‘‘(5) an International Stock Index Investment 
Fund as provided in subsection (d). 
‘‘(b) INDEX GOVERNING COMMON STOCK INDEX IN-
VESTMENT FUNDS.—
‘‘(1) SELECTION OF INDEX.—The Board shall 
select an index which is a commonly recognized 
index comprised of common stock the aggregate 
market value of which is a reasonably complete rep-
resentation of the United States equity markets. 
‘‘(2) PORTFOLIO DESIGN.—The Common Stock 
Index Investment Fund shall be invested in a port-
folio designed to replicate the performance of the 
index selected under paragraph (1). The portfolio 
shall be designed such that, to the extent prac-
ticable, the percentage of the Common Stock Index 
Investment Fund that is invested in each stock is 
the same as the percentage determined by dividing 
the aggregate market value of all shares of that 
stock by the aggregate market value of all shares of 
all stocks included in such index. 
‘‘(c) INDEX GOVERNING SMALL CAPITALIZATION 
STOCK INDEX INVESTMENT FUNDS.—
‘‘(1) SELECTION OF INDEX.—The Board shall 
select an index which is a commonly recognized 
index comprised of common stock the aggregate
market value of which represents the United States 
equity markets, excluding the Common Stock Index 
Investment Fund. 
‘‘(2) PORTFOLIO DESIGN.—The Small Capital-
ization Stock Index Investment Fund shall be in-
vested in a portfolio designed to replicate the per-
formance of the index selected under paragraph (1). 
The portfolio shall be designed such that, to the ex-
tent practicable, the percentage of the Small Cap-
italization Stock Index Investment Fund that is in-
vested in each stock is the same as the percentage 
determined by dividing the aggregate market value 
of all shares of that stock by the aggregate market 
value of all shares of all stocks included in such 
index. 
‘‘(d) INDEX GOVERNING INTERNATIONAL STOCK 
INDEX INVESTMENT FUNDS.—
‘‘(1) SELECTION OF INDEX.—The Board shall 
select an index which is a commonly recognized 
index comprised of stock the aggregate market value 
of which is a reasonably complete representation of 
the international equity markets excluding the 
United States equity markets. 
‘‘(2) PORTFOLIO
DESIGN.—The International 
Stock Index Investment Fund shall be invested in a
portfolio designed to replicate the performance of 
the index selected under paragraph (1). The port-
folio shall be designed such that, to the extent prac-
ticable, the percentage of the International Stock 
Index Investment Fund that is invested in each 
stock is the same as the percentage determined by 
dividing the aggregate market value of all shares of 
that stock by the aggregate market value of all 
shares of all stocks included in such index. 
‘‘(e) INVESTMENT ACCORDING TO ELECTIONS.—
‘‘(1) IN
GENERAL.—The Executive Director 
shall invest the sums available in the Trust Fund for 
investment as provided in elections made under sub-
section (f). 
‘‘(2) DEFAULT
INVESTMENT
IN
ABSENCE
OF 
ELECTION.—If an election has not been made with 
respect to any sums in the Trust Fund available for 
investment, the Executive Director shall invest such 
sums in the Government Securities Investment 
Fund. 
‘‘(f) SEMIANNUAL ELECTIONS.—
‘‘(1) IN GENERAL.—At least twice each year, an 
account holder may elect the investment funds re-
ferred to in subsection (a) into which the sums in
the Trust Fund credited to such account holder’s in-
vestment account are to be invested or reinvested. 
‘‘(2) INVESTMENT
ACCORDING
TO
REGULA-
TIONS.—An election may be made under paragraph 
(1) only in accordance with regulations prescribed by 
the Executive Director and within such period as the 
Executive Director shall provide in such regulations. 
‘‘(g) ISSUANCE OF SPECIAL OBLIGATIONS.—
‘‘(1) AUTHORIZATION.—The Secretary of the 
Treasury is authorized to issue special interest-bear-
ing obligations of the United States for purchase by 
the Trust Fund for the Government Securities In-
vestment Fund. 
‘‘(2) REQUIREMENTS.—
‘‘(A) IN GENERAL.—Obligations issued for 
the purpose of this subsection shall have matu-
rities fixed with due regard to the needs of the 
Trust Fund as determined by the Executive Di-
rector, and shall bear interest at a rate equal 
to the average market yield (computed by the 
Secretary of the Treasury on the basis of mar-
ket quotations as of the end of the calendar 
month next preceding the date of issue of such 
obligations) on all marketable interest-bearing 
obligations of the United States then forming a