corporation (1998-present);
Secretary--Vantagepoint
Investment Advisers, LLC
(1999 present); Principal
- -------------------------------------------------------------------------------------------------------------------------
B. James Rohrbacher** Senior Vice Since Senior Vice President, N/A
(52) President September Compliance ICMA Retirement
and Chief 2004 Corporation (September 2004
Compliance to present); Director of
Officer Compliance and Internal
Audit--Frank Russell
Company (1996-2004)
- -------------------------------------------------------------------------------------------------------------------------
* Ms. Rudolf is considered an interested director because she is a director of
ICMA Retirement Corporation. Vantagepoint Investment Advisers, LLC, the
adviser to the Funds, is a wholly-owned subsidiary of RC.
** Ms. McCallen and Messrs. Maus, Gallagher and Rohrbacher are the executive
officers of The Vantagepoint Funds and are considered interested persons as
defined by the 1940 Act.
134
VANTAGEPOINT FUNDS
ADDITIONAL INFORMATION--(CONTINUED)
The Statement of Additional Information includes additional information about
the Vantagepoint Funds' Board of Directors and is available, without charge,
upon request, by calling 1-800-669-7400.
Aggregate compensation that was paid to the directors during the year ended
December 31, 2004 totaled $92,000. Executive officers do not receive any
compensation from the Vantagepoint Funds.
F. WRITTEN CONSENT OF MAJORITY SHAREHOLDER
On September 2, 2004, the Company's Board of Directors recommended to the
holders of a majority of the outstanding shares of the Vantagepoint Income
Preservation Fund that they approve changes to the name, investment objective
and principal investment strategies of the fund. At a meeting held on September
2, 2004, the Board of Directors of the VantageTrust Company, which indirectly
holds a majority of the Funds' shares through the Model Portfolio Savings
Oriented Fund, the Vantagepoint Model Portfolio Conservative Growth Fund and
the Vantagepoint Model Portfolio Traditional Growth Fund, approved these
changes. An information statement describing the approval of these changes was
mailed to all shareholders of the Vantagepoint Income Preservation Fund on
October 4, 2004.
G. HOUSEHOLDING
Only one copy of this Annual Report may be mailed to households, even if more
than one person in a household is a shareholders of record; unless The
Vantagepoint Funds has received instructions to the contrary. If you need
additional copies of this Annual Report, please contact The Vantagepoint Funds
toll free at 1-800-669-7400 or in writing at 777 North Capitol Street, NE,
Suite 600; Washington, D.C. 20002. If you do not want the mailing of this
Annual Report to be combined with those for other members of your household,
contact the Vantagepoint Funds in writing at 777 North Capitol Street, NE,
Suite 600, Washington, D.C. 20002 or toll free at 1-800-669-7400.
135
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT
MONEY MARKET FUND SHARES VALUE
- -------------------------------------------------------------------
MUTUAL FUNDS--100.0%
AIM Short-Term Investments
Trust Liquid Assets
Portfolio
(Cost $116,456,103) 116,456,103 $116,456,103
------------
TOTAL INVESTMENTS--100.0%
(Cost $116,456,103) 116,456,103
Other assets less liabilities--(0.0%) (7,424)
------------
NET ASSETS--100.0% $116,448,679
============
See accompanying notes to financial statements.
136
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT SHORT-TERM BOND FUND
(FORMERLY VANTAGEPOINT INCOME
PRESERVATION FUND)
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------------------------------
CORPORATE OBLIGATIONS--18.4%
AUTOMOTIVE--1.4%
DaimlerChrysler North America Holding
Corporation, Guaranteed Note
7.200% 09/01/2009 $ 3,120,000 $ 3,476,072
General Motors Acceptance Corporation, Note
5.625% 05/15/2009 3,500,000 3,503,469
------------
6,979,541
------------
BANKING--5.4%
Abbey National PLC (United Kingdom)
6.690% 10/17/2005 6,000,000 6,150,756
Bank of America Corporation, Subordinated Note
6.375% 02/15/2008 5,000,000 5,384,605
Citicorp, Subordinated Note
7.125% 05/15/2006 2,326,000 2,449,599
Citicorp., Note
6.375% 01/15/2006 3,430,000 3,531,435
Ford Motor Credit Co., Global Note
7.375% 10/28/2009 3,250,000 3,509,227
General Electric Capital Corporation, Note
2.800% 01/15/2007 6,000,000 5,923,278
------------
26,948,900
------------
CHEMICALS--0.2%
Equistar Chemicals, LP/Equistar
Funding Corp., Senior Note
10.125% 09/01/2008 800,000 926,000
------------
COMMERCIAL SERVICES--0.3%
Allied Waste North America, Senior Note
7.625% 01/01/2006 850,000 879,750
Service Corp. International, Note
7.700% 04/15/2009 800,000 868,000
------------
1,747,750
------------
COMMUNICATIONS--0.2%
PanAmSat Corp., Note
6.375% 01/15/2008 850,000 881,875
------------
FINANCIAL SERVICES--4.5%
CIT Group, Inc., Senior Note
5.750% 09/25/2007 6,000,000 6,311,490
EOP Operating, LP, Note
6.800% 01/15/2009 2,100,000 2,303,876
Household Finance Corporation, Note
5.750% 01/30/2007 6,000,000 6,266,196
Principal Life Global Funding I, Note 144A (MTN)
5.125% 06/28/2007 - 1,750,000 1,806,747
TIAA Global Markets 144A
3.875% 01/22/2008 - 6,000,000 6,041,502
------------
22,729,811
------------
FOOD RETAILERS--0.5%
Safeway, Inc., Note
7.500% 09/15/2009 2,050,000 2,319,698
------------
FOREST PRODUCTS & PAPER--0.2%
Bowater, Inc., Senior Note
5.490% 03/15/2010 # 900,000 922,500
------------
HEALTH CARE PROVIDERS--0.2%
HCA, Inc., Note
5.250% 11/06/2008 850,000 855,688
------------
INSURANCE--0.9%
Allstate Financial Global Funding, Secured Note 144A
5.250% 02/01/2007 - 4,500,000 4,653,873
------------
LODGING--0.2%
MGM Mirage, Senior Note
6.000% 10/01/2009 850,000 875,500
------------
MEDIA--BROADCASTING & PUBLISHING--1.3%
Clear Channel Communications, Inc., Global Note
4.250% 05/15/2009 2,380,000 2,358,233
COX Communications, Inc., Note
7.875% 08/15/2009 2,050,000 2,328,991
CSC Holdings, Inc., Senior Note
7.250% 07/15/2008 850,000 901,000
Echostar DBS Corporation, Note
5.750% 10/01/2008 850,000 864,875
------------
6,453,099
------------
PHARMACEUTICALS--0.2%
AmerisourceBergen Corporation, Senior Note
8.125% 09/01/2008 800,000 894,000
------------
RETAILERS--0.0%
Saks, Inc., Note
8.250% 11/15/2008 250,000 275,000
------------
TELEPHONE SYSTEMS--2.9%
America Movil SA de CV, Guaranteed Senior
Note (Mexico)
4.125% 03/01/2009 1,200,000 1,185,164
GTE California, Inc., Series H, Note
7.650% 03/15/2007 3,250,000 3,510,224
Sprint Capital Corporation, Note
6.125% 11/15/2008 3,280,000 3,520,578
Telefonica Europe BV, Note (Netherlands)
7.350% 09/15/2005 3,250,000 3,346,736
Vodafone Group PLC, Note (United Kingdom)
7.625% 02/15/2005 2,888,000 2,904,921
------------
14,467,623
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $92,047,991) 91,930,858
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--14.8%
U.S. GOVERNMENT AGENCIES--
MORTGAGE BACKED--12.6%
Federal Home Loan Mortgage Corporation
5.500% 01/01/2019 23,000,000 23,754,676
Federal Home Loan Mortgage Corporation,
Series 2866, Class WE
3.500% 08/15/2016 10,000,000 9,979,508
Federal Home Loan Mortgage Corporation,
Series 2885, Class DK
3.500% 10/15/2012 6,000,000 5,993,111
Federal National Mortgage Association,
Series 2004-81, Class KG
3.500% 05/25/2012 6,000,000 5,999,634
Federal National Mortgage Association
5.249% 10/01/2034 1,880,266 1,925,683
5.088% 10/01/2034 14,717,692 15,063,593
------------
62,716,205
------------
See accompanying notes to financial statements.
137
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT SHORT-TERM BOND FUND
(FORMERLY VANTAGEPOINT INCOME
PRESERVATION FUND)
COUPON MATURITY
RATE DATE FACE VALUE
- ---------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--
(CONTINUED)
U.S. GOVERNMENT AGENCY--
DISCOUNT NOTES--2.2%
Federal Home Loan Bank
2.190% 01/19/2005 + $ 4,000,000 $ 3,995,620
Federal Home Loan Mortgage Corporation
2.260% 01/18/2005 + 7,000,000 6,992,529
------------
10,988,149
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $73,625,981) 73,704,354
------------
U.S. TREASURY OBLIGATIONS--39.6%
U.S. TREASURY BONDS--10.5%
U.S. Treasury Bond
2.375% 08/15/2006 53,000,000 52,513,513
------------
U.S. TREASURY NOTES--29.1%
U.S. Treasury Note
2.750% 08/15/2007 * 20,600,000 20,380,322
2.625% 05/15/2008 2,370,000 2,317,786
2.500% 10/31/2006 21,150,000 20,959,164
2.375% 08/31/2006 20,200,000 20,005,110
2.000% 08/31/2005 11,800,000 11,757,603
1.625% 02/28/2006 71,000,000 70,059,818
------------
145,479,803
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $198,587,772) 197,993,316
------------
SOVEREIGN DEBT OBLIGATIONS--1.4%
GOVERNMENT ISSUED--1.4%
Republic of Brazil (Brazil)
8.299% 06/29/2009 #++ 1,000,000 1,178,750
Republic of South Africa (South Africa)
9.125% 05/19/2009 1,000,000 1,187,500
Russian Federation 144A (Russia)
10.000% 06/26/2007 - 1,920,000 2,179,200
United Mexican States (Mexico)
10.375% 02/17/2009 1,900,000 2,327,500
------------
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $6,800,537) 6,872,950
------------
ASSET BACKED SECURITIES--25.6%
BANKING--25.6%
Bank of America Mortgage Securities,
Series 2004-L, Class 1A1
4.242% 01/25/2035 ++ 8,000,000 8,039,912
Bank One Issuance Trust,
Series 2002-4, Class A
2.940% 06/16/2008 6,826,000 6,825,461
BMW Vehicle Owner Trust,
Series 2003-A, Class A4
2.530% 02/25/2008 1,300,000 1,288,114
California Infrastructure PG&E-1,
Series 1997-1, Class A8
6.480% 12/26/2009 6,000,000 6,412,473
California Infrastructure SCE-1,
Series 1997-1, Class A7
6.420% 12/26/2009 6,450,000 6,868,918
Capital Auto Receivables Asset Trust,
Series 2002-5, Class A4
2.920% 04/15/2008 1,000,000 998,824
Capital Auto Receivables Asset Trust,
Series 2004-2, Class A3
3.580% 01/15/2009 ++ 6,100,000 6,089,039
Chase Manhattan Auto Owner Trust,
Series 2004-A, Class A3
2.080% 05/15/2008 7,000,000 6,913,578
Citibank Credit Card Issuance Trust,
Series 2003-A3, Class A3
3.100% 03/10/2010 5,445,000 5,351,531
Citibank Credit Card Issuance Trust,
Series 2003-A5, Class A5
2.500% 04/07/2008 1,300,000 1,289,307
Citibank Credit Card Issuance Trust,
Series 2004-A1, Class A1
2.550% 01/20/2009 1,000,000 983,608
Countrywide Home Loan Mortgage Pass
Through Trust,
Series 2004-19, Class A1
5.500% 10/25/2034 3,877,589 3,954,933
Countrywide Home Loan Mortgage Pass
Through Trust,
Series 2004-7, Class 6A1
3.682% 05/25/2034 + 4,071,217 4,168,263
Daimler Chrysler Auto Trust,
Series 2003-B, Class A2
1.610% 07/10/2006 723,266 722,050
Daimler Chrysler Auto Trust,
Series 2003-B, Class A-4
2.860% 03/09/2009 6,010,000 5,947,475
Discover Card Master Trust I,
Series 2000-9, Class A
6.350% 07/15/2008 1,125,000 1,163,040
EMC Mortgage Loan Trust,
Series 2004-C, Class A1 144A
2.600% 03/25/2031 - 3,986,504 4,013,111
Ford Credit Auto Owner Trust,
Series 2002-D, Class A4A
3.130% 11/15/2006 2,400,000 2,402,722
Honda Auto Receivables Owner Trust,
Series 2003-4, Class A4
2.790% 03/16/2009 6,860,000 6,779,099
MBNA Credit Card Master Note Trust,
Series 2002-6A, Class A6
3.900% 11/15/2007 1,000,000 1,005,517
MBNA Credit Card Master Note Trust,
Series 2003-A1, Class A
3.300% 07/15/2010 5,545,000 5,490,675
MBNA Master Credit Card Trust,
Series 2003-A11, Class A11
3.650% 03/15/2011 1,000,000 995,352
MLCC Mortgage Investors, Inc.,
Series 2004-1, Class 2A2
4.774% 12/25/2034 5,765,753 5,792,940
MortgageIT Trust,
Series 2004-2, Class A1
2.788% 12/25/2034 + 3,986,032 3,990,770
Nissan Auto Receivables Owner Trust,
Series 2003-C, Class A-5
3.210% 03/16/2009 1,000,000 993,386
Nissan Auto Receivables Owner Trust,
Series 2004-A, Class A4
2.760% 07/15/2009 5,000,000 4,904,580
See accompanying notes to financial statements.
138
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT SHORT-TERM BOND FUND
(FORMERLY VANTAGEPOINT INCOME
PRESERVATION FUND)
COUPON MATURITY
RATE DATE FACE VALUE
- ---------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES--(CONTINUED)
Peco Energy Transition Trust,
Series 1999-A, Class A6
6.050% 03/01/2009 $ 1,500,000 $ 1,559,262
Peco Energy Transition Trust,
Series 2000-A, Class A3
7.625% 03/01/2010 6,689,000 7,605,823
Provident Funding Mortgage Loan Trust,
Series 2004-1, Class IA1
4.077% 04/25/2034 1,265,256 1,251,703
Structured Asset Mortgage Investments, Inc.,
Series 2004-AR5, Class IIA1
3.590% 10/19/2034 + 3,762,312 3,851,161
USAA Auto Owner Trust,
Series 2004-3, Class A4
3.530% 06/15/2011 6,000,000 5,976,346
Washington Mutual,
Series 2005-AR1, Class A2A1
2.740% 01/25/2045 +++ 4,000,000 4,000,000
------------
TOTAL ASSET BACKED SECURITIES
(Cost $127,893,351) 127,628,973
------------
CASH EQUIVALENTS--0.2%
INSTITUTIONAL MONEY MARKET FUNDS--0.0%
BGI Institutional Fund
2.255% 01/03/2005 +++ 79,175 79,175
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 +++ 20,530 20,530
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 +++ 18,942 18,942
------------
118,647
------------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--0.2%
Bank of America
2.300% 06/09/2005 +++ 22,830 22,830
Bank of America
2.270% 01/18/2005 +++ 9,132 9,132
Bank of America
2.270% 03/03/2005 +++ 4,749 4,749
Bank of Montreal
2.260% 01/28/2005 +++ 475 475
Bank of Nova Scotia
2.330% 01/13/2005 +++ 14,155 14,155
Bank of Nova Scotia
2.330% 01/24/2005 +++ 45,888 45,888
Bank of Nova Scotia
2.320% 02/08/2005 +++ 27,396 27,396
BNP Paribas
2.295% 02/23/2005 +++ 9,132 9,132
Calyon
2.340% 02/02/2005 +++ 9,132 9,132
Calyon
2.270% 01/20/2005 +++ 22,830 22,830
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 +++ 31,962 31,962
Citigroup
2.080% 01/28/2005 +++ 27,396 27,396
Credit Suisse First Boston Corporation
2.353% 01/03/2005 +++ 45,660 45,660
Credit Suisse First Boston Corporation
2.330% 09/09/2005 +++ 9,132 9,132
Delaware Funding Corporation
2.235% 01/04/2005 +++ 19,180 19,180
Den Danske Bank
2.260% 01/20/2005 +++ 54,792 54,792
Dexia Group
2.040% 01/21/2005 +++ 457 457
Falcon Asset Securitization Corporation
2.238% 01/18/2005 +++ 22,830 22,830
Fortis Bank
2.260% 01/05/2005 +++ 41,094 41,094
Fortis Bank
2.140% 01/12/2005 +++ 22,830 22,830
General Electric Capital Corporation
2.295% 01/10/2005 +++ 27,396 27,396
General Electric Capital Corporation
2.294% 01/21/2005 +++ 22,758 22,758
Goldman Sachs Group, Inc.
2.353% 01/03/2005 +++ 182,640 182,640
Goldman Sachs Group, Inc.
2.340% 03/29/2005 +++ 13,698 13,698
Goldman Sachs Group, Inc.
2.330% 01/27/2005 +++ 18,264 18,264
Greyhawk Funding
2.349% 02/08/2005 +++ 13,698 13,698
Lloyds TSB Bank
2.280% 02/02/2005 +++ 13,698 13,698
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 +++ 92,233 92,233
Paradigm Funding LLC
2.245% 01/03/2005 +++ 9,035 9,035
Royal Bank of Canada
2.260% 02/01/2005 +++ 8,949 8,949
Royal Bank of Canada
2.250% 01/19/2005 +++ 6,392 6,392
Royal Bank of Scotland
2.360% 02/17/2005 +++ 45,660 45,660
Sheffield Receivables Corporation
2.255% 01/03/2005 +++ 30,957 30,957
Svenska Handlesbanken
2.250% 01/10/2005 +++ 13,698 13,698
Wells Fargo
2.320% 01/14/2005 +++ 21,551 21,551
Wells Fargo
2.270% 01/25/2005 +++ 45,660 45,660
------------
1,007,339
------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--0.0%
Bear Stearns & Company
2.448% 06/05/2005 +++ 9,132 9,132
Bear Stearns & Company
2.448% 09/08/2005 +++ 9,132 9,132
Morgan Stanley
2.393% 03/16/2005 +++ 10,958 10,958
Morgan Stanley
2.393% 06/05/2005 +++ 22,830 22,830
Morgan Stanley
2.393% 06/10/2005 +++ 31,962 31,962
------------
84,014
------------
TOTAL CASH EQUIVALENTS
(Cost $1,210,000) 1,210,000
------------
See accompanying notes to financial statements.
139
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT SHORT-TERM BOND FUND
(FORMERLY VANTAGEPOINT INCOME
PRESERVATION FUND)
FACE VALUE
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--3.5%
IBT Repurchase Agreement
dated 12/31/04 due
01/03/2005, with a maturity
value of $17,500,027 and
an effective yield of 1.80%
collateralized by U.S.
Government Agency
Obligations with rates
ranging from 2.803% to
5.375%, maturity dates
ranging from 07/25/27 to
01/20/34 and an
aggregate market
value of $18,372,505. $17,497,402 $ 17,497,402
------------
TOTAL INVESTMENTS--103.5%
(Cost $517,663,034) 516,837,853
Other assets less liabilities--(3.5%) (17,434,204)
------------
NET ASSETS--100.0% $499,403,649
============
NOTES TO THE SCHEDULE OF INVESTMENTS:
MTN Medium Term Note
- - Securities acquired pursuant to Rule 144A, representing 3.62% of Total
Investments.
# Rate is subject to change. Rate shown reflects current rate.
+ Security has been pledged as collateral for when-issued (TBA) securities.
* Security has been pledged as collateral for futures contracts.
++ Denotes all or a portion of security on loan.
++ Security valued at fair value as determined by policies approved by the
board of directors.
+++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
140
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT US GOVERNMENT
SECURITIES FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--38.8%
U.S. GOVERNMENT AGENCIES
AND MORTGAGE BACKED--38.8%
Federal Home Loan Bank
4.500% 11/15/2012-
09/16/2013 $3,000,000 $ 3,036,568
3.000% 04/15/2009 1,250,000 1,214,664
2.950% 09/14/2006 300,000 298,926
2.875% 09/15/2006 1,300,000 1,295,924
2.750% 03/14/2008 1,500,000 1,466,983
2.625% 02/16/2007 500,000 492,510
1.875% 06/15/2006 2,800,000 2,751,686
Federal Home Loan Mortgage Corporation
6.625% 09/15/2009 1,400,000 1,567,272
6.250% 03/05/2012 250,000 261,514
6.000% 06/15/2011-
10/01/2017 1,789,615 1,953,598
5.750% 03/15/2009 1,700,000 1,833,572
5.500% 07/15/2006-
09/15/2011 1,900,000 1,991,334
5.125% 10/15/2008-
11/07/2013 2,200,000 2,297,136
5.000% 01/30/2014 400,000 400,303
4.750% 12/08/2010-
10/11/2012 450,000 451,146
4.500% 01/15/2013-
01/15/2014 1,500,000 1,512,479
4.375% 02/04/2010 150,000 150,161
4.250% 05/04/2009 500,000 500,830
4.125% 09/01/2009-
02/24/2011 600,000 593,996
4.000% 06/12/2013 400,000 382,708
3.875% 01/12/2009 400,000 398,717
3.500% 09/15/2007-
04/01/2008 1,850,000 1,850,997
3.375% 08/23/2007 500,000 497,340
3.300% 09/14/2007 300,000 299,333
3.250% 02/25/2008 500,000 496,837
3.050% 01/19/2007 700,000 697,376
3.000% 09/29/2006 600,000 596,398
2.875% 12/15/2006 1,400,000 1,390,830
2.850% 02/23/2007 500,000 494,748
2.700% 03/16/2007 500,000 493,973
2.400% 03/29/2007 1,000,000 981,150
2.000% 02/23/2006 800,000 790,828
Federal National Mortgage Association
7.500% 01/01/2034 838,432 897,872
7.125% 03/15/2007-
06/15/2010 2,700,000 3,037,078
7.000% 02/01/2013 353,883 375,325
6.625% 10/15/2007-
11/15/2010 2,950,000 3,257,899
6.000% 05/15/2011-
10/01/2017 811,612 868,140
5.500% 02/15/2006-
07/18/2012 2,650,000 2,717,741
5.250% 08/01/2012 1,000,000 1,039,247
4.750% 02/21/2013 400,000 398,252
4.375% 10/15/2006-
07/17/2013 2,550,000 2,568,207
4.250% 07/15/2007 900,000 919,411
4.125% 04/15/2014 300,000 291,316
4.000% 12/15/2008 500,000 499,922
3.875% 11/17/2008 400,000 398,683
3.750% 05/17/2007 500,000 500,986
3.500% 01/28/2008 250,000 249,303
3.410% 08/30/2007 200,000 199,451
3.375% 12/15/2008 1,500,000 1,482,032
3.250% 06/28/2006 800,000 800,016
3.125% 05/04/2007-
03/16/2009 1,150,000 1,129,998
3.000% 03/02/2007 500,000 497,137
2.875% 05/19/2008 650,000 635,233
2.750% 08/11/2006 1,400,000 1,391,475
2.625% 01/19/2007 1,000,000 987,882
2.250% 02/28/2006-
05/15/2006 4,000,000 3,955,932
2.150% 04/13/2006 800,000 790,865
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $63,208,983) 63,331,240
------------
U.S. TREASURY OBLIGATIONS--59.9%
U.S. TREASURY BONDS--4.3%
U.S. Treasury Bond
12.000% 08/15/2013 + 1,000,000 1,289,141
9.375% 02/15/2006 2,700,000 2,894,908
5.000% 08/15/2011 1,700,000 1,810,301
2.375% 08/15/2006 + 1,000,000 990,821
------------
6,985,171
------------
U.S. TREASURY NOTES--55.6%
U.S. Treasury Note
6.875% 05/15/2006 3,300,000 3,475,702
6.625% 05/15/2007 1,600,000 1,726,563
6.500% 10/15/2006-
02/15/2010 2,700,000 2,934,860
6.250% 02/15/2007 1,500,000 1,597,032
6.000% 08/15/2009 1,645,000 1,814,771
5.500% 05/15/2009 2,800,000 3,029,253
5.000% 02/15/2011 2,800,000 2,979,486
4.875% 02/15/2012 2,500,000 2,643,165
4.375% 08/15/2012 1,200,000 1,229,016
4.250% 08/15/2013-
11/15/2014 + 6,200,000 6,241,586
4.000% 11/15/2012-
02/15/2014 + 6,000,000 5,961,525
3.875% 02/15/2013 2,750,000 2,714,123
3.625% 07/15/2009 2,500,000 2,508,010
3.500% 11/15/2009 + 3,300,000 3,285,566
3.375% 11/15/2008-
12/15/2008 + 6,900,000 6,882,391
3.250% 08/15/2007-
01/15/2009 + 4,800,000 4,783,236
3.125% 05/15/2007-
10/15/2008 + 8,800,000 8,748,910
3.000% 11/15/2007-
02/15/2008 + 6,500,000 6,455,941
2.875% 11/30/2006 + 9,500,000 9,473,286
2.625% 11/15/2006-
05/15/2008 1,700,000 1,677,508
2.500% 05/31/2006 2,000,000 1,989,142
2.375% 08/31/2006 4,200,000 4,159,478
2.250% 02/15/2007 1,700,000 1,671,712
2.000% 05/15/2006 2,800,000 2,767,845
------------
90,750,107
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $98,475,830) 97,735,278
------------
See accompanying notes to financial statements.
141
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT US GOVERNMENT
SECURITIES FUND
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------------------------
CASH EQUIVALENTS--17.2%
INSTITUTIONAL MONEY MARKET FUNDS--1.7%
BGI Institutional Fund
2.255% 01/03/2005 ++ $ 1,832,931 $ 1,832,931
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 475,282 475,282
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 438,508 438,508
------------
2,746,721
------------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--14.3%
Bank of America
2.300% 06/09/2005 ++ 528,527 528,527
Bank of America
2.270% 01/18/2005 ++ 211,411 211,411
Bank of America
2.270% 03/03/2005 ++ 109,933 109,933
Bank of Montreal
2.260% 01/28/2005 ++ 10,997 10,997
Bank of Nova Scotia
2.330% 01/13/2005 ++ 327,687 327,687
Bank of Nova Scotia
2.330% 01/24/2005 ++ 1,062,339 1,062,339
Bank of Nova Scotia
2.320% 02/08/2005 ++ 634,231 634,231
BNP Paribas
2.295% 02/23/2005 ++ 211,411 211,411
Calyon
2.340% 02/02/2005 ++ 211,411 211,411
Calyon
2.270% 01/20/2005 ++ 528,527 528,527
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 739,937 739,937
Citigroup
2.080% 01/28/2005 ++ 634,232 634,232
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 1,057,053 1,057,053
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 211,411 211,411
Delaware Funding Corporation
2.235% 01/04/2005 ++ 444,033 444,033
Den Danske Bank
2.260% 01/20/2005 ++ 1,268,464 1,268,464
Dexia Group
2.040% 01/21/2005 ++ 10,571 10,571
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 528,527 528,527
Fortis Bank
2.260% 01/05/2005 ++ 951,348 951,348
Fortis Bank
2.140% 01/12/2005 ++ 528,527 528,527
General Electric Capital Corporation
2.295% 01/10/2005 ++ 634,232 634,232
General Electric Capital Corporation
2.294% 01/21/2005 ++ 526,872 526,872
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 4,228,214 4,228,214
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 317,116 317,116
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 422,821 422,821
Greyhawk Funding
2.349% 02/08/2005 ++ 317,116 317,116
Lloyds TSB Bank
2.280% 02/02/2005 ++ 317,116 317,116
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 2,135,248 2,135,248
Paradigm Funding LLC
2.245% 01/03/2005 ++ 209,174 209,174
Royal Bank of Canada
2.260% 02/01/2005 ++ 207,182 207,182
Royal Bank of Canada
2.250% 01/19/2005 ++ 147,987 147,987
Royal Bank of Scotland
2.360% 02/17/2005 ++ 1,057,053 1,057,053
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 716,682 716,682
Svenska Handlesbanken
2.250% 01/10/2005 ++ 317,116 317,116
Wells Fargo
2.320% 01/14/2005 ++ 498,929 498,929
Wells Fargo
2.270% 01/25/2005 ++ 1,057,053 1,057,053
------------
23,320,488
------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--1.2%
Bear Stearns & Company
2.448% 06/05/2005 ++ 211,411 211,411
Bear Stearns & Company
2.448% 09/08/2005 ++ 211,411 211,411
Morgan Stanley
2.393% 03/16/2005 ++ 253,693 253,693
Morgan Stanley
2.393% 06/05/2005 ++ 528,527 528,527
Morgan Stanley
2.393% 06/10/2005 ++ 739,937 739,937
------------
1,944,979
------------
TOTAL CASH EQUIVALENTS
(Cost $28,012,188) 28,012,188
------------
REPURCHASE AGREEMENTS--1.5%
IBT Repurchase Agreement
dated 12/31/2004 due
01/03/2005, with a
maturity value of
$2,516,810 and an
effective yield of
1.80% collateralized
by U.S. Government
Obligations with a
rate of 4.75%, maturity
date of 12/25/2028
and a market value
of $2,641,601. 2,515,810 2,515,810
------------
TOTAL INVESTMENTS--117.4%
(Cost $192,212,811) 191,594,516
Other assets less liabilities--(17.4%)
(28,427,040)
------------
NET ASSETS--100.0% $163,167,476
============
NOTES TO THE SCHEDULE OF INVESTMENTS:
+ Denotes all or a portion of security on loan.
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
142
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT ASSET
ALLOCATION FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--78.5%
ADVERTISING--0.2%
Interpublic Group, Inc. *+ 24,700 $ 330,980
Monster Worldwide, Inc. * 7,000 235,480
Omnicom Group 10,800 910,656
------------
1,477,116
------------
AEROSPACE & DEFENSE--1.1%
Goodrich Corporation 6,600 215,424
Boeing Company (The) 46,592 2,412,068
General Dynamics
Corporation 10,900 1,140,140
Honeywell International, Inc. 47,725 1,689,942
Lockheed Martin Corporation 24,900 1,383,195
Northrop Grumman
Corporation 20,192 1,097,637
Textron, Inc. 7,500 553,500
------------
8,491,906
------------
AIRLINES--0.1%
Delta Airlines, Inc. *+ 7,300 54,604
Southwest Airlines Company 43,412 706,747
------------
761,351
------------
APPAREL RETAILERS--0.4%
Gap, Inc. (The) 49,587 1,047,277
Kohl's Corporation * 18,800 924,396
Ltd. Brands 22,500 517,950
Nordstrom, Inc. 7,500 350,475
------------
2,840,098
------------
AUTOMOTIVE--0.8%
Autonation, Inc. * 14,900 286,229
Dana Corporation 9,424 163,318
Delphi Corporation + 30,635 276,328
Ford Motor Company + 101,346 1,483,705
General Motors Corporation + 31,100 1,245,866
Genuine Parts Company 9,525 419,671
Goodyear Tire & Rubber
Company (The) *+ 10,600 155,396
Harley-Davidson, Inc. 16,600 1,008,450
ITT Industries, Inc. 5,100 430,695
Navistar International
Corporation * 4,200 184,716
Paccar, Inc. + 9,722 782,427
Visteon Corporation + 9,104 88,946
------------
6,525,747
------------
BANKING--9.4%
American Express Company 69,490 3,917,151
AmSouth Bancorp + 19,300 499,870
BB&T Corporation 31,200 1,311,960
Bank of America Corporation 223,606 10,507,246
Bank of New York Company,
Inc. (The) 42,800 1,430,376
Capital One Financial
Corporation + 13,300 1,119,993
CIT Group, Inc. 11,700 536,094
Citigroup, Inc. 286,648 13,810,701
Comerica, Inc. 9,650 588,843
Compass Bancshares, Inc. 5,500 267,685
Fifth Third Bancorp + 31,868 1,506,719
First Horizon National
Corporation + 6,900 297,459
Golden West Financial
Corporation 16,800 1,031,856
Huntington Bancshares, Inc. + 12,536 310,642
JP Morgan Chase & Company 197,639 7,709,897
KeyCorp 23,100 783,090
M&T Bank Corporation 6,700 722,528
MBNA Corporation 70,740 1,994,161
Marshall & IIsley Corporation 12,400 548,080
Mellon Financial Corporation 23,700 737,307
National City Corporation + 37,100 1,393,105
North Fork Bancorp, Inc. 25,950 748,657
Northern Trust Corporation 12,100 587,818
PNC Financial Services
Group, Inc. 15,300 878,832
Providian Financial
Corporation *+ 16,100 265,167
Regions Financial Corporation 25,336 901,708
SLM Corporation 23,900 1,276,021
Sovereign Bancorp, Inc. + 19,000 428,450
State Street Corporation 18,500 908,720
Suntrust Banks, Inc. 19,800 1,462,824
Synovus Financial
Corporation + 16,600 474,428
U.S. Bancorp 104,205 3,263,701
Wachovia Corporation 89,671 4,716,695
Washington Mutual, Inc. 47,814 2,021,576
Wells Fargo & Company 93,860 5,833,399
Zions Bancorp 4,900 333,347
------------
75,126,106
------------
BEVERAGES, FOOD & TOBACCO--4.1%
Adolph Coors Company
Class B + 2,400 181,608
Altria Group, Inc. 113,700 6,947,070
Anheuser-Busch
Companies, Inc. 43,740 2,218,930
Archer-Daniels-Midland
Company 35,624 794,771
Brown-Forman Corporation
Class B 6,700 326,156
Campbell Soup Company 22,600 675,514
Coca-Cola Company (The) 134,800 5,611,724
Coca-Cola Enterprises, Inc. 25,200 525,420
ConAgra Foods, Inc. 29,600 871,720
General Mills, Inc. + 20,600 1,024,026
H.J. Heinz Company 19,350 754,456
Hershey Foods Corporation 14,300 794,222
Kellogg Company 22,600 1,009,316
McCormick & Company, Inc. 7,500 289,500
Pepsi Bottling Group, Inc. + 14,400 389,376
Pepsico, Inc. 93,250 4,867,650
RJ Reynolds Tobacco
Holding, Inc. 8,300 652,380
Safeway, Inc. * 24,300 479,682
Sara Lee Corporation 43,700 1,054,918
Supervalu, Inc. 7,500 258,900
Sysco Corporation + 35,700 1,362,669
UST, Inc. 9,100 437,801
WM Wrigley Jr. Company 12,400 857,956
------------
32,385,765
------------
BUILDING MATERIALS--1.0%
Home Depot, Inc. 121,500 5,192,910
Louisiana-Pacific
Corporation + 6,800 181,832
Lowe's Companies, Inc. 43,600 2,510,924
Vulcan Materials Company 5,600 305,816
------------
8,191,482
------------
See accompanying notes to financial statements.
143
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT ASSET
ALLOCATION FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
CHEMICALS--1.2%
Air Products & Chemicals, Inc. 12,500 $ 724,625
Avery Dennison Corporation 6,100 365,817
Cooper Tire & Rubber
Company + 4,700 101,285
Dow Chemical Company (The) 51,936 2,571,351
Eastman Chemical Company 3,975 229,477
Ecolab, Inc. + 14,200 498,846
EI Du Pont de Nemours &
Company 55,300 2,712,465
Great Lakes Chemical
Corporation 3,300 94,017
Hercules, Inc. * 6,900 102,465
International Flavors &
Fragrances, Inc. 5,200 222,768
Monsanto Company 14,349 797,087
PPG Industries, Inc. 9,324 635,524
Praxair, Inc. 17,900 790,285
------------
9,846,012
------------
COMMERCIAL SERVICES--0.9%
Allied Waste Industries, Inc. * 14,200 131,776
Apollo Group, Inc. Class A * 10,700 863,597
Cendant Corporation 56,100 1,311,618
Cintas Corporation 9,400 412,284
Convergys Corporation * 7,600 113,924
Equifax, Inc. 7,500 210,750
Fluor Corporation + 5,000 272,550
H&R Block, Inc. + 9,800 480,200
Moody's Corporation 8,200 712,170
Paychex, Inc. 20,750 707,160
Robert Half International, Inc. 9,500 279,585
RR Donnelley & Sons
Company 11,900 419,951
Ryder System, Inc. 3,800 181,526
Waste Management, Inc. 32,227 964,876
------------
7,061,967
------------
COMMUNICATIONS--1.3%
ADC Telecommunications,
Inc. * 48,800 130,784
Andrew Corporation * 9,787 133,397
Avaya, Inc. *+ 24,668 424,290
Ciena Corporation * 30,600 102,204
Comverse Technology, Inc. * 10,700 261,615
Corning, Inc. * 76,200 896,874
L-3 Communications
Holdings, Inc. 4,900 358,876
Lucent Technologies, Inc. *+ 232,119 872,767
Motorola, Inc. 129,090 2,220,348
Network Appliance, Inc. *+ 18,900 627,858
Qualcomm, Inc. 89,900 3,811,760
Scientific-Atlanta, Inc. 8,400 277,284
Tellabs, Inc. * 25,200 216,468
------------
10,334,525
------------
COMPUTER SOFTWARE & PROCESSING--4.7%
Adobe Systems, Inc. 12,900 809,346
Affiliated Computer
Services, Inc. Class A *+ 7,500 451,425
Autodesk, Inc. 12,000 455,400
Automatic Data
Processing, Inc. 32,900 1,459,115
BMC Software, Inc. * 12,300 228,780
Citrix Systems, Inc. * 8,900 218,317
Computer Associates
International, Inc. + 32,025 994,696
Computer Sciences
Corporation * 10,300 580,611
Compuware Corporation * 23,000 148,810
Electronic Arts, Inc. * 16,500 1,017,720
Electronic Data Systems
Corporation 26,700 616,770
First Data Corporation 45,936 1,954,117
Fiserv, Inc. * 10,600 426,014
IMS Health, Inc. 13,125 304,631
Intuit, Inc. * 10,900 479,709
Mercury Interactive
Corporation *+ 5,100 232,305
Microsoft Corporation 603,600 16,122,156
NCR Corporation * 5,100 353,073
Novell, Inc. * 22,400 151,200
Nvidia Corporation * 9,500 223,820
Oracle Corporation * 283,910 3,895,245
Parametric Technology
Corporation * 18,300 107,787
Siebel Systems, Inc. * 27,200 285,600
Sun Microsystems, Inc. * 180,800 972,704
Sungard Data Systems, Inc. * 15,800 447,614
Symantec Corporation * 34,000 875,840
Unisys Corporation * 20,200 205,636
Veritas Software
Corporation *+ 23,633 674,722
Yahoo!, Inc. * 74,700 2,814,696
------------
37,507,859
------------
COMPUTERS & INFORMATION--4.4%
3M Company 43,600 3,578,252
Apple Computer, Inc. * 21,000 1,352,400
Cisco Systems, Inc. * 369,000 7,121,700
Dell, Inc. * 137,600 5,798,464
EMC Corporation * 136,200 2,025,294
Gateway, Inc. * 20,900 125,609
Hewlett-Packard Company 169,196 3,548,040
International Business
Machines Corporation 92,300 9,098,934
International Game
Technology 19,100 656,658
Jabil Circuit, Inc. * 11,000 281,380
Lexmark International, Inc. * 7,400 629,000
Pitney Bowes, Inc. 12,900 597,012
Solectron Corporation * 53,300 284,089
Symbol Technologies, Inc. + 12,800 221,440
------------
35,318,272
------------
CONTAINERS & PACKAGING--0.1%
Ball Corporation 6,000 263,880
Sealed Air Corporation * 4,565 243,178
------------
507,058
------------
COSMETICS & PERSONAL CARE--1.7%
Alberto Culver Company
Class B 5,500 267,135
Avon Products, Inc. 26,200 1,013,940
Clorox Company 9,200 542,156
Colgate-Palmolive Company 29,700 1,519,452
Gillette Company (The) 56,100 2,512,158
Procter & Gamble Company 141,000 7,766,280
------------
13,621,121
------------
DIVERSIFIED--2.7%
General Electric Company 584,900 21,348,850
------------
See accompanying notes to financial statements.
144
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT ASSET
ALLOCATION FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
ELECTRIC UTILITIES--2.2%
AES Corporation (The) * 34,200 $ 467,514
Allegheny Energy, Inc. *+ 7,700 151,767
Ameren Corporation 10,700 536,498
American Electric Power
Company, Inc. 21,860 750,672
CMS Energy Corporation *+ 8,800 91,960
Calpine Corporation *+ 21,300 83,922
Centerpoint Energy, Inc. + 14,626 165,274
Cinergy Corporation 9,800 407,974
Consolidated Edison, Inc. + 13,300 581,875
Constellation Energy
Group, Inc. 9,300 406,503
DTE Energy Company + 9,300 401,109
Dominion Resources, Inc. 17,971 1,217,356
Duke Energy Corporation 50,224 1,272,174
Edison International 17,900 573,337
Entergy Corporation 12,700 858,393
Exelon Corporation + 36,324 1,600,799
FPL Group, Inc. + 10,100 754,975
FirstEnergy Corporation 18,173 718,015
KeySpan Corporation 8,800 347,160
NiSource, Inc. 14,602 332,634
PG&E Corporation * 22,900 762,112
PPL Corporation 9,800 522,144
Pinnacle West Capital
Corporation 4,800 213,168
Progress Energy, Inc. + 13,500 610,740
Public Service Enterprise
Group, Inc. 13,000 673,010
Sempra Energy + 12,969 475,703
Southern Company (The) 40,500 1,357,560
TXU Corporation 13,297 858,454
TECO Energy, Inc. + 12,300 188,682
Xcel Energy, Inc. + 21,870 398,034
------------
17,779,518
------------
ELECTRICAL EQUIPMENT--0.3%
Cooper Industries Ltd. Class A 5,500 373,395
Emerson Electric Company 23,300 1,633,330
------------
2,006,725
------------
ELECTRONICS--2.5%
Advanced Micro
Devices, Inc. *+ 19,100 420,582
Agilent Technologies, Inc. * 26,269 633,083
Altera Corporation * 20,800 430,560
American Power Conversion
Corporation 10,800 231,120
Analog Devices, Inc. 20,300 749,476
Applied Micro Circuits
Corporation * 17,700 74,517
Broadcom Corporation
Class A * 17,400 561,672
Freescale Semiconductor,
Inc. Class B * 18,453 338,797
Intel Corporation 350,040 8,187,436
JDS Uniphase Corporation *+ 84,700 268,499
LSI Logic Corporation * 22,700 124,396
Linear Technology
Corporation 17,200 666,672
Maxim Integrated
Products, Inc. 18,100 767,259
Micron Technology, Inc. *+ 33,600 414,960
Molex, Inc. + 10,475 314,250
National Semiconductor
Corporation 21,600 387,720
Novellus Systems, Inc. 7,400 206,386
PMC-Sierra, Inc. *+ 10,900 122,625
Power-One, Inc. * 4,400 39,248
QLogic Corporation * 5,200 190,996
Raytheon Company 24,800 962,984
Rockwell Collins, Inc. 9,700 382,568
Sanmina-SCI Corporation *+ 28,400 240,548
Teradyne, Inc. * 11,200 191,184
Texas Instruments, Inc. 96,000 2,363,520
Xilinx, Inc. 18,900 560,385
------------
19,831,443
------------
ENTERTAINMENT & LEISURE--1.6%
Eastman Kodak Company + 15,800 509,550
Harrah's Entertainment, Inc. + 6,050 404,685
Hasbro, Inc. 9,775 189,440
Mattel, Inc. 23,578 459,535
News Corporation, Inc.
Class A *+ 141,300 2,636,658
Time Warner, Inc. * 253,210 4,922,402
Walt Disney Company 113,400 3,152,520
Xerox Corporation * 43,700 743,337
------------
13,018,127
------------
FINANCIAL SERVICES--2.8%
Bear Stearns Companies,
Inc. (The) 5,833 596,774
Charles Schwab
Corporation (The) 75,022 897,263
Countrywide Financial
Corporation 30,498 1,128,731
E*Trade Financial
Corporation * 20,200 301,990
Federal Home Loan Mortgage
Corporation 38,900 2,866,930
Federal National Mortgage
Association 53,900 3,838,219
Federated Investors, Inc.
Class B 5,700 173,280
Franklin Resources, Inc. 13,800 961,170
Goldman Sachs Group, Inc. 26,700 2,777,868
Janus Capital Group, Inc. 14,000 235,340
Lehman Brothers
Holdings, Inc. 15,100 1,320,948
Merrill Lynch & Company, Inc. 51,560 3,081,741
Morgan Stanley 60,930 3,382,834
T. Rowe Price Group, Inc. 6,900 429,180
------------
21,992,268
------------
FOOD RETAILERS--0.3%
Albertson's, Inc. + 20,242 483,379
Kroger Company *+ 41,100 720,894
Starbucks Corporation * 21,700 1,353,212
------------
2,557,485
------------
FOREST PRODUCTS & PAPER--0.7%
Bemis Company 6,800 197,812
Georgia-Pacific Corporation 13,938 522,396
International Paper Company 26,602 1,117,284
Kimberly Clark Corporation 27,020 1,778,186
MeadWestvaco Corporation 11,014 373,264
Pactiv Corporation * 8,100 204,849
Temple-Inland, Inc. 3,400 232,560
Weyerhaeuser Company 13,300 894,026
------------
5,320,377
------------
See accompanying notes to financial statements.
145
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT ASSET
ALLOCATION FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
HEALTH CARE PROVIDERS--0.8%
Caremark Rx, Inc. * 24,800 $ 977,864
Express Scripts, Inc. * 4,300 328,692
HCA, Inc. + 23,317 931,747
Health Management
Associates, Inc. Class A + 13,200 299,904
Laboratory Corporation of
America Holdings * 7,700 383,614
Manor Care, Inc. 4,700 166,521
Tenet Healthcare
Corporation *+ 25,550 280,539
UnitedHealth Group, Inc. 36,700 3,230,701
------------
6,599,582
------------
HEAVY CONSTRUCTION--0.1%
Centex Corporation + 6,900 411,102
------------
HEAVY MACHINERY--1.6%
American Standard
Companies, Inc. * 12,100 499,972
Applied Materials, Inc. * 92,400 1,580,040
Baker Hughes, Inc. 18,480 788,542
Black & Decker Corporation + 4,800 423,984
Caterpillar, Inc. 19,200 1,872,192
Cummins, Inc. 2,600 217,854
Deere & Company 13,800 1,026,720
Dover Corporation 11,200 469,728
Eaton Corporation 9,100 658,476
Ingersoll-Rand Company
Class A 9,650 774,895
Pall Corporation + 7,666 221,931
Parker Hannifin Corporation 6,525 494,204
Rockwell Automation, Inc. 10,200 505,410
Stanley Works (The) + 4,400 215,556
United Technologies
Corporation 28,500 2,945,475
W.W. Grainger, Inc. 5,000 333,100
------------
13,028,079
------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES--0.4%
Johnson Controls, Inc. 10,400 659,776
KB Home 2,500 261,000
Leggett & Platt, Inc. 10,700 304,201
Masco Corporation 25,400 927,862
Maytag Corporation + 5,000 105,500
Pulte Homes, Inc. 7,100 452,980
Whirlpool Corporation + 3,600 249,156
------------
2,960,475
------------
HOUSEHOLD PRODUCTS--0.4%
Fortune Brands, Inc. 8,100 625,158
Illinois Tool Works, Inc. 16,370 1,517,172
Newell Rubbermaid, Inc. + 15,060 364,301
Rohm & Haas Company 12,275 542,923
Snap-On, Inc. 3,650 125,414
------------
3,174,968
------------
INDUSTRIAL--DIVERSIFIED--0.5%
Tyco International Ltd. 110,949 3,965,317
------------
INSURANCE--4.0%
ACE Ltd. (Bermuda) 15,400 658,350
Aflac, Inc. 28,300 1,127,472
Aetna, Inc. 8,437 1,052,516
Allstate Corporation (The) 39,038 2,019,045
AMBAC Financial Group, Inc. 6,250 513,313
American International
Group, Inc. 144,790 9,508,359
AON Corporation + 17,225 410,989
Chubb Corporation 10,760 827,444
Cigna Corporation 7,700 628,089
Cincinnati Financial
Corporation 9,180 406,307
Hartford Financial Services
Group, Inc. + 16,200 1,122,822
Humana, Inc. * 8,800 261,272
Jefferson Pilot Corporation 7,687 399,417
Lincoln National Corporation 9,800 457,464
Loews Corporation 10,200 717,060
MBIA, Inc. + 7,850 496,748
MGIC Investment
Corporation + 5,400 372,114
Marsh & McLennan
Companies, Inc. 29,300 963,970
Metlife, Inc. 42,100 1,705,471
Principal Financial Group 17,800 728,732
Progressive Corporation (The) 11,080 940,027
Prudential Financial, Inc. + 28,400 1,560,864
Safeco Corporation + 7,600 397,024
St. Paul Travelers Companies 36,616 1,357,355
Torchmark Corporation 6,200 354,268
UnumProvident Corporation 16,418 294,539
WellPoint, Inc. * 16,000 1,840,000
XL Capital Ltd. Class A
(Bermuda) + 7,600 590,140
------------
31,711,171
------------
LODGING--0.2%
Hilton Hotels Corporation 20,800 472,992
Marriott International, Inc.
Class A 12,700 799,846
Starwood Hotels & Resorts
Worldwide, Inc. 11,100 648,240
------------
1,921,078
------------
MEDIA--BROADCASTING & PUBLISHING--1.6%
Clear Channel
Communications, Inc. 31,750 1,063,308
Comcast Corporation
Class A *+ 122,880 4,089,446
Dow Jones & Company,
Inc. + 4,400 189,464
Gannett Company, Inc. 14,130 1,154,421
Knight-Ridder, Inc. 4,400 294,536
McGraw-Hill Companies,
Inc. (The) 10,600 970,324
Meredith Corporation 2,700 146,340
New York Times Company
Class A + 8,200 334,560
Tribune Company 18,167 765,557
Univision Communications,
Inc. Class A *+ 17,800 521,006
Viacom, Inc. Class B 94,391 3,434,889
------------
12,963,851
------------
MEDICAL SUPPLIES--3.3%
Allergan, Inc. 7,500 608,025
Applera Corporation--Applied
Biosystems Group 11,300 236,283
Bausch & Lomb, Inc. 2,806 180,875
Baxter International, Inc. 33,700 1,163,998
Becton, Dickinson & Company 14,000 795,200
Biomet, Inc.
14,025 608,545
See accompanying notes to financial statements.
146
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT ASSET
ALLOCATION FUND SHARES VALUE
- ------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Boston Scientific
Corporation * 46,300 $ 1,645,965
C.R. Bard, Inc. 6,000 383,880
Fisher Scientific
International *+ 6,200 386,756
Guidant Corporation 17,600 1,268,960
Johnson & Johnson 164,788 10,450,855
Kla-Tencor Corporation * 10,700 498,406
Medtronic, Inc. 67,300 3,342,791
Millipore Corporation *+ 2,900 144,449
PerkinElmer, Inc. 7,800 175,422
Quest Diagnostics, Inc. 5,700 544,635
St. Jude Medical, Inc. * 19,200 805,056
Stryker Corporation 22,100 1,066,325
Tektronix, Inc. 4,500 135,945
Thermo Electron
Corporation * 9,100 274,729
Waters Corporation * 6,600 308,814
Zimmer Holdings, Inc. * 13,390 1,072,807
------------
26,098,721
------------
METALS--0.7%
Alcoa, Inc. 47,960 1,506,903
Allegheny Technologies, Inc. 5,183 112,316
Danaher Corporation 17,000 975,970
Engelhard Corporation 7,537 231,160
Newmont Mining
Corporation + 24,568 1,091,065
Nucor Corporation + 8,600 450,124
Phelps Dodge Corporation 4,928 487,478
United States Steel
Corporation + 5,820 298,275
------------
5,153,291
------------
MINING--0.1%
Freeport-McMoran Copper
& Gold, Inc. Class B + 9,700 370,831
------------
OIL & GAS--5.5%
Amerada Hess Corporation 5,000 411,900
Anadarko Petroleum
Corporation 13,870 898,915
Apache Corporation 17,792 899,741
Ashland, Inc. 3,800 221,844
BJ Services Company 8,900 414,206
Burlington Resources, Inc. 21,904 952,824
ChevronTexaco Corporation 117,280 6,158,373
ConocoPhillips 38,309 3,326,370
Devon Energy Corporation 26,598 1,035,194
Dynegy, Inc. Class A *+ 23,100 106,722
EOG Resources, Inc. 6,300 449,568
EL Paso Corporation 33,377 347,121
Exxon Mobil Corporation 357,138 18,306,894
Halliburton Company 24,200 949,608
Kerr-McGee Corporation 8,271 477,981
Kinder Morgan, Inc. 6,800 497,284
Marathon Oil Corporation 19,200 722,112
Nabors Industries Ltd. * 8,700 446,223
Nicor, Inc. + 2,900 107,126
Noble Corporation * 7,700 382,998
Occidental Petroleum
Corporation 21,890 1,277,500
Peoples Energy Corporation 2,300 101,085
Rowan Companies, Inc. * 6,200 160,580
Schlumberger Ltd. 32,500 2,175,875
Sunoco, Inc. 4,100 335,011
Transocean, Inc. * 17,511 742,291
Unocal Corporation 14,310 618,764
Valero Energy Corporation 14,000 635,600
Williams Companies, Inc. 28,400 462,636
XTO Energy, Inc. 12,700 449,326
------------
44,071,672
------------
PHARMACEUTICALS--5.4%
Abbott Laboratories 86,800 4,049,220
AmerisourceBergen
Corporation + 6,100 357,948
Amgen, Inc. * 70,344 4,512,568
Biogen Idec, Inc. *+ 18,930 1,260,927
Bristol-Myers Squibb
Company 107,600 2,756,712
Cardinal Health, Inc. 23,950 1,392,693
Chiron Corporation *+ 10,400 346,632
Eli Lilly & Company 62,400 3,541,200
Forest Laboratories, Inc. *+ 20,300 910,658
Genzyme Corporation * 12,300 714,261
Gilead Sciences, Inc. * 23,600 825,764
Hospira, Inc. * 8,650 289,775
King Pharmaceuticals, Inc. * 13,066 162,018
McKesson Corporation 15,989 503,014
Medco Health
Solutions, Inc. * 14,895 619,632
MedImmune, Inc. * 13,600 368,696
Merck & Company, Inc. 123,500 3,969,290
Mylan Laboratories + 14,400 254,592
Pfizer, Inc. 416,912 11,210,764
Schering-Plough Corporation 81,300 1,697,544
Sigma Aldrich Corporation 3,800 229,748
Watson
Pharmaceuticals, Inc. * 5,900 193,579
Wyeth 73,900 3,147,401
------------
43,314,636
------------
REAL ESTATE--0.4%
Apartment Investment &
Management Company REIT
Class A 5,900 227,386
Archstone-Smith Trust REIT 9,200 352,360
Equity Office Properties
Trust REIT 22,000 640,640
Equity Residential REIT 15,100 546,318
Plum Creek Timber Company,
Inc. REIT 10,800 415,152
Prologis REIT 9,800 424,634
Simon Property Group,
Inc. REIT 11,500 743,705
------------
3,350,195
------------
RESTAURANTS--0.4%
Darden Restaurants, Inc. 8,900 246,886
McDonald's Corporation 70,200 2,250,612
Wendy's International, Inc. 6,200 243,412
Yum! Brands, Inc. 16,200 764,316
------------
3,505,226
------------
RETAILERS--4.1%
Autozone, Inc. * 4,800 438,288
Bed Bath & Beyond, Inc. * 16,400 653,212
Best Buy Company, Inc. 18,200 1,081,444
Big Lots, Inc. * 7,200 87,336
CVS Corporation 21,800 982,526
Circuit City Stores, Inc. + 10,300 161,092
Costco Wholesale Corporation 25,276 1,223,611
Dillard's, Inc. Class A 4,200 112,854
See accompanying notes to financial statements.
147
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT ASSET
ALLOCATION FUND SHARES VALUE
- -----------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Dollar General Corporation 18,440 $ 382,999
eBay, Inc. * 36,200 4,209,336
Family Dollar Stores, Inc. 9,400 293,562
Federated Department Stores 9,900 572,121
JC Penney Company, Inc.
(Holding Company) 15,200 629,280
May Department Stores
Company (The) 15,900 467,460
Office Depot, Inc. * 17,400 302,064
OfficeMax, Inc. 3,800 119,244
RadioShack Corporation 9,000 295,920
Sears Roebuck & Company 11,700 597,051
Sherwin-Williams
Company (The) 7,900 352,577
Staples, Inc. 27,300 920,283
TJX Companies, Inc. + 27,700 696,101
Target Corporation 50,500 2,622,465
Tiffany & Company 8,100 258,957
Toys R US, Inc. * 12,300 251,781
Walgreen Company 56,800 2,179,416
Wal-Mart Stores, Inc. 235,600 12,444,392
------------
32,335,372
------------
TELECOMMUNICATIONS--0.0%
Citizens Communications
Company 15,500 213,745
------------
TELEPHONE SYSTEMS--2.5%
Alltel Corporation 17,200 1,010,672
AT&T Corporation 43,667 832,293
BellSouth Corporation 101,400 2,817,906
CenturyTel, Inc. 7,700 273,119
Nextel Communications,
Inc. Class A * 61,000 1,830,000
Qwest Communications
International, Inc. * 97,229 431,697
SBC Communications, Inc. 183,752 4,735,289
Sprint Corp.-FON Group 78,300 1,945,755
Verizon Communications, Inc. 153,371 6,213,059
------------
20,089,790
------------
TEXTILES, CLOTHING & FABRICS--0.4%
Coach, Inc. * 10,400 586,560
Jones Apparel Group, Inc. 6,700 245,019
Liz Claiborne, Inc. 5,800 244,818
Nike, Inc. Class B 14,500 1,315,005
Reebok International Ltd. + 3,600 158,400
VF Corporation 5,900 326,742
------------
2,876,544
------------
TRANSPORTATION--1.6%
Brunswick Corporation 5,800 287,100
Burlington Northern Santa Fe
Corporation 20,456 967,773
CSX Corporation 11,800 472,944
Carnival Corporation + 34,900 2,011,287
FedEx Corporation 16,540 1,629,025
Norfolk Southern Corporation 21,500 778,085
Sabre Holdings Corporation 6,930 153,569
Union Pacific Corporation 14,200 954,950
United Parcel Service, Inc.
Class B 62,400 5,332,704
------------
12,587,437
------------
TOTAL COMMON STOCKS
(Cost $564,341,451) 624,554,261
------------
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--15.8%
U.S. TREASURY BONDS--15.8%
U.S. Treasury Bond
10.625% 08/15/2015 + $ 5,565,000 $ 8,552,275
8.875% 08/15/2017 6,077,000 8,613,673
8.750% 05/15/2017-
08/15/2020 4,515,000 6,392,055
8.125% 08/15/2019-
08/15/2021 + 11,630,000 15,996,396
8.000% 11/15/2021 ** 10,015,000 13,750,675
7.875% 02/15/2021 1,000,000 1,351,407
7.625% 11/15/2022 2,875,000 3,843,403
7.250% 05/15/2016-
08/15/2022 ** 11,855,000 14,905,117
7.125% 02/15/2023 2,890,000 3,688,704
6.875% 08/15/2025 + 7,680,000 9,675,901
6.750% 08/15/2026 5,030,000 6,275,715
6.250% 08/15/2023-
05/15/2030 + 12,050,000 14,318,661
6.125% 11/15/2027 1,680,000 1,962,648
5.250% 11/15/2028-
02/15/2029 ** 15,665,000 16,428,012
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $120,810,990) 125,754,642
------------
SHARES VALUE
- ----------------------------------------------------------------
RIGHTS--0.0%
COMPUTERS & INFORMATION--0.0%
Seagate Technology,
Inc.
(Cost $--) (delta) 10,600 --
------------
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------
COMMERCIAL PAPER--3.8%
BANKING--3.8%
Liberty Street Funding Corporation 144A
2.280% 01/18/2005 *** 10,000,000 9,989,233
Old Line Funding Corporation 144A
2.240% 01/11/2005 *** 10,000,000 9,993,778
Tulip Funding Corporation 144A
2.240% 01/14/2005 *** 10,000,000 9,991,911
----------
TOTAL COMMERCIAL PAPER
(Cost $29,974,922) 29,974,922
----------
CASH EQUIVALENTS--9.4%
INSTITUTIONAL MONEY MARKET FUNDS--0.9%
BGI Institutional Fund
2.255% 01/03/2005 ++ 4,888,099 4,888,099
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 1,267,491 1,267,491
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 1,169,423 1,169,423
----------
7,325,013
----------
See accompanying notes to financial statements.
148
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT ASSET
ALLOCATION FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -------------------------------------------------------------------------------------------------
CASH EQUIVALENTS--(CONTINUED)
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--7.8%
Bank of America
2.300% 06/09/2005 ++ $ 1,409,486 $ 1,409,486
Bank of America
2.270% 01/18/2005 ++ 563,795 563,795
Bank of America
2.270% 03/03/2005 ++ 293,173 293,173
Bank of Montreal
2.260% 01/28/2005 ++ 29,329 29,329
Bank of Nova Scotia
2.330% 01/13/2005 ++ 873,882 873,882
Bank of Nova Scotia
2.330% 01/24/2005 ++ 2,833,068 2,833,068
Bank of Nova Scotia
2.320% 02/08/2005 ++ 1,691,384 1,691,384
BNP Paribas
2.295% 02/23/2005 ++ 563,795 563,795
Calyon
2.340% 02/02/2005 ++ 563,795 563,795
Calyon
2.270% 01/20/2005 ++ 1,409,486 1,409,486
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 1,973,281 1,973,281
Citigroup
2.080% 01/28/2005 ++ 1,691,384 1,691,384
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 2,818,973 2,818,973
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 563,795 563,795
Delaware Funding Corporation
2.235% 01/04/2005 ++ 1,184,158 1,184,158
Den Danske Bank
2.260% 01/20/2005 ++ 3,382,767 3,382,767
Dexia Group
2.040% 01/21/2005 ++ 28,190 28,190
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 1,409,486 1,409,486
Fortis Bank
2.260% 01/05/2005 ++ 2,537,076 2,537,076
Fortis Bank
2.140% 01/12/2005 ++ 1,409,486 1,409,486
General Electric Capital Corporation
2.295% 01/10/2005 ++ 1,691,384 1,691,384
General Electric Capital Corporation
2.294% 01/21/2005 ++ 1,405,072 1,405,072
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 11,275,890 11,275,890
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 845,692 845,692
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 1,127,589 1,127,589
Greyhawk Funding
2.349% 02/08/2005 ++ 845,691 845,691
Lloyds TSB Bank
2.280% 02/02/2005 ++ 845,692 845,692
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 5,694,325 5,694,325
Paradigm Funding LLC
2.245% 01/03/2005 ++ 557,831 557,831
Royal Bank of Canada
2.260% 02/01/2005 ++ 552,519 552,519
Royal Bank of Canada
2.250% 01/19/2005 ++ 394,657 394,657
Royal Bank of Scotland
2.360% 02/17/2005 ++ 2,818,973 2,818,973
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 1,911,264 1,911,264
Svenska Handlesbanken
2.250% 01/10/2005 ++ 845,692 845,692
Wells Fargo
2.320% 01/14/2005 ++ 1,330,556 1,330,556
Wells Fargo
2.270% 01/25/2005 ++ 2,818,973 2,818,973
------------
62,191,589
------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--0.7%
Bear Stearns & Company
2.448% 06/05/2005 ++ 563,795 563,795
Bear Stearns & Company
2.448% 09/08/2005 ++ 563,795 563,795
Morgan Stanley
2.393% 03/16/2005 ++ 676,552 676,552
Morgan Stanley
2.393% 06/05/2005 ++ 1,409,486 1,409,486
Morgan Stanley
2.393% 06/10/2005 ++ 1,973,281 1,973,281
------------
5,186,909
------------
TOTAL CASH EQUIVALENTS
(Cost $74,703,511)
74,703,511
------------
TOTAL INVESTMENTS--107.5%
(Cost $789,830,874) 854,987,336
Other assets less liabilities--(7.5%)
(59,453,245)
------------
NET ASSETS--100.0% $795,534,091
============
NOTES TO THE SCHEDULE OF INVESTMENTS:
REIT Real Estate Investment Trust
* Non-income producing security.
+ Denotes all or a portion of security on loan.
** Security has been pledged as collateral for futures contracts.
++ Represents collateral received from securities lending transactions.
*** Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified buyers. 144A securities represent
3.51% of Total Investments.
(delta) Security has no market value at 12/31/2004.
See accompanying notes to financial statements.
149
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT
EQUITY INCOME FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--88.9%
AEROSPACE & DEFENSE--1.1%
Honeywell International, Inc. 265,200 $ 9,390,732
Lockheed Martin Corporation 50,000 2,777,500
------------
12,168,232
------------
AUTOMOTIVE--2.6%
Ford Motor Company + 200,000 2,928,000
General Motors Corporation + 519,000 20,791,140
Genuine Parts Company 90,552 3,989,721
------------
27,708,861
------------
BANKING--8.2%
American Express Company 50,000 2,818,500
Bank of America Corporation 342,984 16,116,818
Citigroup, Inc. 194,869 9,388,788
JP Morgan Chase & Company 155,622 6,070,814
KeyCorp + 100,000 3,390,000
MBNA Corporation 330,500 9,316,795
Mellon Financial Corporation 110,000 3,422,100
Northern Trust Corporation 40,000 1,943,200
PNC Financial Services
Group, Inc. 71,400 4,101,216
SLM Corporation 115,000 6,139,850
State Street Corporation 60,000 2,947,200
Suntrust Banks, Inc. 40,000 2,955,200
U.S. Bancorp 50,000 1,566,000
Wachovia Corporation 133,004 6,996,010
Washington Mutual, Inc. 178,845 7,561,567
Wells Fargo & Company 73,000 4,536,950
------------
89,271,008
------------
BEVERAGES, FOOD & TOBACCO--4.7%
Altria Group, Inc. 196,000 11,975,600
Campbell Soup Company 99,712 2,980,392
Coca-Cola Company (The) 120,000 4,995,600
Coca-Cola Enterprises, Inc. 25,000 521,250
ConAgra Foods, Inc. 217,000 6,390,650
General Mills, Inc. + 80,022 3,977,894
H.J. Heinz Company 162,249 6,326,089
Imperial Tobacco Group PLC
(United Kingdom) 130,200 7,193,550
Kraft Foods, Inc. Class A + 60,000 2,136,600
UST, Inc. 56,537 2,719,995
Unilever NV (Netherlands) 25,000 1,667,750
------------
50,885,370
------------
BUILDING MATERIALS--0.9%
Hanson PLC Sponsored ADR
(United Kingdom) 168,700 7,242,291
Home Depot, Inc. 70,000 2,991,800
------------
10,234,091
------------
CHEMICALS--1.2%
Dow Chemical Company (The) 39,771 1,969,062
EI Du Pont de Nemours &
Company 61,446 3,013,926
Great Lakes Chemical
Corporation 40,500 1,153,845
Hercules, Inc. * 48,000 712,800
International Flavors &
Fragrances, Inc. 50,900 2,180,556
Lyondell Chemical Company 146,000 4,222,320
------------
13,252,509
------------
COMMERCIAL SERVICES--2.0%
Dun & Bradstreet Company * 30,000 1,789,500
Waste Management, Inc. 663,200 19,856,208
------------
21,645,708
------------
COMMUNICATIONS--0.1%
Lucent Technologies, Inc.
+* 200,000 752,000
------------
COMPUTER SOFTWARE & PROCESSING--0.3%
Microsoft Corporation 100,000 2,671,000
------------
COMPUTERS & INFORMATION--0.8%
Hewlett-Packard Company 130,450 2,735,537
Pitney Bowes, Inc. 87,100 4,030,988
Seagate Technology
(Cayman Islands) +* 100,000 1,727,000
------------
8,493,525
------------
COSMETICS & PERSONAL CARE--0.6%
Clorox Company 40,000 2,357,200
Colgate-Palmolive Company 90,000 4,604,400
------------
6,961,600
------------
DIVERSIFIED--0.6%
General Electric Company 185,000 6,752,500
------------
ELECTRIC UTILITIES--3.3%
Cinergy Corporation 170,400 7,093,752
Constellation Energy
Group, Inc. 50,000 2,185,500
Duke Energy Corporation 384,000 9,726,720
Entergy Corporation 126,000 8,516,340
FirstEnergy Corporation 50,000 1,975,500
NiSource, Inc. + 130,000 2,961,400
TXU Corporation + 50,000 3,228,000
------------
35,687,212
------------
ELECTRICAL EQUIPMENT--1.2%
Cooper Industries Ltd. Class A 75,000 5,091,750
Emerson Electric Company 120,000 8,412,000
------------
13,503,750
------------
ELECTRONICS--4.3%
American Power Conversion
Corporation 220,000 4,708,000
Intel Corporation 25,000 584,750
Koninklijke (Royal) Philips
Electronics NV NY Shares
(Netherlands) 1,130,000 29,945,000
Raytheon Company 100,000 3,883,000
Sony Corporation ADR
(Japan) 125,000 4,870,000
Texas Instruments, Inc. 125,000 3,077,500
------------
47,068,250
------------
ENTERTAINMENT & LEISURE--4.2%
Eastman Kodak Company + 85,741 2,765,147
Mattel, Inc. + 456,800 8,903,032
Time Warner, Inc. * 215,000 4,179,600
Walt Disney Company 1,054,000 29,301,200
Xerox Corporation * 51,000 867,510
------------
46,016,489
------------
See accompanying notes to financial statements.
150
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
EQUITY INCOME FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--88.9%
FINANCIAL SERVICES--0.7%
Charles Schwab
Corporation (The) 284,200 $ 3,399,032
Federal National Mortgage
Association 40,806 2,905,795
Janus Capital Group, Inc. + 90,000 1,512,900
------------
7,817,727
------------
FOREST PRODUCTS & PAPER--1.4%
International Paper
Company + 250,668 10,528,056
Kimberly Clark Corporation 45,259 2,978,495
MeadWestvaco Corporation 50,000 1,694,500
------------
15,201,051
------------
HEALTH CARE PROVIDERS--0.7%
HCA, Inc. + 177,100 7,076,916
------------
Heavy Machinery--1.5%
Baker Hughes, Inc. 57,500 2,453,525
Pall Corporation + 120,000 3,474,000
Stanley Works (The) 214,300 10,498,557
------------
16,426,082
------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES--0.3%
Whirlpool Corporation + 40,000 2,768,400
------------
HOUSEHOLD PRODUCTS--1.0%
Fortune Brands, Inc. 37,765 2,914,703
Illinois Tool Works, Inc. 38,900 3,605,252
Newell Rubbermaid, Inc. + 185,000 4,475,150
------------
10,995,105
------------
INDUSTRIAL--DIVERSIFIED--0.5%
Tyco International Ltd. 161,556 5,774,011
------------
INSURANCE--10.7%
Allstate Corporation (The) 160,000 8,275,200
American International
Group, Inc. 31,014 2,036,689
AON Corporation + 766,000 18,276,760
Chubb Corporation 33,000 2,537,700
Cigna Corporation 102,300 8,344,611
Fairfax Financial Holdings
Ltd. (Canada) + 110,000 18,535,000
Hartford Financial Services
Group, Inc. + 118,400 8,206,304
Lincoln National Corporation 49,690 2,319,529
MGIC Investment
Corporation + 123,600 8,517,276
Marsh & McLennan
Companies, Inc. 130,000 4,277,000
Safeco Corporation 70,000 3,656,800
St. Paul Travelers Companies 190,306 7,054,643
UnumProvident Corporation 105,000 1,883,700
WellPoint, Inc. * 112,700 12,960,500
XL Capital Ltd. Class A
(Bermuda) + 115,000 8,929,750
------------
115,811,462
------------
LODGING--0.7%
Hilton Hotels Corporation 200,000 4,548,000
Starwood Hotels & Resorts
Worldwide, Inc. 60,000 3,504,000
------------
8,052,000
------------
MEDIA--BROADCASTING & PUBLISHING--6.9%
Comcast Corporation
Class A * 135,000 4,492,800
Comcast Corporation
Special Class A * 696,000 22,856,640
DIRECTV Group, Inc. (The) * 1,394,000 23,335,560
Dow Jones & Company, Inc. + 80,000 3,444,800
Knight-Ridder, Inc. 188,000 12,584,720
New York Times Company
Class A + 100,000 4,080,000
Viacom, Inc. Class B 120,000 4,366,800
------------
75,161,320
------------
MEDICAL SUPPLIES--1.4%
Baxter International, Inc. 329,600 11,384,384
Johnson & Johnson 60,000 3,805,200
------------
15,189,584
------------
METALS--0.6%
Alcoa, Inc. 100,000 3,142,000
Nucor Corporation + 60,000 3,140,400
------------
6,282,400
------------
OIL & GAS--7.7%
Amerada Hess Corporation 75,000 6,178,500
BP Amoco PLC ADR (United
Kingdom) 241,054 14,077,554
ChevronTexaco Corporation 287,700 15,107,127
ConocoPhillips 113,300 9,837,839
EnCana Corporation (Canada) 111,300 6,350,778
Exxon Mobil Corporation 124,760 6,395,198
Kerr-McGee Corporation + 146,100 8,443,119
Marathon Oil Corporation 109,100 4,103,251
Occidental Petroleum
Corporation 165,900 9,681,924
Royal Dutch Petroleum
Company NY Shares
(Netherlands) 60,781 3,487,614
------------
83,662,904
------------
PHARMACEUTICALS--4.0%
Abbott Laboratories 75,000 3,498,750
Bristol-Myers Squibb
Company 342,300 8,769,726
MedImmune, Inc. * 80,000 2,168,800
Merck & Company, Inc. 175,000 5,624,500
Pfizer, Inc. 211,200 5,679,168
Schering-Plough Corporation + 430,000 8,978,400
Wyeth 211,447 9,005,528
------------
43,724,872
------------
REAL ESTATE--0.3%
Simon Property Group,
Inc. REIT 50,000 3,233,500
------------
RESTAURANTS--3.5%
McDonald's Corporation 150,000 4,809,000
Wendy's International, Inc. + 176,100 6,913,686
Yum! Brands, Inc. 555,000 26,184,900
------------
37,907,586
------------
RETAILERS--4.0%
Dollar General Corporation 320,200 6,650,554
JC Penney Company, Inc.
(Holding Company) + 95,300 3,945,420
May Department Stores
Company (The)
60,765 1,786,491
See accompanying notes to financial statements.
151
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
EQUITY INCOME FUND SHARES VALUE
- -----------------------------------------------------------------------------
COMMON STOCKS--88.9%
Neiman Marcus Group, Inc. 201,500 $ 13,460,200
Neiman-Marcus Group, Inc.
Class A + 214,200 15,323,868
Toys R US, Inc. * 135,000 2,763,450
------------
43,929,983
------------
TELECOMMUNICATIONS--0.2%
Nokia Corporation ADR
(Finland) 160,000 2,507,200
------------
TELEPHONE SYSTEMS--2.5%
Alltel Corporation 40,000 2,350,400
AT&T Corporation 100,000 1,906,000
Qwest Communications
International, Inc. * 630,000 2,797,200
SBC Communications, Inc. 276,800 7,133,136
Sprint Corp.--FON Group 140,000 3,479,000
Verizon Communications, Inc. 240,441 9,740,265
------------
27,406,001
------------
TRANSPORTATION--4.2%
Burlington Northern Santa
Fe Corporation 223,000 10,550,130
Carnival Corporation + 74,000 4,264,620
FedEx Corporation 237,000 23,342,130
Norfolk Southern Corporation 84,540 3,059,503
Union Pacific Corporation 65,997 4,438,298
------------
45,654,681
------------
TOTAL COMMON STOCKS
(Cost $746,648,167) 967,654,890
------------
- ----------------------------------------------------------------
COUPON MATURITY
RATE DATE FACE VALUE
- ---------------------------------------------------------------
CORPORATE OBLIGATIONS--1.1%
TELEPHONE SYSTEMS--1.1%
Level 3 Communications, Inc., Senior Note
9.125% 05/01/2008 + $ 2,575,000 $ 2,253,125
Level 3 Communications, Inc., Senior Note, Step-Up
10.500% 12/01/2008 + 10,670,000 9,869,750
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $9,913,209) 12,122,875
------------
CONVERTIBLE DEBT OBLIGATIONS--0.3%
TELEPHONE SYSTEMS--0.3%
Level 3 Communications, Inc., Subordinated
Note, Convertible
6.000% 03/15/2010 +
(Cost $3,036,072) 5,760,000 3,405,600
------------
COMMERCIAL PAPER--1.4%
BANKING--0.4%
Preferred Receivables Funding Corp. 144A
2.350% 01/21/2005 ** 4,000,000 3,994,778
------------
FINANCIAL SERVICES--1.0%
Delaware Funding Corp. 144A
2.330% 01/19/2005 ** 3,000,000 2,996,506
Grampian Funding LLC 144A
2.370% 03/03/2005 ** 2,000,000 1,991,968
Park Avenue Receivables Corporation 144A
2.180% 01/12/2005 ** 6,000,000 5,996,003
------------
10,984,477
------------
TOTAL COMMERCIAL PAPER
(Cost $14,979,255) 14,979,255
------------
CASH EQUIVALENTS--13.6%
INSTITUTIONAL MONEY MARKET FUNDS--1.3%
BGI Institutional Fund
2.255% 01/03/2005 ++ 9,646,227 9,646,227
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 2,501,281 2,501,281
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 2,307,751 2,307,751
------------
14,455,259
------------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--11.3%
Bank of America
2.300% 06/09/2005 ++ 2,781,494 2,781,494
Bank of America
2.270% 01/18/2005 ++ 1,112,598 1,112,598
Bank of America
2.270% 03/03/2005 ++ 578,551 578,551
Bank of Montreal
2.260% 01/28/2005 ++ 57,878 57,878
Bank of Nova Scotia
2.330% 01/13/2005 ++ 1,724,527 1,724,527
Bank of Nova Scotia
2.330% 01/24/2005 ++ 5,590,806 5,590,806
Bank of Nova Scotia
2.320% 02/08/2005 ++ 3,337,794 3,337,794
BNP Paribas
2.295% 02/23/2005 ++ 1,112,598 1,112,598
Calyon
2.340% 02/02/2005 ++ 1,112,597 1,112,597
Calyon
2.270% 01/20/2005 ++ 2,781,495 2,781,495
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 3,894,094 3,894,094
Citigroup
2.080% 01/28/2005 ++ 3,337,795 3,337,795
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 5,562,992 5,562,992
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 1,112,597 1,112,597
Delaware Funding Corporation
2.235% 01/04/2005 ++ 2,336,829 2,336,829
Den Danske Bank
2.260% 01/20/2005 ++ 6,675,589 6,675,589
See accompanying notes to financial statements.
152
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
EQUITY INCOME FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -------------------------------------------------------
CASH EQUIVALENTS--(CONTINUED)
Dexia Group
2.040% 01/21/2005 ++ $ 55,630 $ 55,630
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 2,781,495 2,781,495
Fortis Bank
2.260% 01/05/2005 ++ 5,006,692 5,006,692
Fortis Bank
2.140% 01/12/2005 ++ 2,781,495 2,781,495
General Electric Capital Corporation
2.295% 01/10/2005 ++ 3,337,795 3,337,795
General Electric Capital Corporation
2.294% 01/21/2005 ++ 2,772,787 2,772,787
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 22,251,963 22,251,963
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 1,668,897 1,668,897
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 2,225,197 2,225,197
Greyhawk Funding
2.349% 02/08/2005 ++ 1,668,897 1,668,897
Lloyds TSB Bank
2.280% 02/02/2005 ++ 1,668,897 1,668,897
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 11,237,242 11,237,242
Paradigm Funding LLC
2.245% 01/03/2005 ++ 1,100,829 1,100,829
Royal Bank of Canada
2.260% 02/01/2005 ++ 1,090,347 1,090,347
Royal Bank of Canada
2.250% 01/19/2005 ++ 778,819 778,819
Royal Bank of Scotland
2.360% 02/17/2005 ++ 5,562,992 5,562,992
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 3,771,707 3,771,707
Svenska Handlesbanken
2.250% 01/10/2005 ++ 1,668,897 1,668,897
Wells Fargo
2.320% 01/14/2005 ++ 2,625,732 2,625,732
Wells Fargo
2.270% 01/25/2005 ++ 5,562,992 5,562,992
------------
122,729,536
------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--1.0%
Bear Stearns & Company
2.448% 06/05/2005 ++ 1,112,597 1,112,597
Bear Stearns & Company
2.448% 09/08/2005 ++ 1,112,598 1,112,598
Morgan Stanley
2.393% 03/16/2005 ++ 1,335,119 1,335,119
Morgan Stanley
2.393% 06/05/2005 ++ 2,781,495 2,781,495
Morgan Stanley
2.393% 06/10/2005 ++ 3,894,094 3,894,094
------------
10,235,903
------------
TOTAL CASH EQUIVALENTS
(Cost $147,420,698) 147,420,698
------------
FACE VALUE
- ---------------------------------------------------------------------------
REPURCHASE AGREEMENTS--8.0%
IBT Repurchase Agreement
dated 12/31/2004 due
01/03/2005, with
a maturity value of
$86,955,438 and an
effective yield of 1.80%
collateralized by U.S.
Government Obligations
with rates ranging from
2.9175% to 5.625%,
maturity dates ranging
from 03/25/2016 to
08/01/2033 and an
aggregate market
value of $91,311,618. $86,942,396 $ 86,942,396
--------------
TOTAL INVESTMENTS--113.3%
(Cost $1,008,939,797) 1,232,525,714
Other assets less liabilities--(13.3%) (144,319,212)
--------------
NET ASSETS--100.0% $1,088,206,502
==============
NOTES TO THE SCHEDULE OF INVESTMENTS:
ADR American Depositary Receipt
REIT Real Estate Investment Trust
+ Denotes all or a portion of security on loan.
* Non-income producing security.
++ Represents collateral received from securities lending transactions.
** Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified buyers. 144A securities represent 1.22%
of Total Investments.
See accompanying notes to financial statements.
153
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT GROWTH &
INCOME FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--96.3%
ADVERTISING--0.3%
Monster Worldwide, Inc. * 26,100 $ 878,004
Omnicom Group + 19,100 1,610,512
------------
2,488,516
------------
AEROSPACE & DEFENSE--1.3%
General Dynamics
Corporation 61,500 6,432,900
Honeywell International, Inc. 40,000 1,416,400
Lockheed Martin Corporation 58,300 3,238,565
Northrop Grumman
Corporation 10,700 581,652
------------
11,669,517
------------
AIRLINES--0.5%
Southwest Airlines Company 287,800 4,685,384
------------
APPAREL RETAILERS--0.1%
Kohl's Corporation * 22,000 1,081,740
------------
AUTOMOTIVE--1.0%
Autonation, Inc. * 56,100 1,077,681
General Motors Corporation + 76,800 3,076,608
Harley-Davidson, Inc. + 50,000 3,037,500
Lear Corporation 28,000 1,708,280
Navistar International
Corporation * 8,900 391,422
------------
9,291,491
------------
BANKING--13.2%
American Express Company 70,000 3,945,900
AmeriCredit Corporation *+ 38,800 948,660
Bank of America Corporation 331,800 15,591,282
Bank of New York Company,
Inc. (The) 30,000 1,002,600
Citigroup, Inc. 530,750 25,571,535
Golden West Financial
Corporation 21,000 1,289,820
IndyMac Bancorp, Inc. + 34,500 1,188,525
JP Morgan Chase & Company 393,636 15,355,740
Mellon Financial Corporation 88,000 2,737,680
National City Corporation + 173,400 6,511,170
Northern Trust Corporation 37,000 1,797,460
PNC Financial Services
Group, Inc. 50,200 2,883,488
SLM Corporation + 203,400 10,859,526
State Street Corporation 131,000 6,434,720
Suntrust Banks, Inc. 43,600 3,221,168
U.S. Bancorp 64,000 2,004,480
Washington Mutual, Inc. 188,900 7,986,692
Wells Fargo & Company 183,900 11,429,385
------------
120,759,831
------------
BEVERAGES, FOOD & TOBACCO--3.4%
Altria Group, Inc. 96,903 5,920,773
Anheuser-Busch
Companies, Inc. 78,984 4,006,858
Campbell Soup Company 63,000 1,883,070
Coca-Cola Company (The) 37,000 1,540,310
H.J. Heinz Company 16,700 651,133
Kellogg Company 84,100 3,755,906
Kraft Foods, Inc. Class A + 57,600 2,051,136
Pepsi Bottling Group, Inc. + 20,000 540,800
Pepsico, Inc. 148,100 7,730,820
Sysco Corporation + 37,100 1,416,107
Unilever NV (Netherlands) 29,000 1,934,590
------------
31,431,503
------------
BUILDING MATERIALS--1.1%
Home Depot, Inc. 115,000 4,915,100
Lowe's Companies, Inc.
92,200 5,309,798
------------
10,224,898
------------
CHEMICALS--1.8%
Air Products & Chemicals, Inc. 21,600 1,252,152
Dow Chemical Company (The) 117,000 5,792,670
EI Du Pont de Nemours &
Company 188,400 9,241,020
------------
16,285,842
------------
COMMERCIAL SERVICES--0.8%
Accenture Ltd. (Bermuda) * 20,000 540,000
Apollo Group, Inc. Class A * 25,000 2,017,750
Fluor Corporation + 58,800 3,205,188
Paychex, Inc. 20,000 681,600
Waste Management, Inc. 40,000 1,197,600
------------
7,642,138
------------
COMMUNICATIONS--0.9%
American Tower
Corporation Class A * 15,400 283,360
Corning, Inc. * 49,100 577,907
Polycom, Inc. * 25,300 589,996
Qualcomm, Inc. 142,700 6,050,480
Scientific-Atlanta, Inc. 34,700 1,145,447
------------
8,647,190
------------
COMPUTER SOFTWARE & PROCESSING--4.3%
Adobe Systems, Inc. + 50,000 3,137,000
Affiliated Computer
Services, Inc. Class A *+ 65,700 3,954,483
Automatic Data
Processing, Inc. 44,800 1,986,880
Cadence Design
Systems, Inc. *+ 42,500 586,925
Checkfree Corporation * 22,059 840,007
First Data Corporation 65,000 2,765,100
Fiserv, Inc. * 34,000 1,366,460
Google, Inc. Class A *+ 3,400 656,540
Intuit, Inc. * 50,000 2,200,500
Juniper Networks, Inc. * 30,000 815,700
Microsoft Corporation 515,200 13,760,992
Oracle Corporation * 100,000 1,372,000
SAP AG ADR (Germany) 23,400 1,034,514
Sun Microsystems, Inc. * 305,200 1,641,976
Symantec Corporation * 56,000 1,442,560
VeriSign, Inc. * 27,900 935,208
Veritas Software
Corporation *+ 30,000 856,500
------------
39,353,345
------------
COMPUTERS & INFORMATION--3.4%
Apple Computer, Inc. * 12,200 785,680
Cisco Systems, Inc. * 399,850 7,717,105
Dell, Inc. * 150,000 6,321,000
Hewlett-Packard Company 98,473 2,064,979
International Business
Machines Corporation 60,200 5,934,516
International Game Technology 98,000 3,369,240
Jabil Circuit, Inc. *+ 65,200 1,667,816
Lexmark International, Inc. * 22,000 1,870,000
See accompanying notes to financial statements.
154
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT GROWTH &
INCOME FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Seagate Technology
(Cayman Islands) *+ 58,100 $ 1,003,387
------------
30,733,723
------------
COSMETICS & PERSONAL CARE--0.8%
Avon Products, Inc. 29,600 1,145,520
Estee Lauder Companies, Inc.
(The) Class A 13,400 613,318
Gillette Company (The) 25,000 1,119,500
Procter & Gamble Company 80,800 4,450,464
------------
7,328,802
------------
DIVERSIFIED--1.7%
General Electric Company 424,100 15,479,650
------------
ELECTRIC UTILITIES--3.1%
AES Corporation (The) * 138,600 1,894,662
Dominion Resources, Inc. 56,550 3,830,697
Duke Energy Corporation 92,400 2,340,492
Edison International 6,700 214,601
Entergy Corporation 54,000 3,649,860
Exelon Corporation + 136,200 6,002,334
NiSource, Inc. 22,500 512,550
PPL Corporation 56,300 2,999,664
Progress Energy, Inc. + 44,600 2,017,704
SCANA Corporation 43,300 1,706,020
TXU Corporation + 45,600 2,943,936
------------
28,112,520
------------
ELECTRICAL EQUIPMENT--0.7%
Cooper Industries Ltd. Class A 19,100 1,296,699
Emerson Electric Company 68,100 4,773,810
------------
6,070,509
------------
ELECTRONICS--3.9%
Advanced Micro
Devices, Inc. *+ 35,800 788,316
Agilent Technologies, Inc. * 103,114 2,485,047
Altera Corporation * 49,500 1,024,650
Analog Devices, Inc. 65,000 2,399,800
Applied Micro Circuits
Corporation * 163,700 689,177
Avnet, Inc. * 50,300 917,472
Flextronics International
Ltd. (Singapore) * 63,000 870,660
Freescale Semiconductor,
Inc. Class A * 12,800 228,096
Intel Corporation + 361,300 8,450,807
JDS Uniphase Corporation *+ 158,000 500,860
Linear Technology
Corporation 20,900 810,084
Maxim Integrated
Products, Inc. 85,000 3,603,150
Micron Technology, Inc. *+ 48,500 598,975
Novellus Systems, Inc. 15,400 429,506
PMC-Sierra, Inc. * 60,300 678,375
Teradyne, Inc. * 362,900 6,194,703
Texas Instruments, Inc. 70,000 1,723,400
Xilinx, Inc. 106,000 3,142,900
------------
35,535,978
------------
ENTERTAINMENT & LEISURE--1.6%
Mattel, Inc. 32,600 635,374
Time Warner, Inc. * 695,100 13,512,744
Walt Disney Company 6,900 191,820
------------
14,339,938
------------
FINANCIAL SERVICES--4.8%
Berkshire Hathaway, Inc.
Class A * 38 3,340,200
Charles Schwab
Corporation (The) + 100,000 1,196,000
Federal Home Loan
Mortgage Corporation 96,300 7,097,310
Federal National Mortgage
Association + 120,100 8,552,321
Franklin Resources, Inc. 46,000 3,203,900
Goldman Sachs Group, Inc. 84,900 8,832,996
Legg Mason, Inc. 37,000 2,710,620
Merrill Lynch & Company, Inc. 40,000 2,390,800
Morgan Stanley 121,800 6,762,336
------------
44,086,483
------------
FOREST PRODUCTS & PAPER--0.6%
International Paper Company 24,700 1,037,400
Kimberly Clark Corporation 62,100 4,086,801
------------
5,124,201
------------
HEALTH CARE PROVIDERS--1.7%
DaVita, Inc. * 15,700 620,621
Lincare Holdings, Inc. * 85,200 3,633,780
Tenet Healthcare
Corporation *+ 81,300 892,674
Triad Hospitals, Inc. * 16,600 617,686
UnitedHealth Group, Inc. 110,000 9,683,300
------------
15,448,061
------------
HEAVY MACHINERY--4.2%
American Standard
Companies, Inc. * 66,000 2,727,120
Applied Materials, Inc. * 498,000 8,515,800
Baker Hughes, Inc. 110,000 4,693,700
Caterpillar, Inc. 107,500 10,482,325
Deere & Company 10,000 744,000
Ingersoll-Rand Company
Class A 23,100 1,854,930
Lam Research Corporation *+ 84,100 2,431,331
Rockwell Automation, Inc. 70,300 3,483,365
United Technologies
Corporation 32,000 3,307,200
------------
38,239,771
------------
HOUSEHOLD PRODUCTS--0.5%
Illinois Tool Works, Inc. 52,300 4,847,164
------------
INDUSTRIAL--DIVERSIFIED--1.2%
Tyco International Ltd. 303,100 10,832,794
------------
INSURANCE--4.7%
ACE Ltd. (Bermuda) 97,700 4,176,675
American International
Group, Inc. 131,600 8,642,172
Chubb Corporation 55,600 4,275,640
Everest Re Group Ltd.
(Bermuda) 5,800 519,448
Hartford Financial Services
Group, Inc. + 48,500 3,361,535
Marsh & McLennan
Companies, Inc. 63,000 2,072,700
PMI Group, Inc. (The) 35,300 1,473,775
Principal Financial Group 79,300 3,246,542
St. Paul Travelers Companies 40,000 1,482,800
WellPoint, Inc.
* 101,100 11,626,500
See accompanying notes to financial statements.
155
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT GROWTH &
INCOME FUND SHARES VALUE
- ----------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
XL Capital Ltd. Class A
(Bermuda) + 22,200 $ 1,723,830
------------
42,601,617
------------
LODGING--0.1%
Las Vegas Sands
Corporation *+ 7,100 340,800
Starwood Hotels & Resorts
Worldwide, Inc. 13,800 805,920
------------
1,146,720
------------
MEDIA--BROADCASTING & PUBLISHING--3.0%
Cablevision Systems
Corporation Class A * 65,381 1,627,987
Clear Channel
Communications, Inc. + 74,000 2,478,260
Comcast Corporation
Class A *+ 203,900 6,785,792
Comcast Corporation
Special Class A * 70,000 2,298,800
DIRECTV Group, Inc. (The) * 64,091 1,072,883
EW Scripps Company
Class A + 38,000 1,834,640
Gannett Company, Inc. 33,200 2,712,440
IAC/InterActiveCorp *+ 114,000 3,148,680
Knight-Ridder, Inc. 7,300 488,662
Viacom, Inc. Class B 133,200 4,847,148
------------
27,295,292
------------
MEDICAL SUPPLIES--4.2%
Allergan, Inc. + 71,000 5,755,970
Applera Corporation 95,100 1,988,541
Baxter International, Inc. 123,100 4,251,874
Beckman Coulter, Inc. 58,800 3,939,012
Becton, Dickinson & Company 21,500 1,221,200
Biomet, Inc. 30,000 1,301,700
Boston Scientific Corporation * 87,800 3,121,290
Credence Systems
Corporation *+ 20,900 191,235
Guidant Corporation 30,177 2,175,762
Johnson & Johnson 75,000 4,756,500
Kla-Tencor Corporation *+ 96,000 4,471,680
Medtronic, Inc. 75,400 3,745,118
St. Jude Medical, Inc. *+ 20,000 838,600
Stryker Corporation 17,000 820,250
------------
38,578,732
------------
METALS--2.1%
Alcoa, Inc. 315,500 9,913,010
Danaher Corporation 110,000 6,315,100
Precision Castparts
Corporation 45,800 3,008,144
------------
19,236,254
------------
OIL & GAS--8.1%
BJ Services Company 15,900 739,986
ConocoPhillips 124,800 10,836,384
Equitable Resources, Inc. 16,000 970,560
Exxon Mobil Corporation 445,100 22,815,826
GlobalSantaFe Corporation + 199,800 6,615,378
Kinder Morgan
Management LLC * 28,454 1,158,078
Kinder Morgan, Inc. 11,326 828,270
Royal Dutch Petroleum
Company NY Shares
(Netherlands) 93,700 5,376,506
Schlumberger Ltd. 120,800 8,087,560
Shell Transport & Trading
Company ADR (United
Kingdom) + 117,700 6,049,780
Smith International, Inc. * 40,000 2,176,400
Transocean, Inc. * 42,400 1,797,336
Unocal Corporation 84,800 3,666,752
Weatherford
International Ltd. *+ 40,100 2,057,130
Williams Companies, Inc. 50,900 829,161
------------
74,005,107
------------
PHARMACEUTICALS--7.4%
Abbott Laboratories 46,000 2,145,900
Amgen, Inc. * 146,600 9,404,390
AstraZeneca Group PLC
ADR (United Kingdom) + 251,100 9,137,529
Biogen Idec, Inc. * 29,800 1,984,978
Elan Corporation PLC ADR
(Ireland) *+ 20,100 547,725
Eli Lilly & Company 89,600 5,084,800
Forest Laboratories, Inc. *+ 182,000 8,164,520
Genentech, Inc. * 22,600 1,230,344
ImClone Systems, Inc. *+ 11,400 525,312
Medco Health Solutions,
Inc. * 23,900 994,240
Millennium
Pharmaceuticals, Inc. * 46,300 561,156
Pfizer, Inc. 467,186 12,562,632
Sepracor, Inc. *+ 6,400 379,968
Teva Pharmaceutical
Industries Ltd. ADR
(Israel) + 71,600 2,137,976
Watson
Pharmaceuticals, Inc. * 106,100 3,481,141
Wyeth 213,500 9,092,965
------------
67,435,576
------------
REAL ESTATE--0.1%
General Growth Properties,
Inc. REIT 21,010 759,722
------------
RESTAURANTS--0.4%
McDonald's Corporation 122,700 3,933,762
------------
RETAILERS--4.1%
Amazon.Com, Inc. * 19,200 850,367
Best Buy Company, Inc. 43,000 2,555,060
CVS Corporation 146,300 6,593,741
Costco Wholesale Corporation 75,100 3,635,591
Dollar General Corporation 136,000 2,824,720
Dollar Tree Stores, Inc. *+ 45,200 1,296,336
eBay, Inc. * 53,600 6,232,608
OfficeMax, Inc. 25,300 793,914
RadioShack Corporation + 29,500 969,960
Target Corporation 109,600 5,691,528
Wal-Mart Stores, Inc. 88,000 4,648,160
Williams-Sonoma, Inc. *+ 38,500 1,349,040
------------
37,441,025
------------
TELECOMMUNICATIONS--0.5%
Nokia Corporation ADR
(Finland) 50,000 783,500
Vodafone Group PLC ADR
(United Kingdom) 140,000 3,833,200
------------
4,616,700
------------
See accompanying notes to financial statements.
156
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT GROWTH &
INCOME FUND SHARES VALUE
- ----------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
TELEPHONE SYSTEMS--2.6%
BellSouth Corporation 129,500 $ 3,598,805
Nextel Communications,
Inc. Class A * 75,000 2,250,000
Qwest Communications
International, Inc. * 33,600 149,184
SBC Communications, Inc. 172,300 4,440,171
Sprint Corp.-FON Group 432,100 10,737,685
TELUS Corporation
(Canada) + 13,400 400,660
TELUS Corporation Non-
Voting Shares (Canada) 19,600 566,440
Verizon Communications, Inc. 31,300 1,267,963
------------
23,410,908
------------
TEXTILES, CLOTHING & FABRICS--0.4%
Nike, Inc. Class B 35,500 3,219,495
------------
TRANSPORTATION--1.7%
CSX Corporation 136,800 5,482,944
Carnival Corporation + 94,000 5,417,220
Union Pacific Corporation 8,000 538,000
United Parcel Service, Inc.
Class B 43,000 3,674,780
------------
15,112,944
------------
TOTAL COMMON STOCKS
(Cost $726,597,982) 878,534,843
------------
CONVERTIBLE PREFERRED STOCKS--0.1%
METALS & MINING--0.1%
Phelps Dodge Corporation
(Cost $309,596) 3,300 681,038
------------
WARRANTS--0.0%
COMMUNICATIONS--0.0%
Lucent Technologies, Inc.
Exp. 12/10/2007
(Cost $--) * 2,318 3,662
------------
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------
COMMERCIAL PAPER--1.7%
BANKING--0.2%
Old Line Funding Corporation 144A
2.250% 01/11/2005 ** $ 2,000,000 $ 1,998,750
------------
FINANCIAL SERVICES--1.5%
Park Avenue Receivables Corporation 144A
2.180% 01/12/2005 ** 7,500,000 7,495,004
Yorktown Capital LLC 144A
2.340% 01/21/2005 ** 6,500,000 6,491,550
------------
13,986,554
------------
TOTAL COMMERCIAL PAPER
(Cost $15,985,304) 15,985,304
------------
CASH EQUIVALENTS--10.7%
INSTITUTIONAL MONEY MARKET FUNDS--1.1%
BGI Institutional Fund
2.255% 01/03/2005 ++ 6,368,861 6,368,861
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 1,651,455 1,651,455
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 1,523,678 1,523,678
------------
9,543,994
------------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--8.9%
Bank of America
2.300% 06/09/2005 ++ 1,836,464 1,836,464
Bank of America
2.270% 01/18/2005 ++ 734,586 734,586
Bank of America
2.270% 03/03/2005 ++ 381,985 381,985
Bank of Montreal
2.260% 01/28/2005 ++ 38,213 38,213
Bank of Nova Scotia
2.330% 01/13/2005 ++ 1,138,608 1,138,608
Bank of Nova Scotia
2.330% 01/24/2005 ++ 3,691,295 3,691,295
Bank of Nova Scotia
2.320% 02/08/2005 ++ 2,203,757 2,203,757
BNP Paribas
2.295% 02/23/2005 ++ 734,586 734,586
Calyon
2.340% 02/02/2005 ++ 734,586 734,586
Calyon
2.270% 01/20/2005 ++ 1,836,464 1,836,464
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 2,571,051 2,571,051
Citigroup
2.080% 01/28/2005 ++ 2,203,757 2,203,757
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 3,672,930 3,672,930
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 734,586 734,586
Delaware Funding Corporation
2.235% 01/04/2005 ++ 1,542,876 1,542,876
Den Danske Bank
2.260% 01/20/2005 ++ 4,407,516 4,407,516
Dexia Group
2.040% 01/21/2005 ++ 36,729 36,729
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 1,836,465 1,836,465
Fortis Bank
2.260% 01/05/2005 ++ 3,305,638 3,305,638
Fortis Bank
2.140% 01/12/2005 ++ 1,836,465 1,836,465
General Electric Capital Corporation
2.295% 01/10/2005 ++ 2,203,758 2,203,758
General Electric Capital Corporation
2.294% 01/21/2005 ++ 1,830,715 1,830,715
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 14,691,719 14,691,719
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 1,101,880 1,101,880
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 1,469,172 1,469,172
See accompanying notes to financial statements.
157
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT GROWTH &
INCOME FUND
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------------------
CASH EQUIVALENTS--(CONTINUED)
Greyhawk Funding
2.349% 02/08/2005 ++ $ 1,101,880 $ 1,101,880
Lloyds TSB Bank
2.280% 02/02/2005 ++ 1,101,880 1,101,880
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 7,419,317 7,419,317
Paradigm Funding LLC
2.245% 01/03/2005 ++ 726,816 726,816
Royal Bank of Canada
2.260% 02/01/2005 ++ 719,892 719,892
Royal Bank of Canada
2.250% 01/19/2005 ++ 514,210 514,210
Royal Bank of Scotland
2.360% 02/17/2005 ++ 3,672,930 3,672,930
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 2,490,245 2,490,245
Svenska Handlesbanken
2.250% 01/10/2005 ++ 1,101,880 1,101,880
Wells Fargo
2.320% 01/14/2005 ++ 1,733,623 1,733,623
Wells Fargo
2.270% 01/25/2005 ++ 3,672,930 3,672,930
--------------
81,031,404
--------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--0.7%
Bear Stearns & Company
2.448% 06/05/2005 ++ 734,585 734,585
Bear Stearns & Company
2.448% 09/08/2005 ++ 734,586 734,586
Morgan Stanley
2.393% 03/16/2005 ++ 881,504 881,504
Morgan Stanley
2.393% 06/05/2005 ++ 1,836,465 1,836,465
Morgan Stanley
2.393% 06/10/2005 ++ 2,571,051 2,571,051
--------------
6,758,191
--------------
TOTAL CASH EQUIVALENTS
(Cost $97,333,589) 97,333,589
--------------
REPURCHASE AGREEMENTS--1.8%
IBT Repurchase Agreement
dated 12/31/2004 due
01/03/2005, with a maturity
value of $16,508,943
and an effective yield
of 1.80% collateralized
by U.S. Government
Obligations with
rates ranging from 4.70%
to 5.88%, maturity dates
ranging from 10/25/2022
to 03/25/2029 and an
aggregate market value
of $17,331,791. 16,506,469 16,506,469
--------------
TOTAL INVESTMENTS--110.6%
(Cost $856,732,939) 1,009,044,905
Other assets less liabilities--(10.6%) (96,575,358)
--------------
NET ASSETS--100.0% $ 912,469,547
==============
NOTES TO THE SCHEDULE OF INVESTMENTS:
ADR American Depositary Receipt
REIT Real Estate Investment Trust
* Non-income producing security.
+ Denotes all or a portion of security on loan.
** Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified buyers. 144A securities represent 1.58%
of Total Investments.
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
158
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT
GROWTH FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--97.4%
ADVERTISING--0.2%
DoubleClick, Inc. * 358,671 $ 2,790,460
Jupitermedia Corporation * 56,000 1,331,680
Marchex, Inc. Class B *+ 20,300 426,300
Omnicom Group 8,800 742,016
------------
5,290,456
------------
AEROSPACE & DEFENSE--0.3%
Lockheed Martin
Corporation 164,200 9,121,310
Northrop Grumman
Corporation 17,200 934,992
------------
10,056,302
------------
APPAREL RETAILERS--0.7%
American Eagle
Outfitters, Inc. 27,300 1,285,830
Claire's Stores, Inc. 108,400 2,303,500
Kohl's Corporation * 311,300 15,306,621
Next PLC (United
Kingdom) 47,800 1,510,952
------------
20,406,903
------------
AUTOMOTIVE--1.1%
Brilliance China Auto
Sponsored ADR
(Bermuda) + 81,800 1,578,740
Coachmen Industries, Inc. 79,500 1,380,120
Harley-Davidson, Inc. 258,200 15,685,650
JLG Industries, Inc. 10,000 196,300
Paccar, Inc. + 35,300 2,840,944
Toyota Motor Corporation
ADR (Japan) + 30,900 2,529,783
Winnebago Industries, Inc. + 260,800 10,186,848
------------
34,398,385
------------
BANKING--4.1%
American Express
Company 368,200 20,755,434
Citigroup, Inc. 510,633 24,602,298
State Street Corporation + 131,200 6,444,544
Wells Fargo & Company 1,151,800 71,584,370
------------
123,386,646
------------
BEVERAGES, FOOD & TOBACCO--4.1%
Anheuser-Busch
Companies, Inc. 783,300 39,736,809
Archer-Daniels-Midland
Company 130,300 2,906,993
Bunge, Ltd. 42,400 2,417,224
Coca-Cola Company (The) 462,900 19,270,527
Constellation Brands, Inc.
Class A * 26,300 1,223,213
Corn Products
International, Inc. 3,800 203,528
Lance, Inc. 11,800 224,554
Pepsico, Inc. 948,400 49,506,480
Smithfield Foods, Inc. * 7,100 210,089
Sysco Corporation + 212,200 8,099,674
United Natural Foods, Inc. * 1,000 31,100
------------
123,830,191
------------
BUILDING MATERIALS--2.6%
Champion Enterprises, Inc. * 681,800 8,058,876
Eagle Materials, Inc. 7,968 688,037
Home Depot, Inc. 556,900 23,801,906
Ingram Micro, Inc. Class A * 107,500 2,236,000
Lowe's Companies, Inc. + 737,500 42,472,625
------------
77,257,444
------------
CHEMICALS--1.0%
Air Products &
Chemicals, Inc. 50,200 2,910,094
Ecolab, Inc. + 21,800 765,834
Lyondell Chemical
Company 28,690 829,715
Monsanto Company 73,600 4,088,480
Mosaic Company (The) *+ 161,700 2,638,944
Potash Corporation of
Saskatchewan, Inc.
(Canada) + 217,800 18,090,468
Potash Corporation of
Saskatchewan, Inc.
(foreign shares) (Canada) 5,000 414,864
Wellman, Inc. 100 1,069
------------
29,739,468
------------
COMMERCIAL SERVICES--3.5%
Accenture Ltd. (Bermuda) * 308,700 8,334,900
Apollo Group, Inc. Class A * 234,200 18,902,282
BearingPoint, Inc. * 113,900 914,617
Career Education
Corporation * 197,900 7,916,000
Cintas Corporation 424,200 18,605,412
Consolidated
Graphics, Inc. * 8,200 376,380
Cytyc Corporation *+ 31,900 879,483
DeVry, Inc.
*+ 105,300 1,828,008
Fluor Corporation
+ 17,000 926,670
Navigant Consulting, Inc. * 11,900 316,540
Paychex, Inc. 908,050 30,946,344
Portfolio Recovery
Associates, Inc. * 900 37,098
Reuters Group PLC ADR
(United Kingdom) 207,700 8,920,715
Robert Half
International, Inc.
+ 20,700 609,201
RR Donnelley & Sons
Company 99,000 3,493,710
Sotheby's Holdings, Inc.
Class A * 31,200 566,592
------------
103,573,952
------------
COMMUNICATIONS--0.7%
American Tower
Corporation Class A *+ 13,100 241,040
Ciena Corporation * 920,000 3,072,800
Comverse Technology, Inc. * 51,600 1,261,620
L-3 Communications
Holdings, Inc. 15,900 1,164,516
Lucent Technologies, Inc. *+ 240,500 904,280
Motorola, Inc. 148,800 2,559,360
Qualcomm, Inc. 136,900 5,804,560
Sirius Satellite Radio, Inc. * 141,700 1,084,005
Ulticom, Inc. * 26,800 429,604
XM Satellite Radio
Holdings, Inc. Class A
*+ 113,500 4,269,870
------------
20,791,655
------------
See accompanying notes to financial statements.
159
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
GROWTH FUND SHARES VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
COMPUTER SOFTWARE & PROCESSING--11.5%
Acxiom Corporation 21,600 $ 568,079
Adobe Systems, Inc. + 25,100 1,574,774
Autodesk, Inc. 192,600 7,309,170
Automatic Data
Processing, Inc. 1,068,800 47,401,280
Blue Coat Systems, Inc. *+ 27,378 509,505
Borland Software
Corporation * 19,600 228,928
Cadence Design
Systems, Inc. *+ 203,100 2,804,811
Cognizant Technology
Solutions Corporation * 14,400 609,552
Cognos, Inc. (Canada) *+ 97,600 4,300,256
Cognos, Inc. (Canada) * 28,500 1,252,179
Computer Sciences
Corporation * 53,000 2,987,610
Electronic Arts, Inc. * 208,600 12,866,448
Electronic Data Systems
Corporation 75,800 1,750,980
First Data Corporation 1,158,800 49,295,352
Fiserv, Inc. * 458,200 18,415,058
Google, Inc. Class A *+ 31,800 6,140,580
GTECH Holdings
Corporation 14,600 378,870
Hyperion Solutions
Corporation * 24,600 1,146,852
IMS Health, Inc. 55,200 1,281,192
Infosys Technologies
Sponsored ADR (India) + 5,300 367,343
Intuit, Inc. * 182,300 8,023,023
Juniper Networks, Inc. * 56,600 1,538,954
Macromedia, Inc. * 7,100 220,952
McAfee, Inc. * 12,400 358,732
Mentor Graphics
Corporation *+ 513,020 7,844,076
Mercury Interactive
Corporation *+ 164,800 7,506,640
Microsoft Corporation 3,562,670 95,158,916
NCR Corporation * 9,000 623,070
NAVTEQ Corporation * 107,500 4,983,700
Novell, Inc. *+ 291,739 1,969,238
Oracle Corporation * 664,900 9,122,428
RealNetworks, Inc. * 125,700 832,134
SAP AG ADR (Germany) + 212,600 9,399,046
Sapient Corporation * 271,543 2,147,905
Siebel Systems, Inc. * 555,434 5,832,057
Symantec Corporation * 19,400 499,744
TIBCO Software, Inc. * 295,172 3,937,594
VeriSign, Inc. * 144,600 4,846,992
Veritas Software
Corporation *+ 70,800 2,021,340
Websense, Inc. * 4,600 233,312
Yahoo!, Inc. * 453,920 17,103,706
------------
345,392,378
------------
COMPUTERS & INFORMATION--7.3%
Apple Computer, Inc. * 15,500 998,200
Cisco Systems, Inc. * 2,987,900 57,666,470
Dell, Inc. * 1,142,200 48,132,308
EMC Corporation * 1,334,500 19,844,015
International Business
Machines Corporation 577,900 56,969,382
Jabil Circuit, Inc. * 381,000 9,745,980
Paxar Corporation * 73,400 1,627,278
Seagate Technology
(Cayman Islands) * 189,300 3,269,211
Storage Technology
Corporation * 71,400 2,256,954
Symbol Technologies, Inc. + 197,719 3,420,539
Zebra Technologies
Corporation Class A * 250,154 14,078,667
------------
218,009,004
------------
CONTAINERS & PACKAGING--0.0%
Silgan Holdings, Inc. 600 36,576
------------
COSMETICS & PERSONAL CARE--1.1%
Procter & Gamble
Company 603,300 33,229,764
------------
DIVERSIFIED--3.3%
General Electric Company 2,694,200 98,338,300
------------
ELECTRIC UTILITIES--0.3%
FPL Group, Inc. 7,000 523,250
Hawaiian Electric
Industries, Inc. 5,300 154,495
NorthWestern Corporation * 5,700 159,600
PG&E Corporation * 134,700 4,482,816
TXU Corporation + 73,900 4,770,984
------------
10,091,145
------------
ELECTRICAL EQUIPMENT--0.2%
Cooper Industries Ltd.
Class A 58,400 3,964,776
Leica Geosystems AG
(Switzerland) * 7,817 2,399,430
------------
6,364,206
------------
ELECTRONICS--5.9%
Advanced Micro
Devices, Inc. * 70,600 1,554,612
Altera Corporation *+ 306,500 6,344,550
Analog Devices, Inc. + 203,600 7,516,912
Flextronics International
Ltd. (Singapore) * 402,900 5,568,078
Flir Systems, Inc. * 70,400 4,490,816
Freescale Semiconductor,
Inc. Class B * 128,986 2,368,183
Garmin Ltd.
(Cayman Islands) 316,449 19,252,757
Intel Corporation 2,396,000 56,042,440
Linear Technology
Corporation 419,300 16,252,068
Measurement
Specialties, Inc. * 14,100 358,986
Molex, Inc. + 237,500 7,125,000
PMC-Sierra, Inc. * 182,100 2,048,625
QLogic Corporation * 586,732 21,550,666
Rockwell Collins, Inc. 60,200 2,374,288
Sycamore Networks, Inc. * 504,730 2,049,204
Teradyne, Inc. *+ 53,600 914,952
Texas Instruments, Inc. 545,000 13,417,900
Varian Semiconductor
Equipment
Associates, Inc. *+ 23,800 877,030
Xilinx, Inc. 187,700 5,565,305
------------
175,672,372
------------
ENTERTAINMENT & LEISURE--1.4%
Avid Technology, Inc. * 26,200 1,617,850
International Speedway
Corporation Class A 74,340 3,925,152
International Speedway
Corporation Class B 53,500 2,862,250
Macrovision Corporation * 35,900 923,348
See accompanying notes to financial statements.
160
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
GROWTH FUND SHARES VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS----(CONTINUED)
Penn National
Gaming, Inc. * 14,100 $ 853,755
Pinnacle Entertainment,
Inc. * 21,900 433,182
Walt Disney Company 1,170,000 32,526,000
------------
43,141,537
------------
FINANCIAL SERVICES--6.7%
AG Edwards, Inc. 12,300 531,483
Ameritrade Holding
Corporation *+ 34,800 494,856
Bear Stearns Companies,
Inc. (The) 30,700 3,140,917
Charles Schwab
Corporation (The) + 2,064,050 24,686,038
Chicago Mercantile
Exchange + 30,600 6,998,220
Federal National Mortgage
Association + 146,900 10,460,749
Franklin Resources, Inc. + 274,200 19,098,030
Goldman Sachs Group,
Inc. 1,000,200 104,060,808
Legg Mason, Inc. 218,500 16,007,310
Moody's Corporation 46,100 4,003,785
T. Rowe Price Group, Inc. 163,700 10,182,140
------------
199,664,336
------------
FOREST PRODUCTS & PAPER--0.0%
Canfor Corporation * 23,100 301,686
Sonoco Products Company 18,800 557,420
------------
859,106
------------
HEALTH CARE PROVIDERS--0.7%
American Healthways, Inc. *+ 13,900 459,256
Health Management
Associates, Inc. Class A + 758,700 17,237,664
Pacificare Health Systems *+ 81,800 4,623,336
------------
22,320,256
------------
HEAVY MACHINERY--1.8%
Applied Materials, Inc. * 512,300 8,760,330
Bucyrus International, Inc.
Class A 46,500 1,889,760
Chicago Bridge & Iron
Company NV NY Shares
(Netherlands) 266,200 10,648,000
Cummins, Inc. 38,600 3,234,294
Deere & Company 37,100 2,760,240
Donaldson Company, Inc. + 101,300 3,300,354
Dycom Industries, Inc. * 46,600 1,422,232
Insituform Technologies,
Inc. Class A * 400 9,068
Joy Global, Inc. 153,100 6,649,133
Lam Research Corporation *+ 179,100 5,177,781
Pentair, Inc. + 74,600 3,249,576
Tennant Company 32,900 1,304,485
UNOVA, Inc. *+ 182,800 4,623,012
Varian Medical
Systems, Inc. * 50,700 2,192,268
------------
55,220,533
------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES--0.6%
Harman International
Industries, Inc. 98,500 12,509,500
Herman Miller, Inc. + 157,353 4,347,663
Layne Christensen
Company
* 1,400 25,410
------------
16,882,573
------------
HOUSEHOLD PRODUCTS--0.7%
Illinois Tool Works, Inc. 239,900 22,233,932
------------
INDUSTRIAL--DIVERSIFIED--0.8%
Roper Industries, Inc. 28,200 1,713,714
Tyco International Ltd. 623,600 22,287,464
------------
24,001,178
------------
INSURANCE--3.0%
American International
Group, Inc. 1,289,950 84,711,017
Leucadia National
Corporation 33,400 2,320,632
WR Berkley Corporation 38,100 1,797,177
------------
88,828,826
------------
LODGING--0.1%
Boyd Gaming Corporation 7,600 316,540
Four Seasons Hotels, Inc.
(Canada) + 7,100 580,709
Mandalay Resort Group + 42,200 2,972,146
Wynn Resorts Ltd. *+ 3,500 234,220
------------
4,103,615
------------
MEDIA--BROADCASTING & PUBLISHING--2.9%
EW Scripps Company
Class A + 61,800 2,983,704
Gannett Company, Inc. 741,600 60,588,720
McGraw-Hill Companies,
Inc. (The) 11,000 1,006,940
Meredith Corporation 70,200 3,804,840
News Corporation Class B *+ 56,400 1,082,880
Viacom, Inc. Class B 401,100 14,596,029
Washington Post Class B 3,100 3,047,362
------------
87,110,475
------------
MEDICAL EQUIPMENT & SUPPLIES--0.1%
Cholestech Corporation * 3,100 25,237
Dade Behring
Holdings, Inc. *+ 29,850 1,671,600
Intuitive Surgical, Inc. * 10,300 412,206
------------
2,109,043
------------
MEDICAL SUPPLIES--5.1%
Advanced
Neuromodulation
Systems, Inc. *+ 9,400 370,924
Aspect Medical
Systems, Inc. * 2,300 56,258
Biomet, Inc. 70,700 3,067,673
Boston Scientific
Corporation * 672,100 23,893,155
Dionex Corporation * 75,802 4,295,699
Haemonetics Corporation * 9,400 340,374
Ionics, Inc. *+ 155,500 6,739,370
Johnson & Johnson 665,400 42,199,668
Kla-Tencor Corporation
* 28,900 1,346,162
Medtronic, Inc. 953,200 47,345,444
Merit Medical
Systems, Inc. * 1 15
Stryker Corporation 182,600 8,810,450
Waters Corporation
* 149,500 6,995,105
See accompanying notes to financial statements.
161
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
GROWTH FUND SHARES VALUE
- ----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Wright Medical Group, Inc. * 17,900 $ 510,150
Zimmer Holdings, Inc. * 89,937 7,205,752
------------
153,176,199
------------
METALS--1.3%
Cameco Corporation
(Canada) + 6,000 629,160
Cameco Corporation
(Canada) 10,500 366,391
Carpenter Technology
Corporation 12,400 724,904
Cleveland-Cliffs, Inc. + 52,800 5,483,808
Danaher Corporation + 266,900 15,322,729
Newmont Mining
Corporation + 31,700 1,407,797
Phelps Dodge Corporation 97,500 9,644,700
RTI International
Metals, Inc. * 31,300 642,902
Schnitzer Steel Industries,
Inc. Class A 29,800 1,011,114
Shaw Group, Inc. (The) * 10,100 180,285
Stillwater Mining
Company * 246,353 2,773,935
Watts Water Technologies,
Inc. Class A 3,500 112,840
------------
38,300,565
------------
MISCELLANEOUS--0.1%
Li & Fung Ltd. (Hong Kong) 1,310,000 2,207,799
------------
OIL & GAS--1.6%
ENSCO International, Inc. 48,900 1,552,086
Occidental Petroleum
Corporation 9,600 560,256
Rowan Companies, Inc. * 122,000 3,159,800
Schlumberger Ltd. 225,500 15,097,225
Smith International, Inc. *+ 452,600 24,625,966
Southern Union Company * 15,900 381,282
Tesoro Petroleum
Corporation * 15,500 493,830
Valero Energy Corporation + 46,000 2,088,400
------------
47,958,845
------------
PHARMACEUTICALS--6.0%
Amgen, Inc. * 498,700 31,991,605
Biogen Idec, Inc. * 32,800 2,184,808
Connetics Corporation *+ 96,900 2,353,701
Eli Lilly & Company 180,600 10,249,050
Genentech, Inc. * 601,800 32,761,992
Genzyme Corporation * 321,100 18,646,277
Gilead Sciences, Inc. *+ 276,700 9,681,733
McKesson Corporation 100,900 3,174,314
Medarex, Inc. *+ 7,100 76,538
Omnicare, Inc. + 176,000 6,093,120
Pfizer, Inc. 2,222,450 59,761,681
Protein Design Labs, Inc. *+ 21,400 442,124
Regeneron
Pharmaceuticals, Inc. * 14,200 130,782
Roche Holding AG
(Switzerland) 16,553 1,900,274
Sigma Aldrich Corporation 26,770 1,618,514
------------
181,066,513
------------
RESTAURANTS--0.8%
Buffalo Wild Wings, Inc. * 8,100 281,961
Cheesecake Factory (The) *+ 543,727 17,654,816
PF Chang's China
Bistro, Inc.
*+ 83,000 4,677,050
------------
22,613,827
------------
RETAILERS--10.3%
Advance Auto Parts, Inc. * 169,991 7,425,207
Best Buy Company, Inc. 115,100 6,839,242
Costco Wholesale
Corporation + 291,300 14,101,833
eBay, Inc. *+ 833,000 96,861,240
Fastenal Company + 411,578 25,336,742
Guitar Center, Inc. * 28,000 1,475,320
Longs Drug Stores
Corporation 84,600 2,332,422
Neiman-Marcus Group,
Inc. Class A + 25,500 1,824,270
Staples, Inc. 282,500 9,523,075
Stride Rite Corporation 92,100 1,028,757
TJX Companies, Inc. + 380,200 9,554,426
Target Corporation + 365,300 18,970,029
Tiffany & Company + 342,200 10,940,134
Walgreen Company 135,200 5,187,624
Wal-Mart Stores, Inc. 1,666,000 87,998,120
Williams-Sonoma, Inc. *+ 283,300 9,926,832
------------
309,325,273
------------
TELECOMMUNICATIONS--0.8%
America Movil SA de CV
ADR (Mexico) 12,300 643,905
Nokia Corporation ADR
(Finland) 1,436,600 22,511,522
------------
23,155,427
------------
TELEPHONE SYSTEMS--0.2%
Adtran, Inc. 257,372 4,926,100
Nextel Communications,
Inc. Class A
* 21,100 633,000
------------
5,559,100
------------
TEXTILES, CLOTHING & FABRICS--1.3%
Coach, Inc. * 159,845 9,015,258
Columbia Sportswear
Company *+ 17,200 1,025,292
Deckers Outdoor
Corporation *+ 32,700 1,536,573
Nike, Inc. Class B 35,900 3,255,771
Polo Ralph Lauren
Corporation 32,400 1,380,240
Puma AG Rudolf Dassler
Sport (Germany) 68,475 18,749,349
Quiksilver, Inc. * 151,200 4,504,248
------------
39,466,731
------------
TRANSPORTATION--3.2%
Alexander & Baldwin, Inc. 135,293 5,739,129
AP Moller--Maersk A/S
(Denmark) 92 756,692
Burlington Northern Santa
Fe Corporation 175,500 8,302,905
See accompanying notes to financial statements.
162
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
GROWTH FUND SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
C.H. Robinson
Worldwide, Inc. 39,574 $ 2,197,148
CSX Corporation 21,300 853,704
Carnival Corporation + 287,900 16,591,677
Cosco Pacific Ltd.
(Hong Kong) 296,000 613,105
FedEx Corporation 78,100 7,692,069
Forward Air Corporation * 9,917 443,290
HUB Group, Inc. Class A * 6,700 349,874
JB Hunt Transport
Services, Inc. + 32,700 1,466,595
Laidlaw International, Inc. * 154,900 3,314,860
Landstar System, Inc. * 54,696 4,027,813
Norfolk Southern
Corporation 106,300 3,846,997
Pacer International, Inc. * 6,400 136,064
RailAmerica, Inc. * 25,500 332,775
Royal Caribbean
Cruises Ltd. + 144,800 7,882,912
Swift Transportation
Company, Inc. *+ 87,181 1,872,648
Thor Industries, Inc. + 464,260 17,200,833
Trinity Industries, Inc. 25,505 869,210
UTI Worldwide, Inc.
(Luxembourg) 18,500 1,258,370
United Parcel Service, Inc.
Class B 83,000 7,093,180
Wabtec Corporation 58,400 1,245,088
Yellow Roadway
Corporation * 30,266 1,686,119
-------------
95,773,057
-------------
TOTAL COMMON STOCKS
(Cost $2,539,276,315) 2,920,943,893
-------------
WARRANTS--0.0%
COMMUNICATIONS--0.0%
Lucent Technologies, Inc.
Exp. 12/10/2007
(Cost $--) * 1,934 3,056
-------------
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------
CASH EQUIVALENTS--10.4%
INSTITUTIONAL MONEY MARKET FUNDS--1.0%
BGI Institutional Fund
2.255% 01/03/2005 ++ $20,338,637 20,338,637
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 5,273,840 5,273,840
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 4,865,791 4,865,791
------------
30,478,268
------------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--8.7%
Bank of America
2.300% 06/09/2005 ++ 5,864,660 5,864,660
Bank of America
2.270% 01/18/2005 ++ 2,345,864 2,345,864
Bank of America
2.270% 03/03/2005 ++ 1,219,850 1,219,850
Bank of Montreal
2.260% 01/28/2005 ++ 122,033 122,033
Bank of Nova Scotia
2.330% 01/13/2005 ++ 3,636,089 3,636,089
Bank of Nova Scotia
2.330% 01/24/2005 ++ 11,787,965 11,787,965
Bank of Nova Scotia
2.320% 02/08/2005 ++ 7,037,590 7,037,590
BNP Paribas
2.295% 02/23/2005 ++ 2,345,863 2,345,863
Calyon
2.340% 02/02/2005 ++ 2,345,863 2,345,863
Calyon
2.270% 01/20/2005 ++ 5,864,660 5,864,660
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 8,210,523 8,210,523
Citigroup
2.080% 01/28/2005 ++ 7,037,591 7,037,591
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 11,729,319 11,729,319
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 2,345,864 2,345,864
Delaware Funding Corporation
2.235% 01/04/2005 ++ 4,927,101 4,927,101
Den Danske Bank ++
2.260% 01/20/2005 14,075,182 14,075,182
Dexia Group
2.040% 01/21/2005 ++ 117,294 117,294
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 5,864,660 5,864,660
Fortis Bank
2.260% 01/05/2005 ++ 10,556,386 10,556,386
Fortis Bank
2.140% 01/12/2005 ++ 5,864,660 5,864,660
General Electric Capital Corporation
2.295% 01/10/2005 ++ 7,037,591 7,037,591
General Electric Capital Corporation
2.294% 01/21/2005 ++ 5,846,297 5,846,297
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 46,917,273 46,917,273
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 3,518,796 3,518,796
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 4,691,727 4,691,727
Greyhawk Funding
2.349% 02/08/2005 ++ 3,518,796 3,518,796
Lloyds TSB Bank
2.280% 02/02/2005 ++ 3,518,796 3,518,796
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 23,693,221 23,693,221
Paradigm Funding LLC
2.245% 01/03/2005 ++ 2,321,050 2,321,050
Royal Bank of Canada
2.260% 02/01/2005 ++ 2,298,946 2,298,946
Royal Bank of Canada
2.250% 01/19/2005 ++ 1,642,105 1,642,105
Royal Bank of Scotland
2.360% 02/17/2005 ++ 11,729,319 11,729,319
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 7,952,478 7,952,478
Svenska Handlesbanken
2.250% 01/10/2005 ++ 3,518,796 3,518,796
Wells Fargo
2.320% 01/14/2005 ++ 5,536,239 5,536,239
Wells Fargo
2.270% 01/25/2005 ++ 11,729,319 11,729,319
------------
258,769,766
------------
See accompanying notes to financial statements.
163
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
GROWTH FUND
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------------------
CASH EQUIVALENTS--(CONTINUED)
FLOATING RATE INSTRUMENTS/MASTER NOTES--0.7%
Bear Stearns & Company
2.448% 06/05/2005 ++ $ 2,345,863 $ 2,345,863
Bear Stearns & Company
2.448% 09/08/2005 ++ 2,345,864 2,345,864
Morgan Stanley
2.393% 03/16/2005 ++ 2,815,037 2,815,037
Morgan Stanley
2.393% 06/05/2005 ++ 5,864,660 5,864,660
Morgan Stanley
2.393% 06/10/2005 ++ 8,210,523 8,210,523
--------------
21,581,947
--------------
TOTAL CASH EQUIVALENTS
(Cost $310,829,981) 310,829,981
--------------
REPURCHASE AGREEMENTS--2.6%
IBT Repurchase
Agreement dated
12/31/2004 due
01/03/2005, with
a maturity value of
$79,849,013 and an
effective yield of
1.80% collateralized
by U.S. Government
Obligations with
rates ranging from
2.9175% to 5.625%,
maturity dates ranging
from 06/25/2016 to
04/01/2035 and an
aggregate market
value of $83,838,322. 79,837,037 79,837,037
--------------
TOTAL INVESTMENTS--110.4%
(Cost $2,929,943,333) 3,311,613,967
Other assets less liabilities--(10.4%) (313,144,614)
--------------
NET ASSETS--100.0% $2,998,469,353
==============
NOTES TO THE SCHEDULE OF INVESTMENTS:
ADR American Depositary Receipt
* Non-income producing security.
+ Denotes all or a portion of security on loan.
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
164
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT AGGRESSIVE
OPPORTUNITIES FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--96.9%
ADVERTISING--0.3%
Asatsu-DK, Inc. (Japan) 26,500 $ 745,296
Catalina Marketing
Corporation 66,500 1,970,395
STW Communications
Group Ltd. (Australia) 349,403 862,202
-----------
3,577,893
-----------
AEROSPACE & DEFENSE--0.3%
Alliant Techsystems, Inc. *+ 23,500 1,536,430
Armor Holdings, Inc. * 40,800 1,918,416
-----------
3,454,846
-----------
AIRLINES--0.2%
Air New Zealand Ltd.
(New Zealand) * 755,749 892,512
easyJet PLC (United
Kingdom) * 426,100 1,532,605
-----------
2,425,117
-----------
APPAREL RETAILERS--1.7%
AnnTaylor Stores
Corporation * 200,000 4,306,000
Charming Shoppes, Inc. * 193,000 1,808,410
Christopher & Banks
Corporation 285,000 5,258,250
Finish Line Class A 380,000 6,954,000
Giordano International Ltd.
(Hong Kong) 1,648,000 1,033,591
-----------
19,360,251
-----------
AUTOMOTIVE--1.4%
Brembo SpA (Italy) 189,438 1,423,044
Group 1 Automotive,
Inc * 53,000 1,669,500
Nissin Kogyo Company
Ltd. (Japan) 19,000 587,151
Oshkosh Truck Corporation 161,000 11,009,180
Standard Motor
Products, Inc. 66,000 1,042,800
-----------
15,731,675
-----------
BANKING--2.5%
77 Bank Ltd. (The)
(Japan) [star] 535,000 3,760,333
Advance America Cash
Advance Centers, Inc. *+ 62,100 1,422,090
Aichi Bank Ltd. (The)
(Japan) 19,900 1,635,377
Bank of Nagoya, Ltd.
(The) (Japan) 225,000 1,294,112
First Republic Bank [star] 40,400 2,141,200
FirstFed Financial
Corporation * 38,000 1,971,060
Industrial Bank of
Korea Ltd. (South
Korea) *[star] 318,160 2,231,300
Investors Financial
Services Corporation 65,300 3,263,694
Julius Baer Holding AG
Class B (Switzerland) 3,999 1,200,314
KNBT Bancorp, Inc. 118,500 2,002,650
NewAlliance
Bancshares, Inc. 114,800 1,756,440
OKO Bank Class A
(Finland) 33,864 477,600
PFF Bancorp, Inc. [star] 51,280 2,375,802
Shiga Bank (The), Ltd.
(Japan) 230,000 1,334,081
Suruga Bank Ltd.
(The) (Japan) 64,000 510,353
Tier One Corporation 77,300 1,920,905
-----------
29,297,311
-----------
BEVERAGES, FOOD & TOBACCO--1.0%
AWB, Ltd. (Australia) 300,990 1,069,446
Carlsberg AS Class B
(Germany) +[star] 54,530 2,748,578
Gold Kist, Inc. *[star] 161,000 2,192,820
Hokuto Corporation
(Japan) + 51,300 932,182
Kook Soon Dang
Brewery Company
Ltd. (South Korea) * 44,369 548,612
Pilgrim's Pride
Corporation +[star] 70,000 2,147,600
Remy Cointreau SA
(France) 36,377 1,467,241
-----------
11,106,479
-----------
BIO-TECHNOLOGY--0.3%
deCODE genetics, Inc. *+ 462,500 3,612,125
-----------
BUILDING MATERIALS--1.3%
Cemex SA de CV (Mexico) 1,510,000 11,017,255
FLS Industries AS
Class B (Denmark) *+ 92,390 1,731,630
Hanil Cement
Manufacturing (South
Korea) * 11,700 678,130
Interline Brands, Inc. * 28,700 504,833
Titan Cement Company
SA (Greece) 24,820 732,346
-----------
14,664,194
-----------
CHEMICALS--0.7%
Fujimi, Inc. (Japan) 50,200 1,311,523
Taiyo Ink
Manufacturing
Company Ltd.
(Japan) [star] 65,100 2,411,581
Takasago International
Corporation (Japan) 277,700 1,448,328
Tokyo Ohka Kogyo
Company Ltd.
(Japan) [star] 115,400 2,306,200
Yule Catto & Company PLC
(United Kingdom)
216,296 1,174,736
-----------
8,652,368
-----------
COAL--0.4%
Arch Coal, Inc. 47,000 1,670,380
Grande Cache Coal
Corporation (Canada) *[star] 211,000 2,843,287
-----------
4,513,667
-----------
COMMERCIAL SERVICES--9.8%
Advo, Inc. 26,900 958,985
Aggreko PLC (United
Kingdom) [star] 645,200 2,076,550
Amstelland MDC NV
(Netherlands) 85,100 822,406
Apollo Group, Inc.
Class A * 195,000 15,738,450
See accompanying notes to financial statements.
165
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT AGGRESSIVE
OPPORTUNITIES FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Applera Corporation
Celera Genomics
Group * 117,100 $ 1,610,125
Arbinet-thexchange, Inc. * 3,200 79,520
Ariad Pharmaceuticals,
Inc * 265,300 1,971,179
BISYS Group, Inc. (The) * 121,500 1,998,675
Bacou Dalloz SA (France) 23,693 1,892,040
Cegedim SA (France) 9,023 711,996
Cheil Communications,
Inc. (South Korea) * 4,770 693,475
Corinthian Colleges, Inc. *[star] 122,500 2,308,512
CV Therapeutics, Inc. *+[star] 148,500 3,415,500
De La Rue PLC
(United Kingdom) 271,200 1,802,843
Education Management
Corporation * 300,000 9,903,000
Exelixis, Inc. * 165,625 1,573,438
Group 4 Securicor PLC
(United Kingdom) * 681,300 1,827,281
Hochtief AG (Germany) 62,301 2,022,942
Incyte Corporation *+[star] 265,400 2,651,346
Iron Mountain, Inc. *+[star] 68,000 2,073,320
Laureate Education, Inc. * 128,500 5,665,565
Macquarie Infrastructure
Company Trust *+ 65,400 1,919,490
Maximus, Inc. *[star] 85,500 2,660,760
Mobile Mini, Inc. *+ 179,500 5,930,680
MTC Technologies, Inc. * 14,200 476,694
Permasteelisa SpA (Italy) 90,200 1,540,722
PHS Group PLC
(United Kingdom) 1,056,355 1,659,444
Prosegur Cia de
Seguridad SA (Spain) [star] 113,800 2,230,330
Regis Corporation 39,300 1,813,695
Ritchie Brothers
Auctioneers, Inc.
(Canada) [star] 64,600 2,135,676
Senomyx, Inc. * 106,400 880,992
SureBeam Corporation
Class A * 337,400 2,277
Symyx Technologies, Inc. * 148,500 4,466,880
Sypris Solutions, Inc. 93,700 1,434,547
Toppan Forms Company,
Ltd. (Japan) 121,300 1,478,115
United Rentals, Inc. *+[star] 135,500 2,560,950
Waste Connections, Inc. * 85,250 2,919,813
Waste Management, Inc. 557,000 16,676,580
------------
112,584,793
------------
COMMUNICATIONS--0.1%
Datacraft Asia Ltd.
(Singapore) * 647,200 698,976
Remec, Inc. * 66,700 480,907
------------
1,179,883
------------
COMPUTER SOFTWARE & PROCESSING--6.0%
Agile Software
Corporation * 447,500 3,656,075
Blackbaud, Inc. * 116,500 1,705,560
CNET Networks, Inc. *+ 220,200 2,472,846
Digital Insight
Corporation * 290,700 5,348,880
eAccess Ltd. (Japan) *+ 637 561,986
Exact Holding NV
(Netherlands) 19,699 591,910
GL Trade SA (France) 23,400 1,030,920
Informatica Corporation * 354,300 2,876,916
Internet Security
Systems, Inc. * 81,800 1,901,850
JDA Software
Group, Inc. *+ 82,500 1,123,650
Jack Henry &
Associates, Inc. 240,000 4,778,400
Kronos, Inc. *+ 115,500 5,905,515
LogicaCMG PLC
(United Kingdom) 438,100 1,617,732
Magma Design
Automation, Inc. *+ 164,600 2,067,376
Matrix One, Inc. * 377,500 2,472,625
Misys PLC
(United Kingdom) [star] 751,933 3,014,279
Nassda Corporation * 324,800 2,241,120
NETIQ Corporation * 290,000 3,540,900
OBIC Business Consultants
Ltd. (Japan) 36,000 1,852,993
Obic Company Ltd.
(Japan) [star] 10,300 2,043,332
Open Solutions, Inc. * 63,900 1,658,844
RSA Security, Inc. * 219,000 4,393,140
Salesforce.com, Inc. *+ 33,900 574,266
Skillsoft PLC ADR
(Ireland) * 435,000 2,457,750
Surfcontrol PLC
(United Kingdom) * 129,561 1,365,136
Teleca AB Class B
(Sweden) * 318,350 1,746,179
Tietoenator Oyj (Finland) 62,925 1,992,954
Unit 4 Agresso NV
(Netherlands) * 70,683 1,090,632
Verity, Inc. * 241,200 3,164,544
------------
69,248,310
------------
COMPUTERS & INFORMATION--0.8%
Dimension Data
Holdings PLC
(United Kingdom) * 2,033,900 1,480,649
Equant NV
(Netherlands) *[star] 629,395 3,237,167
Iomega Corporation * 336,600 1,864,764
Scansoft, Inc. *+[star] 599,700 2,512,743
SimpleTech, Inc. * 112,000 515,200
------------
9,610,523
------------
COSMETICS & PERSONAL CARE--0.4%
1-800 Contacts, Inc. *+ 83,300 1,832,600
Kose Corporation (Japan) 12,440 545,720
LG Household & Health
Care Ltd. (South
Korea) * 34,190 906,603
Milbon Company Ltd.
(Japan) 49,300 1,357,696
------------
4,642,619
------------
ELECTRIC UTILITIES--0.4%
China Power
International Holding
Ltd. (Hong Kong) * 263,500 97,462
KFX, Inc. *+[star] 173,500 2,519,220
PNM Resources, Inc.
68,000 1,719,720
------------
4,336,402
------------
See accompanying notes to financial statements.
166
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT AGGRESSIVE
OPPORTUNITIES FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
ELECTRICAL EQUIPMENT--0.2%
Eneserve Corporation
(Japan) 23,700 $ 859,466
GrafTech
International Ltd. *+ 125,500 1,187,230
-----------
2,046,696
-----------
ELECTRONICS--7.3%
Adaptec, Inc. * 239,000 1,814,010
Aixtron AG (Germany) *+ 148,069 611,255
AMIS Holdings, Inc. * 260,000 4,295,200
ASM International NV
(Netherlands) *+ 42,000 690,691
ATMI, Inc. *+ 85,100 1,917,303
EDO Corporation 61,000 1,936,750
Elmos Semiconductor
(Germany) 88,979 1,421,110
Futaba Corporation
(Japan) 69,800 1,809,982
Hosiden Corporation
(Japan) + 150,900 1,669,638
Hutchinson
Technology, Inc. *+[star] 85,400 2,952,278
Integrated Circuit
Systems, Inc. *+ 97,500 2,039,700
International Rectifier
Corporation *+[star] 60,500 2,696,485
Koninklijke (Royal) Philips
Electronics NV NY
Shares (Netherlands) 278,000 7,367,000
Koninklijke Philips
Electronics NV
(Netherlands) 897,000 23,686,886
Kontron AG (Germany) * 71,757 655,581
Lattice Semiconductor
Corporation * 361,100 2,058,270
Leadis Technology, Inc. *+ 67,600 719,940
Mercury Computer
Systems, Inc. *+ 67,000 1,988,560
Mykrolis Corporation * 287,400 4,072,458
Nexans SA (France) 4,073 159,485
OSI Systems, Inc. *+[star] 130,000 2,952,300
Premier Farnell PLC
(United Kingdom) 335,596 1,099,390
Radstone Technology PLC
(United Kingdom) 139,900 755,798
Semtech Corporation * 292,800 6,403,536
Sirf Technology
Holdings, Inc. *[star] 184,000 2,340,480
Spatialight, Inc. *+[star] 229,000 2,049,550
Tessera Technologies,
Inc *+ 100,000 3,721,000
-----------
83,884,636
-----------
ENTERTAINMENT & LEISURE--3.0%
Avex, Inc. (Japan) + 65,800 828,113
Multimedia Games, Inc. *+ 329,800 5,197,648
Noritsu Koki Company Ltd.
(Japan) 40,200 922,899
Walt Disney Company 798,000 22,184,400
WMS Industries, Inc. *+ 176,700 5,926,518
-----------
35,059,578
-----------
FINANCIAL SERVICES--3.1%
American Home
Mortgage Investment
Corporation REIT [star] 61,000 2,089,250
BB Biotech AG
(Switzerland) 14,950 916,470
Canaccord Capital, Inc.
(Canada) + 212,500 1,624,418
Certegy, Inc. 172,300 6,121,819
Comdirect Bank AG
(Germany) *+ 71,500 691,943
Daewoo Securities
Company Ltd.
(South Korea) *[star] 474,910 2,463,550
Dundee Real Estate
Investment Trust REIT
(Canada) 58,000 1,235,069
Dundee Wealth
Management, Inc.
(Canada) 230,000 1,865,330
First Marblehead
Corporation (The) *+ 95,800 5,388,750
First Pacific Company
Ltd. (Bermuda) * 2,930,000 782,173
GMP Capital Corporation
(Canada) 77,663 1,275,864
GMP Capital Corporation
(Canada) 36,800 604,558
MFA Mortgage
Investments, Inc. REIT 154,500 1,362,690
MLP AG (Germany) + 38,409 758,484
One Liberty Properties, Inc. 65,800 1,363,376
OPTI Canada, Inc. 144A
(Canada) ** 89,200 1,441,654
United Internet AG
(Germany) 11,311 305,423
Value Line, Inc. 20,200 792,608
Waddell & Reed Financial,
Inc. Class A 170,000 4,061,300
-----------
35,144,729
-----------
FOOD RETAILERS--0.6%
Panera Bread Company
Class A *+ 97,400 3,927,168
Pantry, Inc. (The) * 88,164 2,652,855
-----------
6,580,023
-----------
FOREST PRODUCTS & PAPER--0.4%
Carter Holt Harvey Ltd.
(New Zealand) 1,101,938 1,642,556
Kimberly Clark de Mexico
SA de CV Class A
(Mexico) 160,700 554,560
Universal Forest
Products, Inc. 46,000 1,996,400
-----------
4,193,516
-----------
HEALTH CARE PROVIDERS--2.3%
Amsurg Corporation *[star] 80,450 2,376,493
Coventry Health
Care, Inc. * 212,500 11,279,500
DaVita, Inc. * 228,000 9,012,840
Eurofins Scientific
(France) * 5,773 131,506
MedCath Corporation *+ 79,000 1,946,560
Rotech Healthcare, Inc. *+ 59,500 1,607,988
-----------
26,354,887
-----------
HEAVY CONSTRUCTION--0.6%
Aktor S.A. Technical
Company (Greece) 430,539 1,713,240
Blount International, Inc. *[star] 134,500 2,342,990
See accompanying notes to financial statements.
167
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT AGGRESSIVE
OPPORTUNITIES FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
M/I Schottenstein
Homes, Inc. [star] 43,700 $ 2,408,307
McGrath Rentcorp 13,100 571,291
------------
7,035,828
------------
HEAVY MACHINERY--4.0%
Actuant Corporation
Class A * 277,500 14,471,625
Agco Corporation *[star] 116,800 2,556,752
Alstom (France) *[star] 6,347,860 4,811,424
Asyst Technologies, Inc. * 324,000 1,649,160
Chicago Bridge & Iron
Company NV NY Shares
(Netherlands) 50,700 2,028,000
Disco Corporation
(Japan) +[star] 55,200 2,523,767
Ebara Corporation (Japan) 347,000 1,600,029
FMC Technologies, Inc. * 177,500 5,715,500
Grant Prideco, Inc. * 63,400 1,271,170
Heidelberger
Druckmaschinen
(Germany) * 43,300 1,465,164
Komori Corporation
(Japan) 62,000 904,192
Mori Seiki Company Ltd.
(Japan) 125,800 1,145,420
Terex Corporation *+ 35,500 1,691,575
THK Company Ltd. (Japan) 102,600 2,030,396
Union Tool Company
(Japan) 52,500 1,852,700
------------
45,716,874
------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES--1.5%
Digital Theater
Systems, Inc. * 127,700 2,570,601
Parkervision, Inc. *+ 169,700 1,510,160
Ryland Group, Inc. + 20,000 1,150,800
Shanghai Forte Land
Company Class H
(China) 2,120,000 743,223
Standard-Pacific
Corporation [star] 35,500 2,276,970
Toll Brothers, Inc. *+ 130,000 8,919,300
------------
17,171,054
------------
HOUSEHOLD PRODUCTS--0.1%
Ferro Corporation + 70,500 1,634,895
------------
INDUSTRIAL--DIVERSIFIED--1.1%
Roper Industries, Inc. 117,500 7,140,475
Yankee Candle
Company, Inc. *+[star] 151,100 5,013,498
------------
12,153,973
------------
INSURANCE--10.4%
AON Corporation + 825,100 19,686,886
Baloise Holding, Ltd.
Class R (Switzerland) [star] 57,088 2,628,476
Benfield Group Ltd.
(Bermuda) 198,200 1,120,120
Fairfax Financial
Holdings Ltd. (Canada) + 166,880 28,119,280
HCC Insurance
Holdings, Inc. 58,000 1,920,960
Helvetia Patria
(Switzerland) + 9,135 1,357,131
Hiscox PLC
(United Kingdom) 292,382 932,618
Infinity Property &
Casualty Corp. 84,500 2,974,400
Jardine Lloyd
Thompson Group PLC
(United Kingdom) [star] 380,900 2,714,518
Kansas City Life Insurance
Company 33,800 1,598,740
Millea Holdings, Inc.
(Japan) [star] 1,820 26,968,220
Nipponkoa Insurance
Company Ltd.
(Japan) [star] 4,027,000 27,362,244
Platinum Underwriters
Holdings Ltd.
(Bermuda) [star] 66,530 2,069,083
Wellington Underwriting
PLC (United Kingdom) 227,034 388,184
------------
119,840,860
------------
LODGING--0.9%
Great Wolf Resorts, Inc. *+ 19,200 428,928
Station Casinos, Inc. 172,000 9,404,960
------------
9,833,888
------------
MEDIA--BROADCASTING & PUBLISHING--10.5%
Caltagirone Editore SpA
(Italy) 178,250 1,725,019
Capital Radio PLC
(United Kingdom) 131,800 1,110,982
Comcast Corporation
Special Class A * 796,000 26,140,640
DIRECTV Group, Inc.
(The) *+ 1,022,434 17,115,545
Eniro AB (Sweden) [star] 207,830 2,123,774
GWR Group PLC
(United Kingdom) 136,900 672,057
i-Cable Communications,
Ltd. (Hong Kong) 3,079,500 1,148,934
LIN TV Corporation
Class A * 80,000 1,528,000
Nexstar Broadcasting
Group, Inc. Class A * 143,000 1,318,460
NRJ Group (France) [star] 143,359 3,133,688
Radio One, Inc. * 136,500 2,200,380
Shaw Communications,
Inc. Class B (Canada) *[star] 1,203,400 22,010,186
SKY Perfect
Communications, Inc.
(Japan) [star] 5,624 6,085,631
Spanish Broadcasting
System, Inc. Class A * 342,000 3,611,520
Vivendi Universal SA
(France) *[star] 719,700 22,881,937
Vivendi Universal SA
ADR (France) * 250,300 8,027,121
------------
120,833,874
------------
MEDICAL EQUIPMENT & SUPPLIES--0.2%
Bespak PLC
(United Kingdom) 55,230 551,994
Sorin SpA (Italy) *[star] 737,097 2,329,538
------------
2,881,532
------------
See accompanying notes to financial statements.
168
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT AGGRESSIVE
OPPORTUNITIES FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
MEDICAL SUPPLIES--1.4%
Asahi Intecc Company Ltd.
(Japan) 19,600 $ 768,103
Bio-Rad Laboratories,
Inc. Class A * 35,100 2,013,687
Biosite, Inc. *+[star] 42,500 2,615,450
Credence Systems
Corporation *+[star] 372,300 3,406,545
Hogy Medical Company
Ltd. (Japan) + 28,600 1,343,849
Itron, Inc. *+[star] 114,500 2,737,695
Micronic Laser Systems
AB (Sweden) * 6,140 61,590
PolyMedica Corporation +[star] 76,400 2,848,956
Symmetry Medical, Inc. * 5,000 105,250
------------
15,901,125
------------
METALS--1.5%
Cleveland-Cliffs, Inc. 14,500 1,505,970
First Quantum Minerals
Ltd. (Canada) * 125,000 1,939,153
Massey Energy
Company + 55,000 1,922,250
Northgate Exploration,
Ltd. (Canada) * 541,500 915,135
Steel Dynamics, Inc. 150,800 5,712,304
Wheeling-Pittsburgh
Corporation *+[star] 123,100 4,744,274
------------
16,739,086
------------
OIL & GAS--3.0%
Bill Barrett Corporation *+ 9,400 300,706
Cabot Oil & Gas
Corporation [star] 48,000 2,124,000
China Oilfield Services
Ltd. (China) 5,300,000 1,619,408
Deer Creek Energy Ltd.
(Canada) * 211,500 1,627,329
Denbury Resources, Inc. *[star] 75,300 2,066,985
Encore Acquisition
Company * 75,000 2,618,250
Expro International Group
PLC (United Kingdom) 171,682 1,182,033
Forest Oil Corporation * 56,700 1,798,524
Japan Petroleum
Exploration Company
(Japan) 22,800 906,843
John Wood Group PLC
(United Kingdom) 456,280 1,171,319
Magnum Hunter
Resources, Inc. *+ 79,700 1,028,130
OPTI Canada, Inc.
(Canada) *[star] 65,100 1,052,149
Penn Virginia
Corporation [star] 54,500 2,211,065
Plains Exploration &
Production Company * 73,766 1,917,916
Swift Energy Company *[star] 74,000 2,141,560
Syntroleum
Corporation *+ 220,500 1,770,615
UGI Corporation [star] 57,600 2,356,416
Vintage Petroleum, Inc. [star] 93,900 2,130,591
Western Oil Sands, Inc.
Class A (Canada) *[star] 72,052 2,508,215
W-H Energy
Services, Inc. * 112,500 2,515,500
------------
35,047,554
------------
PHARMACEUTICALS--6.1%
Abgenix, Inc. *[star] 250,500 $ 2,590,170
Able Laboratories, Inc. * 46,500 1,057,875
Alkermes, Inc. *+ 161,000 2,268,490
Array BioPharma, Inc. * 183,200 1,744,064
Atherogenics, Inc. *+ 119,000 2,803,640
Bachem AG Class B (Switzerland) 13,170 755,954
Cambridge Antibody
Technology Group
(United Kingdom) * 126,000 1,744,003
Cephalon, Inc. *+ 63,000 3,205,440
Conor Medsystems, Inc. *+ 5,700 78,945
Cubist Pharmaceuticals, Inc. * 362,000 4,282,460
Encysive Pharmaceuticals, Inc. *[star] 293,400 2,913,462
Eyetech Pharmaceuticals, Inc. *+ 70,900 3,225,950
Far East Pharmaceutical
Tech (Hong Kong) *++(delta) 6,152,600 --
Henry Schein, Inc. *+ 125,100 8,711,964
Human Genome
Sciences, Inc. *[star] 171,000 2,055,420
Kobayashi Pharmaceutical Company Ltd.
(Japan) [star] 105,000 2,830,230
Medicines Company *+ 192,000 5,529,600
Medivir AB Class B (Sweden) * 48,140 661,939
Mochida Pharmaceutical
Company Ltd. (Japan) 199,000 1,251,267
NBTY, Inc. *[star] 98,600 2,367,386
Neurocrine Biosciences, Inc. *+ 86,500 4,264,450
Nippon Shinyaku Company Ltd. (Japan) 89,000 728,797
Omnicare, Inc. + 287,500 9,953,250
Recordati SpA (Italy) 43,900 1,056,464
Schwarz Pharma AG (Germany) 13,940 628,297
Tanabe Seiyaju Company Ltd. (Japan) [star] 210,500 2,166,972
Towa Pharmaceutical Company Ltd.
(Japan) + 62,800 1,405,011
------------
70,281,500
------------
REAL ESTATE--2.1%
Acadia Realty Trust
REIT [star] 137,100 2,234,730
Commonwealth Property
Office Fund (Australia) 864,438 843,800
Housevalues, Inc. *+ 64,000 961,280
Macquarie Office Trust
NPV (Australia) 1,240,016 1,249,144
Shurgard Storage Centers,
Inc. REIT Class A 37,500 1,650,375
Trizec Canada, Inc.
(Canada) + 993,000 16,900,860
------------
23,840,189
------------
RESTAURANTS--0.1%
Luminar PLC
(United Kingdom) 78,100 835,628
------------
See accompanying notes to financial statements.
169
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT AGGRESSIVE
OPPORTUNITIES FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
RETAILERS--3.7%
AC Moore Arts &
Crafts, Inc. *+ 190,600 $ 5,491,186
Electronics Boutique
Holdings Corporation *+ 38,500 1,653,190
GameStop Corporation
Class A *+[star] 114,500 2,560,220
MarineMax, Inc. * 83,200 2,476,032
O'Reilly Automotive, Inc. *+ 246,200 11,091,310
Petco Animal
Supplies, Inc. * 167,000 6,593,160
School Specialty, Inc. *+ 150,000 5,784,000
Tuesday Morning
Corporation * 207,900 6,367,977
Warehouse Group Ltd.
(New Zealand) 427,343 1,117,059
--------------
43,134,134
--------------
TELECOMMUNICATIONS--0.7%
KDDI Corporation
(Japan) [star] 1,400 7,533,632
--------------
TELEPHONE SYSTEMS--3.1%
MobileOne Ltd.
(Singapore) 676,650 754,089
NTT DoCoMo, Inc.
(Japan) [star] 8,500 15,660,948
Nextel Partners, Inc.
Class A *+ 442,500 8,646,450
NII Holdings, Inc.
Class B *+ 191,000 9,062,950
Western Wireless
Corporation Class A *+ 66,900 1,960,170
--------------
36,084,607
--------------
TEXTILES, CLOTHING & FABRICS--0.6%
Gildan Activewear, Inc.
(Canada) *[star] 75,300 2,559,447
Timberland Company
Class A *+ 31,700 1,986,639
Tod's SpA (Italy) [star] 51,890 2,455,350
--------------
7,001,436
--------------
TRANSPORTATION--0.8%
Adsteam Marine Ltd.
(Australia) 1,163,951 1,445,198
Arlington Tankers Ltd.
(Bermuda) * 84,000 1,927,800
Beijing Capital
International Airport
Company Ltd. (China) 2,680,000 1,137,799
FirstGroup PLC (United
Kingdom) 68,235 455,890
Flight Centre Ltd.
(Australia) 59,255 869,918
Railpower Technologies
Corporation (Canada) * 271,700 1,407,995
USF Corporation 31,800 1,206,810
VT Group PLC
(United Kingdom) 116,237 689,198
--------------
9,140,608
--------------
TOTAL COMMON STOCKS
(Cost $822,157,347) 1,113,904,798
--------------
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------
COMMERCIAL PAPER--0.1%
Banking--0.1%
Tulip Funding Corporation 144A
2.340% 01/14/2005 **
(Cost $998,570) $ 1,000,000 $ 998,570
CASH EQUIVALENTS--20.5%
Institutional Money Market Funds--2.0%
BGI Institutional Fund
2.255% 01/03/2005 ++ 15,462,471 15,462,471
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 4,009,443 4,009,443
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 3,699,223 3,699,223
-----------
23,171,137
-----------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--17.1%
Bank of America
2.300% 06/09/2005 ++ 4,458,612 4,458,612
Bank of America
2.270% 01/18/2005 ++ 1,783,445 1,783,445
Bank of America
2.270% 03/03/2005 ++ 927,392 927,392
Bank of Montreal
2.260% 01/28/2005 ++ 92,775 92,775
Bank of Nova Scotia
2.330% 01/13/2005 ++ 2,764,340 2,764,340
Bank of Nova Scotia
2.330% 01/24/2005 ++ 8,961,814 8,961,814
Bank of Nova Scotia
2.320% 02/08/2005 ++ 5,350,335 5,350,335
BNP Paribas
2.295% 02/23/2005 ++ 1,783,445 1,783,445
Calyon
2.340% 02/02/2055 ++ 1,783,445 1,783,445
Calyon
2.270% 01/20/2005 ++ 4,458,613 4,458,613
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 6,242,059 6,242,059
Citigroup
2.080% 01/28/2005 ++ 5,350,336 5,350,336
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 8,917,229 8,917,229
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 1,783,445 1,783,445
Delaware Funding Corporation
2.235% 01/04/2005 ++ 3,745,834 3,745,834
Den Danske Bank
2.260% 01/20/2005 ++ 10,700,672 10,700,672
Dexia Group
2.040% 01/21/2005 ++ 89,172 89,172
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 4,458,613 4,458,613
Fortis Bank
2.260% 01/05/2005 ++ 8,025,505 8,025,505
Fortis Bank
2.140% 01/12/2005 ++ 4,458,613 4,458,613
General Electric Capital Corporation
2.295% 01/10/2005 ++ 5,350,336 5,350,336
General Electric Capital Corporation
2.294% 01/21/2005 ++ 4,444,654 4,444,654
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 35,668,908 35,668,908
See accompanying notes to financial statements.
170
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT AGGRESSIVE
OPPORTUNITIES FUND
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------
CASH EQUIVALENTS--(CONTINUED)
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ $ 2,675,169 $ 2,675,169
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 3,566,892 3,566,892
Greyhawk Funding
2.349% 02/08/2005 ++ 2,675,169 2,675,169
Lloyds TSB Bank
2.280% 02/02/2005 ++ 2,675,169 2,675,169
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 18,012,798 18,012,798
Paradigm Funding LLC
2.245% 01/03/2005 ++ 1,764,580 1,764,580
Royal Bank of Canada
2.260% 02/01/2005 ++ 1,747,777 1,747,777
Royal Bank of Canada
2.250% 01/19/2005 ++ 1,248,413 1,248,413
Royal Bank of Scotland
2.360% 02/17/2005 ++ 8,917,229 8,917,229
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 6,045,880 6,045,880
Svenska Handlesbanken
2.250% 01/10/2005 ++ 2,675,169 2,675,169
Wells Fargo
2.320% 01/14/2005 ++ 4,208,932 4,208,932
Wells Fargo
2.270% 01/25/2005 ++ 8,917,229 8,917,229
-----------
196,729,998
-----------
FLOATING RATE INSTRUMENTS/MASTER NOTES--1.4%
BEAR STEARNS & COMPANY
2.448% 06/05/2005 ++ 1,783,444 1,783,444
Bear Stearns & Company
2.448% 09/08/2005 ++ 1,783,445 1,783,445
Morgan Stanley
2.393% 03/16/2005 ++ 2,140,134 2,140,134
Morgan Stanley
2.393% 06/05/2005 ++ 4,458,613 4,458,613
Morgan Stanley
2.393% 06/10/2005 ++ 6,242,059 6,242,059
-----------
16,407,695
-----------
TOTAL CASH EQUIVALENTS
(Cost $236,308,830) 236,308,830
-----------
FACE VALUE
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--5.4%
IBT Repurchase Agreement
dated 12/31/2004 due
01/03/2005, with a
maturity value of
$62,658,173 and an
effective yield of 1.80%
collateralized by
U.S. Government
Obligations with rates
ranging from 2.90%
to 5.38%, maturity
dates ranging
from 06/25/2016 to
12/01/2035 and an
aggregate market
value of $65,782,927. $62,648,776 $ 62,648,776
--------------
TOTAL INVESTMENTS--122.9%
(Cost $1,122,113,523) 1,413,860,974
Other assets less liabilities--(22.9%) (263,798,568)
--------------
NET ASSETS--100.0% $1,150,062,406
==============
NOTES TO THE SCHEDULE OF INVESTMENTS:
ADR American Depositary Receipt
REIT Real Estate Investment Trust
* Non-income producing security.
+ Denotes all or a portion of security on loan.
[star] Security has been pledged as collateral for forward foreign currency
exchange contracts.
++ Security valued at fair value as determined by policies approved by the
board of directors.
++ Represents collateral received from securities lending transactions.
** Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified buyers. 144A securities respresent
0.17% of Total Investments.
(delta) Security has no market value at 12/31/2004.
See accompanying notes to financial statements.
171
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT
INTERNATIONAL FUND SHARES VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS--96.8%
AUSTRALIA--1.3%
Amcor Ltd. 103,800 $ 595,772
Australia & New Zealand
Banking Group Ltd. 73,020 1,174,069
Brambles Industries Ltd. + 102,218 554,763
Foster's Group Ltd. 116,548 526,961
Insurance Australia Group Ltd. 133,300 669,324
National Australia Bank Ltd. 33,533 754,678
Promina Group Ltd. 94,200 397,228
QBE Insurance Group Ltd. 68,083 816,098
Rinker Group Ltd. 101,393 843,243
Wesfarmers Ltd. 19,100 593,625
WMC Resources Ltd. 79,818 450,022
Woolworths Ltd. 60,236 706,045
------------
8,081,828
------------
AUSTRIA--0.3%
Erste Bank der
Oesterreichischen
Sparkassen AG 24,200 1,287,260
Telekom Austria AG 13,573 256,276
------------
1,543,536
------------
BELGIUM--2.4%
Fortis +* 330,230 9,104,704
Interbrew + 121,200 4,681,821
UCB SA 14,900 754,251
------------
14,540,776
------------
BRAZIL--0.8%
Companhia de Bebidas das
Americas ADR + 40,400 1,144,532
Companhia Vale do Rio
Doce ADR 22,221 644,631
Companhia Vale do Rio
Doce Sponsored ADR 18,000 438,840
Telesp Celular Partcipacoes
SA ADR +* 359,519 2,444,727
------------
4,672,730
------------
CANADA--3.6%
Abitibi-Consolidated, Inc. 55,600 382,013
Alcan Aluminum Ltd. [star] 53,300 2,606,921
Cameco Corporation 28,500 994,489
Corus Entertainment, Inc.
Class B 76,000 1,580,436
EnCana Corporation 95,100 5,410,780
Great-West Lifeco, Inc. + 27,400 608,534
Inco Ltd. +* 34,900 1,283,622
Manulife Financial
Corporation + 15,000 691,233
National Bank of Canada + 12,000 494,693
Nortel Networks
Corporation * 520,600 1,816,894
Potash Corporation of
Saskatchewan, Inc.
(foreign shares) 14,000 1,161,620
Suncor Energy, Inc. 21,400 754,750
Telus Corporation 23,300 701,985
Telus Corporation
Non-voting Shares 35,000 1,011,396
Thomson Corporation [star] 72,700 2,556,171
------------
22,055,537
------------
CZECH REPUBLIC--0.5%
Cesky Telecom AS 175,441 2,885,910
------------
DENMARK--0.6%
Novo Nordisk A/S Class B 59,020 3,211,169
TDC A/S 11,900 501,833
------------
3,713,002
------------
FINLAND--0.3%
Nokia Oyj 80,600 1,267,650
UPM-Kymmene Oyj 20,800 460,580
------------
1,728,230
------------
FRANCE--8.7%
Accor SA 25,500 1,111,704
Air Liquide 12,745 2,346,049
BNP Paribas [star] 73,300 5,287,976
Bouygues SA +[star] 79,900 3,676,918
Carrefour SA 47,900 2,271,736
Cie Generale D'Optique
Essilor International SA 13,100 1,022,184
Dassault Systemes SA 11,700 587,514
France Telecom SA 129,000 4,253,293
Groupe Danone 21,800 2,004,953
JC Decaux SA * 195,900 5,695,436
LVMH Moet Hennessy
Louis Vuitton SA 14,300 1,090,657
L'Oreal SA 13,300 1,005,387
M6-Metropole Television 37,700 1,066,463
Michelin (C.G.D.E.) Class B 10,000 638,717
PagesJaunes SA * 118,391 2,860,324
Renault SA 12,700 1,058,011
Sanofi-Aventis [star] 9,700 773,295
Sanofi-Synthelabo SA 108,400 8,627,101
Schneider Electric SA 23,300 1,614,671
Societe Generale Class A 8,900 896,836
Suez SA 81,200 2,156,320
Vivendi Universal SA * 72,900 2,317,762
------------
52,363,307
------------
GERMANY--4.5%
Allianz AG 37,102 4,901,234
Bayerische Hypo-und
Vereinsbank AG * 149,700 3,383,737
Bayerische Motoren Werke AG 16,900 759,422
Commerzbank AG * 48,600 997,226
DaimlerChrysler AG [star] 60,200 2,873,009
Deutsche Bank AG 11,200 990,199
Deutsche Boerse AG + 20,043 1,201,237
Infineon Technologies AG * 52,600 568,129
Infineon Technologies
AG ADR * 5,900 64,310
Linde AG 60,300 3,759,235
Merck AG 12,700 870,130
Metro AG 9,200 504,190
Muenchener
Rueckversicherungs AG 8,600 1,052,847
SAP AG 5,800 1,031,529
SAP AG ADR 1,400 61,894
Schering AG 6,600 491,410
Siemens AG 24,600 2,077,011
E.ON AG 15,700 1,425,022
------------
27,011,771
------------
HONG KONG--3.1%
Cheung Kong Holdings Ltd. 262,200 2,614,275
China Mobile Ltd. 1,563,200 5,299,222
Citic Pacific, Ltd. 492,200 1,399,429
Esprit Holdings Ltd. 119,000 719,551
Hang Lung Development Co. 41,300 81,294
See accompanying notes to financial statements.
172
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
INTERNATIONAL FUND SHARES VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Hang Lung Properties Ltd. 920,000 $ 1,420,319
Hang Seng Bank Ltd. 48,900 679,438
Henderson Land Development 85,800 445,949
Hong Kong & China Gas 961,900 1,986,195
Hutchison Whampoa Ltd. 64,200 600,876
Li & Fung Ltd. 578,000 974,128
Sun Hung Kai Properties Ltd. 210,400 2,104,568
Swire Pacific Ltd. Class A 75,400 630,524
------------
18,955,768
------------
INDIA--0.0%
Infosys Technologies
Sponsored ADR + 2,600 180,206
------------
IRELAND--0.3%
CRH PLC 36,021 959,487
CRH PLC 9,200 245,308
Elan Corporation PLC ADR +* 24,000 654,000
------------
1,858,795
------------
ITALY--3.6%
Assicurazioni Generali SpA 119,400 4,035,349
Banca Intesa SpA 756,000 3,622,291
Enel SpA 397,100 3,885,943
ENI-Ente Nazionale
Idrocarburi SpA 216,200 5,390,184
Mediobanca SpA 28,700 462,649
Saipem SpA 277,370 3,322,470
Seat Pagine Gialle SpA * 979,300 449,339
UniCredito Italiano SpA 153,800 880,552
------------
22,048,777
------------
JAPAN--20.6%
Advantest Corporation 10,300 882,599
Aeon Company Ltd. 131,600 2,193,761
Aiful Corporation 6,400 703,139
Bank of Yokohama Ltd. (The) 422,000 2,657,555
Bridgestone Corporation 9,000 178,982
Canon, Inc. 47,600 2,566,075
Chubu Electric Power
Company, Inc. 10,600 254,202
Credit Saison Company Ltd. 169,100 6,148,791
Daito Trust Construction
Company Ltd. 9,300 441,519
Daiwa House Industry
Company Ltd. 66,000 749,561
East Japan Railway Company 551 3,061,708
Fanuc Ltd. 19,400 1,267,109
Fuji Fire & Marine Insurance 19,900 64,794
Fuji Television Network, Inc. 681 1,473,796
Furukawa Electric Company
Ltd. (The) * 102,000 564,788
Hirose Electric Company Ltd. 8,900 1,039,403
Honda Motor Company Ltd. 120,300 6,227,267
Hoya Corporation 6,600 744,414
Japan Airlines System
Corporation +* 519,000 1,502,661
Kansai Electric Power
Company, Inc. (The) 66,900 1,356,522
Keyence Corporation 9,400 2,103,958
Konica Corporation 83,000 1,100,410
Millea Holdings, Inc. 142 2,104,114
Mitsubishi Corporation 107,900 1,392,665
Mitsubishi Estate
Company Ltd. [star] 236,000 2,760,772
Mitsubishi Heavy
Industries Ltd. 124,000 351,764
Mitsubishi Tokyo Financial
Group, Inc. 213 2,159,485
Mitsui Fudosan Company Ltd. 79,000 958,813
Mitsui Sumitomo Insurance
Company Ltd. 154,420 1,339,772
Mizuho Financial Group, Inc. 861 4,331,020
Murata Manufacturing
Company Ltd. 13,500 754,094
NEC Corporation 99,000 614,769
Nidec Corporation 7,700 937,541
Nikko Cordial Corporation 951,500 5,036,698
Nikon Corporation + 49,000 604,738
Nintendo Company Ltd. 8,500 1,066,436
Nippon Broadcasting System 4,700 231,380
Nippon Electric Glass
Company Ltd. 8,000 204,328
Nippon Telegraph &
Telephone Corporation 202 905,830
Nissan Motor Company Ltd. [star] 262,300 2,848,530
Nitto Denko Corporation 12,300 673,874
Nomura Holdings, Inc. 151,900 2,212,308
Olympus Corporation 53,200 1,133,184
Omron Corporation 22,500 536,289
ORIX Corporation 52,200 7,083,486
Promise Company Ltd. 61,161 4,364,384
Ricoh Company Ltd. 32,000 616,728
Rohm Company Ltd. 8,100 837,005
Sankyo Company Ltd. 1,800 90,895
Sankyo Company Ltd. 85,900 1,938,570
Sega Sammy Holdings, Inc. +* 74,304 4,078,100
Sekisui House Ltd. 126,000 1,466,602
Seven-Eleven Japan
Company Ltd. 16,000 503,802
Shimamura Company Ltd. 4,200 306,259
Shionogi & Company Ltd. 48,000 663,053
SMC Corporation 33,000 3,773,543
Softbank Corporation + 14,100 685,894
Sompo Japan Insurance, Inc. 63,700 648,302
Sony Corporation 12,800 494,131
Sumitomo Chemical Company Ltd. 214,000 1,047,261
Sumitomo Corporation 23,000 198,206
Sumitomo Forestry Company Ltd. 27,000 270,842
Sumitomo Mitsui Financial
Group, Inc. +[star] 381 2,767,060
Sumitomo Trust & Banking
Company Ltd. (The) 412,200 2,977,580
Suzuki Motor Corporation 99,000 1,806,668
TDK Corporation 7,300 540,135
Takeda Chemical Industries Ltd. 25,300 1,272,646
Tokyo Broadcasting System 55,500 904,080
Tokyo Electron Ltd. 33,300 2,048,382
Tokyo Gas Company Ltd. 191,000 782,024
Tokyu Corporation 383,200 2,069,534
Toyota Motor Corporation 55,300 2,248,011
UFJ Holdings, Inc. *[star] 672 4,068,161
Uni-Charm Corporation 13,000 622,246
Yamada Denki Company Ltd. 19,500 834,519
Yamanouchi Pharmaceutical
Company Ltd. 12,000 466,758
Yamato Transport Company Ltd. 98,200 1,455,099
------------
124,371,384
------------
See accompanying notes to financial statements.
173
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
INTERNATIONAL FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
LUXEMBOURG--0.4%
RTL Group 20,400 $ 1,518,627
Societe Europeenne
des Satellites 45,200 581,193
------------
2,099,820
------------
MEXICO--1.5%
America Movil SA de CV ADR 20,100 1,052,233
Grupo Televisa SA ADR 82,600 4,997,300
Telefonos de Mexico SA ADR 15,100 578,632
Wal-Mart de Mexico SA de
CV-Class V 792,500 2,720,634
------------
9,348,799
------------
NETHERLANDS--5.7%
ABN AMRO Holding NV [star] 134,371 3,544,669
ASM Lithography
Holdings NV +* 253,500 4,052,156
ASM Lithography
Holdings NV New York
Registered Shares * 41,900 666,629
Aegon NV [star] 202,839 2,753,662
Heineken Holding NV
Class A + 25,843 778,272
Heineken NV [star] 86,150 2,860,297
ING Groep NV 71,217 2,145,691
Royal KPN NV [star] 469,700 4,443,815
Koninklijke Philips
Electronics NV 19,900 525,495
Reed Elsevier NV 24,600 333,960
Royal Dutch Petroleum
Company [star] 143,100 8,202,596
Royal Dutch Petroleum
Company NY Shares 8,400 481,992
Royal Numico NV * 9,200 330,357
STMicroelectronics NV 49,770 966,669
TPG NV 33,500 905,938
Unilever NV 6,100 407,286
VNU NV 33,444 983,640
------------
34,383,124
------------
NORWAY--0.9%
DNB NOR ASA 56,900 559,256
Norsk Hydro ASA 7,500 588,492
Norske Skogindustrier ASA 16,500 355,563
Statoil ASA 58,900 920,449
Telenor ASA 337,700 3,055,304
------------
5,479,064
------------
RUSSIA--0.8%
OAO Lukoil Holding ADR 26,400 3,204,960
OAO Gazprom Sponsored
ADR Regulation S + 13,566 481,593
Sibneft Sponsored ADR +* 43,500 1,305,000
YUKOS ADR +* 20,300 52,780
------------
5,044,333
------------
SINGAPORE--1.7%
DBS Group Holdings Ltd. 283,100 2,790,956
Singapore Airlines Ltd. 244,000 1,703,264
Singapore
Telecommunications Ltd. [star] 3,247,310 4,732,471
United Overseas Bank Ltd. 68,000 574,613
Venture Corporation Ltd. 38,000 369,971
------------
10,171,275
------------
SOUTH KOREA--0.9%
Kookmin Bank * 42,390 1,658,419
Samsung Electronics
Company Ltd. GDR +[star] 16,705 3,658,395
------------
5,316,814
------------
SPAIN--5.6%
Altadis SA 90,982 4,149,957
Banco Bilbao Vizcaya
Argentaria SA +[star] 458,916 8,105,914
Banco Santander Central
Hispano SA 309,500 3,824,632
Iberdrola SA 27,000 683,382
Inditex SA 140,900 4,138,367
Promotora de
Informaciones SA 208,200 4,401,696
Repsol YPF SA 23,100 599,054
Telefonica SA [star] 429,822 8,063,250
------------
33,966,252
------------
SWEDEN--2.0%
Assa Abloy AB Class B 42,300 721,485
ForeningsSparbanken AB 400 9,948
Hennes & Mauritz AB Class B * 10,400 361,806
Scania AB Class B 17,000 671,886
Telefonaktiebolaget LM
Ericsson ADR +* 121,600 3,829,186
Telefonaktiebolaget LM
Ericsson Class B * 2,127,700 6,778,559
------------
12,372,870
------------
SWITZERLAND--10.8%
Adecco SA 12,300 617,562
Clariant AG 328,512 5,286,731
Compagnie Financiere
Richemont AG Class A [star] 117,677 3,906,226
Credit Suisse Group * 191,372 8,022,435
Holcim Ltd. [star] 52,248 3,138,775
Julius Baer Holding AG
Class B 6,735 2,021,534
Nestle SA [star] 39,807 10,385,953
Novartis AG [star] 119,214 5,990,758
Roche Holding AG 41,525 4,767,044
Serono SA Class B 2,955 1,941,061
Swiss Reinsurance [star] 44,902 3,193,644
Swisscom AG [star] 9,052 3,556,497
Syngenta AG 8,386 888,427
Synthes, Inc. * 4,830 540,079
UBS AG 133,730 11,182,772
------------
65,439,498
------------
TAIWAN--0.7%
Chunghwa Telecom Company
Ltd. ADR 133,400 2,808,069
Taiwan Semiconductor
Manufacturing Company
Ltd. ADR 188,621 1,601,392
------------
4,409,461
------------
THAILAND--0.1%
Advanced Info Service PCL 146,500 392,175
------------
UNITED KINGDOM--15.0%
Allied Domecq PLC 158,567 1,558,364
Anglo American PLC 32,800 774,147
ARM Holdings PLC 80,000 169,352
Associated British Foods PLC 30,700 459,040
See accompanying notes to financial statements.
174
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
INTERNATIONAL FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
AstraZeneca Group PLC [star] 123,484 $ 4,481,454
AstraZeneca PLC 42,800 1,548,869
BG Group PLC 248,700 1,686,622
BHP Billiton PLC 62,228 727,797
Brambles Industries PLC 19,600 97,720
British Sky Broadcasting PLC 569,682 6,133,490
Carnival PLC 15,196 925,171
Centrica PLC 189,450 857,443
Compass Group PLC 632,060 2,981,765
Diageo PLC 133,200 1,895,972
GlaxoSmithKline PLC 12,000 280,926
HSBC Holdings PLC 142,600 2,401,304
HSBC Holdings PLC
(foreign shares) 184,000 3,148,374
HBOS PLC [star] 175,400 2,849,471
ITV PLC 3,312,589 6,679,262
Kingfisher PLC 1,316,174 7,810,223
Lloyds TSB Group PLC 66,900 606,214
Morrison WM Supermarkets 522,319 2,071,310
National Grid Transco PLC 172,400 1,638,165
Pearson PLC 362,400 4,363,473
Reckitt Benckiser PLC 18,400 554,832
Reed Elsevier PLC 193,000 1,776,600
Rio Tinto PLC 43,800 1,286,338
Royal Bank of Scotland Group PLC [star] 127,000 4,262,620
Shell Transport & Trading Company PLC 76,400 649,853
Smiths Group PLC 49,200 774,775
Standard Chartered PLC 90,700 1,682,851
Tesco PLC 1,286,535 7,930,106
TI Automotive Ltd. *(delta) 70,000 --
Unilever PLC [star] 245,700 2,407,629
Vodafone Group PLC [star] 4,190,116 11,338,441
Wolseley PLC 31,200 581,875
Xstrata PLC 60,750 1,084,679
------------
90,476,527
------------
UNITED STATES--0.1%
News Corp., Inc., CDI 27,311 507,586
------------
TOTAL COMMON STOCKS (Cost $464,277,482) 585,419,155
------------
PREFERRED STOCKS--0.6%
GERMANY--0.6%
ProSieben SAT.1 Media AG
(Cost $3,380,591) 192,137 3,510,776
------------
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------
CORPORATE OBLIGATIONS--0.0%
SWITZERLAND--0.0%
Credit Suisse Group Finance
(Cost $157,579)
6.000% 12/23/2005 $ 222,000 265,563
------------
CONVERTIBLE DEBT OBLIGATIONS--0.3%
CAYMAN ISLANDS--0.3%
SMFG Finance Ltd.
(Cost $886,633)
2.250% 07/11/2005 $72,000,000 $ 1,673,144
------------
CASH EQUIVALENTS--6.9%
INSTITUTIONAL MONEY MARKET FUNDS--0.7%
BGI Institutional Fund
2.255% 01/03/2005 ++ 2,715,664 2,715,664
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 704,176 704,176
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 649,692 649,692
------------
4,069,532
------------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--5.7%
Bank of America
2.300% 06/09/2005 ++ 783,063 783,063
Bank of America
2.270% 03/03/2005 ++ 162,877 162,877
Bank of America
2.270% 01/18/2005 ++ 313,226 313,226
Bank of Montreal
2.260% 01/28/2005 ++ 16,293 16,293
Bank of Nova Scotia
2.330% 01/24/2005 ++ 1,573,958 1,573,958
Bank of Nova Scotia
2.330% 01/13/2005 ++ 485,499 485,499
Bank of Nova Scotia
2.320% 02/08/2005 ++ 939,675 939,675
BNP Paribas
2.295% 02/23/2005 ++ 313,225 313,225
Calyon
2.340% 02/02/2005 ++ 313,226 313,226
Calyon
2.270% 01/20/2005 ++ 783,063 783,063
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 1,096,288 1,096,288
Citigroup
2.080% 01/28/2005 ++ 939,676 939,676
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 1,566,127 1,566,127
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 313,226 313,226
Delaware Funding Corporation
2.235% 01/04/2005 ++ 657,878 657,878
Den Danske Bank
2.260% 01/20/2005 ++ 1,879,351 1,879,351
Dexia Group
2.040% 01/21/2005 ++ 15,661 15,661
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 783,063 783,063
Fortis Bank
2.260% 01/05/2005 ++ 1,409,514 1,409,514
Fortis Bank
2.140% 01/12/2005 ++ 783,063 783,063
General Electric Capital Corporation
2.295% 01/10/2005 ++ 939,676 939,676
See accompanying notes to financial statements.
175
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT
INTERNATIONAL FUND
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------
CASH EQUIVALENTS--(CONTINUED)
General Electric Capital Corporation
2.294% 01/21/2005 ++ $ 780,611 $ 780,611
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 6,264,507 6,264,507
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 469,838 469,838
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 626,451 626,451
Greyhawk Funding
2.349% 02/08/2005 ++ 469,838 469,838
Lloyds TSB Bank
2.280% 02/02/2005 ++ 469,838 469,838
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 3,163,576 3,163,576
Paradigm Funding LLC
2.245% 01/03/2005 ++ 309,912 309,912
Royal Bank of Canada
2.260% 02/01/2005 ++ 306,961 306,961
Royal Bank of Canada
2.250% 01/19/2005 ++ 219,258 219,258
Royal Bank of Scotland
2.360% 02/17/2005 ++ 1,566,127 1,566,127
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 1,061,835 1,061,835
Svenska Handlesbanken
2.250% 01/10/2005 ++ 469,838 469,838
Wells Fargo
2.320% 01/14/2005 ++ 739,212 739,212
Wells Fargo
2.270% 01/25/2005 ++ 1,566,127 1,566,127
------------
34,551,557
------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--0.5%
Bear Stearns & Company
2.448% 09/08/2005 ++ 313,226 313,226
Bear Stearns & Company
2.448% 06/05/2005 ++ 313,226 313,226
Morgan Stanley
2.393% 06/10/2005 ++ 1,096,288 1,096,288
Morgan Stanley
2.393% 06/05/2005 ++ 783,063 783,063
Morgan Stanley
2.393% 03/16/2005 ++ 375,870 375,870
------------
2,881,673
------------
TOTAL CASH EQUIVALENTS
(Cost $41,502,762) 41,502,762
------------
FACE VALUE
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--2.5%
UNITED STATES--2.5%
IBT Repurchase Agreement
dated 12/31/2004 due
01/03/2005, with a
maturity value of
$15,497,786 and an
effective yield of 1.80%
collateralized by U.S.
Government Obligations
with rates ranging from
4.625% to 6.125%,
maturity dates ranging
from 09/25/2015 to
03/25/2028 and
an aggregate market
value of $16,270,234. $15,495,459 $ 15,495,459
------------
TOTAL INVESTMENTS--107.1%
(Cost $525,700,507) 647,866,859
Other assets less liabilities--(7.1%) (43,057,583)
------------
NET ASSETS--100.0% $604,809,276
============
NOTES TO THE SCHEDULE OF INVESTMENTS:
ADR American Depositary Receipt
GDR Global Depositary Receipt
+ Denotes all or a portion of security on loan.
* Non-income producing security.
[star] Security has been pledged as collateral for forward foreign currency
exchange contracts.
++ Represents collateral received from securities lending transactions.
(delta) Security has no market value at 12/31/2004.
See accompanying notes to financial statements.
176
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT INTERNATIONAL FUND
PERCENTAGE OF PORTFOLIO BY INDUSTRY (UNAUDITED):
Banking 19.5%
Telephone Systems 8.0%
Media--Broadcasting & Publishing 6.9%
Pharmaceuticals 6.4%
Financial Services 6.3%
Oil & Gas 6.1%
Bank & Certificate Deposits/Offshore
Time Deposits 5.7%
Beverages, Food & Tobacco 5.5%
Electronics 4.3%
Insurance 4.2%
Automotive 2.9%
Retailers 2.6%
Telecommunications 2.6%
Commercial Services 2.4%
Food Retailers 2.1%
Chemicals 1.9%
Real Estate 1.8%
Transportation 1.7%
Communications 1.5%
Electric Utilities 1.5%
Advertising 1.4%
Heavy Machinery 1.4%
Entertainment & Leisure 1.3%
Metals & Mining 1.0%
Apparel Retailers 0.8%
Building Materials 0.7%
Institutional Money Market Funds 0.7%
Metals 0.6%
Computers & Information 0.6%
Airlines 0.5%
Restaurants 0.5%
Floating Rate Instruments/Master Notes 0.5%
Cosmetics & Personal Care 0.4%
Water Companies 0.4%
Home Construction, Furnishings &
Appliances 0.4%
Computer Software & Processing 0.3%
Miscellaneous 0.3%
Forest Products & Paper 0.2%
Lodging 0.2%
Medical Supplies 0.2%
Construction 0.2%
Electrical Equipment 0.2%
Containers & Packaging 0.1%
Industrial--Diversified 0.1%
Mining 0.1%
Medical Equipment & Supplies 0.1%
-----
TOTAL INVESTMENTS 107.1%
Other assets less liabilities (7.1)%
-----
TOTAL NET ASSETS 100.0%
=====
See accompanying notes to financial statements.
177
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------
CORPORATE OBLIGATIONS--21.5%
AEROSPACE & DEFENSE--0.4%
Boeing Capital Corporation, Senior Note
6.100% 03/01/2011 $ 500,000 $ 546,084
Boeing Capital Corporation, Senior Note
5.650% 05/15/2006 175,000 180,512
Boeing Company (The), Note
6.125% 02/15/2033 100,000 108,960
Boeing Company (The), Note
5.125% 02/15/2013 250,000 259,044
General Dynamics Corporation, Note
2.125% 05/15/2006 200,000 197,207
Goodrich Corporation, Note
6.450% 12/15/2007 100,000 107,471
Lockheed Martin Corporation, Note
8.500% 12/01/2029 500,000 686,236
Northrop Grumman Corporation, Note
7.750% 02/15/2031 250,000 321,100
Raytheon Co., Note
6.150% 11/01/2008 1,000,000 1,076,048
Textron Financial Corporation, Note
6.000% 11/20/2009 200,000 217,749
------------
3,700,411
------------
AIRLINES--0.0%
FedEx Corporation, Note
9.650% 06/15/2012 150,000 195,070
------------
AUTOMOTIVE--1.0%
DaimlerChrysler North America Holding Corp.,
Guaranteed Note
4.050% 06/04/2008 500,000 499,362
DaimlerChrysler North America Holding Corp.,
Senior Note
6.500% 11/15/2013 500,000 543,228
DaimlerChrysler North America Holding
Corporation, Guaranteed Note
7.200% 09/01/2009 350,000 389,944
DaimlerChrysler North America Holding
Corporation, Note
8.500% 01/18/2031 350,000 438,610
DaimlerChrysler North America Holding
Corporation, Note
6.400% 05/15/2006 750,000 780,474
Ford Motor Company, Note
6.625% 10/01/2028 850,000 795,115
Ford Motor Credit Company, Global Note
7.875% 06/15/2010 750,000 827,240
Ford Motor Credit Company, Global Note
6.875% 02/01/2006 650,000 669,803
Ford Motor Credit Company, Note
7.250% 10/25/2011 1,150,000 1,234,952
General Motors Acceptance Corporation,
Global Note
6.875% 09/15/2011 650,000 667,003
General Motors Acceptance Corporation,
Global Note
6.125% 09/15/2006 350,000 358,957
General Motors Acceptance Corporation, Note
7.750% 01/19/2010 500,000 537,218
General Motors Corporation, Note
8.250% 07/15/2023 100,000 104,418
General Motors Corporation, Note
7.200% 01/15/2011 + 950,000 975,541
General Motors Corporation, Senior Note
8.375% 07/15/2033 350,000 363,633
Lear Corp., Senior Note
8.110% 05/15/2009 250,000 283,801
Toyota Motor Credit Corporation, Note
2.800% 01/18/2006 100,000 99,590
------------
9,568,889
------------
BANKING--5.9%
ABN AMRO Bank NV, Global Subordinated Note
7.125% 06/18/2007 250,000 270,682
American Express Company, Note
3.750% 11/20/2007 150,000 150,842
American Express Credit Corporation, Note
3.000% 05/16/2008 250,000 244,343
Asian Development Bank, Global Note
(Supra National)
6.750% 06/11/2007 750,000 809,254
Asian Development Bank/Pasig, Global Note
(Supra National)
4.250% 10/20/2014 1,000,000 986,393
Associates Corporate of North America, Senior Note
6.950% 11/01/2018 250,000 290,073
Associates Corporate of North America,
Subordinated Note
6.875% 11/15/2008 410,000 452,936
Bank of America Corporation, Subordinated Note
7.750% 08/15/2015 750,000 902,115
Bank of America Corporation, Subordinated Note
6.250% 04/01/2008 750,000 806,945
Bank of America Corporation., Senior Note
5.875% 02/15/2009 1,000,000 1,074,545
Bank of New York Company, Inc.
(The), Subordinated Note
5.500% 12/01/2017 250,000 258,418
Bank One Corporation, Subordinated Note
5.900% 11/15/2011 750,000 807,940
Bank One NA, Note
3.700% 01/15/2008 350,000 350,253
BankBoston Corporation, Subordinated
Note, (MTN), (FRN)
6.500% 12/19/2007 400,000 431,798
Bayerische Landesbank Girozentrale, Note
2.875% 10/15/2008 250,000 241,974
BB&T Corp., Note
5.250% 11/01/2019 500,000 496,903
Branch Banking & Trust Company
5.200% 12/23/2015 150,000 153,220
BSCH Issuances Ltd., Subordinated
Note (Cayman Islands)
7.625% 09/14/2010 350,000 408,369
Capital One Bank, Note
4.875% 05/15/2008 1,000,000 1,027,810
Capital One Bank, Note, (MTN)
5.125% 02/15/2014 500,000 501,009
CIT Group, Inc., Senior Note
7.750% 04/02/2012 350,000 414,886
CIT Group, Inc., Senior Note, (MTN)
4.750% 12/15/2010 1,000,000 1,017,450
Citigroup, Inc., Global Senior Note
6.500% 01/18/2011 1,000,000 1,118,064
Citigroup, Inc., Global Senior Note
6.000% 02/21/2012 350,000 383,451
Citigroup, Inc., Global Subordinated Note
6.625% 06/15/2032 150,000 168,563
Citigroup, Inc., Global Subordinated Note
5.625% 08/27/2012 150,000 159,990
See accompanying notes to financial statements.
178
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------
CORPORATE OBLIGATIONS--(CONTINUED)
Citigroup, Inc., Senior Note 144A
5.000% 09/15/2014 * $ 413,000 $ 415,783
Corporacion Andina de Fomento,
Note (Supra National)
6.875% 03/15/2012 150,000 168,859
Deutsche Bank Financial, Inc., Note,
Convertible, (MTN)
5.375% 03/02/2015 250,000 259,164
Duke Capital Corporation, Senior Note
4.370% 03/01/2009 250,000 251,863
European Investment Bank, Global
Note (Supra National)
4.625% 03/01/2007 750,000 770,394
European Investment Bank, Global
Note (Supra National)
3.125% 10/15/2007 + 1,000,000 992,449
European Investment Bank, Note (Supra National)
3.000% 06/16/2008 + 1,250,000 1,240,372
European Investment Bank, Note (Supra National)
2.375% 06/15/2007 550,000 537,244
First Union Institutional Trust I Capital
Securities, Note
8.040% 12/01/2026 1,000,000 1,091,900
FleetBoston Financial Corporation, Senior Note
6.875% 01/15/2028 150,000 172,530
Ford Motor Credit Co., Note
5.800% 01/12/2009 1,000,000 1,023,050
Ford Motor Credit Company
7.000% 10/01/2013 + 500,000 530,935
General Electric Capital Corporation
6.000% 06/15/2012 500,000 545,842
General Electric Capital Corporation, Note
6.500% 12/10/2007 750,000 808,716
General Electric Capital Corporation, Note
3.500% 05/01/2008 250,000 248,330
General Electric Capital Corporation, Note, (FRN)
4.625% 09/15/2009 1,000,000 1,026,954
General Electric Capital Corporation, Note, (MTN)
6.750% 03/15/2032 750,000 880,797
General Electric Capital Corporation, Note,
(MTN), (FRN)
5.375% 03/15/2007 1,600,000 1,662,843
General Electric Capital Corporation, Note,
(MTN), (FRN)
5.350% 03/30/2006 1,000,000 1,026,982
General Motors Acceptance Corporation, Global Note
7.250% 03/02/2011 350,000 366,890
General Motors Acceptance Corporation, Note
6.750% 01/15/2006 750,000 769,600
Household Finance Corporation, Note
8.000% 07/15/2010 750,000 883,709
Household Finance Corporation, Note
6.500% 01/24/2006 250,000 258,508
Household Finance Corporation, Note
6.500% 11/15/2008 350,000 380,978
Household Finance Corporation, Note
6.400% 06/17/2008 250,000 269,929
Household Finance Corporation, Note
6.375% 11/27/2012 1,000,000 1,106,615
Household Finance Corporation, Note
4.125% 12/15/2008 1,000,000 1,004,995
HSBC Holdings PLC, Note (United Kingdom)
5.250% 12/12/2012 150,000 155,752
HSBC USA, Inc., Subordinated Note
7.000% 11/01/2006 250,000 266,258
ING Capital Funding Trust III
8.439% 12/31/2049 150,000 179,816
Inter-American Development Bank (Supra National)
7.375% 01/15/2010 750,000 870,913
Inter-American Development Bank, Global Note,
(MTN) (Supra National)
5.375% 01/18/2006 1,000,000 1,024,115
International Bank for Reconstruction &
Development, Note (Supra National)
3.625% 05/21/2013 150,000 146,830
International Bank for Reconstruction
& Development, Note, (MTN), (FRN)
(Supra National)
4.125% 08/12/2009 350,000 356,303
John Deere Capital Corporation, Note
7.000% 03/15/2012 350,000 404,118
JP Morgan & Company, Inc., Note
6.000% 01/15/2009 350,000 374,591
JP Morgan Chase & Company,
Global Subordinated Note
5.750% 01/02/2013 1,750,000 1,857,397
JP Morgan Chase & Company, Note
6.750% 02/01/2011 750,000 843,616
Key Bank National Association,
Subordinated Note, (MTN)
5.800% 07/01/2014 500,000 530,511
KeyCorp, Senior Note
6.750% 03/15/2006 1,150,000 1,195,311
KFW--Kreditanstalt fuer Wiederaufbau,
Global Note (Germany)
2.700% 03/01/2007 250,000 246,354
KFW--Kreditanstalt fuer Wiederaufbau,
Note (Germany)
3.375% 01/23/2008 500,000 499,819
KFW International Finance, Inc.,
Guaranteed Global Note
4.750% 01/24/2007 350,000 361,079
KFW International Finance, Inc., Note
8.000% 02/15/2010 250,000 293,864
KFW International Finance, Inc.,
Senior Global Note
5.250% 06/28/2006 1,000,000 1,032,584
Korea Development Bank, Note (South Korea)
5.750% 09/10/2013 500,000 530,916
Korea Development Bank, Note
5.250% 11/16/2006 350,000 360,088
Landwirtschaftliche Rentenbank, Note (Germany)
3.250% 06/19/2008 300,000 295,788
MBNA America Bank, Note
5.375% 01/15/2008 850,000 888,390
Mellon Financial Company, Note
6.375% 02/15/2010 350,000 381,401
National City Bank of Ohio, Senior Note, (MTN)
3.300% 05/15/2008 350,000 344,960
National City Bank, Note
2.375% 08/15/2006 250,000 246,382
National City Corporation, Subordinated Note
6.875% 05/15/2019 500,000 572,738
National Rural Utilities Cooperative
Finance Corporation, Note
3.875% 02/15/2008 400,000 401,887
Oesterreichische Kontrollbank AG,
Guaranteed Global Note (Austria)
5.500% 01/20/2006 350,000 358,786
PNC Funding Corporation, Senior Note
5.750% 08/01/2006 250,000 259,358
See accompanying notes to financial statements.
179
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -----------------------------------------------------------------------------
CORPORATE OBLIGATIONS--(CONTINUED)
Popular North America, Inc., Note, (MTN), (FRN)
4.250% 04/01/2008 $ 100,000 $ 101,019
Royal Bank of Scotland Group PLC,
Global Note (United Kingdom)
5.000% 10/01/2014 750,000 759,030
Royal Bank of Scotland Group PLC,
Note (FRN) (United Kingdom)
7.648% 08/29/2049 500,000 610,640
Sanwa Bank Ltd., Note
7.400% 06/15/2011 250,000 287,006
SLM Corporation, Note
3.950% 08/15/2008 1,150,000 1,152,142
Suntrust Banks, Inc., Note
5.050% 07/01/2007 350,000 362,180
Swiss Bank Corporation, Subordinated Note
7.000% 10/15/2015 100,000 116,403
Union Bank Switzerland AG, Subordinated Note
7.250% 07/15/2006 250,000 264,572
Wachovia Corporation, Senior Note
5.250% 08/01/2014 1,000,000 1,026,825
Wells Fargo & Co., Series J, Note, (MTN)
4.200% 01/15/2010 500,000 502,596
Wells Fargo & Company, Note
5.125% 02/15/2007 750,000 776,239
Wells Fargo & Company, Subordinated Note
7.550% 06/21/2010 750,000 872,122
--------------
54,735,156
--------------
BEVERAGES, FOOD & TOBACCO--1.1%
Altria Group, Inc., Note
7.000% 11/04/2013 400,000 434,139
Anheuser-Busch Companies, Inc., Note
6.800% 01/15/2031 350,000 415,571
Archer-Daniels Midland Company, Note
8.375% 04/15/2017 350,000 453,396
Bottling Group LLC, Series B, Senior Note
4.125% 06/15/2015 250,000 237,544
Brown-Forman Corporation, Note
2.125% 03/15/2006 250,000 247,014
Bunge, Ltd. Finance Corporation,
Guaranteed Senior Note
5.350% 04/15/2014 500,000 512,579
Campbell Soup Company, Note
4.875% 10/01/2013 250,000 254,073
Cia Brasileira de Bebidas, Guaranteed
Note (Brazil)
8.750% 09/15/2013 100,000 117,000
Coca-Cola Enterprises, Inc., Note
8.500% 02/01/2022 150,000 200,510
Coca-Cola Enterprises, Inc., Note
6.125% 08/15/2011 600,000 661,586
Coca-Cola Enterprises, Inc., Note
5.375% 08/15/2006 1,000,000 1,032,067
ConAgra Foods, Inc., Note
6.750% 09/15/2011 250,000 281,652
ConAgra Foods, Inc., Note
6.000% 09/15/2006 350,000 364,567
Coors Brewing Co., Senior Note
6.375% 05/15/2012 500,000 550,547
General Mills, Inc., Note
5.125% 02/15/2007 350,000 359,530
HJ Heinz Company, Guaranteed Note
6.625% 07/15/2011 250,000 282,308
Kellogg Company, Note
6.600% 04/01/2011 750,000 841,254
Kraft Foods, Inc., Global Note
6.500% 11/01/2031 100,000 110,695
Kraft Foods, Inc., Global Note
5.625% 11/01/2011 350,000 371,155
Kraft Foods, Inc., Note
5.250% 06/01/2007 1,000,000 1,036,460
Pepsiamericas, Inc., Note
3.875% 09/12/2007 100,000 99,978
Sara Lee Corporation, Senior Note
2.750% 06/15/2008 250,000 242,311
Supervalu, Inc., Note
7.875% 08/01/2009 350,000 401,757
Tyson Foods, Inc., Note
8.250% 10/01/2011 250,000 297,257
Unilever Capital Corporation, Note
7.125% 11/01/2010 500,000 575,807
--------------
10,380,757
--------------
BUILDING MATERIALS--0.0%
Hanson Australia Funding Ltd., Note (Australia)
5.250% 03/15/2013 100,000 102,047
--------------
CHEMICALS--0.3%
Dow Chemical Company, Note
7.375% 11/01/2029 250,000 304,271
Dow Chemical Company, Note
6.000% 10/01/2012 150,000 164,137
Du Pont (E.I.) de Nemours & Company, Note
6.875% 10/15/2009 150,000 169,364
Eastman Chemical Company, Senior Note
7.000% 04/15/2012 150,000 171,205
EI Du Pont de Nemours & Co., Note
4.750% 11/15/2012 500,000 510,755
Monsanto Company
7.375% 08/15/2012 500,000 585,512
Potash Corp. of Saskatchewan, Note (Canada)
4.875% 03/01/2013 500,000 503,415
Praxair, Inc., Note
3.950% 06/01/2013 150,000 142,785
Rohm & Haas Company, Note
7.850% 07/15/2029 150,000 196,289
--------------
2,747,733
--------------
COMMERCIAL SERVICES--0.1%
Cendant Corporation, Senior Note
7.375% 01/15/2013 250,000 289,656
Cendant Corporation, Senior Note
6.250% 03/15/2010 150,000 162,517
Midamerican Energy Holdings
Company, Senior Note
3.500% 05/15/2008 150,000 147,048
PHH Corporation, Note
7.125% 03/01/2013 100,000 112,005
--------------
711,226
--------------
COMMUNICATIONS--0.2%
Motorola, Inc., Note
7.500% 05/15/2025 500,000 585,539
News America Holdings, Inc., Note
8.000% 10/17/2016 150,000 183,289
News America Holdings, Inc., Note
7.600% 10/11/2015 350,000 415,507
SBC Communications, Inc., Global Note
6.250% 03/15/2011 250,000 274,649
SBC Communications, Inc., Note
5.750% 05/02/2006 250,000 258,098
--------------
1,717,082
--------------
See accompanying notes to financial statements.
180
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------------
CORPORATE OBLIGATIONS--(CONTINUED)
COMPUTER SOFTWARE & PROCESSING--0.0%
COMPUTER SCIENCES CORPORATION, SENIOR NOTE
7.375% 06/15/2011 $ 100,000 $ 116,536
--------------
COMPUTERS & INFORMATION--0.2%
Hewlett-Packard Company, Global Note
5.500% 07/01/2007 350,000 365,216
International Business Machines Corporation, Note
7.000% 10/30/2025 500,000 594,670
International Business Machines Corporation, Note
4.750% 11/29/2012 250,000 255,686
International Business Machines
Corporation, Senior Note
4.875% 10/01/2006 750,000 770,441
--------------
1,986,013
--------------
COSMETICS & PERSONAL CARE--0.2%
Procter & Gamble Co., Note
4.750% 06/15/2007 1,000,000 1,029,566
Procter & Gamble Company, Global Note
6.875% 09/15/2009 750,000 844,814
--------------
1,874,380
--------------
DIVERSIFIED--0.1%
General Electric Company
5.000% 02/01/2013 800,000 822,129
--------------
ELECTRIC UTILITIES--1.3%
Alabama Power Company, Senior Note
5.500% 10/15/2017 150,000 156,401
Alabama Power Company, Ser. X, Senior Note
3.125% 05/01/2008 250,000 245,062
Alliant Energy Resources, Inc.,
Guaranteed Senior Note
9.750% 01/15/2013 250,000 327,801
Arizona Public Service Company, Note
6.500% 03/01/2012 150,000 166,986
Cincinnati Gas & Electric Company, Note
5.700% 09/15/2012 150,000 159,163
Columbus Southern Power
Company, Ser. A, Senior Note
5.500% 03/01/2013 150,000 157,089
Consolidated Edison Company of
New York, Inc., Note
4.875% 02/01/2013 200,000 203,505
Constellation Energy Group, Inc., Note
7.600% 04/01/2032 150,000 182,009
Dominion Resources, Inc., Senior Note
8.125% 06/15/2010 350,000 412,424
Dominion Resources, Inc., Virginia,
Series 03B, Senior Note
4.125% 02/15/2008 500,000 503,803
DTE Energy Company, Note
7.050% 06/01/2011 350,000 396,840
Duke Energy Corporation, Senior Note
6.450% 10/15/2032 500,000 539,514
Duke Energy Field Services Corporation LLC, Note
7.875% 08/16/2010 350,000 408,682
Entergy Gulf States, Inc., Note
3.600% 06/01/2008 100,000 98,458
Exelon Generation Co. LLC, Senior Note
6.950% 06/15/2011 500,000 565,109
Florida Power & Light Company, Note
5.625% 04/01/2034 50,000 51,423
Florida Power & Light Company, Note
4.850% 02/01/2013 150,000 153,292
FPL Group Capital, Inc., Guaranteed Note
7.375% 06/01/2009 100,000 113,236
Indiana Michigan Power Co., Note
6.125% 12/15/2006 500,000 523,789
KeySpan Corporation, Note
7.625% 11/15/2010 350,000 411,405
Midamerican Energy Company, Note
6.750% 12/30/2031 250,000 291,752
Midamerican Energy Holdings
Company, Senior Note, Class D
5.000% 02/15/2014 150,000 148,780
NiSource Finance Corporation, Guaranteed Note
7.875% 11/15/2010 50,000 58,849
Northern States Power Company, Ser. A, Note
8.000% 08/28/2012 150,000 183,079
Oncor Electric Delivery Company,
Senior Secured Note
6.375% 05/01/2012 350,000 386,575
Ontario Electricity Financial
Corporation, Note (Canada)
7.450% 03/31/2013 350,000 420,584
Pacific Gas & Electric Co., Note
6.050% 03/01/2034 500,000 521,117
Pacific Gas & Electric Co., Note
4.800% 03/01/2014 500,000 499,163
Peco Energy Company, Note
3.500% 05/01/2008 150,000 149,055
Progress Energy, Inc.
6.750% 03/01/2006 500,000 518,972
Progress Energy, Inc., Senior Note
7.100% 03/01/2011 400,000 450,265
PSEG Power LLC, Senior Note
8.625% 04/15/2031 500,000 665,921
Public Service Company of Colorado, Ser.12, Note
4.875% 03/01/2013 200,000 203,530
Public Service Electric & Gas Company, Note
5.125% 09/01/2012 150,000 155,396
South Carolina Electric & Gas Company, Note
5.300% 05/15/2033 150,000 146,147
Southern California Edison Co., Note
8.000% 02/15/2007 500,000 544,757
Southern California Edison Co., Note
6.650% 04/01/2029 500,000 560,587
Wisconsin Electric Power, Note
5.625% 05/15/2033 250,000 255,204
--------------
11,935,724
--------------
ELECTRICAL EQUIPMENT--0.0%
Emerson Electric Company, Note
5.000% 12/15/2014 150,000 152,999
--------------
ELECTRONICS--0.1%
Arrow Electronics, Inc., Note
6.875% 07/01/2013 250,000 274,926
Raytheon Company, Note
7.375% 07/15/2025 750,000 778,049
--------------
1,052,975
--------------
ENTERTAINMENT & LEISURE--0.2%
Time Warner, Inc., Note
6.875% 05/01/2012 150,000 171,078
Walt Disney Co., Note, (MTN), (FRN)
7.000% 03/01/2032 500,000 588,028
See accompanying notes to financial statements.
181
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -----------------------------------------------------------------------------
CORPORATE OBLIGATIONS--(CONTINUED)
Walt Disney Company, Note
6.750% 03/30/2006 $ 800,000 $ 833,780
Walt Disney Company, Note, (MTN), (FRN)
6.375% 03/01/2012 250,000 278,822
-----------
1,871,708
-----------
ENVIRONMENTAL--0.1%
USA Waste Services, Inc., Senior Note
7.000% 07/15/2028 550,000 622,232
-----------
FINANCIAL SERVICES--3.0%
Abbey National PLC, Note (United Kingdom)
7.950% 10/26/2029 250,000 323,416
Amvescap PLC, Senior Note
5.375% 02/27/2013 100,000 101,057
Bank of Tokyo-Mitsubishi Ltd. (The), Global
Senior Subordinated Note (Japan)
8.400% 04/15/2010 250,000 296,589
Bear Stearns Companies, Inc., (The),
Global Note
5.700% 01/15/2007 900,000 937,547
Bear Stearns Companies, Inc., (The), Note
5.700% 11/15/2014 50,000 52,910
Bear Stearns Companies Inc., (The), Note
2.875% 07/02/2008 1,000,000 967,960
BHP Finance USA Ltd., Guaranteed Senior Note
4.800% 04/15/2013 150,000 152,229
Cingular Wireless LLC, Senior Note
6.500% 12/15/2011 250,000 278,596
Conoco Funding Company
5.450% 10/15/2006 1,000,000 1,036,094
Countrywide Financial Corporation., Note
4.250% 12/19/2007 1,000,000 1,011,873
Countrywide Home Loans, Inc.
5.500% 08/01/2006 1,000,000 1,031,605
Countrywide Home Loans, Inc., Note, (FRN), (MTN)
5.625% 05/15/2007 300,000 313,111
Credit Suisse First Boston USA, Inc., Note
6.500% 01/15/2012 350,000 390,099
Credit Suisse First Boston USA, Inc., Note
5.750% 04/15/2007 800,000 838,970
Credit Suisse First Boston USA, Inc., Note
5.500% 08/15/2013 150,000 157,341
Credit Suisse First Boston USA, Inc.,
Senior Global Note
5.125% 01/15/2014 500,000 510,393
EOP Operating, LP, Note
6.800% 01/15/2009 500,000 548,542
EOP Operating, LP, Guaranteed Note
7.000% 07/15/2011 350,000 395,234
ERP Operating, LP, Note
5.200% 04/01/2013 250,000 255,567
Ford Motor Credit Company
6.500% 01/25/2007 1,000,000 1,040,345
General Motors Acceptance Corporation
6.875% 08/28/2012 500,000 511,244
General Motors Acceptance Corporation, Note
8.000% 11/01/2031 500,000 515,381
Goldman Sachs Group, Inc., Guaranteed Note
6.345% 02/15/2034 500,000 522,414
Goldman Sachs Group, Inc., Note
6.875% 01/15/2011 250,000 282,397
Goldman Sachs Group, Inc., Senior Note
6.600% 01/15/2012 650,000 726,457
Goldman Sachs Group, Inc., Senior Note
6.125% 02/15/2033 200,000 208,483
Goldman Sachs Group, Inc., Senior Note
5.700% 09/01/2012 250,000 265,417
Goldman Sachs Group, Inc., Senior Note
4.125% 01/15/2008 800,000 810,626
Goldman Sachs Group, Inc., Series B, Note, (MTN)
7.350% 10/01/2009 750,000 853,979
Honeywell International, Inc., Note
6.125% 11/01/2011 250,000 275,744
Household Finance Corporation
6.375% 10/15/2011 1,000,000 1,105,929
Household Finance Corporation, Note
5.750% 01/30/2007 1,050,000 1,096,584
Lehman Brothers Holdings, Inc., Note
4.000% 01/22/2008 850,000 856,474
Lehman Brothers Holdings, Inc., Note, (MTN), (FRN)
6.625% 01/18/2012 250,000 279,945
Lehman Brothers Holdings, Inc., Senior
Subordinated Note
7.625% 06/01/2006 700,000 741,497
Merrill Lynch & Co., Inc., Note, (MTN)
5.450% 07/15/2014 500,000 518,221
Merrill Lynch & Co., Inc., Note, (MTN)
4.125% 09/10/2009 500,000 499,659
Merrill Lynch & Company, Inc., Note
6.000% 02/17/2009 1,000,000 1,074,256
Merrill Lynch & Company, Inc., Note, (MTN)
3.700% 04/21/2008 250,000 249,513
Morgan Stanley
8.000% 06/15/2010 750,000 886,316
Morgan Stanley, Note
7.250% 04/01/2032 100,000 120,543
Morgan Stanley, Note
5.800% 04/01/2007 350,000 367,123
Morgan Stanley, Note
4.750% 04/01/2014 1,000,000 976,206
National Rural Utilities Cooperative
Finance Corporation
6.000% 05/15/2006 500,000 518,078
National Rural Utilities Cooperative
Finance Corporation, Note
7.250% 03/01/2012 500,000 577,925
Pepco Holdings, Inc., Note
6.450% 08/15/2012 150,000 165,998
Rio Tinto Finance USA, Ltd., Guaranteed
Note (Australia)
2.625% 09/30/2008 100,000 95,967
Swiss Bank Corporation of New York, Note,
(MTN), (FRN)
7.375% 06/15/2017 100,000 120,544
U.S. Bank National Association,
Note, (MTN), (FRN)
6.375% 08/01/2011 750,000 834,044
Washington Mutual, Inc., Note
7.500% 08/15/2006 750,000 797,064
Washington Mutual, Inc., Senior Note
4.375% 01/15/2008 1,000,000 1,016,307
-----------
28,509,813
-----------
FOOD RETAILERS--0.1%
Albertson's, Inc., Note
7.500% 02/15/2011 250,000 289,906
Safeway, Inc., Note
7.500% 09/15/2009 800,000 905,248
-----------
1,195,154
-----------
See accompanying notes to financial statements.
182
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -----------------------------------------------------------------------------
CORPORATE OBLIGATIONS--(CONTINUED)
Forest Products & Paper--0.2%
International Paper Company, Note
6.750% 09/01/2011 $ 300,000 $ 336,796
Kimberly Clark Corporation, Note
5.625% 02/15/2012 250,000 269,344
MeadWestvaco Corporation, Note
6.850% 04/01/2012 150,000 169,847
Weyerhaeuser Company, Note
7.375% 03/15/2032 750,000 892,247
Weyerhaeuser Company, Note
6.750% 03/15/2012 100,000 112,846
Weyerhaeuser Company, Note
6.000% 08/01/2006 250,000 259,892
-----------
2,040,972
-----------
HEALTH CARE PROVIDERS--0.0%
UnitedHealth Group, Inc., Note
3.750% 02/10/2009 150,000 147,730
-----------
HEAVY CONSTRUCTION--0.0%
Centex Corporation, Senior Note
4.750% 01/15/2008 100,000 102,092
-----------
HEAVY MACHINERY--0.2%
Caterpillar, Inc., Senior Note
7.250% 09/15/2009 750,000 849,329
Cooper Industries, Inc., Guaranteed Senior Note
5.500% 11/01/2009 100,000 105,903
Deere & Company, Global Note
6.950% 04/25/2014 250,000 292,692
United Technologies Corporation, Note
6.700% 08/01/2028 150,000 174,377
United Technologies Corporation, Note
6.100% 05/15/2012 50,000 55,098
-----------
1,477,399
-----------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES--0.2%
Lennar Corp., Note 144A
5.500% 09/01/2014 * 500,000 507,746
MDC Holdings, Inc., Senior Note
5.500% 05/15/2013 500,000 508,503
Newell Rubbermaid, Inc., Note
4.625% 12/15/2009 100,000 101,053
Pulte Homes, Inc., Senior Note
7.875% 08/01/2011 350,000 406,560
-----------
1,523,862
-----------
HOUSEHOLD PRODUCTS--0.0%
Fortune Brands, Inc., Note
2.875% 12/01/2006 100,000 99,108
-----------
INDUSTRIAL--DIVERSIFIED--0.2%
Tyco International Group SA, Guaranteed
Note (Luxembourg)
6.750% 02/15/2011 500,000 561,104
Tyco International Group SA, Note (Luxembourg)
6.125% 11/01/2008 1,000,000 1,078,319
-----------
1,639,423
-----------
INSURANCE--0.9%
Aetna, Inc., Guaranteed Note
7.625% 08/15/2026 100,000 120,333
Allstate Corporation (The), Senior Note
7.200% 12/01/2009 750,000 850,847
Allstate Corporation (The), Senior Note
5.350% 06/01/2033 500,000 475,940
American General Finance Corporation,
Senior Note, (MTN)
5.375% 10/01/2012 650,000 674,923
American General Finance Corporation,
Senior Note, (MTN), (FRN)
5.875% 07/14/2006 1,000,000 1,037,204
American International Group, Inc.,
Global Senior Note
4.250% 05/15/2013 100,000 96,781
Anthem, Inc., Note
6.800% 08/01/2012 150,000 170,067
Axa Company (France)
8.600% 12/15/2030 250,000 329,328
AXA Financial, Inc., Senior Note
7.750% 08/01/2010 100,000 116,717
CNA Financial Corporation, Note
6.750% 11/15/2006 100,000 104,955
General Electric Global Insurance
Holding Corporation, Note
7.500% 06/15/2010 150,000 169,821
Genworth Financial, Inc., Note
5.750% 05/15/2014 500,000 529,916
Hartford Life, Inc., Senior Note
7.375% 03/01/2031 150,000 179,629
Metlife, Inc., Note
5.000% 11/24/2013 500,000 503,076
Metlife, Inc., Senior Note
6.500% 12/15/2032 100,000 109,420
Metlife, Inc., Senior Note
5.250% 12/01/2006 500,000 516,235
Progressive Corporation (The), Senior Note
6.625% 03/01/2029 150,000 166,866
Protective Life Secured Trust, Note, (MTN)
4.000% 04/01/2011 400,000 390,928
Prudential Financial, Inc., Note, (MTN)
5.100% 09/20/2014 500,000 503,351
Prudential Financial, Inc., Note, (MTN), (FRN)
3.750% 05/01/2008 100,000 99,509
Radian Group, Inc., Senior Note
5.625% 02/15/2013 100,000 103,798
Safeco Corporation, Senior Note
4.875% 02/01/2010 150,000 153,757
Travelers Property Casualty Corporation, Note
7.750% 04/15/2026 500,000 596,980
UnitedHealth Group, Inc., Note
5.000% 08/15/2014 500,000 503,961
WellPoint, Inc., Note, 144A
5.950% 12/15/2034 250,000 253,319
-----------
8,757,661
-----------
LODGING--0.1%
Harrah's Operating Company, Inc.,
Guaranteed Senior Note
5.375% 12/15/2013 250,000 251,755
Hilton Hotels Corporation, Note
7.625% 12/01/2012 250,000 292,801
-----------
544,556
-----------
See accompanying notes to financial statements.
183
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- ------------------------------------------------------------------------------
CORPORATE OBLIGATIONS--(CONTINUED)
MEDIA--BROADCASTING & PUBLISHING--0.6%
British Sky Broadcasting PLC, Note
(United Kingdom)
8.200% 07/15/2009 $ 250,000 $ 289,256
Clear Channel Communications, Inc., Global Note
4.250% 05/15/2009 250,000 247,714
Comcast Cable Communications Corporation, Note
8.375% 05/01/2007 500,000 553,270
Comcast Cable Communications Holdings, Inc., Note
9.455% 11/15/2022 400,000 554,600
Comcast Cable Communications Holdings, Inc., Note
8.375% 03/15/2013 500,000 617,501
Comcast Corporation, Note
7.050% 03/15/2033 500,000 573,998
COX Communications, Inc., Note
5.500% 10/01/2015 75,000 74,723
COX Communications, Inc., Note
4.625% 06/01/2013 250,000 239,564
Liberty Media Corporation, Senior Note
7.875% 07/15/2009 350,000 390,435
Time Warner Entertainment Company, LP,
Senior Note
8.375% 03/15/2023 1,000,000 1,256,925
Time Warner, Inc.
7.625% 04/15/2031 500,000 606,782
Viacom, Inc. Senior Note
7.875% 07/30/2030 250,000 322,100
Viacom, Inc., Senior Note
5.625% 08/15/2012 50,000 53,566
------------
5,780,434
------------
METALS--0.2%
Alcan, Inc., Senior Note (Canada)
4.875% 09/15/2012 350,000 356,031
Alcoa, Inc., Note
7.375% 08/01/2010 750,000 868,714
Masco Corporation, Senior Note
5.875% 07/15/2012 250,000 268,333
------------
1,493,078
------------
OIL & GAS--1.5%
Alberta Energy Ltd., Note
7.375% 11/01/2031 400,000 483,323
Apache Finance Canada Corporation, Note (Canada)
7.750% 12/15/2029 150,000 195,623
BP Capital Markets PLC, Guaranteed Note
(United Kingdom)
2.350% 06/15/2006 350,000 346,209
Burlington Resources Finance Company,
Guaranteed Note (Canada)
7.200% 08/15/2031 150,000 179,560
Canadian Natural Resources Ltd., Note (Canada)
5.450% 10/01/2012 250,000 261,665
Chevron Phillips Chemical Company LLC, Note
5.375% 06/15/2007 350,000 363,007
Conoco, Inc., Note
6.950% 04/15/2029 750,000 888,447
Consolidated Natural Gas Company, Senior Note
5.000% 03/01/2014 250,000 251,041
Devon Financing Corporation ULC, Note
7.875% 09/30/2031 500,000 631,535
Devon Financing Corporation, ULC, Note
6.875% 09/30/2011 750,000 850,580
Enbridge Energy Partners, LP, Note
4.000% 01/15/2009 50,000 49,301
Kerr-McGee Corporation, Note
6.875% 09/15/2011 200,000 225,521
Kinder Morgan Energy Partners, LP, Note
6.750% 03/15/2011 500,000 558,929
Kinder Morgan Energy Partners, LP, Note
5.350% 08/15/2007 350,000 362,545
Kinder Morgan, Inc., Note
7.250% 03/01/2028 150,000 171,248
Kinder Morgan, Inc., Senior Note
6.500% 09/01/2012 250,000 275,212
Lasmo USA, Inc., Senior Note (United Kingdom)
6.750% 12/15/2007 100,000 108,052
Marathon Oil Corporation, Note
6.125% 03/15/2012 350,000 381,930
Nexen, Inc., Note (Canada)
5.050% 11/20/2013 250,000 248,714
Norsk Hydro AS, Note (Norway)
6.360% 01/15/2009 450,000 489,454
Occidental Petroleum Corporation, Note
7.200% 04/01/2028 250,000 298,116
Occidental Petroleum Corporation, Senior Note
7.375% 11/15/2008 400,000 448,944
Pemex Project Funding Master Trust, Note
8.625% 02/01/2022 250,000 291,500
Pemex Project Funding Master Trust, Note
7.375% 12/15/2014 350,000 389,900
Petroleos Mexicanos SA, Note (Mexico)
9.375% 12/02/2008 350,000 411,950
Phillips 66 Capital Trust II, Note
8.000% 01/15/2037 750,000 861,432
Southern California Gas Company, Note
4.800% 10/01/2012 100,000 101,726
Suncor Energy, Inc., Note
7.150% 02/01/2032 500,000 607,415
Texaco Capital, Inc., Note
5.500% 01/15/2009 350,000 370,197
TransCanada Pipelines Ltd., Note (Canada)
4.000% 06/15/2013 250,000 237,209
Transocean, Inc., Note (Cayman Islands)
7.375% 04/15/2018 100,000 118,570
Union Oil Company of California,
Guaranteed Senior Note
5.050% 10/01/2012 100,000 102,516
Union Pacific Resources Group, Inc., Note
7.150% 05/15/2028 350,000 411,254
Valero Energy Corporation, Note
7.375% 03/15/2006 500,000 523,003
Valero Energy Corporation, Note
4.750% 06/15/2013 500,000 494,774
XTO Energy, Inc., Senior Note
4.900% 02/01/2014 750,000 749,702
------------
13,740,104
------------
PHARMACEUTICALS--0.4%
Abbott Laboratories, Note
3.500% 02/17/2009 250,000 247,678
American Home Products Corporation, Senior Note
6.950% 03/15/2011 250,000 281,849
Bristol-Myers Squibb Company, Note
5.750% 10/01/2011 850,000 911,605
Eli Lilly & Company, Note
2.900% 03/15/2008 150,000 146,687
GlaxoSmithKline Capital, Inc., Guaranteed Note
4.375% 04/15/2014 500,000 488,049
See accompanying notes to financial statements.
184
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- ------------------------------------------------------------------------------
CORPORATE OBLIGATIONS--(CONTINUED)
Johnson & Johnson, Note
4.950% 05/15/2033 $ 200,000 $ 190,197
Merck & Company, Inc., Senior Note
4.375% 02/15/2013 200,000 195,502
Pharmacia Corporation, Note
6.500% 12/01/2018 350,000 398,540
Schering-Plough Corporation, Senior Note
6.500% 12/01/2033 250,000 282,360
Wyeth Corporation, Note
5.500% 03/15/2013 100,000 104,103
Wyeth, Senior Note
6.500% 02/01/2034 250,000 267,624
Wyeth, Senior Note
5.500% 02/01/2014 250,000 259,108
------------
3,773,302
------------
REAL ESTATE--0.1%
Archstone Smith Trust REIT, Senior Note
5.000% 08/15/2007 100,000 102,848
Boston Properties, Inc. REIT
6.250% 01/15/2013 750,000 814,997
Simon Property Group, LP REIT, Note
6.350% 08/28/2012 250,000 273,538
------------
1,191,383
------------
RESTAURANTS--0.1%
McDonald's Corporation, Note, (MTN), (FRN)
3.875% 08/15/2007 250,000 251,060
Yum! Brands, Inc., Senior Note
7.700% 07/01/2012 250,000 296,617
------------
547,677
------------
RETAILERS--0.5%
Costco Wholesale Corporation, Senior Note
5.500% 03/15/2007 250,000 260,065
CVS Corp., Note
4.875% 09/15/2014 530,000 531,181
Federated Deaprtment Stores, Inc., Senior Note
6.900% 04/01/2029 500,000 561,535
Federated Department Stores, Inc., Senior Note
6.300% 04/01/2009 253,000 274,065
Fred Meyer, Inc., Note
7.450% 03/01/2008 750,000 827,487
May Department Stores Co. (The), Note
5.750% 07/15/2014 250,000 257,390
May Department Stores Company (The), Note
7.900% 10/15/2007 250,000 275,808
Target Corporation, Note
7.000% 07/15/2031 350,000 427,872
Wal-Mart Stores, Inc., Note
7.550% 02/15/2030 750,000 979,562
Wal-Mart Stores, Inc., Note
4.125% 02/15/2011 250,000 251,233
------------
4,646,198
------------
TELECOMMUNICATIONS--0.1%
Verizon Global Funding Corporation
7.375% 09/01/2012 1,000,000 1,178,552
------------
TELEPHONE SYSTEMS--1.5%
Alltel Corporation, Senior Note
7.000% 07/01/2012 250,000 288,298
America Movil SA de CV, Guaranteed
Senior Note (Mexico)
5.500% 03/01/2014 100,000 99,041
AT&T Wireless Services, Inc., Senior Note
8.750% 03/01/2031 250,000 338,107
AT&T Wireless Services, Inc., Senior Note
7.875% 03/01/2011 750,000 885,066
Bellsouth Capital Funding Corporation, Note
7.875% 02/15/2030 500,000 624,684
BellSouth Corporation, Note
6.875% 10/15/2031 350,000 398,240
BellSouth Corporation, Note
6.000% 10/15/2011 250,000 272,867
British Telecommunications PLC, Note
(United Kingdom)
8.875% 12/15/2030 150,000 201,457
British Telecommunications PLC, Note
(United Kingdom)
8.375% 12/15/2010 500,000 601,152
Deutsche Telekom International Finance BV,
Guaranteed Note (Netherlands)
8.750% 06/15/2030 750,000 993,301
Deutsche Telekom International Finance BV,
Note (Netherlands)
8.500% 06/15/2010 700,000 834,892
France Telecom SA, Note (France)
9.250% 03/01/2031 500,000 679,800
France Telecom SA, Note (France)
8.500% 03/01/2011 100,000 119,437
France Telecom SA, Note (France)
7.950% 03/01/2006 200,000 210,051
GTE Corporation, Note
7.510% 04/01/2009 200,000 226,006
Pacific Bell Corporation, Note
7.125% 03/15/2026 250,000 284,467
Royal KPN NV, Note (Netherlands)
8.000% 10/01/2010 350,000 413,605
SBC Communications, Inc., Global Note
5.100% 09/15/2014 1,000,000 1,011,212
Sprint Capital Corporation, Note
8.375% 03/15/2012 350,000 426,946
Sprint Capital Corporation, Note
6.875% 11/15/2028 350,000 384,345
Sprint Capital Corporation, Note
6.125% 11/15/2008 500,000 536,674
Telecom Italia Capital SA, Guaranteed Senior
Note 144A (Luxembourg)
6.000% 09/30/2034 * 250,000 245,249
Telecom Italia Capital SA, Series B, Senior
Note (Luxembourg)
5.250% 11/15/2013 350,000 354,380
Telefonica Europe BV (Netherlands)
8.250% 09/15/2030 350,000 470,819
TELUS Corporation, Note (Canada)
7.500% 06/01/2007 500,000 543,551
Verizon Global Funding Corporation, Note
7.750% 12/01/2030 750,000 935,420
Verizon New York, Inc., Note, Class A
7.375% 04/01/2032 + 350,000 402,740
Verizon Pennsylvania, Inc., Note, Class A
5.650% 11/15/2011 350,000 369,034
Verizon Virginia, Inc., Note
4.625% 03/15/2013 250,000 244,203
Verizon Wireless Capital LLC, Note
5.375% 12/15/2006 350,000 362,699
Vodafone Group PLC, Note (United Kingdom)
7.750% 02/15/2010 550,000 638,937
------------
14,396,680
------------
See accompanying notes to financial statements.
185
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- ------------------------------------------------------------------------------
CORPORATE OBLIGATIONS--(CONTINUED)
TRANSPORTATION--0.4%
Burlington Northern Santa Fe Corporation Note
7.125% 12/15/2010 $ 750,000 $ 857,533
Canadian National Railway Company, Note (Canada)
6.450% 07/15/2006 600,000 625,546
CSX Corporation, Note
7.950% 05/01/2027 230,000 290,921
Norfolk Southern Corp., Note
7.050% 05/01/2037 500,000 586,681
Norfolk Southern Corporation, Note
7.700% 05/15/2017 350,000 430,638
Union Pacific Corporation, Note, (MTN), (FRN)
6.790% 11/09/2007 750,000 807,415
------------
3,598,734
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $194,711,725) 200,676,979
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--46.5%
U.S. GOVERMENT AGENCIES AND
MORTGAGE BACKED--46.5%
Financing Corporation, Note
9.650% 11/02/2018 500,000 735,129
8.600% 09/26/2019 500,000 686,002
Tennessee Valley Authority
6.250% 12/15/2017 1,200,000 1,356,110
Federal Home Loan Bank
6.750% 08/15/2007 700,000 758,622
6.090% 06/02/2006 1,500,000 1,561,540
5.945% 07/28/2008 2,000,000 2,158,118
5.750% 05/15/2012 1,100,000 1,205,825
5.375% 05/15/2006 4,000,000 4,116,068
2.950% 09/14/2006 300,000 298,926
2.875% 09/15/2006 + 3,500,000 3,489,027
2.750% 12/15/2006-
03/14/2008 3,750,000 3,712,070
2.625% 10/16/2006-
02/16/2007 5,800,000 5,738,677
2.250% 05/15/2006 2,750,000 2,719,662
2.000% 02/27/2006 500,000 494,250
Federal Home Loan Mortgage Corporation
7.500% 06/01/2027-
10/01/2029 1,348,846 1,449,179
7.000% 02/01/2016-
11/01/2033 3,794,450 4,029,215
6.875% 09/15/2010 5,000,000 5,714,820
6.750% 09/15/2029 70,000 84,930
6.500% 05/01/2008-
08/01/2032 15,294,853 16,135,002
6.250% 07/15/2032 1,700,000 1,957,055
6.000% 11/01/2016-
12/01/2033 20,282,850 21,023,300
5.750% 04/15/2008-
01/15/2012 4,650,000 5,037,250
5.500% 07/15/2006-
11/01/2034 41,445,346 42,351,481
5.200% 03/05/2019 200,000 198,230
5.000% 01/30/2014-
11/01/2034 41,058,585 41,093,459
4.750% 12/08/2010-
10/11/2012 1,500,000 1,503,000
4.500% 07/01/2011-
11/01/2034 22,368,271 22,204,818
4.250% 05/04/2009 600,000 600,996
4.125% 09/01/2009-
02/24/2011 1,000,000 992,035
4.000% 04/01/2009-
05/01/2019 4,502,993 4,429,320
3.500% 09/15/2007-
05/01/2011 + 8,443,900 8,466,581
3.300% 09/14/2007 300,000 299,333
3.000% 09/29/2006 600,000 596,398
2.875% 05/15/2007 + 6,000,000 5,942,154
2.850% 02/23/2007 1,000,000 989,497
2.400% 03/29/2007 1,000,000 981,150
Federal Home Loan Mortgage Corporation TBA
6.500% 01/01/2035 1,000,000 1,049,375
Federal Home Loan Mortgage Corporation TBA
5.500% 01/01/2035 2,000,000 2,031,876
Federal National Mortgage Association
7.500% 06/01/2030-
07/01/2031 138,217 148,176
7.250% 01/15/2010 2,800,000 3,221,487
7.000% 03/01/2030-
10/01/2034 4,248,002 4,503,836
6.625% 11/15/2010 2,600,000 2,941,905
6.500% 02/01/2017-
11/01/2033 11,845,641 12,444,775
6.375% 06/15/2009 394,000 435,121
6.250% 05/15/2029 1,150,000 1,313,034
6.000% 05/15/2011-
10/01/2034 21,806,911 22,722,553
5.875% 02/02/2006 1,700,000 1,749,424
5.500% 03/15/2011-
12/01/2034 42,453,086 43,317,013
5.250% 01/15/2009 3,700,000 3,909,635
5.000% 03/01/2018-
11/01/2034 35,855,317 36,003,709
4.750% 02/21/2013 600,000 597,377
4.625% 10/15/2013 5,800,000 5,864,496
4.500% 08/01/2011-
06/01/2034 13,331,739 13,243,545
4.375% 07/17/2013 600,000 584,908
4.125% 04/15/2014 + 3,000,000 2,913,159
4.000% 12/15/2008-
11/01/2019 7,291,748 7,157,325
3.500% 01/28/2008 550,000 548,465
3.410% 08/30/2007 1,500,000 1,495,881
3.000% 03/02/2007 1,000,000 994,273
2.625% 01/19/2007 1,000,000 987,882
2.250% 02/28/2006-
05/15/2006 5,440,000 5,378,477
2.125% 04/15/2006 2,000,000 1,976,662
0.000% 06/01/2017 1,000,000 530,561
Federal National Mortgage
Association TBA
5.500% 01/01/2035 5,300,000 5,381,154
Federal National Mortgage
Association TBA
5.000% 01/01/2035 1,900,000 1,885,157
Government National Mortgage
Association
7.500% 12/15/2029-
05/15/2032 2,317,495 2,489,922
7.000% 09/15/2031 1,609,000 1,711,113
6.500% 03/15/2026-
10/15/2032 5,166,765 5,446,654
6.000% 02/15/2033-
11/15/2034 7,960,600 8,258,451
5.500% 05/15/2033-
11/15/2034 11,134,936 11,386,391
See accompanying notes to financial statements.
186
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -----------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--
(CONTINUED)
5.000% 05/15/2033-
06/15/2034 $ 3,894,110 $ 3,902,194
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $432,173,213) 433,635,195
--------------
U.S. TREASURY OBLIGATIONS--24.1%
U.S. TREASURY BONDS--8.3%
U.S. Treasury Bond
13.875% 05/15/2011 600,000 687,235
13.250% 05/15/2014 850,000 1,181,367
12.750% 11/15/2010 200,000 216,914
11.750% 11/15/2014 500,000 678,926
10.375% 11/15/2012 + 300,000 357,774
9.875% 11/15/2015 2,600,000 3,841,908
9.250% 02/15/2016 3,700,000 5,282,764
9.125% 05/15/2018 1,000,000 1,454,766
8.750% 05/15/2017 1,100,000 1,541,676
8.125% 08/15/2019 + 6,030,000 8,232,367
8.000% 11/15/2021 4,150,000 5,697,983
7.875% 02/15/2021 3,000,000 4,054,221
7.625% 02/15/2025 3,300,000 4,470,342
7.500% 11/15/2024 1,150,000 1,537,406
7.250% 05/15/2016 4,600,000 5,759,347
7.125% 02/15/2023 4,300,000 5,488,382
6.500% 11/15/2026 1,950,000 2,369,632
6.250% 05/15/2030 3,260,000 3,898,631
6.125% 11/15/2027 1,600,000 1,869,189
6.000% 02/15/2026 + 4,250,000 4,869,739
5.750% 08/15/2010 1,500,000 1,651,935
5.375% 02/15/2031 + 1,400,000 1,514,297
5.250% 02/15/2029 2,400,000 2,518,313
5.000% 08/15/2011 + 4,500,000 4,791,973
2.375% 08/15/2006 + 3,750,000 3,715,579
--------------
77,682,666
--------------
U.S. TREASURY NOTES--15.8%
U.S. Treasury Note
7.000% 07/15/2006 6,400,000 6,787,501
6.125% 08/15/2007 2,600,000 2,791,142
6.000% 08/15/2009 9,400,000 10,370,118
5.625% 02/15/2006-
05/15/2008 5,800,000 6,181,128
5.500% 02/15/2008-
05/15/2009 4,000,000 4,311,488
5.000% 02/15/2011 500,000 532,051
4.875% 02/15/2012 2,000,000 2,114,532
4.750% 11/15/2008 5,900,000 6,181,406
4.625% 05/15/2006 5,850,000 5,986,656
4.375% 05/15/2007 + 7,200,000 7,402,219
4.250% 08/15/2013-
08/15/2014 + 6,450,000 6,489,889
4.000% 11/15/2012-
02/15/2014 + 10,150,000 10,087,689
3.875% 02/15/2013 1,060,000 1,046,171
3.625% 07/15/2009-
05/15/2013 + 7,910,000 7,802,920
3.500% 11/15/2006-
08/15/2009 + 14,700,000 14,767,193
3.375% 12/15/2008-
10/15/2009 8,115,000 8,087,755
3.125% 05/15/2007-
04/15/2009 7,420,000 7,383,105
3.000% 12/31/2006-
11/15/2007 + 6,000,000 5,986,645
2.750% 08/15/2007 + 5,000,000 4,946,680
2.625% 11/15/2006-
05/15/2008 + 11,500,000 11,321,449
2.500% 05/31/2006-
10/31/2006 + 16,900,000 16,772,231
--------------
147,349,968
--------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $223,918,884) 225,032,634
--------------
MUNICIPAL OBLIGATIONS--0.2%
FINANCIAL SERVICES--0.2%
Illinois State (Illinois)
5.100% 06/01/2033 600,000 576,342
New Jersey Economic Development
Authority (New Jersey)
7.425% 02/15/2029 500,000 628,945
New Jersey State Turnpike Authority
(New Jersey)
4.252% 01/01/2016 550,000 529,953
Oregon State (Oregon)
5.762% 06/01/2023 200,000 211,390
--------------
TOTAL MUNICIPAL OBLIGATIONS
(Cost $1,857,300) 1,946,630
--------------
SOVEREIGN DEBT OBLIGATIONS--1.9%
GOVERNMENT ISSUED--1.9%
British Columbia (Province of) (Canada)
6.500% 01/15/2026 150,000 174,776
Canadian Government (Canada)
5.250% 11/05/2008 250,000 264,524
Hydro Quebec (Canada)
6.300% 05/11/2011 350,000 390,738
Hydro-Quebec (Canada)
8.050% 07/07/2024 500,000 679,472
Italian Republic (Italy)
6.875% 09/27/2023 250,000 298,737
Italian Republic (Italy)
6.000% 02/22/2011 1,550,000 1,699,156
Italian Republic (Italy)
5.375% 06/15/2033 500,000 501,871
Italian Republic (Italy)
4.375% 10/25/2006 750,000 763,341
Malaysia Government (Malaysia)
8.750% 06/01/2009 500,000 593,765
Malaysia Government (Malaysia)
7.500% 07/15/2011 250,000 292,520
Manitoba Province (Cayman Islands)
4.250% 11/20/2006 750,000 765,172
New Brunswick Province (Canada)
3.500% 10/23/2007 150,000 150,110
Nova Scotia Province (Canada)
5.750% 02/27/2012 350,000 380,868
Ontario Province (Canada)
5.500% 10/01/2008 550,000 583,608
Ontario Province (Canada)
3.282% 03/28/2008 250,000 247,046
Ontario Province (Canada)
2.650% 12/15/2006 1,000,000 988,419
See accompanying notes to financial statements.
187
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -----------------------------------------------------------------------------
SOVEREIGN DEBT OBLIGATIONS--(CONTINUED)
People's Republic of China (China)
4.750% 10/29/2013 $ 250,000 $ 252,010
Quebec Province (Canada)
6.125% 01/22/2011 850,000 936,944
Quebec Province (Canada)
5.750% 02/15/2009 850,000 911,429
Region of Lombardy (Italy)
5.804% 10/25/2032 100,000 106,688
Republic of Chile (Chile)
5.500% 01/15/2013 150,000 157,980
Republic of Finland (Finland)
6.950% 02/15/2026 150,000 182,317
Republic of Korea (South Korea)
8.875% 04/15/2008 250,000 290,516
Republic of Poland (Poland)
5.250% 01/15/2014 200,000 206,750
Republic of South Africa (South Africa)
7.375% 04/25/2012 250,000 286,875
Saskatchewan Province (Canada)
7.375% 07/15/2013 230,000 276,725
State of Israel (Israel)
5.125% 03/01/2014 250,000 250,037
United Mexican States (Mexico)
9.875% 01/15/2007 150,000 168,863
United Mexican States (Mexico)
8.625% 03/12/2008 1,000,000 1,137,500
United Mexican States (Mexico)
8.375% 01/14/2011 500,000 588,500
United Mexican States (Mexico)
8.300% 08/15/2031 250,000 293,625
United Mexican States (Mexico)
8.125% 12/30/2019 750,000 882,000
United Mexican States (Mexico)
7.500% 04/08/2033 400,000 433,000
United Mexican States (Mexico)
6.375% 01/16/2013 1,150,000 1,227,625
--------------
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $16,890,055) 17,363,507
--------------
ASSET BACKED SECURITIES--4.6%
AIRLINES--0.1%
American Airlines, Inc., Ser. 1999-1, Class A2
7.024% 10/15/2009 157,000 161,622
Continental Airlines, Inc., Ser. 1998-1, Class 1A
6.648% 09/15/2017 634,366 616,559
--------------
778,181
--------------
BANKING--4.0%
AmeriCredit Automobile Receivables Trust,
Series 2003-D-M, Class A-4
2.840% 08/06/2010 1,000,000 990,066
Banc of America Commercial Mortgage, Inc.,
Series 2002-2, Class A3
5.118% 07/11/2043 500,000 517,755
Bank One Issuance Trust,
Series 2003-A7, Class A7
3.350% 03/15/2011 1,500,000 1,482,825
Capital One Auto Finance Trust,
Ser. 2020-B, Class A3A
2.710% 10/16/2006 843,186 843,616
Capital One Master Trust,
Series 2001-8, Class A
4.600% 08/17/2009 400,000 408,415
Citibank Credit Card Issuance Trust,
Series 2001-A6, Class A6
5.650% 06/16/2008 1,975,000 2,042,179
Citibank Credit Card Master Trust I,
Series 1999-2, Class A
5.875% 03/10/2011 1,500,000 1,614,441
CS First Boston Mortgage Securities Corp.,
Series 2003-C5, Class A2
3.808% 12/15/2036 1,000,000 995,492
First Union National Bank Commercial Mortgage,
Series 2001-C3, Class A2
6.180% 08/15/2033 1,200,000 1,278,656
GE Capital Commercial Mortgage Corp.,
Series 2004-C1, Class A2
3.915% 11/10/2038 1,000,000 989,453
GE Capital Commercial Mortgage Corporation,
Ser. 2001-A, Class A2
6.531% 05/15/2033 3,500,000 3,896,625
GMAC Commercial Mortgage Securities, Inc.,
Ser. 2000-C1, Class A2
7.724% 12/15/2009 1,707,000 1,953,967
Honda Auto Receivables Owner Trust,
Series 2004-1, Class A4
3.060% 10/21/2009 1,000,000 990,131
Household Auto Receivables Trust,
Ser. 2002-3, Class A4A
3.440% 05/18/2009 2,000,000 2,012,756
JP Morgan Chase Commercial
Mortgage Securities Corporation,
Series 2004-CB9, Class A4
5.563% 06/12/2041 750,000 788,941
LB Commercial Mortgage Trust,
Ser. 1991-C1, Class A2
6.780% 06/15/2031 6,000,000 6,613,714
LB-UBS Commercial Mortgage Trust,
Series 2003-C8, Class A2
4.207% 11/15/2027 1,000,000 1,007,354
MBNA Master Credit Card Trust,
Series 1999-B, Class A
5.900% 08/15/2011 825,000 890,004
Merrill Lynch Mortgage Trust,
Series 2002-MW1, Class A3
5.403% 07/12/2034 500,000 526,668
Morgan Stanley Capital I,
Ser. 1997-C1, Class B
7.690% 02/15/2020 1,000,000 1,060,263
Morgan Stanley Capital I,
Series 2004-HQ3, Class A4
4.800% 01/13/2041 750,000 752,209
Morgan Stanley Capital I,
Series 2004-T13, Class A2
3.940% 09/13/2045 1,000,000 987,618
Mortgage Capital Funding, Inc.,
Ser. 1998-MC2, Class A2
6.423% 06/18/2030 708,859 757,338
Wachovia Bank Commercial Mortgage Trust,
Ser. 2003-C5, Class A2
3.989% 06/15/2035 750,000 716,540
Wachovia Bank Commercial Mortgage Trust,
Ser. 2003-C9, Class A4
5.012% 12/15/2035 750,000 763,099
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C11, Class A5
5.215% 01/15/2041 500,000 515,090
Wachovia Bank Commercial Mortgage Trust,
Series 2004-C12, Class A4
5.236% 08/15/2041 750,000 779,589
See accompanying notes to financial statements.
188
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -----------------------------------------------------------------------------
ASSET BACKED SECURITIES--(CONTINUED)
WFS Financial Owner Trust,
Series 2003-3, Class A4
3.250% 05/20/2011 $ 900,000 $ 896,745
--------------
37,071,549
--------------
ELECTRIC UTILITIES--0.3%
Detroit Edison Securitization Funding LLC,
Ser. 2001-1, Class A6
6.620% 03/01/2016 2,700,000 3,087,113
--------------
FINANCIAL SERVICES--0.2%
CS First Boston Mortgage Securities Corp.,
Series 1998-C2, Class A2
6.300% 11/11/2030 407,000 439,290
LB-UBS Commercial Mortgage Trust,
Ser. 2002-C4, Class A5
4.853% 09/15/2031 1,500,000 1,529,069
--------------
1,968,359
--------------
TOTAL ASSET BACKED SECURITIES
(Cost $42,688,113) 42,905,202
--------------
CASH EQUIVALENTS--9.9%
INSTITUTIONAL MONEY MARKET FUNDS--1.0%
BGI Institutional Fund
2.255% 01/03/2005 ++ 6,028,230 6,028,230
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 1,563,130 1,563,130
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 1,442,187 1,442,187
--------------
9,033,547
--------------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--8.2%
Bank of America
2.300% 06/09/2005 ++ 1,738,244 1,738,244
Bank of America
2.270% 01/18/2005 ++ 695,298 695,298
Bank of America
2.270% 03/03/2005 ++ 361,555 361,555
Bank of Montreal
2.260% 01/28/2005 ++ 36,170 36,170
Bank of Nova Scotia
2.330% 01/13/2005 ++ 1,077,712 1,077,712
Bank of Nova Scotia
2.330% 01/24/2005 ++ 3,493,871 3,493,871
Bank of Nova Scotia
2.320% 02/08/2005 ++ 2,085,893 2,085,893
BNP Paribas
2.295% 02/23/2005 ++ 695,298 695,298
Calyon
2.340% 02/02/2005 ++ 695,298 695,298
Calyon
2.270% 01/20/2005 ++ 1,738,244 1,738,244
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 2,433,542 2,433,542
Citigroup
2.080% 01/28/2005 ++ 2,085,893 2,085,893
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 3,476,489 3,476,489
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 695,298 695,298
Delaware Funding Corporation
2.235% 01/04/2005 ++ 1,460,358 1,460,358
Den Danske Bank
2.260% 01/20/2005 ++ 4,171,786 4,171,786
Dexia Group
2.040% 01/21/2005 ++ 34,765 34,765
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 1,738,244 1,738,244
Fortis Bank
2.260% 01/05/2005 ++ 3,128,840 3,128,840
Fortis Bank
2.140% 01/12/2005 ++ 1,738,244 1,738,244
General Electric Capital Corporation
2.295% 01/10/2005 ++ 2,085,893 2,085,893
General Electric Capital Corporation
2.294% 01/21/2005 ++ 1,732,802 1,732,802
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 13,905,955 13,905,955
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 1,042,947 1,042,947
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 1,390,596 1,390,596
Greyhawk Funding
2.349% 02/08/2005 ++ 1,042,947 1,042,947
Lloyds TSB Bank
2.280% 02/02/2005 ++ 1,042,947 1,042,947
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 7,022,507 7,022,507
Paradigm Funding LLC
2.245% 01/03/2005 ++ 687,943 687,943
Royal Bank of Canada
2.260% 02/01/2005 ++ 681,392 681,392
Royal Bank of Canada
2.250% 01/19/2005 ++ 486,708 486,708
Royal Bank of Scotland
2.360% 02/17/2005 ++ 3,476,489 3,476,489
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 2,357,059 2,357,059
Svenska Handlesbanken
2.250% 01/10/2005 ++ 1,042,947 1,042,947
Wells Fargo
2.320% 01/14/2005 ++ 1,640,903 1,640,903
Wells Fargo
2.270% 01/25/2005 ++ 3,476,489 3,476,489
--------------
76,697,566
--------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--0.7%
Bear Stearns & Company
2.448% 06/05/2005 ++ 695,298 695,298
Bear Stearns & Company
2.448% 09/08/2005 ++ 695,298 695,298
Morgan Stanley
2.393% 03/16/2005 ++ 834,358 834,358
Morgan Stanley
2.393% 06/05/2005 ++ 1,738,244 1,738,244
Morgan Stanley
2.393% 06/10/2005 ++ 2,433,542 2,433,542
--------------
6,396,740
--------------
TOTAL CASH EQUIVALENTS
(Cost $92,127,853) 92,127,853
--------------
See accompanying notes to financial statements.
189
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT CORE
BOND INDEX FUND FACE VALUE
- -----------------------------------------------------------
REPURCHASE AGREEMENTS--1.4%
IBT Repurchase Agreement
dated 12/31/04 due
01/03/05, with a
maturity value of
13,199,542 and an
effective yield of 1.80%
collateralized by
U.S. Government
Obligations with rates
ranging from 4.50% to
4.875%, maturity dates
ranging from 11/25/2015
to 01/20/2034 and an
aggregate market
value of 13,857,440. $13,197,562 $ 13,197,562
--------------
TOTAL INVESTMENTS--110.1%
(Cost $1,017,564,705) 1,026,885,562
Other assets less liabilities--(10.1%) (94,201,682)
--------------
NET ASSETS--100.0% $ 932,683,880
==============
NOTES TO THE SCHEDULE OF INVESTMENTS:
FRN Floating Rate Note
MTN Medium Term Note
REIT Real Estate Investment Trust
+ Denotes all or a portion of security on loan.
++ Represents collateral received from securities lending transactions.
* Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified buyers. 144A securities represent 0.11%
of Total Investments.
See accompanying notes to financial statements.
190
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT 500 STOCK
INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--98.9%
ADVERTISING--0.2%
Interpublic Group, Inc. *+ 13,428 $ 179,935
Monster Worldwide, Inc. * 3,572 120,162
Omnicom Group 5,767 486,273
------------
786,370
------------
AEROSPACE & DEFENSE--1.3%
Goodrich Corporation 3,725 121,584
Boeing Company (The) 26,119 1,352,181
General Dynamics Corporation 6,261 654,901
Honeywell International, Inc. 26,896 952,387
Lockheed Martin Corporation 13,778 765,368
Northrop Grumman
Corporation 11,198 608,723
Textron, Inc. + 4,227 311,953
------------
4,767,097
------------
AIRLINES--0.1%
Delta Airlines, Inc. *+ 3,912 29,262
Southwest Airlines Company 24,725 402,523
------------
431,785
------------
APPAREL RETAILERS--0.5%
Gap, Inc. (The) 28,366 599,090
Kohl's Corporation * 10,536 518,055
Ltd. Brands 14,763 339,844
Nordstrom, Inc. 4,351 203,322
------------
1,660,311
------------
AUTOMOTIVE--1.0%
Autonation, Inc. * 8,609 165,379
Dana Corporation 4,708 81,590
Delphi Corporation + 17,845 160,962
Ford Motor Company + 57,278 838,550
General Motors Corporation + 17,657 707,339
Genuine Parts Company 5,410 238,365
Goodyear Tire & Rubber
Company (The) *+ 5,556 81,451
Harley-Davidson, Inc. 9,104 553,068
ITT Industries, Inc. 2,921 246,678
Navistar International
Corporation * 2,176 95,700
Paccar, Inc. + 5,372 432,339
Visteon Corporation + 4,143 40,477
------------
3,641,898
------------
BANKING--11.9%
American Express Company 39,870 2,247,472
AmSouth Bancorp + 11,018 285,366
BB&T Corporation 17,208 723,596
Bank of America Corporation 127,362 5,984,740
Bank of New York Company,
Inc. (The) 24,395 815,281
Capital One Financial
Corporation 7,462 628,375
CIT Group, Inc. 6,850 313,867
Citigroup, Inc. 162,130 7,811,423
Comerica, Inc. + 5,263 321,148
Compass Bancshares, Inc. 3,100 150,877
Fifth Third Bancorp + 17,819 842,482
First Horizon National
Corporation + 3,674 158,386
Golden West Financial
Corporation 9,422 578,699
Huntington Bancshares, Inc. + 7,147 177,103
JP Morgan Chase & Company 111,615 4,354,101
KeyCorp + 12,773 433,005
M&T Bank Corporation 3,697 398,684
MBNA Corporation 40,359 1,137,720
Marshall & IIsley Corporation 7,069 312,450
Mellon Financial Corporation 13,012 404,803
National City Corporation + 20,551 771,690
North Fork Bancorp, Inc. 14,553 419,854
Northern Trust Corporation 6,877 334,085
PNC Financial Services
Group, Inc. 8,880 510,067
Providian Financial
Corporation *+ 9,193 151,409
Regions Financial Corporation 14,562 518,262
SLM Corporation 13,476 719,484
Sovereign Bancorp, Inc. + 10,500 236,775
State Street Corporation 10,482 514,876
Suntrust Banks, Inc. 11,155 824,131
Synovus Financial
Corporation 9,554 273,053
U.S. Bancorp 59,143 1,852,359
Wachovia Corporation 50,431 2,652,671
Washington Mutual, Inc. 27,088 1,145,281
Wells Fargo & Company 52,958 3,291,340
Zions Bancorp 2,846 193,613
------------
42,488,528
------------
BEVERAGES, FOOD & TOBACCO--5.1%
Adolph Coors Company
Class B + 1,153 87,248
Altria Group, Inc. 64,337 3,930,991
Anheuser-Busch Companies,
Inc. 24,880 1,262,162
Archer-Daniels-Midland
Company 20,379 454,656
Brown-Forman Corporation
Class B 3,843 187,077
Campbell Soup Company 12,893 385,372
Coca-Cola Company (The) 76,108 3,168,376
Coca-Cola Enterprises, Inc. 14,503 302,388
ConAgra Foods, Inc. 16,601 488,899
General Mills, Inc. 11,922 592,643
H.J. Heinz Company 10,943 426,668
Hershey Foods Corporation 7,602 422,215
Kellogg Company 12,755 569,638
McCormick & Company, Inc. 4,395 169,647
Pepsi Bottling Group, Inc. + 7,922 214,211
Pepsico, Inc. 53,172 2,775,578
RJ Reynolds Tobacco
Holding, Inc. + 4,580 359,988
Safeway, Inc. * 13,907 274,524
Sara Lee Corporation 24,524 592,009
Supervalu, Inc. 4,247 146,606
Sysco Corporation + 19,793 755,499
UST, Inc. 5,151 247,815
WM Wrigley Jr. Company 6,916 478,518
------------
18,292,728
------------
BUILDING MATERIALS--1.3%
Home Depot, Inc. 68,886 2,944,188
Louisiana-Pacific
Corporation + 3,355 89,713
Lowe's Companies, Inc. + 24,560 1,414,410
Vulcan Materials Company 3,221 175,899
------------
4,624,210
------------
See accompanying notes to financial statements.
191
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT 500 STOCK
INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
CHEMICALS--1.6%
Air Products & Chemicals, Inc. 7,096 $ 411,355
Avery Dennison Corporation 3,499 209,835
Cooper Tire & Rubber
Company + 2,340 50,427
Dow Chemical Company (The) 29,594 1,465,199
Eastman Chemical Company 2,451 141,496
Ecolab, Inc. + 8,060 283,148
EI Du Pont de Nemours &
Company 31,493 1,544,732
Great Lakes Chemical
Corporation 1,603 45,669
Hercules, Inc. * 3,515 52,198
International Flavors &
Fragrances, Inc. 2,965 127,021
Monsanto Company 8,297 460,898
PPG Industries, Inc. 5,381 366,769
Praxair, Inc. 10,096 445,738
------------
5,604,485
------------
COMMERCIAL SERVICES--1.1%
Allied Waste Industries, Inc. * 10,137 94,071
Apollo Group, Inc. Class A * 5,934 478,933
Cendant Corporation 33,082 773,457
Cintas Corporation 5,408 237,195
Convergys Corporation * 4,528 67,875
Equifax, Inc. 4,405 123,781
Fluor Corporation + 2,599 141,672
H&R Block, Inc. + 5,116 250,684
Moody's Corporation 4,611 400,465
Paychex, Inc. 11,838 403,439
Robert Half International, Inc. 5,423 159,599
RR Donnelley & Sons
Company 6,781 239,301
Ryder System, Inc. 2,030 96,973
Waste Management, Inc. 17,915 536,375
------------
4,003,820
------------
COMMUNICATIONS--1.7%
ADC Telecommunications,
Inc. * 25,498 68,335
Andrew Corporation * 4,865 66,310
Avaya, Inc. *+ 14,897 256,228
Ciena Corporation * 15,008 50,127
Comverse Technology, Inc. * 6,104 149,243
Corning, Inc. * 43,710 514,467
L-3 Communications
Holdings, Inc. 3,468 253,996
Lucent Technologies, Inc. *+ 132,779 499,249
Motorola, Inc. 74,567 1,282,552
Network Appliance, Inc. * 11,224 372,861
Qualcomm, Inc. 51,268 2,173,763
Scientific-Atlanta, Inc. 4,807 158,679
Tellabs, Inc. * 13,208 113,457
------------
5,959,267
------------
COMPUTER SOFTWARE & PROCESSING--5.9%
Adobe Systems, Inc. 7,409 464,841
Affiliated Computer
Services, Inc. Class A *+ 3,980 239,556
Autodesk, Inc. 7,066 268,155
Automatic Data Processing,
Inc. 18,124 803,799
BMC Software, Inc. * 7,266 135,148
Citrix Systems, Inc. * 5,196 127,458
Computer Associates
International, Inc. + 18,038 560,260
Computer Sciences
Corporation * 5,832 328,750
Compuware Corporation * 12,167 78,721
Electronic Arts, Inc. * 9,382 578,682
Electronic Data Systems
Corporation 16,012 369,877
First Data Corporation 26,695 1,135,605
Fiserv, Inc. * 6,138 246,686
IMS Health, Inc. 7,482 173,657
Intuit, Inc. * 5,986 263,444
Mercury Interactive
Corporation *+ 2,850 129,818
Microsoft Corporation 340,149 9,085,380
NCR Corporation * 2,995 207,344
Novell, Inc. * 11,821 79,792
Nvidia Corporation * 5,134 120,957
Oracle Corporation * 162,796 2,233,561
Parametric Technology
Corporation * 8,439 49,706
Siebel Systems, Inc. * 16,000 168,000
Sun Microsystems, Inc. * 102,536 551,644
Sungard Data Systems, Inc. * 9,196 260,523
Symantec Corporation * 19,488 502,011
Unisys Corporation * 10,465 106,534
Veritas Software
Corporation *+ 13,639 389,393
Yahoo!, Inc. * 42,888 1,616,020
------------
21,275,322
------------
COMPUTERS & INFORMATION--5.6%
3M Company 24,373 2,000,292
Apple Computer, Inc. * 12,177 784,199
Cisco Systems, Inc. * 208,628 4,026,520
Dell, Inc. * 78,338 3,301,163
EMC Corporation * 75,095 1,116,663
Gateway, Inc. * 10,279 61,777
Hewlett-Packard Company 94,981 1,991,752
International Business
Machines Corporation 52,468 5,172,295
International Game
Technology 10,862 373,436
Jabil Circuit, Inc. * 6,424 164,326
Lexmark International, Inc. * 4,068 345,780
Pitney Bowes, Inc. 7,296 337,659
Solectron Corporation * 29,567 157,592
Symbol Technologies, Inc. + 7,303 126,342
------------
19,959,796
------------
CONTAINERS & PACKAGING--0.1%
Ball Corporation 3,568 156,921
Sealed Air Corporation * 2,691 143,350
------------
300,271
------------
COSMETICS & PERSONAL CARE--2.1%
Alberto Culver Company
Class B 2,792 135,607
Avon Products, Inc. 14,618 565,717
Clorox Company 5,283 311,327
Colgate-Palmolive Company 16,612 849,870
Gillette Company (The) 31,577 1,414,018
Procter & Gamble Company 79,662 4,387,783
------------
7,664,322
------------
DIVERSIFIED--3.4%
General Electric Company 330,826 12,075,149
------------
See accompanying notes to financial statements.
192
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT 500 STOCK
INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
ELECTRIC UTILITIES--2.9%
AES Corporation (The) * 19,614 $ 268,123
Allegheny Energy, Inc. *+ 4,024 79,313
Ameren Corporation + 5,945 298,082
American Electric Power
Company, Inc. + 12,209 419,257
CMS Energy Corporation *+ 5,099 53,285
Calpine Corporation *+ 20,845 82,129
Centerpoint Energy, Inc. + 9,695 109,554
Cinergy Corporation 5,638 234,710
Consolidated Edison, Inc. + 7,439 325,456
Constellation Energy
Group, Inc. 5,597 244,645
DTE Energy Company + 5,330 229,883
Dominion Resources, Inc. 10,202 691,083
Duke Energy Corporation 29,336 743,081
Edison International 10,318 330,486
Entergy Corporation 7,145 482,931
Exelon Corporation + 20,920 921,944
FPL Group, Inc. + 5,724 427,869
FirstEnergy Corporation 10,244 404,740
KeySpan Corporation 5,036 198,670
NiSource, Inc. 8,413 191,648
PG&E Corporation * 12,482 415,401
PPL Corporation 5,914 315,098
Pinnacle West Capital
Corporation 2,891 128,389
Progress Energy, Inc. + 7,759 351,017
Public Service Enterprise
Group, Inc. 7,446 385,479
Sempra Energy + 7,063 259,071
Southern Company (The) 23,084 773,776
TXU Corporation + 8,145 525,841
TECO Energy, Inc. + 5,950 91,273
Xcel Energy, Inc. 12,731 231,704
------------
10,213,938
------------
ELECTRICAL EQUIPMENT--0.3%
Cooper Industries Ltd. Class A 2,956 200,683
Emerson Electric Company 13,125 920,063
------------
1,120,746
------------
ELECTRONICS--3.2%
Advanced Micro Devices,
Inc. *+ 11,136 245,215
Agilent Technologies, Inc. * 14,956 360,440
Altera Corporation * 11,395 235,877
American Power Conversion
Corporation 6,286 134,520
Analog Devices, Inc. 11,930 440,456
Applied Micro Circuits
Corporation * 9,726 40,946
Broadcom Corporation
Class A * 10,188 328,869
Freescale Semiconductor,
Inc. Class B * 13,015 238,955
Intel Corporation + 200,977 4,700,852
JDS Uniphase Corporation *+ 45,346 143,747
LSI Logic Corporation * 12,007 65,798
Linear Technology
Corporation 9,592 371,786
Maxim Integrated Products,
Inc. 10,205 432,590
Micron Technology, Inc. *+ 19,238 237,589
Molex, Inc. + 5,928 177,840
National Semiconductor
Corporation 11,338 203,517
Novellus Systems, Inc. 4,373 121,963
PMC-Sierra, Inc. * 5,469 61,526
Power-One, Inc. * 2,640 23,549
QLogic Corporation * 2,992 109,896
Raytheon Company 14,179 550,571
Rockwell Collins, Inc. 5,606 221,101
Sanmina-SCI Corporation *+ 16,779 142,118
Teradyne, Inc. * 6,358 108,531
Texas Instruments, Inc. 54,592 1,344,055
Xilinx, Inc. 10,839 321,376
------------
11,363,683
------------
ENTERTAINMENT & LEISURE--2.1%
Eastman Kodak Company + 8,976 289,476
Harrah's Entertainment, Inc. + 3,497 233,914
Hasbro, Inc. 5,527 107,113
Mattel, Inc. 12,914 251,694
News Corporation, Inc.
Class A *+ 79,700 1,487,202
Time Warner, Inc. * 143,571 2,791,020
Walt Disney Company 64,656 1,797,437
Xerox Corporation * 26,277 446,972
------------
7,404,828
------------
FINANCIAL SERVICES--3.5%
Bear Stearns Companies, Inc.
(The) 3,184 325,755
Charles Schwab
Corporation (The) + 42,454 507,750
Countrywide Financial
Corporation 17,400 643,974
E*Trade Financial
Corporation * 11,500 171,925
Federal Home Loan Mortgage
Corporation 21,360 1,574,232
Federal National Mortgage
Association 30,430 2,166,920
Federated Investors, Inc.
Class B 3,440 104,576
Franklin Resources, Inc. 7,747 539,579
Goldman Sachs Group, Inc. 15,303 1,592,124
Janus Capital Group, Inc. 7,623 128,143
Lehman Brothers Holdings,
Inc. 8,498 743,405
Merrill Lynch & Company, Inc. 29,253 1,748,452
Morgan Stanley 34,565 1,919,049
T. Rowe Price Group, Inc. 3,942 245,192
------------
12,411,076
------------
FOOD RETAILERS--0.4%
Albertson's, Inc. + 11,517 275,026
Kroger Company * 22,795 399,824
Starbucks Corporation * 12,485 778,565
------------
1,453,415
------------
FOREST PRODUCTS & PAPER--0.8%
Bemis Company 3,365 97,888
Georgia-Pacific Corporation 8,048 301,639
International Paper Company 15,213 638,946
Kimberly Clark Corporation 15,374 1,011,763
MeadWestvaco Corporation 6,252 211,880
Pactiv Corporation * 4,478 113,249
Temple-Inland, Inc. 1,719 117,580
Weyerhaeuser Company 7,390 496,756
------------
2,989,701
------------
See accompanying notes to financial statements.
193
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT 500 STOCK
INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
HEALTH CARE PROVIDERS--1.1%
Caremark Rx, Inc. * 14,600 $ 575,678
Express Scripts, Inc. * 2,487 190,106
HCA, Inc. + 14,901 595,444
Health Management
Associates, Inc. Class A + 7,595 172,558
Laboratory Corporation of
America Holdings * 4,640 231,165
Manor Care, Inc. 2,822 99,983
Tenet Healthcare
Corporation *+ 14,819 162,713
UnitedHealth Group, Inc. 20,922 1,841,764
------------
3,869,411
------------
HEAVY CONSTRUCTION--0.1%
Centex Corporation + 3,736 222,591
------------
HEAVY MACHINERY--2.0%
American Standard
Companies, Inc. * 6,615 273,332
Applied Materials, Inc. * 53,163 909,087
Baker Hughes, Inc. 10,503 448,163
Black & Decker Corporation + 2,461 217,380
Caterpillar, Inc. 10,695 1,042,869
Cummins, Inc. 1,339 112,195
Deere & Company 7,799 580,246
Dover Corporation 6,414 269,003
Eaton Corporation 4,713 341,033
Ingersoll-Rand Company
Class A 5,323 427,437
Pall Corporation + 3,958 114,584
Parker Hannifin Corporation 3,755 284,404
Rockwell Automation, Inc. 5,803 287,539
Stanley Works (The) + 2,567 125,757
United Technologies
Corporation 16,113 1,665,279
W.W. Grainger, Inc. 2,889 192,465
------------
7,290,773
------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES--0.5%
Johnson Controls, Inc. 5,919 375,501
KB Home 1,468 153,259
Leggett & Platt, Inc. 6,076 172,741
Masco Corporation 13,567 495,603
Maytag Corporation + 2,488 52,497
Pulte Homes, Inc. 3,929 250,670
Whirlpool Corporation + 2,005 138,766
------------
1,639,037
------------
HOUSEHOLD PRODUCTS--0.5%
Fortune Brands, Inc. 4,419 341,058
Illinois Tool Works, Inc. 9,407 871,841
Newell Rubbermaid, Inc. + 8,690 210,211
Rohm & Haas Company 7,051 311,866
Snap-On, Inc. 1,846 63,429
------------
1,798,405
------------
INDUSTRIAL--DIVERSIFIED--0.6%
Tyco International Ltd. 63,221 2,259,519
------------
INSURANCE--5.0%
ACE Ltd. (Bermuda) 8,736 373,464
Aflac, Inc. 15,740 627,082
Aetna, Inc. 4,832 602,792
Allstate Corporation (The) 21,578 1,116,014
AMBAC Financial Group, Inc. 3,384 277,928
American International
Group, Inc. 81,612 5,359,460
AON Corporation 9,930 236,930
Chubb Corporation 5,886 452,633
Cigna Corporation 4,279 349,038
Cincinnati Financial
Corporation 5,315 235,242
Hartford Financial Services
Group, Inc. 9,158 634,741
Humana, Inc. * 5,100 151,419
Jefferson Pilot Corporation 4,267 221,713
Lincoln National Corporation 5,387 251,465
Loews Corporation 5,773 405,842
MBIA, Inc. + 4,364 276,154
MGIC Investment Corporation 3,117 214,792
Marsh & McLennan
Companies, Inc. 16,291 535,974
Metlife, Inc. + 23,272 942,749
Principal Financial Group 9,826 402,276
Progressive Corporation (The) 6,740 571,822
Prudential Financial, Inc. 16,216 891,231
Safeco Corporation + 3,918 204,676
St. Paul Travelers Companies 20,967 777,247
Torchmark Corporation 3,284 187,648
UnumProvident Corporation 9,377 168,223
WellPoint, Inc. * 9,259 1,064,785
XL Capital Ltd. Class A
(Bermuda) + 4,346 337,467
------------
17,870,807
------------
LODGING--0.3%
Hilton Hotels Corporation 11,912 270,879
Marriott International, Inc.
Class A 7,093 446,717
Starwood Hotels & Resorts
Worldwide, Inc. 6,403 373,935
------------
1,091,531
------------
MEDIA--BROADCASTING & PUBLISHING--2.1%
Clear Channel
Communications, Inc. + 18,372 615,278
Comcast Corporation
Class A * 70,366 2,341,780
Dow Jones & Company,
Inc. + 2,582 111,181
Gannett Company, Inc. 8,253 674,270
Knight-Ridder, Inc. 2,330 155,970
McGraw-Hill Companies, Inc.
(The) 5,967 546,219
Meredith Corporation 1,589 86,124
New York Times Company
Class A + 4,417 180,214
Tribune Company 9,888 416,680
Univision Communications,
Inc. Class A *+ 10,111 295,949
Viacom, Inc. Class B 54,021 1,965,824
------------
7,389,489
------------
MEDICAL SUPPLIES--4.1%
Allergan, Inc. 4,130 334,819
Applera Corporation 5,986 125,167
Bausch & Lomb, Inc. 1,661 107,068
Baxter International, Inc. 19,224 663,997
Becton, Dickinson & Company 7,740 439,632
Biomet, Inc. 7,995 346,903
Boston Scientific Corporation * 26,340 936,387
See accompanying notes to financial statements.
194
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT 500 STOCK
INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
C.R. Bard, Inc. 3,184 $ 203,712
Fisher Scientific
International * 3,600 224,568
Guidant Corporation 9,847 709,969
Johnson & Johnson 92,947 5,894,699
Kla-Tencor Corporation *+ 6,165 287,166
Medtronic, Inc. 37,661 1,870,622
Millipore Corporation *+ 1,546 77,006
PerkinElmer, Inc. 4,019 90,387
Quest Diagnostics, Inc. 3,162 302,129
St. Jude Medical, Inc. * 10,926 458,127
Stryker Corporation 12,392 597,914
Tektronix, Inc. 2,676 80,842
Thermo Electron
Corporation * 5,157 155,690
Waters Corporation * 3,586 167,789
Zimmer Holdings, Inc. * 7,657 613,479
------------
14,688,072
------------
METALS--0.8%
Alcoa, Inc. 26,951 846,800
Allegheny Technologies, Inc. 2,556 55,389
Danaher Corporation 9,504 545,625
Engelhard Corporation 3,972 121,821
Newmont Mining
Corporation + 13,882 616,500
Nucor Corporation + 4,960 259,606
Phelps Dodge Corporation 2,910 287,857
United States Steel
Corporation + 3,516 180,195
------------
2,913,793
------------
MINING--0.1%
Freeport-McMoran Copper
& Gold, Inc. Class B + 5,578 213,247
------------
OIL & GAS--7.0%
Amerada Hess Corporation 2,847 234,536
Anadarko Petroleum
Corporation 7,844 508,370
Apache Corporation 10,263 519,000
Ashland, Inc. 2,173 126,860
BJ Services Company 4,913 228,651
Burlington Resources, Inc. 12,182 529,917
ChevronTexaco Corporation 66,788 3,507,038
ConocoPhillips 21,657 1,880,477
Devon Energy Corporation 15,126 588,704
Dynegy, Inc. Class A *+ 11,945 55,186
EOG Resources, Inc. 3,645 260,107
EL Paso Corporation 19,255 200,252
Exxon Mobil Corporation 203,522 10,432,538
Halliburton Company 13,873 544,377
Kerr-McGee Corporation 4,694 271,266
Kinder Morgan, Inc. 3,903 285,426
Marathon Oil Corporation 10,654 400,697
Nabors Industries Ltd. * 4,542 232,959
Nicor, Inc. + 1,395 51,531
Noble Corporation * 4,237 210,748
Occidental Petroleum
Corporation 12,294 717,478
Peoples Energy Corporation 1,166 51,246
Rowan Companies, Inc. * 3,489 90,365
Schlumberger Ltd. 18,368 1,229,738
Sunoco, Inc. 2,347 191,773
Transocean, Inc. *+ 10,031 425,214
Unocal Corporation 8,199 354,525
Valero Energy Corporation 8,000 363,200
Williams Companies, Inc. 18,172 296,022
XTO Energy, Inc. 7,200 254,736
------------
25,042,937
------------
PHARMACEUTICALS--6.9%
Abbott Laboratories 49,103 2,290,655
AmerisourceBergen
Corporation 3,544 207,962
Amgen, Inc. * 39,756 2,550,347
Biogen Idec, Inc. * 10,474 697,673
Bristol-Myers Squibb
Company 61,279 1,569,968
Cardinal Health, Inc. 13,510 785,607
Chiron Corporation *+ 5,844 194,781
Eli Lilly & Company 35,563 2,018,200
Forest Laboratories, Inc. *+ 11,427 512,615
Genzyme Corporation * 6,997 406,316
Gilead Sciences, Inc. * 13,400 468,866
Hospira, Inc. * 4,680 156,780
King Pharmaceuticals, Inc. * 7,638 94,711
McKesson Corporation 9,227 290,281
Medco Health Solutions,
Inc. * 8,558 356,013
MedImmune, Inc. * 7,840 212,542
Merck & Company, Inc. 69,781 2,242,761
Mylan Laboratories + 8,000 141,440
Pfizer, Inc. 236,385 6,356,393
Schering-Plough Corporation 46,131 963,215
Sigma Aldrich Corporation 2,196 132,770
Watson Pharmaceuticals,
Inc. * 3,419 112,177
Wyeth
42,071 1,791,804
------------
24,553,877
------------
REAL ESTATE--0.5%
Apartment Investment &
Management Company REIT
Class A 2,984 115,003
Archstone-Smith Trust REIT 5,200 199,160
Equity Office Properties Trust
REIT 12,340 359,341
Equity Residential REIT 8,722 315,562
Plum Creek Timber Company,
Inc. REIT 5,794 222,721
Prologis REIT 5,698 246,894
Simon Property Group, Inc.
REIT 7,108 459,674
------------
1,918,355
------------
RESTAURANTS--0.5%
Darden Restaurants, Inc. 4,732 131,266
McDonald's Corporation 38,990 1,250,019
Wendy's International, Inc. 3,708 145,576
Yum! Brands, Inc. 9,114 429,999
------------
1,956,860
------------
RETAILERS--5.1%
Autozone, Inc. * 2,611 238,410
Bed Bath & Beyond, Inc. * 9,377 373,486
Best Buy Company, Inc. 10,047 596,993
Big Lots, Inc. * 3,704 44,930
CVS Corporation 12,307 554,676
Circuit City Stores, Inc. + 5,896 92,213
Costco Wholesale Corporation 14,494 701,655
Dillard's, Inc. Class A 2,636 70,829
Dollar General Corporation 9,870 205,000
eBay, Inc. * 20,785 2,416,880
See accompanying notes to financial statements.
195
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT 500 STOCK
INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Family Dollar Stores, Inc. + 5,061 $ 158,055
Federated Department Stores 5,475 316,400
JC Penney Company, Inc.
(Holding Company) 9,044 374,422
May Department Stores
Company (The) + 9,139 268,687
Office Depot, Inc. * 10,114 175,579
OfficeMax, Inc. 2,737 85,887
RadioShack Corporation 5,358 176,171
Sears Roebuck & Company 6,538 333,634
Sherwin-Williams Company
(The) 4,515 201,504
Staples, Inc. 15,578 525,134
TJX Companies, Inc. + 15,438 387,957
Target Corporation 28,111 1,459,804
Tiffany & Company 4,643 148,437
Toys R US, Inc. * 6,762 138,418
Walgreen Company 32,324 1,240,272
Wal-Mart Stores, Inc. 132,781 7,013,492
------------
18,298,925
------------
TELECOMMUNICATIONS--0.0%
Citizens Communications
Company 10,409 143,540
------------
TELEPHONE SYSTEMS--3.2%
Alltel Corporation 9,682 568,914
AT&T Corporation 24,910 474,785
BellSouth Corporation 57,640 1,601,816
CenturyTel, Inc. 4,207 149,222
Nextel Communications,
Inc. Class A * 35,238 1,057,140
Qwest Communications
International, Inc. * 56,985 253,013
SBC Communications, Inc. 104,005 2,680,209
Sprint Corp.-FON Group 45,467 1,129,855
Verizon Communications, Inc. 86,794 3,516,025
------------
11,430,979
------------
TEXTILES, CLOTHING & FABRICS--0.4%
Coach, Inc. * 5,740 323,736
Jones Apparel Group, Inc. 4,000 146,280
Liz Claiborne, Inc. 3,456 145,878
Nike, Inc. Class B 8,170 740,937
Reebok International Ltd. + 1,864 82,016
VF Corporation + 3,422 189,510
------------
1,628,357
------------
TRANSPORTATION--2.0%
Brunswick Corporation 2,897 143,402
Burlington Northern Santa Fe
Corporation 11,656 551,445
CSX Corporation 6,778 271,662
Carnival Corporation + 20,006 1,152,946
FedEx Corporation 9,316 917,533
Norfolk Southern Corporation 12,264 443,834
Sabre Holdings Corporation 3,944 87,399
Union Pacific Corporation 8,080 543,380
United Parcel Service, Inc.
Class B 35,280 3,015,029
------------
7,126,630
------------
TOTAL COMMON STOCKS
(Cost $186,091,974) 353,839,881
------------
COUPON MATURITY
RATE DATE FACE VALUE
- ---------------------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--0.1%
U.S. TREASURY BILLS--0.1%
U.S. Treasury Bill
2.155% 03/17/2005 **
(Cost $378,294) $ 380,000 $ 378,294
------------
CASH EQUIVALENTS--8.3%
INSTITUTIONAL MONEY MARKET FUNDS--0.8%
BGI Institutional Fund
2.255% 01/03/2005 ++ 1,947,044 1,947,044
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 504,873 504,873
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 465,809 465,809
------------
2,917,726
------------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--6.9%
Bank of America
2.300% 06/09/2005 ++ 561,433 561,433
Bank of America
2.270% 01/18/2005 ++ 224,573 224,573
Bank of America
2.270% 03/03/2005 ++ 116,778 116,778
Bank of Montreal
2.260% 01/28/2005 ++ 11,682 11,682
Bank of Nova Scotia
2.330% 01/13/2005 ++ 348,088 348,088
Bank of Nova Scotia
2.330% 01/24/2005 ++ 1,128,480 1,128,480
Bank of Nova Scotia
2.320% 02/08/2005 ++ 673,719 673,719
BNP Paribas
2.295% 02/23/2005 ++ 224,573 224,573
Calyon
2.340% 02/02/2005 ++ 224,573 224,573
Calyon
2.270% 01/20/2005 ++ 561,433 561,433
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 786,006 786,006
Citigroup
2.080% 01/28/2005 ++ 673,719 673,719
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 1,122,865 1,122,865
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 224,573 224,573
Delaware Funding Corporation
2.235% 01/04/2005 ++ 471,679 471,679
Den Danske Bank
2.260% 01/20/2005 ++ 1,347,439 1,347,439
Dexia Group
2.040% 01/21/2005 ++ 11,229 11,229
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 561,433 561,433
Fortis Bank
2.260% 01/05/2005 ++ 1,010,579 1,010,579
Fortis Bank
2.140% 01/12/2005 ++ 561,433 561,433
General Electric Capital Corporation
2.295% 01/10/2005 ++ 673,719 673,719
General Electric Capital Corporation
2.294% 01/21/2005 ++ 559,675 559,675
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 4,491,461 4,491,461
See accompanying notes to financial statements.
196
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT 500 STOCK
INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- ---------------------------------------------------------------------------------------------
CASH EQUIVALENTS--(CONTINUED)
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ $ 336,860 $ 336,860
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 449,146 449,146
Greyhawk Funding
2.349% 02/08/2005 ++ 336,860 336,860
Lloyds TSB Bank
2.280% 02/02/2005 ++ 336,860 336,860
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 2,268,188 2,268,188
Paradigm Funding LLC
2.245% 01/03/2005 ++ 222,198 222,198
Royal Bank of Canada
2.260% 02/01/2005 ++ 220,082 220,082
Royal Bank of Canada
2.250% 01/19/2005 ++ 157,201 157,201
Royal Bank of Scotland
2.360% 02/17/2005 ++ 1,122,865 1,122,865
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 761,303 761,303
Svenska Handlesbanken
2.250% 01/10/2005 ++ 336,860 336,860
Wells Fargo
2.320% 01/14/2005 ++ 529,992 529,992
Wells Fargo
2.270% 01/25/2005 ++ 1,122,865 1,122,865
------------
24,772,422
------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--0.6%
Bear Stearns & Company
2.448% 06/05/2005 ++ 224,573 224,573
Bear Stearns & Company
2.448% 09/08/2005 ++ 224,573 224,573
Morgan Stanley
2.393% 03/16/2005 ++ 269,488 269,488
Morgan Stanley
2.393% 06/05/2005 ++ 561,433 561,433
Morgan Stanley
2.393% 06/10/2005 ++ 786,006 786,006
------------
2,066,073
------------
TOTAL CASH EQUIVALENTS
(Cost $29,756,221) 29,756,221
------------
FACE VALUE
- ----------------------------------------------------------------------------
REPURCHASE AGREEMENTS--0.9%
IBT Repurchase Agreement
dated 12/31/04 due
01/03/05, with a maturity
value of $3,206,868 and
an effective yield
of 1.80% collateralized
by a U.S. Government
Agency Obligation
with a rate of 5.375%,
maturity date of
12/25/2014 and a market
value of $3,366,706. $3,206,386 $ 3,206,386
------------
TOTAL INVESTMENTS--108.2%
(Cost $219,432,876) 387,180,782
Other assets less liabilities--(8.2%) (29,460,099)
------------
NET ASSETS--100.0% $357,720,683
============
NOTES TO THE SCHEDULE OF INVESTMENTS:
REIT Real Estate Investment Trust
* Non-income producing security.
+ Denotes all or a portion of security on loan.
** Security has been pledged as collateral for futures contracts.
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
197
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--98.6%
ADVERTISING--0.3%
24/7 Real Media, Inc. * 273 $ 1,181
Aquantive, Inc. * 2,027 18,121
Catalina Marketing
Corporation 2,131 63,142
Digital Impact, Inc. * 1,751 2,486
DoubleClick, Inc. * 5,228 40,674
Getty Images, Inc. *+ 2,442 168,132
Grey Global Group, Inc. 27 29,700
Interpublic Group, Inc. *+ 17,203 230,520
Jupitermedia Corporation * 1,450 34,481
Lamar Advertising Company * 3,294 140,917
Monster Worldwide, Inc. * 4,681 157,469
Obie Media Corporation * 1,115 7,766
Omnicom Group 7,585 639,567
Valueclick, Inc. * 4,058 54,093
------------
1,588,249
------------
AEROSPACE & DEFENSE--1.0%
AAR Corporation * 1,489 20,280
Alliant Techsystems, Inc. *+ 1,550 101,339
Armor Holdings, Inc. * 1,500 70,530
Goodrich Corporation 4,882 159,348
Boeing Company (The) 31,909 1,651,929
Fairchild Corporation (The)
Class A * 3,265 12,048
Gencorp, Inc. + 1,629 30,251
General Dynamics Corporation 7,305 764,103
Heico Corporation 705 15,926
Heico Corporation Class A 878 15,181
Honeywell International, Inc. 35,071 1,241,864
Kreisler Manufacturing Corporation * 1,250 6,525
Lockheed Martin Corporation 15,410 856,025
Northrop Grumman Corporation 14,800 804,528
Orbital Sciences Corporation *+ 2,123 25,115
Sequa Corporation Class A * 510 31,186
Textron, Inc. + 5,643 416,453
Transtechnology Corporation * 1,266 9,254
Triumph Group, Inc. * 822 32,469
------------
6,264,354
------------
AIRLINES--0.2%
AMR Corporation *+ 6,672 73,058
Air T, Inc. 1,352 24,564
Airnet Systems, Inc. * 2,609 9,105
Airtran Holdings, Inc. *+ 3,168 33,898
Alaska Air Group, Inc. * 1,343 44,977
America West Holdings
Corporation Class B *+ 1,389 9,140
Continental Airlines, Inc.
Class B * 2,723 36,869
Delta Airlines, Inc. *+ 5,127 38,350
ExpressJet Holdings, Inc. * 2,636 33,952
FLYi, Inc. * 1,711 3,028
Frontier Airlines, Inc. * 1,369 15,620
JetBlue Airways Corporation *+ 4,276 99,289
Mesa Air Group, Inc. *+ 847 6,725
Midwest Air Group, Inc. *+ 915 2,663
Northwest Airlines
Corporation Class A * 3,564 38,955
Offshore Logistics, Inc. * 982 31,886
Petroleum Helicopters * 774 19,404
Skywest, Inc. + 2,390 47,943
Southwest Airlines Company 30,863 502,450
World Airways, Inc. *+ 2,821 17,913
------------
1,089,789
------------
APPAREL RETAILERS--0.6%
Abercrombie & Fitch
Company Class A 3,982 186,955
Aeropostale, Inc. * 2,403 70,720
American Eagle Outfitters, Inc. 2,912 137,155
AnnTaylor Stores Corporation * 2,733 58,842
Bebe Stores, Inc. 2,727 73,574
Big Dog Holdings, Inc. * 1,620 10,660
Buckle, Inc. (The) 1,115 32,892
Burlington Coat Factory
Warehouse Corporation 1,977 44,878
Carter's, Inc. * 738 25,085
Casual Male Retail Group, Inc. *+ 1,930 10,518
Cato Corporation Class A 1,174 33,835
Charlotte Russe Holding, Inc. * 1,100 11,110
Charming Shoppes, Inc. * 3,138 29,403
Chico's FAS, Inc. *+ 3,618 164,728
Children's Place * 1,144 42,362
Christopher & Banks Corporation 1,528 28,192
Claire's Stores, Inc. 3,855 81,919
Dress Barn, Inc. * 950 16,720
Finish Line Class A 1,604 29,353
Gap, Inc. (The) + 28,572 603,441
Goody's Family Clothing, Inc. 1,745 15,949
HOT Topic, Inc. * 1,824 31,355
JOS A. Bank Clothiers, Inc. *+ 462 13,075
Kohl's Corporation * 13,608 669,105
Ltd. Brands 19,243 442,974
Nordstrom, Inc. 5,702 266,454
Pacific Sunwear of California, Inc. * 3,025 67,337
Payless Shoesource, Inc. *+ 2,964 36,457
Ross Stores, Inc. + 6,350 183,324
Stage Stores, Inc. * 994 41,271
Talbots, Inc. 2,475 67,394
Too, Inc. * 1,485 36,323
Urban Outfitters, Inc. * 3,706 164,546
Wet Seal, Inc. (The) Class A *+ 1,246 2,828
Wilsons The Leather Experts, Inc. * 819 3,194
------------
3,733,928
------------
AUTOMOTIVE--1.1%
A.O. Smith Corporation 1,341 40,150
Adesa, Inc. 7,531 159,808
Aftermarket Technology Corporation * 603 9,708
American Axle &
Manufacturing Holdings, Inc. 2,113 64,785
America's Car Mart, Inc. * 236 8,968
Amerigon, Inc. * 2,107 7,876
ArvinMeritor, Inc. 2,791 62,435
Asbury Automotive Group, Inc. * 1,342 18,493
Autonation, Inc. * 11,412 219,225
BorgWarner, Inc. 2,274 123,183
Carmax, Inc. *+ 4,258 132,211
Clarcor, Inc. 1,177 64,464
Coachmen Industries, Inc. 705 12,239
Copart, Inc. * 3,582 94,278
See accompanying notes to financial statements.
198
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Dana Corporation 6,169 $ 106,909
Delphi Corporation + 23,254 209,751
Dura Automotive
Systems, Inc. * 599 6,487
Federal Signal Corporation + 2,159 38,128
Ford Motor Company + 74,379 1,088,909
General Motors Corporation + 20,170 808,010
Genuine Parts Company 6,520 287,271
Goodyear Tire & Rubber
Company (The) *+ 7,281 106,739
Group 1 Automotive, Inc. * 1,068 33,642
Harley-Davidson, Inc. + 12,173 739,510
Harsco Corporation 1,823 101,614
ITT Industries, Inc. 3,528 297,940
Jarden Corporation * 1,181 51,303
JLG Industries, Inc. 1,781 34,961
Keystone Automotive
Industries, Inc. * 1,743 40,525
Lear Corporation 2,741 167,228
Lithia Motors, Inc. Class A 862 23,119
Monaco Coach Corporation 1,376 28,304
Navistar International
Corporation * 2,851 125,387
Oshkosh Truck Corporation 1,434 98,057
Paccar, Inc. + 6,862 552,254
PEP Boys-Manny Moe & Jack 2,200 37,554
Sonic Automotive, Inc. 1,649 40,895
Sports Resorts
International, Inc. * 4,374 12,597
Strattec Security Corporation * 123 7,702
Superior Industries
International, Inc. + 1,102 32,013
TBC Corp. * 774 21,517
Tenneco Automotive, Inc. * 1,600 27,584
Titan International, Inc. + 1,085 16,383
TransPro, Inc. * 1,955 11,925
TRW Automotive Holdings
Corporation * 900 18,630
United Auto Group, Inc. 1,777 52,581
Visteon Corporation + 5,429 53,041
Wabash National
Corporation * 1,395 37,567
Winnebago Industries, Inc. + 1,432 55,934
------------
6,389,794
------------
BANKING--11.5%
1st Source Corporation 1,073 27,372
Advanta Corporation Class A 1,446 32,709
Alabama National Bancorp 575 37,087
Alliance Bankshares
Corporation * 647 10,061
AMB Financial Corporation 1,125 15,750
Amcore Financial, Inc. 1,313 42,252
American Express Company 48,875 2,755,084
American Pacific Bank
Class B * 2,310 26,105
AmeriCredit Corporation * 6,437 157,385
AmSouth Bancorp + 14,570 377,363
Anchor Bancorp
Wisconsin, Inc. 1,411 41,131
Associated Banc Corporation 5,110 169,703
Astoria Financial Corporation 3,114 124,467
BB&T Corporation 24,154 1,015,676
Banc Corporation * 895 7,375
BancFirst Corporation 321 25,353
Bancorpsouth, Inc. 3,611 88,000
BancTrust Financial
Group, Inc. 1,600 39,376
Bank Mutual Corporation 3,756 45,711
Bank of America Corporation 177,010 8,317,700
Bank of Hawaii Corporation 2,494 126,546
Bank of New York Company,
Inc. (The) 33,799 1,129,563
BankAtlantic Bancorp, Inc.
Class A 2,210 43,979
Banknorth Group, Inc. 6,800 248,880
Bankunited Financial
Corporation Class A * 793 25,336
Bay View Capital Corporation 277 4,241
Blue River Bancshares, Inc. * 2,545 13,183
BOK Financial Corporation * 1,765 86,061
Boston Private Financial
Holdings, Inc. 1,297 36,536
Bostonfed Bancorp, Inc. 946 42,825
Brookline Bancorp, Inc. + 3,765 61,445
Bryn Mawr Bank Corporation 1,058 23,265
Capital Bank Corporation 1,282 23,538
Capital City Bank Group, Inc. 891 37,244
Capital Crossing Bank * 1,680 51,559
Capital One Financial
Corporation + 10,482 882,689
Capitol Federal Financial 2,115 76,140
Cardinal Financial
Corporation * 1,142 12,733
Cascade Bancorp 1,753 35,446
Cascade Financial Corporation 851 15,999
Cathay General Bancorp 2,082 78,075
Central Pacific Financial
Corporation 929 33,602
CFS Bancorp, Inc. 1,873 26,728
Charter Financial Corporation 350 15,354
Chemical Financial
Corporation 1,479 63,479
Chester Valley Bancorp 770 16,896
Chittenden Corporation 2,222 63,838
CIT Group, Inc. 8,482 388,645
Citigroup, Inc. 225,065 10,843,632
Citizens Banking Corporation 2,069 71,070
Citizens First Financial
Corporation 761 24,816
City Bank, Lynnwood, WA 1,097 39,657
City Holding Company 250 9,060
City National Corporation 2,199 155,359
Coastal Financial Corporation 1,468 28,127
CoBiz, Inc. 1,063 21,579
Colonial BancGroup, Inc. (The) 5,643 119,801
Comerica, Inc. 6,877 419,635
Commerce Bancorp, Inc. + 3,157 203,311
Commerce Bancshares, Inc. 3,273 164,305
Commercial Capital
Bancorp, Inc. 1,127 26,124
Commercial Federal
Corporation 1,850 54,963
Community Bank System, Inc. 1,402 39,606
Community Trust Bancorp, Inc. 665 21,519
Compass Bancshares, Inc. 4,769 232,107
CompuCredit Corporation * 1,983 54,215
Corus Bankshares, Inc. 1,651 79,265
Cullen/Frost Bankers, Inc. 2,502 121,597
CVB Financial Corporation 2,377 63,133
Dime Community Bancshares 1,638 29,337
Downey Financial Corporation 1,038 59,166
Eastern Virginia
Bankshares, Inc. 700 18,214
East-West Bancorp, Inc. 2,200 92,312
See accompanying notes to financial statements.
199
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Euronet Worldwide, Inc. * 1,056 $ 27,477
Farmers Capital Bank
Corporation 1,113 45,856
Fidelity Bankshares, Inc. 1,509 64,525
Fidelity Southern Corporation 1,381 26,239
Fifth Third Bancorp + 20,613 974,583
Financial Federal
Corporation * 1,009 39,553
Financial Institutions, Inc. 749 17,414
First Bancorp North Carolina 643 17,470
First Bancorp Puerto Rico 1,623 103,077
First Charter Corporation 843 22,061
First Citizens BancShares, Inc.
Class A 454 67,305
First Commonwealth Financial
Corporation 5,133 78,997
First Community Bancorp 894 38,174
First Financial Bancorp 1,895 33,162
First Financial Bankshares, Inc. 250 11,202
First Financial Service Corporation 303 7,842
First Horizon National
Corporation + 4,707 202,919
First Merchants Corporation 874 24,734
First Midwest Bancorp, Inc. 2,002 72,653
First National Bankshares of
Florida, Inc. + 2,441 58,340
First Niagara Financial Group, Inc. 4,550 63,472
First Oak Brook Bancshares Class A 771 24,988
First of Long Island Corporation (The) 493 24,872
First Republic Bank 891 47,223
FirstBank NW Corporation 199 5,654
FirstFed Financial Corporation * 922 47,824
FirstMerit Corporation 3,895 110,969
Flagstar Bancorp, Inc. 2,110 47,686
FMS Financial Corporation 500 10,562
FNB Corporation 2,304 46,909
Fremont General Corporation + 2,929 73,752
Frontier Financial Corporation 1,002 38,687
Fulton Financial Corporation 4,978 116,037
Glacier Bancorp, Inc. 945 32,168
Gold Banc Corporation, Inc. 1,334 19,503
Golden West Financial Corporation 13,210 811,358
Greater Bay Bancorp 2,213 61,698
Hallwood Group, Inc. * 100 10,650
Hancock Holding Company 1,752 58,622
Harbor Florida Bancshares, Inc. 2,091 72,370
Harleysville National Corporation 1,099 29,233
Harrington West Financial Group, Inc. 1,171 21,459
Heritage Financial Corporation 317 7,012
Hibernia Corporation Class A 5,830 172,043
Home City Financial Corporation 434 6,770
Home Financial Bancorp 1,122 6,193
Horizon Financial Services Corporation 450 7,954
Hudson City Bancorp, Inc. 2,924 107,662
Hudson River Bancorp, Inc. 1,717 33,979
Hudson United Bancorp 2,196 86,478
Huntington Bancshares, Inc. + 9,498 235,360
Independence Community
Bank Corporation 2,216 94,357
Independent Bank Corporation
(Massachusetts) 874 29,497
Independent Bank Corporation
(Michigan) 1,886 56,259
IndyMac Bancorp, Inc. 2,523 86,917
Integra Bank Corporation 848 19,597
International Bancshares
Corporation 2,363 93,055
Investors Financial Services
Corporation 2,840 141,943
Irwin Financial Corporation 1,296 36,793
JP Morgan Chase & Company 155,036 6,047,954
KeyCorp 17,394 589,657
KNBT Bancorp, Inc. 1,002 16,934
M&T Bank Corporation 4,075 439,448
MBNA Corporation 52,220 1,472,082
MAF Bancorp, Inc. 1,245 55,801
Main Street Banks, Inc. 500 17,465
Marshall & IIsley Corporation 9,395 415,259
Matrix Bancorp, Inc. * 973 12,172
MB Financial, Inc. 760 32,034
Medallion Financial
Corporation 958 9,293
Mellon Financial Corporation 17,152 533,599
Mercantile Bankshares
Corporation 3,471 181,186
Merchants Bancshares, Inc. 571 16,559
Metris Companies, Inc. * 2,254 28,738
Midsouth Bancorp, Inc. 363 9,801
MidWestOne Financial
Group, Inc. 582 12,199
Mitcham Industries, Inc. * 1,100 7,370
NASB Financial, Inc. 528 21,099
National City Corporation + 26,434 992,597
National Penn
Bancshares, Inc. 1,303 36,093
NBT Bancorp, Inc. 1,000 25,720
Nelnet, Inc. Class A * 481 12,953
Netbank, Inc. 2,850 29,669
New York Community
Bancorp, Inc. 10,860 223,390
NewAlliance Bancshares, Inc. 4,600 70,380
North Fork Bancorp, Inc. 19,396 559,575
Northern States Financial
Corporation 772 23,932
Northern Trust Corporation 8,643 419,877
Northwest Bancorp, Inc. 2,048 51,384
NSD Bancorp, Inc. 578 20,981
Ocwen Financial Corporation *+ 3,358 32,102
Old National Bancorp 3,383 87,484
PNC Financial Services
Group, Inc. 12,306 706,857
Pacific Capital Bancorp 1,724 58,599
Pacific Premier Bancorp, Inc. * 976 12,942
Park National Corporation 728 98,644
Parkvale Financial Corporation 616 17,735
Peoples Bancorp, Inc. 814 22,328
People's Bank 4,006 155,793
Peoples Financial Corporation 883 15,949
PFF Bancorp, Inc. 731 33,867
Popular, Inc. (Puerto Rico) + 10,296 296,834
Premier Community
Bankshares, Inc. 933 19,106
Provident Bancorp, Inc. 3,670 48,407
Provident Bankshares
Corporation 1,369 49,791
See accompanying notes to financial statements.
200
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Provident Financial
Services, Inc. 943 $ 18,266
Providian Financial
Corporation *+ 12,047 198,414
R&G Financial Corporation
Class B (Puerto Rico) 1,555 60,458
Regions Financial Corporation 20,065 714,113
Republic Bancorp, Inc. 3,413 52,151
Republic Bancorp, Inc. Class A 1,386 35,620
Riggs National Corporation 1,485 31,571
Royal Bancshares of
Pennsylvania Class A 824 22,269
S&T Bancorp, Inc. 1,868 70,405
Sandy Spring Bancorp, Inc. 344 13,186
Santander Bancorp
(Puerto Rico) 2,280 68,765
Shore Bancshares, Inc. 551 19,996
Silicon Valley Bancshares * 1,437 64,406
Simmons First National
Corporation Class A 911 26,373
Sky Financial Group, Inc. 4,278 122,650
SLM Corporation 18,209 972,179
South Financial Group,
Inc. (The) + 2,799 91,051
SouthFirst Bancshares, Inc. 400 6,160
Southwest Bancorp of
Texas, Inc. 3,298 76,810
Sovereign Bancorp, Inc. + 13,327 300,524
State Street Corporation 13,468 661,548
Sterling Bancorp, NY 1,406 39,719
Sterling Bancshares, Inc. 1,615 23,046
Sterling Financial Corporation
(Pennsylvania) 1,246 35,723
Sterling Financial
Corporation (Washington) * 1,509 59,243
Student Loan Corporation 207 38,088
Suffolk Bancorp 1,100 38,313
Suntrust Banks, Inc. 14,998 1,108,052
Susquehanna Bancshares, Inc. 2,932 73,153
Synovus Financial Corporation 12,520 357,822
TCF Financial Corporation + 6,104 196,183
Texas Regional Bancshares,
Inc. Class A 2,100 68,628
Tompkins Trustco, Inc. 550 29,419
Trustco Bank Corporation 3,435 47,369
Trustmark Corporation 2,435 75,655
U.S. Bancorp 81,834 2,563,041
UCBH Holdings, Inc. + 1,826 83,667
UMB Financial Corporation 995 56,377
Umpqua Holdings Corporation 1,151 29,017
UnionBanCal Corporation 2,177 140,373
United Bankshares, Inc. 2,134 81,412
United Community Banks, Inc. 2,188 58,923
United Tennessee
Bankshares, Inc. 550 11,000
Unizan Financial Corporation 1,593 41,976
Valley National Bancorp 4,674 129,236
W Holding Company, Inc.
(Puerto Rico) 5,370 123,195
WFS Financial, Inc. 882 44,788
Wachovia Corporation 69,964 3,680,106
Washington Federal, Inc. 3,072 81,531
Washington Mutual, Inc. 38,020 1,607,486
Washington Trust Bancorp, Inc. 500 14,655
Waypoint Financial Corporation 2,182 61,860
Webster Financial Corporation 2,393 121,182
Wells Fargo & Company 73,412 4,562,556
Wesbanco, Inc. 1,699 54,317
Westamerica Bancorporation 1,628 94,929
Westcorp 2,052 94,248
Westfield Financial, Inc. 1,240 32,017
Whitney Holding Corporation 1,581 71,129
Wilmington Trust Corporation 3,204 115,825
Wintrust Financial Corporation 1,017 57,928
SWorld Acceptance Corporation * 639 17,579
Zions Bancorp 3,329 226,472
------------
69,058,335
------------
BEVERAGES, FOOD & TOBACCO--4.4%
Adolph Coors Company
Class B + 1,211 91,636
Altria Group, Inc. 89,285 5,455,313
American Italian Pasta
Company Class A + 721 16,763
Anheuser-Busch
Companies, Inc. 34,910 1,770,984
Archer-Daniels-Midland
Company 25,537 569,730
Bridgford Foods Corporation 559 5,031
Brown-Forman Corporation
Class B 2,437 118,633
Bunge, Ltd. + 4,700 267,947
Campbell Soup Company 11,026 329,567
Central European
Distribution Corporation * 435 12,850
Chalone Wine Group
Ltd. (The) * 1,160 16,426
Chiquita Brands
International, Inc. 2,150 47,429
Coca-Cola Bottling
Company Consolidated 437 24,935
Coca-Cola Company (The) 97,829 4,072,621
Coca-Cola Enterprises, Inc. 10,775 224,659
ConAgra Foods, Inc. 21,479 632,557
Constellation Brands, Inc.
Class A * 4,048 188,272
Corn Products
International, Inc. 1,582 84,732
Dean Foods Company * 6,281 206,959
Del Monte Foods Company * 8,204 90,408
Delta & Pine Land Company 1,668 45,503
Farmer Brothers Company 930 22,543
Flowers Foods, Inc. 1,840 58,107
Fresh Del Monte Produce,
Inc. (Cayman Islands) + 2,467 73,048
Gardenburger, Inc. * 1,509 115
General Mills, Inc. 12,993 645,882
Green Mountain Coffee
Roasters, Inc. * 500 12,550
Griffin Land &
Nurseries, Inc. * 650 16,737
H.J. Heinz Company 14,002 545,938
Hain Celestial Group, Inc. * 1,426 29,475
Hansen Natural Corporation *+ 1,435 52,248
Hershey Foods Corporation 10,200 566,508
Hormel Foods Corporation 5,795 181,673
JM Smucker Company (The) 2,614 123,041
Kellogg Company 10,337 461,650
Kraft Foods, Inc. Class A + 11,257 400,862
Lancaster Colony Corporation 1,389 59,546
Lance, Inc. 1,370 26,071
M&F Worldwide
Corporation * 780 10,624
Margo Caribe, Inc.
(Puerto Rico) * 1,058 8,949
See accompanying notes to financial statements.
201
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
McCormick & Company, Inc. 5,759 $ 222,297
Northland Cranberries, Inc. Class A 266 178
Peet's Coffee & Tea, Inc. *+ 637 16,861
Pepsi Bottling Group, Inc. + 7,106 192,146
PepsiAmericas, Inc. 6,231 132,346
Pepsico, Inc. 73,739 3,849,176
Performance Food Group Company * 1,907 51,317
Pilgrim's Pride Corporation + 2,476 75,964
Poore Brothers, Inc. * 5,272 18,399
Ralcorp Holdings, Inc. 1,228 51,490
RJ Reynolds Tobacco Holding, Inc. 3,712 291,763
Safeway, Inc. * 17,256 340,633
Sanderson Farms, Inc. 864 37,394
Sara Lee Corporation 32,793 791,623
Scheid Vineyards, Inc. Class A * 1,626 9,662
Seaboard Corporation 83 82,834
Smart & Final, Inc. * 1,915 27,557
Smithfield Foods, Inc. * 4,682 138,540
Supervalu, Inc. 5,566 192,138
Sysco Corporation + 26,855 1,025,055
Tootsie Roll Industries, Inc. 2,369 82,038
Topps Company, Inc. (The) 2,255 21,986
Tyson Foods, Inc. Class A 14,431 265,530
UST, Inc. 6,881 331,045
United Natural Foods, Inc. * 1,912 59,463
Universal Corporation 1,078 51,572
Vector Group Ltd. 2,066 34,358
WM Wrigley Jr. Company 6,126 423,858
------------
26,385,745
------------
BUILDING MATERIALS--1.3%
Amcol International Corporation 1,186 23,827
Andersons, Inc. 1,050 26,775
Carbo Ceramics, Inc. 758 52,302
Champion Enterprises, Inc. * 2,559 30,247
Chemed Corporation 581 38,991
Chindex International, Inc. *+ 548 5,710
Comfort Systems USA, Inc. * 2,179 16,735
Conceptus, Inc. *+ 1,047 8,496
Digi International, Inc. * 1,976 33,967
Eagle Materials, Inc. 861 74,347
ElkCorp 938 32,098
EP Medsystems, Inc. *+ 5,240 19,702
Florida Rock Industries, Inc. + 1,798 107,035
Home Depot, Inc. 96,714 4,133,556
Ikon Office Solutions, Inc. 5,770 66,701
Imagistics International, Inc. * 962 32,381
Ingram Micro, Inc. Class A * 6,500 135,200
Insight Enterprises, Inc. * 2,054 42,148
Integrated Electrical Services, Inc. * 1,846 8,935
Jewett-Cameron Trading Ltd. (Canada) * 1,050 7,864
Lafarge North America, Inc. 2,576 132,200
Louisiana-Pacific Corporation + 4,396 117,549
Lowe's Companies, Inc. 32,030 1,844,608
Med-Design Corporation * 1,163 1,512
Microtek Medical Holdings, Inc. * 1,250 5,075
Neoforma, Inc. * 885 6,806
Noland Company + 181 8,326
Nyer Medical Group, Inc. * 2,532 7,090
Owens & Minor, Inc. 1,623 45,720
PSS World Medical, Inc. * 3,574 44,729
Patterson Cos., Inc. * 5,546 240,641
Performance
Technologies, Inc. * 793 7,375
Precis, Inc. * 3,538 9,415
Programmers Paradise, Inc. 1,787 26,412
Quanta Services, Inc. *+ 4,702 37,616
Rock of Ages Corporation 1,387 10,125
Tech Data Corporation *+ 2,057 93,388
USG Corporation *+ 1,674 67,412
Vulcan Materials Company 4,221 230,509
------------
7,833,525
------------
CHEMICALS--1.6%
A. Schulman, Inc. 1,444 30,916
AEP Industries, Inc. * 372 5,517
Air Products & Chemicals, Inc. 9,030 523,469
Airgas, Inc. 3,075 81,518
Albemarle Corporation 1,856 71,846
Applied Films Corporation * 564 12,160
Arch Chemicals, Inc. 1,211 34,853
Atlantis Plastics, Inc.
Class A * 417 7,423
Avery Dennison Corporation 4,185 250,974
Cabot Corporation + 2,693 104,165
Cabot Microelectronics
Corporation * 1,049 42,012
Church & Dwight, Inc. 2,569 86,370
Cooper Tire & Rubber
Company + 3,066 66,072
Crompton Corporation 4,203 49,595
Cytec Industries, Inc. 1,644 84,534
Dow Chemical Company (The)
40,898 2,024,860
Eastman Chemical Company 3,211 185,371
Ecolab, Inc. + 9,893 347,541
EI Du Pont de Nemours &
Company 43,462 2,131,811
Empire Financial Holding
Company * 1,550 1,534
FMC Corporation * 1,668 80,564
Female Health Company
(The) * 4,531 9,062
Flamemaster Corporation 90 6,115
Foamex International, Inc. *+ 1,061 3,989
Georgia Gulf Corporation 1,268 63,146
Great Lakes Chemical
Corporation 2,101 59,857
HB Fuller Company 1,285 36,635
Hercules, Inc. * 4,606 68,399
International Flavors &
Fragrances, Inc. 3,885 166,433
International Smart
Sourcing, Inc. * 8,975 6,282
Landec Corporation * 986 6,744
LSB Industries, Inc. * 1,411 11,203
Lubrizol Corporation 1,819 67,048
Lyondell Chemical Company 10,168 294,059
MacDermid, Inc. 1,456 52,562
Minerals Technologies, Inc. 868 57,896
Mississippi Chemical
Corporation *++ 1,288 118
Monsanto Company 10,873 603,995
Mosaic Company (The) *+ 4,509 73,587
Myers Industries, Inc. 1,716 21,965
NL Industries, Inc. * 2,111 46,653
See accompanying notes to financial statements.
202
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
NuCo2, Inc. * 1,261 $ 27,982
Olin Corporation 2,796 61,568
OM Group, Inc. * 1,147 37,186
Omnova Solutions, Inc. * 6,478 36,406
PPG Industries, Inc. 7,052 480,664
Penford Corporation 785 12,348
Pharmos Corporation * 6,875 9,762
PolyOne Corporation * 2,862 25,930
Praxair, Inc. 13,493 595,716
Scotts Company (The)
Class A * 1,431 105,207
Sensient Technologies
Corporation 2,027 48,628
Spartech Corporation 1,451 39,308
Stepan Company 556 13,544
SurModics, Inc. *+ 675 21,944
Trex Company, Inc. * 731 38,334
Tupperware Corporation 2,427 50,287
Unifi, Inc. * 2,629 10,069
USEC, Inc. 2,637 25,553
Valhi, Inc. 2,811 45,229
Wellman, Inc. + 1,509 16,131
West Pharmaceutical
Services, Inc. 1,704 42,651
------------
9,623,300
------------
COAL--0.1%
Arch Coal, Inc. 2,058 73,141
Consol Energy, Inc. 3,731 153,158
Peabody Energy Corporation 2,456 198,715
------------
425,014
------------
COMMERCIAL SERVICES--2.0%
aaiPharma, Inc. *+ 1,299 4,222
Aaron Rents, Inc. 1,939 48,475
ABM Industries, Inc. 2,291 45,179
Accelrys, Inc. * 1,145 8,931
Administaff, Inc. * 1,143 14,413
Advisory Board Company
(The) * 950 35,036
Advo, Inc. 1,276 45,489
Affymetrix, Inc. *+ 2,525 92,289
Akamai Technologies, Inc. *+ 5,664 73,802
Allied Waste Industries, Inc. * 13,285 123,285
Ambassadors
International, Inc. 523 8,227
Amerco, Inc. *+ 805 37,014
AMN Healthcare
Services, Inc. *+ 1,507 23,976
Amylin Pharmaceuticals, Inc. *+ 3,885 90,754
Angelica Corporation 510 13,795
Antigenics, Inc. *+ 1,707 17,275
APAC Customer
Services, Inc. * 1,972 3,431
Apollo Group, Inc. Class A * 7,318 590,636
Applera Corporation Celera
Genomics Group * 3,028 41,635
Ariad Pharmaceuticals, Inc. * 1,662 12,349
Artemis International
Solutions Corporation * 555 1,637
Asset Acceptance Capital
Corporation * 27 575
Axonyx, Inc. * 2,772 17,186
BISYS Group, Inc. (The) * 5,178 85,178
Bandag, Inc. + 1,000 49,810
Barrett Business
Services, Inc. * 2,600 35,828
BearingPoint, Inc. * 8,105 65,083
Bowne & Company, Inc. 1,575 25,609
Bright Horizons Family
Solutions, Inc. * 604 39,115
Brink's Company (The) 2,360 93,267
Career Education Corporation * 4,167 166,680
CDI Corporation 1,131 24,181
Celgene Corporation * 6,706 177,910
Cendant Corporation 44,243 1,034,401
Central Parking Corporation 1,898 28,755
Cenveo, Inc. * 2,792 8,655
Charles River Associates, Inc. *+ 986 46,115
Cintas Corporation 6,587 288,906
Ciphergen Biosystems, Inc. * 1,500 6,450
Coinstar, Inc. * 1,075 28,842
Consolidated Graphics, Inc. * 776 35,618
Convergys Corporation * 5,933 88,936
Corinthian Colleges, Inc. * 3,624 68,294
Corporate Executive Board Company + 1,507 100,879
Courier Corporation 283 14,693
Critical Path, Inc. *+ 623 916
CuraGen Corporation *+ 1,768 12,659
CV Therapeutics, Inc. *+ 1,424 32,752
Cytyc Corporation *+ 4,240 116,897
DataTRAK International, Inc. *+ 2,616 29,116
DeVry, Inc. * 2,980 51,733
DiamondCluster
International, Inc. Class A * 1,431 20,506
Digitas, Inc. * 2,891 27,609
Diversa Corporation * 1,790 15,645
Dollar Thrifty Automotive
Group, Inc. * 1,057 31,921
Dun & Bradstreet Company * 2,641 157,536
Duratek, Inc. * 1,215 30,266
EGL, Inc. * 1,861 55,625
Edgewater Technology, Inc. * 1,533 7,512
Education Management Corporation * 3,086 101,869
eFunds Corporation * 2,250 54,022
Ennis Business Forms, Inc. 695 13,379
EntreMed, Inc. *+ 1,390 4,504
EPIQ Systems, Inc. *+ 725 10,614
Equifax, Inc. 4,973 139,741
eResearch Technology, Inc. *+ 2,056 32,588
Exact Sciences Corporation * 1,250 4,775
Exelixis, Inc. * 2,695 25,602
First Aviation Services, Inc. * 1,818 7,781
First Consulting Group, Inc. * 1,097 6,703
Fluor Corporation + 3,405 185,607
Forrester Research, Inc. * 963 17,276
FTI Consulting, Inc. * 1,735 36,556
G&K Services, Inc. Class A 1,008 43,767
Gene Logic, Inc. * 950 3,496
Genencor International, Inc. * 2,250 36,900
Gen-Probe, Inc. * 1,849 83,593
Gevity HR, Inc. 964 19,820
Greg Manning Auctions, Inc. *+ 951 11,773
H&R Block, Inc. + 6,899 338,051
Harris Interactive, Inc. * 2,730 21,567
Healthcare Services Group, Inc. 1,660 34,594
Heidrick & Struggles
International, Inc. * 865 29,644
See accompanying notes to financial statements.
203
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Hewitt Associates, Inc. Class A * 2,317 $ 74,167
Icos Corporation *+ 2,748 77,713
I-many, Inc. * 951 1,426
Incyte Corporation *+ 3,102 30,989
Internet Capital Group, Inc. * 49 441
iPayment, Inc. * 691 34,218
IPIX Corporation *+ 1,024 5,939
Iron Mountain, Inc. *+ 4,764 145,254
Isis Pharmaceuticals, Inc. *+ 2,216 13,074
ITT Educational Services, Inc. * 1,873 89,061
Jacobs Engineering Group, Inc. * 1,919 91,709
John H. Harland Company 1,281 46,244
Kelly Services, Inc. Class A 1,173 35,401
Kforce.com, Inc. * 297 3,297
Korn Ferry International * 1,624 33,698
Kosan Biosciences, Inc. * 2,000 13,860
Labor Ready, Inc. * 2,485 42,046
Landauer, Inc. 598 27,329
Laureate Education, Inc. * 1,885 83,110
Learning Tree International, Inc. * 766 10,264
LECG Corporation * 73 1,361
Lexicon Genetics, Inc. * 2,343 18,170
LifeCell Corporation * 1,119 11,436
Lionbridge Technologies, Inc. * 1,165 7,829
Luminex Corporation * 1,070 9,502
Management Network Group, Inc. * 1,600 3,760
Manpower, Inc. 3,593 173,542
Maxim Pharmaceuticals, Inc. *+ 3,682 11,120
Maximus, Inc. * 1,052 32,738
Maxygen, Inc. * 1,231 15,744
Media Services Group, Inc. * 469 7,199
Medical Staffing Network Holdings, Inc. * 1,686 13,808
Midas, Inc. * 1,277 25,540
Millennium Cell, Inc. * 1,700 2,176
MoneyGram International, Inc. 3,750 79,275
Moody's Corporation 5,874 510,157
MPS Group, Inc. * 3,706 45,436
MPW Industrial Services Group, Inc. * 547 1,389
MTC Technologies, Inc. * 619 20,780
Myriad Genetics, Inc. * 1,210 27,237
NCO Group, Inc. * 1,314 33,967
National Research Corporation * 1,250 20,187
Navigant Consulting, Inc. * 2,313 61,526
NDCHealth Corporation 1,464 27,216
NeoPharm, Inc. *+ 964 12,060
NetRatings, Inc. * 1,164 22,314
Neurogen Corporation * 1,872 17,522
New Horizons Worldwide, Inc. * 804 4,510
NexPrise, Inc. * 1,729 1,279
Omnicell, Inc. * 783 8,613
On Assignment, Inc. * 1,243 6,451
Online Resources Corporation * 700 5,334
Opsware, Inc. * 2,730 20,038
Oscient Pharmaceuticals Corporation * 1,510 5,511
Overland Storage, Inc. * 481 8,028
Paychex, Inc. 15,045 512,734
PDI, Inc. * 703 15,663
Pegasystems, Inc. * 2,141 18,263
Perma-Fix Environmental Services * 5,502 9,953
Per-Se Technologies, Inc. * 1,329 21,038
Pfsweb, Inc. * 5,683 16,134
Pharmaceutical Product Development,
Inc. * 2,368 97,775
Portfolio Recovery Associates, Inc. * 504 20,775
Possis Medical, Inc. * 1,278 17,227
Pre-Paid Legal Services, Inc. + 779 29,251
Presstek, Inc. * 945 9,148
PRG-Schultz International, Inc. * 1,911 9,612
Princeton Review, Inc. * 818 5,031
ProsoftTraining * 1,336 521
Ramtron International Corporation * 1,920 7,680
RCM Technologies, Inc. * 1,593 8,014
Regeneration Technologies, Inc. * 807 8,457
Regis Corporation 1,818 83,901
Rent-A-Center, Inc. * 3,377 89,490
Rent-Way, Inc. * 1,060 8,491
Republic Services, Inc. 5,629 188,797
Res-Care, Inc. * 1,222 18,599
Resources Connection, Inc. *+ 1,030 55,939
Rewards Network, Inc. * 1,127 7,889
Robert Half International, Inc. 7,107 209,159
Rollins, Inc. 2,374 62,484
RR Donnelley & Sons Company 8,887 313,622
Ryder System, Inc. 2,660 127,068
Savient Pharmaceuticals, Inc. * 1,389 3,764
Sequenom, Inc. * 1,843 2,654
Service Corporation International * 11,775 87,724
ServiceMaster Company (The) 11,826 163,081
SFBC International, Inc. * 576 22,752
Sitel Corporation * 2,384 5,865
Sotheby's Holdings, Inc. Class A * 2,623 47,634
Sourcecorp, Inc. * 748 14,294
Spherion Corporation * 2,689 22,588
Standard Register Company (The) 1,650 23,298
Starcraft Corporation * 706 9,877
StarTek, Inc. 994 28,279
Stericycle, Inc. * 1,569 72,096
Strayer Education, Inc. 551 60,494
SupportSoft, Inc. * 1,562 10,403
Symyx Technologies, Inc. * 1,374 41,330
Synagro Technologies, Inc. * 3,224 9,801
Tejon Ranch Company * 762 31,090
TeleTech Holdings, Inc. * 2,738 26,531
Telik, Inc. * 1,748 33,457
Tetra Tech, Inc. * 2,114 35,388
Transkaryotic Therapies, Inc. * 1,551 39,380
TRC Companies, Inc. * 327 5,559
Trimeris, Inc. * 1,214 17,202
United Rentals, Inc. *+ 3,294 62,257
UnitedGlobalCom, Inc. Class A * 11,420 110,317
Universal Compression Holdings, Inc. * 1,492 52,086
See accompanying notes to financial statements.
204
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Universal Technical
Institute, Inc. * 418 $ 15,934
URS Corporation * 1,582 50,782
Valassis Communications,
Inc. * 2,236 78,282
Varsity Group, Inc. *+ 2,747 22,718
Vertrue, Inc. * 749 28,290
Viad Corporation 937 26,695
ViroLogic, Inc. * 2,414 6,735
Volt Information
Sciences, Inc. * 833 24,482
Waste Connections, Inc. * 1,575 53,944
Waste Industries USA, Inc. 1,296 16,070
Waste Management, Inc. 25,271 756,614
Watson Wyatt &
Company Holdings 1,600 43,120
Weight Watchers
International, Inc. *+ 1,826 74,994
Westaff, Inc. * 942 3,550
Wind River Systems, Inc. * 3,206 43,441
World Fuel Services
Corporation 480 23,904
Xanser Corporation * 1,100 3,080
------------
12,134,277
------------
COMMUNICATIONS--1.8%
ADC Telecommunications, Inc. * 33,414 89,550
Ace*Comm Corporation * 3,033 7,279
Airnet Communications Corp. * 131 392
AltiGen Communications, Inc. * 4,109 16,231
American Tower Corporation Class A * 8,711 160,282
Anadigics, Inc. * 957 3,589
Andrea Electronics Corporation * 1,298 80
Andrew Corporation * 6,376 86,905
Anixter International, Inc. + 1,723 62,011
Applied Innovation, Inc. * 500 1,740
Applied Signal Technology, Inc. 1,237 43,604
Arris Group, Inc. *+ 2,896 20,388
Avaya, Inc. *+ 17,294 297,457
Avici Systems, Inc. * 711 6,435
Avistar Communications Corporation * 774 1,029
Blonder Tongue Laboratories * 2,285 9,848
Brillian Corporation *+ 180 621
Broadwing Corporation * 1,358 12,371
CalAmp Corporation * 550 4,917
Carrier Access Corporation * 1,178 12,581
C-COR.net Corporation * 1,547 14,387
Celeritek, Inc. 600 918
Centillium Communications, Inc. * 1,588 3,859
Checkpoint Systems, Inc. * 1,441 26,010
Ciena Corporation * 19,667 65,688
Comtech Telecommunications * 900 33,849
Comverse Technology, Inc. * 7,999 195,576
Concord Communications, Inc. * 822 9,108
Copper Mountain Networks, Inc. *+ 197 536
Corning, Inc. * 60,583 713,062
Crown Castle International Corporation * 8,983 149,477
CT Communications, Inc. 214 2,632
Cubic Corporation 1,692 42,588
Digital Lightwave, Inc. * 2,931 3,840
Ditech Communications Corporation * 1,360 20,332
EndWave Corporation * 911 15,897
Foundry Networks, Inc. * 5,421 71,340
Glenayre Technologies, Inc. * 2,143 4,672
Harmonic, Inc. * 2,820 23,519
Harris Corporation 2,445 151,077
Hungarian Telephone & Cable
Corporation * 712 10,253
ID Systems, Inc. * 2,016 37,619
InterDigital Communications
Corporation * 2,803 61,946
International Electronics, Inc. * 1,150 4,186
Inter-Tel, Inc. 1,334 36,525
InterVoice, Inc. * 1,395 18,623
Intraware, Inc. * 7,832 9,163
L-3 Communications Holdings, Inc. 3,924 287,394
Lifeline Systems, Inc. * 1,214 31,273
Lucent Technologies, Inc. *+ 174,603 656,507
McData Corporation Class A * 4,166 24,829
MDI, Inc. * 271 274
Metro One Telecommunications * 957 1,522
Mindspeed Technologies, Inc. *+ 4,009 11,145
Motorola, Inc. 101,990 1,754,228
Network Appliance, Inc. *+ 14,316 475,578
NMS Communications Corporation * 1,250 7,887
On2 Technologies, Inc. * 4,620 2,911
Openwave Systems, Inc. * 2,570 39,732
P-Com, Inc. * 13 7
Peco II, Inc. * 657 775
Plantronics, Inc. 1,826 75,724
Polycom, Inc. * 4,177 97,408
Powerwave Technologies, Inc. *+ 2,064 17,503
PTEK Holdings, Inc. * 2,174 23,284
Qualcomm, Inc. 70,798 3,001,835
Remec, Inc. * 2,416 17,419
SBA Communications Corporation * 1,350 12,528
Scientific-Atlanta, Inc. 6,300 207,963
SeaChange International, Inc. * 958 16,708
Sirius Satellite Radio, Inc. *+ 47,469 363,138
Socket Communications, Inc. * 1,300 2,587
Sonus Networks, Inc. * 10,700 61,311
Spectralink Corporation 1,133 16,066
Spectrasite, Inc. * 2,000 115,800
Standard Microsystems Corporation * 806 14,371
Stratex Networks, Inc. * 2,680 6,057
Tekelec * 2,569 52,510
Tellabs, Inc. * 19,143 164,438
Terayon Corporation * 2,830 7,669
Titan Corporation * 3,313 53,671
Tollgrade Communications, Inc. * 601 7,356
Tut Systems, Inc. * 1,350 5,427
Ulticom, Inc. * 1,583 25,375
See accompanying notes to financial statements.
205
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Universal Security Instruments, Inc. * 1,400 $ 20,888
Utstarcom, Inc. *+ 4,555 100,893
Verisity Ltd. * 1,754 14,383
Verso Technologies, Inc. * 8,092 5,826
Viasat, Inc. * 1,190 28,881
Westell Technologies, Inc.
Class A * 1,821 12,383
XM Satellite Radio
Holdings, Inc. Class A *+ 7,421 279,178
Zhone Technologies, Inc. * 3,915 10,140
Zix Corporation *+ 1,015 5,227
Zoom Telephonics, Inc. * 2,711 9,136
------------
10,711,137
------------
COMPUTER SOFTWARE & PROCESSING--6.0%
3D Systems Corporation * 1,158 23,218
Activision, Inc. *+ 5,352 108,003
Actuate Corporation * 2,084 5,314
Acxiom Corporation 3,451 90,761
Adobe Systems, Inc. 9,710 609,205
Advent Software, Inc. * 1,451 29,716
Aether Systems, Inc. * 1,368 4,583
Affiliated Computer
Services, Inc. Class A *+ 5,361 322,679
Agile Software Corporation * 2,086 17,043
Alliance Data Systems Corporation * 3,255 154,547
Alpha Technologies Group, Inc. * 1,248 1,086
Altiris, Inc. * 974 34,509
America Online Latin America, Inc. * 4,698 3,523
American Access
Technologies, Inc. * 1,400 3,080
American Software, Inc. Class A 1,950 11,758
answerthink, Inc. * 1,140 5,312
Ansys, Inc. * 1,198 38,408
Anteon International Corporation * 1,600 66,976
Applied Digital Solutions, Inc. *+ 195 1,316
Applix, Inc. * 6,240 31,824
Apropos Technology, Inc. * 900 3,069
Arbitron, Inc. * 1,298 50,856
Ariba, Inc. * 2,075 34,445
Art Technology Group, Inc. * 8,333 12,500
Ascential Software Corporation * 2,417 39,421
Ask Jeeves, Inc. *+ 1,676 44,833
Aspect Communications Corporation * 2,221 24,742
Aspen Technology, Inc. * 1,529 9,495
At Road, Inc. * 1,947 13,454
Atari, Inc. * 4,024 11,790
Audible, Inc. *+ 1,213 31,599
Autobytel, Inc. * 1,384 8,359
Autodesk, Inc. 9,258 351,341
Automatic Data Processing, Inc. 25,668 1,138,376
Avocent Corporation * 2,007 81,324
Axeda Systems, Inc. * 1,300 1,040
BEA Systems, Inc. * 16,581 146,908
BMC Software, Inc. * 9,391 174,673
Bankrate, Inc. * 1,083 15,000
BindView Development Corporation * 2,010 8,743
Blue Coat Systems, Inc. *+ 536 9,975
Blue Martini Software, Inc. * 1,635 4,400
Borland Software Corporation * 2,936 34,292
Brady Corporation Class A 1,201 75,147
Bsquare Corporation * 900 1,341
CMGI, Inc. * 10,077 25,696
CNET Networks, Inc. * 5,501 61,776
CSG Systems
International, Inc. * 2,153 40,261
CACI International, Inc.
Class A * 1,198 81,620
Cadence Design Systems, Inc. * 10,745 148,388
Callidus Software, Inc. * 172 1,013
Captaris, Inc. * 1,164 6,006
Carreker Corporation * 1,681 14,457
CCC Information Services
Group, Inc. * 884 19,634
Cellular Technical Services
Company, Inc. * 500 375
Ceridian Corporation * 6,177 112,916
Cerner Corporation *+ 1,522 80,925
Checkfree Corporation *+ 3,356 127,796
Choicepoint, Inc. * 3,112 143,121
Chordiant Software, Inc. * 4,648 10,597
Ciber, Inc. * 2,444 23,560
Citrix Systems, Inc. * 6,809 167,025
Clinical Data, Inc. 1,332 17,636
Cogent Communications Group, Inc. * 1,900 2,052
Cognex Corporation 2,023 56,442
Cognizant Technology
Solutions Corporation * 5,276 223,333
Computer Associates
International, Inc. + 23,231 721,555
Computer Horizons Corporation * 1,347 5,132
Computer Sciences Corporation * 7,274 410,035
Compuware Corporation * 15,945 103,164
Concur Technologies, Inc. * 2,083 18,560
Corillian Corporation * 1,323 6,509
Corio, Inc. * 5,732 11,063
CoStar Group, Inc. *+ 770 35,559
Covansys Corporation * 1,477 22,598
Cybersource Corporation * 1,281 9,159
DST Systems, Inc. *+ 3,694 192,531
Deluxe Corporation + 2,098 78,318
Dendrite International, Inc. * 1,587 30,788
Digital Insight Corporation * 1,463 26,919
Digital River, Inc. * 1,627 67,699
Digital Video Systems, Inc. * 3,838 2,763
DocuCorp International, Inc. * 449 4,265
E.piphany, Inc. * 2,634 12,722
Earthlink, Inc. * 5,814 66,977
EasyLink Services Corporation Class A * 233 336
ebix.com, Inc. * 1,754 26,310
Echelon Corporation * 1,769 14,930
Eclipsys Corporation *+ 1,846 37,714
eCollege.com, Inc. * 635 7,214
Egain Communications
Corporation * 2,913 2,884
Electro Rent Corporation 950 13,518
Electronic Arts, Inc. * 11,960 737,693
See accompanying notes to financial statements.
206
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Electronic Data Systems
Corporation 22,135 $ 511,318
Electronics for Imaging * 2,638 45,928
Embarcadero
Technologies, Inc. * 1,252 11,781
eMerge Interactive, Inc.
Class A *+ 3,367 5,354
Enterasys Networks, Inc. * 7,461 13,430
Entrust Technologies, Inc. * 2,200 8,338
Epicor Software Corporation * 1,693 23,854
eSpeed, Inc. Class A * 1,470 18,184
Evolving Systems, Inc. * 1,054 4,732
F5 Networks, Inc. *+ 1,332 64,895
Factset Research Systems, Inc. + 1,460 85,322
Fair Isaac Corporation + 3,039 111,471
FalconStor Software, Inc. *+ 1,373 13,140
Filenet Corporation * 1,659 42,736
FindWhat.com * 990 17,553
First Data Corporation 37,390 1,590,571
Fiserv, Inc. * 7,444 299,174
Gartner Group, Inc. Class A *+ 4,979 62,038
Gerber Scientific, Inc. * 1,608 12,237
Google, Inc. Class A *+ 1,000 193,100
GraphOn Corporation * 1,300 676
GTECH Holdings Corporation 4,772 123,833
Hickok, Inc. Class A 1,150 8,625
High Speed Access Corporation *++[delta] 4,200 --
Homestore, Inc. * 6,953 21,068
Hypercom Corporation * 1,992 11,793
HyperFeed Technologies, Inc. * 1,613 4,355
Hyperion Solutions
Corporation * 1,685 78,555
IDX Systems Corporation * 1,281 44,143
IMS Health, Inc. 9,936 230,615
iGate Capital Corporation * 1,397 5,658
Informatica Corporation * 3,171 25,749
Information Architects
Corporation * 81 11
Inforte Corporation * 1,897 14,948
Infospace, Inc. * 1,323 62,909
InfoUSA, Inc. * 1,708 19,113
Integral Systems, Inc. 631 12,273
Intelidata Technologies Corporation * 1,550 1,038
Intellisync Corporation *+ 1,726 3,521
Interactive Data Corporation * 3,921 85,243
Interactive Intelligence, Inc. * 950 4,275
Intergraph Corporation *+ 1,844 49,659
Internap Network Services Corporation * 11,690 10,872
Internet Security Systems, Inc. * 2,038 47,383
Intervideo, Inc. * 500 6,615
Interwoven, Inc. * 1,908 20,759
Intrado, Inc. * 989 11,967
Intrusion, Inc. * 266 773
Intuit, Inc. * 7,737 340,505
Island Pacific, Inc. * 1,555 746
iVillage, Inc. * 3,507 21,673
JDA Software Group, Inc. * 1,256 17,107
Jack Henry & Associates, Inc. 3,591 71,497
Juniper Networks, Inc. * 21,310 579,419
Kana Software, Inc. * 876 1,656
Keane, Inc. * 2,631 38,676
Keynote Systems, Inc. * 1,400 19,488
Knot, Inc. (The) *+ 2,304 11,635
Kronos, Inc. * 1,283 65,600
LivePerson, Inc. * 3,333 10,466
Looksmart Ltd. * 2,500 5,475
Loudeye Technologies, Inc. *+ 5,040 10,332
LQ Corp., Inc. * 161 288
Macromedia, Inc. * 2,508 78,049
Magma Design
Automation, Inc. *+ 1,429 17,948
Manhattan Associates, Inc. * 1,346 32,142
Mantech International
Corpoartion Class A * 1,217 28,892
Manugistics Group, Inc. * 2,823 8,102
MAPICS, Inc. * 1,005 10,603
Mapinfo Corporation * 811 9,716
MarketWatch.com, Inc. * 1,262 22,716
McAfee, Inc. *+ 6,724 194,525
Mediware Information
Systems * 1,088 13,807
Mentor Graphics
Corporation *+ 2,745 41,971
Mercury Interactive
Corporation *+ 3,735 170,129
MetaSolv, Inc. * 1,380 3,657
Micromuse, Inc. * 2,804 15,562
Microsoft Corporation 446,275 11,920,005
MicroStrategy, Inc. Class A * 513 30,908
Mitek Systems, Inc. * 3,473 1,563
Mobius Management Systems, Inc. * 878 6,369
MRO Software, Inc. * 848 11,041
MSC.Software Corporation *+ 1,237 12,951
NCR Corporation * 3,924 271,659
Napster, Inc. *+ 1,145 10,763
National Instruments
Corporation + 3,414 93,032
Navidec, Inc. * 2,119 8,052
Navisite, Inc. * 3,725 9,797
NAVTEQ Corporation * 1,700 78,812
Neoware Systems, Inc. * 900 8,378
NetFlix, Inc. *+ 2,279 28,100
NetGuru, Inc. * 800 1,080
NETIQ Corporation * 2,493 30,440
Netscout Systems, Inc. * 1,250 8,725
Netsmart Technologies, Inc. * 505 4,535
NIC, Inc. * 2,450 12,446
Niku Corporation * 2,351 47,396
Novell, Inc. * 15,492 104,571
Nuance
Communications, Inc. * 1,222 5,059
NVE Corporation *+ 348 9,692
Nvidia Corporation * 6,728 158,512
Onyx Software Corporation * 469 1,501
Open Solutions, Inc. * 312 8,100
Oracle Corporation * 171,789 2,356,945
Packeteer, Inc. * 1,900 27,455
PalmSource, Inc. * 514 6,548
Parametric Technology
Corporation * 11,059 65,138
PDF Solutions, Inc. * 974 15,691
Pec Solutions, Inc. * 1,394 19,753
Perot Systems Corporation Class A * 4,359 69,875
Phoenix Technologies Ltd. * 907 7,492
Pixar, Inc. *+ 2,085 178,497
Plato Learning, Inc. * 1,825 13,596
Plumtree Software, Inc. * 2,464 11,137
Portal Software, Inc. * 1,534 4,065
See accompanying notes to financial statements.
207
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Progress Software
Corporation * 1,322 $ 30,869
QAD, Inc. 1,363 12,158
Quality Systems, Inc. * 192 11,482
Quest Software, Inc. * 3,847 61,360
RSA Security, Inc. * 2,330 46,740
Radiant Systems, Inc. * 1,019 6,634
Radisys Corporation * 961 18,788
Radview Software Ltd. (Israel) * 1,046 194
RealNetworks, Inc. * 5,844 38,687
Red Hat, Inc. *+ 7,251 96,801
Renaissance Learning, Inc. 1,353 25,112
Retek, Inc. * 1,886 11,599
Reynolds & Reynolds
Company (The) Class A 2,210 58,587
S1 Corporation * 2,636 23,882
Saba Software, Inc. * 1,576 6,304
SafeNet, Inc. * 1,099 40,377
SAFLINK Corporation * 4,996 13,839
Sapient Corporation * 4,150 32,826
Scientific Learning Corporation *+ 3,145 18,870
SCO Group, Inc. (The) *+ 997 4,227
Secure Computing Corporation * 1,554 15,509
SeeBeyond Technology Corporation * 2,788 9,981
Serena Software, Inc. * 1,616 34,970
Siebel Systems, Inc. * 20,574 216,027
SmartServ Online, Inc. * 566 1,217
Sonic Foundry, Inc. * 1,200 1,860
SonicWall, Inc. * 2,442 15,433
SPSS, Inc. * 690 10,792
SRA International, Inc. Class A * 832 53,414
SS&C Technologies, Inc. 2,047 42,271
Stellent, Inc. * 3,513 30,985
Stratasys, Inc. *+ 891 29,902
Sun Microsystems, Inc. * 135,549 729,254
Sungard Data Systems, Inc. * 11,120 315,030
Sybase, Inc. * 3,825 76,309
Sykes Enterprises, Inc. * 1,423 9,890
Symantec Corporation * 27,564 710,049
SYNNEX Corporation * 104 2,502
Synopsys, Inc. * 6,501 127,550
Synplicity, Inc. * 1,050 6,216
Syntel, Inc. 1,554 27,257
Take-Two Interactive
Software, Inc. *+ 1,762 61,300
Talx Corporation 462 11,915
Technology Solutions
Company * 1,962 2,178
Teknowledge Corporation * 3,449 6,105
TenFold Corporation * 4,098 3,688
THQ, Inc. *+ 1,943 44,572
3Com Corporation * 14,501 60,469
TIBCO Software, Inc. * 8,337 111,216
Tier Technologies, Inc.
Class B * 942 8,713
Total System Services, Inc. 1,651 40,119
Tradestation Group, Inc. * 1,690 11,864
Transaction Systems
Architects, Inc. Class A * 1,298 25,765
Trizetto Group, Inc. * 1,550 14,725
Tumbleweed Communications Corporation * 1,102 3,681
Ultimate Software
Group, Inc. * 1,242 15,749
Unisys Corporation * 13,714 139,609
United Online, Inc. * 2,509 28,929
Vasco Data Security
International, Inc. *+ 3,804 25,182
Velocity Express
Corporation * 100 28
Verilink Corporation *+ 4,538 12,298
Verint Systems, Inc. * 1,152 41,852
VeriSign, Inc. * 10,106 338,753
Veritas Software Corporation *+ 16,942 483,694
Verity, Inc. * 1,444 18,945
Versant Corporation * 3,301 3,037
VerticalNet, Inc. * 1,850 2,978
Via Net.Works, Inc. * 4,393 3,734
viaLink Company (The) * 1,094 54
Viewpoint Corporation *+ 1,140 3,534
Vignette Corporation * 7,372 10,247
VitalWorks, Inc. * 1,846 8,215
Vitria Technology, Inc. * 1,150 4,841
WatchGuard
Technologies, Inc. * 1,100 4,873
Wave Systems Corporation
Class A *+ 3,014 3,436
Webb Interactive
Services, Inc. * 836 351
WebEx Communications, Inc. *+ 1,743 41,449
WebMD Corporation *+ 12,459 101,665
Webmethods, Inc. * 2,153 15,523
Websense, Inc. * 979 49,655
XETA Technologies, Inc. * 1,946 6,998
Yahoo!, Inc. * 50,252 1,893,495
Zamba Corporation * 1,400 224
------------
36,156,586
------------
COMPUTERS & INFORMATION--4.8%
3M Company 31,269 2,566,247
Advanced Digital
Information Corporation * 2,414 24,188
Apple Computer, Inc. * 16,540 1,065,176
Authentidate Holding
Corporation * 1,023 6,332
Black Box Corporation 865 41,537
Brocade Communications Systems, Inc. * 9,768 74,628
CDW Corporation 3,443 228,443
Ciprico, Inc. * 1,658 6,715
Cirrus Logic, Inc. * 2,946 16,232
Cisco Systems, Inc. * 294,264 5,679,295
Computer Network
Technology Corporation * 1,145 8,129
Concurrent Computer Corporation * 1,901 5,437
Cray, Inc. *+ 2,857 13,314
Crossroads Systems, Inc. * 1,300 1,899
Dataram Corporation * 1,175 7,473
Datawatch Corporation * 3,500 18,550
Dell, Inc. * 96,749 4,077,003
Diebold, Inc. 3,079 171,593
Dot Hill Systems Corporation * 1,396 10,945
EMC Corporation * 105,320 1,566,108
Emulex Corporation * 3,408 57,391
Ener1, Inc. * 1,300 1,105
Exabyte Corporation * 1,565 642
See accompanying notes to financial statements.
208
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Extended Systems, Inc. * 1,459 $ 3,589
Extreme Networks, Inc. * 4,491 29,416
Focus Enhancements, Inc. *+ 5,319 6,064
Gateway, Inc. * 13,470 80,955
General Binding Corporation * 1,597 20,985
Global Imaging Systems, Inc. *+ 945 37,327
Global Payment
Technologies, Inc. * 1,270 7,588
Hewlett-Packard Company 121,630 2,550,581
InFocus Corporation * 1,636 14,986
Interland, Inc. * 705 2,305
Interlink Electronics, Inc. * 1,925 18,210
International Business
Machines Corporation 74,891 7,382,755
International Game
Technology 13,866 476,713
Iomega Corporation * 1,865 10,332
ION Networks, Inc. * 400 100
Iteris, Inc. * 4,263 14,707
Jabil Circuit, Inc. * 8,287 211,981
Lexmark International, Inc. * 5,131 436,135
MTI Technology Corporation * 3,844 10,379
Maxtor Corporation * 10,146 53,774
Micros Systems, Inc. * 857 66,897
MTM Technologies, Inc. * 500 2,590
Netgear, Inc. * 1,206 21,937
Network Engines, Inc. * 1,329 3,708
NYFIX, Inc. * 991 6,134
PalmOne, Inc. *+ 2,287 72,155
Paxar Corporation * 1,971 43,697
Pitney Bowes, Inc. 9,192 425,406
Planar Systems, Inc. * 785 8,816
ProQuest Company * 1,332 39,560
Quantum Corporation * 6,681 17,504
Safeguard Scientifics, Inc. * 4,073 8,635
Sandisk Corporation * 6,437 160,732
Scansoft, Inc. *+ 3,601 15,088
ScanSource, Inc. * 563 34,996
Scientific Games
Corporation Class A * 2,517 60,005
SCM Microsystems, Inc. * 1,494 7,291
Seagate Technology
(Cayman Islands) *+ 6,727 116,175
Silicon Graphics, Inc. *+ 7,853 13,586
SimpleTech, Inc. * 1,055 4,853
Solectron Corporation * 34,684 184,866
Storage Technology
Corporation *+ 4,660 147,303
Symbol Technologies, Inc. + 9,570 165,561
TransAct Technologies, Inc. * 888 18,968
VA Software Corporation *+ 2,018 5,045
Vialstream Holdings, Inc. * 1,000 830
Western Digital Corporation * 8,154 88,389
Xybernaut Corporation *+ 6,155 7,571
Zebra Technologies
Corporation Class A * 2,988 168,165
------------
28,933,727
------------
CONTAINERS & PACKAGING--0.1%
Ball Corporation 4,676 205,650
Crown Holdings, Inc. * 6,844 94,037
Sealed Air Corporation * 3,527 187,883
Silgan Holdings, Inc. 1,027 62,606
------------
550,176
------------
COSMETICS & PERSONAL CARE--1.8%
1-800 Contacts, Inc. *+ 502 11,044
Alberto Culver Company
Class B 3,659 177,718
Avon Products, Inc. 20,628 798,304
Chattem, Inc. * 872 28,863
Clorox Company 6,758 398,249
Colgate-Palmolive Company 23,094 1,181,489
Elizabeth Arden, Inc. *+ 1,017 24,144
Estee Lauder Companies, Inc.
(The) Class A 5,057 231,459
Gillette Company (The) 39,984 1,790,484
Procter & Gamble Company 111,918 6,164,443
Quaker Chemical Corporation 483 11,998
------------
10,818,195
------------
DIVERSIFIED--2.8%
General Electric Company 459,556 16,773,794
------------
ELECTRIC UTILITIES--2.7%
AES Corporation (The) * 25,835 353,164
Allegheny Energy, Inc. *+ 5,273 103,931
Allete, Inc. 1,243 45,680
Alliant Energy Corporation 4,491 128,443
Ameren Corporation + 7,529 377,504
American Electric Power
Company, Inc. 16,393 562,936
Aquila, Inc. * 7,275 26,845
Avista Corporation 1,759 31,082
Black Hills Corporation 2,041 62,618
CMS Energy Corporation *+ 6,681 69,816
Calpine Corporation *+ 17,134 67,508
Centerpoint Energy, Inc. + 12,705 143,566
Central Vermont Public
Service Corporation 540 12,560
CH Energy Group, Inc. 694 33,347
Cinergy Corporation 7,388 307,562
Cleco Corporation 2,109 42,728
Consolidated Edison, Inc. + 10,555 461,781
Constellation Energy
Group, Inc. 7,642 334,032
DTE Energy Company + 6,985 301,263
Dominion Resources, Inc. 14,361 972,814
DPL, Inc. 5,037 126,479
Duke Energy Corporation 40,857 1,034,908
Duquesne Light Holdings, Inc. 2,789 52,573
Edison International 13,522 433,110
EL Paso Electric Company * 1,748 33,107
Empire District Electric
Company (The) 1,197 27,148
Energy East Corporation 5,959 158,986
Entergy Corporation 9,094 614,663
Exelon Corporation 28,740 1,266,572
FPL Group, Inc. + 7,333 548,142
FirstEnergy Corporation 13,086 517,028
Great Plains Energy, Inc. 2,828 85,632
Green Mountain Power
Corporation 1,811 52,211
Hawaiian Electric
Industries, Inc. 3,066 89,374
Idacorp, Inc.
1,515 46,314
KeySpan Corporation 5,999 236,661
MGE Energy, Inc. 1,559 56,171
NiSource, Inc. 10,893 248,143
Northeast Utilities 5,201 98,039
NRG Energy, Inc.
* 4,000 144,200
NSTAR
2,187 118,710
See accompanying notes to financial statements.
209
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- -----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
OGE Energy Corporation 4,734 $ 125,498
Otter Tail Corporation 1,095 27,955
PG&E Corporation * 17,209 572,716
PPL Corporation 7,358 392,034
Pepco Holdings, Inc. 7,066 150,647
Pinnacle West Capital
Corporation 3,789 168,269
Plug Power, Inc. * 2,704 16,521
PNM Resources, Inc. 2,169 54,854
Progress Energy, Inc. + 10,169 460,046
Public Service Enterprise
Group, Inc. 9,757 505,120
Puget Energy, Inc. 3,548 87,636
Reliant Energy, Inc. * 11,470 156,565
SCANA Corporation 4,791 188,765
Sempra Energy + 8,687 318,639
Sierra Pacific Resources * 3,864 40,572
Southern Company (The) + 32,082 1,075,389
TXU Corporation + 12,939 835,342
TECO Energy, Inc. + 7,797 119,606
UIL Holdings Corporation 898 46,067
Unisource Energy Corporation 1,571 37,877
Unitil Corporation 420 11,886
Westar Energy, Inc. 2,432 55,620
Wisconsin Energy
Corporation + 4,564 153,852
WPS Resources Corporation + 1,431 71,493
Xcel Energy, Inc. 16,552 301,246
------------
16,401,566
------------
ELECTRICAL EQUIPMENT--0.5%
Active Power, Inc. * 1,093 5,028
Acuity Brands, Inc. 1,873 59,561
Advanced Lighting
Technologies, Inc. *++- 972 --
Aeroflex, Inc. * 2,811 34,069
Ametek, Inc. 2,823 100,696
Arotech Corporation *+ 1,269 2,056
Artesyn Technologies, Inc. * 1,534 17,334
AZZ, Inc. * 1,031 16,754
Baldor Electric Company 1,338 36,835
C&D Technologies, Inc. 1,159 19,749
Capstone Turbine
Corporation * 2,450 4,483
Cataytica Energy
Systems, Inc. * 852 1,926
Cherokee International
Corporation * 29 279
Cooper Industries Ltd. Class A 3,473 235,782
Distributed Energy Systems
Corporation * 3,756 9,390
Electro Scientific
Industries, Inc. * 1,421 28,079
Emerson Electric Company 18,362 1,287,176
Energizer Holdings, Inc. *+ 3,122 155,132
Energy Conversion
Devices, Inc. * 781 15,089
Evans & Sutherland
Computer Corporation * 1,882 13,118
Franklin Electric Company, Inc. 902 38,119
FuelCell Energy, Inc. *+ 1,938 19,186
Genlyte Group, Inc. * 551 47,210
GrafTech International Ltd. *+ 3,487 32,987
JMAR Technologies, Inc. * 2,904 5,053
Lincoln Electric Holdings, Inc. 1,877 64,832
Littelfuse, Inc. * 909 31,051
LSI Industries, Inc. 1,083 12,400
Medis Technologies Ltd. *+ 704 12,918
Metrologic Instruments, Inc. * 722 15,342
Moog, Inc. Class A * 964 43,717
Powell Industries, Inc. * 1,045 19,322
Quantum Fuel Systems
Technologies
Worldwide, Inc. *+ 1,157 6,965
Rayovac Corporation * 1,490 45,534
Regal-Beloit Corporation 1,272 36,379
SBS Technologies, Inc. * 965 13,471
Servotronics, Inc. * 705 3,419
Superconductor
Technologies * 2,084 2,897
Tech/Ops Sevcon, Inc. 719 4,569
Teleflex, Inc. 1,322 68,665
Thomas & Betts Corporation * 2,428 74,661
Trans-Lux Corporation 866 6,486
Ultralife Batteries, Inc. * 416 8,091
Universal Display
Corporation * 1,350 12,150
Universal Electronics, Inc. * 639 11,246
Valence Technology, Inc. *+ 6,972 21,683
Vicor Corporation 1,380 18,092
Wilson Greatbatch
Technologies, Inc. * 942 21,120
Woodhead Industries, Inc. 903 14,475
------------
2,754,576
------------
ELECTRONICS--3.3%
8X8, Inc. *+ 3,048 12,405
AVX Corporation + 7,170 90,342
Actel Corporation * 1,140 19,996
Adaptec, Inc. * 3,850 29,221
Advanced Energy
Industries, Inc. * 1,428 13,038
Advanced Micro
Devices, Inc. *+ 14,462 318,453
Agere Systems, Inc. Class A * 69,295 94,934
Agilent Technologies, Inc. * 19,030 458,623
Agilysys, Inc. 1,335 22,882
Alliance Fiber Optic
Products, Inc. * 4,817 7,225
Alliance Semiconductor
Corporation * 1,335 4,939
Altera Corporation * 14,718 304,663
American Power
Conversion Corporation 8,237 176,272
American Superconductor
Corporation * 1,147 17,079
AMIS Holdings, Inc. * 850 14,042
Amkor Technology, Inc. * 7,211 48,169
Amphenol Corporation
Class A * 3,688 135,497
Analog Devices, Inc. 15,241 562,698
Anaren, Inc. * 813 10,536
Applied Micro Circuits
Corporation * 12,746 53,661
Arrow Electronics, Inc. * 4,585 111,415
Atheros Communications,
Inc. * 40 410
Atmel Corporation * 18,733 73,433
ATMI, Inc. *+ 1,559 35,124
Ault, Inc. * 1,200 3,588
Avanex Corporation * 5,030 16,649
Avnet, Inc. * 5,129 93,553
AXT, Inc. * 946 1,495
Barnes Group, Inc. 1,009 26,749
Bel Fuse, Inc. Class A 545 15,968
Belden CDT, Inc. + 1,894 43,941
See accompanying notes to financial statements.
210
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Benchmark Electronics, Inc. *+ 1,680 $ 57,288
Benthos, Inc. * 1,950 33,286
Broadcom Corporation
Class A * 12,065 389,458
California Micro Devices
Corporation * 745 5,282
Caliper Life Sciences, Inc. * 867 6,529
Carlisle Companies, Inc. 1,226 79,592
Catalyst Semiconductor,
Inc. * 2,415 13,282
Catapult Communications
Corporation * 750 18,120
CellStar Corporation *+ 1,369 6,092
Ceradyne, Inc. *+ 1,245 71,226
Ceva, Inc. * 692 6,302
Conexant Systems, Inc. * 20,460 40,715
Cree, Inc. *+ 3,097 124,128
CTS Corporation 1,580 20,998
Cymer, Inc. * 1,498 44,251
Cypress Semiconductor
Corporation *+ 4,876 57,195
DRS Technologies, Inc. * 1,103 47,109
DSP Group, Inc. * 1,194 26,662
Dupont Photomasks, Inc. * 923 24,376
EDO Corporation 1,198 38,036
Emcor Group, Inc. * 727 32,846
Emcore Corporation * 1,219 4,254
EMS Technologies, Inc. * 960 15,955
ESCO Technologies, Inc. * 611 46,833
ESS Technology * 1,759 12,506
Esterline Technologies
Corporation * 1,049 34,250
Exar Corporation * 1,758 24,946
Fairchild Semiconductor
International, Inc. *+ 4,903 79,723
Finisar Corporation * 6,855 15,629
Flir Systems, Inc. * 1,402 89,434
Freescale Semiconductor,
Inc. Class A * 5,300 94,446
Freescale Semiconductor,
Inc. Class B * 11,261 206,752
FSI International, Inc. * 1,479 6,907
HEI, Inc. * 1,050 2,289
Helix Technology Corporation 1,144 19,894
HI/FN, Inc. * 681 6,279
Hughes Supply, Inc. 2,390 77,316
Hutchinson Technology, Inc. *+ 1,149 39,721
Imation Corporation 1,564 49,782
Innovex, Inc. * 1,922 10,475
Integrated Circuit
Systems, Inc. *+ 3,056 63,932
Integrated Device
Technology, Inc. * 4,196 48,506
Integrated Silicon
Solutions, Inc. * 1,269 10,406
Intel Corporation 279,152 6,529,365
International Rectifier
Corporation *+ 2,631 117,264
Intersil Corporation Class A 5,757 96,372
ISCO International, Inc. * 2,000 720
IXYS Corporation * 1,329 13,715
JDS Uniphase Corporation *+ 59,556 188,793
Kemet Corporation * 3,407 30,493
KVH Industries, Inc. * 375 3,675
LSI Logic Corporation * 15,734 86,222
Lattice Semiconductor
Corporation * 4,395 25,051
Lightpath Technologies, Inc.
Class A *+ 1,526 6,836
Linear Technology
Corporation + 12,363 479,190
Lowrance Electronics, Inc. 1,350 42,524
MIPS Technologies, Inc.
Class A * 2,228 21,946
MRV Communications, Inc. *+ 4,567 16,761
Magnetek, Inc. * 1,406 9,701
Mattson Technology, Inc. * 1,760 19,818
Maxim Integrated
Products, Inc. 13,135 556,793
Maxwell Technologies, Inc. * 370 3,752
MEMC Electronics
Materials, Inc. * 8,581 113,698
Mercury Computer
Systems, Inc. *+ 963 28,582
Merix Corporation * 674 7,764
Methode Electronics, Inc. 1,383 17,772
Micrel, Inc. * 3,731 41,116
Micro Linear Corporation * 1,440 7,099
Microchip Technology, Inc. 8,640 230,342
Micron Technology, Inc. *+ 24,041 296,906
Microsemi Corporation * 2,474 42,949
Mobility Electronics, Inc. * 674 5,783
Molex, Inc. + 7,199 215,970
Monolithic System
Technology, Inc. * 1,251 7,794
Moscow CableCom
Corporation * 1,900 11,662
Mykrolis Corporation * 1,830 25,931
National Semiconductor
Corporation 14,384 258,193
Novellus Systems, Inc. 6,320 176,265
Nu Horizons Electronics
Corporaton * 1,207 9,632
Numerex Corporation
Class A * 1,800 8,460
Omnivision Technologies,
Inc. *+ 2,354 43,196
ON Semiconductor
Corporation * 11,976 54,371
Oplink Communications, Inc. * 5,308 10,457
Optelecom, Inc. * 819 7,584
Opti, Inc. * 1,041 1,582
OSI Systems, Inc. *+ 867 19,690
Park Electrochemical
Corporation 1,086 23,544
Pericom Semiconductor
Corporation * 1,023 9,647
Photronics, Inc. * 1,388 22,902
Pixelworks, Inc. *+ 1,927 21,852
Plexus Corporation * 1,884 24,511
PLX Technology, Inc. * 1,050 10,920
Power Integrations, Inc. *+ 1,262 24,962
Power-One, Inc. * 3,459 30,854
Proxim Corporation, Class A * 216 883
QLogic Corporation * 3,921 144,018
Quicklogic Corporation * 1,050 2,983
RF Micro Devices, Inc. *+ 7,206 49,289
Rambus, Inc. * 4,071 93,633
Raytheon Company 19,671 763,825
Reptron Electronics, Inc. * 70 497
Research Frontiers, Inc. *+ 752 4,798
Rockwell Collins, Inc. 7,347 289,766
Rogers Corporation * 803 34,609
Rudolph Technologies, Inc. *+ 814 13,976
Sanmina-SCI Corporation *+ 21,464 181,800
Semtech Corporation * 2,970 64,954
See accompanying notes to financial statements.
211
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Sigmatel, Inc. * 797 $ 28,317
Sigmatron International, Inc. * 282 3,821
Silicon Image, Inc. * 2,948 48,524
Silicon Laboratories, Inc. *+ 2,124 74,998
Silicon Storage
Technology, Inc. * 3,793 22,568
Siliconix, Inc. * 1,202 43,861
Sipex Corporation * 1,030 4,820
Skyworks Solutions, Inc. *+ 5,822 54,901
Somera Communications,
Inc. * 2,750 3,492
Spectrum Control, Inc. * 1,195 8,676
Spire Corporation * 2,500 10,977
Staktek Holdings, Inc. * 42 195
Stratos International, Inc. * 973 4,271
Sycamore Networks, Inc. * 9,917 40,263
Synaptics, Inc. * 1,057 32,323
Technitrol, Inc. * 1,866 33,961
Tegal Corporation * 3,754 6,119
Teledyne Technologies, Inc. * 1,228 36,140
Teradyne, Inc. * 7,938 135,502
Tessera Technologies, Inc. * 1,560 58,048
Texas Instruments, Inc. 75,316 1,854,280
Three-Five Systems, Inc. * 930 2,251
Transmeta Corporation * 5,029 8,197
Transwitch Corporation * 2,483 3,824
Trident Microsystems, Inc. * 1,509 25,230
Trimble Navigation Ltd. * 2,072 68,459
Tripath Technology, Inc. * 4,192 5,240
Triquint Semiconductor, Inc. * 4,918 21,885
TTM Technologies, Inc. * 1,639 19,340
Tvia, Inc. * 4,026 8,169
Tyler Technologies, Inc. * 1,886 15,767
Varian Semiconductor
Equipment Associates, Inc. * 1,497 55,164
Virage Logic Corporation * 901 16,732
Vishay Intertechnology, Inc. * 6,046 90,811
Vitesse Semiconductor
Corporation * 8,323 29,380
Wesco International, Inc. * 1,550 45,942
Xilinx, Inc. 13,605 403,388
YDI Wireless, Inc. * 2,197 12,830
Zoran Corporation * 1,650 19,107
------------
19,983,793
------------
ENTERTAINMENT & LEISURE--2.0%
Alliance Gaming Corporation *+ 1,971 27,220
Argosy Gaming Company * 1,159 54,125
Avid Technology, Inc. * 1,237 76,385
Bally Total Fitness
Holding Corporation * 1,306 5,537
Blockbuster, Inc. Class A + 7,850 74,889
Caesars Entertainment, Inc. * 11,992 241,519
Callaway Golf Company + 2,881 38,893
Cedar Fair, LP 2,300 75,670
Churchill Downs, Inc. 638 28,519
Concord Camera
Corporation * 2,863 6,556
Dover Downs Gaming &
Entertainment, Inc. 1,140 14,934
Dover Motorsports, Inc. 1,645 9,426
Eastman Kodak Company + 11,893 383,549
Gaylord Entertainment
Company * 1,772 73,591
Harrah's Entertainment, Inc. + 4,583 306,557
Hasbro, Inc. 7,242 140,350
Hollywood Entertainment
Corporation * 2,228 29,165
Hollywood Media
Corporation * 1,494 7,246
Image Entertainment, Inc. *+ 299 1,776
International Speedway
Corporation Class A 2,390 126,192
Jakks Pacific, Inc. * 925 20,452
K2, Inc. * 2,544 40,399
Leapfrog Enterprises, Inc. *+ 1,261 17,150
Lexar Media, Inc. *+ 3,142 24,633
Macrovision Corporation * 2,053 52,803
Mattel, Inc. 16,641 324,333
Metro-Goldwyn-Mayer, Inc. + 10,260 121,889
Multimedia Games, Inc. *+ 1,202 18,944
Nashua Corporation * 1,541 17,506
National Lampoon, Inc. * 3,300 10,560
Nautilus Group, Inc. 1,359 32,847
New Frontier Media, Inc. * 3,808 30,156
News Corporation, Inc.
Class A *+ 107,200 2,000,352
Penn National Gaming, Inc. * 1,993 120,676
Pinnacle Entertainment, Inc. * 1,629 32,222
Pinnacle Systems, Inc. * 2,430 14,823
RC2 Corporation * 1,650 53,790
Regal Entertainment Group
Class A 2,743 56,917
Six Flags, Inc. * 3,814 20,481
Sonic Solutions, Inc. *+ 889 19,949
Speedway Motorsports, Inc. 1,949 76,362
Steinway Musical
Instruments, Inc. * 683 19,766
Time Warner, Inc. * 191,533 3,723,402
Walt Disney Company 89,273 2,481,789
Westwood One, Inc. * 4,247 114,372
WMS Industries, Inc. *+ 1,269 42,562
World Wrestling
Entertainment, Inc. 1,030 12,494
Xerox Corporation * 36,562 621,920
------------
11,845,648
------------
FINANCIAL SERVICES--4.0%
Accredited Home Lenders
Holding Company * 729 36,217
Affiliated Managers Group *+ 1,354 91,720
AG Edwards, Inc. 3,542 153,050
Alliance Capital Management
Holdings, Inc. 3,100 130,200
American Home Mortgage
Investment Corporation REIT 1,107 37,915
Ameritrade Holding
Corporation *+ 17,554 249,618
AmNet Mortgage, Inc. * 529 4,343
Ampal American Israel
Corporation Class A * 1,391 5,286
Anworth Mortgage Asset
Corporation REIT 834 8,932
Bear Stearns Companies, Inc.
(The) 4,068 416,197
Berkshire Hathaway, Inc.
Class A * 45 3,955,500
BlackRock, Inc. 906 69,998
Capital Trust Class A 1,823 55,984
CapitalSource, Inc. *+ 4,712 120,957
Catskill Litigation Trust *++(delta) 582 --
Certegy, Inc. 3,068 109,006
Charles Schwab Corporation
(The) 54,390 650,504
CharterMac 1,905 46,558
See accompanying notes to financial statements.
212
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Cherokee, Inc. 994 $ 35,068
Chicago Mercantile
Exchange + 1,415 323,610
Countrywide Financial
Corporation + 24,520 907,485
Diamond Hill Investment
Group, Inc. * 1,310 21,942
Doral Financial Corporation
(Puerto Rico) + 4,427 218,030
E*Trade Financial
Corporation * 14,978 223,921
Eaton Vance Corporation 2,641 137,728
E-Loan, Inc. * 2,150 7,267
ePresense, Inc. ++(delta) 1,173 --
Equitex, Inc. * 3,169 2,012
Equity Lifestyle Properties,
Inc. REIT 1,140 40,755
Federal Home Loan Mortgage
Corporation 29,970 2,208,789
Federal National Mortgage
Association 42,121 2,999,436
Federated Investors, Inc.
Class B 4,508 137,043
First Marblehead
Corporation (The) *+ 1,843 103,669
Franklin Resources, Inc. 6,114 425,840
Friedman Billings Ramsey
Group, Inc. Class A 6,080 117,891
Gabelli Asset Management,
Inc. Class A + 558 27,074
Gables Residential Trust REIT 1,322 47,314
Goldman Sachs Group, Inc. 17,947 1,867,206
Instinet Group, Inc. * 1,291 7,785
Integrated Telecom
Express, Inc. ++(delta) 1,103 --
Investment Technology
Group, Inc. * 2,078 41,560
Janus Capital Group, Inc. 9,990 167,932
Jefferies Group, Inc. + 2,339 94,215
Kent Financial Services, Inc. * 2,200 6,050
Kilroy Realty Corporation REIT 1,316 56,259
Kirlin Holding Corporation * 1,061 2,971
Knight Trading Group, Inc. * 4,630 50,698
LaBranche & Company, Inc. *+ 2,588 23,188
Legg Mason, Inc. 4,150 304,029
Lehman Brothers
Holdings, Inc. 11,268 985,725
Macerich Company (The) REIT 2,360 148,208
Meristar Hospitality
Corporation REIT * 3,449 28,799
Merrill Lynch & Company, Inc. 37,426 2,236,952
MFA Mortgage Investments,
Inc. REIT 4,149 36,594
Morgan Stanley 43,843 2,434,163
New Century Financial
Corporation. REIT + 1,311 83,786
Nuveen Investments, Inc.
Class A 624 24,629
Pennsylvania REIT 1,510 64,628
ProcureNet, Inc. ++(delta) 895 --
PS Business Parks, Inc. REIT 1,323 59,667
Raymond James
Financial, Inc. 3,541 109,700
Reckson Associates Realty
Corporation REIT 2,412 79,138
Saxon REIT, Inc. REIT 1,295 31,067
SEI Investments Company 4,559 191,159
Siebert Financial
Corporation * 1,469 5,656
Starbiz Corporation ++(delta) 8 --
Suburban Lodges of
America ++(delta) 1,983 --
SumTotal Systems, Inc. * 317 1,648
Sutter Holding
Company, Inc. * 850 2,635
SWS Group, Inc. 882 19,333
T. Rowe Price Group, Inc. 5,166 321,325
Value Line, Inc. 573 22,483
Waddell & Reed Financial, Inc.
Class A 3,971 94,867
Westwood Holdings
Group, Inc. 1,027 20,232
------------
23,751,146
------------
FOOD RETAILERS--0.4%
7-Eleven, Inc. * 4,500 107,775
Albertson's, Inc. + 14,224 339,669
Arden Group, Inc. Class A 260 26,123
Fresh Brands, Inc. * 1,871 14,500
Kroger Company *+ 29,621 519,552
Panera Bread Company
Class A *+ 1,250 50,400
Pantry, Inc. (The) * 1,200 36,108
Pathmark Stores, Inc. * 950 5,519
Ruddick Corporation 1,967 42,664
Starbucks Corporation * 17,330 1,080,699
Weis Markets, Inc. 1,482 57,161
Whole Foods Market, Inc. + 2,518 240,091
Wild Oats Markets, Inc. * 1,309 11,532
Winn-Dixie Stores, Inc. + 5,881 26,759
------------
2,558,552
------------
FOREST PRODUCTS & PAPER--0.9%
American Woodmark
Corporation 800 34,944
Bemis Company 4,410 128,287
Bowater, Inc. 2,289 100,647
Buckeye Technologies, Inc. * 1,251 16,276
Caraustar Industries, Inc. * 1,610 27,080
Chesapeake Corporation 814 22,108
Deltic Timber Corporation 724 30,734
Fibermark, Inc. * 843 9
Georgia-Pacific Corporation 10,547 395,302
Glatfelter 1,740 26,587
Greif, Inc. Class A 1,226 68,656
International Paper Company 21,137 887,754
Kimberly Clark Corporation 21,534 1,417,153
Longview Fibre Company 2,324 42,157
Martin Marietta Materials, Inc. 1,737 93,207
MeadWestvaco Corporation 7,524 254,988
Neenah Paper, Inc. *+ 652 21,255
Packaging Corporation
of America 4,339 102,183
Pactiv Corporation * 6,523 164,967
Playtex Products, Inc. * 2,449 19,568
Pope & Talbot, Inc. 894 15,296
Potlatch Corporation 1,352 68,384
Rock-Tenn Company Class A 1,450 21,982
Schweitzer-Mauduit
International, Inc. 724 24,580
Smurfit-Stone Container
Corporation + 10,013 187,043
Sonoco Products Company 3,353 99,416
Temple-Inland, Inc. 2,253 154,105
United Stationers, Inc. * 1,278 59,044
See accompanying notes to financial statements.
213
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
US Home Systems, Inc. * 1,291 $ 7,940
Wausau-Mosinee Paper
Corporation 1,903 33,988
Weyerhaeuser Company 9,721 653,446
------------
5,179,086
------------
HEALTH CARE PROVIDERS--1.3%
Accredo Health, Inc. * 2,188 60,651
Alliance Imaging, Inc. * 1,429 16,076
American Healthways, Inc. *+ 1,362 45,000
Amsurg Corporation * 1,423 42,035
Apria Healthcare Group, Inc. *+ 2,101 69,228
Beverly Enterprises, Inc. * 4,439 40,617
Caremark Rx, Inc. * 20,254 798,615
Community Health Systems,
Inc. * 4,282 119,382
Covance, Inc. * 2,839 110,011
Coventry Health Care, Inc. * 3,653 193,901
Cross Country
Healthcare, Inc. * 1,339 24,209
CryoLife, Inc. *+ 937 6,625
DaVita, Inc. * 4,290 169,584
Edwards Lifesciences
Corporation *+ 2,575 106,244
Enzo Biochem, Inc. * 1,353 26,343
Enzon Pharmaceuticals, Inc. * 1,765 24,216
Express Scripts, Inc. * 3,259 249,118
First Health Group
Corporation * 4,058 75,925
Genesis HealthCare
Corporation * 975 34,154
HCA, Inc. + 20,062 801,678
Health Management
Associates, Inc. Class A + 9,953 226,132
Hooper Holmes, Inc. 1,959 11,597
Immunomedics, Inc. * 2,141 6,509
IMPAC Medical Systems, Inc. * 393 8,092
Interleukin Genetics, Inc. * 2,825 10,029
Kindred Healthcare, Inc. * 1,800 53,910
Laboratory Corporation of
America Holdings * 5,915 294,685
LCA-Vision, Inc. 616 14,408
LifePoint Hospitals, Inc. *+ 1,555 54,145
Lincare Holdings, Inc. * 4,169 177,808
Manor Care, Inc. 3,698 131,020
Matria Healthcare, Inc. *+ 580 22,661
National Healthcare
Corporation 431 15,214
NeighborCare, Inc. * 2,083 63,990
Nektar Therapeutics * 2,368 47,928
NovaMed, Inc. * 1,250 8,225
OCA, Inc. *+ 2,133 13,545
Odyssey HealthCare, Inc. *+ 1,593 21,792
Pacificare Health Systems * 3,451 195,051
Pediatrix Medical
Group, Inc. * 1,091 69,879
Province Healthcare
Company * 2,037 45,527
Psychemedics Corporation 302 3,911
Psychiatric Solutions, Inc. * 1,331 48,661
RehabCare Group, Inc. * 739 20,685
Renal Care Group, Inc. * 2,698 97,101
Sagemark Companies Ltd. * 1,088 3,808
Select Medical Corporation 3,733 65,701
Sierra Health Services, Inc. * 1,237 68,171
Specialty Laboratories, Inc. * 1,183 13,060
Sunrise Senior Living, Inc. * 975 45,201
Symbion, Inc. *+ 1,415 31,243
Tenet Healthcare Corporation *+ 19,289 211,793
Triad Hospitals, Inc. * 3,297 122,681
U.S. Physical Therapy, Inc. * 1,300 20,046
United Surgical Partners
International, Inc. * 1,275 53,167
UnitedHealth Group, Inc. 28,817 2,536,760
Universal Health Services, Inc.
Class B 2,373 105,598
VCA Antech, Inc. *+ 3,442 67,463
VistaCare, Inc. Class A * 1,341 22,301
------------
8,043,110
------------
HEAVY CONSTRUCTION--0.2%
Blount International, Inc. * 1,532 26,687
Centex Corporation + 4,760 283,601
Granite Construction, Inc. 1,889 50,247
Hovnanian Enterprises, Inc. * 2,378 117,759
Lennar Corporation Class A + 6,375 361,335
Levitt Corporation Class A 763 23,325
M/I Schottenstein Homes, Inc. 610 33,617
McDermott International, Inc. * 2,759 50,655
McGrath Rentcorp 458 19,973
WCI Communities, Inc. * 1,921 56,477
William Lyon Homes, Inc. * 532 37,368
------------
1,061,044
------------
HEAVY MACHINERY--2.2%
Ablest, Inc. * 850 6,281
Actuant Corporation Class A * 1,011 52,724
Agco Corporation * 3,068 67,159
American Standard
Companies, Inc. * 8,463 349,691
Ampco-Pittsburgh Corporation 613 8,950
Applied Industrial
Technologies, Inc. 1,371 37,565
Applied Materials, Inc. * 73,712 1,260,475
Astec Industries, Inc. * 821 14,129
Asyst Technologies, Inc. * 1,782 9,070
Aviall, Inc. * 1,365 31,354
Axcelis Technologies, Inc. * 4,095 33,292
Baker Hughes, Inc. 13,294 567,255
Black & Decker Corporation 3,225 284,864
Briggs & Stratton
Corporation + 1,822 75,759
Brooks Automation, Inc. * 1,834 31,581
Caterpillar, Inc. 14,909 1,453,777
Cooper Cameron
Corporation * 1,733 93,253
Cummins, Inc. 1,755 147,051
Deere & Company 10,859 807,910
Donaldson Company, Inc. 3,810 124,130
Dover Corporation 7,805 327,342
Dril-Quip, Inc. * 988 23,969
Dycom Industries, Inc. * 2,076 63,360
Eaton Corporation 5,907 427,431
Electroglas, Inc. * 1,990 9,452
Engineered Support
Systems, Inc. + 972 57,562
EnPro Industries, Inc. * 981 29,008
Entegris, Inc. * 3,195 31,790
Fedders Corporation 1,828 6,617
Flowserve Corporation * 2,375 65,407
FMC Technologies, Inc. * 2,695 86,779
Gardner Denver, Inc. * 918 33,314
Genus, Inc. *+ 1,226 2,354
Graco, Inc. 2,883 107,680
Grant Prideco, Inc. * 4,753 95,298
See accompanying notes to financial statements.
214
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Hurco Companies, Inc. * 300 $ 4,950
Hydril * 1,094 49,788
Idex Corporation 2,203 89,221
Ingersoll-Rand Company
Class A 6,898 553,909
Insituform Technologies,
Inc. Class A * 1,223 27,725
Joy Global, Inc. 2,044 88,771
Kadant, Inc. * 721 14,780
Kaydon Corporation + 1,422 46,954
Kennametal, Inc. 1,598 79,532
Knight Transportation, Inc. 2,586 64,133
Kulicke and Soffa
Industries, Inc. * 2,008 17,309
Lam Research Corporation * 5,335 154,235
Lennox International, Inc. + 2,437 49,593
Lindsay Manufacturing
Company 808 20,911
Manitowoc Company 1,261 47,477
Matrix Service Company *+ 468 3,772
Modine Manufacturing
Company 1,208 40,794
MPM Technologies, Inc. * 950 161
NACCO Industries, Inc.
Class A 309 32,569
National-Oilwell, Inc. *+ 3,693 130,326
Nordson Corporation 1,522 60,987
Oil States International, Inc. * 2,026 39,082
Oilgear Company (The) * 1,300 11,270
Pall Corporation + 5,186 150,135
Paragon Technologies, Inc. * 1,800 17,820
Parker Hannifin Corporation 4,521 342,421
Pentair, Inc. + 3,618 157,600
Robbins & Myers, Inc. 868 20,684
Rockwell Automation, Inc. 7,135 353,539
Sauer-Danfoss, Inc. 1,531 33,391
Semitool, Inc. * 1,060 9,837
SPX Corporation + 3,125 125,187
Standex International
Corporation 724 20,627
Stanley Works (The) 3,365 164,851
Stewart & Stevenson Services 1,366 27,634
Tecumseh Products Company
Class A 712 34,034
Tennant Company 640 25,376
Terex Corporation *+ 2,062 98,254
Thomas Industries, Inc. 955 38,124
Timco Aviation Services, Inc. * 107 23
Timken Company 3,702 96,326
Toro Company 1,275 103,721
TurboChef Technologies, Inc. * 993 22,720
Ultratech, Inc. * 971 18,303
United Technologies
Corporation 22,277 2,302,328
UNOVA, Inc. *+ 2,374 60,038
Varian Medical Systems,
Inc. * 5,512 238,339
W.W. Grainger, Inc. 3,286 218,913
Watsco, Inc. 1,653 58,219
Willis Lease Finance
Corporation * 1,234 9,625
WJ Communications, Inc. * 1,509 5,191
Woodward Governor
Company 408 29,217
York International Corporation 1,671 57,716
------------
13,292,075
------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES--0.9%
American Technology
Corporation *+ 3,686 40,730
Applica, Inc. * 1,507 9,117
Bassett Furniture
Industries, Inc. 1,139 22,353
BE Aerospace, Inc. * 2,393 27,855
Beazer Homes USA, Inc. + 498 72,813
Brookfield Homes
Corporation 1,218 41,290
Digital Theater Systems, Inc. * 755 15,198
Dominion Homes, Inc. * 650 16,395
DR Horton, Inc. + 9,617 387,661
Ethan Allen Interiors, Inc. 1,551 62,071
Fossil, Inc. * 3,154 80,869
Furniture Brands
International, Inc. + 2,341 58,642
Gemstar-TV Guide
International, Inc. * 16,221 96,028
Harman International
Industries, Inc. 2,728 346,456
Helen of Troy Ltd. * 1,333 44,802
Herman Miller, Inc. + 3,155 87,173
Hillenbrand Industries, Inc. 2,596 144,182
HNI Corporation 2,512 108,142
Johnson Controls, Inc. 7,495 475,483
KB Home 1,924 200,866
Kimball International, Inc.
Class B 1,500 22,215
Kinetic Concepts, Inc. * 2,600 198,380
Layne Christensen Company * 510 9,257
La-Z-Boy, Inc. 2,404 36,949
Leggett & Platt, Inc. 7,063 200,801
Masco Corporation 18,520 676,536
Maytag Corporation + 3,261 68,807
MDC Holdings, Inc. 1,301 112,458
Meritage Corporation * 650 73,255
Movado Group, Inc. 1,678 31,295
National Presto Industries, Inc. 535 24,343
NVR, Inc. * 262 201,583
Palm Harbor Homes, Inc. * 1,181 19,935
Parkervision, Inc. *+ 1,052 9,362
Pulte Homes, Inc. 5,149 328,506
Rowe Furniture Corporation * 970 5,015
Ryland Group, Inc. + 1,852 106,564
Salton, Inc. *+ 701 3,968
Select Comfort Corporation *+ 1,403 25,170
Skyline Corporation 720 29,376
Standard-Pacific Corporation 1,284 82,356
Steelcase, Inc. Class A 1,992 27,569
Technical Olympic USA, Inc. 1,435 36,420
Tempur-Pedic
International, Inc. * 1,346 28,535
Toll Brothers, Inc. * 2,966 203,497
Virco Manufacturing
Corporation * 799 6,001
Walter Industries, Inc. + 2,140 72,182
Whirlpool Corporation + 2,590 179,254
------------
5,157,715
------------
HOUSEHOLD PRODUCTS--0.5%
Anchor Glass Container
Corporation 164 1,102
Apogee Enterprises, Inc. 1,250 16,763
Charles & Colvard Ltd. * 1,405 14,935
Ferro Corporation + 1,818 42,159
Fortune Brands, Inc. 6,052 467,093
See accompanying notes to financial statements.
215
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- -----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Gentex Corporation + 3,297 $ 122,055
Illinois Tool Works, Inc. 12,085 1,120,038
Kronos Worldwide, Inc. 1,120 45,640
Lazare Kaplan International * 1,139 10,832
Libbey, Inc. 749 16,635
Newell Rubbermaid, Inc. + 11,388 275,476
Owens-IIlinois, Inc. * 6,064 137,350
Rohm & Haas Company 6,241 276,039
RPM, Inc. 4,832 94,997
Snap-On, Inc. 2,419 83,117
Valspar Corporation 1,862 93,119
------------
2,817,350
------------
INDUSTRIAL--DIVERSIFIED--0.1%
Blyth, Inc. 1,839 54,361
Daktronics, Inc. * 1,800 44,802
Identix, Inc. * 3,461 25,542
Roper Industries, Inc. 1,490 90,547
Russ Berrie & Company, Inc. 1,156 26,403
Shuffle Master, Inc. *+ 1,018 47,948
Yankee Candle
Company, Inc. *+ 2,152 71,403
Zomax, Inc. MN * 1,549 6,366
------------
367,372
------------
INSURANCE--4.6%
21st Century Insurance Group 3,010 40,936
Aflac, Inc. 20,781 827,915
Aetna, Inc. 6,731 839,692
Alfa Corporation 1,928 29,277
Alleghany Corporation * 337 96,129
Allmerica Financial
Corporation * 2,346 77,019
Allstate Corporation (The) 30,195 1,561,685
AMBAC Financial Group, Inc. 4,135 339,608
American Financial Group, Inc. 3,317 103,855
American Independence
Corporation * 430 6,282
American International
Group, Inc. 99,620 6,542,045
American National Insurance 945 98,431
American Physicians
Capital, Inc. * 860 30,977
Amerigroup Corporation * 975 73,769
AmerUs Group Company + 1,580 71,574
AON Corporation 12,212 291,378
Arch Capital Group Ltd.
(Bermuda) * 1,428 55,264
Argonaut Group, Inc. * 1,387 29,307
Arthur J. Gallagher &
Company 3,230 104,975
Assurant, Inc. 5,717 174,654
Baldwin & Lyons, Inc. Class B 945 25,317
Bristol West Holdings, Inc. 1,365 27,300
Brown & Brown, Inc. 2,518 109,659
Centene Corporation * 1,972 55,906
Chubb Corporation 7,793 599,282
Cigna Corporation 5,831 475,635
Cincinnati Financial
Corporation 6,465 286,141
Clark, Inc. * 1,174 18,220
CNA Financial Corporation * 1,422 37,982
CNA Surety Corporation * 1,486 19,838
Commerce Group, Inc. 1,543 94,185
Conseco, Inc. * 3,700 73,815
Crawford & Company Class B 1,891 14,183
Danielson Holding
Corporation * 1,555 13,140
Delphi Financial Group, Inc.
Class A 1,297 59,857
Donegal Group, Inc. Class B 427 9,501
EMC Insurance Group, Inc. 341 7,379
Erie Indemnity Company
Class A 2,023 106,349
FBL Financial Group, Inc.
Class A 1,275 36,401
Fidelity National Financial, Inc. 6,737 307,679
First American Corporation 3,159 111,007
Gainsco, Inc. * 385 574
Genworth Financial, Inc.
Class A 6,300 170,100
Great American Financial
Resources, Inc. 1,717 29,824
Harleysville Group, Inc. 1,351 32,248
Hartford Financial Services
Group, Inc. 12,739 882,940
HCC Insurance Holdings, Inc. 2,666 88,298
Health Net, Inc. * 4,879 140,857
HealthExtras, Inc. * 1,864 30,383
Hilb Rogal & Hobbs Company 1,604 58,129
Horace Mann Educators
Corporation 2,000 38,160
Humana, Inc. * 6,683 198,418
Independence Holding
Company 961 17,730
Infinity Property & Casualty
Corp. 810 28,512
Jefferson Pilot Corporation 5,454 283,390
Kansas City Life Insurance
Company 902 42,665
LabOne, Inc. * 602 19,288
Landamerica Financial
Group, Inc. 845 45,571
Leucadia National Corporation 2,706 188,013
Lincoln National Corporation 7,387 344,825
Loews Corporation 5,496 386,369
MBIA, Inc. + 5,981 378,478
MGIC Investment Corporation 4,084 281,428
Markel Corporation *+ 412 149,968
Marsh & McLennan
Companies, Inc. 21,504 707,482
Mercury General Corporation 2,409 144,347
Metlife, Inc. 18,245 739,105
National Financial Partners
Corporation 1,495 58,006
Nationwide Financial Services
Class A 2,414 92,287
Navigators Group, Inc. * 938 28,243
Odyssey Re Holdings
Corporation + 2,505 63,151
Ohio Casualty Corporation * 2,335 54,195
Old Republic International
Corporation 7,353 186,031
PMI Group, Inc. (The) 3,929 164,036
Philadelphia Consolidated
Holding Corporation * 854 56,484
Phoenix Companies, Inc.
(The) + 4,217 52,713
PMA Capital Corporation
Class A * 1,826 18,899
Presidential Life Corporation 1,144 19,402
Principal Financial Group 12,801 524,073
ProAssurance Corporation * 1,647 64,414
Progressive Corporation (The) 8,663 734,969
Protective Life Corporation 3,130 133,620
See accompanying notes to financial statements.
216
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Prudential Financial, Inc. 21,930 $ 1,205,273
Radian Group, Inc. 3,844 204,655
Reinsurance Group of
America, Inc. 2,540 123,063
RLI Corporation 1,164 48,387
Safeco Corporation 5,751 300,432
Selective Insurance Group 1,061 46,939
Southern Security Life
Insurance Company * 1,180 4,425
St. Paul Travelers Companies 29,139 1,080,183
Stancorp Financial Group, Inc. 1,230 101,475
State Auto Financial
Corporation 1,988 51,390
Stewart Information
Services Corporation 1,239 51,604
Torchmark Corporation 4,697 268,387
Transatlantic Holdings, Inc. 1,167 72,156
Triad Guaranty, Inc. * 692 41,852
UICI 2,484 84,208
United American Healthcare
Corporation * 4,251 26,820
United Fire & Casualty
Company 1,250 42,138
Unitrin, Inc. 3,006 136,623
Universal American
Financial Corporation * 1,812 28,032
UnumProvident Corporation 10,788 193,537
USI Holdings Corporation *+ 1,550 17,934
WellChoice, Inc. * 3,356 179,210
WellPoint, Inc. * 12,243 1,407,945
Wesco Financial Corporation 187 73,491
White Mountains Insurance
Group Ltd. 300 193,800
WR Berkley Corporation 3,360 158,491
Zenith National Insurance
Corporation + 999 49,790
------------
27,753,413
------------
LODGING--0.4%
Ameristar Casinos, Inc. 1,350 58,199
Aztar Corporation * 1,549 54,091
Boyd Gaming Corporation 2,619 109,081
Choice Hotels
International, Inc. 1,508 87,464
Empire Resorts, Inc. *+ 582 6,489
Hilton Hotels Corporation 14,441 328,388
International Leisure
Hosts Ltd. * 1,200 6,960
Isle of Capri Casinos, Inc. * 1,250 32,063
John Q. Hammons
Hotels, Inc. * 1,300 26,325
La Quinta Corporation * 7,161 65,093
MGM Mirage, Inc. * 2,592 188,542
Mandalay Resort Group + 2,625 184,879
Marcus Corporation 1,505 37,836
Marriott International, Inc.
Class A 9,096 572,866
ShoLodge, Inc. * 850 3,699
Starwood Hotels & Resorts
Worldwide, Inc. 8,391 490,034
Station Casinos, Inc. 2,465 134,786
Vail Resorts, Inc. * 1,491 33,428
Wynn Resorts Ltd. *+ 2,554 170,914
------------
2,591,137
------------
MEDIA--BROADCASTING & PUBLISHING--2.6%
4Kids Entertainment, Inc. * 605 12,717
Acme Communications, Inc. * 1,200 8,412
American Greetings
Corporation Class A 2,760 69,966
Banta Corporation 1,074 48,072
Beasley Broadcasting
Group, Inc. Class A * 1,150 20,160
Belo Corporation Class A 4,721 123,879
Cablevision Systems
Corporation Class A * 9,044 225,196
Charter Communications,
Inc. Class A *+ 11,237 25,171
Citadel Broadcasting
Corporation * 1,025 16,585
Clear Channel
Communications, Inc. 23,543 788,455
Comcast Corporation
Class A *+ 98,004 3,261,573
COX Radio, Inc. Class A * 1,752 28,873
Crown Media Holdings, Inc. * 5,899 50,731
Cumulus Media, Inc.
Class A * 2,174 32,784
Dex Media, Inc. + 2,300 57,408
DIRECTV Group, Inc. (The) * 39,747 665,365
Dow Jones & Company,
Inc. + 3,384 145,715
EchoStar Communications
Corporation Class A 9,386 311,991
Emmis Communications
Corporation Class A * 2,170 41,642
Entercom Communications
Corporation * 2,183 78,348
Entravision
Communications
Corporation Class A * 2,852 23,814
EW Scripps Company
Class A + 3,612 174,387
Fox Entertainment Group,
Inc. Class A * 7,631 238,545
Gannett Company, Inc. + 11,248 918,962
Granite Broadcasting
Corporation * 5,454 2,236
Gray Television, Inc. 1,838 28,489
Harte-Hanks, Inc. 3,119 81,032
Hearst-Argyle Television, Inc. 2,184 57,614
Hollinger International, Inc. 3,613 56,652
IAC/InterActiveCorp *+ 21,915 605,292
Insight Communications
Company, Inc. *+ 1,885 17,474
John Wiley & Sons Class A 2,491 86,786
Journal Communications, Inc.
Class A 600 10,842
Journal Register Company * 1,817 35,123
Knight-Ridder, Inc. 3,016 201,891
Lee Enterprises, Inc. 1,973 90,916
Liberty Corporation 935 41,103
Liberty Media Corporation
Class A 109,034 1,197,193
Liberty Media International,
Inc. Class A * 6,542 302,437
LIN TV Corporation Class A * 1,419 27,103
Lodgenet Entertainment
Corporation * 1,250 22,113
McClatchy Company Class A 1,801 129,330
McGraw-Hill Companies, Inc.
(The) 7,950 727,743
Media General, Inc. Class A 952 61,699
See accompanying notes to financial statements.
217
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Mediacom Communications
Corporation * 3,433 $ 21,456
Meredith Corporation 2,083 112,899
New York Times Company
Class A + 5,682 231,826
Pac-West Telecomm, Inc. * 5,562 7,342
Paxson Communications
Corporation * 2,670 3,685
Pegasus Communications
Corporation *+ 694 6,517
Playboy Enterprises, Inc.
Class B * 1,251 15,375
Price Communications
Corporation * 2,062 38,333
Primedia, Inc. * 8,853 33,641
Pulitzer, Inc. 753 48,832
Radio One, Inc. Class A * 4,327 69,665
Radio Unica
Communications
Corporation *++(delta) 1,900 --
Readers Digest Association,
Inc. (The) 3,917 54,485
Regent Communications,
Inc. * 1,600 8,480
RH Donnelley Corporation *+ 1,409 83,201
Salem Communications
Corporation Class A * 850 21,208
Scholastic Corporation * 1,845 68,191
Sinclair Broadcast Group, Inc.
Class A 2,049 18,871
Spanish Broadcasting
System, Inc. Class A * 1,300 13,728
Speedus Corporation * 4,207 11,948
Tivo, Inc. *+ 2,696 15,826
Tribune Company 9,158 385,918
Univision Communications,
Inc. Class A *+ 12,782 374,129
Viacom, Inc. Class B 69,388 2,525,029
Washington Post Class B 378 371,582
Worldgate Communications * 3,160 15,768
Young Broadcasting, Inc.
Class A * 831 8,775
YouthStream Media
Networks, Inc. * 1,159 522
------------
15,719,051
------------
MEDICAL EQUIPMENT & SUPPLIES--0.3%
Abaxis, Inc. * 749 10,853
Abiomed, Inc. *+ 886 13,680
ADE Corporation *+ 967 18,102
Advanced Medical
Optics, Inc. *+ 1,195 49,162
Aetrium, Inc. * 614 2,407
Aksys Ltd. *+ 997 5,543
Amcast Industrial
Corporation * 2,529 43
Aradigm Corporation * 1,124 1,945
Arrow International, Inc. 1,305 40,442
August Technology
Corporation * 688 7,245
Avigen, Inc. * 1,009 3,289
Axsys Technologies, Inc. * 883 15,523
BEI Technologies, Inc. 500 15,440
Bioject Medical
Technologies, Inc. * 4,490 7,180
Biolase Technology, Inc. + 765 8,316
BioVeris Corporation * 1,071 7,829
Britesmile, Inc. *+ 1,080 8,089
Bruker BioSciences
Corporation * 1,667 6,718
Cardiodynamics
International Corporation * 1,872 9,678
CardioGenesis Corporation * 1,202 721
Cerus Corporation * 1,010 2,990
ChromaVision Medical
Systems, Inc. * 3,308 7,145
Coherent, Inc. * 1,348 41,033
Cohu, Inc. 859 15,943
Cooper Companies, Inc. 1,181 83,367
Curon Medical, Inc. * 4,728 8,274
Cygnus, Inc. * 1,179 142
Dade Behring Holdings, Inc. *+ 1,560 87,360
Electro-Sensors, Inc. 2,581 10,505
Excel Technology, Inc. * 562 14,612
Faro Technologies, Inc. * 453 14,125
Formfactor, Inc. * 1,417 38,457
Frequency Electronics, Inc. 821 12,192
HealthTronics Surgical
Services, Inc. * 2,529 26,883
Hologic, Inc. * 1,346 36,975
II-VI, Inc. * 341 14,489
Illumina, Inc. * 1,280 12,134
Integra LifeSciences
Holdings Corporation *+ 1,190 43,947
Intermagnetics General
Corporation * 997 25,334
Intest Corporation * 950 4,180
Intuitive Surgical, Inc. * 1,610 64,432
Ixia * 2,330 39,167
Meade Instruments
Corporation * 1,640 5,625
Mechanical Technology, Inc. * 957 5,885
Medwave, Inc. * 2,500 12,225
Mesa Laboratories, Inc. 1,200 15,306
Micro Therapeutics, Inc. * 1,650 6,188
Molecular Devices
Corporation * 909 18,271
MTS Systems Corporation 1,342 45,373
Nanogen, Inc. *+ 950 6,992
OI Corporation * 1,600 15,808
Orbit International
Corporation * 2,250 25,358
Orthologic Corporation * 1,516 9,475
OYO Geospace Corporation * 550 10,302
Palomar Medical
Technologies, Inc. *+ 1,116 29,094
Pharmanetics, Inc. * 5,219 3,966
Physiometrix, Inc. *+ 3,187 3,560
PPT Vision, Inc. * 800 784
Q-Med, Inc. *+ 1,634 17,958
Resmed, Inc. *+ 1,517 77,519
Sola International, Inc. * 1,406 38,721
Somanetics Corporation * 1,352 20,834
Spectranetics Corporation * 5,845 32,855
Staar Surgical Company * 848 5,292
Sybron Dental
Specialties, Inc. * 1,583 56,007
Synovis Life
Technologies, Inc. * 346 3,740
Theragenics Corporation * 1,492 6,058
Thermogenesis * 4,316 27,363
TriPath Imaging, Inc. * 1,739 15,599
Valentis, Inc. *+ 2,990 7,475
Ventana Medical
Systems, Inc. * 708 45,305
Viasys Healthcare, Inc. * 1,380 26,220
See accompanying notes to financial statements.
218
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Vivus, Inc. * 1,400 $ 6,230
White Electronic Designs
Corporation * 514 3,254
X-Rite, Inc. 1,890 30,259
Young Innovations, Inc. 677 22,835
Zevex International, Inc. * 600 2,580
Zygo Corporation * 967 11,401
------------
1,507,608
------------
MEDICAL SUPPLIES--3.6%
Advanced Neuromodulation
Systems, Inc. *+ 747 29,477
Align Technology, Inc. *+ 2,449 26,327
Allergan, Inc. 5,812 471,179
American Medical Systems
Holdings, Inc. * 1,500 62,715
Analogic Corporation 593 26,560
Applera Corporation 8,630 180,453
ArthoCare Corporation *+ 851 27,283
Bausch & Lomb, Inc. 2,176 140,265
Baxter International, Inc. 26,724 923,047
Beckman Coulter, Inc. 2,512 168,279
Becton, Dickinson & Company 10,137 575,782
Biomet, Inc. 10,108 438,586
Bio-Rad Laboratories, Inc.
Class A * 1,088 62,419
Biosite, Inc. *+ 725 44,617
Boston Scientific Corporation * 26,293 934,716
C.R. Bard, Inc. 3,904 249,778
Closure Medical Corporation * 681 13,280
Conmed Corporation * 1,362 38,708
Credence Systems
Corporation * 2,727 24,952
CTI Molecular Imaging, Inc. * 2,178 30,906
Cuno, Inc. * 898 53,341
Cyberonics, Inc. * 956 19,808
Datascope Corporation 556 22,068
Dentsply International, Inc. 2,834 159,271
Diametrics Medical, Inc. * 1,731 74
Dionex Corporation * 1,031 58,427
DJ Orthopedics, Inc. * 729 15,615
FEI Company * 1,368 28,728
Fisher Scientific International *+ 4,467 278,651
Guidant Corporation 13,705 988,131
Haemonetics Corporation * 1,157 41,895
Hanger Orthopedic
Group, Inc. * 1,083 8,772
ICU Medical, Inc. *+ 605 16,541
Inamed Corporation * 1,419 89,752
Input/Output, Inc. * 2,427 21,455
Invacare Corporation 1,333 61,665
Ionics, Inc. *+ 1,141 49,451
Itron, Inc. * 955 22,834
Johnson & Johnson 129,166 8,191,708
Kla-Tencor Corporation * 7,679 357,688
Kensey Nash Corporation *+ 866 29,903
Kopin Corporation * 2,431 9,408
Kyphon, Inc. * 1,594 41,061
LTX Corporation * 2,405 18,494
MKS Instruments, Inc. * 2,455 45,540
Medtronic, Inc. 52,597 2,612,493
Mentor Corporation 1,961 66,164
Merit Medical Systems, Inc. * 2,519 38,490
Millipore Corporation *+ 2,026 100,915
Mine Safety Appliances
Company 1,444 73,211
Newport Corporation * 1,614 22,757
Novoste Corporation * 847 1,448
Oakley, Inc. 2,900 36,975
Ocular Sciences, Inc. * 1,151 56,411
Osteotech, Inc. * 1,498 8,239
PerkinElmer, Inc. 5,266 118,432
Photon Dynamics, Inc. * 659 16,001
PolyMedica Corporation + 960 35,798
Quest Diagnostics, Inc. 4,014 383,538
Respironics, Inc. * 1,530 83,171
St. Jude Medical, Inc. * 15,318 642,284
Steris Corporation * 2,777 65,870
Stryker Corporation 12,056 581,702
Techne Corporation * 1,736 67,530
Tektronix, Inc. 3,804 114,919
Therma-Wave, Inc. * 757 2,619
Thermo Electron Corporation * 6,758 204,024
Thoratec Corporation *+ 2,306 24,029
Urologix, Inc. * 1,050 6,794
Visx, Inc. * 2,010 51,999
Varian, Inc. * 1,502 61,597
Veeco Instruments, Inc. *+ 1,294 27,265
Vital Signs, Inc. 634 24,675
Waters Corporation * 5,040 235,822
Wright Medical Group, Inc. * 1,309 37,307
Zimmer Holdings, Inc. * 10,034 803,924
Zoll Medical Corporation * 425 14,620
------------
21,720,633
------------
METALS--1.1%
AK Steel Holding
Corporation * 5,009 72,480
Alcoa, Inc. 37,808 1,187,927
Aleris International, Inc. * 2,856 48,324
Allegheny Technologies, Inc. 3,350 72,595
Alpine Group, Inc. 698 1,410
Ameron International
Corporation 542 20,542
Aptargroup, Inc. 1,565 82,601
Brush Engineered
Materials, Inc. * 1,122 20,757
Carpenter Technology
Corporation 1,141 66,703
Century Aluminum
Company * 865 22,715
Circor International, Inc. 711 16,467
Cleveland-Cliffs, Inc. + 509 52,865
Commercial Metals Company 1,770 89,491
Commscope, Inc. *+ 2,612 49,367
Couer D'alene Mines
Corporation * 8,276 32,525
Crane Company 2,467 71,148
Curtiss-Wright Corporation 1,056 60,625
Danaher Corporation 12,344 708,669
Engelhard Corporation 5,205 159,637
General Cable Corporation * 1,382 19,141
Gibraltar Industries, Inc. 1,188 28,061
Glamis Gold, Ltd. (Canada) *+ 5,700 97,812
Griffon Corporation * 1,288 34,776
Hecla Mining Company * 4,124 24,043
Hubbell, Inc. Class B 2,078 108,679
International Aluminum
Corporation 1,105 37,404
International Steel
Group, Inc. * 3,903 158,306
Jacuzzi Brands, Inc. * 2,655 23,099
Lone Star Technologies, Inc. *+ 1,337 44,736
Massey Energy Company 3,053 106,702
See accompanying notes to financial statements.
219
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Matthews International
Corporation Class A + 1,052 $ 38,714
Maverick Tube Corporation * 1,736 52,601
MAXXAM, Inc. * 856 28,077
Meridian Gold, Inc.
(Canada) * 4,300 81,571
Mueller Industries, Inc. + 1,592 51,262
NCI Building Systems, Inc. * 1,232 46,200
Newmont Mining
Corporation + 17,430 774,066
NS Group, Inc. * 923 25,659
Nucor Corporation + 6,498 340,105
Optical Cable Corporation * 240 1,365
Phelps Dodge Corporation 3,708 366,795
Precision Castparts
Corporation 2,568 168,666
Quanex Corporation 743 50,948
Reliance Steel &
Aluminum Company 1,483 57,778
Royal Gold, Inc. 1,153 21,031
Ryerson Tull, Inc. 1,471 23,168
Schnitzer Steel Industries,
Inc. Class A 693 23,514
Shaw Group, Inc. (The) *+ 2,182 38,949
Shiloh Industries, Inc. * 1,441 20,174
Simpson Manufacturing
Company, Inc. 2,084 72,732
Southern Peru Copper
Corporation + 657 31,017
Steel Dynamics, Inc. 2,420 91,670
Stillwater Mining Company * 3,727 41,966
Sturm, Ruger & Company, Inc. 3,296 29,763
Taser International, Inc. *+ 2,292 72,404
Texas Industries, Inc. 1,116 69,616
Titanium Metals Corporation * 1,530 36,934
Tower Automotive, Inc. *+ 2,146 5,129
Tredegar Corporation 1,606 32,457
United States Steel
Corporation + 4,607 236,109
Valmont Industries, Inc. 1,162 29,178
Watts Water Technologies,
Inc. Class A 1,225 39,494
WHX Corporation * 292 336
Worthington Industries, Inc. 3,575 69,999
------------
6,589,054
------------
MINING--0.1%
Freeport-McMoran Copper
& Gold, Inc. Class B + 7,496 286,572
------------
MISCELLANEOUS--0.0%
Advanced Marketing
Services, Inc. 772 7,766
Boyds Collection Ltd. * 2,700 11,880
Corrections Corporation
of America * 1,900 76,855
DIMON, Inc. 2,000 13,440
Enesco Group, Inc. * 3,501 28,288
Geo Group, Inc. (The) * 819 21,769
Handleman Company 1,657 35,592
Terra Industries, Inc. *+ 2,500 22,200
Tractor Supply Company *+ 1,549 57,638
------------
275,428
------------
OIL & GAS--7.1%
Adams Resources &
Energy, Inc. 1,462 25,790
AGL Resources, Inc. 2,166 71,998
Amerada Hess Corporation 3,730 307,277
Anadarko Petroleum
Corporation 10,910 707,077
Apache Corporation 14,149 715,515
Apco Argentina, Inc.
(Cayman Islands) 622 22,983
Ashland, Inc. 2,848 166,266
Atmos Energy Corporation 2,732 74,720
ATP Oil & Gas Corporation * 685 12,727
Atwood Oceanics, Inc. * 831 43,295
Berry Petroleum Company
Class A 1,301 62,058
BJ Services Company 6,069 282,451
Blue Dolphin Energy
Company * 3,650 3,577
BP Prudhoe Bay Royalty
Trust + 1,105 53,372
Burlington Resources, Inc. 16,286 708,441
Cabot Oil & Gas Corporation 1,516 67,083
CAL Dive International, Inc. * 1,668 67,971
Callon Petroleum Company * 779 11,264
Cascade Natural Gas
Corporation 1,289 27,327
Chesapeake Energy
Corporation 9,343 154,160
Chesapeake Utilities
Corporation 949 25,338
ChevronTexaco Corporation 93,114 4,889,416
Cimarex Energy Company *+ 1,645 62,346
Clayton Williams Energy, Inc. * 550 12,595
ConocoPhillips 27,349 2,374,714
Cross Timbers Royalty Trust + 575 22,931
Dawson Geophysical
Company * 1,200 26,220
Delta Natural Gas
Company, Inc. 380 10,343
Delta Petroleum
Corporation * 2,709 42,477
Denbury Resources, Inc. * 2,233 61,296
Devon Energy Corporation 18,500 720,020
Diamond Offshore
Drilling, Inc. + 2,694 107,895
Dynegy, Inc. Class A *+ 15,654 72,321
EOG Resources, Inc. 5,176 369,359
EL Paso Corporation 25,233 262,423
Encore Acquisition
Company * 1,375 48,001
Energen Corporation 1,322 77,932
Energy Partners Ltd. *+ 1,758 35,635
ENSCO International, Inc. 5,990 190,123
Enterprise Products
Partners LP + 8,400 217,224
Equitable Resources, Inc. 2,812 170,576
Exploration Company of
Delaware, Inc. (The) * 5,411 34,143
Exxon Mobil Corporation 284,683 14,592,851
Forest Oil Corporation * 2,547 80,791
Frontier Oil Corporation 1,144 30,499
FX Energy, Inc. *+ 3,496 40,833
Giant Industries, Inc. * 2,240 59,382
Global Industries Ltd. * 2,539 21,048
GlobalSantaFe Corporation 9,544 316,002
Grey Wolf, Inc. * 5,192 27,362
See accompanying notes to financial statements.
220
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Halliburton Company 19,179 $ 752,584
Hanover Compressor
Company * 2,934 41,457
Headwaters, Inc. * 2,095 59,708
Helmerich & Payne, Inc. 1,963 66,821
Holly Corporation 1,336 37,234
Houston Exploration
Company * 1,352 76,131
Hugoton Royalty Trust 1,874 49,099
Kaneb Services LLC 1,001 43,233
Kerr-McGee Corporation 5,502 317,961
Key Energy Services, Inc. * 4,865 57,407
Kinder Morgan
Management LLC * 1,628 66,260
Kinder Morgan, Inc. 5,114 373,987
Laclede Group, Inc. (The) 1,025 31,929
Magellan Midstream
Partners + 1,000 58,670
Magnum Hunter
Resources, Inc. *+ 2,497 32,211
Marathon Oil Corporation 15,074 566,933
Markwest Hydrocarbon, Inc. 1,075 18,544
McMoRan Exploration
Company *+ 1,059 19,803
MDU Resources Group, Inc. 5,105 136,201
Mercury Air Group, Inc. 746 2,999
Meridian Resource
Corporation * 2,950 17,848
Mission Resources
Corporation * 916 5,349
Murphy Oil Corporation 3,885 312,548
Nabors Industries Ltd. * 6,084 312,048
National Fuel Gas Company 4,022 113,983
New Jersey Resources
Corporation 1,121 48,584
Newfield Exploration
Company * 1,923 113,553
Newpark Resources, Inc. * 3,484 17,943
Nicor, Inc. + 1,828 67,526
Noble Corporation * 5,552 276,156
Noble Energy, Inc. 2,545 156,925
Northwest Natural Gas
Company 1,183 39,914
Occidental Petroleum
Corporation 17,080 996,789
Oceaneering International,
Inc. * 1,116 41,649
Oneok, Inc. + 3,908 111,065
Parker Drilling Company * 3,755 14,757
Patina Oil & Gas Corporation 2,681 100,538
Patterson-UTI Energy, Inc. 6,712 130,548
Penn Virginia Corporation 1,500 60,855
Peoples Energy Corporation 1,528 67,156
Petroleum Development
Corporation * 1,250 48,213
Piedmont Natural Gas
Company + 2,740 63,678
Pioneer Natural Resources
Company 5,801 203,615
Plains All American
Pipeline, LP + 2,300 86,802
Plains Exploration &
Production Company * 4,202 109,252
Pogo Producing Company 2,307 111,866
Premcor, Inc. 2,892 121,956
Pride International, Inc. * 5,416 111,245
Prolong International
Corporation * 34,716 8,332
Questar Corporation 3,706 188,858
Quicksilver Resources, Inc. * 2,320 85,330
Remington Oil & Gas
Corporation * 1,186 32,319
Resource America, Inc.
Class A 1,287 41,828
Rowan Companies, Inc. * 3,918 101,476
Schlumberger Ltd. 25,693 1,720,146
SEACOR Holdings, Inc. * 983 52,492
SEMCO Energy, Inc. 5,450 29,103
Smith International, Inc. * 4,010 218,184
South Jersey Industries, Inc. 1,007 52,928
Southern Union Company * 3,207 76,904
Southwest Gas Corporation 1,252 31,801
Southwestern Energy
Company * 1,518 76,947
Spinnaker Exploration
Company * 1,506 52,815
St. Mary Land & Exploration
Company 1,481 61,817
Stone Energy Corporation * 1,208 54,469
Sunoco, Inc. 3,206 261,962
Superior Energy
Services, Inc. * 2,900 44,689
Swift Energy Company * 1,142 33,049
Syntroleum Corporation * 1,246 10,005
Teppco Partners LP 2,500 98,475
Tesoro Petroleum
Corporation * 3,423 109,057
Tetra Technologies, Inc. * 784 22,187
Tidewater, Inc. + 2,430 86,532
Todco Class A * 202 3,721
Transmontaigne, Inc. * 2,979 18,261
Transocean, Inc. * 12,476 528,858
UGI Corporation 1,360 55,638
Ultra Petroleum
Corporation * 3,041 146,363
Unit Corporation * 1,702 65,033
United Heritage Corporation * 3,180 1,367
Unocal Corporation 11,544 499,163
Valero Energy Corporation 10,566 479,696
Varco International, Inc. * 4,063 118,436
Vectren Corporation 3,706 99,321
Veritas DGC, Inc. * 1,390 31,150
Vintage Petroleum, Inc. 2,737 62,103
Wd-40 Company 949 26,961
Weatherford
International Ltd. * 5,300 271,890
Western Gas Resources, Inc. 4,048 118,404
WGL Holdings, Inc. 2,315 71,395
W-H Energy Services, Inc. * 1,377 30,790
Whiting Petroleum
Corporation * 1,242 37,571
Williams Companies, Inc. 21,507 350,349
XTO Energy, Inc. 11,265 398,556
------------
42,225,712
------------
PHARMACEUTICALS--6.6%
Aastrom Biosciences, Inc. * 3,289 4,670
Abbott Laboratories 67,972 3,170,894
Abgenix, Inc. * 3,629 37,524
Able Laboratories, Inc. * 820 18,655
Adolor Corporation * 1,927 19,116
Albany Molecular
Research, Inc. * 1,371 15,273
Alexion Pharmaceuticals, Inc. * 1,108 27,922
See accompanying notes to financial statements.
221
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Alfacell Corporation *+ 4,295 $ 18,640
Alkermes, Inc. *+ 3,579 50,428
Alliance Pharmaceutical
Corporation * 320 61
Allscripts Healthcare
Solutions, Inc. * 2,300 24,541
Alpharma, Inc. Class A 2,463 41,748
American Pharmaceutical
Partners, Inc. *+ 656 24,541
AmerisourceBergen
Corporation 4,244 249,038
Amgen, Inc. * 55,055 3,531,778
Andrx Corporation * 3,036 66,276
Aphton Corporation *+ 1,416 4,404
Arena Pharmaceuticals, Inc. *+ 1,439 9,627
ArQule, Inc. * 864 5,003
Atherogenics, Inc. *+ 1,603 37,767
AVANIR Pharmaceuticals
Class A * 6,000 20,460
Avant Immunotherapeutics,
Inc. * 5,150 10,352
Avax Technologies, Inc. * 1,450 450
AVI BioPharma, Inc. * 2,400 5,640
Barr Pharmaceuticals, Inc. * 4,174 190,084
Bentley Pharmaceuticals, Inc. * 711 7,643
Biogen Idec, Inc. * 14,695 978,834
BioMarin Pharmaceuticals,
Inc. * 2,400 15,336
Biopure Corporation * 1,854 1,094
Bone Care International, Inc. * 986 27,460
Boston Life Sciences, Inc. * 3,622 2,065
Bradley Pharmaceuticals, Inc. *+ 591 11,465
Bristol-Myers Squibb Company 84,672 2,169,297
Cambrex Corporation + 1,258 34,092
Cardinal Health, Inc. 18,766 1,091,243
Cell Genesys, Inc. *+ 1,642 13,300
Cell Therapeutics, Inc. *+ 1,391 11,323
Cellegy Pharmaceuticals, Inc. * 1,550 4,447
Cephalon, Inc. *+ 2,347 119,415
Charles River Laboratories
International, Inc. * 2,755 126,758
Chiron Corporation *+ 4,789 159,617
Collagenex
Pharmaceuticals, Inc. * 1,558 11,436
Columbia Laboratories, Inc. * 1,819 4,815
Connetics Corporation *+ 1,618 39,301
Corgentech, Inc. * 38 315
Corixa Corporation *+ 2,578 9,384
Cubist Pharmaceuticals, Inc. * 1,762 20,844
Cypress Bioscience, Inc. * 1,560 21,934
Cytogen Corporation *+ 755 8,698
CytRx Corporation *+ 4,200 5,922
D&K Healthcare
Resources, Inc. 1,138 9,195
Dendreon Corporation *+ 1,879 20,256
Diagnostic Products
Corporation 1,263 69,528
Digene Corporation *+ 725 18,959
Discovery Laboratories, Inc. * 2,566 20,348
Durect Corporation *+ 1,900 6,232
Eli Lilly & Company 41,996 2,383,273
Emisphere Technologies, Inc. *+ 772 3,127
Encysive Pharmaceuticals,
Inc. * 2,128 21,131
Endo Pharmaceuticals
Holdings, Inc. * 5,535 116,346
Eon Labs, Inc. *+ 3,664 98,928
Epimmune, Inc. * 1,000 1,660
EPIX Medical, Inc. * 960 17,194
Eyetech Pharmaceuticals,
Inc. * 59 2,685
First Horizon Pharmaceutical
Corporation *+ 1,613 36,922
Forest Laboratories, Inc. *+ 14,872 667,158
Genaera Corporation * 4,787 16,372
Genelabs Technologies, Inc. * 3,606 4,327
Genentech, Inc. * 20,418 1,111,556
Genta, Inc. * 2,971 5,229
Genzyme Corporation * 10,181 591,211
Geron Corporation *+ 1,370 10,919
Gilead Sciences, Inc. * 18,710 654,663
GTC Biotherapeutics, Inc. * 3,988 6,062
GTx, Inc. * 200 2,698
Guilford Pharmaceuticals,
Inc. *+ 924 4,574
Hemispherx Biopharma, Inc. *+ 920 1,748
Henry Schein, Inc. * 1,826 127,163
Heska Corporation * 4,462 5,216
Hi-Tech Pharmacal
Company, Inc. * 575 10,603
Hollis-Eden Pharmaceuticals *+ 954 8,987
Hospira, Inc. * 6,367 213,295
Human Genome
Sciences, Inc. * 5,277 63,430
Idexx Laboratories, Inc. *+ 1,568 85,597
ImClone Systems, Inc. *+ 3,034 139,807
Immtech International, Inc. *+ 681 8,165
Immucor, Inc. * 1,219 28,659
Immune Response
Corporation (The) *+ 4,732 7,619
ImmunoGen, Inc. * 1,323 11,695
Impax Laboratories, Inc. * 2,166 34,396
Indevus Pharmaceuticals,
Inc. * 5,716 34,067
InKine Pharmaceutical
Company, Inc. * 4,478 24,316
Inspire Pharmaceuticals, Inc. * 1,369 22,958
InterMune, Inc. * 1,586 21,030
Inverness Medical
Innovations, Inc. * 880 22,088
Invitrogen Corporation *+ 2,122 142,450
Ivax Corporation *+ 10,043 158,880
King Pharmaceuticals, Inc. * 10,009 124,112
KOS Pharmaceuticals, Inc. * 1,090 41,028
KV Pharmaceutical
Company Class A * 2,179 48,047
Large Scale Biology
Corporation * 852 1,074
Ligand Pharmaceuticals,
Inc. Class B * 2,979 34,676
Lynx Therapeutics, Inc. * 2,017 7,705
Martek Biosciences
Corporation * 1,148 58,778
McKesson Corporation 11,391 358,361
Medarex, Inc. *+ 3,092 33,332
Medco Health Solutions, Inc. * 10,516 437,466
Medicines Company *+ 2,018 58,118
Medicis Pharmaceutical
Corporation Class A + 2,422 85,036
Medifast, Inc. *+ 734 2,584
MedImmune, Inc. * 10,273 278,501
Merck & Company, Inc. 96,530 3,102,474
Meridian Bioscience, Inc. 2,415 41,997
MGI Pharma, Inc. *+ 2,564 71,818
Millennium
Pharmaceuticals, Inc. * 12,456 150,967
See accompanying notes to financial statements.
222
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
MIM Corporation * 1,095 $ 6,953
Miravant Medical
Technologies * 4,544 4,589
Mylan Laboratories + 11,008 194,621
Nabi Biopharmaceuticals * 1,995 29,227
Nastech Pharmaceutical
Company, Inc. *+ 1,500 18,135
Natrol, Inc. * 1,145 3,837
NBTY, Inc. * 2,664 63,963
NeoRx Corporation *+ 2,381 4,976
Neose Technologies, Inc. * 704 4,731
Neurobiological
Technologies * 3,136 13,861
Neurocrine Biosciences, Inc. * 1,479 72,915
Novavax, Inc. * 1,550 5,038
Noven Pharmaceuticals, Inc. * 1,350 23,031
NPS Pharmaceuticals, Inc. *+ 1,660 30,345
Nu Skin Enterprises, Inc.
Class A + 3,018 76,597
Nuvelo, Inc. * 1,150 11,328
Omnicare, Inc. 4,277 148,070
Onyx Pharmaceuticals, Inc. *+ 1,214 39,321
OraSure Technologies, Inc. * 1,687 11,337
Ortec International, Inc. * 2,272 2,204
OSI Pharmaceuticals, Inc. *+ 1,622 121,407
Pain Therapeutics, Inc. * 1,318 9,503
Palatin Technologies, Inc. * 2,104 5,597
Par Pharmaceutical
Companies, Inc. * 1,362 56,360
Parexel International
Corporation * 1,153 23,406
Penwest Pharmaceuticals
Company * 930 11,123
Peregrine
Pharmaceuticals, Inc. * 9,115 10,665
Perrigo Company 2,922 50,463
Pfizer, Inc. 328,580 8,835,516
Pharmacopeia Drug
Discovery, Inc. * 572 3,426
Pharmacyclics, Inc. * 1,700 17,799
Pozen, Inc. * 1,014 7,372
Praecis Pharmaceuticals, Inc. * 1,837 3,490
Priority Healthcare
Corporation Class B * 1,846 40,187
Progenics Pharmeceuticals,
Inc. * 793 13,608
Protein Design Labs, Inc. *+ 3,841 79,355
Regeneron
Pharmaceuticals, Inc. * 2,632 24,241
Salix Pharmaceuticals Ltd. *+ 1,569 27,599
Schering-Plough Corporation 64,078 1,337,949
Sciclone Pharmaceuticals,
Inc. * 1,700 6,290
Sepracor, Inc. *+ 3,675 218,185
Serologicals Corporation *+ 1,093 24,177
SIGA Technologies, Inc. * 4,649 7,717
Sigma Aldrich Corporation 2,478 149,820
Sirna Therapeutics, Inc. *+ 4,257 13,452
SuperGen, Inc. * 1,338 9,433
Tanox, Inc. *+ 1,721 26,159
Tapestry Pharmaceuticals,
Inc. * 5,221 5,064
Targeted Genetics
Corporation * 6,267 9,714
Third Wave
Technologies, Inc. * 1,227 10,552
Titan Pharmaceuticals, Inc. * 1,743 5,612
United Therapeutics
Corporation * 914 41,267
USANA Health Sciences, Inc. *+ 593 20,281
V.I. Technologies, Inc. * 1,576 1,024
Valeant Pharmaceuticals
International + 3,473 91,514
Vertex Pharmaceuticals, Inc. *+ 3,255 34,405
Vicuron Pharmaceuticals,
Inc. * 2,367 41,209
Vion Pharmaceuticals, Inc. *+ 4,504 21,124
Viropharma, Inc. *+ 661 2,148
Watson Pharmaceuticals, Inc. * 4,480 146,989
Wyeth 58,064 2,472,946
XOMA Ltd. * 4,976 12,888
Zymogenetics, Inc. * 2,343 53,889
------------
39,359,730
------------
REAL ESTATE--1.9%
Acadia Realty Trust REIT 1,318 21,483
Affordable Residential
Communities REIT 950 13,633
Agree Realty Corporation REIT 814 25,796
Alexander's, Inc. REIT * 161 34,615
Alexandria Real Estate
Equities, Inc. REIT 802 59,685
AMB Property Corporation
REIT 3,649 147,383
American Financial Realty
Trust REIT 2,834 45,854
American Land Lease, Inc.
REIT 1,828 41,203
American Mortgage
Acceptance Corporation REIT 1,842 31,682
AMLI Residential Properties
Trust REIT 1,544 49,408
Annaly Mortgage
Management, Inc. REIT + 3,840 75,341
Anthracite Capital, Inc. REIT 1,100 13,596
Apartment Investment &
Management Company
REIT Class A 3,910 150,691
Archstone-Smith Trust REIT 7,979 305,596
Arden Realty, Inc. REIT 3,060 115,423
Arizona Land Income
Corporation REIT Class A 1,050 5,828
Avalonbay Communities, Inc.
REIT 3,116 234,635
Bedford Property Investors
REIT 1,506 42,785
Boston Properties, Inc. REIT 3,900 252,213
Brandywine Realty Trust REIT 1,679 49,346
BRE Properties Class A REIT 2,433 98,074
BRT Realty Trust REIT 355 8,641
California Coastal
Communities, Inc. * 267 6,408
Camden Property Trust REIT 1,926 98,226
Capital Alliance Income
Trust Ltd. REIT 799 11,106
Capital Automotive REIT 1,616 57,408
Capstead Mortgage
Corporation REIT + 2,400 25,296
CarrAmerica Realty
Corporation REIT 2,765 91,245
Catellus Development
Corporation REIT 4,011 122,737
CBL & Associates Properties,
Inc. REIT 1,274 97,270
Cedar Shopping Centers, Inc.
REIT 583 8,337
See accompanying notes to financial statements.
223
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Centerpoint Properties
Trust REIT 1,784 $ 85,436
Colonial Properties Trust REIT 1,324 51,993
Commercial Net Lease
Realty REIT 2,356 48,534
Cornerstone Realty Income
Trust, Inc. REIT 2,474 24,691
Correctional Properties
Trust REIT 397 11,465
Cousins Properties, Inc. REIT 2,338 70,771
Crescent Real Estate EQT
Company REIT 4,527 82,663
CRT Properties, Inc. REIT 1,998 47,672
Developers Diversified Realty
Corporation REIT 3,533 156,759
Duke Realty Corporation REIT 5,609 191,491
Eastgroup Properties, Inc. REIT 1,538 58,936
Entertainment Properties Trust
REIT 749 33,368
Equity Inns, Inc. REIT 3,264 38,319
Equity Office Properties Trust
REIT 16,590 483,101
Equity One, Inc. REIT 2,619 62,149
Equity Residential REIT 11,429 413,501
Essex Property Trust, Inc. REIT 807 67,627
Federal Realty Investment
Trust REIT 1,810 93,487
FelCor Lodging Trust, Inc.
REIT * 3,135 45,928
First Industrial Realty Trust,
Inc. REIT 1,599 65,127
Forest City Enterprises, Inc.
Class A 1,954 112,453
General Growth Properties,
Inc. REIT 8,500 307,360
Getty Realty Corporation REIT 1,747 50,191
Glenborough Realty Trust,
Inc. REIT 2,111 44,922
Glimcher Realty Trust REIT 1,584 43,893
Grubb and Ellis Company * 652 3,032
Health Care Property
Investors, Inc. REIT 5,334 147,698
Health Care REIT, Inc. + 1,824 69,586
Healthcare Realty Trust, Inc.
REIT 1,881 76,557
Heritage Property Investment
Trust REIT 2,051 65,817
Highwoods Properties, Inc.
REIT 2,393 66,286
HMG Courtland Properties
REIT * 1,450 19,938
Home Properties, Inc. REIT 1,390 59,770
Hospitality Properties Trust
REIT 2,923 134,458
Host Marriott Corporation REIT 12,307 212,911
HRPT Properties Trust REIT 4,342 55,708
IMPAC Mortgage Holdings,
Inc. REIT 1,738 39,400
Innkeepers USA Trust REIT 2,014 28,599
iStar Financial, Inc. REIT 4,331 196,021
Jones Lang Lasalle, Inc. * 1,711 64,009
Kimco Realty Corporation REIT 4,347 252,083
Kramont Realty Trust REIT 1,613 37,744
Lexington Corporate
Properties Trust REIT 1,399 31,589
Liberty Property Trust REIT 3,172 137,030
LNR Property Corporation 892 56,116
Mack-Cali Realty Corporation
REIT 2,488 114,523
Maguire Properties, Inc. REIT 1,199 32,925
Mid-America Apartment
Communities, Inc. REIT 1,240 51,113
Mills Corporation (The)
REIT + 2,070 131,983
Mission West Properties
REIT 1,417 15,077
Monmouth Capital Corporation 2,974 19,063
Monmouth Class A REIT 1,328 11,434
National Health Investors,
Inc. REIT 2,097 61,190
Nationwide Health
Properties, Inc. REIT + 2,362 56,098
New Plan Excel Realty Trust
REIT 4,341 117,554
Newcastle Investment
Corporation REIT 754 23,962
Novastar Financial, Inc. REIT + 771 38,165
Pan Pacific Retail Properties,
Inc. REIT 1,419 88,971
Parkway Properties, Inc. REIT 986 50,040
Plum Creek Timber Company,
Inc. REIT 7,592 291,836
PMC Commercial Trust REIT 865 13,122
Post Properties, Inc. REIT 2,078 72,522
Prentiss Properties Trust
REIT + 1,864 71,205
Prime Group Realty Trust
REIT * 2,228 14,326
Prologis REIT 7,466 323,502
Public Storage, Inc. REIT 5,097 284,158
RAIT Investment Trust REIT 991 27,718
Rayonier, Inc. REIT 2,224 108,776
Realty Income Corporation
REIT 1,469 74,302
Redwood Trust, Inc. REIT + 1,008 62,587
Regency Centers Corporation
REIT 2,545 140,993
Senior Housing Properties
Trust REIT 2,216 41,971
Shurgard Storage Centers,
Inc. REIT Class A 1,600 70,416
Simon Property Group, Inc.
REIT 9,585 619,862
SL Green Realty Corporation
REIT 1,735 105,054
SonomaWest Holdings, Inc. * 1,700 18,020
Sovran Self Storage, Inc.
REIT + 1,269 53,476
St. Joe Company (The) 2,906 186,565
Stewart Enterprises, Inc.
Class A * 4,115 28,764
Summit Properties, Inc. REIT 1,264 41,156
Sun Communities, Inc. REIT 1,061 42,705
Taubman Centers, Inc. REIT 2,083 62,386
Thornburg Mortgage, Inc.
REIT + 2,059 59,629
Town & Country Trust, REIT + 1,290 35,643
Trammell Crow Company * 2,116 38,321
Trizec Properties, Inc. REIT 6,114 115,677
U.S. Restaurant Properties,
Inc. REIT 2,089 37,727
United Capital Corporation * 690 15,629
United Dominion Realty
Trust, Inc. REIT + 4,883 121,098
Ventas, Inc. REIT 3,213 88,068
Vornado Realty Trust REIT 4,555 346,772
See accompanying notes to financial statements.
224
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
W.P. Carey & Company LLC 1,592 $ 55,975
Washington REIT 1,834 62,118
Weingarten Realty Investors
REIT 3,474 139,307
------------
11,470,617
------------
RESTAURANTS--0.7%
Angelo & Maxie's, Inc. * 2,544 1,908
Applebee's International, Inc. 3,613 95,564
Aramark Corporation
Class B + 4,444 117,810
Back Yard Burgers, Inc. * 1,698 12,735
Bob Evans Farms, Inc. 1,465 38,295
Brinker International, Inc. * 3,445 120,816
CEC Entertainment, Inc. *+ 1,614 64,512
CKE Restaurants, Inc. * 1,945 28,222
California Pizza Kitchen, Inc. * 970 22,310
CBRL Group, Inc. + 2,120 88,722
Cheesecake Factory (The) *+ 3,444 111,827
Darden Restaurants, Inc. 6,843 189,825
Host America Corporation *+ 1,307 5,555
IHOP Corporation 1,079 45,199
Jack in the Box, Inc. * 1,437 52,982
Krispy Kreme
Doughnuts, Inc. *+ 2,573 32,420
Landry's Restaurants, Inc. 1,253 36,412
Lone Star Steakhouse &
Saloon, Inc. 1,124 31,472
McDonald's Corporation 54,767 1,755,830
O'Charley's, Inc. * 1,091 21,329
Outback Steakhouse, Inc. 2,790 127,726
Papa John's
International, Inc. *+ 805 27,724
PF Chang's China Bistro, Inc. *+ 1,089 61,365
Rare Hospitality
International, Inc. * 1,475 46,994
Red Robin Gourmet
Burgers, Inc. * 692 37,001
Ruby Tuesday, Inc. + 2,816 73,441
Ryan's Restaurant
Group, Inc. * 2,818 43,454
Sonic Corporation * 2,487 75,854
Steak N Shake Company
(The) * 1,267 25,441
Triarc Companies Class B 2,886 35,382
Wendy's International, Inc. 4,229 166,031
Yum! Brands, Inc. 12,805 604,140
------------
4,198,298
------------
RETAILERS--4.1%
1-800-FLOWERS.COM, Inc. * 793 6,669
99 Cents Only Stores *+ 3,207 51,825
AC Moore Arts & Crafts, Inc. * 876 25,238
Action Performance
Companies, Inc. + 722 7,935
Advance Auto Parts, Inc. * 2,990 130,603
Alloy, Inc. *+ 1,850 14,930
Amazon.Com, Inc. *+ 12,783 566,159
Autozone, Inc. * 3,384 308,993
BJ's Wholesale Club, Inc. * 2,859 83,283
Barnes & Noble, Inc. * 2,814 90,808
Bed Bath & Beyond, Inc. * 12,988 517,312
Bell Microproducts, Inc. * 1,146 11,025
Best Buy Company, Inc. 11,529 685,053
Big 5 Sporting Goods
Corporation 1,071 31,209
Big Lots, Inc. * 4,853 58,867
Blair Corporation 469 16,725
Bluefly, Inc. * 2,341 5,478
Bombay Company, Inc.
(The) * 1,080 5,972
Borders Group, Inc. 3,342 84,887
CSK Auto Corporation * 1,990 33,313
CVS Corporation 17,290 779,260
Casey's General Stores, Inc. 1,608 29,185
Cash America
International, Inc. 2,411 71,679
Central Garden & Pet
Company * 615 25,670
Circuit City Stores, Inc. 8,696 136,005
Coldwater Creek, Inc. * 1,813 55,967
Cost Plus, Inc. * 1,014 32,580
Costco Wholesale Corporation 20,094 972,751
Dick's Sporting Goods, Inc. * 1,240 43,586
Dillard's, Inc. Class A 3,454 92,809
Dollar General Corporation 13,983 290,427
Dollar Tree Stores, Inc. * 4,830 138,524
Drugstore.Com, Inc. * 3,800 12,920
eBay, Inc. * 21,505 2,500,601
Electronics Boutique
Holdings Corporation *+ 992 42,596
Family Dollar Stores, Inc. + 6,556 204,744
Fastenal Company + 2,819 173,538
Federated Department Stores 7,503 433,598
Foot Locker, Inc. 5,840 157,271
Fred's, Inc. + 1,781 30,989
GameStop Corp., Class B * 1,195 26,780
GameStop Corporation
Class A *+ 1,110 24,820
GSI Commerce, Inc. * 1,469 26,119
Guitar Center, Inc. * 1,020 53,744
Hancock Fabrics, Inc. 631 6,543
Haverty Furniture
Companies, Inc. 1,111 20,554
Hibbett Sporting Goods, Inc. * 931 24,774
J. Jill Group, Inc. (The) * 1,015 15,113
JC Penney Company, Inc.
(Holding Company) 12,328 510,379
Jo-Ann Stores, Inc. * 1,266 34,866
Kenneth Cole Productions,
Inc. Class A 956 29,502
Kirkland's, Inc. * 833 10,238
Kmart Holding Corporation *+ 1,673 165,543
Linens 'N Things, Inc. *+ 1,904 47,219
Longs Drug Stores
Corporation 1,757 48,440
MarineMax, Inc. * 800 23,808
Marvel Enterprises, Inc. *+ 4,501 92,180
May Department Stores
Company (The) + 11,976 352,094
Men's Wearhouse, Inc. * 1,625 51,935
Michaels Stores, Inc. 5,676 170,110
Movie Gallery, Inc. 1,145 21,835
MSC Industrial Direct
Company Class A 1,782 64,116
Neiman-Marcus Group, Inc.
Class A + 2,101 150,306
Nitches, Inc. * 950 4,940
Office Depot, Inc. * 11,792 204,709
OfficeMax, Inc. 3,587 112,560
O'Reilly Automotive, Inc. *+ 2,386 107,489
Overstock.com, Inc. * 770 53,130
PC Connection, Inc. * 854 8,130
Petco Animal Supplies, Inc. * 612 24,162
Petsmart, Inc. + 5,983 212,576
See accompanying notes to financial statements.
225
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- -----------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Pier 1 Imports, Inc. + 3,712 $ 73,126
Priceline.com, Inc. *+ 1,548 36,517
RadioShack Corporation 6,811 223,946
Restoration Hardware, Inc. * 314 1,802
Retail Ventures, Inc. * 1,372 9,741
Rite Aid Corporation * 20,882 76,428
Saks, Inc. + 5,811 84,318
Samsonite Corporation * 1,133 986
School Specialty, Inc. *+ 854 32,930
SCP Pool Corporation 2,434 77,645
Sears Roebuck & Company 9,234 471,211
Sharper Image Corporation * 648 12,215
Sherwin-Williams Company
(The) 6,048 269,922
Shopko Stores, Inc. * 1,850 34,558
Sports Authority, Inc. (The) *+ 1,016 26,162
Stamps.com, Inc. 1,050 16,632
Staples, Inc. 21,645 729,653
Stein Mart, Inc. * 1,261 21,513
Stride Rite Corporation 2,388 26,674
Systemax, Inc. * 1,358 9,968
TJX Companies, Inc. + 19,986 502,248
Target Corporation 36,421 1,891,343
Tiffany & Company 6,084 194,505
Toys R US, Inc. * 8,862 181,405
Trans World Entertainment
Corporation * 1,932 24,092
Tuesday Morning
Corporation * 1,816 55,624
Tweeter Home
Entertainment Group, Inc. * 1,128 7,727
Ultimate Electronics, Inc. *+ 505 621
Valuevision Media, Inc.
Class A * 1,741 24,217
Walgreen Company 44,543 1,709,115
Wal-Mart Stores, Inc. 114,787 6,063,049
Whitehall Jewellers, Inc. * 869 6,943
Williams-Sonoma, Inc. *+ 4,877 170,890
Zale Corporation *+ 2,300 68,701
------------
24,796,125
------------
TELECOMMUNICATIONS--0.0%
Citizens Communications
Company 11,806 162,805
Superior Telecom, Inc. *++(delta) 2,013 --
------------
162,805
------------
TELEPHONE SYSTEMS--2.9%
Acceris Communications,
Inc. * 677 406
Adtran, Inc. 3,197 61,191
AirGate PCS, Inc. * 1,008 35,885
Alamosa Holdings, Inc. *+ 4,558 56,838
Alaska Communications
Systems Group, Inc. 2,850 24,596
Alltel Corporation 12,951 761,001
AT&T Corporation 32,775 624,692
Audiovox Corporation
Class A * 1,218 19,220
BellSouth Corporation 79,688 2,214,530
Brightpoint, Inc. * 873 17,058
Centennial Communications
Corporation * 3,036 24,075
CenturyTel, Inc. 5,985 212,288
Cincinnati Bell, Inc. * 9,266 38,454
Commonwealth Telephone
Enterprises, Inc. * 876 43,502
CoSine
Communications, Inc. * 438 1,218
Covad Communications
Group, Inc. * 13,040 28,036
Covista Communications,
Inc. * 992 1,924
D&E Communications, Inc. 1,712 20,630
Deltathree, Inc. * 2,552 8,473
Dobson Communications
Corporation Class A * 3,916 6,736
DSL.Net, Inc. * 1,850 407
Equinix, Inc. * 622 26,584
Forgent Networks, Inc. * 1,350 2,876
General Communication
Class A * 2,516 27,777
Global Payments, Inc. + 1,619 94,776
Goamerica, Inc. * 24 236
Hickory Tech Corporation 651 6,959
IDT Corporation * 1,978 29,037
Infonet Services
Corporation Class B * 9,697 19,588
j2 Global Communications,
Inc. * 807 27,842
LCC International, Inc.
Class A * 1,000 5,830
Level 3 Communications,
Inc. *+ 26,967 91,418
Lightbridge, Inc. * 1,288 7,780
Loral Space &
Communications Ltd.
(Bermuda) * 2,922 497
Mastec, Inc. *+ 2,049 20,715
MCI, Inc. 12,600 254,016
McLeodUSA, Inc. Class A * 9,250 6,660
Net2Phone, Inc. * 1,324 4,502
Nextel Communications,
Inc. Class A * 47,028 1,410,840
Nextel Partners, Inc. Class A *+ 1,746 34,117
Novatel Wireless, Inc. *+ 1,358 26,318
NTL, Inc. * 3,592 262,072
Primus Telecommunications
GP * 3,086 9,813
Qwest Communications
International, Inc. * 73,367 325,749
Redback Networks, Inc. * 1,198 6,421
Rural Cellular Corporation
Class A *+ 1,265 7,880
SBC Communications, Inc. 144,182 3,715,570
Savvis Communications
Corporation * 6,126 7,106
Sprint Corp.-FON Group 53,693 1,334,271
SureWest Communications
184 5,216
Talk America Holdings, Inc. *+ 1,398 9,255
Telecommunication
Systems, Inc. *+ 1,200 4,007
Teleglobe International
Holdings Ltd. (Bermuda) * 450 1,845
Telephone & Data Systems,
Inc. + 2,518 193,760
Time Warner Telecom, Inc.
Class A * 1,928 8,406
Triton PCS Holdings, Inc.
Class A * 2,699 9,231
Ubiquitel, Inc. * 4,078 29,035
US Cellular Corporation * 680 30,437
Verizon Communications, Inc. 120,493 4,881,171
Visual Networks, Inc. * 6,068 21,117
See accompanying notes to financial statements.
226
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
West Corporation * 2,275 $ 75,325
Western Wireless
Corporation Class A *+ 3,263 95,606
Wireless Facilities, Inc. * 2,398 22,637
Z-Tel Technologies, Inc. * 1,135 1,930
------------
17,357,388
------------
TEXTILES, CLOTHING & FABRICS--0.5%
Albany International
Corporation Class A 1,437 50,525
Brown Shoe Company, Inc. 796 23,745
Coach, Inc. * 7,686 433,490
Collins & Aikman
Corporation * 2,906 12,670
Columbia Sportswear
Company *+ 1,752 104,437
Culp, Inc. * 888 6,021
Dickie Walker Marine, Inc. * 1,625 1,544
Genesco, Inc. * 921 28,680
Guess ?, Inc. * 1,774 22,264
Gymboree Corporation * 1,400 17,948
Innovo Group, Inc. * 3,157 7,987
JLM Couture, Inc. * 1,242 4,223
Jones Apparel Group, Inc. 4,641 169,721
Kellwood Company 1,170 40,365
K-Swiss, Inc. Class A 1,476 42,981
Liz Claiborne, Inc. 3,930 165,885
Mohawk Industries, Inc. * 2,460 224,475
Mossimo, Inc. * 2,806 9,768
Mothers Work, Inc. * 600 8,170
Nike, Inc. Class B 7,490 679,268
Oxford Industries, Inc. 936 38,657
Penn Engineering &
Manufacturing Corporation 917 16,598
Phillips-Van Heusen
Corporation 1,267 34,209
Polo Ralph Lauren
Corporation 2,143 91,292
Polymer Group Escrow ++(delta) 1,565 --
Quaker Fabric Corporation 2,550 14,280
Quiksilver, Inc. *+ 2,144 63,870
Reebok International Ltd. + 2,443 107,492
Russell Corporation 1,339 26,084
Sport-Haley, Inc. * 1,042 4,783
Steven Madden Ltd. * 1,901 35,853
Tag-It Pacific, Inc. *+ 1,334 6,003
Tarrant Apparel Group * 1,106 2,699
Timberland Company
Class A *+ 1,485 93,065
VF Corporation + 4,485 248,379
Warnaco Group, Inc. (The) * 1,569 33,890
Wolverine World Wide, Inc. 1,726 54,231
------------
2,925,552
------------
TRANSPORTATION--1.7%
Alexander & Baldwin, Inc. 1,466 62,188
Allied Holdings, Inc. *++(delta) 245 712
Arctic Cat, Inc. 1,857 49,248
Arkansas Best Corporation 903 40,536
Brunswick Corporation 3,797 187,952
Burlington Northern Santa Fe
Corporation 16,205 766,659
C.H. Robinson Worldwide, Inc. 3,575 198,484
CSX Corporation 8,882 355,991
Carnival Corporation + 18,538 1,068,345
CNF, Inc. 2,160 108,216
Expeditors International
Washington, Inc. + 4,386 245,090
FedEx Corporation 13,078 1,288,052
Fleetwood Enterprises, Inc. * 1,750 23,555
Florida East Coast Industries 2,023 91,237
Forward Air Corporation * 954 42,644
GATX Corporation 2,366 69,939
General Maritime
Corporation * 1,897 75,785
Genesee & Wyoming, Inc.
Class A * 1,051 29,565
Gulfmark Offshore, Inc. * 1,000 22,270
Heartland Express, Inc. 3,165 71,118
JB Hunt Transport
Services, Inc. 3,167 142,040
Kansas City Southern *+ 2,513 44,555
Kirby Corporation * 1,179 52,324
Laidlaw International, Inc. * 3,900 83,460
Landstar System, Inc. * 1,128 83,066
Maritrans, Inc. 499 9,067
Norfolk Southern Corporation 16,202 586,350
Old Dominion Freight
Line, Inc. * 1,189 41,377
OMI Corporation 3,824 64,434
Overnite Corporation 1,466 54,594
Overseas Shipholding Group 1,587 87,602
P.A.M. Transportation
Services, Inc. * 338 6,338
Pacer International, Inc. * 1,664 35,377
Pegasus Solutions, Inc. * 1,147 14,452
Polaris Industries, Inc. 1,858 126,381
Quality Distribution, Inc. * 93 785
RailAmerica, Inc. * 1,527 19,927
Royal Caribbean
Cruises Ltd. + 4,300 234,092
Sabre Holdings Corporation 5,055 112,019
SCS Transportation, Inc. * 1,662 38,841
Sirva, Inc. * 517 9,937
Swift Transportation
Company, Inc. *+ 3,649 78,381
Thor Industries, Inc. + 2,521 93,403
Trinity Industries, Inc. 2,034 69,319
Union Pacific Corporation 11,289 759,185
United Defense
Industries, Inc. *+ 2,189 103,430
United Parcel Service, Inc.
Class B 25,052 2,140,944
USF Corporation 1,137 43,149
Wabtec Corporation 1,737 37,033
Werner Enterprises, Inc. 2,915 65,996
West Marine, Inc. * 803 19,874
Yellow Roadway Corporation *+ 1,919 106,907
------------
10,162,225
------------
WATER COMPANIES--0.0%
American States Water
Company 500 13,000
Aqua America, Inc. 3,247 79,844
California Water Service Group 965 36,332
Connecticut Water
Service, Inc. 500 13,245
Pico Holdings, Inc. * 1,150 23,886
SJW Corporation 505 18,382
------------
184,689
------------
TOTAL COMMON STOCKS
(Cost $423,497,194) 590,968,995
------------
See accompanying notes to financial statements.
227
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--0.1%
U.S. TREASURY BILLS--0.1%
U.S. Treasury Bill
2.160% 03/17/2005 **
(Cost $607,261) $ 610,000 $ 607,261
------------
SHARES VALUE
- ----------------------------------------------------
RIGHTS--0.0%
PHARMACEUTICALS--0.0%
ViroLogic, Inc., Rights,
Expires TBD
(Cost $1,147) 2,414 579
-----
WARRANTS--0.0%
COMMUNICATIONS--0.0%
Lucent Technologies, Inc.
Exp. 12/10/2007 *
(Cost $--) 81 128
-----
COUPON MATURITY
RATE DATE FACE VALUE
- -------------------------------------------------------------------------------------------------
CASH EQUIVALENTS--10.2%
INSTITUTIONAL MONEY MARKET FUNDS--1.0%
BGI Institutional Fund
2.255% 01/03/2005 ++ $3,988,406 3,988,406
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 1,034,199 1,034,199
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 954,181 954,181
------------
5,976,786
------------
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--8.5%
Bank of America
2.300% 06/09/2005 ++ 1,150,059 1,150,059
Bank of America
2.270% 01/18/2005 ++ 460,023 460,023
Bank of America
2.270% 03/03/2005 ++ 239,212 239,212
Bank of Montreal
2.260% 01/28/2005 ++ 23,931 23,931
Bank of Nova Scotia
2.330% 01/13/2005 ++ 713,036 713,036
Bank of Nova Scotia
2.330% 01/24/2005 ++ 2,311,618 2,311,618
Bank of Nova Scotia
2.320% 02/08/2005 ++ 1,380,070 1,380,070
BNP Paribas
2.295% 02/23/2005 ++ 460,023 460,023
Calyon
2.340% 02/02/2005 ++ 460,023 460,023
Calyon
2.270% 01/20/2005 ++ 1,150,059 1,150,059
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 1,610,082 1,610,082
Citigroup
2.080% 01/28/2005 ++ 1,380,070 1,380,070
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 2,300,117 2,300,117
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 460,023 460,023
Delaware Funding Corporation
2.235% 01/04/2005 ++ 966,204 966,204
Den Danske Bank
2.260% 01/20/2005 ++ 2,760,141 2,760,141
Dexia Group
2.040% 01/21/2005 ++ 23,001 23,001
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 1,150,059 1,150,059
Fortis Bank
2.260% 01/05/2005 ++ 2,070,106 2,070,106
Fortis Bank
2.140% 01/12/2005 ++ 1,150,059 1,150,059
General Electric Capital Corporation
2.295% 01/10/2005 ++ 1,380,070 1,380,070
General Electric Capital Corporation
2.294% 01/21/2005 ++ 1,146,458 1,146,458
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 9,200,470 9,200,470
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 690,035 690,035
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 920,047 920,047
Greyhawk Funding
2.349% 02/08/2005 ++ 690,035 690,035
Lloyds TSB Bank
2.280% 02/02/2005 ++ 690,035 690,035
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 4,646,238 4,646,238
Paradigm Funding LLC
2.245% 01/03/2005 ++ 455,157 455,157
Royal Bank of Canada
2.260% 02/01/2005 ++ 450,823 450,823
Royal Bank of Canada
2.250% 01/19/2005 ++ 322,016 322,016
Royal Bank of Scotland
2.360% 02/17/2005 ++ 2,300,117 2,300,117
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 1,559,480 1,559,480
Svenska Handlesbanken
2.250% 01/10/2005 ++ 690,035 690,035
Wells Fargo
2.320% 01/14/2005 ++ 1,085,656 1,085,656
Wells Fargo
2.270% 01/25/2005 ++ 2,300,117 2,300,117
------------
50,744,705
------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--0.7%
Bear Stearns & Company
2.448% 06/05/2005 ++ 460,023 460,023
Bear Stearns & Company
2.448% 09/08/2005 ++ 460,023 460,023
Morgan Stanley
2.393% 03/16/2005 ++ 552,028 552,028
Morgan Stanley
2.393% 06/05/2005 ++ 1,150,059 1,150,059
Morgan Stanley
2.393% 06/10/2005 ++ 1,610,082 1,610,082
------------
4,232,215
------------
TOTAL CASH EQUIVALENTS
(Cost $60,953,706) 60,953,706
------------
See accompanying notes to financial statements.
228
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT BROAD
MARKET INDEX FUND FACE VALUE
- ---------------------------------------------------------
REPURCHASE AGREEMENTS--1.2%
IBT Repurchase Agreement
dated 12/31/2004 due
01/03/2005, with a
maturity value of
$7,294,295 and an
effective yield of 1.80%
collateralized by U.S.
Government Obligations
with rates ranging from
5.125% to 5.585%,
maturity dates ranging
from 06/25/2016 to
04/25/2028 and an
aggregate market value
of $7,657,861. $7,293,201 $ 7,293,201
------------
TOTAL INVESTMENTS--110.1%
(Cost $492,352,509) 659,823,870
Other assets less liabilities--(10.1%) (60,788,676)
------------
NET ASSETS--100.0% $599,035,194
============
NOTES TO THE SCHEDULE OF INVESTMENTS:
REIT Real Estate Investment Trust
* Non-income producing security.
+ Denotes all or a portion of security on loan.
++ Security valued at fair value as determined by policies approved by the
board of directors.
** Security has been pledged as collateral for futures contracts.
++ Represents collateral received from securities lending transactions.
(delta) Security has no market value at 12/31/2004.
See accompanying notes to financial statements.
229
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--96.0%
ADVERTISING--0.4%
24/7 Real Media, Inc. * 1,934 $ 8,374
Aquantive, Inc. * 2,027 18,121
Catalina Marketing
Corporation 2,132 63,171
Digital Impact, Inc. * 1,752 2,488
DoubleClick, Inc. * 5,229 40,682
Getty Images, Inc. *+ 2,442 168,132
Grey Global Group, Inc. 38 41,800
Jupitermedia Corporation * 1,450 34,481
Lamar Advertising
Company * 3,505 149,944
Obie Media Corporation * 1,115 7,766
Valueclick, Inc. * 2,779 37,044
------------
572,003
------------
AEROSPACE & DEFENSE--0.3%
AAR Corporation * 1,490 20,294
Alliant Techsystems, Inc. *+ 1,961 128,210
Armor Holdings, Inc. * 1,500 70,530
Fairchild Corporation
(The) Class A * 3,266 12,052
Gencorp, Inc. + 1,629 30,251
Heico Corporation 705 15,926
Heico Corporation Class A 878 15,181
Kaman Corp., Class A 1,060 13,409
Kreisler Manufacturing
Corporation * 1,250 6,525
Orbital Sciences
Corporation *+ 2,124 25,127
Sequa Corporation
Class A * 511 31,248
Transtechnology
Corporation * 1,266 9,254
Triumph Group, Inc. * 822 32,469
United Industrial Corp., Ltd. 540 20,920
------------
431,396
------------
AIRLINES--0.4%
AMR Corporation *+ 6,673 73,069
Air T, Inc. 563 10,229
Airnet Systems, Inc. * 2,610 9,109
Airtran Holdings, Inc. *+ 3,168 33,898
Alaska Air Group, Inc. * 1,344 45,011
America West Holdings
Corporation Class B *+ 1,390 9,146
Continental Airlines, Inc.
Class B * 2,723 36,869
ExpressJet Holdings, Inc. * 1,626 20,943
FLYi, Inc. * 1,711 3,028
Frontier Airlines, Inc. * 1,370 15,632
JetBlue Airways
Corporation *+ 4,476 103,933
Mesa Air Group, Inc. *+ 848 6,733
Midwest Air Group, Inc. *+ 4,075 11,858
Northwest Airlines
Corporation Class A * 3,565 38,965
Offshore Logistics, Inc. * 983 31,918
Petroleum Helicopters * 774 19,404
Skywest, Inc. + 2,390 47,943
World Airways, Inc. *+ 2,822 17,920
------------
535,608
------------
APPAREL RETAILERS--1.2%
Abercrombie & Fitch
Company Class A 4,443 208,599
Aeropostale, Inc. * 2,403 70,720
American Eagle
Outfitters, Inc. 2,913 137,202
AnnTaylor Stores
Corporation * 2,734 58,863
Bebe Stores, Inc. 627 16,916
Big Dog Holdings, Inc. * 1,621 10,666
Buckle, Inc. (The) 1,115 32,892
Burlington Coat Factory
Warehouse Corporation 1,307 29,669
Carter's, Inc. * 508 17,267
Casual Male Retail
Group, Inc. *+ 2,471 13,467
Cato Corporation Class A 1,175 33,863
Charlotte Russe
Holding, Inc. * 1,100 11,110
Charming Shoppes, Inc. * 4,919 46,091
Chico's FAS, Inc. *+ 4,119 187,538
Children's Place * 1,144 42,362
Christopher & Banks
Corporation 1,529 28,210
Claire's Stores, Inc. 3,856 81,940
Dress Barn, Inc. * 951 16,738
Finish Line Class A 1,604 29,353
Goody's Family Clothing, Inc. 1,746 15,958
HOT Topic, Inc. *+ 1,825 31,372
JOS A. Bank Clothiers, Inc. *+ 863 24,423
Pacific Sunwear of
California, Inc. * 3,026 67,359
Payless Shoesource, Inc. * 1,834 22,558
Ross Stores, Inc. + 6,730 194,295
Stage Stores, Inc. * 994 41,271
Talbots, Inc. 1,205 32,812
Too, Inc. * 1,485 36,323
Urban Outfitters, Inc. * 2,736 121,478
Wet Seal, Inc. (The)
Class A *+ 1,247 2,831
Wilsons The Leather
Experts, Inc. * 819 3,194
------------
1,667,340
------------
AUTOMOTIVE--1.3%
A.O. Smith Corporation 952 28,503
Adesa, Inc. 5,331 113,124
Aftermarket Technology
Corporation * 1,503 24,198
American Axle &
Manufacturing
Holdings, Inc. 2,114 64,815
America's Car Mart, Inc. * 326 12,388
Amerigon, Inc. * 2,108 7,880
ArvinMeritor, Inc. 2,792 62,457
Asbury Automotive
Group, Inc. * 1,342 18,493
BorgWarner, Inc. 2,276 123,291
Carmax, Inc. *+ 4,258 132,211
Clarcor, Inc. 1,177 64,464
Coachmen Industries, Inc. 705 12,239
Copart, Inc. * 3,582 94,278
Dura Automotive
Systems, Inc. * 1,399 15,151
Exide Technologies, Inc. * 1,100 15,158
See accompanying notes to financial statements.
230
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Federal Signal
Corporation + 2,160 $ 38,146
Group 1 Automotive, Inc. * 1,068 33,642
Harsco Corporation 1,823 101,614
Jarden Corporation * 1,181 51,303
JLG Industries, Inc. 1,782 34,981
Keystone Automotive
Industries, Inc. * 703 16,345
Lear Corporation 3,021 184,311
Lithia Motors, Inc. Class A 863 23,146
Monaco Coach Corporation 1,376 28,304
Oshkosh Truck Corporation 1,625 111,117
PEP Boys-Manny Moe & Jack 2,201 37,571
Sonic Automotive, Inc. 1,189 29,487
Sports Resorts
International, Inc. * 4,375 12,600
Strattec Security
Corporation * 124 7,765
Superior Industries
International, Inc. + 1,113 32,333
TBC Corp. * 775 21,545
Tenneco Automotive, Inc. * 2,430 41,893
Titan International, Inc. + 1,086 16,399
TransPro, Inc. * 1,956 11,932
TRW Automotive
Holdings Corporation * 1,800 37,260
United Auto Group, Inc. 1,278 37,816
Wabash National
Corporation * 1,396 37,594
Winnebago Industries, Inc. + 1,714 66,949
------------
1,802,703
------------
BANKING--8.4%
1st Source Corporation 1,073 27,372
Advanta Corporation Class A 1,447 32,731
Alabama National Bancorp 575 37,087
Alliance Bankshares
Corporation * 648 10,076
AMB Financial Corporation 1,125 15,750
Amcore Financial, Inc. 1,313 42,252
American Pacific Bank
Class B * 2,311 26,117
AmeriCredit Corporation *+ 7,008 171,346
Anchor Bancorp
Wisconsin, Inc. 1,412 41,160
Associated Banc Corporation 5,646 187,504
Asta Funding, Inc. 650 17,446
Astoria Financial Corporation 3,614 144,452
Banc Corporation * 895 7,375
BancFirst Corporation 321 25,353
Bancorpsouth, Inc. 3,022 73,646
BancTrust Financial
Group, Inc. 1,600 39,376
Bank Mutual Corporation 3,757 45,723
Bank of Hawaii Corporation 2,694 136,694
BankAtlantic Bancorp, Inc.
Class A 2,211 43,999
Banknorth Group, Inc. 8,110 296,826
Bankunited Financial
Corporation Class A * 1,183 37,797
Bay View Capital Corporation 791 12,110
Blue River Bancshares, Inc. * 2,545 13,183
BOK Financial
Corporation * 1,486 72,457
Boston Private Financial
Holdings, Inc. 1,777 50,058
Bostonfed Bancorp, Inc. 446 20,190
Brookline Bancorp, Inc. + 2,766 45,141
Bryn Mawr Bank Corporation 1,548 34,041
Capital Bank Corporation 1,283 23,556
Capital City Bank Group, Inc. 591 24,704
Capital Crossing Bank * 362 11,110
Capitol Bancorp, Ltd. 670 23,597
Capitol Federal Financial 1,016 36,576
Cardinal Financial
Corporation * 1,123 12,521
Cascade Bancorp 1,755 35,486
Cascade Financial
Corporation 851 15,999
Cathay General Bancorp 2,284 85,650
Central Pacific Financial
Corporation 1,349 48,793
CFS Bancorp, Inc. 1,873 26,728
Charter Financial Corporation 350 15,354
Chemical Financial
Corporation 979 42,019
Chester Valley Bancorp 771 16,918
Chittenden Corporation 2,222 63,838
Citizens Banking Corporation 1,670 57,364
Citizens First Financial
Corporation 761 24,816
City Bank, Lynnwood, WA 1,098 39,693
City Holding Company 930 33,703
City National Corporation 2,229 157,479
Coastal Financial Corporation 1,468 28,127
CoBiz, Inc. 850 17,255
Colonial BancGroup, Inc.
(The) 5,583 118,527
Columbia Banking
System, Inc. 710 17,743
Commerce Bancorp, Inc. + 4,007 258,051
Commerce Bancshares, Inc. 3,269 164,104
Commercial Capital
Bancorp, Inc. + 2,557 59,271
Commercial Federal
Corporation 1,850 54,963
Community Bank
System, Inc. 1,892 53,449
Community Banks, Inc. 500 14,080
Community Trust
Bancorp, Inc. 1,028 33,266
CompuCredit Corporation * 984 26,903
Corus Bankshares, Inc. 1,051 50,459
Cullen/Frost Bankers, Inc. 2,553 124,076
CVB Financial Corporation 2,377 63,133
Dime Community
Bancshares 1,638 29,337
Downey Financial
Corporation 1,038 59,166
Eastern Virginia
Bankshares, Inc. 701 18,240
East-West Bancorp, Inc. 2,560 107,418
Euronet Worldwide, Inc. * 1,056 27,477
Farmers Capital Bank
Corporation 1,113 45,856
Fidelity Bankshares, Inc. 955 40,836
Fidelity Southern
Corporation 1,382 26,258
Financial Federal
Corporation * 1,010 39,592
Financial Institutions, Inc. 750 17,437
First Bancorp North Carolina 643 17,470
First Bancorp Puerto Rico 1,623 103,077
First Charter Corporation 1,323 34,623
First Citizens BancShares,
Inc. Class A 455 67,454
See accompanying notes to financial statements.
231
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -----------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
First Commonwealth
Financial Corporation 3,266 $ 50,264
First Community Bancorp 894 38,174
First Financial Bancorp 1,895 33,162
First Financial
Bankshares, Inc. 830 37,192
First Financial Service
Corporation 744 19,255
First Merchants Corporation 875 24,762
First Midwest Bancorp, Inc. 2,002 72,653
First National Bankshares
of Florida, Inc. + 2,442 58,364
First Niagara Financial
Group, Inc. 3,541 49,397
First Oak Brook Bancshares
Class A 771 24,988
First of Long Island
Corporation (The) 493 24,872
First Republic Bank 981 51,993
FirstBank NW Corporation 200 5,682
FirstFed Financial
Corporation * 723 37,502
FirstMerit Corporation 3,385 96,439
Flagstar Bancorp, Inc. 2,560 57,856
Flushing Financial
Corporation 800 16,048
FMS Financial Corporation 500 10,562
FNB Corporation 2,305 46,930
Franklin Bank Corp./
Houston, TX * 930 16,972
Fremont General
Corporation + 3,340 84,101
Frontier Financial
Corporation 1,002 38,687
Fulton Financial Corporation 5,698 132,820
Glacier Bancorp, Inc. 1,395 47,486
Gold Banc Corporation, Inc. 2,104 30,760
Greater Bay Bancorp 2,214 61,726
Hallwood Group, Inc. * 100 10,650
Hancock Holding Company 1,352 45,238
Hanmi Financial Corporation 1,000 35,940
Harbor Florida
Bancshares, Inc. 982 33,987
Harleysville National
Corporation 1,099 29,233
Harrington West Financial
Group, Inc. 1,172 21,477
Heritage Financial
Corporation 317 7,012
Hibernia Corporation Class A 7,341 216,633
Home City Financial
Corporation 435 6,786
Home Financial Bancorp 1,122 6,193
Horizon Financial Services
Corporation 450 7,954
Hudson City Bancorp, Inc. 4,004 147,427
Hudson River Bancorp, Inc. 1,717 33,979
Hudson United Bancorp 1,856 73,089
Iberiabank Corp. 300 19,908
Independence Community
Bank Corporation 3,827 162,954
Independent Bank
Corporation
(Massachusetts) 874 29,497
Independent Bank
Corporation (Michigan) 1,257 37,496
IndyMac Bancorp, Inc. 2,854 98,320
Integra Bank Corporation 789 18,234
International Bancshares
Corporation 1,964 77,342
Investors Financial Services
Corporation 3,110 155,438
Irwin Financial Corporation 1,296 36,793
Itla Capital Corporation * 300 17,637
KNBT Bancorp, Inc. 1,653 27,936
MAF Bancorp, Inc. 1,246 55,846
Main Street Banks, Inc. 990 34,581
Matrix Bancorp, Inc. * 974 12,185
MB Financial, Inc. 1,070 45,100
Medallion Financial
Corporation 2,518 24,425
Mercantile Bankshares
Corporation 3,711 193,714
Merchants Bancshares, Inc. 572 16,588
Metris Companies, Inc. * 2,254 28,738
Midsouth Bancorp, Inc. 365 9,855
Mid-State Bancshares 460 13,179
Midwest Banc Holdings, Inc. 660 14,434
MidWestOne Financial
Group, Inc. 583 12,220
Mitcham Industries, Inc. * 1,100 7,370
Nara Bancorp, Inc. 1,010 21,483
NASB Financial, Inc. 529 21,139
National Penn
Bancshares, Inc. 1,303 36,093
NBT Bancorp, Inc. 1,480 38,066
Nelnet, Inc. Class A * 1,351 36,382
Netbank, Inc. 2,851 29,679
New York Community
Bancorp, Inc. 11,301 232,462
NewAlliance Bancshares, Inc. 4,700 71,910
Northern States Financial
Corporation 773 23,963
Northwest Bancorp, Inc. 2,148 53,893
NSD Bancorp, Inc. 579 21,018
Ocwen Financial
Corporation *+ 3,358 32,102
Old National Bancorp 2,844 73,546
Old Second Bancorp, Inc. 590 18,809
Oriental Financial Group
(Puerto Rico) 770 21,799
Pacific Capital Bancorp 1,724 58,599
Pacific Premier
Bancorp, Inc. * 977 12,955
Park National Corporation 624 84,552
Parkvale Financial
Corporation 1,077 31,007
Partners Trust Financial
Group, Inc. 1,870 21,785
Pennrock Financial Services
Corp. 360 14,008
Peoples Bancorp, Inc. 1,235 33,876
People's Bank 4,006 155,793
Peoples Financial
Corporation 884 15,967
Peoples Holding Co. (The) 810 26,811
PFF Bancorp, Inc. 1,042 48,276
Popular, Inc. (Puerto Rico) + 10,996 317,015
Premier Community
Bankshares, Inc. 934 19,126
PrivateBancorp, Inc. 810 26,106
Prosperity Bancshares, Inc. 840 24,536
Provident Bancorp, Inc. 2,058 27,145
Provident Bankshares
Corporation 1,369 49,791
Provident Financial
Services, Inc. 3,604 69,809
See accompanying notes to financial statements.
232
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
R&G Financial Corporation
Class B (Puerto Rico) 1,556 $ 60,497
Republic Bancorp, Inc. 3,414 52,166
Republic Bancorp, Inc.
Class A 886 22,770
Riggs National Corporation 1,486 31,592
Royal Bancshares of
Pennsylvania Class A 824 22,269
S&T Bancorp, Inc. 1,068 40,253
Sandy Spring Bancorp, Inc. 694 26,601
Santander Bancorp
(Puerto Rico) 1,031 31,095
Shore Bancshares, Inc. 552 20,032
Silicon Valley Bancshares * 1,768 79,242
Simmons First National
Corporation Class A 911 26,373
Sky Financial Group, Inc. 4,829 138,447
South Financial Group,
Inc. (The) + 2,799 91,051
SouthFirst Bancshares, Inc. 400 6,160
Southwest Bancorp of
Texas, Inc. 3,300 76,857
Sterling Bancorp, NY 1,611 45,511
Sterling Bancshares, Inc. 1,615 23,046
Sterling Financial
Corporation (Pennsylvania) 1,247 35,751
Sterling Financial
Corporation
(Washington) * 1,349 52,962
Student Loan Corporation 227 41,768
Suffolk Bancorp 1,100 38,313
Susquehanna
Bancshares, Inc. 2,132 53,193
TCF Financial Corporation + 6,764 217,395
Texas Capital
Bancshares, Inc. * 1,070 23,133
Texas Regional Bancshares,
Inc. Class A 2,101 68,661
Tompkins Trustco, Inc. 550 29,419
Trustco Bank Corporation 3,435 47,369
Trustmark Corporation 2,436 75,687
UCBH Holdings, Inc. + 1,826 83,667
UMB Financial Corporation 996 56,433
Umpqua Holdings
Corporation 2,021 50,949
UnionBanCal Corporation 2,618 168,809
United Bankshares, Inc. 1,725 65,809
United Community
Banks, Inc. 1,490 40,126
United Tennessee
Bankshares, Inc. 550 11,000
Unizan Financial Corporation 994 26,192
Valley National Bancorp 4,514 124,812
W Holding Company, Inc.
(Puerto Rico) 4,146 95,116
WFS Financial, Inc. 732 37,171
Washington Federal, Inc. 3,593 95,358
Washington Trust
Bancorp, Inc. 960 28,138
Waypoint Financial
Corporation 1,333 37,791
Webster Financial
Corporation 2,773 140,425
Wesbanco, Inc. 900 28,773
West Coast Bancorp 690 17,533
Westamerica Bancorporation 1,379 80,409
Westcorp 1,153 52,957
Westfield Financial, Inc. 1,240 32,017
Whitney Holding Corporation 1,871 84,176
Wilmington Trust
Corporation 2,824 102,088
Wintrust Financial Corporation 1,018 57,985
World Acceptance
Corporation * 739 20,330
WSFS Financial Corporation 340 20,509
------------
12,020,536
------------
BEVERAGES, FOOD & TOBACCO--2.1%
American Italian Pasta
Company Class A + 722 16,786
Bridgford Foods Corporation 560 5,040
Bunge, Ltd. + 5,000 285,050
Central European
Distribution Corporation *+ 1,065 31,460
Chalone Wine Group
Ltd. (The) * 1,160 16,426
Chiquita Brands
International, Inc. 1,390 30,663
Coca-Cola Bottling Company
Consolidated 437 24,935
Constellation Brands, Inc.
Class A * 4,319 200,877
Corn Products International,
Inc. 1,583 84,785
Dean Foods Company * 7,391 243,533
Del Monte Foods
Company * 8,205 90,419
Delta & Pine Land Company 1,668 45,503
Farmer Brothers Company 930 22,543
Flowers Foods, Inc. 1,840 58,107
Fresh Del Monte Produce,
Inc. (Cayman Islands) + 1,567 46,399
Gardenburger, Inc. * 1,510 115
Green Mountain Coffee
Roasters, Inc. * 500 12,550
Griffin Land & Nurseries,
Inc. * 650 16,737
Hain Celestial Group, Inc. * 1,426 29,475
Hansen Natural
Corporation *+ 785 28,582
Hormel Foods Corporation 4,096 128,410
JM Smucker Company (The) 2,725 128,266
Kraft Foods, Inc. Class A + 11,998 427,249
Lancaster Colony
Corporation 1,390 59,589
Lance, Inc. 1,371 26,090
M&F Worldwide
Corporation * 781 10,637
Margo Caribe, Inc.
(Puerto Rico) * 1,058 8,949
Nash Finch Co. 570 21,523
Northland Cranberries, Inc.
Class A 266 178
Peet's Coffee & Tea, Inc. *+ 637 16,861
PepsiAmericas, Inc. 3,642 77,356
Performance Food Group
Company * 1,907 51,317
Pilgrim's Pride Corporation + 1,166 35,773
Poore Brothers, Inc. * 5,273 18,403
Ralcorp Holdings, Inc. 1,228 51,490
Sanderson Farms, Inc. 864 37,394
Scheid Vineyards, Inc.
Class A * 1,626 9,662
Seaboard Corporation 23 22,954
Smart & Final, Inc. * 1,115 16,045
Smithfield Foods, Inc. * 4,213 124,663
See accompanying notes to financial statements.
233
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(Continued)
Tootsie Roll Industries, Inc. 1,570 $ 54,369
Topps Company, Inc. (The) 2,256 21,996
Tyson Foods, Inc. Class A 15,282 281,189
United Natural Foods, Inc. * 1,514 47,085
Universal Corporation 1,079 51,619
Vector Group Ltd. 2,066 34,358
------------
3,053,410
------------
BUILDING MATERIALS--1.0%
Amcol International
Corporation 1,827 36,704
Andersons, Inc. 1,051 26,800
Carbo Ceramics, Inc. 569 39,261
Champion Enterprises, Inc. * 2,559 30,247
Chemed Corporation 581 38,991
Chindex International, Inc. *+ 549 5,721
Comfort Systems
USA, Inc. * 2,180 16,742
Conceptus, Inc. *+ 1,047 8,496
Digi International, Inc. * 877 15,076
Eagle Materials, Inc. 862 74,434
ElkCorp 939 32,133
EP Medsystems, Inc. *+ 5,240 19,702
Florida Rock Industries,
Inc. + 1,799 107,094
Ikon Office Solutions, Inc. 5,770 66,701
Imagistics International,
Inc. * 963 32,415
Ingram Micro, Inc.
Class A * 5,601 116,501
Insight Enterprises, Inc. * 2,054 42,148
Integrated Electrical
Services, Inc. * 1,846 8,935
Jewett-Cameron Trading
Ltd. (Canada) * 1,050 7,864
Lafarge North America, Inc. 1,757 90,169
Med-Design Corporation *+ 1,164 1,513
Microtek Medical
Holdings, Inc. * 4,250 17,255
Neoforma, Inc. * 886 6,813
Noland Company + 181 8,326
Nyer Medical Group, Inc. * 2,533 7,092
Owens & Minor, Inc. 1,623 45,720
PSS World Medical, Inc. * 3,574 44,729
Patterson Cos., Inc. * 5,546 240,641
Performance
Technologies, Inc. * 794 7,384
Precis, Inc. * 3,538 9,415
Programmers Paradise, Inc. 1,787 26,412
Quanta Services, Inc. *+ 4,703 37,624
Rock of Ages Corporation 1,387 10,125
Tech Data Corporation *+ 2,708 122,943
USG Corporation *+ 1,675 67,452
------------
1,469,578
------------
CHEMICALS--1.6%
A. Schulman, Inc. 1,444 30,916
AEP Industries, Inc. * 373 5,532
Airgas, Inc. 3,075 81,518
Albemarle Corporation 1,856 71,846
Applied Films
Corporation * 564 12,160
Arch Chemicals, Inc. 1,211 34,853
Atlantis Plastics, Inc.
Class A * 1,278 22,748
Cabot Corporation + 2,894 111,940
Cabot Microelectronics
Corporation * 1,050 42,052
Church & Dwight, Inc. 2,571 86,437
Compass Minerals
International, Inc. 1,400 33,922
Crompton Corporation 4,203 49,595
Cytec Industries, Inc. 1,645 84,586
Empire Financial Holding
Company * 1,550 1,534
FMC Corporation * 1,618 78,149
Female Health Company
(The) * 4,532 9,064
Flamemaster Corporation 90 6,115
Foamex International, Inc. *+ 1,061 3,989
Georgia Gulf Corporation 1,719 85,606
HB Fuller Company 1,285 36,635
International Smart
Sourcing, Inc. * 2,460 1,722
Landec Corporation * 987 6,751
LSB Industries, Inc. * 1,412 11,211
Lubrizol Corporation 3,040 112,054
Lyondell Chemical Company 10,649 307,969
MacDermid, Inc. 1,457 52,598
Minerals Technologies, Inc. 868 57,896
Mississippi Chemical
Corporation * 1,289 118
Mosaic Company (The) *+ 5,850 95,472
Myers Industries, Inc. 1,717 21,978
Nalco Holding Co. * 2,000 39,040
NL Industries, Inc. * 412 9,105
NuCo2, Inc. * 761 16,887
Olin Corporation 2,797 61,590
OM Group, Inc. * 1,477 47,884
Omnova Solutions, Inc. * 1,179 6,626
Penford Corporation 786 12,364
Pharmos Corporation * 6,875 9,762
PolyOne Corporation * 4,683 42,428
Scotts Company (The)
Class A * 1,252 92,047
Sensient Technologies
Corporation 2,028 48,652
Spartech Corporation 1,451 39,308
Stepan Company 767 18,684
SurModics, Inc. *+ 675 21,944
Trex Company, Inc. * 732 38,386
Tupperware Corporation 2,380 49,314
UAP Holding Corp. * 1,290 22,278
Unifi, Inc. * 2,629 10,069
USEC, Inc. 4,047 39,215
Valhi, Inc. 2,411 38,793
W.R. Grace & Company * 2,500 34,025
Wellman, Inc. + 1,509 16,131
West Pharmaceutical
Services, Inc. 1,706 42,701
Westlake Chemical Corp. 800 26,720
------------
2,340,919
------------
COAL--0.4%
Alliance Resource Partners, LP 440 32,560
Arch Coal, Inc. 2,478 88,068
Consol Energy, Inc. + 4,111 168,757
Peabody Energy Corporation 3,007 243,296
Penn Virginia Resource
Partners, LP 420 21,882
------------
554,563
------------
See accompanying notes to financial statements.
234
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ------------------------------------------------------------------------
COMMON STOCKS--(Continued)
COMMERCIAL SERVICES--5.2%
aaiPharma, Inc. *+ 1,299 $ 4,222
Aaron Rents, Inc. 1,939 48,475
ABM Industries, Inc. 2,291 45,179
Accelrys, Inc. * 1,146 8,939
Administaff, Inc. * 1,143 14,413
Advisory Board
Company (The) * 950 35,036
Advo, Inc. 1,277 45,525
Affymetrix, Inc. *+ 2,835 103,619
Akamai Technologies, Inc. *+ 4,955 64,564
Ambassadors
International, Inc. 524 8,243
Amerco, Inc. *+ 806 37,060
AMN Healthcare
Services, Inc. *+ 1,507 23,976
Amylin
Pharmaceuticals, Inc. *+ 3,886 90,777
Angelica Corporation 511 13,823
Antigenics, Inc. *+ 1,707 17,275
APAC Customer
Services, Inc. * 1,972 3,431
Applera Corporation
Celera Genomics Group * 3,029 41,649
Ariad Pharmaceuticals, Inc. * 2,463 18,300
Artemis International
Solutions Corporation * 56 165
Asset Acceptance Capital
Corporation * 728 15,506
Axonyx, Inc. * 2,772 17,186
BISYS Group, Inc. (The) * 5,539 91,117
Bandag, Inc. + 1,000 49,810
Barrett Business
Services, Inc. * 2,600 35,828
BearingPoint, Inc. * 8,106 65,091
Bowne & Company, Inc. 1,575 25,609
Bright Horizons Family
Solutions, Inc. * 605 39,180
Brink's Company (The) 2,360 93,267
Career Education
Corporation * 4,588 183,520
CDI Corporation 711 15,201
Celgene Corporation * 7,568 200,779
Central Parking Corporation 1,898 28,755
Cenveo, Inc. * 2,792 8,655
Charles River
Associates, Inc. *+ 486 22,730
Ciphergen
Biosystems, Inc. * 1,500 6,450
Coinstar, Inc. * 1,075 28,842
Consolidated
Graphics, Inc. * 777 35,664
Corinthian Colleges, Inc. * 3,616 68,144
Corporate Executive
Board Company + 1,798 120,358
Courier Corporation 544 28,244
Critical Path, Inc. * 624 917
CuraGen Corporation *+ 1,768 12,659
CV Therapeutics, Inc. *+ 1,424 32,752
Cytyc Corporation *+ 4,721 130,158
DataTRAK International,
Inc. *+ 2,616 29,116
DeVry, Inc. * 2,980 51,733
DiamondCluster
International, Inc.
Class A * 1,432 20,521
Digitas, Inc. * 3,972 37,933
Diversa Corporation * 1,790 15,645
Dollar Thrifty Automotive
Group, Inc. * 1,058 31,952
Dun & Bradstreet
Company * 3,162 188,613
Duratek, Inc. * 1,215 30,266
EGL, Inc. * 1,862 55,655
Edgewater Technology,
Inc. * 1,533 7,512
Education Management
Corporation * 3,087 101,902
eFunds Corporation * 2,250 54,022
Ennis Business Forms, Inc. 1,096 21,098
EntreMed, Inc. *+ 1,390 4,504
EPIQ Systems, Inc. *+ 725 10,614
eResearch Technology,
Inc. *+ 2,056 32,588
Exact Sciences
Corporation * 1,250 4,775
Exelixis, Inc. * 2,695 25,602
First Aviation Services,
Inc. * 1,818 7,781
First Consulting
Group, Inc. * 3,067 18,739
Forrester Research, Inc. * 963 17,276
FTI Consulting, Inc. * 1,735 36,556
G&K Services, Inc. Class A 1,008 43,767
Gene Logic, Inc. * 950 3,496
Genencor International,
Inc. * 1,450 23,780
Gen-Probe, Inc. * 2,250 101,722
Gevity HR, Inc. 964 19,820
Greg Manning
Auctions, Inc. *+ 952 11,786
Harris Interactive, Inc. * 2,730 21,567
Healthcare Services
Group, Inc. 761 15,859
Heidrick & Struggles
International, Inc. * 866 29,678
Hewitt Associates, Inc.
Class A * 2,628 84,122
Icos Corporation *+ 2,749 77,742
I-many, Inc. * 952 1,428
Incyte Corporation *+ 3,103 30,999
Inergy, LP + 630 18,106
Internet Capital
Group, Inc. * 49 441
iPayment, Inc. * 692 34,268
IPIX Corporation *+ 1,344 7,795
Iron Mountain, Inc. *+ 5,110 155,804
Isis Pharmaceuticals, Inc. *+ 2,216 13,074
ITT Educational
Services, Inc. * 1,873 89,061
Jackson Hewitt Tax
Service, Inc. 1,730 43,682
Jacobs Engineering
Group, Inc. * 2,439 116,560
John H. Harland Company 1,282 46,280
Kelly Services, Inc. Class A 1,173 35,401
Kforce.com, Inc. * 298 3,308
Korn Ferry International * 1,625 33,719
Kosan Biosciences, Inc. * 2,000 13,860
Labor Ready, Inc. * 1,685 28,510
Landauer, Inc. 599 27,374
Laureate Education, Inc. * 1,886 83,154
Learning Tree
International, Inc. * 766 10,264
LECG Corporation * 74 1,380
Lexicon Genetics, Inc. * 2,344 18,178
See accompanying notes to financial statements.
235
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
LifeCell Corporation * 1,120 $ 11,446
Lionbridge Technologies,
Inc. * 2,495 16,766
Luminex Corporation * 1,070 9,502
Magellan Health
Services, Inc. * 1,100 37,576
Management Network
Group, Inc. * 1,600 3,760
Manpower, Inc. 4,144 200,155
Maxim Pharmaceuticals,
Inc. *+ 2,363 7,136
Maximus, Inc. * 1,052 32,738
Maxygen, Inc. * 1,231 15,744
Media Services Group, Inc. * 469 7,199
Medical Staffing Network
Holdings, Inc. * 1,686 13,808
Midas, Inc. * 1,278 25,560
Millennium Cell, Inc. * 1,700 2,176
Mobile Mini, Inc. *+ 630 20,815
MoneyGram
International, Inc. 4,131 87,329
MPS Group, Inc. * 3,707 45,448
MPW Industrial Services
Group, Inc. * 548 1,392
MTC Technologies, Inc. * 620 20,813
Myriad Genetics, Inc. *+ 1,901 42,792
NCO Group, Inc. * 1,315 33,993
National Research
Corporation * 1,250 20,187
Navigant Consulting, Inc. * 2,314 61,552
NDCHealth Corporation 1,464 27,216
NeoPharm, Inc. *+ 965 12,072
NetRatings, Inc. * 1,164 22,314
Neurogen Corporation * 1,873 17,531
New Horizons
Worldwide, Inc. * 804 4,510
NexPrise, Inc. * 1,730 1,280
Omnicell, Inc. * 784 8,624
On Assignment, Inc. * 1,243 6,451
Online Resources
Corporation * 2,780 21,184
Opsware, Inc. * 2,730 20,038
Oscient Pharmaceuticals
Corporation * 3,710 13,541
Overland Storage, Inc. * 482 8,045
PDI, Inc. * 703 15,663
Pegasystems, Inc. * 2,142 18,271
Perma-Fix Environmental
Services * 5,502 9,953
Per-Se Technologies, Inc. * 1,329 21,038
Pfsweb, Inc. * 5,683 16,134
Pharmaceutical Product
Development, Inc. * 2,369 97,816
Portfolio Recovery
Associates, Inc. * 884 36,438
Possis Medical, Inc. * 1,278 17,227
Pre-Paid Legal Services,
Inc. + 780 29,289
Presstek, Inc. * 2,015 19,505
PRG-Schultz
International, Inc. * 1,911 9,612
Princeton Review, Inc. * 2,409 14,815
ProsoftTraining * 1,336 521
Ramtron International
Corporation * 1,920 7,680
RCM Technologies, Inc. * 1,593 8,014
Regeneration
Technologies, Inc. * 807 8,457
Regis Corporation 1,818 83,901
Rent-A-Center, Inc. * 3,377 89,490
Rent-Way, Inc. * 1,060 8,491
Republic Services, Inc. 6,189 207,579
Res-Care, Inc. * 1,222 18,599
Resources Connection,
Inc. *+ 1,031 55,994
Rewards Network, Inc. * 1,128 7,896
Rollins, Inc. 1,135 29,873
Savient Pharmaceuticals,
Inc. * 4,700 12,737
Sequenom, Inc. * 1,844 2,655
Service Corporation
International * 14,775 110,074
ServiceMaster Company
(The) 13,427 185,158
SFBC International, Inc. *+ 1,036 40,922
Sitel Corporation * 2,384 5,865
Sotheby's Holdings, Inc.
Class A * 1,703 30,926
Sourcecorp, Inc. * 748 14,294
Spherion Corporation * 2,689 22,588
Standard Register
Company (The) 1,650 23,298
Starcraft Corporation * 706 9,877
StarTek, Inc. 495 14,083
Stericycle, Inc. * 1,969 90,476
Strayer Education, Inc. 551 60,494
SupportSoft, Inc. * 1,562 10,403
Symyx Technologies, Inc. * 1,375 41,360
Synagro Technologies,
Inc. * 3,224 9,801
Tejon Ranch Company * 763 31,130
TeleTech Holdings, Inc. * 2,739 26,541
Telik, Inc. * 1,749 33,476
Tetra Tech, Inc. * 2,114 35,388
Transkaryotic
Therapies, Inc. * 1,552 39,405
TRC Companies, Inc. * 998 16,966
Trimeris, Inc. * 1,214 17,202
United Rentals, Inc. *+ 3,294 62,257
UnitedGlobalCom, Inc.
Class A * 15,071 145,586
Universal Compression
Holdings, Inc. * 1,493 52,121
Universal Technical
Institute, Inc. * 959 36,557
URS Corporation * 1,582 50,782
Valassis Communications,
Inc. * 1,857 65,014
Varsity Group, Inc. *+ 2,748 22,726
Vertrue, Inc. * 749 28,290
Viad Corporation 817 23,276
Viisage Technology, Inc. * 1,450 13,064
ViroLogic, Inc. * 9,010 25,138
Volt Information
Sciences, Inc. * 834 24,511
Waste Connections, Inc. * 2,090 71,582
Waste Industries USA, Inc. 1,297 16,083
Watson Wyatt & Company
Holdings 1,600 43,120
Weight Watchers
International, Inc. *+ 2,057 84,481
Westaff, Inc. * 942 3,550
See accompanying notes to financial statements.
236
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Wind River Systems, Inc. * 3,206 $ 43,441
World Fuel Services
Corporation 691 34,412
Xanser Corporation * 1,100 3,080
------------
7,478,620
------------
COMMUNICATIONS--2.1%
Ace*Comm Corporation * 3,033 7,279
Airnet Communications
Corp. * 132 395
AltiGen Communications,
Inc. * 4,110 16,234
American Tower
Corporation Class A *+ 10,312 189,741
Anadigics, Inc. * 957 3,589
Andrea Electronics
Corporation * 1,298 80
Anixter International, Inc. + 1,344 48,371
Applied Innovation, Inc. * 500 1,740
Applied Signal
Technology, Inc. 858 30,244
Arris Group, Inc. *+ 2,897 20,395
Avici Systems, Inc. * 711 6,435
Avistar Communications
Corporation * 774 1,029
Blonder Tongue
Laboratories * 2,285 9,848
Brillian Corporation *+ 181 624
Broadwing Corporation * 1,358 12,371
CalAmp Corporation * 550 4,917
Carrier Access
Corporation * 1,178 12,581
C-COR.net Corporation * 1,548 14,396
Celeritek, Inc. 600 918
Centillium
Communications, Inc. * 1,589 3,861
Checkpoint Systems, Inc. * 1,442 26,028
Comtech
Telecommunications * 900 33,849
Concord
Communications, Inc. * 822 9,108
Copper Mountain
Networks, Inc. *+ 198 539
Crown Castle
International
Corporation * 10,403 173,106
CT Communications, Inc. 1,105 13,591
Cubic Corporation 1,262 31,765
Digital Lightwave, Inc. * 2,931 3,840
Ditech Communications
Corporation * 1,360 20,332
EndWave Corporation * 912 15,914
Foundry Networks, Inc. * 5,421 71,340
Glenayre Technologies,
Inc. * 2,143 4,672
Harmonic, Inc. * 2,820 23,519
Harris Corporation 3,075 190,004
Hungarian Telephone &
Cable Corporation * 712 10,253
ID Systems, Inc. * 1,146 21,384
InterDigital
Communications
Corporation * 2,563 56,642
International Electronics,
Inc. * 1,150 4,186
Inter-Tel, Inc. 1,334 36,525
InterVoice, Inc. * 1,395 18,623
Intraware, Inc. * 7,833 9,165
Lifeline Systems, Inc. * 714 18,393
McData Corporation
Class A * 4,166 24,829
MDI, Inc. * 271 274
Metro One
Telecommunications * 1,248 1,984
Mindspeed Technologies,
Inc. *+ 4,010 11,148
NMS Communications
Corporation * 1,250 7,887
On2 Technologies, Inc. * 4,620 2,911
Openwave Systems, Inc. * 2,571 39,748
P-Com, Inc. * 13 7
Peco II, Inc. * 657 775
Plantronics, Inc. 2,106 87,336
Polycom, Inc. * 4,658 108,625
Powerwave Technologies,
Inc. *+ 4,014 34,039
PTEK Holdings, Inc. * 2,174 23,284
Remec, Inc. * 2,416 17,419
SBA Communications
Corporation * 2,230 20,694
SeaChange International,
Inc. * 959 16,725
Sirius Satellite Radio, Inc. *+ 57,019 436,195
Socket Communications,
Inc. * 1,300 2,587
Sonus Networks, Inc. * 10,100 57,873
Spectralink Corporation 1,133 16,066
Spectrasite, Inc. * 2,000 115,800
Standard Microsystems
Corporation * 806 14,371
Stratex Networks, Inc. * 2,680 6,057
Symmetricom, Inc. * 2,040 19,808
Tekelec * 2,570 52,531
Terayon Corporation * 2,831 7,672
Titan Corporation * 3,314 53,687
Tollgrade
Communications, Inc. * 601 7,356
Tut Systems, Inc. * 1,350 5,427
Ulticom, Inc. * 1,583 25,375
Universal Security
Instruments, Inc. * 200 2,984
Utstarcom, Inc. *+ 4,666 103,352
Verisity Ltd. * 1,755 14,391
Verso Technologies, Inc. * 8,093 5,827
Viasat, Inc. * 1,190 28,881
Westell Technologies, Inc.
Class A * 1,821 12,383
XM Satellite Radio
Holdings, Inc. Class A *+ 9,171 345,013
Zhone Technologies, Inc. * 3,916 10,142
Zix Corporation *+ 1,016 5,232
Zoom Telephonics, Inc. * 2,712 9,139
------------
2,933,660
------------
COMPUTER SOFTWARE & PROCESSING--6.4%
3D Systems Corporation * 1,159 23,238
Activision, Inc. *+ 6,423 129,616
Actuate Corporation * 2,084 5,314
Acxiom Corporation 4,032 106,042
Advent Software, Inc. * 1,451 29,716
Aether Systems, Inc. * 4,629 15,507
Agile Software
Corporation * 2,087 17,051
Alliance Data Systems
Corporation * 2,256 107,115
See accompanying notes to financial statements.
237
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Alpha Technologies
Group, Inc. * 1,248 $ 1,086
Altiris, Inc. * 975 34,544
America Online Latin
America, Inc. * 4,698 3,523
American Access
Technologies, Inc. * 1,400 3,080
American Software, Inc.
Class A 1,950 11,758
answerthink, Inc. * 2,851 13,286
Ansys, Inc. * 1,198 38,408
Anteon International
Corporation * 1,600 66,976
Applied Digital
Solutions, Inc. *+ 4,675 31,556
Applix, Inc. * 6,241 31,829
Apropos Technology, Inc. * 900 3,069
Arbitron, Inc. * 1,298 50,856
Ariba, Inc. * 2,747 45,600
Art Technology
Group, Inc. * 8,335 12,502
Ascential Software
Corporation * 2,418 39,438
Ask Jeeves, Inc. *+ 2,367 63,317
Aspect Communications
Corporation * 2,222 24,753
Aspen Technology, Inc. * 1,530 9,501
At Road, Inc. * 1,948 13,461
Atari, Inc. * 4,024 11,790
Audible, Inc. *+ 1,213 31,599
Autobytel, Inc. * 1,385 8,365
Avocent Corporation * 2,307 93,480
Axeda Systems, Inc. * 1,300 1,040
BEA Systems, Inc. * 16,581 146,908
Bankrate, Inc. * 1,084 15,013
BindView Development
Corporation * 2,010 8,743
Blue Coat Systems, Inc. *+ 536 9,975
Blue Martini
Software, Inc. * 1,636 4,402
Borland Software
Corporation * 2,936 34,292
Brady Corporation Class A 912 57,064
Bsquare Corporation * 900 1,341
CMGI, Inc. * 15,258 38,908
CNET Networks, Inc. * 5,501 61,776
CSG Systems
International, Inc. * 2,154 40,280
CACI International, Inc.
Class A * 1,199 81,688
Cadence Design
Systems, Inc. *+ 12,546 173,260
Callidus Software, Inc. * 173 1,019
Captaris, Inc. * 1,164 6,006
Carreker Corporation * 1,681 14,457
CCC Information Services
Group, Inc. * 884 19,634
Cellular Technical
Services Company, Inc. * 500 375
Ceridian Corporation * 6,657 121,690
Cerner Corporation *+ 1,523 80,978
Checkfree Corporation *+ 3,357 127,835
Choicepoint, Inc. * 3,963 182,258
Chordiant Software, Inc. * 4,649 10,600
Ciber, Inc. * 2,445 23,570
Clinical Data, Inc. 1,332 17,636
Cogent Communications
Group, Inc. * 1,900 2,052
Cogent, Inc. * 750 24,750
Cognex Corporation 2,024 56,470
Cognizant Technology
Solutions Corporation * 5,828 246,699
Computer Horizons
Corporation * 1,347 5,132
Concur Technologies, Inc. * 2,083 18,560
Corillian Corporation * 1,324 6,514
Corio, Inc. * 6,432 12,414
CoStar Group, Inc. *+ 770 35,559
Covansys Corporation * 1,478 22,613
Cybersource Corporation * 1,281 9,159
DST Systems, Inc. *+ 3,335 173,820
Deluxe Corporation + 2,300 85,859
Dendrite International, Inc. * 1,587 30,788
Digital Insight
Corporation * 1,463 26,919
Digital River, Inc. * 1,127 46,894
Digital Video
Systems, Inc. * 3,839 2,764
DocuCorp International,
Inc. * 1,429 13,575
E.piphany, Inc. * 2,635 12,727
Earthlink, Inc. * 5,814 66,977
EasyLink Services
Corporation Class A * 233 336
ebix.com, Inc. * 1,755 26,325
Echelon Corporation * 1,770 14,939
Eclipsys Corporation *+ 1,847 37,734
eCollege.com, Inc. * 635 7,214
Egain Communications
Corporation * 2,914 2,885
Electro Rent Corporation 951 13,533
Electronics for Imaging * 2,169 37,762
Embarcadero
Technologies, Inc. * 1,253 11,791
eMerge Interactive, Inc.
Class A *+ 3,368 5,355
Enterasys Networks, Inc. * 7,462 13,432
Entrust Technologies, Inc. * 2,200 8,338
Epicor Software
Corporation * 1,693 23,854
eSpeed, Inc. Class A * 1,470 18,184
Evolving Systems, Inc. * 1,054 4,732
F5 Networks, Inc. *+ 1,332 64,895
Factset Research
Systems, Inc. + 1,161 67,849
Fair Isaac Corporation + 3,259 119,540
FalconStor Software, Inc. *+ 1,374 13,149
Filenet Corporation * 1,659 42,736
FindWhat.com * 991 17,570
Gartner Group, Inc.
Class A *+ 3,019 37,617
Gerber Scientific, Inc. * 1,608 12,237
Google, Inc. Class A *+ 1,090 210,479
GraphOn Corporation * 1,300 676
GTECH Holdings Corporation 5,254 136,341
Hickok, Inc. Class A 1,150 8,625
High Speed Access
Corporation *++- 4,200 --
Homestore, Inc. * 6,954 21,071
Hypercom Corporation * 1,992 11,793
HyperFeed Technologies,
Inc. * 1,614 4,358
Hyperion Solutions
Corporation * 1,686 78,601
See accompanying notes to financial statements.
238
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
IDX Systems Corporation * 1,282 $ 44,178
iGate Capital Corporation * 2,997 12,138
Informatica Corporation * 3,172 25,757
Information Architects
Corporation * 81 11
Inforte Corporation * 1,897 14,948
Infospace, Inc. * 1,323 62,909
InfoUSA, Inc. * 2,708 30,303
Integral Systems, Inc. 631 12,273
Intelidata Technologies
Corporation * 1,550 1,038
Intellisync Corporation *+ 1,726 3,521
Interactive Data
Corporation * 2,351 51,111
Interactive Intelligence,
Inc. * 950 4,275
Intergraph Corporation *+ 1,734 46,697
Internap Network
Services Corporation * 11,691 10,873
Internet Security
Systems, Inc. * 2,039 47,407
Intervideo, Inc. * 501 6,628
Interwoven, Inc. * 1,909 20,770
Intrado, Inc. * 989 11,967
Intrusion, Inc. * 266 773
Island Pacific, Inc. * 1,556 747
iVillage, Inc. * 3,507 21,673
JDA Software Group, Inc. * 1,257 17,120
Jack Henry & Associates, Inc. 3,591 71,497
Juniper Networks, Inc. * 23,142 629,231
Kana Software, Inc. * 877 1,658
Keane, Inc. * 2,632 38,690
Keynote Systems, Inc. * 1,400 19,488
Knot, Inc. (The) *+ 2,305 11,640
Kronos, Inc. * 1,283 65,600
LivePerson, Inc. * 3,334 10,469
Looksmart Ltd. * 2,500 5,475
Loudeye Technologies,
Inc. *+ 5,040 10,332
LQ Corp., Inc. * 161 288
Macromedia, Inc. * 3,198 99,522
Magma Design
Automation, Inc. *+ 1,429 17,948
Manhattan Associates,
Inc. * 1,346 32,142
Mantech International
Corpoartion Class A * 568 13,484
Manugistics Group, Inc. * 2,824 8,105
MAPICS, Inc. * 1,006 10,613
Mapinfo Corporation * 812 9,728
MarketWatch.com, Inc. * 1,263 22,734
McAfee, Inc. *+ 7,324 211,883
Mediware Information
Systems * 1,089 13,819
Mentor Graphics
Corporation *+ 2,745 41,971
MetaSolv, Inc. * 1,380 3,657
Micromuse, Inc. * 2,805 15,568
MicroStrategy, Inc.
Class A * 513 30,908
Mitek Systems, Inc. * 3,473 1,563
Mobius Management
Systems, Inc. * 878 6,369
MRO Software, Inc. * 848 11,041
MSC.Software
Corporation *+ 1,238 12,962
Napster, Inc. *+ 1,146 10,772
National Instruments
Corporation + 2,955 80,524
Navidec, Inc. * 2,120 8,056
Navisite, Inc. * 3,725 9,797
NAVTEQ Corporation * 2,180 101,065
Neoware Systems, Inc. * 900 8,378
NetFlix, Inc. *+ 2,279 28,100
NetGuru, Inc. * 800 1,080
NETIQ Corporation * 2,494 30,452
Netscout Systems, Inc. * 1,250 8,725
Netsmart Technologies,
Inc. * 506 4,544
NIC, Inc. * 2,450 12,446
Niku Corporation * 1,502 30,280
Nuance Communications,
Inc. * 1,223 5,063
NVE Corporation *+ 348 9,692
Onyx Software
Corporation * 469 1,501
Open Solutions, Inc. * 883 22,923
Packeteer, Inc. * 1,900 27,455
PalmSource, Inc. * 515 6,561
PDF Solutions, Inc. * 974 15,691
Pec Solutions, Inc. * 1,395 19,767
Perot Systems
Corporation Class A * 4,359 69,875
Phoenix Technologies Ltd. * 3,188 26,333
Pixar, Inc. * 1,336 114,375
Plato Learning, Inc. * 1,826 13,604
Plumtree Software, Inc. * 2,465 11,142
Portal Software, Inc. * 1,535 4,068
Progress Software
Corporation * 1,323 30,892
QAD, Inc. 1,363 12,158
Quality Systems, Inc. * 192 11,482
Quest Software, Inc. * 3,848 61,376
RSA Security, Inc. * 2,331 46,760
Radiant Systems, Inc. * 1,019 6,634
Radisys Corporation * 961 18,788
Radview Software Ltd.
(Israel) * 1,046 194
RealNetworks, Inc. * 5,844 38,687
Red Hat, Inc. *+ 7,252 96,814
Renaissance Learning, Inc. 1,354 25,130
Retek, Inc. * 1,887 11,605
Reynolds & Reynolds
Company (The) Class A 3,001 79,557
S1 Corporation * 2,637 23,891
Saba Software, Inc. * 1,576 6,304
SafeNet, Inc. * 1,099 40,377
SAFLINK Corporation * 4,996 13,839
Salesforce.com, Inc. *+ 480 8,131
Sapient Corporation * 4,601 36,394
Scientific Learning
Corporation *+ 3,146 18,876
SCO Group, Inc. (The) *+ 998 4,232
Secure Computing
Corporation * 1,554 15,509
SeeBeyond Technology
Corporation * 2,789 9,985
Serena Software, Inc. * 1,616 34,970
SmartServ Online, Inc. * 566 1,217
Sonic Foundry, Inc. * 1,200 1,860
SonicWall, Inc. * 2,442 15,433
SPSS, Inc. * 691 10,807
SRA International, Inc.
Class A * 833 53,479
SS&C Technologies, Inc. 998 20,609
Stellent, Inc. * 1,714 15,117
See accompanying notes to financial statements.
239
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Stratasys, Inc. *+ 391 $ 13,122
Sybase, Inc. * 3,826 76,329
Sykes Enterprises, Inc. * 1,424 9,897
SYNNEX Corporation * 104 2,502
Synopsys, Inc. * 7,202 141,303
Synplicity, Inc. * 1,050 6,216
Syntel, Inc. 1,554 27,257
Take-Two Interactive
Software, Inc. *+ 1,763 61,335
Talx Corporation 463 11,941
Technology Solutions
Company * 1,963 2,179
Teknowledge Corporation * 3,449 6,105
TenFold Corporation * 4,098 3,688
THQ, Inc. *+ 1,253 28,744
3Com Corporation * 18,162 75,736
TIBCO Software, Inc. * 8,337 111,216
Tier Technologies, Inc.
Class B * 942 8,713
Total System Services, Inc. + 2,802 68,089
Tradestation Group, Inc. * 1,691 11,871
Transaction Systems
Architects, Inc. Class A * 1,859 36,901
Trizetto Group, Inc. * 1,550 14,725
Tumbleweed
Communications
Corporation * 2,952 9,860
Ultimate Software
Group, Inc. * 1,243 15,761
United Online, Inc. * 2,509 28,929
Vasco Data Security
International, Inc. *+ 3,805 25,189
Velocity Express
Corporation * 100 28
Verilink Corporation * 4,538 12,298
Verint Systems, Inc. * 652 23,687
VeriSign, Inc. * 11,966 401,100
Verity, Inc. * 1,445 18,958
Versant Corporation * 3,301 3,037
Versata, Inc. * 1 3
VerticalNet, Inc. *+ 1,850 2,978
Via Net.Works, Inc. * 4,394 3,735
viaLink Company (The) * 1,094 54
Viewpoint Corporation *+ 1,141 3,537
Vignette Corporation * 12,592 17,503
VitalWorks, Inc. * 1,846 8,215
Vitria Technology, Inc. * 1,150 4,841
WatchGuard
Technologies, Inc. * 1,100 4,873
Wave Systems
Corporation Class A * 3,014 3,436
Webb Interactive
Services, Inc. * 836 351
WebEx Communications,
Inc. *+ 1,743 41,449
WebMD Corporation *+ 14,620 119,299
Webmethods, Inc. * 2,154 15,530
Websense, Inc. * 979 49,655
XETA Technologies, Inc. * 1,947 7,001
Zamba Corporation * 1,400 224
------------
9,200,598
------------
COMPUTERS & INFORMATION--1.6%
Advanced Digital
Information Corporation * 2,415 24,198
Authentidate Holding
Corporation * 1,023 6,332
Black Box Corporation 866 41,585
Brocade Communications
Systems, Inc. * 11,948 91,283
CDW Corporation 3,233 214,510
Ciprico, Inc. * 1,658 6,715
Cirrus Logic, Inc. * 5,397 29,737
Computer Network
Technology Corporation * 1,145 8,129
Concurrent Computer
Corporation * 1,902 5,440
Cray, Inc. *+ 2,858 13,318
Crossroads Systems, Inc. * 1,300 1,899
Dataram Corporation * 1,175 7,473
Datawatch Corporation * 3,500 18,550
Diebold, Inc. 3,280 182,794
Dot Hill Systems
Corporation * 1,396 10,945
Emulex Corporation * 3,409 57,408
Ener1, Inc. * 1,300 1,105
Exabyte Corporation * 1,566 642
Extended Systems, Inc. * 1,460 3,592
Extreme Networks, Inc. * 4,492 29,423
Focus Enhancements, Inc. * 5,319 6,064
General Binding
Corporation * 1,598 20,998
Global Imaging
Systems, Inc. *+ 946 37,367
Global Payment
Technologies, Inc. * 1,270 7,588
InFocus Corporation * 1,636 14,986
Interland, Inc. * 706 2,309
Interlink Electronics, Inc. * 1,925 18,210
Iomega Corporation * 1,865 10,332
ION Networks, Inc. * 400 100
Iteris, Inc. * 4,264 14,711
Komag, Inc. * 850 15,963
MTI Technology
Corporation * 3,844 10,379
Maxtor Corporation * 10,146 53,774
Micros Systems, Inc. * 858 66,975
MTM Technologies, Inc. * 500 2,590
Netgear, Inc. * 1,207 21,955
Network Engines, Inc. * 1,330 3,711
NYFIX, Inc. * 992 6,140
PalmOne, Inc. *+ 1,907 60,166
Paxar Corporation * 1,972 43,719
Planar Systems, Inc. * 786 8,827
ProQuest Company * 863 25,631
Quantum Corporation * 6,682 17,507
Safeguard Scientifics, Inc. * 4,074 8,637
Sandisk Corporation * 7,237 180,708
Scansoft, Inc. *+ 3,602 15,092
ScanSource, Inc. * 563 34,996
Scientific Games
Corporation Class A * 3,038 72,426
SCM Microsystems, Inc. * 1,494 7,291
Seagate Technology
(Cayman Islands) *+ 9,528 164,549
See accompanying notes to financial statements.
240
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Silicon Graphics, Inc. *+ 7,853 $ 13,586
SimpleTech, Inc. * 3,666 16,864
Storage Technology
Corporation *+ 5,190 164,056
TransAct Technologies,
Inc. * 889 18,989
VA Software Corporation * 2,019 5,047
Vialstream Holdings, Inc. * 1,000 830
Western Digital
Corporation * 9,525 103,251
Xybernaut Corporation * 6,156 7,572
Zebra Technologies
Corporation Class A * 3,279 184,542
------------
2,223,516
------------
CONTAINERS & PACKAGING--0.1%
Crown Holdings, Inc. * 6,845 94,050
Silgan Holdings, Inc. 727 44,318
------------
138,368
------------
COSMETICS & PERSONAL CARE--0.2%
1-800 Contacts, Inc. *+ 502 11,044
Chattem, Inc. * 873 28,896
Elizabeth Arden, Inc. *+ 1,017 24,144
Estee Lauder Companies, Inc.
(The) Class A 5,728 262,171
Quaker Chemical Corporation 443 11,004
------------
337,259
------------
DIVERSIFIED--0.0%
Hexcel Corporation * 1,160 16,820
------------
ELECTRIC UTILITIES--2.1%
Allete, Inc. 1,090 40,057
Alliant Energy Corporation 5,201 148,749
Aquila, Inc. * 7,275 26,845
Avista Corporation 1,759 31,082
Black Hills Corporation 1,621 49,732
Central Vermont Public
Service Corporation 541 12,584
CH Energy Group, Inc. 694 33,347
Cleco Corporation 2,110 42,749
DPL, Inc. 5,037 126,479
Duquesne Light
Holdings, Inc. 3,569 67,276
EL Paso Electric Company * 1,748 33,107
Empire District Electric
Company (The) 1,198 27,171
Energy East Corporation 6,769 180,597
Great Plains Energy, Inc. 3,428 103,800
Green Mountain Power
Corporation 1,312 37,825
Hawaiian Electric
Industries, Inc. 3,786 110,362
Idacorp, Inc. 1,515 46,314
KFX, Inc. *+ 2,400 34,848
MGE Energy, Inc. 860 30,986
Northeast Utilities 5,881 110,857
NRG Energy, Inc. * 4,100 147,805
NSTAR 2,418 131,249
OGE Energy Corporation 4,245 112,535
Otter Tail Corporation 1,096 27,981
Pepco Holdings, Inc. 7,967 169,856
Plug Power, Inc. * 2,705 16,528
PNM Resources, Inc. 2,569 64,970
Puget Energy, Inc. 4,349 107,420
Reliant Energy, Inc. * 13,900 189,735
SCANA Corporation 4,732 186,441
Sierra Pacific Resources * 5,215 54,757
UIL Holdings Corporation 598 30,677
Unisource Energy
Corporation 1,571 37,877
Unitil Corporation 1,000 28,300
Westar Energy, Inc. 3,923 89,719
Wisconsin Energy
Corporation + 5,675 191,304
WPS Resources
Corporation + 1,732 86,531
------------
2,968,452
------------
ELECTRICAL EQUIPMENT--0.9%
Active Power, Inc. * 3,953 18,184
Acuity Brands, Inc. 1,873 59,561
Advanced Lighting
Technologies, Inc. *++(delta) 973 --
Aeroflex, Inc. * 2,811 34,069
Ametek, Inc. 2,823 100,696
Arotech Corporation *+ 4,840 7,841
Artesyn Technologies, Inc. * 1,534 17,334
AZZ, Inc. * 1,032 16,770
Baldor Electric Company 1,338 36,835
C&D Technologies, Inc. 1,159 19,749
Capstone Turbine
Corporation * 2,450 4,483
Cataytica Energy
Systems, Inc. * 853 1,928
Cherokee International
Corporation * 29 279
Distributed Energy
Systems Corporation * 3,757 9,392
Electro Scientific
Industries, Inc. * 1,422 28,099
Energizer Holdings, Inc. *+ 3,652 181,468
Energy Conversion
Devices, Inc. * 782 15,108
Evans & Sutherland
Computer Corporation * 1,883 13,125
Franklin Electric Company,
Inc. 902 38,119
FuelCell Energy, Inc. *+ 1,939 19,196
Genlyte Group, Inc. * 551 47,210
GrafTech International
Ltd. *+ 4,368 41,321
JMAR Technologies, Inc. * 2,904 5,053
Lincoln Electric Holdings, Inc. 1,487 51,361
Littelfuse, Inc. * 909 31,051
LSI Industries, Inc. 1,084 12,412
Medis Technologies Ltd. *+ 705 12,937
Metrologic Instruments,
Inc. * 722 15,342
Moog, Inc. Class A * 965 43,763
Powell Industries, Inc. * 1,046 19,341
Quantum Fuel Systems
Technologies
Worldwide, Inc. *+ 1,158 6,971
Rayovac Corporation * 1,491 45,565
Regal-Beloit Corporation 1,273 36,408
SBS Technologies, Inc. * 965 13,471
Servotronics, Inc. * 705 3,419
Superconductor
Technologies * 2,084 2,897
Tech/Ops Sevcon, Inc. 720 4,576
Teleflex, Inc. 1,672 86,844
Thomas & Betts
Corporation * 2,540 78,105
See accompanying notes to financial statements.
241
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Trans-Lux Corporation 867 $ 6,494
Ultralife Batteries, Inc. * 877 17,058
Universal Display
Corporation * 1,350 12,150
Universal Electronics, Inc. * 639 11,246
Valence Technology, Inc. *+ 4,773 14,844
Vicor Corporation 1,381 18,105
Wilson Greatbatch
Technologies, Inc. * 942 21,120
Woodhead Industries, Inc. 903 14,475
------------
1,295,775
------------
ELECTRONICS--3.5%
8X8, Inc. *+ 3,049 12,409
AVX Corporation + 2,510 31,626
Actel Corporation * 1,140 19,996
Adaptec, Inc. * 3,851 29,229
Advanced Energy
Industries, Inc. * 1,429 13,047
Agere Systems, Inc.
Class A * 69,296 94,936
Agilysys, Inc. 1,336 22,899
Alliance Fiber Optic
Products, Inc. * 4,818 7,227
Alliance Semiconductor
Corporation * 1,336 4,943
American Superconductor
Corporation * 1,147 17,079
AMIS Holdings, Inc. * 1,550 25,606
Amkor Technology, Inc. * 7,212 48,176
Amphenol Corporation
Class A * 4,018 147,621
Anaren, Inc. * 813 10,536
Arrow Electronics, Inc. * 5,125 124,537
Atheros Communications,
Inc. * 1,321 13,540
Atmel Corporation * 18,734 73,437
ATMI, Inc. *+ 1,559 35,124
Ault, Inc. * 1,200 3,588
Avanex Corporation * 5,031 16,653
Avnet, Inc. * 5,709 104,132
AXT, Inc. * 946 1,495
Barnes Group, Inc. 840 22,268
Bel Fuse, Inc. Class A 546 15,998
Belden CDT, Inc. + 1,896 43,987
Benchmark Electronics,
Inc. *+ 1,681 57,322
Benthos, Inc. * 790 13,485
California Micro Devices
Corporation * 746 5,289
Caliper Life Sciences, Inc. * 867 6,529
Carlisle Companies, Inc. 1,457 94,588
Catalyst Semiconductor,
Inc. * 2,416 13,288
Catapult Communications
Corporation * 750 18,120
CellStar Corporation *+ 1,370 6,096
Ceradyne, Inc. *+ 916 52,404
Ceva, Inc. * 692 6,302
Conexant Systems, Inc. * 20,241 40,280
Cree, Inc. *+ 3,497 140,160
CTS Corporation 1,580 20,998
Cymer, Inc. * 1,929 56,983
Cypress Semiconductor
Corporation *+ 6,247 73,277
DRS Technologies, Inc. * 1,104 47,152
DSP Group, Inc. * 1,194 26,662
Dupont Photomasks, Inc. * 923 24,376
EDO Corporation 1,198 38,036
Emcor Group, Inc. * 657 29,683
Emcore Corporation * 1,219 4,254
EMS Technologies, Inc. * 960 15,955
ESCO Technologies, Inc. * 612 46,910
ESS Technology * 1,759 12,506
Esterline Technologies
Corporation * 1,049 34,250
Exar Corporation * 1,759 24,960
Fairchild Semiconductor
International, Inc. *+ 5,764 93,723
Finisar Corporation * 6,856 15,632
Flir Systems, Inc. * 1,602 102,192
FSI International, Inc. * 1,480 6,912
Genesis Microchip, Inc. *+ 1,530 24,817
HEI, Inc. * 1,050 2,289
Helix Technology
Corporation 1,145 19,912
Herley Industries, Inc. * 670 13,628
HI/FN, Inc. *+ 682 6,288
Hughes Supply, Inc. 2,802 90,645
Hutchinson Technology,
Inc. *+ 1,150 39,755
Imation Corporation 1,665 52,997
Innovex, Inc. * 1,922 10,475
Integrated Circuit
Systems, Inc. *+ 3,056 63,932
Integrated Device
Technology, Inc. * 4,196 48,506
Integrated Silicon
Solutions, Inc. * 2,930 24,026
International Rectifier
Corporation *+ 2,981 132,863
Intersil Corporation Class A 5,937 99,385
ISCO International, Inc. * 2,000 720
IXYS Corporation * 1,330 13,726
Kemet Corporation * 3,408 30,502
KVH Industries, Inc. * 1,286 12,603
Lattice Semiconductor
Corporation *+ 4,395 25,051
Lightpath Technologies,
Inc. Class A *+ 1,527 6,841
Lowrance Electronics, Inc. 290 9,135
MIPS Technologies, Inc.
Class A * 2,229 21,956
MRV Communications,
Inc. *+ 4,568 16,765
Magnetek, Inc. * 1,406 9,701
Mattson Technology, Inc. * 1,761 19,829
Maxwell Technologies,
Inc. * 1,371 13,902
Measurement Specialties,
Inc. * 580 14,767
MEMC Electronics
Materials, Inc. * 4,082 54,086
Mercury Computer
Systems, Inc. *+ 963 28,582
Merix Corporation * 675 7,776
Methode Electronics, Inc. 1,384 17,784
Micrel, Inc. * 3,731 41,116
Micro Linear Corporation * 1,440 7,099
Microchip Technology, Inc. 9,310 248,205
Microsemi Corporation * 2,474 42,949
Mobility Electronics, Inc. * 674 5,783
Monolithic System
Technology, Inc. * 1,252 7,800
Moscow CableCom
Corporation * 1,900 11,662
See accompanying notes to financial statements.
242
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Mykrolis Corporation * 1,830 $ 25,931
Nu Horizons Electronics
Corporaton * 1,208 9,640
Numerex Corporation
Class A * 1,800 8,460
Omnivision
Technologies, Inc. * 2,354 43,196
ON Semiconductor
Corporation * 9,987 45,341
Oplink Communications,
Inc. * 5,309 10,459
Optelecom, Inc. * 819 7,584
Opti, Inc. * 1,042 1,584
OSI Systems, Inc. * 867 19,690
Park Electrochemical
Corporation 1,087 23,566
Pericom Semiconductor
Corporation * 1,024 9,656
Photronics, Inc. * 1,389 22,918
Pixelworks, Inc. *+ 1,927 21,852
Plexus Corporation * 1,884 24,511
PLX Technology, Inc. * 1,050 10,920
Power Integrations, Inc. *+ 1,263 24,982
Proxim Corporation,
Class A * 792 3,239
Quicklogic Corporation * 1,050 2,983
RF Micro Devices, Inc. *+ 9,217 63,044
Rambus, Inc. * 4,471 102,833
Raven Industries, Inc. 800 17,048
Reptron Electronics, Inc. * 70 497
Research Frontiers, Inc. *+ 752 4,798
Rofin-Sinar Technologies,
Inc. * 500 21,225
Rogers Corporation * 803 34,609
Rudolph Technologies,
Inc. *+ 814 13,976
Semtech Corporation * 3,600 78,732
Sigmatel, Inc. * 1,378 48,960
Sigmatron International,
Inc. * 283 3,835
Silicon Image, Inc. * 2,949 48,541
Silicon Laboratories, Inc. *+ 2,125 75,034
Silicon Storage
Technology, Inc. * 3,794 22,574
Siliconix, Inc. * 702 25,616
Sipex Corporation * 1,030 4,820
Sirf Technology
Holdings, Inc. * 1,620 20,606
Skyworks Solutions, Inc. *+ 7,133 67,264
Somera Communications,
Inc. * 2,750 3,492
Spectrum Control, Inc. * 1,195 8,676
Spire Corporation * 2,500 10,977
Staktek Holdings, Inc. * 43 200
Stratos International, Inc. * 974 4,276
Sycamore Networks, Inc. * 9,917 40,263
Synaptics, Inc. * 1,058 32,354
Technitrol, Inc. * 1,866 33,961
Tegal Corporation * 3,755 6,121
Teledyne Technologies,
Inc. * 1,229 36,169
Tessera Technologies, Inc. * 1,561 58,085
Three-Five Systems, Inc. * 930 2,251
Transmeta Corporation * 8,599 14,016
Transwitch Corporation * 2,483 3,824
Trident Microsystems, Inc. * 910 15,215
Trimble Navigation Ltd. * 2,402 79,362
Tripath Technology, Inc. * 4,193 5,241
Triquint Semiconductor,
Inc. * 4,919 21,890
TTM Technologies, Inc. * 1,640 19,352
Tvia, Inc. * 4,026 8,169
Tyler Technologies, Inc. * 1,886 15,767
Varian Semiconductor
Equipment Associates,
Inc. * 1,888 69,573
Virage Logic Corporation * 902 16,750
Vishay Intertechnology,
Inc. * 6,576 98,772
Vitesse Semiconductor
Corporation * 8,323 29,380
Wesco International, Inc. * 1,550 45,942
YDI Wireless, Inc. * 2,197 12,830
Zoran Corporation * 2,411 27,919
------------
5,057,622
------------
ENTERTAINMENT & LEISURE--1.2%
Alliance Gaming
Corporation *+ 1,972 27,233
Argosy Gaming Company * 1,159 54,125
Avid Technology, Inc. * 1,477 91,205
Bally Total Fitness
Holding Corporation * 1,307 5,542
Blockbuster, Inc. Class A + 8,250 78,705
Caesars Entertainment,
Inc. * 11,992 241,519
Callaway Golf Company + 2,881 38,893
Cedar Fair, LP 2,480 81,592
Churchill Downs, Inc. 639 28,563
Concord Camera
Corporation * 2,863 6,556
Dover Downs Gaming &
Entertainment, Inc. 2,090 27,379
Dover Motorsports, Inc. 1,645 9,426
DreamWorks Animation
SKG, Inc., Class A * 1,000 37,510
Gaylord Entertainment
Company * 1,773 73,633
Hollywood Entertainment
Corporation * 2,228 29,165
Hollywood Media
Corporation * 1,495 7,251
Image Entertainment, Inc. *+ 300 1,782
International Speedway
Corporation Class A 1,870 98,736
Jakks Pacific, Inc. * 925 20,452
K2, Inc. * 2,544 40,399
Leapfrog Enterprises, Inc. *+ 1,262 17,163
Lexar Media, Inc. *+ 3,143 24,641
Life Time Fitness, Inc. * 450 11,646
Macrovision Corporation * 2,054 52,829
Metro-Goldwyn-Mayer,
Inc. + 4,040 47,995
MTR Gaming Group, Inc. * 1,340 14,150
Multimedia Games, Inc. *+ 1,202 18,944
Nashua Corporation * 1,542 17,517
National Lampoon, Inc. * 3,300 10,560
Nautilus Group, Inc. + 1,360 32,871
New Frontier Media, Inc. * 2,079 16,464
Penn National
Gaming, Inc. * 1,643 99,484
Pinnacle Entertainment,
Inc. * 1,630 32,241
Pinnacle Systems, Inc. * 2,430 14,823
RC2 Corporation * 1,030 33,578
See accompanying notes to financial statements.
243
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Regal Entertainment Group
Class A 2,163 $ 44,882
Six Flags, Inc. * 3,814 20,481
Sonic Solutions, Inc. *+ 890 19,972
Speedway Motorsports, Inc. 650 25,467
Steinway Musical
Instruments, Inc. * 683 19,766
Westwood One, Inc. * 3,878 104,435
WMS Industries, Inc. *+ 1,270 42,596
World Wrestling
Entertainment, Inc. 1,031 12,506
------------
1,734,677
------------
FINANCIAL SERVICES--5.9%
Accredited Home Lenders
Holding Company * 1,079 53,605
Affiliated Managers
Group *+ 1,356 91,855
AG Edwards, Inc. 3,682 159,099
Alliance Capital Management
Holdings, Inc. 1,250 52,500
American Home Mortgage
Investment Corporation
REIT 2,047 70,110
Ameritrade Holding
Corporation *+ 13,254 188,472
AmNet Mortgage, Inc. * 530 4,351
Ampal American Israel
Corporation Class A * 1,392 5,290
Anworth Mortgage Asset
Corporation REIT 3,855 41,287
Berkshire Hathaway, Inc.
Class A * 48 4,219,200
BlackRock, Inc. 706 54,546
Calamos Asset
Management, Inc.,
Class A * 930 25,110
Capital Lease Funding, Inc.
REIT 1,130 14,125
Capital Trust Class A 923 28,345
CapitalSource, Inc. *+ 3,392 87,073
Catskill Litigation Trust *++(delta) 583 --
Certegy, Inc. 2,738 97,281
CharterMac 1,905 46,558
Cherokee, Inc. 995 35,104
Chicago Mercantile
Exchange + 1,305 298,453
Corporate Office Properties
Trust SBI MD REIT 1,400 41,090
Diamond Hill Investment
Group, Inc. * 1,311 21,959
Doral Financial
Corporation (Puerto
Rico) + 4,428 218,079
Eaton Vance Corporation 2,902 151,339
E-Loan, Inc. * 2,150 7,267
ePresense, Inc. ++(delta) 1,173 --
Equitex, Inc. * 3,170 2,013
Equity Lifestyle Properties,
Inc. REIT 1,140 40,755
First Marblehead
Corporation (The) *+ 1,200 67,500
First Potomac Realty Trust
REIT 660 15,048
Friedman Billings Ramsey
Group, Inc. Class A 6,700 129,913
Gabelli Asset
Management, Inc.
Class A + 559 27,123
Gables Residential Trust
REIT 1,673 59,877
GMH Communities Trust
REIT 1,330 18,753
Highland Hospitality
Corp. REIT 1,860 20,906
HomeBanc Corp. REIT 1,580 15,294
Inland Real Estate Corp.
REIT 2,600 41,470
Instinet Group, Inc. * 8,971 54,095
Integrated Telecom
Express, Inc. ++(delta) 1,103 --
Investment Technology
Group, Inc. * 2,079 41,580
Jefferies Group, Inc. + 2,339 94,215
Kent Financial
Services, Inc. * 2,200 6,050
Kilroy Realty Corporation
REIT 1,317 56,302
Kirlin Holding Corporation * 1,061 2,971
Knight Trading Group, Inc. * 4,630 50,698
LaBranche & Company,
Inc. *+ 2,588 23,188
LaSalle Hotel Properties REIT 1,200 38,196
Legg Mason, Inc. 4,515 330,769
LTC Properties, Inc. REIT 730 14,534
Macerich Company (The)
REIT 2,590 162,652
Meristar Hospitality
Corporation REIT * 3,449 28,799
MFA Mortgage Investments,
Inc. REIT 4,880 43,042
New Century Financial
Corporation. REIT + 1,982 126,670
Nuveen Investments, Inc.
Class A 914 36,076
Omega Healthcare Investors,
Inc. REIT 2,170 25,606
Pennsylvania REIT 1,511 64,671
Piper Jaffray Cos. * 800 38,360
ProcureNet, Inc. ++(delta) 896 --
PS Business Parks, Inc. REIT 823 37,117
Ramco-Gershenson
Properties REIT 780 25,155
Raymond James
Financial, Inc. 3,031 93,900
Reckson Associates Realty
Corporation REIT 3,463 113,621
Saxon REIT, Inc. REIT 2,316 55,561
SEI Investments Company 3,229 135,392
Siebert Financial
Corporation * 1,470 5,659
Starbiz Corporation ++(delta) 5 --
Strategic Hotel Capital,
Inc. REIT 1,200 19,800
Suburban Lodges
of America ++(delta) 1,986 --
SumTotal Systems, Inc. * 1,899 9,875
Sutter Holding
Company, Inc. * 850 2,635
SWS Group, Inc. + 882 19,333
Tanger Factory Outlet
Centers REIT 1,100 29,106
Universal Health Realty
Income REIT 520 16,708
Urstadt Biddle Properties,
Inc. REIT-Class A 1,030 17,561
See accompanying notes to financial statements.
244
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Value Line, Inc. 573 $ 22,483
Waddell & Reed Financial,
Inc. Class A 3,322 79,363
Westwood Holdings
Group, Inc. 1,768 34,830
Winston Hotels, Inc. REIT 1,200 14,172
------------
8,421,495
------------
FOOD RETAILERS--0.4%
7-Eleven, Inc. * 1,691 40,499
Arden Group, Inc. Class A 260 26,123
Fresh Brands, Inc. * 1,871 14,500
Panera Bread Company
Class A *+ 1,250 50,400
Pantry, Inc. (The) * 1,200 36,108
Pathmark Stores, Inc. * 950 5,519
Ruddick Corporation 1,968 42,686
Weis Markets, Inc. 802 30,933
Whole Foods Market, Inc. + 2,899 276,420
Wild Oats Markets, Inc. * 1,310 11,541
Winn-Dixie Stores, Inc. + 3,800 17,290
------------
552,019
------------
FOREST PRODUCTS & PAPER--0.9%
American Woodmark
Corporation 800 34,944
Bowater, Inc. 2,550 112,123
Buckeye Technologies, Inc. * 2,191 28,505
Building Material Holding
Corp. 620 23,740
Caraustar Industries, Inc. * 1,610 27,080
Chesapeake Corporation 815 22,135
Deltic Timber Corporation 724 30,734
Fibermark, Inc. * 843 9
Glatfelter 1,741 26,602
Graphic Packaging Corp. * 5,000 36,000
Greif, Inc. Class A 826 46,256
Longview Fibre Company 2,325 42,175
Martin Marietta
Materials, Inc. 2,247 120,574
Packaging Corporation of
America 2,880 67,824
Playtex Products, Inc. * 2,560 20,454
Pope & Talbot, Inc. 895 15,313
Potlatch Corporation 1,352 68,384
Rock-Tenn Company Class A 1,450 21,982
Schweitzer-Mauduit
International, Inc. 724 24,580
Smurfit-Stone Container
Corporation + 11,513 215,063
Sonoco Products Company 4,984 147,776
United Stationers, Inc. * 1,499 69,254
Universal Forest
Products, Inc. 780 33,852
US Home Systems, Inc. * 1,292 7,946
Wausau-Mosinee Paper
Corporation 1,903 33,988
------------
1,277,293
------------
HEALTH CARE PROVIDERS--2.1%
Accredo Health, Inc. * 2,188 60,651
Alliance Imaging, Inc. * 1,820 20,475
Amedisys, Inc. * 630 20,406
American Healthways,
Inc. *+ 1,362 45,000
Amsurg Corporation * 1,423 42,035
Apria Healthcare Group,
Inc. *+ 2,542 83,759
Beverly Enterprises, Inc. * 4,439 40,617
Community Health
Systems, Inc. * 4,283 119,410
Covance, Inc. * 2,930 113,537
Coventry Health Care, Inc. * 3,693 196,024
Cross Country
Healthcare, Inc. * 1,340 24,227
CryoLife, Inc. *+ 937 6,625
DaVita, Inc. * 4,571 180,692
Edwards Lifesciences
Corporation * 2,566 105,873
Enzo Biochem, Inc. * 1,353 26,343
Enzon Pharmaceuticals,
Inc. * 1,766 24,230
First Health Group
Corporation * 3,528 66,009
Genesis HealthCare
Corporation * 975 34,154
Gentiva Health Services,
Inc. * 1,000 16,720
Hooper Holmes, Inc. 4,139 24,503
Immunomedics, Inc. * 2,141 6,509
IMPAC Medical
Systems, Inc. * 393 8,092
Interleukin Genetics, Inc. * 2,825 10,029
Kindred Healthcare, Inc. * 1,800 53,910
LCA-Vision, Inc. 1,503 35,155
LifePoint Hospitals, Inc. *+ 1,555 54,145
Lincare Holdings, Inc. * 4,590 195,763
Matria Healthcare, Inc. *+ 580 22,661
National Healthcare
Corporation 431 15,214
NeighborCare, Inc. * 1,684 51,732
Nektar Therapeutics * 3,888 78,693
NovaMed, Inc. * 1,250 8,225
OCA, Inc. *+ 2,134 13,551
Odyssey HealthCare, Inc. *+ 1,593 21,792
Pacificare Health Systems * 4,011 226,702
Pediatrix Medical
Group, Inc. * 1,301 83,329
Province Healthcare
Company * 2,038 45,549
Psychemedics Corporation 302 3,911
Psychiatric Solutions, Inc. * 531 19,413
RehabCare Group, Inc. * 740 20,713
Renal Care Group, Inc. * 3,058 110,057
Sagemark Companies
Ltd. * 1,088 3,808
Select Medical Corporation 4,473 78,725
Sierra Health
Services, Inc. * 1,498 82,555
Specialty Laboratories,
Inc. * 1,183 13,060
Sunrise Senior
Living, Inc. * 975 45,201
Symbion, Inc. *+ 695 15,346
Triad Hospitals, Inc. * 3,638 135,370
U.S. Physical Therapy,
Inc. * 1,300 20,046
United Surgical Partners
International, Inc. * 1,276 53,209
Universal Health Services,
Inc. Class B 2,864 127,448
VCA Antech, Inc.
*+ 3,444 67,502
VistaCare, Inc. Class A * 702 11,674
------------
2,990,379
------------
See accompanying notes to financial statements.
245
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
HEAVY CONSTRUCTION--0.5%
Blount International, Inc. * 1,533 $ 26,705
Granite Construction, Inc. 1,890 50,274
Hovnanian Enterprises,
Inc. * 1,678 83,095
Lennar Corporation
Class A + 6,336 359,124
Levitt Corporation Class A 763 23,325
M/I Schottenstein
Homes, Inc. 611 33,672
McDermott International,
Inc. * 2,759 50,655
McGrath Rentcorp 458 19,973
WCI Communities, Inc. * 1,922 56,507
William Lyon Homes, Inc. * 333 23,390
------------
726,720
------------
HEAVY MACHINERY--2.7%
Ablest, Inc. * 850 6,281
Actuant Corporation
Class A * 1,011 52,724
Agco Corporation * 4,158 91,019
Ampco-Pittsburgh
Corporation 1,503 21,944
Applied Industrial
Technologies, Inc. 1,372 37,593
Astec Industries, Inc. * 822 14,147
Asyst Technologies, Inc. * 1,783 9,075
Aviall, Inc. * 1,366 31,377
Axcelis Technologies, Inc. * 4,096 33,300
Briggs & Stratton
Corporation + 2,122 88,233
Brooks Automation, Inc. * 1,835 31,599
Bucyrus International, Inc.
Class A 490 19,914
Cascade Corporation 510 20,374
Cooper Cameron
Corporation * 2,663 143,296
Donaldson Company, Inc. 3,350 109,143
Dril-Quip, Inc. * 989 23,993
Dycom Industries, Inc. * 2,077 63,390
Electroglas, Inc. *+ 3,991 18,957
Engineered Support
Systems, Inc. + 1,232 72,959
EnPro Industries, Inc. * 981 29,008
Entegris, Inc. * 3,195 31,790
Fedders Corporation 1,828 6,617
Flowserve Corporation * 2,375 65,407
FMC Technologies, Inc. * 2,696 86,811
Gardner Denver, Inc. * 918 33,314
Genus, Inc. *+ 1,227 2,356
Graco, Inc. 3,114 116,308
Grant Prideco, Inc. * 5,724 114,766
Hurco Companies, Inc. * 300 4,950
Hydril * 795 36,180
Idex Corporation 2,283 92,461
Insituform Technologies,
Inc. Class A * 1,223 27,725
Joy Global, Inc. 2,045 88,814
Kadant, Inc. * 722 14,801
Kaydon Corporation + 1,423 46,987
Kennametal, Inc. 1,679 83,564
Knight Transportation, Inc. 2,587 64,158
Kulicke and Soffa
Industries, Inc. * 2,009 17,318
Lam Research
Corporation * 5,966 172,477
Lennox International, Inc. + 2,437 49,593
Lindsay Manufacturing
Company 809 20,937
Manitowoc Company 1,262 47,514
Matrix Service Company *+ 1,379 11,115
Modine Manufacturing
Company 1,208 40,794
MPM Technologies, Inc. * 950 161
NACCO Industries, Inc.
Class A 310 32,674
National-Oilwell, Inc. *+ 3,833 135,267
Nordson Corporation 1,522 60,987
Oil States International,
Inc. * 2,027 39,101
Oilgear Company (The) * 1,300 11,270
Paragon Technologies,
Inc. * 300 2,970
Pentair, Inc. + 4,608 200,724
Robbins & Myers, Inc. 868 20,684
Sauer-Danfoss, Inc. 1,522 33,195
Semitool, Inc. * 1,060 9,837
SPX Corporation + 3,565 142,814
Standex International
Corporation 724 20,627
Stewart & Stevenson
Services 1,366 27,634
Tecumseh Products
Company Class A 713 34,081
Tennant Company 641 25,416
Terex Corporation *+ 2,333 111,167
Thomas Industries, Inc. 955 38,124
Timco Aviation
Services, Inc. * 108 23
Timken Company 3,703 96,352
Toro Company 1,085 88,265
TurboChef
Technologies, Inc. * 994 22,743
Ultratech, Inc. * 972 18,322
UNOVA, Inc. *+ 2,374 60,038
Varian Medical
Systems, Inc. * 6,214 268,693
Watsco, Inc. 953 33,565
Willis Lease Finance
Corporation * 1,234 9,625
WJ Communications, Inc. * 4,940 16,994
Woodward Governor
Company 408 29,217
York International Corporation 1,672 57,751
------------
3,843,404
------------
HOME CONSTRUCTION, FURNISHINGS &
APPLIANCES--2.0%
American Technology
Corporation *+ 3,686 40,730
Applica, Inc. * 1,507 9,117
Bassett Furniture
Industries, Inc. 540 10,597
BE Aerospace, Inc. * 1,554 18,089
Beazer Homes USA, Inc. + 609 89,042
Brookfield Homes
Corporation 1,218 41,290
Digital Theater
Systems, Inc. * 755 15,198
Dominion Homes, Inc. * 650 16,395
DR Horton, Inc. + 10,287 414,669
Ethan Allen Interiors, Inc. 1,551 62,071
Fossil, Inc. * 1,854 47,537
Furniture Brands
International, Inc. + 1,832 45,892
See accompanying notes to financial statements.
246
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Gemstar-TV Guide
International, Inc. * 12,602 $ 74,604
Harman International
Industries, Inc. 2,958 375,666
Helen of Troy Ltd. * 1,333 44,802
Herman Miller, Inc. + 3,156 87,200
Hillenbrand Industries, Inc. 2,687 149,236
HNI Corporation 2,213 95,270
Kimball International, Inc.
Class B 1,500 22,215
Kinetic Concepts, Inc. * 1,315 100,334
Layne Christensen
Company * 1,560 28,314
La-Z-Boy, Inc. 1,875 28,819
MDC Holdings, Inc. 1,301 112,458
Meritage Corporation * 630 71,001
Movado Group, Inc. 878 16,375
National Presto Industries, Inc. 236 10,738
NVR, Inc. * 262 201,583
Palm Harbor Homes, Inc. * 1,182 19,952
Parkervision, Inc. *+ 1,053 9,371
Rowe Furniture
Corporation * 971 5,020
Ryland Group, Inc. + 2,332 134,183
Salton, Inc. *+ 702 3,973
Select Comfort
Corporation *+ 1,403 25,170
Skyline Corporation 321 13,097
Standard-Pacific Corporation 1,504 96,467
Steelcase, Inc. Class A 1,992 27,569
Technical Olympic USA, Inc. 635 16,116
Tempur-Pedic
International, Inc. * 1,347 28,556
Toll Brothers, Inc. * 2,266 155,470
Virco Manufacturing
Corporation * 799 6,000
Walter Industries, Inc. + 2,141 72,216
------------
2,842,402
------------
HOUSEHOLD PRODUCTS--0.4%
Anchor Glass Container
Corporation 1,305 8,770
Apogee Enterprises, Inc. 1,250 16,762
Charles & Colvard Ltd. * 1,406 14,946
CSS Industries, Inc. 420 13,339
Ferro Corporation + 1,818 42,159
Gentex Corporation + 3,578 132,458
Kronos Worldwide, Inc. 633 25,795
Lazare Kaplan International * 1,140 10,841
Libbey, Inc. 750 16,657
Owens-IIlinois, Inc. * 4,865 110,192
RPM, Inc. 4,833 95,017
Valspar Corporation 2,013 100,670
------------
587,606
------------
INDUSTRIAL--DIVERSIFIED--0.3%
Blyth, Inc. 1,840 54,390
Daktronics, Inc. * 690 17,174
Identix, Inc. * 3,461 25,542
Roper Industries, Inc. 1,970 119,717
Russ Berrie & Company, Inc. 1,157 26,426
Shuffle Master, Inc. *+ 1,350 63,585
Yankee Candle
Company, Inc. *+ 2,153 71,437
Zomax, Inc. MN * 4,620 18,988
------------
397,259
------------
INSURANCE--4.0%
21st Century Insurance
Group 1,500 20,400
Alfa Corporation 2,608 39,602
Alleghany Corporation * 287 81,867
Allmerica Financial
Corporation * 2,347 77,052
American Financial
Group, Inc. 1,877 58,769
American Independence
Corporation * 430 6,282
American National Insurance 746 77,703
American Physicians
Capital, Inc. * 361 13,003
Amerigroup Corporation * 1,276 96,542
AmerUs Group Company + 1,581 71,619
Arch Capital Group Ltd.
(Bermuda) * 1,428 55,264
Argonaut Group, Inc. * 1,388 29,328
Arthur J. Gallagher &
Company 4,240 137,800
Assurant, Inc. 4,178 127,638
Baldwin & Lyons, Inc.
Class B 946 25,343
Bristol West Holdings, Inc. 646 12,920
Brown & Brown, Inc. 2,819 122,767
Centene Corporation * 1,972 55,906
Clark, Inc. * 1,175 18,236
CNA Financial Corporation * 2,162 57,747
CNA Surety Corporation * 1,486 19,838
Commerce Group, Inc. 1,343 81,977
Conseco, Inc. * 6,140 122,493
Crawford & Company
Class B 1,891 14,182
Danielson Holding
Corporation * 4,079 34,468
Delphi Financial Group, Inc.
Class A 1,298 59,903
Donegal Group, Inc. Class B 428 9,523
EMC Insurance Group, Inc. 341 7,379
Erie Indemnity Company
Class A 1,924 101,145
FBL Financial Group, Inc.
Class A 1,276 36,430
Fidelity National Financial,
Inc.
7,388 337,410
First American Corporation 3,420 120,179
Gainsco, Inc. * 385 574
Genworth Financial, Inc.
Class A 7,150 193,050
Great American Financial
Resources, Inc. 1,717 29,824
Harleysville Group, Inc. 1,352 32,272
HCC Insurance Holdings, Inc. 2,667 88,331
Health Net, Inc. * 4,869 140,568
HealthExtras, Inc. * 1,865 30,399
Hilb Rogal & Hobbs Company 1,605 58,165
Horace Mann Educators
Corporation 2,001 38,179
Independence Holding
Company 963 17,767
Infinity Property & Casualty
Corp. 810 28,512
Kansas City Life Insurance
Company 903 42,712
LabOne, Inc. * 993 31,816
Landamerica Financial
Group, Inc. 845 45,571
See accompanying notes to financial statements.
247
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Leucadia National Corporation 2,187 $ 151,953
Markel Corporation *+ 373 135,772
Mercury General Corporation 1,519 91,018
Molina Healthcare, Inc. * 530 24,581
National Financial Partners
Corporation 1,496 58,045
Nationwide Financial
Services Class A 2,605 99,589
Navigators Group, Inc. * 939 28,273
Odyssey Re Holdings
Corporation + 605 15,252
Ohio Casualty Corporation * 2,336 54,219
Old Republic International
Corporation 7,743 195,898
PMI Group, Inc. (The) 4,339 181,153
Philadelphia Consolidated
Holding Corporation * 854 56,484
Phoenix Companies, Inc.
(The) + 4,217 52,712
PMA Capital Corporation
Class A * 1,826 18,899
Presidential Life Corporation 1,145 19,419
ProAssurance
Corporation *+ 1,308 51,156
Protective Life Corporation 2,831 120,855
Radian Group, Inc. 4,164 221,691
Reinsurance Group of
America, Inc. 1,541 74,661
RLI Corporation 1,164 48,387
Safety Insurance Group, Inc. 620 19,313
Selective Insurance Group 1,061 46,939
Southern Security Life
Insurance Company * 1,181 4,429
Stancorp Financial
Group, Inc. 1,310 108,075
State Auto Financial
Corporation 958 24,764
Stewart Information Services
Corporation 879 36,610
Transatlantic Holdings, Inc. 1,305 80,688
Triad Guaranty, Inc. * 692 41,852
UICI 1,944 65,902
United American
Healthcare Corporation * 4,252 26,826
United Fire & Casualty
Company 852 28,721
Unitrin, Inc. 2,357 107,126
Universal American
Financial Corporation * 1,872 28,960
USI Holdings Corporation *+ 2,330 26,958
WellChoice, Inc. * 1,487 79,406
Wesco Financial Corporation 93 36,549
White Mountains Insurance
Group Ltd. 320 206,720
WR Berkley Corporation 3,360 158,491
Zenith National Insurance
Corporation + 999 49,790
------------
5,786,591
------------
LODGING--0.9%
Ameristar Casinos, Inc. 1,350 58,198
Aztar Corporation * 1,550 54,126
Boyd Gaming Corporation 2,619 109,081
Choice Hotels
International, Inc. 908 52,664
Empire Resorts, Inc. *+ 583 6,500
International Leisure
Hosts Ltd. * 1,200 6,960
Isle of Capri Casinos, Inc. * 1,251 32,088
John Q. Hammons
Hotels, Inc. * 1,300 26,325
La Quinta Corporation * 7,162 65,103
Las Vegas Sands
Corporation * 1,110 53,280
MGM Mirage, Inc. * 2,742 199,453
Mandalay Resort Group + 3,116 219,460
Marcus Corporation 905 22,752
Monarch Casino &
Resort, Inc. * 350 14,192
ShoLodge, Inc. * 850 3,699
Station Casinos, Inc. 2,465 134,786
Vail Resorts, Inc. * 1,491 33,428
Wynn Resorts Ltd. *+ 2,755 184,365
------------
1,276,460
------------
MEDIA--BROADCASTING & PUBLISHING--4.4%
4Kids Entertainment, Inc. * 606 12,738
Acme Communications,
Inc. * 1,200 8,412
American Greetings
Corporation Class A 2,700 68,445
Banta Corporation 1,075 48,117
Beasley Broadcasting
Group, Inc. Class A * 1,150 20,159
Belo Corporation Class A 4,151 108,922
Cablevision Systems
Corporation Class A * 9,244 230,176
Charter Communications,
Inc. Class A *+ 11,237 25,171
Citadel Broadcasting
Corporation * 3,126 50,579
COX Radio, Inc. Class A * 1,753 28,889
Crown Media
Holdings, Inc. * 4,399 37,831
Cumulus Media, Inc.
Class A * 2,174 32,784
Dex Media, Inc. + 3,350 83,616
DIRECTV Group, Inc.
(The) * 42,815 716,723
EchoStar Communications
Corporation Class A 9,557 317,675
Emmis Communications
Corporation Class A * 2,170 41,642
Entercom
Communications
Corporation * 1,873 67,222
Entravision
Communications
Corporation Class A * 2,853 23,823
EW Scripps Company
Class A + 3,924 189,451
Fox Entertainment Group,
Inc. Class A * 8,501 265,741
Granite Broadcasting
Corporation * 5,454 2,236
Gray Television, Inc. 1,838 28,489
Harte-Hanks, Inc. 2,959 76,875
Hearst-Argyle Television, Inc. 1,654 43,633
Hollinger International, Inc. 2,614 40,988
IAC/InterActiveCorp *+ 23,666 653,655
Insight Communications
Company, Inc. *+ 1,885 17,474
John Wiley & Sons Class A 2,491 86,786
Journal Communications,
Inc. Class A 3,220 58,185
See accompanying notes to financial statements.
248
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Journal Register Company * 1,818 $ 35,142
Lee Enterprises, Inc. 1,974 90,962
Liberty Corporation 936 41,147
Liberty Media Corporation
Class A 120,624 1,324,452
Liberty Media
International, Inc.
Class A * 7,225 334,012
LIN TV Corporation
Class A * 1,419 27,103
Lodgenet Entertainment
Corporation * 1,250 22,113
McClatchy Company Class A 1,101 79,063
Media General, Inc. Class A 953 61,764
Mediacom
Communications
Corporation * 3,433 21,456
Pac-West Telecomm, Inc. * 5,563 7,343
Paxson Communications
Corporation * 6,180 8,528
Pegasus Communications
Corporation *+ 694 6,517
Playboy Enterprises, Inc.
Class B * 1,251 15,375
Price Communications
Corporation * 2,063 38,351
Primedia, Inc. * 9,053 34,401
Pulitzer, Inc. 453 29,377
Radio One, Inc. Class A * 4,327 69,665
Radio Unica
Communications
Corporation *++(delta) 1,900 --
Readers Digest Association,
Inc. (The) 3,917 54,485
Regent Communications,
Inc. * 3,610 19,133
RH Donnelley Corporation *+ 1,410 83,261
Salem Communications
Corporation Class A * 850 21,208
Scholastic Corporation * 1,425 52,668
Sinclair Broadcast Group,
Inc. Class A 2,050 18,881
Spanish Broadcasting
System, Inc. Class A * 1,300 13,728
Speedus Corporation * 4,207 11,948
Tivo, Inc. *+ 2,696 15,826
Washington Post Class B 358 351,921
Worldgate
Communications *+ 3,160 15,768
Young Broadcasting, Inc.
Class A * 831 8,775
YouthStream Media
Networks, Inc. * 1,159 522
------------
6,301,332
------------
MEDICAL EQUIPMENT & SUPPLIES--1.1%
Abaxis, Inc. * 750 10,868
Abiomed, Inc. *+ 886 13,680
ADE Corporation *+ 968 18,121
Advanced Medical
Optics, Inc. *+ 1,706 70,185
Aetrium, Inc. * 614 2,407
Aksys Ltd. *+ 997 5,543
Amcast Industrial
Corporation * 2,530 43
Aradigm Corporation * 6,324 10,941
Arrow International, Inc. 1,706 52,869
August Technology
Corporation * 689 7,255
Avigen, Inc. * 1,010 3,293
Axsys Technologies, Inc. * 885 15,558
BEI Technologies, Inc. 501 15,471
Bioject Medical
Technologies, Inc. * 4,491 7,181
Biolase Technology, Inc. + 765 8,316
BioVeris Corporation * 1,072 7,836
Britesmile, Inc. *+ 1,080 8,089
Bruker BioSciences
Corporation * 4,038 16,273
Cardiodynamics
International Corporation * 1,872 9,678
CardioGenesis Corporation * 1,202 721
Cerus Corporation * 1,011 2,993
ChromaVision Medical
Systems, Inc. * 3,308 7,145
Coherent, Inc. * 1,348 41,033
Cohu, Inc. 859 15,943
Cooper Companies, Inc. + 1,562 110,262
Curon Medical, Inc. * 4,729 8,276
Cygnus, Inc. * 1,180 142
Dade Behring
Holdings, Inc. *+ 1,781 99,736
Electro-Sensors, Inc. 2,581 10,505
Excel Technology, Inc. * 562 14,612
Faro Technologies, Inc. * 454 14,156
Formfactor, Inc. * 1,418 38,485
Frequency Electronics, Inc. 822 12,207
HealthTronics Surgical
Services, Inc. * 2,530 26,894
Hologic, Inc. * 1,347 37,002
II-VI, Inc. * 342 14,532
Illumina, Inc. * 1,280 12,134
Integra LifeSciences
Holdings Corporation *+ 1,190 43,947
Intermagnetics General
Corporation * 1,517 38,547
Intest Corporation * 950 4,180
Intuitive Surgical, Inc. * 1,610 64,432
Ixia * 2,330 39,167
Meade Instruments
Corporation * 1,640 5,625
Mechanical Technology,
Inc. * 957 5,885
Medwave, Inc. * 2,500 12,225
Mesa Laboratories, Inc. 1,200 15,306
Micro Therapeutics, Inc. * 4,830 18,113
Molecular Devices
Corporation * 909 18,271
MTS Systems Corporation 893 30,192
Nanogen, Inc. *+ 2,280 16,781
OI Corporation * 1,600 15,808
Orbit International
Corporation * 2,250 25,358
Orthologic Corporation * 1,517 9,481
OYO Geospace
Corporation * 550 10,302
Palomar Medical
Technologies, Inc. *+ 1,117 29,120
Pharmanetics, Inc. * 5,219 3,966
Physiometrix, Inc. *+ 3,187 3,560
PPT Vision, Inc. * 800 784
Q-Med, Inc. *+ 1,635 17,969
Resmed, Inc. *+ 1,517 77,519
Sola International, Inc. * 1,407 38,749
Somanetics Corporation * 1,352 20,834
Spectranetics Corporation * 1,446 8,128
See accompanying notes to financial statements.
249
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Staar Surgical Company * 848 $ 5,292
Sybron Dental
Specialties, Inc. * 1,583 56,007
Synovis Life
Technologies, Inc. * 957 10,345
Theragenics Corporation * 1,492 6,058
Thermogenesis * 4,317 27,370
TriPath Imaging, Inc. * 1,740 15,608
Valentis, Inc. *+ 1,630 4,075
Ventana Medical
Systems, Inc. * 708 45,305
Viasys Healthcare, Inc. * 1,381 26,239
Vivus, Inc. * 1,400 6,230
White Electronic Designs
Corporation * 2,284 14,458
X-Rite, Inc. 891 14,265
Young Innovations, Inc. 677 22,835
Zevex International, Inc. * 600 2,580
Zygo Corporation * 967 11,401
------------
1,592,702
------------
MEDICAL SUPPLIES--1.6%
Advanced
Neuromodulation
Systems, Inc. *+ 748 29,516
Align Technology, Inc. *+ 2,449 26,327
American Medical
Systems Holdings, Inc. * 1,500 62,715
Analogic Corporation 594 26,605
ArthoCare Corporation *+ 852 27,315
Aspect Medical
Systems, Inc. * 680 16,633
Beckman Coulter, Inc. 2,703 181,074
Bio-Rad Laboratories, Inc.
Class A * 88 5,049
Biosite, Inc. *+ 725 44,617
Cepheid, Inc. * 1,880 18,687
Closure Medical
Corporation * 682 13,299
Conmed Corporation * 1,363 38,736
Credence Systems
Corporation * 3,351 30,662
CTI Molecular
Imaging, Inc. * 2,179 30,920
Cuno, Inc. * 648 38,491
Cyberonics, Inc. * 956 19,808
Datascope Corporation 557 22,107
Dentsply International, Inc. 3,085 173,377
Diametrics Medical, Inc. * 1,731 74
Dionex Corporation * 1,031 58,427
DJ Orthopedics, Inc. * 730 15,637
FEI Company * 1,368 28,728
Haemonetics Corporation * 1,158 41,931
Hanger Orthopedic
Group, Inc. * 1,083 8,772
ICU Medical, Inc. *+ 606 16,568
I-Flow Corporation * 990 18,048
Inamed Corporation * 1,670 105,628
Input/Output, Inc. * 3,597 31,797
Invacare Corporation 1,334 61,711
Ionics, Inc. *+ 1,141 49,451
Itron, Inc. * 956 22,858
Kensey Nash Corporation *+ 867 29,938
Kopin Corporation * 2,431 9,408
Kyphon, Inc. * 1,594 41,061
Laserscope * 790 28,369
LTX Corporation * 2,405 18,494
MKS Instruments, Inc. * 2,455 45,540
Mentor Corporation 1,961 66,164
Merit Medical
Systems, Inc. * 1,179 18,015
Mine Safety Appliances
Company 1,445 73,262
Newport Corporation * 1,615 22,772
Novoste Corporation * 847 1,448
Oakley, Inc. 2,901 36,988
Ocular Sciences, Inc. * 1,152 56,460
Osteotech, Inc. * 1,499 8,245
Photon Dynamics, Inc. * 659 16,001
PolyMedica Corporation + 1,350 50,342
Respironics, Inc. * 1,790 97,304
Steris Corporation * 2,757 65,396
Techne Corporation * 1,737 67,569
Therma-Wave, Inc. * 758 2,623
Thoratec Corporation *+ 2,307 24,039
Urologix, Inc. * 1,050 6,794
Visx, Inc. * 2,010 51,999
Varian, Inc. *+ 1,502 61,597
Veeco Instruments, Inc. *+ 1,295 27,286
Vital Signs, Inc. 635 24,714
Wright Medical Group, Inc. * 1,310 37,335
Zoll Medical Corporation * 425 14,620
------------
2,269,351
------------
METALS--1.9%
AK Steel Holding
Corporation * 5,009 72,480
Aleris International, Inc. * 587 9,932
Alpine Group, Inc. 698 1,410
Ameron International
Corporation 543 20,580
Aptargroup, Inc. 1,565 82,601
Brush Engineered
Materials, Inc. * 1,122 20,757
Carpenter Technology
Corporation 1,142 66,761
Century Aluminum
Company * 1,385 36,370
Circor International, Inc. 711 16,467
Cleveland-Cliffs, Inc. + 660 68,548
Commercial Metals
Company 1,370 69,267
Commscope, Inc. *+ 2,613 49,386
Couer D'alene Mines
Corporation * 10,956 43,057
Crane Company 2,400 69,216
Curtiss-Wright Corporation 756 43,402
Encore Wire Corporation * 810 10,797
General Cable Corporation *+ 1,382 19,141
Gibraltar Industries, Inc. 1,188 28,061
Glamis Gold, Ltd.
(Canada) *+ 5,600 96,096
Global Power Equipment
Group, Inc. * 1,640 16,138
Griffon Corporation * 1,288 34,776
Hecla Mining Company * 5,855 34,135
Hubbell, Inc. Class B 2,599 135,928
International Aluminum
Corporation 686 23,221
International Steel
Group, Inc. * 3,454 140,094
Jacuzzi Brands, Inc. * 2,655 23,099
Lone Star Technologies,
Inc. *+ 1,338 44,769
Massey Energy Company 3,473 121,381
See accompanying notes to financial statements.
250
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Matthews International
Corporation Class A + 1,383 $ 50,894
Maverick Tube Corporation * 2,136 64,721
MAXXAM, Inc. * 857 28,110
Meridian Gold, Inc.
(Canada) * 4,650 88,211
Mueller Industries, Inc. + 1,592 51,262
NCI Building Systems, Inc. * 1,232 46,200
NS Group, Inc. * 923 25,659
Optical Cable Corporation * 241 1,371
Precision Castparts
Corporation 2,828 185,743
Quanex Corporation 743 50,948
Reliance Steel & Aluminum
Company 1,484 57,817
Royal Gold, Inc. 1,154 21,049
Ryerson Tull, Inc. 1,471 23,168
Schnitzer Steel Industries,
Inc. Class A 974 33,048
Shaw Group, Inc. (The) *+ 2,182 38,949
Shiloh Industries, Inc. * 1,441 20,174
Simpson Manufacturing
Company, Inc. 1,586 55,351
Southern Peru Copper
Corporation + 1,207 56,982
Steel Dynamics, Inc. 2,011 76,177
Stillwater Mining
Company * 2,228 25,087
Sturm, Ruger & Company, Inc. 2,146 19,378
Taser International, Inc. *+ 2,412 76,195
Texas Industries, Inc. 1,116 69,616
Titanium Metals
Corporation * 935 22,571
Tower Automotive, Inc. *+ 2,146 5,129
Tredegar Corporation 1,607 32,477
Valmont Industries, Inc. 1,162 29,178
Watts Water Technologies,
Inc. Class A 1,226 39,526
WHX Corporation * 293 337
Worthington Industries, Inc. 3,200 62,656
------------
2,755,854
------------
METALS & MINING--0.0%
Oregon Steel Mills, Inc. * 1,560 31,652
------------
MISCELLANEOUS--0.2%
Advanced Marketing
Services, Inc. 703 7,072
Boyds Collection Ltd. * 2,700 11,880
Corrections Corporation
of America * 1,570 63,507
DIMON, Inc. 2,000 13,440
Enesco Group, Inc. * 2,481 20,046
Geo Group, Inc. (The) * 819 21,769
Handleman Company 1,157 24,852
Terra Industries, Inc. *+ 2,940 26,107
Tractor Supply Company *+ 1,549 57,638
------------
246,311
------------
OIL & GAS--6.0%
Adams Resources &
Energy, Inc. 1,462 25,790
AGL Resources, Inc. 3,296 109,559
Apco Argentina, Inc.
(Cayman Islands) 622 22,983
Atmos Energy Corporation 3,532 96,600
ATP Oil & Gas Corporation *+ 2,045 37,996
Atwood Oceanics, Inc. *+ 831 43,295
Berry Petroleum Company
Class A 901 42,978
Blue Dolphin Energy
Company * 3,650 3,577
BP Prudhoe Bay Royalty
Trust + 1,005 48,542
Buckeye Partners, LP + 1,100 46,552
Cabot Oil & Gas
Corporation 1,537 68,012
CAL Dive International, Inc. * 1,668 67,971
Callon Petroleum
Company * 660 9,544
Cascade Natural Gas
Corporation 1,459 30,931
Chesapeake Energy
Corporation 12,413 204,815
Chesapeake Utilities
Corporation 1,569 41,892
Cimarex Energy Company *+ 1,646 62,383
Clayton Williams
Energy, Inc. * 550 12,595
Comstock Resources, Inc. * 980 21,609
Cross Timbers Royalty Trust 776 30,947
Dawson Geophysical
Company * 200 4,370
Delta Natural Gas
Company, Inc. 380 10,343
Delta Petroleum
Corporation * 1,209 18,957
Denbury Resources, Inc. * 2,233 61,296
Diamond Offshore
Drilling, Inc. + 3,114 124,716
Encore Acquisition
Company * 875 30,546
Energen Corporation 1,412 83,237
Energy Partners Ltd. *+ 1,758 35,635
ENSCO International, Inc. 6,640 210,754
Enterprise Products
Partners LP + 8,600 222,396
Equitable Resources, Inc. 2,582 156,624
Exploration Company of
Delaware, Inc. (The) * 1,411 8,903
Forest Oil Corporation *+ 2,038 64,645
Frontier Oil Corporation 1,844 49,161
FX Energy, Inc. *+ 1,397 16,317
Giant Industries, Inc. * 1,000 26,510
Global Industries Ltd. * 4,499 37,297
GlobalSantaFe Corporation 8,945 296,169
Grey Wolf, Inc. * 8,012 42,223
Hanover Compressor
Company * 2,934 41,457
Harvest Natural
Resources, Inc. * 1,620 27,977
Headwaters, Inc. * 1,986 56,601
Helmerich & Payne, Inc. 2,133 72,607
Holly Corporation 1,808 50,389
Houston Exploration
Company * 1,103 62,110
Hugoton Royalty Trust 1,495 39,169
Kaneb Services LLC 502 21,681
KCS Energy, Inc. *+ 1,350 19,953
Key Energy Services, Inc. * 6,115 72,157
Kinder Morgan
Management LLC * 1,926 78,388
Laclede Group, Inc. (The) 1,025 31,929
Magellan Midstream
Partners + 1,110 65,124
See accompanying notes to financial statements.
251
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Magnum Hunter
Resources, Inc. * 4,048 $ 52,219
Markwest Energy
Partners, LP + 380 18,476
Markwest Hydrocarbon, Inc. 1,075 18,544
McMoRan Exploration
Company *+ 1,060 19,822
MDU Resources Group, Inc. 4,606 122,888
Mercury Air Group, Inc. 747 3,003
Meridian Resource
Corporation * 4,340 26,257
Mission Resources
Corporation * 3,617 21,123
Murphy Oil Corporation 4,076 327,914
National Fuel Gas Company 3,582 101,514
New Jersey Resources
Corporation 1,121 48,584
Newfield Exploration
Company * 2,944 173,843
Newpark Resources, Inc. * 3,484 17,943
Noble Energy, Inc. 2,566 158,220
Northwest Natural Gas
Company 1,184 39,948
Oceaneering
International, Inc. * 1,116 41,649
Oneok, Inc. + 4,529 128,714
Pacific Energy Partners, LP 790 22,847
Parker Drilling Company * 3,756 14,761
Patina Oil & Gas Corporation 3,321 124,538
Patterson-UTI Energy, Inc. 7,674 149,259
Penn Virginia Corporation 1,000 40,570
Petroleum Development
Corporation * 1,030 39,727
Piedmont Natural Gas
Company + 3,022 70,231
Pioneer Natural Resources
Company 6,422 225,412
Plains All American
Pipeline, LP + 2,100 79,254
Plains Exploration &
Production Company * 3,425 89,050
Pogo Producing Company 2,708 131,311
Premcor, Inc. 3,693 155,734
Pride International, Inc. * 5,417 111,265
Prolong International
Corporation * 34,716 8,332
Questar Corporation 3,976 202,617
Quicksilver Resources, Inc. * 1,900 69,882
Range Resources Corporation 3,390 69,359
Remington Oil & Gas
Corporation * 1,186 32,319
Resource America, Inc.
Class A 787 25,578
SEACOR Holdings, Inc. * 684 36,526
SEMCO Energy, Inc. 3,180 16,981
Smith International, Inc. * 5,070 275,859
South Jersey Industries, Inc. 897 47,146
Southern Union Company * 3,209 76,952
Southwest Gas Corporation 1,253 31,826
Southwestern Energy
Company * 1,809 91,698
Spinnaker Exploration
Company * 1,506 52,815
St. Mary Land & Exploration
Company 1,132 47,250
Stone Energy Corporation * 939 42,340
Superior Energy Services,
Inc. * 2,900 44,689
Swift Energy Company * 1,642 47,519
Syntroleum Corporation * 1,246 10,005
Teppco Partners LP 2,690 105,959
Tesoro Petroleum
Corporation * 3,383 107,782
Tetra Technologies, Inc. * 1,174 33,224
Tidewater, Inc. + 2,641 94,046
Todco Class A * 653 12,028
Transmontaigne, Inc. * 2,979 18,261
UGI Corporation 2,240 91,638
Ultra Petroleum
Corporation * 3,612 173,846
Unit Corporation * 1,703 65,072
United Heritage
Corporation * 3,180 1,367
Valero, LP + 470 27,932
Varco International, Inc. * 4,364 127,211
Vectren Corporation 3,186 85,385
Veritas DGC, Inc. * 1,390 31,150
Vintage Petroleum, Inc. 2,737 62,103
Wd-40 Company 950 26,990
Weatherford International
Ltd. * 6,500 333,450
Western Gas Resources, Inc. 2,848 83,304
WGL Holdings, Inc. 1,846 56,931
W-H Energy Services, Inc. * 1,378 30,812
Whiting Petroleum
Corporation * 1,243 37,601
------------
8,578,617
------------
PHARMACEUTICALS--4.6%
Aastrom Biosciences, Inc. * 3,290 4,672
Abgenix, Inc. * 3,630 37,534
Able Laboratories, Inc. * 820 18,655
Adolor Corporation * 1,928 19,126
Albany Molecular
Research, Inc. * 1,371 15,273
Alexion Pharmaceuticals,
Inc. * 1,108 27,922
Alfacell Corporation *+ 2,756 11,961
Alkermes, Inc. *+ 3,579 50,428
Alliance Pharmaceutical
Corporation * 320 61
Allscripts Healthcare
Solutions, Inc. * 2,300 24,541
Alpharma, Inc. Class A 1,823 30,900
American Pharmaceutical
Partners, Inc. *+ 2,317 86,679
Andrx Corporation * 3,036 66,276
Aphton Corporation *+ 1,416 4,404
Arena Pharmaceuticals,
Inc. * 1,439 9,627
ArQule, Inc. * 864 5,003
Array BioPharma, Inc. * 1,730 16,470
Atherogenics, Inc. *+ 1,604 37,790
AVANIR Pharmaceuticals
Class A * 6,100 20,801
Avant
Immunotherapeutics,
Inc. * 6,670 13,407
Avax Technologies, Inc. * 1,450 450
AVI BioPharma, Inc. *+ 2,400 5,640
Barr Pharmaceuticals, Inc. * 4,176 190,175
Bentley Pharmaceuticals,
Inc. * 711 7,643
BioMarin
Pharmaceuticals, Inc. * 2,400 15,336
Biopure Corporation * 1,854 1,094
See accompanying notes to financial statements.
252
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -----------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Bone Care International,
Inc. * 987 $ 27,488
Boston Life Sciences, Inc. * 3,622 2,065
Bradley Pharmaceuticals,
Inc. *+ 591 11,465
Cambrex Corporation + 1,258 34,092
Cell Genesys, Inc. *+ 1,643 13,308
Cell Therapeutics, Inc. *+ 1,391 11,323
Cellegy Pharmaceuticals,
Inc. * 1,550 4,447
Cephalon, Inc. *+ 2,638 134,221
Charles River
Laboratories
International, Inc. * 2,756 126,804
Collagenex
Pharmaceuticals, Inc. * 1,558 11,436
Columbia Laboratories,
Inc. * 1,820 4,818
Connetics Corporation *+ 1,619 39,326
Corgentech, Inc. * 718 5,945
Corixa Corporation *+ 2,578 9,384
Cubist Pharmaceuticals,
Inc. * 1,763 20,856
Cypress Bioscience, Inc. * 1,561 21,948
Cytogen Corporation *+ 755 8,698
CytRx Corporation *+ 4,200 5,922
D&K Healthcare
Resources, Inc. 1,138 9,195
Dendreon Corporation *+ 2,719 29,311
Diagnostic Products
Corporation 1,264 69,583
Digene Corporation *+ 726 18,985
Discovery Laboratories,
Inc. * 2,566 20,348
Durect Corporation *+ 6,160 20,205
Emisphere Technologies,
Inc. *+ 772 3,127
Encysive
Pharmaceuticals, Inc. * 2,129 21,141
Endo Pharmaceuticals
Holdings, Inc. * 1,636 34,389
Eon Labs, Inc. *+ 1,164 31,428
Epimmune, Inc. * 1,000 1,660
EPIX Medical, Inc. * 961 17,212
Eyetech Pharmaceuticals,
Inc. *+ 1,060 48,230
First Horizon
Pharmaceutical
Corporation *+ 1,614 36,944
Genaera Corporation * 4,787 16,372
Genelabs Technologies,
Inc. * 3,606 4,327
Genentech, Inc. * 21,850 1,189,514
Genitope Corp. *+ 990 16,870
Genta, Inc. * 2,971 5,229
Geron Corporation *+ 1,370 10,919
GTC Biotherapeutics, Inc. * 3,988 6,062
GTx, Inc. * 200 2,698
Guilford Pharmaceuticals,
Inc. *+ 924 4,574
Hemispherx Biopharma,
Inc. *+ 4,821 9,160
Henry Schein, Inc. * 2,046 142,483
Heska Corporation * 4,463 5,217
Hi-Tech Pharmacal
Company, Inc. * 576 10,621
Hollis-Eden
Pharmaceuticals *+ 954 8,987
Human Genome
Sciences, Inc. * 5,278 63,442
Idexx Laboratories, Inc. *+ 1,589 86,744
ImClone Systems, Inc. *+ 3,034 139,807
Immtech International, Inc. *+ 681 8,165
Immucor, Inc. * 2,119 49,818
Immune Response
Corporation (The) *+ 4,732 7,619
ImmunoGen, Inc. * 1,323 11,695
Impax Laboratories, Inc. * 2,576 40,907
Indevus Pharmaceuticals,
Inc. * 3,237 19,293
InKine Pharmaceutical
Company, Inc. * 4,478 24,316
Inspire Pharmaceuticals,
Inc. * 1,370 22,975
InterMune, Inc. * 1,586 21,030
Inverness Medical
Innovations, Inc. *+ 881 22,113
Invitrogen Corporation *+ 2,362 158,561
Ivax Corporation *+ 10,043 158,880
KOS Pharmaceuticals, Inc. * 970 36,511
KV Pharmaceutical
Company Class A * 2,180 48,069
Large Scale Biology
Corporation * 852 1,074
Ligand Pharmaceuticals,
Inc. Class B * 2,979 34,676
Lynx Therapeutics, Inc. * 2,017 7,705
Martek Biosciences
Corporation *+ 1,149 58,829
Medarex, Inc. *+ 3,092 33,332
Medicines Company *+ 2,018 58,118
Medicis Pharmaceutical
Corporation Class A + 2,422 85,036
Medifast, Inc. *+ 734 2,584
Meridian Bioscience, Inc. 1,415 24,607
MGI Pharma, Inc. *+ 3,384 94,786
Millennium
Pharmaceuticals, Inc. * 14,296 173,268
MIM Corporation * 1,096 6,960
Miravant Medical
Technologies * 4,544 4,589
Nabi Biopharmaceuticals * 2,736 40,082
Nastech Pharmaceutical
Company, Inc. *+ 1,500 18,135
Natrol, Inc. * 1,145 3,837
NBTY, Inc. * 2,665 63,987
NeoRx Corporation *+ 2,381 4,976
Neose Technologies, Inc. * 705 4,738
Neurobiological
Technologies *+ 3,137 13,866
Neurocrine Biosciences,
Inc. * 1,739 85,733
NitroMed, Inc. * 730 19,455
Northfield Laboratories,
Inc. *+ 790 17,815
Novavax, Inc. * 1,550 5,038
Noven Pharmaceuticals,
Inc. * 1,350 23,031
NPS Pharmaceuticals, Inc. *+ 1,660 30,345
Nu Skin Enterprises, Inc.
Class A + 3,019 76,622
Nuvelo, Inc. * 1,150 11,328
Omnicare, Inc. 4,707 162,956
Onyx Pharmaceuticals, Inc. *+ 1,495 48,423
OraSure Technologies, Inc. * 1,688 11,343
Ortec International, Inc. * 2,273 2,205
OSI Pharmaceuticals, Inc. *+ 2,143 160,404
See accompanying notes to financial statements.
253
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Pain Therapeutics, Inc. * 1,319 $ 9,510
Palatin Technologies, Inc. * 2,104 5,597
Par Pharmaceutical
Companies, Inc. * 1,362 56,360
Parexel International
Corporation * 1,154 23,426
Penwest Pharmaceuticals
Company * 930 11,123
Peregrine
Pharmaceuticals, Inc. * 9,115 10,665
Perrigo Company 2,923 50,480
Pharmacopeia Drug
Discovery, Inc. * 573 3,432
Pharmacyclics, Inc. * 1,701 17,809
Pharmion Corp. *+ 900 37,989
Pozen, Inc. * 1,015 7,379
Praecis Pharmaceuticals,
Inc. * 1,838 3,492
Priority Healthcare
Corporation Class B * 1,846 40,187
Progenics
Pharmeceuticals, Inc. * 793 13,608
Protein Design Labs, Inc. *+ 4,461 92,164
Regeneron
Pharmaceuticals, Inc. * 2,632 24,241
Renovis, Inc. * 800 11,504
Rigel Pharmaceuticals, Inc. * 560 13,675
Salix Pharmaceuticals Ltd. *+ 1,569 27,599
Sciclone Pharmaceuticals,
Inc. * 1,700 6,290
Sepracor, Inc. *+ 4,036 239,617
Serologicals Corporation *+ 1,614 35,702
SIGA Technologies, Inc. * 4,650 7,719
Sirna Therapeutics, Inc. *+ 4,258 13,455
SuperGen, Inc. * 1,339 9,440
Tanox, Inc. *+ 1,721 26,159
Tapestry Pharmaceuticals,
Inc. * 5,222 5,065
Targeted Genetics
Corporation * 6,268 9,715
Third Wave Technologies,
Inc. * 1,507 12,960
Titan Pharmaceuticals, Inc. * 744 2,396
United Therapeutics
Corporation *+ 1,264 57,070
USANA Health Sciences,
Inc. *+ 1,053 36,013
V.I. Technologies, Inc. * 1,576 1,024
Valeant Pharmaceuticals
International + 3,934 103,661
Vertex Pharmaceuticals,
Inc. *+ 3,256 34,416
Vicuron Pharmaceuticals,
Inc. * 2,367 41,209
Vion Pharmaceuticals, Inc. *+ 4,504 21,124
Viropharma, Inc. *+ 662 2,152
XOMA Ltd. * 4,977 12,890
Zymogenetics, Inc. * 2,343 53,889
------------
6,512,239
------------
REAL ESTATE--7.0%
Acadia Realty Trust REIT 1,319 21,500
Affordable Residential
Communities REIT 1,710 24,539
Agree Realty Corporation
REIT 1,235 39,137
Alderwoods Group, Inc. * 1,840 20,939
Alexander's, Inc. REIT * 162 34,830
Alexandria Real Estate
Equities, Inc. REIT 963 71,666
AMB Property Corporation
REIT 3,850 155,502
American Financial Realty
Trust REIT 5,135 83,084
American Land Lease, Inc.
REIT 729 16,432
American Mortgage
Acceptance Corporation
REIT 1,732 29,790
AMLI Residential Properties
Trust REIT 1,544 49,408
Annaly Mortgage
Management, Inc. REIT + 5,531 108,518
Anthracite Capital, Inc. REIT 2,180 26,945
Arden Realty, Inc. REIT 3,070 115,800
Arizona Land Income
Corporation REIT Class A 1,050 5,828
Avalonbay Communities, Inc.
REIT 3,376 254,213
Bedford Property Investors
REIT 1,287 36,564
BioMed Realty Trust, Inc.
REIT 1,240 27,540
Boston Properties, Inc.
REIT + 5,071 327,942
Brandywine Realty Trust
REIT 2,100 61,719
BRE Properties Class A REIT 2,213 89,206
BRT Realty Trust REIT 916 22,295
California Coastal
Communities, Inc. * 1,028 24,672
Camden Property Trust REIT 1,927 98,277
Capital Alliance Income Trust
Ltd. REIT 799 11,106
Capital Automotive REIT 1,617 57,444
Capstead Mortgage
Corporation REIT + 1,780 18,761
CarrAmerica Realty
Corporation REIT 2,346 77,418
Catellus Development
Corporation REIT 4,011 122,737
CB Richard Ellis Group,
Inc.--Class A * 1,400 46,970
CBL & Associates Properties,
Inc. REIT 1,274 97,270
Cedar Shopping Centers, Inc.
REIT 583 8,337
Centerpoint Properties Trust
REIT 2,246 107,561
Colonial Properties Trust
REIT 1,324 51,993
Commercial Net Lease Realty
REIT 2,357 48,554
Cornerstone Realty Income
Trust, Inc. REIT 2,475 24,701
Correctional Properties Trust
REIT 1,307 37,746
Cousins Properties, Inc. REIT 1,838 55,636
Crescent Real Estate EQT
Company REIT 4,528 82,681
CRT Properties, Inc. REIT 1,768 42,184
Developers Diversified Realty
Corporation REIT 4,524 200,730
Duke Realty Corporation
REIT 6,290 214,741
Eastgroup Properties, Inc.
REIT 1,308 50,123
See accompanying notes to financial statements.
254
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Entertainment Properties
Trust REIT 1,069 $ 47,624
Equity Inns, Inc. REIT 3,295 38,683
Equity One, Inc. REIT 2,619 62,149
Essex Property Trust, Inc.
REIT 1,217 101,985
Extra Space Storage, Inc.
REIT 930 12,397
Federal Realty Investment
Trust REIT 2,411 124,528
FelCor Lodging Trust, Inc.
REIT * 3,135 45,928
First Industrial Realty Trust,
Inc. REIT 1,600 65,168
Forest City Enterprises, Inc.
Class A 1,554 89,433
General Growth Properties,
Inc. REIT 10,130 366,301
Getty Realty Corporation
REIT 1,418 40,739
Glenborough Realty Trust,
Inc. REIT 1,512 32,175
Glimcher Realty Trust REIT 1,585 43,920
Grubb and Ellis Company * 653 3,036
Health Care Property
Investors, Inc. REIT 6,174 170,958
Health Care REIT, Inc. + 2,175 82,976
Healthcare Realty Trust, Inc.
REIT 1,881 76,557
Heritage Property Investment
Trust REIT 2,052 65,849
Highwoods Properties, Inc.
REIT 2,393 66,286
HMG Courtland
Properties REIT * 1,250 17,188
Home Properties, Inc. REIT 1,701 73,143
Hospitality Properties Trust
REIT 2,614 120,244
Host Marriott Corporation
REIT 14,917 258,064
HRPT Properties Trust REIT 7,193 92,286
IMPAC Mortgage Holdings,
Inc. REIT 3,518 79,753
Innkeepers USA Trust REIT 3,005 42,671
iStar Financial, Inc. REIT 4,892 221,412
Jones Lang Lasalle, Inc. * 1,311 49,045
Kimco Realty Corporation
REIT 4,348 252,141
Kramont Realty Trust REIT 1,614 37,768
Lexington Corporate
Properties Trust REIT 2,260 51,031
Liberty Property Trust REIT 4,302 185,846
LNR Property Corporation 893 56,179
Mack-Cali Realty Corporation
REIT 2,838 130,633
Maguire Properties, Inc. REIT 1,740 47,780
Mid-America Apartment
Communities, Inc. REIT 940 38,747
Mills Corporation (The)
REIT + 2,650 168,964
Mission West Properties REIT 1,418 15,088
Monmouth Capital
Corporation 2,974 19,063
Monmouth Class A REIT 2,978 25,641
National Health Investors,
Inc. REIT 1,198 34,958
Nationwide Health
Properties, Inc. REIT + 3,112 73,910
New Plan Excel Realty Trust
REIT 4,691 127,032
Newcastle Investment
Corporation REIT 1,495 47,511
Novastar Financial, Inc.
REIT + 1,611 79,745
Pan Pacific Retail Properties,
Inc. REIT 1,680 105,336
Parkway Properties, Inc. REIT 747 37,910
PMC Commercial Trust REIT 2,035 30,871
Post Properties, Inc. REIT 1,638 57,166
Prentiss Properties Trust
REIT + 1,864 71,205
Prime Group Realty Trust
REIT * 2,229 14,332
Public Storage, Inc. REIT 4,158 231,809
RAIT Investment Trust REIT 1,592 44,528
Rayonier, Inc. REIT 2,625 128,389
Realty Income Corporation
REIT 1,740 88,009
Redwood Trust, Inc. REIT + 1,229 76,309
Regency Centers Corporation
REIT 2,856 158,222
Senior Housing Properties
Trust REIT 2,216 41,971
Shurgard Storage Centers,
Inc. REIT Class A 2,121 93,345
SL Green Realty Corporation
REIT 1,976 119,647
SonomaWest Holdings,
Inc. * 100 1,060
Sovran Self Storage, Inc.
REIT + 859 36,198
St. Joe Company (The) 3,227 207,173
Stewart Enterprises, Inc.
Class A * 4,116 28,771
Summit Properties, Inc. REIT 1,265 41,188
Sun Communities, Inc. REIT 1,061 42,705
Taubman Centers, Inc. REIT 2,084 62,416
Thornburg Mortgage, Inc.
REIT + 4,129 119,576
Town & Country Trust,
REIT + 1,271 35,118
Trammell Crow Company * 2,116 38,321
Trizec Properties, Inc. REIT 4,214 79,729
U.S. Restaurant Properties,
Inc. REIT 1,759 31,768
United Capital
Corporation * 690 15,629
United Dominion Realty
Trust, Inc. REIT + 5,864 145,427
Ventas, Inc. REIT 3,684 100,978
Vornado Realty Trust REIT 5,346 406,991
W.P. Carey & Company LLC 1,593 56,010
Washington REIT 1,835 62,151
Weingarten Realty Investors
REIT 3,474 139,307
------------
9,935,139
------------
RESTAURANTS--1.1%
Angelo & Maxie's, Inc. * 2,544 1,908
Applebee's International, Inc. 3,805 100,642
Aramark Corporation
Class B + 4,964 131,596
Back Yard Burgers, Inc. * 1,698 12,735
Bob Evans Farms, Inc. 1,465 38,295
Brinker International, Inc. * 4,495 157,640
CEC Entertainment, Inc. *+ 1,614 64,512
CKE Restaurants, Inc. * 3,046 44,197
See accompanying notes to financial statements.
255
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- ------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
California Pizza
Kitchen, Inc. * 970 $ 22,310
CBRL Group, Inc. + 2,120 88,722
Cheesecake Factory (The) *+ 3,444 111,827
Dave & Buster's, Inc. * 650 13,130
Domino's Pizza, Inc. 1,100 19,580
Host America Corporation * 1,308 5,559
IHOP Corporation 1,079 45,199
Jack in the Box, Inc. * 1,438 53,019
Krispy Kreme
Doughnuts, Inc. *+ 2,574 32,432
Landry's Restaurants, Inc. 1,254 36,441
Lone Star Steakhouse &
Saloon, Inc. 1,125 31,500
O'Charley's, Inc. * 1,092 21,349
Outback Steakhouse, Inc. 3,400 155,652
Papa John's
International, Inc. *+ 806 27,759
PF Chang's China
Bistro, Inc. *+ 1,090 61,422
Rare Hospitality
International, Inc. * 1,475 46,994
Red Robin Gourmet
Burgers, Inc. *+ 693 37,055
Ruby Tuesday, Inc. + 2,817 73,467
Ryan's Restaurant
Group, Inc. * 1,918 29,576
Sonic Corporation * 2,487 75,854
Steak N Shake Company
(The) * 1,268 25,461
Triarc Companies Class B 2,886 35,382
------------
1,601,215
------------
RETAILERS--3.2%
1-800-FLOWERS.COM, Inc. * 2,113 17,770
99 Cents Only Stores *+ 2,727 44,068
AC Moore Arts &
Crafts, Inc. * 877 25,266
Action Performance
Companies, Inc. + 723 7,946
Advance Auto Parts, Inc. * 3,470 151,570
Alloy, Inc. *+ 1,850 14,930
Amazon.Com, Inc. * 13,724 607,836
BJ's Wholesale Club, Inc. * 2,859 83,283
Barnes & Noble, Inc. * 2,435 78,577
Bell Microproducts, Inc. * 1,146 11,025
Big 5 Sporting Goods
Corporation 1,072 31,238
Blair Corporation 470 16,760
Bluefly, Inc. * 2,341 5,478
Bombay Company, Inc.
(The) * 1,080 5,972
Borders Group, Inc. 3,582 90,983
Brookstone, Inc. * 920 17,986
CSK Auto Corporation * 1,990 33,313
Cabela's, Inc. Class A * 400 9,096
Casey's General Stores, Inc. 1,609 29,203
Cash America International,
Inc. 1,301 38,679
Central Garden & Pet
Company * 965 40,279
Coldwater Creek, Inc. * 1,813 55,967
Cost Plus, Inc. * 1,015 32,612
Dick's Sporting
Goods, Inc. * 1,242 43,656
Dollar Tree Stores, Inc. * 5,091 146,010
Drugstore.Com, Inc. * 3,800 12,920
Electronics Boutique
Holdings Corporation *+ 992 42,596
Fastenal Company + 2,999 184,618
Foot Locker, Inc. 6,711 180,727
Fred's, Inc. + 1,781 30,989
GameStop Corp., Class B * 1,034 23,172
GameStop Corporation
Class A *+ 1,111 24,842
GSI Commerce, Inc. * 1,470 26,137
Guitar Center, Inc. * 1,020 53,744
Hancock Fabrics, Inc. 1,321 13,699
Haverty Furniture
Companies, Inc. 1,111 20,554
Hibbett Sporting
Goods, Inc. * 931 24,774
J. Jill Group, Inc. (The) * 1,016 15,128
Jo-Ann Stores, Inc. * 1,266 34,866
Kenneth Cole Productions,
Inc. Class A 956 29,502
Kirkland's, Inc. * 833 10,238
Kmart Holding
Corporation *+ 1,894 187,411
Linens 'N Things, Inc. *+ 1,904 47,219
Longs Drug Stores
Corporation 1,168 32,202
MarineMax, Inc. * 800 23,808
Marvel Enterprises, Inc. *+ 4,501 92,180
Men's Wearhouse, Inc. * 1,145 36,594
Michaels Stores, Inc. 6,198 185,754
Movie Gallery, Inc. + 1,146 21,854
MSC Industrial Direct
Company Class A 1,782 64,116
Neiman-Marcus Group, Inc.
Class A 2,092 149,662
Nitches, Inc. * 950 4,940
O'Reilly Automotive, Inc. *+ 2,567 115,643
Overstock.com, Inc. * 771 53,199
PC Connection, Inc. * 855 8,140
Petco Animal Supplies,
Inc. * 1,932 76,275
Petsmart, Inc. + 6,664 236,772
Pier 1 Imports, Inc. + 3,003 59,159
Priceline.com, Inc. *+ 1,549 36,541
Restoration Hardware, Inc. * 2,795 16,043
Retail Ventures, Inc. * 1,372 9,741
Rite Aid Corporation * 20,883 76,432
Saks, Inc. + 5,812 84,332
Samsonite Corporation * 1,134 987
School Specialty, Inc. *+ 854 32,930
SCP Pool Corporation 2,436 77,708
Sharper Image
Corporation * 649 12,234
Shopko Stores, Inc. * 1,850 34,558
Sports Authority, Inc.
(The) *+ 1,017 26,188
Stamps.com, Inc. 1,050 16,632
Stein Mart, Inc. * 2,251 38,402
Stride Rite Corporation 2,389 26,685
Systemax, Inc. * 1,358 9,968
Trans World Entertainment
Corporation * 1,932 24,092
Tuesday Morning
Corporation * 1,816 55,624
Tweeter Home
Entertainment
Group, Inc. * 1,129 7,734
Ultimate Electronics, Inc. *+ 505 621
Valuevision Media, Inc.
Class A * 1,742 24,231
See accompanying notes to financial statements.
256
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Whitehall Jewellers, Inc. * 2,300 $ 18,377
Williams-Sonoma, Inc. *+ 4,478 156,909
Zale Corporation *+ 1,810 54,065
------------
4,603,971
------------
TELECOMMUNICATIONS--0.0%
Superior Telecom, Inc. *++(delta) 2,014 --
------------
TELEPHONE SYSTEMS--1.3%
Acceris Communications,
Inc. * 678 407
Adtran, Inc. 2,197 42,051
AirGate PCS, Inc. * 1,008 35,885
Alamosa Holdings, Inc. *+ 4,139 51,613
Alaska Communications
Systems Group, Inc. 2,850 24,596
Audiovox Corporation
Class A * 1,218 19,220
Brightpoint, Inc. * 874 17,078
Centennial
Communications
Corporation * 4,886 38,746
Cincinnati Bell, Inc. * 9,266 38,454
Commonwealth Telephone
Enterprises, Inc. * 877 43,552
CoSine Communications,
Inc. * 438 1,218
Covad Communications
Group, Inc. * 13,041 28,038
Covista Communications,
Inc. * 992 1,924
D&E Communications, Inc. 1,712 20,630
Deltathree, Inc. * 2,553 8,476
Dobson Communications
Corporation Class A * 3,916 6,736
DSL.Net, Inc. * 1,850 407
Equinix, Inc. * 623 26,627
Forgent Networks, Inc. * 1,350 2,876
General Communication
Class A * 2,517 27,788
Global Payments, Inc. + 1,620 94,835
Goamerica, Inc. * 24 236
Hickory Tech Corporation 652 6,970
IDT Corporation * 679 9,968
IDT Corporation Class B * 2,900 44,892
Infonet Services
Corporation Class B * 9,698 19,590
j2 Global
Communications, Inc. * 807 27,842
LCC International, Inc.
Class A * 1,000 5,830
Level 3 Communications,
Inc. *+ 26,968 91,422
Lightbridge, Inc. * 1,288 7,780
Loral Space &
Communications Ltd.
(Bermuda) * 2,922 497
Mastec, Inc. *+ 2,049 20,715
MCI, Inc. 12,630 254,621
McLeodUSA, Inc. Class A * 9,250 6,660
Net2Phone, Inc. * 1,324 4,502
Nextel Partners, Inc.
Class A *+ 2,196 42,910
Novatel Wireless, Inc. *+ 949 18,392
NTL, Inc. * 3,292 240,184
Primus
Telecommunications GP * 4,516 14,361
Redback Networks, Inc. * 1,199 6,427
Rural Cellular Corporation
Class A *+ 1,266 7,886
Savvis Communications
Corporation * 6,126 7,106
SureWest Communications 644 18,257
Talk America Holdings, Inc. * 1,398 9,255
Telecommunication
Systems, Inc. *+ 1,200 4,007
Teleglobe International
Holdings Ltd.
(Bermuda) * 1,375 5,638
Telephone & Data
Systems, Inc. + 2,188 168,367
Time Warner Telecom,
Inc. Class A * 5,729 24,978
Triton PCS Holdings, Inc.
Class A * 2,699 9,231
Ubiquitel, Inc. * 4,079 29,042
US Cellular Corporation * 921 41,224
Visual Networks, Inc. * 6,068 21,117
West Corporation * 1,135 37,580
Western Wireless
Corporation Class A *+ 3,263 95,606
Wireless Facilities, Inc. * 2,399 22,647
Z-Tel Technologies, Inc. * 1,136 1,931
------------
1,858,828
------------
TEXTILES, CLOTHING & FABRICS--0.8%
Albany International
Corporation Class A 1,437 50,525
Brown Shoe Company, Inc. 796 23,745
Collins & Aikman
Corporation * 2,906 12,670
Columbia Sportswear
Company *+ 723 43,098
Culp, Inc. * 888 6,021
Deckers Outdoor
Corporation *+ 450 21,146
DHB Industries, Inc. *+ 1,420 27,037
Dickie Walker Marine, Inc. * 1,626 1,545
Genesco, Inc. * 921 28,680
Guess ?, Inc. * 775 9,726
Gymboree Corporation * 1,400 17,948
Innovo Group, Inc. * 3,158 7,990
Interface, Inc.-Class A * 2,080 20,738
JLM Couture, Inc. * 1,242 4,223
Kellwood Company 1,171 40,400
K-Swiss, Inc. Class A 1,476 42,981
Mohawk Industries, Inc. * 2,581 235,516
Mossimo, Inc. * 2,807 9,771
Mothers Work, Inc. * 600 8,170
Oxford Industries, Inc. 636 26,267
Penn Engineering &
Manufacturing Corporation 917 16,598
Phillips-Van Heusen
Corporation 1,267 34,209
Polo Ralph Lauren
Corporation 2,733 116,426
Polymer Group Escrow ++(delta) 1,566 --
Quaker Fabric Corporation 2,550 14,280
Quiksilver, Inc. *+ 2,615 77,901
Russell Corporation 1,340 26,103
Sport-Haley, Inc. * 1,043 4,787
Steven Madden Ltd. * 1,062 20,029
Tag-It Pacific, Inc. *+ 1,335 6,008
Tarrant Apparel Group * 1,107 2,701
See accompanying notes to financial statements.
257
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Timberland Company
Class A * 1,166 $ 73,073
Warnaco Group, Inc. (The) * 2,200 47,520
Wolverine World Wide, Inc. 1,726 54,231
------------
1,132,063
------------
TRANSPORTATION--2.1%
Alexander & Baldwin, Inc. 1,896 80,428
Allied Holdings, Inc. *++ 245 712
Arctic Cat, Inc. 698 18,511
Arkansas Best Corporation 903 40,536
C.H. Robinson Worldwide, Inc. 3,786 210,199
CNF, Inc. 2,390 119,739
Expeditors International
Washington, Inc. + 4,757 265,821
Fleetwood Enterprises, Inc. *+ 2,530 34,054
Florida East Coast Industries 1,093 49,294
Forward Air Corporation * 955 42,689
GATX Corporation 2,367 69,969
General Maritime
Corporation * 1,847 73,788
Genesee & Wyoming, Inc.
Class A * 1,051 29,565
Gulfmark Offshore, Inc. * 1,000 22,270
Heartland Express, Inc. 3,166 71,140
HUB Group, Inc. Class A * 430 22,455
JB Hunt Transport
Services, Inc. 3,167 142,040
Kansas City Southern *+ 2,514 44,573
Kirby Corporation * 1,179 52,324
Laidlaw International, Inc. * 4,830 103,362
Landstar System, Inc. * 1,338 98,530
Maritrans, Inc. 1,330 24,166
Navigant International, Inc. * 710 8,641
Old Dominion Freight
Line, Inc. * 1,189 41,377
OMI Corporation 4,585 77,257
Overnite Corporation 1,257 46,811
Overseas Shipholding
Group 1,588 87,658
P.A.M. Transportation
Services, Inc. * 339 6,356
Pacer International, Inc. * 1,665 35,398
Pegasus Solutions, Inc. * 1,147 14,452
Polaris Industries, Inc. 1,860 126,517
Quality Distribution, Inc. * 914 7,714
RailAmerica, Inc. * 1,527 19,927
Royal Caribbean Cruises Ltd. 4,500 244,980
SCS Transportation, Inc. * 902 21,080
Sirva, Inc. * 1,337 25,697
Swift Transportation
Company, Inc. *+ 3,009 64,633
Thor Industries, Inc. + 2,521 93,403
Trinity Industries, Inc. 2,034 69,319
United Defense
Industries, Inc. *+ 2,429 114,770
USF Corporation 1,137 43,149
Wabtec Corporation 1,737 37,033
Werner Enterprises, Inc. 2,916 66,018
West Marine, Inc. * 803 19,874
Yellow Roadway
Corporation *+ 2,209 123,063
------------
3,011,292
------------
WATER COMPANIES--0.2%
American States Water
Company 920 23,920
Aqua America, Inc. 4,237 104,188
California Water Service
Group 965 36,332
Connecticut Water
Service, Inc. 500 13,245
Pico Holdings, Inc.
* 1,150 23,886
SJW Corporation 506 18,418
------------
219,989
------------
TOTAL COMMON STOCKS
(Cost $92,522,512) 137,185,606
------------
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--0.2%
U.S. TREASURY BILLS--0.2%
U.S. Treasury Bill
2.160% 03/17/2005 ** $ 210,000 209,057
2.060% 03/17/2005 ** 40,000 39,828
-------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $248,885) 248,885
--------
SHARES VALUE
- ---------------------------------------------------
RIGHTS--0.0%
PHARMACEUTICALS--0.0%
ViroLogic, Inc., Rights, Expires TBD
(Cost $4,280) 9,010 2,162
-----
WARRANTS--0.0%
COMMUNICATIONS--0.0%
Lucent Technologies, Inc.
Exp. 12/10/2007 *
(Cost $--) 81 128
-----
COUPON MATURITY
RATE DATE FACE VALUE
- ------------------------------------------------------------
CASH EQUIVALENTS--19.7%
INSTITUTIONAL MONEY MARKET FUNDS--1.9%
BGI Institutional Fund
2.255% 01/03/2005 ++ $1,839,362 1,839,362
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 476,950 476,950
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 440,047 440,047
------------
2,756,359
------------
See accompanying notes to financial statements.
258
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT MID/SMALL
COMPANY INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -------------------------------------------------------------------------------------------------
CASH EQUIVALENTS--(CONTINUED)
BANK & CERTIFICATE DEPOSITS/
OFFSHORE TIME DEPOSITS--16.4%
Bank of America
2.300% 06/09/2005 ++ $ 530,382 $ 530,382
Bank of America
2.270% 01/18/2005 ++ 212,153 212,153
Bank of America
2.270% 03/03/2005 ++ 110,319 110,319
Bank of Montreal
2.260% 01/28/2005 ++ 11,036 11,036
Bank of Nova Scotia
2.330% 01/13/2005 ++ 328,837 328,837
Bank of Nova Scotia
2.330% 01/24/2005 ++ 1,066,067 1,066,067
Bank of Nova Scotia
2.320% 02/08/2005 ++ 636,458 636,458
BNP Paribas
2.295% 02/23/2005 ++ 212,153 212,153
Calyon
2.340% 02/02/2005 ++ 212,153 212,153
Calyon
2.270% 01/20/2005 ++ 530,382 530,382
Canadian Imperial
Bank of Commerce
2.023% 11/04/2005 ++ 742,534 742,534
Citigroup
2.080% 01/28/2005 ++ 636,458 636,458
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 1,060,763 1,060,763
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 212,153 212,153
Delaware Funding Corporation
2.235% 01/04/2005 ++ 445,592 445,592
Den Danske Bank
2.260% 01/20/2005 ++ 1,272,916 1,272,916
Dexia Group
2.040% 01/21/2005 ++ 10,608 10,608
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 530,382 530,382
Fortis Bank
2.260% 01/05/2005 ++ 954,687 954,687
Fortis Bank
2.140% 01/12/2005 ++ 530,382 530,382
General Electric Capital Corporation
2.295% 01/10/2005 ++ 636,458 636,458
General Electric Capital Corporation
2.294% 01/21/2005 ++ 528,721 528,721
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 4,243,054 4,243,054
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 318,229 318,229
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 424,305 424,305
Greyhawk Funding
2.349% 02/08/2005 ++ 318,229 318,229
Lloyds TSB Bank
2.280% 02/02/2005 ++ 318,229 318,229
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 2,142,742 2,142,742
Paradigm Funding LLC
2.245% 01/03/2005 ++ 209,909 209,909
Royal Bank of Canada
2.260% 02/01/2005 ++ 207,910 207,910
Royal Bank of Canada
2.250% 01/19/2005 ++ 148,507 148,507
Royal Bank of Scotland
2.360% 02/17/2005 ++ 1,060,763 1,060,763
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 719,198 719,198
Svenska Handlesbanken
2.250% 01/10/2005 ++ 318,229 318,229
Wells Fargo
2.320% 01/14/2005 ++ 500,680 500,680
Wells Fargo
2.270% 01/25/2005 ++ 1,060,763 1,060,763
------------
23,402,341
------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--1.4%
Bear Stearns & Company
2.448% 06/05/2005 ++ 212,153 212,153
Bear Stearns & Company
2.448% 09/08/2005 ++ 212,153 212,153
Morgan Stanley
2.393% 03/16/2005 ++ 254,583 254,583
Morgan Stanley
2.393% 06/05/2005 ++ 530,382 530,382
Morgan Stanley
2.393% 06/10/2005 ++ 742,534 742,534
------------
1,951,805
------------
TOTAL CASH EQUIVALENTS
(Cost $28,110,505) 28,110,505
------------
REPURCHASE AGREEMENTS--3.8%
IBT Repurchase Agreement
dated 12/31/2004 due
01/03/2005, with a
maturity value of
$5,500,620 and an
effective yield of 1.8%
collateralized by a U.S.
Government Obligation
with a rate of 5.125%,
maturity date of
07/25/2027 and a market
value of 5,774,785. $5,499,795 $ 5,499,795
------------
TOTAL INVESTMENTS--119.7%
(Cost $126,385,977) 171,047,081
Other assets less liabilities--(19.7%) (28,150,142)
------------
NET ASSETS--100.0% $142,896,939
============
NOTES TO THE SCHEDULE OF INVESTMENTS:
REIT Real Estate Investment Trust
* Non-income producing security.
+ Denotes all or a portion of security on loan.
++ Security valued at fair value as determined by policies approved by the
board of directors.
** Security has been pledged as collateral for futures contracts.
++ Represents collateral received from securities lending transactions.
(delta) Security has no market value at 12/31/2004.
See accompanying notes to financial statements.
259
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--98.5%
Australia--5.0%
Alumina Ltd. 8,329 $ 38,389
Amcor Ltd. 6,291 36,058
AMP Ltd. 13,446 76,453
Ansell Ltd. 1,154 8,054
Aristocrat Leisure Ltd. 2,158 16,772
Australia & New Zealand
Banking Group Ltd. 13,540 217,925
Australian Gas Light
Company Ltd. 3,533 37,860
Australian Stock
Exchange Ltd. 780 12,445
AXA Asia Pacific Holdings Ltd. 5,067 16,290
BHP Billiton Ltd. 26,656 318,669
BHP Steel Ltd. 5,662 36,527
Boral Ltd. 4,574 24,631
Brambles Industries Ltd. 6,969 37,926
Centro Properties Group 5,747 25,940
Coca-Cola Amatil Ltd. 3,681 23,391
Cochlear Ltd. 439 8,666
Coles Myer Ltd. 7,980 61,463
Commonwealth Bank of
Australia 9,308 233,726
Commonwealth Property
Office Fund 9,253 9,047
Computershare Ltd. 2,776 12,298
CSL Ltd. 1,526 34,913
CSR Ltd. 6,117 12,718
DB RREEF Trust 19,850 20,461
Foster's Group Ltd. 14,474 65,556
Futuris Corporation Ltd. 4,426 7,477
Gandel Retail Trust 11,855 14,836
General Property Trust 13,929 40,701
Harvey Norman Holdings Ltd. 4,015 9,896
Iluka Resources Ltd. 1,488 7,316
ING Industrial Fund 5,066 8,558
Insurance Australia Group Ltd. 11,514 57,939
Investa Property Group 10,653 18,831
John Fairfax Holdings Ltd. 6,507 23,161
Leighton Holdings Ltd. 1,184 11,465
Lend Lease Corporation Ltd. 2,556 26,497
Lion Nathan Ltd. 1,979 13,291
Macquarie Bank Ltd. 1,651 60,144
Macquarie Goodman
Industrial Trust 12,713 23,554
Macquarie Infrastructure Group 15,137 40,193
Mayne Group Ltd. 4,793 15,959
Mirvac Group 5,744 22,002
National Australia Bank Ltd. 11,397 255,864
Newcrest Mining Ltd. 2,376 32,409
OneSteel Ltd. 3,740 7,510
Orica Ltd. 1,959 31,245
Origin Energy Ltd. 5,228 28,225
Pacific Brands Ltd. * 4,298 10,723
PaperlinX Ltd. 2,902 10,724
Patrick Corporation Ltd. 3,708 19,077
Perpetual Trustees
Australia Ltd. 289 14,214
Publishing & Broadcasting Ltd. 938 12,845
QBE Insurance Group Ltd. 4,936 59,323
Qantas Airways Ltd. 6,946 20,179
Rinker Group Ltd. 6,912 57,533
Rio Tinto Ltd. 2,297 70,385
Santos Ltd. 4,120 27,471
Sonic Healthcare Ltd. 1,750 16,679
Southcorp Ltd. * 4,808 16,162
Stockland 9,174 42,953
Suncorp-Metway Ltd. 3,892 52,972
Tabcorp Holdings Ltd. 3,875 52,418
Telstra Corporation Ltd. 15,486 59,172
Toll Holdings Ltd. 1,935 19,373
Transurban Group 3,694 19,343
Wesfarmers Ltd. 2,735 85,229
Westfield Group 10,715 137,475
Westpac Banking Corporation 13,250 200,847
WMC Resources Ltd. 9,020 50,785
Woodside Petroleum Ltd. 3,372 52,985
Woolworths Ltd. 7,707 90,519
------------
3,342,637
------------
AUSTRIA--0.4%
Bank Austria Creditanstalt AG 264 23,722
Boehler-Uddeholm 48 6,032
Erste Bank der
Oesterreichischen
Sparkassen AG 906 48,094
Flughafen Wien AG 67 5,042
IMMOFINANZ Immobilien
Anlagen AG * 1,708 16,234
Mayr-Melnhof Karton AG 31 5,238
OMV AG 128 38,313
RHI AG * 126 3,794
Telekom Austria AG 1,978 37,343
VA Technologie AG * 93 7,350
Verbund-Oesterreichische
Elektrizitaetswirtschafts AG
Class A 42 9,301
Voestalpine AG 181 13,965
Wienerberger AG 487 23,153
------------
237,581
------------
BELGIUM--1.3%
Agfa Gevaert NV 745 25,137
Barco NV 80 7,345
Bekaert SA 118 9,375
Belgacom SA * 1,179 50,658
Cofinimmo 39 6,340
Colruyt SA 113 18,278
Compagnie Maritime Belge SA 135 3,744
Delhaize Group 496 37,578
Dexia 4,605 105,386
D'ieteren NV 21 3,867
Electrabel SA 202 89,552
Euronav SA Private Equity 162 4,188
Fortis 8,702 239,401
Groupe Bruxelles Lambert SA 502 40,590
Interbrew 1,307 50,392
KBC Bancassurance Holding 783 59,752
Mobistar SA * 200 18,631
Omega Pharma SA 155 7,406
Solvay SA 454 49,751
UCB SA 630 31,842
Umicore 198 18,560
------------
877,773
------------
BERMUDA--0.1%
Cheung Kong Infrastructure
Holdings Ltd. 3,000 8,667
Frontline Ltd. ++ 315 14,451
Kerry Properties Ltd. 4,000 8,561
Orient Overseas
International Ltd. 2,000 7,583
SCMP Group Ltd. 8,000 3,323
Ship Finance International Ltd. 48 985
See accompanying notes to financial statements.
260
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
SmarTone
Telecommunications
Holdings Ltd. 3,000 $ 3,359
Yue Yuen Industrial Holdings 3,500 9,651
------------
56,580
------------
CAYMAN ISLANDS--0.0%
ASM Pacific Technology Ltd. 1,000 3,601
Hutchison Telecommunications
International Ltd. 11,000 9,906
------------
13,507
------------
DENMARK--0.7%
AP Moller-Maersk A/S 8 65,807
Bang & Olufsen A/S Class B 79 5,882
Coloplast A/S Class B 174 9,521
Danisco A/S 352 21,380
Danske Bank A/S 3,197 97,609
DSV DE Sammenslut
Vogn A/S 131 8,852
FLS Industries AS Class B * 149 2,786
GN Store Nord 1,531 16,418
H. Lundbeck A/S + 507 11,254
ISS A/S 355 19,729
Kobenhavns Lufthavne 36 7,618
NKT Holding A/S 179 5,193
Novo Nordisk A/S Class B 1,899 102,839
Novozymes A/S Class B 393 19,864
Ostasiatiske Kompagni 186 9,723
TDC A/S 1,406 59,323
Topdanmark A/S * 178 13,982
Vestas Wind Systems A/S *+ 1,166 14,421
William Demant Holding * 208 9,730
------------
501,931
------------
FINLAND--1.4%
Amer Group 519 9,010
Elisa Oyj Class A * 1,001 15,996
Fortum Oyj 2,490 45,777
KCI Konecranes Oyj 99 4,344
Kesko Oyj Class B 422 10,209
Kone Oyj Class B 292 22,509
Metso Oyj 826 13,016
Nokia Oyj 34,703 541,147
Nokian Renkaat Oyj 55 8,294
Orion-Yhtymae Oy Class B 552 8,868
Outokumpu Oyj 669 11,897
Pohjola Group PLC Class D 503 5,761
Rautaruukki Oyj 540 6,376
Sampo Oyj 2,449 33,710
Stora Enso Oyj Class R 4,546 68,938
Tietoenator Oyj 623 19,691
UPM-Kymmene Oyj 3,970 87,506
Uponor Oyj 478 8,867
Wartsila Oyj Class B 477 10,092
------------
932,008
------------
FRANCE--8.9%
Accor SA 1,417 61,782
Air France 924 17,542
Air Liquide 816 150,244
Alcatel SA *+ 9,056 140,509
Alstom * 34,410 26,094
Atos Origin * 326 22,054
Autoroutes du Sud de
la France 534 26,749
AXA 10,564 260,131
BNP Paribas 5,925 427,625
Bouygues SA + 1,444 66,426
Business Objects SA * 511 12,896
Cap Gemini SA * 898 28,644
Carrefour SA 4,268 202,415
Casino Guichard
Perrachon SA 237 18,897
Cie de Saint-Gobain 2,282 136,894
Cie Generale D'Optique
Essilor International SA 706 55,186
CNP Assurances 253 18,058
Credit Agricole SA 4,950 148,789
Dassault Systemes SA 398 20,002
France Telecom SA 11,020 362,557
Gecina SA 184 18,184
Groupe Danone 1,797 165,394
Hermes International 68 13,525
Imerys SA 229 19,135
Klepierre 170 14,983
LVMH Moet Hennessy
Louis Vuitton SA 1,829 139,510
Lafarge SA 1,261 121,196
Lagardere S.C.A. 916 65,855
L'Oreal SA 2,268 171,387
Michelin (C.G.D.E.) Class B 1,073 68,575
Pernod-Ricard 380 58,015
Peugeot SA 1,234 77,953
Pinault-Printemps-Redoute SA 484 48,233
Publicis Groupe 941 30,340
Renault SA 1,372 114,428
Sagem SA 640 13,601
Sanofi-Synthelabo SA 7,298 581,017
Schneider Electric SA 1,651 114,368
Societe BIC SA 239 11,979
Societe Generale Class A 2,485 250,492
Societe Television Francaise1 + 885 28,699
Sodexho Alliance SA 767 23,119
Suez SA 5,995 159,192
Technip SA 137 25,227
Thales SA 548 26,185
Thomson 1,716 45,124
Total SA 4,366 952,164
Unibail 312 48,943
Valeo SA 584 24,347
Veolia Environnement 1,911 68,898
Vinci SA 556 74,423
Vivendi Universal SA * 7,590 241,524
Zodiac SA 263 12,203
------------
6,031,712
------------
GERMANY--6.6%
Adidas-Salomon AG 334 53,788
Allianz AG 2,288 302,706
Altana AG 520 32,596
BASF AG 3,884 278,903
Bayer AG 4,903 165,634
Bayerische Hypo-und
Vereinsbank AG * 4,612 104,089
Beiersdorf AG 140 16,242
Carlsberg AS Class B 270 13,590
Celesio AG 236 19,152
Commerzbank AG * 3,252 66,854
Continental AG 878 55,579
DaimlerChrysler AG 6,407 306,141
Deutsche Bank AG 3,639 322,686
Deutsche Boerse AG 802 48,133
Deutsche Lufthansa AG * 1,800 25,719
See accompanying notes to financial statements.
261
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Deutsche Post AG 3,224 $ 73,763
Deutsche Telekom AG * 19,931 448,777
Douglas Holding AG 200 7,044
Epcos AG * 335 4,997
Fresenius Medical Care AG 282 22,637
HeidelbergCement AG 438 26,273
Hypo Real Estate Holding * 988 40,795
Infineon Technologies AG * 4,587 49,745
KarstadtQuelle AG 380 3,921
Linde AG 612 38,255
Man AG 809 31,036
Merck AG 352 24,147
Metro AG 1,053 57,841
MLP AG 447 8,809
Muenchener
Rueckversicherungs AG 1,373 168,341
Puma AG Rudolf Dassler Sport 118 32,340
RWE AG 2,906 160,181
SAP AG 1,527 269,650
Schering AG 1,201 89,066
Siemens AG 5,967 503,151
Suedzucker AG 346 7,168
ThyssenKrupp AG + 2,325 50,995
TUI AG 911 21,480
E.ON AG 4,635 419,529
Volkswagen AG 1,671 75,569
------------
4,447,322
------------
GREECE--0.5%
Alpha Bank AE 1,440 50,018
Coca Cola Hellenic Bottling
Company SA 600 14,568
Commercial Bank of Greece 400 12,624
Cosmote Mobile
Communications SA 860 17,163
EFG Eurobank Ergasias SA 1,340 45,834
Folli-Follie SA 100 2,921
Germanos SA 210 6,191
Hellenic Duty Free Shops SA 100 1,742
Hellenic Petroleum SA 700 7,557
Hellenic Technodomiki Tev SA 480 2,157
Hellenic Telecommunications
Organization SA 1,900 34,041
Hyatt Regency SA 300 3,404
Intracom SA 500 2,688
National Bank of Greece SA 1,920 63,187
OPAP SA 1,140 31,407
Piraeus Bank SA 1,300 22,637
Public Power Corporation 810 22,567
Technical Olympic SA 500 2,702
Titan Cement Company SA 400 11,802
Viohalco 700 6,348
------------
361,558
------------
HONG KONG--1.6%
Bank of East Asia Ltd. 9,600 29,826
BOC Hong Kong Holdings Ltd. 26,500 50,630
Cathay Pacific Airways Ltd. 8,000 15,180
Cheung Kong Holdings Ltd. 11,000 109,757
CLP Holdings Ltd. 13,000 74,805
Esprit Holdings Ltd. 6,500 39,285
Giordano International Ltd. 10,000 6,273
Hang Lung Properties Ltd. 14,000 21,639
Hang Seng Bank Ltd. 5,700 79,155
Henderson Land Development 5,000 25,995
Hong Kong & China Gas 26,000 53,745
Hong Kong Exchanges and
Clearing Ltd. 8,000 21,414
HongKong Electric Holdings 10,500 47,980
Hopewell Holdings Ltd. 4,000 10,264
Hutchison Whampoa Ltd. 16,000 149,894
Hysan Development
Company Ltd. 5,000 10,514
Johnson Electric Holdings Ltd. 10,000 9,707
Kingboard Chemicals
Holdings Company Ltd. 4,000 8,466
Kingboard Chemicals Holdings
Warrants, Expires 12/31/2006 200 106
Li & Fung Ltd. 12,000 20,188
MTR Corporation 9,500 15,205
New World Development Ltd. 15,600 17,450
PCCW Ltd. * 23,000 14,555
Shangri-La Asia Ltd. 8,000 11,473
Sino Land Company 8,000 7,876
Sun Hung Kai Properties Ltd. 10,000 100,081
Swire Pacific Ltd. Class A 7,000 58,660
Techtronic Industries
Company 6,000 13,077
Television Broadcasts Ltd. 2,000 9,301
Texwinca Holding
Company Ltd. 6,000 5,670
Wharf Holdings Ltd. 9,000 31,454
------------
1,069,625
------------
IRELAND--0.9%
Allied Irish Banks PLC 6,437 133,666
Bank of Ireland 7,173 119,054
CRH PLC 3,924 104,405
DCC PLC 599 13,346
Depfa Bank PLC 2,541 42,551
Elan Corporation PLC * 2,926 78,537
Fyffes PLC 2,423 6,314
Grafton Group PLC 1,408 15,246
Greencore Group PLC 1,189 4,850
Independent News & Media PLC 3,997 12,543
Irish Life & Permanent PLC 1,932 36,030
Kerry Group PLC Class A 1,024 24,432
Kingspan Group PLC 893 8,482
------------
599,456
------------
ITALY--4.2%
Alleanza Assicurazioni SpA 3,361 46,714
Arnoldo Mondadori
Editore SpA 910 10,447
Assicurazioni Generali SpA 7,130 240,966
Autogrill SpA * 788 13,098
Autostrade SpA 1,858 49,442
Banca Antonveneta SpA * 1,657 43,481
Banca Fideuram SpA 2,548 13,134
Banca Intesa SpA 24,311 116,323
Banca Intesa SpA 6,805 29,081
Banca Monte dei Paschi di
Siena SpA 8,655 30,731
Banca Nazionale Del
Lavoro SpA * 12,489 37,113
Banca Popolare di Milano Scrl 2,813 24,835
Banche Popolari Unite Scrl 2,435 49,316
Banco Popolare di Verona e
Novara Scrl 2,680 54,269
Benetton Group SpA 478 6,301
Bulgari SpA 1,022 12,562
Capitalia SpA 10,345 47,245
Edison SpA * 5,810 12,279
Enel SpA 27,241 266,651
See accompanying notes to financial statements.
262
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
ENI-Ente Nazionale
Idrocarburi SpA 19,353 $ 483,057
Fiat SpA * 4,053 32,339
FinecoGroup SpA * 1,170 8,990
Finmeccanica SpA 45,098 40,624
Gruppo Editoriale
L'Espresso SpA 1,158 6,945
Italcementi SpA 483 7,729
Luxottica Group SpA 1,102 22,312
Mediaset SpA 4,424 55,773
Mediobanca SpA 3,373 54,394
Mediolanum SpA 1,885 13,437
Pirelli & C SpA 12,885 17,260
Riunione Adriatica di
Sicurta SpA 2,184 49,175
Sanpaolo IMI SpA 7,436 106,270
Seat Pagine Gialle SpA * 29,520 13,385
Snam Rete Gas SpA 6,687 38,644
Telecom Italia Media SpA * 10,174 4,573
Telecom Italia RNC + 43,251 139,553
Telecom Italia SpA 62,973 255,993
TIM SpA + 29,021 215,472
Tiscali SpA * 1,909 7,030
UniCredito Italiano SpA 32,849 188,146
------------
2,865,089
------------
Japan--21.8%
77 Bank Ltd. (The) 2,000 14,135
Acom Company Ltd. 540 40,557
Aderans Company Ltd. 200 4,629
Advantest Corporation 500 43,097
Aeon Company Ltd. 4,300 71,782
Aeon Credit Service
Company Ltd. 200 14,888
Aiful Corporation 300 33,130
Aisin Seiki Company Ltd. 1,100 27,906
Ajinomoto Company Inc. 4,000 47,611
Alfresa Holdings Corporation 100 3,657
All Nippon Airways
Company Ltd. 4,000 13,945
Alps Electric Company Ltd. 1,000 14,959
Amada Company Ltd. 2,000 11,055
Anritsu Corporation 1,000 7,705
Aoyama Trading Company Ltd. 400 10,864
Ariake Japan Company Ltd. 120 2,887
Asahi Breweries Ltd. 2,800 34,725
Asahi Glass Company Ltd. 6,000 66,274
Asahi Kasei Corporation 9,000 45,165
Asatsu-DK, Inc. 200 5,649
Autobacs Seven Company Ltd. 200 5,855
Bandai Company Ltd. 500 11,353
Bank of Fukuoka Ltd. 4,000 26,409
Bank of Yokohama Ltd. (The) 9,000 56,653
Benesse Corporation 500 17,479
Bridgestone Corporation 5,000 99,674
Canon, Inc. 6,300 341,745
Capcom Company Ltd. 400 3,804
Casio Computer Company Ltd. 1,300 20,089
Central Glass Company Ltd. 1,000 7,090
Central Japan Railway Company 8 65,302
Chiba Bank Ltd. (The) 5,000 33,543
Chubu Electric Power
Company, Inc. 4,900 117,600
Chugai Pharmaceutical
Company Ltd. 2,100 34,717
Circle K Sunkus Company Ltd. 300 7,706
Citizen Watch Company Ltd. 2,000 19,241
Coca-Cola West Japan
Company Ltd. 300 7,697
COMSYS Holdings Corporation 1,000 9,290
Credit Saison Company Ltd. 1,000 36,540
CSK Corp. 500 22,806
Dai Nippon Printing
Company Ltd. 5,000 80,411
Daicel Chemical Industries Ltd. 2,000 11,343
Daiichi Pharmaceutical
Company Ltd. 1,700 36,856
Daikin Industries Ltd. 1,500 43,431
Daimaru, Inc. 1,000 8,173
Dainippon Ink & Chemical, Inc. 4,000 9,216
Dainippon Screen
Manufacturing Company Ltd. 1,000 6,148
Daito Trust Construction
Company Ltd. 600 28,488
Daiwa House Industry
Company Ltd. 4,000 45,513
Daiwa Securities Group, Inc. 9,000 65,013
Denki Kagaku Kogyo KK 3,000 10,003
Denso Corporation 3,900 104,814
Dentsu, Inc. 12 32,308
Dowa Mining Company Ltd. 2,000 13,053
East Japan Railway Company 25 139,113
Ebara Corporation 2,000 9,248
Eisai Company Ltd. 1,900 62,597
Electric Power
Development Company 1,000 27,978
Familymart Company Ltd. 400 11,655
Fanuc Ltd. 1,100 72,277
Fast Retailing Company Ltd. 400 30,529
Fuji Electric Holdings
Company Ltd. 3,000 8,090
Fuji Photo Film Company Ltd. 3,400 125,726
Fuji Soft ABC, Inc. 200 6,618
Fujikura Ltd. 2,000 9,249
Fujisawa Pharmaceutical
Company Ltd. 2,100 57,557
Fujitsu Ltd. 13,000 84,823
Furukawa Electric Company
Ltd. (The) * 4,000 22,231
Goodwill Group, Inc. (The) 2 4,930
Gunma Bank Ltd. 3,000 17,412
Gunze Ltd. 1,000 4,643
Hankyu Department Stores, Inc. 1,000 7,236
Hino Motors Ltd. 2,000 14,906
Hirose Electric Company Ltd. 230 26,965
Hitachi Cable Ltd. 1,000 4,723
Hitachi Chemical Company Ltd. 700 12,548
Hitachi Construction
Machinery Company Ltd. 700 9,601
Hitachi Credit Corporation 400 8,261
Hitachi Ltd. 24,000 167,236
Hitachi Software Engineering
Company Ltd. 200 4,564
Hokkaido Electric Power
Company, Inc. 1,200 23,604
Hokugin Financial Group, Inc. 7,000 19,195
Honda Motor Company Ltd. 5,600 292,464
House Foods Corporation 500 7,216
Hoya Corporation 800 90,293
Isetan Company Ltd. 1,100 12,862
Ishihara Sangyo Kaisha Ltd. 2,000 4,589
Ishikawajima-Harima Heavy
Industries Company Ltd. * 9,000 12,416
Ito En Ltd. 200 10,388
Itochu Corporation * 10,000 46,395
See accompanying notes to financial statements.
263
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Itochu Techno-Science
Corporation 200 $ 8,026
Ito-Yokado Company Ltd. 2,500 104,964
Jafco Company Ltd. 200 13,613
Japan Airlines
System Corporation *+ 5,000 14,490
Japan Real Estate Investment
Corporation REIT 1 8,433
Japan Retail Fund Investment
Corporation REIT 2 16,870
Japan Tobacco, Inc. 7 79,802
JFE Holdings, Inc. 3,900 111,312
JGC Corporation 1,000 9,161
Joyo Bank Ltd. 5,000 24,412
JSR Corporation 1,400 30,652
Kajima Corporation 7,000 30,171
Kaken Pharmaceutical
Company Ltd. 1,000 6,592
Kamigumi Company Ltd. 2,000 15,956
Kanebo Ltd. * 400 5,810
Kaneka Corporation 2,000 22,592
Kansai Electric Power
Company, Inc. (The) 5,400 109,753
Kansai Paint Company Ltd. 1,000 6,055
Kao Corporation 4,000 102,266
Katokichi Company Ltd. 300 6,002
Kawasaki Heavy
Industries Ltd. + 9,000 14,787
Kawasaki Kisen Kaisha Ltd. 3,000 19,245
Keihin Electric Express
Railway Company Ltd. 3,000 18,480
Keio Electric Railway
Company Ltd. 4,000 23,544
Keyence Corporation 300 67,308
Kikkoman Corporation 1,000 9,560
Kinden Corporation 1,000 7,496
Kinki Nippon Railway
Company Ltd. 11,000 37,982
Kirin Brewery Company Ltd. 5,000 49,306
Kobe Steel Ltd. 17,000 26,060
Kokuyo Company Ltd. 400 4,833
Komatsu Ltd. 7,000 49,058
Komori Corporation 430 6,263
Konami Corporation 600 13,935
Konica Corporation 3,000 39,999
Koyo Seiko Company Ltd. 1,000 14,123
Kubota Corporation 7,000 34,700
Kuraray Company Ltd. 2,500 22,436
Kuraya Sanseido, Inc. 600 6,737
Kurita Water Industries Ltd. 700 10,089
Kyocera Corporation 1,200 92,620
Kyowa Hakko Kogyo
Company Ltd. 3,000 22,607
Kyushu Electric Power
Company Inc. 2,900 58,612
Lawson, Inc. 400 14,763
Leopalace21 Corporation 800 14,095
Mabuchi Motor Company Ltd. 200 14,410
Makita Corporation 1,000 17,509
Marubeni Corporation 9,000 24,910
Marui Company Ltd. 2,400 32,224
Matsumotokiyoshi
Company Ltd. 300 8,549
Matsushita Electric Industrial
Company Ltd. 16,000 256,096
Matsushita Electric Works Ltd. 2,000 17,441
Meiji Dairies Corporation 2,000 11,893
Meiji Seika Kaisha Ltd. 2,000 9,245
Meitec Corporation 300 11,188
Millea Holdings, Inc. 11 163,729
Minebea Company Ltd. 2,000 8,724
Mitsubishi Chemical
Corporation 12,000 36,476
Mitsubishi Corporation 8,000 103,363
Mitsubishi Electric Corporation 13,000 63,731
Mitsubishi Estate Company Ltd. 7,000 82,149
Mitsubishi Gas Chemical
Company, Inc. 3,000 14,153
Mitsubishi Heavy
Industries Ltd. 21,000 59,743
Mitsubishi Logistics
Corporation 1,000 9,898
Mitsubishi Materials
Corporation 6,000 12,583
Mitsubishi Rayon Company Ltd. 4,000 14,585
Mitsubishi Tokyo Financial
Group, Inc. 34 347,848
Mitsui & Company Ltd. 9,000 80,966
Mitsui Chemicals, Inc. 4,000 21,754
Mitsui Engineering &
Shipbuilding Company Ltd. 4,000 6,823
Mitsui Fudosan Company Ltd. 5,000 60,829
Mitsui Mining & Smelting
Company Ltd. 4,000 17,642
Mitsui O.S.K. Lines Ltd. 7,000 41,984
Mitsui Sumitomo Insurance
Company Ltd. 10,000 87,101
Mitsui Trust Holdings, Inc. 4,000 40,196
Mitsukoshi Ltd. 3,000 14,605
Mitsumi Electric Company Ltd. 400 4,598
Mizuho Financial Group, Inc. 58 293,642
Murata Manufacturing
Company Ltd. 1,700 95,139
NEC Corporation 12,000 74,726
NTT DoCoMo, Inc. 150 276,909
Namco Ltd. 500 6,557
NEC Electronics Corporation 300 14,671
NET One Systems Company Ltd. 4 16,693
NGK Insulators Ltd. 2,000 19,138
NGK Spark Plug Company Ltd. 1,000 10,351
Nichii Gakkan Company 200 6,497
Nichirei Company 2,000 7,977
Nidec Corporation 400 48,923
Nikko Cordial Corporation 12,000 63,607
Nikon Corporation + 2,000 24,774
Nintendo Company Ltd. 700 88,126
Nippon Building Fund, Inc. REIT 2 17,043
Nippon Express Company Ltd. 6,000 29,653
Nippon Kayaku Company Ltd. 1,000 5,589
Nippon Light Metal
Company Ltd. 3,000 7,588
Nippon Meat Packers, Inc. 1,000 13,537
Nippon Mining Holdings, Inc. 6,000 28,139
Nippon Oil Corporation 9,000 57,617
Nippon Sanso Corporation 2,000 11,740
Nippon Sheet Glass
Company Ltd. 3,000 12,431
Nippon Shokubai
Company Ltd. 1,000 8,656
Nippon Steel Corporation 45,000 110,363
Nippon Telegraph &
Telephone Corporation 39 176,327
Nippon Unipac Holding 7 31,511
Nippon Yusen Kabushiki Kaisha 7,000 37,670
Nishimatsu Construction
Company Ltd. 2,000 6,965
Nissan Chemical Industries Ltd. 1,000 7,889
See accompanying notes to financial statements.
264
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- ---------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Nissan Motor Company Ltd. 18,500 $ 203,425
Nisshin Seifun Group, Inc. 1,000 11,129
Nisshin Steel Company Ltd. 6,000 13,808
Nisshinbo Industries, Inc. 1,000 7,507
Nissho Iwai-Nichimen
Holdings Corporation * 1,500 6,489
Nissin Food Products
Company Ltd. 600 15,029
Nitori Company Ltd. 100 6,517
Nitto Denko Corporation 1,200 65,818
NOK Corporation 700 21,920
Nomura Holdings, Inc. 14,000 204,544
Nomura Research
Institute Ltd. 170 15,921
NSK Ltd. 3,000 15,111
NTN Corporation 3,000 17,238
NTT Data Corporation 9 29,231
Obayashi Corporation 4,000 25,206
Obic Company Ltd. 100 19,845
Odakyu Electric Railway
Company Ltd. 5,000 28,992
Oji Paper Company Ltd. 6,000 34,446
Oki Electric Industry
Company Ltd. * 4,000 17,233
Okumura Corporation 1,000 6,326
Olympus Corporation 2,000 42,785
Omron Corporation 1,500 35,757
Onward Kashiyama
Company Ltd. 1,000 14,530
Oracle Corporation 200 10,373
Oriental Land Company Ltd. 400 27,784
ORIX Corporation 600 82,029
Osaka Gas Company Ltd. 15,000 46,873
Pioneer Corporation 1,200 23,552
Promise Company Ltd. 660 47,209
Q.P. Corporation 800 6,950
Rakuten, Inc. 3 3,430
Rakuten, Inc. 27 24,215
Resona Holdings, Inc. * 34,000 69,312
Ricoh Company Ltd. 5,000 96,775
Rinnai Corporation 300 8,037
Rohm Company Ltd. 800 82,935
Ryohin Keikaku Company Ltd. 200 10,035
Saizeriya Company Ltd. 200 3,419
Sanden Corporation 1,000 6,185
Sanken Electric Company Ltd. 1,000 13,102
Sankyo Company Ltd. 400 20,216
Sankyo Company Ltd. 2,700 61,068
Sanwa Shutter Corporation 1,000 5,604
Sanyo Electric Company Ltd. 11,000 37,948
Sapporo Breweries Ltd. 2,000 9,464
Secom Company Ltd. 1,500 60,238
Sega Sammy Holdings, Inc. *+ 524 28,759
Seiko Epson Corporation 700 31,177
Seino Transportation
Company Ltd. 1,000 9,396
Sekisui Chemical
Company Ltd. 3,000 21,954
Sekisui House Ltd. 4,000 46,644
Seven-Eleven Japan
Company Ltd. 2,700 85,127
Sharp Corporation 7,000 114,486
Shimachu Company Ltd. 300 7,443
Shimamura Company Ltd. 100 7,305
Shimano, Inc. 500 14,232
Shimizu Corporation 4,000 20,061
Shin-Etsu Chemical
Company Ltd. 2,700 110,895
Shinsei Bank Ltd. 4,000 27,250
Shionogi & Company Ltd. 2,000 27,689
Shiseido Company Ltd. 3,000 43,439
Shizuoka Bank Ltd. 4,000 38,067
Showa Denko KK 7,000 18,063
Showa Shell Sekiyu KK 1,000 9,099
Skylark Company Ltd. 500 8,577
SMC Corporation 400 45,861
Snow Brand Milk Products
Company Ltd. * 1,500 4,609
Softbank Corporation + 1,700 82,802
Sompo Japan Insurance, Inc. 6,000 61,321
Sony Corporation 6,900 269,122
Stanley Electric Company Ltd. 1,100 18,869
Sumitomo Bakelite
Company Ltd. 1,000 6,312
Sumitomo Chemical
Company Ltd. 10,000 48,968
Sumitomo Corporation 7,000 60,472
Sumitomo Electric
Industries Ltd. 5,000 54,649
Sumitomo Heavy
Industries Ltd. * 4,000 14,911
Sumitomo Metal
Industries Ltd. 26,000 35,303
Sumitomo Metal Mining
Company Ltd. 4,000 28,507
Sumitomo Mitsui Financial
Group, Inc. + 30 219,029
Sumitomo Osaka Cement
Company Ltd. 2,000 4,918
Sumitomo Realty &
Development Company Ltd. 3,000 39,094
Sumitomo Trust & Banking
Company Ltd. (The) 9,000 65,177
Suruga Bank Ltd. (The) 2,000 15,992
Suzuken Company Ltd. 360 9,705
T&D Holdings, Inc. * 1,300 62,053
TDK Corporation 900 66,917
Taiheiyo Cement Corporation 6,000 14,963
Taisei Corporation 6,000 23,364
Taisho Pharmaceutical
Company Ltd. 1,300 28,311
Taiyo Yuden Company Ltd. 1,000 11,656
Takara Holdings, Inc. 1,000 6,511
Takashimaya Company Ltd. 2,000 19,294
Takeda Chemical Industries Ltd. 6,620 333,895
Takefuji Corporation 500 33,778
Takuma Co Ltd. 1,000 7,891
Teijin Ltd. 6,000 26,040
Teikoku Oil Company Ltd. 1,000 5,554
Terumo Corporation 1,300 35,121
THK Company Ltd. 600 11,892
TIS, Inc. 300 13,137
Tobu Railway Company Ltd. 6,000 22,854
Toda Corporation 1,000 4,880
Toho Company Ltd. 900 14,233
Tohoku Electric Power
Company Inc. 3,200 57,481
Tokyo Broadcasting System 200 3,253
Tokyo Electric Power
Company, Inc. (The) 8,600 211,193
Tokyo Electron Ltd. 1,300 80,548
Tokyo Gas Company Ltd. 19,000 77,866
Tokyo Style Company Ltd. 1,000 11,728
Tokyu Corporation 7,000 37,829
Tokyu Land Corporation 2,000 8,350
See accompanying notes to financial statements.
265
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
TonenGeneral Sekiyu KK 2,000 $ 18,180
Toppan Printing Company Ltd. 4,000 44,484
Toray Industries, Inc. 9,000 42,148
Toshiba Corporation 21,000 90,331
Tosoh Corporation 3,000 13,475
Tostem Inax Holding
Corporation 1,800 32,689
Toto Ltd. 2,000 19,100
Toyo Seikan Kaisha Ltd. 1,000 18,459
Toyo Suisan Kaisha Ltd. 1,000 14,701
Toyobo Company Ltd. 4,000 9,648
Toyoda Gosei Company Ltd. 500 10,180
Toyota Industries Corporation 1,500 37,463
Toyota Motor Corporation 21,500 881,404
Trend Micro, Inc. 1,000 54,303
Ube Industries Ltd. * 6,000 10,121
UFJ Holdings, Inc. * 29 177,392
Uni-Charm Corporation 300 14,398
UNY Company Ltd. 1,000 11,443
Ushio, Inc. 1,000 18,690
USS Company Ltd. 150 12,582
Wacoal Corp. 1,000 12,026
West Japan Railway Company 13 52,529
World Company Ltd. 300 10,535
Yahoo Japan Corporation * 14 67,054
Yakult Honsha Company Ltd. 1,000 17,786
Yamada Denki Company Ltd. 600 25,736
Yamaha Corporation 1,100 16,837
Yamaha Motor Company Ltd. 1,200 18,019
Yamanouchi Pharmaceutical
Company Ltd. 2,300 89,657
Yamato Transport Company Ltd. 3,000 44,581
Yamazaki Baking Company Ltd. 1,000 9,312
Yokogawa Electric Corporation 2,000 26,823
Zeon Corporation 1,000 8,391
------------
14,668,997
------------
LUXEMBOURG--0.1%
Arcelor 3,484 79,998
------------
NETHERLANDS--5.0%
ABN AMRO Holding NV 11,638 307,152
ASM Lithography
Holdings NV *+ 3,660 58,253
Aegon NV 10,282 139,364
Akzo Nobel NV 2,024 85,853
Corio NV 334 19,457
DSM NV 580 37,350
Euronext NV 733 22,299
European Aeronautic Defense
and Space Company 1,751 50,590
Getronics NV * 3,854 8,763
Hagemeyer NV * 3,765 8,661
Heineken NV 1,835 60,789
IHC Caland NV 248 15,647
ING Groep NV 13,745 413,913
James Hardie Industries NV 3,368 17,652
Royal KPN NV 14,876 140,928
Koninklijke Ahold NV * 11,271 86,970
Koninklijke Philips
Electronics NV 9,805 258,743
Oce NV 599 9,122
Qiagen NV *+ 875 9,527
Randstad Holding NV 330 12,907
Reed Elsevier NV 5,238 71,236
Rodamco Europe NV 318 25,069
Royal Dutch
Petroleum Company 15,485 884,993
Royal Numico NV * 1,103 39,536
STMicroelectronics NV 4,263 82,623
TPG NV 2,742 74,142
Unilever NV 4,251 283,491
VNU NV 1,818 53,388
Vedior NV 1,288 20,864
Wereldhave NV 171 18,465
Wolters Kluwer NV 2,098 41,853
------------
3,359,600
------------
NEW ZEALAND--0.2%
Auckland International
Airport Ltd. 1,563 8,992
Carter Holt Harvey Ltd. 4,104 6,132
Contact Energy Ltd. 2,322 10,712
Fisher & Paykel Appliances
Holdings Ltd. 1,564 4,848
Fisher & Paykel Healthcare
Corporation 2,900 6,778
Fletcher Building Ltd. 3,485 16,619
Independent Newspapers Ltd. 1,009 4,184
NGC Holdings, Ltd. 1,178 2,634
Sky City Entertainment
Group Ltd. 3,532 13,690
Sky Network Television Ltd. * 700 3,103
Telecom Corp. of New
Zealand Ltd. 14,500 64,106
Tower Ltd. * 2,194 3,388
Warehouse Group Ltd. 1,485 3,885
Waste Management NZ Ltd. 778 3,172
------------
152,243
------------
NORWAY--0.6%
DNB NOR ASA 5,078 49,927
Norsk Hydro ASA 1,056 82,738
Norske Skogindustrier ASA 816 17,557
Orkla ASA 1,444 47,311
Petroleum Geo-Services ASA * 138 8,566
Schibsted ASA 367 10,353
Smedvig ASA 200 3,355
Statoil ASA
3,974 62,518
Storebrand 1,660 15,966
Tandberg ASA 985 12,202
Telenor ASA
5,900 53,429
Tomra Systems ASA 1,398 7,619
Yara International ASA * 1,525 19,965
------------
391,506
------------
PORTUGAL--0.3%
Banco BPI SA 2,502 10,074
Banco Comercial Portugues
SA Class R 13,910 35,548
Banco Espirito Santo SA 871 15,659
Brisa-Auto Estradas de
Portugal SA 2,541 23,184
Cimpor Cimentos de
Portugal SA 1,457 8,170
Electricidade de Portugal SA 16,020 48,276
Jeronimo Martins SGPS SA * 328 4,297
PT Multimedia Servicos de
Telecomunicacoes e
Multimedia SGPS SA 312 7,791
Portugal Telecom SGPS SA 6,083 74,743
Sonae SGPS SA 5,856 8,462
------------
236,204
------------
See accompanying notes to financial statements.
266
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
SINGAPORE--0.8%
Allgreen Properties Ltd. 4,000 $ 2,648
Ascendas Real Estate
Investment Trust REIT 3,000 3,147
Ascendas Real Estate
Investment Trust REIT 300 301
Capitaland Ltd. 8,000 10,447
CapitaMall Trust REIT 5,000 5,394
Chartered Semiconductor
Manufacturing Ltd. * 7,000 4,212
City Developments Ltd. 3,000 13,069
ComfortDelgro Corporation Ltd. 15,000 14,274
Creative Technology Ltd 400 5,986
DBS Group Holdings Ltd. 8,000 78,831
Datacraft Asia Ltd. * 1,000 1,080
Fraser & Neave Ltd. 1,000 9,988
Haw Par Corporation Ltd. 1,000 3,155
Jardine Cycle & Carriage Ltd. 1,000 6,490
Keppel Corporation Ltd. 4,000 21,075
Keppel Land Ltd. 4,000 5,513
Neptune Orient Lines Ltd. 4,000 7,357
Oversea-Chinese
Banking Corporation 8,000 66,126
Parkway Holdings Ltd. 3,000 2,757
Sembcorp Industries Ltd. 5,000 4,955
SembCorp Logistics Ltd. 3,000 3,157
SembCorp Marine Ltd. 4,000 3,339
Singapore Airlines Ltd. 4,000 27,915
Singapore Exchange Ltd. 6,000 6,578
Singapore Land Ltd. 1,000 2,903
Singapore Post Ltd. 10,000 5,453
Singapore Press Holdings Ltd. 11,500 32,370
Singapore Technologies
Engineering Ltd. 9,000 12,831
Singapore
Telecommunications Ltd. 48,220 70,249
SMRT Corp Ltd. 6,000 3,228
ST Assembly Test
Services Ltd. * 7,000 4,338
United Overseas Bank Ltd. 9,000 76,007
United Overseas Land Ltd. 2,000 2,472
Venture Corporation Ltd. 2,000 19,515
------------
537,160
------------
SPAIN--4.0%
Abertis Infraestructuras SA 1,949 42,632
Acciona SA 214 18,822
Acerinox SA 1,463 23,311
ACS Actividades Construccion
y Servicios 2,002 45,409
Altadis SA 1,957 89,072
Amadeus Global Travel
Distribution Class A 2,355 24,060
Antena 3 Television SA * 167 11,975
Banco Bilbao Vizcaya
Argentaria SA 23,962 423,186
Banco Popular Espanol SA 1,210 79,334
Banco Santander Central
Hispano SA 44,170 545,404
Cintra Concesiones de
Infraestructuras de
Transporte SA 1,515 16,568
Corporacion Mapfre SA 836 12,259
Endesa SA 7,106 165,574
Fomento de Construcciones Y
Contratas SA 322 15,408
Gamesa Corporation
Tecnologica SA 762 10,598
Gas Natural SDG SA 1,127 34,643
Grupo Ferrovial SA 495 26,310
Iberdrola SA 5,676 143,382
Iberia Lineas Aereas
de Espana 3,530 12,172
Inditex SA 1,577 46,272
Indra Sistemas SA 873 14,816
Metrovacesa SA 268 12,358
NH Hoteles SA 695 9,164
Promotora de Informaciones SA 556 11,729
Repsol YPF SA 6,828 176,860
Sacyr Vallehermoso SA 747 12,257
Sociedad General de Aguas
de Barcelona SA Class B 378 7,846
Sogecable SA * 258 11,400
Telefonica Publicidad e
Informacion SA 1,268 11,689
Telefonica SA 33,167 621,111
Union Fenosa SA 1,531 40,002
Zeltia SA 1,200 8,362
------------
2,723,985
------------
SWEDEN--2.5%
Alfa Laval AB 708 11,427
Assa Abloy AB Class B 2,282 38,846
Atlas Copco AB Class A 849 38,272
Atlas Copco AB Class B 502 20,935
Axfood AB 275 9,301
Billerud AB 333 5,918
Capio AB * 590 6,998
Castellum AB 297 10,632
D Carnegie AB 350 4,525
Electrolux AB Class B 2,141 48,985
Elekta AB Class B * 175 5,036
Eniro AB 1,320 13,474
Gambro AB Class A 1,194 17,007
Gambro AB Class B 606 8,497
Getinge AB 1,188 14,759
Hennes & Mauritz AB Class B * 3,546 123,188
Hoganas AB Class B 196 5,251
Holmen AB Class B 341 11,766
Lundin Petroleum AB * 1,245 7,099
Modern Times Group AB
Class B * 430 11,696
Nordea Bank AB 16,240 163,491
OMHEX AB * 585 7,492
Oriflame Cosmetics SA SDR 210 4,873
Sandvik AB 1,673 67,256
SAS AB * 478 4,312
Scania AB Class B 704 27,812
Securitas AB Class B 2,288 39,178
Skandia Forsakrings AB 7,814 38,826
Skandinaviska Enskilda
Banken AB Class A 3,530 68,224
Skanska AB Class B 2,812 33,680
SKF AB Class B 733 32,605
Ssab Svenskt Stal AB Class A 467 11,217
Ssab Svenskt Stal AB Class B 223 5,243
Svenska Cellulosa AB Class B 1,410 60,089
Svenska Handelsbanken AB
Class A 3,806 98,986
Swedish Match AB 2,419 27,944
Tele2 AB Class B 765 29,994
See accompanying notes to financial statements.
267
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Telefonaktiebolaget LM
Ericsson Class B * 107,171 $ 337,091
TeliaSonera AB 13,929 83,097
Trelleborg AB Class B 495 8,395
Volvo AB Class A 757 28,834
Volvo AB Class B 1,697 67,099
Wihlborgs Fastigheter AB 550 11,578
WM-data AB Class B 2,069 4,475
------------
1,675,403
------------
SWITZERLAND--6.8%
ABB Ltd. * 13,514 75,740
Adecco SA 984 49,430
Ciba Specialty Chemicals AG * 520 39,418
Clariant AG 1,686 27,034
Compagnie Financiere
Richemont AG Class A 3,922 130,202
Credit Suisse Group * 8,458 354,575
Geberit AG 24 17,454
Givaudan 53 34,701
Holcim Ltd. 1,178 70,578
Kudelski SA * 295 10,788
Kuoni Reisen Holding 19 8,301
Logitech International SA * 302 18,312
Lonza Group AG 306 17,119
Micronas Semiconductor
Holdings AS * 231 11,236
Nestle SA 2,999 780,565
Nobel Biocare Holding AG 168 30,274
Novartis AG 17,701 888,349
Phonak Holding AG 314 10,291
Rieter Holding AG 37 10,678
Roche Holding AG 5,228 598,430
Schindler Holding AG 35 13,766
Serono SA Class B 48 31,353
SGS SA 30 20,903
Straumann Holding AG 65 13,385
Sulzer AG 31 12,264
Swatch Group AG 503 14,886
Swatch Group AG Class B 243 35,471
Swiss Reinsurance 2,365 167,810
Swisscom AG 194 76,077
Syngenta AG 774 81,891
Synthes, Inc. * 331 36,929
UBS AG 7,945 664,162
Unaxis Holding AG Class R 88 8,713
Valora Holding AG 26 6,365
Zurich Financial Services AG * 1,072 178,007
------------
4,545,457
------------
United Kingdom--24.8%
3i Group PLC 4,621 58,803
Aegis Group PLC 8,224 16,972
Aggreko PLC 1,629 5,229
Alliance Unichem PLC 1,925 27,763
Amec PLC 2,129 12,108
Amvescap PLC 5,554 34,177
Anglo American PLC 10,566 248,776
ARM Holdings PLC 10,315 21,642
Arriva PLC 1,360 14,059
Associated British Ports
Holdings PLC 2,354 21,398
AstraZeneca PLC 12,387 447,959
Aviva PLC 16,857 202,251
BAA PLC 7,952 88,825
BG Group PLC 26,340 178,615
BOC Group PLC 3,747 71,254
BAE Systems PLC 22,723 100,166
Balfour Beatty PLC 3,420 20,618
Barclays PLC 48,000 540,214
Barratt Developments PLC 1,718 19,585
BBA Group PLC 3,284 17,948
Bellway PLC 774 12,076
Berkeley Group Holdings PLC 754 11,686
BHP Billiton PLC 18,386 214,393
Boots Group PLC 5,715 71,632
BP PLC 161,354 1,566,656
BPB PLC 3,835 34,775
Brambles Industries PLC 5,164 25,714
British Airways PLC * 3,995 17,964
British American Tobacco PLC 12,048 207,726
British Land Company PLC 3,821 65,470
British Sky Broadcasting PLC 9,341 100,563
BT Group PLC 63,712 248,256
Bunzl PLC 3,501 29,143
Cable & Wireless PLC * 17,178 39,172
Cadbury Schweppes PLC 15,443 143,469
Capita Group PLC 4,746 33,160
Carnival PLC 1,275 77,621
Cattles PLC 2,333 16,383
Centrica PLC 28,560 129,059
Close Brothers Group PLC 821 11,530
Cobham PLC 891 21,087
Compass Group PLC 16,076 75,631
Cookson Group PLC * 12,582 8,538
Corus Group PLC * 31,015 30,052
Daily Mail and General Trust
NV Class A 2,222 31,524
Davis Service Group PLC 1,505 11,813
De La Rue PLC 1,297 8,610
Diageo PLC 22,726 323,893
Dixons Group PLC 13,889 40,348
Eircom Group PLC * 3,000 7,025
Electrocomponents PLC 3,256 17,717
Emap PLC 1,843 28,757
EMI Group PLC 5,647 28,652
Enterprise Inns PLC 2,583 39,221
Exel PLC 2,318 32,097
FirstGroup PLC 3,209 21,446
FKI PLC 4,542 10,109
Friends Provident PLC 14,671 43,216
GKN PLC 5,671 25,678
GlaxoSmithKline PLC 43,783 1,025,735
Great Portland Estates PLC 1,047 6,579
Group 4 Securicor PLC * 8,369 22,446
GUS PLC 7,554 135,570
HSBC Holdings PLC 82,347 1,384,376
Hammerson PLC 2,153 35,841
Hanson PLC 5,460 46,692
Hays PLC 13,265 31,507
HBOS PLC 28,951 469,539
Hilton Group PLC 11,456 62,344
HMV Group PLC 2,784 13,837
ICAP PLC 3,451 17,893
Imi PLC 2,470 18,565
Imperial Chemical
Industries PLC 8,573 39,443
Imperial Tobacco Group PLC 5,388 147,218
Inchcape PLC 553 20,670
Intercontinental Hotels
Group PLC 4,779 59,133
International Power PLC * 11,189 33,073
Intertek Testing Services Ltd. 1,272 17,145
See accompanying notes to financial statements.
268
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND SHARES VALUE
- ----------------------------------------------------------------------------
COMMON STOCKS--(CONTINUED)
Invensys PLC * 43,259 $ 12,831
ITV PLC 31,103 62,589
J Sainsbury PLC 9,826 50,807
J Sainsbury PLC,
Deferred Shrs *++(delta) 9,899 --
Johnson Matthey PLC 1,624 30,681
Kelda Group PLC 2,708 32,775
Kesa Electricals PLC 4,193 22,622
Kidde PLC 5,897 18,816
Kingfisher PLC 17,377 102,940
Legal & General Group PLC 48,448 101,860
Liberty International PLC 1,843 34,194
Lloyds TSB Group PLC 41,642 377,796
LogicaCMG PLC 5,843 21,525
London Stock Exchange PLC 1,805 20,092
Man Group PLC 2,016 56,768
Marconi Corporation PLC * 1,486 15,964
Marks & Spencer Group PLC 12,252 80,375
Meggitt PLC 3,107 15,564
MFI Furniture Group PLC 5,133 12,136
Misys PLC 3,985 15,977
Mitchells & Butlers PLC 3,717 24,156
National Express Group PLC 994 15,717
National Grid Transco PLC 23,008 218,619
Next PLC 1,969 62,153
Novar PLC 3,282 11,799
Pearson PLC 5,819 69,928
Peninsular and Oriental Steam
Navigation Company (The) 5,642 32,147
Persimmon PLC 2,145 28,369
Pilkington PLC 7,452 15,680
Premier Farnell PLC 3,094 10,121
Provident Financial PLC 1,810 23,300
Prudential PLC 17,602 152,262
Punch Taverns PLC 1,824 24,098
Rank Group PLC 4,373 22,072
Reckitt Benckiser PLC 4,423 133,111
Reed Elsevier PLC 9,502 87,395
Rentokil Initial PLC 13,747 38,804
Reuters Group PLC 10,397 74,715
Rexam PLC 3,948 34,822
Rio Tinto PLC 7,951 234,013
RMC Group PLC 1,916 30,982
Rolls-Royce Group PLC 11,908 56,164
Royal & Sun Alliance
Insurance Group PLC 22,489 33,464
Royal Bank of Scotland
Group PLC 23,327 781,738
SABMiller PLC 5,957 98,456
Sage Group PLC 9,194 35,590
Schroders PLC 894 12,859
Scottish & Newcastle PLC 6,065 50,517
Scottish & Southern Energy PLC 6,398 106,688
Scottish Power PLC 13,798 106,464
Serco Group PLC 3,157 14,493
Severn Trent PLC 2,602 48,131
Shell Transport & Trading
Company PLC 71,593 611,224
Signet Group PLC 13,528 28,507
Slough Estates PLC 3,266 34,315
Smith & Nephew PLC 6,973 71,195
Smiths Group PLC 4,068 63,947
SSL International PLC 1,427 8,601
Stagecoach Group PLC 6,784 14,776
Stratex Networks, Inc. 3,386 90,623
Tate & Lyle PLC 2,929 26,460
Taylor Woodrow PLC 4,058 21,141
Tesco PLC 57,589 354,563
Tomkins PLC 6,024 29,324
Trinity Mirror PLC 2,300 28,031
Unilever PLC 20,617 201,823
United Business Media PLC 2,511 23,086
United Utilities PLC 4,157 50,032
United Utilities PLC Class A 2,308 19,763
Vodafone Group PLC 491,561 1,334,525
WPP Group PLC 8,394 91,846
Whitbread PLC 2,136 34,585
William Hill PLC 2,951 31,907
Wimpey (George) PLC 2,759 21,299
Wolseley PLC 4,319 80,418
Yell Group PLC 5,034 42,395
------------
16,687,355
------------
TOTAL COMMON STOCKS
(Cost $44,906,048) 66,394,687
------------
PREFERRED STOCKS--0.2%
GERMANY--0.2%
Fresenius Medical Care AG 200 11,561
Henkel KGaA 432 37,477
Porsche AG 58 36,802
ProSieben SAT.1 Media AG + 563 10,305
RWE AG 269 12,469
Volkswagen AG 764 25,272
------------
TOTAL PREFERRED STOCKS
(Cost $115,885) 133,886
------------
COUPON MATURITY
RATE DATE FACE VALUE
- --------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--0.2%
U.S. TREASURY BILLS--0.2%
U.S. Treasury Bill
2.155% 03/17/2005
(Cost $139,371) $140,000 139,371
---------
SHARES VALUE
- ---------------------------------------------------
RIGHTS--0.0%
BELGIUM--0.0%
Colruyt SA Rights,
Expires 3/31/2005 113 164
------
ITALY--0.0%
Terna SpA Rights 7,971 22,764
------
TOTAL RIGHTS
(Cost $18,422) 22,928
------
See accompanying notes to financial statements.
269
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS
EQUITY INDEX FUND
COUPON MATURITY
RATE DATE FACE VALUE
- -------------------------------------------------------------------------------------------------
CASH EQUIVALENTS--1.6%
INSTITUTIONAL MONEY MARKET FUNDS--0.1%
BGI Institutional Fund
2.255% 01/03/2005 ++ $ 72,581 $ 72,581
Merrill Lynch Premier Institutional Fund
2.140% 01/03/2005 ++ 18,820 18,820
Merrimac Cash Fund-Premium Class
1.758% 01/03/2005 ++ 17,364 17,364
------------
108,765
------------
BANK & CERTIFICATE DEPOSITS/OFFSHORE
TIME DEPOSITS--1.4%
Bank of America
2.300% 06/09/2005 ++ 20,928 20,928
Bank of America
2.270% 03/03/2005 ++ 4,353 4,353
Bank of America
2.270% 01/18/2005 ++ 8,371 8,371
Bank of Montreal
2.260% 01/28/2005 ++ 435 435
Bank of Nova Scotia
2.330% 01/24/2005 ++ 42,066 42,066
Bank of Nova Scotia
2.330% 01/13/2005 ++ 12,975 12,975
Bank of Nova Scotia
2.320% 02/08/2005 ++ 25,114 25,114
BNP Paribas
2.295% 02/23/2005 ++ 8,371 8,371
Calyon
2.340% 02/02/2005 ++ 8,371 8,371
Calyon
2.270% 01/20/2005 ++ 20,928 20,928
Canadian Imperial Bank of Commerce
2.023% 11/04/2005 ++ 29,299 29,299
Citigroup
2.080% 01/28/2005 ++ 25,114 25,114
Credit Suisse First Boston Corporation
2.353% 01/03/2005 ++ 41,856 41,856
Credit Suisse First Boston Corporation
2.330% 09/09/2005 ++ 8,371 8,371
Delaware Funding Corporation
2.235% 01/04/2005 ++ 17,583 17,583
Den Danske Bank
2.260% 01/20/2005 ++ 50,227 50,227
Dexia Group
2.040% 01/21/2005 ++ 419 419
Falcon Asset Securitization Corporation
2.238% 01/18/2005 ++ 20,928 20,928
Fortis Bank
2.260% 01/05/2005 ++ 37,671 37,671
Fortis Bank
2.140% 01/12/2005 ++ 20,928 20,928
General Electric Capital Corporation
2.295% 01/10/2005 ++ 25,114 25,114
General Electric Capital Corporation
2.294% 01/21/2005 ++ 20,863 20,863
Goldman Sachs Group, Inc.
2.353% 01/03/2005 ++ 167,426 167,426
Goldman Sachs Group, Inc.
2.340% 03/29/2005 ++ 12,557 12,557
Goldman Sachs Group, Inc.
2.330% 01/27/2005 ++ 16,743 16,743
Greyhawk Funding
2.349% 02/08/2005 ++ 12,557 12,557
Lloyds TSB Bank
2.280% 02/02/2005 ++ 12,557 12,557
Merrill Lynch & Company, Inc.
2.353% 01/03/2005 ++ 84,550 84,550
Paradigm Funding LLC
2.245% 01/03/2005 ++ 8,283 8,283
Royal Bank of Canada
2.260% 02/01/2005 ++ 8,204 8,204
Royal Bank of Canada
2.250% 01/19/2005 ++ 5,860 5,860
Royal Bank of Scotland
2.360% 02/17/2005 ++ 41,856 41,856
Sheffield Receivables Corporation
2.255% 01/03/2005 ++ 28,379 28,379
Svenska Handlesbanken
2.250% 01/10/2005 ++ 12,557 12,557
Wells Fargo
2.320% 01/14/2005 ++ 19,756 19,756
Wells Fargo
2.270% 01/25/2005 ++ 41,856 41,856
------------
923,426
------------
FLOATING RATE INSTRUMENTS/MASTER NOTES--0.1%
Bear Stearns & Company
2.448% 09/08/2005 ++ 8,371 8,371
Bear Stearns & Company
2.448% 06/05/2005 ++ 8,371 8,371
Morgan Stanley
2.393% 06/10/2005 ++ 29,299 29,299
Morgan Stanley
2.393% 06/05/2005 ++ 20,928 20,928
Morgan Stanley
2.393% 03/16/2005 ++ 10,046 10,046
------------
77,015
------------
TOTAL CASH EQUIVALENTS
(Cost $1,109,206) 1,109,206
------------
REPURCHASE AGREEMENTS--2.7%
UNITED STATES--2.7%
IBT Repurchase Agreement
dated 12/31/04 due
01/03/05, with a maturity
value of $1,784,574 and
an effective yield of 1.80%
collateralized by a U.S.
Government Obligation
with a rate of 5.375%,
maturity date of
04/25/2017 and a market
value of $1,873,521.
1,784,306 1,784,306
------------
TOTAL INVESTMENTS--103.2%
(Cost $48,073,238) 69,584,384
Other assets less liabilities--(3.2%)
(2,167,290)
------------
NET ASSETS--100.0% $67,417,094
============
NOTES TO THE SCHEDULE OF INVESTMENTS:
REIT Real Estate Investment Trust
* Non-income producing security.
++ Security valued at fair value as determined by policies approved by the
board of directors.
+ Denotes all or a portion of security on loan.
++ Represents collateral received from securities lending transactions.
(delta) Security has no market value at 12/31/2004.
See accompanying notes to financial statements.
270
SCHEDULE OF INVESTMENTS--(CONTINUED)
DECEMBER 31, 2004
VANTAGEPOINT OVERSEAS EQUITY INDEX FUND
PERCENTAGE OF PORTFOLIO BY INDUSTRY (UNAUDITED):
Banking 19.1%
Oil & Gas 8.5%
Telephone Systems 8.2%
Pharmaceuticals 7.2%
Beverages, Food & Tobacco 5.2%
Insurance 4.7%
Financial Services 4.6%
Automotive 4.1%
Electric Utilities 3.9%
Commercial Services 3.8%
Electronics 3.4%
Metals 2.5%
Chemicals 2.4%
Real Estate 2.1%
Media--Broadcasting & Publishing 2.0%
Retailers 1.8%
Transportation 1.8%
Building Materials 1.5%
Food Retailers 1.4%
Bank & Certificate Deposits/Offshore
Time Deposits 1.4%
Communications 1.3%
Computer Software & Processing 1.2%
Computers & Information 1.2%
Entertainment & Leisure 1.0%
Heavy Machinery 1.0%
Cosmetics & Personal Care 0.8%
Miscellaneous 0.8%
Forest Products & Paper 0.5%
Home Construction, Furnishings &
Appliances 0.5%
Water Companies 0.5%
Medical Supplies 0.4%
Heavy Construction 0.4%
Textiles, Clothing & Fabrics 0.4%
Aerospace & Defense 0.4%
Restaurants 0.4%
Apparel Retailers 0.4%
Mining 0.4%
Medical Equipment & Supplies 0.3%
Advertising 0.3%
Lodging 0.3%
Airlines 0.2%
Industrial--Diversified 0.2%
U.S. Treasury Bills 0.2%
Institutional Money Market Funds 0.2%
Containers & Packaging 0.1%
Electrical Equipment 0.1%
Floating Rate Instruments/Master Notes 0.1%
Household Products 0.0%
Health Care Providers 0.0%
-----
TOTAL INVESTMENTS 103.2%
Other assets less liabilities (3.2)%
-----
TOTAL NET ASSETS 100.0%
=====
See accompanying notes to financial statements.
271
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT MODEL
PORTFOLIO SAVINGS
ORIENTED FUND SHARES VALUE
- -----------------------------------------------------------------
MUTUAL FUNDS--100.0%
Vantagepoint Core Bond
Index Fund Class I 7,691,048 $ 78,141,050
Vantagepoint Equity
Income Fund 2,930,386 26,226,958
Vantagepoint Growth &
Income Fund 2,591,109 26,222,026
Vantagepoint
International Fund 1,320,375 13,282,975
Vantagepoint Short-Term
Bond Fund 912,762 91,066,283
Vantagepoint US
Government
Securities Fund 2,522,930 26,061,864
------------
261,001,156
------------
TOTAL INVESTMENTS--100.0%
(Cost $246,495,319) 261,001,156
Other assets less liabilities--(0.0%) (25,569)
------------
NET ASSETS--100.0% $260,975,587
============
See accompanying notes to financial statements.
272
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT MODEL
PORTFOLIO CONSERVATIVE
GROWTH FUND SHARES VALUE
- ------------------------------------------------------------------
MUTUAL FUNDS--100.0%
Vantagepoint Aggressive
Opportunities Fund 2,323,917 $ 24,447,602
Vantagepoint Core Bond
Index Fund Class I 14,111,260 143,370,405
Vantagepoint Equity
Income Fund 5,391,875 48,257,278
Vantagepoint Growth &
Income Fund 4,751,336 48,083,523
Vantagepoint Growth Fund 4,616,969 38,367,016
Vantagepoint
International Fund 3,412,288 34,327,622
Vantagepoint Short-Term
Bond Fund 1,436,063 143,276,009
------------
480,129,455
------------
TOTAL INVESTMENTS--100.0%
(Cost $442,365,281) 480,129,455
Other assets less liabilities--(0.0%) (33,312)
------------
NET ASSETS--100.0% $480,096,143
============
See accompanying notes to financial statements.
273
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT MODEL
PORTFOLIO TRADITIONAL
GROWTH FUND SHARES VALUE
- --------------------------------------------------------------------
MUTUAL FUNDS--100.0%
Vantagepoint Aggressive
Opportunities Fund 9,754,559 $ 102,617,960
Vantagepoint Core Bond
Index Fund Class I 19,574,510 198,877,026
Vantagepoint Equity
Income Fund 11,309,884 101,223,464
Vantagepoint Growth &
Income Fund 14,932,139 151,113,249
Vantagepoint Growth
Fund 18,074,298 150,197,418
Vantagepoint
International Fund 10,178,102 102,391,703
Vantagepoint Short-Term
Bond Fund 1,991,682 198,710,111
---------------
1,005,130,931
---------------
TOTAL INVESTMENTS--100.0%
(Cost $908,307,115) 1,005,130,931
Other assets less liabilities--(0.0%) (54,717)
---------------
NET ASSETS--100.0% $1,005,076,214
===============
See accompanying notes to financial statements.
274
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT MODEL
PORTFOLIO LONG-TERM
GROWTH FUND SHARES VALUE
- --------------------------------------------------------------------
MUTUAL FUNDS--100.0%
Vantagepoint Aggressive
Opportunities Fund 14,979,981 $ 157,589,404
Vantagepoint Core Bond
Index Fund Class I 20,286,056 206,106,329
Vantagepoint Equity
Income Fund 15,137,329 135,479,096
Vantagepoint Growth &
Income Fund 20,527,104 207,734,292
Vantagepoint Growth
Fund 24,933,382 207,196,408
Vantagepoint
International Fund 12,570,309 126,457,311
---------------
1,040,562,840
---------------
TOTAL INVESTMENTS--100.0%
(Cost $968,130,922) 1,040,562,840
Other assets less liabilities--(0.0%) (55,554)
---------------
NET ASSETS--100.0% $1,040,507,286
===============
See accompanying notes to financial statements.
275
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
VANTAGEPOINT MODEL
PORTFOLIO ALL-EQUITY
GROWTH FUND SHARES VALUE
- -----------------------------------------------------------------
MUTUAL FUNDS--100.0%
Vantagepoint Aggressive
Opportunities Fund 4,122,706 $ 43,370,864
Vantagepoint Equity
Income Fund 3,622,368 32,420,191
Vantagepoint Growth &
Income Fund 4,270,509 43,217,546
Vantagepoint Growth Fund 7,792,863 64,758,690
Vantagepoint
International Fund 3,247,344 32,668,285
-------------
216,435,576
-------------
TOTAL INVESTMENTS--100.0%
(Cost $186,041,085) 216,435,576
Other assets less liabilities--(0.0%) (20,413)
-------------
NET ASSETS--100.0% $ 216,415,163
=============
See accompanying notes to financial statements.
276
THIS PAGE INTENTIONALLY LEFT BLANK
Shares of the Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a
wholly-owned broker-dealer subsidiary of the ICMA Retirement Corporation and a
member NASD/SIPC.
[THE VANTAGEPOINT FUNDS LOGO]
777 North Capitol Street, NE
Washington, DC 20002-4240
Toll-Free 1-800-669-7400
Para asistencia en Espanol llame al 1-800-669-8216
www.icmarc.org
ANR000-001-0205-214
ITEM 2 (CODE OF ETHICS):
SUB-ITEM 2a. The board of directors of the registrant has adopted a code
of ethics that applies to the Vantagepoint Funds and its principal executive
officer, principal financial officer, principal accounting officer or
controller, and to persons performing similar functions.
SUB-ITEM 2c. Not applicable.
SUB-ITEM 2d. Not applicable.
SUB-ITEM 2e. Not applicable.
ITEM 3 (AUDIT COMMITTEE FINANCIAL EXPERT): All of the members of the audit
committee of the registrant have been determined by its board of directors to be
audit committee financial experts. The members of the audit committee are:
Arthur Lynch, Eddie N. Moore, Jr., and Anthony Calhoun. All audit committee
members are independent under the applicable rules.
ITEM 4 (PRINCIPAL ACCOUNTANT FEES AND SERVICES):
SUB-ITEM 4a (AUDIT FEES). The aggregate fees billed for professional
services rendered by the registrant's principal accountant,
PricewaterhouseCoopers LLP, for audits of the registrant's financial
statements were $220,400 and $214,500 in 2004 and 2003, respectively.
SUB-ITEM 4b (AUDIT RELATED FEES). The aggregate fees billed for assurance
and related services rendered by PricewaterhouseCoopers LLP that are
reasonably related to the performance of the audit of the registrant's
financial statements (and not reported under Sub-item 4a) were $25,000 and
$42,500 in 2004 and 2003, respectively. In 2004, such services were
provided to monitor the transition of the registrant's index funds from
master-feeder to stand-alone investment structures. In 2003, these
services covered a review of the registrant's June 30, 2003 Semi-Annual
Report.
SUB-ITEM 4c (TAX FEES). The aggregate fees billed for professional
services rendered by PricewaterhouseCoopers LLP for tax compliance, tax
advice, and tax planning were $80,600 and $65,000 in 2004 and 2003,
respectively. These services covered preparation of the registrant's
income tax and excise tax returns, and also included related tax provision
work.
SUB-ITEM 4d (ALL OTHER FEES). Not applicable.
SUB-ITEM 4e(1). The registrant's audit committee pre-approves all audit
and non-audit services to be performed by the registrant's accountant
before they are engaged to perform such services.
SUB-ITEM 4e(2). The registrant's audit committee approved 100% of the
services described in Sub-items 4b through 4d.
SUB-ITEM 4f. Not applicable.
SUB-ITEM 4g. The aggregate amount of non-audit fees billed for
professional services rendered by PricewaterhouseCoopers LLP to the
registrant's investment adviser and any entity controlling, controlled by,
or under common control with the adviser was $30,000 in 2003. These
services were billed to and paid by the parent of the registrant's
investment adviser for a review of the June 30, 2003 trust financial
statements of the registrant's controlling shareholder. No such services
were rendered by PricewaterhouseCoopers LLP in 2004.
FORM N-CSR
SUB-ITEM 4h. Not applicable.
ITEM 5 (AUDIT COMMITTEE OF LISTED REGISTRANTS): Not applicable to this
registrant.
ITEM 6 (SCHEDULE OF INVESTMENTS): Not applicable; included under Item 1.
ITEM 7 (DISCLOSURE OF PROXY VOTING POLICIES & PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES): Not applicable to this registrant.
ITEM 8 (PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS): Not applicable to this registrant.
ITEM 9 (PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS): Not applicable to this registrant.
ITEM 10 (SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS): Not applicable;
no material changes.
ITEM 11 (CONTROLS AND PROCEDURES):
SUB-ITEM 11a. The Principal Executive and Principal Financial Officers
have concluded that the registrant's Disclosure Controls and Procedures
are effective based on their evaluation of the Disclosure Controls and
Procedures as of a date within 90 days of the filing of this report.
SUB-ITEM 11b. There was no change in the registrant's internal control
over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to affect, the registrant's internal control over
financial reporting.
ITEM 12 (EXHIBITS):
SUB-ITEM 12a(1). The code of ethics exhibit is attached.
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 March 8, 2005
FORM N-CSR
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 March 8, 2005
By: /s/ Gerard P. Maus
---------------------------------------------------------
Gerard P. Maus, Principal Financial Officer
Date March 8, 2005