<PAGE>
================================================================================
THE VANTAGEPOINT FUNDS
SEMIANNUAL
REPORT
JUNE 30, 1999
[LOGO OF THE VANTAGEPOINT FUNDS APPEARS HERE]
<PAGE>
GIRARD MILLER, CFA 777 North Capitol Street, NE
President Washington, DC 20002-4240
LETTER FROM THE PRESIDENT OF THE VANTAGEPOINT FUNDS
Dear Fellow Shareholders:
As you know, 13 of the ICMA Retirement Corporation managed funds were registered
with the Securities and Exchange Commission as mutual funds effective this year
as the Vantagepoint Funds. I am delighted to present to you the first semiannual
report of the Vantagepoint Fund family.
As a direct result of fund registration, investors can now obtain fund
performance information more easily. Fund net asset values now appear daily in
most major metropolitan newspapers, enabling participants to monitor their
investments even more conveniently.
Additionally, investors can now consolidate their retirement savings by
investing in the Vantagepoint Funds through an Individual Retirement Account
(IRA). For the third-quarter, our Y2K-compliant recordkeeping system will begin
to generate a single statement that includes 457,401 and IRA assets.
ICMA-RC's Chief Investment Officer John Tobey provides more fund performance
information in his accompanying letter. Even more detailed information about
each Fund, including quarterly performance analysis, is available in The
Vantagepoint, a quarterly newsletter for ICMA-RC plan participants, and on our
Web site at www.icmarc.org. I would encourage you to log on to our Web site to
access our new MarketView section,where you will find my monthly market
commentary, our Chart of the Week,and other timely investment information.
Also on-line, you should visit our Legislative Action Center for news about the
recent tax bill and how it could eventually affect 457,401 and IRA investors.
We are very proud of our new Vantagepoint Funds and the services that enhance
them and hope you are as well. We sincerely value your interest and confidence
in our program.
Thank you for being part of this milestone.
Sincerely,
/s/ Girard Miller
Girard Miller
[LOGO OF THE VANTAGEPOINT FUNDS APPEARS HERE]
1
<PAGE>
JOHN TOBEY 777 North Capitol Street, NE
Chief Investment Officer Washington, DC 20002-4240
LETTER FROM THE VANTAGEPOINT INVESTMENT ADVISERS
Dear Shareholders:
Between March 1 and June 30, 1999, the S&P 500 Index rose 11.3%. Mid-sized and
smaller stocks turned in even better results; the S&P MidCap 400 Index and the
Russell 2000 Index both returned 17.4%. International stocks lagged somewhat due
to the strong dollar; the MSCI Europe, Australia, and Far East Index of
developed markets returned 6.8%. Unprecedented economic strength pushed interest
rates significantly higher over the period, creating a challenging environment
for bonds.
Against this backdrop,the Vantagepoint Funds produced the following returns for
the period:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Vantagepoint Actively Managed Funds Return, 3/1/1999 - 6/30/1999
- --------------------------------------------------------------------------------------------------------------
<S> <C>
Vantagepoint Money Market Fund 1.5%
Vantagepoint US Treasury Securities Fund -0.7%
Vantagepoint Asset Allocation Fund 5.9%
Vantagepoint Equity Income Fund 9.6%
Vantagepoint Growth & Income Fund 11.7%
Vantagepoint Growth Fund 17.5%
Vantagepoint Aggressive Opportunities Fund 23.2%
Vantagepoint International Fund 10.7%
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Vantagepoint Index Funds: Class I Shares Return, 3/1/1999 - 6/30/1999
- --------------------------------------------------------------------------------------------------------------
<S> <C>
Vantagepoint Core Bond Index Fund -1.0%
Vantagepoint 500 Stock Index Fund 11.1%
Vantagepoint Broad Market Index Fund 12.2%
Vantagepoint Mid/Small Company Index Fund 16.1%
Vantagepoint Overseas Equity Index Fund 6.5%
</TABLE>
[LOGO OF VANTAGEPOINT INVESTMENT ADVISERS APPEARS HERE]
2
<PAGE>
Class II shares of the Vantagepoint Index Funds commenced operation on April
5, 1999:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Vantagepoint Index Funds: Class II Shares Return, 4/5/1999 - 6/30/1999
- --------------------------------------------------------------------------------------------------------------
<S> <C>
Vantagepoint Core Bond Index Fund -1.3%
Vantagepoint 500 Stock Index Fund 6.4%
Vantagepoint Broad Market Index Fund 7.5%
Vantagepoint Mid/Small Company Index Fund 11.7%
Vantagepoint Overseas Equity Index Fund 2.0%
</TABLE>
While this semiannual report covers only the period since the Vantagepoint Funds
were registered with the Securities and Exchange Commission, many of the Funds
have substantial prior history as unregistered commingled funds. The following
pages summarize the original inception date, investment objective, and
investment subadvisers for each newly registered Vantagepoint Fund.
Sincerely,
/s/ John S. Tobey
John S.Tobey
3
<PAGE>
The Vantagepoint Funds
(Fund ticker symbols are included in parentheses after Fund names.)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Actively Managed Funds
- --------------------------------------------------------------------------------------------------------------
Money Market Fund (VAMXX) Year Founded: 1989
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Objective: Current income consistent with preservation
of capital and liquidity
Subadviser: AIM Advisers
- --------------------------------------------------------------------------------------------------------------
U.S. Treasury Securities Fund (VPTSX) Year Founded: 1992
- --------------------------------------------------------------------------------------------------------------
Investment Objective: Current income
Subadviser: Seix Investment Advisors
- --------------------------------------------------------------------------------------------------------------
Asset Allocation Fund (VPAAX) Year Founded: 1974
- --------------------------------------------------------------------------------------------------------------
Investment Objective: Long-term capital growth at a lower level of
risk than an all-equity portfolio
Subadvisers: Avatar Associates
Mellon Capital Management
Payden & Rygel Investment Counsel
Wilshire Asset Management
- --------------------------------------------------------------------------------------------------------------
Equity Income Fund (VPEIX) Year Founded: 1994
- --------------------------------------------------------------------------------------------------------------
Investment Objective: Long-term stable growth of capital by investing
in dividend-paying common stocks of well-
established companies
Subadvisers: Barrow, Hanley, Mewhinney, & Strauss
T. Rowe Price Associates, Inc.
Wellington Management Company, LLC
- --------------------------------------------------------------------------------------------------------------
Growth & Income Fund (VPGIX) Year Founded: 1998
- --------------------------------------------------------------------------------------------------------------
Investment Objective: Long-term capital growth by investing in
common stocks that offer potential for high
total return through a combination of capital
appreciation and current income
Subadvisers: Capital Guardian Trust Company
Putnam Investment Management
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Growth Fund (VPGRX) Year Founded: 1983
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Objective: Long-term capital growth from investing in
common stocks of companies with above-
average potential for earnings growth
Subadvisers: Cadence Capital Management
Fidelity Management Trust Company
Neuberger Berman
William Blair & Company
Barclays Global Fund Advisors
- --------------------------------------------------------------------------------------------------------------
Aggressive Opportunities Fund (VPAOX) Year Founded: 1994
- --------------------------------------------------------------------------------------------------------------
Investment Objective: High long-term capital growth by investing in
common stocks of small- to medium-
capitalization companies
Subadvisers: First Pacific Advisors
MFS/Institutional Advisors
TCW Funds Management
- --------------------------------------------------------------------------------------------------------------
International Fund (VPINX) Year Founded: 1994
- --------------------------------------------------------------------------------------------------------------
Investment Objective: Long-term capital growth by investing in
common stocks on companies headquartered
outside the U.S.
Subadvisers: Capital Guardian Trust Company
Lazard Asset Management
Rowe Price-Fleming International
</TABLE>
5
<PAGE>
All Vantagepoint index funds are managed by Barclays Global Fund Advisors.
Class I and II ticker symbols are listed where available:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Index Funds
- --------------------------------------------------------------------------------------------------------------
Core Bond Index Fund (VPCIX/VPCDX) Year Founded: 1974
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Objective: Current income and growth of capital from
investing in U.S. government and corporate
investment-grade bonds
Index: Lehman Government/Corporate Bond Index
- --------------------------------------------------------------------------------------------------------------
500 Stock Index Fund (VPFIX/VPSKX) Year Founded: 1997
- --------------------------------------------------------------------------------------------------------------
Investment Objective: Long-term capital growth by investing in
common stocks of larger-capitalization
U.S. companies
Index: S&P 500 Index
- --------------------------------------------------------------------------------------------------------------
Broad Market Index Fund (VPMIX/VPBMX) Year Founded: 1988
- --------------------------------------------------------------------------------------------------------------
Investment Objective: Long-term capital growth by investing in
common stocks of U.S. companies across all
capitalization ranges
Index: Wilshire 5000 Index
- --------------------------------------------------------------------------------------------------------------
Mid/Small Company Index Fund (VPSIX) Year Founded: 1997
- --------------------------------------------------------------------------------------------------------------
Investment Objective: Long-term capital growth by investing in
common stocks of small- to medium-
capitalization companies
Index: Wilshire 4500 Index
- --------------------------------------------------------------------------------------------------------------
Overseas Equity Index Fund (VPOIX/VPOEX) Year Founded: 1997
- --------------------------------------------------------------------------------------------------------------
Investment Objective: Long-term capital growth by investing in
common stocks on companies headquartered
outside the U.S.
Index: MSCI Europe, Australia, and Far East Free Index
</TABLE>
6
<PAGE>
VANTAGEPOINT FUNDS
Statement of Assets & Liabilities
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Aggressive Growth &
Opportunities International Growth Income
------------- ------------- -------------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Securities, at market
value.................. $470,806,131 $238,507,790 $3,225,576,030 $192,153,519
Cash.................... 170,413 -- -- --
Cash denominated in
foreign currencies..... -- 1,259,539 (93,192) --
Receivable for:
Dividends.............. 106,555 335,889 1,647,946 107,431
Interest............... 201,632 4,071 66,740 2,717
Investments sold....... 4,075,878 1,003,236 35,602,351 1,478,554
Recoverable foreign
taxes................. 48 170,754 23,778 84
Variation margin on
futures contracts..... -- -- -- --
Securities on loan
earnings.............. 250,143 44,694 1,575,043 53,922
Due from investment
advisor............... -- -- -- --
Net unrealized gain on
forward foreign
currency exchange
contracts.............. -- -- 124 --
Prepaid insurance....... -- -- -- 23
------------ ------------ -------------- ------------
Total Assets........... 475,610,800 241,325,973 3,264,398,820 193,796,250
------------ ------------ -------------- ------------
LIABILITIES:
Payable for:
Investments purchased.. 1,130,813 1,638,294 42,539,054 1,474,480
Variation margin on
futures contracts..... -- -- 616 --
Collateral for
securities loaned..... 64,969,619 9,340,044 404,549,199 13,099,024
Distribution to
shareholders........... -- -- -- --
Administrative services
fees................... 14,985 9,668 134,474 7,152
Advisory fees........... 34,104 19,852 242,056 15,152
Other accrued expenses.. 1,457,680 556,778 5,747,687 388,900
Net unrealized loss on
forward foreign
currency exchange
contracts.............. -- 64,174 -- --
------------ ------------ -------------- ------------
Total Liabilities...... 67,607,201 11,628,810 453,213,086 14,984,708
------------ ------------ -------------- ------------
NET ASSETS.............. $408,003,599 $229,697,163 $2,811,185,734 $178,811,542
============ ============ ============== ============
NET ASSETS REPRESENTED
BY:
Paid-in capital......... $312,564,707 $208,706,065 $2,335,001,365 $141,174,420
Net unrealized
appreciation
(depreciation) on
investments, open
futures contracts,
foreign currency
contracts and foreign
currency related
translations........... 85,964,031 17,512,332 423,282,690 33,430,232
Undistributed net
investment income
(loss)................. (622,778) 1,552,038 (40,528) 90,405
Accumulated net realized
gain (loss) on
investments, open
futures contracts,
foreign currency
contracts and foreign
currency related
translations........... 10,097,639 1,926,728 52,942,207 4,116,485
------------ ------------ -------------- ------------
NET ASSETS.............. $408,003,599 $229,697,163 $2,811,185,734 $178,811,542
============ ============ ============== ============
CAPITAL SHARES:
Net Assets.............. $408,003,599 $229,697,163 $2,811,185,734 $178,811,542
Shares Outstanding...... 33,106,776 20,743,289 239,232,851 16,006,325
Net Asset Value,
offering and redemption
price per share
(net assets divided by
shares outstanding).... $ 12.32 $ 11.07 $ 11.75 $ 11.17
Net Assets--Class I..... N/A N/A N/A N/A
Shares Outstanding--
Class I................ N/A N/A N/A N/A
Net Asset Value--Class
I, offering and
redemption price
per share (net assets
divided by shares
outstanding)........... N/A N/A N/A N/A
Net Assets--Class II.... N/A N/A N/A N/A
Shares Outstanding--
Class II............... N/A N/A N/A N/A
Net Asset Value--Class
II, offering and
redemption price per
share (net assets
divided by shares
outstanding)........... N/A N/A N/A N/A
Cost of investments..... $384,842,100 $220,912,620 $2,802,276,693 $158,723,287
Cost of cash denominated
in foreign currencies.. $ -- $ 1,268,099 $ (77,484) $ --
</TABLE>
- ------
* Investment in Master Investment Portfolio (Note 1)
See Notes to Financial Statements.
8
<PAGE>
<TABLE>
<CAPTION>
U.S. Treasury Overseas Mid/Small Broad Market 500 Stock
Equity Income Asset Allocation Securities Money Market Equity Index Company Index Index Index Core Bond Index
------------- ---------------- ------------- ------------ ------------ ------------- ------------ ------------ ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$596,979,495 $1,203,668,507 $94,338,743 $67,058,403 $39,995,355 $18,899,943* $604,157,412* $167,486,203* $282,441,375*
-- 4,933,865 -- 2,242 2 -- -- -- --
-- -- -- -- 253,271 -- -- -- --
1,331,414 527,653 -- -- 59,046 -- -- -- --
6,369 6,695,125 1,246,991 265,502 1 -- -- -- --
588,883 1,482,607 -- -- -- -- -- -- --
5,961 244 -- -- 27,204 -- -- -- --
-- 1,653,250 -- -- 107,025 -- -- -- --
79,164 461,446 69,568 -- 26 -- -- -- --
-- -- -- 10,691 -- -- -- -- --
-- -- -- -- -- -- -- -- --
-- -- -- -- 5 -- -- 186 --
------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
598,991,286 1,219,422,697 95,655,302 67,336,838 40,441,935 18,899,943 604,157,412 167,486,389 282,441,375
------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
343,723 1,258,909 -- -- 217,810 -- -- -- --
-- -- -- -- -- -- -- -- --
34,810,570 110,166,168 11,293,000 -- -- -- -- -- --
-- -- 398,126 245,498 -- -- -- -- 1,430,343
20,892 38,212 3,713 2,823 3,029 8,920 12,242 6,188 11,956
49,804 97,313 7,614 5,976 2,194 814 33,721 7,135 12,592
704,659 1,692,879 145,005 27,649 60,861 8,499 139,443 36,950 73,080
-- -- -- -- 20,650 -- -- -- --
------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
35,929,648 113,253,481 11,847,458 281,946 304,544 18,233 185,406 50,273 1,527,971
------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
$563,061,638 $1,106,169,216 $83,807,844 $67,054,892 $40,137,391 $18,881,710 $603,972,006 $167,436,116 $280,913,404
============ ============== =========== =========== =========== =========== ============ ============ ============
$377,631,382 $ 817,251,725 $87,871,000 $67,054,892 $37,601,119 $16,656,842 $545,252,379 $155,923,005 $292,941,555
167,598,471 265,414,306 (1,718,893) -- 1,771,080 2,007,299 51,057,029 9,619,704 (11,226,855)
4,254,357 9,808,075 14,036 -- 347,486 39,252 2,107,912 554,937 (343,657)
13,577,428 13,695,110 (2,358,299) -- 417,706 178,317 5,554,686 1,338,470 (457,639)
------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
$563,061,638 $1,106,169,216 $83,807,844 $67,054,892 $40,137,391 $18,881,710 $603,972,006 $167,436,116 $280,913,404
============ ============== =========== =========== =========== =========== ============ ============ ============
$563,061,638 $1,106,169,216 $83,807,844 $67,054,892 N/A N/A N/A N/A N/A
51,368,626 104,454,729 8,590,482 67,054,892 N/A N/A N/A N/A N/A
$ 10.96 $ 10.59 $ 9.76 $ 1.00 N/A N/A N/A N/A N/A
N/A N/A N/A N/A $34,909,324 $14,315,263 $472,647,694 $114,951,013 $237,258,144
N/A N/A N/A N/A 3,279,235 1,232,972 42,109,985 10,342,303 24,487,392
N/A N/A N/A N/A $ 10.65 $ 11.61 $ 11.22 $ 11.11 $ 9.69
N/A N/A N/A N/A $ 5,228,067 $ 4,566,447 $131,324,312 $ 52,485,103 $ 43,655,260
N/A N/A N/A N/A 512,510 408,910 12,213,059 4,933,585 4,486,476
N/A N/A N/A N/A $ 10.20 $ 11.17 $ 10.75 $ 10.64 $ 9.73
$429,381,024 $ 940,364,821 $96,057,636 $67,058,403 $38,220,821 N/A N/A N/A N/A
$ -- $ -- $ -- $ -- N/A N/A N/A N/A N/A
</TABLE>
9
<PAGE>
VANTAGEPOINT FUNDS
Statement of Operations
For the Period From March 1, 1999 (commencement of operations) to June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Aggressive Growth &
Opportunities International Growth Income
------------- ------------- ------------ -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends............... $ 378,122 $ 2,568,092 $ 5,612,269 $ 467,575
Interest................ 559,330 107,672 1,504,724 122,073
Foreign taxes withheld
on dividends........... (71) (279,748) (28,352) (6,674)
Expenses................ -- -- -- --
----------- ----------- ------------ -----------
Total investment
income................. 937,381 2,396,016 7,088,641 582,974
----------- ----------- ------------ -----------
EXPENSES:
Audit................... 2,239 1,367 16,950 836
Legal................... 2,053 1,254 15,542 766
Meetings................ 888 542 6,722 332
Subadvisor.............. 902,109 382,330 2,553,234 206,714
Custodian............... 71,955 110,116 292,277 40,195
Advisory................ 121,157 71,987 887,449 50,686
Fund Services........... 179,107 106,865 1,311,807 75,030
Printing................ 2,165 1,289 16,383 808
Registration............ 5,894 3,597 44,615 2,200
Investor services....... 241,000 144,148 1,765,214 100,873
Administration.......... 29,253 19,055 201,270 13,255
Insurance............... 2,339 1,428 17,706 874
----------- ----------- ------------ -----------
Total expenses before
reimbursements......... 1,560,159 843,978 7,129,169 492,569
Less reimbursements..... -- -- -- --
----------- ----------- ------------ -----------
Total expenses net of
reimbursements......... 1,560,159 843,978 7,129,169 492,569
----------- ----------- ------------ -----------
NET INVESTMENT INCOME
(LOSS)................. (622,778) 1,552,038 (40,528) 90,405
----------- ----------- ------------ -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss)
on sale of
investments............ 10,097,639 1,824,201 52,918,687 4,116,485
Net realized gain (loss)
on futures and foreign
currency transactions.. -- 102,527 23,520 --
Net change in unrealized
appreciation
(depreciation) of
investments prior to
March 1, 1999 (Note
1)..................... 19,256,299 (1,110,977) 54,225,109 21,182,823
Net change in unrealized
appreciation
(depreciation) of
investments............ 66,707,732 18,706,147 369,074,228 12,247,409
Net change in unrealized
appreciation
(depreciation) on
futures and foreign
currency transactions.. -- (82,838) (16,647) --
----------- ----------- ------------ -----------
NET GAIN (LOSS) ON
INVESTMENTS............ 96,061,670 19,439,060 476,224,897 37,546,717
----------- ----------- ------------ -----------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS........ $95,438,892 $20,991,098 $476,184,369 $37,637,122
=========== =========== ============ ===========
</TABLE>
- ------
* Allocated from Master Investment Portfolio (Note 1)
See Notes to Financial Statements.
10
<PAGE>
<TABLE>
<CAPTION>
U.S. Treasury Overseas Mid/Small Broad Market 500 Stock
Equity Income Asset Allocation Securities Money Market Equity Index Company Index Index Index
------------- ---------------- ------------- ------------ ------------ ------------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 5,364,750 $ 2,339,547 $ -- $ -- $ 527,445 $ 63,687 * $ 2,417,758 * $ 619,003 *
169,445 10,361,447 1,696,515 1,032,260 56,010 14,714 * 516,275 * 127,970 *
-- (1,818) -- -- (60,006) (13)* (302)* --
-- -- -- -- -- (4,273)* (108,245)* (24,766)*
------------ ------------ ----------- ---------- ---------- ---------- ----------- -----------
5,534,195 12,699,176 1,696,515 1,032,260 523,449 74,115 2,825,486 722,207
------------ ------------ ----------- ---------- ---------- ---------- ----------- -----------
3,773 7,242 615 386 258 102 3,618 638
3,459 6,642 564 353 236 93 3,318 584
1,495 2,871 244 152 102 52 1,435 253
332,733 1,048,332 35,042 16,693 27,826 -- -- --
46,866 88,931 13,695 7,031 85,530 7,374 8,441 7,554
186,342 364,247 29,431 20,928 12,410 2,730 114,909 25,742
275,112 537,885 43,419 30,938 19,959 6,915 256,176 60,605
3,647 7,001 594 373 249 98 3,497 616
9,932 19,064 1,619 1,015 678 266 9,523 1,677
370,484 724,252 58,498 41,630 24,382 6,915 256,176 60,605
42,054 77,068 7,671 5,466 4,067 10,217 58,062 8,336
3,941 7,566 642 403 266 105 3,748 660
------------ ------------ ----------- ---------- ---------- ---------- ----------- -----------
1,279,838 2,891,101 192,034 125,368 175,963 34,867 718,903 167,270
-- -- -- (10,691) -- (4) (1,329) --
------------ ------------ ----------- ---------- ---------- ---------- ----------- -----------
1,279,838 2,891,101 192,034 114,677 175,963 34,863 717,574 167,270
------------ ------------ ----------- ---------- ---------- ---------- ----------- -----------
4,254,357 9,808,075 1,504,481 917,583 347,486 39,252 2,107,912 554,937
------------ ------------ ----------- ---------- ---------- ---------- ----------- -----------
13,577,428 1,713,701 (2,358,299) -- 421,246 64,569 3,097,087 890,912
-- 11,981,409 -- -- (3,540) 113,748 2,457,599 447,558
134,339,545 223,382,028 (1,940,278) -- (302,253) (49,295) (6,309,016) (2,921,711)
33,258,926 39,921,658 221,385 -- 2,076,787 2,047,156 56,711,941 12,552,573
-- 2,110,620 -- -- (3,454) 9,438 654,104 (11,158)
------------ ------------ ----------- ---------- ---------- ---------- ----------- -----------
181,175,899 279,109,416 (4,077,192) -- 2,188,786 2,185,616 56,611,715 10,958,174
------------ ------------ ----------- ---------- ---------- ---------- ----------- -----------
$185,430,256 $288,917,491 $(2,572,711) $ 917,583 $2,536,272 $2,224,868 $58,719,627 $11,513,111
============ ============ =========== ========== ========== ========== =========== ===========
</TABLE>
Core Bond Index
- ----------------
$ --
5,933,469 *
--
(74,865)*
- ----------------
5,858,604
- ----------------
1,867
1,712
741
--
7,747
47,119
129,889
1,805
4,915
129,889
15,978
1,934
- ----------------
343,596
--
- ----------------
343,596
- ----------------
5,515,008
- ----------------
(457,639)
--
(3,191,953)
(8,034,902)
--
- ----------------
(11,684,494)
- ----------------
$ (6,169,486)
================
11
<PAGE>
VANTAGEPOINT FUNDS
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Aggressive Growth &
Opportunities International Growth Income
-------------- -------------- -------------- --------------
For the Period For the Period For the Period For the Period
From March 1, From March 1, From March 1, From March 1,
1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme-
ncement of ncement of ncement of ncement of
operations) to operations) to operations) to operations) to
June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets resulting
from operations:
Net investment income
(loss)................ $ (622,778) $ 1,552,038 $ (40,528) $ 90,405
Net realized gain
(loss) on sale of
investments and
futures and foreign
currency
transactions.......... 10,097,639 1,926,728 52,942,207 4,116,485
Net change in
unrealized
appreciation
(depreciation) of
investments prior to
March 1, 1999 (Note
1).................... 19,256,299 (1,110,977) 54,225,109 21,182,823
Net change in
unrealized
appreciation
(depreciation) of
investments and
futures and foreign
currency
transactions.......... 66,707,732 18,623,309 369,057,581 12,247,409
------------ ------------- -------------- ------------
Net increase (decrease)
in net assets
resulting from
operations............ 95,438,892 20,991,098 476,184,369 37,637,122
------------ ------------- -------------- ------------
Distributions to
shareholders from:
Net investment income.. -- -- -- --
Net investment income--
Class I............... N/A N/A N/A N/A
Net investment income--
Class II.............. N/A N/A N/A N/A
------------ ------------- -------------- ------------
Total distributions.... -- -- -- --
------------ ------------- -------------- ------------
Capital share
transactions:
Proceeds from sales of
shares prior to March
1, 1999............... 6,562,814 194,947,725 10,979,051 14,222,253
Proceeds from sales of
shares................ 399,675,033 116,393,883 2,686,272,873 214,275,010
Proceeds from sales of
shares--Class I....... N/A N/A N/A N/A
Proceeds from sales of
shares--Class II...... N/A N/A N/A N/A
Reinvestment of
distributions prior to
March 1, 1999......... -- -- -- --
Reinvestment of
distributions......... -- -- -- --
Reinvestment of
distributions--Class
I..................... N/A N/A N/A N/A
Reinvestment of
distributions--Class
II.................... N/A N/A N/A N/A
Cost of shares redeemed
prior to March 1,
1999.................. (5,982,490) (1,917,343) (29,844,691) (211,306)
Cost of shares
redeemed.............. (87,690,650) (100,718,200) (332,405,868) (87,111,537)
Cost of shares
redeemed--Class I..... N/A N/A N/A N/A
Cost of shares
redeemed--Class II.... N/A N/A N/A N/A
------------ ------------- -------------- ------------
Net increase (decrease)
from capital share
transactions.......... 312,564,707 208,706,065 2,335,001,365 141,174,420
------------ ------------- -------------- ------------
Total increase
(decrease) in net
assets................ 408,003,599 229,697,163 2,811,185,734 178,811,542
------------ ------------- -------------- ------------
NET ASSETS at beginning
of period.............. -- -- -- --
------------ ------------- -------------- ------------
NET ASSETS at end of
period................. $408,003,599 $ 229,697,163 $2,811,185,734 $178,811,542
============ ============= ============== ============
SHARE TRANSACTIONS:
Number of shares sold
prior to March 1,
1999.................. 650,212 265,541 1,120,685 1,303,614
Number of shares sold.. 41,221,357 30,198,127 271,941,432 23,020,955
Number of shares issued
through reinvestment
of dividends and
distributions prior to
March 1, 1999......... -- -- -- --
Number of shares issued
through reinvestment
of dividends and
distributions......... -- -- -- --
Number of shares
redeemed prior to
March 1, 1999......... (546,978) (193,673) (2,139,198) (9,519)
Number of shares
redeemed.............. (8,217,815) (9,526,706) (31,690,068) (8,308,725)
------------ ------------- -------------- ------------
Net increase (decrease)
in shares
outstanding........... 33,106,776 20,743,289 239,232,851 16,006,325
============ ============= ============== ============
Number of shares sold--
Class I............... N/A N/A N/A N/A
Number of shares issued
through reinvestment
of dividends and
distributions --Class
I..................... N/A N/A N/A N/A
Number of shares
redeemed--Class I..... N/A N/A N/A N/A
------------ ------------- -------------- ------------
Net increase (decrease)
in shares
outstanding--Class I.. N/A N/A N/A N/A
============ ============= ============== ============
Number of shares sold--
Class II.............. N/A N/A N/A N/A
Number of shares issued
through reinvestment
of dividends and
distributions --Class
II.................... N/A N/A N/A N/A
Number of shares
redeemed--Class II.... N/A N/A N/A N/A
------------ ------------- -------------- ------------
Net increase (decrease)
in shares
outstanding--Class
II.................... N/A N/A N/A N/A
============ ============= ============== ============
</TABLE>
See Notes to Financial Statements.
12
<PAGE>
<TABLE>
<CAPTION>
U.S. Treasury Overseas Mid/Small Broad Market 500 Stock
Equity Income Asset Allocation Securities Money Market Equity Index Company Index Index Index
-------------- ---------------- -------------- -------------- -------------- -------------- -------------- --------------
For the Period For the Period For the Period For the Period For the Period For the Period For the Period For the Period
From March 1, From March 1, From March 1, From March 1, From March 1, From March 1, From March 1, From March 1,
1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme-
ncement of ncement of ncement of ncement of ncement of ncement of ncement of ncement of
operations) to operations) to operations) to operations) to operations) to operations) to operations) to operations) to
June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
-------------- ---------------- -------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 4,254,357 $ 9,808,075 $ 1,504,481 $ 917,583 $ 347,486 $ 39,252 $ 2,107,912 $ 554,937
13,577,428 13,695,110 (2,358,299) -- 417,706 178,317 5,554,686 1,338,470
134,339,545 223,382,028 (1,940,278) -- (302,253) (49,295) (6,309,016) (2,921,711)
33,258,926 42,032,278 221,385 -- 2,073,333 2,056,594 57,366,045 12,541,415
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
185,430,256 288,917,491 (2,572,711) 917,583 2,536,272 2,224,868 58,719,627 11,513,111
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
-- -- (1,490,445) (917,583) N/A N/A N/A N/A
N/A N/A N/A N/A -- -- -- --
N/A N/A N/A N/A -- -- -- --
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
-- -- (1,490,445) (917,583) -- -- -- --
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
6,430,085 103,230,671 4,426,415 4,391,936 41,721,866 13,582,451 433,166,008 120,601,118
546,929,679 794,701,091 110,690,840 81,050,756 N/A N/A N/A N/A
N/A N/A N/A N/A 72,201,983 17,971,369 675,705,798 150,727,375
N/A N/A N/A N/A 15,327,648 6,005,430 126,173,147 55,359,060
-- -- -- -- -- -- -- --
-- -- 1,092,320 672,085 -- -- -- --
N/A N/A N/A N/A -- -- -- --
N/A N/A N/A N/A -- -- -- --
(7,317,441) (70,863,003) (6,151,912) (3,490,805) N/A N/A N/A N/A
(168,410,941) (9,817,034) (22,186,663) (15,569,080) N/A N/A N/A N/A
N/A N/A N/A N/A (81,482,158) (19,013,093) (685,736,501) (164,885,590)
N/A N/A N/A N/A (10,168,220) (1,889,315) (4,056,073) (5,878,958)
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
377,631,382 817,251,725 87,871,000 67,054,892 37,601,119 16,656,842 545,252,379 155,923,005
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
563,061,638 1,106,169,216 83,807,844 67,054,892 40,137,391 18,881,710 603,972,006 167,436,116
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
-- -- -- -- -- -- -- --
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
$ 563,061,638 $1,106,169,216 $ 83,807,844 $ 67,054,892 $ 40,137,391 $ 18,881,710 $ 603,972,006 $ 167,436,116
============= ============== ============ ============ ============ ============ ============= =============
540,864 597,854 335,014 330,361 2,310,799 1,119,740 16,155,512 7,368,884
68,020,696 111,693,979 10,980,887 85,112,332 N/A N/A N/A N/A
-- -- -- -- N/A N/A N/A N/A
-- -- 109,678 672,085 N/A N/A N/A N/A
(680,622) (384,506) (556,672) 265,545 N/A N/A N/A N/A
(16,512,312) (7,452,598) (2,278,425) (19,325,431) N/A N/A N/A N/A
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
51,368,626 104,454,729 8,590,482 67,054,892 2,310,799 1,119,740 16,155,512 7,368,884
============= ============== ============ ============ ============ ============ ============= =============
N/A N/A N/A N/A 7,090,723 1,755,639 60,736,603 14,880,009
N/A N/A N/A N/A -- -- -- --
N/A N/A N/A N/A (6,122,287) (1,642,407) (34,782,130) (11,906,590)
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
N/A N/A N/A N/A 968,436 113,232 25,954,473 2,973,419
============= ============== ============ ============ ============ ============ ============= =============
3,279,235 1,232,972 42,109,985 10,342,303
N/A N/A N/A N/A 1,503,924 585,075 12,603,714 5,505,181
N/A N/A N/A N/A -- -- -- --
N/A N/A N/A N/A (991,414) (176,165) (390,655) (571,596)
------------- -------------- ------------ ------------ ------------ ------------ ------------- -------------
N/A N/A N/A N/A 512,510 408,910 12,213,059 4,933,585
============= ============== ============ ============ ============ ============ ============= =============
</TABLE>
Core Bond
Index
- ---------------
For the Period
From March 1,
1999 (comme-
ncement of
operations) to
June 30, 1999
(Unaudited)
- ---------------
$ 5,515,008
(457,639)
(3,191,953)
(8,034,902)
- ---------------
(6,169,486)
- ---------------
N/A
(5,194,187)
(664,478)
- ---------------
(5,858,665)
- ---------------
278,355,919
N/A
378,895,206
47,414,482
--
--
4,006,181
422,141
(694,173)
N/A
(412,475,192)
(2,983,009)
- ---------------
292,941,555
- ---------------
280,913,404
- ---------------
--
- ---------------
$ 280,913,404
===============
22,300,277
N/A
N/A
N/A
(56,001)
N/A
- ---------------
22,244,276
===============
37,878,013
403,952
(36,038,849)
- ---------------
2,243,116
===============
24,487,392
4,743,338
42,653
(299,515)
- ---------------
4,486,476
===============
13
<PAGE>
VANTAGEPOINT FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Aggressive Growth &
Opportunities International Growth Income Equity Income Asset Allocation
-------------- -------------- -------------- -------------- -------------- ----------------
For the Period For the Period For the Period For the Period For the Period For the Period
From March 1, From March 1, From March 1, From March 1, From March 1, From March 1,
1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme-
ncement of ncement of ncement of ncement of ncement of ncement of
operations) to operations) to operations) to operations) to operations) to operations) to
June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
-------------- -------------- -------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
beginning
of period....... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
Income from
investment
operations:
Net investment
income (loss).. (0.02) 0.07 -- 0.01 0.08 0.09
Net realized and
unrealized gain
(loss) on
investments and
futures and
foreign
currency
transactions... 2.34 1.00 1.75 1.16 0.88 0.50
-------- -------- ---------- -------- -------- ----------
Total from
investment
operations...... 2.32 1.07 1.75 1.17 0.96 0.59
-------- -------- ---------- -------- -------- ----------
Less
distributions:
From net
investment
income......... -- -- -- -- -- --
From net
realized
gains.......... -- -- -- -- -- --
-------- -------- ---------- -------- -------- ----------
Total
distributions... -- -- -- -- -- --
-------- -------- ---------- -------- -------- ----------
Net Asset Value,
end of period... $ 12.32 $ 11.07 $ 11.75 $ 11.17 $ 10.96 $ 10.59
======== ======== ========== ======== ======== ==========
Total return++... 23.20% 10.70% 17.50% 11.70% 9.60% 5.90%
Ratios/Supplemental
data:
Net assets, end
of period
(000).......... $408,004 $229,697 $2,811,186 $178,812 $563,062 $1,106,169
Number of shares
outstanding,
end of period
(000).......... 33,107 20,743 239,233 16,006 51,369 104,455
Ratios to average
net assets:
Ratio of
expenses to
average
net assets+.... 1.29% 1.16% 0.81% 0.97% 0.69% 0.80%
Ratio of net
investment
income (loss)
to average
net assets+.... (0.52)% 2.13% 0.00% 0.18% 2.29% 2.70%
Portfolio
turnover++...... 16% 12% 38% 20% 3% 4%
(1) Ratio of
expenses to
average net
assets prior to
waived fees and
reimbursed
expenses+....... 1.29% 1.16% 0.81% 0.97% 0.69% 0.80%
(2) Ratio of net
investment
income (loss) to
average net
assets prior to
waived fees and
reimbursed
expenses+....... (0.52)% 2.13% 0.00% 0.18% 2.29% 2.70%
<CAPTION>
U.S. Treasury
Securities Money Market
------------------ -------------
For the
Period
For the Period From March 1,
From March 1, 1999 (comme-
1999 (comme- ncement of
ncement operations)
of operations) to to
June 30, 1999 June 30, 1999
(Unaudited) (Unaudited)
------------------ -------------
<S> <C> <C>
Net Asset Value,
beginning
of period....... $ 10.00 $ 1.00
Income from
investment
operations:
Net investment
income (loss).. 0.17 0.01
Net realized and
unrealized gain
(loss) on
investments and
futures and
foreign
currency
transactions... (0.24) --
------------------ -------------
Total from
investment
operations...... (0.07) 0.01
------------------ -------------
Less
distributions:
From net
investment
income......... (0.17) (0.01)
From net
realized
gains.......... -- --
------------------ -------------
Total
distributions... (0.17) (0.01)
------------------ -------------
Net Asset Value,
end of period... $ 9.76 $ 1.00
================== =============
Total return++... (0.71)% 1.48%
Ratios/Supplemental
data:
Net assets, end
of period
(000).......... $83,808 $67,055
Number of shares
outstanding,
end of period
(000).......... 8,590 67,055
Ratios to average
net assets:
Ratio of
expenses to
average
net assets+.... 0.66% 0.55%
Ratio of net
investment
income (loss)
to average
net assets+.... 5.14% 4.40%
Portfolio
turnover++...... 118% N/A
(1) Ratio of
expenses to
average net
assets prior to
waived fees and
reimbursed
expenses+....... 0.66% 0.60%
(2) Ratio of net
investment
income (loss) to
average net
assets prior to
waived fees and
reimbursed
expenses+....... 5.14% 4.45%
</TABLE>
- ------
+--annualized
++--not annualized
(000)--In thousands.
See Notes to Financial Statements.
14
<PAGE>
VANTAGEPOINT FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Overseas Equity Index Mid/Small Company Index Broad Market Index
----------------------------- ----------------------------- -----------------------------
For the Period For the Period For the Period For the Period For the Period For the Period
From March 1, From April 5, From March 1, From April 5, From March 1, From April 5,
1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme-
ncement of ncement of ncement of ncement of ncement of ncement of
operations) to operations) to operations) to operations) to operations) to operations) to
June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
-------------- -------------- -------------- -------------- -------------- --------------
Class I Class II Class I Class II Class I Class II
-------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
beginning of period.... $ 10.00 $10.00 $ 10.00 $10.00 $ 10.00 $ 10.00
Income from investment
operations:
Net investment income
(loss)................ 0.08 0.16 0.02 0.02 0.04 0.04
Net realized and
unrealized gain (loss)
on investments and
futures and foreign
currency
transactions.......... 0.57 0.04 1.59 1.15 1.18 0.71
------- ------ ------- ------ -------- --------
Total from investment
operations............. 0.65 0.20 1.61 1.17 1.22 0.75
------- ------ ------- ------ -------- --------
Less distributions:
From net investment
income................ -- -- -- -- -- --
From net realized
gains................. -- -- -- -- -- --
------- ------ ------- ------ -------- --------
Total distributions..... -- -- -- -- -- --
------- ------ ------- ------ -------- --------
Net Asset Value, end of
period................. $ 10.65 $10.20 $ 11.61 $11.17 $ 11.22 $ 10.75
======= ====== ======= ====== ======== ========
Total return++.......... 6.50% 2.00% 16.10% 11.70% 12.20% 7.50%
Ratios/Supplemental
data:
Net assets, end of
period (000).......... $34,909 $5,228 $14,315 $4,566 $472,648 $131,324
Number of shares
outstanding, end of
period (000).......... 3,279 513 1,233 409 42,110 12,213
Ratios to average net
assets:
Ratio of expenses to
average net assets+... 1.18% 0.93% 0.78% 0.57% 0.46% 0.27%
Ratio of net investment
income (loss) to
average net assets+... 2.16% 2.53% 0.68% 1.00% 1.04% 1.41%
Portfolio turnover++.... 13% 13% N/A N/A N/A N/A
(1) Ratio of expenses to
average net assets
prior to waived fees
and reimbursed
expenses+.............. 1.17% 1.02% 0.78% 0.58% 0.46% 0.27%
(2) Ratio of net
investment income
(loss) to average net
assets prior to waived
fees and reimbursed
expenses+.............. 2.16% 2.53% 0.68% 1.00% 1.05% 1.42%
</TABLE>
- ------
+ --annualized
++ --not annualized
(000) --In thousands.
See Notes to Financial Statements.
15
<PAGE>
VANTAGEPOINT FUNDS
Financial Highlights
<TABLE>
<CAPTION>
500 Stock Index Core Bond Index
----------------------------- -----------------------------
For the Period For the Period For the Period For the Period
From March 1, From April 5, From March 1, From April 5,
1999 (comme- 1999 (comme- 1999 (comme- 1999 (comme-
ncement of ncement of ncement of ncement of
operations) to operations) to operations) to operations) to
June 30, 1999 June 30, 1999 June 30, 1999 June 30, 1999
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
-------------- -------------- -------------- --------------
Class I Class II Class I Class II
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net Asset Value,
beginning of period.... $ 10.00 $ 10.00 $ 10.00 $ 10.00
Income from investment
operations:
Net investment income
(loss)................ 0.04 0.03 0.19 0.15
Net realized and
unrealized gain (loss)
on investments and
futures and foreign
currency
transactions.......... 1.07 0.61 (0.29) (0.27)
-------- ------- -------- -------
Total from investment
operations............. 1.11 0.64 (0.10) (0.12)
-------- ------- -------- -------
Less distributions:
From net investment
income................ -- -- (0.21) (0.15)
From net realized
gains................. -- -- -- --
-------- ------- -------- -------
Total distributions..... -- -- (0.21) (0.15)
-------- ------- -------- -------
Net Asset Value, end of
period................. $ 11.11 $ 10.64 $ 9.69 $ 9.73
======== ======= ======== =======
Total return++.......... 11.10% 6.40% (1.04)% (1.25)%
Ratios/Supplemental
data:
Net assets, end of
period (000).......... $114,951 $52,485 $237,258 $43,655
Number of shares
outstanding, end of
period (000).......... 10,342 4,934 24,487 4,486
Ratios to average net
assets:
Ratio of expenses to
average net assets+... 0.44% 0.23% 0.47% 0.26%
Ratio of net investment
income (loss) to
average net assets+... 1.06% 1.44% 5.83% 6.32%
Portfolio turnover++.... N/A N/A N/A N/A
(1) Ratio of expenses to
average net assets
prior to waived fees
and reimbursed
expenses+.............. 0.45% 0.23% 0.47% 0.27%
(2) Ratio of net
investment income
(loss) to average net
assets prior to waived
fees and reimbursed
expenses+.............. 1.06% 1.44% 5.83% 6.32%
</TABLE>
- ------
+ --annualized
++ --not annualized
(000) --In thousands.
See Notes to Financial Statements.
16
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Significant Accounting Policies
The Vantagepoint Funds (the "Company") is registered under the Investment
Company Act of 1940 (the "1940 Act"), as amended, as an open-end management
investment company organized as a Delaware business trust. The Company
commenced operations on March 1, 1999 by acquiring certain of the assets of the
ICMA Retirement Trust (the "Trust"). The acquisition was accomplished by a tax-
free exchange of shares of the Funds for certain of the assets of the Trust on
March 1, 1999, at $10.00 per share. The Company currently consists of the
following Funds (the "Funds"): the Aggressive Opportunities Fund, the
International Fund, the Growth Fund, the Growth and Income Fund, the Equity
Income Fund, the Asset Allocation Fund, the U.S. Treasury Securities Fund and
the Money Market Fund. The Company also offers the following Index Funds (the
"Index Funds"): the Overseas Equity Index Fund, the Mid/Small Company Index
Fund, the Broad Market Index Fund, the 500 Stock Index Fund, and the Core Bond
Index Fund. Each Index Fund, with the exception of the Overseas Equity Index
Fund, is a "feeder" fund in a "master-feeder" structure. Instead of investing
directly in individual securities in the portfolio, the feeder fund, which is
offered to the public, invests in a Master Portfolio that has substantially the
same investment objectives as the feeder fund. It is the Master Portfolio that
actually invests in the individual securities. Barclays Global Fund Advisors
(BGFA) is the investment adviser for the Master Portfolios. The Index Funds
invest in the Master Portfolios as follows:
<TABLE>
<CAPTION>
invests Master
Index Fund in Portfolio
---------- ------- ---------------
<S> <C> <C>
Mid/Small Company [GRAPHIC OF ARROW] Extended Index
Broad Market [GRAPHIC OF ARROW] US Equity Index
500 Stock [GRAPHIC OF ARROW] S&P 500 Index
Core Bond [GRAPHIC OF ARROW] Bond Index
</TABLE>
The financial statements of the Master Portfolios, including their Schedules
of Investments, are included elsewhere in this report and should be read in
conjunction with the financial statements of the Index Funds.
The Funds offer a single class of shares, which commenced operations on March
1, 1999. The Index Funds offer two classes of shares: Class I Shares and Class
II Shares. Class I Shares commenced operations on March 1, 1999. Class II
Shares commenced operations on April 5, 1999. The two classes of shares differ
principally in their respective fund services and investor services fees.
Shareholders of each Index Fund bear the common expenses of the Index Fund and
earn income from the Master Portfolio pro rata based on the average daily net
assets of each class. Dividends are determined separately for each class based
on income and expenses allocable to each class. Gains are allocated to each
class pro rata based upon net assets of each class on the date of distribution.
Neither class has preferential dividend rights; differences in per share
dividend rates are generally due to differences in separate class expenses and
from the weightings of pro rata income and gain allocations.
The following significant accounting policies are consistently followed by
the Company in the preparation of its financial statements. Each is in
conformity with generally accepted accounting principles for investment
companies. The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
Investment Policy and Security Valuation
The value of each Index Fund's (other than the Overseas Index Fund) interest
in the net assets of the Master Portfolio in which it invests reflects that
Index Fund's interest in the net assets of that Master Portfolio (12.41%,
99.99%, 3.79%, 70.53% for the Extended Index, US Equity Index, S&P 500 Index
and Bond Index Master Portfolios, respectively, as of June 30, 1999). See
"Investment Policy and Security Valuation" for the Master Portfolios included
elsewhere in this report.
17
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued)
The equity securities of each Fund are valued at the last reported sale price
on the primary securities exchange or national securities market on which such
securities are traded. Securities not listed on an exchange or national
securities market, or securities in which there was no last reported sales
price, are valued at the most recent bid prices. Debt securities are generally
traded in the over-the-counter market and are valued using pricing matrices
obtained through Merrill Lynch and other commercial pricing services. U.S.
Government obligations are valued at the last reported bid price. Debt
securities maturing in 60 days or less are valued at amortized cost, which
approximates market value. Any securities for which market quotations are not
readily available, are valued at fair value as determined in good faith in
accordance with policies approved by the Board of Directors.
The Money Market Fund invests all of its assets in the Short Term Investments
Co. Liquid Assets Portfolio, whose investment adviser is AIM Advisers, Inc. The
Short Term Investments Co. Liquid Assets Portfolio uses the amortized cost
method of valuation to determine the value of its portfolio securities in
accordance with rule 2a-7 under the 1940 Act. The amortized cost method, which
involves valuing a security at its cost and amortizing any discount or premium
over the period until maturity, approximates market value. The Money Market
Fund seeks to maintain a constant net asset value per share of $1.00, however,
there is no guarantee that it will be able to do so.
The accounting records of the Funds are maintained in U.S. dollars.
Investment securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollars at the prevailing rates of exchange
at the end of each day. Purchases and sales of securities, income receipts and
expense payments are translated into U.S. dollars at the prevailing exchange
rate on the respective date of transactions.
Security Transactions and Income Recognition
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). Dividend income is recognized on the ex-
dividend date, and interest income is recognized on a daily accrual basis.
Realized gains or losses are reported on the basis of identified cost of
securities delivered. Bond discounts and premiums, except for the Money Market
Fund, are amortized under provisions of the Internal Revenue Code of 1986, as
amended (the "Code").
Dividends and Distributions to Shareholders
Dividends to shareholders from net investment income of the Core Bond Index
Fund and U.S. Treasury Securities Fund are declared and distributed monthly.
Dividends to shareholders from net investment income of the Money Market Fund
are declared daily and distributed monthly. Dividends to shareholders from net
investment income of the remaining Funds and Index Funds are declared and
distributed annually. Distributions to shareholders from any net realized
capital gains are generally declared and distributed annually, normally in
December.
Due to the timing of dividend distributions and differences in accounting for
income and realized gains (losses) for financial statement and federal income
tax purposes, the fiscal year in which amounts are distributed may differ from
the year in which the income and realized gains (losses) were recorded by the
Fund.
Federal Income Taxes
The Company intends to qualify as a regulated investment company under
Subchapter M of the Code for federal tax purposes. Accordingly, each Fund and
Index Fund intends to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income and excise taxes. Therefore, no provision for federal taxes
was required.
18
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued)
Futures Contracts
The Funds may purchase futures contracts to gain exposure to market changes
as this may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between two parties to buy and
sell a security at a set price on a future date and is exchange traded. Upon
entering into a futures contract, the Funds are required to pledge to the
broker an amount of cash, U.S. Government securities or other high-quality debt
securities equal to the minimum "initial margin" requirements of the exchange.
Pursuant to the contract, the Funds agree to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract.
Such receipts or payments are known as "variation margin" and are recorded by
the Funds as unrealized gains or losses. When the contract is closed, the Funds
record a gain or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed. Pursuant to
regulations and/or published positions of the Securities and Exchange
Commission, the Funds are required to segregate cash, U.S. Government
obligations or high quality, liquid debt instruments in connection with futures
transactions in an amount generally equal to the entire futures contract
amount. Risks of entering into futures contracts include the possibility that
there may be an illiquid market and that a change in the value of the contracts
may not correlate with changes in the value of the underlying securities. The
amount of risk under such futures may exceed the amounts reflected in the
financial statements. As of June 30, 1999, the Asset Allocation Fund had the
following open long futures contracts outstanding:
<TABLE>
<CAPTION>
Net Unrealized
Number of Expiration Notional Appreciation/
Contracts Type Date Contract Value (Depreciation)
- --------- ---- ---------- -------------- --------------
<S> <C> <C> <C> <C>
185 S&P 500 Index September 1999 $63,903,625 $2,840,912
568 U.S. Treasury September 1999 $65,834,750 $ (730,293)
</TABLE>
Repurchase Agreements
Transactions involving purchases of securities under agreements to resell
such securities at a specified price and time ("repurchase agreements") are
treated as collateralized financing transactions and are recorded at their
contracted resale amounts. These repurchase agreements, if any, are detailed in
each Fund's Schedule of Investments. The Funds require that the cash
investments be fully collateralized based on values that are marked to market
daily. The collateral is generally held by an agent bank under a tri-party
agreement. It is the advisor's responsibility to value collateral daily and to
obtain additional collateral as necessary to maintain the value at equal to or
greater than 102% of market value. The repurchase agreements entered into on
June 30, 1999 are collateralized by U.S. Government Securities.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract is an agreement to pay or
receive specific amounts of a currency at a future date in exchange for another
currency at an agreed upon exchange rate. The funds may use forward foreign
currency exchange contracts to hedge certain foreign currency assets and
liabilities. Contracts are recorded at market value and marked to market daily.
Risks of entering into forward foreign currency currency exchange contracts
include the possibility that there may be an illiquid market and that a change
in the value of the contracts may not correlate with changes in the value of
the underlying securities. The amount at risk for such forward foreign currency
exchange contracts may exceed the amount reflected in the financial statements.
As of June 30, 1999, the following funds had the following open forward foreign
currency exchange contracts outstanding.
19
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued)
International Fund
<TABLE>
<CAPTION>
Currency and Foreign Currency U.S. Dollar Value Net Unrealized
Exchange Date Cost/Proceeds at June 30, 1999 Gain/(Loss)
- ------------- ---------------- ----------------- --------------
<S> <C> <C> <C>
Purchase Contracts
Euro
07/06/99 $1,943,846 $1,896,873 $(46,973)
08/04/99 57,065 55,208 (1,857)
08/04/99 12,965 12,371 (594)
09/07/99 55,874 55,618 (256)
12/08/99 140,887 142,932 2,045
Great Britain
07/02/99 184,620 184,729 109
Japanese
07/01/99 123,822 123,778 (44)
08/17/99 250,668 246,482 (4,186)
--------
$(51,756)
Sale Contracts
Euro
07/22/99 $ 73,000 $ 70,216 $ 2,784
07/22/99 72,663 70,216 2,447
Great Britain
08/04/99 57,065 55,866 1,199
08/04/99 12,965 12,512 453
09/03/99 56,000 54,934 1,066
09/07/99 55,874 54,892 982
Japanese
07/06/99 1,943,846 1,960,757 (16,911)
08/17/99 246,000 246,482 (482)
09/10/99 128,000 127,345 655
12/08/99 140,887 145,498 (4,611)
--------
$(12,418)
</TABLE>
20
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued)
Overseas Equity Index Fund
<TABLE>
<CAPTION>
Currency and Foreign Currency U.S. Dollar Value Net Unrealized
Exchange Date Cost/Proceeds at June 30, 1999 Gain/(Loss)
- ------------- ---------------- ----------------- --------------
<S> <C> <C> <C>
Purchase Contracts
Euro
07/06/99 $565,379 $549,184 $(16,195)
08/04/99 556,292 550,386 (5,906)
Great Britain
07/06/99 508,930 501,265 (7,665)
08/04/99 505,028 501,355 (3,673)
Japanese
07/06/99 368,895 372,095 3,200
08/04/99 370,529 373,687 3,158
Sweden
07/06/99 89,836 89,670 (166)
08/04/99 90,750 89,830 (920)
--------
$(28,167)
Sale Contracts
Euro
07/06/99 $555,119 $549,184 $ 5,935
Great Britain
07/01/99 5,489 5,496 (7)
07/06/99 504,984 501,265 3,719
Japanese
07/06/99 369,040 372,095 (3,055)
Sweden
07/06/99 90,595 89,670 925
--------
$ 7,517
</TABLE>
Growth Fund
<TABLE>
<CAPTION>
Currency and Foreign Currency U.S. Dollar Value Net Unrealized
Exchange Date Cost/Proceeds at June 30, 1999 Gain/(Loss)
- ------------- ---------------- ----------------- --------------
<S> <C> <C> <C>
Purchase Contracts
Canadian
07/02/99 $39,297 $39,173 $124
----
</TABLE>
Realized and unrealized gains or losses on forward foreign currency exchange
contracts are reflected in the accompanying financial statements.
21
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued)
2. Agreements and Other Transactions with Affiliates
Vantagepoint Investment Advisors LLC (the "VIA"), a wholly owned subsidiary
of RC Retirement Corporation ("RC"), provides investment advisory services to
each of the Vantagepoint Funds. Pursuant to a Master Advisory Agreement, VIA is
entitled to receive 0.10% of the average daily net assets of each Fund and
0.05% of the average daily net assets of Class I Shares and Class II for the
Index Funds. VIA contracts one or more subadvisers for the each of the Funds
and Index Funds. Fees paid to each Subadviser during the year are based on
assets under management at contractual rates as follows:
<TABLE>
<CAPTION>
Assets Annual
Fund Subadviser Managed Fee
---- ---------- --------- ------
<C> <C> <S> <C>
First
$100
Aggressive Opportunities First Pacific Advisers million 0.80%
Over $100
million 0.75%
MFS Institutional Advisers, Inc. Flat fee 0.75%
First
$100
TCW Funds Management, Inc. million 0.73%
Next $100
million 0.69%
Over $200
million 0.67%
First $25
International Capital Guardian Trust Company million* 0.75%
Next $25
million 0.60%
Next $200
million 0.43%
Over $250
million 0.38%
First
$100
Lazard Assets Management million 0.50%
Over $100
million 0.40%
First $20
Rowe Price Fleming, International, Inc. million 0.75%
Next $30
million 0.60%
Over $50
million 0.50%
First
$100
Growth Cadence Capital Management million 0.45%
Next $400
million 0.20%
Over $500
million 0.15%
First
$150
William Blair & Company, LLC million 0.50%
Next $150
million 0.45%
Over $300
million 0.40%
Neuberger & Berman, LLC Flat Fee 0.45%
First
$500
Barclays Global Fund Advisors million 0.04%
Next $500
million 0.02%
Over $1
billion 0.01%
Fidelity Management Trust Company First $25
--Small Company Growth Account million 0.80%
Over $25
million 0.60%
--Aggressive Equity Account Flat Fee 0.38%
First $25
Growth and Income Capital Guardian Trust Company million** 0.55%
Next $25
million 0.40%
First $15
Putnam Investments Management, Inc. million 0.55%
Next $35
million 0.40%
Next $50
million 0.30%
Over $100
million 0.25%
</TABLE>
22
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued)
<TABLE>
<CAPTION>
Assets Annual
Fund Subadviser Managed Fee
---- ---------- ----------- ------
<C> <C> <S> <C>
First $100
Equity Income Crawford Investment Council, Inc. million 0.20%
Next $100
million 0.15%
Over $200
million 0.10%
First $250
Newell Associates million 0.20%
Next $500
million 0.15%
Next $250
million 0.10%
Over $1
billion 0.08%
First $250
Asset Allocation AVATAR Associates million 0.25%
Next $250
million 0.20%
Over $500
million 0.18%
First $200
Mellon Capital Management million 0.38%
Over $200
million 0.20%
First $100
Wilshire Asset Management million 0.04%
Next $400
million 0.02%
Over $500
million 0.01%
First $200
Payden & Rygel Investment Counsel million 0.10%
Next $100
million 0.09%
Over $300
million 0.08%
First $25
U.S.Treasury Securities Seix Investment Advisors, Inc. million 0.17%
Next $50
million 0.12%
Next $25
million 0.07%
Money Market AIM Advisors, Inc. Flat Fee 0.08%
First $25
Overseas Equity Index Barclays Global Investors, N.A. million*** 0.20%
Over $25
million 0.15%
Broad Market Index Barclays Global Investors, N.A. Flat Fee*** 0.08%
500 Stock Index Barclays Global Investors, N.A. Flat Fee 0.05%
Core Bond Index Barclays Global Investors, N.A. Flat Fee 0.08%
Mid/Small Company Index Barclays Global Investors, N.A. Flat Fee 0.10%
</TABLE>
- ------
* Minimum fee of $337,000 per year
** Minimum fee of $167,500 per year.
*** Minimum fee of $75,000 per year.
Vantagepoint Transfer Agents Inc. ("VTA"), a wholly owned subsidiary of RC,
is the Transfer Agent for the Funds. Pursuant to a Transfer Agency and
Administrative Services Agreement with the Funds, VTA is entitled to receive a
fee at an annual rate of 0.35% of the average daily net assets of each actively
managed Fund. VTA receives a fee at the annual rate of 0.30% of the average
daily net assets of each Index Fund's Class I Shares and 0.10% of the average
daily net assets of each Index Fund's Class II Shares. In addition to transfer
agency services, this fee compensates VTA for shareholder services, reporting,
communications, and related services.
Investors Bank & Trust Company ("IBT") serves as the Custodian to each Fund
and also provides portfolio accounting services. IBT is entitled to certain
transaction charges plus a monthly fee at an annual rate of 0.02% of the first
$250 million of the average daily net assets for each Fund, including the
Overseas Equity Index Fund, 0.015% of the next $1 billion, and 0.01% of each
Fund's average daily net assets in excess of $1.25 billion. For the remaining
Index Funds, IBT receives $12,000 per year for Class I Shares and $6,000 for
Class II Shares for portfolio accounting services.
23
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS (Unaudited)--(Continued)
IBT also provides administrative services for the Funds and Index Funds. For
their administrative services, IBT is paid at an annual rate of 0.0265% of the
first $250 million of the average daily net assets for each Fund, including the
Overseas Equity Index Fund, 0.02% of the next $1 billion, and 0.01% of each
Fund's average daily net assets in excess of $1.25 billion. For the remaining
Index Funds, IBT receives 0.0175% of the first $250 million of the average
daily net assets, 0.015% of the next $1 billion, and 0.01% of each Index Fund's
average daily net assets in excess of $1.25 billion.
3. Investment Portfolio Transactions
Purchases and sales of investments, exclusive of short-term securities, for
each Fund for the period ended June 30, 1999 are as follows:
<TABLE>
<CAPTION>
Aggregate Purchases and Aggressive
Sales of: Opportunities International Growth Growth and Income
- ----------------------- ------------- ------------- ------------ -----------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT OBLIGA-
TIONS:
Purchases at cost....... $ 0 $ 0 $ 0 $ 0
Sales Proceeds.......... 0 0 0 0
OTHER SECURITIES:
Purchases at cost....... $58,722,112 $27,119,229 $989,569,232 $ 200,733
Sales proceeds.......... 54,916,091 23,983,531 967,194,267 29,216,390
<CAPTION>
U.S.
Aggregate Purchases and Asset Treasury Overseas Equity
Sales of: Equity Income Allocation Securities Index
- ----------------------- ------------- ------------- ------------ -----------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT OBLIGA-
TIONS:
Purchases at cost....... $ 0 $92,519,011 $100,709,862 $ 0
Sales Proceeds.......... 0 24,349,078 100,656,333 0
OTHER SECURITIES:
Purchases at cost....... $15,773,915 $46,188,495 $ 0 $ 5,636,377
Sales proceeds.......... 39,477,469 3,344,088 0 8,853,887
</TABLE>
4. Portfolio Securities Loaned
As of June 30, 1999, certain Funds loaned securities, which were
collateralized by cash, cash equivalents, or US Government Obligations. Each
Fund receives transaction fees for providing services in connection with the
securities lending program. The risks to the Funds associated with securities
lending are that the borrower may not provide additional collateral when
required or return the securities when due. The value of the securities on loan
and the value of the related collateral were as follows:
<TABLE>
<CAPTION>
Fund Securities Collateral
---- ------------ ------------
<S> <C> <C>
Aggressive Opportunities........................... $ 63,695,705 $ 64,969,619
International...................................... $ 9,156,906 $ 9,340,044
Growth............................................. $396,616,862 $404,549,199
Growth and Income.................................. $ 12,842,180 $ 13,099,024
Equity Income...................................... $ 34,128,010 $ 34,810,570
Asset Allocation................................... $108,006,047 $110,166,168
U.S. Treasury Securities........................... $ 10,755,238 $ 11,293,000
</TABLE>
24
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Vantagepoint Aggressive
Opportunities Fund Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--93.1%
- ---------------------------------------------------------------
Advertising--1.6%
*AdForce, Inc. 12,100 $ 284,350
*Catalina Marketing Corporation 6,700 616,400
*DST Systems, Inc. 38,000 2,389,250
*E4L, Inc. 12,600 90,563
*Outdoor Systems, Inc. 69,500 2,536,750
*Snyder Communications, Inc. 23,600 772,900
------------
6,690,213
------------
Airlines--0.3%
*Atlas Air, Inc. 34,250 1,104,563
Skywest, Inc. 11,700 291,769
------------
1,396,332
------------
Apparel Retailers--3.4%
*AnnTaylor Stores Corporation 6,900 310,500
*Gymboree Corporation 335,000 3,517,499
*Pacific Sunwear of California, Inc. 1,800 43,875
Ross Stores, Inc. 185,800 9,359,674
Talbots, Inc. 20,900 796,813
------------
14,028,361
------------
Automotive--1.7%
*Championship Auto Racing Teams, Inc. 10,100 302,369
Coachmen Industries, Inc. 159,500 3,708,374
Thor Industries, Inc. 103,300 2,931,137
------------
6,941,880
------------
Banking--0.4%
Student Loan Corporation 18,100 805,450
*Telebanc Financial Corporation 16,800 651,000
Westcorp 46,900 527,625
------------
1,984,075
------------
Beverages, Food & Tobacco--0.4%
*Del Monte Foods Company 42,900 718,575
*Robert Mondavi Corporation Class A 7,600 276,450
Tootsie Roll Industries, Inc. 16,611 641,600
------------
1,636,625
------------
Bio-Technology--0.3%
*MiniMed, Inc. 5,500 423,156
*Perclose, Inc. 15,400 740,163
*Valentis, Inc. 1,500 5,719
------------
1,169,038
------------
Building Materials--0.3%
*AFC Cable Systems, Inc. 14,900 526,156
*Barnett, Inc. 20,200 151,500
*PSS World Medical, Inc. 61,300 685,794
------------
1,363,450
------------
Commercial Services--5.6%
*Abacus Direct Corporation 3,200 292,800
*Advance Paradigm, Inc. 3,300 201,300
*Alternative Resources Corporation 36,500 255,500
Angelica Corporation 95,700 1,686,713
</TABLE>
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------------
<S> <C> <C>
*Applied Graphics Technology 13,600 $ 171,700
*Boron, LePore & Associates, Inc. 47,400 396,975
*Bright Horizons, Inc. 12,400 234,050
*Caliber Learning Network, Inc. 19,400 92,150
*CN Maximus, Inc. 26,700 767,625
*Corporate Executive Board Company 4,200 149,363
*Cytyc Corporation 34,000 663,000
Fair Issac & Company, Inc. 15,700 550,481
*Forrester Research, Inc. 3,500 87,500
*Franklin Covey Company 11,600 85,550
*Interim Services, Inc. 49,900 1,029,188
*Learning Tree International, Inc. 72,500 792,969
Manpower, Inc. 57,000 1,289,625
*MedQuist, Inc. 23,300 1,019,375
*Memberworks, Inc. 9,500 275,500
*Modis Professional Services, Inc. 49,000 673,750
*National Processing, Inc. 41,800 423,225
*Nova Corporation 87,100 2,177,500
Paychex, Inc. 21,750 693,281
*Paymentech, Inc. 20,900 530,338
*Pegasus Systems, Inc. 12,700 475,456
*Personnel Group of America, Inc. 16,400 164,000
*ProBusiness Services, Inc. 7,700 276,238
*Quintiles Transnational Corporation 43,120 1,811,040
Regis Corporation 35,500 681,156
*Robert Half International, Inc. 12,300 319,800
*Romac International, Inc. 75,200 667,400
*Superior Consultant Holdings Corporation 10,900 269,094
*Superior Services, Inc. 18,500 493,719
*Teletech Holdings, Inc. 24,800 251,100
*Whittman-Hart, Inc. 75,900 2,409,825
*Wind River Systems, Inc. 39,400 632,863
------------
22,991,149
------------
Communications--1.9%
*Advanced Fibre Communications, Inc. 22,500 351,563
*Ariba, Inc. 1,000 97,250
*Aspect Telecommunication Corporation 50,000 487,500
*Backweb Technologies Ltd. 600 16,425
*Broadcast.com, Inc. 28,000 3,739,749
*Cable Design Technologies Corporation 43,200 666,900
*Concentric Network Corporation 4,200 166,950
*Concord Communications, Inc. 5,900 265,500
*DSP Communications, Inc. 19,700 568,838
*Flycast Communications, Inc. 200 3,825
*Online Resources & Communications Corporation 8,700 117,994
*Pinnacle Holdings, Inc. 44,800 1,097,600
*VDI Media 25,400 165,100
------------
7,745,194
------------
</TABLE>
25
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Vantagepoint Aggressive Opportunities Fund Shares Value
- -----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------------
Computer Software & Processing--20.3%
*Acxiom Corporation 26,200 $ 653,363
*Affiliated Computer Services, Inc. 49,100 2,485,688
*Apache Medical Systems, Inc. 13,300 14,131
*Aspen Technologies, Inc. 73,300 861,275
*At Home Corporation Class A 63,047 3,400,597
*Beyond.com Corporation 38,700 1,110,206
*BISYS Group, Inc. 43,800 2,562,300
*Cadence Design Systems, Inc. 95,700 1,220,175
*CBT Group PLC ADR (Ireland) 119,900 1,978,350
*Ceridian Corporation 28,300 925,056
*Checkfree Holdings Corporation 8,400 231,525
*Ciber, Inc. 18,200 348,075
*Citrix Systems, Inc. 64,400 3,638,599
*Clarify, Inc. 17,300 713,625
Comdisco, Inc. 195,000 4,996,874
*Complete Business Solutions, Inc. 62,600 1,122,888
*Computer Horizons Corporation 19,100 263,819
*CSG Systems International, Inc. 39,200 1,026,550
*Dendrite International, Inc. 73,700 2,662,413
*Eclipsys Corporation 13,400 320,763
*Edify Corporation 23,200 310,300
*Exchange Applications, Inc. 9,000 366,750
*Fiserv, Inc. 17,700 554,231
*Gartner Group, Inc. Class A 20,300 416,150
*Great Plains Software, Inc. 4,700 221,781
*Harbinger Corporation 47,100 588,750
*HCIA, Inc. 38,900 347,669
*HNC Software, Inc. 33,700 1,038,381
*Hyperion Solutions Corporation 8,900 1,049,156
*IDX Systems Corporation 65,700 1,482,356
*IMR Global Corporation 69,700 1,341,725
IMS Health, Inc. 8,600 268,750
*Informatica Corporation 6,400 228,000
*Infousa, Inc. Class A 40,100 355,888
*Infousa, Inc. Class B 20,800 176,800
*Intelligroup, Inc. 4,300 30,638
*International Integration, Inc. 11,700 263,250
*International Network Services 2,950 119,106
*International Telecommunication Data Systems, Inc. 8,200 131,200
*Internet.Com Corporation 100 1,256
*Intuit, Inc. 2,200 198,275
*JDA Software Group, Inc. 43,400 404,163
*Juniper Networks, Inc. 200 29,800
*Lason, Inc. 6,400 317,600
*Legato Systems, Inc. 28,500 1,645,875
*Lycos, Inc. 7,100 652,313
*Macromedia, Inc. 9,900 348,975
*Marimba, Inc. 100 5,269
*Mecon, Inc. 21,300 159,750
*Mede America Corporation 6,900 260,475
*Mercury Interactive Corporation 7,400 261,775
*Meta Group, Inc. 40,900 628,838
*Micromuse, Inc. 10,400 518,700
*National Techteam, Inc. 24,300 133,650
*Neon Systems, Inc. 8,500 283,688
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
*New Era of Networks, Inc. 38,800 $ 1,704,775
*Peerless Systems Corporation 19,400 203,700
*Peregrine Systems, Inc. 11,600 297,975
*Persistence Software, Inc. 300 4,088
*Pervasive Software, Inc. 7,400 184,075
*Phone.com, Inc. 200 11,200
*Portal Software, Inc. 19,300 893,831
*Proxim, Inc. 18,400 1,067,200
*Ramp Networks, Inc. 5,300 75,856
*Renaissance Worldwide, Inc. 63,600 506,816
*SCB Computer Technology, Inc. 23,300 122,325
*Scient Corporation 24,000 1,141,500
*Security Dynamics Technologies, Inc. 123,800 2,630,750
*Security First Technologies Corporation 1,500 67,688
*Siebel Systems, Inc. 76,600 5,084,324
*Software.com, Inc. 200 4,638
*SportsLine USA, Inc. 51,400 1,843,975
*Sterling Software, Inc. 46,800 1,248,975
*Summit Design, Inc. 52,600 157,800
*Sungard Data Systems, Inc. 43,100 1,486,950
*Synopsys, Inc. 31,500 1,738,406
*Technology Solutions Company 143,200 1,548,350
*Transaction Systems Architects, Inc. Class A 49,900 1,946,100
*USinternetworking, Inc. 12,400 520,800
*Vantive Corporation 68,400 782,325
*Verio, Inc. 19,900 1,383,050
*Verisign, Inc. 53,900 4,648,874
*VerticalNet, Inc. 2,600 272,675
*Viant Corporation 7,700 269,500
*Vignette Corporation 9,800 735,000
*Yahoo!, Inc. 25,641 4,416,661
------------
82,677,737
------------
Computers & Information--5.3%
*Cisco Systems, Inc. 1 46
*Critical Path, Inc. 6,900 381,656
*Ebay, Inc. 28,100 4,243,099
*Exabyte Corporation 223,400 865,675
*Hutchinson Technology, Inc. 151,500 4,204,124
*InfoSpace.com, Inc. 12,800 601,600
*iVillage, Inc. 400 20,100
*Komag, Inc. 226,800 751,275
*Mpath Interactive, Inc. 4,700 103,400
*Natural Microsystems Corporation 19,300 184,556
*Network Solutions, Inc. 10,800 854,550
*Priceline.com, Inc. 2,000 231,125
*Proxicom, Inc. 5,900 151,556
*Rational Software Corporation 17,600 579,700
*Redback Networks, Inc. 100 12,556
*Seagate Technology, Inc. 71,800 1,839,875
*Starmedia Network, Inc. 700 44,888
*Storage Technology Corporation 274,400 6,242,599
*Xionics Document Technologies, Inc. 39,000 173,063
------------
21,485,443
------------
</TABLE>
26
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Vantagepoint Aggressive
Opportunities Fund Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Diversified--0.2%
*Blyth Industries, Inc. 23,700 $ 814,688
------------
Electrical Equipment--0.2%
*Micrel, Inc. 8,800 651,200
------------
Electronics--10.2%
*Altera Corporation 35,200 1,295,800
*Analog Devices, Inc. 39,800 1,997,463
*Arrow Electronics, Inc. 250,500 4,759,499
*AVX Corporation 125,100 3,049,312
*Black Box Corporation 16,000 802,000
*Cymer, Inc. 9,600 240,000
*DRS Technologies, Inc. 81,300 858,731
*Etec Systems, Inc. 30,600 1,017,450
*GlobeSpan, Inc. 400 15,900
*Kemet Corporation 291,000 6,674,812
*Lattice Semiconductor Corporation 16,200 1,008,450
*Marshall Industries 250,000 8,984,374
*Maxim Integrated Products, Inc. 46,300 3,078,949
*Microchip Technology, Inc. 9,200 435,850
*MIPS Technologies, Inc. 9,000 431,438
*MKS Instruments, Inc. 17,800 331,525
*Novellus System, Inc. 2,900 197,925
*Photronics, Inc. 37,700 923,650
*PMC-Sierra, Inc. 12,500 736,719
*Power Integrations, Inc. 4,700 343,688
*Semtech Corporation 12,900 672,413
*Sipex Corporation 49,300 1,010,650
*TranSwitch Corporation 5,100 241,613
*Xilinx, Inc. 41,600 2,381,600
------------
41,489,811
------------
Entertainment & Leisure--1.1%
CPI Corporation 57,000 1,881,000
*Hollywood Entertainment Corporation 14,700 287,569
*Macrovision Corporation 5,300 396,838
*SFX Entertainment, Inc. Class A 11,500 736,000
*Valley Media, Inc. 2,500 37,188
*Westwood One, Inc. 36,200 1,291,888
------------
4,630,483
------------
Financial Services--2.4%
*Champion Enterprises, Inc. 31,900 594,138
Conning Corporation 13,400 217,750
Countrywide Credit Industries, Inc. 23,900 1,021,725
*E-Loan, Inc. 600 23,138
*E*TRADE Group, Inc. 132,200 5,279,737
Federated Investors, Inc. Class B 35,000 627,813
*NextCard, Inc. 7,300 247,744
T. Rowe Price Associates, Inc. 0,800 798,200
Waddell & Reed Financial, Inc. Class A 36,000 987,750
------------
9,797,995
------------
Food Retailers--0.1%
*Kroger Company 11,600 324,075
------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
Health Care Providers--3.1%
*Concentra Managed Care, Inc. 141,800 $ 2,100,413
*Diametrics Medical, Inc. 40,400 242,400
*Health Management Associates, Inc. 21,000 236,250
*IDEXX Laboratories, Inc. 140,700 3,280,068
*Impath, Inc. 18,000 486,000
*Laser Vision Centers, Inc. 3,500 220,500
*Lifepoint Hospital, Inc. 32,600 438,063
*MedPartners, Inc. 143,100 1,082,194
*Orthodontic Centers of America, Inc. 38,200 539,575
*Pediatrix Medical Group, Inc. 16,800 357,000
*Quorum Health Group, Inc. 46,000 577,875
*Total Renal Care Holdings, Inc. 191,500 2,980,218
*V.I. Technologies, Inc. 35,300 176,500
------------
12,717,056
------------
Heavy Construction--0.1%
*Dycom Industries, Inc. 7,000 392,000
------------
Heavy Machinery--1.6%
*Astec Industries, Inc. 6,800 277,100
*Kulicke & Soffa Industries, Inc. 60,100 1,611,431
*Lam Research Corporation 86,000 4,015,124
Weatherford International, Inc. 14,200 520,075
------------
6,423,730
------------
Home Construction, Furnishings & Appliances--2.6%
Flexsteel Industries, Inc. 25,500 339,469
*Gemstar International Group Ltd. 143,600 9,369,899
*Recoton Corporation 119,600 1,087,618
------------
10,796,986
------------
Household Products--0.1%
*DuPont Photomasks, Inc. 10,100 483,538
------------
Insurance--3.1%
Annuity and Life Re (Holdings) Ltd. 500 11,219
Conseco, Inc. 244,200 7,432,837
Executive Risk, Inc. 9,600 816,600
Foremost Corporation of America 23,900 525,800
Hartford Life, Inc. Class A 15,700 826,213
Horace Mann Educators Corporation 63,800 1,734,563
*Mid Atlantic Medical Services, Inc. 62,900 621,138
*Provident American Corporation 8,900 248,088
The MONY Group, Inc. 9,000 293,625
------------
12,510,083
------------
Lodging--0.4%
Four Seasons Hotels, Inc. (Canada) 12,600 555,188
*Mirage Resorts, Inc. 46,200 773,850
*Prime Hospitality Corporation 13,900 166,800
*Sholodge, Inc. 20,800 105,300
------------
1,601,138
------------
</TABLE>
27
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Vantagepoint Aggressive Opportunities Fund Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------
Media--Broadcasting & Publishing--4.0%
*Allegiance Telecom, Inc. 7,600 $ 417,050
*American Tower Corporation 65,000 1,560,000
*Cablevision Systems Corporation 32,700 2,289,000
*Citadel Communications Corporation 10,300 372,731
*Clear Channel Communications 42,567 2,934,462
*Cox Radio, Inc. Class A 5,400 292,950
EchoStar Communications Corporation Class A 8,200 1,258,188
*Entercom Communications Corporation 500 21,375
Harte-Hanks, Inc. 18,600 504,525
*Hispanic Broadcasting Corporation 7,000 531,125
*Launch Media, Inc. 300 5,363
*Playboy Enterprises, Inc. 14,200 377,188
*Radio One, Inc. 9,700 451,050
*Scholastic Corporation 42,100 2,131,313
TCA Cable TV, Inc. 22,200 1,232,100
*Univision Communications, Inc. 23,700 1,564,200
------------
15,942,620
------------
Medical Supplies--1.4%
*Burr-Brown Corporation 48,300 1,768,988
*Credence Systems Corporation 20,000 742,500
*Haemonetics Corporation 26,300 527,644
*Hologic, Inc. 39,700 223,313
*Input/Output, Inc. 53,300 403,081
Keithley Instruments, Inc. 31,900 285,106
*Safeskin Corporation 55,400 664,800
*Steris Corporation 23,400 453,375
*Ventana Medical Systems, Inc. 26,300 502,988
------------
5,571,795
------------
Metals & Mining--1.8%
Belden, Inc. 117,100 2,803,081
International Aluminium Corporation 31,900 879,244
Oregon Steel Mills, Inc. 206,000 2,742,375
Rouge Industries, Inc. Class A 79,700 777,075
------------
7,201,775
------------
Oil & Gas--2.2%
*Dril-Quip, Inc. 10,400 238,550
Ensco International, Inc. 229,100 4,567,680
*Friede Goldman International, Inc. 10,200 141,525
*Global Industries Ltd. 117,700 1,508,031
*National-Oilwell, Inc. 24,100 337,400
*Newfield Exploration Company 27,200 773,500
*Noble Drilling Corporation 47,100 927,281
*Precision Drilling Corporation (Canada) 20,600 392,688
------------
8,886,655
------------
Pharmaceuticals--1.5%
*Alkermes, Inc. 17,300 400,063
*Amerisource Health Corporation 11,100 283,050
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
*Andrx Corporation 16,400 $ 1,264,850
*Biogen, Inc. 24,600 1,582,088
*GelTex Pharaceuticals, Inc. 9,500 171,000
*Henry Schein, Inc. 13,800 437,288
*NCS Healthcare, Inc. Class A 34,400 187,050
*Parexel International Corporation 77,900 1,037,044
*Professional Detailing, Inc. 5,400 126,900
*Sepracor, Inc. 8,200 666,250
------------
6,155,583
------------
Real Estate--0.4%
*CB Richard Ellis Services 17,400 432,825
Kilroy Realty Corporation 13,600 331,500
Meristar Hospitality Corporation REIT 24,400 547,475
*Trammell Crow Company 26,400 433,950
------------
1,745,750
------------
Restaurants--0.8%
Applebee's International, Inc. 24,900 750,113
*Buffetts, Inc. 74,600 857,900
*Landry's Seafood Restaurants, Inc. 37,500 300,000
*Morton's Restaurant Group, Inc. 800 15,250
*Papa John's International, Inc. 8,200 366,438
*Sonic Corporation 23,600 769,950
*Taco Cabana, Inc. Class A 18,900 192,544
------------
3,252,195
------------
Retailers--9.6%
*Amazon.com, Inc. 34,300 4,291,787
*barnesandnoble.com 14,800 266,400
*Bed Bath & Beyond, Inc. 40,500 1,559,250
*Best Buy Company, Inc. 54,600 3,685,499
*BJ's Wholesale Club, Inc. 25,200 757,575
*Consolidated Stores Corporation 239,300 6,461,099
*Cost Plus, Inc. 16,100 732,550
*CSK Auto Corporation 33,100 893,700
*Good Guys, Inc. 83,700 627,750
*GoTo.com, Inc. 22,000 616,000
*Guitar Center, Inc. 13,800 144,038
*Hearst-Argyle Television, Inc. 7,400 177,600
*Homebase, Inc. 389,100 2,456,194
*Jo-Ann Stores, Inc. Class A 155,000 2,325,000
*Jo-Ann Stores, Inc. Class B 106,300 1,381,900
*Linens 'n Things, Inc. 11,900 520,625
*Mazel Stores, Inc. 23,400 254,475
*Michaels Stores, Inc. 239,300 7,328,562
*Micro Warehouse, Inc. 38,700 691,763
*Office Depot, Inc. 47,400 1,045,763
*Petco Animal Supplies, Inc. 59,100 930,825
*Petsmart, Inc. 118,300 1,212,575
*Rawlings Sporting Goods Company 35,900 354,513
*RoweCom, Inc. 3,200 48,800
*Stamps.com, Inc 300 5,250
*Streamline.com, Inc. 1,100 8,869
*Value America, Inc. 9,900 188,100
------------
38,966,462
------------
</TABLE>
28
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Shares/
Vantagepoint Aggressive Opportunities Fund Face Value
- -----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------------
Telephone Systems--3.0%
*AT&T Canada, Inc. (Canada) 41,200 $ 2,639,375
*Copper Mountain Networks, Inc. 100 7,725
*Exodus Communications, Inc. 23,300 2,794,544
*Hyperion Telecommunications, Inc. Class A 26,631 500,986
*Intermedia Communications, Inc. 108,400 3,251,999
*Lightbridge, Inc. 25,700 322,856
McLeodUSA, Inc. Class A 12,700 698,500
*Nextlink Communications, Inc. Class A 14,600 1,085,875
*Transaction Network Services, Inc. 35,600 1,041,300
------------
12,343,160
------------
Textiles, Clothing & Fabrics--1.0%
*Reebok International Ltd. 223,400 4,160,824
------------
Transportation--0.7%
Fleetwood Enterprises, Inc. 36,600 967,613
Galileo International, Inc. 30,000 1,603,125
Newport News Shipbuilding, Inc. 7,500 221,250
------------
2,791,988
------------
TOTAL COMMON STOCKS
(Cost $293,659,063) 379,761,087
------------
- -----------------------------------------------------------------------------
PREFERRED STOCKS--0.1%
- -----------------------------------------------------------------------------
Entertainment & Leisure
*Craig Corporation (Cost $357,000) 51,000 360,188
------------
- -----------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--0.1%
- -----------------------------------------------------------------------------
Financial Services
Worthington Industries, Inc. (Cost $771,750) 63,000 511,875
------------
- -----------------------------------------------------------------------------
CORPORATE OBLIGATIONS--0.4%
- -----------------------------------------------------------------------------
Real Estate--0.3%
Trump Atlantic City Associates, 11.250%, 05/01/2006 $ 1,595,000 1,427,525
------------
Retailers--0.1%
Michaels Stores, Inc., 10.875%, 06/15/2006 319,000 340,931
------------
TOTAL CORPORATE OBLIGATIONS (Cost $1,789,590) 1,768,456
------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
- ----------------------------------------------------------------------
<S> <C> <C>
CONVERTIBLE CORPORATE OBLIGATIONS--0.3%
- ----------------------------------------------------------------------
Heavy Machinery
Lam Research Corporation, 5.000%, 09/01/2002
(Cost $1,215,855) $ 1,476,000 $ 1,381,905
------------
- ----------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--1.5%
- ----------------------------------------------------------------------
Federal Home Loan Mortgage Corporation,
4.800%, 07/02/1999 2,600,000 2,596,880
Federal Home Loan Mortgage Corporation,
4.960%, 07/06/1999 3,400,000 3,396,720
Federal Home Loan Mortgage Corporation,
7.000%, 02/15/2020 599,000 77,182
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $6,074,840) 6,070,782
------------
- ----------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--1.7%
- ----------------------------------------------------------------------
U.S. Treasury Inflation Index Note, 3.540%,
01/15/2007 (Cost $7,066,263) 7,342,384 7,044,099
------------
- ----------------------------------------------------------------------
CASH EQUIVALENTS--15.9%
- ----------------------------------------------------------------------
Institutional Money Market Funds--3.3%
++Merrimac Cash Fund--
Premium Class $13,364,742 13,364,742
------------
Bank Deposits/Offshore
Time Deposits--10.1%
++American Express Centurion Bank 5,454,184 5,454,184
++Bank of Montreal 6,469,729 6,469,729
++Bank of Montreal 14,026,725 14,026,725
++BankBoston NA 4,250,940 4,250,940
++Harris Trust & Savings Bank 4,250,941 2,478,977
++Royal Bank of Scotland PLC 3,966,365 3,966,365
++Toronto Dominion 4,957,957 4,957,957
------------
41,604,877
------------
Floating Rate Instruments/
Master Notes--2.5%
++John Hancock Mutual Life 10,000,000 10,000,000
------------
TOTAL CASH EQUIVALENTS (Cost $64,969,619) 64,969,619
------------
</TABLE>
29
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
Shares/
Vantagepoint Aggressive Opportunities Fund Face Value
- -------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS--2.2%
- -------------------------------------------------------------------------------
IBT Repurchase Agreement dated 6/30/99 due 7/01/99,
with a maturity value of $8,939,175 and an effective
yield of 4.25% collateralized by Federal Home Loan
Mortgage Corporation Libor Floater with a rate of
6.48%, a maturity date of 5/25/23 and a market value
of $3,565,605, Federal National Mortgage Association
with a rate of 7.00%, a maturity date of 9/01/12 and
a market value of $736,780, Small Business
Association with a rate of 7.13%, a maturity date of
4/25/24 and a market value of $5,309,948 $ 8,938,120 $ 8,938,120
------------
TOTAL INVESTMENTS--115.3%
(Cost $384,842,100) 470,806,131
Other assets less liabilities--(15.3%) (62,802,532)
------------
TOTAL NET ASSETS--100.0% $408,003,599
============
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes to the Schedule of Investments:
* Non-income producing security.
** The cost of investments for federal income tax purposes amounts to
$384,842,100. Unrealized appreciation and depreciation, based on identified
tax cost at June 30, 1999, are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $108,317,599
Unrealized depreciation (22,353,568)
------------
Net unrealized appreciation $ 85,964,031
============
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
30
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
- ------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--94.5%
- ------------------------------------------------------------------------------
Argentina--0.2%
Banco de Galicia y Buenos Aires SA de CV ADR 2,320 $ 46,980
Banco Frances SA ADR 2,120 40,280
Telefonica de Argentina SA ADR 3,660 114,833
YPF Sociedad Anonima SA ADR 7,820 297,160
------------
499,253
------------
Australia--3.2%
Amcor Ltd. 2,300 12,785
AMP Ltd. 1,700 18,585
Austrailian Gas Light Company 12,990 79,019
Australia & New Zealand Banking Group Ltd. 95,000 698,564
Brambles Industries Ltd. 4,900 129,088
Broken Hill Proprietary Company Ltd. 214,560 2,485,376
Coca Cola Amatil Ltd. 64,900 261,573
Coles Myer Ltd. 1,900 11,055
Colonial Ltd. 44,506 157,609
Commonwealth Bank of Australia 11,590 184,504
Foster's Brewing Group Ltd. 3,300 9,301
Lend Lease Corporation Ltd. 6,960 95,562
National Australia Bank Ltd. 1,500 24,822
News Corporation Ltd. ADR 22,000 776,875
News Corporation Ltd. 21,704 185,183
Publishing & Broadcasting Ltd. 23,220 153,238
QBE Insurance Group Ltd. 101,416 385,989
Rio Tinto Ltd. 1,100 18,037
Star City Holdings Ltd. 61,810 60,141
TABCORP Holdings Ltd. 14,870 100,200
Telstra Corporation Ltd. 50,360 288,578
Westpac Banking Corporation Ltd. 179,670 1,165,483
WMC Ltd. 3,400 14,606
------------
7,316,173
------------
Austria--0.0%
Bank Austria AG 280 14,727
*Oesterreichische Elektrizitaetswirtschafts AG Class
A 60 8,737
------------
23,464
------------
Belgium--0.5%
Delhaize "Le Lion" SA 120 10,216
Dexia Belgium 470 69,990
Electrabel SA 50 16,139
Fortis (B) 10,320 324,071
Groupe Bruxelles Lambert SA 100 16,903
KBC Bancassurance Holding NV 9,030 535,463
Solvay SA 175 11,613
Tractebel 75 10,519
UCB SA 2,022 86,537
------------
1,081,451
------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------------------
<S> <C> <C>
Brazil--0.4%
Companhia Brasileira de Distribuicao Grupo Pao de
Acucar SA 4,078 $ 76,208
Companhia Energetica de Minas Gerais SA 390 8,139
Companhia Energetica de Minas Gerais SA ADR 550 11,478
Companhia Energetica de Minas Gerais SA ADR 4,440 92,659
Telecomunicacoes Brasileiras SA ADR 8,789 792,658
*Telecomunicacoes Brasileiras SA ADR 8,789 549
Uniao de Bancos Brasileiros SA 2,300 55,344
------------
1,037,035
------------
Canada--2.1%
*Alcan Aluminum Ltd. 3,330 105,574
*Fairfax Financial Holdings Ltd. 1,200 319,348
Newcourt Credit Group, Inc. 3,800 49,163
Nortel Networks Corporation 8,000 694,500
Royal Bank of Canada 19,380 851,121
*Talisman Energy, Inc. 41,300 1,097,031
Teleglobe, Inc. 17,000 505,750
Thomson Corporation 38,800 1,169,532
------------
4,792,019
------------
Chile--0.0%
Chilectra SA 1,590 34,403
------------
China--0.1%
Huaneng Power International, Inc. ADR 7,990 136,829
------------
Denmark--0.4%
Aarhus Oliefabarik A/S Class A 280 7,397
Aarhus Oliefabarik A/S Class B 240 6,507
A/S Dampskibsselskabet Svendborg Class B 200 24,692
Danisco A/S 100 4,519
Den Danske Bank Group 950 103,034
D/S 1912 Class B 200 17,680
Novo-Nordisk A/S Class B 100 10,804
*Tele Danmark A/S Class B 1,780 87,617
Unidanmark A/S 8,370 558,638
------------
820,888
------------
Finland--2.1%
MeritaNordbanken OYJ 54,100 307,412
Nokia OYJ 32,860 2,880,447
Sonera Group OYJ 600 13,118
UPM-Kymmene OYJ 47,500 1,511,783
------------
4,712,760
------------
France--10.3%
Accor SA 100 25,111
Air Liquide 100 15,727
Alcatel 10,430 1,468,218
Axa 12,770 1,557,934
Banque National de Paris 18,060 1,504,882
</TABLE>
31
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
- ------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------------
BIC SA 175 $ 9,231
Bouygues SA 50 13,216
Cap Gemini SA 100 15,717
*Carrefour Supermarche SA 6,760 993,425
Christian Dior SA 2,500 407,353
Compagnie de Saint Gobain 11,870 1,891,266
Compagnie Financiere de Paribas 2,600 291,458
Compagnie Generale des Etablissements Michelin
Class B 22,450 918,443
Credit Commercial de France 1,870 202,105
Dassault Systemes SA 200 6,610
Dexia France 370 49,528
Elf Aquitaine SA 11,020 1,617,186
Eridania Beghin-Say SA 100 14,335
Essilor International SA 30 9,377
Etablissements Economiques du Casino Guichard-
Perrachon SA 100 8,766
France Telecom SA 1,200 90,649
Groupe Danone 3,260 840,487
Lafarge SA 1,165 110,772
Lagardere S.C.A. 200 7,446
Legrand SA 760 154,716
L'OREAL 275 185,900
LVMH 100 29,278
Pechiney SA Class A 18,000 773,701
Pernod Ricard 100 6,703
Pinault-Printemps-Redoute SA 3,555 610,051
Promodes 20 13,128
PSA Peugeot Citroen 3,475 548,302
Rhone-Poulenc SA 20,925 956,183
*Sanofi-Synthelabo SA 26,680 1,132,216
Schneider SA 6,010 337,478
SEITA 100 5,775
Societe Generale Class A 1,470 259,079
Societe Television Francaise 1,380 321,633
Sodexho Alliance SA 2,700 465,001
STMicroelectronics NV 13,900 926,021
Suez Lyonnaise des Eaux 5,150 928,903
Thomson CSF 200 6,951
Total SA Class B 8,600 1,109,505
Usinor SA 500 7,451
Valeo SA 100 8,250
Vivendi 33,752 2,734,130
------------
23,589,597
------------
Germany--8.3%
Adidas-Salomon AG 100 9,926
AGIV AG 200 4,533
Allianz AG 3,855 1,069,424
*AMB Aachener & Muenchener Beteiligungs AG 50 5,002
BASF AG 750 32,949
Bayer AG 6,550 272,895
Bayerische Motoren Werke AG 700 481,501
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
Beiersdorf AG 150 $ 9,978
Continental AG 350 8,374
DaimlerChrysler AG 11,350 983,215
Deutsche Bank AG 19,588 1,194,864
Deutsche Lufthansa AG 530 9,647
Deutsche Telekom AG 40,488 1,699,395
Dresdner Bank AG 7,600 297,048
Gehe AG 7,760 356,920
Heidelberger Zement AG 150 12,360
Hoechst AG 25,320 1,146,310
HypoVereinsbank 7,260 471,684
Karstadt AG 20 9,550
MAN AG 300 10,210
Mannesmann AG 25,000 3,730,627
Merck KGaA 300 9,715
Metro AG 18,350 1,139,216
Muenchener Rueckversicherungs-Gesellschaft AG 205 38,625
*Preussag AG 7,879 423,333
Rhoen-Klinikum AG 1,020 101,508
RWE AG 500 23,152
Sap AG 900 304,432
Schering AG 110 11,752
Siemens AG 28,720 2,215,437
*Thyssen Krupp AG 46,500 1,022,861
VEBA AG 29,930 1,759,360
Viag AG 25 11,602
*Volkswagen AG 1,640 105,029
------------
18,982,434
------------
Hong Kong--1.2%
Cathay Pacific Airways 4,000 6,135
Cheung Kong (Holdings) Ltd. 21,330 189,694
*China Telecom 73,870 205,181
CLP Holdings Ltd. 36,000 174,928
Dao Heng Bank Group Ltd 8,000 35,882
Hang Seng Bank Ltd. 2,300 25,717
Henderson Land Development Company Ltd. 28,950 166,419
Hong Kong Telecommunications Ltd. 54,450 141,412
Hong Kong & China Gas Company Ltd. 8,000 11,600
Hutchison Whampoa Ltd. 126,340 1,143,946
New World Development Company Ltd. 42,000 125,861
Sun Hung Kai Properties Ltd. 58,600 534,368
Swire Pacific Ltd. Class A 3,000 14,848
------------
2,775,991
------------
India--0.1%
Mahanagar Telephone Nigam Ltd. GDR 5,960 59,004
State Bank of India GDR 5,840 71,686
------------
130,690
------------
Ireland--0.0%
*CBT Group PLC ADR 5,139 84,794
------------
</TABLE>
32
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Italy--4.3%
Alitalia SpA 2,600 $ 6,757
Assicurazioni Generali 23,060 799,047
Banca Commerciale Italiana 2,000 14,603
Banca di Roma 39,360 56,623
Banca Intesa SpA 3,000 14,417
Banca Populare di Brescia 7,470 320,085
Benetton Group SpA 5,600 11,030
Edison SpA 1,000 8,663
ENI SpA 310,100 1,851,638
Fiat SpA 6,000 18,996
Fiat SpA 290,000 465,044
Istituto Bancario San Paolo di Torino 85,250 1,160,491
Istituto Nazionale delle Assicurazioni 118,220 274,318
Italgas SpA 15,100 63,379
Mediaset SpA 1,400 12,445
Mediobanca Banca SpA 900 9,421
Mediolanum SpA 27,750 213,203
*Olivetti SpA 3,500 8,410
Pirelli SpA 4,000 10,890
Riunione Adriatica di Sicurta SpA 950 9,229
*Tecnost SpA 37,200 95,024
Telecom Italia Mobile SpA--RNC 122,000 449,155
Telecom Italia Mobile SpA 97,310 581,048
Telecom Italia SpA 46,080 479,011
*Telecom Italia SpA--RNC 486,900 2,641,188
Unicredito Italiano SpA 73,710 323,823
------------
9,897,938
------------
Japan--22.4%
Advantest Corporation 12,100 1,329,602
Ajinomoto Company, Inc. 1,000 11,402
Asahi Bank Ltd. 4,000 19,168
Asahi Breweries Ltd. 93,000 1,157,162
Asahi Chemical Industry Company Ltd. 2,000 11,088
Asahi Glass Company Ltd. 2,000 12,971
Bank of Tokyo-Mitsubishi Ltd. 5,000 71,177
Bridgestone Corporation 1,000 30,239
Canon, Inc. 64,000 1,840,109
Chiba Bank Ltd. 2,000 7,386
Citizen Watch Company Ltd. 9,000 78,076
Credit Saison Company Ltd. 300 6,271
Dai Nippon Printing Company Ltd. 1,000 15,987
Daiichi Pharmaceutical Company Ltd. 14,000 217,224
Daiwa House Industry Company Ltd. 17,000 178,798
Daiwa Securities Company Ltd. 2,000 13,219
DDI Corporation 105 653,235
Denso Corporation 24,000 487,788
East Japan Railway Company 38 204,071
Eisai Company Ltd. 1,000 19,705
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
Fanuc Ltd. 4,300 $ 230,923
Fuji Bank Ltd. 112,000 780,987
Fuji Photo Film 1,000 37,840
Fujitsu Ltd. 62,000 1,247,316
Gunma Bank Ltd. 1,000 6,279
Hankyu Corporation 4,000 15,863
Hirose Electronics Company Ltd. 9,000 933,935
Hitachi Ltd. 35,000 328,209
Honda Motor Company Ltd. 3,000 127,152
Hoya Corporation 10,000 564,294
Industrial Bank of Japan Ltd. 96,000 761,424
Ito-Yokado Company Ltd. 4,000 267,688
Japan Airlines Company Ltd. 4,000 13,219
Japan Tobacco, Inc. 10,700 1,185,253
Joyo Bank Ltd. 2,000 7,783
JUSCO Company Ltd. 19,000 345,352
Kansai Electric Power Company, Inc. 500 9,501
Kao Corporation 50,000 1,404,540
Kawasaki Steel Corporation 5,000 9,336
Keyence Corporation 4,000 699,956
Kinden Corporation 1,000 10,782
Kinki Nippon Railway Company Ltd. 2,000 9,832
Kirin Brewery Company Ltd. 1,000 11,980
Kokuyo Company Ltd. 8,000 128,887
Komatsu Ltd. 2,000 12,773
Komori Corporation 7,000 126,078
Kubota Corporation 4,000 11,963
Kuraray Company Ltd. 19,000 228,561
Kyocera Corporation 7,300 428,219
Makita Corporation 12,000 135,728
Marui Company Ltd. 20,000 330,480
Matsushita Electric Industrial Company Ltd. 29,000 563,055
Minebea Company Ltd. 1,000 11,154
Mitsubishi Chemical Corporation 4,000 13,847
Mitsubishi Corporation 22,000 149,046
Mitsubishi Electric Corporation 4,000 15,367
Mitsubishi Estate Company Ltd. 2,000 19,515
Mitsubishi Heavy Industries Ltd. 86,000 348,868
Mitsubishi Trust & Banking Corporation 2,000 19,432
Mitsui Fudosan Company Ltd. 39,000 315,775
Mitsui Marine & Fire Insurance Company Ltd. 100,000 491,590
Mitsui & Company Ltd. 2,000 13,946
Murata Manufacturing Company Ltd. 25,000 1,644,138
NEC Corporation 97,000 1,206,127
NGK Insulators Ltd. 1,000 10,443
Nichiei Company Ltd 6,000 525,463
NIDEC Corporation 4,000 601,804
*Nikon Corporation 39,000 637,990
Nintendo Company Ltd. 13,200 1,855,082
Nippon Express Company Ltd. 2,000 11,980
Nippon Meat Packers, Inc. 1,000 13,054
*Nippon Mitsubishi Oil Corporation 3,000 12,641
</TABLE>
33
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------
Nippon Paper Industries Company 2,000 $ 10,427
Nippon Steel Corporation 8,000 18,573
Nippon Telegraph & Telephone Corporation 14,100 1,643,465
Nippon Yusen Kabushiki Kaisha 4,000 15,400
Nissan Motor Company Ltd. 508,000 2,425,902
Nomura Securities Company Ltd. 31,000 362,923
NTT Mobile Communcation Network, Inc. 20,500 2,779,200
Obayashi Corporation 2,000 10,063
Oji Paper Company Ltd. 2,000 11,567
Olympus Optical Company Ltd. 1,000 14,781
Orix Corporation 14,700 1,311,674
Osaka Gas Company 3,000 10,187
Pioneer Electronic Corporation 1,000 19,457
Promise Company Ltd. 13,100 773,860
Ricoh Company Ltd. 32,000 440,464
Rohm Company Ltd. 7,000 1,095,954
Sakura Bank Ltd. 5,000 18,962
Sankyo Company Ltd. 56,000 1,411,150
Sanyo Electric Company Ltd. 4,000 16,260
Sekisui Chemical Company Ltd. 25,000 144,998
Sekisui House Ltd. 18,000 194,224
Seven-Eleven Japan Company Ltd. 3,000 293,962
Seventy Seven Bank Ltd. 1,000 8,758
Sharp Corporation 2,000 23,629
Shin-Etsu Chemical Company Ltd. 10,000 334,611
Shiseido Company 12,000 179,848
Shizuoka Bank Ltd. 1,000 9,964
Shohkoh Fund & Company Ltd. 1,000 717,141
SMC Corporation 100 11,195
Sony Corporation ADR 200 22,075
Sony Corporation 34,800 3,752,100
Sumitomo Bank Ltd. 4,000 49,605
Sumitomo Chemical Company Ltd. 3,000 13,756
Sumitomo Corporation 33,000 241,293
Sumitomo Electric Industries 37,000 420,635
Sumitomo Marine & Fire Insurance Company Ltd. 2,000 12,063
*Sumitomo Metal Industries Ltd. 9,000 11,228
Sumitomo Trust & Banking Company Ltd. 240,000 1,154,040
Takeda Chem Industries 10,000 463,498
TDK Corporation 25,000 2,286,507
Teijin Ltd. 3,000 12,145
Tohoku Electric Power Company, Inc. 500 7,568
Tokai Bank Ltd. 3,000 17,102
Tokio Marine & Fire Insurance Company Ltd. 11,000 119,510
Tokyo Electric Power Company 1,100 23,220
Tokyo Electron Ltd. 32,000 2,170,591
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
Tokyo Gas Company 3,000 $ 7,386
Toppan Printing Company Ltd. 16,000 178,592
Toray Industries, Inc. 3,000 15,020
Toshiba Corporation 10,000 71,340
Toyoda Automatic Loom Works Ltd. 1,000 16,978
Toyota Motor Corporation 4,000 126,574
Uni-Charm Corporation 10,000 433,755
Uny Company Ltd. 9,000 135,331
Yamato Transport Company Ltd. 1,000 17,433
------------
51,345,072
------------
Luxembourg--0.0%
Societe Europeenne des Satellites 373 54,142
------------
Mexico--1.1%
Cemex SA ADR 42,180 415,207
Cemex SA de CV Class B 11,830 58,476
Fomento Economico Mexicano SA de CV 26,030 102,631
*Gruma SA ADR 3,009 20,311
*Gruma SA 12,393 20,595
Grupo Financiero Bancomer SA de CV 150 51
Grupo Industrial Maseca SA de CV Class B 32,150 19,126
Grupo Modelo SA de CV Class C 34,450 98,089
*Grupo Televisa SA ADR 2,960 132,645
Kimberly-Clark de Mexico SA de CV 22,840 93,196
Telefonos de Mexico SA ADR 20,280 1,638,878
*TV Azteca, SA de CV ADR 3,750 19,453
------------
2,618,658
------------
Netherlands--5.5%
ABN AMRO Holding NV 15,600 337,845
Aegon NV 9,000 652,950
Akzo Nobel NV 2,075 87,307
*ASM Lithography Holding NV 21,510 1,244,448
CSM NV 5,380 268,813
Elsevier NV 25,585 296,832
*Fortis NV 12,750 393,804
Getronics NV 195 7,501
Gucci Group NV 2,982 208,740
Hagemeyer NV 240 7,846
Heineken Holding NV Class A 13,900 523,215
Heineken NV 36,345 1,860,962
ING Groep NV 42,180 2,283,700
Koninklijke Ahold NV 11,945 411,440
Koninklijke Numico NV 4,000 141,697
Koninklijke Philips Electonics NV 16,179 1,595,896
KPN NV 2,480 116,369
Royal Dutch Petroleum Company 8,690 509,028
TNT Post Group NV 2,425 57,894
Unilever NV 4,928 330,328
VNU NV 5,030 201,008
Wolters Kluwer NV 27,140 1,080,365
------------
12,617,988
------------
</TABLE>
34
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------------------
New Zealand--0.1%
Telecom Corporation of New Zealand Ltd. 39,880 $ 171,181
------------
Norway--0.7%
Aker RGI ASA 400 5,437
Bergesen d.y. ASA 890 13,114
Norsk Hydro ASA 16,200 611,186
*Orkla ASA 63,370 986,101
------------
1,615,838
------------
Portugal--0.1%
Banco Comercial Portugues SA 300 7,775
Banco Espirito Santo e Comercial de Lisboa SA 300 6,980
Brisa-Auto Estradas de Portugal SA 100 4,125
Electricidade de Portugal SA 600 10,804
Jeronimo Martins, SGPS SA 8,890 293,652
Portugal Telecom SA 400 16,273
------------
339,609
------------
Russia--0.0%
*Gazprom ADR (Russia) 2,745 30,519
------------
Singapore--1.0%
City Developments Ltd. 2,000 12,805
Development Bank of Singapore Ltd. 1,000 12,218
Overseas Chinese Banking Corporation Ltd. 54,000 450,403
Singapore Airlines Ltd. 1,000 9,516
Singapore Press Holdings Ltd. 50,070 852,897
Singapore Telecommunications Ltd. 7,000 12,006
United Overseas Bank Ltd. 149,000 1,041,495
------------
2,391,340
------------
South Africa--0.4%
De Beers ADR 40,000 955,000
------------
South Korea--0.2%
*Korea Telecom Corporation 5,000 186,125
Samsung Electronics 2,000 219,445
Samsung Electronics 50,000 67,875
SK Telecom Company 52 69,633
------------
543,078
------------
Spain--3.0%
Acerinox SA 185 5,409
ACS, Actividades de Construccion y Servicios, SA 280 8,016
Argentaria, Caja Postal y Banco Hipotecario de Espana
SA 58,740 1,338,144
Autopistas Concesionaria Espanola SA 795 9,305
Banco Bilbao Vizcaya SA 10,140 146,504
Banco Popular Espanol SA 1,150 82,721
*Banco Santander SA 23,370 243,118
*El Aguila SA 450 4,307
Endesa SA 51,300 1,094,060
</TABLE>
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------------
<S> <C> <C>
Fomento de Construcciones y Contratas SA 210 $ 12,019
Gas Natural SDG SA 2,040 148,318
Iberdrola SA 12,625 192,303
*Repsol SA 7,830 159,882
Resol SA 1,460 29,918
Sociedad General de Aquas de Barcelona SA 145 7,551
Tabacalera SA Class A 485 9,803
*Telefonica SA 70,696 3,405,475
Union Electrica Fenosa SA 530 6,931
------------
6,903,784
------------
Sweden--2.9%
ABB AB 77,330 1,027,824
AGA AB Class A 200 2,494
AGA AB Class B 140 1,729
Atlas Copco AB Class A 300 8,169
Atlas Copco AB Class B 7,110 190,676
Electrolux AB Class B 64,140 1,342,893
Esselte AB Class B 1,760 18,217
ForeningsSparbanken AB 23,200 327,463
Granges AB 1,570 26,592
*Hennes & Mauritz AB 26,280 649,137
*Meto AG 1,760 8,715
*NetCom AB 200 6,728
Nordbanken Holding AB 114,670 670,349
Sandvik AB Class A 410 8,946
Sandvik AB Class B 5,960 131,794
Securitas AB Class B 5,309 79,306
Skandia Forsakrings AB 600 11,221
Skandinaviska Enskilda Banken Class A 800 9,316
Skanska AB Class B 400 15,079
Svenska Cellulosa AB Class B 400 10,351
*Svenska Handelsbanken Class A 70,800 849,423
Telefonaktiebolaget LM Ericsson Class B 18,100 580,145
Volvo AB 200 5,764
Volvo AB 23,400 678,460
WM-Data AB Class B 100 3,811
------------
6,664,602
------------
Switzerland--4.5%
ABB AG 210 324,095
Adecco SA 850 455,458
Alusuisse Lonza Group AG 10 11,656
Compagnie Financiere Richemont AG 447 859,732
Credit Suisse Group 2,050 354,724
Holderbank Financiere Glarus AG Class B 10 11,804
Nestle SA 1,211 2,181,932
Novartis AG 1,080 1,577,008
Roche Holding AG--Genusschein 15,900 1,633,863
Roche Holding AG--Bearer 200 32,924
Schweizerische Rueckversicherungs-Gesellschaft 20 38,081
</TABLE>
35
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
- ------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------------------
Swisscom AG 2,454 $ 923,452
The Swatch Group AG Class B 450 302,781
UBS AG 2,380 710,361
Zurich Allied AG 1,590 904,136
------------
10,322,007
------------
Taiwan--0.5%
*Taiwan Semiconductor Manufacturing Company Ltd. ADR 33,100 1,125,400
------------
United Kingdom--18.9%
3I Group PLC 64,000 727,872
Abbey National PLC 19,710 370,030
Allied Zurich PLC 49,980 628,299
Anglian Water PLC 810 8,957
ASDA Group PLC 73,220 250,742
Associated British Foods PLC 1,385 9,158
AstraZeneca Group PLC 74,732 2,909,555
BAA PLC 1,325 12,740
Barclay's PLC 31,780 924,750
Bass PLC 1,340 19,443
BG PLC 25,230 154,110
Blue Circle Industries PLC 1,915 12,739
BOC Group PLC 35,825 700,239
Boots Company PLC 1,155 13,718
BP Amoco PLC 90,390 1,620,015
British Aerospace PLC 226,660 1,471,114
British Airways PLC 1,740 12,007
British American Tobacco PLC 115,195 1,083,133
British Energy PLC 22,200 188,979
British Land Company PLC 980 8,195
British Sky Broadcasting Group PLC 2,080 19,295
British Steel PLC 203,940 528,021
British Telecommunications PLC 7,250 121,482
BTR Siebe PLC 389,665 1,844,207
Cable & Wireless PLC 46,525 592,933
Cadbury Schweppes PLC 223,275 1,421,882
Caradon PLC 52,310 123,687
Carlton Communications PLC 1,225 10,157
Centrica PLC 20,905 49,100
CGU PLC 1,560 22,537
Compass Group PLC 48,820 484,045
*David S. Smith (Holdings) PLC 28,130 66,955
Diageo PLC 175,990 1,837,864
Electrocomponents PLC 16,360 120,819
EMI Group PLC 66,495 533,516
Enterprise Oil PLC 25,800 167,961
General Electric Company PLC 3,020 30,800
GKN PLC 8,260 141,009
Glaxo Wellcome PLC 35,745 993,361
Granada Group PLC 63,720 1,182,204
Great Universal Stores PLC 69,250 767,387
Halifax PLC 2,935 35,022
Hanson PLC 1,135 10,082
Hays PLC 6,000 63,226
HSBC Holdings PLC 33,190 1,210,625
HSBC Holdings PLC 1,030 36,482
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------------
<S> <C> <C>
HSBC Holdings PLC 2,185 $ 77,357
Imperial Chemical Industries PLC 89,230 881,896
John Laing PLC 11,480 56,866
J. Sainsbury PLC 2,380 15,006
Kingfisher PLC 80,580 927,234
Ladbroke Group PLC 33,910 134,433
Land Securities PLC 825 11,093
Laporte PLC 30,400 343,584
Legal & General Group PLC 6,395 16,280
Lloyds TSB Group PLC 6,055 82,083
Marks & Spencer PLC 3,385 19,582
Misys PLC 855 7,318
National Grid Group PLC 1,620 11,274
National Power PLC 1,615 11,761
National Westminster Bank PLC 155,400 3,294,665
Next PLC 690 8,380
*Orange PLC 45,500 667,012
Pearson PLC 665 13,512
Peninsular & Orient Steam Navigation Company 1,215 18,242
Provident Financial PLC 540 7,503
Prudential Corporation PLC 79,545 1,171,109
Railtrack Group PLC 640 13,085
Rank Group PLC 19,445 77,317
Reed International PLC 87,755 585,475
Rentokil Initial PLC 3,295 12,855
Reuters Group PLC 64,725 851,406
Rio Tinto PLC 23,225 389,344
Rolls-Royce PLC 17,845 75,527
Royal Bank of Scotland Group PLC 1,045 21,282
Royal & Sun Alliance Insurance Group 177,368 1,590,829
Safeway PLC 44,035 176,479
Schroders PLC 480 9,806
Scottish Power PLC 1,595 13,778
Scottish & Newcastle PLC 1,395 14,524
Scottish & Southern Energy PLC 1,260 12,890
Shell Transport & Trading Company 270,600 2,029,284
SmithKline Beecham PLC 164,860 2,142,619
Smiths Industries PLC 750 9,907
Stagecoach Holdings PLC 2,525 9,045
Standard Chartered PLC 48,000 783,864
Tate & Lyle PLC 1,260 7,895
Tesco PLC 113,335 291,645
Thames Water PLC 605 9,594
TI Group PLC 55,475 371,644
Tomkins PLC 85,528 370,747
Unilever PLC 103,320 919,361
United News & Media PLC 32,600 313,462
United Utilities PLC 840 10,209
Vodafone Group PLC 3,645 71,820
Williams PLC 1,310 8,652
Wolseley PLC 1,380 10,387
Zeneca Group PLC 24,395 943,657
------------
43,465,033
------------
TOTAL COMMON STOCKS
(Cost $199,527,108) 217,078,970
------------
</TABLE>
36
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares/
Vantagepoint International Fund Face Value
- -----------------------------------------------------------------------
<S> <C> <C>
MUTUAL FUNDS--0.5%
- -----------------------------------------------------------------------
United States--0.5%
*Overseas Equity Index Fund (Cost $1,080,114) 105,377 $ 1,074,940
------------
- -----------------------------------------------------------------------
PREFERRED STOCKS--0.3%
- -----------------------------------------------------------------------
Australia--0.1%
News Corporation Ltd. 19,376 147,620
------------
Brazil--0.1%
Banco Bradesco SA 9,020,000 45,100
Banco Itau SA 68,000 34,707
Companhia Energetica de Minas Gerais SA 1,838,000 38,414
Petroleo Brasileiro SA 976,000 150,304
Telecomunicacoes de Sao Paulo SA 640,000 75,968
------------
344,493
------------
Germany--0.1%
Fielmann AG 520 19,252
Fresenius AG 320 56,596
Sap AG 510 203,805
*Volkswagen AG 185 6,840
------------
286,493
------------
TOTAL PREFERRED STOCKS
(Cost $730,124) 778,606
------------
- -----------------------------------------------------------------------
CASH EQUIVALENTS--4.0%
- -----------------------------------------------------------------------
Institutional Money Market Funds--0.7%
++Merrimac Cash Fund--Premium Class $ 1,707,009 1,707,009
------------
Bank Deposits/Offshore
Time Deposits--3.3%
++American Express Centurion Bank 769,554 769,554
++Bank of Montreal 769,554 769,554
++Bank of Montreal 1,259,269 1,259,269
++BankBoston NA 3,195,319 3,195,319
++Harris Trust & Savings Bank 356,378 356,378
++Royal Bank of Scotland PLC 570,205 570,205
++Toronto Dominion 712,756 712,756
------------
7,633,035
------------
TOTAL CASH EQUIVALENTS
(Cost $9,340,044) 9,340,044
------------
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
- -----------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS--4.5%
- -----------------------------------------------------------------------------
United States--4.5%
IBT Repurchase Agreement dated 6/30/99 due 7/1/99,
with a maturity value of $10,236,438 and an
effective yield of 4.25% collateralized by Federal
National Mortgage Association adjustable rate
mortgage with a rate of 7.42%, a maturity date of
8/01/27 and a market value of $3,843,080, Federal
Home Loan Mortgage Corporation with a rate of
8.00%, a maturity date of 11/01/09 and a market
value of $2,257,601, Small Business Association
with a rate of 7.38%, a maturity date of 3/25/23
and a market value of $4,641,662 $10,235,230 $ 10,235,230
------------
TOTAL INVESTMENTS--103.8%
(Cost $220,912,620) 238,507,790
Other assets less liabilities--(3.8%) (8,810,627)
------------
TOTAL NET ASSETS--100.0% $229,697,163
============
</TABLE>
Notes to the Schedule of Investments:
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$220,912,620. Unrealized appreciation and depreciation, based on identified
tax cost at June 30, 1999, are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 25,793,531
Unrealized depreciation (8,198,361)
------------
Net unrealized appreciation $ 17,595,170
============
</TABLE>
++ Represents collateral received from securities lending transactions.
37
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
- ---------------------------------------
Vantagepoint International Fund
- ---------------------------------------
Percentage of Portfolio by Industry:
<TABLE>
<S> <C>
Banking 12.8%
Electronics 9.4%
Telephone Systems 7.1%
Beverages, Food & Tobacco 7.0%
Pharmaceuticals 6.0%
Diversified 5.5%
Oil & Gas 4.9%
Insurance 4.8%
Communications 4.6%
IBT Repurchase Agreement 4.5%
Securities Lending Collateral 4.0%
Automotive 3.3%
Media--Broadcasting & Publishing 3.2%
Financial Services 2.7%
Metals & Mining 2.4%
Retailers 2.3%
Heavy Machinery 1.9%
Commercial Services 1.8%
Chemicals 1.8%
Computers & Information 1.6%
Electrical Equipment 1.4%
Food Retailers 1.4%
Entertainment & Leisure 1.2%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C>
Building Materials 1.1%
Forest Products & Paper 0.9%
Electric Utilities 0.9%
Home Construction, Furnishings & Appliances 0.9%
Cosmetics & Personal Care 0.8%
Medical Supplies 0.7%
Aerospace & Defense 0.7%
Real Estate 0.6%
Photographic Equipment & Supplies 0.3%
Apparel Retailers 0.3%
Computer Software & Processing 0.3%
Restaurants 0.2%
Textiles, Clothing & Fabrics 0.2%
Transportation 0.2%
Office Products & Supplies 0.1%
Health Care Providers 0.0%
Heavy Construction 0.0%
Airlines 0.0%
Water Companies 0.0%
Lodging 0.0%
Containers & Packaging 0.0%
------
TOTAL INVESTMENTS 103.8%
Other assets less liabilities (3.8%)
------
TOTAL NET ASSETS 100.0%
======
</TABLE>
See accompanying notes to financial statements.
38
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth Fund Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--97.5%
- -----------------------------------------------------------------
Advertising--1.0%
Ackerly Communications, Inc. 25,700 $ 467,419
*Catalina Marketing Corporation 88,800 8,169,600
*Cyrk, Inc. 10,400 63,050
*DoubleClick, Inc. 2,800 256,900
Interpublic Group, Inc. 27,600 2,390,850
Omnicom Group 59,100 4,728,000
Penton Media, Inc. 61,900 1,501,075
R.H. Donnelley Corporation 53,800 1,052,463
*Snyder Communications, Inc. 202,009 6,615,795
True North Communications, Inc. 58,000 1,740,000
Young & Rubicam, Inc. 13,000 590,688
--------------
27,575,840
--------------
Aerospace & Defense--1.0%
Allied Signal, Inc. 80,800 5,090,400
General Dynamics Corporation 64,800 4,438,800
*Gulfstream Areospace Corporation 167,731 11,332,325
Raytheon Company 23,700 1,667,888
Textron, Inc. 51,500 4,239,094
--------------
26,768,507
--------------
Airlines--0.4%
Air Express International Corporation 31,100 789,163
Comair Holdings, Inc. 209,450 4,359,178
*FDX Corporation 11,200 607,600
*Mesa Air Group, Inc. 77,000 578,701
Skywest, Inc. 62,900 1,568,569
Southwest Airlines, Inc. 100,800 3,137,400
--------------
11,040,611
--------------
Apparel Retailers--1.5%
*Abercrombie & Fitch Company 381,814 18,327,071
*American Eagle Outfitters, Inc. 48,300 2,197,650
*AnnTaylor Stores Corporation 52,800 2,376,000
*Gap, Inc. 80,250 4,042,594
Giordano International Ltd. 640,000 453,696
Intimate Brands, Inc. 117,705 5,576,274
*Just For Feet, Inc. 12,400 79,825
*Kohls Corporation 9,900 764,156
*Pacific Sunwear of California, Inc. 8,200 199,875
*Payless Shoesource, Inc. 31,200 1,669,200
Ross Stores, Inc. 75,418 3,799,182
*The Finish Line, Inc. 63,400 713,250
*Wet Seal, Inc. 48,400 1,385,450
--------------
41,584,223
--------------
Automotive--2.3%
*Championship Auto Racing Teams, Inc. 21,300 637,669
Coachmen Industries, Inc. 86,700 2,015,775
Delphi Automotive Systems Corporation 1 13
Federal-Mogul Corporation 160,265 8,333,780
Ford Motor Company 58,500 3,301,594
General Motors Corporation 41,400 2,732,400
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Market
Shares Value
- ----------------------------------------------------------------------
<S> <C> <C>
Harley-Davidson, Inc. 454,462 $ 24,711,370
International Speedway Corporation Class B 51,600 2,476,800
International Speedway Corporation Class A 70,500 3,348,750
*Lear Corporation 62,700 3,119,325
Meritor Automotive, Inc. 112,664 2,872,932
*National R.V. Holdings, Inc. 27,600 669,300
*Navistar International Corporation 84,300 4,215,000
Oshkosh Truck Corporation 13,200 664,125
*Penske Motorsports, Inc. 5,600 277,900
*Speedway Motorsports, Inc. 38,000 1,493,875
*Tower Automotive, Inc. 179,600 4,568,575
Winnebago Industries, Inc. 16,900 380,250
--------------
65,819,433
--------------
Banking--4.5%
Associates First Capital Corporation 83,274 3,690,079
Bank of America Corporation 49,390 3,620,904
Bank of New York Company, Inc. 111,600 4,094,325
Bank One Corporation 60,100 3,579,706
Bank United Corporation 85,400 3,432,013
BB&T Corporation 65,800 2,414,038
Capital One Financial Corporation 86,600 4,822,538
CCB Financial Corporation 40,000 2,115,000
CCBT Bancorp, Inc. 4,600 88,550
Chase Manhattan Corporation 49,000 4,244,625
Citigroup, Inc. 78,400 3,724,000
*Columbia Banking System, Inc. 25,725 395,522
Comerica, Inc. 54,200 3,221,513
Commercial Federal Corporation 22,300 517,081
Dime Bancorp, Inc. 95,500 1,921,938
Finova Group, Inc. 60,300 3,173,288
First Tennessee National Corporation 270,589 10,366,940
Fleet Financial Group, Inc. 83,800 3,718,625
Household International, Inc. 79,100 3,747,363
*HPSC, Inc. 17,400 165,300
Huntington Bancshares, Inc. 66,600 2,331,000
Investors Financial Services Corporation 16,700 668,000
National Bancorp of Alaska, Inc. 8,300 219,950
Northern Trust Corporation 61,600 5,975,200
Northfork Bancorp 228,647 4,873,039
Old Kent Financial Corporation 175,141 7,334,017
*Seacoast Financial Services Corporation 43,000 489,125
Southtrust Corporation 88,400 3,392,350
Sovereign Bancorp, Inc. 276,105 3,347,773
State Street Corporation 117,000 9,988,874
Synovus Financial Corporation 17,450 346,819
Texas Regional Bancshares Class A 17,500 475,781
</TABLE>
39
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth Fund Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
Washington Federal, Inc. 32,240 $ 723,385
Wells Fargo & Company 84,000 3,591,000
Wilmington Trust Corporation 53,926 3,094,004
Zions Bancorporation 239,062 15,180,436
--------------
125,084,101
--------------
Beverages, Food & Tobacco--1.4%
Anheuser Busch Companies, Inc. 88,700 6,292,156
*Ben & Jerry's Homemade, Inc. Class A 3,700 102,675
Brown Forman Corporation 18,300 1,192,931
Corn Products International, Inc. 81,000 2,465,438
Dean Foods Company 86,100 3,578,531
Dreyer's Grand Ice Cream, Inc. 44,852 678,387
Flowers Industries, Inc. 282,671 6,130,427
McCormick & Company, Inc. 191,010 6,028,753
*Merkert American Corporation 49,900 474,050
*Smithfield Foods, Inc. 3,700 122,563
Supervalu, Inc. 92,300 2,370,956
Tootsie Roll Industries, Inc. 74,684 2,884,670
U.S. Foodservice 80,926 3,449,471
*Vlasic Foods International, Inc. 74,210 542,661
Whitman Corporation 143,033 2,574,594
--------------
38,888,263
--------------
Bio-Technology--0.6%
*Genzyme Corporation (General Division) 42,600 2,066,100
*MiniMed, Inc. 15,300 1,177,144
*Novoste Corporation 15,100 317,100
*VISX, Inc. 182,100 14,420,043
*Xomed Surgical Products, Inc. 600 29,213
--------------
18,009,600
--------------
Building Materials--3.6%
Dimon, Inc. 5,000 25,938
Fastenal Company 164,657 8,634,201
Florida Rock Industries 201,000 9,145,500
*Giant Cement Holding, Inc. 73,700 1,685,888
Holderbank Financiere Glarus AG Class B
(Switzerland) 397 467,434
Home Depot, Inc. 71,800 4,626,613
Lafarge Corporation 89,800 3,182,288
Lone Star Industries, Inc. 309,300 11,618,080
Lowe's Companies, Inc. 82,700 4,688,056
*PSS World Medical, Inc. 115,408 1,291,127
*Safeguard Scientifics, Inc. 6,400 396,800
Southdown, Inc. 491,902 31,604,703
USG Corporation 81,200 4,547,200
Vulcan Materials Company 307,614 14,842,375
*VWR Corporation 107,600 3,947,575
--------------
100,703,778
--------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Market
Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
Chemicals--0.7%
Carlisle Corporation 49,232 $ 2,369,290
Crompton & Knowles Corporation 106,748 2,088,258
Ferro Corporation 57,230 1,573,825
Fuller H.B. Company 23,700 1,620,488
Georgia Gulf Corporation 50,487 851,968
*Hauser, Inc. 38,375 211,063
Lubrizol Corporation 31,200 850,200
*Markwest Hydrocarbon, Inc. 54,700 478,625
*McWhorter Technologies, Inc. 12,000 173,250
Minerals Technologies, Inc. 18,100 1,010,206
Premark International, Inc. 77,400 2,902,500
RPM, Inc. 49,800 706,538
Solutia, Inc. 182,268 3,884,587
Spartech Corporation 42,500 1,344,063
--------------
20,064,861
--------------
Commercial Services--5.0%
*ACNielson Corporation 129,200 3,908,300
*Allied Waste Industries, Inc. 306,147 6,046,403
*Avis Rent A Car, Inc. 27,000 786,375
*Borg-Warner Security Corporation 57,400 1,165,938
*Cendant Corporation 42,400 869,200
Cintas Corporation 237,099 15,930,088
*Concord EFS, Inc. 499,696 21,143,386
*Convergys Corporation 248,303 4,779,833
Deluxe Corporation 63,100 2,456,956
EG&G, Inc. 58,600 2,087,625
*Elan Corporation PLC ADR (Ireland) 235,000 6,521,250
Fair Issac & Company, Inc. 26,000 911,625
Hertz Corporation Class A 53,700 3,329,400
Hooper Holmes, Inc. 21,400 436,025
H&R Block, Inc. 16,100 805,000
*Iron Mountain, Inc. 187,500 5,367,188
*IT Group, Inc. 44,100 708,356
*Medco Research, Inc. 68,400 1,795,500
Mutual Risk Management Ltd. 130,900 4,368,788
*Nova Corporation 282,612 7,065,300
Olsten Corporation 44,400 280,275
Paychex, Inc. 298,000 9,498,749
*Quest Diagnostics, Inc. 13,500 369,563
*Quintiles Transnational Corporation 182,819 7,678,398
*Republic Services, Inc. 67,000 1,658,250
*Robert Half International, Inc. 331,098 8,608,548
Rollins, Inc. 49,820 794,006
R.R. Donnelley & Sons Company 30,300 1,122,994
*Safety-Kleen Corporation 6,300 114,188
SEI Investments Company 13,600 1,200,200
Stone & Webster, Inc. 33,300 886,613
*Superior Services, Inc. 3,800 101,413
*Sylvan Learning Systems, Inc. 84,400 2,294,625
*URS Corporation 40,000 1,172,500
*USWeb Corporation 19,600 434,875
</TABLE>
40
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth Fund Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
*Valassis Communications, Inc. 83,400 $ 3,054,525
Viad Corporation 162,358 5,022,951
Waste Management, Inc. 98,500 5,294,375
--------------
140,069,584
--------------
Communications--4.9%
*ADC Telecommunications, Inc. 337,660 15,384,633
*Ancor Communications, Inc. 93,600 3,030,300
*Andrew Corporation 482,100 9,129,769
*Antec Corporation 52,900 1,696,106
*Aware, Inc. 51,800 2,389,275
*Cable Design Technologies Corporation 92,000 1,420,250
Comsat Corporation 12,900 419,250
*Level 3 Communications, Inc. 28,600 1,717,788
Lucent Technologies, Inc. 286,505 19,321,180
*Metromedia Fiber Network, Inc. Class A 229,100 8,233,281
*Network Appliance, Inc. 36,300 2,028,263
*Nielsen Media Research, Inc. 125,000 3,656,250
*Nokia Corporation ADR (Finland) 46,400 4,248,500
Nortel Networks Corporation (Canada) 3,700 321,206
*NTL, Inc. 46,700 4,024,956
Pittway Corporation 11,900 396,419
Pittway Corporation Class A 100,300 3,429,006
*Qualcomm, Inc. 262,238 37,631,152
Superior TeleCom, Inc. 40,500 1,012,500
Symbol Technologies, Inc. 236,485 8,720,384
*Tellabs, Inc. 114,900 7,762,931
--------------
135,973,399
--------------
Computer Software & Processing--13.5%
*Acxiom Corporation 421,600 10,513,649
Adobe Systems, Inc. 32,500 2,669,063
*American Management Systems, Inc. 218,100 6,992,831
*BISYS Group, Inc. 54,700 3,199,950
*BMC Software, Inc. 78,900 4,260,600
*BroadVision, Inc. 7,600 560,500
*Cadence Design Systems, Inc. 394,468 5,029,467
*Cambridge Technology Partners, Inc. 97,203 1,707,128
*Checkfree Holdings Corporation 333,100 9,181,069
*Citrix Systems, Inc. 246,726 13,940,018
*CMGI, Inc. 892,400 101,789,374
Comdisco, Inc. 246,297 6,311,361
Computer Associates International, Inc. 46,900 2,579,500
*Compuware Corporation 98,800 3,143,075
*CSG Systems International, Inc. 91,400 2,393,538
*Electronic Arts, Inc. 171,588 9,308,649
*Fiserv, Inc. 287,401 8,999,228
*HNC Software, Inc. 18,100 557,706
*Informix Corporation 309,373 2,639,354
*Inktomi Corporation 51,700 6,798,550
</TABLE>
<TABLE>
- -------------------------------------------------------------------------
<CAPTION>
Market
Shares Value
- -------------------------------------------------------------------------
<S> <C> <C>
*International Network Services 16,850 $ 680,319
*Intuit, Inc. 25,100 2,262,138
*Keane, Inc. 116,941 2,645,790
*Legato Systems, Inc. 113,937 6,579,862
*Lycos, Inc. 159,900 14,690,812
*Macromedia, Inc. 10,900 384,225
*Microsoft Corporation 201,100 18,136,705
*National Instruments Corporation 11,900 480,463
*NCR Corporation 57,800 2,821,363
*Networks Associates, Inc. 225,360 3,309,975
*Novell, Inc. 310,700 8,233,550
*Open Market, Inc. 22,100 313,544
*Policy Management System Corporation 57,884 1,736,520
*PRI Automation, Inc. 10,300 373,375
*Project Software & Development, Inc. 5,000 156,250
*PSINet, Inc. 6,100 266,875
*RealNetworks, Inc. 155,300 10,696,287
Shared Medical Systems Corporation 214,500 13,996,124
*Siebel Systems, Inc. 167,685 11,119,611
Softbank Corporation (Japan) 15,300 3,098,273
*Software.com, Inc. 19,300 447,519
*SPSS, Inc. 44,000 1,130,250
*Sterling Commerce, Inc. 470,099 17,158,613
*Sungard Data Systems, Inc. 188,107 6,489,692
*Symantec Corporation 90,797 2,315,324
*Synopsys, Inc. 115,602 6,379,785
*Transaction Systems Architects, Inc. Class A 242,600 9,461,400
*Tyler Technologies, Inc. 49,000 336,875
*Unisys Corporation 76,800 2,990,400
Veritas Software Corporation 197,650 18,764,396
*Visio Corporation 124,600 4,742,588
*Yahoo!, Inc. 31,600 5,443,100
--------------
380,216,613
--------------
Computers & Information--2.8%
*CDW Computer Centers, Inc. 168,200 7,400,800
*Cisco Systems, Inc. 69,900 4,495,444
*Comverse Technology, Inc. 204,158 15,413,928
*Critical Path, Inc. 900 49,781
*Ebay, Inc. 5,600 845,600
*Emulex Corporation 41,000 4,558,688
International Business Machines Corporation 38,400 4,963,200
International Game Technology 160,110 2,962,035
*Interphase Corporation 3,200 73,600
*Lexmark International Group, Inc. 256,836 16,967,227
*Maxtor Corporation 137,200 690,294
National Computer Systems, Inc. 72,400 2,443,500
*Rational Software Corporation 139,450 4,593,134
*Read-Rite Corporation 226,000 1,401,901
Reynolds & Reynolds, Inc. 243,259 5,670,975
*Rhythms NetConnections, Inc. 36,200 2,113,175
</TABLE>
41
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth Fund Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
Schawk, Inc. 4,700 $ 42,006
*Storage Technology Corporation 163,098 3,710,480
*TheStreet.com, Inc. 11,200 403,200
--------------
78,798,968
--------------
Containers & Packaging--0.0%
Intertape Polymer Group, Inc. (Canada) 11,700 342,225
*U.S. Can Corporation 1,000 22,250
--------------
364,475
--------------
Cosmetics & Personal Care--0.2%
Alberto Culver Company Class A 59,400 1,355,063
Alberto Culver Company Class B 33,500 891,938
Church & Dwight Company, Inc. 31,619 1,375,427
Ecolab, Inc. 6,200 270,475
Estee Lauder Companies Class A 16,900 847,113
--------------
4,740,016
--------------
Diversified--0.8%
*Blyth Industries, Inc. 79,400 2,729,375
Federal Signal Corporation 74,195 1,572,007
General Electric Company 33,900 3,830,700
Hillenbrand Industries, Inc. 194,043 8,392,360
Tyco International Ltd. 69,000 6,537,750
--------------
23,062,192
--------------
Education--0.2%
*Apollo Group, Inc. 185,136 4,917,675
*DeVry, Inc. 45,700 1,022,538
--------------
5,940,213
--------------
Electric Utilities--1.8%
Alliant Energy Corporation 127,385 3,614,549
Bangor Hydro-Electric Co. 6,200 99,975
BEC Energy 59,800 2,466,750
Black Hills Corporation 25,000 578,125
*Calpine Corporation 12,800 691,200
CMP Group, Inc. 50,000 1,309,375
Consolidated Edison, Inc. 71,700 3,244,425
DQE, Inc. 57,300 2,299,163
Energy East Corporation 123,000 3,198,000
Florida Progress Corporation 61,200 2,528,325
Illinova Corporation 238,400 6,496,400
Ipalco Enterprises, Inc. 284,212 6,021,742
LG&E Energy Corporation 211,521 4,441,941
Minnesota Power, Inc. 119,300 2,371,088
Montana Power Company 15,200 1,071,600
*Niagra Mohawk Holdings, Inc. 105,100 1,688,169
NiSource, Inc. 84,800 2,188,900
Peco Energy Company 84,600 3,542,625
Unicom Corporation 93,800 3,617,163
--------------
51,469,515
--------------
Electrical Equipment--0.4%
*American Power Conversion Corporation 313,050 6,300,131
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Market
Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
AMETEK, Inc. 52,611 $ 1,210,053
C&D Technology, Inc. 60,600 1,855,875
*UCAR International, Inc. 73,542 1,856,936
--------------
11,222,995
--------------
Electronics--7.2%
*Adaptec, Inc. 68,900 2,433,031
*Altera Corporation 449,822 16,559,071
American Woodmark Corporation 21,300 750,825
*Analog Devices, Inc. 144,600 7,257,113
*ASM Lithography Holding NV (Netherlands) 122,700 7,285,313
AVX Corporation 6,300 153,563
*Black Box Corporation 33,900 1,699,238
*Broadcom Corporation--CL A 1,400 202,388
*C-Cube Microsystems, Inc. 2,500 79,063
*Conexant Systems, Inc. 7,900 458,694
Dallas Semiconductor Corporation 81,300 4,105,650
*Esterline Corporation 29,900 429,813
*E-Tek Dynamics, Inc. 1,600 76,100
*Herley Industries, Inc. 29,900 390,569
*Jabil Circuit, Inc. 133,600 6,028,700
*Kent Electronics Corporation 6,300 124,819
Linear Technology Corporation 434,488 29,219,317
*Maxim Integrated Products, Inc. 243,706 16,206,448
*Microchip Technology, Inc. 221,069 10,473,143
*Micron Technology, Inc. 515,300 20,773,030
Molex, Inc. Class A 233,700 7,361,550
Motorola, Inc. 39,700 3,761,575
*PMC-Sierra, Inc. 62,700 3,695,381
*Polycom, Inc. 31,600 1,232,400
*Qlogic Corporation 58,900 7,774,800
Quixote Corporation 1,300 15,844
*Sanmina Corporation 116,400 8,831,850
*Stoneridge, Inc. 60,300 814,050
Texas Instruments, Inc. 35,900 5,205,500
*Vitesse Semiconductor Corporation 177,900 11,997,130
*Xilinx, Inc. 444,542 25,450,029
--------------
200,845,997
--------------
Entertainment & Leisure--0.6%
*Harrah's Entertainment, Inc. 23,600 519,200
Hasbro, Inc. 83,900 2,343,956
*Hollywood Entertainment Corporation 42,100 823,581
*Kingworld Productions, Inc. 83,800 2,917,288
Royal Caribbean Cruises Ltd. 147,900 6,470,625
*Royal Olympic Cruise Lines, Inc. 33,400 96,025
*SFX Entertainment, Inc. Class A 17,200 1,100,800
Time Warner, Inc. 18,000 1,323,000
*WMS Industries, Inc. 86,500 1,470,500
--------------
17,064,975
--------------
</TABLE>
42
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth Fund Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------
Financial Services--3.6%
Alliance Capital Management LP 103,900 $ 3,357,269
American Express Company 27,300 3,552,413
Bedford Property Investors 19,200 343,200
Countrywide Credit Industries, Inc. 70,700 3,022,425
Daiwa Securities Company Ltd. (Japan) 980,000 6,477,408
Donaldson, Lufkin & Jenrette, Inc. 17,900 1,078,475
Euro-Nevada Mining Corporation (Canada) 238,000 2,830,177
*E*TRADE Group, Inc. 675,400 26,973,787
Federal National Mortgage Association 47,400 3,240,975
Federal Home Loan Mortgage Corporation 55,100 3,195,800
*Federal Agricultural Mortgage Corporation 38,300 2,628,338
Franco-Nevada Mining Corporation 67,900 1,050,583
*Grupo Financiero Bancomer SA de CV Class O
(Mexico) 145,000 52,186
Heller Financial, Inc. 234,600 6,524,813
Investment Technology Group, Inc. 50,400 1,631,700
Jafco Company Ltd. (Japan) 24,000 1,586,302
*Knight/Trimark Group, Inc. 50,900 3,069,906
Kokusai Securities Company Ltd. (Japan) 158,000 1,958,094
Lehman Brothers, Inc. 10,500 653,625
Morgan Keegan, Inc. 12,600 238,613
Morgan Stanley Dean Witter & Company 18,200 1,865,500
Nikko Securities Company Ltd. (Japan) 694,000 4,478,104
Nomura Securities Company Ltd. (Japan) 570,000 6,673,104
Peoples Heritage Financial Group, Inc. 94,800 1,783,425
Providian Financial Corporation 29,600 2,767,600
Renaissancere Holdings Ltd. 42,500 1,572,500
Terra Nova Holdings Ltd. Class A (Bermuda) 44,000 1,185,250
T. Rowe Price Associates, Inc. 197,368 7,573,997
Webster Financial Corporation 30,200 819,175
--------------
102,184,744
--------------
Food Retailers--0.5%
Food Lion, Inc. Class A 246,800 2,930,750
Food Lion, Inc. Class B 33,900 391,969
*Kroger Company 359,600 10,046,324
--------------
13,369,043
--------------
Forest Products & Paper--0.6%
Bemis Company 12,100 480,975
Boise Cascade Corporation 57,500 2,465,313
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Market
Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
Georgia-Pacific Group 79,400 $ 3,761,575
*Ivex Packaging Corporation 101,400 2,230,800
Temple Inland, Inc. 33,200 2,265,900
Weyerhaeuser Company 51,400 3,533,750
Willamette Industries, Inc. 48,500 2,234,031
--------------
16,972,344
--------------
Health Care Providers--1.4%
*Apria Healthcare Group, Inc. 58,300 991,100
*Covance, Inc. 386,513 9,252,155
*Express Scripts, Inc. Class A 31,400 1,889,888
*First Health Group Corporation 140,175 3,022,523
*Health Management Associates, Inc. 452,769 5,093,651
*Healthsouth Corporation 633,800 9,467,388
*Lifepoint Hospital, Inc. 2,789 37,477
*Lincare Holdings, Inc. 125,069 3,126,725
*Oxford Health Plans, Inc. 132,230 2,057,829
*PacifiCare Health Systems, Inc. 12,600 906,413
*Resmed, Inc. 23,300 773,269
*TLC The Laser Center, Inc. 11,000 526,625
*Total Renal Care Holdings, Inc. 157,622 2,452,992
*Triad Hospitals, Inc. 2,787 37,631
*Universal Health Services Class B 12,300 587,325
--------------
40,222,991
--------------
Heavy Construction--1.1%
Butler Manufacturing Company 68,500 1,913,719
Centex Corporation 93,900 3,527,119
Fluor Corporation 15,400 623,700
Foster Wheeler Corporation 5,000 70,625
Granite Construction, Inc. 52,650 1,543,303
Martin Marietta Materials, Inc. 371,101 21,894,958
--------------
29,573,424
--------------
Heavy Machinery--2.2%
*Ag-Chem Equipment Company, Inc. 9,700 97,000
Applied Power, Inc. Class A 125,400 3,424,988
*Astec Industries, Inc. 46,200 1,882,650
Baker Hughes, Inc. 53,500 1,792,250
*Cooper Cameron Corporation 6,400 237,200
Donaldson Company, Inc. 76,080 1,863,960
Graco, Inc. 36,700 1,078,063
Idex Corporation 36,100 1,186,788
Kaydon Corporation 95,479 3,210,481
Manitowoc Company, Inc. 165,750 6,899,344
*Mohawk Industries, Inc. 231,000 7,016,625
Robbins & Myers, Inc. 28,300 631,444
Rockwell International Corporation 42,900 2,606,175
Roper Industries, Inc. 19,000 608,000
*Specialty Equipment Companies, Inc. 2,200 64,763
Stanley Works 363,500 11,700,155
United Technologies Corporation 65,000 4,659,688
</TABLE>
43
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth Fund Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------
*Varco International, Inc. 272,300 $ 2,978,281
Weatherford International, Inc. 249,140 9,124,753
--------------
61,062,608
--------------
Home Construction, Furnishings & Appliances--1.4%
*American Homestar Corporation 39,800 273,625
*American Standard Companies, Inc. 114,847 5,512,656
Bassett Furniture Industries, Inc. 41,200 942,450
Bush Industries, Inc. Class A 7,800 129,675
*CompX International, Inc. 48,700 870,513
*Furniture Brands International, Inc. 105,600 2,943,600
*Gemstar International Group Ltd. 8,400 548,100
HON Industries, Inc. 99,956 2,917,466
Johnson Controls, Inc. 77,700 5,385,581
La-Z-Boy, Inc. 50,100 1,152,300
Leggett & Platt, Inc. 320,350 8,909,734
Maytag Corporation 34,900 2,432,094
Miller Herman, Inc. 220,065 4,621,365
Pulte Corporation 92,200 2,126,363
Standard-Pacific Corporation 29,700 384,244
*Winsloew Furniture, Inc. 600 20,175
--------------
39,169,941
--------------
Household Products--0.1%
Fortune Brands, Inc. 13,900 575,113
Valspar Corporation 38,400 1,459,200
--------------
2,034,313
--------------
Insurance--1.7%
Allamerica Financial Corporation 71,600 4,354,175
Ambac Financial Group, Inc. 39,200 2,239,300
American Bankers Insurance Group, Inc. 34,500 1,878,094
Brown & Brown, Inc. 52,100 1,979,800
Cigna Corporation 72,400 6,443,600
Hartford Financial Services Group 63,400 3,697,013
HCC Insurance Holdings, Inc. 66,400 1,506,450
Marsh & McLennan Companies, Inc. 45,700 3,450,350
Nationwide Financial Services, Inc. Class A 9,100 411,775
Protective Life Corporation 100,900 3,329,700
Reliastar Financial Corporation 27,100 1,185,625
*RSL Communications Ltd. 34,300 662,419
Travelers Property Casualty Corporation 58,300 2,280,988
*Trigon Healthcare, Inc. 81,800 2,975,475
*UICI 20,400 563,550
United Healthcare Corporation 63,900 4,001,738
*Wellpoint Health Networks 93,200 7,910,350
--------------
48,870,402
--------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
Market
Shares Value
- ------------------------------------------------------------------------
<S> <C> <C>
Lodging--0.2%
*Choice Hotels International, Inc. 85,100 $ 1,680,725
*Mandalay Resort Group 70,000 1,478,750
*Prime Hospitality Corporation 96,100 1,153,200
Starwood Hotels & Resorts Worldwide, Inc. 17,100 522,619
--------------
4,835,294
--------------
Media--Broadcasting & Publishing--4.6%
*Adelphia Communications Corporation Class A 10,900 693,513
*Allegiance Telecom, Inc. 52,600 2,886,425
*AT&T Corporation--Liberty Media Group 279,664 10,277,651
BHC Communications, Inc. Class A 51,000 6,630,000
*Cablevision Systems Corporation 152,600 10,681,999
*Capstar Broadcasting Corporation Class A 27,800 761,025
*CBS Corporation 85,100 3,696,531
*Chancellor Media Corporation Class A 20,300 1,119,038
*Chris-Craft Industries, Inc. 63,036 2,970,572
Comcast Corporation 95,200 3,659,250
*Cox Communications, Inc. Class A 120,600 4,439,588
EchoStar Communications Corporation Class A 7,500 1,150,781
*Entercom Communications Corporation 700 29,925
Gannett Company, Inc. 66,600 4,753,575
*Grupo Televisa SA ADR (Mexico) 24,700 1,106,869
Harte-Hanks, Inc. 64,800 1,757,700
Houghton Mifflin Company 50,134 2,359,431
*Infinity Broadasting Corporation 33,800 1,005,550
*Jones Intercable, Inc. 20,300 994,700
McGraw-Hill Companies, Inc. 62,600 3,376,488
Media General, Inc. Class A 43,885 2,238,135
Meredith Corporation 89,000 3,081,625
New York Times Company 126,400 4,653,100
Reader's Digest Association, Inc. Class A 312,900 12,437,774
TCA Cable TV, Inc. 215,727 11,972,848
*TCI Music, Inc. Class A 35,900 1,269,963
*TV Guide, Inc. 57,700 2,113,263
*Univision Communications, Inc. 150,100 9,906,599
*Viacom, Inc. Class B 197,300 8,681,200
Washington Post Company Class B 16,473 8,858,356
--------------
129,563,474
--------------
Medical Supplies--2.7%
Allergan, Inc. 101,700 11,288,699
Bard C.R., Inc. 125,400 5,995,688
Bausch & Lomb, Inc. 45,600 3,488,400
Beckman Coulter, Inc. 46,792 2,275,261
Biomet, Inc. 86,700 3,446,325
*Boston Scientific Corporation 99,300 4,362,994
</TABLE>
44
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth Fund Shares Value
- -----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------------
*Focal, Inc. 128,900 $ 966,750
*Genzyme Surgical Products 7,626 33,602
Guidant Corporation 10,400 534,950
*Haemonetics Corporation 75,500 1,514,719
Honeywell, Inc. 44,800 5,191,200
*KLA-Tencor Corporation 4,800 311,400
*Mettler-Toledo International, Inc. 80,700 2,002,369
*Orthofix International N.V. 13,500 200,813
*Patterson Dental Company 116,600 4,051,850
*Steris Corporation 111,130 2,153,144
Stryker Corporation 157,958 9,497,225
*Sybron International Corporation 209,108 5,763,539
*Uniphase Corporation 38,000 6,308,000
*Waters Corporation 78,000 4,143,750
*Wesley Jessen VisionCare, Inc. 35,900 1,146,556
--------------
74,677,234
--------------
Metals & Mining--0.3%
*Alliant Techsystems, Inc. 7,100 614,150
*Kinross Gold Corporation (Canada) 5,300 8,923
*Kinross Gold Corporation 170,800 288,225
*Meridan Gold, Inc. (Canada) 81,600 377,400
Nucor Corporation 49,200 2,333,925
Oregon Steel Mills, Inc. 32,500 432,656
*Pan American Silver Corporation 102,500 615,000
Placer Dome, Inc. (Canada) 159,680 1,886,220
*Steel Dynamics, Inc. 44,900 694,549
*Stillwater Mining Company (Great Britain) 17,250 562,781
*Stillwater Mining Company 22,050 720,759
--------------
8,534,588
--------------
Oil & Gas--5.0%
Atlantic Richfield Company 39,700 3,317,431
*Atwood Oceanics, Inc. 210,100 6,565,625
*Barrett Resources Corporation 42,900 1,646,288
*BJ Services Company 82,400 2,425,650
Cabot Oil & Gas Corporation Class A 50,900 948,013
*Cal Dive International, Inc. 55,700 1,664,038
*Canadian Natural Resources Ltd. (Canada) 76,800 1,504,819
*Chieftain International, Inc. 35,400 619,500
Coastal Corporation 26,900 1,076,000
Coflexip SA ADR (France) 65,000 2,827,500
*Companie Generale de Geophysique SA ADR (France) 55,000 591,250
Diamond Offshore Drilling, Inc. 97,400 2,763,725
Dynegy, Inc. 1,100 22,413
Enron Corporation 12,600 1,030,050
Enron Oil & Gas Company 40,400 818,100
Ensco International, Inc. 377,300 7,522,419
*Global Industries Ltd. 90,100 1,154,406
*Global Marine, Inc. 1,728,700 26,686,805
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Market
Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
*Hanover Compressor Company 74,000 $ 2,377,250
Helmerich & Payne, Inc. 163,500 3,893,344
Kerr-McGee Corporation 22,700 1,139,256
KeySpan Corporation 233,015 6,145,771
*Magnum Hunter Resources, Inc. 127,100 484,569
*Marine Drilling Company, Inc. 650,600 8,905,088
*Nabors Industries, Inc. 160,300 3,917,331
*National-Oilwell, Inc. 44,000 616,000
*Newfield Exploration Company 77,000 2,189,688
*Noble Drilling Corporation 269,400 5,303,813
*Ocean Energy, Inc. 103,586 997,015
Oneok, Inc. 48,900 1,552,575
Paramount Resources Ltd. (Canada) 40,500 554,121
*Paramount Resources Ltd. (Canada) 57,500 809,997
*Penn West Petroleum Ltd. 19,200 350,258
*Petroleum Geo-Services ADR (Norway) 44,600 663,425
*Pride International, Inc. 67,300 710,856
*Prima Energy Corporation 4,600 104,075
*Rio Alto Exploration Ltd. (Canada) 143,300 2,163,959
Royal Dutch Petroleum Company (Netherlands) 56,400 3,398,100
*R&B Falcon Corporation 65,570 614,719
Santa Fe International Corporation 163,000 3,749,000
*Santa Fe Snyder Corporation 246,265 1,877,771
Schlumberger Ltd. 166,800 10,623,074
*Smith International, Inc. 288,100 12,514,343
*Transmontaigne, Inc. 47,900 601,744
Union Pacific Resources Group, Inc. 52,500 856,406
Wynn's International, Inc. 51,200 944,000
--------------
141,241,580
--------------
Pharmaceuticals--4.3%
Alpharma, Inc. 3,300 117,356
*Amgen, Inc. 27,600 1,680,150
Bergen Brunswig Corporation 218,947 3,776,836
*Biogen, Inc. 432,242 27,798,563
Bristol-Myers Squibb Company 54,400 3,831,800
Cardinal Health, Inc. 12,250 785,531
*Centocor, Inc. 138,363 6,451,175
*Chirex, Inc. 28,700 921,988
*Chiron Corporation 296,150 6,145,113
*Forest Laboratories, Inc. 134,846 6,236,628
*Gilead Sciences, Inc. 50,600 2,643,850
*ICOS Corporation 12,400 506,075
*IDEC Pharmaceuticals Corporation 7,600 585,675
*Immnunex Corporation 202,400 25,793,349
*King Pharmaceuticals, Inc. 21,800 564,075
*MedImmune, Inc. 179,100 12,134,024
Mylan Labs, Inc. 210,330 5,573,745
Omnicare, Inc. 323,200 4,080,400
Schering-Plough Corporation 37,200 1,971,600
*Sepracor, Inc. 63,199 5,134,919
</TABLE>
45
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth Fund Shares Value
- --------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------------
*Syncor International Corporation 29,900 $ 1,076,400
Warner-Lambert Company 51,600 3,579,750
--------------
121,389,002
--------------
Real Estate--1.1%
Alexandria Real Estate Equities, Inc. REIT 22,600 706,250
Apartment Investment & Management Company REIT
Class A 72,990 3,120,323
Avalonbay Communities, Inc. REIT 19,200 710,400
Banyan Strategic Realty Trust REIT 23,600 138,650
*Boardwalk Equities, Inc. (Canada) 54,600 549,669
*Catellus Development Corporation 131,700 2,041,350
CenterPoint Properties Corporation REIT 16,000 586,000
Duke Realty Investments, Inc. REIT 181,500 4,095,094
Equity Residential Properties Trust REIT 125,600 5,659,850
FelCor Lodging Trust, Inc. REIT 29,400 610,050
First Industrial Realty Trust, Inc. REIT 14,400 395,100
Glenborough Realty Trust, Inc. REIT 37,100 649,250
Kimco Realty Corporation REIT 25,100 982,038
Lennar Corporation 183,400 4,401,600
Liberty Property Trust REIT 102,100 2,539,738
Mack-Cali Realty Corporation REIT 19,100 590,906
Meristar Hospitality Corporation REIT 92,011 2,064,497
Mid-Atlantic Realty Trust REIT 23,900 265,888
Public Storage, Inc. REIT 58,700 1,643,600
Weeks Corporation REIT 4,400 134,200
--------------
31,884,453
--------------
Restaurants--1.1%
*Brinker International, Inc. 26,000 706,875
CEC Entertainment, Inc. 20,000 845,000
CKE Restaurants, Inc. 27,100 440,375
Darden Restaurants, Inc. 109,700 2,392,831
*Outback Steakhouse, Inc. 238,234 9,365,554
*Papa John's International, Inc. 49,200 2,198,625
Ruby Tuesday, Inc. 78,800 1,497,200
*Sizzler International, Inc. 145,300 326,925
*Sonic Corporation 42,050 1,371,881
*Starbucks Corporation 296,574 11,140,060
--------------
30,285,326
--------------
Retailers--5.1%
*Ames Department Stores, Inc. 51,300 2,340,563
Apogee Enterprises, Inc. 13,700 184,094
*Barnes & Noble, Inc. 111,896 3,063,153
*Bed Bath & Beyond, Inc. 395,030 15,208,654
</TABLE>
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
Market
Shares Value
- ------------------------------------------------------------------------
<S> <C> <C>
*Best Buy Company, Inc. 539,900 $ 36,443,249
*BJ's Wholesale Club, Inc. 82,500 2,480,156
Casey's General Store, Inc. 43,100 646,500
CCS Corporation 81,700 4,146,275
Circuit City Stores 43,500 4,045,500
Claire's Stores, Inc. 67,100 1,719,438
*Copart, Inc. 42,800 909,500
Dayton Hudson Corporation 53,000 3,445,000
*Department 56, Inc. 3,700 99,438
*Discount Auto Parts, Inc. 34,800 839,550
*Dollar Tree Stores, Inc. 154,654 6,804,776
*Drug Emporium, Inc. 147,900 1,072,275
Family Dollar Stores 447,207 10,732,967
Fred's, Inc. 58,400 912,500
*Handleman Company 78,300 924,919
*Linens 'n Things, Inc. 21,400 936,250
*Michaels Stores, Inc. 66,300 2,030,438
*MSC Industrial Direct Company, Inc. Class A 317,600 3,255,400
*Office Depot, Inc. 444,800 9,813,399
*Petco Animal Supplies, Inc. 800 12,600
*Petsmart, Inc. 86,900 890,725
*Rawlings Sporting Goods Company 34,500 340,688
*Rex Stores Corporation 19,400 578,363
*Safeway, Inc. 87,800 4,346,100
*ShopKo Stores, Inc. 32,500 1,178,125
*Sonic Automotive, Inc. 66,200 910,250
*Staples, Inc. 40,250 1,245,234
Tandy Corporation 78,000 3,812,250
TJX Companies, Inc. 204,800 6,822,400
*Venator Group, Inc. 273,700 2,856,744
Wal-Mart Stores, Inc. 117,900 5,688,675
*Williams-Sonoma, Inc. 91,000 3,167,938
--------------
143,904,086
--------------
Telephone Systems--2.0%
*Alcatel SA ADR (France) 31,000 879,625
Alltel Corporation 53,000 3,789,500
Ameritech Corporation 53,400 3,924,900
AT&T Corporation 256,696 14,326,872
Centurytel, Inc. 63,300 2,516,175
Cincinnati Bell, Inc. 342,155 8,532,490
*Copper Mountain Networks, Inc. 3,900 301,275
*Exodus Communications, Inc. 13,100 1,571,181
*FirstCom Corporation 5,700 49,163
Frontier Corporation 16,800 991,200
*GST Telecommunications, Inc. 12,500 164,844
GTE Corporation 66,700 5,052,525
*Intermedia Communications, Inc. 28,300 849,000
*MCI Worldcom, Inc. 68,500 5,895,281
McLeodUSA, Inc. Class A 13,500 742,500
*Qwest Communications International, Inc. 29,300 968,731
SBC Communications, Inc. 60,200 3,491,600
Vodafone AirTouch PLC (United Kingdom) 1,850 364,450
*WinStar Communications, Inc. 26,200 1,277,250
--------------
55,688,562
--------------
</TABLE>
46
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth Fund Shares Value
- ------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------------
Textiles, Clothing & Fabrics--1.2%
*Genesco, Inc. 115,400 $ 1,680,513
*Hartmarx Corporation 93,500 391,531
*Jones Apparel Group, Inc. 198,838 6,822,629
K-Swiss, Inc. 24,800 1,153,200
*Maxwell Shoe Company, Inc. Class A 40,200 364,313
Nike, Inc. 84,200 5,330,913
OshKosh B' Gosh, Inc. 3,900 82,388
*Quiksilver, Inc. 56,550 1,473,834
*Shaw Industries, Inc. 387,593 6,395,285
Tommy Hilfiger Corporation 30,600 2,249,100
*Unifi, Inc. 80,200 1,704,250
West Point Stevens, Inc. 217,533 6,485,203
--------------
34,133,159
--------------
Transportation--2.9%
Airborne Freight Corporation 79,237 2,193,874
Alexander & Baldwin, Inc. 39,400 876,650
*American Freightways Corporation 3,700 72,381
Brunswick Corporation 7,600 211,850
C.H. Robinson Worldwide, Inc. 241,700 8,882,475
Dial Corporation 240,898 8,958,394
Expeditors International of Washington, Inc. 39,400 1,073,650
Florida East Coast Industries, Inc. 20,100 889,425
*Forward Air Corporation 16,200 455,625
Galileo International, Inc. 50,600 2,703,938
*Hub Group, Inc. Class A 40,400 906,475
J.B. Hunt Transport Services, Inc. 42,900 697,125
Kansas City Southern Industries, Inc. 13,500 861,469
*Keystone Automotive Industries, Inc. 87,100 1,513,363
*Landstar System, Inc. 20,400 736,314
*Mark VII, Inc. 46,600 774,725
*M.S. Carriers, Inc. 22,400 664,301
Newport News Shipbuilding, Inc. 57,198 1,687,341
Sea Containers Ltd. 7,500 251,719
St. Joe Company 110,500 2,983,500
Union Pacific Corporation 559,000 32,596,687
US Freightways Corporation 251,600 11,652,224
Werner Enterprises, Inc. 43,700 906,775
--------------
82,550,280
--------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
Shares/ Market
Face Value
- ----------------------------------------------------------------------------
<S> <C> <C>
Water Companies--0.1%
American States Water Company 33,200 $ 942,050
American Water Works Company 47,600 1,463,700
Philadelphia Suburban Corporation 49,460 1,140,671
United Water Resources, Inc. 19,200 435,600
--------------
3,982,021
--------------
TOTAL COMMON STOCKS
(Cost $2,318,034,378) 2,741,437,028
--------------
- ----------------------------------------------------------------------------
PREFERRED STOCKS--0.0%
- ----------------------------------------------------------------------------
Electric Utilities
Companhia Energetica de Minas Gerais SA (Brazil)
(Cost $795,521) 33,120,000 692,208
--------------
- ----------------------------------------------------------------------------
CASH EQUIVALENTS--14.4%
- ----------------------------------------------------------------------------
Institutional Money Market Funds--3.2%
++Merrimac Cash Fund--Premium Class $90,079,670 90,079,670
--------------
Bank Deposits/Offshore
Time Deposits--7.7%
++American Express Centurion Bank 36,561,620 36,561,620
++Bank of Montreal 37,118,380 37,118,380
++Bank of Montreal 55,973,163 55,973,163
++BankBoston NA 16,810,934 16,810,934
++Harris Trust & Savings Bank 15,435,963 15,435,963
++Royal Bank of Scotland PLC 24,697,542 24,697,542
++Toronto Dominion 30,871,927 30,871,927
--------------
217,469,529
--------------
Floating Rate Instruments/
Master Notes--3.5%
++General America Life 15,000,000 15,000,000
++Goldman Sachs 21,000,000 21,000,000
++John Hancock Mutual Life 15,000,000 15,000,000
++Morgan Stanley Dean Witter & Co. 46,000,000 46,000,000
--------------
97,000,000
--------------
TOTAL CASH EQUIVALENTS
(Cost $404,549,199) 404,549,199
--------------
</TABLE>
47
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
Shares/ Market
Vantagepoint Growth Fund Face Value
- -------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS--2.8%
- -------------------------------------------------------------------------------
Repurchase Agreement dated 6/30/99 due 7/1/99,
with a maturity value of $78,906,909 and an
effective yield of 4.25% collateralized by Federal
Home Loan Mortgage Corp adjustable rate mortgages
with a rate of 7.26%, a maturity of 10/01/22 and a
market value of $4,601,037, a Federal Home Loan
Mortgage Floater with a rate of 6.20%, a maturity
of 03/15/24 with a market value of $8,504,836,
Small Business Association with rates from 5.50%
to 7.13% with maturities from 03/25/15 to 05/25/24
with market value of $14,024,548, Federal National
Mortgage Association adjustable rate mortgages
with rates of 5.30% to 7.07% with maturities from
03/25/22 to 02/01/27 with a market value of
$55,703,044 $78,897,595 $ 78,897,595
--------------
TOTAL INVESTMENTS--114.7%
(Cost $2,802,276,693) 3,225,576,030
Other assets less liabilities--(14.7%) (414,390,296)
--------------
TOTAL NET ASSETS--100.0% $2,811,185,734
==============
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes to the Schedule of Investments:
* Non-income producing security.
** The cost of investments for federal income tax purposes amounts to
$2,802,276,693. Unrealized appreciation and depreciation, based on
identified tax cost at June 30, 1999, are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 525,983,693
Unrealized depreciation (102,684,356)
--------------
Net unrealized appreciation $ 423,299,337
==============
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
48
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth and Income Fund Shares Value
- --------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--96.2%
- --------------------------------------------------------------
Advertising--0.8%
Interpublic Group, Inc. 14,000 $ 1,212,750
Young & Rubicam, Inc. 6,000 272,625
------------
1,485,375
------------
Aerospace & Defense--1.2%
Allied Signal, Inc. 8,600 541,800
Boeing Company 24,800 1,095,850
Textron, Inc. 6,000 493,875
------------
2,131,525
------------
Airlines--0.4%
*FDX Corporation 12,000 651,000
------------
Apparel Retailers--0.4%
*Gap, Inc. 13,200 664,950
------------
Automotive--1.0%
Delphi Automotive Systems Corporation 24,403 452,981
Federal-Mogul Corporation 25,000 1,300,000
------------
1,752,981
------------
Banking--7.8%
Associates First Capital Corporation 13,184 584,216
Bank of America Corporation 31,494 2,308,903
Capital One Financial Corporation 8,100 451,069
Citigroup, Inc. 81,100 3,852,249
Comerica, Inc. 7,100 422,006
Fifth Third Bancorp 10,000 665,625
First Security Corporation 8,400 228,900
Firstar Corporation 39,740 1,112,720
Household International, Inc. 15,500 734,313
Northern Trust Corporation 2,500 242,500
SLM Holding Corporation 22,400 1,026,200
Washington Mutual, Inc. 25,048 886,073
Wells Fargo & Company 33,600 1,436,400
Zions Bancorporation 1,200 76,200
------------
14,027,374
------------
Beverages, Food & Tobacco--2.1%
Anheuser Busch Companies, Inc. 9,042 641,417
Campbell Soup Company 1,700 78,838
Coca Cola Company 12,000 750,000
Kellogg Company 38,500 1,270,500
Nabisco Holdings Corporation Class A 7,500 324,375
Pepsico, Inc. 2,700 104,456
Philip Morris Companies, Inc. 16,703 671,252
------------
3,840,838
------------
Building Materials--1.3%
Home Depot, Inc. 23,300 1,501,394
Lowe's Companies, Inc. 13,100 742,606
------------
2,244,000
------------
</TABLE>
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Market
Shares Value
- --------------------------------------------------------------------
<S> <C> <C>
Chemicals--1.4%
Clorox Company 12,200 $ 1,303,113
Du Pont (E.I.) de Nemours & Company 8,200 560,163
Praxair, Inc. 14,500 709,594
------------
2,572,870
------------
Commercial Services--1.2%
*Quintiles Transnational Corporation 29,000 1,218,000
Service Corporation International 46,800 900,900
------------
2,118,900
------------
Communications--3.6%
Lucent Technologies, Inc. 42,600 2,872,837
*Newbridge Networks Corporation (Canada) 7,000 201,250
*Nokia Corporation ADR (Finland) 19,400 1,776,313
*Qualcomm, Inc. 5,600 803,600
*Tellabs, Inc. 12,400 837,775
------------
6,491,775
------------
Computer Software & Processing--4.9%
*America Online, Inc. 5,700 629,850
Autodesk, Inc. 32,000 946,000
*Cadence Design Systems, Inc. 77,600 989,400
*CMGI, Inc. 2,600 296,563
*Microsoft Corporation 39,900 3,598,480
*Peoplesoft, Inc. 44,800 772,800
*Sun Microsystems, Inc. 15,400 1,060,675
*Unisys Corporation 14,000 545,125
------------
8,838,893
------------
Computers & Information--6.0%
*Apple Computer, Inc. 8,400 389,025
*Cisco Systems, Inc. 24,900 1,606,050
*Comverse Technology, Inc. 5,800 437,900
*EMC Corporation 9,300 511,500
*Gateway, Inc. 14,000 826,000
Hewlett-Packard Company 19,300 1,939,649
Intel Corporation 8,000 476,000
International Business Machines Corporation 25,700 3,321,724
*Lexmark International Group, Inc. 3,800 251,038
Pitney Bowes, Inc. 12,200 783,850
*Storage Technology Corporation 9,700 220,675
------------
10,763,411
------------
Cosmetics & Personal Care--1.8%
Colgate-Palmolive Company 12,400 1,224,500
Ecolab, Inc. 23,000 1,003,375
Estee Lauder Companies Class A 20,400 1,022,550
------------
3,250,425
------------
Diversified--4.7%
*Berkshire Hathaway, Inc. Class A 100 689,000
*Berkshire Hathaway, Inc. Class B 15 33,735
General Electric Company 27,900 3,152,699
Tyco International Ltd. 47,000 4,453,249
------------
8,328,683
------------
</TABLE>
49
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth and Income Fund Shares Value
- ------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
Electric Utilities--1.4%
*AES Corporation 23,000 $ 1,336,875
Cinergy Corporation 15,000 480,000
*Niagra Mohawk Holdings, Inc. 10,600 170,263
*Northeast Utilities 28,000 495,250
------------
2,482,388
------------
Electrical Equipment--0.5%
Emerson Electric Company 15,000 943,125
------------
Electronics--3.3%
*Maxim Integrated Products, Inc. 13,000 864,500
Motorola, Inc. 19,600 1,857,099
*Solectron Corporation 11,500 766,906
Sony Corporation ADR (Japan) 11,700 1,291,388
Texas Instruments, Inc. 3,200 464,000
Xerox Corporation 10,000 590,625
------------
5,834,518
------------
Entertainment & Leisure--2.8%
Carnival Corporation 35,200 1,707,200
Hasbro, Inc. 25,050 699,834
Time Warner, Inc. 35,400 2,601,899
------------
5,008,933
------------
Financial Services--2.7%
American Express Company 9,700 1,262,213
Charles Schwab & Company, Inc. 6,700 736,163
Donaldson, Lufkin & Jenrette, Inc. 4,300 259,075
Goldman Sachs Group, Inc. 4,400 317,900
Indymac Mortgage Holdings 59,500 952,000
Morgan Stanley
Dean Witter & Company 5,800 594,500
Providian Financial Corporation 7,405 692,368
------------
4,814,219
------------
Forest Products & Paper--2.6%
Bowater, Inc. 22,000 1,039,500
Fort James Corporation 31,000 1,174,125
Kimberly-Clark Corporation 23,600 1,345,200
*Sealed Air Corporation 17,300 1,122,338
------------
4,681,163
------------
Health Care Providers--0.2%
*PacifiCare Health Systems, Inc. 6,200 446,013
------------
Heavy Machinery--3.9%
*Applied Materials, Inc. 18,200 1,344,525
Baker Hughes, Inc. 34,700 1,162,450
Dover Corporation 27,700 969,500
*Lam Research Corporation 7,000 326,813
Stanley Works 9,400 302,563
United Technologies Corporation 34,000 2,437,374
Weatherford International, Inc. 10,400 380,900
------------
6,924,125
------------
Household Products--0.8%
Illinois Tool Works, Inc. 17,000 1,394,000
------------
Insurance--3.9%
AFLAC Corporation 8,100 387,788
American General Corporation 7,100 535,163
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Market
Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
American International Group, Inc. 15,300 $ 1,791,056
Cincinnati Financial Corporation 24,000 901,500
*Lincoln National Corporation 14,614 764,495
The PMI Group, Inc. 15,400 967,313
United Healthcare Corporation 11,000 688,875
XL Captial Ltd. (Bermuda) 16,000 904,000
------------
6,940,190
------------
Media--Broadcasting & Publishing--6.6%
*Adelphia Communications Corporation Class A 12,500 795,313
American Greetings Corporation 26,700 804,338
*AT&T Corporation--Liberty Media Group 81,800 3,006,149
*Cablevision Systems Corporation 14,300 1,001,000
*Clear Channel Communications 4,900 337,794
Comcast Corporation 11,700 449,719
*Fox Entertainment Group, Inc. 37,000 996,688
*MediaOne Group, Inc. 14,300 1,063,563
New York Times Company 20,500 754,656
News Corporation Ltd. ADR (Australia) 15,000 529,688
*Viacom, Inc. Class B 44,800 1,971,199
------------
11,710,107
------------
Medical Supplies--3.6%
Allergan, Inc. 2,700 299,700
Bausch & Lomb, Inc. 5,500 420,750
Guidant Corporation 25,400 1,306,513
Honeywell, Inc. 3,400 393,975
Johnson & Johnson 10,600 1,038,800
*KLA-Tencor Corporation 12,000 778,500
Medtronics, Inc. 13,000 1,012,375
*PE Corporation--Celera Genomics Group 4,500 72,844
PE Corporation--PE Biosystems Group 9,000 1,032,750
------------
6,356,207
------------
Metals & Mining--0.2%
Hubbell, Inc. Class B 7,500 340,313
------------
Oil & Gas--5.2%
Burlington Resources, Inc. 19,500 843,375
Chevron Corporation 6,000 571,125
Columbia Energy Group 4,600 288,363
Conoco, Inc. 12,500 348,438
Enron Corporation 13,700 1,119,975
Exxon Corporation 29,500 2,275,187
KN Energy, Inc. 15,600 208,650
Mobil Corporation 3,800 376,200
Murphy Oil Corporation 6,900 336,806
Royal Dutch Petroleum Company (Netherlands) 7,719 465,070
Schlumberger Ltd. 6,000 382,125
Shell Transport & Trading Company PLC ADR
(United Kingdom) 28,600 1,326,325
Williams Companies, Inc. 18,700 795,919
------------
9,337,558
------------
</TABLE>
50
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Market
Vantagepoint Growth and Income Fund Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
Pharmaceuticals--5.1%
American Home Products Corporation 16,600 $ 954,500
*Amgen, Inc. 8,800 535,700
AstraZeneca Group PLC ADR (United Kingdom) 29,248 1,146,156
*Biogen, Inc. 9,400 604,538
*Forest Laboratories, Inc. 26,000 1,202,500
*Immnunex Corporation 1,100 140,181
Pfizer, Inc. 5,500 603,625
Pharmacia & Upjohn, Inc. 16,300 926,044
Schering-Plough Corporation 33,700 1,786,100
Warner-Lambert Company 18,600 1,290,375
------------
9,189,719
------------
Retailers--6.1%
*Amazon.com, Inc. 2,900 362,863
*AutoNation, Inc. 35,000 623,438
*Best Buy Company, Inc. 8,500 573,750
CCS Corporation 24,700 1,262,788
Circuit City Stores 6,100 567,300
*Costco Companies, Inc. 16,800 1,345,050
Dayton Hudson Corporation 7,600 494,000
*Safeway, Inc. 15,900 787,050
Tandy Corporation 6,000 293,250
TJX Companies, Inc. 30,100 1,002,706
Walgreen Company 32,900 966,438
Wal-Mart Stores, Inc. 54,300 2,619,974
------------
10,898,607
------------
Telephone Systems--7.7%
Alltel Corporation 5,500 393,250
Ameritech Corporation 10,400 764,400
AT&T Corporation 20,500 1,144,156
BellSouth Corporation 18,100 848,438
*Loral Space & Communications 42,400 763,200
*MCI Worldcom, Inc. 35,700 3,079,124
SBC Communications, Inc. 32,900 1,908,199
Sprint Corporation (FON Group) 52,900 2,793,780
*Sprint Corporation (PCS Group) 7,300 417,013
Vodafone AirTouch PLC (United Kingdom) 8,000 1,576,000
------------
13,687,560
------------
Textiles, Clothing & Fabrics--0.8%
*Jones Apparel Group, Inc. 15,900 545,569
Nike, Inc. 7,700 487,506
VF Corporation 10,500 448,875
------------
1,481,950
------------
Transportation--0.2%
Union Pacific Corporation 6,700 390,694
------------
TOTAL COMMON STOCKS
(Cost $138,594,157) 172,024,389
------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
Shares/ Market
Face Value
- ------------------------------------------------------------------------------
<S> <C> <C>
CASH EQUIVALENTS--7.3%
- ------------------------------------------------------------------------------
Institutional Money Market Funds--1.3%
++Merrimac Cash Fund--Premium Class $2,439,063 $ 2,439,063
------------
Bank Deposits/Offshore
Time Deposits--4.3%
++American Express Centurion Bank 1,099,573 1,099,573
++Royal Bank of Scotland PLC 799,689 799,689
++Bank of Montreal 1,099,573 1,099,573
++Bank of Montreal 1,799,301 1,799,301
++Harris Trust & Savings Bank 499,805 499,805
++Toronto Dominion 999,612 999,612
++BankBoston NA 1,362,408 1,362,408
------------
7,659,961
------------
Floating Rate Instruments/
Master Notes--1.7%
++Morgan Stanley Dean Witter 3,000,000 3,000,000
------------
TOTAL CASH EQUIVALENTS
(Cost $13,099,024) 13,099,024
------------
- ------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--3.9%
- ------------------------------------------------------------------------------
IBT Repurchase Agreement dated 6/30/99 due 7/1/99,
with a maturity value of $7,030,936 and an effective
yield of 4.25% collateralized by Federal National
Mortgage Association obligations with a rates
ranging from 6.38% to 6.50%, maturity dates ranging
from 03/01/2024 to 05/18/2028, and aggregate market
value of $531,707,272, Federal Home Loan Mortgage
Corporation obligation with a rate of 7.57%, a
maturity date of 10/01/2025 and a market value of
$381,773 7,030,106 $ 7,030,106
------------
TOTAL INVESTMENTS--107.4%
(Cost $158,723,287) 192,153,519
Other assets less liabilities--(7.4%) (13,341,977)
------------
TOTAL NET ASSETS--100.0% $178,811,542
============
</TABLE>
Notes to the Schedule of Investments:
* Non-income producing security.
** The cost of investments for federal income tax purposes is $158,723,287.
Unrealized appreciation and depreciation, based on identified tax cost at
June 30, 1999, are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 35,024,590
Unrealized depreciation (1,594,358)
------------
Net unrealized appreciation $ 33,430,232
============
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
51
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Vantagepoint Equity Income Fund Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--97.8%
- -----------------------------------------------------------------
Aerospace & Defense--0.1%
Boeing Company 11,000 $ 486,063
Lockheed Martin Corporation 9,900 368,775
------------
854,838
------------
Automotive--1.1%
Ford Motor Company 47,881 2,702,284
Genuine Parts Company 103,552 3,624,320
------------
6,326,604
------------
Banking--11.6%
Amsouth Bancorp 38,670 896,661
Bank of America Corporation 112,757 8,266,497
Bank One Corporation 210,525 12,539,394
Chase Manhattan Corporation 18,005 1,559,683
Fifth Third Bancorp 34,353 2,286,622
First Union Corporation 184,304 8,662,287
Fleet Financial Group, Inc. 51,436 2,282,473
JP Morgan & Company, Inc. 22,817 3,205,789
KeyCorp 50,669 1,627,742
Mellon Bank Corporation 54,656 1,988,112
PNC Bank Corporation 41,965 2,418,233
Safeco Corporation 171,878 7,584,116
US Bancorp 42,922 1,459,348
US Trust Corporation 35,580 3,291,150
Wachovia Corporation 22,217 1,900,942
Washington Federal, Inc. 103,044 2,312,050
Washington Mutual, Inc. 61,397 2,171,919
Wells Fargo & Company 14,900 636,975
------------
65,089,993
------------
Beverages, Food & Tobacco--8.0%
Anheuser Busch Companies, Inc. 39,758 2,820,333
Bestfoods 9,500 470,250
Campbell Soup Company 26,712 1,238,769
Conagra, Inc. 10,900 290,213
Gallaher Group PLC ADR (United Kingdom) 110,424 2,698,487
General Mills, Inc. 25,011 2,010,259
Heinz HJ Company 143,349 7,185,369
Hershey Foods Corporation 14,600 866,875
Kellogg Company 51,799 1,709,367
Pepsico, Inc. 26,400 1,021,350
Philip Morris Companies, Inc. 305,406 12,273,503
Quaker Oats Company 26,395 1,751,968
Ralston-Ralston Purina Group 12,900 392,644
Sara Lee Corporation 270,550 6,138,103
UST, Inc. 144,537 4,227,707
------------
45,095,197
------------
Building Materials--0.3%
Universal Corporation 64,007 1,820,199
------------
Chemicals--5.2%
Carlisle Corporation 139,527 6,714,737
Clorox Company 13,248 1,415,052
Dow Chemicals Company 40,757 5,171,044
Du Pont (E.I.) de Nemours & Company 41,446 2,831,280
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
Engelhard Corporation 297,262 $ 6,725,553
International Flavors & Fragrances 21,800 967,375
RPM, Inc. 365,535 5,186,028
------------
29,011,069
------------
Commercial Services--1.2%
Chemed Corporation 29,711 987,891
Dun & Bradstreet Corporation 28,787 1,020,139
Rollins, Inc. 15,000 239,063
Servicemaster Company 254,124 4,764,825
------------
7,011,918
------------
Computer Software & Processing--0.8%
Automatic Data Processing, Inc. 105,272 4,631,968
------------
Computers & Information--2.2%
Hewlett-Packard Company 37,780 3,796,890
Minnesota Mining & Manufacturing Company 42,990 3,737,443
Pitney Bowes, Inc. 74,177 4,765,872
------------
12,300,205
------------
Cosmetics & Personal Care--1.2%
Avon Products, Inc. 9,537 529,304
Colgate-Palmolive Company 35,213 3,477,284
Gillette Company 21,200 869,200
Procter & Gamble Company 20,942 1,869,074
------------
6,744,862
------------
Diversified--1.3%
General Electric Company 52,954 5,983,802
Newell Rubbermaid, Inc. 16,200 753,300
Teleflex, Inc. 8,600 373,563
------------
7,110,665
------------
Electric Utilities--5.6%
Allegheny Energy, Inc. 25,553 819,293
Ameren Corporation 29,580 1,135,133
Carolina Power & Light Company 36,038 1,542,877
Central & South West Corporation 35,682 834,067
Consolidated Edison, Inc. 19,917 901,244
Constellation Energy Group 31,619 936,713
Dominion Resources, Inc. 22,753 985,489
Duke Energy Corporation 88,684 4,822,193
Edison International 78,113 2,089,523
FPL Group, Inc. 19,040 1,040,060
LG&E Energy Corporation 45,850 962,850
Northern States Power Company 123,080 2,976,998
PacifiCorp 92,821 1,705,586
Scana Corporation 85,642 2,001,882
Southern Company 77,305 2,048,583
Teco Energy, Inc. 116,076 2,640,729
Texas Utilities Company 36,694 1,513,628
Utilicorp United, Inc. 86,794 2,110,179
Wisconsin Energy Corporation 28,344 710,372
------------
31,777,399
------------
</TABLE>
52
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Vantagepoint Equity Income Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
Electrical Equipment--0.5%
Emerson Electric Company 29,590 $ 1,860,471
Thomas & Betts Corporation 20,967 990,691
------------
2,851,162
------------
Entertainment & Leisure--0.8%
Cedar Fair LP 179,176 4,468,202
------------
Financial Services--3.2%
Alliance Capital Management LP 99,036 3,200,101
Federal National Mortgage Association 61,806 4,225,985
Merrill Lynch & Company, Inc. 16,000 1,279,000
Pimco Advisors Holdings LP 163,003 4,849,339
Worthington Industries, Inc. 261,345 4,295,858
------------
17,850,283
------------
Forest Products & Paper--2.3%
International Paper Company 53,868 2,720,334
Kimberly-Clark Corporation 128,359 7,316,463
Potlatch Corporation 16,532 726,375
Weyerhauser Company 28,646 1,969,413
------------
12,732,585
------------
Heavy Machinery--1.2%
Baker Hughes, Inc. 34,100 1,142,350
Caterpillar, Inc. 13,377 802,620
Deere & Company 8,568 339,507
Pentair, Inc. 98,900 4,524,675
------------
6,809,152
------------
Home Construction, Furnishings & Appliances--0.2%
Whirlpool Corporation 13,497 998,778
------------
Household Products--0.2%
Fortune Brands, Inc. 27,065 1,119,814
------------
Insurance--4.5%
American General Corporation 90,783 6,842,769
Chubb Corporation 15,700 1,091,150
Cincinnati Financial Corporation 110,838 4,163,352
Jefferson Pilot Corporation 33,012 2,184,982
Lincoln National Corporation* 52,286 2,735,211
Marsh & McLennan Companies, Inc. 70,797 5,345,174
Ohio Casualty Corporation 40,806 1,474,117
St. Paul Companies, Inc. 40,965 1,303,199
------------
25,139,954
------------
Media--Broadcasting & Publishing--0.3%
McGraw-Hill Companies, Inc. 26,862 1,448,869
------------
Medical Supplies--1.2%
Baxter International, Inc. 25,143 1,524,294
Honeywell, Inc. 7,500 869,063
Johnson & Johnson 46,492 4,556,216
------------
6,949,573
------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
Metals & Mining--1.4%
Hubbell, Inc. Class B 25,034 $ 1,135,918
Masco Corporation 237,115 6,846,696
------------
7,982,614
------------
Oil & Gas--12.2%
Atlantic Richfield Company 08 62,266 5,203,103
BP Amoco PLC ADR (United Kingdom) 66,300 7,193,496
Chevron Corporation 112,966 10,752,950
Consolidated Natural Gas Company 39,718 2,412,869
Exxon Corporation 147,695 11,390,976
Indiana Energy, Inc. 59,605 1,270,332
Mobil Corporation 128,564 12,727,835
National Fuel Gas Company 39,248 1,903,528
Nicor, Inc. 14,947 568,920
Phillips Petroleum Company 29,178 1,468,018
Piedmont Natural Gas Company 31,086 967,552
Royal Dutch Petroleum Company (Netherlands) 69,781 4,204,305
Schlumberger Ltd. 16,400 1,044,475
Sempra Energy 19,581 443,020
Texaco, Inc. 86,332 5,395,750
Unocal Corporation 7,800 309,075
USX Marathon Group 44,141 1,437,341
------------
68,693,545
------------
Pharmaceuticals--9.8%
Abbott Laboratories 105,874 4,817,267
American Home Products Corporation 128,747 7,402,953
Bristol-Myers Squibb Company 184,964 13,028,401
Eli Lilly & Company 56,746 4,064,432
Glaxo Wellcome PLC ADR (United Kingdom) 91,854 5,201,233
Merck & Company, Inc. 126,434 9,356,115
Omnicare, Inc. 118,000 1,489,750
Pfizer, Inc. 27,169 2,981,798
Pharmacia & Upjohn, Inc. 118,486 6,731,486
------------
55,073,435
------------
Photographic Equipment & Supplies--0.3%
Eastman Kodak Company 26,741 1,811,703
------------
Real Estate--3.1%
Equity Residential Properties Trust REIT 110,920 4,998,333
Federal Realty Investment Trust REIT 102,612 2,353,663
Manufactured Home Communities, Inc. REIT 195,667 5,087,342
United Dominion Realty Trust, Inc. REIT 197,247 2,317,652
Washington Real Estate Investment Trust REIT 110,544 1,872,339
Weingarten Realty Investors REIT 26,241 1,095,562
------------
17,724,891
------------
</TABLE>
53
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares/
Vantagepoint Equity Income Fund Face Value
<S> <C> <C>
- -------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------
Retailers--2.9%
Family Dollar Stores 288,396 $ 6,921,504
J.C. Penney Company, Inc. 62,121 3,016,751
May Department Stores Company 83,765 3,423,894
Rite Aid Corporation 20,600 507,275
Sears Roebuck & Company 3,500 155,969
Wal-Mart Stores, Inc. 47,042 2,269,777
------------
16,295,170
------------
Telephone Systems--14.4%
Alltel Corporation 84,700 6,056,050
Ameritech Corporation 205,370 15,094,694
AT&T Corporation 146,967 8,202,595
Bell Atlantic Corporation 259,740 16,980,502
BellSouth Corporation 74,514 3,492,844
GTE Corporation 160,362 12,147,421
SBC Communications, Inc. 180,799 10,486,341
Telephone & Data Systems, Inc. 50,000 3,653,125
US West, Inc. 85,523 5,024,476
------------
81,138,048
------------
Transportation--0.7%
CSX Corporation 23,466 1,063,302
Norfolk Southern Corporation 44,740 1,347,793
Union Pacific Corporation 25,697 1,498,456
------------
3,909,551
------------
TOTAL COMMON STOCKS
(Cost $383,173,775) 550,772,246
------------
- -------------------------------------------------------------
CASH EQUIVALENTS--6.2%
- -------------------------------------------------------------
Institutional Money Market Funds--0.3%
++Merrimac Cash Fund--Premium Class $ 1,722,175 1,722,175
------------
Bank Deposits/Offshore
Time Deposits--2.3%
++American Express Centurion Bank 1,843,658 1,843,658
++Bank of Montreal 597,446 597,446
++Bank of Montreal 3,031,631 3,031,631
++BankBoston NA 1,505,799 1,505,799
++Harris Trust & Savings Bank 1,328,230 1,328,230
++Royal Bank of Scotland PLC 2,125,169 2,125,169
++Toronto Dominion 2,656,462 2,656,462
------------
13,088,395
------------
Floating Rate Instruments/
Master Notes--3.6%
++John Hancock Mutual Life 20,000,000 20,000,000
------------
TOTAL CASH EQUIVALENTS (Cost $34,810,570) 34,810,570
------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- ------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--2.0%
- ------------------------------------------------------------------------------
IBT Repurchase Agreement dated 6/30/99 due 7/01/99,
with a maturity value of $11,398,024 and an
effective yield of 4.25% collateralized by Federal
National Mortgage Association adjustable rate
mortgage with a rate of 7.08%, a maturity date of
10/01/25 and a market value of $1,897,377, Federal
National Mortgage Association adjustable rate
mortgage with a rate of 6.68%, a maturity date of
7/01/25 and a market value of $2,193,114, Federal
National Mortgage Association Floating Rate Note
with a rate of 6.04%, a maturity date of 12/25/21
and a market value of $7,876,406 $11,396,679 $ 11,396,679
------------
TOTAL INVESTMENTS--106.0%
(Cost $429,381,024) 596,979,495
Other assets less liabilities--(6.0%) (33,917,857)
------------
TOTAL NET ASSETS--100.0% $563,061,638
============
</TABLE>
Notes to the Schedule of Investments:
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$429,381,024. Unrealized appreciation and depreciation, based on identified
tax cost at June 30, 1999, are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $175,036,798
Unrealized depreciation (7,438,327)
------------
Net unrealized appreciation $167,598,471
============
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
54
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
COMMON STOCKS--49.8%
- -----------------------------------------------------------------
Advertising--0.1%
Interpublic Group, Inc. 6,850 $ 593,381
Omnicom Group 8,300 664,000
--------------
1,257,381
--------------
Aerospace & Defense--0.7%
Allied Signal, Inc. 27,200 1,713,600
Boeing Company 45,892 2,027,853
General Dynamics Corporation 6,300 431,550
Lockheed Martin Corporation 19,200 715,200
Northrop Grumman Corporation 3,400 225,463
Raytheon Company 16,600 1,168,225
Textron, Inc. 7,800 642,038
TRW, Inc. 5,800 318,275
--------------
7,242,204
--------------
Airlines--0.2%
*AMR Corporation 7,500 511,875
Delta Air Lines, Inc. 7,000 403,375
*FDX Corporation 14,640 794,220
Southwest Airlines, Inc. 16,450 512,006
*U.S. Airways Group, Inc. 4,200 182,963
--------------
2,404,439
--------------
Apparel Retailers--0.3%
*Gap, Inc. 41,888 2,110,083
*Kohls Corporation 7,800 602,063
Nordstrom, Inc. 6,900 231,150
The Limited, Inc. 11,000 499,125
--------------
3,442,421
--------------
Automotive--0.7%
Cooper Tire & Rubber Company 3,700 87,413
Dana Corporation 8,124 374,212
Delphi Automotive Systems Corporation 26,635 494,412
Ford Motor Company 59,314 3,347,534
General Motors Corporation 32,100 2,118,600
Genuine Parts Company 8,725 305,375
Goodyear Tire & Rubber Company 7,600 446,975
ITT Industries, Inc. 4,400 167,750
*Navistar International Corporation 3,200 160,000
PACCAR, Inc. 3,810 203,359
The Pep Boys 2,800 60,550
--------------
7,766,180
--------------
Banking--4.6%
Amsouth Bancorp 8,700 201,731
Associates First Capital Corporation 35,642 1,579,386
Bank of America Corporation 84,816 6,218,072
Bank of New York Company, Inc. 37,200 1,364,775
Bank One Corporation 57,569 3,428,954
BankBoston Corporation 14,500 741,313
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
BB&T Corporation 15,200 $ 557,650
Capital One Financial Corporation 9,600 534,600
Chase Manhattan Corporation 41,480 3,593,205
Citigroup, Inc. 165,972 7,883,669
Comerica, Inc. 7,650 454,697
Fifth Third Bancorp 13,050 868,641
First Union Corporation 48,484 2,278,748
Firstar Corporation 33,700 943,600
Fleet Financial Group, Inc. 27,752 1,231,495
Golden West Financial Corporation 2,800 274,400
Household International, Inc. 23,619 1,118,950
Huntington Bancshares, Inc. 10,270 359,450
JP Morgan & Company, Inc. 8,600 1,208,300
KeyCorp 22,200 713,175
MBNA Corporation 39,227 1,201,327
Mellon Bank Corporation 25,600 931,200
Mercantile Bancorporation 7,700 439,863
National City Corporation 16,000 1,048,000
Northern Trust Corporation 5,500 533,500
PNC Bank Corporation 14,700 847,088
Regions Financial Corporation 10,800 415,125
Safeco Corporation 6,600 291,225
SLM Holding Corporation 8,100 371,081
Southtrust Corporation 8,000 307,000
State Street Corporation 7,900 674,463
Summit Bancorp 8,500 355,406
Suntrust Banks, Inc. 15,700 1,090,169
Synovus Financial Corporation 13,000 258,375
Union Planters Corporation 6,700 299,406
US Bancorp 35,624 1,211,216
Wachovia Corporation 10,000 855,625
Washington Mutual, Inc. 29,043 1,027,396
Wells Fargo & Company 80,460 3,439,665
--------------
51,151,941
--------------
Beverages, Food & Tobacco--2.6%
Adolph Coors Company Class B 1,700 84,150
Anheuser Busch
Companies, Inc. 23,500 1,667,031
Archer-Daniels-Midland Company 28,991 447,549
Bestfoods 13,900 688,050
Brown Forman Corporation 3,400 221,638
Campbell Soup Company 21,700 1,006,338
Coca Cola Company 120,800 7,549,999
Coca Cola Enterprises, Inc. 20,700 636,525
Conagra, Inc. 23,900 636,338
General Mills, Inc. 7,600 610,850
Heinz HJ Company 17,650 884,706
Hershey Foods Corporation 7,000 415,625
Kellogg Company 19,800 653,400
Nabisco Group Holdings Corporation 15,900 311,044
Pepsico, Inc. 71,800 2,777,763
Philip Morris Companies, Inc. 119,200 4,790,350
Pioneer Hi Bred International, Inc. 11,700 455,569
</TABLE>
55
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
Quaker Oats Company 6,700 $ 444,713
Ralston-Ralston Purina Group 16,000 487,000
Sara Lee Corporation 44,600 1,011,863
Supervalu, Inc. 5,800 148,988
Sysco Corporation 16,300 485,944
Unilever NV (Netherlands) 28,034 1,955,372
UST, Inc. 9,100 266,175
Wm. Wrigley Jr. Company 5,700 513,000
--------------
29,149,980
--------------
Building Materials--0.5%
Home Depot, Inc. 72,100 4,645,944
Lowe's Companies, Inc. 18,100 1,026,044
Owens Corning 2,600 89,375
--------------
5,761,363
--------------
Chemicals--1.0%
Air Products & Chemicals, Inc. 11,200 450,800
Avery-Dennison Corporation 5,700 344,138
Clorox Company 5,800 619,513
Dow Chemicals Company 10,829 1,373,929
Du Pont (E.I.) de Nemours & Company 55,200 3,770,850
Eastman Chemical Company 3,875 200,531
Engelhard Corporation 6,037 136,587
Goodrich BF Company 3,600 153,000
Great Lakes Chemical Corporation 2,800 128,975
Hercules, Inc. 4,900 192,631
International Flavors & Fragrances 5,100 226,313
Monsanto Company 30,600 1,206,788
Nalco Chemical Company 3,200 166,000
Occidental Petroleum Corporation 16,890 356,801
Praxair, Inc. 7,700 376,819
Rohm & Haas Company 10,376 444,861
Tupperware Corporation 2,800 71,400
Union Carbide Corporation 6,500 316,875
*W.R. Grace & Company 3,600 66,150
--------------
10,602,961
--------------
Commercial Services--0.5%
Browning-Ferris Industries, Inc. 7,900 339,700
*Cendant Corporation 37,600 770,800
Deluxe Corporation 3,900 151,856
Dun & Bradstreet Corporation 8,000 283,500
EG&G, Inc. 2,100 74,813
Equifax, Inc. 7,200 256,950
Halliburton Company 21,500 972,875
H&R Block, Inc. 4,800 240,000
Paychex, Inc. 12,000 382,500
Ryder System, Inc. 3,500 91,000
R.R. Donnelley & Sons Company 6,500 240,906
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
Service Corporation International 13,300 $ 256,025
Waste Management, Inc. 29,227 1,570,951
--------------
5,631,876
--------------
Communications--1.4%
*Andrew Corporation 3,987 75,504
*General Instrument Corporation 8,100 344,250
Harris Corporation, Inc. 3,800 148,913
Lucent Technologies, Inc. 148,519 10,015,749
*Network Appliance, Inc. 500 27,938
*Nextel Communications, Inc. Class A 14,000 702,625
Nortel Networks Corporation (Canada) 32,540 2,824,879
Scientific Atlanta, Inc. 3,600 129,600
*Tellabs, Inc. 19,000 1,283,688
--------------
15,553,146
--------------
Computer Software & Processing--3.9%
Adobe Systems, Inc. 3,100 254,685
*America Online, Inc. 53,200 5,878,599
Autodesk, Inc. 2,900 85,731
Automatic Data Processing, Inc. 30,100 1,324,400
*BMC Software, Inc. 11,500 621,000
*Ceridian Corporation 7,000 228,813
Computer Associates International, Inc. 26,325 1,447,875
*Computer Sciences Corporation 7,700 532,744
*Compuware Corporation 18,000 572,625
Electronic Data Systems Corporation 24,100 1,363,156
First Data Corporation 21,600 1,057,050
IMS Health, Inc. 15,600 487,500
*Microsoft Corporation 250,000 22,546,874
*Novell, Inc. 16,500 437,250
*Oracle Corporation 70,480 2,616,570
*Parametric Technology Corporation 13,000 180,375
*Peoplesoft, Inc. 11,400 196,650
Shared Medical Systems Corporation 1,300 84,825
*Sun Microsystems, Inc. 37,800 2,603,475
*Unisys Corporation 12,700 494,506
--------------
43,014,703
--------------
Computers & Information--4.5%
*3 Com Corporation 17,500 467,031
*Apple Computer, Inc. 6,600 305,663
*Cabletron Systems, Inc. 8,400 109,200
*Cisco Systems, Inc. 155,550 10,032,974
Compaq Computer Corporation 82,569 1,955,853
*Data General Corporation 2,400 34,950
*Dell Computer Corporation 124,600 4,610,200
*EMC Corporation 49,200 2,706,000
*Gateway, Inc. 7,700 454,300
</TABLE>
56
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------
Hewlett-Packard Company 49,800 $ 5,004,900
Intel Corporation 163,400 9,722,299
International Business Machines Corporation 88,900 11,490,324
Minnesota Mining & Manufacturing Company 19,700 1,712,669
Pitney Bowes, Inc. 13,400 860,950
*Seagate Technology, Inc. 11,900 304,938
*Silicon Graphics, Inc. 9,100 149,013
--------------
49,921,264
--------------
Containers & Packaging--0.0%
Ball Corporation 1,500 63,375
Crown Cork & Seal Company, Inc. 5,900 168,150
--------------
231,525
--------------
Cosmetics & Personal Care--1.0%
Alberto Culver Company Class B 2,700 71,888
Avon Products, Inc. 12,800 710,400
Colgate-Palmolive Company 14,400 1,422,000
Ecolab, Inc. 6,300 274,838
Gillette Company 54,300 2,226,300
Procter & Gamble Company 65,100 5,810,174
--------------
10,515,600
--------------
Diversified--2.2%
Armstrong World Industries, Inc. 1,900 109,844
General Electric Company 160,200 18,102,599
Loews Corporation 5,600 443,100
Nacco Industries, Inc. Class A 400 29,400
Newell Rubbermaid, Inc. 13,660 635,190
Seagram Company Ltd. (Canada) 19,472 980,902
Tyco International Ltd. 40,026 3,792,464
--------------
24,093,499
--------------
Electric Utilities--1.0%
*AES Corporation 8,800 511,500
Ameren Corporation 6,700 257,113
American Electric Power, Inc. 9,300 349,331
Carolina Power & Light Company 7,400 316,813
Central & South West Corporation 10,400 243,100
Cinergy Corporation 7,700 246,400
CMS Energy Corporation 5,700 238,688
Consolidated Edison, Inc. 11,400 515,850
Constellation Energy Group 7,300 216,263
Dominion Resources, Inc. 9,550 413,634
DTE Energy Company 7,100 284,000
Duke Energy Corporation 17,712 963,090
Edison International 17,200 460,100
Entergy Corporation 12,000 375,000
Firstenergy Corporation 11,600 359,600
Florida Progress Corporation 2,500 103,281
FPL Group, Inc. 8,800 480,700
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
GPU, Inc. 6,200 $ 261,563
New Century Energies, Inc. 5,500 213,469
*Niagra Mohawk Holdings, Inc. 9,100 146,169
Northern States Power Company 7,400 178,988
PacifiCorp 14,500 266,438
Peco Energy Company 10,900 456,438
PG&E Corporation 18,700 607,750
PP&L Resources, Inc. 7,400 227,550
Public Service Enterprise Group, Inc. 10,900 445,538
Reliant Energy, Inc. 13,926 384,706
Southern Company 34,100 903,650
Texas Utilities Company 13,767 567,889
Unicom Corporation 10,600 408,763
--------------
11,403,374
--------------
Electrical Equipment--0.2%
Emerson Electric Company 21,500 1,351,813
National Service Industries, Inc. 2,000 72,000
Raychem Corporation 3,700 136,900
Thomas & Betts Corporation 2,700 127,575
--------------
1,688,288
--------------
Electronics--0.9%
*Advanced Micro Devices, Inc. 7,000 126,438
*LSI Logic Corporation 6,900 318,263
*Micron Technology, Inc. 12,100 487,781
Motorola, Inc. 29,400 2,785,650
*National Semiconductor Corporation 8,100 205,031
*Solectron Corporation 12,300 820,256
Texas Instruments, Inc. 19,100 2,769,500
Xerox Corporation 32,100 1,895,906
--------------
9,408,825
--------------
Entertainment & Leisure--0.9%
Carnival Corporation 30,000 1,455,000
*Harrah's Entertainment, Inc. 6,150 135,300
Hasbro, Inc. 9,575 267,502
*Kingworld Productions, Inc. 3,500 121,844
Mattel, Inc. 20,378 538,743
Time Warner, Inc. 58,440 4,295,340
Walt Disney Company 100,600 3,099,738
--------------
9,913,467
--------------
Financial Services--1.6%
American Express Company 22,200 2,888,775
Bear Stearns & Company, Inc. 5,460 255,255
Charles Schwab & Company, Inc. 19,674 2,161,681
Countrywide Credit
Industries, Inc. 5,500 235,125
Federal Home Loan Mortgage Corporation 33,300 1,931,400
Federal National Mortgage Association 50,800 3,473,450
Franklin Resources, Inc. 12,300 499,688
Lehman Brothers, Inc. 5,500 342,375
Merrill Lynch & Company, Inc. 17,400 1,390,913
</TABLE>
57
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Morgan Stanley
Dean Witter & Company 28,315 $ 2,902,288
Paine Webber Group, Inc. 7,000 327,250
Providian Financial Corporation 7,000 654,500
Republic New York Corporation 5,200 354,575
Worthington Industries, Inc. 4,475 73,558
--------------
17,490,833
--------------
Food Retailers--0.2%
Albertson's, Inc. 20,442 1,054,041
Great Atlantic & Pacific Tea Company 1,800 60,863
*Kroger Company 40,200 1,123,088
Winn Dixie, Inc. 7,200 265,950
--------------
2,503,942
--------------
Forest Products & Paper--0.5%
Bemis Company 2,500 99,375
Boise Cascade Corporation 2,700 116,100
Champion International Corporation 4,600 220,225
Fort James Corporation 10,700 405,263
Georgia-Pacific Group 8,800 416,900
Ikon Office Solutions, Inc. 7,200 108,000
International Paper Company 20,049 1,012,475
Kimberly-Clark Corporation 26,620 1,517,340
Louisiana Pacific Corporation 5,300 125,875
Mead Corporation 4,900 204,575
Potlatch Corporation 1,400 61,513
*Sealed Air Corporation 4,065 263,717
Temple Inland, Inc. 2,800 191,100
Tenneco, Inc. 8,300 198,163
Westvaco Corporation 4,900 142,100
Weyerhauser Company 9,800 673,750
Willamette Industries, Inc. 5,400 248,738
--------------
6,005,209
--------------
Health Care Providers--0.1%
Columbia/HCA Healthcare Corporation 27,777 633,663
*HCR Manor Care, Inc. 5,400 130,613
*Healthsouth Corporation 20,700 309,206
*Tenet Healthcare Corporation 15,100 280,294
--------------
1,353,776
--------------
Heavy Construction--0.0%
Centex Corporation 2,900 108,931
Fluor Corporation 3,700 149,850
Foster Wheeler Corporation 1,900 26,838
McDermott International, Inc. 2,800 79,100
--------------
364,719
--------------
Heavy Machinery--0.8%
*Applied Materials, Inc. 18,000 1,329,750
Baker Hughes, Inc. 15,980 535,330
Black & Decker Corporation 4,300 271,438
Briggs & Stratton Corporation 1,200 69,300
Case Corporation 3,600 173,250
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------
Caterpillar, Inc. 17,600 $ 1,056,000
Cummins Engine Company, Inc. 2,000 114,250
Deere & Company 11,600 459,650
Dover Corporation 10,900 381,500
Eaton Corporation 3,500 322,000
Grainger WW, Inc. 4,600 247,538
Ingersoll Rand Company 8,150 526,694
Milacron, Inc. 1,800 33,300
Pall Corporation 6,066 134,589
Parker-Hannifin Corporation 5,225 239,044
Rockwell International Corporation 9,200 558,900
Stanley Works 4,300 138,406
Timken Company 3,000 58,500
United Technologies Corporation 22,200 1,591,463
--------------
8,240,902
--------------
Home Construction, Furnishings & Appliances--
0.1%
Johnson Controls, Inc. 4,200 291,113
Kaufman and Broad Home Corporation 2,300 57,213
Maytag Corporation 4,500 313,594
Pulte Corporation 2,100 48,431
Whirlpool Corporation 3,800 281,200
--------------
991,551
--------------
Household Products--0.3%
Corning, Inc. 11,300 792,413
Fortune Brands, Inc. 8,300 343,413
Illinois Tool Works, Inc. 12,300 1,008,600
Jostens, Inc. 1,700 35,806
*Owens-Illinois, Inc. 7,600 248,425
PPG Industries, Inc. 8,524 503,449
Snap-On, Inc. 2,850 103,134
--------------
3,035,240
--------------
Insurance--1.8%
Aetna, Inc. 7,037 629,372
AFLAC Corporation 13,000 622,375
Allstate Corporation 40,138 1,439,951
American General Corporation 12,424 936,459
American International
Group, Inc. 60,112 7,036,860
Aon Corporation 12,525 516,656
Chubb Corporation 7,960 553,220
Cigna Corporation 10,200 907,800
Cincinnati Financial Corporation 8,100 304,256
Conseco, Inc. 15,606 475,008
Hartford Financial Services Group 11,400 664,763
*Humana, Inc. 8,100 104,794
Jefferson Pilot Corporation 5,225 345,830
*Lincoln National Corporation 10,000 523,125
Marsh & McLennan Companies, Inc. 12,700 958,850
MBIA, Inc. 4,900 317,275
MGIC Investment Corporation 5,300 257,713
Progressive Corporation 3,600 522,000
</TABLE>
58
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
Provident Companies, Inc. 6,600 $ 264,000
St. Paul Companies, Inc. 11,504 365,971
Torchmark Corporation 6,800 232,050
Transamerica Corporation 6,200 465,000
United Healthcare Corporation 9,100 569,888
Unum Corporation 6,700 366,825
*Wellpoint Health Networks 3,300 280,088
--------------
19,660,129
--------------
Lodging--0.1%
Hilton Hotels Corporation 12,700 180,181
Marriott International Class A 11,800 441,025
*Mirage Resorts, Inc. 8,800 147,400
--------------
768,606
--------------
Media--Broadcasting & Publishing--1.0%
American Greetings Corporation 3,400 102,425
*CBS Corporation 34,500 1,498,594
*Clear Channel Communications 15,800 1,089,213
Comcast Corporation 36,300 1,395,281
Dow Jones & Company, Inc. 4,500 238,781
Gannett Company, Inc. 13,800 984,975
Knight Ridder, Inc. 3,800 208,763
McGraw-Hill Companies, Inc. 9,600 517,800
*MediaOne Group, Inc. 29,800 2,216,375
Meredith Corporation 2,500 86,563
New York Times Company 8,900 327,631
Times Mirror Company Class A 3,500 207,375
Tribune Company 5,900 514,038
*Viacom, Inc. Class B 34,046 1,498,024
--------------
10,885,838
--------------
Medical Supplies--1.3%
Allergan, Inc. 3,300 366,300
*Alza Corporation 4,800 244,200
Bard C.R., Inc. 2,600 124,313
Bausch & Lomb, Inc. 2,806 214,659
Baxter International, Inc. 14,100 854,813
Becton Dickinson & Company 12,100 363,000
Biomet, Inc. 5,500 218,625
*Boston Scientific Corporation 19,200 843,600
Guidant Corporation 14,700 756,131
Honeywell, Inc. 6,200 718,425
Johnson & Johnson 65,900 6,458,199
*KLA-Tencor Corporation 4,300 278,963
Mallinckrodt, Inc. 3,400 123,675
Medtronics, Inc. 28,700 2,235,013
PE Corporation--PE Biosystems Group 2,500 286,875
*St. Jude Medical, Inc. 4,050 144,281
Tektronix, Inc. 2,250 67,922
*Thermo Electron Corporation 7,700 154,481
--------------
14,453,475
--------------
Metals & Mining--0.4%
Alcan Aluminum Ltd. (Canada) 11,100 354,506
Alcoa, Inc. 17,900 1,107,563
Allegheny Teledyne, Inc. 9,567 216,453
Asarco, Inc. 1,900 35,744
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
Barrick Gold Corporation (Canada) 18,200 $ 352,625
Battle Mountain Gold Company 11,200 27,300
*Bethlehem Steel Corporation 6,300 48,431
Cooper Industries, Inc. 4,600 239,200
Crane Company 3,325 104,530
Cyprus Amax Minerals Company 4,400 66,825
Danaher Corporation 6,600 383,625
Freeport-McMoRan Copper & Gold, Inc. 8,100 145,294
Homestake Mining Company 11,700 95,794
Inco Ltd. (Canada) 8,100 145,800
Masco Corporation 16,600 479,325
Newmont Mining Corporation 8,168 162,339
Nucor Corporation 4,200 199,238
Phelps Dodge Corporation 2,800 173,425
Placer Dome, Inc. (Canada) 12,200 144,113
Reynolds Metals Company 3,100 182,900
USX US Steel Group, Inc. 4,320 116,640
--------------
4,781,670
--------------
Oil & Gas--3.1%
Amerada Hess Corporation 4,400 261,800
Anadarko Petroleum Corporation 5,800 213,513
Apache Corporation 4,700 183,300
Ashland, Inc. 3,600 144,450
Atlantic Richfield Company 16,000 1,337,000
Burlington Resources, Inc. 8,602 372,037
Chevron Corporation 32,000 3,046,000
Coastal Corporation 10,400 416,000
Columbia Energy Group 4,000 250,750
Consolidated Natural Gas Company 4,600 279,450
Eastern Enterprises 1,100 43,725
Enron Corporation 17,200 1,406,100
Exxon Corporation 119,100 9,185,587
Helmerich & Payne, Inc. 2,400 57,150
Kerr-McGee Corporation 4,171 209,332
Mobil Corporation 38,200 3,781,800
Nicor, Inc. 2,300 87,544
Oneok, Inc. 1,500 47,625
Peoples Energy Corporation 1,700 64,069
Phillips Petroleum Company 12,400 623,875
*Rowan Companies, Inc. 4,100 75,594
Royal Dutch Petroleum Company (Netherlands) 105,000 6,326,249
Schlumberger Ltd. 26,700 1,700,456
Sempra Energy 11,669 264,011
Sonat, Inc. 5,300 175,563
Sunoco, Inc. 4,500 135,844
Texaco, Inc. 26,100 1,631,250
Union Pacific Resources Group, Inc. 12,203 199,061
Unocal Corporation 11,810 467,971
USX Marathon Group 15,000 488,438
Williams Companies, Inc. 20,900 889,556
--------------
34,365,100
--------------
</TABLE>
59
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- --------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------
Pharmaceuticals--4.0%
Abbott Laboratories 74,300 $ 3,380,650
American Home Products Corporation 64,600 3,714,500
*Amgen, Inc. 25,000 1,521,875
Bristol-Myers Squibb Company 97,400 6,860,612
Cardinal Health, Inc. 13,400 859,275
Eli Lilly & Company 53,900 3,860,588
McKesson HBOC, Inc. 13,589 436,547
Merck & Company, Inc. 115,600 8,554,399
Millipore Corporation 2,100 85,181
Pfizer, Inc. 63,500 6,969,124
Pharmacia & Upjohn, Inc. 24,810 1,409,518
Schering-Plough Corporation 71,900 3,810,700
Sigma Aldrich Corporation 4,900 168,744
Warner-Lambert Company 40,300 2,795,813
*Watson Pharmaceutical, Inc. 4,600 161,288
--------------
44,588,814
--------------
Photographic Equipment & Supplies--0.1%
Eastman Kodak Company 15,900 1,077,225
Polaroid Corporation 2,100 58,013
--------------
1,135,238
--------------
Restaurants--0.3%
Darden Restaurants, Inc. 7,100 154,869
McDonald's Corporation 66,200 2,734,888
*Tricon Global Restaurants, Inc. 7,550 408,644
Wendy's International, Inc. 6,000 169,875
--------------
3,468,276
--------------
Retailers--2.1%
*Autozone, Inc. 7,300 219,913
CCS Corporation 19,100 976,488
Circuit City Stores 5,000 465,000
*Consolidated Stores Corporation 5,300 143,100
*Costco Companies, Inc. 10,738 859,711
Dayton Hudson Corporation 21,600 1,404,000
Dillards, Inc. Class A 5,200 182,650
Dollar General 10,812 313,548
*Federated Department Stores 10,200 539,963
Harcourt General, Inc. 3,402 175,416
J.C. Penney Company, Inc. 12,900 626,456
*K Mart Corporation 24,100 396,144
Longs Drugstores Corporation 1,900 65,669
May Department Stores Company 17,100 698,963
*Office Depot, Inc. 11,000 242,688
Rite Aid Corporation 12,600 310,275
*Safeway, Inc. 23,800 1,178,100
Sears Roebuck & Company 18,700 833,319
Sherwin Williams Company 8,400 233,100
*Staples, Inc. 22,500 696,094
Tandy Corporation 9,800 478,975
TJX Companies, Inc. 15,800 526,338
*Toys "R" Us, Inc. 12,200 252,388
</TABLE>
<TABLE>
- -------------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- -------------------------------------------------------------------------
Walgreen Company 48,800 $ 1,433,500
Wal-Mart Stores, Inc. 217,400 10,489,549
--------------
23,741,347
--------------
Telephone Systems--4.4%
Alltel Corporation 13,500 965,250
Ameritech Corporation 53,900 3,961,650
AT&T Corporation 155,853 8,698,545
Bell Atlantic Corporation 75,964 4,966,147
BellSouth Corporation 94,000 4,406,250
Centurytel, Inc. 6,700 266,325
Frontier Corporation 8,400 495,600
GTE Corporation 47,362 3,587,672
*MCI Worldcom, Inc. 91,131 7,860,048
SBC Communications, Inc. 95,720 5,551,760
Sprint Corporation (FON Group) 43,800 2,313,188
*Sprint Corporation (PCS Group) 21,500 1,228,188
US West, Inc. 24,615 1,446,131
Vodafone AirTouch PLC (United Kingdom) 14,000 2,758,000
--------------
48,504,754
--------------
Textiles, Clothing & Fabrics--0.1%
*Fruit of the Loom, Inc. 3,500 34,125
Liz Claiborne, Inc. 3,100 113,150
Nike, Inc. 13,900 880,044
*Reebok International Ltd. 2,700 50,288
Russell Corporation 1,700 33,150
Springs Industries, Inc. 800 34,900
VF Corporation 5,800 247,950
--------------
1,393,607
--------------
Transportation--0.3%
Brunswick Corporation 4,500 125,438
Burlington Northern Santa Fe 22,956 711,636
CSX Corporation 10,600 480,313
Fleetwood Enterprises, Inc. 1,700 44,944
*FMC Corporation 1,700 116,131
Kansas City Southern Industries, Inc. 5,400 344,588
Laidlaw, Inc. Class B (Canada) 16,100 118,738
Norfolk Southern Corporation 18,500 557,313
Union Pacific Corporation 12,100 705,581
--------------
3,204,682
--------------
TOTAL COMMON STOCKS
(Cost $275,617,057) 551,092,145
--------------
- -------------------------------------------------------------------------
CORPORATE OBLIGATIONS--4.1%
- -------------------------------------------------------------------------
Automotive--0.9%
Ford Motor Credit Company, 6.375%, 09/15/1999 $10,000,000 10,011,899
--------------
Banking--0.7%
Countrywide Home Loans, Inc.,
5.145%, 01/13/2000 8,000,000 8,003,199
--------------
</TABLE>
60
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Shares/
Vantagepoint Asset Allocation Fund Face Value
<S> <C> <C>
- -----------------------------------------------------------------------------
CORPORATE OBLIGATIONS--(Continued)
- -----------------------------------------------------------------------------
Financial Services--0.9%
Salomon Smith Barney Holdings, Inc.,
6.250%, 10/01/1999 $10,000,000 $ 10,009,289
--------------
Heavy Machinery--1.6%
Caterpillar Financial Services Corporation,
5.800%, 03/15/2000 10,000,000 9,986,819
Walt Disney Company, 5.600%, 01/13/2000 7,500,000 7,493,257
--------------
17,480,076
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $45,536,698) 45,504,463
--------------
- -----------------------------------------------------------------------------
COMMERCIAL PAPER--13.9%
- -----------------------------------------------------------------------------
Automotive--1.4%
Toyota Motor Credit Company, 4.770%, 07/02/1999 16,000,000 15,923,679
--------------
Banking--3.3%
Deutsche Bank AG, 4.800%, 07/13/1999 17,000,000 16,793,732
Toronto-Dominion Bank, 4.770%, 07/22/1999 20,000,000 19,758,849
--------------
36,552,581
--------------
Beverages, Food & Tobacco--1.8%
Coca Cola Bottling Company, 4.760%, 08/03/1999 20,000,000 19,759,355
--------------
Cosmetics & Personal Care--1.6%
Procter & Gamble Company, 4.760%, 07/15/1999 18,000,000 17,847,679
--------------
Electronics--1.5%
Xerox Commercial Paper, 5.180%, 07/02/1999 16,000,000 15,990,790
--------------
Financial Services--2.8%
American Express, 5.090%, 07/12/1999 17,000,000 16,999,999
Merrill Lynch & Company, Inc., 4.780%, 07/07/1999 14,000,000 13,847,570
--------------
30,847,569
--------------
Oil & Gas--1.5%
Shell Oil Corporation, 5.020%, 07/02/1999 17,000,000 16,997,628
--------------
TOTAL COMMERCIAL PAPER
(Cost $153,919,281) 153,919,281
--------------
- -----------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--12.7%
- -----------------------------------------------------------------------------
U.S. Government Agencies--Mortgage Backed
Federal Home Loan Bank, 4.690%, 10/08/1999 25,000,000 24,417,006
Federal Home Loan Bank, 4.720%, 07/02/1999 50,000,000 49,954,110
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- ----------------------------------------------------------------------
Federal Home Loan Bank, 4.950%, 02/24/2000 $20,000,000 $ 19,935,999
Federal National Mortgage Association,
4.830%, 07/19/1999 26,000,000 25,891,861
Federal National Mortgage Association,
5.900%, 07/14/1999 10,000,000 10,001,539
Federal National Mortgage Association,
6.010%, 08/16/1999 10,000,000 10,008,359
--------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $140,244,163) 140,208,874
--------------
- ----------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--18.3%
- ----------------------------------------------------------------------
U.S. Treasury Bond, 5.500%, 08/15/2028 9,630,000 8,793,393
U.S. Treasury Bond, 6.125%, 11/15/2027 12,670,000 12,584,857
U.S. Treasury Bond, 6.375%, 08/15/2027 6,345,000 6,501,657
U.S. Treasury Bond, 6.500%, 11/15/2026 12,555,000 13,043,514
U.S. Treasury Bond, 6.875%, 08/15/2025 6,350,000 6,857,999
U.S. Treasury Bond, 7.125%, 02/15/2023 4,700,000 5,193,500
U.S. Treasury Bond, 7.250%, 05/15/2016 5,135,000 5,647,678
U.S. Treasury Bond, 7.500%, 11/15/2016 7,980,000 8,993,698
U.S. Treasury Bond, 7.500%, 11/15/2024 5,910,000 6,870,374
U.S. Treasury Bond, 7.625%, 02/15/2025 5,515,000 6,505,107
U.S. Treasury Bond, 7.625%, 11/15/2022 65,000 75,776
U.S. Treasury Bond, 8.000%, 11/15/2021 5,745,000 6,927,205
U.S. Treasury Bond, 8.125%, 05/15/2021 9,885,000 12,038,051
U.S. Treasury Bond, 8.125%, 08/15/2021 12,720,000 15,478,649
U.S. Treasury Bond, 8.125%, 08/15/2019 1,570,000 1,896,262
U.S. Treasury Bond, 8.500%, 02/15/2020 4,530,000 5,666,749
U.S. Treasury Bond, 8.750%, 05/15/2020 3,215,000 4,131,275
U.S. Treasury Bond, 8.750%, 05/15/2017 5,150,000 6,501,050
U.S. Treasury Bond, 8.750%, 08/15/2020 4,110,000 5,286,488
U.S. Treasury Bond, 8.875%, 02/15/2019 12,966,000 16,669,413
U.S. Treasury Bond, 8.875%, 08/15/2017 8,245,000 10,532,987
</TABLE>
61
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares/ Face Value
<S> <C> <C>
- --------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--(Continued)
- --------------------------------------------------------------------
U.S. Treasury Bond, 10.375%, 11/15/2012 $ 4,815,000 $ 6,135,368
U.S. Treasury Bond, 10.625%, 08/15/2015 600,000 863,154
U.S. Treasury Bond, 11.250%, 02/15/2015 3,390,000 5,074,389
U.S. Treasury Bond, 11.750%, 11/15/2014 2,050,000 2,919,016
U.S. Treasury Bond, 12.000%, 08/15/2013 15,300,000 21,482,117
U.S. Treasury Bond, 12.750%, 11/15/2010 80,000 107,850
--------------
202,777,576
--------------
TOTAL U.S. TREASURY OBLIGATIONS (Cost $214,881,454) 202,777,576
--------------
- --------------------------------------------------------------------
CASH EQUIVALENTS--10.0%
- --------------------------------------------------------------------
Institutional Money Market Funds--1.1%
++Merrimac Cash Fund--Premium Class 11,471,946 11,471,946
--------------
Bank Deposits/Offshore
Time Deposits--5.3%
++American Express Centurion Bank 7,609,838 7,609,838
++Bank of Montreal 19,515,975 19,515,975
++BankBoston NA 12,232,327 12,232,327
++Harris Trust & Savings Bank 4,203,496 4,203,496
++Royal Bank of Scotland PLC 6,725,594 6,725,594
++Toronto Dominion 8,406,992 8,406,992
--------------
58,694,222
--------------
</TABLE>
<TABLE>
- -------------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- -------------------------------------------------------
Floating Rate Instruments/
Master Notes--3.6%
++General America Life $25,000,000 $ 25,000,000
++John Hancock Mutual Life 5,000,000 5,000,000
++Morgan Stanley
Dean Witter & Co. 10,000,000 10,000,000
--------------
40,000,000
--------------
TOTAL CASH EQUIVALENTS
(Cost $110,166,168) 110,166,168
--------------
TOTAL INVESTMENTS--108.8%
(Cost $940,364,821) 1,203,668,507
Other assets less liabilities--(8.8%) (97,499,291)
--------------
TOTAL NET ASSETS--100.0% $1,106,169,216
==============
</TABLE>
Notes to the Schedule of Investments:
* Non-income producing security.
** The cost of investments for federal income tax purposes amounts to
$940,364,821. Unrealized appreciation and depreciation, based on identified
tax cost at June 30, 1999, are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 280,834,329
Unrealized depreciation (17,530,643)
--------------
Net unrealized appreciation $ 263,303,686
==============
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
62
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Shares/
Vantagepoint U.S. Treasury Securities Fund Face Value
- --------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES--31.3%
- --------------------------------------------------------------------
U.S. Government Agencies--Mortgage Backed--31.3%
Federal Home Loan Mortgage Corporation,
6.500% 08/01/28 $ 2,859,930 $ 2,760,719
Federal Home Loan Mortgage Corporation,
8.500% 12/01/19 290,506 304,984
Federal National Mortgage Association,
6.000% 04/01/29 2,993,470 2,817,334
Federal National Mortgage Association,
6.000% 03/01/29 2,972,050 2,797,177
Federal National Mortgage Association,
6.500% 01/01/29 1,961,530 1,897,255
Federal National Mortgage Association,
6.500% 08/01/28 3,914,259 3,776,007
Government National Mortgage Association,
6.500% 01/15/29 4,432,064 4,272,390
Government National Mortgage Association,
6.500% 05/15/28 2,877,879 2,767,253
Government National Mortgage Association,
7.000% 04/15/29 2,993,283 2,885,444
Government National Mortgage Association,
7.000% 04/15/29 1,992,674 1,969,101
------------
26,247,664
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $27,239,800) 26,247,664
------------
- --------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--66.6%
- --------------------------------------------------------------------
U.S. Treasury Bonds--16.8%
U.S. Treasury Bond,
10.750% 08/15/05 7,300,000 9,074,776
U.S. Treasury Bond,
13.750% 08/15/04 3,700,000 4,971,875
------------
14,046,651
------------
U.S. Treasury Notes--49.8%
U.S. Treasury Note,
5.375% 02/15/01 2,000,000 1,997,188
U.S. Treasury Note,
5.500% 05/31/03 2,000,000 1,984,680
U.S. Treasury Note,
5.750% 08/15/03 3,000,000 3,001,860
U.S. Treasury Note,
6.875% 05/15/06 16,460,000 17,329,252
U.S. Treasury Note,
7.500% 02/15/05 10,150,000 10,927,084
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
- -----------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Note,
7.875% 11/15/04 $ 5,925,000 $ 6,480,469
------------
41,720,533
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $56,493,941) 55,767,184
------------
- -----------------------------------------------------------------------------
REPURCHASE AGREEMENTS--1.2%
- -----------------------------------------------------------------------------
IBT Repurchase Agreement dated 6/30/99 due 7/1/99,
with a maturity value of $1,031,017 and an
effective yield of 4.25% collateralized by Small
Business Association pool #501430 with a rate of
6.25%, a maturity date of 4/25/16 and a market
value of $1,082,440 1,030,895 1,030,895
------------
- -----------------------------------------------------------------------------
CASH EQUIVALENTS--13.5%
- -----------------------------------------------------------------------------
Institutional Money Market Funds--0.0%
++Merrimac Cash Fund--
Premium Class 100 100
------------
Bank Deposits/Offshore
Time Deposits--9.9%
++American Express Centurion Bank 947,971 947,971
++Bank of Montreal 804,099 804,099
++Bank of Montreal 1,051,223 1,051,223
++BankBoston NA 3,507,489 3,507,489
++Harris Trust & Savings Bank 430,895 430,895
++Royal Bank of Scotland PLC 689,432 689,432
++Toronto Dominion 861,791 861,791
------------
8,292,900
------------
Floating Rate Instruments/
Master Notes--3.6%
++Morgan Stanley
Dean Witter & Co. 1,000,000 1,000,000
++Goldman Sachs 2,000,000 2,000,000
------------
3,000,000
------------
TOTAL CASH EQUIVALENTS
(Cost $11,293,000) 11,293,000
------------
TOTAL INVESTMENTS--112.6%
(Cost $96,057,636) 94,338,743
Other assets less liabilities--(12.6%) (10,530,899)
------------
TOTAL NET ASSETS--100.0% $ 83,807,844
============
</TABLE>
Notes to the Schedule of Investments:
* The cost of investments for federal income tax purposes amounts to
$96,057,636. Unrealized appreciation and depreciation, based on identified
tax cost at June 30, 1999, are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 209,344
Unrealized depreciation (1,928,237)
------------
Net unrealized depreciation $ (1,718,893)
============
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
63
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
Vantagepoint Money Market Fund Shares Value
- ----------------------------------------------------------------------------
<S> <C> <C>
MUTUAL FUNDS--100.0%
- ----------------------------------------------------------------------------
Short Term Investments Co. Liquid Assets Portfolio
(Cost $67,058,403) 67,058,403 $67,058,403
-----------
TOTAL INVESTMENTS--100.0%
(Cost $67,058,403) 67,058,403
Other assets less liabilities--(0.0%) (3,511)
-----------
TOTAL NET ASSETS--100.0% $67,054,892
===========
</TABLE>
Notes to the Schedule of Investments:
* The cost of investments for federal income tax purposes amounts to
$67,058,403.
See accompanying notes to financial statements.
64
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
Vantagepoint Overseas Equity Index Fund Shares Value
- ------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--94.6%
- ------------------------------------------------------------------------------
Australia--2.5%
Amcor Ltd. 9,254 $ 51,342
AMP Ltd. 6,902 75,310
Brambles Industries Ltd. 1,397 36,733
Broken Hill Proprietary Company Ltd. 12,703 146,864
Coca Cola Amatil Ltd. 7,677 30,882
Coles Myer Ltd. 7,874 45,725
Foster's Brewing Group Ltd. 13,551 38,119
Lend Lease Corporation Ltd. 3,479 47,676
National Australia Bank Ltd. 5,945 98,189
News Corporation Ltd. 9,076 77,289
Rio Tinto Ltd. 4,725 77,327
Telstra Corporation Ltd. 24,336 139,185
Westpac Banking
Corporation Ltd. 9,655 62,510
WMC Ltd. 14,139 60,622
-----------
987,773
-----------
Austria--0.2%
Bank Austria AG 1,123 58,985
*Oesterreichische Elektrizitaetswirtschafts AG Class A 227 33,011
-----------
91,996
-----------
Belgium--1.6%
Colruyt NV 64 42,053
Delhaize "Le Lion" SA 490 41,659
Electrabel SA 194 62,537
Fortis (B) 3,249 101,890
Groupe Bruxelles Lambert SA 377 63,638
KBC Bancassurance Holding NV 1,239 73,372
PetroFina SA 225 129,072
Solvay SA 763 50,567
Tractebel 271 37,958
UCB SA 1,197 51,161
-----------
653,907
-----------
Denmark--1.0%
Aarhus Oliefabarik A/S Class A 1,120 29,486
Aarhus Oliefabarik A/S Class B 1,160 31,343
A/S Dampskibsselskabet Svendborg Class B 60 74,075
Danisco A/S 500 22,516
Den Danske Bank Group 200 21,616
D/S 1912 Class B 80 70,722
Novo-Nordisk A/S Class B 400 43,065
Tele Danmark A/S 1,400 68,671
Unidanmark A/S 400 26,604
-----------
388,098
-----------
Finland--1.7%
MeritaNordbanken OYJ 8,700 49,370
Nokia OYJ 6,000 525,248
Sonera Group OYJ 2,700 58,951
UPM-Kymmene OYJ 1,900 54,399
-----------
687,968
-----------
</TABLE>
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------------
<S> <C> <C>
France--9.0%
Accor SA 200 $ 50,156
Air Liquide 393 61,724
Alcatel 973 136,785
Axa 1,550 188,847
Banque National de Paris 1,058 88,042
BIC SA 751 39,562
Bouygues SA 173 45,666
Canal Plus 193 54,085
Cap Gemini SA 309 48,500
Carrefour Supermarche SA* 1,895 278,112
Compagnie de Saint Gobain 440 70,012
Compagnie Financiere de Paribas 812 90,903
Compagnie Generale des Etablissements Michelin 1,100 44,942
Dassault Systemes SA 732 24,162
Elf Aquitaine SA 1,394 204,297
Eridania Beghin-Say SA 215 30,778
Essilor International SA 107 33,401
Etablissements Economiques du Casino Guichard-
Perrachon SA 398 34,841
France Telecom SA 4,928 371,768
Groupe Danone 247 63,596
Lafarge SA 523 49,662
Lagardere S.C.A. 845 31,417
Legrand SA 240 48,792
L'OREAL 273 184,302
LVMH 422 123,388
Pernod Ricard 622 41,639
Pinault-Printemps-Redoute SA 538 92,200
Promodes 95 62,275
PSA Peugeot Citroen 322 50,739
Rhone-Poulenc SA 1,695 77,351
*Sanofi-Synthelabo SA 4,277 181,261
Schneider SA 922 51,704
SEITA 444 25,607
Societe Generale Class A 503 88,533
Sodexho Alliance SA 188 32,335
Suez Lyonnaise des Eaux 565 101,773
Thomson CSF 887 30,786
Total SA Class B 958 123,429
Usinor SA 2,107 31,356
Valeo SA 482 39,713
Vivendi 2,236 180,889
------------
3,609,330
------------
Germany--9.2%
Adidas-Salomon AG 350 34,695
AGIV AG 850 19,242
Allianz AG 1,045 289,509
*AMB Aachener & Muenchener Beteiligungs AG 500 49,950
BASF AG 3,000 131,621
Bayer AG 3,450 143,370
Beiersdorf AG 600 39,857
Continental AG 1,450 34,646
DaimlerChrysler AG 4,650 402,278
</TABLE>
65
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Vantagepoint Overseas Equity Index Fund Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------
Deutsche Bank AG 2,938 $ 178,979
Deutsche Lufthansa AG 2,170 39,446
Deutsche Telekom AG 11,731 492,330
Dresdner Bank AG 2,500 97,583
Heidelberger Zement AG 550 44,466
HypoVereinsbank 2,000 127,089
Karstadt AG 80 38,147
Linde AG 100 59,940
MAN AG 1,200 40,784
Mannesmann AG 1,900 283,150
Merck KGaA 1,350 43,657
Metro AG 1,350 83,700
Muenchener Rueckversicherungs-Gesellschaft AG 845 158,997
*Preussag AG 925 49,872
RWE AG 2,100 97,109
Sap AG 310 106,157
Schering AG 440 46,947
Siemens AG 2,750 211,850
*Thyssen Krupp AG 3,200 70,033
VEBA AG 2,250 132,548
Viag AG 125 57,932
*Volkswagen AG 1,600 102,331
-----------
3,708,215
-----------
Hong Kong--2.3%
Cathay Pacific Airways Ltd. 18,000 27,608
Cheung Kong (Holdings) Ltd. 12,000 106,718
CLP Holdings Ltd. 11,500 55,880
Hang Seng Bank Ltd. 9,500 106,220
Hong Kong
Telecommunications Ltd. 58,400 151,671
Hong Kong & China Gas Company Ltd. 31,600 45,820
Hutchison Whampoa Ltd. 18,000 162,979
New World Development Company Ltd. 27,000 80,908
Sun Hung Kai Properties Ltd. 13,000 118,544
Swire Pacific Ltd. Class A 14,500 71,765
-----------
928,113
-----------
Italy--4.0%
Alitalia SpA 10,798 28,024
Assicurazioni Generali 4,717 163,230
Banca Commerciale Italiana 8,011 58,414
Banca Intesa SpA 12,699 60,946
Benetton Group SpA 22,804 44,858
Edison SpA 4,245 36,724
ENI SpA 39,091 233,104
Fiat SpA 22,942 72,538
Istituto Nazionale delle Assicurazioni SpA 20,354 47,166
Italgas SpA 6,557 27,485
Mediaset SpA 5,818 51,650
Mediobanca Banca SpA 3,911 40,884
Montedison SpA 25,313 41,138
*Olivetti SpA 15,331 36,790
</TABLE>
<TABLE>
- ------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------
<S> <C> <C>
Pirelli SpA 16,465 $ 44,767
Riunione Adriatica di Sicurta SpA 3,879 37,633
San Paolo-IMI SpA 5,772 78,469
Telecom Italia Mobile SpA 31,682 188,923
Telecom Italia Mobile SpA-RNC 8,320 30,590
Telecom Italia SpA 16,848 174,906
*Telecom Italia SpA-RNC 4,138 22,417
Unicredito Italiano SpA 22,945 100,669
-----------
1,621,325
-----------
Japan--23.2%
Acom Company Ltd. 900 77,660
Advantest Corporation 600 65,893
Ajinomoto Company, Inc. 4,000 45,580
Alps Electric Company Ltd. 2,000 46,819
Asahi Bank Ltd. 14,000 67,049
Asahi Breweries Ltd. 3,000 37,307
Asahi Chemical Industry Company Ltd. 10,000 55,406
Asahi Glass Company Ltd. 8,000 51,856
Bank of Tokyo-Mitsubishi Ltd. 23,000 327,228
Bridgestone Corporation 4,000 120,887
Canon, Inc. 5,000 143,677
Chiba Bank Ltd. 8,000 29,528
Credit Saison Company Ltd. 1,400 29,247
Dai Nippon Printing
Company Ltd. 4,000 63,912
Daiichi Pharmaceutical Company Ltd. 3,000 46,522
Daiwa House Industry
Company Ltd. 4,000 42,046
Daiwa Securities Company Ltd. 8,000 52,846
Denso Corporation 5,000 101,565
East Japan Railway Company 15 80,509
Eisai Company Ltd. 2,000 39,387
Fanuc Ltd. 1,300 69,774
Fuji Bank Ltd. 17,000 118,476
Fuji Photo Film 2,000 75,637
Fujitsu Ltd. 9,000 180,959
Gunma Bank Ltd. 5,000 31,378
Hankyu Corporation 17,000 67,380
Hitachi Ltd. 18,000 168,696
Honda Motor Company Ltd. 5,000 211,800
Hoya Corporation 1,000 56,397
Industrial Bank of Japan Ltd. 14,000 110,978
Ito-Yokado Company Ltd. 2,000 133,768
Japan Airlines Company Ltd. 14,000 46,241
Joyo Bank Ltd. 10,000 38,892
JUSCO Company Ltd. 2,000 36,332
Kansai Electric Power
Company, Inc. 2,200 41,782
Kao Corporation 2,000 56,150
Kawasaki Steel Corporation 21,000 39,188
Kinden Corporation 5,000 53,879
Kinki Nippon Railway
Company Ltd. 7,000 34,392
Kirin Brewery Company Ltd. 5,000 59,866
Komatsu Ltd. 8,000 51,063
Kubota Corporation 17,000 50,815
</TABLE>
66
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Vantagepoint Overseas Equity Index Fund Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
Kuraray Company Ltd. 6,000 $ 72,136
Kyocera Corporation 1,000 58,627
Marui Company Ltd. 3,000 49,544
Matsushita Electric Industrial Company Ltd. 10,000 194,046
Minebea Company Ltd. 5,000 55,737
Mitsubishi Chemical Corporation 14,000 48,437
Mitsubishi Corporation 10,000 67,710
Mitsubishi Electric Corporation 15,000 57,594
Mitsubishi Estate Company Ltd. 7,000 68,263
Mitsubishi Heavy Industries Ltd. 18,000 72,977
Mitsubishi Trust & Banking Corporation 7,000 67,974
Mitsui Fudosan Company Ltd. 6,000 48,553
Mitsui Marine & Fire Insurance Company Ltd. 11,000 54,044
Mitsui & Company Ltd. 8,000 55,754
Murata Manufacturing Company Ltd. 2,000 131,456
NEC Corporation 9,000 111,845
NGK Insulators Ltd. 4,000 41,749
Nikon Corporation 2,000 32,699
Nippon Express Company Ltd. 9,000 53,879
Nippon Meat Packers, Inc. 2,000 26,093
*Nippon Mitsubishi Oil Corporation 13,000 54,746
Nippon Paper Industries Company Ltd. 8,000 41,683
Nippon Steel Corporation 34,000 78,890
Nippon Telegraph & Telephone Corporation 590 691,795
Nippon Yusen Kabushiki Kaisha 16,000 61,566
Nissan Motor Company Ltd. 16,000 76,363
Nomura Securities Company Ltd. 10,000 117,006
Obayashi Corporation 9,000 45,258
Oji Paper Company Ltd. 6,000 34,681
Olympus Optical Company Ltd. 2,000 29,545
Orix Corporation 400 35,672
Osaka Gas Company Ltd. 11,000 37,331
Pioneer Electronic Corporation 2,000 38,892
Rohm Company Ltd. 1,000 156,476
Sakura Bank Ltd. 23,000 87,172
Sankyo Company Ltd. 3,000 75,554
Sanyo Electric Company Ltd. 14,000 56,876
Secom Company Ltd. 1,000 104,042
Sekisui Chemical Company Ltd. 6,000 34,780
Sekisui House Ltd. 6,000 64,704
Seventy Seven Bank Ltd. 4,000 35,011
Sharp Corporation 6,000 70,847
Shimano, Inc. 2,000 47,314
Shin-Etsu Chemical Company Ltd. 2,000 66,884
Shiseido Company Ltd. 4,000 59,915
Shizuoka Bank Ltd. 4,000 39,833
SMC Corporation 500 55,943
Sony Corporation 2,000 215,515
Sumitomo Bank Ltd. 15,000 185,913
Sumitomo Chemical Company Ltd. 11,000 50,411
Sumitomo Corporation 7,000 51,154
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
Sumitomo Electric Industries 5,000 $ 56,810
Sumitomo Marine & Fire Insurance Company Ltd. 8,000 48,222
*Sumitomo Metal Industries Ltd. 35,000 43,642
Taisho Pharmaceutical Company Ltd. 2,000 66,058
Takeda Chem Industries 4,000 185,294
Teijin Ltd. 10,000 40,461
Tohoku Electric Power Company, Inc. 2,100 31,768
Tokai Bank Ltd. 13,000 74,068
Tokio Marine & Fire Insurance Company Ltd. 8,000 86,866
Tokyo Electric Power Company 4,300 90,719
Tokyo Electron Ltd. 1,000 67,792
Tokyo Gas Company Ltd. 14,000 34,450
Toppan Printing Company Ltd. 5,000 55,778
Toray Industries, Inc. 13,000 65,051
Tostem Corporation 2,000 38,396
Toyo Seikan Kaisha Ltd. 2,000 44,920
Toyoda Automatic Loom
Works Ltd. 3,000 50,906
Toyota Motor Corporation 18,000 569,257
Uni-Charm Corporation 1,200 52,021
Uny Company Ltd. 2,000 30,057
Yamanouchi Pharmaceutical Company Ltd. 2,000 76,463
Yamato Transport Company Ltd. 3,000 52,269
-----------
9,290,924
-----------
Netherlands--5.7%
ABN AMRO Holding NV 6,598 142,701
Aegon NV 3,100 229,283
Aegon NV 183 13,259
Akzo Nobel NV 1,827 76,770
Elsevier NV 3,782 43,820
Getronics NV 807 31,001
Hagemeyer NV 974 31,799
Heineken NV 1,415 72,355
ING Groep NV 4,167 225,308
Koninklijke Ahold NV 2,852 98,105
Koninklijke Philips
Electonics NV 1,689 166,383
KPN NV 2,588 121,275
Royal Dutch Petroleum Company 12,607 737,486
TNT Post Group NV 2,349 56,005
Unilever NV 2,698 181,586
Wolters Kluwer NV 1,380 54,861
-----------
2,281,997
-----------
New Zealand--0.1%
Telecom Corporation of New Zealand Ltd. 12,500 53,566
-----------
Norway--0.3%
Aker RGI ASA 1,700 23,114
Norsk Hydro ASA 2,500 94,349
-----------
117,463
-----------
</TABLE>
67
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Vantagepoint Overseas Equity Index Fund Shares Value
- -----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------------
Portugal--0.5%
Banco Comercial Portugues SA 1,100 $ 28,469
Banco Espirito Santo e Comercial de Lisboa SA 1,100 25,558
Brisa-Auto Estradas de
Portugal SA 300 12,359
Electricidade de Portugal SA 2,300 41,359
Jeronimo Martins, SGPS SA 850 28,039
Portugal Telecom SA 1,599 64,967
-----------
200,751
-----------
Singapore--0.8%
City Developments Ltd. 9,000 57,621
Development Bank of
Singapore Ltd. 4,000 48,869
Overseas Chinese Banking Corporation Ltd. 6,000 50,044
Singapore Airlines Ltd. 6,000 57,092
Singapore Press Holdings Ltd. 2,000 34,068
Singapore Telecommunications Ltd. 29,000 49,738
United Overseas Bank Ltd. 6,000 41,938
-----------
339,370
-----------
Spain--3.2%
Acerinox SA 767 22,395
ACS, Actividades de Construccion y Servicios, SA 1,146 32,764
*ACS, Actividades de Construccion y Servicios, SA 174 4,584
Argentaria, Caja Postal y Banco Hipotecario de Espana
SA 2,609 59,356
Autopistas Concesionaria Espanola SA 3,246 37,943
Banco Bilbao Vizcaya SA 9,832 141,865
*Banco Santander SA 22,756 236,708
*El Aguila SA 1,830 17,490
Endesa SA 3,974 84,639
Fomento de Construcciones y Contratas SA 876 50,072
Gas Natural SDG SA 731 53,076
Iberdrola SA 4,552 69,243
Resol SA 5,953 121,394
Sociedad General de Aquas de Barcelona SA 597 31,050
Tabacalera SA Class A 1,974 39,847
*Telefonica SA 5,106 245,632
Union Electrica Fenosa SA 2,169 28,325
-----------
1,276,383
-----------
Sweden--2.6%
*ABB Ltd. 1,199 112,322
AGA AB Class A 800 9,988
AGA AB Class B 560 6,926
Atlas Copco AB Class A 1,200 32,722
Electrolux AB Class B 2,200 46,126
ForeningsSparbanken AB 2,750 38,870
Hennes & Mauritz AB 4,400 108,837
*NetCom AB 700 23,581
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
Sandvik AB Class A 1,690 $ 36,926
Securitas AB Class B 1,800 26,927
Skandia Forsakrings AB 2,600 48,694
Skandinaviska Enskilda Banken Class A 3,200 37,316
Skanska AB Class B 1,800 67,953
Svenska Cellulosa AB Class B 1,200 31,096
*Svenska Handelsbanken Class A 3,900 46,857
Telefonaktiebolaget LM Ericsson Class B 8,500 272,829
Volvo AB Class A 1,000 28,858
Volvo AB Class B 1,700 49,360
WM-Data AB Class B 500 19,082
-----------
1,045,270
-----------
Switzerland--6.1%
*ABB Ltd. 1,135 106,913
Adecco SA 110 58,932
Alusuisse Lonza Group AG 60 69,923
Credit Suisse Group 1,360 235,290
Holderbank Financiere Glarus AG Class B 40 47,207
Nestle SA 175 315,255
Novartis AG 320 467,183
Roche Holding Bearer AG 60 98,788
Roche Holding Genusschein AG 330 339,158
Schweizerische Rueckversicherungs--Gesellschaft 70 133,260
Swisscom AG 380 142,972
UBS AG 990 295,437
Zurich Allied AG 230 130,765
-----------
2,441,083
-----------
United Kingdom--20.6%
Abbey National PLC 6,018 112,977
Allied Zurich PLC 7,282 91,538
Anglian Water PLC 3,306 36,555
Associated British Foods PLC 5,672 37,505
AstraZeneca Group PLC 3,482 135,757
BAA PLC 5,413 52,047
Barclay's PLC 7,284 211,945
Bass PLC 5,494 79,714
BG PLC 17,312 105,740
Blue Circle Industries PLC 7,823 52,036
BOC Group PLC 3,384 66,142
Boots Company PLC 4,732 56,202
BP Amoco PLC 45,168 809,495
British Aerospace PLC 8,438 54,764
British Airways PLC 7,119 49,121
British American Tobacco PLC 10,622 99,871
British Land Company PLC 4,019 33,607
British Sky Broadcasting
Group PLC 8,514 78,978
British Steel PLC 16,114 41,719
British Telecommunications PLC 29,670 497,136
BTR Siebe PLC 19,495 92,264
Cable & Wireless PLC 12,384 157,820
Cadbury Schweppes PLC 9,356 59,579
Carlton Communications PLC 5,011 41,546
</TABLE>
68
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Vantagepoint Overseas Equity Index Fund Shares Value
- --------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
Centrica PLC 21,454 $ 50,387
CGU PLC 6,386 92,254
Compass Group PLC 3,563 35,326
Diageo PLC 14,433 150,718
EMI Group PLC 6,113 49,045
General Electric Company PLC 12,346 125,908
GKN PLC 3,936 67,190
Glaxo Wellcome PLC 16,350 454,353
Granada Group PLC 4,995 92,669
Great Universal Stores PLC 5,526 61,234
Halifax PLC 11,998 143,163
Hanson PLC 4,645 41,257
HSBC Holdings PLC 4,227 149,713
HSBC Holdings PLC 8,943 316,604
Imperial Chemical Industries PLC 6,255 61,818
J. Sainsbury PLC 9,733 61,367
Kingfisher PLC 6,475 74,505
Ladbroke Group PLC 11,406 45,217
Land Securities PLC 3,385 45,513
Legal & General Group PLC 26,155 66,580
Lloyds TSB Group PLC 24,765 335,707
Marks & Spencer PLC 13,841 80,067
Misys PLC 3,489 29,862
National Grid Group PLC 6,622 46,083
National Power PLC 6,606 48,106
Next PLC 2,831 34,382
Pearson PLC 2,731 55,488
Peninsular & Orient Steam Navigation Company 4,966 74,558
Provident Financial PLC 2,216 30,790
Prudential Corporation PLC 8,775 129,186
Railtrack Group PLC 2,619 53,543
Rank Group PLC 12,959 51,526
Reed International PLC 5,962 39,775
Rentokil Initial PLC 13,475 52,569
Reuters Group PLC 7,057 92,826
Rio Tinto PLC 5,411 90,706
Rolls-Royce PLC 8,847 37,442
Royal Bank of Scotland Group PLC 4,272 87,000
Royal & Sun Alliance Insurance Group PLC 8,562 76,791
Safeway PLC 11,342 45,454
Schroders PLC 1,957 39,978
Scottish Power PLC 6,533 56,431
Scottish & Newcastle PLC 5,712 59,468
Scottish & Southern Energy PLC 5,146 52,643
SmithKline Beecham PLC 25,817 335,520
Smiths Industries PLC 3,060 40,419
Stagecoach Holdings PLC 10,329 36,998
Tate & Lyle PLC 5,161 32,337
Tesco PLC 31,235 80,374
Thames Water PLC 2,465 39,088
TI Group PLC 5,635 37,749
Unilever PLC 13,593 120,949
United Utilities PLC 3,449 41,915
Vodafone Group PLC 14,905 293,673
Williams PLC 5,352 35,347
</TABLE>
<TABLE>
- ---------------------------------------------
<CAPTION>
Shares/
Face Value
- ---------------------------------------------
<S> <C> <C>
Wolseley PLC 5,637 $ 42,427
Zeneca Group PLC 4,688 181,337
-----------
8,257,393
-----------
TOTAL COMMON STOCKS
(Cost $36,230,603) 37,980,925
-----------
- ---------------------------------------------
PREFERRED STOCKS--0.4%
- ---------------------------------------------
Australia--0.1%
News Corporation Ltd. 8,010 60,909
-----------
Germany--0.3%
Sap AG 200 79,817
*Volkswagen AG 765 28,245
-----------
108,062
-----------
TOTAL PREFERRED STOCKS
(Cost $162,531) 168,971
-----------
- ---------------------------------------------
RIGHTS--0.0%
- ---------------------------------------------
France--0.0%
*LVMH 522 15,241
-----------
Italy--0.0%
*Olivetti SpA 18,831 2,581
-----------
Portugal--0.0%
*Portugal Telecom SA 1,999 21
-----------
TOTAL RIGHTS
(Cost $0) 17,843
-----------
- ---------------------------------------------
U.S. TREASURY OBLIGATIONS--4.6%
- ---------------------------------------------
U.S. Treasury Bill,
3.390%, 07/15/99 $ 804,000 802,880
U.S. Treasury Bill,
4.360%, 08/12/99 1,030,000 1,024,736
-----------
1,827,616
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,827,687) 1,827,616
-----------
TOTAL INVESTMENTS--99.6%
(Cost $38,220,821) 39,995,355
Other assets less liabilities--
0.4% 142,036
-----------
TOTAL NET ASSETS--100.0% $40,137,391
===========
</TABLE>
Notes to the Schedule of Investments:
+ Yield to Maturity.
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$38,220,821. Unrealized appreciation and depreciation, based on identified
tax cost at June 30, 1999, are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 3,731,078
Unrealized depreciation (1,956,544)
-----------
Net unrealized appreciation $ 1,774,534
===========
</TABLE>
69
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------
Vantagepoint Overseas
Equity Index Fund
- ---------------------------------------
Percentage of Portfolio by Industry:
<S> <C>
Banking 13.7%
Telephone Systems 8.3%
Oil & Gas 6.9%
Pharmaceuticals 6.9%
Insurance 5.8%
Diversified 5.1%
Automotive 5.1%
Electronics 4.7%
U.S. Treasury Bills 4.6%
Communications 4.4%
Beverages, Food & Tobacco 4.4%
Retailers 2.3%
Chemicals 2.1%
Transportation 2.0%
Electric Utilities 2.0%
Media-Broadcasting & Publishing 2.0%
Food Retailers 2.0%
Financial Services 2.0%
Metals & Mining 1.8%
Commercial Services 1.7%
Heavy Machinery 1.6%
Real Estate 1.4%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C>
Building Materials 1.0%
Cosmetics & Personal Care 0.9%
Computer Software & Processing 0.7%
Medical Supplies 0.7%
Airlines 0.6%
Heavy Construction 0.6%
Forest Products & Paper 0.5%
Computers & Information 0.5%
Electrical Equipment 0.5%
Entertainment & Leisure 0.5%
Textiles, Clothing & Fabrics 0.4%
Home Construction, Furnishings & Appliances 0.4%
Water Companies 0.4%
Photographic Equipment & Supplies 0.3%
Containers & Packaging 0.3%
Aerospace & Defense 0.2%
Lodging 0.1%
Restaurants 0.1%
Apparel Retailers 0.1%
------
TOTAL INVESTMENTS 99.6%
------
Other assets less liabilities 0.4%
------
TOTAL NET ASSETS 100.0%
======
</TABLE>
See accompanying notes to financial statements.
70
<PAGE>
MASTER INVESTMENT PORTFOLIO
Statement of Assets & Liabilities
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
S&P 500 Index
Bond Index Master Extended Index U.S. Equity
Master Portfolio Portfolio Master Portfolio Master Portfolio
---------------- -------------- ---------------- ----------------
<S> <C> <C> <C> <C>
ASSETS:
In securities, at market
value.................. $421,808,368 $4,464,160,100 $151,679,498 $545,211,766
Investment from
beneficial interest.... -- -- -- 58,994,213
Cash.................... -- -- 663 --
Receivable for:
Investments sold...... 511,420 23,089,562 471,685 --
Dividends and
interest............. 6,670,968 3,887,706 132,091 --
Variation margin on
futures contracts.... -- 3,562,497 37,400 --
------------ -------------- ------------ ------------
Total Assets........ 428,990,756 4,494,699,865 152,321,337 604,205,979
------------ -------------- ------------ ------------
LIABILITIES:
Payable for:
Investments
purchased............ 498,473 24,522,875 -- --
Collateral for
securities loaned.... 27,958,000 45,893,935 -- --
Due to BGI............ 80,221 498,157 47,241 37,612
------------ -------------- ------------ ------------
Total Liabilities... 28,536,694 70,914,967 47,241 37,612
------------ -------------- ------------ ------------
NET ASSETS.............. $400,454,062 $4,423,784,898 $152,274,096 $604,168,367
============ ============== ============ ============
Cost of investments..... 434,972,567 2,953,142,707 134,421,077 494,808,042
</TABLE>
See Notes to Financial Statements.
71
<PAGE>
MASTER INVESTMENT PORTFOLIO
Statement of Operations
For the period ended June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
S&P 500
Bond Index Index Extended Index U.S. Equity
Master Master Master Master
Portfolio* Portfolio* Portfolio* Portfolio*
------------ ------------ -------------- -----------
<S> <C> <C> <C> <C>
Investment Income:
Dividends............. $ -- $ 17,734,347 $ 566,879 $ 2,474,689
Interest.............. 8,713,075 3,786,695 129,432 521,692
Foreign taxes withheld
on dividends......... -- 20 (103) (512)
------------ ------------ ----------- -----------
Total investment
income............. 8,713,075 21,521,062 696,208 2,995,869
------------ ------------ ----------- -----------
Expenses:
Advisory.............. 109,672 703,881 37,793 130,237
Administration........ -- -- 9,448 27,817
------------ ------------ ----------- -----------
Total expenses before
waivers.............. 109,672 703,881 47,241 158,054
Less waivers.......... -- -- -- (1,271)
------------ ------------ ----------- -----------
Total expenses net
of waivers......... 109,672 703,881 47,241 156,783
------------ ------------ ----------- -----------
Net Investment Income
(Loss)................. 8,603,403 20,817,181 648,967 2,839,086
------------ ------------ ----------- -----------
Net Realized and
Unrealized Gain (Loss)
on Investments:
Net realized gain
(loss) on sale of
investments.......... (653,912) 24,323,544 559,954 3,097,144
Net realized gain
(loss) on futures.... -- 14,661,345 945,755 2,469,917
Net change in
unrealized
appreciation
(depreciation) of
investments.......... (11,520,144) 368,672,519 17,258,421 50,403,724
Net change in
unrealized
appreciation
(depreciation) on
futures.............. -- 8,658,007 169,950 654,105
------------ ------------ ----------- -----------
Net Gain (Loss) on
Investments............ (12,174,056) 416,315,415 18,934,080 56,624,890
------------ ------------ ----------- -----------
Net Increase (Decrease)
in Net Assets Resulting
From Operations........ $ (3,570,653) $437,132,596 $19,583,047 $59,463,976
============ ============ =========== ===========
</TABLE>
- ------
* Represents information from March 1, 1999 to June 30, 1999. Extended Index
and U.S. Equity Master Portfolios commenced operations on March 1, 1999.
See Notes to Financial Statements.
72
<PAGE>
MASTER INVESTMENT PORTFOLIO
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Extended Index U.S Equity
Bond Index Master Portfolio S&P 500 Index Master Portfolio Master Portfolio Master Portfolio
----------------------------- ------------------------------- ---------------- ----------------
Period Ended Year Ended Period Ended Year Ended Period Ended Period Ended
June 30, 1999 February 28, June 30, 1999 February 28, June 30, 1999 June 30, 1999
(Unaudited)* 1999 (Unaudited)* 1999 (Unaudited)* (Unaudited)*
-------------- ------------- --------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in
net assets resulting
from operations:
Net investment income
(loss)................ $ 8,603,403 $ 7,063,037 $ 20,817,181 $ 43,674,276 $ 648,967 $ 2,839,086
Net realized gain
(loss) on sale of
investments and
futures............... (653,912) 419,676 38,984,889 181,973,840 1,505,709 5,567,061
Net change in
unrealized
appreciation
(depreciation) of
investments and
futures............... (11,520,144) (4,365,016) 377,330,526 250,798,350 17,428,371 51,057,829
------------- ------------- --------------- --------------- ------------ ------------
Net increase (decrease)
in net assets resulting
from operations........ (3,570,653) 3,117,697 437,132,596 476,446,466 19,583,047 59,463,976
------------- ------------- --------------- --------------- ------------ ------------
Net increase (decrease)
in net assets resulting
from beneficial
interest transactions.. 2,296,829 305,376,058 299,559,524 856,583,098 132,691,049 544,704,391
------------- ------------- --------------- --------------- ------------ ------------
Total increase
(decrease) in net
assets................. (1,273,824) 308,493,755 736,692,120 1,333,029,564 152,274,096 604,168,367
------------- ------------- --------------- --------------- ------------ ------------
Net assets at beginning
of period.............. 401,727,886 93,234,131 3,687,092,778 2,354,063,214 -- --
------------- ------------- --------------- --------------- ------------ ------------
Net assets at end of
period................. $ 400,454,062 $ 401,727,886 $ 4,423,784,898 $ 3,687,092,778 $152,274,096 $604,168,367
============= ============= =============== =============== ============ ============
</TABLE>
- ------
* Represents information from March 1, 1999 to June 30, 1999. Extended Index
and U.S. Equity Master Portfolios commenced operations on March 1, 1999.
See Notes to Financial Statements.
73
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)
1. Significant Accounting Policies
Master Investment Portfolio ("MIP") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company. MIP was organized on October 20, 1993 as a Delaware
business trust pursuant to an Agreement and Declaration of Trust dated May 14,
1993, and had no operations prior to May 26, 1994. MIP currently issues the
following separate portfolios; the Asset Allocation, Bond Index, Extended
Index, LifePath 2000, LifePath 2010, LifePath 2020, LifePath 2030, LifePath
2040, Money Market, S&P 500 Index, U.S. Equity Index and U.S. Treasury
Allocation Master Portfolios. These financial statements contain the Bond
Index, Extended Index, S&P 500 Index, and U.S. Equity Index Master Portfolios
(the "Master Portfolios"). The U.S. Equity Index Master Portfolio uses a "fund
of funds" structure. It achieves its investment objectives by investing all of
its assets in two other portfolios of MIP, Extended Index and S&P 500 Index
Master Portfolios.
The following significant accounting policies are consistently followed by
MIP in the preparation of its financial statements, and such policies are in
conformity with generally accepted accounting principles for investment
companies. The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
Security Valuation
The equity securities of each Master Portfolio are valued at the last
reported sale price on the primary securities exchange or national securities
market on which such securities are traded. Securities not listed on an
exchange or national securities market, or securities in which there was no
last reported sales price, are valued at the most recent bid prices. Debt
securities are generally traded in the over-the-counter market and are valued
at a price deemed best to reflect fair value as quoted by dealers who make
markets in those securities or by an independent pricing source. U.S.
Government obligations are valued at the last reported bid price. Debt
securities maturing in 60 days or less are valued at amortized cost, which
approximates market value. Any securities, restricted securities or other
assets for which market quotations are not readily available, are valued at
fair value as determined in good faith in accordance with policies approved by
MIP's Board of Trustees.
Security Transactions and Income Recognition
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). Dividend income is recognized on the ex-
dividend date, and interest income is recognized on a daily accrual basis.
Realized gains or losses are reported on the basis of identified cost of
securities delivered. Bond discounts and premiums are amortized under
provisions of the Internal Revenue Code of 1986, as amended (the "Code").
Federal Income Taxes
Each Master Portfolio intends to qualify as a partnership for federal income
tax purposes. Each Master Portfolio therefore believes that it will not be
subject to any federal income tax on its income and net realized capital gains
(if any). However, each investor in a Master Portfolio will be taxed on its
allocable share of the partnership's income and capital gains for purposes of
determining its federal income tax liability. The determination of such share
will be made in accordance with the applicable sections of the Code.
It is intended that each Master Portfolio's assets, income and allocations
will be managed in such a way that a regulated investment company investing in
a Master Portfolio will be able to satisfy the requirements of Subchapter M of
the Code, assuming that the investment company invested all of its assets in
the corresponding Master Portfolio.
Futures Contracts
The Master Portfolios may purchase futures contracts to gain exposure to
market changes as this may be more efficient or cost effective than actually
buying the securities. A futures contract is an agreement between two
74
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)--(Continued)
parties to buy and sell a security at a set price on a future date and is
exchange traded. Upon entering into a futures contract, the Master Portfolios
are required to pledge to the broker an amount of cash, U.S. Government
securities or other high-quality debt securities equal to the minimum "initial
margin" requirements of the exchange. Pursuant to the contract, the Master
Portfolios agree to receive from or pay to the broker an amount of cash equal
to the daily fluctuation in the value of the contract. Such receipts or
payments are known as "variation margin" and are recorded by the Master
Portfolios as unrealized gains or losses. When the contract is closed, the
Master Portfolios record a gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it
was closed. Pursuant to regulations and/or published positions of the
Securities and Exchange Commission, the Master Portfolios are required to
segregate cash, U.S. Government obligations or high quality, liquid debt
instruments in connection with futures transactions in an amount generally
equal to the entire futures contract amount. Risks of entering into futures
contracts include the possibility that there may be an illiquid market and that
a change in the value of the contracts may not correlate with changes in the
value of the underlying securities. As of June 30, 1999, the following Master
Portfolios had open long futures contracts outstanding:
<TABLE>
<CAPTION>
Net Unrealized
Number of Expiration Notional Appreciation/
Contracts Type Date Contract Value (Depreciation)
--------- ------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Master Portfolio
Extended Index.. 26 Mid Cap 400 September 1999 $ 5,707,450 $ 169,950
S&P 500 Index... 571 S&P 500 Index September 1999 $197,227,485 $5,676,093
</TABLE>
The Extended Index and S&P 500 Index Master Portfolios have pledged to
brokers U.S. Treasury Bills for initial margin requirements with a par value of
$400,000 and $12,200,000, respectively.
Repurchase Agreements
Transactions involving purchases of securities under agreements to resell
such securities at a specified price and time ("repurchase agreements") are
treated as collateralized financing transactions and are recorded at their
contracted resale amounts. These repurchase agreements, if any, are detailed in
each Master Portfolio's Portfolio of Investments. The advisor to the Master
Portfolios may pool each Master Portfolio's cash and invest in repurchase
agreements entered into by the other Master Portfolios. Each Master Portfolio's
prospectus requires that the cash investments be fully collateralized based on
values that are marked to market daily. The collateral is generally held by an
agent bank under a tri-party agreement. It is the advisor's responsibility to
value collateral daily and to obtain additional collateral as necessary to
maintain the value at equal to or greater than 102% of market value. The
repurchase agreements entered into on June 30, 1999 by the Master Portfolios
are collateralized by U.S. Government Securities.
2. Agreements and Other Transactions with Affiliates
Pursuant to an Investment Advisory Contract with each Master Portfolio,
Barclays Global Fund Advisors ("BGFA") provides investment guidance and policy
direction in connection with the management of each Master Portfolio's assets.
BGFA is entitled to receive 0.08% of the average daily net assets of the Bond
Index and Extended Index Master Portfolios, 0.05% and 0.01% of the average
daily net assets of the S&P 500 Index, and U.S. Equity Index Master Portfolios,
respectively, as compensation for advisory services. BGFA is an indirect
subsidiary of Barclays Bank PLC.
Investors Bank & Trust Company ("IBT") serves as the custodian to each Master
Portfolio. IBT will not be entitled to receive fees for its custodial services
so long as it is entitled to receive a separate fee from Barclays Global
Investors, N.A. ("BGI") for its services as Sub-Administrator of each Master
Portfolio.
Stephens Inc. ("Stephens") is the placement agent for the Master Portfolios.
Certain officers and directors of MIP are also officers of Stephens. As of June
30, 1999, these officers of Stephens indirectly collectively owned less than 1%
of the Master Portfolios' outstanding beneficial interests.
75
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS (Unaudited)--(Continued)
3. Investment Portfolio Transactions
Purchases and sales of investments, exclusive of short-term securities, for
each Master Portfolio for the year ended June 30, 1999 are as follows:
<TABLE>
<CAPTION>
Aggregate Purchases Bond Index Extended Index S&P 500 Index U.S. Equity Index
and Sales of: Master Portfolio Master Portfolio Master Portfolio Master Portfolio
------------------- ---------------- ---------------- ---------------- -----------------
<S> <C> <C> <C> <C>
U.S. Government
Obligations:
Purchases at cost....... $34,781,640 36,952,211 -- N/A
Sales Proceeds.......... 39,610,752 15,271,603 -- N/A
Other Securities:
Purchases at cost....... 19,354,264 14,115,445 411,474,721 N/A
Sales proceeds.......... $ 4,618,620 2,820,663 $ 41,055,016 N/A
</TABLE>
4. Portfolio Securities Loaned
As of June 30, 1999, certain Master Portfolios had loaned securities which
were collateralized by cash. Each Master Portfolio receives transaction fees
for providing services in connection with the securities lending program. The
risks to the Master Portfolios associated with securities lending are that the
borrower may not provide additional collateral when required or return the
securities when due. The value of the securities on loan and the value of the
related collateral were as follows:
<TABLE>
<CAPTION>
Securities Collateral
----------- -----------
<S> <C> <C>
Master Portfolio
Bond Index Master Portfolio......................... $27,349,853 $27,958,000
Extended Index Master Portfolio..................... -- --
S&P 500 Index Master Portfolio...................... $44,668,152 $45,893,935
</TABLE>
5. Financial Highlights
The portfolio turnover rates, excluding short-term securities, for the Master
Portfolios are as follows:
<TABLE>
<CAPTION>
For the For the For the For the For the
Period Ended Year Ended Year Ended Year Ended Year Ended
June 30, February 28, February 28, February 28, February 29,
1999 1999 1998 1997 1996
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Master Portfolio
Bond Index
Master
Portfolio...... 11%** 28% 59% 39% 21%
Extended Index
Master
Portfolio...... 13%** N/A N/A N/A N/A
S&P 500 Index
Master
Portfolio...... 1%** 11% 6% 4% 2%
U.S. Equity
Index Master
Portfolio...... N/A N/A N/A N/A N/A
</TABLE>
- ------
** Period from March 1, 1999 to June 30, 1999 (not annualized).
76
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--96.2%
- ------------------------------------------------------------
Advertising--0.8%
*24/7 Media, Inc. 792 $ 30,492
*AdForce, Inc. 700 16,450
*Catalina Marketing Corporation 817 75,164
*Cyrk International, Inc. 691 4,189
*DoubleClick, Inc. 1,710 156,893
*e4L, Inc. 1,439 10,343
*Flycast Communications Corporation 400 7,650
*Getty Images, Inc. 1,366 25,783
*Grey Advertising, Inc 55 18,315
*Ha-Lo Industries, Inc. 2,104 20,777
*Healthworld Corporation 300 3,375
*K2 Design, Inc. 400 1,150
*Lamar Advertising Company 1,876 76,799
*Leapnet, Inc. 600 1,388
*Modem Media Poppe Tyson, Inc. 200 4,575
*Obie Media Corporation 200 2,550
*Outdoor Systems, Inc. 8,248 301,042
Penton Media, Inc. 1,119 27,136
*Princeton Video Image, Inc. 200 906
RH Donnelley Corporation 1,530 29,931
*Snyder Communications, Inc. 3,286 107,617
The Ackerly Group, Inc. 920 16,733
*theglobe.com, Inc. 922 18,152
*TMP Worldwide, Inc. 1,605 101,918
True North Communications, Inc. 2,015 60,450
*Xoom.com, Inc. 685 35,963
Young & Rubicam, Inc. 2,962 134,586
------------
1,290,327
------------
Aerospace & Defense--0.5%
AAR Corporation 1,240 28,133
*BE Aerospace, Inc. 1,087 20,313
*Coltec Industries 2,821 61,180
Cordant Technologies, Inc. 1,733 78,310
*Ducommun, Inc. 413 4,930
*Edac Technologies Corporation 300 1,256
*First Aviation Services, Inc. 2,400 13,200
GenCorporation, Inc. 1,857 46,889
*Gulfstream Aerospace Corporation 3,244 219,173
*Hawker Pacific Aerospace 3,200 7,600
Heico Corporation Class A 252 6,111
Heico Corporation 309 7,686
*Hi-Shear Technology Corporation 300 1,575
*Kellstrom Industries, Inc. 433 7,902
*Kreisler Manufacturing Corporation 2,500 11,250
*LMI Aerospace, Inc. 376 1,622
Newport News Shipbuilding 1,578 46,551
*Orbital Sciences Corporation 1,647 38,910
*Precision Standard, Inc. 700 2,538
Primex Technologies, Inc. 376 8,108
*Sequa Corporation 564 39,480
*Simula, Inc. 443 2,880
Stewart & Stevenson Services 1,032 15,738
*The Fairchild Corporation Class A 1,431 18,245
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------------
<S> <C> <C>
Transtechnology Corporation 232 $ 4,568
*TriStar Aerospace Company 928 7,656
United Technologies Corporation 1,366 97,925
*Venturian Corporation 400 2,100
------------
801,829
------------
Airlines--0.6%
Airborne Freight Corporation 2,260 62,574
*Airnet Systems, Inc. 519 7,007
*AirTran Holdings, Inc. 2,893 16,635
*Alaska Air Group, Inc. 1,272 53,106
*American West Holdings Corporation Class B 2,024 38,203
*Atlantic Coast Airlines Holdings 859 16,321
*Atlas Air, Inc. 1,604 51,729
Comair Holdings, Inc. 4,380 91,159
*Continental Airlines Class B 2,964 111,521
*Frontier Airlines, Inc. 735 11,852
*Kitty Hawk, Inc. 824 6,489
*Mesa Air Group, Inc. 1,546 11,619
*Mesaba Holdings, Inc. 887 11,309
*Midway Airlines Corporation 517 5,299
*Midwest Express Holdings, Inc. 630 21,420
*Northwest Airlines Corporation Class A 3,635 118,138
*Offshore Logistics, Inc. 991 11,025
Petroleum Helicopters NV 245 3,001
SkyWest, Inc. 1,084 27,032
*Trans World Airlines, Inc. 3,081 15,212
*UAL Corporation 2,376 154,440
------------
845,091
------------
Automotive--1.4%
*Aftermarket Technology, Inc. 845 9,612
*Alltrista Corporation 348 11,484
*American Axle & Manufacturing Holdings, Inc. 1,700 23,800
AO Smith Corporation Class B 1,042 29,176
Arvin Industries, Inc. 1,297 49,124
Autocam Corporation 273 3,686
*AutoNation, Inc. 20,898 372,236
Bandag, Inc. 981 34,028
Borg-Warner Automotive, Inc. 1,245 68,475
*Breed Technologies, Inc. 2,359 5,308
*Cannondale Corporation 274 3,117
Clarcor, Inc. 1,091 20,934
Coachmen Industries, Inc. 741 17,228
Collins Industries, Inc. 400 2,400
*Copart, Inc. 1,191 25,309
*Delco Remy International, Inc. 869 9,559
Delphi Automotive Systems Corporation 4,551 84,478
*Dura Automotive Systems, Inc. 522 17,357
*Durakon Inds, Inc. 274 4,298
*Excelsior-Henderson Motorcycle 482 2,892
Exide Corporation 955 14,086
*Featherlite, Inc. 400 2,725
*FinishMaster, Inc. 300 1,819
*Group 1 Automotive, Inc. 917 19,372
Harley-Davidson, Inc. 6,936 377,135
</TABLE>
77
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Hastings Manufacturing Company 100 $ 1,356
*Hayes Lemmerz International, Inc. 1,350 39,656
Hertz Corporation Class A 1,820 112,840
*Holiday RV Superstores, Inc. 400 1,650
*Hometown Auto Retailers, Inc.--Class A 400 1,500
Huffy Corporation 434 6,076
*Impco Technologies, Inc. 365 4,654
JLG Industries, Inc. 1,972 40,180
*Keystone Automotive Industries, Inc. 786 13,657
*Lear Corporation 2,983 148,404
*Lithia Motors, Inc. Class A 425 8,713
*Lund International Holdings, Inc. 200 1,250
Mascotech, Inc. 2,062 34,925
*McLaren Automotive Group, Inc. 593 2,891
Meritor Automotive, Inc. 3,088 78,744
*Miller Industries, Inc. 1,720 6,773
Modine Manufacturing Company 1,324 43,113
*Monaco Coach Corporation 557 23,568
*Motorcar Parts & Accessories 487 2,618
*National R V Holdings, Inc. 576 14,148
*Noble International Ltd. 300 4,800
Oshkosh Truck Corporation 405 20,377
*R&B, Inc. 461 3,803
*Raytech Corporation 300 1,238
Regal-Beloit Corporation 935 22,089
*Rush Enterprises, Inc. 397 6,402
*Safety Components International, Inc. 400 2,000
Simpson Industries, Inc. 672 6,888
*Smart Choice Automotive Group, Inc. 2,000 1,375
*Sonic Automotive, Inc. 1,012 13,915
Spartan Motors, Inc. 562 3,232
*Standard Automotive Corporation 200 3,475
Standard Motor Products, Inc. 584 14,308
*Starcraft Corporation 2,600 10,400
*Strattec Security Corporation 206 6,953
Superior Industries International, Inc. 1,224 33,431
*Supreme Inds, Inc. 444 4,301
*TBC Corporation 882 6,229
*The Coast Distribution System, Inc. 300 825
*The Colonel's International, Inc. 1,089 8,712
*The Kroll-O'Gara Company 919 20,275
Titan International, Inc. 771 9,156
*Transportation Components, Inc. 1,093 3,484
*Ugly Duckling Corporation 719 5,213
*United Auto Group, Inc. 1,064 10,906
Wabash National Corporation 1,027 19,898
Winnebago Industries, Inc. 1,020 22,950
Wynn's International, Inc. 841 15,506
------------
2,078,495
------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
Banking--6.7%
1st Source Corporation 847 $ 27,104
1st State Bank Corporation, Inc. 100 1,925
ABC Bank Corporation 267 3,538
Abington Bank Corporation, Inc. 200 2,700
*ACE Cash Express, Inc. 366 5,170
Alabama National Bank Corporation 387 9,675
Allegiant Bank Corporation, Inc. 285 2,708
Alliance Bank Corporation 422 9,812
AMB Financial Corporation 400 5,050
Ambanc Holding Company, Inc. 246 4,059
Amcore Financial, Inc. 1,295 29,866
Ameriana Bancorp 156 2,594
American Bank Corporation 140 2,958
*American Bancshares, Inc. 223 1,896
American Bank of Connecticut 167 4,081
ANB Corporation 168 3,927
Anchor Bank Corporation Wisconsin, Inc. 1,023 18,223
Anchor Financial Corporation 239 7,947
Andover Bank Corporation, Inc. 239 7,499
Area Bancshares Corporation 700 18,988
Arrow Financial Corporation 230 6,066
ASB Financial Corporation 400 4,850
Associated Banc Corporation 2,831 117,487
Astoria Financial Corporation 2,446 107,471
*Atlantic Bank & Trust Company 181 3,213
Atlantic Financial Corporation 186 3,348
BancFirst Corporation 415 14,214
BancFirst Ohio Corporation 292 7,191
Banco Santander Puerto Rico 1,700 30,706
Bank of Connecticut, Inc. 229 3,950
Bank Corporation South, Inc. 2,598 47,089
Bancwest Corporation 2,547 94,557
Bank of Commerce/San Diego 530 10,799
Bank of Granite Corporation 512 12,608
Bank of South Carolina Corporation 400 5,900
Bank of the Ozarks 169 3,063
*Bank Plus Corporation 868 4,666
Bank Santa Clara California 102 2,576
Bank United Corporation
Class A 1,267 50,918
BankAtlantic BanCorp, Inc. Class A 985 7,141
*Bankfirst Corporation 419 3,876
Banknorth Group, Inc. 1,035 34,155
*Bankunited Financial Corporation Class A 657 6,324
Bar Harbor Bankshares 163 3,627
Bay State BanCorp, Inc. 113 2,324
Bay View Capital Corporation 865 17,733
BB&T Corporation 149 5,466
BCSB BankCorporation, Inc. 273 2,321
Belmont Bank Corporation 193 1,930
Berkshire Bank Corporation, Inc. 95 3,806
*Big Foot Financial Corporation 400 6,000
</TABLE>
78
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
*BOK Financial Corporation 1,954 $ 49,339
Borel Bank & Trust San Mateo 129 2,145
*Boston Private Financial Holdings, Inc. 300 2,250
Bostonfed Bank Corporation, Inc. 192 3,432
Brenton Banks, Inc. 924 14,322
Broad National Bank Corporation 180 4,568
Brodge View Bank Corporation 124 2,153
Brookline Bank Corporation, Inc. 1,301 15,043
Bryn Mawr Bank Corporation 158 4,029
BSB Bank Corporation, Inc. 318 8,586
BT Financial Corporation 580 14,228
*BWC Financial Corporation 200 4,725
California Independent Bank Corporation 350 7,131
Camco Financial Corporation 245 3,231
Camden National Corporation 248 5,177
*Capital Bank Corporation 200 2,025
Capital City Bank Group, Inc. 326 8,150
*Capital Corporation of the West 300 3,750
Capitol Bank Corporation Ltd. 232 4,147
Carolina First Corporation 1,001 24,399
Carolina Southern Bank 152 2,318
Cascade Bank Corporation 229 3,693
*Cascade Financial Corporation 250 3,500
Cathay Bank Corporation, Inc. 401 17,043
Cavalry Bank Corporation, Inc. 274 6,131
CB Bancshares, Inc. 131 4,159
CCB Financial Corporation 1,814 95,915
CCBT Bank Corporation, Inc. 334 6,430
Cenit Bank Corporation, Inc. 178 3,399
*Centennial Bank Corporation 621 8,578
Center BankCorporation, Inc. 210 3,203
*Central Coast BanCorp 238 3,689
Centura Banks, Inc. 1,250 70,469
Century Bank Corporation, Inc. Class A 161 3,089
Century South Banks, Inc. 493 11,093
CFS Bank Corporation, Inc. 846 9,253
CFSB Bank Corporation, Inc. 330 8,126
Charter One Financial, Inc. 7,503 208,677
Chemical Financial Corporation 603 20,992
Chester Valley Bank Corporation 164 2,768
Chittenden Corporation 1,249 39,031
Citizens Banking Corporation 1,257 37,789
Citizens Financial Services, Inc. 124 2,139
*Citizens First Financial Corporation 722 10,469
City Holding Company 752 21,808
City National Corporation 2,053 76,859
*Civic Bank Corporation 207 2,924
CKF Bank Corporation, Inc. 400 6,125
CNB BancShares, Inc. 1,600 91,200
Cnb Financial Corporation 280 4,200
CNBT Bancshares, Inc. 219 2,792
CNY Financial Corporation 239 2,868
Coast Bank Corporation 242 4,901
Coastal Bank Corporation, Inc. 262 4,421
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
- ------------------------------------------------------------------
Coastal Financial Corporation 231 $ 3,523
Codorus Valley Bank Corporation, Inc. 420 7,455
Colonial BancGroup, Inc. 4,991 69,562
*Colorado Business Bankshares 246 2,829
Columbia Bank Corporation 204 2,703
*Columbia Banking System, Inc. 388 5,966
Comm Bank Corporation, Inc. 98 3,112
Commerce Bank Corporation, Inc. 1,219 52,112
Commerce Bancshares, Inc. 2,754 110,849
*Commerce Bank / Harrisburg 255 6,758
Commercial Bank of New York 237 2,903
Commercial Bankshares, Inc. 165 3,568
Commercial Federal Corporation 2,708 62,792
Commercial National Financial Corporation 161 2,938
Commonwealth Bank Corporation, Inc. 542 9,722
Community Bank Shares of Indiana, Inc. 200 3,625
Community Bank System, Inc. 269 6,826
Community Banks, Inc. 252 5,387
Community Bankshares, Inc. (Tulsa) 582 7,057
Community Bankshares, Inc. (Delaware) 161 4,025
Community Federal BanCorp 193 2,509
Community Financial Corporation 400 4,550
Community First Banking Company 123 2,445
Community First Bankshares, Inc. 2,111 50,400
Community Savings Bankshares 244 3,081
Community Trust Bank Corporation, Inc. 408 9,537
Community West Bancshares 200 1,950
Compass Bancshares, Inc. 4,959 135,119
*Cooperative Bankshares, Inc. 400 4,200
Cornerstone Bank Corporation, Inc. 100 1,450
CORUS Bankshares, Inc. 651 20,710
CoVest Bancshares, Inc. 200 2,975
CPB, Inc. 367 9,726
Cullen/Frost Bankers, Inc. 2,388 65,819
CVB Financial Corporation 739 19,214
Delphos Citizens Bank Corporation, Inc. 400 7,100
Desert Community Bank 354 9,514
Dime Bank Corporation, Inc. 5,191 104,469
Dime Community Bancshares 427 9,928
Downey Financial Corporation 1,258 27,597
Drovers Bancshares Corporation 172 3,913
Eagle Bacshares, Inc. 211 4,378
East Texas Financial Services, Inc. 400 5,650
East West Bank Corporation, Inc. 1,000 10,063
Eastern Virginia Bankshares 190 3,325
EFC Bank Corporation, Inc. 335 3,853
Elmira Savings Bank FSB 342 7,610
Emerald Financial Corporation 379 7,462
</TABLE>
79
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*Equitable Federal Savings Bank 400 $ 7,400
ESB Financial Corporation 200 2,625
F&M Bank Corporation, Inc. 634 23,934
Farmers Capital Bank Corporation 278 9,869
FCNB Corporation 288 6,300
*FFBS Bank Corporation, Inc. 326 6,520
FFD Financial Corporation 400 5,800
FFLC Bank Corporation, Inc. 164 2,911
FFW Corporation 400 5,400
FFY Financial Corporation 288 5,328
Fidelity Bank Corporation, Inc. (Indana) 107 2,294
Fidelity Bank Corporation, Inc. (Texas) 400 6,850
Fidelity Bankshares, Inc. 250 4,000
Fidelity Financial of Ohio, Inc. 500 6,000
Fidelity National Corporation 363 3,358
Fifth Third Bank Corporation 55 3,661
Finger Lakes Financial Corporation 200 2,200
First American Corporation 4,768 198,170
First Bank Corporation of North Carolina 135 3,308
First Banking Company 173 3,676
*First Bank of America, Inc. 198 3,601
First Bankshares, Inc. 400 4,600
First Bell Bank Corporation, Inc. 229 4,065
First Busey Corporation Class A 606 15,680
First Charter Corporation 808 19,998
First Citizens BancShares, Inc. 509 41,102
First Citizens Corporation 146 5,512
First Commerce Bancshares, Inc. Class A 583 13,701
First Commonwealth Financial Corporation 1,384 33,043
First Defiance Finl Corporation 301 3,386
First Essex Bank Corporation, Inc. 278 4,518
First Federal of Kentucky 152 3,420
First Federal Bank Corporation, Inc. 600 4,650
*First Federal Bank Corporation 600 4,650
First Federal Bancshares of Arkansas 204 3,774
First Federal Bankshares, Inc. 329 3,167
First Federal Capital Corporation 681 10,045
First Federal of East Hartford 138 3,657
First Financial Bank Corporation 1,619 36,630
First Financial Bankshares, Inc. 426 13,526
First Financial Corporation 400 4,900
First Financial Corporation 322 12,176
First Financial Holdings, Inc. 501 9,394
First Franklin Corporation 400 5,300
*First Georgia Holding, Inc. 900 5,400
First Independence Corporation 400 4,300
First Indiana Corporation 468 10,004
First International Bak Corporation, Inc. 355 4,615
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
- ------------------------------------------------------------------
First Keystone Financial, Inc. 400 $ 5,250
First Liberty Financial Corporation 500 15,688
First Mariner Bank Corporation 400 4,400
First Merchants Corporation 371 8,811
First Midwest Bank Corporation, Inc. 1,299 51,635
First Midwest Financial, Inc. 400 5,825
First Mutual Savings Bank 220 2,640
First Northern Capital Corporation 324 3,746
First Oak Brook Bancshares Class A 164 3,301
First of Long Island Corporation 114 4,104
First Philson Financial Corporation 100 4,050
First Place Financial Corporation 100 1,231
*First Republic Bank 324 9,376
First Savings Bank Corporation, Inc. 166 3,320
First Security Corporation 8,577 233,723
First SecurityFed Financial, Inc. 200 2,300
First Sentinel Bank Corporation, Inc. 1,930 17,129
First Southern Bancshares 400 4,500
First State Bank Corporation 152 2,945
First Tennessee National Corporation 5,737 219,799
First United Bancshares, Inc. 1,131 21,065
First United Corporation 227 3,490
First Virginia Banks, Inc. 2,240 110,040
First Washington Bank Corporation, Inc. 421 8,446
First West Virgina Bank Corporation, Inc. 200 4,400
First Western Bank Corporation, Inc. 497 16,650
Firstbank Corporation 1,333 30,076
Firstfed America Bank Corporation, Inc. 289 3,883
*FirstFed Financial Corporation 945 18,191
Firstmerit Corporation 3,990 111,969
FirstSpartan Financial Corporation 146 3,395
Flag Financial Corporation 200 2,000
Flagstar Bank Corporation, Inc. 611 15,428
*Florida Banks, Inc. 200 1,563
*FloridaFirst Bank Corporation 200 1,725
Flushing Financial Corporation 414 6,365
FMS Financial Corporation 200 1,875
FNB Corporation (North Carolina) 794 21,438
FNB Corporation (Pennsylvania) 134 2,848
FNB Financial Services Corporation 153 2,333
Foothill Independent Bank Corporation 220 2,998
Frontier Financial Corporation 704 17,248
FSF Financial Corporation 400 5,675
FVNB Corporation 106 3,127
F&M Bank Corporation 387 12,989
F&M National Corporation 979 32,491
GA Financial, Inc. 263 3,846
</TABLE>
80
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Gaston Federal Bank Corporation, Inc. 201 $ 2,563
GBC Bank Corporation 633 12,818
German American Bank Corporation 319 5,682
GFSB Bank Corporation, Inc. 400 5,400
Glacier Bank Corporation, Inc. 338 7,901
Gold Banc Corporation, Inc. 410 5,381
*Golden State Bank Corporation 5,756 126,632
Grand Premier Financial, Inc. 810 10,024
Granite State Bankshares, Inc. 218 5,041
Great Southern Bank Corporation, Inc. 289 7,695
Greater Bay Bank Corporation 429 14,264
Greater Community Bank Corporation 200 2,000
Greater Delaware Valley Savings Bank 200 1,825
Green Street Financial Corporation 182 2,116
Greenpoint Financial Corporation 4,780 156,844
GS Financial Corporation 400 4,375
Guaranty Federal Bancshares, Inc. 200 2,350
Guaranty Financial Corporation 400 4,550
*Gulf West Banks, Inc. 296 2,535
Habersham Bank Corporation 400 5,800
*Hallmark Capital Corporation 200 2,275
*Hamilton Bank Corporation, Inc. 370 8,880
Hancock Holding Company 468 21,002
Harbor Florida Bancshares, Inc. 1,383 16,942
Harleysville National Corporation 259 9,259
Harleysville Savings Bank 506 7,970
Harrington Financial Group, Inc. 600 4,350
Harris Financial, Inc. 1,507 16,294
Haven Bank Corporation, Inc. 326 5,216
*Hawthorne Financial Corporation 200 3,250
Heritage Bank Corporation, Inc. 170 2,933
*Heritage Commerce Corporation 165 2,444
Heritage Financial Corporation 443 3,793
*HF Bancorp Inc. 235 0
HF Financial Corporation 212 2,836
High Point Financial Corporation 200 3,438
Highland Bank Corporation, Inc. 282 5,323
Hingham Institution for Savings 400 5,750
HMN Financial, Inc. 241 2,802
Home Bank Corporation 97 2,680
Home City Financial Corporation 400 5,400
Home Federal Bank Corporation 189 5,363
Home Financial Bank Corporation 600 4,350
Hopfed Bank Corporation, Inc. 180 3,960
Horizon Financial Corporation 276 3,778
Hudson River Bank Corporation, Inc. 658 7,320
Hudson United Bank Corporation 2,005 61,418
*Imperial Bank Corporation 1,841 36,475
Independence Community Bank Corporation 3,402 45,927
Independence Federal Savings Bank 400 4,850
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
- ---------------------------------------------------------------------
Independent Bank Corporation (Massachusetts) 548 $ 8,631
Independent Bank Corporation (Michigan) 272 4,726
Indiana United Bank Corporation 176 3,322
Industrial Bank Corporation, Inc. 180 3,645
Interchange Financial Services Corporation 236 3,953
International Bancshares Corporation 790 33,427
InterWest Bank Corporation, Inc. 707 17,675
Investors Financial Services Corporation 600 24,000
Iroquois Bank Corporation, Inc. 200 3,725
Irwin Financial Corporation 969 18,896
ISB Financial Corporation 253 5,440
*ITLA Capital Corporation 200 3,150
Jacksonville Savings Bank 400 3,950
James River Bankshares, Inc. 200 3,125
JeffBanks, Inc. 382 10,863
Jefferson Savings Bank Corporation, Inc. 371 5,148
JSB Financial, Inc. 428 21,775
Kankakee Bank Corporation, Inc. 382 10,219
Keystone Financial, Inc. 2,301 68,023
Klamath First Bank Corporation, Inc. 365 5,475
KSB Bank Corporation, Inc. 400 5,050
Lake Ariel Bank Corporation, Inc. 215 2,526
Lakeland Financial Corporation 213 3,728
Lamar Capital Corporation 100 950
Leeds Federal Bankshares, Inc. 232 2,552
Letchworth Independent 151 2,114
Lexington B&L Financial Corporation 400 4,700
Logansport Financial Corporation 400 4,525
LSB Bancshares, Inc. 321 6,099
M&T Bank Corporation 351 193,050
MAF Bank Corporation, Inc. 1,136 27,548
Mahaska Investment Company 162 2,450
Mahoning National Bank Corporation, Inc. 232 10,150
Main Street Bank Corporation, Inc. 383 5,554
Marshall & Ilsley Corporation 4,745 305,449
Mason-Dixon Bancshares, Inc. 186 8,916
Massbank Corporation 130 4,875
Matewan Bancshares, Inc. 146 3,504
MBLA Financial Corporation 400 9,200
MECH Financial, Inc. 192 7,200
Medford Bank Corporation, Inc. 321 5,898
Mercantile Bankshares 3,194 112,988
Merchants Bank Corporation, Inc. 191 5,348
Merchants Bancshares, Inc. 162 3,686
Merchants New York Bank Corporation, Inc. 434 14,539
Merit Holding Corporation 209 4,729
MetroCorporation Bancshares, Inc. 313 2,700
*Metropolitan Financial Corporation 200 1,525
</TABLE>
81
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------------
Metrowest Bank 637 $ 4,459
MFB Corporation 400 8,500
Michigan Financial Corporation 238 7,705
Mid Coast Bank Corporation 600 4,200
Mid Penn Bank Corporation, Inc. 123 2,967
MidAmerica Bank Corporation 457 11,254
Mid-State Bancshares 450 15,188
Midwest Banc Holdings, Inc. 415 7,885
Midwest Bancshares, Inc. 400 5,050
Mississippi Valley Bancshares, Inc. 424 14,045
MNB Bancshares, Inc. 400 3,500
Monterey Bay Bank Corporation, Inc. 167 2,463
Montgomery Financial Corporation 200 1,913
*Mutual Savings Bank 200 2,625
National Bank Corporation of Alaska, Inc. 1,376 36,464
*National Bancshares Corporation of Texas 188 2,985
National City Bank Corporation 326 6,805
National City Bancshares, Inc. 664 21,207
National Commerce Bank Corporation 4,474 97,869
National Penn Bancshares, Inc. 760 17,884
NBT Bank Corporation, Inc. 559 11,460
*Net.B@nk, Inc. 1,078 40,964
New England Community Bank Corporation, Inc. Class A 259 7,139
Newsouth Bank Corporation, Inc. 182 3,231
Niagara Bank Corporation, Inc. 1,331 14,142
North Central Bancshares, Inc. 138 2,312
*North County Bank Corporation 200 3,350
North Fork Bank Corporation, Inc. 6,384 136,059
Northeast Bank Corporation 716 6,892
Northeast Indiana Bank Corporation, Inc. 400 6,000
*Northern Bank of Commerce 300 1,875
Northern States Financial Corporation 164 3,875
Northway Financial, Inc. 309 8,575
Northwest Bank Corporation, Inc. 2,096 20,960
Northwest Equity Corporation 400 9,000
Norwood Financial Corporation 200 4,775
NS&L Bank Corporation 480 6,180
NSD Bank Corporation, Inc. 128 2,816
Nutmeg Federal Savings & Loan 200 1,650
Oak Hill Financial, Inc. 196 3,577
Ocean Financial Corporation 544 9,860
Ohio Valley Banc Corporation 126 3,938
Old Kent Financial Corporation 4,944 207,049
Old National Bank Corporation 1,936 58,201
Old Second Bank Corporation, Inc. 224 6,048
One Valley Bank Corporation, Inc. 1,553 58,238
Orange National Bank Corporation 156 5,460
Oregon Trail Financial Corporation 200 2,550
Oriental Financial Group, Inc. 605 14,596
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
Ottawa Financial Corporation 223 $ 4,801
Pab Bankshares, Inc. 271 4,336
Pacific Bank 198 3,774
Pacific Capital Bank Corporation 1,080 34,020
Pacific Century Financial Corporation 3,588 77,366
Pamrapo Bank Corporation, Inc. 127 2,858
Park National Corporation 416 41,600
Parkvale Financial Corporation 233 5,068
Pathfinder Bank Corporation, Inc. 400 3,500
Patriot Bank Corporation 228 2,166
*PBOC Holdings, Inc. 806 8,060
Peekskill Financial Corporation 400 5,300
Pennfed Financial Services, Inc. 339 5,339
Peoples Bancshares, Inc. 200 4,050
Peoples Bank Corporation 232 6,380
Peoples Bank & Trust Company (Georgia) 189 3,213
Peoples Bank (California) 2,891 87,995
Peoples Bank (Florida) 1,627 16,219
Peoples Bank (North Carolina) 102 4,055
Peoples Bank (Virginia) 145 2,719
Peoples Bank 465 8,835
Peoples Financial Corporation 200 1,925
Peoples Holding Company 215 6,988
Permanent Bank Corporation, Inc. 200 2,000
*PFF Bank Corporation, Inc. 569 10,669
PHS Bank Corporation, Inc. 400 4,100
Pinnacle Banc Group, Inc. 276 8,780
Pinnacle Bancshares, Inc. 800 7,900
Pittsburgh Home Financial Corporation 400 5,325
Popular, Inc. 6,068 183,936
Premier Bancshares, Inc. 1,113 20,382
Premier Financial Bank Corporation 234 3,218
Premier National Bank Corporation, Inc. 577 11,540
Prime Bank Corporation, Inc. 405 11,188
Prime Bancshares, Inc. 379 6,775
Princeton National Bank Corporation 171 2,586
Progress Financial Corporation 235 3,437
Prosperity Bancshares, Inc. 231 3,378
Provident Bankshares Corporation 1,139 26,482
Provident Financial Group 1,918 83,913
Provident Financial Holdings, Inc. 200 4,000
PVF Capital Corporation 200 2,875
Omega Financial Corporation 401 13,935
*Quad City Holdings, Inc. 200 3,550
*Quaker City Bank Corporation, Inc. 200 3,300
Queens County Bank Corporation, Inc. 951 30,789
Redwood Empire Bank Corporation 151 3,605
Reliance Bank Corporation, Inc. 320 8,840
Republic Bank Corporation, Inc. Class A 540 6,278
Republic Bank Corporation, Inc. 1,673 25,409
*Republic Bancshares, Inc. 454 9,307
</TABLE>
82
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------
Republic Banking Corporation 951 $ 18,307
*Republic First Bank Corporation, Inc. 248 1,984
Republic Security Financial Corporation 2,115 17,713
Resource Bankshares Corporation 200 3,900
Riggs National Corporation 1,371 28,191
Riverview Bank Corporation 259 2,914
Roslyn Bank Corporation, Inc. 3,452 59,331
Royal Bancshares Class A 274 4,453
R&G Financial Corporation Class B 374 6,358
Sandy Spring Bank Corporation, Inc. 354 9,824
Seacoast Banking Corporation 184 5,612
Second Bank Corporation, Inc. 573 16,760
Shoreline Financial Corporation 338 10,161
SierraWest Bank Corporation 194 5,953
*Silicon Valley Bancshares 923 22,844
Simmons First National Corporation Class A 211 6,778
SJNB Financial Corporation 110 3,328
Skaneateles Bank Corporation, Inc. 400 10,400
Sky Financial Group, Inc. 2,096 57,116
SNB Bancshares, Inc. 200 4,000
Sound Federal Bank Corporation 233 2,199
South Alabama Bank Corporation 240 3,090
Southside Bankshares Corporation 320 3,620
Southwest Bank Corporation, Inc. 140 3,150
*Southwest Bank (Texas) 1,438 25,884
Southwest Georgia Financial Corporation 134 2,647
Sovereign Bank Corporation, Inc. 7,131 86,463
St Francis Capital Corporation 340 7,310
St Paul Bank Corporation, Inc. 1,861 47,456
State Bank Corporation, Inc. 254 4,055
State Financial Services Corporation Class A 371 5,658
StateFed Financial Corporation 200 2,225
Staten Island Bank Corporation, Inc. 1,992 35,856
Statewide Financial Corporation 200 4,650
Sterling Bank Corporation 303 5,757
Sterling Bancshares, Inc. 995 13,308
Sterling Financial Corporation 237 8,117
*Sterling Financial Corporation 360 4,973
Stone Street Bank Corporation, Inc. 548 10,960
Suffolk Bank Corporation 224 6,216
Summit Bancshares, Inc. 240 4,170
*Summit Financial Corporation 200 2,925
Sun Bank Corporation, Inc. 252 6,080
*Sun Bank Corporation, Inc. (New Jersey) 246 4,305
Susquehanna Bancshares, Inc. 1,604 28,371
SY Bank Corporation, Inc. 242 6,050
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
S&T Bank Corporation, Inc. 1,236 $ 31,209
TCF Financial Corporation 3,887 108,350
*Telebanc Financial Corporation 1,306 50,608
Texas Regional Bancshares Class A 644 17,509
TF Financial Corporation 129 2,451
*The Banc Corporation 390 4,168
The Savannah Bank Corporation, Inc. 336 7,392
The Trust Company of New Jersey 885 20,798
Thistle Group Holdings Company 402 3,543
TIB Financial Corporation 300 3,225
Timberland Bank Corporation, Inc. 267 3,137
Tompkins County Trustco, Inc. 179 5,818
Triangle Bank Corporation, Inc. 1,125 19,055
Trico Bancshares 259 4,792
Trust Company Bank Corporation 1,198 32,196
Trustmark Corporation 3,256 74,481
Twin City Bank Corporation, Inc. 400 5,150
*Ucbh Holdings, Inc. 344 6,171
UMB Financial Corporation 907 38,888
Union Bankshares Corporation 276 5,279
Unionbancal Corporation 7,839 283,184
United Bank Corporation, Inc. 125 2,250
United Bankshares, Inc. 1,924 50,986
United Community Financial Corporation 1,435 21,077
United National Bank Corporation 551 13,086
*United Panam Financial 772 2,509
*United Security Bank Corporation 200 2,600
Unity Bank Corporation, Inc. 100 1,175
US Trust Corporation 832 76,960
USB Holding Company, Inc. 583 8,927
USBank Corporation, Inc. 503 7,922
UST Corporation 1,912 57,838
*Vail Banks, Inc. 259 2,687
Valley National Bank Corporation 2,744 78,890
*VIB Corporation 369 3,321
Virginia Capital Bancshares, Inc. 200 3,050
*Virginia Commerce Bank 440 6,270
Vista Bank Corporation, Inc. 176 3,344
VRB Bank Corporation 388 2,813
Wachovia Corporation 112 9,583
Warren Bank Corporation, Inc. 354 2,921
Warwick Community Bank Corporation 243 3,098
Washington Federal, Inc. 2,507 56,251
Washington Trust Bank Corporation, Inc. 368 6,624
Webster Financial Corporation 1,694 45,950
WesBanco, Inc. 935 28,050
West Coast Bank Corporation 524 9,170
Westamerica Bank Corporation 1,808 65,992
WestCorporation 976 10,980
Westerfed Financial Corporation 206 3,373
Western Bank Corporation 926 40,281
Western Ohio Financial Corporation 96 2,424
Westernbank Puerto Rico 1,889 24,675
</TABLE>
83
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------------
WHG Bancshares Corporation 400 $ 3,450
Whitney Holding Corporation 1,045 41,539
Winton Financial Corporation 300 3,825
*Wintrust Financial Corporation 300 5,288
Wood Bank Corporation, Inc. 120 2,310
WSFS Financial Corporation 437 6,418
WVS Financial Corporation 159 2,405
Yardville National BnaCorporation 222 2,775
York Financial Corporation 352 5,148
Zions Bank Corporation 3,498 222,123
------------
10,163,763
------------
Beverages, Food & Tobacco--1.9%
*800-JR Cigar, Inc. 567 7,017
*Agribrands International, Inc. 477 18,871
Alico, Inc. 259 4,015
Amcon Distributing Company 200 2,000
*American Italian Pasta Company Class A 809 24,573
*Aurora Foods, Inc. 2,997 52,448
*Balance Bar Company 418 2,534
*Ben & Jerry's Homemade, Inc. Class A 267 7,409
*Beringer Wine Estates Holdings, Inc. Class B 808 33,759
Bob Evans Farms, Inc. 1,833 36,431
*Boston Beer Company, Inc. Class A 604 4,870
Bridgeford Food Corporation 419 4,504
Brooke Group Ltd. 937 21,902
*Bush Boake Allen, Inc. 862 25,214
*Cadiz, Inc. 1,489 14,052
Cagle's, Inc. Class A 214 3,852
*Canandaigua Brands, Inc. Class A 799 41,898
*Celestial Seasonings, Inc. 307 6,601
*Chalone Wine Group Ltd. 320 3,120
Chiquita Brands International, Inc. 2,926 26,334
*Chock Full O' Nuts 484 5,052
Coca-Cola Bottling Company 374 20,944
Corn Product International, Inc. 1,603 48,791
Dean Foods Company 1,960 81,463
*Del Monte Foods Company 2,596 43,483
*Delicious Brands, Inc. 191 1,695
Dimon, Inc. 1,642 8,518
Dole Food Company 2,650 77,844
Dreyer's Grand Ice Cream, Inc. 1,221 18,468
Earthgrains Company 1,923 49,637
Farmer Brothers Company 86 17,200
Fleming Company, Inc. 1,711 19,890
Flowers Industries, Inc. 4,466 96,856
*Fresh America Corporation 196 2,744
*Fresh Del Monte Produce, Inc. 2,629 37,135
*Gardenburger, Inc. 319 2,811
*Geerlings & Wade, Inc. 200 1,600
*General Cigar Holdings, Inc. 442 3,453
Golden Enterprises 544 2,040
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
*Golden State Vintners, Inc. Class B 229 $ 1,403
*Green Mountain Coffee, Inc. 100 684
*Gumtech International, Inc. 270 2,768
*Hansen Natural Corporation 400 1,750
*Hines Horticulture, Inc. 814 8,140
*Holt's Cigar Holdings, Inc. 300 1,313
*Horizon Organic Holding Corporation 354 5,177
Hormel Foods Corporation 3,293 132,543
IBP, Inc. 4,153 98,634
Imperial Sugar Company 1,185 8,221
*International Home Foods, Inc. 3,465 63,886
International Multifoods Corporation 838 18,907
Interstate Bakeries Corporation 3,220 72,249
*J&J Snack Foods Corporation 332 7,968
JM Smucker Company 1,303 28,992
*Keebler Foods Company 3,761 114,240
Lancaster Colony Corporation 1,893 65,309
Lance, Inc. 1,341 20,953
Maui Land & Pineapple Company 321 4,935
McCormick & Company, Inc. 3,452 108,954
*Merkert American Corporation 266 2,527
Michael Foods, Inc. 948 22,278
*Midwest Grain Products, Inc. 357 3,972
*M&F Worldwide Corporation 761 6,040
Nabisco Holdings Corporation Class A 2,299 99,432
Nash F, Inc. Company 418 4,219
*National Beverage Corporation 681 6,214
Northland Cranberries Class A 727 6,134
*Odwalla, Inc. 100 775
*Omega Protein Corporation 895 4,699
*Orange Corporation, Inc. 461 2,507
*Pepsi Cola Puerto Rico 792 4,356
*Performance Food Group Company 862 23,436
Pilgrim's Pride Corporation Class B 1,234 37,020
*RalCorporation Holdings, Inc. 1,428 22,937
*Rica Foods, Inc. 336 3,948
Richfood Holdings, Inc. 2,133 37,594
Riviana Foods, Inc. 667 12,506
Sanderson Farms, Inc. 1,029 14,663
Seaboard Corporation 66 22,440
*Seneca Foods Corporation Class A 400 5,300
*Smart & Final, Inc. 830 8,715
*Smithfield Foods, Inc. 1,979 66,173
Standard Commercial Corporation 573 3,366
*Suiza Foods Corporation 1,566 65,576
*Suprema Specialties, Inc. 400 2,775
*Sylvan, Inc. 285 3,313
Tasty Baking 288 3,546
*The Hain Food Group, Inc. 495 10,209
The Pepsi Bottling Group, Inc. 7,100 163,744
*The Robert Mondavi Corporation Class A 362 13,168
</TABLE>
84
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Tootsie Roll Industries, Inc. 1,497 $ 57,822
Tyson Food, Inc. 10,342 232,695
*United Natural Foods, Inc. 813 20,122
Universal Corporation 1,506 42,827
Universal Foods Corporation 2,290 48,376
US Foodservice, Inc. 2,115 90,152
*Vacu-Dry Company 400 3,900
Weider Nutrition International 414 1,708
Whitman Corporation 4,513 81,234
*WLR Foods, Inc. 605 4,916
Worthington Foods, Inc. 454 7,491
*Yocream International, Inc. 200 988
Zapata Corporation 880 7,480
------------
2,931,347
------------
Building Materials--0.8%
Amcol International Corporation 1,498 21,534
Andersons, Inc. 301 3,838
Apogee Enterprises, Inc. 1,019 13,693
*Barnett, Inc. 697 5,228
*Cameron Ashley Building Prods 418 4,363
*CapRock Communications Corporation 1,494 60,507
CARBO Ceramics, Inc. 538 16,375
Centex Construction Products, Inc. 909 31,020
Chemed Corporation 362 12,037
*Comfort Systems USA, Inc. 1,659 29,862
*Continental Materials Corporation 100 1,925
Elcor Corporation 580 25,339
Florida Rock Industries, Inc. 845 38,448
*Giant Cement Holding, Inc. 339 7,755
*Group Maintenance America Corporation 1,411 18,255
*Integrated Electrical Services, Inc. 1,292 20,834
*International Smart Sourcing, Inc. 200 1,000
Johns Manville Corporation 7,095 92,235
Kennametal, Inc. 1,336 41,416
Lafarge Corporation 3,201 113,435
Lawson Products, Inc. 398 10,025
Lone Star Industries, Inc. 1,057 39,704
Martin Marietta, Inc. 2,083 122,897
Noland Company 136 2,754
*Plymouth Rubber Company, Inc.--Class A 400 3,150
Puerto Rican Cement Company, Inc. 198 6,571
*Rock of Ages Corporation 174 1,784
*Schuff Steel Company 300 1,781
*Service Experts, Inc. 779 17,089
Southdown, Inc. 1,722 110,639
*Swiss Army Brands, Inc. 353 3,133
United States Lime & Minerals, Inc. 600 4,575
USG Corporation 2,223 124,488
Vulcan Materials Company 4,497 216,980
Watts Industries, Inc. 1,201 23,044
*Wickes, Inc. 500 3,094
Wolohan Lumber Company 262 3,210
------------
1,254,017
------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
Chemicals--1.5%
A Schulman, Inc. 1,488 $ 25,575
Aceto Corporation 299 3,439
*Advanced Technical Products, Inc. 200 2,613
*AEP Industries, Inc. 445 13,461
*Airgas, Inc. 3,151 38,600
Albemarle Corporation 2,102 48,609
*American Pacific Corporation 367 3,097
American Vanguard Corporation 200 1,075
*Applied Extrusion Tech, Inc. 496 3,782
Arch Chemicals, Inc. 1,000 24,313
*Atlantis Plastics, Inc. Class A 600 8,400
*Balchem Corporation--Class B 200 1,150
Brady Corporation Class A 1,007 32,728
*Brunswick Technologies, Inc. 1,700 9,244
Cabot Corporation 3,077 74,425
Calgon Carbon Corporation 1,436 8,526
Cambrex Corporation 1,090 28,613
*CFC International, Inc. 800 8,600
Chase Corporation 100 1,163
*ChemFirst, Inc. 841 20,447
Church & Dwight Company, Inc. 862 37,497
CPAC, Inc. 303 2,538
Crompton & Knowles Corporation 3,224 63,070
*Cytec Industries, Inc. 1,935 61,678
*Denali, Inc. 200 1,500
*Detrex Corporation 200 1,250
*Eco Soil Systems, Inc. 815 4,381
Ethyl Corporation 3,734 22,404
Ferro Corporation 1,585 43,588
*Foamex International, Inc. 922 5,129
Fuller (H B) Company 625 42,734
Furon Company 1,079 20,501
Gentek, Inc. 933 12,945
Geon Company 1,045 33,701
Georgia Gulf Corporation 1,379 23,271
*Gundle/SLT Environmental, Inc. 588 2,499
Hanna (M A) Company 2,218 36,458
Hawkins Chemical, Inc. 418 3,396
*Home Products International, Inc. 456 3,876
IMC Global, Inc. 5,115 90,152
*JLM Industries, Inc. 500 2,625
*Landec Corporation 573 2,149
Lesco, Inc. 309 5,910
Lilly Industries, Inc. Class A 1,038 19,268
Liqui-Box Corporation 171 9,191
Lubrizol Corporation 2,466 67,199
Lyondell PetroChemical 5,142 106,054
MacDermid, Inc. 1,124 52,266
*McWhorter Technologies, Inc. 381 5,501
Millennium Chemicals, Inc. 3,474 81,856
Minerals Technologies, Inc. 985 54,975
Mining Services International Corporation 200 950
Mississippi Chemical Corporation 1,177 11,549
Myers Industries, Inc. 819 16,380
*Nanophase Technologies Corporation 900 2,025
NL Industries, Inc. 2,332 25,944
</TABLE>
85
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------------
Northern Technologies International Corporation 100 $ 713
*NuCo2, Inc. 322 2,818
OEA, Inc. 759 6,736
Olin Corporation 2,093 27,601
OM Group, Inc. 1,060 36,570
O'Sullivan Corporation 575 7,008
Penford Corporation 271 4,404
Premark International, Inc. 2,760 103,500
Raven Industries, Inc. 210 3,360
*Reunion Industries, Inc. 1,900 6,531
Rollins, Inc. 1,366 21,771
RPM, Inc. 4,947 70,186
Solutia, Inc. 5,427 115,663
*Southwall Technologies, Inc. 200 800
Spartech Corporation 1,202 38,013
*Spinnaker Industries, Inc. Class A 159 2,047
*Spinnaker Industries, Inc. 168 2,247
*Surmodics, Inc. 324 5,306
*Synthetech, Inc. 635 3,453
*Syntroleum Corporation 992 8,866
Terra Industries, Inc. 3,350 13,400
Terra Nitrogen Company LP 682 6,564
The Dexter Corporation 1,041 42,486
The Flamemaster Corporation 200 1,138
*The Scotts Company Class A 835 39,767
The Standard Products Company 903 23,139
*Triple S Plastics, Inc. 200 850
Tuscarora, Inc. 350 4,747
*Uniroyal Technology Corporation 560 6,580
*US Home & Garden, Inc. 881 3,304
USEC, Inc. 4,474 66,551
*US Plastic Lumber Company 1,054 10,474
Valhi, Inc. 5,722 63,657
*Valley National Gases, Inc. 430 1,774
Valspar Corporation 1,955 74,290
*Vertex Pharmaceuticals, Inc. 1,133 27,334
*Viskase Companies, Inc. 664 2,739
Vulcan International Corporation 200 7,300
Wellman, Inc. 1,400 22,313
West Pharmaceutical Services, Inc. 671 26,337
------------
2,246,607
------------
Coal--0.1%
Arch Coal, Inc. 1,765 24,489
*CONSOL Energy, Inc. 3,300 39,600
Penn Virginia Corporation 330 6,518
------------
70,607
------------
Commercial Services--3.5%
Aaron Rents, Inc. Class A 171 3,078
*Abacus Direct Corporation 438 40,077
ABM Industries, Inc. 956 29,337
*Access Worldwide Comm, Inc. 601 3,756
*ACMAT Corporation Class A 300 4,425
*Acnielson Corporation 2,555 77,289
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
*Acsys, Inc. 645 $ 2,459
*Administaff, Inc. 535 8,560
*ADVO, Inc. 1,002 20,792
*Affymetrix, Inc. 1,027 50,708
*AHL Services, Inc. 930 23,192
Airlease Ltd.--LP 206 2,382
*Alternative Resources Corporation 688 4,816
*Ambassadors International, Inc. 365 5,429
American Business Products, Inc. 698 10,645
*Amtran, Inc. 737 18,149
Angelica Corporation 322 5,675
*Apollo Group, Inc. Class A 3,463 91,986
*Applied Analytical Industries, Inc. 732 8,235
*Applied Graphics Technologies, Inc. 1,125 14,203
*ASI Solutions, Inc. 300 2,475
*Atrix Laboratories, Inc. 416 4,004
*Aurora Biosciences Corporation 626 4,539
*Automobile Protection Corporation 434 5,561
*Barrett Business Services, Inc. 200 1,700
*Barringer Technologies, Inc. 640 4,140
*Berlitz International, Inc. 351 6,450
*Bestway, Inc. 100 881
*Billing Concepts Corporation 1,628 18,213
*Bionova Holding Corporation 2,500 8,438
*Bioreliance Corporation 349 2,269
*Bio-Technology General Corporation 2,179 14,164
Blount International, Inc. Class A 1,661 45,158
*Blue Rhino Corporation 481 4,419
Bowne & Company, Inc. 1,646 21,398
*Bright Horizons Family Solutions, Inc. 419 7,909
*Brookdale Living Communities, Inc. 426 6,310
*Building One Services Corporation 2,116 29,360
*Business Resource Group 400 1,325
*Butler International, Inc. 300 4,013
Cadmus Communications Corporation 290 3,988
*Caliber Learning Network, Inc. 300 1,425
*Capital Senior Living Corporation 727 7,270
*Career Education Corporation 319 10,786
*Careerbuilder, Inc. 700 9,188
*Carriage Services, Inc. Class A 507 9,506
*Catalytica, Inc. 1,261 17,654
*CDI Corporation 862 29,362
*Celgene Corporation 605 10,625
Central Parking Corporation 1,522 52,129
*Cephalon, Inc. 1,159 20,138
*Charles River Associates, Inc. 372 9,323
*Childrens Comprehensive Services 270 1,873
*Childtime Learning Centers, Inc. 200 2,950
*Choicepoint, Inc. 655 43,967
*Clintrials, Inc. 672 3,360
*Coach USA, Inc. 1,136 47,641
*Coinmach Laundry Corporation 467 5,925
*Coinstar, Inc. 761 21,831
*Collateral Therapeutics, Inc. 387 8,901
*Comarco, Inc. 197 3,903
</TABLE>
86
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*Comforce Corporation 719 $ 2,157
*Compass International Svcs 508 3,556
*Comps.com, Inc. 200 1,475
*Computer Learning Center 780 3,851
*Concepts Direct, Inc. 200 1,850
*Concord EFS, Inc. 5,651 239,108
*Conrad Industries, Inc. 300 1,500
*Consolidated Graphics, Inc. 626 31,300
*Convergys Corporation 6,823 131,343
*COR Therapeutics, Inc. 996 14,691
*Corinthian Colleges, Inc. 600 11,325
*Cornell Corrections, Inc. 427 7,019
*Correctional Services Corporation 287 2,188
*Corrpro Companies, Inc. 300 2,588
*CORT Business Services Corporation 482 11,538
*CSS Industries, Inc. 480 13,500
*Cubist Pharmaceuticals, Inc. 744 2,930
*Cunningham Graphics International, Inc. 236 3,924
*CuraGen Corporation 500 4,000
*CV Therapeutics, Inc. 500 2,750
*Data Processing Resources Corporation 542 12,805
*Data Transmission Network Corporation 424 11,925
Delta & Pine Land Company 1,714 53,991
*DeVry, Inc. 3,101 69,385
*Diamond Technology Partners, Inc. 342 7,652
*Digital Courier Tech, Inc. 997 5,857
*Dispatch Management Services Corporation 1,400 3,894
*DualStar Technologies Corporation 400 2,075
Duff & Phelps Credit Rating Company 171 11,436
*Eagle USA Airfreight, Inc. 938 39,806
*Earl Scheib, Inc. 1,000 4,750
*Education Management Corporation 1,305 27,079
*Emisphere Technologies, Inc. 505 3,567
*Employee Solutions, Inc. 800 950
*EntreMed, Inc. 578 13,005
*Exponent, Inc. 300 2,100
*First Consulting Group, Inc. 994 10,561
*flightserv.com 400 975
*Franklin Covey Company 1,025 7,559
*FYI, Inc. 606 19,013
G&K Services, Inc. Class A 916 47,976
Galileo International, Inc. 4,694 250,836
General Employment Enterprises, Inc. 200 1,100
General Magnaplate Corporation 300 1,031
*Genome Therapeutics Corporation 820 2,460
*Gilman & Ciocia, Inc. 235 2,159
*Global Vacation Group, Inc. 595 2,678
*GRC International, Inc. 457 3,885
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
*Griffin Land & Nurseries, Inc. 100 $ 1,125
*GTS Duratek, Inc. 630 3,583
*Hagler Bailly, Inc. 725 7,431
*Hanover Direct, Inc. 5,257 14,785
*Headway Resources Corporation 665 3,076
*Health Risk Management, Inc. 100 988
*Healthcare Recoveries, Inc. 424 2,014
*Healthcare Services Group, Inc. 414 4,037
Healthplan Services Corporation 513 3,495
*Heidrick & Struggles International, Inc. 300 5,700
*ICOS Corporation 2,016 82,278
*ICT Group, Inc. 600 3,000
*Incyte Pharmaceuticals, Inc. 1,241 32,809
*Innovative Valve Technologies, Inc. 1,300 813
*IntelliQuest Information Group, Inc. 300 2,250
*Interim Services, Inc. 2,117 43,663
*International Total Services, Inc. 2,500 7,969
Intrav, Inc. 194 3,444
*Isis Pharmaceuticals, Inc. 1,208 12,307
*IT Group, Inc. 1,012 16,255
*ITT Educational Services, Inc. 1,208 31,484
*IVI Checkmate Corporation 619 1,780
*Jacobs Engineering Group 1,143 43,434
*Jenny Craig, Inc. 763 2,671
*Kaneb 1,158 4,922
Kelly Services, Inc. Class A 1,646 52,878
*Kendle International, Inc. 403 6,448
*Korn/Ferry International 1,600 27,200
Labor Ready, Inc. 1,247 40,528
*Laboratory America Holdings Corporation 1,208 3,473
*LAI Worldwide, Inc. 759 5,076
Landauer, Inc. 317 9,352
*Learning Tree International, Inc. 811 8,870
*Leasing Solutions, Inc. 1,600 1,200
*Mace Security International, Inc. 200 2,025
*Mac-Gray Corporation 495 4,331
Manpower, Inc. 3,542 80,138
*Marlton Technologies, Inc. 400 1,500
*Maxim Pharmaceuticals 365 3,513
*MAXIMUS, Inc. 904 25,990
*MedImmune, Inc. 2,390 161,923
*MedQuist, Inc. 1,548 67,725
*Med/Waste, Inc. 400 400
Merrill Corporation 601 8,715
*Michael Baker Corporation 400 3,025
*Millennium Pharmaceuticals, Inc. 1,552 55,872
*Modis Professional Services 5,002 68,778
*Monro Muffler Brake, Inc. 1,100 8,800
*Moore Medical Corporation 100 1,044
*MPW Industrial Services Group, Inc. 395 3,950
*Myriad Genetics, Inc. 346 3,114
M/A/R/C, Inc. 200 2,900
*National Equipment Services, Inc. 1,079 12,948
*National Research Corporation 2,500 6,094
National Technical Systems, Inc. 300 1,238
*NationsRent, Inc. 1,984 14,136
</TABLE>
87
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*Neff Corporation 692 $ 10,683
*NeoPharm, Inc. 364 5,369
*Neurogen Corporation 533 7,795
New England Business Service, Inc. 643 19,853
*Newgen Results Corporation 100 1,200
*Nextera Enterprises, Inc. Class A 700 4,506
*NFO Worldwide, Inc. 954 13,356
*Nichols Research Corporation 519 11,353
*Nielsen Media Research 2,502 73,184
Norrell Corporation 1,230 23,139
*NovaCare Employee Services, Inc. 1,244 3,421
Olsten Corporation 3,636 22,952
*On Assignment, Inc. 489 12,775
*Opinion Research Corporation 200 1,125
*Optika, Inc. 500 2,813
*Organogenesis, Inc. 1,320 12,375
*Orthalliance, Inc. Class A 481 3,547
*Outsource International, Inc. 2,500 9,531
*Packaged Ice, Inc. 700 4,156
*PC Service Source, Inc. 600 2,250
*Pegasus Systems, Inc. 670 25,083
*Perceptron, Inc. 200 913
*Personnel Group of America, Inc. 1,468 14,680
*Pharmaceutical Product Development, Inc. 1,044 28,580
*Pharmacopeia, Inc. 700 7,875
*Possis Medical,, Inc. 556 6,533
*Preferred Employers Holdings 300 1,725
*Pre-Paid Legal Services, Inc. 1,050 28,547
*Profile Technologies, Inc. 100 800
*ProMedCo Management Company 779 2,994
*Prosoft I-Net Solutions, Inc. 572 1,430
*Protection One, Inc. 5,664 30,444
*Provant, Inc. 620 9,649
*Quest Education Corporation 365 3,855
*Questron Technology, Inc. 300 1,153
*Rainbow Rentals, Inc. 265 3,048
*RCM Technologies, Inc. 486 6,440
*Regeneron Pharmaceuticals, Inc. 1,143 8,930
Regis Corporation 1,699 32,600
*Remedy Temp, Inc. 260 3,510
*Rent-A-Center, Inc. 1,117 26,808
*Rental Service Corporation 1,076 30,801
*Rent-Way, Inc. 945 23,271
*Res-Care, Inc. 844 19,201
*Richton International Corporation 800 9,700
*Right Management Consultants, Inc. 200 3,100
*Robert Half International, Inc. 4,093 106,418
*Romac International, Inc. 2,098 18,620
*Safescience, Inc. 588 13,965
*Safety 1st, Inc. 400 2,350
*SCB Computer Technology, Inc. 910 4,778
*Scientific Games Holdings Corporation 441 8,600
*SCP Pool Corporation 529 13,688
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
*Security Associates International, Inc. 3,200 $ 11,000
*Security Dynamics Technologies, Inc. 1,929 40,991
ServiceMaster Company 13,625 255,469
*SM&A Corporation 739 5,635
*Sos Staffing Services, Inc. 467 2,452
Sotheby's, Inc. 2,545 97,028
*Source Information Management Company 430 5,805
*Staff Leasing, Inc. 828 10,661
*StaffMark, Inc. 1,196 11,997
Standard Register Company 1,228 37,761
Stewart Enterprises, Inc. 4,916 71,589
Stone & Webster, Inc. 583 15,522
*Strategic Distribution, Inc. 500 1,156
Strayer Education, Inc. 702 21,543
*STV Group, Inc. 200 1,538
*Summa Industries 300 3,881
*Superior Consultant Holdings Corporation 460 11,356
*Sylvan Learning Systems, Inc. 2,473 67,235
*Sypris Solutions, Inc. 422 4,075
*TEAM America Corporation 2,100 9,384
*Technisource, Inc. 383 1,987
Tejon Ranch Company 768 20,160
*Tetra Tech, Inc. 1,597 26,351
*The Corporationorate Executive Board Company 700 24,894
*The Metzler Group, Inc. 1,727 47,708
*The Profit Recovery Group International, Inc. 1,164 55,072
*Thomas Group, Inc. 100 894
*Track Data Corporation 648 9,153
*Transkaryotic Therapies, Inc. 855 28,215
*Travel Services International, Inc. 792 9,504
*Trimeris, Inc. 473 6,859
*TRM Copy Centers Corporation 316 2,074
*Tyler Technologies, Inc. 1,472 10,120
*T&W Financial Corporation 309 2,182
*Unidigital, Inc. 200 1,100
UniFirst Corporation 379 6,964
*United International Holdings, Inc. Class A 1,373 92,849
*United Rentals, Inc. 3,060 90,270
*United Road Services, Inc. 579 2,967
*United Shipping and Technology, Inc. 300 863
*URS Corporation 673 19,727
*US Bioscience, Inc. 998 9,731
*US Oncology, Inc. 3,623 43,477
US Timberlands Company L.P. 316 4,424
*US-China Industrial Exchange, Inc. 2,900 19,213
*Valassis Communications, Inc. 2,560 93,760
*Vicon Industries, Inc. 200 1,800
*Vision Twenty-One, Inc. 672 5,586
*Vivid Technologies, Inc. 2,700 9,450
*Volt Information Sciences, Inc. 667 15,258
*Westaff, Inc. 584 3,431
</TABLE>
88
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*Whitman Education Group, Inc. 593 $ 3,558
*Whittman-Hart, Inc. 2,289 72,676
*World Access, Inc. 2,090 29,521
World Fuel Services Corporation 455 6,711
*Worldtalk Communications Corporation 300 863
*@plan., Inc. 200 3,000
------------
5,295,186
------------
Communications--7.2%
*Able Telecom Holding Corporation 695 5,039
*AboveNet Communications, Inc. 1,346 54,345
*Act Networks, Inc. 546 9,316
*Active Voice Corporation 100 1,450
*ACTV, Inc. 1,667 23,130
*Adaptive Broadband Corporation 672 14,700
*ADC Telecommunications 6,032 274,833
*Adtran, Inc. 1,818 66,130
*Advanced Communications Group 923 9,172
*Advanced Fibre Communications, Inc. 3,685 57,578
*Advanced Radio Telecom Corporation 1,285 18,472
*Aerial Communications, Inc. 1,372 18,522
Aliant Communications, Inc. 1,594 73,623
*Allen Telecom, Inc. 1,111 11,943
*Allstar Systems, Inc. 700 1,181
*American Access Technologies, Inc. 100 1,850
*American Mobile Satellite Corporation 1,384 22,663
*AmerLink Corporation 100 1,950
*Anadigics, Inc. 743 27,491
*Ancor Communications, Inc. 1,726 55,879
*Andrea Electronics Corporation 896 5,824
*ANTEC Corporation 1,593 51,076
*APAC Teleservices, Inc. 1,744 5,668
*Applied Digital Access, Inc. 800 3,600
*Applied Innovation 707 3,314
Applied Signal Technology 375 3,563
*Arch Communications Group, Inc. 267 2,266
*Aspect Telecommunications Corporation 2,288 22,308
Atlantic Tele-Network 319 3,350
AT&T Corporation 515 28,743
*Audiovox Corporation Class A 636 6,996
*Blonder Tongue Laboratories 370 2,313
*Bogen Communications International, Inc. 300 1,931
*Boston Communications Group, Inc. 900 12,094
*Brightpoint, Inc. 2,643 16,023
*Brite Voice Systems, Inc. 585 8,117
*BroadBand Technologies, Inc. 700 1,728
*Broadcast.com, Inc. 1,629 217,573
*B.I., Inc. 1,000 8,500
C F W Communications Company 582 14,114
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
*Cable Design Technologies Corporation 1,362 $ 21,026
*Carrier Access Corporation 1,056 46,266
*Catapult Communications Corporation 700 13,213
*CD Radio, Inc. 1,037 31,596
*Celeritek, Inc. 200 1,250
*CellNet Data Systems, Inc. 1,894 17,046
*Cellular Communications of Puerto Rico, Inc. 590 16,815
*Centennial Cellular Corporation Class A 2,024 72,105
*Centigram Communications Corporation 320 2,980
*Century Communications Corporation Class A 3,356 154,376
*Channell Commercial Corporation 408 4,080
*Checkpoint Systems, Inc. 1,397 12,486
*Ciena Corporation 4,719 142,455
Cincinnati Bell, Inc. 6,103 152,194
*CMC Industries, Inc. 400 2,725
*Cognitronics Corporation 600 9,188
*Comdial Corporation 594 4,195
*CommNet Cellular, Inc. 1,000 26,250
*Commonwealth Telephone Entrprises, Inc. 823 33,280
Communications Systems, Inc. 324 4,010
*Compu-DAWN, Inc. 1,500 7,031
Comsat Corporation 2,350 76,375
*Comtech Telecommunications Corporation 200 2,125
*Concentric Network Corporation 1,432 56,922
*Concord Communications, Inc. 579 26,055
Conestoga Enterprises, Inc. 257 5,579
*Copper Mountain Networks, Inc. 1,000 77,250
*Cosair Communications, Inc. 1,059 4,501
*Covad Communications Group, Inc. 3,274 174,545
*Coyote Network Systems, Inc. 470 2,541
*C-Phone Corporation 500 984
*Crown Castle International Corporation 5,709 118,819
*CTC Communications Corporation 459 8,951
Cubic Corporation 328 8,036
*Customtracks Corporation 649 36,303
*Cycomm International, Inc. 1,800 1,575
*Data Race, Inc. 1,309 4,336
Davel Communication Group 553 2,972
*Davox Corporation 762 9,096
*Destia Communications, Inc. 1,400 17,325
*Detection Systems, Inc. 283 2,370
*Digital Generation Systems, Inc. 1,021 4,977
*Digital Lightware, Inc. 2,177 13,062
*Digital Microwave Corporation 2,760 35,190
*DSP Communications, Inc. 1,811 52,293
D&E Communications, Inc. 273 5,904
EchoStar Communications Corporation Class A 682 104,644
*Elantec Semiconductor, Inc. 1,500 20,250
*Elcotel, Inc. 602 1,204
</TABLE>
89
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
*Electric Lightwave, Inc. Class A 382 $ 4,966
*Eltrax Systems, Inc. 1,383 5,964
*Excel Switching Corporation 1,501 44,936
*Executive Telecard Ltd. 300 863
*Executone Information Systems, Inc. 3,300 14,128
*Exodus Communications, Inc. 1,780 213,489
*e.spire Communications, Inc. 2,493 26,332
*FastComm Communications Corporation 2,300 2,516
Federal Signal Corporation 2,027 42,947
*FirstCom Corporation 1,000 8,625
*Fonix Corporation 9,000 2,532
*Franklin Telecommunications Corporation 1,900 4,988
*General Communication, Inc. Class A 2,233 15,177
*General DataComm Industries, Inc. 400 1,050
*Gentner Communications Corporation 400 2,050
*Glenayre Technologies, Inc. 2,286 8,215
Global TeleSystems Group, Inc. 3,686 298,566
*Globecomm Systems, Inc. 405 3,999
*Globix Corporation 452 19,973
*Go Call, Inc. 4,900 9,647
*GST Telecommunications, Inc. 1,636 21,575
Harmon Industries, Inc. 689 13,651
*Harmonic, Inc. 631 36,243
*Hector Communications Corporation 500 5,000
*Hello Direct, Inc. 300 3,131
Hickory Tech Corporation 503 5,596
*HighwayMaster Communications, Inc. 1,600 2,450
*Hungarian Telephone and Cable Corporation 200 1,300
*Hyperion Telecommunications, Inc. Class A 1,161 21,845
*ICG Communications, Inc. 2,158 46,127
*I-Link, Inc. 1,039 4,870
*Intelect Communications, Inc. 1,800 2,588
*InteliData Technologies Corporation 1,100 2,750
*InterDigital Communications Corporation 2,187 10,115
*Intermedia Communications, Inc. 2,274 68,220
Inter-Tel, Inc. 1,168 21,316
*InterVoice, Inc. 1,431 20,660
*Ipc Information Systems, Inc. 397 27,095
*ITC DeltaCom, Inc. 2,594 72,632
*Itron, Inc. 542 4,641
*IXC Communications, Inc. 1,718 67,539
*L-3 Communications Holdings, Inc. 1,424 68,797
*Latitude Communications, Inc. 500 6,500
*LCC International, Inc. Class A 2,600 11,700
*Leap Wireless International, Inc. 855 17,314
*Level 3 Communications, Inc. 15,441 927,415
*Lifeline Systems, Inc. 214 4,120
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
*Lightbridge, Inc. 590 $ 7,412
*Loral Space & Communications Ltd. 10,997 197,946
*MarketWatch.com, Inc. 525 30,909
*Mastec, Inc. 1,228 34,691
McLeod, Inc. Class A 3,130 172,150
*Medialink Worldwide, Inc. 237 3,792
*Melita International Corporation 681 9,194
*Message Media, Inc. 2,057 39,083
*Metricom, Inc. 787 15,740
*Metro Networks, Inc. 742 39,604
*Metro One Telecommunications, Inc. 410 5,638
*Metrocall, Inc. 1,510 4,153
*Metromedia Fiber Network, Inc. 6,930 249,047
*MGC Communications, Inc. 732 19,032
*Mosaix, Inc. 522 6,688
*Natural Microsystems Corporation 590 5,642
*NetMoves Corporation 685 3,768
*Network Appliance, Inc. 3,257 181,985
*NEXTLINK Communications, Inc. Class A 1,450 107,844
North Pittsburgh Systems, Inc. 553 9,401
*NorthEast Optic Network, Inc. 792 11,930
*Notify Technology Corporation 200 1,350
*NTL, Inc. 3,291 283,643
*NumereX Corporation Class A 2,900 12,325
*Omnipoint Corporation 2,463 71,273
*Osicom Technologies, Inc. 721 9,193
*Pacific Gateway Exchange, Inc. 858 24,989
*PageMart Wireless, Inc. Class A 1,272 9,620
*Paging Network, Inc. 4,637 22,316
*Pairgain Technologies, Inc. 3,266 37,559
*PanAmSat Corporation 854 33,253
*P-Com, Inc. 2,405 12,589
*Periphonics Corporation 594 9,727
*Picturetel Corporation 1,722 13,776
Pittway Corporation Class A 1,554 53,127
*Plantronics, Inc. 840 54,705
*PLD Telekom, Inc. 3,000 9,375
*Polycom, Inc. 1,424 55,536
*Porta Systems Corporation 500 906
*Powertel, Inc. 1,217 36,358
*Powerwave Technologies, Inc. 971 31,315
*Premiere Technologies, Inc. 2,248 25,852
*Premisys Communications, Inc. 1,187 8,680
*Primus Telecommunications Group 1,354 30,380
*Prodigy Communications Corporation 2,828 73,175
*Proxim, Inc. 498 28,884
*PulsePoint Communications 2,500 14,922
*Qualcom, Inc. 6,836 980,956
*Qwest Communications International, Inc. 31,884 1,054,155
*Razorfish, Inc. 900 33,356
*RCN Corporation 3,017 125,583
*Rural Cellular Corporation Class A 386 7,720
</TABLE>
90
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------
*Sawtek, Inc. 933 $ 42,801
*SCC Communications Corporation 400 1,750
*Seachange International, Inc. 606 10,984
*Shared Technologies Cellular, Inc. 200 1,950
*Sirco International Corporation 900 1,575
*SkyTel Communications, Inc. 2,681 56,133
*Spectralink Corporation 866 4,601
*SpecTran Corporation 200 2,250
*Spectrian Corporation 385 5,583
*Standard Microsystems Corporation 689 5,211
*Stanford Telecommunications, Inc. 578 17,123
*STAR Telecommunications, Inc. 2,890 22,578
*Startec Global Communication 801 9,712
*STM Wireless, Inc. Class A 1,000 3,000
*Symmetricom, Inc. 580 4,713
*TALK.com, Inc. 2,788 31,365
*TALX Corporation 100 725
*Tekelec 2,421 29,506
Telephone & Data System 2,736 199,899
*Telesoft Corporation 200 888
*Teligent, Inc. Class A 365 21,832
*Telscape International, Inc. 200 1,650
*Teltrend, Inc. 319 6,779
*Teltronics, Inc. 600 2,100
*Telular Corporation 900 2,644
*Terayon Communications Systems, Inc. 934 52,187
*Tessco Technologies, Inc. 162 3,483
*The Associated Group, Inc. Class A 1,677 109,215
*The Associated Group, Inc. Class B 300 19,556
*The Titan Corporation 1,512 16,632
*Time Warner Telecom, Inc. Class A 800 23,200
*T-Netix, Inc. 382 1,982
*Tollgrade Communications, Inc. 214 3,264
*Total-Tel Usa Communications 284 5,006
*Transaction Network Services, Inc. 571 16,702
*Tut Systems, Inc. 600 29,363
*Ultrak, Inc. 542 3,184
*United States Cellular Corporation 3,909 209,132
*United States Satellite Broadcasting Co, Inc. 4,018 72,324
*Ursus Telecom Corporation 300 1,088
*US LEC Corporation Class A 581 13,073
*Vari-L Company, Inc. 300 2,569
*Vdc Communications, Inc. 748 2,244
*Veramark Technologies, Inc. 338 2,620
*Vertex Communications 228 3,121
*VerticalNet, Inc. 725 76,034
*VIALOG Corporation 600 2,100
*Viasat, Inc. 357 5,444
*Viatel, Inc. 1,036 58,146
*ViewCast.com, Inc. 469 3,151
*VoiceStream Wireless Corporation 4,326 123,021
</TABLE>
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------------
*Voxware, Inc. 800 $ 825
*VTEL Corporation 2,700 11,475
Warwick Valley Telephone Company 89 3,549
*Wavo Corporation 1,628 10,379
*West Teleservices 2,833 26,559
*Westell Technologies, Inc. 806 5,617
*Western Wireless Corporation 1,926 52,002
*WinStar Communications, Inc. 2,133 103,984
*WorldGate Communications, Inc. 1,000 51,250
*WorldPort Communications, Inc. 766 3,399
*XETA Corporation 100 3,075
*Zoom Telephonics, Inc. 2,500 13,516
------------
10,996,342
------------
Computer Software & Processing--11.2%
*3D Systems Corporation 517 2,844
*3Do Company 956 4,422
*4Front Software International 590 5,826
*7th Level, Inc. 2,000 9,125
*About.com, Inc. 500 25,938
*ABR Information Services, Inc. 1,200 108,075
*Accerl8 Technology Corporation 1,600 3,200
*Acclaim Entertainment, Inc. 2,403 15,319
*Activision, Inc. 915 13,325
*Actuate Software Corporation 616 16,324
*Acxiom Corporation 3,472 86,583
*Adept Technology, Inc. 381 3,715
*Adrenalin Interactive, Inc. 1,000 3,875
*Advanced Communication Systems 317 4,339
*Advantage Learning Systems, Inc. 1,512 33,453
*Advent Software, Inc. 365 24,455
*Affiliated Computer Services, Inc. Class A 2,134 108,034
*Allaire Corporation 500 34,125
*Alloy Online, Inc. 600 6,863
*Alydaar Software Corporation 2,444 5,805
*Amazon.com, Inc. 7,382 923,663
*America Online, Inc. 77 8,509
*American Management Systems, Inc. 1,878 60,213
*American Software, Inc. Class A 500 2,219
Amplicon, Inc. 436 6,104
*AMX Corporation 371 5,217
*Analogy, Inc. 2,700 8,269
Analysts International Corporation 1,007 14,476
*Ansoft Corporation 617 5,013
*AnswerThink Consulting Group, Inc. 1,528 38,582
*Ansys, Inc. 604 6,002
*AppliedTheory Corporation 700 8,925
*Applix, Inc. 458 4,008
*Ardent Software, Inc. 776 16,490
*ARIS Corporation 511 4,248
*Artificial Life, Inc. 341 5,115
*Artisoft, Inc. 658 3,331
*Aspect Development, Inc. 1,462 27,047
*Aspen Technology, Inc. 1,106 12,996
</TABLE>
91
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- --------------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
*Asymetrix Learning Systems 608 $ 2,508
*At Home Corporation Series A 15,924 858,891
*Atlantic Data Services, Inc. 574 2,511
*audiohighway.com 100 1,313
*autobytel.com, Inc. 800 16,700
*Autoweb.com, Inc. 900 13,444
*Avant! Corporation 1,517 19,152
*AVT Corporation 559 21,172
*Avtel Communications 826 3,304
*Aware, Inc. 1,027 47,370
*AXENT Technologies, Inc. 1,416 15,753
*A.D.A.M. Software, Inc. 300 4,350
*Banyan Systems, Inc. 1,246 13,628
*BARRA, Inc. 621 15,680
*Base Ten Systems, Inc. Class A 1,100 1,031
*BEA Systems, Inc. 3,413 97,484
*Best Software, Inc. 429 6,918
*Beyond.com Corporation 1,723 49,429
*BindView Development Corporation 910 21,613
*Biospherics, Inc. 393 2,690
*BMC Software, Inc. 851 45,954
*Bottomline Technologies, Inc. 400 21,200
*Boundless Corporation 2,300 13,513
*Brightstar Information Tech 1,046 4,576
*Brio Technology, Inc. 647 12,940
*BroadVision, Inc. 1,199 88,426
*Brooktrout Technology, Inc. 498 7,999
*BTG, Inc. 393 2,358
*CACI International, Inc. Class A 400 9,000
*Cadence Design Systems, Inc. 10,772 137,338
*Caere Corporation 553 7,327
*CAIS Internet, Inc. 600 11,025
*Cambridge Technology Partners, Inc. 2,720 47,770
*Carreker-Antinori, Inc. 913 7,989
*Catalyst International, Inc. 559 10,027
*CCC Information Services Group, Inc. 1,064 13,699
*CDnow, Inc. 1,424 25,098
*CE Software Holdings, Inc. 200 850
*Cellular Technical Services Co, Inc. 1,600 5,500
*Cerner Corporation 1,467 30,761
*CFI Proservices, Inc. 225 2,531
*CheckFree Holdings Corporation 2,281 62,870
*CIBER, Inc. 2,699 51,618
*Citrix Systems, Inc. 3,916 221,254
*Clarify, Inc. 986 40,673
*Clarus Corporation 1,000 5,000
*CMGI, Inc. 4,230 482,474
*CNET, Inc. 3,140 180,943
*Cognizant Technology Solutions Corporation 129 3,362
*Com21, Inc. 930 15,868
*Complete Business Solutions, Inc. 1,555 27,893
*Computer Concepts Corporation 1,200 1,763
*Computer Horizons Corporation 1,394 19,255
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
*Computer Outsourcing Services, Inc. 200 $ 2,000
Computer Task Group, Inc. 928 15,776
*Concur Technologies, Inc. 836 23,513
*Condor Technology Solutions 415 1,945
*Connect, Inc. 2,776 8,762
*ConSyGen, Inc. 1,400 1,925
*Cornerstone Internet Solutions Company 500 1,188
*Cotelligent, Inc. 607 4,742
*Cover-All Technologies, Inc. 700 875
*Credit Management Solutions, Inc. 2,500 11,875
*Critical Path, Inc. 1,500 82,969
*CSG Systems International, Inc. 2,298 60,179
*CyberCash, Inc. 879 11,262
*Cybershop International, Inc. 823 5,658
*Cylink Corporation 1,373 5,149
*DA Consulting Group, Inc. 293 1,758
*Data Broadcasting Corporation 1,442 15,231
*Data Dimensions, Inc. 2,108 6,983
Data Research Associates, Inc. 200 2,075
*Datastream Systems, Inc. 906 14,496
*Datatec Systems, Inc. 1,083 3,317
*DecisionOne Holdings Corporation 600 1,125
*Delphi Information Systems 430 4,300
*Deltek Systems, Inc. 799 7,890
*Dendrite International, Inc. 1,039 37,534
*Digital Lava, Inc. 200 1,263
*Digital River, Inc. 938 31,189
*Documentum, Inc. 844 11,025
*Dset Corporation 559 7,791
*DSP Group, Inc. 546 19,656
*DST Systems, Inc. 2,840 178,565
*Duco Corporation International 898 3,704
*EarthLink Network, Inc. 1,476 90,682
*EarthWeb, Inc. 353 13,149
*Echelon Corporation 1,198 8,012
*Eclipsys Corporation 1,293 30,951
*Edify Corporation 838 11,208
*Elcom International, Inc. 1,621 7,649
*Electro Rent Corporation 1,401 15,061
*Electronic Arts, Inc. 2,727 147,940
*Elite Information Group, Inc. 2,800 15,050
*e-Net, Inc. 1,100 5,225
*Engineering Animation, Inc. 600 12,713
*Enterprise Software, Inc. 200 1,600
*Epicor Software Corporation 2,181 16,221
*Equitrac Corporation 158 2,982
*EuroWeb International Corporation 1,300 2,113
*Evolving Systems, Inc. 819 3,916
*Excalibur Technologies Corporation 504 7,182
*Exchange Applications, Inc. 372 15,159
*Expert Software, Inc. 400 0
*Extreme Networks, Inc. 2,100 121,931
FactSet Research Systems, Inc. 677 38,335
Fair Isaac and Co, Inc. 624 21,879
*Fatbrain.com, Inc. 511 8,559
*Fidelity Holdings, Inc. 900 18,338
</TABLE>
92
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------
*FileNET Corporation 1,373 $ 15,704
*Firearms Training Systems, Inc. 2,300 2,084
*Fiserv, Inc. 5,500 172,219
*FlashNet Communications, Inc. 600 17,663
*FlexiInternational Software, Inc. 900 1,238
*Forte Software, Inc. 1,238 11,993
*Fourth Shift Corporation 448 1,652
*Frontline Communications Corporation 300 2,531
*Gartner Group, Inc. Class A 4,547 93,214
*General Magic, Inc. 2,430 8,581
*Genesys Telecommunications Laboratories, Inc. 1,022 25,550
*Gensym Corporation 400 1,500
*Geoworks 1,120 3,360
Gerber Scientific, Inc. 1,016 22,416
*GK Intelligent Systems, Inc. 2,700 1,013
*Go2Net, Inc. 1,134 104,186
*Great Plains Software, Inc. 619 29,209
*Group 1 Software, Inc. 200 1,775
*GSE Systems, Inc. 200 1,200
*GT Interactive Software Corporation 3,150 11,025
*Hall Kinion & Associates, Inc. 425 2,975
*Harbinger Corporation 1,847 23,088
*HCIA, Inc. 530 4,737
*Health Management Systems, Inc. 642 3,531
*Heuristic Development Group, Inc. 700 2,231
*HIE, Inc. 1,904 4,522
*HNC Software, Inc. 1,154 35,558
*HomeCom Communications, Inc. 500 3,000
*HTE, Inc. 622 2,099
*Hypercom Corporation 1,574 15,051
*Hyperion Solutions Corporation 1,443 25,703
*I2 Technologies, Inc. 3,187 137,041
*IA Corporation 600 1,200
*IDT Corporation 1,139 25,343
*IDX Systems Corporation 1,185 26,737
*iMALL, Inc. 617 11,800
*IMRglobal Corporation 1,504 28,952
*Indus International, Inc. 1,153 4,972
*Industri Matematik International Corporation 2,280 5,558
*Inference Corporation Class A 200 850
*Infinium Software, Inc. 564 2,961
*InfoCure Corporation 546 28,904
*Infonautics, Inc. Class A 1,500 7,688
*Informatica Corporation 500 17,813
*Information Advantage, Inc. 2,011 8,233
*Information Analysis, Inc. 2,000 1,000
*Information Management Associates, Inc. 500 1,750
*Information Resource Engineering, Inc. 200 6,025
*Information Resources, Inc. 1,041 9,109
*Informix Corporation 8,709 74,299
*Infoseek Corporation 2,710 129,911
*InfoSpace.com 2,100 98,700
</TABLE>
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------------
*infoUSA, Inc. Class B 916 $ 7,786
*Inktomi Corporation 2,222 290,110
*Innodata Corporation 200 2,263
*Inprise Corporation 1,768 8,619
*INSCI Corporation 300 1,181
*Inso Corporation 869 4,671
*INSpire Insurance Solutions, Inc. 824 11,948
*Integral Systems, Inc. 262 5,961
*Integrated Measurement System 332 4,275
*Integrated Systems, Inc. 1,013 11,903
*IntelliCorporation, Inc. 1,000 969
*Intelligroup, Inc. 767 5,465
*Interleaf, Inc. 600 3,525
*International Integration, Inc. 729 16,403
*International Microcomputer Software, Inc. 453 2,208
*International Network Services 2,538 102,472
*International Telecommunication Data Systems, Inc. 637 10,192
*Internet America, Inc. 231 4,360
*Internet Commerce Corporation Class A 600 7,800
*Interplay Entertainment Corporation 500 1,297
*InterVU, Inc. 601 23,026
*Intranet Solutions, Inc. 422 3,561
*Intraware, Inc. 1,000 24,000
*Intuit, Inc. 2,754 248,204
*Isocor 1,039 6,494
*ISS Group, Inc. 1,724 65,081
*ITC Learning Corporation 1,000 4,750
*iTurf, Inc. Class A 200 3,613
*iVillage, Inc. 1,000 50,250
Jack Henry & Associates, Inc. 853 33,480
*JD Edwards & Company 4,965 91,853
*JDA Software Group, Inc. 1,263 11,762
*Keane, Inc. 3,149 71,246
*Kronos, Inc. 555 25,253
*Landmark Systems Corporation 430 4,461
*Larscom, Inc. Class A 1,900 4,334
*Lason, Inc. 682 33,844
*Launch Media, Inc. 400 7,150
*Legato Systems, Inc. 1,741 100,543
*Level 8 Systems, Inc. 541 6,357
*LHS Group, Inc. 2,343 77,612
*Log On America, Inc. 100 1,625
*Logility, Inc. 1,502 7,698
*Lycos, Inc. 1,921 176,492
*Made2Manage Systems, Inc. 200 1,613
*Manhattan Associates, Inc. 1,061 8,753
*Manugistics Group, Inc. 1,779 25,796
*MAPICS, Inc. 750 7,922
*Mapinfo Corporation 210 3,990
*MapQuest.com, Inc. 1,200 19,575
*Marcam Solutions, Inc. 100 747
*Marimba, Inc. 900 47,419
*Market Guide, Inc. 214 4,548
*Mastech Corporation 2,194 40,863
*MathSoft, Inc. 600 1,725
</TABLE>
93
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
*MC Informatics, Inc. 900 $ 2,250
*Mechanical Dynamics, Inc. 200 1,200
*Mecon, Inc. 279 2,093
*Media Metrix, Inc. 600 31,950
*Medical Manager Corporation 983 43,498
*Mentor Graphics Corporation 2,940 37,669
*Mercury Interactive Corporation 1,680 59,430
*Meridian Data, Inc. 3,300 28,875
*META Group, Inc. 427 6,565
*MetaCreations Corporation 1,281 7,366
*Metamor Worldwide, Inc. 1,456 35,035
*Metro Information Services, Inc. 665 11,056
*Micrografx, Inc. 405 2,455
*Micromuse, Inc. 698 34,813
*Microstrategy, Inc. 380 14,393
*Microwave Power Devices, Inc. 482 7,411
*Midway Games, Inc. 1,666 21,554
*MindSpring Enterprises, Inc. 2,892 128,152
*Mobius Management Systems, Inc. 956 7,887
*Modacad, Inc. 625 6,953
*Mpath Interactive, Inc. 900 19,800
*MSC Software Corporation 613 3,563
*Multex.com, Inc. 900 23,513
*Muse Technologies, Inc. 453 2,548
*Mustang Software, Inc. 1,300 6,419
*Mysoftware Company 362 5,594
National Computer System, Inc. 1,396 47,115
National Data Corporation 1,516 64,809
*National Instruments Corporation 1,473 59,472
*National Techteam, Inc. 503 2,767
*Navidec, Inc. 700 6,344
*NeoMedia Technologies, Inc. 500 3,063
*NEON Systems 300 10,013
*Neotopia, Inc. 638 14,515
*Net Perceptions, Inc. 800 17,450
*Netegrity, Inc. 720 11,880
*NetGravity, Inc. 705 16,039
*NetManage, Inc. 2,545 5,488
*NetObjects, Inc. 600 4,838
*Netsmart Technologies, Inc. 1,300 5,200
*NetSpeak Corporation 663 7,956
*Network Associates, Inc. 6,017 88,375
*Network Equipment Technologies, Inc. 787 7,772
*Network Peripherals, Inc. 653 12,652
*Network Solutions, Inc. Class A 372 29,435
*Network Systems International, Inc. 200 975
*New Era of Networks, Inc. 1,388 60,985
*NorthPoint Communications Group, Inc. 5,400 197,100
*NOVA Corporation 3,223 80,575
*Novadigm, Inc. 645 5,563
*NVIDIA Corporation 1,500 28,688
*OAO Technology Solutions, Inc. 736 2,760
*Object Design, Inc. 1,332 5,162
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
*Objective Systems Integrator Corporation 1,284 $ 3,531
*ObjectShare, Inc. 1,100 791
*ObjectSoft Corporation 1,400 1,575
*Omega Research, Inc. 1,232 13,552
*Omtool Ltd. 960 3,180
*ON Technology Corporation 500 1,000
*OneMain.com, Inc. 900 21,263
*OneSource Information Services, Inc. 100 875
*Online Systems Services, Inc. 472 7,316
*Ontrack Data Intenational, Inc. 300 1,444
*ONYX Software Corporation 700 15,138
*Open Market, Inc. 1,766 25,055
*OpenROUTE Networks, Inc. 1,100 4,675
*Orcad, Inc. 418 5,303
*Pathways Group, Inc. 500 3,313
*pcOrder.com, Inc. 100 4,156
*Peapod, Inc. 831 6,596
*Peregrine Systems, Inc. 2,077 53,353
*Pervasive Software, Inc. 596 14,826
*Phoenix International Ltd., Inc. 380 2,423
*Phoenix Technologies Ltd. 1,069 19,108
*Pilot Network Services 613 6,015
*Platinum Technology, Inc. 4,600 134,550
*Portal Software, Inc. 3,300 152,831
*PowerCerv Corporation 400 1,100
*Powerhouse Technologies, Inc. 399 7,768
*Preview Travel, Inc. 706 15,488
*PRI Automation, Inc. 992 35,960
*Primark Corporation 950 26,659
*ProBusiness Services, Inc. 916 32,862
*Progress Software Corporation 764 21,583
*Project Software & Development, Inc. 369 11,531
*Proxicom, Inc. 900 23,119
*ProxyMed, Inc. 679 10,822
*PRT Group, Inc. 816 2,346
*PSINet, Inc. 2,518 110,163
*PSW Technologies, Inc. 600 2,325
*Puma Technology, Inc. 967 5,077
*Qad, Inc. 1,589 4,866
QRS Corporation 381 29,718
*Quadramed Corporation 1,161 9,433
*Radiant Systems, Inc. 592 8,436
*RadiSys Corporation 389 15,122
*Rational Software Corporation 3,788 124,767
*RealNetworks, Inc. 2,894 199,324
*Registry Magic, Inc. 400 1,763
*Remedy Corporation 1,273 34,212
*Renaissance Worldwide, Inc. 2,504 19,954
*Research Engineers, Inc. 800 8,000
Reynolds & Reynolds, Inc. 3,477 81,058
*Rocky Mountain Internet, Inc. 692 8,304
*Rogue Wave Software 468 4,271
*Ross Systems 1,378 3,445
*Rythms NetConnections, Inc. 3,100 180,963
*S3, Inc. 2,392 21,752
*Saga Systems, Inc. 1,353 17,251
</TABLE>
94
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------------
*Sagent Technology, Inc. 800 $ 6,900
*Sanchez Computer Associates, Inc. 1,062 36,772
*Sapient Corporation 1,187 67,214
*Schick Technologies, Inc. 2,300 7,044
*Scient Corporation 1,500 71,344
*Secure Computing Corporation 2,230 5,436
*Security First Technologies Corporation 1,226 55,323
*SEDONA Corporation 700 1,181
*SEEC, Inc. 2,300 9,775
*Segue Software, Inc. 907 6,576
SEI Investment Company 798 70,424
*SERENA Software, Inc. 1,000 13,438
*Siebel Systems, Inc. 4,070 270,146
*Silknet Software, Inc. 600 24,300
*SmartServ Online, Inc. 1,000 1,500
*Smith-Gardner & Associates, Inc. 400 3,225
*Software Publishing Corporation Holdings, Inc. 1,600 3,900
*Software Spectrum 199 3,234
*SOFTWORKS, Inc. 589 6,479
*Sonic Foundry, Inc. 100 1,113
*Sonic Solutions, Inc. 1,100 5,088
*Source Media, Inc. 965 16,405
*Spatial Technology, Inc. 300 1,388
*Speedus.com, Inc. 1,000 5,875
*SportsLine USA, Inc. 1,055 37,848
*SPR, Inc. 706 3,751
*SPSS, Inc. 333 8,554
*Spyglass, Inc. 852 17,147
*SS&C Technologies, Inc. 639 4,872
*Stac Software, Inc. 600 3,338
*StarBase Corporation 1,700 4,250
*Sterling Commerce, Inc. 4,299 156,914
*Sterling Software 3,556 94,901
*Stratasys, Inc. 2,400 8,550
*Structural Dynamics Research Corporation 1,627 30,201
*Summit Design, Inc. 1,088 3,264
*SunGard Data Systems, Inc. 5,004 172,638
*Sunquest Information Systems, Inc. 567 9,143
*Sunrise International Leasing Corporation 600 2,700
*SVI Holdings, Inc. 1,311 15,732
*Sykes Enterprises, Inc. 1,959 65,382
*Symantec Corporation 2,479 63,215
*Symix Systems, Inc. 341 3,495
*Synopsys, Inc. 3,188 175,938
*Syntel, Inc. 1,708 15,372
*System Software Associates, Inc. 1,755 2,907
*Systems & Computer Technology Corporation 1,623 23,635
*Tadeo Holdings, Inc. 700 2,734
*Take-Two Interactive Software, Inc. 620 4,728
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
*Tangram Enterprise Solutions, Inc. 2,600 $ 7,638
*TCSI Corporation 600 1,538
*Techforce Corporation 369 3,021
*Technology Solutions Company 1,825 19,733
*Teknowledge Corporation 700 2,975
*Telescan, Inc. 595 14,466
*Template Software, Inc. 200 875
*TenFold Corporation 1,400 44,450
*Texas Micro, Inc. 600 4,500
*The Ashton Technology Group, Inc. 700 8,750
*The BISYS Group, Inc. 1,191 69,674
*The InterCept Group, Inc. 200 3,100
*The National Registry, Inc. 1,000 1,625
*The Santa Cruz Operation, Inc. 1,267 8,275
*The Vantive Corporation 1,573 17,991
*The Vialink Company 122 1,845
*THQ, Inc. 605 17,394
*Tier Technologies, Inc. Class B 384 2,688
Timberline Software Corporation 346 5,450
*Total System Services, Inc 8,681 164,939
*TouchStone Software Corporation 1,100 1,066
*Towne Services, Inc. 689 5,426
*Transaction Systems Architects, Inc. Class A 1,348 52,572
*TREEV, Inc. 300 1,041
*TRO Learning, Inc. 200 1,225
*TSI International Software Ltd. 1,882 53,402
*TSR, Inc. 268 2,278
*Ultimate Software Group, Inc. 585 3,053
*Ultradata Corporation 200 1,400
*UniComp, Inc. 2,500 13,125
*Unify Corporation 512 6,912
*Unigraphics Solutions, Inc. 223 4,195
*UOL Publishing, Inc. 200 1,450
*Usdata Corporation 3,200 12,400
*USWeb Corporation 3,300 73,219
*Verilink Corporation 623 1,830
*Verio, Inc. 1,673 116,274
*Verisign, Inc. 2,238 193,028
*Veritas Software Corporatio 3,725 353,632
*Verity, Inc. 634 34,355
*Versant Corporation 1,000 2,500
*ViaGrafix Corporation 100 675
*Viasoft, Inc. 1,783 6,241
*Vignette Corporation 1,200 90,000
*Visio Corporation 1,356 51,613
*VISTA Information Solutions, Inc. 497 5,747
*Visual Data Corporation 234 4,271
*V-ONE Corporation 2,900 7,885
*Vysis, Inc. 936 3,510
*Walker Interactive Systems 1,028 2,699
*Wall Data, Inc. 367 3,509
*Wave Systems Corporation Class A 1,269 24,111
*Webhire, Inc. 448 2,016
*WebTrends Corporation 500 23,063
*White Pine Software, Inc. 1,000 4,375
</TABLE>
95
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
*Xionics Document Technologies, Inc. 500 $ 2,219
*Xiox Corporation 100 1,875
*Yahoo!, Inc. 10,350 1,782,778
*Zitel Corporation 2,100 3,281
*Zmax Corporation 524 1,277
------------
16,652,032
------------
Computers & Information--2.1%
*Accent Color Sciences, Inc. 2,800 1,820
*Ace*Comm Corporation 2,200 7,288
*Advanced Digital Information Corporation 460 18,630
*Alpha Microsystems 800 4,900
*AlphaNet Solutions, Inc. 800 3,100
*Anixter International, Inc. 1,873 34,182
*Apex PC Solutions, Inc. 907 18,594
*Applied Magnetics Corporation 2,654 8,128
*Ariel Corporation 1,200 2,738
*Artecon, Inc. 1,000 2,250
*Auspex Systems, Inc. 1,348 14,660
*Autologic Information International, Inc. 2,100 9,188
Avert, Inc. 200 1,200
*Axiohm Transaction Solutions, Inc. 300 1,200
*Aztec Technology Partners, Inc. 810 1,519
*BancTec, Inc. 877 15,731
*Bell & Howell Company 1,040 39,325
*Black Box Corporation 771 38,646
*Blue Wave Systems, Inc. 582 2,110
*Boca Research, Inc. 2,900 22,113
*Box Hill Systems Corporation 640 3,760
*Bull Run Corporation 500 2,094
*Casino Data Systems 1,000 5,063
*Ciprico, Inc. 218 2,166
*Cisco Systems, Inc. 2,466 159,073
*Cognex Corporation 1,791 56,528
Comdisco, Inc. 6,800 174,250
*Communication Intelligence Corporation 2,500 3,594
*Computer Network Technology Corporation 1,015 21,949
*Comverse Technology, Inc. 3,070 231,785
*Concurrent Computer Corporation 1,966 12,410
*CopyTele, Inc. 1,700 2,922
*Crosswalk.Com, Inc. 600 5,850
*Cybex Computer Products Corporation 560 15,610
*Daisytek International Corporation 766 12,495
*Daou Systems, Inc. 2,252 12,949
*Data Translation, Inc. 2,700 9,197
*Datapoint Corporation 1,300 1,016
*Dataram Corporation 100 988
*Dialogic Corporation 726 31,853
*Diamond Multimedia Systems, Inc. 1,995 8,229
*Digital Link Corporation 401 3,008
*Digital Origin, Inc. 300 984
*Dunn Computer Corporation 500 1,000
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
*ECCS, Inc. 400 $ 1,569
*Efax.com, Inc. 829 9,844
*Emulex Corporation 226 25,128
*Encad, Inc. 1,019 6,624
*Equinox Systems, Inc. 237 2,563
*European Micro Holdings, Inc. 200 1,400
*Exabyte Corporation 831 3,220
*Extended Systems, Inc. 300 1,388
*Focus Enhancements, Inc. 1,000 1,031
*Fvc.com, Inc. 1,201 7,807
*GateField Corporation 1,900 1,178
General Binding Corporation 595 13,983
*Genicom Corporation 600 994
*Global Imaging Systems, Inc. 804 14,673
*Global Intellicom, Inc. 8,100 1,539
*Global Payment Tech, Inc. 240 1,913
*Hertz Technology Group, Inc. 800 4,000
*HMG Worldwide Corporation 700 2,756
*Ikos Systems, Inc. 2,200 21,588
*In Focus Systems, Inc. 918 13,770
*Industrial Data Systems Corporation 500 1,031
*Intergraph Corporation 1,788 13,857
*Interphase Corporation 300 6,900
*Iomega Corporation 11,950 59,003
*ONN Networks, Inc. 800 3,300
*Javelin Systems, Inc. 261 3,197
*Key Tronic Corporation 400 2,250
*Kofax Image Products, Inc. 237 2,311
*Komag, Inc. 2,691 8,914
*Lexmark International Group Class A 5,848 386,324
*Lumisys, Inc. 300 984
*MAI Systems Corporation 500 1,625
*Media 100, Inc. 200 1,013
*Merge Technologies, Inc. 700 809
*Micros Systems, Inc. 721 24,514
*Micros-To-Mainframes, Inc. 200 725
*Microtouch Systems, Inc. 374 5,563
*Mitek Systems, Inc. 500 1,406
*MTI Technology Corporation 1,350 17,634
*Mylex Corporation 927 5,388
*NCR Corporation 4,387 214,140
*Nematron Corporation 400 1,175
*Neomagic Corporation 1,809 15,207
*Netrix Corporation 1,500 5,344
*Network Computing Devices 587 2,825
*Network Six, Inc. 400 1,700
*nStor Technologies, Inc. 2,853 8,024
*Number Nine Visual Technology Corporation 600 1,500
*Odetics, Inc. Class A 335 3,287
*ODS Networks, Inc. 1,128 4,442
*Osage Systems Group, Inc. 423 2,141
*PAR Technology Corporation 391 2,884
*Paramount Financial Corporation 600 1,125
*Paravant, Inc. 900 3,206
*Perot Systems Corporation Class A 3,911 115,375
</TABLE>
96
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
*Planar Systems, Inc. 393 $ 3,046
*Printronix, Inc. 252 3,528
*Procom Technology, Inc. 499 4,117
*Psc, Inc. Electronics 437 4,288
*Quantum Corporation 7,532 181,710
*Rainbow Technologies, Inc. 432 5,103
*Redback Networks, Inc. 900 113,006
*Rimage Corporation 217 3,255
*Safeguard Scientifics, Inc. 1,413 87,606
*SanDisk Corporation 1,189 53,505
*SBE, Inc. 1,800 10,350
*ScanSoft, Inc. 900 2,588
*Scansource, Inc. 201 4,347
*SCM Microsystems, Inc. 588 27,269
*Sequent Computer 1,958 34,755
*Sigma Designs, Inc. 1,048 6,419
*Simulations Plus, Inc. 1,800 3,600
*Smart Modular Technologies, Inc. 2,091 36,331
*Socrates Technologies Corporation 1,500 1,594
*Splash Technology Holdings 1,013 7,123
*Storage Computer Corporation 800 1,400
*Storage Technology Corporation 4,466 101,602
*Sybase, Inc. 3,656 40,216
*Tanisys Technology, Inc. 1,200 1,275
*Tekgraf, Inc. 800 1,500
Telxon Corporation 794 6,302
*Tera Computer Company 998 5,489
*Thrustmaster, Inc. 596 14,304
*Tidel Technologies, Inc. 1,200 2,475
*TransAct Technologies, Inc. 300 1,988
*Tricord Systems, Inc. 2,200 7,838
*Tridex Corporation 400 1,025
*Trinitech Systems, Inc. 393 6,042
*UBICS, Inc. 800 2,450
*UNOVA, Inc. 2,448 38,862
Valmont Industries, Inc. 1,124 19,143
*Vertel Corporation 1,800 3,375
*Visual Networks, Inc. 896 28,672
*Vitech America, Inc. 739 7,760
Wallace Computer Services, Inc. 1,935 48,375
*Western Digital Corporation 4,171 27,112
*Xircom, Inc. 1,129 33,941
*Xybernaut Corporation 2,165 6,901
*Zebra Technologies Corporation Class A 1,398 53,736
------------
3,147,509
------------
Containers & Packaging--0.2%
*ACX Technologies, Inc. 1,275 20,719
*Astronics Corporation 299 2,990
*Bway Corporation 443 6,313
*Disc Graphics, Inc. 400 1,975
*EarthShell Corporation 4,476 31,332
*EPL Technologies, Inc. 512 1,920
Greif Bros Corporation Class A 1,025 26,138
Interpool, Inc. 1,233 16,029
*PVC Container Corporation 313 2,035
*Silgan Holdings, Inc. 854 16,973
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
Sonoco Products Company 4,546 $ 136,096
*UFP Technologies, Inc. 500 1,750
*US Can Corporation 485 10,791
------------
275,061
------------
Cosmetics & Personal Care--0.4%
*Carson, Inc. 2,200 7,288
Carter-Wallace, Inc. 2,025 36,830
*Chattem, Inc. 427 13,584
*Chromatics Color Sciences 968 7,986
Del Laboratories, Inc. 337 4,844
Dial Corporation 4,617 171,695
*Enamelon, Inc. 458 573
Estee Lauder Company Class A 5,478 274,585
*French Fragrances, Inc. 509 3,722
*Garden Botanika, Inc. 2,700 999
*International Specialty Products, Inc. 3,076 31,337
*Jean Philippe Frangrances 378 3,071
NCH Corporation 250 12,375
Quaker Chemical Corporation 324 5,265
*Revlon, Inc. Class A 894 27,044
Stepan Company 663 16,824
Stephan Company 211 884
*Styling Technology 182 2,366
*Sybron Chemicals, Inc. 255 4,526
*USA Detergents, Inc. 509 3,086
*Usana, Inc. 581 4,793
------------
633,677
------------
Electric Utilities--3.0%
Allegheny Energy, Inc. 5,478 175,638
Alliant Energy Corporation 3,451 97,922
Avista Corporation 2,499 40,609
Bangor Hydro-Electric Company 271 4,370
BEC Energy 2,111 87,079
Black Hills Corporation 965 22,316
*Calpine Corporation 1,101 59,454
Central Hudson Gas & Electric Corporation 756 31,752
CIL Corporation, Inc. 608 38,000
*Citizens Utilities Company Class B 11,657 129,684
Cleco Corporation 1,006 30,557
CMP Group, Inc. 1,451 37,998
CMS Energy Corporation 4,628 193,798
Commonwealth Energy System 963 40,446
Conectiv, Inc. 4,804 117,398
Control Vermont Public Service 422 5,381
DPL, Inc. 7,204 132,374
DQE, Inc. 3,478 139,555
Eastern Utilities Associates 914 26,620
*El Paso Electric Company 2,696 24,096
*EMCOR Group, Inc. 367 9,244
Energy East Corporation 5,650 146,900
Florida Progress Corporation 4,042 166,985
Green Mountain Power Corporation 236 2,655
Hawaiian Electric Industries, Inc. 1,434 50,907
IdaCorporation, Inc. 1,682 52,983
Illinova Corporation 3,208 87,418
</TABLE>
97
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
IPALCO Enterprises, Inc. 4,042 $ 85,640
Kansas City Power & Light Company 2,769 70,610
KeySpan Corporation 6,563 173,099
LG&E Energy Corporation 5,802 121,842
Madison Gas & Electric Company 719 14,740
*MidAmerican Energy Holdings Company 2,664 92,241
Minnesota Power & Light Company 3,226 64,117
Montana Power Company 2,462 173,571
Nevada Power Company 2,293 57,325
New England Electric System 2,677 134,185
NiSource, Inc. 5,258 135,722
*Northeast Utilities 5,840 103,295
NorthWestern Corporation 1,028 24,865
OGE Energy Corporation 3,613 85,809
Orange and Rockland Utilities, Inc. 604 35,296
Otter Tail Power Company 530 20,438
Pinnacle West Capital Corporation 3,791 152,588
Potomac Electric Power 5,303 156,107
Public Service Company of New Mexico 1,869 37,146
Puget Sound Power & Light 3,783 90,792
*Quanta Services, Inc. 1,117 49,148
Rochester Gas and Electric Corporation 1,697 45,077
Scana Corporation 4,634 108,320
Sierra Pacific Resources 1,385 50,379
SIG Corporation, Inc. 1,057 30,191
St Joseph Light & Power 299 6,148
Teco Energy 5,901 134,248
The Empire District Electric Company 761 19,834
The United Illuminating Company 641 27,202
TNP Enterprises, Inc. 594 21,533
*UniSource Energy Corporation 1,442 17,214
Unitil Corporation 166 4,181
Utili Corporation United, Inc. 4,035 98,101
Western Resources, Inc. 2,946 78,437
Wisconsin Energy Corporation 5,157 129,247
WPS Resources Corporation 1,187 35,610
*York Research Corporation 666 4,121
------------
4,640,558
------------
Electronics--7.2%
*3Dfx Interactive, Inc. 1,254 19,594
*8 X 8, Inc. 1,983 8,242
*Aavid Thermal Technologies, Inc. 440 9,955
*Acme Electric Corporation 500 2,719
*Act Manufacturing, Inc. 334 4,676
*Actel Corporation 1,037 15,296
*Adaptec, Inc. 4,834 170,701
*ADE Corporation 686 8,232
*ADFlex Solutions, Inc. 3,200 12,800
*Advanced Lighting Technologies, Inc. 745 6,705
*Aeroflex, Inc. 947 18,703
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------
*Aerosonic Corporation 178 $ 2,425
*Affinity Technology Group, Inc. 2,000 3,500
*Align-Rite International, Inc. 300 4,163
*Alliance Semiconductor Corporation 1,830 18,186
*Alpha Industries, Inc. 907 43,196
*Alpha Technologies Group, Inc. 300 1,125
*Altera Corporation 9,006 331,523
*American Locker Group, Inc. 100 875
*American Power Conversion 8,664 174,363
*American Superconductor Corporation 566 8,455
*American Xtal Technology, Inc. 892 21,241
Ametek, Inc. 1,434 32,982
*Amkor Technology, Inc. 5,273 54,048
*Ampex Corporation Class A 2,236 11,320
*Amphenol Corporation Class A 799 31,760
*Anacomp, Inc. 517 8,789
*Analog Devices, Inc. 7,275 365,104
*Anaren Microwave, Inc. 202 4,217
*Anicom, Inc. 1,223 12,842
*APA Optics, Inc. 300 2,138
*Applied Cellular Technology, Inc. 1,900 6,175
*Applied Micro Circuits Corporation 1,137 93,518
*Arrow Electronics, Inc. 4,278 81,282
*Artesyn Technologies, Inc. 1,690 37,497
*Artisan Components, Inc. 998 11,602
*Aspec Technology, Inc. 3,000 2,625
*Astropower, Inc. 514 8,995
*Atmel Corporation 4,655 121,903
*Atmi, Inc. 990 29,453
*Ault, Inc. 200 1,638
Avnet, Inc. 1,604 74,586
AVX Corporation 3,871 94,356
*Axsys Technologies, Inc. 179 2,059
Bairnco Corporation 377 2,828
Baldor Electric Company 1,656 32,913
Barnes Group, Inc. 890 19,358
Bel Fuse, Inc. Class A 191 5,348
Bell Industries, Inc. 349 1,549
*Benchmark Electronics, Inc. 519 18,652
BMC Industries, Inc. 1,201 12,385
*Boulder Technologies Corporation 429 3,754
Boston Acoustics, Inc. 184 3,289
*Broadcom Corporation Class A 1,628 235,348
*BTU International, Inc. 400 1,950
*Burr-Brown Corporation 1,649 60,395
*California Amplifier, Inc. 500 3,250
*Catalina Lighting, Inc. 300 1,500
*Catalyst Semiconductor, Inc. 1,900 988
*C-COR Electronics, Inc. 335 9,338
*C-Cube Microsystems, Inc. 1,779 56,372
*CellStar Corporation 2,938 23,137
*Central Sprinkler Corporation 100 2,819
*Ceradyne, Inc. 2,800 12,775
*Cidco, Inc. 3,429 25,396
*Cirrus Logic, Inc. 2,857 25,356
*Commscope, Inc. 2,305 70,879
*Concord Camera 501 2,630
</TABLE>
98
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- --------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------------
*Conexant Systems, Inc. 4,377 $ 254,140
Control Chief Holdings, Inc. 200 1,000
*CP Clare Corporation 700 4,156
Craftmade International, Inc. 278 3,614
*Cree Research, Inc. 668 51,394
CTS Corporation 608 42,560
*Cypress Semiconductor Corporation 4,747 78,326
C&D Technologies, Inc. 557 17,058
*Daktronics, Inc. 100 1,175
Dallas Semiconductor Corporation 1,462 73,831
*Datum, Inc. 200 2,213
*Dense-Pac Microsystems, Inc. 700 1,356
Diebold, Inc. 3,077 88,464
*Diodes, Inc. 300 2,513
*Dionex Corporation 993 40,217
*Display Technologies, Inc. 300 1,181
*Drexler Technology Corporation 360 3,420
*DRS Technologies, Inc. 283 2,989
*DuPont Photomasks, Inc. 684 32,747
*ECC International Corporation 300 1,181
EDO Corporation 296 2,146
*EFTC Corporation 1,195 5,826
*Electric Fuel Corporation 639 1,058
*Electro Scientific Industries, Inc. 609 25,445
*Electronic Retailing Systems International, Inc. 900 1,350
*Electronics for Imaging, Inc. 2,378 122,170
*Emcore Corporation 419 8,432
*EMS Technologies, Inc. 320 4,640
*En Pointe Technologies, Inc. 200 1,200
*Energy Research Corporation 100 1,425
*Engineering Measurements Company 200 1,250
*Esco Electronics 452 5,791
*ESS Technology, Inc. 2,018 27,117
*ETEC Systems, Inc. 983 32,685
*E-Tek Dynamics, Inc. 2,748 130,702
*eToys, Inc. 4,600 187,450
*Evans & Sutherland Computer Corporation 365 4,768
*Exar Corporation 443 10,964
*Faroudja, Inc. 2,800 7,875
*Fiberstars, Inc. 300 1,463
Franklin Electric Company, Inc. 250 16,250
*FSI International, Inc. 950 7,897
*GameTech International, Inc. 400 1,900
*General Motors Corporation Class H 4,681 263,306
*General Semiconductor, Inc. 2,258 20,604
*Genus, Inc. 700 2,275
*GP Strategies Corporation 398 3,483
*Graham Corporation 200 1,850
*Hadco Corporation 597 23,731
Harman International Industries, Inc. 791 34,804
*Harvey Electronics, Inc. 3,300 8,044
*Hauppage Digital, Inc. 300 5,850
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------
*HEI, Inc. 300 $ 1,969
Helix Technology Corporation 997 23,866
*Herley Industries, Inc. 236 3,083
*hi/fn, Inc. 339 25,806
*HMT Technology Corporation 2,954 7,385
*Holophane Corporation 696 26,535
*Hospitality Worldwide Services 542 1,965
Hubbell, Inc. Class B 2,942 133,493
Hughes Supply, Inc. 1,072 31,825
*Hutchinson Technology, Inc. 1,099 30,497
*Hytek Microsystems, Inc. 700 1,203
*Ibis Technology Corporation 405 13,568
*IEC Electronics Corporation 2,800 9,975
*IFR Systems, Inc. 1,900 9,025
*Illinois Superconductor Corporation 1,000 750
*Imation Corporation 1,818 45,109
*IMP, Inc. 2,900 8,700
Innovex, Inc. 544 7,616
Instron Corporation 255 5,164
*Integrated Device Technology, Inc. 3,881 42,206
*Integrated Silicon 868 5,045
*Intek Global Corporation 1,100 2,922
*Intellicell Corporation 1,200 6,225
*Interlink Electronics, Inc. 1,700 16,894
*International Rectifier Corporation 2,405 32,017
*Intest Corporation 300 2,100
*Intevac, Inc. 642 3,531
*Invision Technologies, Inc. 539 2,762
*Jabil Circuit, Inc. 3,639 164,210
*Jason, Inc. 750 6,000
*Jpm Company 360 4,680
Juno Lighting Company 831 20,360
*Kemet Corporation 1,754 40,232
*Kent Electronics Corporation 1,250 24,766
Kollmorgen Corporation 373 5,595
*Koss Corporation 400 4,800
*K-Tel International 372 2,592
*Lam Research Corporation 1,833 85,578
*Lamson & Sessions Company 801 4,806
*Lattice Semiconductor Corporation 1,048 65,238
*Let's Talk Cellular & Wireless, Inc. 2,500 8,750
*Level One Communications, Inc. 1,801 88,136
Linear Technology Corporation 6,926 465,764
*Littelfuse, Inc. 908 17,479
*Litton Industries, Inc. 2,033 145,868
*Logic Devices, Inc. 600 2,363
*Lowrance Electronics, Inc. 1,700 10,838
LSI Industries, Inc. 356 8,589
*LSI Logic Corporation 174 8,026
*Mackie Designs, Inc. 561 2,665
*Macromedia, Inc. 1,889 66,587
*Maker Communications, Inc. 800 24,800
*Marshall Industries 607 21,814
*Mattson Technology, Inc. 653 8,244
</TABLE>
99
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
*Maxim Integrated Products, Inc. 6,150 $ 408,965
*Maxwell Technologies, Inc. 312 7,508
*Measurements Specialties, Inc. 300 3,638
*MEMC Electronic Materials, Inc. 3,212 39,146
*Mercury Computer Systems, Inc. 372 11,997
*Merix Corporation 500 3,813
Methode Electronics, Inc. Class A 1,590 36,371
*Metrologic Instruments, Inc. 241 2,741
*Micrel, Inc. 892 66,008
*Micrion Corporation 100 1,125
*Micro Linear Corporation 810 2,936
*Microchip Technology, Inc. 2,297 108,820
*Micron Electronics, Inc. 4,297 43,239
*Microsemi Corporation 617 5,784
*Microvision, Inc. 272 6,154
*MIPS Technologies, Inc. Class A 1,667 79,912
*MKS Instruments, Inc. 1,300 24,213
*MMC Networks, Inc. 1,344 60,144
Molex, Inc. 6,971 257,927
*Moog, Inc. Class A 269 9,247
*MRV Communications, Inc. 1,482 19,451
*Nashua Corporation 283 2,795
*National-Standard Company 3,300 16,088
*Northeast Digital Networks, Inc. 17,900 2,327
*Novellus System, Inc. 1,728 117,936
*Nu Horizons Electronics Corporation 200 1,413
*NUWAVE Technologies, Inc. 600 1,181
*Oak Industries, Inc. 787 34,382
*Oak Technology, Inc. 1,699 6,159
*On-Point Technology Systems, Inc. 400 925
*Opti, Inc. 683 4,151
*Orbit, Inc. 900 2,138
*Ortel Corporation 438 4,654
*OSI Systems, Inc. 434 2,170
*OYO Geospace Corporation 1,100 14,438
*OI Corporation 200 875
*Pacific Aerospace & Electronics, Inc. 600 956
*Panavision, Inc. 360 2,430
Park Electrochemical Corporation 466 13,398
*Parlex Corporation 600 9,450
*Pcd, Inc. 310 3,410
*PE Corporation--Celera Genomics Group 1,300 21,044
*Percon, Inc. 100 806
*Pericom Semiconductor Corporation 544 6,120
*Photon Dynamics, Inc. 400 4,800
*Photronics, Inc. 1,092 26,754
*Pinnacle Holdings, Inc. 1,200 29,400
*Pinnacle Systems, Inc. 1,034 34,768
Pioneer-Standard Electronics, Inc. 971 11,652
*Pixar, Inc. 2,088 90,045
*Plexus Corporation 660 19,883
*PLX Technology, Inc. 1,200 56,850
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------
*Policy Management System Corporation 1,613 $ 48,390
*Powell Industries, Inc. 391 3,617
*Power Integrations, Inc. 556 40,658
*Power-One, Inc. 730 17,976
*Praegitzer Industries, Inc. 472 2,803
*Printtrak International, Inc. 508 3,747
*QLogic Corporation 785 103,620
*QMS, Inc. 300 1,650
*QualMark Corporation 2,100 4,856
Quixote Corporation 292 3,559
*Rambus, Inc. 1,033 95,230
*Ramtron International Corporation 4,200 2,625
*Rayovac Corporation 1,229 27,883
*Read-Rite Corporation 2,179 13,517
*Recoton Corporation 531 4,829
*Remec, Inc. 1,134 18,286
*Reptron Electronics, Inc. 2,700 9,619
*Research Frontiers, Inc. 404 3,914
*Research, Inc. 3,200 22,800
*RF Micro Devices, Inc. 1,838 137,161
*RF Monolithics, Inc. 257 2,506
Richardson Electronics 481 3,277
*Robinson Nugent, Inc. 2,700 12,150
*Rogers Corporation 281 8,290
*Saf T Lok, Inc. 800 2,100
*Sanmina Corporation 2,498 189,536
*Sbs Technologies, Inc. 315 6,379
*SCI Systems, Inc. 3,187 151,383
Scientific Technologies, Inc. 430 2,553
*SDL, Inc. 1,362 69,547
*SeaMED Corporation 300 3,525
*Semtech Corporation 659 34,350
*Sensar Corporation 800 4,300
*Sensormatic Electronics Corporation 3,351 46,705
*Sensory Science Corporation 700 2,494
*Sheldahl, Inc. 484 3,207
*Sigmatron International, Inc. 200 913
*Signal Technology Corporation 2,400 13,200
*Silicon Storage Technology 1,029 7,685
*Silicon Valley Group, Inc. 1,468 24,681
*Siliconix, Inc. 567 19,420
*Sipex Corporation 860 17,630
*SL Industries, Inc 253 3,226
*SLI, Inc. 1,299 35,073
*Smartflex Systems, Inc. 300 994
*Spacehab, Inc. 412 2,112
*Sparton Corporation 350 2,100
*Spectra-Physics Lasers, Inc. 796 6,567
*Spectrum Control, Inc. 490 3,583
*Spire Corporation 3,200 12,400
*SRS Labs, Inc. 521 2,084
*Star Struck Ltd. 2,800 13,825
*Stimsonite Corporation 373 5,455
*Stoneridge, Inc. 1,002 13,527
*Superconductor Technologies, Inc. 2,500 9,375
*Supertex, Inc. 542 6,233
*Surge Components, Inc. 1,900 5,403
</TABLE>
100
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------------
Symbol Technologies, Inc. 3,954 $ 145,804
TB Woods Corporation 261 2,822
*Tech Sym Corporation 223 5,296
Technitrol, Inc. 723 23,317
Tech/Ops Sevcon, Inc. 139 1,720
*Telcom Semiconductor, Inc. 847 8,152
*Teradyne, Inc. 3,865 277,314
*The Carbide/Graphite Group 373 5,339
*The Cherry Corporation 461 6,454
*The DII Group, Inc. 1,389 51,827
The Eastern Company 160 2,860
*The Genlyte Group, Inc. 802 17,995
*The Panda Project, Inc. 8,100 1,256
*Thermo Ecotek Corporation 1,607 12,856
*Thermo Instrument Systems, Inc. 5,334 90,011
*Thermo Vision Corporation 500 2,750
Thomas Industries, Inc. 710 14,555
*Three-Five Systems, Inc. 373 5,152
*Trans-Industries, Inc. 100 725
*Transmation, Inc. 400 1,250
*TranSwitch Corporation 1,222 57,892
*Trident Microsystems, Inc. 577 5,301
*Trimble Navigation Ltd. 815 10,493
TriQuint Semiconductor, Inc. 449 25,509
*Triumph Group, Inc. 515 13,133
*UCAR International, Inc. 2,012 50,803
*Ultralife Batteries, Inc. 469 2,580
*Unique Mobility, Inc. 714 3,392
*Unitrode Corporation 1,513 43,404
*Universal Display Corporation 300 1,275
*Universal Electric 289 8,110
*uniView Technologies Corporation 2,400 5,400
*US Wireless Corporation 600 2,288
*Valence Technology, Inc. 946 6,977
*Varian, Inc. 1,330 17,955
*Varian Semiconductor Equipment Associates, Inc. 1,430 24,310
*Vicor Corporation 1,875 39,727
*VideoServer, Inc. 690 6,555
*Viisage Technology, Inc. 900 1,069
*Vishay Intertechnology, Inc. 3,784 79,459
*Vitesse Semiconductor Corporation 3,476 234,413
Watkins-Johnson Company 241 7,110
*WESCO International, Inc. 1,800 36,900
*Williams Controls, Inc. 2,200 6,806
*Wireless Telecom Group, Inc. 500 1,156
Woodhead Industries, Inc. 406 4,974
*WPI Group, Inc. 2,700 8,691
*Xicor, Inc. 800 3,175
*Xilinx, Inc. 6,596 377,611
*YieldUP International Corporation 500 844
*Zing Technologies, Inc. 200 1,625
*Zoltek Companies, Inc. 798 6,334
*Zoran Corporation 672 11,256
------------
10,936,122
------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
Entertainment & Leisure--1.3%
*4Kids Entertainment, Inc. 200 $ 3,550
*800 Travel Systems, Inc. 500 2,000
*Acres Gaming, Inc. 3,300 6,600
*Adams Golf, Inc. 829 2,124
Allen Organ Company Class B 171 6,156
*Alliance Gaming Corporation 437 1,639
*Alpha Hospitality Corporation 400 1,600
*Amc Entertainment 1,050 20,081
*American Coin Merchandising, Inc. 200 1,300
*American Wagering, Inc. 348 2,175
AMF Bowling, Inc. 2,403 20,275
*Anchor Gaming 539 25,906
*Argosy Gaming Company 1,103 9,720
*Ascent Entertainment Group 1,331 18,800
*Autotote Corporation Class A 1,200 2,850
*Avid Technology, Inc. 1,096 17,673
A.T. Cross Class A 610 3,393
*Bally Total Fitness Holdings Corporation 1,035 29,368
*barnesandnoble.com, Inc. 1,100 19,800
*Big Entertainment, Inc. 389 6,078
*Boston Celtics 410 4,869
*Boyd Gaming Corporation 2,280 15,960
*Brass Eagle, Inc. 200 3,750
*Brilliant Digital Entertainment, Inc. 500 3,000
Callaway Golf Company 3,360 49,140
*Carmike Cinemas, Inc. Class A 419 6,678
Cedar Fair LP. 2,332 58,154
*Championship Auto Racing 678 20,298
*Cheap Tickets, Inc. 1,000 36,500
Churchill Downs, Inc. 277 9,557
*Clark (Dick) Productions, Inc. 309 4,287
*Cleveland Indians Baseball 600 11,025
*Coastcast Corporation 357 4,552
*Coleman Company, Inc. 2,497 23,409
CPI Corporation 569 18,777
*Craig Corporation 1,000 7,063
*Cybex International, Inc. 1,900 8,550
*Department 56, Inc. 808 21,715
Dover Downs Entertainment 1,590 28,123
*DSI Toys, Inc. 505 2,178
Ellett Brothers, Inc. 200 1,450
Escalade, Inc. 139 2,398
*Family Golf Centers, Inc. 952 7,319
*Florida Panthers Holding 1,561 16,683
*Football USA, Inc. 2,900 14,138
*Four Media Company 663 4,310
Gaylord Entertainment Company Class A 1,467 44,010
*Golf Entertainment, Inc. 1,300 1,300
*GTECH Holdings Corporation 1,846 43,496
*Hollywood Entertainment Corporation 2,093 40,944
*Hollywood Park, Inc. 951 16,167
*Image Entertainment, Inc. 599 3,894
*Imaginon 946 2,129
International Game Technology 5,021 92,889
</TABLE>
101
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------------
International Speedway Corporation Class A 486 $ 23,085
*Jackpot Enterprises, Inc. 385 3,273
*Jakks Pacific, Inc. 419 12,491
*JCC Holding Company Class A 1,000 7,750
*Johnson Worldwide Associates 300 2,700
K2, Inc. 611 5,461
*Kushner Locke Company 489 3,179
*Lady Luck Gaming Corporation 2,000 9,250
*Lakes Gaming, Inc. 389 4,255
*Laser-Pacific Media Corporation 500 2,984
*Loews Cineplex Entertainment 2,622 28,514
*Macrovision Corporation 390 29,201
*Mandalay Resort Group 4,256 89,908
*Metro-Goldwyn-Mayer, Inc. 6,740 123,005
*MGM Grand, Inc. 2,953 144,697
*Multimedia Games, Inc. 200 1,400
*Navigant International, Inc. 579 4,560
*Paul-Son Gaming Corporation 1,300 11,700
*PDS Financial Corporation 300 1,481
*Penn National Gaming, Inc. 543 5,023
*Penske Motorsports, Inc. 620 30,768
*People's Choice TV Corporation 500 4,766
*Platinum Entertainment, Inc. 600 4,725
*Play By Play Toys & Novelties, Inc. 1,500 6,141
*Playcore, Inc. 1,200 6,900
*Players International, Inc. 1,178 8,467
*Premier Parks, Inc. 3,374 123,995
*Racing Champions Corporation 589 4,197
*Rawlings Sporting Goods Company 287 2,834
*Reading Entertainment, Inc. 333 2,518
*Rentrak Corporation 300 1,500
*Resortquest International, Inc. 754 6,221
*Riddell Sports, Inc. 500 1,813
*Sabre Group Holdings, Inc. 1,002 68,888
*Sfx Entertainment, Inc. Class A 1,534 102,107
*Sodak Gaming, Inc. 939 8,803
*Speedway Motorsports 1,856 72,964
*Sport Supply Group, Inc. 331 3,351
*Sports Club Co, Inc. 600 2,475
*Steinway Musical Instruments 325 8,613
*TBA Entertainment Corporation 500 2,156
*TearDrop Golf Company 400 1,050
*Ticketmaster Online-CitySearch, Inc. Class B 313 9,468
Todd Corporation Class A 300 3,300
*Topps Company, Inc. 1,711 12,458
*Toymax International, Inc. 474 2,311
*Trimark Holdings, Inc. 1,000 4,688
*Unapix Entertainment, Inc. 400 1,275
*United Leisure Corporation 400 1,088
*Video Update, Inc. Class A 1,200 975
*Westwood One, Inc. 1,280 45,680
*WMS Industries, Inc. 1,202 20,434
------------
1,920,646
------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
Environmental Controls--0.4%
*Allied Waste Industries, Inc. 8,176 $ 161,476
*Aqua Alliance, Inc. 5,295 5,295
*ATG, Inc. 810 5,366
*Casella Waste Systems, Inc. Class A 618 16,068
*Covol Technologies, Inc. 559 2,865
*Crown Andersen, Inc. 100 769
*Environmental Elements Corporation 300 994
*GZA GeoEnvironmental Technologies, Inc. 600 3,000
*Harding Lawson Associates Group, Inc. 300 2,550
*Hi-Rise Recycling Systems, Inc. 900 2,700
*Kti, Inc. 487 6,940
*Layne Christensen Company 520 3,315
*Metal Management, Inc. 600 900
*MFRI, Inc. 300 1,500
*MPM Technologies, Inc. 300 1,575
*New Horizons Worldwide, Inc. 247 4,878
Ogden Corporation 2,197 59,182
*Republic Services, Inc. Class A 7,567 187,283
*Safety-Kleen Corporation 4,354 78,916
Sevenson Environmental Services, Inc. 200 2,325
*Stericycle, Inc. 700 9,494
*Strategic Diagnostic, Inc. 300 1,125
*Superior Services, Inc. 1,454 38,804
*Synagro Technologies, Inc. 300 1,913
*Thermatrix, Inc. 300 1,313
*TRC Companies, Inc. 500 3,063
Trigen Energy Corporation 453 8,607
*Trion, Inc. 300 1,416
*U S Liquids, Inc. 754 15,740
*Waste Connections, Inc. 743 22,662
*Waste Industries 593 10,600
*Waste Systems International 524 3,619
------------
666,253
------------
Financial Services--4.5%
Advanta Corporation Class A 1,193 21,549
Advest Group, Inc. 398 7,935
*Affiliated Managers Group 1,084 32,723
AG Edwards, Inc. 4,212 135,837
Alliance Capital Management 7,616 246,092
Allied Capital Corporation 2,339 56,136
American Capital Strategies 407 7,428
*Americredit 2,803 44,848
*Ameritrade Holding Corporation Class A 2,553 270,618
*Ampal-American Israel Corporation Class A 883 4,746
*Amresco, Inc. 2,017 12,984
*Analytical Surveys, Inc. 249 6,194
Apartment Investment & Management Company 2,831 121,025
*Arcadia Financial Ltd. 1,444 11,191
</TABLE>
102
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
Atalanta Sosnoff Capital Corporation 500 $ 4,656
Avalon Capital, Inc. 400 6,500
*Borg-Warner Security Corporation 1,052 21,369
*Boron Lepore & Associates 466 3,903
Camden Property Trust 1,993 55,306
Capitol Federal Financial 4,100 42,794
*Caribiner International, Inc. 1,073 6,639
*Cash Technologies, Inc. 100 1,100
*Central Financial Acceptance Corporation 300 1,088
*Century Business Services 3,228 46,806
Charter Municipal Mtg Accptc 921 11,800
CIT Group, Inc. Class A 7,046 203,453
*CompuCredit Corporation 1,300 24,700
Conning Corporation 477 7,751
*Consumer Portfolio Services 700 1,170
*ContiFinancial Corporation 1,724 6,142
*Credit Acceptance Corporation 2,070 12,420
*Creditrust Corporation 395 10,961
*Crescent Operating, Inc. 500 3,406
*Crown Group, Inc. 444 2,775
Dain Rauscher Corporation 556 30,094
*Delta Financial Corporation 688 4,386
Donaldson Lufkin & Jenrette, Inc. 5,592 336,908
*Donna Karan International, Inc. 796 7,910
Doral Financial Corporation 1,808 31,188
*Dvi, Inc. 519 8,888
Eaton Vance Corporation 1,608 55,376
*Ebay, Inc. 5,703 861,143
*Electronic Processing, Inc. 207 2,148
*Equitex, Inc. 239 3,167
EVEREN Capital Corporation 1,557 46,418
*E*TRADE Group, Inc. 10,522 420,212
*Factual Data Corporation 100 1,056
Federated Investors, Inc. Class B 3,860 69,239
*Financial Federal Corporation 665 14,630
*Finet Holdings Corporation 3,100 17,244
Finova Group, Inc. 2,693 141,719
First Albany Companies, Inc. 315 5,040
*First Cash, Inc. 400 3,850
*First Sierra Financial, Inc. 524 13,100
*Firstcity Financial Corporation 305 1,678
*Food Technology Service, Inc. 450 1,913
*Forrester Research, Inc. 383 9,575
*Franchise Management Acceptance 1,059 9,266
Freedom Securities Corporation 899 15,395
*Friedman Billings Ramsey Group, Inc.--A 555 6,591
Fulton Financial Corporation 3,096 64,049
*Gabelli Asset Management, Inc. Class A 500 7,906
*Gallery of History, Inc. 400 2,100
*Greg Manning Auctions, Inc. 400 8,000
*Hallwood Group 400 7,675
*Hambrecht & Quist Group 1,076 39,947
*Healthcare Financial Partnership 599 20,516
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
Heller Financial, Inc. 1,731 $ 48,143
Hibernia Corporation Class A 6,996 109,750
*Hoening Group 400 3,975
*Hpsc, Inc. 200 1,900
*H.D. Vest, Inc. 300 1,650
*Imperial Credit Industries, Inc. 1,648 11,691
INMC Mortgage Holdings, Inc. 3,638 58,208
*Innotrac Corporation 331 6,703
*Insurance Auto Auctions, Inc. 517 8,337
*Internet Financial Services, Inc. 200 2,700
Investment Technology Group, Inc. 2,254 72,973
*Iron Mountain, Inc. 1,410 40,361
*Iti Technologies, Inc. 306 6,923
*JB Oxford Holdings, Inc. 521 7,359
Jeffries Group, Inc. 940 28,200
John Nuveen & Co, Inc. Class A 1,402 59,848
*JWGenesis Financial Corporation 763 10,777
*Kent Financial Services, Inc. 1,000 3,813
*Kinnard Investments, Inc. 1,200 4,913
Kirlin Holding Corporation 1,000 9,813
*Knight/Trimark Group, Inc. Class A 4,790 288,897
Legg Mason, Inc. 2,497 96,135
Liberty Property Trust 3,033 75,446
*L, Inc. Capital, Inc. 900 7,988
Litchfield Financial Corporation 252 4,268
*Lo-Jack Corporation 668 5,595
*Long Beach Financial Corporation 833 12,235
*MACC Private Equities, Inc. 520 4,875
*Marketing Services Group, Inc. 500 13,094
*Matrix Bank Corporation, Inc. 247 3,458
Medallion Financial Corporation 516 9,836
*Medaphis Corporation 3,303 18,992
*Memberworks, Inc. 698 20,242
Metris Companies, Inc. 1,722 70,172
MicroFinancial, Inc. 700 10,019
*MLC Holdings, Inc. 334 2,547
Morgan Keegan, Inc. 1,444 27,346
*Mossimo, Inc. 671 5,997
*M.H. Meyerson & Company, Inc. 300 1,988
*National Discounts Brokers Group, Inc. 626 36,308
*National Processing, Inc. 2,265 22,933
*Nco Group, Inc. 803 30,514
*New Century Financial Corporation 533 9,661
*Newsedge Corporation 632 4,938
*NextCard, Inc. 1,700 57,694
*Norstan, Inc. 492 6,119
Nvest L.P. 1,982 48,807
*Ocwen Financial Corporation 2,720 24,140
*Omega Worldwides, Inc. 548 2,226
*Onsale, Inc. 958 18,142
*Overland Data, Inc. 451 2,875
Paine Webber Group, Inc. 6,399 299,151
*Paulson Capital Corporation 500 2,406
*Paymentech, Inc. 1,617 41,031
*Pegasystems, Inc. 1,383 14,176
Peoples Heritage Financial Group, Inc. 4,651 87,497
</TABLE>
103
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
Phoenix Investment Partners 2,008 $ 17,319
*Pilgrim Capital Corporation 208 4,030
Pimco Advisors Holdings L.P. 2,160 64,260
*Pioneer Group 1,155 19,924
PMC Capital, Inc. 500 4,188
*Point West Capital Corporation 245 2,511
Post Properties, Inc. 1,701 69,741
*Precision Response Corporation 794 4,441
*Professional Detailing, Inc. 478 11,233
*Ragen Mackenzie Group, Inc. 481 5,712
Raymond James Financial Corporation 2,166 51,849
Resource America, Inc. Class A 806 11,687
Resource Bancshares Mortgage Group 1,053 10,793
Rock Financial Corporation 503 7,859
*Rose's Holdings, Inc. 300 1,538
*RWD Technologies, Inc. 550 5,741
*Seacoast Financial Services Corporation 1,200 13,650
*Seattle Filmworks, Inc. 726 2,223
Siebert Financial Corporation 939 28,111
*Sitel Corporation 2,368 6,956
*Softnet Systems 618 17,227
Southwest Securities Group, Inc. 477 34,225
*Startek, Inc. 589 14,578
*Sterigenics International, Inc. 391 10,313
Stifel Financial Corporation 300 2,794
Student Loan Corporation 894 39,783
T Rowe Price Assocates, Inc. 5,336 204,769
*Telespectrum Worldwide, Inc. 947 7,339
*Teletech Holdings, Inc. 2,695 27,287
The Goldman Sachs Group, Inc. 2,938 212,271
*The WMF Group Ltd. 2,000 12,500
The Ziegler Companies, Inc./Wis 107 1,859
*Think New Ideas, Inc. 1,077 17,030
*Transmedia Network, Inc. 574 2,260
*UniCapital Corporation 2,301 14,525
United Asset Management Corporation 2,838 64,565
Value Line, Inc. 446 17,394
*Vestcom International, Inc. 393 1,376
Virginia Commonwealth Finan 329 9,459
*Vsi Holdings, Inc./Ga 1,414 6,451
Wackenhut Corporation 667 19,843
Waddell & Reed Financial, Inc. Class A 2,970 81,489
*Warrantech Corporation 694 1,692
Wfs Financial, Inc. 948 13,154
Wilmington Trust Corporation 1,496 85,833
*Wind River Systems 1,791 28,768
*World Acceptance Corporation 701 3,527
------------
6,904,234
------------
Food Retailers--0.7%
*7-Eleven, Inc. 13,245 29,388
*Arden Group, Inc. 320 13,440
Food Lion, Inc. Class A 21,610 256,619
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
*Foodarama Supermarkets, Inc. 100 $ 2,988
*General Nutrition Company, Inc. 3,052 71,150
Hannaford Brothers Company 1,891 101,169
*Homeland Holding Corporation 3,000 9,000
Ingles Markets 660 10,065
Marsh Supermarkets, Inc. Class B 311 3,654
*Rocky Mountain Chocolate Factory, Inc. 300 1,800
Schultz Sav O Stores, Inc. 242 3,872
Seaway Food Town, Inc. 645 12,658
*Starbucks Corporation 8,172 306,951
*Synergy Brands, Inc. 400 775
*Village Super Market, Inc. Class A 100 1,288
*Vlasic Foods International, Inc. 2,035 14,881
Weismarkets, Inc. 2,068 80,911
*Western Beef, Inc./Del 1,300 7,881
*Whole Foods Market, Inc. 1,179 56,666
*Wild Oats Markets, Inc. 584 17,721
------------
1,002,877
------------
Forest Products & Paper--0.8%
American Woodmark Corporation 353 12,443
Associated Materials, Inc. 406 5,430
Bowater, Inc. 2,415 114,109
*Buckeye Technologies, Inc. 1,602 24,330
*Building Materials Holdings Corporation 566 6,509
Caraustar Industries, Inc. 1,120 27,650
Chesapeake Corporation 959 35,903
Consolidated Papers, Inc. 4,046 108,231
*Crown Vantage, Inc. 3,200 7,000
*Day Runner, Inc. 438 5,420
*Decora Industries, Inc. 328 2,091
*Drew Industries, Inc. 505 6,218
Ennis Business Forms 599 5,129
*Fibermark, Inc. 286 3,772
*Gaylord Container Class A 2,383 18,915
Georgia Pacific Corporation 3,907 98,652
Glatfelter (P H) Company 1,881 27,510
Hunt Corporation 411 3,391
*Ivex Packaging Corporation 936 20,592
*Kevco, Inc. 306 2,505
Liberty Homes, Inc. Class A 200 1,863
Longview Fibre Company 2,312 6,125
*Mail-Well, Inc. 2,184 35,354
*Palex, Inc. 721 4,371
*Paragon Trade Brands, Inc. 534 367
Patrick Industries, Inc. 216 3,375
*Playtex Products, Inc. 2,699 42,003
Pope and Talbot 497 5,995
Rayonier, Inc. 1,246 62,066
Republic Group 433 7,794
Rock-Tenn Company Class A 1,029 17,171
*Shorewood Packaging Corporation 1,187 21,885
*Simpson Manufacturing Company, Inc. 517 24,558
*Smurfit-Stone Container Corporation 9,616 197,729
St Joe Corporation 4,024 108,648
</TABLE>
104
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- --------------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
TJ International, Inc. 703 $ 21,793
*TST/Impreso, Inc. 300 1,219
Unisource Worldwide, Inc. 3,133 37,792
*United Stationers 1,646 36,212
Universal Forest Products, Inc. 926 19,909
Wausau-Mosinee Paper Corporation 2,433 43,794
------------
1,265,823
------------
Health Care Providers--1.4%
*Accredo Health, Inc. 500 16,375
*Alterra Healthcare Corporation 982 13,503
*America Service Group, Inc. 300 4,575
*American Dental Partners, Inc. 332 3,694
**American Health Corporation, Inc. 305 2,535
*American Retirement Corporation 765 9,563
*Ameripath, Inc. 773 6,667
*Amsurg, Inc. Class A 451 3,411
*Apria Healthcare Group 2,316 39,372
*ARV Assisted Living, Inc. 710 2,840
*Assisted Living Concepts, Inc. 778 0
*Beverly Enterprises, Inc. 4,581 36,934
*Caredata.com, Inc. 2,800 25,200
*Carematrix Corporation 796 9,900
*Castle Dental Centers, Inc. 500 3,125
*Centennial Healthcare Corporation 639 3,375
*Chronimed, Inc. 546 4,232
*Coast Dental Services, Inc. 341 1,598
*Concentra Managed Care, Inc. 2,106 31,195
*Core, Inc. 350 2,844
*Corvel Corporation 300 6,450
*Coventry Health Care, Inc. 2,632 28,788
*Cryolife, Inc. 467 5,721
*Curative Health Services, Inc. 470 2,585
*Daxor Corporation 213 2,689
*Dianon Systems, Inc. 303 3,295
*Dynacq International, Inc. 500 2,844
*Emeritus Corporation 343 3,387
*Enzo Biochem, Inc. 918 9,065
*Enzon, Inc. 1,584 32,769
*Express Scripts, Inc. Class A 1,504 90,522
*First Health Group Corporation 3,121 67,297
*Foundation Health Systems 5,467 82,005
*Genesis Health Ventures, Inc. 1,575 4,725
*Health Management Associates, Inc. Class A 11,237 126,416
*Health Systems Design Corporation 300 1,275
*Healtheon Corporation 3,232 248,864
Hooper Holmes, Inc. 1,259 25,652
*Human Genome Sciences, Inc. 1,003 39,619
*Immunomedics, Inc. 1,393 2,046
*Impath, Inc. 412 11,124
*IntegraMed America, Inc. 400 1,700
*Integrated Health Services, Inc. 2,363 18,904
*InterDent, Inc. 600 4,388
Labone, Inc. 1,090 11,173
*Laser Vision Centers, Inc. 446 28,098
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
*LifePoint Hospitals, Inc. 1,500 $ 20,156
*Linc Holdings, Inc. 2,604 65,100
*Magellan Health Services, Inc. 1,414 14,140
*Managed Care Solutions, Inc. 300 1,088
*Mariner Post-Acute Network 1,858 1,045
*Matria Healthcare, Inc. 1,342 9,730
*Maxicare Health Plans, Inc. 661 3,140
*Mid Atlantic Medical Services, Inc. 2,220 21,923
Morrison Health Care, Inc. 445 11,125
*National Dentex Corporation 156 2,691
*Novacare, Inc. 1,300 1,950
*Omega Health Systems, Inc. 500 3,750
*Orthodontic Centers of Amer 2,138 30,199
*Oxford Health Plans, Inc. 3,596 55,963
*PacifiCare Health Systems, Inc. Class A 2,036 146,465
*Pediatrix Medical Group, Inc. 683 14,514
*Pentegra Dental Group, Inc. 400 850
*Physicians Speciality Corporation 401 3,835
*PMR Corporation 312 1,034
*Prime Medical Service, Inc. 659 4,860
*Province Healthcare Company 679 13,241
Psychemedics Corporation 816 4,080
*Ramsay Youth Services, Inc. 400 2,100
*Raytel Medical Corporation 600 2,775
*Rehabcare Corporation 339 6,250
*Renal Care Group, Inc. 1,913 49,499
*Renex Corporation 300 1,631
*SeraCare, Inc. 400 2,000
*Sierra Health Services, Inc. 1,213 17,513
*Sight Resource Corporation 500 2,094
*Sonus Corporation 400 1,600
*Sunrise Assisted Living, Inc. 950 33,131
*Syncor International Corporation-Del 491 17,676
*Total Renal Care Holdings, Inc. 3,621 56,352
*Transworld Healthcare, Inc. 784 2,548
*Triad Hospitals, Inc. 1,600 21,600
*United Payors & United 764 17,715
*Universal Health Services, Inc. Class B 1,565 74,729
*Urocor, Inc. 468 2,296
*US Physical Therapy, Inc. 300 2,550
Ventas, Inc. 3,035 16,313
*Veterinary Centers of America 926 12,559
*Wellpoint Health Networks, Inc. 2,995 254,201
------------
2,110,350
------------
Heavy Construction--0.2%
Abrams Industries 300 1,500
*Amrep Corporation 500 2,844
*Crossmann Communities, Inc. 514 14,938
*Del Webb 808 19,291
*Fairfield Communities, Inc. 2,054 33,121
Granite Construction, Inc. 1,236 36,230
*Hovnanian Ent Class A 400 3,500
*Kentucky Electric Steel, Inc. 2,800 9,275
Lennar Corporation 2,601 62,424
</TABLE>
105
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
Mcgrath Ren Corporation 516 $ 10,320
*Meadow Valley Corporation 400 1,750
*Morrison Knudsen Corporation 2,389 24,637
M/I Schottenstein Homes, Inc. 325 5,992
*Perini Corporation 200 1,138
*Rottlund Company 1,200 5,550
Rouse Company 3,069 77,876
*TransCoastal Marine Services, Inc. 2,600 12,675
*Turner Corporation 290 5,111
*UNIFAB International, Inc. 1,300 10,888
*US Home Corporation 607 21,549
*Westower Corporation 308 7,546
*Williams Industries, Inc. 300 1,200
------------
369,355
------------
Heavy Machinery--1.6%
*Aaon, Inc. 277 3,186
*Ag-Chem Equipment 355 3,550
Agco Corporation 2,763 31,256
Alamo Group, Inc. 359 3,141
*Albany International 1,380 28,635
Allied Products Corporation 528 1,518
*Altair International 859 4,456
*American Aircarriers Support 288 2,484
*American Standard Company 3,145 150,960
Ampco-Pittsburgh Corporation 353 4,523
Applied Industrial Tech, Inc. 969 18,411
Applied Power, Inc. Class A 1,728 47,196
*Applied Science & Technology 516 11,610
*Arguss Holdings 471 8,920
*Astec Industries 843 34,352
*Asyst Technologies, Inc. 518 15,508
*Aviall, Inc. 1,070 20,129
*Aviation Sales Company 658 25,991
*Avteam, Inc. Class A 677 4,951
*A.S.V., Inc. 455 10,294
*Baldwin Technology Company, Inc. Class A 676 1,986
BHA Group, Inc. 319 2,632
*Bolt Technology Corporation 300 1,725
*Bridgeport Machines, Inc. 900 8,775
*Brooks Automation, Inc. 505 13,667
Cascade Corporation 427 5,978
*CFM Technologies, Inc. 452 4,520
*CH Heist Corporation 800 5,200
Charter Industries 1,077 8,481
Cmi Corporation Class A 894 8,158
Columbus Mckinnon Corporation 616 14,784
*Ctb International Corporation 454 3,774
Detroit Diesel Corporation 1,105 27,211
Donaldson Company, Inc. 2,164 53,018
*Dril-Quip 736 16,882
DT Industries, Inc. 468 4,300
*Dycomind 1,094 61,264
*Electroglas, Inc. 827 16,540
Engineered Support Systems 317 3,745
*Farr Company 395 4,345
Fedders Corporation 1,424 9,523
</TABLE>
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------------
Federal Mogul Corporation 3,211 $ 166,972
*Flow International Corporation 551 5,958
Flowserve Corporation 1,718 32,535
*Gardner Denver, Inc. 693 11,175
*Gasonics International Corporation 622 8,708
*Gehl Corporation 300 6,075
*Glacier Water Services, Inc. 135 2,683
Gleason Corporation 478 8,036
*Global Industrial Technologies 912 11,001
Gorman Rupp Company 315 5,198
Graco, Inc. 898 26,379
Hardinge, Inc. 362 6,358
Harnischfeger Industries, Inc. 800 1,600
*Hirsch International Corporation Class A 800 1,800
*Hurco Company, Inc. 600 3,000
Idex Corporation 1,312 43,132
*IIC Industries, Inc. 300 3,075
*Industrial Distribution Group 779 3,944
*Industrial Holdings, Inc. 778 5,932
*Insituform Technologies Class A 1,180 25,518
*International Comfort Products Corporation 1,830 20,816
*IRI International Corporation 1,785 8,256
*ITEQ, Inc. 1,200 2,513
*JLK Direct Distribution, Inc. Class A 1,100 10,244
Kaman Corporation Class A 1,059 16,613
Katy Inds, Inc. 306 3,978
*Key Technology, Inc. 200 1,875
*Knight Transportation, Inc. 669 14,300
*Kulicke & Soffa Industries 1,042 27,939
*Lancer Corporation--Texas 336 2,814
Lincoln Electric Holding, Inc. 2,154 44,157
Lindsay Manufacturing Company 584 10,257
Lufkin Industries, Inc. 241 4,820
*Magne Tek, Inc. 1,412 14,914
Manitowoc Company, Inc. 1,159 48,243
*Mansur Industries, Inc. 1,200 12,000
*McClain Industries, Inc. 400 275
*Mestek, Inc. 328 7,216
Met-Pro Corporation 306 3,825
*Metromedia International Group, Inc. 3,092 23,190
*Mitcham Industries, Inc. 2,200 8,800
*Morgan Products Ltd. 2,700 10,294
*Newcor, Inc. 2,500 12,188
NN Ball & Roller, Inc. 662 3,807
Nordson Corporation 731 44,774
Omniquip International, Inc. 726 5,717
*P&F Industries, Inc. Class A 200 1,931
*Park Holdings Corporation 411 6,961
*Paxar Corporation 2,143 19,287
*Pentacon, Inc. 745 3,678
Pentair, Inc. 1,918 87,749
*Plasma-Therm, Inc. 700 1,925
*PLM International, Inc. 400 2,300
*Presstek, Inc. 1,390 10,034
</TABLE>
106
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
Quipp, Inc. 100 $ 1,300
*Recovery Engineering, Inc. 268 4,556
*Riviera Tool Company 300 1,481
Robbins & Myers, Inc. 406 9,059
*Sames Corporation 132 2,624
Sauer, Inc. 1,210 13,008
*Schmitt Industries, Inc. 3,300 8,250
Scotsman Industries, Inc. 390 8,409
*Scott Technologies, Inc. 799 15,381
*Semitool, Inc. 608 5,852
SI Handling Systems, Inc. 100 1,050
*Specialty Equipment Company 822 24,198
*SpeedFam-IPEC, Inc. 1,388 22,298
*Speizman Industries, Inc. 2,300 8,338
*SPS Technologies, Inc. 566 21,225
*SPX Corporation 1,368 114,228
Tecumseh Products Company Class A 939 56,868
*Tegal Corporation 3,000 10,313
Teleflex, Inc. 1,673 72,671
Tennant Company 415 13,280
*Terex Corporation 1,030 31,351
*The Middleby Corporation 200 1,275
*Thermadyne Holdings Corporation 144 2,448
*Thermo Fibertek, Inc. 2,750 19,594
*Thermo Power Corporation 436 5,041
*Thermo Sentron, Inc. 447 6,035
*Tokheim Corporation 566 6,474
Toro Company 575 22,641
*Total Containment, Inc. 300 900
*Tractor Supply Company 522 14,257
*Turbochef, Inc. 640 6,160
Twin Disc, Inc. 126 2,528
*Ultratech Stepper, Inc. 943 14,204
United Industrial Corporation 1,053 11,649
*VWR Corporation 1,289 47,290
*Waterlink, Inc. 547 1,573
Watsco, Inc. 1,506 24,661
Weatherford International, Inc. 4,560 167,010
*White Cap Industries, Inc. 393 4,642
Woodward Governor Company 416 10,816
York International Corporation 1,792 76,720
------------
2,478,006
------------
Home Construction, Furnishings & Appliances--
1.1%
*American Homestar Corporation 880 6,050
*American Safety Razor Company 800 8,000
Bassett Furniture Inds, Inc. 579 13,245
*Beazer Homes USA, Inc. 231 5,356
*BioShield Technologies, Inc. 100 1,838
Bush Industries Class A 380 6,318
*C3, Inc. 311 5,365
Cavalier Homes, Inc. 724 5,928
*Champion Enterprises, Inc. 2,152 40,081
*Chromcraft Revington, Inc. 402 5,804
Clayton Homes, Inc. 6,505 74,401
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
*Congoleum Corporation Class A 900 $ 6,469
*Dal Tile International, Inc. 2,396 27,255
*Diamond Home Services, Inc. 400 1,700
*Dominion Homes, Inc. 200 1,475
Donnelly Corporation 371 5,866
DR Horton, Inc. 2,988 49,676
*Ekco Group, Inc. 878 3,293
Engle Homes, Inc. 411 5,651
*Essef Corporation 885 17,921
Ethan Allen Interiors, Inc. 1,849 69,800
Falcon Products, Inc. 334 3,403
Flexsteel Industries 252 3,355
*Fossil, Inc. 936 45,279
*Furniture Brands International, Inc. 2,320 64,670
*Gentex Corporation 3,318 92,904
*Helen of Troy Ltd. 1,299 23,301
HON Industries, Inc. 2,762 80,616
Hussmann International, Inc. 2,281 37,779
*Jan Bell Marketing 1,344 4,704
Kimball International Class B 1,820 30,713
Knape & Vogt Manufacturing Company 213 3,754
*Knoll, Inc. 1,880 50,055
*Ladd Furniture 288 6,048
*Lazare Kaplan International 379 3,837
La-Z-Boy Chair Company 2,367 54,441
Leggett & Platt, Inc. 8,806 244,917
Libbey, Inc. 773 22,417
Lifetime Hoan Corporation 464 4,234
MDC Holdings, Inc. 820 17,630
*Media Arts Group, Inc. 481 2,104
*Meritage Corporation 238 2,603
*Michael Anthony Jewelers, Inc. 1,200 4,875
Mikasa, Inc. 669 7,568
Miller (Herman), Inc. 3,846 80,766
*Mity Lite, Inc. 146 2,774
*Modtech Holdings, Inc. 500 5,688
Movado Group 578 14,956
National Presto Industries 271 10,366
*Newmark Homes Corporation 514 2,763
*Nobility Homes, Inc. 219 1,643
*NVR L.P. 481 25,102
Oakwood Homes Corporation 2,087 27,392
Oneida Ltd. 747 21,009
*O'Sullivan Industries Holdings 686 11,662
*Palm Harbor Homes, Inc. 1,063 26,641
Pulaski Furniture Corporation 126 2,567
*Rexhall Industries, Inc. 300 3,788
*Robertson-Ceco Corporation 1,300 12,838
Rowe Furniture Corporation 454 4,739
*Royal Appliance Manufacturing Company 894 6,202
Ryland Group 657 19,505
Salton/Maxim Corporation 389 19,450
*Schuler Homes, Inc. 741 4,817
*Select Comfort Corporation 810 7,239
Skyline Corporation 341 9,996
*SMC Corporation 300 1,538
*Southern Energy Homes, Inc. 565 3,002
</TABLE>
107
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ----------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------
Standard-Pacific Corporation 1,326 $ 17,155
Standex International Corporation 581 15,905
*Stanley Furniture Company, Inc. 264 5,940
Steelcase, Inc. 1,029 20,580
*Sunbeam Corporation 4,513 35,822
*Toll Brothers 1,654 35,458
*Trex Company, Inc. 500 12,688
Virco Manufacturing 365 5,886
*Walter Industries, Inc. 2,286 29,575
*Washington Homes, Inc. 500 3,219
*Windmere Corporation 1,014 17,111
*Winsloew Furniture, Inc. 270 9,079
*Zaring National Corporation 600 4,800
------------
1,712,360
------------
Industrial--Diversified--3.4%
*AG Services of America, Inc. 233 4,019
*Alyn Corporation 3,200 10,000
American Biltrite, Inc. 134 2,747
*ARTRA Group, Inc. 300 4,050
*Asahi America, Inc. 1,900 13,775
Aztec Manufacturing Company 800 7,800
*Berkshire Hathaway, Inc. Class A 680 4,685,190
*Blyth Industries, Inc. 2,200 75,625
Carlisle Companies, Inc. 1,350 64,969
*GSI Lumonics, Inc. 627 2,390
*Hexcel Corporation 1,724 17,456
*Identix, Inc. 1,133 11,118
*Interlott Technologies, Inc. 400 2,300
*Koala Corporation 227 6,072
*Lydall, Inc. 577 6,636
Mark IV Industries, Inc. 2,435 51,439
*Metrika Systems Corporation 361 3,159
*Mikohn Gaming Corporation 500 1,844
Oil Dri America Class A 266 4,256
*Publicard, Inc. 690 7,029
Russ Berrie & Co, Inc. 994 24,602
Scope Industries 100 6,500
*Shuffle Master, Inc. 400 3,350
*Thermwood Corporation 200 1,350
US Industries, Inc. 4,410 74,970
Wesco Financial Corporation 318 98,580
York Group, Inc. 399 2,993
*Zomax Optical Media, Inc. 364 16,016
------------
5,210,235
------------
Insurance--4.0%
20th Century Industries 3,919 73,971
*Acceptance Insurance Cos, Inc. 641 9,655
*Advance Paradigm, Inc. 459 27,999
Aflac Corporation 11,869 568,218
Alfa Corporation 1,828 36,560
*Allcity Insurance Company 500 3,063
*Alleghany Corporation 327 60,495
Allmerica Financial Corporation 2,700 164,194
Ambac Financial Group, Inc. 3,118 178,116
American Annuity Group, Inc. 1,909 46,293
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
American Bankers Insur Group 1,927 $ 104,901
American Financial Group, Inc. 2,732 93,059
American Heritage Life Investors, Inc. 1,246 30,527
*American Indemnity Financial Corporation 600 8,550
American Med Security Group 611 5,270
American National Insurance 1,184 84,360
Amerus Life Holdings, Inc. 1,149 31,023
Amwest Insurance Group, Inc. 907 8,390
Argonaut Group, Inc. 1,075 25,800
Arm Financial Group, Inc. Class A 1,057 8,985
*Atlantic American Corporation 700 2,844
Baldwin & Lyons, Inc. Class B 613 14,520
*Bancinsurance Corporation 1,050 5,513
Brown & Brown 604 22,952
Capital Research Corporation 1,425 22,889
*Capital Title Group, Inc. 1,000 2,500
Capitol Transamerica Corporation 413 5,472
Centris Group, Inc. 400 4,050
*Ceres Group, Inc. 423 3,886
Chartwell Re Corporation 355 6,612
*Citizens Financial Corporation-A 200 2,150
*Citizens, Inc. 788 4,630
*Clark/Bardes Holdings, Inc. 297 5,643
*CNA Financial Corporation 8,227 331,641
Commerce Group, Inc. 1,612 39,293
Cotton States Life Insurance 287 3,516
Crawford and Company 2,282 37,083
*Danielson Holding Corporation 700 4,025
*Delphi Financial Group, Inc. 930 33,364
Donegal Group, Inc. 365 4,152
EMC Insurance Group, Inc. 423 4,970
Enhance Fin Serv Group, Inc. 1,672 33,022
Equitable Company, Inc. 9,983 668,851
Erie Indemnity Company Class A 2,999 85,472
Everest Reinsurance Holdings, Inc. 2,240 73,080
Executive Risk, Inc. 496 42,191
E.W. Blanch Holdings, Inc. 574 39,140
*Farm Family Holdings, Inc. 208 7,111
FBL Financial Group, Inc. Class A 1,405 27,398
Fidelity National Financial, Inc. 1,287 27,027
*Financial Industries Corporation 242 2,904
Financial Security Assurance 1,410 73,320
First American Financial Corporation 2,808 50,193
*First Commonwealth, Inc. 100 2,450
Foremost Corporation of America 1,218 26,796
*Fpic Insurance Group, Inc. 421 20,419
Fremont General Corporation 3,127 59,022
Frontier Insurance Group, Inc. 1,656 25,461
Gainsco, Inc. 770 4,524
Gallagher A J & Company 773 38,264
Guarantee Life Companies, Inc. 340 8,543
Harleysville Group, Inc. 1,303 26,712
Hartford Life Class A 1,157 60,887
HCC Insurance Holdings, Inc. 2,153 48,846
*Highlands Insurance Group 477 5,009
Hilb Rogal & Hamilton Company 847 18,952
</TABLE>
108
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------------
Horace Mann Educators Corporation 1,902 $ 51,711
HSB Group, Inc. 1,314 54,120
Independence Holding Company 272 3,196
*Insurance Management Solutions Group, Inc. 300 2,550
*Intercontinental Life Corporation 400 3,750
*Interstate National Dealer Services, Inc. 200 1,350
Investors Title 200 3,400
Kansas City Life Insurance Company 554 23,822
Kaye Group, Inc. 300 2,250
Lab Holdings, Inc. 239 3,316
Landamerica Financial Group 690 19,838
Leucadia National Corporation 2,782 69,550
Liberty Corporation 834 45,453
Liberty Financial Company 2,064 60,114
Life USA Holdings 1,131 22,903
*Markel Corporation 246 46,002
Meadowbrook Insurance Group 390 5,314
*Medical Assurance In 1,046 29,876
Merchants Group, Inc. 472 10,561
Mercury General Corporation 2,449 83,266
Meridian Ins Group 247 4,137
Midland Company 340 8,628
MMI Companies, Inc. 849 14,327
Mobile America Corporation 500 1,625
Mony Group, Inc. 2,113 68,937
*Motor Club of America 400 5,225
National Security Group, Inc. 400 4,700
Nationwide Financial Services, Inc. Class A 1,064 48,146
*National Western Life Ins Class A 146 14,053
*Navigators Group, Inc. 377 5,655
Nymagic, Inc. 433 6,766
Ohio Casualty Corporation 1,439 51,984
Old Guard Group, Inc. 300 4,013
Old Republic International Corporation 6,100 105,606
Orion Capital 1,212 43,481
*Penn Treaty America Corporation 287 6,906
Penn-America Group, Inc. 500 5,188
Philadelphia Cons Holdings Company 545 13,353
*Pico Holdings, Inc. 400 10,125
Pma Capital Corporation Class A 409 8,410
PMI Group, Inc. 1,357 85,237
Presidential Life Corporation 1,420 27,868
*Professionals Group, Inc. 375 12,656
Protective Life Corporation 2,882 95,106
*Provident Amer Corporation 477 13,296
Pxre Corporation 595 10,784
Radian Group, Inc. 1,606 78,414
Reinsurance Group of America, Inc. 1,693 59,678
Reinsurance Group of America, Inc. (Non Voting) 273 9,146
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
Reliance Group Holdings, Inc. 5,191 $ 38,608
Reliastar Financial Corporation 4,077 178,369
*Rightchoice Managed Care Class A 300 3,431
*Risk Capital Holdings, Inc. 763 10,301
RLI Corporation 464 17,980
*Rtw, Inc. 1,400 8,225
Scpie Holdings, Inc. 556 18,140
Selective Insurance Group 1,263 24,076
*Southern Security Life Insurance 500 2,094
*Stan Corporation Financial Group, Inc. 1,600 48,000
*Standard Management Corporation 353 2,317
State Auto Financial 1,876 25,326
Stewart Information Services 478 10,098
*Superior National Insurance 797 21,718
Surety Corporation 1,972 30,196
*Symons International Group 464 2,523
*The Seibels Bruce Group, Inc. 300 1,500
Transatlantic Holdings, Inc. 1,550 116,153
Travelers Property Casualty Corporation 2,901 113,502
Trenwick Group, Inc. 499 12,303
*Triad Guaranty, Inc. 598 10,727
*Trigon Healthcare, Inc. 1,892 68,822
*UICI 2,068 57,129
Unico American 200 2,038
United Fire & Causualty Company 451 11,726
United Wisconsin Services 611 4,888
Unitrin, Inc. 3,544 145,304
Vesta Insurance Group 686 3,173
*Wackenhut Corrections Corporation 977 19,357
White Mountains Insurance Group, Inc. 256 36,096
W.R. Berkley Corporation 1,185 29,625
XL Captial Ltd. Class A 750 42,392
Zenith National Insurance Corporation 762 18,764
------------
6,107,421
------------
Lodging--0.5%
*American Skiing Corporation 3,194 12,976
*Ameristar Casinos, Inc. 700 2,275
*Aztar Corporation 1,668 15,325
*BridgeStreet Accomodations, Inc. 300 994
*Bristol Hotel & Resorts, Inc. 655 4,913
*Cavanaughs Hospitality Corporation 566 4,776
*Choice Hotels International, Inc. 2,589 51,133
*Crestline Capital Corporation 855 14,375
*Extended Stay America, Inc. 4,292 51,504
*Homestead Village Property, Inc. 1,411 3,439
Host Marriott Corporation 10,560 125,400
*Host Marriott Services Corporation 1,241 10,083
*Interstate Hotels Corporation 347 1,433
</TABLE>
109
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*International Leisure Hosts 300 $ 1,425
*Isle of Capris Casinos, Inc. 800 5,500
*John Q Hammons Hotels, Inc. 300 1,256
*Lodgian, Inc. 1,064 6,983
Marcus Corporation 1,395 17,176
*MeriStar Hotels & Resorts, Inc. 900 3,094
*Monarch Casino & Resort, Inc. 300 1,913
*Park Place Entertainment Corporation 13,547 131,237
*Prime Hospitality Corporation 2,338 28,056
*Promus Hotel Corporation 3,827 118,637
*Red Roof Inns, Inc. 1,222 21,920
*Riviera Holdings Corporation 200 1,125
*ShoLodge, Inc. 300 1,519
*Silver Leaf Resorts, Inc. 475 3,058
*Sodexho Marriott Services, Inc. 2,779 53,322
Sonesta International Hotels 400 4,875
*Station Casinos, Inc. 1,579 32,172
*Suburban Lodges of America 569 3,663
*Sunburst Hospitality Corporation 893 5,246
*Sunterra Resorts, Inc. 1,606 22,384
*Supertel Hospitality, Inc. 200 2,463
*Thousand Trails, Inc. 600 2,663
*Trendwest Resorts, Inc. 767 17,114
*Trump Hotels & Casino Resorts 818 3,732
*US Franchise Systems, Inc. 633 14,678
*Vail Resorts, Inc. 1,210 21,175
*Vistana, Inc. 781 12,301
------------
837,313
------------
Media--Broadcasting & Publishing--4.1%
*5th Avenue Channel Corporation 700 2,625
*Adelphia Communications Class A 1,756 111,726
*Allegiance Telecom, Inc. 2,852 156,504
*American Telecasting, Inc. 700 4,178
*American Tower Corporation 7,271 174,504
Banta Corporation 1,294 27,174
Belo (A H) Corporation 5,394 106,194
BHC Communications, Inc. Class A 1,007 129,525
*Big City Radio 1,400 5,075
*Big Flower Holdings, Inc. 881 28,082
*Cablevision Systems Corporation 4,809 336,620
*Capstar Broadcasting Corporation Class A 1,517 41,528
Central Newspapers Class A 1,674 62,984
Champion Industries, Inc. 432 3,348
*Chancellor Media Corporation Class A 6,480 357,200
*Chris-Craft Industries, Inc. 1,498 70,593
*Citadel Communications Corporation 1,150 41,616
*Clear Channel Communications, Inc. 2,644 182,271
*College Television Network 638 4,506
Courier Corporation 300 6,900
*Cox Communications, Inc. Class A 23,770 875,023
*Cox Radio, Inc. Class A 355 19,259
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------
*Cumulus Media, Inc. 727 $ 15,903
*Daily Journal Corporation-Sc 119 4,373
*Emmis Communications Cia 587 28,983
*Entercom Communications Corporation 1,200 51,300
*Entertainment, Inc. 1,490 27,938
EW Scripps Company 3,511 166,992
*Fox Entertainment Group, Inc. 5,503 148,237
*Gibson Greetings, Inc. 583 3,698
*Granite Broadcasting Corporation 468 3,656
Gray Communications Systems Class B 771 10,890
Gray Communications System 694 13,880
Harland (John H) Company 1,387 27,653
Harte-Hanks Communications, Inc. 3,176 86,149
*Hearst-Argyle Television, Inc. 2,073 49,752
*Hispanic Broadcasting Corporation 2,073 157,289
Hollinger International, Inc. 5,322 63,199
Houghton Mifflin Company 1,347 63,393
*IDG Books Worldwide, Inc. 526 9,600
*Individual Investors Group 379 2,179
*Infinity Broadasting Corporation 6,863 204,174
*Information Holdings, Inc. 758 14,876
*Jones Intercable, Inc. 1,840 90,160
*Journal Register Company 2,167 48,758
Lee Enterprises, Inc. 1,993 60,787
*Lodgenet Entertainment Corporation 400 5,575
*Loronix Information Systems, Inc. 300 2,475
Media General, Inc. Class A 1,197 61,047
*National Wireless Holdings 146 2,446
Nelson (Thomas), Inc. 544 6,052
*Network Event Theater, Inc. 618 10,352
*New Frontier Media, Inc. 300 2,175
*On Command Corporation 1,349 23,776
*OnHealth Network Company 938 9,966
*Paxson Communications Corporation 2,348 31,698
*PC Quote, Inc. 997 7,540
*Pegasus Communications Corporation 606 23,899
*Playboy Enterprises, Inc. Class B 998 26,509
*Polk Audio, Inc. 100 1,000
*Price Communications 1,585 23,775
*Primedia, Inc. 6,471 109,603
Pulitzer, Inc. 1,006 48,854
*Radio One, Inc. 400 18,600
*Rare Medium Group, Inc. 1,415 17,599
Readers Digest Association, Inc. 4,794 190,562
*Saga Communications, Inc. 572 10,654
*Scholastic Corporation 730 36,956
*S, Inc. Broadcast Group Class A 2,099 34,371
TCA Cable TV, Inc. 2,232 123,876
*Tci Music, Inc. Class A 800 28,300
*TCI Satellite Entertainment, Inc. 2,600 7,638
*The Harvey Entertainment Company 200 963
</TABLE>
110
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
The Macclatchy Company Class A 1,999 $ 66,217
*The Network Connection, Inc. 1,700 3,825
*TheStreet.com, Inc. 900 32,400
*TV Guide, Inc. Class A 3,344 122,474
United Television, Inc. 420 44,048
*Univision Communications, Inc. Class A 4,057 267,762
*USA Networks, Inc. 5,849 234,691
*Valley Media, Inc. 300 4,463
*VDI Media 400 2,600
*Vidikron Technologies Group, Inc. 14,100 13,219
Washington Post Company 450 241,988
*Wave Technologies International, Inc. 300 1,069
Wiley John & Sons Class A 2,834 49,949
*Workflow Management, Inc. 493 7,025
*World Color Press, Inc. 1,719 47,273
*Young Broadcasting Corporation Class A 533 22,686
*Ziff Davis, Inc. 4,674 72,155
------------
6,201,359
------------
Medical Supplies--1.9%
*Abiomed, Inc. 386 5,308
*Acuson Corporation 1,227 21,089
*Adac Laboratories 896 6,496
*Advanced Health Corporation 3,000 11,250
*Advanced Neuromodulation Sys 342 3,249
*Aksys Ltd. 658 3,825
*Alaris Medical, Inc. 2,183 7,368
*Amer Science & Engine, Inc. 315 2,914
*Applied Biometrics, Inc. 300 1,350
*Aradigm Corporation 448 3,976
Arrow International, Inc. 1,039 26,884
*Arthocare Corporation 430 8,815
*ATS Medical, Inc. 795 6,261
*Bacou USA, Inc. 787 13,428
Ballard Medical Products 1,662 38,745
*Bionx Implants, Inc. 399 2,195
*Bio-Plexus, Inc. 700 3,194
*Biosite Diagnostics, Inc. 577 5,842
Block Drug Company, Inc. Class A 1,022 42,605
*BriteSmile, Inc. 700 7,875
*Cambridge Heart, Inc. 401 2,732
*Candela Corporation 300 4,275
*Cardiothoracic Systems, Inc. 624 8,736
*Cerus Corporation 447 9,834
*Chromavision Medical Systems 836 8,256
*Closure Medical Corporation 594 17,820
*CNS, Inc. 783 2,667
*Coherent, Inc. 1,060 19,743
*Cohesion Technologies, Inc. 586 3,516
*Cole National Corporation 658 5,223
*Colorado Medtech, Inc. 474 10,398
*Computer Motion, Inc. 359 3,657
*Conmed Corporation 677 20,733
Cooper Company, Inc. 667 16,633
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------
*Cygnus, Inc. 2,359 $ 30,667
*DHB Capital Group 1,112 4,622
*Datascope Corporation 678 21,781
*Del Global Technologies Corporation 340 3,315
Dentsply International, Inc. 2,648 74,144
Diagnostic Products Corporation 617 17,045
*Diametrics Medical, Inc. 862 5,172
*Eclipse Surgical Tech, Inc. 1,104 11,937
*Empi, Inc. 244 5,948
*Endocardial Solutions, Inc. 402 3,794
*Endocare, Inc. 600 3,600
*Endosonics Corporation 643 4,501
*Environmental Tectonics Corporation 374 3,553
*Exactech, Inc. 319 3,669
*Excel Technology, Inc. 606 8,030
*E-Z-Em, Inc. Class A 650 3,575
*Focal, Inc. 592 4,440
*Fusion Medical Technologies, Inc. 300 2,269
*General Surgical Innovations 601 2,592
*Gliatech, Inc. 345 8,798
*Haemonetics Corporation 1,192 23,915
*Hanger Orthopedic Group, Inc. 813 11,534
*Heartport 929 2,206
Hillenbrand Industries, Inc. 2,995 129,534
*Hologic, Inc. 493 2,773
*Horizon Medical Products, Inc. 598 3,588
*ICU Med, Inc. 396 7,004
*I-Flow Corporation 1,700 6,003
*Igen International, Inc. 685 19,951
*Integra Lifesciences Corporation 700 4,506
*Intermagnetics General Corporation 555 4,301
*Interpore International 627 2,586
Invacare Corporation 1,637 43,790
*IRIDEX Corporation 500 2,438
*Isolyser Company, Inc. 2,500 11,719
*I-Stat Corporation 562 5,128
*Kensey Nash Corporation 333 2,664
*Lasersight, Inc. 588 9,555
*LCA-Vision, Inc. 1,900 17,694
*Lunar Corporation 384 3,024
*Maxxim Medical, Inc. 636 14,827
*MedCare Technologies, Inc. 400 1,875
*Medpartners, Inc. 8,904 67,337
*Medstone International, Inc. 300 2,213
*Medtox Scientific, Inc. 200 1,325
*Medwave, Inc. 341 2,472
Mentor Corporation 1,084 20,190
*Meridian Medical Technologies, Inc. 200 1,275
*Merit Medical Systems, Inc. 400 1,994
*Micro Therapeutics, Inc. 300 2,625
*Minimed, Inc. 1,306 100,480
Minntech Corporation 301 4,440
*Misonix, Inc. 400 2,575
*NMT Medical, Inc. 475 1,395
*North American Scientific, Inc. 298 2,459
</TABLE>
111
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
*Novametrix Medical Systems, Inc. 400 $ 1,775
*Novoste Corporation 594 12,474
*Oakley, Inc. 3,162 22,529
*Ocular Sciences, Inc. 1,003 17,427
*OEC Medical Systems, Inc. 569 13,941
*Orthologic Corporation 933 2,303
*Osteotech, Inc. 597 17,164
*Palomar Medical Technologies, Inc. 500 2,391
*Perclose, Inc. 485 23,310
*PharmaNetics, Inc. 400 2,750
*Phycor, Inc. 3,407 25,233
*PLC Systems, Inc. 882 3,087
*Polymedica Industries, Inc. 400 4,000
*Protocol Systems, Inc. 372 3,232
*Quorum Health Group, Inc. 3,229 40,564
*Resmed, Inc. 656 21,771
*Respironics, Inc. 1,413 21,372
*Rochester Medical Corporation 238 2,380
*Sabratek Corporation 461 10,084
*Safeskin Corporation 2,541 30,492
*Selfcare, Inc. 2,500 7,656
*Sola International 1,013 19,690
*Sonosite, Inc. 220 3,740
*Spacelabs Medical, Inc. 347 6,550
*Spectranetics Corporation 855 2,405
*Spectrascience, Inc. 300 1,425
*SpectRx, Inc. 300 2,325
*Staar Surgical Company 596 7,897
*Sterile Recoveries, Inc. 253 2,925
*Steris Corporation 3,054 59,171
Stryker Corporation 4,314 259,379
*Summit Technology, Inc. 1,938 42,636
*Sunrise Medical, Inc. 818 5,828
*Sunrise Technologies International 1,843 22,577
*Sybron Corporation 4,518 124,527
*Techne Corporation 896 22,736
*The Med-Design Corporation 600 4,163
*Theragenics Corporation 1,084 7,520
*Thermo Cardiosystems, Inc. 1,722 18,727
*Thoratec Labs Corporation 851 9,042
*Trex Medical Corporation 1,258 7,548
*Uniphase Corporation 1,833 304,268
United-Guardian, Inc. 400 1,900
*Urologix, Inc. 3,100 7,653
*US Vision, Inc. 2,000 10,438
*Utah Medical Products, Inc. 367 2,844
*Valentis, Inc. 776 2,959
Varian Medical Systems, Inc. 1,330 33,583
*Ventana Medical Systems 593 11,341
*Visx, Inc. 2,720 215,390
*Waters Corporation 2,694 143,119
*Wesley Jessen Visioncare 760 24,605
*WRP Corporation 300 1,702
*Xomed Surgical Products, Inc. 542 26,389
*Young Innovations, Inc. 303 4,431
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
*Zevex International, Inc. 300 $ 1,556
*Zoll Medical Corporation 277 3,324
------------
2,833,987
------------
Medical & Bio-Technology--0.9%
*Advanced Energy Industries 1,193 48,391
*Advanced Tissue Sciences, Inc. 1,500 4,875
*Aetrium, Inc. 428 3,906
*AgriBioTech, Inc. 1,675 10,155
*Albany Molecular Research, Inc. 500 14,875
*Alcide Corporation 100 1,800
Amcast Industries Corporation 339 5,530
Analogic Corporation 566 17,599
*Autocyte, Inc. 567 3,402
*AVAX Technologies, Inc. 2,000 7,750
*Avigen, Inc. 500 3,000
Badger Meter, Inc. 112 3,892
Beckman Coulter, Inc. 1,379 67,054
Bei Technologies, Inc. 272 2,720
*Bio-Rad Laboratories, Inc. 758 19,803
*BioSource International, Inc. 2,500 12,266
*Boston Biomedica, Inc. 2,900 9,425
*Brown & Sharpe Manufacturing 476 2,588
*Cerprobe Corporation 284 2,840
*Chiron Corporation 7,993 165,855
Cohu, Inc. 359 12,700
*Credence Systems Corporation 971 36,048
*CRYO-CELL International, Inc. 400 1,050
*Cuno, Inc. 696 13,311
*Cyberonics 743 9,288
*Cyberoptics Corporation 221 3,564
*Cymer, Inc. 1,313 32,825
*DataTRAK International, Inc. 2,300 11,788
*Dynamic Healthcare Technologies, Inc. 400 875
*Embrex, Inc. 500 4,219
*Endogen, Inc. 3,300 12,272
*Energy Conversion Devices 563 5,595
*Epitope, Inc. 501 2,943
*Esterline Corporation 775 11,141
*FARO Technologies, Inc. 2,407 12,035
*FEI Company 669 5,519
*Flanders Corporation 928 3,248
*Flir Systems, Inc. 440 6,655
Frequency Electronics, Inc. 343 2,830
*Galileo Corporation 300 2,231
*Genrad, Inc. 1,297 26,994
*Genzyme Corporation-- General Division 3,609 175,037
*Genzyme Surgical Products 646 2,847
*Geoscience Corporation 368 2,622
Hach Company Class A 383 6,750
Hach Company 331 5,999
*Idexx Laboratories, Inc. 1,729 40,307
*II-VI, Inc. 306 2,907
*Immtech International, Inc. 100 1,750
*Innovasive Devices, Inc. 2,500 8,125
*InSight Health Services Corporation 200 1,275
</TABLE>
112
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
*Integrated Sensor Solutions, Inc. 1,100 $ 8,766
*Intelligent Medical Imaging, Inc. 1,900 1,425
*Invitrogen Corporation 400 9,875
*Invivo Corporation 246 3,229
*Ionics, Inc. 720 26,280
*Kopin Corporation 550 13,166
*K-Tron International, Inc. 234 4,124
*LanVision Systems, Inc. 800 925
*Lecroy Corporation 279 6,609
*LifeCell Corporation 600 2,475
*LTX Corporation 1,408 18,744
*Meade Instruments Corporation 290 5,003
*Mechanical Technology, Inc. 600 16,200
*Mede America Corporation 600 22,650
*Mediware Information Systems, Inc. 200 1,513
*Mesa Laboratories, Inc. 200 1,000
*Molecular Devices Corporation 348 13,050
Moore Products Company 117 2,684
MTS Systems 685 8,348
*Nanogen, Inc. 800 5,500
*Nanometrics, Inc. 388 3,056
*Neogen Corporation 200 1,275
Newport Corporation 335 5,193
*Nexell Therapeutics, Inc. 1,100 2,338
*Novavax, Inc. 2,800 9,800
*Onix Systems, Inc. 529 3,174
Optical Coating Laboratories 538 44,990
*Ortec Inernational, Inc. 263 2,170
*Osmonics, Inc. 516 5,612
*Palatin Technologies, Inc. 1,800 8,213
*PPT Vision, Inc. 200 1,000
*Premeir Research Worldwide Ltd. 200 1,275
*Quality Systems, Inc. 200 1,275
*Quest Diagnostics, Inc. 1,336 36,573
*Ribozyme Pharmaceuticals, Inc. 1,900 8,075
*Robotic Vision Systems, Inc. 1,113 4,174
*Rofin-Sinar Technologies, Inc. 524 4,061
Roper Industries, Inc. 1,399 44,768
*Satcon Technology Corporation 403 3,123
*Simione Central Holdings, Inc. 700 1,750
*Somanetics Corporation 400 1,400
Starrett (LS) Company Class A 192 5,160
*Tava Technologies, Inc. 1,613 12,400
*Techniclone Corporation 900 1,125
*Thermedics Detection, Inc. 1,292 13,001
*Thermedics, Inc. 1,657 15,431
*Thermo Bioanalysis Corporation 785 13,639
*Thermo Optek Corporation 2,212 22,950
*Thermoquest Corporation 2,286 30,432
*Thermospectra Corporation 665 10,557
TSI, Inc. 417 4,848
*Unilab Corporation 1,900 11,400
*Veeco Instruments, Inc. 759 25,806
*Whittaker Corporation 717 20,076
X-Rite, Inc. 781 5,028
*Zygo Corporation 411 4,701
------------
1,433,891
------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------
Metals--1.1%
*AFC Cable Systems 570 $ 20,128
Ak Steel Holding Corporation 2,637 59,333
*Alliant Techsystems, Inc. 491 42,472
*American Precision Industries 334 3,591
Ameron, Inc. 148 6,531
Aptargroup, Inc. 1,612 48,360
*Armco, Inc. 4,827 31,979
*Atchison Casting Corporation 457 4,713
*Bayou Steel Corporation--Class A 600 2,250
Belden, Inc. 1,088 26,044
Birmingham Steel Corporation 1,079 4,451
Butler Manufacturing Company 275 7,683
Carpenter Technology 980 27,991
Castle AM 517 8,789
Century Aluminum Company 737 4,560
*Chase Industries 406 3,426
*Chief Consolidated Mining Company 300 1,388
*Citation Corporation 759 12,191
Cleveland-Cliffs, Inc. 441 14,277
Commercial Intertech Corporation 526 8,383
Commercial Metals Company 670 19,095
Commonwealth Industries 588 7,350
*Compx International, Inc. 326 5,827
Curtiss Wright Corporation 456 17,727
*Dayton Superior Corporation 357 6,627
*Driver-Harris Company 2,900 10,150
*Dynamic Materials Corporation 200 825
Easco, Inc. 422 4,457
*Edelbrock Corporation 234 3,452
*Edison Control Corporation 100 850
*Encore Wire Corporation 601 5,447
Federal Screw Works 48 2,376
*Foster (LB) Class A 446 2,620
*General Bearing Corporation 200 1,600
lGeneral Cable Corporation 1,647 26,352
General Housewares 183 3,557
Gibraltar Steel Corporation 460 11,385
*Griffon Corporation 1,385 10,820
*Gulf Island Fabrication, Inc. 520 6,208
Harsco Corporation 1,988 63,616
*Hawk Corporation Class A 511 4,503
*Howmet International, Inc. 4,474 76,897
Huntco, Inc. Class A 3,300 9,900
Imco Recycling, Inc. 1,013 17,348
Insteel Industries 377 3,393
Intermet Corporation 1,150 17,394
International Aluminium Corporation 158 4,355
*Kaiser Aluminum Corporation 3,541 31,426
Kaydon Corporation 1,438 48,353
*Keystone Cons Inds, Inc. 500 3,313
*Ladish Company, Inc. 512 3,968
Lindberg Corporation 262 2,948
*Lone Star Technologies 1,006 17,857
*Material Sciences Corporation 677 10,155
Matthews International Corporation 587 17,390
</TABLE>
113
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------------
*Maverick Tube Corporation 769 $ 10,718
*Maxxam, Inc. 313 20,189
*Metals Usa, Inc. 1,707 21,764
*Met-Coil Systems Corporation 300 1,238
*Miller Building Systems 600 3,525
*Mobile Mini, Inc. 491 9,605
*Mueller Industries 1,601 54,334
National Steel Corporation Class B 1,936 16,214
*NCI Building Systems, Inc. 807 17,250
*Niagara Corporation 600 3,413
*Nortek, Inc. 498 15,594
*Northwest Pipe Company 337 5,603
*NS Group, Inc. 834 7,715
*Olympic Steel, Inc. 394 2,610
*Optical Cable Corporation 1,701 18,711
Oregon Steel Mills, Inc. 950 12,647
*OroAmerica, Inc. 284 1,988
Pitt-Des Moines 267 16,688
Placer Dome, Inc. 4,108 48,526
Precision Castparts Corporation 1,089 46,283
Quanex Corporation 591 16,844
Reliance Steel & Aluminum Company 825 32,175
Roanoke Electrics Steel Corporation 408 7,089
Rouge Industries, Inc. Class A 534 5,140
*RTI International Metals 926 13,601
Ryerson Tull, Inc. 1,142 25,766
Schnitzer Steel Inds, Inc. Class A 248 5,565
*Shaw Group, Inc. 635 10,081
*Shiloh Industries, Inc. 482 6,989
Sifco Industries 231 1,906
Southern Peru Copper Corporation 514 7,421
*Special Metals Corporation 570 3,313
*Starmet Corporation 1,800 7,313
*Steel Dynamics, Inc. 2,141 33,119
Steel Technologies, Inc. 438 4,134
*Stillwater Mining Company 1,520 49,685
Sturm Ruger & Company, Inc. 1,592 17,015
Sun Hydraulics 284 2,485
Superior Telecom, Inc. 898 22,450
Synalloy Corporation 300 2,438
Texas Industries, Inc. 949 36,774
*Thermo Terratech, Inc. 1,000 5,625
Titanium Metals Corporation 1,156 12,861
*Tower Automotive, Inc. 2,168 55,149
*Transportation Technologies Industries, Inc. 564 7,473
TransPro, Inc. 400 2,100
Tredegar Industries 1,617 35,170
Tremont Corporation New 205 4,408
United Dominion Industries Ltd. 1,812 43,941
*Universal Stainless & Alloy Products, Inc. 300 1,725
*US Energy Corporation 200 750
*Webco Industries, Inc. 400 2,050
*WHX Corporation 856 5,618
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
*Wolverine Tube, Inc. 628 $ 15,779
*Wyman-Gordon Company 1,633 31,537
*Xceed, Inc. 708 15,488
------------
1,705,048
------------
Mining--0.1%
Brush Wellman 604 10,948
*Couer D'Alene Mines Corporation 3,207 14,832
*Echo Bay Mines Ltd. 907 1,304
*Hecla Mining 2,032 4,191
LTV Corporation 4,466 29,866
*Meridian Gold, Inc. 3,294 15,235
*Royal Gold 2,500 11,406
*Smith International, Inc. 2,253 97,865
*Sunshine Mining & Refining Company 1,664 624
*Varco International, Inc. 2,991 32,714
------------
218,985
------------
Office Equipment & Supplies--0.3%
*1-800 Contacts, Inc. 387 7,256
*Actrade International Ltd. 515 6,598
*Atec Group, Inc. 1,299 5,034
*Ballantyne of Omaha, Inc. 526 4,011
*CHS Electronics, Inc. 3,448 15,085
*Cytyc Corporation 793 15,464
*Digi International, Inc. 2,013 21,011
*Fisher Scientific International, Inc. 1,791 39,962
*Gunther International Ltd. 800 2,400
*Imaging Technologies Corporation 3,600 7,088
*Ingram Micro, Inc. Class A 2,864 73,748
*Insight Enterprises, Inc. 1,115 27,596
*Keravision, Inc. 570 9,833
*Mathews Studio Equipment Group 500 3,875
*Merisel, Inc. 2,900 6,616
*Miami Computer Supply Corporation 414 7,814
*Navarre Corporation 1,397 13,752
*Neopath, Inc. 648 2,511
Owens & Minor Holdings Company 1,457 16,027
*Parkervision, Inc. 520 18,200
*Patterson Dental Company 1,490 51,778
*Peerless Systems Corporation 907 9,524
*Performance Technologies, Inc. 325 6,541
*Pomeroy Computer Resources 525 7,317
*Precept Business Services Class A 290 1,378
*ProcureNet, Inc. 1,791 269
*Programmers Paradise 316 3,871
*PSS World Medical, Inc. 3,148 35,218
*Savoir Technology Group, Inc. 691 6,478
TAB Products Company 100 738
*Thermotrex Corporation 688 5,246
*Vallen Corporation 264 4,224
Vital Sign, Inc. 869 17,326
------------
453,789
------------
</TABLE>
114
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
Oil & Gas--3.6%
Adams Resources & Energy, Inc. 100 $ 788
AGL Resources, Inc. 2,557 47,145
Apco Argentina, Inc. 271 4,844
Atmos Energy Corporation 1,353 33,825
*Atwood Oceanics, Inc. 702 21,938
*Barrett Resources Corporation 1,427 54,761
*Basin Exploration 613 12,298
*Belco Oil & Gas Corporation 1,165 8,082
*Bellwether Exploration Company 633 3,482
*Benton Oil and Gas Company 2,400 4,800
Berry Petroleum 778 10,843
*BJ Services Company 3,236 95,260
*Blue Dolphin Energy 500 3,000
BP Prudhoe Bay Royalty Trust 789 5,819
*Brigham Exploration Company 2,800 5,600
Buckeye Partners-L.P. 1,196 32,890
Cabot Oil & Gas Corporation Class A 1,115 20,767
*Cal Dive International, Inc. 836 24,976
*Callon Petroleum Corporation 359 3,702
Cascade Natural Gas 407 7,733
Castle Energy Corporation 131 2,358
*Chesapeake Energy Corporation 3,400 9,988
Chesapeake Utilities Corporation 187 3,471
*Clayton Williams Energy, Inc. 2,100 12,469
Colonial Gas Company 396 14,652
*Columbus Energy Corporation 200 1,200
*Comstock Resources, Inc. 1,100 3,644
Connecticut Energy Corporation 378 14,577
Conoco, Inc. 8,566 238,777
*Cooper Cameron Corporation 2,481 91,952
Cross Timbers Oil Company 2,285 33,989
*Crown Central Pete Class B 450 4,950
*Crystal Gas Storage, Inc. 98 3,259
CTG Resources 319 11,604
*Dawson Geophysical Company 200 2,013
*Denbury Resources, Inc. 1,897 8,299
Devon Energy Corporation 2,046 73,145
Diamond Offshore Drilling, Inc. 6,076 172,407
Dynegy, Inc. 6,813 138,815
*Eagle Geophysical, Inc. 2,787 2,090
*Edge Petroleum Corporation 1,800 11,475
*EEX Corporation 1,763 12,231
El Paso Energy Corporation 5,376 189,168
Energen Corporation 1,308 24,362
*Energy Biosystems Corporation 981 2,453
Energynorth, Inc. 122 3,530
Energysouth, Inc. 179 3,614
Enron Oil & Gas Company 6,876 139,239
Ensco International, Inc. 6,256 124,729
Enterprise Products L.P. 2,038 37,703
Equitable Resources, Inc. 1,661 62,703
*Evans Systems, Inc. 458 1,689
*Evergreen Resources, Inc. 493 12,417
*EXCO Resources, Inc. 200 1,350
*Forest Oil Corporation 1,846 23,190
*Frontier Oil Corporation 1,036 7,058
</TABLE>
<TABLE>
- ----------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------
*FX Energy, Inc. 583 $ 3,826
General Chemical Group, Inc. 933 2,916
*Getty Petroleum Marketing, Inc. 300 900
Giant Industries, Inc. 484 4,810
*Global Industries Ltd. 4,078 52,249
*Global Marine, Inc. 7,956 122,821
*Greka Energy Corporation 200 1,600
*Grey Wolf, Inc. 6,565 16,413
*Hallwood Energy Corporation 637 3,820
*Hanover Compressor Company 1,276 40,992
*Harken Energy Corporation 3,456 5,616
Holly Corporation 304 4,066
*Houston Exploration Company 1,069 20,244
Howell Corporation 2,600 13,325
*Hs Resources, Inc. 785 11,579
Hugoton Royalty Trust 1,800 18,338
Indiana Energy, Inc. 1,345 28,665
*Input/Output, Inc. 2,254 17,046
K N Energy, Inc. 3,069 41,048
*Kelley Oil & Gas Corporation 1,800 394
*Key Energy Group, Inc. 3,818 13,602
*Key Productions Company, Inc. 515 4,732
Laclede Gas Company 788 18,321
Leviathan Gas Pipe Line 808 18,483
*Louis Dreyfus Natural Gas 1,794 38,683
*Magnum Hunter Resources, Inc. 800 2,950
*Mallon Resources Corporation 100 694
*Marine Drilling Company, Inc. 2,441 33,411
*Markwest Hydrocarbon 379 3,316
*McMoRan Exploration Company 619 13,734
MCN Corporation 3,544 73,538
MDU Resources Group, Inc. 2,372 54,111
*Mercury Air Group, Inc. 294 1,948
Midcoast Energy Resources 262 4,225
*Miller Exploration Company 3,000 6,656
Mitchell Energy Class A 2,197 42,430
Murphy Oil Corporation 2,011 98,162
*Nabors Industries, Inc. 4,884 119,346
National Fuel Gas Company 1,720 83,420
National Propane Partners L.P. 100 1,175
*National-Oilwell, Inc. 2,471 31,351
New Jersey Resources Corporation 796 29,800
*Newfield Exploration Company 1,802 51,244
*Newpark Resources, Inc. 3,068 27,229
Noble Affiliates, Inc. 2,549 71,850
*Noble Drilling Corporation 5,864 115,448
North Carolina Natural Gas 453 15,515
Northwest Natural Gas Company 1,109 26,755
*Norton Drilling Services, Inc. 300 1,228
*Nuevo Energy Company 1,327 17,583
Nui Corporation 566 14,150
*Ocean Energy, Inc. 7,362 70,859
*Oceaneering International, Inc. 1,332 21,479
*Omni Energy Services Corporation 713 2,496
*Parker Drilling 4,695 15,552
Patina Oil & Gas Corporation 3,100 19,569
*Patterson Energy, Inc. 2,200 21,725
</TABLE>
115
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- --------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------
Pennsylvania Enterprises, Inc. 376 $ 11,539
PennzEnergy Company 2,139 35,695
Pennzoil-Quaker State Company 3,477 52,155
*Petroleum Development Corporation 2,000 8,375
Piedmont Natural Gas Company 1,371 42,672
Pioneer Natural Resources Company 4,483 49,313
*Plains Resource, Inc. 722 13,718
Pogo Producing Company 1,795 33,432
*Pool Energy Services 976 19,825
*Pride International, Inc. 2,454 25,920
*Prima Energy Corporation 258 5,837
Providence Energy Corporation 220 5,871
PS Group Holdings, Inc. 271 2,964
Public Service Company of NC 905 26,471
Questar Corporation 3,690 70,571
*Quicksilver Resources, Inc. 500 3,375
Range Resources Corporation 1,600 9,800
*Remington Oil & Gas Corporation 1,700 8,288
RPC, Inc. 1,068 9,345
*R&B Falcon Corporation 8,610 80,719
Santa Fe International Corporation 5,234 120,382
*Santa Fe Snyder Corporation 7,629 58,171
*Seacor Smit, Inc. 567 30,335
*Seitel, Inc. 1,364 22,080
Semco Energy, Inc. 605 9,340
*Seven Seas Petroleum Company 1,386 3,812
*Sheridan Energy, Inc. 300 1,013
South Jersey Industries 397 11,240
*Southern Union Company 1,325 28,819
Southwest Gas Company 1,356 38,816
Southwestern Energy Company 919 9,707
St Mary Land & Exploration 399 8,204
*Stone Energy Corporation 674 28,561
*Superior Energy Services, Inc. 3,300 16,810
*Swift Energy Company 729 7,791
*Tesoro Petroleum Corporation 1,392 22,185
*Tetra Technologies, Inc. 599 5,503
*The Meridian Resource Corporation 1,900 7,363
*Titan Exploration, Inc. 1,396 6,980
*Tom Brown, Inc. 1,179 18,348
Tosco Corporation 6,851 177,698
*Transmontaigne, Inc. 1,363 17,123
Transocean Offshore, Inc. 4,498 118,073
*Tuboscope, Inc. 1,848 25,295
UGI Corporation 1,470 29,676
Ultramar Diamond Shamrock Corporation 3,919 85,483
*Unit Corporation Common Stock 1,049 8,523
*United Heritage Corporation 1,600 800
*UTI Energy Corporation 788 13,051
Valero Energy Corporation 2,498 53,551
Valley Resources, Inc. 222 2,858
Vastar Resources, Inc. 4,356 228,418
*Veritas Dgc, Inc. 1,122 20,547
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
Vintage Petroleum, Inc. 2,658 $ 28,574
Washington Gas Light Company 2,044 53,144
WD 40 Company 699 17,475
Western Gas Resources 1,185 18,960
Wicor, Inc. 1,670 46,656
*Wilshire Oil Company of Texas 1,200 5,100
Witco Corporation 2,578 51,560
Yankee Energy System, Inc. 390 15,478
------------
5,489,949
------------
Pharmaceuticals--2.7%
*Abgenix, Inc. 608 12,084
*Advanced Polymer Systems 937 6,559
*Akorn, Inc. 809 3,261
*Alexion Pharmaceuticals 416 3,692
*Algos Pharmaceuticals Corporation 761 16,790
*Alkermes, Inc. 1,046 24,189
*Alliance Pharmaceutical Corporation 700 1,838
*Allou Health & Beauty Class A 261 1,843
Alpharma, Inc. 1,195 42,497
*Amerisource Health Corporation 1,892 48,246
*Andrx Corporation 1,350 104,119
*Anesta Corporation 559 11,425
*Anika Therapeutics, Inc. 400 3,400
*Aphton Corporation 532 7,448
*Arqule, Inc. 844 4,115
*AVI BioPharma, Inc. 3,300 11,344
*Aviron 703 20,211
*Axys Pharmaceuticals, Inc. 1,111 3,750
*Barr Laboratories, Inc. 1,001 39,915
Bergen Brunswig Corporation Class A 5,921 102,137
Bindley Western Ind, Inc. 1,317 30,380
*Biocryst Pharmaceuticals, Inc. 665 5,819
*Biogen, Inc. 6,586 423,552
*Biomatrix, Inc. 1,016 21,971
*Biotime, Inc. 470 5,493
*Bone Care International, Inc. 373 3,683
*Boston Life Sciences, Inc. 593 3,354
*Cell Genesys, Inc. 1,059 4,766
*Cell Pathways, Inc. 994 11,493
*Cell Therapeutics, Inc. 690 1,703
*Cellegy Pharmaceuticals, Inc. 2,300 10,638
*Centocor, Inc. 3,157 147,195
*Chirex, Inc. 637 20,464
*CIMA Labs, Inc. 3,200 14,800
*Collagen Corporation 321 4,414
*Collagenex Pharmaceuticals 316 3,160
*Columbia Laboratories, Inc. 1,157 9,907
*CombiChem, Inc. 300 1,219
*Connetics Corporation 837 5,127
*Copley Pharmaceutical, Inc. 707 7,247
*Corixa Corporation 577 10,278
*Coulter Pharmaceutical, Inc. 733 16,538
*Covance, Inc. 2,605 62,357
*Crescendo Pharmaceuticals Corporation 200 3,450
</TABLE>
116
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
*Cypress Bioscience, Inc. 1,765 $ 5,571
*Cytel Corporation 2,000 6,250
*Cytoclonal Pharmaceuticals 456 2,879
*Diacrin, Inc. 640 3,640
*Diatide, Inc. 472 2,242
*Digene Corporation 628 6,937
*Dura Pharmaceuticals, Inc. 2,074 24,758
*Duramed Pharmaceuticals 862 13,469
*D&K Healthcare Resources 138 3,295
*Epix Medical, Inc. 421 2,316
*Forest Labs, Inc. Class A 3,649 168,766
*Fuisz Technologies Ltd. 902 2,988
*Geltex Pharaceuticals, Inc. 748 13,464
*Genta, Inc. 300 769
*Genzyme Transgenics Corporation 676 3,084
*Geron Corporation 494 5,156
*Gilead Sciences, Inc. 1,366 71,374
*Guest Supply, Inc. 282 3,613
*Guilford Pharmaceuticals, Inc. 820 10,455
*Hemispherx Biopharma, Inc. 1,110 8,325
*Henry Schein, Inc. 1,780 56,404
Herbalife International Class A 368 4,025
*Heska Corporation 1,278 2,955
*Hi-Tech Pharmacal Company 2,400 10,800
*Hollis-Eden Pharmaceuticals 383 4,596
*Hyseq, Inc. 3,678 12,758
ICN Pharmaceuticals, Inc. 3,423 110,178
*Idec Pharmaceuticals Corporation 894 68,894
*Ilex Oncology, Inc. 466 4,660
*Imclone Systems, Inc. 1,001 25,400
*Immucor, Inc. 333 4,537
*Immune Response Corporation 865 4,649
*Immunex Corporation 3,678 468,705
*Inhale Therapeutic Systems 702 16,716
*Intercardia, Inc. 2,126 10,896
*International Isotopes, Inc. 392 3,626
*Interneuron Pharmaceuticals Corporation 1,542 4,241
*Irwin Naturals 4Health, Inc. 1,023 1,918
*IVAX Corporation 5,236 73,959
Jones Pharma, Inc. 1,286 50,636
*King Pharmaceuticals, Inc. 1,436 37,157
*Kos Pharmaceuticals 653 3,306
*Kv Pharmaceutical Company Class A 528 8,184
*La Jolla Pharmaceutical Company 898 730
*Leukosite, Inc. 532 6,384
*Lifecore Biomedical, Inc. 456 5,244
*Ligand Pharmaceuticals Class B 982 10,925
*Liposome Company, Inc. 1,710 32,704
*Lynx Therapeutics, Inc. 410 4,638
*Magainin Pharmaceuticals 822 2,106
*Mannatech, Inc. 900 9,113
*Martek Biosciences 548 4,658
*Matrix Pharmaceutical, Inc. 900 3,713
*Medarex, Inc. 1,364 5,627
*Medco Research, Inc. 384 10,080
*Medicis Pharmaceutical Class A 1,243 31,541
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
Meridian Diagnostics, Inc. 530 $ 3,776
*Mgi Pharma, Inc. 633 6,647
*Microcide Pharmaceuticals, Inc. 2,892 13,647
*Miravant Medical Technologies 691 4,923
Mylan Laboratories 5,754 152,481
*NABI 3,300 9,281
*Nastech Pharmaceutical Company, Inc. 3,000 9,938
*Natrol, Inc. 590 4,425
Natures Sunshine Products, Inc. 669 7,025
*Nbty, Inc. 3,030 19,695
*Ncs Healthcare, Inc. Class A 902 4,905
*Neose Technologies, Inc. 353 3,596
*NeoTherapeutics, Inc. 200 2,550
*Neurocrine Biosciences, Inc. 671 3,481
*Nexstar Pharmaceuticals, Inc. 1,278 25,480
*North American Vaccine, Inc. 1,187 5,787
*Northfield Laboratories, Inc. 520 6,338
*Noven Pharmaceuticals, Inc. 788 4,765
*NPS Pharmaceuticals, Inc. 551 3,650
*Nu Skin Asia Pacific, Inc. Class A 909 18,123
*Nutraceutical International Corporation 722 3,700
Omnicare, Inc. 4,005 50,563
*Onyx Pharmaceuticals, Inc. 510 4,526
*Orphan Medical, Inc. 284 1,704
*OSI Pharmaceuticals, Inc. 998 4,242
*Oxigene, Inc. 376 3,549
*Parexel International Corporation 1,109 14,764
*Pathogenesis Corporation 729 10,343
*Penwest Pharmaceuticals Company 407 3,256
*Perrigo Company 3,276 24,980
*Pharmaceutical Resources, Inc. 1,181 10,260
*Pharmacyclics, Inc. 556 15,568
*Pharmaprint, Inc. 503 2,515
*Priority Healthcare Corporation Class B 838 28,911
*Progenics Pharmeceuticals 410 5,689
*Protein Design Labs, Inc. 830 18,416
*Pure World, Inc. 300 1,294
*Quintiles Transnational Corporation 5,186 217,812
*Rexall Sundown, Inc. 3,068 37,391
*Roberts Pharmaceutical Corporation 1,406 34,096
*Sangstat Medical Corporation 721 12,437
*Schein Pharmaceutical, Inc. 1,450 17,491
Schweitzer-Mauduit International, Inc. 602 9,030
*Scios, Inc. 1,716 5,577
*Sepracor, Inc. 1,273 103,431
*Serologicals Corporation 1,087 8,832
*SIBIA Neurosciences, Inc. 2,100 9,713
*SICOR, Inc. 3,563 15,143
*Sonus Pharmaceuticals, Inc. 2,186 11,340
*Sugen, Inc. 733 21,624
*Supergen, Inc. 851 13,031
</TABLE>
117
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- --------------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
*Synaptic Pharmaceutical Corporation 394 $ 1,872
*Synetic, Inc. 936 64,350
*Texas Biotech Corporation 1,257 5,971
*Thermolase Corporation 1,450 1,903
*Titan Pharmaceuticals, Inc. 587 2,898
*Triangle Pharmaceuticals, Inc. 1,176 21,168
*Tristar Corporation 618 4,287
*Twinlab Corporation 1,306 11,224
*Unimed Pharmaceuticals, Inc. 1,800 21,263
*Vical, Inc. 583 7,069
*Vion Pharmaceuticals, Inc. 623 2,920
*Viropharma, Inc. 423 3,252
*VIVUS, Inc. 2,800 7,350
*V.I. Technologies, Inc. 452 2,260
Warner Lambert Company 1,249 86,649
*Xoma Ltd. 1,934 11,725
*Zila, Inc. 1,302 3,947
*Zonagen, Inc. 501 4,634
------------
4,070,368
------------
Real Estate--4.3%
Acadia Realty Trust 937 5,036
Aegis Realty, Inc. 360 3,533
Agree Realty Corporation 194 3,577
Alexandria Real Estate 562 17,563
AMB Property Corporation 3,942 92,637
Ameresco Capital Trust 369 3,506
American Health Properties 1,117 22,480
American Industrial Properties 892 12,600
American Real Estate Investors Corporation 271 4,539
*American Real Estate Partners 2,113 17,168
American Realty Trust, Inc. 481 7,696
American Residential Investment Trust, Inc. 360 2,655
Amli Residential Properties Trust 744 16,647
Annaly Mortgage Management, Inc. 466 5,243
Anthracite Capital, Inc. 737 4,837
Apex Mortgage Capital, Inc. 257 3,421
Archstone Communities Trust 6,411 140,641
Arden Realty Group, Inc. 2,792 68,753
Asset Investor Corporation 224 3,346
Associated Estates Realty Corporation 933 11,021
Avalonbay Communities, Inc. 2,956 109,372
*Avatar Holdings 338 6,401
Banyan Strategic Realty Trust 597 3,507
Bedford Property Investors 1,013 18,107
Berkshire Realty Company 1,642 18,986
*BF Enterprises, Inc. 200 1,525
*Bluegreen Corporation 880 4,730
Boddie-Noell Properties, Inc. 266 3,059
Boston Properties, Inc. 2,942 105,544
Boykin Lodging Company 728 11,193
Bradley Real Estate, Inc. 1,066 22,120
Brandywine Realty Trust 1,700 33,681
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------
BRE Properties, Inc. 1,977 $ 51,278
*BRT Realty Trust 400 3,325
Burnham Pacific Properties, Inc. 1,429 17,595
CV, Inc. 293 3,772
Cabot Industrial Trust 1,831 38,909
*California Coastal Communities, Inc. 535 3,879
Capital Automotive 900 11,925
*Capital Trust Class A 671 3,020
Capstead Mortgage Corporation 2,753 14,969
Captec Net Lease Realty 350 4,747
Carey Diversified LLC 1,132 19,598
CarrAmerica Realty Corporation 3,210 80,250
*Castle & Cooke, Inc. 627 11,051
*Catellus Development Corporation 4,776 74,028
*Cb Richard Ellis Services 942 23,432
Cbl & Associates Properties 1,082 28,538
Centerpoint Properties Corporation 938 34,354
Centertrust Retail Properties 1,051 12,349
Chastain Capital Corporation 200 1,325
Chateau Communities, Inc. 1,247 37,332
Chelsea Gca Realty, Inc. 695 25,802
Cherokee, Inc. 389 3,282
Chicago Title Corporation 978 34,902
*Citadel Holding Corporation 1,500 7,125
Colonial Properties Trust 1,165 32,911
Commercial Assets, Inc. 463 2,691
Commercial Net Lease Realty 1,313 16,905
Cons Tomoka Company 235 3,422
Continental Mortgage & Equity Trust 179 2,775
Cornerstone Properties, Inc. 5,947 94,409
Cornerstone Realty, Inc. Trust 1,749 18,802
Corporate Office Properties 607 4,970
Correctional Properties Trust 262 4,127
Cousins Properties, Inc. 1,418 47,946
Crescent Real Estate Equities Company 5,813 138,059
Criimi Mae, Inc. 1,840 4,140
Cross Timbers Royalty Trust 268 2,714
Crown American Realty 966 7,064
*DBT Online, Inc. 826 27,052
Developers Divers Realty Corporation 2,763 45,935
Duke Realty Investments 4,044 91,243
Dynex Capital, Inc. 1,396 2,792
Eastgroup Properties, Inc. 729 14,626
*Echelon International Corporation 246 5,504
Eldertrust 327 3,331
Entertainment Properties 611 10,769
Equity Inns, Inc. 1,629 15,068
Equity Office Properties Trust 11,930 305,696
Equity One, Inc. 377 3,723
Equity Residential Properties Trust 5,458 245,951
Essex Property Trust, Inc. 744 26,319
Federal Realty Investment Trust 1,791 41,081
</TABLE>
118
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------
FelCor Suite Hotels, Inc. 3,037 $ 63,018
First Industrial Realty Trust 1,697 46,561
*First Union Real Estate 1,658 7,461
First Washington Realty Trust 315 7,363
Forest City Enterprises Class A 1,341 37,548
Franchise Finance Corporation 2,492 54,824
Franklin Select Realty Trust 548 3,768
G&L Realty Corporation 181 2,082
Gables Residential Trust 1,171 28,250
General Growth Properties, Inc. 1,906 67,663
Getty Realty Corporation 500 7,188
Glenborough Realty Trust, Inc. 1,419 24,833
Glimcher Realty Trust 1,060 17,225
Golf Trust of America 281 6,867
Great Lakes, Inc. 719 11,684
Grove Propert Trust 303 3,939
*Grubb And Ellis Company 627 3,135
Health Care Property Investors, Inc. 1,386 40,021
Health Care , Inc. 1,254 29,156
Healthcare Realty Trust 1,786 37,506
Highwoods Properties, Inc. 2,759 75,700
Home Properties of NY, Inc. 754 20,829
Hospitalities Properties Trust 2,535 68,762
HRPT Properties Trust 5,985 91,645
Impac Commercial Holdings 385 2,430
Impac Mortgage Holdings, Inc. 905 4,582
Imperial Credit Commercial Mortgage Investment 1,251 13,526
Opp Realty Investors, Inc. 1,000 6,250
Innkeepers Usa Trust 1,529 15,290
*Insignia Financial Group 957 10,049
*Interstate General Company 800 4,750
Investors Real Estate Trust 642 4,895
Irt Property Company 1,487 14,684
Jameson Inns, Inc. 441 4,134
JDN Realty Corporation 1,462 32,712
*Jones Lang LaSalle, Inc. 726 21,644
JP Realty, Inc. 789 16,224
*Kennedy-Wilson, Inc. 298 2,663
Kilroy Realty Corporation 1,236 30,050
Kimco Realty Corporation 2,782 108,846
Koger Equity, Inc. 1,189 21,922
Konover Property Trust, Inc. 1,161 10,667
Kranzco Realty Trust 388 5,141
Lasalle Hotel Properties 661 10,122
Laser Mortgage Managment, Inc. 681 2,341
Lexford Residential Trust 351 8,380
Lexington Corporation 634 7,370
Liberte Investors, Inc. 906 3,114
LNR Property Corporation 1,120 23,940
LTC Properties, Inc. 1,245 16,185
Macerich Company 1,554 40,793
Mack-Cali Realty Corporation 2,658 82,232
Malan Realty Investors, Inc. 231 3,566
Manufactured Home Communities 1,168 30,368
*Mays (JW), Inc. 600 3,000
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
Meditrust Corporation 6,743 $ 88,080
Meristar Hospitality Corporation 2,169 48,667
Mgi Properties, Inc. 615 17,374
Mid Atlantic Realty Trust 520 5,785
Mid-America Apartment Corporation 842 19,471
Mills Corporation 1,080 23,423
National Golf Properties, Inc. 560 13,615
National Health Investors, Inc. 1,095 24,980
National Health Realty, Inc. 348 3,872
National Realty, L.P. 533 11,793
Nationwide Health Properties 2,067 39,402
*New Mexico & Arizona Land 309 2,240
New Plan Excel Realty Trust 4,047 72,846
*Novastar Financial, Inc. 363 2,314
Ocwen Asset Investment Corporation 699 3,146
Omega Healthcare Investors, Inc. 903 23,309
Pacific Gulf Properties, Inc. 895 20,249
Pan Pacific Retail Pptys, Inc. 946 18,388
Parkway Properties, Inc 452 14,973
Patriot American Hospitality, Inc. 10,824 48,708
*Pec Isreal Economic Corporation 821 25,862
Pennsylvania Real Estate 590 12,353
Philips International Realty 270 4,556
PMC Commercial Trust-SBI 240 3,390
Prentiss Properties Trust 1,741 40,914
Price Enterprises, Inc. 590 4,241
Prime Group Realty Trust 657 11,292
Prime Retail, Inc. 1,912 16,611
Prison Realty Corporation 5,378 52,772
Prologis Trust 7,376 149,358
Ps Business Parks, Inc. 1,057 25,764
Public Storage, Inc. 5,894 165,032
Ramco-Gershenson Properties 262 4,258
Realty, Income Corporation 1,199 28,476
*Realty Information Group, Inc. 523 22,751
Reckson Associates Realty Corporation 2,218 52,123
Redwood Trust, Inc. 417 6,907
Regency Realty Corporation 2,740 60,109
Resource Asset Investment Trust 275 3,472
RFS Hotel Investors, Inc. 1,113 13,982
Saul Centers, Inc. 573 9,455
*Saxton, Inc. 200 1,100
*Security Capital Group, Inc. Class B 2,073 30,188
Shurgard Storage Centers 1,279 34,693
Simon Property Group, Inc. 7,818 198,382
Sizeler Property Investors, Inc. 357 3,124
Sl Green Realty Corporation 1,071 21,889
Smith Charles E Residential 882 29,933
Sovran Self Storage 579 15,597
Spieker Properties, Inc. 2,937 114,176
Starwood Financial Trust 2,344 145,328
Starwood Hotels & Resorts Worldwide, Inc. 8,153 249,176
Storage USA, Inc. 1,240 39,525
*Stratus Properties, Inc. 639 2,955
</TABLE>
119
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------
Summit Properties, Inc. 1,237 $ 24,431
Sun Communities, Inc. 763 27,087
Sunstone Hotel Investors, Inc. 1,680 14,280
Tanger Factory Outlet Centers 291 7,566
Tarragon Realty Investors 308 3,311
Taubman Centers, Inc. 2,367 31,215
Thornbury Mortgage Asset Corporation 892 8,920
Town & Country Trust 681 12,173
*Trammell Crow Company 1,532 25,182
Transcontinental Realty Investors 627 7,838
Trinet Corporation Realty Trust 1,112 30,789
*United Capital Corporation 190 2,969
United Dominion Realty Trust, Inc. 4,634 54,450
United Investors Realty Trust 424 3,498
United Mobile Homes, Inc. 322 3,039
*United Park City Mines 119 3,838
Universal Health Realty, Inc. 330 6,497
Urban Shopping Centers 775 24,413
Urstadt Biddle Properties--Class A 200 1,575
Vornado Realty Trust 3,868 136,589
Walden Residential Properties, Inc. 1,310 28,165
Washington 1,596 27,032
Weeks Corporation 880 26,840
Weingarten Realty Investors 1,193 49,808
*Wellsford Real Properties 738 7,934
Western Investors Real Estate Trust 634 7,370
Westfield America, Inc. 3,281 49,420
*Winfield Capital Corporation 224 5,152
Winston Hotels, Inc. 601 6,311
------------
6,610,905
------------
Restaurants--0.6%
*Advantica Restaurant Group, Inc. 1,775 6,102
Applebee's International, Inc. 1,343 40,458
*Ark Restaurants Corporation 100 1,100
Avado Brands, Inc. 1,261 10,561
*Benihana, Inc. 272 3,944
*Boston Chicken, Inc. 1,800 1,161
*Brinker International, Inc. 2,933 79,741
*Buca, Inc. 300 4,950
*Buffetts, Inc. 2,013 23,150
*Cafe Odyssey, Inc. 800 2,525
CBRL Group, Inc. 2,736 47,367
CEC Entertainment, Inc. 806 34,054
*Chart House Enterprises, Inc. 526 3,912
CKE Restaurants, Inc. 2,317 37,651
*Consolidated Products 1,172 21,096
*Dave & Buster's, Inc. 781 22,649
*Diedrich Coffee, Inc. 200 1,400
*Einstein/Noah Bagel Corporation 1,000 969
*ELXSI Corporation 100 1,138
Flanigan's Enterprises, Inc. 200 850
*Foodmaker, Inc. 1,751 49,685
*Friendly Ice Cream Corporation 433 3,464
Frisch's Restaurants, Inc. 268 2,781
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------
*Garden Fresh Restaurant Corporation 251 $ 4,706
*ICH Corporation 1,000 14,563
*IHOP Corporation 882 21,223
*Il Fornaio (America) Corporation 200 2,988
*J Alexander's Corporation 2,700 10,631
*Landry's Seafood Restaurants 1,119 8,952
*Lone Star Steakhouse & Saloon 1,749 16,998
Luby's Cafeteria, Inc. 1,041 15,615
*Mexican Restaurants, Inc. 400 1,700
*Morgan's Foods, Inc. 2,500 10,938
*Morton's Restaurant Group, Inc. 241 4,594
*NPC International, Inc. 1,093 16,805
*O'Charleys, Inc. 568 9,088
*Outback Steakhouse, Inc. 3,294 129,495
*Panera Bread Company Class A 538 3,430
*Papa John's International, Inc. 1,321 59,032
*Pf Changs China Bistro 353 7,634
Picadilly Cafetaries, Inc. 388 3,225
*PJ America, Inc. 211 4,471
*Planet Hollywood International, Inc. 1,927 1,325
*Prandium, Inc. 5,900 3,127
*Rainforest Cafe, Inc. 912 4,617
*Rare Hospitality International, Inc. 445 11,348
*Roadhouse Grill, Inc. 400 2,575
*Rock Bottom Restaurants, Inc. 300 2,906
Ruby Tuesday, Inc. 1,446 27,474
*Ryans Family Steak House, Inc. 1,791 20,820
*Santa Barbara Restaurant Group 568 1,456
*Sbarro, Inc. 918 24,843
*Schlotzsky's, Inc. 272 2,975
*Shells Seafood Restaurant, Inc. 2,400 9,300
*Shoneys, Inc. 800 1,750
*Sonic Corporation 851 27,764
*Star Buffet, Inc. 2,300 11,788
*Taco Cabana Class A 502 5,114
TCBY Enterprises, Inc. 852 5,165
*The Cheesecake Factory 889 27,115
*Unique Casual Restaurant, Inc. 519 1,719
*Uno Restaurant Corporation 462 4,331
*ViCorporation Restaurants, Inc. 334 5,803
------------
950,111
------------
Retailers--4.8%
*99 Cents Only Stores 1,105 55,181
*Abercrombie & Fitch Company 4,720 226,560
*AC Moore Arts & Crafts, Inc. 2,000 11,250
*Action Performance, Inc. 745 24,585
Advanced Marketing Services 311 4,665
*Alexander's, Inc. 223 16,474
*American Eagle Outfitters, Inc. 2,170 98,735
*Ames Department Stores, Inc. 1,336 60,955
*Anntaylor 1,247 56,115
*Ashworth, Inc. 629 2,909
*Audio Book Club 375 4,875
*Barnes & Noble, Inc. 3,068 83,987
*Bebe Stores, Inc. 1,024 34,816
*Bed Bath & Beyond, Inc. 6,210 239,085
</TABLE>
120
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------------
*Bell Microproducts, Inc. 395 $ 2,716
*Best Buy Co, Inc. 9,316 628,820
Big Dog Holdings, Inc. 541 2,840
*BJ's Wholesale Club, Inc. 3,372 101,371
Blair Corporation 328 8,836
*Bluefly, Inc. 200 1,663
*Boise Cascade Office Products Corporation 2,940 34,545
*Bombay Company, Inc. 1,696 13,038
*Books-A-Million, Inc. 1,043 7,855
*Borders Group, Inc. 3,535 55,897
*Bowlin Outdoor Advertising & Travel centers, Inc. 200 1,200
*Braun's Fashions Corporation 300 4,294
*Brookstone, Inc. 397 6,154
Brown Shoe Company, Inc. 808 17,574
Burlington Coat Factory Warehouse 2,219 42,854
*Cache, Inc. 400 2,750
Casey's General Store, Inc. 2,354 35,310
Cash American Investments, Inc. 1,122 14,446
*Catherines Stores Corporation 325 4,022
Cato Corporation Class A 1,513 17,589
*CD Warehouse, Inc. 400 3,425
*CDW Computer Centers, Inc. 1,922 84,568
*Central Garden & Pet Company 1,332 13,653
*Charming Shoppes, Inc. 4,377 26,673
*Chico's Fas, Inc. 408 9,588
*Children's Place 1,111 44,996
Claire's Stores, Inc. 2,272 58,220
*Coldwater Creek, Inc. 475 9,263
*Compucom Systems, Inc. 1,731 7,140
*CompUSA, Inc. 4,200 31,238
*Corporate Express, Inc. 4,657 32,599
*Cost Plus, Inc. 589 26,800
*Cost-U-Less, Inc. 400 1,900
*Creative Computers, Inc. 455 3,640
*CSK Auto Corporation 1,242 33,534
*Cyberian Outpost, Inc. 1,009 10,027
*Dallas Gold and Silver Exchange, Inc. 400 1,550
*Damark International, Inc. Class A 284 2,379
Deb Shops, Inc. 584 11,607
*Delia's, Inc. 921 12,434
*Diplomat Direct Marketing Corporation 1,400 1,094
*Discount Auto Parts, Inc. 744 17,949
*Dollar Tree Stores, Inc. 2,646 116,424
*Dress Barn, Inc. 1,018 16,288
*Drug Emporium, Inc. 600 4,350
*Duane Reade, Inc. 759 23,244
*Duckwall-Alco Stores, Inc. 227 2,384
*Egghead.Com, Inc. 1,291 14,443
*Elder-Beerman Stores Corporation 779 5,696
*Electronics Boutique Holdings 902 12,854
Enesco Group, Inc. 602 13,921
EzCorporation, Inc. Class A 498 3,424
</TABLE>
<TABLE>
- ----------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------
*Factory 2-U Stores, Inc. 223 $ 4,126
Family Dollar Stores, Inc. 7,704 184,896
*Fashionmall.com, Inc. 300 2,156
Fastenal Company 1,697 88,986
*FFP Marketing Company, Inc. 500 1,625
*Filene's Basement Corporation 900 1,294
*Finlay Enterprises, Inc. 583 7,798
*Footstar, Inc. 1,097 40,795
Fred's, Inc. 440 6,875
Friedman's, Inc. 739 6,420
*Funco, Inc. 365 6,730
*Gadzooks, Inc. 697 11,152
*Garden Ridge Corporation 868 4,123
*Gart Sports Company 343 1,929
*GC Companies, Inc. 284 10,153
*Genesis Direct, Inc. 1,193 2,237
*Gerald Stevens, Inc. 361 4,332
*Globe Business Resources, Inc. 208 2,704
*Good Guys, Inc. 637 4,778
*Goody's Family Clothing, Inc. 1,491 17,053
*Gottschalks, Inc. 463 4,225
*Grow Biz International, Inc. 226 1,836
*Guitar Center, Inc. 898 9,373
*Gymboree Corporation 1,091 11,456
Hancock Fabrics, Inc. 755 3,303
*Handleman Company 1,414 16,703
*Harold's Store, Inc. 800 5,200
*Hastings Entertainment, Inc. 526 6,049
Haverty Furniture 611 21,500
*HEARx Ltd. 3,000 1,313
Heilig Meyers Company 2,673 18,210
*Hibbet Sporting Goods, Inc. 336 7,392
*Homebase, Inc. 1,697 10,712
*Horizon Pharmacies 248 1,457
*Hot Topic 216 5,832
*Inacom Corporation 2,026 25,578
*Intertan, Inc. 569 11,665
Intimate Brands, Inc. 11,776 557,866
J Baker, Inc. 729 6,288
*Jacobson Stores, Inc. 200 1,450
*Jo-Ann Stores 1,102 16,530
*Jos A Bank Clothiers, Inc. 300 1,913
*JumboSports, Inc. 8,300 830
*Just For Feet, Inc. 1,594 10,261
*J. Jill Group, Inc. 454 6,640
*Kenneth Cole Productions Class A 583 16,251
*Land's End, Inc. 1,352 65,572
Lillian Vernon Coporation 336 4,368
*Linens 'N Things, Inc. 1,742 76,213
*Marinemax, Inc. 653 7,714
*Marvel Enterprises, Inc. 1,233 9,093
*Mazel Stores, Inc. 408 4,437
*Michaels Stores, Inc. 1,327 40,639
*Micro Warehouse, Inc. 1,662 29,708
*Microage, Inc. 1,143 4,358
Midas, Inc. 755 21,423
*Mothers Work, Inc. 100 1,300
*Movie Gallery, Inc. 600 3,225
</TABLE>
121
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
*Msc Industrial Direct Company Class A 1,511 $ 15,488
*Multiple Zones International, Inc. 682 5,072
*Musicland Stores Corporation 1,701 15,096
*National Record Mart, Inc. 400 1,675
*Natural Wonders, Inc. 300 1,200
*Neiman Marcus Group, Inc. 2,192 56,307
*Noodle Kidoodle, Inc. 339 1,801
*North Face, Inc. 560 5,530
*Nyer Medical Group, Inc. 200 994
*Office Depot, Inc. 16,891 372,648
*Officemax, Inc. 5,591 67,092
*One Price Clothing Stores 667 3,168
*O'Reilly Automotive, Inc. 1,252 63,070
*Pacific Sunwear of California 1,512 36,843
*Pamida Holdings Corporation 300 3,413
*Party City Corporation 459 0
*Paul Harris Stores 682 4,646
*Payless ShoeSource, Inc. 1,504 80,464
*Pc Connection, Inc. 773 9,324
*Perfumania, Inc. 300 947
*Petco Animal Supplies, Inc. 977 15,388
*Petsmart, Inc. 5,306 54,387
*Phar Mor, Inc. 547 2,325
Pier 1 Imports, Inc. 4,351 48,949
*Piercing Pagoda, Inc. 436 5,505
*Priceline.com, Inc. 6,522 753,689
*Pricesmart, Inc. 185 6,475
*RDO Equipment Company Class A 200 1,875
*Real Goods Trading Corporation 2,500 9,219
*Reeds Jewelers, Inc. 300 994
*Restoration Hardware, Inc. 726 9,710
*Rex Stores Corporation 362 10,792
Ross Stores, Inc. 2,100 105,788
*RoweCom, Inc. 500 7,625
Ruddick Corporation 2,487 49,740
*Saks, Inc. 6,362 183,703
*Samsonite Corporation 467 2,335
*School Specialty, Inc. 652 10,473
*Service Merchandise Company 3,000 1,125
*Sharper Image Corporation 519 4,412
*Shoe Pavilion, Inc. 400 1,800
*Shop At Home, Inc. 1,340 11,934
*Shopko Stores, Inc. 1,167 42,304
*Skymall, Inc. 714 6,694
*Sound Advice, Inc. 200 1,488
*Specialty Catalog Corporation 300 1,088
*Spiegel, Inc. Class A 5,893 52,300
*Sport Chalet, Inc. 300 1,838
St John Knits, Inc. 746 21,821
*Stage Stores, Inc. 1,584 10,296
*Stein Mart, Inc. 2,029 19,022
*Sterling Vision, Inc. 666 2,498
*Streicher Mobile Fueling, Inc. 200 1,325
*Sunglass Hut, Inc. 2,216 38,088
*Supreme International Corporation 1,000 13,375
*Syms Corporation 761 6,183
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
*Systemax, Inc. 1,616 $ 19,998
*S&K Famous Brands, Inc. 900 8,381
Talbots, Inc. 1,404 53,528
*Tech Data Corporation 2,274 86,981
*The Bon-Ton Stores 506 3,257
*The Boyds Collection Ltd. 2,600 45,013
*The Buckle, Inc. 982 28,233
*The Finish Line 948 10,665
*The Maxim Group, Inc. 844 7,332
*The Men's Wearhouse, Inc. 1,796 45,798
*The Right Start 800 6,100
*The Sports Authority, Inc. 1,673 7,424
*The Sportsman's Guide, Inc. 300 1,613
Tiffany & Company 1,569 151,409
*Trans World Entertainment Corporation 2,564 28,845
*Travis Boats & Motors, Inc. 158 2,291
*Tweeter Home Entertainment 332 13,031
*Ubid, Inc. 719 22,999
*Ultimate Electronics, Inc. 400 7,275
*United Retail Group, Inc. 582 8,803
*Urban Outfitters, Inc. 753 18,919
*US Office Products Company 1,949 10,476
*USA Floral Products, Inc. 547 4,137
*USinternetworking, Inc. 1,700 71,400
*Value America, Inc. 1,800 34,200
*Value City Dept Stores, Inc. 1,444 17,689
*Valuevision International, Inc. Class A 1,142 22,697
*Venator Group, Inc. 6,263 65,370
*Vista Eyecare, Inc. 780 3,023
*West Marine, Inc. 723 10,529
*Wet Seal, Inc. Class A 708 20,267
*Whitehall Jewellers, Inc. 455 12,143
*Williams-Sonoma, Inc. 2,488 86,614
*Wilmar Industries, Inc. 493 6,409
*Wilsons The Leather Experts 599 9,846
*Zale Corporation 1,604 64,160
------------
7,317,512
------------
Textiles, Clothing & Fabrics--1.1%
Alba-Waldensian, Inc. 138 2,760
Authentic Fitness Corporation 1,028 17,990
*Barry (Rg) 359 2,962
*Bernard Chaus, Inc. 800 2,300
*Burlington Industries, Inc. 2,578 23,363
*Candie's, Inc. 770 0
*Chemfab Corporation 289 5,256
*Chic By HIS, Inc. 3,200 8,200
Cintas Corporation 4,930 331,224
Collins & Aikman Corporation 2,800 21,350
*Columbia Sportswear Company 1,129 17,358
*Cone Mills Corporation 937 5,622
*Conso Products Company 400 2,300
*Converse, Inc. 774 2,806
Crown Crafts 385 1,684
Culp, Inc. 581 6,101
*Cutter & Buck, Inc. 304 5,130
Decorator Industries, Inc. 100 725
</TABLE>
122
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------
Delta Woodside Industries 891 $ 5,346
Dixie Group, Inc. 508 4,310
Fab Industries, Inc. 205 3,126
*Florsheim Group 500 2,813
*Galey & Lord, Inc. 529 2,314
Garan, Inc. 189 6,072
*Genesco 1,199 17,460
*Gerber Childrenswear, Inc. 374 2,478
*Global Sports, Inc. 539 8,826
*Guess ?, Inc. 1,919 26,506
Guilford Mills 1,039 10,780
Haggar Corporation 316 4,148
*Hampshire Group 200 2,400
*Hampton Industries 1,320 5,858
*Happy Kids, Inc. 379 3,293
*Hartmarx Corporation 1,282 5,368
*Innovo Group, Inc. 1,000 1,156
Interface Flooring Systems 2,343 20,208
*Johnston Industries, Inc. 800 1,700
*Jones Apparel Group, Inc. 5,452 187,072
*JPS Textile Group, Inc. 2,700 9,788
Justin Industries 1,176 16,391
K Swiss, Inc. Class A 484 22,506
Kellwood Company 1,367 37,080
Lacrosse Footwear, Inc. 300 2,325
*Lakeland Industries, Inc. 200 1,200
*Leslie Fay Company, Inc. 200 1,288
*Maxwell Shoe Company, Inc. Class A 324 2,936
*McNaughton Apparel Group, Inc. 300 2,513
*Mohawk Industries, Inc. 2,765 83,987
*Nautica Enterprises, Inc. 1,666 28,114
OshKosh B'Gosh Class A 812 17,154
Oxford Industries, Inc. 314 8,890
Penn Engineering & Manufacturing Corporation 317 7,133
Penobscot Shoe 800 8,400
Phillips-Van Heusen 1,003 9,905
Pillowtex 731 11,924
*Polo Ralph Lauren Corporation 1,506 28,614
*Polymer Group, Inc. 1,431 16,814
*PremiumWear, Inc. 200 975
*Quaker Fabric Corporation 700 2,931
*Quiksilver, Inc. 969 25,255
*Rocky Shoes & Boots, Inc. 100 831
*Saucony, Inc. Class B 300 6,788
*Shaw Industries, Inc. 6,295 103,868
*Shoe Carnival, Inc. 585 9,945
*Sport-Haley, Inc. 200 963
*Starter Corporation 3,200 3,200
*Steven Madden Ltd. 501 6,795
Stride Rite Corporation 2,077 21,419
Superior Surgical Manufacturing 289 3,613
*Synthetic Industries, Inc. 388 11,446
*Tag-It Pacific, Inc. 500 2,875
*Tandy Brands Accessories, Inc. 200 3,425
*Tarrant Apparel Group 713 16,221
*The Alpine Group 696 11,180
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
The First Years, Inc. 384 $ 5,760
*The Sirena Apparel Group, Inc. 300 0
*Timberland Company 513 34,916
*Triarc Companies 1,308 27,795
*Tropical Sportswear International 349 11,124
*Tropical Sportswear International 349 11,124
*Unifi, Inc. 2,732 58,055
*Vans, Inc. 600 6,872
Warnaco Group, Inc. 2,668 71,369
West Point Stevens, Inc. 2,530 75,426
Weyco Group 187 4,301
Wolverine World Wide 1,959 27,426
------------
1,650,101
------------
*Aasche Transportation Services, Inc. 300 1,350
*ABC Rail Products Corporation 731 14,986
Air Express International Corporation 1,511 38,342
Alexander & Baldwin, Inc. 2,000 44,500
*Allied Holdings, Inc. 490 3,981
*Amerco 1,011 22,748
*American Classic Voyages Company 734 17,616
*American Freightways Corporation 1,515 29,637
Arctic Cat, Inc. 1,016 9,081
*Arkansas Best Corporation 1,223 12,154
Arnold Industries, Inc. 1,124 17,352
*Avis Rent A Car, Inc. 1,500 43,688
*Avondale 592 23,088
*Boyd Bros Transportation, Inc. 300 3,450
*Budget Group, Inc. 1,609 19,811
*Carey International, Inc. 448 11,032
*Celadon Group, Inc. 445 3,783
CH Robinson Worldwide, Inc. 1,843 67,730
Circle International Group, Inc. 766 16,756
CNF Transportation, Inc. 2,238 85,883
*Commodore Holdings Ltd. 400 2,700
*Consolidated Delivery & Logistics, Inc. 300 1,050
*Consolidated Freightways 1,266 16,260
*Covenant Transport, Inc. Class A 663 10,442
*Dollar Thrifty Automotive Group 1,079 25,087
Expeditors International, Inc. 2,304 62,784
Florida East Coast Inds, Inc. 1,623 71,818
*Forward Air Corporation 662 18,619
*Friede Goldman International, Inc. 1,104 15,318
*Fritz Companies, Inc. 1,622 17,437
Frozen Food Express Industries 616 4,697
*FRP Properties, Inc. 149 3,837
GATX Corporation 2,204 83,890
*Genesee & Wyoming, Inc. Class A 183 1,887
Greenbrier Companies, Inc. 525 5,513
*Gulfmark Offshore, Inc. 299 5,681
*Halter Marine Group, Inc. 1,264 8,374
*Heartland Express 1,342 21,975
*Hub Group, Inc. Class A 358 8,033
Hunt (J B) Transport Services 1,592 25,870
</TABLE>
123
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
*Hvide Marine, Inc. 573 $ 1,236
*International Aircraft Investors 300 2,119
International Shipholding Corporation 246 3,536
*Intrenet, Inc. 606 1,780
*Jevic Transportation, Inc. 400 5,550
Kenan Transport Company 108 3,294
*Kirby Corporation 935 19,810
*KLLM Transport Services, Inc. 500 2,875
*Landair Corporation 1,000 4,000
*Landstar System, Inc. 464 16,748
*Lynch Corporation 52 4,134
*Marine Transport Corporation 300 1,069
Maritrans, Inc. 540 3,038
*Mark VII, Inc. 428 7,116
*Marten Transport 300 3,600
*Matlack Systems, Inc. 394 2,069
*Motivepower Industries, Inc. 1,198 21,265
*Motor Cargo Industries, Inc. 400 3,400
*M.S. Carriers, Inc. 548 16,252
Oglebay Norton Company 175 3,894
*Old Dominion Freight Line 506 6,009
*OTR Express, Inc. 400 1,425
Overseas Shipholding Group 1,646 21,192
*PAM Transportation Services 673 6,646
*Pierce Leahy Corporation 761 18,787
Pittston Brink's Group 1,832 49,006
Pittston Burlington Group 914 8,683
Polaris Industries L.P. Class A 1,147 49,895
Providence & Worcester Railroad Company 500 7,063
*Railamerica, Inc. 357 3,682
*Railtex, Inc. 339 4,704
*Railworks Corporation 555 5,134
Roadway Express, Inc. 965 18,697
Rollins Truck Leasing Corporation 2,630 29,259
Royal Caribbean Cruises Ltd. 7,618 333,278
*Rural/Metro Corporation 633 6,093
*Simon Transportion Services, Inc. 500 2,469
*Smithway Motor Xpress Corporation Class A 400 4,000
*Swift Transportation Company, Inc. 2,941 64,702
The Morgan Group, Inc.--Class A 200 1,750
Thor Industries 546 15,493
Tidewater, Inc. 2,538 77,409
*Todd Shipyards 600 4,125
*Trailer Bridge, Inc. 600 1,238
*TransFinancial Holdings, Inc. 200 1,000
*Transit Group, Inc. 1,056 6,732
*Transport Corporation of America 591 7,609
*Trico Marine Services, Inc. 1,251 8,210
Trinity Industries, Inc. 1,937 64,890
US Freightways Corporation 1,175 54,417
*USA Truck, Inc. 547 5,008
*US Xpress Enterprises Class A 682 7,289
Varlen Corporation 760 30,780
Viad Corporation 4,447 137,579
Werner Enterprises, Inc. 2,122 44,032
</TABLE>
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------------
Westinghouse Air Brake Company 1,515 $ 39,295
*Willis Lease Finance Corporation 368 6,003
*Wisconsin Central Transportation Corporation 2,287 43,167
*Xtra Corporation 687 31,559
*Yellow Corporation 1,148 20,377
------------
2,273,711
------------
U.S. Government--0.0%
*Federal Agriculture Management Corporation Class A 400 6,600
------------
Water Companies--0.2%
American States Water Company 330 9,364
American Water Works Company 3,609 110,977
*Aqua Care Systems, Inc. 800 1,175
Aquarion Company 612 21,267
California Water Service Group 564 14,735
Connecticut Water Service, Inc. 167 4,593
E-Town Corporation 376 17,202
*Kaiser Ventures, Inc. 478 6,812
Middlesex Water Company 161 4,045
Philadelphia Suburban Corporation 2,012 46,402
SJW Corporation 116 9,237
Southwest Water Company 188 3,267
United Water Resources, Inc. 1,677 38,047
------------
287,123
------------
TOTAL COMMON STOCKS
(Cost $129,123,155) 146,346,882
------------
- ----------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--0.0%
- ----------------------------------------------------------------------------
Automotive--0.0%
Automatic Common Exchange Security Trust II
(Cost $5,559) 395 7,110
------------
- ----------------------------------------------------------------------------
LIMITED PARTNERSHIPS--0.0%
- ----------------------------------------------------------------------------
Oil & Gas--0.0%
Plains All American Pipeline LP 897 16,651
Teppco Partners LP 1,297 32,182
------------
48,833
------------
Real Estate--0.0%
Newhall Land & Farming Company LP 1,544 38,021
American Insured Mortgage Investors LP Series 86 324 3,524
American Insured Mortgage Investors LP Series 88 428 2,354
------------
43,899
------------
TOTAL LIMITED PARTNERSHIPS
(Cost $78,822) 92,732
------------
</TABLE>
124
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------
<CAPTION>
Shares/
MIP Extended Index Portfolio Face Value
<S> <C> <C>
- -----------------------------------------------------------
RIGHTS--0.0%
- -----------------------------------------------------------
Medical & Bio-Technology--0.0%
*Mechanical Technology, Inc. 38 $ 0
------------
Real Estate--0.0%
*Homestead Village, Inc. 2,822 11
------------
Restaurants--0.0%
*J Alexander's Corporation 5,400 0
------------
TOTAL RIGHTS
(Cost $0) 11
------------
- -----------------------------------------------------------
WARRANTS--0.0%
- -----------------------------------------------------------
Insurance--0.0%
*InterContinental Life Corporation 94 0
------------
Environmental Controls--0.0%
Mine Safety Appliances 321 20,544
------------
TOTAL WARRANTS
(Cost $0) 20,544
------------
</TABLE>
<TABLE>
- ------------------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- ------------------------------------------------------------
U.S. TREASURY BILLS--3.4%
- ------------------------------------------------------------
U.S. Government
US Treasury Bill
4.36%, 8/12/1999
(Cost $5,213,541) $5,239,000 5,212,219
------------
TOTAL INVESTMENTS--99.6%
(Cost $134,421,077) 151,679,498
Other Assets Less Liabilities--0.4% 594,598
------------
TOTAL NET ASSETS--100.0% $152,274,096
============
</TABLE>
Notes to the Schedule of Investments:
* Non-Income producing security.
** The cost of investments for federal Income tax purposes amounts to
$134,421,077. Unrealized gains and losses, based on identified tax cost at
June 30, 1999, are as follows:
<TABLE>
<S> <C>
Unrealized gains $ 22,682,763
Unrealized losses (5,424,342)
------------
Net unrealized gain $ 17,258,421
============
</TABLE>
See accompanying notes to financial statements.
125
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- -------------------------------
<CAPTION>
MIP
U.S.
Equity
Index Value
<S> <C> <C>
- -------------------------------
MASTER INVESTMENT PORTFOLIOS--
90.2%
- -------------------------------
MIP S&P 500 Index $429,096,069
MIP Extended
Index 116,115,697
------------
TOTAL MASTER
INVESTMENT
PORTFOLIOS 545,211,766
------------
TOTAL
INVESTMENTS--
90.2% 545,211,766
Other Assets Less
Liabilities--
9.8% 58,956,601
------------
TOTAL NET
ASSETS--100.0% $604,168,367
============
</TABLE>
See accompanying notes to financial statements.
126
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------------
COMMON STOCKS--95.56%
- ----------------------------------------------------------------------------
Advertising--0.12%
Omnicom Group 66,266 $ 5,301,280
--------------
Total Advertising (Cost $3,249,848) 5,301,280
--------------
Aerospace & Defense--1.41%
Allied Signal, Inc. 210,351 13,252,113
Boeing Company 364,814 16,120,219
Briggs & Stratton Corporation 8,896 513,744
General Dynamics Corporation 47,742 3,270,327
Lockheed Martin Corporation 147,487 5,493,891
Northrop Grumman Corporation 25,622 1,699,059
Rockwell International Corporation 71,838 4,364,159
Textron, Inc. 59,645 4,909,529
United Technologies Corporation 180,299 12,925,185
--------------
Total Aerospace & Defense (Cost $43,519,466) 62,548,226
--------------
Airlines--0.42%
+AMR Corporation 62,277 4,250,405
Delta Air Lines, Inc. 53,720 3,095,615
+FDX Corporation 110,773 6,009,435
Southwest Airlines Company 125,880 3,918,015
+USAirways Group, Inc. 32,988 1,437,040
--------------
Total Airlines
(Cost $12,752,079) 18,710,510
--------------
Apparel--0.23%
Liz Claiborne, Inc. 24,456 892,644
Nike, Inc. Class B 107,581 6,811,222
+Reebok International Ltd. 21,374 398,091
Russell Corporation 13,849 270,056
VF Corporation 45,079 1,927,127
--------------
Total Apparel
(Cost $7,728,276) 10,299,140
--------------
Auto Parts & Equipment--0.72%
Cooper Tire & Rubber Company 28,668 677,282
Dana Corporation 62,225 2,866,239
+Delphi Automotive Systems Corporation 208,458 3,869,502
Deluxe Corporation 30,375 1,182,727
Eaton Corporation 26,893 2,474,156
Genuine Parts Company 67,653 2,367,855
Goodyear Tire & Rubber Company 58,559 3,444,001
Illinois Tool Works, Inc. 93,904 7,700,128
ITT Industries, Inc. 39,027 1,487,904
+Navistar International Corporation 25,255 1,262,750
PACCAR, Inc. 29,490 1,574,029
The Pep Boys--Manny Moe & Jack 20,046 433,495
TRW, Inc. 45,007 2,469,759
--------------
Total Auto Parts & Equipment (Cost $20,893,339) 31,809,827
--------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
Automobiles--0.95%
Ford Motor Company 454,189 $ 25,633,292
General Motors Corporation Class A 245,659 16,213,494
------------
Total Automobiles (Cost $31,145,444) 41,846,786
------------
Bank & Finance--11.80%
American Express Corporation 169,708 22,083,254
Amsouth Bancorp 62,908 1,458,679
Associates First Capital Corporation 272,026 12,054,152
Bank of America Corporation 655,541 48,059,350
Bank of New York, Inc. 285,685 10,481,068
Bank One Corporation 443,092 26,391,667
BankBoston Corporation 110,398 5,644,098
BB&T Corporation 116,089 4,259,015
Bear Stearns Company, Inc. 44,342 2,072,989
Capital One Financial Corporation 73,954 4,118,313
Chase Manhattan 317,447 27,498,846
Citigroup, Inc. 1,273,050 60,469,876
Comerica, Inc. 58,426 3,472,695
Countrywide Credit Industries, Inc. 41,802 1,787,036
Equifax, Inc. 55,462 1,979,300
Federal Home Loan Mortgage Corporation 260,167 15,089,686
Federal National Mortgage Association 388,968 26,595,687
Fifth Third Bancorp 100,017 6,657,382
First Union Corporation 369,714 17,376,558
Firstar Corporation 259,023 7,252,644
Fleet Financial Group, Inc. 213,546 9,476,104
Franklin Resources, Inc. 95,233 3,868,841
Golden West Financial 21,404 2,097,592
Household International, Inc. 180,869 8,568,669
Huntington Bancshares, Inc. 79,326 2,776,410
Keycorp 170,513 5,477,730
Lehman Brothers Holdings 43,658 2,717,711
MBNA Corporation 300,604 9,205,998
Mellon Bank Corporation 196,234 7,138,012
Mercantile Bancorp 58,688 3,352,552
Merrill Lynch & Company, Inc. 137,388 10,982,453
MGIC Investment Corporation 41,148 2,000,822
Morgan (J P) & Company, Inc. 66,208 9,302,224
Morgan Stanley Dean Witter 216,900 22,232,250
National City Corporation 122,753 8,040,322
Northern Trust Corporation 41,758 4,050,526
Paine Webber Group, Inc. 53,100 2,482,425
PNC Bank Corporation 113,003 6,511,798
Regions Financial Corporation 82,699 3,178,743
Republic New York Corporation 40,408 2,755,321
Ryder System, Inc. 27,115 704,990
Schwab (Charles) Corporation 152,829 16,792,086
SLM Holding Corporation 62,339 2,855,905
State Street Boston Corporation 60,416 5,158,016
</TABLE>
127
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------------
Summit Bancorp 65,195 $ 2,725,966
SunTrust Banks, Inc. 119,863 8,322,987
Synovus Financial Corporation 99,789 1,983,306
U.S. Bancorp 272,663 9,270,542
Union Planters Corporation 51,833 2,316,287
Wachovia Corporation 76,124 6,513,360
Washington Mutual, Inc. 222,834 7,882,753
Wells Fargo & Company 620,240 26,515,260
--------------
Total Bank & Finance (Cost $348,660,186) 522,060,256
--------------
Basic Industries--1.34%
Alcoa, Inc. 138,083 8,543,886
ASARCO, Inc. 15,193 285,818
Avery-Dennison Corporation 43,786 2,643,580
Baker Hughes, Inc. 121,798 4,080,233
Bemis Company 19,727 784,148
Boise Cascade Corporation 21,261 914,223
Champion International Corporation 36,057 1,726,229
Cyprus Amax Minerals 34,729 527,447
Dover Corporation 83,902 2,936,570
Fort James Corporation 82,919 3,140,557
Georgia-Pacific Corporation 66,480 3,149,490
Homestake Mining Company 88,328 723,186
Ikon Office Solutions, Inc. 51,859 777,885
Inco Ltd. 67,703 1,218,654
Louisiana-Pacific Corporation 40,990 973,513
Mead Corporation 38,793 1,619,608
Minnesota Mining & Manufacturing Company 150,766 13,107,219
NACCO Industries, Inc. Class A 2,916 214,326
Newmont Mining Corporation 61,812 1,228,514
Potlatch Corporation 10,970 481,994
+Sealed Air Corporation 31,249 2,027,279
Westvaco Corporation 38,385 1,113,165
Weyerhauser Company 74,653 5,132,394
Willamette Industries, Inc. 41,721 1,921,774
--------------
Total Basic Industries (Cost $47,174,375) 59,271,692
--------------
Beverages--2.39%
Anheuser-Busch, Inc. 179,453 12,729,947
Coca-Cola Company 927,424 57,964,000
Coca-Cola Enterprises Company 157,294 4,836,791
Coors (Adolph) Company Class B 13,872 686,664
Diageo PLC ADR (UK) 17 731
Pepsico, Inc. 553,763 21,423,706
Seagrams Company Ltd. 159,552 8,037,432
--------------
Total Beverages (Cost $81,850,767) 105,679,271
--------------
Broadcasting--0.95%
+Clear Channel Communications, Inc. 123,823 8,536,048
+Kingworld Productions 27,655 962,740
+MediaOne Group, Inc. 227,859 16,947,013
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
Tribune Company 44,665 $ 3,891,438
+Viacom, Inc. Class B 261,205 11,493,020
--------------
Total Broadcasting (Cost $22,797,308) 41,830,259
--------------
Building Materials & Services--0.45%
Cooper Industries, Inc. 38,960 2,025,920
Corning, Inc. 90,590 6,352,624
Danaher Corporation 49,895 2,900,147
Owens Corning Fiberglass Corporation 20,214 694,856
+Owens Illinois, Inc. 58,402 1,909,015
PPG Industries, Inc. 66,706 3,939,823
Snap-On, Inc. 22,510 814,581
Stanley Works 33,628 1,082,401
--------------
Total Building Materials & Services (Cost $15,466,960) 19,719,367
--------------
Business Services--0.31%
+Cendant Corporation 304,427 6,240,754
Dun & Bradstreet Corporation 62,820 2,226,184
Ecolab, Inc. 48,621 2,121,091
Paychex, Inc. 92,344 2,943,465
--------------
Total Business Services (Cost $12,577,890) 13,531,494
--------------
Chemicals--1.73%
Air Products & Chemicals, Inc. 87,040 3,503,360
Clorox Company 43,611 4,658,200
Dow Chemical Company 83,117 10,545,469
Du Pont (E I) De Nemours 423,370 28,921,463
Eastman Chemical Company 29,702 1,537,079
+FMC Corporation 12,561 858,073
Goodrich (B F) Company 27,461 1,167,093
+Grace (W R) Company 28,052 515,456
Great Lakes Chemical Corporation 22,386 1,031,155
Hercules, Inc. 37,165 1,461,049
International Flavor & Fragrances 40,024 1,776,065
Monsanto Company 235,662 9,293,920
Nalco Chemical Company 24,795 1,286,241
Praxair, Inc. 59,412 2,907,475
Rohm & Haas Company 78,326 3,358,229
Sigma-Aldrich Corporation 38,048 1,310,278
Union Carbide Corporation 50,069 2,440,864
--------------
Total Chemicals (Cost $57,436,233) 76,571,469
--------------
Computer Software--7.45%
+3Com Corporation 134,720 3,595,308
Adobe Systems, Inc. 24,729 2,031,643
America Online, Inc. 408,150 45,100,575
Autodesk, Inc. 19,476 575,759
Automatic Data Processing 230,963 10,162,372
+BMC Software, Inc. 87,237 4,710,798
+Ceridian Corporation 53,845 1,760,058
Computer Associates International, Inc. 202,242 11,123,310
Computer Sciences Corporation 59,363 4,107,178
</TABLE>
128
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------------
+Compuware Corporation 137,563 $ 4,376,223
Electronic Data Systems Corporation 185,158 10,472,999
First Data Corporation 166,349 8,140,704
IMS Health, Inc. 120,385 3,762,031
+Microsoft Corporation 1,919,845 173,146,021
+Novell, Inc. 132,181 3,502,797
+Oracle Systems Corporation 547,029 20,308,452
+Parametric Technology Corporation 101,015 1,401,583
+Peoplesoft, Inc. 87,166 1,503,614
+Sun Microsystems, Inc. 290,009 19,974,370
--------------
Total Computer Software (Cost $180,582,468) 329,755,795
--------------
Computer Systems--6.60%
+Apple Computer, Inc. 58,065 2,689,135
+Cabletron Systems, Inc. 60,348 784,524
+Cisco Systems, Inc. 1,200,958 77,461,791
Compaq Computer Corporation 638,026 15,113,241
+Data General Corporation 18,545 270,062
+Dell Computer Corporation 955,839 35,366,043
+EMC Corporation 379,486 20,871,730
+Gateway, Inc. 58,646 3,460,114
Harris Corporation 30,229 1,184,599
Hewlett-Packard Company 383,460 38,537,730
International Business Machine Corporation 682,440 88,205,370
+Seagate Technology, Inc. 92,082 2,359,601
Shared Medical System Corporation 9,969 650,477
+Silicon Graphics, Inc. 70,496 1,154,372
+Unisys Corporation 99,376 3,869,453
--------------
Total Computer Systems (Cost $132,071,622) 291,978,242
--------------
Container & Packaging--0.30%
Ball Corporation 11,348 479,453
Crown Cork & Seal Company 46,096 1,313,736
International Paper Company 153,806 7,767,203
Temple-Inland, Inc. 21,013 1,434,137
Tenneco, Inc. 64,115 1,530,746
Tupperware Corporation 21,821 556,436
--------------
Total Container & Packaging (Cost $12,914,857) 13,081,711
--------------
Electrical Equipment--3.81%
General Electric Company 1,230,599 139,057,687
Grainger (W W), Inc. 35,843 1,928,801
Masco Corporation 127,725 3,688,059
Motorola, Inc. 226,064 21,419,564
National Service Industries, Inc. 15,836 570,096
Raychem Corporation 29,907 1,106,559
Thomas & Betts Corporation 21,002 992,345
--------------
Total Electrical Equipment (Cost $94,311,502) 168,763,111
--------------
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
Electronics--4.22%
+Advanced Micro Devices 53,774 $ 971,293
+Applied Materials, Inc. 139,236 10,286,060
CBS Corporation 266,099 11,558,675
EG&G, Inc. 17,016 606,195
Emerson Electric Company 165,454 10,402,920
+General Instrument Corporation 63,040 2,679,200
Honeywell, Inc. 47,482 5,501,977
Intel Corporation 1,248,657 74,295,092
Johnson Controls, Inc. 31,873 2,209,197
+KLA Instruments Corporation 32,577 2,113,433
+LSI Logic Corporation 53,358 2,461,138
+Micron Technology, Inc. 92,169 3,715,547
+National Semiconductor 62,316 1,577,374
Pitney Bowes, Inc. 102,377 6,577,722
Raytheon Company Class B 126,632 8,911,727
+Solectron Corporation 93,783 6,254,154
Tektronix, Inc. 17,968 542,409
Texas Instruments, Inc. 146,959 21,309,055
Xerox Corporation 247,524 14,619,386
--------------
Total Electronics (Cost $107,998,185) 186,592,554
--------------
Energy & Related--6.16%
Amerada Hess Corporation 34,039 2,025,321
Anadarko Petroleum Corporation 45,361 1,669,852
Apache Corporation 39,912 1,556,568
Ashland, Inc. 28,639 1,149,140
Atlantic Richfield Corporation 120,707 10,086,579
Burlington Resources, Inc. 66,714 2,885,381
Chevron Corporation 245,715 23,388,997
Coastal Corporation 79,931 3,197,240
Columbia Gas System, Inc. 31,378 1,967,008
Consolidated Natural Gas Company 36,097 2,192,893
Eastern Enterprises 8,114 322,532
Enron Corporation 132,151 10,803,344
Exxon Corporation 912,599 70,384,198
Halliburton Company 165,315 7,480,504
Helmerich & Payne, Inc. 19,093 454,652
Kerr-McGee Corporation 31,658 1,588,836
Mobil Corporation 293,678 29,074,122
NICOR, Inc. 17,984 684,516
Occidental Petroleum Corporation 130,243 2,751,383
ONEOK, Inc. 11,794 374,460
Peoples Energy Corporation 13,514 509,309
Phillips Petroleum Company 95,721 4,815,963
+Rowan Company, Inc. 32,034 590,627
Royal Dutch Petroleum Corporation 805,644 48,540,051
Schlumberger Ltd. 205,005 13,056,256
Sonat Offshore Drilling Company 41,330 1,369,056
Sunoco, Inc. 35,303 1,065,709
Texaco, Inc. 200,843 12,552,688
</TABLE>
129
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ---------------------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------------
Union Pacific Resources Group 94,981 $ 1,549,378
Unocal Corporation 90,894 3,601,675
USX--Marathon Group 114,913 3,741,855
Williams Company, Inc. 161,009 6,852,946
--------------
Total Energy & Related (Cost 190,210,375) 272,283,039
--------------
Engineering & Construction--0.11%
Armstrong World Industries, Inc. 14,991 866,667
Centex Corporation 22,496 845,006
Fleetwood Enterprises, Inc. 13,229 349,742
Fluor Corporation 28,558 1,156,613
Foster Wheeler Corporation 15,385 217,313
Kaufman & Broad Home Corporation 17,299 430,313
Pulte Corporation 16,487 380,231
--------------
Total Engineering & Construction (Cost $4,375,367) 4,245,885
--------------
Entertainment & Leisure--1.50%
Brunswick Corporation 36,228 1,009,856
Disney (Walt) Company 772,335 23,797,572
+Harrah's Entertainment, Inc. 46,322 1,019,084
Hasbro, Inc. 73,877 2,063,939
Mattel, Inc. 153,745 4,064,633
+Mirage Resorts, Inc. 70,396 1,179,133
Polaroid Corporation 16,861 465,785
Time Warner, Inc. 451,554 33,189,219
--------------
Total Entertainment & Leisure
(Cost $46,104,153) 66,789,221
--------------
Environmental Control--0.34%
Browning-Ferris Industries, Inc. 65,117 2,800,031
Waste Management, Inc. 227,848 12,246,830
--------------
Total Environmental Control (Cost $13,259,791) 15,046,861
--------------
Food & Related--3.26%
Albertson's, Inc. 157,185 8,104,826
Archer-Daniels-Midland Company 223,077 3,443,751
Bestfoods 107,325 5,312,588
Brown-Forman Corporation Class B 25,912 1,689,139
Campbell Soup Company 168,302 7,805,005
ConAgra, Inc. 183,914 4,896,710
Darden Restaurants, Inc. 52,455 1,144,175
General Mills, Inc. 57,571 4,627,269
Great Atlantic & Pacific Tea Company 14,302 483,586
Heinz (H J) Company 136,011 6,817,551
Hershey Foods Corporation 53,828 3,196,038
Kellogg Company 152,289 5,025,537
+Kroger Company 307,854 8,600,671
McDonald's Corporation 509,071 21,030,996
</TABLE>
<TABLE>
- ---------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------------
Nabisco Group Holdings Corporation 122,108 $ 2,388,738
Pioneer Hi Bred International, Inc. 90,887 3,538,913
Quaker Oats Company 51,319 3,406,299
Ralston-Purina Group 119,934 3,650,491
+Safeway, Inc. 185,242 9,169,479
Sara Lee Corporation 343,167 7,785,601
Super Value, Inc. 45,332 1,164,466
Sysco Corporation 125,584 3,743,973
+Tricon Global Restaurants 57,477 3,110,943
Unilever NV 214,587 14,967,443
UST, Inc. 69,747 2,040,100
Wendy's International, Inc. 47,036 1,331,707
Winn-Dixie Stores, Inc. 55,895 2,064,622
Wrigley (W M) Jr Company 43,721 3,934,890
--------------
Total Food & Related (Cost $115,994,096) 144,475,507
--------------
Furniture & Appliances--0.21%
Maytag Corporation 33,886 2,361,431
Newell Rubbermaid, Inc. 105,184 4,891,056
Whirlpool Corporation 28,588 2,115,512
--------------
Total Furniture & Appliances (Cost $6,437,074) 9,367,999
--------------
Healthcare--0.42%
Cardinal Health, Inc. 101,261 6,493,362
+HCR Manor Care, Inc. 41,334 999,766
+Healthsouth Corporation 159,255 2,378,872
McKesson HBOC, Inc. 101,935 3,274,662
+St Jude Medical, Inc. 31,476 1,121,333
United Healthcare Corporation 69,855 4,374,669
--------------
Total Healthcare (Cost $22,139,309) 18,642,664
--------------
Hospital & Medical Supplies--2.32%
Bard (C R), Inc. 20,280 969,638
Bausch & Lomb, Inc. 21,028 1,608,642
Baxter International, Inc. 108,411 6,572,417
Becton Dickinson & Company 92,570 2,777,100
Biomet, Inc. 42,412 1,685,877
+Boston Scientific Corporation 147,718 6,490,360
Columbia/HCA Healthcare Corporation 226,785 5,173,533
Guidant Corporation 113,120 5,818,610
Johnson & Johnson 505,381 49,527,338
Mallinckrodt Group, Inc. 26,842 976,378
Medtronic, Inc. 218,804 17,039,362
+PE Corporation-Celera Genomics Group 1 8
PE Corporation-PE Biosystems Group 18,576 2,131,596
+Tenet Healthcare Corporation 116,117 2,155,422
--------------
Total Hospital & Medical Supplies (Cost $66,945,104) 102,926,281
--------------
Household Products--2.04%
Alberto-Culver Company Class B 20,993 558,939
Avon Products, Inc. 98,636 5,474,298
</TABLE>
130
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Colgate-Palmolive Company 109,962 $ 10,858,748
Gillette Company 416,330 17,069,530
Kimberly-Clark Corporation 203,607 11,605,599
Procter & Gamble Company 499,038 44,539,142
--------------
Total Household Products
(Cost $64,050,310) 90,106,256
--------------
Insurance--3.51%
Aetna, Inc. 53,742 4,806,550
AFLAC Corporation 98,855 4,732,683
Allstate Corporation 308,060 11,051,652
American General Corporation 94,635 7,133,113
American International Group, Inc. 465,609 54,505,354
Aon Corporation 95,648 3,945,459
Chubb Corporation 61,316 4,261,462
CIGNA Corporation 77,534 6,900,526
Cincinnati Financial Corporation 62,638 2,352,840
Conseco, Inc. 119,115 3,625,563
Hartford Financial Services Group 87,760 5,117,505
+Humana, Inc. 62,366 806,860
Jefferson-Pilot Corporation 39,939 2,643,463
Lincoln National Corporation 75,968 3,974,076
Loews Corporation 42,812 3,387,500
Marsh & McLennan Companies, Inc. 98,018 7,400,359
MBIA, Inc. 37,350 2,418,413
Progressive Corporation Ohio 27,210 3,945,450
Provident Company, Inc. 50,918 2,036,720
Providian Financial Corporation 53,305 4,984,018
SAFECO Corporation 51,361 2,266,304
St Paul Company 87,914 2,796,764
Torchmark Corporation 52,874 1,804,325
Transamerica Corporation 47,001 3,525,075
UNUM Corporation 52,100 2,852,475
+Wellpoint Health Networks 24,400 2,070,950
--------------
Total Insurance (Cost $109,744,321) 155,345,459
--------------
Lodging--0.11%
Hilton Hotels Corporation 96,721 1,372,229
Marriott International 93,906 3,509,737
--------------
Total Lodging
(Cost $3,740,918) 4,881,966
--------------
Machinery--0.57%
Black & Decker Corporation 33,224 2,097,265
Case Corporation 27,688 1,332,485
Caterpillar, Inc. 134,755 8,085,300
Cummins Engine Company, Inc. 15,310 874,584
Deere & Company 89,650 3,552,381
Ingersoll-Rand Company 61,916 4,001,322
McDermott International, Inc. 22,593 638,252
Milacron, Inc. 14,659 271,192
Pall Corporation 46,870 1,039,928
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
Parker Hannifin Corporation 40,973 $ 1,874,515
+Thermo Electron Corporation 60,020 1,204,151
--------------
Total Machinery (Cost $19,201,097) 24,971,375
--------------
Manufacturing--0.66%
Tyco International Ltd. 307,999 29,182,905
--------------
Total Manufacturing (Cost $16,330,384) 29,182,905
--------------
Metal Fabricators--0.42%
Alcan Aluminum Ltd. 85,687 2,736,629
Allegheny Teledyne, Inc. 73,890 1,671,761
Barrick Gold Corporation 142,524 2,761,403
Battle Mountain Gold Company 86,358 210,498
+Bethlehem Steel Corporation 48,628 373,828
Crane Company 26,005 817,532
Engelhard Corporation 53,820 1,217,678
+Freeport McMoRan, Inc. 62,573 1,122,403
Nucor Corporation 33,034 1,567,050
Phelps Dodge Corporation 21,794 1,349,866
Placer Dome, Inc. 115,431 1,363,529
Reynolds Metals Company 24,384 1,438,656
Timken Company 23,652 461,214
USX--U.S. Steel Group 32,955 889,785
Worthington Industries, Inc. 35,070 576,463
--------------
Total Metal Fabricators (Cost $19,940,205) 18,558,295
--------------
Pharmaceuticals--7.65%
Abbott Laboratories 570,388 25,952,654
Allergan, Inc. 24,602 2,730,822
+ALZA Corporation 36,421 1,852,918
American Home Products Corporation 494,715 28,446,113
+Amgen, Inc. 191,394 11,651,110
Bristol-Myers Squibb Company 746,230 52,562,576
Lilly (Eli) & Company 413,100 29,588,288
Merck & Company, Inc. 888,873 65,776,602
Millipore Corporation 16,614 673,905
Pfizer, Inc. 486,948 53,442,543
Pharmacia and Upjohn, Inc. 190,684 10,833,235
Schering-Plough Corporation 552,397 29,277,041
SouthTrust Corporation 60,934 2,338,342
Warner Lambert Company 318,893 22,123,202
+Watson Pharmaceutical, Inc. 34,067 1,194,474
--------------
Total Pharmaceuticals (Cost $204,149,211) 338,443,825
--------------
Publishing--0.86%
American Greetings Corporation Class A 26,650 802,831
Comcast Corporation Class A 277,375 10,661,602
Donnelley (R R) & Sons Company 51,095 1,893,708
Dow Jones & Company, Inc. 35,371 1,876,874
Gannett Company, Inc. 105,770 7,549,334
Interpublic Group Company, Inc. 52,010 4,505,366
Knight-Ridder, Inc. 29,607 1,626,535
</TABLE>
131
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------
McGraw-Hill, Inc. 73,843 $ 3,982,907
Meredith Corporation 19,682 681,489
New York Times Company Class A 68,644 2,526,957
Times Mirror Company Class A 29,861 1,769,264
--------------
Total Publishing (Cost $23,097,774) 37,876,867
--------------
Retail & Related--5.85%
+AutoZone, Inc. 57,563 1,734,074
+Best Buy Company, Inc. 75,800 5,116,500
Circuit City Stores, Inc. 37,511 3,488,523
+Consolidated Stores Corporation 40,776 1,100,952
+Costco Company, Inc. 81,678 6,539,345
CVS Corporation 146,080 7,468,340
Dayton-Hudson Corporation 165,431 10,753,015
Dillards, Inc. Class A 40,338 1,416,872
Dollar General Corporation 86,400 2,505,600
Eastman Kodak Company 121,718 8,246,395
+Federated Department Stores, Inc. 77,150 4,084,128
Gap, Inc. 326,184 16,431,494
Harcourt General, Inc. 26,695 1,376,461
Home Depot, Inc. 556,349 35,849,739
Jostens, Inc. 13,630 287,082
+K Mart Corporation 185,175 3,043,814
+Kohls Corporation 60,179 4,645,067
Limited, Inc. 85,597 3,883,964
Longs Drug Stores Corporation 14,506 501,364
Lowe's Company, Inc. 138,371 7,843,906
May Department Stores Company 131,555 5,377,311
Nordstrom, Inc. 55,965 1,874,828
+Office Depot, Inc. 137,300 3,029,181
Penney (J C) Company, Inc. 97,570 4,738,243
Rite Aid Corporation 97,138 2,392,023
Sears Roebuck & Company 144,032 6,418,426
Sherwin Williams Company 64,726 1,796,147
+Staples, Inc. 174,928 5,411,835
Tandy Corporation 74,326 3,632,683
TJX Companies, Inc. 121,151 4,035,843
+Toys R Us, Inc. 98,269 2,032,940
Walgreen Company 374,648 11,005,285
WalMart Stores, Inc. 1,673,036 80,723,987
--------------
Total Retail & Related (Cost $154,626,523) 258,785,367
--------------
Services--0.20%
Block (H R), Inc. 37,897 1,894,850
CMS Energy Corporation 42,339 1,772,946
Public Service Enterprise Group 85,846 3,508,955
Service Corporation International 98,113 1,888,675
--------------
Total Services
(Cost $8,435,877) 9,065,426
--------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------------
Telecommunications--10.58%
Alltel Corporation 104,760 $ 7,490,340
Ameritech Corporation 414,013 30,429,956
+Andrew Corporation 32,698 619,218
AT & T Corporation 1,196,148 66,760,011
Bell Atlantic Corporation 582,839 38,103,100
BellSouth Corporation 716,731 33,596,766
CenturyTel, Inc. 50,508 2,007,693
Frontier Corporation 64,044 3,778,596
GTE Corporation 364,625 27,620,344
Lucent Technologies, Inc. 1,142,867 77,072,117
+MCI WorldCom, Inc. 699,458 60,328,252
+Network Appliance, Inc. 25,600 1,430,400
+NEXTEL Communications Class A 109,746 5,507,877
Nortel Networks Corporation 248,867 21,604,801
SBC Communication, Inc. 737,614 42,781,612
Scientific-Atlanta, Inc. 28,337 1,020,132
Sprint Corporation 329,956 17,425,801
+Sprint Corporation (PCS Group) 164,169 9,378,154
+Tellabs, Inc. 146,170 9,875,611
U.S. West, Inc. 188,799 11,091,941
--------------
Total Telecommunications (Cost $255,477,992) 467,922,722
--------------
Textiles--0.01%
+Fruit Of The Loom, Inc. Class A 27,405 267,199
Springs Industries, Inc. Class A 6,901 301,056
--------------
Total Textiles
(Cost $936,982) 568,255
--------------
Tobacco--0.89%
Fortune Brands, Inc. 64,490 2,668,274
Philip Morris Company, Inc. 911,439 36,628,455
--------------
Total Tobacco (Cost $32,586,336) 39,296,729
--------------
Transportation--0.76%
Burlington Northern Santa Fe 176,184 5,461,704
Carnival Corporation Class A 229,144 11,113,484
CSX Corporation 81,996 3,715,444
Kansas City Southern Industries 40,244 2,568,070
Laidlaw, Inc. Class B 124,141 915,540
Norfolk Southern Corporation 142,440 4,291,005
Union Pacific Corporation 92,854 5,414,549
--------------
Total Transportation (Cost $30,399,152) 33,479,796
--------------
Utilities--1.93%
+AES Corporation 70,440 4,094,325
Ameren Corporation 51,666 1,982,683
American Electric Power, Inc. 71,907 2,701,007
Carolina Power & Light Company 57,002 2,440,398
Central & South West Corporation 79,933 1,868,434
Cinergy Corporation 59,810 1,913,920
Consolidated Edison, Inc. 87,581 3,963,040
</TABLE>
132
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares/
MIP--S&P 500 Index Principal Value
<S> <C> <C>
- ----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------------
Constellation Energy Group 56,187 $ 1,664,540
Dominion Resources, Inc. 73,469 3,182,126
DTE Energy Company 54,593 2,183,720
Duke Power Company 135,981 7,393,967
Edison International 132,489 3,544,081
Entergy Corporation 92,567 2,892,719
FirstEnergy Corporation 88,339 2,738,509
Florida Progress Corporation 36,700 1,516,169
FPL Group, Inc. 68,009 3,714,992
GPU, Inc. 48,172 2,032,256
New Century Energies, Inc. 42,692 1,656,983
+Niagra Mohawk Holdings, Inc. 70,580 1,133,691
Northern States Power Company 56,647 1,370,149
Pacificorp 111,901 2,056,181
PECO Energy Company 78,799 3,299,708
PG & E Corporation 143,877 4,676,003
PP & L Resources, Inc. 57,154 1,757,486
Reliant Energy, Inc. 108,778 3,004,992
Sempra Energy 90,394 2,045,164
Southern Company 261,964 6,942,046
Texas Utilities Company 105,760 4,362,600
Unicom Corporation 81,654 3,148,782
--------------
Total Utilities
(Cost $74,564,175) 85,280,671
--------------
TOTAL COMMON STOCKS (Cost $2,715,877,331) 4,226,894,361
--------------
- ----------------------------------------------------------------------
SHORT TERM INSTRUMENTS--5.35%
- ----------------------------------------------------------------------
U.S. Treasury Bills--0.27%
U.S. Treasury Bills, 4.56%#, 09/23/99 $ 12,200,000 12,069,911
--------------
Cash Equivalents--1.03%
++Dreyfus Institutional Money Market Fund 1,493,935 1,493,935
++Janus Institutional Money Market Fund 32,500,000 32,500,000
++Merrimac Cash Fund--Premium Class 11,900,000 11,900,000
--------------
45,893,935
--------------
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Shares/
Principal Value
<S> <C> <C>
- -----------------------------------------------------------------------------
Repurchase Agreements--4.05%
Morgan Stanley Triparty Repurchase Agreement
dated 6/30/99, due 7/1/99 with a maturity
value of $179,324,555 and an effective yield
of 4.55% collateralized by U.S. Treasury Notes
with a rate of 5.75%, a maturity of 6/30/01
and a market value of $182,897,066 $ 179,301,893 $ 179,301,893
--------------
TOTAL SHORT TERM INSTRUMENTS (Cost $237,265,376) 237,265,739
--------------
TOTAL INVESTMENTS IN SECURITIES--100.91%
(Cost $2,953,142,707)* (Notes 1 and 3) 4,464,160,100
Other Assets and Liabilities, Net--(0.91)% (40,375,202)
--------------
TOTAL NET ASSETS--100.00% $4,423,784,898
==============
</TABLE>
Notes to the Schedule of Investments:
* Cost for federal income tax purposes is the same as for financial statement
purposes and net unrealized appreciation consists of:
<TABLE>
<S> <C>
Gross Unrealized Appreciation $1,547,455,120
Gross Unrealized (Depreciation) (36,437,727)
--------------
Net Unrealized Appreciation $1,511,017,393
==============
</TABLE>
+ Non-income earning securities.
++ Represents collateral received from securities lending transactions. See
Note 4.
# Yield to maturity
See accompanying notes to financial statements.
133
<PAGE>
Schedule of Investments
June 30, 1999 (Unaudited)
<TABLE>
- --------------------------------------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- --------------------------------------------------------------------------
CORPORATE BONDS & NOTES--31.09%
- --------------------------------------------------------------------------
Aerospace & Defense--0.25%
Lockheed Martin Corporation, 6.85%, 05/15/01 $ 1,000,000 $ 1,004,495
------------
Auto Parts & Equipment--0.48%
Delphi Auto Systems Corporation,
6.50%, 05/01/09 1,000,000 940,973
Goodyear Tire & Rubber Company,
6.63%, 12/01/06 1,000,000 966,503
------------
1,907,476
------------
Automobiles--2.13%
Chrysler Corporation, 7.45%, 03/01/27 3,500,000 3,537,188
Ford Motor Company, 8.88%, 04/01/06 500,000 547,366
General Motors,
5.80%, 04/09/01 4,500,000 4,465,463
------------
8,550,017
------------
Bank & Finance--12.34%
ABN Amro Bank NV, 7.30%, 12/01/26 500,000 472,411
African Development Bank, 7.75%, 12/15/01 500,000 516,731
American General Finance, 5.88%, 07/01/00 1,000,000 999,510
Associates Corporation NA, 6.95%, 11/01/18 1,000,000 950,855
Associates Corporation NA, 6.25%, 11/01/08 2,500,000 2,373,583
Bank Of New York Company, 6.50%, 12/01/03 1,000,000 998,834
Bank One Corporation, 8.10%, 03/01/02 1,000,000 1,036,908
Bankamerica Corporation, 6.25%, 04/01/08 1,000,000 949,162
Chase Manhattan Corporation, 5.75%, 04/15/04 1,000,000 968,304
CIT Group Holdings, 6.63%, 06/15/05 1,000,000 989,116
Citigroup, Inc.,
7.88%, 05/15/25 1,000,000 1,037,873
Diageo PLC,
6.13%, 08/15/05 1,000,000 965,453
Dresdner Bank AG,
6.63%, 09/15/05 1,000,000 973,206
Duke Energy Corporation, 6.00%, 12/01/28 2,000,000 1,681,140
Financing Corporation, 9.80%, 04/06/18 1,285,000 1,726,671
First Union Capital Corporation, 8.04%, 12/01/26 2,000,000 1,989,894
First Union Corporation, 6.63%, 07/15/05 500,000 493,964
Ford Motor Credit Company, 6.50%, 02/28/02 3,400,000 3,411,934
</TABLE>
<TABLE>
- --------------------------------------------------------------------------
<CAPTION>
Principal Value
<S> <C> <C>
- --------------------------------------------------------------------------
General Motors Acceptance Corporation,
7.12%, 05/01/03 $ 1,000,000 $ 1,016,025
Household Finance Corporation, 6.70%, 06/15/02 1,000,000 1,002,891
Household Finance Corporation, 6.00%, 05/01/04 2,000,000 1,937,806
Houston Lighting & Power Company,
6.50%, 04/21/03 4,000,000 3,977,776
Interamerica Development Bank,
8.50%, 03/15/11 450,000 521,968
Interamerica Development Bank,
8.40%, 09/01/09 200,000 227,059
Keycorp,
6.75%, 03/15/06 1,500,000 1,484,822
KFW International Finance, Inc., 8.00%, 02/15/10 250,000 275,494
KFW International Finance, Inc., 7.63%, 02/15/04 3,500,000 3,690,747
Korea Development Bank, 7.38%, 09/17/04 1,000,000 981,944
Lehman Brothers, Inc., 9.88%, 10/15/00 500,000 521,463
Mellon Capital II, 7.99%, 01/15/27 1,000,000 1,003,287
Mellon Financial, 6.00%, 03/01/04 3,000,000 2,923,824
Merrill Lynch & Company, Inc., 6.38%, 10/15/08 1,000,000 950,242
Skandinaviska Enskilda, 6.88%, 02/15/09 500,000 487,331
Swiss Bank Corporation, 7.38%, 07/15/15 1,200,000 1,183,247
USA Waste Services, Inc., 6.13%, 07/15/01 1,000,000 993,291
Westdeutsche NY, 6.05%, 01/15/09 4,000,000 3,701,776
------------
49,416,542
------------
Beverages--0.82%
Anheuser Busch, 9.00%, 12/01/09 1,500,000 1,744,020
Coca-Cola Enterprises, 8.00%, 09/15/22 1,000,000 1,060,218
J Seagram & Sons, 7.50%, 12/15/18 500,000 483,310
------------
3,287,548
------------
Broadcasting--1.97%
Comcast Cable Communications, 8.38%, 05/01/07 2,000,000 2,135,274
Time Warner, Inc., 9.63%, 05/01/02 2,000,000 2,148,252
Viacom, Inc.,
7.75%, 06/01/05 3,500,000 3,600,499
------------
7,884,025
------------
</TABLE>
134
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- -----------------------------------------------------------------------
CORPORATE BONDS & NOTES--(Continued)
- -----------------------------------------------------------------------
Chemicals--0.39%
American Home Products, 6.50%, 10/15/02 $ 1,000,000 $ 1,002,675
Dow Chemical Company, 8.62%, 04/01/06 500,000 543,772
------------
1,546,447
------------
Electronics--0.93%
Raytheon Company, 7.38%, 07/15/25 1,000,000 947,569
Raytheon Company, 5.95%, 03/15/01 2,800,000 2,789,562
------------
3,737,131
------------
Energy & Related--0.25%
Phillips 66 Capital Trust II, 8.00%, 01/15/37 1,000,000 1,000,551
------------
Entertainment & Leisure--1.75%
Disney (Walt) Company, 6.75%, 03/30/06 500,000 504,108
Disney (Walt) Company, 5.13%, 12/15/03 4,000,000 3,797,456
Time Warner Entertainment, 8.38%, 03/15/23 2,500,000 2,705,410
------------
7,006,974
------------
Food & Related--0.26%
Archer-Daniels-Midland Company,
8.38%, 04/15/17 500,000 553,756
Imperial Tobacco Group PLC, 7.12%, 04/01/09 500,000 475,565
------------
1,029,321
------------
Healthcare--0.26%
Baxter International, Inc., 7.63%, 11/15/02 1,000,000 1,031,685
------------
Insurance--0.25%
Aetna Services, Inc., 7.12%, 08/15/06 1,000,000 999,281
------------
Investment Banking & Brokerage--1.54%
AT&T Capital Corporation, 6.25%, 05/15/01 1,000,000 983,914
Merrill Lynch & Company, 6.00%, 02/17/09 4,000,000 3,687,956
Morgan Stanley Group, Inc., 6.70%, 05/01/01 1,500,000 1,507,862
------------
6,179,732
------------
Manufacturing--0.81%
ICI Wilmington,
8.75%, 05/01/01 500,000 518,105
Tyco International Group, 6.88%, 01/15/29 3,000,000 2,740,170
------------
3,258,275
------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------------
<CAPTION>
Principal Value
<S> <C> <C>
- -------------------------------------------------------------------------
Public Administration--1.33%
Northern State Power, 6.50%, 03/01/28 $ 1,500,000 $ 1,363,376
Saks, Inc.,
7.50%, 12/01/10 1,500,000 1,483,461
Tennessee Valley, 6.25%, 12/15/17 2,600,000 2,469,597
------------
5,316,434
------------
Retail & Related--1.32%
JC Penny Company, Inc., 8.25%, 08/15/22 2,000,000 2,099,380
Walmart,
8.50%, 09/15/24 2,000,000 2,154,848
Walmart,
7.25%, 06/01/13 1,000,000 1,032,463
------------
5,286,691
------------
Services--0.49%
Amoco Canada,
7.25%, 12/01/02 1,000,000 1,029,410
Service Corporation International,
6.00%, 12/15/05 1,000,000 918,929
------------
1,948,339
------------
Telecommunications--2.38%
Bell Telephone Canada, 9.50%, 10/15/10 250,000 297,548
Cable & Wireless Communication, 6.63%, 03/06/05 1,000,000 975,819
Motorola, Inc.,
7.50%, 05/15/25 2,500,000 2,521,360
New York Telecom, 6.00%, 04/15/08 500,000 472,922
Sprint Cap Corporation,
6.13%, 11/15/08 4,000,000 3,727,800
Worldcom, Inc.,
7.55%, 04/01/04 1,500,000 1,552,271
------------
9,547,720
------------
Transportation--0.26%
Norfolk Southern Corporation,
7.80%, 05/15/27 1,000,000 1,032,456
------------
Utilities--0.88%
Central Power & Lighting, Inc.,
7.50%, 12/01/02 1,500,000 1,545,075
Texas Utilities,
6.38%, 01/01/08 1,000,000 952,643
Virginia Electric & Power Company,
7.38%, 07/01/02 1,000,000 1,025,828
------------
3,523,546
------------
TOTAL CORPORATE BONDS & NOTES
(Cost $130,154,366) 124,494,686
------------
</TABLE>
135
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- -----------------------------------------------------------------
++FOREIGN GOVERNMENT BONDS & NOTES--2.27%
- -----------------------------------------------------------------
British Columbia (Province of),
6.50%, 01/15/26 $ 1,000,000 $ 933,810
Hydro Quebec,
8.40%, 01/15/22 2,000,000 2,197,700
New Brunswick,
7.63%, 06/29/04 1,200,000 1,249,068
Ontario (Province of),
7.75%, 06/04/02 3,300,000 3,418,404
Ontario (Province of),
7.63%, 06/22/04 750,000 781,838
Victoria (Province of),
8.45%, 10/01/01 500,000 523,295
------------
TOTAL FOREIGN GOVERNMENT
BONDS & NOTES
(Cost $9,430,402) 9,104,115
------------
- -----------------------------------------------------------------
U.S. GOVERNMENT AGENCY SECURITIES--13.75%
- -----------------------------------------------------------------
Federal Agency--Other--0.58%
Financing Corporation,
8.60%, 09/26/19 1,500,000 1,831,950
Tennessee Valley Authority,
6.13%, 07/15/03 500,000 495,800
------------
2,327,750
------------
Federal Home Loan Bank--2.45%
Federal Home Loan Bank,
6.09%, 06/02/06 1,500,000 1,480,730
Federal Home Loan Bank,
5.50%, 01/21/03 1,000,000 982,132
Federal Home Loan Bank,
5.40%, 01/15/03 1,500,000 1,468,689
Federal Home Loan Bank,
5.26%, 06/29/01 500,000 493,919
Federal Home Loan Bank,
5.02%, 02/11/02 5,500,000 5,377,971
------------
9,803,441
------------
Federal Home Loan Mortgage
Corporation--4.53%
Federal Home Loan Mortgage Corporation,
6.30%, 06/01/04 1,000,000 991,014
Federal Home Loan Mortgage Corporation,
5.90%, 05/04/04 3,500,000 3,423,833
Federal Home Loan Mortgage Corporation,
5.75%, 07/15/03 4,000,000 3,968,236
Federal Home Loan Mortgage Corporation,
5.50%, 05/15/02 1,000,000 987,527
Federal Home Loan Mortgage Corporation,
5.38%, 03/01/01 2,000,000 1,984,896
Federal Home Loan Mortgage Corporation,
5.25%, 02/16/01 3,000,000 2,973,072
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Principal Value
<S> <C> <C>
- -----------------------------------------------------------------
Federal Home Loan Mortgage Corporation,
5.00%, 01/15/04 $ 4,000,000 $ 3,812,676
------------
18,141,254
------------
Federal National Mortgage
Association--6.19%
Federal National Mortgage Association,
7.55%, 04/22/02 500,000 520,184
Federal National Mortgage Association,
6.70%, 08/10/01 500,000 500,517
Federal National Mortgage Association,
6.45%, 02/14/02 1,000,000 1,000,804
Federal National Mortgage Association,
6.26%, 02/25/09 5,000,000 4,748,190
Federal National Mortgage Association,
6.16%, 12/18/07 400,000 389,941
Federal National Mortgage Association,
5.88%, 04/23/04 600,000 585,995
Federal National Mortgage Association,
5.75%, 06/15/05 1,000,000 981,282
Federal National Mortgage Association,
5.75%, 02/15/08 2,000,000 1,908,774
Federal National Mortgage Association,
5.63%, 02/20/04 6,000,000 5,845,607
Federal National Mortgage Association,
5.38%, 01/16/01 2,000,000 1,987,754
Federal National Mortgage Association,
5.25%, 01/15/09 1,000,000 913,209
Federal National Mortgage Association,
5.13%, 02/13/04 2,104,000 2,016,002
Federal National Mortgage Association,
5.13%, 10/15/08 3,400,000 3,084,936
Federal National Mortgage Association,
0, 06/01/17 1,000,000 309,394
------------
24,792,589
------------
TOTAL U.S. GOVERNMENT
AGENCY SECURITIES
(Cost $56,485,174) 55,065,034
------------
- -----------------------------------------------------------------
U.S. TREASURY SECURITIES--50.06%
- -----------------------------------------------------------------
U.S. Treasury Bonds--16.02%
U.S. Treasury Bonds,
12.00%, 08/15/13 1,100,000 1,543,782
</TABLE>
136
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- ----------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- ----------------------------------------------
U.S. TREASURY SECURITIES--
(Continued)
- ----------------------------------------------
U.S. Treasury Bonds,
11.25%, 02/15/15 $ 8,550,000 $ 12,766,218
U.S. Treasury Bonds,
10.38%, 11/15/12 2,100,000 2,672,907
U.S. Treasury Bonds,
9.13%, 05/15/09 2,800,000 3,156,126
U.S. Treasury Bonds,
9.13%, 05/15/18 700,000 914,813
U.S. Treasury Bonds,
8.13%, 08/15/19 9,250,000 11,146,249
U.S. Treasury Bonds,
8.00%, 11/15/21 7,100,000 8,542,187
U.S. Treasury Bonds,
7.88%, 02/15/21 2,500,000 2,960,938
U.S. Treasury Bonds,
7.63%, 02/15/25 7,300,000 8,575,221
U.S. Treasury Bonds,
7.50%, 11/15/16 500,000 562,032
U.S. Treasury Bonds,
7.25%, 05/15/16 4,100,000 4,499,750
U.S. Treasury Bonds,
7.12%, 02/15/23 1,000,000 1,104,688
U.S. Treasury Bonds,
6.50%, 11/15/26 1,500,000 1,552,500
U.S. Treasury Bonds,
6.13%, 11/15/27 1,000,000 990,625
U.S. Treasury Bonds,
5.50%, 08/15/28 2,800,000 2,556,750
U.S. Treasury Bonds,
5.25%, 02/15/29 700,000 628,250
------------
64,173,036
------------
U.S. Treasury Notes--34.04%
U.S. Treasury Notes,
8.00%, 05/15/01 2,900,000 3,025,063
U.S. Treasury Notes,
7.88%, 08/15/01 2,300,000 2,404,938
U.S. Treasury Notes,
7.50%, 11/15/01 8,200,000 8,540,816
U.S. Treasury Notes,
7.50%, 05/15/02 3,000,000 3,145,314
U.S. Treasury Notes,
7.50%, 02/15/05 1,300,000 1,399,938
U.S. Treasury Notes,
7.25%, 08/15/04 11,050,000 11,737,176
U.S. Treasury Notes,
6.50%, 05/31/01 2,250,000 2,289,375
U.S. Treasury Notes,
6.50%, 05/15/05 1,400,000 1,442,875
U.S. Treasury Notes,
6.50%, 08/15/05 2,800,000 2,886,626
U.S. Treasury Notes,
6.50%, 10/15/06 1,400,000 1,444,625
U.S. Treasury Notes,
6.38%, 03/31/01 8,700,000 8,822,347
U.S. Treasury Notes,
6.38%, 09/30/01 1,000,000 1,016,563
U.S. Treasury Notes,
6.38%, 08/15/02 4,700,000 4,789,595
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Principal Value
<S> <C> <C>
- ------------------------------------------------------------------
U.S. Treasury Notes,
6.25%, 10/31/01 $ 2,800,000 $ 2,839,376
U.S. Treasury Notes,
6.25%, 01/31/02 1,000,000 1,014,688
U.S. Treasury Notes,
6.25%, 02/15/03 10,800,000 10,982,249
U.S. Treasury Notes,
6.13%, 12/31/01 1,200,000 1,214,250
U.S. Treasury Notes,
6.13%, 08/15/07 3,300,000 3,336,095
U.S. Treasury Notes,
5.88%, 06/30/00 1,000,000 1,005,313
U.S. Treasury Notes,
5.88%, 11/30/01 850,000 855,047
U.S. Treasury Notes,
5.88%, 02/15/04 1,000,000 1,005,313
U.S. Treasury Notes,
5.88%, 11/15/05 1,500,000 1,499,063
U.S. Treasury Notes,
5.75%, 11/30/02 1,600,000 1,602,000
U.S. Treasury Notes,
5.75%, 04/30/03 1,000,000 1,000,938
U.S. Treasury Notes,
5.75%, 08/15/03 14,000,000 13,999,999
U.S. Treasury Notes,
5.63%, 11/30/00 2,100,000 2,104,595
U.S. Treasury Notes,
5.63%, 02/28/01 1,000,000 1,002,188
U.S. Treasury Notes,
5.63%, 05/15/08 3,300,000 3,231,938
U.S. Treasury Notes,
5.50%, 01/31/03 2,100,000 2,085,563
U.S. Treasury Notes,
5.25%, 05/31/01 500,000 497,500
U.S. Treasury Notes,
5.13%, 08/31/00 1,000,000 996,563
U.S. Treasury Notes,
4.75%, 11/15/08 8,700,000 7,984,972
U.S. Treasury Notes,
4.63%, 12/31/00 5,500,000 5,432,971
U.S. Treasury Notes,
4.50%, 01/31/01 10,000,000 9,849,999
U.S. Treasury Notes,
4.00%, 10/31/00 10,000,000 9,818,749
------------
136,304,620
------------
TOTAL U.S. TREASURY SECURITIES
(Cost $206,235,748) 200,477,656
------------
- ------------------------------------------------------------------
SHORT TERM INSTRUMENTS--8.16%
- ------------------------------------------------------------------
Cash Equivalents--6.98%
+Dreyfus Institutional Money Market Fund 58,000 58,000
+Janus Institutional Money Market Fund 10,300,000 10,300,000
+Merrimac Cash Fund--Premium Class 17,600,000 17,600,000
------------
27,958,000
------------
</TABLE>
137
<PAGE>
Schedule of Investments--(Continued)
June 30, 1999 (Unaudited)
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- -----------------------------------------------------------------------------
SHORT TERM INSTRUMENTS--(Continued)
- -----------------------------------------------------------------------------
Repurchase Agreements--1.18%
Morgan Stanley Triparty Repurchase Agreement dated
6/30/99, due 7/1/99 with a maturity value of
$4,709,473 and an effective yield of 4.55%
collateralized by U.S. Treasury Notes with a rate
of 5.75%, a maturity of 6/30/01 and a market value
of $4,806,756 $ 4,708,877 $ 4,708,877
------------
4,708,877
------------
TOTAL SHORT TERM INSTRUMENTS
(Cost $32,666,877) 32,666,877
------------
TOTAL INVESTMENT IN
SECURITIES--105.33%
(Cost $434,972,567)**
(Notes 1 and 3) 421,808,368
Other Assets and Liabilities--(5.33)% (21,354,306)
------------
TOTAL NET ASSETS--100.00% $400,454,062
============
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes to the Schedule of Investments:
++ Investment is denominated in U.S. Dollars
** Cost for federal income tax purposes is the same as for financial statement
purposes and net unrealized appreciation consists of:
<TABLE>
<S> <C>
Net Unrealized Appreciation $ 841,484
Net Unrealized Depreciation (14,005,683)
------------
Net Unrealized Depreciation $(13,164,199)
============
</TABLE>
+ Represents collateral received from securities lending transactions. See Note
4.
See accompanying notes to financial statements.
138
<PAGE>
[LOGO OF THE VANTAGEPOINT FUNDS APPEARS HERE]
777 North Capitol Street, NE
Washington, DC 20002-4240
Toll-Free 1-800-669-7400
SAR000-001-199908
