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THE VANTAGEPOINT FUNDS
ANNUAL REPORT
DECEMBER 31, 1999
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TABLE OF CONTENTS
Letter from the President of the VANTAGEPOINT FUNDS .................... 1
Letter from the VANTAGEPOINT INVESTMENT ADVISERS ....................... 2
Management's Discussion and Analysis ................................... 4
Vantagepoint Funds
Statements of Assets and Liabilities ................................. 36
Statements of Operations ............................................. 38
Statements of Changes in Net Assets .................................. 40
Financial Highlights ................................................. 42
Notes to the Financial Statements .................................... 45
Schedules of Investments ............................................. 55
Report of Independent Accountants .................................... 93
Master Investment Portfolio
Statements of Assets and Liabilities ................................. 94
Statements of Operations ............................................. 95
Statements of Changes in Net Assets .................................. 96
Notes to the Financial Statements .................................... 97
Schedules of Investments ............................................. 102
Independent Auditors' Report ......................................... 168
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GIRARD MILLER, CFA 777 North Capitol Street, NE
President Washington, DC 20002-4240
LETTER FROM THE PRESIDENT OF THE VANTAGEPOINT FUNDS
Dear Fellow Shareholder:
I am pleased to present to you the first year-end report of the Vantagepoint
family of funds.
As we entered the new year, our Y2K-compliant systems were fully operational,
and we have further improved our technology to serve you better in many ways.
As you know, the Vantagepoint Funds were registered in March 1999 to enable our
investors to enjoy the many benefits of mutual fund ownership. Now, our fund
prices and performance data appear daily in most major metropolitan
newspapers, enabling you to monitor your investments more conveniently. Ticker
symbols are also available to facilitate on-line tracking.
Several of the Vantagepoint funds had superb investment returns last year. While
past performance is no guarantee of future returns, we are very gratified that
in our first year of operation, the overall results were generally favorable.
John Tobey, our Chief Investment Officer, offers comments about the investment
environment in his accompanying letter. Discussion of individual fund results
follows.
Many of our loyal, long-term investors have taken advantage of the opportunity
to open a Vantagepoint IRA account this year. The convenience of this new
facility has helped many public employees and their families increase their
savings through the ICMA-RC system. As you begin working on your 1999 tax
returns, don't forget to consider a Vantagepoint IRA contribution, or opening a
new account.
We expect to begin offering several important new services that are linked to
our Vantagepoint funds in the coming year. The IRS has just approved an exciting
new retiree health savings program that we are introducing to selected employers
in the first stage of a national rollout. Investments in this innovative new
savings plan will be made directly into the Vantagepoint funds.
For our Vantagepoint IRA investors, we expect to add some additional fund
options in the final quarter of the year 2000 to make your IRA even more
flexible.
By mid-year, we expect to offer some significant new customer-friendly services
and features, including an asset-allocation planning tool to help you customize
your portfolio to meet your specific needs.
We are very proud of the results of our first year of operations in this new,
registered mutual fund structure, and hope that you will appreciate the value of
the Vantagepoint Funds.
Sincerely,
/s/ Girard Miller
Girard Miller
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1
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JOHN TOBEY 777 North Capitol Street, NE
Chief Investment Officer Washington, DC 20002-4240
LETTER FROM THE VANTAGEPOINT INVESTMENT ADVISERS
Dear Shareholders:
The U.S. equity market remained on its record-breaking course in 1999. The S&P
500 Index produced a double-digit return for the fifth consecutive year, gaining
21.0%. Smaller stocks performed even better than larger-cap issues, with the
Wilshire 4500 Index of all stocks except those in the S&P 500 returning 35.0%.
International stocks regained momentum in the second half of the year. The MSCI
Europe, Australia, and Far East (EAFE) Index of stocks in developed markets
returned 27.3% for the year, outpacing the S&P 500 Index.
Four trends stood out in 1999:
1. Interest Rates Rose
Interest rates rose sharply in 1999, making it the second-worst year ever for
the bond market. The 30-year U.S. Treasury bond yield rose from 5.09% at the
start of the year to 6.48% by December 31. Major bond indexes had negative
returns, as did most bond funds, including the Vantagepoint U.S. Treasury
Securities and Core Bond Index Funds. Rising rates contributed to stock
underperformance as well. Stocks with higher sensitivity to changes in
interest rates, such as utilities and financials, suffered.
2. The Stock Market Had Roller Coaster Returns
The stock market's 1999 course was not steady. In fact, the stock market
indexes, themselves, changed places with one another quarter by quarter. The
following table shows this volatility:
<TABLE>
<CAPTION>
First Quarter Second Quarter Third Quarter Fourth Quarter Year
<S> <C> <C> <C> <C> <C>
S&P 500 Index 5.0% 7.0% (6.2)% 14.9% 21.0%
Dow Jones Industrial Average 7.0% 12.5% (5.4)% 11.6% 27.2%
NASDAQ Composite 12.3% 9.2% 2.3% 48.3% 86.1%
Wilshire 4500 Index (0.2)% 11.5% (6.2)% 29.2% 35.0%
(small and mid sized companies)
</TABLE>
3. Technology Stocks Led
The technology sector was the clear driver of stock market returns as
investors sought growth at any price. The technology sector in the S&P 500
Index was up 75.1%. Funds with large allocations to high-growth technology
stocks performed best in this environment. The most technology-oriented
Vantagepoint portfolio, the Aggressive Opportunities Fund, gained 58.1% in
1999. The Vantagepoint Growth Fund, which seeks growing companies of all
sizes, returned 35.8%.
Advances were narrow outside the tech sector, however, with several sectors
and more than half of all stocks in the S&P 500 Index posting negative
returns for the year. The performance gap between growth stocks and value
stocks
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widened over the year. Dividend-paying stocks were ignored by investors and
lagged fast-growing issues. The Vantagepoint Equity Income Fund is a good
example of a soundly managed fund that was left behind in 1999.
4. International Stocks Were Up, Led by Japan
International investors benefited in 1999 as most stock markets produced
gains, and the MSCI EAFE Index was up 27.3%. The Pacific region led the
gains, up 58.0%. Europe's return was 16.2%. Of the developed countries, Japan
had the best return, up 63.1% for the year. Unlike the U.S. indexes shown
above, the international markets had less volatility, producing gains in
every quarter.
Vantagepoint Fund Performance
All Vantagepoint Funds except the Money Market Fund were operating and have
performance history prior to SEC registration in early 1999. Prior to
registration, the Funds existed as unregistered commingled funds. Pre-
registration performance is shown below to provide investors with an
illustration of long-term performance and the risks of investing in these funds.
The returns listed below cover both the period from registration through
December 31, 1999 and the full year:
Fund Return
Vantagepoint Actively Managed Funds 3/1/99-12/31/99 1999
Vantagepoint Money Market Fund 4.0% -
Vantagepoint U.S.Treasury Securities Fund (0.7)% (2.7)%
Vantagepoint Asset Allocation Fund 8.6% 8.2%
Vantagepoint Equity Income Fund (4.6)% (8.5)%
Vantagepoint Growth & Income Fund 23.5% 26.0%
Vantagepoint Growth Fund 40.0% 35.8%
Vantagepoint Aggressive Opportunities Fund 63.4% 58.1%
Vantagepoint International Fund 42.6% 39.0%
Vantagepoint Index Funds, Class I Shares 3/1/99-12/31/99 1999
Vantagepoint Core Bond Index Fund (1.1)% (2.9)%
Vantagepoint 500 Stock Index Fund 19.5% 20.5%
Vantagepoint Broad Market Index Fund 24.1% 23.4%
Vantagepoint Mid/Small Company Index Fund 40.9% 33.1%
Vantagepoint Overseas Equity Index Fund 30.0% 26.2%
Vantagepoint Index Funds, Class II Shares 4/5/99-12/31/99 1999
Vantagepoint Core Bond Index Fund (1.2)% (2.8)%
Vantagepoint 500 Stock Index Fund 14.4% 20.7%
Vantagepoint Broad Market Index Fund 19.0% 23.8%
Vantagepoint Mid/Small Company Index Fund 35.6% 33.4%
Vantagepoint Overseas Equity Index Fund 24.6% 26.5%
Longer-term performance is referenced in each Fund analysis.
Sincerely,
/s/ John S. Tobey
John S. Tobey
3
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Money Market Fund
The Vantagepoint Money Market Fund returned 4.0% from inception on March 1, 1999
through December 31, 1999. The Fund tracked its benchmark, the IBC All Taxable
First Tier Institutional Only Average, which reported a total return of 4.2% for
the same period.
The Fund's objective is current income, consistent with preservation of
capital. It is an appropriate investment for participants who prefer a low-risk
investment option. The Fund invests 100 percent of assets in the AIM Short-Term
Investments Company Liquid Assets Portfolio, a registered money market fund
managed by AIM Advisors, Inc. that invests in high-quality commercial paper and
short-term fixed-income securities.
Money market yields were steady in the first half of the year, but rose when the
Federal Open Market Committee increased the fed funds rate in June, August and
November 1999. AIM positioned the portfolio for rising interest rates by
transitioning to securities with shorter maturites. Portfolio average maturity
decreased from 33 days throughout most of the year to 22 days by year-end. To
accomplish this shortening, the short-term security component, which includes
repurchase agreements and time deposits, was increased from 22 percent to 44
percent of the portfolio. Exposure to longer-term securities, such as commercial
paper and master notes, was decreased from 78 percent to 56 percent.
Throughout the year, credit quality remained consistently high, with all
securities rated A-1+ or A-1. The Liquid Assets Portfolio is rated Aaa by
Moody's Investors Service and AAAm, (the "m"denotes that it is a money market
fund) by Standard and Poor's. These are the highest possible ratings for money
market funds.
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AIM Short-Term Investments Company Liquid Assets Portfolio
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Founded in: 1976
Investment Style: Short-term cash management
Investment Approach: Generation of income consistent with liquidity and
preservation of principal
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Vantagepoint Money Market Fund vs. IBC Rated All Taxable First Tier
Institutional Only Average
Growth of $10,000 Since March 1, 1999
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[GRAPH]
Vantagepoint Money IBC Rated All Taxable First
Market Fund Tier Institutional Only Average
Mar 1, 1999 $ 10,000.00 $ 10,000
Mar 31, 1999 10,037.50 10,039.74795
Apr 30, 1999 10,075.40 10,078.11904
May 31, 1999 10,110.60 10,117.66392
Jun 30, 1999 10,148.00 10,156.16648
Jul 31, 1999 10,187.80 10,197.39773
Aug 31, 1999 10,228.20 10,239.66246
Sep 30, 1999 10,268.90 10,281.99575
Oct 31, 1999 10,311.80 10,326.79426
Nov 30, 1999 10,354.80 10,371.52484
Dec 31, 1999 $ 10,401.00 $ 10,420.00
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Vantagepoint Money Market Fund
Total Return for the period ended December 31, 1999
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Since Inception 4.0%
Fund Inception Date March 1, 1999
Past performance does not guarantee future results. Investment return will
fluctuate. While the Fund seeks to maintain a net asset value of $1 per
share, there is no guarantee that this objective will be achieved. All
returns reflect reinvested dividends.
The benchmark shown above measures the performance of a group of money market
funds.
5
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Vantagepoint U.S. Treasury Securities Fund
The U.S. Treasury Securities Fund returned -0.7% from March 1, 1999 through
December 31, 1999, lagging its benchmark, the Merrill Lynch 5-7 Year Treasury
Index, which returned -0.1%.
The Fund seeks long-term return from both current income and capital
appreciation. It invests primarily in U.S. Treasury securities, and may invest
up to 35 percent of assets in U.S. government agency mortgage-backed securities.
As a result of investing only in Treasury and agency securities, the Fund has
very low credit risk. Seix Investment Advisors is the Fund's subadviser.
Although inflation for 1999 by traditional measures was low, fears of future
inflation ran high. Concern was driven by a strong U.S. economy, diminishing
productivity gains and low unemployment, which caused the Fed to raise the fed
funds rate three times during the year. These increases caused bond yields to
rise and prices to fall. (Bond prices move inversely with interest rates. When
yields rise, bond prices fall and vice versa.)
Rising interest rates caused mortgage-backed securities to outperform
U.S. Treasury securities. Higher new mortgage rates decreased the incidence of
homeowner refinancings, causing mortgage-backed securities to experience lower
levels of prepayments. The decrease in prepayments, which increases the overall
life of mortgage-backed securities and the certainty of the coupon
payments, coupled with a typically higher yield than that obtained from
conventional coupon bonds, caused mortgages to outperform U.S. Treasury
securities.
In this environment, the Fund's allocation to mortgage-backed securities was
helpful. The subadviser maintained an average allocation to mortgages of 30
percent of assets, close to the maximum allowable allocation. The Fund ended the
year with a 70 percent allocation to Treasury bonds, a 27 percent allocation to
mortgage-backed securities, and 3 percent in cash equivalents.
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Seix Investment Advisors
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Founded: 1992
Investment Style: Duration neutral management of U.S. Government
securities
Investment Approach: Selects among U.S. Treasury securities and U.S.
Government Agency securities.
Mortgage-backed securities comprise up to 35 percent
of Fund assets
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Vantagepoint U.S. Treasury Securities Fund vs. Merrill Lynch 5-7 Year
Treasury Index
Growth of $10, 000 Invested March 1, 1999
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[GRAPH]
Vantagepoint U.S. Merrill Lynch 5-7
Treasury Securities Fund Year Treasury Index
Mar 1, 1999 10,000.00 10,000
Mar 31, 1999 10,071.85 10,077
Apr 30, 1999 10,094.26 10,115.29
May 31, 1999 9,952.79 9,971.655
Jun 30, 1999 9,928.84 9,971.655
Jul 31, 1999 9,882.36 9,959.689
Aug 31, 1999 9,876.93 9,962.677
Sep 30, 1999 9,993.14 10,064.3
Oct 31, 1999 10,006.57 10,067.32
Nov 30, 1999 9,990.84 10,060.27
Dec 31, 1999 9,934.00 9,989.00
The Fund has less than one year of history as a registered mutual fund. Prior to
registration, the Fund existed as an unregistered commingled fund.
Pre-registration performance is shown below to provide investors with an
illustration of long-term performance and the risks of investing in the Fund.
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Vantagepoint U.S. Treasury Securities Fund vs. Merrill Lynch 5-7 Year
Treasury
Growth of $10, 000 Invested July 1, 1992
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[GRAPH]
Vantagepoint U.S. Merrill Lynch 5-7
Treasury Securities Fund Year Treasury Index
Jun-92 Jul-92 $ 10,000.00 10,000
Jul-92 10,328.46 10,260
Aug-92 10,456.84 10,403.64
Sep-92 10,609.53 10,599.22843
Oct-92 10,343.38 10,410.56217
Nov-92 10,275.29 10,324.1545
Dec-92 Dec-92 10,464.96 10,487.27614
Jan-93 10,741.14 10,776.72496
Feb-93 10,963.57 11,021.35662
Mar-93 11,003.08 11,069.85059
Apr-93 11,129.16 11,167.26527
May-93 11,093.40 11,149.39765
Jun-93 11,338.62 11,383.535
Jul-93 11,347.70 11,400.6103
Aug-93 11,598.75 11,651.42373
Sep-93 11,653.40 11,720.16713
Oct-93 11,661.44 11,729.54326
Nov-93 11,536.05 11,620.45851
Dec-93 Dec-93 11,578.68 11,666.94034
Jan-94 11,731.05 11,830.27751
Feb-94 11,455.64 11,564.09627
Mar-94 11,178.64 11,301.59128
Apr-94 11,060.79 11,201.00712
May-94 11,054.68 11,212.20812
Jun-94 11,014.99 11,189.78371
Jul-94 11,187.95 11,376.6531
Aug-94 11,204.28 11,407.37006
Sep-94 11,030.14 11,245.3854
Oct-94 10,990.36 11,224.01917
Nov-94 10,905.68 11,167.89908
Dec-94 Dec-94 10,955.56 11,229.32252
Jan-95 11,140.18 11,443.80258
Feb-95 11,414.81 11,736.76393
Mar-95 11,464.98 11,795.44775
Apr-95 11,627.60 11,973.55901
May-95 12,093.98 12,470.46171
Jun-95 12,167.03 12,573.96654
Jul-95 12,116.32 12,532.47245
Aug-95 12,257.00 12,676.59588
Sep-95 12,386.54 12,788.14993
Oct-95 12,550.01 12,977.41455
Nov-95 12,747.45 13,196.73285
Dec-95 Dec-95 12,933.79 13,368.29038
Jan-96 13,041.29 13,499.29962
Feb-96 12,753.70 13,230.66356
Mar-96 12,623.99 13,089.09546
Apr-96 12,516.76 12,988.30943
May-96 12,465.96 12,936.35619
Jun-96 12,596.11 13,113.58427
Jul-96 12,624.51 13,134.566
Aug-96 12,607.66 13,091.22194
Sep-96 12,806.00 13,332.10042
Oct-96 13,083.86 13,644.07157
Nov-96 13,327.95 13,897.8513
Dec-96 Dec-96 13,152.57 13,718.56902
Jan-97 13,181.30 13,748.74987
Feb-97 13,175.98 13,740.50062
Mar-97 13,034.36 13,575.61461
Apr-97 13,222.16 13,786.03664
May-97 13,330.54 13,907.35376
Jun-97 13,473.14 14,060.33465
Jul-97 13,832.07 14,468.08436
Aug-97 13,701.80 14,310.38224
Sep-97 13,901.70 14,536.48628
Oct-97 14,124.58 14,786.51384
Nov-97 14,153.85 14,814.60822
Dec-97 Dec-97 14,297.20 14,980.53183
Jan-98 14,520.55 15,253.17751
Feb-98 14,481.54 15,192.1648
Mar-98 14,511.02 15,224.06835
Apr-98 14,574.80 15,286.48703
May-98 14,695.80 15,424.06541
Jun-98 14,805.46 15,561.33959
Jul-98 14,846.57 15,609.57974
Aug-98 15,219.68 16,057.57468
Sep-98 15,730.54 16,616.37828
Oct-98 15,680.46 16,614.71664
Nov-98 15,618.88 16,500.0751
Dec-98 Dec-98 15,683.37 16,561.12538
Jan-99 15,747.92 16,653.86768
Feb-99 15,364.89 16,189.22477
Mar-99 15,475.28 16,313.8818
Apr-99 15,509.71 16,375.87455
May-99 15,292.35 16,143.33713
Jun-99 15,255.55 16,143.33713
Jul-99 15,184.13 16,123.96513
Aug-99 15,175.79 16,128.80232
Sep-99 15,354.35 16,293.3161
Oct-99 15,374.98 16,298.2041
Nov-99 15,350.81 16,286.79535
Dec-99 Dec-99 $ 15,263.00 16,171.00
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Vantagepoint U.S. Treasury Securities Fund
Average Annual Total Return for the periods ended December 31, 1999
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One Year -2.7%
Three Years 5.1%
Five Years 6.9%
Since Inception 5.8%
Fund Inception Date July 1, 1992
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading. The Fund's portfolio may differ
significantly from the securities in the market index.
8
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Asset Allocation Fund
The Vantagepoint Asset Allocation Fund's return since registration of 8.6%
reflects the interplay of strong, but volatile, stock markets and falling bond
prices. The Fund underperformed the Lipper Flexible Portfolio Fund Index, a
group of similarly managed mutual funds that returned 10.8% for the same time
period. Its unmanaged composite benchmark--65 percent S&P 500 Index, 25 percent
Lehman Long-Term Treasury Index, and 10 percent 91-day Treasury bill--returned
11.8% from March 1, 1999 through year end.
The Asset Allocation Fund is designed to participate in stock market
performance, but at a lower level of volatility than an all-stock portfolio. In
particular, it seeks to provide protection during stock market downturns. The
Fund's allocating subadvisers, AVATAR Associates and Mellon Capital
Management, tactically allocate assets among stocks, bonds, and cash. They vary
the exposures guided by changes in return expectations and observable changes in
financial markets. Wilshire Associates manages the stock allocations of AVATAR
and Mellon in an indexed portfolio replicating the S&P 500 Index. Payden & Rygel
manages the cash allocations of AVATAR and Mellon, as well as cash underlying
futures positions.
1999 was a year of contradictions in the financial markets. The S&P 500 Index
turned in a fifth consecutive year of double-digit returns, but it was the
second-worst year in the history of the bond market. The S&P 500 Index returned
21.0% while the Lehman Long-Term Treasury Index returned -8.7% for the year.
Cash, the least risky asset class, returned 4.9% as measured by the 91-day
U.S. Treasury bill.
The Fund began the year with an allocation of 61 percent stocks/20 percent
bonds/19 percent cash. Fueled by a strong stock market, the stock allocation of
the Fund rose to 66 percent by April. From that point the Fund's subadvisers
began reducing stock exposure until it hit a low of 44 percent in November. The
reduced exposure to the stock market in the third quarter benefited the Fund as
the S&P 500 Index declined 6.2%. However, the stock market posted remarkable
gains in the fourth quarter, and the Fund did not participate fully as the stock
exposure remained below its unmanaged benchmark of 65 percent. At year-end, the
Fund's allocation was 51/29/20.
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AVATAR Associates
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Founded: 1970
Investment Style: Tactical asset allocation
Investment Approach: Active allocation between stocks and cash based on
model that uses observed changes in the economy,
liquidity and investor sentiment
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Mellon Capital Management
- --------------------------------------------------------------------------------
Founded: 1983
Investment Style: Tactical asset allocation
Investment Approach: Active allocation among stocks, bonds and cash based
on model that uses observed changes in expected
returns
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Payden & Rygel Investment Counsel (Manages Fund's cash component)
- --------------------------------------------------------------------------------
Founded: 1983
Investment Style: Short-term cash management
Investment Approach: Generation of current income consistent with
liquidity and preservation of principal
9
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Wilshire Asset Management (Manages Fund's stock component)
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Founded: 1983
Investment Style: Index
Investment Approach: S&P 500 Index replication
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Vantagepoint Asset Allocation Fund vs. Blended Benchmark and Lipper Flexible
Portfolio Fund Index Growth of $10,000 Invested March 1, 1999
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[GRAPH]
Blended Benchmark:
65% S&P 500/25%
Vantagepoint Asset Lehman Long Term/10% Lipper Flexible
Allocation Fund 91-Day T-bill Portfolio Fund Index
Mar 1, 1999 10,000 10,000 10,000
Mar 31, 1999 10,230 10,258 10,249
Apr 30, 1999 10,479.612 10,523.6822 10,550.32
May 31, 1999 10,299.36267 10,324.78461 10,365.69
Jun 30, 1999 10,589.8047 10,673.76233 10,667.33
Jul 31, 1999 10,380.12657 10,448.54594 10,478.52
Aug 31, 1999 10,350.0242 10,408.84147 10,383.17
Sep 30, 1999 10,240.31394 10,247.50442 10,269.99
Oct 31, 1999 10,530.11483 10,674.82536 10,540.09
Nov 30, 1999 10,610.1437 10,801.85578 10,654.98
Dec 31, 1999 10,861.00 11,180.00 11,081
Source for Benchmark Returns: Ibbotson Associates
10
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The Fund has less than one year of history as a registered mutual fund. Prior to
registration, the Fund existed as an unregistered commingled fund.
Pre-registration performance is shown below to provide investors with an
illustration of long-term performance and the risks of investing in the Fund.
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Vantagepoint Asset Allocation Fund vs. Blended Benchmark and Lipper Flexible
Portfolio Fund Index Growth of $10,000 Invested January 1, 1990
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[GRAPH]
Blended Benchmark: 65%
S&P 500/25% Lehman Lipper Flexible
Vantagepoint Asset Long Term/10% Portfolio Fund
Allocation Fund 91-Day T-bill Index
Dec-89 Jan-90 $ 10,000.0 10,000 10,000
Jan-90 $ 9,426.8 9,480 9,644
Feb-90 $ 9,529.4 9,557.736 9,725.974
Mar-90 $ 9,718.9 97,17.350191 98,31.987117
Apr-90 $ 9,544.4 95,09.398897 96,31.414579
May-90 $ 10,215.1 10,228.30945 10,132.24814
Jun-90 $ 10,219.2 10,247.74324 10,168.72423
Jul-90 $ 10,168.7 10,256.96621 10,179.90983
Aug-90 $ 9,568.6 95,53.338329 96,70.914336
Sep-90 $ 9,340.8 92,81.068186 94,60.088404
Oct-90 $ 9,434.5 93,18.192459 94,53.466342
Nov-90 $ 9,809.4 9,811.12484 98,60.910741
Dec-90 Dec-90 $ 10,007.2 10,040.70516 10,093.62823
Jan-91 $ 10,358.0 10,365.01994 10,458.00821
Feb-91 $ 10,948.7 10,863.5774 10,955.8094
Mar-91 $ 11,183.7 11,048.25821 11,165.06536
Apr-91 $ 11,206.8 11,109.02363 11,208.60912
May-91 $ 11,527.6 1,1421.1872 11,535.90051
Jun-91 $ 11,123.8 11,065.98828 11,175.98041
Jul-91 $ 11,485.4 11,448.87147 11,538.08218
Aug-91 $ 11,785.5 11,728.22393 11,842.68754
Sep-91 $ 11,756.9 11,701.24902 11,872.29426
Oct-91 $ 11,857.5 11,814.75113 12,062.25097
Nov-91 $ 11,522.7 11,525.28973 11,802.91258
Dec-91 Dec-91 $ 12,595.4 12,557.95569 12,816.78277
Jan-92 $ 12,343.4 12,311.81976 12,747.57214
Feb-92 $ 12,457.7 12,436.16914 12,887.79543
Mar-92 $ 12,234.2 12,248.38298 12,613.28539
Apr-92 $ 12,425.5 12,481.10226 12,641.03462
May-92 $ 12,536.3 12,615.89817 12,795.25524
Jun-92 $ 12,468.6 12,546.51073 12,662.18459
Jul-92 $ 12,946.4 13,009.47697 1,3040.7839
Aug-92 $ 12,771.2 12,865.07178 1,2914.2883
Sep-92 $ 12,932.7 13,015.59312 1,3066.6769
Oct-92 $ 12,838.6 12,980.45102 13,067.98357
Nov-92 $ 13,144.8 13,281.59748 13,355.47921
Dec-92 Dec-92 $ 13,356.5 1,3488.7904 13,543.79147
Jan-93 $ 13,551.9 13,652.00476 13,771.32716
Feb-93 $ 13,807.8 13,888.18445 13,804.37835
Mar-93 $ 14,030.8 14,095.11839 14,094.27029
Apr-93 $ 13,692.3 13,900.60576 13,950.50874
May-93 $ 13,935.7 14,159.15703 14,233.70406
Jun-93 $ 14,093.9 14,341.81015 14,343.30358
Jul-93 $ 14,112.1 14,359.02033 14,397.80814
Aug-93 $ 14,617.5 14,863.02194 14,887.33361
Sep-93 $ 14,509.0 14,808.02876 14,942.41675
Oct-93 $ 14,752.5 1,5034.5916 15,159.08179
Nov-93 $ 14,585.1 14,849.66612 14,949.88646
Dec-93 Dec-93 $ 14,717.6 14,983.31312 15,269.81403
Jan-94 $ 15,138.8 15,402.84588 15,686.67996
Feb-94 $ 14,717.8 14,977.72734 15,343.14167
Mar-94 $ 14,277.4 14,393.59597 14,727.88168
Apr-94 $ 14,283.9 14,477.07883 14,785.32042
May-94 $ 14,361.9 14,611.71566 14,837.06905
Jun-94 $ 14,139.8 14,347.24361 1,4525.4906
Jul-94 $ 14,432.2 14,781.96509 14,871.19727
Aug-94 $ 14,696.3 15,151.51422 15,293.53927
Sep-94 $ 14,416.8 14,799.99909 15,027.43169
Oct-94 $ 14,523.7 15,013.11907 1,5135.6292
Nov-94 $ 14,344.1 14,682.83045 1,4772.3741
Dec-94 Dec-94 $ 14,465.3 14,885.45351 14,862.48558
Jan-95 $ 14,744.4 15,239.72731 14,979.89922
Feb-95 $ 15,152.7 15,739.59036 15,415.81428
Mar-95 $ 15,417.9 16,084.28739 15,741.08796
Apr-95 $ 15,740.8 16,467.09343 16,037.02042
May-95 $ 16,380.0 17,213.05276 16,546.99767
Jun-95 $ 16,674.9 17,533.21555 16,886.21112
Jul-95 $ 17,070.6 17,850.56675 17,325.25261
Aug-95 $ 17,193.5 17,989.80117 17,472.51726
Sep-95 $ 17,719.3 18,572.67073 17,792.26432
Oct-95 $ 17,770.6 18,669.24861 17,660.60157
Nov-95 $ 18,412.4 19,328.27309 18,176.29113
Dec-95 Dec-95 $ 18,694.6 19,699.37593 18,368.95982
Jan-96 $ 19,265.3 2,0148.5217 18,725.31764
Feb-96 $ 19,274.1 20,039.71969 18,822.68929
Mar-96 $ 19,369.5 20,073.78721 18,956.33038
Apr-96 $ 19,465.0 20,158.09712 19,240.67534
May-96 $ 19,762.7 20,478.61086 19,485.03192
Jun-96 $ 19,901.8 20,650.63119 19,455.80437
Jul-96 $ 19,347.3 20,064.15327 18,850.72885
Aug-96 $ 19,544.1 20,286.86537 19,176.84646
Sep-96 $ 20,348.7 21,177.45876 19,903.64894
Oct-96 $ 20,879.1 21,772.54535 20,263.90499
Nov-96 $ 22,061.4 23,037.53023 21,244.67799
Dec-96 Dec-96 $ 21,637.0 22,613.63968 2,0959.9993
Jan-97 $ 22,588.9 23,497.83299 21,565.74328
Feb-97 $ 22,700.8 23,631.77064 21,535.55124
Mar-97 $ 21,956.9 2,2851.9222 2,0885.1776
Apr-97 $ 22,808.7 23,887.11428 21,432.36925
May-97 $ 23,719.3 24,904.70535 22,343.24494
Jun-97 $ 24,529.0 25,746.48439 23,000.13634
Jul-97 $ 26,211.4 27,466.34955 24,295.04402
Aug-97 $ 25,031.3 26,299.02969 23,532.17964
Sep-97 $ 26,104.5 27,424.62816 24,529.94405
Oct-97 $ 25,752.7 27,081.82031 24,014.81523
Nov-97 $ 26,652.5 27,991.76947 24,449.48338
Dec-97 Dec-97 $ 27,116.2 28,428.44108 24,786.88626
Jan-98 $ 27,507.5 28,795.16797 24,933.12888
Feb-98 $ 28,977.8 30,099.58908 26,142.38564
Mar-98 $ 30,084.9 31,135.01494 27,023.38403
Apr-98 $ 30,361.3 31,387.20856 27,193.63135
May-98 $ 30,141.7 31,195.74659 26,921.69504
Jun-98 $ 31,119.3 32,212.72793 27,441.28375
Jul-98 $ 30,870.6 31,971.13247 2,7155.8944
Aug-98 $ 28,166.0 29,346.30249 24,489.18557
Sep-98 $ 29,480.5 30,866.44096 25,463.85516
Oct-98 $ 30,840.0 3,2388.1565 26,670.84189
Nov-98 $ 32,039.7 33,738.74263 27,767.01349
Dec-98 Dec-98 $ 33,196.6 35,010.69322 28,880.47073
Jan-99 $ 34,090.8 36,054.01188 29,437.86382
Feb-99 $ 33,080.5 3,4893.0727 28,625.37878
Mar-99 $ 33,841.4 35,793.31397 29,338.15071
Apr-99 $ 34,668.4 36,720.36081 30,200.69234
May-99 $ 34,072.9 36,026.34599 29,672.18022
Jun-99 $ 35,032.3 37,244.03648 30,535.64067
Jul-99 $ 34,337.6 36,458.18731 29,995.15983
Aug-99 $ 34,238.3 3,6319.6462 29,722.20387
Sep-99 $ 33,874.4 35,756.69168 29,398.23185
Oct-99 $ 34,833.8 37,247.74573 30,171.40535
Nov-99 $ 35,098.4 3,7690.9939 30,500.27367
Dec-99 Dec-99 $ 35,928.0 39,010.00 31,720.00
Source for Benchmark Returns: Ibbotson Associates
- --------------------------------------------------------------------------------
Vantagepoint Asset Allocation Fund
Average Annual Total Return for the periods ended December 31, 1999
- --------------------------------------------------------------------------------
One Year 8.2%
Three Years 18.4%
Five Years 20.0%
Ten Years 13.6%
Fund Inception Date December 1, 1974
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading. The Fund's portfolio may differ
significantly from the securities in the market index. The Lipper index
measures the performance of a group of mutual funds with similar objectives.
11
<PAGE>
Equity Income Fund
The Vantagepoint Equity Income Fund returned -4.6% from March 1, 1999 through
December 31, 1999. The S&P/BARRA Value Index returned 12.9%, and the Lipper
Equity Income Fund Index returned 6.3% over the same time period.
The Fund seeks long-term, stable growth of capital by investing primarily in
dividend-paying common stocks of well-established companies. Three subadvisers
manage the Fund: Barrow, Hanley, Mewhinney & Strauss; T.Rowe Price Associates
and Wellington Management Company. Each manager employs a unique investment
strategy to achieve the Fund's objective.
Value-oriented stocks, particularly those paying higher-than-average
dividends, were out of favor for most of 1999. While the S&P 500 Index had
another strong performance year, it was driven by only a handful of high-growth
technology companies. Investors ignored nearly all others, showing little regard
for investment fundamentals and scant patience for any negative news or earnings
shortfalls. Consequently, since the Fund's subadvisers focus on solid
fundamentals and dividends, many stocks in the portfolio were not strong
performers.
Despite this poor environment for equity income investors, the Fund's
subadvisers maintained investment discipline and resisted chasing stocks that
did not match their styles in pursuit of returns. Fund guidelines call for the
subadvisers to favor dividend-paying stocks, and the Fund's yield was
consistently higher than that of the S&P 500 Index (2.8% vs. 1.8% at year-
end). This discipline was not rewarded as dividend-paying value stocks
underperformed all others.
The Equity Income Fund underwent a subadviser change in July 1999 to strengthen
Fund diversification. Barrow, Hanley, Mewhinney & Strauss; T.Rowe Price
Associates and Wellington Management Company were added, each to manage one
third of the Fund. They replaced Crawford Investment Counsel and Newell
Associates. The new subadvisers were approved by shareholders at a Special
Meeting held on July 28, 1999. 96.8 percent of shareholders voted in favor of
the change and .01 percent voted against the change. The new team is well
positioned to meet the Fund's investment objective of equity income through
several complementary styles.
Barrow Hanley has a contrarian style. They seek distressed or "out of
favor"companies that exhibit traditional value characteristics (for example, low
price/earnings ratio, low price/book ratio and high dividend yield) and that
they believe have high or improving prospects for profitability. Quantitative
screens are combined with fundamental company research to select stocks that
meet Barrow Hanley's criteria for value. A risk-controlled process is then used
to construct and maintain a concentrated portfolio of distressed and overlooked
companies that they believe represent the best potential for price appreciation.
T.Rowe Price has a high dividend yield style. They seek companies whose stocks
exhibit dividend yields above their historical norms relative to the S&P 500
Index as well as attractive value characteristics. Once companies have met these
valuation measures, the portfolio management team uses T.Rowe's research
analysts and their own fundamental company evaluations to identify those
companies that they believe are most attractive. They control risk by using
limits at both the company and sector level to construct a well-diversified
portfolio.
Wellington has a core value style. They seek companies whose stocks demonstrate
the potential for capital appreciation as a result of an internal or external
change. These stocks must also have dividend yields of at least 70% of that of
the S&P 500 Index and exhibit classic value characteristics. Quantitative
screens identify companies meeting their basic requirements. Then, proprietary
fundamental company analysis is used to select the stocks focusing on what
Wellington believes are the company's future prospects and potential for capital
appreciation. These stocks are then used to construct a portfolio that is
diversified by stock and by industry.
As with all trends, investor neglect of value stocks will eventually end. When
strong company fundamentals and attractive dividend yields return to favor, the
Equity Income Fund's investments in solid companies should benefit.
12
<PAGE>
- --------------------------------------------------------------------------------
Barrow, Hanley, Mewhinney & Strauss, Inc.
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Founded: 1979
Investment Style: Contrarian value/distressed or "out of favor" companies
Investment Approach: Bottom-up fundamental research
Moderately concentrated--fewer than 50 holdings
Low turnover--less than 50 percent per year
</TABLE>
- --------------------------------------------------------------------------------
T.Rowe Price Associates, Inc.
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Founded: 1937
Investment Style: High dividend yield value
Investment Approach: Bottom-up fundamental research
Diversified--between 80 and 100 holdings
Low turnover--less than 50 percent per year
</TABLE>
- --------------------------------------------------------------------------------
Wellington Management Company, LLP
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Founded: 1928
Investment Style: Core value
Investment Approach: Bottom-up fundamental research
Moderately concentrated--50 to 60 holdings
Moderate to high turnover--50 percent to 100 percent per year
</TABLE>
- --------------------------------------------------------------------------------
Vantagepoint Equity Income Fund vs. S&P/BARRA Value Index and Lipper Flexible
Portfolio Fund Index
Growth of $10,000 Invested March 1, 1999
- --------------------------------------------------------------------------------
[GRAPH]
Since Registration
Vantagepoint Equity S&P/BARRA Lipper Equity Income
Income Fund Value Index Fund Index
Mar 1, 1999 10,000 $ 10,000.00 $10,000.00
Mar 31, 1999 10,110 10,303 10,211
Apr 30, 1999 10,730 11,191.1186 10,935.981
May 31, 1999 10,670 10,993.0358 10,782.8773
Jun 30, 1999 10,960 11,415.16838 11,122.5379
Jul 31, 1999 10,680 11,063.58119 10,841.1377
Aug 31, 1999 10,260 10,783.67259 10,588.5392
Sep 30, 1999 9,820 10,362.03099 10,213.7049
Oct 31, 1999 10,070 10,946.44954 10,557.9068
Nov 30, 1999 9,830 10,881.86548 10,498.7825
Dec 31, 1999 9,540 11,291.00 10,629
Source for Benchmark Returns: Ibbotson Associates
13
<PAGE>
The Fund has less than one year of history as a registered mutual fund. Prior to
registration, the Fund existed as an unregistered commingled fund.
Pre-registration performance is shown below to provide investors with an
illustration of long-term performance and the risks of investing in the Fund.
- --------------------------------------------------------------------------------
Vantagepoint Equity Income Fund vs. S&P/BARRA Value Index and Lipper Flexible
Portfolio Fund Index
Growth of $10,000 Invested April 1, 1994
- --------------------------------------------------------------------------------
[GRAPH]
Vantagepoint
Equity S&P/BARRA Lipper Equity
Income Fund Value Index Income Fund Index
Mar-94 Apr-94 10,000 $ 10,000.00 $10,000.00 10,000
Apr-94 10,154.58333 $ 10,211.00 $10,131.00 10,154.58
May-94 10,199.25561 $ 10,379.48 $10,246.49 10,199.26
Jun-94 10,063.80311 $ 10,091.97 $10,095.87 10,063.8
Jul-94 10,298.73155 $ 10,433.08 $10,380.57 10,298.73
Aug-94 10,664.10782 $ 10,728.33 $10,726.25 10,664.11
Sep-94 10,468.54241 $ 10,350.70 $10,523.52 10,468.54
Oct-94 10,543.53186 $ 10,576.34 $10,580.35 10,543.53
Nov-94 10,277.50288 $ 10,148.00 $10,184.64 10,277.5
Dec-94 Dec-94 10,352.46979 $ 10,272.82 $10,263.06 10,352.47
Jan-95 10,758.86234 $ 10,551.21 $10,446.77 10,758.86
Feb-95 11,095.299 $ 10,960.60 $10,783.16 11,095.3
Mar-95 11,261.18574 $ 11,263.11 $11,037.64 11,261.19
Apr-95 11,517.71288 $ 11,633.67 $11,302.55 11,517.71
May-95 11,935.41649 $ 12,151.37 $11,649.53 11,935.42
Jun-95 11,981.14123 $ 12,243.72 $11,804.47 11,981.14
Jul-95 12,187.99627 $ 12,664.90 $12,127.91 12,188
Aug-95 12,415.18239 $ 12,772.55 $12,277.09 12,415.18
Sep-95 12,975.12193 $ 13,217.04 $12,658.91 12,975.12
Oct-95 12,981.06886 $ 13,010.85 $12,479.15 12,981.07
Nov-95 13,531.67872 $ 13,692.62 $13,004.52 13,531.68
Dec-95 Dec-95 14,012.14538 $ 14,071.91 $13,325.73 14,012.15
Jan-96 14,291.13817 $ 14,492.66 $13,630.89 14,291.14
Feb-96 14,317.8878 $ 14,628.89 $13,730.40 14,317.89
Mar-96 14,405.28509 $ 14,971.21 $13,903.40 14,405.29
Apr-96 14,371.45159 $ 15,123.91 $14,031.31 14,371.45
May-96 14,661.21977 $ 15,352.28 $14,238.98 14,661.22
Jun-96 14,860.18459 $ 15,278.59 $14,260.33 14,860.18
Jul-96 14,391.22664 $ 14,633.84 $13,794.02 14,391.23
Aug-96 14,640.88338 $ 15,037.73 $14,105.77 14,640.88
Sep-96 15,255.51972 $ 15,681.34 $14,624.86 15,255.52
Oct-96 15,718.65691 $ 16,212.94 $14,970.00 15,718.66
Nov-96 16,689.26281 $ 17,453.23 $15,824.79 16,689.26
Dec-96 Dec-96 16,575.16672 $ 17,167.00 $15,723.51 16,575.17
Jan-97 17,222.22203 $ 17,958.40 $16,298.99 17,222.22
Feb-97 17,707.38231 $ 18,089.49 $16,523.92 17,707.38
Mar-97 17,116.10889 $ 17,470.83 $15,988.54 17,116.11
Apr-97 17,591.49594 $ 18,125.99 $16,465.00 17,591.5
May-97 18,596.0712 $ 19,262.49 $17,413.39 18,596.07
Jun-97 19,316.69778 $ 19,998.32 $18,071.61 19,316.7
Jul-97 20,322.93608 $ 21,598.18 $19,159.52 20,322.94
Aug-97 19,578.79522 $ 20,621.94 $18,546.42 19,578.8
Sep-97 20,718.49009 $ 21,830.39 $19,486.72 20,718.49
Oct-97 20,381.48894 $ 21,027.03 $18,915.76 20,381.49
Nov-97 21,471.58975 $ 21,828.16 $19,543.77 21,471.59
Dec-97 Dec-97 22,205.65079 $ 22,312.75 $19,995.23 22,205.65
Jan-98 22,134.18995 $ 22,038.30 $19,987.23 22,134.19
Feb-98 23,165.2845 $ 23,691.17 $21,066.54 23,165.28
Mar-98 24,268.79675 $ 24,892.31 $22,020.85 24,268.8
Apr-98 23,932.49297 $ 25,186.04 $22,009.84 23,932.49
May-98 23,493.64156 $ 24,830.92 $21,739.12 23,493.64
Jun-98 23,903.30022 $ 25,019.63 $21,915.21 23,903.3
Jul-98 23,525.41798 $ 24,476.71 $21,349.80 23,525.42
Aug-98 21,294.22199 $ 20,540.85 $18,775.01 21,294.22
Sep-98 22,860.84655 $ 21,789.74 $19,740.05 22,860.85
Oct-98 24,244.4098 $ 23,495.87 $20,906.68 24,244.41
Nov-98 25157.63939 $ 24,720.01 $21,791.04 25,157.64
Dec-98 Dec-98 25,764.0102 $ 25,587.68 $22,348.89 25,764.01
Jan-99 25,252.53534 $ 26,104.55 $22,319.83 25,252.54
Feb-99 24,720.05073 $ 25,543.30 $21,906.92 24,720.05
Mar-99 24,991.97129 $ 26,317.27 $22,369.15 24,991.97
Apr-99 26,524.61444 $ 28,585.82 $23,957.36 26,524.61
May-99 26,376.29413 $ 28,079.85 $23,621.96 26,376.29
Jun-99 27,093.17561 $ 29,158.11 $24,366.05 27,093.18
Jul-99 26,401.01418 $ 28,260.04 $23,749.59 26,401.01
Aug-99 25,362.77205 $ 27,545.06 $23,196.22 25,362.77
Sep-99 24,275.08982 $ 26,468.05 $22,375.08 24,275.09
Oct-99 24,893.09109 $ 27,960.85 $23,129.12 24,893.09
Nov-99 24,299.80987 $ 27,795.88 $22,999.59 24,299.81
Dec-99 Dec-99 23,584.00 $ 28,841.00 $23,285.00 23,583.85
Source for Benchmark Returns: Ibbotson Associates
- --------------------------------------------------------------------------------
Vantagepoint Equity Income Fund
Average Annual Total Return for the periods ended December 31, 1999
- --------------------------------------------------------------------------------
One Year (8.5)%
Three Years 12.5%
Five Years 17.9%
Since Inception 16.1%
Fund Inception Date April 1, 1994
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading. The Fund's portfolio may differ
significantly from the securities in the market index. The Lipper index
measures the performance of a group of mutual funds with similar objectives.
14
<PAGE>
Growth & Income Fund
The Vantagepoint Growth & Income Fund turned in a 23.5% return from March 1,
1999 through December 31, 1999. The Fund's benchmark, the S&P 500 Index, rose
19.9% over the same time period. The Fund's peer group, the Lipper Growth &
Income Fund Index, had a return of 13.3% for this ten month period.
The Growth & Income Fund seeks long-term total return by investing in common
stocks that offer the potential for capital appreciation and current income. The
Fund's subadvisers, Capital Guardian Trust Company and Putnam Investment
Management, use distinct investment strategies to select quality companies with
the potential to outperform over a full market cycle. The Fund's equity holdings
generate a dividend yield similar to that of the S&P 500 Index.
Stock selection and a tilt toward growth stocks aided the Fund's returns.
Technology stocks were the market story of 1999 and the Fund benefited from the
trend. Investors clamored for shares of stocks related to the Internet,
technology, communication and e-tailing. The Fund held Qualcomm and Nokia and
both benefited from the market's recognition that they are leaders in the
emerging growth area of wireless voice and data communications.
However, technology was not the only source of return in the Fund, which
maintained sector diversification throughout the year. In the capital goods
area, General Electric contributed positively to the portfolio because it
continues to be regarded as a well-managed company that is embracing the
Internet and producing consistent profits.
The market's appreciation was not all-inclusive in 1999. Despite the fervor of
the investing public, many stocks and sectors performed poorly. The majority of
stocks in the S&P 500 Index were actually down for the year. Interest rates rose
across the yield curve on inflation concerns, hurting many companies in the
financial sector. Bank of America and Washington Mutual were two names that held
back the Fund's performance as they succumbed to interest rate pressures.
The federal government drastically reduced its payments to health care providers
and the stocks of these companies, along with many pharmaceutical
companies, performed poorly during 1999. The Fund was not immune to this price
deterioration and many of the health-related stocks in the Fund lagged the top
stocks in the index.
The core investing style of Capital Guardian provided stability and complemented
the growth style of Putnam Investment, which provided a solid return with
consistency throughout 1999 as growth stocks were in favor.
- --------------------------------------------------------------------------------
Capital Guardian Trust Company
- --------------------------------------------------------------------------------
Founded: 1968
Investment Style: Core equity/blend of value and growth
Investment Approach: Bottom-up fundamental research
Decentralized decision making/multiple
portfolio manager team Diversified--more than
100 holdings Low turnover--less than 50
percent per year
- --------------------------------------------------------------------------------
Putnam Investment Management
- --------------------------------------------------------------------------------
Founded: 1937
Investment Style: Growth/controlled risk
Investment Approach: Bottom-up fundamental research
Diversified--between 60 and 100 holdings
Moderate to high turnover--50 percent to 100
percent per year
15
<PAGE>
- --------------------------------------------------------------------------------
Vantagepoint Growth & Income Fund vs. S&P 500 Index and Lipper Growth &
Income Fund Index
Growth of $10,000 Invested March 1, 1999
- --------------------------------------------------------------------------------
[GRAPH]
Vantagepoint Growth Standard & Poor's Lipper Growth &
& Income Fund 500 Index Income Fund Index
Mar 1, 1999 10,000.00 10,000 10,000
Mar 31, 1999 10,420.00 10,400 10,345
Apr 30, 1999 10,780.00 10,802.48 11,015.36
May 31, 1999 10,520.00 10,547.54147 10,855.63
Jun 30, 1999 11,170.00 11,132.93002 11,305.06
Jul 31, 1999 10,930.00 10,785.58261 10,980.6
Aug 31, 1999 10,730.00 10,731.65469 10,737.93
Sep 30, 1999 10,500.00 10,437.60736 10,400.76
Oct 31, 1999 11,040.00 11,098.3079 10,845.91
Nov 30, 1999 11,320.00 11,323.60355 10,941.36
Dec 31, 1999 12,350.00 11,991.00 11,333.00
Source for Benchmark Returns: Ibbotson Associates
The Fund has less than one year of history as a registered mutual fund. Prior to
registration, the Fund existed as an unregistered commingled fund.
Pre-registration performance is shown below to provide investors with an
illustration of long-term performance and the risks of investing in the Fund.
- --------------------------------------------------------------------------------
Vantagepoint Growth & Income Fund vs. S&P 500 Index and Lipper Growth &
Income Fund Index
Growth of $10,000 Since October 2, 1998
- --------------------------------------------------------------------------------
[GRAPH]
Vantagepoint Growth Standard & Poor's Lipper Growth &
& Income Fund 500 Index Income Fund Index
Oct-98 Oct-98 $ 10,000.00 10,000 10,000
Oct-98 11,134.58 11,140 11,127
Nov-98 11,829.97 11,815.084 11,663.32
Dec-98 Dec-98 12,776.19 12,495.63284 12,059.87
Jan-99 13,412.84 13,017.95029 12,173.24
Feb-99 13,038.34 12,613.09204 11,904.21
Mar-99 13,585.95 13,117.61572 12,314.9
Apr-99 14,055.33 13,625.26745 13,112.91
May-99 13,716.33 13,303.71114 12,922.77
Jun-99 14,563.83 14,042.0671 13,457.78
Jul-99 14,250.91 13,603.95461 13,071.54
Aug-99 13,990.14 13,535.93484 12,782.66
Sep-99 13,690.26 13,165.05022 12,381.28
Oct-99 14,394.33 13,998.3979 12,911.2
Nov-99 14,759.40 14,282.56538 13,024.82
Dec-99 Dec-99 $ 16,102.00 15,124.00 13,491.00
Source for Benchmark Returns: Ibbotson Associates
16
<PAGE>
- --------------------------------------------------------------------------------
Vantagepoint Growth & Income Fund
Average Annual Total Return for the periods ended December 31, 1999
- --------------------------------------------------------------------------------
One Year 26.0%
Since Inception 46.4%
Fund Inception Date October 2, 1998
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading. The Fund's portfolio may differ
significantly from the securities in the market index. The Lipper index
measures the performance of a group of mutual funds with similar objectives.
17
<PAGE>
Growth Fund
The Vantagepoint Growth Fund returned 40.0% from March 1, 1999 through
December 31, 1999. Its market benchmark, the Wilshire 5000 Index, returned 23.7%
and its mutual fund benchmark, the Lipper Growth Fund Index, returned 27.1% over
the same time period.
The Growth Fund seeks long-term growth of capital by investing primarily in
common stocks with above-average potential for earnings growth. The Fund's six
subadvisers invest in stocks of companies of many sizes, sectors, and industries
to provide a "one-stop shop" for growth as an investment objective.
It was a volatile year in the market and the majority of stocks in the Wilshire
5000, an index of over 7,000 U.S. stocks, had negative performance for 1999. The
story of the year was technology. Stocks in this sector soared as investors
pinned their hopes on an economic revolution fueled by the Internet and other
technology.
Qualcomm shares rose on the company's prospects for offering wireless technology
to a growing number of customers. Microsoft shook off its legal troubles and
turned in a good 1999 return. CMGI, Cisco and Dell advanced as investors became
increasingly excited about their Internet strategies. The Fund benefited from
the technology trend by allocating nearly one-third of the fund to this sector
and by picking good stocks within the sector.
Although technology was the largest contributor to the Fund's performance for
the year, it was not the only factor. Consumer cyclicals, among other sectors,
also helped the Fund achieve its market-beating year. The weak healthcare sector
was a drag on Fund performance, but the Fund was able to dodge much of the poor
performance in other lagging sectors by maintaining relatively low allocations
to basic materials and capital goods.
Three of the six subadvisers were replaced in the Fund's multi-manager lineup.
These additions improve the Fund's diversification and boost the Fund's ability
to capture investment opportunities across all capitalization ranges. The
following investment managers join the three existing subadvisers (Fidelity
Management Trust Company, Barclays Global Fund Advisors and William Blair &
Company, LLC):
. Brown Capital Management uses a "growth at a reasonable price" approach to
investing by seeking quality growth companies without overpaying for them.
Brown now manages 10 percent of the Fund's assets.
. TCW Investment Management Company focuses on finding "great" large-
capitalization companies, paying particular attention to management,
business models, and the firms' uses of free cash flows. Twenty-five
percent of Fund assets are managed by TCW.
. Tukman Investment Management uses a contrarian approach to buy solid,
well-managed growth companies, typically when a temporary company problem
has lowered the stock price. Tukman is responsible for 10 percent of the
Fund's assets.
These changes were approved by a vote of shareholders at a Special Meeting held
on September 30, 1999. 95.7 percent of shareholders voted in favor of the change
and 4.3 percent voted against the change.
These three new subadvisers, who replaced three other subadvisers, started
managing their allocations at the beginning of the fourth quarter.
- --------------------------------------------------------------------------------
Barclays Global Fund Advisors
- --------------------------------------------------------------------------------
Founded: 1990 (1971 as Wells Fargo)
Investment Style: Indexation
Investment Approach: Replication of S&P 500 Index
18
<PAGE>
- --------------------------------------------------------------------------------
Brown Capital Management
- --------------------------------------------------------------------------------
Founded: 1983
Investment Style: Mid- to large-cap growth at a reasonable price
Investment Approach: Bottom-up fundamental research
Moderately concentrated--between 40 and 60 holdings
Moderate turnover--30 percent to 60 percent per year
- --------------------------------------------------------------------------------
Fidelity Management Trust
- --------------------------------------------------------------------------------
Founded: 1981
Investment Style: Small- to mid-cap growth/themes
Investment Approach: Bottom-up fundamental research/industry trends
Broadly diversified--about 250 holdings
Moderate to high turnover--about 100 percent per year
- --------------------------------------------------------------------------------
TCW Investment Management Company
- --------------------------------------------------------------------------------
Founded: 1971
Investment Style: Concentrated large-cap growth/"great"companies
Investment Approach: Bottom-up fundamental research with initial
quantitative screening
Concentrated--between 25 and 40 holdings
Low turnover--about 25 percent per year
- --------------------------------------------------------------------------------
Tukman Investment Management
- --------------------------------------------------------------------------------
Founded: 1980
Investment Style: Contrarian large-cap growth
Investment Approach: Bottom-up fundamental analysis
Concentrated--between 10 and 20 holdings
Low turnover--about 25 percent per year
- --------------------------------------------------------------------------------
William Blair and Company
- --------------------------------------------------------------------------------
Founded: 1935
Investment Style: Mid-cap growth/durable business franchise
Investment Approach: Bottom-up fundamental research
Moderately concentrated--between 40 and 60
holdings Moderate turnover--average 40 percent
to 50 percent per year
19
<PAGE>
- --------------------------------------------------------------------------------
Vantagepoint Growth Fund vs. Wilshire 5000 Index and Lipper Growth Fund Index
Growth of $10,000 Invested March 1, 1999
- --------------------------------------------------------------------------------
[GRAPH]
Vantagepoint Wilshire 5000 Index Lipper Growth
Growth Fund Fund Index
Mar 1, 1999 10,000 10,000 10,000
Mar 31, 1999 10,570 10,386 10,434
Apr 30, 1999 11,339.496 10,883.4894 10,699.02
May 31, 1999 11,079.82154 10,645.14098 10,490.39
Jun 30, 1999 11,750.15074 11,196.55929 11,110.37
Jul 31, 1999 11,430.54664 10,837.14973 10,835.95
Aug 31, 1999 11,160.78574 10,736.36424 10,713.5
Sep 30, 1999 11,050.29396 10,456.14513 10,534.59
Oct 31, 1999 11,810.55419 11,121.15596 11,183.52
Nov 30, 1999 12,430.60828 11,493.71469 11,656.58
Dec 31, 1999 14,003.00 12,366.00 12,705.67
The Fund has less than one year of history as a registered mutual fund. Prior to
registration, the Fund existed as an unregistered commingled fund.
Pre-registration performance is shown below to provide investors with an
illustration of long-term performance and the risks of investing in the Fund.
- --------------------------------------------------------------------------------
Vantagepoint Growth Fund vs. Wilshire 5000 Index and Lipper Growth Fund Index
Growth of $10,000 Since January 1, 1990
- --------------------------------------------------------------------------------
[GRAPH]
Vantagepoint Wilshire 5000 Index Lipper Growth
Growth Fund Fund Index
Dec-89 Jan-90 10,000 10,000 10,000
Jan-90 9,022.111133 9,266 9,329
Feb-90 9,403.288412 9,413.3294 9,484.794
Mar-90 9,817.14475 9,648.662635 9,733.296
Apr-90 9,600.855904 9,370.781151 9,477.31
May-90 10,669.18878 10,226.33347 10,378.6
Jun-90 10,933.55552 10,177.24707 10,388.98
Jul-90 10,809.30707 10,078.52777 10,208.21
Aug-90 9,987.077706 9,130.13831 9,269.057
Sep-90 9,467.988889 8,628.893716 8,680.472
Oct-90 9,324.5736 8,513.266541 8,514.675
Nov-90 9,991.98381 9,093.871319 9,138.801
Dec-90 Dec-90 10,380.97037 9,382.147039 9,457.745
Jan-91 11,286.15988 9,838.119386 10,093.31
Feb-91 12,283.23391 10,603.52507 10,838.19
Mar-91 12,938.80771 10,926.93259 11,098.31
Apr-91 12,537.98212 10,961.89877 11,124.94
May-91 13,069.8559 11,401.47091 11,611.1
Jun-91 12,283.21635 10,891.82516 10,928.37
Jul-91 13,299.47038 11,403.74095 11,603.74
Aug-91 13,745.58546 11,718.4842 11,936.77
Sep-91 13,808.07775 11,583.72163 11,847.25
Oct-91 14,239.42668 11,796.86211 12,042.73
Nov-91 13,742.76265 11,346.22197 11,536.93
Dec-91 Dec-91 15,851.96892 12,592.03715 12,893.67
Jan-92 15,543.33161 12,566.85307 12,874.33
Feb-92 15,123.33095 12,740.27564 13,103.5
Mar-92 14,254.06765 12,424.31681 12,690.74
Apr-92 13,890.2282 12,590.80265 12,671.7
May-92 14,188.81065 12,667.60655 12,807.29
Jun-92 13,679.97057 12,409.18738 12,441
Jul-92 14,160.56084 12,911.75947 12,850.31
Aug-92 13,707.39335 12,639.32134 12,562.46
Sep-92 13,874.60495 12,789.72926 12,757.18
Oct-92 14,196.67121 12,944.48499 12,984.26
Nov-92 15,087.79205 13,481.68112 13,654.24
Dec-92 Dec-92 15,456.86318 13,721.65504 13,878.17
Jan-93 15,617.96409 13,890.4314 14,076.63
Feb-93 14,749.28454 13,947.38217 13,892.23
Mar-93 15,250.00776 14,305.82989 14,290.94
Apr-93 14,590.95173 13,910.98898 13,903.65
May-93 15,660.72607 14,346.40294 14,455.63
Jun-93 16,041.5693 14,413.83103 14,500.44
Jul-93 16,147.24127 14,412.38965 14,483.04
Aug-93 16,884.81145 14,968.70789 15,100.02
Sep-93 17,336.69685 14,998.6453 15,196.66
Oct-93 17,399.62513 15,249.12268 15,447.4
Nov-93 16,702.35974 15,002.08689 15,133.82
Dec-93 Dec-93 17,253.62853 15,272.12446 15,539.4
Jan-94 17,808.83672 15,753.19638 16,077.07
Feb-94 17,449.38394 15,400.32478 15,813.4
Mar-94 1,6411.6208 14,702.69007 15,074.92
Apr-94 16,534.02413 14,843.83589 15,195.52
May-94 16,328.15409 14,989.30548 15,268.46
Jun-94 15,793.55618 14,589.09103 14,744.75
Jul-94 16,293.82992 15,022.38703 15,162.02
Aug-94 17,156.27184 15,686.37654 15,807.93
Sep-94 16,851.60482 15,382.06083 15,468.06
Oct-94 17,336.57114 15,632.78842 15,763.5
Nov-94 16,521.31807 15,060.62837 15,162.91
Dec-94 Dec-94 16,611.24978 15,263.94685 15,294.82
Jan-95 16,585.90439 15,593.6481 15,351.41
Feb-95 17,335.42047 16,214.2753 15,919.42
Mar-95 17,887.67501 16,642.33216 16,401.78
Apr-95 18,291.91059 17,055.062 16,865.95
May-95 18,680.00006 17,636.63962 17,376.98
Jun-95 19,613.47764 18,199.24842 18,157.21
Jul-95 20,911.30564 18,947.23753 19,034.2
Aug-95 21,168.85019 19,131.02573 19,234.06
Sep-95 21,790.46466 19,859.91781 19,805.31
Oct-95 21,254.44937 19,661.31864 19,541.9
Nov-95 22,373.26282 20,494.95855 20,202.42
Dec-95 Dec-95 22,698.1672 20,831.07587 20,287.27
Jan-96 23,122.77077 21,389.3487 20,778.22
Feb-96 24,061.59464 21,763.6623 21,104.44
Mar-96 24,371.11273 22,000.88622 21,201.52
Apr-96 25,261.56747 22,544.30811 21,733.68
May-96 25,920.45264 23,159.76772 22,118.36
Jun-96 25,201.71149 22,969.85763 21,901.6
Jul-96 23,518.75036 21,729.48531 20,716.73
Aug-96 24,792.72775 22,424.82884 21,342.37
Sep-96 26,101.09486 23,617.82974 22,535.41
Oct-96 26,096.42233 23,948.47936 22,859.92
Nov-96 27,639.55085 25,536.26354 24,304.67
Dec-96 Dec-96 27,602.26795 25,247.70376 23,842.88
Jan-97 28,764.3194 26,598.45591 25,085.09
Feb-97 28,094.22547 26,585.15668 24,891.94
Mar-97 26,990.00223 25,410.09276 23,751.89
Apr-97 27,819.74601 26,517.9728 24,796.97
May-97 29,985.31451 28,398.09707 26,512.92
Jun-97 31,151.05483 29,701.56973 27,504.51
Jul-97 34,188.57149 31,985.62044 29,784.63
Aug-97 33,836.62221 30,782.96111 28,685.58
Sep-97 35,791.38371 32,599.15582 30,326.39
Oct-97 34,085.11869 31,513.60393 29,346.85
Nov-97 34,033.80904 32,544.09878 30,021.83
Dec-97 Dec-97 34,735.77588 33,146.1646 30,529.19
Jan-98 34,182.25749 33,325.15389 30,733.74
Feb-98 36,962.66577 35,751.2251 32,900.47
Mar-98 38,790.02328 37,538.78635 34,308.61
Apr-98 39,394.76736 37,985.49791 34,675.71
May-98 37,634.35424 36,975.08366 33,822.69
Jun-98 38,725.91138 38,272.9091 35,283.83
Jul-98 37,316.20957 37,434.73239 34,909.82
Aug-98 29,991.04197 31,606.14456 29,303.3
Sep-98 32,593.70068 33,670.0258 31,257.83
Oct-98 34,929.55313 36,175.07572 33,420.88
Nov-98 37,200.16757 38,454.10549 35,412.76
Dec-98 Dec-98 41,627.37326 40,915.16824 38,373.27
Jan-99 43,313.56815 42,420.84643 40,011.8
Feb-99 40,368.35291 40,885.21179 38,647.4
Mar-99 42,669.34903 42,463.38096 40,324.7
Apr-99 45,777.7122 44,497.37691 41,348.95
May-99 44,728.13503 43,522.88436 40,542.64
Jun-99 47,432.81467 45,777.36977 42,938.71
Jul-99 46,141.02738 44,307.9162 41,878.13
Aug-99 45,051.08185 43,895.85258 41,404.9
Sep-99 44,607.02997 42,750.17083 40,713.44
Oct-99 47,675.02479 45,469.08169 43,221.39
Nov-99 50,177.86267 46,992.29593 45,049.65
Dec-99 Dec-99 56,526.00 50,559.00 49,104.12
20
<PAGE>
- --------------------------------------------------------------------------------
Vantagepoint Growth Fund
Average Annual Total Return for the periods ended December 31,1999
- --------------------------------------------------------------------------------
One Year 35.8%
Three Years 27.0%
Five Years 27.8%
Ten Years 18.9%
Fund Inception Date April 1,1983
Fund Registration Date March 1,1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading. The Fund's portfolio may differ
significantly from the securities in the market index. The Lipper index
measures the performance of a group of mutual funds with similar objectives.
21
<PAGE>
Aggressive Opportunities Fund
The Vantagepoint Aggressive Opportunities Fund gained 63.4% from March 1, 1999
through December 31, 1999, outperforming its market benchmark, the Wilshire 4500
Index, which returned 40.5%. The Fund's return also exceeded that of the Lipper
Capital Appreciation Fund Index, a group of mutual funds with similar
objectives, which returned 39.6%.
The Aggressive Opportunities Fund seeks high long-term growth of capital by
investing primarily in the common stocks of small- to medium-sized companies.
Three subadvisers manage the Fund: First Pacific Advisors, MFS Institutional
Advisors, and TCW Investment Management Company. Each manager employs a unique
investment style to achieve the Fund's objective.
The technology sector rewarded growth investors in 1999, and the Aggressive
Opportunities Fund shared in the strong performance. Exposure to the sector rose
from nearly 30 percent at the beginning of the year to more than 50 percent at
year-end.
Early in 1999, technology themes included possibilities for e-commerce as well
as for communications companies that connect people to the Internet. Prices for
Internet-related companies gained, but companies providing software and
technology consulting services to businesses fell out of favor due to concerns
over Year 2000 (Y2K) preparations and spending freezes.
As the year continued, investors turned their attention to other tech investment
themes. Economic recovery in Asia helped boost prospects for semiconductor
manufacturers. Completed Y2K preparations pointed to the reduced possibility of
widespread disruptions, which helped business service providers and software
companies. By the fourth quarter, the tech sector was firing on all cylinders
and helped push the market to record levels. The fourth quarter was also the
strongest ever for the Aggressive Opportunities Fund, which gained 39.9% largely
due to its significant technology exposure.
The effects of the Internet were not limited to pure technology stocks.
Communications services holdings in the Fund also benefited. As more and more
individuals and businesses sought access to the Internet, prices for cable,
wire-based telephone and wireless telephone companies increased as investors
attempted to find the preferred provider. A wave of mergers also helped push
shares in this sector higher as businesses tried to position themselves to be
the preferred provider.
Traditional media and retailers had good representation in the Fund. E-commerce
was in vogue, and the need to draw attention to these new businesses on the
Internet led to increases in advertising through non-Internet channels. Fund
holdings of radio and television operators gained. Results for retailers were
more mixed as investors struggled to decide outcomes for traditional versus
e-commerce retailers as the year progressed.
While technology and Internet-related companies led stocks higher this year,
such investment trends do not last forever. Significant allocations in these
sectors benefited the Fund, but the subadvisers are not relying on the trends to
last indefinitely. They continue to search all sectors for future growth
opportunities.
- --------------------------------------------------------------------------------
First Pacific Advisors,Inc.
- --------------------------------------------------------------------------------
Founded: 1953
Investment Style: Special value situations offering high return
potential
Investment Approach: Bottom-up fundamental research of smaller companies
Moderate market timing used/cash may build
during bull markets
Concentrated--fewer than 50 holdings
Low turnover--less than 50 percent per year
22
<PAGE>
- --------------------------------------------------------------------------------
MFS Institutional Advisors,Inc.
- --------------------------------------------------------------------------------
Founded: 1924
Investment Style: Emerging growth companies
Investment Approach: Bottom-up fundamental research of
smaller companies 20+% earnings growth rates
Portfolio includes holdings not in typical
growth industries Broadly diversified--more than
150 holdings Moderate to high turnover--50
percent to 100 percent per year
- --------------------------------------------------------------------------------
TCW Investment Management Company
- --------------------------------------------------------------------------------
Founded: 1971
Investment Style: Small and mid-cap high growth companies
Investment Approach: Bottom-up fundamental research/Companies with growth
drivers that can produce future earnings growth
Concentrated--fewer than 50 holdings
Moderate to high turnover--50 percent to 100 percent
per year
- --------------------------------------------------------------------------------
Vantagepoint Aggressive Opportunities Fund vs. Wilshire 4500 Index and Lipper
Capital Appreciation Fund Index
Growth of $10,000 Invested March 1, 1999
- --------------------------------------------------------------------------------
[GRAPH]
Lipper Capital
Vantagepoint Aggressive Wilshire 4500 Index Appreciation
Opportunities Fund Fund Index
Mar 1, 1999 10,000 10,000 10,000
Mar 31, 1999 10,580 10,390.3 10,511
Apr 30, 1999 11,310.02 11,218.92643 11,019.73
May 31, 1999 11,349.60507 11,121.65833 10,869.86
Jun 30, 1999 12,319.9963 11,589.10163 11,530.75
Jul 31, 1999 11,649.7885 11,238.41542 11,259.78
Aug 31, 1999 11,569.40496 10,958.80364 11,149.43
Sep 30, 1999 11,679.31431 10,873.87291 11,073.62
Oct 31, 1999 12,519.05701 11,429.7453 11,677.13
Nov 30, 1999 13,958.74857 12,352.12574 12,350.9
Dec 31, 1999 16,337 14,054 13,959
0.03903
0.07975
-0.00867
0.04203
-0.03026
-0.02488
-0.00775
0.05112
0.0807
0.13781
23
<PAGE>
The Fund has less than one year of history as a registered mutual fund. Prior to
registration, the Fund existed as an unregistered commingled fund.
Pre-registration performance is shown below to provide investors with an
illustration of long-term performance and the risks of investing in the Fund.
- --------------------------------------------------------------------------------
Vantagepoint Aggressive Opportunities Fund vs. Wilshire 4500 Index and Lipper
Capital Appreciation Fund Index
Growth of $10,000 Since October 1, 1994
- --------------------------------------------------------------------------------
[GRAPH]
Lipper Capital
Vantagepoint Aggressive Wilshire 4500 Index Appreciation
Opportunities Fund Fund Index
Sep-94 Oct-94 10,000 10,000 10,000
Oct-94 10,354.58333 10,043 10,117
Nov-94 10,099.21408 9,637.2628 9,767.9635
Dec-94 Dec-94 10,504.20815 9,750.018775 9,856.851968
Jan-95 10,358.81944 9,844.593957 9,911.064654
Feb-95 10,954.64105 10,262.9892 10,272.81851
Mar-95 11,400.65393 10,488.77496 10,544.02092
Apr-95 11,546.25662 10,624.08016 10,725.37808
May-95 11,882.58815 10,860.99715 10,993.51253
Jun-95 12,690.91194 11,384.49721 11,529.99595
Jul-95 13,791.119 12,053.90565 12,210.26571
Aug-95 14,068.64187 12,334.76165 12,344.57863
Sep-95 14,587.5905 12,669.03369 12,666.77213
Oct-95 14,141.87022 12,329.50358 12,418.5034
Nov-95 14,570.79758 12,853.50749 12,876.74617
Dec-95 Dec-95 14,637.85214 13,015.46168 12,969.45875
Jan-96 15,047.25316 13,149.52094 13,215.87846
Feb-96 15,759.17502 13,576.88037 13,544.95384
Mar-96 15,847.00757 13,784.60664 13,684.46686
Apr-96 17,063.96605 14,425.59085 14,263.31981
May-96 17,797.91322 14,879.99696 14,681.23508
Jun-96 17,109.89366 14,412.76505 14,287.77798
Jul-96 15,966.98173 13,330.3664 13,241.91263
Aug-96 16,852.93835 14,050.20618 13,832.50193
Sep-96 17,840.71962 14,720.40102 14,634.78705
Oct-96 17,727.59989 14,502.53908 14,447.46177
Nov-96 18,433.50287 15,114.54623 15,074.48161
Dec-96 Dec-96 18,371.13133 15,250.57715 14,910.16976
Jan-97 18,814.79036 15,743.17079 15,524.46876
Feb-97 18,428.48548 15,410.98989 15,037.00044
Mar-97 17,515.00104 14,606.53621 14,235.52832
Apr-97 17,664.93269 14,643.05255 14,518.81533
May-97 19,346.22883 16,100.03628 15,734.04017
Jun-97 20,034.8008 16,863.178 16,423.19113
Jul-97 21,261.90443 18,023.36465 17,613.87249
Aug-97 21,312.26438 18,187.37727 17,282.73169
Sep-97 22,601.98737 19,447.76251 18,319.69559
Oct-97 21,748.51167 18,706.80276 17,590.5717
Nov-97 21,819.48538 18,712.4148 17,625.75285
Dec-97 Dec-97 21,565.00736 19,170.86896 17,884.85141
Jan-98 21,412.05976 18,896.72554 17,890.21687
Feb-98 23,173.12149 20,342.32504 19,265.97454
Mar-98 24,253.27118 21,394.02325 20,169.54875
Apr-98 24,672.00528 21,665.72734 20,361.15946
May-98 23,684.19901 20,653.93788 19,707.56625
Jun-98 23,858.25289 20,976.13931 20,509.66419
Jul-98 22,358.91359 19,788.88982 19,947.69939
Aug-98 17,866.75006 15,953.80297 16,520.68464
Sep-98 19,039.49559 17,105.66755 17,566.44397
Oct-98 20,243.93915 18,077.26947 18,576.5145
Nov-98 21,940.21254 19,201.67563 19,652.09469
Dec-98 Dec-98 24,188.17015 20,826.13738 21,456.15699
Jan-99 25,201.98088 21,161.4382 22,468.8876
Feb-99 23,401.69157 20,010.25596 21,394.87477
Mar-99 24,758.98968 20,790.65594 22,488.15287
Apr-99 26,467.31316 22,449.75028 23,576.57947
May-99 26,560.91993 22,254.43746 23,255.93799
Jun-99 28,830.88401 23,189.12383 24,669.89902
Jul-99 27,262.97067 22,486.49338 24,090.15639
Aug-99 27,075.75714 21,926.57969 23,854.07286
Sep-99 27,333.17575 21,755.55237 23,691.86516
Oct-99 29,298.91784 22,867.2611 24,983.07181
Nov-99 32,668.76143 24,712.64907 26,424.59506
Dec-99 Dec-99 38,236 28,118 29,865
- --------------------------------------------------------------------------------
Vantagepoint Aggressive Opportunities Fund
Average Annual Total Return for the periods ended December 31,1999
- --------------------------------------------------------------------------------
One Year 58.1%
Three Years 27.7%
Five Years 29.5%
Since Inception 29.1%
Fund Inception Date October 1,1994
Fund Registration Date March 1,1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading. The Fund's portfolio may differ
significantly from the securities in the market index. The Lipper index
measures the performance of a group of mutual funds with similar objectives.
24
<PAGE>
International Fund
The International Fund gained 42.6% from March 1, 1999 through December 31,
1999, exceeding the returns of both its benchmarks. The Morgan Stanley Capital
International Europe, Australia, and Far East (EAFE) Index of stocks in
developed countries returned 30.7%. The Lipper International Fund Index, a group
of mutual funds with similar objectives, returned 40.6%.
The Fund seeks long-term growth of capital and diversification by investing
primarily in the common stocks of companies headquartered outside of the United
States. Three subadvisers manage the Fund: Capital Guardian Trust Company,
Lazard Asset Management, and Rowe Price-Fleming International. Each manager
employs a unique investment strategy to achieve the Fund's objective.
International developed markets had a strong year, with many outperforming the
U.S. market. For example, France rose 29.3%, and Japan returned 61.5% (all
returns are in U.S. dollars). On a regional basis, returns for U.S. dollar-based
investors were lower in Europe and higher in Asia.
Japan was the main driver of performance in the Fund during 1999. Its allocation
rose from 20 percent to almost 30 percent by year end. Japan's economic decline
showed signs of bottoming and investors bid up stock prices on the expectations
of recovery. Returns for U.S. investors were further helped by a 10.2% rise in
the yen versus the dollar. Fund holdings in Japan centered mostly on large
technology, communications and manufacturing companies that exported goods or
participated in the global technology rally.
European markets had a good year, as did the Fund's holdings in the region.
Continental Europe experienced improving economies and benefited from increased
merger and acquisition activity. Increased global competition in many industries
prompted many multinational combinations and the introduction of the single
European currency, the euro, made them easier.
- --------------------------------------------------------------------------------
Capital Guardian Trust Company
- --------------------------------------------------------------------------------
Founded: 1931
Investment Style: Core equity blend of growth and value
Investment Approach: Bottom-up fundamental research
Decentralized decision making/multiple portfolio
manager team Diversified--between 100 and 150
holdings Low turnover--less than 50 percent per
year
- --------------------------------------------------------------------------------
Lazard Asset Management
- --------------------------------------------------------------------------------
Founded: 1970
Investment Style: Large-cap value
Investment Approach: Quantitative valuation screens combined bottom-up
fundamental research Team management approach
Diversified--between 75 and 100 holdings
Low turnover--less than 50 percent per year
25
<PAGE>
- --------------------------------------------------------------------------------
Rowe Price-Fleming International,Inc.
- --------------------------------------------------------------------------------
Founded: 1979
Investment Style: Growth at a reasonable price
Investment Approach: Top-down country and sector analysis combined with
bottom-up fundamental research
Broadly diversified--more than 150 holdings
Moderate to high turnover--50 percent to 100 percent
per year
- --------------------------------------------------------------------------------
Vantagepoint International Fund vs. Morgan Stanley Capital International
Europe Australia Far East Index and Lipper International Fund Index
Growth of $10,000 Invested March 1, 1999
- --------------------------------------------------------------------------------
[GRAPH]
Vantagepoint MSCI EAFE Index Lipper International
International Fund Fund Index
Mar 1, 1999 10,000 10,000 10,000
Mar 31, 1999 10,451 10,419.8426 10,333
Apr 30, 1999 10,941.1519 10,844.43785 10,814.52
May 31, 1999 10,530.8587 10,288.33855 10,412.22
Jun 30, 1999 11,071.09176 10,691.82393 10,905.76
Jul 31, 1999 11,460.79419 11,012.08234 11,148.96
Aug 31, 1999 11,640.72865 11,054.75812 11,237.03
Sep 30, 1999 11,760.62816 11,168.49588 11,272.99
Oct 31, 1999 12,160.48952 11,589.26305 11,666.42
Nov 30, 1999 12,800.13126 11,994.31579 12,521.57
Dec 31, 1999 14,262 13,073 14,060.47
26
<PAGE>
The Fund has less than one year of history as a registered mutual fund. Prior to
registration, the Fund existed as an unregistered commingled fund.
Pre-registration performance is shown below to provide investors with an
illustration of long-term performance and the risks of investing in the Fund.
- --------------------------------------------------------------------------------
Vantagepoint International Fund vs. Morgan Stanley Capital International
Europe Australia Far East Index and Lipper International Fund Index
Growth of $10,000 Since October 1, 1994
- --------------------------------------------------------------------------------
[GRAPH]
Vantagepoint MSCI Lipper International
International Fund EAFE Index Fund Index
Sep-94 Oct-94 10,000 10,000 10,000
Oct-94 10,254.58333 10,333 10,179
Nov-94 9,809.082121 9,835.9827 9,703.641
Dec-94 Dec-94 9,643.420391 9,897.949391 9,574.582
Jan-95 9,267.310731 9,517.868134 9,099.683
Feb-95 9,371.745384 9,490.266317 9,096.953
Mar-95 9,596.552407 10,082.45893 9,336.203
Apr-95 9,951.921891 10,461.55939 9,679.775
May-95 10,106.9659 10,337.06683 9,774.637
Jun-95 10,121.63498 10,156.16816 9,811.781
Jul-95 10,628.33925 10,788.89744 10,351.43
Aug-95 10,382.06833 10,376.76156 10,176.49
Sep-95 10,547.63329 10,580.14609 10,346.44
Oct-95 10,331.25896 10,295.54016 10,131.23
Nov-95 10,426.53097 10,581.75617 10,236.6
Dec-95 Dec-95 10,682.91523 11,008.20095 10,533.46
Jan-96 10,999.942 11,053.33457 10,782.05
Feb-96 11,085.56932 11,090.91591 10,828.41
Mar-96 11,221.66146 11,326.04332 10,997.33
Apr-96 11,529.27541 11,655.63119 11,355.85
May-96 11,564.8202 11,441.16757 11,343.35
Jun-96 11,660.9439 11,505.23811 11,446.58
Jul-96 11,312.92657 11,169.28516 11,060.83
Aug-96 11,530.22903 11,193.85758 11,204.62
Sep-96 11,727.51579 11,491.6142 11,455.6
Oct-96 11,763.22072 11,374.39973 11,409.78
Nov-96 12,254.11054 11,827.10084 11,946.04
Dec-96 Dec-96 12,441.86905 11,674.53124 12,052.36
Jan-97 12,447.57157 11,265.92265 12,068.03
Feb-97 12,595.07166 11,450.68378 12,286.46
Mar-97 12,641.37561 11,491.90624 12,351.58
Apr-97 12,728.26902 11,552.81334 12,405.92
May-97 13,342.62563 12,304.90149 13,105.62
Jun-97 13,866.21165 12,982.90156 13,734.69
Jul-97 14,227.8506 13,193.22457 14,175.57
Aug-97 13,310.22152 12,207.69069 13,153.51
Sep-97 14,118.99952 12,891.32137 13,997.97
Oct-97 13,047.99488 11,899.97876 12,935.52
Nov-97 12,962.44602 11,778.59898 12,826.86
Dec-97 Dec-97 12,998.91095 11,881.07279 12,926.91
Jan-98 13,249.17096 12,424.03781 13,239.75
Feb-98 13,988.47971 13,221.66104 14,080.47
Mar-98 14,565.43361 13,628.8882 14,845.04
Apr-98 14,663.84415 13,736.55642 15,073.65
May-98 14,313.6565 13,669.24729 15,103.8
Jun-98 14,044.7581 13,773.13357 14,972.4
Jul-98 14,061.40223 13,912.24222 15,201.47
Aug-98 12,015.3112 12,188.51541 13,013.98
Sep-98 11,867.5617 11,814.32799 12,609.25
Oct-98 13,038.29129 13,045.38096 13,536.03
Nov-98 13,555.57271 13,713.30447 14,214.18
Dec-98 Dec-98 13,643.63065 14,253.60866 14,563.85
Jan-99 13,445.17835 14,210.84784 14,652.69
Feb-99 13,297.74005 13,872.62966 14,276.12
Mar-99 13,896.13835 14,451.11831 14,751.51
Apr-99 14,547.72762 15,036.38861 15,438.93
May-99 14,002.52028 14,262.01459 14,864.6
Jun-99 14,720.59824 14,818.23316 15,569.19
Jul-99 15,239.2101 15,258.33469 15,916.38
Aug-99 15,478.56942 15,314.79053 16,042.12
Sep-99 15,638.1423 15,469.46991 16,093.45
Oct-99 16,170.0519 16,049.57503 16,655.11
Nov-99 17,021.10727 16,606.49529 17,875.93
Dec-99 Dec-99 18,965 18,098 20,073
- --------------------------------------------------------------------------------
Vantagepoint International Fund
Average Annual Total Return for the periods ended December 31, 1999
- --------------------------------------------------------------------------------
One Year 39.0%
Three Years 15.1%
Five Years 14.5%
Since Inception 13.0%
Fund Inception Date October 1, 1994
Fund Registration Date March 1, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading. The Fund's portfolio may differ
significantly from the securities in the market index. The Lipper index
measures the performance of a group of mutual funds with similar objectives.
27
<PAGE>
Index Funds
The 1999 returns of the Vantagepoint Index Funds reflected the performance of
the market segments in which they invest. The larger stocks of the S&P 500 Index
turned in another strong year, gaining 21.0%. Mid- and small-cap stocks bounced
back from a lackluster 1998, with the Wilshire 4500 Index returning 35.0% in
1999. The Wilshire 5000 Index, which comprises virtually all U.S. stocks, rose
23.6%.
International investors enjoyed a productive year in 1999 as the MSCI
Europe, Australia, and Far East (EAFE) Index gained 27.1%. The U.S. bond market
disappointed, however;rising interest rates depressed bond prices and the Lehman
Government/Corporate Index lost 2.2%.
The Vantagepoint Index Funds provide investors with consistent performance at
low cost. Each of the five funds invests in a master investment portfolio
managed by Barclays Global Fund Advisors, Inc., the world's largest provider of
indexed investment strategies. With the exception of the portfolio replicating
the S&P 500 Index, each master investment portfolio selects a representative
sample of securities contained in its benchmark to replicate the benchmark's
investment characteristics. This portfolio management approach is intended to
substantially duplicate the benchmark's performance while controlling
transaction costs. The 500 Stock Index Fund fully replicates the S&P 500 Index
by purchasing every security held in the Index.
- --------------------------------------------------------------------------------
Core Bond Index Fund
Vantagepoint Core Bond Index Fund Class I vs. Lehman Brothers
Government/Corporate Index
Growth of $10,000 Since March 1, 1999
[GRAPH]
Vantagepoint Core Bond Lehman Brothers Government/
Index Fund Class I Corporate Index
Mar 1,1999 10,000.00 10,000
Mar 31,1999 10,048.64 10,050
Apr 30,1999 10,055.61 10,053.015
May 31,1999 9,938.04 9,949.468946
Jun 30,1999 9,895.89 9,918.625592
Jul 31,1999 9,870.44 9,890.85344
Aug 31,1999 9,857.52 9,882.940757
Sep 30,1999 9,954.67 9,971.887224
Oct 31,1999 9,970.32 9,997.814131
Nov 30,1999 9,968.05 9,991.815442
Dec 1,1999 $ 9,894.00 9,931
28
<PAGE>
Vantagepoint Core Bond Index Fund Class II vs. Lehman Brothers
Government/Corporate Index
Growth of $10,000 Invested April 5, 1999
[GRAPH]
Vantagepoint Core Bond Lehman Brothers Government/
Index Fund Class II Corporate Index
Apr 5,1999 10,000.00 10,000
Apr 30,1999 10,033.0 10,003
May 31,1999 9,913.6 9,899.9691
Jun 30,1999 9,877.3 9,869.279196
Jul 31,1999 9,856.1 9,841.645214
Aug 31,1999 9,844.6 9,833.771898
Sep 30,1999 9,935.5 9,922.275845
Oct 31,1999 9,956.3 9,948.073762
Nov 30,1999 9,949.1 9,942.104918
Dec 1,1999 9,881.0 9,882
Vantagepoint Core Bond Index Fund
Average Annual Total Return for the periods ended December 31, 1999
Class I Shares Class II Shares
One Year -2.9% -2.8%
Since Inception 4.9% 5.0%
Fund Inception Date June 2, 1997 June 2, 1997
Fund Registration Date March 1, 1999 April 5, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading. The Fund's benchmark was changed from the
Lehman Brothers Aggregate Index to the Lehman Brothers Government/Corporate
Index in February 1999.
29
<PAGE>
500 Stock Index Fund
Vantagepoint 500 Stock Index Fund Class I vs. Standard & Poor's 500 Index
Growth of $10,000 Invested March 1, 1999
[GRAPH]
Vantagepoint 500 Stock Standard & Poor's 500 Index
Index Fund Class I
3/1 $10,000 10,000
3/31 $10,400 10,400
4/30 $10,790 10,802.48
5/31 $10,530 10,547.54147
6/30 $11,110 11,132.93002
7/31 $10,760 10,785.58261
8/31 $10,710 10,731.65469
9/30 $10,410 10,437.60736
10/31 $11,070 11,098.3079
11/30 $11,290 11,323.60355
12/31 $11,952 11,991
Vantagepoint 500 Stock Index Fund Class II vs. Standard & Poor's 500 Index
Growth of $10,000 Invested April 5, 1999
[GRAPH]
Vantagepoint 500 Stock Standard & Poor's 500 Index
Index Fund Class II
Apr 5,1999 $ 10,000 $10,000
Apr 30,1999 $ 10,320 $10,327.76
May 31,1999 $ 10,080 $10,084
Jun 30,1999 $ 10,640 $10,644
Jul 31,1999 $ 10,300 $10,312
Aug 31,1999 $ 10,250 $10,260
Sep 30,1999 $ 9,970 $9,979
Oct 31,1999 $ 10,600 $10,611
Nov 30,1999 $ 10,810 $10,826
Dec 31,1999 $ 11,443 $11,464
30
<PAGE>
Vantagepoint 500 Stock Index Fund
Average Annual Total Return for the periods ended December 31, 1999
Class I Shares Class II Shares
One Year 20.5% 20.7%
Since Inception 25.1% 25.4%
Fund Inception Date June 2, 1997 June 2, 1997
Fund Registration Date March 1, 1999 April 5, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading.
- --------------------------------------------------------------------------------
Broad Market Index Fund
Vantagepoint Broad Market Index Fund Class I vs. Wilshire 5000 Index
Growth of $10,000 Invested March 1, 1999
[GRAPH]
Vantagepoint Broad Market Wilshire 5000 Index
Index Fund Class I
Mar-99 10,000.00 10,000
Mar-99 10,390.00 10,386
Apr-99 10,880.00 10,883.4894
May-99 10,660.00 10,645.14098
Jun-99 11,220.00 11,196.55929
Jul-99 10,870.00 10,837.14973
Aug-99 10,770.00 10,736.36424
Sep-99 10,510.00 10,456.14513
Oct-99 11,150.00 11,121.15596
Nov-99 11,520.00 11,493.71469
Dec-99 $ 12,407.00 12,366
31
<PAGE>
Vantagepoint Broad Market Index Fund Class II vs. Wilshire 5000 Index
Growth of $10,000 Invested April 5, 1999
[GRAPH]
Vantagepoint Broad Market Wilshire 5000 Index
Index Fund Class II
Apr-99 $10,000.00 $10,000.00
Apr-99 $10,410.00 $10,424.00
May-99 $10,210.00 $10,195.71
Jun-99 $10,750.00 $10,723.85
Jul-99 $10,410.00 $10,379.62
Aug-99 $10,320.00 $10,283.09
Sep-99 $10,070.00 $10,014.70
Oct-99 $10,690.00 $10,651.63
Nov-99 $11,040.00 $11,008.46
Dec-99 $11,901.00 $11,844.000
Vantagepoint Broad Market Index Fund
Average Annual Total Return for the periods ended December 31, 1999
Class I Shares Class II Shares
One Year 23.4% 23.8%
Three Years 25.6% 25.9%
Five Years 26.4% 26.7%
Ten Years 16.7% 17.0%
Fund Inception Date November 1, 1988 November 1, 1988
Fund Registration Date March 1, 1999 April 5, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading.
32
<PAGE>
Mid/Small Company Index Fund
Vantagepoint Mid/Small Company Index Fund Class I vs. Wilshire 4500 Index
Growth of $10,000 Invested March 1, 1999
[GRAPH]
Vantagepoint Mid/Small Wilshire 4500 Index
Company Index Fund Class I
Mar 1,1999 10,000.00 10,000
Mar 31,1999 10,370.00 10,390
Apr 30,1999 11,190.00 11,219.122
May 31,1999 11,140.00 11,121.51564
Jun 30,1999 11,610.00 11,588.6193
Jul 31,1999 11,230.00 11,237.48413
Aug 31,1999 10,980.00 10,957.67078
Sep 30,1999 10,870.00 10,872.20094
Oct 31,1999 11,430.00 11,427.77041
Nov 30,1999 12,370.00 12,349.99148
Dec 31,1999 $ 14,090.00 14,052
Vantagepoint Mid/Small Company Index Fund Class II vs. Wilshire 4500 Index
Growth of $10,000 Invested April 5, 1999
[GRAPH]
Vantagepoint Mid/Small Wilshire 4500 Index
Company Index Fund Class II
Apr 5,1999 10,000.00 10,000
Apr 30,1999 10,760.00 10,760.07
May 31,1999 10,720.00 10,666.45739
Jun 30,1999 11,170.00 11,114.4486
Jul 31,1999 10,810.00 10,777.68081
Aug 31,1999 10,560.00 10,509.31656
Sep 30,1999 10,460.00 10,427.34389
Oct 31,1999 11,000.00 10,960.18116
Nov 30,1999 11,910.00 11,844.66778
Dec 31,1999 $ 13,564.00 13,477
33
<PAGE>
Vantagepoint Mid/Small Company Index Fund
Average Annual Total Return for the periods ended December 31, 1999
Class I Shares Class II Shares
One Year 33.1% 33.4%
Since Inception 22.5% 22.8%
Fund Inception Date June 2, 1997 June 2, 1997
Fund Registration Date March 1, 1999 April 5, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading.
- --------------------------------------------------------------------------------
Overseas Equity Index Fund
Vantagepoint Overseas Equity Index Fund Class I vs. Morgan Stanley Capital
International Europe Australia and Far East Free Index
Growth of $10,000 Invested March 1, 1999
[GRAPH]
Vantagepoint Overseas Equity MSCI EAFE Free Index
Index Fund Class I
Mar 1, 1999 10,000.00 10,000
Mar 31, 1999 10,420.00 10,415
Apr 30, 1999 10,840.00 10,843.0565
May 31, 1999 10,270.00 10,279.21756
Jun 30, 1999 10,650.00 10,677.02328
Jul 31, 1999 10,950.00 10,997.33398
Aug 31, 1999 11,000.00 11,038.02412
Sep 30, 1999 11,100.00 11,150.61196
Oct 31, 1999 11,520.00 11,569.87497
Nov 30, 1999 11,920.00 11,973.66361
Dec 31, 1999 $13,003.00 $13,050.00
34
<PAGE>
Vantagepoint Overseas Equity Index Fund Class II vs. Morgan Stanley Capital
International Europe Australia and Far East Free Index
Growth of $10,000 Invested April 5, 1999
[GRAPH]
Vantagepoint Overseas MSCI EAFE Free Index
Equity Index Fund Class II
Apr 5, 1999 10,000 10,000
Apr 30, 1999 10,380 10,360
May 31, 1999 9,840 9,821.28
Jun 30, 1999 10,200 10,201.36354
Jul 31, 1999 10,500 10,507.40444
Aug 31, 1999 10,530 10,546.28184
Sep 30, 1999 10,630 10,653.85391
Oct 31, 1999 11,030 11,054.43882
Nov 30, 1999 11,410 11,440.23874
Dec 31, 1999 $12,459.00 $12,469.00
Vantagepoint Overseas Equity Index Fund
Average Annual Total Return for the periods ended December 31, 1999
Class I Shares Class II Shares
One Year 26.2% 26.5%
Since Inception 15.2% 15.5%
Fund Inception Date June 2, 1997 June 2, 1997
Fund Registration Date March 1, 1999 April 5, 1999
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth
more or less than their original cost. All returns reflect reinvested
dividends.
The market index shown above is unmanaged and does not reflect the costs of
portfolio management or trading.
35
<PAGE>
VANTAGEPOINT FUNDS
Statements of Assets & Liabilities
December 31, 1999
<TABLE>
<CAPTION>
Aggressive Growth &
Opportunities International Growth Income
------------- ------------- -------------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Securities, at market
value.................. $718,957,580 $318,181,495 $3,641,142,770 $246,691,491
Cash................... 7,317,028 -- -- --
Cash denominated in
foreign currencies..... -- 176,022 -- --
Receivable for:
Dividends.............. 199,555 89,307 1,658,183 144,715
Interest............... 671,263 12,283 1,462,792 52,194
Investments sold....... 1,893,138 52,259 7,040,116 2,834,131
Fund shares sold....... 738,687 741,614 239,507 167,285
Recoverable foreign
taxes................. 48 143,054 2,349 --
Due from investment
advisor............... -- -- -- --
Gross unrealized gain on
forward foreign
currency exchange
contracts.............. -- 18,189 -- --
Prepaid insurance....... -- -- -- --
------------ ------------ -------------- ------------
Total Assets........... 729,777,299 319,414,223 3,651,545,717 249,889,816
------------ ------------ -------------- ------------
LIABILITIES:
Payable for:
Investments purchased.. 1,317,663 32,864 2,880,459 866,142
Fund shares redeemed... -- 76,691 819,807 134,394
Variation margin on
futures contracts..... -- -- -- --
Collateral for
securities loaned..... 95,345,608 1,339,044 279,422,359 13,372,136
Administrative services
fees................... 20,691 12,205 141,851 9,697
Advisory fees........... 48,821 24,553 267,111 18,914
Subadvisor fees......... 906,615 480,546 3,882,096 283,283
Other accrued expenses.. 633,133 108,807 2,436,559 142,792
Gross unrealized loss on
forward foreign
currency exchange
contracts.............. -- 402,504 95 --
------------ ------------ -------------- ------------
Total Liabilities...... 98,272,531 2,477,214 289,850,337 14,827,358
------------ ------------ -------------- ------------
NET ASSETS.............. $631,504,768 $316,937,009 $3,361,695,380 $235,062,458
============ ============ ============== ============
NET ASSETS REPRESENTED
BY:
Paid-in capital......... $402,899,619 $236,883,760 $2,519,585,625 $183,220,818
Net unrealized
appreciation
(depreciation) on
investments, open
futures contracts and
foreign currency
related translations... 191,520,095 79,828,295 794,306,469 46,281,232
Undistributed net
investment income
(loss)................. -- (1,190,221) (1,271,532) 11,539
Accumulated net realized
gain (loss) on
investments, open
futures contracts and
foreign currency
related translations... 37,085,054 1,415,175 49,074,818 5,548,869
------------ ------------ -------------- ------------
NET ASSETS.............. $631,504,768 $316,937,009 $3,361,695,380 $235,062,458
============ ============ ============== ============
CAPITAL SHARES:
Net Assets.............. $631,504,768 $316,937,009 $3,361,695,380 $235,062,458
Shares Outstanding...... 39,923,614 23,038,928 254,496,814 19,832,519
Net Asset Value,
offering and redemption
price per share (net
assets divided by
shares outstanding).... $ 15.82 $ 13.76 $ 13.21 $ 11.85
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..... $527,437,485 $237,960,591 $2,846,836,261 $200,410,259
Cost of cash denominated
in foreign currencies.. $ -- $ 172,776 $ -- $ --
</TABLE>
- ------
* Investment in Master Investment Portfolio (Note 1)
N/ANot Applicable
See Notes to Financial Statements.
36
<PAGE>
<TABLE>
<CAPTION>
Equity Asset U.S. Treasury Money Overseas Mid/Small Broad 500 Stock Core
Income Allocation Securities Market Equity Index Company Index Market Index Index Bond Index
- ------------ -------------- ------------- ----------- ------------ ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$507,682,573 $1,197,006,332 $85,478,926 $76,016,938 $56,979,575* $30,500,495* $682,056,351* $253,953,388* $309,548,899*
1,720,329 4,023,790 -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- --
1,194,374 558,619 -- -- -- -- -- -- --
101,598 6,101,455 1,256,804 347,317 -- -- -- -- --
930,228 -- -- -- -- -- -- -- --
9,058 40,394 522,139 443,964 119,971 356,049 766,285 728,256 536,281
7,179 8,147 -- -- -- -- -- -- --
-- -- -- 3,144 -- -- -- -- --
-- -- -- -- -- -- -- -- --
-- -- -- -- 143 39 742 847 223
- ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
511,645,339 1,207,738,737 87,257,869 76,811,363 57,099,689 30,856,583 682,823,378 254,682,491 310,085,403
- ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
-- -- -- -- -- -- -- -- --
348,746 248,419 25,192 -- -- -- -- 9,079 93,185
-- 663,150 -- -- -- -- -- -- --
23,865,694 104,866,201 10,673,250 -- -- -- -- -- --
19,341 39,201 3,355 3,076 2,134 1,003 14,224 8,887 12,710
40,535 92,689 6,434 6,135 2,257 1,180 27,867 10,525 13,018
419,163 826,687 17,862 2,375 -- -- -- -- --
261,665 900,974 63,980 26,907 56,247 10,153 140,931 45,997 71,813
-- -- -- -- -- -- -- -- --
- ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
24,955,144 107,637,321 10,790,073 38,493 60,638 12,336 183,022 74,488 190,726
- ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
$486,690,195 $1,100,101,416 $76,467,796 $76,772,870 $57,039,051 $30,844,247 $682,640,356 $254,608,003 $309,894,677
============ ============== =========== =========== =========== =========== ============ ============ ============
$494,966,052 $ 820,709,613 $82,561,522 $76,772,870 $45,822,704 $23,729,540 569,083,552 $227,504,728 $330,455,061
(11,498,494) 278,133,924 (2,765,260) -- 11,310,056 6,371,938 107,228,722 26,622,904 (18,644,821)
18,366 27,591 2,992 -- (282,660) 2,017 39,956 1,401 (15,557)
3,204,271 1,230,288 (3,331,458) -- 188,951 740,752 6,288,126 478,970 (1,900,006)
- ------------ -------------- ----------- ----------- ----------- ----------- ------------ ------------ ------------
$486,690,195 $1,100,101,416 $76,467,796 $76,772,870 $57,039,051 $30,844,247 $682,640,356 $254,608,003 $309,894,677
============ ============== =========== =========== =========== =========== ============ ============ ============
$486,690,195 $1,100,101,416 $76,467,796 $76,772,870 N/A N/A N/A N/A N/A
67,988,433 104,874,487 8,052,365 76,772,870 N/A N/A N/A N/A N/A
$ 7.16 $ 10.49 $ 9.50 $ 1.00 N/A N/A N/A N/A N/A
N/A N/A N/A N/A $48,416,034 $21,548,087 $519,588,531 $135,371,590 $261,606,823
N/A N/A N/A N/A 3,797,884 1,547,779 42,538,784 11,427,884 27,795,724
N/A N/A N/A N/A $ 12.75 $ 13.92 $ 12.21 $ 11.85 $ 9.41
N/A N/A N/A N/A $ 8,623,017 $ 9,296,160 $163,051,825 $119,236,413 $ 48,287,854
N/A N/A N/A N/A 707,622 695,240 13,963,480 10,532,398 5,118,265
N/A N/A N/A N/A $ 12.19 $ 13.37 $ 11.68 $ 11.32 $ 9.43
$519,181,067 $ 913,155,814 $88,244,186 $76,016,938 $45,787,031 $24,162,669 $589,084,983 $227,555,855 $328,193,720
$ -- $ -- $ -- $ -- N/A N/A N/A N/A N/A
</TABLE>
37
<PAGE>
VANTAGEPOINT FUNDS
Statements of Operations
For the period from March 1, 1999 (commencement of operations) to December 31,
1999
<TABLE>
<CAPTION>
Aggressive Growth & Asset U.S. Treasury Money
Opportunities International Growth Income Equity Income Allocation Securities Market
------------- ------------- ------------ ----------- ------------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT
INCOME:
Dividends....... $ 1,002,264 $ 4,040,897 $ 13,803,496 $ 1,382,422 $ 11,973,644 $ 5,768,396 $ -- $ --
Interest+....... 1,807,886 385,169 4,503,877 321,653 774,354 25,831,987 4,083,660 2,854,980
Foreign taxes
withheld on
dividends...... (144) (414,672) (30,984) (8,346) (5,650) (11,701) -- --
------------ ----------- ------------ ----------- ------------ ----------- ----------- ----------
Total investment
income......... 2,810,006 4,011,394 18,276,389 1,695,729 12,742,348 31,588,682 4,083,660 2,854,980
------------ ----------- ------------ ----------- ------------ ----------- ----------- ----------
EXPENSES:
Audit........... 6,234 3,776 46,218 2,475 10,030 19,384 1,604 1,071
Legal........... 5,544 3,359 41,146 2,192 8,942 17,278 1,432 952
Directors....... 2,283 1,384 16,974 898 3,696 7,139 594 392
Subadvisor...... 2,620,677 1,070,793 7,078,266 623,418 1,124,124 2,629,412 82,696 --
Custodian....... 167,759 258,085 653,219 95,083 105,187 201,172 30,913 17,105
Advisory........ 350,300 199,287 2,252,774 152,321 450,624 909,447 69,142 55,234
Fund services... 522,822 299,115 3,460,472 227,483 671,535 1,355,685 102,986 82,397
Printing........ 7,828 4,691 57,529 3,181 12,353 23,945 1,960 1,342
Registration.... 13,843 8,402 103,316 5,387 22,611 43,600 3,640 2,380
Investor
services....... 699,285 401,347 4,630,102 304,143 899,047 1,814,651 137,921 110,241
Administration.. 83,255 53,068 415,573 40,189 103,085 194,282 18,194 14,557
Insurance....... 8,314 5,018 61,134 3,374 13,134 25,457 2,086 1,409
------------ ----------- ------------ ----------- ------------ ----------- ----------- ----------
Total expenses
before
reductions and
reimbursements.. 4,488,144 2,308,325 18,816,723 1,460,144 3,424,368 7,241,452 453,168 287,080
Less
reductions..... (1,863) (23,682) (272,692) (29,268) (34,919) -- -- --
Less
reimbursements.. -- -- -- -- -- -- -- (27,859)
------------ ----------- ------------ ----------- ------------ ----------- ----------- ----------
Total expenses
net of
reductions and
reimbursements.. 4,486,281 2,284,643 18,544,031 1,430,876 3,389,449 7,241,452 453,168 259,221
------------ ----------- ------------ ----------- ------------ ----------- ----------- ----------
NET INVESTMENT
INCOME (LOSS).. (1,676,275) 1,726,751 (267,642) 264,853 9,352,899 24,347,230 3,630,492 2,595,759
------------ ----------- ------------ ----------- ------------ ----------- ----------- ----------
NET REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS:
Net realized
gain (loss) on
sale of
investments.... 57,196,081 8,954,854 225,384,894 14,267,087 113,699,336 10,844,908 (3,408,247) --
Net realized
gain (loss) on
futures and
foreign
currency
transactions... -- (53,055) (431) -- -- 3,242,006 -- --
Net change in
unrealized
appreciation
(depreciation)
of
investments.... 172,263,797 81,331,882 740,080,086 25,098,409 (145,838,039) 55,077,464 (824,982) --
Net change in
unrealized
appreciation
(depreciation)
on futures and
foreign
currency
transactions... -- (554,718) (40) -- -- (4,045,868) -- --
------------ ----------- ------------ ----------- ------------ ----------- ----------- ----------
NET GAIN (LOSS)
ON
INVESTMENTS.... 229,459,878 89,678,963 965,464,509 39,365,496 (32,138,703) 65,118,510 (4,233,229) --
------------ ----------- ------------ ----------- ------------ ----------- ----------- ----------
NET INCREASE
(DECREASE) IN
NET ASSETS
RESULTING FROM
OPERATIONS..... $227,783,603 $91,405,714 $965,196,867 $39,630,349 $(22,785,804) $89,465,740 $ (602,737) $2,595,759
============ =========== ============ =========== ============ =========== =========== ==========
- ------
+ Interest
income
includes
securities
lending
income of: $ 361,796 $ 46,478 $ 896,542 $ 27,887 $ 66,199 $ 228,975 $ 23,748 N/A
</TABLE>
See Notes to Financial Statements.
38
<PAGE>
VANTAGEPOINT FUNDS
Statements of Operations
For the period from March 1, 1999 (commencement of operations) to December 31,
1999
<TABLE>
<CAPTION>
Overseas
Equity Mid/Small Broad Market 500 Stock Core Bond
Index Company Index Index Index Index
----------- ------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends*.............. $ 801,100 $ 182,706 $ 5,948,458 $ 1,975,142 $ --
Interest*+.............. 121,716 43,523 1,324,471 435,533 15,642,544
Foreign taxes withheld
on dividends*.......... (83,047) (33) (3,550) (799) --
Expenses*............... (32,607) (13,418) (381,731) (81,607) (193,067)
----------- ---------- ------------ ----------- -----------
Total investment
income................. 807,162 212,778 6,887,648 2,328,269 15,449,477
----------- ---------- ------------ ----------- -----------
EXPENSES:
Audit................... 731 285 9,933 2,145 5,012
Legal................... 648 253 8,840 1,894 4,467
Directors............... 265 115 3,645 768 1,847
Subadvisor.............. 47,147 -- -- -- --
Custodian and
accounting............. 145,177 19,468 22,275 20,216 20,816
Advisory Class I........ 16,017 6,271 198,999 50,864 103,891
Advisory Class II....... 3,308 2,148 50,285 32,227 17,105
Fund services Class I... 48,049 18,549 596,997 147,568 310,823
Fund services Class II.. 3,304 2,148 50,281 32,226 17,107
Printing................ 923 358 12,398 2,886 6,171
Registration............ 1,616 628 22,153 4,503 11,294
Investor services Class
I...................... 48,049 18,549 596,997 147,568 310,823
Investor services Class
II..................... 3,304 2,148 50,281 32,226 17,107
Administration.......... 9,074 6,275 101,799 28,406 41,284
Insurance............... 975 378 13,140 3,048 6,545
----------- ---------- ------------ ----------- -----------
Total expenses.......... 328,587 77,573 1,738,023 506,545 874,292
----------- ---------- ------------ ----------- -----------
NET INVESTMENT INCOME
(LOSS)................. 478,575 135,205 5,149,625 1,821,724 14,575,185
----------- ---------- ------------ ----------- -----------
NET REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss)
on sale of
investments............ 334,172 957,497 12,002,398 1,025,977 (1,900,006)
Net realized gain (loss)
on futures and foreign
currency transactions.. 169,525 -- (2) (1) --
Net change in unrealized
appreciation
(depreciation) of
investments............ 11,534,648 6,387,122 103,351,020 29,630,877 (15,452,868)
Net change in unrealized
appreciation
(depreciation) on
futures and foreign
currency transactions.. 117,512 34,112 3,877,702 225,371 --
----------- ---------- ------------ ----------- -----------
NET GAIN (LOSS) ON
INVESTMENTS............ 12,155,857 7,378,731 119,231,118 30,882,224 (17,352,874)
----------- ---------- ------------ ----------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS........ $12,634,432 $7,513,936 $124,380,743 $32,703,948 $(2,777,689)
=========== ========== ============ =========== ===========
- ------
+ Interest income
includes securities
lending income of: $ 612 N/A N/A N/A N/A
* Allocated from Master
Investment Portfolio
(Note 1)
</TABLE>
See Notes to Financial Statements.
39
<PAGE>
VANTAGEPOINT FUNDS
Statements of Changes in Net Assets
For the period from March 1, 1999 (commencement of operations) to December 31,
1999
<TABLE>
<CAPTION>
Aggressive Growth &
Opportunities International Growth Income
------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Increase (decrease) in
net assets resulting
from operations:
Net investment income
(loss)................ $ (1,676,275) $ 1,726,751 $ (267,642) $ 264,853
Net realized gain
(loss) on sale of
investments and
futures and foreign
currency
transactions.......... 57,196,081 8,901,799 225,384,463 14,267,087
Net change in
unrealized
appreciation
(depreciation) of
investments and
futures and foreign
currency
transactions.......... 172,263,797 80,777,164 740,080,046 25,098,409
------------- ------------- -------------- -------------
Net increase (decrease)
in net assets
resulting from
operations............ 227,783,603 91,405,714 965,196,867 39,630,349
------------- ------------- -------------- -------------
Distributions to
shareholders from:
Net investment income.. -- (3,382,798) (1,003,459) (253,314)
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
Net realized gain on
investments........... (18,434,752) (7,031,553) (176,310,076) (8,718,218)
Net realized gain on
investments--Class I.. N/A N/A N/A N/A
Net realized gain on
investments--Class
II.................... N/A N/A N/A N/A
------------- ------------- -------------- -------------
Total distributions.... (18,434,752) (10,414,351) (177,313,535) (8,971,532)
------------- ------------- -------------- -------------
Capital share
transactions:
Capital contributed in
(Note 1).............. 325,808,786 201,334,158 2,429,323,710 123,094,099
Proceeds from sales of
shares................ 195,026,455 162,439,326 448,200,363 173,055,236
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......... 18,434,752 10,414,351 177,313,535 8,971,532
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.............. (117,114,076) (138,242,189) (481,025,560) (100,717,226)
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.......... 422,155,917 235,945,646 2,573,812,048 204,403,641
------------- ------------- -------------- -------------
Total increase
(decrease) in net
assets................ 631,504,768 316,937,009 3,361,695,380 235,062,458
------------- ------------- -------------- -------------
NET ASSETS at beginning
of period.............. -- -- -- --
------------- ------------- -------------- -------------
NET ASSETS at end of
period................. $ 631,504,768 $ 316,937,009 $3,361,695,380 $ 235,062,458
============= ============= ============== =============
SHARE TRANSACTIONS:
Capital shares issued
from contributed
capital (Note 1)...... 32,580,879 20,133,416 242,932,371 12,292,681
Number of shares sold.. 16,785,801 14,779,081 41,275,834 16,270,052
Number of shares issued
through reinvestment
of dividends and
distributions......... 1,252,361 809,825 14,450,981 804,622
Number of shares
redeemed.............. (10,695,427) (12,683,394) (44,162,372) (9,534,836)
------------- ------------- -------------- -------------
Net increase (decrease)
in shares
outstanding........... 39,923,614 23,038,928 254,496,814 19,832,519
============= ============= ============== =============
Capital shares issued
from contributed
capital (Note 1)
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.
40
<PAGE>
<TABLE>
<CAPTION>
U.S. Overseas Mid/Small
Asset Treasury Equity Company Broad Market 500 Stock Core Bond
Equity Income Allocation Securities Money Market Index Index Index Index Index
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9,352,899 $ 24,347,230 $ 3,630,492 $ 2,595,759 $ 478,575 $ 135,205 $ 5,149,625 $ 1,821,724 $ 14,575,185
113,699,336 14,086,914 (3,408,247) -- 503,697 957,497 12,002,396 1,025,976 (1,900,006)
(145,838,039) 51,031,596 (824,982) -- 11,652,160 6,421,234 107,228,722 29,856,248 (15,452,868)
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
(22,785,804) 89,465,740 (602,737) 2,595,759 12,634,432 7,513,936 124,380,743 32,703,948 (2,777,689)
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
(9,334,533) (24,319,580) (3,627,500) (2,595,759) N/A N/A N/A N/A N/A
N/A N/A N/A N/A (633,500) (83,412) (3,616,487) (838,233) (12,442,414)
N/A N/A N/A N/A (127,735) (49,776) (1,493,182) (982,090) (2,148,328)
(110,495,065) (12,856,685) -- -- N/A N/A N/A N/A N/A
N/A N/A N/A N/A (265,146) (151,633) (4,306,616) (285,797) --
N/A N/A N/A N/A (49,600) (65,112) (1,407,654) (261,209) --
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
(119,829,598) (37,176,265) (3,627,500) (2,595,759) (1,075,981) (349,933) (10,823,939) (2,367,329) (14,590,742)
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
541,621,977 1,046,354,487 89,299,259 56,664,093 41,378,264 13,532,687 533,356,978 117,397,703 275,105,261
191,192,237 113,896,206 35,576,998 61,997,813 N/A N/A N/A N/A N/A
N/A N/A N/A N/A 37,975,528 25,395,723 58,618,494 59,067,057 140,144,642
N/A N/A N/A N/A 18,768,185 12,181,329 149,832,461 133,583,156 56,728,538
119,829,598 37,176,265 3,627,500 2,595,759 N/A N/A N/A N/A N/A
N/A N/A N/A N/A 898,646 235,046 7,923,094 1,124,032 12,442,414
N/A N/A N/A N/A 177,335 114,887 2,900,838 1,243,297 2,148,328
(223,338,215) (149,615,017) (47,805,724) (44,484,795) N/A N/A N/A N/A N/A
N/A N/A N/A N/A (42,051,145) (22,780,342) (171,048,154) (62,374,853) (151,357,685)
N/A N/A N/A N/A (11,666,213) (4,999,086) (12,500,159) (25,769,008) (7,948,390)
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
629,305,597 1,047,811,941 80,698,033 76,772,870 45,480,600 23,680,244 569,083,552 224,271,384 327,263,108
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
486,690,195 1,100,101,416 76,467,796 76,772,870 57,039,051 30,844,247 682,440,356 254,608,003 309,894,677
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
-- -- -- -- -- -- -- -- --
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
$ 486,690,195 $1,100,101,416 $ 76,467,796 $ 76,772,870 $57,039,051 $ 30,844,247 $ 682,640,356 $254,608,003 $ 309,894,677
============= ============== ============ ============ =========== ============ ============= ============ =============
54,162,198 104,635,449 8,929,926 56,664,093 N/A N/A N/A N/A N/A
19,035,304 11,108,685 3,598,456 61,997,813 N/A N/A N/A N/A N/A
16,997,106 3,598,864 372,553 2,595,759 N/A N/A N/A N/A N/A
(22,206,175) (14,468,511) (4,848,570) (44,484,795) N/A N/A N/A N/A N/A
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
67,988,433 104,874,487 8,052,365 76,772,870 -- -- -- -- --
============= ============== ============ ============ =========== ============ ============= ============ =============
4,137,826 1,353,269 53,335,698 11,739,770 25,510,526
N/A N/A N/A N/A 3,572,616 2,139,608 4,802,050 5,491,465 14,162,974
N/A N/A N/A N/A 73,062 18,123 676,609 98,083 1,286,119
N/A N/A N/A N/A (3,985,620) (1,963,221) (16,275,573) (5,901,434) (15,163,895)
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
N/A N/A N/A N/A 3,797,884 1,547,779 42,538,784 11,427,884 27,795,724
============= ============== ============ ============ =========== ============ ============= ============ =============
N/A N/A N/A N/A 1,820,160 1,130,206 14,891,457 12,881,383 5,710,224
N/A N/A N/A N/A 15,097 9,220 259,235 113,543 222,576
N/A N/A N/A N/A (1,127,635) (444,186) (1,187,212) (2,462,528) (814,535)
- ------------- -------------- ------------ ------------ ----------- ------------ ------------- ------------ -------------
N/A N/A N/A N/A 707,622 695,240 13,963,480 10,532,398 5,118,265
============= ============== ============ ============ =========== ============ ============= ============ =============
</TABLE>
41
<PAGE>
VANTAGEPOINT FUNDS
Financial Highlights
For the period from March 1, 1999 (commencement of operations) to December 31,
1999.
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Aggressive Growth & Equity Asset U.S. Treasury Money
Opportunities International Growth Income Income Allocation Securities Market
------------- ------------- ---------- -------- -------- ---------- ------------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
beginning of period.... $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 1.00
Income from investment
operations:
Net investment income
(loss)................ (0.04) 0.08 0.00* 0.01 0.18 0.24 0.44 0.04
Net realized and
unrealized gain (loss)
on investments and
futures and foreign
currency
transactions.......... 6.34 4.15 3.95 2.31 (0.68) 0.62 (0.50) 0.00
-------- -------- ---------- -------- -------- ---------- ------- -------
Total from investment
operations............. 6.30 4.23 3.95 2.32 (0.50) 0.86 (0.06) 0.04
-------- -------- ---------- -------- -------- ---------- ------- -------
Less distributions:
From net investment
income................ (0.00) (0.15) (0.00)* (0.01) (0.18) (0.24) (0.44) (0.04)
From net realized
gains................. (0.48) (0.32) (0.74) (0.46) (2.16) (0.13) (0.00) (0.00)
-------- -------- ---------- -------- -------- ---------- ------- -------
Total distributions..... (0.48) (0.47) (0.74) (0.47) (2.34) (0.37) (0.44) (0.04)
-------- -------- ---------- -------- -------- ---------- ------- -------
Net Asset Value, end of
period................. $ 15.82 $ 13.76 $ 13.21 $ 11.85 $ 7.16 $ 10.49 $ 9.50 $ 1.00
======== ======== ========== ======== ======== ========== ======= =======
Total return++.......... 63.39% 42.62% 40.03% 23.50% (4.60)% 8.61% (0.66)% 4.00%
Ratios/Supplemental
data:
Net assets, end of
period (000).......... $631,505 $316,937 $3,361,695 $235,062 $486,690 $1,100,101 $76,468 $76,773
Number of shares
outstanding, end of
period (000).......... 39,924 23,039 254,497 19,833 67,988 104,874 8,052 76,773
Ratios to average net
assets:
Ratio of expenses to
average net assets+... 1.28% 1.12% 0.80% 0.94% 0.75% 0.80% 0.66% 0.55%
Ratio of net investment
income (loss) to
average net assets+... (0.48)% 0.86% (0.01)% 0.17% 2.08% 2.68% 5.26% 4.70%
Portfolio turnover++.... 50% 29% 129% 51% 77% 6% 176% N/A
(1) Ratio of expenses to
average net assets
prior to expense
reductions and
reimbursed
expenses+........... 1.28% 1.14% 0.81% 0.96% 0.76% N/A N/A 0.60%
(2) Ratio of net
investment income
(loss) to average
net assets prior to
expense reductions
and reimbursed
expenses+........... (0.48)% 0.84% (0.02)% 0.15% 2.07% N/A N/A 4.65%
</TABLE>
- ------
* --Rounds to less than .01
+ --Annualized
++ --Not annualized
See Notes to Financial Statements.
42
<PAGE>
VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
<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 (com- 1999 (com- 1999 (com- 1999 (com- 1999 (com- 1999 (com-
mencement of mencement of mencement of mencement of mencement of mencement of
operations) to operations) to operations) to operations) to operations) to operations) to
December 31, 1999 December 31, 1999 December 31, 1999 December 31, 1999 December 31, 1999 December 31, 1999
----------------- ----------------- ----------------- ----------------- ----------------- -----------------
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).. 0.11 0.15 0.06 0.07 0.10 0.09
Net realized and
unrealized gain
(loss) on
investments and
futures and
foreign
currency
transactions... 2.88 2.30 4.02 3.48 2.30 1.80
------- ------ ------- ------ -------- --------
Total from
investment
operations...... 2.99 2.45 4.08 3.55 2.40 1.89
------- ------ ------- ------ -------- --------
Less
distributions:
From net
investment
income......... (0.17) (0.19) (0.06) (0.08) (0.09) (0.11)
From net
realized
gains.......... (0.07) (0.07) (0.10) (0.10) (0.10) (0.10)
------- ------ ------- ------ -------- --------
Total
distributions... (0.24) (0.26) (0.16) (0.18) (0.19) (0.21)
------- ------ ------- ------ -------- --------
Net Asset Value,
end of period... $ 12.75 $12.19 $ 13.92 $13.37 $ 12.21 $ 11.68
======= ====== ======= ====== ======== ========
Total return++... 30.03% 24.59% 40.90% 35.64% 24.07% 19.01%
Ratios/Supplemental
data:
Net assets, end
of period
(000).......... $48,416 $8,623 $21,548 $9,296 $519,581 $163,050
Number of shares
outstanding,
end of period
(000).......... 3,798 708 1,548 695 42,539 13,963
Ratios to average
net assets:
Ratio of
expenses to
average net
assets+........ 0.95% 0.75% 0.60% 0.40% 0.46% 0.26%
Ratio of net
investment
income (loss)
to average net
assets+........ 1.17% 1.53% 0.75% 0.97% 0.99% 1.18%
Portfolio
turnover++...... N/A N/A N/A N/A N/A N/A
(1) Ratio of
expenses to
average net
assets prior
to expense
reductions
and
reimbursed
expenses+.... N/A N/A N/A N/A N/A N/A
(2) Ratio of net
investment
income (loss)
to average
net assets
prior to
expense
reductions
and
reimbursed
expenses+.... N/A N/A N/A N/A N/A N/A
</TABLE>
- ------
+ --Annualized
++ --Not annualized
See Notes to Financial Statements.
43
<PAGE>
VANTAGEPOINT FUNDS
Financial Highlights
(For a share outstanding throughout each period)
<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 (com- 1999 (com- 1999 (com- 1999 (com-
mencement of mencement of mencement of mencement of
operations) to operations) to operations) to operations) to
December 31, 1999 December 31, 1999 December 31, 1999 December 31, 1999
----------------- ----------------- ----------------- -----------------
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)................ 0.09 0.08 0.49 0.45
Net realized and
unrealized gain (loss)
on investments and
futures and foreign
currency
transactions.......... 1.86 1.36 (0.59) (0.57)
-------- -------- -------- -------
Total from investment
operations............. 1.95 1.44 (0.10) (0.12)
-------- -------- -------- -------
Less distributions:
From net investment
income................ (0.07) (0.09) (0.49) (0.45)
From net realized
gains................. (0.03) (0.03) (0.00) (0.00)
-------- -------- -------- -------
Total distributions..... (0.10) (0.12) (0.49) (0.45)
-------- -------- -------- -------
Net Asset Value, end of
period................. $ 11.85 $ 11.32 $ 9.41 $ 9.43
======== ======== ======== =======
Total return............ 19.52% 14.44% (1.05)% (1.19)%
Ratios/Supplemental
data:
Net assets, end of
period (000).......... $135,372 $119,236 $261,607 $48,288
Number of shares
outstanding, end of
period (000).......... 11,428 10,532 27,796 5,118
Ratios to average net
assets:
Ratio of expenses to
average net assets+... 0.44% 0.24% 0.47% 0.27%
Ratio of net investment
income (loss) to
average net assets+... 1.04% 1.23% 5.99% 6.26%
Portfolio turnover++.... N/A N/A N/A N/A
(1) Ratio of expenses to
average net assets
prior to expense
reductions and
reimbursed
expenses+........... N/A N/A N/A N/A
(2) Ratio of net
investment income
(loss) to average
net assets prior to
expense reductions
and reimbursed
expenses+........... N/A N/A N/A N/A
</TABLE>
- ------
+ --Annualized
++ --Not annualized
See Notes to Financial Statements.
44
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS
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 all of the assets of certain
funds of the ICMA Retirement Trust (the "Trust"). The acquisition was
accomplished by a tax-free transfer of net assets of the corresponding Trust
Funds in exchange for shares in the newly formed Aggressive Opportunities Fund,
the International Fund, the Growth Fund, the Growth and Income Fund, the Equity
Income Fund, the Asset Allocation Fund and the U.S. Treasury Securities Fund
(the "Funds") and 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 (the "Index Funds") on March 1, 1999 at $10.00 per share. The Money
Market Fund commenced operations on March 1, 1999. Each 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 Index Fund Shareholders, 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 individual securities. As of October
1, 1999, the Overseas Equity Index Fund invests all of its assets in the
International Index Master Portfolio. Prior to October 1, 1999, the Overseas
Equity Index Fund invested directly in individual portfolio securities.
Barclays Global Fund Advisors (BGFA) is the investment adviser for the Master
Portfolios. The Index Funds invest in the following Master Portfolios:
<TABLE>
<CAPTION>
Index Fund Invests in Master Portfolio
---------- ---------- -------------------
<S> <C> <C>
Overseas Equity ----- International Index
Mid/Small
Company ----- Extended Index
Broad Market ----- US Equity Index
500 Stock ----- S&P 500 Index
Core Bond ----- Bond Index
</TABLE>
The financial statements of the Master Portfolios, including their Portfolios
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 daily average net
assets of each class. Dividends to shareholders are determined separately for
each class based on income and expenses allocable to each class. Capital gain
distributions 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.
The following significant accounting policies are consistently followed by
the Company in the preparation of its financial statements in accordance with
generally accepted accounting principles for the investment company industry.
In the preparation of financial statements management made estimates and
assumptions that affect the reported amounts of assets, 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.
45
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS--(Continued)
Investment Policy and Security Valuation
The value of each Index Fund's 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 (89.56%, 15.07%, 99.83%, 5.26% and 69.65%) for
the International Index, Extended Index, US Equity Index, S&P 500 Index and
Bond Index Master Portfolios respectively, as of December 31, 1999. See
"Investment Policy and Security Valuation" for the Master Portfolios included
elsewhere in this report.
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 Institutional Class, whose investment adviser is
AIM Advisors, 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. The effect of foreign exchange
rates on realized and unrealized security gains and losses is reflected as a
component of such gains and losses.
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 for both
financial reporting and tax purposes.
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.
46
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS--(Continued)
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 net
investment company taxable income and any net realized capital gains (after
reduction for capital loss carryforwards) sufficient to relieve it from all, or
substantially all, federal income and excise taxes. Therefore, no provision for
federal taxes was required.
At December 31, 1999, the U.S. Treasury Securities Fund and Core Bond Index
Fund had net capital loss carryforwards of $2,824,066 and $1,488,478,
respectively, that expire in 2007.
In accordance with generally accepted accounting principles, the following
reclassifications were made to the Funds below in order to present the Funds'
capital accounts on a tax basis. These reclassifications had no impact on the
net asset value of the Funds.
<TABLE>
<CAPTION>
Undistributed Accumulated net realized
Paid-in capital Net investment income Gain/(loss) on investments
Increase/(decrease) Increase/(decrease) Increase/(decrease)
------------------- --------------------- --------------------------
<S> <C> <C> <C>
Aggressive
Opportunities $ -- 1,676,275 $(1,676,275)
International (10,755) 465,826 (455,071)
Growth -- (431) 431
Asset Allocation -- (59) 59
US Treasury
Securities (76,789) -- 76,789
Overseas Equity
Index -- 157,120 (157,120)
</TABLE>
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 or liquid instruments in
connection with futures transactions in an amount generally equal to the entire
futures contract amount. Risks of entering into futures contracts include the
possibility that there may be an illiquid market and that a change in the value
of the contracts may not correlate with changes in the value of the underlying
securities. The amount of risk under such futures may exceed the amounts
reflected in the financial statements. As of December 31, 1999, the Asset
Allocation Fund had the following open futures contracts:
47
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS--(Continued)
<TABLE>
<CAPTION>
Net Unrealized
Number of Expiration Notional Appreciation/
Contracts Type Date Contract Value (Depreciation)
---------- ---- ---------- -------------- --------------
<S> <C> <C> <C> <C>
Open Purchase Contracts:
1,175,000 CBT U.S. Treasury Bonds March 2000 $106,851,156 $(2,997,456)
Open Sale Contracts:
22,250 S&P 500 Index March 2000 $ 33,023,450 $(1,048,412)
-----------
Total Unrealized Depreciation on Futures $(4,045,868)
===========
</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 Portfolio 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
December 31, 1999 are collateralized by U.S. Government Securities. If the
custodian or counterparty becomes bankrupt the Funds might be delayed, or may
incur a cost or possible losses of principal and income in selling the
collateral.
Forward Foreign Currency Exchange Contracts
A forward foreign currency exchange contract is an agreement to pay or
receive specific amounts of a currency at a future date in exchange for another
currency at an agreed upon exchange rate. The funds may use forward foreign
currency exchange contracts to hedge certain foreign currency assets and
liabilities. Contracts are recorded at market value and marked to market daily.
Risks of entering into forward foreign currency exchange contracts include the
possibility that there may be an illiquid market and that a change in the value
of the contracts may not correlate with changes in the value of the underlying
securities. The amount at risk for such forward foreign currency exchange
contracts may exceed the amount reflected in the financial statements. As of
December 31, 1999, the funds had the following open forward foreign currency
exchange contracts outstanding:
48
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS--(Continued)
International Fund
<TABLE>
<CAPTION>
Exchange Foreign Currency U.S. Dollar Value Net Unrealized
Currency Date Cost/Proceeds At December 31, 1999 Gain/(Loss)
- -------- ---------- ---------------- -------------------- --------------
<S> <C> <C> <C> <C>
Purchase
Contracts
Euro 01/03/2000 $ 97,415 $ 97,331 $ (84)
01/19/2000 487,758 474,294 (13,464)
01/20/2000 1,560,908 1,470,390 (90,518)
01/28/2000 507,279 476,960 (30,319)
02/04/2000 70,975 67,665 (3,310)
02/28/2000 503,315 497,860 (5,455)
03/07/2000 174,501 175,501 1,000
03/23/2000 354,385 336,838 (17,547)
03/31/2000 344,504 324,444 (20,060)
05/26/2000 508,452 511,160 2,708
---------
Net Loss on Purchase Contracts $(177,049)
Sale Contracts
Australian
Dollar 1/19/2000 $ 487,758 $ 483,867 $ 3,891
Canadian
Dollar 01/28/2000 187,566 191,998 $ (4,432)
03/07/2000 174,501 179,107 (4,606)
03/23/2000 354,386 361,275 (6,889)
Great Britain
Pound 01/28/2000 319,711 310,414 $ 9,297
02/04/2000 70,975 69,682 1,293
Japanese Yen 1/20/2000 1,560,908 1,645,590 (84,682)
2/28/2000 1,689,316 1,782,060 (92,744)
5/26/2000 508,453 533,390 (24,937)
New Taiwan
Dollar 3/31/2000 344,505 347,962 (3,457)
---------
Net Loss on Sale Contracts (207,266)
Net Unrealized Loss on Forward
Foreign Currency Contracts (384,315)
=========
Growth Fund
<CAPTION>
Exchange Foreign Currency U.S. Dollar Value Net Unrealized
Currency Date Cost/Proceeds At December 31, 1999 Gain/(Loss)
- -------- ---------- ---------------- -------------------- --------------
<S> <C> <C> <C> <C>
Purchase
Contracts
Japanese Yen 01/04/2000 $ 178,532 $ 178,437 $ (95)
---------
Net Loss on Sale Contracts (95)
Net Unrealized Loss on Forward
Foreign Currency Contracts $ (95)
=========
</TABLE>
Realized and unrealized gains or losses on forward foreign currency exchange
contracts are reflected in the accompanying financial statements.
49
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS--(Continued)
2. Agreements and Other Transactions with Affiliates
Vantagepoint Investment Advisors LLC (the "VIA"), a wholly owned subsidiary
of the ICMA Retirement Corporation ("RC"), provides investment advisory
services to each of the Funds and Index 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 with one or more subadvisers
("Subadvisors") for the day to day management of each of the Funds and Index
Funds. Fees paid to each Subadviser by the Funds during the year are based on
average net assets under management at contractual rates as follows:
<TABLE>
<CAPTION>
Assets Annual
Fund Subadviser Managed Fee
- ---- ---------- ------------------- ------
<S> <C> <C> <C>
Aggressive First Pacific Advisers First $100 million
Opportunities 0.80%
Over $100 million 0.75%
MFS Institutional Advisers, Inc. Flat fee 0.75%
TCW Funds Management, Inc. First $100 million 0.73%
Next $100 million 0.69%
Over $200 million 0.67%
International Capital Guardian Trust Company First $25 million* 0.75%
Next $25 million 0.60%
Next $200 million 0.43%
Over $250 million 0.38%
Lazard Assets Management First $100 million 0.50%
Over $100 million 0.40%
Rowe Price Fleming, International, Inc. First $20 million 0.75%
Next $30 million 0.60%
Over $50 million 0.50%
Growth Barclays Global Fund Advisors First $500 million 0.04%
Next $500 million 0.02%
Over $1 billion 0.01%
Brown Capital Management First $50 million 0.50%
Next $50 million 0.40%
Next $100 million 0.30%
Next $300 million 0.25%
Over $500 million 0.20%
Fidelity Management Trust Company First $25 million 0.80%
Over $25 million 0.60%
TCW Funds Management, Inc. First $25 million 0.70%
Next $25 million 0.50%
Next $50 million 0.45%
Next $400 million 0.40%
Over $500 million 0.35%
Tukman Investment Management Flat Rate 0.50%
William Blair & Company, LLC First $150 million 0.50%
Next $150 million 0.45%
Over $300 million 0.40%
Growth and Capital Guardian Trust Company First $25 million**
Income 0.55%
Next $25 million 0.40%
Over $25 million 0.23%
</TABLE>
50
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS--(Continued)
<TABLE>
<CAPTION>
Assets Annual
Fund Subadviser Managed Fee
- ---- ---------- ------------------ ------
<S> <C> <C> <C>
Putnam Investments Management, Inc. First $15 million 0.55%
Next $35 million 0.40%
Next $50 million 0.30%
Over $100 million 0.25%
Equity T. Rowe Price Associates, Inc. First $500 million
Income 0.40%
Over $500 million 0.35%
Wellinton Management Company, LLP First $50 million 0.40%
Next $50 million 0.30%
Over $100 million 0.25%
Barrow, Hanley, Mewhinney and Strauss First $10 million 0.75%
Next $15 million 0.50%
Next $175 million 0.25%
Next $600 million 0.20%
Next $200 million 0.15%
Over $1 billion 0.13%
Asset AVATAR Associates First $250 million
Allocation 0.25%
Next $250 million 0.20%
Over $500 million 0.18%
Mellon Capital Management First $200 million 0.38%
Over $200 million 0.20%
Wilshire Asset Management First $100 million 0.04%
Next $400 million 0.02%
Over $500 million 0.01%
Payden & Rygel Investment Counsel First $200 million 0.10%
Next $100 million 0.09%
Over $300 million 0.08%
U.S.Treasury Seix Investment Advisors, Inc. First $25 million
Securities 0.17%
Next $50 million 0.12%
Next $25 million 0.07%
Money Market AIM Advisors, Inc. Flat Fee 0.08%
Overseas Barclays Global Investors, N.A. First $1 billion
Equity
Index 0.25%
Over $1 billion 0.17%
Mid/Small Barclays Global Investors, N.A. Flat Fee
Company
Index 0.10%***
Broad Market Barclays Global Investors, N.A. Flat Fee
Index 0.08%***
500 Stock Barclays Global Investors, N.A. Flat Fee
Index 0.05%***
Core Bond Barclays Global Investors, N.A. Flat Fee
Index 0.08%***
</TABLE>
- ------
* Minimum fee of $337,000 per year.
** Minimum fee of $167,500 per year.
*** Allocated from Master Investment Portfolio (Note 1).
51
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS--(Continued)
Vantagepoint Transfer Agents LLC ("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 0.20% and 0.15% of the average daily net assets of
each actively managed Fund for investor services and fund services,
respectively. VTA receives a fee at the annual rate of 0.15% and 0.15% of the
average daily net assets of each Index Fund's Class I Shares and 0.05% and
0.05% of the average daily net assets of each Index Fund's Class II Shares for
investor services and fund services, respectively. 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 based on average daily
net assets of 0.02% of the first $250 million, 0.015% of the next $1 billion,
and 0.01% over $1.25 billion. For the Index Funds, IBT receives $12,000 per
year for Class I Shares and $6,000 per year for Class II Shares for portfolio
accounting services.
IBT also provides administrative services for the Funds and Index Funds. For
their administrative services provided, IBT is paid at an annual rate of
0.0265% of the first $250 million of the average daily net assets for each
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 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.
Fee Waiver
For the Money Market Fund, management has agreed, for a period of two years
from 3/1/99, to waive any fees that would result in total Fund expenses in
excess of an annual amount of 0.55% of average net assets.
3. Investment Portfolio Transactions
Purchases and sales of investments, exclusive of short-term securities, for
each Fund for the period ended December 31, 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 OBLIGATIONS:
Purchases at cost........... $ 0 $ 0 $ 0 $ 0
Sales Proceeds.............. 0 0 0 0
OTHER SECURITIES:
Purchases at cost........... $247,900,757 $ 84,477,123 $3,446,810,175 $158,231,371
Sales proceeds.............. 199,322,686 68,766,462 3,447,490,332 87,911,006
<CAPTION>
Aggregate Purchases and Equity Asset U.S. Treasury Overseas Equity
Sales of: Income Allocation Securities Index*
- ----------------------- ------------- ------------- -------------- -----------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS:
Purchases at cost........... $ 0 $118,598,094 $ 138,962,871 $ 0
Sales Proceeds.............. 0 27,177,234 147,231,802 0
OTHER SECURITIES:
Purchases at cost........... $395,547,914 $ 68,072,935 $ 0 $ 7,200,440
Sales proceeds.............. 427,235,120 20,537,400 0 8,827,733
</TABLE>
*For the period March 1, 1999 (commencement of operations) through September
30, 1999.
52
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS--(Continued)
4. Portfolio Securities Loaned
As of December 31, 1999, certain Funds had loaned securities, which were
collateralized by cash, cash equivalents, or US Government Obligations. Each
Funds receives compensation 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.......................... $ 91,798,785 $ 95,345,608
International..................................... $ 1,305,775 $ 1,339,044
Growth............................................ $271,948,581 $279,422,359
Growth and Income................................. $ 12,998,503 $ 13,372,136
Equity Income..................................... $ 23,100,350 $ 23,865,694
Asset Allocation.................................. $100,395,182 $104,866,201
U.S. Treasury Securities.......................... $ 10,350,662 $ 10,673,250
</TABLE>
5. Transactions with Affiliated Funds
For investment purposes only (not for control) the Trust owns the following
percentages of the Funds and Index Funds at December 31, 1999:
<TABLE>
<CAPTION>
% Owned
By the
Fund Trust
---- -------
<S> <C>
Aggressive Opportunities 89.14%
International Fund 88.30%
Growth Fund 90.05%
Growth and Income 88.90%
Equity Income 84.14%
Asset Allocation 91.16%
US Treasury Securities 85.86%
Money Market Fund 84.20%
Overseas Equity Index Class I 99.09%
Overseas Equity Index Class II 48.75%
Mid/Small Company Class I 97.97%
Mid/Small Company Class II 57.30%
Broad Market Class I 98.27%
Broad Market Class II 56.98%
500 Stock Index Class I 97.42%
500 Stock Index Class II 32.08%
Core Bond Index Class I 93.74%
Core Bond Index Class II 52.98%
</TABLE>
6. Reduction of Expenses
Certain Funds have entered into agreements with brokers whereby the brokers
will rebate a portion of brokerage commissions. Such amounts earned by the
Funds, under such agreements, are used to reduce operating expenses and are
presented as a reduction of expenses in the Statements of Operations.
53
<PAGE>
VANTAGEPOINT FUNDS
NOTES TO FINANCIAL STATEMENTS--(Continued)
Additional Information (Unaudited)
For corporate shareholders, a portion of the ordinary dividends paid during
the Fund's year ended December 31, 1999 qualified for the dividends received
deduction as follows:
<TABLE>
<S> <C>
International 0.21%
Growth 7.35%
Growth and Income 13.89%
Equity Income 95.49%
Asset Allocation 19.27%
500 Stock Index 54.79%
Broad Market Index 37.36%
Mid/Small Company Index 27.90%
Pursuant to Section 852 of the Internal Revenue Code, the Funds designate the
following capital gain dividends for the year ended December 31, 1999:
<CAPTION>
Long Term
Capital Gain Dividend
---------------------
<S> <C>
Aggressive Opportunities $ 28,390
Growth Fund 50,296,237
Growth and Income 659,771
Equity Income 108,185,923
Asset Allocation 10,239,473
500 Stock Index 547,006
Broad Market Index 3,506,890
Mid/Small Company Index 5,829
</TABLE>
Foreign Taxes Paid
For the period ended December 31, 1999, dividends from foreign countries were
$4,006,048 for the International Fund and $795,938 for the Overseas Equity
Index Fund. Taxes paid to foreign countries were $286,868 for the International
Fund and $72,580 for the Overseas Equity Index Fund.
Sources of Income
The following table summarizes the percentage of income by the Vantagepoint
Funds in 1999 from various obligors.
<TABLE>
<CAPTION>
Other
U.S. Treasury U.S. Government
Fund Obligations GNMA FNMA FHLMC Agency
---- ------------- ---- ---- ----- ---------------
<S> <C> <C> <C> <C> <C>
Equity Income................. 0.00% 0.00% 0.30% 0.09% 0.00%
Aggressive Opportunity........ 1.01% 0.00% 0.14% 0.16% 1.15%
U.S.Treasury Securities....... 55.41% 0.82% 2.24% 23.68% 0.00%
Asset Allocation.............. 30.98% 0.00% 0.00% 0.00% 13.36%
Overseas Equity Index......... 11.53% 0.00% 0.00% 0.00% 0.00%
Mid/Small Company Index....... 10.27% 0.00% 0.00% 0.00% 0.00%
Broad Market Index............ 1.29% 0.00% 0.00% 0.00% 0.00%
500 Stock Index............... 0.00% 0.00% 0.00% 0.00% 0.00%
Core Bond Index............... 46.34% 0.00% 1.96% 1.77% 3.49%
</TABLE>
54
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Vantagepoint Aggressive Opportunities Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------
COMMON STOCKS--89.8%
- ---------------------------------------------------------------------
Advertising--0.7%
*Catalina Marketing Corporation 6,700 $ 775,525
*DoubleClick, Inc. 6,300 1,594,294
*DST Systems, Inc. 14,600 1,114,163
*E4L, Inc. 18,200 45,500
*Mypoints.com 4,700 347,800
*Netcentives, Inc. 3,000 186,938
*Snyder Communications, Inc. 13,000 250,250
------------
4,314,470
------------
Airlines--0.2%
Atlas Air, Inc. 32,150 882,116
Skywest, Inc. 24,000 672,000
------------
1,554,116
------------
Apparel Retailers--1.7%
*AnnTaylor Stores Corporation 6,000 206,625
*Gymboree Corporation 331,800 1,866,375
*Pacific Sunwear of
California, Inc. 12,100 385,688
Ross Stores, Inc. 400,000 7,175,000
Talbots, Inc. 20,700 923,738
------------
10,557,426
------------
Automotive--1.0%
*Championship Auto Racing Teams, Inc. 8,700 200,100
Coachmen Industries, Inc. 189,500 2,866,188
Thor Industries, Inc. 103,300 3,144,194
------------
6,210,482
------------
Banking--0.2%
Telebanc Financial Corporation 14,600 379,600
Westcorp 46,900 680,050
------------
1,059,650
------------
Beverages, Food & Tobacco--0.3%
*Del Monte Foods Company 113,000 1,391,313
Tootsie Roll Industries, Inc. 19,211 632,762
------------
2,024,075
------------
Bio-Technology--0.2%
*MiniMed, Inc. 10,500 769,125
*VISX, Inc. 8,000 414,000
------------
1,183,125
------------
Building Materials--0.6%
Florida Rock Industries 100,000 3,443,750
*PSS World Medical, Inc. 49,500 467,156
------------
3,910,906
------------
Chemicals--0.0%
*Eco Soil Systems, Inc. 6,400 27,600
------------
Commercial Services--7.2%
*Affiliated Computer Services, Inc. Class A 50,200 2,309,200
*Alternative Resources Corporation 33,800 185,900
Angelica Corporation 95,700 933,075
*BISYS Group, Inc. 44,200 2,884,050
*Boron, LePore &
Associates, Inc. 44,000 286,000
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
*Bright Horizons, Inc. 19,700 $ 369,375
Ceridian Corporation 45,200 974,625
*Checkfree Holdings Corporation 39,200 4,096,400
*Circle.com 3,025 37,245
Comdisco, Inc. 107,800 4,015,550
*Complete Business
Solutions, Inc. 80,600 2,025,075
*Corporate Executive
Board Company 14,900 832,538
*Cytyc Corporation 38,300 2,338,694
Diamond Technology Partners, Inc. 2,300 197,656
Gartner Group, Inc. Class A 23,400 356,850
*Gartner Group, Inc. 1,172 16,185
*Hotjobs.com Ltd. 17,600 768,900
*Interim Services, Inc. 56,800 1,405,800
*Jupiter Communications, Inc. 150 4,538
*Learning Tree
International, Inc. 69,300 1,940,400
*Luminant Worldwide Corporation 21,750 989,625
Manpower, Inc. 57,000 2,144,625
*Mastech Corporation 34,000 841,500
*MedQuist, Inc. 32,800 846,650
*Modis Professional
Services, Inc. 148,500 2,116,125
*National Processing, Inc. 46,300 410,913
*Nova Corporation 132,300 4,175,719
Paychex, Inc. 21,750 870,000
*Pegasus Systems, Inc. 11,500 693,594
*Predictive Systems, Inc. 9,800 641,900
*ProBusiness Services, Inc. 43,300 1,558,800
Regis Corporation 48,600 917,325
Sodexho Marriott
Services, Inc. 41,400 538,200
*Superior Consultant Holdings Corporation 37,600 535,800
*Whittman-Hart, Inc. 17,300 927,713
Wind River Systems, Inc. 41,500 1,519,938
------------
45,706,483
------------
Communications--2.5%
*Advanced Fibre Communications, Inc. 44,600 1,993,063
*Airnet Communications Corporation 12,630 459,416
*Antec Corporation 33,000 1,204,500
Ariba, Inc. 19,600 3,476,550
*Cable Design Technologies Corporation 44,000 1,012,000
*Kana Communications, Inc. 5,600 1,148,000
*Metromedia Fiber Network, Inc. Class A 23,400 1,121,738
*Paradyne Networks, Inc. 23,900 651,275
*Pinnacle Holdings, Inc. 55,200 2,339,100
*Razorfish, Inc. 22,475 2,137,934
*VDI Media 11,100 152,625
------------
15,696,201
------------
Computer Software & Processing--19.9%
*About.com, Inc. 12,400 1,112,900
*Agile Software Corporation 3,700 803,767
*Akamai Technologies, Inc. 1,100 360,388
*Aspect Development, Inc. 6,400 438,400
*Aspen Technologies, Inc. 105,500 2,789,156
</TABLE>
55
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Vantagepoint Aggressive Opportunities
Fund Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
*Be Free, Inc. 1,800 $ 129,375
*Cacheflow, Inc. 600 78,413
*Cadence Design
Systems, Inc. 69,700 1,672,800
*Cambridge Technology Partners, Inc. 42,100 1,105,125
*CBT Group PLC ADR 171,800 5,755,300
Citrix Systems, Inc. 45,200 5,559,600
*Clarify, Inc. 11,900 1,499,400
Commerce One, Inc. 7,500 1,473,750
*Computer Horizons Corporation 36,600 592,463
CSG Systems
International, Inc. 76,500 3,050,438
*Cysive, Inc. 10,300 742,244
Dendrite International, Inc. 87,200 2,953,900
*Digex, Inc. 9,400 646,250
*Exchange Applications, Inc. 7,400 413,475
*E. Piphany, Inc. 5,100 1,137,938
Fiserv, Inc. 11,700 448,256
*Great Plains Software, Inc. 6,200 463,450
*Harbinger Corporation 116,400 3,702,975
*HNC Software, Inc. 64,400 6,810,300
*Hyperion Solutions Corporation 68,800 2,992,800
*IDX Systems Corporation 50,000 1,562,500
*IMR Global Corporation 164,900 2,071,556
*Informatica Corporation 5,500 585,063
*Inspire Insurance
Solutions, Inc. 53,200 244,390
*Internap Network Services Corporation 1,300 224,900
*Interwoven, Inc. 13,300 1,617,613
*JDA Software Group, Inc. 41,900 686,113
Legato Systems, Inc. 48,900 3,364,931
*Liberate Technologies, Inc. 2,275 584,675
*Macromedia, Inc. 18,500 1,352,813
*Mcafee.com Corporation 16,100 724,500
Mercury Interactive Corporation 6,500 701,594
*Meta Group, Inc. 36,300 689,700
*Micromuse, Inc. 9,000 1,530,000
*NaviSite, Inc. 6,700 670,000
*NetIQ Corporation 9,200 478,975
*Netopia, Inc. 10,200 553,988
*OnDisplay, Inc. 3,000 272,625
*Packeteer, Inc. 500 35,500
Peoplesoft, Inc. 47,603 1,014,528
*Peregrine Systems, Inc. 18,700 1,574,306
*Portal Software, Inc. 19,200 1,975,200
*Proxim, Inc. 18,000 1,980,000
*Quest Software, Inc. 10,400 1,060,800
*Renaissance Worldwide, Inc. 73,400 541,325
*Retek, Inc. 13,760 1,035,440
*RSA Security, Inc. 125,100 9,695,250
Scient Corporation 46,300 4,002,056
Siebel Systems, Inc. 112,800 9,475,200
*Silverstream Software, Inc. 3,200 380,800
*Software.com, Inc. 7,500 720,000
*Sterling Software, Inc. 34,700 1,093,050
*Sungard Data Systems, Inc. 137,000 3,253,750
*Sycamore Networks, Inc. 2,600 800,800
*Synopsys, Inc. 6,700 447,225
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------
*Technology Solutions Company 162,800 $ 5,331,700
*Tibco Software, Inc. 10,000 1,530,000
*Transaction Systems Architects, Inc. Class A 74,300 2,080,400
*Trizetto Group, Inc. 13,100 610,788
USinternetworking, Inc. 6,300 440,213
Verio, Inc. 38,800 1,792,075
*Verity, Inc. 39,700 1,689,731
*Viant Corporation 23,000 2,277,000
Vignette Corporation 35,600 5,802,800
*Vitria Technology, Inc. 1,300 304,200
------------
125,592,936
------------
Computers & Information--12.9%
*Acxiom Corporation 39,900 957,600
*Apex, Inc. 47,100 1,518,975
At Home Corporation
Series A 1 43
*Computer Network Technology Corporation 97,000 2,224,937
*Critical Path, Inc. 9,500 896,563
*Crossroads Systems, Inc. 10,725 906,263
*Digital Insight Corporation 14,750 536,531
Ebay, Inc. 26,400 3,304,950
*Exabyte Corporation 306,000 2,295,000
*Exactis.com, Inc. 16,310 396,537
*Foundry Networks, Inc. 2,400 724,050
*Homestore.com, Inc. 16,100 1,195,425
*Hutchinson Technology, Inc. 240,000 5,100,000
InfoSpace.com, Inc. 12,600 2,696,400
*InfoUSA, Inc. 78,700 1,096,881
*Juniper Networks, Inc. 6,000 2,040,000
Lycos, Inc. 12,200 970,663
*MMC Networks, Inc. 89,500 3,076,563
*Mpath Interactive, Inc. 4,100 109,163
National Data Corporation 75,000 2,545,313
*Natural Microsystems Corporation 23,300 1,090,731
*Network Solutions, Inc. 8,900 1,936,306
*Phone.com, Inc. 6,400 742,000
*Proxicom, Inc. 15,400 1,914,413
*PSInet, Inc. 19,679 1,215,184
*Rational Software Corporation 17,500 859,688
*SportsLine USA, Inc. 55,700 2,791,963
*Starmedia Network, Inc. 35,100 1,406,194
*Storage Technology Corporation 370,000 6,821,875
Verisign, Inc. 88,700 16,936,156
VerticalNet, Inc. 6,000 984,000
Yahoo!, Inc. 28,761 12,444,525
------------
81,734,892
------------
Diversified--0.1%
*Blyth Industries, Inc. 18,400 451,950
------------
Education--0.0%
*Edison Schools, Inc. 3,900 61,425
------------
Electric Utilities--0.1%
*Independent Energy Holdings PLC ADR
(United Kingdom) 13,300 443,056
------------
</TABLE>
56
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------------------
<CAPTION>
Vantagepoint Aggressive Opportunities Fund Shares Value
<S> <C> <C>
- --------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------------
Electrical Equipment--0.3%
Micrel, Inc. 13,400 $ 762,963
*Varian, Inc. 38,700 870,750
------------
1,633,713
------------
Electronics--10.0%
Altera Corporation 27,800 1,377,838
*Arrow Electronics, Inc. 410,000 10,403,750
Avnet, Inc. 136,097 8,233,869
AVX Corporation 70,500 3,520,594
*Black Box Corporation 12,800 857,600
*Cymer, Inc. 8,300 381,800
*DRS Technologies, Inc. 81,300 792,675
*Etec Systems, Inc. 55,200 2,477,100
*Galileo Technology Ltd. 11,100 267,788
*Kemet Corporation 271,300 12,225,456
Lattice Semiconductor Corporation 31,000 1,460,875
Maxim Integrated
Products, Inc. 88,800 4,190,250
*Mettler-Toledo
International, Inc. 17,900 683,556
*Microchip Technology, Inc. 8,700 595,406
*MIPS Technologies, Inc. 7,800 405,600
*MKS Instruments, Inc. 21,600 780,300
*Photronics, Inc. 60,700 1,737,538
PMC-Sierra, Inc. 4,230 678,122
Power Integrations, Inc. 10,700 512,931
*RF Micro Devices, Inc. 9,500 650,156
*Sawtek, Inc. 9,700 645,656
Semtech Corporation 22,300 1,162,388
*Silicon Image, Inc. 13,800 966,863
*Sipex Corporation 55,100 1,353,394
TranSwitch Corporation 4,400 319,275
*Triquint Semiconductor, Inc. 21,200 2,358,500
*Varian Semiconductor Equipment Associates, Inc. 12,100 411,400
*Virata Corporation 6,120 182,835
Xilinx, Inc. 83,400 3,792,098
------------
63,425,613
------------
Entertainment & Leisure--1.5%
CPI Corporation 246,900 5,570,681
*GetThere.com, Inc. 200 8,050
Macrovision Corporation 9,100 673,400
*Ticketmaster Online-CitySearch, Inc. 20,200 776,438
*Westwood One, Inc. 35,000 2,660,000
------------
9,688,569
------------
Financial Services--3.0%
*Champion Enterprises, Inc. 493,000 4,221,313
Countrywide Credit Industries, Inc. 192,700 4,865,664
E*TRADE Group, Inc. 127,400 3,328,325
Federated Investors, Inc. Class B 40,700 816,544
*NextCard, Inc. 20,900 603,488
*S1 Corporation 18,842 1,472,019
Student Loan Corporation 17,300 862,838
T. Rowe Price Associates, Inc. 44,600 1,647,413
Waddell & Reed Financial, Inc. Class A 41,900 1,136,538
------------
18,954,142
------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
Forest Products & Paper--0.1%
*Ivex Packaging Corporation 79,500 $ 795,000
------------
Health Care Providers--1.9%
*Caremax Rx, Inc. 794,900 4,024,182
*Diametrics Medical, Inc. 34,600 296,263
*IDEXX Laboratories, Inc. 155,900 2,513,888
*Impath, Inc. 31,200 793,650
*Lifepoint Hospital, Inc. 53,100 627,244
*Mid Atlantic Medical Services, Inc. 71,700 596,006
*Orthodontic Centers of America, Inc. 60,100 717,444
*Quorum Health Group, Inc. 53,100 494,494
*Total Renal Care Holdings, Inc. 223,700 1,495,994
*VI Technologies, Inc. 41,300 283,938
------------
11,843,103
------------
Heavy Construction--0.4%
Centex Corporation 75,000 1,851,563
*Dycom Industries, Inc. 20,500 903,281
------------
2,754,844
------------
Heavy Machinery--0.4%
*Cooper Cameron Corporation 15,400 753,638
*Kulicke & Soffa
Industries, Inc. 18,200 774,638
*Weatherford
International, Inc. 22,400 894,600
------------
2,422,876
------------
Home Construction, Furnishings & Appliances--1.4%
Flexsteel Industries, Inc. 110,500 1,477,938
Gemstar International
Group Ltd. 88,000 6,270,000
*Recoton Corporation 119,600 1,076,400
------------
8,824,338
------------
Household Products--0.3%
*DuPont Photomasks, Inc. 41,700 2,012,025
------------
Insurance--2.2%
Conseco, Inc. 474,700 8,485,252
Foremost Corporation of America 17,900 507,913
Hartford Life, Inc. Class A 31,700 1,394,800
Horace Mann Educators Corporation 167,000 3,277,375
*Provident American Corporation 7,700 270,944
------------
13,936,284
------------
Lodging--0.1%
Four Seasons Hotels, Inc. (Cost $453,880) 12,800 681,600
------------
Media--Broadcasting & Publishing--3.8%
*Allegiance Telecom, Inc. 7,900 728,775
*American Tower Corporation 64,300 1,965,169
*Cablevision Systems Corporation 32,900 2,483,950
*Citadel Communications Corporation 8,900 577,388
*Clear Channel Communications 28,300 2,525,775
</TABLE>
57
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Vantagepoint Aggressive Opportunities Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------
*Cox Radio, Inc. Class A 5,200 $ 518,700
EchoStar Communications Corporation Class A 32,600 3,178,500
*Emmis Communications Corporation Class A 10,500 1,308,726
*Entercom Communications Corporation 7,000 462,000
*Hispanic Broadcasting Corporation 14,500 1,337,173
*Pegasus Communications Corporation 2,800 273,700
*Radio One, Inc. 14,100 1,297,200
*Scholastic Corporation 47,500 2,953,906
*Spanish Broadcasting System, Inc. 24,525 987,131
*Univision
Communications, Inc. 23,800 2,432,063
*Young Broadcasting, Inc. Class A 17,800 907,800
------------
23,937,956
------------
Medical Supplies--1.6%
Burr-Brown Corporation 62,500 2,257,813
*Credence Systems Corporation 23,100 1,998,150
*Cyberonics, Inc. 60,700 967,406
*Eclipse Surgical Technologies, Inc. 16,600 122,425
*Haemonetics Corporation 39,800 947,738
*Input/Output, Inc. 64,500 326,531
Keithley Instruments, Inc. 30,700 625,513
*Osteotech, Inc. 70,000 936,250
*Steris Corporation 88,800 915,750
*Summit Technology, Inc. 48,000 561,000
*Ventana Medical
Systems, Inc. 14,900 370,638
------------
10,029,214
------------
Metals & Mining--1.3%
Belden, Inc. 146,100 3,068,100
International Aluminium Corporation 31,900 749,650
Oregon Steel Mills, Inc. 206,000 1,635,125
Rouge Industries, Inc.
Class A 313,600 2,469,600
------------
7,922,475
------------
Oil & Gas--2.1%
*Dril-Quip, Inc. 15,300 464,738
Ensco International, Inc. 283,000 6,473,625
*Global Industries Ltd. 204,500 1,763,813
*National-Oilwell, Inc. 27,900 437,681
*Newfield Exploration Company 45,400 1,214,450
*Noble Drilling Corporation 81,600 2,672,400
------------
13,026,707
------------
Pharmaceuticals--1.4%
*Alkermes, Inc. 14,900 731,963
Amerisource Health Corporation 12,800 194,400
Andrx Corporation 20,000 846,250
Biogen, Inc. 24,800 2,095,600
Genentech, Inc. 10,600 1,425,700
*Gilead Sciences, Inc. 10,100 546,663
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
*Henry Schein, Inc. 34,300 $ 456,619
*ImClone Systems, Inc. 9,800 388,325
*Parexel International Corporation 89,800 1,060,763
*Professional Detailing, Inc. 12,800 383,200
*Sepracor, Inc. 8,200 813,338
------------
8,942,821
------------
Real Estate--0.2%
Kilroy Realty Corporation 15,600 343,200
Meristar Hospitality Corporation 27,900 446,400
*Trammell Crow Company 19,900 231,338
------------
1,020,938
------------
Restaurants--0.7%
Applebee's International, Inc. 24,900 734,550
*Buffetts, Inc. 79,100 791,000
*Landry's Seafood Restaurants, Inc. 31,700 275,394
*Papa John's International, Inc. 52,800 1,376,100
*Sonic Corporation 34,300 977,550
------------
4,154,594
------------
Retailers--4.9%
Amazon.com, Inc. 22,900 1,743,263
*barnesandnoble.com 12,700 180,181
*Bed Bath & Beyond, Inc. 40,800 1,417,800
*Consolidated Stores Corporation 517,100 8,402,864
Cost Plus, Inc. 17,150 610,969
*CSK Auto Corporation 43,500 761,250
*Drugstore.com, Inc. 19,100 691,181
*Egreetings Network, Inc. 200 2,025
*Good Guys, Inc. 83,700 779,456
*GoTo.com, Inc. 21,200 1,245,500
*Hearst-Argyle Television, Inc. 8,200 218,325
*Homebase, Inc. 389,100 1,191,619
*Jo-Ann Stores, Inc. Class A 155,000 1,743,750
*Jo-Ann Stores, Inc. Class B 106,300 1,069,644
*Linens 'n Things, Inc. 13,500 399,938
*Michaels Stores, Inc. 300,000 8,550,000
Office Depot, Inc. 54,900 600,469
*Petco Animal Supplies, Inc. 69,000 1,026,375
*Rawlings Sporting Goods Company 35,900 215,400
------------
30,850,009
------------
Telephone Systems--3.6%
Adelphia Business
Solutions, Inc. 28,900 1,387,200
*Amdocs Ltd. 21,377 737,507
AT&T Canada, Inc. 80,100 3,224,025
Exodus Communications, Inc. 103,700 9,209,856
Global Crossing Ltd. 36,287 1,814,350
*Intermedia
Communications, Inc. 69,500 2,697,469
McLeodUSA, Inc. Class A 25,300 1,489,538
Nextlink Communications, Inc. Class A 15,000 1,245,938
*Tekelec 32,400 729,000
------------
22,534,883
------------
</TABLE>
58
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------
<CAPTION>
Vantagepoint Aggressive Shares/
Opportunities Fund Face Value
<S> <C> <C>
- ------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------
Textiles, Clothing & Fabrics--0.4%
*Reebok International Ltd. 311,400 $ 2,549,588
------------
Transportation--0.8%
Fleetwood Enterprises, Inc. 230,000 4,743,750
------------
TOTAL COMMON STOCKS
(Cost $375,724,907) 567,213,835
------------
- ------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--0.1%
- ------------------------------------------------------
Entertainment & Leisure--0.0%
*Craig Corporation 51,000 318,750
------------
Financial Services--0.1%
Worthington Industries, Inc. 63,000 480,375
------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $951,114) 799,125
------------
- ------------------------------------------------------
CORPORATE OBLIGATIONS--0.4%
- ------------------------------------------------------
Commercial Services--0.1%
Personnel Group of America
5.750%, 07/01/2004 $ 700,000 571,375
------------
Real Estate--0.2%
Trump Atlantic City Associates
11.250%, 05/01/2006 1,595,000 1,299,925
------------
Retailers--0.1%
Michaels Stores, Inc.
10.875%, 06/15/2006 319,000 339,735
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $2,004,989) 2,211,035
------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- ----------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--0.0%
- ----------------------------------------------------------------
U.S. Government Agencies--Mortgage Backed--0.0%
Federal Home Loan Mortgage Corporation
7.000%, 02/15/2020
(Cost $81,239) $ 599,000 $ 68,384
------------
- ----------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--1.1%
- ----------------------------------------------------------------
U.S. Treasury Notes--1.1%
U.S. Treasury Inflation
Index Note
3.583%, 01/15/2007
(Cost $7,069,114) 7,487,253 7,059,080
------------
- ----------------------------------------------------------------
CASH EQUIVALENTS--15.1%
- ----------------------------------------------------------------
Institutional Money Market Funds--1.9%
++Janus Money Market Fund $ 4,444,884 $ 4,444,884
++Merrimac Cash Fund--Premium Class 7,306,761 7,306,761
------------
11,751,645
------------
Bank & Certificate Deposits/ Offshore Time
Deposits--6.2%
++American Express
Centurion Bank 4,592,605 4,592,605
++Bank of Montreal 4,444,888 4,444,888
++BnkBoston NA 11,240,226 11,240,226
++Bank of Nova Scotia 4,444,888 4,444,888
++Harris Trust & Savings Bank 8,000,797 8,000,797
++Royal Bank of Scotland PLC 4,592,605 4,592,605
++Toronto Dominio 1,777,954 1,777,954
------------
39,093,963
------------
Floating Rate Instruments/ Master Notes--7.0%
++John Hancock Mutual Life 17,500,000 17,500,000
++Morgan Stanley Dean
Witter & Co 27,000,000 27,000,000
------------
44,500,000
------------
TOTAL CASH EQUIVALENTS
(Cost $95,345,608) 95,345,608
------------
</TABLE>
59
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------
<CAPTION>
Vantagepoint Aggressive Shares/
Opportunities Fund Face Value
<S> <C> <C>
- --------------------------------------------------
REPURCHASE AGREEMENTS--7.3%
- --------------------------------------------------
IBT Repurchase Agreement dated
12/31/1999 due 01/03/2000, with a
maturity value of $46,272,311 and
an effective yield of 3.06%
collateralized by Federal Home
Loan Mortgage Corporation Libor
Floater with a rate of 6.55%, a
maturity date of 12/15/2023 and a
market value of $16,423,610,
Government National Mortgage
Association ARM with a rate of
6.75%, a maturity date of
09/20/2023 and a market value of
$7,155,196, Federal National
Mortgage Association ARM with a
rate of 6.99%, a maturity date of
02/01/2027 and a market value of
$2,097,051, Federal National
Mortgage Association with a rate
of 6.44%, a maturity date of
08/14/2002 and a market value
$5,064,739, Federal Home Loan
Mortgage Corporation Libor Floater
with a rate of 7.50%, a maturity
date of 05/15/2023 and a market
value of $6,964,610, Federal
National Mortgage Association ARM
with a rate of 7.00%, a maturity
date of 10/01/26 and a market
value of $10,876,630 $46,260,513 $ 46,260,513
------------
TOTAL INVESTMENTS--113.9%
**(Cost $527,437,485) 718,957,580
Other assets less liabilities--
(13.9%) (87,452,812)
------------
TOTAL NET ASSETS--100.0% $631,504,768
============
</TABLE>
<TABLE>
- --------------------
<CAPTION>
<S> <C> <C>
- --------------------
</TABLE>
Notes to the Schedule of Investments:
ADR American Depositary Receipt
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$529,919,343. Unrealized appreciation and depreciation, based on identified
tax cost at December 31, 1999 are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $204,319,540
Unrealized depreciation (15,281,303)
------------
Net unrealized appreciation $189,038,237
============
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
60
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- ---------------------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------------
COMMON STOCKS--94.2%
- ---------------------------------------------------------------------------
Argentina--0.1%
Banco de Galicia y Buenos Aires SA de CV ADR 2,681 $ 53,117
Banco Frances SA ADR 2,120 50,218
Telefonica de Argentina
SA ADR 4,750 146,656
------------
249,991
------------
Australia--2.5%
Australia & New Zealand Banking Group Ltd. 97,256 708,043
Brambles Industries Ltd. 5,900 163,281
Broken Hill Proprietary Company Ltd. 238,537 3,134,543
Coca Cola Amatil Ltd. 63,728 174,175
Colonial Ltd. 53,506 239,397
Commonwealth Bank of Australia 14,590 251,431
Lend Lease Corporation Ltd. 10,850 152,121
News Corporation Ltd. ADR 22,000 841,500
News Corporation Ltd. 31,004 301,266
Publishing &
Broadcasting Ltd. 29,220 223,267
QBE Insurance Group Ltd. 104,802 488,870
Tabcorp Holdings Ltd. 19,870 134,645
Telstra Corporation Ltd. 13,000 45,865
Telstra Corporation Ltd. INS 50,360 273,958
Westpac Banking Corporation Ltd. 110,070 759,824
------------
7,892,186
------------
Belgium--0.3%
Dexia Belgium 470 75,252
Fortis Class B 10,320 372,010
KBC Bancassurance
Holding NV 8,630 464,637
UCB SA 1,202 52,075
------------
963,974
------------
Brazil--0.6%
Cia Cervejaria Brahma ADR 14,000 196,000
Companhia Brasileira de Distribuicao Grupo Pao de
Acucar SA 4,078 131,770
Companhia Energetica de Minas Gerais SA ADR 4,440 100,261
Telecomunicacoes
Brasileiras SA ADR 10,789 1,386,387
Uniao de Bancos
Brasileiros SA 2,300 69,288
------------
1,883,706
------------
Canada--1.5%
Alcan Aluminum Ltd. 3,330 137,029
Celestica, Inc. 8,024 445,332
Clarica Life Insurance Co. 8,600 154,901
*Fairfax Financial
Holdings Ltd. 1,200 204,087
*Manulife Financial Corporation 13,100 166,076
Nortel Networks Corporation 10,540 1,064,440
Royal Bank of Canada 2,420 106,457
*Talisman Energy, Inc. 41,300 1,063,475
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------------------
Teleglobe, Inc. 20,500 $ 465,094
Thomson Corporation 38,800 1,034,846
------------
4,841,737
------------
China--0.0%
Huaneng Power International, Inc. ADR 7,990 84,394
------------
------------
Denmark--0.6%
Den Danske Bank Group 950 104,030
Tele Danmark A/S 23,780 1,764,959
Unidanmark A/S 870 61,161
------------
1,930,150
------------
Finland--2.8%
Merita PLC 68,900 405,621
Nokia OYJ 32,660 5,916,130
UPM-Kymmene OYJ 61,600 2,479,646
------------
8,801,397
------------
France--9.3%
Alcatel 13,290 3,049,361
Axa Company 14,300 1,991,687
Banque National de Paris 26,360 2,429,910
Bouygues SA 1,300 825,509
Cap Gemini SA 1,640 415,904
Carrefour Supermarche SA 8,220 1,514,639
Christian Dior SA 1,300 321,831
Compagnie de Saint Gobain 11,150 2,094,924
Compagnie Generale des Etablissements Michelin Class
B 22,450 881,111
Groupe Danone 2,590 609,908
Hermes International 1,470 221,604
Lafarge SA 1,165 135,529
Legrand SA 1,620 385,237
L'oreal 135 108,210
Pechiney SA Class A 18,000 1,285,209
Pinault-Printemps-Redoute SA 1,285 338,808
PSA Peugeot Citroen 3,400 771,226
Rhone-Poulenc SA 24,905 1,446,144
*Sanofi-Synthelabo SA 29,310 1,219,369
Schneider SA 6,600 517,737
Societe Generale Class A 1,470 341,726
Societe Television Francaise 1,850 968,109
Sodexho Alliance SA 3,070 542,824
Suez Lyonnaise des Eaux 5,950 952,656
Total SA Class B 24,674 3,290,054
Vivendi 29,532 2,664,356
------------
29,323,582
------------
Germany--9.0%
Allianz AG 5,086 1,706,952
*Aventis SA 20,795 1,199,131
Bayer AG 7,470 354,823
Bayerische Motoren Werke AG 18,200 567,784
Daimler Chrysler AG 17,750 1,375,430
Deutsche Bank AG 20,318 1,712,234
Deutsche Lufthansa AG 48,900 1,156,446
Deutsche Telekom AG 38,228 2,687,184
Dresdner Bank AG 7,600 412,241
*Epcos AG 2,500 187,433
Gehe AG 7,070 273,924
HypoVereinsbank 9,440 644,096
Mannesmann AG 30,531 7,435,480
Metro AG 20,900 1,142,076
Preussag AG 3,754 210,803
</TABLE>
61
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
Rhoen-Klinikum AG 3,060 $ 117,018
Sap AG 990 486,188
Siemens AG 29,710 3,797,131
Thyssen Krupp AG 49,900 1,544,170
VEBA AG 29,390 1,434,467
------------
28,445,011
------------
Hong Kong--1.4%
Cheung Kong (Holdings) Ltd. 24,330 309,074
*China Telecom 132,870 830,703
CLP Holdings Ltd. 36,000 165,794
Dao Heng Bank Group Ltd 16,000 82,538
Henderson Land Development Company Ltd. 38,950 250,028
Hong Kong Telecommunications Ltd. 57,650 166,493
Hutchison Whampoa Ltd. 124,340 1,807,481
Johnson Electric Holdings 48,500 311,331
New World Development Company Ltd. 30,000 67,536
*Pacific Century Cyberworks Ltd. 109,000 253,796
Sun Hung Kai Properties Ltd. 12,600 131,292
------------
4,376,066
------------
India--0.1%
*Icici Ltd. ADR 10,765 149,364
Mahanagar Telephone Nigam Ltd. GDR 5,960 67,050
State Bank of India GDR 5,840 71,248
------------
287,662
------------
Ireland--0.2%
Allied Irish Banks PLC 7,200 81,877
*CBT Group PLC ADR 5,139 172,157
CRH PLC 20,000 428,706
------------
682,740
------------
Italy--3.3%
Assicurazioni Generali 24,685 814,823
Banca Populare di Brescia 8,470 748,815
ENI SpA 343,100 1,885,232
*Fiat Private Shares 29,000 418,792
Istituto Bancario San Paolo di Torino 81,850 1,111,171
Italgas SpA 15,100 57,137
Mediolanum SpA 27,750 363,042
*Seat Pagine Gialle SpA 48,000 157,474
*Tecnost SpA 37,200 140,385
Telecom Italia Mobile SpA RNC 120,000 571,200
Telecom Italia Mobile SpA 146,310 1,632,878
Telecom Italia SpA RNC 213,100 1,297,438
Telecom Italia SpA 59,080 832,372
Unicredito Italiano SpA 60,710 298,147
------------
10,328,906
------------
Japan--26.2%
Advantest Corporation 9,800 2,589,801
Aiful Corporation 850 103,993
Asahi Breweries Ltd. 112,000 1,225,560
Bridgestone Corporation 6,000 132,133
Canon, Inc. 79,000 3,139,278
Citizen Watch Company Ltd. 9,000 57,257
Daiichi Pharmaceutical Company Ltd. 5,000 65,039
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------
Daiwa House Industry Company Ltd. 17,000 $ 126,456
DDI Corporation 72 986,591
Denso Corporation 22,000 525,400
East Japan Railway Company 44 237,291
Fanuc Ltd. 3,700 471,146
Fuji Bank Ltd. 115,000 1,117,697
Fuji Television Network, Inc. 12 164,432
Fujitsu Ltd. 38,000 1,733,191
Hirose Electronics Company Ltd. 9,000 2,018,107
Hitachi Ltd. 20,000 321,034
Honda Motor Company Ltd. 3,000 111,579
Industrial Bank of Japan Ltd. 106,000 1,021,925
Ito-Yokado Company Ltd. 3,000 325,928
Japan Tobacco, Inc. 97 742,429
JUSCO Company Ltd. 18,000 313,771
Kao Corporation 61,000 1,740,385
Keyence Corporation 3,300 1,340,413
Kokuyo Company Ltd. 8,000 106,489
Komori Corporation 7,000 133,532
Kuraray Company Ltd. 21,000 212,734
Kyocera Corporation 8,300 2,152,784
Makita Corporation 12,000 108,055
Marui Company Ltd. 17,000 253,910
Matsushita Electric Industrial Company Ltd. 33,000 914,064
Mitsubishi Corporation 18,000 139,003
Mitsubishi Heavy Industries Ltd. 194,000 647,494
*Mitsubishi Motor Corporation 32,000 109,309
Mitsui Fudosan Company Ltd. 39,000 264,147
Mitsui Marine & Fire Insurance Company Ltd. 97,000 575,336
Murata Manufacturing Company Ltd. 20,000 4,698,052
NEC Corporation 148,000 3,527,254
Nichiei Company Ltd. 2,900 63,013
Nidec Corporation 2,600 750,710
Nikon Corporation 46,000 1,350,689
Nintendo Company Ltd. 9,200 1,528,981
Nippon Telegraph & Telephone Corporation 240 4,110,796
*Nissan Motor Company Ltd. 375,000 1,475,475
Nomura Securities Company Ltd. 61,000 1,101,544
NTT Mobile Communcation Network, Inc. 187 7,193,012
Orix Corporation 11,400 2,568,543
Promise Company Ltd. 10,900 554,762
Rohm Company Ltd. 5,100 2,096,506
Sankyo Company Ltd. 66,000 1,356,564
Sekisui Chemical Company Ltd. 25,000 110,845
Sekisui House Ltd. 18,000 159,440
Seven-Eleven Japan Company Ltd. 2,000 317,119
Shin-Etsu Chemical Company Ltd. 14,000 602,917
Shiseido Company 12,000 175,002
Shohkoh Fund & Company Ltd. 1,000 395,909
Softbank Corporation 100 95,723
Sony Corporation ADR 200 56,950
Sony Corporation 35,800 10,617,009
Sumitomo Bank Ltd. 23,000 314,937
Sumitomo Corporation 33,000 320,084
Sumitomo Electric Industries 33,000 381,454
Sumitomo Trust & Banking Company Ltd. 203,000 1,370,961
</TABLE>
62
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
<S> <C> <C>
- --------------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
Taiyo Yuden Co. Ltd. 2,000 $ 118,626
Takeda Chemical Industries 7,000 345,992
TDK Corporation 27,000 3,728,786
Tokio Marine & Fire Insurance Company Ltd. 11,000 128,658
Tokyo Electronics Ltd. 25,000 3,425,663
Toppan Printing Company Ltd. 16,000 159,734
Toray Industries, Inc. 27,000 104,649
Toshiba Corporation 70,000 534,401
Uni-Charm Corporation 10,000 576,490
Uny Company Ltd. 9,000 88,000
Yamanouchi Pharmaceutical Company Ltd. 10,000 349,418
------------
83,082,361
------------
Luxembourg--0.0%
Societe Europeenne des Satellites 373 54,428
------------
Mexico--1.2%
*Cemex SA de CV ADR 24,069 670,923
Cemex SA de CV 11,830 66,173
Fomento Economico Mexicano SA de CV 33,030 147,459
Grupo Modelo SA de CV Class C 34,450 94,534
*Grupo Televisa SA ADR 3,960 270,270
Kimberly-Clark de Mexico SA de CV 22,840 89,190
Telefonos de Mexico SA ADR 22,280 2,506,500
------------
3,845,049
------------
Netherlands--6.4%
ABN AMRO Holding NV 36,303 906,032
Aegon NV 18,788 1,813,211
Akzo Nobel NV 2,075 103,991
*ASM Lithography Holding NV 23,520 2,610,729
CSM NV 10,760 229,560
DSM NV 12,300 492,648
Elsevier NV 13,805 164,767
*Equant NV 3,276 371,550
Fortis Amev NV 15,270 549,369
Gucci Group NV 2,675 306,288
Heineken Holding NV Class A 13,900 488,889
Heineken NV 36,345 1,771,001
ING Groep NV 51,020 3,077,557
Koninklijke Philips Electonics NV 16,349 2,221,131
KPN NV 1,850 180,403
Royal Dutch Petroleum Company 9,620 589,094
STMicroelectronics NV 17,758 2,730,653
STMicroelectronics NV NY Shares 1,400 212,013
TNT Post Group NV NY Shares 2,425 69,429
*United Pan-Europe Communications NV 1,184 151,323
VNU NV 5,830 306,141
Wolters Kluwer NV 31,340 1,059,712
------------
20,405,491
------------
New Zealand--0.1%
Telecom Corporation of New Zealand Ltd. 45,880 215,751
------------
Norway--0.3%
Norsk Hydro ASA 12,300 515,601
Orkla ASA Class A 25,382 436,992
------------
952,593
------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Portugal--0.6%
Jeronimo Martins, SGPS SA 13,060 $ 333,831
Portugal Telecom SA 91,000 997,287
Telecel-Comunicacoes Pessoais, SA 40,000 696,796
------------
2,027,914
------------
Singapore--1.3%
Overseas-Chinese Banking Corporation Ltd. 130,550 1,199,289
Singapore Press Holdings Ltd. 51,070 1,106,952
Singapore Telecommunications Ltd. 48,000 99,139
United Overseas Bank Ltd. 186,912 1,649,723
------------
4,055,103
------------
South Africa--0.1%
De Beers ADR 11,500 332,781
------------
South Korea--0.4%
Korea Telecom Corporation ADR 5,000 373,750
Pohang Iron & Steel Co. Ltd. 2,709 94,815
Samsung Electronics 2,570 602,043
Sk Telecom Co. Ltd. 40 143,373
------------
1,213,981
------------
Spain--3.0%
Argentaria, Caja Postal y Banco Hipotecario de Espana
SA 7,140 167,634
Banco Bilbao Vizcaya SA 19,440 276,627
Banco Popular Espanol SA 1,150 74,935
Banco Santander Central Hispano 44,850 507,316
Endesa SA 81,780 1,622,123
Gas Natural SDG SA 6,120 140,853
Iberdrola SA 19,225 266,216
Resol SA 12,589 291,639
Telefonica SA 250,111 6,242,145
------------
9,589,488
------------
Sweden--2.5%
*ABB Ltd. 1,908 232,530
Atlas Copco AB Class B 4,630 131,680
Electrolux AB Class B 72,180 1,815,313
Esselte AB Class B 1,760 13,341
ForeningsSparbanken AB 22,500 330,532
Hennes & Mauritz AB 32,460 1,087,212
Nordbanken Holding AB 120,800 709,833
Sandvik AB Class B 5,960 189,818
Securitas AB Class B 17,139 310,190
Svenska Handelsbanken AB Class A 91,000 1,144,316
Telefonaktiebolaget LM Ericsson Class B 22,840 1,468,267
Volvo AB Class B 14,900 385,240
------------
7,818,272
------------
Switzerland--4.2%
ABB Ltd. 15,363 1,879,021
Adecco SA 1,921 1,495,974
Compagnie Financiere Richemont AG 447 1,066,759
Credit Suisse Group 2,050 407,477
Holderbank Financiere Glarus AG Class B 370 506,563
Nestle SA 901 1,650,579
Novartis AG 536 787,018
</TABLE>
63
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Vantagepoint International Fund Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------------
Roche Holding AG 190 $ 2,255,228
Schweizerische Rueckversicherungs-Gesellschaft 170 349,224
*SGS Societe Generale de Surveillance Holding SA
Class B 310 395,214
Swisscom AG 2,854 1,154,290
UBS AG 2,100 567,104
Zurich Allied AG 1,590 906,688
------------
13,421,139
------------
Taiwan--1.1%
*Hon Hai Precision Industry Co. GDR 4,496 86,863
*Hon Hai Precision Industry Co. 51,000 380,246
Taiwan Semiconductor Manufacturing Company Ltd. ADR 50,676 2,280,420
*Taiwan Semiconductor 93,000 494,853
*United Microelectronics Corporation 33,000 117,764
------------
3,360,146
------------
United Kingdom--15.1%
3I Group PLC 16,800 299,752
Abbey National PLC 22,710 363,031
Allied Zurich PLC 59,680 702,983
AstraZeneca Group PLC ADR 900 37,575
AstraZeneca Group PLC 31,784 1,344,714
BG Group PLC 89,778 579,857
BOC Group PLC 29,500 633,527
BP Amoco PLC 186,780 1,877,419
British Aerospace PLC 178,560 1,182,121
British Airways PLC 44,100 287,682
British American Tobacco PLC 132,295 751,396
British Energy PLC 101,252 580,397
BTR Siebe PLC 316,365 1,721,500
Cable & Wireless PLC 89,025 1,507,923
Cadbury Schweppes PLC 262,975 1,588,106
Caradon PLC 52,310 130,921
Centrica PLC 20,905 59,241
Compass Group PLC 65,820 903,380
David S. Smith Holdings PLC 28,130 89,934
Diageo PLC 173,090 1,391,851
Electrocomponents PLC 16,360 181,086
Enterprise Oil PLC 29,700 201,416
GKN PLC 70,360 1,107,699
Glaxo Wellcome PLC 39,745 1,123,086
Granada Group PLC 149,540 1,515,169
Great Universal Stores PLC 104,850 612,869
Halifax PLC 120,400 1,334,622
Hays PLC 4,200 66,868
HSBC Holdings PLC 135,170 1,895,354
Imperial Chemical Industries PLC 105,130 1,112,738
John Laing PLC 11,480 51,717
Kingfisher PLC 90,580 1,004,804
Ladbroke Group PLC 33,910 108,549
Lloyds TSB Group PLC 66,700 834,144
Marconi PLC 28,600 505,905
National Westminster Bank PLC 131,300 2,819,733
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
Prudential Corporation PLC 54,245 $ 1,068,589
Rank Group PLC 9,845 31,157
Reed International PLC 268,240 2,007,535
Reuters Group PLC 63,000 864,165
Rio Tinto PLC 26,900 649,361
Royal & Sun Alliance Insurance Group 228,156 1,737,018
Safeway PLC 24,035 82,277
Shell Transport & Trading Company 257,600 2,140,038
SmithKline Beecham PLC 135,460 1,727,941
Tate & Lyle PLC 37,800 242,922
Tesco PLC 231,335 703,189
TI Group PLC 70,000 536,886
Tomkins PLC 94,528 305,269
Unilever PLC 219,320 1,613,099
United News & Media PLC 23,300 296,842
Vodafone Group PLC 102,000 505,216
Zeneca Group PLC 71,908 2,981,701
------------
48,002,274
------------
TOTAL COMMON STOCKS
(Cost $218,679,864) 298,468,273
------------
- -----------------------------------------------------------------
MUTUAL FUNDS--0.4%
- -----------------------------------------------------------------
United States--0.4%
Overseas Equity Index Fund
(Cost $1,107,470) 107,706 1,312,487
------------
- -----------------------------------------------------------------
PREFERRED STOCKS--0.2%
- -----------------------------------------------------------------
Australia--0.0%
News Corporation Ltd. 19,376 166,128
------------
Brazil--0.2%
Banco Itau SA 680,000 58,345
Companhia Energetica de Minas Gerais SA 1,838,000 41,206
Petroleo Brasileiro SA 1,243,000 316,513
Telesp Celular SA 608,000 48,128
*Telesp Participacoes Sa 3,467,072 81,567
------------
545,759
------------
Germany--0.0%
Fielmann AG 520 15,647
Fresenius AG 320 58,610
------------
74,257
------------
TOTAL PREFERRED STOCKS
(Cost $566,340) 786,144
------------
- -----------------------------------------------------------------
WARRANTS--0.0%
- -----------------------------------------------------------------
France--0.0%
Banque National de Paris CVG 1,560 7,190
------------
United States--0.0%
CIT Group, Inc. Class A 0 2
------------
TOTAL WARRANTS
(Cost $0) 1,560 7,192
------------
</TABLE>
64
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------
<CAPTION>
Vantagepoint International Shares/
Fund Face Value
<S> <C> <C>
- ----------------------------------------------------
CORPORATE OBLIGATIONS--0.0%
- ----------------------------------------------------
United Kingdom--0.0%
BG Transco Holdings PLC
7.06%, 12/14/2009 10,000 163
BG Transco Holdings PLC
7.00%, 12/16/2024 10,000 157
BG Transco Holdings PLC
4.19%, 12/14/2022 10,000 162
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $0) 482
------------
- ----------------------------------------------------
CASH EQUIVALENTS--.42%
- ----------------------------------------------------
Institutional Money Market Funds--.13%
++Janus Money Market Fund $ 62,424 62,424
++Merrimac Cash Fund--
Premium Class 349,698 349,698
------------
412,122
------------
Bank & Certificate Deposits/Offshore
Time Deposits--.29%
++American Express
Centurion Bank 62,424 62,424
++Bank of Montreal 62,424 62,424
++BankBoston NA 539,892 539,892
++Bank of Nova Scotia 62,424 62,424
++Harris Trust & Savings Bank 112,364 112,364
++Royal Bank of Scotland PLC 62,424 62,424
++Toronto Dominion 24,970 24,970
------------
926,922
------------
TOTAL CASH EQUIVALENTS
(Cost $1,339,044) 1,339,044
------------
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- -----------------------------------------------------------------------------
REPURCHASE AGREEMENTS--5.1%
- -----------------------------------------------------------------------------
United States--5.1%
IBT Repurchase Agreement dated 12/31/99 due
01/03/00, with a maturity value of $16,271,841 and
an effective yield of 3.06% collateralized by
Federal Home Loan Bank with a rate of 6.40%, a
maturity date of 10/15/02 and a market value of
$3,907,380, Federal Home Loan Mortgage Corporation
with a rate of 5.91%, a maturity date of 07/15/08
and a market value of $4,714,677, Government
National Mortgage Association ARM with a rate of
6.40%, a maturity date of 05/20/22 and a market
value of $2,048,615, Federal Home Loan Mortgage
Corporation with a rate of 7.23%, a maturity date
of 10/15/23, and a market value of $1,385,814,
Federal National Mortgage Association ARM with a
rate of 7.06%, a maturity date of 08/01/27 and
a market
value of $5,031,041 $16,267,873 $ 16,267,873
------------
TOTAL INVESTMENTS--100.4%
**(Cost $237,960,591) 318,181,495
Other assets less liabilities--(0.4%) (1,244,486)
------------
TOTAL NET ASSETS--100.0% $316,937,009
============
</TABLE>
Notes to the Schedule of Investments:
ADR American Depositary Receipt
GDR Global Depositary Receipt
INS Installment Receipt
RNC Non Convertible
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$240,413,159. Unrealized appreciation and depreciation, based on identified
tax cost at December 31, 1999 are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $77,948,394
Unrealized depreciation (180,058)
-----------
Net unrealized appreciation $77,768,336
===========
</TABLE>
++ Represents collateral received from securities lending transactions.
65
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------
<CAPTION>
Vantagepoint International Fund
- ---------------------------------------
<S> <C>
Percentage of Portfolio by Industry
(unaudited):
Electronics 15.4%
Telephone Systems 11.1%
Banking 10.1%
Diversified 7.5%
Communications 5.2%
IBT Repurchase Agreement 5.1%
Pharmaceuticals 4.9%
Beverages, Food & Tobacco 4.6%
Insurance 4.3%
Oil & Gas 4.0%
Media--Broadcasting & Publishing 3.2%
Financial Services 2.8%
Automotive 2.5%
Computers & Information 1.9%
Metals & Mining 1.8%
Commercial Services 1.8%
Retailers 1.7%
Electrical Equipment 1.1%
Building Materials 1.1%
Chemicals 1.1%
Food Retailers 1.0%
Forest Products & Paper 1.0%
</TABLE>
<TABLE>
- ---------------------------------------------------
<CAPTION>
<S> <C>
- ---------------------------------------------------
Electric Utilities 0.9%
Home Construction, Furnishings & Appliances 0.8%
Cosmetics & Personal Care 0.6%
Entertainment & Leisure 0.6%
Airlines 0.5%
Photographic Equipment & Supplies 0.4%
Securities Lending Collateral 0.4%
Heavy Construction 0.4%
Medical Supplies 0.4%
Aerospace & Defense 0.4%
Computer Software & Processing 0.4%
Real Estate 0.3%
Heavy Machinery 0.3%
Restaurants 0.3%
Textiles, Clothing & Fabrics 0.3%
Transportation 0.1%
Advertising 0.1%
------
TOTAL INVESTMENTS 100.4%
Other assets less liabilities (0.4)%
------
TOTAL NET ASSETS 100.0%
======
</TABLE>
See accompanying notes to financial statements.
66
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Vantagepoint
Growth Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------
COMMON STOCKS--97.3%
- ---------------------------------------------------------------------
Advertising--0.4%
*Catalina Marketing Corporation 64,000 $ 7,408,000
Interpublic Group, Inc. 53,948 3,112,125
Omnicom Group 19,940 1,994,000
*Precision Response Corporation 2,300 55,775
PubliGroupe SA 500 494,568
Saatchi & Saatchi PLC ADR (United Kingdom) 13,900 422,213
*Ventiv Health, Inc. 1 9
Young & Rubicam, Inc. 10,400 735,800
-------------
14,222,490
-------------
Aerospace & Defense--0.2%
Boeing Company 45,450 1,889,016
General Dynamics Corporation 9,601 506,453
Honeywell International, Inc. 38,095 2,197,605
Lockheed Martin Corporation 19,140 418,688
Northrop Grumman Corporation 3,300 178,406
*Orbital Sciences Corp. 2,800 51,975
Raytheon Company Class B 16,308 433,181
Textron, Inc. 7,290 559,052
TRW, Inc. 5,890 305,912
-------------
6,540,288
-------------
Airlines--0.1%
*AMR Corporation 7,320 490,440
Delta Air Lines, Inc. 6,720 334,740
FDX Corporation 14,370 588,272
Southwest Airlines, Inc. 24,356 394,263
*U.S. Airways Group, Inc. 3,418 109,590
-------------
1,917,305
-------------
Apparel Retailers--0.3%
Gap, Inc. 41,416 1,905,136
Intimate Brands, Inc. 50,000 2,156,250
*Kohls Corporation 50,680 3,658,463
Nordstrom, Inc. 6,777 177,473
The Limited, Inc. 10,340 447,851
The Stride Rite Corporation 14,200 92,300
-------------
8,437,473
-------------
Automotive--1.1%
*Championship Auto Racing Teams, Inc. 12,100 278,300
Cooper Tire & Rubber Company 3,700 57,581
Dana Corporation 8,000 239,500
Delphi Automotive Systems Corporation 650,031 10,237,984
Ford Motor Company 58,420 3,121,819
General Motors Corporation 31,080 2,259,128
Genuine Parts Company 8,700 215,869
Goodyear Tire & Rubber Company 7,500 211,406
Harley-Davidson, Inc. 194,100 12,434,531
International Speedway Corporation Class A 56,035 2,822,763
International Speedway Corporation Class B 41,300 2,065,000
ITT Industries, Inc. 4,234 141,574
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
*Navistar International Corporation 3,180 $ 150,653
Paccar, Inc. 3,760 166,615
*Speedway Motorsports, Inc. 81,800 2,275,063
Tenneco Automotive, Inc. 0 2
The Pep Boys 2,530 23,086
-------------
36,700,874
-------------
Banking--3.6%
Amsouth Bancorp 19,025 367,420
Associates First Capital Corporation 35,150 964,428
Bank of America Corporation 179,030 8,985,068
Bank of New York Company, Inc. 35,560 1,422,400
Bank One Corporation 55,800 1,789,088
BB&T Corporation 15,482 423,820
Capital One Financial Corporation 9,547 460,046
CCBT Financial Companies, Inc. 3,700 56,888
Chase Manhattan Corporation 112,670 8,753,051
Citigroup, Inc. 268,280 14,906,308
Comerica, Inc. 7,540 352,024
Fifth Third Bancorp 14,602 1,071,422
First Union Corporation 46,280 1,518,563
Firstar Corporation 47,596 1,005,466
Fleet Boston Financial Corporation 44,548 1,550,827
Golden West Financial Corporation 8,000 268,000
Household International, Inc. 177,470 6,610,758
Huntington Bancshares, Inc. 11,124 265,586
Investors Financial Services Corporation 2,500 115,000
JP Morgan & Company, Inc. 8,470 1,072,514
KeyCorp 21,723 480,621
MBNA Corporation 38,730 1,055,393
Mellon Financial Corporation 178,884 6,093,236
National City Corporation 29,890 708,019
Northern Trust Corporation 173,960 9,219,880
PNC Bank Corporation 14,529 646,541
Regions Financial Corporation 10,842 272,405
Safeco Corporation 6,300 156,713
SLM Holding Corporation 152,930 6,461,293
Southtrust Corporation 8,118 306,962
State Street Corporation 134,000 9,790,375
Summit Bancorp 8,555 261,997
Suntrust Banks, Inc. 15,591 1,072,856
Synovus Financial Corporation 13,149 261,336
Union Planters Corporation 6,880 271,330
US Bancorp 35,373 842,320
Wachovia Corporation 9,810 667,080
Washington Mutual, Inc. 28,040 729,040
Wells Fargo & Company 751,780 30,400,104
-------------
121,656,178
-------------
Beverages, Food & Tobacco--2.6%
Adolph Coor Company Class B 1,810 95,025
Anheuser Busch Companies, Inc. 302,280 21,424,095
</TABLE>
67
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Vantagepoint
Growth Fund Shares Value
<S> <C> <C>
- --------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------
Archer-Daniels-Midland Company 29,906 $ 364,479
Bestfoods 13,520 710,645
Brown Forman Corporation 19,830 1,135,268
Campbell Soup Company 21,031 813,637
Coca Cola Company 119,310 6,949,808
Coca Cola Enterprises, Inc. 20,569 413,951
Conagra, Inc. 23,649 533,581
General Mills, Inc. 14,730 526,598
Heinz HJ Company 280,560 11,169,795
Hershey Foods Corporation 6,730 319,675
Kellogg Company 19,630 604,849
Nabisco Group Holdings Corporation 15,800 167,875
Pepsico, Inc. 578,840 20,404,110
Philip Morris Companies, Inc. 472,850 10,964,209
Quaker Oats Company 6,430 421,969
Ralston-Ralston Purina Group 15,633 435,770
Sara Lee Corporation 270,900 5,976,731
Supervalu, Inc. 6,700 134,000
Sysco Corporation 16,035 634,385
Unilever NV 27,664 1,505,959
UST, Inc. 8,400 211,575
U.S. Foodservice 97,100 1,626,425
WM Wrigley Jr. Company 5,600 464,450
-------------
88,008,864
-------------
Bio-Technology--0.0%
Datascope Corporation 1,400 56,000
*Invitrogen Corporation 2,500 150,000
-------------
206,000
-------------
Building Materials--2.8%
Dimon, Inc. 15,300 49,725
Fastenal Company 208,400 9,364,975
Florida Rock Industries 116,400 4,008,525
Home Depot, Inc. 847,245 58,089,235
Lowe's Companies, Inc. 159,170 9,510,408
Owens Corning 2,700 52,144
Southdown, Inc. 253,100 13,066,288
Vulcan Materials Company 4,840 193,298
-------------
94,334,598
-------------
Chemicals--0.3%
Air Products & Chemicals, Inc. 11,099 372,510
Avery-Dennison Corporation 5,540 403,728
Clorox Company 11,371 572,814
Dow Chemicals Company 10,610 1,417,761
Du Pont (E.I.) de Nemours & Company 50,430 3,322,076
Eastman Chemical Company 3,700 176,444
Engelhard Corporation 6,100 115,138
Georgia Gulf Corporation 7,000 213,063
Goodrich BF Company 5,300 145,750
Great Lakes Chemical Corporation 2,880 109,980
Hercules, Inc. 5,176 144,281
International Flavors & Fragrances 5,120 193,280
Monsanto Company 30,590 1,089,769
Occidental Petroleum Corporation 16,867 364,749
Praxair, Inc. 7,670 385,897
Rohm & Haas Company 10,494 426,975
Tupperware Corporation 2,790 47,256
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
Union Carbide Corporation 6,410 $ 427,868
*W.R. Grace & Company 3,500 48,563
-------------
9,977,902
-------------
Commercial Services--2.8%
*Allied Waste Industries, Inc. 9,120 80,370
*Cendant Corporation 34,820 924,906
*Ceridian Corporation 6,960 150,075
*Checkfree Holdings Corporation 152,100 15,894,450
Concord EFS, Inc. 480,088 12,362,266
*Convergys Corporation 7,900 242,925
CSK Corporation 3,200 519,918
Deluxe Corporation 55,800 1,531,013
Dun & Bradstreet Corporation 7,700 227,150
Equifax, Inc. 206,649 4,869,167
Halliburton Company 21,373 860,263
Hooper Holmes, Inc. 18,600 478,950
H&R Block, Inc. 4,750 207,813
*Iron Mountain, Inc. 201,800 7,933,263
*IT Group, Inc. 13,300 122,194
Paychex, Inc. 976,611 39,064,440
*Plexus Corporation 1,700 74,800
*Quest Diagnostics, Inc. 5,300 161,981
*Quintiles Transnational Corporation 5,600 104,650
*Robert Half International, Inc. 125,300 3,578,881
RR Donnelley & Sons Company 6,100 151,356
Ryder System, Inc. 3,300 80,644
Service Corporation International 13,200 91,575
*Startek, Inc. 48,600 1,761,750
*Sykes Enterprises, Inc. 14,100 618,638
Waste Management, Inc. 29,980 515,281
*Xceed, Inc. 3,900 161,850
-------------
92,770,569
-------------
Communications--5.2%
*ADC Telecommunications, Inc. 194,436 14,108,762
*Ancor Communications, Inc. 216,800 14,715,300
*Andrew Corporation 587,590 11,127,486
*Antec Corporation 20,300 740,950
Ariba, Inc. 10,000 1,773,750
*Aspect Communications Corporation 16,600 649,475
Brocade Communications Systems, Inc. 50,000 8,850,000
*Ditech Communications Corporation 8,200 766,700
*General Instrument Corporation 8,344 709,240
JDS Uniphase Corporation 29,000 4,678,063
*Level 3 Communications, Inc. 2,900 237,438
Lucent Technologies, Inc. 563,834 42,181,831
Metromedia Fiber Network, Inc. Class A 198,400 9,510,800
Network Appliance, Inc. 72,160 5,993,790
*Nextel Communications, Inc. Class A 51,060 5,265,563
Nokia Corporation ADR (Finland) 34,900 6,631,000
NTL, Inc. 1,950 243,263
*Plantronics, Inc. 3,800 271,938
Qualcomm, Inc. 179,712 31,651,776
</TABLE>
68
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Vantagepoint
Growth Fund Shares Value
<S> <C> <C>
- ------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*Razorfish, Inc. 6,000 $ 570,750
Scientific Atlanta, Inc. 3,670 204,144
Tellabs, Inc. 213,253 13,688,177
-------------
174,570,196
-------------
Computer Software & Processing--15.1%
Adobe Systems, Inc. 5,940 399,465
*Akamai Technologies, Inc. 8,900 2,915,863
*Alteon Websystems, Inc. 17,900 1,570,725
America Online, Inc. 107,142 8,082,525
*American Management Systems, Inc. 196,500 6,165,188
*Aspect Development, Inc. 11,800 808,300
Autodesk, Inc. 2,870 96,863
Automatic Data Processing, Inc. 29,873 1,609,408
BEA Systems, Inc. 21,600 1,510,650
*Bluestone Software, Inc. 59,200 6,808,000
*BMC Software, Inc. 270,004 21,583,445
*Broadbase Software, Inc. 1,500 168,750
BroadVision, Inc. 40,500 6,887,531
*Cadence Design Systems, Inc. 69,700 1,672,800
Citrix Systems, Inc. 4,232 520,536
CMGI, Inc. 406,000 112,411,250
Computer Associates International, Inc. 80,260 5,613,184
Compuware Corporation 152,630 5,685,468
*Covad Communications, Inc. Class A 38,700 2,164,781
*Electronic Arts, Inc. 40,000 3,360,000
Electronic Data Systems Corporation 372,134 24,909,720
*E-Stamp Corporation 5,700 126,825
*Exchange Applications, Inc. 14,000 782,250
First Data Corporation 86,940 4,287,229
Fiserv, Inc. 362,101 13,872,975
*Hyperion Solutions Corporation 4,900 213,150
*i2 Technologies, Inc. 5,600 1,092,000
Inktomi Corporation 24,200 2,147,750
*InterVU, Inc. 5,000 525,000
Intuit, Inc. 18,400 1,102,850
*Mercury Interactive Corporation 10,900 1,176,519
*Micromuse, Inc. 25,800 4,386,000
Microsoft Corporation 665,544 77,702,262
*Midway Games, Inc. 4,500 107,719
*Mission Critical Software, Inc. 3,000 210,000
*New Era of Networks, Inc. 30,500 1,452,563
*Novell, Inc. 16,189 646,548
*Nvidia Corporation 11,300 530,394
Oracle Corporation 97,928 10,974,057
*Parametric Technology Corporation 13,018 352,300
Peoplesoft, Inc. 11,786 251,189
*Peregrine Systems, Inc. 3,000 252,563
*Pixar, Inc. 313,500 11,090,063
*Proxim, Inc. 3,700 407,000
Radisys Corporation 5,250 267,750
RealNetworks, Inc. 2,000 240,625
*Red Hat, Inc. 3,000 633,750
*RSA Security, Inc. 63,800 4,944,500
*Saleslogix Corporation 22,800 936,225
*Santa Cruz Operation, Inc. 9,500 288,563
</TABLE>
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ------------------------------------------------------------------------
*Scient Corporation 1,200 $ 103,725
Shared Medical Systems Corporation 91,600 4,665,875
Siebel Systems, Inc. 720,200 60,496,800
*Silknet Software, Inc. 1,800 298,350
Softbank Corporation 12,200 11,678,183
*Software.com, Inc. 47,700 4,579,200
*Sterling Commerce, Inc. 224,400 7,643,625
*Sterling Software, Inc. 146,800 4,624,200
Sun Microsystems, Inc. 134,732 10,433,309
*Transaction Systems Architects, Inc. Class A 213,800 5,986,400
*Tumbleweed Communications Corporation 3,600 305,100
*Unisys Corporation 14,794 472,483
Verio, Inc. 32,500 1,501,094
Veritas Software Corporation 201,300 28,811,063
Vignette Corporation 71,100 11,589,300
-------------
509,133,778
-------------
Computers & Information--11.7%
*3 Com Corporation 16,944 796,368
*Acxiom Corporation 551,400 13,233,586
*Advanced Digital Information Corporation 10,300 500,838
*Apple Computer, Inc. 7,788 800,704
*Cabletron Systems, Inc. 13,294 345,644
CDW Computer Centers, Inc. 140,000 11,007,500
*Chemdex Corporation 49,500 5,494,500
Cisco Systems, Inc. 618,761 66,284,772
Compaq Computer Corporation 82,200 2,224,538
*Computer Sciences Corporation 33,763 3,194,824
Comverse Technology, Inc. 28,050 4,060,238
*Cybex Computer Products Corporation 5,600 226,800
*Dell Computer Corporation 1,371,890 69,966,390
EMC Corporation 224,810 24,560,493
Emulex Corporation 183,500 20,643,750
*Foundry Networks, Inc. 1,900 573,206
*Gadzoox Networks, Inc. 5,000 217,813
*Gateway, Inc. 15,135 1,090,666
*Go2Net, Inc. 1,200 104,400
Hewlett-Packard Company 48,979 5,580,545
IMS Health, Inc. 117,879 3,204,835
*Insweb Corporation 6,800 173,825
Intel Corporation 612,610 50,425,461
International Business Machines Corporation 173,366 18,723,528
*IXL Enterprises, Inc. 1,500 83,250
*Juniper Networks, Inc. 12,300 4,182,000
Lexmark International Group, Inc. 6,201 561,191
Lycos, Inc. 322,300 25,642,994
*MTI Technology Corporation 206,600 7,618,375
National Computer Systems, Inc. 40,800 1,535,100
*Networks Associates, Inc. 191,500 5,110,656
Phone.com, Inc. 10,260 1,189,519
Pitney Bowes, Inc. 12,921 624,246
*Proxicom, Inc. 14,400 1,790,100
Redback Networks, Inc. 27,000 4,792,500
*Rhythms NetConnections, Inc. 20,200 626,200
*Seagate Technology, Inc. 233,870 10,889,572
*Silicon Graphics, Inc. 51,698 507,287
*Silicon Storage Technology, Inc. 9,600 396,000
</TABLE>
69
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Vantagepoint
Growth Fund Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
*Storage Technology Corporation 19,100 $ 352,156
Verisign, Inc. 26,800 5,117,125
*Yahoo!, Inc. 38,772 16,776,160
-------------
391,229,655
-------------
Containers & Packaging--0.0%
Ball Corporation 1,480 58,275
Crown Cork & Seal Company, Inc. 5,900 132,013
Intertape Polymer Group, Inc. 11,500 324,156
-------------
514,444
-------------
Cosmetics & Personal Care--1.2%
Alberto Culver Company Class B 2,744 70,830
Avon Products, Inc. 12,180 401,940
Colgate-Palmolive Company 28,190 1,832,350
Ecolab, Inc. 6,220 243,358
Gillette Company 392,490 16,165,682
Procter & Gamble Company 205,510 22,516,189
-------------
41,230,349
-------------
Diversified--2.0%
Armstrong World Industries, Inc. 1,940 64,748
General Electric Company 355,731 55,049,372
Loews Corporation 5,182 314,483
Minnesota Mining & Manufacturing Company 19,439 1,902,592
Nacco Industries, Inc. Class A 390 21,669
Newell Rubbermaid, Inc. 200,173 5,805,017
PerkinElmer, Inc. 2,200 91,713
Seagram Company Ltd. 20,872 937,936
Tyco International Ltd. 80,884 3,144,366
-------------
67,331,896
-------------
Education--0.1%
*DeVry, Inc. 164,700 3,067,538
*ITT Educational Services, Inc. 7,900 121,956
-------------
3,189,494
-------------
Electric Utilities--0.6%
*AES Corporation 10,000 747,500
Ameren Corporation 6,600 216,150
American Electric Power, Inc. 9,400 301,975
Black Hills Corporation 45,200 1,002,875
Calpine Corporation 72,100 4,614,400
Carolina Power & Light Company 7,740 235,586
Central & South West Corporation 10,300 206,000
Cinergy Corporation 7,660 184,798
CMS Energy Corporation 5,680 177,145
Consolidated Edison, Inc. 10,700 369,150
Constellation Energy Group 7,200 208,800
Dominion Resources, Inc. 9,315 365,614
DTE Energy Company 7,000 219,625
Duke Energy Corporation 17,602 882,300
Edison International 16,818 440,421
Entergy Corporation 11,924 307,043
Firstenergy Corporation 11,300 256,369
Florida Progress Corporation 4,790 202,677
FPL Group, Inc. 8,700 372,469
GPU, Inc. 6,000 179,625
Illinova Corporation 177,300 6,161,175
New Century Energies, Inc. 5,543 168,369
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
*Niagra Mohawk Holdings, Inc. 9,100 $ 126,831
Northern States Power Company 7,469 145,646
Peco Energy Company 9,000 312,750
PG&E Corporation 18,590 381,095
Pinnacle West Capital Corporation 4,120 125,918
PP&L Resources, Inc. 7,600 173,850
Public Service Enterprise Group, Inc. 10,577 368,212
Reliant Energy, Inc. 14,319 327,547
Southern Company 33,020 775,970
Texas Utilities Company 13,370 475,471
Unicom Corporation 10,482 351,147
-------------
21,384,503
-------------
Electrical Equipment--0.1%
*Bolder Technologies Corporation 7,400 94,350
Emerson Electric Company 20,970 1,203,154
National Service Industries, Inc. 2,000 59,000
Thomas & Betts Corporation 2,750 87,656
-------------
1,444,160
-------------
Electronics--6.5%
*Adaptec, Inc. 4,930 245,884
*Advanced Micro Devices, Inc. 7,157 207,106
Altera Corporation 137,700 6,824,756
*Anadigics, Inc. 4,200 198,188
*Analog Devices, Inc. 8,320 773,760
Applied Micro Circuits Corporation 95,100 12,101,475
*ASE Test Ltd. GDR 60,300 1,469,813
*ASM Lithography Holding NV 59,300 6,745,375
AVX Corporation 48,700 2,431,956
*Broadcom Corporation Class A 17,000 4,630,375
*Cree Research, Inc. 6,300 537,863
CTS Corporation 33,300 2,509,988
*Cymer, Inc. 9,400 432,400
Dallas Semiconductor Corporation 103,300 6,656,394
*DSP Group, Inc. 2,200 204,600
*E-Tek Dynamics, Inc. 25,500 3,432,938
*International Rectifier Corporation 20,200 525,200
*Kemet Corporation 10,300 464,144
*Kent Electronics Corporation 24,900 566,475
Kyocera Corporation 3,200 829,989
*Lernout & Hauspie Speech Products NV 11,800 545,750
Linear Technology Corporation 93,700 6,705,406
*LSI Logic Corporation 56,527 3,815,573
Maxim Integrated Products, Inc. 921,800 43,497,438
*Microchip Technology, Inc. 98,000 6,706,875
*Micron Technology, Inc. 270,723 21,048,713
Molex, Inc. Class A 200,000 9,050,000
Molex, Inc. 7,500 425,156
Motorola, Inc. 43,553 6,413,179
*National Semiconductor Corporation 45,605 1,952,464
PMC-Sierra, Inc. 28,300 4,536,844
*Polycom, Inc. 34,500 2,197,219
Qlogic Corporation 233,000 37,250,875
*Sawtek, Inc. 3,900 259,594
*Solectron Corporation 64,050 6,092,756
</TABLE>
70
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
Vantagepoint Growth Fund Shares Value
<S> <C> <C>
- ------------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------------------
Taiwan Semiconductor Manufacturing Company Ltd. ADR 56,100 $ 2,524,500
Teradyne, Inc. 8,300 547,800
Texas Instruments, Inc. 73,306 7,101,519
*Vitesse Semiconductor Corporation 28,400 1,489,225
Xerox Corporation 32,049 727,112
Xilinx, Inc. 101,000 4,592,349
-------------
219,269,026
-------------
Entertainment & Leisure--1.9%
Carnival Corporation 223,233 10,673,328
*Harrah's Entertainment, Inc. 6,216 164,336
Hasbro, Inc. 9,400 179,188
*Macrovision Corporation 14,100 1,043,400
Mattel, Inc. 20,288 266,280
Royal Caribbean Cruises Ltd. 159,500 7,865,344
Time Warner, Inc. 379,268 27,473,226
Walt Disney Company 600,476 17,563,923
-------------
65,229,025
-------------
Financial Services--4.9%
American Express Company 21,686 3,605,298
Bear Stearns & Company, Inc. 5,850 250,088
Charles Schwab & Company, Inc. 1,056,797 40,554,585
Countrywide Credit Industries, Inc. 5,400 136,350
Daiwa Securities Company Ltd. 1,052,000 16,464,221
Federal Agricultural Mortgage Corporation 56,000 1,130,500
Federal Home Loan Mortgage Corporation 33,640 1,583,183
Federal National Mortgage Association 446,980 27,908,314
Franklin Resources, Inc. 12,183 390,617
Jafco Company Ltd. 24,000 8,573,945
Kokusai Securities Company Ltd. 190,000 2,977,300
Lehman Brothers, Inc. 5,840 494,575
Merrill Lynch & Company, Inc. 17,904 1,494,984
Morgan Stanley Dean Witter & Company 45,180 6,449,445
Nikko Securities Company Ltd. 771,000 9,757,313
Nomura Securities Company Ltd. 567,000 10,238,943
Old Kent Financial Corporation 5,700 201,638
Paine Webber Group, Inc. 7,090 275,181
Providian Financial Corporation 267,005 24,314,143
Republic New York Corporation 4,970 357,840
T. Rowe Price Associates, Inc. 232,100 8,573,194
Worthington Industries, Inc. 4,440 73,538
-------------
165,805,195
-------------
Food Retailers--0.1%
Albertson's, Inc. 20,274 653,837
Great Atlantic & Pacific Tea Company 1,890 52,684
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------
Kroger Company 40,080 $ 756,510
Winn Dixie, Inc. 7,195 172,230
-------------
1,635,261
-------------
Forest Products & Paper--0.5%
Bemis Company 2,570 89,629
Boise Cascade Corporation 2,700 109,350
Champion International Corporation 4,580 283,674
Fort James Corporation 10,681 292,392
Georgia-Pacific Group 8,270 419,703
Ikon Office Solutions, Inc. 7,213 49,139
International Paper Company 19,986 1,127,960
Kimberly-Clark Corporation 161,140 10,514,385
Louisiana Pacific Corporation 5,240 74,670
Mead Corporation 5,000 217,188
*Pactiv Corporation 8,246 87,614
Polymer Group, Inc. 20,200 368,650
Potlatch Corporation 1,400 62,475
*Sealed Air Corporation 4,020 208,286
Temple Inland, Inc. 2,700 178,031
Westvaco Corporation 4,800 156,600
Weyerhauser Company 11,380 817,226
Willamette Industries, Inc. 5,410 251,227
-------------
15,308,199
-------------
Health Care Providers--0.6%
Columbia/HCA Healthcare Corporation 37,030 1,085,442
*Express Scripts, Inc. Class A 25,100 1,606,400
*Health Management Associates, Inc. 722,200 9,659,425
*Healthsouth Corporation 20,100 108,038
*Manor Care, Inc. 355,600 5,689,600
*Tenet Healthcare Corporation 15,050 353,675
-------------
18,502,580
-------------
Heavy Construction--0.3%
Butler Manufacturing Company 38,700 863,494
Centex Corporation 2,890 71,347
Fluor Corporation 30,700 1,408,363
Foster Wheeler Corporation 23,860 211,758
Martin Marietta Materials, Inc. 193,700 7,941,700
McDermott International, Inc. 3,000 27,188
MYR Group, Inc. 11,000 323,125
-------------
10,846,975
-------------
Heavy Machinery--2.3%
*Applied Materials, Inc. 345,760 43,803,470
Applied Power, Inc. Class A 240,700 8,845,725
*Astec Industries, Inc. 40,300 758,144
Baker Hughes, Inc. 15,899 334,873
Black & Decker Corporation 4,200 219,450
Briggs & Stratton Corporation 1,080 57,915
Caterpillar, Inc. 17,166 807,875
*Cooper Cameron Corporation 5,100 249,581
Cummins Engine Company, Inc. 2,000 96,625
Deere & Company 11,259 488,359
Dover Corporation 10,070 456,926
Eaton Corporation 3,400 246,925
Grainger WW, Inc. 4,471 213,770
Helix Technology Corporation 8,000 358,500
</TABLE>
71
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Vantagepoint
Growth Fund Shares Value
<S> <C> <C>
- -------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------
Ingersoll Rand Company 7,977 $ 439,234
Manitowoc Company, Inc. 126,150 4,289,100
Milacron, Inc. 1,770 27,214
Pall Corporation 5,971 128,750
Parker-Hannifin Corporation 5,190 266,312
Rockwell International Corporation 9,206 440,737
Stanley Works 411,830 12,406,379
Timken Company 3,010 61,517
United Technologies Corporation 23,265 1,512,225
*Varco International, Inc. 127,400 1,297,888
-------------
77,807,494
-------------
Home Construction, Furnishings & Appliances--
0.0%
Bassett Furniture Industries, Inc. 15,100 241,600
Johnson Controls, Inc. 4,100 233,188
Kaufman and Broad Home Corporation 2,340 56,599
Leggett & Platt, Inc. 9,500 203,656
Maytag Corporation 4,220 202,560
Pulte Corporation 2,130 47,925
Whirlpool Corporation 3,600 234,225
-------------
1,219,753
-------------
Household Products--0.4%
Corning, Inc. 64,252 8,284,492
Fortune Brands, Inc. 8,000 264,500
Illinois Tool Works, Inc. 65,544 4,428,317
Jostens, Inc. 1,650 40,116
*Owens-Illinois, Inc. 7,500 187,969
PPG Industries, Inc. 8,410 526,151
Snap-On, Inc. 3,190 84,734
-------------
13,816,279
-------------
Insurance--3.2%
Aetna, Inc. 7,200 401,850
AFLAC Corporation 99,889 4,713,512
Allstate Corporation 38,550 925,200
American General Corporation 12,000 910,500
American International Group, Inc. 558,801 60,420,344
Aon Corporation 12,365 494,600
Arthur J. Gallagher & Co. 700 45,325
Brown & Brown, Inc. 4,300 164,744
Chubb Corporation 8,484 477,755
Cigna Corporation 8,950 721,034
Cincinnati Financial Corporation 8,015 249,968
Conseco, Inc. 15,800 282,425
E.W. Blanch Holdings, Inc. 16,200 992,250
Hartford Financial Services Group 10,880 515,440
*Humana, Inc. 8,133 66,589
Jefferson Pilot Corporation 5,070 346,028
Lincoln National Corporation 9,608 384,320
Marsh & McLennan Companies, Inc. 12,767 1,221,642
MBIA, Inc. 4,800 253,500
MGIC Investment Corporation 5,200 312,975
Progressive Corporation 451,460 33,013,013
St. Paul Companies, Inc. 11,000 370,563
Torchmark Corporation 6,420 186,581
United Healthcare Corporation 8,400 446,250
Unumprovident Corporation 11,540 370,001
*Wellpoint Health Networks 3,100 204,406
-------------
108,490,815
-------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
Lodging--0.4%
Hilton Hotels Corporation 17,800 $ 171,325
Marriott International Class A 11,990 378,434
*Mirage Resorts, Inc. 796,014 12,188,964
-------------
12,738,723
-------------
Media--Broadcasting & Publishing--3.6%
*Allegiance Telecom, Inc. 48,100 4,437,225
American Greetings Corporation 3,220 76,073
AT&T Corporation--Liberty Media Group 264,164 14,991,293
BHC Communications, Inc. Class A 40,400 6,464,000
*Cablevision Systems Corporation 123,600 9,331,800
*CBS Corporation 36,855 2,356,417
Chris-Craft Industries, Inc. 54,636 3,940,622
*Clear Channel Communications 16,313 1,455,935
Comcast Corporation 36,173 1,828,997
Cox Communications, Inc. Class A 657,953 33,884,580
*Cox Radio, Inc. Class A 1,200 119,700
Dow Jones & Company, Inc. 4,366 296,888
EchoStar Communications Corporation Class A 16,100 1,569,750
*Entercom Communications Corporation 600 39,600
Gannett Company, Inc. 349,720 28,524,038
Knight Ridder, Inc. 3,900 232,050
*Liberty Digital, Inc. Class A 34,500 2,561,625
McGraw-Hill Companies, Inc. 9,480 584,205
*MediaOne Group, Inc. 29,355 2,254,831
Meredith Corporation 2,468 102,885
New York Times Company 8,460 415,598
*Sinclair Broadcast Group, Inc. Class A 23,000 280,671
*TCI Satellite Entertainment, Inc.--A 4,200 67,200
Times Mirror Company Class A 2,880 192,960
Tribune Company 11,470 631,567
TV Guide, Inc. 33,800 1,453,400
*USA Networks, Inc. 8,500 469,625
Viacom, Inc. Class B 52,593 3,178,589
-------------
121,742,124
-------------
Medical Supplies--1.2%
Allergan, Inc. 29,500 1,467,625
*Alza Corporation 4,943 171,151
Bard C.R., Inc. 2,480 131,440
Bausch & Lomb, Inc. 2,810 192,309
Baxter International, Inc. 14,070 883,772
Becton Dickinson & Company 12,100 323,675
Biomet, Inc. 31,450 1,258,000
*Boston Scientific Corporation 19,953 436,472
*Cygnus, Inc. 2,900 52,925
Fresenius Medical Care AG 27,400 777,475
Guidant Corporation 154,339 7,253,933
Johnson & Johnson 105,156 9,792,634
*KLA-Tencor Corporation 4,260 474,458
Mallinckrodt, Inc. 3,430 109,117
Medtronics, Inc. 181,977 6,630,787
*Patterson Dental Company 134,500 5,733,063
</TABLE>
72
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
Vantagepoint
Growth Fund Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------------------
PE Corporation 41,420 $ 4,983,344
*St. Jude Medical, Inc. 4,080 125,205
Tektronix, Inc. 2,200 85,525
*Thermo Electron Corporation 7,656 114,840
-------------
40,997,750
-------------
Metals & Mining--0.3%
Alcan Aluminum Ltd. 10,910 449,356
Alcoa, Inc. 17,680 1,467,440
Allegheny Technologies, Inc. 4,650 104,323
Barrick Gold Corporation 18,906 334,400
*Bethlehem Steel Corporation 6,370 53,349
Cooper Industries, Inc. 4,500 181,969
Crane Company 3,290 65,389
Danaher Corporation 55,489 2,677,344
*Freeport-McMoRan Copper & Gold, Inc. 7,881 166,486
Homestake Mining Company 12,651 98,836
*Inco Ltd. 63,700 1,489,349
Inco Ltd. 16,050 377,175
Masco Corporation 21,401 543,050
Newmont Mining Corporation 8,148 199,626
Nucor Corporation 4,183 229,281
Phelps Dodge Corporation 3,720 249,705
Placer Dome, Inc. 15,716 168,947
Reynolds Metals Company 3,000 229,875
USX US Steel Group, Inc. 4,200 138,600
-------------
9,224,500
-------------
Oil & Gas--3.8%
Amerada Hess Corporation 4,370 247,998
Anadarko Petroleum Corporation 6,100 208,163
Apache Corporation 5,519 203,858
Ashland, Inc. 3,500 115,281
Atlantic Richfield Company 15,593 1,348,795
*Atwood Oceanics, Inc. 97,700 3,773,663
*BJ Services Company 9,000 376,313
Burlington Resources, Inc. 10,500 347,156
*Cal Dive International, Inc. 38,600 1,278,625
Chevron Corporation 31,750 2,750,344
Coastal Corporation 10,340 366,424
Columbia Energy Group 3,950 249,838
*Companie Generale de Geophysique SA ADR (France) 40,300 387,888
Conoco, Inc. Class B 30,330 754,459
Consolidated Natural Gas Company 4,619 299,946
Diamond Offshore Drilling, Inc. 57,400 1,754,288
Dynegy, Inc. 41,700 1,013,831
Eastern Enterprises 1,320 75,818
El Paso Energy Corporation 11,030 428,102
Enron Corporation 34,456 1,528,985
Ensco International, Inc. 412,000 9,424,500
Exxon Mobil Corporation 166,725 13,431,816
*Global Marine, Inc. 1,234,800 20,528,550
Helmerich & Payne, Inc. 98,788 2,154,813
Kerr-McGee Corporation 4,100 254,200
*Marine Drilling Company, Inc. 420,100 9,425,994
*Nabors Industries, Inc. 25,800 798,188
*National-Oilwell, Inc. 38,300 600,831
Nicor, Inc. 2,200 71,500
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
*Noble Drilling Corporation 198,900 $ 6,513,975
Oneok, Inc. 1,500 37,688
Peoples Energy Corporation 1,680 56,280
Phillips Petroleum Company 12,240 575,280
*Rowan Companies, Inc. 4,010 86,967
Royal Dutch Petroleum Company 103,649 6,264,286
*R&B Falcon Corporation 660,200 8,747,650
Santa Fe International Corporation 165,200 4,274,550
Schlumberger Ltd. 220,533 12,404,981
Sempra Energy 11,600 201,550
*Smith International, Inc. 215,700 10,717,594
Sunoco, Inc. 25,100 589,850
Texaco, Inc. 26,680 1,449,058
Tosco Corporation 7,332 199,339
Transocean Sedco Forex, Inc. 43,091 1,451,634
Union Pacific Resources Group, Inc. 12,200 155,550
Unocal Corporation 11,690 392,346
USX Marathon Group 14,950 369,078
Williams Companies, Inc. 21,021 642,454
-------------
129,330,277
-------------
Pharmaceuticals--7.4%
Abbott Laboratories 73,503 2,669,078
*Abgenix, Inc. 2,000 265,000
American Home Products Corporation 468,750 18,486,328
Amgen, Inc. 606,282 36,414,799
Biogen, Inc. 533,600 45,089,200
Bristol-Myers Squibb Company 157,000 10,077,438
Cardinal Health, Inc. 214,843 10,285,609
*Cephalon, Inc. 10,600 366,363
*COR Therapeutics, Inc. 10,700 287,563
Eli Lilly & Company 52,820 3,512,530
IDEC Pharmaceuticals Corporation 12,200 1,198,650
Immnunex Corporation 289,200 31,667,400
*Immunogen, Inc. 9,500 52,250
McKesson HBOC, Inc. 13,646 307,888
*MedImmune, Inc. 16,000 2,654,000
Merck & Company, Inc. 199,840 13,401,770
Millipore Corporation 2,100 81,113
Omnicare, Inc. 323,200 3,878,400
Pfizer, Inc. 1,010,340 32,772,904
Pharmacia & Upjohn, Inc. 106,140 4,776,300
Schering-Plough Corporation 139,590 5,888,953
Sigma Aldrich Corporation 4,850 145,803
Warner-Lambert Company 276,425 22,649,573
*Watson Pharmaceutical, Inc. 4,600 164,738
-------------
247,093,650
-------------
Photographic Equipment & Supplies--0.1%
Eastman Kodak Company 15,260 1,010,975
Optical Coating Laboratory, Inc. 5,800 1,716,800
Polaroid Corporation 2,200 41,388
-------------
2,769,163
-------------
Restaurants--0.1%
CEC Entertainment, Inc. 3,600 102,150
Darden Restaurants, Inc. 6,399 115,982
*Lone Star Steakhouse & Saloon, Inc. 9,300 82,974
</TABLE>
73
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Vantagepoint
Growth Fund Shares Value
<S> <C> <C>
- --------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------
McDonald's Corporation 65,500 $ 2,640,469
Outback Steakhouse, Inc. 1 13
*The Cheesecake Factory, Inc. 18,900 661,500
*Tricon Global Restaurants, Inc. 7,380 285,053
Wendy's International, Inc. 5,877 121,213
-------------
4,009,354
-------------
Retailers--3.6%
*Autozone, Inc. 7,200 232,650
*Bed Bath & Beyond, Inc. 243,000 8,444,250
Best Buy Company, Inc. 213,316 10,705,797
CCS Corporation 174,030 6,950,323
Circuit City Stores 9,728 438,368
*Consolidated Stores Corporation 5,300 86,125
*Costco Wholesale Corporation 10,630 969,988
Dayton Hudson Corporation 59,300 4,354,844
Dillards, Inc. Class A 5,220 105,379
Dollar General 311,185 7,079,459
*Federated Department Stores 10,060 508,659
Fred's, Inc. 800 12,750
Harcourt General, Inc. 3,398 136,770
J.C. Penney Company, Inc. 12,700 253,206
*K Mart Corporation 23,900 240,494
Longs Drugstores Corporation 1,930 49,818
May Department Stores Company 16,120 519,870
Office Depot, Inc. 317,330 3,470,797
Rite Aid Corporation 12,540 140,291
*Safeway, Inc. 444,721 15,815,391
Sears Roebuck & Company 18,360 558,833
Sherwin Williams Company 8,169 171,549
Staples, Inc. 338,792 7,029,934
Tandy Corporation 9,390 461,871
Tiffany & Co. 8,100 722,925
TJX Companies, Inc. 119,760 2,447,595
*Toys "R" Us, Inc. 11,937 170,848
Walgreen Company 48,490 1,418,333
Wal-Mart Stores, Inc. 636,429 43,993,155
*Williams-Sonoma, Inc. 53,000 2,438,000
-------------
119,928,272
-------------
Telephone Systems--2.8%
Alcatel SA ADR (France) 12,300 553,500
Alltel Corporation 27,397 2,265,389
*Amdocs Ltd. 5,000 172,500
*Anaren Microwave, Inc. 5,600 303,100
AT&T Corporation 298,981 15,173,295
*AudioCodes Ltd. 2,500 230,000
Bell Atlantic Corporation 75,080 4,622,113
BellSouth Corporation 91,100 4,264,619
*Cable & Wireless Optus Ltd. 121,600 406,643
Centurytel, Inc. 6,660 315,518
*China Telecom Ltd. ADR (Hong Kong) 12,200 1,568,463
*CommScope, Inc. 7,500 302,344
DDI Corporation 72 986,591
*Digital Lightware, Inc. 5,400 345,600
Exodus Communications, Inc. 73,200 6,501,075
*Global Crossing Ltd. 36,880 1,844,000
GTE Corporation 47,065 3,321,024
*Latitude Communications, Inc. 3,000 78,375
MCI Worldcom, Inc. 326,280 17,313,233
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- ----------------------------------------------------------------------
Nortel Networks Corporation 64,151 $ 6,479,251
*Pacific Century Cyberworks Ltd. 1,726,000 4,018,818
*Rural Cellular Corporation Class A 6,500 588,250
SBC Communications, Inc. 164,810 8,034,468
Sprint Corporation (FON Group) 41,936 2,822,817
*Sprint Corporation (PCS Group) 34,732 3,560,030
Telephone & Data Systems, Inc. 25,700 3,238,200
*Triton PCS Holdings, Inc. 7,900 359,450
US West, Inc. 24,420 1,758,240
Vodafone AirTouch PLC ADR (United Kingdom) 20,150 997,425
*VoiceStream Wireless Corporation 22,200 3,159,338
--------------
95,583,669
--------------
Textiles, Clothing & Fabrics--0.0%
Liz Claiborne, Inc. 2,900 109,113
Nike, Inc. 13,562 672,167
*Reebok International Ltd. 2,720 22,270
Russell Corporation 1,600 26,800
Springs Industries, Inc. 850 33,947
VF Corporation 5,800 174,000
--------------
1,038,297
--------------
Transportation--3.1%
Alexander & Baldwin, Inc. 43,300 987,781
Brunswick Corporation 4,500 100,125
Burlington Northern Santa Fe 22,500 545,625
CSX Corporation 10,530 330,379
C.H. Robinson Worldwide, Inc. 183,700 7,302,075
Dial Corporation 216,500 5,263,656
Fleetwood Enterprises, Inc. 1,640 33,825
Florida East Coast Industries, Inc. 16,100 672,175
*FMC Corporation 1,500 85,969
Kansas City Southern Industries, Inc. 797,764 59,533,139
Norfolk Southern Corporation 18,440 378,020
St. Joe Company 46,900 1,140,256
Union Pacific Corporation 417,990 18,234,814
US Freightways Corporation 219,200 10,494,200
--------------
105,102,039
--------------
TOTAL COMMON STOCKS
(Cost $2,477,982,927) 3,272,289,436
--------------
- ----------------------------------------------------------------------
RIGHTS--0.0%
- ----------------------------------------------------------------------
Telephone Systems--0.0%
Pac-West Telecommunications, Inc.
(Cost $0) 860 0
--------------
- ----------------------------------------------------------------------
WARRANTS--0.0%
- ----------------------------------------------------------------------
Oil & Gas--0.0%
Magnum Hunter Resources, Inc. (Cost $0) 1 0
--------------
</TABLE>
74
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares/
Vantagepoint Growth Fund Face Value
<S> <C> <C>
- -----------------------------------------------------------------
CASH EQUIVALENTS--8.3%
- -----------------------------------------------------------------
Institutional Money Market Funds--2.6%
++Janus Money Market Fund $13,026,306 $ 13,026,306
++Merrimac Cash Fund--Premium Class 74,083,196 74,083,194
-------------
87,109,500
-------------
Bank Deposits/Offshore
Time Deposits--2.9%
++American Express Centurion Bank 12,899,088 12,899,088
++Bank of Montreal 23,026,302 23,026,302
++BankBoston NA 8,804,206 8,804,206
++Bank of Nova Scotia 13,026,302 13,026,302
++Harris Trust & Savings Bank 23,447,349 23,447,349
++Royal Bank of Scotland PLC 12,899,088 12,899,088
++Toronto Dominion 5,210,524 5,210,524
-------------
99,312,859
-------------
Floating Rate Instruments/
Master Notes--2.8%
++Goldman Sachs & Co $10,000,000 $ 10,000,000
++John Hancock Mutual Life 24,000,000 24,000,000
++Morgan Stanley Dean Witter & Company 59,000,000 59,000,000
-------------
93,000,000
-------------
TOTAL CASH EQUIVALENTS
(Cost $279,422,359) 279,422,359
-------------
</TABLE>
<TABLE>
- ---------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- ---------------------------------------------------
REPURCHASE AGREEMENTS--2.7%
- ---------------------------------------------------
IBT Repurchase Agreement dated
12/31/1999 due 01/03/2000, with a
maturity value of $89,453,780 and
an effective yield of 3.06%
collateralized by Federal National
Mortgage Association ARM with a
rate of 6.98%, a maturity date of
04/02/2026 and a market value of
$4,177,645, Federal Home Loan
Mortgage Corporation with a rate
of 6.00%, a maturity date of
03/08/2004 and a market value of
$12,889,795, Federal National
Mortgage Association Floater with
a rate of 6.72%, a maturity date
of 11/16/2009 and a market value
of $20,138,000, Federal Home Loan
Bank with a rate of 5.55%, a
maturity date of 01/29/2004, and a
market value of $10,998,600,
Federal Home Loan Mortgage
Corporation with a rate of 6.50%,
a maturity date of 06/15/2028 and
a market value $7,061,919, Federal
Home Loan Mortgage Corporation
Gold with a rate of 8.00%, a
maturity date of 12/01/2021, and a
market value of $622,981, Federal
National Mortgage Association with
a rate of 6.45% a maturity date of
03/06/2002 and a market value of
$4,393,388, Federal National
Mortgage Association ARM with a
rate of 5.98%, a maturity date of
09/01/2029 and a market value of
$10,540,773, Federal Home Loan
Mortgage Corporation with a rate
of 5.91%, a maturity date of
05/15/2008 and a market value of
$10,227,576, Federal National
Mortgage Assosiation ARM, with a
rate of 6.77%, a maturity date of
09/01/2023 and a market value of
$4,651,899, Federal National
Mortgage Association CMT Floater,
with a rate of 5.87%, a maturity
date of 01/25/2022 and a market
value of $2,770,667, Federal
National Mortgage Asssociation,
with a rate of 7.50%, a maturity
date of 02/01/2010 and a market
value of $5,437,554 $ 89,430,975 $ 89,430,975
--------------
TOTAL INVESTMENTS--108.3%
**(Cost $2,846,836,261) 3,641,142,770
Other assets less liabilities--
(8.3%) (279,447,390)
--------------
TOTAL NET ASSETS--100.0% $3,361,695,380
==============
Unrealized appreciation $ 773,406,579
Unrealized depreciation (8,143,170)
--------------
Net unrealized appreciation $ 765,263,409
==============
</TABLE>
Notes to the Schedule of Investments
ADR American Depositary Receipt
GDR Global Depository Receipt
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$2,875,879,361. Unrealized appreciation and depreciation, based on
identified tax cost at December 31, 1999 are as follows:
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
75
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Vantagepoint Growth & Income Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--96.3%
- ---------------------------------------------------------------
Advertising--1.1%
Interpublic Group, Inc. 27,000 $ 1,557,563
Omnicom Group 6,000 600,000
Young & Rubicam, Inc. 6,000 424,500
------------
2,582,063
------------
Aerospace & Defense--0.5%
Lockheed Martin Corporation 18,000 393,750
Raytheon Company Class B 12,000 318,750
Textron, Inc. 6,000 460,125
------------
1,172,625
------------
Airlines--0.2%
*Continental Airlines, Inc. Class B 12,000 532,500
------------
Automotive--0.4%
Delphi Automotive Systems Corporation 24,403 384,347
Federal-Mogul Corporation 25,000 503,125
------------
887,472
------------
Banking--7.5%
Associates First Capital Corporation 26,184 718,424
Bank of America Corporation 43,994 2,207,949
Bank One Corporation 51,200 1,641,600
Capital One Financial Corporation 12,200 587,887
Citigroup, Inc. 82,000 4,556,125
Comerica, Inc. 3,300 154,069
Fifth Third Bancorp 15,200 1,115,300
First Security Corporation 20,100 513,180
Firstar Corporation 51,900 1,096,387
Household International, Inc. 23,500 875,375
Northern Trust Corporation 6,100 323,300
SLM Holding Corporation 22,400 946,400
Washington Mutual, Inc. 43,048 1,119,248
Wells Fargo & Company 36,300 1,467,882
Zions Bancorporation 7,000 414,312
------------
17,737,438
------------
Beverages, Food & Tobacco--2.2%
Anheuser Busch Companies, Inc. 15,642 1,108,627
Campbell Soup Company 24,900 963,319
Kellogg Company 54,000 1,663,875
Pepsico, Inc. 15,700 553,425
Philip Morris Companies, Inc. 16,703 387,301
Sysco Corporation 13,500 534,093
------------
5,210,640
------------
Building Materials--1.8%
Home Depot, Inc. 50,200 3,441,832
Lowe's Companies, Inc. 13,100 782,725
------------
4,224,557
------------
Chemicals--1.0%
Avery-Dennison Corporation 2,700 196,763
Clorox Company 26,800 1,350,050
Praxair, Inc. 16,200 815,063
------------
2,361,876
------------
Commercial Services--0.6%
*Quintiles Transnational Corporation 60,100 1,123,119
Service Corporation International 46,800 324,675
------------
1,447,794
------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------
Communications--4.7%
JDS Uniphase Corporation 7,900 $ 1,274,369
Lucent Technologies, Inc. 29,700 2,221,931
*Newbridge Networks Corporation 7,000 157,938
*Nextel Communications, Inc. Class A 11,600 1,196,250
Nokia Corporation ADR (Finland) 20,900 3,971,000
Qualcomm, Inc. 11,100 1,954,988
Tellabs, Inc. 3,700 237,494
------------
11,013,970
------------
Computer Software &
Processing--8.4%
America Online, Inc. 32,300 2,436,631
Autodesk, Inc. 32,000 1,080,000
*BMC Software, Inc. 15,300 1,223,044
*Cadence Design Systems, Inc. 97,600 2,342,400
Electronic Data Systems Corporation 8,800 589,050
Microsoft Corporation 48,300 5,639,025
Oracle Corporation 16,100 1,804,208
Peoplesoft, Inc. 61,800 1,317,113
*Policy Management System Corporation 18,900 483,131
Sun Microsystems, Inc. 25,200 1,951,425
Veritas Software Corporation 4,600 658,376
------------
19,524,403
------------
Computers & Information--6.9%
*Apple Computer, Inc. 10,500 1,079,532
Cisco Systems, Inc. 33,900 3,631,538
Compaq Computer Corporation 39,100 1,058,144
Comverse Technology, Inc. 4,100 593,475
Dell Computer Corporation 41,500 2,116,500
EMC Corporation 13,700 1,496,725
Hewlett-Packard Company 10,400 1,184,950
Intel Corporation 25,900 2,131,893
International Business Machines Corporation 10,800 1,166,400
Lexmark International Group, Inc. 3,800 343,900
*Williams Communications Group, Inc. 2,400 69,450
*Yahoo!, Inc. 3,159 1,366,860
------------
16,239,367
------------
Cosmetics & Personal Care--1.9%
Avon Products, Inc. 18,000 594,000
Colgate-Palmolive Company 18,200 1,183,000
Ecolab, Inc. 40,000 1,565,000
Estee Lauder Companies Class A 20,600 1,039,013
------------
4,381,013
------------
Diversified--4.3%
*Berkshire Hathaway, Inc. Class A 6 336,600
General Electric Company 37,900 5,865,018
Tyco International Ltd. 99,400 3,864,175
------------
10,065,793
------------
</TABLE>
76
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------
<CAPTION>
Vantagepoint Growth & Income Fund Shares Value
<S> <C> <C>
- ------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
Electric Utilities--1.6%
*AES Corporation 23,000 $ 1,719,250
American Electric Power, Inc. 20,000 642,500
Cinergy Corporation 15,000 361,875
*Niagra Mohawk Holdings, Inc. 32,000 446,000
Northeast Utilities 28,000 575,750
------------
3,745,375
------------
Electrical Equipment--0.4%
Emerson Electric Company 15,000 860,625
------------
Electronics--5.2%
*Agilent Technologies, Inc. 10,300 796,319
Maxim Integrated Products, Inc. 26,000 1,226,875
Motorola, Inc. 22,000 3,239,500
Solectron Corporation 15,400 1,464,925
Sony Corporation ADR (Japan) 7,100 2,021,725
*Teradyne, Inc. 26,300 1,735,800
Texas Instruments, Inc. 8,700 842,812
Xilinx, Inc. 17,700 804,797
------------
12,132,753
------------
Entertainment & Leisure--2.0%
Carnival Corporation 37,400 1,788,188
Hasbro, Inc. 40,050 763,453
Time Warner, Inc. 30,600 2,216,588
------------
4,768,229
------------
Financial Services--1.4%
American Express Company 9,400 1,562,750
Indymac Mortgage Holdings 59,500 758,625
Providian Financial Corporation 10,600 965,263
------------
3,286,638
------------
Food Retailers--0.5%
Albertson's, Inc. 33,000 1,064,250
------------
Forest Products & Paper--2.1%
Bowater, Inc. 11,100 602,869
Fort James Corporation 34,000 930,750
Kimberly-Clark Corporation 26,700 1,742,175
*Sealed Air Corporation 19,900 1,031,069
Weyerhaeuser Company 7,900 567,319
------------
4,874,182
------------
Health Care Providers--0.2%
*PacifiCare Health Systems, Inc. 9,200 487,600
------------
Heavy Machinery--3.9%
*Applied Materials, Inc. 20,700 2,622,431
Baker Hughes, Inc. 40,000 842,500
Black & Decker Corporation 9,000 470,250
Dover Corporation 30,700 1,393,013
*Lam Research Corporation 7,000 780,938
Rockwell International Corporation 5,600 268,100
United Technologies Corporation 42,000 2,730,000
------------
9,107,232
------------
Household Products--0.8%
Corning, Inc. 5,200 670,475
Illinois Tool Works, Inc. 17,000 1,148,563
------------
1,819,038
------------
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Insurance--3.5%
Allstate Corporation 12,900 $ 309,600
American General Corporation 11,700 887,738
American International Group, Inc. 20,825 2,251,703
Cincinnati Financial Corporation 41,000 1,278,688
Jefferson Pilot Corporation 4,000 273,000
Lincoln National Corporation 18,114 724,560
The PMI Group, Inc. 23,100 1,127,569
United Healthcare Corporation 11,000 584,375
XL Captial Ltd. 16,000 830,000
------------
8,267,233
------------
Lodging--0.1%
*Mirage Resorts, Inc. 20,600 315,438
------------
Media--Broadcasting & Publishing--7.9%
*Adelphia Communications Corporation Class A 12,500 820,313
American Greetings Corporation 39,700 937,913
AT&T Corporation-Liberty Media Group 91,400 5,186,950
*Cablevision Systems Corporation 21,300 1,608,150
*CBS Corporation 20,900 1,336,294
*Clear Channel Communications 18,900 1,686,825
Comcast Corporation 20,400 1,031,475
*Fox Entertainment Group, Inc. 65,000 1,620,938
New York Times Company 6,500 319,313
Viacom, Inc. Class B 66,800 4,037,226
------------
18,585,397
------------
Medical Supplies--4.3%
Allergan, Inc. 8,900 442,775
Bausch & Lomb, Inc. 6,400 438,000
Becton Dickinson & Company 27,100 724,925
Guidant Corporation 48,100 2,260,694
Johnson & Johnson 18,900 1,760,063
*KLA-Tencor Corporation 12,000 1,336,500
Medtronics, Inc. 26,000 947,375
PE Corporation-PE Biosystems Group 18,000 2,165,625
------------
10,075,957
------------
Metals & Mining--0.3%
Alcoa, Inc. 6,000 498,000
Hubbell, Inc. Class B 11,000 299,750
------------
797,750
------------
Oil & Gas--4.3%
Burlington Resources, Inc. 12,300 406,668
Chevron Corporation 6,000 519,750
Conoco, Inc. 40,100 992,475
Enron Corporation 35,400 1,570,875
Exxon Mobil Corporation 47,017 3,787,772
Royal Dutch Petroleum Company (Netherlands) 18,100 1,093,919
Schlumberger Ltd. 5,300 298,125
Shell Transport & Trading Company ADR (United Kingdom) 6,600 325,050
Transocean Sedco Forex, Inc. 1,026 34,566
Williams Companies, Inc. 38,700 1,182,769
------------
10,211,969
------------
</TABLE>
77
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Vantagepoint Growth & Income Fund Shares Value
<S> <C> <C>
- --------------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
Pharmaceuticals--5.7%
Amgen, Inc. 21,400 $ 1,285,338
AstraZeneca Group PLC ADR (United Kingdom) 56,249 2,348,375
Biogen, Inc. 6,300 532,350
Bristol-Myers Squibb Company 18,400 1,181,050
*Forest Laboratories, Inc. 26,000 1,597,375
Genentech, Inc. 3,600 484,200
Immunex Corporation 4,900 536,550
Pfizer, Inc. 51,700 1,677,019
Schering-Plough Corporation 43,600 1,839,376
Warner-Lambert Company 23,100 1,892,757
------------
13,374,390
------------
Restaurants--0.2%
*Starbucks Corporation 20,000 485,000
------------
Retailers--4.2%
*Amazon.com, Inc. 4,900 373,013
*AutoNation, Inc. 50,000 462,500
Blockbuster, Inc. Class A 15,000 200,625
CVS Corporation 16,500 658,968
Circuit City Stores 8,000 360,500
*Costco Wholesale Corporation 2,800 255,500
Dayton Hudson Corporation 16,700 1,226,406
Tandy Corporation 22,100 1,087,044
TJX Companies, Inc. 47,700 974,869
Wal-Mart Stores, Inc. 51,800 3,580,675
*Williams-Sonoma, Inc. 15,600 717,600
------------
9,897,700
------------
Telephone Systems--5.1%
Alltel Corporation 14,600 1,207,237
AT&T Corporation 20,500 1,040,375
*Loral Space & Communications 14,800 359,825
MCI Worldcom, Inc. 29,550 1,567,996
*Omnipoint Corporation 3,900 470,438
SBC Communications, Inc. 23,400 1,140,750
Sprint Corporation (FON Group) 70,600 4,752,263
*Sprint Corporation (PCS Group) 9,800 1,004,500
*VoiceStream Wireless Corporation 3,500 498,094
------------
12,041,478
------------
Textiles, Clothing &
Fabrics--0.7%
Nike, Inc. 4,700 232,944
*Tommy Hilfiger Corporation 36,000 839,250
VF Corporation 21,500 645,000
------------
1,717,194
------------
Transportation--0.4%
Galileo International, Inc. 21,000 628,688
Union Pacific Corporation 7,400 322,825
------------
951,513
------------
TOTAL COMMON STOCKS
(Cost $179,967,220) 226,248,452
------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
- -------------------------------------------------------------------
<S> <C> <C>
CASH EQUIVALENTS--5.7%
- -------------------------------------------------------------------
Institutional Money Market Funds--0.8%
++Janus Money Market Fund $ 623,392 $ 623,392
++Merrimac Cash Fund--Premium Class 1,143,390 1,143,390
------------
1,766,782
------------
Bank Deposits/Offshore
Time Deposits--3.0%
++American Express Centurion Bank 623,392 623,392
++Bank of Montreal 623,392 623,392
++BankBoston NA 3,240,325 3,240,325
++Bank of Nova Scotia 623,392 623,392
++Harris Trust & Savings Bank 1,122,105 1,122,105
++Royal Bank of Scotland PLC 623,392 623,392
++Toronto Dominion 249,356 249,356
------------
7,105,354
------------
Floating Rate Instruments/ Master Notes--1.9%
++John Hancock Mutual Life 2,000,000 2,000,000
++Morgan Stanley Dean Witter & Company 2,500,000 2,500,000
------------
4,500,000
------------
TOTAL CASH EQUIVALENTS
(Cost $13,372,136) 13,372,136
------------
- -------------------------------------------------------------------
REPURCHASE AGREEMENTS--3.0%
- -------------------------------------------------------------------
IBT Repurchase Agreement dated 12/31/1999 due
01/03/2000, with a maturity value of $7,073,028 and
an effective yield of 3.06% collateralized by Small
Business Association with a rate of 6.88%, a
maturity date of 07/25/2024 and a market value of
$2,549,440, Federal National Mortgage Association
with a rate of 6.98%, a maturity date of 06/01/2027
and a market value of $354,784, Federal National
Mortgage Association with a rate of 6.57%, a
maturity date of 06/20/2002 and a market
value of $4,528,493 7,070,903 7,070,903
------------
TOTAL INVESTMENTS--104.9%
**(Cost $200,410,259) 246,691,491
Other assets less liabilities--(4.9%) (11,629,033)
------------
TOTAL NET ASSETS--100.0% $235,062,458
============
</TABLE>
Notes to the Schedule of Investments:
ADR American Depositary Receipt
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$200,926,058. Unrealized appreciation and depreciation, based on identified
tax cost at December 31, 1999 are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $49,082,840
Unrealized depreciation (3,317,407)
-----------
Net unrealized appreciation $45,765,433
===========
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
78
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Vantagepoint Equity Income Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--94.9%
- ---------------------------------------------------------------
Aerospace & Defense--2.8%
Boeing Company 28,000 $ 1,163,750
Honeywell International, Inc. 138,837 8,009,159
Lockheed Martin Corporation 50,000 1,093,750
Raytheon Company Class B 101,500 2,696,094
TRW, Inc. 17,000 882,938
------------
13,845,691
------------
Automotive--2.4%
Delphi Automotive Systems Corporation 205,600 3,238,200
Ford Motor Company 137,181 7,330,610
Genuine Parts Company 42,552 1,055,822
------------
11,624,632
------------
Banking--11.8%
Associates First Capital Corporation 55,900 1,533,756
Bank of America Corporation 96,457 4,840,936
Bank One Corporation 141,325 4,531,233
Chase Manhattan Corporation 61,705 4,793,707
Citigroup, Inc. 128,000 7,112,000
First Union Corporation 154,304 5,063,100
Fleet Boston Financial Corporation 148,808 5,180,379
JP Morgan & Company, Inc. 10,817 1,369,703
Mellon Financial Corporation 97,056 3,305,970
Mercantile Bankshares Corporation 30,400 970,900
National City Corporation 27,000 639,563
PNC Bank Corporation 31,500 1,401,750
Unionbancal Corporation 83,500 3,293,031
US Bancorp 224,222 5,339,286
Wachovia Corporation 58,617 3,985,956
Washington Mutual, Inc. 101,397 2,636,322
Wells Fargo & Company 31,300 1,265,694
------------
57,263,286
------------
Beverages, Food & Tobacco--6.8%
Bestfoods 75,800 3,984,238
Brown Forman Corporation 20,500 1,173,625
Campbell Soup Company 26,712 1,033,421
General Mills, Inc. 69,022 2,467,537
Heinz HJ Company 148,749 5,922,070
Hershey Foods Corporation 40,900 1,942,750
Hormel Foods Corporation 61,600 2,502,500
Philip Morris Companies, Inc. 275,400 6,385,838
Quaker Oats Company 24,395 1,600,922
Supervalu, Inc. 163,600 3,272,000
UST, Inc. 56,537 1,424,026
Whitman Corporation 120,000 1,612,500
------------
33,321,427
------------
Chemicals--4.5%
Air Products & Chemicals, Inc. 155,800 5,229,035
Dow Chemicals Company 40,057 5,352,617
Du Pont (E.I.) de Nemours & Company 41,446 2,730,255
Great Lakes Chemical Corporation 30,500 1,164,719
Hercules, Inc. 48,000 1,338,000
International Flavors & Fragrances 45,900 1,732,725
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------
Lyondell Chemical Company 124,800 $ 1,591,200
Occidental Petroleum Corporation 132,800 2,871,800
------------
22,010,351
------------
Commercial Services--2.7%
Dun & Bradstreet Corporation 75,000 2,212,500
Halliburton Company 90,000 3,622,500
RR Donnelley & Sons Company 70,000 1,736,875
Waste Management, Inc. 322,600 5,544,688
------------
13,116,563
------------
Computers & Information--2.6%
Compaq Computer Corporation 50,000 1,353,125
Hewlett-Packard Company 37,180 4,236,196
International Business Machines Corporation 42,600 4,600,800
Minnesota Mining & Manufacturing Company 25,090 2,455,684
------------
12,645,805
------------
Diversified--1.0%
Armstrong World Industries, Inc. 25,000 834,375
Newell Rubbermaid, Inc. 131,400 3,810,600
------------
4,644,975
------------
Electric Utilities--6.3%
Cinergy Corporation 196,000 4,728,500
DQE, Inc. 93,800 3,247,825
Duke Energy Corporation 25,684 1,287,411
Entergy Corporation 150,000 3,862,500
Firstenergy Corporation 41,000 930,188
FPL Group, Inc. 29,040 1,243,275
Northeast Utilities 225,000 4,626,563
Pinnacle West Capital Corporation 47,500 1,451,719
Reliant Energy, Inc. 168,200 3,847,575
Scottish Power PLC ADR 25,416 711,653
Southern Company 49,305 1,158,668
Teco Energy, Inc. 23,076 428,348
Unicom Corporation 96,700 3,239,450
------------
30,763,675
------------
Electrical Equipment--0.6%
Thomas & Betts Corporation 84,067 2,679,636
------------
Electronics--1.2%
Xerox Corporation 256,900 5,828,419
------------
Entertainment & Leisure--0.5%
Walt Disney Company 85,000 2,486,250
------------
Financial Services--2.2%
American Express Company 11,800 1,961,750
CIT Group, Inc. Class A 149,100 3,149,738
Federal National Mortgage Association 88,906 5,551,068
------------
10,662,556
------------
Food Retailers--0.9%
Albertson's, Inc. 138,200 4,456,947
------------
Forest Products & Paper--3.5%
Consolidated Papers, Inc. 36,000 1,145,250
Fort James Corporation 160,000 4,380,000
Ikon Office Solutions, Inc. 200,000 1,362,500
</TABLE>
79
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Vantagepoint Equity Income Fund Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
International Paper Company 131,068 $ 7,397,150
Kimberly-Clark Corporation 40,359 2,633,425
------------
16,918,325
------------
Health Care Providers--0.7%
Columbia/HCA Healthcare Corporation 108,500 3,180,406
------------
Heavy Machinery--3.2%
Baker Hughes, Inc. 328,300 6,914,819
Caterpillar, Inc. 32,477 1,528,449
Grainger WW, Inc. 41,000 1,960,313
Hussmann International, Inc. 90,100 1,357,131
Pall Corporation 79,500 1,714,219
Stanley Works 75,000 2,259,375
------------
15,734,306
------------
Home Construction, Furnishings & Appliances--0.5%
Johnson Controls, Inc. 45,900 2,610,563
------------
Household Products--0.2%
Fortune Brands, Inc. 24,765 818,793
------------
Insurance--6.0%
Ace Ltd. 215,400 3,594,488
Allstate Corporation 100,000 2,400,000
American General Corporation 26,783 2,032,160
Chubb Corporation 15,700 884,106
Cigna Corporation 53,600 4,318,150
Hartford Financial Services Group 107,900 5,111,763
Jefferson Pilot Corporation 26,912 1,836,744
Lincoln National Corporation 22,286 891,440
St. Paul Companies, Inc. 53,865 1,814,577
Unumprovident Corporation 70,000 2,244,375
XL Captial Ltd. 83,100 4,310,813
------------
29,438,616
------------
Lodging--0.6%
Hilton Hotels Corporation 180,000 1,732,500
Starwood Hotels & Resorts Worldwide, Inc. 53,000 1,245,500
------------
2,978,000
------------
Media--Broadcasting & Publishing--0.5%
Knight Ridder, Inc. 29,000 1,725,500
Reader's Digest Association, Inc. Class A 26,000 760,500
------------
2,486,000
------------
Medical Supplies--0.9%
Baxter International, Inc. 69,000 4,334,063
------------
Metals & Mining--3.0%
Alcoa, Inc. 41,900 3,477,697
Cooper Industries, Inc. 103,900 4,201,456
Corus Group PLC ADR 100,700 2,605,613
Hubbell, Inc. Class B 69,134 1,883,902
Phelps Dodge Corporation 14,000 939,750
Reynolds Metals Company 18,000 1,379,250
------------
14,487,668
------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------------------
Oil & Gas--9.8%
Amerada Hess Corporation 31,000 $ 1,759,250
Atlantic Richfield Company 76,766 6,640,259
BP Amoco PLC ADR 48,598 2,882,469
Chevron Corporation 55,966 4,848,055
Consolidated Natural Gas Company 49,718 3,228,563
ENI SpA ADR 44,000 2,425,500
Exxon Mobil Corporation 72,380 5,831,114
Phillips Petroleum Company 50,900 2,392,300
Repsol SA ADR 126,000 2,929,500
Royal Dutch Petroleum Company (Netherlands) 33,781 2,041,639
Texaco, Inc. 126,732 6,883,132
Total Fina SA ADR 44,300 3,067,775
Unocal Corporation 45,000 1,510,313
Williams Companies, Inc. 47,100 1,439,494
------------
47,879,363
------------
Pharmaceuticals--4.3%
Abbott Laboratories 137,574 4,995,652
American Home Products Corporation 138,847 5,475,779
Merck & Company, Inc. 20,134 1,350,236
Pharmacia & Upjohn, Inc. 198,786 8,945,370
------------
20,767,037
------------
Photographic Equipment & Supplies--0.4%
Eastman Kodak Company 29,741 1,970,341
------------
Real Estate--1.8%
Equity Office Properties Trust REIT 84,300 2,075,888
Equity Residential Properties Trust REIT 67,720 2,890,798
Rouse Company 100,000 2,125,000
Simon Property Group, Inc. 80,000 1,835,000
------------
8,926,686
------------
Restaurants--0.7%
Wendy's International, Inc. 166,800 3,440,250
------------
Retailers--3.2%
J.C. Penney Company, Inc. 156,321 3,116,650
*K Mart Corporation 352,700 3,549,044
May Department Stores Company 71,465 2,304,746
Rite Aid Corporation 100,000 1,118,750
*Toys "R" Us, Inc. 379,400 5,430,163
------------
15,519,353
------------
Telephone Systems--7.6%
Alltel Corporation 41,700 3,448,069
AT&T Corporation 42,700 2,167,032
BCE, Inc. 26,500 2,389,969
Bell Atlantic Corporation 104,700 6,445,594
GTE Corporation 113,062 7,977,937
SBC Communications, Inc. 173,699 8,467,826
Sprint Corporation (FON Group) 40,000 2,692,500
US West, Inc. 50,123 3,608,856
------------
37,197,783
------------
</TABLE>
80
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares/
Vantagepoint Equity Income Fund Face Value
<S> <C> <C>
- -------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
Transportation--1.7%
Burlington Northern Santa Fe 31,000 $ 751,750
Norfolk Southern Corporation 150,240 3,079,920
Union Pacific Corporation 106,097 4,628,482
------------
8,460,152
------------
TOTAL COMMON STOCKS
(Cost $473,996,402) 462,497,918
------------
- -------------------------------------------------------------------
COMMERCIAL PAPER--0.5%
- -------------------------------------------------------------------
Special Purpose Entity--0.5%
FCAR Owner Trust
(Cost $2,489,810) $ 2,500,000 2,489,810
------------
- -------------------------------------------------------------------
CASH EQUIVALENTS--4.9%
- -------------------------------------------------------------------
Institutional Money Market Funds--1.9%
++Janus Money Market Fund 1,112,588 1,112,588
++Merrimac Cash Fund--Premium Class 8,213,112 8,213,112
------------
9,325,700
------------
Bank Deposits/Offshore
Time Deposits--2.6%
++American Express Centurion Bank 1,172,260 1,172,260
++Bank of Montreal 1,112,588 1,112,588
++BankBoston NA 5,522,599 5,522,599
++Bank of Nova Scotia 1,112,588 1,112,588
++Harris Trust & Savings Bank 2,002,654 2,002,654
++Royal Bank of Scotland PLC 1,172,260 1,172,260
++Toronto Dominion 445,035 445,035
------------
12,539,984
------------
Floating Rate Instruments/ Master Notes--0.4%
++John Hancock Mutual Life 2,000,000 2,000,000
------------
TOTAL CASH EQUIVALENTS (Cost $23,865,694) 23,865,684
------------
</TABLE>
<TABLE>
- --------------------------------------------------
<CAPTION>
Vantagepoint Equity Shares/
Income Fund Face Value
<S> <C> <C>
- --------------------------------------------------
REPURCHASE AGREEMENT--3.9%
- --------------------------------------------------
IBT Repurchase Agreement dated
12/31/1999 due 01/03/2000, with a
maturity value of $18,834,062 and
an effective yield of 3.06%
collateralized by Small Business
Association with a rate of 7.25%, a
maturity date of 02/25/2016 and a
market value of $1,514,183,
Prudential Home Mortgage Securities
with a rate of 6.09%, a maturity
date of 01/25/2024 and a market
value of $4,609,422, Federal Home
Loan Mortgage Corporation with a
rate of 7.03%, a maturity date of
10/01/2022 and a market value of
$3,955,569, Government National
Mortgage Association ARM with a
rate of 6.75%, a maturity date of
08/20/2023 and a market
value of $9,691,781. $ 18,829,161 $ 18,829,161
------------
TOTAL INVESTMENTS--104.3%
** (Cost $519,181,067) 507,682,573
Other assets less liabilities--
(4.3%) (20,992,378)
------------
TOTAL NET ASSETS--100.0% $486,690,195
============
</TABLE>
Notes to the Schedule of Investments:
ADR American Depositary Receipt
REIT Real Estate Investment Trust
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$519,365,017. Unrealized appreciation and depreciation, based on identified
tax cost at December 31, 1999 are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 28,117,927
Unrealized depreciation (39,800,371)
-------------
Net unrealized depreciation $ (11,682,444)
=============
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
81
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares/
Vantagepoint Asset Allocation Fund Face Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--53.9%
- ----------------------------------------------------------------
Advertising--0.1%
Interpublic Group, Inc. 13,600 $ 784,550
Omnicom Group 8,600 860,000
--------------
1,644,550
--------------
Aerospace & Defense--0.6%
Boeing Company 45,392 1,886,605
General Dynamics Corporation 9,600 506,400
Honeywell International, Inc. 38,125 2,199,336
Lockheed Martin Corporation 19,000 415,625
Northrop Grumman Corporation 3,400 183,813
Raytheon Company Class B 16,300 432,969
*Teledyne Technologies, Inc. 0 1
Textron, Inc. 7,300 559,819
TRW, Inc. 5,900 306,431
--------------
6,490,999
--------------
Airlines--0.2%
*AMR Corporation 7,300 489,100
Delta Air Lines, Inc. 6,800 338,725
FDX Corporation 14,340 587,044
Southwest Airlines, Inc. 24,275 392,952
*U.S. Airways Group, Inc. 3,400 109,013
--------------
1,916,834
--------------
Apparel Retailers--0.3%
Gap, Inc. 41,387 1,903,802
*Kohls Corporation 7,900 570,281
Nordstrom, Inc. 6,700 175,456
The Limited, Inc. 10,300 446,119
--------------
3,095,658
--------------
Automotive--0.6%
Cooper Tire & Rubber Company 3,600 56,025
Dana Corporation 7,924 237,225
Delphi Automotive Systems Corporation 27,235 428,951
Ford Motor Company 58,414 3,121,498
General Motors Corporation 31,100 2,260,581
Genuine Parts Company 8,625 214,008
Goodyear Tire & Rubber Company 7,500 211,406
ITT Industries, Inc. 4,200 140,438
*Navistar International Corporation 3,200 151,600
Paccar, Inc. 3,810 168,831
The Pep Boys 2,500 22,813
--------------
7,013,376
--------------
Banking--3.9%
Amsouth Bancorp 19,000 366,938
Associates First Capital Corporation 35,142 964,209
Bank of America Corporation 83,416 4,186,429
Bank of New York
Company, Inc. 35,500 1,420,000
Bank One Corporation 56,569 1,813,744
BB&T Corporation 15,400 421,575
Capital One Financial Corporation 9,500 457,781
Chase Manhattan Corporation 40,180 3,121,484
Citigroup, Inc. 162,572 9,032,907
Comerica, Inc. 7,550 352,491
Fifth Third Bancorp 14,550 1,067,606
First Union Corporation 46,184 1,515,413
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares/
Face Value
<S> <C> <C>
- -------------------------------------------------------------
Firstar Corporation 47,501 $ 1,003,452
Fleet Boston Financial Corporation 44,426 1,546,573
Golden West Financial Corporation 8,100 271,350
Household International, Inc. 23,119 861,183
Huntington Bancshares, Inc. 11,097 264,941
JP Morgan & Company, Inc. 8,500 1,076,313
KeyCorp 21,600 477,900
MBNA Corporation 38,627 1,052,586
Mellon Financial Corporation 24,800 844,750
National City Corporation 29,800 705,888
Northern Trust Corporation 10,800 572,400
PNC Bank Corporation 14,700 654,150
Regions Financial Corporation 10,800 271,350
Safeco Corporation 6,300 156,713
SLM Holding Corporation 7,800 329,550
Southtrust Corporation 8,100 306,281
State Street Corporation 7,800 569,888
Summit Bancorp 8,500 260,313
Suntrust Banks, Inc. 15,500 1,066,594
Synovus Financial Corporation 13,100 260,363
Union Planters Corporation 6,900 272,119
US Bancorp 35,324 841,153
Wachovia Corporation 9,800 666,400
Washington Mutual, Inc. 27,943 726,518
Wells Fargo & Company 79,660 3,221,251
--------------
43,000,556
--------------
Beverages, Food & Tobacco--2.2%
Adolph Coor Company Class B 1,800 94,500
Anheuser Busch
Companies, Inc. 22,600 1,601,775
Archer-Daniels-Midland Company 29,740 362,456
Bestfoods 13,500 709,594
Brown Forman Corporation 3,300 188,925
Campbell Soup Company 21,000 812,438
Coca Cola Company 119,200 6,943,400
Coca Cola Enterprises, Inc. 20,500 412,563
Conagra, Inc. 23,500 530,219
General Mills, Inc. 14,700 525,525
Heinz HJ Company 17,250 686,766
Hershey Foods Corporation 6,700 318,250
Kellogg Company 19,500 600,844
Nabisco Group Holdings Corporation 15,700 166,813
Pepsico, Inc. 70,600 2,488,650
Philip Morris Companies, Inc. 115,400 2,675,838
Quaker Oats Company 6,500 426,563
Ralston-Ralston Purina Group 15,600 434,850
Sara Lee Corporation 43,600 961,925
Supervalu, Inc. 6,700 134,000
Sysco Corporation 16,000 633,000
Unilever NV (Netherlands) 27,634 1,504,326
UST, Inc. 8,400 211,575
Wm. Wrigley Jr. Company 5,600 464,450
--------------
23,889,245
--------------
Building Materials--0.8%
Home Depot, Inc. 107,400 7,363,613
Lowe's Companies, Inc. 18,400 1,099,400
Owens Corning 2,600 50,213
Vulcan Materials Company 4,800 191,700
--------------
8,704,926
--------------
</TABLE>
82
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
Chemicals--0.9%
Air Products &
Chemicals, Inc. 11,000 $ 369,188
Avery-Dennison Corporation 5,500 400,813
Clorox Company 11,400 574,275
Dow Chemicals Company 10,629 1,420,300
Du Pont (E.I.) de Nemours & Company 50,400 3,320,100
Eastman Chemical Company 3,775 180,020
Engelhard Corporation 6,037 113,948
Goodrich BF Company 5,300 145,750
Great Lakes Chemical Corporation 2,800 106,925
Hercules, Inc. 5,100 142,163
International Flavors & Fragrances 5,100 192,525
Monsanto Company 30,600 1,090,125
Occidental Petroleum Corporation 16,790 363,084
Praxair, Inc. 7,700 387,406
Rohm & Haas Company 10,475 426,202
Tupperware Corporation 2,700 45,731
Union Carbide Corporation 6,400 427,200
*W.R. Grace & Company 3,400 47,175
--------------
9,752,930
--------------
Commercial Services--0.4%
*Allied Waste Industries, Inc. 9,100 80,194
*Cendant Corporation 34,700 921,719
Ceridian Corporation 6,900 148,781
Deluxe Corporation 3,600 98,775
Dun & Bradstreet Corporation 7,700 227,150
Equifax, Inc. 6,900 162,581
First Data Corporation 20,200 996,113
*Gartner Group, Inc. 0 2
Halliburton Company 21,300 857,325
H&R Block, Inc. 4,700 205,625
Paychex, Inc. 11,900 476,000
*Quintiles Transnational Corporation 5,500 102,781
RR Donnelley & Sons Company 6,100 151,356
Ryder System, Inc. 3,100 75,756
Service Corporation International 13,100 90,881
Waste Management, Inc. 29,827 512,652
--------------
5,107,691
--------------
Communications--2.0%
*ADC Telecommunications, Inc. 7,200 522,450
*Andrew Corporation 3,887 73,610
*General Instrument Corporation 8,400 714,000
Lucent Technologies, Inc. 150,919 11,290,628
Network Appliance, Inc. 7,200 598,050
*Nextel Communications, Inc. Class A 17,500 1,804,688
Qualcomm, Inc. 31,200 5,495,100
Scientific Atlanta, Inc. 3,700 205,813
Tellabs, Inc. 18,900 1,213,144
--------------
21,917,483
--------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
Computer Software & Processing--
5.5%
Adobe Systems, Inc. 5,900 $ 396,775
America Online, Inc. 107,000 8,071,801
Autodesk, Inc. 2,800 94,500
Automatic Data Processing, Inc. 29,900 1,610,863
*BMC Software, Inc. 11,600 927,275
*Citrix Systems, Inc. 4,300 528,900
Computer Associates International, Inc. 25,925 1,813,130
Compuware Corporation 17,200 640,700
Electronic Data Systems Corporation 22,800 1,526,175
Microsoft Corporation 248,600 29,024,050
*Novell, Inc. 16,100 642,994
Oracle Corporation 68,680 7,696,453
*Parametric Technology Corporation 13,000 351,813
Peoplesoft, Inc. 11,700 249,356
Shared Medical Systems Corporation 1,300 66,219
Sun Microsystems, Inc. 74,800 5,792,325
*Unisys Corporation 14,700 469,481
--------------
59,902,810
--------------
Computers & Information--6.5%
*3 Com Corporation 16,600 780,200
*Apple Computer, Inc. 7,800 801,938
*Cabletron Systems, Inc. 8,400 218,400
Cisco Systems, Inc. 157,050 16,823,981
Compaq Computer Corporation 82,069 2,220,992
*Computer Sciences Corporation 7,700 728,613
*Comverse Technology, Inc. 3,400 492,150
Dell Computer Corporation 122,700 6,257,700
EMC Corporation 48,950 5,347,788
Gateway, Inc. 15,100 1,088,144
Hewlett-Packard Company 48,900 5,571,544
IMS Health, Inc. 15,100 410,528
Intel Corporation 159,700 13,145,306
International Business Machines Corporation 86,900 9,385,200
*Lexmark International Group, Inc. 6,200 561,100
Pitney Bowes, Inc. 12,900 623,231
*Seagate Technology, Inc. 10,000 465,625
*Silicon Graphics, Inc. 9,100 89,294
*Yahoo!, Inc. 12,800 5,538,400
--------------
70,550,134
--------------
Containers & Packaging--0.0%
Ball Corporation 1,500 59,063
Crown Cork & Seal Company, Inc. 5,900 132,013
--------------
191,076
--------------
Cosmetics & Personal Care--1.1%
Alberto Culver Company Class B 2,700 69,694
Avon Products, Inc. 12,600 415,800
Colgate-Palmolive Company 28,200 1,833,000
Ecolab, Inc. 6,200 242,575
Gillette Company 51,700 2,129,394
Procter & Gamble Company 64,200 7,033,913
*Water Pik Tecnologies, Inc. 0 3
--------------
11,724,379
--------------
</TABLE>
83
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- -------------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
Diversified--2.8%
Armstrong World Industries, Inc. 1,900 $ 63,413
General Electric Company 158,200 24,481,450
Loews Corporation 5,200 315,575
Minnesota Mining & Manufacturing Company 19,500 1,908,563
Nacco Industries, Inc. Class A 400 22,225
Newell Rubbermaid, Inc. 13,560 393,240
PerkinElmer, Inc. 2,200 91,713
Seagram Company Ltd. (Canada) 20,872 937,936
Tyco International Ltd. 80,752 3,139,234
--------------
31,353,349
--------------
Electric Utilities--0.9%
*AES Corporation 10,000 747,500
Ameren Corporation 6,600 216,150
American Electric Power, Inc. 9,300 298,763
Carolina Power & Light Company 7,700 234,369
Central & South West Corporation 10,200 204,000
Cinergy Corporation 7,600 183,350
CMS Energy Corporation 5,700 177,769
Consolidated Edison, Inc. 10,600 365,700
Constellation Energy Group 7,200 208,800
Dominion Resources, Inc. 9,250 363,063
DTE Energy Company 7,000 219,625
Duke Energy Corporation 17,612 882,802
Edison International 16,700 437,331
Entergy Corporation 11,900 306,425
Firstenergy Corporation 11,200 254,100
Florida Progress Corporation 4,700 198,869
FPL Group, Inc. 8,600 368,188
GPU, Inc. 6,000 179,625
New Century Energies, Inc. 5,500 167,063
*Niagra Mohawk Holdings, Inc. 9,000 125,438
Northern States Power Company 7,400 144,300
Peco Energy Company 9,000 312,750
PG&E Corporation 18,500 379,250
Pinnacle West Capital Corporation 4,100 125,306
PP&L Resources, Inc. 7,600 173,850
Public Service Enterprise Group, Inc. 10,600 369,013
Reliant Energy, Inc. 14,226 325,420
Southern Company 32,900 773,150
Texas Utilities Company 13,367 475,364
Unicom Corporation 10,500 351,750
--------------
9,569,083
--------------
Electrical Equipment--0.1%
Emerson Electric Company 21,000 1,204,875
National Service Industries, Inc. 1,900 56,050
Thomas & Betts Corporation 2,700 86,063
--------------
1,346,988
--------------
Electronics--1.3%
*Adaptec, Inc. 5,000 249,375
*Advanced Micro Devices, Inc. 7,100 205,456
*Analog Devices, Inc. 8,400 781,200
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------
*LSI Logic Corporation 7,100 $ 479,250
*Micron Technology, Inc. 12,100 940,775
Molex, Inc. 7,500 425,156
Motorola, Inc. 29,300 4,314,425
*National Semiconductor Corporation 8,100 346,781
Solectron Corporation 14,200 1,350,775
*Teradyne, Inc. 8,300 547,800
Texas Instruments, Inc. 38,000 3,681,250
Xerox Corporation 32,000 726,000
Xilinx, Inc. 15,400 700,220
--------------
14,748,463
--------------
Entertainment & Leisure--0.9%
Carnival Corporation 29,600 1,415,250
*Harrah's Entertainment, Inc. 6,150 162,591
Hasbro, Inc. 9,375 178,711
Mattel, Inc. 20,278 266,149
Time Warner, Inc. 62,040 4,494,023
Walt Disney Company 99,500 2,910,375
--------------
9,427,099
--------------
Financial Services--1.7%
American Express Company 21,700 3,607,625
Bear Stearns & Company, Inc. 5,933 253,636
Charles Schwab & Company, Inc. 39,448 1,513,817
Countrywide Credit Industries, Inc. 5,400 136,350
Federal Home Loan Mortgage Corporation 33,600 1,581,300
Federal National Mortgage Association 49,500 3,090,656
Franklin Resources, Inc. 12,100 387,956
Lehman Brothers, Inc. 5,800 491,188
Merrill Lynch & Company, Inc. 17,900 1,494,650
Morgan Stanley Dean Witter & Company 26,915 3,842,116
Old Kent Financial Corporation 5,700 201,638
Paine Webber Group, Inc. 7,000 271,688
Providian Financial Corporation 6,900 628,331
Republic New York Corporation 5,100 367,200
T. Rowe Price Associates, Inc. 5,800 214,238
Worthington Industries, Inc. 4,375 72,461
--------------
18,154,850
--------------
Food Retailers--0.1%
Albertson's, Inc. 20,242 652,805
Great Atlantic & Pacific Tea Company 1,800 50,175
Kroger Company 40,000 755,000
Winn Dixie, Inc. 7,100 169,956
--------------
1,627,936
--------------
Forest Products & Paper--0.6%
Bemis Company 2,500 87,188
Boise Cascade Corporation 2,700 109,350
Champion International Corporation 4,600 284,913
Fort James Corporation 10,600 290,175
Georgia-Pacific Group 8,300 421,225
Ikon Office Solutions, Inc. 7,200 49,050
International Paper Company 19,949 1,125,872
Kimberly-Clark Corporation 25,720 1,678,230
Louisiana Pacific Corporation 5,100 72,675
</TABLE>
84
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- --------------------------------------------------------------
COMMON STOCKS--(Continued)
- --------------------------------------------------------------
Mead Corporation 4,900 $ 212,844
*Pactiv Corporation 8,200 87,125
Potlatch Corporation 1,400 62,475
*Sealed Air Corporation 4,065 210,618
Temple Inland, Inc. 2,700 178,031
Westvaco Corporation 4,800 156,600
Weyerhauser Company 11,400 818,663
Willamette Industries, Inc. 5,400 250,763
--------------
6,095,797
--------------
Health Care Providers--0.1%
Columbia/HCA Healthcare Corporation 27,177 796,626
*Healthsouth Corporation 20,000 107,500
*Manor Care, Inc. 5,100 81,600
*Tenet Healthcare Corporation 14,900 350,150
--------------
1,335,876
--------------
Heavy Construction--0.0%
Centex Corporation 2,800 69,125
Fluor Corporation 3,700 169,738
Foster Wheeler Corporation 1,900 16,863
McDermott International, Inc. 2,800 25,375
--------------
281,101
--------------
Heavy Machinery--0.7%
*Applied Materials, Inc. 18,200 2,305,713
Baker Hughes, Inc. 15,780 332,366
Black & Decker Corporation 4,200 219,450
Briggs & Stratton Corporation 1,100 58,988
Caterpillar, Inc. 17,200 809,475
Cummins Engine Company, Inc. 2,000 96,625
Deere & Company 11,300 490,138
Dover Corporation 10,100 458,288
Eaton Corporation 3,500 254,188
Grainger WW, Inc. 4,500 215,156
Ingersoll Rand Company 7,950 437,747
Milacron, Inc. 1,700 26,138
Pall Corporation 5,966 128,642
Parker-Hannifin Corporation 5,225 268,108
Rockwell International Corporation 9,200 440,450
Stanley Works 4,300 129,538
Timken Company 2,900 59,269
United Technologies Corporation 23,300 1,514,500
--------------
8,244,779
--------------
Home Construction, Furnishings & Appliances--
0.1%
Johnson Controls, Inc. 4,100 233,188
Kaufman and Broad Home Corporation 2,300 55,631
Leggett & Platt, Inc. 9,400 201,513
Maytag Corporation 4,200 201,600
Pulte Corporation 2,000 45,000
Whirlpool Corporation 3,600 234,225
--------------
971,157
--------------
Household Products--0.3%
Corning, Inc. 11,800 1,521,463
Fortune Brands, Inc. 8,000 264,500
Illinois Tool Works, Inc. 14,500 979,656
Jostens, Inc. 1,600 38,900
*Owens-Illinois, Inc. 7,500 187,969
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------
PPG Industries, Inc. 8,424 $ 527,027
Snap-On, Inc. 3,150 83,672
--------------
3,603,187
--------------
Insurance--1.6%
Aetna, Inc. 7,237 403,915
AFLAC Corporation 12,800 604,000
Allstate Corporation 38,538 924,912
American General Corporation 12,024 912,321
American International Group, Inc. 74,790 8,086,657
Aon Corporation 12,325 493,000
Chubb Corporation 8,560 482,035
Cigna Corporation 9,000 725,063
Cincinnati Financial Corporation 7,900 246,381
Conseco, Inc. 15,706 280,745
Hartford Financial Services Group 10,900 516,388
*Humana, Inc. 8,000 65,500
Jefferson Pilot Corporation 5,125 349,781
Lincoln National Corporation 9,600 384,000
Marsh & McLennan Companies, Inc. 12,800 1,224,800
MBIA, Inc. 4,800 253,500
MGIC Investment Corporation 5,300 318,994
Progressive Corporation 3,500 255,938
St. Paul Companies, Inc. 10,904 367,329
Torchmark Corporation 6,400 186,000
United Healthcare Corporation 8,400 446,250
Unumprovident Corporation 11,518 369,296
*Wellpoint Health Networks 3,200 211,000
--------------
18,107,805
--------------
Lodging--0.1%
Hilton Hotels Corporation 17,800 171,325
Marriott International Class A 12,000 378,750
* Mirage Resorts, Inc. 9,600 147,000
--------------
697,075
--------------
Media--Broadcasting & Publishing--
1.2%
American Greetings Corporation 3,200 75,600
*CBS Corporation 36,854 2,356,353
*Clear Channel Communications 16,300 1,454,775
Comcast Corporation 36,200 1,830,363
Dow Jones & Company, Inc. 4,400 299,200
Gannett Company, Inc. 13,500 1,101,094
Knight Ridder, Inc. 3,900 232,050
McGraw-Hill Companies, Inc. 9,500 585,438
*MediaOne Group, Inc. 29,300 2,250,606
Meredith Corporation 2,500 104,219
New York Times Company 8,400 412,650
Times Mirror Company Class A 2,900 194,300
Tribune Company 11,400 627,713
Viacom, Inc. Class B 33,646 2,033,480
--------------
13,557,841
--------------
Medical Supplies--1.2%
Allergan, Inc. 6,400 318,400
*Alza Corporation 4,900 169,663
Bard C.R., Inc. 2,500 132,500
Bausch & Lomb, Inc. 2,806 192,036
Baxter International, Inc. 14,100 885,656
</TABLE>
85
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- ----------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------------
Becton Dickinson & Company 12,000 $ 321,000
Biomet, Inc. 5,400 216,000
*Boston Scientific Corporation 19,900 435,313
Guidant Corporation 14,600 686,200
Johnson & Johnson 64,900 6,043,813
*KLA-Tencor Corporation 4,300 478,913
Mallinckrodt, Inc. 3,400 108,163
Medtronics, Inc. 56,600 2,062,363
PE Corporation--PE Biosystems Group 4,900 589,531
*St. Jude Medical, Inc. 4,050 124,284
Tektronix, Inc. 2,250 87,469
*Thermo Electron Corporation 7,600 114,000
--------------
12,965,304
--------------
Metals & Mining--0.5%
Alcan Aluminum Ltd. 10,900 448,944
Alcoa, Inc. 17,700 1,469,100
Allegheny Technologies, Inc. 4,583 102,831
Barrick Gold Corporation 18,800 332,525
*Bethlehem Steel Corporation 6,300 52,763
Cooper Industries, Inc. 4,600 186,013
Crane Company 3,225 64,097
Danaher Corporation 6,900 332,925
*Freeport-McMoRan Copper & Gold, Inc. 7,800 164,775
Homestake Mining Company 12,500 97,656
*Inco Ltd. 9,200 216,200
Masco Corporation 21,300 540,488
Newmont Mining Corporation 8,068 197,666
Nucor Corporation 4,200 230,213
Phelps Dodge Corporation 3,728 250,242
Placer Dome, Inc. 15,700 168,775
Reynolds Metals Company 3,000 229,875
USX US Steel Group, Inc. 4,220 139,260
--------------
5,224,348
--------------
Oil & Gas--3.2%
Amerada Hess Corporation 4,400 249,700
Anadarko Petroleum Corporation 6,100 208,163
Apache Corporation 5,500 203,156
Ashland, Inc. 3,500 115,281
Atlantic Richfield Company 15,600 1,349,400
Burlington Resources, Inc. 10,502 347,222
Chevron Corporation 31,700 2,746,013
Coastal Corporation 10,300 365,006
Columbia Energy Group 4,000 253,000
Conoco, Inc. Class B 30,200 751,225
Consolidated Natural Gas Company 4,600 298,713
Eastern Enterprises 1,300 74,669
El Paso Energy Corporation 11,000 426,938
Enron Corporation 34,400 1,526,500
Exxon Mobil Corporation 166,529 13,415,993
Helmerich & Payne, Inc. 2,300 50,169
Kerr-McGee Corporation 4,171 258,602
Nicor, Inc. 2,300 74,750
Oneok, Inc. 1,500 37,688
Peoples Energy Corporation 1,700 56,950
Phillips Petroleum Company 12,200 573,400
*Rowan Companies, Inc. 4,000 86,750
Royal Dutch Petroleum Company (Netherlands) 103,500 6,255,281
Schlumberger Ltd. 26,400 1,485,000
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------
Sempra Energy 11,569 $ 201,011
Sunoco, Inc. 4,300 101,050
Texaco, Inc. 26,700 1,450,144
Tosco Corporation 7,300 198,469
Transocean Sedco Forex, Inc. 5,111 172,178
Union Pacific Resources Group, Inc. 12,103 154,313
Unocal Corporation 11,710 393,017
USX Marathon Group 14,900 367,844
Williams Companies, Inc. 20,900 638,756
--------------
34,886,351
--------------
Pharmaceuticals--3.7%
Abbott Laboratories 73,400 2,665,327
American Home Products Corporation 63,100 2,488,506
Amgen, Inc. 49,200 2,955,075
Bristol-Myers Squibb Company 95,900 6,155,581
Cardinal Health, Inc. 13,200 631,950
Eli Lilly & Company 52,800 3,511,200
McKesson HBOC, Inc. 13,489 304,346
Merck & Company, Inc. 113,300 7,598,181
Millipore Corporation 2,100 81,113
Pfizer, Inc. 187,100 6,069,056
Pharmacia & Upjohn, Inc. 24,510 1,102,950
Schering-Plough Corporation 70,900 2,991,094
Sigma Aldrich Corporation 4,800 144,300
Warner-Lambert Company 41,300 3,384,019
*Watson Pharmaceutical, Inc. 4,600 164,738
--------------
40,247,436
--------------
Photographic Equipment &
Supplies--0.1%
Eastman Kodak Company 15,300 1,013,625
Polaroid Corporation 2,100 39,506
--------------
1,053,131
--------------
Restaurants--0.3%
Darden Restaurants, Inc. 6,300 114,188
McDonald's Corporation 65,400 2,636,438
*Tricon Global
Restaurants, Inc. 7,450 287,756
Wendy's International, Inc. 5,800 119,625
--------------
3,158,007
--------------
Retailers--2.4%
*Autozone, Inc. 7,200 232,650
*Bed Bath & Beyond, Inc. 6,700 232,825
*Best Buy Company, Inc. 9,800 491,838
CCS Corporation 18,900 754,819
Circuit City Stores 9,700 437,106
*Consolidated Stores Corporation 5,300 86,125
*Costco Wholesale Corporation 10,638 970,718
Dayton Hudson Corporation 21,400 1,571,563
Dillards, Inc. Class A 5,100 102,956
Dollar General 10,812 245,973
*Federated Department Stores 10,100 510,681
Harcourt General, Inc. 3,402 136,931
J.C. Penney Company, Inc. 12,700 253,206
*K Mart Corporation 23,800 239,488
Longs Drugstores Corporation 1,800 46,463
</TABLE>
86
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
May Department Stores Company 16,100 $ 519,225
*Office Depot, Inc. 18,000 196,875
Rite Aid Corporation 12,500 139,844
*Safeway, Inc. 24,600 874,838
Sears Roebuck & Company 18,300 557,006
Sherwin Williams Company 8,100 170,100
Staples, Inc. 22,400 464,800
Tandy Corporation 9,300 457,444
TJX Companies, Inc. 15,300 312,694
*Toys "R" Us, Inc. 11,900 170,319
Walgreen Company 48,400 1,415,700
Wal-Mart Stores, Inc. 214,900 14,854,963
--------------
26,447,150
--------------
Telephone Systems--4.7%
Alltel Corporation 14,800 1,223,775
AT&T Corporation 154,353 7,833,403
Bell Atlantic Corporation 74,964 4,614,971
BellSouth Corporation 91,000 4,259,938
Centurytel, Inc. 6,700 317,413
*Global Crossing Ltd. 36,625 1,831,250
GTE Corporation 46,862 3,306,700
MCI Worldcom, Inc. 135,647 7,197,742
Nortel Networks Corporation 64,080 6,472,080
SBC Communications, Inc. 164,852 8,036,555
Sprint Corporation
(FON Group) 41,900 2,820,394
*Sprint Corporation (PCS Group) 20,800 2,132,000
US West, Inc. 24,415 1,757,880
--------------
51,804,101
--------------
Textiles, Clothing & Fabrics--0.1%
Liz Claiborne, Inc. 2,900 109,113
Nike, Inc. 13,600 674,050
*Reebok International Ltd. 2,700 22,106
Russell Corporation 1,600 26,800
Springs Industries, Inc. 800 31,950
VF Corporation 5,700 171,000
--------------
1,035,019
--------------
Transportation--0.2%
Brunswick Corporation 4,400 97,900
Burlington Northern Santa Fe 22,456 544,558
CSX Corporation 10,500 329,438
Fleetwood Enterprises, Inc. 1,600 33,000
*FMC Corporation 1,500 85,969
Kansas City Southern Industries, Inc. 5,300 395,513
Norfolk Southern Corporation 18,300 375,150
Union Pacific Corporation 12,000 523,500
--------------
2,385,028
--------------
TOTAL COMMON STOCKS
(Cost $300,561,447) 593,230,908
--------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Face Value
<S> <C> <C>
- ----------------------------------------------------------------------
CORPORATE OBLIGATIONS--4.2%
- ----------------------------------------------------------------------
Banking--1.3%
Bank One NA
6.210%, 10/25/2000 $6,000,000 $ 5,993,031
Countrywide Home
Loans, Inc.
5.145%, 01/13/2000 8,000,000 8,000,304
--------------
13,993,335
--------------
Heavy Machinery--2.9%
Caterpillar Financial Services Corporation
5.800%, 03/15/2000 10,000,000 9,998,480
John Deere Capital Corporation
5.730%, 07/13/2000 15,000,000 14,946,000
Walt Disney Company
5.600%, 01/13/2000 7,500,000 7,499,655
--------------
32,444,135
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $46,536,039) 46,437,470
--------------
- ----------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--
6.7%
- ----------------------------------------------------------------------
U.S. Government Agencies--Mortgage
Backed--0.0%
Federal Home Loan Bank
4.950%, 02/24/2000 20,000,000 19,966,000
Federal Home Loan Bank
5.150%, 01/26/2000 10,000,000 9,964,236
Federal Home Loan Bank
5.510%, 02/02/2000 15,000,000 14,926,533
Federal Home Loan Mortgage Corporation
5.330%, 01/28/2000 19,000,000 18,924,048
Federal National Mortgage Association
5.650%, 02/24/2000 10,000,000 9,915,249
--------------
73,696,066
--------------
TOTAL U.S. GOVERNMENT
AGENCY OBLIGATIONS
(Cost $73,163,717) 73,696,066
--------------
- ----------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--18.0%
- ----------------------------------------------------------------------
U.S. Treasury Bills--0.4%
***U.S. Treasury Bill
5.170%, 03/09/2000
(Cost $4,938,247) 5,000,000 4,951,172
--------------
U.S. Treasury Bonds--17.6%
U.S. Treasury Bond
10.375%, 11/15/2012 3,715,000 4,516,028
U.S. Treasury Bond
10.625%, 08/15/2015 600,000 817,032
U.S. Treasury Bond
11.250%, 02/15/2015 2,390,000 3,378,480
U.S. Treasury Bond
11.750%, 11/15/2014 2,050,000 2,770,698
</TABLE>
87
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Face Value
<S> <C> <C> <C>
- ----------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--(Continued)
- ----------------------------------------------------------------------------
***U.S. Treasury Bond
12.000%, 08/15/2013 $15,300,000 $ 20,430,243
U.S. Treasury Bond
12.750%, 11/15/2010 80,000 103,150
U.S. Treasury Bond
5.250%, 11/15/2028 3,070,000 2,530,831
U.S. Treasury Bond
5.500%, 08/15/2028 9,630,000 8,221,613
U.S. Treasury Bond
6.125%, 11/15/2027 12,670,000 11,790,955
U.S. Treasury Bond
6.375%, 08/15/2027 6,345,000 6,094,182
U.S. Treasury Bond
6.500%, 11/15/2026 12,555,000 12,241,125
U.S. Treasury Bond
6.875%, 08/15/2025 6,350,000 6,467,081
U.S. Treasury Bond
7.125%, 02/15/2023 5,220,000 5,436,959
U.S. Treasury Bond
7.250%, 05/15/2016 5,135,000 5,367,667
U.S. Treasury Bond
7.500%, 11/15/2016 7,980,000 8,537,323
U.S. Treasury Bond
7.500%, 11/15/2024 5,910,000 6,452,065
U.S. Treasury Bond
7.625%, 02/15/2025 5,515,000 6,112,164
U.S. Treasury Bond
7.625%, 11/15/2022 65,000 71,317
U.S. Treasury Bond
8.000%, 11/15/2021 5,745,000 6,519,656
U.S. Treasury Bond
8.125%, 08/15/2019 1,570,000 1,789,062
***U.S. Treasury Bond
8.125%, 05/15/2021 9,885,000 11,330,681
U.S. Treasury Bond
8.125%, 08/15/2021 12,720,000 14,600,181
U.S. Treasury Bond
8.500%, 02/15/2020 4,530,000 5,355,312
U.S. Treasury Bond
8.750%, 05/15/2017 6,660,000 7,954,504
U.S. Treasury Bond
8.750%, 05/15/2020 3,215,000 3,891,147
U.S. Treasury Bond
8.750%, 08/15/2020 4,110,000 4,979,512
***U.S. Treasury Bond
8.875%, 08/15/2017 8,245,000 9,964,825
U.S. Treasury Bond
8.875%, 02/15/2019 12,966,000 15,773,956
--------------
193,497,749
--------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $208,813,529) 198,448,921
--------------
- ----------------------------------------------------------------------------
ASSET BACKED SECURITIES--0.5%
- ----------------------------------------------------------------------------
Banking--0.5%
Associates Manufactured Housing Pass Through
5.610%, 02/15/2022
(Cost $5,781,667) 5,781,667 5,790,701
--------------
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Face Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMERCIAL PAPER--15.5%
- ----------------------------------------------------------------
Automotive--0.9%
Toyota Motor Corporation
5.950%, 02/03/2000 $10,000,000 $ 9,945,458
--------------
Banking--3.6%
Bank of America Corporation
5.500%, 01/07/2000 15,000,000 15,000,000
Deutsche Bank AG
6.000%, 01/10/2000 15,000,000 14,977,500
Toronto Dominion Bank
5.880%, 02/07/2000 10,000,000 9,939,567
--------------
39,917,067
--------------
Beverages, Food & Tobacco--1.8%
Coca Cola Company
5.730%, 02/03/2000 10,000,000 9,947,745
General Mills, Inc.
5.600%, 01/28/2000 10,000,000 9,958,001
--------------
19,905,746
--------------
Diversified--2.0%
General Electric Capital Corporation
5.700%, 02/22/2000 10,000,000 10,000,000
Minnesota Mining & Manufacturing Co.
6.000%, 02/15/2000 12,000,000 11,910,000
--------------
21,910,000
--------------
Electronics--1.4%
Xerox Corporation
5.510%, 02/07/2000 15,000,000 14,915,054
--------------
Financial Services--2.2%
Lexington Parker Funding Corporation
6.120%, 01/27/2000 10,000,000 9,955,800
Merrill Lynch & Company, Inc.
5.850%, 02/03/2000 15,000,000 14,919,563
--------------
24,875,363
--------------
Special Purpose Entity--2.7%
Delaware Funding Corporation
6.530%, 01/20/2000 10,000,000 9,965,536
Falcon Asset Securitization
6.180%, 01/19/2000 10,000,000 9,969,100
Greyhawk Funding LLC
6.200%, 01/13/2000 10,000,000 9,979,300
--------------
29,913,969
--------------
Telephone Systems--0.9%
AT&T Corporation
5.810%, 01/27/2000 10,000,000 9,958,039
--------------
TOTAL COMMERCIAL PAPER
(Cost $170,237,845) 171,340,696
--------------
</TABLE>
88
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Vantagepoint Asset Allocation Fund Face Value
<S> <C> <C>
- ------------------------------------------------------------------
CASH EQUIVALENTS--9.5%
- ------------------------------------------------------------------
Institutional Money Market Funds--1.1%
++Janus Money Market Fund $ 4,888,725 $ 4,888,725
++Merrimac Cash Fund--Premium Class 6,719,223 6,719,223
--------------
11,607,948
--------------
Bank Deposits/Offshore Time Deposits--
3.6%
++American Express Centurion Bank 4,809,571 4,809,571
++Bank of Montreal 4,888,725 4,888,725
++BankBoston NA 4,568,883 4,568,883
++Bank of Nova Scotia 4,888,727 4,888,727
++Harris Trust & Savings Bank 8,799,704 8,799,704
++Royal Bank of Scotland PLC 4,809,571 4,809,571
++Toronto Dominion 7,493,072 7,493,072
--------------
40,258,253
--------------
Floating Rate Instruments/Master Notes--
4.8%
++Goldman Sachs & Co 27,000,000 27,000,000
++John Hancock Mutual Life 4,500,000 4,500,000
++Morgan Stanley Dean
Witter & Co. 21,500,000 21,500,000
--------------
53,000,000
--------------
TOTAL CASH EQUIVALENTS (Cost $104,866,201) 104,866,201
- ------------------------------------------------------------------
REPURCHASE AGREEMENTS--0.3%
- ------------------------------------------------------------------
IBT Repurchase Agreement dated 12/31/1999 due
01/03/2000, with a maturity value of
$3,196,184 and an effective yield of 3.06%
collateralized by Government National Mortgage
Association with a rate of 6.38%, a maturity date
of
01/20/2026 and a market value of
$3,355,287. 3,195,369 3,195,369
--------------
TOTAL INVESTMENTS--108.8% **(Cost $913,155,814) 1,197,006,332
Other assets less liabilities--(8.8%) (96,904,916)
--------------
TOTAL NET ASSETS--100.0% $1,100,101,416
==============
</TABLE>
<TABLE>
- -------------------
<S> <C> <C>
- -------------------
</TABLE>
Notes to the Schedule of Investments:
ADR American Depositary Receipt
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$913,191,087. Unrealized appreciation and depreciation, based on identified
tax cost at December 31, 1999 are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $306,509,210
Unrealized depreciation (24,364,691)
------------
Net unrealized appreciation $282,144,519
============
</TABLE>
*** Securities have been pledged as collateral for futures contracts.
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
89
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Vantagepoint U.S. Treasury Securities Shares/
Fund Face Value
- ----------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES--26.1%
- ----------------------------------------------------------------
U.S. Government Agencies--Mortgage Backed--26.1%
Federal Home Loan Mortgage
Corporation
6.500%, 08/01/2028 $2,730,253 $ 2,574,110
Federal National Mortgage
Association
6.000%, 02/01/2029 2,905,395 2,659,950
Federal National Mortgage
Association
6.500%, 08/01/2028 3,808,556 3,588,345
Federal National Mortgage
Association
6.500%, 01/01/2029 1,928,313 1,817,560
Federal National Mortgage
Association
6.000%, 04/01/2029 2,887,083 2,643,185
Government National Mortgage
Association
7.000%, 01/15/2028 2,273,287 2,197,512
Government National Mortgage
Association
6.500%, 08/15/2028 2,793,436 2,624,959
Government National Mortgage
Association
7.000%, 04/15/2029 1,955,071 1,889,291
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $21,057,215) 19,994,912
-----------
- ----------------------------------------------------------------
U.S. TREASURY OBLIGATIONS--66.1%
- ----------------------------------------------------------------
U.S. Treasury Bonds--10.6%
U.S. Treasury Bond
10.750%, 08/15/2005 6,800,000 8,110,088
-----------
U.S. Treasury Notes--55.5%
U.S. Treasury Note
5.500%, 05/31/2003 900,000 876,094
U.S. Treasury Note
7.000%, 07/15/2006 8,500,000 8,705,870
U.S. Treasury Note
7.875%, 11/15/2004 5,925,000 6,264,740
U.S. Treasury Note
7.500%, 02/15/2005 5,150,000 5,371,296
U.S. Treasury Note
6.500%, 08/15/2005 2,000,000 2,000,000
U.S. Treasury Note
5.625%, 02/15/2006 8,500,000 8,132,120
U.S. Treasury Note
6.875%, 05/15/2006 6,750,000 6,869,205
U.S. Treasury Note
6.500%, 10/15/2006 4,200,000 4,188,827
-----------
42,408,152
-----------
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $52,221,197)
50,518,240
-----------
</TABLE>
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
Shares/
Face Value
- ----------------------------------------------------------------------------
<S> <C> <C>
CASH EQUIVALENTS--14.0%
- ----------------------------------------------------------------------------
Institutional Money Market Funds--3.3%
++Janus Money Market Fund $ 497,573 $ 497,573
++Merrimac Cash Fund--Premium Class 2,000,000 2,000,000
-----------
2,497,573
-----------
Bank Deposits/Offshore
Time Deposits--8.1%
- ----------------------------------------------------------------------------
++American Express Centurion Bank 496,552 496,552
++Bank of Montreal 497,573 497,573
++BankBoston NA 3,092,766 3,092,766
++Bank of Nova Scotia 497,573 497,573
++Harris Trust & Savings Bank 895,632 895,632
++Royal Bank of Scotland PLC 496,552 496,552
++Toronto Dominion 199,029 199,029
-----------
6,175,677
-----------
Floating Rate Instruments/
Master Notes--2.6%
- ----------------------------------------------------------------------------
++Goldman Sachs & Co. 2,000,000 2,000,000
-----------
TOTAL CASH EQUIVALENTS
(Cost $10,673,250) 10,673,250
-----------
- ----------------------------------------------------------------------------
REPURCHASE AGREEMENT--5.6%
- ----------------------------------------------------------------------------
IBT Repurchase Agreement
dated 12/31/1999 due
01/03/2000, with a
maturity value of $4,293,618 and an effective yield
of 3.06%
collateralized by Federal
Home Loan Mortgage Corporation ARM with a rate of
6.75%, a maturity date of 08/01/2022 and a market
value of $2,114,954, Federal Home Loan Mortgage
Association with a rate of 6.93%, a maturity date
of 01/01/2025 and a market value of $2,392,427 4,292,524 4,292,524
-----------
TOTAL INVESTMENTS--111.8%
**(Cost $88,244,186) 85,478,926
Other assets less liabilities--(11.8%) (9,011,130)
-----------
TOTAL NET ASSETS--100.0% $76,467,796
===========
</TABLE>
90
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
- --------------------------------------------------------------------------------
Vantagepoint U.S.
Treasury Securities Fund
- --------------------------------------------------------------------------------
Notes to the Schedule of Investments:
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$88,478,908. Unrealized appreciation and depreciation, based on identified
tax cost at December 31, 1999 are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ --
Unrealized depreciation (2,999,982)
-----------
Net unrealized depreciation $(2,999,982)
===========
</TABLE>
++ Represents collateral received from securities lending transactions.
See accompanying notes to financial statements.
91
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
- --------------------------------------------------------------------------------
Vantagepoint U.S.
Money Market Fund
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Short Term Investment Co. Liquid Assets Portfolio
(Cost $76,016,938) 76,016,938 $76,016,938
-----------
TOTAL INVESTMENTS--100.0%
* (Cost $76,016,938) 76,016,938
Other assets less liabilities--0.0% 755,932
-----------
TOTAL NET ASSETS--100.0% $76,772,870
-----------
</TABLE>
Notes to the Schedule of Investments:
* The cost of investments for federal income tax purposes amounts to
$76,016,938.
See accompanying notes to financial statements.
92
<PAGE>
Report of Independent Accountants
To the Board of Directors and
Shareholders of The Vantagepoint Funds:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments of the Aggressive Opportunities Fund,
International Fund, Growth Fund, Growth & Income Fund, Equity Income Fund,
Asset Allocation Fund, U.S. Treasury Securities Fund, and Money Market Fund,
and the related statements of operations and of changes in net assets and the
financial highlights present fairly, in all material respects, the financial
position of the Aggressive Opportunities Fund, International Fund, Growth Fund,
Growth & Income Fund, Equity Income Fund, Asset Allocation Fund, U.S. Treasury
Securities Fund, Money Market Fund, Overseas Equity Index Fund, Mid/Small
Company Index Fund, Broad Market Index Fund, 500 Stock Index Fund and Core Bond
Index Fund (comprising The Vantagepoint Funds, hereafter referred to as the
"Funds") at December 31, 1999, and the results of each of their operations, the
changes in each of their net assets and the financial highlights for each of
the fiscal periods presented, in conformity with accounting principles
generally accepted in the United States. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of
securities at December 31, 1999 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Baltimore, MD
February 25, 2000
93
<PAGE>
MASTER INVESTMENT PORTFOLIO
Statements of Assets & Liabilities
December 31, 1999
<TABLE>
<CAPTION>
S&P 500 Index International
Bond Index Master Extended Index U.S. Equity Index
Master Portfolio Portfolio Master Portfolio Master Portfolio Master Portfolio
---------------- -------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments:
In securities, at market
value (see cost below)
(Note 1)............... $467,355,601 $4,872,292,818 $202,643,885 -- $63,258,911
In Master Investment
Portfolio.............. $683,281,188
Cash.................... -- -- 28,653 -- 559
Cash denominated in
foreign currencies..... -- -- -- -- 174,044
Unrealized gain on
forward foreign
currency exchange
contracts.............. -- -- -- -- 9,938
Receivables:
Investments sold....... -- -- 57,190 -- --
Dividends and
interest.............. 7,643,636 4,418,560 143,934 -- 54,184
Variation margin on
futures contracts..... -- 413,112 70,400 -- 372,573
------------ -------------- ------------ ------------ -----------
Total Assets......... 474,999,237 4,877,124,490 202,944,062 683,281,188 63,870,209
------------ -------------- ------------ ------------ -----------
LIABILITIES
Payables:
Investments
purchased............. -- -- 427,713 -- 172,365
Collateral for
securities loaned..... 30,485,950 49,172,532 -- -- --
Due to BGI (Note 2).... 69,374 422,073 59,798 65,549 32,362
Due to Custodian
Bank.................. -- 4,859 -- -- --
Unrealized loss on
forward foreign
currency exchange
contracts.............. -- -- -- -- 42,829
------------ -------------- ------------ ------------ -----------
Total Liabilities.... 30,555,324 49,599,464 487,511 65,549 247,556
------------ -------------- ------------ ------------ -----------
NET ASSETS.............. $444,443,913 $4,827,525,026 $202,456,551 $683,215,639 $63,622,653
============ ============== ============ ============ ===========
INVESTMENTS AT COST..... $491,407,220 $3,180,701,263 $158,230,669 N/A $51,582,685
</TABLE>
See Notes to Financial Statements.
94
<PAGE>
MASTER INVESTMENT PORTFOLIO
Statements of Operations
For the period ended December 31, 1999 and for the Year Ended February 28, 1999
<TABLE>
<CAPTION>
S&P 500 S&P 500 Extended
Bond Index Bond Index Index Index Index U.S. Equity International
Master Master Master Master Master Master Index Master
Portfolio* Portfolio**** Portfolio* Portfolio**** Portfolio** Portfolio**(1) Portfolio***
------------ ------------- ------------ ------------- ----------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends+............. $ -- $ -- $ 44,329,664 $ 36,647,898 $ 1,409,143 $ 6,002,811 $ 96,637
Interest++............. 22,521,833 7,152,613 9,795,587 8,379,792 333,669 1,330,523 41,851
------------ ----------- ------------ ------------ ----------- ------------ -----------
Total investment
income.............. 22,521,833 7,152,613 54,125,251 45,027,690 1,742,812 7,333,334 138,488
------------ ----------- ------------ ------------ ----------- ------------ -----------
Expenses (Note 2):
Advisory............... 277,850 89,576 1,821,793 1,353,414 102,803 334,564# 19,417
Administration......... -- -- -- -- 25,701 72,405## 12,945
------------ ----------- ------------ ------------ ----------- ------------ -----------
Total expenses before
waivers............... 277,850 89,576 1,821,793 1,353,414 128,504 406,969 32,362
Less waivers........... -- -- -- -- -- (449) --
------------ ----------- ------------ ------------ ----------- ------------ -----------
Total expenses net of
waivers............. 277,850 89,576 1,821,793 1,353,414 128,504 406,520 32,362
------------ ----------- ------------ ------------ ----------- ------------ -----------
Net Investment Income... 22,243,983 7,063,037 52,303,458 43,674,276 1,614,308 6,926,814 106,126
------------ ----------- ------------ ------------ ----------- ------------ -----------
Net Realized and
Unrealized Gain (Loss)
on Investments (Note
2):
Gain (Loss) on
Investments:
Net realized gain
(loss) on sale of
investments........... (2,713,060) 419,676 147,202,745 143,991,139 8,084,670 12,004,089 (91,015)
Net realized gain on
futures and forward
foreign currency
exchange contracts.... -- -- 23,076,772 37,982,701 951,187 -- 123,322
Net change in
unrealized
appreciation
(depreciation) of
investments........... (22,407,564) (4,365,016) 549,246,681 265,023,900 44,413,216 106,723,528 11,676,226
Net change in
unrealized
appreciation
(depreciation) on
futures and forward
foreign currency
exchange contracts.... -- -- 12,849,150 (14,225,550) 322,050 567,621 122,882
------------ ----------- ------------ ------------ ----------- ------------ -----------
Net Gain (Loss) on
Investments............ (25,120,624) (3,945,340) 732,375,348 432,772,190 53,771,123 119,295,238 11,831,415
------------ ----------- ------------ ------------ ----------- ------------ -----------
Net Increase (Decrease)
in Net Assets Resulting
from Operations........ $ (2,876,641) $ 3,117,697 $784,678,806 $476,446,466 $55,385,431 $126,222,052 $11,937,541
============ =========== ============ ============ =========== ============ ===========
+--Net of foreign
withholding tax of: $ -- $ -- $ 28,773 $ 5,288 $ 240 $ 3,761 $ 82,939
++--Interest income
includes securities
lending income of: $ 49,933 $ 24,075 $ 272,312 $ 78,935 $ -- $ -- $ --
</TABLE>
* Period from March 1, 1999 to December 31, 1999. The Master Portfolio
changed its fiscal year end from February 28 to December 31.
** Period from March 1, 1999 (commencement of operations) to December 31,
1999.
*** Period from October 1, 1999 (commencement of operations) to December 31,
1999.
**** For the year ended February 28, 1999.
# Includes $284,259 allocated from the S&P 500 Index and Extended Index
Master Portfolios.
## Includes $22,100 allocated from the Extended Index Master Portfolio.
(/1/)All dividends, interest, and net realized and unrealized gains on
investments represent allocations from the Master Portfolios in which
the U.S. Equity Master Portfolio invests.
See Notes to Financial Statements.
95
<PAGE>
MASTER INVESTMENT PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Extended
Index Master
Bond Index Master Portfolio S&P 500 Index Master Portfolio Portfolio
---------------------------------------- -------------------------------------------- ------------
Year Year Period Year Year Period
Period Ended Ended Ended Ended Ended Ended
Ended February February December February February December
December 31, 28, 28, 31, 28, 28, 31,
1999* 1999 1998 1999* 1999 1998 1999**
------------ ------------ ------------ -------------- -------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase
(decrease) in net
assets resulting
from operations:
Net investment
income.......... $ 22,243,983 $ 7,063,037 $ 12,426,184 $ 52,303,458 $ 43,674,276 $ 35,530,147 $ 1,614,308
Net realized
gain (loss) on
sale of
investments,
futures and
forward foreign
currency
exchange
contracts....... (2,713,060) 419,676 3,123,379 170,279,517 181,973,840 71,368,439 9,035,857
Net change in
unrealized
appreciation
(depreciation) of
investments and
futures.......... (22,407,564) (4,365,016) 3,034,137 562,095,831 250,798,350 463,085,650 44,735,266
------------ ------------ ------------ -------------- -------------- -------------- ------------
Net increase
(decrease) in net
assets resulting
from operations.. (2,876,641) 3,117,697 18,583,700 784,678,806 476,446,466 569,984,236 55,385,431
------------ ------------ ------------ -------------- -------------- -------------- ------------
Net increase
(decrease) in net
assets resulting
from beneficial
interest
transactions..... 45,592,668 305,376,058 (146,679,073) 355,753,442 856,583,098 299,742,532 147,071,120
------------ ------------ ------------ -------------- -------------- -------------- ------------
Increase
(decrease) in net
assets........... 42,716,027 308,493,755 (128,095,373) 1,140,432,248 1,333,029,564 869,726,768 202,456,551
------------ ------------ ------------ -------------- -------------- -------------- ------------
Net Assets at
beginning of
period........... 401,727,886 93,234,131 221,329,504 3,687,092,778 2,354,063,214 1,484,336,446 --
------------ ------------ ------------ -------------- -------------- -------------- ------------
Net Assets at end
of period........ $444,443,913 $401,727,886 $ 93,234,131 $4,827,525,026 $3,687,092,778 $2,354,063,214 $202,456,551
============ ============ ============ ============== ============== ============== ============
<CAPTION>
U.S. Equity International
Master Index Master
Portfolio Portfolio
------------ -------------
Period Period
Ended Ended
December December
31, 31,
1999** 1999***
------------ -------------
<S> <C> <C>
Increase
(decrease) in net
assets resulting
from operations:
Net investment
income.......... $ 6,926,814 $ 106,126
Net realized
gain (loss) on
sale of
investments,
futures and
forward foreign
currency
exchange
contracts....... 12,004,089 32,307
Net change in
unrealized
appreciation
(depreciation) of
investments and
futures.......... 107,291,149 11,799,108
------------ -------------
Net increase
(decrease) in net
assets resulting
from operations.. 126,222,052 11,937,541
------------ -------------
Net increase
(decrease) in net
assets resulting
from beneficial
interest
transactions..... 556,993,587 51,685,112
------------ -------------
Increase
(decrease) in net
assets........... 683,215,639 63,622,653
------------ -------------
Net Assets at
beginning of
period........... -- --
------------ -------------
Net Assets at end
of period........ $683,215,639 $63,622,653
============ =============
</TABLE>
- ------
* Period from March 1, 1999 to December 31, 1999. The Master Portfolio
changed its fiscal year end from February 28 to December 31.
** Period from March 1, 1999 (commencement of operations) to December 31,
1999.
*** Period from October 1, 1999 (commencement of operations) to December 31,
1999.
See Notes to Financial Statements.
96
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS
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 March 1, 1994. MIP currently issues the
following separate portfolios; the Asset Allocation, Bond Index, Extended
Index, International Index, LifePath Income (formerly LifePath 2000), LifePath
2010, LifePath 2020, LifePath 2030, LifePath 2040, Money Market, S&P 500 Index
and U.S. Equity Index Master Portfolios. International Index Master Portfolio
commenced operations on October 1, 1999 with the transfer of $43,637,140 in
securities from Vantagepoint Overseas Equity Index Fund, of the Vantagepoint
Funds. These financial statements contain the Bond Index, Extended Index,
International Index, S&P 500 Index, and U.S. Equity Index Master Portfolios
(the "Master Portfolios"). The U.S. Equity Index Master Portfolio achieves its
investment objective by investing all of its assets in two other portfolios of
MIP, Extended Index and S&P 500 Index Master Portfolios. The value of the U.S.
Equity Portfolio's investments in each of the portfolios reflects the U.S.
Equity Portfolio's interest in the net assets of S&P 500 Index Master Portfolio
and Extended Index Master Portfolio, 82.73% and 10.68%, respectively.
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.
Effective February 10, 1999, the Board of Trustees approved a change in
fiscal year-end of the Master Portfolios from February 28 to December 31.
Accordingly, the financial statements are presented for the ten-month period
ended December 31, 1999.
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.
97
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS--(Continued)
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 Extended Index, S&P 500 Stock Index and the International Index Master
Portfolios may purchase long 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 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 December 31, 1999, the following Master Portfolios had open
long futures contracts outstanding:
<TABLE>
<CAPTION>
Net Unrealized
Number of Expiration Notional Appreciation/
Master Portfolio Contracts Type Date Contract Value (Depreciation)
---------------- --------- --------------- ------------ -------------- --------------
<S> <C> <C> <C> <C> <C>
Extended Index 10 Russell 2000 March 2000 $ 2,549,750 $ 163,850
15 Mid Cap 400 March 2000 $ 3,368,625 $ 158,200
----------
Total Extended Index $ 322,050
S&P 500 Index 484 S&P 500 Index March 2000 $179,588,200 $9,872,575
International Index 9 CAC 40 Index March 2000 $ 543,461 $ 27,055
2 DAX Index March 2000 $ 352,193 $ 43,643
11 FTSE 100 Index March 2000 $ 767,470 $ 28,822
15 OMX Index January 2000 $ 211,598 $ 23,260
31 NIKKEI300 Index March 2000 $ 976,140 $ 32,993
----------
Total International Index $ 155,773
</TABLE>
The Extended Index, S&P 500 Index, and International Index Master Portfolios
have pledged to brokers U.S. Treasury Bills for initial margin requirements
with a par value of $600,000, $15,750,000 and $95,000 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.
98
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS--(Continued)
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 December 31, 1999 by
the Master Portfolios 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 International Index Master
Portfolio may use forward foreign currency exchange contracts to hedge certain
foreign currency assets and liabilities. Contracts are recorded at market value
and marked to market daily. Risks of entering into forward foreign currency
exchange contracts include the possibility that there may be an illiquid market
and that a change in the value of the contracts may not correlate with changes
in the value of the underlying securities. The amount at risk for such forward
foreign currency exchange contracts may exceed the amount reflected in the
financial statements. As of December 31, 1999, the following Master Portfolio
had the following open forward foreign currency exchange contracts outstanding:
International Index
<TABLE>
<CAPTION>
Exchange Foreign Currency U.S. Dollar Value Net Unrealized
Currency Date Cost/Proceeds Cost/Proceeds Gain/(Loss)
- -------- -------- ---------------- ----------------- --------------
<S> <C> <C> <C> <C>
Purchase Contracts
Euro Dollar 02/08/00 $564,740 $538,415 $(26,325)
02/08/00 317,000 316,738 (262)
Great British Pound 02/08/00 523,812 513,601 (10,211)
02/08/00 51,795 50,786 (1,009)
02/08/00 554,000 553,602 (398)
Japanese Yen 02/08/00 438,265 443,305 5,040
02/08/00 520,739 520,175 (564)
Swedish Krone 02/08/00 93,511 89,762 (3,749)
02/08/00 95,281 95,279 (2)
--------
Net Unrealized Loss on Purchase
Contracts $(37,480)
Sale Contracts
Euro Dollar 02/08/00 96,476 91,979 4,497
Japanese Yen 02/08/00 26,938 27,247 (309)
Swedish Krone 02/08/00 $ 10,007 9,606 401
--------
Net Unrealized Gain on Sale
Contracts 4,589
Net Unrealized Loss on Forward
Foreign Currency Contracts $(32,891)
--------
</TABLE>
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 0.15% of the first $1 billion, and 0.10% thereafter
of the average daily net assets of the International Index Master Portfolio and
0.08%, 0.08%, 0.05%, and 0.01% of the average daily net assets of Bond Index,
Extended Index, 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.
99
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS--(Continued)
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.
The MIP has entered into administrative services arrangements with BGI and
Stephens as co-administrators who have agreed jointly to provide general
administrative services to the Master Portfolios such as managing and
coordinating third-party relationships. BGI and Stephens are entitled to
receive a fee at an annual rate of 0.02% and 0.01% of the average daily net
assets of the Extended Index and U.S. Equity Index Master Portfolios,
respectively, and 0.10% of the first $1 billion, and 0.07% thereafter, of the
average daily net assets of the International Index Master Portfolio. Stephens
and BGI are not entitled to compensation for providing administration services
to the S&P 500 Index and the Bond Index Master Investment Portfolios. BGI and
Stephens may delegate certain of their administrative duties to sub-
administrators.
Stephens Inc. ("Stephens") is the placement agent for the Master Portfolios.
Certain officers and directors of MIP are also officers of Stephens. As of
December 31, 1999, these officers of Stephens indirectly collectively owned
less than 1% of the Master Portfolios' outstanding beneficial interests.
3. Investment Portfolio Transactions
Purchases and sales of investments, exclusive of short-term securities, for
each Master Portfolio were as follows:
<TABLE>
<CAPTION>
Extended International
Index Index
Aggregate Purchases Bond Index Master S&P 500 Index Master
and Sales of: Master Portfolio Portfolio Master Portfolio Portfolio
------------------- ------------------------- ------------ --------------------------- -------------
Period ended Year ended Period ended Period ended Period ended
Dec. 31, Feb. 28, Dec. 31, Dec. 31, Year ended Dec. 31,
1999* 1999 1999** 1999* Feb. 28, 1999 1999***
------------ ------------ ------------ ------------ -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
U.S. Government Obligations:
Purchases at cost........... $117,198,084 $212,693,399 -- -- -- --
Sales Proceeds.............. 81,492,202 31,894,221 -- -- -- --
Other Securities:
Purchases at cost........... $ 48,301,376 109,813,822 $97,047,860 $751,324,556 $1,187,951,471 $61,394,283+
Sales Proceeds.............. $ 20,740,434 $ 2,543,045 $67,475,630 $269,734,128 275,613,257 $46,825,175
</TABLE>
* For the ten months ended December 31, 1999. The Bond Index and S&P 500
Master Portfolios changed fiscal year ends from February 28 to December 31.
** Period from March 1, 1999 (commencement of operations) to December 31, 1999.
*** Period from October 1, 1999 (commencement of operations) to December 31,
1999.
+ This includes the transfer of $43,637,140 in securities from Vantagepoint
Overseas Equity Index Fund of the Vantagepoint Funds (see Note 1).
4. Portfolio Securities Loaned
As of December 31, 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......................... $29,562,869 $30,485,950
S&P 500 Index....................................... $47,645,223 $49,172,532
</TABLE>
100
<PAGE>
MASTER INVESTMENT PORTFOLIO
NOTES TO THE FINANCIAL STATEMENTS--(Continued)
5. Financial Highlights
The ratios of expenses and net investment income to average net assets and
portfolio turnover rates (excluding short-term securities) for the Master
Portfolios are as follows:
<TABLE>
<CAPTION>
For the For the Year For the Year
Period Ended Ended Ended
December 31, February 28, February 29,
1999 1999 1998
------------ ------------ ------------
<S> <C> <C> <C>
Bond Index Master Portfolio
Ratio of expenses to average net
assets+ 0.08%* 0.08% 0.08%
Ratio of net investment income to
average net assets+ 6.44%* 6.31% 6.73%
Portfolio turnover 25%* 28% 59%
S&P 500 Index Master Portfolio
Ratio of expenses to average net
assets+ 0.05%* 0.05% 0.05%
Ratio of net investment income to
average net assets+ 1.44%* 1.61% 1.89%
Portfolio turnover 7%* 11% 6%
Extended Index Master Portfolio
Ratio of expenses to average net
assets+ 0.10%** N/A N/A
Ratio of net investment income to
average net assets+ 1.26%** N/A N/A
Portfolio turnover 17%** N/A N/A
U.S. Equity Index Master Portfolio
Ratio of expenses to average net
assets+ 0.08%**++ N/A N/A
Ratio of net investment income to
average net assets+ 1.39%** N/A N/A
Portfolio turnover N/A N/A N/A
International Index Master Portfolio
Ratio of expenses to average net
assets+ 0.25%*** N/A N/A
Ratio of net investment income to
average net assets+ 0.82%*** N/A N/A
Portfolio turnover 39.34%*** N/A N/A
</TABLE>
* For the ten months ended December 31, 1999. The Bond Index and S&P 500
Master Portfolios changed fiscal year ends from February 28 to December 31.
** Period from March 1, 1999 (commencement of operations) to December 31, 1999.
*** Period from October 1, 1999 (commencement of operations) to December 31,
1999.
+ Annualized for period of less than one year.
++ Includes expenses allocated from the portfolios of MIP in which this Master
Portfolio invests (see Note 1).
101
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- -------------------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- -------------------------------------------------------
CORPORATE BONDS & NOTES--30.2%
- -------------------------------------------------------
Aerospace/Defense--1.0%
Raytheon Co
5.95%, 03/15/01 $ 2,800,000 $ 2,761,503
Raytheon Co
7.38%, 07/15/25 1,000,000 864,220
United Technologies Corp
6.63%, 11/15/04 1,000,000 978,610
------------
4,604,333
------------
Auto Manufacturers--0.9%
Chrysler Corp
7.45%, 03/01/27 1,500,000 1,456,089
Ford Motor Co
7.25%, 10/01/08 1,000,000 985,732
Ford Motor Co
8.88%, 04/01/06 1,500,000 1,606,360
------------
4,048,181
------------
Auto Parts & Equipment--0.4%
Delphi Auto Systems Corp
6.50%, 05/01/09 1,000,000 909,872
Goodyear Tire & Rubber Co
6.63%, 12/01/06 1,000,000 935,503
------------
1,845,375
------------
Banks--4.1%
ABN Amro Bank NV
7.30%, 12/01/26 500,000 456,279
Bank of New York Co
6.50%, 12/01/03 1,000,000 969,276
Bank One Corp
8.10%, 03/01/02 1,000,000 1,017,743
BankAmerica Corp
6.25%, 04/01/08 1,870,000 1,720,000
Chase Manhattan Corp
5.75%, 04/15/04 1,000,000 946,695
Dresdner Bank AG
6.63%, 09/15/05 1,000,000 954,492
First Union Corp
6.63%, 07/15/05 500,000 479,686
Keycorp
6.75%, 03/15/06 1,500,000 1,436,391
KFW International Finance Inc
7.63%, 02/15/04 3,500,000 3,580,843
KFW International Finance Inc
8.00%, 02/15/10 250,000 263,977
Korea Development Bank
7.38%, 09/17/04 1,000,000 981,839
Skandinaviska Enskilda
6.88%, 02/15/09 500,000 462,820
Swiss Bank Corp
7.38%, 07/15/15 1,200,000 1,151,563
Westdeutsche NY
6.05%, 01/15/09 4,000,000 3,577,540
------------
17,999,144
------------
Beverages--0.9%
Anheuser Busch Co
9.00%, 12/01/09 1,500,000 1,675,315
Coca-Cola Enterprises
8.00%, 09/15/22 1,000,000 1,006,282
Diageo PLC
6.13%, 08/15/05 1,000,000 946,108
</TABLE>
<TABLE>
- --------------------------------------------------------
<CAPTION>
Principal Value
<S> <C> <C>
- --------------------------------------------------------
J Seagram & Sons
7.50%, 12/15/18 500,000 472,541
------------
4,100,246
------------
Chemicals--0.2%
Dow Chemical Co
8.63%, 04/01/06 500,000 527,218
ICI Wilmington
8.75%, 05/01/01 500,000 509,524
------------
1,036,742
------------
Commercial Services--0.2%
Service Corp Intl
6.00%, 12/15/05 1,000,000 743,191
------------
Cosmetics/Personal Care--0.2%
Procter & Gamble Co
6.88%, 09/15/09 1,000,000 977,869
------------
Diversified Financial Services--7.0%
Associates Corp NA
6.25%, 11/01/08 2,500,000 2,303,360
Associates Corp NA
6.95%, 11/01/18 1,000,000 925,652
AT & T Capital Corp
6.25%, 05/15/01 1,000,000 989,514
CIT Group Holdings
6.63%, 06/15/05 1,000,000 965,372
Citigroup Inc
7.88%, 05/15/25 1,000,000 1,003,818
Countrywide Funding Corp
6.88%, 09/15/05 1,000,000 969,087
First Union Capital Corp
8.04%, 12/01/26 2,000,000 1,859,078
Ford Motor Credit Co
6.50%, 02/28/02 3,400,000 3,367,996
General Motors Acceptance Corp
5.80%, 04/09/01 3,500,000 3,461,724
General Motors Acceptance Corp
7.13%, 05/01/03 1,000,000 996,564
Household Finance Corp
6.00%, 05/01/04 2,000,000 1,899,078
Household Finance Corp
6.70%, 06/15/02 1,000,000 987,032
Lehman Brothers Inc
7.63%, 06/01/06 2,500,000 2,469,757
Mellon Capital II
8.00%, 01/15/27 1,000,000 940,602
Mellon Financial
6.00%, 03/01/04 3,000,000 2,862,543
Merrill Lynch & Co Inc
6.00%, 02/17/09 4,000,000 3,585,396
Merrill Lynch & Co Inc
6.38%, 10/15/08 1,000,000 921,966
Morgan Stanley Group Inc
6.70%, 05/01/01 1,500,000 1,498,313
------------
32,006,852
------------
Electric--2.4%
Duke Energy Corp
6.00%, 12/01/28 2,000,000 1,574,154
Enersis SA
7.40%, 12/01/16 1,000,000 870,792
Houston Lighting & Power Co
6.50%, 04/21/03 4,000,000 3,906,836
</TABLE>
102
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- ---------------------------------------------------------
CORPORATE BONDS & NOTES--(Continued)
- ---------------------------------------------------------
Niagra Mohawk Power
7.38%, 07/01/03 $ 756,098 $ 753,095
Niagra Mohawk Power
7.63%, 10/01/05 529,268 529,999
Northern State Power
6.50%, 03/01/28 1,500,000 1,279,197
Texas Utilities
6.38%, 01/01/08 1,000,000 911,974
Virginia Electric & Power Co
7.38%, 07/01/02 1,000,000 1,002,385
------------
10,828,432
------------
Food--0.5%
Archer-Daniels-Midland Co
8.38%, 04/15/17 500,000 528,658
Kroger Co
7.00%, 05/01/18 1,000,000 890,811
Kroger Co
7.45%, 03/01/08 1,000,000 971,367
------------
2,390,836
------------
Health Care--0.5%
Baxter International Inc
7.63%, 11/15/02 1,000,000 1,012,695
Becton Dickinson & Co
7.15%, 10/01/09 1,000,000 971,185
------------
1,983,880
------------
Insurance--0.2%
Aetna Services Inc
7.13%, 08/15/06 1,000,000 959,504
------------
Media--2.9%
Comcast Cable Communications
8.38%, 05/01/07 2,000,000 2,067,354
Disney (Walt) Co
5.13%, 12/15/03 2,000,000 1,871,194
Disney (Walt) Co
6.75%, 03/30/06 500,000 488,713
Time Warner Entertainment
8.38%, 03/15/23 2,500,000 2,607,173
Time Warner Entertainment
9.63%, 05/01/02 2,000,000 2,105,236
Viacom Inc
7.75%, 06/01/05 3,500,000 3,538,035
------------
12,677,705
------------
Manufacturer--0.6%
Tyco Intl Group
6.88%, 01/15/29 3,000,000 2,555,040
------------
Multi-National--0.5%
African Development Bank
7.75%, 12/15/01 500,000 509,530
Inter-American Development Bank
5.75%, 02/26/08 1,000,000 918,131
</TABLE>
<TABLE>
- ---------------------------------------------------------
<CAPTION>
Principal Value
<S> <C> <C>
- ---------------------------------------------------------
Inter-American Development Bank
8.40%, 09/01/09 $ 200,000 $ 217,477
Inter-American Development Bank
8.50%, 03/15/11 450,000 495,644
------------
2,140,782
------------
Oil & Gas Producers--1.1%
Amoco Canada
7.25%, 12/01/02 1,000,000 1,005,860
Conoco Inc
5.90%, 04/15/04 2,000,000 1,912,600
Kerr-McGee Corp
6.63%, 10/15/07 1,120,000 1,026,778
Phillips 66 Capital Trust II
8.00%, 01/15/37 1,000,000 945,752
------------
4,890,990
------------
Pharmaceuticals--0.2%
American Home Products Corp
6.50%, 10/15/02 1,000,000 987,090
------------
Real Estate--0.2%
EOP Operating LP
6.38%, 02/15/03 1,000,000 963,255
------------
REITS--0.4%
Avalon Bay Communities
7.50%, 08/01/09 1,000,000 953,724
Prologis Trust
7.10%, 04/15/08 1,000,000 925,585
------------
1,879,309
------------
Retail--1.4%
JC Penny Co Inc
8.25%, 08/15/22 2,000,000 1,779,520
Saks Inc
7.50%, 12/01/10 1,500,000 1,368,510
Wal-Mart Stores
7.25%, 06/01/13 1,000,000 983,673
Wal-Mart Stores
8.50%, 09/15/24 2,000,000 2,119,344
------------
6,251,047
------------
Semiconductors--0.6%
Motorola Inc
7.50%, 05/15/25 2,500,000 2,433,963
------------
Telecommunications--0.3%
Bell Telephone Canada
9.50%, 10/15/10 250,000 283,680
Cable & Wireless Communication
6.63%, 03/06/05 1,000,000 990,293
------------
1,273,973
------------
Telephone--2.2%
AT&T Corp
6.00%, 03/15/09 1,500,000 1,351,875
New York Telephone Co
6.00%, 04/15/08 500,000 450,741
New York Telephone Co
7.00%, 12/01/33 2,305,000 1,979,995
Sprint Capital Corp
6.13%, 11/15/08 4,000,000 3,626,416
</TABLE>
103
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- --------------------------------------------------------
CORPORATE BONDS & NOTES--(Continued)
- --------------------------------------------------------
US West Communications
6.38%, 10/15/02 $ 1,000,000 $ 982,204
Worldcom Inc
7.55%, 04/01/04 1,500,000 1,519,638
------------
9,910,869
------------
Tobacco--0.1%
Imperial Tobacco Group PLC
7.13%, 04/01/09 500,000 451,717
------------
Transportation--0.9%
Canadian National Railway Co
6.45%, 07/15/00 1,300,000 1,197,040
Norfolk Southern Corp
7.80%, 05/15/27 1,000,000 976,376
Stagecoach Holdings PLC
8.63%, 11/15/09 1,000,000 1,001,250
Union Pacific Corp
6.79%, 11/09/07 1,000,000 943,760
------------
4,118,426
------------
TOTAL CORPORATE BONDS & NOTES
(Cost $143,226,413) 134,058,751
------------
- --------------------------------------------------------
+FOREIGN GOVERNMENT BONDS & NOTES--2.4%
- --------------------------------------------------------
British Columbia (Province of)
6.50%, 01/15/26 1,000,000 885,630
Corp Andina De Fomento
7.75%, 03/01/04 2,000,000 2,000,384
Hydro Quebec
8.40%, 01/15/22 2,000,000 2,115,220
New Brunswick
7.63%, 06/29/04 1,200,000 1,218,768
Ontario (Province of)
7.63%, 06/22/04 750,000 765,097
Ontario (Province of)
7.75%, 06/04/02 2,300,000 2,339,560
Republic of Chile
6.88%, 04/28/09 1,000,000 926,946
Victoria (province of)
8.45%, 10/01/01 500,000 514,012
------------
TOTAL FOREIGN GOVERNMENT BONDS & NOTES
(Cost $11,316,145) 10,765,617
------------
- --------------------------------------------------------
U.S. GOVERNMENT AGENCY SECURITIES--14.0%
- --------------------------------------------------------
Federal Agency--Other--2.0%
Financing Corp
8.60%, 09/26/19 2,150,000 2,446,304
Financing Corp
9.65%, 11/02/18 500,000 621,049
Financing Corp
9.80%, 04/06/18 1,285,000 1,609,460
Tennessee Valley Authority
6.13%, 07/15/03 500,000 484,915
Tennessee Valley Authority
6.25%, 12/15/17 2,600,000 2,347,922
Tennessee Valley Authority
6.88%, 12/15/43 1,500,000 1,344,375
------------
8,854,025
------------
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Principal Value
<S> <C> <C>
- ---------------------------------------------------------------
Federal Home Loan Bank--2.3%
Federal Home Loan Bank
5.02%, 02/11/02 $ 5,500,000 $ 5,331,562
Federal Home Loan Bank
5.40%, 01/15/03 1,500,000 1,447,340
Federal Home Loan Bank
5.50%, 01/21/03 1,000,000 967,355
Federal Home Loan Bank
6.09%, 06/02/06 2,500,000 2,383,593
------------
10,129,850
------------
Federal Home Loan Mortgage Corporation--4.8%
Federal Home Loan Mortgage Corp
5.00%, 01/15/04 5,000,000 4,675,700
Federal Home Loan Mortgage Corp
5.13%, 10/15/08 3,400,000 2,971,801
Federal Home Loan Mortgage Corp
5.25%, 02/16/01 3,000,000 2,960,889
Federal Home Loan Mortgage Corp
5.38%, 03/01/01 2,000,000 1,975,288
Federal Home Loan Mortgage Corp
5.50%, 05/15/02 1,000,000 975,370
Federal Home Loan Mortgage Corp
5.63%, 02/20/04 1,000,000 952,178
Federal Home Loan Mortgage Corp
5.75%, 07/15/03 1,000,000 967,533
Federal Home Loan Mortgage Corp
5.75%, 03/15/09 500,000 455,564
Federal Home Loan Mortgage Corp
5.90%, 05/04/04 3,500,000 3,355,135
Federal Home Loan Mortgage Corp
6.13%, 08/15/03 1,000,000 978,185
Federal Home Loan Mortgage Corp
6.30%, 06/01/04 1,000,000 969,431
------------
21,237,074
------------
Federal National Mortgage Association--5.0%
Federal National Mortgage Association
0.00%, 06/01/17 1,000,000 282,963
Federal National Mortgage Association
5.13%, 02/13/04 2,104,000 1,974,139
Federal National Mortgage Association
5.25%, 01/15/09 1,000,000 880,552
Federal National Mortgage Association
5.38%, 03/15/02 1,000,000 975,733
Federal National Mortgage Association
5.38%, 01/16/01 2,000,000 1,979,760
Federal National Mortgage Association
5.75%, 06/15/05 1,000,000 949,313
</TABLE>
104
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- ---------------------------------------------------------------
U.S. GOVERNMENT AGENCY SECURITIES--(Continued)
- ---------------------------------------------------------------
Federal National Mortgage Association
5.75%, 02/15/08 $ 3,500,000 $ 3,222,597
Federal National Mortgage Association
5.88%, 04/23/04 600,000 573,496
Federal National Mortgage Association
6.09%, 09/27/27 1,000,000 857,493
Federal National Mortgage Association
6.26%, 02/25/09 5,000,000 4,639,850
Federal National Mortgage Association
6.38%, 06/15/09 394,000 375,449
Federal National Mortgage Association
6.45%, 02/14/02 1,000,000 993,242
Federal National Mortgage Association
6.80%, 01/10/03 1,400,000 1,403,986
Federal National Mortgage Association
7.55%, 04/22/02 3,000,000 3,058,797
------------
22,167,370
------------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $65,326,331) 62,388,319
------------
- ---------------------------------------------------------------
U.S. TREASURY SECURITIES--50.3%
- ---------------------------------------------------------------
U.S. Treasury Bonds--16.8%
U.S. Treasury Bonds
5.25%, 02/15/29 700,000 579,032
U.S. Treasury Bonds
5.50%, 08/15/28 2,800,000 2,389,626
U.S. Treasury Bonds
6.00%, 02/15/26 1,200,000 1,097,626
U.S. Treasury Bonds
6.13%, 11/15/27 1,600,000 1,488,000
U.S. Treasury Bonds
6.13%, 08/15/29 800,000 762,750
U.S. Treasury Bonds
6.50%, 11/15/26 1,500,000 1,462,032
U.S. Treasury Bonds
6.63%, 02/15/27 1,000,000 990,313
U.S. Treasury Bonds
7.13%, 02/15/23 5,200,000 5,414,500
U.S. Treasury Bonds
7.25%, 05/15/16 4,100,000 4,285,783
U.S. Treasury Bonds
7.50%, 11/15/16 500,000 534,844
U.S. Treasury Bonds
7.63%, 02/15/07 500,000 509,062
U.S. Treasury Bonds
7.63%, 02/15/25 7,300,000 8,089,312
U.S. Treasury Bonds
7.88%, 02/15/21 2,500,000 2,793,750
U.S. Treasury Bonds
8.00%, 11/15/21 7,100,000 8,054,062
U.S. Treasury Bonds
8.13%, 08/15/19 9,250,000 10,539,219
U.S. Treasury Bonds
8.25%, 05/15/05 300,000 302,531
</TABLE>
<TABLE>
- ---------------------------------------------
<CAPTION>
Principal Value
<S> <C> <C>
- ---------------------------------------------
U.S. Treasury Bonds
8.75%, 05/15/17 $ 1,600,000 $ 1,910,000
U.S. Treasury Bonds
8.75%, 05/15/20 3,100,000 3,751,970
U.S. Treasury Bonds
8.75%, 08/15/20 2,100,000 2,544,282
U.S. Treasury Bonds
9.13%, 05/15/09 1,000,000 1,091,563
U.S. Treasury Bonds
9.13%, 05/15/18 1,500,000 1,858,594
U.S. Treasury Bonds
9.38%, 02/15/06 2,300,000 2,624,875
U.S. Treasury Bonds
10.38%, 11/15/12 2,100,000 2,551,500
U.S. Treasury Bonds
11.25%, 02/15/15 2,250,000 3,179,531
U.S. Treasury Bonds
11.75%, 11/15/14 500,000 676,094
U.S. Treasury Bonds
12.00%, 08/15/13 1,100,000 1,468,157
U.S. Treasury Bonds
12.75%, 11/15/10 500,000 646,250
U.S. Treasury Bonds
13.25%, 05/15/14 2,000,000 2,881,876
------------
74,477,134
------------
U.S. Treasury Notes--33.6%
U.S. Treasury Notes
4.50%, 01/31/01 10,000,000 9,834,380
U.S. Treasury Notes
4.63%, 12/31/00 5,500,000 5,420,937
U.S. Treasury Notes
4.75%, 11/15/08 8,700,000 7,675,036
U.S. Treasury Notes
5.25%, 05/31/01 500,000 493,750
U.S. Treasury Notes
5.50%, 07/31/01 1,000,000 989,688
U.S. Treasury Notes
5.50%, 08/31/01 2,000,000 1,976,250
U.S. Treasury Notes
5.50%, 01/31/03 2,100,000 2,050,125
U.S. Treasury Notes
5.50%, 05/31/03 1,450,000 1,411,031
U.S. Treasury Notes
5.50%, 02/15/08 1,200,000 1,124,250
U.S. Treasury Notes
5.50%, 05/15/09 500,000 465,781
U.S. Treasury Notes
5.63%, 02/28/01 1,000,000 994,063
U.S. Treasury Notes
5.63%, 05/15/08 3,300,000 3,104,062
U.S. Treasury Notes
5.75%, 11/30/02 1,600,000 1,575,501
U.S. Treasury Notes
5.75%, 04/30/03 1,000,000 981,563
U.S. Treasury Notes
5.75%, 08/15/03 8,000,000 7,832,504
U.S. Treasury Notes
5.88%, 11/30/01 850,000 844,688
U.S. Treasury Notes
5.88%, 09/30/02 1,700,000 1,681,938
U.S. Treasury Notes
5.88%, 02/15/04 1,000,000 983,438
U.S. Treasury Notes
5.88%, 11/15/05 2,500,000 2,427,345
U.S. Treasury Notes
6.00%, 08/15/09 1,600,000 1,550,000
</TABLE>
105
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
MIP--Bond Index Principal Value
<S> <C> <C>
- ---------------------------------------------------------------------
U.S. TREASURY SECURITIES--(Continued)
- ---------------------------------------------------------------------
U.S. Treasury Notes
6.13%, 12/31/01 $ 1,200,000 $ 1,197,376
U.S. Treasury Notes
6.13%, 08/15/07 3,300,000 3,216,470
U.S. Treasury Notes
6.25%, 10/31/01 2,800,000 2,800,000
U.S. Treasury Notes
6.25%, 01/31/02 1,000,000 1,000,000
U.S. Treasury Notes
6.25%, 02/28/02 7,000,000 6,997,816
U.S. Treasury Notes
6.25%, 06/30/02 3,000,000 2,998,125
U.S. Treasury Notes
6.25%, 02/15/03 10,800,000 10,766,250
U.S. Treasury Notes
6.38%, 03/31/01 8,700,000 8,719,036
U.S. Treasury Notes
6.38%, 09/30/01 2,000,000 2,003,750
U.S. Treasury Notes
6.38%, 08/15/02 4,700,000 4,708,813
U.S. Treasury Notes
6.50%, 05/31/01 2,250,000 2,259,142
U.S. Treasury Notes
6.50%, 05/15/05 3,000,000 3,000,939
U.S. Treasury Notes
6.50%, 08/15/05 3,000,000 3,000,000
U.S. Treasury Notes
6.50%, 10/15/06 1,400,000 1,396,063
U.S. Treasury Notes
6.63%, 06/30/01 2,000,000 2,011,876
U.S. Treasury Notes
6.88%, 05/15/06 3,000,000 3,052,500
U.S. Treasury Notes
7.00%, 07/15/06 1,900,000 1,946,313
U.S. Treasury Notes
7.25%, 08/15/04 11,050,000 11,402,219
U.S. Treasury Notes
7.50%, 11/15/01 8,200,000 8,379,375
U.S. Treasury Notes
7.50%, 05/15/02 3,000,000 3,079,689
U.S. Treasury Notes
7.50%, 02/15/05 1,300,000 1,356,063
U.S. Treasury Notes
7.88%, 08/15/01 4,300,000 4,404,813
U.S. Treasury Notes
7.88%, 11/15/04 3,000,000 3,173,439
U.S. Treasury Notes
8.00%, 05/15/01 2,900,000 2,966,158
------------
149,252,555
------------
TOTAL U.S. TREASURY SECURITIES
(Cost $235,125,106) 223,729,689
------------
- ---------------------------------------------------------------------
SHORT TERM INSTRUMENTS--8.2%
- ---------------------------------------------------------------------
Cash Equivalents--6.9%
++Golden Prime
5.40%, 01/03/00 18,785,950 18,785,950
++Investors Bank & Trust Depository Receipt
5.53%, 01/03/00 11,700,000 11,700,000
------------
30,485,950
------------
</TABLE>
<TABLE>
- ---------------------------------
<CAPTION>
Principal Value
<S> <C> <C>
- ---------------------------------
Repurchase
Agreements--1.3%
Morgan Stanley
Triparty
Repurchase
Agreement dated
12/31/99,
due 1/3/00 with a
maturity value
of $5,928,468, and
an effective
yield of 2.40%
collateralized by
a U.S. Treasury
Note with a rate
of
6.375%, a Maturity
of 3/31/01 and a
market value of
$6,045,821.
$ 5,927,275 $ 5,927,275
------------
TOTAL SHORT TERM
INSTRUMENTS
(Cost $36,487,241) 36,413,225
------------
TOTAL INVESTMENTS IN
SECURITIES--105.2%
(Cost
$491,481,236)**
(Notes 1 and 3) 467,355,601
Other Assets And
Liabilities, Net--
(5.2)% (22,911,688)
------------
TOTAL NET ASSETS--
100.0% $444,443,913
============
</TABLE>
Notes to the Schedule of Investments:
+ Investment is denominated in U.S. dollars.
++ Represents investment of collateral received from securities lending
transactions. See note 4.
** The aggregate identified cost for federal income tax purposes is
$491,526,454. Unrealized appreciation and depreciation, based on identified
tax cost at December 31, 1999 are as follows:
<TABLE>
<S> <C>
Gross Unrealized Appreciation $ 10,369
Gross Unrealized Depreciation $(24,181,222)
------------
Net Unrealized Depreciation $(24,170,853)
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
106
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- ---------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ---------------------------------------------------------
COMMON STOCKS--96.3%
- ---------------------------------------------------------
Advertising--0.3%
Interpublic Group Co Inc 107,383 $ 6,194,657
Omnicom Group 67,509 6,750,900
-------------
Total Advertising
(Cost $6,043,792) 12,945,557
-------------
Aerospace/Defense--1.2%
Boeing Co 356,357 14,811,088
General Dynamics Corp 71,266 3,759,281
Goodrich (B F) Co 34,653 952,957
Honeywell International Inc 299,106 17,254,677
Lockheed Martin Corp 151,413 3,312,159
Northrop Grumman Corp 26,579 1,436,927
Raytheon Co Class B 129,063 3,428,236
United Technologies Corp 182,808 11,882,520
-------------
Total Aerospace/Defense
(Cost $50,908,685) 56,837,845
-------------
Airlines--0.2%
*AMR Corp 57,567 3,856,989
Delta Air Lines Inc 53,167 2,648,381
Southwest Airlines Co 193,037 3,124,786
*US Airways Inc 28,465 912,659
-------------
Total Airlines
(Cost $9,589,571) 10,542,815
-------------
Apparel--0.2%
Liz Claiborne Inc 24,271 913,196
Nike Inc Class B 107,232 5,314,686
*Reebok International Ltd 22,146 181,320
Russell Corp 13,707 229,592
VF Corp 46,290 1,388,700
-------------
Total Apparel
(Cost $8,026,371) 8,027,494
-------------
Auto Manufacturers--0.9%
Ford Motor Co 458,260 24,488,269
General Motors Corp Class A 243,639 17,709,510
*Navistar International Corp 25,666 1,215,927
PACCAR Inc 30,273 1,341,472
-------------
Total Auto Manufacturers
(Cost $31,543,211) 44,755,178
-------------
Auto Parts & Equipment--0.2%
Cooper Tire & Rubber Co 29,617 460,915
Dana Corp 64,030 1,916,898
Delphi Automotive Systems Corp 216,361 3,407,686
Goodyear Tire & Rubber Co 60,125 1,694,773
TRW Inc 46,477 2,413,899
-------------
Total Auto Parts & Equipment
(Cost $11,608,581) 9,894,171
-------------
Banks--4.8%
Amsouth Bancorp 133,902 2,585,982
Bank of America Corp 647,205 32,481,601
Bank of New York Inc 279,156 11,166,240
Bank One Corp 437,601 14,030,582
BB&T Corp 120,484 3,298,250
Chase Manhattan 313,185 24,330,560
Comerica Inc 59,938 2,798,355
Fifth Third Bancorp 109,658 8,046,156
First Union Corp 362,892 11,907,394
FIrstar Corp 374,181 7,904,574
</TABLE>
<TABLE>
- ---------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ---------------------------------------------------------
FleetBoston Financial Corp 349,568 $ 12,169,336
Huntington Bancshares Inc 88,677 2,117,163
Keycorp 171,409 3,792,424
Mellon Financial Corp 195,583 6,662,046
Morgan (J P) & Co Inc 66,489 8,419,170
National City Corp 235,464 5,577,554
Northern Trust Corp 85,146 4,512,738
Old Kent Financial Corp 34,400 1,216,900
PNC Bank Corp 114,295 5,086,127
Regions Financial Corp 85,833 2,156,554
Republic New York Corp 40,184 2,893,248
Southtrust Corp 63,289 2,393,115
State Street Boston Corp 61,542 4,496,412
Summit Bancorp 66,056 2,022,965
Suntrust Banks Inc 122,242 8,411,778
Synovus Financial Corp 103,581 2,058,672
U.S. Bancorp 278,309 6,627,233
Union Planters Corp 53,845 2,123,512
Wachovia Corp 77,040 5,238,720
Wells Fargo & Co 623,474 25,211,730
-------------
Total Banks
(Cost $217,642,920) 231,737,091
-------------
Beverages--1.9%
Anheuser-Busch Inc 177,324 12,567,839
Brown-Forman Corp Class B 26,460 1,514,835
Coca-Cola Co 934,391 54,428,276
Coca-Cola Enterprises Co 162,898 3,278,322
Coors (Adolph) Co Class B 14,382 755,055
Diageo PLC ADR (UK) 17 544
Pepsico Inc 553,554 19,512,779
-------------
Total Beverages
(Cost $80,351,664) 92,057,650
-------------
Biotechnology--0.7%
*Amgen Inc 386,562 23,217,880
Monsanto Co 240,552 8,569,739
-------------
Total Biotechnology
(Cost $15,323,757) 31,787,619
-------------
Building Materials--0.1%
Armstrong World Industries Inc 15,543 518,748
Masco Corp 156,883 3,980,906
Owens Corning Fiberglass Corp 20,986 405,292
Vulcan Materials Co 32,120 1,282,793
-------------
Total Building Materials
(Cost $6,873,934) 6,187,739
-------------
Chemicals--1.2%
AIR Products & Chemicals Inc 87,959 2,952,124
Ashland Inc 28,437 936,644
Dow Chemical Co 83,558 11,165,438
Du Pont (E I) De Nemours 394,057 25,958,505
Eastman Chemical Co 30,282 1,444,073
Engelhard Corp 48,653 918,325
Grace (W R) Co+ 27,178 377,095
Great Lakes Chemical Corp 22,691 866,513
Hercules Inc 38,616 1,076,421
Praxair Inc 60,801 3,059,050
Rohm & Haas Co 81,296 3,307,731
Sherwin Williams Co 65,777 1,381,317
Sigma-Aldrich Corp 39,041 1,173,670
Union Carbide Corp 51,017 3,405,385
-------------
Total Chemicals
(Cost $47,443,341) 58,022,291
-------------
</TABLE>
107
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ---------------------------------------------------------------
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
Commercial Services--0.5%
Block (H R) Inc 37,527 $ 1,641,806
+Cendant Corp 274,479 7,290,848
Deluxe Corp 30,074 825,155
Donnelley (R R) & Sons Co 49,915 1,238,516
Dun & Bradstreet Corp 62,396 1,840,682
Ecolab Inc 50,020 1,957,033
Equifax Inc 55,846 1,315,871
McKesson HBOC Inc 105,816 2,387,474
Paychex Inc 94,001 3,760,040
+Quintiles Transnational Corp 25,800 482,137
Service Corp International 101,954 707,306
-------------
Total Commercial Services
(Cost $28,439,975) 23,446,868
-------------
Computers--9.6%
+3Com Corp 133,118 6,256,546
+Adaptec Inc 31,300 1,561,087
+Apple Computer Inc 60,296 6,199,183
+Cabletron Systems Inc 62,807 1,632,982
+Ceridian Corp 55,853 1,204,330
+Cisco Systems Inc 1,229,986 131,762,250
Compaq Computer Corp 644,412 17,439,400
+Computer Sciences Corp 61,031 5,775,058
+Dell Computer Corp 961,746 49,049,046
Electronic Data Systems Corp 179,898 12,041,922
+EMC Corp 383,629 41,911,468
+Gateway Inc 119,048 8,578,897
Hewlett-Packard Co 383,434 43,687,511
International Business Machine Corp 681,649 73,618,092
+Lexmark International Group Class A 44,975 4,070,237
+Network Appliance Inc 53,250 4,423,078
+Seagate Technology Inc 79,776 3,714,570
+Silicon Graphics Inc 73,128 717,569
+Sun Microsystems Inc 585,786 45,361,803
+Unisys Corp 108,675 3,470,808
-------------
Total Computers
(Cost $176,115,888) 462,475,837
-------------
Cosmetics/Personal Care--2.2%
Alberto-Culver Co Class B 21,777 562,119
Avon Products Inc 96,143 3,172,719
Colgate-Palmolive Co 221,134 14,373,710
Gillette Co 408,333 16,818,215
International Flavor & Fragrances 40,998 1,547,674
Kimberly-Clark Corp 202,091 13,186,438
Procter & Gamble Co 497,231 54,477,871
-------------
Total Cosmetics/Personal Care
(Cost $68,964,678) 104,138,746
-------------
Distribution/Wholesale--0.2%
+Costco Wholesale Corp 83,938 7,659,342
Genuine Parts Co 69,138 1,715,489
-------------
Total Distribution/Wholesale
(Cost $5,792,322) 9,374,831
-------------
Diversified Financial Services--4.9%
American Express Corp 169,847 28,237,064
Associates First Capital Corp 276,610 7,589,487
Bear Stearns Co Inc 47,199 2,017,757
Capital One Financial Corp 75,490 3,637,674
Citigroup Inc 1,275,154 70,850,744
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
Countrywide Credit Industries Inc 43,374 $ 1,095,193
Federal Home Loan Mortgage Corp 263,711 12,410,899
Federal National Mortgage Association 388,233 24,240,298
Franklin Resources Inc 96,631 3,098,231
Household International Inc 181,216 6,750,296
Lehman Brothers Holdings 45,325 3,838,461
MBNA Corp 304,775 8,305,119
Merrill Lynch & Co Inc 140,237 11,709,789
Morgan Stanley Dean Witter 211,367 30,172,639
Paine Webber Group Inc 55,154 2,140,665
Price (T Rowe) & Associates 35,000 1,292,812
Providian Financial Corp 54,109 4,927,301
Schwab (Charles) Corp 310,318 11,908,453
SLM Holding Corp 61,684 2,606,149
-------------
Total Diversified Financial Services
(Cost $143,235,527) 236,829,031
-------------
Electric--1.6%
+AES Corp 73,105 5,464,599
Ameren Corp 52,966 1,734,636
American Electric Power Inc 74,389 2,389,747
Carolina Power & Light Co 59,226 1,802,691
Central & South West Corp 82,182 1,643,640
Cinergy Corp 61,411 1,481,540
CMS Energy Corp 43,993 1,372,032
Consolidated Edison Inc 84,720 2,922,840
Constellation Energy Group 57,860 1,677,940
Dominion Resources Inc 73,506 2,885,110
DTE Energy Co 56,010 1,757,314
Duke Power Co 138,806 6,957,651
Edison International 132,874 3,479,638
Entergy Corp 94,882 2,443,211
FirstEnergy Corp 90,161 2,045,528
Florida Progress Corp 37,858 1,601,867
FPL Group Inc 68,706 2,941,476
GPU Inc 48,607 1,455,172
New Century Energies Inc 44,293 1,345,400
+Niagra Mohawk Holdings Inc 72,680 1,012,978
Northern States Power Co 58,795 1,146,502
PECO Energy Co 71,748 2,493,243
PG & E Corp 147,012 3,013,746
Pinnacle West Capital Corp 23,500 718,219
PP & L Resources Inc 59,377 1,358,249
Public Service Enterprise Group 84,063 2,926,443
Reliant Energy Inc 112,934 2,583,365
Southern Co 260,050 6,111,175
Texas Utilities Co 105,661 3,757,569
Unicom Corp 83,448 2,795,508
-------------
Total Electric
(Cost $77,602,095) 75,319,029
-------------
Electrical Components & Equipment--0.3%
Emerson Electric Co 165,032 9,468,711
Molex Inc 50,600 2,868,387
-------------
Total Electrical Components & Equipment
(Cost $10,607,048) 12,337,098
-------------
Electronics--0.7%
+Analog Devices Inc 59,990 5,579,070
Johnson Controls Inc 32,858 1,868,799
Millipore Corp 17,225 665,316
</TABLE>
108
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- -------------------------------------------------------------
COMMON STOCKS--(Continued)
- -------------------------------------------------------------
Parker Hannifin Corp 41,831 $ 2,146,453
PE Corp--PE Biosystems Group 38,586 4,642,378
Perkinelmer Inc 17,648 735,701
+Solectron Corp 106,352 10,116,734
Tektronix Inc 18,410 715,689
+Teradyne Inc 56,740 3,744,840
+Thermo Electron Corp 61,303 919,545
Thomas & Betts Corp 21,793 694,652
----------------
Total Electronics
(Cost $20,085,745) 31,829,177
----------------
Engineering & Construction--0.0%
Fluor Corp 29,408 1,349,107
Foster Wheeler Corp 15,952 141,574
----------------
Total Engineering & Construction
(Cost $1,940,013) 1,490,681
----------------
Entertainment--0.1%
+Harrah's Entertainment Inc 48,115 1,272,040
+Mirage Resorts Inc 73,225 1,121,258
----------------
Total Entertainment
(Cost $2,764,549) 2,393,298
----------------
Environmental Control--0.1%
+Allied Waste Industries Inc 50,915 448,688
Waste Management Inc 234,418 4,029,059
----------------
Total Environmental Control
(Cost $12,258,279) 4,477,747
----------------
Food--1.9%
Albertson's Inc 160,326 5,170,514
Archer-Daniels-Midland Co 236,583 2,883,355
Bestfoods 106,212 5,582,768
Campbell Soup Co 165,111 6,387,732
ConAgra Inc 186,381 4,205,221
General Mills Inc 116,686 4,171,524
Great Atlantic & Pacific Tea Co 14,838 413,609
Heinz (H J) Co 136,452 5,432,495
Hershey Foods Corp 53,535 2,542,913
Kellogg Co 154,449 4,758,960
+Kroger Co 316,160 5,967,520
Nabisco Group Holdings Corp 125,413 1,332,513
Quaker Oats Co 51,208 3,360,525
Ralston-Purina Group 123,746 3,449,420
+Safeway Inc 190,959 6,790,979
Sara Lee Corp 343,377 7,575,755
Super Value Inc 46,279 925,580
Sysco Corp 126,212 4,993,262
Unilever NV 216,889 11,806,895
Winn-Dixie Stores Inc 57,358 1,373,007
Wrigley (W M) Jr Co 44,437 3,685,494
----------------
Total Food
(Cost $95,478,258) 92,810,041
----------------
Forest Products & Paper--0.7%
Boise Cascade Corp 22,043 892,742
Champion International Corp 36,981 2,290,511
Fort James Corp 85,028 2,327,642
Georgia-Pacific Corp 65,839 3,341,329
International Paper Co 157,147 8,868,984
Louisiana-Pacific Corp 41,771 595,237
Mead Corp 39,296 1,706,920
Potlatch Corp 11,371 507,431
Temple-Inland Inc 21,587 1,423,393
Westvaco Corp 38,863 1,267,905
</TABLE>
<TABLE>
- -------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------
Weyerhaeuser Co 83,345 $ 5,985,213
Willamette Industries Inc 42,972 1,995,512
-------------
Total Forest Products & Paper
(Cost $24,681,546) 31,202,819
-------------
Gas--0.1%
Eastern Enterprises 8,432 484,313
NICOR Inc 18,445 599,463
ONEOK Inc 12,234 307,379
Peoples Energy Corp 13,909 465,952
Sempra Energy 92,729 1,611,166
-------------
Total Gas
(Cost $3,873,551) 3,468,273
-------------
Hand/Machine Tools--0.1%
Black & Decker Corp 33,627 1,757,011
Grainger (W W) Inc 36,123 1,727,131
Milacron Inc 14,859 228,457
Snap-On Inc 23,453 622,970
Stanley Works 34,452 1,037,867
-------------
Total Hand/Machine Tools
(Cost $4,908,947) 5,373,436
-------------
Health Care--2.2%
Allergan Inc 50,800 2,527,300
Bard (C R) Inc 19,978 1,058,834
Bausch & Lomb Inc 21,821 1,493,375
Baxter International Inc 110,721 6,954,663
Becton Dickinson & Co 96,061 2,569,632
Biomet Inc 43,468 1,738,720
+Boston Scientific Corp 152,221 3,329,834
Columbia/HCA Healthcare Corp 214,786 6,295,915
+Guidant Corp 115,111 5,410,217
+Healthsouth Corp 160,259 861,392
+Humana Inc 64,704 529,764
Johnson & Johnson 520,147 48,438,689
Mallinckrodt Group Inc 27,624 878,789
+Manor Care Inc 42,886 686,176
Medtronic Inc 444,856 16,209,441
+St Jude Medical Inc 32,653 1,002,039
+Tenet Healthcare Corp 119,123 2,799,391
United Healthcare Corp 66,303 3,522,347
+Wellpoint Health Networks 25,355 1,671,845
-------------
Total Health Care
(Cost $84,180,983) 107,978,363
-------------
Holding Companies--Diversified--0.2%
Seagrams Co Ltd 164,437 7,389,388
-------------
Total Holding Companies--Diversified
(Cost $6,502,452) 7,389,388
-------------
Home Builders--0.0%
Centex Corp 23,215 573,120
Fleetwood Enterprises Inc 13,708 282,728
Kaufman & Broad Home Corp 17,979 434,867
Pulte Corp 17,087 384,458
-------------
Total Home Builders
(Cost $1,648,851) 1,675,173
-------------
Home Furnishings--0.1%
Leggett & Platt Inc 56,700 1,215,506
Maytag Corp 33,811 1,622,928
Whirlpool Corp 29,131 1,895,336
-------------
Total Home Furnishings
(Cost $4,062,818) 4,733,770
-------------
</TABLE>
109
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
Household Products/Wares--0.3%
American Greetings Corp Class A 26,270 $ 620,629
Avery-dennison Corp 43,633 3,179,755
Clorox Co 90,052 4,536,370
Fortune Brands Inc 64,148 2,120,893
Jostens Inc 13,796 335,415
Newell Rubbermaid Inc 107,840 3,127,360
Tupperware Corp 22,621 383,143
-------------
Total Household Products/Wares
(Cost $12,785,042) 14,303,565
-------------
Insurance--2.9%
Aetna Inc 54,289 3,030,005
AFLAC CORP 101,382 4,783,963
Allstate Corp 303,349 7,280,376
American General Corp 94,773 7,190,901
American International Group Inc 585,625 63,320,703
Aon Corp 98,022 3,920,860
Chubb Corp 63,769 3,590,992
CIGNA Corp 70,827 5,706,000
Cincinnati Financial Corp 63,644 1,984,897
Conseco Inc 123,646 2,210,172
Hartford Financial Services Group 86,412 4,093,769
Jefferson-Pilot Corp 40,464 2,761,668
Lincoln National Corp 76,197 3,047,880
Loews Corp 41,313 2,507,183
Marsh & McLennan Companies Inc 100,335 9,600,805
MBIA Inc 38,539 2,035,341
MGIC Investment Corp 41,931 2,523,722
Progressive Corp Ohio 28,125 2,056,641
SAFECO Corp 51,422 1,279,122
St Paul Co 86,993 2,930,577
Torchmark Corp 51,586 1,499,218
Unumprovident Corp 91,610 2,937,246
-------------
Total Insurance
(Cost $108,341,003) 140,292,041
-------------
Iron/Steel--0.1%
Allegheny Technologies Inc 37,270 836,246
+Bethlehem Steel Corp 50,451 422,527
Nucor Corp 33,724 1,848,497
USX-U.S. Steel Group 34,183 1,128,039
-------------
Total Iron/Steel
(Cost $4,772,269) 4,235,309
-------------
Leisure Time--0.3%
Brunswick Corp 35,682 793,925
Carnival Corp Class A 232,789 11,130,224
-------------
Total Leisure Time
(Cost $11,133,423) 11,924,149
-------------
Lodging--0.1%
Hilton Hotels Corp 100,112 963,578
Marriott International 95,283 3,007,370
-------------
Total Lodging
(Cost $3,919,019) 3,970,948
-------------
Machinery--0.5%
Briggs & Stratton Corp 9,122 489,167
Caterpillar Inc 135,328 6,368,874
Cummins Engine Co Inc 15,900 768,169
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------
Deere & Co 89,327 $ 3,874,559
Dover Corp 79,663 3,614,709
Ingersoll-Rand Co 63,286 3,484,685
McDermott International Inc 23,106 209,398
NACCO Industries Inc Class A 3,027 168,188
Rockwell International Corp 73,145 3,501,817
-------------
Total Machinery
(Cost $18,440,998) 22,479,566
-------------
Media--3.4%
+CBS Corp 288,983 18,476,851
+Clear Channel Communications Inc 127,745 11,401,241
Comcast Corp Class A 284,258 14,372,795
Disney (Walt) Co 781,324 22,853,727
Dow Jones & Co Inc 34,936 2,375,648
Gannett Co Inc 106,280 8,668,463
Knight-Ridder Inc 30,498 1,814,631
McGraw-Hill Inc 75,095 4,627,729
+MediaOne Group Inc 229,855 17,655,737
Meredith Corp 20,197 841,962
New York Times Co Class A 66,704 3,276,834
Time Warner Inc 487,770 35,332,839
Times Mirror Co Class A 23,181 1,553,127
Tribune Co 90,382 4,976,659
+Viacom Inc Class B 264,159 15,965,110
-------------
Total Media
(Cost $91,189,951) 164,193,353
-------------
Metal Fabricate/Hardware--0.0%
Timken Co 24,501 500,739
Worthington Industries Inc 36,040 596,913
-------------
Total Metal Fabricate/Hardware
(Cost $1,172,632) 1,097,652
-------------
Metals--Diversified--0.5%
Alcan Aluminum Ltd 86,465 3,561,277
Alcoa Inc 139,199 11,553,517
+Freeport McMoRan Inc 63,424 1,339,832
+Inco Ltd 70,437 1,655,270
Phelps Dodge Corp 22,901 1,537,230
Placer Dome Inc 120,056 1,290,602
Reynolds Metals Co 24,353 1,866,049
-------------
Total Metals--Diversified
(Cost $15,205,426) 22,803,777
-------------
Mining--0.1%
Barrick Gold Corp 147,998 2,617,715
Homestake Mining Co 92,085 719,414
Newmont Mining Corp 64,155 1,571,798
-------------
Total Mining
(Cost $6,518,262) 4,908,927
-------------
Manufacturer--5.7%
Cooper Industries Inc 36,420 1,472,734
Corning Inc 92,903 11,978,681
Crane Co 26,543 527,542
Danaher Corp 51,856 2,502,052
Eastman Kodak Co 120,341 7,972,591
Eaton Corp 27,696 2,011,422
+FMC Corp 12,392 710,217
General Electric Co 1,239,186 191,764,034
Illinois Tool Works Inc 107,786 7,282,292
ITT Industries Inc 34,073 1,139,316
Minnesota Mining & Manufacturing Co 152,721 14,947,568
</TABLE>
110
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ----------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------
National Service Industries Inc 15,998 $ 471,941
Pall Corp 48,399 1,043,603
Polaroid Corp 17,470 328,654
PPG Industries Inc 66,344 4,150,647
Textron Inc 57,334 4,396,801
Tyco International Ltd 633,078 24,610,907
-------------
Total Miscellaneous Manufacturer
(Cost $143,990,320) 277,311,002
-------------
Office/Business Equipment--0.2%
Pitney Bowes Inc 102,053 4,930,436
Xerox Corp 252,366 5,725,554
-------------
Total Office/Business Equipment
(Cost $13,290,457) 10,655,990
-------------
Oil & Gas Producers--4.9%
Amerada Hess Corp 34,891 1,980,064
Anadarko Petroleum Corp 46,745 1,595,173
Apache Corp 41,497 1,532,795
Atlantic Richfield Corp 122,330 10,581,545
Burlington Resources Inc 70,978 2,346,710
Chevron Corp 248,501 21,526,399
Coastal Corp 81,860 2,900,914
Conoco Inc Class B 238,785 5,939,776
Exxon Mobil Corp 1,305,075 105,140,105
Helmerich & Payne Inc 19,470 424,689
Kerr-McGee Corp 32,874 2,038,188
Occidental Petroleum Corp 133,734 2,891,998
Phillips Petroleum Co 96,587 4,539,589
+Rowan Co Inc 32,475 704,302
Royal Dutch Petroleum Corp 811,574 49,049,504
Sunoco Inc 35,137 825,720
Texaco Inc 206,300 11,204,669
Tosco Corp 43,600 1,185,375
Transocean Sedco Forex Inc 40,219 1,354,873
Union Pacific Resources Group 97,483 1,242,908
Unocal Corp 92,813 3,115,036
USX-Marathon Group 118,377 2,922,432
-------------
Total Oil & Gas Producers
(Cost $170,481,951) 235,042,764
-------------
Oil & Gas Services--0.4%
Baker Hughes Inc 126,058 2,655,097
Halliburton Co 167,918 6,758,700
Schlumberger Ltd 207,742 11,685,488
-------------
Total Oil & Gas Services
(Cost $18,232,858) 21,099,285
-------------
Packaging & Containers--0.1%
Ball Corp 11,780 463,838
Bemis Co 20,358 709,985
Crown Cork & Seal Co 47,391 1,060,374
+Owens Illinois Inc 60,369 1,512,998
+Pactiv Corp 65,875 699,922
+Sealed Air Corp 32,207 1,668,725
-------------
Total Packaging & Containers
(Cost $9,121,867) 6,115,842
-------------
Pharmaceuticals--6.0%
Abbott Laboratories 576,420 20,931,251
+ALZA Corp 37,839 1,310,175
American Home Products Corp 494,953 19,519,709
Bristol-Myers Squibb Co 750,938 48,200,833
Cardinal Health Inc 103,852 4,971,915
Lilly (Eli) & Co 413,744 27,513,976
</TABLE>
<TABLE>
- -----------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------
Merck & Co Inc 884,208 $ 59,297,199
Pfizer Inc 1,465,296 47,530,539
Pharmacia And Upjohn Inc 192,356 8,656,020
Schering-Plough Corp 556,114 23,461,059
Warner Lambert Co 323,703 26,523,415
+Watson Pharmaceutical Inc 35,421 1,268,515
-------------
Total Pharmaceuticals
(Cost $213,451,375) 289,184,606
-------------
Pipelines--0.5%
Columbia Gas Systems Inc 32,122 2,031,717
Consolidated Natural Gas Co 36,891 2,395,609
El Paso Energy Corp 77,357 3,002,419
Enron Corp 271,020 12,026,513
Williams Co Inc 165,460 5,056,871
-------------
Total Pipelines
(Cost $17,444,082) 24,513,129
-------------
Retail--6.4%
+AutoZone Inc 57,606 1,861,381
+Bed Bath & Beyond Inc 41,600 1,445,600
+Best Buy Co Inc 77,898 3,909,506
Circuit City Stores Inc 77,063 3,472,651
+Consolidated Stores Corp 42,302 687,408
CVS Corp 149,244 5,960,432
Darden Restaurants Inc 51,880 940,325
Dayton-Hudson Corp 167,774 12,320,903
Dillards Inc Class A 41,422 836,207
Dollar General Corp 85,424 1,943,396
+Federated Department Stores Inc 79,767 4,033,219
Gap Inc 325,148 14,956,808
Harcourt General Inc 27,581 1,110,135
Home Depot Inc 862,041 59,103,686
Ikon Office Solutions Inc 53,983 367,759
+K Mart Corp 190,809 1,920,016
+Kohls Corp 62,134 4,485,298
Limited Inc 81,938 3,548,940
Longs Drug Stores Corp 15,054 388,581
Lowe's Co Inc 142,840 8,534,690
May Department Stores Co 127,673 4,117,454
McDonald's Corp 513,168 20,687,085
Nordstrom Inc 54,615 1,430,230
+Office Depot Inc 138,149 1,511,005
Penney (J C) Co Inc 101,249 2,018,652
Rite Aid Corp 100,031 1,119,097
Sears Roebuck & Co 145,124 4,417,212
+Staples Inc 177,729 3,687,877
Tandy Corp 73,625 3,621,430
The Pep Boys--Manny Moe & Jack 20,775 189,572
TJX Companies Inc 122,203 2,497,524
+Toys R Us Inc 96,075 1,375,073
+Tricon Global Restaurants 59,032 2,280,111
Walgreen Co 380,778 11,137,757
Walmart Stores Inc 1,681,610 116,241,291
Wendy's International Inc 47,843 986,762
-------------
Total Retail
(Cost $172,421,820) 309,145,073
-------------
Savings & Loans--0.2%
Golden West Financial 63,654 2,132,409
Washington Mutual Inc 220,472 5,732,272
-------------
Total Savings & Loans
(Cost $9,177,050) 7,864,681
-------------
</TABLE>
111
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP--S&P 500 Index Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Semiconductors--3.6%
+Advanced Micro Devices 55,827 $ 1,615,494
+Applied Materials Inc 142,318 18,029,912
Intel Corp 1,255,365 103,332,232
+KLA Instruments Corp 33,748 3,758,684
+LSI Logic Corp 55,154 3,722,895
+Micron Technology Inc 95,676 7,438,779
+National Semiconductor 64,381 2,756,312
Texas Instruments Inc 298,263 28,894,228
+Xilinx Inc 111,400 5,065,224
-------------
Total Semiconductors
(Cost $75,366,825) 174,613,760
-------------
Software--9.6%
Adobe Systems Inc 46,726 3,142,324
+America Online Inc 838,542 63,257,512
Autodesk Inc 20,332 686,205
Automatic Data Processing 234,757 12,647,533
+BMC Software Inc 90,534 7,237,062
+Citrix Systems Inc 30,070 3,698,610
Computer Associates International Inc 203,896 14,259,977
+Compuware Corp 136,195 5,073,264
First Data Corp 161,323 7,955,240
IMS Health Inc 119,883 3,259,319
+Microsoft Corp 1,943,474 226,900,590
+Novell Inc 128,514 5,132,528
+Oracle Systems Corp 538,861 60,386,111
+Parametric Technology Corp 103,203 2,792,931
+Peoplesoft Inc 90,560 1,930,060
Shared Medical System Corp 10,340 526,694
+Yahoo! Inc 99,540 43,069,714
-------------
Total Software
(Cost $206,608,210) 461,955,674
-------------
Telecommunication Equipment--5.0%
+ADC Telecommunications 49,901 3,620,941
+Andrew Corp 32,217 610,109
+Comverse Technology Inc 23,500 3,401,625
+General Instrument Corp 65,466 5,564,610
Lucent Technologies Inc 1,176,833 88,041,819
Motorola Inc 229,918 33,855,426
Nortel Networks Corp 502,367 50,739,067
+Qualcom Inc 245,196 43,185,146
Scientific-Atlanta Inc 28,973 1,611,623
+Tellabs Inc 148,663 9,542,306
-------------
Total Telecommunication Equipment
(Cost $85,508,910) 240,172,672
-------------
Telecommunications--0.9%
+Global Crossing Ltd 283,449 14,172,450
+Nextel Communications Class A 133,682 13,785,956
Sprint Corp (pcs Group)+ 164,107 16,820,957
-------------
Total Telecommunications
(Cost $15,127,390) 44,779,363
-------------
Telephone--6.7%
Alltel Corp 114,284 9,449,858
AT & T Corp 1,208,638 61,338,379
Bell Atlantic Corp 587,785 36,185,514
Bellsouth Corp 713,419 33,396,927
Centurytel Inc 52,469 2,485,719
GTE Corp 368,665 26,013,924
+MCI Worldcom Inc 1,063,259 56,419,154
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
Shares/
Principal Value
<S> <C> <C>
- ------------------------------------------------------------------------------
SBC Communication Inc 1,290,288 $ 62,901,540
Sprint Corp 328,630 22,120,907
U.S. West Inc 191,430 13,782,960
-------------
Total Telephone
(Cost $209,737,582) 324,094,882
-------------
Textiles--0.5%
Springs Industries Inc Class A 7,142 285,234
-------------
Total Textiles
(Cost $288,318) 285,234
-------------
Tobacco--0.5%
Philip Morris Co Inc 899,120 20,848,345
UST Inc 67,406 1,697,789
-------------
Total Tobacco
(Cost $33,540,360) 22,546,134
-------------
Toys/Games/Hobbies--0.1%
Hasbro Inc 75,412 1,437,541
Mattel Inc 159,572 2,094,383
-------------
Total Toys/Games/Hobbies
(Cost $5,755,424) 3,531,924
-------------
Transportation--0.5%
Burlington Northern Santa Fe 177,184 4,296,712
CSX Corp 83,427 2,617,522
+FDX Corp 113,457 4,644,646
Kansas City Southern Industries 41,791 3,118,653
Norfolk Southern Corp 145,750 2,987,875
Union Pacific Corp 94,580 4,126,053
-------------
Total Transportation
(Cost $23,262,453) 21,791,461
-------------
Trucking & Leasing--0.0%
Ryder System Inc 26,060 636,841
-------------
Total Trucking & Leasing
(Cost $724,416) 636,841
-------------
TOTAL COMMON STOCKS
(Cost $2,955,509,045) 4,647,088,660
-------------
- ------------------------------------------------------------------------------
SHORT TERM INSTRUMENTS--4.7%
- ------------------------------------------------------------------------------
Cash Equivalents--1.0%
++Golden Prime
5.40%, 01/03/00 $ 44,072,532 $ 44,072,532
++Investors Bank & Trust Depository Receipt 5.53%,
01/03/00 5,100,000 5,100,000
-------------
49,172,532
-------------
Repurchase Agreements--3.3%
Morgan Stanley Triparty Repurchase Agreement dated
12/31/99, due 1/03/00 with a maturity value of
$160,491,184 and an effective yield of 2.40%,
collateralized by a U.S. Treasury Note with a rate
of 6.25% a maturity of 4/30/01 and market value of
$163,671,231. $160,459,092 $ 160,459,092
-------------
</TABLE>
112
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------
<CAPTION>
Shares/
MIP--S&P 500 Index Principal Value
<S> <C> <C>
- -----------------------------------------------------
SHORT-TERM INSTRUMENTS--(Continued)
- -----------------------------------------------------
U.S. Treasury Bills--0.3%
+++U.S. Treasury Bills
5.04%, 03/23/00 $ 15,750,000 $ 15,572,534
--------------
TOTAL SHORT TERM INSTRUMENTS
(Cost $225,192,218) 225,204,158
--------------
TOTAL INVESTMENTS IN SECURITIES--
100.9%
(Cost $3,180,701,263)** (Notes 1 and
3) 4,872,292,818
Other Assets and Liabilities, Net--
(0.9)% (44,767,792)
--------------
TOTAL NET ASSETS--100.0% $4,827,525,026
==============
</TABLE>
Notes to the Schedule of Investments:
* Non-income earning securities.
++ Represents investment of collateral received from securities lending
transactions. See Note 4.
+++ These U.S. Treasury Bills are held in segregated accounts in connection
with the Fund's holdings of S&P 500 futures contracts. See Note 1.
** The aggregate identified cost for federal income tax purposes is
$3,183,525,561. Unrealized appreciation and depreciation, based on
identified tax cost at December 31, 1999 are as follows:
<TABLE>
<S> <C>
Gross Unrealized Appreciation $1,830,907,457
Gross Unrealized Depreciation $ (142,140,200)
--------------
Net Unrealized Appreciation $1,688,767,257
==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
113
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--97.0%
- ------------------------------------------------------------
Advertising--1.2%
*24/7 Media Inc 1,092 $ 61,425
*AdForce Inc. 1,000 71,375
*Catalina Marketing Corporation 917 106,143
*Cybergold Inc. 1,400 24,763
*Cyrk International Inc. 691 8,206
*Digital Impact Inc 1,403 70,325
*DoubleClick Inc 2,222 562,305
*e4L Inc 1,439 3,598
*Flycast Communications Corporation 800 103,950
*FreeShop.com Inc 600 28,800
*GenesisIntermedia.com Inc 400 2,325
*Getty Images Inc 1,766 86,313
Grey Advertising Inc 55 22,000
*Ha-Lo Industries Inc 2,304 17,280
*Healthworld Corporationoration 1,000 20,750
*K2 Design Inc 400 2,550
*Lamar Advertising Company 2,276 137,840
*Leapnet Inc 600 3,563
*Lifeminders.com Inc 1,000 57,750
*Mediaplex Inc 1,500 94,125
*Modem Media Poppe Tyson Inc 200 14,075
*MyPoints.com Inc 1,200 88,800
*Obie Media Corporation 220 2,558
Penton Media Inc 1,619 38,856
*Princeton Video Image Inc 200 1,600
*RH Donnelley Corporation 1,530 28,879
*Snyder Communications Inc 3,586 69,031
The Ackerly Group Inc 1,120 20,300
*theglobe.com Inc 922 7,722
*TMP Worldwide Inc 1,805 256,310
True North Communications Inc 2,515 112,389
*Ventiv Health Inc 1,095 10,060
*Yesmail.com Inc 1,300 43,956
Young & Rubicam Inc 3,562 252,012
------------
2,431,934
------------
Aerospace & Defense--0.2%
AAR Corporation 1,340 24,036
*BE Aerospace Inc 1,087 9,172
Cordant Technologies Inc 1,933 63,789
*Ducommun Inc 413 4,491
*Edac Technologies Corporation 300 450
*First Aviation Services Inc 2,400 11,850
GenCorp Inc 2,357 23,275
*Hawker Pacific Aerospace 3,200 23,200
HEICO Corporation Class A 252 5,324
HEICO Corporation 309 6,740
*Hi-Shear Technology Corporation 300 788
*Kellstrom Industries Inc 433 3,951
*Kreisler Manufacturing Corporation 2,500 10,625
*LMI Aerospace Inc 376 1,128
Newport News Shipbuilding 1,578 43,395
*Orbital Sciences Corporation 1,847 34,285
*Precision Standard Inc 700 6,913
Primex Technologies Inc 376 7,802
</TABLE>
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Shares Value
- --------------------------------------------------------------------
<S> <C> <C>
*Sequa Corporation 564 $ 30,421
*Simula Inc 443 2,409
Stewart & Stevenson Services 1,132 13,407
*The Fairchild Corporation Class A 1,431 12,968
Transtechnology Corporation 232 2,567
Venturian Corporation 440 2,640
------------
345,626
------------
Airlines--0.5%
Airborne Freight Corporation 2,660 58,520
*Airnet Systems Inc 519 3,698
*AirTran Holdings Inc 2,893 13,109
*Alaska Air Group Inc 1,272 44,679
*American West Holdings Corporation Class B 2,024 41,998
*Atlantic Coast Airlines Holdings 859 20,401
*Atlas Air Inc 1,604 44,010
Comair Holdings Inc 4,600 107,525
*Continental Airlines Class B 3,664 162,590
*Frontier Airlines Inc 735 8,361
*Kitty Hawk Inc 824 5,665
*Mesa Air Group Inc 1,546 7,344
*Mesaba Holdings Inc 887 10,145
*Midway Airlines Corporation 517 3,199
*Midwest Express Holdings Inc 630 20,081
*Northwest Airlines Corporation Class A 4,535 100,904
*Offshore Logistics Inc 991 9,291
Petroleum Helicopters NV 245 2,389
SkyWest Inc 1,084 30,352
*Trans World Airlines Inc 3,081 8,665
*UAL Corporation 2,676 207,557
*Vanguard Airlines Inc 1,100 3,609
------------
914,092
------------
Automotive--0.9%
*Aftermarket Technology Inc 845 10,087
*Alltrista Corporation 348 7,700
*American Axle & Manufacturing Holdings Inc 1,700 20,613
AO Smith Corporation Class B 1,042 22,794
Arvin Industries Inc 1,397 39,640
Autocam Corporation 273 4,931
*AutoNation Inc 24,098 222,907
Bandag Inc 1,181 29,525
Borg-Warner Automotive Inc 1,345 54,473
*Breed Technologies Inc 2,359 330
*Cannondale Corporation 274 1,790
Clarcor Inc 1,091 19,638
Coachmen Industries Inc 741 11,208
Collins Industries Inc 400 2,000
*Copart Inc 1,291 56,159
*Delco Remy International Inc 869 7,169
*Dura Automotive Systems Inc 622 10,846
*Excelsior-Henderson Motorcycle 482 346
Exide Corporation 955 7,938
*Featherlite Inc 400 2,250
*FinishMaster Inc 300 2,381
*Group 1 Automotive Inc 917 12,781
Harley-Davidson Inc 7,736 495,588
Hastings Manufacturing Company 100 800
*Hayes Lemmerz International Inc 1,550 27,028
</TABLE>
114
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
Hertz Corporation Class A 2,020 $ 101,253
*Holiday RV Superstores Inc 400 2,250
*Hometown Auto Retailers
Inc--Class A 400 1,425
Huffy Corporation 434 2,279
*Impco Technologies Inc 365 5,087
JLG Industries Inc 2,072 33,023
*Keystone Automotive Industries Inc 786 4,618
*Lear Corporation 3,283 105,056
*Lithia Motors Inc Class A 425 7,597
*Lund International Holdings Inc 200 1,175
Mascotech Inc 2,262 28,699
*McLaren Automotive Group Inc 593 1,334
Meritor Automotive Inc 3,488 67,580
*Miller Industries Inc--TN 1,720 4,945
Modine Manufacturing Company 1,524 38,100
*Monaco Coach Corporation 835 21,345
*Motorcar Parts & Accessories 487 533
*National R V Holdings Inc 576 11,088
*Noble International Ltd 300 4,313
Oshkosh Truck Corporation 607 17,793
*R & B Inc 461 2,132
*Raytech Corporation--DEL 300 1,013
Regal-Beloit Corporation 1,035 21,347
*Rush Enterprises Inc 397 5,757
*Safety Components International Inc 400 350
Simpson Industries Inc 772 8,685
*Smart Choice Automotive Group Inc 2,000 660
*Sonic Automotive Inc 1,012 9,867
Spartan Motors Inc 562 2,459
*Standard Automotive Corporation 200 1,800
Standard Motor Products Inc 584 9,417
*Starcraft Corporation 2,200 15,675
*Strattec Security Corporation 206 6,669
Superior Industries International Inc 1,324 35,500
*Supreme Industries Inc 489 3,026
*TBC Corporation 882 5,513
Tenneco Automotive Inc 2,400 22,350
*The Coast Distribution System Inc--DE 300 750
*The Colonel's International Inc 1,089 7,351
*The Kroll-O'Gara Company 1,019 16,814
Titan International Inc 771 5,012
*Transportation Components Inc 1,093 3,142
*Ugly Duckling Corporation 719 4,943
*United Auto Group Inc 1,064 9,510
Wabash National Corporation 1,027 15,405
Winnebago Industries Inc 1,020 20,464
Wynn's International Inc 841 11,879
------------
1,777,905
------------
Banking--4.7%
1st Source Corporation 847 21,175
1st State Bancorp Inc 200 3,825
Abington Bancorp Inc 200 2,113
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
*ACE Cash Express Inc 366 $ 6,771
Alabama National BanCorp--DE 387 7,305
Allegiant Bacorp Inc 285 2,779
Alliance Bancorp 422 7,807
AMB Financial Corporation 400 5,300
Ambanc Holding Company Inc 246 3,629
Amcore Financial Inc 1,295 31,080
Ameriana Bancorp 156 2,262
American Bancorp 140 2,293
*American Bancshares Inc 223 2,676
American Bank Conn Waterbury 167 4,008
American National Bankshares Inc 600 10,050
ANB Corporation 468 18,603
Anchor Bancorp Wisconsin Inc 1,023 15,473
Anchor Financial Corporation 539 14,823
Andover Bancorp Inc 239 6,692
Area Bancshares Corporation 700 17,150
Arrow Financial Corporation 287 5,579
ASB Financial Corporation 400 3,900
Associated Banc Corporation 3,031 103,812
Astoria Financial Corporation 2,546 77,494
Atlantic Financial Corporation 186 2,720
BancFirst Corporation 415 14,084
BancFirst Ohio Corporation 292 6,716
Banco Santander Puerto Rico 1,700 26,244
Bancorp Connecticut Inc 229 3,550
BancorpSouth Inc 2,798 45,642
Bancwest Corporation 5,412 105,534
Bank of Granite Corporation 512 11,008
Bank of South Carolina Corporation 400 5,700
Bank of the Ozarks 169 3,296
*Bank Plus Corporation 868 2,496
Bank Santa Clara California 102 3,366
Bank United Corporation Class A 1,467 39,976
BankAtlantic Bancorp Inc Class A 1,133 4,673
*Bankfirst Corporation 419 3,614
Banknorth Group Inc 1,035 27,686
*Bankunited Financial Corporation Class A 657 5,215
Bar Harbor Bankshares 163 2,893
Bay State Bancorp Inc 113 2,204
Bay View Capital Corporation 1,442 20,452
BCSB Bankcorp Inc 273 1,809
Belmont Bancorp 893 5,693
Berkshire Bancorp Inc 95 3,325
Big Foot Financial Corporation 400 5,000
*BOK Financial Corporation 2,321 46,891
Borel Bank & Trust San Mateo 129 2,338
*Boston Private Financial Holdings Inc 1,300 11,050
Bostonfed Bancorp Inc 192 3,048
Brenton Banks Inc 924 9,356
Brodge View Bancorp 124 1,951
Brookline Bancorp Inc 1,301 12,685
Bryn Mawr Bank Corporation 458 10,935
BSB Bancorp Inc 706 13,591
BT Financial Corporation 783 17,233
*BWC Financial Corporation 200 3,875
California Independent Bancorp 367 6,285
</TABLE>
115
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------
Camco Financial Corporation 257 $ 2,634
Camden National Corporation 802 13,434
*Capital Bank Corporation 200 1,550
Capital City Bank Group Inc 326 7,009
*Capital Corporation of The West 300 2,925
*Capital Crossing Bank 181 2,263
Capitol Bancorp Ltd 732 7,595
Carolina First Corporation 1,101 20,093
Carolina Southern Bank 160 2,075
Cascade Bancorp 751 9,388
*Cascade Financial Corporation 250 2,641
Cathay Bancorp Inc 401 16,441
Cavalry Bancorp Inc 274 4,521
CB Bancshares Inc-Hawaii 131 3,856
CCB Financial Corporation 2,077 90,481
CCBT Financial Companies Inc 334 5,135
Cenit Bancorp Inc 178 3,082
*Centennial Bancorp 652 7,009
Center Bancorp Inc 210 3,170
*Central Coast Bancorp 338 5,577
Centura Banks Inc 1,550 68,394
Century Bancorp Inc Class A 161 2,616
Century South Banks Inc 493 11,031
CFS Bancorp Inc 846 7,878
Charter One Financial Inc 10,539 201,558
Chemical Financial Corporation 603 19,221
Chester Valley Bancorp 697 10,978
Chittenden Corporation 1,549 45,889
Citizens Banking Corporation-MI 2,343 52,425
Citizens Financial Services Inc 225 3,769
Citizens First Financial Corporation 722 8,664
City Holding Company 752 10,528
City National Corporation 2,453 80,796
*Civic Bacorp 207 3,209
CKF Bancorp Inc 400 5,400
CNB Financial Corporation-NY 780 12,090
CNBT Bancshares Inc 319 3,429
CNY Financial Corporation 239 4,302
Coast Bancorp 242 5,838
Coastal Bancorp Inc 262 4,585
Coastal Financial Corporation 767 8,821
Codorus Valley Bancorp Inc 420 7,298
Colonial BancGroup Inc 5,491 56,969
Colorado Business Bankshares 946 12,062
Columbia Bancorp 204 2,308
*Columbia Banking System Inc 388 5,093
Comm Bancorp Inc 98 3,920
Commerce Bancorp Inc-NJ 1,319 53,337
Commerce Bancshares Inc 2,992 101,344
Commercial Bank of New York 237 2,637
Commercial Bankshares Inc-FL 173 3,638
Commercial Federal Corporation 2,908 51,799
Commercial National Financial Corporation-PA 261 4,568
Commonwealth Bancorp Inc 542 9,011
*Community Bancorp Inc 420 2,258
Community Bank Shares of Indiana Inc 200 3,275
Community Bank System Inc 269 6,221
</TABLE>
<TABLE>
- -----------------------------------------------------------
<CAPTION>
Shares Value
- -----------------------------------------------------------
<S> <C> <C>
Community Banks Inc 252 $ 5,765
Community Bankshares Inc-VA 161 3,542
Community Bankshares Inc 582 7,566
*Community Capital Corporation 300 2,550
Community Financial Corporation-VA 400 4,150
Community First Banking Company 123 2,137
Community First Bankshares Inc 2,411 37,973
Community Savings Bankshares 844 10,603
Community Trust Bancorp Inc 408 8,160
Community West Bancshares 400 2,850
Compass Bancshares Inc 5,559 124,024
*Cooperative Bankshares Inc 400 4,400
Cornerstone Bancorp Inc 100 1,125
Corus Bankshares Inc 651 15,624
CoVest Bancshares Inc 200 2,663
CPB Inc 367 10,460
Cullen-Frost Bankers Inc 2,688 69,216
CVB Financial Corporation 973 22,501
Delphos Citizens Bancorp Inc 400 6,700
Desert Community Bank 354 7,523
Dime Bancorp Inc 5,391 81,539
Dime Community Bancshares 427 7,900
Downey Financial Corporation 1,258 25,396
Drovers Bancshares Corporation-PA 272 5,576
Eagle Bacshares Inc 211 3,033
East Texas Financial Services Inc 400 3,700
East West Bancorp Inc 1,200 13,725
Eastern Virginia Bankshares 690 13,110
EFC Bancorp Inc 335 3,350
Elmira Savings Bank FSB 342 7,439
*Equitable Federal Savings Bank 400 6,800
ESB Financial Corporation 800 9,500
F&M Bancorp-Frederick MD 406 8,222
F&M National Corporation 1,008 27,783
Farmers Capital Bank Corporation 278 8,375
FCNB Corporation 688 10,492
FFD Financial Corporation 400 4,400
FFLC Bancorp Inc 164 2,501
FFW Corporation 400 5,100
FFY Financial Corporation 288 3,528
Fidelity Bancorp Inc-PA 400 5,300
Fidelity Bancorp Inc 107 1,792
Fidelity Bankshares Inc 750 10,594
Fidelity Financial of Ohio Inc 500 8,938
Fidelity National Corporation 363 2,745
Finger Lakes Financial Corporation 200 1,500
*First BanCorp 1,333 27,660
First Bancorp North Carolina 652 10,758
First Banking Co-S/E Georgia 573 11,102
First Banks America Inc 198 3,589
First Bankshares Inc 400 3,800
First Bell Bancorp Inc 229 3,492
First Busey Corporation Class A 606 13,711
First Charter Corporation 808 12,019
*First Citizens BancShares Inc 509 35,503
</TABLE>
116
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
First Commerce Bancshares Inc Class A 583 $ 12,535
First Commonwealth Financial Corporation 2,868 34,416
First Community Financial Corporation 200 3,400
First Defiance Financial Corporation 301 3,161
*First Essex Bancorp Inc 278 3,996
First Fed Financial of Kentucky 552 12,282
First Federal Bancorp 600 3,825
First Federal Bancorp Inc-OH 600 4,425
First Federal Bancshares of Arkansas 204 3,226
First Federal Bankshares Inc 529 4,563
First Federal Capital Corporation 681 9,960
First Federal of East Hartford 138 4,140
First Financial Bancorp 2,211 47,258
First Financial Bankshares Inc 426 13,100
First Financial Corporation-IN 322 13,363
First Financial Corporation 400 5,150
First Financial Holdings Inc 501 8,016
First Franklin Corporation 400 5,400
First Georgia Holding Inc 900 4,331
First Independence Corporation 400 4,000
First Indiana Corporation 468 10,179
First International Bancorp Inc 555 4,440
First Keystone Financial Inc 400 3,900
First Mariner Bancorp 400 3,300
First Merchants Corporation 771 20,239
First Midwest Bancorp Inc-IL 1,948 51,622
First Midwest Financial Inc 400 4,500
First Mutual Bancshares Inc 220 2,640
First Northern Capital Corporation 324 3,119
*First Oak Brook Bancshares Class A 164 3,034
First of Long Island Corporation 314 9,224
First Place Financial Corporation 700 7,438
First Republic Bank 324 7,614
First Savings Bancorp Inc 166 3,071
First Security Corporation 9,977 254,726
First Security Financial Inc 400 4,325
First Sentinel Bancorp Inc 1,930 15,078
First Southern Bancshares 400 4,700
First State Bancorp 228 3,135
First Tennessee National Corporation 6,737 192,005
First United Bancshares Inc-Ak 1,131 15,127
First United Corporation 727 10,360
First Virginia Banks Inc 2,440 104,920
First Washington Bancorp Inc 421 6,210
*First West Virgina Bancorp Inc 240 3,960
Firstfed America Bancorp Inc 289 3,324
Firstfed Financial Corporation 945 13,289
Firstmerit Corporation 4,390 100,970
Firstspartan Financial Corporation 146 2,628
*Flag Financial Corporation 1,000 7,000
Flagstar Bancorp Inc 611 10,540
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares Value
- -------------------------------------------------------------
<S> <C> <C>
Florida Banks Inc 400 $ 2,413
FloridaFirst Bancorp 400 3,500
Flushing Financial Corporation 414 6,132
FMS Financial Corporation 1,000 9,250
FNB Corporation-NC 534 8,544
FNB Corporation 794 17,667
FNB Financial Services Corporation 153 1,607
Foothill Independent Bancorp 820 10,660
Frontier Financial Corporation 704 14,080
FSF Financial Corporation 400 4,900
FVNB Corporation 406 14,210
Ga Financial Inc 263 3,485
Gaston Federal Bancorp Inc 201 2,286
GBC Bancorp 633 12,225
German American Bancorp 334 5,762
GFSB Bancorp Inc 400 5,400
Glacier Bancorp Inc 338 5,450
Gold Banc Corporation Inc 1,010 9,090
*Golden State Bancorp 6,156 106,191
Grand Premier Financial Inc 810 11,998
Granite State Bankshares Inc 218 4,333
Great Southern Bancorp Inc 289 6,358
Greater Bay Bancorp 429 18,393
Greater Community Bancorp 410 3,741
Greater Delaware Valley Savings Bank 200 1,700
Greenpoint Financial Corporation 5,280 125,730
GS Financial Corporation 400 4,900
Guaranty Bancshares Inc 300 2,813
Guaranty Federal Bancshares Inc 400 4,050
Guaranty Financial Corporation 400 3,300
*Gulf West Banks Inc 410 3,588
Habersham Bancorp 400 5,100
Hallmark Capital Corporation 200 1,800
*Hamilton Bancorp Inc 370 6,568
Hancock Holding Company 468 18,135
Harbor Florida Bancshares Inc 1,383 17,893
Hardin Bancorp Inc 200 3,000
Harleysville National Corporation 481 15,633
Harleysville Savings Bank 506 6,768
Harrington Financial Group Inc 600 4,313
Harris Financial Inc 1,507 11,303
Haven Bancorp Inc 326 5,033
*Hawthorne Financial Corporation 700 8,750
*Heritage Bancorp Inc-SC 170 2,635
Heritage Bancorp Inc 800 2,950
*Heritage Commerce Corporation 365 5,840
Heritage Financial Corporation 443 3,821
HF Financial Corporation 212 2,491
Highland Bancorp Inc 282 5,358
Hingham Institution for Savings 400 5,800
HMN Financial Inc 241 2,711
Home Bancorp 97 1,685
Home City Financial Corporation 400 5,000
Home Federal Bancorp 189 4,253
Home Financial Bancorp 600 4,050
Hopfed Bancorp Inc 180 2,858
</TABLE>
117
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
Horizon Financial Corporation 276 $ 2,622
Hudson City Bancorp Inc 3,000 40,313
Hudson River Bancorp Inc 658 6,662
Hudson United Bancorp 2,438 62,321
*Imperial Bancorp 2,241 54,064
Independence Community Bank Corporation 3,455 43,188
Independence Federal Savings Bank 400 4,800
Independent Bank Corporation-MA 548 6,850
Independent Bank Corporation-MI 978 14,303
Indiana United Bancorp 576 10,800
Industrial Bancorp Inc 180 2,678
Interchange Financial Service-NJ 636 10,415
International Bancshares Corporation 790 34,958
InterWest Bancorp Inc 707 13,610
Investors Financial Services Corporation 600 27,600
Iroquois Bancorp Inc 200 2,950
Irwin Financial Corporation 969 17,260
ISB Financial Corporation 253 3,479
*ITLA Capital Corporation 700 8,794
Jacksonville Savings Bank 400 3,250
James River Bankshares Inc 200 2,325
Jefferson Savings Bancorp Inc 1,071 11,312
JSB Financial Inc 428 22,203
Kankakee Bancorp Inc 382 7,545
Keystone Financial Inc 2,401 50,571
Klamath First Bancorp Inc 365 4,334
Lake Ariel Bancorp Inc 215 3,171
Lakeland Financial Corporation 313 4,675
Lamar Capital Corporation 400 4,450
Leeds Federal Bankshares Inc 232 2,262
Letchworth Independent Bcshs 151 2,888
Lexington B & L Financial Corporation 400 5,200
Logansport Financial Corporation 400 4,000
LSB Bancshares Inc 321 5,056
M & T Bank Corporation 351 145,402
MAF Bancorp Inc 1,136 23,785
Mahaska Investment Company 1,062 13,275
Main Street Bancorp Inc 383 3,782
Marathon Financial Corporation 400 2,475
Marshall & Ilsley Corporation 5,245 329,452
Massbank Corporation 330 9,735
MECH Financial Inc 192 6,636
Medford Bancorp Inc 321 5,337
Mercantile Bankshares 3,294 105,202
Merchants Bancorp Inc-DE 191 5,420
Merchants Bancshares Inc 462 9,875
Merchants New York Bancorp Inc 868 14,865
Merrill Merchants Bancshares Inc 300 2,775
Metrocorp Bancshares Inc 513 4,232
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
*Metropoitan Financial Corporation 1,200 $ 5,400
Metrowest Bank-MA 637 3,782
MFB Corporation 400 6,675
Michigan Financial Corporation 238 6,560
Mid Coast Bancorp 630 4,390
Mid Penn Bancorp Inc 229 5,124
MidAmerica Bancorp 470 13,395
Mid-State Bancshares 450 14,344
Midwest Banc Holdings Inc 415 5,706
Mississippi Valley Bancshares Inc 424 11,448
MNB Bancshares Inc 420 3,465
Monterey Bay Bancorp Inc 167 1,691
Montgomery Financial Corporation 200 1,625
National Bancorp of Alaska Inc 1,476 41,420
*National Bancshares Corporation of Texas 188 2,750
National City Bancorp 326 5,461
National City Bancshares Inc-IN 797 20,025
National Commerce Banorp 5,374 121,923
National Penn Bancshares Inc 798 20,050
NBT Bancorp Inc 586 9,083
*Net.B@nk Inc 1,378 25,493
Newsouth Bancorp Inc 182 3,367
Niagara Bancorp Inc 1,331 13,643
North Central Bancshares Inc 138 2,070
*North County Bancorp 200 4,175
North Fork Bancorp Inc 6,684 116,970
Northeast Bancorp 716 5,818
Northeast Indiana Bancorp Inc 440 5,445
*Northern Bank of Commerce 300 1,088
Northern States Financial Corporation 464 10,440
Northway Financial Inc 309 8,034
Northwest Bancorp Inc 2,096 14,541
Northwest Equity Corporation 400 8,900
Norwood Financial Corporation 200 4,150
NS & L Bancorp 480 4,980
NSD Bancorp Inc 528 9,240
Nutmeg Federal Savings & Loan 210 1,680
Oak Hill Financial Inc 196 2,867
OceanFirst Financial Corporation 544 9,418
Ohio Valley Banc Corporation 326 10,677
Old National Bancorp 2,336 75,774
Old Second Bancorp Inc 224 5,712
One Valley Bancorp Inc 1,653 50,623
Oregon Trail Financial Corporation 200 2,013
Oriental Financial Group Inc 605 13,348
Ottawa Financial Corporation 623 11,292
Pab Bankshares Inc 471 6,270
Pacific Bank Na 598 16,557
Pacific Capital Bancorp 1,080 33,210
Pacific Century Financial Corporation 3,988 74,526
Pamrapo Bancorp Inc 127 2,826
Park National Corporation 536 51,456
Parkvale Financial Corporation 633 10,168
Pathfinder Bancorp Inc 400 3,550
</TABLE>
118
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
Patriot Bank Corporation 228 $ 2,451
*PBOC Holdings Inc 806 7,607
Peekskill Financial Corporation 400 5,100
Pennfed Financial Services Inc 339 5,127
*Pennsylvania Commerce Bancorp Inc 255 5,100
Peoples Bancorp-Auburn 145 2,266
Peoples Bancorp Inc 232 4,988
People's Bancshares Inc 200 3,500
Peoples Banctrust Company Inc 689 9,474
Peoples Bank-Catawba NC 465 6,859
People's Bank 3,291 69,522
Peoples Financial Corporation--OH 200 1,550
Peoples Holding Company 215 6,208
Permanent Bancorp Inc 200 3,475
PFF Bancorp Inc 569 11,024
PHS Bancorp Inc 400 3,300
Piedmont Bancorp Inc 400 4,525
Pinnacle Bancshares Inc 800 6,500
Pittsburgh Home Financial Corporation 400 4,750
Popular Inc 7,068 197,462
Premier Bancshares Inc 1,213 16,527
Premier Financial Bancorp 234 2,106
Premier National Bancorp Inc 577 10,638
Prime Bancshares Inc 379 9,096
Princeton National Bancorp 171 1,902
Progress Finl Corporation 246 3,106
Prosperity Bancshares Inc 231 3,696
Provident Bankshares Corporation 1,139 19,719
Provident Financial Group 2,118 75,983
*Provident Financial Holdings Inc 200 3,300
PVF Capital Corporation 220 2,503
*Quad City Holdings Inc 200 2,700
*Quaker City Bancorp Inc 700 11,375
Queens County Bancorp Inc 951 25,796
R&G Financial Corporation Class B 374 4,301
Redwood Empire Bancorp 151 2,888
Reliance Bancorp Inc 320 11,040
Republic Bancorp Inc 2,040 24,770
*Republic Bancorp Inc Class A 540 4,624
*Republic Bancshares Inc 454 5,675
Republic First Bancorp Inc 248 1,287
Republic Security Financial Corporation 2,115 15,136
Resource Bankshares Corporation 200 1,725
Richmond County Financial Corporation 1,600 28,900
Riggs National Corporation 1,371 18,080
Riverview Bancorp 259 2,509
Roslyn Bancorp Inc 3,452 63,862
Royal Bancshares of Pennsylvania Class A 813 12,191
S&T Bancorp Inc 1,236 28,660
Sandy Spring Bancorp Inc 354 9,558
Seacoast Banking Corporation of Florida 184 5,267
Second Bancorp Inc 573 12,821
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
Security Holding Bank Company 420 $ 2,363
*Shoreline Financial Corporation 422 7,807
Silicon Valley Bancshares 1,123 55,589
*Simmons First National Corporation Class A 211 5,275
Six Rivers National Bank 200 2,650
SJNB Financial Corporation 110 3,355
Sky Financial Group Inc 3,886 78,204
SNB Bancshares Inc 200 2,850
Sound Federal Bancorp 233 2,126
South Alabama BanCorp 840 10,238
Southside Bankshares Corporation 320 2,800
*Southwest Bancorp Inc-OK 440 8,800
Southwest Bancorp of Texas Inc 1,438 28,490
Southwest Georgia Financial Corporation 134 1,943
Sovereign Bancorp Inc 10,732 79,987
St Francis Capital Corporation 340 6,333
State Bancorp Inc 754 10,792
State Financial Services Corporation Class A 371 4,452
StateFed Financial Corporation 200 1,800
Staten Island Bancorp Inc 1,992 35,856
Statewide Financial Corporation 200 5,050
Sterling Bancorp-NY 318 5,088
Sterling Bancshares Inc-TX 995 11,132
*Sterling Financial Corporation-PA 296 9,176
Sterling Financial Corporation-Spokane 360 4,140
Suffolk Bancorp 224 5,908
*Summit Bancshares Inc-TX 640 11,840
*Summit Financial Corporation 210 2,520
Sun Bancorp Inc 746 7,413
Sun Bancorp Inc 252 4,851
*Susquehanna Bancshares Inc 1,704 27,051
SVB Financial Services Inc 315 2,796
SY Bancorp Inc 242 5,294
TCF Financial Corporation 4,287 106,639
Team Financial Inc 300 2,700
*Telebanc Financial Corporation 1,606 41,756
Texas Regional Bancshares Class A 644 18,676
TF Financial Corporation 129 1,709
*The Banc Corporation 390 2,974
The Savannah Bancorp Inc 336 6,620
The Trust Company of New Jersey 885 20,244
Thistle Group Holdings Company 402 2,814
TIB Financial Corporation 300 3,038
Timberland Bancorp Inc 267 3,004
Tompkins County Trustco Inc 179 5,169
Triangle Bancorp Inc 1,125 21,797
Trico Bancshares 659 12,686
Troy Financial Corporation 700 7,131
TrustCo Bank Corporation-NY 2,496 33,072
Trustmark Corporation 3,456 74,682
Twin City Bancorp Inc 400 6,700
*Ucbh Holdings Inc 344 7,074
</TABLE>
119
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- --------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
UMB Financial Corporation 998 $ 37,663
Union Bankshares Corporation 776 11,349
Union Community Bancorp 300 3,300
Unionbancal Corporation 8,339 328,869
United Bancorp Inc-Ohio 131 2,063
United Bankshares Inc 2,124 50,711
United Community Financial Corporation 1,435 14,260
United National Bancorp-NJ 584 12,958
*United Panam Financial 772 1,496
*United Security Bancorp 800 10,000
Unity Bancorp Inc 300 1,800
US Trust Corporation 1,032 82,754
USB Holding Company Inc 583 9,292
Usbancorp Inc-PA 503 5,910
UST Corporation 2,312 73,406
*Vail Banks Inc 359 3,545
Valley National Bancorp 3,044 85,232
*VIB Corporation 1,307 9,966
Virginia Capital Bancshares Inc 700 11,288
*Virginia Commerce Bancorp Inc 440 5,830
Vista Bancorp Inc 576 9,720
VRB Bancorp 588 3,565
W Holding Company Inc 1,989 20,636
Warren Bancorp Inc 354 2,655
Warwick Community Bancorp 243 2,643
Washington Federal Inc 2,707 53,463
Washington Trust Bancorp Inc 368 6,532
Webster Financial Corporation 2,569 60,521
WesBanco Inc 935 24,310
West Coast Bancorp-OR 576 7,776
Westamerica Bancorporation 1,808 50,511
Westcorp 976 14,152
Westerfed Financial Corporation 206 3,142
Western Ohio Financial Corporation 96 1,584
Westwood Homestead Financial Corporation 300 3,225
WHG Bancshares Corporation 400 3,000
Whitney Holding Corporation 1,045 38,730
Winton Financial Corporation 300 3,938
*Wintrust Financial Corporation 300 4,575
WSFS Financial Corporation 437 5,517
WVS Financial Corporation 159 1,938
Yardville National Bnacorp 822 9,556
York Financial Corporation 370 4,158
Zions Bancorp 4,298 254,388
------------
9,499,648
------------
Beverages, Food & Tobacco--1.4%
*800-JR Cigar Inc 567 4,926
*Agribrands International Inc 477 21,942
Alico Inc 759 12,713
Amcon Distributing Company 200 1,675
*American Italian Pasta Company Class A 809 24,877
*Aurora Foods Inc-DE 3,197 29,772
*Balance Bar Company 1,618 22,045
*Ben & Jerry's Homemade Inc Class A 267 6,642
*Beringer Wine Estates Holdings Inc Class B 808 32,219
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares Value
- -------------------------------------------------------------
<S> <C> <C>
Bob Evans Farms Inc 1,833 $ 28,297
*Boston Beer Company Inc Class A 604 4,341
Bridgeford Food Corporation 1,119 10,840
Brooke Group Ltd 983 14,684
*Bush Boake Allen Inc 962 23,629
*Cadiz Inc 1,489 14,146
Cagle's Inc Class A 614 6,984
*Canandaigua Brands Inc Class A 899 45,849
*Celestial Seasonings Inc 307 5,713
*Chalone Wine Group Ltd 1,120 9,730
Chiquita Brands International Inc 2,926 13,899
Coca-Cola Bottling Company 474 22,456
Corn Product International Inc 1,903 62,323
Dean Foods Company 1,960 77,910
*Del Monte Foods Company 2,596 31,963
*Delicious Brands Inc 191 269
Dimon Inc 2,042 6,637
Dole Food Company 2,850 46,313
Dreyer's Grand Ice Cream Inc 1,221 20,757
Earthgrains Company 2,023 32,621
Farmer Brothers Company 86 13,674
Fleming Company Inc 1,711 17,538
Flowers Industries Inc 4,966 79,146
*Fresh America Corporation 796 3,881
*Fresh Del Monte Produce Inc 2,629 23,661
*Gardenburger Inc 319 2,113
*Geerlings & Wade Inc 200 1,388
*General Cigar Holdings Inc 1,442 11,987
Golden Enterprises 544 1,360
*Golden State Vintners Inc Class B 229 1,202
*Green Mountain Coffee Inc 1,200 9,450
*Gumtech International Inc 270 4,320
*Hansen Natural Corporation 400 1,725
*Hines Horticulture Inc 814 6,868
*Holt's Cigar Holdings Inc 2,346 8,504
*Horizon Organic Holding Corporation 954 7,155
Hormel Foods Corporation 3,793 154,091
IBP Inc 4,453 80,154
Imperial Sugar Company 1,185 3,925
*International Home Foods Inc 3,565 61,942
International Multifoods Corporation 838 11,104
Interstate Bakeries Corporation 3,520 63,800
*J & J Snack Foods Corporation 332 6,806
JM Smucker Company 1,503 29,309
*Keebler Foods Company 4,061 114,216
Lancaster Colony Corporation 2,193 72,643
Lance Inc 1,641 16,410
*Marketing Specialists Corporation 266 998
Maui Land & Pineapple Company 321 5,577
McCormick & Company Inc 3,552 105,672
Michael Foods Inc 948 23,345
*Midwest Grain Products, Inc 1,057 7,795
Morrison Management Specialists Inc 445 9,595
*M&F Worldwide Corporation 1,561 7,903
Nabisco Holdings Corporation Class A 2,499 79,031
</TABLE>
120
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Nash Finch Company 418 $ 2,665
*National Beverage Corporation 681 5,618
Northland Cranberries Class A 727 4,362
*Odwalla Inc 100 594
*Omega Protein Corporation 2,495 7,797
*PepsiAmericas Inc 792 2,970
*Performance Food Group Company 862 21,011
Pilgrim's Pride Corporation Class B 1,234 10,258
*Ralcorp Holdings Inc 1,428 28,471
*Rica Foods Inc 336 3,990
Riviana Foods Inc 667 11,839
RJ Reynolds Tobacco Holdings Inc 5,100 89,888
Sanderson Farms Inc 1,029 8,811
Seaboard Corporation 66 12,821
*Seneca Foods Corporation Class A 400 4,600
Smart & Final Inc 830 6,018
*Smithfield Foods Inc 2,379 57,096
*SonomaWest Holdings Inc 400 2,400
Standard Commercial Corporation 573 2,041
*Suiza Foods Corporation 1,866 73,940
*Suprema Specialties Inc 400 3,150
*Sylvan Inc 985 8,373
Tasty Baking 988 8,336
*The Hain Food Group Inc 595 13,313
The Pepsi Bottling Group Inc 8,000 132,500
*The Robert Mondavi Corporation Class A 362 12,580
Tootsie Roll Industries Inc 1,697 55,895
Tyson Food Inc 11,442 185,933
*United Natural Foods Inc 813 9,756
Universal Corporation 1,706 38,918
Universal Foods Corporation 2,590 52,771
*U.S. Foodservice Inc 4,830 80,903
Weider Nutrition International 414 1,527
Whitman Corporation 7,213 96,925
*WLR Foods Inc 1,605 9,229
*Yocream International Inc 200 800
*Zapata Corporation 880 4,070
------------
2,756,629
------------
Building Materials--0.5%
Amcol International Corporation 1,498 24,155
Andersons Inc 1,001 8,258
Apogee Enterprises Inc 1,219 6,171
*Barnett Inc 697 7,231
*Cameron Ashley Building Prods 418 4,180
*CapRock Communications Corporation 1,494 48,462
Carbo Ceramics Inc 838 18,331
Centex Construction Products Inc 909 35,451
Chemed Corporation 462 13,225
*Comfort Systems USA Inc 1,859 13,710
*Continental Materials Corporation 100 2,275
Elcor Corporation 970 29,221
Florida Rock Industries Inc 945 32,543
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
*Group Maintenance America Corporation 1,811 $ 19,355
*Integrated Electrical Services Inc 1,692 17,026
*International Smart Sourcing Inc 200 1,400
Johns Manville Corporation 7,695 107,730
Kennametal Inc 1,536 51,648
Lafarge Corporation 3,501 96,715
Lawson Products Inc 398 9,204
Martin Marietta Inc 2,283 93,603
Noland Company 136 2,431
*Plymouth Rubber Company Inc Class A 400 3,250
Puerto Rican Cement Company Inc 198 6,732
*Rock of Ages Corporation 174 794
*Schuff Steel Company 1,700 6,800
*Service Experts Inc 779 4,528
Southdown Inc 2,122 109,548
*Swiss Army Brands Inc 353 2,515
United States Lime & Minerals Inc 600 4,200
USG Corporation 2,723 128,321
Watts Industries Inc 1,201 17,715
*Wickes Inc 500 2,688
Wolohan Lumber Company 262 3,177
------------
932,593
------------
Chemicals--1.1%
A Schulman Inc 1,588 25,904
Aceto Corporation 299 3,289
*Advanced Technical Products Inc 200 2,788
*AEP Industries Inc 445 11,459
*Airgas Inc 3,751 35,635
Albemarle Corporation 2,402 46,088
*American Pacific Corporation 367 3,120
American Vanguard Corporation 200 1,225
*Applied Extrusion Technologies Inc 496 3,038
Arch Chemicals Inc 1,000 20,938
*Atlantis Plastics Inc Class A 600 8,400
Balchem Corporation--Class B 200 1,600
Brady Corporation Class A 1,007 34,175
*Brunswick Technologies Inc 1,700 6,056
Cabot Corporation 3,477 70,844
Calgon Carbon Corporation 1,736 10,308
Cambrex Corporation 1,490 51,312
*CFC International Inc 800 4,900
Chase Corporation 100 1,088
ChemFirst Inc 841 18,397
Church & Dwight Company Inc 2,224 59,353
CK Witco Corporation 6,006 80,330
*Core Materials Corporation 900 2,081
CPAC Inc 303 2,462
*Cytec Industries Inc 2,135 49,372
*Denali Inc 200 625
*Detrex Corporation 200 775
*Eco Soil Systems Inc 815 3,515
Ethyl Corporation 4,434 17,459
Ferro Corporation 1,885 41,470
*Foamex International Inc 1,022 8,495
Fuller (H B) Company 725 40,555
</TABLE>
121
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------------
Gentek Inc 933 $ 9,738
Geon Company 1,245 40,463
Georgia Gulf Corporation 1,579 48,061
*Gundle/Slt Environmental Inc 588 2,058
Hanna (M A) Company 2,418 26,447
Hawkins Chemical Inc 418 3,631
*Home Products International Inc 456 4,731
IMC Global Inc 5,915 96,858
*JLM Industries Inc 500 1,688
*Landec Corporation 573 4,298
Lesco Inc 309 5,253
Lilly Industries Inc Class A 1,138 15,292
Liqui-Box Corporation 171 8,465
Lubrizol Corporation 2,866 88,488
Lyondell Chemical Company 7,042 89,786
MacDermid Inc 1,324 54,367
*McWhorter Technologies Inc 381 6,096
Millennium Chemicals Inc 3,774 74,537
Minerals Technologies Inc 1,185 47,474
Mining Services International Corporation 200 600
Mississippi Chemical Corporation 1,177 7,283
Myers Industries Inc 1,000 15,750
*Nanophase Technologies Corporation 900 4,388
NL Industries Inc 2,732 41,151
Northern Technologies International Corporation 100 738
*NuCo2 Inc 322 4,709
*OEA Inc 759 3,700
Olin Corporation 2,793 55,336
OM Group Inc 1,260 43,391
Omnova Solutions Inc 2,357 18,267
Penford Corporation 771 13,300
Raven Industries Inc 210 3,071
*Reunion Industries Inc 1,900 3,325
Rollins Inc 1,366 20,490
RPM Inc 6,047 61,604
Solutia Inc 5,427 83,779
*Southwall Technologies Inc 200 925
Spartech Corporation 1,702 54,890
*Spinnaker Industries Inc Class A 159 1,868
*Spinnaker Industries Inc 168 1,995
*Surmodics Inc 324 9,720
*Synthetech Inc 635 2,381
*Syntroleum Corporation 1,092 8,873
Terra Industries Inc 3,350 5,444
The Dexter Corporation 1,241 49,330
The Flamemaster Corporation 200 1,200
*The Scotts Company Class A 935 37,634
*Triple S Plastics Inc 200 2,775
Tuscarora Inc 350 4,244
*Uniroyal Technology Corporation 560 14,280
*US Home & Garden Inc 881 2,478
USEC Inc 5,274 36,918
*U.S. Plastic Lumber Company 1,954 15,021
Valhi Inc 6,622 69,531
*Valley National Gases Inc 430 1,371
Valspar Corporation 2,255 94,428
*Vertex Pharmaceuticals Inc 1,133 39,655
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
*Viskase Companies Inc 664 $ 1,868
Vulcan International Corporation 200 6,300
Wellman Inc 1,400 26,075
West Pharmaceutical Services Inc 771 23,853
------------
2,188,726
------------
Commercial Services--4.8%
Aaron Rents Inc Class A 771 14,071
ABM Industries Inc 1,056 21,516
*Access Worldwide Communications Inc 601 1,427
*ACMAT Corporation Class A 300 2,175
*Acnielson Corporation 2,755 67,842
*Acsys Inc 645 1,088
*Administaff Inc 535 16,184
*ADVO Inc 1,002 23,798
*Affymetrix Inc 1,227 208,207
*AHL Services Inc 930 19,414
*AHT Corporation 3,000 14,063
Airlease Ltd LP 206 2,292
*Akamai Technologies Inc 400 131,050
*Alternative Resources Corporation 688 3,784
*Ambassadors International Inc 965 10,555
American Business Products Inc--GA 698 8,158
*Amtran Inc 737 14,279
*Andover.Net Inc 500 24,944
Angelica Corporation 322 3,140
*AnswerThink Consulting Group Inc 2,281 78,124
*Apollo Group Inc Class A 3,663 73,489
*Applied Anlytical Industries Inc 732 6,680
*Applied Graphics Technologies Inc 1,125 9,703
*ASI Solutions Inc 300 1,275
*Atrix Laboratories Inc 1,316 6,827
*Aurora Biosciences Corporation 626 16,589
*AXENT Technologies Inc 1,416 29,736
*Barrett Business Services Inc 1,000 6,625
*Barringer Technologies Inc 640 3,920
*Berlitz International Inc 351 6,033
*Bestway Inc 1,400 7,000
*Billing Concepts Corporation 1,628 10,582
*Bionova Holding Corporation 2,500 3,750
*Bioreliance Corporation 1,449 8,287
*Bio-Technology General Corporation 2,279 34,755
*Blount International Inc 1,465 23,351
*Blue Rhino Corporation 481 4,690
Bowne & Company Inc 1,646 22,221
*Breakaway Solutions Inc 800 58,400
*Bright Horizons Family Solutions Inc 519 9,731
*Brookdale Living Communities Inc 426 5,272
*Building One Services Corporation 2,116 19,970
*Burns International Services Corporation 1,052 11,375
*Business Resource Group 400 2,125
*Butler International Inc 900 9,900
</TABLE>
122
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
Cadmus Communications Corporation 890 $ 7,565
*Caliber Learning Network Inc 300 863
*Capital Senior Living Corporation 727 3,680
*Career Education Corporation 319 12,242
*Careerbuilder Inc 700 4,506
*Carriage Services Inc Class A 507 3,010
*Catalytica Inc 1,261 17,102
*CDI Corporation 862 20,796
*Celgene Corporation 805 56,350
Central Parking Corporation 1,822 34,846
*Cephalon Inc 1,659 57,339
*Cerner Corporation 1,467 28,882
*Charles River Associates Inc 372 12,462
*Childrens Comprehensive Service 1,470 8,269
*Childtime Learning Centers Inc 700 8,663
*Choicepoint Inc 1,610 66,614
*Circle.com 821 10,109
*Clintrials Inc 672 2,772
*CMGI Inc 5,830 1,614,181
*Coinmach Laundry Corporation 467 4,962
*Coinstar Inc 761 10,654
*Collateral Therapeutics Inc 387 7,401
*Comarco Inc 197 4,630
*Comforce Corporation 719 2,067
*Comps.com Inc 1,200 9,450
*Computer Learning Center 780 1,877
*Concepts Direct Inc 200 2,175
*Concord EFS Inc 10,426 268,470
*Conrad Industries Inc 300 975
*Consolidated Graphics Inc 726 10,845
*Convergys Corporation 7,723 237,482
*COR Therapeutics Inc 996 26,768
*Corinthian Colleges Inc 600 14,325
*Cornell Corrections Inc 427 3,576
*Correctional Services Corporation 1,387 6,068
*Corrpro Companies Inc 1,200 7,050
*CORT Business Services Corporation 482 8,405
*CSS Industries Inc 480 10,260
*Cubist Pharmaceuticals Inc 744 14,322
*Cunningham Graphics International Inc 236 3,289
*CuraGen Corporation 700 48,825
*CV Therapeutics Inc 700 18,244
*Data Transmission Network Corporation 424 7,314
Delta & Pine Land Company 2,014 34,993
*DeVry Inc 3,501 65,206
*Diamond Technology Partners Inc 763 65,570
*Digital Courier Technology Inc 997 9,596
*Dispatch Management Services Corporation 1,400 4,113
*DualStar Technologies Corporation 400 3,050
Duff & Phelps Credit Rating Company 171 15,208
*Eagle USA Airfreight Inc 1,407 60,677
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
*Earl Scheib Inc 1,000 $ 2,938
*eBenx Inc 710 32,134
*Edison Schools Inc 1,900 29,925
*Education Management Corporation 1,305 18,270
*Emisphere Technologies Inc 505 15,182
*Employee Solutions Inc 800 550
*EntreMed Inc 578 14,811
*E-Stamp Corporation 1,600 35,600
*Exactis.com Inc 600 14,588
*Exponent Inc 300 1,988
*First Consulting Group Inc 994 15,407
*flightserv.com 1,100 9,763
*Franklin Covey Company 1,025 7,688
*FTI Consulting Inc 600 3,000
*FYI Inc 606 20,604
G & K Services Inc Class A 1,016 32,893
*Gaiam Inc 300 4,763
Galileo International Inc 4,894 146,514
*Gartner Group Inc Class B 4,600 63,538
General Employment Enterprises Inc 230 1,064
General Magnaplate Corporation 300 881
*Genome Therapeutics Corporation 820 13,223
*Gilman & Ciocia Inc 935 7,655
*Global Vacation Group Inc 595 1,711
*GRC International Inc 457 5,427
*Griffin Land & Nurseries Inc 800 9,200
*GTS Duratek Inc 630 4,961
*Hagler Bailly Inc 725 3,625
*Hanover Direct Inc 10,857 39,357
*Harris Interactive Inc 3,360 43,890
*Headway Corporate Resources 665 2,909
*Health Risk Management Inc 100 613
*Healthcare Recoveries Inc 2,124 7,700
*Healthcare Services Group Inc 1,214 8,498
Healthplan Services Corporation 1,713 5,996
*Heidrick & Struggles International Inc 800 33,800
*Hoover's Inc 200 1,750
*Hotelworks.com Inc 542 2,710
*HotJobs.com Ltd 1,700 74,269
*ICOS Corporation 2,416 70,668
*ICT Group Inc 600 7,350
*Incyte Pharmaceuticals Inc 1,241 74,460
*Innovative Valve Technologies Inc 1,300 2,072
*Intelli-Check Inc 400 4,450
*Interim Services Inc 3,324 82,269
*International Total Services Inc 2,500 2,813
*Isis Pharmaceuticals Inc 1,208 7,550
*IT Group Inc 1,012 9,298
*ITT Educational Services Inc 1,208 18,649
*IVI Checkmate Corporation 619 1,896
*Jacobs Engineering Group 1,343 43,648
*Jenny Craig Inc 3,263 11,828
*Jupiter Communications Inc 600 18,150
*Kaneb 1,358 5,941
Kelly Services Inc Class A 1,746 43,868
*Kendle International Inc 403 3,980
*Korn/Ferry International 1,600 58,200
*Labor Ready Inc 1,971 23,892
</TABLE>
123
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
*Laboratory Corporation America Holdings 6,108 $ 22,523
Landauer Inc 317 6,934
*Learning Tree International Inc 911 25,508
*Leasing Solutions Inc 1,600 350
*Loislaw.com Inc 1,200 46,950
*Luminant Worldwide Corporation 1,300 59,150
*Mace Security International Inc 200 825
*Mac-Gray Corporation 1,295 4,937
Manpower Inc 3,942 148,318
*Marlton Technologies Inc 400 1,100
*Maxim Pharmaceuticals 1,165 23,300
*Maximus Inc 1,004 34,073
*MedImmune Inc 3,039 504,094
*MedQuist Inc 1,748 45,120
*Michael Baker Corporation 400 2,650
*Millennium Pharmaceuticals Inc 2,124 259,068
*Modis Professional Services 5,002 71,279
*Monro Muffler Brake Inc 1,100 8,250
*Moore Medical Corporation 800 7,800
*MPW Industrial Services Group Inc 1,095 8,692
*Myriad Genetics Inc 1,046 48,116
*N2H2 Inc 900 21,150
*National Equipment Services Inc 1,079 6,744
*National Research Corporation 2,500 10,000
National Technical Systems Inc 300 1,163
*NationsRent Inc 2,284 12,848
*Navigant Consulting Inc 2,027 22,044
*Neff Corporation 692 4,412
*NeoPharm Inc 364 7,849
*NetRatings Inc 1,028 68,735
*Neurogen Corporation 533 8,795
New England Business Service Inc 643 15,713
*Newgen Results Corporation 800 8,450
*Nextera Enterprises Inc Class A 1,000 12,875
*NFO Worldwide Inc 954 21,346
*nFront Inc 500 10,000
*Official Payments Corporation 1,500 78,000
Olsten Corporation 3,736 42,264
*On Assignment Inc 489 14,609
*Opinion Research Corporation 200 1,800
*Optika Inc 500 6,969
*Organogenesis Inc 1,320 11,468
*Orthalliance Inc Class A 1,581 9,881
*Outsource International Inc 2,500 4,766
*Packaged Ice Inc 700 2,275
*PC Service Source Inc 600 1,313
*Pegasus Systems Inc 670 40,409
*Perceptron Inc 200 800
*Personnel Group of America Inc 1,468 14,864
*Pfsweb Inc 600 33,759
*Pharmaceutical Product Development Inc 1,144 13,585
*Pharmacopeia Inc 800 18,100
*Possis Medical, Inc 556 4,344
*Predictive Systems Inc 1,000 65,500
</TABLE>
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
*Pre-Paid Legal Services Inc 1,050 $ 25,200
*Primix Solutions Inc 400 3,425
*Profile Technologies Inc 1,200 8,400
*ProMedCo Management Company 3,379 9,926
*Prosoft I-Net Solutions Inc 572 5,935
*Protection One Inc 5,664 10,974
*Provant Inc 820 20,705
*Quest Education Corporation 365 3,194
*Questron Technology Inc 300 1,931
*Rainbow Rentals Inc 1,065 7,655
*RCM Technologies Inc 486 8,384
*Reckson Service Industries Inc 1,300 81,088
*Regeneron Pharmaceuticals Inc 1,143 14,573
Regis Corporation 1,799 33,956
*Remedy Temp Inc 760 14,440
*Rent-A-Center Inc 1,217 24,112
*Rent-Way Inc 945 17,660
*Res-Care Inc 1,144 14,586
*Richton International Corporation 800 11,400
*Right Management Consultants Inc 800 9,200
*Robert Half International Inc 4,493 128,331
*Romac International Inc 2,198 29,536
*Safescience Inc 688 7,998
*Safety 1st Inc 400 3,000
*SCB Computer Technology Inc 2,410 7,531
*Scientific Games Holdings Corporation 441 7,304
*SCP Pool Corporation 529 13,721
*Security Associates International Inc 3,200 12,400
ServiceMaster Company 15,525 191,152
*SM&A Corporation 739 4,526
*Sos Staffing Service Inc 1,967 8,606
Sotheby's Inc 2,945 88,350
*Source Information Management Company 530 8,878
*Staff Leasing Inc 828 7,866
*StaffMark Inc 1,196 9,045
Standard Register Company 1,528 29,605
Stewart Enterprises Inc 5,516 26,201
Stone & Webster Inc 583 9,802
*Strategic Distribution Inc 500 719
Strayer Education Inc 702 13,865
*Student Advantage Inc 1,600 35,500
*STV Group Inc 200 1,438
*Summa Industries 300 3,469
*Superior Consultant Holdings Corporation 460 6,555
*Sylvan Learning Systems Inc 2,473 32,149
*Sypris Solutions Inc 422 3,798
*Talk City Inc 1,000 26,125
*Team America Corporation 2,100 11,944
*Technisource Inc 1,883 11,063
Tejon Ranch Company 768 18,240
*Tetra Tech Inc 1,797 27,629
*The Corporation Executive Board Company 700 39,113
*The Management Network Group Inc 1,300 42,413
*The Profit Recovery Group International Inc 2,246 59,659
</TABLE>
124
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- --------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------
*The Randers Killam Group Inc 800 $ 3,400
*Thomas Group Inc 1,000 11,250
*TIBCO Software Inc 3,000 459,000
*Tickets.com Inc 2,800 40,075
*Track Data Corporation 2,592 26,406
*Transkaryotic Therapies Inc 855 32,918
*Travel Services International Inc 792 7,227
*Trimeris Inc 473 11,175
*TRM Copy Centers Corporation 316 1,936
*Tyler Technologies Inc 1,772 9,746
*T&W Financial Corporation 309 541
*Unidigital Inc 1,700 6,906
UniFirst Corporation 379 4,785
*United Rentals Inc 3,460 59,253
*United Road Services Inc 579 941
*United Shipping and Technology Inc 300 2,400
*URS Corporation 673 14,596
*U.S. Oncology Inc 4,023 19,864
*U.S.-China Industrial Exchange Inc 600 10,950
*U.S. Search.com Inc 500 3,750
*Valassis Communications Inc 2,960 125,060
*Viador Inc 700 29,663
*Vicon Industries Inc 200 1,200
*Vision Twenty-One Inc 672 1,848
*Vivid Technologies Inc 2,700 17,888
*Volt Information Sciences Inc 667 15,925
*Westaff Inc 1,884 15,543
*Whitman Education Group Inc 593 1,631
*Whittman-Hart Inc 2,789 149,560
*Wireless Facilities Inc 1,500 65,438
*World Access Inc 2,090 40,233
World Fuel Services Corporation 455 3,413
*Worldtalk Communications Corporation 400 8,025
*@plan.Inc 700 6,913
------------
9,636,473
------------
Communications--11.1%
*Able Telecom Holding Corporation 695 5,560
*Act Networks Inc 546 5,085
*Active Voice Corporation 100 2,906
*ACTV Inc 2,167 99,005
*Adaptive Broadband Corporation 672 49,602
*Adelphia Business Solutions Inc 1,125 54,000
*Adtran Inc 1,918 98,657
*Advanced Communications Group 923 12,576
*Advanced Fibre Communications Inc 3,785 169,142
*Advanced Radio Telecom Corporation 1,685 40,440
*Aerial Communications Inc 1,572 95,696
*AirGate PCS Inc 600 31,650
*Airnet Communications Corporation 839 41,441
</TABLE>
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
Shares Value
- --------------------------------------------------------------------
<S> <C> <C>
*Aironet Wireless Communications Inc 800 $ 53,425
*Alaska Communications Systems Holdings Inc 1,600 19,800
*Allen Telecom Inc 1,111 12,846
*Allied Riser Communications Corporation 3,000 62,063
*Allstar Systems Inc 700 919
*American Access Technologies Inc 300 1,538
*American Mobile Satellite Corporation 2,384 50,213
*Anadigics Inc 943 44,498
*Ancor Communications Inc 1,726 117,152
*Andrea Electronics Corporation 896 6,888
*Antec Corporation 1,793 65,445
*APAC Teleservices Inc 2,244 31,556
*Applied Innovation 707 5,877
Applied Signal Technology 375 5,273
*Arch Communications Group Inc 3,166 20,876
*Aspect Communications Corporation 2,288 89,518
Atlantic Tele-Network 319 2,931
*Audiovox Corporation Class A 736 22,356
*Aware Inc 1,027 37,357
*Blonder Tongue Laboratories 370 1,850
*Bogen Communications International Inc 300 2,325
*Boston Communications Group Inc 900 4,725
*Brightpoint Inc 2,643 34,689
BroadWing Inc 10,726 395,521
*B.I. Inc 1,000 7,625
CFW Communications Company 582 20,225
*Cable Design Technologies Corporation 1,362 31,326
*Carrier Access Corporation 1,156 77,813
*Catapult Communications Corporation 700 6,956
*Cavion Technologies Inc 400 3,100
*Celeritek Inc 200 3,900
*CellNet Data Systems Inc 1,894 2,131
*Centennial Cellular Corporation Class A 2,024 167,739
*Centigram Communications Corporation 320 5,360
*Channell Commercial Corporation 408 4,667
*Checkpoint Systems Inc 1,397 14,232
*Ciena Corporation 6,919 397,843
*Cognitronics Corporation 900 15,188
*Com21 Inc 1,030 23,111
*Comdial Corporation 594 5,903
*CommNet Cellular Inc 1,200 38,550
*Commonwealth Telephone Entrprises Inc 1,123 59,379
Communications Systems Inc 324 4,212
*Compu-Dawn Inc 1,500 9,563
Comsat Corporation 2,519 50,065
*Comtech Telecommunications Corporation 300 4,425
</TABLE>
125
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ---------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------------
*Concentric Network Corporation 2,132 $ 65,692
*Concord Communications Inc 779 34,568
Conestoga Enterprises Inc 257 4,425
*Convergent
Communications Inc 900 14,288
*Copper Mountain
Networks Inc 2,200 107,250
*Cosair Communications Inc 1,059 8,604
*Covad Communications Group Inc 4,174 233,483
*Coyote Network Systems Inc 470 2,556
*C-Phone Corporation 500 547
*Crown Castle International Corporation 7,309 234,802
CT Communications Inc 600 33,600
*CTC Communications
Group Inc 759 29,613
Cubic Corporation 328 7,175
*Cycomm International Inc 1,800 1,098
*Data Race Inc 1,309 3,559
Davel Communication Group 553 2,627
*Davox Corporation 762 14,954
*Deltathree.com Inc 1,063 27,372
*Detection Systems Inc 283 2,671
*Digital Generation Systems Inc 1,021 7,275
*Digital Island 1,900 180,738
*Digital Lightware Inc 1,977 126,528
*Digital Microwave Corporation 2,960 69,375
*Ditech Communications Corporation 700 65,450
*DSL.net Inc 2,600 37,538
D&E Communications Inc 273 5,187
*EchoStar Communications Corporation Class A 5,428 529,230
*Efficient Networks Inc 1,900 129,200
*eGlobe Inc 600 2,663
*Elantec Semiconductor Inc 1,500 49,500
*Elcotel Inc 602 1,166
*eLEC Communications Corporation 900 3,459
*Electric Lightwave Inc Class A 382 7,163
*Eltrax Systems Inc 1,383 11,150
*eShare Technologies Inc 681 11,620
*Executone Information Systems Inc 3,300 17,944
*Exodus Communications Inc 8,520 756,683
*Ezenia! Inc 690 5,477
*e.spire Communications Inc 3,193 18,559
*FastComm Communications Corporation 2,300 4,313
Federal Signal Corporation 2,527 40,590
*FirstCom Corporation 1,500 55,125
*Focal Communications Corporation 2,800 67,550
*Fonix Corporation 9,000 2,610
*Franklin Telecommunucations Corporation 1,900 4,513
*General Communication Inc Class A 2,233 9,769
*General DataComm Industries Inc 700 4,638
*Gentner Communications Corporation 400 5,600
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
*Glenayre Technologies Inc 2,886 $ 32,648
*Global TeleSystems Group Inc 8,972 310,656
*Globecomm Systems Inc 405 10,226
*Globix Corporation 904 54,240
*GST Telecommunications Inc 3,736 33,858
Harmon Industries Inc 689 8,354
*Harmonic Inc 1,462 138,799
*Hector Communications Corporation 500 7,000
*Hello Direct Inc 300 4,463
Hickory Tech Corporation 503 7,545
*High Speed Access Corporation 2,500 44,063
*HighwayMaster Communications Inc 1,600 3,600
*Hungarian Telephone and Cable Corporation 200 1,438
*ibasis Inc 1,500 43,125
*ICG Communications Inc 2,658 49,838
*I-Link Inc 1,039 2,890
*Illuminet Holdings Inc 1,400 77,000
*Inet Technologies Inc 2,200 153,725
*Infonet Services Corporation Class B 1,095 28,744
*Intelect Communications Inc 1,800 2,475
*InteliData Technologies Corporation 1,300 5,403
*Interactive Intelligence Inc 900 23,963
*InterDigital Communications Corporation 2,187 164,025
*Intermedia Communications Inc 2,874 111,547
*Interspeed Inc 700 12,381
Inter-Tel Inc 1,268 31,700
*InterVoice Inc 1,990 46,268
*IPC Information Systems Inc 397 28,187
*ITC DeltaCom Inc 2,794 77,184
*Itron Inc 542 3,320
*IXnet Inc 2,400 72,300
*JDS Uniphase Corporation 11,332 1,827,993
*JFAX.COM Inc 1,000 6,719
*Juniper Networks Inc 2,600 884,000
*L-3 Communications Holdings Inc 1,624 67,599
*Latitude Communications Inc 700 18,288
*LCC International Inc Class A 1,600 31,900
*Leap Wireless International Inc 855 67,118
*Level 3 Communications Inc 17,141 1,403,419
*Lifeline Systems Inc 214 3,210
*Lightbridge Inc 690 19,148
*Loral Space & Communications Ltd 12,397 301,402
*MarketWatch.com Inc 625 22,813
*Mastec Inc 1,428 63,546
*MCK Communications Inc 800 18,000
*McLeod Inc Class A 7,760 456,870
*Medialink Worldwide Inc 237 1,911
*Medscape Inc 2,200 22,000
*MessageMedia Inc 2,057 28,927
*Metricom Inc 987 77,603
*Metro One Telecommunications Inc 410 5,330
*Metrocall Inc 1,510 2,548
*Metromedia Fiber Network Inc 10,011 479,902
*MGC Communications Inc 1,032 52,374
</TABLE>
126
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
*Natural Microsystems Corporation 590 $ 27,619
*Net2Phone Inc 500 22,969
*NetMoves Corporation 685 4,795
*Network Access Solutions Corporation 2,300 75,900
*Network Plus Corporation 2,400 50,400
*Next Level Communications Inc 3,800 284,525
*Nextlink Communications Inc Class A 3,700 307,331
North Pittsburgh Systems Inc 553 8,157
*NorthEast Optic Network Inc 792 49,550
*Notify Technology Corporation 200 1,213
*NTL Inc 5,263 656,559
*NumereX Corporation Class A 2,900 35,888
*Omnipoint Corporation 2,863 345,349
*Osicom Technologies Inc 721 32,715
*Pacific Gateway Exchange Inc 1,158 19,758
*Pac-West Telecommunications Inc 1,700 45,050
*Paging Network Inc 4,637 3,768
*Pairgain Technologies Inc 3,366 47,755
*PanAmSat Corporation 954 56,644
*P-Com Inc 3,005 26,576
*Phone.com Inc 3,300 382,594
*Picturetel Corporation 1,722 7,426
Pittway Corporation Class A 2,154 96,526
*Plantronics Inc 840 60,113
*Pliant Systems Inc 700 6,256
*Polycom Inc 1,724 109,797
*Porta Systems Corporation 500 375
*Powertel Inc 1,417 142,231
*Powerwave Technologies Inc 971 56,682
*Premiere Technologies Inc 2,248 15,736
*Primus Telecommunications Group 1,654 63,266
*Prodigy Communications Corporation 3,028 58,668
*Proxim Inc 498 54,780
*Qwest Communications International Inc 37,484 1,611,812
*Razorfish Inc 2,125 202,141
*RCN Corporation 3,617 175,425
*RMI.NET Inc 692 5,752
*Rural Cellular Corporation Class A 386 34,933
*Sawtek Inc 2,066 137,518
*SCC Communications Corporation 400 2,350
*Seachange International Inc 909 32,156
*Shared Technologies Cellular Inc 200 1,700
*Sirius Satellite Radio Inc 1,137 50,597
*Spectralink Corporation 866 6,279
*Spectrian Corporation 485 13,701
*Standard Microsystems Corporation 689 7,450
*Star Telecommunications Inc 2,890 22,849
*Startec Global Communication 801 17,121
*STM Wireless Inc Class A 1,000 6,625
*Symmetricom Inc 580 5,764
*Talk.com Inc 2,788 49,487
</TABLE>
<TABLE>
- ------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------
<S> <C> <C>
*TALX Corporation 100 $ 1,325
*Tekelec 2,721 61,223
*TeleCorp PCS Inc 4,023 152,874
Telephone & Data System 3,036 382,536
*Telesoft Corporation 200 863
*Teligent Inc Class A 365 22,539
*Telscape International Inc 200 2,525
*Teltrend Inc 319 9,650
*Teltronics Inc 600 1,988
*Telular Corporation 900 8,550
*Terayon Communications Systems Inc 1,034 64,948
*Tessco Technologies Inc 162 3,017
*The Associated Group Inc Class A 1,477 134,776
*The Associated Group Inc Class B 200 18,400
*The Titan Corporation 2,312 108,953
*Time Warner Telecom Inc Class A 1,000 49,938
*T-Netix Inc 382 1,659
*Tollgrade Communications Inc 214 7,383
*Total-Tel Usa Communications 284 4,012
*Tritel Inc 6,200 196,463
*Triton PCS Holdings Inc Class A 2,600 118,300
*Tut Systems Inc 600 32,175
*Ultrak Inc 542 4,201
*United States Cellular Corporation 4,409 445,033
*Ursus Telecom Corporation 300 3,975
*U.S. LEC Corporation Class A 581 18,737
*Vari-L Company Inc 300 10,275
*VDS Communications Inc 748 1,730
*Veramark Technologies Inc 338 4,141
*Vertex Communications 228 4,674
*VerticalNet Inc 1,750 287,000
*Vialog Corporation 600 1,875
*Viasat Inc 357 17,805
*Viatel Inc 2,559 137,226
*ViewCast.com Inc 469 2,103
*Vixel Corporation 1,000 17,063
*VoiceStream Wireless Corporation 4,826 686,800
*Voxware Inc 800 825
*VTEL Corporation 2,700 8,860
Warwick Valley Telephone Company 89 4,305
*Wavo Corporation 1,628 6,309
*WebLink Wireless Inc 1,272 19,716
*West Teleservices 3,033 74,119
*Westell Technologies Inc 806 8,665
*Western Wireless Corporation 2,426 161,936
*Williams Communications Group Inc 2,900 83,919
*WinStar Communications Inc 2,733 205,658
*WorldGate Communications Inc 1,000 47,563
*WorldPort Communications Inc 766 1,592
*XETA Corporation 200 6,638
*ZixIt Corporation 749 29,679
*Zoom Telephonics Inc 2,200 18,563
------------
22,507,509
------------
</TABLE>
127
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ----------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------
Computer Software & Processing--18.8%
*3D Systems Corporation 517 $ 4,395
*3Do Company 1,356 12,331
*4Front Software International 590 7,891
*About.com Inc 800 71,800
*Accerl8 Technology Corporation 1,600 1,900
*Acclaim Entertainment Inc 2,403 12,315
*Accrue Software Inc 1,000 54,125
*Active Software Inc 1,200 110,400
*Activision Inc 915 14,011
*Actuate Software Corporation 1,232 52,822
*Acxiom Corporation 4,072 97,728
*adam.com Inc 300 3,825
*Adept Technology Inc 381 2,429
*Advanced Communication Systems 317 6,063
*Advantage Learning Systems Inc 1,612 18,034
*Advent Software Inc 647 41,691
*Aether Systems Inc 1,200 85,950
*Agency.com Inc 5,562 283,662
*Agile Software Corporation 1,000 217,234
*Allaire Corporation 600 87,788
*Alloy Online Inc 600 9,450
*Alteon Websystems Inc 1,900 166,725
*Alysis Technologies Inc 600 5,625
*American Management Systems Inc 1,978 62,060
*American Software Inc Class A 500 5,125
*Analogy Inc 2,700 5,822
*Ansoft Corporation 617 3,702
*ANSYS Inc 604 6,644
*AppliedTheory Corporation 800 22,200
*Applix Inc 458 8,273
*AppNet Systems Inc 1,600 70,000
*Ardent Software Inc 776 30,264
*AremisSoft Corporation 800 26,000
*Ariba Inc 4,500 798,188
*Art Technology Group Inc 1,500 192,188
*Artificial Life Inc 341 6,095
*Artisoft Inc 658 11,844
*ASD Systems Inc 900 15,975
*Ask Jeeves Inc 1,400 158,113
*Aspect Development Inc 1,462 100,147
*Aspen Technology Inc 1,106 29,240
*At Home Corporation Series A 17,107 733,463
*Atlantic Data Services Inc 574 3,301
*Audible Inc 1,000 15,000
*audiohighway.com 100 856
*autobytel.com Inc 1,000 15,188
*Autoweb.com Inc 900 9,788
*AVT Corporation 859 40,373
*Banyan Systems Inc 1,246 24,920
*Barra Inc 621 19,717
*Base Ten Systems Inc CV Class A 220 523
*Be Free Inc 1,300 93,438
*Be Inc 1,700 38,781
*BEA Systems Inc 6,426 449,418
*Best Software Inc 429 12,656
*BindView Development Corporation 1,210 60,122
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
*Biospherics Inc 393 $ 2,162
*Bluestone Software Inc 1,100 126,500
*Bottomline Technologies Inc 400 14,400
*Boundless Corporation 1,500 12,563
*Braun Consulting Inc 800 57,200
*Brightstar Information Technologies 1,046 8,630
*Brio Technology Inc 647 27,174
*Broadbase Software Inc 1,100 123,750
*BroadVision Inc 3,997 679,740
*Brocade Communications Systems Inc 2,700 477,900
*Bsquare Corporation 1,800 75,488
*BTG Inc 393 3,193
*CacheFlow Inc 1,620 211,714
*Cadence Design Systems Inc 12,271 294,504
*Caere Corporation 553 4,044
*CAIS Internet Inc 800 28,400
*Calico Commerce Inc 1600 84,800
*Cambridge Technology Partners Inc 2,820 74,025
*CareInsite Inc 3,500 281,750
*Carreker-Antinori Inc 913 8,274
*Catalyst International Inc 559 7,127
*C-bridge Internet Solutions Inc 51 2,480
*CCC Information Services Group Inc 1,064 18,221
*CDnow Inc 1,424 14,062
*CE Software Holdings Inc 200 1,725
*Cellular Technical Services Company Inc 1,600 12,400
*Centura Software Corporation 2,000 10,875
*CFI Proservices Inc 225 1,842
*CheckFree Holdings Corporation 2,681 280,165
*Ciber Inc 3,099 85,223
*Clarent Corporation 1,400 108,850
*Clarify Inc 1,186 149,436
*Clarus Corporation 1,000 66,000
*click2learn.com Inc 608 6,764
*ClickAction Inc 362 10,656
*Commerce One Inc 3,600 707,400
*Complete Business Solutions Inc 1,755 44,094
Computer Concepts Corporation 1,200 2,025
*Computer Horizons Corporation 1,394 22,565
*Computer Outsourcing Services Inc 200 5,050
Computer Task Group Inc 928 13,746
*Concur Technologies Inc 936 27,144
*Condor Technology Solutions 415 571
*ConnectInc.com Company 2,776 11,191
*ConSyGen Inc 1,400 1,414
*Cornerstone Internet Solutions Company 500 3,797
*Cotelligent Inc 607 3,263
*Cover-All Technologies Inc 700 875
*Credit Management Solutions Inc 2,500 21,250
*Critical Path Inc 1,900 179,313
*CSG Systems International Inc 2,698 107,583
*CyberCash Inc 879 8,131
*Cybershop International Inc 823 4,527
</TABLE>
128
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
*CyberSource Corporation 1,300 $ 67,275
*Cylink Corporation 1,373 18,536
*Cysive Inc 500 36,031
*DA Consulting Group Inc 293 1,044
*Daleen Technologies Inc 800 17,500
*Data Broadcasting Corporation 1,442 11,897
*Data Dimensions Inc 2,108 5,402
Data Research Associates Inc 200 1,600
*Data Return Corporation 1,600 85,600
*Datastream Systems Inc 906 22,254
*Datatec Systems Inc 1,083 6,092
*DecisionOne Holdings Corporation 600 300
*Deltek Systems Inc 799 10,787
*Dendrite International Inc 1,959 66,344
*Digex Inc 600 41,250
*Digital Lava Inc 200 1,425
*Digital River Inc 938 31,247
*Documentum Inc 844 50,535
*Dset Corporation 559 20,893
*DSP Group Inc 546 50,778
*DST Systems Inc 3,240 247,253
*Ducocorp International 898 6,314
*EarthLink Network Inc 1,676 71,230
*EarthWeb Inc 353 17,760
*ebix.com Inc 430 4,811
*Echelon Corporation 1,198 23,436
*Eclipsys Corporation 1,693 43,383
*eCollege.com Inc 582 6,366
*eGain Communications Corporation 1,300 49,075
*Elcom International Inc 1,621 55,114
*Electro Rent Corporation 1,401 16,287
*Electronic Arts Inc 3,127 262,668
*Elite Information Group Inc 2,800 29,925
*e-Net Inc 1,100 13,681
*Engage Technologies Inc 2,500 150,000
*Engineering Animation Inc 600 5,250
*Entrade Inc 300 12,263
*Entrust Technologies Inc 2,300 137,856
*Epicor Software Corporation 2,181 11,041
*ePlus inc 334 12,024
*ESPS Inc 900 4,613
*EuroWeb International Corporation 1,300 15,031
*Evolving Systems Inc 819 6,962
*Excalibur Technologies Corporation 504 10,395
*Exchange Applications Inc 572 31,961
*Exigent International Inc 700 2,756
*Extreme Networks Inc 2,600 217,100
*E.piphany Inc 1,300 290,063
*F5 Networks Inc 900 102,600
FactSet Research Systems Inc 777 61,869
Fair Isaac and Company Inc 624 33,072
*Fatbrain.com Inc 511 12,807
Fidelity Holdings Inc 900 17,044
*FileNET Corporation 1,373 35,012
*Firearms Training Systems Inc 2,300 1,150
*Fiserv Inc 6,200 237,538
*FlashNet Communications Inc 600 3,713
*FlexiInternational Software Inc 900 639
*Fourth Shift Corporation 448 3,108
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------------
<S> <C> <C>
*Frontline Communications Corporation 300 $ 2,306
*General Magic Inc 2,430 9,416
*Genesys Telecommunications Laboratories Inc 1,322 71,388
*Gensym Corporation 400 2,300
*Geoworks 1,120 18,760
Gerber Scientific Inc 1,016 22,289
*GK Intelligent Systems Inc 2,700 1,134
*Go2Net Inc 1,434 124,758
*GoTo.com Inc 2,300 135,125
*Great Plains Software Inc 719 53,745
*Group 1 Software Inc 200 2,600
*GSE Systems Inc 200 663
*GT Interactive Software Corporation 3,150 5,217
*Hall Kinion & Assoc Inc 425 9,138
*Harbinger Corporation 1,847 58,758
*Health Mgmt Systems Inc 642 4,053
*HIE Inc 1,904 6,426
*HNC Software Inc 1,154 122,036
*Hollywood.com Inc 389 7,391
*HomeCom Communications Inc 500 1,594
*HTE Inc 622 3,732
*Hypercom Corporation 1,574 15,740
*Hyperion Solutions Corporation 1,443 62,771
*I2 Technologies Inc 3,787 738,465
*IDT Corporation 1,339 25,274
*IDX Systems Corporation 1,285 40,156
*iManage Inc 1,500 48,188
*IMRglobal Corporation 1,704 21,407
*Indus International Inc 1,253 15,271
*Industri Matematik International Corporation 2,280 13,965
*Inference Corporation Class A 200 925
*Infinium Software Inc 564 3,842
*InfoCure Corporation 1,392 43,413
*Infonautics Inc Class A 1,500 10,500
*Informatica Corporation 700 74,463
*Information Analysis Inc 2,000 1,688
*Information Architects Corporation 2,444 25,051
*Information Management Associates Inc 500 2,625
*Information Resource Engineering Inc 200 4,100
*Information Resources Inc 1,041 9,629
*Informix Corporation 9,309 106,472
*InfoSpace.com 2,400 513,600
*infoUSA Inc 2,516 35,067
*Inktomi Corporation 5,244 465,405
*Innodata Corporation 600 4,763
*Inprise Corporation 2,568 28,409
*INSCI Corporation 300 1,575
*Inso Corporation 869 28,025
*INSpire Insurance Solutions Inc 824 3,785
*Integral Systems Inc--MD 262 11,561
*Integrated Measurement Systems 332 4,690
*Integrated Systems Inc 1,313 44,068
*IntelliCorp Inc 1,000 3,125
*Intelligroup Inc 767 18,983
</TABLE>
129
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*Interactive Pictures Corporation 600 $ 13,988
*Interleaf Inc 600 20,175
*Interliant Inc 2,200 57,200
*Internap Network Services Corporation 3,200 553,600
*International Microcomputer Software Inc 453 934
*Internet America Inc 231 2,729
*Internet Capital Group Inc 1,484 252,280
*Internet Commerce Corporation Class A 500 15,563
*internet.com LLC 1,200 62,700
*Interplay Entertainment Corporation 500 1,469
*Intertrust Technologies Corporation 1,900 223,488
*InterVU Inc 701 73,605
*InterWorld Corporation 1,300 110,988
*Interwoven Inc 1,200 145,950
*Intranet Solutions Inc 622 23,014
*Intraware Inc 1,100 87,931
*Intuit Inc 9,354 560,635
*Isocor 1,039 45,197
*ISS Group Inc 1,924 136,845
*ITC Learning Corporation 1,000 3,000
*iTurf Inc Class A 200 2,488
*ITXC Corporation 1,700 57,163
*iVillage Inc 1,000 20,250
Jack Henry & Associates Inc 953 51,164
*JD Edwards & Company 5,165 154,304
*JDA Software Group Inc 1,263 20,682
*Juno Online Services Inc 1,400 49,700
*Kana Communications Inc 1,400 287,000
*Keane Inc 3,449 109,506
*Keynote Systems Inc 1,200 88,500
*Kronos Inc 555 33,300
*Landmark Systems Corporation 430 4,488
*Larscom Inc Class A 1,900 12,409
*Lason Inc 882 9,702
*Launch Media Inc 400 7,575
*Learn2.com Inc 2,184 7,166
*Legato Systems Inc 4,582 315,299
*Level 8 Systems Inc 598 20,660
*LHS Group Inc 2,743 67,375
*Liberate Technologies Inc 2,100 539,700
*Lionbridge Technologies Inc 600 10,950
*Litronic Inc 300 2,400
*Log On America Inc 600 12,150
*Logility Inc 1,502 29,289
*LookSmart Ltd 4,300 116,100
*Lycos, Inc 4,842 385,242
*Made2Manage Systems Inc 200 1,600
*Mail.com Inc 1,400 26,250
*Manhattan Associates Inc 1,061 7,825
*Manugistics Group Inc 1,779 57,484
*Mapics Inc 750 9,469
*Mapinfo Corporation 210 7,718
*MapQuest.com Inc 1,500 33,844
*Marimba Inc 1,100 50,669
*Mastech Corporation 2,394 59,252
*MathSoft Inc 600 2,738
*MC Informatics Inc 900 1,350
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares Value
- -------------------------------------------------------------
<S> <C> <C>
*Mcglen Internet Group Inc 1,000 $ 4,063
*Mechanical Dynamics Inc 1,800 9,225
*Mecon Inc 279 3,017
*Media Metrix Inc 900 32,175
*Mentor Graphics Corporation 2,940 38,771
*Mercury Interactive Corporation 1,880 202,923
*Meta Group Inc 427 8,113
*MetaCreations Corporation 1,281 11,009
*Metamor Worldwide Inc 1,656 48,231
*Metasolv Software Inc 1,660 135,705
*Metro Information Services Inc 665 15,960
*Micrografx Inc 405 1,772
*Micromuse Inc 798 135,660
*Microstrategy Inc 480 100,800
*Microwave Power Devices Inc 482 3,434
*Midway Games Inc 1,666 39,880
*MindSpring Enterprises Inc 3,092 81,648
*Mission Critical Software Inc 700 49,000
*Mobius Management Systems Inc 956 7,588
*Mpath Interactive Inc 1,000 26,625
*MSC.Software Corporation 613 6,207
*Multex.com Inc 1,414 53,202
*Muse Technologies Inc 453 1,387
*Mustang.com Inc 1,300 20,313
National Computer System Inc 1,696 63,812
National Data Corporation 1,616 54,843
*National Information Consortium Inc 2,600 83,200
*National Instruments Corporation 2,509 95,969
*National Techteam Inc 503 2,421
*Navidec Inc 700 8,400
*NaviSite Inc 1,400 140,000
*NeoMedia Technologies Inc 500 2,375
*Neon Systems 300 11,775
*Neotopia Inc 638 34,651
*Net Perceptions Inc 1,200 50,400
*NetCreations Inc 800 35,200
*Netegrity Inc 720 40,995
*NetGateway Inc 900 8,100
*NetIQ Corporation 800 41,650
*Netivation.com Inc 300 1,725
*Netlojix Communications Inc 826 2,117
*NetManage Inc 2,545 12,566
*NetObjects Inc 900 14,850
*NetScout Systems Inc 1,000 31,000
*Netsmart Technologies Inc 1,300 8,288
*NetSolve Inc 500 15,750
*NetSpeak Corporation 663 14,089
*Network Associates Inc 7,017 187,266
*Network Equipment Technologies Inc 787 9,296
*Network Peripherals Inc 653 30,854
*Network Solutions Inc Class A 1,672 363,765
*Network Systems International Inc 200 750
*NetZero Inc 4,900 131,994
*New Era of Networks Inc 1,588 75,629
*NorthPoint Communications Group Inc 6,200 148,800
*Nova Corporation 3,523 111,195
*Novadigm Inc 645 13,384
*Nvidia Corporation 1,500 70,406
</TABLE>
130
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*OAO Technology Solutions Inc 736 $ 5,704
*Object Design Inc 1,332 19,314
*Objective Systems Integrator Corporation 1,284 8,507
*ObjectShare Inc 1,100 440
*ObjectSoft Corporation 233 780
*Omega Research Inc 1,232 7,392
*Omtool Ltd 960 2,280
*ON Technology Corporation 500 6,938
*On2.com Inc 1,200 34,800
*OneMain.com Inc 900 13,500
*OneSource Information Services Inc 1,000 13,438
*Ontrack Data Intenational Inc 1,800 21,713
*ONYX Software Corporation 700 25,900
*Open Market Inc 1,766 79,691
*Packeteer Inc 1,400 99,400
*Panja Inc 371 6,122
*Pathways Group Inc 2,400 5,700
*pcOrder.com Inc 100 5,100
*PC-Tel Inc 700 36,750
*Peapod Inc 831 7,167
*Peregrine Systems Inc 2,477 208,532
*Persistence Software Inc 700 15,750
*Pervasive Software Inc 696 11,789
*Phoenix International Ltd Inc 380 1,473
*Phoenix Technologies Ltd 1,069 16,904
*Pilot Network Services 613 14,712
*Pivotal Corporation 1,000 42,250
*PopMail.com 800 2,400
*Portal Software Inc 3,900 401,213
*PowerCerv Corporation 400 2,100
*Preview Systems Inc 613 52,759
*Preview Travel Inc 706 36,800
*PRI Automation Inc 992 66,588
*Primark Corporation 950 26,422
*Primus Knowledge Solutions Inc 800 36,250
*ProBusiness Services Inc 1,116 40,176
*Progress Software Corporation 764 43,357
*Project Software & Development Inc 938 52,059
*Proxicom Inc 1,300 161,606
*ProxyMed Inc 679 6,620
*PRT Group Inc 816 1,785
*PSINet Inc 3,595 221,991
*PSW Technologies Inc 600 11,963
*Puma Technology Inc 967 126,314
*Qad Inc 1,589 22,147
*QRS Corporation 671 70,455
*Quadramed Corporation 1,161 10,123
*quepasa.com Inc 700 8,881
*Quest Software Inc 1,900 193,800
*Quintus Corporation 1,805 82,804
*Quokka Sports Inc 1,900 24,938
*Radiant Systems Inc 692 27,810
*RadiSys Corporation 763 38,913
*Ramp Networks Inc 900 13,725
*Rational Software Corporation 4,388 215,561
*Ravisent Technologies Inc 800 30,750
*RealNetworks Inc 3,694 444,434
*Red Hat Inc 3,500 739,375
*Registry Magic Inc 400 1,200
*Remedy Corporation 1,373 65,046
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
*Renaissance Worldwide Inc 2,504 $ 18,467
*Research Engineers Inc 800 38,400
*Retek Inc 2,200 165,550
Reynolds & Reynolds Inc 3,877 87,233
*Rogue Wave Software 468 3,744
*Ross Systems 1,378 4,565
*RSA Security Inc 1,929 149,498
*Rythms NetConnections Inc 3,600 111,600
*S3 Inc 3,429 39,648
*Saflink Corporation 1,000 2,031
*Saga Systems Inc 1,353 26,975
*Sagent Technology Inc 1,100 32,931
*SalesLogix Corporation 800 32,850
*Salon.com Inc 300 1,500
*Sanchez Computer Associates Inc 1,162 47,860
*Sapient Corporation 2,874 405,054
*Schick Technologies Inc 2,300 2,415
*Scient Corporation 3,500 302,531
*Scientific Learning Corporation 600 21,900
*Secure Computing Corporation 2,230 28,014
*Sedona Corporation 700 2,406
*SEEC Inc 2,300 15,381
*Segue Software Inc 907 22,675
SEI Investment Company 898 106,876
*Serena Software Inc 1,100 34,031
*ShowCase Corporation 300 1,725
*Siebel Systems Inc 9,240 776,160
*Silknet Software Inc 800 132,600
*SilverStream Software Inc 900 107,100
*SmartServ Online Inc 1,000 19,719
*Smith-Gardner & Associates Inc 1,300 22,181
*Software Spectrum 199 3,520
*Software.com Inc 2,100 201,600
*Softworks Inc 589 5,724
*Sonic Foundry Inc 100 2,369
*Sonic Solutions Inc 1,100 4,331
*SonicWALL Inc 1,200 48,300
*Source Media Inc 965 17,853
*Spatial Technology Inc 300 1,388
*Speedus.com Inc 1,000 4,781
*Splitrock Services Inc 2,700 53,663
*SportsLine USA Inc 1,255 62,907
*SPR Inc 706 4,324
*SPSS Inc 333 8,408
*Spyglass Inc 852 32,309
*SS&C Technologies Inc 1,739 11,304
*Stac Software Inc 600 3,788
*StarBase Corporation 1,700 18,594
*StarMedia Network Inc 2,900 116,181
*Sterling Commerce Inc 4,299 146,435
*Sterling Software 4,156 130,914
*Stratasys Inc 2,400 17,400
*Structural Dynamics Research Corporation 1,627 20,744
*Styleclick.com Inc 625 7,461
*Summit Design Inc 1,088 3,808
*SunGard Data Systems Inc 6,104 144,970
*Sunquest Information Systems Inc 567 7,655
*Sunrise International Leasing Corporation 600 3,131
</TABLE>
131
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- --------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
*SVI Holdings Inc 1,311 $ 15,732
*Sycamore Networks Inc 3,900 1,201,200
*Sykes Enterprises Inc 2,159 94,726
*Symantec Corporation 2,779 162,919
*Symix Systems Inc 341 6,223
*Synopsys Inc 3,588 239,499
*Syntel Inc 1,708 27,648
*System Software Associates Inc 438 876
*Systems & Computer Technology Corporation 1,623 26,374
*Take-Two Interactive Software Inc 1,620 20,959
*Tangram Enterprise Solutions Inc 2,600 20,475
*Tanning Technology Corporation 900 53,044
*TCSI Corporation 600 1,913
*Technology Solutions Company 2,225 72,869
*TekInsight.com Inc 700 1,925
*Teknowledge Corporation 700 2,800
*Telescan Inc 595 14,689
*TenFold Corporation 1,500 59,906
*The Ashton Technology Group Inc 1,500 9,656
*The BISYS Group Inc 1,391 90,763
*The InterCept Group Inc 600 17,813
*The Santa Cruz Operation Inc 1,867 56,710
*The TriZetto Group Inc 1,000 46,625
*The Vantive Corporation 1,573 40,636
*The Vialink Company 244 8,876
*THQ Inc 907 21,031
*Tier Technologies Inc Class B 384 3,240
Timberline Software Corporation 461 6,195
Total System Services Inc 9,881 161,184
*TouchStone Software Corporation 1,100 756
*Towne Services Inc 689 2,756
*Transaction Systems Architects Inc Class A 1,548 43,344
*Treev Inc 300 947
*TRO Learning Inc 1,500 8,063
*TSI International Software Ltd 1,682 95,243
*TSR Inc 268 2,211
*Tumbleweed Communications Corporation 1,000 84,750
*Ultimate Software Group Inc 1,685 22,010
*UniComp Inc 2,500 21,875
*Unify Corporation 1,024 28,032
*Unigraphics Solutions Inc 223 6,021
*Usdata Corporation 1,700 23,588
*USWeb Corporation 3,600 159,975
*U.S. Interactive Inc 1,000 43,000
*VCampus Corporation 200 625
*Verilink Corporation 623 2,687
*Verio Inc 3,846 177,637
*Verisign Inc 5,076 969,199
*Veritas Software Corporation 12,775 1,828,422
*Verity Inc 1,468 62,482
*Versant Corporation 1,000 8,750
*Viant Corporation 1,100 108,900
*Viasoft Inc 1,783 10,141
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
*Vignette Corporation 2,800 $ 456,400
*Virtual Communities Inc 700 2,275
*Visio Corporation 1,556 73,910
*VISTA Information Solutions Inc 1,397 5,064
*Visual Data Corporation 234 2,691
*Vitria Technology Inc 1,500 351,000
*Vizacom Inc 1,600 5,300
*V-ONE Corporation 2,900 17,038
*Voyager.net Inc 1,100 10,106
*Vysis Inc 936 3,393
*Walker Interactive Systems 1,028 6,425
*WatchGuard Technologies Inc 800 24,200
*Wave Systems Corporation Class A 1,569 18,730
*Webb Interactive Services 472 10,738
*Webhire Inc 448 7,560
*Webstakes.com Inc 1,100 21,725
*WebTrends Corporation 600 48,600
*White Pine Software Inc 1,000 24,500
*Women.com Networks Inc 2,100 29,925
*Xionics Document Technologies Inc 500 5,219
*Xiox Corporation 100 2,700
*Xpedior Inc 488 14,030
*Zamba Corporation 1,100 19,113
*ZapMe! Corporation 2,500 21,563
*Zitel Corporation 2,100 5,119
*Zmax Corporation 524 1,146
------------
38,117,942
------------
Computers & Information--3.1%
*Accent Color Sciences Inc 2,800 1,148
*ACE*COMM Corporation 2,200 17,738
*Advanced Digital Info Corporation 1,220 59,323
*Affiliated Computer Services Inc Class A 2,334 107,364
*Alpha Microsystems 800 3,800
*AlphaNet Solutions Inc 800 3,250
Analysts International Corporation 1,007 12,588
*Anixter International Inc 1,873 38,631
*Apex Inc 907 29,251
*Applied Computer Technology Inc 5,700 86
*Applied Magnetics Corporation 2,654 995
*Ariel Corporation 700 4,944
*Aris Corporation 1,511 17,754
Auspex Systems Inc 1,348 13,817
*Autologic Information International Inc 2,100 5,250
*Avant! Corporation 1,517 22,755
*Avert Inc 200 2,563
*Axiohm Transaction Solutions Inc 300 54
*Aztec Technology Partners Inc 810 3,696
*Bell & Howell Company 1,040 33,085
*Black Box Corporation 871 58,357
*Blue Wave Systems Inc 582 5,384
*Boca Research Inc 2,600 17,225
*Brooktrout Technology Inc 498 9,244
*Bull Run Corporation 500 2,938
*CACI International Inc Class A 400 9,050
*Casino Data Systems 1,000 4,000
</TABLE>
132
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- --------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
*CenterSpan Communications Corporation 596 $ 19,296
*Ciprico Inc 218 2,521
*Cognex Corporation 2,091 81,549
*Cognizant Technology Solutions Corporation 129 14,101
Comdisco Inc 7,700 286,825
*Communication Intelligence Corporation 4,900 40,425
*Computer Network Technology Corporation 1,015 23,282
*Concurrent Computer Corporation 2,766 51,690
*CopyTele Inc 1,700 1,381
*Crossroads Systems Inc 1,200 101,400
*Crosswalk.Com Inc 600 3,075
*Cybex Computer Products Corporation 560 22,680
*Daisytek International Corporation 766 17,857
*Daou Systems Inc 2,252 6,897
*Data Translation Inc 2,700 19,913
*Datalink Corporation 800 15,400
*Datapoint Corporation 1,300 447
*Dataram Corporation 150 3,366
*Digital Origin Inc 300 3,638
*Dot Hill Systems Corporation 1,040 5,135
*Dunn Computer Corporation 500 1,625
*ECCS Inc 400 5,050
*Efax.com Inc 829 5,984
*Emulex Corporation 1,804 202,950
*Encad Inc 1,019 4,872
*Equinox Systems Inc 237 2,133
*European Micro Holdings Inc 200 1,200
*Exabyte Corporation 831 6,233
*Extended Systems Inc 300 14,363
*Focus Enhancements Inc 1,000 8,250
*Foundry Networks Inc 2,900 874,894
*FVC.com Inc 1,201 14,037
*Gadzoox Networks Inc 1,200 52,275
*GateField Corporation 190 736
General Binding Corporation 595 6,991
*Genicom Corporation 600 431
*Global Imaging Systems Inc 804 9,849
*Global Intellicom Inc 8,100 1
*Global Payment Tech Inc 240 2,220
*Hertz Technology Group Inc 800 2,100
*HMG Worldwide Corporation 700 4,900
*IKOS Systems Inc 2,200 21,313
*Immersion Corporation 800 30,700
*In Focus Systems Inc 918 21,286
*Industrial Data Systems Corporation 500 406
*Intergraph Corporation 1,788 8,381
*Interphase Corporation 300 6,338
*Iomega Corporation 13,450 45,394
*ION Networks Inc 800 17,900
*iXL Enterprises Inc 3,300 183,150
*Javelin Systems Inc 261 2,398
*Key Tronic Corporation 400 1,500
*Komag Inc 2,691 8,409
*Lumisys Inc 300 947
*MAI Systems Corporation 500 406
*Maxtor Corporation 4,900 35,525
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
*McAfee.com Corporation 1,500 $ 94,518
*Media 100 Inc 200 5,288
*Merge Technologies Inc 700 1,838
*Micros Systems Inc 721 53,354
*Micros-To-Mainframes Inc 200 1,356
*Microtouch Systems Inc 374 4,722
*Mitek Systems Inc 500 2,156
*MTI Technology Corporation 1,350 49,781
*NCR Corporation 4,887 185,095
*Nematron Corporation 400 1,100
*Neomagic Corporation 1,809 19,786
*Netrix Corporation 2,600 38,838
*Network Computing Devices 587 4,623
*Network Six Inc 400 1,350
*nStor Technologies Inc 2,853 6,241
*Number Nine Visual Technology Corporation 600 60
*NYFIX Inc 589 16,713
*Odetics Inc Class A 335 4,523
*ODS Networks Inc 1,128 10,223
*Osage Systems Group Inc 423 529
*PAR Technology Corporation 391 1,857
*Paramount Financial Corporation 600 863
*Paravant Inc 900 3,263
*Perot Systems Corporation Class A 4,211 80,009
*Planar Systems Inc 393 2,604
*Printronix Inc 252 5,733
*Procom Technology Inc 499 13,224
*Psc Inc Electronics 437 3,223
*Quantum Corporation-DLT & Storage Systems 9,060 137,033
*Quantum Corporation-Hard Disk Drive 4,496 31,191
*Rainbow Technologies Inc 432 10,044
*Rainmaker Systems Inc 2,600 52,650
*Redback Networks Inc 2,200 390,500
*Rimage Corporation 217 3,472
*Safeguard Scientifics Inc 1,713 277,613
*SanDisk Corporation 1,589 152,941
*SBE Inc 1,000 6,375
*ScanSoft Inc 900 3,600
*Scansource Inc 201 8,153
*SCM Microsystems Inc 688 43,989
*Sigma Designs Inc 1,048 11,528
*Simulations Plus Inc 1,800 3,375
*SmartDisk Corporation 700 22,925
*Socrates Technologies Corporation 1,500 3,281
*Splash Technology Holdings 1,013 8,927
*Storage Computer Corporation 800 4,000
*Storage Technology Corporation 4,866 89,717
*Sybase Inc 4,356 74,052
*Tanisys Technology Inc 1,200 318
*Tekgraf Inc 800 1,200
Telxon Corporation 794 12,704
*Tera Computer Company 998 4,491
*Tidel Technologies Inc 1,200 3,375
*TransAct Technologies Inc 300 2,269
*Tricord Systems Inc 2,200 10,725
*Tridex Corporation 400 650
*UBICS Inc 800 2,500
*Unova Inc 2,548 33,124
</TABLE>
133
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
*VA Linux Systems Inc 2,035 $ 413,996
Valmont Industries Inc 1,124 18,054
*Vertel Corporation 1,800 9,788
*Visual Networks Inc 996 78,933
*Vitech America Inc 739 5,912
Wallace Computer Services Inc 2,335 38,819
*Western Digital Corporation 4,171 17,466
*Xircom Inc 1,429 107,175
*Xybernaut Corporation 2,165 11,637
*Zebra Technologies Corporation Class A 1,698 99,333
------------
5,631,020
------------
Containers & Packaging--0.1%
*ACX Technologies Inc 1,275 13,627
American National Can Group Inc 2,500 32,500
*Astronics Corporation 299 3,027
*Bway Corporation 443 2,713
*Disc Graphics Inc 400 1,225
*EarthShell Corporation 4,476 18,464
*EPL Technologies Inc 512 496
Greif Bros Corporation Class A 1,025 30,494
Interpool Inc 1,233 9,170
*PVC Container Corporation 313 2,035
*Silgan Holdings Inc 854 11,422
Sonoco Products Company 5,146 117,072
*UFP Technologies Inc 500 1,375
*U.S. Can Corporation 485 9,639
------------
253,259
------------
Cosmetics & Personal Care--0.3%
*Carson Inc 2,200 7,150
Carter-Wallace Inc 2,625 47,086
*Chattem Inc 427 8,113
*Chromatics Color Sciences 968 6,806
Del Laboratories Inc 344 2,707
Dial Corporation 5,317 129,270
*Enamelon Inc 458 110
Estee Lauder Company Class A 6,278 316,647
*French Fragrances Inc 509 3,277
*Garden Botanika Inc 2,700 405
*Inter Parfums Inc 378 3,544
*International Specialty Products Inc 3,376 31,017
NCH Corporation 250 11,141
Quaker Chemical Corporation 324 4,617
*Revlon Inc Class A 894 7,096
Stepan Company 663 15,498
Stephan Company 211 844
*Styling Technology 182 569
*Sybron Chemicals Inc 255 2,996
*USA Detergents Inc 509 1,400
*Usana Inc 1,581 7,905
------------
608,198
------------
Electric Utilities--2.1%
Allegheny Energy Inc 5,678 152,951
Alliant Energy Corporation 3,951 108,653
Avista Corporation 2,499 38,578
Bangor Hydro-Electric Company 271 4,421
Black Hills Corporation 965 21,411
</TABLE>
<TABLE>
- -------------------------------------------------------------
<CAPTION>
Shares Value
- -------------------------------------------------------------
<S> <C> <C>
*Calpine Corporation 3,002 $ 192,128
Central Vermont Public Service 422 4,484
CH Energy Group Inc 756 24,948
*Citizens Utilities Company Class B 13,057 185,246
Cleco Corporation 1,106 35,461
CMP Group Inc 1,851 51,018
Conectiv Inc 4,804 80,767
DPL Inc 7,804 135,107
DQE Inc 3,678 127,351
Eastern Utilities Associates 914 27,706
*El Paso Electric Company 2,696 26,455
*Emcor Group Inc 367 6,698
Energy East Corporation 6,150 127,997
Green Mountain Power Corporation 236 1,755
Hawaiian Electric Industries Inc 1,634 47,182
IdaCorp Inc 1,982 53,142
Illinova Corporation 3,208 111,478
Ipalco Enterprises Inc 4,642 79,204
Kansas City Power & Light Company 3,169 69,916
KeySpan Corporation 6,963 161,455
LG & E Energy Corporation 6,602 115,122
Madison Gas & Electric Company 719 14,470
MidAmerican Energy Holdings Company 3,164 106,587
Minnesota Power & Light Company 4,226 71,578
Montana Power Company 5,824 210,028
New England Electric System 3,077 159,235
NiSource Inc 6,458 115,437
Northeast Utilities 6,440 132,423
NorthWestern Corporation 1,128 24,816
NSTAR 3,122 126,441
OGE Energy Corporation 4,313 81,947
Otter Tail Power Company 530 19,875
*Plug Power Inc 2,100 59,325
Potomac Electric Power 5,803 133,106
Public Service Company of New Mexico 1,869 30,371
Puget Sound Power & Light 4,183 81,046
*Quanta Services Inc 1,317 37,205
RGS Energy Group Inc 1,797 36,951
Scana Corporation 5,534 148,726
Sierra Pacific Resources 4,287 74,219
Sigcorp Inc 1,057 24,047
St Joseph Light & Power 299 6,130
Teco Energy 6,601 122,531
The Empire District Electric Company 761 17,218
The United Illuminating Company 641 32,931
TNP Enterprises Inc 594 24,503
*UniSource Energy Corporation 1,442 16,132
Unitil Corporation 166 5,935
UtiliCorp United Inc 4,435 86,205
Western Resources Inc 3,446 58,582
Wisconsin Energy Corporation 5,857 112,747
WPS Resources Corporation 1,287 32,336
*York Research Corporation 666 2,498
------------
4,196,215
------------
</TABLE>
134
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------
Electronics--8.6%
*3DFX Interactive Inc 1,254 $ 12,305
*8 X 8 Inc 1,983 10,163
*Aavid Thermal Technologies Inc 440 10,808
*Acme Electric Corporation 500 2,875
*Act Manufacturing Inc 534 20,025
*Actel Corporation 1,037 24,888
*ADE Corporation 686 11,319
*Advanced Lighting Technologies Inc 745 4,284
*Aeroflex Inc 947 9,825
*Aerosonic Corporation 178 2,136
*Affinity Technology Group Inc 2,000 1,375
*Agilent Technologies Inc 3,810 294,561
*Align-Rite International Inc 300 6,581
*Alliance Semiconductor Corporation 1,830 30,538
*Alpha Industries Inc 907 51,982
*Alpha Technologies Group Inc 300 1,800
*Altera Corporation 9,906 490,966
*American Locker Group Inc 100 563
*American Power Conversion 9,864 260,163
*American Superconductor Corporation 566 15,848
*American Xtal Technology Inc 892 15,554
Ametek Inc 1,734 33,054
*Amkor Technology Inc 5,973 168,737
*Ampex Corporation Class A 2,236 12,158
*Amphenol Corporation Class A 899 59,840
*Anacomp Inc 517 9,403
*Anaren Microwave Inc 202 10,933
*Anicom Inc 1,223 5,198
*APA Optics Inc 300 4,650
*Applied Digital Solutions Inc 2,100 15,750
*Applied Micro Circuits Corporation 2,674 340,267
*Arrow Electronics Inc 4,578 116,167
*Artesyn Technologies Inc 1,790 37,590
*Artisan Components Inc 998 20,599
*Aspec Technology Inc 3,000 15,094
*Astropower Inc 514 7,196
*Atmel Corporation 10,110 298,877
*ATMI Inc 1,190 39,344
*Ault Inc 200 1,800
Avnet Inc 2,009 121,545
AVX Corporation 4,371 218,277
*Axsys Technologies Inc 179 2,372
Bairnco Corporation 377 2,262
Baldor Electric Company 1,856 33,640
Barnes Group Inc 990 16,149
*Bel Fuse Inc Class A 191 5,324
Bell Industries Inc 349 2,596
*Benchmark Electronics Inc 719 16,492
Bmc Industries, Inc 1,201 5,855
*Bolder Technologies Corporation 429 5,470
Boston Acoustics Inc 184 2,565
*Broadcom Corporation Class A 2,428 661,327
*BTU International Inc 400 2,300
*Burr-Brown Corporation 2,924 105,611
*California Amplifier Inc 500 13,156
</TABLE>
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------------
<S> <C> <C>
*Caliper Technologies Corporation 468 $ 31,239
*Catalina Lighting Inc 300 1,444
*Catalyst Semiconductor Inc 1,900 6,413
*C-COR Electronics Inc 735 56,319
*C-Cube Microsystems Inc 1,979 123,193
*CellStar Corporation 2,938 29,013
*Ceradyne Inc 2,800 12,775
*Cidco Inc 2,629 14,295
*Cirrus Logic Inc 3,157 42,028
*Cobalt Networks Inc 1,000 108,375
*Commscope Inc 2,605 105,014
*Concord Camera 501 11,398
*Conexant Systems Inc 9,754 647,422
Control Chief Holdings Inc 200 900
*CP Clare Corporation 700 7,350
Craftmade International Inc 278 2,016
*Cree Research Inc 1,436 122,599
CTS Corporation 1,416 106,731
*Cypress Semiconductor Corporation 5,447 176,347
C&D Technologies Inc 557 23,673
*Daktronics Inc 800 20,200
Dallas Semiconductor Corporation 1,462 94,208
*Data Critical Corporation 600 8,925
*Datum Inc 200 1,925
*Dense-Pac Microsystems Inc 700 5,622
Diebold Inc 3,677 86,410
*Diodes Inc 300 6,450
*Dionex Corporation 1,193 49,137
*Display Technologies Inc 315 1,270
*Drexler Technology Corporation 360 3,510
*DRS Technologies Inc 283 2,759
*DuPont Photomasks Inc 684 33,003
*ECC International Corporation 300 975
EDO Corporation 296 1,739
*EFTC Corporation 1,195 2,166
*Electric Fuel Corporation 639 2,237
*Electro Scientific Industries Inc 609 44,457
*Electronic Retailing Systems International Inc 900 872
*Electronics for Imaging Inc 2,778 161,471
*Emcore Corporation 519 17,646
*EMS Technologies Inc 320 3,760
*En Pointe Technologies Inc 200 5,500
*Engineering Measurements Company 200 1,200
*Esco Electronics 452 5,255
*ESS Technology Inc 2,018 44,774
*ETEC Systems Inc 983 44,112
*E-Tek Dynamics Inc 3,348 450,725
*eToys Inc 5,900 154,875
*Evans & Sutherland Computer Corporation 365 4,175
*Exar Corporation 443 26,082
*Fairchild Semiconductor Corporation Class A 2,800 83,300
*Faroudja Inc 2,800 14,088
*Fiberstars Inc 300 1,725
*Finisar Corporation 2,400 215,700
*Focus Affiliates Inc 1,200 5,850
Franklin Electric Company Inc 250 17,547
*FSI International Inc 1,028 11,822
</TABLE>
135
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------
*FuelCell Energy Inc 150 $ 3,759
*GameTech International Inc 400 2,000
*General Motors Corporation Class H 6,781 650,976
*General Semiconductor Inc 2,258 32,035
*Genus Inc 700 3,150
*GlobeSpan Inc 900 58,613
*GP Strategies Corporation 398 2,438
*Graham Corporation 200 1,325
*Hadco Corporation 597 30,447
Harman International Industries Inc 891 50,007
Harris Corporation Inc 3,900 104,081
*Harvey Electronics Inc 3,300 5,156
*Hauppage Digital Inc 300 6,038
*Heartland Technology Inc 500 1,500
*HEI Inc 300 2,288
Helix Technology Corporation 1,197 53,641
*Herley Industries Inc 236 3,584
*hi/fn Inc 339 13,136
*HMT Technology Corporation 2,954 11,816
Hubbell Inc Class B 3,342 91,070
Hughes Supply Inc 1,072 23,115
*Hutchinson Technology Inc 1,199 25,479
*Hytek Microsystems Inc 700 1,181
*Ibis Technology Corporation 405 20,098
*IEC Electronics Corporation 2,800 6,650
*IFR Systems Inc 1,900 19,119
*Illinois Superconductor Corporation 1,000 1,969
*ImageX.com Inc 700 29,313
*Imation Corporation 1,818 61,017
*IMP Inc 2,900 9,244
Innovex Inc 544 5,100
*Integrated Device Technology Inc 4,281 124,149
*Integrated Silicon 868 14,376
*Interlink Electronics Inc 900 52,875
*International Rectifier Corporation 2,405 62,530
*inTEST Corporation 300 5,400
*Intevac Inc 642 2,247
*Invision Technologies Inc 539 2,223
*Jabil Circuit Inc 4,439 324,047
*Jason Inc 750 5,438
*JNI Corporation 1,000 66,000
*JPM Company 360 2,835
Juno Lighting Inc 48 498
*Kemet Corporation 1,954 88,052
*Kent Electronics Corporation 1,250 28,438
Kollmorgen Corporation 373 4,593
*Koss Corporation 400 5,500
*K-Tel International 372 2,186
*Lam Research Corporation 1,933 215,650
*Lamson & Sessions Company 801 3,905
*Lattice Semiconductor Corporation 2,296 108,199
*Let's Talk Cellular & Wireless Inc 2,500 6,328
Linear Technology Corporation 7,626 545,736
*Littelfuse Inc 908 22,033
*Litton Industries Inc 2,233 111,371
*Logic Devices Inc 600 1,875
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
- --------------------------------------------------------------
<S> <C> <C>
*Lowrance Electronics Inc 1,700 $ 8,553
LSI Industries Inc 356 7,699
*Mackie Designs Inc 561 2,945
*Macromedia Inc 2,389 174,696
*Maker Communications Inc 800 34,200
*Mattson Technology Inc 653 11,183
*Maxim Integrated Products Inc 13,500 637,031
*Maxwell Technologies Inc 312 3,120
*Measurements Specialties Inc 300 6,263
*MedicaLogic Inc 1,248 32,517
*MEMC Electronic Materials Inc 3,212 39,347
*Mercury Computer
Systems Inc 944 33,040
*Merix Corporation 500 5,500
Methode Electronics Inc Class A 1,690 54,291
*Metrologic Instruments Inc 241 3,254
*Micrel Inc 1,984 112,964
*Micro Linear Corporation 810 6,936
*Microchip Technology Inc 2,497 170,888
*Micron Electronics Inc 4,597 51,142
*Microsemi Corporation 617 5,476
*Microvision Inc 272 8,228
*MIPS Technologies Inc Class A 967 50,284
*MKS Instruments Inc 1,300 46,963
*MMC Networks Inc 1,444 49,638
*Moog Inc Class A 369 9,963
*MRV Communications Inc 1,482 93,181
*Nashua Corporation 283 2,123
*National-Standard Company 3,000 9,375
*Netro Corporation 2,100 107,100
*NETsilicon Inc 1,000 20,063
*Northeast Digital
Networks Inc 17,900 179
*Novellus System Inc 1,928 236,240
*Nu Horizons Electronics Corporation 210 2,783
*Nucentrix Broadband Networks Inc 300 7,350
*Nuwave Technologies Inc 600 1,388
*Oak Industries Inc 887 94,133
*Oak Technology Inc 1,699 16,034
*On-Point Technology
Systems Inc 400 1,000
*OPTi Inc 683 3,628
*ORBIT/FR Inc 900 2,475
*Ortel Corporation 538 64,560
*OSI Systems Inc 434 2,387
*OYO Geospace Corporation 1,100 11,275
*O.I. Corporation 200 788
*Pacific Aerospace & Electronics Inc 600 750
*Panavision Inc 360 1,688
*Paradyne Networks Inc 1,500 40,875
Park Electrochemical Corporation 466 12,378
*Parlex Corporation 600 15,788
*PCD Inc 310 2,093
*PE Corporation-Celera Genomics Group 1,300 193,700
*Percon Inc 100 1,475
*Pericom Semiconductor Corporation 544 14,314
*Photon Dynamics Inc 400 15,500
*Photronics Inc 1,092 31,259
</TABLE>
136
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- --------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------
*Pinnacle Holdings Inc 2,000 $ 84,750
*Pinnacle Systems Inc 1,134 46,140
Pioneer-Standard Electronics Inc 971 14,019
*Pixar Inc 2,288 80,938
*Plexus Corporation 780 34,320
*PLX Technology Inc 1,200 22,725
*Policy Management System Corporation 1,613 41,232
*Powell Industries Inc 391 2,688
*Power Integrations Inc 1,312 62,894
*Power-One Inc 930 42,606
*Printtrak International Inc 508 4,953
*QLogic Corporation 1,770 282,979
*QMS Inc 194 570
*QualMark Corporation 2,100 6,300
*QuickLogic Corporation 600 9,900
Quixote Corporation 292 4,453
*Rambus Inc 1,133 76,407
*Ramtron International Corporation 840 5,618
*Rayovac Corporation 1,229 23,197
*Read-Rite Corporation 2,179 10,350
*Recoton Corporation 531 4,779
*Remec Inc 1,134 28,917
*Reptron Electronics Inc 2,200 19,250
*Research Frontiers Inc 404 5,984
*Research Inc 3,200 16,000
*RF Micro Devices Inc 3,876 265,264
*RF Monolithics Inc 257 1,542
Richardson Electronics 481 3,608
*Robinson Nugent Inc 2,200 28,600
*Rogers Corporation 281 10,748
*Rudolph Technologies Inc 717 24,020
*Saf T Lok Inc 800 875
*Sage Inc 500 9,688
*Sanmina Corporation 2,898 289,438
*SBS Technologies Inc 315 11,498
*SCI Systems Inc 3,687 303,025
Scientific Technologies Inc 430 2,338
*SDL Inc 1,762 384,116
*Semtech Corporation 1,418 73,913
*Sensar Corporation 800 47,600
*Sensormatic Electronics Corporation 3,751 65,408
*Sensory Science Corporation 700 1,225
*Sheldahl Inc 484 2,087
*Sigmatron International Inc 200 1,300
*Signal Technology Corporation 2,400 17,400
*Silicon Image Inc 1,200 84,075
*Silicon Storage Technology 1,329 54,821
*Silicon Valley Group Inc 1,468 26,057
*Siliconix Inc 567 74,561
*SIPEX Corporation 860 21,124
SL Industries Inc 253 2,941
*SLI Inc 1,699 23,043
*Somera Communications Inc 2,300 28,606
*Spacehab Inc 412 2,215
*Sparton Corporation 350 1,859
*Spectra-Physics Lasers Inc 796 22,288
*Spectrum Control Inc 490 5,206
*Spire Corporation 2,000 11,500
*SRS Labs Inc 521 3,061
</TABLE>
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
*Star Struck Ltd 2,800 $ 12,250
*Stoneridge Inc 1,002 15,468
*Superconductor Technologies Inc 2,500 12,188
*Supertex Inc 542 10,942
*Surge Components Inc 1,900 6,947
Symbol Technologies Inc 4,454 283,107
TB Woods Corporation 261 2,219
*Tech Sym Corporation 223 4,599
Technitrol Inc 723 32,174
Tech/Ops Sevcon Inc 139 1,390
*Telcom Semiconductor Inc 847 17,787
*The Carbide/Graphite Group 373 2,425
*The DII Group Inc 1,789 126,963
The Eastern Company 160 2,500
*The Genlyte Group Inc 802 17,143
*The Panda Project Inc 8,100 344
*Thermo Ecotek Corporation 1,607 8,537
*Thermo Instrument Systems inc 5,934 66,016
*Thermo Vision Corporation 500 3,469
Thomas Industries Inc 710 14,511
*Three-Five Systems Inc 497 20,377
*Trans-Industries Inc 1,300 7,150
*Transmation Inc 400 963
*TranSwitch Corporation 1,222 88,671
*Trident Microsystems Inc 577 5,914
*Trimble Navigation Ltd 915 19,787
*TriQuint Semiconductor Inc 873 97,121
*Triumph Group Inc 515 12,457
*UCAR International Inc 2,112 37,620
*Ultralife Batteries Inc 469 2,873
*Unique Mobility Inc 714 2,945
*Universal Display Corporation 300 5,025
*Universal Electric 289 13,294
*uniView Technologies Corporation 2,400 11,250
*U.S. Wireless Corporation 600 9,075
*V3 Semiconductor Inc 400 5,200
*Valence Technology Inc 1,046 19,874
*Varian Inc 1,330 29,925
*Varian Semiconductor Equipment Associates Inc 1,430 48,620
*Vicor Corporation 1,975 79,988
*Viisage Technology Inc 900 7,256
*Virata Corporation 1,000 29,875
*Vishay Intertechnology Inc 4,183 132,287
*Vitesse Semiconductor Corporation 7,652 401,252
Watkins-Johnson Company 241 9,640
*WESCO International Inc 1,800 15,975
*Williams Controls Inc 2,200 4,881
*Wireless Telecom Group Inc 500 1,594
Woodhead Industries Inc 406 4,720
*WPI Group Inc 2,700 6,581
*Xicor Inc 800 10,950
*Zing Technologies Inc 200 2,575
*Zoltek Companies Inc 798 6,883
*Zoran Corporation 672 37,464
------------
17,330,065
------------
Entertainment & Leisure--1.4%
*4Kids Entertainment Inc 500 14,000
*800 Travel Systems Inc 500 1,094
*Acres Gaming Inc 3,300 2,991
*Adams Golf Inc 829 1,347
</TABLE>
137
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
Allen Organ Company Class B 171 $ 6,498
*Alliance Gaming Corporation 437 1,188
*Alpha Hospitality Corporation 400 2,500
*AMC Entertainment 1,050 9,056
*American Coin Merchandising Inc 200 550
*American Wagering Inc 348 2,132
*AMF Bowling Inc 4,403 13,759
*Anchor Gaming 539 23,413
*Argosy Gaming Company 1,103 17,165
*Ascent Entertainment Group 1,331 16,887
*Autotote Corporation Class A 1,200 3,900
*Avid Technology Inc 1,096 14,317
*A.T. Cross Class A 610 2,745
*Bally Total Fitness Holdings Corporation 1,035 27,622
*barnesandnoble.com inc 1,300 18,444
*Boca Resorts Inc Class A 1,561 15,220
*Boyd Gaming Corporation 2,480 14,415
*Brass Eagle Inc 200 1,000
*Brilliant Digital Entertainment Inc 500 1,969
Callaway Golf Company 3,860 68,274
*Carmike Cinemas Inc Class A 419 3,273
*Championship Auto Racing 678 15,594
*Cheap Tickets Inc 1,000 13,688
Churchill Downs Inc 477 10,762
*Clark (Dick) Prod Inc 309 4,596
*Cleveland Indians Baseball 600 12,563
*CNET Inc 3,640 206,570
*Coastcast Corporation 357 5,935
*Coleman Company Inc 2,497 23,253
CPI Corporation 569 12,838
*Craig Corporation 1,000 6,875
*Cybex International Inc 1,900 4,988
*Department 56 Inc 808 18,281
*Direct Focus Inc 400 11,100
Dover Downs Entertainment 1,590 29,813
*DSI Toys Inc 505 1,452
*Egreetings Network Inc 1,950 19,744
Ellett Brothers Inc 200 1,375
*EMusic.com Inc 1,600 16,400
*Escalade Inc 139 1,807
*Expedia Inc Class A 1,400 49,000
*Family Golf Centers Inc 952 1,339
*Fotoball USA Inc 2,400 15,150
*Four Media Company 763 11,350
*garden.com Inc 400 3,475
Gaylord Entertainment Company Class A 1,767 52,900
*GetThere.com Inc 1,587 63,877
*Golf Entertainment Inc 1,300 1,259
*GTECH Holdings Corporation 1,846 40,612
*Hollywood Entertainment Corporation 2,193 31,799
*Hollywood Park Inc 1,151 25,826
*Image Entertainment Inc 599 3,351
*Imaginon 1,346 5,721
International Game Technology 5,021 101,989
International Speedway Corporation Class A 2,738 137,914
*Jackpot Enterprises Inc 385 3,200
*Jakks Pacific Inc 628 11,736
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------------
<S> <C> <C>
*JCC Holding Company Class A 1,000 $ 2,813
*Johnson Worldwide Associates 300 2,128
K2 Inc 611 4,659
*Kushner Locke Company 489 2,124
*Lady Luck Gaming Corporation 2,000 20,375
*Lakes Gaming Inc 389 3,088
*Laser-Pacific Media Corporation 500 5,031
*Liquid Audio Inc 800 21,000
*Loews Cineplex Entertainment 2,622 15,404
*Macrovision Corporation 1,280 94,720
*Mandalay Resort Group 4,656 93,702
*Martha Stewart Living Omnimedia Inc Class A 700 16,800
*Metro Goldwyn Mayer Inc (MGM) 9,740 229,499
*MGM Grand Inc 3,141 158,032
*MP3.com Inc 3,500 110,906
*Multimedia Games Inc 200 431
*Musicmaker.com Inc 1,100 6,463
*Navigant International Inc 579 6,767
*Paul-Son Gaming Corporation 1,300 5,850
*PDS Financial Corporation 300 506
*Penn National Gaming Inc 543 4,887
*Platinum Entertainment Inc 600 1,500
*Play By Play Toys & Novelties Inc 1,500 2,531
*Playcore Inc 1,200 9,600
*Players International Inc 1,178 9,682
*Premier Parks Inc 3,774 108,974
*Racing Champions Corporation 1,589 7,051
*Rawlings Sporting Goods Company 287 1,722
*Reading Entertainment Inc 333 1,915
*Rentrak Corporation 300 2,119
*Resortquest International Inc 754 3,157
*Riddell Sports Inc 500 1,719
*Sabre Group Holdings Inc 1,002 51,353
*SFX Entertainment Inc Class A 3,301 119,455
*Speedway Motorsports 2,056 57,183
*Sport Supply Group Inc 331 2,276
*Sports Club Company Inc 600 2,325
*Steinway Musical Instruments 325 6,581
*TBA Entertainment Corporation 500 2,656
*TearDrop Golf Company 400 550
*Ticketmaster Online-CitySearch Inc Class B 613 23,562
Todd Ao Corporation Class A 300 9,150
*Topps Company Inc 2,611 27,089
*Toymax International Inc 474 2,222
*Trimark Holdings Inc 1,000 3,594
*Unapix Entertainment Inc 400 750
*United Leisure Corporation 400 1,300
*Video Update Inc Class A 1,200 312
*Westwood One Inc 2,793 212,268
*WMS Industries Inc 1,202 15,776
*World Wrestling Federation Entertainment Inc 400 6,900
*Youbet.com Inc 1,400 6,038
------------
2,768,386
------------
</TABLE>
138
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
Environmental Controls--0.2%
*ATG Inc 810 $ 3,493
*Capital Environmental Resource Inc 200 1,188
*Casella Waste Systems Inc Class A 966 18,233
*Covol Technologies Inc 559 402
*Crown Andersen Inc 100 750
*Environmental Elements Corporation 300 694
*GZA GeoEnvironmental Technologies Inc 600 2,700
*Harding Lawson Associates Group Inc 300 2,325
*Hi-Rise Recycling Systems Inc 900 1,969
*Layne Christensen Company 520 3,770
*Metal Management Inc 3,900 14,625
*MFRI Inc 300 1,294
*MPM Technologies Inc 300 1,950
*New Horizons Worldwide Inc 309 3,666
Ogden Corporation 2,497 29,808
*Republic Services Inc Class A 8,967 128,901
*Safety-Kleen Corporation 5,054 57,173
Sevenson Environmental Services Inc 200 1,900
*Stericycle Inc 700 13,169
*Strategic Diagnostic Inc 300 1,969
*Synagro Technologies Inc 1,600 7,800
*Thermatrix Inc 300 263
*TRC Companies Inc 500 3,844
Trigen Energy Corporation 453 7,871
*U.S. Liquids Inc 754 6,315
*Waste Connections Inc 943 13,615
*Waste Industries 693 7,840
*Waste Systems International 724 3,439
------------
340,966
------------
Financial Services--3.2%
*Acacia Research Corporation 400 11,975
Advanta Corporation Class A 1,193 21,772
Advest Group Inc 398 7,313
*Affiliated Managers Group 1,084 43,834
AG Edwards Inc 4,612 147,872
Allied Capital Corporation 2,939 53,820
American Capital Strategies 707 16,084
*Americredit 3,403 62,956
*Ameritrade Holding Corporation Class A 7,659 166,105
*Ampal-American Israel Corporation Class A 883 8,168
Amplicon Inc 436 4,742
*Amresco Inc 2,017 2,837
*Analytical Surveys Inc 249 2,848
Apartment Investment & Management Company 3,231 128,634
*Arcadia Financial Ltd 1,444 6,408
*Atalanta Sosnoff Capital Corporation 500 4,250
Avalon Capital Inc 400 7,100
*A.B. Watley Group Inc 200 2,150
*Boron Lepore & Associates 466 3,029
Camden Property Trust 1,993 54,558
Capitol Federal Financial 4,100 39,975
*Caribiner International Inc 1,073 3,890
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------------
<S> <C> <C>
*Cash Technologies Inc 100 $ 1,431
*Central Financial Acceptance Corporation 300 2,213
*Century Business Services 4,128 34,830
Charter Municipal Mortgage Acceptance 921 10,822
CIT Group Inc Class A 13,446 284,047
*Collectors Universe Inc 1,300 8,125
*CompuCredit Corporation 1,900 73,150
Conning Corporation 477 3,935
*Consumer Portfolio Services 700 1,094
*ContiFinancial Corporation 1,724 404
*Credit Acceptance Corporation 2,070 7,633
*Creditrust Corporation 395 3,037
*Crescent Operating Inc 1,800 4,950
*Crown Group Inc 444 2,192
Dain Rauscher Corporation 556 25,854
*Delta Financial Corporation 688 2,838
*Digital Insight Corporation 700 25,463
Donaldson Lufkin & Jenrette Inc 6,392 309,213
*Donna Karan International Inc 796 5,224
Doral Financial Corporation 1,908 23,492
*DVI Inc 519 7,882
Eaton Vance Corporation 1,808 68,704
*Ebay Inc 6,403 801,576
*Electronic Processing Inc 207 3,105
*E-LOAN Inc 1,900 30,875
*Enercorp Inc 700 1,488
*Equitex Inc 439 3,512
*eSPEED Inc Class A 1,800 88,928
*E*TRADE Group Inc 11,822 308,850
*Factual Data Corporation 900 7,200
*Federal Agric Management Corporation Class A 400 6,450
Federated Investors Inc Class B 4,060 81,454
*Financial Federal Corporation 665 15,170
*Finet Holdings Corporation 3,100 4,069
Finova Group Inc 2,993 106,252
First Albany Companies Inc 330 4,764
*First Cash Inc 400 3,300
*First Sierra Financial Inc 924 15,824
*Firstcity Financial Corporation 305 839
*Food Technology Service Inc 450 2,728
*Forrester Research Inc 383 26,379
Freedom Securities Corporation 899 10,114
*Friedman Billings Ramsey Group Inc Class A 555 4,371
Fulton Financial Corporation 3,396 61,128
*Gabelli Asset Management Inc Class A 500 8,125
*Gallery of History Inc 400 1,300
*GlobalNet Financial.com Inc 500 14,406
*Greg Manning Auctions Inc 400 5,500
*Hallwood Group 600 7,313
Harris & Harris Group Inc 600 6,900
Heller Financial Inc 2,508 50,317
Hibernia Corporation Class A 7,696 81,770
*Hoening Group 400 3,700
*Hpsc Inc 200 1,850
*H.D. Vest Inc 300 1,894
*Imperial Credit Industries Inc 1,648 10,300
</TABLE>
139
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -----------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------------
IndyMac Mortgage Holdings Inc 3,938 $ 50,210
*Innotrac Corporation 331 4,551
*Insurance Auto Auctions Inc 517 8,143
Investment Technology Group Inc 2,254 64,803
*Iron Mountain Inc 1,710 67,224
*Iti Technologies Inc 306 9,180
*JB Oxford Holdings Inc 521 4,005
Jeffries Group Inc 1,040 22,880
John Nuveen & Company Inc Class A 1,402 50,560
*JWGenesis Financial Corporation 763 22,604
*Kent Financial Services Inc 1,000 4,000
*Kinnard Investments Inc 1,200 8,925
*Kirlin Holding Corporation 2,000 17,250
*Knight/Trimark Group Inc Class A 5,590 257,140
*Labranche & Company Inc 1,900 24,225
Legg Mason Inc 2,797 101,391
Liberty Property Trust 3,233 78,400
*LINC Capital Inc 900 4,275
*Lo-Jack Corporation 668 4,509
*MACC Private Equities Inc 520 6,955
*Marketing Services Group Inc 1,000 16,750
*Matrix Bancorp Inc 247 2,964
Medallion Financial Corporation 516 9,256
*Memberworks Inc 698 23,165
Metris Companies Inc 1,822 65,023
MicroFinancial Inc 700 8,181
Morgan Keegan Inc 1,444 24,277
*Mortgage.com Inc 1,800 10,463
*Mossimo Inc 671 5,410
*M.H. Meyerson & Company Inc 300 1,575
*National Discounts Brokers Group Inc 1,126 29,698
*National Processing Inc 2,265 20,102
*NCO Group Inc 1,360 40,970
*Netcentives Inc 1,600 99,700
*Netzee Inc 1,000 16,625
Neuberger Berman Inc 2,500 62,188
*New Century Financial Corporation 533 8,395
*Newsedge Corporation 1,632 19,074
*NextCard Inc 2,200 63,525
*Norstan Inc 492 3,137
*Ocwen Financial Corporation 3,216 20,102
*Omega Worldwides Inc 548 2,552
*Online Resources & Communications Corporation 700 11,638
*onlinetradinginc.com 900 9,788
*Overland Data Inc 451 3,383
*Paulson Capital Corporation 500 2,641
*Pegasystems Inc 1,383 15,559
*Pelican Financial Inc 400 1,500
Peoples Heritage Financial Group Inc 5,051 76,081
*Per-Se Technologies Inc 1,301 10,937
Phoenix Investment Partners 2,008 16,315
*Pioneer Group 1,155 18,191
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
Pmc Capital Inc 500 $ 4,063
*Point West Capital Corporation 245 2,419
Post Properties Inc 1,901 72,713
*Precision Response Corporation 894 21,680
*Professional Detailing Inc 478 14,310
*Ragen Mackenzie Group Inc 481 8,658
Raymond James Financial Corporation 2,266 42,346
Resource America Inc Class A 806 6,347
Resource Bancshares Mortgage Group 1,053 4,771
*Ritchie Brothers Auctioneers Inc 900 24,975
*Rwd Technologies Inc 550 5,706
*S1 Corporation 1,703 133,047
Seacoast Financial Services Corporation 1,200 12,225
*Seattle Filmworks Inc 726 2,019
*SGV Bancorp Inc 200 4,375
Siebert Financial Corporation 939 13,850
*Sitel Corporation 3,168 22,176
*Softnet Systems 718 18,040
Source Capital Corporation 500 2,875
Southwest Securities Group Inc 524 14,345
*Startek Inc 589 21,351
Stifel Financial Corporation 300 2,963
Student Loan Corporation 1,094 54,563
*TD Waterhouse Group Inc 1,900 31,231
*Telespectrum Worldwide Inc 1,447 10,310
*Teletech Holdings Inc 2,995 100,941
*The Banc Stock Group Inc Class A 800 2,400
The Goldman Sachs Group Inc 3,538 333,235
*The WMF Group Ltd 2,000 11,500
The Ziegler Companies Inc-WI 107 1,578
*Transmedia Network Inc 574 1,399
*UniCapital Corporation 2,301 8,485
United Asset Management Corporation 2,938 54,537
Value Line Inc 446 16,056
*Vestcom International Inc 393 1,376
Virginia Commonwealth Finan 329 8,061
*VSI Holdings Inc--GA 1,414 6,275
Wackenhut Corporation 867 12,951
Waddell & Reed Financial Inc Class A 2,970 80,561
*Warrantech Corporation 694 1,041
*Waterside Capital Corporation 500 4,563
*Web Street Inc 1,300 16,088
*WebFinancial Corporation 300 1,866
Wfs Financial Inc 1,048 22,139
Wilmington Trust Corporation 1,596 77,007
*Wind River Systems 1,991 72,920
*Wit Capital Group Inc 500 8,500
*World Acceptance Corporation 701 3,374
------------
6,417,210
------------
Food Retailers--0.4%
*7-Eleven Inc 19,445 34,637
*Arden Group Inc 320 11,520
Delhaize America Inc
(non-voting shares) 7,703 156,467
*Foodarama Supermarkets Inc 100 1,988
Hannaford Brothers Company 2,091 144,932
</TABLE>
140
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
*Homeland Holding Corporation 3,000 $ 10,875
Ingles Markets 660 7,343
Marsh Supermarkets Inc Class B 911 9,224
*Rocky Mountain Chocolate Factory Inc 300 1,575
Schultz Sav O Stores Inc 742 9,461
Seaway Food Town Inc 645 10,481
*Starbucks Corporation 9,272 224,846
*Synergy Brands Inc 400 1,188
*The Grand Union Company 1,000 10,125
*United Heritage Corporation 160 540
*Village Super Market Inc Class A 700 9,144
*Vlasic Foods International Inc 2,135 12,143
*Webvan Group Inc 1,200 19,800
Weismarkets Inc 2,368 103,008
*Whole Foods Market Inc 1,279 59,314
*Wild Oats Markets Inc 876 19,436
------------
858,047
------------
Forest Products & Paper--0.7%
American Woodmark Corporation 353 8,560
Associated Materials Inc 406 6,648
Bowater Inc 2,515 136,596
*Buckeye Technologies Inc 1,702 25,317
*Building Materials Holdings Corporation 566 5,802
Caraustar Industries Inc 1,220 29,280
Chesapeake Corporation 1,059 32,300
Consolidated Papers Inc 4,546 144,620
*Crown Vantage Inc 3,200 6,600
*Day Runner Inc 438 1,711
*Decora Industries Inc 328 882
*Drew Industries Inc 505 4,545
Ennis Business Forms 599 4,642
*Fibermark Inc 286 3,361
*Gaylord Container Class A 2,383 16,234
Georgia Pacific Corporation 4,007 98,672
Glatfelter (P H) Company 2,081 30,305
Hunt Corporation 411 3,905
*Ivex Packaging Corporation 936 9,360
*Kevco Inc 306 574
Liberty Homes Inc Class A 200 1,638
Longview Fibre Company 2,812 40,071
*Mail-Well Inc 2,284 30,834
*Palex Inc 721 5,047
*Paragon Trade Brands Inc 534 123
Patrick Industries Inc 216 1,998
*Playtex Products Inc 2,999 46,110
Pope And Talbot 497 7,952
Rayonier Inc 1,646 79,522
Republic Group 533 8,062
Rock-Tenn Company Class A 1,029 15,178
*Shorewood Packaging Corporation 1,287 24,373
*Simpson Manufacturing Company Inc 517 22,619
*Smurfit-Stone Container Corporation 11,116 272,342
St Joe Corporation 4,324 105,127
TJ International n Inc 903 37,926
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
*TST/Impreso Inc 300 $ 1,181
*United Stationers 1,646 47,014
Universal Forest Products Inc 926 13,659
Wausau-Mosinee Paper Corporation 2,633 30,773
------------
1,361,463
------------
Health Care Providers--1.0%
*Accredo Health Inc 500 15,375
*Allscripts Inc 1,100 48,400
*Alterra Healthcare Corporation 982 8,163
*America Service Group Inc 300 4,500
*American Dental Partners Inc 932 6,524
*American Healthcorp Inc 305 1,392
*American Retirement Corporation 765 6,072
*Ameripath Inc 873 7,148
*Amsurg Inc Class A 451 2,932
*Apria Healthcare Group 3,016 54,100
*ARV Assisted Living Inc 710 1,065
*Assisted Living Concepts Inc 778 1,702
*Beverly Enterprises Inc 4,781 20,917
*Caredata.com Inc 2,800 18,550
*Caremark Rx Inc 9,904 50,139
*Carematrix Corporation 796 1,990
*Castle Dental Centers Inc 500 1,500
*Centennial Healthcare Corporation 639 1,917
*Chronimed, Inc 546 4,197
*Coast Dental Services Inc 341 831
*Core Inc Massachusetts 350 3,347
*Corvel Corporation 300 7,050
*Coventry Health Care Inc 2,832 19,116
*Cryolife Inc 467 5,487
*Curative Health Services Inc 470 3,643
*Daxor Corporation 213 3,089
*Dianon Systems Inc 303 4,166
*drkoop.com Inc 1,300 15,438
*Dynacq International Inc 500 9,000
*Emeritus Corporation 1,243 8,080
*Enzo Biochem Inc 1,218 54,886
*Enzon Inc 1,984 86,056
*Express Scripts Inc Class A 1,904 121,856
*First Health Group Corporation 3,121 83,877
*Foundation Health Systems 6,067 60,291
*Genesis Health Ventures Inc 1,575 3,248
*Health Management Associates Inc Class A 12,637 169,020
*Health Systems Design Corporation 300 1,575
*Healthcentral.com 3,238 23,678
*Healtheon Corporation 3,781 141,788
Hooper Holmes Inc 1,359 34,994
*Human Genome Sciences Inc 1,203 183,608
*Immunomedics Inc 1,393 17,064
*Impath Inc 412 10,480
*IntegraMed America Inc 400 1,350
*Integrated Health Services Inc 2,363 295
*InterDent Inc 800 6,450
*Laser Vision Centers Inc 1,192 12,591
*Lifemark Corporation 300 975
*LifePoint Hospitals Inc 1,500 17,719
*Lincare Holdings Inc 3,204 111,139
*Magellan Health Services Inc 1,414 8,926
*Mariner Post-Acute Network 1,858 130
</TABLE>
141
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
*Matria Healthcare Inc 1,342 $ 5,536
*Maxicare Health Plans Inc 661 1,900
*Mid Atlantic Medical Services Inc 2,320 19,285
*National Dentex Corporation 656 10,988
*Novacare Inc 1,300 244
*Orthodontic Centers of America 2,338 27,910
*Oxford Health Plans Inc 4,096 51,968
*PacifiCare Health Systems Inc Class A 2,336 123,808
*Pediatrix Medical Group Inc 683 4,781
*Pentegra Dental Group Inc 400 475
*PMR Corporation 312 1,014
*Prime Medical Service Inc 659 6,013
*ProVantage Health Services Inc 1,000 8,000
*Province Healthcare Company 779 14,801
Psychemedics Corporation 2,416 12,080
*Ramsay Youth Services Inc 400 588
*Raytel Medical Corporation 2,500 7,656
*Rehabcare Corporation 339 7,161
*Renal Care Group Inc 2,213 51,729
*Renex Corporation 300 2,794
*SeraCare Inc 1,900 6,650
*Sierra Health Services Inc 1,213 8,112
*Sight Resource Corporation 500 1,031
*Sonus Corporation 400 1,200
*Sunrise Assisted Living Inc 950 13,063
*Syncor International Corporation-Del 491 14,300
*Total Renal Care Holdings Inc 4,621 30,903
*Transworld Healthcare Inc 784 1,470
*Triad Hospitals Inc 1,600 24,200
*United Payors & United Prov 764 12,654
*Universal Health Services Inc Class B 1,765 63,540
*Urocor Inc 468 1,960
*U.S. Physical Therapy Inc 1,200 10,200
Ventas Inc 3,435 14,384
*Veterinary Centers of America 926 11,922
*VisionAmerica Inc 500 1,500
*Women First Health Care Inc 500 2,625
------------
2,066,271
------------
Heavy Construction--0.1%
Abrams Industries 300 1,275
*Amrep Corporation 500 2,375
*Anthony & Sylvan Pools Corporation 221 1,535
*Crossmann Communities Inc 514 7,967
*Del Webb 808 20,150
*Fairfield Communities Inc 2,054 22,081
Granite Construction Inc 1,436 26,476
*Hovnanian Ent Class A 1,300 8,369
*Kentucky Electric Steel Inc 2,800 6,650
Lennar Corporation 3,001 48,766
Mcgrath Rentcorp 916 16,030
*Meadow Valley Corporation 400 1,450
*Morrison Knudsen Corporation 2,689 21,008
M/I Schottenstein Homes Inc 325 5,058
*Perini Corporation 200 775
*Rottlund Company 1,200 3,150
Rouse Company 3,969 84,341
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
*TransCoastal Marine Services Inc 2,300 $ 6,613
*Unifab International Inc 300 1,706
*U.S. Home Corporation 607 15,516
*Williams Industries Inc 300 1,050
------------
302,341
------------
Heavy Machinery--1.1%
*Ag-Chem Equipment 355 3,683
Agco Corporation 2,763 37,128
Alamo Group Inc 359 3,590
*Albany International 1,408 21,818
Allied Products Corporation 528 1,881
*Altair International 859 3,436
*American Aircarriers Support 288 2,232
*American Standard Companies 3,645 167,214
Ampco-Pittsburgh Corporation 353 3,574
Applied Industrial Technology Inc 969 16,110
Applied Power Inc Class A 1,928 70,854
*Applied Science & Technology 516 17,149
*Arguss Holdings 471 6,123
*Astec Industries 843 15,859
*Asyst Technologies Inc 718 47,074
*Aviall Inc 1,070 8,761
*Aviation Sales Company 658 10,857
*Avteam Inc Class A 677 3,639
*A.S.V. Inc 455 6,199
*Baldwin Technology Company Inc Class A 676 1,437
BHA Group Inc 319 2,512
*Bolt Technology Corporation 800 3,050
*Brooks Automation Inc 505 16,444
Cascade Corporation 427 3,923
*CFM Technologies Inc 452 4,379
*CH Heist Corporation 800 4,600
Charter Industries 1,077 4,308
CMI Corporation Class A 894 6,314
Columbus Mckinnon Corporation 616 6,237
*Ctb International Corporation 454 2,639
*CVC Inc 600 5,775
Detroit Diesel Corporation 1,105 21,202
Donaldson Company Inc 2,264 54,478
*Dril-Quip 836 25,394
Dt Industries Inc 468 3,686
*Dycomind 1,394 61,423
*Electroglas Inc 827 20,985
Engineered Support Systems 317 3,804
*Farr Company 395 3,851
Fedders Corporation 1,424 7,832
Federal Mogul Corporation 3,511 70,659
*Flow International Corporation 551 6,268
Flowserve Corporation 1,818 30,906
*Gardner Denver Inc 693 11,564
*Gasonics International Corporation 622 12,285
*Gehl Corporation 300 5,400
*Glacier Water Services Inc 135 2,185
Gleason Corporation 478 11,114
Gorman Rupp Company 315 5,513
Graco Inc 998 35,803
Hardinge Inc 362 4,729
Harnischfeger Industries Inc 800 325
</TABLE>
142
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*Hirsch International Corporation Class A 800 $ 900
*Hurco Companies Inc 600 2,100
Idex Corporation 1,512 45,927
*Iic Industries Inc 400 3,950
*Industrial Distribution Group 779 2,532
*Industrial Holdings Inc 778 1,994
*Insituform Technologies Class A 1,180 33,335
*IRI International Corporation 1,785 7,140
*ITEQ Inc 1,200 1,050
*JLK Direct Distribution Inc Class A 1,100 11,344
Kaman Corporation Class A 1,059 13,635
Katy Industries Inc 306 2,658
*Key Technology Inc 200 1,800
*Knight Transportation Inc 669 11,457
*Kulicke & Soffa Industries 1,042 44,350
*Lancer Corporation-TX 336 1,554
Lincoln Electric Holding Inc 2,254 46,489
Lindsay Manufacturing Company 584 10,658
Lufkin Industries Inc 241 3,615
*MagneTek Inc 1,412 10,855
Manitowoc Company Inc 1,359 46,206
*Mansur Industries Inc 1,200 6,150
*McClain Industries Inc 400 2,000
*Mestek Inc 328 6,642
Met-Pro Corporation 306 3,060
*Metromedia International Group Inc 4,998 23,740
*Mitcham Industries Inc 2,200 7,563
*Newcor Inc 2,500 6,563
NN Ball & Roller Inc 662 4,800
Nordson Corporation 831 40,096
*P & F Industries Inc Class A 200 1,288
*Park-Ohio Holdings Corporation 411 4,059
*Paxar Corporation 2,143 18,082
*Pentacon Inc 745 2,328
Pentair Inc 2,518 96,943
*Plasma-Therm Inc 700 8,575
*Plm International Inc 1,800 10,575
*Presstek Inc 1,490 20,674
Quipp Inc 100 1,500
*Riviera Tool Company 315 1,221
Robbins & Myers Inc 506 11,448
*Sames Corporation 132 2,013
Sauer Inc 1,210 10,966
*Schmitt Industries Inc 3,300 7,631
*Scott Technologies Inc 799 15,081
*Semitool Inc 608 9,120
SI Handling Systems Inc 100 953
*Specialty Equipment Company 822 19,677
*SpeedFam-IPEC Inc 1,388 17,957
*Speizman Industries Inc 1,900 9,025
*SPS Technologies Inc 566 18,077
*SPX Corporation 1,568 126,714
Tecumseh Products Company Class A 1,039 49,028
*Tegal Corporation 3,000 26,531
Teleflex Inc 1,973 61,780
Tennant Company 415 13,591
*Terex Corporation 1,230 34,133
</TABLE>
<TABLE>
- ------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------
<S> <C> <C>
*The Middleby Corporation 200 $ 1,125
*Thermadyne Holdings Corporation 144 2,808
*Thermo Fibertek Inc 2,750 19,594
*Thermo Sentron Inc 447 6,482
*Tokheim Corporation 566 2,052
Toro Company 575 21,455
*Total Containment Inc 300 638
*Tractor Supply Company 522 8,352
*Turbochef Inc 640 5,080
Twin Disc Inc 126 1,496
*Ultratech Stepper Inc 943 15,206
United Industial Corporation 1,053 9,740
*Waterlink Inc 547 1,368
Watsco Inc 1,506 17,413
*Weatherford International Inc 5,460 218,059
*White Cap Industries Inc 393 5,895
Woodward Governor Company 416 11,440
York International Corporation 1,992 54,656
------------
2,314,197
------------
Home Construction, Furnishings & Appliances--
0.6%
*American Homestar Corporation 880 3,465
Bassett Furniture Industries Inc 579 9,264
*Beazer Homes USA Inc 231 4,447
*BioShield Technologies Inc 600 7,125
Bush Industries Class A 380 6,531
*C3 Inc-N C 311 1,885
Cavalier Homes Inc 724 2,851
*Champion Enterprises Inc 2,452 20,995
*Chromcraft Revington Inc 402 4,221
Clayton Homes Inc 7,405 68,033
*Congoleum Corporation Class A 900 3,600
*Dal Tile International Inc 2,596 26,285
*Diamond Home Services Inc 400 200
*Dominion Homes Inc 1,300 8,125
Donnelly Corporation 371 5,194
DR Horton Inc 3,288 45,416
Engle Homes Inc 411 4,932
Ethan Allen Interiors Inc 1,949 62,490
Falcon Products Inc 334 2,881
Flexsteel Industries 252 3,371
*Fossil Inc 1,504 34,780
*Furniture Brands International Inc 2,620 57,640
*Gentex Corporation 3,618 100,400
*Helen of Troy Ltd-New 1,299 9,418
HON Industries Inc 3,062 67,173
Hussmann International Inc 2,381 35,864
*Jan Bell Marketing 1,344 3,864
*Jore Corporation 1,000 7,813
Kimball International Class B 1,920 31,680
Knape & Vogt Manufacturing Company 213 2,942
*Ladd Furniture 288 5,688
*Lazare Kaplan International 379 3,079
La-Z-Boy Chair Company 2,567 43,158
Lennox International Inc 2,000 18,375
Libbey Inc 773 22,224
Lifetime Hoan Corporation 464 2,436
MDC Holdings Inc 1,020 16,001
</TABLE>
143
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
*Media Arts Group Inc 2,281 $ 7,841
*Meritage Corporation 338 3,697
*Michael Anthony Jewellers Inc 1,200 3,525
Mikasa Inc 669 6,732
Miller (Herman) Inc 3,846 88,458
*Mity Lite Inc 219 3,408
*Modtech Holdings Inc 500 3,000
Movado Group 578 12,608
National Presto Industries 271 9,621
*Newmark Homes Corporation 1,914 11,484
*Nobility Homes Inc 219 1,150
*NVR LP-WI 481 22,968
Oakwood Homes Corporation 2,087 6,652
Oneida Ltd 747 16,247
*Palm Harbor Homes Inc 1,163 20,934
Pulaski Furniture Corporation 126 1,953
*Rexhall Industries Inc 315 3,071
*Robertson-Ceco Corporation 1,300 12,838
Rowe Furniture Corporation 499 4,210
*Royal Appliance Manufacturing Company 894 4,358
Ryland Group 657 15,152
*Salton/Maxim Corporation 583 19,494
*Schuler Homes Inc 741 4,817
*Select Comfort Corporation 810 3,291
Skyline Corporation 341 8,014
*SMC Corporation 300 1,163
*Southern Energy Homes Inc 565 1,324
Standard-Pacific Corporation 1,326 14,586
Standex International Corporation 581 12,165
*Stanley Furniture Company Inc 264 4,851
Steelcase Inc 1,129 13,548
*Sunbeam Corporation 4,513 18,898
*The Presley Companies 700 3,850
*Toll Brothers 1,954 36,393
*Trex Company Inc 600 16,050
Virco Manufacturing 401 5,213
Walter Industries Inc 2,286 24,717
*Washington Homes Inc 500 2,500
*Windmere Corporation 1,014 17,238
*Zaring National Corporation 600 2,775
------------
1,224,640
------------
Industrial--Diversified--2.4%
*AG Services of America Inc 733 10,949
*Alyn Corporation 3,200 6,600
American Biltrite Inc 134 1,910
Aztec Manufacturing Company 800 9,800
*Berkshire Hathaway Inc Class A 760 4,263,600
*Blyth Industries Inc 2,400 58,950
Carlisle Companies Inc 1,550 55,800
*Hexcel Corporation 1,724 9,590
*Identix Inc 1,133 10,268
Interlott Technologies Inc 400 1,700
*Koala Corporation 454 6,356
*Lydall Inc 577 3,823
Mark IV Industries Inc 2,435 43,069
*Metrika Systems Corporation 361 2,166
*Mikohn Gaming Corporation 500 2,563
</TABLE>
<TABLE>
- ------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------
<S> <C> <C>
Oil Dri Corporation of America 266 $ 3,824
*Publicard Inc 690 4,528
Russ Berrie & Company Inc 994 26,093
Scope Industries 100 4,425
*Shuffle Master Inc 400 3,400
*Symyx Technologies 1,900 57,000
*Thermwood Corporation 200 1,125
U.S. Industries Inc 4,410 61,740
Wesco Financial Corporation 318 77,910
York Group Inc 1,499 6,464
*Zomax Optical Media Inc 728 32,942
------------
4,766,595
------------
Insurance--2.6%
20th Century Industries 4,119 79,548
*Acceptance Insurance Company Inc 641 3,726
ACE Limited 1,056 17,626
*Advance Paradigm Inc 918 19,794
Alfa Corporation 1,928 31,451
*Allcity Insurance Company 500 3,375
Alleghany Corporation 427 79,209
Allmerica Financial Corporation 2,700 150,188
Ambac Financial Group Inc 3,618 188,814
American Annuity Group Inc 2,109 37,962
American Financial Group Inc 3,332 87,882
*American Med Security Group 611 3,666
American National Insurance 1,284 81,855
Amerus Life Holdings Inc 1,149 26,427
Amwest Insurance Group Inc 907 6,576
Argonaut Group Inc 1,075 21,366
Arm Financial Group Inc Class A 1,057 29
*Atlantic American Corporation 2,700 6,244
AXA Financial Inc 22,666 767,811
Baldwin & Lyons Inc Class B 613 13,563
*Bancinsurance Corporation 1,050 5,513
Brown & Brown 604 23,141
*Capital Title Group Inc 1,000 1,750
Capitol Transamerica Corporation 413 4,156
*Ceres Group Inc 423 2,961
*Citizens Financial
Corporation-A-KY 200 2,200
*Citizens Inc 843 5,849
*Clark/Bardes Holdings Inc 297 4,269
*CNA Financial Corporation 9,427 367,064
CNA Surety Corporation 2,072 26,936
Commerce Group Inc 1,712 44,726
Cotton States Life Insurance 287 2,475
Crawford and Company 2,382 32,455
*Danielson Holding Corporation 700 4,025
*Delphi Financial Group Inc 949 28,458
Donegal Group Inc 365 2,327
EMC Insurance Group Inc 423 3,860
Enhance Financial Service Group Inc 1,672 27,170
Erie Indemnity Company Class A 3,399 110,043
Everest Reinsurance Holdings Inc 2,640 58,905
E.W. Blanch Holdings Inc 574 35,158
*Farm Family Holdings Inc 208 8,788
</TABLE>
144
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
FBL Financial Group Inc Class A 1,405 28,100
Fidelity National Financial Inc 1,387 19,938
*Financial Industries Corporation 242 2,420
Financial Security Assurance 1,610 83,921
First American Financial Corporation 3,308 41,143
Foremost Corporation of America 1,218 34,561
*Fpic Insurance Group Inc 421 7,025
Fremont General Corporation 3,527 26,012
Frontier Insurance Group Inc 1,656 5,693
Gainsco Inc 770 4,139
Gallagher A J & Company 973 63,002
Harleysville Group Inc 1,303 18,568
Hartford Life Class A 1,357 59,708
HCC Insurance Holdings Inc 2,353 31,030
*HealthExtras Inc 1,129 13,548
*Highlands Insurance Group 477 4,532
Hilb Rogal & Hamilton Company 847 23,928
Horace Mann Educators Corporation 2,002 $ 39,289
HSB Group Inc 1,614 54,573
Independence Holding Company 972 10,935
*Insurance Management Solutions Group Inc 1,400 3,500
*InsWeb Corporation 1,600 40,900
*Intercontinental Life Corporation 1,200 11,100
*Interstate National Dealer Services Inc 200 1,200
Investors Title 200 3,450
Kansas City Life Insurance Company 554 18,698
Kaye Group Inc 1,300 10,888
LabOne Inc 1,258 8,649
Landamerica Financial Group 690 12,679
Leucadia National Corporation 2,882 66,646
Liberty Corporation 1,034 43,622
Liberty Financial Companies 2,464 56,518
*Markel Corporation 346 53,630
Meadowbrook Insurance Group 390 2,559
*Medical Assurance Inc 1,046 22,162
Merchants Group Inc 472 9,204
Mercury General Corporation 2,749 61,165
Meridian Insurance Group 822 11,504
Midland Company 340 7,055
MMI Companies Inc 849 7,323
Mobile America Corporation 500 969
Mony Group Inc 2,213 64,592
*Motor Club of America 400 3,300
National Security Group Inc 400 4,400
*National Western Life Insurance Class A 146 10,019
Nationwide Financial Services Inc Class A 1,064 29,726
*Navigators Group Inc 377 3,676
Nymagic Inc 433 5,710
Ohio Casualty Corporation 3,078 49,440
Old Guard Group Inc 300 3,300
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
Old Republic International Corporation 7,100 96,738
Penn-America Group Inc 500 3,875
*Penn Treaty Amer Corporation 287 4,520
*Philadelphia Cons Holdings Company 545 7,903
*Pico Holdings Inc 500 6,156
Pma Capital Corporation Class A 409 8,129
PMI Group Inc 2,335 113,977
Presidential Life Corporation 1,420 26,093
*Professionals Group Inc 412 9,656
Protective Life Corporation 3,182 101,227
*Provident Amer Corporation 477 16,784
PXRE Group Ltd 595 7,735
*Quotesmith.com Inc 400 4,550
Radian Group Inc 1,806 86,237
Reinsurance Group of America Inc 2,557 70,957
Reliance Group Holdings Inc 5,591 37,390
Reliastar Financial Corporation 4,781 187,355
*Rightchoice Managed Care Class A 300 3,450
*Risk Capital Holdingss Inc 763 9,633
RLI Corporation 464 15,776
*RTW Inc 1,400 8,050
Scpie Holdings Inc 556 17,862
Selective Insurance Group 1,263 21,708
*Southern Security Life Insurance 500 2,328
StanCorp Financial Group Inc 1,600 40,300
*Standard Management Corporation 353 1,677
State Auto Financial 1,876 17,119
Stewart Information Services 478 6,363
*Superior National Insurance 797 6,027
*Symons International Group 464 667
The MIIX Group Inc 1,100 16,088
*The Seibels Bruce Group Inc 300 525
Transatlantic Holdings Inc 1,750 136,609
Travelers Property Casualty Corporation 2,901 99,359
Trenwick Group Inc 891 15,091
*Triad Guaranty Inc 598 13,605
*Trigon Healthcare Inc 1,992 58,764
*UICI 2,368 25,012
Unico American 1,000 7,000
United Fire & Causualty Company 451 10,204
United Wisconsin Services 611 2,597
Unitrin Inc 3,844 144,631
*Universal American Financial Corporation 1,400 6,475
Vesta Insurance Group 686 2,701
*Wackenhut Corrections Corporation 977 11,419
White Mountains Insurance Group Inc 256 30,848
W.R. Berkley Corporation 1,185 24,737
Zenith National Insurance Corporation 1,062 $ 21,904
------------
5,196,801
------------
</TABLE>
145
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- --------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------
Lodging--0.4%
*American Skiing Corporation 3,194 $ 10,181
*Ameristar Casinos Inc 700 2,669
*Aztar Corporation 2,668 29,015
*BridgeStreet Accomodations Inc 300 450
*Bristol Hotel & Resorts Inc 655 3,316
*Cavanaughs Hospitality Corporation 566 4,670
*Choice Hotels International Inc 2,589 44,337
*Crestline Capital Corporation 855 17,634
*Extended Stay America Inc 4,492 34,252
Hilton Hotels Corporation 4,336 41,734
*Homestead Village Property Inc 1,411 2,998
Host Marriott Corporation 11,060 91,245
Interstate Hotels Corporation 347 1,128
*International Leisure Hosts 300 1,500
*Isle of Capris Casinos Inc 800 10,550
*John Q Hammons Hotels Inc 300 1,163
*Lodgian Inc 1,064 5,320
Marcus Corporation 1,395 18,745
*MeriStar Hotels & Resorts Inc 900 3,206
*Monarch Casino & Resort Inc 300 1,575
*Park Place Entertainment Corporation 15,547 194,338
*Prime Hospitality Corporation 2,338 20,604
*Riviera Holdings Corporation 200 1,275
*ShoLodge Inc 1,700 7,650
*Silver Leaf Resorts Inc 1,475 10,509
Sodexho Marriott Services Inc 2,979 38,727
Sonesta International Hotels 800 6,200
*Station Casinos Inc 1,879 42,160
*Suburban Lodges of America 1,869 9,695
*Sunburst Hospitality Corporation 893 5,023
*Sunterra Resorts Inc 1,706 19,619
*Thousand Trails Inc 600 3,000
*Trendwest Resorts Inc 767 17,258
*Trump Hotels & Casino Resorts 818 2,761
*U.S. Franchise Systems Inc 633 2,849
*Vail Resorts Inc 1,310 23,498
*Wyndham International Inc-Class A 10,824 31,796
------------
762,650
------------
Media--Broadcasting & Publishing--4.9%
*5th Avenue Channel Corporation 700 1,750
*Acme Communications Inc 800 26,600
*Adelphia Communications Class A 3,497 229,491
*Allegiance Telecom Inc 3,052 281,547
*American Tower Corporation 7,271 222,220
*AMFM Inc 10,431 815,837
Banta Corporation 1,294 29,196
Belo (A H) Corporation 5,894 112,354
BHC Communications Inc Class A 1,107 177,120
*Big City Radio 1,400 6,650
*Cablevision Systems Corporation 5,409 408,380
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
Central Newspapers Class A 1,874 $ 73,789
Champion Industries Inc-WV 1,632 6,834
*Charter Communications Inc Class A 4,600 100,625
*Chris-Craft Industries Inc 1,698 122,468
*Citadel Communications Corporation 1,550 100,556
*Classic Communications Inc Class A 1,770 64,716
Courier Corporation 300 7,125
*Cox Communications Inc Class A 28,401 1,462,652
*Cox Radio Inc Class A 455 45,386
*CTN Media Group Inc 638 6,380
*Cumulus Media Inc 927 47,045
*Daily Journal Corporation-Sc 119 3,838
*Emmis Communications 787 98,092
*Entercom Communications Corporation 1,600 105,600
EW Scripps Company 3,911 175,262
*Fox Entertainment Group Inc 8,603 214,537
*Gibson Greetings Inc 583 5,229
*Granite Broadcasting Corporation 468 4,739
Gray Communications System Class B 771 10,409
Gray Communications System 694 12,275
Harland (John H) Company 1,387 25,399
Harte-Hanks Communications Inc 3,376 73,428
*Hearst-Argyle Television Inc 2,673 71,169
*Hispanic Broadcasting Corporation 2,673 246,501
Hollinger International Inc 5,722 74,028
Houghton Mifflin Company 1,647 69,483
*HyperFeed Technologies Inc 997 4,611
*IDG Books Worldwide Inc 526 6,082
*Individual Investors Group 379 1,279
*Infinity Broadasting Corporation 18,173 657,635
*Information Holdings Inc 758 22,029
*Insight Communications Company Inc 2,400 71,100
*Interep National Radio Sales Inc Class A 840 11,235
*Jones Intercable Inc 2,040 141,398
*Journal Register Company 2,167 33,453
Lee Enterprises Inc 2,293 73,233
*Liberty Digital Inc Class A 1,200 89,100
*Lodgenet Entertainment Corporation 400 9,950
*Loronix Information Systems Inc 300 5,925
Media General Inc Class A 1,397 72,644
*National Wireless Holdings 146 4,271
Nelson (Thomas) Inc 544 5,032
*Network Event Theater Inc 618 18,386
*New Frontier Media Inc 300 1,275
*On Command Corporation 1,349 24,957
*OnHealth Network Company 938 8,383
*Paxson Communications Corporation 2,448 29,223
*Pegasus Communications Corporation 706 69,012
*Playboy Enterprises Inc Class B 1,098 26,695
</TABLE>
146
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------
*Price Communications-WI 2,564 $ 71,311
*Primedia Inc 7,271 119,972
Pulitzer Inc 1,006 40,554
*Radio One Inc 800 73,600
*Radio Unica Corporation 1,000 28,875
*Rare Medium Group Inc 2,215 75,587
Readers Digest Association Inc Class A 5,594 163,625
*Saga Communications Inc 715 14,479
*Salem Communications Corporation Class A 700 15,838
*Scholastic Corporation 930 57,834
*Sinclair Broadcast Group Class A 2,199 26,835
*Spanish Broadcasting System Inc Class A 1,100 44,275
*TCI Satellite Entertainment Inc 2,800 44,800
*The Harvey Entertainment Company 200 763
The Macclatchy Company Class A 2,199 95,107
*The Network Connection Inc 1,700 9,775
*TheStreet.com Inc 900 17,269
*TiVo Inc 1,800 60,750
*TV Guide Inc Class A 7,688 330,584
United Television Inc 520 70,460
*United Global Communications Inc Class A 3,546 250,436
*Univision Communications Inc Class A 4,957 506,543
*USA Networks Inc 6,749 372,882
*Valley Media Inc 300 2,100
*VDI Media 400 5,500
*Vidikron Technologies Group Inc 14,100 1,763
Washington Post Company 450 250,144
*Wave Technologies International Inc 300 1,013
Wiley John & Sons Class A 2,934 49,145
*Wink Communications Inc 1,400 84,088
*Workflow Management Inc 493 14,112
*XM Satelite Radio Holdings Inc Class A 1,200 45,750
*Young Broadcasting Corporation Class A 533 27,183
*Ziff Davis Inc 4,874 77,070
------------
9,975,640
------------
Medical Supplies--1.3%
*Abiomed Inc 386 14,186
*Acuson Corporation 1,327 16,670
*Adac Laboratories 896 9,632
*Advanced Neuromodulation Systems 342 3,206
*Aksys Ltd 658 3,208
*Alaris Medical Inc 2,183 4,093
*Amer Science & Engine Inc 315 2,284
*Applied Biometrics Inc 300 797
*Aradigm Corporation 1,348 12,806
Arrow International Inc 1,139 33,031
*Arthocare Corporation 430 26,230
*ATS Medical Inc 795 11,875
*Bacou Usa Inc 787 11,854
*Bionx Implants Inc 399 1,247
</TABLE>
<TABLE>
- ------------------------------------------------------------------
<CAPTION>
Shares Value
- ------------------------------------------------------------------
<S> <C> <C>
*Bio-Plexus Inc 700 $ 2,800
*Biosite Diagnostics Inc 577 9,232
Block Drug Company Inc Class A 1,153 35,732
*BriteSmile Inc 700 5,688
*Cambridge Heart Inc 401 1,378
*Candela Corporation 300 5,588
*CardioDynamics International Corporation 1,700 9,350
*Cerus Corporation 447 11,846
*Chromavision Medical Systems 836 12,749
*Closure Medical Corporation 594 7,648
*CNS Inc 783 3,230
*Coherent Inc 1,060 28,355
*Cohesion Technologies Inc 586 5,347
Cole National Corporation 658 3,290
*Colorado Medtech Inc 474 3,792
*Computer Motion Inc 359 3,949
*Conmed Corporation 777 20,105
Cooper Companies Inc 667 20,093
*Cyber-Care Inc 1,100 10,038
*Cygnus Inc 2,359 43,052
*DHB Capital Group 1,112 801
Datascope Corporation 978 39,120
*Del Global Technologies Corporation 340 2,635
Dentsply International Inc 2,948 69,647
Diagnostic Prods Corporation 617 15,117
*Diametrics Medical Inc 862 7,381
*Eclipse Surgical Tech Inc 1,104 8,142
*Endocardial Solutions Inc 402 3,518
*Endocare Inc 600 5,063
*Endosonics Corporation 643 2,894
*Environmental Tectonics Corporation 374 5,657
*Exactech Inc 319 3,768
*Excel Technology Inc 606 10,870
*E-Z-Em Inc Class A 650 5,038
*Focal Inc 592 2,294
*Fusion Medical Technologies Inc 300 3,900
*Gliatech Inc 345 5,736
*Haemonetics Corporation 1,292 30,766
*Hanger Orthopedic Group Inc 913 9,130
*Heartport 929 4,413
Hillenbrand Industries Inc 3,595 113,917
*Hologic Inc 1,793 10,310
*Horizon Medical Products Inc 598 1,495
*Icu Med Inc 396 6,039
*I-Flow Corporation 1,700 6,747
*Igen International Inc 685 20,379
*Imatron Inc 3,500 8,750
*Inamed Corporation 900 39,488
*Incara Pharmaceuticals Corporation 2,126 3,189
*Integra Lifesciences Corporation 700 4,134
*Intermagnetics General Corporation 555 4,856
*Interpore International 627 4,938
Invacare Corporation 1,637 32,842
*Iridex Corporation 500 4,250
*Isolyser Company Inc 2,500 7,422
*I-Stat Corporation 562 8,149
*Kensey Nash Corporation 333 3,954
</TABLE>
147
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
*Lasersight Inc 588 $ 5,880
*LCA-Vision Inc 2,200 10,313
*Lunar Corporation 384 2,736
*MedCare Technologies Inc 400 838
*Medical Advisory Systems Inc 300 3,900
*Medstone International Inc 300 1,425
*Medtox Scientific Inc 200 1,750
*Medwave Inc 341 2,302
Mentor Corporation 1,184 30,562
*Meridian Medical Technologies Inc 200 1,125
*Merit Medical Systems Inc 400 2,900
*Micro Therapeutics Inc 300 2,306
Mine Safety Appliances 321 20,544
*Minimed Inc 1,706 124,965
Minntech Corporation 301 2,897
*Misonix Inc 400 2,100
*NMT Medical Inc 475 1,366
*North American Scientific Inc 298 2,682
*Novametrix Medical Systems Inc 400 1,975
*Novoste Corporation 594 9,801
*Oakley Inc 3,362 18,701
*Ocular Sciences Inc 1,103 20,819
*Orthologic Corporation 933 2,391
*Osteotech Inc 597 7,985
*Palomar Medical Technologies Inc 500 609
*PharmaNetics Inc 400 3,700
*Phycor Inc 3,407 6,388
*PLC Systems Inc 882 1,764
*Polymedica Industries Inc 400 9,250
*Protocol Systems Inc 372 3,348
*Quorum Health Group Inc 3,629 33,795
*Resmed Inc 656 27,388
*Respironics Inc 1,413 11,260
*Rochester Medical Corporation 238 1,696
*Sabratek Corporation 461 37
*Safeskin Corporation 2,741 33,235
*SciQuest.com Inc 1,705 135,548
*Selfcare Inc 2,500 7,969
*Sola International 1,113 15,443
*Sonosite Inc 220 6,958
*Spacelabs Medical Inc 347 6,441
*Spectranetics Corporation 855 3,313
*Spectrascience Inc 300 1,200
*SpectRx Inc 300 3,581
*Staar Surgical Company 596 5,811
*Sterile Recoveries Inc 953 6,552
*Steris Corporation 3,554 36,651
Stryker Corporation 5,014 349,100
*Summit Technology Inc 2,438 28,494
*Sunrise Medical Inc 818 5,061
*Sunrise Technologies International 2,143 25,314
*Sybron Corporation 5,518 136,226
*Techne Corporation 1,096 60,349
*The Med-Design Corporation 600 8,775
*Theragenics Corporation 1,184 10,730
*Thermo Cardiosystems Inc 1,922 12,613
*Thoratec Labs Corporation 851 8,297
*Trex Medical Corporation 1,258 3,538
United-Guardian Inc 400 1,450
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
*Urologix Inc 2,400 $ 9,600
*U.S. Vision Inc 2,000 5,125
*Utah Medical Products Inc 319 2,153
*Valentis Inc 2,176 19,584
*Varian Medical Systems Inc 1,530 45,613
*Ventana Medical Systems 593 14,751
*Visx Inc 3,320 171,810
*Waters Corporation 2,994 158,682
*Wesley Jessen Visioncare 760 28,785
*WRP Corporation 300 600
*Young Innovations Inc 903 13,094
*ZEVEX International Inc 300 1,538
*Zoll Medical Corporation 277 10,578
------------
2,687,190
------------
Medical & Bio-Technology--1.4%
*Advanced Energy Industries 1,293 63,680
*Advanced Tissue Sciences Inc 1,800 4,500
*Aetrium Inc 428 2,822
*AgriBioTech Inc 1,675 3,978
*Albany Molecular Research Inc 500 15,250
*Alcide Corporation 100 1,275
Amcast Indl Corporation 339 5,551
Analogic Corporation 566 18,678
*AVAX Technologies Inc 2,000 13,188
*Avigen Inc 500 15,500
Badger Meter Inc 112 3,374
Beckman Coulter Inc 1,579 80,332
Bei Technologies Inc 272 4,148
*BioMarin Pharmaceutical Inc 1,500 17,625
*Bio-Rad Laboratories Inc 758 17,718
*BioSource International Inc 2,500 19,844
*Boston Biomedica Inc 2,900 8,338
*Brown & Sharpe Mfg 476 1,012
*Cerprobe Corporation 284 2,095
*Chiron Corporation 9,193 389,553
Cohu Inc 818 25,358
*Creative BioMolecules Inc 2,000 9,875
*Credence Systems Corporation 1,171 101,292
*CRYO-CELL International Inc 400 2,900
*Cuno Inc 696 14,409
*Cyberonics 743 11,842
*Cyberoptics Corporation 221 6,078
*Cymer Inc 1,413 64,998
*DataTRAK International Inc 1,587 5,753
*Dynamic Healthcare Technologies Inc 400 650
*Embrex Inc 500 5,375
*Energy Conversion Devices 563 5,208
*Epimmune Inc 2,000 5,188
*Epitope Inc 501 3,257
*Esterline Corporation 775 8,961
*FARO Technologies Inc 2,407 7,071
*FEI Company 869 13,470
*Flanders Corporation 928 2,320
*Flir Systems Inc 540 8,775
Frequency Electronics Inc 343 3,559
*Gene Logic Inc 700 18,550
*Genelabs Technologies Inc 1,300 7,150
*Genentech Inc 4,300 578,350
*Genrad Inc 1,397 22,527
*Genzyme Corporation--General Division 4,309 193,905
*Genzyme Surgical Products 646 3,755
*Idexx Laboratories Inc 1,929 31,105
</TABLE>
148
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------
*II-VI Inc 306 $ 6,158
*Immtech International Inc 500 14,438
*Innovasive Devices Inc 2,500 20,000
*InSight Health Services Corporation 1,500 7,875
*Intelligent Medical Imaging Inc 1,900 133
*Invitrogen Corporation 1,000 60,000
*Invivo Corporation 246 2,983
*Ionics Inc 720 20,250
*Kopin Corporation 1,300 54,600
*K-Tron International Inc 234 3,159
*LanVision Systems Inc 800 825
*Lecroy Corporation 279 3,418
*LifeCell Corporation 600 3,075
*LTX Corporation 1,708 38,217
*Meade Instruments Corporation 290 8,265
*Mechanical Technology Inc 638 14,834
*Mediware Information Systems Inc 200 1,550
*Mesa Laboratories Inc 200 763
*Molecular Devices Corporation 348 18,096
Moore Products Company 117 4,665
MTS Systems 785 6,084
*Nanogen Inc 800 17,500
*Nanometrics Inc 388 7,809
*Neogen Corporation 1,300 6,825
*NetOptix Corporation 400 26,700
Newport Corporation 335 15,326
*Nexell Therapeutics Inc 1,100 1,375
*Novavax Inc 2,800 15,750
*Onix Systems Inc 529 3,240
Optical Coating Laboratories 738 218,448
*Ortec Inernational Inc 263 1,973
*Osmonics Inc 516 4,741
*Palatin Technologies Inc 1,800 4,500
*PPT Vision Inc 200 725
*Premeir Research Worldwide Ltd 200 1,963
*Quality Systems Inc 200 1,550
*Quest Diagnostics Inc 1,636 50,000
*Ribozyme Pharmaceuticals Inc 1,900 19,950
*Robotic Vision Systems Inc 1,113 10,295
*Rofin-Sinar Technologies Inc 524 3,734
Roper Industries Inc 1,699 64,243
*Satcon Technology Corporation 403 3,363
*Simione Central Holdings Inc 700 1,313
*Somanetics Corporation 400 475
Starrett(LS) Company Class A 192 4,308
*Techniclone Corporation 900 478
*Thermedics Detection Inc 1,292 8,721
*Thermedics Inc 1,857 10,097
*Thermo Bioanalysis Corporation 885 16,262
*Thermo Optek Corporation 2,312 26,299
*Thermoquest Corporation 2,386 24,606
*TriPath Imaging Inc 1,279 5,276
Tsi Inc/Minnesota 417 4,900
*Veeco Intruments Inc 759 35,531
X-Rite Inc 781 4,881
*Zygo Corporation 411 8,271
------------
2,770,958
------------
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
- --------------------------------------------------------------
<S> <C> <C>
Metals--0.8%
AK Steel Holding Corporation 5,344 $ 100,868
*Alliant Techsystems Inc 491 30,595
*American Precision Industries 334 2,881
Ameron Inc--DE 148 5,855
Aptargroup Inc 1,812 45,527
*Atchison Casting Corporation 457 4,170
*Bayou Steel Corporation--Class A 600 2,400
Belden Inc 1,088 22,848
Birmingham Steel Corporation 1,079 5,732
Butler Manufacturing Company 275 6,136
Carpenter Technology 1,180 32,376
Castle AM 517 6,075
Century Aluminum Company 737 11,055
*Chase Industries 406 3,299
*Chief Consolidated Mining Company 300 806
*CIRCOR International Inc 601 6,193
Cleveland-Cliffs Inc 641 19,951
Commercial Intertech Corporation 526 6,707
Commercial Metals Company 870 29,526
Commonwealth Industries 588 7,644
Compx International Inc 326 5,990
Curtiss Wright Corporation 456 16,815
*Dayton Superior Corporation 357 5,801
*Driver-Harris Company 2,900 9,425
*Dynamic Materials Corporation 200 238
Edelbrock Corporation 234 2,808
*Edison Control Corporation 100 588
*Encore Wire Corporation 601 4,583
Federal Screw Works 48 2,016
*Foster (LB) Class A 446 2,174
*General Bearing Corporation 200 1,175
General Cable Corporation 1,647 12,455
Gibraltar Steel Corporation 560 13,090
*Griffon Corporation 1,385 10,820
*Gulf Island Fabrication Inc 520 4,875
Harsco Corporation 2,388 75,819
*Hawk Corporation Class A 511 2,970
*Howmet International Inc 5,374 97,068
Huntco Inc Class A 3,300 10,519
Imco Recycling Inc 1,013 12,789
Insteel Industries 377 3,417
Intermet Corporation 1,150 13,369
International Aluminium Corporation 158 3,713
*Kaiser Aluminum Corporation 3,541 27,221
Kaydon Corporation 1,638 43,919
*Keystone Consolidated Industries Inc 500 2,969
*Ladish Company Inc 512 3,264
Lindberg Corporation 262 2,031
*Lone Star Technologies 1,006 28,042
*Material Sciences Corporation 677 6,897
Matthews International Corporation 587 16,143
*Maverick Tube Corporation 769 18,985
*Maxxam Inc 413 17,707
*Metals USA Inc 1,707 14,510
*Met-Coil Systems Corporation 300 1,875
*Miller Building Systems 600 2,925
*Mobile Mini Inc 491 10,557
</TABLE>
149
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- --------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------------
*Morton Industrial Group Inc 200 $ 700
*Mueller Industries 1,801 65,286
National Steel Corporation Class B 1,936 14,399
*NCI Building Systems Inc 807 14,930
*Niagara Corporation 600 2,550
*Nortek Inc 498 13,944
*Northwest Pipe Company 337 4,718
*NS Group Inc 834 6,359
*Olympic Steel Inc 394 1,872
*Optical Cable Corporation 1,801 36,020
Oregon Steel Mills Inc 1,250 9,922
*OroAmerica Inc 284 1,775
Pitt-Des Moines 267 6,575
Precision Castparts Corporation 1,289 33,836
Quanex Corporation 591 15,071
Reliance Steel & Aluminum Company 1,537 36,023
Roanoke Electrics Steel Corporation 408 6,630
Rouge Industries Inc Class A 534 4,205
*RTI International Metals 926 6,945
Ryerson Tull Inc 1,142 22,198
Schnitzer Steel Industries Inc Class A 248 4,712
*Shaw Group Inc 635 16,073
*Shiloh Industries Inc 482 5,302
Sifco Industries 231 1,603
Southern Peru Copper Corporation 514 7,935
*Special Metals Corporation 570 1,817
*Starmet Corporation 1,800 11,700
*Steel Dynamics Inc 2,441 38,903
Steel Technologies Inc 438 6,351
*Stillwater Mining Company 1,820 58,013
Sturm Ruger & Company Inc 1,592 14,129
Sun Hydraulics 284 1,846
Superior Telecom Inc 998 15,407
Synalloy Corporation 300 2,250
Texas Industries Inc 1,149 48,904
*Thermo Terratech Inc 1,000 6,750
Titanium Metals Corporation 1,156 5,202
*Tower Automotive Inc 2,268 35,012
*Transportation Technologies Industries Inc 564 10,187
TransPro Inc 400 2,575
Tredegar Corporation 1,917 39,658
Tremont Corporation New 205 3,075
United Dominion Industries Ltd 2,112 42,108
*Universal Stainless & Alloy Products Inc 300 2,025
*U.S. Energy Corporation-WY 200 700
*Webco Industries Inc 400 1,400
*WHX Corporation 856 7,704
*Wolverine Tube Inc 628 8,871
*Xceed Inc-DE 708 29,382
------------
1,593,758
------------
Mining--0.2%
Arch Coal Inc 2,165 24,492
*Battle Mountain Gold Company 3,700 7,631
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
- --------------------------------------------------------------
<S> <C> <C>
Brush Wellman 704 $ 11,836
CONSOL Energy Inc 4,000 40,500
*Couer D'Alene Mines Corporation 3,207 11,024
*Echo Bay Mines Ltd 907 1,077
*Hecla Mining 2,032 3,175
LTV Corporation 4,766 19,660
*Meridian Gold Inc 4,594 31,297
Penn Virginia Corporation 330 5,528
*Royal Gold 2,500 9,063
*Smith International Inc 2,453 121,883
*Sunshine Mining and Refining Company 208 286
*Varco International Inc 2,991 30,471
------------
317,923
------------
Office Equipment & Supplies--0.3%
*1-800 Contacts Inc 387 10,473
*Actrade International Ltd 515 7,693
*Atec Group Inc 1,299 3,166
*Ballantyne of Omaha Inc 526 3,025
*CHS Electronics Inc 3,448 3,879
*Cytyc Corporation 993 60,635
*Digi International Inc 2,013 21,011
*Fisher Scientific International Inc 2,191 79,150
*Gunther International Ltd 800 2,200
*Imaging Technologies Corporation 3,600 2,250
*Ingram Micro Inc Class A 3,364 44,153
*Insight Enterprises Inc 1,215 49,359
*Keravision Inc 570 3,491
*Lanier Worldwide Inc 4,100 15,888
*Mathews Studio Equip Group 500 1,563
*Merisel Inc 2,900 3,806
*Miami Computer Supply Corporation 514 19,082
*Navarre Corporation 1,397 8,033
Owens & Minor Holdings Company 1,457 13,022
*Parkervision Inc 520 15,990
*Patterson Dental Company 1,690 72,036
*Peerless Systems Corporation 907 7,029
*Performance Technologies Inc 487 8,462
*Pomeroy Computer Resources 525 6,956
*Precept Business Services Class A 290 897
*Programmers Paradise 316 2,410
*PSS World Medical Inc 3,348 31,597
*Savoir Technology Group Inc 691 4,923
TAB Products Company 100 650
*Thermotrex Corporation 988 7,781
Vital Sign Inc 869 19,878
------------
530,488
------------
Oil & Gas--2.8%
*Able Energy Inc 400 2,150
Adams Resources & Energy Inc 1,100 9,350
AGL Resources Inc 2,957 50,269
Apco Argentina Inc 771 23,516
Atmos Energy Corporation 1,553 31,739
*Atwood Oceanics Inc 702 27,115
*Barrett Resources Corporation 1,827 53,782
*Basin Exploration 713 12,567
*Belco Oil & Gas Corporation 1,165 6,408
</TABLE>
150
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ------------------------------------------------------------
*Bellwether Exploration Company 633 $ 3,046
*Benton Oil and Gas Company 2,400 4,650
Berry Petroleum 878 13,280
*BJ Services Company 3,736 156,212
*Blue Dolphin Energy 500 3,063
BP Prudhoe Bay Royalty Trust 1,189 10,775
*Brigham Exploration Company 2,800 4,288
Cabot Oil & Gas Corporation Class A 1,115 17,910
*Cal Dive International Inc 836 27,693
*Callon Petroleum Corporation 359 5,318
Cascade Natural Gas 407 6,563
Castle Energy Corporation 131 3,324
*Chesapeake Energy Corporation 4,300 10,213
Chesapeake Utilities Corporation 187 3,436
*Clayton Williams Energy Inc 1,100 12,994
*Columbus Energy Corporation 1,600 9,200
*Comstock Resources Inc 1,100 3,094
Connecticut Energy Corporation 378 14,695
*Contour Energy Company 180 94
*Cooper Cameron Corporation 2,881 140,989
Cross Timbers Oil Company 2,285 20,708
*Crown Central Pete Class B 450 2,363
*Crystal Gas Storage Inc 298 16,874
CTG Resources 319 11,085
*Dawson Geophysical Company 500 4,406
*Denbury Resources Inc 1,897 8,181
Devon Energy Corporation 4,303 141,461
Diamond Offshore Drilling Inc 6,676 204,035
Dynegy Inc 8,013 194,816
Eagle Geophysical Inc 2,755 28
*Edge Petroleum Corporation 1,800 5,175
*EEX Corporation 1,763 5,179
Energen Corporation 1,408 25,432
*Energy Biosystems Corporation 981 4,415
Energynorth Inc 122 6,718
Energysouth Inc 179 3,714
Ensco International Inc 7,256 165,981
EOG Resources Inc 7,676 134,810
Equitable Resources Inc 1,661 55,436
*Evans Systems Inc 458 630
*Evergreen Resources Inc 593 11,712
*EXCO Resources Inc 1,300 9,425
*Forest Oil Corporation 2,546 33,575
*Frontier Oil Corporation 1,036 6,993
*FX Energy Inc 583 3,134
General Chemical Group Inc 933 2,158
*Getty Petroleum Marketing Inc 300 750
*Giant Industries Inc 484 4,054
*Global Industries Ltd 4,278 36,898
*Global Marine Inc 9,256 153,881
*Greka Energy Corporation 200 1,850
*Grey Wolf Inc 6,565 18,874
*Hallwood Energy Corporation 637 2,786
*Hanover Compressor Company 1,576 59,494
*Harken Energy Corporation 3,456 2,592
Holly Corporation 904 12,091
</TABLE>
<TABLE>
- -----------------------------------------------------------
<CAPTION>
Shares Value
- -----------------------------------------------------------
<S> <C> <C>
*Houston Exploration Company 1,069 $ 21,180
Howell Corporation 2,100 12,075
*Hs Resources Inc 785 13,541
Hugoton Royalty Trust 2,000 16,250
Indiana Energy Inc 1,445 25,649
*Input/Output Inc 2,254 11,411
*Key Energy Group Inc 3,818 19,806
*Key Productions Company Inc 515 3,798
Kinder Morgan Inc 5,669 114,443
Laclede Gas Company 888 19,203
*Louis Dreyfus Natural Gas 1,794 32,516
*Magnum Hunter Resources Inc 800 2,300
*Mallon Resources Corporation 100 594
*Marine Drilling Company Inc 2,641 59,257
*Markwest Hydrocarbon 379 2,464
*McMoRan Exploration Company 619 13,076
MCN Corporation 4,644 110,295
Mdu Resources Group Inc 3,172 63,440
*Mercury Air Group Inc 294 2,389
Midcoast Energy Resources 262 4,389
*Miller Exploration Company 3,000 3,281
Mitchell Energy Class A 2,597 57,296
Murphy Oil Corporation 2,311 132,594
*Nabors Industries Inc 6,683 206,755
National Fuel Gas Company 2,120 98,580
*National-Oilwell Inc 2,771 43,470
New Jersey Resources Corporation 896 35,000
*Newfield Exploration Company 2,002 53,554
*Newpark Resources Inc 3,068 18,792
Noble Affiliates Inc 2,849 61,075
*Noble Drilling Corporation 6,464 211,696
Northwest Natural Gas Company 1,209 26,522
*Nuevo Energy Company 1,327 24,881
NUI Corporation 566 14,928
*Ocean Energy Inc 8,162 63,256
*Oceaneering International Inc 1,332 19,897
*Omni Energy Services Corporation 713 802
*Parker Drilling 3,995 12,734
Patina Oil & Gas Corporation 3,000 25,875
*Patterson Energy Inc 2,100 27,300
*Pennaco Energy Inc 300 2,400
Pennzoil-Quaker State Company 3,677 37,459
*Petroleum Development Corporation 1,000 3,813
Piedmont Natural Gas Company 1,571 47,523
*Pioneer Natural Resources Company 4,883 43,642
Plains All Amer Pipeline LP 897 11,661
*Plains Resource Inc 722 9,025
Pogo Producing Company 1,795 36,798
*Pride International Inc 2,554 37,352
*Prima Energy Corporation 258 6,208
Providence Energy Corporation 220 8,168
*PS Group Holdings Inc 271 3,049
Public Service Company of NC 1,205 38,937
Questar Corporation 4,290 64,350
</TABLE>
151
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- --------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- --------------------------------------------------------------
*Quicksilver Resources Inc 800 $ 3,500
Range Resources Corporation 1,600 5,100
*Remington Oil & Gas Corporation 1,700 6,588
RPC Inc 1,068 6,141
*R&B Falcon Corporation 9,410 124,683
Santa Fe International Corporation 5,634 145,780
*Santa Fe Snyder Corporation 9,929 79,432
*Seacor Smit Inc 567 29,342
*Seitel Inc 1,364 9,207
Semco Energy Inc 905 10,690
*Seven Seas Petroleum Company 1,386 2,426
South Jersey Industries 397 11,290
*Southern Union Company 2,388 45,671
Southwest Gas Company 1,656 38,088
Southwestern Energy Company 919 6,031
*Spinnaker Exploration Company 800 11,300
St Mary Land & Exploration 399 9,875
*Stone Energy Corporation 774 27,574
*Superior Energy Services Inc 3,300 22,275
*Swift Energy Company 729 8,384
*Tesoro Petroleum Corporation 1,392 16,095
*Tetra Technologies Inc 599 4,343
*The Meridian Resource Corporation 1,900 5,819
*Titan Exploration Inc 1,396 7,591
*Tom Brown Inc 1,179 15,769
*Transmontaigne Inc 1,363 9,541
Transocean Sedco Forex Inc 5,398 181,845
*Tuboscope Inc 2,048 32,512
UGI Corporation 1,570 32,087
Ultramar Diamond Shamrock Corporation 4,519 102,525
*Unit Corporation Common Stock 1,049 8,064
*UTI Energy Corporation 866 19,972
Valero Energy Corporation 2,598 51,635
Valley Resources Inc 222 4,940
Vastar Resources Inc 5,056 298,304
*Veritas DGC Inc 1,122 15,708
Vintage Petroleum Inc 2,858 34,475
Washington Gas Light Company 2,444 67,210
Wd 40 Company 899 19,890
Western Gas Resources 1,185 15,627
Wicor Inc 2,070 60,418
*Wilshire Oil Company of Texas 1,200 4,500
Yankee Energy System Inc 590 25,923
------------
5,714,366
------------
Pharmaceuticals--2.7%
*Abgenix Inc 708 93,810
*Advanced Polymer Systems 937 3,221
*Akorn Inc 2,709 13,206
*Alexion Pharmaceuticals 1,216 36,632
*Algos Pharmaceuticals Corporation 761 8,371
*Alkermes Inc 1,346 66,122
*Alliance Pharmaceutical Corporation 3,200 23,600
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
*Allou Health & Beauty Class A 261 $ 1,729
Alpharma Inc 1,495 45,971
*Amerisource Health Corporation 2,392 36,329
*Amylin Pharmaceuticals Inc 2,200 18,356
*Andrx Corporation 1,650 69,816
*Anesta Corporation 559 9,608
*Anika Therapeutics Inc 400 2,825
*Aphton Corporation 532 8,113
*Aronex Pharmaceuticals Inc 1,400 4,375
*Arqule Inc 844 8,651
*AVI BioPharma Inc 2,900 15,769
*Aviron 703 11,116
*Axys Pharmaceuticals Inc 3,011 12,232
*Barr Laboratories Inc 1,001 31,406
Bergen Brunswig Corporation Class A 6,921 57,531
Bindley Western Ind Inc 1,317 19,837
*Biocryst Pharmaceuticals Inc 665 19,618
*Biogen Inc 7,586 641,017
*Biomatrix Inc 1,016 19,558
*Biopure Corporation 700 11,638
*Biotime Inc 470 4,171
*Bone Care International Inc 1,173 14,809
*Boston Life Sciences Inc 593 2,150
*Cell Genesys Inc 1,059 13,568
*Cell Pathways Inc 994 9,195
*Cell Therapeutics Inc 690 4,830
*Cellegy Pharmaceuticals Inc 2,300 7,763
*Chirex Inc 637 9,316
*CIMA Labs Inc 2,100 27,431
*Collagenex Pharmaceuticals 1,116 27,900
*Columbia Laboratories Inc 1,157 8,678
*Connetics Corporation 837 8,789
*Corixa Corporation 577 9,809
*Coulter Pharmaceutical Inc 733 16,630
*Covance Inc 3,005 32,492
*Crescendo Pharmaceuticals Corporation 200 3,638
Cypress Bioscience Inc 1,765 3,199
*Cytoclonal Pharmaceuticals 456 3,420
*Diacrin Inc 640 4,160
*Digene Corporation 628 10,951
*Dura Pharmaceuticals Inc 2,074 28,906
*Duramed Pharmaceuticals 862 6,142
*D&K Healthcare Resources 438 6,406
*Epix Medical Inc 1,921 19,210
*Forest Labs Inc Class A 4,249 261,048
*Geltex Pharaceuticals Inc 748 9,584
*Genta Inc 300 1,931
*Genzyme Transgenics Corporation 676 8,535
*Geron Corporation 494 6,237
*Gilead Sciences Inc 2,049 110,902
*Guest Supply Inc 282 4,230
*Guilford Pharmaceuticals Inc 820 13,940
*Hemispherx Biopharma Inc 1,110 11,031
*Henry Schein Inc 2,080 27,690
Herbalife International Class A 1,068 15,353
*Heska Corporation 1,278 2,876
*Hi-Tech Pharmacal Company 2,400 10,950
*Hollis-Eden Pharmaceuticals 383 3,974
*Hyseq Inc 2,678 45,526
ICN Pharmaceuticals Inc 3,723 94,238
*Idec Pharmaceuticals Corporation 2,188 214,971
</TABLE>
152
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -----------------------------------------------------------------
*Ilex Oncology Inc 1,266 $ 30,542
*Imclone Systems Inc 1,301 51,552
*Immucor Inc 333 4,391
*Immune Response Corporation 865 3,757
*Immunex Corporation 8,256 904,032
*Inhale Therapeutic Systems 702 29,879
*International Isotopes Inc 392 2,156
*Interneuron Pharmaceuticals Corporation 1,742 9,962
*IVAX Corporation 5,236 134,827
Jones Pharma Inc 2,129 92,478
*King Pharmaceuticals Inc 2,354 131,971
*Kos Pharmaceuticals 1,853 10,423
*Kv Pharmaceutical Company Class A 728 15,971
*La Jolla Pharmaceutical Company 898 2,273
*Lifecore Biomedical Inc 1,356 28,646
*Ligand Pharmaceuticals Class B 982 12,643
*Liposome Company Inc 1,710 20,867
*Lynx Therapeutics Inc 410 13,274
*Magainin Pharmaceuticals 822 1,490
*Mannatech Inc 900 4,669
*Martek Biosciences 548 6,576
*Matrix Pharmaceutical Inc 900 4,275
*Medarex Inc 1,364 50,809
*Medco Research Inc 384 11,544
*Medical Manager Corporation 1,750 147,438
*Medicis Pharmaceutical Class A 1,443 61,418
Meridian Diagnostics Inc 1,530 11,093
*Mgi Pharma Inc 633 7,556
*Microcide Pharmaceuticals Inc 2,892 25,667
*Miravant Medical Technologies 791 7,366
Mylan Laboratories 6,754 170,116
*NABI 3,300 15,263
*Nastech Pharmaceutical Company Inc 3,000 10,125
*Natrol Inc 590 4,130
Natures Sunshine Products Inc 669 5,352
*Nbty Inc 3,030 35,034
*Ncs Healthcare Inc Class A 902 2,170
*Neose Technologies Inc 1,153 16,574
*NeoTherapeutics Inc 200 2,650
*Neurocrine Biosciences Inc 771 19,082
*North American Vaccine Inc 1,187 5,342
*Northfield Laboratories Inc 520 5,753
*Noven Pharmaceuticals Inc 788 14,283
*NPS Pharmaceuticals Inc 551 6,750
*Nu Skin Asia Pacific Inc Class A 1,809 16,394
*Nutraceutical International Corporation 722 2,527
*Omni Nutraceuticals Inc 1,023 1,151
Omnicare Inc 4,605 55,260
*Onyx Pharmaceuticals Inc 510 5,100
*Orphan Medical Inc 284 1,473
*OSI Pharmaceuticals Inc 998 7,922
*Oxigene Inc 376 5,875
*Parexel International Corporation 1,109 13,100
*Pathogenesis Corporation 729 15,628
*Penwest Pharmaceuticals Company 407 6,207
*Perrigo Company 3,276 26,208
</TABLE>
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------------
<S> <C> <C>
*Pharmaceutical Resources Inc 1,181 $ 5,831
*Pharmacyclics Inc 656 27,060
*Pharmaprint Inc 1,803 2,310
*PlanetRx.com Inc 2,500 36,250
*Priority Healthcare Corporation Class B 938 27,143
*Progenics Pharmeceuticals 410 20,039
*Protein Design Labs Inc 1,030 72,100
*Pure World Inc 2,000 6,250
*Rexall Sundown Inc 3,068 31,639
*Sangstat Medical Corporation 721 21,450
*Schein Pharmaceutical Inc 1,450 17,581
Schweitzer-Mauduit International Inc 702 9,433
*Scios Inc 1,716 7,186
*Sepracor Inc 1,673 165,941
*Serologicals Corporation 1,087 6,522
*Shire Pharmaceuticals
Group PLC 1,570 45,735
*SICOR Inc 3,963 30,713
*Sonus Pharmaceuticals Inc 2,186 5,465
*Supergen Inc 951 27,936
*Synaptic Pharmaceutical Corporation 394 2,660
*Texas Biotech Corporation 1,257 9,977
*Thermolase Corporation 1,450 2,900
*Titan Pharmaceuticals Inc 587 11,153
*Triangle Pharmaceuticals Inc 1,676 21,474
*Tristar Corporation 618 3,631
*Tularik Inc 2,036 65,928
*Twinlab Corporation 1,306 10,366
*United Therapeutics Inc 700 32,200
*VaxGen Inc 300 5,550
*Vical Inc 583 17,454
*Vion Pharmaceuticals Inc 623 3,816
*Viropharma Inc 623 23,051
*VIVUS Inc 2,800 8,838
*V.I. Technologies Inc 1,752 12,045
*Xoma Ltd 1,934 5,802
*Zila Inc 3,802 11,168
*Zonagen Inc 501 2,192
------------
5,542,839
------------
Real Estate--3.2%
Acadia Realty Trust 1,437 6,646
Aegis Realty Inc 460 4,054
Agree Realty Corporation 294 4,190
Alexandria Real Estate Equit 662 21,060
AMB Property Corporation 4,242 84,575
Ameresco Capital Trust 369 3,137
American Community Property Trust 600 1,913
American Indust Props REIT 1,092 13,514
American Mortgage Acceptance Corporation REIT 300 2,700
American Residential Investment Trust Inc 560 3,850
Amerivest Properties Inc 700 3,128
Amli Residential Properties Trust REIT 844 17,038
Annaly Mortgage Management Inc 766 6,703
Anthracite Capital Inc 1,137 7,248
Apex Mortgage Capital Inc 357 3,637
Archstone Communities Trust 6,711 137,576
Arden Realty Group Inc 3,192 64,040
</TABLE>
153
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------------
Arizona Land Income Corporation Class A 500 $ 2,250
Asset Investor Corporation 324 3,605
Associated Estates Realty Corporation 1,233 9,633
Atlantic Realty Trust Inc 400 3,100
Avalonbay Communities Inc 3,156 108,290
*Avatar Holdings 338 6,126
Banyan Strategic Realty Trust 797 4,782
Bedford Property Investors 1,013 17,284
*BF Enterprises Inc 200 1,400
*Bluegreen Corporation 880 4,400
Boddie-Noell Properties Inc 366 3,065
Boston Properties Inc REIT 3,342 104,020
Boykin Lodging Company 928 10,150
Bradley Real Estate Inc 1,266 22,076
Brandywine Realty Trust 2,200 36,025
BRE Properties Inc 2,177 49,391
*BRT Realty Trust 500 4,000
Burnham Pacific Properties Inc 1,629 15,272
CV REIT Inc 493 4,437
Cabot Industrial Trust 2,031 37,320
*California Coastal Communities Inc 535 3,611
Capital Alliance Income
Trust Ltd 800 1,950
Capital Automotive REIT 1,100 13,406
*Capital Trust Class A 1,071 5,355
Capstead Mortgage Corporation REIT 2,953 12,366
Captec Net Lease Rlt 550 4,125
Carey Diversified LLC 1,332 22,478
CarrAmerica Realty Corporation REIT 3,310 69,924
*Castle & Cooke Inc 627 7,955
*Catellus Development Corporation 5,476 70,161
*Cb Richard Ellis Services 942 11,657
Cbl & Associates Properties 1,282 26,441
Cedar Income Fund Ltd 600 3,450
Center Trust Inc REIT 1,351 13,088
Centerpoint Properties Corporation 1,038 37,238
Chastain Capital Corporation 200 88
Chateau Communities Inc 1,447 37,532
Chelsea Gca Realty Inc 795 23,651
Cherokee Inc 389 3,234
Chicago Title Corporation 1,078 49,858
*Citadel Holding Corporation 1,500 5,156
Colonial Properties Trust 1,165 27,013
Commercial Assets Inc REIT 663 2,901
Commercial Net Lease Realty 1,613 16,029
Consolidated Tomoka Land Company--FL 235 2,996
Cornerstone Properties Inc REIT 6,347 92,825
Cornerstone Realty Income Trust 1,949 19,003
Corporate Office Properties 1,007 7,678
Correctional Properties Trust 462 5,660
*CoStar Group Inc 523 18,763
Cousins Properties Inc 1,618 54,911
Crescent Real Estate Equities Company REIT 6,213 114,164
</TABLE>
<TABLE>
- -----------------------------------------------------------------
<CAPTION>
Shares Value
- -----------------------------------------------------------------
<S> <C> <C>
*Criimi Mae Inc 1,840 $ 2,645
Cross Timbers Royalty Trust 368 3,634
Crown American Realty 1,466 8,063
*DBT Online Inc 826 20,134
Developers Divers Realty Corporation 2,963 38,149
Duke-Weeks Realty Corporation 6,058 118,131
*Dynex Capital Inc--REIT 2,049 13,190
Eastgroup Properties Inc 829 15,337
*Echelon International Corporation 246 5,658
Eldertrust 527 3,228
Entertainment Properties 811 10,695
Equity Inns Inc 1,929 13,021
Equity Office Properties Trust REIT 12,330 303,626
Equity One Inc 677 7,066
Equity Residential Properties Trust REIT 6,120 261,248
Essex Property Trust Inc REIT 944 32,096
Federal Realty Investment Trust REIT 1,991 37,456
FelCor Lodging Trust Inc 3,337 58,398
First Industrial Realty Trust 1,897 52,049
First Union Real Estate 2,258 10,726
First Washington Realty Trust 515 9,624
Forest City Enterprises Class A 1,541 43,148
Franchise Finance Corporation of America 2,792 66,834
Franklin Select Realty Trust 748 5,143
G & L Realty Corporation 281 2,476
Gables Residential Trust 1,271 30,504
General Growth Properties Inc 2,606 72,968
Getty Realty Corporation 500 5,594
Glenborough Realty Trust Inc 1,619 21,654
Glimcher Realty Trust 1,260 16,223
Golf Trust of America 481 8,147
Great Lakes REIT Inc 819 11,773
Grove Propert Trust 503 6,665
*Grubb And Ellis Company 2,027 9,502
Hanover Capital Mortgage Holdings Inc 600 2,100
Health Care Property Investors Inc REIT 2,557 61,048
Health Care Reit Inc 1,454 21,992
Healthcare Realty Trust 1,986 31,031
Hersha Hospitality Trust 500 2,500
Highwoods Properties Inc REIT 3,059 71,122
*HMG/Courtland Properties Inc 700 3,325
Home Properties of NY Inc 1,054 28,919
*Homeseekers.com Inc 300 3,938
*HomeStore.com Inc 3,400 252,450
*Horizon Group Properties Inc 900 3,038
Hospitalities Properties Trust 2,735 52,136
HRPT Properties Trust REIT 6,485 58,365
Humphrey Hospitality
Trust Inc 660 5,156
Impac Commercial Holdings 585 3,071
Impac Mortgage Holdings Inc 1,305 5,383
Imperial Commercial Mortgage Investors 1,451 16,505
Income Opportunity Realty Investors 1,000 5,500
Innkeepers USA Trust 1,829 14,975
</TABLE>
154
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------------------
*Insignia Financial Group 1,057 $ 9,183
Investors Real Estate Trust 1,142 8,993
Irt Property Company 1,687 13,180
Jameson Inns Inc 641 4,527
Jdn Realty Corporation 1,662 26,800
*Jones Lang LaSalle Inc 1,526 18,121
JP Realty Inc 889 13,891
*Kennedy-Wilson Inc 1,098 8,784
Keystone Property Trust REIT 471 7,301
Kilroy Realty Corporation REIT 1,436 31,592
Kimco Realty Corporation REIT 2,982 101,015
Koger Equity Inc 1,389 23,439
Konover Property Trust Inc 1,661 10,485
Kranzco Realty Trust 688 6,063
Lasalle Hotel Properties 861 10,063
Laser Mortgage Mgmt Inc 1,181 4,798
Lexington Corporationorate 934 8,581
Liberte Investors Inc 1,206 4,146
LNR Property Corporation 1,320 26,235
LTC Properties Inc 1,445 12,192
Macerich Company (The) 1,654 34,424
Mack-Cali Realty Corporation REIT 2,858 74,487
Malan Realty Investors Inc 331 4,427
Manufactured Home Communities 1,268 30,828
*Mays (JW) Inc 600 3,300
Meditrust Corporation REIT 6,943 38,187
Meristar Hospitality Corporation 2,369 37,904
*Merry Land Properties Inc 600 3,150
Mgi Properties Inc 815 4,279
Mid Atlantic Realty Trust 820 8,251
Mid-America Apartment Comm 942 21,313
Mills Corporation 1,180 21,093
Monmouth Real Estate Investment Corporation Class A 500 2,406
National Golf Properties Inc 660 13,035
National Health Investors Inc 1,295 19,263
National Health Realty Inc 548 4,521
Nationwide Health Properties 2,267 31,171
*New Mexico & Arizona Land 309 1,545
New Plan Excel Realty Trust 4,347 68,737
*Nooney Realty Trust Inc 400 2,400
*Novastar Financial Inc 663 2,072
Omega Healthcare Investors Inc 1,003 12,726
One Liberty Properties Inc 200 2,625
Pacific Gulf Properties Inc 995 20,149
Pan Pacific Retail Properties Inc 1,046 17,063
Parkway Properties Inc--Md 552 15,905
Pennsylvania Real Estate 690 10,048
Philips International Realty 470 7,726
Pittsburgh & West Virginia Railroad 400 2,825
PMC Commercial Trust--SBI 440 4,455
Prentiss Properties Trust 1,841 38,661
Presidential Realty Corporation Class B 400 2,750
*Price Enterprises Inc 800 5,825
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares Value
- ----------------------------------------------------------------
<S> <C> <C>
Prime Group Realty Trust 857 $ 13,016
Prime Retail Inc 2,212 12,443
Prison Realty Corporation REIT 5,778 29,251
Prologis Trust 7,876 151,607
Ps Business Parks Inc--CA 1,157 26,322
Public Storage Inc REIT 6,294 142,795
Ramco-Gershenson Properties 462 5,833
Realty Income Corporation 1,299 26,792
Reckson Associates Realty Corporation 1,990 40,797
Redwood Trust Inc 517 6,463
Regency Realty Corporation 2,940 58,800
Resource Asset Invt Trust 375 4,055
Rfs Hotel Investors Inc 1,313 13,704
Roberts Realty Investors Inc 400 3,100
Saul Centers Inc 673 9,464
*Saxton Inc 1,800 4,725
*Security Capital Group Inc Class B 2,573 32,163
Senior Housing Properties Trust REIT 1,318 16,393
Shurgard Storage Centers 1,479 34,294
Simon Property Group Inc 8,218 188,500
Sizeler Property Investors Inc 557 4,526
Sl Green Realty Corporation 1,271 27,644
Smith Charles E Residential 982 34,738
Sovran Self Storage 679 12,859
Spieker Properties Inc REIT 3,137 114,304
Starwood Financial Inc 3,970 67,242
Starwood Hotels & Resorts Worldwide Inc 9,117 214,250
Storage USA Inc 1,440 43,560
*Stratus Properties Inc 639 2,676
Summit Properties Inc 1,437 25,686
Sun Communities Inc 863 27,778
Tanger Factory Outlet Centers 391 8,113
Tarragon Realty Investors 508 5,207
Taubman Centers Inc 2,667 28,670
Thornbury Mortgage Asset Corporation 1,192 9,834
Town & Country Trust 781 14,009
*Trammell Crow Company 1,832 21,297
Transcontinental Realty Inv 838 10,580
*United Capital Corporation 690 12,851
United Dominion Realty Trust Inc REIT 5,034 49,711
United Investors Realty Trust 624 3,861
United Mobile Homes Inc 522 4,307
*United Park City Mines 119 3,302
Universal Health Realty Inc 530 7,751
Urban Shopping Centers 875 23,734
Urstadt Biddle Properties--Class A 400 3,075
Urstadt Biddle Properties 400 2,925
USP Real Estate Investment Trust 700 3,981
Vornado Realty Trust REIT 4,168 135,460
Walden Residential
Properties Inc 1,310 28,329
Washington REIT 1,796 26,940
Weingarten Realty Investors REIT 1,293 50,346
*Wellsford Real Properties 738 6,273
Western Properties Trust REIT 934 8,931
Westfield America Inc REIT 3,581 44,091
*Winfield Capital Corporation 324 12,150
Winston Hotels Inc 901 7,321
------------
6,429,430
------------
</TABLE>
155
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------
Restaurants--0.4%
*Advantica Restaurant
Group Inc 1,775 $ 3,106
Applebee's International Inc 1,343 39,619
*Ark Restaurants Corporation 800 6,900
Avado Brands Inc 1,261 5,320
*Benihana Inc 272 3,927
*Boston Chicken Inc 1,800 126
*Brinker International Inc 3,233 77,592
*Buca Inc 800 8,200
*Buffetts Inc 2,013 20,130
CBRL Group Inc 2,836 27,518
*CEC Entertainment Inc 1,609 45,655
*Champps Entertainment Inc 519 1,817
*Chart House Enterprises Inc 526 2,334
CKE Restaurants Inc 2,317 13,612
*Consolidated Products 1,289 13,053
*Country Star Restaurants Inc 700 4,113
*Dave & Buster's Inc 781 6,394
*Diedrich Coffee Inc 200 813
*Einstein/Noah Bagel Corporation 1,000 406
*ELXSI Corporation 700 8,794
*Flanigan's Enterprises Inc 200 913
*Friendly Ice Cream Corporation 433 1,921
Frisch's Restaurants Inc 268 2,362
*Garden Fresh Restaurant Corporation 251 4,298
*Ich Corporation 1,000 11,000
*Ihop Corporation 882 14,718
*Il Fornaio (America) Corporation 200 1,388
*J Alexander's Corporation 2,700 8,438
*Jack in the Box Inc 1,751 36,224
*Landry's Seafood Restaurants 1,119 9,721
*Lone Star Steakhouse & Saloon 1,749 15,604
Luby's Cafeteria Inc 1,041 11,841
*Mexican Restaurants Inc 400 1,550
*Morgan's Foods Inc 2,500 6,563
*Morton's Restaurant Group Inc 241 3,736
*NPC International Inc 1,093 8,607
*O'Charleys Inc 568 7,455
*Outback Steakhouse Inc 3,594 93,219
*Panera Bread Company Class A 538 4,170
*Papa John's International Inc 1,421 37,035
*PF Changs China Bistro 353 8,781
Picadilly Cafetaries Inc 388 1,552
*PJ America Inc 511 7,921
*Planet Hollywood
International Inc 1,927 131
*Prandium Inc 5,900 856
*Rainforest Cafe Inc 912 3,620
*Rare Hospitality
International Inc 445 9,630
*Roadhouse Grill Inc 400 1,650
Ruby Tuesday Inc 1,446 26,299
*Ryans Family Steak House Inc 1,791 15,224
*Santa Barbara Restaurant Group 568 888
*Schlotzsky's Inc 972 6,440
*Shells Seafood Restaurant Inc 2,400 5,250
*Shoneys Inc 800 1,100
</TABLE>
<TABLE>
- -------------------------------------------------------------------------
<CAPTION>
Shares Value
- -------------------------------------------------------------------------
<S> <C> <C>
*Sonic Corporation 851 $ 24,254
*Star Buffet Inc 1,700 5,950
*Taco Cabana Class A 502 4,079
TCBY Enterprises Inc 852 3,248
*The Cheesecake Factory 889 31,115
*Uno Restaurant Corporation 508 5,652
*Vicorp Restaurants Inc 334 5,386
------------
739,218
------------
Retailers--4.1%
*1-800-FLOWERS.COM Inc 1,000 10,688
*99 Cents Only Stores 1,205 46,091
*Abercrombie & Fitch Company 5,420 144,646
*AC Moore Arts & Crafts Inc 2,000 11,625
*Action Performance Companies Inc 745 8,568
Advanced Marketing Services 311 8,844
*Alexander's Inc 223 17,617
*Amazon.com Inc 16,964 1,291,385
*American Eagle Outfitters Inc 2,270 102,150
*Ames Department Stores Inc 1,336 38,494
*Anntaylor 1,547 53,275
*Ashford.com Inc 2,100 23,100
*Ashworth Inc 629 2,595
*Barnes & Noble Inc 3,468 71,528
*Bebe Stores Inc 1,124 30,348
*Bell Microproducts Inc 395 4,345
*Beyond.com Corporation 1,723 13,461
Big Dog Holdings Inc 541 3,753
*BJ's Wholesale Club Inc 3,772 137,678
Blair Corporation 328 4,592
Blockbuster Inc Class A 1,800 24,075
*Bluefly Inc 200 2,063
*Boise Cascade Office Products Corporation 3,140 47,100
*Bombay Company Inc 1,696 7,632
*Books-A-Million Inc 1,043 8,670
*Borders Group Inc 3,735 59,993
*Bowlin Outdoor Advertising & Travel Centers Inc 200 1,050
*Braun's Fashions Corporation 450 9,450
*Brookstone Inc 397 6,972
Brown Shoe Company Inc 808 11,413
Burlington Coat Factory Warehouse 2,219 30,789
*Cache Inc 400 2,600
Casey's General Store Inc 2,654 27,701
Cash American
Investments Inc 1,122 10,940
*Catherines Stores Corporation 325 6,825
Cato Corporation Class A 1,513 19,102
*CD Warehouse Inc 400 1,300
*CDW Computer Centers Inc 2,122 166,842
*Central Garden & Pet Company 1,332 13,820
*Charming Shoppes Inc 4,577 30,323
*Chemdex Corporation 1,700 188,700
*Chico's Fas Inc 408 15,351
*Children's Place 1,111 18,262
Claire's Stores Inc 2,572 57,549
*Coldwater Creek Inc 475 9,738
*Compucom Systems Inc 1,731 7,140
*CompUSA Inc 4,200 21,525
*Cost Plus Inc 883 31,457
*Cost-U-Less Inc 400 1,600
</TABLE>
156
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- -------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- -------------------------------------------------------------
*Creative Computers Inc 455 $ 3,327
*Csk Auto Corporation 1,342 23,485
*Cyberian Outpost Inc 1,009 10,027
*Dallas Gold and Silver Exchange Inc 400 2,400
*Damark International Inc Class A 284 4,473
Deb Shops Inc 584 10,804
*Delia's Inc 921 6,677
*Discount Auto Parts Inc 744 13,439
*Dollar Tree Stores Inc 3,046 147,541
*Dress Barn Inc 1,018 16,924
*Drug Emporium Inc 600 2,663
*Drugstore.com Inc 2,100 75,994
*Duane Reade Inc 759 20,920
*Duckwall-Alco Stores Inc 227 1,731
*Egghead.com Inc 1,687 27,308
*Elder-Beerman Stores Corporation 779 3,992
*Electronics Boutique Holdings 902 16,236
Enesco Group Inc 602 6,660
Ezcorp Inc Class A 498 2,023
*Factory 2-U Stores Inc 523 14,840
Family Dollar Stores Inc 9,104 148,509
*Fashionmall.com Inc 300 1,331
Fastenal Company 1,897 85,246
*FFP Marketing Company Inc 500 1,313
*Filene's Basement Corporation 900 110
*Finlay Enterprises Inc 583 8,454
*Fogdog Inc 1,090 10,355
*Footstar Inc 1,097 33,459
Fred's Inc 440 7,013
*FreeMarkets Inc 1,671 563,723
Friedman's Inc 739 5,543
*Funco Inc 365 4,083
*Gadzooks Inc 697 6,839
*Gart Sports Company 343 2,101
*GC Companies Inc 284 7,349
*Genesis Direct Inc 1,193 6
*Gerald Stevens Inc 1,861 15,586
*Globe Business Resources Inc 808 10,403
*Good Guys Inc 637 5,932
*Goody's Family Clothing Inc 1,491 8,014
*Gottschalks Inc 463 3,444
*Grow Biz International Inc 226 904
*Guitar Center Inc 1,098 11,049
*Gymboree Corporation 1,091 6,137
Hancock Fabrics Inc 755 2,359
*Handleman Company 1,414 18,912
*Harold's Store Inc 800 3,000
*Hastings Entertainment Inc 526 2,597
Haverty Furniture 1,222 15,428
*HEARx Ltd 300 1,388
Heilig Meyers Company 2,673 7,351
*Hibbet Sporting Goods Inc 336 5,712
*Homebase Inc 1,697 5,197
*Horizon Pharmacies 248 651
*Hot Topic 432 10,044
*iGo Corporation 1,000 9,063
*Inacom Corporation 2,026 14,815
*Intertan Inc 769 20,090
Intimate Brands Inc 12,675 546,609
J Baker Inc 729 4,374
*Jacobson Stores Inc 200 1,175
</TABLE>
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
*Jo-Ann Stores 1,102 $ 12,398
*Jos A Bank Clothiers Inc 300 900
*JumboSports Inc 8,300 42
*Just For Feet Inc 1,594 1,993
*J. Jill Group Inc 454 1,873
*Kenneth Cole Productions Class A 583 26,672
*Land's End Inc 1,552 53,932
Lillian Vernon Coporation 336 3,738
*Linens 'N Things Inc 1,942 57,532
*Marinemax Inc 653 6,204
*Marvel Enterprises Inc 1,433 7,882
*Mazel Stores Inc 408 3,774
*MediaBay Inc 375 4,195
*Michaels Stores Inc 1,327 37,820
*Micro Warehouse Inc 1,662 30,747
*Microage Inc 1,143 4,001
Midas Inc 755 16,516
*MotherNature.com Inc 632 4,622
*Mothers Work Inc 100 1,163
*Movie Gallery Inc 600 2,588
*Msc Industrial Direct Company Class A 1,511 20,021
*Multiple Zones
International Inc 682 4,902
*Musicland Stores Corporation 1,701 14,352
*National Record Mart Inc 400 1,100
*Natural Wonders Inc 300 403
*Noodle Kidoodle Inc 339 1,610
*North Face Inc 560 2,275
*Nyer Medical Group Inc 200 1,275
*Officemax Inc 5,591 30,751
*One Price Clothing Stores 667 1,709
*O'Reilly Automotive Inc 2,504 53,836
*Pacific Sunwear of California 1,511 48,163
*Party City Corporation 459 413
*Paul Harris Stores 682 1,876
*Payless ShoeSource Inc 1,804 84,788
*Pc Connection Inc 773 26,669
*Perfumania Inc 300 1,013
*Petco Animal Supplies Inc 977 14,533
*Petsmart Inc 5,606 32,235
*Phar Mor Inc 547 1,504
Pier 1 Imports Inc 4,451 28,375
*Piercing Pagoda Inc 436 6,595
*Priceline.com Inc 7,322 346,880
*Pricesmart Inc 185 7,250
*PurchasePro.com Inc 1,500 206,250
*RDO Equipment Company Class A 200 1,175
*Real Goods Trading Corporation 2,500 9,844
*Reeds Jewelers Inc 300 900
*Restoration Hardware Inc 726 4,946
*Rex Stores Corporation 362 12,670
Ross Stores Inc 4,400 78,925
*RoweCom Inc 500 22,688
Ruddick Corporation 2,487 38,549
*Saks Inc 7,062 109,902
*Samsonite Corporation 1,022 5,940
*School Specialty Inc 752 11,374
*Service Merchandise Company 3,000 255
*Sharper Image Corporation 519 6,585
*Shoe Pavilion Inc 400 875
*Shop At Home Inc 1,340 13,316
*Shopko Stores Inc 1,467 33,741
</TABLE>
157
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
*ShopNow.com Inc 1,600 $ 30,300
*Skymall Inc 714 5,266
*SmarterKids.com Inc 1,000 7,250
*Sound Advice Inc 200 2,450
*Specialty Catalog Corporation 300 1,219
*Spiegel Inc Class A 5,993 42,139
*Sport Chalet Inc 300 1,538
*Stage Stores Inc 1,584 3,663
*Stamps.com Inc 1,700 70,763
*Stein Mart Inc 2,029 11,540
*Sterling Vision Inc 666 4,496
*Streamline.com Inc 1,100 9,419
*Streicher Mobile Fueling Inc 200 1,375
*StyleSite Marketing Inc 108 54
*Sunglass Hut Inc 2,216 24,930
*Syms Corporation 761 3,805
*Systemax Inc 1,616 13,736
*S&K Famous Brands Inc 900 5,344
Talbots Inc 1,604 71,579
*Tech Data Corporation 2,474 67,107
*The Bon-Ton Stores 506 1,866
*The Boyds Collection Ltd 2,600 18,038
*The Buckle Inc 982 14,546
*The Finish Line 948 5,155
*The Maxim Group Inc 844 4,537
*The Men's Wearhouse Inc 1,996 58,633
*The Neiman Marcus Group Inc Class A 2,792 78,002
*The Pantry Inc 700 9,888
*The Right Start 800 16,800
*The Sports Authority Inc 1,673 3,346
*The Sportsman's Guide Inc 300 750
*The Yankee Candle
Company Inc 2,700 44,044
Tiffany & Company 3,538 315,767
*Too Inc 1,300 22,425
*Trans World Entertainment Corporation 2,564 26,922
*Travis Boats & Motors Inc 158 1,896
*Tuesday Morning Corporation 1,900 35,031
*Tweeter Home Entertainment 664 23,572
*Ubid Inc 719 19,046
*Ultimate Electronics Inc 400 9,900
*United Retail Group Inc 582 4,802
*Urban Outfitters Inc 753 21,931
*USA Floral Products Inc 547 1,350
*USinternetworking Inc 2,850 199,144
*U.S. Office Products Company 1,949 6,091
*Value America Inc 2,100 10,631
*Value City Dept Stores Inc 1,444 21,841
*Valuevision International Inc Class A 1,942 111,301
*Venator Group Inc 7,263 50,841
*Vista Eyecare Inc 780 804
*West Marine Inc 723 5,965
*Wet Seal Inc Class A 708 8,673
*Whitehall Jewellers Inc 455 16,778
*Williams-Sonoma Inc 2,888 132,848
*Wilmar Industries Inc 493 8,566
*Wilsons The Leather Experts 599 11,044
*Zale Corporation 1,804 87,269
*Zany Brainy Inc 1,200 12,300
------------
8,261,268
------------
</TABLE>
<TABLE>
- -----------------------------------------------------------
<CAPTION>
Shares Value
- -----------------------------------------------------------
<S> <C> <C>
Textiles, Clothing & Fabrics--0.7%
*Bernard Chaus Inc 800 1,900
*Burlington Industries Inc 2,578 10,312
*Candie's Inc 770 602
*Chemfab Corporation 289 4,516
*Chic By HIS Inc 3,200 2,000
Cintas Corporation 5,630 299,094
Collins & Aikman Corporation 3,000 17,250
*Columbia Sportswear Company 1,229 26,424
*Cone Mills Corporation 937 4,217
*Conso Products Company 1,800 15,525
*Converse Inc 774 1,064
Crown Crafts 385 1,107
Culp Inc 581 3,668
*Cutter & Buck Inc 304 4,598
Decorator Industries Inc 100 531
Delta Woodside Industries 891 1,671
*Dixie Group Inc 508 3,747
Fab Industries Inc 205 2,217
*Florsheim Group 500 1,406
*Galey & Lord Inc 2,429 4,706
Garan Inc 189 5,410
*Genesco 1,199 15,587
*Gerber Childrenswear Inc 1,474 7,370
*Global Sports Inc 939 11,796
*Guess ? Inc 1,919 41,738
Guilford Mills 1,039 7,533
Haggar Corporation 316 3,595
*Hampshire Group 900 7,988
*Hampton Industries 1,320 3,053
*Hartmarx Corporation 1,282 5,208
*Innovo Group Inc 1,000 1,125
Interface Flooring Systems 2,343 13,472
*Johnston Industries Inc 800 1,350
*Jones Apparel Group Inc 6,352 172,298
*JPS Textile Group Inc 2,700 9,113
Justin Industries 1,176 17,493
K Swiss Inc Class A 484 8,992
*Kasper A.S.L. Ltd 600 1,313
Kellwood Company 1,367 26,571
Lacrosse Footwear Inc 300 1,331
*Lakeland Industries Inc 200 813
*Leslie Fay Company Inc 45 276
*Maxwell Shoe Company Inc Class A 1,224 9,792
*McNaughton Apparel
Group Inc 300 2,175
*Mohawk Industries Inc 3,065 80,839
*Nautica Enterprises Inc 1,666 18,847
OshKosh B'Gosh Class A 812 17,103
Oxford Industries Inc 314 6,221
Penn Engineering & Mfg Corporation 417 9,643
*Perry Ellis International Inc 1,000 11,625
Phillips-Van Heusen 1,003 8,337
Pillowtex 731 4,523
*Polo Ralph Lauren Corporation 1,606 27,402
Polymer Group Inc 1,431 26,116
*PremiumWear Inc 200 1,100
*Quaker Fabric Corporation 700 2,975
*Quiksilver Inc 969 15,020
*R.G. Barry Corporation 1,459 $ 5,745
*Rocky Shoes & Boots Inc 100 763
</TABLE>
158
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ---------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ---------------------------------------------------------------
*Saucony Inc Class B 300 $ 4,163
Shaw Industries Inc 6,795 104,898
*Shoe Carnival Inc 585 5,887
*Sport-Haley Inc 200 688
*Starter Corporation 3,200 3
*Steven Madden Ltd 501 9,550
Stride Rite Corporation 2,077 13,501
Superior Surgical Manufacturing 989 8,901
*Tag-It Pacific Inc 500 2,813
*Tandy Brands Accessories Inc 700 9,713
*Tarrant Apparel Group 713 6,863
*The Alpine Group 696 8,961
The First Years Inc 384 3,192
*The Sirena Apparel Group Inc 300 0
*Timberland Company 1,026 54,250
*Triarc Companies 1,308 24,035
*Tropical Sportswear International 349 5,628
*Unifi Inc 2,932 36,100
*Vans Inc 600 7,350
Warnaco Group Inc 2,768 34,081
West Point Stevens Inc 2,730 47,775
Weyco Group 487 12,297
Wolverine World Wide 1,959 21,427
------------
1,440,282
------------
Transportation--1.2%
*Aasche Transportation Services Inc 300 619
*ABC-NACO Inc 731 6,031
Air Express International Corporation 1,511 48,824
Alexander & Baldwin Inc 2,100 47,906
*Allied Holdings Inc 490 3,001
*Amerco 1,011 25,275
*American Classic Voyages Company 834 29,190
*American Freightways Corporation 1,515 24,524
Arctic Cat Inc 1,016 10,160
*Arkansas Best Corporation 1,223 14,676
Arnold Industries Inc 1,124 15,806
*Avis Rent A Car Inc 1,500 38,344
*Boyd Bros Transportation Inc 300 1,950
*Budget Group Inc 1,609 14,582
*Carey International Inc 448 10,920
*Celadon Group Inc 445 2,559
CH Robinson Worldwide Inc 2,243 89,159
Circle International Group Inc 766 17,044
CNF Transportation Inc 2,438 84,111
*Commodore Holdings Ltd 400 1,675
*Consolidated Delivery & Logistics Inc 300 1,088
*Consolidated Freightways Corporation 1,266 10,049
*Covenant Transport Inc Class A 663 11,520
*Dollar Thrifty Automotive Group 1,079 25,829
Expeditors International
Wash Inc 2,604 114,088
Florida East Coast Industries Inc 1,823 76,110
*Forward Air Corporation 662 28,714
*Friede Goldman Halter Inc 1,824 12,654
</TABLE>
<TABLE>
- -------------------------------------------------------------------
<CAPTION>
Shares Value
- -------------------------------------------------------------------
<S> <C> <C>
*Fritz Companies Inc 1,622 $ 17,031
Frozen Food Express Industries 616 2,387
*Frp Properties Inc 149 3,502
GATX Corporation 2,504 84,510
*Genesee & Wyoming Inc Class A 183 2,356
Greenbrier Companies Inc 525 4,528
*Gulfmark Offshore Inc 299 4,373
*Heartland Express 1,442 22,712
*Hub Group Inc Class A 358 7,160
Hunt (J B) Transport Services 1,592 22,039
*Hvide Marine Inc 573 89
*International Aircraft Investors 1,400 8,750
Intl Shipholding Corporation 846 9,835
*Intrenet Inc 606 1,458
Kenan Transport Company 108 3,389
*Kirby Corporation 1,035 21,218
*KLLM Transport Services Inc 500 2,375
*Landair Corporation 1,000 5,000
*Landstar System Inc 464 19,865
*Lynch Corporation 52 1,339
*Lynch Interactive Corporation 52 5,194
*Marine Transport Corporation 300 788
Maritrans Inc 540 2,903
*Marten Transport 300 3,863
*Matlack Systems Inc 394 1,281
*Motor Cargo Industries Inc 400 1,850
*M.S. Carriers Inc 548 13,084
Oglebay Norton Company 475 11,281
*Old Dominion Freight Line 506 5,440
*OTR Express Inc 400 675
Overseas Shipholding Group 1,746 25,863
*PAM Transportation Services 673 7,193
*Pierce Leahy Corporation 761 32,913
Pittston Brink's Group 2,032 44,704
Pittston BAX Group 914 9,711
Polaris Ind Partners LP Class A 1,247 45,204
Providence & Worcester Railroad Company 500 4,000
*Railamerica Inc 357 3,057
*Railtex Inc 939 16,785
*Railworks Corporation 555 5,411
Roadway Express Inc 965 20,868
Rollins Truck Leasing Corporation 2,730 32,589
Royal Caribbean Cruises Ltd 9,118 449,631
*Rural/Metro Corporation 633 2,710
*Simon Transportion
Services Inc 500 2,938
*Smithway Motor Xpress Corporation Class A 400 1,650
*Swift Transportation
Company Inc 3,341 58,885
The Morgan Group Inc--Class A 200 1,150
Thor Industries 546 16,619
Tidewater Inc 2,738 98,568
*Todd Shipyards 600 4,725
*Trailer Bridge Inc 600 750
*TransFinancial Holdings Inc 200 1,025
*Transit Group Inc 1,056 3,234
*Transport Corporation of America 591 7,351
*Trico Marine Services Inc 1,251 8,835
Trinity Industries Inc 2,237 63,615
United Parcel Service Inc Class B 1,600 110,400
</TABLE>
159
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------------
<CAPTION>
MIP Extended Index Portfolio Shares Value
- ----------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------------
U.S. Freightways Corporation 1,375 $ 65,828
*USA Truck Inc 547 4,308
*U.S. Xpress Enterprises Class A 682 5,030
Viad Corporation 5,147 143,473
Werner Enterprises Inc 2,322 32,653
Westinghouse Air Brake Company 2,305 40,914
*Willis Lease Finance Corporation 368 2,369
*Wisconsin Central Transportation Corporation 2,387 32,075
*Xtra Corporation 687 29,283
*Yellow Corporation 1,148 19,301
------------
2,512,301
------------
Water Companies--0.2%
American States Water Company 330 11,880
American Water Works Company 4,809 102,191
*Aqua Care Systems Inc 800 1,250
Aquarion Company 612 22,644
*Azurix Corporation 5,400 48,263
California Water Service Group 564 17,096
Connecticut Water Service Inc 467 14,944
E-Town Corporation 376 23,406
*Kaiser Ventures Inc 478 7,641
Middlesex Water Company 461 14,752
Philadelphia Suburban Corporation 2,012 41,623
SJW Corporation 116 13,949
Southwest Water Company 282 4,230
United Water Resources Inc 2,177 74,426
------------
398,295
------------
TOTAL COMMON STOCKS (Cost $152,007,428) 196,421,357
------------
- ----------------------------------------------------------------------
PREFERRED STOCKS--0.0%
- ----------------------------------------------------------------------
Home Construction, Furnishings & Appliances--0.0%
*O'Sullivan Industries Holdings 686 350
------------
TOTAL PREFERRED STOCKS
(Cost $480) 350
------------
</TABLE>
<TABLE>
- --------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--0.0%
- --------------------------------------------------------------------------
Automotive--0.0%
Automatic Common Exchange Security Trust II (Cost
$7,440) 595 $ 5,690
------------
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $7,440) 5,690
------------
- --------------------------------------------------------------------------
RIGHTS--0.0%
- --------------------------------------------------------------------------
Entertainment & Leisure--0.0%
*Metro Goldwyn Mayer Inc. (Cost $0) 2,211 0
------------
TOTAL RIGHTS
(Cost $0) 0
------------
- --------------------------------------------------------------------------
WARRANTS--0.0%
- --------------------------------------------------------------------------
Insurance--0.0%
InterContinental Life Corporation 94 0
------------
Oil & Gas--0.0%
*Magnum Hunter Resources Inc expires (07/01/2002) 267 50
------------
TOTAL WARRANTS
(Cost $0). 50
------------
- --------------------------------------------------------------------------
MUTUAL FUNDS--0.0%
- --------------------------------------------------------------------------
Banking--0.0%
Omega Financial Corporation 401 11,629
------------
Financial Services--0.0%
Cohen and Steers Realty Income Fund 300 1,950
------------
Real Estate--0.0%
American Realty Trust Inc 581 9,877
------------
TOTAL MUTUAL FUNDS (Cost $22,169) 23,456
------------
</TABLE>
160
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- -------------------------------------------
<CAPTION>
MIP Extended Index
Portfolio Face Value
- -------------------------------------------
<S> <C> <C>
SHORT TERM SECURITIES--3.1%
- -------------------------------------------
Principal U.S. Treasury Bills--0.3%
+ U.S. Treasury Bill
5.14% 03/23/00 $600,000 $593,240
--------
U.S. Treasury Securities
(Cost $593,410) 593,240
--------
</TABLE>
<TABLE>
- -----------------------------------
<S> <C> <C> <C>
REPURCHASE
AGREEMENTS--2.8%
- -----------------------------------
IBT Repurchase
Agreement dated
12/31/99 due
01/03/00, with a
maturity value of
$5,600,110 and an
effective yield of
2.40%
collateralized by
Federal Home Loan
Bank with a rate of
6.45%, a maturity
date of 11/15/05
and a market value
of $2,569,672,
Federal Home Loan
Mortgage
Corporation** with
a rate of 6.80%, a
maturity date of
05/15/09 and a
market value of
$3,198,062. 5,599,742
------------
TOTAL REPURCHASE
AGREEMENTS
(Cost $5,599,742) 5,599,742
------------
TOTAL SHORT TERM
SECURITIES
(Cost $6,193,152) 6,192,982
------------
TOTAL INVESTMENTS--
100.1%
**(Cost
$158,230,669) 202,643,885
------------
Other assets less
liabilities--(0.1%) (187,334)
------------
TOTAL NET ASSETS--
100.0% $202,456,551
============
</TABLE>
Notes to the Schedule of Investments:
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$158,259,734.
Unrealized appreciation and depreciation, based on identified tax cost at
December 31, 1999 are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 61,068,175
Unrealized depreciation $(16,684,024)
------------
Net unrealized appreciation $ 44,384,151
============
</TABLE>
+ This U.S. Treasury Bill is held in a segregated account in connection with
Master Portfolio's Holdings of Russell 2000 Index and Mid Cap 400 Index
Futures Contracts. See Note 1.
See accompanying notes to financial statements.
161
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- -----------------------------------
<CAPTION>
MIP U.S.
Equity
Index
Portfolio Value
<S> <C> <C>
- -----------------------------------
MASTER INVESTMENT PORTFOLIOS--
100.1%
- -----------------------------------
MIP S&P 500 Index $515,784,828
MIP Extended Index 167,496,360
------------
TOTAL MASTER
INVESTMENT
PORTFOLIOS 683,281,188
------------
TOTAL INVESTMENTS--
100.1% 683,281,188
Other Assets Less
Liabilities--(0.1%) (65,549)
------------
TOTAL NET ASSETS--
100.0% $683,215,639
============
</TABLE>
See accompanying notes to financial statements.
162
<PAGE>
Schedule of Investments
December 31, 1999
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
MIP--International Index Shares Value
<S> <C> <C>
- -------------------------------------------------------------------------------
COMMON STOCKS--92.5%
- -------------------------------------------------------------------------------
Australia--2.1%
Amcor Ltd 13,309 $ 62,094
AMP Ltd 9,143 100,635
Brambles Industries Ltd 3,660 100,828
Broken Hill Proprietary Co Ltd 13,159 172,129
Coca Cola Amatil Ltd 11,578 31,499
Coles Myer Ltd 12,284 63,210
Foster's Brewing Group Ltd 21,861 62,479
Lend Lease Corp Ltd 4,064 56,719
National Australia Bank Ltd 7,300 111,239
News Corp Ltd 10,782 104,291
Rio Tinto Ltd 4,769 102,055
Telstra Corp Ltd 44,778 242,477
Westpac Banking Corp Ltd 10,566 72,605
WMC Ltd 14,139 77,674
-----------
1,359,934
-----------
Austria--0.2%
Bank Austria Ag 1,209 68,188
*Oesterreichische Elektrizitaetswirtschafts AG Class A 329 46,224
-----------
114,412
-----------
Belgium--1.0%
Colruyt Nv 640 36,741
Delhaize "le Lion" SA 868 65,391
*Dolmen Computer Applications NV 64 1,934
Electrabel SA 261 85,432
Fortis Class B 4,239 152,927
Groupe Bruxelles Lambert SA 472 95,075
KBC Bancassurance Holding NV 1,573 84,757
Petrofina SA 1 393
Solvay SA 911 75,236
*Suez Lyonnaise Des Eaux SA 275 3
UCB SA 1,324 57,406
-----------
655,295
-----------
Denmark--0.8%
A/S Dampskibsselskabet Svendborg Class B 70 116,526
Danisco A/S 500 19,489
Den Danske Bank Group 200 21,925
D/S 1912 Class B 90 105,970
Novo-Nordisk A/s Class B 500 66,316
Tele Danmark A/S 1,500 111,451
Unidanmark A/S 600 42,225
-----------
483,902
-----------
Finland--2.7%
Nokia OYJ 7,400 1,341,525
Sonera Group OYJ 4,300 294,707
UPM-Kymmene OYJ 2,100 84,601
-----------
1,720,833
-----------
France--9.1%
Accor SA 1,545 74,644
Air Liquide 447 74,823
Alcatel 1,139 261,549
Aventis SA 4,882 283,706
Axa UAP 1,883 262,471
Banque National de Paris 2,428 223,995
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -------------------------------------------------------------------------------
BIC SA 966 $ 43,956
Bouygues SA 216 137,271
Canal Plus 827 120,356
Cap Gemini SA 493 125,124
Carrefour Supermarche SA 2,465 454,569
Compagnie de Saint Gobain 491 92,325
Compagnie Generale des Etablissements Michelin Class B 1,100 43,207
Dassault Systemes SA 892 58,125
Eridania Beghin-Say SA 290 31,193
Essilor International SA 139 43,118
Etablissements Economiques du Casino Guichard-
Perrachon SA 521 59,661
France Telecom SA 5,961 788,276
Groupe Danone 289 68,110
Lafarge SA 642 74,746
Lagardere S.C.A. 954 51,884
L'OREAL 329 263,922
LVMH 577 258,427
Pernod Ricard 690 39,472
Pinault-Printemps-Redoute SA 601 158,588
PSA Peugeot Citroen 370 83,994
*Sanofi-Synthelabo SA 4,277 178,075
Schneider SA 1,017 79,842
SEITA 418 18,945
Societe Generale Class A 617 143,546
Sodexho Alliance SA 244 43,177
Suez Lyonnaise des Eaux SA 951 152,386
Thomson CSF 1,059 34,973
Total SA-Series B 4,324 577,027
Usinor SA 2,107 39,577
Valeo SA 578 44,591
Vivendi 3,078 277,916
-----------
5,767,567
-----------
Germany--9.4%
Adidas AG 450 33,683
AGIV AG 1,200 21,634
Allianz AG 1,295 435,623
BASF AG 3,550 185,562
Bayer AG 3,950 187,773
Beiersdorf AG 1,000 67,479
Continental AG 1,650 33,153
DaimlerChrysler AG 5,800 449,793
Deutsche Bank AG-Reg 3,338 281,523
Deutsche Lufthansa AG 2,520 59,643
Deutsche Telekom AG 17,881 1,257,911
Dresdner Bank AG 3,150 174,489
Heidelberger Zement AG 550 42,653
HypoVereinsbank 2,350 160,469
Karstadt AG 950 38,214
Linde AG 1,000 55,192
MAN AG 1,300 48,771
Mannesmann AG 3,000 731,192
Merck KGaA 1,450 45,271
Metro AG 1,700 91,429
Muenchener Rueckversicherungs-Gesellschaft AG 995 253,535
Preussag AG 1,725 95,640
RWE AG 2,400 95,478
SAP AG 360 176,936
Schering AG 540 65,263
Siemens AG 3,550 454,074
</TABLE>
163
<PAGE>
Portfolio of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------
<CAPTION>
MIP--International Index Shares Value
<S> <C> <C>
- ----------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------
Thyssen Krupp AG 3,700 $ 114,589
Veba AG 2,500 122,117
Viag AG 3,900 71,487
Volkswagen AG 1,950 109,529
-----------
5,960,105
-----------
Hong Kong--2.0%
Cathay Pacific AirwaYS 27,000 48,106
Cheung Kong Ltd 14,000 177,848
CLP Holdings Ltd 12,500 57,568
Hang Seng Bank Ltd 11,600 132,437
Hong Kong Telecommunications Ltd 72,800 210,246
Hong Kong & China Gas Co Ltd 34,600 47,402
Hutchison Whampoa Ltd 21,000 305,269
New World Development Co Ltd 31,000 69,787
Sun Hung Kai Properties Ltd 15,000 156,300
Swire Pacific Ltd Class A 15,000 88,571
-----------
1,293,534
-----------
Italy--4.0%
Alitalia SpA 13,798 32,865
Assicurazioni Generali . 5,917 195,465
Banca Intesa SpA 27,699 112,425
Benetton Group SpA 35,304 81,069
Beni Stabili SpA 6,022 2,123
*Enel SpA 42,894 179,713
ENI SpA 49,591 272,701
Fiat SpA 3,294 94,053
Italgas SpA 9,557 36,191
Mediaset SpA 9,818 152,674
Mediobanca Banca SpA 6,161 62,857
Montedison SpA 27,812 45,517
*Olivetti SpA 31,103 90,062
Pirelli SpA 20,465 56,166
Riunione Adriatica Di Sicurta SpA 5,129 51,450
San Paolo--IMI SpA 6,772 92,008
Telecom Italia Mobile SpA RNC 10,820 51,544
Telecom Italia Mobile SpA 38,682 432,051
Telecom Italia SpA RNC 6,138 37,401
Telecom Italia SpA 21,848 308,059
Unicredito Italiano SpA 25,945 127,517
-----------
2,513,911
-----------
Japan--25.5%
Acom Co Ltd 900 88,125
Advantest Corp 600 158,466
AJjinomoto Co 6,000 62,506
Alps Electric Co Ltd 2,000 30,500
Asahi Bank Ltd 18,000 110,927
Asahi Breweries Ltd 5,000 54,681
Asahi Chemical Industry Co Ltd 13,000 66,762
Asahi Glass Co Ltd 11,000 85,113
Bank of Tokyo--Mitsubishi Ltd 27,000 376,094
Bridgestone Corp 5,000 110,046
Canon Inc 6,000 238,286
Central Japan Railway Co 4 25,081
Credit Saison Co Ltd 1,600 27,859
Dai Nippon Printing Co Ltd 5,000 79,722
Daiichi Pharmaceutical Co Ltd 4,000 52,000
Daiwa House Industry Co Ltd 6,000 44,605
Daiwa Securities Co Ltd 9,000 140,771
Denso Corp 6,000 143,206
East Japan Railway Co 23 123,966
</TABLE>
<TABLE>
- --------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- --------------------------------------------------------------
Eisai Co Ltd 3,000 $ 57,664
Fanuc Ltd 1,600 203,619
Fuji Bank Ltd 21,000 203,981
Fuji Photo Film 3,000 109,459
Fujitsu Ltd 12,000 547,002
Gunma Bank Ltd 8,000 52,039
Hitachi Ltd 20,000 320,846
Honda Motor Co Ltd 6,000 223,027
Hoya Corp 1,000 78,744
Industrial Bank of Japan Ltd 17,000 163,797
Itochu Corp 11,000 54,769
Ito--Yokado Co Ltd 2,000 217,157
Japan Airlines Co Ltd 17,000 50,386
Japan Tobacco Inc 7 53,546
Joyo Bank Ltd 11,000 50,573
JUSCO Co Ltd 3,000 52,265
Kansai Electric Power Co Inc 3,900 67,944
Kao Corp 3,000 85,542
*Kawasaki Steel Corp 26,000 46,543
Kinden Corp 6,000 46,073
Kinki Nippon Railway Co Ltd 19,000 76,201
Kirin Brewery Co Ltd 7,000 73,609
Komatsu Ltd 11,000 50,573
Kubota Corp 17,000 65,020
Kuraray Co Ltd 7,000 70,869
Kyocera Corp 1,200 311,063
Marui Co Ltd 3,000 44,781
Matsushita Electric Industrial Co Ltd 11,000 304,510
Minebea Co Ltd 5,000 85,738
Mitsubishi Chemical Corp 17,000 59,866
Mitsubishi Corp 11,000 84,897
Mitsubishi Electric Corp 17,000 109,752
Mitsubishi Estate Co Ltd 9,000 87,773
Mitsubishi Heavy Industries Ltd 25,000 83,390
Mitsubishi Trust & Banking Corp 9,000 79,233
Mitsui Fudosan Co Ltd 8,000 54,153
Mitsui Marine & Fire Insurance Co Ltd 13,000 77,061
Mitsui & Co Ltd 10,000 69,940
Murata Manufacturing Co Ltd 2,000 469,529
NEC Corp 10,000 238,188
NGK Insulators Ltd 7,000 51,971
Nikon Corp 3,000 88,037
Nintendo Co Ltd 900 149,486
Nippon Express Co Ltd 12,000 66,322
Nippon Meat Packers Inc 3,000 38,883
Nippon Mitsubishi Oil Corp 18,000 79,232
Nippon Paper Industries Co 9,000 49,565
Nippon Steel Corp 43,000 100,530
Nippon Telegraph & Telephone Corp 720 1,232,515
Nippon Yusen Kabushiki Kaisha 17,000 69,510
*Nissan Motor Co Ltd 29,000 114,037
Nomura Securities Co Ltd 12,000 216,570
Obayashi Corp 10,000 47,246
OJI Paper Co Ltd 9,000 54,142
Olympus Optical Co Ltd 3,000 42,404
Orix Corp 500 112,589
Osaka Gas Co 19,000 45,720
Pioneer Electronic Corp 2,000 52,822
Rohm Co Ltd 1,000 410,838
Sakura Bank Ltd 26,000 150,563
Sankyo Co Ltd 3,000 61,626
Sanyo Electric Co Ltd 18,000 73,071
Secom Co Ltd 3,000 330,138
</TABLE>
164
<PAGE>
Portfolio of Investments--(Continued)
December 31, 1999
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
MIP--International Index Shares Value
<S> <C> <C>
- ----------------------------------------------------------------
COMMON STOCKS--(Continued)
- ----------------------------------------------------------------
Sekisui Chemical Co Ltd 8,000 $ 35,450
Sekisui House Ltd 8,000 70,821
Seventy Seven Bank Ltd 6,000 62,858
Sharp Corp 7,000 179,057
Shimano Inc 2,200 38,736
Shimizu Corp 12,000 39,676
Shin-Etsu Chemical Co Ltd 3,000 129,121
Shiseido Co 4,000 58,300
Shizuoka Bank Ltd 6,000 61,508
SMC Corp 500 110,584
Softbank Corp 600 574,000
Sony Corp 2,400 711,337
Sumitomo Chemical Co Ltd 13,000 61,039
Sumitomo Corp 8,000 77,550
Sumitomo Electric Industries 6,000 69,314
Sumitomo Marine & Fire Insurance Co Ltd 9,000 55,463
*Sumitomo Metal Industries Ltd 43,000 32,388
Taisho Pharmaceutical Co Ltd 2,000 58,691
Takeda Chemical Industries 5,000 246,992
Takefuji Corp 900 112,599
Teijin Ltd 13,000 47,941
The Sumitomo Bank Ltd 18,000 246,326
Tohoku Electric Power Co Inc 3,500 52,039
Tokai Bank Ltd 15,000 94,493
Tokio Marine & Fire Insurance Co Ltd 10,000 116,893
Tokyo Electric Power Co Inc 5,900 158,134
Tokyo Electronics Ltd 1,000 136,946
Tokyo Gas Co 26,000 63,328
Toppan Printing Co Ltd 6,000 59,865
Toray Industries Inc 16,000 61,978
Toshiba Corporation 19,000 144,968
Tostem Corp 2,000 35,899
Toyo Seikan Kaisha Ltd 3,000 43,432
Toyota Motor Corp 22,000 1,065,244
Uni-Charm Corp 1,200 69,138
Uny Co Ltd 4,000 39,088
Yamanouchi Pharmaceutical Co Ltd 2,000 69,843
Yamato Transport Co Ltd 3,000 116,209
-----------
16,244,903
-----------
Netherlands--5.3%
ABN AMRO Holding NV 8,062 201,367
Aegon NV 3,776 364,708
Akzo Nobel NV 1,998 100,212
*ASM Lithography Holding NV 921 102,313
Elsevier NV 5,202 62,137
Getronics NV 1,052 83,914
Hagemeyer NV 1,315 30,448
Heineken NV 1,873 91,339
ING Groep NV 4,977 300,455
Koninklijke Ahold NV 3,356 99,338
Koninklijke Philips Electonics NV 2,111 287,023
KPN NV 3,016 294,340
Royal Dutch Petroleum Co 12,877 789,168
STMicroelectronics 1,793 275,929
TNT Post Group NV 3,479 99,685
Unilever NV 2,845 157,135
Wolters Kluwer NV 1,869 63,248
-----------
3,402,759
-----------
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------
<CAPTION>
Shares Value
<S> <C> <C>
- -----------------------------------------------------------------------------
New Zealand--0.1%
Telecom Corp of New Zealand Ltd 19,400 $ 91,229
-----------
Norway--0.2%
Norsk Hydro ASA 3,600 151,039
-----------
Portugal--0.5%
Banco Comercial Portugues SA Class R 6,505 36,099
Banco Espirito Santo e Comercial de Lisboa SA 1,927 54,148
Brisa-Auto Estradas de Portugal SA 2,566 19,693
EDP-Electricidade de Portugal SA 2,376 41,470
Jeronimo Martins SGPS SA 1,587 40,598
Portugal Telecom SA 10,730 117,686
-----------
309,694
-----------
Singapore--1.0%
City Developments Ltd 11,000 64,395
DBS Group Holdings Ltd 8,652 141,819
Oversea-Chinese Banking Corp Ltd 10,350 95,079
Singapore Airlines Ltd 8,000 90,783
Singapore Press Holdings Ltd 3,000 65,026
Singapore Telecommunications Ltd 35,000 72,289
United Overseas Bank Ltd 9,392 82,896
-----------
612,287
-----------
Spain--2.7%
Acerinox SA 1,115 44,470
ACS Actividades de Construccion y Servicios SA 1,622 38,471
Argentaria Caja Postal y Banco Hipotecario de Espana
SA 3,057 71,830
Autopistas Concesionaria Espanola SA 4,519 43,920
Banco Bilbao Vizcaya SA 10,894 155,143
Banco Santander Central Hispano SA 22,756 257,607
*El Aguila SA 3,541 28,887
Endesa SA 4,743 94,153
Fomento de Construcciones y Contratas SA 2,015 40,994
Gas Natural SDG SA 2,762 63,619
Iberdrola SA 5,073 70,304
Resol SA 8,980 208,198
Sociedad General de Aguas de Barcelona SA 4,260 62,383
Tabacalera SA Class A 3,278 46,880
*Telefonica SA 18,830 470,323
Union Electrica Fenosa SA 2,610 45,581
-----------
1,742,763
-----------
Sweden--2.5%
Atlas Copco AB Class A 1,371 40,561
Electrolux AB Class B 2,300 57,899
ForeningsSparbanken AB 3,250 47,789
Hennes & Mauritz AB 4,900 164,275
*NetCom AB Class B 800 56,276
Sandvik AB Class A 1,690 52,980
Securitas AB Class B 3,200 57,970
Skandia Forsakrings AB 3,300 99,765
Skandinaviska Enskilda Banken Class A 4,600 46,536
Skanska AB Class B 2,000 74,579
</TABLE>
165
<PAGE>
Portfolio of Investments--(Continued)
December 31, 1999
<TABLE>
- ------------------------------------------------------------------------
<CAPTION>
MIP--International Index Shares Value
<S> <C> <C>
- ------------------------------------------------------------------------
COMMON STOCKS--(Continued)
- ------------------------------------------------------------------------
Svenska Cellulosa AB Class B 1,633 $ 48,408
Svenska Handelsbanken AB Class A 3,900 49,089
Telefonaktiebolaget LM Ericsson Class B 10,800 694,930
Volvo AB Class A 1,300 32,878
Volvo AB Class B 2,100 54,347
WM-Data AB Class B 700 43,313
-----------
1,621,595
-----------
Switzerland--5.2%
ABB Ltd 2,434 297,715
Adecco SA 170 132,395
Alusuisse Lonza Group AG 130 95,855
Credit Suisse Group 1,650 327,990
Holderbank Financiere Glarus AG Class B 50 68,459
Nestle SA 200 366,411
Novartis AG-Registered Shares 390 572,679
Roche Holding AG 400 474,815
Roche Holding AG--Genusschein 80 130,637
Schweizerische Rueckversicherungs--Gesellschaft 85 174,623
Swisscom AG 480 194,146
UBS AG 1,240 334,883
Zurich Allied AG 290 165,381
-----------
3,335,989
-----------
United Kingdom--18.1%
Abbey National PLC 7,724 123,488
Allied Zurich PLC 10,042 118,303
Anglian Water PLC 5,648 51,533
BAA PLC 8,191 57,541
Barclay's PLC 8,798 253,186
Bass PLC 9,707 120,783
BG Group PLC 19,772 127,722
Blue Circle Industries PLC 10,660 61,930
BOC Group PLC 4,460 95,793
Boots Co PLC 6,439 62,599
BP Amoco PLC 113,914 1,145,155
British Aerospace PLC 18,426 122,000
British Airways PLC 9,194 59,983
British American Tobacco PLC 17,520 99,521
British Land Co PLC 6,198 41,038
British Sky Broadcasting Group PLC 10,938 176,021
British Telecommunications PLC 37,544 917,335
Cadbury Schweppes PLC 13,078 78,989
Carlton Communications PLC 9,082 88,440
Centrica PLC 30,100 85,309
CGU PLC 8,141 131,141
Compass Group PLC 6,377 87,535
Corus Group PLC 26,119 67,909
Diageo PLC 18,870 151,756
EMI Group PLC 8,265 81,085
GKN PLC 5,759 90,678
Glaxo Wellcome PLC 19,968 564,314
Granada Group PLC 14,395 145,873
Great Universal Stores PLC 8,221 48,060
Halifax PLC 13,330 147,780
Hanson PLC 6,654 55,770
Hays PLC 8,301 132,177
</TABLE>
<TABLE>
- ----------------------------------------------------------------
<CAPTION>
Shares/
Principal Value
<S> <C> <C>
- ----------------------------------------------------------------
HSBC Holdings PLC 48,440 $ 675,094
Imperial Chemical Industries PLC 6,385 67,590
Invensys PLC 23,986 130,537
J Sainsbury PLC 11,853 66,852
Kingfisher PLC 9,816 108,903
Ladbroke Group PLC 20,628 66,043
Land Securities PLC 4,622 51,801
Legal & General Group PLC 32,566 88,615
Lloyds TSB Group PLC 30,051 375,863
Marconi PLC 15,732 278,320
Marks & Spencer PLC 18,614 88,601
Misys PLC 4,973 77,499
National Grid Group PLC 10,120 76,975
National Power PLC 9,202 53,274
Pearson PLC 4,195 135,762
Peninsular & Orient Steam Navigation Co 6,331 105,614
Provident Financial PLC 4,229 47,806
Prudential Corp PLC 11,393 224,464
Railtrack Group PLC 3,840 64,493
Rank Group PLC 15,380 48,681
Reed International PLC 9,067 67,867
Rentokil Initial PLC 20,364 74,241
Reuters Group PLC 9,327 127,954
Rio Tinto PLC 7,207 173,998
Royal Bank of Scotland Group PLC 6,640 117,738
Schroders PLC 2,406 48,413
Scottish Power PLC 11,125 84,260
SmithKline Beecham PLC 31,894 406,897
Smiths Industries PLC 4,815 71,926
Stagecoach Holdings PLC 18,678 48,111
Tate & Lyle PLC 7,013 45,075
Tesco PLC 41,688 126,736
Thames Water PLC 4,284 53,409
TI Group PLC 6,991 53,627
Unilever PLC 15,447 113,627
United Utilities PLC 5,728 59,525
Vodafone Group PLC ADR 178,222 882,858
Williams PLC 7,599 34,575
Wolseley PLC 7,514 57,608
Zeneca Group PLC 10,326 428,229
-----------
11,500,208
-----------
TOTAL COMMON STOCKS
(Cost $47,268,940) 58,881,959
-----------
- ----------------------------------------------------------------
PREFERRED STOCKS--0.4%
- ----------------------------------------------------------------
Australia--0.2%
News Corp Ltd 11,310 96,527
-----------
Germany--0.2%
SAP AG--Vorzug 250 150,821
Volkswagen AG 915 28,798
-----------
179,619
-----------
TOTAL PREFERRED STOCKS
(Cost $212,678) 276,146
-----------
- ----------------------------------------------------------------
CORPORATE BONDS--0.0%
- ----------------------------------------------------------------
United Kingdom--0.0%
BG Transco Holdings PLC
7.00%, 12/16/24 $ 2,000 31
BG Transco Holdings PLC
7.06%, 12/14/09 2,000 33
</TABLE>
166
<PAGE>
Schedule of Investments--(Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------
<CAPTION>
Shares/
MIP--International Index Principal Value
<S> <C> <C>
- --------------------------------------------------
CORPORATE BONDS--(Continued)
- --------------------------------------------------
BG Transco Holdings PLC
4.19%, 12/14/22 $ 2,000 $ 32
*British Aerospace PLC
7.45%, 11/30/03 2,039 34
-----------
TOTAL CORPORATE BONDS
(Cost $0) 130
-----------
- --------------------------------------------------
SHORT TERM INSTRUMENTS--6.4%
- --------------------------------------------------
U.S. Treasury Bills--6.4%
+U.S. Treasury Bill
5.07% 01/27/2000 $ 4,116,000 4,100,676
-----------
TOTAL SHORT TERM INSTRUMENTS
(Cost $4,101,067) 4,100,676
-----------
TOTAL INVESTMENT--99.4%
**(Cost $51,582,685) 63,258,911
Other assets less liabilities--0.6% 363,742
-----------
TOTAL NET ASSETS--100.0% $63,622,653
===========
</TABLE>
Notes to the Schedule of Investments:
ADR American Depositary Receipt
* Non-income producing security.
** The aggregate identified cost for federal income tax purposes is
$51,693,321. Unrealized appreciation and depreciation, based on identified
tax cost at December 31, 1999 are as follows:
<TABLE>
<S> <C>
Unrealized appreciation $13,869,666
Unrealized depreciation $(2,304,076)
------------
Net unrealized appreciation $11,565,590
============
</TABLE>
+ This U.S. Treasury Bill is held in a segregated account in connection with
the Master Portfolio Holdings of CAC 40 Index, Dax Index, FTSE 100 Index, OMX
Index and Nikkei 300 Index Futures Contracts. See Note 1.
See accompanying notes to financial statements.
167
<PAGE>
Independent Auditors' Report
To the Interestholders and Board of Trustees of
Master Investment Portfolio:
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of Bond Index Master Portfolio, S&P 500
Index Master Portfolio, Extended Index Master Portfolio, U.S. Equity Master
Portfolio, and International Index Master Portfolio (five portfolios of Master
Investment Portfolio), as of December 31, 1999, and the related statements of
operations for the ten-month period then ended and for the year ended February
28, 1999 for Bond Index Master Portfolio and S&P 500 Index Master Portfolio,
the period from March 1, 1999 (commencement of operations) to December 31, 1999
for Extended Index Master Portfolio and U.S. Equity Master Portfolio, and the
period from October 1, 1999 to December 31, 1999 for International Index Master
Portfolio and the statements of changes in net assets for the ten-month period
then ended and for each of the years in the two-year period ended February 28,
1999 for Bond Index Master Portfolio and S&P 500 Index Master Portfolio, the
period from March 1, 1999 to December 31, 1999 for Extended Index Master
Portfolio and U.S. Equity Master Portfolio, and the period from October 1, 1999
to December 31, 1999 for International Index Master Portfolio. These financial
statements are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of December 31, 1999 by
correspondence with the custodian and brokers. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of each of the aforementioned
portfolios of Master Investment Portfolio as of December 31, 1999, the results
of their operations and the changes in their net assets for the periods
indicated above in conformity with generally accepted accounting principles.
/s/ KPMG LLP
San Francisco, California
February 11, 2000
168
<PAGE>
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