UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number  811-08941

The Vantagepoint Funds

(Exact name of registrant as specified in charter)

777 North Capitol Street, NE, Washington D.C. 20002-4240

(Address of principal executive offices) (Zip code)

Secretary of the registrant

777 North Capitol Street, NE, Suite 600, Washington D.C. 20002-4240

(Name and address of agent for service)

Registrant's telephone number, including area code:   (202) 962-4600

Date of fiscal year end:   12/31/06

Date of reporting period:   09/30/06

Item 1 (Schedule of Investments): The schedule of investments is set forth below.

Table of Contents

Vantagepoint Funds

Schedules of Investments by Fund

Money Market	1
Short-Term Bond	2
US Government Securities	6
Asset Allocation	9
Equity Income	16
Growth & Income	20
Growth	25
Aggressive Opportunities	29
International	33
Core Bond Index	39
500 Stock Index	53
Broad Market Index	60
Mid/Small Company Index	87
Overseas Equity Index	113
Model Portfolio Savings Oriented	125
Model Portfolio Conservative Growth	126
Model Portfolio Traditional Growth	127
Model Portfolio Long-Term Growth	128
Model Portfolio All-Equity Growth	129
Milestone Retirement Income	130
Milestone 2010	131
Milestone 2015	132
Milestone 2020	133
Milestone 2025	134
Milestone 2030	135
Milestone 2035	136
Milestone 2040	137
Notes to the Schedules of Investments	138

 

This complete schedule of portfolio holdings is part of the Vantagepoint Funds Form N-Q filing and available on the Securities and Exchange Commission’s website at www.sec.gov.

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Money Market Fund	Shares		Value
MUTUAL FUNDS—99.1%
AIM Short-Term Investments Trust Liquid Assets Portfolio (Cost $207,597,322)	207,597,322	$	207,597,322
TOTAL INVESTMENTS—99.1% (Cost $207,597,322)			207,597,322
Other assets less liabilities—0.9%			1,954,730
NET ASSETS—100.0%		$	209,552,052

 

See accompanying notes to schedule of investments.

1

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Short-Term
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—27.2%
Automotive—0.4%
DaimlerChrysler North America Holding Corporation, Guaranteed Note
4.050%	06/04/2008		$	1,640,000	$	1,602,109
General Motors Acceptance Corporation, Global Note
5.125%	05/09/2008			729,000		714,639
						2,316,748
Banking—10.5%
Bank of America Corp., Subordinated Note
6.600%	05/15/2010			400,000		417,971
Bank of America Corporation, Subordinated Note
6.375%	02/15/2008			5,000,000		5,071,925
Bank of America Corporation, Subordinated Note
6.250%	04/01/2008			1,500,000		1,522,198
Citigroup, Inc., Global Note
3.625%	02/09/2009			4,000,000		3,873,304
Citigroup, Inc., Note
6.200%	03/15/2009			4,750,000		4,870,816
Eksportfinans A/S, Note, (MTN) (Norway)
4.750%	12/15/2008			5,100,000		5,080,543
Eksportfinans A/S, Note, (MTN) (Norway)
4.375%	07/15/2009			2,500,000		2,458,022
First Union National Bank
7.800%	08/18/2010			6,500,000		7,070,056
Household Finance Corporation, Note
6.400%	06/17/2008			9,480,000		9,663,154
Inter-American Development Bank, Global Note (Supra National)
5.375%	11/18/2008			2,000,000		2,020,996
Kreditanstalt fuer Wiederaufbau, Global Note (Germany)
5.250%	05/19/2009			3,885,000		3,919,693
Kreditanstalt fuer Wiederaufbau, Note (Germany)
3.250%	07/16/2007			3,015,000		2,962,063
SLM Corp., Note, (MTN)
4.000%	01/15/2009			10,055,000		9,798,145
SLM Corp., Note, (MTN)
3.625%	03/17/2008			1,000,000		977,121
Wells Fargo & Company, Series J, Note, (MTN)
4.200%	01/15/2010			1,000,000		972,251
						60,678,258
Beverages, Food & Tobacco—0.7%
Kellogg Co., Senior Note
2.875%	06/01/2008			2,860,000		2,753,456
Smithfield Foods, Inc., Senior Note
8.000%	10/15/2009			1,275,000		1,338,750
						4,092,206
Commercial Services—0.2%
Allied Waste North America, Senior Note
8.500%	12/01/2008			1,265,000		1,331,412
Communications—0.1%
Intelsat Subsidiary Holding Co., Ltd., Guaranteed Senior Note (Bermuda)
10.484%	01/15/2012	#		790,000		804,812
Computer Software & Processing—0.2%
Unisys Corp., Senior Note
6.875%	03/15/2010			1,390,000		1,320,500
Electric Utilities—0.6%
Midamerican Energy Holdings Company, Senior Note
3.500%	05/15/2008		$	1,850,000	$	1,799,227
PSEG Energy Holdings LLC, Senior Note
8.625%	02/15/2008			1,275,000		1,329,188
						3,128,415
Financial Services—8.2%
CIT Group, Inc., Global Note
4.250%	02/01/2010			380,000		368,701
CIT Group, Inc., Senior Note
5.750%	09/25/2007			6,000,000		6,015,666
Countrywide Home Loans, Inc., Note, (MTN)
3.250%	05/21/2008			2,640,000		2,559,116
General Electric Capital Corporation, Note
4.625%	09/15/2009			5,955,000		5,887,738
Merrill Lynch & Co., Inc., Note, (MTN)
4.831%	10/27/2008			2,540,000		2,522,799
MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., Senior Secured Note
7.375%	09/01/2010			1,295,000		1,301,475
Nomura Asset Securities Corporation
6.590%	03/15/2030			6,000,000		6,104,422
Principal Life Global Funding I, Note 144A (MTN)
5.125%	06/28/2007	*		2,750,000		2,745,072
Svensk Exportkredit AB, Note (Sweden)
4.625%	02/17/2009			7,760,000		7,696,500
TIAA Global Markets 144A
3.875%	01/22/2008	*		6,000,000		5,901,072
Wells Fargo & Company, Note
4.125%	03/10/2008			3,560,000		3,508,298
Wells Fargo & Company, Senior Note
4.000%	08/15/2008			2,585,000		2,532,364
						47,143,223
Health Care Providers—0.2%
HCA, Inc., Note
5.250%	11/06/2008			1,355,000		1,341,450
Home Construction, Furnishings & Appliances—0.2%
KB Home, Senior Subordinated Note
8.625%	12/15/2008			1,260,000		1,297,636
Insurance—0.8%
Allstate Financial Global Funding, Secured Note 144A
5.250%	02/01/2007	*		4,500,000		4,498,349
Lodging—0.2%
MGM Mirage, Senior Note
6.000%	10/01/2009			1,320,000		1,310,100
Media—Broadcasting & Publishing—0.8%
Echostar DBS Corporation, Note
5.750%	10/01/2008			1,345,000		1,336,594
Gannett Co., Inc., Senior Note
4.125%	06/15/2008			3,430,000		3,360,769
						4,697,363
Pharmaceuticals—0.2%
Abbott Laboratories, Note
5.375%	05/15/2009			1,050,000		1,059,667
Telephone Systems—3.2%
America Movil SA de CV, Guaranteed Senior Note (Mexico)
4.125%	03/01/2009			1,200,000		1,170,016

See accompanying notes to schedule of investments.

2

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Short-Term
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Ameritech Capital Funding, Note
6.250%	05/18/2009		$	1,570,000	$	1,596,695
BellSouth Corp., Note
4.200%	09/15/2009			3,150,000		3,057,179
Deutsche Telekom International Finance BV, Global Note (Netherlands)
3.875%	07/22/2008			2,600,000		2,542,067
SBC Communications, Inc., Global Note
4.125%	09/15/2009			5,505,000		5,334,571
Sprint Capital Corporation, Guaranteed Note
6.375%	05/01/2009			1,550,000		1,588,338
Telecom Italia Capital SA, Series A, Senior Note (Luxembourg)
4.000%	11/15/2008			2,970,000		2,882,430
						18,171,296
Transportation—0.7%
CSX Corp., Note
6.250%	10/15/2008			2,500,000		2,548,005
Royal Caribbean Cruises, Ltd., Senior Note
7.000%	10/15/2007			1,305,000		1,324,484
						3,872,489
TOTAL CORPORATE OBLIGATIONS (Cost $158,128,607)						157,063,924
U.S. GOVERNMENT AGENCY OBLIGATIONS—13.0%
Mortgage Backed—5.5%
Federal Home Loan Mortgage Corporation
4.395%	10/01/2034			5,984,644		5,874,907
Federal Home Loan Mortgage Corporation, Series 2885, Class DK
3.500%	10/15/2012			3,548,305		3,495,522
Federal National Mortgage Association
5.107%	10/01/2034			5,970,678		5,945,557
5.095%	09/01/2034			661,982		659,285
5.017%	09/01/2034			568,844		563,582
4.993%	10/01/2034			7,770,850		7,730,840
4.765%	10/01/2034			1,037,311		1,025,215
Federal National Mortgage Association, Series 2004-81, Class KG
3.500%	05/25/2012			3,068,716		3,025,847
FHLMC, Series 2891, Class LN
4.250%	06/15/2024			3,547,088		3,491,952
						31,812,707
U.S. Government Agencies—2.5%
Federal National Mortgage Association
5.375%	08/15/2009			13,971,000		14,149,535
U.S. Government Agency—Discount Notes—5.0%
Federal Home Loan Bank
5.100%	10/25/2006			29,000,000		28,897,392
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $75,402,911)						74,859,634
U.S. TREASURY OBLIGATIONS—23.9%
U.S. Treasury Notes—23.9%
U.S. Treasury Note
4.875%	04/30/2008- 08/15/2009		$	63,680,000	$	63,930,124
4.000%	11/15/2012			16,969,000		16,441,383
3.625%	06/30/2007			27,605,000		27,333,284
3.375%	12/15/2008			16,200,000		15,776,030
2.875%	11/30/2006			500,000		498,477	**
2.625%	05/15/2008			9,585,000		9,274,245
2.500%	10/31/2006			4,925,000		4,916,923
TOTAL U.S. TREASURY OBLIGATIONS (Cost $138,266,426)						138,170,466
ASSET BACKED SECURITIES—22.5%
Automotive—15.1%
Capital Auto Receivables Asset Trust, Series 2004-2, Class A3
3.580%	01/15/2009			6,100,000		6,014,282
Capital Auto Receivables Asset Trust, Series 2006-SN1A, Class A3, 144A
5.310%	10/20/2009	*		2,900,000		2,912,234
Capital Auto Receivables Asset Trust, Series 2006-SN1A, Class A4A, 144A
5.320%	03/20/2010	*		3,400,000		3,423,375
Chase Manhattan Auto Owner Trust, Series 2004-A, Class A3
2.080%	05/15/2008			964,392		961,828
Chase Manhattan Auto Owner Trust, Series 2006-B, Class A3
5.130%	05/15/2011			2,200,000		2,205,833
Chase Manhattan Auto Owner Trust, Series 2006-B, Class A4
5.110%	04/15/2014			2,200,000		2,210,134
Daimler Chrysler Auto Trust, Series 2003-B, Class A-4
2.860%	03/09/2009			4,609,531		4,555,222
Daimler Chrysler Auto Trust, Series 2004-C, Class A4
3.280%	12/08/2009			800,000		782,244
Daimler Chrysler Auto Trust, Series 2005-A, Class A3
3.490%	12/08/2008			798,425		793,066
Ford Credit Auto Owner Trust, Series 2005-A, Class A3
3.480%	11/15/2008			1,782,187		1,769,088
Ford Credit Auto Owner Trust, Series 2005-A, Class B
3.880%	01/15/2010			2,600,000		2,544,628
Ford Credit Auto Owner Trust, Series 2006-A, Class A3
5.050%	03/15/2010			1,065,000		1,063,621
Ford Credit Auto Owner Trust, Series 2006-B, Class A3
5.260%	10/15/2010			4,150,000		4,164,263
Harley-Davidson Motorcycle Trust, Series 2006-3, Class A3
5.240%	01/15/2012			3,060,000		3,072,681
Harley-Davidson Motorcycle Trust, Series 2006-3, Class A4
5.220%	06/15/2013			3,900,000		3,926,993
Hertz Vehicle Financing LLC, Series 2004-1A, Class A4, 144A
3.230%	05/25/2009	*		5,000,000		4,784,912

See accompanying notes to schedule of investments.

3

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Short-Term
Bond Fund

Coupon Rate	Maturity Date		Face		Value
ASSET BACKED SECURITIES—(Continued)
Honda Auto Receivables Owner Trust, Series 2003-2, Class A4
2.160%	10/21/2008		$	415,230	$	413,824
Honda Auto Receivables Owner Trust, Series 2003-4, Class A4
2.790%	03/16/2009			5,142,935		5,079,148
Household Automotive Trust, Series 2006-1, Class A3
5.430%	06/17/2011			3,800,000		3,825,568
Long Beach Auto Receivables Trust, Series 2006-B, Class A3
5.170%	08/15/2011	‡		4,350,000		4,355,176
Nissan Auto Receivables Owner Trust, Series 2003-C, Class A-5
3.210%	03/16/2009			2,040,000		2,009,137
Nissan Auto Receivables Owner Trust, Series 2004-A, Class A4
2.760%	07/15/2009			5,000,000		4,896,062
Nissan Auto Receivables Owner Trust, Series 2005-B, Class A4
4.180%	10/15/2010			1,000,000		982,518
Triad Auto Receivables Owner Trust, Series 2006-A, Class A3
4.770%	01/12/2011			3,189,000		3,173,677
USAA Auto Owner Trust, Series 2004-3, Class A4
3.530%	06/15/2011			6,000,000		5,874,830
Wachovia Auto Owner Trust, Series 2004-B, Class A4
3.440%	03/21/2011			2,600,000		2,531,584
Wachovia Auto Owner Trust, Series 2005-B, Class A4
4.840%	04/20/2011			4,525,000		4,508,510
Wachovia Auto Owner Trust, Series 2006-1, Class A4, 144A
5.080%	04/20/2012	*‡		4,000,000		3,993,680
						86,828,118
Credit Cards—3.8%
Capital One Multi-Asset Execution Trust, Ser. 2003-A4, Class A4
3.650%	07/15/2011			4,800,000		4,679,579
Citibank Credit Card Issuance Trust, Series 2003-A8, Class A8
3.500%	08/16/2010			8,270,000		8,044,877
GE Capital Credit Card Master Note Trust, Series 2006-1, Class A
5.080%	09/15/2012			9,100,000		9,132,703
						21,857,159
Utilities—3.6%
California Infrastructure PG&E-1, Series 1997-1, Class A8
6.480%	12/26/2009			5,492,859		5,547,772
California Infrastructure SCE-1, Series 1997-1, Class A7
6.420%	12/26/2009			6,450,000		6,506,147
Comed Transitional Funding Trust, Series 1998-1, Class A6
5.630%	06/25/2009			335,987		336,469
Peco Energy Transition Trust, Series 2000-A, Class A3
7.625%	03/01/2010			7,164,000		7,570,501
PG&E Energy Recovery Funding LLC, Series 2005-1, Class A2
3.870%	06/25/2011		$	1,057,078	$	1,039,588
						21,000,477
TOTAL ASSET BACKED SECURITIES (Cost $131,168,875)						129,685,754
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—10.3%
Mortgage Backed—10.3%
Bank of America Mortgage Securities, Series 2004-L, Class 1A1
4.189%	01/25/2035	#		4,687,733		4,641,668
Bear Stearns Commercial Mortgage Securities, Series 2004-PWR3, Class A2
3.869%	02/11/2041			5,490,000		5,346,789
Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-19, Class A1
5.500%	10/25/2034			40,158		40,047
Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-25, Class 3A1
6.477%	02/25/2035	#		3,249,895		3,360,736
Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-7, Class 6A1
6.542%	05/25/2034	#		1,957,014		1,995,752
CS First Boston Mortgage Securities Corporation, Series 2004-C3, Class A3
4.302%	07/15/2036			1,000,000		978,937
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
4.540%	10/25/2035			5,092,672		5,025,329
GSR Mortgage Loan Trust, Series 2004-11, Class 2A2
4.782%	09/25/2034	#		3,584,903		3,559,307
Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
5.319%	12/19/2035	#		6,790,397		6,786,411
LB-UBS Commercial Mortgage Trust, Series 2003-C7, Class A1
3.334%	09/15/2027			3,861,493		3,763,009
MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2
4.729%	12/25/2034	#		4,421,405		4,386,096
PNC Mortgage Acceptance Corp., Series 2001-C1, Class A1
5.910%	03/12/2034			3,701,772		3,728,813
Provident Funding Mortgage Loan Trust, Series 2004-1, Class 1A1
4.049%	04/25/2034			888,631		871,103
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 3A
5.402%	05/25/2035	#		5,689,509		5,702,477
Structured Asset Mortgage Investments, Inc., Series 2004-AR5, Class IIA1
7.335%	10/19/2034	#		1,072,204		1,083,233
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
3.312%	03/25/2044			1,186,911		1,150,402
Wells Fargo Mortgage Backed Securities Trust, Series 2004-Z, Class 2A1
4.577%	12/25/2034			2,827,489		2,794,931
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR9, Class IIA1
4.362%	05/25/2035			4,434,872		4,356,890
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES (Cost $59,911,159)						59,571,930

 

See accompanying notes to schedule of investments.

4

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Short-Term
Bond Fund

	Face		Value
REPURCHASE AGREEMENTS—1.8%
IBT Repurchase Agreement dated 09/29/2006 due 10/02/2006, with a maturity value of $10,507,611 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 6.23% to 6.33%, maturity dates ranging from 11/15/2031 to 02/15/2033 and an aggregate market value of $11,028717.	$	10,503,540	$	10,503,540
TOTAL INVESTMENTS—98.7% (Cost $573,381,518)				569,855,248
Other assets less liabilities—1.3%				7,289,000
NET ASSETS—100.0%			$	577,144,248

 

Legend to the Schedule of Investments:

MTN Medium Term Note

# Rate is subject to change. Rate shown reflects current rate.

* Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 4.96% of Total Investments.

** Security has been pledged as collateral for futures contracts.

‡ Security valued at fair value as determined by policies approved by the board of directors.

See accompanying notes to schedule of investments.

5

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint US Government
Securities Fund

Coupon Rate	Maturity Date		Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—45.1%
U.S. Government Agencies—40.6%
Federal Farm Credit Bank
3.750%	01/15/2009		$	1,050,000	$	1,022,861
3.000%	12/17/2007			700,000		684,236
Federal Home Loan Bank
5.750%	05/15/2012			625,000		650,938
5.375%	05/18/2016			1,225,000		1,262,741
4.900%	07/24/2008			300,000		299,110
4.750%	01/11/2008			250,000		249,019
4.625%	02/08/2008- 02/18/2011			1,400,000		1,390,505
4.500%	11/15/2012- 09/16/2013			1,310,000		1,278,929
4.125%	10/26/2007			250,000		247,511
4.100%	06/13/2008			400,000		394,309
4.000%	03/10/2008			800,000		789,013
3.625%	01/15/2008- 11/14/2008			3,400,000		3,322,182
3.000%	04/15/2009			1,650,000		1,577,831
2.750%	03/14/2008			2,500,000		2,422,345
2.625%	07/15/2008			2,000,000		1,921,388
Federal Home Loan Mortgage Corporation
6.625%	09/15/2009			1,400,000		1,464,620
6.250%	03/05/2012			250,000		250,972
6.000%	06/15/2011			400,000		418,432
5.750%	03/15/2009			1,800,000		1,833,761
5.500%	09/15/2011			600,000		615,799
5.400%	02/28/2011			125,000		125,026
5.250%	01/05/2011- 11/05/2012			550,000		547,308
5.125%	04/18/2008- 02/01/2011			5,600,000		5,614,631
5.000%	02/08/2008- 01/30/2014			1,100,000		1,096,249
4.900%	11/03/2008			300,000		298,746
4.875%	02/17/2009			2,000,000		1,998,260
4.750%	09/22/2010- 01/19/2016			2,150,000		2,134,993
4.500%	01/15/2013- 01/15/2015			3,500,000		3,407,979
4.375%	07/30/2009			500,000		492,793
4.125%	09/01/2009- 02/24/2011			900,000		874,908
4.000%	06/12/2013			400,000		377,259
3.875%	01/12/2009			100,000		97,563
3.625%	09/15/2008			2,500,000		2,438,717
3.500%	04/01/2008			200,000		195,654
3.250%	02/25/2008			500,000		487,653
Federal National Mortgage Association
6.625%	11/15/2010			880,000		936,745
6.000%	05/15/2011			800,000		836,565
5.375%	11/15/2011- 07/15/2016			2,330,000		2,391,982
5.250%	06/15/2008- 08/01/2012			3,340,000		3,356,718
5.125%	04/15/2011			675,000		681,633
5.100%	02/22/2008- 01/18/2011			300,000		299,247
5.000%	01/23/2009- 04/15/2015			900,000		900,210
4.875%	01/11/2008			450,000		448,877
4.750%	02/21/2013			150,000		148,537
4.500%	08/15/2008- 02/15/2011			1,000,000		987,963
4.375%	09/15/2012- 10/15/2015		$	950,000	$	918,440
4.125%	04/15/2014			400,000		379,807
4.000%	01/26/2009			300,000		293,972
3.875%	11/17/2008			400,000		391,004
3.750%	09/15/2008			400,000		391,114
3.375%	12/15/2008			900,000		871,009
3.250%	01/15/2008			775,000		758,059
3.125%	12/15/2007- 03/16/2009			950,000		924,179
						58,200,302
U.S. Government Agencies—Mortgage Backed—4.5%
Federal Home Loan Mortgage Corporation
6.500%	04/01/2035			142,002		145,010
6.000%	08/01/2017- 10/01/2017			385,095		390,768
5.000%	11/01/2017			57,619		56,811
Federal National Mortgage Association
7.500%	01/01/2034			352,940		364,865
7.000%	02/01/2013			176,158		180,497
6.500%	05/01/2035			173,484		177,108
6.000%	12/01/2013- 08/01/2021			2,002,174		2,032,965
5.500%	10/01/2020			1,416,980		1,420,570
5.000%	10/01/2018- 07/01/2019			1,753,261		1,726,592
						6,495,186
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $65,077,123)						64,695,488
U.S. TREASURY OBLIGATIONS—53.9%
U.S. Treasury Bonds—5.9%
U.S. Treasury Bond
14.000%	11/15/2011			800,000		809,001
12.000%	08/15/2013			700,000		790,809
11.750%	11/15/2014			500,000		602,188
11.250%	02/15/2015			850,000		1,236,551
10.625%	08/15/2015			800,000		1,144,938
5.750%	08/15/2010			1,840,000		1,915,469
5.000%	08/15/2011			2,000,000		2,039,142
						8,538,098
U.S. Treasury Notes—48.0%
U.S. Treasury Note
6.500%	02/15/2010			600,000		634,993
6.000%	08/15/2009			1,705,000		1,767,805
5.500%	05/15/2009			1,000,000		1,021,954
5.125%	06/30/2011- 05/15/2016	†		3,500,000		3,595,142
5.000%	02/15/2011			1,770,000		1,801,874
4.875%	05/31/2008- 08/15/2016	†		4,850,000		4,887,229
4.750%	05/15/2014			1,500,000		1,513,185
4.625%	02/29/2008- 03/31/2008			5,700,000		5,688,306
4.500%	02/15/2009- 02/15/2016	†		2,300,000		2,284,763
4.375%	01/31/2008- 08/15/2012			3,570,000		3,540,700
4.250%	11/30/2007- 08/15/2015			13,000,000		12,771,282
4.125%	05/15/2015			1,650,000		1,592,831
4.000%	04/15/2010- 02/15/2015			6,300,000		6,089,152

See accompanying notes to schedule of investments.

6

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint US Government
Securities Fund

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
3.875%	05/15/2009- 02/15/2013	†	$	5,050,000	$	4,923,155
3.750%	05/15/2008			2,700,000		2,658,763
3.625%	07/15/2009	†		530,000		516,481
3.500%	11/15/2009- 02/15/2010			1,580,000		1,526,752
3.375%	11/15/2008- 12/15/2008	†		3,980,000		3,876,614
3.125%	09/15/2008- 10/15/2008			6,550,000		6,359,838
3.000%	11/15/2007- 02/15/2008			1,850,000		1,810,622
						68,861,441
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $78,329,518)						77,399,539
CASH EQUIVALENTS—15.8%
Bank & Certificate Deposits/Offshore Time Deposits—15.2%
Abbey National PLC
5.270%	10/03/2006	††		465,433		465,433
Abbey National PLC
5.270%	10/04/2006	††		465,442		465,442
Bank Of Montreal
5.280%	10/16/2006	††		372,347		372,347
Bank Of Nova Scotia
5.280%	10/11/2006	††		465,433		465,433
Barclays
5.310%	10/20/2006	††		465,433		465,433
Barclays
5.305%	11/21/2006	††		465,433		465,433
Barton Capital LLC
5.267%	10/06/2006	††		465,433		465,433
BNP Paribas
5.260%	10/05/2006	††		465,433		465,433
Branch Banker &Trust
5.270%	10/10/2006	††		465,433		465,433
CAFCO Funding LLC
5.289%	11/17/2006	††		186,173		186,173
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		930,867		930,867
Charta LLC
5.314%	11/01/2006	††		186,173		186,173
CIESCO Domestic
5.290%	11/16/2006	††		186,173		186,173
Clipper Receivables Corp
5.283%	10/19/2006	††		279,260		279,260
Commonwealth Bank of Australia
5.275%	10/23/2006	††		359,315		359,315
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		465,433		465,433
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		372,347		372,347
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		465,433		465,433
Fairway Finance
5.292%	10/24/2006	††		372,347		372,347
Fairway Finance
5.274%	10/03/2006	††		186,173		186,173
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		186,173		186,173
Fortis Bank
5.300%	11/20/2006	††	$	186,173	$	186,173
Fortis Bank
5.280%	10/19/2006	††		558,520		558,520
General Electric Capital Corporation
5.285%	11/03/2006	††		372,347		372,347
Harris NA
5.280%	11/22/2006	††		465,433		465,433
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		372,347		372,347
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		186,173		186,173
Liberty Street
5.282%	10/13/2006	††		186,173		186,173
Lloyds TSB Bank
5.270%	10/02/2006	††		558,520		558,520
Merrill Lynch & Co
5.365%	10/02/2006	††		761,833		761,833
Morgan Stanley & Co
5.365%	10/02/2006	††		2,606,427		2,606,427
National Australia Bank
5.360%	10/02/2006	††		744,693		744,693
Paradigm Funding LLC
5.287%	10/10/2006	††		186,173		186,173
Park Avenue Receivables Corp
5.283%	10/26/2006	††		186,173		186,173
Park Avenue Receivables Corp
5.281%	10/03/2006	††		186,173		186,173
Royal Bank of Canada
5.300%	10/27/2006	††		465,433		465,433
Royal Bank of Canada
5.300%	11/17/2006	††		186,173		186,173
Royal Bank of Scotland
5.300%	10/27/2006	††		465,433		465,433
Sheffiled Receivables Corp
5.285%	10/18/2006	††		186,173		186,173
Societe Generale
5.300%	10/23/2006	††		670,224		670,224
Societe Generale
5.280%	11/01/2006	††		744,693		744,693
Svenska Handlesbanken
5.350%	10/02/2006	††		752,267		752,267
Three Pillars Funding LLC
5.284%	10/02/2006	††		186,173		186,173
Toronto Dominion Bank
5.265%	10/12/2006	††		465,433		465,433
UBS AG
5.305%	10/02/2006	††		465,433		465,433
UBS AG
5.300%	10/27/2006	††		465,433		465,433
Variable Funding Capital Co
5.265%	10/02/2006	††		276,681		276,681
Wells Fargo
5.270%	10/17/2006	††		465,433		465,433
Yorktown Capital LLC
5.287%	10/18/2006	††		186,173		186,173
						21,810,000
Floating Rate Instruments/Master Notes—0.6%
Bank of America
5.310%	07/10/2007	††		465,433		465,433
Bank of America
5.270%	11/10/2006	††		372,347		372,347
						837,780
TOTAL CASH EQUIVALENTS
(Cost $22,647,780)						22,647,780

 

See accompanying notes to schedule of investments.

7

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint US Government
Securities Fund

	Face		Value
REPURCHASE AGREEMENTS—0.6%
IBT Repurchase Agreement dated 09/29/2006 due 10/02/2006, with a maturity value of $841,399 and an effective yield of 4.65% collateralized by a U.S. Government Obligation with rate of 9.00%, maturity of 10/25/2015 and an aggregate market value of $883,127.	$	841,073	$	841,073
TOTAL INVESTMENTS—115.4%
(Cost $166,895,495)				165,583,880
Other assets less liabilities—(15.4%)				(22,146,298	)
NET ASSETS—100.0%			$	143,437,582

 

Legend to the Schedule of Investments:

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

See accompanying notes to schedule of investments.

8

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—80.2%
Advertising—0.2%
Interpublic Group, Inc.	*†		21,356	$	211,425
Monster Worldwide, Inc.	*		6,200		224,378
Omnicom Group			8,800		823,680
					1,259,483
Aerospace & Defense—1.3%
Goodrich Corporation			5,900		239,068
Boeing Company (The)			39,392		3,106,059
General Dynamics Corporation			19,720		1,413,332
Honeywell International, Inc.			40,825		1,669,742
Lockheed Martin Corporation			17,580		1,512,935
Northrop Grumman Corporation			17,292		1,177,066
Textron, Inc.			6,500		568,750
					9,686,952
Airlines—0.1%
Southwest Airlines Company			37,172		619,286
Apparel Retailers—0.3%
Gap, Inc. (The)			28,227		534,902
Kohl’s Corporation	*		17,000		1,103,640
Ltd. Brands			17,100		452,979
Nordstrom, Inc.			10,780		455,994
					2,547,515
Automotive—0.5%
Autonation, Inc.	*		6,800		142,120
Ford Motor Company	†		91,746		742,225
General Motors Corporation	†		27,800		924,628
Genuine Parts Company			8,525		367,683
Goodyear Tire & Rubber Company (The)	*†		8,600		124,700
Harley-Davidson, Inc.			13,400		840,850
Navistar International Corporation	*		2,900		74,878
Paccar, Inc.	†		12,483		711,781
					3,928,865
Banking—9.6%
American Express Company			60,930		3,416,954
AmSouth Bancorp			17,000		493,680
BB&T Corporation	†		26,300		1,151,414
Bank of America Corporation			225,505		12,080,303
Bank of New York Company, Inc. (The)			37,900		1,336,354
Capital One Financial Corporation			14,850		1,168,101
CIT Group, Inc.			9,800		476,574
Citigroup, Inc.			245,568		12,197,363
Comerica, Inc.			8,050		458,206
Commerce Bancorp, Inc.	†		7,637		280,354
Compass Bancshares, Inc.			6,100		347,578
Fifth Third Bancorp	†		27,288		1,039,127
First Horizon National Corporation			6,200		235,662
Golden West Financial Corporation			12,570		971,032
Huntington Bancshares, Inc.	†		12,536		299,986
JP Morgan Chase & Company			171,439		8,050,775
KeyCorp			19,900		745,056
M&T Bank Corporation			3,930		471,443
Marshall & IIsley Corporation			12,000		578,160
Mellon Financial Corporation			20,400		797,640
National City Corporation			28,300		1,035,780
North Fork Bancorp, Inc.			23,350		668,744
Northern Trust Corporation			9,150		534,634
PNC Financial Services Group, Inc.			14,400		1,043,136
Regions Financial Corporation	†		22,436	$	825,420
SLM Corporation			20,500		1,065,590
Sovereign Bancorp, Inc.			18,480		397,505
State Street Corporation			16,400		1,023,360
Suntrust Banks, Inc.			18,270		1,411,906
Synovus Financial Corporation			15,400		452,298
U.S. Bancorp			88,605		2,943,458
Wachovia Corporation			79,781		4,451,780
Washington Mutual, Inc.			48,762		2,119,684
Wells Fargo & Company			166,020		6,006,604
Zions Bancorp			5,100		407,031
					70,982,692
Beverages, Food & Tobacco—4.0%
Altria Group, Inc.			103,340		7,910,677
Anheuser-Busch Companies, Inc.			38,140		1,812,031
Archer-Daniels-Midland Company			32,124		1,216,857
Brown-Forman Corporation Class B			4,080		312,732
Campbell Soup Company			10,630		387,995
Coca-Cola Company (The)			101,290		4,525,637
Coca-Cola Enterprises, Inc.			14,960		311,617
ConAgra Foods, Inc.			25,500		624,240
Constellation Brands, Inc. Class A	*†		9,730		280,029
Dean Foods Company	*		6,000		252,120
General Mills, Inc.			17,500		990,500
H.J. Heinz Company			16,450		689,749
Hershey Foods Corporation	†		8,770		468,757
Kellogg Company			12,400		614,048
McCormick & Company, Inc.			6,500		246,870
Molson Coors Brewing Company—Class B			2,660		183,274
Pepsi Bottling Group, Inc.	†		6,610		234,655
Pepsico, Inc.			81,450		5,315,427
Reynolds American, Inc.	†		8,360		518,069
Sara Lee Corporation			37,400		601,018
Supervalu, Inc.			9,801		290,600
Sysco Corporation			30,500		1,020,225
Tyson Foods, Inc. Class A	†		12,400		196,912
UST, Inc.	†		8,000		438,640
WM Wrigley Jr. Company	†		10,887		501,455
					29,944,134
Building Materials—0.9%
Home Depot, Inc.			104,500		3,790,215
Louisiana-Pacific Corporation			5,600		105,112
Lowe’s Companies, Inc.			76,960		2,159,498
Vulcan Materials Company			4,900		383,425
					6,438,250
Chemicals—1.1%
Air Products & Chemicals, Inc.			11,000		730,070
Avery Dennison Corporation			5,400		324,918
Dow Chemical Company (The)			47,636		1,856,851
Eastman Chemical Company			3,975		214,730
Ecolab, Inc.	†		8,940		382,811
EI Du Pont de Nemours & Company			45,300		1,940,652
Hercules, Inc.	*		5,000		78,850
International Flavors & Fragrances, Inc.			4,300		170,022
Monsanto Company			26,498		1,245,671
PPG Industries, Inc.			8,124		544,958
Praxair, Inc.			15,830		936,503
					8,426,036
Coal—0.0%
Consol Energy, Inc.			7,736		245,463

See accompanying notes to schedule of investments.

9

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Commercial Services—0.8%
Allied Waste Industries, Inc.	*		11,900	$	134,113
Apollo Group, Inc. Class A	*		6,910		340,248
Cintas Corporation			6,800		277,644
Convergys Corporation	*		7,600		156,940
Equifax, Inc.			6,400		234,944
Fluor Corporation			4,300		330,627
H&R Block, Inc.			16,100		350,014
Moody’s Corporation			12,000		784,560
Paychex, Inc.			16,450		606,183
Robert Half International, Inc.	†		8,400		285,348
RR Donnelley & Sons Company			10,600		349,376
Ryder System, Inc.	†		3,100		160,208
Waste Management, Inc.			27,127		995,018
Xerox Corporation	*		45,800		712,648
					5,717,871
Communications—1.3%
ADC Telecommunications, Inc.	*		5,571		83,565
Avaya, Inc.	*		20,468		234,154
Ciena Corp.	*		4,371		119,110
Comverse Technology, Inc.	*		10,700		229,408
Corning, Inc.	*		76,050		1,856,381
L-3 Communications Holdings, Inc.			6,000		469,980
Motorola, Inc.			122,990		3,074,750
Network Appliance, Inc.	*		18,400		680,984
Qualcomm, Inc.			81,500		2,962,525
					9,710,857
Computer Software & Processing—4.5%
Adobe Systems, Inc.	*		29,500		1,104,775
Affiliated Computer Services, Inc. Class A	*†		5,800		300,788
Autodesk, Inc.	*		11,400		396,492
Automatic Data Processing, Inc.			28,500		1,349,190
BMC Software, Inc.	*		10,500		285,810
CA, Inc.			22,416		531,035
Citrix Systems, Inc.	*		8,900		322,269
Computer Sciences Corporation	*		9,200		451,904
Compuware Corporation	*		18,800		146,452
Electronic Arts, Inc.	*†		14,900		829,632
Electronic Data Systems Corporation			25,300		620,356
First Data Corporation			37,736		1,584,912
Fiserv, Inc.	*		9,100		428,519
Google, Inc. Class A	*		10,411		4,184,181
IMS Health, Inc.			9,825		261,738
Intuit, Inc.	*		17,400		558,366
Juniper Networks, Inc.	*		26,268		453,911
Microsoft Corporation			430,353		11,761,547
NCR Corporation	*		9,000		355,320
Novell, Inc.	*		18,800		115,056
Nvidia Corporation	*		16,800		497,112
Oracle Corporation	*†		196,220		3,480,943
Parametric Technology Corp.	*		5,320		92,887
Symantec Corporation	*		51,368		1,093,111
Unisys Corporation	*		15,700		88,862
VeriSign, Inc.	*		11,800		238,360
Yahoo!, Inc.	*†		62,100		1,569,888
					33,103,416
Computers—0.1%
Sun Microsystems, Inc.	*		170,200		845,894
Computers & Information—3.7%
Apple Computer, Inc.	*		41,900	$	3,227,557
Cisco Systems, Inc.	*		302,550		6,958,650
Dell, Inc.	*		115,800		2,644,872
EMC Corporation	*		116,950		1,401,061
Hewlett-Packard Company			137,386		5,040,692
International Business Machines Corporation			76,160		6,240,550
International Game Technology			16,600		688,900
Lexmark International, Inc.	*†		5,300		305,598
Pitney Bowes, Inc.			11,200		496,944
Sandisk Corporation	*		9,000		481,860
Solectron Corporation	*		45,000		146,700
Symbol Technologies, Inc.			12,800		190,208
					27,823,592
Containers & Packaging—0.1%
Ball Corporation			5,100		206,295
Sealed Air Corporation			3,965		214,586
					420,881
Cosmetics & Personal Care—1.7%
Alberto Culver Company Class B			3,400		172,006
Avon Products, Inc.			22,200		680,652
Clorox Company			7,400		466,200
Colgate-Palmolive Company			25,400		1,577,340
Estee Lauder Companies, Inc. (The) Class A	†		5,670		228,671
Procter & Gamble Company			158,351		9,814,595
					12,939,464
Diversified—2.9%
3M Company			37,150		2,764,703
General Electric Company			512,760		18,100,428
ITT Industries, Inc.			9,100		466,557
					21,331,688
Electric Utilities—2.7%
AES Corporation (The)	*		32,300		658,597
Allegheny Energy, Inc.	*		8,000		321,360
Ameren Corporation	†		10,100		533,179
American Electric Power Company, Inc.			19,360		704,123
CMS Energy Corporation	*		11,100		160,284
Centerpoint Energy, Inc.	†		15,226		218,036
Consolidated Edison, Inc.	†		12,100		559,020
Constellation Energy Group, Inc.			8,800		520,960
DTE Energy Company			8,700		361,137
Dominion Resources, Inc.			17,071		1,305,761
Duke Energy Corp.			61,008		1,842,442
Edison International			16,000		666,240
Entergy Corporation			10,200		797,946
Exelon Corporation			32,824		1,987,165
FPL Group, Inc.			19,900		895,500
FirstEnergy Corporation			16,273		909,010
KeySpan Corporation			8,600		353,804
NiSource, Inc.			13,302		289,185
PG&E Corporation			17,010		708,467
PPL Corporation			18,700		615,230
Pinnacle West Capital Corporation			4,900		220,745
Progress Energy, Inc.	†		12,400		562,712
Public Service Enterprise Group, Inc.			12,300		752,637
Sempra Energy			12,669		636,617
Southern Company (The)	†		36,500		1,257,790
TXU Corporation			22,794		1,425,081

See accompanying notes to schedule of investments.

10

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
TECO Energy, Inc.			10,200	$	159,630
Xcel Energy, Inc.			19,870		410,316
					19,832,974
Electrical Equipment—0.3%
Cooper Industries Ltd. Class A			4,500		383,490
Emerson Electric Company			20,200		1,693,972
					2,077,462
Electronics—2.4%
Advanced Micro Devices, Inc.	*		23,700		588,945
Agilent Technologies, Inc.	*		21,049		688,092
Altera Corporation	*		17,700		325,326
American Power Conversion Corporation	†		7,900		173,484
Analog Devices, Inc.			18,000		529,020
Broadcom Corporation Class A	*		21,670		657,468
Freescale Semiconductor, Inc. Class B	*		20,153		766,016
Intel Corporation			289,340		5,951,724
JDS Uniphase Corporation	*		84,700		185,493
Jabil Circuit, Inc.			8,590		245,416
LSI Logic Corporation	*†		19,300		158,646
Linear Technology Corporation	†		15,000		466,800
Maxim Integrated Products, Inc.			15,820		444,067
Micron Technology, Inc.	*		33,600		584,640
Molex, Inc.			6,975		271,816
National Semiconductor Corporation			16,600		390,598
Novellus Systems, Inc.	*		6,200		171,492
PMC-Sierra, Inc.	*†		10,900		64,746
QLogic Corporation	*		8,800		166,320
Raytheon Company			21,900		1,051,419
Rockwell Collins, Inc.			8,500		466,140
Sanmina-SCI Corporation	*		28,400		106,216
Tektronix, Inc.			4,500		130,185
Teradyne, Inc.	*†		9,400		123,704
Texas Instruments, Inc.			78,700		2,616,775
Xilinx, Inc.			16,910		371,175
					17,695,723
Entertainment & Leisure—1.4%
Eastman Kodak Company	†		14,100		315,840
Harrah’s Entertainment, Inc.			9,060		601,856
Hasbro, Inc.			8,275		188,256
Mattel, Inc.			19,078		375,837
News Corporation, Inc. Class A			118,050		2,319,683
Time Warner, Inc.			204,167		3,721,964
Walt Disney Company			105,565		3,263,014
					10,786,450
Financial Services—3.4%
Ameriprise Financial, Inc.			12,326		578,089
Bear Stearns Companies, Inc. (The)			5,833		817,203
Charles Schwab Corporation (The)			50,722		907,924
Chicago Mercantile Exchange			1,693		809,677
Countrywide Financial Corporation			29,698		1,040,618
E*Trade Financial Corporation	*		20,600		492,752
Federal Home Loan Mortgage Corporation			34,000		2,255,220
Federal National Mortgage Association			47,600		2,661,316
Federated Investors, Inc. Class B			3,800		128,478
Franklin Resources, Inc.			7,990		844,943
Goldman Sachs Group, Inc.			21,480		3,633,772
Janus Capital Group, Inc.			10,400		205,088
Legg Mason, Inc.			6,100		615,246
Lehman Brothers Holdings, Inc.			26,600	$	1,964,676
Merrill Lynch & Company, Inc.			45,170		3,533,197
Morgan Stanley			52,830		3,851,835
T. Rowe Price Group, Inc.			13,020		623,007
					24,963,041
Food Retailers—0.4%
Kroger Company			35,700		826,098
Safeway, Inc.			22,100		670,735
Starbucks Corporation	*		37,600		1,280,280
Whole Foods Market, Inc.			6,800		404,124
					3,181,237
Forest Products & Paper—0.5%
Bemis Company			5,700		187,302
International Paper Company			24,202		838,115
Kimberly Clark Corporation			22,620		1,478,443
MeadWestvaco Corporation			8,814		233,659
Pactiv Corporation	*		6,900		196,098
Temple-Inland, Inc.			5,500		220,550
Weyerhaeuser Company			12,000		738,360
					3,892,527
Health Care Providers—1.0%
Caremark Rx, Inc.			22,100		1,252,407
Coventry Health Care, Inc.	*		7,840		403,917
Express Scripts, Inc.	*		7,200		543,528
HCA, Inc.			20,067		1,001,143
Health Management Associates, Inc. Class A	†		11,800		246,620
Laboratory Corporation of America Holdings	*		6,200		406,534
Manor Care, Inc.	†		3,900		203,892
Tenet Healthcare Corporation	*		25,550		207,977
UnitedHealth Group, Inc.			66,700		3,281,640
					7,547,658
Heavy Construction—0.0%
Centex Corporation	†		6,000		315,720
Heavy Machinery—1.8%
American Standard Companies, Inc.			8,750		367,238
Applied Materials, Inc.	†		78,000		1,382,940
Baker Hughes, Inc.			16,880		1,151,216
Black & Decker Corporation	†		3,800		301,530
Caterpillar, Inc.			33,000		2,171,400
Cummins, Inc.			2,300		274,229
Deere & Company			11,700		981,747
Dover Corporation			10,000		474,400
Eaton Corporation			7,300		502,605
Ingersoll-Rand Company Class A			16,100		611,478
National-Oilwell Varco, Inc.	*		8,610		504,116
Pall Corporation	†		6,566		202,298
Parker Hannifin Corporation			5,925		460,550
Rockwell Automation, Inc.			8,700		505,470
Stanley Works (The)			3,800		189,430
United Technologies Corporation			49,910		3,161,799
W.W. Grainger, Inc.			3,800		254,676
					13,497,122
Home Construction, Furnishings & Appliances—0.4%
DR Horton, Inc.			13,400		320,930
Harman International Industries, Inc.			3,200		267,008
Johnson Controls, Inc.			9,510		682,247
KB Home			3,800		166,440

See accompanying notes to schedule of investments.

11

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Leggett & Platt, Inc.			9,000	$	225,270
Lennar Corporation Class A			6,700		303,175
Masco Corporation			20,500		562,110
Pulte Homes, Inc.			10,540		335,804
Whirlpool Corporation			3,798		319,450
					3,182,434
Household Products—0.3%
Fortune Brands, Inc.			7,200		540,792
Illinois Tool Works, Inc.			20,080		901,592
Newell Rubbermaid, Inc.			13,460		381,187
Rohm & Haas Company			7,095		335,948
Snap-On, Inc.			2,850		126,968
					2,286,487
Industrial—Diversified—0.4%
Tyco International Ltd.			99,149		2,775,181
Insurance—4.5%
ACE Ltd. (Bermuda)			15,900		870,207
Aflac, Inc.			24,500		1,121,120
Aetna, Inc.			27,848		1,101,388
Allstate Corporation (The)			31,738		1,990,925
AMBAC Financial Group, Inc.			5,150		426,163
American International Group, Inc.			128,340		8,503,808
AON Corporation			15,825		535,993
Chubb Corporation			19,620		1,019,455
Cigna Corporation			5,970		694,430
Cincinnati Financial Corporation			8,539		410,384
Genworth Financial, Inc. Class A			20,840		729,608
Hartford Financial Services Group, Inc.			14,900		1,292,575
Humana, Inc.	*		8,000		528,720
Lincoln National Corporation			14,004		869,368
Loews Corporation			21,070		798,553
MBIA, Inc.			6,550		402,432
MGIC Investment Corporation			4,300		257,871
Marsh & McLennan Companies, Inc.			26,900		757,235
Metlife, Inc.			37,310		2,114,731
Principal Financial Group			13,750		746,350
Progressive Corporation (The)			38,720		950,189
Prudential Financial, Inc.			24,300		1,852,875
Safeco Corporation	†		6,100		359,473
St. Paul Travelers Companies			34,216		1,604,388
Torchmark Corporation			5,100		321,861
UnumProvident Corporation			14,718		285,382
WellPoint, Inc.	*		31,460		2,423,993
XL Capital Ltd. Class A (Bermuda)			8,550		587,385
					33,556,862
Lodging—0.3%
Hilton Hotels Corporation			18,100		504,085
Marriott International, Inc. Class A			16,040		619,786
Starwood Hotels & Resorts Worldwide, Inc.			10,600		606,214
Wyndham Worldwide Corp.	*		9,920		277,462
					2,007,547
Media—Broadcasting & Publishing—1.4%
CBS Corp. Class B			38,045		1,071,728
Clear Channel Communications, Inc.			25,470		734,810
Comcast Corporation Class A	*		105,180		3,875,883
Dow Jones & Company, Inc.	†		3,390		113,701
E.W. Scripps Company Class A			4,200		201,306
Gannett Company, Inc.			11,730		666,616
McGraw-Hill Companies, Inc. (The)			18,100	$	1,050,343
Meredith Corporation			2,100		103,593
New York Times Company Class A	†		7,000		160,860
Tribune Company	†		11,367		371,928
Univision Communications, Inc. Class A	*†		10,950		376,023
Viacom, Inc. Class B	*		36,945		1,373,615
					10,100,406
Medical Equipment & Supplies—0.0%
Patterson Companies, Inc.	*†		6,800		228,548
Medical Supplies—2.9%
Allergan, Inc.			7,500		844,575
Applera Corporation—Applied Biosystems Group			9,000		297,990
Bausch & Lomb, Inc.			2,806		140,665
Baxter International, Inc.			31,900		1,450,174
Becton, Dickinson & Company			12,200		862,174
Biomet, Inc.			12,225		393,523
Boston Scientific Corporation	*		56,830		840,516
C.R. Bard, Inc.	†		5,100		382,500
Fisher Scientific International	*		6,100		477,264
Johnson & Johnson			146,428		9,509,034
Kla-Tencor Corporation			9,820		436,695
Medtronic, Inc.			58,310		2,707,916
Millipore Corporation	*†		2,500		153,250
PerkinElmer, Inc.			6,400		121,152
Quest Diagnostics, Inc.			8,000		489,280
St. Jude Medical, Inc.	*		18,000		635,220
Stryker Corporation			14,400		714,096
Thermo Electron Corporation	*†		8,000		314,640
Waters Corporation	*		5,100		230,928
Zimmer Holdings, Inc.	*		12,190		822,825
					21,824,417
Metals—0.7%
Alcoa, Inc.			42,860		1,201,794
Allegheny Technologies, Inc.	†		4,283		266,360
Danaher Corporation			11,710		804,126
Newmont Mining Corporation			21,968		939,132
Nucor Corporation			15,200		752,248
Phelps Dodge Corporation			10,056		851,743
United States Steel Corporation			5,320		306,858
					5,122,261
Mining—0.1%
Freeport-McMoran Copper & Gold, Inc. Class B			9,100		484,666
Oil & Gas—7.3%
Anadarko Petroleum Corporation			22,740		996,694
Apache Corporation			16,292		1,029,654
Ashland, Inc.	†		3,400		216,852
BJ Services Company			15,900		479,067
Chesapeake Energy Corporation	†		18,400		533,232
Chevron Texaco Corporation			109,480		7,100,873
ConocoPhillips			81,119		4,829,014
Devon Energy Corporation			21,688		1,369,597
Dynegy, Inc. Class A	*		16,600		91,964
EOG Resources, Inc.			11,900		774,095
EL Paso Corporation	†		32,477		442,986
Exxon Mobil Corporation			295,528		19,829,929
Halliburton Company			50,820		1,445,829
Hess Corp.			11,700		484,614
Kinder Morgan, Inc.			5,200		545,220
Marathon Oil Corporation			17,997		1,383,969

See accompanying notes to schedule of investments.

12

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Murphy Oil Corporation	†		8,710	$	414,161
Nabors Industries Ltd.	*		15,500		461,125
Nicor, Inc.	†		2,200		94,072
Noble Corporation			6,700		430,006
Occidental Petroleum Corporation			42,380		2,038,902
Peoples Energy Corporation			2,300		93,495
Rowan Companies, Inc.			5,400		170,802
Schlumberger Ltd.			58,100		3,603,943
Smith International, Inc.			8,337		323,476
Sunoco, Inc.			6,600		410,454
Transocean, Inc.	*		16,011		1,172,486
Valero Energy Corporation			30,560		1,572,923
Weatherford International Ltd.	*		17,120		714,246
Williams Companies, Inc.			29,300		699,391
XTO Energy, Inc.			17,866		752,695
					54,505,766
Pharmaceuticals—5.7%
Abbott Laboratories			75,700		3,675,992
AmerisourceBergen Corporation			10,300		465,560
Amgen, Inc.	*		57,444		4,108,969
Barr Pharmaceuticals, Inc.	*		5,200		270,088
Biogen Idec, Inc.	*		16,930		756,432
Bristol-Myers Squibb Company			96,400		2,402,288
Cardinal Health, Inc.			20,750		1,364,105
Eli Lilly & Company			49,800		2,838,600
Forest Laboratories, Inc.	*		16,000		809,760
Genzyme Corporation	*		12,800		863,616
Gilead Sciences, Inc.	*		22,730		1,561,551
Hospira, Inc.	*		7,950		304,247
King Pharmaceuticals, Inc.	*		11,466		195,266
McKesson Corporation			15,089		795,492
Medco Health Solutions, Inc.	*		14,955		898,945
MedImmune, Inc.	*†		12,600		368,046
Merck & Company, Inc.			107,600		4,508,440
Mylan Laboratories			10,800		217,404
Pfizer, Inc.			361,912		10,263,824
Schering-Plough Corporation			72,800		1,608,152
Sigma Aldrich Corporation	†		3,300		249,711
Watson Pharmaceuticals, Inc.	*		4,800		125,616
Wyeth			66,100		3,360,524
					42,012,628
Real Estate—0.9%
Apartment Investment & Management Company REIT Class A	†		4,400		239,404
Archstone-Smith Trust REIT	†		10,500		571,620
Boston Properties, Inc. REIT			5,100		527,034
Equity Office Properties Trust REIT			18,300		727,608
Equity Residential REIT			14,300		723,294
Kimco Realty Corporation REIT			9,900		424,413
Plum Creek Timber Company, Inc. REIT			9,100		309,764
Prologis REIT			12,000		684,720
Public Storage, Inc. REIT			5,320		457,467
Realogy Corp.	*		12,400		281,232
Simon Property Group, Inc. REIT			10,300		933,386
Vornado Realty Trust REIT			5,800		632,200
					6,512,142
Restaurants—0.5%
Darden Restaurants, Inc.			6,500		276,055
McDonald’s Corporation	†		61,800		2,417,616
Wendy’s International, Inc.			5,600	$	375,200
Yum! Brands, Inc.			13,600		707,880
					3,776,751
Retailers—3.2%
Amazon.Com, Inc.	*		15,200		488,224
Autozone, Inc.	*		2,710		279,943
Bed Bath & Beyond, Inc.	*		13,800		527,988
Best Buy Company, Inc.			20,015		1,072,003
Big Lots, Inc.	*†		5,200		103,012
CVS Corporation			40,200		1,291,224
Circuit City Stores, Inc.			7,400		185,814
Costco Wholesale Corporation			23,276		1,156,352
Dillard’s, Inc. Class A	†		2,900		94,917
Dollar General Corporation			15,570		212,219
eBay, Inc.	*		56,730		1,608,863
Family Dollar Stores, Inc.			8,200		239,768
Federated Department Stores			26,704		1,153,880
JC Penney Company, Inc. (Holding Company)			11,420		781,014
Office Depot, Inc.	*		14,500		575,650
OfficeMax, Inc.			3,370		137,294
RadioShack Corporation			6,100		117,730
Sears Holdings Corporation	*		4,502		711,721
Sherwin-Williams Company (The)			5,430		302,885
Staples, Inc.			35,850		872,231
TJX Companies, Inc.			22,700		636,281
Target Corporation			43,200		2,386,800
Tiffany & Company			7,000		232,400
Walgreen Company			49,800		2,210,622
Wal-Mart Stores, Inc.			122,900		6,061,428
					23,440,263
Telecommunications—0.1%
Citizens Communications Company			16,200		227,448
Lucent Technologies, Inc.	*		219,819		514,376
Tellabs, Inc.	*		22,200		243,312
					985,136
Telephone Systems—2.7%
Alltel Corporation			19,080		1,058,940
AT&T, Inc.			190,834		6,213,555
BellSouth Corporation			89,300		3,817,575
CenturyTel, Inc.			5,600		222,152
Embarq Corp.			7,297		352,956
Qwest Communications International, Inc.	*		76,329		665,589
Sprint Nextel Corp.			145,959		2,503,197
Verizon Communications, Inc.			143,971		5,345,643
Windstream Corp.			19,727		260,199
					20,439,806
Textiles, Clothing & Fabrics—0.3%
Coach, Inc.	*		18,900		650,160
Jones Apparel Group, Inc.			5,600		181,664
Liz Claiborne, Inc.			5,000		197,550
Nike, Inc. Class B			9,360		820,123
VF Corporation			4,300		313,685
					2,163,182
Transportation—1.5%
Brunswick Corporation			4,900		152,831
Burlington Northern Santa Fe Corporation			18,356		1,348,065
CSX Corporation			21,600		709,128
Carnival Corporation	†		21,330		1,003,150

See accompanying notes to schedule of investments.

13

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Asset
Allocation Fund

	Shares		Value
COMMON STOCKS—(Continued)
FedEx Corporation		14,940	$	1,623,679
Norfolk Southern Corporation		20,300		894,215
Sabre Holdings Corporation		6,930		162,093
Union Pacific Corporation		13,000		1,144,000
United Parcel Service, Inc. Class B		53,700		3,863,178
				10,900,339
TOTAL COMMON STOCKS
(Cost $501,683,629)				596,067,075

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—1.0%
U.S. Treasury Bills—1.0%
U.S. Treasury Bill
4.855%	12/07/2006
(Cost $7,124,064)		**	$	7,190,000		7,124,064

 

		Shares		Value
RIGHTS—0.0%
Computers & Information—0.0%
Seagate Technology, Inc.
(Cost $—)	*d		10,600		—

 

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—12.0%
Banking—4.0%
Dexia Delaware LLC
5.215%	12/19/2006		$	30,000,000		29,652,333
Financial Services—8.0%
Santander Central Hispano Finance, Inc.
5.255%	12/11/2006			30,000,000		29,684,700
UBS Finance Delaware LLC
5.245%	12/18/2006			30,000,000		29,654,704
						59,339,404
TOTAL COMMERCIAL PAPER
(Cost $88,991,737)						88,991,737
CASH EQUIVALENTS—3.6%
Bank & Certificate Deposits/ Offshore Time Deposits—3.5%
Abbey National PLC
5.270%	10/03/2006	††		553,897		553,897
Abbey National PLC
5.270%	10/04/2006	††		553,897		553,897
Bank Of Montreal
5.280%	10/16/2006	††		443,117		443,117
Bank Of Nova Scotia
5.280%	10/11/2006	††		553,897		553,897
Barclays
5.310%	10/20/2006	††		553,897		553,897
Barclays
5.305%	11/21/2006	††		553,897		553,897
Barton Capital LLC
5.267%	10/06/2006	††		553,897		553,897

 

Coupon Rate	Maturity         Date		Face		Value
BNP Paribas
5.260%	10/05/2006	††	$	553,897	$	553,897
Branch Banker &Trust
5.270%	10/10/2006	††		553,897		553,897
CAFCO Funding LLC
5.289%	11/17/2006	††		221,559		221,559
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		1,107,793		1,107,793
Charta LLC
5.314%	11/01/2006	††		221,559		221,559
CIESCO Domestic
5.290%	11/16/2006	††		221,559		221,559
Clipper Receivables Corp
5.283%	10/19/2006	††		332,338		332,338
Commonwealth Bank of Australia
5.275%	10/23/2006	††		427,608		427,608
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		553,897		553,897
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		443,117		443,117
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		553,897		553,897
Fairway Finance
5.292%	10/24/2006	††		443,117		443,117
Fairway Finance
5.274%	10/03/2006	††		221,559		221,559
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		221,559		221,559
Fortis Bank
5.300%	11/20/2006	††		221,559		221,559
Fortis Bank
5.280%	10/19/2006	††		664,676		664,676
General Electric Capital Corporation
5.285%	11/03/2006	††		443,117		443,117
Harris NA
5.280%	11/22/2006	††		553,897		553,897
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		443,117		443,117
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		221,559		221,559
Liberty Street
5.282%	10/13/2006	††		221,559		221,559
Lloyds TSB Bank
5.270%	10/02/2006	††		664,676		664,676
Merrill Lynch & Co
5.365%	10/02/2006	††		906,632		906,632
Morgan Stanley & Co
5.365%	10/02/2006	††		3,101,821		3,101,812
National Australia Bank
5.360%	10/02/2006	††		886,235		886,235
Paradigm Funding LLC
5.287%	10/10/2006	††		221,559		221,559
Park Avenue Receivables Corp
5.283%	10/26/2006	††		221,559		221,559
Park Avenue Receivables Corp
5.281%	10/03/2006	††		221,559		221,559
Royal Bank of Canada
5.300%	10/27/2006	††		553,897		553,897
Royal Bank of Canada
5.300%	11/17/2006	††		221,559		221,559
Royal Bank of Scotland
5.300%	10/27/2006	††		553,897		553,897
Sheffiled Receivables Corp
5.285%	10/18/2006	††		221,559		221,559
Societe Generale
5.300%	10/23/2006	††		797,611		797,611
Societe Generale
5.280%	11/01/2006	††		886,235		886,235

 

See accompanying notes to schedule of investments.

14

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Asset
Allocation Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Svenska Handlesbanken
5.350%	10/02/2006	††	$	895,248	$	895,248
Three Pillars Funding LLC
5.284%	10/02/2006	††		221,559		221,559
Toronto Dominion Bank
5.265%	10/12/2006	††		553,897		553,897
UBS AG
5.305%	10/02/2006	††		553,897		553,897
UBS AG
5.300%	10/27/2006	††		553,897		553,897
Variable Funding Capital Co
5.265%	10/02/2006	††		329,268		329,268
Wells Fargo
5.270%	10/17/2006	††		553,897		553,897
Yorktown Capital LLC
5.287%	10/18/2006	††		221,559		221,559
						25,955,351
Floating Rate Instruments/Master Notes—0.1%
Bank of America
5.310%	07/10/2007	††		553,897		553,897
Bank of America
5.270%	11/10/2006	††		443,117		443,117
						997,014
TOTAL CASH EQUIVALENTS
(Cost $26,952,365)						26,952,365
TOTAL INVESTMENTS—96.8%
(Cost $624,751,795)						719,135,241
Other assets less liabilities—3.2%						23,593,941
NET ASSETS—100.0%					$	742,729,182

 

Legend to the Schedule of Investments:

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

** Security has been pledged as collateral for futures contracts.

†† Represents collateral received from securities lending transactions.

d Security has no market value at 09/30/2006.

See accompanying notes to schedule of investments.

15

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Equity Income Fund

		Shares		Value
COMMON STOCKS—95.1%
Aerospace & Defense—1.2%
Honeywell International, Inc.			286,700	$	11,726,031
Lockheed Martin Corporation			50,000		4,303,000
					16,029,031
Automotive—2.4%
Ford Motor Company	†		200,000		1,618,000
General Motors Corporation	†		804,000		26,741,040
Genuine Parts Company			90,552		3,905,508
					32,264,548
Banking—9.0%
American Express Company			50,000		2,804,000
Bank of America Corporation			440,492		23,597,156
Capital One Financial Corporation			112,000		8,809,920
Citigroup, Inc.			322,369		16,012,068
JP Morgan Chase & Company			250,000		11,740,000
KeyCorp			100,000		3,744,000
Mellon Financial Corporation			150,000		5,865,000
Northern Trust Corporation			40,000		2,337,200
PNC Financial Services Group, Inc.			75,000		5,433,000
SLM Corporation			151,600		7,880,168
State Street Corporation			110,000		6,864,000
Suntrust Banks, Inc.			40,000		3,091,200
Wachovia Corporation			152,504		8,509,723
Washington Mutual, Inc.			215,745		9,378,435
Wells Fargo & Company			126,000		4,558,680
					120,624,550
Beverages, Food & Tobacco—4.8%
Altria Group, Inc.			168,900		12,929,295
Anheuser-Busch Companies, Inc.			125,000		5,938,750
Campbell Soup Company	†		99,712		3,639,488
Coca-Cola Company (The)			120,000		5,361,600
General Mills, Inc.			80,022		4,529,245
H.J. Heinz Company			124,200		5,207,706
Imperial Tobacco Group PLC (United Kingdom)			179,600		12,038,588
Kraft Foods, Inc. Class A	†		100,000		3,566,000
McCormick & Company, Inc.			75,000		2,848,500
UST, Inc.	†		153,337		8,407,468
					64,466,640
Building Materials—2.4%
Cemex SA de CV Sponsored ADR (Mexico)	†*		731,166		21,993,473
Hanson PLC Sponsored ADR (United Kingdom)			111,700		8,047,985
Home Depot, Inc.			75,000		2,720,250
					32,761,708
Chemicals—1.6%
Avery Dennison Corporation			85,000		5,114,450
Dow Chemical Company (The)			39,771		1,550,274
EI Du Pont de Nemours & Company			268,646		11,508,795
Hercules, Inc.	*		48,000		756,960
International Flavors & Fragrances, Inc.			70,000		2,767,800
					21,698,279
Commercial Services—0.3%
Waste Management, Inc.			100,000		3,668,000
Xerox Corporation	*		51,000		793,560
					4,461,560
Computer Software & Processing—0.4%
Microsoft Corporation			200,000	$	5,466,000
Computers & Information—4.3%
Dell, Inc.	*		2,104,000		48,055,360
International Business Machines Corporation			60,000		4,916,400
Pitney Bowes, Inc.			98,700		4,379,319
					57,351,079
Cosmetics & Personal Care—0.6%
Avon Products, Inc.			100,000		3,066,000
Colgate-Palmolive Company			80,000		4,968,000
					8,034,000
Diversified—1.2%
3M Company			95,300		7,092,226
General Electric Company			275,000		9,707,500
					16,799,726
Electric Utilities—3.2%
Dominion Resources, Inc.			86,200		6,593,438
Duke Energy Corp.			594,024		17,939,525
Entergy Corporation			105,200		8,229,796
FirstEnergy Corporation			50,000		2,793,000
NiSource, Inc.			130,000		2,826,200
Progress Energy, Inc.	†		100,000		4,538,000
					42,919,959
Electrical Equipment—1.1%
Cooper Industries Ltd. Class A			75,000		6,391,500
Emerson Electric Company			103,400		8,671,124
					15,062,624
Electronics—4.6%
American Power Conversion Corporation	†		300,600		6,601,176
Analog Devices, Inc.			125,000		3,673,750
Intel Corporation			175,000		3,599,750
Koninklijke (Royal) Philips Electronics NV NY Shares (Netherlands)			1,007,000		35,255,070
Raytheon Company			100,000		4,801,000
Sony Corporation ADR (Japan)	†		125,000		5,045,000
Texas Instruments, Inc.			100,000		3,325,000
					62,300,746
Entertainment & Leisure—5.0%
Discovery Holding Company Class A	†*		1,209,800		17,493,708
Eastman Kodak Company	†		135,741		3,040,598
Mattel, Inc.			459,600		9,054,120
Time Warner, Inc.			250,000		4,557,500
Walt Disney Company			1,054,000		32,579,140
					66,725,066
Financial Services—1.4%
Charles Schwab Corporation (The)			250,000		4,475,000
Federal National Mortgage Association			40,806		2,281,463
Janus Capital Group, Inc.			150,000		2,958,000
Morgan Stanley			120,000		8,749,200
					18,463,663
Forest Products & Paper—0.7%
International Paper Company			150,000		5,194,500
Kimberly Clark Corporation			45,259		2,958,128
MeadWestvaco Corporation			50,000		1,325,500
					9,478,128

See accompanying notes to schedule of investments.

16

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
Equity Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Health Care Providers—1.0%
HCA, Inc.			133,100	$	6,640,359
UnitedHealth Group, Inc.			130,400		6,415,680
					13,056,039
Heavy Machinery—1.1%
Pall Corporation			120,000		3,697,200
Stanley Works (The)			235,200		11,724,720
					15,421,920
Household Products—1.3%
Fortune Brands, Inc.			37,765		2,836,529
Illinois Tool Works, Inc.			216,000		9,698,400
Newell Rubbermaid, Inc.			185,000		5,239,200
					17,774,129
Industrial—Diversified—0.1%
Tyco International Ltd.			50,000		1,399,500
Insurance—9.0%
Allstate Corporation (The)			122,100		7,659,333
American International Group, Inc.			245,814		16,287,636
AON Corporation	†		766,000		25,944,420
Fairfax Financial Holdings Ltd. (Canada)	†		110,000		14,312,100
Hartford Financial Services Group, Inc.			106,500		9,238,875
Lincoln National Corporation			49,690		3,084,755
MGIC Investment Corporation	†		125,300		7,514,241
Marsh & McLennan Companies, Inc.			140,000		3,941,000
St. Paul Travelers Companies			163,806		7,680,863
UnumProvident Corporation			105,000		2,035,950
WellPoint, Inc.	*		194,200		14,963,110
XL Capital Ltd. Class A (Bermuda)			115,900		7,962,330
					120,624,613
Media—Broadcasting & Publishing—9.3%
CBS Corp. Class B			70,000		1,971,900
Comcast Corporation Class A	*		925,000		34,057,810
DIRECTV Group, Inc. (The)	*		1,508,000		29,677,440
Dow Jones & Company, Inc.	†		98,000		3,286,920
Gannett Company, Inc.	†		139,800		7,944,834
Liberty Media Corp. Interactive—Class A	*		1,193,250		24,318,434
Liberty Media Corp. Capital—Class A	*		152,050		12,706,819
McClatchy Company Class A	†		17,913		755,750
New York Times Company Class A	†		160,000		3,676,800
Tribune Company	†		150,000		4,908,000
Viacom, Inc. Class B	*		70,000		2,602,600
					125,907,307
Medical Supplies—1.5%
Baxter International, Inc.			299,300		13,606,178
Boston Scientific Corporation	*		150,000		2,218,500
Johnson & Johnson			60,000		3,896,400
					19,721,078
Metals—0.3%
Alcoa, Inc.			125,000		3,505,000
Oil & Gas—8.4%
Anadarko Petroleum Corporation			54,100		2,371,203
BP Amoco PLC ADR (United Kingdom)			136,456		8,948,785
Chesapeake Energy Corporation	†		486,000	$	14,084,280
Chevron Texaco Corporation			139,758		9,064,704
ConocoPhillips			187,400		11,155,922
Exxon Mobil Corporation			124,760		8,371,396
Hess Corp.	†		225,000		9,319,500
Marathon Oil Corporation			157,900		12,142,510
Murphy Oil Corporation	†		40,000		1,902,000
Occidental Petroleum Corporation			246,600		11,863,926
Pioneer Natural Resources Company			527,000		20,616,240
Royal Dutch Shell PLC-Class A ADR (United Kingdom)			60,781		4,017,624
					113,858,090
Pharmaceuticals—4.9%
Abbott Laboratories			75,000		3,642,000
Bristol-Myers Squibb Company			502,300		12,517,316
MedImmune, Inc.	†*		75,000		2,190,750
Merck & Company, Inc.			175,000		7,332,500
Pfizer, Inc.			638,200		18,099,352
Schering-Plough Corporation			442,300		9,770,407
Wyeth			253,400		12,882,856
					66,435,181
Real Estate—0.3%
Simon Property Group, Inc. REIT			50,000		4,531,000
Restaurants—2.2%
McDonald’s Corporation			80,000		3,129,600
Yum! Brands, Inc.			517,000		26,909,850
					30,039,450
Retailers—1.3%
Dollar General Corporation			347,100		4,730,973
JC Penney Company, Inc. (Holding Company)			79,000		5,402,810
RadioShack Corporation			200,000		3,860,000
Wal-Mart Stores, Inc.			75,000		3,699,000
					17,692,783
Telecommunications—1.3%
Lucent Technologies, Inc.	*		200,000		468,000
Nokia Corporation Sponsored ADR (Finland)	†		874,300		17,214,967
					17,682,967
Telephone Systems—5.1%
Alltel Corporation			80,000		4,440,000
AT&T, Inc.			252,942		8,235,792
Qwest Communications International, Inc.	†*		600,000		5,232,000
Sprint Nextel Corp.			1,687,000		28,932,050
Verizon Communications, Inc.			546,741		20,300,493
Windstream Corp.			82,714		1,090,998
					68,231,333
Transportation—3.8%
Burlington Northern Santa Fe Corporation			149,000		10,942,560
Carnival Corporation	†		200,600		9,434,218
FedEx Corporation			190,000		20,649,200
Norfolk Southern Corporation			84,540		3,723,987
Union Pacific Corporation			75,997		6,687,736
					51,437,701
TOTAL COMMON STOCKS
(Cost $1,032,215,418)					1,282,225,398

 

See accompanying notes to schedule of investments.

17

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
Equity Income Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—1.0%
Telephone Systems—1.0%
Level 3 Communications, Inc., Senior Note
11.500%	03/01/2010	†**
(Cost $9,396,255)			$	13,245,000	$	13,675,463
CONVERTIBLE DEBT OBLIGATIONS—0.4%
Telephone Systems—0.4%
Level 3 Communications, Inc., Subordinated Note, Convertible
6.000%	03/15/2010	†
(Cost $3,649,530)				5,760,000		5,090,400
COMMERCIAL PAPER—1.2%
Banking—0.4%
Park Avenue Receivables Corp., 144A
5.260%	10/06/2006	**		5,000,000		4,995,617
Financial Services—0.8%
Atlantic Asset Securities Corp., 144A
5.260%	10/20/2006	**		3,000,000		2,991,233
Falcon Asset Securitization Corp., 144A
5.260%	10/25/2006	**		3,000,000		2,989,042
Old Line Funding Corp., 144A
5.260%	11/09/2006	**		5,000,000		4,970,778
						10,951,053
TOTAL COMMERCIAL PAPER
(Cost $15,946,670)						15,946,670
CASH EQUIVALENTS—11.9%
Bank & Certificate Deposits/ Offshore Time Deposits—11.5%
Abbey National PLC
5.270%	10/03/2006	††		3,292,105		3,292,105
Abbey National PLC
5.270%	10/04/2006	††		3,292,105		3,292,105
Bank Of Montreal
5.280%	10/16/2006	††		2,633,683		2,633,683
Bank Of Nova Scotia
5.280%	10/11/2006	††		3,292,105		3,292,105
Barclays
5.310%	10/20/2006	††		3,292,105		3,292,105
Barclays
5.305%	11/21/2006	††		3,292,105		3,292,105
Barton Capital LLC
5.267%	10/06/2006	††		3,292,105		3,292,105
BNP Paribas
5.260%	10/05/2006	††		3,292,105		3,292,105
Branch Banker &Trust
5.270%	10/10/2006	††		3,292,105		3,292,105
CAFCO Funding LLC
5.289%	11/17/2006	††		1,316,841		1,316,841
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		6,584,209		6,584,209
Charta LLC
5.314%	11/01/2006	††		1,316,841		1,316,841
CIESCO Domestic
5.290%	11/16/2006	††		1,316,841		1,316,841
Clipper Receivables Corp
5.283%	10/19/2006	††		1,975,263		1,975,263
Commonwealth Bank of Australia
5.275%	10/23/2006	††	$	2,541,504	$	2,541,504
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		3,292,105		3,292,105
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		2,633,683		2,633,683
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		3,292,105		3,292,105
Fairway Finance
5.292%	10/24/2006	††		2,633,683		2,633,683
Fairway Finance
5.274%	10/03/2006	††		1,316,841		1,316,841
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		1,316,841		1,316,841
Fortis Bank
5.300%	11/20/2006	††		1,316,841		1,316,841
Fortis Bank
5.280%	10/19/2006	††		3,950,525		3,950,525
General Electric Capital Corporation
5.285%	11/03/2006	††		2,633,683		2,633,683
Harris NA
5.280%	11/22/2006	††		3,292,105		3,292,105
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		2,633,683		2,633,683
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		1,316,841		1,316,841
Liberty Street
5.282%	10/13/2006	††		1,316,841		1,316,841
Lloyds TSB Bank
5.270%	10/02/2006	††		3,950,525		3,950,525
Merrill Lynch & Co
5.365%	10/02/2006	††		5,388,599		5,388,599
Morgan Stanley & Co
5.365%	10/02/2006	††		18,435,784		18,435,785
National Australia Bank
5.360%	10/02/2006	††		5,267,367		5,267,367
Paradigm Funding LLC
5.287%	10/10/2006	††		1,316,841		1,316,841
Park Avenue Receivables Corp
5.283%	10/26/2006	††		1,316,841		1,316,841
Park Avenue Receivables Corp
5.281%	10/03/2006	††		1,316,841		1,316,841
Royal Bank of Canada
5.300%	10/27/2006	††		3,292,105		3,292,105
Royal Bank of Canada
5.300%	11/17/2006	††		1,316,841		1,316,841
Royal Bank of Scotland
5.300%	10/27/2006	††		3,292,105		3,292,105
Sheffiled Receivables Corp
5.285%	10/18/2006	††		1,316,841		1,316,841
Societe Generale
5.300%	10/23/2006	††		4,740,630		4,740,630
Societe Generale
5.280%	11/01/2006	††		5,267,367		5,267,367
Svenska Handlesbanken
5.350%	10/02/2006	††		5,320,937		5,320,937
Three Pillars Funding LLC
5.284%	10/02/2006	††		1,316,841		1,316,841
Toronto Dominion Bank
5.265%	10/12/2006	††		3,292,105		3,292,105
UBS AG
5.305%	10/02/2006	††		3,292,105		3,292,105
UBS AG
5.300%	10/27/2006	††		3,292,105		3,292,105
Variable Funding Capital Co
5.265%	10/02/2006	††		1,957,019		1,957,019

 

See accompanying notes to schedule of investments.

18

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
Equity Income Fund

			Face		Value
CASH EQUIVALENTS—(Continued)
Wells Fargo
5.270%	10/17/2006	††	$	3,292,105	$	3,292,105
Yorktown Capital LLC
5.287%	10/18/2006	††		1,316,841		1,316,841
						154,266,545
Floating Rate Instruments/Master Notes—0.4%
Bank of America
5.310%	07/10/2007	††		3,292,105		3,292,105
Bank of America
5.270%	11/10/2006	††		2,633,683		2,633,683
						5,925,788
TOTAL CASH EQUIVALENTS
(Cost $160,192,333)						160,192,333
REPURCHASE AGREEMENTS—2.2%
IBT Repurchase Agreement dated 9/29/06, with a maturity value $30,555,907 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 5.93% to 8.36%, maturity dates ranging from 02/25/2024 to 03/01/2035 and an aggregate market value of $32,071,275.				30,544,071		30,544,071
TOTAL INVESTMENTS—111.8%
(Cost $1,251,944,276)						1,507,674,335
Other assets less liabilities—(11.8%)						(159,348,215	)
NET ASSETS—100.0%					$	1,348,326,120

 

Legend to the Schedule of Investments:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

† Denotes all or a portion of security on loan.

* Non-income producing security.

** Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 1.06% of Total Investments.

†† Represents collateral received from securities lending transactions.

    

See accompanying notes to schedule of investments.

19

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—97.7%
Advertising—0.4%
Getty Images, Inc.	*†		44,400	$	2,205,792
Monster Worldwide, Inc.	*		33,000		1,194,270
Omnicom Group			8,900		833,040
					4,233,102
Aerospace & Defense—2.1%
Goodrich Corporation			82,700		3,351,004
General Dynamics Corporation			176,000		12,613,920
Honeywell International, Inc.			43,900		1,795,510
Lockheed Martin Corporation			59,100		5,086,146
					22,846,580
Airlines—0.5%
AMR Corporation	*		132,100		3,056,794
Southwest Airlines Company			173,400		2,888,844
					5,945,638
Apparel Retailers—0.6%
Kohl’s Corporation	*		96,900		6,290,748
Automotive—0.2%
General Motors Corporation	†		37,000		1,230,620
Jarden Corporation	*†		18,100		596,757
					1,827,377
Banking—12.6%
American Express Company			99,500		5,579,960
AmeriCredit Corporation	*†		38,800		969,612
Bank of America Corporation			239,300		12,819,301
Bank of New York Company, Inc. (The)			104,400		3,681,144
Capital One Financial Corporation			14,600		1,148,436
Citigroup, Inc.			376,350		18,693,304
Commerce Bancorp, Inc.	†		18,600		682,806
Fifth Third Bancorp	†		33,200		1,264,256
Golden West Financial Corporation			101,500		7,840,875
Hudson City Bancorp, Inc.			142,400		1,886,800
IndyMac Bancorp, Inc.	†		17,100		703,836
JP Morgan Chase & Company			292,136		13,718,707
Mellon Financial Corporation			29,100		1,137,810
Northern Trust Corporation			51,900		3,032,517
PNC Financial Services Group, Inc.			45,900		3,324,996
SLM Corporation			281,600		14,637,568
State Street Corporation			105,900		6,608,160
Suntrust Banks, Inc.			37,000		2,859,360
U.S. Bancorp			95,100		3,159,222
UBS AG (Switzerland)			83,300		4,981,388
UBS AG (Switzerland)			77,400		4,590,594
Wachovia Corporation			56,800		3,169,440
Washington Mutual, Inc.			190,500		8,281,035
Wells Fargo & Company			363,800		13,162,284
					137,933,411
Beverages, Food & Tobacco—4.0%
Altria Group, Inc.			116,003		8,880,030
Anheuser-Busch Companies, Inc.			18,584		882,926
Campbell Soup Company	†		121,500		4,434,750
Coca-Cola Company (The)			31,400		1,402,952
H.J. Heinz Company			16,700		700,231
Kellogg Company			83,600		4,139,872
Kraft Foods, Inc. Class A	†		57,600		2,054,016
Pepsico, Inc.			204,800		13,365,248
Sara Lee Corporation			171,500		2,756,005
Sysco Corporation			104,700	$	3,502,215
Unilever NV (Netherlands)			56,300		1,381,602
					43,499,847
Building Materials—0.9%
Home Depot, Inc.			110,400		4,004,208
Lowe’s Companies, Inc.			212,400		5,959,944
					9,964,152
Chemicals—1.8%
Air Products & Chemicals, Inc.			10,900		723,433
Dow Chemical Company (The)			157,800		6,151,044
EI Du Pont de Nemours & Company			142,500		6,104,700
Huntsman Corporation	*		96,700		1,759,940
Methanex Corporation (Canada)	†		32,300		786,182
Monsanto Company			67,900		3,191,979
NOVA Chemicals Corporation (Canada)	†		3,700		113,627
Potash Corporation of Saskatchewan, Inc. (Canada)	†		7,400		771,006
Scotts Company (The) Class A			16,600		738,534
					20,340,445
Coal—0.1%
Arch Coal, Inc.			12,000		346,920
Consol Energy, Inc.			27,700		878,921
					1,225,841
Commercial Services—0.8%
Celgene Corporation	*†		46,100		1,996,130
Fluor Corporation			60,800		4,674,912
Paychex, Inc.			24,500		902,825
Siemens AG Sponsored ADR (Germany)			9,000		783,900
					8,357,767
Communications—1.8%
American Tower Corporation Class A	*		145,600		5,314,400
Corning, Inc.	*		174,600		4,261,986
Marvell Technology Group Ltd. (Bermuda)	*		178,500		3,457,545
Motorola, Inc.			228,400		5,710,000
Qualcomm, Inc.			39,300		1,428,555
					20,172,486
Computer Software & Processing—5.4%
Adobe Systems, Inc.	*		63,400		2,374,330
Affiliated Computer Services, Inc. Class A	*†		39,900		2,069,214
Automatic Data Processing, Inc.			115,600		5,472,504
First Data Corporation			44,700		1,877,400
Google, Inc. Class A	*		30,100		12,097,190
Intuit, Inc.	*		41,500		1,331,735
Juniper Networks, Inc.	*		142,900		2,469,312
Microsoft Corporation			689,700		18,849,501
Oracle Corporation	*†		224,700		3,986,178
SAP AG ADR (Germany)	†		61,300		3,034,350
Yahoo!, Inc.	*		223,200		5,642,496
					59,204,210
Computers—0.5%
Sun Microsystems, Inc.	*		1,196,700		5,947,599
Computers & Information—4.8%
Apple Computer, Inc.	*		51,700		3,982,451

See accompanying notes to schedule of investments.

20

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Cisco Systems, Inc.	*		772,450	$	17,766,350
Dell, Inc.	*		134,800		3,078,832
EMC Corporation	*		584,500		7,002,310
Hewlett-Packard Company			128,800		4,725,672
International Business Machines Corporation			9,400		770,236
International Game Technology			89,000		3,693,500
Pitney Bowes, Inc.			97,800		4,339,386
Sandisk Corporation	*		89,300		4,781,122
Seagate Technology (Cayman Islands)	*		96,100		2,218,949
					52,358,808
Cosmetics & Personal Care—0.7%
Avon Products, Inc.			61,634		1,889,698
Procter & Gamble Company			90,875		5,632,432
					7,522,130
Diversified—3.0%
General Electric Company			930,400		32,843,120
Electric Utilities—1.9%
AES Corporation (The)	*		107,100		2,183,769
Dominion Resources, Inc.			53,150		4,065,443
Entergy Corporation			20,300		1,588,069
Exelon Corporation			101,400		6,138,756
FPL Group, Inc.			82,200		3,699,000
NiSource, Inc.	†		28,700		623,938
SCANA Corporation			70,100		2,822,927
					21,121,902
Electrical Equipment—0.2%
Cooper Industries Ltd. Class A			21,700		1,849,274
Emerson Electric Company			9,600		805,056
					2,654,330
Electronics—4.0%
Agilent Technologies, Inc.	*		24,872		813,066
Altera Corporation	*		202,000		3,712,760
Analog Devices, Inc.			68,800		2,022,032
ATI Technologies, Inc. (Canada)	*		55,900		1,199,055
Fairchild Semiconductor International, Inc.	*		48,800		912,560
Flextronics International Ltd. (Singapore)	*		290,700		3,674,448
Garmin Ltd. (Cayman Islands)	†		43,900		2,141,442
Intel Corporation			311,400		6,405,498
International Rectifier Corporation	*		71,600		2,494,544
Jabil Circuit, Inc.			47,700		1,362,789
Linear Technology Corporation	†		111,000		3,454,320
Maxim Integrated Products, Inc.			139,600		3,918,572
Qimonda AG, ADR (Germany)	*		36,300		617,100
Raytheon Company			9,800		470,498
Rockwell Collins, Inc.			21,000		1,151,640
Teradyne, Inc.	*†		50,800		668,528
Texas Instruments, Inc.			90,500		3,009,125
Xilinx, Inc.			247,500		5,432,625
					43,460,602
Entertainment & Leisure—0.9%
Time Warner, Inc.			393,300		7,169,859
Walt Disney Company			105,100		3,248,641
					10,418,500
Financial Services—4.7%
Ameriprise Financial, Inc.			6,200		290,780
Berkshire Hathaway, Inc. Class A	*		30	$	2,874,000
Charles Schwab Corporation (The)			184,600		3,304,340
Chicago Mercantile Exchange			2,100		1,004,325
Countrywide Financial Corporation			29,600		1,037,184
E*Trade Financial Corporation	*		130,700		3,126,344
Federal Home Loan Mortgage Corporation			52,500		3,482,325
Federal National Mortgage Association			75,500		4,221,205
Franklin Resources, Inc.			48,200		5,097,150
Goldman Sachs Group, Inc.			73,400		12,417,078
Legg Mason, Inc.	†		36,200		3,651,132
Merrill Lynch & Company, Inc.			63,300		4,951,326
Morgan Stanley			45,900		3,346,569
TD Ameritrade Holding Corp.			141,700		2,671,045
					51,474,803
Food Retailers—0.6%
Safeway, Inc.			204,200		6,197,470
Forest Products & Paper—0.3%
International Paper Company			24,700		855,361
Kimberly Clark Corporation			44,500		2,908,520
					3,763,881
Health Care Providers—1.9%
Caremark Rx, Inc.			99,500		5,638,665
DaVita, Inc.	*		41,200		2,384,244
Lincare Holdings, Inc.	*		26,200		907,568
Triad Hospitals, Inc.	*		15,900		700,077
UnitedHealth Group, Inc.			228,200		11,227,440
					20,857,994
Heavy Machinery—3.6%
American Standard Companies, Inc.	†		160,700		6,744,579
Applied Materials, Inc.	†		550,800		9,765,684
Baker Hughes, Inc.			86,100		5,872,020
Caterpillar, Inc.			89,200		5,869,360
Deere & Company			29,000		2,433,390
National-Oilwell Varco, Inc.	*		54,800		3,208,540
United Technologies Corporation			95,000		6,018,250
					39,911,823
Home Construction, Furnishings & Appliances—0.6%
DR Horton, Inc.			50,500		1,209,475
Harman International Industries, Inc.			33,800		2,820,272
Johnson Controls, Inc.			13,700		982,838
Leggett & Platt, Inc.			47,500		1,188,925
Lennar Corporation Class A			9,100		411,775
					6,613,285
Household Products—0.5%
Illinois Tool Works, Inc.			110,200		4,947,980
Rohm & Haas Company			6,700		317,245
					5,265,225
Industrial—Diversified—0.1%
Tyco International Ltd.			52,300		1,463,877
Insurance—5.5%
ACE Ltd. (Bermuda)			94,300		5,161,039
Aflac, Inc.			16,000		732,160
Aetna, Inc.			152,500		6,031,375
Allstate Corporation (The)			63,700		3,995,901

See accompanying notes to schedule of investments.

21

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
American International Group, Inc.			224,400	$	14,868,744
Chubb Corporation			115,500		6,001,380
Hartford Financial Services Group, Inc.			40,100		3,478,675
Humana, Inc.	*		44,200		2,921,178
Marsh & McLennan Companies, Inc.			67,600		1,902,940
Prudential Financial, Inc.			28,700		2,188,375
RenaissanceRe Holdings, Ltd. (Bermuda)			3,400		189,040
WellPoint, Inc.	*		141,800		10,925,690
XL Capital Ltd. Class A (Bermuda)			23,000		1,580,100
					59,976,597
Lodging—0.8%
Las Vegas Sands Corporation	*		35,800		2,446,930
Marriott International, Inc. Class A			55,000		2,125,200
Starwood Hotels & Resorts Worldwide, Inc.			13,800		789,222
Wynn Resorts Ltd.	*†		50,800		3,454,908
					8,816,260
Media—Broadcasting & Publishing—1.5%
Cablevision Systems Corporation Class A	*		36,781		835,297
CBS Corp. Class B			31,500		887,355
Clear Channel Communications, Inc.			53,600		1,546,360
Comcast Corporation Class A	*		188,200		6,935,170
Gannett Company, Inc.	†		30,300		1,721,949
Grupo Televisa SA ADR (Mexico)			35,000		744,100
McGraw-Hill Companies, Inc. (The)			3,000		174,090
Rogers Communications, Inc. (Canada)			25,000		1,371,750
Viacom, Inc. Class B	*		70,500		2,621,190
					16,837,261
Medical Supplies—3.7%
Allergan, Inc.			57,600		6,486,336
Baxter International, Inc.			179,300		8,150,978
Beckman Coulter, Inc.			53,500		3,079,460
Boston Scientific Corporation	*		196,900		2,912,151
Johnson & Johnson			27,100		1,759,874
Kla-Tencor Corporation	†		96,000		4,269,120
Medtronic, Inc.			126,600		5,879,304
Quest Diagnostics, Inc.			33,600		2,054,976
St. Jude Medical, Inc.	*		64,000		2,258,560
Stryker Corporation			57,100		2,831,589
Thermo Electron Corporation	*†		25,700		1,010,781
					40,693,129
Metals—2.3%
Alcoa, Inc.			246,000		6,897,840
Cameco Corporation (Canada)	†		71,800		2,625,726
Danaher Corporation			180,600		12,401,802
Newmont Mining Corporation			23,000		983,250
Precision Castparts Corporation	†		41,100		2,595,876
					25,504,494
Metals & Mining—0.1%
Barrick Gold Corporation (Canada)			45,800		1,406,976
Oil & Gas—6.5%
Anadarko Petroleum Corporation			17,200		753,876
BJ Services Company	†		46,800		1,410,084
Chevron Texaco Corporation			26,172		1,697,516
ConocoPhillips			32,300	$	1,922,819
EOG Resources, Inc.			15,800		1,027,790
Exxon Mobil Corporation			263,800		17,700,980
GlobalSantaFe Corporation			64,700		3,234,353
Halliburton Company			35,200		1,001,440
Kinder Morgan, Inc.			17,226		1,806,146
MDU Resources Group, Inc.			34,800		777,432
Murphy Oil Corporation	†		31,600		1,502,580
Occidental Petroleum Corporation			188,300		9,059,113
Plains Exploration & Production Company	*†		12,900		553,539
Royal Dutch Shell PLC-Class A ADR (United Kingdom)			76,000		5,023,600
Royal Dutch Shell PLC-Class B, ADR (United Kingdom)			21,356		1,460,323
Schlumberger Ltd.			190,200		11,798,106
Smith International, Inc.			127,800		4,958,640
Total Fina SA ADR (France)	†		28,300		1,866,102
Transocean, Inc.	*		9,100		666,393
Weatherford International Ltd.	*		52,800		2,202,816
XTO Energy, Inc.			21,300		897,369
					71,321,017
Pharmaceuticals—7.6%
Abbott Laboratories			79,700		3,870,232
Alcon, Inc. (Switzerland)	†		5,500		629,750
Amgen, Inc.	*		89,100		6,373,323
AstraZeneca Group PLC ADR (United Kingdom)			164,500		10,281,250
Bristol-Myers Squibb Company			65,100		1,622,292
Cardinal Health, Inc.			17,700		1,163,598
Eli Lilly & Company			32,000		1,824,000
Endo Pharmaceuticals Holdings, Inc.	*		22,200		722,610
Forest Laboratories, Inc.	*		178,700		9,044,007
Genentech, Inc.	*		53,100		4,391,370
Genzyme Corporation	*		9,500		640,965
Gilead Sciences, Inc.	*		69,200		4,754,040
ImClone Systems, Inc.	*†		44,200		1,251,744
McKesson Corporation			30,700		1,618,504
Medco Health Solutions, Inc.	*		66,700		4,009,337
Millennium Pharmaceuticals, Inc.	*		86,200		857,690
Novartis AG (Switzerland)			46,000		2,684,861
Pfizer, Inc.			318,686		9,037,935
Roche Holding AG (Switzerland)			15,876		2,743,949
Sepracor, Inc.	*†		67,700		3,279,388
Teva Pharmaceutical Industries Ltd. ADR (Israel)			82,000		2,795,380
Wyeth			190,800		9,700,272
					83,296,497
Real Estate—0.7%
General Growth Properties, Inc. REIT			16,110		767,641
Host Marriott Corporation REIT	†		296,345		6,795,191
					7,562,832
Restaurants—0.4%
Cheesecake Factory (The)	*†		20,600		560,114
McDonald’s Corporation	†		107,700		4,213,224
					4,773,338
Retailers—4.1%
Amazon.Com, Inc.	*†		77,100		2,476,452
Bed Bath & Beyond, Inc.	*		6,700		256,342
Best Buy Company, Inc.	†		22,000		1,178,320
CVS Corporation			469,900		15,093,188
Costco Wholesale Corporation			12,600		625,968
Dollar Tree Stores, Inc.	*†		59,300		1,835,928

See accompanying notes to schedule of investments.

22

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
eBay, Inc.	*†		120,900	$	3,428,724
Federated Department Stores			95,700		4,135,197
Target Corporation			176,300		9,740,575
Wal-Mart Stores, Inc.			113,600		5,602,752
Williams-Sonoma, Inc.	†		34,900		1,130,411
					45,503,857
Telecommunications—0.7%
America Movil SA de CV ADR (Mexico)			80,500		3,169,285
Nokia Corporation Sponsored ADR (Finland)	†		154,700		3,046,043
Telefonaktiebolaget LM Ericsson ADR (Sweden)	†		43,400		1,495,130
					7,710,458
Telephone Systems—3.2%
AT&T, Inc.			345,869		11,261,495
BellSouth Corporation			180,400		7,712,100
Qwest Communications International, Inc.	*		170,400		1,485,888
Sprint Nextel Corp.			357,300		6,127,695
TELUS Corporation Non-Voting Shares (Canada)	†		47,000		2,630,590
Verizon Communications, Inc.			163,000		6,052,190
					35,269,958
Textiles, Clothing & Fabrics—0.2%
Hanesbrands, Inc.	*		76,037		1,711,593
Transportation—0.9%
Carnival Corporation			12,700		597,281
Union Pacific Corporation			12,000		1,056,000
United Parcel Service, Inc. Class B			110,300		7,934,982
					9,588,263
TOTAL COMMON STOCKS
(Cost $887,438,924)					1,073,689,483

 

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—0.2%
Financial Services—0.2%
Atlantic Asset Securitization Corp., 144A
5.260%	10/19/2006	**
(Cost $1,994,448)			$	2,000,000		1,994,448
CASH EQUIVALENTS—7.9%
Bank & Certificate Deposits/ Offshore Time Deposits—7.6%
Abbey National PLC
5.270%	10/03/2006	††		1,777,833		1,777,833
Abbey National PLC
5.270%	10/04/2006	††		1,777,833		1,777,833
Bank Of Montreal
5.280%	10/16/2006	††		1,422,266		1,422,266
Bank Of Nova Scotia
5.280%	10/11/2006	††		1,777,833		1,777,833
Barclays
5.310%	10/20/2006	††		1,777,833		1,777,833
Barclays
5.305%	11/21/2006	††		1,777,833		1,777,833
Barton Capital LLC
5.267%	10/06/2006	††	$	1,777,833	$	1,777,833
BNP Paribas
5.260%	10/05/2006	††		1,777,833		1,777,833
Branch Banker &Trust
5.270%	10/10/2006	††		1,777,833		1,777,833
CAFCO Funding LLC
5.289%	11/17/2006	††		711,133		711,133
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		3,555,665		3,555,665
Charta LLC
5.314%	11/01/2006	††		711,133		711,133
CIESCO Domestic
5.290%	11/16/2006	††		711,133		711,133
Clipper Receivables Corp
5.283%	10/19/2006	††		1,066,701		1,066,701
Commonwealth Bank of Australia
5.275%	10/23/2006	††		1,372,487		1,372,487
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		1,777,833		1,777,833
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		1,422,266		1,422,266
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		1,777,833		1,777,833
Fairway Finance
5.292%	10/24/2006	††		1,422,266		1,422,266
Fairway Finance
5.274%	10/03/2006	††		711,133		711,133
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		711,133		711,133
Fortis Bank
5.300%	11/20/2006	††		711,133		711,133
Fortis Bank
5.280%	10/19/2006	††		2,133,399		2,133,399
General Electric Capital Corporation
5.285%	11/03/2006	††		1,422,266		1,422,266
Harris NA
5.280%	11/22/2006	††		1,777,833		1,777,833
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		1,422,266		1,422,266
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		711,133		711,133
Liberty Street
5.282%	10/13/2006	††		711,133		711,133
Lloyds TSB Bank
5.270%	10/02/2006	††		2,133,399		2,133,399
Merrill Lynch & Co
5.365%	10/02/2006	††		2,910,002		2,910,002
Morgan Stanley & Co
5.365%	10/02/2006	††		9,955,864		9,955,864
National Australia Bank
5.360%	10/02/2006	††		2,844,532		2,844,532
Paradigm Funding LLC
5.287%	10/10/2006	††		711,133		711,133
Park Avenue Receivables Corp
5.283%	10/26/2006	††		711,133		711,133
Park Avenue Receivables Corp
5.281%	10/03/2006	††		711,133		711,133
Royal Bank of Canada
5.300%	10/27/2006	††		1,777,833		1,777,833
Royal Bank of Canada
5.300%	11/17/2006	††		711,133		711,133
Royal Bank of Scotland
5.300%	10/27/2006	††		1,777,833		1,777,833
Sheffiled Receivables Corp
5.285%	10/18/2006	††		711,133		711,133
Societe Generale
5.300%	10/23/2006	††		2,560,079		2,560,079

 

See accompanying notes to schedule of investments.

23

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Growth &
Income Fund

			Face		Value
CASH EQUIVALENTS—(Continued)
Societe Generale
5.280%	11/01/2006	††	$	2,844,532	$	2,844,532
Svenska Handlesbanken
5.350%	10/02/2006	††		2,873,462		2,873,462
Three Pillars Funding LLC
5.284%	10/02/2006	††		711,132		711,132
Toronto Dominion Bank
5.265%	10/12/2006	††		1,777,833		1,777,832
UBS AG
5.305%	10/02/2006	††		1,777,833		1,777,833
UBS AG
5.300%	10/27/2006	††		1,777,833		1,777,833
Variable Funding Capital Co
5.265%	10/02/2006	††		1,056,846		1,056,846
Wells Fargo
5.270%	10/17/2006	††		1,777,833		1,777,833
Yorktown Capital LLC
5.287%	10/18/2006	††		711,132		711,132
						83,308,451
Floating Rate Instruments/Master Notes—0.3%
Bank of America
5.310%	07/10/2007	††		1,777,833		1,777,833
Bank of America
5.270%	11/10/2006	††		1,422,266		1,422,266
						3,200,099
TOTAL CASH EQUIVALENTS
(Cost $86,508,550)						86,508,550
REPURCHASE AGREEMENTS—2.2%
IBT Repurchase Agreement dated 9/29/2006 due 10/02/2006, with a maturity value of $24,491,127 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 6.33% to 9.50%, maturity dates ranging from 07/25/2021 to 02/25/2033 and an aggregate market value of $25,705,722.				24,481,641		24,481,641
TOTAL INVESTMENTS—108.0%
(Cost $1,000,423,562)						1,186,674,122
Other assets less liabilities—(8.0%)						(87,790,534	)
NET ASSETS—100.0%					$	1,098,883,588

 

Legend to the Schedule of Investments:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

** Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.18% of Total Investments.

See accompanying notes to schedule of investments.

24

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—98.0%
Aerospace & Defense—0.4%
Boeing Company (The)			86,528	$	6,822,733
Northrop Grumman Corporation			53,500		3,641,745
Textron, Inc.			8,300		726,250
					11,190,728
Apparel Retailers—0.8%
American Eagle Outfitters, Inc.			17,600		771,408
Kohl’s Corporation	*		312,700		20,300,484
Payless Shoesource, Inc.	*†		23,000		572,700
					21,644,592
Automotive—1.1%
Autoliv, Inc.			37,327		2,057,091
Autonation, Inc.	*		109,148		2,281,193
Harley-Davidson, Inc.	†		375,700		23,575,175
United Auto Group, Inc.			22,806		533,660
					28,447,119
Banking—3.8%
American Express Company			150,200		8,423,216
AmeriCredit Corporation	*†		120,000		2,998,800
Bank of America Corporation			31,000		1,660,670
Citigroup, Inc.			643,300		31,952,711
Golden West Financial Corporation			37,500		2,896,875
Hudson City Bancorp, Inc.			117,291		1,554,106
JP Morgan Chase & Company			10,400		488,384
Wells Fargo & Company			1,496,800		54,154,224
					104,128,986
Beverages, Food & Tobacco—4.2%
Altria Group, Inc.			29,946		2,292,366
Anheuser-Busch Companies, Inc.			689,500		32,758,145
Archer-Daniels-Midland Company			92,000		3,484,960
Coca-Cola Company (The)			737,100		32,933,628
Pepsico, Inc.			628,300		41,002,858
UST, Inc.			40,478		2,219,409
					114,691,366
Building Materials—1.2%
Home Depot, Inc.			378,605		13,732,003
Lowe’s Companies, Inc.			622,500		17,467,350
Tech Data Corporation	*		12,100		442,013
					31,641,366
Chemicals—0.7%
Ecolab, Inc.	†		110,000		4,710,200
Monsanto Company			104,370		4,906,434
Praxair, Inc.			172,500		10,205,100
					19,821,734
Commercial Services—3.5%
Accenture Ltd. Class A (Bermuda)			471,400		14,948,094
Apollo Group, Inc. Class A	*		153,100		7,538,644
Celgene Corporation	*†		546,700		23,672,110
Cintas Corporation	†		369,100		15,070,353
Gen-Probe, Inc.	*		39,674		1,860,314
Manpower, Inc.			57,949		3,550,535
MoneyGram International, Inc.			19,700		572,482
Paychex, Inc.			599,150		22,078,678
Republic Services, Inc.			58,000		2,332,180
Waste Management, Inc.			79,392		2,912,099
					94,535,489
Communications—2.4%
Corning, Inc.	*		676,900	$	16,523,129
Marvell Technology Group Ltd. (Bermuda)	*		470,700		9,117,459
Motorola, Inc.			122,700		3,067,500
Qualcomm, Inc.			751,400		27,313,390
XM Satellite Radio Holdings, Inc. Class A	*†		691,300		8,910,857
					64,932,335
Computer Software & Processing—12.7%
Autodesk, Inc.	*		265,600		9,237,568
Automatic Data Processing, Inc.			1,027,800		48,656,052
Cadence Design Systems, Inc.	*		122,100		2,070,816
Computer Sciences Corporation	*		66,685		3,275,567
Electronic Arts, Inc.	*		528,200		29,410,176
First Data Corporation			504,800		21,201,600
Google, Inc. Class A	*		145,550		58,496,545
Intuit, Inc.	*		108,400		3,478,556
Microsoft Corporation			3,721,710		101,714,334
Nvidia Corporation	*		354,900		10,501,491
Oracle Corporation	*		19,800		351,252
Red Hat, Inc.	*†		126,289		2,662,172
Symantec Corporation	*†		423,000		9,001,440
Synopsys, Inc.	*		69,438		1,369,317
Yahoo!, Inc.	*†		1,691,300		42,756,064
					344,182,950
Computers—0.0%
Sun Microsystems, Inc.	*		72,600		360,822
Computers & Information—5.6%
Cisco Systems, Inc.	*		2,493,200		57,343,600
Dell, Inc.	*		1,314,300		30,018,612
EMC Corporation	*		656,900		7,869,662
Hewlett-Packard Company			186,100		6,828,009
International Business Machines Corporation			542,300		44,436,062
Lexmark International, Inc.	*		22,000		1,268,520
Western Digital Corporation	*		217,900		3,943,990
					151,708,455
Cosmetics & Personal Care—0.9%
Colgate-Palmolive Company			35,392		2,197,843
Estee Lauder Companies, Inc. (The) Class A	†		9,667		389,870
Procter & Gamble Company			352,100		21,823,158
					24,410,871
Diversified—3.8%
General Electric Company			2,698,505		95,257,227
ITT Industries, Inc.			135,500		6,947,085
					102,204,312
Electric Utilities—0.3%
PG&E Corporation			42,600		1,774,290
TXU Corporation			83,127		5,197,100
					6,971,390
Electrical Equipment—0.3%
Emerson Electric Company			36,000		3,018,960
Energizer Holdings, Inc.	*		53,854		3,876,949
					6,895,909
Electronics—4.4%
Advanced Micro Devices, Inc.	*		25,700		638,645
Arrow Electronics, Inc.	*		63,500		1,741,805

See accompanying notes to schedule of investments.

25

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Atmel Corporation	*		159,900	$	965,796
Freescale Semiconductor, Inc. Class B	*		103,100		3,918,831
Infineon Technologies AG ADR (Germany)	*†		374,000		4,424,420
Intel Corporation			2,218,900		45,642,773
LSI Logic Corporation	*†		40,000		328,800
Linear Technology Corporation	†		428,900		13,347,368
Maxim Integrated Products, Inc.	†		242,400		6,804,168
Micron Technology, Inc.	*		219,300		3,815,820
Raytheon Company			9,300		446,493
Tektronix, Inc.			20,300		587,279
Texas Instruments, Inc.			796,900		26,496,925
Vishay Intertechnology, Inc.	*		21,454		301,214
Wesco International, Inc.	*		6,998		406,094
Xilinx, Inc.	†		438,600		9,627,270
					119,493,701
Entertainment & Leisure—1.3%
Time Warner, Inc.			216,600		3,948,618
Walt Disney Company			986,800		30,501,988
					34,450,606
Financial Services—9.5%
Berkshire Hathaway, Inc., Class B	*†		1,975		6,268,650
Charles Schwab Corporation (The)			2,152,450		38,528,855
Countrywide Financial Corporation			880,300		30,845,712
E*Trade Financial Corporation	*		57,500		1,375,400
Franklin Resources, Inc.			286,400		30,286,800
Goldman Sachs Group, Inc.			724,500		122,563,665
Legg Mason, Inc.			224,000		22,592,640
Merrill Lynch & Company, Inc.			54,559		4,267,605
New Century Financial Corporation REIT	†		8,200		322,342
SEI Investments Company			11,509		646,691
T. Rowe Price Group, Inc.			13,970		668,465
					258,366,825
Food Retailers—0.3%
Kroger Company			17,200		398,008
Safeway, Inc.			64,100		1,945,435
Starbucks Corporation	*		140,400		4,780,620
					7,124,063
Health Care Providers—1.2%
Caremark Rx, Inc.			76,656		4,344,096
Express Scripts, Inc.	*		48,500		3,661,265
UnitedHealth Group, Inc.			473,600		23,301,120
					31,306,481
Heavy Machinery—0.8%
Caterpillar, Inc.			208,500		13,719,300
National-Oilwell Varco, Inc.	*		114,000		6,674,700
Terex Corporation	*		19,500		881,790
United Technologies Corporation			11,600		734,860
					22,010,650
Household Products—0.4%
Newell Rubbermaid, Inc.			345,100		9,773,232
RPM, Inc.			18,300		347,517
					10,120,749
Industrial—Diversified—0.0%
Tyco International Ltd.			13,200	$	369,468
Insurance—5.5%
Aetna, Inc.			668,800		26,451,040
Allstate Corporation (The)			77,100		4,836,483
AMBAC Financial Group, Inc.			6,500		537,875
American International Group, Inc.			1,535,350		101,732,291
CNA Financial Corporation	*		10,500		378,210
Genworth Financial, Inc. Class A			86,100		3,014,361
Humana, Inc.	*		61,000		4,031,490
Loews Corporation			92,800		3,517,120
MBIA, Inc.	†		57,075		3,506,688
WR Berkley Corporation			16,800		594,552
					148,600,110
Lodging—0.7%
Choice Hotels International, Inc.			53,300		2,179,970
Hilton Hotels Corporation			492,900		13,727,265
Marriott International, Inc. Class A			94,700		3,659,208
					19,566,443
Media—Broadcasting & Publishing—3.2%
CBS Corp. Class B			122,563		3,452,600
Clear Channel Communications, Inc.			100,066		2,886,904
Comcast Corporation Class A	*		381,987		14,076,221
Gannett Company, Inc.			534,900		30,398,367
IAC/InterActiveCorp	*†		1,108,400		31,877,584
Liberty Media Corp. Capital—Class A	*		5,000		417,850
McGraw-Hill Companies, Inc. (The)			78,170		4,536,205
					87,645,731
Medical Supplies—4.5%
Applera Corporation—Applied Biosystems Group			24,400		807,884
Becton, Dickinson & Company			22,900		1,618,343
Boston Scientific Corporation	*		788,700		11,664,873
Fisher Scientific International	*		197,100		15,421,104
Johnson & Johnson			768,200		49,886,908
Medtronic, Inc.	†		859,700		39,924,468
Waters Corporation	*		40,055		1,813,690
					121,137,270
Metals—0.5%
Newmont Mining Corporation			12,600		538,650
Nucor Corporation			30,100		1,489,649
Phelps Dodge Corporation			120,000		10,164,000
					12,192,299
Oil & Gas—1.6%
Ashland, Inc.	†		8,200		522,996
BJ Services Company			9,600		289,248
ConocoPhillips			150,800		8,977,124
Devon Energy Corporation			37,900		2,393,385
EOG Resources, Inc.			28,483		1,852,819
Exxon Mobil Corporation			5,800		389,180
Marathon Oil Corporation			81,400		6,259,660
Occidental Petroleum Corporation			130,300		6,268,733
Schlumberger Ltd.			33,500		2,078,005
Suncor Energy, Inc. (Canada)			117,000		8,429,850
Sunoco, Inc.			47,500		2,954,025
Tidewater, Inc.			9,485		419,142
XTO Energy, Inc.			55,900		2,355,067
					43,189,234

See accompanying notes to schedule of investments.

26

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Pharmaceuticals—7.2%
AmerisourceBergen Corporation			79,208	$	3,580,202
Amgen, Inc.	*		449,500		32,152,735
Biogen Idec, Inc.	*†		261,800		11,697,224
Elan Corporation PLC ADR (Ireland)	*†		816,600		12,559,308
Endo Pharmaceuticals Holdings, Inc.	*		38,900		1,266,195
Forest Laboratories, Inc.	*		15,700		794,577
Genentech, Inc.	*		388,900		32,162,030
Genzyme Corporation	*		308,000		20,780,760
Gilead Sciences, Inc.	*		114,000		7,831,800
Hospira, Inc.	*		55,037		2,106,266
King Pharmaceuticals, Inc.	*		39,700		676,091
McKesson Corporation			77,100		4,064,712
Merck & Company, Inc.			98,600		4,131,340
Novartis AG, ADR (Switzerland)			161,800		9,455,592
Omnicare, Inc.	†		265,000		11,418,850
Pfizer, Inc.			125,000		3,545,000
Schering-Plough Corporation			440,200		9,724,018
Shire Pharmaceuticals Group PLC (United Kingdom)			206,400		10,194,096
Wyeth			325,700		16,558,588
					194,699,384
Real Estate—0.1%
Equity Office Properties Trust REIT			7,363		292,753
Jones Lang Lasalle, Inc.			21,082		1,802,089
SL Green Realty Corporation REIT	†		15,673		1,750,674
					3,845,516
Restaurants—0.1%
Darden Restaurants, Inc.			65,800		2,794,526
Retailers—9.1%
Amazon.Com, Inc.	*†		1,232,500		39,587,900
Best Buy Company, Inc.	†		173,400		9,287,304
Big Lots, Inc.	*		21,034		416,684
CVS Corporation			89,400		2,871,528
Circuit City Stores, Inc.	†		144,000		3,615,840
Costco Wholesale Corporation			83,800		4,163,184
Dillard’s, Inc. Class A	†		68,600		2,245,278
eBay, Inc.	*		2,385,500		67,652,780
Fastenal Company	†		370,100		14,274,757
Office Depot, Inc.	*		103,473		4,107,878
Target Corporation			454,300		25,100,075
Walgreen Company			104,700		4,647,633
Wal-Mart Stores, Inc.			1,273,800		62,823,816
Williams-Sonoma, Inc.	†		166,300		5,386,457
					246,181,114
Telecommunications—2.2%
Nokia Corporation Sponsored ADR (Finland)	†		3,062,700		60,304,563
Telephone Systems—0.8%
AT&T, Inc.			13,000		423,280
Embarq Corp.			27,314		1,321,178
Global Payments, Inc.			52,700		2,319,327
Sprint Nextel Corp.			637,700		10,936,555
Verizon Communications, Inc.			192,300		7,140,099
					22,140,439
Textiles, Clothing & Fabrics—0.5%
Nike, Inc. Class B			168,900		14,799,018
Transportation—2.4%
Burlington Northern Santa Fe Corporation			20,600	$	1,512,864
CSX Corporation			125,100		4,107,033
Canadian Pacific Railway Ltd. (Canada)	†		180,700		8,988,018
Expedia, Inc.	*		817,200		12,813,696
FedEx Corporation			116,700		12,682,956
Norfolk Southern Corporation			298,600		13,153,330
Overseas Shipholding Group			21,300		1,315,701
Union Pacific Corporation			31,975		2,813,800
United Parcel Service, Inc. Class B			123,500		8,884,590
					66,271,988
TOTAL COMMON STOCKS
(Cost $2,446,400,690)					2,654,378,602
WARRANTS—0.0%
Financial Services—0.0%
Raytheon Co. Warrants, Expires 6/16/2011
(Cost $—)			556		7,934

 

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—7.0%
Bank & Certificate Deposits/Offshore Time Deposits—6.7%
Abbey National PLC
5.270%	10/03/2006	††	$	3,889,046		3,889,046
Abbey National PLC
5.270%	10/04/2006	††		3,889,046		3,889,046
Bank Of Montreal
5.280%	10/16/2006	††		3,111,237		3,111,237
Bank Of Nova Scotia
5.280%	10/11/2006	††		3,889,046		3,889,046
Barclays
5.310%	10/20/2006	††		3,889,046		3,889,046
Barclays
5.305%	11/21/2006	††		3,889,046		3,889,046
Barton Capital LLC
5.267%	10/06/2006	††		3,889,046		3,889,046
BNP Paribas
5.260%	10/05/2006	††		3,889,046		3,889,046
Branch Banker &Trust
5.270%	10/10/2006	††		3,889,046		3,889,046
CAFCO Funding LLC
5.289%	11/17/2006	††		1,555,618		1,555,618
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		7,778,094		7,778,094
Charta LLC
5.314%	11/01/2006	††		1,555,619		1,555,619
CIESCO Domestic
5.290%	11/16/2006	††		1,555,619		1,555,619
Clipper Receivables Corp
5.283%	10/19/2006	††		2,333,428		2,333,428
Commonwealth Bank of Australia
5.275%	10/23/2006	††		3,002,344		3,002,344
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		3,889,047		3,889,047
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		3,111,237		3,111,237
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		3,889,046		3,889,046
Fairway Finance
5.292%	10/24/2006	††		3,111,237		3,111,237

 

See accompanying notes to schedule of investments.

27

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
Growth Fund

Coupon Rate	Maturity         Date		Face		Value
Fairway Finance
5.274%	10/03/2006	††	$	1,555,618	$	1,555,618
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		1,555,618		1,555,618
Fortis Bank
5.300%	11/20/2006	††		1,555,618		1,555,618
Fortis Bank
5.280%	10/19/2006	††		4,666,855		4,666,855
General Electric Capital Corporation
5.285%	11/03/2006	††		3,111,237		3,111,237
Harris NA
5.280%	11/22/2006	††		3,889,046		3,889,046
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		3,111,237		3,111,237
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		1,555,618		1,555,618
Liberty Street
5.282%	10/13/2006	††		1,555,618		1,555,618
Lloyds TSB Bank
5.270%	10/02/2006	††		4,666,855		4,666,855
Merrill Lynch & Co
5.365%	10/02/2006	††		6,365,688		6,365,688
Morgan Stanley & Co
5.365%	10/02/2006	††		21,778,658		21,778,658
National Australia Bank
5.360%	10/02/2006	††		6,222,474		6,222,474
Paradigm Funding LLC
5.287%	10/10/2006	††		1,555,618		1,555,618
Park Avenue Receivables Corp
5.283%	10/26/2006	††		1,555,619		1,555,619
Park Avenue Receivables Corp
5.281%	10/03/2006	††		1,555,619		1,555,619
Royal Bank of Canada
5.300%	10/27/2006	††		3,889,046		3,889,046
Royal Bank of Canada
5.300%	11/17/2006	††		1,555,618		1,555,618
Royal Bank of Scotland
5.300%	10/27/2006	††		3,889,046		3,889,046
Sheffiled Receivables Corp
5.285%	10/18/2006	††		1,555,618		1,555,618
Societe Generale
5.300%	10/23/2006	††		5,600,227		5,600,226
Societe Generale
5.280%	11/01/2006	††		6,222,474		6,222,474
Svenska Handlesbanken
5.350%	10/02/2006	††		6,285,758		6,285,757
Three Pillars Funding LLC
5.284%	10/02/2006	††		1,555,618		1,555,618
Toronto Dominion Bank
5.265%	10/12/2006	††		3,889,046		3,889,046
UBS AG
5.305%	10/02/2006	††		3,889,047		3,889,047
UBS AG
5.300%	10/27/2006	††		3,889,046		3,889,046
Variable Funding Capital Co
5.265%	10/02/2006	††		2,311,874		2,311,874
Wells Fargo
5.270%	10/17/2006	††		3,889,046		3,889,046
Yorktown Capital LLC
5.287%	10/18/2006	††		1,555,618		1,555,618
						182,238,970
Floating Rate Instruments/Master Notes—0.3%
Bank of America
5.310%	07/10/2007	††	$	3,889,046	$	3,889,046
Bank of America
5.270%	11/10/2006	††		3,111,237		3,111,237
						7,000,283
TOTAL CASH EQUIVALENTS
(Cost $189,239,253)						189,239,253
REPURCHASE AGREEMENTS—2.4%
IBT Repurchase Agreement dated 09/29/2006 due 10/02/2006, with a maturity value of $65,319,002 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 5.88% to 9.00%, maturity dates ranging from 01/25/2015 to 08/01/2035 and an aggregate market value of $68,558,386.				65,293,700		65,293,700
TOTAL INVESTMENTS—107.4%
(Cost $2,700,933,643)						2,908,919,489
Other assets less liabilities—(7.4%)						(200,951,877	)
NET ASSETS—100.0%					$	2,707,967,612

 

Legend to the Schedule of Investments:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

See accompanying notes to schedule of investments.

28

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—97.8%
Advertising—1.1%
24/7 Real Media, Inc.	*		229,500	$	1,959,930
Aquantive, Inc.	*†		145,500		3,436,710
Lamar Advertising Company	*		104,300		5,570,663
Marchex, Inc. Class B	*†		134,900		2,069,366
Monster Worldwide, Inc.	*		36,400		1,317,316
					14,353,985
Aerospace & Defense—0.3%
Empresa Brasileira de Aeronautica SA, Sponsored ADR (Brazil)	†		93,300		3,663,891
Apparel Retailers—1.3%
AnnTaylor Stores Corporation	*†		117,600		4,922,735
Christopher & Banks Corporation			261,900		7,720,812
Urban Outfitters, Inc.	*†		271,730		4,806,904
					17,450,451
Automotive—3.0%
Autoliv, Inc.			135,400		7,461,894
General Motors Corporation	†		638,000		21,219,880
Oshkosh Truck Corporation			210,800		10,639,076
					39,320,850
Banking—1.2%
Investors Financial Services Corporation			279,000		12,019,320
SVB Financial Group	*†		22,600		1,008,864
Texas Capital Bancshares, Inc.	*		105,900		1,982,448
					15,010,632
Beverages, Food & Tobacco—0.2%
Constellation Brands, Inc. Class A	*†		84,000		2,417,520
Bio-Technology—0.2%
deCODE genetics, Inc.	*†		419,300		2,306,150
Building Materials—1.9%
Cemex SA de CV Sponsored ADR (Mexico)	*†		420,370		12,644,730
Interline Brands, Inc.	*		276,500		6,824,020
Vulcan Materials Company			64,000		5,008,000
					24,476,750
Chemicals—0.7%
Agrium, Inc. (Canada)	†		49,200		1,327,908
Potash Corporation of Saskatchewan, Inc. (Canada)	†		26,700		2,781,873
UAP Holding Corporation	†		229,200		4,898,004
					9,007,785
Commercial Services—9.4%
Accenture Ltd. Class A (Bermuda)			231,500		7,340,865
Advisory Board Company (The)	*†		127,200		6,426,144
Affymetrix, Inc.	*†		271,300		5,849,228
American Reprographics Co.	*		126,500		4,055,590
Apollo Group, Inc. Class A	*†		259,800		12,792,552
Corporate Executive Board Company			38,800		3,488,508
CV Therapeutics, Inc.	*†		163,700		1,823,618
Cytyc Corporation	*		172,500		4,222,800
Digitas, Inc.	*		267,100		2,569,502
Dun & Bradstreet Company	*		62,200		4,664,378
Exelixis, Inc.	*		89,700		781,287
Heartland Payment Systems, Inc.	†		161,700	$	4,204,200
Korn Ferry International	*		377,200		7,898,568
Laureate Education, Inc.	*		157,700		7,547,522
Mobile Mini, Inc.	*		206,100		5,855,301
Moody’s Corporation			52,800		3,452,064
Myriad Genetics, Inc.	*†		55,500		1,368,075
Navigant Consulting, Inc.	*†		260,000		5,215,600
Resources Connection, Inc.	*		218,900		5,864,331
Senomyx, Inc.	*†		328,523		5,049,398
Stericycle, Inc.	*		45,100		3,147,529
Symyx Technologies, Inc.	*		163,600		3,466,684
Waste Connections, Inc.	*		164,000		6,217,240
WebSideStory, Inc.	*†		125,400		1,656,534
Weight Watchers International, Inc.			94,300		4,181,262
Wind River Systems, Inc.	*†		245,000		2,623,950
					121,762,730
Communications—2.1%
American Tower Corporation Class A	*		337,200		12,307,800
Comverse Technology, Inc.	*		165,200		3,541,888
SBA Communications Corporation	*		295,600		7,191,948
XM Satellite Radio Holdings, Inc. Class A	*†		313,300		4,038,437
					27,080,073
Computer Software & Processing—9.7%
Activision, Inc.	*†		964,799		14,568,465
Adobe Systems, Inc.	*		63,500		2,378,075
Alliance Data Systems Corporation	*		155,100		8,559,969
Bottomline Technologies, Inc.	*		145,700		1,422,032
CNET Networks, Inc.	*†		1,617,400		15,494,692
Choicepoint, Inc.	*†		122,800		4,396,240
Citrix Systems, Inc.	*		65,000		2,353,650
DST Systems, Inc.	*†		101,610		6,266,289
Electronics for Imaging	*		102,000		2,333,760
Factset Research Systems, Inc.			197,600		9,597,432
Fidelity National Information Services, Inc.	†		137,300		5,080,100
Global Cash Access, Inc.	*		141,100		2,129,199
IMS Health, Inc.			209,500		5,581,080
Jack Henry & Associates, Inc.			312,500		6,803,125
Juniper Networks, Inc.	*†		440,300		7,608,384
Kronos, Inc.	*		61,500		2,096,535
LivePerson, Inc.	*		323,100		1,735,047
Nvidia Corporation	*		106,800		3,160,212
Open Solutions, Inc.	*†		162,500		4,681,625
RightNow Technologies, Inc.	*†		288,700		4,506,607
Skillsoft PLC ADR (Ireland)	*		405,300		2,589,867
Take-Two Interactive Software, Inc.	*†		396,400		5,652,664
Taleo Corp.—Class A	*†		175,100		1,772,012
Verint Systems, Inc.	*		70,400		2,115,520
Websense, Inc.	*		109,900		2,374,939
					125,257,520
Computers & Information—1.9%
Dell, Inc.	*		849,000		19,391,160
Micros Systems, Inc.	*		44,500		2,176,940
Rackable Systems, Inc.	*		33,100		905,947
Riverbed Technology, Inc.	*		6,900		134,550
Sandisk Corporation	*		50,200		2,687,708
					25,296,305

See accompanying notes to schedule of investments.

29

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
E-Commerce—0.2%
Blue Nile, Inc.	*†		60,900	$	2,213,715
Electrical Equipment—0.3%
Ametek, Inc.			83,000		3,614,650
Electronics—3.0%
Analog Devices, Inc.			107,000		3,144,730
Broadcom Corporation Class A	*		74,500		2,260,330
Cymer, Inc.	*†		59,499		2,612,601
DRS Technologies, Inc.	†		90,600		3,956,502
Integrated Device Technology, Inc.	*		306,300		4,919,178
Intersil Corporation Class A			89,300		2,192,315
Microchip Technology, Inc.			119,800		3,883,916
National Semiconductor Corporation	†		260,900		6,138,977
PMC-Sierra, Inc.	*†		517,300		3,072,762
Semtech Corporation	*		272,300		3,474,548
Silicon Laboratories, Inc.	*†		113,400		3,517,668
					39,173,527
Entertainment & Leisure—2.8%
Discovery Holding Company Class A	*		192,710		2,786,587
International Speedway Corporation Class A			89,800		4,475,632
Walt Disney Company			767,000		23,707,970
WMS Industries, Inc.	*†		180,100		5,260,721
					36,230,910
Financial Services—3.7%
Bear Stearns Companies, Inc. (The)			66,400		9,302,640
CapitalSource, Inc.	†		604,900		15,618,518
Countrywide Financial Corporation			170,386		5,970,325
Legg Mason, Inc.			35,500		3,580,530
Nasdaq Stock Market Inc.	*		75,600		2,286,144
Nuveen Investments, Inc. Class A			91,500		4,687,545
SEI Investments Company			111,600		6,270,804
					47,716,506
Food Retailers—0.8%
Panera Bread Company Class A	*†		100,200		5,836,650
Pantry, Inc. (The)	*†		83,200		4,689,984
					10,526,634
Forest Products & Paper—0.7%
Martin Marietta Materials, Inc.			100,700		8,521,234
Health Care Providers—5.3%
Coventry Health Care, Inc.	*		293,050		15,097,936
DaVita, Inc.	*		526,700		30,480,129
Edwards Lifesciences Corporation	*		96,100		4,477,299
Laboratory Corporation of America Holdings	*†		75,800		4,970,206
LCA-Vision, Inc.	†		127,200		5,254,632
Lincare Holdings, Inc.	*		131,800		4,565,552
Symbion, Inc.	*†		112,500		2,065,500
VCA Antech, Inc.	*		66,400		2,394,384
					69,305,638
Heavy Machinery—2.5%
Actuant Corporation Class A	*†		252,400	$	12,645,240
Entegris, Inc.	*		453,300		4,945,503
FMC Technologies, Inc.	*		164,000		8,806,800
Grant Prideco, Inc.	*		97,900		3,723,137
Hydril	*		51,100		2,864,666
					32,985,346
Home Construction, Furnishings & Appliances—1.3%
Meritage Corporation	*†		217,400		9,046,014
Ryland Group, Inc.	†		59,300		2,562,353
Standard-Pacific Corporation			42,300		994,050
Toll Brothers, Inc.	*†		172,500		4,843,800
					17,446,217
Industrial—Diversified—1.2%
Roper Industries, Inc.			313,400		14,021,516
Shuffle Master, Inc.	*†		34,500		931,845
					14,953,361
Insurance—8.8%
AMBAC Financial Group, Inc.			150,350		12,441,462
AON Corporation			540,600		18,310,122
Centene Corporation	*		124,000		2,038,560
Endurance Specialty Holdings, Ltd. (Bermuda)			118,400		4,174,784
Fairfax Financial Holdings Ltd. (Canada)	†		118,880		15,467,477
Infinity Property & Casualty Corporation			50,600		2,081,178
Markel Corporation	*†		10,400		4,270,864
Millea Holdings, Inc. 144A (Japan)	‡**		307,500		11,245,242
Montpelier Re Holdings, Ltd. (Bermuda)	†		424,300		8,227,177
Nipponkoa Insurance Company Ltd. (Japan)			2,110,000		16,851,006
Security Capital Assurance Ltd. (Bermuda)	*		141,200		3,381,740
WellPoint, Inc.	*		105,900		8,159,595
XL Capital Ltd. Class A (Bermuda)	†		101,700		6,986,790
					113,635,997
Lodging—0.3%
Station Casinos, Inc.			76,100		4,400,863
Media—Broadcasting & Publishing—5.9%
Central European Media Enterprises Ltd.	*†		51,700		3,466,485
Comcast Corporation Special Class A	*		622,000		22,895,820
DIRECTV Group, Inc. (The)	*		1,251,000		24,619,680
Liberty Media Corp. Interactive—Class A	*		602,275		12,274,364
Liberty Media Corp. Capital—Class A	*		120,455		10,066,424
Meredith Corporation			58,700		2,895,671
					76,218,444
Medical Equipment & Supplies—0.6%
Advanced Medical Optics, Inc.	*†		194,400		7,688,520
Medical Supplies—1.8%
Boston Scientific Corporation	*		431,000		6,374,490
FEI Company	*†		230,700		4,870,077

See accompanying notes to schedule of investments.

30

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Fisher Scientific International	*		85,600	$	6,697,344
Respironics, Inc.	*		139,900		5,401,539
					23,343,450
Metals—0.9%
United States Steel Corporation	†		211,800		12,216,624
Miscellaneous—0.7%
Pool Corp.	†		233,900		9,005,150
Oil & Gas—2.1%
Bill Barrett Corporation	*†		96,400		2,367,584
BJ Services Company	†		133,300		4,016,329
Denbury Resources, Inc.	*		136,700		3,950,630
Encore Acquisition Company	*		138,999		3,383,236
GlobalSantaFe Corporation			80,700		4,034,193
Range Resources Corporation			167,900		4,237,796
Todco Class A	*		55,500		1,920,300
W-H Energy Services, Inc.	*		72,800		3,019,016
					26,929,084
Pharmaceuticals—6.0%
Alexion Pharmaceuticals, Inc.	*†		47,700		1,620,846
Alkermes, Inc.	*†		147,500		2,337,875
Amylin Pharmaceuticals, Inc.	*†		116,800		5,147,376
Atherogenics, Inc.	*†		108,900		1,434,213
Bare Escentuals, Inc.	*		8,600		233,490
Cell Genesys, Inc.	*†		286,700		1,310,219
Cephalon, Inc.	*†		58,100		3,587,675
Cubist Pharmaceuticals, Inc.	*†		100,400		2,182,696
Far East Pharmaceutical Tech (Hong Kong)	‡**d		6,152,600		—
Henry Schein, Inc.	*†		186,200		9,336,068
Immucor, Inc.	*		194,900		4,367,709
Medicines Company	*		107,800		2,431,968
Medicis Pharmaceutical Corporation Class A	†		440,900		14,263,115
Myogen, Inc.	*†		110,900		3,890,372
Neurocrine Biosciences, Inc.	*†		79,400		853,550
New River Pharmaceuticals, Inc.	*†		58,900		1,515,497
Sepracor, Inc.	*†		92,700		4,490,388
Shire Pharmaceuticals Group PLC (United Kingdom)			277,500		13,705,725
Valeant Pharmaceuticals International	†		235,200		4,652,256
					77,361,038
Real Estate—0.5%
CB Richard Ellis Group, Inc. Class A	*		157,400		3,872,040
St. Joe Company (The)			42,400		2,326,488
					6,198,528
Restaurants—0.4%
PF Chang’s China Bistro, Inc.	*†		151,300		5,251,623
Retailers—5.8%
AC Moore Arts & Crafts, Inc.	*†		174,000		3,311,220
Advance Auto Parts, Inc.			98,200		3,234,708
Amazon.Com, Inc.	*†		508,300		16,326,596
Autozone, Inc.	*†		93,000		9,606,900
Bed Bath & Beyond, Inc.	*		91,400	$	3,496,964
Fastenal Company			62,000		2,391,340
MarineMax, Inc.	*†		100,200		2,550,090
Marvel Entertainment, Inc.	*†		129,100		3,116,474
O’Reilly Automotive, Inc.	*		347,000		11,523,870
Petco Animal Supplies, Inc.	*†		122,000		3,494,080
School Specialty, Inc.	*†		184,400		6,507,476
Sears Holdings Corporation	*		43,600		6,892,724
Tiffany & Company			73,200		2,430,240
					74,882,682
Telecommunications—2.3%
Amdocs Ltd.	*		355,800		14,089,680
KDDI Corporation (Japan)			1,483		9,261,496
NTL, Inc.			279,600		7,110,228
					30,461,404
Telephone Systems—5.7%
Adtran, Inc.			120,100		2,863,184
Level 3 Communications, Inc.	*†		2,789,700		14,924,895
NTT DoCoMo, Inc. (Japan)			1,765		2,720,292
NeuStar, Inc. Class A	*†		204,600		5,677,650
NII Holdings, Inc. Class B	*		394,045		24,493,837
Sprint Nextel Corp.	†		1,329,300		22,797,495
					73,477,353
Textiles, Clothing & Fabrics—0.2%
Mohawk Industries, Inc.	*†		37,100		2,762,095
Transportation—1.0%
Expedia, Inc.	*		592,000		9,282,560
UTI Worldwide, Inc. (Luxembourg)			130,400		3,647,288
					12,929,848
TOTAL COMMON STOCKS
(Cost $1,106,663,734)					1,266,855,083

 

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—0.3%
Financial Services—0.3%
Atlantic Asset Securities Corp., 144A
5.280%	10/20/2006	**	$	1,750,000		1,744,867
Falcon Asset Securitization Corp., 144A
5.260%	10/25/2006	**		2,500,000		2,490,868
TOTAL COMMERCIAL PAPER
(Cost $4,235,735)						4,235,735
CASH EQUIVALENTS—26.3%
Bank & Certificate Deposits/ Offshore Time Deposits—25.3%
Abbey National PLC
5.270%	10/03/2006	††		7,004,003		7,004,003
Abbey National PLC
5.270%	10/04/2006	††		7,004,003		7,004,003
Bank Of Montreal
5.280%	10/16/2006	††		5,603,203		5,603,203
Bank Of Nova Scotia
5.280%	10/11/2006	††		7,004,003		7,004,003
Barclays
5.310%	10/20/2006	††		7,004,003		7,004,003

 

See accompanying notes to schedule of investments.

31

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
Barclays
5.305%	11/21/2006	††	$	7,004,003	$	7,004,003
Barton Capital LLC
5.267%	10/06/2006	††		7,004,003		7,004,003
BNP Paribas
5.260%	10/05/2006	††		7,004,003		7,004,003
Branch Banker &Trust
5.270%	10/10/2006	††		7,004,002		7,004,002
CAFCO Funding LLC
5.289%	11/17/2006	††		2,801,601		2,801,601
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		14,008,005		14,008,005
Charta LLC
5.314%	11/01/2006	††		2,801,601		2,801,601
CIESCO Domestic
5.290%	11/16/2006	††		2,801,601		2,801,601
Clipper Receivables Corp
5.283%	10/19/2006	††		4,202,401		4,202,401
Commonwealth Bank of Australia
5.275%	10/23/2006	††		5,407,090		5,407,090
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		7,004,002		7,004,002
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		5,603,202		5,603,202
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		7,004,002		7,004,002
Fairway Finance
5.292%	10/24/2006	††		5,603,202		5,603,202
Fairway Finance
5.274%	10/03/2006	††		2,801,601		2,801,601
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		2,801,601		2,801,601
Fortis Bank
5.300%	11/20/2006	††		2,801,601		2,801,601
Fortis Bank
5.280%	10/19/2006	††		8,404,803		8,404,803
General Electric Capital Corporation
5.285%	11/03/2006	††		5,603,202		5,603,202
Harris NA
5.280%	11/22/2006	††		7,004,002		7,004,002
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		5,603,202		5,603,202
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		2,801,601		2,801,601
Liberty Street
5.282%	10/13/2006	††		2,801,601		2,801,601
Lloyds TSB Bank
5.270%	10/02/2006	††		8,404,803		8,404,803
Merrill Lynch & Co
5.365%	10/02/2006	††		11,464,329		11,464,329
Morgan Stanley & Co
5.365%	10/02/2006	††		39,222,414		39,222,414
National Australia Bank
5.360%	10/02/2006	††		11,206,405		11,206,405
Paradigm Funding LLC
5.287%	10/10/2006	††		2,801,601		2,801,601
Park Avenue Receivables Corp
5.283%	10/26/2006	††		2,801,601		2,801,601
Park Avenue Receivables Corp
5.281%	10/03/2006	††		2,801,601		2,801,601
Royal Bank of Canada
5.300%	10/27/2006	††		7,004,002		7,004,002
Royal Bank of Canada
5.300%	11/17/2006	††		2,801,601		2,801,601
Royal Bank of Scotland
5.300%	10/27/2006	††	$	7,004,002	$	7,004,002
Sheffiled Receivables Corp
5.285%	10/18/2006	††		2,801,601		2,801,601
Societe Generale
5.300%	10/23/2006	††		10,085,765		10,085,765
Societe Generale
5.280%	11/01/2006	††		11,206,405		11,206,405
Svenska Handlesbanken
5.350%	10/02/2006	††		11,320,375		11,320,375
Three Pillars Funding LLC
5.284%	10/02/2006	††		2,801,601		2,801,601
Toronto Dominion Bank
5.265%	10/12/2006	††		7,004,002		7,004,002
UBS AG
5.305%	10/02/2006	††		7,004,002		7,004,002
UBS AG
5.300%	10/27/2006	††		7,004,002		7,004,002
Variable Funding Capital Co
5.265%	10/02/2006	††		4,163,588		4,163,588
Wells Fargo
5.270%	10/17/2006	††		7,004,002		7,004,002
Yorktown Capital LLC
5.287%	10/18/2006	††		2,801,601		2,801,601
						328,204,450
Floating Rate Instruments/Master Notes—1.0%
Bank of America
5.310%	07/10/2007	††		7,004,002		7,004,002
Bank of America
5.270%	11/10/2006	††		5,603,202		5,603,202
						12,607,204
TOTAL CASH EQUIVALENTS
(Cost $340,811,654)						340,811,654
REPURCHASE AGREEMENTS—2.4%
IBT Repurchase Agreement dated 09/30/2006 due 10/02/2006 with a maturity value of $30,841,686 and an effective yield of 4.65% collaterialized by U.S. Government Agency Obligations with rates ranging from 5.70% to 9.50%, maturity dates ranging from 08/25/2014 to 01/01/2034 and an aggregate market value of $32,371,227.				30,829,741		30,829,741
TOTAL INVESTMENTS—126.8%
(Cost $1,482,540,864)						1,642,732,213
Other assets less liabilities—(26.8%)						(347,658,228	)
NET ASSETS—100.0%					$	1,295,073,985

 

Legend to the Schedule of Investments:

ADR American Depositary Receipt

* Non-income producing security.

† Denotes all or a portion of security on loan.

‡ Security valued at fair value as determined by policies approved by the board of directors.

** Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.94% of Total Investments.

†† Represents collateral received from securities lending transactions.

d Security has no market value at 09/30/2006.

See accompanying notes to schedule of investments.

32

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—94.8%
Australia—2.4%
Amcor Ltd.			92,256	$	511,904
AXA Asia Pacific Holdings Ltd.			88,600		429,880
Brambles Industries Ltd.			58,371		555,437
Foster’s Group Ltd.			151,148		726,098
Insurance Australia Group Ltd.			252,015		992,737
Macquarie Bank Ltd.			40,780		2,106,709
Promina Group Ltd.			526,256		2,329,369
Publishing & Broadcasting Ltd.			276,272		3,840,052
QBE Insurance Group Ltd.			93,500		1,708,854
Rinker Group Ltd.			136,177		1,404,315
Rio Tinto Ltd.			10,300		538,097
Telstra Corporation Ltd.			225,481		623,747
Woodside Petroleum Ltd.			213,000		6,239,099
Woolworths Ltd.			63,169		955,222
					22,961,520
Austria—0.6%
Bank Austria Creditanstalt AG			22,200		2,969,473
Erste Bank der Oesterreichischen Sparkassen AG			9,100		566,559
Raiffeisen International Bank Holding AG	*		4,800		511,970
Wiener Staedtische Allgemeine Versicherung AG			29,786		1,870,371
					5,918,373
Belgium—1.1%
Fortis			165,846		6,730,376
KBC Bancassurance Holding			25,800		2,717,883
UCB SA	†		20,800		1,323,194
Umicore			161		23,815
					10,795,268
Bermuda—0.6%
Guoco Group, Ltd.			119,000		1,519,731
Jardine Matheson Holdings, Ltd.			16,800		307,440
NWS Holdings, Ltd.			404,100		837,091
SeaDrill Ltd.	*		162,500		2,153,283
Vtech Holdings, Ltd.			133,000		681,826
					5,499,371
Brazil—0.1%
Vivo Participacoes SA, ADR	*†		212,518		663,056
Canada—4.0%
Abitibi-Consolidated, Inc.			71,000		176,164
Akita Drilling, Ltd.—Class A			69,100		1,117,212
Alcan Aluminum Ltd.			76,900		3,068,699
Barrick Gold Corporation			81,900		2,515,968
Cameco Corporation	†		71,600		2,612,207
Canadian Imperial Bank of Commerce			9,100		686,739
Canadian Natural Resources, Ltd.			51,800		2,363,572
Canadian Oil Sands Trust			20,100		536,888
COM DEV International, Ltd.	*		169,600		940,365
Empire Co., Ltd.—Class A			40,500		1,478,301
EnCana Corporation			45,700		2,129,037
Finning International, Inc.			18,200		609,873
First Quantum Minerals Ltd.			13,900		650,426
Inmet Mining Corporation			30,800		1,165,898
Laperriere & Verreault Group	*		32,900		683,403
Manulife Financial Corporation			21,000		677,177
Methanex Corp.	†		27,300		662,448
Pason Systems, Inc.			102,800	$	1,453,049
Potash Corporation of Saskatchewan, Inc. (foreign shares)			23,300		2,421,413
Rogers Communications, Inc.—Class B			10,400		570,118
Royal Bank of Canada			14,400		638,610
Suncor Energy, Inc.			84,700		6,083,924
Teck CominCo, Ltd.—Class B	†		26,600		1,667,861
Telus Corporation	†		18,000		1,014,153
Telus Corporation Non-voting Shares			31,500		1,766,302
Toronto-Dominion Bank			9,600		571,150
					38,260,957
Cayman Islands—0.1%
Foxconn International Holdings Ltd.	*		173,000		532,050
China—0.1%
China Life Insurance Co., Ltd.—Class H			274,000		535,264
Denmark—0.2%
Codan A/S			6,200		440,319
Novo Nordisk A/S Class B			23,300		1,734,933
					2,175,252
Finland—1.3%
Fortum Oyj			178,900		4,771,620
Neste Oil Oyj			15,600		455,268
Nokia Oyj	†		208,100		4,102,394
Sampo Oyj			108,900		2,269,087
UPM-Kymmene Oyj			56,900		1,349,916
					12,948,285
France—10.0%
Accor SA			16,700		1,137,464
Air Liquide			4,018		820,219
Alstom	*		17,771		1,607,950
Alten NPV	*		14,600		462,676
Assurances Generales de France			16,800		2,114,695
AXA			185,403		6,837,034
BNP Paribas			57,170		6,148,407
Bouygues SA			130,142		6,954,708
Carrefour SA	†		77,616		4,901,983
Cie Generale D’Optique Essilor International SA			56,900		5,828,082
Dassault Systemes SA			11,600		651,693
Electricite de France	*		42,520		2,366,285
Groupe Danone			7,100		996,482
LVMH Moet Hennessy Louis Vuitton SA	†		77,113		7,936,755
Lafarge SA			14,800		1,910,612
L’Oreal SA			70,200		7,126,811
Michelin (C.G.D.E.) Class B			10,100		740,603
PagesJaunes SA			18,853		536,192
Pernod-Ricard SA			3,000		624,468
Pinguley-Haulotte Corp.			17,900		463,608
Renault SA			14,100		1,616,244
Safran SA	†		39,065		789,639
Sanofi-Synthelabo SA			81,369		7,239,489
Schneider Electric SA			26,200		2,920,056
Societe Generale Class A	†		28,200		4,483,539
Societe Television Francaise1	†		128,000		4,094,570
Technip SA			36,536		2,083,441

See accompanying notes to schedule of investments.

33

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Thales SA			25,500	$	1,131,256
Total SA	†		96,940		6,363,083
Veolia Environment			26,630		1,605,884
Vinci SA	†		15,447		1,718,579
Vivendi Universal SA			44,100		1,589,419
					95,801,926
Germany—4.6%
Allianz AG			55,570		9,603,007
Bayer AG			16,500		841,063
Bayerische Motoren Werke AG			11,500		615,602
Carlsberg AS Class B			10,750		904,112
Commerzbank AG			24,281		816,672
Continental AG			14,500		1,679,793
DaimlerChrysler AG			18,600		928,181
Deutsche Bank AG			8,700		1,047,067
Deutsche Post AG			109,128		2,865,097
IVG Immobilien AG			20,821		752,638
MAN AG			5,900		498,699
Muenchener Rueckversicherungs AG			3,800		600,118
RWE AG			78,496		7,236,253
Salzgitter AG			36,900		3,462,637
SAP AG	†		21,675		4,294,794
SAP AG ADR	†		7,700		381,150
Siemens AG			31,800		2,769,047
E.ON AG			19,567		2,322,172
Volkswagen AG			34,500		2,937,942
					44,556,044
Greece—0.1%
OPAP SA			15,270		514,264
Hong Kong—5.1%
Bank of East Asia Ltd.			260,600		1,188,752
China Merchants Holdings International Co., Ltd.			569,700		1,667,984
China Mobile Ltd.			1,589,600		11,214,570
China Unicom Ltd.			1,432,700		1,405,670
CLP Holdings Ltd.			770,000		4,661,726
CNOOC, Ltd.			7,350,000		6,118,534
Hang Lung Development Co.			225,000		578,616
Hang Lung Properties Ltd.			411,000		876,905
Hong Kong & China Gas			2,200,000		5,154,111
Hutchison Whampoa Ltd.			538,000		4,745,389
Li & Fung Ltd.			346,400		859,932
MTR Corporation			520,100		1,304,631
Sino Land Company			1,812,000		3,204,036
Sun Hung Kai Properties Ltd.			318,400		3,471,607
Swire Pacific Ltd. Class A			240,622		2,511,579
Wing Lung Bank			45,000		443,343
					49,407,385
Ireland—0.3%
CRH PLC			20,821		705,757
CRH PLC			29,100		983,893
Depfa Bank PLC			44,500		820,872
					2,510,522
Israel—0.1%
Teva Pharmaceutical Industries Ltd. ADR	†		16,500		562,485
Italy—2.0%
Banca Intesa SpA	*		207,489	$	1,365,265
Banca Italease			9,500		468,214
Capitalia SpA			67,092		555,467
ENI-Ente Nazionale Idrocarburi SpA			112,019		3,330,954
Esprinet SpA			51,300		991,452
Fiat SpA	*†		72,400		1,154,131
Mediobanca SpA	†		82,578		1,802,599
Saipem SpA			165,060		3,591,342
SanPaolo IMI SpA			22,000		465,446
Telecom Italia RNC			438,892		1,057,065
Telecom Italia SpA			216,212		613,569
UniCredito Italiano SpA	†		501,239		4,162,856
					19,558,360
Japan—29.1%
Advantest Corporation			97,800		4,878,162
Aeon Company Ltd.			54,200		1,330,627
Aiful Corporation			47,950		1,855,211
Bank of Yokohama Ltd. (The)			83,000		655,115
Bosch Corporation			146,000		777,298
Bridgestone Corporation			118,500		2,400,655
Canon, Inc.			190,950		9,983,156
Chugai Pharmaceutical Company Ltd.	†		126,700		2,727,601
Credit Saison Company Ltd.			159,800		6,741,892
D&M Holdings, Inc.			176,000		550,729
Daiichi Sankyo Co., Ltd.			25,300		716,889
Daikin Industries Ltd.			137,000		4,059,596
Daimaru, Inc.			35,000		433,332
Daito Trust Construction Company Ltd.			94,000		5,107,911
Daiwa House Industry Company Ltd.			40,000		692,311
Denso Corporation			130,800		4,606,565
Eisai Company Ltd.			99,000		4,795,408
Elpida Memory, Inc.	*		8,600		391,035
Fanuc Ltd.			91,000		7,105,871
Fuji Heavy Industries, Ltd.			70,000		399,317
Fuji Machine Manufacturing Co., Ltd.			20,000		384,313
Futaba Industrial Co., Ltd.	†		37,000		799,733
Hirose Electric Company Ltd.			40,700		5,399,181
Honda Motor Company Ltd.			205,000		6,892,410
Hoya Corporation			165,800		6,255,693
Itochu Corporation			51,000		395,881
Jaccs Co., Ltd.			38,000		403,769
Japan Tobacco, Inc.			1,144		4,454,919
Jupiter Telecommunications Co.	*		3,910		2,953,146
Kao Corporation			47,000		1,253,523
Keyence Corporation			31,740		7,308,182
Kubota Corporation			155,000		1,273,343
Kumagai Gumi Co., Ltd.	*		153,000		406,190
Maeda Corporation			104,000		454,530
Marubeni Corporation			325,000		1,620,362
Millea Holdings, Inc. 144A	‡**		241,000		8,813,344
Ministop Co., Ltd.			31,300		531,488
Mitsubishi Corporation			117,100		2,206,612
Mitsubishi Estate Company Ltd.			433,000		9,473,773
Mitsubishi Heavy Industries Ltd.			137,000		567,767
Mitsubishi UFJ Financial Group, Inc.			735		9,461,783
Mitsui & Company Ltd.			404,900		5,162,777
Mitsui Fudosan Company Ltd.			92,400		2,102,288
Mitsui Sumitomo Insurance Company Ltd.			39,420		493,882
Mizuho Financial Group, Inc.			1,258		9,771,601

See accompanying notes to schedule of investments.

34

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Murata Manufacturing Company Ltd.			5,900	$	410,322
NTT DoCoMo, Inc.			3,611		5,565,424
NGK Spark Plug Company Ltd.			36,000		716,485
Nikko Cordial Corporation			310,000		3,604,348
Nintendo Company Ltd.			10,300		2,124,655
Nippon Electric Glass Company Ltd.			103,000		2,273,382
Nippon Mining Holdings, Inc.			87,000		616,827
Nippon Telegraph & Telephone Corporation			154		753,192
Nissan Motor Company Ltd.			246,900		2,765,707
Nitto Denko Corporation			87,000		5,156,079
Nomura Holdings, Inc.			38,000		669,282
NTT Data Corporation			282		1,303,558
Odakyu Electric Railway Company Ltd.	†		100,000		635,736
Oriental Yeast Co., Ltd.			114,000		683,600
ORIX Corporation			33,600		9,287,419
PanaHome Corporation			53,000		379,083
Rohm Company Ltd.			62,300		5,802,218
Sawai Pharmaceutical Co., Ltd.			19,000		895,159
Secom Company Ltd.			98,000		4,858,359
Sega Sammy Holdings, Inc.			77,508		2,496,730
Shimamura Company Ltd.			30,900		3,020,680
Shin-Etsu Chemical Company Ltd.			104,300		6,663,929
SMC Corporation			26,700		3,538,341
SNT Corporation			91,000		465,095
Softbank Corporation	*†		274,500		5,685,595
Sompo Japan Insurance, Inc.			77,700		1,019,193
Sony Corporation			100,000		4,040,317
Star Micronics Co., Ltd.			44,000		838,856
Sumitomo Corporation			118,000		1,476,017
Sumitomo Metal Industries Ltd.			225,000		863,970
Sumitomo Mitsui Financial Group, Inc.			1,039		10,915,023
Sumitomo Realty & Development Company Ltd.			46,000		1,353,697
Sumitomo Trust & Banking Company Ltd. (The)			130,000		1,364,138
Suzuki Motor Corporation			123,000		3,126,687
T&D Holdings, Inc.			8,250		597,947
TDK Corporation			25,000		2,003,313
Taisei Corporation	†		930,500		3,341,156
Takeda Chemical Industries Ltd.			92,700		5,794,740
TOA Corporation			58,000		463,495
Tokyo Electric Power Company, Inc. (The)			36,300		1,045,625
Tokyo Electron Ltd.			29,200		2,159,490
Tokyo Gas Company Ltd.	†		188,000		943,151
Tokyu Corporation	†		186,000		1,281,023
Toshiba Corporation	†		367,000		2,382,389
Toyo Machinery & Metal Co., Ltd.			53,000		449,992
Toyota Motor Corporation			46,500		2,531,451
Trend Micro, Inc.			29,000		848,057
UMC Japan	*		1,195		354,543
Unipres Corporation			56,000		456,803
Ushio, Inc.			21,400		462,018
Yahoo Japan Corporation	†		2,766		1,040,876
Yamada Denki Company Ltd.			16,350		1,642,527
Yamaha Motor Company Ltd.			40,000		1,062,443
Yamanouchi Pharmaceutical Company Ltd.			115,000		4,631,815
Yamato International, Inc.			53,000		478,851
Yamato Transport Company Ltd.			111,200		1,609,667
					279,999,646
Luxembourg—0.4%
RTL Group			11,653	$	1,227,288
Societe Europeenne des Satellites			28,900		430,888
Stolt Offshore SA	*		139,000		2,390,701
					4,048,877
Mexico—1.1%
America Movil SA de CV ADR			102,600		4,039,362
Grupo Televisa SA ADR			194,100		4,126,566
Wal-Mart de Mexico SA de CV—Class V			834,900		2,841,243
					11,007,171
Netherlands—3.4%
ABN AMRO Holding NV			68,374		1,995,149
ASM Lithography Holdings NV	*†		187,749		4,375,596
ASM Lithography Holdings NV New York Registered Shares	*†		25,400		591,312
Aegon NV	†		68,947		1,293,712
Heineken Holding NV—Class A			38,143		1,501,054
Heineken NV			22,550		1,032,381
ING Groep NV			278,337		12,241,069
Royal KPN NV			159,900		2,038,903
Koninklijke BAM Groep NV			47,500		838,069
Reed Elsevier NV			76,200		1,271,505
Royal Dutch Shell PLC—Class A			89,752		2,966,320
Royal Numico NV	*		14,977		674,766
Unilever NV			60,815		1,496,247
Univar NV			19,700		825,787
					33,141,870
Norway—0.1%
DNB NOR ASA			49,500		607,337
Norske Skogindustrier ASA	*†		23,571		355,113
Renewable Energy Corp. AS	*		8,300		128,840
					1,091,290
Russia—0.5%
NovaTek OAO, Sponsored GDR			15,005		746,499
OAO Lukoil Holding ADR	†		34,710		2,644,902
Unified Energy System GDR			22,819		1,665,787
					5,057,188
Singapore—1.0%
DBS Group Holdings Ltd.			51,000		616,588
Keppel Corporation Ltd.			337,200		3,138,970
SembCorp Industries Ltd.			214,600		453,850
Singapore Airlines Ltd.			313,200		2,878,764
Singapore Telecommunications Ltd.			1,101,392		1,691,167
United Overseas Bank Ltd.			68,000		697,919
					9,477,258
South Africa—0.4%
ABSA Group, Ltd.			48,700		623,837
Sasol, Ltd.			83,700		2,763,056
					3,386,893
South Korea—1.5%
Hana Financial Group, Inc.			56,719		2,598,435
Kookmin Bank			62,999		4,933,573
Samsung Electronics Company Ltd. GDR, 144A	†**		9,865		3,462,615
Shinhan Financial Group Company Ltd.			77,840		3,499,988
					14,494,611

See accompanying notes to schedule of investments.

35

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Spain—2.3%
Altadis SA			24,300	$	1,155,294
Banco Bilbao Vizcaya Argentaria SA			161,200		3,730,560
Banco Santander Central Hispano SA			309,900		4,897,774
Grupo Catalana Occidente SA			23,000		773,638
Iberdrola SA			14,900		665,849
Inditex SA			145,096		6,772,351
Repsol YPF SA			86,300		2,567,342
Telefonica SA			67,043		1,161,451
					21,724,259
Sweden—1.5%
Alfa Laval AB			13,400		449,747
Assa Abloy AB Class B			31,300		582,596
Atlas Copco AB—Class A			37,000		972,425
Hennes & Mauritz AB Class B			89,000		3,730,023
Nordea Bank AB			278,800		3,657,681
Scania AB Class B			13,600		812,228
Telefonaktiebolaget LM Ericsson Class B			1,329,500		4,601,012
					14,805,712
Switzerland—7.5%
Adecco SA			64,673		3,900,713
Compagnie Financiere Richemont AG Class A			83,654		4,030,308
Credit Suisse Group			32,741		1,894,037
Elektrizitaets-Gesellschaft Laufenburg AG			500		416,618
Givaudan			46		36,815
Holcim Ltd.	†		37,401		3,055,760
Julius Baer Holding AG	*		3,200		319,183
Kuehne & Nagel International AG			27,300		1,890,496
Nestle SA			41,212		14,365,988
Novartis AG			238,559		13,923,865
Phonak Holding AG			8,900		564,038
Roche Holding AG			53,121		9,181,236
Swatch Group AG Class B			1,664		321,499
Swiss Reinsurance			100,248		7,665,915
Swisscom AG			3,427		1,141,498
UBS AG			159,269		9,524,378
					72,232,347
Taiwan—0.3%
Taiwan Semiconductor Manufacturing Company Ltd. ADR	†		279,773		2,685,821
United Kingdom—13.0%
Anglo American PLC			6,300		264,830
ARM Holdings PLC			249,100		547,589
AstraZeneca Group PLC			81,084		5,070,529
AstraZeneca PLC			58,300		3,640,550
Autonomy Corp. PLC	*		121,200		1,052,235
BG Group PLC			540,000		6,560,369
BAE Systems PLC			419,200		3,099,660
Barclays PLC			218,916		2,760,081
BHP Billiton PLC			104,028		1,792,137
BP PLC			470,900		5,146,947
Brambles Industries PLC			68,200		612,394
British Energy Group PLC	*		156,700		1,698,891
British Land Company PLC			28,800		734,527
Cadbury Schweppes PLC			267,220		2,839,197
Carnival PLC			46,258		2,210,759
Centrica PLC			850,000	$	5,171,886
Charles Taylor Consulting PLC			118,900		894,212
DTZ Holdings PLC			93,200		1,141,858
easyJet PLC	*		89,800		816,386
Elementis PLC			533,300		885,885
GlaxoSmithKline PLC			139,890		3,719,570
HSBC Holdings PLC			141,108		2,573,619
HSBC Holdings PLC (foreign shares)			90,800		1,657,185
HBOS PLC			214,100		4,232,695
Imperial Chemical Industries PLC			63,700		473,216
ITE Group PLC			195,100		445,584
Johnston Press PLC			74,900		571,317
Kingfisher PLC			1,825,498		8,384,611
Lloyds TSB Group PLC			92,200		932,016
MJ Gleeson Group PLC			51,700		350,327
Morgan Sindall PLC			39,200		848,873
Morrison WM Supermarkets			1,702,495		7,750,472
National Grid PLC			56,000		699,171
Pearson PLC			41,700		593,059
Persimmon PLC			16,400		410,413
Reckitt Benckiser PLC			124,000		5,135,836
Reed Elsevier PLC			158,300		1,756,870
Resolution PLC			39,900		460,990
Rio Tinto PLC			117,500		5,559,219
Rolls-Royce Group PLC	*		82,000		694,800
Royal Bank of Scotland Group PLC			206,800		7,114,077
Royal Dutch Shell PLC— Class A ADR	†		8,400		555,240
Royal Dutch Shell PLC—Class B			71,169		2,420,555
Scottish & Southern Energy PLC			64,700		1,593,328
Smith & Nephew PLC			57,700		528,827
Soco International PLC	*		17,300		482,671
Standard Chartered PLC			86,200		2,205,637
Tesco PLC			123,400		831,329
TI Automotive Ltd.	d		70,000		—
Vedanta Resources PLC			48,500		1,055,729
Vodafone Group PLC			3,567,401		8,146,882
Xstrata PLC			116,050		4,790,050
Yell Group PLC			76,500		852,194
					124,767,284
Virgin Islands (Br)—0.0%
Playtech, Ltd.			96,400		448,122
TOTAL COMMON STOCKS
(Cost $777,854,165)					911,568,731
PURCHASED OPTIONS—0.0%
Europe—0.0%
Eurodollar Put, Expires 01/31/2007, Strike 1.2125	‡
(Cost $706,260)			23,700,000		59,843

 

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—7.4%
Bank & Certificate Deposits/Offshore Time Deposits—7.1%
Abbey National PLC
5.270%	10/04/2006	††	$	1,449,355		1,449,355
Abbey National PLC
5.270%	10/03/2006	††		1,449,355		1,449,355
Bank Of Montreal
5.280%	10/16/2006	††		1,159,484		1,159,484

 

See accompanying notes to schedule of investments.

36

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
International Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Bank Of Nova Scotia
5.280%	10/11/2006	††	$	1,449,355	$	1,449,355
Barclays
5.310%	10/20/2006	††		1,449,355		1,449,355
Barclays
5.305%	11/21/2006	††		1,449,355		1,449,355
Barton Capital LLC
5.267%	10/06/2006	††		1,449,355		1,449,355
BNP Paribas
5.260%	10/05/2006	††		1,449,355		1,449,355
Branch Banker &Trust
5.270%	10/10/2006	††		1,449,355		1,449,355
CAFCO Funding LLC
5.289%	11/17/2006	††		579,742		579,742
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		2,898,711		2,898,711
Charta LLC
5.314%	11/01/2006	††		579,742		579,742
CIESCO Domestic
5.290%	11/16/2006	††		579,742		579,742
Clipper Receivables Corp
5.283%	10/19/2006	††		869,615		869,615
Commonwealth Bank of Australia
5.275%	10/23/2006	††		1,118,903		1,118,903
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		1,159,484		1,159,484
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		1,449,355		1,449,355
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		1,449,355		1,449,355
Fairway Finance
5.292%	10/24/2006	††		1,159,484		1,159,484
Fairway Finance
5.274%	10/03/2006	††		579,742		579,742
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		579,742		579,742
Fortis Bank
5.300%	11/20/2006	††		579,742		579,742
Fortis Bank
5.280%	10/19/2006	††		1,739,226		1,739,226
General Electric Capital Corporation
5.285%	11/03/2006	††		1,159,484		1,159,484
Harris NA
5.280%	11/22/2006	††		1,449,355		1,449,355
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		1,159,484		1,159,484
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		579,742		579,742
Liberty Street
5.282%	10/13/2006	††		579,742		579,742
Lloyds TSB Bank
5.270%	10/02/2006	††		1,739,226		1,739,226
Merrill Lynch & Co
5.365%	10/02/2006	††		2,372,341		2,372,341
Morgan Stanley & Co
5.365%	10/02/2006	††		8,116,390		8,116,390
National Australia Bank
5.360%	10/02/2006	††		2,318,968		2,318,968
Paradigm Funding LLC
5.287%	10/10/2006	††		579,742		579,742
Park Avenue Receivables Corp
5.283%	10/26/2006	††		579,742		579,742
Park Avenue Receivables Corp
5.281%	10/03/2006	††		579,742		579,742
Royal Bank of Canada
5.300%	11/17/2006	††	$	579,742	$	579,742
Royal Bank of Canada
5.300%	10/27/2006	††		1,449,355		1,449,355
Royal Bank of Scotland
5.300%	10/27/2006	††		1,449,355		1,449,355
Sheffiled Receivables Corp
5.285%	10/18/2006	††		579,742		579,742
Societe Generale
5.300%	10/23/2006	††		2,087,072		2,087,072
Societe Generale
5.280%	11/01/2006	††		2,318,968		2,318,968
Svenska Handlesbanken
5.350%	10/02/2006	††		2,342,554		2,342,554
Three Pillars Funding LLC
5.284%	10/02/2006	††		579,742		579,742
Toronto Dominion Bank
5.265%	10/12/2006	††		1,449,355		1,449,355
UBS AG
5.305%	10/02/2006	††		1,449,355		1,449,355
UBS AG
5.300%	10/27/2006	††		1,449,355		1,449,355
Variable Funding Capital Co
5.265%	10/02/2006	††		861,582		861,582
Wells Fargo
5.270%	10/17/2006	††		1,449,355		1,449,355
Yorktown Capital LLC
5.287%	10/18/2006	††		579,742		579,742
						67,916,141
Floating Rate Instruments/Master Notes—0.3%
Bank of America
5.310%	07/10/2007	††		1,449,355		1,449,355
Bank of America
5.270%	11/10/2006	††		1,159,484		1,159,484
						2,608,839
TOTAL CASH EQUIVALENTS
(Cost $70,524,980)						70,524,980
REPURCHASE AGREEMENTS—5.6%
United States—5.6%
IBT Repurchase Agreement dated 09/29/2006 due 10/02/2006, with a maturity value of $54,092,860 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 6.00% to 10.00%, maturity dates ranging from 01/25/2016 to 07/01/2033 and an aggregate market value of $56,775,502.				54,071,907		54,071,907
TOTAL INVESTMENTS—107.8%
(Cost $903,157,312)						1,036,225,461
Other assets less liabilities—(7.8%)						(74,731,109	)
NET ASSETS—100.0%					$	961,494,352

 

See accompanying notes to schedule of investments.

37

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint
International Fund

Legend to the Schedule of Investments:

ADR American Depositary Receipt

GDR Global Depositary Receipt

* Non-income producing security.

† Denotes all or a portion of security on loan.

‡ Security valued at fair value as determined by policies approved by the board of directors.

** Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.85% of Total Investments.

†† Represents collateral received from securities lending transactions.

d Security has no market value at 09/30/2006.

Percentage of Portfolio by Industry (unaudited):

Financial Services	16.9	%
Banking	14.5	%
Oil & Gas	9.1	%
Pharmaceuticals	6.9	%
Insurance	6.4	%
Electronics	6.2	%
Commercial Services	3.9	%
Automotive	3.5	%
Beverages, Food & Tobacco	3.3	%
Telephone Systems	3.0	%
Real Estate	3.0	%
Media—Broadcasting & Publishing	2.5	%
Electric Utilities	2.5	%
Metals	2.0	%
Transportation	1.9	%
Chemicals	1.9	%
Telecommunications	1.9	%
Retailers	1.7	%
Food Retailers	1.6	%
Heavy Machinery	1.6	%
Apparel Retailers	1.5	%
Cosmetics & Personal Care	1.4	%
Medical Supplies	1.3	%
Miscellaneous	1.2	%
Metals & Mining	1.1	%
Computers & Information	1.1	%
Communications	0.9	%
Computer Software & Processing	0.9	%
Building Materials	0.8	%
Industrial—Diversified	0.6	%
Aerospace & Defense	0.5	%
Entertainment & Leisure	0.5	%
Heavy Construction	0.4	%
Airlines	0.4	%
Home Construction, Furnishings & Appliances	0.3	%
Forest Products & Paper	0.2	%
Containers & Packaging	0.1	%
Advertising	0.1	%
Lodging	0.1	%
Construction	0.1	%
Electrical Equipment	0.0	%
Mining	0.0	%
TOTAL INVESTMENTS	107.8	%
Other assets less liabilities	(7.8	)%
TOTAL NET ASSETS	100.0	%

 

See accompanying notes to schedule of investments.

38

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

		Shares		Value
COMMON STOCKS—0.0%
Commercial Services—0.0%
PHH Corp. Escrow Shares	‡
(Cost $—)			100,000	$	—

 

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—20.5%
Advertising—0.0%
Omnicom Group, Inc., Note
5.900%	04/15/2016		$	500,000		508,180
Aerospace & Defense—0.4%
Boeing Capital Corporation, Senior Note
6.100%	03/01/2011			500,000		518,406
Boeing Company (The), Note
6.125%	02/15/2033			100,000		108,270
Boeing Company (The), Note
5.125%	02/15/2013			250,000		248,759
General Dynamics Corp., Note
4.250%	05/15/2013			1,000,000		948,227
Honeywell International, Inc., Note
7.500%	03/01/2010			1,000,000		1,073,229
Honeywell International, Inc., Note
6.125%	11/01/2011			250,000		260,377
Lockheed Martin Corp., Note, 144A
6.150%	09/01/2036	*		500,000		525,781
Northrop Grumman Corporation, Note
7.750%	02/15/2031			250,000		312,723
Textron Financial Corporation, Note
6.000%	11/20/2009			200,000		205,100
United Technologies Corporation, Note
4.875%	05/01/2015			500,000		485,851
						4,686,723
Airlines—0.1%
American Airlines, Inc., Series 1999-1, Class A2
7.024%	10/15/2009			157,000		161,219
Continental Airlines, Inc., Series 1998-1, Class 1A
6.648%	09/15/2017			583,202		593,772
FedEx Corporation, Note
9.650%	06/15/2012			150,000		180,798
						935,789
Automotive—0.2%
DaimlerChrysler North America Holding Corporation, Guaranteed Note
7.200%	09/01/2009			350,000		364,921
DaimlerChrysler North America Holding Corporation, Guaranteed Note
4.050%	06/04/2008			500,000		488,448
DaimlerChrysler North America Holding Corporation, Note
8.500%	01/18/2031			350,000		417,118
DaimlerChrysler North America Holding Corporation, Senior Note
6.500%	11/15/2013			500,000		513,460
						1,783,947
Banking—4.8%
American Express Company, Note
3.750%	11/20/2007			150,000		147,603
American Express Credit Corporation, Note
3.000%	05/16/2008			250,000		241,737
Asian Development Bank/Pasig, Global Note (Supra National)
4.250%	10/20/2014		$	1,000,000	$	953,032
Associates Corporate of North America, Senior Note
6.950%	11/01/2018			250,000		281,996
Associates Corporate of North America, Subordinated Note
6.875%	11/15/2008			410,000		423,865
Bank of America Corporation, Senior Note
5.875%	02/15/2009			1,000,000		1,017,551
Bank of America Corporation, Subordinated Note
7.750%	08/15/2015			750,000		869,269
Bank of America Corporation, Subordinated Note
6.800%	03/15/2028			500,000		559,240
Bank of America Corporation, Subordinated Note
6.250%	04/01/2008			750,000		761,099
Bank of New York Company, Inc. (The), Subordinated Note
5.500%	12/01/2017			250,000		251,418
Bank One Corporation, Subordinated Note
5.900%	11/15/2011			750,000		769,924
Bank One NA, Note
3.700%	01/15/2008			350,000		343,344
BankBoston Corporation, Subordinated Note, (MTN)
6.500%	12/19/2007			400,000		404,202
Bayerische Landesbank Girozentrale, Note
2.875%	10/15/2008			250,000		238,497
BB&T Corporation, Note
5.250%	11/01/2019			500,000		485,732
Branch Banking & Trust Company
5.200%	12/23/2015			150,000		146,941
BSCH Issuances Ltd., Subordinated Note (Cayman Islands)
7.625%	09/14/2010			350,000		380,061
Capital One Bank, Note
4.875%	05/15/2008			1,000,000		994,439
Capital One Bank, Note, (MTN)
5.125%	02/15/2014			500,000		488,814
CIT Group, Inc., Global Senior Note
5.000%	02/13/2014			500,000		484,084
CIT Group, Inc., Senior Note
7.750%	04/02/2012			350,000		387,960
CIT Group, Inc., Senior Note, (MTN)
4.750%	12/15/2010			1,000,000		978,646
Corporacion Andina de Fomento, Note (Supra National)
6.875%	03/15/2012			150,000		160,032
Deutsche Bank Financial, Inc., Note, Convertible, (MTN)
5.375%	03/02/2015			250,000		248,372
Duke Capital Corporation, Senior Note
4.370%	03/01/2009			250,000		244,822
European Investment Bank, Global Note (Supra National)
4.125%	09/15/2010			1,500,000		1,462,635
European Investment Bank, Global Note (Supra National)
3.500%	03/14/2008			1,250,000		1,224,545
European Investment Bank, Global Note (Supra National)
3.125%	10/15/2007			1,000,000		980,442
European Investment Bank, Note (Supra National)
4.625%	05/15/2014			500,000		491,698
First Union Institutional Trust I Capital Securities, Note
8.040%	12/01/2026			1,000,000		1,042,976
FleetBoston Financial Corporation, Senior Note
6.875%	01/15/2028			150,000		169,788
General Electric Capital Corp., Note
4.125%	09/01/2009			1,000,000		976,090
General Electric Capital Corp., Note, (MTN)
5.450%	01/15/2013			1,000,000		1,013,548
General Electric Capital Corporation, Note, (MTN)
5.875%	02/15/2012			500,000		516,524
Household Finance Corporation, Note
8.000%	07/15/2010			750,000		820,026

 

See accompanying notes to schedule of investments.

39

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Household Finance Corporation, Note
6.500%	11/15/2008		$	350,000	$	358,961
Household Finance Corporation, Note
6.400%	06/17/2008			250,000		254,830
Household Finance Corporation, Note
6.375%	11/27/2012			1,000,000		1,050,436
Household Finance Corporation, Note
4.125%	12/15/2008			1,000,000		978,760
HSBC Bank USA NA, Senior Note, (MTN)
3.875%	09/15/2009			1,500,000		1,451,892
HSBC Holdings PLC, Note (United Kingdom)
5.250%	12/12/2012			150,000		149,682
ING Capital Funding Trust III
8.439%	12/31/2049			150,000		166,602
Inter-American Development Bank (Supra National)
7.375%	01/15/2010			750,000		807,400
Inter-American Development Bank, Global Note (Supra National)
5.375%	11/18/2008	†		2,000,000		2,020,996
Inter-American Development Bank, Note, (MTN) (Supra National)
3.375%	03/17/2008			1,000,000		978,028
International Bank for Reconstruction & Development, Note
7.625%	01/19/2023			500,000		647,367
International Bank for Reconstruction & Development, Note (Supra National)
3.625%	05/21/2013			150,000		139,742
International Bank for Reconstruction & Development, Note, (MTN), (FRN) (Supra National)
4.125%	08/12/2009			350,000		344,217
International Finance Corp., Note (Supra National)
5.125%	05/02/2011			1,000,000		1,010,275
JPMorgan Chase & Company, Global Subordinated Note
5.125%	09/15/2014			750,000		736,626
Key Bank National Association, Subordinated Note, (MTN)
5.800%	07/01/2014			500,000		510,506
KFW—Kreditanstalt fuer Wiederaufbau, Global Note (Denmark)
3.250%	03/30/2009			1,000,000		961,658
KFW—Kreditanstalt fuer Wiederaufbau, Note (Germany)
3.375%	01/23/2008			500,000		488,772
KFW International Finance, Inc., Note
8.000%	02/15/2010			250,000		272,030
Korea Development Bank, Note (South Korea)
5.750%	09/10/2013			500,000		510,306
Kreditanstalt fuer Wiederaufbau, Global Note (Germany)
4.250%	06/15/2010			1,000,000		978,194
Kreditanstalt fuer Wiederaufbau, Global Note (Germany)
4.125%	10/15/2014	†		1,000,000		952,555
Landwirtschaftliche Rentenbank, Global Note (Germany)
4.875%	11/16/2015			1,000,000		986,711
Landwirtschaftliche Rentenbank, Note (Germany)
3.250%	06/16/2008			300,000		291,582
Marshall & Ilsley Corporation, Senior Note
4.375%	08/01/2009			500,000		490,671
MBNA America Bank, Note
5.375%	01/15/2008			850,000		850,290
Mellon Financial Company, Note
6.375%	02/15/2010			350,000		363,775
National City Bank of Ohio, Senior Note, (MTN)
3.300%	05/15/2008			350,000		339,677
National City Corporation, Subordinated Note
6.875%	05/15/2019			500,000		554,924
National Rural Utilities Cooperative Finance Corporation, Note
3.875%	02/15/2008			400,000		392,965
PNC Funding Corporation, Subordinated Note
5.250%	11/15/2015		$	200,000	$	197,197
Popular North America, Inc., Note, (MTN)
4.250%	04/01/2008			100,000		98,228
Royal Bank of Scotland Group PLC, Global Note (United Kingdom)
5.000%	10/01/2014			750,000		731,905
Royal Bank of Scotland Group PLC, Note (FRN) (United Kingdom)
7.648%	08/29/2049			500,000		584,889
Sanwa Bank Ltd., Note
7.400%	06/15/2011			250,000		270,342
SLM Corporation, Note
3.950%	08/15/2008			1,150,000		1,124,575
SLM Corporation, Note, (MTN)
5.000%	10/01/2013			500,000		487,457
SouthTrust Corporation, Subordinated Note
5.800%	06/15/2014			750,000		764,707
Suntrust Banks, Inc., Subordinated Note
5.200%	01/17/2017			250,000		244,697
Swiss Bank Corporation, Subordinated Note
7.000%	10/15/2015			100,000		111,738
U.S. Bank NA, Note
4.800%	04/15/2015			250,000		241,042
Wachovia Corporation, Senior Note
5.250%	08/01/2014			1,000,000		990,542
Washington Mutual Bank FA, Global Subordinated Note, (MTN)
5.650%	08/15/2014			250,000		250,885
Washington Mutual, Inc., Note
4.000%	01/15/2009			1,000,000		973,828
Wells Fargo & Company, Note
5.000%	11/15/2014			750,000		733,273
Wells Fargo & Company, Series J, Note, (MTN)
4.200%	01/15/2010			500,000		486,125
Wells Fargo & Company, Subordinated Note
7.550%	06/21/2010			750,000		811,166
Wells Fargo Bank NA, Note
6.450%	02/01/2011			1,000,000		1,051,153
Wells Fargo Financial, Inc., Note
5.500%	08/01/2012			750,000		761,373
Zions Bancorporation, Subordinated Note
6.000%	09/15/2015			500,000		510,450
						52,426,954
Beverages, Food & Tobacco—0.6%
Altria Group, Inc., Note
7.750%	01/15/2027			350,000		424,961
Altria Group, Inc., Note
7.000%	11/04/2013			400,000		436,743
Anheuser-Busch Companies, Inc., Note
6.800%	01/15/2031			350,000		399,491
Archer-Daniels Midland Company, Note
8.375%	04/15/2017			350,000		427,885
Bottling Group LLC, Series B, Senior Note
4.125%	06/15/2015			250,000		228,336
Bunge, Ltd. Finance Corporation, Guaranteed Senior Note
5.350%	04/15/2014			500,000		479,613
Campbell Soup Company, Note
4.875%	10/01/2013			250,000		242,367
Cia Brasileira de Bebidas, Guaranteed Note (Brazil)
8.750%	09/15/2013			100,000		115,750
Coca-Cola Enterprises, Inc., Note
8.500%	02/01/2022			150,000		192,167
ConAgra Foods, Inc., Note
6.750%	09/15/2011			250,000		264,195

See accompanying notes to schedule of investments.

40

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
ConAgra Foods, Inc., Senior Note
7.125%	10/01/2026	$	500,000	$	545,624
Coors Brewing Company, Senior Note
6.375%	05/15/2012		500,000		520,543
Diageo Capital PLC, Guaranteed Note (United Kingdom)
4.375%	05/03/2010		500,000		485,246
HJ Heinz Company, Guaranteed Note
6.625%	07/15/2011		250,000		261,175
Kellogg Company, Note
6.600%	04/01/2011		750,000		789,891
Kraft Foods, Inc., Global Note
6.500%	11/01/2031		100,000		108,280
Kraft Foods, Inc., Global Note
5.625%	11/01/2011		350,000		354,007
Sara Lee Corporation, Senior Note
2.750%	06/15/2008		250,000		239,182
Unilever Capital Corporation, Note
7.125%	11/01/2010		500,000		534,607
					7,050,063
Building Materials—0.1%
Hanson Australia Funding Ltd., Note (Australia)
5.250%	03/15/2013		100,000		96,563
Home Depot, Inc., Senior Note
4.625%	08/15/2010		500,000		491,094
					587,657
Chemicals—0.2%
Dow Chemical Company, Note
7.375%	11/01/2029		250,000		292,805
Dow Chemical Company, Note
6.000%	10/01/2012		150,000		155,289
Du Pont (E.I.) de Nemours & Company, Note
6.875%	10/15/2009		150,000		157,606
EI Du Pont de Nemours & Company, Note
4.750%	11/15/2012		500,000		485,037
Monsanto Co., Note
5.500%	08/15/2035		500,000		480,955
Potash Corporation of Saskatchewan, Note (Canada)
4.875%	03/01/2013		500,000		482,034
Praxair, Inc., Note
3.950%	06/01/2013		150,000		138,897
Rohm & Haas Company, Note
7.850%	07/15/2029		150,000		184,092
					2,376,715
Commercial Services—0.1%
PHH Corporation, Note
7.125%	03/01/2013		100,000		102,920
RR Donnelley & Sons Co., Note
4.950%	04/01/2014		550,000		495,671
					598,591
Communications—0.1%
Motorola, Inc., Note
7.500%	05/15/2025		500,000		579,594
News America Holdings, Inc., Note
8.000%	10/17/2016		150,000		173,289
News America Holdings, Inc., Note
7.600%	10/11/2015		350,000		392,506
SBC Communications, Inc., Global Note
6.250%	03/15/2011		250,000		258,352
					1,403,741
Computer Software & Processing—0.0%
Computer Sciences Corporation, Senior Note
7.375%	06/15/2011	$	100,000	$	107,167
Electronic Data Systems Corporation, Series B, Senior Note
6.500%	08/01/2013		150,000		152,372
					259,539
Computers & Information—0.3%
International Business Machines Corp., Note, (MTN)
3.800%	02/01/2008		1,000,000		981,247
International Business Machines Corporation, Note
7.000%	10/30/2025		500,000		574,011
International Business Machines Corporation, Note
4.750%	11/29/2012		250,000		244,767
International Business Machines Corporation, Note, (MTN)
4.375%	06/01/2009		1,000,000		983,885
Pitney Bowes, Inc., Global Note, (MTN)
4.750%	01/15/2016		200,000		190,663
Pitney Bowes, Inc., Senior Note
5.000%	03/15/2015		500,000		483,108
					3,457,681
Cosmetics & Personal Care—0.1%
Procter & Gamble Company, Global Note
6.875%	09/15/2009		750,000		787,066
Procter & Gamble Company, Note
5.800%	08/15/2034		250,000		260,062
					1,047,128
Diversified—0.1%
General Electric Company
5.000%	02/01/2013		800,000		792,021
Electric Utilities—1.3%
Alabama Power Company, Senior Note
5.500%	10/15/2017		150,000		151,132
Alabama Power Company, Series X, Senior Note
3.125%	05/01/2008		250,000		242,084
American Electric Power Company, Inc., Series C, Senior Note
5.375%	03/15/2010		250,000		250,233
Arizona Public Service Company, Note
6.500%	03/01/2012		150,000		154,987
Cincinnati Gas & Electric Company, Note
5.700%	09/15/2012		150,000		151,317
Columbus Southern Power Company, Series A, Senior Note
5.500%	03/01/2013		150,000		150,168
Consolidated Edison Company of New York, Inc., Note
4.875%	02/01/2013		200,000		195,384
Consolidated Edison Company of New York, Note
5.300%	03/01/2035		500,000		463,335
Constellation Energy Group, Inc., Note
7.600%	04/01/2032		150,000		177,139
Consumers Energy Co., Note
5.500%	08/15/2016		150,000		147,993
Dominion Resources, Inc., Senior Note
8.125%	06/15/2010		350,000		381,243
Dominion Resources, Inc., Series A, Senior Note
7.195%	09/15/2014		350,000		381,699
Dominion Resources, Inc., Virginia, Series 03B, Senior Note
4.125%	02/15/2008		500,000		492,186
DTE Energy Company, Note
7.050%	06/01/2011		350,000		370,903

See accompanying notes to schedule of investments.

41

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Duke Energy Corporation, Senior Note
6.450%	10/15/2032	$	500,000	$	536,267
Duke Energy Field Services Corporation LLC, Note
7.875%	08/16/2010		350,000		379,148
Entergy Gulf States, Inc., Note
3.600%	06/01/2008		100,000		96,981
Exelon Corp., Senior Note
4.900%	06/15/2015		350,000		330,794
Exelon Generation Company LLC, Senior Note
6.950%	06/15/2011		500,000		530,575
FirstEnergy Corporation, Series B, Note
6.450%	11/15/2011		175,000		182,754
FirstEnergy Corporation, Series C, Note
7.375%	11/15/2031		175,000		202,948
Florida Power & Light Co., Note
4.950%	06/01/2035		500,000		446,604
Florida Power & Light Company, Note
5.625%	04/01/2034		50,000		49,544
Florida Power & Light Company, Note
4.850%	02/01/2013		150,000		146,890
FPL Group Capital, Inc., Guaranteed Note
7.375%	06/01/2009		100,000		105,270
Jersey Central Power & Light, Global Note
5.625%	05/01/2016		500,000		498,768
KeySpan Corporation, Note
7.625%	11/15/2010		350,000		378,035
Midamerican Energy Company, Note
6.750%	12/30/2031		250,000		279,778
Midamerican Energy Holdings Company, Senior Note
3.500%	05/15/2008		150,000		145,883
Midamerican Energy Holdings Company, Senior Note, Class D
5.000%	02/15/2014		150,000		145,252
NiSource Finance Corporation, Guaranteed Note
7.875%	11/15/2010		50,000		53,983
Northern States Power Company, Series A, Note
8.000%	08/28/2012		150,000		170,260
Oncor Electric Delivery Company, Senior Secured Note
6.375%	05/01/2012		350,000		361,567
Ontario Electricity Financial Corporation, Note (Canada)
7.450%	03/31/2013		350,000		396,853
Pacific Gas & Electric Company, Note
6.050%	03/01/2034		500,000		504,588
Pacific Gas & Electric Company, Note
4.800%	03/01/2014		1,000,000		963,832
Peco Energy Company, Note
3.500%	05/01/2008		150,000		146,024
Progress Energy, Inc., Senior Note
7.750%	03/01/2031		250,000		303,791
Progress Energy, Inc., Senior Note
7.100%	03/01/2011		400,000		429,182
PSEG Power LLC, Senior Note
8.625%	04/15/2031		500,000		650,205
Public Service Company of Colorado, Series 12, Note
4.875%	03/01/2013		200,000		195,338
Public Service Electric & Gas Company, Note
5.125%	09/01/2012		150,000		148,496
Scottish Power PLC, Note (United Kingdom)
5.375%	03/15/2015		500,000		490,912
South Carolina Electric & Gas Company, Note
5.300%	05/15/2033	$	150,000	$	141,412
Southern California Edison Company, Note
6.650%	04/01/2029		500,000		542,367
TXU Electric Delivery Company, Note
7.000%	09/01/2022		650,000		706,135
TXU Energy Company LLC, Senior Note
7.000%	03/15/2013		150,000		157,687
Wisconsin Electric Power, Note
5.625%	05/15/2033		250,000		245,049
					14,772,975
Electrical Equipment—0.0%
Emerson Electric Company, Note
5.000%	12/15/2014		150,000		147,076
Electronics—0.2%
Arrow Electronics, Inc., Note
6.875%	07/01/2013		250,000		262,268
Cisco Systems, Inc., Senior Note
5.500%	02/22/2016		1,000,000		1,009,787
Raytheon Company, Note
6.150%	11/01/2008		1,000,000		1,017,741
					2,289,796
Entertainment & Leisure—0.2%
News America Holdings, Guaranteed Senior Note
7.750%	12/01/2045		200,000		223,754
News America, Inc., Note
5.300%	12/15/2014		500,000		491,040
Time Warner, Inc., Note
6.875%	05/01/2012		150,000		158,792
Walt Disney Company, Note, (MTN)
7.000%	03/01/2032		500,000		579,580
Walt Disney Company, Note, (MTN)
6.375%	03/01/2012		250,000		262,880
					1,716,046
Environmental—0.1%
USA Waste Services, Inc., Senior Note
7.000%	07/15/2028		550,000		603,870
Financial Services—3.9%
Abbey National PLC, Note (United Kingdom)
7.950%	10/26/2029		250,000		315,575
Allstate Life Global Fund Trust, Series 2004-1, Note (MTN)
4.500%	05/29/2009		250,000		246,012
Amvescap PLC, Senior Note
5.375%	02/27/2013		100,000		98,711
Bank of Tokyo-Mitsubishi Ltd. (The), Global Senior Subordinated Note (Japan)
8.400%	04/15/2010		250,000		274,701
Bear Stearns Companies (The), Inc., Note
7.625%	12/07/2009		1,000,000		1,072,481
Bear Stearns Companies, Inc., (The), Note
5.700%	11/15/2014		50,000		50,799
Bear Stearns Companies, Inc., (The), Note
2.875%	07/02/2008		1,000,000		962,114
Berkshire Hathaway Finance Corp., Guaranteed Senior Note
4.850%	01/15/2015		1,000,000		972,165
Berkshire Hathaway Finance Corp., Guaranteed Senior Note
4.125%	01/15/2010		500,000		486,132
BHP Finance USA Ltd., Guaranteed Senior Note
4.800%	04/15/2013		150,000		145,923

See accompanying notes to schedule of investments.

42

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Cingular Wireless LLC, Senior Note
6.500%	12/15/2011	$	250,000	$	262,246
Citigroup, Inc., Global Note
5.850%	12/11/2034		500,000		505,838
Citigroup, Inc., Global Senior Note
6.500%	01/18/2011		1,000,000		1,050,951
Citigroup, Inc., Global Senior Note
6.000%	02/21/2012		350,000		363,785
Citigroup, Inc., Global Subordinated Note
6.625%	06/15/2032		150,000		164,595
Citigroup, Inc., Global Subordinated Note
5.625%	08/27/2012		150,000		152,920
Citigroup, Inc., Subordinated Note
5.000%	09/15/2014		2,513,000		2,452,314
Countrywide Financial Corp., Note
6.250%	05/15/2016		500,000		508,352
Countrywide Financial Corporation, Note
4.250%	12/19/2007		1,000,000		988,091
Credit Suisse First Boston USA, Inc., Global Note
4.875%	01/15/2015		1,000,000		963,575
Credit Suisse First Boston USA, Inc., Note
6.500%	01/15/2012		350,000		369,143
Credit Suisse First Boston USA, Inc., Note
6.125%	11/15/2011		1,000,000		1,038,272
Credit Suisse First Boston USA, Inc., Note
5.500%	08/15/2013		150,000		151,547
Credit Suisse First Boston USA, Inc., Senior Global Note
5.125%	01/15/2014		500,000		492,443
EOP Operating, LP, Guaranteed Note
7.000%	07/15/2011		350,000		370,871
EOP Operating, LP, Guaranteed Note
4.750%	03/15/2014		500,000		473,674
EOP Operating, LP, Note
7.875%	07/15/2031		500,000		589,919
EOP Operating, LP, Note
6.800%	01/15/2009		500,000		515,276
ERP Operating, LP, Note
5.200%	04/01/2013		250,000		246,337
Export-Import Bank Of Korea (South Korea)
5.125%	03/16/2015		500,000		489,328
General Electric Capital Corporation, Note
6.500%	12/10/2007		750,000		760,594
General Electric Capital Corporation, Note
6.000%	06/15/2012		1,000,000		1,040,247
General Electric Capital Corporation, Note
4.625%	09/15/2009		1,000,000		988,705
General Electric Capital Corporation, Note
3.500%	05/01/2008		250,000		243,927
General Electric Capital Corporation, Note, (MTN)
6.750%	03/15/2032		750,000		860,056
Goldman Sachs Group, Inc., Global Note
5.125%	01/15/2015		500,000		485,554
Goldman Sachs Group, Inc., Guaranteed Note
6.345%	02/15/2034		500,000		498,417
Goldman Sachs Group, Inc., Note
6.875%	01/15/2011		250,000		265,213
Goldman Sachs Group, Inc., Senior Note
6.600%	01/15/2012		650,000		686,638
Goldman Sachs Group, Inc., Senior Note
6.125%	02/15/2033		700,000		699,588
Goldman Sachs Group, Inc., Senior Note
5.700%	09/01/2012		250,000		254,568
Goldman Sachs Group, Inc., Senior Note
5.150%	01/15/2014	$	500,000	$	489,568
Goldman Sachs Group, Inc., Senior Note
4.125%	01/15/2008		800,000		790,055
Goldman Sachs Group, Inc., Series B, Note, (MTN)
7.350%	10/01/2009		750,000		795,486
Household Finance Corporation
6.375%	10/15/2011		1,000,000		1,046,352
John Deere Capital Corporation, Note
7.000%	03/15/2012		350,000		378,198
JP Morgan & Company, Inc., Note
6.000%	01/15/2009		350,000		355,348
JP Morgan Chase & Company, Global Subordinated Note
5.750%	01/02/2013		1,750,000		1,791,909
JP Morgan Chase & Company, Note
6.750%	02/01/2011		750,000		793,890
Lehman Brothers Holdings, Inc., Note
7.875%	08/15/2010		1,000,000		1,090,570
Lehman Brothers Holdings, Inc., Note
4.000%	01/22/2008		850,000		836,712
Lehman Brothers Holdings, Inc., Note, (MTN)
6.625%	01/18/2012		750,000		796,262
Merrill Lynch & Company, Inc., Note, (MTN)
5.450%	07/15/2014		500,000		501,513
Merrill Lynch & Company, Inc., Note
6.000%	02/17/2009		1,000,000		1,017,156
Merrill Lynch & Company, Inc., Note, (MTN)
4.125%	09/10/2009		500,000		485,838
Merrill Lynch & Company, Inc., Note, (MTN)
3.700%	04/21/2008		250,000		244,637
Merrill Lynch & Company., Inc., Note
6.875%	11/15/2018		250,000		278,822
Morgan Stanley, Note
8.000%	06/15/2010		750,000		810,002
Morgan Stanley, Note
7.250%	04/01/2032		100,000		116,289
Morgan Stanley, Note
4.750%	04/01/2014		1,000,000		952,452
Morgan Stanley, Note
3.875%	01/15/2009		2,750,000		2,677,714
National Rural Utilities Cooperative Finance Corporation, Note
7.250%	03/01/2012		500,000		547,161
Pepco Holdings, Inc., Note
6.450%	08/15/2012		150,000		155,422
Residential Capital Corp., Senior Note
6.000%	02/22/2011		550,000		549,852
Residential Capital Corporation, Note
6.375%	06/30/2010		350,000		354,414
Rio Tinto Finance USA, Ltd., Guaranteed Note (Australia)
2.625%	09/30/2008		100,000		94,901
Swiss Bank Corporation of New York, Note, (MTN)
7.375%	06/15/2017		100,000		115,988
U.S. Bank National Association, Note, (MTN)
6.375%	08/01/2011		750,000		787,972
Washington Mutual, Inc., Senior Note
4.375%	01/15/2008		1,000,000		988,258
					43,400,338
Food Retailers—0.2%
Kroger Co. (The), Senior Note
7.500%	04/01/2031		700,000		776,446
Safeway, Inc., Note
7.500%	09/15/2009		800,000		844,612
					1,621,058

See accompanying notes to schedule of investments.

43

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Forest Products & Paper—0.2%
International Paper Company, Note
6.750%	09/01/2011	$	600,000	$	637,796
Kimberly Clark Corporation, Note
5.625%	02/15/2012		250,000		256,341
MeadWestvaco Corporation, Note
6.850%	04/01/2012		150,000		156,852
Weyerhaeuser Company, Note
7.375%	03/15/2032		750,000		779,175
Weyerhaeuser Company, Note
6.750%	03/15/2012		100,000		104,632
					1,934,796
Health Care Providers—0.1%
UnitedHealth Group, Inc., Note
3.750%	02/10/2009		1,150,000		1,114,958
Heavy Construction—0.1%
Centex Corporation, Senior Note
4.750%	01/15/2008		100,000		99,138
Centex Corporation, Senior Note
4.550%	11/01/2010		1,000,000		959,538
Lennar Corporation, Series B, Senior Note
5.500%	09/01/2014		500,000		478,108
					1,536,784
Heavy Machinery—0.1%
Caterpillar, Inc., Senior Note
7.250%	09/15/2009		750,000		794,594
Cooper Industries, Inc., Guaranteed Senior Note
5.500%	11/01/2009		100,000		100,973
Deere & Company, Global Note
6.950%	04/25/2014		250,000		275,464
United Technologies Corporation, Note
6.700%	08/01/2028		150,000		169,904
United Technologies Corporation, Note
6.100%	05/15/2012		50,000		52,309
					1,393,244
Home Construction, Furnishings & Appliances—0.1%
MDC Holdings, Inc., Senior Note
5.500%	05/15/2013		500,000		466,708
Newell Rubbermaid, Inc., Note
4.625%	12/15/2009		100,000		97,831
Pulte Homes, Inc., Senior Note
7.875%	08/01/2011		350,000		378,232
					942,771
Industrial—Diversified—0.1%
Tyco International Group SA, Guaranteed Note (Luxembourg)
6.750%	02/15/2011		500,000		528,572
Tyco International Group SA, Note (Luxembourg)
6.125%	11/01/2008		1,000,000		1,015,097
					1,543,669
Insurance—1.0%
Allstate Corporation (The), Senior Note
7.200%	12/01/2009		750,000		795,443
Allstate Corporation (The), Senior Note
5.350%	06/01/2033		500,000		460,197
American General Finance Corporation, Senior Note, (MTN)
5.375%	10/01/2012	$	650,000	$	648,663
American International Group, Inc., Global Senior Note
4.250%	05/15/2013		100,000		94,034
American International Group, Inc., Note
5.050%	10/01/2015		750,000		732,228
Anthem, Inc., Note
6.800%	08/01/2012		150,000		160,307
Assurant, Inc., Global Note
5.625%	02/15/2014		500,000		498,643
Assurant, Inc., Senior Note
6.750%	02/15/2034		650,000		688,297
Axa Company (France)
8.600%	12/15/2030		250,000		320,101
AXA Financial, Inc., Senior Note
7.750%	08/01/2010		100,000		108,519
Cincinnati Financial Corp., Senior Note
6.125%	11/01/2034		500,000		505,223
General Electric Global Insurance Holding Corporation, Note
7.500%	06/15/2010		150,000		160,934
Genworth Financial, Inc., Note
5.750%	05/15/2014		500,000		510,649
Hartford Life, Inc., Senior Note
7.375%	03/01/2031		150,000		180,743
Marsh & McLennan Cos., Inc., Senior Note
5.750%	09/15/2015		1,000,000		982,506
MetLife, Inc., Note
5.000%	11/24/2013		500,000		486,839
MetLife, Inc., Senior Note
6.500%	12/15/2032		100,000		107,922
Progressive Corporation (The), Senior Note
6.625%	03/01/2029		150,000		164,450
Protective Life Secured Trust, Note, (MTN)
4.000%	04/01/2011		400,000		380,901
Prudential Financial, Inc., Note, (MTN)
5.100%	09/20/2014		500,000		488,995
Prudential Financial, Inc., Note, (MTN)
3.750%	05/01/2008		100,000		97,762
Radian Group, Inc., Senior Note
5.625%	02/15/2013		100,000		100,314
Safeco Corporation, Senior Note
4.875%	02/01/2010		150,000		148,559
Travelers Property Casualty Corporation, Note
7.750%	04/15/2026		500,000		593,083
UnitedHealth Group, Inc., Note
5.000%	08/15/2014		500,000		484,721
WellPoint, Inc., Note
5.950%	12/15/2034		750,000		738,338
					10,638,371
Lodging—0.0%
Harrah’s Operating Company, Inc., Guaranteed Senior Note
5.500%	07/01/2010		250,000		246,415
Harrah’s Operating Company, Inc., Guaranteed Senior Note
5.375%	12/15/2013		250,000		234,157
					480,572
Media—Broadcasting & Publishing—0.8%
British Sky Broadcasting PLC, Note (United Kingdom)
8.200%	07/15/2009		250,000		268,004
Clear Channel Communications, Inc., Global Note
4.250%	05/15/2009		250,000		241,756
Comcast Cable Communications Holdings, Inc., Note
9.455%	11/15/2022		400,000		518,776
Comcast Cable Communications Holdings, Inc., Note
8.375%	03/15/2013		500,000		571,066

See accompanying notes to schedule of investments.

44

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Comcast Corp., Note
5.850%	01/15/2010		$	1,000,000	$	1,014,948
Comcast Corp., Note
5.650%	06/15/2035			500,000		455,156
Comcast Corp., Note
5.300%	01/15/2014			500,000		487,649
Comcast Corporation, Note
7.050%	03/15/2033			500,000		537,075
COX Communications, Inc., Note
5.500%	10/01/2015			75,000		72,397
COX Communications, Inc., Note
5.450%	12/15/2014			300,000		290,257
COX Communications, Inc., Note
4.625%	06/01/2013			250,000		232,702
Time Warner Entertainment Company, LP, Senior Note
8.375%	03/15/2023			1,000,000		1,157,593
Time Warner, Inc., Note
7.625%	04/15/2031			500,000		553,946
Viacom, Inc., Senior Note
7.875%	07/30/2030			250,000		273,755
Viacom, Inc., Senior Note
6.625%	05/15/2011			1,000,000		1,040,064
Viacom, Inc., Senior Note
5.625%	08/15/2012			50,000		49,505
Viacom, Inc., Senior Note, 144A
6.250%	04/30/2016	*		1,000,000		992,989
						8,757,638
Metals—0.1%
Alcan, Inc., Note (Canada)
6.125%	12/15/2033			150,000		150,181
Alcan, Inc., Senior Note (Canada)
4.875%	09/15/2012			350,000		340,995
Alcoa, Inc., Note
7.375%	08/01/2010			750,000		805,895
Masco Corporation, Senior Note
5.875%	07/15/2012			250,000		249,452
						1,546,523
Oil & Gas—1.3%
Alberta Energy Ltd., Note
7.375%	11/01/2031			400,000		458,203
Amerada Hess Corp., Note
7.300%	08/15/2031			250,000		282,364
Amerada Hess Corporation
6.650%	08/15/2011			150,000		157,555
Apache Finance Canada Corporation, Note (Canada)
7.750%	12/15/2029			150,000		184,916
Burlington Resources Finance Company, Guaranteed Note (Canada)
7.200%	08/15/2031			150,000		178,459
Canadian Natural Resources Ltd., Note (Canada)
5.450%	10/01/2012			250,000		246,764
Canadian Natural Resources, Ltd., Note (Canada)
5.850%	02/01/2035			500,000		468,461
CenterPoint Energy Resources Corp., Series B, Senior Note
7.875%	04/01/2013			850,000		947,293
Conoco, Inc., Note
6.950%	04/15/2029			750,000		867,566
Consolidated Natural Gas Company, Senior Note
5.000%	03/01/2014			250,000		238,688
Devon Financing Corporation ULC, Note
7.875%	09/30/2031			500,000		611,217
Devon Financing Corporation ULC, Note
6.875%	09/30/2011		$	750,000	$	798,993
Enbridge Energy Partners, LP, Note
4.000%	01/15/2009			50,000		48,437
Enterprise Products Operating, LP, Note
4.950%	06/01/2010			150,000		146,844
Enterprise Products Operating, LP, Series B, Senior Note
5.600%	10/15/2014			150,000		147,010
Enterprise Products Partners, LP, Senior Note
6.875%	03/01/2033			150,000		154,826
Kinder Morgan Energy Partners, LP, Note
6.750%	03/15/2011			500,000		521,442
Kinder Morgan, Inc., Note
7.250%	03/01/2028			150,000		146,159
Kinder Morgan, Inc., Senior Note
6.500%	09/01/2012			750,000		751,524
Lasmo USA, Inc., Senior Note (United Kingdom)
6.750%	12/15/2007			100,000		101,715
Marathon Oil Corporation, Note
6.125%	03/15/2012			350,000		363,063
Nexen, Inc., Note (Canada)
5.050%	11/20/2013			250,000		242,593
Norsk Hydro AS, Note (Norway)
6.360%	01/15/2009			450,000		461,502
Occidental Petroleum Corporation, Note
7.200%	04/01/2028			250,000		291,491
Pemex Project Funding Master Trust, Guaranteed Note
9.375%	12/02/2008			350,000		376,425
Pemex Project Funding Master Trust, Note
9.125%	10/13/2010			350,000		392,700
Pemex Project Funding Master Trust, Note
8.625%	02/01/2022			250,000		300,875
Pemex Project Funding Master Trust, Note
7.375%	12/15/2014			350,000		379,225
Petro-Canada, Senior Note (Canada)
5.950%	05/15/2035			250,000		239,370
Phillips 66 Capital Trust II, Note
8.000%	01/15/2037			750,000		783,390
Southern California Gas Company, Note
4.800%	10/01/2012			100,000		97,672
Suncor Energy, Inc., Note
7.150%	02/01/2032			500,000		588,892
Texaco Capital, Inc., Note
5.500%	01/15/2009			350,000		354,428
TransCanada Pipelines Ltd., Note (Canada)
4.000%	06/15/2013			250,000		229,632
Transocean, Inc., Note (Cayman Islands)
7.375%	04/15/2018			100,000		112,021
Union Pacific Resources Group, Inc., Note
7.150%	05/15/2028			350,000		379,392
Valero Energy Corporation, Note
4.750%	06/15/2013			500,000		476,757
XTO Energy, Inc., Senior Note
4.900%	02/01/2014			750,000		714,770
						14,242,634
Pharmaceuticals—0.6%
Abbott Laboratories, Note
3.500%	02/17/2009			250,000		241,337
American Home Products Corporation, Senior Note
6.950%	03/15/2011			250,000		266,093
Bristol-Myers Squibb Company, Note
5.750%	10/01/2011			850,000		866,770
Eli Lilly & Company, Note
6.770%	01/01/2036			250,000		291,108
Eli Lilly & Company, Note
2.900%	03/15/2008			150,000		145,317

See accompanying notes to schedule of investments.

45

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Genentech, Inc., Senior Note
5.250%	07/15/2035		$	600,000	$	565,608
Genentech, Inc., Senior Note
4.750%	07/15/2015			200,000		192,409
Genentech, Inc., Senior Note
4.400%	07/15/2010			100,000		97,650
GlaxoSmithKline Capital, Inc., Guaranteed Note
4.375%	04/15/2014			500,000		474,084
Johnson & Johnson, Note
4.950%	05/15/2033			200,000		189,654
Merck & Company, Inc., Note
4.750%	03/01/2015			250,000		239,025
Merck & Company, Inc., Senior Note
4.375%	02/15/2013			200,000		189,844
Pharmacia Corporation, Note
6.500%	12/01/2018			350,000		386,763
Schering-Plough Corp., Senior Note
5.550%	12/01/2013			1,000,000		1,004,723
Schering-Plough Corporation, Senior Note
6.750%	12/01/2033			250,000		276,351
Wyeth, Note
5.500%	03/15/2013			100,000		100,596
Wyeth, Senior Note
6.500%	02/01/2034			250,000		270,744
Wyeth, Senior Note
5.500%	02/01/2014			1,250,000		1,254,238
						7,052,314
Real Estate—0.2%
Boston Properties, Inc. REIT
6.250%	01/15/2013			750,000		779,517
Camden Property Trust REIT, Note
5.000%	06/15/2015			200,000		191,765
ERP Operating, LP, Senior Note
5.375%	08/01/2016			500,000		492,799
Simon Property Group, LP REIT, Note
6.350%	08/28/2012			250,000		261,623
						1,725,704
Restaurants—0.0%
Yum! Brands, Inc., Senior Note
7.700%	07/01/2012			250,000		274,033
Retailers—0.5%
CVS Corporation, Note
4.875%	09/15/2014			530,000		503,837
Federated Department Stores, Inc., Senior Note
6.900%	04/01/2029			500,000		511,824
Federated Department Stores, Inc., Senior Note
6.300%	04/01/2009			253,000		257,451
Fred Meyer, Inc., Note
7.450%	03/01/2008			750,000		770,180
Limited Brands, Note
5.250%	11/01/2014			250,000		237,282
May Department Stores Company (The), Note
7.900%	10/15/2007			250,000		254,417
May Department Stores Company (The), Note
5.750%	07/15/2014			250,000		246,425
Target Corporation, Note
7.000%	07/15/2031			350,000		410,323
Wal-Mart Stores, Inc., Note
7.550%	02/15/2030			750,000		924,044
Wal-Mart Stores, Inc., Note
6.875%	08/10/2009		$	750,000	$	785,928
Wal-Mart Stores, Inc., Note
4.550%	05/01/2013			500,000		482,276
Wal-Mart Stores, Inc., Note
4.125%	02/15/2011			250,000		240,911
						5,624,898
Telecommunications—0.1%
Verizon Global Funding Corporation
7.375%	09/01/2012			1,000,000		1,095,111
Telephone Systems—1.8%
Alltel Corporation, Senior Note
7.000%	07/01/2012			250,000		266,022
America Movil SA de CV, Guaranteed Senior Note (Mexico)
5.500%	03/01/2014			100,000		97,812
AT&T Wireless Services, Inc., Senior Note
8.750%	03/01/2031			250,000		320,523
AT&T Wireless Services, Inc., Senior Note
7.875%	03/01/2011			750,000		822,088
Bellsouth Capital Funding Corporation, Note
7.875%	02/15/2030			900,000		1,028,429
BellSouth Corporation, Note
6.875%	10/15/2031			350,000		365,620
BellSouth Corporation, Note
6.000%	10/15/2011			250,000		255,930
British Telecommunications PLC, Note (United Kingdom)
8.875%	12/15/2030			150,000		200,686
British Telecommunications PLC, Note (United Kingdom)
8.375%	12/15/2010	*		2,000,000		2,243,280
Deutsche Telekom International Finance BV, Guaranteed Note (Netherlands)
8.250%	06/15/2030			750,000		918,914
Deutsche Telekom International Finance BV, Note (Netherlands)
8.000%	06/15/2010			700,000		764,239
Embarq Corp., Note
7.082%	06/01/2016			500,000		510,937
France Telecom SA, Global Step Note (France)
8.500%	03/01/2031			500,000		654,309
France Telecom SA, Global Step Note (France)
7.750%	03/01/2011			100,000		109,660
GTE Corporation, Note
7.510%	04/01/2009			200,000		209,990
Royal KPN NV, Note (Netherlands)
8.000%	10/01/2010			350,000		378,455
SBC Communications, Inc., Global Note
6.150%	09/15/2034			500,000		485,639
SBC Communications, Inc., Global Note
5.300%	11/15/2010			1,250,000		1,247,460
SBC Communications, Inc., Global Note
5.100%	09/15/2014			500,000		483,874
Sprint Capital Corporation, Guaranteed Note
6.375%	05/01/2009			750,000		768,551
Sprint Capital Corporation, Note
8.375%	03/15/2012			850,000		953,719
Sprint Capital Corporation, Note
6.875%	11/15/2028			500,000		508,173
Sprint Capital Corporation, Note
6.125%	11/15/2008			1,000,000		1,015,147
Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg)
6.000%	09/30/2034			250,000		224,225
Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg)
4.950%	09/30/2014			1,500,000		1,379,874

See accompanying notes to schedule of investments.

46

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Telecom Italia Capital SA, Series B, Senior Note (Luxembourg)
5.250%	11/15/2013		$	350,000	$	331,890
Telefonica Europe BV (Netherlands)
8.250%	09/15/2030			350,000		417,992
Verizon Global Funding Corporation, Note
7.750%	12/01/2030			750,000		862,263
Verizon Pennsylvania, Inc., Note, Class A
5.650%	11/15/2011			350,000		350,837
Verizon Virginia, Inc., Note
4.625%	03/15/2013			250,000		233,001
Vodafone Group PLC, Note (United Kingdom)
7.875%	02/15/2030			250,000		293,990
Vodafone Group PLC, Note (United Kingdom)
7.750%	02/15/2010			550,000		590,198
						19,293,727
Transportation—0.4%
Burlington Northern Santa Fe Corporation, Note
7.125%	12/15/2010			750,000		802,715
Canadian National Railway Company, Note (Canada)
4.400%	03/15/2013			585,000		558,453
CSX Corporation, Note
6.750%	03/15/2011			300,000		316,841
Norfolk Southern Corp., Note
5.257%	09/17/2014			500,000		497,806
Norfolk Southern Corporation, Note
7.700%	05/15/2017			350,000		409,680
Norfolk Southern Corporation., Note
7.050%	05/01/2037			500,000		584,859
Union Pacific Corporation, Note
6.625%	02/01/2029			250,000		274,013
Union Pacific Corporation, Note, (MTN), (FRN)
6.790%	11/09/2007			750,000		759,552
						4,203,919
TOTAL CORPORATE OBLIGATIONS
(Cost $227,353,569)						225,867,554
U.S. GOVERNMENT AGENCY OBLIGATIONS—45.3%
U.S. Government Agencies—10.5%
Federal Home Loan Bank
5.945%	07/28/2008			2,000,000		2,029,634
5.750%	05/15/2012			5,225,000		5,441,843
5.375%	05/18/2016			2,000,000		2,061,618
5.250%	06/18/2014			2,500,000		2,547,500
4.900%	07/24/2008			350,000		348,962
4.375%	03/17/2010			825,000		810,972
4.125%	10/26/2007			260,000		257,411
4.100%	06/13/2008			3,250,000		3,203,759
4.000%	03/10/2008			500,000		493,133
3.000%	04/15/2009			8,000,000		7,650,088
2.750%	03/14/2008			1,750,000		1,695,641
2.625%	07/15/2008			3,250,000		3,122,255
Federal Home Loan Mortgage Corporation
7.000%	03/15/2010			2,630,000		2,802,825
6.750%	09/15/2029			660,000		803,702
6.250%	07/15/2032	†		1,050,000		1,220,521
6.000%	06/15/2011			200,000		209,216
5.750%	04/15/2008- 01/15/2012			3,150,000		3,196,779
5.625%	11/23/2035			130,000		127,551
5.500%	04/24/2009		$	600,000	$	600,230
5.450%	09/02/2011			600,000		600,253
5.400%	02/28/2011- 03/09/2011			900,000		900,149
5.375%	05/22/2008			2,700,000		2,702,033
5.250%	02/24/2011			600,000		601,708
5.200%	03/05/2019			200,000		194,878
5.125%	07/15/2012			2,000,000		2,021,192
5.000%	02/08/2008- 01/30/2014			1,100,000		1,094,359
4.900%	11/03/2008			400,000		398,328
4.750%	12/08/2010			500,000		496,996
4.625%	02/21/2008			1,500,000		1,492,401
4.500%	08/04/2008- 01/15/2015			4,600,000		4,487,456
4.375%	11/16/2007- 07/17/2015			7,780,000		7,601,538
4.250%	06/23/2008			1,000,000		988,242
4.125%	09/01/2009- 02/24/2011			5,150,000		5,024,289
4.000%	09/22/2009			560,000		545,832
3.625%	09/15/2008			2,260,000		2,204,601
3.250%	11/02/2007			500,000		490,411
Federal National Mortgage Association
7.250%	01/15/2010			2,800,000		2,999,030
7.125%	06/15/2010			1,500,000		1,612,930
6.625%	09/15/2009- 11/15/2030			5,750,000		6,205,440
6.375%	06/15/2009			394,000		408,543
6.250%	05/15/2029			2,240,000		2,567,226
6.000%	05/15/2011			1,500,000		1,568,559
5.500%	03/15/2011			1,400,000		1,434,350
5.280%	02/27/2009			1,400,000		1,400,052
5.250%	04/04/2008			900,000		900,014
5.100%	02/22/2008			500,000		499,554
5.000%	01/23/2009			750,000		748,304
4.875%	01/11/2008			500,000		498,753
4.750%	02/21/2013			600,000		594,147
4.625%	06/01/2010- 10/15/2013			7,000,000		6,881,298
4.500%	08/04/2008- 10/15/2008			6,250,000		6,199,488
4.375%	07/17/2013			600,000		578,824
3.650%	11/30/2007			1,000,000		984,158
3.250%	01/15/2008- 02/15/2009			6,450,000		6,267,662
0.000%	06/01/2017			1,000,000		586,161
Financing Corporation, Note
9.650%	11/02/2018			500,000		704,493
8.600%	09/26/2019			500,000		664,419
Tennessee Valley Authority
6.250%	12/15/2017			1,200,000		1,327,536
						116,099,247
U.S. Government Agencies—Mortgage Backed—34.8%
Federal Home Loan Mortgage Corporation
7.500%	06/01/2027- 10/01/2029			760,132		790,831
7.000%	02/01/2016- 11/01/2033			1,686,091		1,737,197
6.500%	05/01/2008- 03/01/2036			11,017,952		11,256,030
6.000%	11/01/2016- 09/01/2036			15,449,119		15,580,990
5.500%	02/01/2018- 05/01/2036			42,997,525		42,577,270
5.000%	05/01/2018- 04/01/2036			48,007,489		46,550,984

See accompanying notes to schedule of investments.

47

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—(Continued)
4.500%	07/01/2011- 01/01/2036		$	19,154,067	$	18,443,621
4.000%	04/01/2009- 12/01/2020			4,294,836		4,066,701
3.500%	05/01/2011			69,881		66,003
Federal National Mortgage Association
7.500%	06/01/2030- 07/01/2031			83,742		86,861
7.000%	03/01/2030- 10/01/2036			5,358,009		5,509,231
6.500%	02/01/2017- 07/01/2036			8,144,462		8,320,787
6.000%	04/01/2014- 10/01/2036			39,187,874		39,441,062
5.500%	01/01/2018- 03/01/2036			66,283,074		65,551,655
5.000%	03/01/2018- 10/01/2035			61,247,155		59,351,894
4.500%	08/01/2011- 07/01/2035			18,433,284		17,623,809
4.000%	07/01/2011- 12/01/2018			5,789,305		5,502,520
Federal National Mortgage Association TBA
6.500%	10/01/2036			3,800,000		3,870,064
Government National Mortgage Association
7.500%	12/15/2029- 05/15/2032			1,082,515		1,127,001
7.000%	09/15/2031			799,450		826,155
6.500%	03/15/2026- 06/15/2036			4,093,356		4,203,470
6.000%	02/15/2033- 11/15/2034			6,716,039		6,808,449
5.500%	03/15/2033- 06/15/2036			14,789,903		14,706,103
5.000%	05/15/2033- 12/15/2035			8,146,923		7,924,494
Government National Mortgage Association TBA
6.000%	10/01/2036			1,500,000		1,518,282
						383,441,464
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $507,057,571)						499,540,711
U.S. TREASURY OBLIGATIONS—24.6%
U.S. Treasury Bonds—8.0%
U.S. Treasury Bond
13.250%	05/15/2014			850,000		1,028,998
11.750%	11/15/2014			500,000		602,188
11.250%	02/15/2015			500,000		727,383
10.375%	11/15/2012			300,000		317,789
9.875%	11/15/2015			1,550,000		2,147,175
9.125%	05/15/2018			2,000,000		2,777,658
8.750%	05/15/2017- 05/15/2020	†		6,690,000		9,131,942
8.500%	02/15/2020			2,500,000		3,407,617
8.125%	08/15/2019	†		5,990,000		7,901,187
8.000%	11/15/2021	†		6,380,000		8,537,237
7.875%	02/15/2021	†		3,500,000		4,600,589
7.625%	02/15/2025			600,000		801,610
7.500%	11/15/2024			1,350,000		1,780,419
7.250%	05/15/2016- 08/15/2022	†		5,580,000		6,891,027
7.125%	02/15/2023			2,425,000		3,046,787
6.500%	11/15/2026		$	1,150,000	$	1,393,747
6.250%	05/15/2030	†		3,410,000		4,099,195
6.125%	11/15/2027	†		4,100,000		4,796,680
6.000%	02/15/2026	†		2,750,000		3,147,248
5.750%	08/15/2010			2,360,000		2,456,798
5.375%	02/15/2031	†		4,241,000		4,581,938
5.250%	02/15/2029			4,130,000		4,368,446
5.000%	08/15/2011	†		10,050,000		10,246,689
						88,790,347
U.S. Treasury Notes—16.6%
U.S. Treasury Note
6.000%	08/15/2009			4,470,000		4,634,657
5.625%	05/15/2008			3,440,000		3,487,974
5.500%	02/15/2008- 05/15/2009			5,000,000		5,085,472
5.125%	05/15/2016	†		2,750,000		2,853,557
5.000%	07/31/2008- 02/15/2011			15,740,000		15,886,872
4.875%	08/31/2008- 02/15/2012	†		16,575,000		16,752,771
4.750%	11/15/2008	†		9,100,000		9,115,288
4.625%	02/29/2008			990,000		987,912
4.500%	02/28/2011- 02/15/2036	†		8,535,000		8,363,116
4.375%	01/31/2008	†		10,770,000		10,709,430
4.250%	10/31/2007- 08/15/2015	†		21,750,000		21,331,828
4.125%	08/15/2008- 05/15/2015	†		8,630,000		8,382,316
4.000%	03/15/2010- 02/15/2015	†		26,090,000		25,517,189
3.875%	02/15/2013			1,650,000		1,585,355
3.750%	05/15/2008			5,650,000		5,563,708
3.625%	07/15/2009- 05/15/2013	†		2,910,000		2,823,747
3.500%	12/15/2009			5,770,000		5,583,831
3.375%	12/15/2008- 10/15/2009	†		4,430,000		4,309,046
3.250%	01/15/2009	†		7,630,000		7,402,298
3.125%	04/15/2009			1,570,000		1,514,560
3.000%	11/15/2007- 02/15/2008	†		17,420,000		17,050,883
2.625%	05/15/2008			4,100,000		3,967,074
						182,908,884
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $272,823,634)						271,699,231
MUNICIPAL OBLIGATIONS—0.2%
Financial Services—0.2%
Illinois State (Illinois)
5.100%	06/01/2033			1,100,000		1,054,053
New Jersey Economic Development Authority (New Jersey)
7.425%	02/15/2029			500,000		619,170
New Jersey State Turnpike Authority (New Jersey)
4.252%	01/01/2016			25,000		23,394
New Jersey State Turnpike Authority (New Jersey)
4.252%	01/01/2016			525,000		495,138
Oregon State (Oregon)
5.762%	06/01/2023			200,000		206,288
TOTAL MUNICIPAL OBLIGATIONS
(Cost $2,332,723)						2,398,043

See accompanying notes to schedule of investments.

48

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
SOVEREIGN DEBT OBLIGATIONS—1.8%
Government Issued—1.8%
British Columbia (Province of) (Canada)
6.500%	01/15/2026		$	150,000	$	172,331
Canadian Government (Canada)
5.250%	11/05/2008			250,000		252,301
Hydro Quebec (Canada)
6.300%	05/11/2011			350,000		366,811
Hydro-Quebec (Canada)
8.050%	07/07/2024			500,000		650,663
Italian Republic (Italy)
6.875%	09/27/2023			750,000		877,381
Italian Republic (Italy)
6.000%	02/22/2011			1,550,000		1,612,772
Italian Republic (Italy)
5.375%	06/15/2033			500,000		500,239
Italian Republic (Italy)
4.375%	06/15/2013			1,000,000		967,054
Italian Republic (Italy)
3.750%	12/14/2007			500,000		492,523
Italian Republic (Italy)
3.250%	05/15/2009			500,000		480,551
Malaysia Government (Malaysia)
8.750%	06/01/2009			500,000		542,333
Malaysia Government (Malaysia)
7.500%	07/15/2011			250,000		272,611
New Brunswick Province (Canada)
3.500%	10/23/2007			150,000		147,405
Nova Scotia Province (Canada)
5.750%	02/27/2012			350,000		361,295
Ontario Province (Canada)
5.500%	10/01/2008			550,000		555,543
Ontario Province (Canada)
5.450%	04/27/2016			1,000,000		1,028,633
Ontario Province (Canada)
4.500%	02/03/2015			400,000		385,744
Ontario Province (Canada)
3.625%	10/21/2009			250,000		240,978
Ontario Province (Canada)
3.282%	03/28/2008			250,000		243,224
People’s Republic of China (China)
4.750%	10/29/2013			250,000		244,808
Quebec Province (Canada)
7.500%	09/15/2029			600,000		772,046
Quebec Province (Canada)
6.125%	01/22/2011			850,000		884,381
Quebec Province (Canada)
5.750%	02/15/2009			850,000		864,671
Region of Lombardy (Italy)
5.804%	10/25/2032			100,000		102,622
Republic of Chile (Chile)
5.500%	01/15/2013			150,000		151,275
Republic of Finland (Finland)
6.950%	02/15/2026			150,000		180,525
Republic of Korea (South Korea)
8.875%	04/15/2008			250,000		264,897
Republic of Poland (Poland)
5.250%	01/15/2014			200,000		200,374
Republic of Poland (Poland)
5.000%	10/19/2015			300,000		295,241
Republic of South Africa (South Africa)
7.375%	04/25/2012			250,000		270,938
Saskatchewan Province (Canada)
7.375%	07/15/2013			230,000		261,657
State of Israel (Israel)
5.125%	03/01/2014		$	250,000	$	244,553
United Mexican States (Mexico)
8.375%	01/14/2011			500,000		559,250
United Mexican States (Mexico)
8.300%	08/15/2031			500,000		624,750
United Mexican States (Mexico)
8.125%	12/30/2019	†		750,000		901,875
United Mexican States (Mexico)
7.500%	04/08/2033			400,000		462,400
United Mexican States (Mexico)
6.625%	03/03/2015			185,000		197,025
United Mexican States (Mexico)
6.375%	01/16/2013			679,000		715,666
United Mexican States (Mexico)
5.875%	01/15/2014	†		1,000,000		1,025,000
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $19,200,532)						19,374,346
ASSET BACKED SECURITIES—1.1%
Automotive—0.5%
AmeriCredit Automobile Receivables Trust, Series 2003-D-M, Class A-4
2.840%	08/06/2010			696,091		686,739
Honda Auto Receivables Owner Trust, Series 2004-1, Class A4
3.060%	10/21/2009			1,000,000		982,700
Household Auto Receivables Trust, Series 2002-3, Class A4A, (FRN)
3.440%	05/18/2009			896,646		887,537
WFS Financial Owner Trust, Series 2004-4, Class A4
3.440%	05/17/2012			2,750,000		2,679,539
						5,236,515
Credit Cards—0.4%
Bank One Issuance Trust, Series 2003-A7, Class A7
3.350%	03/15/2011			1,500,000		1,457,288
Capital One Master Trust, Series 2001-8, Class A
4.600%	08/17/2009			400,000		400,179
Citibank Credit Card Master Trust I, Series 1999-2, Class A
5.875%	03/10/2011			1,500,000		1,529,651
MBNA Master Credit Card Trust, Series 1999-B, Class A
5.900%	08/15/2011			825,000		843,068
						4,230,186
Electric Utilities—0.2%
Detroit Edison Securitization Funding LLC, Series 2001-1, Class A6
6.620%	03/01/2016			2,700,000		2,948,838
TOTAL ASSET BACKED SECURITIES
(Cost $12,819,556)						12,415,539
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—5.3%
Mortgage Backed—5.3%
Banc of America Commercial Mortgage, Inc., Series 2002-2, Class A3
5.118%	07/11/2043			500,000		498,520

See accompanying notes to schedule of investments.

49

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
Banc of America Commercial Mortgage, Inc., Series 2004-2, Class A3
4.050%	11/10/2038	$	3,000,000	$	2,877,637
Banc of America Commercial Mortgage, Inc., Series 2004-6, Class A5
4.811%	12/10/2042		500,000		483,140
Banc of America Commercial Mortgage, Inc., Series 2005-4, Class A2
4.764%	07/10/2045		1,750,000		1,729,928
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class AM, (FRN)
5.182%	09/10/2047		1,000,000		992,211
Citigroup Commercial Mortgage Trust, Series 2004-C1, Class A3
5.251%	04/15/2040		750,000		751,618
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-C1, Class A4, (FRN)
5.226%	07/15/2044		900,000		897,521
CS First Boston Mortgage Securities Corp., Series 2004-C2, Class A2
5.416%	05/15/2036		2,000,000		2,012,308
CS First Boston Mortgage Securities Corp., Series 2005-C2, Class A4
4.832%	04/15/2037		1,750,000		1,690,160
CS First Boston Mortgage Securities Corp., Series 2005-C5, Class A3
5.100%	08/15/2038		2,650,000		2,615,894
CS First Boston Mortgage Securities Corporation, Series 1998-C2, Class A2
6.300%	11/11/2030		386,797		394,147
CS First Boston Mortgage Securities Corporation, Series 2003-C5, Class A2
3.808%	12/15/2036		1,000,000		975,577
First Union National Bank Commercial Mortgage, Series 2001-C3, Class A2
6.180%	08/15/2033		196,965		198,334
GE Capital Commercial Mortgage Corp., Series 2005-C2, Class A4
4.978%	05/10/2043		1,000,000		976,048
GE Capital Commercial Mortgage Corp., Series 2005-C4, Class AM, (FRN)
5.333%	11/10/2045		2,000,000		1,996,786
GE Capital Commercial Mortgage Corporation, Series 2001-A, Class A2
6.531%	05/15/2033		3,500,000		3,676,813
GE Capital Commercial Mortgage Corporation, Series 2004-C1, Class A2
3.915%	11/10/2038		1,000,000		966,265
GMAC Commercial Mortgage Securities, Inc., Series 2000-C1, Class A2
7.724%	03/15/2033		1,707,000		1,824,209
GMAC Commercial Mortgage Securities, Inc., Series 2004-C1, Class A3
4.776%	03/10/2038		1,000,000		974,330
GMAC Commercial Mortgage Securities, Inc., Series 2004-C3, Class D
5.044%	12/10/2041		250,000		242,361
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-ML1, Class A2
4.767%	03/12/2039		1,000,000		973,298
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC13, Class AM, (FRN)
5.335%	01/12/2043		900,000		901,767
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A4
4.738%	07/15/2042	$	935,000	$	896,683
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class E
4.981%	07/15/2042		750,000		721,776
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A4B
4.996%	08/15/2042		1,075,000		1,046,436
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A4
4.918%	10/15/2042		1,565,000		1,518,377
JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2003-CIBC7, Class A3
4.449%	01/12/2038		2,000,000		1,947,384
JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-CB9, Class A4, (FRN)
5.378%	06/12/2041		750,000		759,947
JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-CIBC10, Class AJ
4.951%	01/12/2037		1,750,000		1,699,193
LB Commercial Mortgage Trust, Series 1991-C1, Class A2
6.780%	06/15/2031		6,000,000		6,200,975
LB-UBS Commercial Mortgage Trust, Series 2002-C4, Class A5
4.853%	09/15/2031		1,500,000		1,474,604
LB-UBS Commercial Mortgage Trust, Series 2003-C8, Class A2
4.207%	11/15/2027		1,000,000		980,258
LB-UBS Commercial Mortgage Trust, Series 2004-C7, Class A6
4.786%	10/15/2029		1,000,000		967,503
Merrill Lynch Mortgage Trust, Series 2002-MW1, Class A3
5.403%	07/12/2034		500,000		504,919
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A3, (FRN)
5.485%	02/12/2039		750,000		758,809
Morgan Stanley Capital I, Series 2004-HQ3, Class A4
4.800%	01/13/2041		750,000		727,255
Morgan Stanley Capital I, Series 2004-T13, Class A2
3.940%	09/13/2045		1,000,000		965,493
Morgan Stanley Capital I, Series 2004-T15, Class A2
4.690%	06/13/2041		500,000		493,183
Mortgage Capital Funding, Inc., Series 1998-MC2, Class A2
6.423%	06/18/2030		499,543		505,618
Wachovia Bank Commercial Mortgage Trust, Series 2002-C2, Class A3
4.440%	11/15/2034		3,000,000		2,949,155
Wachovia Bank Commercial Mortgage Trust, Series 2003-C5, Class A2
3.989%	06/15/2035		750,000		698,522
Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A4
5.012%	12/15/2035		750,000		738,992
Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5
5.215%	01/15/2041		500,000		496,410
Wachovia Bank Commercial Mortgage Trust, Series 2004-C12, Class A4, (FRN)
5.234%	08/15/2041		750,000		752,060
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class B
4.892%	10/15/2041		1,000,000		965,145

See accompanying notes to schedule of investments.

50

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class AJ, (FRN)
5.992%	06/15/2045		$	1,000,000	$	1,048,917
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $59,088,942)						58,466,486
CASH EQUIVALENTS—11.6%
Bank & Certificate Deposits/Offshore Time Deposits—11.2%
Abbey National PLC
5.270%	10/03/2006	††		2,631,103		2,631,103
Abbey National PLC
5.270%	10/04/2006	††		2,631,103		2,631,103
Bank Of Montreal
5.280%	10/16/2006	††		2,104,882		2,104,882
Bank Of Nova Scotia
5.280%	10/11/2006	††		2,631,103		2,631,103
Barclays
5.310%	10/20/2006	††		2,631,103		2,631,103
Barclays
5.305%	11/21/2006	††		2,631,103		2,631,103
Barton Capital LLC
5.267%	10/06/2006	††		2,631,103		2,631,103
BNP Paribas
5.260%	10/05/2006	††		2,631,103		2,631,103
Branch Banker &Trust
5.270%	10/10/2006	††		2,631,103		2,631,103
CAFCO Funding LLC
5.289%	11/17/2006	††		1,052,441		1,052,441
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		5,262,206		5,262,206
Charta LLC
5.314%	11/01/2006	††		1,052,441		1,052,441
CIESCO Domestic
5.290%	11/16/2006	††		1,052,441		1,052,441
Clipper Receivables Corp
5.283%	10/19/2006	††		1,578,662		1,578,662
Commonwealth Bank of Australia
5.275%	10/23/2006	††		2,031,212		2,031,212
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		2,631,103		2,631,103
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		2,104,882		2,104,882
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		2,631,103		2,631,103
Fairway Finance
5.292%	10/24/2006	††		2,104,882		2,104,882
Fairway Finance
5.274%	10/03/2006	††		1,052,441		1,052,441
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		1,052,441		1,052,441
Fortis Bank
5.300%	11/20/2006	††		1,052,441		1,052,441
Fortis Bank
5.280%	10/19/2006	††		3,157,324		3,157,324
General Electric Capital Corporation
5.285%	11/03/2006	††		2,104,882		2,104,882
Harris NA
5.280%	11/22/2006	††		2,631,103		2,631,103
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††	$	2,104,882	$	2,104,882
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		1,052,441		1,052,441
Liberty Street
5.282%	10/13/2006	††		1,052,441		1,052,441
Lloyds TSB Bank
5.270%	10/02/2006	††		3,157,324		3,157,324
Merrill Lynch & Co
5.365%	10/02/2006	††		4,306,656		4,306,656
Morgan Stanley & Co
5.365%	10/02/2006	††		14,734,176		14,734,176
National Australia Bank
5.360%	10/02/2006	††		4,209,765		4,209,765
Paradigm Funding LLC
5.287%	10/10/2006	††		1,052,441		1,052,441
Park Avenue Receivables Corp
5.283%	10/26/2006	††		1,052,441		1,052,441
Park Avenue Receivables Corp
5.281%	10/03/2006	††		1,052,441		1,052,441
Royal Bank of Canada
5.300%	10/27/2006	††		2,631,103		2,631,103
Royal Bank of Canada
5.300%	11/17/2006	††		1,052,441		1,052,441
Royal Bank of Scotland
5.300%	10/27/2006	††		2,631,103		2,631,103
Sheffiled Receivables Corp
5.285%	10/18/2006	††		1,052,441		1,052,441
Societe Generale
5.300%	10/23/2006	††		3,788,788		3,788,788
Societe Generale
5.280%	11/01/2006	††		4,209,765		4,209,765
Svenska Handlesbanken
5.350%	10/02/2006	††		4,252,578		4,252,578
Three Pillars Funding LLC
5.284%	10/02/2006	††		1,052,441		1,052,441
Toronto Dominion Bank
5.265%	10/12/2006	††		2,631,103		2,631,103
UBS AG
5.305%	10/02/2006	††		2,631,103		2,631,103
UBS AG
5.300%	10/27/2006	††		2,631,103		2,631,103
Variable Funding Capital Co
5.265%	10/02/2006	††		1,564,081		1,564,081
Wells Fargo
5.270%	10/17/2006	††		2,631,103		2,631,103
Yorktown Capital LLC
5.287%	10/18/2006	††		1,052,441		1,052,441
						123,292,313
Floating Rate Instruments/Master Notes—0.4%
Bank of America
5.310%	07/10/2007	††		2,631,103		2,631,103
Bank of America
5.270%	11/10/2006	††		2,104,882		2,104,882
						4,735,985
TOTAL CASH EQUIVALENTS
(Cost $128,028,298)						128,028,298

 

See accompanying notes to schedule of investments.

51

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Core Bond
Index Fund

	Face		Value
REPURCHASE AGREEMENTS—1.1%
IBT Repurchase Agreement dated 09/29/2006 due 10/02/2006, with a maturity value of $12,348,986 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 6.47% to 9.50%, maturity dates ranging from 08/01/2034 to 04/25/2016 and an aggregate market value of $12,961,413	$	12,344,203	$	12,344,203
TOTAL INVESTMENTS—111.5%
(Cost $1,241,049,028)				1,230,134,411
Other assets less liabilities—(11.5%)				(127,225,320	)
NET ASSETS—100.0%			$	1,102,909,091

 

Legend to the Schedule of Investments:

FRN Floating Rate Note

MTN Medium Term Note

REIT Real Estate Investment Trust

‡ Security valued at fair value as determined by policies approved by the board of directors.

* Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.30% of Total Investments.

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

See accompanying notes to schedule of investments.

52

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—98.8%
Advertising—0.2%
Interpublic Group, Inc.	*†		13,428	$	132,937
Monster Worldwide, Inc.	*		3,572		129,271
Omnicom Group			5,537		518,263
					780,471
Aerospace & Defense—1.6%
Goodrich Corporation			3,725		150,937
Boeing Company (The)			24,149		1,904,149
General Dynamics Corporation			12,122		868,784
Honeywell International, Inc.			25,109		1,026,958
Lockheed Martin Corporation			10,668		918,088
Northrop Grumman Corporation			10,578		720,044
Textron, Inc.			4,027		352,362
					5,941,322
Airlines—0.1%
Southwest Airlines Company			22,759		379,165
Apparel Retailers—0.4%
Gap, Inc. (The)	†		16,874		319,762
Kohl’s Corporation	*		10,470		679,712
Ltd. Brands			10,263		271,867
Nordstrom, Inc.			6,656		281,549
					1,552,890
Automotive—0.7%
Autonation, Inc.	*		5,626		117,583
Ford Motor Company	†		55,078		445,581
General Motors Corporation	†		16,757		557,338
Genuine Parts Company			5,410		233,333
Goodyear Tire & Rubber Company (The)	*†		5,556		80,562
Harley-Davidson, Inc.			8,404		527,351
Navistar International Corporation	*		2,176		56,184
Paccar, Inc.	†		7,458		425,255
					2,443,187
Banking—11.7%
American Express Company			37,136		2,082,587
AmSouth Bancorp			10,218		296,731
BB&T Corporation	†		16,108		705,208
Bank of America Corporation			138,117		7,398,928
Bank of New York Company, Inc. (The)			22,867		806,290
Capital One Financial Corporation			9,101		715,885
CIT Group, Inc.			6,087		296,011
Citigroup, Inc.			149,896		7,445,334
Comerica, Inc.			4,863		276,802
Commerce Bancorp, Inc.	†		5,556		203,961
Compass Bancshares, Inc.			3,600		205,128
Fifth Third Bancorp	†		16,462		626,873
First Horizon National Corporation	†		3,674		139,649
Golden West Financial Corporation			7,771		600,310
Huntington Bancshares, Inc.			7,147		171,028
JP Morgan Chase & Company			104,731		4,918,168
KeyCorp			12,073		452,013
M&T Bank Corporation			2,431		291,623
Marshall & IIsley Corporation			7,337		353,497
Mellon Financial Corporation			12,412		485,309
National City Corporation			17,831		652,615
North Fork Bancorp, Inc.			14,553		416,798
Northern Trust Corporation			5,418	$	316,574
PNC Financial Services Group, Inc.			8,880		643,267
Regions Financial Corporation	†		14,002		515,134
SLM Corporation			12,376		643,304
Sovereign Bancorp, Inc.			11,004		236,696
State Street Corporation			9,782		610,397
Suntrust Banks, Inc.			11,177		863,759
Synovus Financial Corporation			9,554		280,601
U.S. Bancorp			54,205		1,800,690
Wachovia Corporation			48,783		2,722,091
Washington Mutual, Inc.			29,515		1,283,017
Wells Fargo & Company			101,904		3,686,887
Zions Bancorp			3,246		259,063
					43,402,228
Beverages, Food & Tobacco—5.0%
Altria Group, Inc.			63,260		4,842,553
Anheuser-Busch Companies, Inc.			23,142		1,099,476
Archer-Daniels-Midland Company			19,681		745,516
Brown-Forman Corporation Class B			2,464		188,866
Campbell Soup Company	†		6,505		237,432
Coca-Cola Company (The)			61,905		2,765,915
Coca-Cola Enterprises, Inc.			9,430		196,427
ConAgra Foods, Inc.			15,594		381,741
Constellation Brands, Inc. Class A	*†		5,780		166,348
Dean Foods Company	*		4,192		176,148
General Mills, Inc.			10,752		608,563
H.J. Heinz Company			10,333		433,263
Hershey Foods Corporation	†		5,550		296,647
Kellogg Company			7,575		375,114
McCormick & Company, Inc.			3,895		147,932
Molson Coors Brewing Company—Class B			1,673		115,270
Pepsi Bottling Group, Inc.	†		4,086		145,053
Pepsico, Inc.			49,632		3,238,984
Reynolds American, Inc.	†		4,950		306,751
Sara Lee Corporation			23,124		371,603
Supervalu, Inc.			6,343		188,070
Sysco Corporation			18,436		616,684
Tyson Foods, Inc. Class A	†		7,900		125,452
UST, Inc.	†		5,151		282,429
WM Wrigley Jr. Company	†		6,663		306,898
					18,359,135
Building Materials—1.1%
Home Depot, Inc.			63,564		2,305,466
Louisiana-Pacific Corporation			3,355		62,973
Lowe’s Companies, Inc.	†		46,764		1,312,198
Vulcan Materials Company			3,021		236,393
					3,917,030
Chemicals—1.4%
Air Products & Chemicals, Inc.			6,726		446,405
Avery Dennison Corporation			3,207		192,965
Dow Chemical Company (The)			28,836		1,124,027
Eastman Chemical Company			2,451		132,403
Ecolab, Inc.	†		5,738		245,701
EI Du Pont de Nemours & Company			27,450		1,175,958
Hercules, Inc.	*		3,515		55,432
International Flavors & Fragrances, Inc.			2,365		93,512
Monsanto Company			15,994		751,878

See accompanying notes to schedule of investments.

53

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
PPG Industries, Inc.			5,081	$	340,833
Praxair, Inc.			9,796		579,531
					5,138,645
Coal—0.0%
Consol Energy, Inc.			5,595		177,529
Commercial Services—1.0%
Allied Waste Industries, Inc.	*		6,039		68,060
Apollo Group, Inc. Class A	*		4,409		217,099
Cintas Corporation			4,114		167,975
Convergys Corporation	*		4,528		93,503
Equifax, Inc.			3,865		141,884
Fluor Corporation			2,599		199,837
H&R Block, Inc.			10,232		222,444
Moody’s Corporation			7,378		482,374
Paychex, Inc.			9,822		361,941
Robert Half International, Inc.	†		5,293		179,803
RR Donnelley & Sons Company			6,781		223,502
Ryder System, Inc.	†		2,030		104,910
Waste Management, Inc.			16,395		601,369
Xerox Corporation	*		29,117		453,061
					3,517,762
Communications—1.6%
ADC Telecommunications, Inc.	*		3,642		54,630
Avaya, Inc.	*		13,317		152,346
Ciena Corp.	*		2,144		58,424
Comverse Technology, Inc.	*		6,104		130,870
Corning, Inc.	*		46,470		1,134,333
L-3 Communications Holdings, Inc.			3,523		275,957
Motorola, Inc.			74,354		1,858,850
Network Appliance, Inc.	*†		11,224		415,400
Qualcomm, Inc.			50,499		1,835,639
					5,916,449
Computer Software & Processing—5.5%
Adobe Systems, Inc.	*		17,858		668,782
Affiliated Computer Services, Inc. Class A	*†		3,680		190,845
Autodesk, Inc.	*		7,066		245,755
Automatic Data Processing, Inc.			17,124		810,650
BMC Software, Inc.	*		6,466		176,005
CA, Inc.			14,066		333,224
Citrix Systems, Inc.	*		5,196		188,147
Computer Sciences Corporation	*		5,432		266,820
Compuware Corporation	*		12,167		94,781
Electronic Arts, Inc.	*		9,238		514,372
Electronic Data Systems Corporation			16,012		392,614
First Data Corporation			22,793		957,306
Fiserv, Inc.	*		5,668		266,906
Google, Inc. Class A	*		6,478		2,603,508
IMS Health, Inc.			6,032		160,692
Intuit, Inc.	*		10,932		350,808
Juniper Networks, Inc.	*		17,005		293,846
Microsoft Corporation			263,299		7,195,962
NCR Corporation	*		5,590		220,693
Novell, Inc.	*		11,821		72,345
Nvidia Corporation	*		10,268		303,830
Oracle Corporation	*		122,674		2,176,237
Parametric Technology Corp.	*		3,375		58,927
Symantec Corporation	*		30,890	$	657,339
Unisys Corporation	*		10,465		59,232
VeriSign, Inc.	*		7,800		157,560
Yahoo!, Inc.	*		37,700		953,056
					20,370,242
Computers—0.1%
Sun Microsystems, Inc.	*		103,203		512,919
Computers & Information—4.6%
Apple Computer, Inc.	*		25,717		1,980,980
Cisco Systems, Inc.	*		184,486		4,243,178
Dell, Inc.	*		70,432		1,608,667
EMC Corporation	*		71,183		852,772
Hewlett-Packard Company			84,473		3,099,314
International Business Machines Corporation			46,884		3,841,675
International Game Technology			10,262		425,873
Lexmark International, Inc.	*†		3,468		199,965
Pitney Bowes, Inc.			6,896		305,976
Sandisk Corporation	*		5,500		294,470
Solectron Corporation	*		29,567		96,388
Symbol Technologies, Inc.			7,303		108,523
					17,057,781
Containers & Packaging—0.1%
Ball Corporation			3,168		128,146
Sealed Air Corporation			2,391		129,401
					257,547
Cosmetics & Personal Care—2.2%
Alberto Culver Company Class B			2,202		111,399
Avon Products, Inc.			14,018		429,792
Clorox Company			4,566		287,658
Colgate-Palmolive Company			15,470		960,687
Estee Lauder Companies, Inc. (The) Class A	†		3,640		146,801
Procter & Gamble Company			96,879		6,004,560
					7,940,897
Diversified—3.5%
3M Company			22,750		1,693,055
General Electric Company			313,639		11,071,457
ITT Industries, Inc.			5,442		279,011
					13,043,523
Electric Utilities—3.3%
AES Corporation (The)	*		19,714		401,968
Allegheny Energy, Inc.	*		4,824		193,780
Ameren Corporation	†		6,170		325,714
American Electric Power Company, Inc.			11,609		422,219
CMS Energy Corporation	*		7,199		103,954
Centerpoint Energy, Inc.	†		9,695		138,832
Consolidated Edison, Inc.	†		7,439		343,682
Constellation Energy Group, Inc.			5,297		313,582
DTE Energy Company	†		5,330		221,248
Dominion Resources, Inc.			10,409		796,184
Duke Energy Corp.			38,408		1,159,922
Edison International			9,898		412,153
Entergy Corporation			6,303		493,084
Exelon Corporation			19,945		1,207,470
FPL Group, Inc.			11,946		537,570
FirstEnergy Corporation			9,744		544,300

See accompanying notes to schedule of investments.

54

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
KeySpan Corporation			5,136	$	211,295
NiSource, Inc.			8,413		182,899
PG&E Corporation			10,328		430,161
PPL Corporation			11,228		369,401
Pinnacle West Capital Corporation			2,891		130,240
Progress Energy, Inc.	†		7,759		352,103
Public Service Enterprise Group, Inc.			7,446		455,621
Sempra Energy			7,751		389,488
Southern Company (The)	†		22,131		762,634
TXU Corporation			13,742		859,150
TECO Energy, Inc.			5,950		93,117
Xcel Energy, Inc.			12,731		262,895
					12,114,666
Electrical Equipment—0.3%
Cooper Industries Ltd. Class A			2,656		226,344
Emerson Electric Company			12,325		1,033,574
					1,259,918
Electronics—2.9%
Advanced Micro Devices, Inc.	*		14,436		358,735
Agilent Technologies, Inc.	*		12,539		409,900
Altera Corporation	*		11,395		209,440
American Power Conversion Corporation	†		5,418		118,979
Analog Devices, Inc.			11,110		326,523
Broadcom Corporation Class A	*		14,124		428,522
Freescale Semiconductor, Inc. Class B	*		12,267		466,269
Intel Corporation			175,857		3,617,378
JDS Uniphase Corporation	*		45,346		99,308
Jabil Circuit, Inc.			5,122		146,336
LSI Logic Corporation	*†		12,007		98,698
Linear Technology Corporation	†		8,992		279,831
Maxim Integrated Products, Inc.			9,705		272,419
Micron Technology, Inc.	*		21,838		379,981
Molex, Inc.			4,262		166,090
National Semiconductor Corporation			10,068		236,900
Novellus Systems, Inc.	*		4,373		120,957
PMC-Sierra, Inc.	*†		5,469		32,486
QLogic Corporation	*		4,584		86,638
Raytheon Company			13,679		656,729
Rockwell Collins, Inc.			5,106		280,013
Sanmina-SCI Corporation	*		16,779		62,753
Tektronix, Inc.			2,676		77,417
Teradyne, Inc.	*†		6,358		83,671
Texas Instruments, Inc.			48,413		1,609,732
Xilinx, Inc.			10,839		237,916
					10,863,621
Entertainment & Leisure—1.8%
Eastman Kodak Company	†		8,976		201,062
Harrah’s Entertainment, Inc.			5,444		361,645
Hasbro, Inc.			5,527		125,739
Mattel, Inc.			11,814		232,736
News Corporation, Inc. Class A			72,650		1,427,572
Time Warner, Inc.			124,852		2,276,052
Walt Disney Company			64,565		1,995,704
					6,620,510
Financial Services—4.1%
Ameriprise Financial, Inc.			7,301		342,417
Bear Stearns Companies, Inc. (The)			3,605	$	505,060
Charles Schwab Corporation (The)			31,601		565,658
Chicago Mercantile Exchange			1,065		509,336
Countrywide Financial Corporation			18,100		634,224
E*Trade Financial Corporation	*		12,800		306,176
Federal Home Loan Mortgage Corporation			20,592		1,365,867
Federal National Mortgage Association			28,946		1,618,371
Federated Investors, Inc. Class B			2,799		94,634
Franklin Resources, Inc.			4,882		516,272
Goldman Sachs Group, Inc.			13,056		2,208,684
Janus Capital Group, Inc.			6,553		129,225
Legg Mason, Inc.			3,983		401,725
Lehman Brothers Holdings, Inc.			16,302		1,204,066
Merrill Lynch & Company, Inc.			27,360		2,140,099
Morgan Stanley			32,285		2,353,899
T. Rowe Price Group, Inc.			7,884		377,249
					15,272,962
Food Retailers—0.5%
Kroger Company			21,895		506,650
Safeway, Inc.			13,907		422,077
Starbucks Corporation	*		22,870		778,724
Whole Foods Market, Inc.			4,200		249,606
					1,957,057
Forest Products & Paper—0.6%
Bemis Company			3,365		110,574
International Paper Company			14,513		502,585
Kimberly Clark Corporation			13,949		911,707
MeadWestvaco Corporation			5,462		144,798
Pactiv Corporation	*		4,478		127,265
Temple-Inland, Inc.			3,438		137,864
Weyerhaeuser Company			7,461		459,075
					2,393,868
Health Care Providers—1.2%
Caremark Rx, Inc.			13,322		754,958
Coventry Health Care, Inc.	*		4,800		247,296
Express Scripts, Inc.	*		4,374		330,193
HCA, Inc.			12,491		623,176
Health Management Associates, Inc. Class A	†		7,595		158,736
Laboratory Corporation of America Holdings	*		3,640		238,675
Manor Care, Inc.	†		2,002		104,665
Tenet Healthcare Corporation	*†		14,819		120,627
UnitedHealth Group, Inc.			40,734		2,004,113
					4,582,439
Heavy Construction—0.1%
Centex Corporation	†		3,736		196,588
Heavy Machinery—2.2%
American Standard Companies, Inc.			5,509		231,213
Applied Materials, Inc.	†		48,463		859,249
Baker Hughes, Inc.			10,203		695,845
Black & Decker Corporation	†		2,261		179,410
Caterpillar, Inc.			20,302		1,335,872
Cummins, Inc.			1,660		197,922
Deere & Company			7,329		614,976
Dover Corporation			6,014		285,304

See accompanying notes to schedule of investments.

55

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Eaton Corporation			4,413	$	303,835
Ingersoll-Rand Company Class A			9,736		369,773
National-Oilwell Varco, Inc.	*		5,295		310,022
Pall Corporation	†		3,958		121,946
Parker Hannifin Corporation			3,755		291,876
Rockwell Automation, Inc.			5,356		311,184
Stanley Works (The)			2,127		106,031
United Technologies Corporation			30,398		1,925,713
W.W. Grainger, Inc.			2,254		151,063
					8,291,234
Home Construction, Furnishings & Appliances—0.5%
DR Horton, Inc.			8,206		196,534
Harman International Industries, Inc.			2,000		166,880
Johnson Controls, Inc.			5,919		424,629
KB Home			2,308		101,090
Leggett & Platt, Inc.			5,276		132,058
Lennar Corporation Class A	†		4,253		192,448
Masco Corporation			12,939		354,787
Pulte Homes, Inc.			6,258		199,380
Whirlpool Corporation			2,302		193,621
					1,961,427
Household Products—0.4%
Fortune Brands, Inc.			4,419		331,911
Illinois Tool Works, Inc.			12,230		549,127
Newell Rubbermaid, Inc.			7,990		226,277
Rohm & Haas Company			4,355		206,209
Snap-On, Inc.			1,846		82,239
					1,395,763
Industrial—Diversified—0.5%
Tyco International Ltd.			61,531		1,722,253
Insurance—5.6%
ACE Ltd. (Bermuda)			9,836		538,324
Aflac, Inc.			14,910		682,282
Aetna, Inc.			17,102		676,384
Allstate Corporation (The)			19,389		1,216,272
AMBAC Financial Group, Inc.			3,084		255,201
American International Group, Inc.			78,527		5,203,199
AON Corporation			9,430		319,394
Chubb Corporation			12,172		632,457
Cigna Corporation			3,554		413,401
Cincinnati Financial Corporation			5,083		244,289
Genworth Financial, Inc. Class A			13,920		487,339
Hartford Financial Services Group, Inc.			8,962		777,454
Humana, Inc.	*		5,100		337,059
Lincoln National Corporation			8,949		555,554
Loews Corporation			13,392		507,557
MBIA, Inc.	†		4,034		247,849
MGIC Investment Corporation			2,777		166,537
Marsh & McLennan Companies, Inc.			16,339		459,943
Metlife, Inc.			22,837		1,294,401
Principal Financial Group			8,326		451,935
Progressive Corporation (The)			24,064		590,531
Prudential Financial, Inc.			14,698		1,120,723
Safeco Corporation			3,618		213,209
St. Paul Travelers Companies			20,567		964,387
Torchmark Corporation			3,284		207,253
UnumProvident Corporation			9,377	$	181,820
WellPoint, Inc.	*		19,250		1,483,213
XL Capital Ltd. Class A (Bermuda)			5,346		367,270
					20,595,237
Lodging—0.3%
Hilton Hotels Corporation			11,052		307,798
Marriott International, Inc. Class A			9,762		377,204
Starwood Hotels & Resorts Worldwide, Inc.			6,705		383,459
Wyndham Worldwide Corp.	*		6,076		169,946
					1,238,407
Media—Broadcasting & Publishing—1.7%
CBS Corp. Class B			23,580		664,249
Clear Channel Communications, Inc.			15,334		442,386
Comcast Corporation Class A	*		63,818		2,351,693
Dow Jones & Company, Inc.	†		2,056		68,958
E.W. Scripps Company Class A			2,500		119,825
Gannett Company, Inc.	†		7,093		403,095
McGraw-Hill Companies, Inc. (The)			10,854		629,858
Meredith Corporation			1,189		58,653
New York Times Company Class A	†		4,417		101,503
Tribune Company			6,932		226,815
Univision Communications, Inc. Class A	*†		6,880		236,259
Viacom, Inc. Class B	*		22,980		854,396
					6,157,690
Medical Equipment & Supplies—0.0%
Patterson Companies, Inc.	*†		3,500		117,635
Medical Supplies—3.6%
Allergan, Inc.			4,430		498,862
Applera Corporation—Applied Biosystems Group			5,286		175,019
Bausch & Lomb, Inc.			1,661		83,266
Baxter International, Inc.			19,805		900,335
Becton, Dickinson & Company			7,580		535,679
Biomet, Inc.			7,495		241,264
Boston Scientific Corporation	*		36,582		541,048
C.R. Bard, Inc.	†		3,184		238,800
Fisher Scientific International	*		3,600		281,664
Johnson & Johnson			89,044		5,782,517
Kla-Tencor Corporation			5,865		260,817
Medtronic, Inc.			36,230		1,682,521
Millipore Corporation	*†		1,546		94,770
PerkinElmer, Inc.			4,019		76,080
Quest Diagnostics, Inc.	†		4,860		297,238
St. Jude Medical, Inc.	*		11,090		391,366
Stryker Corporation			8,604		426,672
Thermo Electron Corporation	*†		5,157		202,825
Waters Corporation	*		3,186		144,262
Zimmer Holdings, Inc.	*		7,357		496,598
					13,351,603
Metals—0.9%
Alcoa, Inc.			25,904		726,348
Allegheny Technologies, Inc.	†		2,816		175,127
Danaher Corporation			7,201		494,493
Newmont Mining Corporation			13,582		580,631
Nucor Corporation			9,520		471,145

See accompanying notes to schedule of investments.

56

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Phelps Dodge Corporation			6,180	$	523,446
United States Steel Corporation			3,716		214,339
					3,185,529
Mining—0.1%
Freeport-McMoran Copper & Gold, Inc. Class B			5,578		297,084
Oil & Gas—9.0%
Anadarko Petroleum Corporation			13,644		598,017
Apache Corporation			9,963		629,662
Ashland, Inc.	†		2,173		138,594
BJ Services Company	†		9,826		296,057
Chesapeake Energy Corporation	†		12,537		363,322
Chevron Texaco Corporation			66,530		4,315,136
ConocoPhillips			49,611		2,953,343
Devon Energy Corporation			13,246		836,485
Dynegy, Inc. Class A	*		7,665		42,464
EOG Resources, Inc.			7,355		478,443
EL Paso Corporation	†		19,255		262,638
Exxon Mobil Corporation			180,824		12,133,290
Halliburton Company			30,946		880,414
Hess Corp.			7,251		300,336
Kinder Morgan, Inc.			3,186		334,052
Marathon Oil Corporation			10,937		841,055
Murphy Oil Corporation	†		5,510		262,001
Nabors Industries Ltd.	*†		9,284		276,199
Nicor, Inc.	†		1,395		59,650
Noble Corporation			4,237		271,931
Occidental Petroleum Corporation			25,652		1,234,118
Peoples Energy Corporation			1,166		47,398
Rowan Companies, Inc.	†		3,489		110,357
Schlumberger Ltd.			35,582		2,207,151
Smith International, Inc.			5,107		198,152
Sunoco, Inc.			4,228		262,939
Transocean, Inc.	*		9,731		712,601
Valero Energy Corporation			18,680		961,460
Weatherford International Ltd.	*		10,600		442,232
Williams Companies, Inc.			17,295		412,832
XTO Energy, Inc.			10,933		460,607
					33,322,936
Pharmaceuticals—7.0%
Abbott Laboratories			46,359		2,251,193
AmerisourceBergen Corporation			6,418		290,094
Amgen, Inc.	*		35,558		2,543,464
Barr Pharmaceuticals, Inc.	*		3,200		166,208
Biogen Idec, Inc.	*		10,074		450,106
Bristol-Myers Squibb Company			59,202		1,475,314
Cardinal Health, Inc.			12,740		837,528
Eli Lilly & Company			30,476		1,737,132
Forest Laboratories, Inc.	*		9,616		486,666
Genzyme Corporation	*		7,897		532,811
Gilead Sciences, Inc.	*		13,910		955,617
Hospira, Inc.	*		4,680		179,104
King Pharmaceuticals, Inc.	*		7,638		130,075
McKesson Corporation			9,367		493,828
Medco Health Solutions, Inc.	*		9,258		556,498
MedImmune, Inc.	*†		7,440		217,322
Merck & Company, Inc.			65,403		2,740,386
Mylan Laboratories			6,000		120,780
Pfizer, Inc.			220,501		6,253,408
Schering-Plough Corporation			44,889		991,598
Sigma Aldrich Corporation	†		1,896	$	143,470
Watson Pharmaceuticals, Inc.	*		2,919		76,390
Wyeth			40,593		2,063,748
					25,692,740
Real Estate—1.1%
Apartment Investment & Management Company REIT Class A	†		2,984		162,359
Archstone-Smith Trust REIT			6,200		337,528
Boston Properties, Inc. REIT	†		3,120		322,421
Equity Office Properties Trust REIT			11,548		459,148
Equity Residential REIT			8,722		441,159
Kimco Realty Corporation REIT			6,400		274,368
Plum Creek Timber Company, Inc. REIT			5,794		197,228
Prologis REIT			7,198		410,718
Public Storage, Inc. REIT			3,559		306,038
Realogy Corp.	*†		7,595		172,255
Simon Property Group, Inc. REIT			6,730		609,873
Vornado Realty Trust REIT			3,500		381,500
					4,074,595
Restaurants—0.6%
Darden Restaurants, Inc.			3,972		168,691
McDonald’s Corporation	†		37,563		1,469,465
Wendy’s International, Inc.			3,408		228,336
Yum! Brands, Inc.			8,174		425,457
					2,291,949
Retailers—3.9%
Amazon.Com, Inc.	*†		9,300		298,716
Autozone, Inc.	*		1,646		170,032
Bed Bath & Beyond, Inc.	*		8,277		316,678
Best Buy Company, Inc.			12,303		658,949
Big Lots, Inc.	*†		3,704		73,376
CVS Corporation			24,792		796,319
Circuit City Stores, Inc.			4,766		119,674
Costco Wholesale Corporation			14,007		695,868
Dillard’s, Inc. Class A	†		1,726		56,492
Dollar General Corporation			9,870		134,528
eBay, Inc.	*		34,985		992,175
Family Dollar Stores, Inc.			5,061		147,984
Federated Department Stores			16,042		693,175
JC Penney Company, Inc. (Holding Company)			7,033		480,987
Office Depot, Inc.	*		8,714		345,946
OfficeMax, Inc.			2,397		97,654
RadioShack Corporation			3,908		75,424
Sears Holdings Corporation	*		2,747		434,273
Sherwin-Williams Company (The)			3,384		188,760
Staples, Inc.			22,357		543,946
TJX Companies, Inc.			14,038		393,485
Target Corporation			26,295		1,452,799
Tiffany & Company			4,243		140,868
Walgreen Company			30,210		1,341,022
Wal-Mart Stores, Inc.			75,462		3,721,786
					14,370,916
Telecommunications—0.2%
Citizens Communications Company			10,409		146,142
Lucent Technologies, Inc.	*		131,379		307,427
Tellabs, Inc.	*		12,229		134,030
					587,599

See accompanying notes to schedule of investments.

57

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Telephone Systems—3.4%
Alltel Corporation			11,652	$	646,686
AT&T, Inc.			117,444		3,823,977
BellSouth Corporation			54,631		2,335,475
CenturyTel, Inc.			4,207		166,892
Embarq Corp.			4,416		213,602
Qwest Communications International, Inc.	*		45,657		398,129
Sprint Nextel Corp.			89,854		1,540,996
Verizon Communications, Inc.			87,328		3,242,489
Windstream Corp.			14,143		186,546
					12,554,792
Textiles, Clothing & Fabrics—0.4%
Coach, Inc.	*		11,268		387,619
Jones Apparel Group, Inc.			3,500		113,540
Liz Claiborne, Inc.			3,056		120,743
Nike, Inc. Class B			5,805		508,634
VF Corporation			2,652		193,463
					1,323,999
Transportation—1.8%
Brunswick Corporation			2,897		90,357
Burlington Northern Santa Fe Corporation			11,092		814,596
CSX Corporation			12,756		418,779
Carnival Corporation	†		13,165		619,150
FedEx Corporation			9,229		1,003,008
Norfolk Southern Corporation			12,304		541,991
Sabre Holdings Corporation			3,944		92,250
Union Pacific Corporation			7,880		693,440
United Parcel Service, Inc. Class B			32,667		2,350,064
					6,623,635
TOTAL COMMON STOCKS
(Cost $193,639,216)					365,127,374

 

Coupon Rate	Maturity         Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
4.850%	12/07/2006	**	$	190,000		188,264
4.828%	12/07/2006	**		50,000		49,544
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $237,808)						237,808
CASH EQUIVALENTS—5.1%
Bank & Certificate Deposits/Offshore Time Deposits—4.9%
Abbey National PLC
5.270%	10/03/2006	††		387,808		387,808
Abbey National PLC
5.270%	10/04/2006	††		387,807		387,807
Bank Of Montreal
5.280%	10/16/2006	††		310,246		310,246
Bank Of Nova Scotia
5.280%	10/11/2006	††		387,808		387,808
Barclays
5.310%	10/20/2006	††		387,808		387,808
Barclays
5.305%	11/21/2006	††	$	387,808	$	387,808
Barton Capital LLC
5.267%	10/06/2006	††		387,808		387,808
BNP Paribas
5.260%	10/05/2006	††		387,808		387,808
Branch Banker &Trust
5.270%	10/10/2006	††		387,808		387,808
CAFCO Funding LLC
5.289%	11/17/2006	††		155,123		155,123
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		775,615		775,615
Charta LLC
5.314%	11/01/2006	††		155,123		155,123
CIESCO Domestic
5.290%	11/16/2006	††		155,123		155,123
Clipper Receivables Corp
5.283%	10/19/2006	††		232,685		232,685
Commonwealth Bank of Australia
5.275%	10/23/2006	††		299,387		299,387
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		387,808		387,808
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		310,246		310,246
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		387,807		387,807
Fairway Finance
5.292%	10/24/2006	††		310,245		310,245
Fairway Finance
5.274%	10/03/2006	††		155,123		155,123
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		155,123		155,123
Fortis Bank
5.300%	11/20/2006	††		155,123		155,123
Fortis Bank
5.280%	10/19/2006	††		465,368		465,368
General Electric Capital Corporation
5.285%	11/03/2006	††		310,246		310,246
Harris NA
5.280%	11/22/2006	††		387,808		387,808
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		310,246		310,246
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		155,123		155,123
Liberty Street
5.282%	10/13/2006	††		155,123		155,123
Lloyds TSB Bank
5.270%	10/02/2006	††		465,369		465,369
Merrill Lynch & Co
5.365%	10/02/2006	††		634,773		634,773
Morgan Stanley & Co
5.365%	10/02/2006	††		2,171,722		2,171,722
National Australia Bank
5.360%	10/02/2006	††		620,492		620,492
Paradigm Funding LLC
5.287%	10/10/2006	††		155,123		155,123
Park Avenue Receivables Corp
5.283%	10/26/2006	††		155,122		155,122
Park Avenue Receivables Corp
5.281%	10/03/2006	††		155,123		155,123
Royal Bank of Canada
5.300%	10/27/2006	††		387,808		387,808
Royal Bank of Canada
5.300%	11/17/2006	††		155,123		155,123
Royal Bank of Scotland
5.300%	10/27/2006	††		387,808		387,808
Sheffiled Receivables Corp
5.285%	10/18/2006	††		155,123		155,123

 

See accompanying notes to schedule of investments.

58

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint 500
Stock Index Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Societe Generale
5.300%	10/23/2006	††	$	558,443	$	558,443
Societe Generale
5.280%	11/01/2006	††		620,491		620,491
Svenska Handlesbanken
5.350%	10/02/2006	††		626,803		626,803
Three Pillars Funding LLC
5.284%	10/02/2006	††		155,123		155,123
Toronto Dominion Bank
5.265%	10/12/2006	††		387,808		387,808
UBS AG
5.305%	10/02/2006	††		387,808		387,808
UBS AG
5.300%	10/27/2006	††		387,808		387,808
Variable Funding Capital Co
5.265%	10/02/2006	††		230,535		230,535
Wells Fargo
5.270%	10/17/2006	††		387,808		387,808
Yorktown Capital LLC
5.287%	10/18/2006	††		155,123		155,123
						18,172,490
Floating Rate Instruments/Master Notes—0.2%
Bank of America
5.310%	07/10/2007	††		387,808		387,808
Bank of America
5.270%	11/10/2006	††		310,246		310,246
						698,054
TOTAL CASH EQUIVALENTS
(Cost $18,870,544)						18,870,544
REPURCHASE AGREEMENTS—1.0%
Investors Bank & Trust Repurchase Agreement dated 09/29/06 due 10/02/06 with a maturity value of 3,817,229 and an effective yield of 4.65% collateralized by a U.S. Government obligation with a rate of 8.50%, a maturity date of 04/25/2027 and an aggregate market value of 4,006,538.				3,815,750		3,815,750
TOTAL INVESTMENTS—105.0%
(Cost $216,563,318)						388,051,476
Other assets less liabilities—(5.0%)						(18,545,640	)
NET ASSETS—100.0%					$	369,505,836

 

Legend to the Schedule of Investments:

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

** Security has been pledged as collateral for futures contracts.

†† Represents collateral received from securities lending transactions.

See accompanying notes to schedule of investments.

59

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—99.1%
Advertising—0.3%
24/7 Real Media, Inc.	*		273	$	2,331
Aquantive, Inc.	*†		2,027		47,878
Catalina Marketing Corporation			2,131		58,602
Clear Channel Outdoor Holdings, Inc. Class A	*		2,500		51,000
Getty Images, Inc.	*†		1,742		86,543
Interpublic Group, Inc.	*†		17,203		170,310
Jupitermedia Corporation	*†		1,450		12,557
Lamar Advertising Company	*†		3,479		185,813
Monster Worldwide, Inc.	*		4,681		169,405
Omnicom Group			7,385		691,236
Valueclick, Inc.	*		4,058		75,235
					1,550,910
Aerospace & Defense—1.3%
AAR Corporation	*†		1,489		35,498
Alliant Techsystems, Inc.	*†		1,550		125,643
Armor Holdings, Inc.	*†		1,500		85,995
Goodrich Corporation			4,882		197,819
Boeing Company (The)			29,809		2,350,440
Fairchild Corporation (The) Class A	*		3,265		8,489
Gencorp, Inc.	*†		1,629		20,916
General Dynamics Corporation			13,610		975,429
Heico Corporation Class A			878		25,506
Honeywell International, Inc.			31,671		1,295,344
Kreisler Manufacturing Corporation	*		1,250		12,000
Lockheed Martin Corporation			14,210		1,222,913
Northrop Grumman Corporation			12,770		869,254
Orbital Sciences Corporation	*		2,123		39,849
Sequa Corporation Class A	*		510		47,869
Textron, Inc.			4,843		423,762
Triumph Group, Inc.			822		34,812
					7,771,538
Airlines—0.2%
AMR Corporation	*		6,672		154,390
Air T, Inc.			1,352		13,763
Airnet Systems, Inc.	*		2,609		9,053
Airtran Holdings, Inc.	*†		3,168		31,427
Alaska Air Group, Inc.	*		1,343		51,088
Atlas Air Worldwide Holdings, Inc.	*		600		26,112
Bristow Group, Inc.	*		982		33,781
Continental Airlines, Inc. Class B	*†		2,723		77,088
ExpressJet Holdings, Inc.	*		2,636		17,424
Frontier Airlines Holdings, Inc.	*†		1,369		11,294
JetBlue Airways Corporation	*		6,414		59,458
Mesa Air Group, Inc.	*		847		6,573
Midwest Air Group, Inc.	*†		915		7,210
PHI, Inc.	*		774		23,584
Skywest, Inc.			2,390		58,603
Southwest Airlines Company			30,863		514,178
UAL Corp.	*		3,500		92,995
US Airways Group, Inc.	*		2,272		100,718
					1,288,739
Apparel Retailers—0.7%
Abercrombie & Fitch Company Class A			3,982		276,669
Aeropostale, Inc.	*		2,403		70,240
American Eagle Outfitters, Inc.	†		5,824		255,266
AnnTaylor Stores Corporation	*		2,733		114,403
Bebe Stores, Inc.	†		790	$	19,576
Big Dog Holdings, Inc.	*†		1,620		19,877
Buckle, Inc. (The)			1,115		42,303
Carter’s, Inc.	*		1,476		38,952
Casual Male Retail Group, Inc.	*		1,930		26,499
Cato Corporation Class A			1,761		38,584
Charlotte Russe Holding, Inc.	*		1,100		30,294
Charming Shoppes, Inc.	*		3,138		44,811
Chico’s FAS, Inc.	*		7,236		155,791
Children’s Place	*†		1,144		73,250
Christopher & Banks Corporation			1,528		45,045
Claire’s Stores, Inc.			3,855		112,412
Dress Barn, Inc.	*†		1,900		41,458
Finish Line Class A			1,604		20,242
Gap, Inc. (The)	†		25,472		482,694
HOT Topic, Inc.	*†		1,824		20,319
JOS A. Bank Clothiers, Inc.	*†		577		17,287
Kohl’s Corporation	*		12,808		831,495
Ltd. Brands			14,843		393,191
Nordstrom, Inc.			10,104		427,399
Pacific Sunwear of California, Inc.	*†		3,025		45,617
Payless Shoesource, Inc.	*†		2,964		73,804
Ross Stores, Inc.			6,350		161,353
Stage Stores, Inc.			1,491		43,746
Talbots, Inc.			375		10,219
Tween Brands, Inc.	*		1,485		55,836
Urban Outfitters, Inc.	*†		5,012		88,662
Wet Seal, Inc. (The) Class A	*		1,246		7,650
Wilsons The Leather Experts, Inc.	*		819		2,170
					4,087,114
Automotive—0.8%
A.O. Smith Corporation			1,341		52,876
Adesa, Inc.	†		4,131		95,467
Aftermarket Technology Corporation	*		603		10,709
American Axle & Manufacturing Holdings, Inc.	†		2,113		35,266
America’s Car Mart, Inc.	*†		354		5,823
Amerigon, Inc.	*		2,107		18,120
ArvinMeritor, Inc.	†		2,791		39,744
Asbury Automotive Group, Inc.			1,342		27,645
Autonation, Inc.	*		8,512		177,901
BorgWarner, Inc.			2,274		130,005
Carmax, Inc.	*†		4,258		177,601
Clarcor, Inc.			2,354		71,773
Coachmen Industries, Inc.			705		7,621
Copart, Inc.	*		3,582		100,977
Dura Automotive Systems, Inc.	*		599		156
Federal Signal Corporation			2,159		32,925
Ford Motor Company			74,379		601,726
General Motors Corporation	†		17,970		597,682
Genuine Parts Company			7,620		328,651
Goodyear Tire & Rubber Company (The)	*†		7,281		105,574
Group 1 Automotive, Inc.			1,068		53,293
Harley-Davidson, Inc.			10,663		669,103
Harsco Corporation			1,823		141,556
Jarden Corporation	*†		1,771		58,390
JLG Industries, Inc.			3,562		70,563
Keystone Automotive Industries, Inc.	*		1,743		66,269
Lear Corporation	†		2,741		56,739
Lithia Motors, Inc. Class A			862		21,309
LKQ Corporation	*		3,500		76,895
Monaco Coach Corporation			1,376		15,329
Navistar International Corporation	*		2,851		73,613

See accompanying notes to schedule of investments.

60

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Oshkosh Truck Corporation			2,868	$	144,748
Paccar, Inc.	†		9,902		564,612
PEP Boys-Manny Moe & Jack			2,200		28,270
Proliance International, Inc.	*		2,239		10,232
Sonic Automotive, Inc.			1,649		38,075
Strattec Security Corporation	*		123		4,707
Superior Industries International, Inc.	†		1,102		18,503
Tenneco Automotive, Inc.	*		1,600		37,424
Titan International, Inc.	†		1,085		19,617
TRW Automotive Holdings Corporation	*		900		21,663
United Auto Group, Inc.			1,654		38,704
Visteon Corporation	*		5,429		44,246
Wabash National Corporation			1,395		19,098
Winnebago Industries, Inc.	†		1,432		44,936
					4,956,136
Banking—10.9%
1st Source Corporation			1,180		34,834
Advanta Corporation Class A			1,446		49,121
Alabama National Bancorp			575		39,244
Alliance Bankshares Corporation	*		744		12,499
Amcore Financial, Inc.			1,313		39,771
American Express Company			44,975		2,522,198
AmeriCredit Corporation	*†		6,437		160,861
AmSouth Bancorp			14,570		423,113
Anchor Bancorp Wisconsin, Inc.			1,411		40,298
Associated Banc Corporation			5,110		166,075
Astoria Financial Corporation			4,671		143,960
BB&T Corporation	†		23,284		1,019,374
BancFirst Corporation			642		29,994
Bancorpsouth, Inc.			3,611		100,241
BancTrust Financial Group, Inc.			1,600		44,624
Bank Mutual Corporation			3,756		45,560
Bank of America Corporation			184,632		9,890,736
Bank of Hawaii Corporation			2,494		120,111
Bank of New York Company, Inc. (The)			31,499		1,110,655
BankAtlantic Bancorp, Inc. Class A			2,210		31,426
Bankunited Financial Corporation Class A	†		793		20,674
Blue River Bancshares, Inc.			2,545		15,830
BOK Financial Corporation			1,765		92,839
Boston Private Financial Holdings, Inc.			1,297		36,160
Brookline Bancorp, Inc.			3,765		51,769
Bryn Mawr Bank Corporation			1,058		23,382
Capital Bank Corporation			1,282		22,525
Capital City Bank Group, Inc.			1,113		34,614
Capital One Financial Corporation			12,245		963,192
Capitol Federal Financial			2,115		75,209
Cardinal Financial Corporation			1,142		12,516
Cascade Bancorp			1,753		65,825
Cascade Financial Corporation			1,063		17,423
Cathay General Bancorp			2,082		75,160
Centennial Bank Holdings, Inc.	*		5,300		51,304
Central Pacific Financial Corporation			929		33,983
CFS Bancorp, Inc.			1,873		27,702
Charter Financial Corporation			350		13,996
Chemical Financial Corporation			1,552		46,063
Chittenden Corporation			2,222		63,749
CIT Group, Inc.			8,482		412,480
Citigroup, Inc.			200,784		9,972,941
Citizens Banking Corporation	†		2,069		54,332
City Bank, Lynnwood, WA			1,097	$	51,592
City Holding Company			250		9,967
City National Corporation			2,199		147,465
Coastal Financial Corporation			1,952		24,601
CoBiz, Inc.			1,063		24,300
Colonial BancGroup, Inc. (The)			5,643		138,253
Comerica, Inc.			6,877		391,439
Commerce Bancorp, Inc.	†		6,314		231,787
Commerce Bancshares, Inc.			3,436		173,759
Commercial Capital Bancorp, Inc.			1,127		17,964
Community Bank System, Inc.			1,402		31,068
Community Trust Bancorp, Inc.			665		25,037
Compass Bancshares, Inc.			4,769		271,738
CompuCredit Corporation	*		83		2,507
Corus Bankshares, Inc.	†		702		15,697
Cullen/Frost Bankers, Inc.			2,502		144,666
CVB Financial Corporation			3,713		54,841
Dime Community Bancshares			1,638		24,128
Downey Financial Corporation			1,038		69,069
Eastern Virginia Bankshares, Inc.			700		14,812
East-West Bancorp, Inc.			2,200		87,142
Euronet Worldwide, Inc.	*		1,056		25,925
Farmers Capital Bank Corporation			1,113		37,697
Fidelity Bankshares, Inc.			2,263		88,280
Fidelity Southern Corporation			1,381		25,224
Fifth Third Bancorp	†		20,049		763,466
Financial Federal Corporation	†		1,513		40,548
Financial Institutions, Inc.			749		17,497
First Bancorp North Carolina			643		13,104
First Bancorp Puerto Rico	†		3,246		35,901
First Charter Corporation	†		843		20,283
First Citizens BancShares, Inc. Class A			254		48,539
First Commonwealth Financial Corporation			5,133		66,883
First Community Bancorp			894		50,019
First Financial Bancorp	†		1,895		30,149
First Financial Bankshares, Inc.			333		12,704
First Financial Service Corporation			366		10,969
First Horizon National Corporation			5,607		213,122
First Merchants Corporation			874		20,670
First Midwest Bancorp, Inc.			2,002		75,856
First Niagara Financial Group, Inc.			4,099		59,763
First of Long Island Corporation (The)			493		21,813
First Republic Bank			1,336		56,860
FirstBank NW Corporation			398		11,080
FirstFed Financial Corporation	*†		922		52,296
FirstMerit Corporation			3,895		90,247
Flagstar Bancorp, Inc.			2,110		30,700
FMS Financial Corporation			500		10,950
FNB Corporation			3,344		55,711
Fremont General Corporation			2,929		40,977
Frontier Financial Corporation	†		2,255		58,482
Fulton Financial Corporation			6,533		105,769
Glacier Bancorp, Inc.			1,181		40,355
Golden West Financial Corporation			12,187		941,446
Great Lakes Bancorp, Inc.	*		277		4,451
Greater Bay Bancorp			2,213		62,429
Hallwood Group, Inc.	*		100		9,400
Hancock Holding Company			1,752		93,820
Hanmi Financial Corporation			3,600		70,560
Harbor Florida Bancshares, Inc.			491		21,756
Harleysville National Corporation			1,210		24,321
Harrington West Financial Group, Inc.			1,171		19,503
Heritage Financial Corporation			332		8,645

See accompanying notes to schedule of investments.

61

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Horizon Financial Services Corporation	†		450	$	6,120
Hudson City Bancorp, Inc.			25,794		341,770
Huntington Bancshares, Inc.	†		11,317		270,816
Independent Bank Corporation (Massachusetts)			874		28,422
Independent Bank Corporation (Michigan)			2,079		50,478
IndyMac Bancorp, Inc.	†		2,523		103,847
Integra Bank Corporation			848		21,437
International Bancshares Corporation			2,953		87,645
Investors Financial Services Corporation			2,840		122,347
Irwin Financial Corporation			1,296		25,350
JP Morgan Chase & Company			140,244		6,585,858
KeyCorp			17,394		651,231
KNBT Bancorp, Inc.			1,002		16,112
M&T Bank Corporation			3,475		416,861
MAF Bancorp, Inc.			1,245		51,406
Main Street Trust, Inc.			291		10,025
Marshall & IIsley Corporation			8,572		412,999
MB Financial, Inc.			931		34,344
Medallion Financial Corporation			958		10,567
Mellon Financial Corporation			17,152		670,643
Mercantile Bankshares Corporation			5,206		188,822
Merchants Bancshares, Inc.			571		13,536
Midsouth Bancorp, Inc.	†		399		13,287
MidWestOne Financial Group, Inc.			582		11,201
Mitcham Industries, Inc.	*		1,100		11,627
NASB Financial, Inc.			528		21,009
National City Corporation			22,634		828,404
National Penn Bancshares, Inc.			1,677		32,900
NBT Bancorp, Inc.			1,000		23,260
Nelnet, Inc. Class A	*		481		14,786
Netbank, Inc.			2,850		17,242
New York Community Bancorp, Inc.	†		10,860		177,887
NewAlliance Bancshares, Inc.			4,600		67,390
North Fork Bancorp, Inc.			19,396		555,501
Northern States Financial Corporation			772		14,668
Northern Trust Corporation			8,643		505,010
Northwest Bancorp, Inc.			2,048		52,224
Ocwen Financial Corp.	*†		3,358		50,034
Old National Bancorp			3,552		67,843
PNC Financial Services Group, Inc.			11,751		851,242
Pacific Capital Bancorp			1,724		46,496
Pacific Premier Bancorp, Inc.	*		976		11,712
Park National Corporation			728		72,866
Parkvale Financial Corporation			616		19,743
Peoples Bancorp, Inc.			814		23,793
People’s Bank			2,509		99,381
Peoples Financial Corporation			883		22,516
PFF Bancorp, Inc.			1,096		40,596
Popular, Inc. (Puerto Rico)			10,296		200,154
Premier Community Bankshares, Inc.			933		19,780
PrivateBancorp, Inc.	†		1,200		54,864
Prosperity Bancshares, Inc.			2,300		78,292
Provident Bankshares Corporation			1,369		50,721
Provident Financial Services, Inc.			943		17,455
Provident New York Bancorp			3,670		50,206
R&G Financial Corporation Class B (Puerto Rico)			1,555		11,585
Regions Financial Corporation			18,091		665,568
Republic Bancorp, Inc.			3,754	$	50,041
Republic Bancorp, Inc. Class A			1,527		32,296
Riverview Bancorp, Inc.			2,600		35,100
Royal Bancshares of Pennsylvania Class A			840		22,756
S&T Bancorp, Inc.			1,868		60,710
Sandy Spring Bancorp, Inc.			344		12,164
Santander Bancorp (Puerto Rico)			1,280		24,179
Shore Bancshares, Inc.			826		23,748
Signature Bank/New York, NY	*		1,900		58,767
Simmons First National Corporation Class A			911		26,428
Sky Financial Group, Inc.			4,278		106,522
SLM Corporation			17,109		889,326
South Financial Group, Inc. (The)			2,799		72,858
SouthFirst Bancshares, Inc.			400		5,600
Sovereign Bancorp, Inc.			16,837		362,164
State Street Corporation			13,568		846,643
Sterling Bancorp, NY			1,476		29,018
Sterling Bancshares, Inc.			1,615		32,704
Sterling Financial Corporation (Pennsylvania)			1,557		34,238
Sterling Financial Corporation (Washington)			2,263		73,389
Student Loan Corporation			207		39,781
Suffolk Bancorp			1,100		35,112
Suntrust Banks, Inc.			14,998		1,159,045
Susquehanna Bancshares, Inc.			2,932		71,658
SVB Financial Group	*†		1,437		64,148
Synovus Financial Corporation			10,920		320,720
TCF Financial Corporation			6,104		160,474
TD Banknorth, Inc.			4,054		117,080
Texas Regional Bancshares, Inc. Class A			2,310		88,819
Tompkins Trustco, Inc.			665		30,224
Trustco Bank Corporation			3,435		37,235
Trustmark Corporation			2,435		76,532
U.S. Bancorp			73,134		2,429,511
UCBH Holdings, Inc.			3,652		63,764
UMB Financial Corporation			1,990		72,774
Umpqua Holdings Corporation			1,151		32,919
UnionBanCal Corporation			2,177		132,579
United Bankshares, Inc.			2,134		79,427
United Community Banks, Inc.			2,188		65,749
United Western Bancorp, Inc.	*		973		20,705
Valley National Bancorp			5,152		131,737
W Holding Company, Inc. (Puerto Rico)	†		8,055		47,605
Wachovia Corporation			64,945		3,623,931
Washington Federal, Inc.			3,379		75,825
Washington Mutual, Inc.			39,444		1,714,631
Washington Trust Bancorp, Inc.			500		13,255
Webster Financial Corporation			2,393		112,734
Wells Fargo & Company			130,916		4,736,541
Wesbanco, Inc.			1,699		49,645
Westamerica Bancorporation			1,628		82,230
Western Alliance Bancorp	*†		1,400		46,060
Westfield Financial, Inc.			1,240		39,395
Whitney Holding Corporation			2,371		84,811
Willow Grove Bancorp, Inc.			508		7,955
Wilmington Trust Corporation			3,204		142,738
Wintrust Financial Corporation			1,017		51,003
World Acceptance Corporation	*		639		28,103
Zions Bancorp			4,153		331,451
					67,786,801

See accompanying notes to schedule of investments.

62

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Beverages, Food & Tobacco—4.4%
Altria Group, Inc.			83,745	$	6,410,680
American Italian Pasta Company Class A	*†		721		5,609
Anheuser-Busch Companies, Inc.			29,450		1,399,169
Archer-Daniels-Midland Company			25,537		967,342
Bridgford Foods Corporation	*		559		3,488
Brown-Forman Corporation Class B			2,437		186,796
Bunge Ltd.	†		4,700		272,365
Campbell Soup Company			11,026		402,449
Central European Distribution Corporation	*†		652		15,263
Chiquita Brands International, Inc.			2,150		28,767
Coca-Cola Bottling Company Consolidated			437		27,085
Coca-Cola Company (The)			88,329		3,946,540
Coca-Cola Enterprises, Inc.			10,775		224,443
ConAgra Foods, Inc.			21,479		525,806
Constellation Brands, Inc. Class A	*†		8,096		233,003
Corn Products International, Inc.			3,164		102,957
Dean Foods Company	*		6,281		263,928
Del Monte Foods Company			8,204		85,732
Delta & Pine Land Company			1,668		67,554
Farmer Brothers Company			930		19,102
Flowers Foods, Inc.			2,760		74,189
Fresh Del Monte Produce, Inc. (Cayman Islands)			567		9,860
General Mills, Inc.			14,393		814,644
Gold Kist, Inc.	*		4,100		85,444
Green Mountain Coffee Roasters, Inc.	*		500		18,400
Griffin Land & Nurseries, Inc.	*		650		19,675
H.J. Heinz Company			12,672		531,337
Hain Celestial Group, Inc.	*		1,426		36,449
Hansen Natural Corporation	*		2,680		87,046
Hershey Foods Corporation	†		7,400		395,530
Hormel Foods Corporation			3,195		114,956
Inventure Group (The), Inc.	*		5,272		12,547
JM Smucker Company (The)			2,614		125,341
Kellogg Company			10,337		511,888
Kraft Foods, Inc. Class A	†		11,257		401,425
Lancaster Colony Corporation			1,389		62,172
Lance, Inc.			1,370		30,167
Loews Corp. - Carolina Group			2,900		160,631
M&F Worldwide Corporation	*		780		11,466
Margo Caribe, Inc. (Puerto Rico)	*†		1,022		5,892
McCormick & Company, Inc.			5,759		218,727
Molson Coors Brewing Company— Class B			2,911		200,568
Peet’s Coffee & Tea, Inc.	*		637		15,931
Pepsi Bottling Group, Inc.	†		7,106		252,263
PepsiAmericas, Inc.			3,031		64,682
Pepsico, Inc.			67,239		4,388,017
Performance Food Group Company	*		1,907		53,568
Pilgrim’s Pride Corporation			2,476		67,719
Ralcorp Holdings, Inc.	*		1,228		59,226
Reynolds American, Inc.	†		7,424		460,065
Sanderson Farms, Inc.			864		27,959
Sara Lee Corporation			32,793		526,984
Seaboard Corporation	†		18		21,690
Smart & Final, Inc.	*		1,915		32,689
Smithfield Foods, Inc.	*		4,682		126,508
Supervalu, Inc.			8,154		241,766
Sysco Corporation			26,855	$	898,300
Tootsie Roll Industries, Inc.			556		16,296
Topps Company, Inc. (The)			2,255		20,205
TreeHouse Foods, Inc.	*†		1,256		29,704
Tyson Foods, Inc. Class A	†		10,231		162,468
UST, Inc.	†		6,881		377,285
United Natural Foods, Inc.	*†		1,912		59,253
Universal Corporation			1,078		39,379
Vector Group Ltd.	†		2,276		36,923
WM Wrigley Jr. Company	†		7,657		352,681
					27,447,993
Building Materials—1.0%
Amcol International Corporation			1,186		29,543
Andersons, Inc.	†		700		23,905
Carbo Ceramics, Inc.	†		1,137		40,966
Champion Enterprises, Inc.	*		2,559		17,657
Chemed Corporation			1,162		37,486
Chindex International, Inc.	*†		548		7,754
Comfort Systems USA, Inc.			2,179		24,971
Conceptus, Inc.	*		1,047		18,521
Digi International, Inc.	*		1,976		26,676
Eagle Materials, Inc.			2,083		70,155
ElkCorp			938		25,467
EP Medsystems, Inc.	*		5,240		8,017
Florida Rock Industries, Inc.			2,697		104,401
Home Depot, Inc.			83,914		3,043,561
Ikon Office Solutions, Inc.			5,770		77,549
Ingram Micro, Inc. Class A	*		6,500		124,540
Insight Enterprises, Inc.	*		2,054		42,333
Interline Brands, Inc.	*		982		24,236
Jewett-Cameron Trading Ltd. (Canada)	*		1,050		10,957
Louisiana-Pacific Corporation			4,396		82,513
Lowe’s Companies, Inc.			57,060		1,601,104
Owens & Minor, Inc.			1,623		53,380
Performance Technologies, Inc.	*		793		5,392
Precis, Inc.	*		3,538		6,899
Quanta Services, Inc.	*†		4,702		79,276
Rock of Ages Corporation			1,387		6,339
Tech Data Corporation	*		2,057		75,142
USG Corporation	*		3,348		157,490
Vulcan Materials Company			4,221		330,293
					6,156,523
Chemicals—1.5%
A. Schulman, Inc.			1,444		33,948
AEP Industries, Inc.	*		372		15,605
Air Products & Chemicals, Inc.			9,030		599,321
Airgas, Inc.			3,075		111,223
Albemarle Corporation			1,856		100,836
Arch Chemicals, Inc.			1,211		34,453
Atlantis Plastics, Inc. Class A	*†		417		2,815
Avery Dennison Corporation			4,185		251,811
Cabot Corporation			2,693		100,180
Cabot Microelectronics Corporation	*		1,049		30,232
CF Industries Holdings, Inc.			3,400		58,038
Chemtura Corporation			8,873		76,929
Church & Dwight, Inc.			2,569		100,474
Compass Minerals International, Inc.			2,200		62,282
Cooper Tire & Rubber Company	†		3,066		30,844
Cytec Industries, Inc.			1,644		91,390
Dow Chemical Company (The)			38,798		1,512,346
Eastman Chemical Company			3,211		173,458
Ecolab, Inc.	†		8,093		346,542

See accompanying notes to schedule of investments.

63

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
EI Du Pont de Nemours & Company			37,462	$	1,604,872
Empire Financial Holding Company	*		1,550		4,107
FMC Corporation			1,668		106,869
Female Health Company (The)	*†		4,531		6,026
Georgia Gulf Corporation			1,268		34,769
HB Fuller Company			2,570		60,241
Hercules, Inc.	*		4,606		72,637
Huntsman Corporation	*†		2,600		47,320
International Flavors & Fragrances, Inc.			3,885		153,613
Landec Corporation	*		986		10,649
LSB Industries, Inc.	*†		1,411		12,699
Lubrizol Corporation			1,819		83,183
Lyondell Chemical Company			7,868		199,611
MacDermid, Inc.			1,456		47,495
Minerals Technologies, Inc.			868		46,351
Monsanto Company			21,546		1,012,877
Mosaic Company (The)	*		4,509		76,202
Myers Industries, Inc.			1,716		29,172
NewMarket Corporation			1,200		69,792
NL Industries, Inc.	†		2,111		20,983
NuCo2, Inc.	*		1,261		33,921
Olin Corporation			2,796		42,947
OM Group, Inc.	*		1,147		50,399
Omnova Solutions, Inc.	*		6,478		27,078
PPG Industries, Inc.			7,052		473,048
Penford Corporation			785		11,885
Pharmos Corporation	*		1,375		2,406
PolyOne Corporation	*		2,862		23,840
Praxair, Inc.			13,493		798,246
Scotts Company (The) Class A			1,662		73,942
Sensient Technologies Corporation			2,027		39,668
Spartech Corporation			1,451		38,843
Stepan Company			556		16,252
SurModics, Inc.	*†		675		23,706
Trex Company, Inc.	*†		731		17,661
Tronox, Inc.—Class B			829		10,586
Tupperware Corporation			2,427		47,229
UAP Holding Corporation			2,800		59,836
Unifi, Inc.	*		2,629		6,310
USEC, Inc.			2,637		25,421
Valhi, Inc.			511		11,881
W.R. Grace & Company	*†		4,200		55,692
Wellman, Inc.			1,509		6,021
West Pharmaceutical Services, Inc.			1,704		66,916
					9,395,929
Coal—0.1%
Alpha Natural Resources, Inc.	*		1,280		20,173
Arch Coal, Inc.			4,116		118,994
Consol Energy, Inc.			7,462		236,769
International Coal Group, Inc.	*†		4,900		20,678
James River Coal Company	*†		1,500		15,825
Natural Resource Partners, LP			1,000		51,010
Peabody Energy Corporation			10,424		383,395
Penn Virginia Resource Partners, LP	†		1,600		38,448
					885,292
Commercial Services—2.2%
Aaron Rents, Inc.	†		1,939		44,558
ABM Industries, Inc.			2,291		42,979
Accelrys, Inc.	*		1,145		7,202
Accenture Ltd. Class A (Bermuda)			19,300		612,003
ACCO Brands Corporation	*		1,319		29,361
Administaff, Inc.			1,143	$	38,519
Advisory Board Company (The)	*†		950		47,994
Advo, Inc.			1,276		35,702
Affymetrix, Inc.	*†		2,525		54,439
Akamai Technologies, Inc.	*		5,664		283,143
Allied Waste Industries, Inc.	*		13,285		149,722
Ambassadors International, Inc.			523		16,522
Amerco, Inc.	*		805		59,691
AMN Healthcare Services, Inc.	*		1,507		35,791
Angelica Corporation			510		8,675
Antigenics, Inc.	*		1,707		2,646
APAC Customer Services, Inc.	*		1,972		5,226
Apollo Group, Inc. Class A	*		6,518		320,946
Applera Corporation Celera Genomics Group	*		3,028		42,150
Ariad Pharmaceuticals, Inc.	*†		1,662		7,246
Asset Acceptance Capital Corporation	*		27		439
Avis Budget Group, Inc.			4,424		80,915
Axonyx, Inc.	*		2,772		2,495
BISYS Group, Inc. (The)	*		5,178		56,233
Bandag, Inc.			1,000		41,040
Barrett Business Services, Inc.	*		2,203		47,298
BearingPoint, Inc.	*		8,105		63,705
Bowne & Company, Inc.			1,575		22,491
Bright Horizons Family Solutions, Inc.	*		1,208		50,410
Brink’s Company (The)			2,360		125,222
Career Education Corporation	*		4,167		93,757
CDI Corporation			1,131		23,423
Celgene Corporation	*		13,412		580,740
Central Parking Corporation			1,898		31,317
Cenveo, Inc.	*		2,792		52,545
Cintas Corporation			6,587		268,947
Ciphergen Biosystems, Inc.	*		1,500		1,995
Clean Harbors, Inc.	*†		1,207		52,565
Coinstar, Inc.	*		1,075		30,938
Consolidated Graphics, Inc.	*		776		46,692
Convergys Corporation	*		5,933		122,516
Corinthian Colleges, Inc.	*		3,624		39,175
Corporate Executive Board Company			1,507		135,494
Courier Corporation			424		15,747
CRA International, Inc.	*		986		46,993
CuraGen Corporation	*		1,768		6,082
CV Therapeutics, Inc.	*†		1,424		15,863
Cytyc Corporation	*		4,240		103,795
DataTRAK International, Inc.	*†		3,924		21,896
DeVry, Inc.	*		2,980		63,385
Diamond Management & Technology Consultants, Inc.	*		1,431		15,941
Digitas, Inc.	*		2,891		27,811
Diversa Corporation	*		1,790		14,356
Dollar Thrifty Automotive Group, Inc.	*		1,057		47,110
Dun & Bradstreet Company	*		2,641		198,049
EGL, Inc.	*		1,861		67,815
Edgewater Technology, Inc.	*		1,533		8,738
eFunds Corporation	*		2,250		54,405
Ennis Business Forms, Inc.			695		15,047
EntreMed, Inc.	*		1,390		2,585
EPIQ Systems, Inc.	*†		725		10,665
Equifax, Inc.			4,973		182,559
eResearch Technology, Inc.	*†		2,056		16,674
Escala Group, Inc.	*†		951		5,173
Exact Sciences Corporation	*		1,250		2,537
Exelixis, Inc.	*		2,695		23,473
First Aviation Services, Inc.	*		1,818		6,308

See accompanying notes to schedule of investments.

64

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
First Consulting Group, Inc.	*		1,097	$	10,696
Fluor Corporation			3,405		261,810
Forrester Research, Inc.	*		963		25,337
FTI Consulting, Inc.	*		1,735		43,479
G&K Services, Inc. Class A			1,008		36,721
Gene Logic, Inc.	*		950		1,472
Gen-Probe, Inc.	*		1,849		86,700
Gevity HR, Inc.			964		21,960
H&R Block, Inc.			13,798		299,969
Harris Interactive, Inc.	*		2,730		16,653
Healthcare Services Group, Inc.			2,490		62,648
Heidrick & Struggles International, Inc.	*		865		31,140
Hewitt Associates, Inc. Class A	*		2,317		56,210
Icos Corporation	*		2,748		68,865
I-many, Inc.	*		951		1,902
Incyte Corporation	*		3,102		13,121
Inergy, LP			1,700		46,308
Internet Capital Group, Inc.	*		49		463
inVentiv Health, Inc.	*		2,100		67,263
Iron Mountain, Inc.	*		4,764		204,566
Isis Pharmaceuticals, Inc.	*		2,216		15,911
ITT Educational Services, Inc.	*		1,873		124,180
Jacobs Engineering Group, Inc.	*		1,919		143,407
John H. Harland Company			1,281		46,692
Kelly Services, Inc. Class A			1,173		32,152
Kforce.com, Inc.	*		297		3,543
Korn Ferry International	*		1,624		34,007
Kosan Biosciences, Inc.	*		2,000		9,660
Labor Ready, Inc.	*		2,485		39,586
Landauer, Inc.			598		30,348
Laureate Education, Inc.	*		1,885		90,216
Learning Tree International, Inc.	*		766		6,228
LECG Corporation	*		73		1,369
Lexicon Genetics, Inc.	*		2,343		8,833
LifeCell Corporation	*†		1,119		36,054
Lionbridge Technologies, Inc.	*		1,165		8,889
Luminex Corporation	*		1,070		19,506
Macquarie Infrastructure Company Trust			2,000		62,360
Magellan Health Services, Inc.	*		1,400		59,640
Management Network Group, Inc.	*		1,600		2,656
Manpower, Inc.			3,593		220,143
MasterCard, Inc. Class A	*†		2,238		157,443
Maximus, Inc.			1,052		27,457
Maxygen, Inc.	*		1,231		10,230
Medical Staffing Network Holdings, Inc.	*		1,686		10,487
Midas, Inc.	*		1,277		26,408
Millennium Cell, Inc.	*†		1,700		1,802
Mobile Mini, Inc.	*		2,000		56,820
MoneyGram International, Inc.			3,750		108,975
Monogram Biosciences, Inc.	*		2,414		3,693
Moody’s Corporation			10,748		702,704
MPS Group, Inc.	*		3,706		55,998
MSGI Security Solutions, Inc.	*		938		1,041
MTC Technologies, Inc.	*		619		14,881
Myriad Genetics, Inc.	*†		1,210		29,826
NCO Group, Inc.	*		1,314		34,453
National Research Corporation			1,250		31,875
Navigant Consulting, Inc.	*†		2,313		46,399
NeoPharm, Inc.	*†		964		4,675
NetRatings, Inc.	*		1,164		16,564
Neurogen Corporation	*		1,872		12,617
Omnicell, Inc.	*		783		14,008
On Assignment, Inc.	*		1,243		12,194
Online Resources Corporation	*		700	$	8,575
Opsware, Inc.	*		2,730		24,597
Oscient Pharmaceuticals Corporation	*		1,510		1,555
Overland Storage, Inc.	*		481		3,102
Paychex, Inc.			13,545		499,133
PDI, Inc.	*		703		8,169
Pegasystems, Inc.			2,141		18,691
Perma-Fix Environmental Services	*		5,502		11,389
Per-Se Technologies, Inc.	*		1,658		37,769
Pfsweb, Inc.	*		5,683		3,978
Pharmaceutical Product Development, Inc.			4,736		169,028
PharmaNet Development Group, Inc.	*		576		11,192
PHH Corporation	*		2,212		60,609
Portfolio Recovery Associates, Inc.	*†		504		22,110
Possis Medical, Inc.	*		1,278		12,588
Pre-Paid Legal Services, Inc.	†		779		30,903
Presstek, Inc.	*		945		5,094
Princeton Review, Inc.	*		818		4,237
Ramtron International Corporation	*		1,920		6,336
RCM Technologies, Inc.	*		1,593		8,077
Regeneration Technologies, Inc.	*		807		5,665
Regis Corporation			1,818		65,175
Rent-A-Center, Inc.	*†		3,377		98,912
Rentech, Inc.	*†		7,800		36,114
Rent-Way, Inc.	*		1,060		11,119
Republic Services, Inc.			5,629		226,342
Res-Care, Inc.	*		1,222		24,550
Resources Connection, Inc.	*		2,060		55,187
Rewards Network, Inc.	*		1,127		5,488
Robert Half International, Inc.	†		7,107		241,425
Rollins, Inc.			661		13,954
RR Donnelley & Sons Company			8,887		292,916
Ryder System, Inc.	†		2,660		137,469
Savient Pharmaceuticals, Inc.	*		1,389		9,042
Sequenom, Inc.	*		614		1,314
Service Corporation International			11,775		109,978
ServiceMaster Company (The)			11,826		132,569
Sitel Corporation	*		2,384		7,176
Sotheby’s Holdings, Inc. Class A	†		2,623		84,566
Spherion Corporation	*		2,689		19,226
Standard Register Company (The)			1,650		21,780
StarTek, Inc.			994		12,395
Steiner Leisure, Ltd. (Bahama Islands)	*		1,503		63,201
Stericycle, Inc.	*		1,569		109,501
Strayer Education, Inc.	†		551		59,624
Suburban Propane Partners, LP			1,800		60,768
SupportSoft, Inc.	*		1,562		6,826
Symyx Technologies, Inc.	*		1,374		29,115
Synagro Technologies, Inc.			3,224		13,605
Tejon Ranch Company	*†		762		32,332
TeleTech Holdings, Inc.	*†		2,738		42,795
Telik, Inc.	*†		1,748		31,097
Tetra Tech, Inc.	*		2,114		36,826
TRC Companies, Inc.	*		327		2,786
Trimeris, Inc.	*		1,214		10,683
United Rentals, Inc.	*†		3,294		76,585
Universal Compression Holdings, Inc.	*		1,492		79,747
Universal Technical Institute, Inc.	*		418		7,478
URS Corporation	*		1,582		61,524
Valassis Communications, Inc.	*		2,236		39,465
Varsity Group, Inc.	*		2,747		10,494
Vertrue, Inc.	*†		749		29,451

See accompanying notes to schedule of investments.

65

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Viad Corporation			937	$	33,179
Volt Information Sciences, Inc.	*†		833		29,613
Waste Connections, Inc.	*		1,575		59,708
Waste Industries USA, Inc.			1,296		35,031
Waste Management, Inc.			22,871		838,908
Watson Wyatt & Company Holdings			1,600		65,472
Weight Watchers International, Inc.			1,826		80,965
Westaff, Inc.	*		942		3,853
Wind River Systems, Inc.	*†		3,206		34,336
World Fuel Services Corporation			960		38,832
Wright Express Corporation	*		1,750		42,105
Xanser Corporation	*		1,100		6,435
Xerox Corporation	*		36,218		563,552
					13,716,473
Communications—1.8%
Ace*Comm Corporation	*		3,033		5,702
ADC Telecommunications, Inc.	*		4,773		71,595
AltiGen Communications, Inc.	*		4,109		6,246
American Tower Corporation Class A	*		15,861		578,926
Anadigics, Inc.	*		957		6,852
Andrew Corporation	*		6,376		58,850
Anixter International, Inc.			1,723		97,298
Applied Innovation, Inc.	*		500		1,575
Applied Signal Technology, Inc.			1,237		18,357
Arris Group, Inc.	*		2,896		33,188
Avaya, Inc.	*		17,294		197,843
Avici Systems, Inc.	*†		711		6,150
Avistar Communications Corporation	*		774		1,184
Blonder Tongue Laboratories	*		2,285		2,788
Broadwing Corporation	*†		1,358		17,138
CalAmp Corporation	*		550		3,349
Carrier Access Corporation	*		1,178		8,364
C-COR.net Corporation	*		1,547		13,273
Centillium Communications, Inc.	*		1,588		3,240
Checkpoint Systems, Inc.	*		1,441		23,791
Ciena Corp.	*		2,809		76,545
Comtech Telecommunications	*		1,350		45,198
Comverse Technology, Inc.	*		7,999		171,499
Corning, Inc.	*		57,683		1,408,042
Crown Castle International Corporation	*		8,983		316,561
CT Communications, Inc.			214		4,648
Cubic Corporation			1,692		33,129
Digital Lightwave, Inc.	*		2,931		703
Ditech Networks, Inc.	*		1,360		10,486
EndWave Corporation	*		911		11,005
Foundry Networks, Inc.	*		5,421		71,286
Glenayre Technologies, Inc.	*		2,143		4,715
Harmonic, Inc.	*		2,820		20,727
Harris Corporation			6,090		270,944
Hungarian Telephone & Cable Corporation	*		712		11,250
ID Systems, Inc.	*		2,016		47,638
InterDigital Communications Corporation	*		2,803		95,582
International Electronics, Inc.	*		1,150		1,782
Inter-Tel, Inc.			1,334		28,814
InterVoice, Inc.	*		1,395		8,844
Intraware, Inc.	*		783		3,602
L-3 Communications Holdings, Inc.			5,024		393,530
Marvell Technology Group Ltd. (Bermuda)	*		18,500	$	358,345
McData Corporation Class A	*		5,654		28,440
Metro One Telecommunications	*		239		626
Mindspeed Technologies, Inc.	*		4,009		6,936
Motorola, Inc.			101,990		2,549,750
Network Appliance, Inc.	*†		14,316		529,835
NMS Communications Corporation	*		1,250		3,619
On2 Technologies, Inc.	*		4,620		3,234
Openwave Systems, Inc.	*		2,570		24,055
Peco II, Inc.	*		657		815
Pegasus Wireless Corporation	*		5,400		3,294
Plantronics, Inc.	†		1,826		32,010
Polycom, Inc.	*		4,177		102,462
Powerwave Technologies, Inc.	*†		2,434		18,498
Premiere Global Services, Inc.	*		2,174		18,870
Qualcomm, Inc.			67,198		2,442,647
SBA Communications Corporation	*		1,350		32,845
SeaChange International, Inc.	*		958		8,517
Sirius Satellite Radio, Inc.	*†		47,469		185,604
Socket Communications, Inc.	*		1,300		1,339
Sonus Networks, Inc.	*		10,700		56,282
Spectralink Corporation			1,133		9,302
Standard Microsystems Corporation	*		806		22,907
Stratex Networks, Inc.	*		2,680		11,899
Tekelec	*		2,569		33,294
Tollgrade Communications, Inc.	*		601		5,379
Tut Systems, Inc.	*†		1,414		1,343
Ulticom, Inc.	*		1,583		16,479
Universal Security Instruments, Inc.	*		1,400		38,150
Utstarcom, Inc.	*†		4,555		40,403
Viasat, Inc.	*		1,190		29,845
Westell Technologies, Inc. Class A	*		1,821		3,806
XM Satellite Radio Holdings, Inc. Class A	*†		8,921		114,992
Zhone Technologies, Inc.	*		3,915		4,189
Zix Corporation	*		1,015		629
Zoom Telephonics, Inc.	*		2,711		2,901
					10,935,780
Computer Software & Processing—5.6%
3D Systems Corporation	*†		1,158		21,238
Activision, Inc.	*		9,514		143,661
Actuate Corporation	*		2,084		9,211
Acxiom Corporation			3,451		85,102
Adobe Systems, Inc.	*		24,281		909,323
Advent Software, Inc.	*†		1,451		52,541
Affiliated Computer Services, Inc. Class A	*†		5,361		278,021
Agile Software Corporation	*		2,086		13,622
Alliance Data Systems Corporation	*		1,955		107,896
Altiris, Inc.	*		974		20,542
American Access Technologies, Inc.	*		1,400		1,680
American Software, Inc. Class A			1,950		13,357
AMICAS, Inc.	*		1,846		5,501
answerthink, Inc.	*		1,140		3,067
Ansys, Inc.	*		1,198		52,928
Applied Digital Solutions, Inc.	*†		195		316
Applix, Inc.	*		6,240		56,222
Arbitron, Inc.			1,298		48,039
Ariba, Inc.	*		2,075		15,542
Art Technology Group, Inc.	*		8,333		21,332

See accompanying notes to schedule of investments.

66

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Aspen Technology, Inc.	*†		1,529	$	16,697
At Road, Inc.	*		1,947		11,370
Audible, Inc.	*†		1,213		8,806
Autobytel, Inc.	*		1,384		4,055
Autodesk, Inc.	*		9,258		321,993
Automatic Data Processing, Inc.			22,994		1,088,536
Avocent Corporation	*†		2,007		60,451
BEA Systems, Inc.	*		16,581		252,031
BMC Software, Inc.	*		9,391		255,623
Bankrate, Inc.	*†		1,083		28,764
Blackbaud, Inc.			2,650		58,273
Blackboard, Inc.	*†		1,400		37,100
Blue Coat Systems, Inc.	*		536		9,653
Borland Software Corporation	*		2,936		16,823
Brady Corporation Class A			2,402		84,454
Bsquare Corp.	*		225		452
CA, Inc.			20,331		481,641
CMGI, Inc.	*		10,077		10,682
CNET Networks, Inc.	*†		5,501		52,700
CSG Systems International, Inc.	*		2,153		56,904
CACI International, Inc. Class A	*		1,198		65,902
Cadence Design Systems, Inc.	*		10,745		182,235
Callidus Software, Inc.	*		172		836
Captaris, Inc.	*		1,164		6,821
Carreker Corporation	*		1,681		10,321
Cellular Technical Services Company, Inc.	*		500		962
Ceridian Corporation	*		6,177		138,118
Cerner Corporation	*†		3,044		138,198
Checkfree Corporation	*		3,356		138,670
Choicepoint, Inc.	*†		3,112		111,410
Chordiant Software, Inc.	*		4,648		14,269
Ciber, Inc.	*		2,444		16,204
Citrix Systems, Inc.	*		6,809		246,554
Clinical Data, Inc.	*†		1,332		18,635
Cogent Communications Group, Inc.	*		95		1,101
Cognex Corporation			2,023		51,101
Cognizant Technology Solutions Corporation	*		5,276		390,741
Computer Horizons Corporation	*		1,347		5,388
Computer Sciences Corporation	*		8,174		401,507
Compuware Corporation	*		15,945		124,212
Concur Technologies, Inc.	*†		2,083		30,308
Corillian Corporation	*		1,471		4,031
CoStar Group, Inc.	*†		770		31,816
Covansys Corporation	*		1,477		25,316
Cybersource Corporation	*		1,281		15,154
DST Systems, Inc.	*†		2,794		172,306
DealerTrack Holdings, Inc.	*		1,800		39,798
Deluxe Corporation			2,098		35,876
Dendrite International, Inc.	*		1,587		15,521
Digital Insight Corporation	*		1,463		42,895
Digital River, Inc.	*†		1,627		83,172
DocuCorp International, Inc.	*		449		3,502
Earthlink, Inc.	*		5,814		42,268
EasyLink Services Corp.— Class A	*		47		181
ebix.com, Inc.	*		1,754		35,957
Echelon Corporation	*†		1,769		14,541
Eclipsys Corporation	*†		1,846		33,062
eCollege.com, Inc.	*†		635		10,154
Egain Communications Corporation	*		2,913		4,078
Electro Rent Corporation	*		950		16,159
Electronic Arts, Inc.	*		12,060		671,501
Electronic Data Systems Corporation			22,135	$	542,750
Electronics for Imaging	*		2,638		60,357
Embarcadero Technologies, Inc.	*		1,252		10,291
Entrust Technologies, Inc.	*		2,200		7,612
Epicor Software Corporation	*		1,693		22,195
eSpeed, Inc. Class A	*		1,470		13,524
Evolving Systems, Inc.	*		1,054		1,043
F5 Networks, Inc.	*		1,332		71,555
Factset Research Systems, Inc.			1,490		72,369
Fair Isaac Corporation	†		3,039		111,136
FalconStor Software, Inc.	*		1,373		10,558
Fidelity National Information Services, Inc.	†		3,068		113,516
Filenet Corporation	*		1,659		57,783
First Data Corporation			31,890		1,339,380
Fiserv, Inc.	*		7,444		350,538
Gartner Group, Inc. Class A	*		1,179		20,739
Gerber Scientific, Inc.	*		1,608		24,088
Google, Inc. Class A	*		8,125		3,265,437
Hypercom Corporation	*		1,992		13,506
HyperFeed Technologies, Inc.	*		1,613		1,508
Hyperion Solutions Corporation	*		2,527		87,131
IMS Health, Inc.			9,936		264,695
iGate Capital Corporation	*		1,397		6,901
Informatica Corporation	*		3,171		43,094
Inforte Corporation	*		1,897		7,835
Infospace, Inc.	*		1,323		24,396
InfoUSA, Inc.			1,708		14,176
Integral Systems, Inc.			631		19,725
Interactive Data Corporation	*		1,521		30,344
Interactive Intelligence, Inc.	*		950		10,982
Intergraph Corporation	*		944		40,479
Internap Network Services Corp.	*		1,169		17,792
Internet Security Systems, Inc.	*		2,038		56,575
Intervideo, Inc.	*		500		6,370
Interwoven, Inc.	*		1,908		21,045
Intuit, Inc.	*		13,074		419,545
JDA Software Group, Inc.	*		1,256		19,368
Jack Henry & Associates, Inc.			3,591		78,176
Juniper Networks, Inc.	*		21,310		368,237
Keane, Inc.	*		2,631		37,913
Keynote Systems, Inc.	*		1,400		14,742
Knot, Inc. (The)	*†		2,304		50,988
Kronos, Inc.	*		1,283		43,737
L-1 Identity Solutions, Inc.	*†		1,637		21,363
Lawson Software, Inc.	*		8,700		63,075
LivePerson, Inc.	*		3,333		17,898
Looksmart	*		500		1,470
Loudeye Corp.	*		504		2,243
LQ Corp., Inc.	*		161		201
Magma Design Automation, Inc.	*		1,429		13,004
Manhattan Associates, Inc.	*		1,346		32,492
Mantech International Corporation Class A	*		1,217		40,173
Mapinfo Corporation	*		811		10,405
McAfee, Inc.	*		6,724		164,469
Mediware Information Systems	*		1,088		8,563
Mentor Graphics Corporation	*		2,745		38,650
MetaSolv, Inc.	*		1,380		4,181
Microsoft Corporation			365,230		9,981,736
MicroStrategy, Inc. Class A	*†		513		52,239
Mitek Systems, Inc.	*		3,473		4,411
MIVA, Inc.	*		990		3,267
Mobius Management Systems, Inc.	*		878		5,918
Move, Inc.	*		7,362		36,147
MRO Software, Inc.	*		848		21,768

See accompanying notes to schedule of investments.

67

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
NCR Corporation	*		7,848	$	309,839
Napster, Inc.	*		1,145		4,889
National Instruments Corporation			3,414		93,339
Navisite, Inc.	*†		3,725		13,522
NAVTEQ Corporation	*		3,700		96,607
Neoware Systems, Inc.	*		900		12,231
NetFlix, Inc.	*†		679		15,468
Netscout Systems, Inc.	*		1,250		8,112
Netsmart Technologies, Inc.	*		505		6,626
NIC, Inc.	*		2,450		12,617
Novell, Inc.	*		15,492		94,811
NVE Corporation	*†		348		10,437
Nvidia Corporation	*		13,456		398,163
Open Solutions, Inc.	*		312		8,989
Oracle Corporation	*		162,489		2,882,555
Packeteer, Inc.	*		1,900		16,359
Parametric Technology Corp.	*		4,423		77,226
PDF Solutions, Inc.	*		974		10,675
Perot Systems Corporation Class A	*		4,359		60,111
Phoenix Technologies Ltd.	*		907		3,900
Plato Learning, Inc.	*		1,825		11,625
Progress Software Corporation	*		1,322		34,372
QAD, Inc.			1,363		11,013
Quality Systems, Inc.			768		29,791
Quest Software, Inc.	*		3,847		54,935
Radiant Systems, Inc.	*		1,019		12,310
Radisys Corporation	*		961		20,421
RealNetworks, Inc.	*		5,844		62,005
Red Hat, Inc.	*†		7,251		152,851
Renaissance Learning, Inc.	†		1,353		19,361
Reynolds & Reynolds Company (The) Class A			2,210		87,317
S1 Corporation	*		2,636		12,152
Saba Software, Inc.	*		1,576		8,306
SafeNet, Inc.	*		1,099		19,991
SAFLINK Corporation	*		4,996		1,849
Salesforce.com, Inc.	*†		2,200		78,936
Sapient Corporation	*†		4,150		22,617
Scientific Learning Corporation	*		3,145		16,511
SCO Group, Inc. (The)	*†		997		2,024
Secure Computing Corporation	*		1,554		9,837
Sonic Foundry, Inc.	*†		1,200		2,796
SonicWall, Inc.	*		2,442		26,667
SPSS, Inc.	*		690		17,202
SRA International, Inc. Class A	*†		1,664		50,020
Stellent, Inc.			3,513		38,081
Stratasys, Inc.	*†		891		23,531
Sybase, Inc.	*		3,825		92,718
Sykes Enterprises, Inc.	*		1,423		28,958
Symantec Corporation	*		42,486		904,102
SYNNEX Corporation	*		104		2,393
Synopsys, Inc.	*		6,501		128,200
Synplicity, Inc.	*		1,050		6,720
Syntel, Inc.			1,554		35,198
Take-Two Interactive Software, Inc.	*†		2,643		37,689
Talx Corporation			1,039		25,476
Technology Solutions Co.	*		108		915
TenFold Corporation	*		4,098		697
THQ, Inc.	*		2,914		85,001
3Com Corporation	*		14,501		63,949
TIBCO Software, Inc.	*		8,337		74,866
Total System Services, Inc.			1,651		37,692
Tradestation Group, Inc.	*†		1,690		25,468
Transaction Systems Architects, Inc. Class A	*		1,298		44,547
Trizetto Group, Inc.	*†		1,550	$	23,467
Tumbleweed Communications Corporation	*		1,102		3,108
Ultimate Software Group, Inc.	*		1,242		29,224
Unisys Corporation	*		13,714		77,621
United Online, Inc.			2,509		30,560
Vasco Data Security International, Inc.	*		3,804		39,409
Verint Systems, Inc.	*		1,152		34,618
VeriSign, Inc.	*		10,106		204,141
Versant Corporation	*		330		3,396
VerticalNet, Inc.	*		264		227
Viewpoint Corporation	*		1,140		1,345
Vignette Corporation	*		737		9,979
Vitria Technology, Inc.	*		1,150		3,093
WatchGuard Technologies, Inc.	*		1,100		4,675
Wave Systems Corp.—Class A	*		1,004		1,667
Wayside Technology Group, Inc.			1,787		26,269
WebEx Communications, Inc.	*†		1,743		68,012
Webmethods, Inc.	*		2,153		16,470
Websense, Inc.	*		1,958		42,312
Witness Systems, Inc.	*		1,980		34,709
XETA Technologies, Inc.	*		1,946		4,826
Yahoo!, Inc.	*		54,402		1,375,283
					35,016,731
Computers—0.1%
Sun Microsystems, Inc.	*		135,549		673,679
Computers & Information—3.9%
Apple Computer, Inc.	*		33,280		2,563,558
Authentidate Holding Corporation	*		1,023		1,678
Black Box Corporation			865		33,666
Brocade Communications Systems, Inc.	*		9,768		68,962
CDW Corporation			2,743		169,188
Ciprico, Inc.	*		1,658		7,461
Cirrus Logic, Inc.	*		2,946		21,476
Cisco Systems, Inc.	*		248,564		5,716,972
Concurrent Computer Corporation	*		1,901		3,365
Cray, Inc.	*		714		7,940
Dataram Corporation			1,175		5,558
Datawatch Corporation	*		3,500		8,855
Dell, Inc.	*		80,779		1,844,992
Diebold, Inc.			3,079		134,029
Dot Hill Systems Corporation	*		1,396		5,444
EMC Corporation	*		101,120		1,211,418
Emulex Corporation	*		3,408		61,923
Extreme Networks, Inc.	*		4,491		16,302
Focus Enhancements, Inc.	*		5,319		7,553
Gateway, Inc.	*		13,470		25,458
Global Imaging Systems, Inc.	*		1,890		41,712
Global Payment Technologies, Inc.	*		1,270		1,638
Hewlett-Packard Company			113,930		4,180,092
InFocus Corporation	*		1,636		4,679
International Business Machines Corporation			62,891		5,153,289
International Game Technology			13,866		575,439
Iomega Corporation	*		1,865		5,427
Iteris, Inc.	*		4,263		10,615
Lexmark International, Inc.	*†		5,131		295,853
MTI Technology Corporation	*†		3,844		3,652
Micros Systems, Inc.	*		1,714		83,849
MTM Technologies, Inc.	*		500		1,045
Netgear, Inc.	*†		1,206		24,832

See accompanying notes to schedule of investments.

68

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Network Engines, Inc.	*		1,329	$	2,804
Nuance Communications, Inc.	*		4,541		37,100
Palm, Inc.	*†		4,574		66,597
Paxar Corporation	*		1,971		39,381
Pitney Bowes, Inc.			9,192		407,849
Planar Systems, Inc.	*		785		8,910
ProQuest Company	*		1,332		17,343
Quantum Corporation	*		6,681		14,565
Rackable Systems, Inc.	*		1,843		50,443
Safeguard Scientifics, Inc.	*		4,073		7,983
Sandisk Corporation	*		6,437		344,637
ScanSource, Inc.	*		1,126		34,152
Scientific Games Corporation Class A	*		2,517		80,041
SCM Microsystems, Inc.	*		1,494		5,005
Seagate Technology (Cayman Islands)	*		20,081		463,670
SimpleTech, Inc.	*		1,055		9,611
Solectron Corporation	*		44,284		144,366
Symbol Technologies, Inc.			9,570		142,210
TransAct Technologies, Inc.	*		888		7,903
VA Software Corporation	*†		2,018		8,112
VitalStream Holdings, Inc.	*		250		2,207
Web.com, Inc.	*		705		2,933
Western Digital Corporation	*		8,154		147,587
Zebra Technologies Corporation Class A	*†		2,988		106,791
					24,450,120
Containers & Packaging—0.1%
Ball Corporation			4,676		189,144
Crown Holdings, Inc.	*		6,844		127,298
Sealed Air Corporation			3,527		190,881
Silgan Holdings, Inc.			454		17,052
					524,375
Cosmetics & Personal Care—1.7%
1-800 Contacts, Inc.	*†		502		7,525
Alberto Culver Company Class B			3,659		185,109
Avon Products, Inc.			17,888		548,446
Chattem, Inc.	*†		872		30,625
Clorox Company			6,558		413,154
Colgate-Palmolive Company			20,694		1,285,097
Elizabeth Arden, Inc.	*†		1,017		16,435
Estee Lauder Companies, Inc. (The) Class A	†		5,057		203,949
Procter & Gamble Company			128,424		7,959,720
Quaker Chemical Corporation			483		9,394
					10,659,454
Diversified—2.8%
3M Company			28,241		2,101,695
General Electric Company			420,128		14,830,518
ITT Industries, Inc.			8,056		413,031
					17,345,244
Diversified Manufacturing—0.0%
Koppers Holdings, Inc.			2,000		37,940
E-Commerce Services—0.0%
Emdeon Corp.	*		12,459		145,895
Electric Utilities—3.1%
AES Corporation (The)	*		25,835		526,776
Allegheny Energy, Inc.	*		5,273	$	211,816
Allete, Inc.			1,243		54,008
Alliant Energy Corporation			4,491		160,463
Ameren Corporation	†		8,429		444,967
American Electric Power Company, Inc.			16,393		596,213
Aquila, Inc.	*		7,275		31,501
Avista Corporation			1,759		41,653
Black Hills Corporation			2,041		68,598
CMS Energy Corporation	*		6,681		96,474
Centerpoint Energy, Inc.	†		12,705		181,936
Central Vermont Public Service Corporation			540		11,939
CH Energy Group, Inc.			694		35,720
Cleco Corporation			2,109		53,231
Consolidated Edison, Inc.	†		10,555		487,641
Constellation Energy Group, Inc.			7,642		452,406
DTE Energy Company			6,985		289,947
Dominion Resources, Inc.			14,361		1,098,473
DPL, Inc.			5,037		136,603
Duke Energy Corp.			47,382		1,430,936
Duquesne Light Holdings, Inc.			2,789		54,832
Edison International			12,022		500,596
EL Paso Electric Company	*		1,748		39,050
Empire District Electric Company (The)	†		1,197		26,789
Energy East Corporation			5,959		141,347
Entergy Corporation			9,094		711,424
Exelon Corporation			27,740		1,679,380
FPL Group, Inc.			14,666		659,970
FirstEnergy Corporation			14,286		798,016
Great Plains Energy, Inc.	†		2,828		87,725
Green Mountain Power Corporation			1,811		60,433
Hawaiian Electric Industries, Inc.			3,066		82,966
Idacorp, Inc.			1,515		57,282
KeySpan Corporation			7,299		300,281
MGE Energy, Inc.			1,559		50,480
Mirant Corp.	*		10,625		290,169
NiSource, Inc.	†		10,893		236,814
Northeast Utilities			5,201		121,027
NRG Energy, Inc.	*		4,000		181,200
NSTAR			4,374		145,917
OGE Energy Corporation			4,734		170,945
Otter Tail Corporation			1,095		32,018
PG&E Corporation			13,709		570,980
PPL Corporation			16,516		543,376
Pepco Holdings, Inc.			7,066		170,785
Pinnacle West Capital Corporation			3,789		170,694
Plug Power, Inc.	*		2,704		11,005
PNM Resources, Inc.			2,169		59,799
Portland General Electric Company			1,100		26,851
Progress Energy, Inc.	†		10,169		461,469
Public Service Enterprise Group, Inc.			9,757		597,031
Puget Energy, Inc.	†		3,548		80,646
Reliant Energy, Inc.	*		11,470		141,196
SCANA Corporation			4,791		192,934
Sempra Energy			8,687		436,522
Sierra Pacific Resources	*		3,864		55,410
Southern Company (The)	†		30,082		1,036,626
TXU Corporation			19,278		1,205,261
TECO Energy, Inc.			7,797		122,023
UIL Holdings Corporation			1,496		56,100
Unisource Energy Corporation			1,571		52,361
Unitil Corporation			420		10,206

See accompanying notes to schedule of investments.

69

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Westar Energy, Inc.			4,032	$	94,792
Wisconsin Energy Corporation			4,564		196,891
WPS Resources Corporation			1,431		71,021
Xcel Energy, Inc.			16,552		341,799
					19,545,740
Electrical Equipment—0.5%
Active Power, Inc.	*		1,093		2,732
Acuity Brands, Inc.			1,873		85,034
Aeroflex, Inc.	*		2,811		28,897
Ametek, Inc.			2,823		122,942
AZZ, Inc.	*		1,031		37,631
Baldor Electric Company			1,338		41,251
C&D Technologies, Inc.	†		1,159		8,229
Capstone Turbine Corporation	*†		2,450		3,454
Cataytica Energy Systems, Inc.	*		852		946
Cherokee International Corporation	*		29		101
Cooper Industries Ltd. Class A			3,973		338,579
Distributed Energy Systems Corporation	*		3,756		12,132
Electro Scientific Industries, Inc.	*		1,421		29,273
Emerson Electric Company			16,962		1,422,433
Energizer Holdings, Inc.	*		3,122		224,753
Energy Conversion Devices, Inc.	*†		781		28,928
Evans & Sutherland Computer Corporation	*		1,882		8,469
Franklin Electric Company, Inc.			902		47,932
FuelCell Energy, Inc.	*†		1,938		14,748
Genlyte Group, Inc.	*		1,102		78,462
GrafTech International Ltd.	*		3,487		20,364
Greatbatch, Inc.	*		942		21,308
JMAR Technologies, Inc.	*		2,904		1,191
Lincoln Electric Holdings, Inc.			1,877		102,203
Littelfuse, Inc.	*		909		31,542
LSI Industries, Inc.			1,083		17,599
Medis Technologies Ltd.	*†		704		17,396
Metrologic Instruments, Inc.	*		722		13,112
Moog, Inc. Class A	*		1,446		50,118
Powell Industries, Inc.	*		1,045		23,126
Quantum Fuel Systems Technologies Worldwide, Inc.	*†		2,809		5,562
Regal-Beloit Corporation			1,272		55,332
Servotronics, Inc.	*		705		4,336
Spectrum Brands, Inc.	*†		1,490		12,576
Superconductor Technologies	*		208		302
Tech/Ops Sevcon, Inc.			719		4,975
Teleflex, Inc.			1,322		73,556
Thomas & Betts Corporation	*		2,428		115,840
Trans-Lux Corporation			866		5,153
Ultralife Batteries, Inc.	*		416		4,331
Universal Display Corporation	*		1,350		14,890
Universal Electronics, Inc.	*		639		12,141
Valence Technology, Inc.	*†		6,972		13,526
Vicor Corporation			1,380		15,925
					3,173,330
Electronic Compo Semiconductors—0.0%
Syntax-Brillian Corp.	*†		180		848
Electronics—3.2%
8X8, Inc.	*		3,048		3,231
AVX Corporation			2,270		40,156
Actel Corporation	*		1,140		17,727
Adaptec, Inc.	*		3,850		16,978
Advanced Energy Industries, Inc.	*		1,428	$	24,333
Advanced Micro Devices, Inc.	*		14,462		359,381
Agere Systems, Inc.	*		6,929		103,450
Agilent Technologies, Inc.	*		19,030		622,091
Agilysys, Inc.			1,335		18,743
Alliance Fiber Optic Products, Inc.	*		4,817		7,225
Altera Corporation	*		14,718		270,517
American Power Conversion Corporation	†		8,237		180,885
American Superconductor Corporation	*		1,147		10,621
AMIS Holdings, Inc.	*		850		8,066
Amkor Technology, Inc.	*†		7,211		37,209
Amphenol Corporation Class A			3,688		228,398
Analog Devices, Inc.			15,241		447,933
Anaren, Inc.	*		813		17,130
Applied Micro Circuits Corporation	*		12,746		36,836
Arrow Electronics, Inc.	*		4,585		125,767
Atheros Communications, Inc.	*†		2,700		48,951
Atmel Corporation	*		18,733		113,147
ATMI, Inc.	*†		1,559		45,320
Avanex Corporation	*		5,030		8,702
Avnet, Inc.	*		5,129		100,631
AXT, Inc.	*		946		4,030
Barnes Group, Inc.			2,018		35,436
Bel Fuse, Inc. Class A			545		14,922
Belden CDT, Inc.			1,894		72,408
Benchmark Electronics, Inc.	*†		2,520		67,738
Broadcom Corporation Class A	*		16,147		489,900
California Micro Devices Corporation	*		745		3,799
Caliper Life Sciences, Inc.	*		867		4,231
Carlisle Companies, Inc.			1,226		103,107
Catalyst Semiconductor, Inc.	*		2,415		8,163
Catapult Communications Corporation	*		750		6,270
Ceradyne, Inc.	*†		1,867		76,715
Ceva, Inc.	*		692		3,917
Conexant Systems, Inc.	*		20,460		40,920
Cree, Inc.	*†		3,097		62,281
CTS Corporation			1,580		21,772
Cymer, Inc.	*		1,498		65,777
Cypress Semiconductor Corporation	*†		4,876		86,647
DRS Technologies, Inc.	†		1,486		64,894
Diodes, Inc.	*		1,600		69,072
Dolby Laboratories, Inc. Class A	*		1,370		27,194
DSP Group, Inc.	*		1,194		27,283
EDO Corporation	†		1,198		27,410
Emcor Group, Inc.	*		1,454		79,737
Emcore Corporation	*		1,219		7,216
EMS Technologies, Inc.	*		960		18,029
ESCO Technologies, Inc.	*		1,222		56,261
ESS Technology	*		1,759		1,636
Esterline Technologies Corporation	*		1,049		35,414
Exar Corporation	*		1,758		23,364
Fairchild Semiconductor International, Inc.	*		4,903		91,686
Finisar Corporation	*†		6,855		24,884
Flir Systems, Inc.	*†		2,804		76,157
Freescale Semiconductor, Inc. Class B	*		16,161		614,280
FSI International, Inc.	*		1,479		8,504
Garmin Ltd. (Cayman Islands)	†		2,000		97,560
HEI, Inc.	*†		1,050		2,751
HI/FN, Inc.	*		681		3,208

See accompanying notes to schedule of investments.

70

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Hutchinson Technology, Inc.	*†		1,149	$	24,163
Imation Corporation			1,564		62,795
Innovex, Inc.	*		1,922		3,979
Integrated Device Technology, Inc.	*		8,168		131,178
Integrated Silicon Solutions, Inc.	*		1,269		7,081
Intel Corporation			237,652		4,888,502
International Rectifier Corporation	*		2,631		91,664
Intersil Corporation Class A			5,757		141,334
IXYS Corporation	*		1,329		11,150
JDS Uniphase Corporation	*		59,556		130,428
Jabil Circuit, Inc.			8,287		236,760
Kemet Corporation	*		3,407		27,494
KVH Industries, Inc.	*		375		4,781
LSI Logic Corporation	*†		15,734		129,333
Lattice Semiconductor Corporation	*		4,395		29,974
Lightpath Technologies, Inc. Class A	*†		1,526		5,204
Linear Technology Corporation			12,363		384,737
MIPS Technologies, Inc. Class A	*		2,228		15,039
MRV Communications, Inc.	*		4,567		12,605
Magnetek, Inc.	*		1,406		4,865
Mattson Technology, Inc.	*		1,760		14,608
Maxim Integrated Products, Inc.			14,235		399,576
Maxwell Technologies, Inc.	*†		370		7,526
MEMC Electronics Materials, Inc.	*		5,481		200,769
Mercury Computer Systems, Inc.	*		963		11,412
Merix Corporation	*†		674		6,477
Methode Electronics, Inc.			1,383		13,152
Mettler-Toledo International, Inc.	*		700		46,305
Micrel, Inc.	*		3,731		35,780
Micro Linear Corporation	*		1,440		4,104
Microchip Technology, Inc.			8,640		280,109
Micron Technology, Inc.	*		25,902		450,695
Microsemi Corporation	*†		2,474		46,635
Mobility Electronics, Inc.	*†		674		3,747
Molex, Inc.	†		5,599		218,193
Moscow CableCom Corporation	*†		1,900		17,157
MoSys, Inc.	*		1,251		8,419
National Semiconductor Corporation			14,384		338,456
Novellus Systems, Inc.	*		6,320		174,811
Nu Horizons Electronics Corporation	*†		1,207		15,377
Numerex Corporation Class A	*		1,800		18,162
Omnivision Technologies, Inc.	*†		2,354		33,592
ON Semiconductor Corporation	*†		4,276		25,143
Oplink Communications, Inc.	*		758		15,145
Optelecom, Inc.	*†		819		8,477
OSI Systems, Inc.	*†		867		16,993
Park Electrochemical Corporation			1,086		34,404
Pericom Semiconductor Corporation	*		1,023		9,974
Photronics, Inc.	*		1,388		19,612
Pixelworks, Inc.	*		1,927		5,685
Plexus Corporation	*		1,884		36,173
PLX Technology, Inc.	*		1,050		10,888
Power-One, Inc.	*		3,459		25,043
QLogic Corporation	*		7,842		148,214
Quicklogic Corporation	*		1,050		3,717
RF Micro Devices, Inc.	*		7,206		54,621
Rambus, Inc.	*†		4,071		70,998
Raytheon Company			18,171		872,390
Research Frontiers, Inc.	*†		752		3,234
Rockwell Collins, Inc.			7,347	$	402,909
Rofin-Sinar Technologies, Inc.	*		1,100		66,847
Rogers Corporation	*		803		49,585
Rudolph Technologies, Inc.	*		1,247		22,858
Sanmina-SCI Corporation	*		21,464		80,275
Semtech Corporation	*		2,970		37,897
Sigmatel, Inc.	*		797		3,730
Sigmatron International, Inc.	*		282		2,335
Silicon Image, Inc.	*†		2,948		37,499
Silicon Laboratories, Inc.	*†		2,124		65,886
Silicon Storage Technology, Inc.	*		3,793		15,627
Skyworks Solutions, Inc.	*		5,822		30,216
Spansion LLC—Class A	*†		1,900		31,673
Spectrum Control, Inc.	*		1,195		11,233
Spire Corporation	*†		2,500		17,550
Staktek Holdings, Inc.	*		42		251
Stratos International, Inc.	*		973		6,733
Sycamore Networks, Inc.	*		9,917		37,486
Synaptics, Inc.	*†		1,057		25,759
Technitrol, Inc.			1,866		55,700
Tegal Corp.	*		312		1,307
Tektronix, Inc.			3,804		110,050
Teledyne Technologies, Inc.	*		1,228		48,629
Teradyne, Inc.	*†		7,938		104,464
Tessera Technologies, Inc.	*†		1,560		54,257
Texas Instruments, Inc.			62,600		2,081,450
Transmeta Corporation	*		5,029		5,783
Transwitch Corporation	*		2,483		3,501
Trident Microsystems, Inc.	*†		3,018		70,199
Trimble Navigation Ltd.	*		2,072		97,550
Triquint Semiconductor, Inc.	*		4,918		25,574
TTM Technologies, Inc.	*		1,639		19,176
Tvia, Inc.	*		4,026		5,556
Tyler Technologies, Inc.	*		1,886		24,386
Varian Semiconductor Equipment Associates, Inc.	*		2,245		82,391
Virage Logic Corporation	*		901		8,208
Vishay Intertechnology, Inc.	*		9,742		136,778
Wesco International, Inc.	*		1,550		89,946
Xilinx, Inc.			15,105		331,555
Zoran Corporation	*		1,650		26,532
					19,796,181
Entertainment & Leisure—1.6%
Avid Technology, Inc.	*†		1,448		52,736
Bally Technologies, Inc.	*		1,971		34,690
Bally Total Fitness Holding Corporation	*†		1,306		1,972
Blockbuster, Inc. Class A	*†		7,850		30,144
Callaway Golf Company	†		2,881		37,770
Cedar Fair, LP			2,300		60,513
Churchill Downs, Inc.			638		26,834
Concord Camera Corporation	*		2,863		1,432
Discovery Holding Company Class A	*†		10,903		157,657
Dover Downs Gaming & Entertainment, Inc.			1,710		20,777
Dover Motorsports, Inc.			1,645		8,916
DreamWorks Animation SKG, Inc. Class A	*†		1,300		32,383
Eastman Kodak Company	†		11,893		266,403
Gaylord Entertainment Company	*		1,772		77,702
Harrah’s Entertainment, Inc.			7,234		480,555
Hasbro, Inc.			7,242		164,756
Hollywood Media Corporation	*		1,494		5,842
Image Entertainment, Inc.	*		299		1,041
International Speedway Corporation Class A			1,190		59,310

See accompanying notes to schedule of investments.

71

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Jakks Pacific, Inc.	*		925	$	16,493
K2, Inc.	*		2,544		29,841
Leapfrog Enterprises, Inc.	*†		1,261		10,000
Live Nation, Inc.	*		2,705		55,236
Macrovision Corporation	*		2,053		48,636
Mattel, Inc.			16,641		327,828
Multimedia Games, Inc.	*†		1,202		10,914
Nashua Corporation	*		1,541		10,772
National Lampoon, Inc.	*		3,300		5,016
Nautilus Group, Inc.	†		1,359		18,686
New Frontier Media, Inc.	*		3,808		31,416
News Corporation, Inc. Class A			94,667		1,860,207
Penn National Gaming, Inc.	*		2,586		94,441
Pinnacle Entertainment, Inc.	*		1,629		45,807
RC2 Corporation	*		1,650		55,325
Regal Entertainment Group Class A	†		2,743		54,366
Six Flags, Inc.	*†		3,814		19,947
Sonic Solutions, Inc.	*†		889		13,548
Speedway Motorsports, Inc.			149		5,425
Steinway Musical Instruments, Inc.	*		683		19,124
Time Warner, Inc.			171,918		3,134,065
Walt Disney Company			82,564		2,552,053
Westwood One, Inc.			4,247		30,069
WMS Industries, Inc.	*†		1,269		37,067
World Wrestling Entertainment, Inc.			1,030		16,923
					10,024,638
Financial Services—4.5%
Accredited Home Lenders Holding Company	*		729		26,200
Aether Holdings, Inc.	*		1,368		8,126
Affiliated Managers Group	*†		1,354		135,549
AG Edwards, Inc.			3,542		188,718
AllianceBernstein Holding, LP			1,100		75,889
American Home Mortgage Investment Corporation REIT	†		1,107		38,601
Ameriprise Financial, Inc.			9,235		433,122
Ampal American Israel Corporation Class A	*		1,391		6,454
Anworth Mortgage Asset Corporation REIT			834		6,964
Ashford Hospitality Trust, Inc. REIT			4,200		50,106
Bear Stearns Companies, Inc. (The)			4,068		569,927
Berkshire Hathaway, Inc. Class A	*		42		4,023,600
BlackRock, Inc.	†		906		134,994
Calamos Asset Management, Inc. Class A			1,800		52,776
Capital Trust Class A			523		21,302
CapitalSource, Inc.			4,975		128,455
Catskill Litigation Trust	*‡d		582		—
CentraCore Properties Trust REIT			397		12,605
Charles Schwab Corporation (The)			44,790		801,741
CharterMac			1,905		38,024
Cherokee, Inc.			994		36,390
Chicago Mercantile Exchange			1,115		533,249
Countrywide Financial Corporation			24,520		859,181
Diamond Hill Investment Group, Inc.	*†		1,310		82,858
DiamondRock Hospitality Company REIT			3,930		65,277
Digital Realty Trust, Inc. REIT			2,000		62,640
Doral Financial Corporation (Puerto Rico)	†		4,427	$	29,174
E*Trade Financial Corporation	*		14,978		358,274
Eaton Vance Corporation			5,282		152,439
ePresense, Inc.	‡d		1,173		—
Equity Lifestyle Properties, Inc. REIT			1,140		52,109
Federal Home Loan Mortgage Corporation			28,070		1,861,883
Federal National Mortgage Association			39,421		2,204,028
Federated Investors, Inc. Class B			4,508		152,415
Fieldstone Investment Corporation REIT			1,900		16,587
First Marblehead Corporation (The)	†		1,843		127,646
First Potomac Realty Trust REIT			1,628		49,198
Franklin Resources, Inc.			6,114		646,556
Franklin Street Properties Corporation REIT			2,200		43,692
Friedman Billings Ramsey Group, Inc. Class A	†		6,080		48,822
GAMCO Investors, Inc. Class A			558		21,237
Goldman Sachs Group, Inc.			15,047		2,545,501
Highland Hospitality Corporation REIT			4,200		60,186
Inland Real Estate Corporation REIT			4,700		82,344
Integrated Telecom Express, Inc.	‡d		1,103		—
IntercontinentalExchange, Inc.	*		835		62,683
Investment Technology Group, Inc.	*		2,078		92,991
Janus Capital Group, Inc.			9,990		197,003
Jefferies Group, Inc.			4,678		133,323
Kent Financial Services, Inc.	*		2,200		5,027
Kilroy Realty Corporation REIT			1,316		99,147
KKR Financial Corporation REIT			3,300		80,982
Knight Capital Group, Inc. Class A	*		4,630		84,266
LaBranche & Company, Inc.	*†		2,588		26,838
Ladenburg Thalmann Financial Services, Inc.	*		495		520
Lazard, Ltd.-Class A (Bermuda)			1,519		60,730
Legg Mason, Inc.			4,150		418,569
Lehman Brothers Holdings, Inc.			22,536		1,664,509
Macerich Company (The) REIT			2,360		180,210
Merrill Lynch & Company, Inc.			36,526		2,857,064
MFA Mortgage Investments, Inc. REIT			4,149		30,910
Morgan Stanley			39,304		2,865,655
National Retail Properties, Inc. REIT			2,356		50,890
New Century Financial Corporation REIT	†		1,311		51,535
Nuveen Investments, Inc. Class A			2,324		119,059
NYSE Group, Inc.	*†		2,070		154,733
Omega Healthcare Investors, Inc. REIT			4,100		61,541
Pennsylvania REIT			1,510		64,281
Potlatch Corp. REIT			1,618		60,028
PS Business Parks, Inc. REIT			1,323		79,777
Raymond James Financial, Inc.			5,311		155,294
Reckson Associates Realty Corporation REIT			2,412		103,234
Republic Property Trust REIT			3,200		35,264
Saxon REIT, Inc. REIT			1,295		18,182
SEI Investments Company			2,959		166,266
Siebert Financial Corporation			1,469		4,319
Spirit Finance Corporation REIT			5,700		66,177

See accompanying notes to schedule of investments.

72

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
SumTotal Systems, Inc.	*		317	$	2,362
Superior Bancorp	†		895		10,293
SWS Group, Inc.			882		21,953
T. Rowe Price Group, Inc.			10,332		494,386
Tanger Factory Outlet Centers REIT			2,200		78,364
TD Ameritrade Holding Corp.			12,454		234,758
Trustreet Properties, Inc. REIT			2,089		26,133
U-Store-It Trust REIT			3,600		77,256
Value Line, Inc.			573		26,708
Waddell & Reed Financial, Inc. Class A			3,971		98,282
Westwood Holdings Group, Inc.			1,027		20,581
					27,986,922
Food Retailers—0.5%
Arden Group, Inc. Class A			260		30,264
Kroger Company			29,621		685,430
Panera Bread Company Class A	*		1,250		72,813
Pantry, Inc. (The)	*†		1,200		67,644
Pathmark Stores, Inc.	*		950		9,453
Ruddick Corporation			1,967		51,201
Safeway, Inc.			17,256		523,720
Starbucks Corporation	*		32,260		1,098,453
Weis Markets, Inc.			382		15,204
Whole Foods Market, Inc.			5,036		299,289
Wild Oats Markets, Inc.	*†		1,309		21,167
					2,874,638
Forest Products & Paper—0.7%
American Woodmark Corporation	†		800		26,952
Beacon Roofing Supply, Inc.	*†		2,570		52,017
Bemis Company			4,410		144,913
Bowater, Inc.	†		2,289		47,085
Buckeye Technologies, Inc.	*		1,251		10,634
Building Material Holding Corporation	†		1,800		46,836
Caraustar Industries, Inc.	*		1,610		12,832
Chesapeake Corporation			814		11,648
Deltic Timber Corporation			724		34,506
Glatfelter			1,740		23,577
Greif, Inc. Class A			426		34,127
International Paper Company			21,137		731,974
Kimberly Clark Corporation			19,534		1,276,742
Longview Fibre Company			2,928		59,497
Martin Marietta Materials, Inc.			1,737		146,985
MeadWestvaco Corporation			9,124		241,877
Neenah Paper, Inc.			652		22,318
Packaging Corporation of America			4,339		100,665
Pactiv Corporation	*		6,523		185,384
Playtex Products, Inc.	*†		2,449		32,817
Pope & Talbot, Inc.	*		894		5,141
Rock-Tenn Company Class A			1,450		28,710
Schweitzer-Mauduit International, Inc.			724		13,742
Smurfit-Stone Container Corporation	*		10,013		112,146
Sonoco Products Company			3,353		112,795
Temple-Inland, Inc.			4,506		180,691
United Stationers, Inc.	*		1,278		59,440
Universal Forest Products, Inc.			1,121		54,985
US Home Systems, Inc.	*		1,291		12,213
Wausau Paper Corporation			1,903		25,691
Weyerhaeuser Company			8,921		548,909
					4,397,849
Health Care Providers—1.4%
Alliance Imaging, Inc.	*		1,429	$	11,160
Amedisys, Inc.	*		1,274		50,540
Amsurg Corporation	*†		1,423		31,676
Apria Healthcare Group, Inc.	*		2,101		41,474
Caremark Rx, Inc.			17,925		1,015,810
Community Health Systems, Inc.	*		4,282		159,933
Covance, Inc.	*		2,839		188,453
Coventry Health Care, Inc.	*		6,568		338,383
Cross Country Healthcare, Inc.	*		1,339		22,763
CryoLife, Inc.	*		937		6,044
DaVita, Inc.	*		4,290		248,262
Edwards Lifesciences Corporation	*		2,575		119,969
Enzo Biochem, Inc.	*†		1,353		16,493
Enzon Pharmaceuticals, Inc.	*		1,765		14,561
Express Scripts, Inc.	*		5,318		401,456
Genesis HealthCare Corporation	*†		975		46,439
HCA, Inc.			15,442		770,401
Health Management Associates, Inc. Class A	†		9,953		208,018
Healthspring, Inc.	*		2,400		46,200
Healthways, Inc.	*†		1,362		60,745
Hooper Holmes, Inc.			1,959		6,602
Immunomedics, Inc.	*†		2,141		3,811
Interleukin Genetics, Inc.	*†		2,825		17,176
Kindred Healthcare, Inc.	*		1,800		53,514
Laboratory Corporation of America Holdings	*		4,851		318,080
LCA-Vision, Inc.	†		616		25,447
LifePoint Hospitals, Inc.	*		2,149		75,903
Lincare Holdings, Inc.	*		4,169		144,414
Manor Care, Inc.	†		3,698		193,331
Matria Healthcare, Inc.	*†		870		24,177
National Healthcare Corporation			431		23,158
Nektar Therapeutics	*†		2,368		34,123
NovaMed, Inc.	*		1,250		9,850
Odyssey HealthCare, Inc.	*†		1,593		22,589
Pediatrix Medical Group, Inc.	*		2,182		99,499
Psychemedics Corporation			302		5,098
Psychiatric Solutions, Inc.	*		2,662		90,748
RehabCare Group, Inc.	*		739		9,681
Sagemark Companies Ltd.	*		1,088		707
Sierra Health Services, Inc.	*		2,474		93,616
Sunrise Senior Living, Inc.	*		1,950		58,247
Symbion, Inc.	*†		1,415		25,979
Tenet Healthcare Corporation	*†		19,289		157,012
Triad Hospitals, Inc.	*		3,297		145,167
U.S. Physical Therapy, Inc.	*		1,300		15,496
United Surgical Partners International, Inc.	*		1,912		47,475
UnitedHealth Group, Inc.			55,430		2,727,156
Universal Health Services, Inc. Class B			2,373		142,214
VCA Antech, Inc.	*		3,442		124,119
VistaCare, Inc. Class A	*		1,341		13,946
					8,507,115
Heavy Construction—0.1%
Blount International, Inc.	*		1,532		15,351
Centex Corporation	†		4,760		250,471
Granite Construction, Inc.			1,889		100,778
Hovnanian Enterprises, Inc.	*†		1,478		43,365
Levitt Corporation Class A			763		8,973
M/I Homes, Inc.	†		610		21,564
McDermott International, Inc.	*		4,138		172,968
McGrath Rentcorp	†		916		23,450
WCI Communities, Inc.	*†		1,921		33,502
					670,422

See accompanying notes to schedule of investments.

73

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Heavy Machinery—2.5%
Ablest, Inc.	*		850	$	5,483
Actuant Corporation Class A			1,011		50,651
Agco Corporation	*		3,068		77,774
American Standard Companies, Inc.			7,063		296,434
Ampco-Pittsburgh Corporation			613		18,960
Applied Industrial Technologies, Inc.			2,056		50,166
Applied Materials, Inc.	†		64,912		1,150,890
Astec Industries, Inc.	*		821		20,730
Asyst Technologies, Inc.	*		1,782		12,046
Axcelis Technologies, Inc.	*		4,095		28,911
Baker Hughes, Inc.			13,494		920,291
Black & Decker Corporation			3,225		255,904
Briggs & Stratton Corporation			1,822		50,196
Brooks Automation, Inc.	*†		3,103		40,494
Cameron International Corp.	*		3,466		167,442
Caterpillar, Inc.			27,818		1,830,424
Cummins, Inc.	†		1,755		209,249
Deere & Company			9,859		827,269
Donaldson Company, Inc.			3,810		140,589
Dover Corporation			7,805		370,269
Dril-Quip, Inc.	*		988		66,868
Dycom Industries, Inc.	*		2,076		44,634
Eaton Corporation			6,607		454,892
Electroglas, Inc.	*		1,990		5,453
EnPro Industries, Inc.	*		981		29,489
Entegris, Inc.	*		5,738		62,602
Fedders Corporation	*		1,828		2,285
Flow International Corporation	*†		2,200		28,534
Flowserve Corporation	*		2,375		120,151
FMC Technologies, Inc.	*		2,695		144,722
Gardner Denver, Inc.	*		1,836		60,735
Graco, Inc.			2,883		112,610
Grant Prideco, Inc.	*		4,753		180,757
H&E Equipment Services, Inc.	*		1,600		39,024
Hurco Companies, Inc.	*		300		7,209
Hydril	*		1,094		61,330
Idex Corporation			2,203		94,839
Ingersoll-Rand Company Class A			13,496		512,578
Insituform Technologies, Inc. Class A	*		1,223		29,694
Intermec, Inc.	*†		2,374		62,579
Joy Global, Inc.			4,599		172,968
Kadant, Inc.	*		721		17,708
Kaydon Corporation			1,422		52,642
Kennametal, Inc.			1,598		90,527
Knight Transportation, Inc.			3,879		65,749
Kulicke and Soffa Industries, Inc.	*		2,008		17,751
Lam Research Corporation	*†		5,335		241,836
Lennox International, Inc.			2,437		55,807
Lindsay Manufacturing Company			808		23,230
Lufkin Industries, Inc.			1,000		52,920
Manitowoc Company			2,522		112,960
Matrix Service Company	*†		468		6,126
Modine Manufacturing Company			1,208		29,391
NACCO Industries, Inc. Class A			309		41,996
NATCO Group, Inc. Class A	*		900		25,920
National-Oilwell Varco, Inc.	*		7,090		415,119
Nordson Corporation			1,522		60,667
Oil States International, Inc.	*		2,026		55,715
Oilgear Company (The)	*		1,300		19,214
Pall Corporation	†		5,186		159,781
Paragon Technologies, Inc.	*		1,800		11,070
Parker Hannifin Corporation			5,221		405,828
Pentair, Inc.			3,618		94,755
Robbins & Myers, Inc.			868		26,839
Rockwell Automation, Inc.			7,135	$	414,544
Sauer-Danfoss, Inc.			1,531		36,713
Semitool, Inc.	*		1,060		10,960
SPX Corporation			3,125		167,000
Standex International Corporation			724		20,185
Stanley Works (The)			3,365		167,745
Tecumseh Products Company Class A	*		712		10,830
Tennant Company			1,280		31,155
Terex Corporation	*		4,124		186,487
Timken Company			3,702		110,246
Toro Company			2,550		107,534
TurboChef Technologies, Inc.	*†		993		13,803
Ultratech, Inc.	*		971		12,934
United Technologies Corporation			38,454		2,436,061
Varian Medical Systems, Inc.	*		5,512		294,286
W.W. Grainger, Inc.			3,286		220,228
Watsco, Inc.			553		25,444
Willis Lease Finance Corporation	*		1,234		11,402
WJ Communications, Inc.	*		1,509		3,259
Woodward Governor Company			1,224		41,053
					15,223,545
Home Construction, Furnishings & Appliances—0.7%
American Technology Corporation	*†		3,686		14,081
Applica, Inc.	*		1,507		8,123
Bassett Furniture Industries, Inc.			1,139		18,497
BE Aerospace, Inc.	*		2,393		50,468
Beazer Homes USA, Inc.	†		1,494		58,326
Brookfield Homes Corporation	†		1,218		34,299
Dominion Homes, Inc.	*†		650		3,946
DR Horton, Inc.			11,522		275,952
DTS, Inc.	*		755		15,991
Ethan Allen Interiors, Inc.	†		1,551		53,758
Fossil, Inc.	*		3,154		67,937
Furniture Brands International, Inc.			2,341		44,573
Gemstar-TV Guide International, Inc.	*		16,221		53,854
Harman International Industries, Inc.			2,728		227,624
Helen of Troy Ltd.	*†		1,333		23,407
Herman Miller, Inc.			3,155		107,933
Hillenbrand Industries, Inc.			2,596		147,920
HNI Corporation	†		2,512		104,449
Johnson Controls, Inc.			8,295		595,083
KB Home			3,248		142,262
Kimball International, Inc. Class B			1,500		28,950
Kinetic Concepts, Inc.	*		2,200		69,212
Layne Christensen Company	*		510		14,571
La-Z-Boy, Inc.	†		2,404		33,560
Leggett & Platt, Inc.			8,763		219,338
Lennar Corporation Class A	†		5,675		256,794
Masco Corporation			15,650		429,123
MDC Holdings, Inc.	†		1,091		50,677
Meritage Corporation	*		1,300		54,093
Movado Group, Inc.			1,678		42,655
National Presto Industries, Inc.			535		29,569
NVR, Inc.	*†		262		140,170
Palm Harbor Homes, Inc.	*†		1,181		17,668
Parkervision, Inc.	*†		1,052		7,648
Pulte Homes, Inc.			8,898		283,490
Ryland Group, Inc.	†		1,852		80,025
Salton, Inc.	*		701		1,612
Select Comfort Corporation	*†		2,104		46,036
Skyline Corporation			720		27,511
Standard-Pacific Corporation	†		2,568		60,348

See accompanying notes to schedule of investments.

74

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Steelcase, Inc. Class A			1,992	$	31,254
Technical Olympic USA, Inc.			1,793		17,625
Tempur-Pedic International, Inc.	*†		1,346		23,111
The Rowe Companies	*‡		970		334
Toll Brothers, Inc.	*†		4,132		116,027
Virco Manufacturing Corporation	*		799		3,899
Walter Industries, Inc.			1,640		69,995
Whirlpool Corporation			2,980		250,648
					4,454,426
Household Products—0.4%
Apogee Enterprises, Inc.			1,250		19,013
Charles & Colvard Ltd.	†		1,843		20,973
Ferro Corporation			1,818		32,324
Fortune Brands, Inc.			6,052		454,566
Gentex Corporation	†		6,594		93,701
Illinois Tool Works, Inc.			19,385		870,387
Kronos Worldwide, Inc.			1,131		32,561
Lazare Kaplan International	*		1,139		11,162
Libbey, Inc.			749		8,381
Newell Rubbermaid, Inc.			11,388		322,508
Owens-IIlinois, Inc.	*		6,064		93,507
Rohm & Haas Company			6,241		295,511
RPM, Inc.			4,832		91,760
Snap-On, Inc.			2,419		107,766
Valspar Corporation			3,724		99,058
					2,553,178
Industrial—Diversified—0.4%
Blyth, Inc.			1,839		44,743
Daktronics, Inc.			927		19,180
Roper Industries, Inc.			2,980		133,325
Russ Berrie & Company, Inc.	*		1,156		17,617
Shuffle Master, Inc.	*†		1,527		41,244
Tyco International Ltd.			82,500		2,309,175
Yankee Candle Company, Inc.			2,152		62,989
Zomax, Inc. MN	*		1,549		3,160
					2,631,433
Insurance—5.3%
21st Century Insurance Group			310		4,635
ACE Ltd. (Bermuda)			13,100		716,963
Aflac, Inc.			20,981		960,091
Aetna, Inc.			23,924		946,194
Alfa Corporation			1,928		33,297
Alleghany Corporation	*		145		41,906
Allstate Corporation (The)			25,605		1,606,202
AMBAC Financial Group, Inc.			4,735		391,821
American Equity Investment Life Holding Co.	†		4,302		52,786
American Financial Group, Inc.			1,617		75,886
American Independence Corporation	*		430		4,898
American International Group, Inc.			91,710		6,076,705
American National Insurance			945		109,526
American Physicians Capital, Inc.	*		860		41,607
Amerigroup Corporation	*†		1,950		57,623
AmerUs Group Company			1,580		107,456
AON Corporation			10,312		349,267
Arch Capital Group Ltd. (Bermuda)	*		1,428		90,664
Argonaut Group, Inc.	*		1,387		43,039
Arthur J. Gallagher & Company	†		3,230		86,144
Assurant, Inc.	†		4,146		221,438
Axis Capital Holdings, Ltd. (Bermuda)			1,900		65,911
Baldwin & Lyons, Inc. Class B			945	$	22,888
Bristol West Holdings, Inc.			1,365		19,861
Brown & Brown, Inc.			5,036		153,900
Centene Corporation	*		1,972		32,420
Chubb Corporation			15,586		809,849
Cigna Corporation			5,331		620,102
Cincinnati Financial Corporation			6,788		326,231
Clark, Inc.			1,174		13,231
CNA Financial Corporation	*		1,422		51,220
CNA Surety Corporation	*		1,486		30,017
Commerce Group, Inc.			3,086		92,734
Conseco, Inc.	*		6,600		138,534
Covanta Holding Corporation	*		2,954		63,600
Crawford & Company Class B			1,891		12,840
Delphi Financial Group, Inc. Class A			1,945		77,567
Donegal Group, Inc. Class B			758		13,667
EMC Insurance Group, Inc.			341		9,834
Erie Indemnity Company Class A			1,023		53,575
Everest Re Group Ltd. (Bermuda)			2,000		195,060
FBL Financial Group, Inc. Class A			1,275		42,674
Fidelity National Financial, Inc.			6,737		280,596
Fidelity National Title Group, Inc.—Class A	†		1,178		24,691
First American Corporation			3,159		133,752
GAINSCO, INC.	*		128		960
Genworth Financial, Inc. Class A			15,900		556,659
Great American Financial Resources, Inc.			1,717		35,937
Hanover Insurance Group (The), Inc.			2,346		104,702
Harleysville Group, Inc.			1,351		47,271
Hartford Financial Services Group, Inc.			12,039		1,044,383
HCC Insurance Holdings, Inc.			3,999		131,487
Health Net, Inc.	*		4,879		212,334
HealthExtras, Inc.	*		1,864		52,770
Hilb Rogal & Hobbs Company			1,604		68,411
Horace Mann Educators Corporation			2,000		38,460
Humana, Inc.	*		6,683		441,679
Independence Holding Company			961		20,911
Infinity Property & Casualty Corporation			810		33,315
Kansas City Life Insurance Company			902		41,077
Landamerica Financial Group, Inc.	†		845		55,593
Leucadia National Corporation			8,118		212,448
Lincoln National Corporation			12,285		762,653
Loews Corporation			16,488		624,895
MBIA, Inc.	†		5,981		367,473
MGIC Investment Corporation			4,084		244,917
Markel Corporation	*†		412		169,192
Marsh & McLennan Companies, Inc.			21,504		605,338
Mercury General Corporation			1,109		55,017
Metlife, Inc.			17,345		983,115
National Financial Partners Corporation			1,495		61,340
Nationwide Financial Services Class A			2,414		116,113
Navigators Group, Inc.	*		938		45,033
Odyssey Re Holdings Corporation	†		505		17,059
Ohio Casualty Corporation			2,335		60,406
Old Republic International Corporation			9,191		203,581
PMI Group, Inc. (The)	†		3,929		172,129
PartnerRe Ltd. (Bermuda)	†		2,300		155,411

See accompanying notes to schedule of investments.

75

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Philadelphia Consolidated Holding Corporation	*		2,562	$	101,916
Phoenix Companies, Inc. (The)			4,217		59,038
PMA Capital Corporation Class A	*		1,826		16,105
Presidential Life Corporation			1,144		25,591
Principal Financial Group			11,001		597,134
ProAssurance Corporation	*		1,647		81,164
Progressive Corporation (The)			28,252		693,304
Protective Life Corporation			3,130		143,198
Prudential Financial, Inc.			19,756		1,506,395
Radian Group, Inc.			3,844		230,640
Reinsurance Group of America, Inc.			1,440		74,779
RenaissanceRe Holdings, Ltd. (Bermuda)			2,900		161,240
RLI Corporation			1,164		59,120
Safeco Corporation			5,751		338,906
Safety Insurance Group, Inc.			850		41,361
Scottish Re Group, Ltd.			2,910		31,632
Selective Insurance Group			1,061		55,819
St. Paul Travelers Companies			27,939		1,310,060
Stancorp Financial Group, Inc.			2,460		109,790
State Auto Financial Corporation			488		14,908
Stewart Information Services Corporation			1,239		43,080
Torchmark Corporation			4,697		296,428
Transatlantic Holdings, Inc.			1,167		70,498
Triad Guaranty, Inc.	*†		692		35,410
United American Healthcare Corporation	*		4,251		24,868
United Fire & Casualty Company			1,250		39,125
Unitrin, Inc.			1,906		84,188
Universal American Financial Corporation	*		1,812		29,119
UnumProvident Corporation			13,588		263,471
USI Holdings Corporation	*		1,550		21,003
WellPoint, Inc.	*		25,689		1,979,337
Wesco Financial Corporation			187		81,719
White Mountains Insurance Group Ltd.			300		149,088
WR Berkley Corporation	†		7,560		267,548
XL Capital Ltd. Class A (Bermuda)			7,300		501,510
Zenith National Insurance Corporation			1,498		59,755
					32,643,218
Lodging—0.5%
Ameristar Casinos, Inc.			300		6,513
Aztar Corporation	*		1,549		82,112
Boyd Gaming Corporation			2,619		100,674
Choice Hotels International, Inc.			1,616		66,094
Empire Resorts, Inc.	*		582		4,161
Hilton Hotels Corporation			14,441		402,182
International Leisure Hosts Ltd.	*		1,200		5,880
Isle of Capri Casinos, Inc.	*		1,250		26,325
Las Vegas Sands Corporation	*		4,070		278,185
MGM Mirage, Inc.	*		5,184		204,716
Marcus Corporation			1,505		34,570
Marriott International, Inc. Class A			15,992		617,931
Morgans Hotel Group Co.	*		2,300		28,750
Starwood Hotels & Resorts Worldwide, Inc.			8,391		479,881
Station Casinos, Inc.			2,465		142,551
Trump Entertainment Resorts, Inc.	*		1,600		27,136
Vail Resorts, Inc.	*†		1,491		59,670
Wyndham Worldwide Corp.	*		8,848	$	247,479
Wynn Resorts Ltd.	*†		2,554		173,698
					2,988,508
Media—Broadcasting & Publishing—1.9%
4Kids Entertainment, Inc.	*		605		9,983
Acme Communications, Inc.	*		1,200		6,312
American Greetings Corporation Class A			2,760		63,811
Banta Corporation			1,074		51,122
Beasley Broadcasting Group, Inc. Class A			1,150		8,085
Belo Corporation Class A			4,721		74,639
Cablevision Systems Corporation Class A	*		9,044		205,389
CBS Corp. Class B			29,194		822,395
Charter Communications, Inc. Class A	*†		11,237		17,080
Citadel Broadcasting Corporation	†		1,025		9,635
CKX, Inc.	*		1,800		22,410
Clear Channel Communications, Inc.			18,523		534,389
Comcast Corporation Class A	*		81,304		2,996,052
COX Radio, Inc. Class A	*		1,752		26,893
Crown Media Holdings, Inc.	*†		5,899		26,487
Cumulus Media, Inc. Class A	*		2,174		20,783
DIRECTV Group, Inc. (The)	*		33,457		658,434
Dow Jones & Company, Inc.	†		1,884		63,189
E.W. Scripps Company Class A			3,612		173,123
EchoStar Communications Corporation Class A	*		9,386		307,298
Emmis Communications Corporation Class A	*		1,175		14,394
Entercom Communications Corporation			2,183		55,012
Entravision Communications Corporation Class A	*		2,852		21,219
Gannett Company, Inc.			10,348		588,077
Gray Television, Inc.			1,838		11,782
Harte-Hanks, Inc.			3,119		82,186
Hearst-Argyle Television, Inc.			2,184		50,123
IAC/InterActiveCorp	*		9,431		271,236
ION Media Networks, Inc.	*		2,670		2,163
John Wiley & Sons Class A			2,491		89,701
Journal Communications, Inc. Class A			3,900		43,953
Journal Register Company			1,817		10,302
Lee Enterprises, Inc.			1,973		49,799
Liberty Global, Inc.—Class A	*		10,937		281,518
Liberty Global, Inc.—Class C	*		1,932		48,404
Liberty Media Corp. Interactive— Class A	*		27,258		555,518
Liberty Media Corp. Capital—Class A	*		5,451		455,540
LIN TV Corporation Class A	*†		1,419		11,040
Lodgenet Entertainment Corporation	*		1,250		23,600
McClatchy Company Class A	†		2,444		103,112
McGraw-Hill Companies, Inc. (The)			14,260		827,508
Media General, Inc. Class A			952		35,909
Mediacom Communications Corporation	*		3,433		24,443
Meredith Corporation			2,083		102,754
New York Times Company Class A	†		5,682		130,572
Pac-West Telecomm, Inc.	*		5,562		1,279
Playboy Enterprises, Inc. Class B	*		1,251		11,772
Primedia, Inc.	*		8,853		13,457

See accompanying notes to schedule of investments.

76

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Radio One, Inc. Class A	*		4,327	$	27,000
Radio Unica Communications Corporation	*‡d		1,900		—
Readers Digest Association, Inc. (The)			3,917		50,764
Regent Communications, Inc.	*		1,600		6,064
RH Donnelley Corporation			2,471		130,716
Salem Communications Corporation Class A			850		9,614
Scholastic Corporation	*		1,845		57,472
Sinclair Broadcast Group, Inc. Class A			2,049		16,085
Spanish Broadcasting System, Inc. Class A	*		1,300		5,681
Speedus Corporation	*		4,207		5,048
Sun-Times Media Group, Inc.—Class A			3,613		23,774
Tivo, Inc.	*†		2,696		20,463
Tribune Company			5,888		192,655
Triple Crown Media, Inc.	*		183		1,332
Univision Communications, Inc. Class A	*†		10,782		370,254
Viacom, Inc. Class B	*		25,894		962,739
Washington Post Class B			258		190,146
Worldgate Communications	*†		3,160		4,645
Young Broadcasting, Inc. Class A	*		831		1,911
					12,090,245
Medical Equipment & Supplies—0.3%
Abaxis, Inc.	*†		749		17,519
Abiomed, Inc.	*†		886		13,104
ADE Corporation	*		967		30,963
Advanced Medical Optics, Inc.	*		2,304		91,123
Aetrium, Inc.	*		614		3,064
Aksys Ltd.			1,004		773
Arrow International, Inc.			1,305		41,512
Avigen, Inc.	*		1,009		5,217
Axsys Technologies, Inc.	*		883		15,011
Bioject Medical Technologies, Inc.	*		4,490		3,906
Biolase Technology, Inc.	*†		765		4,781
BioVeris Corporation	*		1,071		10,057
Britesmile, Inc.	*†		1,080		2,700
Bruker BioSciences Corporation	*		1,667		11,686
Cardiodynamics International Corporation	*		1,872		1,329
Cerus Corporation	*		1,010		5,606
Coherent, Inc.	*		1,348		46,722
Cohu, Inc.			859		15,316
Cooper Companies, Inc.			1,627		87,045
Dade Behring Holdings, Inc.			3,120		125,299
Electro-Sensors, Inc.	*		2,581		10,840
Excel Technology, Inc.	*		562		16,630
Faro Technologies, Inc.	*†		453		8,652
Formfactor, Inc.	*†		1,417		59,698
Frequency Electronics, Inc.			821		10,648
HealthTronics Surgical Services, Inc.	*		2,529		15,604
Hologic, Inc.	*†		2,692		117,156
II-VI, Inc.	*		682		16,995
Illumina, Inc.	*†		1,280		42,291
Integra LifeSciences Holdings Corporation	*†		1,190		44,601
Intermagnetics General Corporation	*		1,495		40,440
Intest Corporation	*		950		5,453
Intuitive Surgical, Inc.	*†		1,610		169,775
Ixia	*		2,330		20,760
Meade Instruments Corporation	*		1,640	$	3,690
Mechanical Technology, Inc.	*		957		1,751
Medwave, Inc.	*		2,500		4,100
Mesa Laboratories, Inc.			1,200		20,580
Microtek Medical Holdings, Inc.	*		1,250		4,375
Molecular Devices Corporation	*		909		16,807
MTS Systems Corporation			1,342		43,400
Nanogen, Inc.	*		950		1,691
Nyer Medical Group, Inc.	*		2,532		7,014
OI Corporation			1,600		16,000
Orbit International Corporation	*		2,812		19,712
Orthologic Corporation	*		1,516		1,971
OYO Geospace Corporation	*		550		31,213
PSS World Medical, Inc.	*†		3,574		71,444
Palomar Medical Technologies, Inc.	*†		1,116		47,095
Patterson Companies, Inc.	*†		5,546		186,401
Q-Med, Inc.	*		1,634		8,366
Resmed, Inc.	*†		3,034		122,119
Somanetics Corporation	*		1,352		26,986
Spectranetics Corporation	*		1,045		12,227
Staar Surgical Company	*		848		6,377
Synovis Life Technologies, Inc.	*		346		2,515
Theragenics Corporation	*		1,492		4,297
Thermogenesis	*		4,316		16,703
TriPath Imaging, Inc.	*		1,739		15,703
Ventana Medical Systems, Inc.	*		1,416		57,815
Viasys Healthcare, Inc.	*		1,380		37,591
Vivus, Inc.	*		1,400		5,180
White Electronic Designs Corporation	*		514		2,555
X-Rite, Inc.			1,890		20,299
Young Innovations, Inc.			677		24,345
Zevex International, Inc.	*		900		8,091
Zygo Corporation	*		967		12,329
					1,973,018
Medical Products—0.0%
Solexa, Inc., LP	*†		1,008		8,891
Medical Supplies—3.2%
Align Technology, Inc.	*		2,449		27,870
Allergan, Inc.			6,476		729,262
American Medical Systems Holdings, Inc.	*†		3,000		55,290
Analogic Corporation			593		30,433
Applera Corporation—Applied Biosystems Group			8,630		285,739
Aradigm Corp.	*		224		376
ArthoCare Corporation	*†		851		39,878
Bausch & Lomb, Inc.			2,176		109,083
Baxter International, Inc.			25,124		1,142,137
Beckman Coulter, Inc.			2,512		144,591
Becton, Dickinson & Company			10,137		716,382
Biomet, Inc.			10,108		325,377
Bio-Rad Laboratories, Inc. Class A	*		88		6,224
Biosite, Inc.	*		725		33,517
Boston Scientific Corporation	*		47,016		695,367
C.R. Bard, Inc.	†		3,904		292,800
Clarient, Inc.	*		3,308		2,713
Conmed Corporation	*		1,362		28,752
Credence Systems Corporation	*		2,727		7,772
Cyberonics, Inc.	*†		956		16,759
Datascope Corporation			556		18,609
Dentsply International, Inc.			5,668		170,663
Dionex Corporation	*		1,031		52,519

See accompanying notes to schedule of investments.

77

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
DJ Orthopedics, Inc.	*		729	$	30,275
ev3, Inc.	*†		785		13,353
FEI Company	*†		1,368		28,878
Fisher Scientific International	*		4,467		349,498
Haemonetics Corporation	*		1,157		54,148
Hanger Orthopedic Group, Inc.	*		1,083		7,126
ICU Medical, Inc.	*		605		27,515
Input/Output, Inc.	*†		2,427		24,100
Invacare Corporation			1,333		31,352
Itron, Inc.	*†		955		53,289
Johnson & Johnson			120,382		7,817,607
Kla-Tencor Corporation			7,679		341,485
Kensey Nash Corporation	*		866		25,348
Kopin Corporation	*		2,431		8,144
Kyphon, Inc.	*†		1,594		59,647
LTX Corporation	*		2,405		12,049
MKS Instruments, Inc.	*		2,455		49,861
Medtronic, Inc.			49,297		2,289,353
Mentor Corporation	†		1,961		98,815
Merit Medical Systems, Inc.	*		2,519		34,208
Millipore Corporation	*†		2,026		124,194
Mine Safety Appliances Company	†		1,444		51,464
Newport Corporation	*		1,614		26,308
Oakley, Inc.			2,900		49,445
Osteotech, Inc.	*		1,498		6,127
PerkinElmer, Inc.			5,266		99,685
Photon Dynamics, Inc.	*		659		8,745
PolyMedica Corporation	†		960		41,098
Quest Diagnostics, Inc.			6,828		417,600
Respironics, Inc.	*		3,060		118,147
SonoSite, Inc.	*		1,264		35,898
St. Jude Medical, Inc.	*		15,318		540,572
Steris Corporation			2,777		66,815
Stryker Corporation			12,056		597,857
Techne Corporation	*		1,736		88,293
Therma-Wave, Inc.	*		757		901
Thermo Electron Corporation	*†		6,758		265,792
Thoratec Corporation	*		2,306		35,997
Urologix, Inc.	*		1,050		2,951
Varian, Inc.	*		1,502		68,897
Veeco Instruments, Inc.	*		1,294		26,074
Vital Signs, Inc.			634		35,891
Waters Corporation	*		5,040		228,211
Wright Medical Group, Inc.	*		1,309		31,743
Zimmer Holdings, Inc.	*		10,634		717,795
Zoll Medical Corporation	*		425		15,253
					19,989,917
Metals—1.2%
AK Steel Holding Corporation	*		5,009		60,809
Alcoa, Inc.			35,208		987,232
Aleris International, Inc.	*		1,256		63,478
Allegheny Technologies, Inc.	†		3,350		208,337
Alpine Group, Inc.	*		698		1,780
Ameron International Corporation	†		542		36,010
Aptargroup, Inc.			1,565		79,627
Brush Engineered Materials, Inc.	*		1,122		27,904
Carpenter Technology Corporation			941		101,167
Century Aluminum Company	*		865		29,107
Chaparral Steel Company	*		2,232		76,022
Circor International, Inc.			711		21,721
Cleveland-Cliffs, Inc.			2,036		77,592
Commercial Metals Company			4,080		82,946
Commscope, Inc.	*†		2,612		85,830
Couer D’alene Mines Corporation	*		8,276	$	38,980
Crane Company			2,467		103,121
Curtiss-Wright Corporation			2,112		64,099
Danaher Corporation			9,574		657,447
Encore Wire Corporation	*†		1,400		49,406
General Cable Corporation	*		1,382		52,806
Gibraltar Industries, Inc.			1,188		26,350
Glamis Gold, Ltd. (Canada)	*		5,700		224,751
Griffon Corporation	*		1,288		30,745
Hecla Mining Company	*†		4,124		23,672
Hubbell, Inc. Class B			2,078		99,536
International Aluminum Corporation			1,105		41,272
Jacuzzi Brands, Inc.	*		2,655		26,523
Ladish Company, Inc.	*		900		25,992
Lone Star Technologies, Inc.	*		1,337		64,684
Massey Energy Company	†		3,053		63,930
Matthews International Corporation Class A			1,052		38,724
Maverick Tube Corporation	*		1,736		112,545
MAXXAM, Inc.	*		856		23,476
Meridian Gold, Inc. (Canada)	*		4,300		106,898
Metal Management, Inc.			1,800		50,112
Mittal Steel Co. NV—Class A, ADR (Holland *Jas)			1		35
Mueller Industries, Inc.			1,592		55,991
NCI Building Systems, Inc.	*		1,232		71,665
Newmont Mining Corporation			17,430		745,133
NS Group, Inc.	*		923		59,580
Nucor Corporation			10,996		544,192
Optical Cable Corporation	*		240		1,236
Phelps Dodge Corporation			7,416		628,135
Precision Castparts Corporation			5,136		324,390
Quanex Corporation			1,671		50,715
Reliance Steel & Aluminum Company			2,966		95,327
Royal Gold, Inc.	†		1,153		31,281
RTI International Metals, Inc.	*		1,363		59,400
Ryerson Tull, Inc.	†		1,471		32,200
Schnitzer Steel Industries, Inc. Class A			693		21,857
Shaw Group, Inc. (The)	*		2,182		51,582
Shiloh Industries, Inc.	*		1,441		19,425
Simpson Manufacturing Company, Inc.	†		2,084		56,331
Southern Copper Corp.	†		657		60,773
Steel Dynamics, Inc.			2,020		101,909
Stillwater Mining Company	*		3,727		31,307
Sturm, Ruger & Company, Inc.	*		3,296		25,511
Superior Essex, Inc.	*		1,617		55,382
Taser International, Inc.	*†		2,292		17,557
Texas Industries, Inc.	†		1,116		58,099
Titanium Metals Corporation	*†		1,840		46,515
Tredegar Corporation			1,606		26,884
United States Steel Corporation			4,607		265,732
Valmont Industries, Inc.			1,162		60,715
Watts Water Technologies, Inc. Class A			1,225		38,906
Worthington Industries, Inc.			3,575		60,990
					7,563,386
Metals & Mining—0.0%
Oregon Steel Mills, Inc.	*		2,300		112,401
Mining—0.1%
Freeport-McMoran Copper & Gold, Inc. Class B			7,496		399,237

See accompanying notes to schedule of investments.

78

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Miscellaneous—0.1%
Alliance One International, Inc.	*		2,000	$	8,200
Corrections Corporation of America	*		2,850		123,263
Geo Group, Inc. (The)	*		819		34,603
Handleman Company			1,657		12,577
Pool Corp.			2,434		93,709
Terra Industries, Inc.	*		2,513		19,375
Tractor Supply Company	*†		1,549		74,755
					366,482
Miscellaneous Manufacturing—0.0%
American Railcar Industries, Inc.	†		1,200		34,932
Oil & Gas—8.8%
Adams Resources & Energy, Inc.			1,462		50,951
AGL Resources, Inc.			2,166		79,059
Anadarko Petroleum Corporation			19,220		842,413
Apache Corporation			14,149		894,217
Apco Argentina, Inc. (Cayman Islands)			622		53,455
Ashland, Inc.	†		2,848		181,645
Atlas America, Inc.	*		1,146		48,911
Atmos Energy Corporation			2,732		77,999
ATP Oil & Gas Corporation	*		685		25,304
Atwood Oceanics, Inc.	*		1,662		74,740
Basic Energy Services, Inc.	*		1,600		39,040
Berry Petroleum Company Class A			1,202		33,848
BJ Services Company	†		13,938		419,952
Blue Dolphin Energy Company	*†		3,650		14,199
BP Prudhoe Bay Royalty Trust	†		1,105		81,218
Buckeye Partners, LP	†		1,400		61,040
Cabot Oil & Gas Corporation			2,274		108,993
Callon Petroleum Company	*		779		10,563
Carrizo Oil & Gas, Inc.	*		1,800		46,422
Cascade Natural Gas Corporation			1,289		33,630
Chesapeake Energy Corporation	†		12,243		354,802
Chesapeake Utilities Corporation			949		28,517
Chevron Texaco Corporation			92,076		5,972,049
Cimarex Energy Company			2,681		94,344
Clayton Williams Energy, Inc.	*		550		16,665
CNX Gas Corporation	*		1,100		25,487
Complete Production Services, Inc.	*		1,200		23,688
ConocoPhillips			62,149		3,699,730
Cross Timbers Royalty Trust			575		26,651
Crosstex Energy, Inc.			700		62,699
Dawson Geophysical Company	*		1,200		35,640
Delta Natural Gas Company, Inc.			380		9,519
Delta Petroleum Corporation	*†		2,709		61,007
Denbury Resources, Inc.	*		4,466		129,067
Devon Energy Corporation			18,000		1,136,700
Diamond Offshore Drilling, Inc.	†		2,694		194,965
Dorchester Minerals, LP			2,200		56,650
Dynegy, Inc. Class A	*		15,654		86,723
EOG Resources, Inc.			10,352		673,398
EL Paso Corporation	†		25,233		344,178
Enbridge Energy Partners, LP	†		1,775		82,626
Encore Acquisition Company	*		2,062		50,189
Energen Corporation			2,644		110,704
Energy Partners Ltd.	*†		1,758		43,335
Energy Transfer Partners, LP			2,777		128,658
ENSCO International, Inc.			5,990		262,542
Enterprise Products Partners LP	†		8,400		224,700
Equitable Resources, Inc.			5,624		196,728
EXCO Resources, Inc.	*		4,100		50,881
Exploration Company of Delaware, Inc. (The)	*		5,411	$	51,783
Exxon Mobil Corporation			240,454		16,134,463
Forest Oil Corporation	*†		2,547		80,460
Frontier Oil Corporation			4,576		121,630
FX Energy, Inc.	*		3,496		17,830
Giant Industries, Inc.	*		540		43,848
Global Industries Ltd.	*		2,539		39,507
GlobalSantaFe Corporation			9,544		477,105
Grey Wolf, Inc.	*†		5,192		34,683
Halliburton Company			42,358		1,205,085
Hanover Compressor Company	*†		2,998		54,624
Headwaters, Inc.	*†		2,095		48,918
Helix Energy Solutions Group, Inc.	*†		3,853		128,690
Helmerich & Payne, Inc.			3,926		90,416
Hess Corp.			11,190		463,490
Holly Corporation			1,972		85,447
Houston Exploration Company	*		1,352		74,563
Hugoton Royalty Trust			1,669		43,978
Kinder Morgan Energy Partners, LP	†		5,150		225,982
Kinder Morgan Management LLC	*		1,832		77,347
Kinder Morgan, Inc.			4,214		441,838
Laclede Group, Inc. (The)			1,025		32,882
Magellan Midstream Partners			2,000		73,800
Marathon Oil Corporation			14,747		1,134,044
Mariner Energy, Inc.	*†		3,261		59,905
Markwest Hydrocarbon, Inc.			1,182		33,096
McMoRan Exploration Company	*†		1,059		18,787
MDU Resources Group, Inc.			7,657		171,057
Meridian Resource Corporation	*		2,950		9,027
Murphy Oil Corporation	†		7,770		369,464
Nabors Industries Ltd.	*†		12,168		361,998
National Fuel Gas Company			4,022		146,200
New Jersey Resources Corporation			1,121		55,265
Newfield Exploration Company	*		5,246		202,181
Newpark Resources, Inc.	*		3,484		18,570
Nicor, Inc.	†		1,828		78,165
Noble Corporation			5,552		356,327
Noble Energy, Inc.			8,186		373,200
Northwest Natural Gas Company			1,183		46,468
Occidental Petroleum Corporation			34,658		1,667,396
Oceaneering International, Inc.	*		2,232		68,746
ONEOK Partners, LP	†		1,650		92,813
Oneok, Inc.			3,908		147,683
Pacific Energy Partners, LP	†		2,100		73,920
Parallel Petroleum Corporation	*		2,700		54,162
Parker Drilling Company	*		3,755		26,585
Patterson-UTI Energy, Inc.			6,712		159,477
Penn Virginia Corporation			300		19,023
Peoples Energy Corporation			1,528		62,113
Petrohawk Energy Corporation	*		10,735		111,429
Petroleum Development Corporation	*		1,250		49,863
Piedmont Natural Gas Company	†		2,740		69,349
Pioneer Drilling Co.	*†		2,700		34,668
Pioneer Natural Resources Company			5,801		226,935
Plains All American Pipeline, LP	†		2,300		106,145
Plains Exploration & Production Company	*†		4,202		180,308
Pogo Producing Company			2,307		94,472
Pride International, Inc.	*		5,416		148,507
Questar Corporation			3,706		303,040
Quicksilver Resources, Inc.	*†		1,980		63,162
Range Resources Corporation			4,350		109,794

See accompanying notes to schedule of investments.

79

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Resource America, Inc. Class A			1,287	$	26,770
Rosetta Resources, Inc.	*		3,400		58,378
Rowan Companies, Inc.			3,918		123,926
Schlumberger Ltd.			47,986		2,976,572
SEACOR Holdings, Inc.	*		983		81,098
SEMCO Energy, Inc.	*		5,450		30,738
Smith International, Inc.			8,020		311,176
South Jersey Industries, Inc.			2,014		60,239
Southern Union Company			3,367		88,922
Southwest Gas Corporation			1,252		41,717
Southwestern Energy Company	*		6,072		181,371
St. Mary Land & Exploration Company	†		2,262		83,038
Stone Energy Corporation	*		1,208		48,900
Sunoco Logistics Partners, LP	†		950		42,522
Sunoco, Inc.			5,812		361,448
Superior Energy Services, Inc.	*		2,900		76,154
Swift Energy Company	*†		1,142		47,758
Syntroleum Corporation	*		1,246		5,968
TC Pipelines, LP			1,100		33,594
Teppco Partners LP			2,500		92,900
Tesoro Petroleum Corporation			3,423		198,466
Tetra Technologies, Inc.	*		2,352		56,824
Tidewater, Inc.			2,430		107,382
Todco Class A	*†		2,002		69,269
Transocean, Inc.	*		12,976		950,232
UGI Corporation			2,720		66,504
Ultra Petroleum Corporation	*		6,082		292,605
Unit Corporation	*		1,702		78,241
United Heritage Corp.	*		1,060		2,862
VAALCO Energy, Inc.	*		3,800		27,284
Valero Energy Corporation			23,922		1,231,265
Valero, LP	†		1,500		75,000
Vectren Corporation			3,706		99,506
Veritas DGC, Inc.	*		1,390		91,490
Warren Resources, Inc.	*		3,600		43,848
Wd-40 Company			949		33,851
Weatherford International Ltd.	*		13,510		563,637
Western Refining, Inc.			2,500		58,100
WGL Holdings, Inc.			2,315		72,552
W-H Energy Services, Inc.	*		1,377		57,104
Whiting Petroleum Corporation	*†		1,242		49,804
Williams Companies, Inc.			24,207		577,821
XTO Energy, Inc.			15,020		632,793
					54,921,783
Pharmaceuticals—6.5%
Aastrom Biosciences, Inc.	*		3,289		3,815
Abbott Laboratories			61,788		3,000,425
Abraxis BioScience, Inc.			1,756		48,782
Adolor Corporation	*†		1,927		26,727
Albany Molecular Research, Inc.	*		1,371		12,833
Alexion Pharmaceuticals, Inc.	*†		1,108		37,650
Alfacell Corporation	*†		4,295		5,884
Alkermes, Inc.	*		3,579		56,727
Allscripts Healthcare Solutions, Inc.	*†		2,300		51,635
Alpharma, Inc. Class A			2,463		57,610
AmerisourceBergen Corporation			8,488		383,658
Amgen, Inc.	*		47,515		3,398,748
Amylin Pharmaceuticals, Inc.	*†		3,885		171,212
Andrx Corporation	*†		3,036		74,169
Anesiva, Inc.	*		9		61
Arena Pharmaceuticals, Inc.	*†		1,439		17,239
ArQule, Inc.	*		864		3,637
Atherogenics, Inc.	*†		1,603		21,112
AVANIR Pharmaceuticals—Class A	*†		1,500	$	10,380
Avant Immunotherapeutics, Inc.	*		5,150		6,747
AVI BioPharma, Inc.	*†		2,400		8,712
Barr Pharmaceuticals, Inc.	*		4,174		216,798
Bentley Pharmaceuticals, Inc.	*		711		8,532
Biogen Idec, Inc.	*		14,695		656,573
BioMarin Pharmaceuticals, Inc.	*†		2,400		34,152
Biopure Corporation Class A	*		309		253
BioScrip, Inc.	*		1,095		3,307
Boston Life Sciences, Inc.	*†		724		2,570
Bradley Pharmaceuticals, Inc.	*†		591		9,409
Bristol-Myers Squibb Company			79,572		1,982,934
Cambrex Corporation			1,258		26,053
Cardinal Health, Inc.			17,566		1,154,789
Cell Genesys, Inc.	*†		1,642		7,504
Cell Therapeutics, Inc.	*†		1,391		2,379
Cellegy Pharmaceuticals, Inc.	*		1,550		233
Cephalon, Inc.	*†		2,347		144,927
Charles River Laboratories International, Inc.	*		2,755		119,595
Collagenex Pharmaceuticals, Inc.	*		1,558		20,238
Columbia Laboratories, Inc.	*		1,819		6,294
Connetics Corporation	*		1,618		17,636
Conor Medsystems, Inc.	*†		2,500		58,925
Cubist Pharmaceuticals, Inc.	*†		1,762		38,306
Cypress Bioscience, Inc.	*		1,560		11,388
Cytogen Corporation	*		755		1,767
CytRx Corporation	*		4,200		5,376
Dendreon Corporation	*†		1,879		8,399
Digene Corporation	*		725		31,284
Discovery Laboratories, Inc.	*†		2,566		5,466
Durect Corporation	*		1,900		7,790
Eli Lilly & Company			39,396		2,245,572
Emisphere Technologies, Inc.	*†		772		6,523
Encysive Pharmaceuticals, Inc.	*†		2,128		9,150
Endo Pharmaceuticals Holdings, Inc.	*		2,935		95,534
EpiCept Corp.	*		751		1,359
EPIX Pharmaceuticals, Inc.	*		640		2,650
Forest Laboratories, Inc.	*		12,889		652,312
Genaera Corporation	*		4,787		1,915
Genelabs Technologies	*		721		1,175
Genentech, Inc.	*		18,818		1,556,249
Genta, Inc.	*		2,971		2,317
Genzyme Corporation	*		10,181		686,912
Geron Corporation	*		1,370		8,590
Gilead Sciences, Inc.	*		17,410		1,196,067
GTC Biotherapeutics, Inc.	*		3,988		4,945
GTx, Inc.	*		200		1,848
Hemispherx Biopharma, Inc.	*†		920		1,720
Henry Schein, Inc.	*†		3,652		183,111
Heska Corporation	*		4,462		7,541
Hi-Tech Pharmacal Company, Inc.	*		862		10,896
Hollis-Eden Pharmaceuticals	*		954		5,047
Hospira, Inc.	*		6,367		243,665
Human Genome Sciences, Inc.	*†		5,277		60,897
Idexx Laboratories, Inc.	*		1,568		142,908
IDM Pharma, Inc.	*		142		436
ImClone Systems, Inc.	*†		3,034		85,923
Immtech International, Inc.	*†		681		3,269
Immucor, Inc.	*		1,828		40,965
ImmunoGen, Inc.	*		1,323		4,683
Indevus Pharmaceuticals, Inc.	*		5,716		33,839
Inspire Pharmaceuticals, Inc.	*		1,369		6,968
InterMune, Inc.	*		1,586		26,042
Inverness Medical Innovations, Inc.	*		880		30,589

See accompanying notes to schedule of investments.

80

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Invitrogen Corporation	*†		2,122	$	134,556
King Pharmaceuticals, Inc.	*		10,009		170,453
KOS Pharmaceuticals, Inc.	*		1,090		53,868
KV Pharmaceutical Company Class A	*		2,179		51,642
Martek Biosciences Corporation	*†		1,148		24,693
McKesson Corporation			11,391		600,534
Medarex, Inc.	*		3,092		33,208
Medco Health Solutions, Inc.	*		12,790		768,807
Medicines Company	*		2,018		45,526
Medicis Pharmaceutical Corporation Class A	†		2,422		78,352
Medifast, Inc.	*		734		6,371
MedImmune, Inc.	*†		10,273		300,074
Merck & Company, Inc.			89,830		3,763,877
Meridian Bioscience, Inc.			772		18,150
MGI Pharma, Inc.	*		2,665		45,865
Millennium Pharmaceuticals, Inc.	*		12,456		123,937
Mylan Laboratories			8,108		163,214
Nabi Biopharmaceuticals	*		1,995		11,531
Nastech Pharmaceutical Company, Inc.	*†		1,500		22,890
Natrol, Inc.	*		1,145		1,637
NBTY, Inc.	*		2,664		77,975
Neose Technologies, Inc.	*		704		1,394
Neurobiological Technologies	*		3,136		7,464
Neurocrine Biosciences, Inc.	*†		1,479		15,899
Novavax, Inc.	*†		1,550		5,875
Noven Pharmaceuticals, Inc.	*†		1,350		32,562
NPS Pharmaceuticals, Inc.	*		1,660		6,325
Nu Skin Enterprises, Inc. Class A			3,018		52,875
Nuvelo, Inc.	*		1,150		20,976
Omnicare, Inc.	†		4,277		184,296
Onyx Pharmaceuticals, Inc.	*†		1,214		20,990
OraSure Technologies, Inc.	*†		1,687		13,563
OSI Pharmaceuticals, Inc.	*†		2,729		102,419
Pain Therapeutics, Inc.	*†		1,318		11,361
Palatin Technologies, Inc.	*		2,104		5,008
Panacos Pharmaceuticals, Inc.	*		157		779
Par Pharmaceutical Companies, Inc.	*		1,362		24,843
Parexel International Corporation	*		1,153		38,153
PDL BioPharma, Inc.	*†		3,841		73,747
Penwest Pharmaceuticals Company	*†		930		15,485
Peregrine Pharmaceuticals, Inc.	*		9,115		11,576
Perrigo Company			2,922		49,586
Pfizer, Inc.			297,280		8,430,861
Pharmacopeia Drug Discovery, Inc.	*		572		2,168
Pharmacyclics, Inc.	*		1,700		8,262
Poniard Pharmaceuticals, Inc.	*		396		1,386
Pozen, Inc.	*		1,014		13,040
Praecis Pharmaceuticals, Inc.	*		367		752
Progenics Pharmeceuticals, Inc.	*		793		18,604
Regeneron Pharmaceuticals, Inc.	*		2,632		41,296
Salix Pharmaceuticals Ltd.	*		2,346		31,812
Schering-Plough Corporation			61,678		1,362,467
Sciclone Pharmaceuticals, Inc.	*		1,700		3,944
Sciele Pharma, Inc.	*†		1,613		30,389
Sepracor, Inc.	*†		4,575		221,613
SIGA Technologies, Inc.	*		4,649		6,741
Sigma Aldrich Corporation	†		2,478		187,510
SirnaTherapeutics, Inc.	*		4,257		23,712
SuperGen, Inc.	*		1,338		6,235
Tanox, Inc.	*		1,721		20,342
Tapestry Pharmaceuticals, Inc.	*		522	$	1,086
Targeted Genetics Corp.	*		626		1,146
Third Wave Technologies, Inc.	*		1,227		5,497
Titan Pharmaceuticals, Inc.	*		1,743		3,835
United Therapeutics Corporation	*		914		48,022
USANA Health Sciences, Inc.	*		593		26,442
Valeant Pharmaceuticals International	†		3,473		68,696
Vertex Pharmaceuticals, Inc.	*†		3,255		109,531
Vion Pharmaceuticals, Inc.	*		4,504		4,909
Viropharma, Inc.	*		4,061		49,422
Watson Pharmaceuticals, Inc.	*		4,480		117,242
Wyeth			54,364		2,763,866
XOMA Ltd.	*		4,976		9,405
Zymogenetics, Inc.	*		2,343		39,526
					40,194,352
Real Estate—2.3%
Acadia Realty Trust REIT			1,318		33,609
Affordable Residential Communities REIT	*†		950		9,206
Agree Realty Corporation REIT			814		26,740
Alderwoods Group, Inc.	*		3,200		63,456
Alexander’s, Inc. REIT	*		161		49,950
Alexandria Real Estate Equities, Inc. REIT			802		75,228
AMB Property Corporation REIT			3,649		201,096
American Financial Realty Trust REIT			5,234		58,411
American Land Lease, Inc. REIT			1,828		43,415
American Mortgage Acceptance Corporation REIT			1,842		33,230
Annaly Mortgage Management, Inc. REIT	†		3,840		50,458
Anthracite Capital, Inc. REIT			1,100		14,146
Apartment Investment & Management Company REIT Class A	†		3,910		212,743
Archstone-Smith Trust REIT			7,979		434,377
Arizona Land Income Corporation REIT Class A			1,050		4,022
Avalonbay Communities, Inc. REIT	†		3,116		375,166
BioMed Realty Trust, Inc. REIT			1,400		42,476
Boston Properties, Inc. REIT			4,700		485,698
Brandywine Realty Trust REIT			2,965		96,511
BRE Properties Class A			2,433		145,323
Brookfield Properties Co. (Canada)	†		2,000		70,640
BRT Realty Trust REIT			355		10,071
California Coastal Communities, Inc.	*		267		5,490
Camden Property Trust REIT			2,732		207,659
Capital Alliance Income Trust Ltd. REIT	*		799		7,750
Capstead Mortgage Corporation REIT			2,400		20,712
CB Richard Ellis Group, Inc. Class A	*		6,900		169,740
CBL & Associates Properties, Inc. REIT			2,548		106,787
Cedar Shopping Centers, Inc. REIT			583		9,427
Colonial Properties Trust REIT			1,962		93,803
Cousins Properties, Inc. REIT			2,338		79,983
Crescent Real Estate EQT Company REIT			4,527		98,734
Developers Diversified Realty Corporation REIT	†		4,733		263,912

See accompanying notes to schedule of investments.

81

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Duke Realty Corporation REIT			5,609	$	209,496
Eastgroup Properties, Inc. REIT			1,538		76,685
Entertainment Properties Trust REIT			749		36,941
Equity Inns, Inc. REIT			3,264		51,963
Equity Office Properties Trust REIT			14,483		575,844
Equity One, Inc. REIT			2,619		62,777
Equity Residential REIT			11,429		578,079
Essex Property Trust, Inc. REIT			807		97,970
Extra Space Storage, Inc. REIT			3,500		60,585
Federal Realty Investment Trust REIT			1,810		134,483
FelCor Lodging Trust, Inc. REIT			3,135		62,857
First Industrial Realty Trust, Inc. REIT	†		1,599		70,356
Forest City Enterprises, Inc. Class A			2,608		141,614
General Growth Properties, Inc. REIT			9,800		466,970
Getty Realty Corporation REIT	†		1,747		51,152
Glenborough Realty Trust, Inc. REIT			2,111		54,316
Glimcher Realty Trust REIT			1,584		39,252
Grubb and Ellis Company	*		652		6,305
Health Care Property Investors, Inc. REIT	†		5,334		165,621
Health Care REIT, Inc.	†		1,824		72,978
Healthcare Realty Trust, Inc. REIT			1,881		72,249
Heritage Property Investment Trust REIT			2,051		74,779
Highwoods Properties, Inc. REIT			2,393		89,044
HMG Courtland Properties REIT	*		1,450		18,125
Home Properties, Inc. REIT			1,390		79,452
Hospitality Properties Trust REIT			2,923		137,966
Host Marriott Corporation REIT			17,443		399,968
HRPT Properties Trust REIT			9,142		109,247
IMPAC Mortgage Holdings, Inc. REIT	†		3,238		30,340
Innkeepers USA Trust REIT			2,014		32,808
iStar Financial, Inc. REIT			4,331		180,603
Jones Lang Lasalle, Inc.			1,311		112,064
Kimco Realty Corporation REIT	†		8,694		372,712
Lexington Corporate Properties Trust REIT	†		1,399		29,631
Liberty Property Trust REIT	†		3,172		151,590
Mack-Cali Realty Corporation REIT			2,488		128,878
Maguire Properties, Inc. REIT			1,199		48,847
Mid-America Apartment Communities, Inc. REIT			1,240		75,913
Mills Corporation (The) REIT			2,070		34,590
Mission West Properties REIT			1,417		16,168
Monmouth Capital Corporation			2,974		15,762
Monmouth Class A REIT			1,328		10,624
National Health Investors, Inc. REIT			2,097		59,408
Nationwide Health Properties, Inc. REIT			2,362		63,160
New Plan Excel Realty Trust REIT	†		4,341		117,424
Newcastle Investment Corporation REIT			754		20,667
Novastar Financial, Inc. REIT	†		771		22,505
Pan Pacific Retail Properties, Inc. REIT			1,419		98,507
Parkway Properties, Inc. REIT			986		45,839
Plum Creek Timber Company, Inc. REIT			7,592	$	258,432
PMC Commercial Trust REIT			865		12,110
Post Properties, Inc. REIT			2,078		98,747
Prologis REIT			9,458		539,673
Public Storage, Inc. REIT			5,109		439,323
RAIT Investment Trust REIT			991		28,590
Rayonier, Inc. REIT			3,336		126,101
Realogy Corp.	*†		11,060		250,841
Realty Income Corporation REIT	†		4,138		102,250
Redwood Trust, Inc. REIT	†		1,008		50,773
Regency Centers Corporation REIT			2,545		174,994
Senior Housing Properties Trust REIT			2,216		47,289
Simon Property Group, Inc. REIT			9,585		868,593
SL Green Realty Corporation REIT	†		1,735		193,800
Sovran Self Storage, Inc. REIT	†		1,269		70,493
St. Joe Company (The)	†		2,906		159,452
Stewart Enterprises, Inc. Class A			4,115		24,114
Sun Communities, Inc. REIT	†		1,061		33,910
Taubman Centers, Inc. REIT			2,083		92,527
Thornburg Mortgage, Inc. REIT			4,059		103,383
Trammell Crow Company	*		2,116		77,255
Trizec Properties, Inc. REIT			3,914		113,154
United Capital Corporation	*		690		18,416
United Dominion Realty Trust, Inc. REIT			4,883		147,467
Ventas, Inc. REIT			3,213		123,829
Vornado Realty Trust REIT			5,255		572,795
W.P. Carey & Company LLC			1,592		43,796
Washington REIT	†		1,834		72,993
Weingarten Realty Investors REIT			3,474		149,451
					14,259,634
Restaurants—0.8%
Applebee’s International, Inc.			3,613		77,716
Aramark Corporation Class B			4,444		146,030
Back Yard Burgers, Inc.	*		1,698		10,069
Bob Evans Farms, Inc.			1,465		44,360
Brinker International, Inc.	†		3,445		138,110
Burger King Holdings, Inc.	*		1,700		27,132
CEC Entertainment, Inc.	*		1,614		50,857
CKE Restaurants, Inc.			1,945		32,520
California Pizza Kitchen, Inc.	*		970		29,032
CBRL Group, Inc.			2,120		85,712
Cheesecake Factory (The)	*†		3,444		93,642
Chipotle Mexican Grill, Inc.—Class A	*†		900		44,703
Darden Restaurants, Inc.			6,843		290,622
IHOP Corporation			1,079		50,012
Jack in the Box, Inc.	*		1,437		74,983
Krispy Kreme Doughnuts, Inc.	*†		2,573		20,841
Landry’s Restaurants, Inc.			1,253		37,778
Lone Star Steakhouse & Saloon, Inc.			1,124		31,213
McDonald’s Corporation	†		51,567		2,017,301
Morton’s Restaurant Group, Inc.	*		2,200		33,902
O’Charley’s, Inc.	*		1,091		20,696
OSI Restaurant Partners, Inc.			2,790		88,471
Papa John’s International, Inc.	*		1,610		58,137
PF Chang’s China Bistro, Inc.	*†		1,089		37,799
Rare Hospitality International, Inc.	*		1,475		45,076
Red Robin Gourmet Burgers, Inc.	*†		692		31,908
Ruby Tuesday, Inc.	†		2,816		79,383

See accompanying notes to schedule of investments.

82

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Ryan’s Restaurant Group, Inc.	*		2,818	$	44,722
Sonic Corporation	*		3,730		84,335
Steak N Shake Company (The)	*		1,267		21,400
Texas Roadhouse, Inc. Class A	*		3,070		37,700
Triarc Companies Class B			2,886		43,636
Wendy’s International, Inc.			5,229		350,343
Yum! Brands, Inc.			11,805		614,450
					4,894,591
Retail—Apparel—0.0%
dELIA*s, Inc.	*		925		7,123
Retailers—3.7%
1-800-FLOWERS.COM, Inc.	*		793		4,171
99 Cents Only Stores	*		3,207		37,939
AC Moore Arts & Crafts, Inc.	*†		876		16,670
Advance Auto Parts, Inc.			4,485		147,736
Alloy, Inc.	*		462		5,456
Amazon.Com, Inc.	*†		12,783		410,590
Autozone, Inc.	*		2,384		246,267
BJ’s Wholesale Club, Inc.	*		2,859		83,426
Barnes & Noble, Inc.			2,814		106,763
Bed Bath & Beyond, Inc.	*		12,988		496,921
Bell Microproducts, Inc.	*		1,146		5,948
Best Buy Company, Inc.			15,993		856,585
Big 5 Sporting Goods Corporation			1,071		24,419
Big Lots, Inc.	*†		4,853		96,138
Blair Corporation			306		7,895
Bluefly, Inc.	*		2,341		2,318
Bombay Company, Inc. (The)	*		1,080		1,480
Borders Group, Inc.			3,342		68,177
CSK Auto Corporation	*		1,990		28,059
CVS Corporation			32,316		1,037,990
Casey’s General Stores, Inc.			1,608		35,810
Cash America International, Inc.			2,411		94,222
Central Garden & Pet Company	*		615		29,680
Circuit City Stores, Inc.			8,696		218,357
Coldwater Creek, Inc.	*		1,528		43,945
Cost Plus, Inc.	*†		1,014		12,138
Costco Wholesale Corporation			18,694		928,718
Dick’s Sporting Goods, Inc.	*		1,240		56,445
Dillard’s, Inc. Class A	†		3,454		113,049
Dollar General Corporation			13,983		190,588
Dollar Tree Stores, Inc.	*		4,830		149,537
Drugstore.Com, Inc.	*		3,800		13,110
eBay, Inc.	*		40,410		1,146,028
Family Dollar Stores, Inc.			6,556		191,697
Fastenal Company			5,638		217,458
Federated Department Stores			22,466		970,756
Foot Locker, Inc.			5,840		147,460
Fred’s, Inc.	†		1,781		22,476
GameStop Corp.—Class A	*†		1,890		87,469
GSI Commerce, Inc.	*†		1,469		21,800
Guitar Center, Inc.	*		1,020		45,574
Hancock Fabrics, Inc.	*		631		1,811
Haverty Furniture Companies, Inc.			1,111		17,720
Hibbett Sporting Goods, Inc.	*		1,396		36,547
JC Penney Company, Inc. (Holding Company)			7,928		542,196
Jo-Ann Stores, Inc.	*		1,266		21,168
Kenneth Cole Productions, Inc. Class A			956		23,298
Kirkland’s, Inc.	*		833		4,073
Knoll, Inc.			2,701		54,560
Longs Drug Stores Corporation			1,757		80,840
MarineMax, Inc.	*†		800	$	20,360
Marvel Entertainment, Inc.	*†		4,501		108,654
Men’s Wearhouse, Inc.			2,437		90,681
Michaels Stores, Inc.			5,676		247,133
Movie Gallery, Inc.	*†		1,145		2,244
MSC Industrial Direct Company Class A			1,782		72,599
Nitches, Inc.	*†		2,850		13,737
Office Depot, Inc.	*		11,792		468,142
OfficeMax, Inc.			3,587		146,134
O’Reilly Automotive, Inc.	*		4,772		158,478
Overstock.com, Inc.	*†		770		13,498
PC Connection, Inc.	*		854		9,864
Petco Animal Supplies, Inc.	*		612		17,528
Petsmart, Inc.			5,983		166,028
Pier 1 Imports, Inc.	†		3,712		27,543
Priceline.com, Inc.	*†		1,548		56,951
RadioShack Corporation			6,811		131,452
Restoration Hardware, Inc.	*		314		2,722
Retail Ventures, Inc.	*†		1,372		21,143
Rite Aid Corporation	*		20,882		94,804
Saks, Inc.			5,811		100,414
Samsonite Corporation	*		1,133		1,167
School Specialty, Inc.	*†		854		30,138
Sears Holdings Corporation	*		3,979		629,040
Sharper Image Corporation	*†		648		6,674
Sherwin-Williams Company (The)			4,948		275,999
Stamps.com, Inc.	*		1,050		20,013
Staples, Inc.			29,867		726,664
Stein Mart, Inc.			1,261		19,180
Stride Rite Corporation			2,388		33,336
Systemax, Inc.	*		1,358		21,755
TJX Companies, Inc.			20,086		563,011
Target Corporation			32,621		1,802,310
Tiffany & Company			6,084		201,989
Trans World Entertainment Corporation	*		1,932		11,708
Tuesday Morning Corporation			1,816		25,206
Tweeter Home Entertainment Group, Inc.	*		1,128		5,144
Valuevision Media, Inc. Class A	*		1,741		20,178
Walgreen Company			41,643		1,848,533
Wal-Mart Stores, Inc.			103,873		5,123,016
Williams-Sonoma, Inc.	†		3,877		125,576
Zale Corporation	*		2,300		63,802
					22,728,026
Telecommunications—0.2%
Citizens Communications Company			11,806		165,756
Lucent Technologies, Inc.	*		174,603		408,571
NTL, Inc.			8,979		228,336
Superior Telecom, Inc.	*‡d		2,013		—
Tellabs, Inc.	*		19,143		209,807
					1,012,470
Telephone Systems—3.0%
Adtran, Inc.			3,197		76,216
Alaska Communications Systems Group, Inc.			2,850		37,820
Alltel Corporation			14,709		816,350
AT&T, Inc.			157,940		5,142,526
Audiovox Corporation Class A	*		1,218		16,955
BellSouth Corporation			73,788		3,154,437
Brightpoint, Inc.	*†		2,358		33,531
C2 Global Technologies, Inc.	*		677		372
Centennial Communications Corporation			3,036		16,182
CenturyTel, Inc.			4,084		162,012

See accompanying notes to schedule of investments.

83

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Cincinnati Bell, Inc.	*		9,266	$	44,662
Commonwealth Telephone Enterprises, Inc.			876		36,117
Covad Communications Group, Inc.	*		13,040		19,430
D&E Communications, Inc.			1,712		21,588
Deltathree, Inc.	*		2,552		4,338
Dobson Communications Corporation Class A	*		3,916		27,490
Embarq Corp.			5,950		287,802
Equinix, Inc.	*†		622		37,382
General Communication Class A	*		2,516		31,173
Global Payments, Inc.			3,238		142,504
Goamerica, Inc.	*		24		79
Hickory Tech Corporation			651		4,557
IDT Corporation Class B	*†		4,800		69,216
iPCS, Inc.	*		700		37,485
j2 Global Communications, Inc.	*†		1,614		43,852
LCC International, Inc. Class A	*		1,000		3,650
Leap Wireless International, Inc.	*		2,100		101,829
Level 3 Communications, Inc.	*†		40,128		214,685
Lightbridge, Inc.	*		1,288		15,095
Mastec, Inc.	*		2,049		22,682
NII Holdings, Inc. Class B	*		4,900		304,584
Novatel Wireless, Inc.	*		1,358		13,078
NTELOS Holdings Corp.	*		2,700		34,479
Primus Telecommunications GP	*		3,086		1,512
Qwest Communications International, Inc.	*†		62,767		547,328
RCN Corporation	*†		2,597		73,495
Redback Networks, Inc.	*		1,198		16,628
Rural Cellular Corporation Class A	*		1,265		12,182
SAVVIS, Inc.	*		408		11,628
Sprint Nextel Corp.			119,001		2,040,867
SunCom Wireless Holdings, Inc.,—Class A	*		2,699		2,591
SureWest Communications			184		3,582
Talk America Holdings, Inc.	*†		1,398		13,281
Telecommunication Systems, Inc.	*†		1,200		3,228
Telephone & Data Systems, Inc.			2,518		106,008
Telephone & Data Systems, Inc.			1,018		41,585
Time Warner Telecom, Inc. Class A	*		1,928		36,651
US Cellular Corporation	*		680		40,596
Verizon Communications, Inc.			117,738		4,371,612
West Corporation	*		875		42,263
Windstream Corp.			15,208		200,594
Wireless Facilities, Inc.	*		2,398		5,132
					18,544,921
Textiles, Clothing & Fabrics—0.5%
Albany International Corporation Class A			1,437		45,725
Brown Shoe Company, Inc.			1,194		42,793
Coach, Inc.	*		15,372		528,797
Columbia Sportswear Company	*†		652		36,401
CROCS, Inc.	*†		1,800		61,110
Culp, Inc.	*		888		4,928
Genesco, Inc.	*		921		31,747
Guess ?, Inc.	*†		1,774		86,092
Gymboree Corporation	*		1,400		59,052
Hanesbrands, Inc.	*		4,099		92,268
Iconix Brand Group, Inc.	*		2,100		33,810
Jones Apparel Group, Inc.			4,641		150,554
Kellwood Company	†		1,170		33,731
K-Swiss, Inc. Class A			1,476	$	44,369
Liz Claiborne, Inc.			4,930		194,784
Mohawk Industries, Inc.	*†		2,460		183,147
Mossimo, Inc.	*		2,806		22,027
Mothers Work, Inc.	*		600		28,872
Nike, Inc. Class B			6,890		603,702
Oxford Industries, Inc.			936		40,164
Phillips-Van Heusen Corporation			1,267		52,923
Polo Ralph Lauren Corporation			2,143		138,631
Quaker Fabric Corporation	*		2,550		2,856
Quiksilver, Inc.	*†		4,288		52,099
Skechers U.S.A., Inc. Class A	*		1,935		45,492
Sport-Haley, Inc.			1,042		4,923
Steven Madden Ltd.			751		29,469
Tag-It Pacific, Inc.	*		1,334		1,281
Tarrant Apparel Group	*†		1,106		1,526
Timberland Company Class A	*		2,970		85,447
VF Corporation			3,785		276,116
Warnaco Group, Inc. (The)	*		1,569		30,344
Wolverine World Wide, Inc.			2,589		73,295
					3,118,475
Therapeutics—0.0%
Altus Pharmaceuticals, Inc.	*†		1,600		25,552
Transportation—1.7%
Alexander & Baldwin, Inc.	†		1,466		65,046
American Commercial Lines, Inc.	*†		1,000		59,450
Arctic Cat, Inc.			1,857		30,826
Arkansas Best Corporation			903		38,856
Brunswick Corporation			3,797		118,428
Burlington Northern Santa Fe Corporation			15,305		1,123,999
CSX Corporation			17,764		583,192
Carnival Corporation			17,238		810,703
CH Robinson Worldwide, Inc.			7,150		318,747
Con-way, Inc.			2,160		96,811
Expedia, Inc.	*		12,018		188,442
Expeditors International Washington, Inc.			8,772		391,056
FedEx Corporation			11,378		1,236,561
Fleetwood Enterprises, Inc.	*		1,750		11,778
Florida East Coast Industries	†		423		24,145
Forward Air Corporation			1,431		47,352
Freightcar America, Inc.	†		900		47,700
GATX Corporation			1,766		73,059
General Maritime Corporation			1,897		69,392
Genesee & Wyoming, Inc. Class A	*		1,576		36,595
Gulfmark Offshore, Inc.	*		1,000		31,840
Heartland Express, Inc.			4,220		66,170
Hornbeck Offshore Services, Inc.	*		1,800		60,300
HUB Group, Inc. Class A	*		2,400		54,672
JB Hunt Transport Services, Inc.			6,334		131,557
Kansas City Southern	*†		2,513		68,630
Kirby Corporation	*		2,358		73,876
Laidlaw International, Inc.			3,900		106,587
Landstar System, Inc.	†		2,256		96,331
Maritrans, Inc.			499		18,263
Norfolk Southern Corporation			16,102		709,293
Old Dominion Freight Line, Inc.	*		1,783		53,543
OMI Corporation			3,824		83,019
Overseas Shipholding Group			1,587		98,029
P.A.M. Transportation Services, Inc.	*		338		8,470
Pacer International, Inc.			1,664		46,193
Polaris Industries, Inc.			1,858		76,457

See accompanying notes to schedule of investments.

84

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Quality Distribution, Inc.	*		93	$	1,369
RailAmerica, Inc.	*		1,527		16,675
Royal Caribbean Cruises Ltd.			4,300		166,883
Sabre Holdings Corporation			5,055		118,236
Saia, Inc.	*		1,662		54,181
Sirva, Inc.	*		517		1,375
Swift Transportation Company, Inc.	*		3,649		86,554
Thor Industries, Inc.	†		1,221		50,269
Trinity Industries, Inc.			3,051		98,151
Union Pacific Corporation			10,489		923,032
United Parcel Service, Inc. Class B			24,932		1,793,608
Wabtec Corporation			1,737		47,125
Werner Enterprises, Inc.			2,915		54,540
West Marine, Inc.	*†		803		11,242
YRC Worldwide, Inc.	*		2,278		84,377
					10,662,985
Water Companies—0.0%
American States Water Company			500		19,125
Aqua America, Inc.	†		4,329		94,978
California Water Service Group			965		35,637
Connecticut Water Service, Inc.			500		11,040
Pico Holdings, Inc.	*		1,150		37,433
SJW Corporation			1,010		30,209
					228,422
Webhosting/Design—0.0%
Verso Technologies, Inc.	*		1,618		1,473
Wireless Equipment—Communications—0.0%
Terabeam, Inc.	*		2,197		5,163
TOTAL COMMON STOCKS
(Cost $407,764,221)					615,448,136

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
4.850%	12/07/2006	**
(Cost $272,481)			$	275,000		272,481

 

		Shares		Value
WARRANTS—0.0%
Financial Services—0.0%
Equitex, Inc. Warrants, Expires 2/7/2010	‡d		264		—
Equitex, Inc. Warrants, Expires 2/7/2010	‡d		264		—
Pegasus Wireless Corp. Warrants, Expires 08/11/2008	‡d		540		—
(Cost $—)					—

 

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—7.5%
Bank & Certificate Deposits/Offshore Time Deposits—7.2%
Abbey National PLC
5.270%	10/03/2006	††	$	956,899	$	956,899
Abbey National PLC
5.270%	10/04/2006	††		956,899		956,899
Bank Of Montreal
5.280%	10/16/2006	††		765,519		765,519
Bank Of Nova Scotia
5.280%	10/11/2006	††		956,899		956,899
Barclays
5.310%	10/20/2006	††		956,899		956,899
Barclays
5.305%	11/21/2006	††		956,899		956,899
Barton Capital LLC
5.267%	10/06/2006	††		956,899		956,899
BNP Paribas
5.260%	10/05/2006	††		956,899		956,899
Branch Banker &Trust
5.270%	10/10/2006	††		956,899		956,899
CAFCO Funding LLC
5.289%	11/17/2006	††		382,759		382,759
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		1,913,798		1,913,798
Charta LLC
5.314%	11/01/2006	††		382,759		382,759
CIESCO Domestic
5.290%	11/16/2006	††		382,759		382,759
Clipper Receivables Corp
5.283%	10/19/2006	††		574,139		574,139
Commonwealth Bank of Australia
5.275%	10/23/2006	††		738,726		738,726
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		956,899		956,899
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		765,519		765,519
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		956,899		956,899
Fairway Finance
5.292%	10/24/2006	††		765,519		765,519
Fairway Finance
5.274%	10/03/2006	††		382,759		382,759
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		382,759		382,759
Fortis Bank
5.300%	11/20/2006	††		382,760		382,760
Fortis Bank
5.280%	10/19/2006	††		1,148,279		1,148,279
General Electric Capital Corporation
5.285%	11/03/2006	††		765,519		765,519
Harris NA
5.280%	11/22/2006	††		956,899		956,899
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		765,519		765,519
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		382,760		382,760
Liberty Street
5.282%	10/13/2006	††		382,760		382,760
Lloyds TSB Bank
5.270%	10/02/2006	††		1,148,279		1,148,279
Merrill Lynch & Co
5.365%	10/02/2006	††		1,566,276		1,566,276
Morgan Stanley & Co
5.365%	10/02/2006	††		5,358,634		5,358,634
National Australia Bank
5.360%	10/02/2006	††		1,531,038		1,531,038

 

See accompanying notes to schedule of investments.

85

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Broad
Market Index Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Paradigm Funding LLC
5.287%	10/10/2006	††	$	382,760	$	382,760
Park Avenue Receivables Corp
5.283%	10/26/2006	††		382,760		382,760
Park Avenue Receivables Corp
5.281%	10/03/2006	††		382,760		382,760
Royal Bank of Canada
5.300%	10/27/2006	††		956,899		956,899
Royal Bank of Canada
5.300%	11/17/2006	††		382,760		382,760
Royal Bank of Scotland
5.300%	10/27/2006	††		956,899		956,899
Sheffiled Receivables Corp
5.285%	10/18/2006	††		382,760		382,760
Societe Generale
5.300%	10/23/2006	††		1,377,934		1,377,934
Societe Generale
5.280%	11/01/2006	††		1,531,038		1,531,038
Svenska Handlesbanken
5.350%	10/02/2006	††		1,546,609		1,546,609
Three Pillars Funding LLC
5.284%	10/02/2006	††		382,760		382,760
Toronto Dominion Bank
5.265%	10/12/2006	††		956,899		956,899
UBS AG
5.305%	10/02/2006	††		956,899		956,899
UBS AG
5.300%	10/27/2006	††		956,899		956,899
Variable Funding Capital Co
5.265%	10/02/2006	††		568,837		568,836
Wells Fargo
5.270%	10/17/2006	††		956,899		956,899
Yorktown Capital LLC
5.287%	10/18/2006	††		382,760		382,760
						44,839,859
Floating Rate Instruments/Master Notes—0.3%
Bank of America
5.310%	07/10/2007	††		956,899		956,899
Bank of America
5.270%	11/10/2006	††		765,519		765,519
						1,722,418
TOTAL CASH EQUIVALENTS
(Cost $46,562,277)						46,562,277

 

	Face		Value
REPURCHASE AGREEMENTS—0.7%
IBT Repurchase Agreement dated 09/29/2006 due 10/02/2006, with a maturity value of $4,376,440 and an effective yield of 4.65% collateralized by a U.S. Government Obligations with rate of 9.00%, maturity of 09/25/2027 and an aggregate market value of $4,595,262.	$	4,376,440	$	4,376,440
TOTAL INVESTMENTS—107.4%
(Cost $458,975,419)				666,659,334
Other assets less liabilities—(7.4%)				(45,848,069	)
NET ASSETS—100.0%			$	620,811,265

 

Legend to the Schedule of Investments:

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

‡ Security valued at fair value as determined by policies approved by the board of directors.

** Security has been pledged as collateral for futures contracts.

†† Represents collateral received from securities lending transactions.

d Security has no market value at 09/30/2006.

See accompanying notes to schedule of investments.

86

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—97.7%
Advertising—0.4%
24/7 Real Media, Inc.	*		1,934	$	16,516
Aquantive, Inc.	*†		3,727		88,032
Catalina Marketing Corporation			2,132		58,630
Clear Channel Outdoor Holdings, Inc. Class A	*		1,750		35,700
Getty Images, Inc.	*		2,522		125,293
Jupitermedia Corporation	*†		1,450		12,557
Lamar Advertising Company	*		4,390		234,470
Valueclick, Inc.	*		5,119		94,906
					666,104
Aerospace & Defense—0.4%
AAR Corporation	*†		2,170		51,733
Alliant Techsystems, Inc.	*†		1,931		156,527
Armor Holdings, Inc.	*†		1,840		105,487
Fairchild Corporation (The) Class A	*		3,266		8,492
Gencorp, Inc.	*†		2,409		30,932
Heico Corporation	†		705		24,181
Heico Corporation Class A			878		25,506
Innovative Solutions & Support, Inc.	*†		1,200		17,436
Kaman Corporation Class A			1,060		19,091
Kreisler Manufacturing Corporation	*		1,250		12,000
Orbital Sciences Corporation	*		3,534		66,333
Sequa Corporation Class A	*		511		47,962
Triumph Group, Inc.			822		34,812
United Industrial Corporation Ltd.	†		540		28,890
					629,382
Airlines—0.6%
AMR Corporation	*		9,373		216,891
Air T, Inc.			563		5,731
Airnet Systems, Inc.	*		2,610		9,057
Airtran Holdings, Inc.	*†		4,678		46,406
Alaska Air Group, Inc.	*		1,824		69,385
Atlas Air Worldwide Holdings, Inc.	*		765		33,293
Bristow Group, Inc.	*		983		33,815
Continental Airlines, Inc. Class B	*†		4,443		125,781
ExpressJet Holdings, Inc.	*		1,626		10,748
Frontier Airlines Holdings, Inc.	*†		3,730		30,772
JetBlue Airways Corporation	*		8,064		74,753
Mesa Air Group, Inc.	*		2,928		22,721
Midwest Air Group, Inc.	*†		4,075		32,111
PHI, Inc.	*		774		23,584
Pinnacle Airlines Corporation	*		930		6,891
Skywest, Inc.			3,080		75,522
UAL Corp.	*		4,810		127,802
US Airways Group, Inc.	*		2,792		123,769
					1,069,032
Apparel Retailers—1.4%
Abercrombie & Fitch Company Class A			4,753		330,238
Aeropostale, Inc.	*		2,863		83,685
American Eagle Outfitters, Inc.	†		7,116		311,894
AnnTaylor Stores Corporation	*†		3,874		162,166
Bebe Stores, Inc.	†		940		23,293
Big Dog Holdings, Inc.	*		1,621		19,890
Buckle, Inc. (The)			695		26,368
Cache, Inc.	*		1,030		18,427
Carter’s, Inc.	*		2,156		56,897
Casual Male Retail Group, Inc.	*		2,471	$	33,927
Cato Corporation Class A			1,762		38,605
Charlotte Russe Holding, Inc.	*		1,100		30,294
Charming Shoppes, Inc.	*		6,239		89,093
Chico’s FAS, Inc.	*		9,268		199,540
Children’s Place	*†		1,134		72,610
Christopher & Banks Corporation			2,379		70,133
Claire’s Stores, Inc.			4,386		127,896
Dress Barn, Inc.	*†		2,592		56,557
Finish Line Class A			1,604		20,242
HOT Topic, Inc.	*		2,815		31,359
JOS A. Bank Clothiers, Inc.	*†		1,078		32,297
Pacific Sunwear of California, Inc.	*†		3,586		54,077
Payless Shoesource, Inc.	*		3,074		76,543
Ross Stores, Inc.			7,870		199,977
Stage Stores, Inc.			1,491		43,746
Talbots, Inc.			1,205		32,836
Tween Brands, Inc.	*		2,075		78,020
Under Armour, Inc.—Class A	*†		1,360		54,427
United Retail Group, Inc.	*		1,000		18,280
Urban Outfitters, Inc.	*†		6,082		107,591
Wet Seal, Inc. (The) Class A	*		4,497		27,612
Wilsons The Leather Experts, Inc.	*		2,979		7,894
					2,536,414
Automotive—1.3%
A.O. Smith Corporation			952		37,537
Adesa, Inc.	†		4,711		108,871
Aftermarket Technology Corporation	*		1,503		26,693
American Axle & Manufacturing Holdings, Inc.	†		2,114		35,283
America’s Car Mart, Inc.	*†		1,569		25,810
Amerigon, Inc.	*		2,108		18,129
ArvinMeritor, Inc.	†		3,702		52,716
Asbury Automotive Group, Inc.			1,342		27,645
BorgWarner, Inc.			2,846		162,706
Carmax, Inc.	*†		5,398		225,151
Clarcor, Inc.			2,844		86,714
Coachmen Industries, Inc.			705		7,621
Copart, Inc.	*		3,582		100,977
Dura Automotive Systems, Inc.	*		1,399		364
Exide Technologies, Inc.	*		3,957		14,760
Federal Signal Corporation			3,130		47,732
Group 1 Automotive, Inc.			1,068		53,293
Harsco Corporation			2,133		165,627
Jarden Corporation	*†		2,876		94,822
JLG Industries, Inc.			5,224		103,487
Keystone Automotive Industries, Inc.	*		1,143		43,457
Lear Corporation	†		3,281		67,917
Lithia Motors, Inc. Class A			863		21,333
LKQ Corporation	*		2,300		50,531
Monaco Coach Corporation			1,376		15,329
Oshkosh Truck Corporation			3,930		198,347
PEP Boys-Manny Moe & Jack			3,451		44,345
Proliance International, Inc.	*		2,240		10,237
Rush Enterprises, Inc.—Class A	*		1,100		18,348
Sonic Automotive, Inc.			1,869		43,155
Standard Motor Products, Inc.			1,280		15,347
Strattec Security Corporation	*		124		4,745
Superior Industries International, Inc.	†		1,113		18,687
Tenneco Automotive, Inc.	*		2,430		56,838
Titan International, Inc.	†		1,086		19,635
TRW Automotive Holdings Corporation	*		1,800		43,326
United Auto Group, Inc.			2,086		48,812

See accompanying notes to schedule of investments.

87

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Visteon Corporation	*		8,560	$	69,764
Wabash National Corporation			1,396		19,111
Winnebago Industries, Inc.	† ††		1,714		53,785
					2,258,987
Banking—7.3%
1st Source Corporation			1,180		34,834
ACE Cash Express, Inc.	*		1,200		35,868
Advance America Cash Advance Centers, Inc.			3,290		47,442
Advanta Corporation Class A			1,447		49,155
Alabama National Bancorp			795		54,259
Alliance Bankshares Corporation	*		745		12,516
Amcore Financial, Inc.			1,313		39,771
AmericanWest Bancorp			720		15,300
AmeriCredit Corporation	*†		7,568		189,124
Ameris Bancorp			1,414		38,475
Anchor Bancorp Wisconsin, Inc.			1,412		40,327
Arrow Financial Corporation			477		12,094
Associated Banc Corporation			6,886		223,795
Asta Funding, Inc.			650		24,368
Astoria Financial Corporation			4,831		148,891
BancFirst Corporation			642		29,994
Bancorpsouth, Inc.			3,722		103,323
BancTrust Financial Group, Inc.			1,600		44,624
Bank Mutual Corporation			3,757		45,572
Bank of Hawaii Corporation			2,694		129,743
Bank of the Ozarks, Inc.			1,070		36,241
BankAtlantic Bancorp, Inc. Class A			3,411		48,504
Bankunited Financial Corporation Class A	†		2,413		62,907
Banner Corporation			990		40,630
Blue River Bancshares, Inc.			2,545		15,830
BOK Financial Corporation			1,496		78,690
Boston Private Financial Holdings, Inc.			1,777		49,543
Brookline Bancorp, Inc.			3,836		52,745
Bryn Mawr Bank Corporation			1,548		34,211
Camden National Corporation			740		29,748
Capital Bank Corporation			1,283		22,542
Capital City Bank Group, Inc.			738		22,952
Capital Crossing Bank	*		362		10,534
Capitol Bancorp Ltd.			1,130		50,285
Capitol Federal Financial			1,016		36,129
Cardinal Financial Corporation			2,163		23,706
Cascade Bancorp			1,755		65,900
Cascade Financial Corporation			1,063		17,423
Cathay General Bancorp			2,284		82,452
Centennial Bank Holdings, Inc.	*		4,150		40,172
Central Pacific Financial Corporation			1,889		69,100
CFS Bancorp, Inc.			1,873		27,702
Charter Financial Corporation			350		13,996
Chemical Financial Corporation			1,637		48,586
Chittenden Corporation			2,222		63,749
Citizens Banking Corporation	†		2,320		60,923
City Bank, Lynnwood, WA			1,098		51,639
City Holding Company			930		37,079
City National Corporation			2,229		149,477
Coastal Financial Corporation			1,953		24,601
CoBiz, Inc.			1,800		41,148
Colonial BancGroup, Inc. (The)			7,913		193,868
Columbia Banking System, Inc.			1,330		42,573
Commerce Bancshares, Inc.			3,400		171,938
Commercial Bankshares, Inc. (Florida)			310		11,058
Commercial Capital Bancorp, Inc.			2,557		40,759
Community Bancorp	*		430	$	13,119
Community Bank System, Inc.			1,892		41,927
Community Banks, Inc.			1,641		43,979
Community Trust Bancorp, Inc.			1,028		38,704
CompuCredit Corporation	*		2,354		71,114
Corus Bankshares, Inc.	†		2,102		47,001
Cullen/Frost Bankers, Inc.			2,873		166,117
CVB Financial Corporation			3,713		54,841
Dime Community Bancshares			1,638		24,128
Downey Financial Corporation			1,308		87,034
Eastern Virginia Bankshares, Inc.			701		14,833
East-West Bancorp, Inc.			3,020		119,622
Euronet Worldwide, Inc.	*		1,586		38,936
Farmers Capital Bank Corporation			1,113		37,697
Fidelity Bankshares, Inc.			1,432		55,862
Fidelity Southern Corporation			1,382		25,242
Financial Federal Corporation	†		1,515		40,602
Financial Institutions, Inc.			750		17,520
First Bancorp North Carolina			1,473		30,020
First Bancorp Puerto Rico	†		3,926		43,422
First Charter Corporation	†		2,103		50,598
First Citizens BancShares, Inc. Class A			275		52,552
First Commonwealth Financial Corporation			4,656		60,668
First Community Bancorp			894		50,019
First Financial Bancorp	†		3,075		48,923
First Financial Bankshares, Inc.			1,106		42,194
First Financial Holdings, Inc.			450		15,399
First Financial Service Corporation			899		26,943
First Indiana Corporation			1,200		31,212
First Merchants Corporation			1,625		38,431
First Midwest Bancorp, Inc.			2,422		91,770
First Niagara Financial Group, Inc.			5,990		87,334
First of Long Island Corporation (The)			493		21,813
First Republic Bank			1,471		62,606
FirstBank NW Corporation			400		11,136
FirstFed Financial Corporation	*†		1,033		58,592
FirstMerit Corporation			4,085		94,649
Flag Financial Corp.			720		18,029
Flagstar Bancorp, Inc.			1,470		21,388
Flushing Financial Corporation			1,450		25,375
FMS Financial Corporation			500		10,950
FNB Corporation			3,347		55,761
Franklin Bank Corporation	*		1,930		38,368
Fremont General Corporation			3,340		46,727
Frontier Financial Corporation	†		2,255		58,482
Fulton Financial Corporation			9,693		156,930
Glacier Bancorp, Inc.			1,743		59,558
Great Lakes Bancorp, Inc.	*		791		12,711
Great Southern Bancorp, Inc.			470		13,207
Greater Bay Bancorp			2,834		79,947
Hallwood Group, Inc.	*		100		9,400
Hancock Holding Company			1,352		72,400
Hanmi Financial Corporation			2,860		56,056
Harbor Florida Bancshares, Inc.			1,412		62,566
Harleysville National Corporation			2,124		42,692
Harrington West Financial Group, Inc.			1,172		19,520
Heritage Commerce Corporation			1,180		27,305
Heritage Financial Corporation			972		25,311
Horizon Financial Corporation			500		14,930
Horizon Financial Services Corporation			450		6,120
Hudson City Bancorp, Inc.			28,966		383,800
Iberiabank Corporation			687		41,907

See accompanying notes to schedule of investments.

88

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Independent Bank Corporation (Massachusetts)			874	$	28,422
Independent Bank Corporation (Michigan)			1,385		33,627
IndyMac Bancorp, Inc.	†		3,274		134,758
Integra Bank Corporation			1,659		41,940
International Bancshares Corporation			3,087		91,622
Investors Financial Services Corporation			3,490		150,349
Irwin Financial Corporation			1,296		25,350
Itla Capital Corporation			680		36,557
Kearny Financial Corporation			1,000		15,180
KNBT Bancorp, Inc.			1,653		26,580
Lakeland Financial Corporation			500		11,755
MAF Bancorp, Inc.			1,636		67,550
Main Street Trust, Inc.			291		10,025
MainSource Financial Group, Inc.			1,650		28,000
MB Financial, Inc.			1,601		59,047
Medallion Financial Corporation			2,518		27,774
Mercantile Bankshares Corporation			6,466		234,522
Merchants Bancshares, Inc.			572		13,559
Midsouth Bancorp, Inc.	†		401		13,353
Mid-State Bancshares			1,770		48,427
Midwest Banc Holdings, Inc.			1,420		34,676
MidWestOne Financial Group, Inc.			583		11,220
Mitcham Industries, Inc.	*		1,100		11,627
Nara Bancorp, Inc.			2,060		37,677
NASB Financial, Inc.			529		21,049
National Penn Bancshares, Inc.			2,437		47,814
NBT Bancorp, Inc.			2,320		53,963
Nelnet, Inc. Class A	*		1,351		41,530
Netbank, Inc.			2,851		17,249
New York Community Bancorp, Inc.	†		13,111		214,758
NewAlliance Bancshares, Inc.			5,770		84,530
Northern States Financial Corporation			773		14,687
Northwest Bancorp, Inc.			1,598		40,749
Ocwen Financial Corp.	*†		3,358		50,034
Old National Bancorp			3,796		72,504
Old Second Bancorp, Inc.			940		28,162
Omega Financial Corp.			1,100		33,077
Oriental Financial Group (Puerto Rico)	†		2,140		25,509
Pacific Capital Bancorp			2,664		71,848
Pacific Premier Bancorp, Inc.	*		977		11,724
Park National Corporation			624		62,456
Parkvale Financial Corporation			1,077		34,518
Partners Trust Financial Group, Inc.			3,310		35,450
Peapack Gladstone Financial Corporation			390		9,543
Peoples Bancorp, Inc.			1,235		36,099
People’s Bank			2,904		115,027
Peoples Financial Corporation			884		22,542
PFF Bancorp, Inc.			1,563		57,894
Popular, Inc. (Puerto Rico)			12,566		244,283
Premier Community Bankshares, Inc.			934		19,801
PrivateBancorp, Inc.	†		1,270		58,064
Prosperity Bancshares, Inc.			1,930		65,697
Provident Bankshares Corporation			1,869		69,246
Provident Financial Services, Inc.			3,604		66,710
Provident New York Bancorp			3,488		47,716
R&G Financial Corporation Class B (Puerto Rico)			1,556		11,592
Renasant Corporation			1,215		34,105
Republic Bancorp, Inc.			3,755		50,054
Republic Bancorp, Inc. Class A			976	$	20,642
Riverview Bancorp, Inc.			2,602		35,127
Royal Bancshares of Pennsylvania Class A			840		22,756
S&T Bancorp, Inc.			1,478		48,035
S.Y. Bancorp, Inc.			1,060		31,450
Sandy Spring Bancorp, Inc.			694		24,540
Santander Bancorp (Puerto Rico)			511		9,653
Security Bank Corporation			440		9,948
Shore Bancshares, Inc.			828		23,805
Signature Bank/New York, NY	*		1,670		51,653
Simmons First National Corporation Class A			911		26,428
Sky Financial Group, Inc.			5,959		148,379
South Financial Group, Inc. (The)			3,909		101,751
SouthFirst Bancshares, Inc.			400		5,600
Southwest Bancorp, Inc.			1,320		34,082
State Bancorp, Inc.			988		20,214
Sterling Bancorp, NY			1,691		33,245
Sterling Bancshares, Inc.			2,585		52,346
Sterling Financial Corporation (Pennsylvania)			1,558		34,260
Sterling Financial Corporation (Washington)			2,023		65,606
Student Loan Corporation			247		47,468
Suffolk Bancorp			1,100		35,112
Susquehanna Bancshares, Inc.			2,892		70,680
SVB Financial Group	*†		1,768		78,924
TCF Financial Corporation			6,764		177,826
TD Banknorth, Inc.			6,870		198,406
Texas Capital Bancshares, Inc.	*		1,870		35,006
Texas Regional Bancshares, Inc. Class A			2,981		114,619
Texas United Bancshares, Inc.			550		18,144
Tompkins Trustco, Inc.			665		30,224
Trustco Bank Corporation			4,645		50,352
Trustmark Corporation			2,436		76,563
UCBH Holdings, Inc.			5,352		93,446
UMB Financial Corporation			1,992		72,847
Umpqua Holdings Corporation			2,761		78,965
Union Bankshares Corporation			790		35,013
UnionBanCal Corporation			2,988		181,969
United Bankshares, Inc.			2,205		82,070
United Community Banks, Inc.			2,120		63,706
United Western Bancorp, Inc.	*		974		20,727
Valley National Bancorp			6,445		164,799
W Holding Company, Inc. (Puerto Rico)	†		6,219		36,754
Washington Federal, Inc.			4,712		105,737
Washington Trust Bancorp, Inc.			960		25,450
Webster Financial Corporation			2,793		131,578
Wesbanco, Inc.			1,500		43,830
West Coast Bancorp			1,290		39,397
Westamerica Bancorporation			1,709		86,322
Westfield Financial, Inc.			1,240		39,395
Whitney Holding Corporation			3,296		117,898
Willow Grove Bancorp, Inc.			1,179		18,463
Wilmington Trust Corporation			3,614		161,004
Wintrust Financial Corporation			1,298		65,095
World Acceptance Corporation	*		739		32,501
WSFS Financial Corporation			610		37,936
					12,936,141
Beverages, Food & Tobacco—1.8%
American Italian Pasta Company Class A	*†		937		7,290
Boston Beer Co., Inc. Class A	*		580		19,053
Bridgford Foods Corporation	*		560		3,494

See accompanying notes to schedule of investments.

89

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Bunge Ltd.	†		6,150	$	356,392
Central European Distribution Corporation	*†		1,597		37,386
Chiquita Brands International, Inc.			1,890		25,288
Coca-Cola Bottling Company Consolidated			437		27,085
Corn Products International, Inc.			3,796		123,522
Del Monte Foods Company			11,215		117,197
Delta & Pine Land Company			2,268		91,854
Farmer Brothers Company			930		19,102
Flowers Foods, Inc.			2,760		74,189
Fresh Del Monte Produce, Inc. (Cayman Islands)			1,097		19,077
Gold Kist, Inc.	*		2,330		48,557
Green Mountain Coffee Roasters, Inc.	*		500		18,400
Griffin Land & Nurseries, Inc.	*		650		19,675
Hain Celestial Group, Inc.	*		2,166		55,363
Hansen Natural Corporation	*		3,680		119,526
Hormel Foods Corporation			4,076		146,654
Inventure Group (The), Inc.	*		683		1,626
JM Smucker Company (The)			3,155		151,282
John B. Sanfilippo & SON	*		370		3,774
Kraft Foods, Inc. Class A	†		13,408		478,129
Lancaster Colony Corporation			1,510		67,588
Lance, Inc.			1,371		30,189
Loews Corp.—Carolina Group			5,621		311,347
M&F Worldwide Corporation	*		781		11,481
Margo Caribe, Inc. (Puerto Rico)	*		1,022		5,892
Nash Finch Company	†		570		13,412
Peet’s Coffee & Tea, Inc.	*		1,297		32,438
PepsiAmericas, Inc.			3,812		81,348
Performance Food Group Company	*		1,907		53,568
Pilgrim’s Pride Corporation			2,376		64,984
Ralcorp Holdings, Inc.	*		1,658		79,965
Reliv International, Inc.			1,110		9,990
Sanderson Farms, Inc.	†		1,504		48,669
Seaboard Corporation	†		23		27,715
Smart & Final, Inc.	*		1,115		19,033
Smithfield Foods, Inc.	*		4,853		131,128
Spartan Stores, Inc.			960		16,224
Tootsie Roll Industries, Inc.			1,665		48,801
Topps Company, Inc. (The)			2,256		20,214
TreeHouse Foods, Inc.	*†		1,394		32,968
United Natural Foods, Inc.	*†		2,024		62,724
Universal Corporation			1,079		39,416
Vector Group Ltd.	†		2,277		36,940
					3,209,949
Bio-Technology—0.0%
Acacia Research—Acacia Technologies	*		1,430		16,230
Building Materials—0.7%
Amcol International Corporation			1,827		45,511
Andersons, Inc.	†		1,222		41,731
Carbo Ceramics, Inc.	†		1,203		43,344
Champion Enterprises, Inc.	*		4,019		27,731
Chemed Corporation			1,472		47,487
Chindex International, Inc.	*†		549		7,768
Comfort Systems USA, Inc.			2,180		24,983
Conceptus, Inc.	*		1,047		18,521
Digi International, Inc.	*		2,517		33,979
Eagle Materials, Inc.			2,611		87,938
ElkCorp			939	$	25,494
EP Medsystems, Inc.	*		5,240		8,017
Florida Rock Industries, Inc.			2,698		104,440
Ikon Office Solutions, Inc.			5,770		77,549
Ingram Micro, Inc. Class A	*		6,771		129,732
Insight Enterprises, Inc.	*		2,944		60,676
Interline Brands, Inc.	*		1,400		34,552
Jewett-Cameron Trading Ltd. (Canada)	*		1,050		10,957
Owens & Minor, Inc.			2,163		71,141
Performance Technologies, Inc.	*		794		5,399
Precis, Inc.	*		3,538		6,899
Quanta Services, Inc.	*†		5,753		96,996
Rock of Ages Corporation			1,387		6,339
Tech Data Corporation	*		2,708		98,923
US Concrete, Inc.	*		2,050		13,345
USG Corporation	*†		3,690		173,578
					1,303,030
Chemicals—1.8%
A. Schulman, Inc.			1,444		33,948
Aceto Corporation			1,070		7,533
AEP Industries, Inc.	*		373		15,647
Airgas, Inc.			3,575		129,308
Albemarle Corporation			2,236		121,482
Arch Chemicals, Inc.			1,211		34,453
Atlantis Plastics, Inc. Class A	*†		1,278		8,626
Balchem Corp.—Class B			720		14,249
Cabot Corporation			2,894		107,657
Cabot Microelectronics Corporation	*		1,450		41,789
Calgon Carbon Corporation	*†		4,550		20,111
Celanese Corporation Class A			3,960		70,884
CF Industries Holdings, Inc.			3,230		55,136
Chemtura Corporation			13,115		113,707
Church & Dwight, Inc.			3,411		133,404
Compass Minerals International, Inc.			2,020		57,186
Cooper Tire & Rubber Company	†		3,187		32,061
Cytec Industries, Inc.			2,025		112,570
Empire Financial Holding Company	*		1,550		4,107
FMC Corporation			1,938		124,168
Female Health Company (The)	*†		4,532		6,028
Georgia Gulf Corporation			1,719		47,135
HB Fuller Company			2,570		60,241
Huntsman Corporation	*		5,430		98,826
Landec Corporation	*		3,037		32,800
LSB Industries, Inc.	*†		1,412		12,708
Lubrizol Corporation			3,430		156,854
Lyondell Chemical Company			11,899		301,878
MacDermid, Inc.			1,457		47,527
Minerals Technologies, Inc.			1,108		59,167
Mosaic Company (The)	*		6,930		117,117
Myers Industries, Inc.			1,717		29,189
Nalco Holding Company	*		4,180		77,414
NewMarket Corporation			690		40,130
NL Industries, Inc.	†		412		4,095
NuCo2, Inc.	*		761		20,471
Olin Corporation			3,437		52,792
OM Group, Inc.	*		1,477		64,899
Omnova Solutions, Inc.	*		3,769		15,754
Penford Corporation			786		11,900
Pharmos Corporation	*		1,375		2,406
PolyOne Corporation	*		4,683		39,009
Scotts Company (The) Class A			2,494		110,958
Sensient Technologies Corporation			2,028		39,688
Spartech Corporation			2,251		60,259
Stepan Company			1,197		34,988

See accompanying notes to schedule of investments.

90

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
SurModics, Inc.	*†		1,185	$	41,617
Trex Company, Inc.	*†		732		17,685
Tronox, Inc.—Class A			2,250		28,687
Tupperware Corporation			3,120		60,715
UAP Holding Corporation			2,160		46,159
Unifi, Inc.	*		2,629		6,310
USEC, Inc.			4,047		39,013
Valhi, Inc.			1,641		38,153
W.R. Grace & Company	*†		3,690		48,929
Wellman, Inc.			1,669		6,659
West Pharmaceutical Services, Inc.			1,706		66,995
Westlake Chemical Corp.			800		25,608
					3,208,789
Coal—0.6%
Alliance Resource Partners, LP			1,280		44,570
Alpha Natural Resources, Inc.	*		3,220		50,747
Arch Coal, Inc.			7,556		218,444
Foundation Coal Holdings, Inc.			2,120		68,624
International Coal Group, Inc.	*†		7,310		30,848
James River Coal Company	*†		1,950		20,572
Natural Resource Partners, LP			700		35,707
Peabody Energy Corporation			13,638		501,606
Penn Virginia Resource Partners, LP	†		1,440		34,603
Westmoreland Coal Company	*		600		11,802
					1,017,523
Commercial Services—6.6%
Aaron Rents, Inc.	†		2,599		59,725
ABM Industries, Inc.			2,291		42,979
Accelrys, Inc.	*		3,326		20,921
Accenture Ltd. Class A (Bermuda)			29,660		940,519
ACCO Brands Corporation	*		2,358		52,489
Administaff, Inc.			1,143		38,519
Advisory Board Company (The)	*†		950		47,994
Advo, Inc.			1,727		48,321
Affymetrix, Inc.	*†		3,535		76,215
Akamai Technologies, Inc.	*		7,885		394,171
Ambassadors Group, Inc.			1,380		39,026
Ambassadors International, Inc.			524		16,553
Amerco, Inc.	*		806		59,765
AmeriGas Partners, LP	†		1,070		33,020
AMN Healthcare Services, Inc.	*		1,507		35,791
Angelica Corporation			511		8,692
Antigenics, Inc.	*		1,707		2,646
APAC Customer Services, Inc.	*		1,972		5,226
Applera Corporation Celera Genomics Group	*		4,519		62,904
Ariad Pharmaceuticals, Inc.	*		5,713		24,909
Asset Acceptance Capital Corporation	*		728		11,830
Avis Budget Group, Inc.			3,733		68,277
Axonyx, Inc.	*		2,772		2,495
BISYS Group, Inc. (The)	*		6,749		73,294
Bandag, Inc.			1,000		41,040
Barrett Business Services, Inc.	*		1,740		37,358
BearingPoint, Inc.	*		10,066		79,119
Bowne & Company, Inc.			1,575		22,491
Bright Horizons Family Solutions, Inc.	*		1,210		50,493
Brink’s Company (The)			2,780		147,507
Career Education Corporation	*		5,428		122,130
Casella Waste Systems, Inc. Class A	*		2,380		24,609
CDI Corporation			711		14,725
Celgene Corporation	*		17,836	$	772,299
Central Parking Corporation			1,898		31,317
Cenveo, Inc.	*		2,792		52,545
Ciphergen Biosystems, Inc.	*		1,500		1,995
Clean Harbors, Inc.	*†		510		22,210
Coinmach Service Corp.—Class A			1,800		17,874
Coinstar, Inc.	*		1,075		30,938
Consolidated Graphics, Inc.	*		777		46,752
Corinthian Colleges, Inc.	*		4,426		47,845
Cornell Companies, Inc.	*		750		12,960
Corporate Executive Board Company			2,198		197,622
Courier Corporation			816		30,306
CRA International, Inc.	*		836		39,844
CuraGen Corporation	*		2,318		7,974
CV Therapeutics, Inc.	*†		2,624		29,231
Cytyc Corporation	*		5,941		145,436
DataTRAK International, Inc.	*†		1,359		7,583
DeVry, Inc.	*		2,980		63,385
Diamond Management & Technology Consultants, Inc.	*		1,432		15,952
Digitas, Inc.	*		5,372		51,679
Diversa Corporation	*		1,790		14,356
Dollar Thrifty Automotive Group, Inc.	*		1,428		63,646
Dun & Bradstreet Company	*		3,402		255,116
EGL, Inc.	*†		1,862		67,851
Edgewater Technology, Inc.	*		1,533		8,738
eFunds Corporation	*		2,250		54,405
Ennis Business Forms, Inc.			2,106		45,595
EntreMed, Inc.	*		1,390		2,585
EPIQ Systems, Inc.	*†		725		10,665
eResearch Technology, Inc.	*†		2,056		16,674
Escala Group, Inc.	*†		952		5,179
Exact Sciences Corporation	*		1,250		2,537
Exelixis, Inc.	*		4,495		39,151
Exponent, Inc.	*		760		12,669
First Advantage Corp.—Class A	*		630		13,142
First Aviation Services, Inc.	*		1,818		6,308
First Consulting Group, Inc.	*		3,067		29,903
Forrester Research, Inc.	*		963		25,337
FTI Consulting, Inc.	*		2,345		58,766
G&K Services, Inc. Class A			1,008		36,721
Gene Logic, Inc.	*		950		1,472
Gen-Probe, Inc.	*		2,640		123,790
Gevity HR, Inc.			1,764		40,184
Greenfield Online, Inc.	*		955		9,922
Harris Interactive, Inc.	*		2,730		16,653
Healthcare Services Group, Inc.			1,141		28,708
Heidrick & Struggles International, Inc.	*		866		31,176
Hewitt Associates, Inc. Class A	*		5,202		126,201
Hudson Highland Group, Inc.	*		1,880		18,424
Icos Corporation	*		3,529		88,437
I-many, Inc.	*		952		1,904
Incyte Corporation	*		4,623		19,555
Inergy, LP			2,450		66,738
Internet Capital Group, Inc.	*		1,769		16,717
inVentiv Health, Inc.	*		1,350		43,240
Ipass, Inc.	*†		2,180		10,202
Iron Mountain, Inc.	*		6,400		274,816
Isis Pharmaceuticals, Inc.	*		4,346		31,204
ITT Educational Services, Inc.	*		2,483		164,623
Jackson Hewitt Tax Service, Inc.			1,730		51,917
Jacobs Engineering Group, Inc.	*		3,129		233,830
John H. Harland Company			1,722		62,767
Kelly Services, Inc. Class A			1,173		32,152
Kendle International, Inc.	*		790		25,296
Kforce.com, Inc.	*		1,688		20,138

See accompanying notes to schedule of investments.

91

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Korn Ferry International	*		2,475	$	51,826
Kosan Biosciences, Inc.	*		2,000		9,660
Labor Ready, Inc.	*		3,035		48,348
Landauer, Inc.			599		30,399
Laureate Education, Inc.	*		2,276		108,929
Learning Tree International, Inc.	*		766		6,228
LECG Corporation	*		884		16,584
Lexicon Genetics, Inc.	*		2,344		8,837
LifeCell Corporation	*†		1,850		59,607
Lionbridge Technologies, Inc.	*		2,495		19,037
LoJack Corporation	*		740		14,497
Luminex Corporation	*		2,690		49,039
Macquarie Infrastructure Company Trust			1,000		31,180
Magellan Health Services, Inc.	*		1,990		84,774
Management Network Group, Inc.	*		1,600		2,656
Manpower, Inc.			4,504		275,960
MasterCard, Inc. Class A	*†		3,176		223,432
Maximus, Inc.			1,052		27,457
Maxygen, Inc.	*		1,231		10,230
Medical Staffing Network Holdings, Inc.	*		1,686		10,487
Midas, Inc.	*		1,278		26,429
Millennium Cell, Inc.	*†		1,700		1,802
Mobile Mini, Inc.	*		1,880		53,411
MoneyGram International, Inc.			4,671		135,739
Monogram Biosciences, Inc.	*		9,010		13,785
Monro Muffler, Inc.			490		16,665
MPS Group, Inc.	*		5,227		78,980
MSGI Security Solutions, Inc.	*		938		1,041
MTC Technologies, Inc.	*		620		14,905
Myriad Genetics, Inc.	*†		1,901		46,860
NCO Group, Inc.	*		1,315		34,479
National Research Corporation			1,250		31,875
Navigant Consulting, Inc.	*†		2,314		46,419
NeoPharm, Inc.	*†		965		4,680
NetRatings, Inc.	*		1,164		16,564
Neurogen Corporation	*		1,873		12,624
Omnicell, Inc.	*		1,584		28,338
On Assignment, Inc.	*		3,093		30,342
Online Resources Corporation	*		2,780		34,055
Opsware, Inc.	*		5,790		52,168
Oscient Pharmaceuticals Corporation	*		3,710		3,821
Overland Storage, Inc.	*		1,282		8,269
PDI, Inc.	*		703		8,169
Pegasystems, Inc.			2,142		18,700
Perma-Fix Environmental Services	*		5,502		11,389
Per-Se Technologies, Inc.	*		1,658		37,769
Pfsweb, Inc.	*		5,683		3,978
Pharmaceutical Product Development, Inc.			5,808		207,288
PharmaNet Development Group, Inc.	*		1,036		20,129
PHH Corporation	*		3,080		84,392
Portfolio Recovery Associates, Inc.	*†		884		38,781
Possis Medical, Inc.	*		1,278		12,588
PRA International	*		1,380		36,832
Pre-Paid Legal Services, Inc.	†		780		30,943
Presstek, Inc.	*		2,015		10,861
Princeton Review, Inc.	*		2,409		12,479
Ramtron International Corporation	*		1,920		6,336
RCM Technologies, Inc.	*		1,593		8,077
Regeneration Technologies, Inc.	*		3,227		22,654
Regis Corporation			2,208		79,157
Rent-A-Center, Inc.	*†		4,057	$	118,830
Rentech, Inc.	*†		6,500		30,095
Rent-Way, Inc.	*		1,360		14,266
Republic Services, Inc.			6,349		255,293
Res-Care, Inc.	*		1,222		24,550
Resources Connection, Inc.	*		2,702		72,387
Rewards Network, Inc.	*		3,328		16,207
Rollins, Inc.			1,702		35,929
Savient Pharmaceuticals, Inc.	*		4,700		30,597
Senomyx, Inc.	*†		2,620		40,269
Sequenom, Inc.	*		614		1,314
Service Corporation International			16,975		158,546
ServiceMaster Company (The)			14,937		167,444
Sitel Corporation	*		2,384		7,176
Sotheby’s Holdings, Inc. Class A	†		2,753		88,757
Spherion Corporation	*		2,689		19,226
Standard Register Company (The)			1,650		21,780
StarTek, Inc.			1,875		23,381
Steiner Leisure, Ltd. (Bahama Islands)	*		990		41,629
Stericycle, Inc.	*		2,219		154,864
Strayer Education, Inc.	†		851		92,087
Suburban Propane Partners, LP			1,000		33,760
SupportSoft, Inc.	*		2,202		9,623
Symyx Technologies, Inc.	*		1,965		41,638
Synagro Technologies, Inc.			3,224		13,605
Team, Inc.	*†		620		15,537
Tejon Ranch Company	*†		763		32,374
TeleTech Holdings, Inc.	*†		2,739		42,811
Telik, Inc.	*†		3,499		62,247
Tetra Tech, Inc.	*		3,204		55,814
TRC Companies, Inc.	*		998		8,503
Trimeris, Inc.	*		1,214		10,683
TRM Corporation	*		780		1,739
United Rentals, Inc.	*†		3,294		76,585
Universal Compression Holdings, Inc.	*		1,483		79,266
Universal Technical Institute, Inc.	*		1,609		28,785
URS Corporation	*		2,652		103,136
Valassis Communications, Inc.	*		2,737		48,308
Varsity Group, Inc.	*		2,748		10,497
Vertrue, Inc.	*†		749		29,451
Viad Corporation			1,307		46,281
Volt Information Sciences, Inc.	*†		834		29,649
Washington Group International, Inc.			1,380		81,227
Waste Connections, Inc.	*		2,570		97,429
Waste Industries USA, Inc.			1,297		35,058
Watson Wyatt & Company Holdings			2,160		88,387
Weight Watchers International, Inc.			2,447		108,500
Westaff, Inc.	*		942		3,853
Wind River Systems, Inc.	*†		4,106		43,975
World Fuel Services Corporation			1,382		55,902
Wright Express Corporation	*		1,900		45,714
Xanser Corporation	*		4,100		23,985
					11,852,799
Communications—2.3%
Ace*Comm Corporation	*		3,033		5,702
AltiGen Communications, Inc.	*		4,110		6,247
American Tower Corporation Class A	*		21,594		788,181
Anadigics, Inc.	*		3,457		24,752
Andrew Corporation	*		8,267		76,304
Anixter International, Inc.			1,724		97,354
Applied Innovation, Inc.	*		500		1,575
Applied Signal Technology, Inc.			858		12,733
Arris Group, Inc.	*		5,807		66,548

See accompanying notes to schedule of investments.

92

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Avici Systems, Inc.	*†		3,811	$	32,965
Avistar Communications Corporation	*		774		1,184
Blonder Tongue Laboratories	*		2,285		2,788
Broadwing Corporation	*†		4,278		53,988
CalAmp Corporation	*		1,650		10,048
Carrier Access Corporation	*		1,178		8,364
C-COR.net Corporation	*		4,848		41,596
Centillium Communications, Inc.	*		1,589		3,242
Checkpoint Systems, Inc.	*		2,042		33,713
Comtech Telecommunications	*		1,350		45,198
Crown Castle International Corporation	*		11,813		416,290
CT Communications, Inc.			1,105		24,001
Cubic Corporation			1,262		24,710
Digital Lightwave, Inc.	*		2,931		703
Ditech Networks, Inc.	*		1,360		10,486
EndWave Corporation	*		912		11,017
Foundry Networks, Inc.	*		6,611		86,935
Glenayre Technologies, Inc.	*		5,333		11,733
Harmonic, Inc.	*		2,820		20,727
Harris Corporation			6,650		295,858
Hungarian Telephone & Cable Corporation	*		712		11,250
ID Systems, Inc.	*		1,146		27,080
InterDigital Communications Corporation	*		3,383		115,360
International Electronics, Inc.	*		1,150		1,782
Inter-Tel, Inc.			1,334		28,814
InterVoice, Inc.	*		4,035		25,582
Intraware, Inc.	*		783		3,602
Loral Space & Communications, Ltd. (Bermuda)	*		660		17,371
Marvell Technology Group Ltd. (Bermuda)	*		23,510		455,389
McData Corporation Class A	*		8,674		43,630
Metro One Telecommunications	*		312		817
Mindspeed Technologies, Inc.	*		4,010		6,937
NMS Communications Corporation	*		3,530		10,219
On2 Technologies, Inc.	*		4,620		3,234
Openwave Systems, Inc.	*		4,311		40,351
Peco II, Inc.	*		657		815
Pegasus Wireless Corporation	*		2,000		1,220
Plantronics, Inc.	†		2,366		41,476
Polycom, Inc.	*		4,658		114,261
Powerwave Technologies, Inc.	*†		5,514		41,906
Premiere Global Services, Inc.	*		3,644		31,630
Radyne Corporation	*		1,100		13,464
SBA Communications Corporation	*		4,170		101,456
SeaChange International, Inc.	*		1,339		11,904
Sirius Satellite Radio, Inc.	*†		63,179		247,030
Socket Communications, Inc.	*		1,300		1,339
Sonus Networks, Inc.	*		12,770		67,170
Spectralink Corporation			1,133		9,302
Standard Microsystems Corporation	*		1,446		41,095
Stratex Networks, Inc.	*		6,040		26,818
Symmetricom, Inc.	*		2,040		16,463
Tekelec	*		3,640		47,174
Tollgrade Communications, Inc.	*		601		5,379
Tut Systems, Inc.	*†		1,414		1,343
Ulticom, Inc.	*		1,583		16,479
Universal Security Instruments, Inc.	*		200		5,450
Utstarcom, Inc.	*†		4,666		41,387
Viasat, Inc.	*		1,190	$	29,845
Westell Technologies, Inc. Class A	*		3,671		7,672
XM Satellite Radio Holdings, Inc. Class A	*†		12,131		156,369
Zhone Technologies, Inc.	*		3,916		4,190
Zix Corporation	*		1,016		630
Zoom Telephonics, Inc.	*		2,712		2,902
					4,092,529
Computer Software & Processing—5.4%
3D Systems Corporation	*†		1,159		21,256
ActivIdentity Corp.	*		5,830		27,401
Activision, Inc.	*		14,911		225,156
Actuate Corporation	*		6,674		29,499
Acxiom Corporation			4,032		99,429
Advent Software, Inc.	*†		1,451		52,541
Agile Software Corporation	*		2,087		13,628
Alliance Data Systems Corporation	*		3,646		201,223
Altiris, Inc.	*		975		20,563
American Access Technologies, Inc.	*		1,400		1,680
American Software, Inc. Class A			1,950		13,357
AMICAS, Inc.	*		2,496		7,438
answerthink, Inc.	*		2,851		7,669
Ansys, Inc.	*		1,688		74,576
Applied Digital Solutions, Inc.	*†		4,675		7,573
Applix, Inc.	*		4,341		39,112
Arbitron, Inc.			1,628		60,252
Ariba, Inc.	*		4,717		35,330
Art Technology Group, Inc.	*		8,335		21,338
Aspen Technology, Inc.	*†		2,980		32,542
At Road, Inc.	*		1,948		11,376
Audible, Inc.	*†		1,213		8,806
Autobytel, Inc.	*		4,755		13,932
Avocent Corporation	*†		2,887		86,956
BEA Systems, Inc.	*		23,961		364,207
Bankrate, Inc.	*†		1,084		28,791
Blackbaud, Inc.			2,265		49,807
Blue Coat Systems, Inc.	*		1,736		31,265
Borland Software Corporation	*		2,936		16,823
Bottomline Technologies, Inc.	*		1,490		14,542
Brady Corporation Class A			2,304		81,009
Bsquare Corp.	*		225		452
CMGI, Inc.	*		15,258		16,173
CNET Networks, Inc.	*†		9,101		87,188
CSG Systems International, Inc.	*		3,014		79,660
CACI International, Inc. Class A	*		1,719		94,562
Cadence Design Systems, Inc.	*		14,776		250,601
Callidus Software, Inc.	*		173		841
Captaris, Inc.	*		1,164		6,821
Carreker Corporation	*		1,681		10,321
Cellular Technical Services Company, Inc.	*		500		962
Ceridian Corporation	*		7,517		168,080
Cerner Corporation	*†		3,496		158,718
Checkfree Corporation	*		3,707		153,173
Choicepoint, Inc.	*†		4,713		168,725
Chordiant Software, Inc.	*		4,649		14,272
Ciber, Inc.	*		2,445		16,210
Click Commerce, Inc.	*†		670		15,155
Clinical Data, Inc.	*†		1,332		18,635
Cogent Communications Group, Inc.	*		3,215		37,262
Cogent, Inc.	*†		1,940		26,636
Cognex Corporation			2,024		51,126
Cognizant Technology Solutions Corporation	*		7,428		550,118

See accompanying notes to schedule of investments.

93

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Computer Horizons Corporation	*		1,347	$	5,388
Concur Technologies, Inc.	*†		2,083		30,308
Corillian Corporation	*		1,472		4,033
CoStar Group, Inc.	*†		1,140		47,105
Covansys Corporation	*		1,478		25,333
Cybersource Corporation	*		1,281		15,154
DST Systems, Inc.	*†		3,335		205,669
Deluxe Corporation			2,710		46,341
Dendrite International, Inc.	*		1,587		15,521
Digital Insight Corporation	*		1,983		58,142
Digital River, Inc.	*†		1,977		101,064
DocuCorp International, Inc.	*		1,429		11,146
Earthlink, Inc.	*		5,814		42,268
EasyLink Services Corp.—Class A	*		47		181
ebix.com, Inc.	*		1,755		35,977
Echelon Corporation	*†		1,770		14,549
Eclipsys Corporation	*†		1,847		33,080
eCollege.com, Inc.	*†		635		10,154
Egain Communications Corporation	*		2,914		4,080
Electro Rent Corporation	*		951		16,177
Electronics for Imaging	*		2,859		65,414
Embarcadero Technologies, Inc.	*		1,253		10,300
Entrust Technologies, Inc.	*		2,200		7,612
Epicor Software Corporation	*		1,693		22,195
eSpeed, Inc. Class A	*		3,650		33,580
Evolving Systems, Inc.	*		1,054		1,043
F5 Networks, Inc.	*		2,022		108,622
Factset Research Systems, Inc.			1,911		92,817
Fair Isaac Corporation	†		3,719		136,004
FalconStor Software, Inc.	*		1,374		10,566
Fidelity National Information Services, Inc.	†		4,578		169,386
Filenet Corporation	*		2,329		81,119
Gartner Group, Inc. Class A	*		3,019		53,104
Gerber Scientific, Inc.	*		1,608		24,088
Hypercom Corporation	*		4,002		27,134
HyperFeed Technologies, Inc.	*		1,614		1,509
Hyperion Solutions Corporation	*		3,084		106,336
iGate Capital Corporation	*		2,997		14,805
Imergent, Inc.	*†		1,860		26,282
Infocrossing, Inc.	*†		2,480		33,257
Informatica Corporation	*		4,842		65,803
Inforte Corporation	*		1,897		7,835
Infospace, Inc.	*		1,323		24,396
InfoUSA, Inc.			2,708		22,476
Integral Systems, Inc.			631		19,725
Interactive Data Corporation	*		2,351		46,902
Interactive Intelligence, Inc.	*		950		10,982
Intergraph Corporation	*		1,734		74,354
Internap Network Services Corp.	*		1,169		17,792
Internet Security Systems, Inc.	*		2,039		56,603
Intersections, Inc.	*		1,900		17,537
Intervideo, Inc.	*		991		12,625
Interwoven, Inc.	*		1,909		21,056
JDA Software Group, Inc.	*		1,257		19,383
Jack Henry & Associates, Inc.			4,391		95,592
Kanbay International, Inc.	*		1,170		24,055
Keane, Inc.	*		2,632		37,927
Keynote Systems, Inc.	*		1,400		14,742
Knot, Inc. (The)	*†		2,305		51,010
Kronos, Inc.	*		1,633		55,669
L-1 Identity Solutions, Inc.	*†		3,366		43,926
Lawson Software, Inc.	*		6,650		48,212
LivePerson, Inc.	*		3,334		17,904
Looksmart	*		4,010		11,789
Loudeye Corp.	*		504	$	2,243
LQ Corp., Inc.	*		161		201
Magma Design Automation, Inc.	*		3,929		35,754
Manhattan Associates, Inc.	*		1,346		32,492
Mantech International Corporation Class A	*		1,168		38,556
Mapinfo Corporation	*		2,322		29,791
McAfee, Inc.	*		8,664		211,921
Mediware Information Systems	*		1,089		8,570
Mentor Graphics Corporation	*		4,245		59,770
MetaSolv, Inc.	*		1,380		4,181
MicroStrategy, Inc. Class A	*†		733		74,641
Mitek Systems, Inc.	*		3,473		4,411
MIVA, Inc.	*		6,581		21,717
Mobius Management Systems, Inc.	*		878		5,918
Move, Inc.	*		7,363		36,152
MRO Software, Inc.	*		1,778		45,641
Napster, Inc.	*		6,796		29,019
National Instruments Corporation			2,955		80,790
Navisite, Inc.	*†		3,725		13,522
NAVTEQ Corporation	*		4,860		126,895
Neoware Systems, Inc.	*		2,220		30,170
NetFlix, Inc.	*†		2,859		65,128
Netscout Systems, Inc.	*		1,250		8,112
Netsmart Technologies, Inc.	*		506		6,639
NIC, Inc.	*		2,450		12,617
NVE Corporation	*†		848		25,432
Open Solutions, Inc.	*		883		25,439
Packeteer, Inc.	*		1,900		16,359
PDF Solutions, Inc.	*		974		10,675
Perficient, Inc.	*		1,080		16,934
Perot Systems Corporation Class A	*		4,359		60,111
Phoenix Technologies Ltd.	*		1,238		5,323
Plato Learning, Inc.	*		1,826		11,632
Progress Software Corporation	*		1,803		46,878
QAD, Inc.			1,363		11,013
Quality Systems, Inc.			768		29,791
Quest Software, Inc.	*		3,848		54,949
Radiant Systems, Inc.	*		1,019		12,310
Radisys Corporation	*		961		20,421
RealNetworks, Inc.	*		5,844		62,005
Red Hat, Inc.	*†		9,042		190,605
Renaissance Learning, Inc.	†		1,354		19,376
Reynolds & Reynolds Company (The) Class A			3,001		118,570
S1 Corporation	*		2,637		12,157
Saba Software, Inc.	*		1,576		8,306
SafeNet, Inc.	*		1,099		19,991
SAFLINK Corporation	*		4,996		1,849
Salesforce.com, Inc.	*†		4,270		153,208
Sapient Corporation	*†		4,601		25,075
Scientific Learning Corporation	*		3,146		16,516
SCO Group, Inc. (The)	*†		998		2,026
Secure Computing Corporation	*		3,114		19,712
Sonic Foundry, Inc.	*†		1,200		2,796
SonicWall, Inc.	*		2,442		26,667
Source Interlink Companies, Inc.	*†		1,650		15,675
SPSS, Inc.	*		1,231		30,689
SRA International, Inc. Class A	*†		2,136		64,208
Stellent, Inc.			1,714		18,580
Stratasys, Inc.	*†		981		25,908
Sybase, Inc.	*		4,546		110,195
Sykes Enterprises, Inc.	*		1,424		28,978
SYNNEX Corporation	*		1,034		23,792
Synopsys, Inc.	*		7,202		142,023
Synplicity, Inc.	*		1,050		6,720

See accompanying notes to schedule of investments.

94

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Syntel, Inc.			1,554	$	35,198
Take-Two Interactive Software, Inc.	*†		3,244		46,259
Talx Corporation			1,671		40,973
Technology Solutions Co.	*		108		915
TenFold Corporation	*		4,098		697
THQ, Inc.	*		2,929		85,439
3Com Corporation	*		21,442		94,559
TIBCO Software, Inc.	*		10,477		94,083
Total System Services, Inc.	†		2,202		50,272
Tradestation Group, Inc.	*†		1,691		25,483
Transaction Systems Architects, Inc. Class A	*		1,859		63,801
Trizetto Group, Inc.	*†		2,710		41,029
Tumbleweed Communications Corporation	*		2,952		8,325
Ultimate Software Group, Inc.	*		1,243		29,248
United Online, Inc.			2,509		30,560
Vasco Data Security International, Inc.	*		1,245		12,898
Verint Systems, Inc.	*		652		19,593
Versant Corporation	*		330		3,396
VerticalNet, Inc.	*		264		227
Viewpoint Corporation	*		1,141		1,346
Vignette Corporation	*		1,259		17,047
Vitria Technology, Inc.	*		1,150		3,093
WatchGuard Technologies, Inc.	*		4,850		20,612
Wave Systems Corp.—Class A	*		1,004		1,667
Wayside Technology Group, Inc.			1,787		26,269
WebEx Communications, Inc.	*†		1,743		68,012
WebMD Health Corp.—Class A	*†		510		17,513
Webmethods, Inc.	*		2,154		16,478
Websense, Inc.	*		2,638		57,007
Witness Systems, Inc.	*		1,610		28,223
XETA Technologies, Inc.	*		1,947		4,829
					9,612,702
Computers & Information—1.4%
Authentidate Holding Corporation	*		1,023		1,678
Black Box Corporation			866		33,705
Brocade Communications Systems, Inc.	*		15,008		105,956
CDW Corporation			3,233		199,411
Ciprico, Inc.	*		1,658		7,461
Cirrus Logic, Inc.	*		5,397		39,344
Concurrent Computer Corporation	*		7,592		13,438
Cray, Inc.	*		2,314		25,732
Dataram Corporation			1,175		5,558
Datawatch Corporation	*		3,500		8,855
Diebold, Inc.			3,530		153,661
Dot Hill Systems Corporation	*		3,866		15,077
Emulex Corporation	*		4,279		77,749
Extreme Networks, Inc.	*		4,492		16,306
Focus Enhancements, Inc.	*		5,319		7,553
Global Imaging Systems, Inc.	*		2,972		65,592
Global Payment Technologies, Inc.	*		1,270		1,638
InFocus Corporation	*		1,636		4,679
Iomega Corporation	*		7,475		21,752
Iteris, Inc.	*		4,264		10,617
Komag, Inc.	*†		1,680		53,693
MTI Technology Corporation	*		3,844		3,652
Micros Systems, Inc.	*		2,146		104,982
MTM Technologies, Inc.	*		500		1,045
Netgear, Inc.	*†		2,027	$	41,736
Network Engines, Inc.	*		1,330		2,806
Nuance Communications, Inc.	*		7,693		62,852
Palm, Inc.	*†		4,614		67,180
Paxar Corporation	*		1,972		39,401
Planar Systems, Inc.	*		1,786		20,271
ProQuest Company	*		1,673		21,782
Quantum Corporation	*		10,382		22,633
Rackable Systems, Inc.	*		1,470		40,234
Safeguard Scientifics, Inc.	*		4,074		7,985
ScanSource, Inc.	*		1,126		34,152
Scientific Games Corporation Class A	*		3,568		113,462
SCM Microsystems, Inc.	*		1,494		5,005
Seagate Technology (Cayman Islands)	*		27,122		626,247
Sigma Designs, Inc.	*		1,590		23,770
SimpleTech, Inc.	*		3,666		33,397
TransAct Technologies, Inc.	*		889		7,912
VA Software Corporation	*†		6,619		26,608
VeriFone Holdings, Inc.	*		1,980		56,529
VitalStream Holdings, Inc.	*		250		2,207
Web.com, Inc.	*		706		2,937
Western Digital Corporation	*		11,615		210,231
Zebra Technologies Corporation Class A	*†		3,669		131,130
					2,579,601
Containers & Packaging—0.1%
Crown Holdings, Inc.	*		9,065		168,609
Silgan Holdings, Inc.			1,454		54,612
					223,221
Cosmetics & Personal Care—0.1%
1-800 Contacts, Inc.	*†		502		7,525
Chattem, Inc.	*†		873		30,660
Elizabeth Arden, Inc.	*†		1,677		27,100
Quaker Chemical Corporation			1,303		25,343
					90,628
Distribution/Wholesale—0.0%
Navarre Corporation	*†		1,460		5,869
Diversified—0.0%
Hexcel Corporation	*		5,390		76,268
E-Commerce—0.1%
Blue Nile, Inc.	*†		780		28,353
Nutri/System, Inc.	*†		1,520		94,681
					123,034
E-Commerce Services—0.1%
Emdeon Corp.	*		14,620		171,200
Educational Software—0.0%
INVESTools, Inc.	*		2,950		31,358
Electric Measuring Instruments—0.0%
Badger Meter, Inc.			880		22,167
Electric Utilities—2.6%
Allete, Inc.			1,430		62,133
Alliant Energy Corporation			5,771		206,198
Aquila, Inc.	*		18,185		78,741

See accompanying notes to schedule of investments.

95

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Avista Corporation			2,579	$	61,071
Black Hills Corporation			2,151		72,295
Central Vermont Public Service Corporation			541		11,962
CH Energy Group, Inc.			1,074		55,279
Cleco Corporation			2,830		71,429
DPL, Inc.			7,047		191,115
Duquesne Light Holdings, Inc.			4,679		91,989
EL Paso Electric Company	*		2,458		54,912
Empire District Electric Company (The)	†		2,088		46,729
Energy East Corporation			7,469		177,165
Great Plains Energy, Inc.	†		3,878		120,296
Green Mountain Power Corporation			1,312		43,781
Hawaiian Electric Industries, Inc.			3,786		102,449
Idacorp, Inc.			1,965		74,297
KFX, Inc.	*†		4,470		46,980
MGE Energy, Inc.			860		27,847
Mirant Corp.	*		13,990		382,067
Northeast Utilities			8,291		192,932
NorthWestern Corporation			1,830		64,013
NRG Energy, Inc.	*		6,372		288,652
NSTAR			5,336		178,009
OGE Energy Corporation			4,865		175,675
Otter Tail Corporation			1,726		50,468
Pepco Holdings, Inc.			9,387		226,884
Plug Power, Inc.	*		2,705		11,009
PNM Resources, Inc.			3,109		85,715
Portland General Electric Company			1,400		34,174
Puget Energy, Inc.			5,589		127,038
Reliant Energy, Inc.	*		15,230		187,481
SCANA Corporation			5,122		206,263
Sierra Pacific Resources	*		10,465		150,068
Sunpower Corp.—Class A	*†		530		14,702
UIL Holdings Corporation			996		37,350
Unisource Energy Corporation			2,031		67,693
Unitil Corporation			1,000		24,300
Westar Energy, Inc.			4,853		114,094
Wisconsin Energy Corporation			5,655		243,957
WPS Resources Corporation			2,062		102,337
					4,561,549
Electrical Equipment—1.0%
Active Power, Inc.	*		3,953		9,882
Acuity Brands, Inc.			2,413		109,550
Aeroflex, Inc.	*		4,701		48,326
Ametek, Inc.			3,613		157,346
AZZ, Inc.	*		1,032		37,668
Baldor Electric Company			1,338		41,251
C&D Technologies, Inc.	†		1,314		9,329
Capstone Turbine Corporation	*†		7,050		9,940
Cataytica Energy Systems, Inc.	*		853		947
Cherokee International Corporation	*		29		101
Distributed Energy Systems Corporation	*		3,757		12,135
Electro Scientific Industries, Inc.	*		1,422		29,293
Energizer Holdings, Inc.	*		3,402		244,910
Energy Conversion Devices, Inc.	*†		1,852		68,598
Evans & Sutherland Computer Corporation	*		1,883		8,473
Franklin Electric Company, Inc.			902		47,932
FuelCell Energy, Inc.	*†		1,939		14,756
Genlyte Group, Inc.	*		1,382		98,398
GrafTech International Ltd.	*		4,368		25,509
Greatbatch, Inc.	*		942		21,308
JMAR Technologies, Inc.	*		2,904	$	1,191
Lamson & Sessions Company (The)	*†		970		23,105
Lincoln Electric Holdings, Inc.			1,907		103,836
Littelfuse, Inc.	*		1,479		51,321
LSI Industries, Inc.			1,084		17,615
Medis Technologies Ltd.	*†		705		17,421
Metrologic Instruments, Inc.	*		722		13,112
Moog, Inc. Class A	*		1,977		68,523
Powell Industries, Inc.	*		1,046		23,148
Quantum Fuel Systems Technologies Worldwide, Inc.	*†		2,810		5,564
Regal-Beloit Corporation			1,703		74,080
Servotronics, Inc.	*		705		4,336
Spectrum Brands, Inc.	*†		1,891		15,960
Superconductor Technologies	*		208		302
Tech/Ops Sevcon, Inc.			720		4,982
Teleflex, Inc.			1,922		106,940
Thomas & Betts Corporation	*		3,090		147,424
Trans-Lux Corporation			867		5,159
Ultralife Batteries, Inc.	*		767		7,984
Universal Display Corporation	*		1,350		14,890
Universal Electronics, Inc.	*		1,589		30,191
Valence Technology, Inc.	*†		4,773		9,260
Vicor Corporation			1,381		15,937
					1,757,933
Electronic Compo Semiconductors—0.0%
Syntax-Brillian Corp.	*†		4,531		21,341
Electronic Measuring Unit—0.0%
Keithley Instruments, Inc.			740		9,435
LeCroy Corp.	*		600		8,268
					17,703
Electronics—4.0%
8X8, Inc.	*		3,049		3,232
AVX Corporation			2,510		44,402
Actel Corporation	*		1,140		17,727
Adaptec, Inc.	*		7,841		34,579
Advanced Energy Industries, Inc.	*		1,429		24,350
Agere Systems, Inc.	*		9,779		146,000
Agilysys, Inc.			1,336		18,757
Alliance Fiber Optic Products, Inc.	*		4,818		7,227
American Superconductor Corporation	*		2,707		25,067
AMIS Holdings, Inc.	*		1,550		14,709
Amkor Technology, Inc.	*†		7,212		37,214
Amphenol Corporation Class A			4,578		283,516
Anaren, Inc.	*		813		17,130
Applied Micro Circuits Corporation	*		16,100		46,529
Arrow Electronics, Inc.	*		6,275		172,123
Atheros Communications, Inc.	*†		2,011		36,459
Atmel Corporation	*		23,229		140,303
ATMI, Inc.	*†		2,219		64,506
Avanex Corporation	*		5,031		8,704
Avnet, Inc.	*		7,439		145,953
AXT, Inc.	*		946		4,030
Barnes Group, Inc.			2,480		43,549
Bel Fuse, Inc. Class A			546		14,949
Belden CDT, Inc.			2,586		98,863
Benchmark Electronics, Inc.	*†		3,196		85,908
California Micro Devices Corporation	*		2,476		12,628
Caliper Life Sciences, Inc.	*		3,187		15,553

See accompanying notes to schedule of investments.

96

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Carlisle Companies, Inc.			1,677	$	141,036
Catalyst Semiconductor, Inc.	*		2,416		8,166
Catapult Communications Corporation	*		750		6,270
Ceradyne, Inc.	*†		1,374		56,458
Ceva, Inc.	*		692		3,917
Conexant Systems, Inc.	*		25,531		51,062
Cree, Inc.	*†		4,087		82,190
CTS Corporation			1,580		21,772
Cymer, Inc.	*		1,929		84,702
Cypress Semiconductor Corporation	*†		7,187		127,713
DRS Technologies, Inc.	†		2,209		96,467
Dolby Laboratories, Inc. Class A	*		1,500		29,775
DSP Group, Inc.	*		1,884		43,049
EDO Corporation	†		1,198		27,410
Emcor Group, Inc.	*		1,704		93,447
Emcore Corporation	*		2,929		17,340
EMS Technologies, Inc.	*		960		18,029
ESCO Technologies, Inc.	*		1,224		56,353
ESS Technology	*		1,759		1,636
Esterline Technologies Corporation	*		1,449		48,918
Evergreen Solar, Inc.	*†		2,410		20,003
Exar Corporation	*		1,759		23,377
Fairchild Semiconductor International, Inc.	*		6,664		124,617
Finisar Corporation	*†		14,726		53,455
Flir Systems, Inc.	*†		3,904		106,033
FSI International, Inc.	*		4,280		24,610
Garmin Ltd. (Cayman Islands)	†		6,220		303,412
Genesis Microchip, Inc.	*		1,530		18,008
HEI, Inc.	*†		1,050		2,751
Herley Industries, Inc.	*		1,550		19,189
HI/FN, Inc.	*		1,882		8,864
Hutchinson Technology, Inc.	*†		1,150		24,184
Imation Corporation			1,665		66,850
Innovex, Inc.	*		1,922		3,979
Integrated Device Technology, Inc.	*		10,714		172,067
Integrated Silicon Solutions, Inc.	*		2,930		16,349
International Rectifier Corporation	*		3,821		133,124
Intersil Corporation Class A			8,287		203,446
IXYS Corporation	*		1,330		11,159
Kemet Corporation	*		5,278		42,593
KVH Industries, Inc.	*		1,286		16,396
LaBarge, Inc.	*		950		9,880
Lattice Semiconductor Corporation	*		7,425		50,638
Lightpath Technologies, Inc. Class A	*†		1,527		5,207
MIPS Technologies, Inc. Class A	*		5,359		36,173
MRV Communications, Inc.	*		4,568		12,608
Magnetek, Inc.	*		1,406		4,865
Mattson Technology, Inc.	*		1,761		14,616
Maxwell Technologies, Inc.	*†		1,371		27,886
Measurement Specialties, Inc.	*		580		10,817
MEMC Electronics Materials, Inc.	*		7,952		291,282
Mercury Computer Systems, Inc.	*		963		11,412
Merix Corporation	*†		2,175		20,902
Methode Electronics, Inc.			1,384		13,162
Mettler-Toledo International, Inc.	*		1,552		102,665
Micrel, Inc.	*		3,731		35,780
Micro Linear Corporation	*		1,440		4,104
Microchip Technology, Inc.			10,890		353,054
Microsemi Corporation	*†		3,244	$	61,149
Mobility Electronics, Inc.	*†		2,804		15,590
Moscow CableCom Corporation	*†		1,900		17,157
MoSys, Inc.	*		1,252		8,426
Nu Horizons Electronics Corporation	*†		1,208		15,390
Numerex Corporation Class A	*		1,800		18,162
Omnivision Technologies, Inc.	*†		2,994		42,724
ON Semiconductor Corporation	*†		4,997		29,382
Oplink Communications, Inc.	*		758		15,145
Optelecom, Inc.	*†		819		8,477
OSI Systems, Inc.	*†		867		16,993
Park Electrochemical Corporation			1,087		34,436
Pericom Semiconductor Corporation	*		2,254		21,977
Photronics, Inc.	*		1,989		28,105
Pixelworks, Inc.	*		2,467		7,278
Plexus Corporation	*		2,384		45,773
PLX Technology, Inc.	*		2,950		30,592
Power-One, Inc.	*		3,500		25,340
Quicklogic Corporation	*		4,080		14,443
RF Micro Devices, Inc.	*		11,167		84,646
Rambus, Inc.	*†		5,001		87,217
Raven Industries, Inc.			800		24,008
Research Frontiers, Inc.	*†		752		3,234
Rofin-Sinar Technologies, Inc.	*		880		53,478
Rogers Corporation	*		803		49,585
Rudolph Technologies, Inc.	*		2,191		40,161
Semtech Corporation	*		3,600		45,936
Sigmatel, Inc.	*		4,938		23,110
Sigmatron International, Inc.	*		283		2,343
Silicon Image, Inc.	*		4,319		54,938
Silicon Laboratories, Inc.	*†		2,865		88,872
Silicon Storage Technology, Inc.	*		3,794		15,631
Sirenza Microdevices, Inc.	*†		1,250		9,875
Sirf Technology Holdings, Inc.	*†		2,150		51,579
Skyworks Solutions, Inc.	*		9,613		49,891
Spansion LLC—Class A	*†		2,050		34,174
Spectrum Control, Inc.	*		1,195		11,233
Spire Corporation	*†		210		1,474
Staktek Holdings, Inc.	*		43		257
Stratos International, Inc.	*		974		6,740
Sycamore Networks, Inc.	*		9,917		37,486
Synaptics, Inc.	*†		1,058		25,783
Technitrol, Inc.			1,866		55,700
Tegal Corp.	*		312		1,307
Teledyne Technologies, Inc.	*		1,729		68,468
Tessera Technologies, Inc.	*†		2,581		89,767
Transmeta Corporation	*		8,599		9,889
Transwitch Corporation	*		2,483		3,501
Trident Microsystems, Inc.	*†		3,040		70,710
Trimble Navigation Ltd.	*		2,822		132,860
Triquint Semiconductor, Inc.	*		8,519		44,299
TTM Technologies, Inc.	*		1,640		19,188
Tvia, Inc.	*		4,026		5,556
Tyler Technologies, Inc.	*		1,886		24,386
Varian Semiconductor Equipment Associates, Inc.	*		2,832		103,934
Virage Logic Corporation	*		902		8,217
Vishay Intertechnology, Inc.	*		8,954		125,714
Volterra Semiconductor Corp.	*†		760		12,350
Wesco International, Inc.	*		2,570		149,137
Zoran Corporation	*		2,411		38,769
					7,201,136
Entertainment & Leisure—1.0%
Avid Technology, Inc.	*†		2,088		76,045
Bally Technologies, Inc.	*		3,012		53,011

See accompanying notes to schedule of investments.

97

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Bally Total Fitness Holding Corporation	*†		4,467	$	6,745
Blockbuster, Inc. Class A	*†		8,250		31,680
Callaway Golf Company	†		3,931		51,535
Cedar Fair, LP			2,480		65,249
Churchill Downs, Inc.			639		26,876
Concord Camera Corporation	*		2,863		1,432
Discovery Holding Company Class A	*†		14,930		215,888
Dover Downs Gaming & Entertainment, Inc.			3,135		38,090
Dover Motorsports, Inc.			1,645		8,916
DreamWorks Animation SKG, Inc. Class A	*†		2,110		52,560
Gaylord Entertainment Company	*		2,203		96,602
Hollywood Media Corporation	*		1,495		5,845
Image Entertainment, Inc.	*		300		1,044
International Speedway Corporation Class A			1,980		98,683
Jakks Pacific, Inc.	*		1,625		28,974
K2, Inc.	*		2,544		29,841
Leapfrog Enterprises, Inc.	*†		1,262		10,008
Life Time Fitness, Inc.	*		910		42,124
Live Nation, Inc.	*		3,010		61,464
Macrovision Corporation	*		2,884		68,322
MTR Gaming Group, Inc.	*		1,340		12,583
Multimedia Games, Inc.	*†		2,902		26,350
Nashua Corporation	*		1,542		10,779
National Lampoon, Inc.	*		3,300		5,016
Nautilus Group, Inc.	†		2,480		34,100
New Frontier Media, Inc.	*		2,079		17,152
Penn National Gaming, Inc.	*		3,286		120,005
Pinnacle Entertainment, Inc.	*		2,900		81,548
RC2 Corporation	*		1,030		34,536
Regal Entertainment Group Class A	†		3,043		60,312
Six Flags, Inc.	*†		3,814		19,947
Sonic Solutions, Inc.	*†		1,810		27,584
Speedway Motorsports, Inc.			650		23,667
Steinway Musical Instruments, Inc.	*		683		19,124
Warner Music Group Corporation			2,380		61,761
Westwood One, Inc.			3,878		27,456
WMS Industries, Inc.	*†		1,850		54,039
World Wrestling Entertainment, Inc.			1,031		16,939
Youbet.com, Inc.	*		2,200		8,228
					1,732,060
Financial Services—6.9%
Aames Investment Corporation REIT			2,930		10,314
Accredited Home Lenders Holding Company	*		1,079		38,779
Aether Holdings, Inc.	*		4,629		27,496
Affiliated Managers Group	*†		1,776		177,795
AG Edwards, Inc.			4,032		214,825
AllianceBernstein Holding, LP			1,250		86,238
American Campus Communities, Inc. REIT			1,200		30,612
American Home Mortgage Investment Corporation REIT	†		2,607		90,906
Ampal American Israel Corporation Class A	*		1,392		6,459
Anworth Mortgage Asset Corporation REIT			3,855		32,189
Arbor Realty Trust, Inc. REIT			830		21,215
Ashford Hospitality Trust, Inc. REIT			4,430		52,850
Associated Estates Realty Corporation REIT			2,550	$	39,449
Berkshire Hathaway, Inc. Class A	*		54		5,173,200
BlackRock, Inc.	†		706		105,194
Calamos Asset Management, Inc. Class A			1,520		44,566
Capital Lease Funding, Inc. REIT			2,320		25,729
Capital Trust Class A			923		37,594
CapitalSource, Inc.	†		6,771		174,827
Catskill Litigation Trust	*‡d		583		—
Cbot Holdings, Inc.—Class A	*†		1,030		124,414
CentraCore Properties Trust REIT			1,307		41,497
CharterMac			2,735		54,591
Cherokee, Inc.			995		36,427
Columbia Equity Trust, Inc. REIT			1,100		18,315
Corporate Office Properties Trust SBI MD REIT			1,870		83,701
Deerfield Triarc Capital Corp. REIT			1,990		26,089
Diamond Hill Investment Group, Inc.	*		1,311		82,921
DiamondRock Hospitality Company REIT			3,760		62,454
Digital Realty Trust, Inc. REIT			1,330		41,656
Doral Financial Corporation (Puerto Rico)	†		4,428		29,181
Eagle Hospitality Properties Trust, Inc. REIT			1,200		11,160
Eaton Vance Corporation			7,064		203,867
Ecc Capital Corporation REIT			2,700		2,754
Education Realty Trust, Inc. REIT	†		1,700		25,092
ePresense, Inc.	‡d		1,173		—
Equity Lifestyle Properties, Inc. REIT			1,560		71,308
Fieldstone Investment Corporation REIT			3,450		30,119
First Cash Financial Services, Inc.	*		1,260		25,943
First Marblehead Corporation (The)	†		1,910		132,287
First Potomac Realty Trust REIT			1,240		37,473
Franklin Street Properties Corporation REIT			2,730		54,218
Friedman Billings Ramsey Group, Inc. Class A	†		8,470		68,014
GAMCO Investors, Inc. Class A			559		21,276
Global Signal, Inc. REIT			1,230		62,213
GMH Communities Trust REIT			2,460		31,045
Government Properties Trust, Inc. REIT			1,050		9,471
Hersha Hospitality Trust REIT			3,010		28,896
Highland Hospitality Corporation REIT			3,270		46,859
HomeBanc Corporation REIT			3,270		20,111
Inland Real Estate Corporation REIT			3,790		66,401
Integrated Telecom Express, Inc.	‡d		1,103		—
IntercontinentalExchange, Inc.	*		2,061		154,719
International Securities Exchange, Inc.	†		1,850		86,747
Investment Technology Group, Inc.	*		2,429		108,698
Jefferies Group, Inc.			5,358		152,703
JER Investors Trust, Inc. REIT			2,190		37,580
Kent Financial Services, Inc.	*		2,200		5,027
Kilroy Realty Corporation REIT			1,637		123,332
Kite Realty Group Trust REIT			1,880		32,035
KKR Financial Corporation REIT			3,860		94,724
Knight Capital Group, Inc. Class A	*		5,980		108,836
LaBranche & Company, Inc.	*†		2,588		26,838

See accompanying notes to schedule of investments.

98

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Ladenburg Thalmann Financial Services, Inc.	*		495	$	520
LaSalle Hotel Properties REIT			2,060		89,280
Lazard, Ltd.—Class A (Bermuda)			1,945		77,761
LTC Properties, Inc. REIT			1,460		35,405
Luminent Mortgage Capital, Inc. REIT			3,940		40,543
Macerich Company (The) REIT			3,580		273,369
MarketAxess Holdings, Inc.	*†		1,100		11,517
MFA Mortgage Investments, Inc. REIT			4,880		36,356
MortgageIT Holdings, Inc. REIT			2,640		37,171
Nasdaq Stock Market Inc.	*		5,330		161,179
National Retail Properties, Inc. REIT			2,357		50,911
New Century Financial Corporation REIT	†		3,162		124,298
NorthStar Realty Finance Corporation REIT			2,620		33,274
Nuveen Investments, Inc. Class A			3,994		204,613
NYSE Group, Inc.	*†		2,500		186,875
Omega Healthcare Investors, Inc. REIT			3,330		49,983
Opteum, Inc.—Class A REIT			1,800		14,490
optionsXpress Holdings, Inc.			1,300		36,244
Pennsylvania REIT			1,941		82,628
Piper Jaffray Companies	*		1,140		69,107
Potlatch Corp. REIT			2,078		77,094
PS Business Parks, Inc. REIT			823		49,627
Ramco-Gershenson Properties REIT			1,430		45,689
Raymond James Financial, Inc.			5,156		150,761
Reckson Associates Realty Corporation REIT			3,963		169,616
Republic Property Trust REIT			1,350		14,877
Resource Capital Corp.			1,200		18,540
Saul Centers, Inc. REIT			950		42,750
Saxon REIT, Inc. REIT			2,316		32,517
SEI Investments Company			3,639		204,475
Siebert Financial Corporation			1,470		4,322
Spirit Finance Corporation REIT			2,980		34,598
Stifel Financial Corp.	*		640		20,314
Strategic Hotel Capital, Inc. REIT			2,940		58,447
SumTotal Systems, Inc.	*		1,899		14,148
Sunstone Hotel Investors, Inc. REIT	†		3,520		104,614
Superior Bancorp	†		895		10,293
SWS Group, Inc.			882		21,953
Tanger Factory Outlet Centers REIT			1,690		60,198
TD Ameritrade Holding Corp.			16,044		302,429
Trustreet Properties, Inc. REIT			2,739		34,265
Universal Health Realty Income REIT			1,090		39,077
Urstadt Biddle Properties, Inc. REIT Class A			1,030		18,715
U-Store-It Trust REIT			2,170		46,568
Value Line, Inc.			573		26,708
Waddell & Reed Financial, Inc. Class A			4,102		101,525
Westwood Holdings Group, Inc.			1,768		35,431
Windrose Medical Properties Trust REIT			1,780		31,470
Winston Hotels, Inc. REIT			2,850		35,112
					12,292,886
Food Retailers—0.2%
Arden Group, Inc. Class A			260		30,264
Panera Bread Company Class A	*		1,560		90,870
Pantry, Inc. (The)	*†		1,200		67,644
Pathmark Stores, Inc.	*		2,510		24,975
Ruddick Corporation			1,968	$	51,227
Weis Markets, Inc.			422		16,796
Wild Oats Markets, Inc.	*†		1,310		21,183
					302,959
Forest Products & Paper—0.8%
American Woodmark Corporation	†		800		26,952
Beacon Roofing Supply, Inc.	*†		2,640		53,434
Bowater, Inc.	†		2,910		59,859
Buckeye Technologies, Inc.	*		2,191		18,624
Building Material Holding Corporation	†		1,800		46,836
Caraustar Industries, Inc.	*		1,610		12,832
Chesapeake Corporation			2,165		30,981
Deltic Timber Corporation			724		34,506
Drew Industries, Inc.	*		780		19,703
Glatfelter			1,741		23,591
Graphic Packaging Corporation	*		5,000		18,300
Greif, Inc. Class A			826		66,171
Longview Fibre Company			3,887		78,984
Martin Marietta Materials, Inc.			2,437		206,219
Neenah Paper, Inc.			890		30,465
Packaging Corporation of America			3,760		87,232
Playtex Products, Inc.	*†		2,560		34,304
Pope & Talbot, Inc.	*		4,095		23,546
Rock-Tenn Company Class A			1,450		28,710
Schweitzer-Mauduit International, Inc.			724		13,742
Smurfit-Stone Container Corporation	*		12,843		143,842
Sonoco Products Company			5,044		169,680
United Stationers, Inc.	*		1,499		69,718
Universal Forest Products, Inc.			1,040		51,012
US Home Systems, Inc.	*		1,292		12,222
Wausau Paper Corporation			1,903		25,691
					1,387,156
Health Care Providers—1.7%
Alliance Imaging, Inc.	*		1,820		14,214
Amedisys, Inc.	*†		1,120		44,430
America Service Group, Inc.	*		590		7,676
American Dental Partners, Inc.	*		720		11,909
Amsurg Corporation	*†		2,223		49,484
Apria Healthcare Group, Inc.	*		2,542		50,179
Bio-Reference Labs, Inc.	*		1,000		22,450
Community Health Systems, Inc.	*		4,763		177,898
Covance, Inc.	*		3,250		215,735
Cross Country Healthcare, Inc.	*		1,340		22,780
CryoLife, Inc.	*		4,037		26,039
DaVita, Inc.	*		5,301		306,769
Edwards Lifesciences Corporation	*		3,306		154,027
Enzo Biochem, Inc.	*†		1,353		16,493
Enzon Pharmaceuticals, Inc.	*		4,016		33,132
Five Star Quality Care, Inc.	*		1,700		18,292
Genesis HealthCare Corporation	*†		975		46,439
Gentiva Health Services, Inc.	*		1,000		16,440
Healthspring, Inc.	*		930		17,903
Healthways, Inc.	*†		1,822		81,261
Hooper Holmes, Inc.			4,139		13,948
Immunomedics, Inc.	*†		2,141		3,811
Interleukin Genetics, Inc.	*†		2,825		17,176
Kindred Healthcare, Inc.	*		2,053		61,036
LCA-Vision, Inc.	†		823		33,998
LifePoint Hospitals, Inc.	*		2,759		97,448
Lincare Holdings, Inc.	*		5,490		190,174
Matria Healthcare, Inc.	*†		1,270		35,293
National Healthcare Corporation			431		23,158
Nektar Therapeutics	*†		4,738		68,275

See accompanying notes to schedule of investments.

99

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
NovaMed, Inc.	*		1,250	$	9,850
Odyssey HealthCare, Inc.	*†		1,593		22,589
Pediatrix Medical Group, Inc.	*		2,502		114,091
Psychemedics Corporation			902		15,226
Psychiatric Solutions, Inc.	*		3,032		103,361
RehabCare Group, Inc.	*		1,590		20,829
Sagemark Companies Ltd.	*		1,088		707
Sierra Health Services, Inc.	*		2,976		112,612
Sunrise Senior Living, Inc.	*		1,950		58,247
Symbion, Inc.	*		1,435		26,347
Triad Hospitals, Inc.	*		4,778		210,375
U.S. Physical Therapy, Inc.	*		610		7,271
United Surgical Partners International, Inc.	*		2,394		59,443
Universal Health Services, Inc. Class B			2,594		155,458
VCA Antech, Inc.	*		4,094		147,630
VistaCare, Inc. Class A	*		1,962		20,405
					2,962,308
Heavy Construction—0.4%
Blount International, Inc.	*		2,743		27,485
Foster Wheeler, Ltd. (Bermuda)	*		3,660		141,239
Granite Construction, Inc.			1,890		100,832
Hovnanian Enterprises, Inc.	*†		2,128		62,436
Levitt Corporation Class A			2,063		24,261
M/I Homes, Inc.	†		611		21,599
McDermott International, Inc.	*		5,578		233,160
McGrath Rentcorp	†		916		23,450
WCI Communities, Inc.	*†		1,922		33,520
					667,982
Heavy Machinery—3.1%
Ablest, Inc.	*		850		5,483
Actuant Corporation Class A			1,281		64,178
Agco Corporation	*		4,908		124,418
Ampco-Pittsburgh Corporation			1,503		46,488
Applied Industrial Technologies, Inc.			2,058		50,215
Astec Industries, Inc.	*		822		20,756
ASV, Inc.	*†		1,340		19,979
Asyst Technologies, Inc.	*		3,243		21,923
Axcelis Technologies, Inc.	*		4,096		28,918
Briggs & Stratton Corporation			2,482		68,379
Brooks Automation, Inc.	*†		4,415		57,616
Bucyrus International, Inc. Class A			1,845		78,265
Cameron International Corp.	*		6,116		295,464
Cascade Corporation			510		23,282
Columbus McKinnon Corp.	*		880		15,866
Donaldson Company, Inc.			3,870		142,803
Dresser-Rand Group, Inc.	*		2,640		53,856
Dril-Quip, Inc.	*		989		66,936
Dycom Industries, Inc.	*		2,767		59,491
Electroglas, Inc.	*		3,991		10,935
EnPro Industries, Inc.	*		981		29,489
Entegris, Inc.	*		5,738		62,602
Fedders Corporation	*		1,828		2,285
Flow International Corporation	*†		1,650		21,401
Flowserve Corporation	*		2,865		144,940
FMC Technologies, Inc.	*		3,816		204,919
Gardner Denver, Inc.	*		2,716		89,845
Goodman Global, Inc.	*		1,200		16,020
Gorman-Rupp Company			1,210		39,567
Graco, Inc.			3,574		139,600
Grant Prideco, Inc.	*		7,014		266,742
H&E Equipment Services, Inc.	*		630		15,366
Hurco Companies, Inc.	*		750		18,023
Hydril	*		1,025	$	57,462
Idex Corporation			2,633		113,351
Insituform Technologies, Inc. Class A	*		1,983		48,147
Intermec, Inc.	*†		2,374		62,579
Intevac, Inc.	*		1,300		21,840
Joy Global, Inc.			6,515		245,029
Kadant, Inc.	*		722		17,732
Kaydon Corporation			1,423		52,679
Kennametal, Inc.			1,999		113,243
Knight Transportation, Inc.	†		3,880		65,766
Kulicke and Soffa Industries, Inc.	*		4,089		36,147
Lam Research Corporation	*†		7,026		318,489
Lennox International, Inc.			3,657		83,745
Lindsay Manufacturing Company			1,559		44,821
Lufkin Industries, Inc.			810		42,865
Manitowoc Company			3,284		147,090
Matrix Service Company	*†		1,379		18,051
Middleby Corporation	*†		270		20,806
Modine Manufacturing Company			1,658		40,339
NACCO Industries, Inc. Class A			310		42,132
NATCO Group, Inc. Class A	*		690		19,872
NN, Inc.			2,240		26,499
Nordson Corporation			1,522		60,667
Oil States International, Inc.	*		2,027		55,743
Oilgear Company (The)	*		1,300		19,214
Paragon Technologies, Inc.	*		900		5,535
Pentair, Inc.			5,378		140,850
Robbins & Myers, Inc.			868		26,839
Sauer-Danfoss, Inc.			832		19,951
Semitool, Inc.	*		2,320		23,989
SPX Corporation			3,895		208,149
Standex International Corporation			724		20,185
Tecumseh Products Company Class A	*		1,703		25,903
Tennant Company			1,702		41,427
Terex Corporation	*		5,106		230,893
Timken Company			4,343		129,335
Toro Company			2,170		91,509
TurboChef Technologies, Inc.	*†		994		13,817
Ultratech, Inc.	*		972		12,947
Varian Medical Systems, Inc.	*		6,924		369,672
Watsco, Inc.			1,193		54,890
Willis Lease Finance Corporation	*		1,234		11,402
WJ Communications, Inc.	*		4,940		10,670
Woodward Governor Company			1,794		60,171
					5,578,492
Home Construction, Furnishings & Appliances—1.2%
American Technology Corporation	*†		3,686		14,081
Applica, Inc.	*		1,507		8,123
Bassett Furniture Industries, Inc.			610		9,906
BE Aerospace, Inc.	*		3,694		77,906
Beazer Homes USA, Inc.	†		2,117		82,648
Brookfield Homes Corporation	†		858		24,161
Cavco Industries, Inc.	*		470		14,810
Dominion Homes, Inc.	*†		650		3,946
DTS, Inc.	*		755		15,991
Ethan Allen Interiors, Inc.	†		1,551		53,758
Fossil, Inc.	*		2,864		61,691
Furniture Brands International, Inc.	†		2,392		45,544
Gemstar-TV Guide International, Inc.	*		12,602		41,839
Helen of Troy Ltd.	*†		1,333		23,407
Herman Miller, Inc.			3,686		126,098
Hillenbrand Industries, Inc.			3,107		177,037

See accompanying notes to schedule of investments.

100

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
HNI Corporation	†		2,563	$	106,570
Kimball International, Inc. Class B			1,500		28,950
Kinetic Concepts, Inc.	*		2,885		90,762
Layne Christensen Company	*		660		18,856
La-Z-Boy, Inc.	†		2,895		40,414
MDC Holdings, Inc.	†		1,471		68,328
Meritage Corporation	*		1,260		52,429
Movado Group, Inc.			878		22,319
National Presto Industries, Inc.			656		36,257
NVR, Inc.	*†		302		161,570
Palm Harbor Homes, Inc.	*†		1,182		17,683
Parkervision, Inc.	*†		1,053		7,655
Ryland Group, Inc.	†		2,332		100,766
Salton, Inc.	*†		702		1,615
Sealy Corp.			1,440		18,806
Select Comfort Corporation	*†		3,139		68,681
Skyline Corporation			791		30,224
Standard-Pacific Corporation	†		3,368		79,148
Steelcase, Inc. Class A			3,092		48,513
Technical Olympic USA, Inc.			1,663		16,347
Tempur-Pedic International, Inc.	*†		3,197		54,892
The Rowe Companies	*‡		971		334
Toll Brothers, Inc.	*†		5,982		167,975
Virco Manufacturing Corporation	*		799		3,899
Walter Industries, Inc.	†		2,141		91,378
					2,115,317
Household Products—0.3%
Apogee Enterprises, Inc.			1,250		19,013
Charles & Colvard Ltd.	†		693		7,886
CSS Industries, Inc.			420		12,482
Ferro Corporation			2,588		46,015
Gentex Corporation	†		8,026		114,049
Kronos Worldwide, Inc.			235		6,766
Lazare Kaplan International	*		1,140		11,172
Libbey, Inc.			750		8,393
Owens-IIlinois, Inc.	*		7,935		122,358
RPM, Inc.			5,763		109,439
Valspar Corporation			5,236		139,278
					596,851
Industrial—Diversified—0.3%
Blyth, Inc.			1,380		33,575
Daktronics, Inc.			2,300		47,587
Lydall, Inc.	*		800		7,120
Progressive Gaming International Corp.	*†		3,090		25,338
Roper Industries, Inc.			4,680		209,383
Russ Berrie & Company, Inc.	*		1,157		17,633
Shuffle Master, Inc.	*†		2,025		54,695
Yankee Candle Company, Inc.			2,763		80,873
Zomax, Inc. MN	*		4,620		9,425
					485,629
Insurance—5.2%
21st Century Insurance Group			1,500		22,425
Alfa Corporation			2,608		45,040
Alleghany Corporation	*		245		70,807
American Financial Group, Inc.			1,807		84,803
American Independence Corporation	*		430		4,898
American National Insurance			646		74,871
American Physicians Capital, Inc.	*		801		38,752
Amerigroup Corporation	*		2,552		75,412
AmerUs Group Company			2,201		149,690
Arch Capital Group Ltd. (Bermuda)	*		1,778	$	112,885
Argonaut Group, Inc.	*		1,948		60,446
Arthur J. Gallagher & Company	†		4,820		128,549
Aspen Insurance Holdings, Ltd. (Bermuda)			2,250		58,118
Assurant, Inc.	†		6,258		334,240
Assured Guaranty, Ltd. (Bermuda)			2,400		62,232
Axis Capital Holdings, Ltd. (Bermuda)			7,311		253,619
Baldwin & Lyons, Inc. Class B			946		22,912
Bristol West Holdings, Inc.			1,516		22,058
Brown & Brown, Inc.			6,228		190,328
Centene Corporation	*		2,702		44,421
Citizens, Inc., TX	*		2,504		14,548
Clark, Inc.			1,175		13,242
CNA Financial Corporation	*		2,162		77,875
CNA Surety Corporation	*		1,486		30,017
Commerce Group, Inc.			3,426		102,951
Conseco, Inc.	*		8,350		175,267
Covanta Holding Corporation	*		4,610		99,253
Crawford & Company Class B			1,891		12,840
Delphi Financial Group, Inc. Class A			2,472		98,583
Direct General Corp.			1,040		13,998
Donegal Group, Inc. Class B			759		13,685
EMC Insurance Group, Inc.			1,041		30,022
Endurance Specialty Holdings, Ltd. (Bermuda)			3,190		112,479
Erie Indemnity Company Class A			2,414		126,421
Everest Re Group Ltd. (Bermuda)			3,140		306,244
FBL Financial Group, Inc. Class A			1,276		42,708
Fidelity National Financial, Inc.			9,001		374,892
Fidelity National Title Group, Inc.—Class A	†		1,345		28,191
First American Corporation			4,190		177,405
FPIC Insurance Group, Inc.	*		480		19,013
GAINSCO, INC.	*		128		960
Great American Financial Resources, Inc.			807		16,891
Hanover Insurance Group (The), Inc.			2,807		125,276
Harleysville Group, Inc.			1,352		47,306
HCC Insurance Holdings, Inc.			5,845		192,184
Health Net, Inc.	*		6,199		269,780
HealthExtras, Inc.	*		1,865		52,798
Hilb Rogal & Hobbs Company			2,055		87,646
Horace Mann Educators Corporation			2,001		38,479
Independence Holding Company			963		20,955
Infinity Property & Casualty Corporation			1,280		52,646
IPC Holdings, Ltd. (Bermuda)			2,370		72,095
Kansas City Life Insurance Company			903		41,123
KMG America Corporation	*		1,550		11,393
Landamerica Financial Group, Inc.	†		1,155		75,987
Leucadia National Corporation			8,840		231,343
Markel Corporation	*†		513		210,669
Max Re Capital, Ltd. (Bermuda)			2,200		50,512
Mercury General Corporation			1,239		61,467
Molina Healthcare, Inc.	*		530		18,741
Montpelier Re Holdings, Ltd. (Bermuda)	†		4,630		89,776
National Financial Partners Corporation			1,846		75,741
Nationwide Financial Services Class A			2,605		125,301
Navigators Group, Inc.	*		939		45,081

See accompanying notes to schedule of investments.

101

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Odyssey Re Holdings Corporation	†		1,385	$	46,785
Ohio Casualty Corporation			3,516		90,959
Old Republic International Corporation			10,926		242,011
PMI Group, Inc. (The)	†		5,069		222,073
PartnerRe Ltd. (Bermuda)	†		2,680		181,088
Penn Treaty American Corp.	*		1,630		11,964
Philadelphia Consolidated Holding Corporation	*		3,162		125,784
Phoenix Companies, Inc. (The)			5,407		75,698
Platinum Underwriters Holdings Ltd. (Bermuda)			2,862		88,235
PMA Capital Corporation Class A	*		1,826		16,105
Presidential Life Corporation			1,145		25,614
ProAssurance Corporation	*		1,678		82,692
Protective Life Corporation			3,201		146,446
PXRE Group, Ltd. (Bermuda)			6,210		25,585
Radian Group, Inc.			4,444		266,640
Reinsurance Group of America, Inc.			1,541		80,024
RenaissanceRe Holdings, Ltd. (Bermuda)			3,910		217,396
RLI Corporation			1,164		59,120
Safety Insurance Group, Inc.			1,030		50,120
Scottish Re Group, Ltd.			2,970		32,284
SCPIE Holdings, Inc.	*		690		16,243
Selective Insurance Group			1,691		88,964
Stancorp Financial Group, Inc.			3,000		133,890
State Auto Financial Corporation			958		29,267
Stewart Information Services Corporation			879		30,563
Tower Group, Inc.			1,200		40,020
Transatlantic Holdings, Inc.			1,305		78,835
Triad Guaranty, Inc.	*†		692		35,410
United American Healthcare Corporation	*		4,252		24,874
United Fire & Casualty Company			852		26,668
Unitrin, Inc.			2,357		104,109
Universal American Financial Corporation	*		1,872		30,083
USI Holdings Corporation	*		2,330		31,572
WellCare Health Plans, Inc.	*		1,980		112,127
Wesco Financial Corporation			63		27,531
White Mountains Insurance Group Ltd.			430		213,693
WR Berkley Corporation	†		8,740		309,309
Zenith National Insurance Corporation			1,843		73,517
					9,233,588
Lodging—0.9%
Ameristar Casinos, Inc.			1,420		30,828
Aztar Corporation	*		2,020		107,080
Bluegreen Corporation	*		1,800		20,646
Boyd Gaming Corporation			2,619		100,674
Choice Hotels International, Inc.			1,816		74,274
Empire Resorts, Inc.	*		583		4,168
International Leisure Hosts Ltd.	*		1,200		5,880
Isle of Capri Casinos, Inc.	*		1,251		26,346
Las Vegas Sands Corporation	*		5,560		380,026
MGM Mirage, Inc.	*		6,754		266,715
Marcus Corporation			905		20,788
Monarch Casino & Resort, Inc.	*		700		13,573
Morgans Hotel Group Co.	*		900		11,250
Orient-Express Hotels, Ltd. Class A (Bermuda)			2,340		87,469
Station Casinos, Inc.			2,715		157,008
Trump Entertainment Resorts, Inc.	*		1,300	$	22,048
Vail Resorts, Inc.	*†		1,491		59,670
Wynn Resorts Ltd.	*†		3,615		245,856
					1,634,299
Media—Broadcasting & Publishing—3.0%
4Kids Entertainment, Inc.	*		646		10,659
Acme Communications, Inc.	*		1,200		6,312
American Greetings Corporation Class A			3,370		77,914
Banta Corporation			1,435		68,306
Beasley Broadcasting Group, Inc. Class A			1,150		8,085
Belo Corporation Class A			4,881		77,169
Cablevision Systems Corporation Class A	*		11,174		253,762
Charter Communications, Inc. Class A	*†		11,237		17,080
Citadel Broadcasting Corporation	†		3,126		29,384
CKX, Inc.	*		2,170		27,017
COX Radio, Inc. Class A	*		1,753		26,909
Crown Media Holdings, Inc.	*†		4,399		19,752
Cumulus Media, Inc. Class A	*		3,854		36,844
DIRECTV Group, Inc. (The)	*		44,005		866,018
EchoStar Communications Corporation Class A	*		10,777		352,839
Emmis Communications Corporation Class A	*		2,035		24,929
Entercom Communications Corporation			1,873		47,200
Entravision Communications Corporation Class A	*		2,853		21,226
Gray Television, Inc.			3,878		24,858
Harte-Hanks, Inc.			2,959		77,970
Hearst-Argyle Television, Inc.			1,654		37,959
IAC/InterActiveCorp	*		12,626		363,124
ION Media Networks, Inc.	*		6,180		5,006
John Wiley & Sons Class A			2,491		89,701
Journal Communications, Inc. Class A			3,220		36,289
Journal Register Company			3,158		17,906
Lee Enterprises, Inc.			1,974		49,824
Liberty Global, Inc.—Class A	*		14,806		381,106
Liberty Global, Inc.—Class C	*		4,615		115,652
Liberty Media Corp. Interactive— Class A	*		36,091		735,535
Liberty Media Corp. Capital—Class A	*		7,218		603,208
LIN TV Corporation Class A	*†		3,979		30,957
Lodgenet Entertainment Corporation	*		1,250		23,600
Martha Stewart Living Omnimedia Class A	†		1,860		33,034
McClatchy Company Class A			2,216		93,493
Media General, Inc. Class A			953		35,947
Mediacom Communications Corporation	*		3,433		24,443
Pac-West Telecomm, Inc.	*		5,563		1,279
Playboy Enterprises, Inc. Class B	*		1,251		11,772
Primedia, Inc.	*		9,053		13,761
Radio One, Inc. Class A	*		4,327		27,000
Radio Unica Communications Corporation	*‡d		1,900		—
Readers Digest Association, Inc. (The)			5,247		68,001
Regent Communications, Inc.	*		3,610		13,682
RH Donnelley Corporation			2,635		139,392

See accompanying notes to schedule of investments.

102

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Salem Communications Corporation Class A			850	$	9,614
Scholastic Corporation	*		1,425		44,389
Sinclair Broadcast Group, Inc. Class A			2,050		16,093
Spanish Broadcasting System, Inc. Class A	*		4,320		18,878
Speedus Corporation	*		4,207		5,048
Sun-Times Media Group, Inc.—Class A			2,614		17,200
Tivo, Inc.	*†		5,766		43,764
Triple Crown Media, Inc.	*		183		1,332
Washington Post Class B			308		226,996
Worldgate Communications	*†		3,160		4,645
Young Broadcasting, Inc. Class A	*		831		1,911
					5,415,774
Medical Equipment & Supplies—1.3%
Abaxis, Inc.	*†		2,000		46,780
Abiomed, Inc.	*		886		13,104
ADE Corporation	*		968		30,995
Advanced Medical Optics, Inc.	*		3,505		138,623
Aetrium, Inc.	*		614		3,064
Aksys Ltd.			1,005		774
Arrow International, Inc.			1,266		40,271
Avigen, Inc.	*		3,880		20,060
Axsys Technologies, Inc.	*		885		15,045
Bioject Medical Technologies, Inc.	*		4,491		3,907
Biolase Technology, Inc.	*†		3,105		19,406
BioVeris Corporation	*		3,172		29,785
Britesmile, Inc.	*†		1,080		2,700
Bruker BioSciences Corporation	*		4,038		28,306
Cardiac Science Corp.	*		1,600		11,840
Cardiodynamics International Corporation	*		1,872		1,329
Cerus Corporation	*		3,201		17,766
Coherent, Inc.	*		1,868		64,745
Cohu, Inc.			859		15,316
Cooper Companies, Inc.			2,268		121,338
Dade Behring Holdings, Inc.			4,512		181,202
Electro-Sensors, Inc.	*		2,581		10,840
Excel Technology, Inc.	*		562		16,630
Faro Technologies, Inc.	*†		614		11,727
Formfactor, Inc.	*		1,858		78,278
Frequency Electronics, Inc.			822		10,661
HealthTronics Surgical Services, Inc.	*		2,530		15,610
Hologic, Inc.	*†		2,694		117,243
II-VI, Inc.	*		1,404		34,988
Illumina, Inc.	*†		1,950		64,428
Integra LifeSciences Holdings Corporation	*†		1,190		44,601
Intermagnetics General Corporation	*		2,275		61,539
Intest Corporation	*		950		5,453
Intuitive Surgical, Inc.	*†		1,970		207,737
Ixia	*		2,330		20,760
Lifecore Biomedical, Inc.	*		1,730		24,393
Meade Instruments Corporation	*		1,640		3,690
Mechanical Technology, Inc.	*		5,237		9,584
Medwave, Inc.	*		2,500		4,100
Mesa Laboratories, Inc.			1,200		20,580
Microtek Medical Holdings, Inc.	*		4,250		14,875
Molecular Devices Corporation	*		909		16,807
MTS Systems Corporation			893		28,880
Nanogen, Inc.	*		2,280		4,058
Nyer Medical Group, Inc.	*		2,533	$	7,016
OI Corporation			1,600		16,000
Orbit International Corporation	*		2,812		19,712
Orthologic Corporation	*		1,517		1,972
OYO Geospace Corporation	*		550		31,213
PSS World Medical, Inc.	*†		3,574		71,444
Palomar Medical Technologies, Inc.	*†		1,117		47,137
Q-Med, Inc.	*		1,635		8,371
Resmed, Inc.	*†		3,514		141,439
Somanetics Corporation	*		662		13,214
Spectranetics Corporation	*		1,446		16,918
Staar Surgical Company	*		2,688		20,214
Synovis Life Technologies, Inc.	*		957		6,957
Theragenics Corporation	*		1,492		4,297
Thermogenesis	*		4,317		16,707
TriPath Imaging, Inc.	*		1,740		15,712
Ventana Medical Systems, Inc.	*		1,826		74,556
Viasys Healthcare, Inc.	*		1,381		37,618
Vivus, Inc.	*		4,800		17,760
White Electronic Designs Corporation	*		2,284		11,351
X-Rite, Inc.			2,441		26,216
Young Innovations, Inc.			677		24,345
Zevex International, Inc.	*		900		8,091
Zygo Corporation	*		967		12,329
					2,284,407
Medical Imaging Services—0.0%
Merge Technologies, Inc.	*		1,470		10,114
Medical Products—0.0%
Solexa, Inc., LP	*†		1,008		8,891
Medical Supplies—1.5%
Align Technology, Inc.	*		2,449		27,870
American Medical Systems Holdings, Inc.	*†		3,920		72,246
American Science & Engineering, Inc.	*†		530		25,716
Analogic Corporation			884		45,367
Angiodynamics, Inc.	*		560		11,598
Aradigm Corp.	*		1,264		2,124
ArthoCare Corporation	*†		1,342		62,886
Aspect Medical Systems, Inc.	*†		680		11,608
Beckman Coulter, Inc.			3,283		188,969
Bio-Rad Laboratories, Inc. Class A	*		1,078		76,247
Biosite, Inc.	*		1,025		47,386
Candela Corporation	*		2,720		29,675
Cantel Medical Corporation	*		600		8,334
Cepheid, Inc.	*		4,050		29,241
Clarient, Inc.	*		3,308		2,713
CNS, Inc.			600		16,938
Conmed Corporation	*		1,363		28,773
Credence Systems Corporation	*		5,181		14,766
Cyberonics, Inc.	*†		956		16,759
Datascope Corporation			557		18,643
Dentsply International, Inc.			7,270		218,900
Depomed, Inc.	*†		2,500		10,200
Dionex Corporation	*		1,031		52,519
DJ Orthopedics, Inc.	*		1,370		56,896
Endologix, Inc.	*		1,350		5,414
ev3, Inc.	*†		2,300		39,123
FEI Company	*†		1,368		28,878
Foxhollow Technologies, Inc.	*†		600		20,514

See accompanying notes to schedule of investments.

103

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Haemonetics Corporation	*		1,508	$	70,574
Hanger Orthopedic Group, Inc.	*		3,263		21,471
ICU Medical, Inc.	*		606		27,561
I-Flow Corporation	*		2,590		31,132
Input/Output, Inc.	*†		3,597		35,718
Invacare Corporation			1,874		44,076
IRIS International, Inc.	*		940		10,810
Itron, Inc.	*†		1,266		70,643
Kensey Nash Corporation	*		867		25,377
Kopin Corporation	*		5,031		16,854
Kyphon, Inc.	*		2,084		77,983
LTX Corporation	*		2,405		12,049
MKS Instruments, Inc.	*		2,455		49,861
Matrixx Initiatives, Inc.	*		680		12,940
Medical Action Industries, Inc.	*		1,240		33,344
Mentor Corporation	†		1,961		98,815
Merit Medical Systems, Inc.	*		1,179		16,011
Mine Safety Appliances Company	†		1,445		51,500
Newport Corporation	*		1,615		26,325
Oakley, Inc.			1,411		24,058
Osteotech, Inc.	*		1,499		6,131
Photon Dynamics, Inc.	*		2,009		26,659
PolyMedica Corporation	†		1,350		57,794
Respironics, Inc.	*		4,050		156,371
Sirona Dental Systems, Inc.	†		560		18,441
SonoSite, Inc.	*		930		26,412
Steris Corporation			3,357		80,769
Techne Corporation	*		2,057		104,619
Therma-Wave, Inc.	*		758		902
Thoratec Corporation	*		2,307		36,012
Urologix, Inc.	*		1,050		2,951
Varian, Inc.	*		1,952		89,538
Veeco Instruments, Inc.	*		1,295		26,094
Vital Signs, Inc.			635		35,947
Wright Medical Group, Inc.	*		2,180		52,865
Zoll Medical Corporation	*		1,115		40,017
					2,688,927
Medical—Biomedical—0.0%
Dyax Corporation	*		3,200		10,656
Keryx Biopharmaceuticals, Inc.	*		1,560		18,455
					29,111
Metals—2.5%
AK Steel Holding Corporation	*		5,009		60,809
Aleris International, Inc.	*		1,537		77,680
Alpine Group, Inc.	*		698		1,780
Ameron International Corporation	†		543		36,077
Aptargroup, Inc.			1,565		79,627
Brush Engineered Materials, Inc.	*		1,122		27,904
Carpenter Technology Corporation			1,142		122,776
Century Aluminum Company	*		1,385		46,605
Chaparral Steel Company	*		2,232		76,022
Circor International, Inc.			711		21,721
Cleveland-Cliffs, Inc.			2,200		83,842
Commercial Metals Company			6,540		132,958
Commercial Vehicle Group, Inc.	*		1,280		24,653
Commscope, Inc.	*†		2,613		85,863
Couer D’alene Mines Corporation	*		14,006		65,968
Crane Company			2,830		118,294
Curtiss-Wright Corporation			2,512		76,239
Encore Wire Corporation	*†		810		28,585
General Cable Corporation	*		2,562		97,894
Gibraltar Industries, Inc.			1,868		41,432
Glamis Gold, Ltd. (Canada)	*		8,340	$	328,846
Griffon Corporation	*		1,288		30,745
Hecla Mining Company	*†		5,855		33,608
Hubbell, Inc. Class B			2,939		140,778
International Aluminum Corporation			686		25,622
Jacuzzi Brands, Inc.	*		3,955		39,510
Ladish Company, Inc.	*		970		28,014
Lone Star Technologies, Inc.	*		1,688		81,665
Massey Energy Company	†		4,323		90,524
Material Sciences Corp.	*		780		7,769
Matthews International Corporation Class A			1,783		65,632
Maverick Tube Corporation	*†		2,136		138,477
MAXXAM, Inc.	*		857		23,503
Meridian Gold, Inc. (Canada)	*		5,310		132,007
Metal Management, Inc.			1,220		33,965
Mueller Industries, Inc.			1,592		55,991
Mueller Water Products, Inc.-Class A	*†		1,260		18,409
NCI Building Systems, Inc.	*		1,232		71,665
NS Group, Inc.	*		1,303		84,109
Olympic Steel, Inc.			630		15,662
Optical Cable Corporation	*		241		1,241
Precision Castparts Corporation			7,016		443,131
Quanex Corporation			2,061		62,551
Reliance Steel & Aluminum Company			3,368		108,248
Royal Gold, Inc.	†		1,154		31,308
RTI International Metals, Inc.	*†		1,130		49,245
Ryerson Tull, Inc.	†		1,471		32,200
Schnitzer Steel Industries, Inc. Class A			974		30,720
Shaw Group, Inc. (The)	*		3,742		88,461
Shiloh Industries, Inc.	*		1,441		19,425
Simpson Manufacturing Company, Inc.	†		2,036		55,033
Southern Copper Corp.	†		1,957		181,023
Steel Dynamics, Inc.			2,691		135,761
Steel Technologies, Inc.			1,390		27,286
Stillwater Mining Company	*		2,228		18,715
Sturm, Ruger & Company, Inc.	*		2,146		16,610
Taser International, Inc.	*†		4,142		31,728
Texas Industries, Inc.	†		1,116		58,099
Titanium Metals Corporation	*†		3,560		89,997
Tredegar Corporation			1,607		26,901
Valmont Industries, Inc.			1,162		60,715
Watts Water Technologies, Inc. Class A			1,226		38,938
Wheeling-Pittsburgh Corporation	*		860		14,715
Worthington Industries, Inc.			4,120		70,287
					4,445,568
Metals & Mining—0.1%
Oregon Steel Mills, Inc.	*		1,980		96,763
Miscellaneous—0.2%
Alliance One International, Inc.	*		4,200		17,220
Corrections Corporation of America	*		2,955		127,804
Geo Group, Inc. (The)	*		819		34,603
Handleman Company			1,157		8,782
Lenox Group, Inc.	*		1,340		8,107
Pool Corp.			2,836		109,186
Terra Industries, Inc.	*		4,733		36,491
Tractor Supply Company	*†		1,869		90,198
					432,391

See accompanying notes to schedule of investments.

104

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Oil & Gas—7.6%
Abraxas Petroleum Corp.	*		2,400	$	7,344
Adams Resources & Energy, Inc.			1,462		50,951
AGL Resources, Inc.			3,796		138,554
Apco Argentina, Inc. (Cayman Islands)			622		53,455
Arena Resources, Inc.	*		1,140		36,617
Atlas America, Inc.	*		1,330		56,764
Atmos Energy Corporation			4,032		115,114
ATP Oil & Gas Corporation	*		1,375		50,793
Atwood Oceanics, Inc.	*		1,662		74,740
Aurora Oil & Gas Corp.			3,600		11,016
Basic Energy Services, Inc.	*		620		15,128
Berry Petroleum Company Class A			2,362		66,514
Bill Barrett Corporation	*†		1,570		38,559
Blue Dolphin Energy Company	*†		3,650		14,199
Boardwalk Pipeline Partners, LP			2,501		66,877
BP Prudhoe Bay Royalty Trust	†		1,205		88,568
Buckeye Partners, LP	†		2,310		100,716
Cabot Oil & Gas Corporation			2,685		128,692
Callon Petroleum Company	*		1,600		21,696
Cano Petroleum, Inc.	*		2,030		8,201
Carrizo Oil & Gas, Inc.	*		1,620		41,780
Cascade Natural Gas Corporation			1,459		38,065
Cheniere Energy, Inc.	*		2,680		79,623
Chesapeake Utilities Corporation			1,039		31,222
Cimarex Energy Company			4,115		144,807
Clayton Williams Energy, Inc.	*		550		16,665
CNX Gas Corporation	*		1,450		33,597
Complete Production Services, Inc.	*		1,550		30,597
Comstock Resources, Inc.	*		2,330		63,260
Contango Oil & Gas Co.	*		1,270		15,024
CREDO Petroleum Corp.	*		700		9,485
Cross Timbers Royalty Trust			776		35,968
Crosstex Energy, Inc.			510		45,681
Dawson Geophysical Company	*		930		27,621
DCP Midstream Partners, LP	†		630		17,640
Delta Natural Gas Company, Inc.			380		9,519
Delta Petroleum Corporation	*†		2,239		50,422
Denbury Resources, Inc.	*		5,866		169,527
Diamond Offshore Drilling, Inc.	†		3,114		225,360
Dorchester Minerals, LP			1,880		48,410
Edge Petroleum Corp.	*		1,670		27,505
Enbridge Energy Partners, LP	†		2,367		110,184
Encore Acquisition Company	*		2,537		61,751
Energen Corporation			3,294		137,920
Energy Partners Ltd.	*†		1,758		43,335
Energy Transfer Equity LP			1,900		55,594
Energy Transfer Partners, LP			3,949		182,957
EnergySouth, Inc.			520		17,550
ENSCO International, Inc.			7,970		349,325
Enterprise Products Partners LP	†		13,740		367,545
Equitable Resources, Inc.			6,074		212,469
EXCO Resources, Inc.	*		3,860		47,903
Exploration Company of Delaware, Inc. (The)	*		1,411		13,503
Forest Oil Corporation	*†		2,458		77,648
Frontier Oil Corporation			5,756		152,994
FX Energy, Inc.	*†		2,797		14,265
Giant Industries, Inc.	*		980		79,576
Global Industries Ltd.	*		4,499		70,004
GlobalSantaFe Corporation			12,555		627,624
Grey Wolf, Inc.	*		10,142		67,749
Hanover Compressor Company	*†		5,487		99,973
Harvest Natural Resources, Inc.	*		1,620		16,767
Headwaters, Inc.	*†		2,476	$	57,815
Helix Energy Solutions Group, Inc.	*†		4,313		144,054
Helmerich & Payne, Inc.			4,806		110,682
Holly Corporation			2,496		108,152
Holly Energy Partners, LP	†		670		25,299
Houston Exploration Company	*		1,393		76,824
Hugoton Royalty Trust			2,065		54,413
Kinder Morgan Energy Partners, LP			7,360		322,957
Kinder Morgan Management LLC	*		2,586		109,181
Laclede Group, Inc. (The)			1,025		32,882
Magellan Midstream Partners			3,420		126,198
Mariner Energy, Inc.	*†		3,899		71,625
Markwest Energy Partners, LP			680		33,320
Markwest Hydrocarbon, Inc.			1,182		33,096
McMoRan Exploration Company	*		1,060		18,804
MDU Resources Group, Inc.			8,559		191,208
Meridian Resource Corporation	*		4,340		13,280
Metretek Technologies, Inc.	*†		1,220		14,567
National Fuel Gas Company			3,702		134,568
New Jersey Resources Corporation			1,541		75,971
Newfield Exploration Company	*		6,728		259,297
Newpark Resources, Inc.	*		6,294		33,547
NGAS Resources, Inc. (Canada)	*†		3,300		25,476
Noble Energy, Inc.			9,396		428,364
Northwest Natural Gas Company			1,184		46,508
Oceaneering International, Inc.	*		2,932		90,306
ONEOK Partners, LP	†		2,155		121,219
Oneok, Inc.			5,569		210,453
Pacific Energy Partners, LP	†		1,860		65,472
Parallel Petroleum Corporation	*		2,560		51,354
Parker Drilling Company	*		5,736		40,611
Patterson-UTI Energy, Inc.			9,384		222,964
Penn Virginia Corporation			1,000		63,410
Petrohawk Energy Corporation	*		7,976		82,791
Petroleum Development Corporation	*		1,030		41,087
Petroquest Energy, Inc.	*		2,000		20,860
Piedmont Natural Gas Company	†		3,432		86,864
Pioneer Drilling Co.	*†		2,930		37,621
Pioneer Natural Resources Company			7,192		281,351
Plains All American Pipeline, LP	†		2,930		135,220
Plains Exploration & Production Company	*†		4,315		185,157
Pogo Producing Company			2,978		121,949
Pride International, Inc.	*		8,507		233,262
Quest Resource Corp.	*		1,070		9,502
Questar Corporation			4,476		366,003
Quicksilver Resources, Inc.	*†		2,850		90,915
Range Resources Corporation			7,200		181,728
Resource America, Inc. Class A			787		16,370
Rosetta Resources, Inc.	*		2,500		42,925
RPC, Inc.			1,520		27,846
SEACOR Holdings, Inc.	*		1,134		93,555
SEMCO Energy, Inc.	*		3,180		17,935
South Jersey Industries, Inc.			1,794		53,659
Southern Union Company			5,969		157,641
Southwest Gas Corporation			1,913		63,741
Southwestern Energy Company	*		8,436		251,983
St. Mary Land & Exploration Company	†		2,954		108,441
Stone Energy Corporation	*		1,249		50,560
Sulphco, Inc.	*†		2,300		14,283
Sunoco Logistics Partners, LP	†		970		43,417
Superior Energy Services, Inc.	*		4,230		111,080
Swift Energy Company	*†		1,642		68,668
Syntroleum Corporation	*		2,736		13,105

See accompanying notes to schedule of investments.

105

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
TC Pipelines, LP			800	$	24,432
Teppco Partners LP			3,740		138,978
Tesoro Petroleum Corporation			3,383		196,146
Tetra Technologies, Inc.	*		3,522		85,092
Tidewater, Inc.			2,961		130,847
Todco Class A	*†		2,903		100,444
Toreador Resources Corp.	*		550		10,131
Transmeridian Exploration, Inc.	*†		3,800		15,010
Trico Marine Services, Inc.	*		600		20,250
Tri-Valley Corp.	*†		2,100		15,183
UGI Corporation			5,040		123,228
Ultra Petroleum Corporation	*		7,994		384,591
Unit Corporation	*		2,353		108,167
United Heritage Corp.	*		1,060		2,862
VAALCO Energy, Inc.	*		3,610		25,920
Valero, LP	†		2,120		106,000
Vectren Corporation			3,776		101,386
Veritas DGC, Inc.	*		1,790		117,818
W&T Offshore, Inc.			880		25,705
Warren Resources, Inc.	*		3,440		41,899
Wd-40 Company			950		33,887
Western Refining, Inc.			1,110		25,796
WGL Holdings, Inc.			2,286		71,643
W-H Energy Services, Inc.	*		1,748		72,490
Whiting Petroleum Corporation	*†		2,153		86,335
					13,600,548
Pharmaceuticals—4.7%
Aastrom Biosciences, Inc.	*		3,290		3,816
Abraxis BioScience, Inc.			2,057		57,143
Adams Respiratory Therapeutics, Inc.	*		1,390		50,860
Adolor Corporation	*†		2,738		37,976
Advanced Magnetics, Inc.	*		680		23,188
Albany Molecular Research, Inc.	*		1,371		12,833
Alexion Pharmaceuticals, Inc.	*†		1,698		57,698
Alfacell Corporation	*†		2,756		3,776
Alkermes, Inc.	*		4,629		73,370
Allscripts Healthcare Solutions, Inc.	*†		2,300		51,635
Alpharma, Inc. Class A			2,513		58,779
Amylin Pharmaceuticals, Inc.	*†		5,858		258,162
Andrx Corporation	*†		3,666		89,560
Anesiva, Inc.	*		1,779		12,062
Arena Pharmaceuticals, Inc.	*†		2,489		29,818
ArQule, Inc.	*		2,064		8,689
Array BioPharma, Inc.	*		4,170		35,528
Atherogenics, Inc.	*†		2,914		38,377
AVANIR Pharmaceuticals— Class A	*†		1,525		10,553
Avant Immunotherapeutics, Inc.	*		6,670		8,738
AVI BioPharma, Inc.	*†		7,700		27,951
Bentley Pharmaceuticals, Inc.	*		2,011		24,132
BioCryst Pharmaceuticals, Inc.	*†		1,300		16,211
Bioenvision, Inc.	*		2,160		11,902
BioMarin Pharmaceuticals, Inc.	*†		4,270		60,762
Biopure Corporation Class A	*		309		253
BioScrip, Inc.	*		3,476		10,498
Boston Life Sciences, Inc.	*†		724		2,570
Bradley Pharmaceuticals, Inc.	*†		1,581		25,170
Cambrex Corporation			1,258		26,053
Cell Genesys, Inc.	*†		4,053		18,522
Cell Therapeutics, Inc.	*†		3,191		5,457
Cellegy Pharmaceuticals, Inc.	*		1,550		233
Cephalon, Inc.	*†		3,228		199,329
Charles River Laboratories International, Inc.	*		3,886	$	168,691
Collagenex Pharmaceuticals, Inc.	*		1,558		20,238
Columbia Laboratories, Inc.	*		1,820		6,297
Connetics Corporation	*		1,619		17,647
Conor Medsystems, Inc.	*†		1,440		33,941
Cubist Pharmaceuticals, Inc.	*†		3,073		66,807
Cypress Bioscience, Inc.	*		4,031		29,426
Cytogen Corporation	*		2,255		5,277
CytRx Corporation	*		4,200		5,376
Dendreon Corporation	*†		2,719		12,154
Digene Corporation	*		1,146		49,450
Discovery Laboratories, Inc.	*†		2,566		5,466
Dov Pharmaceutical, Inc.	*		1,020		918
Durect Corporation	*		2,700		11,070
Emisphere Technologies, Inc.	*†		3,412		28,831
Encysive Pharmaceuticals, Inc.	*†		3,499		15,046
Endo Pharmaceuticals Holdings, Inc.	*		6,536		212,747
EpiCept Corp.	*		481		871
EPIX Pharmaceuticals, Inc.	*		640		2,650
Genaera Corporation	*		4,787		1,915
Genelabs Technologies	*		721		1,175
Genentech, Inc.	*		24,260		2,006,302
Genitope Corporation	*†		2,890		8,439
Genta, Inc.	*		2,971		2,317
Geron Corporation	*		3,060		19,186
GTC Biotherapeutics, Inc.	*		3,988		4,945
GTx, Inc.	*		1,710		15,800
Hana Biosciences, Inc.	*		3,510		24,079
Hemispherx Biopharma, Inc.	*†		4,821		9,015
Henry Schein, Inc.	*†		4,502		225,730
Herbalife, Ltd. (Cayman Islands)	*		2,390		90,533
Heska Corporation	*		4,463		7,542
Hi-Tech Pharmacal Company, Inc.	*		864		10,921
Hollis-Eden Pharmaceuticals	*		3,834		20,282
Human Genome Sciences, Inc.	*†		6,428		74,179
Idexx Laboratories, Inc.	*		1,589		144,821
Idenix Pharmaceuticals, Inc.	*		740		7,178
IDM Pharma, Inc.	*		142		436
ImClone Systems, Inc.	*†		3,874		109,712
Immtech International, Inc.	*†		3,841		18,437
Immucor, Inc.	*		4,138		92,733
ImmunoGen, Inc.	*		1,903		6,737
Indevus Pharmaceuticals, Inc.	*		3,237		19,163
Inspire Pharmaceuticals, Inc.	*		1,860		9,467
InterMune, Inc.	*		1,586		26,042
Introgen Therapeutics, Inc.	*†		2,150		9,675
Inverness Medical Innovations, Inc.	*†		1,571		54,608
Invitrogen Corporation	*†		2,852		180,845
KOS Pharmaceuticals, Inc.	*		1,380		68,200
KV Pharmaceutical Company Class A	*		2,180		51,666
Mannatech, Inc.	†		690		12,227
MannKind Corporation	*†		2,020		38,380
Martek Biosciences Corporation	*†		1,769		38,051
Medarex, Inc.	*		6,332		68,006
Medicines Company	*		2,718		61,318
Medicis Pharmaceutical Corporation Class A	†		2,862		92,586
Medifast, Inc.	*		734		6,371
Meridian Bioscience, Inc.			2,122		49,888
MGI Pharma, Inc.	*		3,804		65,467
Millennium Pharmaceuticals, Inc.	*		16,036		159,558
Myogen, Inc.	*†		1,540		54,023
Nabi Biopharmaceuticals	*		2,736		15,814

See accompanying notes to schedule of investments.

106

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Nastech Pharmaceutical Company, Inc.	*†		1,500	$	22,890
Natrol, Inc.	*		1,145		1,637
NBTY, Inc.	*		3,365		98,494
Neose Technologies, Inc.	*		5,705		11,296
Neurobiological Technologies	*		3,137		7,466
Neurocrine Biosciences, Inc.	*†		2,039		21,919
NitroMed, Inc.	*		2,250		7,133
Northfield Laboratories, Inc.	*†		1,890		27,140
Novavax, Inc.	*†		4,170		15,804
Noven Pharmaceuticals, Inc.	*†		1,350		32,562
NPS Pharmaceuticals, Inc.	*		3,900		14,859
Nu Skin Enterprises, Inc. Class A			3,019		52,893
Nuvelo, Inc.	*		2,920		53,261
Omnicare, Inc.	†		6,437		277,370
Onyx Pharmaceuticals, Inc.	*†		2,105		36,395
OraSure Technologies, Inc.	*†		1,688		13,572
OSI Pharmaceuticals, Inc.	*†		2,981		111,877
Pain Therapeutics, Inc.	*†		1,319		11,370
Palatin Technologies, Inc.	*		2,104		5,008
Panacos Pharmaceuticals, Inc.	*		2,667		13,228
Par Pharmaceutical Companies, Inc.	*		1,702		31,044
Parexel International Corporation	*		1,844		61,018
PDL BioPharma, Inc.	*†		6,371		122,323
Penwest Pharmaceuticals Company	*†		930		15,485
Peregrine Pharmaceuticals, Inc.	*		9,115		11,576
Perrigo Company			5,083		86,259
Pharmacopeia Drug Discovery, Inc.	*		573		2,172
Pharmacyclics, Inc.	*		1,701		8,267
Pharmion Corporation	*†		900		19,395
Poniard Pharmaceuticals, Inc.	*		396		1,386
Pozen, Inc.	*		3,615		46,489
Praecis Pharmaceuticals, Inc.	*		367		752
Prestige Brands Holdings, Inc.	*		2,900		32,306
Progenics Pharmeceuticals, Inc.	*		1,383		32,445
Quidel Corp.	*		1,200		16,944
Regeneron Pharmaceuticals, Inc.	*		2,632		41,296
Renovis, Inc.	*		1,580		21,741
Rigel Pharmaceuticals, Inc.	*		2,990		30,707
Salix Pharmaceuticals Ltd.	*		2,346		31,812
Sciclone Pharmaceuticals, Inc.	*		4,800		11,136
Sciele Pharma, Inc.	*†		1,614		30,408
SCOLR Pharma, Inc.	*†		2,400		14,400
Sepracor, Inc.	*†		5,756		278,821
SIGA Technologies, Inc.	*		4,650		6,743
SirnaTherapeutics, Inc.	*		4,258		23,717
StemCells, Inc.	*		3,500		7,455
SuperGen, Inc.	*		3,719		17,331
Tanox, Inc.	*		1,721		20,342
Tapestry Pharmaceuticals, Inc.	*		522		1,086
Targeted Genetics Corp.	*		626		1,146
Theravance, Inc.	*		2,510		67,870
Third Wave Technologies, Inc.	*		1,507		6,751
Titan Pharmaceuticals, Inc.	*		4,244		9,337
United Therapeutics Corporation	*		1,264		66,411
USANA Health Sciences, Inc.	*		743		33,130
Valeant Pharmaceuticals International	†		4,744		93,836
Vertex Pharmaceuticals, Inc.	*†		5,706		192,007
Vion Pharmaceuticals, Inc.	*		4,504		4,909
Viropharma, Inc.	*		3,252		39,577
XOMA Ltd.	*		4,977	$	9,407
Zymogenetics, Inc.	*		2,343		39,526
					8,453,213
Real Estate—6.1%
Acadia Realty Trust REIT			1,319		33,635
Affordable Residential Communities REIT	*†		1,710		16,570
Agree Realty Corporation REIT			515		16,918
Alderwoods Group, Inc.	*		2,860		56,714
Alexander’s, Inc. REIT	*		162		50,261
Alexandria Real Estate Equities, Inc. REIT			1,163		109,089
AMB Property Corporation REIT			4,360		240,280
American Financial Realty Trust REIT			6,305		70,364
American Land Lease, Inc. REIT			729		17,314
American Mortgage Acceptance Corporation REIT			1,732		31,245
American Real Estate Partners, LP			590		31,211
Annaly Mortgage Management, Inc. REIT	†		8,361		109,864
Anthracite Capital, Inc. REIT			2,180		28,035
Arizona Land Income Corporation REIT Class A			1,050		4,022
Avalonbay Communities, Inc. REIT	†		3,746		451,018
BioMed Realty Trust, Inc. REIT			2,740		83,132
Brandywine Realty Trust REIT			4,486		146,019
BRE Properties Class A			2,563		153,088
Brookfield Properties Co. (Canada)	†		5,740		202,737
BRT Realty Trust REIT			916		25,987
California Coastal Communities, Inc.	*		1,028		21,136
Camden Property Trust REIT			2,734		207,811
Capital Alliance Income Trust Ltd. REIT	*		799		7,750
Capstead Mortgage Corporation REIT			3,310		28,565
CB Richard Ellis Group, Inc. Class A	*		9,600		236,160
CBL & Associates Properties, Inc. REIT			2,928		122,712
Cedar Shopping Centers, Inc. REIT			2,883		46,618
Colonial Properties Trust REIT			2,352		112,449
Consolidated-Tomoka Land Company			280		17,968
Cousins Properties, Inc. REIT			1,838		62,878
Crescent Real Estate EQT Company REIT			4,528		98,756
Developers Diversified Realty Corporation REIT	†		5,644		314,709
Duke Realty Corporation REIT			7,300		272,655
Eastgroup Properties, Inc. REIT			1,308		65,217
Entertainment Properties Trust REIT			1,519		74,917
Equity Inns, Inc. REIT			3,295		52,456
Equity One, Inc. REIT			2,619		62,777
Essex Property Trust, Inc. REIT			1,217		147,744
Extra Space Storage, Inc. REIT			3,140		54,353
Federal Realty Investment Trust REIT			2,671		198,455
FelCor Lodging Trust, Inc. REIT			3,135		62,857
First Industrial Realty Trust, Inc. REIT	†		2,030		89,320
Forest City Enterprises, Inc. Class A			3,478		188,855
General Growth Properties, Inc. REIT			11,730		558,935
Getty Realty Corporation REIT	†		1,418		41,519

See accompanying notes to schedule of investments.

107

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Glenborough Realty Trust, Inc. REIT			1,512	$	38,904
Glimcher Realty Trust REIT			2,205		54,640
Grubb and Ellis Company	*		2,553		24,688
Health Care Property Investors, Inc. REIT	†		6,934		215,301
Health Care REIT, Inc.	†		2,615		104,626
Healthcare Realty Trust, Inc. REIT			2,271		87,229
Heritage Property Investment Trust REIT			1,452		52,940
Highwoods Properties, Inc. REIT			2,393		89,044
HMG Courtland Properties REIT	*		1,250		15,625
Home Properties, Inc. REIT			1,701		97,229
Hospitality Properties Trust REIT			3,094		146,037
Host Marriott Corporation REIT			26,057		597,487
HRPT Properties Trust REIT			10,403		124,316
IMPAC Mortgage Holdings, Inc. REIT	†		3,518		32,964
Innkeepers USA Trust REIT			3,005		48,951
iStar Financial, Inc. REIT			5,882		245,279
Jones Lang Lasalle, Inc.			1,781		152,240
Lexington Corporate Properties Trust REIT	†		3,140		66,505
Liberty Property Trust REIT	†		4,302		205,593
Mack-Cali Realty Corporation REIT			2,838		147,008
Maguire Properties, Inc. REIT			1,740		70,888
Mid-America Apartment Communities, Inc. REIT			1,300		79,586
Mills Corporation (The) REIT			2,650		44,282
Mission West Properties REIT			1,418		16,179
Monmouth Capital Corporation			2,974		15,762
Monmouth Class A REIT			2,978		23,824
National Health Investors, Inc. REIT			1,198		33,939
Nationwide Health Properties, Inc. REIT			3,112		83,215
New Plan Excel Realty Trust REIT	†		4,691		126,892
Newcastle Investment Corporation REIT			2,065		56,602
Novastar Financial, Inc. REIT	†		1,611		47,025
Pan Pacific Retail Properties, Inc. REIT			1,910		132,592
Parkway Properties, Inc. REIT			747		34,728
PMC Commercial Trust REIT			2,035		28,490
Post Properties, Inc. REIT			2,048		97,321
RAIT Investment Trust REIT			1,592		45,929
Rayonier, Inc. REIT			3,937		148,819
Realty Income Corporation REIT			4,300		106,253
Redwood Trust, Inc. REIT	†		1,229		61,905
Regency Centers Corporation REIT			3,366		231,446
Senior Housing Properties Trust REIT			4,186		89,329
SL Green Realty Corporation REIT	†		2,166		241,942
Sovran Self Storage, Inc. REIT	†		859		47,717
St. Joe Company (The)	†		3,717		203,952
Stewart Enterprises, Inc. Class A			4,116		24,120
Sun Communities, Inc. REIT	†		1,061		33,910
Taubman Centers, Inc. REIT			2,574		114,337
Thornburg Mortgage, Inc. REIT			4,899		124,778
Trammell Crow Company	*		2,116		77,255
Trizec Properties, Inc. REIT			4,214		121,827
United Dominion Realty Trust, Inc. REIT			7,244		218,769
Ventas, Inc. REIT			5,414		208,656
W.P. Carey & Company LLC			1,593		43,823
Washington REIT	†		1,835	$	73,033
Weingarten Realty Investors REIT			4,314		185,588
					10,866,394
Restaurants—1.1%
AFC Enterprises, Inc.	*†		1,000		14,440
Applebee’s International, Inc.			4,415		94,967
Aramark Corporation Class B			6,224		204,521
Back Yard Burgers, Inc.	*		1,698		10,069
Bob Evans Farms, Inc.			2,055		62,225
Brinker International, Inc.	†		4,515		181,006
Buffalo Wild Wings, Inc.	*†		560		21,420
Burger King Holdings, Inc.	*		1,290		20,588
CEC Entertainment, Inc.	*		1,994		62,831
CKE Restaurants, Inc.			3,046		50,929
California Pizza Kitchen, Inc.	*		970		29,032
CBRL Group, Inc.			2,550		103,097
Cheesecake Factory (The)	*†		3,914		106,422
Chipotle Mexican Grill, Inc.—Class A	*†		390		19,371
Cosi, Inc.	*		3,120		16,723
Domino’s Pizza, Inc.	†		1,940		49,761
IHOP Corporation			1,079		50,012
Jack in the Box, Inc.	*		1,878		97,994
Krispy Kreme Doughnuts, Inc.	*†		2,574		20,849
Landry’s Restaurants, Inc.			1,254		37,808
Lone Star Steakhouse & Saloon, Inc.			1,125		31,241
Luby’s, Inc.	*		1,630		16,088
O’Charley’s, Inc.	*		1,092		20,715
OSI Restaurant Partners, Inc.			3,710		117,644
Papa John’s International, Inc.	*		1,612		58,209
PF Chang’s China Bistro, Inc.	*†		1,340		46,511
Rare Hospitality International, Inc.	*		2,025		61,884
Red Robin Gourmet Burgers, Inc.	*†		693		31,954
Ruby Tuesday, Inc.	†		3,477		98,017
Ryan’s Restaurant Group, Inc.	*		1,918		30,439
Sonic Corporation	*		4,555		102,989
Steak N Shake Company (The)	*		2,198		37,124
Texas Roadhouse, Inc. Class A	*		2,820		34,630
Triarc Companies Class B			2,886		43,636
					1,985,146
Retail—Apparel—0.0%
dELIA*s, Inc.	*		2,555		19,674
Retailers—2.3%
1-800-FLOWERS.COM, Inc.	*		2,113		11,114
99 Cents Only Stores	*		2,727		32,260
AC Moore Arts & Crafts, Inc.	*†		877		16,689
Advance Auto Parts, Inc.			5,595		184,299
Alloy, Inc.	*		462		5,456
BJ’s Wholesale Club, Inc.	*		3,379		98,599
Barnes & Noble, Inc.			2,855		108,319
Bell Microproducts, Inc.	*		1,576		8,179
Big 5 Sporting Goods Corporation			1,072		24,442
Blair Corporation			306		7,895
Bluefly, Inc.	*		2,341		2,318
Bombay Company, Inc. (The)	*		2,630		3,603
Borders Group, Inc.			3,582		73,073
Build-A-Bear Workshop, Inc.	*†		380		8,653
CSK Auto Corporation	*		1,990		28,059
Cabela’s, Inc. Class A	*†		2,190		47,589
Casey’s General Stores, Inc.			2,409		53,648
Cash America International, Inc.			1,841		71,946
Central Garden & Pet Company	*		965		46,571
Coldwater Creek, Inc.	*		2,863		82,340

See accompanying notes to schedule of investments.

108

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Cost Plus, Inc.	*†		1,015	$	12,150
Design Within Reach, Inc.	*†		1,210		7,357
Dick’s Sporting Goods, Inc.	*		1,632		74,289
Dollar Tree Stores, Inc.	*		5,591		173,097
Drugstore.Com, Inc.	*		3,800		13,110
Ezcorp, Inc.	*		1,000		38,680
Fastenal Company			7,418		286,112
Foot Locker, Inc.			8,181		206,570
Forward Industries, Inc.-N Y	*†		630		3,226
Fred’s, Inc.	†		1,781		22,476
GameStop Corp.—Class A	*†		2,314		107,092
GameStop Corp.—Class B	*		1,034		46,230
GSI Commerce, Inc.	*†		1,470		21,815
Guitar Center, Inc.	*		1,300		58,084
Hancock Fabrics, Inc.	*		1,321		3,791
Haverty Furniture Companies, Inc.			1,111		17,720
Hibbett Sporting Goods, Inc.	*		1,926		50,423
Jo-Ann Stores, Inc.	*		1,266		21,168
Kenneth Cole Productions, Inc. Class A			956		23,298
Kirkland’s, Inc.	*		833		4,073
Longs Drug Stores Corporation			1,508		69,383
MarineMax, Inc.	*†		800		20,360
Marvel Entertainment, Inc.	*†		4,501		108,654
Men’s Wearhouse, Inc.			2,347		87,332
Michaels Stores, Inc.			7,098		309,047
Movie Gallery, Inc.	*†		1,396		2,736
MSC Industrial Direct Company Class A			2,332		95,006
Nitches, Inc.	*		2,850		13,737
O’Reilly Automotive, Inc.	*		5,604		186,109
Overstock.com, Inc.	*†		771		13,516
PC Connection, Inc.	*		855		9,875
Petco Animal Supplies, Inc.	*		2,997		85,834
Petsmart, Inc.			7,244		201,021
Pier 1 Imports, Inc.	†		3,763		27,921
Priceline.com, Inc.	*†		1,549		56,988
Restoration Hardware, Inc.	*		2,795		24,233
Retail Ventures, Inc.	*†		1,372		21,143
Rite Aid Corporation	*		25,793		117,100
Saks, Inc.			6,702		115,811
Samsonite Corporation	*		1,134		1,168
School Specialty, Inc.	*†		1,184		41,783
Sharper Image Corporation	*†		649		6,685
Stamps.com, Inc.	*		1,050		20,013
Stein Mart, Inc.			1,591		24,199
Stride Rite Corporation			2,389		33,350
Systemax, Inc.	*		1,358		21,755
Trans World Entertainment Corporation	*		1,932		11,708
Tuesday Morning Corporation			1,816		25,206
Tweeter Home Entertainment Group, Inc.	*		1,129		5,148
Valuevision Media, Inc. Class A	*		1,742		20,190
Williams-Sonoma, Inc.	†		4,938		159,942
Zale Corporation	*		3,140		87,104
					4,129,870
Retirement/Aged Care—0.0%
Brookdale Senior Living, Inc.			1,700		78,914
Telecom Equipment Fiber Optics—0.0%
Essex Corp.	*		900		15,660
Telecommunications—0.2%
FiberTower Corp.	*†		1,550	$	14,648
NTL, Inc.			13,710		348,645
Superior Telecom, Inc.	*‡d		2,014		—
					363,293
Telephone Systems—1.5%
Adtran, Inc.			3,507		83,607
Alaska Communications Systems Group, Inc.			2,850		37,820
Audiovox Corporation Class A	*		1,218		16,955
Brightpoint, Inc.	*†		3,031		43,101
C2 Global Technologies, Inc.	*		678		373
Centennial Communications Corporation			1,166		6,215
Cincinnati Bell, Inc.	*		12,616		60,809
Commonwealth Telephone Enterprises, Inc.			1,807		74,503
Covad Communications Group, Inc.	*		13,041		19,431
D&E Communications, Inc.			1,712		21,588
Deltathree, Inc.	*		2,553		4,340
Dobson Communications Corporation Class A	*		8,796		61,748
Equinix, Inc.	*†		1,343		80,714
General Communication Class A	*		2,517		31,186
Global Crossing, Ltd. (Bermuda)	*		1,360		27,880
Global Payments, Inc.			4,120		181,321
Goamerica, Inc.	*		24		79
Hickory Tech Corporation			652		4,564
IDT Corporation	*		679		9,601
IDT Corporation Class B	*†		2,900		41,818
Iowa Telecommunications Services, Inc.			2,510		49,673
iPCS, Inc.	*		570		30,524
j2 Global Communications, Inc.	*†		2,554		69,392
LCC International, Inc. Class A	*		1,000		3,650
Leap Wireless International, Inc.	*		2,250		109,103
Level 3 Communications, Inc.	*†		44,348		237,262
Lightbridge, Inc.	*		1,288		15,095
Mastec, Inc.	*		2,049		22,682
NeuStar, Inc. Class A	*		3,490		96,848
NII Holdings, Inc. Class B	*		7,140		443,822
North Pittsburgh Systems, Inc.			1,480		37,252
Novatel Wireless, Inc.	*		2,949		28,399
NTELOS Holdings Corp.	*		1,200		15,324
Primus Telecommunications GP	*		4,516		2,213
RCN Corporation	*†		2,170		61,411
Redback Networks, Inc.	*		3,769		52,314
Rural Cellular Corporation Class A	*		1,266		12,192
SAVVIS, Inc.	*		408		11,628
SunCom Wireless Holdings, Inc.,—Class A	*		2,699		2,591
SureWest Communications			1,674		32,593
Talk America Holdings, Inc.	*†		4,198		39,881
Telecommunication Systems, Inc.	*†		1,200		3,228
Telephone & Data Systems, Inc.			2,898		122,006
Telephone & Data Systems, Inc.			2,448		100,001
Time Warner Telecom, Inc. Class A	*		5,281		100,392
US Cellular Corporation	*		921		54,984
West Corporation	*		1,535		74,141
Wireless Facilities, Inc.	*		2,399		5,134
					2,641,388

See accompanying notes to schedule of investments.

109

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Textiles, Clothing & Fabrics—0.9%
Albany International Corporation Class A			1,437	$	45,725
Brown Shoe Company, Inc.			1,194		42,793
Columbia Sportswear Company	*†		1,053		58,789
CROCS, Inc.	*†		1,780		60,431
Culp, Inc.	*		888		4,928
Deckers Outdoor Corporation	*		450		21,294
Genesco, Inc.	*		1,421		48,982
Guess ?, Inc.	*†		1,575		76,435
Gymboree Corporation	*		1,400		59,052
Hanesbrands, Inc.	*		3,200		72,032
Iconix Brand Group, Inc.	*		1,710		27,531
Interface, Inc. Class A	*		3,470		44,694
Kellwood Company			1,171		33,760
K-Swiss, Inc. Class A			1,026		30,842
Mohawk Industries, Inc.	*†		2,811		209,279
Mossimo, Inc.	*		2,807		22,035
Mothers Work, Inc.	*		600		28,872
Oxford Industries, Inc.			956		41,022
Phillips-Van Heusen Corporation	†		2,257		94,275
Polo Ralph Lauren Corporation			3,063		198,145
Quaker Fabric Corporation	*		2,550		2,856
Quiksilver, Inc.	*†		6,280		76,302
Skechers U.S.A., Inc. Class A	*		1,680		39,497
Sport-Haley, Inc.			1,043		4,928
Steven Madden Ltd.			1,593		62,509
Tag-It Pacific, Inc.	*		1,335		1,282
Tarrant Apparel Group	*		1,107		1,528
Timberland Company Class A	*		3,212		92,409
Warnaco Group, Inc. (The)	*		2,200		42,548
Wolverine World Wide, Inc.			3,299		93,395
					1,638,170
Transportation—2.5%
Alexander & Baldwin, Inc.	†		2,196		97,437
American Commercial Lines, Inc.	*†		1,640		97,498
Arctic Cat, Inc.			1,738		28,851
Arkansas Best Corporation			1,383		59,510
Arlington Tankers Ltd. (Bermuda)			760		17,146
Celadon Group, Inc.	*		1,012		16,840
CH Robinson Worldwide, Inc.			8,872		395,514
Con-way, Inc.			2,760		123,703
Dynamex, Inc.	*		760		15,770
Excel Maritime Carriers, Ltd. (Liberia)	*		1,400		16,590
Expedia, Inc.	*		13,936		218,516
Expeditors International Washington, Inc.			11,074		493,679
Fleetwood Enterprises, Inc.	*		4,000		26,920
Florida East Coast Industries	†		1,093		62,388
Forward Air Corporation			1,912		63,268
Freightcar America, Inc.	†		600		31,800
GATX Corporation			2,367		97,923
General Maritime Corporation			1,847		67,563
Genesee & Wyoming, Inc. Class A	*		2,371		55,055
Gulfmark Offshore, Inc.	*		1,000		31,840
Heartland Express, Inc.			4,221		66,185
Hornbeck Offshore Services, Inc.	*		1,340		44,890
HUB Group, Inc. Class A	*		2,580		58,772
JB Hunt Transport Services, Inc.			6,334		131,557
Kansas City Southern	*†		3,954		107,984
Kirby Corporation	*		2,358		73,876
K-Sea Transportation Partners, LP			470		16,004
Laidlaw International, Inc.			5,580		152,501
Landstar System, Inc.	†		3,156	$	134,761
Maritrans, Inc.			1,140		41,724
Martin Midstream Partners, LP			1,200		39,600
Old Dominion Freight Line, Inc.	*		1,783		53,543
OMI Corporation			4,585		99,540
Overseas Shipholding Group			1,338		82,648
P.A.M. Transportation Services, Inc.	*		1,139		28,543
Pacer International, Inc.			2,275		63,154
Polaris Industries, Inc.			2,090		86,004
Quality Distribution, Inc.	*		914		13,454
RailAmerica, Inc.	*		2,807		30,652
Royal Caribbean Cruises Ltd.			6,770		262,744
Rural/Metro Corporation	*		1,600		13,968
Saia, Inc.	*		902		29,405
Ship Finance International Ltd. (Bermuda)			1,800		35,820
Sirva, Inc.	*		1,337		3,556
Swift Transportation Company, Inc.	*		3,009		71,373
Teekay Shipping Corporation (Bahama Islands)			2,350		96,609
Thor Industries, Inc.	†		2,026		83,410
Trinity Industries, Inc.			4,071		130,964
UTI Worldwide, Inc. (Luxembourg)			3,280		91,742
US Shipping Partners, LP			680		13,097
Wabtec Corporation			2,487		67,472
Werner Enterprises, Inc.			2,916		54,558
West Marine, Inc.	*†		803		11,242
YRC Worldwide, Inc.	*		2,928		108,453
					4,417,616
Water Companies—0.2%
American States Water Company			920		35,190
Aqua America, Inc.	†		7,059		154,874
California Water Service Group			965		35,637
Connecticut Water Service, Inc.			500		11,040
Middlesex Water Company			550		10,577
Pico Holdings, Inc.	*		970		31,574
SJW Corporation			1,012		30,269
Southwest Water Company	†		2,215		27,089
					336,250
Webhosting/Design—0.0%
Terremark Worldwide, Inc.	*		3,200		17,760
Verso Technologies, Inc.	*		1,619		1,473
					19,233
Wire & Cable Products—0.0%
Insteel Industries, Inc.			1,400		27,818
Wireless Equipment—Communications—0.0%
Terabeam, Inc.	*		2,197		5,163
TOTAL COMMON STOCKS
(Cost $124,726,293)					174,292,442

 

Coupon Rate	Maturity         Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
4.850%	12/07/2006	**
(Cost $178,353)			$	180,000		178,354

 

See accompanying notes to schedule of investments.

110

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
WARRANTS—0.0%
Financial Services—0.0%
Equitex, Inc. Warrants, Expires 2/7/2010	‡d		264	$	—
Equitex, Inc. Warrants, Expires 2/7/2010	‡d		264		—
Pegasus Wireless Corp. Warrants, Expires 08/11/2008	‡d		200		—
(Cost $0)					—

 

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—18.9%
Bank & Certificate Deposits/Offshore Time Deposits—18.2%
Abbey National PLC
5.270%	10/03/2006	††	$	694,127		694,127
Abbey National PLC
5.270%	10/04/2006	††		694,127		694,127
Bank Of Montreal
5.280%	10/16/2006	††		555,302		555,302
Bank Of Nova Scotia
5.280%	10/11/2006	††		694,127		694,127
Barclays
5.310%	10/20/2006	††		694,127		694,127
Barclays
5.305%	11/21/2006	††		694,127		694,127
Barton Capital LLC
5.267%	10/06/2006	††		694,127		694,127
BNP Paribas
5.260%	10/05/2006	††		694,127		694,127
Branch Banker &Trust
5.270%	10/10/2006	††		694,127		694,127
CAFCO Funding LLC
5.289%	11/17/2006	††		277,650		277,650
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		1,388,252		1,388,252
Charta LLC
5.314%	11/01/2006	††		277,650		277,650
CIESCO Domestic
5.290%	11/16/2006	††		277,650		277,650
Clipper Receivables Corp
5.283%	10/19/2006	††		416,476		416,476
Commonwealth Bank of Australia
5.275%	10/23/2006	††		535,865		535,865
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		694,126		694,126
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		555,301		555,301
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		694,126		694,126
Fairway Finance
5.292%	10/24/2006	††		555,301		555,301
Fairway Finance
5.274%	10/03/2006	††		277,650		277,650
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		277,650		277,650
Fortis Bank
5.300%	11/20/2006	††		277,650		277,650
Fortis Bank
5.280%	10/19/2006	††		832,951		832,951
General Electric Capital Corporation
5.285%	11/03/2006	††		555,301		555,301

 

Coupon Rate	Maturity         Date		Face		Value
Harris NA
5.280%	11/22/2006	††	$	694,126	$	694,126
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		555,301		555,301
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		277,650		277,650
Liberty Street
5.282%	10/13/2006	††		277,650		277,650
Lloyds TSB Bank
5.270%	10/02/2006	††		832,951		832,951
Merrill Lynch & Co
5.365%	10/02/2006	††		1,136,163		1,136,163
Morgan Stanley & Co
5.365%	10/02/2006	††		3,887,106		3,887,106
National Australia Bank
5.360%	10/02/2006	††		1,110,602		1,110,602
Paradigm Funding LLC
5.287%	10/10/2006	††		277,650		277,650
Park Avenue Receivables Corp
5.283%	10/26/2006	††		277,650		277,650
Park Avenue Receivables Corp
5.281%	10/03/2006	††		277,650		277,650
Royal Bank of Canada
5.300%	10/27/2006	††		694,126		694,126
Royal Bank of Canada
5.300%	11/17/2006	††		277,650		277,650
Royal Bank of Scotland
5.300%	10/27/2006	††		694,126		694,126
Sheffiled Receivables Corp
5.285%	10/18/2006	††		277,650		277,650
Societe Generale
5.300%	10/23/2006	††		999,542		999,542
Societe Generale
5.280%	11/01/2006	††		1,110,602		1,110,602
Svenska Handlesbanken
5.350%	10/02/2006	††		1,121,897		1,121,897
Three Pillars Funding LLC
5.284%	10/02/2006	††		277,650		277,650
Toronto Dominion Bank
5.265%	10/12/2006	††		694,126		694,126
UBS AG
5.305%	10/02/2006	††		694,126		694,126
UBS AG
5.300%	10/27/2006	††		694,126		694,126
Variable Funding Capital Co
5.265%	10/02/2006	††		412,629		412,629
Wells Fargo
5.270%	10/17/2006	††		694,126		694,126
Yorktown Capital LLC
5.287%	10/18/2006	††		277,650		277,650
						32,526,442
Floating Rate Instruments/Master Notes—0.7%
Bank of America
5.310%	07/10/2007	††		694,126		694,126
Bank of America
5.270%	11/10/2006	††		555,301		555,301
						1,249,427
TOTAL CASH EQUIVALENTS
(Cost $33,775,869)						33,775,869

 

See accompanying notes to schedule of investments.

111

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

	Face		Value
REPURCHASE AGREEMENTS—1.8%
IBT Repurchase Agreement dated 09/29/2006 due 10/02/2006 with a maturity value of $3,216,764 and an effective yield of 4.65% collaterialized by a U.S. Government Agency Obligation with a rate of 9.0%, maturity date of 07/25/2014 and a market value of $3,376,294.	$	3,215,518	$	3,215,518
TOTAL INVESTMENTS—118.5%
(Cost $161,896,033)				211,462,183
Other assets less liabilities—(18.5%)				(33,078,026	)
NET ASSETS—100.0%			$	178,384,157

 

Legend to the Schedule of Investments:

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

‡ Security valued at fair value as determined by policies approved by the board of directors.

** Security has been pledged as collateral for futures contracts.

d Security has no market value at 09/30/2006.

See accompanying notes to schedule of investments.

112

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—92.6%
Australia—4.8%
ABC Learning Centres Ltd.			3,700	$	17,290
Alinta Ltd.			2,743		23,330
Alumina Ltd.			11,019		50,750
Amcor Ltd.			9,476		52,580
AMP Ltd.			18,728		124,972
Ansell Ltd.			1,154		9,122
APN News & Media, Ltd.			3,565		13,506
Aristocrat Leisure Ltd.			3,724		39,158
Australia & New Zealand Banking Group Ltd.			19,017		380,816
Australian Gas Light Company Ltd.			4,722		75,656
Australian Stock Exchange Ltd.			1,427		34,588
AXA Asia Pacific Holdings Ltd.			8,327		40,402
Babcock & Brown Ltd.			1,210		18,190
BHP Billiton Ltd.			36,285		689,175
BHP Steel Ltd.			6,292		30,430
Billabong International, Ltd.			1,530		16,728
Boral Ltd.			5,594		30,183
Brambles Industries Ltd.			11,353		108,031
Caltex Australia Ltd.			1,090		19,454
Centro Properties Group			8,537		51,272
Challenger Financial Services Group, Ltd.			5,236		13,556
Coca-Cola Amatil Ltd.			4,581		22,872
Cochlear Ltd.			439		17,339
Coles Myer Ltd.			12,928		138,834
Commonwealth Bank of Australia			13,394		457,296
Commonwealth Property Office Fund			28,508		30,007
Computershare Ltd.			3,876		22,289
CSL Ltd.			1,903		76,560
CSR Ltd.			7,472		16,610
DB RREEF Trust			34,466		41,168
DCA Group Ltd.			5,704		14,600
Downer EDI Ltd.			2,720		12,171
Foster’s Group Ltd.			18,979		91,173
Futuris Corporation Ltd.			5,023		7,601
Gandel Retail Trust			24,195		36,472
General Property Trust			19,543		68,544
Goodman Fielder Ltd.			12,355		19,925
Harvey Norman Holdings Ltd.			4,015		10,599
Iluka Resources Ltd.			1,488		7,886
ING Industrial Fund			16,122		28,409
Insurance Australia Group Ltd.			15,096		59,466
Investa Property Group			18,616		34,167
John Fairfax Holdings Ltd.			9,779		30,824
Leighton Holdings Ltd.			1,184		17,085
Lend Lease Corporation Ltd.			3,584		42,811
Lion Nathan Ltd.			2,567		15,516
Macquarie Airports			7,384		16,916
Macquarie Bank Ltd.			2,437		125,896
Macquarie Communications Infrastructure Group			3,831		17,721
Macquarie Goodman Group			14,382		69,889
Macquarie Infrastructure Group			25,036		59,797
Macquarie Office Trust NPV			18,400		20,503
Mayne Group Ltd.			4,793		12,206
Mayne Pharma Ltd.			4,793		15,362
Meinl European Land Ltd.	*		1,400		30,517
Mirvac Group			12,567		44,425
Multiplex Group			5,365		14,087
National Australia Bank Ltd.			16,654		455,797
Newcrest Mining Ltd.			4,108		68,779
OneSteel Ltd.			7,510		23,554
Orica Ltd.			3,258		54,614
Origin Energy Ltd.			7,198	$	35,781
Pacific Brands Ltd.			4,298		8,114
Paladin Resources Ltd.	*		5,044		17,867
PaperlinX Ltd.			3,665		10,529
Perpetual Trustees Australia Ltd.			532		29,012
Publishing & Broadcasting Ltd.			2,360		32,803
QBE Insurance Group Ltd.			8,421		153,907
Qantas Airways Ltd.			6,946		20,288
Rinker Group Ltd.			10,115		104,310
Rio Tinto Ltd.			2,811		146,854
Santos Ltd.			7,219		60,192
Sonic Healthcare Ltd.			2,772		27,275
Stockland			12,524		69,177
Suncorp-Metway Ltd.			5,228		85,608
Sydney Roads Group	*		8,345		6,917
Tabcorp Holdings Ltd.			6,088		71,091
Telstra Corporation Ltd.			22,022		60,919
Toll Holdings Ltd.			5,491		63,022
Transurban Group			8,356		45,527
UNiTAB Ltd.	‡		1,454		16,831
Wesfarmers Ltd.			3,588		93,561
Westfield Group			15,862		222,729
Westpac Banking Corporation			19,033		322,523
Woodside Petroleum Ltd.			4,917		144,027
Woolworths Ltd.			11,552		174,686
WorleyParsons Ltd.			1,591		19,980
Zinifex Ltd.			5,122		44,844
					6,277,850
Austria—0.5%
Andritz AG			121		18,522
BetandWin.com Interactive Entertainment AG	*		266		7,010
Boehler-Uddeholm			576		32,448
Erste Bank der Oesterreichischen Sparkassen AG			2,025		126,075
Flughafen Wien AG			67		5,555
IMMOFINANZ Immobilien Anlagen AG	*		4,701		56,718
IMMOFINANZ Immobilien Anlagen AG	*		2,964		36,065
Mayr-Melnhof Karton AG			31		5,327
OMV AG			1,550		80,435
Raiffeisen International Bank Holding AG			400		42,664
RHI AG	*		126		4,932
Telekom Austria AG			3,633		91,691
Verbund-Oesterreichische Elektrizitaetswirtschafts AG Class A			1,510		73,108
Voestalpine AG			924		38,228
Wiener Staedtische Allgemeine Versicherung AG			300		18,838
Wienerberger AG			783		37,025
					674,641
Belgium—1.1%
Agfa Gevaert NV			895		21,229
Barco NV			80		7,326
Bekaert SA			118		11,613
Belgacom SA			1,934		75,452
Cofinimmo			88		16,691
Colruyt SA			180		30,751
Compagnie Maritime Belge SA			135		4,605
Delhaize Group			782		65,743
Dexia			5,543		143,647
D’ieteren NV			21		7,013
Euronav SA Private Equity			162		5,255

See accompanying notes to schedule of investments.

113

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Fortis			12,177	$	494,341
Groupe Bruxelles Lambert SA			773		82,513
Interbrew			2,088		115,092
KBC Bancassurance Holding			1,953		205,737
Mobistar SA			449		37,216
Omega Pharma SA			155		8,932
Solvay SA			601		77,792
UCB SA	†		841		53,500
Umicore			257		38,016
					1,502,464
Bermuda—0.1%
Cheung Kong Infrastructure Holdings Ltd.			5,000		15,291
Frontline Ltd.			465		17,837
Kerry Properties Ltd.			4,000		14,626
Noble Group Ltd.			26,000		17,001
Orient Overseas International Ltd.			2,200		8,944
SeaDrill Ltd.	*		2,200		29,152
Yue Yuen Industrial Holdings			3,500		10,864
					113,715
Cayman Islands—0.1%
ASM Pacific Technology Ltd.			5,000		26,241
Foxconn International Holdings Ltd.	*		24,000		73,810
Hutchison Telecommunications International Ltd.	*		28,000		49,544
					149,595
Denmark—0.7%
A/S Dampskibsselskabet Torm			250		12,942
AP Moller-Maersk A/S			12		102,784
Bang & Olufsen A/S Class B			79		8,484
Codan A/S			175		12,428
Coloplast A/S Class B			274		22,028
Danisco A/S			452		36,705
Danske Bank A/S			4,197		165,082
DSV DE Sammenslut Vogn A/S			231		40,383
FLS Industries AS Class B			499		23,132
GN Store Nord			2,031		31,095
H. Lundbeck A/S			507		11,825
Jyske Bank	*		625		36,013
NKT Holding A/S			179		13,536
Novo Nordisk A/S Class B			2,519		187,566
Novozymes A/S Class B			493		37,605
Ostasiatiske Kompagni			186		8,736
Sydbank A/S			700		25,791
Topdanmark A/S	*		178		24,603
TrygVesta AS			350		20,863
Vestas Wind Systems A/S	*†		1,966		52,406
William Demant Holding	*		208		15,968
					889,975
Finland—1.4%
Amer Group			569		12,778
Cargotec Corp.			332		14,049
Elisa Oyj Class A			1,951		43,036
Fortum Oyj			4,690		125,092
KCI Konecranes Oyj			396		7,509
Kesko Oyj Class B			722		30,370
Kone Oyj			664		32,209
Metso Oyj			1,226		45,154
Neste Oil Oyj			1,122		32,744
Nokia Oyj			43,268		852,967
Nokian Renkaat Oyj			850	$	15,286
OKO Bank Class A			1,100		17,533
Orion Oyj	*		1,592		30,304
Outokumpu Oyj			1,269		32,395
Rautaruukki Oyj			940		26,984
Sampo Oyj			4,349		90,618
SanomaWSOY Oyj Class B			750		19,230
Stora Enso Oyj Class R			7,246		109,684
Tietoenator Oyj			743		21,849
UPM-Kymmene Oyj			5,670		134,517
Uponor Oyj			478		12,926
Wartsila Oyj Class B			877		35,581
YIT Oyj			1,800		41,720
					1,784,535
France—8.8%
Accor SA			2,038		138,811
Air France			924		27,824
Air Liquide			1,278		260,886
Alcatel SA			14,350		175,140
Alstom	*		1,236		111,835
Atos Origin	*		586		32,250
AXA			17,290		637,597
BNP Paribas			8,625		927,585
Bouygues SA			1,926		102,924
Business Objects SA	*		1,011		34,340
Cap Gemini SA			1,271		67,319
Carrefour SA			6,227		393,278
Casino Guichard Perrachon SA			378		30,439
Cie de Saint-Gobain			3,318		240,730
Cie Generale D’Optique Essilor International SA			1,018		104,270
CNP Assurances			435		42,184
Credit Agricole SA			6,349		278,584
Dassault Systemes SA			456		25,618
France Telecom SA			17,570		404,404
Gaz de France	†		2,030		80,799
Gecina SA			146		19,491
Groupe Danone			2,472		346,944
Hermes International			747		69,062
Imerys SA			256		21,423
Klepierre			330		49,433
LVMH Moet Hennessy Louis Vuitton SA			2,575		265,029
Lafarge SA			1,618		208,876
Lagardere S.C.A.			1,132		81,627
L’Oreal SA			2,895		293,905
M6-Metropole Television			680		20,894
Michelin (C.G.D.E.) Class B			1,502		110,137
Neopost SA			339		40,535
PagesJaunes SA			1,314		37,371
Pernod-Ricard SA			824		171,520
Peugeot SA			1,546		87,228
Pinault-Printemps-Redoute SA			764		113,291
Publicis Groupe			1,500		59,125
Renault SA			1,971		225,930
Safran SA			1,737		35,111
Sanofi-Aventis			140		12,479
Sanofi-Synthelabo SA			10,417		926,812
Schneider Electric SA			2,401		267,598
SCOR			6,640		16,138
Societe BIC SA			239		14,874
Societe Des Autoroutes Paris-Rhin-Rhone			300		22,372
Societe Generale Class A			3,604		573,003
Societe Television Francaise 1	†		1,527		48,847
Sodexho Alliance SA			910		50,384
Suez SA	*		880		11

See accompanying notes to schedule of investments.

114

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Suez SA			10,568	$	464,684
Technip SA			954		54,401
Thales SA			965		42,810
Thomson			2,856		44,969
Total SA			22,970		1,507,737
Unibail			458		96,311
Valeo SA			731		26,045
Vallourec SA			434		101,249
Veolia Environment			3,236		195,142
Vinci SA			2,097		233,305
Vivendi Universal SA			11,988		432,062
Zodiac SA			343		20,350
					11,525,332
Germany—6.3%
Adidas-Salomon AG			2,024		95,192
Allianz AG			4,220		729,255
Altana AG			900		49,658
BASF AG			5,336		426,970
Bayer AG			7,547		384,697
Beiersdorf AG			525		27,946
Bilfinger Berger AG			370		21,915
Carlsberg AS Class B			270		22,708
Celesio AG			958		49,941
Commerzbank AG			6,485		218,118
Continental AG			1,400		162,187
DaimlerChrysler AG			9,474		472,773
Deutsche Bank AG			5,348		643,646
Deutsche Boerse AG			1,045		156,946
Deutsche Lufthansa AG			2,194		46,416
Deutsche Post AG			7,424		194,913
Deutsche Postbank AG			707		53,640
Deutsche Telekom AG			28,448		451,964
Douglas Holding AG			278		13,017
Fresenius Medical Care AG			612		79,387
Heidelberger Druckmaschinen			500		20,592
Hochtief AG			500		31,295
Hypo Real Estate Holding			1,293		80,664
Infineon Technologies AG	*		7,908		93,699
IVG Immobilien AG			800		28,918
KarstadtQuelle AG	*†		380		9,019
Linde AG			1,222		115,081
MAN AG			1,329		112,334
Merck AG			535		56,696
Metro AG			1,377		80,429
MLP AG			575		12,857
Muenchener Rueckversicherungs AG			2,045		322,958
Premiere AG	*		870		11,612
Puma AG Rudolf Dassler Sport			131		44,675
Rheinmetall AG			390		28,349
RWE AG			4,641		427,836
Salzgitter AG			432		40,538
SAP AG			2,301		455,932
Siemens AG			8,798		766,103
Solarworld AG	†		380		20,829
Suedzucker AG			694		17,129
ThyssenKrupp AG			3,908		131,368
TUI AG	†		2,646		54,637
E.ON AG			6,473		768,203
Volkswagen AG			1,842		156,861
Wincor Nixdorf AG			150		21,810
					8,211,713
Gibraltar—0.0%
PartyGaming PLC			10,700		21,387
Greece—0.5%
Alpha Bank AE			3,694	$	98,660
Coca Cola Hellenic Bottling Company SA			940		32,375
Cosmote Mobile Communications SA			860		20,647
EFG Eurobank Ergasias SA			2,394		73,372
Folli-Follie SA			100		2,905
Germanos SA			420		10,018
Hellenic Petroleum SA			890		10,661
Hellenic Technodomiki Tev SA			480		4,700
Hellenic Telecommunications Organization SA	*		3,314		81,189
Intracom SA	*		500		3,193
National Bank of Greece SA			3,949		170,511
OPAP SA			2,330		78,470
Piraeus Bank SA			1,875		48,595
Public Power Corporation			810		19,511
Technical Olympic SA			500		1,684
Titan Cement Company SA			500		23,719
Viohalco			930		9,429
					689,639
Hong Kong—1.5%
Bank of East Asia Ltd.			14,200		64,775
BOC Hong Kong Holdings Ltd.			37,500		84,181
Cathay Pacific Airways Ltd.			18,000		36,843
Cheung Kong Holdings Ltd.			16,000		171,572
CLP Holdings Ltd.			19,000		115,030
Esprit Holdings Ltd.			9,500		86,562
Giordano International Ltd.			10,000		4,870
Hang Lung Properties Ltd.			17,000		36,271
Hang Seng Bank Ltd.			7,600		96,044
Henderson Land Development			6,000		33,682
Hong Kong & China Gas			36,000		84,340
Hong Kong Exchanges and Clearing Ltd.			10,000		72,839
HongKong Electric Holdings			14,500		67,779
Hopewell Holdings Ltd.			5,000		14,237
Hutchison Whampoa Ltd.			22,000		194,049
Hysan Development Company Ltd.			7,000		17,945
Johnson Electric Holdings Ltd.			10,000		8,735
Kingboard Chemicals Holdings Company Ltd.			7,500		26,962
Li & Fung Ltd.			17,600		43,692
Link REIT			25,000		51,997
Melco International Development			7,000		14,986
MTR Corporation			18,000		45,152
New World Development Ltd.			26,600		45,683
PCCW Ltd.			58,000		35,421
Shangri-La Asia Ltd.			18,000		39,991
Shun TAK Holdings Ltd.			12,000		14,111
Sino Land Company			16,000		28,292
Sun Hung Kai Properties Ltd.			14,000		152,646
Swire Pacific Ltd. Class A			9,500		99,160
Techtronic Industries Company			14,500		21,377
Television Broadcasts Ltd.			5,000		26,941
Wharf Holdings Ltd.			13,000		44,507
Wing Hang Bank Ltd.			2,000		19,512
					1,900,184
Ireland—0.8%
Allied Irish Banks PLC			9,348		250,016
Bank of Ireland			10,610		206,687
C&C Group PLC			700		9,491
C&C Group PLC			2,580		35,075
CRH PLC			5,655		191,200
DCC PLC			848		21,197

See accompanying notes to schedule of investments.

115

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Depfa Bank PLC			3,341	$	61,630
Elan Corporation PLC	*		4,299		66,319
Fyffes PLC			2,423		4,712
Grafton Group PLC	*		2,898		38,273
Greencore Group PLC			1,189		5,891
IAWS Group PLC			990		18,402
Independent News & Media PLC			7,139		21,546
Irish Life & Permanent PLC			2,562		64,191
Kerry Group PLC Class A			1,659		39,394
Kingspan Group PLC			1,330		27,425
Paddy Power PLC			684		12,858
					1,074,307
Italy—3.6%
Alleanza Assicurazioni SpA			4,024		47,095
Arnoldo Mondadori Editore SpA			910		8,431
Assicurazioni Generali SpA			9,947		372,030
Autogrill SpA			999		15,912
Autostrade SpA			3,338		98,978
Banca Fideuram SpA			2,548		16,267
Banca Intesa SpA			41,422		272,554
Banca Intesa SpA			9,818		60,127
Banca Monte dei Paschi di Siena SpA			13,134		79,697
Banca Popolare di Milano Scrl			4,385		58,003
Banche Popolari Unite Scrl			3,586		96,590
Banco Popolare di Verona e Novara Scrl			3,885		107,443
Benetton Group SpA			478		8,207
Bulgari SpA	†		1,022		13,022
Capitalia SpA			17,858		147,850
Enel SpA	†		44,796		409,213
ENI-Ente Nazionale Idrocarburi SpA	†		27,058		804,586
Fiat SpA	*		5,722		91,215
Finmeccanica SpA			3,222		72,011
Fondiaria-Sai SpA			790		34,661
Gruppo Editoriale L’Espresso SpA			1,158		5,920
Italcementi SpA			483		12,243
Lottomatica SpA			540		20,392
Luxottica Group SpA			1,738		51,283
Mediaset SpA			8,537		91,814
Mediobanca SpA	†		5,362		117,047
Mediolanum SpA			3,095		23,017
Pirelli & C SpA			36,491		31,395
SanPaolo IMI SpA			11,545		244,253
Seat Pagine Gialle SpA			42,682		21,364
Snam Rete Gas SpA			9,347		45,415
Telecom Italia RNC			63,746		153,531
Telecom Italia SpA	†		111,251		315,709
Terna SpA			10,701		31,175
Tiscali SpA	*		1,909		5,415
UniCredito Italiano SpA	†		81,104		673,579
					4,657,444
Japan—22.0%
77 Bank Ltd. (The)			3,000		20,815
Access Co., Ltd.	*		2		14,255
Acom Company Ltd.			960		40,953
Aderans Company Ltd.			500		12,954
Advantest Corporation			1,800		89,782
Aeon Company Ltd.			6,100		149,757
Aeon Credit Service Company Ltd.			900		21,563
Aiful Corporation			825		31,920
Aisin Seiki Company Ltd.			2,300		67,326
Ajinomoto Company, Inc.			6,000		64,651
Alfresa Holdings Corporation			200	$	12,692
All Nippon Airways Company Ltd.			6,000		24,295
Alps Electric Company Ltd.			2,000		20,938
Amada Company Ltd.			5,000		50,292
Amano Corporation			1,000		12,829
Aoyama Trading Company Ltd.			1,000		32,004
Arrk Corp.			700		9,176
Asahi Breweries Ltd.			3,900		56,869
Asahi Glass Company Ltd.			10,000		123,419
Asahi Kasei Corporation			12,000		76,965
Asatsu-DK, Inc.			200		6,080
Asics Corp.			4,000		52,198
Autobacs Seven Company Ltd.			200		7,529
Bank of Fukuoka Ltd.			7,000		51,479
Bank of Kyoto Ltd. (The)			4,000		40,475
Bank of Yokohama Ltd. (The)			13,000		102,608
Benesse Corporation			500		18,532
Bridgestone Corporation			6,900		139,785
Canon Sales Co., Inc.			900		21,575
Canon, Inc.			11,100		580,325
Casio Computer Company Ltd.			2,400		48,435
Central Glass Company Ltd.			2,000		11,071
Central Japan Railway Company			16		170,579
Chiba Bank Ltd. (The)			9,000		80,365
Chiyoda Corp.			2,000		39,209
Chubu Electric Power Company, Inc.			6,500		169,084
Chugai Pharmaceutical Company Ltd.			2,600		55,973
Circle K Sunkus Company Ltd.			300		5,637
Citizen Watch Company Ltd.			3,000		24,685
Coca-Cola West Japan Company Ltd.			1,200		24,010
COMSYS Holdings Corporation			1,000		10,984
Credit Saison Company Ltd.			1,700		71,722
CSK Corp.			500		20,949
KDDI Corporation			25		156,128
Dai Nippon Printing Company Ltd.			6,000		92,608
Daicel Chemical Industries Ltd.			3,000		20,855
Daido Steel Co., Ltd.			3,000		21,977
Daifuku Co., Ltd.			1,000		12,612
Daiichi Sankyo Co., Ltd.			7,702		218,240
Daikin Industries Ltd.			2,800		82,970
Daimaru, Inc.			2,000		24,762
Dainippon Ink & Chemical, Inc.			6,000		21,883
Dainippon Screen Manufacturing Company Ltd.			2,000		18,201
Daito Trust Construction Company Ltd.			900		48,906
Daiwa House Industry Company Ltd.			6,000		103,847
Daiwa Securities Group, Inc.			12,000		140,451
Denki Kagaku Kogyo KK			6,000		23,286
Denso Corporation			5,500		193,701
Dentsu, Inc.			22		59,893
Dowa Mining Company Ltd.			3,000		25,976
E*Trade Securities Co., Ltd.			12		13,669
eAccess Ltd.			19		11,455
East Japan Railway Company			35		244,914
Ebara Corporation			5,000		18,147
EDION Corp.			900		15,444
Eisai Company Ltd.			2,800		135,628
Electric Power Development Company			1,440		51,397
Elpida Memory, Inc.	*		1,000		45,469
Familymart Company Ltd.			600		16,425
Fanuc Ltd.			1,900		148,364
Fast Retailing Company Ltd.			500		47,034

See accompanying notes to schedule of investments.

116

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Fuji Electric Holdings Company Ltd.			4,000	$	20,662
Fuji Photo Film Company Ltd.			5,100		186,037
Fuji Soft ABC, Inc.			200		5,232
Fujikura Ltd.			4,000		43,860
Fujitsu Ltd.			19,000		156,826
Furukawa Electric Company Ltd. (The)			6,000		39,719
Glory, Ltd.			800		15,511
Goodwill Group, Inc. (The)			12		7,275
Gunma Bank Ltd.			5,000		37,020
Gunze Ltd.			2,000		11,325
Hakuhodo DY Holdings, Inc.			200		13,072
Hankyu Department Stores, Inc.			1,000		8,460
Hankyu Holdings, Inc.			8,000		50,064
Hanshin Electric Railway Co., Ltd.	‡		4,000		35,144
Haseko Corp.	*		8,000		27,569
Hikari Tsushin, Inc.			200		10,457
Hino Motors Ltd.			2,000		10,825
Hirose Electric Company Ltd.			330		43,777
Hitachi Cable Ltd.			1,000		4,521
Hitachi Chemical Company Ltd.			900		21,847
Hitachi Construction Machinery Company Ltd.			1,000		22,410
Hitachi Credit Corporation			400		7,633
Hitachi High-Technologies Corp.			700		19,826
Hitachi Ltd.			33,000		192,276
Hokkaido Electric Power Company, Inc.			1,800		43,689
Hokugin Financial Group, Inc.			12,000		45,266
Honda Motor Company Ltd.			16,200		544,668
House Foods Corporation			500		8,254
Hoya Corporation			4,500		169,787
Ibiden Co., Ltd.			1,600		84,607
Index Corp.			9		6,532
Inpex Holdings, Inc.	*		8		63,672
Isetan Company Ltd.			2,100		35,461
Ishikawajima-Harima Heavy Industries Company Ltd.			11,000		33,680
Ito En Ltd.			800		27,572
Itochu Corporation			16,000		124,198
Itochu Techno-Science Corporation			300		15,271
Jafco Company Ltd.			400		20,235
Japan Airlines System Corporation	*†		14,000		27,381
Japan Prime Realty Investment Corp. REIT			5		14,951
Japan Real Estate Investment Corporation REIT			4		33,878
Japan Retail Fund Investment Corporation REIT			2		14,737
Japan Steel Works, Ltd. (The)			4,000		27,426
Japan Tobacco, Inc.			49		190,814
JFE Holdings, Inc.			5,900		231,521
JGC Corporation			2,000		33,482
Joyo Bank Ltd.			9,000		53,430
JSR Corporation			1,700		37,500
Kajima Corporation			9,000		41,137
Kaken Pharmaceutical Company Ltd.			1,000		6,814
Kamigumi Company Ltd.			5,000		39,062
Kaneka Corporation			3,000		28,395
Kansai Electric Power Company, Inc. (The)			8,000		184,537
Kansai Paint Company Ltd.			2,000		15,167
Kao Corporation			5,000		133,353
Katokichi Company Ltd.			900		7,365
Kawasaki Heavy Industries Ltd.			13,000	$	43,106
Kawasaki Kisen Kaisha Ltd.			6,000		37,962
Keihin Electric Express Railway Company Ltd.	†		4,000		29,263
Keio Electric Railway Company Ltd.			5,000		33,401
Keisei Electric Railway Co., Ltd.			2,000		12,261
Keyence Corporation			430		99,008
Kikkoman Corporation			2,000		23,349
Kinden Corporation			1,000		8,265
Kinki Nippon Railway Company Ltd.			15,000		46,979
Kirin Brewery Company Ltd.			8,000		106,924
KK DaVinci Advisors	*		13		12,478
Kobe Steel Ltd.			29,000		91,173
Kokusai Securities Company Ltd.			3,000		37,706
Kokuyo Company Ltd.			700		11,132
Komatsu Ltd.			9,000		155,796
Komori Corporation			430		8,753
Konami Corporation			1,200		30,533
Konica Corporation	*		4,500		60,361
Kose Corporation			400		12,916
Koyo Seiko Company Ltd.			2,000		38,849
Kubota Corporation			12,000		98,581
Kuraray Company Ltd.			4,000		44,533
Kuraya Sanseido, Inc.			1,400		28,679
Kurita Water Industries Ltd.			1,500		29,121
Kyocera Corporation			1,700		145,542
Kyowa Hakko Kogyo Company Ltd.			3,000		21,127
Kyushu Electric Power Company, Inc.			3,600		85,094
Lawson, Inc.			500		17,591
Leopalace21 Corporation			1,400		51,161
Mabuchi Motor Company Ltd.			400		24,470
Makita Corporation			1,000		29,424
Marubeni Corporation			15,000		74,786
Marui Company Ltd.			4,000		58,737
Matsui Securities Co., Ltd.			1,100		9,215
Matsumotokiyoshi Company Ltd.			300		7,210
Matsushita Electric Industrial Company Ltd.			20,000		423,108
Matsushita Electric Works Ltd.			4,000		42,349
Meiji Dairies Corporation			2,000		13,520
Meiji Seika Kaisha Ltd.			5,000		25,404
Meitec Corporation			300		9,225
Millea Holdings, Inc. 144A	‡		7,000		255,989
Minebea Company Ltd.			3,000		16,442
Mitsubishi Chemical Holdings Corp.			12,000		75,200
Mitsubishi Corporation			14,100		265,698
Mitsubishi Electric Corporation			20,000		168,696
Mitsubishi Estate Company Ltd.			12,000		262,553
Mitsubishi Gas Chemical Company, Inc.			4,000		43,577
Mitsubishi Heavy Industries Ltd.			32,000		132,617
Mitsubishi Logistics Corporation			1,000		15,958
Mitsubishi Materials Corporation	†		12,000		49,608
Mitsubishi Rayon Company Ltd.			5,000		33,087
Mitsubishi UFJ Financial Group, Inc.			89		1,145,712
Mitsui & Company Ltd.			17,000		216,763
Mitsui Chemicals, Inc.			6,000		43,233
Mitsui Engineering & Shipbuilding Company Ltd.			6,000		19,552
Mitsui Fudosan Company Ltd.			9,000		204,768
Mitsui Mining & Smelting Company Ltd.			6,000		31,005
Mitsui O.S.K. Lines Ltd.			13,000		96,307
Mitsui Sumitomo Insurance Company Ltd.			12,000		150,345

See accompanying notes to schedule of investments.

117

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Mitsui Trust Holdings, Inc.			7,000	$	79,843
Mitsukoshi Ltd.			3,000		13,479
Mitsumi Electric Company Ltd.			400		5,527
Mizuho Financial Group, Inc.			100		776,757
Murata Manufacturing Company Ltd.			2,200		153,001
NEC Corporation			19,000		104,144
NTT DoCoMo, Inc.			195		300,542
Namco Bandai Holdings, Inc.			2,250		35,435
NEC Electronics Corporation	*		300		10,314
NET One Systems Company Ltd.			4		5,568
NGK Insulators Ltd.			3,000		42,261
NGK Spark Plug Company Ltd.			2,000		39,805
NHK Spring Co., Ltd.			2,000		23,167
Nichirei Company			2,000		10,562
Nidec Corporation			1,200		90,553
Nikko Cordial Corporation			8,500		98,829
Nikon Corporation			3,000		62,101
Nintendo Company Ltd.			1,000		206,277
Nippon Building Fund, Inc. REIT			5		50,809
Nippon Electric Glass Company Ltd.			3,000		66,215
Nippon Express Company Ltd.			7,000		37,593
Nippon Kayaku Company Ltd.			3,000		25,461
Nippon Light Metal Company Ltd.			3,000		7,562
Nippon Meat Packers, Inc.			2,000		22,472
Nippon Mining Holdings, Inc.			10,000		70,900
Nippon Oil Corporation			14,000		103,366
Nippon Sanso Corporation			2,000		16,977
Nippon Sheet Glass Company Ltd.			6,000		28,217
Nippon Shokubai Company Ltd.			1,000		12,132
Nippon Steel Corporation	†		64,000		263,584
Nippon Telegraph & Telephone Corporation			55		268,997
Nippon Unipac Holding			10		36,229
Nippon Yusen Kabushiki Kaisha			10,000		60,988
Nishimatsu Construction Company Ltd.			2,000		7,478
Nishi-Nippon City Bank, Ltd. (The)			4,000		19,670
Nissan Chemical Industries Ltd.			2,000		23,665
Nissan Motor Company Ltd.			23,700		265,481
Nisshin Seifun Group, Inc.			2,200		22,967
Nisshin Steel Company Ltd.			8,000		23,724
Nisshinbo Industries, Inc.			4,000		42,206
Nissin Food Products Company Ltd.			1,100		35,049
Nitori Company Ltd.			300		13,573
Nitto Denko Corporation			1,700		100,751
NOK Corporation			1,100		27,217
Nomura Holdings, Inc.			18,400		324,073
Nomura Real Estate Office Fund, Inc. REIT			2		16,033
Nomura Research Institute Ltd.			270		37,505
NSK Ltd.			4,000		33,804
NTN Corporation			4,000		31,687
NTT Data Corporation			13		60,093
NTT Urban Development Corp.			2		16,022
Obayashi Corporation			6,000		42,281
Obic Company Ltd.			100		21,168
Odakyu Electric Railway Company Ltd.			6,000		38,144
Oji Paper Company Ltd.			8,000		43,831
Oki Electric Industry Company Ltd.			4,000		9,004
Okuma Corp.			2,000		17,695
Okumura Corporation			2,000		10,981
Olympus Corporation			3,000		88,445
Omron Corporation			2,000		49,096
Onward Kashiyama Company Ltd.			2,000		28,798
Oracle Corporation			300	$	12,993
Oriental Land Company Ltd.			400		22,455
ORIX Corporation			890		246,006
Osaka Gas Company Ltd.			19,000		66,328
OSG Corp.			900		12,832
Otsuka Corp.			200		21,281
Park24 Co., Ltd.			600		19,741
Pioneer Corporation			1,200		21,131
Promise Company Ltd.			710		28,239
Q.P. Corporation			800		7,569
Rakuten, Inc.			56		22,009
Resona Holdings, Inc.			47		141,207
Ricoh Company Ltd.			7,000		139,349
Rinnai Corporation			300		8,595
Rohm Company Ltd.			1,200		111,760
Round One Corp.			4		14,520
Ryohin Keikaku Company Ltd.			200		14,166
Sanken Electric Company Ltd.			1,000		12,953
Sankyo Company Ltd.			600		32,051
Santen Pharmaceutical Company Ltd.			700		17,795
Sanwa Shutter Corporation			1,000		5,672
Sanyo Electric Company Ltd.	†		18,000		36,587
Sapporo Breweries Ltd.			4,000		19,019
Sapporo Hokuyo Holdings, Inc.			3		32,722
SBI Holdings, Inc.			70		25,091
Secom Company Ltd.			2,000		99,150
Sega Sammy Holdings, Inc.			1,848		59,529
Seiko Epson Corporation			1,300		35,433
Seino Transportation Company Ltd.			4,000		47,077
Sekisui Chemical Company Ltd.			4,000		33,735
Sekisui House Ltd.			5,000		75,714
Seven & I Holdings Co., Ltd.			8,440		272,035
Sharp Corporation			11,000		188,852
Shimachu Company Ltd.			600		17,673
Shimamura Company Ltd.			200		19,551
Shimano, Inc.			1,000		27,955
Shimizu Corporation			6,000		34,318
Shin-Etsu Chemical Company Ltd.			4,100		261,957
Shinko Electric Industries			800		22,328
Shinko Securities Co., Ltd.			4,000		15,876
Shinsei Bank Ltd.			16,000		97,690
Shionogi & Company Ltd.			3,000		55,191
Shiseido Company Ltd.			4,000		79,919
Shizuoka Bank Ltd.			6,000		65,306
Shohkoh Fund & Company Ltd.			70		13,312
Showa Denko KK			9,000		38,872
Showa Shell Sekiyu KK			2,900		32,345
SMC Corporation			500		66,261
Softbank Corporation	†		8,200		169,843
Sojitz Corporation	*		4,400		14,332
Sompo Japan Insurance, Inc.			8,000		104,936
Sony Corporation			10,400		420,193
Stanley Electric Company Ltd.			1,400		28,955
Sumco Corp.			400		29,709
Sumitomo Bakelite Company Ltd.			2,000		15,134
Sumitomo Chemical Company Ltd.			16,000		119,501
Sumitomo Corporation			11,000		137,595
Sumitomo Electric Industries Ltd.			8,100		109,599
Sumitomo Heavy Industries Ltd.			7,000		58,612
Sumitomo Metal Industries Ltd.			41,000		157,434
Sumitomo Metal Mining Company Ltd.			6,000		78,823
Sumitomo Mitsui Financial Group, Inc.			62		651,330
Sumitomo Osaka Cement Company Ltd.			4,000		11,882

See accompanying notes to schedule of investments.

118

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Sumitomo Realty & Development Company Ltd.			4,000	$	117,713
Sumitomo Rubber Industries, Inc.			1,900		20,940
Sumitomo Titanium Corp.			200		23,869
Sumitomo Trust & Banking Company Ltd. (The)			14,000		146,907
Suruga Bank Ltd. (The)			2,000		25,007
Suzuken Company Ltd.			960		36,011
T&D Holdings, Inc.			2,450		177,572
TDK Corporation			1,300		104,172
Taiheiyo Cement Corporation			9,000		33,343
Taisei Corporation			9,000		32,316
Taisho Pharmaceutical Company Ltd.			2,300		44,054
Taiyo Yuden Company Ltd.			1,000		15,037
Takara Holdings, Inc.			2,000		11,758
Takashimaya Company Ltd.			3,000		38,182
Takeda Chemical Industries Ltd.			9,220		576,349
Takefuji Corporation			1,040		47,773
Tanabe Seiyaju Company Ltd.			2,000		25,131
Teijin Ltd.			8,000		43,169
Terumo Corporation			2,000		75,852
THK Company Ltd.			1,000		23,678
TIS, Inc.			300		7,094
Tobu Railway Company Ltd.			8,000		40,381
Toda Corporation			2,000		9,376
Toho Company Ltd.			1,200		24,403
Toho Titanium Co., Ltd.			300		18,607
Tohoku Electric Power Company, Inc.			4,800		105,036
Tokai Rika Co., Ltd.			700		13,609
Tokuyama Corp.			2,000		26,763
Tokyo Broadcasting System			200		4,666
Tokyo Electric Power Company, Inc. (The)			12,000		345,661
Tokyo Electron Ltd.			1,800		133,119
Tokyo Gas Company Ltd.	†		24,000		120,402
Tokyo Seimitsu Company Ltd.			400		21,030
Tokyo Steel Manufacturing Co., Ltd.			1,300		20,467
Tokyo Style Company Ltd.			1,000		12,055
Tokyo Tatemono Co., Ltd.			4,000		45,020
Tokyu Corporation	†		10,000		68,872
Tokyu Land Corporation			4,000		37,984
TonenGeneral Sekiyu KK	†		3,000		27,128
Toppan Printing Company Ltd.			6,000		66,513
Toray Industries, Inc.			13,000		97,931
Toshiba Corporation	†		29,000		188,254
Tosoh Corporation			4,000		16,225
Tostem Inax Holding Corporation			2,900		60,735
Toto Ltd.			3,000		28,261
Toyo Seikan Kaisha Ltd.			1,600		30,657
Toyo Suisan Kaisha Ltd.			1,000		14,422
Toyobo Company Ltd.			4,000		10,550
Toyoda Gosei Company Ltd.			500		11,029
Toyota Industries Corporation			2,000		84,964
Toyota Motor Corporation			30,000		1,633,194
Toyota Tsusho Corp.			2,000		52,710
Trend Micro, Inc.			1,000		29,243
Ube Industries Ltd.			9,000		25,547
Uni-Charm Corporation			500		27,798
Uniden Corp.			1,000		10,587
UNY Company Ltd.			2,000		26,609
Ushio, Inc.			1,000		21,590
USS Company Ltd.			200		12,856
Wacoal Corp.			1,000		12,598
West Japan Railway Company			17		72,663
Yahoo Japan Corporation	†		152	$	57,199
Yakult Honsha Company Ltd.			1,000		29,405
Yamada Denki Company Ltd.			900		90,414
Yamaha Corporation			1,400		29,490
Yamaha Motor Company Ltd.			1,800		47,810
Yamanouchi Pharmaceutical Company Ltd.			5,775		232,598
Yamato Transport Company Ltd.			4,000		57,902
Yamazaki Baking Company Ltd.			1,000		9,713
Yaskawa Electric Corp.			2,000		19,687
Yokogawa Electric Corporation			2,000		26,321
Zeon Corporation			2,000		20,269
					28,698,764
Luxembourg—0.0%
Stolt Offshore SA	*		2,569		44,185
Stolt-Nielsen S.A.			550		14,304
					58,489
Netherlands—4.7%
ABN AMRO Holding NV			18,855		550,188
ASM Lithography Holdings NV	*		5,074		118,252
Aegon NV			15,231		285,791
Akzo Nobel NV			2,868		176,720
Buhrmann NV			1,100		16,575
Corio NV			334		24,340
DSM NV			1,430		62,754
Euronext NV			853		82,910
European Aeronautic Defense and Space Company	†		3,741		107,588
Fugro NV			580		24,519
Getronics NV			1,442		9,720
Hagemeyer NV	*		5,005		24,424
Heineken NV			2,691		123,199
ING Groep NV			19,476		856,541
James Hardie Industries NV			4,228		23,505
Royal KPN NV			20,436		260,582
Koninklijke Ahold NV	*		16,701		177,374
Koninklijke Philips Electronics NV			12,994		455,147
Mittal Steel Co., NV			7,287		254,668
Oce NV			599		9,627
Qiagen NV	*†		1,474		23,083
Randstad Holding NV			420		23,937
Reed Elsevier NV			7,341		122,495
Rodamco Europe NV			552		64,335
Royal Dutch Shell PLC—Class A			40,396		1,335,427
Royal Numico NV			1,792		80,736
SBM Offshore NV			1,476		40,179
STMicroelectronics NV			6,765		117,009
TNT NV			4,417		167,720
Unilever NV			17,821		438,455
Vedior NV			1,538		28,806
Wereldhave NV			171		18,661
Wolters Kluwer NV			2,987		77,872
					6,183,139
New Zealand—0.1%
Auckland International Airport Ltd.			8,084		10,734
Contact Energy Ltd.			2,322		10,864
Fisher & Paykel Appliances Holdings Ltd.			1,564		3,693
Fisher & Paykel Healthcare Corporation			3,856		10,473
Fletcher Building Ltd.			4,375		24,558
Sky City Entertainment Group Ltd.			3,725		12,918
Sky Network Television Ltd.			1,544		5,451
Telecom Corporation of New Zealand Ltd.	†		20,980		59,172

See accompanying notes to schedule of investments.

119

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Tower Ltd.	*		1,898	$	4,023
Vector Ltd.			1,296		2,009
Warehouse Group Ltd.			1,485		6,237
					150,132
Norway—0.7%
Aker Kvaerner ASA			240		21,458
DET Norske Oljeselskap	*†		7,200		10,086
DNB NOR ASA			6,578		80,708
Norsk Hydro ASA			7,440		167,233
Norske Skogindustrier ASA			2,416		36,399
Ocean Rig ASA	*		2,400		15,063
Orkla ASA			1,794		85,557
Pan Fish ASA	*		14,080		11,112
Petrojarl ASA	*		564		6,076
Petroleum Geo-Services ASA	*		564		27,734
ProSafe ASA			620		38,278
Schibsted ASA			967		29,094
Statoil ASA			7,134		170,407
Storebrand			2,060		21,785
Tandberg ASA			985		10,553
Tandberg Television ASA	*†		1,050		8,558
Telenor ASA			7,800		101,736
TGS Nopec Geophysical Co. ASA	*		1,200		19,132
Tomra Systems ASA			1,398		8,536
Yara International ASA	†		2,625		39,925
					909,430
Portugal—0.3%
Banco BPI SA			2,502		18,666
Banco Comercial Portugues SA Class R			22,425		69,733
Banco Espirito Santo SA			2,116		32,336
Brisa-Auto Estradas de Portugal SA			2,875		31,875
Cimpor Cimentos de Portugal SA			1,457		10,437
Electricidade de Portugal SA			20,948		90,802
Jeronimo Martins SGPS SA			328		5,860
Portugal Telecom SGPS SA			7,601		94,890
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA			624		7,554
Sonae SGPS SA			7,461		12,962
					375,115
Singapore—0.7%
Allgreen Properties Ltd.			4,000		3,998
Ascendas Real Estate Investment Trust REIT			7,300		9,881
Capitaland Ltd.			13,000		41,290
CapitaMall Trust REIT			9,000		14,392
Chartered Semiconductor Manufacturing Ltd.	*		7,000		5,259
City Developments Ltd.			5,000		33,638
ComfortDelgro Corporation Ltd.			15,000		15,954
Cosco Corp. (Singapore) Ltd.			18,000		18,786
Creative Technology Ltd			400		2,617
DBS Group Holdings Ltd.			11,000		132,990
Fraser and Neave, Ltd.			10,000		26,027
Jardine Cycle & Carriage Ltd.			1,000		7,548
Keppel Corporation Ltd.			5,000		46,545
Keppel Land Ltd.			4,000		12,494
Neptune Orient Lines Ltd.			4,000		5,103
Olam International, Ltd.			19,000		20,287
Oversea-Chinese Banking Corp.			27,600		113,890
Parkway Holdings Ltd.			3,000		5,284
SembCorp Industries Ltd.			10,340	$	21,868
SembCorp Marine Ltd.			4,000		8,414
Singapore Airlines Ltd.			5,000		45,957
Singapore Exchange Ltd.			6,000		16,763
Singapore Land Ltd.			1,000		4,938
Singapore Post Ltd.			10,000		6,356
Singapore Press Holdings Ltd.			13,500		34,820
Singapore Technologies Engineering Ltd.			12,000		21,544
Singapore Telecommunications Ltd.			77,159		118,476
SMRT Corp Ltd.			6,000		4,195
ST Assembly Test Services Ltd.	*		7,000		4,258
Suntec REIT			5,000		4,657
United Overseas Bank Ltd.			12,000		123,162
United Overseas Land Ltd.			3,000		6,606
Venture Corporation Ltd.			2,000		15,854
Want Want Holdings Ltd.			12,000		18,600
					972,451
Spain—3.8%
Abertis Infraestructuras SA			2,325		61,038
Acciona SA			264		40,176
Acerinox SA			2,413		46,563
ACS Actividades Construccion y Servicios			2,728		129,357
Altadis SA			2,733		129,935
Antena 3 de Television SA			1,163		23,795
Banco Bilbao Vizcaya Argentaria SA			35,241		815,563
Banco Popular Espanol SA			9,125		149,729
Banco Santander Central Hispano SA			61,903		978,338
Cintra Concesiones de Infraestructuras de Transporte SA			2,058		28,990
Corporacion Mapfre SA			836		17,488
Ebro Puleva SA			982		20,075
Endesa SA			9,903		421,779
Fadesa SA			570		25,404
Fomento de Construcciones Y Contratas SA			370		29,581
Gamesa Corporation Tecnologica SA			1,999		43,797
Gas Natural SDG SA			1,913		69,769
Grupo Ferrovial SA			575		46,206
Iberdrola SA			8,482		379,043
Iberia Lineas Aereas de Espana			3,530		9,493
Inditex SA			2,220		103,618
Indra Sistemas SA			1,576		34,329
NH Hoteles SA			1,493		31,670
Promotora de Informaciones SA			1,051		17,216
Repsol YPF SA			9,568		284,639
Sacyr Vallehermoso SA			1,012		46,043
Sociedad General de Aguas de Barcelona SA Class B			937		30,409
Sogecable SA	*		418		14,920
Telefonica SA			46,357		803,088
Union Fenosa SA			1,695		86,683
Zeltia SA	*		1,200		8,930
					4,927,664
Sweden—2.3%
Alfa Laval AB			908		30,475
Assa Abloy AB Class B			3,382		62,950
Atlas Copco AB—Class A			3,347		87,965
Atlas Copco AB—Class B			2,606		65,321
Axfood AB			275		8,364
Billerud AB			333		5,083
Boliden AB			2,800		53,213
Capio AB	*		590		13,517
Castellum AB			1,188		13,407

See accompanying notes to schedule of investments.

120

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
D Carnegie AB			350	$	7,387
Electrolux AB Class B	†		2,441		39,692
Elekta AB—Class B			1,525		28,834
Eniro AB			2,820		34,696
Fabege AG			650		14,395
Getinge AB			1,588		29,120
Hennes & Mauritz AB Class B			4,946		207,289
Hoganas AB Class B			196		5,198
Holmen AB Class B			441		18,477
Husqvarna AB	*		2,441		28,777
Kungsleden AB			1,110		12,671
Lundin Petroleum AB	*		2,845		30,267
Modern Times Group AB— Class B	*		430		22,291
Nobia AB			600		20,052
Nordea Bank AB			21,240		278,655
OMHEX AB			585		11,345
Oriflame Cosmetics SA SDR			760		25,182
Sandvik AB			10,965		125,805
SAS AB	*		478		6,252
Scania AB Class B			904		53,989
Securitas AB Class B			3,488		43,803
Securitas Direct AB—Class B	*		3,488		8,772
Securitas Systems AB—Class B	*		3,488		13,111
Skandinaviska Enskilda Banken AB Class A			4,930		132,788
Skanska AB Class B			4,112		69,647
SKF AB			3,932		57,589
Ssab Svenskt Stal AB—Class A			1,401		26,161
Ssab Svenskt Stal AB—Class B			669		11,895
Svenska Cellulosa AB Class B			2,110		96,980
Svenska Handelsbanken AB Class A			5,606		151,752
Swedish Match AB			2,919		47,566
Tele2 AB—Class B			4,495		45,471
Telefonaktiebolaget LM Ericsson Class B			154,171		533,541
TeliaSonera AB			20,429		130,979
Trelleborg AB Class B			695		13,112
Volvo AB Class A			1,157		71,764
Volvo AB Class B			2,197		131,112
Wihlborgs Fastigheter AB			520		9,380
WM-data AB Class B			2,069		7,199
					2,943,291
Switzerland—6.6%
ABB Ltd.			20,821		274,432
Adecco SA			1,323		79,796
Ciba Specialty Chemicals AG			897		54,136
Clariant AG	*		2,411		32,545
Compagnie Financiere Richemont AG Class A			5,425		261,367
Credit Suisse Group			12,319		712,643
Geberit AG			45		54,870
Givaudan			60		48,020
Holcim Ltd.	†		2,201		179,827
Kudelski SA			295		8,724
Kuehne & Nagel International AG			690		47,782
Kuoni Reisen Holding	*		30		15,436
Logitech International S.A.	*		1,807		39,308
Lonza Group AG			394		27,283
Micronas Semiconductor Holdings AS	*		231		5,188
Nestle SA			4,194		1,461,976
Nobel Biocare Holding AG			221		54,363
Novartis AG			24,198		1,412,354
Phonak Holding AG			495		31,371
PSP Swiss Property AG	*		491	$	24,921
Rieter Holding AG			37		15,938
Roche Holding AG			7,302		1,262,050
Schindler Holding AG			450		23,487
Serono SA Class B			46		39,647
SGS SA			56		56,376
SIG Holding AG	*		75		21,644
Straumann Holding AG			65		14,028
Sulzer AG			38		30,329
Swatch Group AG			503		19,511
Swatch Group AG Class B			317		61,247
Swiss Reinsurance			3,502		267,796
Swisscom AG			184		61,288
Syngenta AG	*		1,179		177,845
Synthes, Inc.			510		56,666
UBS AG			21,498		1,285,593
Unaxis Holding AG Class R	*		53		17,763
Zurich Financial Services AG			1,497		367,694
					8,605,244
United Kingdom—21.2%
3i Group PLC			4,655		81,422
Aegis Group PLC			10,694		26,813
Aggreko PLC			3,629		22,798
Amec PLC			2,700		18,106
Amvescap PLC			8,643		93,752
Anglo American PLC			14,800		622,139
ARM Holdings PLC			16,800		36,931
Arriva PLC			2,576		31,822
AstraZeneca PLC			16,434		1,026,223
Aviva PLC			26,519		388,462
BG Group PLC			36,806		447,150
BAE Systems PLC			32,716		241,910
Balfour Beatty PLC			5,436		41,955
Barclays PLC			67,666		853,129
Barratt Developments PLC			2,314		46,167
BBA Group PLC			3,934		19,627
Bellway PLC			909		21,926
Berkeley Group Holdings PLC	*		994		25,055
BHP Billiton PLC			25,731		443,280
Boots Group PLC			9,228		133,729
Bovis Homes Group PLC			1,100		19,086
BP PLC			212,707		2,324,892
Brambles Industries PLC			7,754		69,626
British Airways PLC	*		7,179		57,359
British American Tobacco PLC			16,394		443,304
British Land Company PLC			5,719		145,860
British Sky Broadcasting PLC			11,777		120,229
Brixton PLC			2,060		20,390
BT Group PLC			87,178		437,845
Bunzl PLC			3,373		42,215
Burberry Group PLC			5,003		48,304
Cadbury Schweppes PLC			21,731		230,891
Capita Group PLC			7,666		78,534
Carnival PLC			1,719		82,154
Carphone Warehouse Group PLC			4,210		24,206
Cattles PLC			2,649		18,837
Centrica PLC			36,916		224,618
Charter PLC	*		1,800		28,730
Close Brothers Group PLC			1,002		19,144
Cobham PLC			14,921		50,749
Collins Stewart Tullett PLC			2,250		36,628
Compass Group PLC			22,375		112,392
Cookson Group PLC			1,576		16,737
Corus Group PLC			8,827		64,137
CSR PLC	*		1,360		21,448
Daily Mail and General Trust NV Class A			3,741		42,459

See accompanying notes to schedule of investments.

121

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Davis Service Group PLC			1,254	$	11,271
De La Rue PLC			1,167		12,505
Diageo PLC			29,607		522,722
Dixons Group PLC			21,340		87,358
Electrocomponents PLC			4,126		21,498
eMap International—Class B			2,585		5,323
EMAP PLC	‡		2,154		30,336
EMI Group PLC			7,567		37,655
Enterprise Inns PLC			3,819		75,368
First Choice Holidays PLC			3,620		13,530
FirstGroup PLC			3,209		29,477
FKI PLC			4,542		7,660
Friends Provident PLC			19,732		71,465
Gallaher Group PLC			7,263		118,744
GKN PLC			8,292		44,597
GlaxoSmithKline PLC			60,675		1,613,303
Great Portland Estates PLC			1,047		11,852
Group 4 Securicor PLC			9,839		31,152
GUS PLC			9,191		166,075
HSBC Holdings PLC			118,273		2,157,139
Hammerson PLC			2,703		66,333
Hanson PLC			7,436		107,382
Hays PLC			15,085		40,809
HBOS PLC			39,934		789,484
HMV Group PLC			2,784		8,419
ICAP PLC			4,624		44,703
Imi PLC			2,838		26,935
Imperial Chemical Industries PLC			13,853		102,911
Imperial Tobacco Group PLC			7,416		246,852
Inchcape PLC			5,470		53,624
Intercontinental Hotels Group PLC			4,360		76,277
International Power PLC			16,908		99,006
Intertek Testing Services Ltd.			1,272		18,596
Invensys PLC	*		10,630		41,346
Investec PLC			3,600		35,357
J Sainsbury PLC			16,148		113,434
Johnson Matthey PLC			2,084		53,715
Kelda Group PLC			3,574		56,883
Kesa Electricals PLC			6,658		40,672
Kingfisher PLC			26,172		120,209
Ladbrokes PLC			5,501		40,051
Legal & General Group PLC			68,440		182,299
Liberty International PLC			2,610		59,801
Lloyds TSB Group PLC			58,408		590,425
LogicaCMG PLC			10,173		29,546
London Stock Exchange Group PLC			2,040		47,255
Man Group PLC			19,304		161,862
Marks & Spencer Group PLC			17,062		205,224
Meggitt PLC			3,847		22,499
MFI Furniture Group PLC	*		5,133		9,235
Michael Page International PLC			3,580		25,761
Misys PLC			3,985		16,867
National Express Group PLC			2,122		37,333
National Grid PLC			28,298		353,306
Next PLC			2,759		97,884
Old Mutual PLC			57,041		178,754
Pearson PLC			8,807		125,254
Persimmon PLC			3,204		80,181
Premier Farnell PLC			3,094		10,483
Provident Financial PLC			3,227		37,837
Prudential PLC			25,856		320,329
Punch Taverns PLC			3,041		55,211
Rank Group PLC			8,388		36,847
Reckitt Benckiser PLC			6,403		265,200
Reed Elsevier PLC			12,595		139,784
Rentokil Initial PLC			17,251		47,273
Resolution PLC			3,913	$	45,209
Reuters Group PLC			14,000		113,674
Rexam PLC			6,711		71,764
Rio Tinto PLC			11,083		524,364
Rolls-Royce Group PLC	*		19,205		162,727
Royal & Sun Alliance Insurance Group PLC			33,330		92,900
Royal Bank of Scotland Group PLC			33,178		1,141,348
Royal Dutch Shell PLC—Class B			28,678		975,378
SABMiller PLC			9,249		172,652
Sage Group PLC			15,508		72,869
Schroders PLC			1,387		24,161
Scottish & Newcastle PLC			9,288		99,077
Scottish & Southern Energy PLC			8,779		216,195
Scottish Power PLC			16,193		197,196
Serco Group PLC			4,157		29,255
Severn Trent PLC			4,042		100,952
Signet Group PLC			15,918		33,112
Slough Estates PLC			5,183		64,514
Smith & Nephew PLC			9,453		86,638
Smiths Group PLC			5,602		93,917
Sportingbet PLC			3,970		13,693
SSL International PLC			1,427		9,356
Stagecoach Group PLC			6,784		16,148
Standard Life PLC	*		21,940		111,199
Stratex Networks, Inc.			5,120		188,446
Tate & Lyle PLC			5,763		77,604
Taylor Woodrow PLC			7,438		49,463
Tesco PLC			81,924		551,911
Tomkins PLC			6,884		30,506
Travis Perkins PLC			965		31,383
Trinity Mirror PLC			2,640		23,560
Unilever PLC			12,861		316,751
United Business Media PLC			3,388		42,015
United Utilities PLC			9,621		126,994
Vodafone Group PLC			550,706		1,257,649
Whitbread PLC			1,869		45,273
Whitbread PLC, Deferred Shares	‡d		2,199		—
William Hill PLC			4,532		54,578
Wimpey (George) PLC			3,787		36,751
Wolseley PLC			6,205		130,204
WPP Group PLC			12,706		157,356
Xstrata PLC			4,776		197,133
Yell Group PLC			7,502		83,571
					27,661,094
TOTAL COMMON STOCKS
(Cost $85,602,727)					120,957,594
PREFERRED STOCKS—0.2%
Germany—0.2%
Henkel KGaA			558		77,573
Porsche AG			76		78,702
ProSieben SAT.1 Media AG			783		21,696
RWE AG			318		26,645
Volkswagen AG			999		59,067
					263,683
Italy—0.0%
Unipol SpA Preferred			9,480		28,116
TOTAL PREFERRED STOCKS
(Cost $184,082)					291,799

 

See accompanying notes to schedule of investments.

122

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

Coupon Rate	Maturity         Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.3%
U.S. Treasury Bills—0.3%
U.S. Treasury Bill
4.850%	12/07/2006	**	$	225,000	$	222,939
4.800%	12/07/2006	**		120,000		118,912
4.790%	12/07/2006	**		50,000		49,548
4.740%	12/07/2006	**		50,000		49,552
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $440,950)						440,951
CASH EQUIVALENTS—3.1%
Bank & Certificate Deposits/Offshore Time Deposits—3.0%
Abbey National PLC
5.270%	10/04/2006	††		82,928		82,928
Abbey National PLC
5.270%	10/03/2006	††		82,928		82,928
Bank Of Montreal
5.280%	10/16/2006	††		66,342		66,342
Bank Of Nova Scotia
5.280%	10/11/2006	††		82,928		82,928
Barclays
5.310%	10/20/2006	††		82,928		82,928
Barclays
5.305%	11/21/2006	††		82,928		82,928
Barton Capital LLC
5.267%	10/06/2006	††		82,928		82,928
BNP Paribas
5.260%	10/05/2006	††		82,928		82,928
Branch Banker &Trust
5.270%	10/10/2006	††		82,928		82,928
CAFCO Funding LLC
5.289%	11/17/2006	††		33,171		33,171
Canadian Imperial Bank of Commerce
5.280%	10/30/2006	††		165,856		165,856
Charta LLC
5.314%	11/01/2006	††		33,171		33,171
CIESCO Domestic
5.290%	11/16/2006	††		33,171		33,171
Clipper Receivables Corp
5.283%	10/19/2006	††		49,757		49,757
Commonwealth Bank of Australia
5.275%	10/23/2006	††		64,020		64,020
Credit Suisse First Boston Corporation
5.310%	11/14/2006	††		66,342		66,342
Credit Suisse First Boston Corporation
5.310%	11/13/2006	††		82,928		82,928
Credit Suisse First Boston Corporation
5.300%	10/24/2006	††		82,928		82,928
Fairway Finance
5.292%	10/24/2006	††		66,342		66,342
Fairway Finance
5.274%	10/03/2006	††		33,171		33,171
Falcon Asset Securitization Corp
5.263%	10/06/2006	††		33,171		33,171
Fortis Bank
5.300%	11/20/2006	††		33,171		33,171
Fortis Bank
5.280%	10/19/2006	††		99,513		99,513
General Electric Capital Corporation
5.285%	11/03/2006	††		66,342		66,342
Harris NA
5.280%	11/22/2006	††	$	82,928	$	82,928
HBOS Halifax Bank of Scotland
5.280%	10/31/2006	††		66,342		66,342
Kitty Hawk Funding Corp
5.283%	10/25/2006	††		33,171		33,171
Liberty Street
5.282%	10/13/2006	††		33,171		33,171
Lloyds TSB Bank
5.270%	10/02/2006	††		99,513		99,513
Merrill Lynch & Co
5.365%	10/02/2006	††		135,738		135,738
Morgan Stanley & Co
5.365%	10/02/2006	††		464,396		464,396
National Australia Bank
5.360%	10/02/2006	††		132,684		132,684
Paradigm Funding LLC
5.287%	10/10/2006	††		33,171		33,171
Park Avenue Receivables Corp
5.283%	10/26/2006	††		33,171		33,171
Park Avenue Receivables Corp
5.281%	10/03/2006	††		33,171		33,171
Royal Bank of Canada
5.300%	11/17/2006	††		33,171		33,171
Royal Bank of Canada
5.300%	10/27/2006	††		82,928		82,928
Royal Bank of Scotland
5.300%	10/27/2006	††		82,928		82,928
Sheffiled Receivables Corp
5.285%	10/18/2006	††		33,171		33,171
Societe Generale
5.300%	10/23/2006	††		119,416		119,416
Societe Generale
5.280%	11/01/2006	††		132,684		132,684
Svenska Handlesbanken
5.350%	10/02/2006	††		134,034		134,034
Three Pillars Funding LLC
5.284%	10/02/2006	††		33,171		33,171
Toronto Dominion Bank
5.265%	10/12/2006	††		82,928		82,928
UBS AG
5.305%	10/02/2006	††		82,928		82,928
UBS AG
5.300%	10/27/2006	††		82,928		82,928
Variable Funding Capital Co
5.265%	10/02/2006	††		49,297		49,297
Wells Fargo
5.270%	10/17/2006	††		82,928		82,928
Yorktown Capital LLC
5.287%	10/18/2006	††		33,171		33,171
						3,885,959
Floating Rate Instruments/Master Notes—0.1%
Bank of America
5.310%	07/10/2007	††		82,928		82,928
Bank of America
5.270%	11/10/2006	††		66,342		66,342
						149,270
TOTAL CASH EQUIVALENTS
(Cost $4,035,229)						4,035,229

 

See accompanying notes to schedule of investments.

123

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2006 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

	Face		Value
REPURCHASE AGREEMENTS—6.2%
United States—6.2%
IBT Repurchase Agreement dated 09/29/2006 due 10/02/2006, with a maturity value of $8,088,296 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates from 6.40% to 8.30% maturity dates ranging from 01/25/2027 to 03/20/2032 and an aggregate market value of $8,489,421.	$	8,085,163	$	8,085,163
TOTAL INVESTMENTS—102.4%
(Cost $98,348,151)				133,810,736
Other assets less liabilities—(2.4%)				(3,140,207	)
NET ASSETS—100.0%			$	130,670,529

 

Legend to the Schedule of Investments:

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

‡ Security valued at fair value as determined by policies approved by the board of directors.

* Non-income producing security.

** Security has been pledged as collateral for futures contracts.

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

d Security has no market value at 09/30/2006.

Percentage of Portfolio by Industry (unaudited):

Banking	18.7	%
Financial Services	11.5	%
Oil & Gas	7.5	%
Pharmaceuticals	6.5	%
Insurance	5.1	%
Telephone Systems	5.1	%
Beverages, Food & Tobacco	5.0	%
Electric Utilities	4.1	%
Automotive	3.8	%
Commercial Services	3.5	%
Electronics	3.2	%
Metals	3.1	%
Real Estate	2.5	%
Chemicals	2.3	%
Transportation	1.8	%
Retailers	1.7	%
Media—Broadcasting & Publishing	1.6	%
Building Materials	1.3	%
Heavy Machinery	1.3	%
Food Retailers	1.2	%
Computer Software & Processing	1.0	%
Communications	1.0	%
Entertainment & Leisure	0.9	%
Miscellaneous	0.9	%
Computers & Information	0.9	%
Cosmetics & Personal Care	0.7	%
Heavy Construction	0.5	%
Textiles, Clothing & Fabrics	0.5	%
Home Construction, Furnishings & Appliances	0.5	%
Aerospace & Defense	0.5	%
Mining	0.5	%
Forest Products & Paper	0.4	%
Medical Supplies	0.4	%
Apparel Retailers	0.4	%
Medical Equipment & Supplies	0.3	%
Advertising	0.3	%
Lodging	0.3	%
Restaurants	0.3	%
U.S. Treasury Bills	0.3	%
Airlines	0.1	%
Industrial—Diversified	0.2	%
Water Companies	0.2	%
Metals & Mining	0.2	%
Containers & Packaging	0.1	%
Electrical Equipment	0.1	%
Telecommunications	0.1	%
Education	0.0	%
Health Care Providers	0.0	%
Household Products	0.0	%
Internet	0.0	%
TOTAL INVESTMENTS	102.4	%
Other assets less liabilities	(2.4	)%
TOTAL NET ASSETS	100.0	%

 

See accompanying notes to schedule of investments.

124

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Model
Portfolio Savings
Oriented Fund

MUTUAL FUNDS—100.0%

	Shares		Value
Vantagepoint Core Bond Index Fund Class I		8,719,079	$	85,446,977
Vantagepoint Equity Income Fund		2,963,359		28,892,753
Vantagepoint Growth & Income Fund		2,518,435		28,785,716
Vantagepoint International Fund		1,116,535		14,414,465
Vantagepoint Short-Term Bond Fund		10,169,292		99,659,062
Vantagepoint US Government Securities Fund		2,825,620		28,482,252
				285,681,225
TOTAL INVESTMENTS—100.0%
(Cost $276,463,757)				285,681,225
Other assets less liabilities—(0.0%)				(37,014	)
NET ASSETS—100.0%			$	285,644,211

 

See accompanying notes to schedule of investments.

125

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Model
Portfolio Conservative
Growth Fund

MUTUAL FUNDS—100.0%

	Shares		Value
Vantagepoint Aggressive Opportunities Fund		2,188,826	$	26,747,453
Vantagepoint Core Bond Index Fund Class I		16,152,022		158,289,813
Vantagepoint Equity Income Fund		5,213,856		50,835,099
Vantagepoint Growth & Income Fund		4,428,501		50,617,762
Vantagepoint Growth Fund		4,475,592		40,101,303
Vantagepoint International Fund		3,492,246		45,084,894
Vantagepoint Short-Term Bond Fund		16,120,844		157,984,268
				529,660,592
TOTAL INVESTMENTS—100.0%
(Cost $481,793,063)				529,660,592
Other assets less liabilities—(0.0%)				(59,971	)
NET ASSETS—100.0%			$	529,600,621

 

See accompanying notes to schedule of investments.

126

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Model
Portfolio Traditional
Growth Fund

MUTUAL FUNDS—100.0%

	Shares		Value
Vantagepoint Aggressive Opportunities Fund		10,380,757	$	126,852,855
Vantagepoint Core Bond Index Fund Class I		25,521,644		250,112,107
Vantagepoint Equity Income Fund		11,689,194		113,969,643
Vantagepoint Growth & Income Fund		15,455,435		176,655,619
Vantagepoint Growth Fund		19,805,827		177,460,209
Vantagepoint International Fund		12,666,898		163,529,651
Vantagepoint Short-Term Bond Fund		25,461,672		249,524,385
				1,258,104,469
TOTAL INVESTMENTS—100.0%
(Cost $1,084,516,760)				1,258,104,469
Other assets less liabilities—(0.0%)				(114,933	)
NET ASSETS—100.0%			$	1,257,989,536

 

See accompanying notes to schedule of investments.

127

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Model
Portfolio Long-Term
Growth Fund

MUTUAL FUNDS—100.0%

	Shares		Value
Vantagepoint Aggressive Opportunities Fund		16,830,033	$	205,663,005
Vantagepoint Core Bond Index Fund Class I		27,922,250		273,638,051
Vantagepoint Equity Income Fund		16,170,697		157,664,293
Vantagepoint Growth & Income Fund		22,134,732		252,999,986
Vantagepoint Growth Fund		28,243,990		253,066,152
Vantagepoint International Fund		17,562,699		226,734,451
				1,369,765,938
TOTAL INVESTMENTS—100.0%
(Cost $1,164,654,507)				1,369,765,938
Other assets less liabilities—(0.0%)				(121,629	)
NET ASSETS—100.0%			$	1,369,644,309

 

See accompanying notes to schedule of investments.

128

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint Model
Portfolio All-Equity
Growth Fund

MUTUAL FUNDS—100.0%

	Shares		Value
Vantagepoint Aggressive Opportunities Fund		6,754,542	$	82,540,500
Vantagepoint Equity Income Fund		5,502,642		53,650,761
Vantagepoint Growth & Income Fund		6,497,380		74,265,051
Vantagepoint Growth Fund		12,887,976		115,476,267
Vantagepoint International Fund		6,721,319		86,772,231
				412,704,810
TOTAL INVESTMENTS—100.0%
(Cost $345,322,397)				412,704,810
Other assets less liabilities—(0.0%)				(41,731	)
NET ASSETS—100.0%			$	412,663,079

 

See accompanying notes to schedule of investments.

129

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Milestone Retirement
Income Fund

	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		683,134	$	6,694,718
Vantagepoint Equity Income Fund		195,474		1,905,875
Vantagepoint Growth & Income Fund		250,074		2,858,341
Vantagepoint International Fund		73,905		954,112
Vantagepoint Short-Term Bond Fund		682,735		6,690,801
				19,103,847
TOTAL INVESTMENTS—100.0%
(Cost $18,829,807)				19,103,847
Other assets less liabilities—(0.0%)				(6,117	)
NET ASSETS—100.0%			$	19,097,730

 

See accompanying notes to schedule of investments.

130

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Milestone 2010 Fund

MUTUAL FUNDS—100.1%

	Shares		Value
Vantagepoint Core Bond Index Fund Class I		1,263,841	$	12,385,646
Vantagepoint Equity Income Fund		410,204		3,999,490
Vantagepoint Growth & Income Fund		859,372		9,822,626
Vantagepoint Growth Fund		177,961		1,594,533
Vantagepoint International Fund		229,117		2,957,899
Vantagepoint Short-Term Bond Fund		938,759		9,199,839
				39,960,033
TOTAL INVESTMENTS—100.1%
(Cost $38,583,525)				39,960,033
Other assets less liabilities—(0.1%)				(27,225	)
NET ASSETS—100.0%			$	39,932,808

 

See accompanying notes to schedule of investments.

131

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Milestone 2015 Fund

MUTUAL FUNDS—100.0%

	Shares		Value
Vantagepoint Core Bond Index Fund Class I		1,817,660	$	17,813,065
Vantagepoint Equity Income Fund		643,988		6,278,887
Vantagepoint Growth & Income Fund		1,803,030		20,608,632
Vantagepoint Growth Fund		441,789		3,958,428
Vantagepoint International Fund		592,088		7,643,862
Vantagepoint Mid/Small Company Index Fund Class I		241,436		3,821,931
Vantagepoint Short-Term Bond Fund		838,312		8,215,461
				68,340,266
TOTAL INVESTMENTS—100.0%
(Cost $64,976,884)				68,340,266
Other assets less liabilities—(0.0%)				(30,911	)
NET ASSETS—100.0%			$	68,309,355

 

See accompanying notes to schedule of investments.

132

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Milestone 2020 Fund

MUTUAL FUNDS—100.1%

	Shares		Value
Vantagepoint Core Bond Index Fund Class I		1,188,240	$	11,644,749
Vantagepoint Equity Income Fund		466,619		4,549,535
Vantagepoint Growth & Income Fund		1,475,165		16,861,131
Vantagepoint Growth Fund		360,473		3,229,834
Vantagepoint International Fund		533,792		6,891,253
Vantagepoint Mid/Small Company Index Fund Class I		274,043		4,338,107
Vantagepoint Short-Term Bond Fund		309,929		3,037,302
				50,551,911
TOTAL INVESTMENTS—100.1%
(Cost $47,693,631)				50,551,911
Other assets less liabilities—(0.1%)				(29,928	)
NET ASSETS—100.0%			$	50,521,983

 

See accompanying notes to schedule of investments.

133

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Milestone 2025 Fund

MUTUAL FUNDS—100.1%

	Shares		Value
Vantagepoint Core Bond Index Fund Class I		805,935	$	7,898,158
Vantagepoint Equity Income Fund		354,430		3,455,691
Vantagepoint Growth & Income Fund		1,222,796		13,976,553
Vantagepoint Growth Fund		295,639		2,648,930
Vantagepoint International Fund		465,081		6,004,199
Vantagepoint Mid/Small Company Index Fund Class I		257,029		4,068,766
Vantagepoint Short-Term Bond Fund		39,292		385,058
				38,437,355
TOTAL INVESTMENTS—100.1%
(Cost $36,087,780)				38,437,355
Other assets less liabilities—(0.1%)				(21,204	)
NET ASSETS—100.0%			$	38,416,151

 

See accompanying notes to schedule of investments.

134

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Milestone 2030 Fund

	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		340,896	$	3,340,780
Vantagepoint Equity Income Fund		175,043		1,706,671
Vantagepoint Growth & Income Fund		695,673		7,951,538
Vantagepoint Growth Fund		171,856		1,539,827
Vantagepoint International Fund		284,505		3,672,964
Vantagepoint Mid/Small Company Index Fund Class I		165,575		2,621,057
				20,832,837
TOTAL INVESTMENTS—100.0%
(Cost $19,557,437)				20,832,837
Other assets less liabilities—(0.0%)				(7,674	)
NET ASSETS—100.0%			$	20,825,163

 

See accompanying notes to schedule of investments.

135

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Milestone 2035 Fund

	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		148,782	$	1,458,065
Vantagepoint Equity Income Fund		97,509		950,713
Vantagepoint Growth & Income Fund		458,704		5,242,990
Vantagepoint Growth Fund		116,422		1,043,143
Vantagepoint International Fund		200,469		2,588,052
Vantagepoint Mid/Small Company Index Fund Class I		121,784		1,927,834
				13,210,797
TOTAL INVESTMENTS—100.0%
(Cost $12,508,734)				13,210,797
Other assets less liabilities—(0.0%)				(1,413	)
NET ASSETS—100.0%			$	13,209,384

 

See accompanying notes to schedule of investments.

136

SCHEDULE OF INVESTMENTS

September 30, 2006 (Unaudited)

Vantagepoint
Milestone 2040 Fund

MUTUAL FUNDS—100.0%

	Shares		Value
Vantagepoint Core Bond Index Fund Class I		87,697	$	859,434
Vantagepoint Equity Income Fund		61,465		599,280
Vantagepoint Growth & Income Fund		299,664		3,425,154
Vantagepoint Growth Fund		76,439		684,891
Vantagepoint International Fund		132,628		1,712,227
Vantagepoint Mid/Small Company Index Fund Class I		81,123		1,284,170
				8,565,156
TOTAL INVESTMENTS—100.0%
(Cost $8,220,208)				8,565,156
Other assets less liabilities—0.0%				2,377
NET ASSETS—100.0%			$	8,567,533

 

See accompanying notes to schedule of investments.

137

VANTAGEPOINT FUNDS
NOTES TO THE SCHEDULE OF INVESTMENTS
(Unaudited)

Investment Policy and Security Valuation

The equity securities held by each fund normally are valued at the last reported sale price on the exchange on which the security is principally traded. Securities for which the primary market is the National Association of Securities Dealers Automated Quotations National Market System (“Nasdaq”) are valued at the Nasdaq Official Closing Price. Equity securities not traded on an exchange or on Nasdaq normally are valued at the last reported sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the security is normally valued at the mean between the highest bid price and the lowest priced offer obtained from quotation services believed to be reliable. Fixed income debt securities, such as commercial paper, bankers’ acceptances and U.S. Treasury Bills, with a remaining maturity of less than 60 days, are valued at amortized cost. Prices for other fixed income securities are normally obtained from a commercial pricing service that may use pricing matrices or other methodologies designed to identify the value of fixed income securities. Any security for which market value as described above is not readily available is valued at fair value as determined in good faith in accordance with policies approved by the Company’s Board of Directors. The valuation of certain foreign equity securities is described below.

On any given business day, shares of the underlying funds in which the Model Portfolio Funds and Milestone Funds invest are valued by using the underlying funds’ respective net asset values (NAVs) for purchase and/or redemption orders placed that day.

The Money Market Fund invests all of its assets in the Institutional Class of the AIM Short-Term Investments Trust Liquid Assets Portfolio (“AIM Portfolio”). The AIM Portfolio uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the 1940 Act. Amortized cost, which is a security’s historical cost adjusted for amortization of discount or premium, if any, approximates market value. On any given business day, the shares of the AIM Portfolio are valued by the Money Market Fund using the AIM Portfolio’s NAV for purchase and/or redemption orders places that day.

Valuation of Foreign Securities

Effective October 1, 2004, the Board approved, the use of a third party fair valuation service. The service uses a multifactor model to adjust the market price for each such security on a daily basis without a market trigger or confidence interval filter for all foreign equity securities held by the funds that are principally traded in markets outside North and South America. In the event prices for such foreign securities are not available through the service or another fair value pricing service approved by the Board, the securities may be priced at the average of two or more independent broker-dealer quotations or at the fair value of the security, in accordance with the Company’s valuation procedures.

When Issued Securities

When issued securities or “To Be Announced” securities are held by the funds. The fund maintains security positions and cash positions such that sufficient liquid assets will be available to make payments for such securities purchased.

Foreign Currency

The accounting records of the funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the prevailing rates of exchange using the Reuters snap-shot at 12 pm Eastern Time each day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of such transactions. Unrealized gains and losses, not relating to securities, that result from changes in foreign currency exchange rates, have been included in unrealized appreciation/(depreciation) of securities. Net realized foreign currency gains and losses include foreign currency gains and losses resulting from changes in exchange rates between trade date and settlement date on investment securities transactions, gains and losses on foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the funds and the amounts actually received. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gains/(losses) from security transactions.

Futures Contracts

The funds may purchase futures contracts to gain exposure to market changes as this may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between two parties to buy and sell a security at a set price. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash

138

VANTAGEPOINT FUNDS
NOTES TO THE SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the fund as unrealized gains or losses. When the contract is closed, the fund records a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Pursuant to regulations and/or published positions of the Securities and Exchange Commission, the fund is required to segregate cash or liquid instruments in connection with futures transactions in an amount generally equal to the entire futures contract amount. Risks of entering into futures contracts include the possibility that there may be an illiquid market and that a change in the value of the contracts may not correlate with changes in the value of the underlying securities. The amounts of risk under such futures may exceed the amounts reflected in the financial statements. As of September 30, 2006, the following funds had open futures contracts:

Short-Term Bond Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
135	CBT	U.S. Treasury Note	December 2006	$	27,607,500	$	63,628
			Total Unrealized Appreciation			$	63,628

 

Asset Allocation Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
2,059	CME	E-Mini S&P 500 Index	December 2006	$	138,508,930	$	2,231,360
29	CME	S&P 500 Index	December 2006		9,754,150		159,935
			Total Unrealized Appreciation			$	2,391,295

 

500 Stock Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
61	CME	E-MINI S&P 500 Index	December 2006	$	4,103,470	$	55,747
			Total Unrealized Appreciation			$	55,747

 

Broad Market Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
11	CME	E-Mini Russell Index	December 2006	$	805,310	$	3,880
65	CME	E-Mini S&P 500 Index	December 2006		4,372,550		62,160
			Total Unrealized Appreciation			$	66,040

 

Mid/Small Company Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
26	CME	E-Mini Russell Index	December 2006	$	1,903,460	$	(2,465	)
25	CME	E-Mini S&P Mid 400 Index	December 2006		1,901,500		(3,350	)
			Total Unrealized Depreciation			$	(5,815	)

 

139

VANTAGEPOINT FUNDS
NOTES TO THE SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

Overseas Equity Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation/ Depreciation
67	EUX	DJ Stoxx 50 Eurodollar	December 2006	$	3,326,950	$	71,613
25	LIF	FTSE100 Index	December 2006		2,801,607		20,362
20	TSE	Topix Index	December 2006		2,735,549		(4,679	)
			Total Unrealized Appreciation			$	87,296

 

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract is an agreement to pay or receive specific amounts of a currency at a future date in exchange for another currency at an agreed upon exchange rate. The funds may use forward foreign currency exchange contracts to hedge certain foreign currency assets and liabilities. Contracts are recorded at market value and marked to market daily. Risks of entering into forward foreign currency exchange contracts include the possibility that there may be an illiquid market and that a change in the value of the contracts may not correlate with changes in the value of the underlying securities. The amount at risk for such forward foreign currency exchange contracts may exceed the amount reflected in the financial statements. Realized and unrealized gains or losses on forward foreign currency exchange contracts are reflected in the accompanying financial statements. As of September 30, 2006, the funds had the following open forward foreign currency exchange contracts outstanding:

Aggressive Opportunities Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2006		Net Unrealized Loss
Purchase Contracts
Euro Dollar	12/27/2006	$	3,688,845	$	3,614,005	$	(74,840	)
		Net Loss on Purchase Contracts				$	(74,840	)
Sale Contracts
Euro Dollar	12/27/2006	$	3,443,238	$	3,614,005	$	(170,767	)
Net Loss on Sale Contracts						$	(170,767	)
		Net Unrealized Loss on Forward Foreign Currency Contracts				$	(245,607	)

 

International Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2006		Net Unrealized Gain/(Loss)
Purchase Contracts
Australian Dollar	10/25/2006	$	1,235,761	$	1,237,232	$	1,471
British Pound Sterling	10/02/2006		932,730		925,291		(7,439	)
	10/04/2006		128,345		128,378		33
Euro Dollar	10/02/2006		1,047,224		1,043,933		(3,291	)
	10/03/2006		21,420		21,396		(24	)
	10/04/2006		424,972		425,297		325
Hong Kong Dollar	10/03/2006		80,426		80,394		(32	)
	10/04/2006		105,893		105,876		(17	)
Japanese Yen	10/02/2006		2,053,733		2,043,640		(10,093	)
	10/03/2006		72,195		71,910		(285	)
	10/20/2006		3,044,138		3,021,515		(22,623	)
	01/11/2007		999,589		994,547		(5,042	)
Swiss Franc	10/02/2006		666,072		662,689		(3,383	)
		Net Loss on Purchase Contracts				$	(50,400	)

140

VANTAGEPOINT FUNDS
NOTES TO THE SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2006		Net Unrealized Gain/(Loss)
Sale Contracts
British Pound Sterling	10/02/2006	$	66,399	$	65,870	$	529
	10/03/2006		55,006		55,227		(221	)
Canadian Dollar	10/03/2006		143,189		142,526		663
Euro Dollar	10/02/2006		412,001		411,151		850
	10/03/2006		1,110,745		1,113,953		(3,208	)
	10/25/2006		1,235,761		1,247,041		(11,280	)
	01/11/2007		999,590		1,000,836		(1,246	)
Japanese Yen	10/02/2006		850,710		845,264		5,446
	10/20/2006		3,070,000		3,021,514		48,486
Swiss Franc	10/02/2006		56,087		55,802		285
	10/03/2006		60,510		60,803		(293	)
		Net Gain on Sale Contracts				$	40,011
		Net Unrealized Loss on Forward Foreign Currency Contracts				$	(10,389	)

 

Overseas Equity Index Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2006		Net Unrealized Gain/(Loss)
Purchase Contracts
British Pound Sterling	12/14/2006	$	2,908,240	$	2,881,690	$	(26,550	)
Euro Dollar	12/14/2006		3,357,198		3,341,003		(16,195	)
Japanese Yen	12/14/2006		2,781,361		2,760,001		(21,360	)
		Net Loss on Purchase Contracts				$	(64,105	)
Sale Contracts
British Pound Sterling	12/14/2006	$	110,930	$	109,970	$	960
Euro Dollar	12/14/2006		96,716		96,694		22
		Net Gain on Sale Contracts				$	982
		Net Unrealized Loss on Forward Foreign Currency Contracts				$	(63,123	)

 

141

VANTAGEPOINT FUNDS
NOTES TO THE SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

Option Contracts

The Short-Term Bond Fund may use options to obtain exposure to fixed income sectors without incurring leverage. The International and Aggressive Opportunities Funds may use options for currency management. Purchases of put and call options are recorded as an investment, the value of which is marked to market at each valuation date. When a purchased option expires, the fund will realize a loss equal to the premium paid. When a fund enters into a closing sale transaction, the fund will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. When a fund exercises a put option, it will realize a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a fund exercises a call option, the cost of the security which the fund purchases upon exercise will be increased by the premium originally paid.

When a fund writes a call or put option, an amount equal to the premium received by the fund is recorded as a liability, the value of which is marked to market at each valuation date. When a written option expires, the fund realizes a gain equal to the amount of the premium originally received. When a fund enters into a closing purchase transaction, the fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium originally received when the option was sold/written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. When a call option is exercised, the fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the amount of the premium originally received. When a put option is exercised, the amount of the premium originally received will reduce the cost of the security which the fund purchased upon exercise.

Options written are reported as a liability in the Statement of Assets and Liabilities. Gains and losses are reported in the Statement of Operations. There are no other transaction fees associated with option contracts other than the premium paid or received. The risk in writing a call option is that the fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the fund pays a premium whether or not the option is exercised.

At September 30, 2006, there were no written options.

Swap Agreements

The Short-Term Bond, US Government Securities, and Core Bond Index Funds may invest in swap agreements to manage interest rate and credit exposure. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Interest rate swap agreements involve the exchange between two parties of their respective commitments to pay or receive interest. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. Net payments of interest on interest rate swap agreements are included as a component of net realized gain (loss). Entering into these agreements involves, to varying degrees, elements of credit, default, prepayment, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, the counterparty to these agreements may default on its obligation to perform and there may be unfavorable changes in interest rates.

At September 30, 2006, there were no open swap agreements. In addition, there were no swap agreements in 2005.

Repurchase Agreements

Transactions involving purchases of securities under agreements to resell such securities at a specified price and time (“repurchase agreements”) are treated as collateralized financing transactions and are recorded at their contracted resale amounts. These repurchase agreements, if any, are detailed in each fund’s Schedule of Investments. The funds require that the cash investment be fully collateralized based on values that are marked to market daily. The collateral is generally held by an agent bank. It is VIA’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 are collateralized by U.S. Government securities. If the custodian or counterparty becomes bankrupt, the funds’ realization of collateral might be delayed, or the funds may incur a cost or possible losses of principal and income in selling the collateral.

142

VANTAGEPOINT FUNDS
NOTES TO THE SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

Tax Basis Unrealized Appreciation (Depreciation)

At September 30, 2006, net unrealized appreciation (depreciation) on securities investments was as follows:

Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Money Market	$	207,597,322	$	—	$	—	$	—
Short-Term Bond		573,800,327		447,975		4,393,054		(3,945,079	)
US Government Securities		167,150,711		299,681		1,866,512		(1,566,831	)
Asset Allocation		642,181,144		121,504,005		44,549,908		76,954,097
Equity Income		1,278,222,383		285,370,417		55,918,465		229,451,952
Growth & Income		1,013,575,350		193,170,268		20,071,496		173,098,772
Growth		2,792,188,558		199,560,718		82,829,787		116,730,931
Aggressive Opportunities		1,483,518,137		230,279,042		71,064,966		159,214,076
International		915,739,190		134,326,695		13,840,424		120,486,271
Core Bond Index		1,245,289,674		5,827,393		20,982,656		(15,155,263	)
500 Stock Index		216,972,005		191,520,713		20,441,242		171,079,471
Broad Market Index		459,186,747		250,281,213		42,808,626		207,472,587
Mid/Small Company Index		161,950,571		66,046,111		16,534,499		49,511,612
Overseas Equity Index		99,248,432		36,965,970		2,403,666		34,562,304
Model Portfolio Savings Oriented		279,163,637		12,250,908		5,733,320		6,517,588
Model Portfolio Conservative Growth		508,366,986		30,055,702		8,762,096		21,293,606
Model Portfolio Traditional Growth		1,170,504,064		100,711,455		13,111,050		87,600,405
Model Portfolio Long-Term Growth		1,214,254,180		165,827,210		10,315,452		155,511,758
Model Portfolio All-Equity Growth		350,502,556		62,202,254		—		62,202,254
Milestone Retirement Income		18,888,675		300,842		85,670		215,172
Milestone 2010		38,656,581		1,457,671		154,219		1,303,452
Milestone 2015		65,044,315		3,485,178		189,227		3,295,951
Milestone 2020		47,725,067		2,932,146		105,302		2,826,844
Milestone 2025		36,100,503		2,399,053		62,201		2,336,852
Milestone 2030		19,569,778		1,285,579		22,520		1,263,059
Milestone 2035		12,516,716		694,081		—		694,081
Milestone 2040		8,227,386		337,770		—		337,770

 

143

VANTAGEPOINT FUNDS
NOTES TO THE SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

Portfolio Securities Loaned

The funds lend securities to approved brokers to earn additional income. As of September 30, 2006, certain funds had loaned securities, which were collateralized by cash, cash equivalents, or U.S. Government Obligations. Each fund receives compensation for providing services in connection with the securities lending program. Collateral is maintained over the life of the loan in an amount not less than 102% of the value of the loaned securities, as determined by the funds at the close of business each day. Any additional collateral required due to changes in the value of securities is delivered to the funds the next business day. Although the collateral mitigates risk, the funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The funds have the right under the securities lending agreement to recover the securities from the borrower on demand. The risks to the funds associated with securities lending are that the borrower may not provide additional collateral when required or return the securities when due. The market value of the securities on loan and the value of the related collateral as September 30, 2006, were as follows:

Fund	Securities on Loan		Collateral		Collateralization %
US Government Securities	$	22,101,255	$	22,647,780		102	%
Asset Allocation		26,000,336		26,952,365		104	%
Equity Income		155,346,802		160,192,333		103	%
Growth & Income		83,339,540		86,508,550		104	%
Growth		182,630,378		189,239,253		104	%
Aggressive Opportunities		326,190,389		340,811,654		105	%
International		66,860,699		70,524,980		105	%
Core Bond Index		124,922,408		128,028,298		102	%
500 Stock Index		18,213,904		18,870,544		104	%
Broad Market Index		44,786,090		46,562,277		104	%
Mid/Small Company Index		32,417,952		33,755,869		104	%
Overseas Equity Index		3,733,851		4,035,229		108	%

 

144

Item 2 (Controls and Procedures):

Sub-item 2a. The Principal Executive Officer and Principal Financial Officer of the registrant have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of the disclosure controls and procedures by registrant’s management as of a date within 90 days of the filing of this report.

Sub-item 2b. There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 (Exhibits): The certification exhibits are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	The Vantagepoint Funds
By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date	November 28, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date	November 28, 2006
By:	/s/ Gerard P. Maus
	Gerard P. Maus, Principal Financial Officer
Date	November 28, 2006