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)

Angela Montez, 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:     12/31/08

Date of reporting period:     03/31/08

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
Low Duration Bond	2
Inflation Protected Securities	6
Asset Allocation	8
Equity Income	14
Growth & Income	18
Growth	23
Select Value	28
Aggressive Opportunities	33
Discovery	37
International	41
Diversified Assets	47
Core Bond Index	51
500 Stock Index	66
Broad Market Index	72
Mid/Small Company Index	97
Overseas Equity Index	120
Model Portfolio Savings Oriented	131
Model Portfolio Conservative Growth	132
Model Portfolio Traditional Growth	133
Model Portfolio Long-Term Growth	134
Model Portfolio All-Equity Growth	135
Milestone Retirement Income	136
Milestone 2010	137
Milestone 2015	138
Milestone 2020	139
Milestone 2025	140
Milestone 2030	141
Milestone 2035	142
Milestone 2040	143
Notes to the Schedules of Investments	144

 

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

March 31, 2008 (Unaudited)

Vantagepoint Money Market Fund	Shares		Value
MUTUAL FUNDS—98.6%
Short-Term Trust Liquid Assets Portfolio (Cost $349,202,060)	349,202,060	$	349,202,060
TOTAL INVESTMENTS—98.6%
(Cost $349,202,060)			349,202,060
Other assets less liabilities—1.4%			4,853,335
NET ASSETS—100.0%		$	354,055,395

 

See accompanying notes to schedule of investments.

1

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—32.9%
Automotive—0.1%
General Motors Acceptance Corporation, Global Note
5.125%	05/09/2008		$	729,000	$	724,740
Banking—19.0%
AIG SunAmerica Global Financing VII, Senior Note, 144A
5.850%	08/01/2008	*		700,000		703,400
American Express Travel Related Services Co., Inc., Senior Note, 144A
5.250%	11/21/2011	*		6,000,000		6,019,086
Bank of America Corp., Senior Note
5.375%	09/11/2012			1,000,000		1,041,280
Bank of America Corporation, Note
4.500%	08/01/2010			3,910,000		3,990,499
Bank of America Corporation, Subordinated Note
6.600%	05/15/2010			400,000		422,218
Barclays Bank PLC, Note (United Kingdom)
5.450%	09/12/2012			7,440,000		7,627,815
Capital One Bank, Note
4.250%	12/01/2008			3,750,000		3,696,607
Caterpillar Financial Services Corp., Series F, Note, (MTN)
3.750%	05/15/2009			2,065,000		2,069,632
CIT Group, Inc., Global Note
4.250%	02/01/2010			275,000		225,770
CIT Group, Inc., Note
3.524%	07/28/2011	#		125,000		92,645
CIT Group, Inc., Senior Note
3.021%	03/12/2010	#		5,780,000		4,641,739
Citigroup, Inc., Global Note
4.125%	02/22/2010			1,000,000		990,867
General Electric Capital Corp., Note, (MTN)
4.875%	10/21/2010			4,060,000		4,221,913
General Electric Capital Corp., Series A, Note, (MTN)
4.250%	09/13/2010			4,600,000		4,703,951
Glitnir Banki HF, Note, 144A (Iceland)
6.375%	09/25/2012	*		6,270,000		5,354,806
HSBC Finance Corp., Note
4.750%	05/15/2009			4,480,000		4,479,144
John Deere Capital Corp., Series S, Note, (MTN)
4.345%	10/16/2009	#		6,000,000		5,991,870
JPMorgan Chase & Company, Senior Note
5.375%	10/01/2012			6,675,000		6,937,761
M&T Bank Corp., Senior Note
5.375%	05/24/2012			6,680,000		6,543,434
Marshall & Ilsley Corp., Senior Note
5.626%	08/17/2009			6,500,000		6,506,935
SLM Corp., Series A, Note, (MTN)
3.471%	07/27/2009	#		7,000,000		5,891,158
SunTrust Banks, Inc., Senior Note
5.250%	11/05/2012			5,250,000		5,177,718
Wachovia Bank NA, Bank Note
7.800%	08/18/2010			4,750,000		5,115,869
Wells Fargo & Company, Series J, Note, (MTN)
4.200%	01/15/2010			1,000,000		1,017,126
						93,463,243
Beverages, Food & Tobacco—0.3%
Smithfield Foods, Inc., Senior Note
8.000%	10/15/2009		$	1,275,000	$	1,300,500
Chemicals—0.5%
E.I. du Pont de Nemours & Co., Senior Note
5.000%	01/15/2013			2,500,000		2,605,890
Commercial Services—0.6%
International Lease Finance Corp., Note, (MTN)
6.375%	03/25/2013			3,200,000		3,200,899
Computer Software & Processing—0.6%
Oracle Corporation, Note
5.000%	01/15/2011			1,547,000		1,588,020
Unisys Corp., Senior Note
6.875%	03/15/2010	†		1,390,000		1,313,550
						2,901,570
Computers & Information—1.1%
Hewlett-Packard Co., Global Note
4.500%	03/01/2013			3,840,000		3,899,900
International Business Machines Corp., Senior Note
4.950%	03/22/2011			1,250,000		1,308,568
						5,208,468
Containers & Packaging—0.0%
Ball Corp., Senior Note
6.875%	12/15/2012			100,000		102,250
Electric Utilities—0.0%
Allegheny Energy Supply Company LLC
7.800%	03/15/2011			160,000		170,400
Electronics—0.4%
Cisco Systems, Inc., Senior Note
5.250%	02/22/2011			1,250,000		1,305,725
Koninklijke Philips Electronics NV, Note (Netherlands)
4.625%	03/11/2013			575,000		578,566
						1,884,291
Financial Services—2.9%
Allstate Life Global Fund Trust, Series 2004-1, Note
4.500%	05/29/2009			3,750,000		3,795,698
Ford Motor Credit Company, Note
7.250%	10/25/2011			785,000		645,294
Household Finance Corporation
6.375%	10/15/2011			3,150,000		3,240,446
Hutchison Whampoa International 03/33 Ltd., Guaranteed Note, 144A (Cayman Islands)
5.450%	11/24/2010	*		1,500,000		1,550,091
TIAA Global Markets, Inc., Note, 144A
5.125%	10/10/2012	*		4,900,000		5,074,514
						14,306,043
Home Construction, Furnishings & Appliances—0.3%
KB Home, Senior Subordinated Note
8.625%	12/15/2008			1,260,000		1,269,450
Insurance—0.2%
American International Group, Inc., Note
4.700%	10/01/2010			1,000,000		1,003,818
Lodging—0.3%
MGM Mirage, Senior Note
6.000%	10/01/2009			1,320,000		1,316,700

See accompanying notes to schedule of investments.

2

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Media—Broadcasting & Publishing—1.6%
Clear Channel Communications, Inc., Global Note
4.250%	05/15/2009	$	750,000	$	727,695
Comcast Corporation, Note
5.450%	11/15/2010		2,250,000		2,319,966
Echostar DBS Corporation, Note
5.750%	10/01/2008		1,345,000		1,341,638
Gannett Co., Inc., Senior Note
4.125%	06/15/2008		3,430,000		3,432,823
					7,822,122
Oil & Gas—0.9%
ConocoPhillips Co., Note
8.750%	05/25/2010		1,773,000		1,979,757
Pemex Project Funding Master Trust, Note
7.875%	02/01/2009		2,350,000		2,445,600
					4,425,357
Pharmaceuticals—0.4%
Amgen, Inc., Senior Note
4.000%	11/18/2009		1,800,000		1,818,891
Retailers—0.4%
CVS Caremark Corporation, Note
4.000%	09/15/2009		2,000,000		2,001,574
Telephone Systems—3.3%
AT&T, Inc., Note
4.950%	01/15/2013		900,000		904,002
BellSouth Corp., Note
4.200%	09/15/2009		3,262,000		3,284,720
Deutsche Telekom International Finance BV, Note (Netherlands)
5.375%	03/23/2011		1,250,000		1,271,641
SBC Communications, Inc., Global Note
4.125%	09/15/2009		5,505,000		5,537,568
Verizon Communications, Inc., Note
4.350%	02/15/2013		3,745,000		3,673,553
Verizon Global Funding Corp., Note
7.250%	12/01/2010		1,250,000		1,343,285
					16,014,769
TOTAL CORPORATE OBLIGATIONS
(Cost $162,614,270)					161,540,975
U.S. GOVERNMENT AGENCY OBLIGATIONS—5.6%
U.S. Government Agency Obligations—5.6%
Federal Home Loan Bank
2.005%	04/25/2008		10,000,000		9,986,633
Federal Home Loan Mortgage Corporation
3.250%	02/25/2011		8,000,000		8,122,384
3.000%	04/01/2011		6,000,000		6,019,812
Federal National Mortgage Association
5.793%	10/01/2036		3,178,967		3,242,523
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $27,293,825)					27,371,352
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—4.9%
U.S. Government Agency Mortgage-Backed Securities—4.9%
Federal Home Loan Mortgage Corporation
4.385%	10/01/2034	$	4,432,553	$	4,504,770
Federal Home Loan Mortgage Corporation, Series 2885, Class DK
3.500%	10/15/2012		515,683		515,416
Federal Home Loan Mortgage Corporation, Series 2891, Class LN
4.250%	06/15/2024		1,878,291		1,887,063
Federal National Mortgage Association
5.087%	10/01/2034		4,205,961		4,265,303
5.086%	09/01/2034		503,277		505,624
4.951%	10/01/2034		5,244,388		5,269,313
4.896%	09/01/2034		399,301		396,933
4.726%	10/01/2034		735,905		748,913
Federal National Mortgage Association TBA
4.500%	04/01/2023		6,100,000		6,067,597
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $24,164,063)					24,160,932
U.S. TREASURY OBLIGATIONS—22.2%
U.S. Treasury Notes—22.2%
U.S. Treasury Note
4.875%	08/15/2009		469,000		490,179
4.875%	04/30/2011		2,850,000		3,106,055
4.500%	11/15/2010		18,300,000		19,629,623
4.500%	09/30/2011		2,300,000		2,493,345
4.000%	08/31/2009		30,000,000		31,035,960
3.875%	09/15/2010		32,262,000		34,001,148
3.125%	11/30/2009		17,435,000		17,864,075
2.125%	01/31/2010		600,000		605,297
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $106,411,892)					109,225,682
SOVEREIGN DEBT OBLIGATIONS—0.8%
Government Issued—0.8%
Province of Ontario Canada (Canada)
2.750%	02/22/2011		1,225,000		1,226,636
Republic of South Africa (South Africa)
9.125%	05/19/2009		2,750,000		2,928,750
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $4,087,865)					4,155,386
ASSET BACKED SECURITIES—24.5%
Automotive—12.0%
Capital Auto Receivables Asset Trust, Series 2004-2, Class A3
3.580%	01/15/2009		333,014		333,124
Capital Auto Receivables Asset Trust, Series 2006-SN1A, Class A4A, 144A
5.320%	03/20/2010		6,400,000		6,497,745
Capital Auto Receivables Asset Trust, Series 2008-1, Class A3A
3.860%	08/15/2012		1,000,000		1,000,938
Carmax Auto Owner Trust, Series 2007-1, Class B
5.340%	10/15/2012		3,000,000		2,957,381

See accompanying notes to schedule of investments.

3

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
ASSET BACKED SECURITIES—(Continued)
Chase Manhattan Auto Owner Trust, Series 2006-A, Class A4
5.360%	01/15/2013		$	5,900,000	$	6,034,078
Daimler Chrysler Auto Trust, Series 2004-C, Class A4
3.280%	12/08/2009			307,978		308,155
Daimler Chrysler Auto Trust, Series 2006-C, Class A3
5.020%	07/08/2010			1,000,000		1,008,129
Daimler Chrysler Auto Trust, Series 2008-A, Class A3A
3.700%	06/08/2012			1,600,000		1,597,355
Ford Credit Auto Owner Trust, Series 2005-A, Class B
3.880%	01/15/2010			2,600,000		2,604,062
Ford Credit Auto Owner Trust, Series 2006-A, Class A3
5.050%	03/15/2010			558,054		562,108
Ford Credit Auto Owner Trust, Series 2006-B, Class A3
5.260%	10/15/2010			2,350,000		2,376,072
Ford Credit Auto Owner Trust, Series 2007-B, Class A4A
5.240%	07/15/2012			6,400,000		6,557,681
Harley-Davidson Motorcycle Trust, Series 2006-3, Class A3
5.240%	01/15/2012			2,873,717		2,905,396
Harley-Davidson Motorcycle Trust, Series 2007-2, Class A4
5.120%	08/15/2013			2,725,000		2,792,032
Honda Auto Receivables Owner Trust, Series 2004-3, Class A4
3.280%	02/18/2010			2,759,206		2,761,205
Honda Auto Receivables Owner Trust, Series 2005-3, Class A4
4.030%	12/20/2010			7,400,000		7,419,530
USAA Auto Owner Trust, Series 2004-3, Class A4
3.530%	06/15/2011			3,676,676		3,682,554
USAA Auto Owner Trust, Series 2005-2, Class A4
4.170%	02/15/2011			500,000		502,972
USAA Auto Owner Trust, Series 2006-4, Class A2
5.160%	11/16/2009			288,577		289,552
USAA Auto Owner Trust, Series 2007-2, Class A3
4.900%	02/15/2012			2,000,000		2,033,990
Wachovia Auto Owner Trust, Series 2004-B, Class A4
3.440%	03/21/2011			1,740,972		1,741,672
Wachovia Auto Owner Trust, Series 2005-B, Class A4
4.840%	04/20/2011			2,825,000		2,857,024
						58,822,755
Credit Cards—10.9%
Bank One Issuance Trust, Series 2003-A9, Class A9
3.860%	06/15/2011			1,500,000		1,505,629
Bank One Issuance Trust, Series 2004-A6, Class A6
3.940%	04/16/2012			1,000,000		1,009,925
Capital One Multi-Asset Execution Trust, Series 2005-A8, Class A
4.400%	08/15/2011		$	2,150,000	$	2,163,911
Capital One Multi-Asset Execution Trust, Series 2003-A4, Class A4
3.650%	07/15/2011			3,155,000		3,161,521
Chase Issuance Trust, Series 2005-10A, Class A10
4.650%	12/17/2012			6,970,000		7,148,878
Chase Issuance Trust, Series 2007-15A, Class A
4.960%	09/17/2012			3,900,000		4,021,328
Citibank Credit Card Issuance Trust, Series 2003-A6, Class A6
2.900%	05/17/2010			4,965,000		4,965,426
Citibank Credit Card Issuance Trust, Series 2007-A5, Class A5
5.500%	06/22/2012			4,965,000		5,171,398
GE Capital Credit Card Master Note Trust, Series 2007-3, Class A2
5.400%	06/15/2013			5,915,000		6,158,744
Household Credit Card Master Note Trust I, Series 2007-1, Class A
2.868%	04/15/2013			1,500,000		1,468,823
Household Credit Card Master Note Trust I, Series 2007-2, Class A
5.578%	10/15/2010			6,200,000		6,076,458
MBNA Credit Card Master Note Trust, Series 2005-A1, Class A
4.200%	09/15/2010			5,000,000		5,002,677
MBNA Credit Card Master Note Trust, Series 2006-A1, Class A1
4.900%	07/15/2011			5,370,000		5,450,021
						53,304,739
Utilities—1.6%
FPL Recovery Funding LLC, Series 2007-A, Class A1
5.053%	02/01/2013	‡		2,470,472		2,523,549
Peco Energy Transition Trust, Series 2000-A, Class A3
7.625%	03/01/2010			5,345,539		5,549,625
						8,073,174
TOTAL ASSET BACKED SECURITIES
(Cost $118,728,195)						120,200,668
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—5.3%
Mortgage Backed—5.3%
Bank of America Mortgage Securities, Series 2004-L, Class 1A1
6.267%	01/25/2035			1,548,498		1,576,203
First Horizon Asset Securities, Inc., Series 2005-AR4, Class IIA1
5.328%	10/25/2035			4,187,326		4,021,383
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
4.539%	10/25/2035			4,283,632		4,038,301
GSR Mortgage Loan Trust, Series 2004-11, Class 2A2
4.754%	09/25/2034			2,761,730		2,688,410
Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
5.298%	12/19/2035			6,130,223		5,891,801

See accompanying notes to schedule of investments.

4

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2
4.718%	12/25/2034		$	3,534,517	$	3,354,382
Provident Funding Mortgage Loan Trust, Series 2004-1, Class 1A1
4.035%	04/25/2034			710,322		713,630
Structured Asset Mortgage Investments, Inc., Series 2004-AR5, Class IIA1
5.872%	10/19/2034			758,750		713,247
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
3.304%	03/25/2044			934,862		936,126
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
3.541%	09/25/2034			2,050,169		1,950,818
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $26,750,119)						25,884,301
CASH EQUIVALENTS—0.2%
Institutional Money Market Funds—0.0%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††		34,285		34,285
Bank & Certificate Deposits/ Offshore Time Deposits—0.2%
ABN Amro Bank NV
3.000%	04/10/2008	††		29,935		29,935
Barclays
4.600%	04/04/2008	††		11,974		11,974
BNP Paribas
3.820%	04/16/2008	††		35,922		35,922
BNP Paribas
3.000%	04/01/2008	††		149,674		149,674
Branch Banking & Trust
2.000%	04/01/2008	††		59,870		59,870
Calyon
3.020%	04/04/2008	††		23,948		23,948
Calyon
3.000%	04/01/2008	††		139,268		139,268
Fortis Bank
2.750%	04/08/2008	††		83,817		83,817
Rabobank Nederland
3.010%	04/07/2008	††		29,935		29,935
Royal Bank of Canada
2.750%	04/01/2008	††		149,674		149,674
Royal Bank of Scotland
3.000%	04/01/2008	††		155,661		155,661
Societe Generale
3.120%	04/03/2008	††		17,961		17,961
Societe Generale
2.850%	04/10/2008	††		59,870		59,870
Svenska Handelsbanken
3.000%	04/01/2008	††		132,146		132,146
UBS AG
3.025%	04/04/2008	††		17,960		17,960
						1,097,615
TOTAL CASH EQUIVALENTS
(Cost $1,131,900)						1,131,900

 

	Face		Value
REPURCHASE AGREEMENTS—1.0%
State Street Bank and Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $4,664,868 and an effective yield of 1.65%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 3.799%– 4.222%, a maturity of 10/01/2033 and an aggregate market value of $4,758,324.	$	4,664,652	$	4,664,652
TOTAL INVESTMENTS—97.4%
(Cost $475,846,781)				478,335,848
Other assets less liabilities—2.6%				12,747,709
NET ASSETS—100.0%			$	491,083,557

 

Legend to the Schedule of Investments:

* Security acquired in offering made in reliance on Rule 144A exemption from registration under the Securities Act of 1933 (“1933 Act”). Resale of this security is restricted to transactions exempt from registration under the 1933 Act. 144A securities represent 5.27% of Total Investments.

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

† Denotes all or a portion of security on loan.

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

†† Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to schedule of investments.

5

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Inflation Protected
Securities Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—0.4%
Banking—0.1%
Royal Bank of Scotland Group PLC, Perpetual Bond, (FRN) (United Kingdom)
7.092%	09/29/2017	$	100,000	$	141,468
SLM Corporation, Note, (MTN)
5.700%	04/01/2014		465,000		293,531
					434,999
Financial Services—0.1%
Bear Stearns Cos. (The), Inc., Note (MTN)
4.560%	03/10/2014		380,000		317,775
Goldman Sachs Group, Inc., Subordinated Note
6.750%	10/01/2037		100,000		93,317
					411,092
Public Administration—0.1%
International Bank for Reconstruction & Development, Note (Supra National)
5.710%	12/10/2013		275,000		285,508
Telephone Systems—0.1%
AT&T, Inc., Global Note
6.300%	01/15/2038		200,000		194,021
TOTAL CORPORATE OBLIGATIONS
(Cost $1,407,353)					1,325,620
U.S. GOVERNMENT AGENCY OBLIGATIONS—1.3%
U.S. Government Agency Obligations—1.3%
Federal Home Loan Bank, Discount Note
1.500%	04/01/2008		4,400,000		4,400,000
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—0.8%
U.S. Government Agency Mortgage-Backed Securities—0.8%
Federal National Mortgage Association TBA
5.500%	04/01/2035		2,500,000		2,523,827
U.S. TREASURY OBLIGATIONS—94.0%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
1.824%	05/29/2008		100,000		99,706
1.754%	05/29/2008		100,000		99,718
					199,424
U.S. Treasury Inflation Protected Securities Bonds—79.0%
U.S. Treasury Bond
3.875%	04/15/2029	$	5,173,674	$	6,995,376
3.625%	04/15/2028		5,532,564		7,175,913
3.375%	04/15/2032		606,385		796,449
3.000%	07/15/2012		26,046,178		29,200,214
2.625%	07/15/2017		4,887,792		5,571,320
2.500%	07/15/2016		6,510,537		7,336,053
2.375%	04/15/2011		16,071,477		17,271,824
2.375%	01/15/2017		12,244,284		13,669,604
2.375%	01/15/2025		32,469,270		35,338,255
2.375%	01/15/2027		14,672,210		16,020,234
2.000%	04/15/2012		12,917,297		13,911,335
2.000%	01/15/2014		4,049,064		4,386,909
2.000%	07/15/2014		20,455,640		22,221,555
2.000%	01/15/2016		5,550,583		6,020,217
2.000%	01/15/2026		19,863,004		20,483,743
1.875%	07/15/2015		6,803,075		7,345,730
1.750%	01/15/2028		17,461,264		17,315,306
1.625%	01/15/2015		7,057,149		7,487,748
0.875%	04/15/2010		21,450,455		21,958,230
					260,506,015
U.S. Treasury Inflation Protected Securities Notes—14.9%
U.S. Treasury Note
4.250%	01/15/2010		6,798,848		7,378,878
3.500%	01/15/2011		5,020,164		5,553,165
3.375%	01/15/2012		2,852,544		3,212,010
1.875%	07/15/2013		19,419,621		20,951,965
1.625%	01/15/2018		11,514,582		12,094,813
					49,190,831
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $293,047,780)					309,896,270
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—1.0%
Mortgage Backed—1.0%
Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1
2.726%	03/20/2047		704,074		535,566
Residential Accredit Loans, Inc., Series 2007-QO2, Class A1
2.749%	02/25/2047		932,497		653,633
Small Business Administration, Series 2008-20C, Class 1
5.490%	03/01/2028		2,200,000		2,252,593
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $3,406,971)					3,441,792
PURCHASED OPTIONS—0.0%
IRO USD 2 Year Call Swaption, Expires 02/04/2011, Strike 3.50
(Cost $55,000)			5,000,000		82,792

 

See accompanying notes to schedule of investments.

6

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Inflation Protected Securities Fund		Face		Value
REPURCHASE AGREEMENTS—3.2%
State Street Bank and Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $10,369,313 and an effective yield of 1.65%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 0.875%–4.282%, maturity dates ranging from 04/15/2010–07/01/2033, and an aggregate market value of $10,859,475.	$	10,368,838	$	10,368,838
TOTAL INVESTMENTS—100.7%
(Cost $315,142,816)				332,039,139
Other assets less liabilities—(0.7%)				(2,196,371	)
NET ASSETS—100.0%			$	329,842,768

 

Legend to the Schedule of Investments:

FRN Floating Rate Note

MTN Medium Term Note

TBA To Be Announced

* Security has been pledged as collateral for futures contracts.

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

See accompanying notes to schedule of investments.

7

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—80.2%
Advertising—0.2%
Interpublic Group, Inc.	*†		18,883	$	158,806
Monster Worldwide, Inc.	*		5,522		133,688
Omnicom Group			15,836		699,634
					992,128
Aerospace & Defense—2.0%
Goodrich Corporation			5,239		301,295
Boeing Company (The)			35,548		2,643,705
General Dynamics Corporation			18,179		1,515,583
Honeywell International, Inc.			34,314		1,935,996
Lockheed Martin Corporation			16,028		1,591,580
Northrop Grumman Corporation			15,444		1,201,698
Textron, Inc.			11,678		647,195
United Technologies Corporation			44,656		3,073,226
					12,910,278
Airlines—0.1%
Southwest Airlines Company			35,312		437,869
Apparel Retailers—0.3%
Abercrombie & Fitch Company Class A			3,919		286,636
Gap (The), Inc.			23,455		461,594
Kohl’s Corporation	*		15,275		655,145
Limited Brands, Inc.			15,296		261,562
Nordstrom, Inc.	†		9,341		304,517
					1,969,454
Automotive—0.4%
Autonation, Inc.	*		6,006		89,910
Ford Motor Company	*†		93,188		533,035
General Motors Corporation	†		24,816		472,745
Genuine Parts Company			7,626		306,718
Goodyear Tire & Rubber Company (The)	*		9,249		238,624
Harley-Davidson, Inc.	†		12,041		451,537
Paccar, Inc.			16,759		754,155
					2,846,724
Banking—7.0%
American Capital Strategies Ltd.	†		8,976		306,620
American Express Company			53,191		2,325,511
BB&T Corporation			24,341		780,372
Bank of America Corporation			204,386		7,748,273
Bank of New York Mellon Corporation			52,514		2,191,409
Capital One Financial Corporation			17,161		844,664
CIT Group, Inc.			8,779		104,031
Citigroup, Inc.			239,541		5,130,968
Comerica, Inc.			7,218		253,207
Discover Financial Services			22,045		360,877
Fannie Mae			45,011		1,184,690
Fifth Third Bancorp	†		24,353		509,465
First Horizon National Corporation	†		5,539		77,601
Freddie Mac			30,144		763,246
Hudson City Bancorp, Inc.			23,850		421,668
Huntington Bancshares, Inc.			15,606		167,764
JPMorgan Chase & Company			156,274		6,711,968
Keycorp			17,811		390,951
M&T Bank Corporation	†		3,525		283,692
Marshall & Ilsley Corporation	†		11,451		265,663
National City Corporation			28,078		279,376
Northern Trust Corporation			8,606		572,041
PNC Financial Services Group, Inc.			15,480	$	1,015,024
Regions Financial Corporation	†		32,130		634,568
SLM Corporation	*		21,467		329,518
Sovereign Bancorp, Inc.	†		16,575		154,479
State Street Corporation			17,826		1,408,254
SunTrust Banks, Inc.			16,396		904,075
U.S. Bancorp			79,260		2,564,854
Wachovia Corporation	†		91,191		2,462,157
Washington Mutual, Inc.	†		40,172		413,772
Wells Fargo & Company			151,795		4,417,234
Zions Bancorporation			4,920		224,106
					46,202,098
Beverages, Food & Tobacco—4.7%
Altria Group, Inc.			95,920		2,129,424
Anheuser-Busch Companies, Inc.			34,115		1,618,757
Archer-Daniels-Midland Company			28,680		1,180,469
Brown-Forman Corporation Class B	†		3,664		242,630
Campbell Soup Company			9,478		321,778
Coca-Cola Company (The)			91,051		5,542,274
Coca-Cola Enterprises, Inc.			13,492		326,506
ConAgra Foods, Inc.			22,835		546,898
Constellation Brands, Inc. Class A	*†		8,617		152,262
Dean Foods Company			5,320		106,879
General Mills, Inc.			15,679		938,859
Hershey Company (The)	†		7,857		295,973
HJ Heinz Company			14,736		692,150
Kellogg Company			11,725		616,266
Kraft Foods, Inc. Class A			72,431		2,246,085
McCormick & Company, Inc.			5,813		214,907
Molson Coors Brewing Company Class B			5,820		305,957
Pepsi Bottling Group, Inc.			5,916		200,612
Pepsico, Inc.			73,509		5,307,350
Philip Morris International, Inc.			95,920		4,851,634
Reynolds American, Inc.			7,455		440,069
Sara Lee Corporation			33,530		468,749
Supervalu, Inc.			8,705		260,976
Sysco Corporation			27,245		790,650
Tyson Foods, Inc. Class A			11,069		176,551
UST, Inc.			7,153		389,982
WM Wrigley Jr. Company			9,736		611,810
					30,976,457
Building Materials—0.6%
Home Depot, Inc.			77,768		2,175,171
Lowe’s Companies, Inc.			68,926		1,581,162
Vulcan Materials Company	†		4,399		292,094
					4,048,427
Chemicals—1.5%
Air Products & Chemicals, Inc.			9,858		906,936
Avery Dennison Corporation			4,917		242,162
Dow Chemical Company (The)			42,576		1,568,926
E.I. du Pont de Nemours & Company			41,425		1,937,033
Eastman Chemical Company			3,534		220,698
Hercules, Inc.	†		4,386		80,220
International Flavors & Fragrances, Inc.			3,888		171,266
Monsanto Company			24,779		2,762,858
PPG Industries, Inc.			7,259		439,242
Praxair, Inc.			14,140		1,191,012
Sealed Air Corporation			7,079		178,745
					9,699,098

See accompanying notes to schedule of investments.

8

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Coal—0.2%
Consol Energy, Inc.			7,673	$	530,895
Peabody Energy Corporation			11,507		586,857
					1,117,752
Commercial Services—0.7%
Akamai Technologies, Inc.	*		7,142		201,119
Allied Waste Industries, Inc.	*		10,555		114,100
Cintas Corporation	†		6,084		173,637
Convergys Corporation	*		6,879		103,598
Equifax, Inc.			6,441		222,086
Fluor Corporation	†		3,836		541,490
H&R Block, Inc.			14,400		298,944
Jacobs Engineering Group, Inc.	*		5,446		400,771
Moody’s Corporation	†		9,463		329,596
Paychex, Inc.			15,453		529,420
Robert Half International, Inc.			7,514		193,410
RR Donnelley & Sons Company			9,448		286,369
Ryder System, Inc.			2,780		169,330
Waste Management, Inc.			24,315		816,011
					4,379,881
Communications—0.9%
American Tower Corporation Class A	*		18,693		732,953
Ciena Corporation	*		3,922		120,915
L-3 Communications Holdings, Inc.			5,664		619,302
Motorola, Inc.	†		105,079		977,235
NetApp, Inc.	*		16,442		329,662
Qualcomm, Inc.			75,261		3,085,701
Tellabs, Inc.	*		19,893		108,417
					5,974,185
Computer Software & Processing—4.5%
Adobe Systems, Inc.	*		26,395		939,398
Affiliated Computer Services, Inc. Class A	*		5,278		264,481
Autodesk, Inc.	*		10,178		320,403
Automatic Data Processing, Inc.			24,523		1,039,530
BMC Software, Inc.	*		9,424		306,468
CA, Inc.			18,395		413,887
Citrix Systems, Inc.	*		7,947		233,086
Cognizant Technology Solutions Corporation	*		12,318		355,128
Computer Sciences Corporation	*		8,286		337,986
Compuware Corporation	*		17,089		125,433
Electronic Arts, Inc.	*		13,954		696,584
Electronic Data Systems Corporation			22,586		376,057
Fidelity National Information Services, Inc.			7,010		267,361
Fiserv, Inc.	*		8,200		394,338
Google, Inc. Class A	*		10,468		4,610,840
IMS Health, Inc.			8,795		184,783
Intuit, Inc.	*		15,593		421,167
Juniper Networks, Inc.	*		23,865		596,625
Microsoft Corporation			368,418		10,455,703
Novell, Inc.	*		17,011		106,999
Oracle Corporation	*		178,961		3,500,477
Sun Microsystems, Inc.	*		39,043		606,338
Symantec Corporation	*		41,899		696,361
Teradata Corporation	*		8,056		177,715
Total System Services, Inc.			7,102		168,033
Unisys Corporation	*		13,879		61,484
VeriSign, Inc.	*†		10,507	$	349,253
Yahoo!, Inc.	*		59,598		1,724,170
					29,730,088
Computers & Information—3.9%
3M Company			32,718		2,589,630
Apple Computer, Inc.	*		39,694		5,696,089
Dell, Inc.	*		102,515		2,042,099
EMC Corporation	*		95,328		1,367,004
Hewlett-Packard Company			115,650		5,280,579
International Business Machines Corporation			63,022		7,256,353
International Game Technology			14,815		595,711
Jabil Circuit, Inc.			8,930		84,478
Lexmark International, Inc.	*		4,793		147,241
Pitney Bowes, Inc.			10,038		351,531
SanDisk Corporation	*		9,800		221,186
					25,631,901
Containers & Packaging—0.0%
Ball Corporation			4,556		209,303
Cosmetics & Personal Care—2.0%
Avon Products, Inc.			19,873		785,778
Clorox Company			6,602		373,937
Colgate-Palmolive Company			23,114		1,800,812
Ecolab, Inc.			8,001		347,483
Estee Lauder Companies (The), Inc. Class A	†		5,057		231,863
Procter & Gamble Company			142,354		9,974,745
					13,514,618
Education—0.0%
Apollo Group, Inc. Class A	*		6,172		266,630
Electric Utilities—2.8%
AES Corporation (The)	*		28,796		480,029
Allegheny Energy, Inc.			7,132		360,166
Ameren Corporation			9,010		396,800
American Electric Power Company, Inc.			17,957		747,550
CMS Energy Corporation			9,922		134,344
Centerpoint Energy, Inc.			13,537		193,173
Consolidated Edison, Inc.			12,180		483,546
Constellation Energy Group, Inc.			7,847		692,655
DTE Energy Company			7,766		302,020
Dominion Resources, Inc.			26,866		1,097,207
Duke Energy Corporation			55,876		997,387
Dynegy, Inc. Class A	*		20,516		161,871
Edison International			14,281		700,055
Entergy Corporation			9,154		998,518
Exelon Corporation			30,358		2,467,195
FPL Group, Inc.			18,300		1,148,142
FirstEnergy Corporation			14,589		1,001,097
Integrys Energy Group, Inc.			3,300		153,912
NiSource, Inc.			11,857		204,415
PG&E Corporation			15,829		582,824
PPL Corporation			17,328		795,702
Pepco Holdings, Inc.			8,794		217,388
Pinnacle West Capital Corporation			4,372		153,370
Progress Energy, Inc.			11,761		490,434
Public Service Enterprise Group, Inc.			22,832		917,618
Sempra Energy			11,832		630,409
Southern Company (The)			33,551		1,194,751
TECO Energy, Inc.	†		9,094		145,049
Xcel Energy, Inc.			17,719		353,494
					18,201,121

See accompanying notes to schedule of investments.

9

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Electrical Equipment—2.9%
Cooper Industries Ltd. Class A (Bermuda)			8,037	$	322,686
Emerson Electric Company			36,190		1,862,337
General Electric Company			462,265		17,108,428
					19,293,451
Electronics—3.3%
Advanced Micro Devices, Inc.	*†		22,772		134,127
Altera Corporation			15,819		291,544
Analog Devices, Inc.			14,644		432,291
Broadcom Corporation Class A	*		20,382		392,761
Cisco Systems, Inc.	*		276,119		6,651,707
Eastman Kodak Company	†		12,583		222,342
Intel Corporation			264,579		5,603,783
JDS Uniphase Corporation	*		9,473		126,843
LSI Corporation	*		34,716		171,844
Linear Technology Corporation	†		10,609		325,590
MEMC Electronics Materials, Inc.	*		10,061		713,325
Microchip Technology, Inc.			9,379		306,975
Micron Technology, Inc.	*		31,818		189,953
Molex, Inc.			6,227		144,217
National Semiconductor Corporation			11,625		212,970
Novellus Systems, Inc.	*		5,537		116,554
Nvidia Corporation	*		24,486		484,578
QLogic Corporation	*		7,961		122,201
Raytheon Company			19,546		1,262,867
Rockwell Collins, Inc.			7,612		435,026
Texas Instruments, Inc.			63,664		1,799,781
Tyco Electronics Ltd. (Bermuda)			22,179		761,183
Xerox Corporation			42,793		640,611
Xilinx, Inc.			15,159		360,026
					21,903,099
Entertainment & Leisure—1.2%
Hasbro, Inc.			7,426		207,185
Mattel, Inc.			17,004		338,380
News Corporation, Inc. Class A			105,672		1,981,350
Time Warner, Inc.			169,415		2,375,198
Walt Disney Company			87,980		2,760,812
					7,662,925
Environmental—0.2%
Agilent Technologies, Inc.	*		18,176		542,190
Danaher Corporation			10,978		834,657
Teradyne, Inc.	*		8,399		104,316
					1,481,163
Financial Services—2.3%
Ameriprise Financial, Inc.			10,442		541,418
Bear Stearns Companies, Inc. (The)	†		5,201		54,558
Charles Schwab Corporation (The)			43,200		813,456
CME Group, Inc.			2,453		1,150,702
Countrywide Financial Corporation	†		27,686		152,273
E*Trade Financial Corporation	*†		18,346		70,816
Federated Investors, Inc. Class B			3,330		130,403
Franklin Resources, Inc.			7,431		720,733
Goldman Sachs Group, Inc.			18,179		3,006,625
IntercontinentalExchange, Inc.	*		3,149		410,944
Janus Capital Group, Inc.			7,815		181,855
Legg Mason, Inc.			5,766		322,781
Lehman Brothers Holdings, Inc.	†		24,412		918,868
Merrill Lynch & Company, Inc.			44,701	$	1,821,119
Morgan Stanley			50,822		2,322,565
NYSE Euronext			11,987		739,718
Principal Financial Group			12,337		687,418
T Rowe Price Group, Inc.			11,620		581,000
Western Union Company (The)			33,663		716,012
					15,343,264
Food Retailers—0.3%
Kroger Company (The)			31,965		811,911
Safeway, Inc.			19,776		580,426
Starbucks Corporation	*		33,638		588,665
Whole Foods Market, Inc.	†		6,058		199,732
					2,180,734
Forest Products & Paper—0.4%
Bemis Company			5,148		130,914
International Paper Company			19,914		541,661
Kimberly-Clark Corporation			19,597		1,264,986
MeadWestvaco Corporation			7,851		213,704
Pactiv Corporation	*		6,199		162,476
Weyerhaeuser Company			9,586		623,473
					2,937,214
Health Care Providers—0.2%
Coventry Health Care, Inc.	*		6,999		282,410
Express Scripts, Inc.	*		12,052		775,185
Laboratory Corporation of America Holdings	*		5,554		409,219
Tenet Healthcare Corporation	*		23,062		130,531
					1,597,345
Heavy Construction—0.0%
Centex Corporation			5,370		130,008
Lennar Corporation Class A	†		5,972		112,333
					242,341
Heavy Machinery—1.9%
Applied Materials, Inc.			62,930		1,227,764
Black & Decker Corporation			3,454		228,309
Cameron International Corporation	*		10,006		416,650
Caterpillar, Inc.			29,284		2,292,644
Cummins, Inc.			9,100		426,062
Deere & Company			20,412		1,641,941
Dover Corporation			8,920		372,678
Eaton Corporation			6,529		520,165
ITT Corporation			8,141		421,785
Ingersoll-Rand Company Class A (Bermuda)			13,361		595,633
Manitowoc Company, Inc.			5,703		232,682
National-Oilwell Varco, Inc.	*		15,964		931,978
Pall Corporation			5,917		207,509
Parker Hannifin Corporation			7,971		552,151
Rockwell Automation, Inc.			7,187		412,678
Smith International, Inc.			8,885		570,684
Stanley Works (The)			3,363		160,146
Terex Corporation	*		4,319		269,937
Trane, Inc.			7,828		359,305
Varian Medical Systems, Inc.	*		5,760		269,798
WW Grainger, Inc.			3,422		261,407
					12,371,906
Home Construction, Furnishings & Appliances—0.4%
DR Horton, Inc.	†		11,960		188,370
Harman International Industries, Inc.			2,854		124,263

See accompanying notes to schedule of investments.

10

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Johnson Controls, Inc.			26,529	$	896,680
KB Home	†		3,394		83,934
Leggett & Platt, Inc.	†		8,064		122,976
Masco Corporation			18,434		365,546
Newell Rubbermaid, Inc.			11,995		274,326
Pulte Homes, Inc.			9,419		137,046
Whirlpool Corporation			3,383		293,577
					2,486,718
Household Products—0.3%
Fortune Brands, Inc.			6,876		477,882
Illinois Tool Works, Inc.			18,598		896,982
Rohm & Haas Company			6,344		343,084
Snap-On, Inc.			2,539		129,108
					1,847,056
Industrial—Diversified—0.1%
Tyco International Ltd. (Bermuda)			22,179		976,985
Insurance—4.0%
ACE Ltd. (Cayman Islands)			15,178		835,701
Aflac, Inc.			21,905		1,422,730
Aetna, Inc.			24,024		1,011,170
Allstate Corporation (The)			25,785		1,239,227
AMBAC Financial Group, Inc.	†		13,196		75,877
American International Group, Inc.			116,052		5,019,249
AON Corporation			14,251		572,890
Assurant, Inc.			4,469		271,983
Cigna Corporation			13,368		542,340
Cincinnati Financial Corporation			7,627		290,131
Genworth Financial, Inc. Class A			19,514		441,797
Hartford Financial Services Group, Inc.			14,401		1,091,164
Humana, Inc.	*		7,657		343,493
Leucadia National Corporation			7,783		351,947
Lincoln National Corporation			12,544		652,288
Loews Corporation			19,590		787,910
MBIA, Inc.	†		9,669		118,155
MGIC Investment Corporation	†		3,862		40,667
Marsh & McLennan Companies, Inc.			24,984		608,360
MetLife, Inc.			32,629		1,966,224
Progressive Corporation (The)			31,212		501,577
Prudential Financial, Inc.			20,520		1,605,690
Safeco Corporation			4,129		181,181
The Chubb Corporation			17,035		842,892
Torchmark Corporation			4,583		275,484
Travelers Cos., Inc. (The)			28,541		1,365,687
UnitedHealth Group, Inc.			59,642		2,049,299
UnumProvident Corporation			15,895		349,849
WellPoint, Inc.	*		25,359		1,119,093
XL Capital Ltd. Class A (Cayman Islands)			8,095		239,207
					26,213,262
Lodging—0.2%
Marriott International, Inc. Class A			15,100		518,836
Starwood Hotels & Resorts Worldwide, Inc.			9,466		489,865
Wyndham Worldwide Corporation			8,923		184,528
					1,193,229
Media—Broadcasting & Publishing—1.2%
CBS Corporation Class B			31,677		699,428
Clear Channel Communications, Inc.			22,852		667,735
Comcast Corporation Class A			140,162	$	2,710,733
DIRECTV Group (The), Inc.	*		33,859		839,365
EW Scripps Company Class A	†		3,760		157,958
Gannett Company, Inc.	†		10,491		304,764
IAC/InterActiveCorp	*		9,631		199,940
McGraw-Hill Companies, Inc. (The)			16,227		599,588
Meredith Corporation			1,895		72,484
New York Times Company Class A	†		6,241		117,830
Viacom, Inc. Class B	*		31,116		1,232,816
Washington Post Company Class B			265		175,297
					7,777,938
Medical Supplies—3.2%
Allergan, Inc.			13,872		782,242
Applera Corporation—Applied Biosystems Group			8,032		263,932
Baxter International, Inc.			29,138		1,684,759
Becton Dickinson & Company			10,910		936,623
Boston Scientific Corporation	*		59,259		762,663
Covidien Ltd. (Bermuda)			22,179		981,421
CR Bard, Inc.	†		4,555		439,102
Johnson & Johnson			131,083		8,503,354
KLA-Tencor Corporation			8,766		325,219
Medtronic, Inc.			52,035		2,516,933
Millipore Corporation	*		2,215		149,313
Patterson Cos., Inc.	*		6,066		220,196
PerkinElmer, Inc.			5,757		139,607
St. Jude Medical, Inc.	*		16,184		698,987
Stryker Corporation			11,672		759,264
Thermo Fisher Scientific, Inc.	*		19,378		1,101,446
Waters Corporation	*		4,564		254,215
Zimmer Holdings, Inc.	*		10,939		851,711
					21,370,987
Metals—1.0%
Alcoa, Inc.			38,642		1,393,431
Allegheny Technologies, Inc.			4,545		324,331
Corning, Inc.			70,940		1,705,398
Newmont Mining Corporation			20,249		917,280
Nucor Corporation			13,611		922,009
Precision Castparts Corporation			6,202		633,100
Titanium Metals Corporation	†		3,978		59,869
United States Steel Corporation			5,195		659,090
					6,614,508
Mining—0.3%
Freeport-McMoran Copper & Gold, Inc.			17,225		1,657,389
Oil & Gas—10.2%
Anadarko Petroleum Corporation			20,897		1,317,138
Apache Corporation			14,926		1,803,359
Ashland, Inc.			3,106		146,914
Baker Hughes, Inc.			14,690		1,006,265
BJ Services Company			14,353		409,204
Chesapeake Energy Corporation			19,082		880,634
Chevron Corporation			96,514		8,238,435
ConocoPhillips			73,145		5,574,380
Devon Energy Corporation			19,943		2,080,653
EOG Resources, Inc.			11,033		1,323,960
El Paso Corporation			31,393		522,380
ENSCO International, Inc.			6,778		424,438
Exxon Mobil Corporation			247,357		20,921,455
Halliburton Company			41,598		1,636,049
Hess Corporation			12,305		1,085,055
Marathon Oil Corporation			32,489		1,481,498
Murphy Oil Corporation			8,420		691,619

See accompanying notes to schedule of investments.

11

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Nabors Industries Ltd.	*		14,031	$	473,827
Nicor, Inc.	†		1,963		65,780
Noble Corporation (Cayman Islands)			11,980		595,047
Noble Energy, Inc.			7,770		565,656
Occidental Petroleum Corporation			37,958		2,777,387
Questar Corporation			7,316		413,793
Range Resources Corporation			6,784		430,445
Rowan Companies., Inc.			4,817		198,364
Schlumberger Ltd.			54,318		4,725,666
Spectra Energy Corp.			27,942		635,680
Sunoco, Inc.			5,960		312,721
Tesoro Corporation			6,213		186,390
Transocean, Inc. (Cayman Islands)	*		14,236		1,924,707
Valero Energy Corporation			25,471		1,250,881
Weatherford International Ltd. (Bermuda)	*		15,336		1,111,400
Williams Companies, Inc.			27,086		893,296
XTO Energy, Inc.			22,133		1,369,147
					67,473,623
Pharmaceuticals—5.2%
Abbott Laboratories			70,624		3,894,914
AmerisourceBergen Corporation			8,664		355,051
Amgen, Inc.	*		49,698		2,076,382
Barr Pharmaceuticals, Inc.	*		4,637		224,013
Biogen Idec, Inc.	*		13,123		809,558
Bristol-Myers Squibb Company			90,646		1,930,760
Cardinal Health, Inc.			16,840		884,268
Celgene Corporation	*		19,067		1,168,616
Eli Lilly & Company			44,595		2,300,656
Forest Laboratories, Inc.	*		14,323		573,063
Genzyme Corporation	*		11,884		885,833
Gilead Sciences, Inc.	*		41,558		2,141,484
Hospira, Inc.	*		7,127		304,822
King Pharmaceuticals, Inc.	*		10,183		88,592
McKesson Corporation			13,531		708,618
Medco Health Solutions, Inc.	*		25,016		1,095,451
Merck & Company, Inc.			98,510		3,738,454
Mylan Laboratories	†		11,139		129,212
Pfizer, Inc.			313,898		6,569,885
Quest Diagnostics, Inc.			7,162		324,224
Schering-Plough Corporation			73,261		1,055,691
Sigma Aldrich Corporation			5,903		352,114
Watson Pharmaceuticals, Inc.	*		4,259		124,874
Wyeth			60,498		2,526,396
					34,262,931
Real Estate—1.0%
Apartment Investment & Management Company REIT Class A			4,055		145,210
AvalonBay Communities, Inc. REIT			3,501		337,917
Boston Properties, Inc. REIT			5,498		506,201
CB Richard Ellis Group, Inc. Class A	*		7,914		171,259
Developers Diversified Realty Corporation REIT			5,585		233,900
Equity Residential REIT			12,749		528,956
General Growth Properties, Inc. REIT	†		10,808		412,541
HCP, Inc. REIT			9,997		337,999
Host Hotels & Resorts, Inc. REIT			23,370		372,050
Kimco Realty Corporation REIT			11,062		433,299
Plum Creek Timber Company, Inc. REIT	†		8,165		332,316
Prologis REIT			11,448	$	673,829
Public Storage REIT			5,464		484,220
Simon Property Group, Inc. REIT			10,262		953,442
Vornado Realty Trust REIT			5,908		509,329
					6,432,468
Restaurants—0.6%
Darden Restaurants, Inc.			6,534		212,682
McDonald’s Corporation			53,809		3,000,928
Wendy’s International, Inc.			5,142		118,575
Yum! Brands, Inc.			23,529		875,514
					4,207,699
Retailers—3.5%
Amazon.com, Inc.	*		14,009		998,842
AutoZone, Inc.	*		2,448		278,656
Bed Bath & Beyond, Inc.	*		12,305		362,998
Best Buy Company, Inc.			17,296		717,092
Big Lots, Inc.	*†		4,622		103,071
CVS Caremark Corporation			67,100		2,718,221
Costco Wholesale Corporation			20,192		1,311,874
Dillard’s, Inc. Class A	†		2,579		44,385
eBay, Inc.	*		51,735		1,543,772
Expedia, Inc.	*		9,280		203,139
Family Dollar Stores, Inc.			7,400		144,300
GameStop Corporation Class A	*†		7,231		373,915
JC Penney Company, Inc.			10,233		385,886
Macy’s, Inc.			21,019		484,698
Nike, Inc. Class B			17,249		1,172,932
Office Depot, Inc.	*		13,041		144,103
OfficeMax, Inc.			2,974		56,922
RadioShack Corporation	†		5,381		87,441
Sears Holdings Corporation	*†		3,576		365,074
Sherwin-Williams Company (The)			4,841		247,085
Staples, Inc.			32,067		709,001
TJX Companies, Inc.			20,299		671,288
Target Corporation			38,669		1,959,745
Tiffany & Company			6,286		263,006
Walgreen Company			45,220		1,722,430
Wal-Mart Stores, Inc.			109,502		5,768,565
					22,838,441
Telephone Systems—2.6%
AT&T, Inc.			277,503		10,628,365
CenturyTel, Inc.			5,012		166,599
Citizens Communications Company			14,413		151,192
Embarq Corporation			6,503		260,770
Qwest Communications International, Inc.	†		71,276		322,880
Sprint Nextel Corporation			130,646		874,022
Verizon Communications, Inc.			131,219		4,782,933
Windstream Corporation			19,512		233,168
					17,419,929
Textiles, Clothing & Fabrics—0.2%
Coach, Inc.	*		16,947		510,952
Jones Apparel Group, Inc.			5,028		67,476
Liz Claiborne, Inc.	†		4,454		80,840
Polo Ralph Lauren Corporation			2,737		159,540
VF Corporation			3,825		296,476
					1,115,284
Transportation—1.7%
Brunswick Corporation			4,421		70,603
Burlington Northern Santa Fe Corporation			14,126		1,302,700
CSX Corporation			19,296		1,081,927

See accompanying notes to schedule of investments.

12

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Asset
Allocation Fund

	Shares		Value
COMMON STOCKS—(Continued)
Carnival Corporation		19,796	$	801,342
CH Robinson Worldwide, Inc.		7,757		421,981
Expeditors International of Washington, Inc.		9,672		436,981
FedEx Corporation		13,970		1,294,600
Norfolk Southern Corporation		18,206		988,950
Union Pacific Corporation		11,972		1,501,049
United Parcel Service, Inc. Class B		48,074		3,510,363
				11,410,496
TOTAL COMMON STOCKS
(Cost $453,201,624)				529,420,397

 

Coupon Rate	Maturity Date	Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—6.1%
U.S. Government Agency Obligations—6.1%
Federal Home Loan Bank
2.160%	06/11/2008	$	7,000,000		6,970,180
2.120%	06/11/2008		5,000,000		4,979,094
Federal Home Loan Mortgage Corporation
1.730%	06/16/2008		28,500,000		28,395,912
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $40,345,186)					40,345,186
U.S. TREASURY OBLIGATIONS—1.2%
U.S. Treasury Bills—1.2%
U.S. Treasury Bill
0.850%	06/19/2008		7,530,000		7,515,954

 

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

 

Coupon Rate	Maturity Date	Face		Value
COMMERCIAL PAPER—11.3%
Banking—6.0%
Rabobank USA Finance Corp.
2.300%	06/16/2008	$	20,000,000		19,902,889
Santander Central Hispano Finance, Inc.
2.740%	06/11/2008		20,000,000		19,891,922
					39,794,811
Financial Services—5.3%
Bank of Scotland Treasury Services PLC (United Kingdom)
2.540%	06/16/2008		20,000,000		19,892,756
UBS Finance Delaware LLC
2.765%	06/12/2008		10,000,000		9,944,700
UBS Finance Delaware LLC
2.520%	06/17/2008		5,000,000		4,973,050
					34,810,506
TOTAL COMMERCIAL PAPER
(Cost $74,605,317)					74,605,317

 

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—2.5%
Institutional Money Market Funds—0.1%
Reserve Primary Money Market Fund		††
3.475%	04/01/2008		$	494,762	$	494,762
Bank & Certificate Deposits/ Offshore Time Deposits—2.4%
ABN Amro Bank NV		††
3.000%	04/10/2008			431,984		431,984
Barclays		††
4.600%	04/04/2008			172,793		172,793
BNP Paribas		††
3.820%	04/16/2008			518,381		518,381
BNP Paribas		††
3.000%	04/01/2008			2,159,923		2,159,923
Branch Banking & Trust		††
2.000%	04/01/2008			863,969		863,969
Calyon		††
3.020%	04/04/2008			345,588		345,588
Calyon		††
3.000%	04/01/2008			2,009,761		2,009,761
Fortis Bank		††
2.750%	04/08/2008			1,209,557		1,209,557
Rabobank Nederland		††
3.010%	04/07/2008			431,985		431,985
Royal Bank of Canada		††
2.750%	04/01/2008			2,159,923		2,159,923
Royal Bank of Scotland		††
3.000%	04/01/2008			2,246,320		2,246,320
Societe Generale		††
3.120%	04/03/2008			259,191		259,191
Societe Generale		††
2.850%	04/10/2008			863,969		863,969
Svenska Handelsbanken		††
3.000%	04/01/2008			1,906,984		1,906,984
UBS AG		††
3.025%	04/04/2008			259,191		259,191
						15,839,519
TOTAL CASH EQUIVALENTS
(Cost $16,334,281)						16,334,281
TOTAL INVESTMENTS—101.3%
(Cost $592,002,362)						668,221,135
Other assets less liabilities—(1.3%)						(8,408,943	)
NET ASSETS—100.0%					$	659,812,192

 

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 reinvestment of collateral received in conjunction with securities lending.

d Security has no market value at 03/31/2008.

See accompanying notes to schedule of investments.

13

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint
Equity Income Fund

		Shares		Value
COMMON STOCKS—95.8%
Aerospace & Defense—1.3%
Honeywell International, Inc.			353,300	$	19,933,187
Airlines—0.1%
Southwest Airlines Company			138,700		1,719,880
Automotive—1.4%
Ford Motor Company	*†		200,000		1,144,000
General Motors Corporation	†		804,000		15,316,200
Genuine Parts Company			70,552		2,837,601
Harley-Davidson, Inc.	†		73,300		2,748,750
					22,046,551
Banking—7.8%
Allied Irish Banks PLC, Sponsored ADR (Ireland)			21,700		937,006
American Express Company			343,500		15,017,820
Bank of America Corporation			377,392		14,306,931
Bank of New York Mellon Corporation			158,400		6,610,032
Capital One Financial Corporation			202,900		9,986,738
Citigroup, Inc.			454,169		9,728,300
Fannie Mae			193,806		5,100,974
Fifth Third Bancorp	†		176,000		3,681,920
JPMorgan Chase & Company			308,700		13,258,665
Keycorp			108,900		2,390,355
National City Corporation			85,000		845,750
Royal Bank of Scotland Group PLC (United Kingdom)			95,000		637,032
SLM Corporation	*		623,500		9,570,725
SunTrust Banks, Inc.			116,100		6,401,754
U.S. Bancorp			212,100		6,863,556
Wachovia Corporation	†		175,804		4,746,708
Wells Fargo & Company			403,900		11,753,490
					121,837,756
Beverages, Food & Tobacco—4.9%
Altria Group, Inc.			197,300		4,380,060
Anheuser-Busch Companies, Inc.			102,800		4,877,860
Campbell Soup Company			45,112		1,531,552
Coca-Cola Company (The)			6,700		407,829
General Mills, Inc.			85,222		5,103,093
Hershey Company (The)	†		182,400		6,871,008
HJ Heinz Company			128,100		6,016,857
Imperial Tobacco Group PLC (United Kingdom)			166,300		15,311,241
Kraft Foods, Inc. Class A			360,224		11,170,546
McCormick & Company, Inc.			75,000		2,772,750
Philip Morris International, Inc.			197,300		9,979,434
UST, Inc.			144,837		7,896,513
					76,318,743
Building Materials—3.0%
Cemex SAB de CV Sponsored ADR (Mexico)	*†		979,107		25,574,275
Home Depot, Inc.			523,800		14,650,686
USG Corporation	*†		73,000		2,687,860
Vulcan Materials Company	†		53,800		3,572,320
					46,485,141
Chemicals—1.6%
Avery Dennison Corporation			91,700	$	4,516,225
E.I. du Pont de Nemours & Company			343,846		16,078,239
International Flavors & Fragrances, Inc.			97,200		4,281,660
					24,876,124
Commercial Services—2.2%
H&R Block, Inc.			211,600		4,392,816
Liberty Media Corp.— Entertainment	*		1,168,200		26,448,048
Waste Management, Inc.			100,000		3,356,000
					34,196,864
Communications—3.2%
Alcatel-Lucent SA, Sponsored ADR (France)	†		328,900		1,894,464
Koninklijke (Royal) Philips Electronics NV NY Shares (Netherlands)			660,000		25,304,400
L-3 Communications Holdings, Inc.			84,000		9,184,560
Motorola, Inc.			238,700		2,219,910
Nokia Corporation Sponsored ADR (Finland)			359,900		11,455,617
					50,058,951
Computer Software & Processing—3.5%
Automatic Data Processing, Inc.			12,200		517,158
Computer Sciences Corporation	*		48,900		1,994,631
Electronic Data Systems Corporation			84,600		1,408,590
Microsoft Corporation			252,000		7,151,760
Sun Microsystems, Inc.	*		628,000		9,752,840
Symantec Corporation	*		1,680,000		27,921,600
Yahoo!, Inc.	*		171,700		4,967,281
					53,713,860
Computers & Information—4.8%
3M Company			185,700		14,698,155
Dell, Inc.	*		2,368,100		47,172,552
International Business Machines Corporation			65,100		7,495,614
Pitney Bowes, Inc.			143,900		5,039,378
					74,405,699
Cosmetics & Personal Care—0.7%
Avon Products, Inc.			100,600		3,977,724
Colgate-Palmolive Company			30,300		2,360,673
Procter & Gamble Company			72,700		5,094,089
					11,432,486
Electric Utilities—3.3%
Dominion Resources, Inc.			182,600		7,457,384
Duke Energy Corporation			642,424		11,467,268
Entergy Corporation			142,900		15,587,532
FirstEnergy Corporation			46,400		3,183,968
NiSource, Inc.			240,400		4,144,496
Pinnacle West Capital Corporation			55,500		1,946,940
Progress Energy, Inc.			80,800		3,369,360
TECO Energy, Inc.	†		74,300		1,185,085
Xcel Energy, Inc.			154,500		3,082,275
					51,424,308

See accompanying notes to schedule of investments.

14

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Equity Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Electrical Equipment—2.1%
Cooper Industries Ltd. Class A (Bermuda)			65,300	$	2,621,795
Emerson Electric Company			219,000		11,269,740
General Electric Company			509,000		18,838,090
					32,729,625
Electronics—0.7%
Analog Devices, Inc.			137,000		4,044,240
Cisco Systems, Inc.	*		24,400		587,796
Eastman Kodak Company	†		149,041		2,633,555
Intel Corporation			117,900		2,497,122
Texas Instruments, Inc.			25,000		706,750
					10,469,463
Entertainment & Leisure—3.7%
Discovery Holding Company Class A	*		732,316		15,539,746
Mattel, Inc.			175,000		3,482,500
Time Warner, Inc.			381,000		5,341,620
Walt Disney Company			1,063,300		33,366,354
					57,730,220
Financial Services—2.1%
Countrywide Financial Corporation	†		114,000		627,000
Legg Mason, Inc.			60,900		3,409,182
Merrill Lynch & Company, Inc.			121,400		4,945,836
Morgan Stanley			37,000		1,690,900
UBS AG (Switzerland)	†		762,100		21,948,480
					32,621,398
Forest Products & Paper—0.8%
International Paper Company			252,100		6,857,120
Kimberly-Clark Corporation			45,259		2,921,468
MeadWestvaco Corporation			111,000		3,021,420
					12,800,008
Heavy Machinery—1.9%
Applied Materials, Inc.			725,000		14,144,750
Black & Decker Corporation			25,200		1,665,720
Stanley Works (The)			278,500		13,262,170
					29,072,640
Home Construction, Furnishings & Appliances—0.9%
DR Horton, Inc.	†		157,500		2,480,625
Harman International Industries, Inc.			18,200		792,428
Masco Corporation			170,500		3,381,015
Newell Rubbermaid, Inc.			185,000		4,230,950
Whirlpool Corporation	†		37,800		3,280,284
					14,165,302
Household Products—1.4%
Fortune Brands, Inc.			62,900		4,371,550
Illinois Tool Works, Inc.			375,400		18,105,542
					22,477,092
Insurance—8.4%
Allstate Corporation (The)			123,900		5,954,634
American International Group, Inc.			478,514		20,695,731
AON Corporation			582,000		23,396,400
Fairfax Financial Holdings Ltd. (Canada)	†		100,000		28,710,000
Genworth Financial, Inc. Class A			92,500	$	2,094,200
Hartford Financial Services Group, Inc.			101,300		7,675,501
Lincoln National Corporation			91,490		4,757,480
Marsh & McLennan Companies, Inc.			280,800		6,837,480
Progressive Corporation (The)			140,600		2,259,442
The Chubb Corporation			43,400		2,147,432
Travelers Cos., Inc. (The)			138,806		6,641,867
UnitedHealth Group, Inc.			307,500		10,565,700
WellPoint, Inc.	*		205,600		9,073,128
					130,808,995
Media—Broadcasting & Publishing—5.2%
Cablevision Systems Corporation Class A	*		91,100		1,952,273
CBS Corporation Class B			151,100		3,336,288
Comcast Corporation Class A			75,600		1,462,104
DIRECTV Group (The), Inc.	*		1,099,000		27,244,210
Gannett Company, Inc.	†		146,300		4,250,015
Liberty Media Corporation Interactive Class A	*		1,835,500		29,624,970
Liberty Media Holdings Corporation Capital Class A	*		292,050		4,596,867
McGraw-Hill Companies, Inc. (The)			138,500		5,117,575
New York Times Company Class A	†		181,900		3,434,272
					81,018,574
Medical Supplies—1.7%
Baxter International, Inc.			168,800		9,760,016
Johnson & Johnson			261,600		16,969,992
					26,730,008
Metals—0.2%
Alcoa, Inc.			72,600		2,617,956
Oil & Gas—11.5%
Anadarko Petroleum Corporation			55,000		3,466,650
BP Amoco PLC ADR (United Kingdom)			66,998		4,063,429
BJ Services Company			91,800		2,617,218
Chesapeake Energy Corporation			715,000		32,997,250
Chevron Corporation			151,658		12,945,527
ConocoPhillips			230,700		17,581,647
Exxon Mobil Corporation			148,660		12,573,663
Hess Corporation			58,200		5,132,076
Marathon Oil Corporation			299,200		13,643,520
Murphy Oil Corporation			40,000		3,285,600
Occidental Petroleum Corporation			291,200		21,307,104
Pioneer Natural Resources Company			527,000		25,886,240
Royal Dutch Shell PLC Class A ADR (United Kingdom)			121,381		8,372,861
Schlumberger Ltd.			42,400		3,688,800
Spectra Energy Corp.			525,312		11,950,848
					179,512,433
Pharmaceuticals—4.4%
Abbott Laboratories			60,600		3,342,090
Amgen, Inc.	*		103,900		4,340,942
Bristol-Myers Squibb Company			655,500		13,962,150
Eli Lilly & Company			140,600		7,253,554
Merck & Company, Inc.			125,700		4,770,315
Pfizer, Inc.			917,000		19,192,810
Schering-Plough Corporation			195,500		2,817,155
Wyeth			300,100		12,532,176
					68,211,192

See accompanying notes to schedule of investments.

15

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Equity Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Restaurants—1.8%
Yum! Brands, Inc.			751,000	$	27,944,710
Retailers—3.2%
Bed Bath & Beyond, Inc.	*		141,900		4,186,050
eBay, Inc.	*		1,068,000		31,869,120
JC Penney Company, Inc.			135,300		5,102,163
Macy’s, Inc.			25,100		578,806
Office Depot, Inc.	*		181,500		2,005,575
Tiffany & Company			25,200		1,054,368
Wal-Mart Stores, Inc.			97,700		5,146,836
					49,942,918
Telephone Systems—4.2%
AT&T, Inc.			605,942		23,207,579
Level 3 Communications, Inc.	*†		7,327,000		15,533,240
Qwest Communications International, Inc.	†		600,000		2,718,000
Sprint Nextel Corporation			291,700		1,951,473
Verizon Communications, Inc.			579,141		21,109,689
					64,519,981
Transportation—3.8%
Burlington Northern Santa Fe Corporation			156,000		14,386,320
Carnival Corporation			291,200		11,787,776
FedEx Corporation			320,000		29,654,400
Union Pacific Corporation			7,297		914,898
United Parcel Service, Inc. Class B			36,000		2,628,720
					59,372,114
TOTAL COMMON STOCKS
(Cost $1,388,617,744)					1,491,194,179

 

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—1.4%
Banking—0.1%
Jupiter Securitization Corp., 144A
3.100%	04/14/2008	**	$	800,000		799,104
Park Avenue Receivables Corp., 144A
2.700%	04/10/2008	**		1,200,000		1,199,190
						1,998,294
Chemicals—0.2%
Air Products & Chemicals, Inc., 144A
2.200%	04/16/2008	**		2,400,000		2,397,800
Cosmetics & Personal Care—0.3%
Procter & Gamble Co., 144A
2.630%	04/17/2008	**		5,100,000		5,094,039
Financial Services—0.8%
Alpine Securitization Corp., 144A
3.200%	04/08/2008	**		500,000		499,689
Alpine Securitization Corp., 144A
2.660%	05/07/2008	**		2,200,000		2,194,148
Bryant Park Funding LLC 144A
2.840%	04/22/2008	**		1,100,000		1,098,274
Merrill Lynch & Co., Inc.
3.300%	04/18/2008			3,000,000		2,995,325
Old Line Funding Corp., 144A
3.200%	04/21/2008	**		3,000,000		2,994,667
Ranger Funding Co. LLC 144A
2.800%	04/15/2008	**	$	1,900,000	$	1,897,931
Yorktown Capital LLC 144A
3.100%	04/24/2008	**		1,000,000		998,019
						12,678,053
TOTAL COMMERCIAL PAPER
(Cost $22,168,186)						22,168,186
CASH EQUIVALENTS—10.3%
Institutional Money Market Funds—0.3%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††		4,834,361		4,834,361
Bank & Certificate Deposits/ Offshore Time Deposits—10.0%
ABN Amro Bank NV
3.000%	04/10/2008	††		4,220,957		4,220,957
Barclays
4.600%	04/04/2008	††		1,688,383		1,688,383
BNP Paribas
3.820%	04/16/2008	††		5,065,148		5,065,148
BNP Paribas
3.000%	04/01/2008	††		21,104,781		21,104,781
Branch Banking & Trust
2.000%	04/01/2008	††		8,441,911		8,441,911
Calyon
3.020%	04/04/2008	††		3,376,765		3,376,765
Calyon
3.000%	04/01/2008	††		19,637,537		19,637,537
Fortis Bank
2.750%	04/08/2008	††		11,818,677		11,818,677
Rabobank Nederland
3.010%	04/07/2008	††		4,220,956		4,220,956
Royal Bank of Canada
2.750%	04/01/2008	††		21,104,780		21,104,780
Royal Bank of Scotland
3.000%	04/01/2008	††		21,948,971		21,948,971
Societe Generale
3.120%	04/03/2008	††		2,532,574		2,532,574
Societe Generale
2.850%	04/10/2008	††		8,441,911		8,441,911
Svenska Handelsbanken
3.000%	04/01/2008	††		18,633,295		18,633,295
UBS AG
3.025%	04/04/2008	††		2,532,574		2,532,574
						154,769,220
TOTAL CASH EQUIVALENTS
(Cost $159,603,581)						159,603,581

 

See accompanying notes to schedule of investments.

16

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Equity Income Fund

	Face		Value
REPURCHASE AGREEMENTS—2.7%
State Street Bank and Trust Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $42,271,831, and an effective yield of 1.65%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 3.694%–4.420%, and maturities ranging from 07/01/2033–10/01/2033, and an aggregate market value of $43,116,585.	$	42,269,893	$	42,269,893
TOTAL INVESTMENTS—110.2%
(Cost $1,612,659,404)				1,715,235,839
Other assets less liabilities—(10.2%)				(158,868,975	)
NET ASSETS—100.0%			$	1,556,366,864

 

Legend to the Schedule of Investments:

ADR American Depositary Receipt

* Non-income producing security.

† Denotes all or a portion of security on loan.

** Security acquired in offering made in reliance on Rule 144A exemption from registration under the Securities Act of 1933 (“1933 Act”). Resale of this security is restricted to transactions exempt from registration under the 1933 Act. 144A securities represent 1.12% of Total Investments.

†† Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to schedule of investments.

17

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—95.8%
Advertising—0.5%
Monster Worldwide, Inc.	*		72,300	$	1,750,383
Omnicom Group			73,100		3,229,558
					4,979,941
Aerospace & Defense—2.4%
Boeing Company (The)			46,400		3,450,768
General Dynamics Corporation			172,100		14,347,977
Lockheed Martin Corporation			18,600		1,846,980
United Technologies Corporation			69,900		4,810,518
					24,456,243
Airlines—0.3%
Delta Air Lines, Inc.	*		212,800		1,830,080
Southwest Airlines Company			116,700		1,447,080
					3,277,160
Apparel Retailers—1.0%
Gap (The), Inc.			159,900		3,146,832
Kohl’s Corporation	*		69,800		2,993,722
Nordstrom, Inc.	†		66,300		2,161,380
Urban Outfitters, Inc.	*		59,000		1,849,650
					10,151,584
Automotive—0.2%
Ford Motor Company	*†		247,900		1,417,988
General Motors Corporation	†		37,000		704,850
Paccar, Inc.			1,200		54,000
					2,176,838
Banking—9.5%
American Express Company			23,300		1,018,676
AmeriCredit Corporation	*†		7,400		74,518
Astoria Financial Corporation			18,600		505,176
Bank of America Corporation			271,700		10,300,147
Bank of New York Mellon Corporation			179,643		7,496,502
Capital One Financial Corporation			15,800		777,676
Citigroup, Inc.			119,200		2,553,264
Discover Financial Services			277,602		4,544,345
Fannie Mae			85,300		2,245,096
Fifth Third Bancorp	†		41,000		857,720
Freddie Mac			126,800		3,210,576
Hudson City Bancorp, Inc.			204,700		3,619,096
JPMorgan Chase & Company			389,836		16,743,456
Lloyds Tsp Group Plc ADR (United Kingdom)	†		183,000		6,569,700
Northern Trust Corporation			43,800		2,911,386
PNC Financial Services Group, Inc.			73,900		4,845,623
SLM Corporation	*		65,500		1,005,425
State Street Corporation			100,500		7,939,500
SunTrust Banks, Inc.			21,300		1,174,482
U.S. Bancorp			202,300		6,546,428
Wachovia Corporation	†		141,957		3,832,839
Washington Mutual, Inc.	†		215,700		2,221,710
Wells Fargo & Company			142,800		4,155,480
					95,148,821
Beverages, Food & Tobacco—4.5%
Altria Group, Inc.			121,103		2,688,487
Anheuser-Busch Companies, Inc.			15,300		725,985
Campbell Soup Company			26,500		899,675
Coca-Cola Company (The)			14,900		906,963
ConAgra Foods, Inc.			136,700		3,273,965
General Mills, Inc.			13,100		784,428
Kellogg Company			71,900	$	3,779,064
Kraft Foods, Inc. Class A			143,582		4,452,478
Pepsico, Inc.			158,600		11,450,920
Philip Morris International, Inc.			121,103		6,125,390
Sara Lee Corporation			131,700		1,841,166
Supervalu, Inc.			127,700		3,828,446
Sysco Corporation			20,400		592,008
Tyson Foods, Inc. Class A			206,800		3,298,460
Unilever NV (Netherlands)	†		32,100		1,082,733
					45,730,168
Building Materials—0.7%
Home Depot, Inc.			49,000		1,370,530
Lowe’s Companies, Inc.			228,500		5,241,790
Vulcan Materials Company	†		8,800		584,320
					7,196,640
Chemicals—2.7%
Agrium, Inc. (Canada)			91,700		5,695,487
Celanese Corporation Class A			18,600		726,330
E.I. du Pont de Nemours & Company			135,700		6,345,332
Monsanto Company			65,000		7,247,500
Potash Corporation of Saskatchewan, Inc. (Canada)			26,100		4,050,981
Praxair, Inc.			39,600		3,335,508
					27,401,138
Coal—0.1%
Peabody Energy Corporation			20,600		1,050,600
Commercial Services—1.2%
Accenture Ltd. Class A (Bermuda)			63,400		2,229,778
Fluor Corporation	†		23,900		3,373,724
MasterCard, Inc. Class A	†		6,600		1,471,734
Moody’s Corporation	†		23,600		821,988
Paychex, Inc.			43,100		1,476,606
Visa, Inc. Class A	*		50,500		3,149,180
WABCO Holdings, Inc.			—		—
					12,523,010
Communications—1.8%
American Tower Corporation Class A	*		151,700		5,948,157
Ciena Corporation	*†		33,100		1,020,473
NetApp, Inc.	*		22,000		441,100
Nokia Corporation Sponsored ADR (Finland)			118,600		3,775,038
Polycom, Inc.	*†		28,200		635,628
Qualcomm, Inc.			159,600		6,543,600
					18,363,996
Computer Software & Processing—6.4%
Adobe Systems, Inc.	*		79,700		2,836,523
Affiliated Computer Services, Inc. Class A	*		22,200		1,112,442
Autodesk, Inc.	*		52,700		1,658,996
Automatic Data Processing, Inc.			88,400		3,747,276
Cerner Corporation	*		13,900		518,192
Cognizant Technology Solutions Corporation	*		16,400		472,812
Electronic Arts, Inc.	*		60,400		3,015,168
Fiserv, Inc.	*		23,900		1,149,351
Google, Inc. Class A	*		36,600		16,121,202
Intuit, Inc.	*		22,400		605,024
Juniper Networks, Inc.	*		181,000		4,525,000
McAfee, Inc.	*		27,700		916,593

See accompanying notes to schedule of investments.

18

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Microsoft Corporation			585,500	$	16,616,490
Oracle Corporation	*		173,100		3,385,836
Sun Microsystems, Inc.	*		190,925		2,965,065
VeriSign, Inc.	*†		53,500		1,778,340
Yahoo!, Inc.	*		90,700		2,623,951
					64,048,261
Computers & Information—3.7%
Apple Computer, Inc.	*		63,100		9,054,850
Brocade Communications Systems, Inc.	*		145,100		1,059,230
Dell, Inc.	*		180,500		3,595,560
EMC Corporation	*		142,500		2,043,450
Hewlett-Packard Company			143,400		6,547,644
Ingram Micro, Inc. Class A	*		200,700		3,177,081
International Business Machines Corporation			40,000		4,605,600
International Game Technology			28,000		1,125,880
Jabil Circuit, Inc.			102,500		969,650
SanDisk Corporation	*		148,200		3,344,874
Seagate Technology (Cayman Islands)			50,900		1,065,846
VeriFone Holdings, Inc.	*†		62,500		991,875
					37,581,540
Cosmetics & Personal Care—0.9%
Colgate-Palmolive Company			51,300		3,996,783
Procter & Gamble Company			64,875		4,545,791
					8,542,574
Education—0.0%
Apollo Group, Inc. Class A	*		5,400		233,280
Electric Utilities—3.1%
Allegheny Energy, Inc.			6,800		343,400
Edison International			26,700		1,308,834
Entergy Corporation			49,300		5,377,644
Exelon Corporation			86,500		7,029,855
FPL Group, Inc.			159,900		10,032,126
Pinnacle West Capital Corporation			21,700		761,236
SCANA Corporation			67,800		2,480,124
Southern Company (The)			99,100		3,528,951
					30,862,170
Electrical Equipment—3.3%
Emerson Electric Company			28,000		1,440,880
Energizer Holdings, Inc.	*		11,100		1,004,328
General Electric Company			827,300		30,618,373
					33,063,581
Electronics—3.5%
Altera Corporation			41,300		761,159
Analog Devices, Inc.			43,700		1,290,024
Broadcom Corporation Class A	*		30,400		585,808
Cisco Systems, Inc.	*		556,450		13,404,881
Flextronics International Ltd. (Singapore)	*		105,600		991,584
Intel Corporation			462,500		9,795,750
Marvell Technology Group Ltd. (Bermuda)	*		188,800		2,054,144
Microchip Technology, Inc.	†		18,000		589,140
Micron Technology, Inc.	*		195,600		1,167,732
Qimonda AG, ADR (Germany)	*		69,100		297,821
Rockwell Collins, Inc.			21,900		1,251,585
Xilinx, Inc.			112,000		2,660,000
					34,849,628
Entertainment & Leisure—0.9%
Discovery Holding Company Class A	*		32,400	$	687,528
Nintendo Company Ltd., ADR (Japan)	†		35,900		2,321,653
Time Warner, Inc.			268,100		3,758,762
Walt Disney Company			77,500		2,431,950
					9,199,893
Environmental—1.1%
Agilent Technologies, Inc.	*		45,372		1,353,447
Danaher Corporation			121,400		9,230,042
					10,583,489
Financial Services—4.0%
Ameriprise Financial, Inc.			49,700		2,576,945
Berkshire Hathaway, Inc. Class A	*		11		1,467,400
BlackRock, Inc.	†		3,500		714,630
Charles Schwab Corporation (The)			116,500		2,193,695
CME Group, Inc.			4,900		2,298,590
Franklin Resources, Inc.			47,200		4,577,928
Goldman Sachs Group, Inc.			86,100		14,240,079
IntercontinentalExchange, Inc.	*		400		52,200
Lehman Brothers Holdings, Inc.	†		71,200		2,679,968
Merrill Lynch & Company, Inc.			32,800		1,336,272
Morgan Stanley			167,700		7,663,890
UBS AG (Switzerland)			2,800		81,687
					39,883,284
Food Retailers—0.7%
Kroger Company (The)			140,700		3,573,780
Safeway, Inc.			104,200		3,058,270
Starbucks Corporation	*		3,100		54,250
					6,686,300
Forest Products & Paper—0.7%
Kimberly-Clark Corporation			79,500		5,131,725
Smurfit-Stone Container Corporation	*†		194,000		1,493,800
					6,625,525
Health Care Providers—0.7%
DaVita, Inc.	*		22,900		1,093,704
Express Scripts, Inc.	*		38,300		2,463,456
Laboratory Corporation of America Holdings	*		46,500		3,426,120
					6,983,280
Heavy Construction—0.5%
Foster Wheeler Ltd. (Bermuda)	*		47,400		2,683,788
McDermott International, Inc.	*		42,200		2,313,404
					4,997,192
Heavy Machinery—1.9%
Applied Materials, Inc.			322,800		6,297,828
Caterpillar, Inc.			11,500		900,335
Cummins, Inc.			82,300		3,853,286
Joy Global, Inc.			18,600		1,211,976
Lam Research Corporation	*		19,000		726,180
Smith International, Inc.			90,900		5,838,507
					18,828,112
Home Construction, Furnishings & Appliances—0.2%
Jarden Corporation	*		18,100		393,494
Johnson Controls, Inc.			34,700		1,172,860
					1,566,354

See accompanying notes to schedule of investments.

19

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Household Products—0.3%
Illinois Tool Works, Inc.			72,700	$	3,506,321
Industrial—Diversified—0.2%
Tyco International Ltd. (Bermuda)			47,200		2,079,160
Insurance—4.5%
ACE Ltd. (Cayman Islands)			136,000		7,488,160
Aflac, Inc.			21,800		1,415,910
Aetna, Inc.			186,400		7,845,576
Allstate Corporation (The)			107,700		5,176,062
AMBAC Financial Group, Inc.	†		86,900		499,675
American International Group, Inc.			86,100		3,723,825
Health Net, Inc.	*		9,800		301,840
Humana, Inc.	*		28,300		1,269,538
MBIA, Inc.	†		71,000		867,620
Marsh & McLennan Companies, Inc.			79,300		1,930,955
Progressive Corporation (The)			57,200		919,204
Prudential Financial, Inc.			28,600		2,237,950
The Chubb Corporation			90,800		4,492,784
UnitedHealth Group, Inc.			151,900		5,219,284
WellPoint, Inc.	*		16,600		732,558
XL Capital Ltd. Class A (Cayman Islands)			50,800		1,501,140
					45,622,081
Lodging—0.7%
Las Vegas Sands Corporation	*†		52,400		3,858,736
MGM MIRAGE	*†		13,628		800,918
Marriott International, Inc. Class A			63,400		2,178,424
Wynn Resorts Ltd.			5,100		513,264
					7,351,342
Media—Broadcasting & Publishing—1.1%
CBS Corporation Class B			74,000		1,633,920
Comcast Corporation Class A			148,750		2,876,825
Gannett Company, Inc.	†		72,100		2,094,505
McGraw-Hill Companies, Inc. (The)			51,800		1,914,010
Shaw Communications, Inc. Class B (Canada)			32,700		594,486
Time Warner Cable, Inc. Class A	*		46,000		1,149,080
Viacom, Inc. Class B	*		16,800		665,616
					10,928,442
Medical Supplies—3.7%
Alcon, Inc. (Switzerland)			16,200		2,304,450
Allergan, Inc.			92,900		5,238,631
Baxter International, Inc.			205,600		11,887,792
Becton Dickinson & Company			7,600		652,460
Intuitive Surgical, Inc.	*		2,900		940,615
KLA-Tencor Corporation			79,100		2,934,610
Medtronic, Inc.			128,300		6,205,871
St. Jude Medical, Inc.	*		82,800		3,576,132
Stryker Corporation			47,400		3,083,370
Thermo Fisher Scientific, Inc.	*		11,300		642,292
					37,466,223
Metals—1.4%
Allegheny Technologies, Inc.			44,466		3,173,094
Barrick Gold Corporation (Canada)			118,500		5,148,825
Cleveland-Cliffs, Inc.			11,000		1,318,020
Corning, Inc.			166,400		4,000,256
Nucor Corporation			2,900		196,446
					13,836,641
Mining—0.6%
Freeport-McMoran Copper & Gold, Inc.			60,400	$	5,811,688
Oil & Gas—9.3%
Anadarko Petroleum Corporation			22,200		1,399,266
Baker Hughes, Inc.			61,500		4,212,750
BJ Services Company			112,000		3,193,120
Chevron Corporation			100,372		8,567,754
ConocoPhillips			101,500		7,735,315
EOG Resources, Inc.			20,100		2,412,000
Exxon Mobil Corporation			197,700		16,721,466
MDU Resources Group, Inc.			34,800		854,340
Murphy Oil Corporation			40,100		3,293,814
Newfield Exploration Company	*		146,700		7,753,095
Occidental Petroleum Corporation			82,500		6,036,525
Petroleo Brasileiro SA (Brazil)			13,400		1,134,846
Royal Dutch Shell PLC Class A ADR (United Kingdom)			46,200		3,186,876
Royal Dutch Shell PLC Class B, ADR (United Kingdom)			21,356		1,438,967
Schlumberger Ltd.			145,400		12,649,800
Total Fina SA ADR (France)			89,700		6,638,697
Weatherford International Ltd. (Bermuda)	*		40,000		2,898,800
XTO Energy, Inc.			58,900		3,643,554
					93,770,985
Pharmaceuticals—6.9%
Abbott Laboratories			95,400		5,261,310
AstraZeneca Group PLC ADR (United Kingdom)			95,700		3,635,643
Bare Escentuals, Inc.	*†		32,800		768,176
Bristol-Myers Squibb Company			206,100		4,389,930
Cardinal Health, Inc.			6,400		336,064
Celgene Corporation	*		61,000		3,738,690
Forest Laboratories, Inc.	*		99,300		3,972,993
Genentech, Inc.	*		173,900		14,117,202
Gilead Sciences, Inc.	*		130,300		6,714,359
ImClone Systems, Inc.	*†		62,200		2,638,524
McKesson Corporation			36,900		1,932,453
Medco Health Solutions, Inc.	*		57,300		2,509,167
Merck & Company, Inc.			28,400		1,077,780
Millennium Pharmaceuticals, Inc.	*		116,100		1,794,906
Novartis AG (Switzerland)			1,400		71,977
Pfizer, Inc.			110,600		2,314,858
Roche Holding AG—Genusschein (Switzerland)			13,924		2,629,285
Sanofi-Aventis, ADR (France)	†		46,100		1,730,594
Schering-Plough Corporation			236,200		3,403,642
Sepracor, Inc.	*		57,500		1,122,400
Teva Pharmaceutical Industries Ltd., ADR (Israel)			18,600		859,134
Wyeth			115,200		4,810,752
					69,829,839
Real Estate—0.4%
Host Hotels & Resorts, Inc. REIT			270,345		4,303,892
Restaurants—0.5%
McDonald’s Corporation			48,600		2,710,422
Yum! Brands, Inc.			53,800		2,001,898
					4,712,320
Retailers—5.1%
Amazon.com, Inc.	*		91,000		6,488,300
Bed Bath & Beyond, Inc.	*		42,700		1,259,650
Best Buy Company, Inc.			100,600		4,170,876

See accompanying notes to schedule of investments.

20

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
CVS Caremark Corporation			417,786	$	16,924,511
Costco Wholesale Corporation			35,600		2,312,932
eBay, Inc.	*		194,400		5,800,896
Expedia, Inc.	*		14,500		317,405
Fastenal Company	†		22,100		1,015,053
Macy’s, Inc.			82,300		1,897,838
Target Corporation			147,600		7,480,368
Walgreen Company			18,200		693,238
Wal-Mart Stores, Inc.			55,600		2,929,008
					51,290,075
Telephone Systems—3.2%
America Movil SA de CV, ADR (Mexico)			92,900		5,916,801
AT&T, Inc.			439,606		16,836,910
Level 3 Communications, Inc.	*†		404,700		857,964
MetroPCS Communications, Inc.	*		25,400		431,800
Rogers Communications, Inc. (Canada)			53,900		1,936,088
Time Warner Telecom, Inc. Class A	*		132,600		2,053,974
Verizon Communications, Inc.			119,400		4,352,130
					32,385,667
Textiles, Clothing & Fabrics—0.4%
Coach, Inc.	*		71,200		2,146,680
Hanesbrands, Inc.	*		54,437		1,589,560
Phillips-Van Heusen Corporation			13,200		500,544
					4,236,784
Transportation—1.0%
Carnival Corporation			22,700		918,896
Expeditors International of Washington, Inc.			24,600		1,111,428
FedEx Corporation			17,300		1,603,191
United Parcel Service, Inc. Class B			83,600		6,104,472
					9,737,987
TOTAL COMMON STOCKS
(Cost $918,452,639)					963,860,049
CONVERTIBLE PREFERRED STOCKS—0.1%
Banking—0.1%
SLM Corp.			300		247,500
Washington Mutual, Inc.			450		319,500
					567,000

 

Coupon Rate	Maturity Date		Face		Value
CONVERTIBLE DEBT OBLIGATIONS—0.1%
Automotive—0.1%
Ford Motor Company
4.250%	12/15/2036		$	918,000		791,775
Pharmaceuticals—0.0%
Schering-Plough Corporation
6.000%	08/13/2010			3,700		566,766
TOTAL CONVERTIBLE DEBT OBLIGATIONS
(Cost $1,848,572)						1,358,541
COMMERCIAL PAPER—0.1%
Chemicals—0.1%
Air Products & Chemicals, Inc., 144A
2.200%	04/16/2008	**	$	800,000	$	799,267
Financial Services—0.0%
Bryant Park Funding LLC, 144A
2.840%	04/22/2008	**		500,000		499,215
TOTAL COMMERCIAL PAPER
(Cost $1,298,482)						1,298,482
CASH EQUIVALENTS—4.4%
Institutional Money Market Funds—0.1%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††		1,335,522		1,335,522
Bank & Certificate Deposits/ Offshore Time Deposits—4.3%
ABN Amro Bank NV
3.000%	04/10/2008	††		1,166,067		1,166,067
Barclays
4.600%	04/04/2008	††		466,426		466,426
BNP Paribas
3.820%	04/16/2008	††		1,399,277		1,399,277
BNP Paribas
3.000%	04/01/2008	††		5,830,326		5,830,326
Branch Banking & Trust
2.000%	04/01/2008	††		2,332,129		2,332,129
Calyon
3.020%	04/04/2008	††		932,852		932,852
Calyon
3.000%	04/01/2008	††		5,424,989		5,424,989
Fortis Bank
2.750%	04/08/2008	††		3,264,982		3,264,982
Rabobank Nederland
3.010%	04/07/2008	††		1,166,065		1,166,065
Royal Bank of Canada
2.750%	04/01/2008	††		5,830,325		5,830,325
Royal Bank of Scotland
3.000%	04/01/2008	††		6,063,537		6,063,537
Societe Generale
3.120%	04/03/2008	††		699,639		699,639
Societe Generale
2.850%	04/10/2008	††		2,332,129		2,332,129
Svenska Handelsbanken
3.000%	04/01/2008	††		5,147,561		5,147,561
UBS AG
3.025%	04/04/2008	††		699,639		699,639
						42,755,943
TOTAL CASH EQUIVALENTS
(Cost $44,091,465)						44,091,465

 

See accompanying notes to schedule of investments.

21

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Growth &
Income Fund

	Face		Value
REPURCHASE AGREEMENTS—3.6%
State Street Bank and Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $36,433,593 and an effective yield of 1.65%, collateralized by U.S. Government Agency Obligations, with rates ranging from 4.187%–5.483%, maturity dates ranging from 05/01/2033–07/01/2033, and an aggregate market value of $37,162,363.	$	36,431,925	$	36,431,925
TOTAL INVESTMENTS—104.1%
(Cost $1,002,866,994)				1,047,607,462
Other assets less liabilities—(4.1%)				(40,878,038	)
NET ASSETS—100.0%			$	1,006,729,424

 

Legend to the Schedule of Investments:

ADR American Depositary Receipt

* Non-income producing security.

† Denotes all or a portion of security on loan.

†† Represents reinvestment of collateral received in conjunction with securities lending.

** Security acquired in offering made in reliance on Rule 144A exemption from registration under the Securities Act of 1933 (“1933 Act”). Resale of this security is restricted to transactions exempt from registration under the 1933 Act. 144A securities represent 0.12% of Total Investments.

See accompanying notes to schedule of investments.

22

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—96.6%
Aerospace & Defense—0.9%
Boeing Company (The)			30,400	$	2,260,848
Honeywell International, Inc.			51,900		2,928,198
Lockheed Martin Corporation			22,700		2,254,110
Northrop Grumman Corporation			44,900		3,493,669
United Technologies Corporation			121,900		8,389,158
					19,325,983
Agriculture, Forestry & Fishing—0.1%
Terra Industries, Inc.	*		34,800		1,236,444
Airlines—0.0%
Northwest Airlines Corporation	*		1,900		17,081
Southwest Airlines Company			8,100		100,440
UAL Corporation			1,500		32,295
					149,816
Apparel Retailers—0.4%
Aeropostale, Inc.	*		6,500		176,215
Kohl’s Corporation	*		193,900		8,316,371
Ross Stores, Inc.			1,400		41,944
					8,534,530
Automotive—0.1%
Autonation, Inc.	*†		104,748		1,568,078
Banking—2.6%
American Express Company			7,100		310,412
Bank of America Corporation			6,600		250,206
Bank of New York Mellon Corporation			27,600		1,151,748
Citigroup, Inc.			599,100		12,832,722
Freddie Mac			754,700		19,109,004
Wachovia Corporation			2,400		64,800
Wells Fargo & Company			855,300		24,889,230
					58,608,122
Beverages, Food & Tobacco—6.2%
Altria Group, Inc.			75,646		1,679,341
Anheuser-Busch Companies, Inc.			522,800		24,806,860
Archer-Daniels-Midland Company			2,600		107,016
Bunge Ltd.	†		92,800		8,062,464
Coca-Cola Company (The)			498,200		30,325,434
Hansen Natural Corporation	*		5,300		187,090
Hormel Foods Corporation			600		24,996
Kraft Foods, Inc. Class A			704,800		21,855,848
Loews Corporation—Carolina Group			600		43,530
Nestle SA-Sponsored ADR (Switzerland)			74,400		9,262,800
PepsiAmericas, Inc.			3,000		76,590
Pepsico, Inc.			441,800		31,897,960
Philip Morris International, Inc.			75,646		3,826,175
Reynolds American, Inc.			8,200		484,046
Supervalu, Inc.			3,900		116,922
Tyson Foods, Inc. Class A			149,900		2,390,905
UST, Inc.			63,278		3,449,917
Universal Corporation	†		13,500		884,655
					139,482,549
Building Materials—1.4%
Home Depot, Inc.			17,900		500,663
Lowe’s Companies, Inc.			1,346,200		30,881,828
					31,382,491
Chemicals—0.7%
Celanese Corporation Class A			12,000	$	468,600
CF Industries Holdings, Inc.			31,200		3,232,944
Church & Dwight, Inc.			2,900		157,296
Lubrizol Corporation			1,300		72,163
Monsanto Company			17,870		1,992,505
Mosaic Company (The)	*		5,400		554,040
Praxair, Inc.			118,800		10,006,524
Scotts Miracle-Gro Company (The) Class A			500		16,210
					16,500,282
Coal—0.0%
Massey Energy Company			1,300		47,450
Commercial Services—3.7%
Accenture Ltd. Class A (Bermuda)			100,800		3,545,136
Cintas Corporation	†		194,100		5,539,614
Fluor Corporation			2,500		352,900
Hewitt Associates, Inc. Class A	*		2,200		87,494
KBR, Inc.			24,800		687,704
Manpower, Inc.			22,849		1,285,485
MasterCard, Inc. Class A	†		4,800		1,070,352
Paychex, Inc.			644,550		22,082,283
Quanta Services, Inc.	*†		873,600		20,241,312
Ryder System, Inc.	†		14,400		877,104
Shaw Group, Inc. (The)	*		438,600		20,675,604
Visa, Inc. Class A	*		127,800		7,969,608
					84,414,596
Communications—6.2%
L-3 Communications Holdings, Inc.			7,800		852,852
NetApp, Inc.	*		185,800		3,725,290
Nokia Corporation Sponsored ADR (Finland)			2,166,900		68,972,427
Qualcomm, Inc.			1,029,100		42,193,100
XM Satellite Radio Holdings, Inc. Class A	*†		2,053,400		23,860,508
					139,604,177
Computer Software & Processing—12.6%
Activision, Inc.	*		18,100		494,311
Advent Software, Inc.	*†		8,000		340,960
Autodesk, Inc.	*		244,200		7,687,416
Automatic Data Processing, Inc.			968,500		41,054,715
CA, Inc.			87,300		1,964,250
Cognizant Technology Solutions Corporation	*		247,600		7,138,308
DST Systems, Inc.	*†		200		13,148
Electronic Arts, Inc.	*		425,500		21,240,960
Fair Isaac Corporation	†		22,300		479,896
Google, Inc. Class A	*		108,375		47,735,936
Juniper Networks, Inc.	*		148,200		3,705,000
Microsoft Corporation			3,057,310		86,766,458
NAVTEQ Corporation	*		2,400		163,200
Novell, Inc.	*		21,500		135,235
Oracle Corporation	*		306,300		5,991,228
Red Hat, Inc.	*		716,000		13,167,240
Salesforce.com, Inc.	*		1,800		104,166
Sun Microsystems, Inc.	*		8,000		124,240
Symantec Corporation	*		140,600		2,336,772
Synopsys, Inc.	*		59,938		1,361,192
Teradata Corporation	*		4,800		105,888
VeriSign, Inc.	*†		12,900		428,796
Yahoo!, Inc.	*		1,467,600		42,457,668
					284,996,983

See accompanying notes to schedule of investments.

23

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Computers & Information—3.8%
3M Company			34,700	$	2,746,505
Apple Computer, Inc.	*		84,500		12,125,750
Dell, Inc.	*		91,000		1,812,720
EMC Corporation	*		995,100		14,269,734
Hewlett-Packard Company			302,000		13,789,320
International Business Machines Corporation			354,100		40,771,074
Lexmark International, Inc.	*		2,300		70,656
Seagate Technology (Cayman Islands)			38,200		799,908
Tech Data Corporation	*		10,500		344,400
Western Digital Corporation	*		7,400		200,096
					86,930,163
Containers & Packaging—0.0%
Owens-IIlinois, Inc.	*		9,000		507,870
Cosmetics & Personal Care—1.6%
Alberto-Culver Company			1,600		43,856
Avon Products, Inc.			11,900		470,526
Colgate-Palmolive Company			700		54,537
Ecolab, Inc.			171,900		7,465,617
Estee Lauder Companies (The), Inc. Class A			3,200		146,720
Procter & Gamble Company			401,100		28,105,077
					36,286,333
Education—0.2%
Apollo Group, Inc. Class A	*		52,600		2,272,320
DeVry, Inc.			3,200		133,888
ITT Educational Services, Inc.	*		27,300		1,253,889
					3,660,097
Electric Utilities—0.2%
Dominion Resources, Inc.			1,000		40,840
Duke Energy Corporation			6,800		121,380
FirstEnergy Corporation			1,400		96,068
NRG Energy, Inc.	*†		3,400		132,566
PPL Corporation			10,000		459,200
Reliant Energy, Inc.	*		141,900		3,355,935
					4,205,989
Electrical Equipment—3.9%
Emerson Electric Company			30,200		1,554,092
Energizer Holdings, Inc.	*		26,254		2,375,462
General Electric Company			1,701,500		62,972,515
Thomas & Betts Corporation	*		349,700		12,718,589
Vestas Wind Systems A/S (Denmark)	*		68,400		7,541,435
					87,162,093
Electronics—6.2%
Analog Devices, Inc.			68,900		2,033,928
Avnet, Inc.	*		8,300		271,659
Cisco Systems, Inc.	*		2,265,600		54,578,304
First Solar, Inc.	*		200		46,228
Garmin Ltd. (Cayman Islands)	†		5,200		280,852
Intel Corporation			1,270,800		26,915,544
Linear Technology Corporation	†		333,800		10,244,322
Marvell Technology Group Ltd. (Bermuda)	*		347,400		3,779,712
MEMC Electronics Materials, Inc.	*		12,500		886,250
National Semiconductor Corporation			29,100		533,112
Nvidia Corporation	*		69,750		1,380,352
QLogic Corporation	*		2,800	$	42,980
Raytheon Company			4,100		264,901
Texas Instruments, Inc.			1,314,100		37,149,607
Tyco Electronics Ltd. (Bermuda)			58,526		2,008,612
					140,416,363
Entertainment & Leisure—1.2%
Regal Entertainment Group Class A	†		800		15,432
Time Warner, Inc.			249,003		3,491,022
Walt Disney Company			770,000		24,162,600
					27,669,054
Environmental—0.4%
Agilent Technologies, Inc.	*		13,500		402,705
Danaher Corporation			102,800		7,815,884
					8,218,589
Financial Services—9.0%
Berkshire Hathaway, Inc. Class A	*		3		400,200
Berkshire Hathaway, Inc. Class B	*		2,666		11,924,751
BlackRock, Inc.	†		5,800		1,184,244
Charles Schwab Corporation (The)			1,736,750		32,703,002
CME Group, Inc.			31,300		14,682,830
Eaton Vance Corporation			26,600		811,566
Federated Investors, Inc. Class B			7,400		289,784
Franklin Resources, Inc.			192,000		18,622,080
Goldman Sachs Group, Inc.			419,600		69,397,644
IntercontinentalExchange, Inc.	*		1,700		221,850
Janus Capital Group, Inc.			50,800		1,182,116
Legg Mason, Inc.			122,200		6,840,756
Merrill Lynch & Company, Inc.	†		251,500		10,246,110
Nasdaq Stock Market, Inc.	*		302,100		11,679,186
Nymex Holdings, Inc.			50,000		4,531,500
SEI Investments Company			3,000		74,070
T Rowe Price Group, Inc.			228,900		11,445,000
Western Union Company (The)	†		356,400		7,580,628
					203,817,317
Food Retailers—0.1%
Kroger Company (The)			100,700		2,557,780
Ruddick Corporation			1,600		58,976
Safeway, Inc.			13,700		402,095
					3,018,851
Health Care Providers—0.1%
Express Scripts, Inc.	*		41,000		2,637,120
Kindred Healthcare, Inc.	*		4,800		104,976
					2,742,096
Heavy Construction—0.8%
Foster Wheeler Ltd. (Bermuda)	*		322,300		18,248,626
McDermott International, Inc.	*		17,000		931,940
					19,180,566
Heavy Machinery—2.6%
Agco Corporation	*†		47,500		2,844,300
Cameron International Corporation	*		10,700		445,548
Caterpillar, Inc.			200,300		15,681,487
Deere & Company			70,600		5,679,064
Dresser-Rand Group, Inc.	*		38,500		1,183,875
Flowserve Corporation			2,000		208,760
FMC Technologies, Inc.	*		8,200		466,498
ITT Corporation			121,900		6,315,639
Ingersoll-Rand Company Class A (Bermuda)			48,700		2,171,046

See accompanying notes to schedule of investments.

24

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Joy Global, Inc.			6,500	$	423,540
National-Oilwell Varco, Inc.	*		249,800		14,583,324
Rockwell Automation, Inc.			145,400		8,348,868
SPX Corporation			6,800		713,320
WW Grainger, Inc.			7,100		542,369
					59,607,638
Home Construction, Furnishings & Appliances—0.1%
Herman Miller, Inc.			1,000		24,570
HNI Corporation	†		10,400		279,656
Kinetic Concepts, Inc.	*†		57,800		2,672,094
					2,976,320
Industrial—Diversified—0.0%
Tyco International Ltd. (Bermuda)			1,400		61,670
Insurance—2.8%
American International Group, Inc.			1,404,050		60,725,162
Axis Capital Holdings Ltd. (Bermuda)			4,900		166,502
Humana, Inc.	*		7,900		354,394
MetLife, Inc.			1,400		84,364
Travelers Cos., Inc. (The)			3,000		143,550
UnitedHealth Group, Inc.			12,700		436,372
WellPoint, Inc.	*		4,600		202,998
					62,113,342
Lodging—0.6%
MGM MIRAGE	*†		119,324		7,012,671
Marriott International, Inc. Class A			173,900		5,975,204
					12,987,875
Media—Broadcasting & Publishing—0.5%
American Greetings Corporation Class A			11,900		220,745
CBS Corporation Class B			148,763		3,284,687
DIRECTV Group (The), Inc.	*		35,200		872,608
Gannett Company, Inc.	†		179,200		5,205,760
Viacom, Inc. Class B	*		15,200		602,224
					10,186,024
Medical Supplies—4.2%
Alcon, Inc. (Switzerland)			46,500		6,614,625
Allergan, Inc.			800		45,112
Applera Corporation—Applied Biosystems Group			13,800		453,468
Beckman Coulter, Inc.			1,400		90,370
Covidien Ltd. (Bermuda)			201,000		8,894,250
Hologic, Inc.	*		200		11,120
Intuitive Surgical, Inc.	*		1,900		616,265
Johnson & Johnson			498,000		32,305,260
Medtronic, Inc.			667,200		32,272,464
PerkinElmer, Inc.			27,600		669,300
Stryker Corporation			900		58,545
Thermo Fisher Scientific, Inc.	*		228,100		12,965,204
Varian, Inc.	*		2,100		121,632
Waters Corporation	*		3,555		198,014
					95,315,629
Metals—1.2%
AK Steel Holding Corporation			2,700		146,934
Carpenter Technology Corporation			1,700		95,149
Commercial Metals Company			1,100		32,967
Crane Company			7,500		302,625
General Cable Corporation	*		274,900		16,238,343
Goldcorp, Inc. (Canada)	†		200,100	$	7,753,875
Precision Castparts Corporation			100		10,208
Reliance Steel & Aluminum Company			2,100		125,706
Southern Copper Corporation	†		12,500		1,297,875
Worthington Industries, Inc.	†		13,300		224,371
					26,228,053
Mining—0.4%
Freeport-McMoran Copper & Gold, Inc.			87,500		8,419,250
Oil & Gas—3.5%
Anadarko Petroleum Corporation			32,300		2,035,869
Apache Corporation			4,800		579,936
Bill Barrett Corporation	*†		2,000		94,500
Cabot Oil & Gas Corporation			2,600		132,184
Chesapeake Energy Corporation			216,600		9,996,090
Cimarex Energy Company			1,300		71,162
ConocoPhillips			1,000		76,210
Denbury Resources, Inc.	*		1,900		54,245
Devon Energy Corporation			14,100		1,471,053
Exterran Holdings, Inc.	*		800		51,632
Exxon Mobil Corporation			58,400		4,939,472
Global Industries Ltd.	*		137,000		2,204,330
Halliburton Company	†		454,800		17,887,284
Noble Energy, Inc.			8,900		647,920
Occidental Petroleum Corporation			154,600		11,312,082
Oceaneering International, Inc.	*		2,600		163,800
Patterson-UTI Energy, Inc.	†		32,100		840,378
Pioneer Natural Resources Company			13,200		648,384
Schlumberger Ltd.			7,300		635,100
SEACOR Holdings, Inc.	*		500		42,680
Suncor Energy, Inc. (Canada)			82,900		7,987,415
Ultra Petroleum Corporation	*		1,400		108,500
Valero Energy Corporation			41,400		2,033,154
W&T Offshore, Inc.			2,100		71,631
Weatherford International Ltd. (Bermuda)	*		209,000		15,146,230
					79,231,241
Pharmaceuticals—6.1%
Abbott Laboratories			23,000		1,268,450
AmerisourceBergen Corporation			74,708		3,061,534
Amgen, Inc.	*		350,200		14,631,356
Biogen Idec, Inc.	*		313,900		19,364,491
Celgene Corporation	*		318,800		19,539,252
Elan Corporation PLC ADR (Ireland)	*		651,100		13,581,946
Eli Lilly & Company			39,300		2,027,487
Genentech, Inc.	*		269,100		21,845,538
Genzyme Corporation	*		178,900		13,335,206
Gilead Sciences, Inc.	*		57,200		2,947,516
Herbalife Ltd. (Cayman Islands)			11,200		532,000
Invitrogen Corporation	*		11,000		940,170
McKesson Corporation			2,700		141,399
Medco Health Solutions, Inc.	*		112,000		4,904,480
Merck & Company, Inc.			111,901		4,246,643
Pfizer, Inc.			170,500		3,568,565
Watson Pharmaceuticals, Inc.	*		47,500		1,392,700
Wyeth			239,800		10,014,048
					137,342,781
Real Estate—0.4%
AvalonBay Communities, Inc. REIT	†		8,800		849,376
Equity Residential REIT			1,800		74,682

See accompanying notes to schedule of investments.

25

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Federal Realty Investment Trust REIT	†		3,500	$	272,825
Jones Lang Lasalle, Inc.			1,300		100,542
Macerich Company (The) REIT			24,700		1,735,669
Prologis REIT	†		72,500		4,267,350
Ventas, Inc. REIT			17,800		799,398
					8,099,842
Restaurants—0.1%
Chipotle Mexican Grill, Inc. Class A	*†		3,200		362,976
McDonald’s Corporation			33,400		1,862,718
Yum! Brands, Inc.			20,300		755,363
					2,981,057
Retailers—9.6%
Amazon.com, Inc.	*		549,500		39,179,350
BJ’s Wholesale Club, Inc.	*		24,000		856,560
Best Buy Company, Inc.			63,300		2,624,418
CVS Caremark Corporation			282,700		11,452,177
Costco Wholesale Corporation			53,800		3,495,386
eBay, Inc.	*		1,900,300		56,704,952
Expedia, Inc.	*		19,200		420,288
Fastenal Company	†		303,900		13,958,127
GameStop Corporation Class A	*		33,400		1,727,114
Nike, Inc. Class B			7,300		496,400
RadioShack Corporation	†		53,200		864,500
TJX Companies, Inc.			27,000		892,890
Target Corporation			492,500		24,959,900
Wal-Mart Stores, Inc.			1,138,200		59,960,376
					217,592,438
Telephone Systems—0.1%
ADTRAN, Inc.			6,500		120,250
AT&T, Inc.			2,300		88,090
CenturyTel, Inc.			300		9,972
Embarq Corporation			8,000		320,800
Sprint Nextel Corporation			100,399		671,669
Telephone & Data Systems, Inc.			300		11,190
Verizon Communications, Inc.			9,800		357,210
					1,579,181
Transportation—1.7%
CH Robinson Worldwide, Inc.	†		203,400		11,064,960
Expeditors International of Washington, Inc.			197,500		8,923,050
FedEx Corporation			163,800		15,179,346
JB Hunt Transport Services, Inc.			62,000		1,948,660
Landstar System, Inc.			2,100		109,536
Union Pacific Corporation			1,100		137,918
United Parcel Service, Inc. Class B			25,300		1,847,406
Werner Enterprises, Inc.	†		4,900		90,944
					39,301,820
Water Companies—0.3%
Veolia Environnement (France)			105,400		7,367,975
TOTAL COMMON STOCKS
(Cost $2,052,679,043)					2,181,059,018

 

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—5.0%
Institutional Money Market Funds—0.1%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††	$	3,425,645	$	3,425,645
Bank & Certificate Deposits/ Offshore Time Deposits—4.9%
ABN Amro Bank NV
3.000%	04/10/2008	††		2,990,984		2,990,984
Barclays
4.600%	04/04/2008	††		1,196,394		1,196,394
BNP Paribas
3.820%	04/16/2008	††		3,589,182		3,589,182
BNP Paribas
3.000%	04/01/2008	††		14,954,924		14,954,924
Branch Banking & Trust
2.000%	04/01/2008	††		5,981,970		5,981,970
Calyon
3.020%	04/04/2008	††		2,392,788		2,392,788
Calyon
3.000%	04/01/2008	††		13,915,230		13,915,230
Fortis Bank
2.750%	04/08/2008	††		8,374,758		8,374,758
Rabobank Nederland
3.010%	04/07/2008	††		2,990,984		2,990,984
Royal Bank of Canada
2.750%	04/01/2008	††		14,954,924		14,954,924
Royal Bank of Scotland
3.000%	04/01/2008	††		15,553,121		15,553,121
Societe Generale
3.120%	04/03/2008	††		1,794,591		1,794,591
Societe Generale
2.850%	04/10/2008	††		5,981,970		5,981,970
Svenska Handelsbanken
3.000%	04/01/2008	††		13,203,620		13,203,620
UBS AG
3.025%	04/04/2008	††		1,794,591		1,794,591
						109,670,031
TOTAL CASH EQUIVALENTS
(Cost $113,095,676)						113,095,676

 

See accompanying notes to schedule of investments.

26

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Growth Fund		Face		Value
REPURCHASE AGREEMENTS—3.6%
State Street Bank & Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008 with a maturity value of $82,233,072 and an effective yield of 1.65%, collateralized by U.S. Government Agency Obligations, with rates ranging from 3.056%–5.322% and maturity dates ranging from 07/01/2033–10/25/2033 and an aggregate market value of $83,877,295.	$	82,229,303	$	82,229,303
TOTAL INVESTMENTS—105.2%
(Cost $2,248,004,022)				2,376,383,997
Other assets less liabilities—(5.2%)				(117,850,668	)
NET ASSETS—100.0%			$	2,258,533,329

 

Notes to the Schedule of Investments:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

†† Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to schedule of investments.

27

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—95.7%
Agriculture, Forestry & Fishing—0.5%
Pilgrim’s Pride Corporation	†		1,700	$	34,391
Terra Industries, Inc.	*		34,900		1,239,997
					1,274,388
Airlines—0.2%
Southwest Airlines Company			45,700		566,680
UAL Corporation			1,900		40,907
					607,587
Apparel Retailers—0.7%
Buckle, Inc. (The)			800		35,784
Gap (The), Inc.			103,700		2,040,816
					2,076,600
Automotive—2.0%
Autoliv, Inc.			7,200		361,440
Autonation, Inc.	*		42,500		636,225
BorgWarner, Inc.			19,800		851,994
Ford Motor Company	†*		116,100		664,092
Genuine Parts Company			3,100		124,682
Harsco Corporation			46,600		2,580,708
Rush Enterprises, Inc. Class A	*		7,200		114,048
TRW Automotive Holdings Corporation	*		5,200		121,524
					5,454,713
Banking—6.4%
Banco Latinoamericano Exp-E (Panama)			6,800		104,720
Bank of America Corporation			6,700		253,997
Bank of Hawaii Corporation			25,600		1,268,736
Bank of New York Mellon Corporation			1,300		54,249
BOK Financial Corporation			7,000		365,610
City National Corporation			13,700		677,602
Comerica, Inc.	†		117,500		4,121,900
Cullen/Frost Bankers, Inc.			400		21,216
East-West Bancorp, Inc.			29,300		520,075
First Community Bancorp	†		1,000		26,850
FirstMerit Corporation			3,600		74,376
Hudson City Bancorp, Inc.			56,000		990,080
JPMorgan Chase & Company			100		4,295
Keycorp			8,400		184,380
Marshall & Ilsley Corporation	†		9,300		215,760
New York Community Bancorp, Inc.	†		110,400		2,011,488
Northern Trust Corporation			38,800		2,579,036
Regions Financial Corporation	†		9,100		179,725
Sovereign Bancorp, Inc.			1,400		13,048
Susquehanna Bancshares, Inc.	†		57,500		1,171,275
SVB Financial Group	†*		2,900		126,556
Synovus Financial Corporation			2,700		29,862
TCF Financial Corporation			6,300		112,896
Toronto-Dominion Bank (Canada)			704		43,199
UnionBanCal Corporation			1,400		68,712
Washington Federal, Inc.			77,100		1,760,964
Zions Bancorporation			13,700		624,035
					17,604,642
Beverages, Food & Tobacco—4.5%
Bunge Ltd.	†		7,900	$	686,352
Cal-Maine Foods, Inc.	†		8,500		283,730
Chiquita Brands International, Inc.	†*		11,300		261,143
Coca-Cola Enterprises, Inc.			24,700		597,740
Corn Products International, Inc.			6,300		233,982
Dean Foods Company			1,300		26,117
Del Monte Foods Company			6,600		62,898
Flowers Foods, Inc.			5,200		128,700
Fresh Del Monte Produce, Inc. (Cayman Islands)	*		10,600		385,840
Green Mountain Coffee Roasters, Inc.	*		1,100		34,815
Hormel Foods Corporation			600		24,996
JM Smucker Company (The)			18,400		931,224
Loews Corporation— Carolina Group			32,400		2,350,620
Molson Coors Brewing Company Class B			17,600		925,232
Nash Finch Company	†		1,100		37,378
Pepsi Bottling Group, Inc.			18,800		637,508
PepsiAmericas, Inc.			24,700		630,591
Performance Food Group Company	*		1,500		49,020
Ralcorp Holdings, Inc.	*		1,600		93,040
Sanderson Farms, Inc.			1,000		38,010
Sara Lee Corporation			200,900		2,808,582
Supervalu, Inc.			14,500		434,710
Tyson Foods, Inc. Class A			38,300		610,885
UST, Inc.			3,700		201,724
					12,474,837
Chemicals—3.8%
Calgon Carbon Corporation	†*		4,700		70,735
Celanese Corporation Class A			83,900		3,276,295
CF Industries Holdings, Inc.			4,900		507,738
Chemtura Corporation			26,500		194,510
Compass Minerals International, Inc.			1,900		112,062
Cooper Tire & Rubber Company			200		2,994
Eastman Chemical Company			500		31,225
FMC Corporation			10,500		582,645
Indophos Holdings, Inc.			5,700		91,713
International Flavors & Fragrances, Inc.			68,400		3,013,020
Koppers Holdings, Inc.			1,000		44,310
Lubrizol Corporation			4,700		260,897
Minerals Technologies, Inc.			900		56,520
Mosaic Company (The)	*		5,200		533,520
PPG Industries, Inc.			1,400		84,714
Penford Corporation			300		6,519
Rockwood Holdings, Inc.	*		1,400		45,878
Tupperware Corporation			37,900		1,465,972
					10,381,267
Coal—0.1%
Alpha Natural Resources, Inc.	*		3,800		165,072
Commercial Services—3.7%
Accenture Ltd. Class A (Bermuda)			2,000		70,340
Asiainfo Holdings, Inc.	*		7,000		76,020
Dyncorp International, Inc. Class A	*		6,600		110,088
Integrated Electrical Service	†*		14,100		221,511
KBR, Inc.			12,400		343,852

See accompanying notes to schedule of investments.

28

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—(Continued)
Liberty Media Corp.— Entertainment	*		34,000	$	769,760
PHH Corporation	*		3,800		66,234
Pre-Paid Legal Services, Inc.	†*		4,300		182,363
Republic Services, Inc.			700		20,468
RR Donnelley & Sons Company			119,600		3,625,076
Ryder System, Inc.	†		8,800		536,008
SAIC, Inc.	*		78,700		1,463,033
Service Corporation International			7,800		79,092
Sotheby’s Holdings, Inc. Class A	†		30,000		867,300
United Rentals, Inc.	*		90,100		1,697,484
Weight Watchers International, Inc.			500		23,165
					10,151,794
Communications—0.9%
Ciena Corporation	*		34,500		1,063,635
Comtech Telecommunications	†*		18,400		717,600
Cubic Corporation			2,300		65,389
L-3 Communications Holdings, Inc.			5,100		557,634
Tellabs, Inc.	*		10,800		58,860
					2,463,118
Computer Software & Processing—5.3%
Advent Software, Inc.	†*		1,400		59,668
CA, Inc.			16,900		380,250
CACI International, Inc. Class A	*		21,400		974,770
Cadence Design Systems, Inc.	*		279,600		2,986,128
Check Point Software Technologies Ltd. (Israel)	*		60,200		1,348,480
Computer Sciences Corporation	*		90,600		3,695,574
Compuware Corporation	*		5,400		39,636
Electronic Data Systems Corporation			1,200		19,980
Fair Isaac Corporation	†		19,000		408,880
IMS Health, Inc.			121,100		2,544,311
JDA Software Group, Inc.	*		1,200		21,900
Juniper Networks, Inc.	†*		22,800		570,000
Microsoft Corporation			1,700		48,246
Novell, Inc.	*		48,500		305,065
Omniture, Inc.	†*		1,200		27,852
Phoenix Technologies Ltd.	*		1,000		15,660
Sun Microsystems, Inc.	*		57,475		892,587
Symantec Corporation	*		1,500		24,930
Taleo Corp. Class A	*		700		13,580
Teradata Corporation	*		5,300		116,918
Vignette Corporation	*		1,100		14,531
Vocus, Inc.	*		6,800		179,520
					14,688,466
Computers & Information—0.7%
Lexmark International, Inc.	*		2,400		73,728
SanDisk Corporation	*		37,600		848,632
Seagate Technology (Cayman Islands)			12,000		251,280
Tech Data Corporation	*		21,000		688,800
Western Digital Corporation	*		8,000		216,320
					2,078,760
Containers & Packaging—1.5%
Owens-IIlinois, Inc.	*		6,900	$	389,367
Sonoco Products Company			133,600		3,824,968
Temple-Inland, Inc.			3,700		47,064
					4,261,399
Cosmetics & Personal Care—0.1%
Avon Products, Inc.			5,100		201,654
Education—0.2%
Apollo Group, Inc. Class A	*		8,900		384,480
Capella Education Co. Private Company	†*		2,200		120,120
ITT Educational Services, Inc.	†*		4,100		188,313
					692,913
Electric Utilities—10.1%
Alliant Energy Corporation			1,300		45,513
Ameren Corporation			11,800		519,672
American Electric Power Company, Inc.			92,900		3,867,427
CMS Energy Corporation			3,400		46,036
Constellation Energy Group, Inc.			1,000		88,270
DTE Energy Company			24,500		952,805
DPL, Inc.	†		2,000		51,280
Duke Energy Corporation			37,900		676,515
Edison International			47,000		2,303,940
Energy East Corporation			12,000		289,440
Idacorp, Inc.	†		82,400		2,645,864
Mirant Corporation	*		800		29,112
NiSource, Inc.			31,700		546,508
Northeast Utilities			32,700		802,458
NRG Energy, Inc.	†*		48,200		1,879,318
NSTAR			65,000		1,977,950
OGE Energy Corporation			2,600		81,042
PG&E Corporation			36,200		1,332,884
PPL Corporation			5,200		238,784
Pepco Holdings, Inc.			5,000		123,600
Pinnacle West Capital Corporation			49,800		1,746,984
Progress Energy, Inc.			22,400		934,080
Reliant Energy, Inc.	*		52,200		1,234,530
SCANA Corporation			68,800		2,516,704
Sempra Energy			21,200		1,129,536
TECO Energy, Inc.			11,000		175,450
Xcel Energy, Inc.			80,100		1,597,995
					27,833,697
Electrical Equipment—1.5%
C&D Technologies, Inc.	†*		9,700		48,694
Cooper Industries Ltd. Class A (Bermuda)			43,900		1,762,585
Energizer Holdings, Inc.	*		4,200		380,016
GrafTech International Ltd.	*		104,400		1,692,324
Teleflex, Inc.			4,700		224,237
					4,107,856
Electronics—2.2%
Analog Devices, Inc.			1,200		35,424
Avnet, Inc.	*		8,700		284,751
Flextronics International Ltd. (Singapore)	*		256,800		2,411,352
Garmin Ltd. (Cayman Islands)	†		1,600		86,416
Hutchinson Technology, Inc.	*		2,400		38,184
Intersil Corporation Class A			2,700		69,309

See accompanying notes to schedule of investments.

29

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—(Continued)
Microchip Technology, Inc.	†		61,100	$	1,999,803
Monolithic Power Systems, Inc.	*		200		3,526
National Semiconductor Corporation			8,600		157,552
Nvidia Corporation	*		1,200		23,748
Semtech Corporation	*		39,300		563,169
Texas Instruments, Inc.			10,600		299,662
Tyco Electronics Ltd. (Bermuda)			4,000		137,280
Xerox Corporation			2,200		32,934
					6,143,110
Entertainment & Leisure—0.2%
Hasbro, Inc.			1,000		27,900
Time Warner, Inc.	†		37,700		528,554
					556,454
Financial Services—1.2%
Ameriprise Financial, Inc.			500		25,925
BlackRock, Inc.	†		2,400		490,032
Calamos Asset Management, Inc. Class A			2,700		43,956
CME Group, Inc.			100		46,910
Eaton Vance Corporation			8,200		250,182
Federated Investors, Inc. Class B			500		19,580
GAMCO Investors, Inc. Class A			400		20,144
Greenhill & Co., Inc.	†		2,800		194,768
Invesco Ltd. (Bermuda)			58,100		1,415,316
Janus Capital Group, Inc.			17,600		409,552
Legg Mason, Inc.			2,000		111,960
optionsXpress Holdings, Inc.			6,200		128,402
Principal Financial Group			400		22,288
Raymond James Financial, Inc.	†		8,000		183,840
Western Union Company (The)			1,500		31,905
					3,394,760
Food Retailers—1.0%
Kroger Company (The)			700		17,780
Ruddick Corporation			53,200		1,960,952
Safeway, Inc.			24,800		727,880
Winn-Dixie Stores, Inc.	†*		2,300		41,308
					2,747,920
Forest Products & Paper—0.1%
MeadWestvaco Corporation			3,800		103,436
United Stationers, Inc.	*		2,100		100,170
					203,606
Health Care Providers—0.0%
Express Scripts, Inc.	*		900		57,888
Heavy Construction—0.0%
Perini Corporation	*		2,300		83,329
Heavy Machinery—3.8%
Agco Corporation	†*		7,100		425,148
Black & Decker Corporation			9,800		647,780
CNH Global NV (Netherlands)	†		39,800		2,070,794
Eaton Corporation			21,200		1,689,004
FMC Technologies, Inc.	†*		19,700		1,120,733
ITT Corporation			16,300		844,503
Ingersoll-Rand Company Class A (Bermuda)			31,300		1,395,354
Joy Global, Inc.			100		6,516
Lennox International, Inc.			7,500		269,775
Parker Hannifin Corporation			9,000	$	623,430
SPX Corporation			5,500		576,950
Tecumseh Products Company Class A	*		1,800		55,224
Timken Company			15,300		454,716
WW Grainger, Inc.			5,300		404,867
					10,584,794
Home Construction, Furnishings & Appliances—1.1%
DR Horton, Inc.	†		10,600		166,950
Fossil, Inc.	*		1,100		33,594
Herman Miller, Inc.			1,900		46,683
HNI Corporation	†		27,300		734,097
Kinetic Concepts, Inc.	*		5,100		235,773
Leggett & Platt, Inc.	†		17,800		271,450
Tempur-Pedic International, Inc.	†		6,800		74,800
Walter Industries, Inc.			19,885		1,245,398
Whirlpool Corporation			3,400		295,052
					3,103,797
Household Products—1.1%
Fortune Brands, Inc.			3,500		243,250
Rohm & Haas Company			17,300		935,584
Snap-On, Inc.			34,000		1,728,900
					2,907,734
Insurance—9.0%
Alleghany Corporation	*		7,079		2,417,410
Amtrust Financial Services, Inc.			3,600		58,356
AON Corporation			47,400		1,905,480
Arch Capital Group Ltd. (Bermuda)	*		6,400		439,488
Aspen Insurance Holdings Ltd. (Bermuda)			9,400		247,972
Assurant, Inc.			10,300		626,858
Assured Guaranty Ltd. (Bermuda)	†		8,200		194,668
Axis Capital Holdings Ltd. (Bermuda)			10,500		356,790
Castlepoint Holdings, Ltd. (Bermuda)			800		7,784
Cigna Corporation			18,800		762,716
Endurance Specialty Holdings Ltd. (Bermuda)			48,300		1,767,780
Everest Re Group Ltd. (Bermuda)			11,500		1,029,595
Fidelity National Financial, Inc.			4,400		80,652
First American Corporation			1,900		64,486
Genworth Financial, Inc. Class A			130,800		2,961,312
Hallmark Financial Services	*		600		6,696
Hanover Insurance Group (The), Inc.			15,000		617,100
IPC Holdings Ltd. (Bermuda)			700		19,600
Lincoln National Corporation			54,700		2,844,400
Loews Corporation			1,000		40,220
Max Capital Group Ltd. (Bermuda)			7,900		206,901
Nationwide Financial Services Class A			12,400		586,272
Old Republic International Corporation			3,000		38,730
Platinum Underwriters Holdings Ltd. (Bermuda)			5,100		165,546
RenaissanceRe Holdings Ltd. (Bermuda)			500		25,955
Safeco Corporation			91,800		4,028,184
The Chubb Corporation			1,300		64,324
Torchmark Corporation			2,800		168,308

See accompanying notes to schedule of investments.

30

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—(Continued)
UnumProvident Corporation			113,100	$	2,489,331
XL Capital Ltd. Class A (Cayman Islands)			11,700		345,735
Zenith National Insurance Corporation			11,300		405,218
					24,973,867
Media—Broadcasting & Publishing—0.6%
CBS Corporation Class B			32,100		708,768
Gannett Company, Inc.			13,700		397,985
IAC/InterActiveCorp	*		8,000		166,080
Liberty Global, Inc. Class A	*		5,600		190,848
Liberty Media Holdings Corporation Capital Class A	*		8,500		133,790
Viacom, Inc. Class B	*		2,100		83,202
					1,680,673
Medical Supplies—2.2%
Applera Corporation—Applied Biosystems Group			10,100		331,886
Beckman Coulter, Inc.			42,300		2,730,465
Dentsply International, Inc.			44,300		1,709,980
Mettler-Toledo International, Inc.	*		12,700		1,233,424
					6,005,755
Metals—2.2%
AK Steel Holding Corporation			500		27,210
Aptargroup, Inc.			96,200		3,745,066
Commercial Metals Company			800		23,976
Crane Company			2,300		92,805
Hubbell, Inc. Class B			5,600		244,664
Kaiser Aluminum Corporation			800		55,440
Olympic Steel, Inc.			1,200		54,120
Quanex Corporation	†		2,100		108,654
Reliance Steel & Aluminum Company			13,100		784,166
Schnitzer Steel Industries, Inc. Class A			1,500		106,530
Superior Essex, Inc.	*		7,600		213,712
Trimas Corp.	*		6,300		33,201
United States Steel Corporation			4,200		532,854
Worthington Industries, Inc.	†		8,300		140,021
					6,162,419
Mining—0.0%
ShengdaTech, Inc.	†*		1,400		11,900
Oil & Gas—8.3%
AGL Resources, Inc.			52,400		1,798,368
Anadarko Petroleum Corporation			4,700		296,241
Ashland, Inc.			14,300		676,390
Atmos Energy Corporation			14,900		379,950
Cal Dive International, Inc.	*		1,000		10,380
Cimarex Energy Company			31,800		1,740,732
Concho Resources, Inc.	*		1,000		25,640
El Paso Corporation			13,800		229,632
Energen Corporation			15,200		946,960
Equitable Resources, Inc.			1,700		100,130
Frontier Oil Corporation			1,600		43,616
Global Industries Ltd.	*		13,600		218,824
Hess Corporation			9,200		811,256
Holly Corporation			18,900		820,449
Mariner Energy, Inc.	*		2,000		54,020
MDU Resources Group, Inc.			2,400		58,920
Murphy Oil Corporation			1,200		98,568
New Jersey Resources Corporation			2,500	$	77,625
Newfield Exploration Company	*		2,700		142,695
Noble Corporation (Cayman Islands)			33,100		1,644,077
Noble Energy, Inc.			51,800		3,771,040
Northwest Natural Gas Company			3,300		143,352
Oneok, Inc.			7,000		312,410
Patterson-UTI Energy, Inc.			18,900		494,802
Pioneer Natural Resources Company			20,500		1,006,960
Questar Corporation			51,500		2,912,840
Southern Union Company			2,300		53,521
Spectra Energy Corp.			5,600		127,400
St. Mary Land & Exploration Company			19,500		750,750
Stone Energy Corporation	*		17,300		904,963
UGI Corporation			3,100		77,252
Valero Energy Corporation			1,000		49,110
Vectren Corporation			700		18,781
W&T Offshore, Inc.			5,400		184,194
Willbros Group, Inc. (Panama)	*		4,900		149,940
Williams Companies, Inc.	†		53,300		1,757,834
					22,889,622
Pharmaceuticals—1.7%
AmerisourceBergen Corporation			12,000		491,760
Amgen, Inc.	*		4,600		192,188
Biogen Idec, Inc.	*		2,500		154,225
Genzyme Corporation	*		7,700		573,958
Invitrogen Corporation	*		27,700		2,367,519
Medco Health Solutions, Inc.	*		7,000		306,530
Millennium Pharmaceuticals, Inc.	*		900		13,914
OSI Pharmaceuticals, Inc.	†*		2,600		97,214
Watson Pharmaceuticals, Inc.	*		12,700		372,364
					4,569,672
Real Estate—8.9%
AMB Property Corporation REIT			21,600		1,175,472
Annaly Capital Management, Inc.	†		89,000		1,363,480
Apartment Investment & Management Company REIT Class A	†		59,445		2,128,725
AvalonBay Communities, Inc. REIT	†		11,200		1,081,024
Boston Properties, Inc. REIT			12,900		1,187,703
DiamondRock Hospitality Company REIT			38,600		489,062
Douglas Emmett, Inc. REIT			4,400		97,064
Duke Realty Corporation REIT			172,800		3,941,568
Equity Residential REIT			25,800		1,070,442
Federal Realty Investment Trust REIT	†		10,700		834,065
HCP, Inc. REIT			2,200		74,382
Health Care REIT, Inc.	†		40,900		1,845,817
Jones Lang Lasalle, Inc.			800		61,872
Macerich Company (The) REIT			2,000		140,540
Mid-America Apartment Communities, Inc. REIT			24,600		1,226,064
Plum Creek Timber Company, Inc. REIT	†		3,900		158,730
Post Properties, Inc. REIT	†		4,400		169,928
Prologis REIT	†		16,600		977,076
Public Storage REIT			2,100		186,102

See accompanying notes to schedule of investments.

31

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—(Continued)
Rayonier, Inc. REIT			1,400	$	60,816
Realty Income Corporation REIT	†		66,500		1,703,730
Regency Centers Corporation REIT			18,900		1,223,964
Simon Property Group, Inc. REIT			23,100		2,146,221
SL Green Realty Corporation REIT			300		24,441
Taubman Centers, Inc. REIT			11,700		609,570
Ventas, Inc. REIT			3,500		157,185
Vornado Realty Trust REIT			4,300		370,703
					24,505,746
Restaurants—1.9%
Chipotle Mexican Grill, Inc. Class A	†*		500		56,715
Chipotle Mexican Grill, Inc. Class B	*		1,000		97,090
Darden Restaurants, Inc.			120,500		3,922,275
Jack in the Box, Inc.	*		38,900		1,045,243
					5,121,323
Retailers—3.0%
Advance Auto Parts, Inc.			47,600		1,620,780
Amazon.com, Inc.	*		4,500		320,850
AutoZone, Inc.	*		400		45,532
BJ’s Wholesale Club, Inc.	*		91,000		3,247,790
Barnes & Noble, Inc.	†		3,200		98,080
Blue Nile, Inc.	†*		900		48,735
Expedia, Inc.	*		17,200		376,508
Family Dollar Stores, Inc.			115,000		2,242,500
Longs Drug Stores Corporation			400		16,984
PriceSmart, Inc.			300		8,313
RadioShack Corporation	†		11,500		186,875
					8,212,947
Telephone Systems—1.4%
AT&T, Inc.			1,100		42,130
Cbeyond Inc.	*		400		7,516
Citizens Communications Company			14,700		154,203
Embarq Corporation			15,500		621,550
NTELOS Holdings Corporation			117,100		2,833,820
Sprint Nextel Corporation			11,300		75,597
Telephone & Data Systems, Inc.			1,400		54,978
Windstream Corporation			18,400		219,880
					4,009,674
Textiles, Clothing & Fabrics—1.7%
Deckers Outdoor Corporation	*		1,000		107,820
Jones Apparel Group, Inc.			18,900		253,638
Liz Claiborne, Inc.	†		600		10,890
Mohawk Industries, Inc.	†*		2,800		200,508
VF Corporation			35,100		2,720,601
Warnaco Group, Inc. (The)	†*		32,300		1,273,912
					4,567,369
Transportation—1.9%
Brunswick Corporation			1,800		28,746
CSX Corporation			15,400		863,478
General Maritime Corporation			1,300		30,693
Kansas City Southern	†*		27,000		1,082,970
Overseas Shipholding Group			1,800	$	126,072
Polaris Industries, Inc.	†		6,100		250,161
TBS International Ltd. Class A (Bermuda)	*		200		6,040
Werner Enterprises, Inc.	†		156,500		2,904,640
					5,292,800
TOTAL COMMON STOCKS
(Cost $297,267,753)					264,305,922

 

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—13.1%
Institutional Money Market Funds—0.4%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††	$	1,093,653		1,093,653
Bank & Certificate Deposits/Offshore Time Deposits—12.7%
ABN Amro Bank NV
3.000%	04/10/2008	††		954,887		954,887
Barclays
4.600%	04/04/2008	††		381,955		381,955
BNP Paribas
3.820%	04/16/2008	††		1,145,862		1,145,862
BNP Paribas
3.000%	04/01/2008	††		4,774,429		4,774,429
Branch Banking & Trust
2.000%	04/01/2008	††		1,909,772		1,909,772
Calyon
3.020%	04/04/2008	††		763,909		763,909
Calyon
3.000%	04/01/2008	††		4,442,503		4,442,503
Fortis Bank
2.750%	04/08/2008	††		2,673,681		2,673,681
Rabobank Nederland
3.010%	04/07/2008	††		954,886		954,886
Royal Bank of Canada
2.750%	04/01/2008	††		4,774,429		4,774,429
Royal Bank of Scotland
3.000%	04/01/2008	††		4,965,407		4,965,407
Societe Generale
3.120%	04/03/2008	††		572,931		572,931
Societe Generale
2.850%	04/10/2008	††		1,909,772		1,909,772
Svenska Handelsbanken
3.000%	04/01/2008	††		4,215,317		4,215,317
UBS AG
3.025%	04/04/2008	††		572,931		572,931
						35,012,671
TOTAL CASH EQUIVALENTS
(Cost $36,106,324)						36,106,324
TOTAL INVESTMENTS—108.8%
(Cost $333,374,077)						300,412,246
Other assets less liabilities—(8.8%)						(24,373,063	)
NET ASSETS—100.0%					$	276,039,183

 

Legend to the Schedule of Investments:

REIT Real Estate Investment Trust

† Denotes all or a portion of security on loan.

* Non-income producing security.

†† Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to schedule of investments.

32

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—96.5%
Advertising—0.8%
Focus Media Holding Ltd., ADR (Cayman Islands)	*†		39,900	$	1,402,485
Lamar Advertising Company	*†		131,100		4,710,423
Monster Worldwide, Inc.	*		79,100		1,915,011
					8,027,919
Aerospace & Defense—0.3%
Empresa Brasileira de Aeronautica SA, Sponsored ADR (Brazil)			75,600		2,986,956
Apparel Retailers—1.2%
AnnTaylor Stores Corporation	*		207,800		5,024,604
Christopher & Banks Corporation	†		153,500		1,533,465
Collective Brands, Inc.	*†		391,600		4,746,192
					11,304,261
Automotive—3.5%
Autoliv, Inc.			84,900		4,261,980
Copart, Inc.	*		174,800		6,775,248
General Motors Corporation	†		638,000		12,153,900
Harley-Davidson, Inc.	†		98,000		3,675,000
Harsco Corporation			69,600		3,854,448
LKQ Corporation	*		31,000		696,570
Oshkosh Truck Corporation	†		78,400		2,844,352
					34,261,498
Banking—1.2%
Downey Financial Corporation	†		221,900		4,078,522
Freddie Mac			128,800		3,261,216
Signature Bank of New York	*		42,700		1,088,850
SLM Corporation	*		226,100		3,470,635
					11,899,223
Beverages, Food & Tobacco—0.2%
Marine Harvest (Norway)	*†		3,760,900		2,216,550
Building Materials—1.8%
Cemex SAB de CV Sponsored ADR (Mexico)	*†		430,685		11,249,492
Interline Brands, Inc.	*		221,200		4,103,260
Martin Marietta Materials, Inc.	†		25,600		2,717,952
					18,070,704
Chemicals—0.6%
Nalco Holding Co.			258,700		5,471,505
Commercial Services—6.8%
Accenture Ltd. Class A (Bermuda)			205,100		7,213,367
Administaff, Inc.	†		116,319		2,746,292
Advisory Board Company (The)	*		74,800		4,109,512
Corporate Executive Board Company			269,400		10,905,312
Dun & Bradstreet Company			56,400		4,589,832
Heartland Payment Systems, Inc.	†		206,500		4,751,565
Huron Consulting Group, Inc.	*		38,000		1,578,900
Korn Ferry International	*		315,800		5,337,020
Liberty Media Corp.— Entertainment	*		525,820		11,904,565
Quanta Services, Inc.	*		182,600		4,230,842
Resources Connection, Inc.			156,800		2,802,016
Waste Connections, Inc.	*		143,250		4,403,505
Wind River Systems, Inc.	*		283,300		2,192,742
					66,765,470
Communications—2.1%
American Tower Corporation Class A	*		302,500	$	11,861,025
SBA Communications Corporation	*		299,900		8,946,017
					20,807,042
Computer Software & Processing—10.6%
Amdocs Ltd.	*		452,700		12,838,572
Ariba, Inc.	*		226,300		2,186,058
Blackboard, Inc.	*		31,300		1,043,229
Blue Coat Systems, Inc.	*		99,100		2,184,164
Bottomline Technologies, Inc.	*		84,200		1,060,920
CA, Inc.			182,800		4,113,000
CNET Networks, Inc.	*†		1,089,599		7,736,153
Choicepoint, Inc.	*		79,400		3,779,440
DST Systems, Inc.	*†		158,510		10,420,447
Digital River, Inc.	*		39,400		1,220,218
Electronic Arts, Inc.	*		143,800		7,178,496
Factset Research Systems, Inc.	†		111,400		6,001,118
Global Cash Access, Inc.	*†		134,100		785,826
Jack Henry & Associates, Inc.			182,000		4,489,940
Lenovo Group Ltd. (Hong Kong)			9,401,100		6,137,349
LivePerson, Inc.	*		223,000		691,300
Red Hat, Inc.	*		455,800		8,382,162
RightNow Technologies, Inc.	*†		303,100		3,606,890
Skillsoft PLC, ADR (Ireland)	*		234,400		2,454,168
Sun Microsystems, Inc.	*		345,000		5,357,850
Taleo Corp. Class A	*		149,400		2,898,360
Total System Services, Inc.			151,300		3,579,758
Verint Systems, Inc.	*		40,700		656,491
VeriSign, Inc.	*†		155,900		5,182,116
					103,984,025
Computers & Information—2.2%
Dell, Inc.	*		781,000		15,557,520
Jabil Circuit, Inc.			489,600		4,631,616
Palm, Inc.	†		248,500		1,242,500
					21,431,636
Cosmetics & Personal Care—0.4%
Ecolab, Inc.			82,100		3,565,603
Education—1.0%
Career Education Corporation	*†		306,200		3,894,864
Strayer Education, Inc.	†		22,400		3,416,000
Universal Technical Institute, Inc.	*†		233,700		2,741,301
					10,052,165
Electrical Equipment—1.3%
Ametek, Inc.	†		82,650		3,629,161
Energy Conversion Devices, Inc.	*†		253,800		7,588,620
Moog, Inc. Class A	*		34,900		1,473,129
					12,690,910
Electronics—5.5%
Analog Devices, Inc.			332,900		9,827,208
Broadcom Corporation Class A	*		148,900		2,869,303
Cymer, Inc.	*		26,599		692,638
DRS Technologies, Inc.			85,400		4,977,112
Evergreen Solar, Inc.	*†		627,700		5,818,779
Finisar Corporation	*†		501,700		642,176
Integrated Device Technology, Inc.	*		490,800		4,382,844
Intersil Corporation Class A			113,800		2,921,246

See accompanying notes to schedule of investments.

33

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Maxim Integrated Products, Inc.			153,000	$	3,119,670
Microchip Technology, Inc.	†		140,600		4,601,838
National Semiconductor Corporation			306,600		5,616,912
PMC-Sierra, Inc.	*		390,600		2,226,420
Rockwell Collins, Inc.			26,500		1,514,475
Semtech Corporation	*		159,600		2,287,068
Silicon Laboratories, Inc.	*		66,200		2,087,948
					53,585,637
Entertainment & Leisure—3.7%
Discovery Holding Company Class A	*		301,800		6,404,196
National CineMedia, Inc.			200,300		4,502,744
Pool Corporation	†		115,100		2,174,239
Walt Disney Company			615,000		19,298,700
WMS Industries, Inc.	*		111,900		4,025,043
					36,404,922
Environmental—1.0%
Roper Industries, Inc.			171,800		10,211,792
Financial Services—2.0%
Fortress Investment Group LLC Class A	†		130,300		1,600,084
GHL Acquisition Corp.			65,700		634,005
Greenhill & Co., Inc.	†		40,200		2,796,312
Invesco Ltd. (Bermuda)			146,000		3,556,560
Liberty Acquisition Holdings Corp.			70,600		734,240
SEI Investments Company			151,300		3,735,597
UBS AG (Switzerland)	†		241,000		6,940,800
					19,997,598
Food Retailers—0.5%
Panera Bread Company Class A	*†		94,200		3,946,038
Pantry, Inc. (The)	*		60,700		1,279,556
					5,225,594
Forest Products & Paper—0.6%
Pactiv Corporation	*		146,600		3,842,386
School Specialty, Inc.	*†		50,409		1,589,900
					5,432,286
Health Care Providers—3.9%
Coventry Health Care, Inc.	*		170,150		6,865,552
DaVita, Inc.	*		308,400		14,729,184
Edwards Lifesciences Corporation	*†		106,600		4,749,030
Express Scripts, Inc.	*		45,500		2,926,560
Healthways, Inc.	*†		92,100		3,254,814
Laboratory Corporation of America Holdings	*		54,700		4,030,296
Matria Healthcare, Inc.	*		59,676		1,330,775
Nighthawk Radiology Holdings, Inc.	*†		84,200		788,112
					38,674,323
Heavy Construction—0.7%
Lennar Corporation Class A	†		390,600		7,347,186
Heavy Machinery—3.4%
Actuant Corporation Class A			295,100		8,914,971
Bucyrus International, Inc. Class A			26,100		2,653,065
Cameron International Corporation	*		62,200	$	2,590,008
FMC Technologies, Inc.	*†		170,800		9,716,812
Ingersoll-Rand Company Class A (Bermuda)			55,400		2,469,732
Joy Global, Inc.			41,800		2,723,688
Varian Medical Systems, Inc.	*		82,600		3,868,984
					32,937,260
Home Construction, Furnishings & Appliances—0.5%
Pulte Homes, Inc.			141,100		2,053,005
Standard-Pacific Corporation	†		539,500		2,621,970
					4,674,975
Insurance—7.8%
AMBAC Financial Group, Inc.	†		685,600		3,942,200
Amerigroup Corporation	*†		111,100		3,036,363
AON Corporation			344,600		13,852,920
Brown & Brown, Inc.			124,500		2,163,810
Centene Corporation	*		116,400		1,622,616
Fairfax Financial Holdings Ltd. (Canada)	†		47,000		13,493,700
Markel Corporation	*		5,600		2,463,832
Millea Holdings, Inc. (Japan)			272,000		10,103,567
Montpelier Re Holdings Ltd. (Bermuda)	†		355,600		5,707,380
Nipponkoa Insurance Company Ltd. (Japan)			1,260,000		9,703,131
Security Capital Assurance Ltd. (Bermuda)	†		109,540		56,961
WellPoint, Inc.	*		92,300		4,073,199
XL Capital Ltd. Class A (Cayman Islands)			195,100		5,765,205
					75,984,884
Media—Broadcasting & Publishing—3.3%
Central European Media Enterprises Ltd.	*†		36,800		3,136,464
DIRECTV Group (The), Inc.	*		639,000		15,840,810
Liberty Media Corporation Interactive Class A	*		671,275		10,834,378
Liberty Media Holdings Corporation Capital Class A	*		131,455		2,069,102
					31,880,754
Medical Supplies—4.3%
Advanced Medical Optics, Inc.	*†		112,100		2,275,630
ArthoCare Corporation	*†		45,700		1,524,095
Conceptus, Inc.	*†		94,500		1,753,920
FEI Company	*†		158,700		3,464,421
Hologic, Inc.	*†		54,700		3,041,320
Illumina, Inc.	*		57,600		4,371,840
Mindray Medical International, Ltd., ADR (Cayman Islands)	†		72,900		2,109,726
Resmed, Inc.	*		230,100		9,705,618
St. Jude Medical, Inc.	*		69,800		3,014,662
Stereotaxis, Inc.	*†		97,000		574,240
Thermo Fisher Scientific, Inc.	*		85,100		4,837,084
Tomotherapy, Inc.	*		99,700		1,430,695
Zimmer Holdings, Inc.	*		52,000		4,048,720
					42,151,971
Oil & Gas—4.9%
Bill Barrett Corporation	*†		56,500		2,669,625
BJ Services Company			158,300		4,513,133
Chesapeake Energy Corporation			268,000		12,368,200
Denbury Resources, Inc.	*		222,500		6,352,375

See accompanying notes to schedule of investments.

34

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Encore Acquisition Company	*		92,799	$	3,737,944
Forest Oil Corporation	*		87,600		4,288,896
Range Resources Corporation			97,200		6,167,340
Ultra Petroleum Corporation	*†		57,800		4,479,500
W-H Energy Services, Inc.	*		42,700		2,939,895
					47,516,908
Pharmaceuticals—6.4%
Affymetrix, Inc.	*†		220,700		3,842,387
Alexion Pharmaceuticals, Inc.	*†		42,900		2,543,970
Alkermes, Inc.	*		655,117		7,782,790
Cell Genesys, Inc.	*†		402,600		946,110
Cephalon, Inc.	*†		70,000		4,508,000
deCODE genetics, Inc.	*†		244,400		373,932
Exelixis, Inc.	*		206,700		1,436,565
Far East Pharmaceutical Tech (Hong Kong)	*‡d		6,152,600		—
Henry Schein, Inc.	*†		100,300		5,757,220
Herbalife Ltd. (Cayman Islands)	†		109,800		5,215,500
Hospira, Inc.	*		118,700		5,076,799
Immucor, Inc.	*		133,587		2,850,747
Incyte Corporation	*†		333,800		3,508,238
Medarex, Inc.	*		284,100		2,514,285
Medicis Pharmaceutical Corporation Class A	†		182,600		3,595,394
Myriad Genetics, Inc.	*†		39,900		1,607,571
Senomyx, Inc.	*†		192,523		1,135,886
Shire Pharmaceuticals Group PLC (United Kingdom)			138,700		8,039,052
Symyx Technologies, Inc.	*		95,400		715,500
XenoPort, Inc.	*		39,000		1,578,330
					63,028,276
Real Estate—1.4%
CapitalSource, Inc.	†		342,000		3,307,140
Chimera Investment Corp. REIT	†		419,300		5,157,390
Jones Lang Lasalle, Inc.			28,800		2,227,392
St. Joe Company (The)	†		63,400		2,721,762
					13,413,684
Restaurants—0.4%
PF Chang’s China Bistro, Inc.	*†		126,900		3,609,036
Retailers—4.9%
AC Moore Arts & Crafts, Inc.	*		102,000		695,640
Amazon.com, Inc.	*		72,435		5,164,615
Blue Nile, Inc.	*†		36,000		1,949,400
eBay, Inc.	*		364,000		10,861,760
Expedia, Inc.	*		279,032		6,108,010
Fastenal Company	†		110,600		5,079,858
O’Reilly Automotive, Inc.	*		203,400		5,800,968
Sears Holdings Corporation	*†		43,900		4,481,751
Tiffany & Company			117,100		4,899,464
Zumiez, Inc.	*†		159,900		2,508,831
					47,550,297
Telephone Systems—4.3%
Adtran, Inc.			54,900		1,015,650
KDDI Corporation (Japan)			425		2,609,671
Global Payments, Inc.			288,800		11,944,768
Level 3 Communications, Inc.	*†		2,610,000		5,533,200
NeuStar, Inc. Class A	*†		284,700	$	7,538,856
NII Holdings, Inc. Class B	*†		241,745		7,682,656
Sprint Nextel Corporation	†		373,100		2,496,039
Virgin Media, Inc.			249,700		3,513,279
					42,334,119
Textiles, Clothing & Fabrics—0.1%
Iconix Brand Group, Inc.	*†		80,300		1,393,205
Transportation—2.9%
CH Robinson Worldwide, Inc.			102,400		5,570,560
Expeditors International of Washington, Inc.			46,100		2,082,798
FedEx Corporation			112,000		10,379,040
HUB Group, Inc. Class A	*		116,400		3,828,396
Mobile Mini, Inc.	*†		177,600		3,374,400
UTI Worldwide, Inc. (Luxembourg)			165,400		3,321,232
					28,556,426
TOTAL COMMON STOCKS
(Cost $975,988,591)					945,446,600
CONVERTIBLE PREFERRED STOCKS—0.1%
Real Estate—0.1%
Thornburg Mortgage, Inc.   (Cost $5,134,755)			212,400		902,700

 

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—0.2%
Financial Services—0.1%
Yorktown Capital LLC
3.050%	05/23/2008	**	$	400,000		398,238
Heavy Machinery—0.1%
Grainger (W.W.), Inc.
2.650%	04/01/2008			1,300,000		1,300,000
TOTAL COMMERCIAL PAPER
(Cost $1,698,238)						1,698,238
CASH EQUIVALENTS—26.4%
Institutional Money Market Funds—0.8%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††		7,841,137		7,841,137
Bank & Certificate Deposits/ Offshore Time Deposits—25.6%
ABN Amro Bank NV
3.000%	04/10/2008	††		6,846,220		6,846,220
Barclays
4.600%	04/04/2008	††		2,738,487		2,738,487
BNP Paribas
3.820%	04/16/2008	††		8,215,463		8,215,463
BNP Paribas
3.000%	04/01/2008	††		34,231,100		34,231,100
Branch Banking & Trust
2.000%	04/01/2008	††		13,692,439		13,692,439
Calyon
3.020%	04/04/2008	††		5,476,977		5,476,977

 

See accompanying notes to schedule of investments.

35

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
Calyon
3.000%	04/01/2008	††	$	31,851,292	$	31,851,292
Fortis Bank
2.750%	04/08/2008	††		19,169,416		19,169,416
Rabobank Nederland
3.010%	04/07/2008	††		6,846,220		6,846,220
Royal Bank of Canada
2.750%	04/01/2008	††		34,231,100		34,231,100
Royal Bank of Scotland
3.000%	04/01/2008	††		35,600,344		35,600,344
Societe Generale
3.120%	04/03/2008	††		4,107,732		4,107,732
Societe Generale
2.850%	04/10/2008	††		13,692,439		13,692,439
Svenska Handelsbanken
3.000%	04/01/2008	††		30,222,450		30,222,450
UBS AG
3.025%	04/04/2008	††		4,107,733		4,107,733
						251,029,412
TOTAL CASH EQUIVALENTS
(Cost $258,870,549)						258,870,549
REPURCHASE AGREEMENTS—3.2%
State Street Bank and Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $31,118,786 and an effective yield of 1.65%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 3.791%–6.936%, maturities ranging from 07/01/2033–09/01/2033, and an aggregate market value of $31,742,517.				31,117,361		31,117,361
TOTAL INVESTMENTS—126.4%
(Cost $1,272,809,494)						1,238,035,448
Other assets less liabilities—(26.4%)						(258,523,834	)
NET ASSETS—100.0%					$	979,511,614

 

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.

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

†† Represents reinvestment of collateral received in conjunction with securities lending.

** Security acquired in offering made in reliance on Rule 144A exemption from registration under the Securities Act of 1933 (“1933 Act”). Resale of this security is restricted to transactions exempt from registration under the 1933 Act. 144A securities represent 0.03% of Total Investments.

d Security has no market value at 03/31/2008.

See accompanying notes to schedule of investments.

36

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint
Discovery Fund

		Shares		Value
COMMON STOCKS—45.9%
Apparel Retailers—1.8%
Casual Male Retail Group, Inc.	*		161,500	$	678,300
Cato Corporation Class A			40,900		611,046
Charming Shoppes, Inc.	*†		128,100		618,723
DSW, Inc. Class A	*†		44,900		581,455
Eddie Bauer Holdings, Inc.	*		119,037		463,054
					2,952,578
Automotive—0.5%
Force Protection, Inc.	*		128,900		259,089
Group 1 Automotive, Inc.	†		26,500		622,220
					881,309
Banking—1.4%
Dollar Financial Corporation	*		41,700		959,100
FirstFed Financial Corporation	*†		17,100		464,265
World Acceptance Corporation	*†		24,300		773,955
					2,197,320
Beverages, Food & Tobacco—0.9%
Cosan SA Industria Comercio (Brazil)			27,800		410,885
Lance, Inc.			49,100		962,360
					1,373,245
Commercial Services—3.0%
CRA International, Inc.	*		24,400		784,216
H&E Equipment Services, Inc.	*		46,300		581,991
Highbury Financial, Inc.	*		14,800		42,920
Regis Corporation			31,000		852,190
RSC Holdings, Inc.	*†		71,000		773,900
TAL International Group, Inc.	†		41,453		977,047
Textainer Group Holdings Ltd. (Bermuda)			57,200		862,576
					4,874,840
Communications—0.4%
SeaChange International, Inc.	*		100,400		705,812
Computer Software & Processing—1.2%
BPZ Resources, Inc.	*†		51,800		1,125,614
JDA Software Group, Inc.	*		41,800		762,850
					1,888,464
Computers & Information—1.0%
Palm, Inc.	†		140,000		700,000
Sierra Wireless, Inc. (Canada)	*†		55,400		883,630
					1,583,630
Cosmetics & Personal Care—0.5%
Profarma Distribuidora de Produtos Farmaceuticos SA (Brazil)			48,300		810,718
Electric Utilities—0.5%
Infinity Bio-Energy Ltd. (United Kingdom)	*‡		146,765		587,060
PNOC Energy Development Corporation (Philippine Islands)			1,736,000		244,817
					831,877
Electrical Equipment—0.3%
Allen-Vanguard Corporation (Canada)	*		165,200		550,479
Electronics—4.3%
DSP Group, Inc.	*		82,000	$	1,044,680
Hutchinson Technology, Inc.	*		35,000		556,850
Imation Corporation	†		43,400		986,916
MIPS Technologies, Inc. Class A	*		135,677		537,281
Microsemi Corporation	*		31,800		725,040
OSI Systems, Inc.	*		21,000		483,420
PMC-Sierra, Inc.	*		125,200		713,640
Park Electrochemical Corporation			33,000		853,050
Trina Solar Ltd., Sponsored ADR (Cayman Islands)	*†		900		27,666
TTM Technologies, Inc.	*		87,600		991,632
					6,920,175
Environmental—0.6%
Rudolph Technologies, Inc.	*		91,500		893,955
Financial Services—1.7%
Canaccord Capital, Inc. (Canada)			50,900		486,014
Evercore Partners, Inc. Class A	†		41,126		729,986
Gluskin Sheff †Associates, Inc. (Canada)			34,700		676,183
GMP Capital Trust (Canada)			28,800		470,576
Ram Holdings Ltd. (Bermuda)	*		56,500		128,255
Uranium Participation Corp. (Canada)	*		25,000		232,620
					2,723,634
Health Care Providers—1.0%
AmSurg Corporation	*		30,600		724,608
Odyssey HealthCare, Inc.	*		100,700		906,300
					1,630,908
Heavy Construction—0.4%
Orion Marine Group, Inc.	***		60,000		717,000
Heavy Machinery—0.4%
Asyst Technologies, Inc.	*		170,000		595,000
Home Construction, Furnishings & Appliances—0.5%
Parkervision, Inc.	*†		68,213		527,969
Tecnisa SA (Brazil)			53,500		245,188
					773,157
Insurance—0.4%
Platinum Underwriters Holdings Ltd. (Bermuda)			22,000		714,120
Lodging—0.3%
Thunderbird Resorts, Inc.	*‡**		59,200		408,480
Medical Supplies—0.8%
Micrus Endovascular Corporation	*		51,372		634,958
Zygo Corporation	*		46,100		573,484
					1,208,442
Metals—4.7%
Carpenter Technology Corporation			13,400		749,998
Esmark, Inc.	*†		58,200		657,660
Frontera Copper Corporation (Canada)	*		106,600		540,089
Grupo Simec SAB-Sponsored ADR (Mexico)	*		30,100		335,013

See accompanying notes to schedule of investments.

37

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Discovery Fund

		Shares		Value
COMMON STOCKS—(Continued)
Horsehead Holdings Corporation	*†		70,500	$	816,390
Katanga Mining Ltd. (Bermuda)	*		60,300		916,529
NCI Building Systems, Inc.	*		26,700		646,140
Schnitzer Steel Industries, Inc. Class A			9,000		639,180
Steel Dynamics, Inc.			21,800		720,272
Universal Stainless & Alloy Products, Inc.	*		21,000		623,910
Uranium One, Inc. (Canada)	*		81,200		267,410
Western Goldfields, Inc. (Canada)	*		188,400		602,880
					7,515,471
Oil & Gas—5.6%
Approach Resources, Inc.	*		52,300		820,064
Basic Energy Services, Inc.	*		40,100		885,408
Complete Production Services, Inc.	*		35,700		818,958
Encore Acquisition Company	*		12,600		507,528
Energy Partners Ltd.	*		86,000		814,420
Hercules Offshore, Inc.	*†		37,600		944,512
Nova Biosource Fuels, Inc.	*†		302,550		456,850
Oilsands Quest, Inc.	*†		173,300		682,802
OPTI Canada, Inc. (Canada)	*		47,400		798,967
Superior Well Services, Inc.	*		30,900		675,783
Swift Energy Company	*		11,500		517,385
Synenco Energy, Inc. Class A (Canada)	*		148,700		1,050,397
					8,973,074
Pharmaceuticals—5.5%
Arena Pharmaceuticals, Inc.	*†		111,300		761,292
Ariad Pharmaceuticals, Inc.	*		166,300		560,431
CV Therapeutics, Inc.	*†		124,500		887,685
Encysive Pharmaceuticals, Inc.	*†		523,654		1,230,587
Exelixis, Inc.	*		140,100		973,695
Human Genome Sciences, Inc.	*†		158,400		932,976
Incyte Corporation	*†		123,500		1,297,985
Medicines Company	*		40,800		824,160
Rentech, Inc.	*		333,278		296,617
Rigel Pharmaceuticals, Inc.	*†		51,900		968,454
					8,733,882
Real Estate—4.1%
Agra Empreendimentos Imobiliarios SA (Brazil)	*		49,100		220,804
Anworth Mortgage Asset Corporation REIT	†		31,200		191,256
Brasil Brokers Participacoes (Brazil)	*		300		210,531
Capstead Mortgage Corporation REIT	†		68,600		782,040
Companhia Brasileira de Desenvolvimento Imobiliario Turistico (Brazil)	*		700		298,751
Dundee Real Estate Investment Trust REIT (Canada)			14,500		458,869
General Shopping Brasil SA (Brazil)	*		37,500		287,652
Grubb & Ellis Realty Advisors, Inc.	*†		139,300		845,551
Grubb and Ellis Company			126,000		865,620
Hersha Hospitality Trust REIT			96,248	$	869,119
Investors Real Estate Trust REIT	†		83,700		818,586
MFA Mortgage Investments, Inc. REIT			118,200		744,660
					6,593,439
Retailers—0.3%
Retail Ventures, Inc.	*		87,785		425,757
Telephone Systems—2.2%
Centennial Communications Corporation	*		148,300		876,453
Fairpoint Communications, Inc.	†		102,209		921,925
Harris Stratex Networks, Inc.	*		85,965		862,229
Novatel Wireless, Inc.	*		86,000		832,480
					3,493,087
Textiles, Clothing & Fabrics—0.4%
Gildan Activewear, Inc. (Canada)	*		18,500		691,160
Transportation—1.1%
Arlington Tankers Ltd. (Bermuda)	†		41,685		875,385
StealthGas, Inc. (Greece)			54,800		852,140
					1,727,525
Water Companies—0.1%
Companhia de Saneamento de Minas Gerais (Brazil)			13,500		204,944
TOTAL COMMON STOCKS
(Cost $88,841,563)					73,593,482

 

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—5.1%
Banking—0.7%
General Electric Capital Corp., Series A, Note, (MTN)
4.250%	09/13/2010	$	1,100,000		1,124,858
Beverages, Food & Tobacco—0.2%
Dean Foods Company, Senior Note
6.625%	05/15/2009		280,000		280,700
Computer Software & Processing—0.3%
Oracle Corporation, Note
5.000%	01/15/2011		510,000		523,523
Computers & Information—0.3%
International Business Machines Corp., Senior Note
4.950%	03/22/2011		400,000		418,742
Electric Utilities—0.2%
AES Corporation, Senior Note
9.500%	06/01/2009		315,000		326,655
Electronics—0.3%
Cisco Systems, Inc., Senior Note
5.250%	02/22/2011		400,000		417,832
Lodging—0.2%
MGM Mirage, Senior Note
6.000%	10/01/2009		295,000		294,262

 

See accompanying notes to schedule of investments.

38

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Discovery Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Media—Broadcasting & Publishing—0.6%
Comcast Corporation, Note
5.450%	11/15/2010		$	720,000	$	742,389
CSC Holdings, Inc., Series B, Senior Note
8.125%	07/15/2009			290,000		293,625
						1,036,014
Pharmaceuticals—0.6%
Abbott Laboratories, Note
5.375%	05/15/2009			300,000		306,950
Amgen, Inc., Senior Note
4.000%	11/18/2009			690,000		697,242
						1,004,192
Retailers—0.4%
CVS Caremark Corporation, Note
4.000%	09/15/2009			690,000		690,543
Telephone Systems—1.3%
BellSouth Corp., Note
4.200%	09/15/2009			950,000		956,617
Deutsche Telekom International Finance BV, Note (Netherlands)
5.375%	03/23/2011			400,000		406,925
Qwest Capital Funding, Guaranteed Note
7.000%	08/03/2009			325,000		325,000
Verizon Global Funding Corp., Note
7.250%	12/01/2010			400,000		429,851
						2,118,393
TOTAL CORPORATE OBLIGATIONS
(Cost $8,139,973)						8,235,714
U.S. GOVERNMENT AGENCY OBLIGATIONS—18.3%
U.S. Government Agency Mortgage-Backed Securities—0.4%
Federal National Mortgage Association
6.778%	11/01/2035			637,933		654,483
U.S. Government Agency Obligations—17.9%
Federal Home Loan Bank
2.005%	04/25/2008			3,000,000		2,995,990
Federal Home Loan Mortgage Corporation
5.750%	03/15/2009			7,000,000		7,230,216
4.750%	11/03/2009			7,000,000		7,272,559
3.000%	04/01/2011			1,800,000		1,805,944
Federal National Mortgage Association
4.875%	10/15/2009			2,000,000		2,029,196
4.375%	09/13/2010			7,000,000		7,323,715
						28,657,620
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $28,648,104)						29,312,103
U.S. TREASURY OBLIGATIONS—20.6%
U.S. Treasury Notes—20.6%
U.S. Treasury Note
4.625%	07/31/2009			4,235,000		4,407,712
4.500%	05/15/2010			12,047,000		12,786,770
4.500%	11/15/2010		$	2,500,000	$	2,681,642
4.500%	02/28/2011			1,500,000		1,616,837
3.875%	09/15/2010			10,903,000		11,490,748
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $31,601,959)						32,983,709
MUNICIPAL OBLIGATIONS—1.7%
Financial Services—1.7%
New York, NY
6.500%	05/15/2011			1,600,000		1,755,344
North Carolina State
5.000%	03/01/2010			900,000		946,719
TOTAL MUNICIPAL OBLIGATIONS
(Cost $2,668,925)						2,702,063
SOVEREIGN DEBT OBLIGATIONS—0.3%
Government Issued—0.3%
Province of Ontario Canada (Canada)
2.750%	02/22/2011
(Cost $398,787)				400,000		400,534
WARRANTS—0.0%
Financial Services—0.0%
Oilsands Quest, Inc. Warrants, Expires 12/5/2009				7,000		6,300
Real Estate—0.0%
Grubb & Ellis Realty Advisors, Inc. Warrants, Expires 02/27/2010		‡		278,600		—
TOTAL WARRANTS
(Cost $14,726)						6,300
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—2.6%
Mortgage Backed—2.6%
Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
5.298%	12/19/2035			1,792,463		1,722,749
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
3.304%	03/25/2044			1,805,984		1,808,425
WaMu Mortgage Pass Through Certificates, Series 2006-AR12, Class 1A1
6.072%	10/25/2036			637,132		622,276
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $4,124,382)						4,153,450
CASH EQUIVALENTS—21.3%
Institutional Money Market Funds—0.6%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††		1,033,662		1,033,662
Bank & Certificate Deposits/ Offshore Time Deposits—20.7%
ABN Amro Bank NV
3.000%	04/10/2008	††		902,506		902,506

 

See accompanying notes to schedule of investments.

39

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Discovery Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Barclays
4.600%	04/04/2008	††	$	361,003	$	361,003
BNP Paribas
3.820%	04/16/2008	††		1,083,008		1,083,008
BNP Paribas
3.000%	04/01/2008	††		4,512,532		4,512,532
Branch Banking & Trust
2.000%	04/01/2008	††		1,805,012		1,805,012
Calyon
3.020%	04/04/2008	††		722,005		722,005
Calyon
3.000%	04/01/2008	††		4,198,812		4,198,812
Fortis Bank
2.750%	04/08/2008	††		2,527,018		2,527,018
Rabobank Nederland
3.010%	04/07/2008	††		902,507		902,507
Royal Bank of Canada
2.750%	04/01/2008	††		4,512,532		4,512,532
Royal Bank of Scotland
3.000%	04/01/2008	††		4,693,034		4,693,034
Societe Generale
3.120%	04/03/2008	††		541,504		541,504
Societe Generale
2.850%	04/10/2008	††		1,805,012		1,805,012
Svenska Handelsbanken
3.000%	04/01/2008	††		3,984,090		3,984,090
UBS AG
3.025%	04/04/2008	††		541,504		541,504
						33,092,079
TOTAL CASH EQUIVALENTS
(Cost $34,125,741)						34,125,741
TOTAL INVESTMENTS—115.8%
(Cost $198,564,160)						185,513,096
Other assets less liabilities—(15.8%)						(25,263,466	)
NET ASSETS—100.0%					$	160,249,630

 

Legend to the Schedule of Investments:

ADR American Depositary Receipt

MTN Medium Term Note

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 acquired in offering made in reliance on Rule 144A exemption from registration under the Securities Act of 1933 (“1933 Act”). Resale of this security is restricted to transactions exempt from registration under the 1933 Act. 144A securities represent 0.67% of Total Investments.

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

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

†† Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to schedule of investments.

40

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—96.2%
Australia—2.8%
Amcor Ltd.			156,141	$	1,020,744
ASX Ltd.			23,900		822,192
AXA Asia Pacific Holdings Ltd.			137,300		692,585
Babcock & Brown Infrastructure Group			173,414		186,850
Brambles Ltd.			185,582		1,694,703
Foster’s Group Ltd.			151,148		707,807
Gloucester Coal Ltd.			174,400		1,553,010
Incitec Pivot Ltd.			18,900		2,441,371
Insurance Australia Group Ltd.	†		70,435		236,864
JB Hi-Fi Ltd.			94,400		779,400
Macquarie Group Ltd.	†		12,945		624,302
Newcrest Mining Ltd.			30,420		922,343
QBE Insurance Group Ltd.			27,080		553,549
Straits Resources Ltd.			158,000		889,192
Telstra Corporation Ltd.			225,481		908,170
Toll Holdings Ltd.			48,052		441,869
Wesfarmers Ltd.			22,500		826,553
Westpac Banking Corporation			30,000		654,150
Woodside Petroleum Ltd.			158,575		7,873,029
Woolworths Ltd.			84,761		2,252,364
WorleyParsons Ltd.			115,100		3,524,453
					29,605,500
Austria—0.2%
Raiffeisen International Bank Holding AG			14,534		1,986,222
Telekom Austria AG			25,500		527,644
					2,513,866
Belgium—1.0%
Delhaize Group			15,323		1,210,591
Fortis			75,900		1,908,903
Fortis—Strip VVPR	*		20,800		329
Interbrew			26,900		2,365,430
KBC Groep NV			31,100		4,040,729
UCB SA			16,278		566,416
Umicore			16,528		860,581
					10,952,979
Bermuda—1.0%
Jardine Matheson Holdings Ltd.			26,000		821,080
NWS Holdings Ltd.			665,796		2,263,093
SeaDrill Ltd.	*		267,500		7,219,567
					10,303,740
Brazil—0.1%
Bovespa Holding SA			21,000		285,718
Redecard SA			5,800		95,858
Vivo Participacoes SA ADR	†*		171,218		1,020,459
					1,402,035
Canada—4.8%
Barrick Gold Corporation			181,900		7,903,555
Cameco Corporation			33,900		1,117,724
Canadian Imperial Bank of Commerce			9,100		586,067
Canadian National Railway Company			13,300		644,947
Canadian Natural Resources Ltd.			51,100		3,498,609
Canadian Pacific Railway Ltd.	†		66,248		4,259,084
EnCana Corporation			25,600		1,950,524
Fairfax Financial Holdings Ltd.			1,800		524,207
Inmet Mining Corporation			7,600		555,366
Methanex Corporation	†		10,700	$	281,483
Potash Corporation of Saskatchewan, Inc.			82,600		12,836,459
Research In Motion Ltd.	*		84,700		9,530,865
Shaw Communications, Inc. Class B			45,400		830,722
Shoppers Drug Mart Corporation			15,300		774,280
Suncor Energy, Inc.			59,700		5,770,777
					51,064,669
Cayman Islands—0.2%
China Resources Land Ltd.			1,183,700		2,078,471
China—0.7%
China Construction Bank Class H			2,921,572		2,206,842
China Life Insurance Co., Ltd. Class H			232,700		808,413
China Petroleum & Chemical Corporation Class H			1,565,600		1,354,342
China Shenhua Energy Co., Ltd. Class H			99,500		402,945
Industrial and Commercial Bank of China Asia Ltd. Class H			543,000		382,407
PICC Property & Casualty Class H			774,000		710,267
Shanghai Electric Group Company Ltd. Class H			1,887,466		1,164,579
					7,029,795
Denmark—0.1%
Novo Nordisk A/S Class B			16,000		1,102,830
Finland—1.4%
Fortum Oyj	†*		180,366		7,371,187
Neste Oil Oyj	†		19,100		669,116
Nokia Oyj			164,300		5,196,055
Rautaruukki Oyj	*		15,500		750,580
UPM-Kymmene Oyj	†		29,226		520,833
					14,507,771
France—9.8%
Accor SA			9,700		709,451
Air Liquide SA			7,553		1,153,874
Alstom			20,248		4,393,864
Altamir Amboise			202,000		2,034,348
AXA			46,300		1,677,451
Beneteau			30,900		832,928
BNP Paribas			37,170		3,754,463
Bouygues SA			144,795		9,226,486
Carrefour SA			52,944		4,092,352
Cie Generale D’Optique Essilor International SA			56,000		3,666,226
Dassault Systemes SA			13,700		798,025
Electricite de France			67,994		5,924,877
Esso Ste Anonyme Francaise			4,970		1,054,293
France Telecom SA			90,201		3,035,617
GFI Informatique			217,600		1,399,400
Groupe Danone			33,400		2,991,714
IMS International Metal Service			24,500		976,449
Jacquet Metals			1,636		140,746
LVMH Moet Hennessy Louis Vuitton SA			82,165		9,156,600
Lafarge SA			9,500		1,653,645
L’Oreal SA			51,100		6,499,181
Manutan International			9,000		782,652
Oberthur Technologies			140,500		987,777
PagesJaunes SA	†		18,853		336,428
Pernod-Ricard SA			12,600		1,300,470

See accompanying notes to schedule of investments.

41

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Peugeot SA			68,100	$	5,294,381
Renault SA			6,400		709,652
Rhodia SA	*		19,008		443,771
Sanofi-Synthelabo SA			53,700		4,034,669
Schneider Electric SA			14,358		1,858,022
Societe Generale	*		2,307		222,377
Societe Generale Class A			9,230		904,720
Societe Television Francaise1			46,178		1,019,236
Suez SA			25,400		1,667,798
Technip SA			48,751		3,804,167
Total SA			35,340		2,622,689
Vallourec SA			3,123		758,779
Veolia Environnement			29,958		2,094,211
Vinci SA			98,495		7,137,653
Vivendi Universal SA			43,800		1,716,271
					102,867,713
Gabon—0.1%
Total Gabon			1,200		798,064
Germany—8.1%
Allianz AG			43,299		8,576,654
Bayer AG			117,408		9,420,334
Commerzbank AG			14,931		467,661
Continental AG			15,100		1,539,627
DaimlerChrysler AG	†		134,695		11,533,331
Deutsche Bank AG			13,132		1,486,726
Deutsche Boerse AG			13,100		2,114,961
Deutsche Telekom AG			171,229		2,849,825
Fraport AG	†		44,938		3,249,169
Fresenius Medical Care AG			16,100		811,632
Hypo Real Estate Holding			21,450		557,712
IVG Immobilien AG			20,401		571,220
Linde AG			40,656		5,737,230
MAN AG			9,100		1,210,634
Muenchener Rueckversicherungs AG			27,200		5,339,301
Q-Cells AG	*		6,300		628,814
RWE AG			21,283		2,620,657
Salzgitter AG			44,700		7,800,272
SAP AG			78,300		3,897,063
Siemens AG			13,800		1,499,230
ThyssenKrupp AG			13,600		782,136
United Internet AG			47,981		1,033,742
Volkswagen AG			13,300		3,859,797
Wacker Chemie AG			36,869		7,567,258
					85,154,986
Hong Kong—5.3%
Bank of East Asia Ltd.			803,000		4,049,701
China Merchants Holdings International Co. Ltd.			281,800		1,351,079
China Mobile Ltd.			182,000		2,734,515
China Netcom Group Corporation Hong Kong Ltd.			402,050		1,161,229
China Overseas Land & Investment Ltd.			168,000		313,971
China Unicom Ltd.			1,518,066		3,225,390
CLP Holdings Ltd.			480,000		3,971,942
CNOOC Ltd.			3,700,000		5,450,883
Hang Lung Group Ltd.			183,000		874,667
Hang Seng Bank Ltd.			346,000		6,308,365
Hengan International Group Co. Ltd.			526,000		1,813,491
Hong Kong & China Gas			1,670,000		5,052,720
Hutchison Whampoa Ltd.			1,004,498		9,554,388
Li & Fung Ltd.			102,400	$	383,573
New World Development Company Ltd.			146,600		360,609
Public Financial Holdings Ltd.			1,284,000		1,074,799
Sino Land Company Ltd.			59,200		129,442
Sun Hung Kai Properties Ltd.			248,800		3,929,142
Swire Pacific Ltd. Class A			265,626		3,010,416
Wing Lung Bank			69,000		1,207,545
					55,957,867
Indonesia—0.0%
PT Telekomunikasi Indonesia Tbk			173,500		183,020
Ireland—0.4%
Allied Irish Banks PLC			41,200		879,974
CRH PLC			76,721		2,916,430
					3,796,404
Italy—1.9%
Enel SpA			70,600		751,048
ENI SpA			194,219		6,622,595
Fiat SpA	†		162,600		3,774,183
IFIL-Investments SpA			555,000		4,489,020
Intesa Sanpaola			395,545		2,795,473
Prysmian SpA	*		28,000		599,169
Saipem SpA			39,200		1,591,907
					20,623,395
Japan—22.2%
Advantest Corporation	†		73,500		1,925,058
Aeon Company Ltd.			255,000		3,067,198
AEON Mall Co., Ltd.			116,500		3,265,149
Ain Pharmaciez, Inc.			8,100		132,367
Aisin Seiki Company Ltd.			143,500		5,402,715
Ajinomoto Company, Inc.			66,000		671,139
Aloka Co., Ltd.			54,900		729,458
Apamanshop Holdings Co., Ltd.			3,410		796,921
Astellas Pharma, Inc.			72,000		2,822,874
AUCNET, Inc.			40,500		455,817
Canon, Inc.			120,650		5,617,948
Citizen Holding Co., Ltd.	†		80,000		681,758
Credit Saison Company Ltd.			143,650		4,024,059
D&M Holdings, Inc.	†*		275,000		936,557
Daikin Industries Ltd.			68,000		2,958,757
Daito Trust Construction Company Ltd.			71,000		3,658,698
Daiwa House Industry Company Ltd.			101,000		1,006,751
Denso Corporation			116,500		3,791,497
East Japan Railway Company			83		690,923
Eisai Company Ltd.			73,000		2,509,170
Elpida Memory, Inc.	*		43,000		1,447,991
Fanuc Ltd.			70,400		6,742,250
Fuji Machine Manufacturing Co. Ltd.			49,400		1,033,401
FUJIFILM Holding Corporation			36,000		1,284,551
Fujitsu Frontech Ltd.			86,700		639,092
Futaba Industrial Co. Ltd.			57,500		1,295,455
Heiwa Corporation			70,000		667,641
Hirose Electric Company Ltd.	†		24,700		2,789,284
Hitachi Ltd.			126,000		751,037
Honda Motor Company Ltd.			273,400		7,883,634
Hoya Corporation			174,600		4,118,403
Idemitsu Kosan Co. Ltd.			6,900		537,354
Inpex Holdings, Inc.			143		1,613,630
Itochu Corporation			548,000		5,471,345
Japan Tobacco, Inc.			1,114		5,563,292
JGC Corporation			46,000		704,731

See accompanying notes to schedule of investments.

42

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Jupiter Telecommunications Co.	*		3,531	$	3,316,915
Kansai Electric Power Company, Inc. (The)			33,200		829,241
Keiyo Co. Ltd.	†		105,000		751,714
Keyence Corporation			28,300		6,573,807
Marubeni Corporation			495,000		3,636,064
Matsushita Electric Industrial Company Ltd.			35,000		759,500
Millea Holdings, Inc.			127,200		4,724,903
Miraca Holdings, Inc.			131,000		3,444,355
Mitsubishi Corporation			47,000		1,435,565
Mitsubishi Estate Company Ltd.			205,900		5,037,774
Mitsubishi Heavy Industries Ltd.			742,700		3,201,388
Mitsubishi UFJ Financial Group, Inc.			569,000		4,969,039
Mitsui & Company Ltd.			535,050		10,960,862
Mitsui Fudosan Company Ltd.			93,046		1,868,600
Mitsui O.S.K. Lines Ltd.			51,000		622,877
Mitsui Sumitomo Insurance Company Ltd.	‡		87,000		877,406
Mizuho Financial Group, Inc.			575		2,120,429
Murata Manufacturing Company Ltd.			28,200		1,412,237
NTT DoCoMo, Inc.			2,135		3,249,728
Nintendo Company Ltd.			8,900		4,648,593
Nippon Electric Glass Company Ltd.			46,500		729,032
Nippon Telegraph & Telephone Corporation			334		1,444,292
Nissan Motor Company Ltd.			178,800		1,496,470
Nitto Denko Corporation			54,000		2,292,130
Nomura Holdings, Inc.			191,400		2,876,546
Oracle Corporation (Japan)			12,600		585,245
Oriental Yeast Co. Ltd.			156,000		825,257
ORIX Corporation			21,170		2,914,718
Rohm Company Ltd.			37,900		2,364,764
Sanden Corporation			155,000		634,189
Secom Company Ltd.			68,000		3,340,244
Shimamura Company Ltd.	†		33,900		2,910,414
Shin-Etsu Chemical Company Ltd.			62,600		3,254,081
SMC Corporation			17,200		1,824,147
Softbank Corporation	*		394,100		7,209,970
Sony Corporation			22,700		911,477
Sony Financial Holdings, Inc.			134		542,943
Sumitomo Chemical Company Ltd.			389,300		2,508,591
Sumitomo Corporation			501,000		6,666,390
Sumitomo Metal Industries, Ltd.			150,000		573,717
Sumitomo Mitsui Financial Group, Inc.			914		6,061,196
Suruga Corporation			56,000		162,132
Suzuki Motor Corporation			183,400		4,656,967
Takeda Pharmaceutical Company Ltd.			71,200		3,568,303
TOA Corporation			75,000		603,173
Token Corporation			107,000		3,644,001
Tokyo Electron Ltd.			16,400		1,003,443
Tokyo Gas Company Ltd.			141,000		573,704
Tokyu Corporation			92,000		468,528
Tokyu Land Corporation			161,500		1,026,777
Tosei Corporation			1,207		778,253
Toshiba Corporation	†		308,000		2,066,457
Tostem Inax Holding Corporation			26,400		399,192
Toyota Industries Corporation			18,100		647,105
Trend Micro, Inc.			52,500		2,068,337
UniCharm Corporation			14,600	$	1,069,969
Unipres Corporation			82,400		808,716
Yahoo Japan Corporation			4,232		2,220,341
Yamada Denki Company Ltd.			18,420		1,603,255
Yamato Transport Company Ltd.			155,200		2,276,853
					233,740,221
Luxembourg—0.3%
Acergy SA			30,375		654,435
RTL Group			8,457		1,072,757
SES			20,100		425,514
SES Global			28,900		616,112
Tenaris SA	†		12,959		323,467
					3,092,285
Mexico—0.6%
America Movil SA de CV, ADR			67,600		4,305,444
Cemex SAB de CV Sponsored ADR	†*		20,600		538,072
Grupo Televisa SA ADR			27,900		676,296
Telefonos de Mexico SAB de CV Sponsored ADR			10,300		387,280
Wal-Mart de Mexico SAB de CV Class V			77,400		327,771
					6,234,863
Netherlands—2.3%
ASML Holdings NV	*		264,925		6,543,476
Aegon NV			57,504		845,311
Akzo Nobel NV			10,600		851,980
European Aeronautic Defense and Space Company	†		121,000		2,869,397
Heineken Holding NV Class A			13,643		687,597
ING Groep NV			86,579		3,242,428
Koninklijke Ahold NV	*		50,400		749,476
Koninklijke Ten Cate NV			32,900		1,215,424
Reed Elsevier NV			14,890		285,189
Royal Dutch Shell PLC Class A			54,797		1,893,196
Royal KPN NV			106,800		1,806,097
Unilever NV			93,000		3,136,157
					24,125,728
Norway—1.4%
Kverneland ASA	*		429,300		1,145,539
Orkla ASA			484,841		6,180,416
Renewable Energy Corporation AS	*		39,100		1,103,322
Telenor ASA	*		105,600		2,037,492
Yara International ASA			69,200		4,032,139
					14,498,908
Poland—0.1%
Polski Koncern Naftowy Orlen	*		36,200		646,957
Russia—1.6%
JSC Mining and Metallurgical Company Norilsk Nickel ADR			39,500		1,121,800
Novorossiysk Trade Sponsored GDR, 144A	* **		2,900		43,065
OAO Lukoil Holding ADR	†		50,860		4,242,741
OAO Gazprom Sponsored ADR			156,150		7,885,575
TMK OAO GDR, 144A	**		7,301		233,632
Unified Energy System GDR	*		19,021		1,973,429
Unified Energy System, GDR	*		8,084		839,928
Uralkali GDR, 144A	* **		5,250		203,438
Uralkali Sponsored GDR	*		11,000		451,000
					16,994,608

See accompanying notes to schedule of investments.

43

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Singapore—0.9%
Capitaland Ltd.			168,500	$	785,736
DBS Group Holdings Ltd.			260,000		3,416,077
Hiap Seng Engineering Ltd.			200		49
SembCorp Industries Ltd.			330,600		983,420
Singapore Telecommunications Ltd.			308,392		880,762
Tat Hong Holdings Ltd.			396,000		640,807
Wilmar International Ltd.	*		890,100		2,724,839
					9,431,690
South Africa—0.2%
Harmony Gold Mining Co., Ltd.	*		5,500		65,308
Harmony Gold Mining Co., Ltd., Sponsored ADR	*		15,500		183,520
Naspers Ltd. Class N			72,262		1,255,810
Sasol Ltd.			12,300		589,832
					2,094,470
South Korea—1.0%
Kookmin Bank			47,018		2,639,005
KT Corporation			18,770		892,332
NHN Corp.	*		13,448		3,157,949
Samsung Electronics GDR, 144A	**		11,025		3,467,752
					10,157,038
Spain—3.5%
Banco Bilbao Vizcaya Argentaria SA			185,300		4,081,890
Banco Santander SA			314,500		6,276,378
Construcciones y Auxiliar de Ferrocarriles SA			2,100		931,374
Gamesa Corporation Tecnologica SA			83,703		3,827,825
Inditex SA			130,348		7,247,393
Repsol YPF SA			55,700		1,922,268
Telefonica SA			434,463		12,504,750
					36,791,878
Sweden—1.6%
Alfa Laval AB			25,400		1,546,834
Assa Abloy AB Class B			44,100		801,270
Atlas Copco AB Class A			38,800		663,963
Hennes & Mauritz AB Class B			30,000		1,848,184
Nordea Bank AB			449,300		7,293,265
Telefonaktiebolaget LM Ericsson ADR	†		2,500		49,125
Telefonaktiebolaget LM Ericsson Class B			1,742,000		3,420,070
TeliaSonera AB			173,300		1,392,336
					17,015,047
Switzerland—8.7%
ABB Ltd.			111,300		3,005,527
Adecco SA			35,629		2,062,097
Bobst Group AG			14,600		1,135,818
Burckhardt Compression Holding AG			3,700		1,181,462
Compagnie Financiere Richemont AG Class A			114,283		6,428,460
Credit Suisse Group			17,498		892,669
Galenica Holding AG Registered			14,390		4,788,119
Givaudan			585		579,799
Holcim Ltd.			71,746	$	7,550,198
Nestle SA			46,587		23,330,805
Nobel Biocare Holding AG			5,107		1,191,597
Novartis AG			162,245		8,341,404
Roche Holding AG—Bearer			6,827		1,386,122
Roche Holding AG—Genusschein			78,412		14,806,631
SGS SA			2,500		3,606,924
Swiss Reinsurance			72,154		6,319,279
Swisscom AG			5,027		1,727,393
Temenos Group AG	†*		39,800		1,044,993
UBS AG			11,178		326,106
UBS AG	†		5,600		161,280
Zurich Financial Services AG			6,200		1,958,039
					91,824,722
Taiwan—0.3%
High Tech Computer Corp.			39,000		880,742
Taiwan Mobile Co., Ltd.			352,660		678,358
Taiwan Semiconductor Manufacturing Company Ltd.			131,654		272,379
Taiwan Semiconductor Manufacturing Company Ltd. ADR			176,861		1,816,362
					3,647,841
United Kingdom—13.6%
Alliance & Leicester PLC			108,569		1,118,493
Anglo American PLC			12,900		773,985
Antofagasta PLC			51,500		717,703
ARM Holdings PLC			168,400		294,393
AstraZeneca Group PLC			24,684		929,240
AstraZeneca PLC			64,400		2,417,958
Aveva Group PLC			45,400		1,028,308
BG Group PLC			234,800		5,445,846
Babcock International Group PLC			111,400		1,265,489
BAE Systems PLC			949,000		9,159,869
Barclays PLC			68,300		616,773
BHP Billiton PLC			206,600		6,090,994
BP PLC			526,100		5,335,380
British Energy Group PLC			16,442		213,249
British Land Company PLC			94,200		1,717,366
Cairn Energy PLC	*		11,800		663,447
Centrica PLC			747,800		4,434,830
Chaucer Holdings PLC			1,376,100		2,740,632
Diploma PLC			978,500		2,955,586
Eurocamp PLC			77,300		842,066
Ferrexpo PLC	*		154,500		1,084,429
Game Group PLC			232,500		980,416
GlaxoSmithKline PLC			130,000		2,752,420
HSBC Holdings PLC			90,100		1,485,721
HBOS PLC			152,100		1,693,724
Hunting PLC			172,600		2,844,827
ITE Group PLC			719,900		2,077,519
JKX Oil & Gas PLC			98,200		859,151
John Wood Group PLC			99,400		799,684
Johnston Press PLC			74,900		184,696
Kingfisher PLC			640,000		1,684,340
Lavendon Group PLC			89,901		599,664
Lloyds TSB Group PLC			529,953		4,739,389
Marks & Spencer Group PLC			60,400		465,177
Micro Focus International PLC			297,000		1,120,736
Morrison WM Supermarkets			2,016,238		11,003,755
National Grid PLC			487,800		6,747,394
Pace Micro Technology PLC	*‡		375,300		680,316
Persimmon PLC			49,000		744,894
Premier Foods PLC			249,600		558,368
Reckitt Benckiser Group PLC			45,000		2,497,797

 

See accompanying notes to schedule of investments.

44

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Reed Elsevier PLC			28,826	$	367,490
Reuters Group PLC			75,500		869,814
Rio Tinto PLC			39,200		4,077,820
Royal Bank of Scotland Group PLC			404,000		2,709,062
Royal Dutch Shell PLC Class B			206,939		6,977,736
SABMiller PLC			256,400		5,628,847
Scottish & Southern Energy PLC			75,600		2,110,712
SDL PLC	*		98,700		610,305
Shire PLC			103,400		2,003,457
Standard Chartered PLC			79,400		2,717,735
Tesco PLC			662,100		4,994,759
Vodafone Group PLC			1,817,401		5,407,262
Wilmington Group PLC			172,991		608,410
Xstrata PLC			125,666		8,810,217
Yell Group PLC			214,500		655,671
					142,915,321
TOTAL COMMON STOCKS
(Cost $939,728,300)					1,013,154,682
PREFERRED STOCKS—0.1%
Germany—0.1%
Porsche AG
(Cost $781,501)			4,140		757,752

 

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—3.7%
Institutional Money Market Funds—0.1%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††	$	1,175,028		1,175,028
Bank & Certificate Deposits/ Offshore Time Deposits—3.6%
ABN Amro Bank NV
3.000%	04/10/2008	††		1,025,935		1,025,935
Barclays
4.600%	04/04/2008	††		410,374		410,374
BNP Paribas
3.820%	04/16/2008	††		1,231,123		1,231,123
BNP Paribas
3.000%	04/01/2008	††		5,129,677		5,129,677
Branch Banking & Trust
2.000%	04/01/2008	††		2,051,871		2,051,871
Calyon
3.020%	04/04/2008	††		820,749		820,749
Calyon
3.000%	04/01/2008	††		4,773,053		4,773,053
Fortis Bank
2.750%	04/08/2008	††		2,872,619		2,872,619
Rabobank Nederland
3.010%	04/07/2008	††		1,025,935		1,025,935
Royal Bank of Canada
2.750%	04/01/2008	††		5,129,677		5,129,677
Royal Bank of Scotland
3.000%	04/01/2008	††		5,334,864		5,334,864
Societe Generale
3.120%	04/03/2008	††		615,561		615,561
Societe Generale
2.850%	04/10/2008	††		2,051,871		2,051,871
Svenska Handelsbanken
3.000%	04/01/2008	††	$	4,528,964	$	4,528,964
UBS AG
3.025%	04/04/2008	††		615,561		615,561
						37,617,834
TOTAL CASH EQUIVALENTS
(Cost $38,792,862)						38,792,862
REPURCHASE AGREEMENTS—3.6%
United States—3.6%
State Street Bank and Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $38,148,900 and an effective yield of 1.65%, collateralized by U.S. Government Agency Obligations, with rates ranging from 3.06%–4.58%, maturity dates ranging from 07/01/2033–11/01/2033, and an aggregate market value of $38,914,306.				38,147,143		38,147,143
TOTAL INVESTMENTS—103.6%
(Cost $1,017,449,806)						1,090,852,439
Other assets less liabilities—(3.6%)						(37,441,495	)
NET ASSETS—100.0%					$	1,053,410,944

 

Notes to the Schedule of Investments:

ADR American Depositary Receipt

GDR Global Depositary Receipt

† Denotes all or a portion of security on loan.

* Non-income producing security.

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

** Security acquired in offering made in reliance on Rule 144A exemption from registration under the Securities Act of 1933 (“1933 Act”). Resale of this security is restricted to transactions exempt from registration under the 1933 Act. 144A securities represent 0.36% of Total Investments.

†† Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to schedule of investments.

45

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint International Fund
Percentage of Portfolio by Industry (unaudited):
Oil & Gas	10.6	%
Banking	9.3	%
Telephone Systems	5.6	%
Pharmaceuticals	5.4	%
Beverages, Food & Tobacco	5.2	%
Automotive	5.2	%
Chemicals	4.5	%
Commercial Services	4.2	%
Insurance	3.8	%
Metals	3.9	%
Financial Services	3.5	%
Distribution/Wholesale	3.1	%
Electric Utilities	3.2	%
Electronics	2.8	%
Real Estate	2.7	%
Medical Supplies	2.1	%
Food Retailers	2.1	%
Communications	2.1	%
Computer Software & Processing	2.0	%
Transportation	1.7	%
Heavy Machinery	1.7	%
Retailers	1.7	%
Building Materials	1.5	%
Aerospace & Defense	1.2	%
Apparel Retailers	1.2	%
Media—Broadcasting & Publishing	1.1	%
Heavy Construction	1.1	%
Cosmetics & Personal Care	0.9	%
Home Construction, Furnishings & Appliances	0.8	%
Computers & Information	0.6	%
Entertainment & Leisure	0.6	%
Water Companies	0.2	%
Coal	0.2	%
Electrical Equipment	0.2	%
Advertising	0.1	%
Containers & Packaging	0.1	%
Lodging	0.1	%
TOTAL COMMON STOCKS	96.3	%
Repurchase Agreements	3.6	%
Bank & Certificate Deposits/Offshore Time Deposits	3.6	%
Institutional Money Market Funds	0.1	%
TOTAL CASH EQUIVALENTS/REPURCHASE AGREEMENTS	7.3	%
TOTAL INVESTMENTS	103.6	%
Other assets less liabilities	(3.6	)%
TOTAL NET ASSETS	100.0	%

 

See accompanying notes to schedule of investments.

46

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint
Diversified Assets Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—17.0%
Aerospace & Defense—0.7%
Textron, Inc.
6.375%	11/15/2008		$	2,900,000	$	2,960,781
Airlines—0.1%
Continental Airlines, Inc., Series 2001-1, Class A2
6.503%	06/15/2011	†		420,000		409,913
Automotive—0.7%
DaimlerChrysler North America Holding Corporation, Guaranteed Note
4.050%	06/04/2008			2,000,000		2,000,824
Lear Corporation, Senior Note
8.110%	05/15/2009	†		1,000,000		990,000
						2,990,824
Banking—2.8%
Caterpillar Financial Services Corp., Series F, Note
3.450%	01/15/2009			3,500,000		3,492,373
General Electric Capital Corp., Note, (MTN)
3.964%	01/20/2010	#†		3,500,000		3,477,491
IBM International Group Capital LLC, Guaranteed Note
3.646%	07/29/2009	#		1,190,000		1,193,501
John Deere Capital Corp., Senior Note, (MTN)
3.530%	02/26/2010	#		1,300,000		1,300,216
SLM Corp., Note
3.541%	07/25/2008	#†		1,000,000		982,936
VTB Capital SA, Note, Reg S (Luxembourg)
6.660%	11/02/2009	†		1,500,000		1,477,500
Washington Mutual, Inc., Senior Note
4.000%	01/15/2009	†		310,000		279,050
						12,203,067
Beverages, Food & Tobacco—1.8%
Alliance One International, Inc., Senior Note
11.000%	05/15/2012	†		1,500,000		1,530,000
Diageo Capital PLC, Note, (MTN) (United Kingdom)
3.196%	11/10/2008	#†		3,500,000		3,489,846
Kraft Foods, Inc., Note
4.000%	10/01/2008			3,000,000		2,997,456
						8,017,302
Chemicals—0.2%
Sensient Technologies Corp., Note
6.500%	04/01/2009	†		720,000		728,531
Communications—1.2%
Cisco Systems, Inc., Senior Note
3.158%	02/20/2009	#†		3,500,000		3,500,742
Millicom International Cellular SA, Senior Note (Luxembourg)
10.000%	12/01/2013	†		1,500,000		1,597,500
						5,098,242
Computers & Information—0.3%
Hewlett-Packard Co., Senior Note
3.476%	09/03/2009	#		1,200,000		1,201,562
Electric Utilities—0.6%
AES Corporation, Senior Note
9.500%	06/01/2009	†		2,330,000		2,416,210
Entertainment & Leisure—0.2%
Mohegan Tribal Gaming Authority, Senior Subordinated Note
8.000%	04/01/2012	†	$	1,000,000	$	920,000
Financial Services—1.5%
Berkshire Hathaway Finance Corp., Senior Note
3.375%	10/15/2008			2,575,000		2,582,223
Blue City Investments 1, Ltd. For Blue City Co. 1 SAOC, Note (Cayman Islands)
8.675%	11/07/2013	‡		1,000,000		985,391
Procter & Gamble International Funding SCA, Guaranteed Note (Luxembourg)
3.290%	08/19/2009	#		1,190,000		1,190,481
Rio Tinto Finance USA Ltd., Guaranteed Note (Australia)
2.625%	09/30/2008			2,000,000		1,985,880
						6,743,975
Lodging—0.2%
MGM Mirage, Senior Note
6.000%	10/01/2009			810,000		807,975
Media—Broadcasting & Publishing—2.1%
Cablevision Systems Corp., Series B, Senior Note
9.644%	04/01/2009	#†		500,000		498,750
Comcast Corp., Note
4.677%	07/14/2009	#		1,649,000		1,605,132
CSC Holdings, Inc., Series B, Senior Note
8.125%	07/15/2009			790,000		799,875
CSC Holdings, Inc., Series B, Senior Note
8.125%	08/15/2009	†		750,000		759,375
Dex Media West LLC/Dex Media Finance Co., Series B, Senior Note
8.500%	08/15/2010	†		200,000		195,500
Dex Media West LLC/Dex Media Finance Co., Series B, Senior Subordinated Note
9.875%	08/15/2013	†		1,500,000		1,308,750
Sinclair Broadcast Group, Inc., Senior Subordinated Note
8.000%	03/15/2012	†		1,500,000		1,518,750
Time Warner Entertainment Co., LP, Senior Note
7.250%	09/01/2008			2,500,000		2,529,092
						9,215,224
Oil & Gas—0.7%
BP Capital Markets PLC, Guaranteed Note (United Kingdom)
3.010%	03/17/2010	#		1,200,000		1,197,976
Transocean, Inc., Note (Cayman Islands)
3.214%	09/05/2008	#		2,000,000		1,990,234
						3,188,210
Pharmaceuticals—0.2%
AstraZeneca PLC, Senior Note (United Kingdom)
3.239%	09/11/2009	#		1,100,000		1,093,896
Public Administration—0.3%
Corrections Corp. of America, Senior Note
7.500%	05/01/2011	†		1,500,000		1,522,500
Retailers—0.5%
Neiman-Marcus Group, Inc., Note, (PIK)
9.000%	10/15/2015	†		1,500,000		1,507,500
Wal-Mart Stores, Inc., Senior Note
6.875%	08/10/2009			750,000		791,964
						2,299,464

See accompanying notes to schedule of investments.

47

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Diversified Assets Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Telephone Systems—2.8%
AT&T Corporation
7.300%	11/15/2011	†	$	1,200,000	$	1,300,793
Deutsche Telekom International Finance BV, Global Note (Netherlands)
3.875%	07/22/2008			2,000,000		2,001,480
Qwest Capital Funding, Guaranteed Note
7.000%	08/03/2009			860,000		860,000
Rural Cellular Corp., Senior Secured Note
8.250%	03/15/2012			282,000		290,460
Sprint Capital Corporation, Note
6.125%	11/15/2008	†		2,500,000		2,481,617
Verizon Communications, Inc., Note
4.753%	04/03/2009	#†		3,500,000		3,467,982
Vodafone Americas Asia, Inc., Note
6.650%	05/01/2008			1,895,000		1,898,197
						12,300,529
Transportation—0.1%
Kansas City Southern Railway, Guaranteed Note
9.500%	10/01/2008	†		250,000		254,688
TOTAL CORPORATE OBLIGATIONS
(Cost $75,053,538)						74,372,893
U.S. GOVERNMENT AGENCY OBLIGATIONS—22.8%
U.S. Government Agency Obligations—22.8%
Federal Farm Credit Bank
3.200%	08/05/2009	†		3,300,000		3,303,386
Federal Home Loan Bank
4.570%	12/02/2008	†		10,000,000		10,000,000
2.801%	09/14/2009	†		6,000,000		5,997,330
2.780%	02/27/2009	†		5,000,000		4,998,186
2.750%	02/20/2009	†		7,500,000		7,500,000
2.060%	04/18/2008	†		12,500,000		12,487,840
Federal Home Loan Mortgage Corporation
4.625%	12/19/2008	†		22,000,000		22,364,188
2.608%	09/28/2009	†		5,000,000		4,990,165
2.464%	09/25/2009	‡†		4,000,000		3,999,139
2.436%	12/26/2008			5,000,000		5,006,451
Federal National Mortgage Association
4.875%	10/15/2009			2,750,000		2,790,144
2.100%	04/14/2008	†		6,000,000		5,995,450
1.780%	05/19/2008	†		10,000,000		9,976,267
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $99,125,996)						99,408,546
U.S. TREASURY OBLIGATIONS—25.5%
U.S. Treasury Bills—15.4%
U.S. Treasury Bill
3.100%	06/05/2008			3,000,000		2,983,208
3.010%	06/05/2008			6,150,000		6,116,577
2.861%	04/10/2008	†		14,800,000		14,789,416
2.860%	07/10/2008	†		30,000,000		29,761,666
2.120%	06/05/2008			500,000		498,086
1.990%	06/05/2008			1,500,000		1,494,611
1.300%	06/05/2008			5,000,000		4,988,264
0.800%	06/19/2008			6,850,000		6,837,974
						67,469,802
U.S. Treasury Notes—10.1%
U.S. Treasury Note
4.875%	06/30/2009	†	$	26,000,000	$	27,064,388
3.625%	10/31/2009	†		16,500,000		17,020,789
						44,085,177
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $110,649,277)						111,554,979
ASSET BACKED SECURITIES—21.4%
Automotive—2.9%
AmeriCredit Automobile Receivables Trust, Series 2007-BF, Class A2
5.310%	01/06/2011	†		1,790,971		1,792,399
Carmax Auto Owner Trust, Series 2007-2, Class A2
5.320%	01/15/2010	†		1,015,907		1,022,040
Carmax Auto Owner Trust, Series 2008-1, Class A2B
3.518%	04/15/2011	†		2,000,000		1,990,679
Household Automotive Trust, Series 2006-2, Class A3
5.610%	08/17/2011	†		1,725,658		1,754,596
Long Beach Auto Receivables Trust, Series 2007-A, Class A2
5.150%	11/15/2010	†		2,171,311		2,181,282
Triad Auto Receivables Owner Trust, Series 2005-B, Class A3
4.280%	06/14/2010	†		1,905,441		1,896,431
Triad Auto Receivables Owner Trust, Series 2006-A, Class A3
4.770%	01/12/2011	†		744,167		737,397
Wachovia Auto Loan Owner Trust, Series 2007-1, Class A2
5.360%	07/20/2010			1,437,237		1,448,114
						12,822,938
Credit Cards—6.9%
American Express Credit Account Master Trust, Series 2004-5, Class B
3.068%	04/16/2012	†		1,750,000		1,717,802
American Express Credit Account Master Trust, Series 2005-3, Class B
2.958%	01/18/2011	†		1,750,000		1,750,404
American Express Credit Account Master Trust, Series 2006-A, Class C, 144A
3.048%	08/15/2011			2,750,000		2,682,881
Bank One Issuance Trust, Series 2003-1B, Class B
3.188%	12/15/2010	†		2,000,000		2,000,144
Bank One Issuance Trust, Series 2004-B1, Class B1
3.138%	03/15/2012	†		2,000,000		1,944,973
Chase Credit Card Master Trust, Series 2002-3, Class B
3.268%	09/15/2011	†		1,750,000		1,718,519
Chase Credit Card Master Trust, Series 2003-2, Class B
3.168%	07/15/2010	†		1,750,000		1,750,132
Chase Credit Card Master Trust, Series 2003-3, Class B
3.168%	10/15/2010	†		1,750,000		1,750,266
Chase Credit Card Master Trust, Series 2003-6, Class B
3.168%	02/15/2011	†		1,750,000		1,736,285

See accompanying notes to schedule of investments.

48

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Diversified Assets Fund

Coupon Rate	Maturity Date		Face		Value
ASSET BACKED SECURITIES—(Continued)
Chase Issuance Trust, Series 2006-3C, Class C
3.048%	06/15/2011	†	$	3,000,000	$	2,884,509
Citibank Credit Card Issuance Trust, Series 2003-C1, Class C1
5.746%	04/07/2010	†		3,500,000		3,501,293
Citibank Credit Card Issuance Trust, Series 2006-B1, Class B1
3.185%	03/07/2011	†		1,000,000		979,051
GE Capital Credit Card Master Note Trust, Series 2005-3, Class B
3.118%	06/15/2013	†		1,500,000		1,424,877
Household Credit Card Master Note Trust I, Series 2006-1, Class B
2.958%	06/15/2012	†		1,000,000		958,300
MBNA Credit Card Master Note Trust, Series 2003-3C, Class C
4.168%	10/15/2010	†		1,750,000		1,751,989
MBNA Credit Card Master Note Trust, Series 2005-3C, Class C
3.088%	03/15/2011	†		1,750,000		1,705,908
						30,257,333
Equipment—1.5%
CNH Equipment Trust, Series 2004-4, Class A4B
3.480%	09/15/2011			1,322,043		1,324,570
CNH Wholesale Master Note Trust, Series 2005-1, Class A
2.928%	06/15/2011			5,000,000		4,988,543
						6,313,113
Home Equity Loan—10.1%
Aegis Asset Backed Securities Trust, Series 2005-3, Class A2
2.839%	08/25/2035	†		1,297,481		1,280,905
Ameriquest Mortgage Securities, Inc., Series 2005-R7, Class A2C
2.859%	09/25/2035	†		1,491,280		1,445,005
Argent Securities, Inc., Series 2005-W2, Class A2B1
2.799%	10/25/2035	†		2,761,142		2,637,618
Citigroup Mortgage Loan Trust, Inc., Series 2005-HE3, Class A2C
2.859%	09/25/2035	†		1,553,232		1,541,060
Countrywide Asset-Backed Certificates, Series 2004-AB1, Class 2A3
3.119%	02/25/2035	†		1,855,631		1,811,435
Countrywide Asset-Backed Certificates, Series 2005-11, Class 3AV2
2.889%	02/25/2036	†		1,958,770		1,906,663
Countrywide Asset-Backed Certificates, Series 2006-12, Class 2A1
2.669%	12/25/2036	†		1,952,108		1,919,870
First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FF6, Class A2B
2.819%	05/25/2036	†		1,534,621		1,485,657
First Franklin Mortgage Loan Asset Backed Certificates, Series 2005-FF8, Class A2C
2.869%	09/25/2035	†		2,272,636		2,178,982
Lehman XS Trust, Series 2005-8, Class 2A1A
2.799%	12/25/2035			2,614,923		2,571,876
Long Beach Mortgage Loan Trust, Series 2005-3, Class 2A2
2.879%	08/25/2045	†	$	1,135,473	$	1,090,238
Merrill Lynch Mortgage Investors, Inc., Series 2006-FM1, Class A2A
2.659%	04/25/2037	†		1,103,281		1,089,395
Morgan Stanley Capital I, Series 2006-HE1, Class A2
2.719%	01/25/2036	†		585,093		581,412
Option One Mortgage Loan Trust, Series 2005-4, Class A3
2.859%	11/25/2035	†		2,437,935		2,389,126
Option One Mortgage Loan Trust, Series 2006-1, Class 2A2
2.729%	01/25/2036	†		1,432,729		1,391,175
Residential Asset Securities Corp., Series 2005-KS11, Class AI2
2.739%	12/25/2035	†		438,886		437,796
Residential Asset Securities Corp., Series 2006-KS1, Class A2
2.739%	02/25/2036	†		1,742,382		1,722,096
Residential Asset Securities Corp., Series 2006-KS2, Class A2
2.729%	03/25/2036	†		1,386,116		1,364,027
Saxon Asset Securities Trust, Series 2005-4, Class A2C
2.849%	11/25/2037	†		3,000,000		2,945,187
Soundview Home Equity Loan Trust, Series 2005-OPT4, Class 2A3
2.859%	12/25/2035	†		3,000,000		2,769,696
Soundview Home Equity Loan Trust, Series 2006-OPT5, Class 2A2
2.689%	07/25/2036	†		1,609,082		1,564,268
Specialty Underwriting & Residential Finance, Series 2006-BC1, Class A2B
2.749%	12/25/2036	†		1,500,000		1,463,095
Structured Asset Investment Loan Trust, Series 2003-BC1, Class A2
3.279%	01/25/2033	†		3,488,911		3,351,636
Structured Asset Investment Loan Trust, Series 2006-BNC3, Class A2
2.639%	09/25/2036	†		1,585,691		1,534,087
Wells Fargo Home Equity Trust, Series 2006-2, Class A1
2.669%	07/25/2036	†		1,715,403		1,678,178
						44,150,483
TOTAL ASSET BACKED SECURITIES
(Cost $94,099,165)						93,543,867
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—0.3%
Mortgage Backed—0.3%
HSI Asset Securitization Corp. Trust, Series 2005-NC2, Class 2A3
2.859%	08/25/2035	†		1,332,972		1,293,151
PURCHASED OPTIONS—0.1%
Swiss Market Index, Expires 06/20/2008, Strike 6,855.33 USD
(Cost $312,990)				910		507,824
TOTAL INVESTMENTS—87.1%
(Cost $380,543,946)						380,681,260
Other assets less liabilities—12.9%						56,130,726
NET ASSETS—100.0%					$	436,811,986

 

See accompanying notes to schedule of investments.

49

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint
Diversified Assets Fund

Notes to the Schedule of Investments:

MTN Medium Term Note

Reg S Security sold outside United States without registration under the Securities Act of 1933

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

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

* Security has been pledged as collateral for futures contracts.

** Security acquired in offering made in reliance on Rule 144A exemption from registration under the Securities Act of 1933 (“1933 Act”). Resale of this security is restricted to transactions exempt from registration under the 1933 Act. 144A securities represent 0.70% of Total Investments.

† Security has been earmarked to cover potential senior securities transactions which may include, but are not limited to, futures, swaps, forwards, options and TBA’s.

See accompanying notes to schedule of investments.

50

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—20.1%
Advertising—0.1%
Omnicom Group, Inc., Note
5.900%	04/15/2016		$	500,000	$	497,621
Aerospace & Defense—0.4%
Boeing Capital Corporation, Senior Note
6.100%	03/01/2011			500,000		532,341
Boeing Company (The), Note
6.125%	02/15/2033			100,000		106,226
Boeing Company (The), Note
5.125%	02/15/2013			250,000		262,370
Honeywell International, Inc., Note
7.500%	03/01/2010			1,000,000		1,078,287
Honeywell International, Inc., Note
6.125%	11/01/2011			250,000		270,877
Lockheed Martin Corporation, Note
6.150%	09/01/2036			250,000		259,074
Northrop Grumman Corporation, Note
7.750%	02/15/2031			250,000		309,284
Textron Financial Corporation, Note
6.000%	11/20/2009			200,000		211,913
United Technologies Corporation, Note
6.700%	08/01/2028			150,000		167,807
United Technologies Corporation, Note
6.100%	05/15/2012			50,000		53,897
United Technologies Corporation, Note
4.875%	05/01/2015			500,000		509,588
						3,761,664
Airlines—0.1%
American Airlines, Inc., Series 1999-1, Class A2
7.024%	10/15/2009			157,000		155,925
Continental Airlines, Inc., Series 1998-1, Class 1A
6.648%	09/15/2017			446,607		440,765
						596,690
Apparel Retailers—0.0%
Limited Brands, Note
5.250%	11/01/2014			250,000		212,874
Automotive—0.3%
Daimler Finance North America LLC, Senior Global Note
7.300%	01/15/2012			1,000,000		1,068,571
DaimlerChrysler North America Holding Corporation, Guaranteed Note
7.200%	09/01/2009			350,000		362,154
DaimlerChrysler North America Holding Corporation, Senior Note
6.500%	11/15/2013			500,000		527,663
Johnson Controls, Inc., Note
5.500%	01/15/2016			750,000		765,542
						2,723,930
Banking—5.0%
American Express Company, Note
6.800%	09/01/2066	#		1,000,000		941,697
American General Finance Corporation, Series I, Senior Note, (MTN)
5.400%	12/01/2015			750,000		683,824
Asian Development Bank/Pasig, Global Note (Supra National) (Supra National)
5.500%	06/27/2016			750,000		841,906
Associates Corporate of North America, Senior Note
6.950%	11/01/2018		$	250,000	$	260,840
BAC Capital Trust XI, Guaranteed Note
6.625%	05/23/2036			500,000		473,624
Bank of America Corporation, Subordinated Note
7.750%	08/15/2015			750,000		862,200
Bank of America Corporation, Subordinated Note
6.800%	03/15/2028			500,000		509,608
Bank of America Corporation, Subordinated Note
5.420%	03/15/2017			700,000		695,546
Bank One Corporation, Subordinated Note
5.900%	11/15/2011			750,000		796,338
BB&T Corporation, Note
5.250%	11/01/2019			500,000		457,111
Branch Banking & Trust Company
5.200%	12/23/2015			650,000		618,749
BSCH Issuances Ltd., Subordinated Note (Cayman Islands)
7.625%	09/14/2010			350,000		385,190
Capital One Bank, Note, (MTN)
5.125%	02/15/2014			500,000		449,958
Capital One Financial Corporation, Subordinated Note
6.150%	09/01/2016			500,000		420,533
China Development Bank, Note (China)
5.000%	10/15/2015			250,000		249,142
CIT Group Funding Company of Canada, Senior Note (Canada)
4.650%	07/01/2010			500,000		410,519
CIT Group, Inc., Global Senior Note
5.000%	02/13/2014			500,000		393,950
CIT Group, Inc., Senior Note, (MTN)
4.750%	12/15/2010			1,000,000		796,588
Citigroup, Inc., Global Senior Note
6.000%	08/15/2017			600,000		592,669
Citigroup, Inc., Senior Note
6.125%	11/21/2017			500,000		500,161
Deutsche Bank AG/London, Senior Note (Germany)
6.000%	09/01/2017			500,000		521,495
Deutsche Bank Financial, Inc., Note, Convertible, (MTN)
5.375%	03/02/2015			250,000		254,404
European Investment Bank, Global Note (Supra National)
4.125%	09/15/2010			1,500,000		1,565,092
European Investment Bank, Note (Supra National)
5.125%	09/13/2016			1,000,000		1,090,776
European Investment Bank, Note (Supra National)
4.625%	05/15/2014			500,000		530,912
European Investment Bank, Note (Supra National)
3.375%	06/12/2013			500,000		507,661
Fifth Third Capital Trust IV, Guaranteed Note
6.500%	04/15/2037	#		1,000,000		716,610
First Union Institutional Trust I Capital Securities, Note
8.040%	12/01/2026			1,000,000		1,007,730
FleetBoston Financial Corporation, Senior Note
6.875%	01/15/2028			150,000		160,069
General Electric Capital Corporation, Note (MTN)
5.625%	09/15/2017			750,000		768,844
General Electric Capital Corporation, Note (MTN)
5.400%	02/15/2017			750,000		762,911
General Electric Capital Corporation, Subordinated Note
6.375%	11/15/2017	#		1,000,000		980,250
Household Finance Corporation, Note
8.000%	07/15/2010			750,000		791,879
Household Finance Corporation, Note
6.375%	11/27/2012			1,000,000		1,013,833
HSBC Finance Capital Trust IX, Note
5.911%	11/30/2035			500,000		406,062
HSBC Finance Corporation, Note
7.000%	05/15/2012			1,500,000		1,557,201

See accompanying notes to schedule of investments.

51

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
HSBC Holdings PLC, Note (United Kingdom)
5.250%	12/12/2012	$	150,000	$	149,034
ING Capital Funding Trust III
8.439%	12/31/2049		150,000		149,744
Inter-American Development Bank (Supra National)
7.375%	01/15/2010		750,000		817,426
International Bank for Reconstruction & Development, Note
7.625%	01/19/2023		1,000,000		1,364,994
International Bank for Reconstruction & Development, Note, (MTN) (Supra National)
4.125%	08/12/2009		350,000		359,420
International Finance Corporation, Note (Supra National)
5.125%	05/02/2011		1,000,000		1,085,323
JPMorgan Chase & Company
6.625%	03/15/2012		1,500,000		1,596,115
JPMorgan Chase & Company, Global Senior Note
4.750%	03/01/2015		1,000,000		964,192
JPMorgan Chase & Company, Global Subordinated Note
5.125%	09/15/2014		750,000		742,043
JPMorgan Chase & Company, Senior Note
5.375%	10/01/2012		270,000		280,629
JPMorgan Chase Bank NA, Series B, Subordinated Note
6.000%	10/01/2017		500,000		522,054
KFW International Finance, Inc., Note
8.000%	02/15/2010		250,000		276,435
Kreditanstalt fuer Wiederaufbau, Global Note (Germany)
4.250%	06/15/2010		1,000,000		1,049,136
Kreditanstalt fuer Wiederaufbau, Global Note (Germany)
4.125%	10/15/2014		1,000,000		1,058,687
Kreditanstalt fuer Wiederaufbau, Series G, Global Note, (MTN) (Germany)
4.875%	01/17/2017		1,000,000		1,071,521
Landwirtschaftliche Rentenbank, Global Note (Germany)
4.875%	11/16/2015		1,000,000		1,087,392
Marshall & Ilsley Corporation, Senior Note
4.375%	08/01/2009		500,000		491,952
National Australia Bank, Ltd., Series A, Subordinated Note (Australia)
8.600%	05/19/2010		1,000,000		1,080,427
National City Corporation, Subordinated Note
6.875%	05/15/2019		500,000		385,260
National Rural Utilities Cooperative Finance Corporation, Note
7.250%	03/01/2012		500,000		544,240
Oesterreichische Kontrollbank AG, Note (Austria)
4.750%	11/08/2011		1,000,000		1,068,987
PNC Funding Corporation, Subordinated Note
5.250%	11/15/2015		200,000		188,995
Royal Bank of Canada, Note (Canada)
5.650%	07/20/2011		500,000		524,223
Royal Bank of Scotland Group PLC, Global Note (United Kingdom)
5.000%	10/01/2014		750,000		747,491
Royal Bank of Scotland Group PLC, Note (United Kingdom)
7.648%	08/29/2049		500,000		478,474
Sanwa Bank Ltd., Note
7.400%	06/15/2011		250,000		274,006
SLM Corporation, Note
5.450%	04/25/2011		750,000		603,430
SLM Corporation, Note, (MTN)
5.000%	10/01/2013		500,000		376,774
Suntrust Banks, Inc., Subordinated Note
5.200%	01/17/2017		250,000		225,289
Swiss Bank Corporation, Subordinated Note
7.000%	10/15/2015	$	100,000	$	112,014
U.S. Bank NA, Note
4.800%	04/15/2015		250,000		253,104
UBS AG/Stamford Branch, Note
5.875%	07/15/2016		1,000,000		1,036,054
Wachovia Bank NA/Old, Subordinated Note
4.875%	02/01/2015		1,500,000		1,418,812
Wachovia Corporation, Senior Note
5.250%	08/01/2014		1,000,000		989,048
Washington Mutual Bank FA, Global Subordinated Note, (MTN)
5.650%	08/15/2014		250,000		206,512
Wells Fargo & Company, Note
5.000%	11/15/2014		750,000		754,514
Wells Fargo & Company, Series J, Note, (MTN)
4.200%	01/15/2010		500,000		508,563
Wells Fargo & Company, Subordinated Note
7.550%	06/21/2010		750,000		814,602
Wells Fargo Bank NA, Note
6.450%	02/01/2011		1,000,000		1,064,323
Wells Fargo Bank NA, Note
5.950%	08/26/2036		500,000		493,013
Zions Bancorporation, Subordinated Note
6.000%	09/15/2015		500,000		466,524
					51,656,658
Beverages, Food & Tobacco—0.9%
Anheuser-Busch Companies, Inc., Note
6.800%	01/15/2031		350,000		385,646
Archer-Daniels Midland Company, Note
8.375%	04/15/2017		350,000		419,354
Bunge Ltd. Finance Corporation, Guaranteed Senior Note
5.350%	04/15/2014		500,000		507,320
Campbell Soup Company, Note
4.875%	10/01/2013		250,000		260,879
Cia Brasileira de Bebidas, Guaranteed Note (Brazil)
8.750%	09/15/2013		100,000		117,500
Coca-Cola Enterprises, Inc., Note
8.500%	02/01/2022		500,000		635,140
ConAgra Foods, Inc., Note
6.750%	09/15/2011		97,000		104,672
ConAgra Foods, Inc., Senior Note
7.125%	10/01/2026		500,000		528,076
ConAgra Foods, Inc., Senior Note
5.819%	06/15/2017		153,000		154,766
Diageo Capital PLC, Guaranteed Note (United Kingdom)
4.375%	05/03/2010		500,000		510,106
Diageo Finance BV, Guaranteed Note (Netherlands)
5.300%	10/28/2015		750,000		754,441
General Mills, Inc., Note
5.700%	02/15/2017		500,000		504,984
HJ Heinz Company, Guaranteed Note
6.625%	07/15/2011		250,000		266,199
Kellogg Company, Note
6.600%	04/01/2011		750,000		808,789
Kraft Foods, Inc., Global Note
6.500%	11/01/2031		100,000		94,205
Kraft Foods, Inc., Global Note
5.625%	11/01/2011		1,100,000		1,121,691
Kraft Foods, Inc., Senior Note
6.875%	02/01/2038		500,000		493,588
Reynolds American, Inc., Senior Note
7.625%	06/01/2016		750,000		792,873
Unilever Capital Corporation, Note
7.125%	11/01/2010		500,000		548,548
					9,008,777

See accompanying notes to schedule of investments.

52

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Building Materials—0.3%
CRH America, Inc., Note
6.000%	09/30/2016		$	750,000	$	714,781
Hanson PLC, Note (United Kingdom)
6.125%	08/15/2016			500,000		489,413
Home Depot, Inc., Note
5.200%	03/01/2011			750,000		757,996
Home Depot, Inc., Senior Note
5.875%	12/16/2036			250,000		204,721
Lafarge SA, Note (France)
6.500%	07/15/2016			750,000		743,059
						2,909,970
Chemicals—0.2%
Dow Chemical Company, Note
7.375%	11/01/2029			250,000		268,941
Dow Chemical Company, Note
6.000%	10/01/2012			150,000		158,159
E.I. du Pont de Nemours & Company, Note
6.875%	10/15/2009			150,000		158,477
E.I. du Pont de Nemours & Company, Note
4.750%	11/15/2012			500,000		515,751
Monsanto Company, Note
5.500%	08/15/2035			500,000		476,585
Potash Corporation of Saskatchewan, Note (Canada)
4.875%	03/01/2013			500,000		509,417
Praxair, Inc., Note
3.950%	06/01/2013			150,000		147,810
Rohm & Haas Company, Note
7.850%	07/15/2029			150,000		168,929
						2,404,069
Commercial Services—0.3%
3M Company, Note (MTN)
5.700%	03/15/2037			250,000		248,064
International Lease Finance Corporation, Note (MTN)
5.450%	03/24/2011			1,000,000		999,737
PHH Corporation, Note
7.125%	03/01/2013			100,000		95,355
RR Donnelley & Sons Company, Note
4.950%	04/01/2014			550,000		506,294
USA Waste Services, Inc., Senior Note
7.000%	07/15/2028			550,000		562,846
Western Union Company (The), Note
5.400%	11/17/2011			1,000,000		1,025,185
						3,437,481
Communications—0.0%
Motorola, Inc., Note
7.500%	05/15/2025			500,000		437,098
Computer Software & Processing—0.1%
Computer Sciences Corporation, Senior Note
7.375%	06/15/2011			100,000		107,395
Electronic Data Systems Corporation, Series B, Senior Note
6.500%	08/01/2013			150,000		148,842
Oracle Corporation and Ozark Holding, Inc, Note
5.250%	01/15/2016			1,000,000		1,001,066
						1,257,303
Computers & Information—0.2%
International Business Machines Corporation, Note
7.000%	10/30/2025		$	500,000	$	552,950
International Business Machines Corporation, Note
4.750%	11/29/2012			250,000		259,009
International Business Machines Corporation, Note, (MTN)
4.375%	06/01/2009			1,000,000		1,021,282
Pitney Bowes, Inc., Global Note, (MTN)
4.750%	01/15/2016			200,000		192,897
Pitney Bowes, Inc., Senior Note
5.000%	03/15/2015			500,000		501,908
						2,528,046
Cosmetics & Personal Care—0.0%
Procter & Gamble Company, Note
5.800%	08/15/2034			250,000		255,609
Electric Utilities—1.5%
Alabama Power Company, Senior Note
5.500%	10/15/2017			150,000		153,856
AmerenUE, Senior Secured Note, 144A
6.400%	06/15/2017	*		500,000		526,382
American Electric Power Company, Inc., Series C, Senior Note
5.375%	03/15/2010			250,000		255,905
Arizona Public Service Company, Note
6.500%	03/01/2012			150,000		156,312
Cincinnati Gas & Electric Company, Note
5.700%	09/15/2012			150,000		157,842
Columbus Southern Power Company, Series A, Senior Note
5.500%	03/01/2013			150,000		154,585
Consolidated Edison Company of New York, Inc., Note
5.500%	09/15/2016			500,000		515,133
Constellation Energy Group, Inc., Note
7.600%	04/01/2032			150,000		152,362
Constellation Energy Group, Inc., Note
7.000%	04/01/2012			500,000		532,215
Consumers Energy Company, Note
5.500%	08/15/2016			150,000		150,938
DTE Energy Company, Note
7.050%	06/01/2011			350,000		374,581
Duke Energy Corporation, Senior Note
6.450%	10/15/2032			500,000		513,212
Duke Energy Field Services Corporation LLC, Note
7.875%	08/16/2010			350,000		375,418
Exelon Corporation, Senior Note
4.900%	06/15/2015			350,000		333,921
Exelon Generation Company LLC, Senior Note
6.950%	06/15/2011			500,000		530,835
FirstEnergy Corporation, Series B, Note
6.450%	11/15/2011			175,000		183,330
FirstEnergy Corporation, Series C, Note
7.375%	11/15/2031			250,000		272,741
Florida Power & Light Company, Note
5.625%	04/01/2034			50,000		48,196
Florida Power & Light Company, Note
4.950%	06/01/2035			500,000		436,168
Florida Power & Light Company, Note
4.850%	02/01/2013			150,000		156,322
FPL Group Capital, Inc., Guaranteed Note
7.375%	06/01/2009			100,000		104,457

See accompanying notes to schedule of investments.

53

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Jersey Central Power & Light, Global Note
5.625%	05/01/2016		$	500,000	$	492,655
KeySpan Corporation, Note
7.625%	11/15/2010			350,000		380,285
Midamerican Energy Holdings Company, Note
6.750%	12/30/2031			250,000		261,893
Midamerican Energy Holdings Company, Senior Note
6.125%	04/01/2036			500,000		484,851
Midamerican Energy Holdings Company, Senior Note, Class D
5.000%	02/15/2014			150,000		147,340
National Grid PLC
6.300%	08/01/2016			250,000		257,225
NiSource Finance Corporation, Guaranteed Note
7.875%	11/15/2010			50,000		54,385
Nisource Finance Corporation, Guaranteed Note
5.450%	09/15/2020			500,000		444,622
Northern States Power Company, Note
6.250%	06/01/2036			500,000		519,765
Northern States Power Company, Series A, Note
8.000%	08/28/2012			150,000		173,411
Ohio Power Company, Series K, Senior Note
6.000%	06/01/2016			500,000		502,993
Oncor Electric Delivery Company, Senior Secured Note
6.375%	05/01/2012			350,000		360,479
Ontario Electricity Financial Corporation, Note (Canada)
7.450%	03/31/2013			350,000		410,313
Pacific Gas & Electric Company, Note
6.050%	03/01/2034			500,000		491,748
Pepco Holdings, Inc., Note
6.450%	08/15/2012			150,000		159,982
PPL Capital Funding, Guaranteed Note
6.700%	03/30/2067	#		500,000		425,865
Progress Energy, Inc., Senior Note
7.750%	03/01/2031			250,000		294,033
Progress Energy, Inc., Senior Note
7.100%	03/01/2011			188,000		202,501
PSEG Power LLC, Senior Note
8.625%	04/15/2031			500,000		615,016
Scottish Power PLC, Note (United Kingdom)
5.375%	03/15/2015			500,000		501,996
South Carolina Electric & Gas Company, Note
5.300%	05/15/2033			150,000		136,310
Southern California Edison Company, Note
6.650%	04/01/2029			500,000		516,201
Southern Power Company, Senior Note
4.875%	07/15/2015			1,000,000		960,795
Wisconsin Electric Power, Note
5.625%	05/15/2033			250,000		234,574
						15,113,949
Electrical Equipment—0.1%
Emerson Electric Company, Note
5.000%	12/15/2014			150,000		155,562
General Electric Company
5.000%	02/01/2013			800,000		829,544
						985,106
Electronics—0.2%
Arrow Electronics, Inc., Note
6.875%	07/01/2013		$	250,000	$	266,560
Cisco Systems, Inc., Senior Note
5.500%	02/22/2016			1,000,000		1,036,258
Xerox Corporation, Senior Note
6.875%	08/15/2011			750,000		784,912
						2,087,730
Entertainment & Leisure—0.3%
News America Holdings, Inc., Guaranteed Senior Note
7.750%	12/01/2045			200,000		212,405
News America Holdings, Inc., Note
8.000%	10/17/2016			150,000		172,470
News America Holdings, Inc., Note
5.300%	12/15/2014			500,000		500,755
News America Holdings, Inc., Senior Note
6.400%	12/15/2035			500,000		486,803
Time Warner, Inc., Note
7.625%	04/15/2031			500,000		524,400
Time Warner, Inc., Note
6.875%	05/01/2012			150,000		154,987
Time Warner, Inc., Note
5.875%	11/15/2016			1,000,000		952,528
Walt Disney Company, Note, (MTN)
7.000%	03/01/2032			500,000		573,141
						3,577,489
Financial Services—3.0%
Abbey National PLC, Note (United Kingdom)
7.950%	10/26/2029			250,000		268,407
Allstate Life Global Fund Trust, Series 2004-1, Note
4.500%	05/29/2009			250,000		253,046
Amvescap PLC, Senior Note
5.375%	02/27/2013			100,000		100,180
Bank of Tokyo-Mitsubishi Ltd. (The), Global Senior Subordinated Note (Japan)
8.400%	04/15/2010			250,000		274,089
Bear Stearns Companies (The), Inc., Global Note
4.500%	10/28/2010			500,000		471,486
Bear Stearns Companies (The), Inc., Note
7.625%	12/07/2009			1,000,000		991,102
Bear Stearns Companies (The), Inc., Note
5.700%	11/15/2014			50,000		48,171
Berkshire Hathaway Finance Corporation, Guaranteed Senior Note
4.125%	01/15/2010			500,000		509,691
BHP Finance USA Ltd., Guaranteed Senior Note
4.800%	04/15/2013			150,000		150,020
Citigroup, Inc., Global Note
5.850%	12/11/2034			500,000		436,028
Citigroup, Inc., Global Senior Note
6.500%	01/18/2011			1,000,000		1,037,658
Citigroup, Inc., Global Senior Note
6.000%	02/21/2012			350,000		357,626
Citigroup, Inc., Global Subordinated Note
6.625%	06/15/2032			150,000		141,716
Citigroup, Inc., Global Subordinated Note
5.625%	08/27/2012			150,000		148,658
Citigroup, Inc., Subordinated Note
5.000%	09/15/2014			1,513,000		1,427,817
Credit Suisse First Boston USA, Inc., Note
6.500%	01/15/2012			350,000		372,349
Credit Suisse First Boston USA, Inc., Note
6.125%	11/15/2011			1,000,000		1,057,470

See accompanying notes to schedule of investments.

54

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Credit Suisse First Boston USA, Inc., Note
5.500%	08/15/2013	$	150,000	$	156,728
Credit Suisse First Boston USA, Inc., Note
5.125%	08/15/2015		500,000		494,571
Credit Suisse First Boston USA, Inc., Senior Global Note
5.125%	01/15/2014		500,000		504,915
Export-Import Bank Of Korea (South Korea)
5.125%	03/16/2015		500,000		481,036
General Electric Capital Corporation, Note
6.000%	06/15/2012		1,000,000		1,067,190
General Electric Capital Corporation, Note
4.625%	09/15/2009		1,000,000		1,021,296
General Electric Capital Corporation, Note, (MTN)
6.750%	03/15/2032		750,000		803,528
General Electric Capital Corporation, Note, (MTN)
5.875%	02/15/2012		500,000		530,698
Goldman Sachs Group, Inc., Global Note
5.125%	01/15/2015		500,000		486,732
Goldman Sachs Group, Inc., Global Subordinated Note
5.950%	01/15/2027		500,000		447,692
Goldman Sachs Group, Inc., Guaranteed Note
6.345%	02/15/2034		500,000		434,216
Goldman Sachs Group, Inc., Note
6.875%	01/15/2011		250,000		267,042
Goldman Sachs Group, Inc., Senior Note
6.600%	01/15/2012		650,000		687,824
Goldman Sachs Group, Inc., Senior Note
6.250%	09/01/2017		1,000,000		1,008,212
Goldman Sachs Group, Inc., Senior Note
6.125%	02/15/2033		700,000		639,334
Goldman Sachs Group, Inc., Senior Note
5.700%	09/01/2012		250,000		256,893
Goldman Sachs Group, Inc., Senior Note
5.150%	01/15/2014		500,000		493,301
Goldman Sachs Group, Inc., Series B, Note, (MTN)
7.350%	10/01/2009		750,000		788,820
Household Finance Corporation
6.375%	10/15/2011		1,750,000		1,800,248
Jefferies Group, Inc., Senior Note
6.250%	01/15/2036		350,000		265,726
JP Morgan Chase & Company, Global Subordinated Note
5.750%	01/02/2013		750,000		784,313
Lehman Brothers Holdings, Inc., Note
7.875%	08/15/2010		1,000,000		1,024,435
Lehman Brothers Holdings, Inc., Note, (MTN)
6.625%	01/18/2012		750,000		757,787
Lehman Brothers Holdings, Inc., Note, (MTN)
4.500%	07/26/2010		500,000		478,478
Lehman Brothers Holdings, Inc., Subordinated Note
6.875%	07/17/2037		250,000		217,385
Lehman Brothers Holdings, Inc., Subordinated Note
6.500%	07/19/2017		500,000		475,632
Merrill Lynch & Company, Inc., Note
6.875%	11/15/2018		250,000		250,908
Merrill Lynch & Company, Inc., Note, (MTN)
4.125%	09/10/2009		500,000		489,886
Merrill Lynch & Company, Inc., Subordinated Note
6.220%	09/15/2026		1,000,000		842,106
Morgan Stanley, Global Note
6.750%	04/15/2011		500,000		524,464
Morgan Stanley, Note
8.000%	06/15/2010		750,000		796,267
Morgan Stanley, Note
7.250%	04/01/2032	$	100,000	$	98,493
Morgan Stanley, Note
4.750%	04/01/2014		1,000,000		929,465
Morgan Stanley, Senior Note, (MTN)
5.950%	12/28/2017		500,000		484,106
Morgan Stanley, Series E, Note, (MTN)
5.450%	01/09/2017		1,000,000		937,080
MUFG Capital Finance 1, Ltd., Secured Note (Cayman Islands)
6.346%	07/29/2049		1,000,000		816,138
Swiss Bank Corporation of New York, Note, (MTN)
7.375%	06/15/2017		100,000		112,762
					30,701,221
Food Retailers—0.1%
Kroger Company (The), Senior Note
7.500%	04/01/2031		200,000		217,269
Safeway, Inc., Note
7.500%	09/15/2009		800,000		840,452
					1,057,721
Forest Products & Paper—0.2%
Kimberly Clark Corporation, Note
6.125%	08/01/2017		500,000		541,291
Kimberly Clark Corporation, Note
5.625%	02/15/2012		250,000		266,885
MeadWestvaco Corporation, Note
6.850%	04/01/2012		150,000		155,840
Weyerhaeuser Company, Note
7.375%	03/15/2032		500,000		495,558
Weyerhaeuser Company, Note
6.750%	03/15/2012		100,000		105,233
					1,564,807
Heavy Machinery—0.2%
Caterpillar, Inc., Note
6.050%	08/15/2036		500,000		513,370
Caterpillar, Inc., Senior Note
7.250%	09/15/2009		750,000		792,878
Deere & Company, Global Note
6.950%	04/25/2014		250,000		277,676
John Deere Capital Corporation, Note
7.000%	03/15/2012		350,000		387,588
					1,971,512
Home Construction, Furnishings & Appliances—0.0%
Masco Corporation, Note
6.125%	10/03/2016		500,000		441,436
Household Products—0.1%
Fortune Brands, Inc., Note
5.375%	01/15/2016		750,000		709,880
Industrial—Diversified—0.0%
Tyco International Group SA, Senior Note (Luxembourg)
6.375%	10/15/2011		400,000		398,906
Insurance—0.9%
Aetna, Inc., Senior Note
6.625%	06/15/2036		250,000		243,554
Allstate Corporation (The), Senior Note
5.350%	06/01/2033		500,000		426,444
American International Group, Inc., Global Senior Note
4.250%	05/15/2013		100,000		94,968

See accompanying notes to schedule of investments.

55

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
American International Group, Inc., Note
5.050%	10/01/2015		$	750,000	$	732,587
Assurant, Inc., Global Note
5.625%	02/15/2014			500,000		491,701
Axa Company (France)
8.600%	12/15/2030			250,000		269,732
AXA Financial, Inc., Senior Note
7.750%	08/01/2010			100,000		109,417
Chubb Corporation, Subordinated Note
6.375%	03/29/2037	#		500,000		466,518
Cincinnati Financial Corporation, Senior Note
6.125%	11/01/2034			500,000		459,823
Hartford Financial Services Group, Inc., Senior Note
6.100%	10/01/2041			150,000		133,075
Lincoln National Corporation, Note
6.150%	04/07/2036			250,000		222,526
Marsh & McLennan Companies, Inc., Senior Note
5.750%	09/15/2015			1,000,000		980,538
MetLife, Inc., Senior Note
5.700%	06/15/2035			500,000		446,232
MetLife, Inc., Senior Note
5.000%	06/15/2015			1,000,000		984,241
Progressive Corporation (The), Senior Note
6.625%	03/01/2029			150,000		156,459
Prudential Financial, Inc., Note, (MTN)
5.100%	09/20/2014			500,000		491,146
Radian Group, Inc., Senior Note
5.625%	02/15/2013			100,000		66,699
Travelers Property Casualty Corporation, Note
7.750%	04/15/2026			500,000		559,806
UnitedHealth Group, Inc., Note
5.375%	03/15/2016			500,000		474,788
Wellpoint Inc.
6.800%	08/01/2012			150,000		160,503
WellPoint, Inc., Note
5.250%	01/15/2016			1,000,000		941,834
						8,912,591
Lodging—0.0%
Wyndham Worldwide Corporation, Note
6.000%	12/01/2016			435,000		397,940
Media—Broadcasting & Publishing—0.6%
British Sky Broadcasting PLC, Note (United Kingdom)
8.200%	07/15/2009			250,000		257,186
Comcast Corporation, Note
7.050%	03/15/2033			500,000		511,369
Comcast Corporation, Note
6.950%	08/15/2037			400,000		402,055
Comcast Corporation, Note
6.450%	03/15/2037			500,000		472,658
Comcast Corporation, Note
5.850%	01/15/2010			1,000,000		1,028,322
Comcast Corporation, Note
5.650%	06/15/2035			500,000		425,941
Comcast Corporation, Note
5.300%	01/15/2014			500,000		491,302
COX Communications, Inc., Note
5.500%	10/01/2015			75,000		73,398
COX Communications, Inc., Note
5.450%	12/15/2014			300,000		295,764
COX Communications, Inc., Note
4.625%	06/01/2013			250,000		240,394
Time Warner Entertainment Company, LP, Senior Note
8.375%	03/15/2023		$	500,000	$	555,271
Time Warner Entertainment Company, LP, Senior Note
8.375%	07/15/2033			500,000		564,171
Viacom, Inc., Senior Note
7.875%	07/30/2030			250,000		244,065
Viacom, Inc., Senior Note
6.250%	04/30/2016			1,000,000		974,947
Viacom, Inc., Senior Note
5.625%	08/15/2012			50,000		48,827
						6,585,670
Medical Supplies—0.0%
Johnson & Johnson, Note
4.950%	05/15/2033			200,000		186,264
Metals—0.2%
Alcan, Inc., Note (Canada)
6.125%	12/15/2033			150,000		143,812
Alcan, Inc., Senior Note (Canada)
4.875%	09/15/2012			350,000		352,076
Alcoa, Inc., Note
5.550%	02/01/2017			750,000		731,818
Vale Overseas Ltd., Guaranteed Note (Cayman Islands)
6.875%	11/21/2036			600,000		588,429
Vale Overseas Ltd., Guaranteed Note (Cayman Islands)
6.250%	01/23/2017			250,000		249,595
						2,065,730
Oil & Gas—1.4%
Alberta Energy Ltd., Note
7.375%	11/01/2031			400,000		440,970
Amerada Hess Corporation
6.650%	08/15/2011			150,000		161,617
Amerada Hess Corporation, note
7.300%	08/15/2031			250,000		282,503
Anadarko Petroleum Corporation, Senior Note
6.450%	09/15/2036			500,000		510,847
Apache Finance Canada Corporation, Note (Canada)
7.750%	12/15/2029			150,000		175,814
Canadian Natural Resources Ltd., Note (Canada)
5.850%	02/01/2035			500,000		460,834
Canadian Natural Resources Ltd., Note (Canada)
5.450%	10/01/2012			250,000		256,469
CenterPoint Energy Resources Corporation, Series B, Senior Note
7.875%	04/01/2013			850,000		945,217
Conoco, Inc., Note
6.950%	04/15/2029			1,250,000		1,427,494
Devon Financing Corporation ULC, Note
7.875%	09/30/2031			500,000		616,183
Devon Financing Corporation ULC, Note
6.875%	09/30/2011			750,000		819,250
Energy Transfer Partners, LP, Note
5.950%	02/01/2015			750,000		737,719
Enterprise Products Operating, LP, Note
4.950%	06/01/2010			150,000		153,117
Enterprise Products Operating, LP, Series B, Senior Note
5.600%	10/15/2014			150,000		150,283
Enterprise Products Partners, LP, Senior Note
6.875%	03/01/2033			150,000		149,456
Kinder Morgan Energy Partners, LP, Note
7.300%	08/15/2033			500,000		511,920
Marathon Oil Corporation, Note
6.125%	03/15/2012			350,000		368,879
Nexen, Inc., Note (Canada)
6.400%	05/15/2037			500,000		480,357

See accompanying notes to schedule of investments.

56

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Nexen, Inc., Note (Canada)
5.050%	11/20/2013	$	250,000	$	251,652
Pemex Project Funding Master Trust, Guaranteed Note
9.375%	12/02/2008		177,000		184,965
Pemex Project Funding Master Trust, Note
9.125%	10/13/2010		80,000		89,800
Petrobras International Finanace Company, Note (Cayman Islands)
6.125%	10/06/2016		500,000		501,100
Petro-Canada, Senior Note (Canada)
5.950%	05/15/2035		250,000		226,449
Suncor Energy, Inc., Note
7.150%	02/01/2032		500,000		531,609
Tennessee Gas Pipeline Company, Note
7.000%	10/15/2028		350,000		350,492
Texas Eastern Transmission, LP, Senior Note
7.000%	07/15/2032		500,000		534,403
TransCanada Corporation, Senior Note (Canada)
5.850%	03/15/2036		500,000		476,368
TransCanada Pipelines Ltd., Note (Canada)
4.000%	06/15/2013		250,000		243,198
Transocean, Inc., Senior Note (Cayman Islands)
6.800%	03/15/2038		500,000		512,430
Union Pacific Resources Group, Inc., Note
7.150%	05/15/2028		350,000		377,977
Valero Energy Corporation, Note
6.125%	06/15/2017		500,000		505,815
Valero Energy Corporation, Note
4.750%	06/15/2013		500,000		498,775
XTO Energy, Inc., Senior Note
4.900%	02/01/2014		750,000		750,244
					14,684,206
Pharmaceuticals—0.6%
Abbott Laboratories, Note
5.875%	05/15/2016		1,000,000		1,067,693
American Home Products Corporation, Senior Note
6.950%	03/15/2011		250,000		270,412
Amgen, Inc., Senior Note
5.850%	06/01/2017		250,000		250,240
AstraZeneca PLC, Note (United Kingdom)
5.900%	09/15/2017		750,000		794,237
Bristol-Myers Squibb Company, Note
5.875%	11/15/2036		350,000		339,605
Eli Lilly & Company, Note
6.770%	01/01/2036		250,000		275,738
Genentech, Inc., Senior Note
5.250%	07/15/2035		100,000		92,823
Genentech, Inc., Senior Note
4.750%	07/15/2015		200,000		201,217
Genentech, Inc., Senior Note
4.400%	07/15/2010		100,000		102,985
GlaxoSmithKline Capital, Inc., Guaranteed Note
4.375%	04/15/2014		500,000		499,743
Merck & Company, Inc., Note
4.750%	03/01/2015		350,000		354,520
Merck & Company, Inc., Senior Note
4.375%	02/15/2013		200,000		205,529
Pharmacia Corporation, Note
6.500%	12/01/2018		350,000		399,014
Schering-Plough Corporation, Senior Note
6.750%	12/01/2033		250,000		246,433
Wyeth, Note
5.500%	03/15/2013	$	100,000	$	106,006
Wyeth, Senior Note
6.500%	02/01/2034		250,000		260,726
Wyeth, Senior Note
5.500%	02/01/2014		250,000		259,273
					5,726,194
Real Estate—0.2%
Boston Properties, Inc. REIT
6.250%	01/15/2013		750,000		773,806
Camden Property Trust REIT, Note
5.000%	06/15/2015		200,000		179,115
ERP Operating, LP, Note
5.200%	04/01/2013		250,000		240,798
ERP Operating, LP, Senior Note
5.375%	08/01/2016		500,000		444,628
Simon Property Group, LP REIT, Note
6.350%	08/28/2012		250,000		254,530
					1,892,877
Restaurants—0.0%
Yum! Brands, Inc., Senior Note
7.700%	07/01/2012		250,000		273,054
Retailers—0.4%
CVS Corporation, Note
4.875%	09/15/2014		530,000		525,650
Federated Department Stores, Inc., Senior Note
6.300%	04/01/2009		253,000		253,092
Federated Retail Holdings, Inc., Guaranteed Senior Note
5.900%	12/01/2016		750,000		667,670
May Department Stores Company (The), Note
5.750%	07/15/2014		250,000		228,663
Target Corporation, Note
7.000%	07/15/2031		350,000		355,167
Wal-Mart Stores, Inc., Note
7.550%	02/15/2030		250,000		294,387
Wal-Mart Stores, Inc., Note
5.250%	09/01/2035		750,000		666,032
Wal-Mart Stores, Inc., Note
4.550%	05/01/2013		500,000		513,929
Wal-Mart Stores, Inc., Note
4.125%	02/15/2011		250,000		256,050
Wal-Mart Stores, Inc., Senior Note
6.875%	08/10/2009		750,000		791,964
					4,552,604
Sovereign—0.1%
Manitoba Province, Series FH, Note (Canada)
4.900%	12/06/2016		500,000		537,809
Svensk Exportkredit AB, Note (Sweden)
5.125%	03/01/2017		500,000		535,410
					1,073,219
Telephone Systems—1.8%
America Movil SA de CV, Guaranteed Senior Note (Mexico)
5.500%	03/01/2014		100,000		101,096
AT&T Corporation
7.300%	11/15/2011		1,000,000		1,083,994
AT&T Wireless Services, Inc., Senior Note
8.750%	03/01/2031		250,000		304,230
AT&T Wireless Services, Inc., Senior Note
7.875%	03/01/2011		750,000		816,314
AT&T, Inc., Senior Note
5.625%	06/15/2016		500,000		502,234

See accompanying notes to schedule of investments.

57

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Bellsouth Capital Funding Corporation, Note
7.875%	02/15/2030	$	900,000	$	997,332
BellSouth Corporation, Note
6.875%	10/15/2031		350,000		356,857
BellSouth Corporation, Note
6.000%	10/15/2011		250,000		261,762
British Telecommunications PLC, Note (United Kingdom)
8.875%	12/15/2030		150,000		186,798
British Telecommunications PLC, Note (United Kingdom)
8.375%	12/15/2010		1,000,000		1,100,431
Cingular Wireless LLC, Senior Note
6.500%	12/15/2011		250,000		265,595
Deutsche Telekom International Finance BV, Guaranteed Note (Netherlands)
8.250%	06/15/2030		750,000		902,195
Deutsche Telekom International Finance BV, Note, Step Bond (Netherlands)
8.000%	06/15/2010		700,000		749,170
Embarq Corporation, Note
7.082%	06/01/2016		500,000		474,084
France Telecom SA, Global Step Note (France)
8.500%	03/01/2031		500,000		621,194
France Telecom SA, Global Step Note (France)
7.750%	03/01/2011		100,000		108,505
GTE Corporation, Note
7.510%	04/01/2009		200,000		206,874
Koninklijve KPN NV, Note (Netherlands)
8.000%	10/01/2010		350,000		376,027
Qwest Corporation, Senior Note
6.500%	06/01/2017		500,000		453,750
Royal KPN NV, Note (Netherlands)
8.375%	10/01/2030		500,000		573,695
SBC Communications, Inc., Global Note
6.250%	03/15/2011		250,000		261,932
SBC Communications, Inc., Global Note
6.150%	09/15/2034		500,000		481,797
Sprint Capital Corporation, Guaranteed Note
6.375%	05/01/2009		250,000		246,313
Sprint Capital Corporation, Note
8.375%	03/15/2012		850,000		786,889
Sprint Capital Corporation, Note
6.875%	11/15/2028		500,000		373,378
Sprint Nextel Corporation, Note
6.000%	12/01/2016		500,000		389,362
Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg)
6.000%	09/30/2014		250,000		211,935
Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg)
4.950%	09/30/2014		500,000		455,645
Telecom Italia Capital SA, Series B, Senior Note (Luxembourg)
5.250%	11/15/2013		350,000		327,425
Telefonica Emisones SAU, Guaranteed Senior Note (Spain)
6.421%	06/20/2016		500,000		513,274
Telefonica Europe BV (Netherlands)
8.250%	09/15/2030		350,000		409,872
Verizon Global Funding Corporation
7.375%	09/01/2012		1,000,000		1,099,425
Verizon Global Funding Corporation, Note
7.750%	12/01/2030		750,000		817,140
Verizon Pennsylvania, Inc., Note, Class A
5.650%	11/15/2011		350,000		358,664
Verizon Virginia, Inc., Note
4.625%	03/15/2013	$	250,000	$	243,334
Vodafone Group PLC, Note (United Kingdom)
7.875%	02/15/2030		250,000		275,531
Vodafone Group PLC, Note (United Kingdom)
7.750%	02/15/2010		550,000		583,127
Vodafone Group PLC, Note (United Kingdom)
5.625%	02/27/2017		500,000		487,014
Vodafone Group PLC, Note (United Kingdom)
5.375%	01/30/2015		250,000		243,991
					19,008,185
Transportation—0.3%
Burlington Northern Santa Fe Corporation, Note
7.125%	12/15/2010		750,000		812,394
Canadian National Railway Company, Note (Canada)
4.400%	03/15/2013		585,000		580,038
CSX Corporation, Note
6.750%	03/15/2011		300,000		316,937
FedEx Corporation, Note
9.650%	06/15/2012		150,000		179,595
Norfolk Southern Corporation, Note
7.050%	05/01/2037		500,000		547,690
Norfolk Southern Corporation, Note
5.257%	09/17/2014		500,000		507,801
Union Pacific Corporation, Note
6.625%	02/01/2029		250,000		254,952
					3,199,407
TOTAL CORPORATE OBLIGATIONS
(Cost $212,484,506)					208,855,488
U.S. GOVERNMENT AGENCY OBLIGATIONS—9.9%
U.S. Government Agency Obligations—9.9%
Federal Home Loan Bank
5.750%	05/15/2012		2,225,000		2,457,606
5.375%	05/18/2016		2,000,000		2,200,604
5.250%	05/07/2010		5,400,000		5,416,756
5.250%	06/18/2014		1,000,000		1,093,073
5.000%	11/17/2017		1,250,000		1,345,254
4.750%	12/16/2016		1,000,000		1,055,346
4.625%	02/18/2011		5,500,000		5,838,211
4.500%	11/15/2012		3,500,000		3,696,553
4.375%	03/17/2010		975,000		1,015,413
3.875%	01/15/2010		1,500,000		1,543,084
3.000%	04/15/2009		3,000,000		3,023,187
Federal Home Loan Mortgage Corporation
7.000%	03/15/2010		2,630,000		2,867,005
6.750%	09/15/2029		660,000		819,996
6.250%	07/15/2032		1,050,000		1,255,819
6.000%	06/15/2011		1,950,000		2,142,258
6.000%	09/19/2016		1,000,000		1,015,440
6.000%	04/16/2037		600,000		628,904
5.750%	01/15/2012		100,000		110,139
5.650%	02/23/2017		1,160,000		1,188,369
5.600%	10/17/2013		500,000		507,394
5.500%	07/18/2016		2,540,000		2,806,258
5.450%	09/02/2011		600,000		608,062
5.450%	11/21/2013		500,000		507,936
5.400%	03/02/2012		770,000		780,676
5.375%	01/09/2014		400,000		406,976
5.250%	02/24/2011		600,000		614,021
5.250%	10/06/2011		800,000		810,605
5.250%	03/15/2012		700,000		708,307
5.200%	03/05/2019		200,000		203,585
5.125%	07/15/2012		5,000,000		5,413,480

See accompanying notes to schedule of investments.

58

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—(Continued)
5.050%	01/26/2015	$	300,000	$	324,548
5.000%	01/30/2014		600,000		645,530
4.750%	12/08/2010		500,000		527,807
4.500%	04/02/2014		900,000		947,063
4.500%	01/15/2015		350,000		367,180
4.500%	11/01/2035		54,605		52,679
4.375%	01/25/2010		1,200,000		1,245,017
4.375%	03/01/2010		1,900,000		1,973,842
4.375%	07/17/2015		500,000		518,098
4.125%	09/01/2009		500,000		513,086
4.125%	07/12/2010		1,650,000		1,714,017
4.125%	02/24/2011		500,000		519,797
4.000%	09/22/2009		560,000		574,256
Federal National Mortgage Association
7.250%	01/15/2010		1,300,000		1,413,218
6.625%	09/15/2009		600,000		637,501
6.625%	11/15/2010		900,000		993,317
6.625%	11/15/2030		1,000,000		1,241,333
6.375%	06/15/2009		4,394,000		4,616,240
6.250%	05/15/2029		1,740,000		2,057,703
6.125%	03/15/2012		750,000		837,540
6.125%	07/17/2013		500,000		504,796
6.070%	05/12/2016		700,000		702,694
6.060%	07/20/2027		300,000		319,272
6.000%	08/22/2016		1,160,000		1,174,173
5.945%	06/07/2027		300,000		320,203
5.800%	02/09/2026		100,000		105,681
5.750%	02/13/2017		600,000		607,115
5.700%	10/05/2021		300,000		310,254
5.625%	05/19/2011		1,300,000		1,345,431
5.500%	03/15/2011		1,400,000		1,507,454
5.500%	12/14/2022		130,000		133,345
5.400%	04/02/2012		770,000		770,009
5.375%	11/15/2011		3,500,000		3,809,225
5.375%	04/11/2022		880,000		909,588
5.300%	05/07/2012		700,000		713,499
5.100%	09/10/2009		2,300,000		2,326,390
5.000%	05/11/2017		650,000		695,747
4.875%	12/15/2016		1,000,000		1,060,803
4.625%	10/15/2013		900,000		955,381
4.375%	09/15/2012		1,500,000		1,580,918
4.375%	03/15/2013		2,900,000		3,047,654
4.250%	05/15/2009		1,500,000		1,533,491
4.125%	05/15/2010		1,200,000		1,246,692
0.000%	06/01/2017		1,000,000		685,674
Financing Corporation, Note
9.650%	11/02/2018		500,000		732,676
8.600%	09/26/2019		500,000		692,831
Tennessee Valley Authority
6.250%	12/15/2017		1,200,000		1,413,640
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $98,739,618)					103,004,725
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—39.0%
U.S. Government Agency Mortgage-Backed Securities—39.0%
Federal Home Loan Mortgage Corporation
7.500%	06/01/2027	$	128,086	$	139,004
7.500%	01/01/2028		226,234		245,517
7.500%	10/01/2029		212,428		230,619
7.000%	02/01/2016		183,481		192,961
7.000%	07/01/2030		493,799		524,910
7.000%	12/01/2031		289,324		306,809
7.000%	01/01/2032		19,373		20,544
7.000%	11/01/2033		101,268		107,140
7.000%	09/01/2036		746,539		784,440
6.500%	05/01/2008		227		229
6.500%	07/01/2008		161		163
6.500%	08/01/2010		1,381		1,427
6.500%	07/01/2014		14,111		14,809
6.500%	01/01/2015		14,805		15,537
6.500%	03/01/2015		382,760		400,994
6.500%	03/01/2016		283,099		296,991
6.500%	11/01/2016		4,931		5,168
6.500%	01/01/2017		381,173		399,474
6.500%	05/01/2017		160,263		167,917
6.500%	12/01/2027		271,921		285,065
6.500%	08/01/2028		190,411		199,388
6.500%	04/01/2029		206,971		216,916
6.500%	06/01/2029		122,117		127,984
6.500%	09/01/2029		309,587		324,462
6.500%	06/01/2031		99,116		103,668
6.500%	09/01/2031		60,486		63,264
6.500%	02/01/2032		406,365		425,027
6.500%	04/01/2032		659,919		689,027
6.500%	07/01/2032		762,807		797,839
6.500%	08/01/2032		23,805		24,899
6.500%	12/01/2032		3,451		3,604
6.500%	08/01/2033		8,794		9,172
6.500%	01/01/2034		6,298		6,556
6.500%	06/01/2034		6,887		7,170
6.500%	09/01/2034		5,287		5,504
6.500%	10/01/2034		541,595		565,484
6.500%	07/01/2035		485,573		504,651
6.500%	03/01/2036		339,145		352,163
6.500%	10/01/2036		1,975,083		2,050,893
6.500%	08/01/2037		703,433		730,444
6.500%	12/01/2037		965,729		1,002,813
6.050%	01/01/2037		2,821,215		2,865,724
6.000%	11/01/2016		82,774		85,393
6.000%	03/01/2017		34,441		35,526
6.000%	05/01/2017		105,039		108,349
6.000%	06/01/2017		128,002		132,035
6.000%	07/01/2017		246,648		254,420
6.000%	09/01/2017		11,839		12,212
6.000%	08/01/2019		1,326,436		1,366,138
6.000%	04/01/2033		1,223,052		1,263,603
6.000%	10/01/2033		5,384,079		5,552,137
6.000%	02/01/2036		776,496		797,329
6.000%	09/01/2036		1,347,276		1,383,423
6.000%	09/01/2036		5,006,278		5,140,595
6.000%	01/01/2037		1,910,504		1,961,201
6.000%	02/01/2037		2,598,441		2,668,156
6.000%	05/01/2037		5,510,905		5,658,760
6.000%	09/01/2037		3,781,528		3,881,876
5.900%	01/01/2037		711,533		724,562
5.640%	02/01/2037		1,706,964		1,717,982
5.500%	02/01/2018		1,430,611		1,467,502
5.500%	02/01/2020		613,416		628,079
5.500%	04/01/2020		1,322,496		1,352,574

See accompanying notes to schedule of investments.

59

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—(Continued)
5.500%	01/01/2023	$	946,195	$	966,128
5.500%	01/01/2023		964,346		984,663
5.500%	07/01/2033		4,359,650		4,417,517
5.500%	11/01/2033		494,914		501,484
5.500%	08/01/2034		831,543		841,897
5.500%	11/01/2034		6,484,001		6,564,740
5.500%	01/01/2035		1,433,624		1,450,619
5.500%	10/01/2035		2,711,673		2,743,818
5.500%	11/01/2035		2,885,422		2,919,626
5.500%	05/01/2036		1,931,234		1,952,799
5.500%	05/01/2036		2,178,826		2,203,155
5.500%	11/01/2036		2,163,942		2,188,104
5.500%	12/01/2036		2,221,516		2,246,322
5.500%	08/01/2037		3,864,413		3,906,571
5.500%	12/01/2037		2,897,594		2,929,205
5.000%	05/01/2018		4,839,908		4,912,298
5.000%	08/01/2018		406,684		412,767
5.000%	06/01/2020		506,827		513,123
5.000%	10/01/2020		1,401,643		1,419,055
5.000%	10/01/2020		701,921		710,641
5.000%	11/01/2024		3,262,203		3,284,944
5.000%	08/01/2033		615,736		611,560
5.000%	08/01/2033		688,112		683,445
5.000%	09/01/2033		658,356		653,890
5.000%	09/01/2033		411,514		408,723
5.000%	09/01/2033		1,237,004		1,228,613
5.000%	09/01/2033		557,439		553,658
5.000%	10/01/2033		1,339,366		1,330,281
5.000%	10/01/2033		1,164,405		1,156,507
5.000%	05/01/2034		8,673,392		8,608,611
5.000%	07/01/2035		1,635,169		1,621,912
5.000%	07/01/2035		343,451		340,667
5.000%	10/01/2035		4,292,900		4,258,098
5.000%	11/01/2035		1,821,039		1,806,276
5.000%	04/01/2036		1,719,760		1,704,911
5.000%	06/01/2036		983,042		975,072
4.761%	09/01/2035		826,646		835,620
4.500%	07/01/2011		49,028		49,753
4.500%	08/01/2018		2,091,739		2,089,645
4.500%	08/01/2018		544,390		543,845
4.500%	10/01/2018		1,007,174		1,006,166
4.500%	10/01/2018		555,457		554,901
4.500%	10/01/2018		619,624		619,004
4.500%	12/01/2018		2,501,785		2,499,991
4.500%	11/01/2019		830,570		828,688
4.500%	04/01/2024		822,396		809,569
4.500%	11/01/2034		554,725		535,440
4.500%	11/01/2034		837,160		808,055
4.500%	08/01/2035		57,253		55,233
4.500%	10/01/2035		33,671		32,483
4.500%	12/01/2035		105,376		101,658
4.500%	09/01/2036		1,568,446		1,512,709
4.402%	12/01/2035		6,471,781		6,577,293
4.000%	04/01/2009		228,789		229,157
4.000%	05/01/2019		1,708,933		1,673,646
4.000%	12/01/2020		1,584,332		1,546,108
3.500%	05/01/2011		61,777		61,814
Federal Home Loan Mortgage Corporation TBA
5.500%	04/01/2036		3,700,000		3,736,423
Federal National Mortgage Association
7.500%	06/01/2030		15,787		17,047
7.500%	07/01/2031		36,370		39,337
7.000%	03/01/2030		244,375		260,285
7.000%	02/01/2032	$	140,659	$	149,519
7.000%	10/01/2032		373,412		396,935
7.000%	09/01/2033		134,653		142,656
7.000%	10/01/2033		98,320		104,164
7.000%	07/01/2034		270,943		286,666
7.000%	01/01/2036		283,933		298,328
7.000%	02/01/2036		386,283		407,270
7.000%	03/01/2037		965,030		1,013,975
7.000%	04/01/2037		948,545		996,636
6.500%	02/01/2017		291,472		305,979
6.500%	08/01/2032		1,684,407		1,756,196
6.500%	08/01/2032		695,229		724,859
6.500%	09/01/2032		329,532		343,576
6.500%	03/01/2033		1,957,607		2,041,039
6.500%	11/01/2033		258,953		269,603
6.500%	07/01/2036		1,187,914		1,231,593
6.500%	09/01/2036		3,002,665		3,113,072
6.500%	10/01/2036		3,873,670		4,016,105
6.500%	01/01/2037		923,842		957,747
6.000%	04/01/2014		152,712		157,749
6.000%	06/01/2016		50,963		52,611
6.000%	07/01/2016		95,381		98,466
6.000%	01/01/2017		135,907		140,303
6.000%	07/01/2017		699,120		721,696
6.000%	02/01/2018		353,493		364,927
6.000%	05/01/2021		594,466		612,543
6.000%	06/01/2022		888,231		915,004
6.000%	08/01/2026		1,029,846		1,059,367
6.000%	09/01/2026		414,974		426,869
6.000%	01/01/2033		1,144,438		1,179,726
6.000%	02/01/2033		747,305		770,347
6.000%	07/01/2033		369,053		380,035
6.000%	08/01/2034		1,375,881		1,416,823
6.000%	08/01/2034		349,679		359,505
6.000%	09/01/2034		371,513		381,952
6.000%	09/01/2034		450,840		463,507
6.000%	10/01/2034		1,106,283		1,137,367
6.000%	04/01/2035		1,152,589		1,186,887
6.000%	06/01/2035		906,886		930,797
6.000%	08/01/2035		490,573		503,508
6.000%	09/01/2035		3,031,619		3,111,552
6.000%	10/01/2035		707,489		726,143
6.000%	01/01/2036		2,839,353		2,912,367
6.000%	03/01/2036		283,273		290,558
6.000%	05/01/2036		1,258,286		1,290,643
6.000%	05/01/2036		3,205,325		3,287,750
6.000%	06/01/2036		2,416,188		2,478,321
6.000%	07/01/2036		1,597,592		1,638,675
6.000%	09/01/2036		168,610		172,946
6.000%	10/01/2036		1,719,915		1,764,143
6.000%	11/01/2036		1,939,423		1,989,295
6.000%	08/01/2037		2,818,428		2,890,203
6.000%	08/01/2037		648,034		664,537
6.000%	11/01/2037		1,883,938		1,931,915
6.000%	12/01/2037		7,625,337		7,819,527
6.000%	02/01/2038		731,301		749,920
5.681%	01/01/2037		2,907,597		2,967,052
5.649%	05/01/2036		2,280,552		2,329,923
5.643%	03/01/2037		7,027,513		7,143,232
5.586%	07/01/2036		1,896,811		1,949,970
5.500%	01/01/2018		366,554		376,296
5.500%	02/01/2018		294,483		302,309
5.500%	02/01/2018		326,597		335,111
5.500%	02/01/2018		2,881		2,957
5.500%	04/01/2018		528,821		542,607
5.500%	04/01/2018		1,034,592		1,061,564
5.500%	04/01/2018		272,022		279,113
5.500%	11/01/2020		384,706		393,845

See accompanying notes to schedule of investments.

60

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—(Continued)
5.500%	04/01/2021	$	1,286,040	$	1,314,833
5.500%	07/01/2023		89,624		91,310
5.500%	07/01/2024		909,495		925,924
5.500%	09/01/2024		819,392		834,194
5.500%	05/01/2026		2,107,173		2,143,502
5.500%	10/01/2032		11,960		12,122
5.500%	11/01/2032		613,893		622,186
5.500%	12/01/2032		80,239		81,323
5.500%	12/01/2032		163,378		165,585
5.500%	12/01/2032		518,538		525,543
5.500%	01/01/2033		62,732		63,580
5.500%	01/01/2033		384,590		389,785
5.500%	02/01/2033		437,046		442,950
5.500%	02/01/2033		419,246		424,658
5.500%	02/01/2033		12,885		13,059
5.500%	03/01/2033		349,139		353,855
5.500%	04/01/2033		1,928,232		1,961,238
5.500%	04/01/2033		215,267		218,045
5.500%	04/01/2033		354,156		358,727
5.500%	04/01/2033		258,839		262,181
5.500%	05/01/2033		333,401		337,705
5.500%	05/01/2033		208,465		211,156
5.500%	05/01/2033		312,545		316,580
5.500%	06/01/2033		115,621		117,114
5.500%	06/01/2033		2,060,368		2,086,965
5.500%	07/01/2033		165,470		167,606
5.500%	07/01/2033		440,088		445,769
5.500%	07/01/2033		5,948,953		6,025,748
5.500%	11/01/2033		2,321,238		2,351,202
5.500%	11/01/2033		486,153		492,429
5.500%	02/01/2034		483,249		489,487
5.500%	02/01/2034		1,071,289		1,084,331
5.500%	03/01/2034		14,141		14,313
5.500%	03/01/2034		680,410		688,694
5.500%	03/01/2034		1,733,059		1,754,159
5.500%	06/01/2034		283,116		286,563
5.500%	07/01/2034		2,997,458		3,033,952
5.500%	10/01/2034		640,794		648,596
5.500%	02/01/2035		414,482		419,314
5.500%	03/01/2035		1,077,635		1,090,198
5.500%	04/01/2035		966,070		977,333
5.500%	05/01/2035		224,219		226,833
5.500%	05/01/2035		674,073		681,932
5.500%	05/01/2035		671,841		679,674
5.500%	05/01/2035		1,604,956		1,623,666
5.500%	08/01/2035		630,853		638,207
5.500%	09/01/2035		252,704		255,650
5.500%	10/01/2035		886,869		897,208
5.500%	11/01/2035		1,698,903		1,718,709
5.500%	02/01/2036		1,625,124		1,644,070
5.500%	03/01/2036		863,267		872,639
5.500%	02/01/2037		1,810,615		1,829,744
5.500%	05/01/2037		964,640		974,831
5.500%	06/01/2037		1,386,081		1,400,724
5.500%	08/01/2037		989,273		999,724
5.500%	09/01/2037		971,204		981,465
5.500%	09/01/2037		996,378		1,006,905
5.500%	10/01/2037		772,491		780,652
5.500%	11/01/2037		926,126		935,910
5.500%	11/01/2037		965,401		975,601
5.500%	11/01/2037		989,610		1,000,065
5.500%	11/01/2037		992,477		1,002,962
5.500%	01/01/2038		7,700,001		7,781,349
5.471%	02/01/2037	$	393,935	$	400,517
5.393%	12/01/2036		2,964,722		3,012,057
5.000%	03/01/2018		416,841		422,814
5.000%	05/01/2018		4,503,359		4,567,888
5.000%	06/01/2018		425,541		431,639
5.000%	07/01/2018		404,592		410,389
5.000%	05/01/2019		1,087,024		1,101,290
5.000%	06/01/2019		1,162,487		1,177,743
5.000%	04/01/2020		846,227		856,224
5.000%	02/01/2021		244,056		246,798
5.000%	09/01/2024		937,801		940,534
5.000%	12/01/2026		905,138		907,231
5.000%	06/01/2033		1,609,559		1,598,757
5.000%	10/01/2033		506,644		502,936
5.000%	11/01/2033		10,629,055		10,551,268
5.000%	06/01/2034		1,016,019		1,007,990
5.000%	11/01/2034		6,189,765		6,140,852
5.000%	02/01/2035		407,060		403,546
5.000%	05/01/2035		819,874		812,796
5.000%	07/01/2035		1,190,649		1,180,370
5.000%	07/01/2035		3,391,237		3,361,959
5.000%	09/01/2035		1,948,319		1,931,498
5.000%	10/01/2035		1,345,052		1,333,440
5.000%	10/01/2035		55,397		54,919
5.000%	11/01/2036		980,663		971,848
5.000%	12/01/2037		498,228		493,592
4.849%	10/01/2035		1,769,132		1,791,124
4.767%	05/01/2035		1,779,682		1,803,609
4.678%	05/01/2035		526,766		532,940
4.500%	08/01/2011		193,718		196,136
4.500%	09/01/2011		251,859		255,003
4.500%	03/01/2018		1,911,251		1,910,832
4.500%	11/01/2018		1,047,297		1,047,400
4.500%	11/01/2018		1,005,211		1,004,991
4.500%	12/01/2018		516,760		516,647
4.500%	04/01/2019		101,928		101,787
4.500%	11/01/2019		1,141,178		1,139,595
4.500%	07/01/2020		744,857		742,512
4.500%	07/01/2020		1,421,418		1,416,942
4.500%	08/01/2020		53,529		53,361
4.500%	03/01/2021		635,034		632,237
4.500%	02/01/2022		918,025		914,094
4.500%	11/01/2033		1,294,895		1,251,981
4.500%	06/01/2034		1,797,733		1,736,993
4.500%	02/01/2038		1,000,000		965,038
4.439%	08/01/2034		921,793		930,285
4.000%	07/01/2011		654,758		663,134
4.000%	07/01/2018		1,771,789		1,741,724
4.000%	08/01/2018		1,322,651		1,300,208
4.000%	11/01/2018		477,660		469,555
4.000%	12/01/2018		45,061		44,296
Federal National Mortgage Association TBA
5.500%	04/01/2021		1,500,000		1,531,171
5.000%	04/01/2035		1,000,000		989,844
Government National Mortgage Association
7.500%	12/15/2029		435		470
7.500%	01/15/2030		2,972		3,203
7.500%	04/15/2030		769		829
7.500%	03/15/2031		1,191		1,283
7.500%	09/15/2031		2,816		3,034
7.500%	01/15/2032		392,427		422,916
7.500%	02/15/2032		370,922		399,711
7.500%	05/15/2032		3,048		3,280
7.500%	05/15/2032		309		333
7.000%	09/15/2037		789,496		831,703
6.500%	03/15/2026		249,186		261,059
6.500%	02/15/2032		306,669		320,125
6.500%	03/15/2032		714,562		745,917

See accompanying notes to schedule of investments.

61

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—(Continued)
6.500%	05/15/2032	$	62,306	$	65,040
6.500%	05/15/2032		35,148		36,691
6.500%	05/15/2032		51,120		53,363
6.500%	05/15/2032		180,461		188,380
6.500%	05/15/2032		19,251		20,096
6.500%	05/15/2032		104,625		109,215
6.500%	10/15/2032		4,158		4,341
6.500%	04/15/2036		568,300		591,478
6.500%	05/15/2036		43,798		45,584
6.500%	05/15/2036		55,963		58,245
6.500%	06/15/2036		1,066,168		1,109,652
6.500%	12/15/2037		997,343		1,038,024
6.000%	02/15/2033		1,478,615		1,531,625
6.000%	03/15/2033		866,957		898,038
6.000%	12/15/2033		153,490		158,993
6.000%	12/15/2033		244,744		253,518
6.000%	12/15/2033		204,283		211,607
6.000%	11/15/2034		869,608		900,107
6.000%	11/15/2034		788,358		816,008
6.000%	10/15/2036		1,356,666		1,402,422
6.000%	11/15/2036		1,775,257		1,835,130
6.000%	02/15/2037		886,231		916,085
6.000%	12/15/2037		1,431,811		1,480,044
5.500%	03/15/2033		13,858		14,169
5.500%	04/15/2033		661,368		676,320
5.500%	05/15/2033		101,779		104,061
5.500%	05/15/2033		269,927		275,979
5.500%	06/15/2033		189,924		194,182
5.500%	06/15/2033		1,295,137		1,324,175
5.500%	06/15/2033		1,140,341		1,166,149
5.500%	08/15/2033		379,854		388,371
5.500%	11/15/2033		159,984		163,571
5.500%	05/15/2034		463,011		473,197
5.500%	05/15/2034		472,538		482,933
5.500%	11/15/2034		1,728,195		1,766,215
5.500%	11/15/2034		639,699		653,772
5.500%	05/15/2035		279,022		285,143
5.500%	06/15/2035		26,813		27,401
5.500%	10/15/2035		215,952		220,690
5.500%	10/15/2035		297,956		304,492
5.500%	12/15/2035		556,417		568,624
5.500%	12/15/2035		506,421		517,531
5.500%	06/15/2036		532,428		543,903
5.500%	01/15/2037		916,589		936,186
5.500%	10/15/2037		214,995		219,592
5.500%	12/15/2037		971,874		992,653
5.000%	05/15/2033		463,050		464,215
5.000%	08/15/2033		362,199		362,937
5.000%	09/15/2033		468,212		469,166
5.000%	10/15/2033		448,871		449,785
5.000%	01/15/2034		326,597		327,169
5.000%	05/15/2034		748,885		750,198
5.000%	03/15/2035		622,606		623,600
5.000%	03/15/2035		597,804		598,712
5.000%	08/15/2035		904,008		905,381
5.000%	06/15/2036		888,501		889,734
Government National Mortgage Association TBA
6.000%	04/01/2036		1,200,000		1,238,437
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $400,538,732)					405,415,033
U.S. TREASURY OBLIGATIONS—22.7%
U.S. Treasury Bonds—6.2%
U.S. Treasury Bond
13.250%	05/15/2014	$	850,000	$	958,043
11.750%	11/15/2014		500,000		580,000
11.250%	02/15/2015		1,500,000		2,275,431
9.875%	11/15/2015		550,000		804,075
9.125%	05/15/2018		3,060,000		4,481,945
8.750%	05/15/2017		3,250,000		4,580,215
8.750%	05/15/2020		3,490,000		5,113,126
8.500%	02/15/2020		2,500,000		3,587,305
8.125%	08/15/2019		2,260,000		3,148,994
8.125%	05/15/2021		750,000		1,063,066
8.000%	11/15/2021		2,420,000		3,414,092
7.875%	02/15/2021		500,000		693,516
7.625%	02/15/2025		1,600,000		2,252,501
7.500%	11/15/2024		775,000		1,077,734
7.250%	05/15/2016		930,000		1,195,631
7.250%	08/15/2022		1,500,000		2,004,961
7.125%	02/15/2023		2,525,000		3,346,612
6.500%	11/15/2026		1,550,000		1,988,118
6.250%	08/15/2023		970,000		1,194,237
6.250%	05/15/2030		410,000		524,224
6.125%	11/15/2027		2,000,000		2,483,438
6.125%	08/15/2029		2,150,000		2,692,707
6.000%	02/15/2026		1,700,000		2,059,657
5.750%	08/15/2010		2,040,000		2,235,554
5.375%	02/15/2031		1,341,000		1,551,371
5.250%	02/15/2029		1,480,000		1,668,585
5.000%	08/15/2011		1,060,000		1,166,249
5.000%	05/15/2037		2,810,000		3,144,348
4.750%	02/15/2037		2,750,000		2,958,615
					64,244,350
U.S. Treasury Notes—16.5%
U.S. Treasury Note
5.125%	05/15/2016		3,500,000		3,988,362
5.000%	02/15/2011		3,675,000		4,010,347
4.875%	06/30/2009		6,250,000		6,505,862
4.875%	08/15/2009		5,000,000		5,225,785
4.875%	05/31/2011		2,130,000		2,325,361
4.875%	02/15/2012		2,655,000		2,929,421
4.875%	08/15/2016		1,000,000		1,120,469
4.750%	02/15/2010		6,350,000		6,719,100
4.750%	05/15/2014		500,000		561,445
4.750%	08/15/2017		2,500,000		2,766,798
4.625%	07/31/2009		7,500,000		7,805,865
4.625%	10/31/2011		300,000		326,883
4.625%	12/31/2011		5,590,000		6,105,331
4.625%	02/29/2012		3,020,000		3,295,339
4.625%	11/15/2016		3,230,000		3,564,609
4.625%	02/15/2017		1,070,000		1,175,579
4.500%	04/30/2009		5,015,000		5,174,462
4.500%	02/28/2011		5,300,000		5,712,822
4.500%	09/30/2011		1,375,000		1,490,587
4.500%	11/30/2011		2,000,000		2,171,564
4.500%	04/30/2012		5,440,000		5,912,176
4.500%	11/15/2015		2,350,000		2,597,669
4.500%	02/15/2016		2,414,000		2,658,041
4.500%	05/15/2017		2,000,000		2,174,064
4.500%	02/15/2036		2,650,000		2,738,404
4.375%	08/15/2012		6,910,000		7,516,788
4.250%	10/15/2010		1,542,000		1,642,713
4.250%	01/15/2011		1,000,000		1,069,141
4.250%	08/15/2013		3,680,000		4,007,178
4.250%	11/15/2013		520,000		567,613

See accompanying notes to schedule of investments.

62

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
4.250%	08/15/2014	$	4,240,000	$	4,635,516
4.125%	08/15/2010		1,500,000		1,587,189
4.125%	05/15/2015		1,630,000		1,762,566
4.000%	03/15/2010		7,020,000		7,343,580
4.000%	04/15/2010		2,210,000		2,315,322
4.000%	11/15/2012		6,000,000		6,444,846
4.000%	02/15/2014		7,010,000		7,561,491
4.000%	02/15/2015		250,000		268,907
3.875%	05/15/2010		9,000,000		9,426,096
3.875%	09/15/2010		2,500,000		2,634,768
3.875%	02/15/2013		1,460,000		1,558,322
3.625%	05/15/2013		1,660,000		1,753,765
3.500%	11/15/2009		9,000,000		9,277,740
3.500%	02/15/2018		4,000,000		4,024,376
3.375%	10/15/2009		5,750,000		5,907,677
2.125%	01/31/2010		860,000		867,593
					171,229,532
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $223,128,794)					235,473,882
MUNICIPAL OBLIGATIONS—0.2%
Financial Services—0.2%
Illinois State (Illinois)
5.100%	06/01/2033		1,100,000		1,099,978
New Jersey Economic Development Authority (New Jersey)
7.425%	02/15/2029		500,000		620,410
New Jersey State Turnpike Authority (New Jersey)
4.252%	01/01/2016		25,000		24,785
Oregon State (Oregon)
5.762%	06/01/2023		200,000		214,746
TOTAL MUNICIPAL OBLIGATIONS
(Cost $1,828,729)					1,959,919
SOVEREIGN DEBT OBLIGATIONS—1.4%
Government Issued—1.4%
British Columbia (Province of) (Canada)
6.500%	01/15/2026		150,000		182,123
Hydro Quebec (Canada)
8.050%	07/07/2024		500,000		684,848
Hydro Quebec (Canada)
6.300%	05/11/2011		350,000		382,893
Italian Republic (Italy)
6.875%	09/27/2023		250,000		310,657
Italian Republic (Italy)
6.000%	02/22/2011		550,000		603,568
Italian Republic (Italy)
5.375%	06/15/2033		500,000		526,067
Italian Republic (Italy)
4.375%	06/15/2013		1,000,000		1,061,104
Italian Republic (Italy)
3.250%	05/15/2009		500,000		506,184
Malaysia Government (Malaysia)
8.750%	06/01/2009		500,000		531,044
Malaysia Government (Malaysia)
7.500%	07/15/2011		250,000		279,911
Ontario Province (Canada)
5.450%	04/27/2016		1,000,000		1,106,001
Ontario Province (Canada)
4.500%	02/03/2015	$	400,000	$	419,024
Ontario Province (Canada)
3.625%	10/21/2009		250,000		254,868
People’s Republic of China (China)
4.750%	10/29/2013		250,000		261,781
Quebec Province (Canada)
7.500%	09/15/2029		600,000		806,803
Quebec Province (Canada)
6.125%	01/22/2011		850,000		924,363
Region of Lombardy (Italy)
5.804%	10/25/2032		100,000		111,935
Republic of Chile (Chile)
5.500%	01/15/2013		150,000		159,075
Republic of Finland (Finland)
6.950%	02/15/2026		150,000		186,770
Republic of Poland (Poland)
5.000%	10/19/2015		300,000		315,493
Republic of South Africa (South Africa)
7.375%	04/25/2012		250,000		271,250
Saskatchewan Province (Canada)
7.375%	07/15/2013		230,000		274,556
State of Israel (Israel)
5.500%	11/09/2016		1,000,000		1,052,036
United Mexican States (Mexico)
8.375%	01/14/2011		500,000		565,500
United Mexican States (Mexico)
8.300%	08/15/2031		500,000		658,750
United Mexican States (Mexico)
8.125%	12/30/2019		750,000		946,875
United Mexican States (Mexico)
5.875%	01/15/2014		1,000,000		1,072,500
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $13,506,581)					14,455,979
ASSET BACKED SECURITIES—0.3%
Credit Cards—0.0%
Capital One Multi-Asset Execution Trust, Series 2007-7A, Class A
5.750%	07/15/2020		500,000		502,863
Electric Utilities—0.3%
Detroit Edison Securitization Funding LLC, Series 2001-1, Class A6
6.620%	03/01/2016		2,700,000		2,970,329
TOTAL ASSET BACKED SECURITIES
(Cost $3,635,410)					3,473,192
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—5.6%
Mortgage Backed—5.6%
Banc of America Commercial Mortgage, Inc., Series 2002-2, Class A3
5.118%	07/11/2043		500,000		492,301
Banc of America Commercial Mortgage, Inc., Series 2004-2, Class A3
4.050%	11/10/2038		1,000,000		975,376
Banc of America Commercial Mortgage, Inc., Series 2004-6, Class A5
4.811%	12/10/2042		500,000		492,287
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class AM
5.353%	09/10/2047		1,000,000		956,474

See accompanying notes to schedule of investments.

63

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (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 2007-1, Class A2
5.381%	01/15/2049	$	1,500,000	$	1,469,266
Bear Stearns Commercial Mortgage Securities, Series 2004-PWR3, Class A4
4.715%	02/11/2041		1,500,000		1,482,346
Bear Stearns Commercial Mortgage Securities, Series 2005-T20, Class A4A
5.155%	10/12/2042		921,000		917,134
Citigroup Commercial Mortgage Trust, Series 2004-C1, Class A3
5.251%	04/15/2040		750,000		743,709
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-C1, Class A4
5.225%	07/15/2044		900,000		900,054
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5
5.617%	10/15/2048		1,500,000		1,494,387
Credit Suisse Mortgage Capital Certificates, Series 2007-C1, Class AAB
5.336%	02/15/2040		500,000		491,115
CS First Boston Mortgage Corporation, Series 2005-C2, Class A4
4.832%	04/15/2037		750,000		733,313
CS First Boston Mortgage Securities Corporation, Series 2004-C2, Class A2
5.416%	05/15/2036		2,000,000		2,027,198
CS First Boston Mortgage Securities Corporation, Series 2005-C5, Class A3
5.100%	08/15/2038		2,650,000		2,570,755
CW Capital Cobalt Ltd., Series 2006-C1, Class A4
5.223%	08/15/2048		750,000		724,700
GE Capital Commercial Mortgage Corporation, Series 2001-A, Class A2
6.531%	05/15/2033		1,000,000		1,027,360
GE Capital Commercial Mortgage Corporation, Series 2004-C1, Class A2
3.915%	11/10/2038		1,000,000		982,532
GE Capital Commercial Mortgage Corporation, Series 2005-C4, Class AM
5.512%	11/10/2045		2,000,000		1,938,341
GMAC Commercial Mortgage Securities, Inc., Series 2000-C1, Class A2
7.724%	03/15/2033		1,643,337		1,700,492
GMAC Commercial Mortgage Securities, Inc., Series 2004-C1, Class A3
4.776%	03/10/2038		1,000,000		958,183
GMAC Commercial Mortgage Securities, Inc., Series 2004-C3, Class D
5.044%	12/10/2041		250,000		184,934
Greenwich Capital Commerical Funding Corporation, Series 2007-GG(, Class A$
5.444%	03/10/2039		1,000,000		975,076
GS Mortgage Securities Corporation II, Series 2003-C1, Class A3
4.608%	01/10/2040		60,000		57,220
JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2003-CIBC7, Class A3
4.449%	01/12/2038		2,000,000		1,951,945
JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-CB9, Class A4
5.374%	06/12/2041		750,000		768,283
JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-CIBC10, Class AJ
4.951%	01/12/2037	$	1,750,000	$	1,541,664
JP Morgan Chase Commerical Mortgage Securities Corporation, Series 2003-ML1, Class A2
4.767%	03/12/2039		1,000,000		956,886
JP Morgan Chase Commerical Mortgage Securities Corporation, Series 2005-CIBC13, Class AM
5.335%	01/12/2043		900,000		870,989
JP Morgan Chase Commerical Mortgage Securities Corporation, Series 2005-LDP2, Class A4
4.738%	07/15/2042		935,000		918,961
JP Morgan Chase Commerical Mortgage Securities Corporation, Series 2005-LDP2, Class E
4.981%	07/15/2042		750,000		546,705
JP Morgan Chase Commerical Mortgage Securities Corporation, Series 2005-LDP3, Class A4B
4.996%	08/15/2042		1,075,000		1,052,201
JP Morgan Chase Commerical Mortgage Securities Corporation, Series 2005-LDP4, Class A2
4.790%	10/15/2042		965,000		953,757
JP Morgan Chase Commerical Mortgage Securities Corporation, Series 2006-CIBC17, Class AM
5.464%	12/12/2043		750,000		681,159
LB-UBS Commercial Mortgage Trust, Series 2004-C7, Class A6
4.786%	10/15/2029		1,000,000		981,945
LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A4
5.424%	02/15/2040		1,000,000		973,360
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3
5.430%	02/15/2040		750,000		729,695
Merrill Lynch Mortgage Trust, Series 2002-MW1, Class A3
5.403%	07/12/2034		500,000		501,636
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A3
5.476%	02/12/2039		750,000		735,586
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4
5.426%	02/12/2039		1,500,000		1,492,145
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4
5.414%	07/12/2046		750,000		737,408
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class A3
5.172%	12/12/2049		1,000,000		964,423
Morgan Stanley Capital I, Series 2004-HQ3, Class A3
4.490%	01/13/2041		1,000,000		975,462
Morgan Stanley Capital I, Series 2004-T13, Class A2
3.940%	09/13/2045		712,135		698,774
Morgan Stanley Capital I, Series 2004-T15, Class A2
4.690%	06/13/2041		500,000		496,056
Morgan Stanley Capital I, Series 2006-HQ9, Class AM
5.773%	07/12/2044		1,000,000		929,744
Morgan Stanley Capital I, Series 2006-IQ12, Class A-2
5.283%	12/15/2043		750,000		736,038
Morgan Stanley Capital I, Series 2007-HQ11, Class A4
5.447%	02/12/2044		1,500,000		1,457,715
Morgan Stanley Capital I, Series 2007-IQ13, Class AM
5.406%	03/15/2044		1,500,000		1,339,766

See accompanying notes to schedule of investments.

64

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
Morgan Stanley Dean Witter Capital I, Series 2003-HQ2, Class A1
4.180%	03/12/2035		$	553,411	$	531,184
Wachovia Bank Commercial Mortgage Trust, Series 2003-C5, Class A2
3.989%	06/15/2035			750,000		707,001
Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A4
5.012%	12/15/2035			750,000		739,097
Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5
5.215%	01/15/2041			500,000		500,672
Wachovia Bank Commercial Mortgage Trust, Series 2004-C12, Class A4
5.233%	07/15/2041			750,000		760,548
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class B
4.892%	10/15/2041			1,000,000		812,338
Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class A3
5.707%	05/15/2043			1,000,000		994,520
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class AJ
5.988%	06/15/2045			1,000,000		832,630
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A2
5.500%	10/15/2048			500,000		493,769
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A3
5.679%	10/15/2048			1,600,000		1,598,574
Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A3
5.246%	12/15/2043			2,000,000		1,946,627
Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5
5.342%	12/15/2043			500,000		483,058
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $60,348,983)						58,686,874
CASH EQUIVALENTS—2.8%
Institutional Money Market Funds—0.1%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††		865,304		865,304
Bank & Certificate Deposits/ Offshore Time Deposits—2.7%
ABN Amro Bank NV
3.000%	04/10/2008	††		755,510		755,510
Barclays
4.600%	04/04/2008	††		302,204		302,204
BNP Paribas
3.820%	04/16/2008	††		906,612		906,612
BNP Paribas
3.000%	04/01/2008	††		3,777,552		3,777,552
Branch Banking & Trust
2.000%	04/01/2008	††		1,511,021		1,511,021
Calyon
3.020%	04/04/2008	††	$	604,408	$	604,408
Calyon
3.000%	04/01/2008	††		3,514,929		3,514,929
Fortis Bank
2.750%	04/08/2008	††		2,115,429		2,115,429
Rabobank Nederland
3.010%	04/07/2008	††		755,510		755,510
Royal Bank of Canada
2.750%	04/01/2008	††		3,777,552		3,777,552
Royal Bank of Scotland
3.000%	04/01/2008	††		3,928,654		3,928,654
Societe Generale
3.120%	04/03/2008	††		453,306		453,306
Societe Generale
2.850%	04/10/2008	††		1,511,021		1,511,021
Svenska Handelsbanken
3.000%	04/01/2008	††		3,335,180		3,335,180
UBS AG
3.025%	04/04/2008	††		453,306		453,306
						27,702,194
TOTAL CASH EQUIVALENTS
(Cost $28,567,498)						28,567,498
REPURCHASE AGREEMENTS—1.4%
State Street Bank and Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $14,962,504, and an effective yield of 1.65%, collateralized by U.S. Government Agency Obligations, with rates ranging from 3.867%– 4.420%, maturity dates of 08/01/2033, and an aggregate market value of $15,261,950.				14,961,819		14,961,818
TOTAL INVESTMENTS—103.4%
(Cost $1,057,740,670)						1,074,854,408
Other assets less liabilities—(3.4%)						(35,696,807	)
NET ASSETS—100.0%					$	1,039,157,601

 

Notes to the Schedule of Investments:

MTN Medium Term Note

REIT Real Estate Investment Trust

TBA To Be Announced

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

* Security acquired in offering made in reliance on Rule 144A exemption from registration under the Securities Act of 1933 (“1933 Act”). Resale of this security is restricted to transactions exempt from registration under the 1933 Act. 144A securities represent 0.05% of Total Investments.

† Denotes all or a portion of security on loan.

†† Represents reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to schedule of investments.

65

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—98.6%
Advertising—0.2%
Interpublic Group, Inc.	*†		13,428	$	112,929
Monster Worldwide, Inc.	*		4,065		98,414
Omnicom Group			10,092		445,865
					657,208
Aerospace & Defense—2.4%
Goodrich Corporation			3,725		214,225
Boeing Company (The)			23,515		1,748,811
General Dynamics Corporation			12,172		1,014,780
Honeywell International, Inc.			22,620		1,276,220
Lockheed Martin Corporation			10,504		1,043,047
Northrop Grumman Corporation			10,493		816,460
Textron, Inc.			7,472		414,098
United Technologies Corporation			29,999		2,064,531
					8,592,172
Airlines—0.1%
Southwest Airlines Company			22,465		278,566
Apparel Retailers—0.3%
Abercrombie & Fitch Company Class A			2,804		205,085
Gap (The), Inc.			13,860		272,765
Kohl’s Corporation	*		9,410		403,595
Limited Brands, Inc.			10,263		175,497
Nordstrom, Inc.	†		5,703		185,918
					1,242,860
Automotive—0.5%
Autonation, Inc.	*		4,218		63,143
Ford Motor Company	*†		64,627		369,666
General Motors Corporation	†		17,696		337,109
Genuine Parts Company			5,410		217,590
Goodyear Tire & Rubber Company (The)	*		6,396		165,017
Harley-Davidson, Inc.	†		7,186		269,475
Paccar, Inc.			11,068		498,060
					1,920,060
Banking—8.6%
American Capital Strategies Ltd.	†		5,599		191,262
American Express Company	†		35,454		1,550,049
BB&T Corporation			16,901		541,846
Bank of America Corporation			136,071		5,158,452
Bank of New York Mellon Corporation			34,520		1,440,520
Capital One Financial Corporation			11,425		562,338
CIT Group, Inc.			6,087		72,131
Citigroup, Inc.			159,476		3,415,976
Comerica, Inc.			4,863		170,594
Discover Financial Services			15,513		253,948
Fannie Mae			29,567		778,203
Fifth Third Bancorp	†		16,455		344,239
First Horizon National Corporation	†		3,674		51,473
Freddie Mac			20,106		509,084
Hudson City Bancorp, Inc.			15,412		272,484
Huntington Bancshares, Inc.			11,365		122,174
JPMorgan Chase & Company			104,040		4,468,518
Keycorp			12,073		265,002
M&T Bank Corporation	†		2,431		195,647
Marshall & Ilsley Corporation	†		8,011		185,855
National City Corporation			19,071		189,756
Northern Trust Corporation			5,889		391,442
PNC Financial Services Group, Inc.			10,783	$	707,041
Regions Financial Corporation	†		21,660		427,785
SLM Corporation	*		14,292		219,382
Sovereign Bancorp, Inc.	†		11,004		102,557
State Street Corporation			11,678		922,562
SunTrust Banks, Inc.			10,877		599,758
U.S. Bancorp			52,359		1,694,337
Wachovia Corporation	†		59,935		1,618,245
Washington Mutual, Inc.	†		27,227		280,438
Wells Fargo & Company			100,985		2,938,663
Zions Bancorporation			3,246		147,855
					30,789,616
Beverages, Food & Tobacco—5.8%
Altria Group, Inc.			64,332		1,428,170
Anheuser-Busch Companies, Inc.			22,204		1,053,580
Archer-Daniels-Midland Company			19,425		799,533
Brown-Forman Corporation Class B	†		2,464		163,166
Campbell Soup Company			6,505		220,845
Coca-Cola Company (The)			60,923		3,708,383
Coca-Cola Enterprises, Inc.			8,053		194,883
ConAgra Foods, Inc.			14,538		348,185
Constellation Brands, Inc. Class A	*†		5,602		98,987
Dean Foods Company			4,192		84,217
General Mills, Inc.			10,161		608,441
Hershey Company (The)	†		5,550		209,068
HJ Heinz Company			9,503		446,356
Kellogg Company			7,949		417,799
Kraft Foods, Inc. Class A			46,877		1,453,656
McCormick & Company, Inc.			3,895		143,998
Molson Coors Brewing Company Class B			4,248		223,317
Pepsi Bottling Group, Inc.			4,086		138,556
Pepsico, Inc.			48,902		3,530,724
Philip Morris International, Inc.			64,332		3,253,913
Reynolds American, Inc.			5,390		318,172
Sara Lee Corporation			23,124		323,274
Supervalu, Inc.			6,343		190,163
Sysco Corporation			18,301		531,095
Tyson Foods, Inc. Class A			7,900		126,005
UST, Inc.			4,656		253,845
WM Wrigley Jr. Company			6,663		418,703
					20,687,034
Building Materials—0.7%
Home Depot, Inc.			51,136		1,430,274
Lowe’s Companies, Inc.			44,251		1,015,118
Vulcan Materials Company	†		3,366		223,502
					2,668,894
Chemicals—1.8%
Air Products & Chemicals, Inc.			6,726		618,792
Avery Dennison Corporation			3,045		149,966
Dow Chemical Company (The)			28,581		1,053,210
E.I. du Pont de Nemours & Company			27,228		1,273,181
Eastman Chemical Company			2,451		153,065
Hercules, Inc.	†		3,515		64,289
International Flavors & Fragrances, Inc.			2,365		104,178
Monsanto Company			16,588		1,849,562
PPG Industries, Inc.			5,081		307,451
Praxair, Inc.			9,796		825,117
Sealed Air Corporation			4,782		120,745
					6,519,556

See accompanying notes to schedule of investments.

66

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Coal—0.2%
Consol Energy, Inc.			5,595	$	387,118
Peabody Energy Corporation			8,293		422,943
					810,061
Commercial Services—0.8%
Akamai Technologies, Inc.	*		5,150		145,024
Allied Waste Industries, Inc.	*		8,207		88,718
Cintas Corporation	†		4,114		117,414
Convergys Corporation	*		4,528		68,192
Equifax, Inc.			3,838		132,334
Fluor Corporation			2,599		366,875
H&R Block, Inc.			10,232		212,416
Jacobs Engineering Group, Inc.	*		3,730		274,491
Moody’s Corporation	†		6,539		227,753
Paychex, Inc.			9,970		341,572
Robert Half International, Inc.			5,293		136,242
RR Donnelley & Sons Company			6,781		205,532
Ryder System, Inc.			2,030		123,647
Waste Management, Inc.			15,290		513,132
					2,953,342
Communications—1.1%
American Tower Corporation Class A	*		12,160		476,794
Ciena Corporation	*		2,144		66,100
L-3 Communications Holdings, Inc.			3,929		429,597
Motorola, Inc.			68,986		641,570
NetApp, Inc.	*		10,193		204,370
Qualcomm, Inc.			49,652		2,035,732
Tellabs, Inc.	*		12,229		66,648
					3,920,811
Computer Software & Processing—5.5%
Adobe Systems, Inc.	*		17,287		615,244
Affiliated Computer Services, Inc. Class A	*		3,065		153,587
Autodesk, Inc.	*		7,066		222,438
Automatic Data Processing, Inc.			16,387		694,645
BMC Software, Inc.	*		5,773		187,738
CA, Inc.			11,671		262,597
Citrix Systems, Inc.	*		5,196		152,399
Cognizant Technology Solutions Corporation	*		8,648		249,322
Computer Sciences Corporation	*		4,843		197,546
Compuware Corporation	*		9,006		66,104
Electronic Arts, Inc.	*		9,665		482,477
Electronic Data Systems Corporation			16,012		266,600
Fidelity National Information Services, Inc.			5,123		195,391
Fiserv, Inc.	*		5,132		246,798
Google, Inc. Class A	*		7,034		3,098,266
IMS Health, Inc.			6,032		126,732
Intuit, Inc.	*		9,924		268,047
Juniper Networks, Inc.	*		16,362		409,050
Microsoft Corporation			244,636		6,942,770
Novell, Inc.	*		11,821		74,354
Oracle Corporation	*		119,688		2,341,097
Sun Microsystems, Inc.	*		25,510		396,170
Symantec Corporation	*		26,043		432,835
Teradata Corporation	*		5,590		123,315
Total System Services, Inc.			4,946		117,022
Unisys Corporation	*		10,465		46,360
VeriSign, Inc.	*†		6,732	$	223,772
Yahoo!, Inc.	*		40,467		1,170,710
					19,763,386
Computers & Information—4.8%
3M Company			21,629		1,711,935
Apple Computer, Inc.	*		26,788		3,844,078
Dell, Inc.	*		67,891		1,352,389
EMC Corporation	*		64,482		924,672
Hewlett-Packard Company			76,255		3,481,803
International Business Machines Corporation			42,254		4,865,126
International Game Technology			9,467		380,668
Jabil Circuit, Inc.			5,995		56,713
Lexmark International, Inc.	*		2,870		88,166
Pitney Bowes, Inc.			6,896		241,498
SanDisk Corporation	*		6,917		156,117
					17,103,165
Containers & Packaging—0.0%
Ball Corporation			3,168		145,538
Cosmetics & Personal Care—2.5%
Avon Products, Inc.			13,350		527,859
Clorox Company			4,108		232,677
Colgate-Palmolive Company			15,433		1,202,385
Ecolab, Inc.			5,184		225,141
Estee Lauder Companies (The), Inc. Class A	†		3,640		166,894
Procter & Gamble Company			94,420		6,616,009
					8,970,965
Education—0.1%
Apollo Group, Inc. Class A	*		4,073		175,954
Electric Utilities—3.5%
AES Corporation (The)	*		20,826		347,169
Allegheny Energy, Inc.			4,824		243,612
Ameren Corporation			6,170		271,727
American Electric Power Company, Inc.			12,380		515,379
CMS Energy Corporation			7,199		97,474
Centerpoint Energy, Inc.			9,695		138,348
Consolidated Edison, Inc.			8,061		320,022
Constellation Energy Group, Inc.			5,647		498,461
DTE Energy Company			5,330		207,284
Dominion Resources, Inc.			17,958		733,405
Duke Energy Corporation			39,212		699,934
Dynegy, Inc. Class A	*		14,627		115,407
Edison International			9,898		485,200
Entergy Corporation			6,031		657,861
Exelon Corporation			20,006		1,625,888
FPL Group, Inc.			12,628		792,281
FirstEnergy Corporation			9,191		630,686
Integrys Energy Group, Inc.			2,341		109,184
NiSource, Inc.			8,413		145,040
PG&E Corporation			10,922		402,148
PPL Corporation			11,199		514,258
Pepco Holdings, Inc.			6,023		148,889
Pinnacle West Capital Corporation			2,891		101,416
Progress Energy, Inc.			7,759		323,550
Public Service Enterprise Group, Inc.			15,790		634,600
Sempra Energy			8,214		437,642
Southern Company (The)			23,187		825,689
TECO Energy, Inc.	†		5,950		94,902
Xcel Energy, Inc.			12,731		253,983
					12,371,439

See accompanying notes to schedule of investments.

67

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Electrical Equipment—3.6%
Cooper Industries Ltd. Class A (Bermuda)			5,710	$	229,256
Emerson Electric Company			23,841		1,226,858
General Electric Company			306,365		11,338,569
					12,794,683
Electronics—4.1%
Advanced Micro Devices, Inc.	*†		16,617		97,874
Altera Corporation			9,869		181,886
Analog Devices, Inc.			9,501		280,470
Broadcom Corporation Class A	*		14,124		272,169
Cisco Systems, Inc.	*		183,286		4,415,360
Eastman Kodak Company	†		8,976		158,606
Intel Corporation			177,639		3,762,394
JDS Uniphase Corporation	*		5,668		75,895
LSI Corporation	*		23,786		117,741
Linear Technology Corporation	†		6,719		206,206
MEMC Electronics Materials, Inc.	*		7,012		497,151
Microchip Technology, Inc.	†		5,551		181,684
Micron Technology, Inc.	*		23,746		141,764
Molex, Inc.			4,262		98,708
National Semiconductor Corporation			7,865		144,087
Novellus Systems, Inc.	*		4,043		85,105
Nvidia Corporation	*		16,756		331,601
QLogic Corporation	*		4,584		70,364
Raytheon Company			12,973		838,186
Rockwell Collins, Inc.			5,106		291,808
Texas Instruments, Inc.			41,228		1,165,516
Tyco Electronics Ltd. (Bermuda)			15,195		521,492
Xerox Corporation			29,117		435,881
Xilinx, Inc.			8,667		205,841
					14,577,789
Entertainment & Leisure—1.4%
Hasbro, Inc.			4,244		118,408
Mattel, Inc.			11,814		235,099
News Corporation, Inc. Class A			70,079		1,313,981
Time Warner, Inc.			109,629		1,536,999
Walt Disney Company			57,739		1,811,850
					5,016,337
Environmental—0.3%
Agilent Technologies, Inc.	*		11,570		345,133
Danaher Corporation			7,623		579,577
Teradyne, Inc.	*		6,358		78,966
					1,003,676
Financial Services—2.9%
Ameriprise Financial, Inc.			7,301		378,557
Bear Stearns Companies, Inc. (The)	†		3,605		37,816
Charles Schwab Corporation (The)			29,198		549,798
CME Group, Inc.			1,682		789,026
Countrywide Financial Corporation	†		17,838		98,109
E*Trade Financial Corporation	*†		12,800		49,408
Federated Investors, Inc. Class B			2,799		109,609
Franklin Resources, Inc.			4,858		471,177
Goldman Sachs Group, Inc.			12,067		1,995,761
IntercontinentalExchange, Inc.	*		2,157		281,489
Janus Capital Group, Inc.			4,574		106,437
Legg Mason, Inc.			3,983		222,968
Lehman Brothers Holdings, Inc.	†		16,302	$	613,607
Merrill Lynch & Company, Inc.			29,760		1,212,422
Morgan Stanley			33,835		1,546,260
NYSE Euronext			8,209		506,577
Principal Financial Group			7,853		437,569
T Rowe Price Group, Inc.			7,912		395,600
Western Union Company (The)			22,562		479,894
					10,282,084
Food Retailers—0.4%
Kroger Company (The)			20,497		520,624
Safeway, Inc.			13,907		408,170
Starbucks Corporation	*		21,892		383,110
Whole Foods Market, Inc.	†		4,200		138,474
					1,450,378
Forest Products & Paper—0.5%
Bemis Company			3,365		85,572
International Paper Company			13,188		358,714
Kimberly-Clark Corporation			12,781		825,014
MeadWestvaco Corporation			5,462		148,676
Pactiv Corporation	*		4,478		117,368
Weyerhaeuser Company			6,280		408,451
					1,943,795
Health Care Providers—0.3%
Coventry Health Care, Inc.	*		4,800		193,680
Express Scripts, Inc.	*		7,575		487,224
Laboratory Corporation of America Holdings	*		3,523		259,575
Tenet Healthcare Corporation	*		14,819		83,876
					1,024,355
Heavy Construction—0.0%
Centex Corporation			3,736		90,449
Lennar Corporation Class A	†		4,253		79,999
					170,448
Heavy Machinery—2.3%
Applied Materials, Inc.			41,621		812,026
Black & Decker Corporation			1,913		126,449
Cameron International Corporation	*		6,832		284,484
Caterpillar, Inc.			19,267		1,508,413
Cummins, Inc.			6,097		285,462
Deere & Company			13,434		1,080,631
Dover Corporation			6,423		268,353
Eaton Corporation			4,382		349,114
ITT Corporation			5,413		280,448
Ingersoll-Rand Company Class A (Bermuda)			8,137		362,747
Manitowoc Company, Inc.			3,906		159,365
National-Oilwell Varco, Inc.	*		10,757		627,994
Pall Corporation			3,958		138,807
Parker Hannifin Corporation			5,165		357,780
Rockwell Automation, Inc.			4,562		261,950
Smith International, Inc.			6,087		390,968
Stanley Works (The)			2,596		123,622
Terex Corporation	*		3,229		201,813
Trane, Inc.			5,509		252,863
Varian Medical Systems, Inc.	*		4,001		187,407
WW Grainger, Inc.			2,254		172,183
					8,232,879

See accompanying notes to schedule of investments.

68

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Home Construction, Furnishings & Appliances—0.5%
DR Horton, Inc.	†		8,206	$	129,245
Harman International Industries, Inc.			2,000		87,080
Johnson Controls, Inc.			18,309		618,844
KB Home	†		2,308		57,077
Leggett & Platt, Inc.	†		5,276		80,459
Masco Corporation			11,772		233,439
Newell Rubbermaid, Inc.			8,746		200,021
Pulte Homes, Inc.			6,258		91,054
Whirlpool Corporation			2,302		199,768
					1,696,987
Household Products—0.3%
Fortune Brands, Inc.			4,752		330,264
Illinois Tool Works, Inc.			12,456		600,753
Rohm & Haas Company			3,701		200,150
Snap-On, Inc.			1,846		93,869
					1,225,036
Industrial—Diversified—0.2%
Tyco International Ltd. (Bermuda)			15,195		669,340
Insurance—4.9%
ACE Ltd. (Cayman Islands)			10,182		560,621
Aflac, Inc.			14,542		944,503
Aetna, Inc.			15,520		653,237
Allstate Corporation (The)			17,707		850,998
AMBAC Financial Group, Inc.	†		8,788		50,531
American International Group, Inc.			77,050		3,332,413
AON Corporation			9,359		376,232
Assurant, Inc.			2,807		170,834
Cigna Corporation			8,754		355,150
Cincinnati Financial Corporation			5,083		193,357
Genworth Financial, Inc. Class A			13,920		315,149
Hartford Financial Services Group, Inc.			9,464		717,087
Humana, Inc.	*		5,100		228,786
Leucadia National Corporation			5,140		232,431
Lincoln National Corporation			8,407		437,164
Loews Corporation			13,600		546,992
MBIA, Inc.	†		6,439		78,685
MGIC Investment Corporation	†		2,777		29,242
Marsh & McLennan Companies, Inc.			16,036		390,477
MetLife, Inc.			21,723		1,309,028
Progressive Corporation (The)			20,912		336,056
Prudential Financial, Inc.			13,729		1,074,294
Safeco Corporation			2,748		120,582
The Chubb Corporation			11,560		571,989
Torchmark Corporation			2,839		170,652
Travelers Cos., Inc. (The)			19,001		909,198
UnitedHealth Group, Inc.			39,193		1,346,671
UnumProvident Corporation			10,826		238,280
WellPoint, Inc.	*		17,304		763,626
XL Capital Ltd. Class A (Cayman Islands)			5,668		167,489
					17,471,754
Lodging—0.2%
Marriott International, Inc. Class A			9,595		329,684
Starwood Hotels & Resorts Worldwide, Inc.			5,931		306,929
Wyndham Worldwide Corporation			6,076		125,652
					762,265
Media—Broadcasting & Publishing—1.4%
CBS Corporation Class B			20,603	$	454,914
Clear Channel Communications, Inc.			15,334		448,059
Comcast Corporation Class A			93,206		1,802,604
DIRECTV Group (The), Inc.	*		22,146		548,999
EW Scripps Company Class A	†		2,500		105,025
Gannett Company, Inc.	†		7,093		206,052
IAC/InterActiveCorp	*		6,294		130,663
McGraw-Hill Companies, Inc. (The)			9,866		364,549
Meredith Corporation			1,189		45,479
New York Times Company Class A	†		4,417		83,393
Viacom, Inc. Class B	*		20,343		805,990
Washington Post Company Class B			182		120,393
					5,116,120
Medical Supplies—4.0%
Allergan, Inc.			9,246		521,382
Applera Corporation—Applied Biosystems Group			5,286		173,698
Baxter International, Inc.			19,195		1,109,855
Becton Dickinson & Company			7,580		650,743
Boston Scientific Corporation	*		39,681		510,694
Covidien Ltd. (Bermuda)			15,195		672,379
CR Bard, Inc.	†		3,184		306,938
Johnson & Johnson			86,993		5,643,236
KLA-Tencor Corporation			5,560		206,276
Medtronic, Inc.			34,282		1,658,220
Millipore Corporation	*		1,546		104,216
Patterson Cos., Inc.	*		4,422		160,519
PerkinElmer, Inc.			4,019		97,461
St. Jude Medical, Inc.	*		10,312		445,375
Stryker Corporation			7,295		474,540
Thermo Fisher Scientific, Inc.	*		13,077		743,297
Waters Corporation	*		3,186		177,460
Zimmer Holdings, Inc.	*		7,063		549,925
					14,206,214
Metals—1.3%
Alcoa, Inc.			25,638		924,506
Allegheny Technologies, Inc.			3,169		226,140
Corning, Inc.			47,698		1,146,660
Newmont Mining Corporation			14,078		637,733
Nucor Corporation			8,664		586,899
Precision Castparts Corporation			4,277		436,596
Titanium Metals Corporation	†		2,725		41,011
United States Steel Corporation			3,716		471,449
					4,470,994
Mining—0.3%
Freeport-McMoran Copper & Gold, Inc.			11,557		1,112,015
Oil & Gas—12.6%
Anadarko Petroleum Corporation			14,377		906,182
Apache Corporation			10,021		1,210,737
Ashland, Inc.			1,771		83,768
Baker Hughes, Inc.			9,795		670,958
BJ Services Company			8,811		251,202
Chesapeake Energy Corporation			13,796		636,685
Chevron Corporation			63,817		5,447,419
ConocoPhillips			48,058		3,662,500
Devon Energy Corporation			13,476		1,405,951
EOG Resources, Inc.			7,355		882,600
El Paso Corporation			22,180		369,075

See accompanying notes to schedule of investments.

69

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
ENSCO International, Inc.			4,299	$	269,203
Exxon Mobil Corporation			164,279		13,894,718
Halliburton Company			26,646		1,047,987
Hess Corporation			8,391		739,918
Marathon Oil Corporation			21,496		980,218
Murphy Oil Corporation			5,644		463,598
Nabors Industries Ltd.	*		8,284		279,751
Nicor, Inc.	†		1,395		46,746
Noble Corporation (Cayman Islands)			8,474		420,904
Noble Energy, Inc.			5,358		390,062
Occidental Petroleum Corporation			25,131		1,838,835
Questar Corporation			5,268		297,958
Range Resources Corporation			4,649		294,979
Rowan Companies., Inc.			3,489		143,677
Schlumberger Ltd.			36,320		3,159,840
Spectra Energy Corp.			19,659		447,242
Sunoco, Inc.			3,836		201,275
Tesoro Corporation			4,285		128,550
Transocean, Inc. (Cayman Islands)	*		9,631		1,302,111
Valero Energy Corporation			16,647		817,534
Weatherford International Ltd. (Bermuda)	*		10,171		737,092
Williams Companies, Inc.			17,884		589,814
XTO Energy, Inc.			15,345		949,242
					44,968,331
Pharmaceuticals—6.4%
Abbott Laboratories			46,916		2,587,417
AmerisourceBergen Corporation			5,126		210,063
Amgen, Inc.	*		32,969		1,377,445
Barr Pharmaceuticals, Inc.	*		3,200		154,592
Biogen Idec, Inc.	*		8,876		547,560
Bristol-Myers Squibb Company			59,948		1,276,892
Cardinal Health, Inc.			11,241		590,265
Celgene Corporation	*		13,020		797,996
Eli Lilly & Company			29,910		1,543,057
Forest Laboratories, Inc.	*		9,616		384,736
Genzyme Corporation	*		8,228		613,315
Gilead Sciences, Inc.	*		28,189		1,452,579
Hospira, Inc.	*		4,680		200,164
King Pharmaceuticals, Inc.	*		7,638		66,451
McKesson Corporation			8,702		455,724
Medco Health Solutions, Inc.	*		16,154		707,384
Merck & Company, Inc.			66,108		2,508,799
Mylan Laboratories	†		7,620		88,392
Pfizer, Inc.			207,576		4,344,566
Quest Diagnostics, Inc.			4,860		220,012
Schering-Plough Corporation			49,011		706,249
Sigma Aldrich Corporation			3,792		226,193
Watson Pharmaceuticals, Inc.	*		2,919		85,585
Wyeth			40,600		1,695,456
					22,840,892
Real Estate—1.2%
Apartment Investment & Management Company REIT Class A			3,115		111,548
AvalonBay Communities, Inc. REIT			2,470		238,404
Boston Properties, Inc. REIT			3,717		342,224
CB Richard Ellis Group, Inc. Class A	*		5,846		126,507
Developers Diversified Realty Corporation REIT			3,951		165,468
Equity Residential REIT			8,303	$	344,491
General Growth Properties, Inc. REIT	†		7,587		289,596
HCP, Inc. REIT			6,660		225,175
Host Hotels & Resorts, Inc. REIT			16,217		258,175
Kimco Realty Corporation REIT			7,548		295,655
Plum Creek Timber Company, Inc. REIT	†		5,089		207,122
Prologis REIT			7,749		456,106
Public Storage REIT			3,844		340,655
Simon Property Group, Inc. REIT			6,910		642,008
Vornado Realty Trust REIT			4,063		350,271
					4,393,405
Restaurants—0.8%
Darden Restaurants, Inc.			4,663		151,781
McDonald’s Corporation			35,884		2,001,251
Wendy’s International, Inc.			2,362		54,468
Yum! Brands, Inc.			15,303		569,425
					2,776,925
Retailers—4.2%
Amazon.com, Inc.	*		9,269		660,880
AutoZone, Inc.	*		1,371		156,061
Bed Bath & Beyond, Inc.	*		7,855		231,723
Best Buy Company, Inc.			10,836		449,261
Big Lots, Inc.	*†		2,400		53,520
CVS Caremark Corporation			44,312		1,795,079
Costco Wholesale Corporation			13,115		852,082
Dillard’s, Inc. Class A	†		1,726		29,704
eBay, Inc.	*		34,382		1,025,959
Expedia, Inc.	*		6,356		139,133
Family Dollar Stores, Inc.			5,061		98,690
GameStop Corporation Class A	*†		4,955		256,223
JC Penney Company, Inc.			7,038		265,403
Macy’s, Inc.			12,923		298,004
Nike, Inc. Class B			11,589		788,052
Office Depot, Inc.	*		8,714		96,290
OfficeMax, Inc.			2,397		45,879
RadioShack Corporation	†		3,908		63,505
Sears Holdings Corporation	*†		2,157		220,208
Sherwin-Williams Company (The)			3,384		172,719
Staples, Inc.			21,243		469,683
TJX Companies, Inc.			13,095		433,052
Target Corporation			25,170		1,275,616
Tiffany & Company			4,243		177,527
Walgreen Company			30,005		1,142,890
Wal-Mart Stores, Inc.			71,785		3,781,634
					14,978,777
Telephone Systems—3.3%
AT&T, Inc.			184,404		7,062,673
CenturyTel, Inc.			3,293		109,459
Citizens Communications Company			10,409		109,190
Embarq Corporation			4,416		177,082
Qwest Communications International, Inc.	†		49,218		222,958
Sprint Nextel Corporation			85,922		574,818
Verizon Communications, Inc.			87,799		3,200,274
Windstream Corporation			14,143		169,009
					11,625,463
Textiles, Clothing & Fabrics—0.2%
Coach, Inc.	*		11,268		339,730
Jones Apparel Group, Inc.			3,500		46,970
Liz Claiborne, Inc.	†		3,056		55,466

See accompanying notes to schedule of investments.

70

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint 500
Stock Index Fund

	Shares		Value
COMMON STOCKS—(Continued)
Polo Ralph Lauren Corporation		1,954	$	113,899
VF Corporation		2,652		205,557
				761,622
Transportation—2.1%
Brunswick Corporation		2,897		46,265
Burlington Northern Santa Fe Corporation		9,001		830,072
CSX Corporation		12,670		710,407
Carnival Corporation		13,148		532,231
CH Robinson Worldwide, Inc.		5,392		293,325
Expeditors International of Washington, Inc.		6,669		301,305
FedEx Corporation		9,562		886,111
Norfolk Southern Corporation		11,673		634,077
Union Pacific Corporation		7,943		995,893
United Parcel Service, Inc. Class B		31,896		2,329,046
				7,558,732
TOTAL COMMON STOCKS
(Cost $213,731,107)				352,701,923

 

Coupon Rate	Maturity         Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.850%	06/19/2008		$	430,000		429,198
CASH EQUIVALENTS—3.4%
Institutional Money Market Funds—0.1%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††		365,112		365,112
Bank & Certificate Deposits/ Offshore Time Deposits—3.3%
ABN Amro Bank NV
3.000%	04/10/2008	††		318,785		318,785
Barclays
4.600%	04/04/2008	††		127,514		127,514
BNP Paribas
3.820%	04/16/2008	††		382,542		382,542
BNP Paribas
3.000%	04/01/2008	††		1,593,925		1,593,925
Branch Banking & Trust
2.000%	04/01/2008	††		637,570		637,570
Calyon
3.020%	04/04/2008	††		255,028		255,028
Calyon
3.000%	04/01/2008	††		1,483,112		1,483,112
Fortis Bank
2.750%	04/08/2008	††		892,598		892,598
Rabobank Nederland
3.010%	04/07/2008	††		318,785		318,785
Royal Bank of Canada
2.750%	04/01/2008	††		1,593,925		1,593,925
Royal Bank of Scotland
3.000%	04/01/2008	††		1,657,682		1,657,682
Societe Generale
3.120%	04/03/2008	††		191,271		191,271
Societe Generale
2.850%	04/10/2008	††		637,570		637,570
Svenska Handelsbanken
3.000%	04/01/2008	††	$	1,407,268	$	1,407,268
UBS AG
3.025%	04/04/2008	††		191,270		191,270
						11,688,845
TOTAL CASH EQUIVALENTS
(Cost $12,053,957)						12,053,957
REPURCHASE AGREEMENTS—1.6%
State Street Bank and Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $5,713,912 and an effective yield of 1.65%, collateralized by U.S. Government and Agency Obligations, with rates ranging from 4.198%–4.482%, a maturity of 07/01/2033 and an aggregate market value of $5,828,297.				5,713,650		5,713,650
TOTAL INVESTMENTS—103.7%
(Cost $231,927,912)						370,898,728
Other assets less liabilities—(3.7%)						(13,289,623	)
NET ASSETS—100.0%					$	357,609,105

 

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 reinvestment of collateral received in conjunction with securities lending.

See accompanying notes to schedule of investments.

71

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—98.3%
Advertising—0.2%
Clear Channel Outdoor Holdings, Inc. Class A	*†		2,500	$	47,525
Getty Images, Inc.	*		1,742		55,744
Interpublic Group, Inc.	*†		17,203		144,677
Jupitermedia Corporation	*		1,450		3,030
Lamar Advertising Company	*†		3,479		125,000
Monster Worldwide, Inc.	*		4,681		113,327
Omnicom Group			12,710		561,528
Valueclick, Inc.	*		4,058		70,001
					1,120,832
Aerospace & Defense—1.8%
AAR Corporation	*†		1,489		40,604
Alliant Techsystems, Inc.	*†		1,550		160,471
Goodrich Corporation			4,882		280,764
Boeing Company (The)			27,315		2,031,417
Fairchild Corporation (The) Class A	*		3,265		7,444
Gencorp, Inc.	*†		1,629		16,762
General Dynamics Corporation			13,610		1,134,666
Heico Corporation Class A			878		34,444
Honeywell International, Inc.			28,437		1,604,416
Kreisler Manufacturing Corporation	*		1,250		14,625
Lockheed Martin Corporation			12,021		1,193,685
Northrop Grumman Corporation			12,233		951,850
Orbital Sciences Corporation	*		2,123		51,164
Spirit Aerosystems Hold Class A	*		2,103		46,645
Textron, Inc.			8,214		455,220
Triumph Group, Inc.			822		46,796
United Technologies Corporation			35,225		2,424,184
					10,495,157
Agriculture, Forestry & Fishing—0.0%
Andersons, Inc.	†		700		31,227
Griffin Land & Nurseries, Inc.			650		22,418
Margo Caribe, Inc. (Puerto Rico)	*†		1,022		1,022
Pilgrim’s Pride Corporation	†		2,476		50,089
Seaboard Corporation	†		18		28,170
Terra Industries, Inc.	*		2,513		89,287
					222,213
Airlines—0.2%
AMR Corporation	*†		6,672		60,181
Air T, Inc.			1,352		13,006
Airnet Systems, Inc.	*		2,609		6,888
Airtran Holdings, Inc.	*†		3,168		20,909
Alaska Air Group, Inc.	*		1,343		26,350
Atlas Air Worldwide Holdings, Inc.	*		600		33,000
Bristow Group, Inc.	*		982		52,704
Continental Airlines, Inc. Class B	*		2,723		52,363
Delta Air Lines, Inc.	*		5,791		49,803
ExpressJet Holdings, Inc.	*		2,636		6,933
Frontier Airlines Holdings, Inc.	*		1,369		3,464
JetBlue Airways Corporation	*†		6,414		37,201
Mesa Air Group, Inc.	*		847		1,990
Northwest Airlines Corporation	*		11,009		98,971
PHI, Inc.	*		774		24,412
Skywest, Inc.			2,390		50,477
Southwest Airlines Company			30,863		382,701
UAL Corporation			3,500	$	75,355
US Airways Group, Inc.	*†		2,272		20,244
					1,016,952
Apparel Retailers—0.5%
Abercrombie & Fitch Company Class A			3,072		224,686
Aeropostale, Inc.	*		3,604		97,704
American Eagle Outfitters, Inc.			8,736		152,967
AnnTaylor Stores Corporation	*		2,733		66,084
Bebe Stores, Inc.			790		8,493
Big Dog Holdings, Inc.	*†		1,620		9,963
Buckle, Inc. (The)			1,672		74,789
Carter’s, Inc.	*		1,476		23,837
Casual Male Retail Group, Inc.	*†		1,930		8,106
Cato Corporation Class A			1,761		26,309
Charlotte Russe Holding, Inc.	*		1,100		19,074
Charming Shoppes, Inc.	*†		3,138		15,157
Chico’s FAS, Inc.	*		7,236		51,448
Children’s Place	*		1,144		28,097
Christopher & Banks Corporation			1,528		15,265
Collective Brands, Inc.	*†		2,964		35,924
dELiA*s, Inc.	*		925		2,470
Dress Barn, Inc.	*		1,900		24,586
Finish Line Class A			1,604		7,635
Gap (The), Inc.			22,382		440,478
Hot Topic, Inc.	*		1,824		7,861
JOS A. Bank Clothiers, Inc.	*†		577		11,828
Kohl’s Corporation	*		11,086		475,479
Limited Brands, Inc.			10,407		177,960
Nordstrom, Inc.			8,394		273,644
Pacific Sunwear of California, Inc.	*		3,025		38,145
Ross Stores, Inc.			6,350		190,246
Stage Stores, Inc.			2,236		36,223
Talbots, Inc.			375		4,042
Tween Brands, Inc.	*		1,485		36,739
Urban Outfitters, Inc.	*†		5,012		157,126
Wet Seal, Inc. (The) Class A	*		1,246		4,224
Wilsons The Leather Experts, Inc.	*		819		172
					2,746,761
Automotive—0.7%
A.O. Smith Corporation			1,341		44,079
Aftermarket Technology Corporation	*		603		11,722
American Axle & Manufacturing Holdings, Inc.			2,113		43,316
America’s Car Mart, Inc.	*		354		4,457
Amerigon, Inc.	*		2,107		31,184
ArvinMeritor, Inc.			2,791		34,915
Asbury Automotive Group, Inc.			1,342		18,466
Autonation, Inc.	*		5,363		80,284
BorgWarner, Inc.			4,548		195,700
Carmax, Inc.	*†		8,516		165,381
Clarcor, Inc.			2,354		83,685
Coachmen Industries, Inc.			705		2,101
Copart, Inc.	*†		3,582		138,838
Dana Holding Corporation	*		2,450		24,500
Federal Signal Corporation	†		2,159		30,140
Force Protection, Inc.	*		3,825		7,688
Ford Motor Company	*†		74,379		425,448
General Motors Corporation	†		19,409		369,741
Genuine Parts Company			5,750		231,265
Goodyear Tire & Rubber Company (The)	*		7,281		187,850
Group 1 Automotive, Inc.			1,068		25,077

See accompanying notes to schedule of investments.

72

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Harley-Davidson, Inc.	†		10,663	$	399,862
Harsco Corporation			3,646		201,915
Lear Corporation	*		2,741		71,019
Lithia Motors, Inc. Class A			862		8,758
LKQ Corporation	*		7,000		157,290
Monaco Coach Corporation			1,376		13,044
Oshkosh Truck Corporation	†		2,868		104,051
Paccar, Inc.			14,853		668,385
Penske Auto Group, Inc.	†		1,654		32,187
PEP Boys-Manny Moe & Jack	†		2,200		21,912
Proliance International, Inc.	*		2,239		4,075
Sonic Automotive, Inc.			1,649		33,887
Strattec Security Corporation			123		5,207
Superior Industries International, Inc.	†		1,102		22,866
Tenneco Automotive, Inc.	*		1,600		44,704
Titan International, Inc.			1,085		33,212
TRW Automotive Holdings Corporation	*		900		21,033
Visteon Corporation	*		5,429		20,413
Wabash National Corporation			1,395		12,541
Winnebago Industries, Inc.			1,432		24,201
					4,056,399
Banking—7.8%
1st Source Corporation			1,180		24,839
Advance America Cash Advance Centers, Inc.			3,279		24,756
Advanta Corp. Class B			1,050		7,381
Alliance Bankshares Corporation	*		744		3,891
Amcore Financial, Inc.			1,313		26,720
American Express Company	†		40,021		1,749,718
AmeriCredit Corporation	*†		6,437		64,821
Anchor Bancorp Wisconsin, Inc.			1,411		26,767
Associated Banc Corporation			5,110		136,079
Astoria Financial Corporation			3,465		94,109
BB&T Corporation			21,630		693,458
BancFirst Corporation			642		29,391
BancorpSouth, Inc.			3,611		83,631
BancTrust Financial Group, Inc.	†		1,600		17,200
Bank Mutual Corporation			3,756		40,339
Bank of America Corporation			175,693		6,660,522
Bank of Hawaii Corporation			1,898		94,065
Bank of New York Mellon Corporation			44,476		1,855,983
BankAtlantic Bancorp, Inc. Class A			2,210		8,641
Bankunited Financial Corporation Class A	†		793		3,973
Beneficial Mutual Bancorp, Inc.	*		969		9,583
BOK Financial Corporation			1,765		92,186
Boston Private Financial Holdings, Inc.			1,297		13,735
Brookline Bancorp, Inc.			3,765		43,222
Bryn Mawr Bank Corporation			1,058		22,684
Capital Bank Corporation			1,282		13,140
Capital City Bank Group, Inc.	†		1,113		32,277
Capital One Financial Corporation			14,568		717,037
Capitol Federal Financial	†		2,115		79,270
Cardinal Financial Corporation			1,142		10,130
Cascade Bancorp	†		2,191		20,946
Cascade Financial Corporation			1,063		12,969
Cathay General Bancorp			2,082		43,160
Centennial Bank Holdings, Inc.	*		5,300	$	33,284
Central Pacific Financial Corporation			929		17,512
CFS Bancorp, Inc.			1,873		26,915
Charter Financial Corporation			350		11,165
Chemical Financial Corporation			1,552		37,000
CIT Group, Inc.			8,482		100,512
Citigroup, Inc.			203,354		4,355,843
Citizens Republic Bancorp, Inc.	†		4,000		49,720
City Bank, Lynnwood, WA	†		1,645		36,634
City Holding Company			250		9,975
City National Corporation			1,548		76,564
CoBiz Financial, Inc.			1,063		13,840
Colonial BancGroup, Inc. (The)	†		5,643		54,342
Comerica, Inc.			5,587		195,992
Commerce Bancshares, Inc.			3,257		136,892
Community Bank System, Inc.			1,402		34,433
Community Trust Bancorp, Inc.			665		19,484
CompuCredit Corporation	*†		83		736
Corus Bankshares, Inc.	†		702		6,830
Cullen/Frost Bankers, Inc.			2,502		132,706
CVB Financial Corporation			4,084		42,514
Dime Community Bancshares			1,638		28,632
Discover Financial Services			17,027		278,732
Downey Financial Corporation	†		1,038		19,078
Eastern Virginia Bankshares, Inc.			700		12,383
East-West Bancorp, Inc.	†		2,200		39,050
Euronet Worldwide, Inc.	*†		1,056		20,339
Fannie Mae	†		37,770		994,106
Fidelity Southern Corporation			1,381		11,614
Fifth Third Bancorp	†		18,257		381,936
Financial Federal Corporation	†		1,513		32,999
Financial Institutions, Inc.			749		14,194
First Bancorp North Carolina	†		643		12,815
First Bancorp Puerto Rico			3,246		32,979
First Charter Corporation			843		22,517
First Citizens BancShares, Inc. Class A			254		35,395
First Commonwealth Financial Corporation	†		2,619		30,354
First Community Bancorp	†		894		24,004
First Financial Bancorp			1,895		25,488
First Financial Bankshares, Inc.	†		333		13,646
First Financial Service Corporation			402		9,588
First Horizon National Corporation	†		5,607		78,554
First Marblehead Corporation (The)	†		2,764		20,619
First Merchants Corporation			874		24,944
First Midwest Bancorp, Inc.	†		2,002		55,596
First Niagara Financial Group, Inc.			4,217		57,309
First of Long Island Corporation (The)			986		18,862
FirstFed Financial Corporation	*†		922		25,032
FirstMerit Corporation			3,895		80,471
Flagstar Bancorp, Inc.			2,110		15,234
FNB Corporation	†		3,344		52,200
Freddie Mac			25,235		638,950
Fremont General Corporation	*		2,929		1,406
Frontier Financial Corporation	†		2,254		39,851
Fulton Financial Corporation			6,533		80,291
Glacier Bancorp, Inc.	†		1,771		33,950
Hallwood Group, Inc.	*		100		5,906
Hancock Holding Company	†		1,041		43,743
Hanmi Financial Corporation			3,600		26,604

See accompanying notes to schedule of investments.

73

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Harleysville National Corporation			1,210	$	17,448
Harrington West Financial Group, Inc.			1,171		9,567
Heritage Financial Corporation			332		5,777
Horizon Financial Services Corporation	*		450		562
Hudson City Bancorp, Inc.			20,250		358,020
Huntington Bancshares, Inc.			13,268		142,631
Independent Bank Corporation (Massachusetts)			874		25,827
Independent Bank Corporation (Michigan)	†		2,079		21,580
IndyMac Bancorp, Inc.			2,523		12,514
Integra Bank Corporation			848		13,738
International Bancshares Corporation			3,248		73,340
Irwin Financial Corporation			1,296		6,882
JPMorgan Chase & Company			132,829		5,705,006
Keycorp			15,774		346,239
M&T Bank Corporation	†		3,070		247,074
Marshall & Ilsley Corporation	†		8,572		198,870
MB Financial, Inc.			931		28,656
Medallion Financial Corporation			958		8,660
Merchants Bancshares, Inc.			571		13,064
Midsouth Bancorp, Inc.			522		9,801
MidWestOne Financial Group, Inc.	*		552		9,340
Mitcham Industries, Inc.	*		1,100		19,602
NASB Financial, Inc.	†		528		13,834
National City Corporation			22,204		220,930
National Penn Bancshares, Inc.	†		2,758		50,168
NBT Bancorp, Inc.			1,000		22,200
Nelnet, Inc. Class A			481		5,652
New York Community Bancorp, Inc.			12,640		230,301
NewAlliance Bancshares, Inc.			4,600		56,396
Northern States Financial Corporation			772		15,363
Northern Trust Corporation			7,513		499,389
Northwest Bancorp, Inc.	†		2,048		55,972
Ocwen Financial Corporation	*†		3,358		14,910
Old National Bancorp	†		3,552		63,936
PNC Financial Services Group, Inc.			13,272		870,245
Pacific Capital Bancorp	†		1,724		37,066
Pacific Premier Bancorp, Inc.	*		976		6,832
Park National Corporation	†		728		51,579
Parkvale Financial Corporation			616		16,533
Peoples Bancorp, Inc.			814		19,626
Peoples Financial Corporation			883		18,896
Peoples United Financial, Inc.			6,597		114,194
PFF Bancorp, Inc.	†		1,096		9,119
Popular, Inc. (Puerto Rico)	†		10,296		120,051
PrivateBancorp, Inc.	†		1,200		37,764
Prosperity Bancshares, Inc.	†		2,300		65,918
Provident Bankshares Corporation	†		1,369		14,703
Provident Financial Services, Inc.			943		13,334
Provident New York Bancorp			3,670		49,545
Regions Financial Corporation			28,179		556,535
Republic Bancorp, Inc. Class A			1,603		30,265
Riverview Bancorp, Inc.			2,600		26,000
Royal Bancshares of Pennsylvania Class A			882		12,763
S&T Bancorp, Inc.			955		30,722
Sandy Spring Bancorp, Inc.			344		9,467
Santander Bancorp (Puerto Rico)			1,280		12,941
Shore Bancshares, Inc.			826	$	17,726
Signature Bank of New York	*		1,900		48,450
Simmons First National Corporation Class A			911		27,084
SLM Corporation	*		20,100		308,535
South Financial Group, Inc. (The)	†		2,799		41,593
SouthFirst Bancshares, Inc.			400		3,600
Sovereign Bancorp, Inc.	†		12,496		116,463
State Street Corporation			15,085		1,191,715
Sterling Bancorp, NY			1,476		22,922
Sterling Bancshares, Inc.			2,422		24,075
Sterling Financial Corporation (Pennsylvania)	*		1,557		27,170
Sterling Financial Corporation (Washington)			2,577		40,227
Student Loan Corporation			207		20,472
Suffolk Bancorp	†		1,100		34,848
SunTrust Banks, Inc.			13,365		736,946
Susquehanna Bancshares, Inc.	†		2,932		59,725
SVB Financial Group	*†		1,437		62,711
Synovus Financial Corporation	†		10,920		120,775
TCF Financial Corporation			6,104		109,384
Tompkins Financial Corporation			665		32,718
Trustco Bank Corporation	†		3,435		30,537
Trustmark Corporation	†		2,435		54,252
U.S. Bancorp			67,433		2,182,132
UCBH Holdings, Inc.	†		3,652		28,340
UMB Financial Corporation			1,211		49,893
Umpqua Holdings Corporation	†		1,151		17,852
UnionBanCal Corporation			2,085		102,332
United Bankshares, Inc.			2,134		56,871
United Community Banks, Inc.	†		2,188		37,152
United Western Bancorp, Inc.			973		17,417
Valley National Bancorp	†		5,409		103,907
W Holding Company, Inc. (Puerto Rico)	†		8,055		9,585
Wachovia Corporation	†		76,867		2,075,409
Washington Federal, Inc.			3,379		77,176
Washington Mutual, Inc.	†		33,770		347,831
Washington Trust Bancorp, Inc.			500		12,410
Webster Financial Corporation			2,393		66,693
Wells Fargo & Company			123,935		3,606,508
Wesbanco, Inc.			1,699		41,982
Westamerica Bancorporation	†		1,628		85,633
Western Alliance Bancorp	*†		1,400		18,004
Westfield Financial, Inc.			4,068		39,744
Whitney Holding Corporation			2,371		58,777
Willow Financial Bancorp, Inc.			533		3,939
Wilmington Trust Corporation			3,204		99,644
Wintrust Financial Corporation			1,017		35,544
World Acceptance Corporation	*†		639		20,352
Zions Bancorporation			4,153		189,169
					44,652,458
Beverages, Food & Tobacco—5.0%
Alliance One International, Inc.	*		2,000		12,080
Altria Group, Inc.			82,016		1,820,755
Anheuser-Busch Companies, Inc.			27,758		1,317,117
Archer-Daniels-Midland Company			23,265		957,587
Bridgford Foods Corporation	*		559		3,150
Brown-Forman Corporation Class B	†		2,437		161,378
Bunge Ltd.	†		4,700		408,336
Campbell Soup Company			9,126		309,828
Central European Distribution Corporation	*†		652		37,940

See accompanying notes to schedule of investments.

74

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Chiquita Brands International, Inc.	*†		2,150	$	49,686
Coca-Cola Bottling Company Consolidated			437		26,928
Coca-Cola Company (The)			83,577		5,087,332
Coca-Cola Enterprises, Inc.			10,775		260,755
ConAgra Foods, Inc.			20,389		488,317
Constellation Brands, Inc. Class A	*†		8,096		143,056
Corn Products International, Inc.			3,164		117,511
Dean Foods Company			6,281		126,185
Del Monte Foods Company			8,204		78,184
Farmer Brothers Company			930		21,520
Flowers Foods, Inc.			4,140		102,465
Fresh Del Monte Produce, Inc. (Cayman Islands)	*		567		20,639
General Mills, Inc.			11,616		695,566
Green Mountain Coffee Roasters, Inc.	*		1,500		47,475
Hain Celestial Group, Inc.	*		1,426		42,067
Hansen Natural Corporation	*†		2,680		94,604
Hershey Company (The)	†		6,420		241,841
HJ Heinz Company			11,592		544,476
Hormel Foods Corporation			3,195		133,104
Inventure Group, Inc. (The)	*		5,272		9,173
JM Smucker Company (The)			2,614		132,295
Kellogg Company			7,668		403,030
Kraft Foods, Inc. Class A			57,051		1,769,152
Lancaster Colony Corporation			1,389		55,504
Lance, Inc.			1,370		26,852
Loews Corporation— Carolina Group			4,268		309,643
M&F Worldwide Corporation	*		780		29,164
McCormick & Company, Inc.			5,759		212,910
Molson Coors Brewing Company Class B			5,822		306,063
Peet’s Coffee & Tea, Inc.	*		637		14,976
Pepsi Bottling Group, Inc.			5,177		175,552
PepsiAmericas, Inc.			3,031		77,381
Pepsico, Inc.			62,048		4,479,866
Performance Food Group Company	*		1,907		62,321
Philip Morris International, Inc.			82,016		4,148,369
Ralcorp Holdings, Inc.	*		1,228		71,408
Reynolds American, Inc.			6,595		389,303
Sanderson Farms, Inc.	†		864		32,841
Sara Lee Corporation			29,377		410,690
Smithfield Foods, Inc.	*		4,682		120,608
Supervalu, Inc.			8,154		244,457
Sysco Corporation			24,091		699,121
Tootsie Roll Industries, Inc.			589		14,847
TreeHouse Foods, Inc.	*		1,256		28,712
Tyson Foods, Inc. Class A			10,231		163,184
UST, Inc.			6,568		358,087
United Natural Foods, Inc.	*		1,912		35,774
Universal Corporation			1,078		70,641
Vector Group Ltd.			2,389		42,023
WM Wrigley Jr. Company	†		7,657		481,166
					28,724,995
Building Materials—0.7%
Amcol International Corporation			1,186		37,039
Anixter International, Inc.	*†		1,723		110,341
Beacon Roofing Supply, Inc.	*†		2,570		25,700
Building Material Holding Corporation	†		1,800		7,884
Cabot Microelectronics Corporation	*†		1,049	$	33,725
Carbo Ceramics, Inc.			1,137		45,594
Carlisle Companies, Inc.			2,452		81,995
Eagle Materials, Inc.	†		2,083		74,051
Home Depot, Inc.			64,592		1,806,638
Interline Brands, Inc.	*		982		18,216
Jewett-Cameron Trading Ltd. (Canada)	*		1,575		11,671
Lowe’s Companies, Inc.			57,560		1,320,426
Martin Marietta Materials, Inc.	†		1,737		184,417
Numerex Corporation Class A	*		1,800		12,600
Owens Corning, Inc.	*†		1,100		19,943
Rock of Ages Corporation	*		1,387		5,493
US Home Systems, Inc.	*		1,291		4,686
USG Corporation	*†		3,348		123,273
Vulcan Materials Company	†		3,605		239,372
Wesco International, Inc.	*		1,550		56,559
					4,219,623
Chemicals—2.0%
A. Schulman, Inc.			1,444		29,645
AEP Industries, Inc.	*		372		11,268
Air Products & Chemicals, Inc.			8,040		739,680
Airgas, Inc.			3,075		139,820
Albemarle Corporation			3,712		135,562
Arch Chemicals, Inc.			1,211		45,122
Avery Dennison Corporation			2,125		104,656
Cabot Corporation			2,693		75,404
Celanese Corporation Class A			5,993		234,027
CF Industries Holdings, Inc.			2,881		298,529
Chemtura Corporation			8,873		65,128
Church & Dwight, Inc.	†		2,569		139,343
Compass Minerals International, Inc.			1,915		112,947
Cooper Tire & Rubber Company			3,066		45,898
Cytec Industries, Inc.			1,644		88,529
Dow Chemical Company (The)			34,473		1,270,330
E.I. du Pont de Nemours & Company			32,935		1,540,041
Eastman Chemical Company			3,211		200,527
FMC Corporation			3,336		185,115
Georgia Gulf Corporation	†		1,268		8,787
HB Fuller Company			2,570		52,454
Hercules, Inc.	†		4,606		84,244
Huntsman Corporation			2,600		61,230
International Flavors & Fragrances, Inc.			3,885		171,134
Koppers Holdings, Inc.			1,582		70,098
Landec Corporation	*		986		8,312
LSB Industries, Inc.	*		1,411		20,798
Lubrizol Corporation			1,819		100,973
Minerals Technologies, Inc.	†		868		54,510
Monsanto Company			21,546		2,402,379
Mosaic Company (The)	*		4,873		499,970
Myers Industries, Inc.			1,716		22,531
Nalco Holding Co.			3,074		65,015
NewMarket Corporation			1,200		90,540
NL Industries, Inc.	†		2,111		23,052
NuCo2, Inc.	*		1,261		35,018
Olin Corporation			2,796		55,249
OM Group, Inc.	*		1,147		62,557
Omnova Solutions, Inc.	*		6,478		25,847
PPG Industries, Inc.			5,657		342,305
Penford Corporation			785		17,058
Pharmos Corporation	*		1,375		674
PolyOne Corporation	*		2,862		18,231
Praxair, Inc.			12,623		1,063,235

See accompanying notes to schedule of investments.

75

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Scotts Miracle-Gro Company (The) Class A			1,662	$	53,882
Sealed Air Corporation			7,054		178,113
Sensient Technologies Corporation			2,027		59,776
Spartech Corporation			1,451		12,261
SurModics, Inc.	*†		675		28,269
Trex Company, Inc.	*†		731		5,760
Tronox, Inc. Class B			829		3,233
Tupperware Corporation			2,427		93,876
UAP Holding Corporation			2,800		107,352
Unifi, Inc.	*		2,629		7,598
USEC, Inc.	*		2,637		9,757
Valhi, Inc.			511		11,952
W.R. Grace & Company	*†		4,200		95,844
West Pharmaceutical Services, Inc.			1,704		75,368
Zep, Inc.			936		15,182
					11,575,995
Coal—0.3%
Alpha Natural Resources, Inc.	*		1,280		55,603
Arch Coal, Inc.			4,116		179,046
Consol Energy, Inc.			7,462		516,296
Evergreen Energy, Inc.	*†		4,989		7,683
International Coal Group, Inc.	*†		4,900		31,115
James River Coal Company	*		1,500		26,280
Massey Energy Company			3,053		111,434
Natural Resource Partners, LP			2,000		56,700
Patriot Coal Corporation	*		1,042		48,943
Peabody Energy Corporation	†		10,424		531,624
Penn Virginia Resource Partners, LP			1,600		39,920
					1,604,644
Commercial Services—1.8%
Aaron Rents, Inc.			1,939		41,766
ABM Industries, Inc.			2,291		51,410
Accenture Ltd. Class A (Bermuda)			21,831		767,796
ACCO Brands Corporation	*		1,319		17,899
Administaff, Inc.			1,143		26,986
Advisory Board Company (The)	*		950		52,193
Akamai Technologies, Inc.	*		5,664		159,498
Allied Waste Industries, Inc.	*		7,625		82,426
Amerco, Inc.	*		805		45,957
American Railcar Industries, Inc.	†		1,200		24,396
AMN Healthcare Services, Inc.	*		1,507		23,238
Angelica Corporation			510		9,149
APAC Customer Services, Inc.	*		1,972		1,713
Avis Budget Group, Inc.	*		4,424		46,983
Barrett Business Services, Inc.	†		2,203		37,737
BearingPoint, Inc.	*		8,105		13,616
Bowne & Company, Inc.			1,575		24,019
Brink’s Company (The)			2,084		140,003
CDI Corporation			1,131		28,332
Cenveo, Inc.	*		2,792		29,204
Chemed Corporation			1,162		49,036
Cintas Corporation	†		5,365		153,117
Clean Harbors, Inc.	*		1,207		78,455
Coinstar, Inc.	*		1,075		30,250
Comfort Systems USA, Inc.			2,179		28,349
Consolidated Graphics, Inc.	*		776		43,495
Convergys Corporation	*		5,933		89,351
Corporate Executive Board Company			1,507		61,003
Courier Corporation			424	$	10,579
CRA International, Inc.	*		986		31,690
Daktronics, Inc.			927		16,603
Diamond Management & Technology Consultants, Inc.			1,431		9,230
Dollar Thrifty Automotive Group, Inc.	*		1,057		14,417
Dun & Bradstreet Company			2,641		214,925
Edgewater Technology, Inc.	*		1,533		8,079
Emcor Group, Inc.	*		2,908		64,587
Ennis Business Forms, Inc.			695		11,662
EPIQ Systems, Inc.	*†		1,087		16,870
Equifax, Inc.			5,325		183,606
eResearch Technology, Inc.	*		2,056		25,536
Fluor Corporation	†		3,405		480,650
Forrester Research, Inc.	*		963		25,597
FTI Consulting, Inc.	*		1,735		123,254
Furmanite Corporation	*		1,100		9,350
G&K Services, Inc. Class A			1,008		35,895
Gevity HR, Inc.			964		8,348
H&E Equipment Services, Inc.	*		1,600		20,112
H&R Block, Inc.			11,402		236,706
Harris Interactive, Inc.	*		2,730		7,453
Healthcare Services Group, Inc.			3,735		77,090
Heidrick & Struggles International, Inc.			865		28,138
Hewitt Associates, Inc. Class A	*†		2,317		92,147
Huron Consulting Group, Inc.	*		988		41,051
I-many, Inc.	*		951		2,282
Inergy, LP			1,700		47,447
inVentiv Health, Inc.	*		2,100		60,501
Iron Mountain, Inc.	*		7,146		188,940
Jackson Hewitt Tax Service, Inc.			1,779		20,405
Jacobs Engineering Group, Inc.	*		3,838		282,438
KBR, Inc.			6,464		179,247
Kelly Services, Inc. Class A			1,173		24,117
Kforce.com, Inc.	*		297		2,625
Korn Ferry International	*		1,624		27,446
Landauer, Inc.			598		30,103
Lazare Kaplan International	*		1,139		9,568
Liberty Media Corp.— Entertainment	*		21,804		493,643
Lionbridge Technologies, Inc.	*		1,165		3,903
Magellan Health Services, Inc.	*		1,400		55,566
Management Network Group, Inc.	*		1,600		3,040
Manpower, Inc.			3,593		202,142
MasterCard, Inc. Class A	†		2,238		499,052
Maximus, Inc.			1,052		38,619
Medical Staffing Network Holdings, Inc.	*		1,686		7,890
Metavante Technologies, Inc.	*		2,857		57,111
Midas, Inc.	*		1,277		21,952
MoneyGram International, Inc.	†		3,750		6,975
Moody’s Corporation	†		9,284		323,362
MPS Group, Inc.	*		3,706		43,805
MTC Technologies, Inc.	*		619		14,720
National Research Corporation			1,250		32,369
Navigant Consulting, Inc.	*		2,313		43,901
Omnicell, Inc.	*		783		15,738
On Assignment, Inc.	*		1,243		7,893
Online Resources Corporation	*		700		6,734
Overland Storage, Inc.	*		481		544
Paychex, Inc.			13,545		464,052
PDI, Inc.	*		703		5,919
Pegasystems, Inc.			2,141		20,618
Perma-Fix Environmental Services	*		5,502		8,913

See accompanying notes to schedule of investments.

76

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
PFSweb, Inc.	*		5,683	$	5,115
PHH Corporation	*		2,212		38,555
Portfolio Recovery Associates, Inc.	†		504		21,617
Pre-Paid Legal Services, Inc.	*†		779		33,037
Presstek, Inc.	*		945		4,139
Quanta Services, Inc.	*†		8,861		205,309
RCM Technologies, Inc.	*		1,593		6,149
Regis Corporation			1,818		49,977
Rent-A-Center, Inc.	*		3,377		61,968
Republic Services, Inc.			6,643		194,241
Resources Connection, Inc.			2,060		36,812
Rewards Network, Inc.	*		1,127		5,049
Robert Half International, Inc.			7,107		182,934
Rollins, Inc.			992		17,540
RR Donnelley & Sons Company			8,887		269,365
Ryder System, Inc.			2,660		162,021
Sally Beauty Company, Inc.	*		3,659		25,247
Service Corporation International			11,775		119,398
Shaw Group, Inc. (The)	*		2,182		102,859
Sotheby’s Holdings, Inc. Class A	†		2,623		75,831
Spherion Corporation	*		2,689		16,457
Standard Register Company (The)			1,650		12,853
StarTek, Inc.	*		994		9,155
Steiner Leisure Ltd. (Bahama Islands)	*		1,503		49,599
Stericycle, Inc.	*		3,138		161,607
SupportSoft, Inc.	*		1,562		5,155
Tejon Ranch Company	*†		762		28,438
TeleTech Holdings, Inc.	*		2,738		61,495
Tetra Tech, Inc.	*		2,114		41,244
Travelcenters of America LLC	*		292		1,781
TRC Companies, Inc.	*		327		1,429
TrueBlue, Inc.	*		2,485		33,398
United Rentals, Inc.	*		3,294		62,059
URS Corporation	*		2,934		95,912
Valassis Communications, Inc.	*†		2,236		24,261
Varsity Group, Inc.	*		2,747		547
Viad Corporation			937		33,741
Volt Information Sciences, Inc.	*		1,249		21,183
WABCO Holdings, Inc.			2,354		107,389
Waste Connections, Inc.	*		2,362		72,608
Waste Industries USA, Inc.			1,296		46,850
Waste Management, Inc.			17,814		597,838
Watson Wyatt Worldwide, Inc.			1,600		90,800
Weight Watchers International, Inc.			1,826		84,599
Westaff, Inc.	*		942		2,035
Wind River Systems, Inc.	*		3,206		24,814
World Fuel Services Corporation			960		26,947
Wright Express Corporation	*		1,750		53,777
					10,589,666
Communications—1.2%
ADC Telecommunications, Inc.	*		4,773		57,658
AltiGen Communications, Inc.	*		4,109		6,780
American Tower Corporation Class A	*		15,861		621,910
Anadigics, Inc.	*†		957		6,278
Applied Signal Technology, Inc.			1,237		14,597
Arris Group, Inc.	*		3,613		21,028
Blonder Tongue Laboratories	*		2,285		3,199
CalAmp Corporation	*		550		1,496
Centillium Communications, Inc.	*		1,588		1,048
Checkpoint Systems, Inc.	*		1,441	$	38,691
Ciena Corporation	*		2,809		86,601
Comtech Telecommunications	*		1,350		52,650
Crown Castle International Corporation	*		8,983		309,824
Cubic Corporation			1,692		48,104
Ditech Networks, Inc.	*		1,360		3,998
EchoStar Corporation Class A	*		1,877		55,447
EndWave Corporation	*		911		5,530
Entertainment Distribution Company, Inc.	*		2,143		1,114
Foundry Networks, Inc.	*		5,421		62,775
Harmonic, Inc.	*		2,820		21,432
Harris Corporation			6,090		295,548
Hungarian Telephone & Cable Corporation	*†		712		12,353
ID Systems, Inc.	*		2,016		15,140
Integrated Telecom Express, Inc.	‡d		1,103		—
InterDigital, Inc.	*†		2,803		55,527
InterVoice, Inc.	*		1,395		11,104
Intraware, Inc.	*		783		3,523
L-3 Communications Holdings, Inc.			5,024		549,324
Mindspeed Technologies, Inc.	*		4,009		1,924
Motorola, Inc.			93,365		868,294
NetApp, Inc.	*		14,316		287,036
NMS Communications Corporation	*		1,250		1,875
On2 Technologies, Inc.	*†		4,620		4,712
Openwave Systems, Inc.			2,570		6,296
Plantronics, Inc.			1,826		35,260
Polycom, Inc.	*		4,177		94,150
Powerwave Technologies, Inc.	*†		2,434		6,207
Premiere Global Services, Inc.	*		2,174		31,175
Qualcomm, Inc.			64,472		2,643,352
SBA Communications Corporation	*		2,105		62,792
SeaChange International, Inc.	*		958		6,735
Sirius Satellite Radio, Inc.	*†		47,469		135,761
Soapstone Networks, Inc.			711		5,091
Sonus Networks, Inc.	*†		10,700		36,808
Standard Microsystems Corporation	*		806		23,519
Syntax-Brillian Corporation	*†		180		176
Tekelec	*		2,569		31,984
TeleCorp PCS, Inc.	‡d		5,507		—
Tellabs, Inc.	*		19,143		104,329
Tollgrade Communications, Inc.	*		601		3,149
Universal Security Instruments, Inc.	*		1,866		12,036
Utstarcom, Inc.	*		4,555		12,936
Verso Technologies, Inc.	*		—		—
Viasat, Inc.	*		1,190		25,847
Westell Technologies, Inc. Class A	*		1,821		2,731
XM Satellite Radio Holdings, Inc. Class A	*†		8,921		103,662
Zhone Technologies, Inc.	*		3,915		3,837
Zix Corporation	*†		1,015		3,928
Zoom Telephonics, Inc.	*		2,711		1,193
					6,919,474
Computer Software & Processing—5.7%
3D Systems Corporation	*†		1,158		17,011
ACI Worldwide, Inc.	*†		1,298		25,856
Activision, Inc.	*		9,514		259,827
Actuate Corporation	*		2,084		8,544

See accompanying notes to schedule of investments.

77

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Acxiom Corporation			3,451	$	40,963
Adobe Systems, Inc.	*		22,505		800,953
Advent Software, Inc.	*†		1,451		61,842
Affiliated Computer Services, Inc. Class A	*		4,289		214,922
Alliance Data Systems Corporation	*		1,955		92,882
American Software, Inc. Class A			1,950		12,207
AMICAS, Inc.	*		1,846		4,153
Ansys, Inc.	*		2,396		82,710
Arbitron, Inc.	†		1,298		56,022
Ariba, Inc.	*		2,075		20,044
Art Technology Group, Inc.	*		8,333		32,332
Autobytel, Inc.	*		1,384		2,989
Autodesk, Inc.	*		9,258		291,442
Automatic Data Processing, Inc.			21,534		912,826
Avocent Corporation	*		2,007		33,918
BEA Systems, Inc.	*		16,581		317,526
BMC Software, Inc.	*		8,825		286,989
Bankrate, Inc.	*†		1,083		54,031
Blackbaud, Inc.			2,650		64,342
Blackboard, Inc.	*		1,400		46,662
Blue Coat Systems, Inc.	*		1,072		23,627
Borland Software Corporation	*†		2,936		5,931
Brady Corporation Class A			2,402		80,299
CA, Inc.			17,506		393,885
CNET Networks, Inc.	*†		5,501		39,057
CSG Systems International, Inc.	*		2,153		24,480
CACI International, Inc. Class A	*		1,198		54,569
Cadence Design Systems, Inc.	*		10,745		114,757
Callidus Software, Inc.	*		172		827
Captaris, Inc.	*		1,164		5,145
Cerner Corporation	*†		3,044		113,480
Choicepoint, Inc.	*		3,112		148,131
Chordiant Software, Inc.	*		1,859		11,210
Ciber, Inc.	*		2,444		11,976
Citrix Systems, Inc.	*		6,809		199,708
Clinical Data, Inc.	*		1,998		36,943
CMGI, Inc.	*		1,007		13,353
Cogent Communications Group, Inc.	*†		2,886		52,843
Cognex Corporation			2,023		44,162
Cognizant Technology Solutions Corporation	*		10,552		304,214
Computer Sciences Corporation	*		6,597		269,092
Compuware Corporation	*		15,945		117,036
Concur Technologies, Inc.	*		2,083		64,677
CoStar Group, Inc.	*†		770		33,110
Cybersource Corporation	*		2,776		40,557
DST Systems, Inc.	*†		2,518		165,533
DealerTrack Holdings, Inc.	*†		1,800		36,396
Deluxe Corporation			2,098		40,303
Digital River, Inc.	*		1,627		50,388
Earthlink, Inc.	*		5,814		43,896
ebix.com, Inc.	*		1,754		129,796
Echelon Corporation	*†		1,769		23,881
Eclipsys Corporation	*		1,846		36,200
Electro Rent Corporation			950		14,392
Electronic Arts, Inc.	*		12,060		602,035
Electronic Data Systems Corporation			22,135		368,548
Electronics for Imaging	*		2,638		39,359
Entrust Technologies, Inc.	*		2,200		5,500
Epicor Software Corporation	*		1,693		18,962
ePresence, Inc.	‡d		1,173	$	—
eSpeed, Inc. Class A	*		1,470		17,140
Evolving Systems, Inc.	*		1,054		2,066
F5 Networks, Inc.	*		2,664		48,405
Factset Research Systems, Inc.	†		1,490		80,266
Fair Isaac Corporation			3,039		65,399
FalconStor Software, Inc.	*		1,373		10,449
Fidelity National Information Services, Inc.			10,088		384,756
Fiserv, Inc.	*		6,994		336,341
Gartner Group, Inc. Class A	*		1,179		22,802
Gerber Scientific, Inc.	*		1,608		14,295
Google, Inc. Class A	*		8,801		3,876,576
Hackett Group, Inc. (The)	*		1,140		4,457
HLTH Corporation	*		10,847		103,480
Hypercom Corporation	*		1,992		8,645
IMS Health, Inc.			7,150		150,221
iGate Capital Corporation	*		1,397		9,947
Informatica Corporation	*		3,171		54,097
Infospace, Inc.			1,323		15,307
InfoUSA, Inc.			1,708		10,436
Integral Systems, Inc.			505		14,761
Interactive Data Corporation			1,521		43,303
Interactive Intelligence, Inc.	*		950		11,181
Internap Network Services Corporation	*†		1,297		6,433
Interwoven, Inc.	*		1,908		20,377
Intuit, Inc.	*		13,074		353,129
JDA Software Group, Inc.	*		1,256		22,922
Jack Henry & Associates, Inc.			3,591		88,590
Juniper Networks, Inc.	*		21,310		532,750
Kenexa Corporation	*		1,681		31,065
Keynote Systems, Inc.	*		1,400		16,506
Knot, Inc. (The)	*†		2,304		27,072
Lawson Software, Inc.	*		8,700		65,511
LivePerson, Inc.	*		3,333		10,332
LookSmart Ltd.	*		500		1,645
Magma Design Automation, Inc.	*		1,429		13,676
Manhattan Associates, Inc.	*		1,346		30,864
Mantech International Corporation Class A	*		1,217		55,203
McAfee, Inc.	*		6,724		222,497
Mediware Information Systems	*		1,088		6,234
Mentor Graphics Corporation	*		2,745		24,238
Microsoft Corporation			327,302		9,288,831
MicroStrategy, Inc. Class A	*		513		37,957
MIVA, Inc.	*		990		1,703
Move, Inc.	*†		7,362		22,675
NCR Corporation	*		7,848		179,170
Napster, Inc.	*		1,145		1,695
National Instruments Corporation			3,414		89,242
Navisite, Inc.	*		3,725		8,232
NAVTEQ Corporation	*		3,700		251,600
NetFlix, Inc.	*†		679		23,527
Netscout Systems, Inc.	*		1,250		11,625
NIC, Inc.			2,450		17,419
Novell, Inc.	*		15,492		97,445
NVE Corporation	*†		348		8,596
Oracle Corporation	*		156,057		3,052,475
Packeteer, Inc.	*		1,900		9,671
Parametric Technology Corporation	*		4,423		70,680
PDF Solutions, Inc.	*		974		5,367
Perot Systems Corporation Class A	*		4,359		65,559
Phoenix Technologies Ltd.	*		907		14,204
Plato Learning, Inc.	*		1,825		5,347

See accompanying notes to schedule of investments.

78

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Progress Software Corporation	*		1,322	$	39,554
QAD, Inc.			1,363		11,463
Quality Systems, Inc.	†		768		22,940
Quest Software, Inc.	*†		3,847		50,280
Radiant Systems, Inc.	*		1,019		14,235
Radisys Corporation	*		961		9,696
RealNetworks, Inc.	*		5,844		33,486
Red Hat, Inc.	*		7,251		133,346
Renaissance Learning, Inc.	†		1,353		18,928
S1 Corporation	*		2,636		18,742
Saba Software, Inc.	*		1,576		5,910
Salesforce.com, Inc.	*		2,200		127,314
Sapient Corporation	*		4,150		28,884
Scientific Learning Corporation	*		3,145		14,781
Secure Computing Corporation	*		1,554		10,023
Sonic Foundry, Inc.	*		1,200		744
SonicWall, Inc.	*		2,442		19,951
SPSS, Inc.	*		690		26,758
SRA International, Inc. Class A	*		1,664		40,452
Stratasys, Inc.	*		1,782		31,720
SumTotal Systems, Inc.	*		317		1,322
Sun Microsystems, Inc.	*		33,887		526,265
Sybase, Inc.	*†		3,825		100,597
Sykes Enterprises, Inc.	*		1,423		25,031
Symantec Corporation	*		36,779		611,267
SYNNEX Corporation	*		104		2,207
Synopsys, Inc.	*		6,501		147,638
Synplicity, Inc.	*		1,050		8,221
Syntel, Inc.			1,554		41,414
Take-Two Interactive Software, Inc.	*		2,643		67,449
Teradata Corporation	*		7,848		173,127
THQ, Inc.	*		2,914		63,525
3Com Corporation	*		14,501		33,207
TIBCO Software, Inc.	*		8,337		59,526
Total System Services, Inc.			6,935		164,082
Tradestation Group, Inc.	*		1,690		14,399
Trizetto Group, Inc.	*†		1,550		25,869
Tumbleweed Communications Corporation	*		1,102		1,344
Ultimate Software Group, Inc.	*		1,242		37,335
Unisys Corporation	*		13,714		60,753
United Online, Inc.			2,509		26,495
Vasco Data Security International, Inc.	*		3,804		52,039
VeriSign, Inc.	*†		10,106		335,923
Versant Corporation	*		330		8,283
Vignette Corporation	*		737		9,736
VMware, Inc. Class A	*†		1,500		64,230
Wave Systems Corporation Class A	*†		1,004		974
Websense, Inc.	*		1,958		36,712
Website Pros, Inc.	*		308		3,028
XETA Technologies, Inc.	*		1,946		7,278
Yahoo!, Inc.	*†		50,447		1,459,432
					32,423,560
Computers & Information—4.1%
3M Company			24,251		1,919,467
Access Plans USA, Inc.	*		3,538		3,715
Apple Computer, Inc.	*		34,079		4,890,336
Authentidate Holding Corporation	*		1,023		450
Black Box Corporation			865		26,685
Brocade Communications Systems, Inc.	*		14,008		102,258
Ciprico, Inc.	*		1,658	$	2,487
Cirrus Logic, Inc.	*		2,946		19,797
Concurrent Computer Corporation	*		1,901		1,312
Cray, Inc.	*		714		4,255
Dataram Corporation			1,175		3,537
Datawatch Corporation	*		3,500		12,180
Dell, Inc.	*		78,317		1,560,075
Diebold, Inc.			3,079		115,616
Digi International, Inc.	*		1,976		22,803
Dot Hill Systems Corporation	*		1,396		4,188
EMC Corporation	*		87,211		1,250,606
Emulex Corporation	*		3,408		55,346
Extreme Networks, Inc.	*		4,491		13,922
Focus Enhancements, Inc.	*		5,319		2,925
Hewlett-Packard Company			102,994		4,702,706
Ikon Office Solutions, Inc.			5,770		43,852
InFocus Corporation	*		1,636		3,059
Ingram Micro, Inc. Class A	*		6,500		102,895
Insight Enterprises, Inc.	*		2,054		35,945
International Business Machines Corporation			52,764		6,075,247
International Game Technology			13,402		538,894
Iomega Corporation	*		1,865		6,658
Iteris, Inc.	*		4,263		9,848
Jabil Circuit, Inc.			8,287		78,395
Lexmark International, Inc.	*		4,019		123,464
Micros Systems, Inc.	*		3,428		115,386
NETGEAR, Inc.	*		1,206		24,060
Network Engines, Inc.	*		1,329		2,100
Nuance Communications, Inc.	*		4,541		79,059
Palm, Inc.	†		4,574		22,870
Performance Technologies, Inc.	*		793		3,632
Pitney Bowes, Inc.			9,192		321,904
Planar Systems, Inc.	*		785		3,148
Quantum Corporation	*		6,681		14,297
Rackable Systems, Inc.	*		1,843		16,808
Safeguard Scientifics, Inc.	*		4,073		6,069
SanDisk Corporation	*		8,969		202,430
ScanSource, Inc.	*		1,126		40,750
Scientific Games Corporation Class A	*†		2,517		53,134
SCM Microsystems, Inc.	*		1,494		3,884
Seagate Technology (Cayman Islands)			20,081		420,496
SourceForge, Inc.	*		2,018		4,016
STEC, Inc.	*		1,055		6,530
Tech Data Corporation	*		2,057		67,470
TransAct Technologies, Inc.	*		888		4,360
VeriFone Holdings, Inc.	*†		2,645		41,976
Wayside Technology Group, Inc.			1,787		17,691
Western Digital Corporation	*		8,154		220,484
Zebra Technologies Corporation Class A	*		2,988		99,560
					23,525,037
Containers & Packaging—0.2%
Ball Corporation			4,676		214,815
Crown Holdings, Inc.	*		6,844		172,195
Greif, Inc. Class A			852		57,876
Libbey, Inc.	†		749		12,613
Owens-Illinois, Inc.	*		6,064		342,192
Silgan Holdings, Inc.			454		22,532
Sonoco Products Company			3,353		95,996
Temple-Inland, Inc.			4,506		57,316
					975,535

See accompanying notes to schedule of investments.

79

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Cosmetics & Personal Care—2.1%
Alberto-Culver Company			3,659	$	100,293
Avon Products, Inc.			17,888		707,292
Chattem, Inc.	*		872		57,848
Clorox Company			6,212		351,848
Colgate-Palmolive Company			19,424		1,513,324
Ecolab, Inc.			8,093		351,479
Elizabeth Arden, Inc.	*		1,017		20,289
Estee Lauder Companies (The), Inc. Class A	†		5,057		231,863
Procter & Gamble Company			120,065		8,412,955
Quaker Chemical Corporation			483		15,113
Stepan Company			556		21,256
					11,783,560
Education—0.1%
Ambassadors International, Inc.	†		523		3,875
Apollo Group, Inc. Class A	*		5,517		238,334
Career Education Corporation	*†		4,167		53,004
Corinthian Colleges, Inc.	*		3,624		26,202
DeVry, Inc.			2,980		124,683
ITT Educational Services, Inc.	*		1,873		86,027
Learning Tree International, Inc.	*		766		10,739
Princeton Review, Inc.	*		818		6,438
Strayer Education, Inc.	†		551		84,028
Universal Technical Institute, Inc.	*		418		4,903
					638,233
Electric Utilities—3.3%
AES Corporation (The)	*		25,835		430,669
Allegheny Energy, Inc.			5,273		266,287
Allete, Inc.	†		1,243		48,005
Alliant Energy Corporation			4,491		157,230
Ameren Corporation			8,429		371,213
American Electric Power Company, Inc.			16,393		682,441
Aquila, Inc.	*		7,275		23,353
Avista Corporation			1,759		34,406
Black Hills Corporation	†		2,041		73,027
CMS Energy Corporation			6,681		90,461
Calpine Corporation	*†		16,000		294,720
Centerpoint Energy, Inc.			12,705		181,300
Central Vermont Public Service Corporation	†		540		12,906
CH Energy Group, Inc.			694		26,997
Cleco Corporation			2,109		46,778
Consolidated Edison, Inc.			9,476		376,197
Constellation Energy Group, Inc.			7,434		656,199
DTE Energy Company			6,985		271,647
Dominion Resources, Inc.			25,217		1,029,862
DPL, Inc.	†		5,037		129,149
Duke Energy Corporation			47,382		845,769
Dynegy, Inc. Class A	*		15,654		123,510
Edison International			12,022		589,318
EL Paso Electric Company	*		1,748		37,355
Empire District Electric Company (The)	†		1,197		24,239
Energy East Corporation			5,959		143,731
Entergy Corporation			8,044		877,440
Exelon Corporation			26,142		2,124,560
FPL Group, Inc.			14,666		920,145
FirstEnergy Corporation			12,533		860,014
Great Plains Energy, Inc.			2,828		69,710
Hawaiian Electric Industries, Inc.			3,066		73,185
Idacorp, Inc.	†		1,515	$	48,647
Integrys Energy Group, Inc.			2,691		125,508
MGE Energy, Inc.			1,559		53,100
Mirant Corporation	*		10,625		386,644
NiSource, Inc.			10,893		187,795
Northeast Utilities			5,201		127,633
NRG Energy, Inc.	*†		8,000		311,920
NSTAR			4,374		133,101
OGE Energy Corporation			3,358		104,669
Otter Tail Corporation			1,095		38,752
PG&E Corporation			13,709		504,765
PPL Corporation			14,691		674,611
Pepco Holdings, Inc.			7,066		174,672
Pinnacle West Capital Corporation			3,789		132,918
Plug Power, Inc.	*		2,704		8,409
PNM Resources, Inc.			2,169		27,047
Portland General Electric Company			1,100		24,805
Progress Energy, Inc.			10,169		424,047
Public Service Enterprise Group, Inc.			19,514		784,268
Puget Energy, Inc.			3,548		91,787
Reliant Energy, Inc.	*		11,470		271,266
SCANA Corporation			4,791		175,255
Sempra Energy			8,687		462,843
Sierra Pacific Resources			3,864		48,802
Southern Company (The)			30,082		1,071,220
TECO Energy, Inc.	†		7,797		124,362
UIL Holdings Corporation			1,496		45,074
Unisource Energy Corporation			1,571		34,970
Unitil Corporation			420		11,319
Westar Energy, Inc.			4,032		91,809
Wisconsin Energy Corporation			4,564		200,770
Xcel Energy, Inc.			16,552		330,212
					19,124,823
Electrical Equipment—3.1%
Active Power, Inc.	*		1,093		2,033
Acuity Brands, Inc.			1,873		80,445
Ametek, Inc.			4,234		185,915
AZZ, Inc.	*		1,582		56,288
Baldor Electric Company			1,338		37,464
C&D Technologies, Inc.	*†		1,159		5,818
Capstone Turbine Corporation	*†		2,450		5,194
Cooper Industries Ltd. Class A (Bermuda)			7,946		319,032
Distributed Energy Systems Corporation	*		3,756		1,690
Electro Scientific Industries, Inc.	*		1,421		23,418
Emerson Electric Company			31,480		1,619,961
Energizer Holdings, Inc.	*		1,856		167,931
Energy Conversion Devices, Inc.	*†		781		23,352
Evans & Sutherland Computer Corporation	*		1,882		1,431
Franklin Electric Company, Inc.	†		902		30,821
FuelCell Energy, Inc.	*†		1,938		12,888
General Electric Company			388,040		14,361,360
GrafTech International Ltd.	*		3,487		56,524
Greatbatch, Inc.	*		942		17,342
Lincoln Electric Holdings, Inc.			1,877		121,048
Littelfuse, Inc.	*		909		31,788
LSI Industries, Inc.			1,083		14,306
Medis Technologies Ltd.	*†		704		6,385
Moog, Inc. Class A	*		1,446		61,036
Powell Industries, Inc.	*		1,045		41,142
Quantum Fuel Systems Technologies Worldwide, Inc.	*		2,809		2,669

See accompanying notes to schedule of investments.

80

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Regal-Beloit Corporation			1,272	$	46,593
Servotronics, Inc.			705		14,241
Spectrum Brands, Inc.	*†		1,490		6,809
Tech/Ops Sevcon, Inc.			719		5,033
Teleflex, Inc.			1,322		63,073
Thomas & Betts Corporation	*		2,428		88,306
Trans-Lux Corporation	*		866		3,031
Ultralife Batteries, Inc.	*		416		4,913
Universal Display Corporation	*†		1,350		19,332
Universal Electronics, Inc.	*		639		15,470
Valence Technology, Inc.	*†		6,972		30,747
Vicor Corporation			1,380		16,477
					17,601,306
Electronics—4.2%
8X8, Inc.	*†		3,048		2,987
AVX Corporation			2,270		29,079
Actel Corporation	*		1,140		17,453
Adaptec, Inc.	*		3,850		11,319
Advanced Energy Industries, Inc.	*		1,428		18,935
Advanced Micro Devices, Inc.	*†		21,447		126,323
Agilysys, Inc.			1,335		15,486
Alliance Fiber Optic Products, Inc.	*		4,817		6,214
Altera Corporation			14,718		271,253
American Superconductor Corporation	*†		1,147		26,599
Amkor Technology, Inc.	*†		7,211		77,158
Amphenol Corporation Class A			7,376		274,756
Analog Devices, Inc.			14,113		416,616
Anaren, Inc.	*		813		10,293
Applied Micro Circuits Corp.	*		3,186		22,875
Arrow Electronics, Inc.	*		4,585		154,285
Atheros Communications, Inc.	*†		2,700		56,268
Atmel Corporation	*		18,733		65,191
ATMI, Inc.	*		1,559		43,387
Avanex Corporation	*		5,030		3,571
Avnet, Inc.	*		5,129		167,872
AXT, Inc.	*		946		4,512
Barnes Group, Inc.			2,018		46,313
Bel Fuse, Inc. Class A			545		17,108
Belden, Inc.			1,894		66,896
Benchmark Electronics, Inc.	*		2,520		45,234
Broadcom Corporation Class A	*		16,147		311,153
California Micro Devices Corporation	*		745		2,190
Caliper Life Sciences, Inc.	*		867		3,251
Catalyst Semiconductor, Inc.	*		2,415		13,258
Catapult Communications Corporation	*		750		3,863
Ceradyne, Inc.	*		1,867		59,669
Ceva, Inc.	*		692		5,294
Cisco Systems, Inc.	*		237,243		5,715,184
Concord Camera Corporation	*		572		2,145
Conexant Systems, Inc.	*		20,460		11,865
Cree, Inc.	*†		3,097		86,592
CTS Corporation			1,580		16,906
Cymer, Inc.	*		1,498		39,008
Cypress Semiconductor Corporation	*		4,876		115,122
DRS Technologies, Inc.			1,486		86,604
Diodes, Inc.	*†		2,400		52,704
Dolby Laboratories, Inc. Class A	*		1,370		49,676
DSP Group, Inc.	*		1,194		15,212
Eastman Kodak Company	†		11,893		210,149
Emcore Corporation	*†		1,219	$	7,021
EMS Technologies, Inc.	*		960		26,054
ESCO Technologies, Inc.	*†		1,222		48,538
ESS Technology	*		1,759		2,639
Esterline Technologies Corporation	*		1,049		52,838
Exar Corporation	*		1,758		14,468
Fairchild Semiconductor International, Inc.	*		4,903		58,444
Finisar Corporation	*†		6,855		8,774
First Solar, Inc.	*		903		208,719
FSI International, Inc.	*		1,479		1,967
Garmin Ltd. (Cayman Islands)	†		4,774		257,844
HI/FN, Inc.	*		681		3,473
Hutchinson Technology, Inc.	*		1,149		18,281
Imation Corporation	†		1,564		35,565
Innovex, Inc.	*		1,922		538
Integrated Device Technology, Inc.	*		8,168		72,940
Integrated Silicon Solutions, Inc.	*		1,269		7,677
Intel Corporation			227,315		4,814,532
International Rectifier Corporation	*		2,631		56,567
Intersil Corporation Class A			5,757		147,782
IXYS Corporation	*		1,329		9,077
JDS Uniphase Corporation	*		7,444		99,675
Kemet Corporation	*		3,407		13,764
KVH Industries, Inc.	*		375		2,955
LSI Corporation	*		30,700		151,965
Lattice Semiconductor Corporation	*		4,395		12,482
Lightpath Technologies, Inc. Class A	*†		1,526		2,747
Linear Technology Corporation	†		11,070		339,738
MIPS Technologies, Inc. Class A	*		2,228		8,823
MRV Communications, Inc.	*†		4,567		6,257
Magnetek, Inc.	*		1,406		4,837
Marvell Technology Group Ltd. (Bermuda)	*		18,500		201,280
Mattson Technology, Inc.	*		1,760		10,718
Maxim Integrated Products, Inc.			2,241		45,694
Maxwell Technologies, Inc.	*†		370		3,770
MEMC Electronics Materials, Inc.	*		8,113		575,212
Mercury Computer Systems, Inc.	*		963		5,412
Merix Corporation	*		674		1,375
Methode Electronics, Inc.			1,383		16,167
Micrel, Inc.			3,731		34,586
Microchip Technology, Inc.	†		8,640		282,787
Micron Technology, Inc.	*		25,902		154,635
Microsemi Corporation	*		2,474		56,407
Mobility Electronics, Inc.	*		674		856
Molex, Inc.			5,599		129,673
MoSys, Inc.	*		1,251		5,454
Nashua Corporation	*		1,541		16,936
National Semiconductor Corporation			13,056		239,186
Novellus Systems, Inc.	*		6,320		133,036
Nu Horizons Electronics Corporation	*		1,207		7,580
Nvidia Corporation	*		20,184		399,441
Omnivision Technologies, Inc.	*†		2,354		39,594
ON Semiconductor Corporation	*		5,253		29,837
Oplink Communications, Inc.	*		758		6,723
Optelecom, Inc.	*		819		5,774
OSI Systems, Inc.	*		867		19,958

See accompanying notes to schedule of investments.

81

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Park Electrochemical Corporation			1,086	$	28,073
Pericom Semiconductor Corporation	*		1,023		15,018
Photronics, Inc.	*		1,388		13,255
Plexus Corporation	*		1,884		52,846
PLX Technology, Inc.	*		1,050		7,004
Power Integrations, Inc.	*		1,952		57,116
Power-One, Inc.	*		3,459		11,103
QLogic Corporation	*		7,842		120,375
Quicklogic Corporation	*		1,050		3,150
RF Micro Devices, Inc.	*†		8,143		21,660
Rambus, Inc.	*†		4,071		94,895
Raytheon Company			17,505		1,130,998
Research Frontiers, Inc.	*†		752		5,099
Rockwell Collins, Inc.			7,347		419,881
Rogers Corporation	*		803		26,828
Sanmina-SCI Corporation	*		21,464		34,772
Semtech Corporation	*		2,970		42,560
Sigmatel, Inc.	*		797		2,303
Sigmatron International, Inc.	*		282		1,746
Silicon Image, Inc.	*		2,948		14,769
Silicon Laboratories, Inc.	*		2,124		66,991
Silicon Storage Technology, Inc.	*		3,793		9,938
Skyworks Solutions, Inc.	*		5,822		42,384
Sonic Solutions, Inc.	*		889		8,579
Spansion LLC Class A	*		1,900		5,225
Spectrum Control, Inc.	*		1,195		10,110
Spire Corporation	*		2,500		38,400
Sunpower Corp. Class A	*†		1,322		98,502
Sycamore Networks, Inc.	*		9,917		36,296
Synaptics, Inc.	*†		1,057		25,241
Technitrol, Inc.			1,866		43,161
Tegal Corporation	*		312		1,554
Teledyne Technologies, Inc.	*		1,228		57,716
Terabeam, Inc.	*		2,197		1,736
Tessera Technologies, Inc.	*		1,560		32,448
Texas Instruments, Inc.			55,437		1,567,204
Transwitch Corporation	*		2,483		1,862
Trident Microsystems, Inc.	*		3,018		15,543
Trimble Navigation Ltd.	*		4,318		123,452
Triquint Semiconductor, Inc.	*		4,918		24,885
TTM Technologies, Inc.	*		1,639		18,553
Tyco Electronics Ltd. (Bermuda)			19,745		677,648
Tyler Technologies, Inc.	*		1,886		26,366
Varian Semiconductor Equipment Associates, Inc.	*		3,367		94,781
Virage Logic Corporation	*		901		5,190
Vishay Intertechnology, Inc.	*		6,172		55,918
Xerox Corporation			36,218		542,183
Xilinx, Inc.			13,928		330,790
Zoran Corporation	*		1,650		22,539
					23,805,546
Entertainment & Leisure—1.4%
Avid Technology, Inc.	*†		1,448		35,244
Bally Technologies, Inc.	*		1,971		67,684
Blockbuster, Inc. Class A	*†		7,850		25,591
Callaway Golf Company			2,881		42,293
Cedar Fair, LP	†		2,300		53,475
Churchill Downs, Inc.			638		30,139
Discovery Holding Company Class A	*		10,903		231,362
Dover Downs Gaming & Entertainment, Inc.			1,710		14,552
Dover Motorsports, Inc.			1,645		10,117
DreamWorks Animation SKG, Inc. Class A	*		1,300	$	33,514
Gaylord Entertainment Company	*		1,772		53,674
Hasbro, Inc.			6,570		183,303
Hollywood Media Corporation	*		1,494		3,586
Image Entertainment, Inc.	*		299		502
International Speedway Corporation Class A			1,190		49,028
Jakks Pacific, Inc.	*†		925		25,502
Leapfrog Enterprises, Inc.	*†		1,261		8,890
Live Nation, Inc.	*†		2,705		32,812
Macrovision Corporation	*†		2,053		27,716
Mattel, Inc.			16,641		331,156
Multimedia Games, Inc.	*†		1,202		6,419
National CineMedia, Inc.			2,226		50,040
National Lampoon, Inc.	*		3,300		6,930
Nautilus Group, Inc.	†		1,359		4,471
New Frontier Media, Inc.			3,808		16,984
News Corporation, Inc. Class A			91,998		1,724,963
Penn National Gaming, Inc.	*		2,586		113,086
Pinnacle Entertainment, Inc.	*†		1,629		20,851
Pool Corporation	†		2,434		45,978
RC2 Corporation	*		1,650		34,601
Regal Entertainment Group Class A	†		2,743		52,912
Shuffle Master, Inc.	*†		1,527		8,169
Six Flags, Inc.	*†		3,814		6,255
Speedway Motorsports, Inc.			149		3,735
Steinway Musical Instruments, Inc.	*		683		19,479
Time Warner, Inc.			153,063		2,145,943
Walt Disney Company			68,450		2,147,961
West Marine, Inc.	*		803		5,597
Westwood One, Inc.	*		4,247		8,919
WMS Industries, Inc.	*		1,903		68,451
World Wrestling Entertainment, Inc.			1,030		19,168
					7,771,052
Environmental—0.4%
Aetrium, Inc.	*		614		2,413
Agilent Technologies, Inc.	*		15,887		473,909
Analogic Corporation			593		39,458
Cohu, Inc.			859		13,959
Credence Systems Corporation	*		2,727		4,636
Danaher Corporation			9,574		727,911
Dionex Corporation	*		1,031		79,377
Flir Systems, Inc.	*†		5,608		168,745
Formfactor, Inc.	*		1,417		27,065
Frequency Electronics, Inc.			821		6,387
Itron, Inc.	*†		955		86,170
Ixia	*		2,330		18,081
LTX Corporation	*		2,405		7,552
MKS Instruments, Inc.	*		2,455		52,537
Mine Safety Appliances Company			1,444		59,478
MTS Systems Corporation			1,342		43,293
OI Corporation			1,600		18,880
Orbit International Corporation	*		2,812		22,890
Photon Dynamics, Inc.	*		659		6,985
Roper Industries, Inc.			2,980		177,131
Rudolph Technologies, Inc.	*		1,247		12,183
Teradyne, Inc.	*		7,938		98,590
Thermogenesis	*		4,316		7,035
Veeco Instruments, Inc.	*		1,294		21,519
White Electronic Designs Corporation	*		514		2,262
X-Rite, Inc.	*		1,890		11,283
					2,189,729

See accompanying notes to schedule of investments.

82

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Financial Services—3.6%
Affiliated Managers Group	*		1,354	$	122,862
AllianceBernstein Holding, LP			1,100		69,718
Ameriprise Financial, Inc.			9,235		478,835
Ampal American Israel Corporation Class A	*†		1,391		8,902
Bear Stearns Companies, Inc. (The)	†		4,864		51,023
Berkshire Hathaway, Inc. Class A	*		40		5,336,000
BlackRock, Inc.	†		765		156,198
Blackstone Group, LP (The)	†		3,953		62,774
Broadridge Financial Solutions, Inc.			5,748		101,165
Calamos Asset Management, Inc. Class A			1,800		29,304
Catskill Litigation Trust	*‡d		582		—
Centerline Holding Company	†		1,905		7,734
Charles Schwab Corporation (The)			36,777		692,511
Cherokee, Inc.			994		33,468
CME Group, Inc.			2,080		975,728
Countrywide Financial Corporation	†		24,520		134,860
Diamond Hill Investment Group, Inc.	*		1,310		100,228
Doral Financial Corporation (Puerto Rico)	*†		221		4,460
E*Trade Financial Corporation	*†		14,978		57,815
Eaton Vance Corporation			5,282		161,154
Federated Investors, Inc. Class B			3,745		146,654
Franklin Resources, Inc.			6,114		592,997
GAMCO Investors, Inc. Class A			558		28,101
GFI Group, Inc.			630		36,099
GLG Partners, Inc.	*†		9,550		113,359
Goldman Sachs Group, Inc.			14,062		2,325,714
Guaranty Financial Group, Inc.	*		1,502		15,951
Interactive Brokers Group, Inc. Class A	*		1,570		40,302
IntercontinentalExchange, Inc.	*		2,676		349,218
Invesco Ltd. (Bermuda)			16,610		404,620
Investment Technology Group, Inc.	*†		2,078		95,962
Janus Capital Group, Inc.			6,411		149,184
Jefferies Group, Inc.			4,678		75,456
Jesup & Lamont, Inc.	*		1,550		884
Kent Financial Services, Inc.	*		2,200		4,103
Knight Capital Group, Inc. Class A	*		4,630		75,191
LaBranche & Company, Inc.	*†		2,588		11,258
Lazard Ltd. Class A (Bermuda)			1,519		58,026
Legg Mason, Inc.			5,250		293,895
Lehman Brothers Holdings, Inc.	†		21,084		793,602
Merrill Lynch & Company, Inc.			35,661		1,452,829
MF Global Ltd. (Bermuda)	*		2,928		29,016
Morgan Stanley			39,347		1,798,158
Nasdaq Stock Market, Inc.	*		5,431		209,962
Navidec Financial Services, Inc.	*		2,119		3,390
NexCen Brands, Inc.	*		1,368		4,692
Nymex Holdings, Inc.			2,458		222,769
NYSE Euronext			8,767		541,012
Och-Ziff Capital Management Group LLC			1,407		29,547
optionsXpress Holdings, Inc.			1,914		39,639
Principal Financial Group			10,091		562,271
Raymond James Financial, Inc.	†		3,472		79,787
SEI Investments Company			5,918		146,115
Siebert Financial Corporation			1,469		4,422
Superior Bancorp			895	$	4,448
SWS Group, Inc.			1,323		16,180
T Rowe Price Group, Inc.			10,332		516,600
TD Ameritrade Holding Corporation	*		9,311		153,725
Value Line, Inc.			573		26,301
Waddell & Reed Financial, Inc. Class A			3,971		127,588
Western Union Company (The)			31,890		678,300
Westwood Holdings Group, Inc.			1,027		38,718
					20,880,784
Food Retailers—0.4%
Arden Group, Inc. Class A			260		37,180
Great Atlantic & Pacific Tea Company (The)	*†		123		3,225
Kroger Company (The)			23,489		596,621
Panera Bread Company Class A	*†		1,250		52,363
Pantry, Inc. (The)	*		1,200		25,296
Ruddick Corporation			1,967		72,504
Safeway, Inc.			16,176		474,766
Starbucks Corporation	*		29,904		523,320
Weis Markets, Inc.			382		13,168
Whole Foods Market, Inc.	†		5,036		166,037
Winn-Dixie Stores, Inc.	*†		3,309		59,430
					2,023,910
Forest Products & Paper—0.6%
AbitibiBowater, Inc.	†		1,189		15,350
American Woodmark Corporation	†		800		16,448
Bemis Company			4,410		112,146
Buckeye Technologies, Inc.	*		1,251		13,961
Caraustar Industries, Inc.	*		1,610		2,174
Champion Enterprises, Inc.	*		2,559		25,667
Chesapeake Corporation			814		3,915
Deltic Timber Corporation			724		40,327
Domtar Corporation	*		16,660		113,788
Glatfelter			1,740		26,291
International Paper Company			14,370		390,864
Kimberly-Clark Corporation			16,536		1,067,399
Louisiana-Pacific Corporation			4,396		40,355
MeadWestvaco Corporation			6,398		174,154
Neenah Paper, Inc.			652		16,809
Packaging Corporation of America			4,339		96,890
Pactiv Corporation	*		6,523		170,968
Rock-Tenn Company Class A			1,450		43,457
School Specialty, Inc.	*†		854		26,935
Schweitzer-Mauduit International, Inc.			724		16,753
Skyline Corporation			720		20,030
Smurfit-Stone Container Corporation	*†		10,013		77,100
United Stationers, Inc.	*		1,278		60,961
Universal Forest Products, Inc.	†		1,121		36,096
Wausau Paper Corporation			1,903		15,719
Weyerhaeuser Company			8,921		580,222
					3,204,779
Health Care Providers—0.5%
Alliance Imaging, Inc.	*		1,429		12,289
Amedisys, Inc.	*†		1,698		66,799
AmSurg Corporation	*		1,423		33,697
Apria Healthcare Group, Inc.	*		2,101		41,495
Brookdale Senior Living, Inc.			2,200		52,580
Community Health Systems, Inc.	*		4,282		143,747

See accompanying notes to schedule of investments.

83

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Covance, Inc.	*		2,839	$	235,552
Coventry Health Care, Inc.	*		6,568		265,019
Cross Country Healthcare, Inc.	*		1,339		16,563
CryoLife, Inc.	*		937		8,808
DaVita, Inc.	*		4,290		204,890
Edwards Lifesciences Corporation	*		2,575		114,716
Enzo Biochem, Inc.	*		1,353		12,299
Enzon Pharmaceuticals, Inc.	*†		1,765		16,256
Express Scripts, Inc.	*		8,956		576,050
Health Management Associates, Inc. Class A	*		9,953		52,651
Healthways, Inc.	*†		1,362		48,133
Hooper Holmes, Inc.	*		1,959		1,273
Immunomedics, Inc.	*		2,141		6,016
Interleukin Genetics, Inc.	*		2,825		4,096
Kindred Healthcare, Inc.	*		1,800		39,366
Laboratory Corporation of America Holdings	*		4,321		318,371
LCA-Vision, Inc.	†		616		7,700
LifePoint Hospitals, Inc.	*		2,149		59,033
Lincare Holdings, Inc.	*		2,129		59,846
Matria Healthcare, Inc.	*		870		19,401
National Healthcare Corporation	†		431		20,990
NovaMed, Inc.	*		1,250		4,738
Odyssey HealthCare, Inc.	*		1,593		14,337
Pediatrix Medical Group, Inc.	*		2,182		147,067
Psychemedics Corporation			302		5,376
Psychiatric Solutions, Inc.	*		2,662		90,295
RehabCare Group, Inc.	*		739		11,085
Sunrise Senior Living, Inc.	*		1,950		43,446
Tenet Healthcare Corporation	*		19,289		109,176
U.S. Physical Therapy, Inc.	*		1,300		18,746
Universal Health Services, Inc. Class B			1,233		66,200
VCA Antech, Inc.	*		3,442		94,139
					3,042,241
Heavy Construction—0.2%
Blount International, Inc.	*		1,532		18,951
Centex Corporation			4,760		115,240
Foster Wheeler Ltd. (Bermuda)	*		5,822		329,642
Granite Construction, Inc.			1,889		61,789
Hovnanian Enterprises, Inc.	*†		1,478		15,667
Lennar Corporation Class A	†		5,675		106,747
Levitt Corporation Class A	*		763		1,511
M/I Homes, Inc.			610		10,358
McDermott International, Inc.	*		8,276		453,690
McGrath Rentcorp			916		22,085
WCI Communities, Inc.	*		1,921		6,435
					1,142,115
Heavy Machinery—2.7%
Actuant Corporation Class A			2,022		61,085
Agco Corporation	*†		3,068		183,712
Ampco-Pittsburgh Corporation			613		26,353
Applied Industrial Technologies, Inc.			2,056		61,454
Applied Materials, Inc.			53,844		1,050,496
Astec Industries, Inc.	*		821		31,822
Asyst Technologies, Inc.	*		1,782		6,237
Axcelis Technologies, Inc.	*		4,095		22,932
Black & Decker Corporation			3,225		213,173
Briggs & Stratton Corporation			1,822		32,614
Brooks Automation, Inc.	*		3,103		30,161
Bucyrus International, Inc. Class A			1,430	$	145,360
Cameron International Corporation	*		7,401		308,178
Caterpillar, Inc.			25,209		1,973,613
Cummins, Inc.			7,020		328,676
Curtiss-Wright Corporation			2,112		87,606
Deere & Company			17,886		1,438,750
Donaldson Company, Inc.			3,810		153,467
Dover Corporation			7,805		326,093
Dresser-Rand Group, Inc.	*		2,924		89,913
Dril-Quip, Inc.	*		1,976		91,825
Dycom Industries, Inc.	*		2,076		24,933
Eaton Corporation			5,791		461,369
Electroglas, Inc.	*		1,990		2,886
EnPro Industries, Inc.	*		981		30,597
Entegris, Inc.	*		5,738		41,256
Flow International Corporation	*		2,200		20,438
Flowserve Corporation			2,375		247,903
FMC Technologies, Inc.	*†		5,390		306,637
Gardner Denver, Inc.	*		1,836		68,116
Graco, Inc.			2,883		104,538
Grant Prideco, Inc.	*		4,753		233,943
Hurco Companies, Inc.	*		300		14,034
ITT Corporation			8,056		417,381
Idex Corporation			3,304		101,400
Ingersoll-Rand Company Class A (Bermuda)			11,776		524,974
Insituform Technologies, Inc. Class A	*		1,223		16,914
Intermec, Inc.	*		2,374		52,679
Joy Global, Inc.			4,599		299,671
Kadant, Inc.	*		721		21,183
Kaydon Corporation	†		1,422		62,440
Kennametal, Inc.			3,196		94,058
Knight Transportation, Inc.	†		3,879		63,848
Kulicke and Soffa Industries, Inc.	*†		2,008		9,598
Lam Research Corporation	*		5,335		203,904
Layne Christensen Company	*		510		17,860
Lennox International, Inc.			2,437		87,659
Lindsay Corporation	†		808		82,796
Lufkin Industries, Inc.			1,000		63,820
Manitowoc Company, Inc.			5,044		205,795
Matrix Service Company	*		468		8,040
Middleby Corporation	*†		936		58,397
Modine Manufacturing Company			1,208		17,504
NACCO Industries, Inc. Class A			309		25,010
NATCO Group, Inc. Class A	*		900		42,075
National-Oilwell Varco, Inc.	*		14,180		827,828
Nordson Corporation			1,522		81,960
Oil States International, Inc.	*†		2,026		90,785
Pall Corporation			5,186		181,873
Paragon Technologies, Inc.	*		1,800		9,603
Parker Hannifin Corporation			7,453		516,269
Pentair, Inc.	†		3,618		115,414
Robbins & Myers, Inc.	†		1,736		56,680
Rockwell Automation, Inc.			6,047		347,219
Sauer-Danfoss, Inc.			1,531		33,896
Semitool, Inc.	*		1,060		8,819
Smith International, Inc.	†		8,020		515,125
SPX Corporation			2,157		226,269
Standex International Corporation			724		16,174
Stanley Works (The)			3,365		160,241
Tecumseh Products Company Class A	*		712		21,844
Tennant Company			1,280		50,957
Terex Corporation	*		4,124		257,750

See accompanying notes to schedule of investments.

84

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Timken Company			3,702	$	110,023
Toro Company			2,550		105,545
Trane, Inc.			7,063		324,192
TurboChef Technologies, Inc.	*		993		6,474
Ultratech, Inc.	*		971		9,331
Varian Medical Systems, Inc.	*		5,512		258,182
Watsco, Inc.	†		553		22,905
Willis Lease Finance Corporation	*		1,234		15,511
WJ Communications, Inc.	*		1,509		1,441
Woodward Governor Company			2,448		65,411
WW Grainger, Inc.			3,286		251,018
					15,385,915
Home Construction, Furnishings & Appliances—0.6%
American Technology Corporation	*		3,686		8,072
Bassett Furniture Industries, Inc.			1,139		14,055
BE Aerospace, Inc.	*		2,393		83,635
Beazer Homes USA, Inc.	†		1,494		14,118
Brookfield Homes Corporation	†		1,218		20,462
DR Horton, Inc.	†		11,522		181,472
DTS, Inc.	*†		755		18,120
Ethan Allen Interiors, Inc.	†		1,551		44,095
Fossil, Inc.	*		3,154		96,323
Furniture Brands International, Inc.	†		2,341		27,390
Gemstar-TV Guide International, Inc.	*		16,221		76,239
Harman International Industries, Inc.			2,728		118,777
Helen of Troy Ltd.	*		1,333		22,354
Herman Miller, Inc.			3,155		77,518
HNI Corporation	†		2,512		67,548
Jarden Corporation	*		2,055		44,676
Johnson Controls, Inc.			22,551		762,224
KB Home	†		3,248		80,323
Kimball International, Inc. Class B			1,500		16,080
Kinetic Concepts, Inc.	*		2,200		101,706
La-Z-Boy, Inc.	†		2,404		20,049
Leggett & Platt, Inc.	†		8,763		133,636
Masco Corporation			15,650		310,340
MDC Holdings, Inc.			1,091		47,775
Meritage Homes Corporation	*†		1,300		25,116
Movado Group, Inc.			1,678		32,704
National Presto Industries, Inc.			535		28,034
Newell Rubbermaid, Inc.			10,108		231,170
NVR, Inc.	*†		262		156,545
Palm Harbor Homes, Inc.	*†		1,181		6,212
Parkervision, Inc.	*†		1,052		8,142
Pulte Homes, Inc.			8,898		129,466
Ryland Group, Inc.			1,852		60,912
Select Comfort Corporation	*†		2,104		7,574
Standard-Pacific Corporation			2,568		12,480
Steelcase, Inc. Class A			1,992		22,032
Tempur-Pedic International, Inc.	†		1,346		14,806
Toll Brothers, Inc.	*†		4,132		97,019
Virco Manufacturing Corporation			799		4,179
Walter Industries, Inc.			1,640		102,713
Whirlpool Corporation			2,980		258,604
					3,584,695
Household Products—0.3%
Apogee Enterprises, Inc.			1,250		19,250
Charles & Colvard Ltd.	†		1,843		2,267
Ferro Corporation	†		1,818	$	27,015
Fortune Brands, Inc.			5,642		392,119
Gentex Corporation			6,594		113,087
Illinois Tool Works, Inc.			16,615		801,341
Kronos Worldwide, Inc.			1,131		27,314
Rohm & Haas Company			4,731		255,852
RPM, Inc.			4,832		101,182
Snap-On, Inc.			2,419		123,006
Valspar Corporation			3,724		73,884
					1,936,317
Industrial—Diversified—0.2%
Blyth, Inc.			1,839		36,265
Russ Berrie & Company, Inc.	*		1,156		16,253
Tyco International Ltd. (Bermuda)			19,745		869,767
					922,285
Insurance—4.7%
ACE Ltd. (Cayman Islands)			12,700		699,262
Aflac, Inc.			19,543		1,269,318
Aetna, Inc.			20,153		848,240
Alfa Corporation			1,928		42,377
Alleghany Corporation	*		150		51,205
Allied World Assurance Holdings Ltd. (Bermuda)			1,889		74,993
Allstate Corporation (The)			21,889		1,051,985
AMBAC Financial Group, Inc.	†		11,209		64,452
American Equity Investment Life Holding Company			4,302		39,923
American Financial Group, Inc.			2,657		67,913
American Independence Corporation	*		430		3,122
American International Group, Inc.			87,017		3,763,485
American National Insurance			945		100,832
American Physicians Capital, Inc.			1,290		59,804
Amerigroup Corporation	*		1,950		53,294
AON Corporation			10,312		414,542
Arch Capital Group Ltd. (Bermuda)	*		1,428		98,061
Argo Group International Holdings Ltd. (Bermuda)	*		899		31,932
Arthur J. Gallagher & Company			3,230		76,293
Aspen Insurance Holdings Ltd. (Bermuda)	†		3,512		92,647
Assurant, Inc.			4,146		252,326
Assured Guaranty Ltd. (Bermuda)			2,359		56,003
Axis Capital Holdings Ltd. (Bermuda)			5,691		193,380
Baldwin & Lyons, Inc. Class B			945		24,268
Brown & Brown, Inc.			5,036		87,526
Centene Corporation	*		1,972		27,490
Cigna Corporation			10,791		437,791
Cincinnati Financial Corporation			6,036		229,609
CNA Financial Corporation			1,422		36,673
CNA Surety Corporation	*		1,486		22,855
Commerce Group, Inc.			2,132		76,880
Conseco, Inc.	*		6,600		67,320
Covanta Holding Corporation	*		4,185		115,088
Crawford & Company Class B	*		1,891		9,928
Delphi Financial Group, Inc. Class A			1,945		56,852
Donegal Group, Inc. Class B			758		14,194
EMC Insurance Group, Inc.			341		9,169
Employers Holdings, Inc.			2,770		51,356
Endurance Specialty Holdings Ltd. (Bermuda)			2,698		98,747
Erie Indemnity Company Class A			1,023		52,367
Everest Re Group Ltd. (Bermuda)			2,468		220,960
FBL Financial Group, Inc. Class A			1,275		36,325

See accompanying notes to schedule of investments.

85

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Fidelity National Financial, Inc.	†		8,236	$	150,966
First American Corporation			3,159		107,216
Genworth Financial, Inc. Class A			15,900		359,976
Hanover Insurance Group (The), Inc.			2,346		96,514
Harleysville Group, Inc.			1,351		48,758
Hartford Financial Services Group, Inc.			12,354		936,063
HCC Insurance Holdings, Inc.			3,999		90,737
Health Net, Inc.	*		3,209		98,837
HealthExtras, Inc.	*		1,864		46,302
Healthspring, Inc.	*		2,400		33,792
Hilb Rogal & Hobbs Company			1,604		50,478
Horace Mann Educators Corporation			2,000		34,960
Humana, Inc.	*		6,683		299,799
Independence Holding Company			961		11,455
Infinity Property & Casualty Corporation			810		33,696
IPC Holdings Ltd. (Bermuda)			2,362		66,136
Kansas City Life Insurance Company			902		43,350
Landamerica Financial Group, Inc.			845		33,352
Leucadia National Corporation			6,084		275,118
Lincoln National Corporation			10,899		566,748
Loews Corporation			17,838		717,444
MBIA, Inc.	†		8,742		106,827
MGIC Investment Corporation	†		4,084		43,005
Markel Corporation	*		412		181,268
Marsh & McLennan Companies, Inc.			20,317		494,719
Max Capital Group Ltd. (Bermuda)			1,915		50,154
Mercury General Corporation			1,109		49,140
MetLife, Inc.			16,910		1,018,997
Montpelier Re Holdings Ltd. (Bermuda)	†		3,734		59,931
National Financial Partners Corporation	†		1,495		33,593
Nationwide Financial Services Class A			2,414		114,134
Navigators Group, Inc.	*		938		51,027
Odyssey Re Holdings Corporation			505		18,559
Old Republic International Corporation			9,191		118,656
PMI Group, Inc. (The)	†		3,929		22,867
PartnerRe Ltd. (Bermuda)	†		2,300		175,490
Philadelphia Consolidated Holding Corporation	*		2,562		82,496
Phoenix Companies, Inc. (The)			4,217		51,490
Platinum Underwriters Holdings Ltd. (Bermuda)			2,734		88,746
PMA Capital Corporation Class A	*		1,826		15,594
Presidential Life Corporation			1,144		19,951
ProAssurance Corporation	*		1,647		88,658
Progressive Corporation (The)			24,774		398,118
Protective Life Corporation			3,130		126,953
Prudential Financial, Inc.			17,420		1,363,115
Radian Group, Inc.	†		3,844		25,255
Reinsurance Group of America, Inc.			1,440		78,394
RenaissanceRe Holdings Ltd. (Bermuda)			2,900		150,539
RLI Corporation			1,164		57,699
Safeco Corporation			3,504		153,756
Safety Insurance Group, Inc.			850		29,011
Security Capital Assurance Ltd. (Bermuda)	†		2,963	$	1,541
Selective Insurance Group			2,122		50,673
Stancorp Financial Group, Inc.			2,460		117,367
State Auto Financial Corporation			488		14,215
Stewart Information Services Corporation			1,239		34,680
The Chubb Corporation			14,462		715,580
Torchmark Corporation			3,623		217,779
Tower Group, Inc.			1,736		43,695
Transatlantic Holdings, Inc.			1,167		77,430
Travelers Cos., Inc. (The)			24,549		1,174,670
Triad Guaranty, Inc.	*†		692		3,460
United American Healthcare Corporation	*†		4,251		11,988
United Fire & Casualty Company			1,250		46,750
UnitedHealth Group, Inc.			49,658		1,706,249
Unitrin, Inc.			1,906		67,358
Universal American Corp.	*		1,812		19,207
UnumProvident Corporation			13,588		299,072
Validus Holdings Ltd. (Bermuda)			1,256		29,428
WellCare Health Plans, Inc.	*		1,500		58,425
WellPoint, Inc.	*		21,396		944,205
Wesco Financial Corporation			187		75,548
White Mountains Insurance Group Ltd.			300		144,000
WR Berkley Corporation			5,680		157,279
XL Capital Ltd. Class A (Cayman Islands)			7,300		215,715
Zenith National Insurance Corporation			1,498		53,718
					26,730,658
Lodging—0.4%
Ameristar Casinos, Inc.			300		5,475
Boyd Gaming Corporation	†		2,619		52,380
Choice Hotels International, Inc.			1,616		55,122
Empire Resorts, Inc.	*†		582		797
Isle of Capri Casinos, Inc.	*		1,250		8,938
Las Vegas Sands Corporation	*†		4,070		299,715
MGM MIRAGE	*†		4,792		281,626
Marcus Corporation			1,505		28,896
Marriott International, Inc. Class A			13,654		469,151
Morgans Hotel Group Company	*		2,300		34,086
Orient-Express Hotels Ltd. Class A (Bermuda)			1,577		68,063
Starwood Hotels & Resorts Worldwide, Inc.			7,939		410,843
Trump Entertainment Resorts, Inc.	*		1,600		5,760
Vail Resorts, Inc.	*†		1,491		72,000
Wyndham Worldwide Corporation			8,848		182,977
Wynn Resorts Ltd.			2,554		257,035
					2,232,864
Media—Broadcasting & Publishing—1.5%
4Kids Entertainment, Inc.	*		605		5,911
Acme Communications, Inc.	*		1,200		2,424
AH Belo Corporation Class A	*		944		10,790
American Greetings Corporation Class A			2,760		51,198
Beasley Broadcasting Group, Inc. Class A			1,150		4,094
Belo Corporation Class A			4,721		49,901
Cablevision Systems Corporation Class A	*		9,044		193,813
CBS Corporation Class B			25,719		567,876

See accompanying notes to schedule of investments.

86

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Charter Communications, Inc. Class A	*†		11,237	$	9,574
Citadel Broadcasting Corporation			6,896		11,447
Clear Channel Communications, Inc.			18,523		541,242
Comcast Corporation Class A			114,953		2,223,191
COX Radio, Inc. Class A	*		1,752		20,814
Crown Media Holdings, Inc.	*†		5,899		30,498
Cumulus Media, Inc. Class A	*		2,174		13,870
DIRECTV Group (The), Inc.	*		31,618		783,810
DISH Network Corporation Class A	*		9,386		269,660
Emmis Communications Corporation Class A	*†		1,175		4,089
Entercom Communications Corporation	†		2,183		21,677
Entravision Communications Corporation Class A	*		2,852		18,994
EW Scripps Company Class A	†		3,612		151,740
Gannett Company, Inc.	†		7,301		212,094
Gray Television, Inc.			1,838		10,458
Handleman Company	*		1,657		398
Harte-Hanks, Inc.			3,119		42,637
Hearst-Argyle Television, Inc.			2,184		45,056
IAC/InterActiveCorp	*		9,431		195,788
Idearc, Inc.	†		1,273		4,634
John Wiley & Sons Class A			2,491		98,893
Journal Communications, Inc. Class A			3,900		28,782
Journal Register Company	†		1,817		999
Lee Enterprises, Inc.	†		1,973		19,750
Liberty Global, Inc.	*		126		4,092
Liberty Global, Inc. Class A	*		15,182		517,403
Liberty Media Corporation Interactive Class A	*		25,718		415,089
Liberty Media Holdings Corporation Capital Class A	*		5,451		85,799
LIN TV Corporation Class A	*		1,419		13,637
Lodgenet Entertainment Corporation	*		1,250		7,613
McClatchy Company Class A	†		2,444		26,151
McGraw-Hill Companies, Inc. (The)			14,260		526,907
Media General, Inc. Class A	†		952		13,347
Mediacom Communications Corporation	*†		3,433		14,865
Meredith Corporation			2,083		79,675
New York Times Company Class A	†		5,682		107,276
Playboy Enterprises, Inc. Class B	*		1,251		10,421
PRIMEDIA, Inc.	†		1,475		10,841
Radio One, Inc. Class A	*		4,327		6,577
Radio Unica Communications Corporation	*‡d		1,900		—
Regent Communications, Inc.	*		1,600		2,000
RH Donnelley Corporation	*†		2,471		12,503
Salem Communications Corporation Class A			850		3,409
Scholastic Corporation	*		1,845		55,848
Sinclair Broadcast Group, Inc. Class A	†		2,049		18,257
Spanish Broadcasting System, Inc. Class A	*		1,300		2,301
Sun-Times Media Group, Inc. Class A	*		3,613		2,601
Time Warner Cable, Inc. Class A	*		4,450	$	111,161
Tivo, Inc.	*		2,696		23,617
Viacom, Inc. Class B	*		22,554		893,589
Washington Post Company Class B			258		170,667
Young Broadcasting, Inc. Class A	*		831		632
					8,782,380
Medical Supplies—3.8%
Abaxis, Inc.	*		749		17,354
Abiomed, Inc.	*†		886		11,642
Advanced Medical Optics, Inc.	*†		2,304		46,771
Align Technology, Inc.	*		2,449		27,208
Allergan, Inc.			11,928		672,620
American Medical Systems Holdings, Inc.	*†		3,000		42,570
Applera Corporation—Applied Biosystems Group			6,991		229,724
ArthoCare Corporation	*†		851		28,381
Avigen, Inc.	*		1,009		2,815
Axsys Technologies, Inc.	*		883		44,044
Baxter International, Inc.			25,124		1,452,670
Beckman Coulter, Inc.			2,512		162,150
Becton Dickinson & Company			8,917		765,524
Bioject Medical Technologies, Inc.	*		4,490		1,796
Biolase Technology, Inc.	*		765		2,364
Bio-Rad Laboratories, Inc. Class A	*		88		7,828
Boston Scientific Corporation	*		53,540		689,060
Bruker BioSciences Corporation	*		1,667		25,655
Cepheid, Inc.	*		4,930		120,243
Cerus Corporation	*		1,010		5,828
Chindex International, Inc.	*		548		20,682
Clarient, Inc.	*		3,308		4,730
Coherent, Inc.	*		1,348		37,596
Conceptus, Inc.	*†		1,047		19,432
Conmed Corporation	*		1,362		34,922
Cooper Companies, Inc.			1,627		56,018
Covidien Ltd. (Bermuda)			19,745		873,716
CR Bard, Inc.	†		3,904		376,346
Cyberonics, Inc.	*		956		13,862
Datascope Corporation			556		23,035
Dentsply International, Inc.			5,668		218,785
EP Medsystems, Inc.	*		5,240		7,912
ev3, Inc.	*†		785		6,390
Excel Technology, Inc.	*		562		15,152
Faro Technologies, Inc.	*		453		14,125
FEI Company	*		1,368		29,863
Haemonetics Corporation	*		1,157		68,934
Hanger Orthopedic Group, Inc.	*		1,083		11,675
HealthTronics Surgical Services, Inc.	*		2,529		8,194
Hillenbrand Industries, Inc.			1,576		75,333
Hologic, Inc.	*†		4,896		272,218
ICU Medical, Inc.	*		605		17,406
II-VI, Inc.	*		682		25,902
Illumina, Inc.	*		1,626		123,413
Integra LifeSciences Holdings Corporation	*†		1,190		51,729
Intest Corporation	*		950		1,948
Intuitive Surgical, Inc.	*		1,610		522,204
Invacare Corporation			1,333		29,699
ION Geophysical Corporation	*		2,427		33,493
Johnson & Johnson			109,407		7,097,232

See accompanying notes to schedule of investments.

87

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
KLA-Tencor Corporation			7,679	$	284,891
Kensey Nash Corporation	*		866		25,071
Kopin Corporation	*		2,431		6,466
L-1 Identity Solutions, Inc.	*†		1,637		21,772
Masimo Corp.	*		1,500		39,000
Meade Instruments Corporation	*		1,640		2,116
Mechanical Technology, Inc.	*		957		517
Medtronic, Inc.			45,099		2,181,439
Mentor Corporation	†		1,961		50,437
Merit Medical Systems, Inc.	*		2,519		39,876
Mesa Laboratories, Inc.			1,200		26,880
Mettler-Toledo International, Inc.	*		913		88,671
Millipore Corporation	*		2,026		136,573
Nanogen, Inc.	*		950		418
Newport Corporation	*		1,614		18,028
NuVasive, Inc.	*†		2,111		72,851
Nyer Medical Group, Inc.	*		2,532		3,190
Orthologic Corporation	*		1,516		1,289
Osteotech, Inc.	*		1,498		7,116
Owens & Minor, Inc.			1,623		63,849
OYO Geospace Corporation	*		550		24,981
PSS World Medical, Inc.	*		3,574		59,543
Palomar Medical Technologies, Inc.	*		1,116		16,852
Patterson Cos., Inc.	*		5,546		201,320
PerkinElmer, Inc.			5,266		127,701
Resmed, Inc.	*		3,034		127,974
Rofin-Sinar Technologies, Inc.	*		2,200		98,780
Somanetics Corporation	*		1,352		21,051
SonoSite, Inc.	*		1,264		35,936
Spectranetics Corporation	*		1,045		8,736
St. Jude Medical, Inc.	*		13,638		589,025
Staar Surgical Company	*		848		2,179
Steris Corporation			2,777		74,507
Stryker Corporation			11,240		731,162
Synovis Life Technologies, Inc.	*		346		5,425
Techne Corporation	*		1,736		116,937
Theragenics Corporation	*		1,492		5,878
Thermo Fisher Scientific, Inc.	*		15,692		891,933
Thoratec Corporation	*		2,306		32,953
Urologix, Inc.	*		1,050		872
Varian, Inc.	*		1,502		86,996
Vital Signs, Inc.			634		32,112
Vivus, Inc.	*†		1,400		8,442
Waters Corporation	*		4,698		261,679
Wright Medical Group, Inc.	*		1,309		31,599
Young Innovations, Inc.			677		11,726
Zimmer Holdings, Inc.	*		9,576		745,587
Zoll Medical Corporation	*		850		22,602
Zygo Corporation	*		967		12,029
					21,905,160
Metals—1.5%
AK Steel Holding Corporation			5,009		272,590
Alcoa, Inc.			34,188		1,232,819
Allegheny Technologies, Inc.			3,350		239,056
Ameron International Corporation			542		50,693
Aptargroup, Inc.			3,130		121,851
Brush Engineered Materials, Inc.	*		1,122		28,802
Carpenter Technology Corporation			1,882		105,336
Century Aluminum Company	*		865		57,298
Circor International, Inc.			711		32,884
Cleveland-Cliffs, Inc.			2,036		243,954
Commercial Metals Company			4,080		122,278
Commscope, Inc.	*		2,812	$	97,942
Corning, Inc.			60,152		1,446,054
Couer d’Alene Mines Corporation	*†		8,276		33,435
Crane Company			2,467		99,543
Encore Wire Corporation	†		1,400		25,494
General Cable Corporation	*		1,382		81,635
Gibraltar Industries, Inc.			1,188		13,935
Griffon Corporation	*		1,288		11,077
Hecla Mining Company	*†		4,124		46,024
Hubbell, Inc. Class B			2,078		90,788
Ladish Company, Inc.	*		900		32,400
Matthews International Corporation Class A			1,052		50,759
MAXXAM, Inc.	*		856		27,392
Mueller Industries, Inc.			1,592		45,929
Mueller Water Products, Inc. Class A			3,000		24,540
NCI Building Systems, Inc.	*		1,232		29,814
Newmont Mining Corporation			16,091		728,922
Nucor Corporation			10,763		729,086
Optical Cable Corporation	*		240		1,200
Precision Castparts Corporation			5,136		524,283
Quanex Corporation	†		1,671		86,458
Reliance Steel & Aluminum Company			2,966		177,545
Royal Gold, Inc.	†		1,153		34,786
RTI International Metals, Inc.	*		1,363		61,621
Schnitzer Steel Industries, Inc. Class A			693		49,217
Shiloh Industries, Inc.			1,441		16,096
Simpson Manufacturing Company, Inc.	†		2,084		56,643
Southern Copper Corporation	†		2,900		301,107
Steel Dynamics, Inc.			8,080		266,963
Stillwater Mining Company	*†		3,727		57,657
Sturm, Ruger & Company, Inc.	*		3,296		27,159
Superior Essex, Inc.	*		1,617		45,470
Superior Telecom, Inc.	*‡d		2,013		—
Taser International, Inc.	*†		2,292		21,545
Texas Industries, Inc.	†		1,116		67,083
Titanium Metals Corporation	†		5,344		80,427
Tredegar Corporation			1,606		29,245
United States Steel Corporation			4,607		584,490
Valmont Industries, Inc.			1,162		102,128
Watts Water Technologies, Inc. Class A	†		1,225		34,337
Worthington Industries, Inc.	†		3,575		60,310
					8,808,100
Mining—0.3%
Freeport-McMoran Copper & Gold, Inc.			14,811		1,425,114
Oil & Gas—12.0%
Adams Resources & Energy, Inc.			1,462		40,644
AGL Resources, Inc.			2,166		74,337
Anadarko Petroleum Corporation			17,797		1,121,745
Apache Corporation			12,742		1,539,488
Apco Argentina, Inc. (Cayman Islands)	†		2,488		64,613
Ashland, Inc.			2,848		134,710
Atlas America, Inc.			1,719		103,896
Atmos Energy Corporation			2,732		69,666
ATP Oil & Gas Corporation	*		685		22,413
Atwood Oceanics, Inc.	*		1,662		152,439
Baker Hughes, Inc.			13,058		894,473
Basic Energy Services, Inc.	*		1,600		35,328
Berry Petroleum Company Class A			1,202		55,881

See accompanying notes to schedule of investments.

88

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
BJ Services Company			11,495	$	327,722
Blue Dolphin Energy Company	*		3,650		5,475
BP Prudhoe Bay Royalty Trust	†		1,105		103,174
Buckeye Partners, LP			1,400		64,540
Cabot Oil & Gas Corporation			4,548		231,220
Callon Petroleum Company	*		779		14,092
Carrizo Oil & Gas, Inc.	*		1,800		106,686
Chesapeake Energy Corporation			16,834		776,889
Chesapeake Utilities Corporation			949		28,128
Chevron Corporation			82,425		7,035,798
Cimarex Energy Company			2,681		146,758
Clayton Williams Energy, Inc.	*		550		28,870
CNX Gas Corporation	*		1,100		35,508
Complete Production Services, Inc.	*		1,200		27,528
Comstock Resources, Inc.	*		520		20,956
ConocoPhillips			57,897		4,412,330
Copano Energy LLC			2,400		82,056
Cross Timbers Royalty Trust			575		28,204
Crosstex Energy, Inc.	†		2,100		71,295
Dawson Geophysical Company	*		924		62,370
Delta Natural Gas Company, Inc.			380		9,382
Delta Petroleum Corporation	*†		2,709		61,061
Denbury Resources, Inc.	*		8,932		255,009
Devon Energy Corporation			16,306		1,701,205
Diamond Offshore Drilling, Inc.			2,694		313,582
Dorchester Minerals, LP			2,200		46,200
EOG Resources, Inc.			9,358		1,122,960
El Paso Corporation			25,233		419,877
Electro-Sensors, Inc.	*		2,581		11,666
Enbridge Energy Partners, LP			1,775		84,401
Encore Acquisition Company	*		2,062		83,057
Energen Corporation			2,644		164,721
Energy Partners Ltd.	*		1,667		15,786
Energy Transfer Equity, LP			4,960		154,950
Energy Transfer Partners, LP			2,777		126,826
ENSCO International, Inc.			5,080		318,110
Enterprise Products Partners, LP			8,400		249,480
Equitable Resources, Inc.			5,288		311,463
EXCO Resources, Inc.	*		4,100		75,850
Exterran Holdings, Inc.	*†		2,465		159,091
Exxon Mobil Corporation			211,493		17,888,078
Forest Oil Corporation	*		3,820		187,027
Frontier Oil Corporation			4,576		124,742
FX Energy, Inc.	*		3,496		14,893
Global Industries Ltd.	*		2,539		40,853
Grey Wolf, Inc.	*		5,192		35,202
Halliburton Company			36,908		1,451,592
Headwaters, Inc.	*†		2,095		27,633
Helix Energy Solutions Group, Inc.	*		3,853		121,370
Helmerich & Payne, Inc.			3,926		184,012
Hercules Offshore, Inc.	*†		5,226		131,277
Hess Corporation			10,910		962,044
Holly Corporation			1,972		85,605
Hugoton Royalty Trust			1,669		46,031
Key Energy Services, Inc.	*		5,220		70,052
Kinder Morgan Energy Partners, LP	†		5,150		281,654
Kinder Morgan Management LLC	*		2,025		103,214
Laclede Group, Inc. (The)			1,025		36,521
Macquarie Infrastructure Company LLC			2,000		58,260
Magellan Midstream Partners			2,000		81,000
Marathon Oil Corporation			28,613	$	1,304,753
Mariner Energy, Inc.	*		3,261		88,080
Markwest Energy Partners, LP			3,584		110,531
McMoRan Exploration Company	*†		1,059		18,310
MDU Resources Group, Inc.			7,657		187,979
Meridian Resource Corporation	*		2,950		4,366
Murphy Oil Corporation			7,512		617,036
Nabors Industries Ltd.	*†		10,988		371,065
National Fuel Gas Company			3,639		171,797
New Jersey Resources Corporation			1,682		52,211
Newfield Exploration Company	*		5,246		277,251
Newpark Resources, Inc.	*		3,484		17,768
Nicor, Inc.	†		1,828		61,256
Noble Corporation (Cayman Islands)			11,104		551,536
Noble Energy, Inc.			6,772		493,002
Northwest Natural Gas Company			1,183		51,390
NuStar Energy, LP			1,500		72,660
Occidental Petroleum Corporation			32,909		2,407,952
Oceaneering International, Inc.	*		2,232		140,616
ONEOK Partners, LP			1,650		94,875
Oneok, Inc.			3,908		174,414
Parallel Petroleum Corporation	*		2,700		52,839
Parker Drilling Company	*		3,755		24,257
Patterson-UTI Energy, Inc.			6,712		175,720
Penn Virginia Corporation			600		26,454
Petrohawk Energy Corporation	*		9,713		195,911
Petroleum Development Corporation	*		1,250		86,588
Piedmont Natural Gas Company	†		2,740		71,952
Pioneer Drilling Company	*		2,700		43,011
Pioneer Natural Resources Company			5,801		284,945
Plains All American Pipeline, LP			3,917		186,214
Plains Exploration & Production Company	*		5,227		277,763
Pride International, Inc.	*		5,416		189,289
Questar Corporation			7,412		419,223
Quicksilver Resources, Inc.	*		3,960		144,659
Range Resources Corporation			4,785		303,608
Resource America, Inc. Class A			1,287		12,162
Rosetta Resources, Inc.	*		3,400		66,878
Rowan Companies., Inc.			3,918		161,343
SandRidge Energy, Inc.	*†		1,130		44,240
Schlumberger Ltd.			46,040		4,005,480
SEACOR Holdings, Inc.	*		713		60,862
South Jersey Industries, Inc.			2,014		70,712
Southern Union Company			3,367		78,350
Southwest Gas Corporation			1,252		35,006
Southwestern Energy Company	*		12,144		409,131
Spectra Energy Corp.			23,691		538,970
St. Mary Land & Exploration Company			2,262		87,087
Stone Energy Corporation	*		1,208		63,190
Sunoco Logistics Partners, LP			950		46,360
Sunoco, Inc.			5,446		285,752
Superior Energy Services, Inc.	*		2,900		114,898
Swift Energy Company	*		1,142		51,379
Syntroleum Corporation	*		1,246		773
TC Pipelines, LP			1,100		37,818
Teppco Partners, LP			2,500		86,225
Tesoro Corporation			6,846		205,380
Tetra Technologies, Inc.	*		2,352		37,256
Tidewater, Inc.			2,430		133,917

See accompanying notes to schedule of investments.

89

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Transocean, Inc. (Cayman Islands)	*		12,518	$	1,692,434
TXCO Resources, Inc.	*†		5,411		66,988
UGI Corporation			2,720		67,782
Ultra Petroleum Corporation	*†		6,082		471,355
Unit Corporation	*		1,702		96,418
VAALCO Energy, Inc.	*		3,800		18,886
Valero Energy Corporation			23,178		1,138,272
Vectren Corporation			3,706		99,432
Warren Resources, Inc.	*		3,600		42,732
Wd-40 Company			949		31,554
Weatherford International Ltd. (Bermuda)	*		13,510		979,070
Western Refining, Inc.	†		2,500		33,675
WGL Holdings, Inc.			2,315		74,219
W-H Energy Services, Inc.	*		1,377		94,806
Whiting Petroleum Corporation	*		1,242		80,295
Williams Companies, Inc.			24,207		798,347
Williams Partners, LP			1,275		40,163
XTO Energy, Inc.			18,775		1,161,421
					68,907,268
Pharmaceuticals—6.2%
Aastrom Biosciences, Inc.	*		3,289		1,316
Abbott Laboratories			60,081		3,313,467
Abraxis BioScience, Inc.	*		439		25,936
Accelrys, Inc.	*		1,145		6,194
Adolor Corporation	*		1,927		8,806
Affymetrix, Inc.	*†		2,525		43,960
Albany Molecular Research, Inc.	*		1,371		16,644
Alexion Pharmaceuticals, Inc.	*†		1,108		65,704
Alfacell Corporation	*†		4,295		10,222
Alkermes, Inc.	*		3,579		42,519
Allscripts Healthcare Solutions, Inc.	*†		2,300		23,736
Alnylam Pharmaceuticals, Inc.	*†		2,390		58,316
Alpharma, Inc. Class A	*		2,463		64,555
Alseres Pharmaceuticals, Inc.	*		724		1,810
Altus Pharmaceuticals, Inc.	*		1,600		7,280
AMAG Pharmaceuticals, Inc.	*†		834		33,719
AmerisourceBergen Corporation			7,851		321,734
Amgen, Inc.	*		44,976		1,879,097
Amylin Pharmaceuticals, Inc.	*†		3,885		113,481
Antigenics, Inc.	*†		1,707		4,029
APP Pharmaceuticals, Inc.	*		1,756		21,212
Applera Corporation—Celera Group	*		3,028		44,512
Arena Pharmaceuticals, Inc.	*†		1,439		9,843
Ariad Pharmaceuticals, Inc.	*		1,662		5,601
ArQule, Inc.	*†		864		3,698
Array BioPharma, Inc.	*		4,333		30,374
Atherogenics, Inc.	*		1,603		1,282
AVANIR Pharmaceuticals Class A	*		1,500		1,500
Avant Immunotherapeutics, Inc.	*		429		4,204
AVI BioPharma, Inc.	*		2,400		4,416
Barr Pharmaceuticals, Inc.	*		4,174		201,646
Bentley Pharmaceuticals, Inc.	*		711		11,554
Biogen Idec, Inc.	*		12,720		784,697
BioMarin Pharmaceuticals, Inc.	*†		2,400		84,888
BioScrip, Inc.	*		1,095		7,402
Bristol-Myers Squibb Company			79,233		1,687,663
Cambrex Corporation			1,258		8,718
Cardinal Health, Inc.			15,220		799,202
Celgene Corporation	*		15,262		935,408
Cell Genesys, Inc.	*†		1,642	$	3,859
Cell Therapeutics, Inc.	*†		347		229
Cephalon, Inc.	*†		2,347		151,147
Charles River Laboratories International, Inc.	*†		2,755		162,380
Collagenex Pharmaceuticals, Inc.	*		1,558		25,816
Columbia Laboratories, Inc.	*		1,819		3,874
Cubist Pharmaceuticals, Inc.	*†		1,762		32,456
CuraGen Corporation	*		1,768		1,414
CV Therapeutics, Inc.	*†		1,424		10,153
Cypress Bioscience, Inc.	*		1,560		11,170
Cytogen Corporation	*		755		430
CytRx Corporation	*†		4,200		4,830
DataTRAK International, Inc.	*		3,924		4,709
Dendreon Corporation	*†		1,879		9,057
Discovery Laboratories, Inc.	*†		2,566		6,030
Durect Corporation	*		1,900		9,975
Eli Lilly & Company			37,735		1,946,749
Emisphere Technologies, Inc.	*		772		1,289
Encysive Pharmaceuticals, Inc.	*†		2,128		5,001
Endo Pharmaceuticals Holdings, Inc.	*		2,935		70,264
EntreMed, Inc.	*		1,390		959
EpiCept Corporation	*		751		398
EPIX Pharmaceuticals, Inc.	*		640		915
Exact Sciences Corporation	*		1,250		3,638
Exelixis, Inc.	*		2,695		18,730
Forest Laboratories, Inc.	*		12,889		515,689
Genaera Corporation	*		797		1,347
Genelabs Technologies	*		721		642
Genentech, Inc.	*		18,069		1,466,841
Gen-Probe, Inc.	*		1,849		89,122
Genzyme Corporation	*		10,181		758,892
Geron Corporation	*†		1,370		6,686
Gilead Sciences, Inc.	*		34,820		1,794,275
GTC Biotherapeutics, Inc.	*		3,988		2,034
GTx, Inc.	*†		200		3,216
Halozyme Therapeutics, Inc.	*		6,362		40,462
Hemispherx Biopharma, Inc.	*		920		653
Henry Schein, Inc.	*†		3,652		209,625
Heska Corporation	*		4,462		7,095
Hi-Tech Pharmacal Company, Inc.	*		862		7,801
Hollis-Eden Pharmaceuticals	*		954		1,670
Hospira, Inc.	*		6,367		272,317
Human Genome Sciences, Inc.	*†		5,277		31,082
Idexx Laboratories, Inc.	*		3,136		154,479
ImClone Systems, Inc.	*		3,034		128,702
Immtech Pharmaceuticals, Inc.	*		681		558
Immucor, Inc.	*		1,828		39,010
ImmunoGen, Inc.	*		1,323		4,736
Incyte Corporation	*†		3,102		32,602
Indevus Pharmaceuticals, Inc.	*†		5,716		27,265
Inspire Pharmaceuticals, Inc.	*		1,369		5,271
InterMune, Inc.	*†		1,586		23,124
Inverness Medical Innovations, Inc.	*		880		26,488
Invitrogen Corporation	*		2,122		181,367
Isis Pharmaceuticals, Inc.	*†		2,216		31,268
Keryx Biopharmaceuticals, Inc.	*		5,221		3,133
King Pharmaceuticals, Inc.	*		10,009		87,078
Kosan Biosciences, Inc.	*		2,000		3,140
KV Pharmaceutical Company Class A	*		2,179		54,388
Lexicon Pharmaceuticals, Inc.	*		2,343		4,733
LifeCell Corporation	*		1,119		47,032
Ligand Pharmaceuticals, Inc. Class B	†		4,556		18,224

See accompanying notes to schedule of investments.

90

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Luminex Corporation	*†		1,070	$	21,026
MannKind Corporation	*†		4,492		26,817
Martek Biosciences Corporation	*†		1,148		35,094
Maxygen, Inc.	*		1,231		7,952
McKesson Corporation			11,391		596,547
Medarex, Inc.	*		3,092		27,364
Medco Health Solutions, Inc.	*		22,231		973,496
Medicines Company	*		2,018		40,764
Medicis Pharmaceutical Corporation Class A			2,422		47,689
Medifast, Inc.	*		734		3,105
Merck & Company, Inc.			86,025		3,264,649
Meridian Bioscience, Inc.			1,158		38,712
Millennium Pharmaceuticals, Inc.	*		12,456		192,570
Monogram Biosciences, Inc.	*		2,414		2,559
Mylan Laboratories	†		8,108		94,053
Myriad Genetics, Inc.	*†		1,210		48,751
Nabi Biopharmaceuticals	*		1,995		8,020
Nastech Pharmaceutical Company, Inc.	*†		1,500		3,525
NBTY, Inc.	*		2,664		79,787
Nektar Therapeutics	*†		2,368		16,434
NeoPharm, Inc.	*		964		540
Neose Technologies, Inc.	*		704		196
Neurobiological Technologies, Inc.	*		448		1,165
Neurocrine Biosciences, Inc.	*		1,479		7,987
Neurogen Corporation	*		1,872		3,482
Novavax, Inc.	*		1,550		4,123
Noven Pharmaceuticals, Inc.	*		1,350		12,123
NPS Pharmaceuticals, Inc.	*		1,660		6,474
Nu Skin Enterprises, Inc. Class A			3,018		54,384
Nuvelo, Inc.	*		1,150		817
Omnicare, Inc.	†		4,277		77,670
Onyx Pharmaceuticals, Inc.	*†		1,214		35,242
OraSure Technologies, Inc.	*		1,687		12,332
Ore Pharmaceuticals, Inc.	*		950		521
OSI Pharmaceuticals, Inc.	*†		2,729		102,037
Pain Therapeutics, Inc.	*†		1,318		11,137
Palatin Technologies, Inc.	*		2,104		572
Par Pharmaceutical Companies, Inc.	*		1,362		23,685
Parexel International Corporation	*		2,306		60,187
PDL BioPharma, Inc.	*		3,841		40,676
Penwest Pharmaceuticals Company	*†		930		2,418
Peregrine Pharmaceuticals, Inc.	*		9,115		4,284
Perrigo Company			2,922		110,247
Pfizer, Inc.			270,537		5,662,339
Pharmaceutical Product Development, Inc.			4,736		198,438
Pharmacopeia, Inc.	*		572		2,105
Pharmacyclics, Inc.	*		1,700		1,275
PharmaNet Development Group, Inc.	*		576		14,532
PharMerica Corporation	*†		1,365		22,618
Poniard Pharmaceuticals, Inc.	*		396		1,327
Pozen, Inc.	*†		1,014		10,505
Progenics Pharmeceuticals, Inc.	*†		793		5,178
Quest Diagnostics, Inc.			4,904		222,004
Ramtron International Corporation	*		1,920		7,872
Regeneron Pharmaceuticals, Inc.	*		2,632		50,508
Rentech, Inc.	*		7,800	$	6,942
RTI Biologics, Inc.	*		807		7,626
RXI Pharmaceuticals Corporation	*†		209		1,986
Salix Pharmaceuticals Ltd.	*		2,346		14,733
Savient Pharmaceuticals, Inc.	*†		1,389		27,780
Schering-Plough Corporation			59,192		852,957
Sciclone Pharmaceuticals, Inc.	*		1,700		3,213
Sciele Pharma, Inc.	*†		1,613		31,454
Sepracor, Inc.	*		4,575		89,304
Sequenom, Inc.	*		614		3,991
SIGA Technologies, Inc.	*		4,649		10,693
Sigma Aldrich Corporation			4,956		295,625
SuperGen, Inc.	*		1,338		3,358
Symyx Technologies, Inc.	*		1,374		10,305
Targeted Genetics Corporation	*		626		620
Telik, Inc.	*		1,748		4,265
Third Wave Technologies, Inc.	*		1,227		11,313
Titan Pharmaceuticals, Inc.	*		1,743		2,632
TorreyPines Therapeutics, Inc.	*		347		475
Trimeris, Inc.	*†		1,214		7,915
United Therapeutics Corporation	*†		914		79,244
USANA Health Sciences, Inc.	*†		593		13,064
Valeant Pharmaceuticals International	*		3,473		44,559
Vanda Pharmaceuticals, Inc.	*		2,507		9,702
Verenium Corporation	*†		1,790		6,301
Vermillion, Inc.	*		150		480
Vertex Pharmaceuticals, Inc.	*		3,255		77,762
Vion Pharmaceuticals, Inc.	*		450		671
Viropharma, Inc.	*†		4,061		36,305
Watson Pharmaceuticals, Inc.	*		4,480		131,354
Wyeth			52,091		2,175,320
XenoPort, Inc.	*		1,939		78,471
XOMA Ltd.	*		4,976		12,888
Zymogenetics, Inc.	*		2,343		22,961
					35,634,047
Public Administration—0.0%
Corrections Corporation of America	*		5,700		156,864
Geo Group, Inc. (The)	*		2,456		69,849
					226,713
Real Estate—2.2%
Acadia Realty Trust REIT			1,318		31,830
Agree Realty Corporation REIT			814		22,344
Alesco Financial, Inc. REIT	†		4,213		12,133
Alexander’s, Inc. REIT	*		78		27,651
Alexandria Real Estate Equities, Inc. REIT			1,245		115,436
AMB Property Corporation REIT			3,649		198,579
American Campus Communities, Inc. REIT			1,699		46,485
American Financial Realty Trust REIT			5,234		41,558
American Land Lease, Inc. REIT			1,828		37,620
American Mortgage Acceptance Corporation REIT			1,842		2,781
Annaly Capital Management, Inc.	†		17,861		273,631
Anthracite Capital, Inc. REIT	†		1,100		7,260
Anworth Mortgage Asset Corporation REIT	†		834		5,112
Apartment Investment & Management Company REIT Class A			4,081		146,141

See accompanying notes to schedule of investments.

91

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Ashford Hospitality Trust, Inc. REIT			4,200	$	23,856
AvalonBay Communities, Inc. REIT			3,116		300,756
BioMed Realty Trust, Inc. REIT			1,400		33,446
Boston Properties, Inc. REIT			4,700		432,729
Brandywine Realty Trust REIT			2,965		50,286
BRE Properties Class A			2,433		110,847
Brookfield Properties Company (Canada)			7,509		144,999
BRT Realty Trust REIT			355		4,974
California Coastal Communities, Inc.	*		267		1,292
Camden Property Trust REIT			2,058		103,312
Capital Alliance Income Trust Ltd. REIT	*		799		2,277
Capital Trust Class A			523		14,095
CapitalSource, Inc.	†		4,975		48,108
Capstead Mortgage Corporation REIT			2,400		27,360
CB Richard Ellis Group, Inc. Class A	*		6,900		149,316
CBL & Associates Properties, Inc. REIT			2,548		59,954
Cedar Shopping Centers, Inc. REIT			583		6,809
Colonial Properties Trust REIT			1,962		47,186
Corporate Office Properties Trust SBI MD REIT			1,904		63,993
Cousins Properties, Inc. REIT	†		2,338		57,772
Crystal River Capital, Inc. REIT	†		2,219		19,816
DCT Industrial Trust, Inc. REIT			6,576		65,497
Deerfield Capital Corp. REIT			3,120		4,399
Developers Diversified Realty Corporation REIT			4,733		198,218
DiamondRock Hospitality Company REIT			3,930		49,793
Digital Realty Trust, Inc. REIT	†		2,000		71,000
Douglas Emmett, Inc. REIT			4,212		92,917
Duke Realty Corporation REIT			5,609		127,941
Eastgroup Properties, Inc. REIT			1,538		71,455
Entertainment Properties Trust REIT			749		36,948
Equity Lifestyle Properties, Inc. REIT			1,140		56,282
Equity One, Inc. REIT	†		2,619		62,777
Equity Residential REIT			10,587		439,255
Essex Property Trust, Inc. REIT			807		91,982
Extra Space Storage, Inc. REIT	†		3,500		56,665
Federal Realty Investment Trust REIT	†		2,295		178,895
FelCor Lodging Trust, Inc. REIT			3,135		37,714
First Industrial Realty Trust, Inc. REIT			1,599		49,393
First Potomac Realty Trust REIT			1,628		25,022
Forest City Enterprises, Inc. Class A			2,608		95,974
Forestar Real Estate Group	*		1,502		37,415
Franklin Street Properties Corporation REIT	†		2,200		31,504
Friedman Billings Ramsey Group, Inc. Class A			6,080		10,336
FX Real Estate and Entertainment, Inc.	*		360		2,117
General Growth Properties, Inc. REIT	†		8,744		333,758
Getty Realty Corporation REIT			1,747		27,830
Glimcher Realty Trust REIT	†		1,584	$	18,945
Gramercy Capital Corp., New York REIT	†		1,549		32,421
Grubb and Ellis Company			652		4,479
HCP, Inc. REIT			7,664		259,120
Health Care REIT, Inc.	†		3,457		156,014
Healthcare Realty Trust, Inc. REIT			1,881		49,188
Highwoods Properties, Inc. REIT			2,393		74,351
Hilltop Holdings, Inc.	*		1,180		12,272
HMG Courtland Properties REIT	*		1,450		12,760
Home Properties, Inc. REIT	†		1,390		66,706
Hospitality Properties Trust REIT			2,923		99,440
Host Hotels & Resorts, Inc. REIT			20,345		323,892
HRPT Properties Trust REIT			9,142		61,526
IMPAC Mortgage Holdings, Inc. REIT	†		3,238		4,112
Inland Real Estate Corporation REIT	†		2,302		35,013
iStar Financial, Inc. REIT	†		4,331		60,764
Jones Lang Lasalle, Inc.			1,311		101,393
Kilroy Realty Corporation REIT			1,316		64,629
Kimco Realty Corporation REIT	†		9,013		353,039
Kite Realty Group Trust REIT			2,654		37,156
KKR Financial Holdings LLC			3,941		49,893
LaSalle Hotel Properties REIT			1,561		44,848
Lexington Corporate Properties Trust REIT	†		1,399		20,160
Liberty Property Trust REIT			3,172		98,681
Macerich Company (The) REIT			2,832		199,005
Mack-Cali Realty Corporation REIT			2,488		88,846
Maguire Properties, Inc. REIT	†		1,199		17,158
Medical Properties Trust, Inc. REIT	†		3,172		35,907
MFA Mortgage Investments, Inc. REIT			4,149		26,139
Mid-America Apartment Communities, Inc. REIT			1,240		61,802
Mission West Properties REIT			1,417		13,391
Monmouth Class A REIT			3,275		26,200
National Health Investors, Inc. REIT			979		30,594
National Retail Properties, Inc. REIT	†		2,356		51,950
Nationwide Health Properties, Inc. REIT	†		3,720		125,550
Newcastle Investment Corporation REIT	†		754		6,228
NorthStar Realty Finance Corporation REIT	†		4,200		34,314
Omega Healthcare Investors, Inc. REIT	†		4,100		71,176
Pacific Office Properties Trust, Inc. REIT			1,050		7,193
Parkway Properties, Inc. REIT			986		36,443
Pennsylvania REIT			1,510		36,829
Plum Creek Timber Company, Inc. REIT	†		6,729		273,870
PMC Commercial Trust REIT			865		6,098
Post Properties, Inc. REIT	†		2,078		80,252
Potlatch Corporation			1,618		66,775
Prologis REIT	†		10,010		589,189
PS Business Parks, Inc. REIT			599		31,088
Public Storage REIT			5,109		452,760
RAIT Financial Trust	†		991		6,878

See accompanying notes to schedule of investments.

92

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Ramco-Gershenson Properties REIT			1,275	$	26,915
Rayonier, Inc. REIT			3,336		144,916
Realty Income Corporation REIT	†		4,138		106,016
Redwood Trust, Inc. REIT	†		1,008		36,641
Regency Centers Corporation REIT			2,545		164,814
Saul Centers, Inc. REIT			987		49,587
Senior Housing Properties Trust REIT			3,680		87,216
Simon Property Group, Inc. REIT			8,577		796,889
SL Green Realty Corporation REIT	†		1,985		161,718
Sovran Self Storage, Inc. REIT			1,269		54,199
St. Joe Company (The)	†		3,582		153,775
Stewart Enterprises, Inc. Class A			4,115		26,418
Strategic Hotels & Resorts, Inc.			2,904		38,130
Sun Communities, Inc. REIT			1,061		21,751
Sunstone Hotel Investors, Inc. REIT			2,337		37,415
Tanger Factory Outlet Centers REIT			1,221		46,972
Taubman Centers, Inc. REIT			2,083		108,524
Thornburg Mortgage, Inc. REIT	†		4,059		4,303
UDR, Inc. REIT			4,883		119,731
United Capital Corporation	*		690		15,008
U-Store-It Trust REIT			3,600		40,788
Ventas, Inc. REIT			5,373		241,301
Vornado Realty Trust REIT			5,255		453,034
W.P. Carey & Company LLC			1,592		47,712
Washington REIT	†		1,834		61,292
Weingarten Realty Investors REIT			3,474		119,645
					12,507,978
Restaurants—0.8%
Bob Evans Farms, Inc.			1,465		40,419
Brinker International, Inc.			5,167		95,848
Burger King Holdings, Inc.			1,700		47,022
CEC Entertainment, Inc.	*		1,614		46,612
CKE Restaurants, Inc.			1,945		21,823
California Pizza Kitchen, Inc.	*		1,455		19,075
CBRL Group, Inc.			2,120		75,832
Cheesecake Factory (The)	*		3,444		75,045
Chipotle Mexican Grill, Inc. Class A	*†		900		102,087
Darden Restaurants, Inc.			5,104		166,135
IHOP Corporation	†		1,079		51,684
Jack in the Box, Inc.	*		2,874		77,224
Krispy Kreme Doughnuts, Inc.	*		2,573		7,848
Landry’s Restaurants, Inc.			1,253		20,399
McDonald’s Corporation			46,015		2,566,257
Morton’s Restaurant Group, Inc.	*		2,200		17,446
O’Charley’s, Inc.			1,091		12,568
Papa John’s International, Inc.	*		1,610		38,978
PF Chang’s China Bistro, Inc.	*†		1,089		30,971
Red Robin Gourmet Burgers, Inc.	*		692		25,998
Ruby Tuesday, Inc.			2,816		21,120
Sonic Corporation	*		3,730		82,209
Steak N Shake Company (The)	*		1,267		9,971
Texas Roadhouse, Inc. Class A	*		3,070		30,086
Triarc Companies Class B			2,886		19,942
Wendy’s International, Inc.			5,229		120,581
Yum! Brands, Inc.			20,395		758,898
					4,582,078
Retailers—3.8%
1-800-FLOWERS.COM, Inc.	*		793	$	6,748
99 Cents Only Stores	*†		3,207		31,717
AC Moore Arts & Crafts, Inc.	*		876		5,974
Advance Auto Parts, Inc.			4,485		152,714
Alloy, Inc.	*		462		3,396
Amazon.com, Inc.	*		12,445		887,329
AutoZone, Inc.	*		1,524		173,477
BJ’s Wholesale Club, Inc.	*		2,859		102,038
Barnes & Noble, Inc.			2,814		86,249
Bed Bath & Beyond, Inc.	*		10,125		298,688
Best Buy Company, Inc.			13,673		566,883
Big 5 Sporting Goods Corporation			1,071		9,393
Big Lots, Inc.	*†		4,853		108,222
Bluefly, Inc.	*		2,341		1,100
Borders Group, Inc.	†		3,342		19,618
CSK Auto Corporation	*		1,990		18,527
CVS Caremark Corporation			57,854		2,343,666
Casey’s General Stores, Inc.			1,608		36,341
Cash America International, Inc.			685		24,934
Central Garden & Pet Company	*		615		2,835
Central Garden & Pet Company Class A	*		1,230		5,461
Circuit City Stores, Inc.	†		6,139		24,433
CKX, Inc.	*		1,800		17,136
Coldwater Creek, Inc.	*†		1,528		7,716
Cost Plus, Inc./ California	*†		1,014		3,397
Costco Wholesale Corporation			17,704		1,150,229
Dick’s Sporting Goods, Inc.	*		2,480		66,414
Dillard’s, Inc. Class A	†		3,454		59,443
Dollar Tree, Inc.	*		4,830		133,260
Drugstore.Com, Inc.	*		3,800		8,436
eBay, Inc.	*		42,977		1,282,434
Expedia, Inc.	*		11,022		241,272
Family Dollar Stores, Inc.			6,556		127,842
Fastenal Company	†		5,638		258,953
Foot Locker, Inc.			5,840		68,737
Fred’s, Inc.			1,781		18,255
GameStop Corporation Class A	*†		4,410		228,041
GSI Commerce, Inc.	*		1,469		19,317
Haverty Furniture Companies, Inc.	†		1,111		11,821
Hibbett Sports, Inc.	*†		1,396		21,554
JC Penney Company, Inc.			7,928		298,965
Jo-Ann Stores, Inc.	*		1,266		18,648
Kenneth Cole Productions, Inc. Class A			956		16,195
Kirkland’s, Inc.	*		833		1,041
Knoll, Inc.			2,701		31,170
K-Swiss, Inc. Class A			1,476		23,350
Longs Drug Stores Corporation			1,757		74,602
Macy’s, Inc.			19,148		441,553
MarineMax, Inc.	*		800		9,968
Marvel Entertainment, Inc.	*		1,469		39,355
Men’s Wearhouse, Inc.			2,437		56,709
MSC Industrial Direct Company Class A			1,782		75,290
Nike, Inc. Class B			13,780		937,040
Nitches, Inc.	*		2,850		4,418
Office Depot, Inc.	*		11,792		130,302
OfficeMax, Inc.			3,587		68,655
O’Reilly Automotive, Inc.	*		4,772		136,097
Overstock.com, Inc.	*†		770		9,171
PC Connection, Inc.	*		854		6,764
PetSmart, Inc.			5,983		122,293
Pier 1 Imports, Inc.	*†		3,712		23,311
Priceline.com, Inc.	*		1,548		187,091

See accompanying notes to schedule of investments.

93

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
RadioShack Corporation	†		6,811	$	110,679
Restoration Hardware, Inc.	*		314		1,363
Retail Ventures, Inc.	*		1,372		6,654
Rite Aid Corporation	*†		25,982		76,387
Saks, Inc.	*†		5,811		72,463
Sears Holdings Corporation	*†		3,660		373,649
Sherwin-Williams Company (The)			3,738		190,788
Stamps.com, Inc.	*		1,050		10,773
Staples, Inc.			27,647		611,275
Stein Mart, Inc.	†		1,261		7,087
Systemax, Inc.	†		1,358		16,377
TJX Companies, Inc.			15,739		520,489
Talon International, Inc.	*		1,334		454
Target Corporation			29,267		1,483,252
Tiffany & Company			6,084		254,555
Tractor Supply Company	*		1,549		61,216
Trans World Entertainment Corporation	*		1,932		7,264
Tuesday Morning Corporation	*†		1,816		9,407
ValueVision Media, Inc. Class A	*		1,741		9,645
Walgreen Company			36,697		1,397,789
Wal-Mart Stores, Inc.			95,214		5,015,874
Williams-Sonoma, Inc.	†		3,877		93,978
Zale Corporation	*†		2,300		45,448
					21,722,854
Social Services—0.0%
Bright Horizons Family Solutions, Inc.	*		1,208		51,992
Res-Care, Inc.	*		1,222		20,957
					72,949
Telephone Systems—2.9%
Adtran, Inc.			3,197		59,145
Alaska Communications Systems Group, Inc.			2,850		34,884
AT&T, Inc.			238,798		9,145,963
Audiovox Corporation Class A	*		1,218		13,008
Brightpoint, Inc.	*		2,358		19,713
Centennial Communications Corporation	*		3,036		17,943
CenturyTel, Inc.			4,084		135,752
Cincinnati Bell, Inc.	*		9,266		39,473
Citizens Communications Company			12,478		130,894
Covad Communications Group, Inc.	*		13,040		12,649
D&E Communications, Inc.			1,712		15,237
Deltathree, Inc.	*		2,552		332
Embarq Corporation			5,950		238,595
Equinix, Inc.	*†		622		41,357
Fairpoint Communications, Inc.	†		2,670		24,083
General Communication Class A	*		2,516		15,448
Global Payments, Inc.			3,238		133,924
Harris Stratex Networks, Inc.	*		670		6,720
Hickory Tech Corporation			651		5,319
IDT Corporation Class B	*		4,800		18,576
Iowa Telecommunications Services, Inc.	†		2,702		47,906
iPCS, Inc.			700		16,345
j2 Global Communications, Inc.	*		1,614		36,024
Kratos Defense & Security Solutions, Inc.	*		2,398		4,364
LCC International, Inc. Class A	*		1,000		1,570
Leap Wireless International, Inc.	*†		2,100	$	97,860
Level 3 Communications, Inc.	*†		41,949		88,932
Mastec, Inc.	*		2,049		16,822
NeuStar, Inc. Class A	*†		3,140		83,147
NII Holdings, Inc. Class B	*		5,995		190,521
Novatel Wireless, Inc.	*		1,358		13,145
NTELOS Holdings Corporation			2,700		65,340
PAETEC Holding Corporation	*		5,459		36,357
Qwest Communications International, Inc.	†		62,767		284,335
RCN Corporation	*†		2,597		29,034
Rural Cellular Corporation Class A	*		1,265		55,951
SAVVIS, Inc.	*		408		6,638
Sprint Nextel Corporation			115,766		774,475
SureWest Communications			184		2,845
Telecommunication Systems, Inc.	*		1,200		3,780
Telephone & Data Systems, Inc.			3,518		138,152
Time Warner Telecom, Inc. Class A	*		1,928		29,865
US Cellular Corporation	*		680		37,400
Verizon Communications, Inc.			114,552		4,175,420
Virgin Media, Inc.			10,479		147,440
Windstream Corporation			15,208		181,736
					16,674,419
Textiles, Clothing & Fabrics—0.4%
Albany International Corporation Class A			1,437		51,933
Brown Shoe Company, Inc.			1,791		26,990
Coach, Inc.	*		15,372		463,466
Columbia Sportswear Company	†		652		28,708
CROCS, Inc.	*†		3,600		62,892
Culp, Inc.	*		888		6,678
Genesco, Inc.	*		921		21,284
Guess ?, Inc.			3,548		143,588
Gymboree Corporation	*		1,400		55,832
Hanesbrands, Inc.	*		4,099		119,691
Iconix Brand Group, Inc.	*†		2,737		47,487
Interface, Inc. Class A			3,357		47,166
Jones Apparel Group, Inc.			4,641		62,282
Liz Claiborne, Inc.	†		4,930		89,480
Mohawk Industries, Inc.	*†		2,460		176,161
Mothers Work, Inc.	*		600		10,026
Oxford Industries, Inc.			936		21,088
Phillips-Van Heusen Corporation			1,267		48,045
Polo Ralph Lauren Corporation			2,143		124,915
Quiksilver, Inc.	*		4,288		42,065
Skechers U.S.A., Inc. Class A	*		1,935		39,106
Sport-Haley, Inc.	*		1,042		2,292
Steven Madden Ltd.	*		751		12,865
Tarrant Apparel Group	*		1,106		772
Timberland Company Class A	*		2,970		40,778
VF Corporation			3,785		293,375
Warnaco Group, Inc. (The)	*		1,569		61,881
Wolverine World Wide, Inc.			2,589		75,107
					2,175,953
Transportation—1.9%
Alexander & Baldwin, Inc.			1,466		63,155
American Commercial Lines, Inc.	*†		2,000		31,600
Arctic Cat, Inc.	†		1,857		13,538
Arkansas Best Corporation	†		903		28,770
Brunswick Corporation			3,797		60,638
Burlington Northern Santa Fe Corporation			11,320		1,043,930
CSX Corporation			17,161		962,217

See accompanying notes to schedule of investments.

94

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Carnival Corporation			17,238	$	697,794
CH Robinson Worldwide, Inc.			7,150		388,960
Con-Way, Inc.			2,160		106,877
Expeditors International of Washington, Inc.			8,772		396,319
FedEx Corporation	†		10,148		940,415
Fleetwood Enterprises, Inc.	*		1,750		8,050
Forward Air Corporation			1,431		50,715
Freightcar America, Inc.			900		30,870
GATX Corporation			1,766		68,998
General Maritime Corporation			1,897		44,788
Genesee & Wyoming, Inc. Class A	*		1,576		54,214
Gulfmark Offshore, Inc.	*		1,000		54,720
Heartland Express, Inc.			4,220		60,177
Horizon Lines, Inc. Class A			2,035		37,871
Hornbeck Offshore Services, Inc.	*†		1,800		82,206
HUB Group, Inc. Class A	*		2,400		78,936
JB Hunt Transport Services, Inc.			3,964		124,589
Kansas City Southern	*†		2,513		100,796
Kirby Corporation	*		2,358		134,406
Landstar System, Inc.			2,256		117,673
Mobile Mini, Inc.	*†		2,000		38,000
Norfolk Southern Corporation			15,681		851,792
Old Dominion Freight Line, Inc.	*		1,783		56,753
Overseas Shipholding Group			1,587		111,153
P.A.M. Transportation Services, Inc.	*		338		5,259
Pacer International, Inc.			1,664		27,340
Polaris Industries, Inc.	†		1,858		76,197
Royal Caribbean Cruises Ltd.	†		4,300		141,470
Saia, Inc.	*		1,662		26,359
Teekay Corporation (Bahama Islands)	†		1,691		71,817
Thor Industries, Inc.	†		1,221		36,349
Trinity Industries, Inc.			3,051		81,309
UTI Worldwide, Inc. (Luxembourg)			2,208		44,337
Union Pacific Corporation			9,809		1,229,852
United Parcel Service, Inc. Class B			25,582		1,867,998
Wabtec Corporation			1,737		65,415
Werner Enterprises, Inc.	†		2,915		54,102
YRC Worldwide, Inc.	*†		2,278		29,887
					10,598,611
Water Companies—0.0%
American States Water Company			500		18,000
Aqua America, Inc.			4,329		81,299
California Water Service Group	†		965		36,815
Connecticut Water Service, Inc.			500		11,835
Pico Holdings, Inc.	*		1,150		34,765
SJW Corporation			1,010		28,876
					211,590
TOTAL COMMON STOCKS
(Cost $389,465,310)					563,105,327

 

Coupon Rate	Maturity         Date	Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.850%	06/19/2008	$	650,000	$	648,788

 

		Shares		Value
RIGHTS—0.0%
Financial Services—0.0%
Centerline Holding, Corp. Rights, Expires 04/04/2008	‡d		1,905		—
Real Estate—0.0%
FX Real Estate and Entertainment, Inc. Rights, Expires 04/18/2008	‡d		180		—
Textiles, Clothing & Fabrics—0.0%
Mossimo, Inc. Rights, Expires TBD	‡d		2,806		—
TOTAL RIGHTS
(Cost $—)					—
WARRANTS—0.0%
Financial Services—0.0%
Equitex, Inc. Warrants, Expires 02/07/2010	‡d		264		—
Equitex, Inc. Warrants, Expires 02/07/2010	‡d		264		—
Pegasus Wireless Corporation Warrants, Expires 08/11/2008	‡d		540		—
(Cost $—)					—

 

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—7.5%
Institutional Money Market Funds—0.2%
Reserve Primary Money Market Fund		††
3.475%	04/01/2008		$	1,304,247		1,304,247
Bank & Certificate Deposits/ Offshore Time Deposits—7.3%
ABN Amro Bank NV		††
3.000%	04/10/2008			1,138,759		1,138,759
Barclays		††
4.600%	04/04/2008			455,503		455,503
BNP Paribas		††
3.820%	04/16/2008			1,366,510		1,366,510
BNP Paribas		††
3.000%	04/01/2008			5,693,793		5,693,793
Branch Banking & Trust		††
2.000%	04/01/2008			2,277,517		2,277,517

 

See accompanying notes to schedule of investments.

95

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Broad
Market Index Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Calyon		††
3.020%	04/04/2008		$	911,007	$	911,007
Calyon		††
3.000%	04/01/2008			5,297,950		5,297,950
Fortis Bank		††
2.750%	04/08/2008			3,188,524		3,188,524
Rabobank Nederland		††
3.010%	04/07/2008			1,138,759		1,138,759
Royal Bank of Canada		††
2.750%	04/01/2008			5,693,793		5,693,793
Royal Bank of Scotland		††
3.000%	04/01/2008			5,921,544		5,921,544
Societe Generale		††
3.120%	04/03/2008			683,255		683,255
Societe Generale		††
2.850%	04/10/2008			2,277,517		2,277,517
Svenska Handelsbanken		††
3.000%	04/01/2008			5,027,018		5,027,018
UBS AG		††
3.025%	04/04/2008			683,255		683,255
						41,754,704
TOTAL CASH EQUIVALENTS
(Cost $43,058,951)						43,058,951
REPURCHASE AGREEMENTS—1.4%
State Street Bank and Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $8,269,594 and an effective yield of 1.65%, collateralized by U.S. Government Agency Obligations, with rates ranging from 4.187%–4.290%, maturity date of 05/01/2033, and an aggregate market value of $8,434,985.				8,269,215		8,269,215
TOTAL INVESTMENTS—107.3%
(Cost $441,442,264)						615,082,281
Other assets less liabilities—(7.3%)						(42,061,408	)
NET ASSETS—100.0%					$	573,020,873

 

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 reinvestment of collateral received in conjunction with securities lending.

d Security has no market value at 03/31/2008.

See accompanying notes to schedule of investments.

96

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—97.0%
Advertising—0.2%
Clear Channel Outdoor Holdings, Inc. Class A	*†		2,470	$	46,955
Getty Images, Inc.	*		3,670		117,440
Jupitermedia Corporation	*		4,020		8,402
Lamar Advertising Company	*†		4,390		157,733
Marchex, Inc. Class B			2,710		27,046
Valueclick, Inc.	*		6,880		118,680
					476,256
Aerospace & Defense—0.4%
AAR Corporation	*†		2,730		74,447
Alliant Techsystems, Inc.	*†		2,047		211,926
Fairchild Corporation (The) Class A	*		3,266		7,446
Gencorp, Inc.	*†		4,016		41,325
Heico Corporation Class A			1,598		62,690
Kaman Corporation Class A			1,920		54,317
Kreisler Manufacturing Corporation	*		1,250		14,625
Orbital Sciences Corporation	*		3,534		85,169
Spirit Aerosystems Holdings, Inc. Class A	*		6,805		150,935
TransDigm Group, Inc.	*		1,604		59,428
Triumph Group, Inc.			1,050		59,776
					822,084
Agriculture, Forestry & Fishing—0.2%
Andersons, Inc.	†		1,222		54,513
Griffin Land & Nurseries, Inc.			650		22,418
Margo Caribe, Inc. (Puerto Rico)	*		1,022		1,022
Pilgrim’s Pride Corporation	†		2,376		48,066
Seaboard Corporation	†		23		35,995
Terra Industries, Inc.	*		5,833		207,246
					369,260
Airlines—0.6%
AMR Corporation	*†		15,114		136,328
ABX Holdings, Inc.	*		5,626		16,540
Air T, Inc.			563		5,416
Airnet Systems, Inc.	*		2,610		6,890
Airtran Holdings, Inc.	*†		7,448		49,157
Alaska Air Group, Inc.	*		2,394		46,970
Atlas Air Worldwide Holdings, Inc.	*		1,188		65,340
Bristow Group, Inc.	*		1,533		82,276
Continental Airlines, Inc. Class B	*		6,444		123,918
Delta Air Lines, Inc.	*		15,778		135,691
ExpressJet Holdings, Inc.	*		3,876		10,194
Frontier Airlines Holdings, Inc.	*		4,204		10,636
JetBlue Airways Corporation	*†		9,694		56,225
Mesa Air Group, Inc.	*		2,928		6,881
Northwest Airlines Corporation	*		15,402		138,464
PHI, Inc.	*		774		24,412
Pinnacle Airlines Corporation	*†		930		8,119
Republic Airways Holding, Inc.	*		2,460		53,284
Skywest, Inc.			3,850		81,312
UAL Corporation			7,561		162,788
US Airways Group, Inc.	*†		5,756		51,286
					1,272,127
Apparel Retailers—0.9%
Aeropostale, Inc.	*		5,417		146,855
American Eagle Outfitters, Inc.			11,536		201,995
AnnTaylor Stores Corporation	*		3,874		93,673
Bebe Stores, Inc.			2,040	$	21,930
Big Dog Holdings, Inc.	*†		1,621		9,969
Buckle, Inc. (The)			1,042		46,609
Cache, Inc.	*		2,130		24,048
Carter’s, Inc.	*		2,956		47,739
Casual Male Retail Group, Inc.	*†		2,471		10,378
Cato Corporation Class A			1,762		26,324
Charlotte Russe Holding, Inc.	*		1,100		19,074
Charming Shoppes, Inc.	*†		10,301		49,754
Chico’s FAS, Inc.	*		11,979		85,171
Children’s Place	*†		2,219		54,499
Christopher & Banks Corporation			2,379		23,766
Collective Brands, Inc.	*†		4,848		58,758
dELiA*s, Inc.	*		2,555		6,822
Dress Barn, Inc.	*		2,592		33,540
DSW, Inc. Class A	*		1,395		18,065
Eddie Bauer Holdings, Inc.	*		2,438		9,484
Finish Line Class A			3,184		15,156
Hot Topic, Inc.	*		2,815		12,133
J Crew Group, Inc.	*†		2,936		129,683
JOS A. Bank Clothiers, Inc.	*†		1,078		22,099
Pacific Sunwear of California, Inc.	*		5,046		63,630
Ross Stores, Inc.			8,596		257,536
Stage Stores, Inc.			2,327		37,697
Talbots, Inc.	†		1,205		12,990
Tween Brands, Inc.	*		1,441		35,650
Under Armour, Inc. Class A	*†		1,800		65,880
Urban Outfitters, Inc.	*†		7,217		226,253
Wet Seal, Inc. (The) Class A	*		16,190		54,884
Wilsons The Leather Experts, Inc.	*		2,979		626
					1,922,670
Automotive—1.4%
A.O. Smith Corporation			1,478		48,582
Aftermarket Technology Corporation	*		1,503		29,218
American Axle & Manufacturing Holdings, Inc.			2,814		57,687
America’s Car Mart, Inc.	*		1,569		19,754
Amerigon, Inc.	*		2,108		31,198
ArvinMeritor, Inc.	†		5,690		71,182
Asbury Automotive Group, Inc.			2,072		28,511
BorgWarner, Inc.			7,598		326,942
Carmax, Inc.	*†		14,256		276,852
Clarcor, Inc.			3,469		123,323
Coachmen Industries, Inc.			2,275		6,779
Copart, Inc.	*†		4,147		160,738
Dana Holding Corporation	*		5,121		51,210
Exide Technologies, Inc.	*		4,861		63,679
Federal Signal Corporation	†		3,130		43,695
Force Protection, Inc.	*		3,780		7,598
Group 1 Automotive, Inc.			1,591		37,357
Harsco Corporation			5,522		305,808
Lear Corporation	*		4,509		116,828
Lithia Motors, Inc. Class A			2,689		27,320
LKQ Corporation	*		8,036		180,569
Monaco Coach Corporation			3,676		34,848
Noble International Ltd.			1,109		6,931
Oshkosh Truck Corporation	†		4,859		176,285
Penske Auto Group, Inc.	†		3,166		61,610
PEP Boys-Manny Moe & Jack	†		3,451		34,372
Proliance International, Inc.	*		2,240		4,077
Rush Enterprises, Inc. Class A	*		3,059		48,455
Sonic Automotive, Inc.			1,869		38,408
Spartan Motors, Inc.	†		1,650		13,959
Standard Motor Products, Inc.			2,540		15,545
Strattec Security Corporation			124		5,249

See accompanying notes to schedule of investments.

97

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Superior Industries International, Inc.	†		2,013	$	41,770
Tenneco Automotive, Inc.	*		3,267		91,280
Titan International, Inc.			1,768		54,118
TRW Automotive Holdings Corporation	*		3,028		70,764
Visteon Corporation	*		8,265		31,076
Wabash National Corporation			2,596		23,338
Winnebago Industries, Inc.			1,714		28,967
					2,795,882
Banking—5.1%
1st Source Corporation			1,180		24,839
Advance America Cash Advance Centers, Inc.			6,040		45,602
Advanta Corporation Class A			2,170		12,977
Alliance Bankshares Corporation	*		745		3,896
Amcore Financial, Inc.			2,013		40,965
AmericanWest Bancorp			1,951		17,013
AmeriCredit Corporation	*†		8,206		82,634
Ameris Bancorp	†		1,414		22,709
Anchor Bancorp Wisconsin, Inc.			1,412		26,786
Arrow Financial Corporation			490		11,020
Associated Banc Corporation			7,454		198,500
Asta Funding, Inc.			650		9,054
Astoria Financial Corporation			5,705		154,948
BancFirst Corporation			642		29,391
BancorpSouth, Inc.			4,749		109,987
BancTrust Financial Group, Inc.	†		1,600		17,200
Bank Mutual Corporation			5,557		59,682
Bank of Hawaii Corporation			3,094		153,339
Bank of the Ozarks, Inc.	†		1,070		25,573
BankAtlantic Bancorp, Inc. Class A			3,411		13,337
Bankunited Financial Corporation Class A	†		2,413		12,089
Banner Corporation			990		22,810
Beneficial Mutual Bancorp, Inc.	*		3,251		32,152
BOK Financial Corporation			1,447		75,577
Boston Private Financial Holdings, Inc.			2,447		25,914
Brookline Bancorp, Inc.			6,167		70,797
Bryn Mawr Bank Corporation			1,548		33,189
Camden National Corporation			740		25,042
Capital Bank Corporation			1,283		13,151
Capital City Bank Group, Inc.	†		1,576		45,704
Capitol Bancorp Ltd.			1,172		24,776
Capitol Federal Financial			1,516		56,820
Cardinal Financial Corporation			2,163		19,186
Cascade Bancorp	†		2,003		19,149
Cascade Financial Corporation			1,063		12,969
Cathay General Bancorp	†		2,844		58,956
Centennial Bank Holdings, Inc.	*		4,150		26,062
Center Financial Corporation			1,451		13,146
Central Pacific Financial Corporation	†		2,937		55,362
CFS Bancorp, Inc.			1,873		26,915
Charter Financial Corporation			350		11,165
Chemical Financial Corporation			1,637		39,026
Citizens Republic Bancorp, Inc.	†		5,922		73,610
City Bank, Lynnwood, WA			1,647		36,679
City Holding Company			1,410		56,259
City National Corporation			2,489		123,106
CoBiz Financial, Inc.			1,800		23,436
Colonial BancGroup, Inc. (The)	†		9,757		93,960
Columbia Banking System, Inc.			1,330		29,765
Commerce Bancshares, Inc.			4,612		193,842
Community Bancorp	*†		1,010	$	13,696
Community Bank System, Inc.			3,080		75,645
Community Trust Bancorp, Inc.			1,028		30,120
CompuCredit Corporation	*†		2,840		25,191
Corus Bankshares, Inc.	†		4,380		42,617
Cullen/Frost Bankers, Inc.			3,651		193,649
CVB Financial Corporation			6,148		64,001
Dime Community Bancshares			3,549		62,037
Dollar Financial Corporation	*		1,615		37,145
Downey Financial Corporation	†		1,289		23,692
Eastern Virginia Bankshares, Inc.			701		12,401
East-West Bancorp, Inc.	†		3,540		62,835
Euronet Worldwide, Inc.	*†		2,924		56,316
Federal Agricultural Mortgage Corporation Class C			806		21,037
Fidelity Southern Corporation			1,382		11,623
Financial Federal Corporation	†		1,515		33,042
Financial Institutions, Inc.			750		14,212
First Bancorp North Carolina	†		1,473		29,357
First Bancorp Puerto Rico			7,322		74,392
First Busey Corporation-Class A	†		2,491		52,610
First Charter Corporation			2,913		77,806
First Citizens BancShares, Inc. Class A			389		54,207
First Commonwealth Financial Corporation	†		4,595		53,256
First Community Bancorp	†		1,714		46,021
First Financial Bancorp			3,075		41,359
First Financial Bankshares, Inc.	†		1,566		64,175
First Financial Holdings, Inc.			990		23,225
First Financial Northwest	*		2,164		20,342
First Financial Service Corporation			988		23,564
First Marblehead Corporation (The)	†		4,118		30,720
First Merchants Corporation			1,625		46,377
First Midwest Bancorp, Inc.	†		3,492		96,973
First Niagara Financial Group, Inc.			8,276		112,471
First of Long Island Corporation (The)			986		18,862
First Place Financial /Ohio			1,727		22,451
First State Bancorporation			2,566		34,359
FirstFed Financial Corporation	*†		1,033		28,046
FirstMerit Corporation			5,161		106,626
Flagstar Bancorp, Inc.			2,770		19,999
Flushing Financial Corporation			1,450		25,491
FNB Corporation	†		4,487		70,042
Franklin Bank Corporation	*†		1,930		5,848
Fremont General Corporation	*†		15,477		7,429
Frontier Financial Corporation	†		2,974		52,580
Fulton Financial Corporation			11,491		141,224
Glacier Bancorp, Inc.	†		3,454		66,213
Great Southern Bancorp, Inc.	†		470		7,337
Hallwood Group, Inc.	*		100		5,906
Hancock Holding Company	†		1,772		74,459
Hanmi Financial Corporation			5,069		37,460
Harleysville National Corporation			2,124		30,628
Harrington West Financial Group, Inc.			1,172		9,575
Heritage Commerce Corporation			1,180		21,629
Heritage Financial Corporation			972		16,913
Horizon Financial Corporation	†		1,660		22,925
Horizon Financial Services Corporation	*		450		562
Iberiabank Corporation	†		1,251		55,357
Imperial Capital Bancorp, Inc.			680		14,702
Independent Bank Corporation (Massachusetts)			1,484		43,852

See accompanying notes to schedule of investments.

98

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Independent Bank Corporation (Michigan)			1,384	$	14,366
IndyMac Bancorp, Inc.			6,281		31,154
Integra Bank Corporation	†		1,659		26,876
International Bancshares Corporation			3,273		73,904
Irwin Financial Corporation			5,031		26,715
Kearny Financial Corporation			3,008		32,938
Lakeland Financial Corporation	†		1,455		32,956
Macatawa Bank Corporation	†		1,599		16,646
MainSource Financial Group, Inc.			1,732		26,846
MB Financial, Inc.			2,091		64,361
Medallion Financial Corporation			2,518		22,763
Merchants Bancshares, Inc.			572		13,087
Midsouth Bancorp, Inc.			526		9,876
Midwest Banc Holdings, Inc.			1,420		18,148
MidWestOne Financial Group, Inc.	*		1,494		25,278
Mitcham Industries, Inc.	*		1,100		19,602
Nara Bancorp, Inc.			2,060		26,759
NASB Financial, Inc.	†		529		13,860
National Penn Bancshares, Inc.	†		5,282		96,080
NBT Bancorp, Inc.			2,320		51,504
Nelnet, Inc. Class A			1,351		15,874
New York Community Bancorp, Inc.			20,712		377,373
NewAlliance Bancshares, Inc.	†		7,265		89,069
Northern States Financial Corporation			773		15,383
Northwest Bancorp, Inc.	†		1,598		43,673
Ocwen Financial Corporation	*†		3,062		13,595
Old National Bancorp	†		3,980		71,640
Old Second Bancorp, Inc.			940		24,966
Omega Financial Corp.			1,100		34,320
Oriental Financial Group (Puerto Rico)			2,140		42,179
Pacific Capital Bancorp	†		3,675		79,012
Pacific Premier Bancorp, Inc.	*		977		6,839
Park National Corporation	†		884		62,631
Parkvale Financial Corporation			1,077		28,907
Peapack Gladstone Financial Corporation			390		10,546
Peoples Bancorp, Inc.			1,235		29,776
Peoples Financial Corporation			884		18,918
Peoples United Financial, Inc.			10,532		182,309
PFF Bancorp, Inc.	†		1,563		13,004
Popular, Inc. (Puerto Rico)	†		15,939		185,849
Preferred Bank Los Angeles			818		13,652
PrivateBancorp, Inc.	†		1,279		40,250
Prosperity Bancshares, Inc.	†		3,020		86,553
Provident Bankshares Corporation	†		2,900		31,146
Provident Financial Services, Inc.			5,182		73,273
Provident New York Bancorp			3,488		47,088
Renasant Corporation			2,255		50,737
Republic Bancorp, Inc. Class A			1,024		19,333
Riverview Bancorp, Inc.			2,602		26,020
Royal Bancshares of Pennsylvania Class A			882		12,763
Royal Bank of Canada (Canada)			1		46
S&T Bancorp, Inc.			2,206		70,967
S.Y. Bancorp, Inc.	†		1,060		24,634
Sandy Spring Bancorp, Inc.			1,234		33,960
Santander Bancorp (Puerto Rico)			511		5,166
Security Bank Corporation	†		2,778		22,085
Shore Bancshares, Inc.			828		17,769
Sierra Bancorp	†		844		18,239
Signature Bank of New York	*		1,729		44,089
Simmons First National Corporation Class A			911		27,084
South Financial Group, Inc. (The)	†		4,884	$	72,576
SouthFirst Bancshares, Inc.			400		3,600
Southwest Bancorp, Inc.			1,320		23,113
State Bancorp, Inc.			988		11,658
Sterling Bancorp, NY			1,691		26,261
Sterling Bancshares, Inc.			5,677		56,429
Sterling Financial Corporation (Pennsylvania)	*		2,947		51,425
Sterling Financial Corporation (Washington)			4,010		62,596
Student Loan Corporation			247		24,428
Suffolk Bancorp	†		1,100		34,848
Susquehanna Bancshares, Inc.	†		6,360		129,553
SVB Financial Group	*†		2,178		95,048
Synovus Financial Corporation	†		17,720		195,983
TCF Financial Corporation			7,556		135,404
Texas Capital Bancshares, Inc.	*		1,870		31,566
TierOne Corporation			1,971		22,233
Tompkins Financial Corporation			665		32,718
Trustco Bank Corporation	†		7,080		62,941
Trustmark Corporation	†		3,786		84,352
UCBH Holdings, Inc.	†		6,596		51,185
UMB Financial Corporation			1,918		79,022
Umpqua Holdings Corporation	†		4,413		68,446
Union Bankshares Corporation	†		1,185		22,953
UnionBanCal Corporation			3,352		164,516
United Bankshares, Inc.			2,607		69,477
United Community Banks, Inc.	†		3,879		65,865
United Western Bancorp, Inc.			974		17,435
Valley National Bancorp	†		7,667		147,283
W Holding Company, Inc. (Puerto Rico)	†		18,602		22,136
Washington Federal, Inc.			5,612		128,178
Washington Trust Bancorp, Inc.			960		23,827
Webster Financial Corporation			3,649		101,698
Wesbanco, Inc.			1,500		37,065
West Coast Bancorp			1,290		18,821
Westamerica Bancorporation	†		1,805		94,943
Western Alliance Bancorp	*†		1,796		23,097
Westfield Financial, Inc.			4,068		39,744
Whitney Holding Corporation			4,154		102,978
Willow Financial Bancorp, Inc.			1,237		9,141
Wilmington Trust Corporation			4,791		149,000
Wilshire Bancorp, Inc.			2,608		19,925
Wintrust Financial Corporation			1,718		60,044
World Acceptance Corporation	*†		1,219		38,825
WSFS Financial Corporation			610		30,061
					10,373,488
Beverages, Food & Tobacco—2.0%
Alliance One International, Inc.	*		6,420		38,777
Boston Beer Co., Inc. Class A	*		1,180		56,097
Bridgford Foods Corporation	*		560		3,156
Bunge Ltd.	†		7,660		665,501
Calavo Growers, Inc.			1,225		21,290
Central European Distribution Corporation	*†		2,129		123,887
Chiquita Brands International, Inc.	*†		3,049		70,462
Coca-Cola Bottling Company Consolidated			437		26,928
Corn Products International, Inc.			4,935		183,286
Darling International, Inc.	*		4,873		63,105
Del Monte Foods Company			13,700		130,561
Diamond Foods, Inc.			1,375		24,942
Farmer Brothers Company			930		21,520
Flowers Foods, Inc.			5,145		127,339

See accompanying notes to schedule of investments.

99

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Fresh Del Monte Produce, Inc. (Cayman Islands)	*		2,755	$	100,282
Green Mountain Coffee Roasters, Inc.	*		1,500		47,475
Hain Celestial Group, Inc.	*		2,166		63,897
Hansen Natural Corporation	*†		4,740		167,322
Hormel Foods Corporation			4,471		186,262
Inventure Group, Inc. (The)	*		683		1,188
JM Smucker Company (The)			3,896		197,177
John B. Sanfilippo & SON	*		370		3,297
Jones Soda Co.	*†		1,928		6,729
Lancaster Colony Corporation			1,510		60,340
Lance, Inc.			2,511		49,216
Loews Corporation - Carolina Group			6,989		507,052
M&F Worldwide Corporation	*		781		29,202
Matrixx Initiatives, Inc.	*		1,810		26,498
Nash Finch Company	†		1,190		40,436
Peet’s Coffee & Tea, Inc.	*		1,297		30,492
PepsiAmericas, Inc.			4,452		113,660
Performance Food Group Company	*		1,907		62,321
Ralcorp Holdings, Inc.	*		1,618		94,087
Reliv International, Inc.	†		1,110		7,381
Sanderson Farms, Inc.	†		999		37,972
Smithfield Foods, Inc.	*		8,467		218,110
Spartan Stores, Inc.			1,780		37,113
Tootsie Roll Industries, Inc.			1,765		44,489
TreeHouse Foods, Inc.	*		2,074		47,412
United Natural Foods, Inc.	*		2,888		54,034
Universal Corporation			1,971		129,160
Vector Group Ltd.			2,389		42,023
					3,961,478
Building Materials—0.7%
Amcol International Corporation			1,767		55,183
Anixter International, Inc.	*†		2,122		135,893
Beacon Roofing Supply, Inc.	*†		2,640		26,400
Building Material Holding Corporation	†		4,826		21,138
Cabot Microelectronics Corporation	*†		1,450		46,617
Carbo Ceramics, Inc.			1,203		48,240
Carlisle Companies, Inc.			4,292		143,524
Drew Industries, Inc.	*†		1,570		38,402
Eagle Materials, Inc.	†		2,690		95,629
Interline Brands, Inc.	*		2,320		43,036
Jewett-Cameron Trading Ltd. (Canada)	*		1,575		11,671
Martin Marietta Materials, Inc.	†		2,589		274,874
Numerex Corporation Class A	*		1,800		12,600
Owens Corning, Inc.	*†		5,373		97,412
Rock of Ages Corporation	*		1,387		5,493
US Concrete, Inc.	*		4,770		18,126
US Home Systems, Inc.	*		1,292		4,690
USG Corporation	*†		4,868		179,240
Wesco International, Inc.	*		2,870		104,726
					1,362,894
Chemicals—2.7%
A. Schulman, Inc.			1,444		29,645
Aceto Corporation			1,070		7,426
AEP Industries, Inc.	*		1,109		33,592
Airgas, Inc.			4,691		213,300
Albemarle Corporation			5,244		191,511
Arch Chemicals, Inc.			1,785		66,509
Balchem Corporation Class B			1,080	$	24,754
Cabot Corporation			4,167		116,676
Calgon Carbon Corporation	*†		2,038		30,672
Celanese Corporation Class A			9,736		380,191
CF Industries Holdings, Inc.			3,230		334,693
Chemtura Corporation			16,450		120,743
Church & Dwight, Inc.	†		4,402		238,764
Compass Minerals International, Inc.			2,020		119,140
Cooper Tire & Rubber Company			3,864		57,844
Cytec Industries, Inc.			2,819		151,803
FMC Corporation			4,540		251,925
Georgia Gulf Corporation	†		1,719		11,913
HB Fuller Company			4,230		86,334
Huntsman Corporation			6,225		146,599
ICO, Inc.	*		2,739		19,009
Landec Corporation	*		3,037		25,602
LSB Industries, Inc.	*		1,412		20,813
Lubrizol Corporation			4,564		253,348
Minerals Technologies, Inc.	†		1,385		86,978
Mosaic Company (The)	*†		9,465		971,109
Myers Industries, Inc.			1,717		22,544
Nalco Holding Co.			9,557		202,131
NewMarket Corporation			767		57,870
NL Industries, Inc.			412		4,499
NuCo2, Inc.	*		761		21,133
Olin Corporation			4,587		90,639
OM Group, Inc.	*		1,896		103,408
Omnova Solutions, Inc.	*		3,769		15,038
Pacific Ethanol, Inc.	*†		3,486		15,338
Penford Corporation			786		17,080
Pharmos Corporation	*		1,375		674
PolyOne Corporation	*		7,843		49,960
Rockwood Holdings, Inc.	*		1,477		48,401
Scotts Miracle-Gro Company (The) Class A			2,994		97,065
Sensient Technologies Corporation			2,948		86,937
Spartech Corporation			2,131		18,007
SurModics, Inc.	*†		1,185		49,628
Terra Nitrogen Co., LP			319		35,584
Trex Company, Inc.	*†		3,584		28,242
Tronox, Inc. Class A			3,753		14,974
Tupperware Corporation			3,940		152,399
UAP Holding Corporation			3,266		125,218
Unifi, Inc.	*		9,669		27,943
USEC, Inc.	*		8,684		32,131
Valhi, Inc.			741		17,332
W.R. Grace & Company	*†		3,690		84,206
West Pharmaceutical Services, Inc.			2,425		107,258
Westlake Chemical Corp.			800		10,440
Zep, Inc.			1,513		24,541
					5,551,513
Coal—0.6%
Alliance Resource Partners, LP	†		1,280		44,800
Alpha Natural Resources, Inc.	*		4,187		181,883
Arch Coal, Inc.			9,365		407,377
Evergreen Energy, Inc.	*†		4,470		6,884
Foundation Coal Holdings, Inc.			3,128		157,432
International Coal Group, Inc.	*†		7,310		46,418
James River Coal Company	*		1,950		34,164
Massey Energy Company			5,178		188,997
Natural Resource Partners, LP			2,000		56,700
Patriot Coal Corporation	*		1,842		86,519
Penn Virginia Resource Partners, LP			1,440		35,928
Westmoreland Coal Company	*		1,390		18,876
					1,265,978

See accompanying notes to schedule of investments.

100

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Commercial Services—6.0%
Aaron Rents, Inc.			3,865	$	83,252
ABM Industries, Inc.			2,991		67,118
Accenture Ltd. Class A (Bermuda)			38,693		1,360,833
ACCO Brands Corporation	*		3,258		44,211
Administaff, Inc.			1,663		39,263
Advisory Board Company (The)	*		1,300		71,422
Aecom Technology Corp.	*		5,041		131,116
Aircastle Ltd. (Bermuda)			3,110		34,987
Amerco, Inc.	*		547		31,228
American Reprographics Company	*		2,318		34,399
AmeriGas Partners, LP			2,300		69,345
AMN Healthcare Services, Inc.	*		2,247		34,649
Angelica Corporation			1,241		22,264
APAC Customer Services, Inc.	*		1,972		1,713
Asset Acceptance Capital Corporation			728		7,011
Avis Budget Group, Inc.	*		6,267		66,556
Barrett Business Services, Inc.			1,740		29,806
BearingPoint, Inc.	*		16,170		27,166
Bowne & Company, Inc.			1,575		24,019
Brink’s Company (The)			2,529		169,898
Casella Waste Systems, Inc. Class A	*		2,380		26,013
CDI Corporation			711		17,811
Cenveo, Inc.	*		3,701		38,712
Chemed Corporation			1,472		62,118
Clean Harbors, Inc.	*		1,010		65,650
Coinstar, Inc.	*		1,725		48,541
Comfort Systems USA, Inc.			3,803		49,477
Computer Programs & Systems			1,065		22,258
Consolidated Graphics, Inc.	*		699		39,179
Cornell Companies, Inc.	*		1,730		38,856
Corporate Executive Board Company			2,515		101,807
Courier Corporation			816		20,359
CRA International, Inc.	*		836		26,869
Daktronics, Inc.			2,300		41,193
Diamond Management & Technology Consultants, Inc.			3,731		24,065
Dollar Thrifty Automotive Group, Inc.	*		1,428		19,478
Dun & Bradstreet Company			3,850		313,313
Dyncorp International, Inc. Class A	*		1,953		32,576
Edgewater Technology, Inc.	*		1,533		8,079
Emcor Group, Inc.	*		4,008		89,018
Ennis Business Forms, Inc.			2,217		37,201
EPIQ Systems, Inc.	*†		2,722		42,245
eResearch Technology, Inc.	*		4,314		53,580
Exponent, Inc.	*		1,790		58,784
FIrst Advantage Corporation Class A	*		630		13,350
Forrester Research, Inc.	*		963		25,597
FTI Consulting, Inc.	*		2,897		205,803
Furmanite Corporation	*		4,100		34,850
G&K Services, Inc. Class A			1,576		56,121
Gevity HR, Inc.			1,764		15,276
Greenfield Online, Inc.	*		955		11,326
H&E Equipment Services, Inc.	*		1,490		18,729
Harris Interactive, Inc.	*		6,590		17,991
Healthcare Services Group, Inc.			2,986		61,631
Heidrick & Struggles International, Inc.			1,291		41,996
Hewitt Associates, Inc. Class A	*†		6,066		241,245
Hudson Highland Group, Inc.	*		1,880		15,924
Huron Consulting Group, Inc.	*		1,254	$	52,104
I-many, Inc.	*		952		2,285
Inergy, LP			2,474		69,049
Internet Capital Group, Inc.	*		3,445		36,069
inVentiv Health, Inc.	*		2,050		59,060
Ipass, Inc.	*		6,163		18,612
Iron Mountain, Inc.	*		11,900		314,636
Jackson Hewitt Tax Service, Inc.			1,730		19,843
KBR, Inc.			10,908		302,479
Kelly Services, Inc. Class A			2,431		49,981
Kforce.com, Inc.	*		3,398		30,038
Korn Ferry International	*		2,815		47,573
Landauer, Inc.			599		30,154
Lazare Kaplan International	*		1,140		9,576
LECG Corporation	*		2,344		21,940
Liberty Media Corp.— Entertainment	*		33,136		750,199
Lionbridge Technologies, Inc.	*		7,889		26,428
LoJack Corporation	*		1,880		23,763
Magellan Health Services, Inc.	*		2,460		97,637
Management Network Group, Inc.	*		1,600		3,040
Manpower, Inc.			5,092		286,476
MasterCard, Inc. Class A	†		4,497		1,002,786
Maximus, Inc.			1,558		57,194
Medical Staffing Network Holdings, Inc.	*		1,686		7,890
Metavante Technologies, Inc.	*		5,149		102,929
Midas, Inc.	*		1,278		21,969
MoneyGram International, Inc.	†		5,957		11,080
Monro Muffler, Inc.			1,635		27,631
MPS Group, Inc.	*		6,503		76,865
MTC Technologies, Inc.	*†		2,089		49,676
Multi-Color Corporation			965		21,577
National Research Corporation			1,250		32,369
Navigant Consulting, Inc.	*		3,254		61,761
Omnicell, Inc.	*		2,638		53,024
On Assignment, Inc.	*		3,093		19,641
Online Resources Corporation	*		2,780		26,744
Overland Storage, Inc.	*		1,282		1,449
PDI, Inc.	*		703		5,919
Pegasystems, Inc.			2,142		20,627
PeopleSupport, Inc.	*		2,127		19,398
Perma-Fix Environmental Services	*		5,502		8,913
PFSweb, Inc.	*		5,683		5,115
Phase Forward, Inc.	*		2,752		47,004
PHH Corporation	*		3,080		53,684
Portfolio Recovery Associates, Inc.	†		1,413		60,604
Pre-Paid Legal Services, Inc.	*†		780		33,080
Presstek, Inc.	*		2,015		8,826
Quanta Services, Inc.	*†		11,146		258,253
RCM Technologies, Inc.	*		1,593		6,149
Regis Corporation			2,708		74,443
Rent-A-Center, Inc.	*		4,059		74,483
Republic Services, Inc.			10,905		318,862
Resources Connection, Inc.			2,702		48,285
Rewards Network, Inc.	*		3,328		14,909
Rollins, Inc.			3,813		67,452
SAIC, Inc.	*		7,772		144,481
Sally Beauty Company, Inc.	*		6,343		43,767
Service Corporation International			17,884		181,344
Shaw Group, Inc. (The)	*		4,945		233,107
Sotheby’s Holdings, Inc. Class A	†		4,430		128,071
Spherion Corporation	*		2,689		16,457
Standard Register Company (The)			1,650		12,853
StarTek, Inc.	*		1,875		17,269
Steiner Leisure Ltd. (Bahama Islands)	*		990		32,670

See accompanying notes to schedule of investments.

101

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Stericycle, Inc.	*		5,799	$	298,648
Suburban Propane Partners, LP			2,323		90,202
SupportSoft, Inc.	*		4,962		16,375
Tejon Ranch Company	*†		763		28,475
TeleTech Holdings, Inc.	*		2,499		56,128
Tetra Tech, Inc.	*		4,160		81,162
TNS, Inc.	*		1,539		31,765
Travelcenters of America LLC	*		964		5,880
TRC Companies, Inc.	*		998		4,361
TrueBlue, Inc.	*		3,035		40,790
United Rentals, Inc.	*		4,535		85,439
URS Corporation	*		5,082		166,131
Valassis Communications, Inc.	*†		2,737		29,696
Varsity Group, Inc.	*		2,748		547
Viad Corporation			1,307		47,065
VistaPrint Ltd. (Bermuda)	*†		2,857		99,852
Volt Information Sciences, Inc.	*		1,251		21,217
WABCO Holdings, Inc.			3,829		174,679
Waste Connections, Inc.	*		4,555		140,021
Waste Industries USA, Inc.			1,297		46,887
Watson Wyatt Worldwide, Inc.			2,570		145,847
Weight Watchers International, Inc.			2,447		113,370
Westaff, Inc.	*		942		2,035
Wind River Systems, Inc.	*		6,438		49,830
World Fuel Services Corporation			1,832		51,424
Wright Express Corporation	*		2,520		77,440
					12,054,095
Communications—1.6%
ADC Telecommunications, Inc.	*		7,792		94,127
AltiGen Communications, Inc.	*		4,110		6,781
Anadigics, Inc.	*†		3,457		22,678
Applied Signal Technology, Inc.			2,274		26,833
Arris Group, Inc.	*		7,318		42,591
Blonder Tongue Laboratories	*		2,285		3,199
CalAmp Corporation	*		7,372		20,052
Centillium Communications, Inc.	*		1,589		1,049
Checkpoint Systems, Inc.	*		2,970		79,744
Clearwire Corporation Class A	*†		4,151		61,476
Comtech Telecommunications	*		1,350		52,650
Crown Castle International Corporation	*		17,916		617,923
Cubic Corporation			1,262		35,879
Ditech Networks, Inc.	*		3,980		11,701
EchoStar Corporation Class A	*		2,696		79,640
EndWave Corporation	*		912		5,536
Entertainment Distribution Company, Inc.	*		5,333		2,773
Foundry Networks, Inc.	*		7,848		90,880
Globecomm Systems, Inc.	*		1,752		15,242
Harmonic, Inc.	*		5,690		43,244
Harris Corporation			8,826		428,326
Hungarian Telephone & Cable Corporation	*†		712		12,353
ID Systems, Inc.	*		1,146		8,606
Infinera Corp.	*†		5,223		62,676
Integrated Telecom Express, Inc.	‡d		1,103		—
InterDigital, Inc.	*†		3,103		61,470
InterVoice, Inc.	*		4,035		32,119
Intraware, Inc.	*		783		3,523
Loral Space & Communications Ltd. (Bermuda)	*		660		15,734
Mindspeed Technologies, Inc.	*		4,010		1,925
NMS Communications Corporation	*		3,530		5,295
On2 Technologies, Inc.	*†		4,620		4,712
Openwave Systems, Inc.			4,311	$	10,562
Plantronics, Inc.			3,289		63,511
Polycom, Inc.	*		6,298		141,957
Powerwave Technologies, Inc.	*†		8,448		21,542
Premiere Global Services, Inc.	*		3,644		52,255
Radyne Corporation	*		3,166		26,974
SBA Communications Corporation	*		6,428		191,747
SeaChange International, Inc.	*		3,359		23,614
Sirius Satellite Radio, Inc.	*†		87,151		249,252
Soapstone Networks, Inc.			3,392		24,287
Sonus Networks, Inc.	*†		17,431		59,963
Standard Microsystems Corporation	*		1,446		42,194
Symmetricom, Inc.	*		6,110		21,324
Syntax-Brillian Corporation	*†		4,531		4,440
Tekelec	*		3,640		45,318
TeleCorp PCS, Inc.	‡d		5,508		—
Terremark Worldwide, Inc.	*		3,200		17,536
Tollgrade Communications, Inc.	*		601		3,149
Universal Security Instruments, Inc.	*		266		1,716
Utstarcom, Inc.	*		4,666		13,251
Verso Technologies, Inc.	*d		1		—
Viasat, Inc.	*		1,800		39,096
Westell Technologies, Inc. Class A	*		3,671		5,506
XM Satellite Radio Holdings, Inc. Class A	*		20,116		233,748
Zhone Technologies, Inc.	*		3,916		3,838
Zix Corporation	*†		12,056		46,657
Zoom Telephonics, Inc.	*		2,712		1,193
					3,295,367
Computer Software & Processing—5.2%
3D Systems Corporation	*†		1,159		17,026
Acacia Research-Acacia Technologies	*		1,430		8,222
ACI Worldwide, Inc.	*†		3,078		61,314
ActivIdentity Corporation	*		5,830		14,750
Activision, Inc.	*		18,627		508,703
Actuate Corporation	*		6,674		27,363
Acxiom Corporation			4,224		50,139
Advent Software, Inc.	*†		1,325		56,471
Alliance Data Systems Corporation	*		5,128		243,631
American Software, Inc. Class A			1,950		12,207
AMICAS, Inc.	*		2,496		5,616
Ansys, Inc.	*		5,191		179,193
Applied Digital Solutions, Inc.	*		4,675		3,097
Arbitron, Inc.	†		2,121		91,542
Ariba, Inc.	*		4,717		45,566
Art Technology Group, Inc.	*		8,335		32,340
Autobytel, Inc.	*		4,755		10,271
Avocent Corporation	*		2,877		48,621
BEA Systems, Inc.	*		25,348		485,414
Bankrate, Inc.	*†		1,084		54,081
Blackbaud, Inc.			3,188		77,405
Blackboard, Inc.	*		1,613		53,761
Blue Coat Systems, Inc.	*		2,134		47,033
Borland Software Corporation	*†		6,776		13,688
Bottomline Technologies, Inc.	*		1,490		18,774
BPZ Resources, Inc.	*†		3,052		66,320
Brady Corporation Class A			3,416		114,197
CNET Networks, Inc.	*†		8,481		60,215
CSG Systems International, Inc.	*		2,623		29,824
CACI International, Inc. Class A	*		2,174		99,026
Cadence Design Systems, Inc.	*		18,175		194,109
Callidus Software, Inc.	*		2,703		13,001

See accompanying notes to schedule of investments.

102

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Captaris, Inc.	*		3,554	$	15,709
Cavium Networks, Inc.	*†		1,626		26,666
Cerner Corporation	*†		4,231		157,732
Choicepoint, Inc.	*		4,713		224,339
Chordiant Software, Inc.	*		1,859		11,210
Ciber, Inc.	*		2,445		11,980
Clinical Data, Inc.	*		1,998		36,943
CMGI, Inc.	*		3,461		45,893
Cogent Communications Group, Inc.	*†		3,453		63,224
Cogent, Inc.	*†		1,940		18,294
Cognex Corporation			3,335		72,803
Concur Technologies, Inc.	*		3,019		93,740
CoStar Group, Inc.	*†		1,140		49,020
Cybersource Corporation	*		4,077		59,565
DST Systems, Inc.	*†		3,068		201,690
DealerTrack Holdings, Inc.	*†		2,690		54,392
Deluxe Corporation			3,350		64,353
Digital River, Inc.	*		2,337		72,377
Double-Take Software, Inc.	*		1,672		19,529
Earthlink, Inc.	*		8,664		65,413
ebix.com, Inc.	*		1,040		76,960
Echelon Corporation	*†		1,770		23,895
Eclipsys Corporation	*†		3,465		67,949
Electro Rent Corporation			951		14,408
Electronics for Imaging	*		3,912		58,367
Entrust Technologies, Inc.	*		7,470		18,675
Epicor Software Corporation	*		3,383		37,890
ePresence, Inc.	‡d		1,173		—
eSpeed, Inc. Class A	*		3,650		42,559
Evolving Systems, Inc.	*		1,054		2,066
F5 Networks, Inc.	*		5,531		100,498
Factset Research Systems, Inc.	†		2,999		161,556
Fair Isaac Corporation			3,740		80,485
FalconStor Software, Inc.	*		1,374		10,456
Gartner Group, Inc. Class A	*		4,089		79,081
Gerber Scientific, Inc.	*		3,478		30,919
Hackett Group, Inc. (The)	*		2,851		11,147
HLTH Corporation	*		12,463		118,897
Hypercom Corporation	*		4,002		17,369
iGate Capital Corporation	*		2,997		21,339
IHS, Inc. Class A	*		2,000		128,620
Imergent, Inc.			1,043		11,880
Informatica Corporation	*		6,099		104,049
Infospace, Inc.			2,262		26,171
InfoUSA, Inc.			2,708		16,546
Innovative Solutions & Support, Inc.	*†		1,200		12,684
Integral Systems, Inc.			1,178		34,433
Interactive Data Corporation			2,351		66,933
Interactive Intelligence, Inc.	*		950		11,181
Internap Network Services Corporation	*†		3,720		18,451
Intersections, Inc.	*		1,900		16,378
Interwoven, Inc.	*		3,812		40,712
JDA Software Group, Inc.	*		2,379		43,417
Jack Henry & Associates, Inc.			5,229		128,999
Kenexa Corporation	*		1,628		30,085
Keynote Systems, Inc.	*		1,400		16,506
Knot, Inc. (The)	*†		1,493		17,543
Lawson Software, Inc.	*		8,950		67,393
LivePerson, Inc.	*		3,334		10,335
LookSmart Ltd.	*		4,010		13,193
Magma Design Automation, Inc.	*		3,929		37,601
Manhattan Associates, Inc.	*		2,125		48,726
Mantech International Corporation Class A	*		1,168	$	52,980
McAfee, Inc.	*		10,396		344,004
Mediware Information Systems	*		1,089		6,240
Mentor Graphics Corporation	*		5,458		48,194
MicroStrategy, Inc. Class A	*		544		40,251
MIVA, Inc.	*		6,581		11,319
Move, Inc.	*†		12,712		39,153
NCR Corporation	*		11,557		263,846
Napster, Inc.	*		6,796		10,058
National Instruments Corporation			3,628		94,836
Navisite, Inc.	*		3,725		8,232
NAVTEQ Corporation	*		6,341		431,188
NetFlix, Inc.	*†		3,659		126,784
Netscout Systems, Inc.	*		3,784		35,191
Network Equipment Technologies, Inc.	*		2,454		16,123
NIC, Inc.			2,450		17,419
NVE Corporation	*†		771		19,044
Omniture, Inc.	*†		2,415		56,052
Packeteer, Inc.	*		4,621		23,521
Parametric Technology Corporation	*		6,972		111,413
PDF Solutions, Inc.	*		3,093		17,042
Perficient, Inc.	*		2,090		16,595
Perot Systems Corporation Class A	*		5,641		84,841
Phoenix Technologies Ltd.	*		2,710		42,439
Plato Learning, Inc.	*		1,826		5,350
Progress Software Corporation	*		2,503		74,890
PROS Holdings, Inc.	*		1,506		18,900
QAD, Inc.			1,363		11,463
Quality Systems, Inc.	†		1,208		36,083
Quest Software, Inc.	*†		4,128		53,953
Radiant Systems, Inc.	*		2,709		37,845
Radisys Corporation	*		2,757		27,818
RealNetworks, Inc.	*		5,844		33,486
Red Hat, Inc.	*		12,786		235,135
Renaissance Learning, Inc.	†		1,354		18,942
S1 Corporation	*		2,637		18,749
Saba Software, Inc.	*		1,576		5,910
Salesforce.com, Inc.	*		6,412		371,062
Sapient Corporation	*		4,601		32,023
Scientific Learning Corporation	*		3,146		14,786
Secure Computing Corporation	*		5,420		34,959
Smith Micro Software, Inc.	*†		2,612		15,985
Solera Holdings, Inc.	*		3,302		80,437
Sonic Foundry, Inc.	*		6,100		3,782
SonicWall, Inc.	*		4,632		37,843
Source Interlink Companies, Inc.	*†		5,950		11,305
SPSS, Inc.	*		1,231		47,738
SRA International, Inc. Class A	*		3,081		74,899
Stratasys, Inc.	*		1,962		34,924
SumTotal Systems, Inc.	*		1,899		7,919
Sybase, Inc.	*†		6,272		164,954
Sykes Enterprises, Inc.	*		1,424		25,048
Synchronoss Technologies, Inc.	*†		1,415		28,342
SYNNEX Corporation	*		1,034		21,941
Synopsys, Inc.	*		9,737		221,127
Synplicity, Inc.	*		1,050		8,221
Syntel, Inc.			647		17,243
Take-Two Interactive Software, Inc.	*		4,344		110,859
THQ, Inc.	*		4,685		102,133
3Com Corporation	*		26,331		60,298
TIBCO Software, Inc.	*		13,039		93,098
Tradestation Group, Inc.	*		3,191		27,187
Trizetto Group, Inc.	*†		2,710		45,230

See accompanying notes to schedule of investments.

103

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Tumbleweed Communications Corporation	*		2,952	$	3,601
Ultimate Software Group, Inc.	*		2,043		61,413
United Online, Inc.			4,189		44,236
Vasco Data Security International, Inc.	*		1,767		24,173
Versant Corporation	*		330		8,283
Vignette Corporation	*		2,329		30,766
VMware, Inc. Class A	*†		2,506		107,307
Vocus, Inc.	*		908		23,971
Wave Systems Corporation Class A	*†		1,004		974
WebMD Health Corporation Class A	*†		510		12,021
Websense, Inc.	*		2,638		49,462
Website Pros, Inc.	*		1,785		17,547
XETA Technologies, Inc.	*		1,947		7,282
					10,563,812
Computers & Information—1.6%
Access Plans USA, Inc.	*		3,538		3,715
Authentidate Holding Corporation	*		1,023		450
Black Box Corporation			1,414		43,622
Brocade Communications Systems, Inc.	*		26,133		190,771
Ciprico, Inc.	*		1,658		2,487
Cirrus Logic, Inc.	*		5,397		36,268
Concurrent Computer Corporation	*		7,592		5,238
Cray, Inc.	*		2,314		13,791
Dataram Corporation			1,175		3,537
Datawatch Corporation	*		3,500		12,180
Diebold, Inc.			4,322		162,291
Digi International, Inc.	*		2,517		29,046
Dot Hill Systems Corporation	*		3,866		11,598
Emulex Corporation	*		5,273		85,634
Extreme Networks, Inc.	*		9,940		30,814
Focus Enhancements, Inc.	*		5,319		2,925
Ikon Office Solutions, Inc.			5,770		43,852
Immersion Corp.	*		2,824		20,079
InFocus Corporation	*		1,636		3,059
Ingram Micro, Inc. Class A	*		9,001		142,486
Insight Enterprises, Inc.	*		2,944		51,520
Iomega Corporation	*		7,475		26,686
Iteris, Inc.	*		4,264		9,850
Merge Healthcare, Inc.	*		4,320		2,419
Micros Systems, Inc.	*		5,578		187,755
Navarre Corporation	*†		6,720		11,827
NETGEAR, Inc.	*		2,027		40,439
Network Engines, Inc.	*		1,330		2,101
Nuance Communications, Inc.	*†		11,463		199,571
Palm, Inc.	†		5,814		29,070
Performance Technologies, Inc.	*		794		3,637
Planar Systems, Inc.	*		1,786		7,162
Quantum Corporation	*		10,382		22,217
Rackable Systems, Inc.	*		1,470		13,406
Rimage Corporation	*		924		20,236
Riverbed Technology, Inc.	*		1,417		21,057
Safeguard Scientifics, Inc.	*		10,874		16,202
ScanSource, Inc.	*		1,797		65,033
Scientific Games Corporation Class A	*†		4,772		100,737
SCM Microsystems, Inc.	*		1,494		3,884
Seagate Technology (Cayman Islands)			33,880		709,447
Sigma Designs, Inc.	*†		1,937		43,912
SourceForge, Inc.	*		6,619	$	13,172
STEC, Inc.	*		578		3,578
Tech Data Corporation	*		3,805		124,804
TransAct Technologies, Inc.	*		889		4,365
VeriFone Holdings, Inc.	*†		4,060		64,432
Wayside Technology Group, Inc.			1,787		17,691
Western Digital Corporation	*		14,274		385,969
Zebra Technologies Corporation Class A	*		4,067		135,512
					3,181,534
Containers & Packaging—0.6%
Crown Holdings, Inc.	*		10,020		252,103
Greif, Inc. Class A			2,120		144,012
Libbey, Inc.	†		2,250		37,890
Owens-IIlinois, Inc.	*		9,409		530,950
Silgan Holdings, Inc.			1,454		72,162
Sonoco Products Company			6,057		173,412
Temple-Inland, Inc.			6,340		80,645
					1,291,174
Cosmetics & Personal Care—0.2%
Alberto-Culver Company			5,896		161,609
Chattem, Inc.	*		873		57,915
Elizabeth Arden, Inc.	*		1,677		33,456
Quaker Chemical Corporation			1,303		40,771
Stepan Company			1,197		45,761
					339,512
Education—0.4%
Ambassadors Group, Inc.			1,380		26,068
Ambassadors International, Inc.	†		524		3,883
Capella Education Co. Private Company	*		734		40,076
Career Education Corporation	*†		6,110		77,719
Corinthian Colleges, Inc.	*		6,197		44,804
DeVry, Inc.			4,153		173,762
INVESTools, Inc.	*		2,950		32,420
ITT Educational Services, Inc.	*		2,672		122,725
Learning Tree International, Inc.	*		766		10,739
Princeton Review, Inc.	*		2,409		18,959
Strayer Education, Inc.	†		986		150,365
Universal Technical Institute, Inc.	*		1,609		18,874
					720,394
Electric Utilities—3.1%
Allete, Inc.	†		1,430		55,227
Alliant Energy Corporation			6,922		242,339
Aquila, Inc.	*		23,560		75,628
Avista Corporation			3,418		66,856
Black Hills Corporation	†		2,648		94,745
Calpine Corporation	*†		25,040		461,237
Central Vermont Public Service Corporation	†		541		12,930
CH Energy Group, Inc.			1,074		41,779
Cleco Corporation			3,570		79,183
DPL, Inc.	†		7,582		194,402
EL Paso Electric Company	*		3,254		69,538
Empire District Electric Company (The)	†		2,088		42,282
Energy East Corporation			10,428		251,523
Great Plains Energy, Inc.			5,840		143,956
Hawaiian Electric Industries, Inc.			5,657		135,033
Idacorp, Inc.	†		2,665		85,573
ITC Holdings Corporation			2,620		136,397
MGE Energy, Inc.			1,510		51,431
Mirant Corporation	*		16,576		603,201

See accompanying notes to schedule of investments.

104

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Northeast Utilities			10,123	$	248,418
NorthWestern Corporation			2,859		69,674
NRG Energy, Inc.	*†		15,465		602,980
NSTAR			6,464		196,700
OGE Energy Corporation			6,120		190,760
Ormat Technologies, Inc.	†		1,195		51,397
Otter Tail Corporation			1,726		61,083
Plug Power, Inc.	*		8,935		27,788
PNM Resources, Inc.			4,834		60,280
Portland General Electric Company			4,370		98,543
Puget Energy, Inc.			7,924		204,994
Reliant Energy, Inc.	*		21,949		519,094
SCANA Corporation			6,955		254,414
Sierra Pacific Resources			14,732		186,065
UIL Holdings Corporation			1,516		45,677
Unisource Energy Corporation			2,031		45,210
Unitil Corporation			1,000		26,950
Westar Energy, Inc.			6,238		142,039
Wisconsin Energy Corporation			7,661		337,007
					6,212,333
Electrical Equipment—1.2%
Active Power, Inc.	*		3,953		7,353
Acuity Brands, Inc.			2,605		111,885
Ametek, Inc.			6,970		306,053
AZZ, Inc.	*		635		22,593
Baldor Electric Company			3,033		84,924
C&D Technologies, Inc.	*†		5,424		27,228
Capstone Turbine Corporation	*†		7,050		14,946
Distributed Energy Systems Corporation	*		3,757		1,691
Electro Scientific Industries, Inc.	*		1,422		23,435
Energizer Holdings, Inc.	*		3,713		335,952
Energy Conversion Devices, Inc.	*†		2,392		71,521
EnerSys	*		2,612		62,479
Evans & Sutherland Computer Corporation	*		1,883		1,431
Franklin Electric Company, Inc.	†		902		30,821
FuelCell Energy, Inc.	*†		4,607		30,637
GrafTech International Ltd.	*		7,538		122,191
Greatbatch, Inc.	*		1,594		29,346
Hexcel Corporation	*		6,431		122,896
Lincoln Electric Holdings, Inc.			2,766		178,379
Littelfuse, Inc.	*		1,479		51,721
LSI Industries, Inc.			1,084		14,320
Medis Technologies Ltd.	*†		1,815		16,462
Moog, Inc. Class A	*		2,477		104,554
Powell Industries, Inc.	*		1,046		41,181
Quantum Fuel Systems Technologies Worldwide, Inc.	*		2,810		2,669
Regal-Beloit Corporation			2,256		82,637
Servotronics, Inc.			705		14,241
Spectrum Brands, Inc.	*†		6,161		28,156
Tech/Ops Sevcon, Inc.			720		5,040
Teleflex, Inc.			2,631		125,525
Thomas & Betts Corporation	*		3,918		142,498
Trans-Lux Corporation	*		867		3,034
Ultralife Batteries, Inc.	*		767		9,058
Universal Display Corporation	*†		2,789		39,938
Universal Electronics, Inc.	*		1,589		38,470
Valence Technology, Inc.	*†		4,773		21,049
Vicor Corporation			3,481		41,563
Zoltek Companies, Inc.	*†		1,992		52,828
					2,420,705
Electronics—4.0%
8X8, Inc.	*†		3,049	$	2,988
AVX Corporation			4,035		51,688
Actel Corporation	*		4,134		63,292
Adaptec, Inc.	*		7,841		23,053
Advanced Energy Industries, Inc.	*		2,649		35,126
Agilysys, Inc.			2,266		26,286
Alliance Fiber Optic Products, Inc.	*		4,818		6,215
American Superconductor Corporation	*†		2,707		62,775
Amkor Technology, Inc.	*†		7,212		77,168
Amphenol Corporation Class A			11,446		426,363
Anaren, Inc.	*		2,003		25,358
Applied Micro Circuits Corp.	*		4,025		28,899
Arrow Electronics, Inc.	*		8,023		269,974
Atheros Communications, Inc.	*†		3,455		72,002
Atmel Corporation	*		25,393		88,368
ATMI, Inc.	*		2,219		61,755
Avanex Corporation	*		14,381		10,211
Avnet, Inc.	*		9,644		315,648
AXT, Inc.	*		4,552		21,713
Barnes Group, Inc.			2,480		56,916
Bel Fuse, Inc. Class A			546		17,139
Belden, Inc.			2,777		98,084
Benchmark Electronics, Inc.	*		4,125		74,044
California Micro Devices Corporation	*		2,476		7,279
Caliper Life Sciences, Inc.	*		3,187		11,951
Catalyst Semiconductor, Inc.	*		2,416		13,264
Catapult Communications Corporation	*		750		3,862
Ceradyne, Inc.	*		1,756		56,122
Ceva, Inc.	*		692		5,294
Concord Camera Corporation	*		572		2,145
Conexant Systems, Inc.	*		25,531		14,805
Cree, Inc.	*†		4,821		134,795
CTS Corporation			1,580		16,906
Cymer, Inc.	*		1,929		50,231
Cypress Semiconductor Corporation	*		10,012		236,383
DRS Technologies, Inc.			2,800		163,184
Diodes, Inc.	*		1,956		42,954
Dolby Laboratories, Inc. Class A	*		2,743		99,461
DSP Group, Inc.	*		1,884		24,002
Emcore Corporation	*†		2,929		16,871
EMS Technologies, Inc.	*		960		26,054
ESCO Technologies, Inc.	*†		1,724		68,477
ESS Technology	*		1,759		2,638
Esterline Technologies Corporation	*		2,032		102,352
Evergreen Solar, Inc.	*†		5,522		51,189
Exar Corporation	*		3,475		28,599
Fairchild Semiconductor International, Inc.	*		7,633		90,985
Finisar Corporation	*†		14,726		18,849
First Solar, Inc.	*		2,262		522,839
FSI International, Inc.	*		4,280		5,692
Garmin Ltd. (Cayman Islands)	†		8,199		442,828
Herley Industries, Inc.	*		1,550		16,027
HI/FN, Inc.	*		1,882		9,598
Houston Wire & Cable Company			1,569		25,135
Hutchinson Technology, Inc.	*		2,054		32,679
Imation Corporation	†		2,265		51,506
Innovex, Inc.	*		1,922		538
Integrated Device Technology, Inc.	*		11,957		106,776
Integrated Silicon Solutions, Inc.	*		2,930		17,726
International Rectifier Corporation	*		4,883		104,984

See accompanying notes to schedule of investments.

105

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Intersil Corporation Class A			8,868	$	227,642
IXYS Corporation	*		3,270		22,334
Kemet Corporation	*		5,278		21,323
KVH Industries, Inc.	*		1,286		10,134
LaBarge, Inc.	*		950		11,457
Lattice Semiconductor Corporation	*		7,425		21,087
Lightpath Technologies, Inc. Class A	*†		1,527		2,749
MIPS Technologies, Inc. Class A	*		5,359		21,222
MRV Communications, Inc.	*†		9,278		12,711
Magnetek, Inc.	*		4,586		15,776
Marvell Technology Group Ltd. (Bermuda)	*		29,891		325,214
Mattson Technology, Inc.	*		4,081		24,853
Maxim Integrated Products, Inc.			2,247		45,816
Maxwell Technologies, Inc.	*†		1,371		13,970
Mercury Computer Systems, Inc.	*		2,443		13,730
Merix Corporation	*		2,175		4,437
Methode Electronics, Inc.			2,784		32,545
Micrel, Inc.			3,731		34,586
Microsemi Corporation	*		4,144		94,483
Microvision, Inc.	*†		5,870		14,205
Mobility Electronics, Inc.	*		2,804		3,561
MoSys, Inc.	*		3,592		15,661
Nashua Corporation	*		1,542		16,947
Nu Horizons Electronics Corporation	*		3,069		19,273
Omnivision Technologies, Inc.	*†		2,994		50,359
ON Semiconductor Corporation	*		27,218		154,598
Oplink Communications, Inc.	*		1,808		16,037
Optelecom, Inc.	*		819		5,774
OSI Systems, Inc.	*		867		19,958
PMC-Sierra, Inc.	*		14,713		83,864
Park Electrochemical Corporation			1,087		28,099
Pericom Semiconductor Corporation	*		2,254		33,089
Photronics, Inc.	*		1,989		18,995
Plexus Corporation	*		3,210		90,040
PLX Technology, Inc.	*		2,950		19,676
Power Integrations, Inc.	*		1,200		35,112
Power-One, Inc.	*		3,500		11,235
Quicklogic Corporation	*		4,080		12,240
RF Micro Devices, Inc.	*†		18,530		49,290
Rambus, Inc.	*†		6,688		155,897
Raven Industries, Inc.			1,490		45,147
Research Frontiers, Inc.	*†		2,932		19,879
Rogers Corporation	*		1,417		47,342
Sanmina-SCI Corporation	*		39,169		63,454
Semtech Corporation	*		4,634		66,405
Sigmatel, Inc.	*		4,938		14,271
Sigmatron International, Inc.	*		283		1,752
Silicon Image, Inc.	*		6,882		34,479
Silicon Laboratories, Inc.	*		3,387		106,826
Silicon Storage Technology, Inc.	*		7,634		20,001
Sirf Technology Holdings, Inc.	*		3,832		19,505
Skyworks Solutions, Inc.	*		9,613		69,983
Smart Modular Technologies (WWH), Inc. (Cayman Islands)	*		2,050		12,730
Sonic Solutions, Inc.	*		1,810		17,466
Spansion LLC Class A	*		5,768		15,862
Spectrum Control, Inc.	*		1,195		10,110
Spire Corporation	*		210		3,226
Sunpower Corporation Class A	*†		2,448		182,400
Sycamore Networks, Inc.	*		14,775		54,076
Synaptics, Inc.	*†		1,778		42,459
Technitrol, Inc.			2,766		63,978
Tegal Corporation	*		312	$	1,554
Teledyne Technologies, Inc.	*		2,281		107,207
Terabeam, Inc.	*		2,197		1,736
Tessera Technologies, Inc.	*		3,278		68,182
Transwitch Corporation	*		2,483		1,862
Trident Microsystems, Inc.	*		5,092		26,224
Trimble Navigation Ltd.	*		7,780		222,430
Triquint Semiconductor, Inc.	*		8,519		43,106
TTM Technologies, Inc.	*		3,547		40,152
Tyler Technologies, Inc.	*		3,715		51,936
Ultra Clean Holdings	*		1,756		17,209
Varian Semiconductor Equipment Associates, Inc.	*		4,645		130,757
Virage Logic Corporation	*		3,332		19,192
Vishay Intertechnology, Inc.	*		11,318		102,541
Volterra Semiconductor Corp.	*		2,210		25,039
Zoran Corporation	*		3,474		47,455
					8,167,957
Entertainment & Leisure—1.1%
Avid Technology, Inc.	*†		2,658		64,696
Bally Technologies, Inc.	*		3,012		103,432
Blockbuster, Inc. Class A	*†		16,050		52,323
Callaway Golf Company			3,931		57,707
Carmike Cinemas, Inc.			1,009		10,373
Cedar Fair, LP	†		3,180		73,935
Churchill Downs, Inc.			639		30,186
Discovery Holding Company Class A	*		18,159		385,334
Dover Downs Gaming & Entertainment, Inc.			1,687		14,356
Dover Motorsports, Inc.			1,645		10,117
DreamWorks Animation SKG, Inc. Class A	*		5,002		128,952
Gaylord Entertainment Company	*		2,528		76,573
Hollywood Media Corporation	*		1,495		3,588
Image Entertainment, Inc.	*		300		504
International Speedway Corporation Class A			2,450		100,940
Jakks Pacific, Inc.	*†		1,625		44,801
Leapfrog Enterprises, Inc.	*†		3,363		23,709
Lenox Group, Inc.	*		1,340		2,372
Life Time Fitness, Inc.	*†		2,354		73,468
Live Nation, Inc.	*†		3,900		47,307
Macrovision Corporation	*†		3,937		53,149
Multimedia Games, Inc.	*†		2,902		15,497
National CineMedia, Inc.			2,772		62,315
National Lampoon, Inc.	*		3,300		6,930
Nautilus Group, Inc.	†		2,480		8,159
New Frontier Media, Inc.			2,079		9,272
Penn National Gaming, Inc.	*		4,893		213,971
Pinnacle Entertainment, Inc.	*†		4,289		54,899
Pool Corporation	†		2,836		53,572
RC2 Corporation	*		1,530		32,084
Regal Entertainment Group Class A	†		4,903		94,579
Shuffle Master, Inc.	*†		2,025		10,834
Six Flags, Inc.	*†		3,814		6,255
Speedway Motorsports, Inc.			650		16,295
Steinway Musical Instruments, Inc.	*		683		19,479
Warner Music Group Corporation	†		2,380		11,852
West Marine, Inc.	*		2,443		17,028
Westwood One, Inc.	*		16,919		35,530
WMS Industries, Inc.	*		2,775		99,817
World Wrestling Entertainment, Inc.			1,031		19,187
Youbet.com, Inc.	*		2,200		1,782
					2,147,159

See accompanying notes to schedule of investments.

106

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Environmental—0.7%
Aetrium, Inc.	*		614	$	2,413
Analogic Corporation			884		58,821
Badger Meter, Inc.			880		38,016
Cohu, Inc.			1,889		30,696
Credence Systems Corporation	*		12,850		21,845
Dionex Corporation	*		1,309		100,780
Flir Systems, Inc.	*†		8,602		258,834
Formfactor, Inc.	*		2,745		52,429
Frequency Electronics, Inc.			822		6,395
Itron, Inc.	*†		1,840		166,023
Ixia	*		2,330		18,081
Keithley Instruments, Inc.			2,170		21,049
LeCroy Corporation	*		2,720		23,555
LTX Corporation	*		6,381		20,036
MKS Instruments, Inc.	*		3,260		69,764
Measurement Specialties, Inc.	*		1,430		24,982
Mine Safety Appliances Company			1,445		59,520
MTS Systems Corporation			1,370		44,196
OI Corporation			1,600		18,880
Orbit International Corporation	*		2,812		22,890
Photon Dynamics, Inc.	*		2,009		21,295
Roper Industries, Inc.			5,764		342,612
Rudolph Technologies, Inc.	*		2,516		24,581
Thermogenesis	*		4,317		7,037
Veeco Instruments, Inc.	*		2,611		43,421
White Electronic Designs Corporation	*		2,284		10,050
X-Rite, Inc.	*		2,441		14,573
					1,522,774
Financial Services—6.9%
Affiliated Managers Group	*		1,977		179,393
AllianceBernstein Holding, LP			1,898		120,295
Ampal American Israel Corporation Class A	*†		1,392		8,909
Bancorp, Inc. (The)	*		1,001		12,092
Berkshire Hathaway, Inc. Class A	*		66		8,804,400
BlackRock, Inc.	†		1,298		265,026
Blackstone Group, LP (The)	†		9,677		153,671
Broadridge Financial Solutions, Inc.			9,336		164,314
Calamos Asset Management, Inc. Class A			1,520		24,746
Cardiac Science Corporation	*		1,600		13,360
Catskill Litigation Trust	*‡d		583		—
Centerline Holding Company	†		3,935		15,976
Cherokee, Inc.			995		33,502
Cowen Group, Inc.	*		1,468		10,408
Diamond Hill Investment Group, Inc.	*		649		49,655
Doral Financial Corporation (Puerto Rico)	*†		585		11,805
Eaton Vance Corporation			8,264		252,135
Evercore Partners, Inc. Class A			884		15,691
FCStone Group, Inc.	*		1,069		29,611
First Cash Financial Services, Inc.	*		2,180		22,519
GAMCO Investors, Inc. Class A			1,039		52,324
GFI Group, Inc.			1,153		66,067
GLG Partners, Inc.	*†		15,360		182,323
Greenhill & Co., Inc.	†		801		55,718
Guaranty Financial Group, Inc.	*		2,113		22,440
Interactive Brokers Group, Inc. Class A	*		2,760		70,849
Invesco Ltd. (Bermuda)			27,000		657,720
Investment Technology Group, Inc.	*†		3,086		142,511
Jamba Inc.	*†		4,465	$	11,832
Jefferies Group, Inc.			7,297		117,701
Jesup & Lamont, Inc.	*		1,550		883
Kbw, Inc.	*†		1,716		37,838
Kent Financial Services, Inc.	*		2,200		4,103
Knight Capital Group, Inc. Class A	*		5,980		97,115
LaBranche & Company, Inc.	*†		5,402		23,499
Lazard Ltd. Class A (Bermuda)			3,165		120,903
MarketAxess Holdings, Inc.	*		2,620		26,043
MF Global Ltd. (Bermuda)	*		6,639		65,792
Morningstar, Inc.	*		632		38,773
Nasdaq Stock Market, Inc.	*		8,900		344,074
Navidec Financial Services, Inc.	*		2,120		3,392
NexCen Brands, Inc.	*		4,629		15,877
Nymex Holdings, Inc.			3,904		353,820
optionsXpress Holdings, Inc.			2,900		60,059
Piper Jaffray Companies	*		1,140		38,714
Raymond James Financial, Inc.	†		6,513		149,669
SEI Investments Company			9,539		235,518
Siebert Financial Corporation			1,470		4,425
Stifel Financial Corporation	*		1,023		45,933
Superior Bancorp			2,915		14,488
SWS Group, Inc.			2,331		28,508
TD Ameritrade Holding Corporation	*		15,911		262,691
TFS Financial Corporation			6,639		79,867
Thomas Weisel Partners Group, Inc.	*		2,162		14,312
US Global Investors, Inc. Class A			934		12,646
Value Line, Inc.			573		26,301
Waddell & Reed Financial, Inc. Class A			5,669		182,145
Westwood Holdings Group, Inc.			1,768		66,654
					13,921,035
Food Retailers—0.2%
Arden Group, Inc. Class A			260		37,180
Great Atlantic & Pacific Tea Company (The)	*†		1,682		44,102
Panera Bread Company Class A	*†		1,900		79,591
Pantry, Inc. (The)	*		2,139		45,090
Ruddick Corporation			2,548		93,919
Weis Markets, Inc.			852		29,368
Winn-Dixie Stores, Inc.	*†		3,088		55,460
					384,710
Forest Products & Paper—0.6%
AbitibiBowater, Inc.	†		3,872		49,988
American Woodmark Corporation	†		800		16,448
Astronics Corporation	*		716		13,833
Buckeye Technologies, Inc.	*		2,191		24,452
Caraustar Industries, Inc.	*		4,270		5,764
Champion Enterprises, Inc.	*		6,043		60,611
Chesapeake Corporation			2,527		12,155
Deltic Timber Corporation			724		40,327
Domtar Corporation	*		29,053		198,432
Glatfelter			3,315		50,090
Graphic Packaging Holding Co.	*		5,000		14,600
Louisiana-Pacific Corporation			6,527		59,918
Neenah Paper, Inc.			890		22,944
Packaging Corporation of America			6,379		142,443
Rock-Tenn Company Class A			2,634		78,941
School Specialty, Inc.	*†		1,184		37,343
Schweitzer-Mauduit International, Inc.			724		16,753
Skyline Corporation			918		25,539

See accompanying notes to schedule of investments.

107

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Smurfit-Stone Container Corporation	*†		17,028	$	131,116
United Stationers, Inc.	*		1,521		72,552
Universal Forest Products, Inc.	†		1,040		33,488
Wausau Paper Corporation			3,503		28,935
					1,136,672
Health Care Providers—1.5%
Alliance Imaging, Inc.	*		1,820		15,652
Amedisys, Inc.	*†		1,560		61,370
America Service Group, Inc.	*		1,972		11,950
American Dental Partners, Inc.	*		1,668		16,130
AmSurg Corporation	*		2,315		54,819
Apria Healthcare Group, Inc.	*		2,542		50,204
Bio-Reference Labs, Inc.	*		1,000		26,430
Brookdale Senior Living, Inc.			2,392		57,169
Community Health Systems, Inc.	*		6,485		217,701
Covance, Inc.	*		4,206		348,972
Cross Country Healthcare, Inc.	*		2,631		32,545
CryoLife, Inc.	*		4,037		37,948
DaVita, Inc.	*		6,879		328,541
Edwards Lifesciences Corporation	*		3,660		163,053
Enzo Biochem, Inc.	*		2,553		23,207
Enzon Pharmaceuticals, Inc.	*†		4,016		36,987
Five Star Quality Care, Inc.	*		4,500		28,575
Gentiva Health Services, Inc.	*		2,330		50,701
Health Management Associates, Inc. Class A	*		14,732		77,932
Healthsouth Corporation	*†		4,740		84,325
Healthways, Inc.	*†		2,272		80,292
Hooper Holmes, Inc.	*		4,139		2,690
Immunomedics, Inc.	*		6,421		18,043
Interleukin Genetics, Inc.	*†		2,825		4,096
Kindred Healthcare, Inc.	*		2,053		44,899
LCA-Vision, Inc.	†		1,453		18,162
LifePoint Hospitals, Inc.	*		4,098		112,572
Lincare Holdings, Inc.	*		4,990		140,269
Matria Healthcare, Inc.	*		1,270		28,321
National Healthcare Corporation	†		431		20,990
NovaMed, Inc.	*		4,904		18,586
Odyssey HealthCare, Inc.	*		3,093		27,837
Pediatrix Medical Group, Inc.	*		3,274		220,668
Psychemedics Corporation			902		16,056
Psychiatric Solutions, Inc.	*		3,778		128,150
RehabCare Group, Inc.	*		1,590		23,850
Skilled Healthcare Group, Inc. Class A	*		1,556		17,085
Sun Healthcare Group Inc.	*		3,022		39,709
Sunrise Senior Living, Inc.	*		2,650		59,042
U.S. Physical Therapy, Inc.	*		610		8,796
Universal Health Services, Inc. Class B			3,491		187,432
VCA Antech, Inc.	*		5,600		153,160
					3,094,916
Heavy Construction—0.8%
Blount International, Inc.	*		2,743		33,931
Foster Wheeler Ltd. (Bermuda)	*		9,048		512,298
Granite Construction, Inc.			2,436		79,682
Hovnanian Enterprises, Inc.	*†		3,491		37,005
Levitt Corporation Class A	*		2,063		4,085
M/I Homes, Inc.	†		1,741		29,562
McDermott International, Inc.	*		14,423		790,669
McGrath Rentcorp			1,646		39,685
Perini Corporation	*		1,178		42,679
Sterling Construction Co	*		1,015		18,493
Team, Inc.	*		1,659	$	45,291
WCI Communities, Inc.	*		6,851		22,951
					1,656,331
Heavy Machinery—3.5%
Actuant Corporation Class A			3,322		100,358
Agco Corporation	*†		6,022		360,597
Allis-Chalmers Corporation	*†		2,146		29,593
Ampco-Pittsburgh Corporation			986		42,388
Applied Industrial Technologies, Inc.			2,868		85,725
Astec Industries, Inc.	*		1,322		51,241
Asyst Technologies, Inc.	*		3,243		11,350
Axcelis Technologies, Inc.	*		6,926		38,786
Bolt Technology Corporation	*		645		11,887
Briggs & Stratton Corporation			3,124		55,920
Brooks Automation, Inc.	*		4,415		42,914
Bucyrus International, Inc. Class A			2,463		250,364
Cascade Corporation	†		779		38,412
Columbus McKinnon Corporation	*		1,765		54,680
Curtiss-Wright Corporation			3,020		125,270
Donaldson Company, Inc.			4,695		189,115
Dresser-Rand Group, Inc.	*		5,745		176,659
Dril-Quip, Inc.	*		1,912		88,851
Dycom Industries, Inc.	*		2,716		32,619
Electroglas, Inc.	*		3,991		5,787
EnPro Industries, Inc.	*		1,474		45,974
Entegris, Inc.	*		7,678		55,205
Flotek Industries Inc.	*†		1,346		19,638
Flow International Corporation	*		3,379		31,391
Flowserve Corporation			3,762		392,678
FMC Technologies, Inc.	*†		8,454		480,948
Gardner Denver, Inc.	*		3,267		121,206
Gehl Company	*		995		16,855
Gorman-Rupp Company			1,890		62,162
Graco, Inc.			4,074		147,723
Graham Corporation			441		15,695
Grant Prideco, Inc.	*		8,397		413,300
Hurco Companies, Inc.	*		750		35,085
Idex Corporation			5,417		166,248
Insituform Technologies, Inc. Class A	*		2,053		28,393
Intermec, Inc.	*		3,370		74,780
Intevac, Inc.	*		1,300		16,835
Joy Global, Inc.			6,827		444,847
Kadant, Inc.	*		722		21,212
Kaydon Corporation	†		1,780		78,160
Kennametal, Inc.			5,158		151,800
Knight Transportation, Inc.	†		3,878		63,832
Kulicke and Soffa Industries, Inc.	*†		4,089		19,545
Lam Research Corporation	*		7,856		300,256
Layne Christensen Company	*		1,240		43,425
Lennox International, Inc.			3,744		134,672
Lindsay Corporation			628		64,351
Lufkin Industries, Inc.			1,255		80,094
Matrix Service Company	*		2,410		41,404
Middleby Corporation	*†		980		61,142
Modine Manufacturing Company			1,658		24,024
NACCO Industries, Inc. Class A			310		25,091
NATCO Group, Inc. Class A	*		1,320		61,710
Natural Gas Services Group	*		1,260		27,506
NN, Inc.			2,240		21,795
Nordson Corporation			1,942		104,577
Oil States International, Inc.	*†		3,056		136,939
Paragon Technologies, Inc.	*		900		4,801
Pentair, Inc.	†		6,763		215,740
RBC Bearings, Inc.	*		1,322		49,086
Robbins & Myers, Inc.	†		1,736		56,680

See accompanying notes to schedule of investments.

108

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Sauer-Danfoss, Inc.			832	$	18,420
Semitool, Inc.	*		2,320		19,302
SPX Corporation			3,303		346,485
Standex International Corporation			724		16,174
T-3 Energy Services, Inc.	*		975		41,496
Tecumseh Products Company Class A	*		1,703		52,248
Tennant Company			1,394		55,495
Timken Company			4,943		146,906
Toro Company			2,570		106,372
TurboChef Technologies, Inc.	*		994		6,481
Ultratech, Inc.	*		2,462		23,660
Watsco, Inc.	†		1,593		65,982
Willis Lease Finance Corporation	*		1,234		15,511
WJ Communications, Inc.	*		4,940		4,718
Woodward Governor Company			3,588		95,871
					7,164,442
Home Construction, Furnishings & Appliances—1.1%
American Technology Corporation	*		3,686		8,072
Bassett Furniture Industries, Inc.			610		7,527
BE Aerospace, Inc.	*		6,086		212,706
Beazer Homes USA, Inc.	†		2,117		20,006
Brookfield Homes Corporation	†		858		14,414
Cavco Industries, Inc.	*		470		16,469
DTS, Inc.	*†		1,605		38,520
Ethan Allen Interiors, Inc.	†		1,648		46,853
Fossil, Inc.	*		3,335		101,851
Furniture Brands International, Inc.	†		4,572		53,492
Gemstar-TV Guide International, Inc.	*		15,679		73,691
Helen of Troy Ltd.	*		2,105		35,301
Herman Miller, Inc.			3,686		90,565
HNI Corporation	†		2,371		63,756
Hooker Furniture Corporation			1,125		25,132
Jarden Corporation	*		4,170		90,656
Kimball International, Inc. Class B			1,500		16,080
Kinetic Concepts, Inc.	*		3,605		166,659
La-Z-Boy, Inc.	†		2,895		24,144
MDC Holdings, Inc.			2,535		111,008
Meritage Homes Corporation	*†		1,260		24,343
Movado Group, Inc.			1,527		29,761
National Presto Industries, Inc.			656		34,374
NVR, Inc.	*†		291		173,872
Palm Harbor Homes, Inc.	*†		1,182		6,217
Parkervision, Inc.	*†		2,943		22,779
Ryland Group, Inc.			3,067		100,874
Sealy Corporation	†		2,640		20,064
Select Comfort Corporation	*†		3,139		11,300
Standard-Pacific Corporation	†		10,118		49,173
Steelcase, Inc. Class A			4,515		49,936
Tempur-Pedic International, Inc.	†		4,765		52,415
Toll Brothers, Inc.	*†		9,179		215,523
Virco Manufacturing Corporation			799		4,179
Walter Industries, Inc.			3,281		205,489
					2,217,201
Household Products—0.3%
Apogee Enterprises, Inc.			2,250		34,650
Charles & Colvard Ltd.	†		693		852
Ferro Corporation	†		2,588		38,458
Gentex Corporation			9,606		164,743
Kronos Worldwide, Inc.			235		5,675
RPM, Inc.			8,223		172,190
Valspar Corporation			6,436	$	127,690
					544,258
Industrial—Diversified—0.1%
Armstrong World Industries, Inc.			1,349		48,105
Blyth, Inc.			1,634		32,222
Lydall, Inc.	*		2,150		24,617
Progressive Gaming International Corporation	*		7,390		15,667
Russ Berrie & Company, Inc.	*		1,157		16,267
					136,878
Insurance—4.4%
Alfa Corporation			2,608		57,324
Alleghany Corporation	*		328		112,162
Allied World Assurance Holdings Ltd. (Bermuda)			3,096		122,911
American Financial Group, Inc.			4,187		107,020
American Independence Corporation	*		430		3,122
American National Insurance			1,095		116,837
American Physicians Capital, Inc.			1,201		55,678
American Safety Ins Holdings (Bermuda)	*		1,082		18,502
Amerigroup Corporation	*		3,202		87,511
Arch Capital Group Ltd. (Bermuda)	*		2,876		197,495
Argo Group International Holdings Ltd. (Bermuda)	*		1,884		66,920
Arthur J. Gallagher & Company			6,047		142,830
Aspen Insurance Holdings Ltd. (Bermuda)	†		5,236		138,126
Assured Guaranty Ltd. (Bermuda)	†		3,100		73,594
Axis Capital Holdings Ltd. (Bermuda)			9,232		313,703
Baldwin & Lyons, Inc. Class B			946		24,293
Brown & Brown, Inc.			7,747		134,643
Centene Corporation	*		2,702		37,666
Citizens, Inc., TX	*†		2,504		16,752
CNA Financial Corporation			1,883		48,563
CNA Surety Corporation	*		1,486		22,855
Commerce Group, Inc.			3,370		121,522
Conseco, Inc.	*		12,970		132,294
Covanta Holding Corporation	*		7,320		201,300
Crawford & Company Class B	*		1,891		9,928
Delphi Financial Group, Inc. Class A			2,972		86,872
Donegal Group, Inc. Class B			759		14,212
EMC Insurance Group, Inc.			1,041		27,992
Employers Holdings, Inc.			3,690		68,413
Endurance Specialty Holdings Ltd. (Bermuda)			3,634		133,004
Erie Indemnity Company Class A			3,264		167,084
Everest Re Group Ltd. (Bermuda)			4,133		370,027
FBL Financial Group, Inc. Class A			1,058		30,142
Fidelity National Financial, Inc.			13,528		247,968
First American Corporation			5,058		171,669
FPIC Insurance Group, Inc.	*		1,050		49,497
Hanover Insurance Group (The), Inc.			3,548		145,965
Harleysville Group, Inc.			1,278		46,123
HCC Insurance Holdings, Inc.			7,571		171,786
Health Net, Inc.	*		6,938		213,690
HealthExtras, Inc.	*		1,865		46,327
Healthspring, Inc.	*		3,130		44,070
Hilb Rogal & Hobbs Company			2,629		82,735
Horace Mann Educators Corporation			3,101		54,205
Independence Holding Company			963		11,479

See accompanying notes to schedule of investments.

109

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Infinity Property & Casualty Corporation			1,280	$	53,248
IPC Holdings Ltd. (Bermuda)			3,640		101,920
Kansas City Life Insurance Company			903		43,398
Landamerica Financial Group, Inc.			1,087		42,904
Markel Corporation	*		657		289,060
Max Capital Group Ltd. (Bermuda)			3,010		78,832
Mercury General Corporation			1,639		72,624
Molina Healthcare, Inc.	*†		1,190		29,060
Montpelier Re Holdings Ltd. (Bermuda)	†		5,770		92,609
National Financial Partners Corporation	†		2,348		52,760
Nationwide Financial Services Class A			3,334		157,632
Navigators Group, Inc.	*		939		51,082
Odyssey Re Holdings Corporation			1,814		66,665
Old Republic International Corporation			15,561		200,893
OneBeacon Insurance Group Ltd. (Bermuda)			2,457		46,732
PMI Group, Inc. (The)	†		5,087		29,606
PartnerRe Ltd. (Bermuda)	†		3,493		266,516
Penn Treaty American Corporation	*		1,630		10,514
Philadelphia Consolidated Holding Corporation	*		4,115		132,503
Phoenix Companies, Inc. (The)			6,807		83,113
Platinum Underwriters Holdings Ltd. (Bermuda)			4,036		131,009
PMA Capital Corporation Class A	*		1,826		15,594
Presidential Life Corporation			1,145		19,969
ProAssurance Corporation	*		2,078		111,859
Protective Life Corporation			4,733		191,970
Radian Group, Inc.	†		7,245		47,600
Reinsurance Group of America, Inc.			1,841		100,224
RenaissanceRe Holdings Ltd. (Bermuda)			4,464		231,726
RLI Corporation			1,602		79,411
Safety Insurance Group, Inc.			1,040		35,495
SCPIE Holdings, Inc.	*		690		19,010
Security Capital Assurance Ltd. (Bermuda)	†		3,744		1,947
Selective Insurance Group			3,400		81,192
Stancorp Financial Group, Inc.			3,075		146,708
State Auto Financial Corporation			958		27,907
Stewart Information Services Corporation			1,684		47,135
Tower Group, Inc.			1,200		30,204
Transatlantic Holdings, Inc.			1,615		107,155
Triad Guaranty, Inc.	*†		5,663		28,315
United American Healthcare Corporation	*		4,252		11,991
United Fire & Casualty Company			1,472		55,053
Unitrin, Inc.			3,311		117,011
Universal American Corp.	*		2,892		30,655
WellCare Health Plans, Inc.	*		2,578		100,413
Wesco Financial Corporation			115		46,460
White Mountains Insurance Group Ltd.			487		233,760
WR Berkley Corporation			10,659		295,148
Zenith National Insurance Corporation			2,253		80,793
					8,874,196
Lodging—0.9%
Ameristar Casinos, Inc.			1,420		25,915
Bluegreen Corporation	*		1,800		12,060
Boyd Gaming Corporation	†		3,538	$	70,760
Choice Hotels International, Inc.	†		2,346		80,022
Empire Resorts, Inc.	*†		2,513		3,443
Isle of Capri Casinos, Inc.	*		1,251		8,945
Las Vegas Sands Corporation	*†		6,633		488,454
MGM MIRAGE	*†		7,376		433,488
Marcus Corporation			1,805		34,656
Monarch Casino & Resort, Inc.	*		700		12,397
Morgans Hotel Group Company	*		2,390		35,420
MTR Gaming Group, Inc.	*		4,525		31,675
Orient-Express Hotels Ltd. Class A (Bermuda)			2,744		118,431
Trump Entertainment Resorts, Inc.	*		2,320		8,352
Vail Resorts, Inc.	*†		1,891		91,316
Wynn Resorts Ltd.	†		4,001		402,661
					1,857,995
Media—Broadcasting & Publishing—1.8%
4Kids Entertainment, Inc.	*		2,466		24,093
Acme Communications, Inc.	*		1,200		2,424
AH Belo Corporation Class A	*		1,272		14,539
American Greetings Corporation Class A			3,420		63,441
Beasley Broadcasting Group, Inc. Class A			1,150		4,094
Belo Corporation Class A			6,361		67,236
Cablevision Systems Corporation Class A	*		14,877		318,814
Charter Communications, Inc. Class A	*†		28,067		23,913
Citadel Broadcasting Corporation			11,863		19,693
COX Radio, Inc. Class A	*		3,253		38,646
Crown Media Holdings, Inc.	*†		4,399		22,743
CSS Industries, Inc.			420		14,683
Cumulus Media, Inc. Class A	*		3,854		24,589
DISH Network Corporation Class A	*		13,480		387,280
Emmis Communications Corporation Class A	*†		4,461		15,524
Entercom Communications Corporation	†		1,873		18,599
Entravision Communications Corporation Class A	*		4,930		32,834
Gray Television, Inc.			3,878		22,066
Handleman Company	*		3,857		926
Harte-Hanks, Inc.			3,759		51,386
Hearst-Argyle Television, Inc.			1,654		34,122
Idearc, Inc.	†		9,584		34,886
John Wiley & Sons Class A			3,091		122,713
Journal Communications, Inc. Class A			3,220		23,764
Journal Register Company	†		6,458		3,552
Lee Enterprises, Inc.	†		2,744		27,467
Liberty Global, Inc. Class C	*		300		9,744
Liberty Global, Inc. Class A	*		23,771		810,116
Liberty Media Corporation Interactive Class A	*		38,530		621,874
Liberty Media Holdings Corporation Capital Class A	*		8,284		130,390
LIN TV Corporation Class A	*		2,390		22,968
Lodgenet Entertainment Corporation	*		1,250		7,613
Martha Stewart Living Omnimedia Class A	*		1,860		13,820
McClatchy Company Class A	†		3,506		37,514
Media General, Inc. Class A	†		1,595		22,362
Mediacom Communications Corporation	*†		3,433		14,865

See accompanying notes to schedule of investments.

110

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Playboy Enterprises, Inc. Class B	*		1,251	$	10,421
PRIMEDIA, Inc.	†		1,508		11,084
Radio One, Inc. Class A	*		4,327		6,577
Radio Unica Communications Corporation	*‡d		1,900		—
Regent Communications, Inc.	*		3,610		4,513
RH Donnelley Corporation	*†		4,669		23,625
Salem Communications Corporation Class A			850		3,409
Scholastic Corporation	*		2,095		63,416
Sinclair Broadcast Group, Inc. Class A	†		4,220		37,600
Spanish Broadcasting System, Inc. Class A	*		4,320		7,646
Sun-Times Media Group, Inc. Class A	*		2,614		1,882
Time Warner Cable, Inc. Class A	*		10,268		256,495
Tivo, Inc.	*		5,766		50,510
Young Broadcasting, Inc. Class A	*		831		632
					3,583,103
Medical Supplies—3.1%
Abaxis, Inc.	*		1,864		43,189
Abiomed, Inc.	*†		2,606		34,243
Advanced Medical Optics, Inc.	*†		4,249		86,255
Align Technology, Inc.	*		4,029		44,762
American Medical Systems Holdings, Inc.	*†		5,369		76,186
American Science & Engineering, Inc.			530		28,922
Angiodynamics, Inc.	*		2,450		28,322
ArthoCare Corporation	*†		1,902		63,432
Aspect Medical Systems, Inc.	*		2,322		14,164
Avigen, Inc.	*		3,880		10,825
Axsys Technologies, Inc.	*		885		44,144
Beckman Coulter, Inc.			4,161		268,593
Bioject Medical Technologies, Inc.	*		4,491		1,796
Biolase Technology, Inc.	*		3,105		9,594
Bio-Rad Laboratories, Inc. Class A	*		1,338		119,015
Bruker BioSciences Corporation	*		4,130		63,561
Candela Corporation	*		2,794		9,500
Cantel Medical Corporation	*		1,690		17,948
Cepheid, Inc.	*		3,352		81,755
Cerus Corporation	*		3,201		18,470
Chindex International, Inc.	*		1,018		38,419
Clarient, Inc.	*		3,308		4,730
Coherent, Inc.	*		2,327		64,900
Conceptus, Inc.	*†		2,419		44,897
Conmed Corporation	*		2,086		53,485
Cooper Companies, Inc.			2,668		91,859
Cutera, Inc.	*		1,264		17,026
Cyberonics, Inc.	*		956		13,862
Cynosure Inc.-Class A	*		772		16,444
Datascope Corporation			1,121		46,443
Dentsply International, Inc.			9,343		360,640
Depomed, Inc.	*		2,500		8,500
Endologix, Inc.	*		1,350		4,037
EP Medsystems, Inc.	*		5,240		7,912
ev3, Inc.	*†		3,574		29,092
Excel Technology, Inc.	*		562		15,152
Faro Technologies, Inc.	*		1,212		37,790
FEI Company	*		2,138		46,673
Haemonetics Corporation	*		1,865		111,117
Hanger Orthopedic Group, Inc.	*		3,263		35,175
HealthTronics Surgical Services, Inc.	*		2,530	$	8,197
Hillenbrand Industries, Inc.			3,951		188,858
Hologic, Inc.	*†		8,299		461,424
ICU Medical, Inc.	*		1,096		31,532
I-Flow Corporation	*		2,590		36,338
II-VI, Inc.	*		1,404		53,324
Illumina, Inc.	*		3,446		261,551
Integra LifeSciences Holdings Corporation	*†		1,190		51,729
Intest Corporation	*		950		1,948
Intuitive Surgical, Inc.	*		2,413		782,657
Invacare Corporation			1,874		41,753
ION Geophysical Corporation	*		5,372		74,134
IRIS International, Inc.	*		2,570		34,104
Kensey Nash Corporation	*		867		25,100
Kopin Corporation	*		5,031		13,382
L-1 Identity Solutions, Inc.	*†		4,772		63,468
Masimo Corp.	*		1,850		48,100
Meade Instruments Corporation	*		1,640		2,116
Mechanical Technology, Inc.	*		5,237		2,828
Medical Action Industries, Inc.	*		1,860		30,560
Mentor Corporation	†		2,401		61,754
Merit Medical Systems, Inc.	*		2,509		39,717
Mesa Laboratories, Inc.			1,200		26,880
Mettler-Toledo International, Inc.	*		2,418		234,836
Micrus Endovascular Corporation	*		1,353		16,723
MWI Veterinary Supply, Inc.	*		908		32,016
Nanogen, Inc.	*		2,280		1,003
Natus Medical, Inc.	*		1,717		31,164
Newport Corporation	*		3,015		33,678
NuVasive, Inc.	*†		2,136		73,713
Nyer Medical Group, Inc.	*		2,533		3,192
Orthofix International NV	*		1,020		40,565
Orthologic Corporation	*		1,517		1,289
Osteotech, Inc.	*		1,499		7,120
Owens & Minor, Inc.			2,882		113,378
OYO Geospace Corporation	*		550		24,981
PSS World Medical, Inc.	*		4,966		82,734
Palomar Medical Technologies, Inc.	*		1,117		16,867
Resmed, Inc.	*		5,166		217,902
Rochester Medical Corporation	*		870		8,874
Rofin-Sinar Technologies, Inc.	*		2,208		99,139
Sirona Dental Systems, Inc.	*		1,040		28,049
Somanetics Corporation	*		1,572		24,476
Sonic Innovations Inc.	*		2,950		14,249
SonoSite, Inc.	*		1,650		46,910
Spectranetics Corporation	*		3,376		28,223
Staar Surgical Company	*		2,688		6,908
Steris Corporation			4,157		111,532
Synovis Life Technologies, Inc.	*		957		15,006
Techne Corporation	*		2,532		170,556
Theragenics Corporation	*		5,822		22,939
Thoratec Corporation	*		3,337		47,686
Tomotherapy, Inc.	*		1,340		19,229
Urologix, Inc.	*		1,050		872
Varian, Inc.	*		2,067		119,721
Vital Images, Inc.	*		1,498		22,200
Vital Signs, Inc.			635		32,163
Vivus, Inc.	*†		4,800		28,944
Wright Medical Group, Inc.	*		2,180		52,625
Young Innovations, Inc.			677		11,726
Zoll Medical Corporation	*		1,232		32,759
Zygo Corporation	*		2,489		30,963
					6,361,193

See accompanying notes to schedule of investments.

111

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Metals—2.6%
AK Steel Holding Corporation			7,198	$	391,715
Ameron International Corporation			543		50,787
Aptargroup, Inc.			4,315		167,983
Brush Engineered Materials, Inc.	*		1,122		28,802
Carpenter Technology Corporation			3,068		171,716
Century Aluminum Company	*		1,797		119,033
Chart Industries, Inc.	*		1,742		58,949
Circor International, Inc.			1,232		56,980
Cleveland-Cliffs, Inc.			2,729		326,989
Commercial Metals Company			8,014		240,180
Commercial Vehicle Group, Inc.	*		3,457		34,259
Commscope, Inc.	*		4,284		149,212
Couer d’Alene Mines Corporation	*†		37,188		150,240
Crane Company			3,212		129,604
Dynamic Materials Corporation			875		37,800
Encore Wire Corporation	†		810		14,750
Esmark, Inc.	*†		2,709		30,612
General Cable Corporation	*		3,477		205,386
Gibraltar Industries, Inc.			1,868		21,912
Griffon Corporation	*		2,293		19,720
Haynes International, Inc.	*		684		37,538
Hecla Mining Company	*†		8,305		92,684
Hubbell, Inc. Class B			3,370		147,235
Insteel Industries, Inc.			1,400		16,282
Kaiser Aluminum Corporation	†		1,080		74,844
L.B. Foster Company Class A	*		951		40,950
Ladish Company, Inc.	*†		970		34,920
Material Sciences Corporation	*		2,565		19,904
Matthews International Corporation Class A			2,314		111,651
MAXXAM, Inc.	*		857		27,424
Mueller Industries, Inc.			2,172		62,662
Mueller Water Products, Inc. Class A			5,532		45,252
Mueller Water Products, Inc. Class B			4,149		32,694
NCI Building Systems, Inc.	*†		1,232		29,814
Northwest Pipe Company	*†		630		26,769
Olympic Steel, Inc.			630		28,413
Optical Cable Corporation	*		241		1,205
Quanex Corporation	†		2,570		132,972
Reliance Steel & Aluminum Company			4,201		251,472
Royal Gold, Inc.	†		1,854		55,935
RTI International Metals, Inc.	*		1,370		61,938
Schnitzer Steel Industries, Inc. Class A			1,484		105,394
Shiloh Industries, Inc.			1,441		16,096
Simpson Manufacturing Company, Inc.	†		2,796		75,995
Southern Copper Corporation	†		4,741		492,258
Steel Dynamics, Inc.			11,914		393,639
Stillwater Mining Company	*†		2,228		34,467
Sturm, Ruger & Company, Inc.	*		2,146		17,683
Superior Essex, Inc.	*		1,387		39,002
Superior Telecom, Inc.	*‡d		2,014		—
Taser International, Inc.	*†		4,142		38,935
Texas Industries, Inc.	†		1,692		101,706
Tredegar Corporation			1,607		29,263
Universal Stainless & Alloy Products, Inc.	*		500		14,855
Valmont Industries, Inc.			1,162		102,128
Watts Water Technologies, Inc. Class A	†		1,839		51,547
Worthington Industries, Inc.	†		4,120		69,504
					5,321,659
Oil & Gas—9.8%
Abraxas Petroleum Corporation	*		7,445	$	24,569
Adams Resources & Energy, Inc.			1,462		40,644
AGL Resources, Inc.			5,318		182,514
American Oil & Gas, Inc.	*		4,104		13,420
Apco Argentina, Inc. (Cayman Islands)	†		2,488		64,613
Arena Resources, Inc.	*		2,280		88,259
Atlas America, Inc.			1,882		113,748
Atlas Pipeline Partners, LP	†		1,734		69,464
Atmos Energy Corporation			6,081		155,066
ATP Oil & Gas Corporation	*		1,989		65,080
Atwood Oceanics, Inc.	*		1,662		152,439
Aurora Oil & Gas Corporation	*†		12,100		7,744
Basic Energy Services, Inc.	*		1,420		31,354
Berry Petroleum Company Class A			2,362		109,809
Bill Barrett Corporation	*†		2,112		99,792
Blue Dolphin Energy Company	*		3,650		5,475
Boardwalk Pipeline Partners, LP			2,501		61,550
Bois D’ Arc Energy, Inc.	*		1,634		35,115
BP Prudhoe Bay Royalty Trust	†		1,528		142,669
Breitburn Energy Partners LP Ltd. Partnership	†		3,330		66,866
Brigham Exploration Co.	*		3,121		18,944
Bronco Drilling Co., Inc.	*		1,667		26,855
Buckeye Partners, LP	†		2,828		130,371
Cabot Oil & Gas Corporation			6,113		310,785
Cal Dive International, Inc.	*		3,108		32,261
Callon Petroleum Company	*		3,060		55,355
Cano Petroleum, Inc.	*		5,875		27,495
Carrizo Oil & Gas, Inc.	*		1,600		94,832
Cheniere Energy, Inc.	*†		3,238		64,112
Chesapeake Utilities Corporation			1,039		30,796
Cimarex Energy Company			5,589		305,942
Clayton Williams Energy, Inc.	*		550		28,870
CNX Gas Corporation	*		2,120		68,434
Complete Production Services, Inc.	*		2,350		53,909
Comstock Resources, Inc.	*		3,195		128,759
Concho Resources, Inc.	*		1,702		43,639
Contango Oil & Gas Company	*		1,270		82,055
Continental Resources, Inc.	*		3,305		105,396
Copano Energy LLC	†		2,263		77,372
CREDO Petroleum Corporation	*		700		6,972
Cross Timbers Royalty Trust			833		40,859
Crosstex Energy, Inc.	†		3,380		114,751
CVR Energy, Inc.	*†		1,270		29,248
Dawson Geophysical Company	*		930		62,775
DCP Midstream Partners, LP			1,386		40,194
Delta Natural Gas Company, Inc.			380		9,382
Delta Petroleum Corporation	*†		3,962		89,303
Denbury Resources, Inc.	*		15,852		452,575
Diamond Offshore Drilling, Inc.			4,270		497,028
Dorchester Minerals, LP			1,880		39,480
Edge Petroleum Corporation	*†		5,201		20,960
Electro-Sensors, Inc.	*		2,581		11,666
Enbridge Energy Partners, LP			3,468		164,903
Encore Acquisition Company	*		3,216		129,540
Energen Corporation			4,319		269,074
Energy Partners Ltd.	*		1,667		15,786
Energy Transfer Equity, LP			8,343		260,635
Energy Transfer Partners, LP			4,667		213,142
EnergySouth, Inc.			520		27,139
Enterprise GP Holdings, LP			1,697		50,706
Enterprise Products Partners, LP			18,030		535,491
Equitable Resources, Inc.			7,519		442,869
EXCO Resources, Inc.	*		5,400		99,900
Exterran Holdings, Inc.	*†		4,339		280,039

See accompanying notes to schedule of investments.

112

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Forest Oil Corporation	*		5,265	$	257,774
Frontier Oil Corporation			7,101		193,573
FX Energy, Inc.	*		2,797		11,915
Genesis Energy LP Ltd. Partnership			2,211		41,434
Global Industries Ltd.	*		5,289		85,100
Global Partners LP Ltd. Partnership			839		15,102
Grey Wolf, Inc.	*†		13,740		93,157
Harvest Natural Resources, Inc.	*		3,340		40,280
Headwaters, Inc.	*†		2,476		32,658
Helix Energy Solutions Group, Inc.	*		5,589		176,054
Helmerich & Payne, Inc.			6,000		281,220
Hercules Offshore, Inc.	*†		5,476		137,557
Holly Corporation			2,856		123,979
Holly Energy Partners, LP			670		25,721
Hugoton Royalty Trust			3,289		90,711
Key Energy Services, Inc.	*		9,195		123,397
Kinder Morgan Energy Partners, LP	†		10,338		565,385
Kinder Morgan Management LLC	*		3,897		198,630
Laclede Group, Inc. (The)			1,170		41,687
Linn Energy LLC			7,334		139,346
Macquarie Infrastructure Company LLC			3,017		87,885
Magellan Midstream Partners			4,527		183,344
Mariner Energy, Inc.	*		4,799		129,621
Markwest Energy Partners, LP			3,316		102,265
McMoRan Exploration Company	*†		3,772		65,218
MDU Resources Group, Inc.			11,080		272,014
Meridian Resource Corporation	*		11,330		16,768
National Fuel Gas Company			4,695		221,651
New Jersey Resources Corporation			2,942		91,334
Newfield Exploration Company	*		8,443		446,213
Newpark Resources, Inc.	*		6,294		32,099
NGAS Resources, Inc. (Canada)	*		6,300		35,469
Northwest Natural Gas Company			1,634		70,981
NuStar Energy, LP			2,540		123,038
NuStar GP Holdings LLC			2,132		53,961
Oceaneering International, Inc.	*		3,630		228,690
ONEOK Partners, LP			3,165		181,988
Oneok, Inc.			6,102		272,332
Parallel Petroleum Corporation	*		2,560		50,099
Parker Drilling Company	*		9,263		59,839
Patterson-UTI Energy, Inc.			9,700		253,946
Penn Virginia Corporation			2,681		118,205
Petrohawk Energy Corporation	*		11,525		232,459
Petroleum Development Corporation	*		1,030		71,348
Petroquest Energy, Inc.	*		3,600		62,424
Piedmont Natural Gas Company	†		4,965		130,381
Pioneer Drilling Company	*		2,930		46,675
Pioneer Natural Resources Company			7,528		369,775
Plains All American Pipeline, LP			6,145		292,133
Plains Exploration & Production Company	*		7,056		374,956
PowerSecure International, Inc.	*		2,650		31,191
Pride International, Inc.	*		10,885		380,431
Quest Resource Corporation	*†		5,130		33,704
Quicksilver Resources, Inc.	*		7,500		273,975
Regency Energy Partners, LP			830		22,194
Resource America, Inc. Class A			1,547		14,619
Rosetta Resources, Inc.	*		3,732		73,408
RPC, Inc.			2,280		34,633
SandRidge Energy, Inc.	*†		1,830		71,645
SEACOR Holdings, Inc.	*		1,646		140,503
South Jersey Industries, Inc.			1,794	$	62,987
Southern Union Company			6,540		152,186
Southwest Gas Corporation			3,043		85,082
Southwestern Energy Company	*		22,008		741,450
St. Mary Land & Exploration Company			4,302		165,627
Stone Energy Corporation	*		1,868		97,715
Sulphco, Inc.	*†		8,130		33,902
Sunoco Logistics Partners, LP			970		47,336
Superior Energy Services, Inc.	*		5,048		200,002
Swift Energy Company	*		2,182		98,168
Syntroleum Corporation	*		9,066		5,621
TC Pipelines, LP			800		27,504
Teppco Partners, LP			4,968		171,346
Tetra Technologies, Inc.	*		4,342		68,777
Tidewater, Inc.			3,764		207,434
Toreador Resources Corporation	*		2,250		17,505
Transmeridian Exploration, Inc.	*		12,000		10,800
TransMontaigne Partners, LP			786		22,291
Trico Marine Services, Inc.	*		1,353		52,726
Tri-Valley Corporation	*†		2,100		12,579
TXCO Resources, Inc.	*†		3,031		37,524
UGI Corporation			7,088		176,633
Ultra Petroleum Corporation	*†		9,841		762,678
Unit Corporation	*		2,873		162,755
VAALCO Energy, Inc.	*		8,030		39,909
Vectren Corporation			5,280		141,662
W&T Offshore, Inc.			2,081		70,983
Warren Resources, Inc.	*		3,440		40,833
Wd-40 Company			950		31,588
Western Refining, Inc.	†		2,380		32,059
WGL Holdings, Inc.			3,492		111,954
W-H Energy Services, Inc.	*		2,151		148,096
Whiting Petroleum Corporation	*		2,638		170,547
Williams Partners, LP			1,897		59,756
					19,816,898
Pharmaceuticals—5.7%
Aastrom Biosciences, Inc.	*		3,290		1,316
Abraxis BioScience, Inc.	*		435		25,700
Accelrys, Inc.	*		3,326		17,994
Adolor Corporation	*		8,628		39,430
Affymetrix, Inc.	*†		4,310		75,037
Albany Molecular Research, Inc.	*		1,371		16,644
Alexion Pharmaceuticals, Inc.	*†		2,536		150,385
Alexza Pharmaceuticals, Inc.	*		2,897		19,931
Alfacell Corporation	*†		2,756		6,559
Alkermes, Inc.	*		7,233		85,928
Allscripts Healthcare Solutions, Inc.	*†		3,186		32,880
Alnylam Pharmaceuticals, Inc.	*†		1,755		42,822
Alpharma, Inc. Class A	*		2,513		65,866
Alseres Pharmaceuticals, Inc.	*		724		1,810
AMAG Pharmaceuticals, Inc.	*		1,051		42,492
Amylin Pharmaceuticals, Inc.	*†		8,498		248,227
Anesiva, Inc.	*		1,779		5,657
Antigenics, Inc.	*†		9,214		21,745
APP Pharmaceuticals, Inc.	*		1,744		21,068
Applera Corporation-Celera Group	*		5,787		85,069
Arena Pharmaceuticals, Inc.	*†		4,029		27,558
Ariad Pharmaceuticals, Inc.	*		5,713		19,253
ArQule, Inc.	*†		4,724		20,219
Array BioPharma, Inc.	*		4,170		29,232
Atherogenics, Inc.	*		2,914		2,331
Auxilium Pharmaceuticals Inc.	*†		2,347		62,759
AVANIR Pharmaceuticals Class A	*		9,525		9,525
Avant Immunotherapeutics, Inc.	*		555		5,439

See accompanying notes to schedule of investments.

113

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
AVI BioPharma, Inc.	*†		7,700	$	14,168
Bare Escentuals, Inc.	*†		3,370		78,925
Bentley Pharmaceuticals, Inc.	*		2,011		32,679
BioCryst Pharmaceuticals, Inc.	*†		3,943		18,177
BioMarin Pharmaceuticals, Inc.	*†		5,996		212,079
BioScrip, Inc.	*		3,476		23,498
Cambrex Corporation			2,958		20,499
Cell Genesys, Inc.	*†		10,214		24,003
Cell Therapeutics, Inc.	*†		5,292		3,493
Cephalon, Inc.	*†		4,395		283,038
Charles River Laboratories International, Inc.	*†		4,497		265,053
Collagenex Pharmaceuticals, Inc.	*		1,558		25,816
Columbia Laboratories, Inc.	*		5,940		12,652
Cubist Pharmaceuticals, Inc.	*†		4,049		74,583
CuraGen Corporation	*		6,958		5,566
CV Therapeutics, Inc.	*†		4,341		30,951
Cypress Bioscience, Inc.	*		4,031		28,862
Cytogen Corporation	*		2,255		1,285
Cytokinetics, Inc.	*		4,127		13,702
CytRx Corporation	*†		10,564		12,149
DataTRAK International, Inc.	*		1,359		1,631
Dendreon Corporation	*†		7,889		38,025
Discovery Laboratories, Inc.	*†		10,296		24,196
Durect Corporation	*		7,330		38,483
Dyax Corporation	*		3,200		15,072
Emisphere Technologies, Inc.	*		3,412		5,698
Encysive Pharmaceuticals, Inc.	*†		9,599		22,558
Endo Pharmaceuticals Holdings, Inc.	*		8,848		211,821
EntreMed, Inc.	*		1,390		959
EpiCept Corporation	*		481		255
EPIX Pharmaceuticals, Inc.	*		3,320		4,748
Exact Sciences Corporation	*		7,997		23,271
Exelixis, Inc.	*		6,955		48,337
Genaera Corporation	*		797		1,347
Genelabs Technologies	*		721		642
Genentech, Inc.	*		29,507		2,395,378
Genitope Corporation	*†		2,890		723
Gen-Probe, Inc.	*		3,465		167,013
Geron Corporation	*†		5,440		26,547
GTC Biotherapeutics, Inc.	*		3,988		2,034
GTx, Inc.	*†		1,710		27,497
Hana Biosciences, Inc.	*†		3,510		3,264
Hemispherx Biopharma, Inc.	*		4,821		3,423
Henry Schein, Inc.	*†		5,826		334,412
Herbalife Ltd. (Cayman Islands)	†		3,518		167,105
Heska Corporation	*		4,463		7,096
Hi-Tech Pharmacal Company, Inc.	*		2,404		21,756
Hollis-Eden Pharmaceuticals	*		3,834		6,710
Human Genome Sciences, Inc.	*†		8,883		52,321
Idexx Laboratories, Inc.	*		4,146		204,232
Idenix Pharmaceuticals, Inc.	*		3,110		15,612
Idera Pharmaceuticals, Inc.	*†		1,932		19,339
ImClone Systems, Inc.	*		4,046		171,631
Immtech Pharmaceuticals, Inc.	*		3,841		3,150
Immucor, Inc.	*		4,745		101,258
ImmunoGen, Inc.	*		1,903		6,813
Incyte Corporation	*†		4,623		48,588
Indevus Pharmaceuticals, Inc.	*†		6,691		31,916
Inspire Pharmaceuticals, Inc.	*		4,570		17,595
InterMune, Inc.	*†		2,819		41,101
Introgen Therapeutics, Inc.	*†		2,150		6,687
Inverness Medical Innovations, Inc.	*		3,410		102,641
Invitrogen Corporation	*		2,859	$	244,359
Isis Pharmaceuticals, Inc.	*†		5,868		82,797
Kendle International, Inc.	*		790		35,487
Keryx Biopharmaceuticals, Inc.	*		3,220		1,932
Kosan Biosciences, Inc.	*		2,000		3,140
KV Pharmaceutical Company Class A	*		3,009		75,105
Lexicon Pharmaceuticals, Inc.	*		7,724		15,602
LifeCell Corporation	*		2,412		101,376
Luminex Corporation	*†		3,213		63,135
Mannatech, Inc.	†		2,631		18,759
MannKind Corporation	*†		6,322		37,742
Martek Biosciences Corporation	*†		1,905		58,236
Maxygen, Inc.	*		2,991		19,322
Medarex, Inc.	*		7,804		69,065
Medicines Company	*		3,094		62,499
Medicis Pharmaceutical Corporation Class A			3,487		68,659
Medifast, Inc.	*		2,284		9,661
Medivation, Inc.	*		1,291		18,371
Meridian Bioscience, Inc.			2,700		90,261
Millennium Pharmaceuticals, Inc.	*		21,266		328,772
Monogram Biosciences, Inc.	*		9,010		9,551
Myriad Genetics, Inc.	*†		2,939		118,412
Nabi Biopharmaceuticals	*		6,806		27,360
Nastech Pharmaceutical Company, Inc.	*†		3,350		7,873
NBTY, Inc.	*		4,147		124,203
Nektar Therapeutics	*†		8,780		60,933
NeoPharm, Inc.	*		965		541
Neose Technologies, Inc.	*		5,705		1,590
Neurobiological Technologies, Inc.	*		448		1,165
Neurocrine Biosciences, Inc.	*		2,039		11,011
Neurogen Corporation	*		1,873		3,484
NitroMed, Inc.	*		2,250		2,408
Northfield Laboratories, Inc.	*		1,890		1,871
Novavax, Inc.	*		11,268		29,973
Noven Pharmaceuticals, Inc.	*		1,350		12,123
NPS Pharmaceuticals, Inc.	*		3,900		15,210
Nu Skin Enterprises, Inc. Class A			3,019		54,402
Nuvelo, Inc.	*		8,720		6,191
Omnicare, Inc.	†		8,076		146,660
Omrix Biopharmaceuticals, Inc.	*		1,506		21,084
Onyx Pharmaceuticals, Inc.	*†		3,374		97,947
OraSure Technologies, Inc.	*		4,328		31,638
Ore Pharmaceuticals, Inc.	*		950		521
Oscient Pharmaceuticals Corporation	*		4,064		7,071
OSI Pharmaceuticals, Inc.	*†		3,581		133,894
Pain Therapeutics, Inc.	*†		3,499		29,567
Palatin Technologies, Inc.	*		2,104		572
Panacos Pharmaceuticals, Inc.	*		2,667		1,867
Par Pharmaceutical Companies, Inc.	*		3,271		56,883
Parexel International Corporation	*		3,688		96,257
PDL BioPharma, Inc.	*		7,921		83,883
Penwest Pharmaceuticals Company	*†		5,730		14,898
Peregrine Pharmaceuticals, Inc.	*		9,115		4,284
Perrigo Company			5,083		191,782
Pharmaceutical Product Development, Inc.			6,933		290,493
Pharmacopeia, Inc.	*		4,683		17,233
Pharmacyclics, Inc.	*		1,701		1,276
PharmaNet Development Group, Inc.	*		1,036		26,138
PharMerica Corporation	*†		2,249		37,266
Poniard Pharmaceuticals, Inc.	*		3,696		12,382

See accompanying notes to schedule of investments.

114

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Pozen, Inc.	*†		1,922	$	19,912
Prestige Brands Holdings, Inc.	*		2,900		23,722
Progenics Pharmeceuticals, Inc.	*†		1,383		9,031
Quidel Corporation	*		2,820		45,289
Ramtron International Corporation	*		1,920		7,872
Regeneron Pharmaceuticals, Inc.	*		4,693		90,059
Renovis, Inc.	*		7,533		17,778
Rentech, Inc.	*		14,020		12,478
Repligen Corporation	*		3,422		16,494
Rigel Pharmaceuticals, Inc.	*		2,066		38,552
RTI Biologics, Inc.	*		3,227		30,495
RXI Pharmaceuticals Corporation	*†		524		4,978
Salix Pharmaceuticals Ltd.	*		4,445		27,915
Sangamo BioSciences, Inc.	*†		2,338		23,754
Savient Pharmaceuticals, Inc.	*†		3,176		63,520
Sciclone Pharmaceuticals, Inc.	*		4,800		9,072
Sciele Pharma, Inc.	*†		2,476		48,282
SCOLR Pharma, Inc.	*		2,400		2,904
Senomyx, Inc.	*†		2,620		15,458
Sepracor, Inc.	*		7,237		141,266
Sequenom, Inc.	*		3,594		23,361
SIGA Technologies, Inc.	*		4,650		10,695
StemCells, Inc.	*		3,500		5,495
SuperGen, Inc.	*		3,719		9,335
Symyx Technologies, Inc.	*		1,965		14,738
Targeted Genetics Corporation	*		3,456		3,421
Telik, Inc.	*†		6,069		14,808
Theravance, Inc.	*†		3,130		32,959
Third Wave Technologies, Inc.	*		5,437		50,129
Titan Pharmaceuticals, Inc.	*		4,244		6,408
TorreyPines Therapeutics, Inc.	*		347		475
Trimeris, Inc.	*†		4,014		26,171
United Therapeutics Corporation	*†		1,264		109,589
USANA Health Sciences, Inc.	*†		743		16,368
Valeant Pharmaceuticals International	*		5,975		76,659
Vanda Pharmaceuticals, Inc.	*		2,119		8,201
Verenium Corporation	*†		1,790		6,301
Vermillion, Inc.	*		150		480
Vertex Pharmaceuticals, Inc.	*		8,644		206,505
Vion Pharmaceuticals, Inc.	*		450		671
Viropharma, Inc.	*†		4,402		39,354
Warner Chilcott Ltd. Class A (Bermuda)	*†		5,318		95,724
XenoPort, Inc.	*		1,300		52,611
XOMA Ltd.	*		12,047		31,202
Zymogenetics, Inc.	*		2,343		22,961
					11,496,568
Public Administration—0.2%
Corrections Corporation of America	*		8,255		227,178
Geo Group, Inc. (The)	*		3,213		91,378
					318,556
Real Estate—5.8%
Acadia Realty Trust REIT			2,059		49,725
Agree Realty Corporation REIT			1,045		28,685
Alesco Financial, Inc. REIT	†		5,693		16,396
Alexander’s, Inc. REIT	*		119		42,186
Alexandria Real Estate Equities, Inc. REIT			2,006		185,996
AMB Property Corporation REIT			6,448		350,900
American Campus Communities, Inc. REIT			2,136		58,441
American Financial Realty Trust REIT			8,333	$	66,164
American Land Lease, Inc. REIT			729		15,003
American Mortgage Acceptance Corporation REIT			1,732		2,615
Annaly Capital Management, Inc.	†		29,384		450,163
Anthracite Capital, Inc. REIT	†		3,940		26,004
Anworth Mortgage Asset Corporation REIT	†		3,855		23,631
Arbor Realty Trust, Inc. REIT	†		1,450		21,866
Ashford Hospitality Trust, Inc. REIT			7,797		44,287
Associated Estates Realty Corporation REIT			2,550		29,172
BioMed Realty Trust, Inc. REIT			4,010		95,799
Brandywine Realty Trust REIT			6,205		105,237
BRE Properties Class A			3,450		157,182
Brookfield Properties Company (Canada)			13,501		260,704
BRT Realty Trust REIT			916		12,833
California Coastal Communities, Inc.	*		1,028		4,976
Camden Property Trust REIT			3,369		169,124
Capital Alliance Income Trust Ltd. REIT	*		799		2,277
Capital Trust Class A			923		24,875
CapitalSource, Inc.	†		11,343		109,687
CapLease, Inc.	†		2,320		18,026
Capstead Mortgage Corporation REIT	†		3,102		35,363
CBL & Associates Properties, Inc. REIT			4,638		109,132
CBRE Realty Finance, Inc. REIT			3,335		13,440
Cedar Shopping Centers, Inc. REIT			2,659		31,057
Colonial Properties Trust REIT			2,752		66,186
Consolidated-Tomoka Land Company			530		29,707
Corporate Office Properties Trust SBI MD REIT			2,852		95,856
Cousins Properties, Inc. REIT	†		2,338		57,772
DCT Industrial Trust, Inc. REIT			10,500		104,580
Deerfield Capital Corp. REIT			4,801		6,769
DiamondRock Hospitality Company REIT			5,836		73,942
Digital Realty Trust, Inc. REIT	†		3,825		135,788
Douglas Emmett, Inc. REIT			6,328		139,596
Duke Realty Corporation REIT			9,024		205,837
Dupont Fabros Technology REIT			2,483		40,945
Eastgroup Properties, Inc. REIT			1,761		81,816
Education Realty Trust, Inc. REIT			1,700		21,369
Entertainment Properties Trust REIT			1,919		94,664
Equity Lifestyle Properties, Inc. REIT			1,281		63,243
Equity One, Inc. REIT	†		2,445		58,607
Essex Property Trust, Inc. REIT			1,578		179,860
Extra Space Storage, Inc. REIT	†		4,170		67,512
Federal Realty Investment Trust REIT	†		3,700		288,415
FelCor Lodging Trust, Inc. REIT			3,938		47,374
First Industrial Realty Trust, Inc. REIT			2,823		87,202
First Potomac Realty Trust REIT			2,349		36,104
Forest City Enterprises, Inc. Class A			4,558		167,734
Forestar Real Estate Group	*		2,113		52,635
Franklin Street Properties Corporation REIT			3,670		52,554
Friedman Billings Ramsey Group, Inc. Class A			14,580		24,786
FX Real Estate and Entertainment, Inc.	*		824		4,845
Getty Realty Corporation REIT			1,418		22,589

See accompanying notes to schedule of investments.

115

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Glimcher Realty Trust REIT	†		2,205	$	26,372
GMH Communities Trust REIT			2,460		21,353
Grubb and Ellis Company			2,553		17,539
Health Care REIT, Inc.	†		5,358		241,807
Healthcare Realty Trust, Inc. REIT			2,871		75,077
Hersha Hospitality Trust REIT			3,010		27,180
Highwoods Properties, Inc. REIT			4,003		124,373
Hilltop Holdings, Inc.	*		3,923		40,799
HMG Courtland Properties REIT	*		1,250		11,000
Home Properties, Inc. REIT	†		2,101		100,827
Hospitality Properties Trust REIT			6,378		216,980
HRPT Properties Trust REIT			12,454		83,815
Icahn Enterprises, LP			533		43,973
IMPAC Mortgage Holdings, Inc. REIT	†		9,264		11,765
Inland Real Estate Corporation REIT	†		3,790		57,646
iStar Financial, Inc. REIT			8,506		119,339
JER Investors Trust, Inc. REIT	†		2,190		18,571
Jones Lang Lasalle, Inc.			2,490		192,577
Kilroy Realty Corporation REIT			2,262		111,087
Kite Realty Group Trust REIT			2,870		40,180
KKR Financial Holdings LLC			7,988		101,128
LaSalle Hotel Properties REIT			2,501		71,854
Lexington Corporate Properties Trust REIT	†		4,080		58,793
Liberty Property Trust REIT			6,264		194,873
LTC Properties, Inc. REIT			1,460		37,537
Luminent Mortgage Capital, Inc. REIT	†		3,939		2,403
Macerich Company (The) REIT			4,664		327,739
Mack-Cali Realty Corporation REIT			4,130		147,482
Maguire Properties, Inc. REIT	†		2,300		32,913
Medical Properties Trust, Inc. REIT	†		3,358		38,013
MFA Mortgage Investments, Inc. REIT			7,833		49,348
Mid-America Apartment Communities, Inc. REIT			1,821		90,759
Mission West Properties REIT			1,418		13,400
Monmouth Class A REIT			4,925		39,400
National Health Investors, Inc. REIT			1,871		58,469
National Retail Properties, Inc. REIT	†		4,114		90,714
Nationwide Health Properties, Inc. REIT	†		6,139		207,191
Newcastle Investment Corporation REIT	†		4,400		36,344
NorthStar Realty Finance Corporation REIT	†		3,990		32,598
Omega Healthcare Investors, Inc. REIT	†		4,792		83,189
Pacific Office Properties Trust, Inc. REIT			1,050		7,193
Parkway Properties, Inc. REIT			1,147		42,393
Pennsylvania REIT			2,750		67,073
PMC Commercial Trust REIT			2,035		14,347
Post Properties, Inc. REIT	†		3,035		117,212
Potlatch Corporation			2,433		100,410
PS Business Parks, Inc. REIT			1,123		58,284
RAIT Financial Trust	†		5,932		41,168
Ramco-Gershenson Properties REIT			1,412		29,807
Rayonier, Inc. REIT			5,154		223,890
Realty Income Corporation REIT	†		6,792		174,011
Redwood Trust, Inc. REIT	†		1,683		61,177
Regency Centers Corporation REIT			4,549		294,593
Resource Capital Corporation			3,788		28,675
Saul Centers, Inc. REIT			882	$	44,312
Senior Housing Properties Trust REIT			5,307		125,776
SL Green Realty Corporation REIT	†		3,849		313,578
Sovran Self Storage, Inc. REIT	†		1,711		73,077
St. Joe Company (The)	†		5,875		252,214
Stewart Enterprises, Inc. Class A			6,846		43,951
Strategic Hotels & Resorts, Inc.			4,710		61,842
Sun Communities, Inc. REIT			1,061		21,751
Sunstone Hotel Investors, Inc. REIT			3,566		57,092
Tanger Factory Outlet Centers REIT	†		2,180		83,865
Taubman Centers, Inc. REIT			3,271		170,419
Thomas Properties Group			2,396		21,037
Thornburg Mortgage, Inc. REIT	†		8,965		9,503
UDR, Inc. REIT			9,100		223,132
Universal Health Realty Income REIT			617		20,546
Urstadt Biddle Properties, Inc. REIT Class A			2,334		36,714
U-Store-It Trust REIT			3,040		34,443
Ventas, Inc. REIT			8,729		392,019
W.P. Carey & Company LLC			1,593		47,742
Washington REIT	†		2,885		96,417
Weingarten Realty Investors REIT			4,779		164,589
					11,719,892
Restaurants—0.7%
AFC Enterprises, Inc.	*		2,170		19,508
Benihana, Inc. Class A	*		680		7,664
Bob Evans Farms, Inc.			2,055		56,697
Brinker International, Inc.			6,752		125,250
Buffalo Wild Wings, Inc.	*†		1,120		27,440
Burger King Holdings, Inc.			3,841		106,242
CEC Entertainment, Inc.	*		1,994		57,587
CKE Restaurants, Inc.			4,056		45,508
California Pizza Kitchen, Inc.	*		2,265		29,694
CBRL Group, Inc.			1,879		67,212
Cheesecake Factory (The)	*		4,778		104,113
Chipotle Mexican Grill, Inc. Class A	*†		2,125		241,039
Cosi, Inc.	*		3,120		8,954
Domino’s Pizza, Inc.			2,750		37,098
IHOP Corporation	†		1,079		51,684
Jack in the Box, Inc.	*		3,756		100,924
Krispy Kreme Doughnuts, Inc.	*†		5,000		15,250
Landry’s Restaurants, Inc.			1,254		20,415
Luby’s, Inc.	*		3,380		23,930
McCormick & Schmick’s Seafood Restaurants, Inc.	*		1,401		16,322
O’Charley’s, Inc.			1,092		12,580
Papa John’s International, Inc.	*		1,581		38,276
PF Chang’s China Bistro, Inc.	*†		1,496		42,546
Red Robin Gourmet Burgers, Inc.	*		1,203		45,197
Ruby Tuesday, Inc.			3,481		26,108
Sonic Corporation	*		4,259		93,868
Steak N Shake Company (The)	*		2,198		17,298
Texas Roadhouse, Inc. Class A	*		4,130		40,474
Triarc Companies Class B			4,026		27,820
					1,506,698
Retailers—2.0%
1-800-FLOWERS.COM, Inc.	*		2,113		17,982
99 Cents Only Stores	*†		5,211		51,537
AC Moore Arts & Crafts, Inc.	*		1,967		13,415
Advance Auto Parts, Inc.			6,810		231,881
Alloy, Inc.	*		462		3,396

See accompanying notes to schedule of investments.

116

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
BJ’s Wholesale Club, Inc.	*		4,027	$	143,724
Barnes & Noble, Inc.			3,301		101,176
Big 5 Sporting Goods Corporation			1,892		16,593
Blue Nile, Inc.	*†		1,063		57,561
Bluefly, Inc.	*		2,341		1,100
Borders Group, Inc.	†		3,582		21,026
Build-A-Bear Workshop, Inc.	*†		960		8,726
CSK Auto Corporation	*		4,270		39,754
Cabela’s, Inc. Class A	*†		3,090		43,754
Casey’s General Stores, Inc.			3,169		71,619
Cash America International, Inc.			1,831		66,648
Central Garden & Pet Company	*		3,162		14,577
Central Garden & Pet Company Class A	*		2,770		12,299
Circuit City Stores, Inc.			10,088		40,150
CKX, Inc.	*		4,120		39,222
Coldwater Creek, Inc.	*†		3,983		20,114
Cost Plus, Inc./California	*†		2,725		9,129
Design Within Reach, Inc.	*		1,210		3,449
Dick’s Sporting Goods, Inc.	*		5,503		147,370
Dollar Tree, Inc.	*		6,490		179,059
Drugstore.Com, Inc.	*		3,800		8,436
Ezcorp, Inc.	*		3,000		36,930
Fastenal Company	†		9,186		421,913
Ferrellgas Partners, LP			2,612		55,087
Foot Locker, Inc.			10,828		127,446
Forward Industries, Inc.–N Y	*		630		1,525
Fred’s, Inc.	†		1,781		18,255
GSI Commerce, Inc.	*†		1,470		19,331
Haverty Furniture Companies, Inc.	†		2,301		24,483
Hibbett Sports, Inc.	*†		1,926		29,737
Jo-Ann Stores, Inc.	*		1,266		18,648
Kenneth Cole Productions, Inc. Class A			956		16,195
Kirkland’s, Inc.	*		833		1,041
Knoll, Inc.			2,839		32,762
K-Swiss, Inc. Class A			1,706		26,989
Longs Drug Stores Corporation			2,310		98,083
MarineMax, Inc.	*		3,026		37,704
Marvel Entertainment, Inc.	*		2,901		77,718
Men’s Wearhouse, Inc.			3,382		78,699
MSC Industrial Direct Company Class A			2,782		117,540
Nitches, Inc.	*		2,850		4,418
Nutri/System, Inc.	*†		1,970		29,688
O’Reilly Automotive, Inc.	*		7,547		215,240
Overstock.com, Inc.	*†		771		9,183
PC Connection, Inc.	*		2,755		21,820
PetSmart, Inc.			8,991		183,776
Pier 1 Imports, Inc.	*†		6,447		40,487
Priceline.com, Inc.	*†		2,301		278,099
Restoration Hardware, Inc.	*		2,795		12,130
Retail Ventures, Inc.	*		1,372		6,654
Rex Stores Corporation	*		1,034		20,339
Rite Aid Corporation	*†		32,808		96,456
Saks, Inc.	*†		8,548		106,594
Stamps.com, Inc.	*		2,642		27,107
Stein Mart, Inc.	†		5,792		32,551
Systemax, Inc.	†		1,358		16,377
Talon International, Inc.	*		1,335		454
Tractor Supply Company	*		2,356		93,109
Trans World Entertainment Corporation	*		1,932		7,264
Tuesday Morning Corporation	*†		1,816		9,407
ValueVision Media, Inc. Class A	*		6,193		34,309
Williams-Sonoma, Inc.	†		5,416	$	131,284
Zale Corporation	*†		2,902		57,344
					4,037,873
Social Services—0.1%
Bright Horizons Family Solutions, Inc.	*		1,710		73,598
Capital Senior Living Corporation	*		2,245		18,072
Providence Service Corporation	*		790		23,700
Res-Care, Inc.	*		2,426		41,606
					156,976
Telephone Systems—1.5%
Adtran, Inc.			4,390		81,215
Alaska Communications Systems Group, Inc.			2,850		34,884
Audiovox Corporation Class A	*		2,945		31,453
Brightpoint, Inc.	*		3,031		25,339
Cbeyond Inc.	*		1,528		28,711
Centennial Communications Corporation	*		5,437		32,133
Cincinnati Bell, Inc.	*		16,626		70,827
Consolidated Communications Holdings, Inc.			51		772
Covad Communications Group, Inc.	*		13,041		12,650
D&E Communications, Inc.			1,712		15,237
Deltathree, Inc.	*		2,553		332
Equinix, Inc.	*†		2,047		136,105
FiberTower Corporation	*		6,580		11,581
General Communication Class A	*		3,847		23,621
Global Crossing Ltd. (Bermuda)	*		1,360		20,618
Global Payments, Inc.			5,385		222,724
Harris Stratex Networks, Inc.	*		1,510		15,145
Hickory Tech Corporation			652		5,327
IDT Corporation Class B	*†		4,800		18,576
Iowa Telecommunications Services, Inc.	†		2,435		43,173
iPCS, Inc.			940		21,949
j2 Global Communications, Inc.	*		3,065		68,411
Kratos Defense & Security Solutions, Inc.	*		2,399		4,366
LCC International, Inc. Class A	*		1,000		1,570
Leap Wireless International, Inc.	*†		3,284		153,034
Level 3 Communications, Inc.	*†		100,356		212,755
Mastec, Inc.	*		3,427		28,136
MetroPCS Communications, Inc.	*		12,141		206,397
NeuStar, Inc. Class A	*†		4,678		123,873
NII Holdings, Inc. Class B	*		11,168		354,919
Novatel Wireless, Inc.	*		2,949		28,546
NTELOS Holdings Corporation			1,916		46,367
Orbcomm, Inc.	*		3,512		17,420
PAETEC Holding Corporation	*		4,996		33,273
RCN Corporation	*		2,170		24,261
Rural Cellular Corporation Class A	*		1,266		55,995
SAVVIS, Inc.	*		1,629		26,504
SureWest Communications			1,674		25,880
Telecommunication Systems, Inc.	*		6,400		20,160
Telephone & Data Systems, Inc.			5,823		228,669
Telephone & Data Systems, Inc.			1,314		49,012
Time Warner Telecom, Inc. Class A	*		9,693		150,145
US Cellular Corporation	*		921		50,655
Virgin Media, Inc.			19,047		267,991
					3,030,711

See accompanying notes to schedule of investments.

117

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Textiles, Clothing & Fabrics—0.8%
Albany International Corporation Class A			1,437	$	51,933
Brown Shoe Company, Inc.			2,496		37,615
Columbia Sportswear Company	†		940		41,388
CROCS, Inc.	*†		4,977		86,948
Culp, Inc.	*		888		6,678
Deckers Outdoor Corporation	*		840		90,569
Genesco, Inc.	*		1,421		32,839
Guess ?, Inc.			3,690		149,334
Gymboree Corporation	*		1,960		78,165
Hanesbrands, Inc.	*		5,900		172,280
Iconix Brand Group, Inc.	*†		3,317		57,550
Interface, Inc. Class A			3,470		48,754
Mohawk Industries, Inc.	*†		3,596		257,510
Mothers Work, Inc.	*		684		11,430
Oxford Industries, Inc.			956		21,539
Phillips-Van Heusen Corporation			3,743		141,935
Quiksilver, Inc.	*		7,789		76,410
Skechers U.S.A., Inc. Class A	*		2,697		54,506
Sport-Haley, Inc.	*		1,043		2,295
Steven Madden Ltd.	*†		1,528		26,175
Tarrant Apparel Group	*		1,107		773
Timberland Company Class A	*		3,249		44,609
Warnaco Group, Inc. (The)	*		2,900		114,376
Wolverine World Wide, Inc.			3,299		95,704
					1,701,315
Transportation—1.9%
Alexander & Baldwin, Inc.			2,992		128,895
American Commercial Lines, Inc.	*†		2,906		45,915
Arctic Cat, Inc.	†		1,738		12,670
Arkansas Best Corporation	†		1,383		44,062
Arlington Tankers Ltd. (Bermuda)	†		1,590		33,390
Celadon Group, Inc.	*		1,972		19,089
Con-Way, Inc.			2,747		135,922
Dynamex, Inc.	*		760		19,228
Eagle Bulk Shipping, Inc.	†		3,076		79,238
Emergency Medical Services Corporation Class A	*		758		18,715
Excel Maritime Carriers Ltd. (Liberia)	†		1,400		41,090
Fleetwood Enterprises, Inc.	*		4,000		18,400
Forward Air Corporation			1,912		67,761
Freightcar America, Inc.			930		31,899
GATX Corporation			2,878		112,443
Genco Shipping & Trading Ltd.	†		1,722		97,172
General Maritime Corporation			2,040		48,164
Genesee & Wyoming, Inc. Class A	*		2,371		81,562
Greenbrier Cos., Inc.			1,195		31,691
Gulfmark Offshore, Inc.	*		1,545		84,542
Heartland Express, Inc.			4,044		57,667
Hertz Global Holdings Inc.	*		8,962		108,082
Hornbeck Offshore Services, Inc.	*†		1,340		61,198
HUB Group, Inc. Class A	*		2,580		84,856
JB Hunt Transport Services, Inc.			5,297		166,485
Kansas City Southern	*†		4,687		187,996
Kirby Corporation	*		3,585		204,345
K-Sea Transportation Partners, LP			470		16,591
Landstar System, Inc.			3,340		174,214
Martin Midstream Partners, LP			1,200		36,612
Mobile Mini, Inc.	*†		3,320		63,080
OceanFreight, Inc.			1,037		22,700
Odyssey Marine Exploration, Inc.	*		3,340		18,003
Old Dominion Freight Line, Inc.	*		1,783		56,753
Overseas Shipholding Group			1,739	$	121,800
P.A.M. Transportation Services, Inc.	*		1,139		17,723
Pacer International, Inc.			2,275		37,378
Polaris Industries, Inc.	†		2,511		102,976
Quality Distribution, Inc.	*		914		2,916
Royal Caribbean Cruises Ltd.	†		9,195		302,516
Rural/Metro Corporation	*		1,600		3,728
Saia, Inc.	*		2,862		45,391
Ship Finance International Ltd. (Bermuda)			2,540		66,751
Teekay Corporation (Bahama Islands)	†		2,957		125,584
Teekay Offshore Partners LP Ltd. Partnership (Bahama Islands)			883		20,441
Thor Industries, Inc.	†		2,634		78,414
Trinity Industries, Inc.			5,371		143,137
UTI Worldwide, Inc. (Luxembourg)			5,804		116,544
US Shipping Partners, LP			1,660		19,787
Wabtec Corporation			3,117		117,386
Werner Enterprises, Inc.	†		2,916		54,121
YRC Worldwide, Inc.	*†		3,388		44,451
					3,831,474
Water Companies—0.2%
American States Water Company			1,492		53,712
Aqua America, Inc.			8,998		168,982
California Water Service Group	†		1,589		60,620
Connecticut Water Service, Inc.			500		11,835
Middlesex Water Company			550		9,988
Pico Holdings, Inc.	*		970		29,323
SJW Corporation			1,012		28,933
Southwest Water Company	†		2,215		24,520
					387,913
TOTAL COMMON STOCKS
(Cost $172,265,334)					196,349,909

 

Coupon Rate	Maturity Date	Face		Value
U.S. TREASURY OBLIGATIONS—0.2%
U.S. Treasury Bills—0.2%
U.S. Treasury Bill
0.850%	06/19/2008	$	330,000		329,385

 

		Shares		Value
RIGHTS—0.0%
Financial Services—0.0%
Centerline Holding, Corp. Rights, Expires 04/04/2008	†‡d		3,935		—
Real Estate—0.0%
FX Real Estate and Entertainment, Inc. Rights, Expires 04/18/2008	‡d		412		—
Textiles, Clothing & Fabrics—0.0%
Mossimo, Inc. Rights, Expires TBD	*‡d		2,807		—
TOTAL RIGHTS
(Cost $—)					—

 

See accompanying notes to schedule of investments.

118

SCHEDULE OF INVESTMENTS

March 31, 2008 (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 Corporation Warrants, Expires 08/11/2008	‡d		200		—
(Cost $—)					—

 

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—21.6%
Institutional Money Market Funds—0.7%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††	$	1,322,166		1,322,166
Bank & Certificate Deposits/ Offshore Time Deposits—20.9%
ABN Amro Bank NV
3.000%	04/10/2008	††		1,154,405		1,154,405
Barclays
4.600%	04/04/2008	††		461,762		461,762
BNP Paribas
3.820%	04/16/2008	††		1,385,285		1,385,285
BNP Paribas
3.000%	04/01/2008	††		5,772,020		5,772,020
Branch Banking & Trust
2.000%	04/01/2008	††		2,308,808		2,308,808
Calyon
3.020%	04/04/2008	††		923,523		923,523
Calyon
3.000%	04/01/2008	††		5,370,739		5,370,739
Fortis Bank
2.750%	04/08/2008	††		3,232,331		3,232,331
Rabobank Nederland
3.010%	04/07/2008	††		1,154,404		1,154,404
Royal Bank of Canada
2.750%	04/01/2008	††		5,772,020		5,772,020
Royal Bank of Scotland
3.000%	04/01/2008	††		6,002,901		6,002,901
Societe Generale
3.120%	04/03/2008	††		692,642		692,642
Societe Generale
2.850%	04/10/2008	††		2,308,808		2,308,808
Svenska Handelsbanken
3.000%	04/01/2008	††		5,096,085		5,096,085
UBS AG
3.025%	04/04/2008	††		692,642		692,642
						42,328,375
TOTAL CASH EQUIVALENTS
(Cost $43,650,541)						43,650,541

 

	Face		Value
REPURCHASE AGREEMENTS—2.7%
State Street Bank and Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $5,460,777 and an effective yield of 1.65%, collateralized by U.S. Government Agency Obligation, with a rate of 4.576%, maturity date of 11/01/2033, and an aggregate market value of $5,570,901.	$	5,460,526	$	5,460,526
TOTAL INVESTMENTS—121.5%
(Cost $221,705,785)				245,790,361
Other assets less liabilities—(21.5%)				(43,497,780	)
NET ASSETS—100.0%			$	202,292,581

 

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 reinvestment of collateral received in conjunction with securities lending.

d Security has no market value at 03/31/2008.

See accompanying notes to schedule of investments.

119

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—97.0%
Australia—6.2%
ABC Learning Centres Ltd.			3,700	$	4,758
AGL Energy Ltd.			7,248		73,223
Alumina Ltd.			20,052		102,544
Amcor Ltd.			11,838		77,389
AMP Ltd.			30,846		221,816
Ansell Ltd.			1,154		12,301
Aristocrat Leisure Ltd.			6,119		53,815
Asciano Group			9,173		33,646
ASX Ltd.			3,254		111,942
Australia & New Zealand Banking Group Ltd.			30,788		638,275
AXA Asia Pacific Holdings Ltd.			14,164		71,448
Babcock & Brown Ltd.			3,777		51,148
Bendigo Bank Ltd.			2,338		25,488
BHP Billiton Ltd.			55,892		1,834,959
BHP Steel Ltd.			12,806		116,032
Billabong International Ltd.			3,672		43,671
Boral Ltd.			7,953		45,649
Brambles Ltd.			22,972		209,776
Caltex Australia Ltd.			2,904		34,633
CFS Retail Property Trust			24,195		48,090
Challenger Financial Services Group Ltd.			5,236		8,814
Coca-Cola Amatil Ltd.			7,823		60,829
Cochlear Ltd.			767		38,552
Commonwealth Bank of Australia			22,089		848,018
Commonwealth Property Office Fund			28,508		34,700
Computershare Ltd.			9,803		78,498
Crown Ltd.	*		8,998		86,264
CSL Ltd.			8,915		301,923
CSR Ltd.			18,904		55,437
DB RREEF Trust			55,958		86,446
Downer EDI Ltd.			8,525		48,816
Fortescue Metals Group, Ltd.	*		21,130		126,056
Foster’s Group Ltd.			31,606		148,007
Futuris Corporation Ltd.			5,023		8,716
General Property Trust			30,675		91,732
Goodman Fielder Ltd.			12,355		20,390
Goodman Group			24,482		96,922
Harvey Norman Holdings Ltd.			10,998		39,449
Iluka Resources Ltd.			1,488		6,389
Incitec Pivot Ltd.			689		89,000
ING Industrial Fund			16,122		31,527
Insurance Australia Group Ltd.			31,863		107,151
John Fairfax Holdings Ltd.	†		24,051		76,666
Leighton Holdings Ltd.	†		2,521		99,109
Lend Lease Corporation Ltd.			6,835		82,997
Lion Nathan Ltd.			6,303		50,461
Macquarie Airports			9,138		27,136
Macquarie Communications Infrastructure Group			3,831		14,763
Macquarie Group Ltd.			4,238		204,387
Macquarie Infrastructure Group	†		40,325		102,830
Macquarie Office Trust NPV			42,146		35,098
Meinl European Land Ltd.	*		5,430		61,856
Mirvac Group			19,844		73,196
National Australia Bank Ltd.			27,496		759,710
Newcrest Mining Ltd.			7,242		219,580
OneSteel Ltd.			14,808		86,621
Orica Ltd.			5,586		149,083
Origin Energy Ltd.			16,532		138,362
Oxiana Resources Nl			19,533		56,778
Pacific Brands Ltd.			4,298		7,975
Paladin Resources Ltd.	*		9,064		42,164
PaperlinX Ltd.			3,665	$	9,240
Perpetual Ltd.			532		26,234
QBE Insurance Group Ltd.			14,106		288,344
Qantas Airways Ltd.			18,484		66,521
Rio Tinto Ltd.			4,708		528,385
Santos Ltd.			10,914		145,006
Sims Group, Ltd.	†		792		21,533
Sonic Healthcare Ltd.			5,297		66,692
St. George Bank Ltd.			4,270		100,826
Stockland			24,404		156,569
Suncorp-Metway Ltd.			16,390		194,049
Tabcorp Holdings Ltd.			9,246		119,836
Tatts Group Ltd.			17,158		54,819
Telstra Corporation Ltd.			27,519		70,879
Telstra Corporation Ltd. ADR			48,484		195,279
Toll Holdings Ltd.			9,173		84,352
Transurban Group			18,847		112,047
Wesfarmers Ltd.			8,821		324,045
Wesfarmers Ltd. Partially Protected Shares			2,757		101,346
Westfield Group			28,734		470,178
Westpac Banking Corporation			31,404		684,764
Woodside Petroleum Ltd.			7,778		386,167
Woolworths Ltd.			20,256		538,265
WorleyParsons Ltd.			2,239		68,560
Zinifex Ltd.			7,494		68,351
					13,395,298
Austria—0.6%
Andritz AG			484		26,593
BWIN Interactive Entertainment	*		266		8,766
Erste Bank der Oesterreichischen Sparkassen AG			3,450		224,165
Flughafen Wien AG			67		8,093
Immoeast AG	*		7,515		72,465
IMMOFINANZ Immobilien Anlagen AG			7,160		77,744
Mayr-Melnhof Karton AG			62		6,261
OMV AG			2,644		175,058
Raiffeisen International Bank Holding AG			778		106,322
RHI AG	*		682		27,504
Telekom Austria AG			6,281		129,966
Verbund-Oesterreichische Elektrizitaetswirtschafts AG	*		1,510		107,590
Voestalpine AG			1,825		127,135
Wiener Staedtische Allgemeine Versicherung AG			618		47,448
Wienerberger AG			1,303		69,220
					1,214,330
Belgium—1.3%
Agfa Gevaert NV			1,839		14,377
Barco NV			80		5,738
Bekaert NV			118		17,227
Belgacom SA			2,883		127,689
Cofinimmo			88		19,055
Colruyt SA			332		85,693
Compagnie Maritime Belge SA			135		9,102
Delhaize Group			1,861		147,028
Dexia			8,587		245,417
D’ieteren NV			21		7,477
Fortis			34,845		877,082
Groupe Bruxelles Lambert SA			1,399		170,871
Groupe Bruxelles Lambert SA VVPR Strips	*		127		4
Interbrew			3,045		267,760
KBC Groep NV			2,886		374,969

See accompanying notes to schedule of investments.

120

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Mobistar SA			449	$	40,687
Omega Pharma SA			155		7,194
Solvay SA			1,147		146,498
UCB SA			2,101		73,107
Umicore			1,995		103,876
					2,740,851
Bermuda—0.2%
Cheung Kong Infrastructure Holdings Ltd.			5,000		20,186
Frontline Ltd.			832		38,318
Kerry Properties Ltd.			11,000		67,123
Noble Group Ltd.			26,000		41,855
Orient Overseas International Ltd.			2,200		12,975
Pacific Basin Shipping Ltd.			28,000		46,572
SeaDrill Ltd.			4,479		120,884
Yue Yuen Industrial Holdings			11,000		34,687
					382,600
Cayman Islands—0.1%
ASM Pacific Technology Ltd.			2,000		14,529
Belle International Holdings Ltd.			34,000		35,588
Foxconn International Holdings Ltd.	*		41,000		55,695
Hutchison Telecommunications International Ltd.			28,000		39,971
Parkson Retail Group Ltd.			3,000		25,495
Shui On Land Ltd.			38,000		35,997
Tencent Holdings Ltd.			16,000		92,332
					299,607
Denmark—1.0%
AP Moller - Maersk A/S Class A			3		33,429
AP Moller - Maersk A/S Class B			18		202,290
Bang & Olufsen A/S Class B	†		259		16,241
Coloplast A/S Class B			274		25,111
D/S Torm A/S			500		14,921
Danisco A/S			833		61,093
Danske Bank A/S			7,929		294,139
DSV A/S			4,086		89,883
FLS Industries A/S Class B			950		94,735
GN Store Nord	*		4,265		21,376
H. Lundbeck A/S			507		12,738
Jyske Bank	*		1,193		80,694
NKT Holding A/S			531		38,510
Novo Nordisk A/S Class B			8,125		560,031
Novozymes A/S Class B			839		79,055
Ostasiatiske Kompagni	*		186		16,367
Sydbank A/S			700		25,622
Topdanmark A/S	*		339		57,311
TrygVesta A/S	*		350		30,905
Vestas Wind Systems A/S	*		3,110		342,893
William Demant Holding	†*		358		28,748
					2,126,092
Finland—1.8%
Amer Group			1,534		30,934
Cargotec Corporation			834		41,146
Elisa Oyj Class A			1,951		48,798
Fortum Oyj	*		7,265		296,906
KCI Konecranes Oyj			1,127		43,538
Kesko Oyj Class B	*		1,238		64,188
Kone Oyj			3,042		125,194
Metso Oyj			2,116		114,500
Neste Oil Oyj	†		2,491		87,265
Nokia Oyj			65,558	$	2,073,299
Nokian Renkaat Oyj			1,550		66,513
OKO Bank Class A			1,100		20,765
Orion Oyj	†		1,592		34,563
Outokumpu Oyj			2,272		103,617
Rautaruukki Oyj	*		1,584		76,704
Sampo Oyj			7,783		211,355
SanomaWSOY Oyj Class B			1,909		52,903
Stora Enso Oyj Class R			9,940		115,146
Tietoenator Oyj	†		1,799		44,498
UPM-Kymmene Oyj	†		9,367		166,928
Uponor Oyj			1,125		26,501
Wartsila Oyj Class B	†		877		59,323
YIT Oyj	†		1,800		51,239
					3,955,823
France—9.9%
Accor SA			3,273		239,385
ADP			565		64,510
Air France			2,488		70,116
Air Liquide SA			4,061		620,400
Alcatel-Lucent			38,733		222,039
Alstom			1,670		362,394
Atos Origin	*		1,417		79,032
AXA			26,726		968,284
BNP Paribas			13,782		1,392,091
Bouygues SA			3,628		231,180
Cap Gemini SA			2,519		143,681
Carrefour SA			10,093		780,147
Casino Guichard Perrachon SA			865		103,868
Christian Dior SA			385		42,748
Cie Generale D’Optique Essilor International SA			3,156		206,618
CNP Assurances			676		83,508
Compagnie de Saint-Gobain			4,861		397,970
Compagnie Generale De Geophysique	*		416		103,658
Credit Agricole SA			11,186		346,450
Dassault Systemes SA			1,254		73,046
Electricite de France			1,831		159,550
France Telecom SA			30,288		1,019,310
Gaz de France			3,477		210,354
Gecina SA			146		21,820
Groupe Danone			7,418		664,447
Hermes International			1,113		139,419
Icade			336		50,272
Imerys SA			730		67,006
JC Decaux SA	†		1,530		45,114
Klepierre			990		60,872
LVMH Moet Hennessy Louis Vuitton SA			4,140		461,368
Lafarge SA			2,413		420,026
Lagardere S.C.A.			2,073		155,617
L’Oreal SA			4,245		539,903
M6-Metropole Television			1,711		38,164
Michelin (C.G.D.E.) Class B			2,404		252,199
Natixis			2,803		45,033
Neopost SA			600		67,368
PagesJaunes SA			1,314		23,448
Pernod-Ricard SA			2,996		309,223
Peugeot SA			2,438		189,540
Pinault-Printemps-Redoute SA			1,274		189,229
Publicis Groupe			2,281		87,426
Renault SA			3,133		347,397
Safran SA			2,404		49,404
Sanofi-Aventis			556		41,795
Sanofi-Synthelabo SA			16,423		1,233,917
Schneider Electric SA			3,613		467,547

See accompanying notes to schedule of investments.

121

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
SCOR SE			3,593	$	85,738
Societe BIC SA			239		14,764
Societe Des Autoroutes Paris-Rhin-Rhone			300		36,365
Societe Generale	*		1,573		151,625
Societe Generale Class A			6,292		616,739
Societe Television Francaise			2,508		55,356
Sodexho Alliance SA			1,672		102,957
Suez SA			17,217		1,130,491
Suez SA VVPR Strips	*		880		14
Technip SA			1,700		132,655
Thales SA			1,497		97,061
Thomson			4,484		31,301
Total SA			35,908		2,664,842
Unibail-Rodamco			585		150,678
Unibail-Rodamco REIT			461		118,432
Valeo SA			1,258		50,019
Vallourec SA			870		211,379
Veolia Environnement			5,919		413,767
Vinci SA			6,855		496,762
Vivendi Universal SA			19,737		773,380
Wendel	†		384		48,262
Zodiac SA			569		27,986
					21,298,466
Germany—8.6%
Adidas AG			3,316		219,183
Allianz AG			7,464		1,478,467
Altana AG			900		18,981
Arcandor AG	†*		920		18,387
BASF AG			8,336		1,123,216
Bayer AG			12,337		989,870
Bayerische Motoren Werke AG			3,047		168,278
Beiersdorf AG			1,579		132,966
Bilfinger Berger AG			720		62,004
Carlsberg AS Class B	†		677		86,971
Celesio AG			1,532		75,994
Commerzbank AG			10,489		328,531
Continental AG			2,550		260,003
DaimlerChrysler AG			15,788		1,351,856
Deutsche Bank AG			8,617		975,565
Deutsche Boerse AG			3,297		532,292
Deutsche Lufthansa AG			4,369		118,522
Deutsche Post AG			13,562		414,914
Deutsche Postbank AG			1,429		136,734
Deutsche Telekom AG			48,159		801,527
Douglas Holding AG			278		15,157
E.ON AG			10,375		1,922,991
Fresenius Medical Care AG & Co. KGaA			3,132		157,890
HeidelbergCement AG			275		47,261
Heidelberger Druckmaschinen			810		21,842
Henkel KGaA			2,008		85,458
Hochtief AG			816		74,809
Hypo Real Estate Holding			3,623		94,200
Infineon Technologies AG	*		12,151		85,243
IVG Immobilien AG			1,302		36,455
K+S AG			590		192,261
Linde AG			2,048		289,006
MAN AG			1,916		254,898
Merck AG			1,015		125,243
Metro AG			2,613		211,437
MG Technologies AG	*		2,256		76,101
MLP AG	†		575		8,225
Muenchener Rueckversicherungs AG			3,413		669,965
Premiere AG	*		870		18,813
Puma AG Rudolf Dassler Sport			91	$	35,076
Q-Cells AG	*		670		66,874
Rheinmetall AG			723		51,126
RWE AG			7,554		930,153
Salzgitter AG			639		111,507
SAP AG			14,938		743,478
Siemens AG			14,506		1,575,929
Solarworld AG			1,548		74,039
Suedzucker AG			694		15,412
ThyssenKrupp AG			5,881		338,217
TUI AG	†*		3,859		99,235
Volkswagen AG			2,608		756,868
Wincor Nixdorf AG			641		51,272
					18,530,702
Gibraltar—0.0%
PartyGaming PLC	*		10,700		4,405
Greece—0.6%
Alpha Bank AE			6,130		203,782
Coca Cola Hellenic Bottling Company SA			1,410		65,973
EFG Eurobank Ergasias SA			5,185		158,001
Hellenic Petroleum SA			890		11,744
Hellenic Technodomiki Tev SA			2,657		32,551
Hellenic Telecommunications Organization SA			6,620		188,018
National Bank of Greece SA			6,063		319,756
OPAP SA			3,163		113,004
Piraeus Bank SA			4,288		132,246
Public Power Corporation			2,009		88,041
Titan Cement Company SA			500		21,305
Viohalco			930		9,650
					1,344,071
Hong Kong—1.8%
Bank of East Asia Ltd.			25,200		127,089
BOC Hong Kong Holdings Ltd.			59,500		144,574
Cathay Pacific Airways Ltd.			18,000		35,519
Cheung Kong Holdings Ltd.			25,000		359,924
CLP Holdings Ltd.			21,500		177,910
Esprit Holdings Ltd.			17,500		212,352
Giordano International Ltd.			10,000		4,050
Hang Lung Development Company			5,000		23,898
Hang Lung Properties Ltd.			38,000		136,449
Hang Seng Bank Ltd.			12,300		224,257
Henderson Land Development			20,000		144,112
Hong Kong & China Gas			66,000		199,688
Hong Kong Electric Holdings			26,000		165,005
Hong Kong Exchanges and Clearing Ltd.			18,000		312,717
Hopewell Holdings Ltd.			11,000		42,022
Hutchison Whampoa Ltd.			35,000		332,906
Hysan Development Company Ltd.			7,000		19,818
Kingboard Chemicals Holdings Company Ltd.			11,000		39,198
Li & Fung Ltd.			39,600		148,335
Link REIT			38,000		84,578
Melco International Development			7,000		9,815
MTR Corporation			27,000		93,441
New World Development Company Ltd.			37,600		92,489
PCCW Ltd.			58,000		36,625
Shangri-La Asia Ltd.			18,000		49,077
Shun TAK Holdings Ltd.			12,000		15,967
Sino Land Company Ltd.			26,000		56,849
Sun Hung Kai Properties Ltd.			23,000		363,225
Swire Pacific Ltd. Class A			14,500		164,333

See accompanying notes to schedule of investments.

122

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Television Broadcasts Ltd.			5,000	$	26,916
Tingyi Cayman Islands Holding Corporation			20,000		26,359
Wharf Holdings Ltd.			21,125		100,444
Wing Hang Bank Ltd.			2,000		30,498
					4,000,439
Ireland—0.6%
Allied Irish Banks PLC			14,714		314,270
Anglo Irish Bank PLC			5,957		80,197
Bank of Ireland			17,295		258,234
CRH PLC			9,192		349,420
DCC PLC			1,555		36,783
Elan Corporation PLC	*		7,416		158,206
Greencore Group PLC			5,146		30,456
IAWS Group PLC			2,095		49,122
Kerry Group PLC Class A			2,758		86,722
Kingspan Group PLC			2,308		30,850
Paddy Power PLC			684		25,368
					1,419,628
Italy—3.7%
AEM SpA			10,167		37,449
Alleanza Assicurazioni SpA			6,413		83,990
Arnoldo Mondadori Editore SpA			910		7,705
Assicurazioni Generali SpA			17,887		806,468
Atlartia SpA			4,057		123,012
Autogrill SpA			2,618		39,179
Banca Monte dei Paschi di Siena SpA	†		19,348		85,899
Banca Popolare di Milano Scrl			8,299		91,365
Banco Popolare SpA	*		10,888		180,843
Bulgari SpA			2,013		23,390
Enel SpA			73,413		780,973
ENI SpA			43,293		1,476,230
Fiat SpA			11,496		266,839
Finmeccanica SpA			4,830		164,747
Fondiaria-Sai SpA			1,454		60,383
Intesa Sanpaola			130,790		924,345
Intesa Sanpaolo RNC			14,283		94,275
Italcementi SpA			992		20,184
Lottomatica SpA	†		894		27,884
Luxottica Group SpA	†		2,714		68,439
Mediaset SpA			13,265		123,139
Mediobanca SpA	†		7,721		158,778
Mediolanum SpA			3,095		19,008
Parmalat SpA			23,969		92,298
Pirelli & C SpA	*		39,884		34,996
Prysmian SpA	*		1,905		40,765
Saipem SpA			2,085		84,672
Seat Pagine Gialle SpA			99,963		17,317
Snam Rete Gas SpA			14,205		90,556
Telecom Italia RNC			100,213		165,878
Telecom Italia SpA			176,142		367,814
Terna SpA			24,044		102,852
UniCredito Italiano SpA			155,076		1,040,854
Unione Di Banche Italiane SCPA			10,800		277,430
					7,979,956
Japan—19.7%
77 Bank Ltd. (The)			8,000		45,048
Access Company Ltd.	*		2		7,154
Acom Company Ltd.			960		25,546
Advantest Corporation			2,400		62,859
Aeon Company Ltd.			11,500		138,325
Aeon Credit Service Company Ltd.			900		12,103
Aeon Mall Company Ltd.			600	$	16,816
Aiful Corporation	†		2,075		33,125
Aisin Seiki Company Ltd.			3,200		120,479
Ajinomoto Company, Inc.			11,000		111,857
Alfresa Holdings Corporation			700		55,453
All Nippon Airways Company Ltd.			9,000		39,701
Alps Electric Company Ltd.			2,000		19,990
Amada Company Ltd.			5,000		38,214
Aoyama Trading Company Ltd.			1,000		21,617
Asahi Breweries Ltd.			7,600		156,668
Asahi Glass Company Ltd.			16,000		177,220
Asahi Kasei Corporation			22,000		115,497
Asatsu-DK, Inc.			200		7,136
Asics Corporation			4,000		46,390
Astellas Pharma, Inc.			8,275		324,434
Bank of Kyoto Ltd. (The)			4,000		49,015
Bank of Yokohama Ltd. (The)			21,000		143,453
Benesse Corporation			900		42,399
Bridgestone Corporation			11,200		192,922
Canon Marketing Japan, Inc.			900		16,998
Canon, Inc.			18,000		838,152
Casio Computer Company Ltd.			4,500		66,721
Central Glass Company Ltd.			2,000		7,864
Central Japan Railway Company			26		269,676
Chiba Bank Ltd. (The)			14,000		95,658
Chiyoda Corporation			2,000		18,263
Chubu Electric Power Company, Inc.			11,400		285,558
Chugai Pharmaceutical Company Ltd.			4,500		50,947
Chugoku Electric Power Company			2,000		44,654
Circle K Sunkus Company Ltd.			300		5,123
Citizen Holding Company Ltd.			4,700		40,053
Coca-Cola West Japan Company Ltd.			1,200		29,050
COMSYS Holdings Corporation			1,000		8,727
Cosmo Oil Company Ltd.			12,000		37,962
Credit Saison Company Ltd.			2,400		67,231
CSK Corporation			800		18,601
KDDI Corporation			40		245,616
Dai Nippon Printing Company Ltd.			11,000		175,546
Daicel Chemical Industries Ltd.			3,000		15,541
Daido Steel Company Ltd.			8,000		41,602
Daifuku Company Ltd.			1,000		12,883
Daiichi Sankyo Company Ltd.			11,702		346,565
Daikin Industries Ltd.			4,200		182,747
Dainippon Ink & Chemical, Inc.			14,000		44,214
Daito Trust Construction Company Ltd.			1,600		82,450
Daiwa House Industry Company Ltd.			9,000		89,710
Daiwa Securities Group, Inc.			22,000		191,805
Denki Kagaku Kogyo KK			6,000		19,053
Denso Corporation			7,900		257,106
Dentsu, Inc.			33		75,649
Dowa Mining Company Ltd.			3,000		18,038
E*Trade Securities Company Ltd.			25		21,820
eAccess Ltd.			19		11,772
East Japan Railway Company			56		466,165
Ebara Corporation	†		5,000		15,347
EDION Corporation			900		8,338
Eisai Company Ltd.			4,100		140,926
Electric Power Development Company			2,840		102,810
Elpida Memory, Inc.	*		1,500		50,511
Familymart Company Ltd.			600		21,724
Fanuc Ltd.			3,100		296,889
Fast Retailing Company Ltd.			1,000		88,973

See accompanying notes to schedule of investments.

123

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Fuji Electric Holdings Company Ltd.			7,000	$	28,583
FUJIFILM Holding Corporation			8,500		303,297
Fujikura Ltd.			4,000		18,163
Fujitsu Ltd.			30,000		198,066
Fukuoka Financial Group, Inc.			12,000		62,822
Furukawa Electric Company Ltd. (The)			8,000		26,045
Glory Ltd.			800		17,076
Gunma Bank Ltd.			5,000		35,974
Gunze Ltd.			2,000		8,453
Hachijuni Bank Ltd. (The)			6,000		38,377
Hakuhodo DY Holdings, Inc.			660		39,686
Hankyu Department Stores, Inc.			1,000		6,727
Hankyu Holdings, Inc.			18,600		80,830
Haseko Corporation			17,000		25,289
Hikari Tsushin, Inc.			200		5,931
Hino Motors Ltd.			2,000		13,321
Hirose Electric Company Ltd.			630		71,144
Hiroshima Bank Ltd. (The)			10,000		48,582
Hitachi Cable Ltd.			1,000		3,759
Hitachi Chemical Company Ltd.			2,300		43,629
Hitachi Construction Machinery Company Ltd.			2,000		50,632
Hitachi High-Technologies Corporation			700		11,676
Hitachi Ltd.			58,000		345,715
Hokkaido Electric Power Company, Inc.			3,000		69,836
Hokugin Financial Group, Inc.			19,000		57,449
Honda Motor Company Ltd.			26,300		758,374
House Foods Corporation			500		7,445
Hoya Corporation			7,100		167,472
Ibiden Company Ltd.			2,200		87,107
Idemitsu Kosan Company Ltd.			200		15,575
IHI Corporation			21,000		40,617
Inpex Holdings, Inc.			14		157,978
Isetan Company Ltd.	‡		3,900		45,230
Isuzu Motors Ltd.			10,000		50,178
Ito En Ltd.			800		14,222
Itochu Corporation			25,000		249,605
Itochu Techno-Science Corporation			300		9,069
J Front Retailing Company Ltd.			8,600		55,391
Jafco Company Ltd.	*		400		13,440
Japan Airlines System Corporation	*		14,000		36,445
Japan Petroleum Exploration Company			500		33,332
Japan Prime Realty Investment Corporation REIT			12		39,818
Japan Real Estate Investment Corporation REIT			6		70,292
Japan Retail Fund Investment Corporation REIT			4		25,406
Japan Steel Works Ltd. (The)			6,000		103,108
Japan Tobacco, Inc.			78		389,530
JFE Holdings, Inc.			9,700		433,150
JGC Corporation			3,000		45,961
Joyo Bank Ltd.			14,000		71,489
JSR Corporation			3,800		86,364
JTEKT Corporation			3,700		61,000
Jupiter Telecommunications Company	*		23		21,606
Kajima Corporation			19,000		54,477
Kamigumi Company Ltd.			5,000		39,896
Kaneka Corporation			6,000		37,862
Kansai Electric Power Company, Inc. (The)			12,600		314,712
Kansai Paint Company Ltd.			2,000	$	13,093
Kao Corporation			9,000		255,650
Kawasaki Heavy Industries Ltd.			30,000		67,291
Kawasaki Kisen Kaisha Ltd.			9,000		88,192
Keihin Electric Express Railway Company Ltd.	†		7,000		47,707
Keio Electric Railway Company Ltd.			12,000		67,144
Keisei Electric Railway Company Ltd.			7,000		37,785
Keyence Corporation			630		146,343
Kikkoman Corporation			2,000		24,800
Kinden Corporation			1,000		9,589
Kinki Nippon Railway Company Ltd.			30,000		107,268
Kirin Holdings Company Ltd.			13,000		247,385
KK DaVinci Advisors	*		13		10,075
Kobe Steel Ltd.			46,000		132,396
Kokuyo Company Ltd.			700		6,042
Komatsu Ltd.			15,000		421,619
Komori Corporation			430		9,006
Konami Corporation			1,200		45,646
Konica Minolta Holdings, Inc.			7,500		103,007
Kose Corporation			400		8,685
Kubota Corporation			19,000		118,245
Kuraray Company Ltd.			7,000		83,987
Kurita Water Industries Ltd.			1,500		55,894
Kyocera Corporation			2,900		245,400
Kyowa Hakko Kogyo Company Ltd.			4,000		38,324
Kyushu Electric Power Company, Inc.			6,000		146,971
Lawson, Inc.			800		35,488
Leopalace21 Corporation			2,400		38,849
Mabuchi Motor Company Ltd.			400		19,427
Makita Corporation			2,100		66,157
Marubeni Corporation			27,000		198,331
Marui Company Ltd.			4,000		42,771
Matsui Securities Company Ltd.			1,100		6,249
Matsushita Electric Industrial Company Ltd.			33,000		716,100
Matsushita Electric Works Ltd.			7,000		72,544
Mazada Motor Corporation			5,000		17,873
Mediceo Paltac Holdings Company Ltd.			2,100		38,252
Meiji Dairies Corporation			6,000		36,279
Meiji Seika Kaisha Ltd.			5,000		25,512
Meitec Corporation			300		9,116
Millea Holdings, Inc.			12,800		475,462
Minebea Company Ltd.			5,000		29,519
Mitsubishi Chemical Holdings Corporation			22,000		146,279
Mitsubishi Corporation			22,300		681,130
Mitsubishi Electric Corporation			33,000		287,690
Mitsubishi Estate Company Ltd.			19,000		464,875
Mitsubishi Gas Chemical Company, Inc.			7,000		49,905
Mitsubishi Heavy Industries Ltd.			56,000		241,386
Mitsubishi Logistics Corporation			3,000		38,798
Mitsubishi Materials Corporation			18,000		78,888
Mitsubishi Motor Corporation	*		25,000		41,296
Mitsubishi Rayon Company Ltd.			10,000		32,227
Mitsubishi UFJ Financial Group, Inc.			144,420		1,261,210
Mitsubishi UFJ Lease & Finance Company Ltd.			440		15,362
Mitsui & Company Ltd.			28,000		573,599
Mitsui Chemicals, Inc.			13,000		87,011
Mitsui Engineering & Shipbuilding Company Ltd.			12,000		32,456
Mitsui Fudosan Company Ltd.			14,000		281,156

See accompanying notes to schedule of investments.

124

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Mitsui Mining & Smelting Company Ltd.			12,000	$	38,021
Mitsui O.S.K. Lines Ltd.			18,000		219,839
Mitsui Sumitomo Insurance Company Ltd.	‡		21,000		211,788
Mitsui Trust Holdings, Inc.			13,000		79,102
Mitsukoshi Ltd.	‡		6,000		23,375
Mitsumi Electric Company Ltd.			1,700		54,071
Mizuho Financial Group, Inc.			157		578,969
Murata Manufacturing Company Ltd.			3,600		180,286
NEC Corporation			34,000		131,437
NTT DoCoMo, Inc.			279		424,672
Namco Bandai Holdings, Inc.			4,150		56,392
NEC Electronics Corporation	*		300		5,839
NGK Insulators Ltd.			5,000		89,289
NGK Spark Plug Company Ltd.	†		2,000		26,131
NHK Spring Company Ltd.			2,000		14,260
Nichirei Company			2,000		9,666
Nidec Corporation			2,000		123,205
Nikon Corporation			6,000		160,314
Nintendo Company Ltd.			1,700		887,933
Nippon Building Fund, Inc. REIT			7		89,051
Nippon Electric Glass Company Ltd.			6,500		101,908
Nippon Express Company Ltd.			14,000		80,857
Nippon Kayaku Company Ltd.			3,000		18,325
Nippon Light Metal Company Ltd.			3,000		4,552
Nippon Meat Packers, Inc.			2,000		29,638
Nippon Mining Holdings, Inc.			16,000		85,844
Nippon Oil Corporation			21,000		132,219
Nippon Sanso Corporation			6,000		48,497
Nippon Sheet Glass Company Ltd.			8,000		35,842
Nippon Shokubai Company Ltd.			1,000		6,647
Nippon Steel Corporation			97,000		495,098
Nippon Telegraph & Telephone Corporation			87		376,208
Nippon Unipac Holding			21		50,242
Nippon Yusen Kabushiki Kaisha			18,000		170,381
Nipponkoa Insurance Company Ltd.			5,000		38,504
Nishimatsu Construction Company Ltd.			2,000		4,289
Nishi-Nippon City Bank Ltd. (The)			16,000		42,296
Nissan Chemical Industries Ltd.			2,000		21,273
Nissan Motor Company Ltd.			36,800		307,998
Nisshin Seifun Group, Inc.			2,200		23,655
Nisshin Steel Company Ltd.			15,000		52,329
Nisshinbo Industries, Inc.			4,000		37,499
Nissin Food Products Company Ltd.			2,000		67,380
Nitori Company Ltd.			300		17,012
Nitto Denko Corporation			2,800		118,851
NOK Corporation			1,400		28,785
Nomura Holdings, Inc.			29,000		435,840
Nomura Real Estate Holdings, Inc.			600		10,060
Nomura Real Estate Office Fund, Inc. REIT			5		40,661
Nomura Research Institute Ltd.			2,250		59,112
NSK Ltd.			7,000		53,179
NTN Corporation			9,000		61,837
NTT Data Corporation			25		109,884
NTT Urban Development Corporation			24		34,758
Obayashi Corporation			11,000		46,512
Obic Company Ltd.			100		17,809
Odakyu Electric Railway Company Ltd.			9,000		66,885
Oji Paper Company Ltd.			16,000		72,513
Oki Electric Industry Company Ltd.	†*		4,000		7,760
Okuma Corporation			2,000	$	21,652
Okumura Corporation	†		2,000		10,180
Olympus Corporation			4,000		121,505
Omron Corporation			4,100		84,814
Ono Pharmaceutical Company Ltd.			600		29,259
Onward Holdings Corporation Ltd.			2,000		20,481
Oracle Corporation (Japan)			300		13,934
Oriental Land Company Ltd.			700		41,109
ORIX Corporation			1,660		228,551
Osaka Gas Company Ltd.			35,000		140,350
OSG Corporation			900		10,470
Otsuka Corporation			200		16,939
Pioneer Corporation			2,000		20,049
Promise Company Ltd.			1,060		30,606
Q.P. Corporation			800		8,290
Rakuten, Inc.			94		56,511
Resona Holdings, Inc.	†		94		157,435
Ricoh Company Ltd.			12,000		198,199
Rinnai Corporation			300		9,856
Rohm Company Ltd.			1,900		118,550
Round One Corporation			4		4,182
Ryohin Keikaku Company Ltd.			500		29,120
Sankyo Company Ltd.			600		35,743
Santen Pharmaceutical Company Ltd.			700		16,302
Sanwa Shutter Corporation			3,000		13,105
Sanyo Electric Company Ltd.	*		21,000		44,641
Sapporo Breweries Ltd.			4,000		32,955
Sapporo Hokuyo Holdings, Inc.			4		28,097
SBI Holdings, Inc.			111		26,814
Secom Company Ltd.			3,500		171,924
Sega Sammy Holdings, Inc.			4,348		46,253
Seiko Epson Corporation			1,800		48,424
Seino Transportation Company Ltd.			4,000		26,122
Sekisui Chemical Company Ltd.			8,000		48,597
Sekisui House Ltd.			8,000		74,611
Seven & I Holdings Company Ltd.			14,240		360,788
Sharp Corporation			17,000		291,290
Shikoku Electric Power Company			1,300		38,695
Shimachu Company Ltd.			600		18,103
Shimamura Company Ltd.			500		42,926
Shimano, Inc.			1,000		46,409
Shimizu Corporation			10,000		46,284
Shin-Etsu Chemical Company Ltd.			6,700		348,280
Shinko Electric Industries			800		9,082
Shinko Securities Company Ltd.	*		13,000		38,101
Shinsei Bank Ltd.	*		14,000		46,158
Shionogi & Company Ltd.			4,000		68,674
Shiseido Company Ltd.			6,000		159,476
Shizuoka Bank Ltd.			11,000		130,487
Showa Denko KK			22,000		74,161
Showa Shell Sekiyu KK			2,900		29,498
SMC Corporation			1,100		116,661
Softbank Corporation	*		12,200		223,196
Sojitz Corporation			17,200		57,472
Sompo Japan Insurance, Inc.			14,000		124,609
Sony Corporation			17,000		682,604
Sony Financial Holdings, Inc.			18		72,933
Stanley Electric Company Ltd.			2,500		61,466
Sumco Corporation			1,900		41,830
Sumitomo Chemical Company Ltd.			28,000		180,428
Sumitomo Corporation			18,000		239,511
Sumitomo Electric Industries Ltd.			12,600		160,795
Sumitomo Heavy Industries Ltd.			10,000		65,115
Sumitomo Metal Industries Ltd.			66,000		252,435
Sumitomo Metal Mining Company Ltd.			9,000		169,614

See accompanying notes to schedule of investments.

125

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Sumitomo Mitsui Financial Group, Inc.			111	$	736,097
Sumitomo Osaka Cement Company Ltd.			4,000		9,348
Sumitomo Realty & Development Company Ltd.			6,000		106,712
Sumitomo Rubber Industries, Inc.			1,900		14,605
Sumitomo Titanium Corporation			200		12,463
Sumitomo Trust & Banking Company Ltd. (The)			22,000		152,207
Suruga Bank Ltd. (The)			4,000		50,819
Suzuken Company Ltd.			960		39,547
Suzuki Motor Corporation			3,400		86,334
T&D Holdings, Inc.			3,600		190,594
TDK Corporation			2,000		118,869
Taiheiyo Cement Corporation			15,000		36,475
Taisei Corporation			22,000		56,452
Taisho Pharmaceutical Company Ltd.			2,300		45,692
Taiyo Yuden Company Ltd.			1,000		9,823
Takara Holdings, Inc.			2,000		13,836
Takashimaya Company Ltd.			6,000		67,831
Takeda Pharmaceutical Company Ltd.			14,320		717,670
Takefuji Corporation			2,390		50,557
Tanabe Seiyaju Company Ltd.			4,000		46,807
Teijin Ltd.			13,000		55,023
Terumo Corporation			2,800		147,128
THK Company Ltd.			1,600		27,724
Tobu Railway Company Ltd.			13,000		69,643
Toda Corporation			2,000		8,288
Toho Company Ltd.			1,400		32,818
Toho Titanium Company Ltd.			300		7,727
Tohoku Electric Power Company, Inc.			7,700		188,154
Tokai Rika Company Ltd.			700		18,360
Tokuyama Corporation			3,000		21,994
Tokyo Broadcasting System			200		4,819
Tokyo Electric Power Company, Inc. (The)			20,000		537,077
Tokyo Electron Ltd.			3,000		183,557
Tokyo Gas Company Ltd.			36,000		146,478
Tokyo Seimitsu Company Ltd.			400		7,387
Tokyo Steel Manufacturing Company Ltd.			1,300		17,830
Tokyo Tatemono Company Ltd.			4,000		26,544
Tokyu Corporation			21,000		106,947
Tokyu Land Corporation			9,000		57,220
TonenGeneral Sekiyu KK			6,000		51,482
Toppan Printing Company Ltd.			8,000		93,395
Toray Industries, Inc.			24,000		157,037
Toshiba Corporation			50,000		335,464
Tosoh Corporation			9,000		31,222
Tostem Inax Holding Corporation			4,900		74,092
Toto Ltd.			3,000		28,503
Toyo Seikan Kaisha Ltd.			3,300		63,068
Toyo Suisan Kaisha Ltd.			1,000		15,003
Toyoda Gosei Company Ltd.			900		34,183
Toyota Boshoku Corporation			1,400		42,218
Toyota Industries Corporation			2,700		96,529
Toyota Motor Corporation			45,100		2,274,925
Toyota Tsusho Corporation			4,300		92,194
Trend Micro, Inc.			2,000		78,794
Ube Industries Ltd.			19,000		61,943
UniCharm Corporation			500		36,643
UNY Company Ltd.			2,000		19,165
Urban Corporation			2,400		10,368
Ushio, Inc.			2,600		49,156
USS Company Ltd.			200		13,912
Wacoal Corporation			1,000	$	14,827
West Japan Railway Company			30		132,621
Yahoo Japan Corporation			290		152,150
Yakult Honsha Company Ltd.			1,900		59,080
Yamada Denki Company Ltd.			1,400		121,854
Yamaha Corporation			3,700		71,333
Yamaha Motor Company Ltd.			2,900		53,805
Yamato Transport Company Ltd.			7,000		102,693
Yamazaki Baking Company Ltd.			1,000		9,524
Yaskawa Electric Corporation			5,000		47,799
Yokogawa Electric Corporation			3,400		34,481
Zeon Corporation			2,000		9,009
					42,449,631
Luxembourg—0.6%
Acergy SA			2,569		55,350
Arcelor			15,369		1,259,209
Millicom International Cellular	*		462		44,155
SES			2,132		45,134
Stolt-Nielsen SA			550		11,524
					1,415,372
Netherlands—4.0%
ASML Holdings NV	*		7,336		181,194
Aegon NV			25,182		370,176
Akzo Nobel NV			4,432		356,224
Corio NV			518		45,389
Corporate Express			3,544		41,326
European Aeronautic Defense and Space Company	†		5,785		137,186
Fugro NV			1,178		91,715
Heineken Holding NV Class A			640		32,256
Heineken NV			4,091		238,017
ING Groep NV			31,928		1,195,720
James Hardie Industries NV			6,561		37,533
Koninklijke Ahold NV	*		21,058		313,144
Koninklijke DSM			2,591		125,157
Koninklijke Philips Electronics NV			19,255		738,362
Oce NV			599		10,202
Qiagen NV	*		3,398		70,418
Randstad Holding NV			1,085		50,897
Reed Elsevier NV			11,278		216,014
Royal Dutch Shell PLC Class A			60,536		2,086,365
Royal KPN NV			32,374		547,477
SBM Offshore NV			2,337		75,522
STMicroelectronics NV			12,142		129,528
TNT NV			7,124		264,727
Tomtom NV	*		1,191		49,336
Unilever NV			29,120		981,988
Vedior NV			3,358		97,896
Wereldhave NV			289		35,680
Wolters Kluwer NV			4,949		131,465
					8,650,914
New Zealand—0.1%
Auckland International Airport Ltd.			8,084		14,522
Contact Energy Ltd.			5,052		31,703
Fisher & Paykel Appliances Holdings Ltd.			1,564		2,895
Fisher & Paykel Healthcare Corporation			8,610		19,871
Fletcher Building Ltd.			10,277		67,791
Sky City Entertainment Group Ltd.			8,062		23,409
Sky Network Television Ltd.			1,544		5,826
Telecom Corporation of New Zealand Ltd.			27,345		80,668
					246,685

See accompanying notes to schedule of investments.

126

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Norway—1.0%
Aker Kvaerner ASA	*		3,235	$	74,241
DET Norske Oljeselskap	†*		7,200		12,966
DNB NOR ASA			13,364		204,411
Norsk Hydro ASA			11,436		167,854
Ocean RIG ASA	*		2,400		18,499
Orkla ASA			14,782		188,431
Petroleum Geo-Services ASA	*		2,899		72,108
ProSafe SE			3,100		48,938
Renewable Energy Corporation AS	*		2,650		74,778
Schibsted ASA			967		29,083
Statoil ASA			21,541		647,478
Storebrand			6,908		54,860
Tandberg ASA			1,436		21,701
Telenor ASA	*		14,385		277,550
TGS Nopec Geophysical Company ASA	*		1,200		17,515
Tomra Systems ASA			1,398		10,636
Yara International ASA			3,275		190,827
					2,111,876
Portugal—0.3%
Banco BPI SA			2,502		13,254
Banco Comercial Portugues SA Class R			28,942		94,449
Banco Espirito Santo SA			2,116		36,874
Brisa SA			2,875		41,224
Cimpor Cimentos de Portugal SA			1,457		13,237
Electricidade de Portugal SA			31,876		193,850
Portugal Telecom SGPS SA			11,716		136,401
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA			3,994		47,442
Sonae SGPS SA			18,467		34,058
					610,789
Singapore—1.1%
Allgreen Properties Ltd.			6,000		5,396
Ascendas Real Estate Investment Trust REIT			7,300		12,773
CapitaCommercial Trust REIT			20,000		32,493
Capitaland Ltd.			23,000		107,252
CapitaMall Trust REIT			22,000		55,550
City Developments Ltd.			10,000		80,603
ComfortDelgro Corporation Ltd.			37,000		49,177
Cosco Corp. (Singapore) Ltd.			18,000		48,759
DBS Group Holdings Ltd.			18,000		236,498
Fraser and Neave Ltd.			10,000		35,529
Jardine Cycle & Carriage Ltd.			1,000		14,284
Keppel Corporation Ltd.			20,000		145,264
Keppel Land Ltd.			4,000		16,241
Neptune Orient Lines Ltd.			4,000		9,523
Olam International Ltd.			6,000		9,468
Oversea-Chinese Banking Corporation			40,600		240,073
Parkway Holdings Ltd.			15,000		35,174
SembCorp Industries Ltd.			10,340		30,758
SembCorp Marine Ltd.			21,000		58,826
Singapore Airlines Ltd.			8,400		95,361
Singapore Exchange Ltd.			15,000		82,716
Singapore Land Ltd.			1,000		4,966
Singapore Post Ltd.			10,000		8,373
Singapore Press Holdings Ltd.			24,500		82,050
Singapore Technologies Engineering Ltd.			26,000		64,169
Singapore Telecommunications Ltd.			135,159	$	386,012
SMRT Corporation Ltd.			6,000		7,950
United Overseas Bank Ltd.			20,000		279,227
United Overseas Land Ltd.			13,000		36,614
Venture Corporation Ltd.			5,000		38,517
Wing Tai Holdings Ltd.			14,000		22,397
					2,331,993
Spain—4.3%
Abertis Infraestructuras SA			4,020		131,148
Acciona SA			445		119,357
Acerinox SA			2,413		66,998
ACS Actividades Construccion y Servicios			3,374		192,432
Antena 3 de Television SA	†		1,214		16,704
Banco Bilbao Vizcaya Argentaria SA			62,285		1,372,048
Banco de Sabadell SA	†		7,727		84,895
Banco Popular Espanol SA			13,647		247,821
Banco Santander SA			104,145		2,078,389
Bankinter SA			2,060		32,744
Cintra Concesiones de Infraestructuras de Transporte SA			2,974		44,091
Corp Mapfre SA			13,081		65,797
Criteria Caixacorp SA			11,251		77,402
Enagas			2,796		83,669
Fomento de Construcciones Y Contratas SA			687		45,347
Gamesa Corporation Tecnologica SA			2,739		125,257
Gas Natural SDG SA			1,797		111,222
Gestevision Telecinco SA			2,112		43,055
Grupo Ferrovial SA			1,190		86,440
Iberdrola Renovables	*		11,579		80,757
Iberdrola SA			59,482		921,549
Iberia Lineas Aereas de Espana			9,947		43,390
Inditex SA			3,636		202,163
Indra Sistemas SA			1,576		45,467
Promotora de Informaciones SA	†		1,051		15,847
Red Electric de Espana			2,045		125,461
Repsol YPF SA			13,202		455,615
Sacyr Vallehermoso SA	†		1,382		48,093
Sogecable SA	*		418		18,355
Telefonica SA			71,571		2,059,962
Union Fenosa SA			1,695		114,145
Zardoya Otis SA			2,501		69,518
Zeltia SA			3,742		27,464
					9,252,602
Sweden—2.4%
Alfa Laval AB			1,486		90,496
Assa Abloy AB Class B			4,945		89,848
Atlas Copco AB Class A			11,228		192,139
Atlas Copco AB Class B			6,758		106,270
Axfood AB			275		9,806
Boliden AB			4,792		51,190
Castellum AB			3,485		42,590
D Carnegie AB	*		950		16,009
Electrolux AB Class B			4,438		73,138
Elekta AB Class B			1,525		26,444
Eniro AB			2,820		20,571
Fabege AB	*		3,032		32,454
Getinge AB			3,096		80,482
Hennes & Mauritz AB Class B			7,785		479,604
Holmen AB Class B	*		741		25,663
Husqvarna AB			3,553		42,844
Investor AB B Shares	*		3,570		80,473
Kungsleden AB			2,810		34,928
Lundin Petroleum AB	*		2,845		38,674
Modern Times Group AB Class B			680		47,511

See accompanying notes to schedule of investments.

127

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Nobia AB	*		1,800	$	15,580
Nordea Bank AB			34,197		555,103
Oriflame Cosmetics SA SDR			760		50,561
Sandvik AB			16,020		278,911
Scania AB Class B			5,968		125,185
Scenska Cellulosa AB Class B	*		10,516		191,885
Securitas AB Class B			6,443		85,286
Securitas Systems AB Class B			3,488		10,146
Skandinaviska Enskilda Banken AB Class A	*		7,991		209,515
Skanska AB Class B			5,991		120,221
SKF AB			6,189		124,702
Ssab Svenskt Stal AB Class A			2,460		69,337
Ssab Svenskt Stal AB Class B			669		17,226
Svenska Handelsbanken AB Class A			8,670		252,861
Swedbank AB			2,841		79,741
Swedish Match AB			4,102		89,652
Tele2 AB Class B			4,495		85,096
Telefonaktiebolaget LM Ericsson Class B			248,731		488,334
TeliaSonera AB			37,998		305,286
Trelleborg AB Class B			1,852		37,001
Volvo AB Class A			7,630		113,766
Volvo AB Class B			17,694		268,294
					5,154,823
Switzerland—7.0%
ABB Ltd.			36,907		996,631
Actelion Ltd.	*		1,353		73,983
Adecco SA			2,218		128,371
Ciba Specialty Chemicals AG	†		897		32,775
Compagnie Financiere Richemont AG Class A			8,744		491,853
Credit Suisse Group			17,336		884,405
Geberit AG			650		97,066
Givaudan			95		94,155
Holcim Ltd.			3,416		359,483
Julius Baer Holding AG			1,702		125,873
Kudelski SA			295		4,340
Kuehne & Nagel International AG			1,071		107,556
Kuoni Reisen Holding			30		16,711
Lindt & Spruengli AG			17		56,559
Logitech International SA	*		2,953		75,068
Lonza Group AG			741		98,493
Nestle SA			6,556		3,283,250
Nobel Biocare Holding AG			407		94,964
Novartis AG			38,636		1,986,369
OC Oerlikon Corporation AG	*		92		32,495
PSP Swiss Property AG	*		889		60,152
Rieter Holding AG			82		31,456
Roche Holding AG—Genusschein			11,706		2,210,458
Schindler Holding AG			697		52,316
SGS SA			84		121,193
Sonova Holding AG Registered			891		82,196
Straumann Holding AG			152		43,532
Sulzer AG			61		80,800
Swatch Group AG			698		35,903
Swatch Group AG Class B			499		133,873
Swiss Life Holding	*		529		147,407
Swiss Reinsurance			6,044		529,336
Swisscom AG			356		122,330
Syngenta AG			1,735		507,842
Synthes, Inc.			987		138,257
UBS AG			34,440		1,004,748
Zurich Financial Services AG			2,448		773,110
					15,115,309
United Kingdom—20.1%
3i Group PLC			6,812	$	112,340
Aggreko PLC			3,629		46,554
Alliance & Leicester PLC			2,842		29,279
Amec PLC			4,597		66,090
Anglo American PLC			22,035		1,322,074
Antofagasta PLC			2,290		31,913
ARM Holdings PLC			28,921		50,559
Arriva PLC			2,576		35,120
Associated British Foods PLC			2,069		35,973
AstraZeneca PLC			25,188		945,707
Aviva PLC			43,493		533,797
BG Group PLC			55,949		1,297,656
BAE Systems PLC			58,865		568,173
Balfour Beatty PLC			8,544		80,063
Barclays PLC			112,845		1,019,030
Barratt Developments PLC			5,236		43,038
BBA Aviation PLC			7,304		21,844
Berkeley Group Holdings PLC	*		994		22,018
BHP Billiton PLC			38,462		1,133,939
Biffa PLC			4,042		28,004
Bovis Homes Group PLC			2,241		27,002
BP PLC			319,044		3,235,546
British Airways PLC	*		10,357		48,222
British American Tobacco PLC			25,875		972,793
British Energy Group PLC			16,175		209,786
British Land Company PLC			9,097		165,848
British Sky Broadcasting PLC			18,337		202,941
Brixton PLC			3,366		22,066
BT Group PLC			136,413		589,484
Bunzl PLC			6,330		89,239
Burberry Group PLC			8,387		75,098
Cadbury Schweppes PLC			35,554		392,272
Capita Group PLC			10,792		145,548
Carnival PLC			2,625		104,703
Carphone Warehouse Group PLC	†		9,216		52,247
Cattles PLC			4,437		20,414
Centrica PLC			61,989		367,626
Charter PLC	*		2,026		34,215
Close Brothers Group PLC			1,677		20,570
Cobham PLC			22,875		90,885
Compass Group PLC			31,270		200,300
Cookson Group PLC			2,753		36,357
CSR PLC	*		1,360		8,804
Daily Mail and General Trust NV Class A			5,678		48,804
Davis Service Group PLC			1,412		13,869
De La Rue PLC			2,241		39,507
Diageo PLC			44,569		902,796
DSG International PLC			34,463		43,525
Electrocomponents PLC			8,176		29,518
Enterprise Inns PLC			10,091		80,481
Eurasian Natural Resources Corp.	*		4,285		83,847
Experian Group Ltd.			17,497		127,662
FirstGroup PLC			6,943		77,791
FKI PLC			16,782		23,243
Friends Provident PLC			34,247		84,131
G4S PLC			21,040		95,231
Galiform PLC	*		4,993		7,863
GKN PLC			12,327		74,672
GlaxoSmithKline PLC			93,041		1,969,907
Great Portland Estates PLC			3,098		32,606
HSBC Holdings PLC			196,351		3,237,766
Hammerson PLC			4,335		95,956
Hays PLC			22,745		51,676
HBOS PLC			63,374		705,707
Hilton Group PLC			10,175		63,005
Home Retail Group			15,769		81,930

See accompanying notes to schedule of investments.

128

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
ICAP PLC			8,924	$	100,945
Imi PLC			4,190		37,800
Imperial Tobacco Group PLC			11,408		525,826
Inchcape PLC			8,732		69,782
Intercontinental Hotels Group PLC			4,710		71,199
International Power PLC			24,040		190,265
Intertek Testing Services Ltd.			2,153		44,209
Invensys PLC	*		15,349		68,518
Investec PLC			7,041		47,499
J Sainsbury PLC			28,471		194,113
Johnson Matthey PLC			3,762		149,989
Kazakhmys PLC			1,222		38,787
Kesa Electricals PLC			6,658		27,332
Kingfisher PLC			43,785		115,233
Land Securities Group PLC			8,073		242,085
Legal & General Group PLC			104,947		263,608
Liberty International PLC			4,854		94,201
Lloyds TSB Group PLC			95,210		851,467
LogicaCMG PLC			23,317		49,060
London Stock Exchange Group PLC			2,311		55,501
Lonmin PLC			1,176		71,567
Man Group PLC			27,453		302,489
Marks & Spencer Group PLC			29,794		229,462
Meggitt PLC			11,533		63,168
Misys PLC			7,750		21,311
Mondi PLC			6,179		51,308
Morrison WM Supermarkets			22,639		123,554
National Express Group PLC			2,122		42,397
National Grid PLC			43,163		597,043
Next PLC			3,913		88,725
Old Mutual PLC			92,615		203,450
Pearson PLC			12,875		174,540
Persimmon PLC			4,747		72,164
Premier Farnell PLC			10,689		37,902
Prudential PLC			41,215		544,697
Punch Taverns PLC			4,246		45,451
Rank Group PLC			6,039		10,580
Reckitt Benckiser Group PLC			10,165		564,225
Reed Elsevier PLC			19,747		251,746
Rentokil Initial PLC			31,388		60,707
Resolution PLC			11,693		159,004
Reuters Group PLC			20,631		237,684
Rexam PLC			9,593		81,317
Rio Tinto PLC			16,596		1,726,416
Rolls-Royce Group PLC	*		28,432		227,955
Rolls-Royce Group PLC-Class B	‡		2,547,507		5,061
Royal Bank of Scotland Group PLC			166,351		1,115,483
Royal Dutch Shell PLC Class B			45,921		1,548,401
SABMiller PLC			15,547		341,309
Sage Group PLC			23,751		88,909
Schroders PLC			2,678		49,913
Scottish & Newcastle PLC			13,361		209,660
Scottish & Southern Energy PLC			14,681		409,886
Segro PLC REIT			6,198		62,511
Serco Group PLC			9,839		88,743
Severn Trent PLC			4,129		116,546
Shire PLC			5,294		102,575
Signet Group PLC			37,938		46,555
Smith & Nephew PLC			14,645		194,119
Smiths Group PLC			6,367		118,989
SSL International PLC			1,581		14,234
Stagecoach Group PLC			7,725		37,143
Stagecoach Group PLC Class C	‡d		12,018		—
Standard Chartered PLC			11,880		406,633
Standard Life PLC			35,072	$	171,617
Tate & Lyle PLC			8,459		90,791
Taylor Wimpey PLC			19,815		73,822
Tesco PLC			130,591		985,154
Thomas Cook Group PLC			10,332		59,593
Tomkins PLC			18,433		65,521
Travis Perkins PLC			2,137		45,537
Trinity Mirror PLC			2,433		14,286
TUI Travel PLC			12,225		62,628
Tullett Prebon PLC			2,250		21,264
Tullow Oil PLC			11,565		151,594
Unilever PLC			22,079		747,523
United Business Media PLC			5,209		55,938
United Utilities PLC			14,131		194,000
Vedanta Resources PLC			836		34,872
Vodafone Group PLC			884,434		2,631,432
Whitbread PLC			3,770		87,504
William Hill PLC			4,532		33,874
Wolseley PLC			11,133		117,375
WPP Group PLC			18,522		221,338
Xstrata PLC			10,638		745,811
Yell Group PLC			14,326		43,791
					43,344,846
TOTAL COMMON STOCKS
(Cost $177,547,348)					209,377,108
PREFERRED STOCKS—0.4%
Germany—0.4%
Fresenius SE			449		37,477
Henkel KGaA			2,868		132,625
Porsche AG			1,500		274,548
ProSieben SAT.1 Media AG			1,687		36,513
RWE AG			768		72,961
Volkswagen AG			1,699		282,925
					837,049
Italy—0.0%
Unipol Gruppo Finanziario SpA			16,591		47,764
TOTAL PREFERRED STOCKS
(Cost $588,174)					884,813

 

Coupon Rate	Maturity         Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.2%
U.S. Treasury Bills—0.2%
U.S. Treasury Bill
0.850%	06/19/2008	**
(Cost $3,423,627)			$	490,000		489,086
CASH EQUIVALENTS—1.0%
Institutional Money Market Funds—0.0%
Reserve Primary Money Market Fund
3.475%	04/01/2008	††		65,123		65,123
Bank & Certificate Deposits/ Offshore Time Deposits—1.0%
ABN Amro Bank NV
3.000%	04/10/2008	††		56,860		56,860

 

See accompanying notes to schedule of investments.

129

SCHEDULE OF INVESTMENTS—(Continued)

March 31, 2008 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
Barclays
4.600%	04/04/2008	††	$	22,744	$	22,744
BNP Paribas
3.820%	04/16/2008	††		68,232		68,232
BNP Paribas
3.000%	04/01/2008	††		284,300		284,300
Branch Banking & Trust
2.000%	04/01/2008	††		113,720		113,720
Calyon
3.020%	04/04/2008	††		45,488		45,488
Calyon
3.000%	04/01/2008	††		264,535		264,535
Fortis Bank
2.750%	04/08/2008	††		159,208		159,208
Rabobank Nederland
3.010%	04/07/2008	††		56,860		56,860
Royal Bank of Canada
2.750%	04/01/2008	††		284,300		284,300
Royal Bank of Scotland
3.000%	04/01/2008	††		295,672		295,672
Societe Generale
3.120%	04/03/2008	††		34,116		34,116
Societe Generale
2.850%	04/10/2008	††		113,720		113,720
Svenska Handelsbanken
3.000%	04/01/2008	††		251,007		251,007
UBS AG
3.025%	04/04/2008	††		34,115		34,115
						2,084,877
TOTAL CASH EQUIVALENTS
(Cost $2,150,000)						2,150,000
REPURCHASE AGREEMENTS—1.0%
United States—1.0%
State Street Bank & Trust Company Repurchase Agreement, dated 03/31/2008, due 04/01/2008, with a maturity value of $2,099,508 and an effective yield of 1.65% collateralized by a U.S. Government and Agency Obligation, with a rate of 3.799% and a maturity of 10/01/2033, and an aggregate market value of 2,142,575.				2,099,412		2,099,412
TOTAL INVESTMENTS—99.6%
(Cost $182,874,020)						215,000,419
Other assets less liabilities—0.4%						831,208
NET ASSETS—100.0%					$	215,831,627

 

Legend to the Schedule of Investments:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

† Denotes all or a portion of security on loan.

* Non-income producing security.

‡ 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 reinvestment of collateral received in conjunction with securities lending.

d Security has no market value at 03/31/2008.

Percentage of Portfolio by Industry (unaudited):

Banking	16.1	%
Oil & Gas	8.8	%
Beverages, Food & Tobacco	5.7	%
Pharmaceuticals	5.3	%
Telephone Systems	5.7	%
Metals	5.5	%
Insurance	5.3	%
Electric Utilities	5.3	%
Automotive	4.2	%
Commercial Services	3.5	%
Chemicals	3.1	%
Real Estate	2.6	%
Electronics	2.9	%
Financial Services	2.5	%
Communications	2.1	%
Transportation	1.9	%
Heavy Machinery	1.8	%
Retailers	1.4	%
Media—Broadcasting & Publishing	1.2	%
Building Materials	1.1	%
Food Retailers	1.4	%
Distribution/Wholesale	1.2	%
Computer Software & Processing	1.0	%
Cosmetics & Personal Care	1.0	%
Medical Supplies	0.8	%
Computers & Information	0.8	%
Entertainment & Leisure	0.6	%
Heavy Construction	0.8	%
Aerospace & Defense	0.7	%
Textiles, Clothing & Fabrics	0.4	%
Apparel Retailers	0.5	%
Electrical Equipment	0.4	%
Water Companies	0.4	%
Forest Products & Paper	0.3	%
Home Construction, Furnishings & Appliances	0.1	%
Restaurants	0.3	%
Airlines	0.2	%
Lodging	0.1	%
Advertising	0.2	%
U.S. Treasury Bills	0.2	%
Public Administration	0.2	%
TOTAL COMMON STOCKS	97.6	%
Repurchase Agreements	1.0	%
Bank & Certificate Deposits/Offshore Time Deposits	1.0	%
TOTAL CASH EQUIVALENTS/REPURCHASE AGREEMENTS	2.0	%
TOTAL INVESTMENTS	99.6	%
Other assets less liabilities	0.4	%
TOTAL NET ASSETS	100.0	%

 

See accompanying notes to schedule of investments.

130

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Model Portfolio Savings Oriented Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		4,090,856	$	40,785,832
Vantagepoint Diversified Assets Fund		3,130,673		31,087,579
Vantagepoint Equity Income Fund		3,477,809		30,848,170
Vantagepoint Growth & Income Fund		3,261,500		30,886,406
Vantagepoint Inflation Protected Securities Fund		2,599,380		28,333,243
Vantagepoint International Fund		1,411,853		15,756,280
Vantagepoint Low Duration Bond Fund		13,551,256		133,750,896
				311,448,406
TOTAL INVESTMENTS—100.0%
(Cost $312,991,848)				311,448,406
Other assets less liabilities—(0.0%)				(57,698	)
NET ASSETS—100.0%			$	311,390,708

 

See accompanying notes to schedule of investments.

131

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Model Portfolio Conservative Growth Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		1,709,122	$	16,783,580
Vantagepoint Core Bond Index Fund Class I		11,763,912		117,286,206
Vantagepoint Diversified Assets Fund		5,726,805		56,867,169
Vantagepoint Equity Income Fund		6,946,198		61,612,779
Vantagepoint Growth & Income Fund		5,343,163		50,599,750
Vantagepoint Growth Fund		3,623,494		33,879,664
Vantagepoint Inflation Protected Securities Fund		3,416,777		37,242,872
Vantagepoint International Fund		4,102,584		45,784,838
Vantagepoint Low Duration Bond Fund		13,233,252		130,612,199
Vantagepoint Select Value Fund		1,986,701		16,946,563
				567,615,620
TOTAL INVESTMENTS—100.0%
(Cost $556,830,091)				567,615,620
Other assets less liabilities—(0.0%)				(86,023	)
NET ASSETS—100.0%			$	567,529,597

 

See accompanying notes to schedule of investments.

132

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Model Portfolio Traditional Growth Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		7,655,117	$	75,173,244
Vantagepoint Core Bond Index Fund Class I		25,527,460		254,508,776
Vantagepoint Discovery Fund		4,938,284		41,728,499
Vantagepoint Diversified Assets Fund		14,135,255		140,363,079
Vantagepoint Equity Income Fund		18,585,920		164,857,114
Vantagepoint Growth & Income Fund		17,421,414		164,980,786
Vantagepoint Growth Fund		14,757,644		137,983,968
Vantagepoint Inflation Protected Securities Fund		5,226,620		56,970,156
Vantagepoint International Fund		15,092,268		168,429,708
Vantagepoint Low Duration Bond Fund		11,325,838		111,786,025
Vantagepoint Select Value Fund		8,937,512		76,236,980
				1,393,018,335
TOTAL INVESTMENTS—100.0%
(Cost $1,352,879,080)				1,393,018,335
Other assets less liabilities—(0.0%)				(169,763	)
NET ASSETS—100.0%			$	1,392,848,572

 

See accompanying notes to schedule of investments.

133

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Model Portfolio Long-Term Growth Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		13,315,620	$	130,759,385
Vantagepoint Core Bond Index Fund Class I		23,893,801		238,221,197
Vantagepoint Discovery Fund		8,301,019		70,143,612
Vantagepoint Diversified Assets Fund		15,842,696		157,317,966
Vantagepoint Equity Income Fund		22,560,769		200,114,020
Vantagepoint Growth & Income Fund		21,202,309		200,785,866
Vantagepoint Growth Fund		19,044,056		178,061,926
Vantagepoint International Fund		22,597,489		252,187,978
Vantagepoint Select Value Fund		15,467,559		131,938,282
				1,559,530,232
TOTAL INVESTMENTS—100.0%
(Cost $1,534,342,666)				1,559,530,232
Other assets less liabilities—(0.0%)				(188,378	)
NET ASSETS—100.0%			$	1,559,341,854

 

See accompanying notes to schedule of investments.

134

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Model Portfolio All-Equity Growth Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		5,186,946	$	50,935,814
Vantagepoint Discovery Fund		5,732,287		48,437,823
Vantagepoint Equity Income Fund		10,863,520		96,359,419
Vantagepoint Growth & Income Fund		9,600,018		90,912,170
Vantagepoint Growth Fund		9,746,734		91,131,966
Vantagepoint International Fund		9,862,912		110,070,095
Vantagepoint Select Value Fund		5,972,247		50,943,266
				538,790,553
TOTAL INVESTMENTS—100.0%
(Cost $578,554,385)				538,790,553
Other assets less liabilities—(0.0%)				(79,617	)
NET ASSETS—100.0%			$	538,710,936

 

See accompanying notes to schedule of investments.

135

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Milestone Retirement Income Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		584,375	$	5,826,221
Vantagepoint Diversified Assets Fund		531,369		5,276,498
Vantagepoint Equity Income Fund		707,506		6,275,583
Vantagepoint Growth & Income Fund		659,926		6,249,499
Vantagepoint Inflation Protected Securities Fund		438,339		4,777,900
Vantagepoint International Fund		284,944		3,179,975
Vantagepoint Low Duration Bond Fund		2,143,865		21,159,945
				52,745,621
TOTAL INVESTMENTS—100.0%
(Cost $55,128,302)				52,745,621
Other assets less liabilities—(0.0%)				(18,469	)
NET ASSETS—100.0%			$	52,727,152

 

See accompanying notes to schedule of investments.

136

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Milestone 2010 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		797,871	$	7,954,775
Vantagepoint Diversified Assets Fund		725,880		7,207,992
Vantagepoint Equity Income Fund		1,180,454		10,470,626
Vantagepoint Growth & Income Fund		877,034		8,305,509
Vantagepoint Growth Fund		271,047		2,534,288
Vantagepoint Inflation Protected Securities Fund		516,118		5,625,681
Vantagepoint International Fund		525,393		5,863,386
Vantagepoint Low Duration Bond Fund		2,281,989		22,523,228
Vantagepoint Mid/Small Company Index Fund Class I		123,473		1,812,578
				72,298,063
TOTAL INVESTMENTS—100.0%
(Cost $76,266,975)				72,298,063
Other assets less liabilities—(0.0%)				(34,345	)
NET ASSETS—100.0%			$	72,263,718

 

See accompanying notes to schedule of investments.

137

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Milestone 2015 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		2,085,657	$	20,793,998
Vantagepoint Diversified Assets Fund		1,343,874		13,344,669
Vantagepoint Equity Income Fund		2,856,350		25,335,823
Vantagepoint Growth & Income Fund		1,550,333		14,681,649
Vantagepoint Growth Fund		1,071,729		10,020,669
Vantagepoint Inflation Protected Securities Fund		400,109		4,361,185
Vantagepoint International Fund		1,329,806		14,840,637
Vantagepoint Low Duration Bond Fund		2,201,180		21,725,644
Vantagepoint Mid/Small Company Index Fund Class I		591,385		8,681,528
				133,785,802
TOTAL INVESTMENTS—100.0%
(Cost $143,839,470)				133,785,802
Other assets less liabilities—(0.0%)				(37,386	)
NET ASSETS—100.0%			$	133,748,416

 

See accompanying notes to schedule of investments.

138

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Milestone 2020 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		2,120,089	$	21,137,292
Vantagepoint Diversified Assets Fund		1,151,648		11,435,867
Vantagepoint Equity Income Fund		2,791,184		24,757,798
Vantagepoint Growth & Income Fund		1,412,900		13,380,163
Vantagepoint Growth Fund		1,038,989		9,714,550
Vantagepoint International Fund		1,347,496		15,038,060
Vantagepoint Low Duration Bond Fund		868,311		8,570,232
Vantagepoint Mid/Small Company Index Fund Class I		722,215		10,602,113
				114,636,075
TOTAL INVESTMENTS—100.0%
(Cost $124,100,761)				114,636,075
Other assets less liabilities—(0.0%)				(38,110	)
NET ASSETS—100.0%			$	114,597,965

 

See accompanying notes to schedule of investments.

139

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Milestone 2025 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		1,280,933	$	12,770,897
Vantagepoint Diversified Assets Fund		845,084		8,391,684
Vantagepoint Equity Income Fund		2,187,970		19,407,298
Vantagepoint Growth & Income Fund		1,170,391		11,083,601
Vantagepoint Growth Fund		849,721		7,944,894
Vantagepoint International Fund		1,114,119		12,433,565
Vantagepoint Low Duration Bond Fund		213,094		2,103,236
Vantagepoint Mid/Small Company Index Fund Class I		669,311		9,825,479
				83,960,654
TOTAL INVESTMENTS—100.0%
(Cost $92,154,321)				83,960,654
Other assets less liabilities—(0.0%)				(35,510	)
NET ASSETS—100.0%			$	83,925,144

 

See accompanying notes to schedule of investments.

140

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Milestone 2030 Fund	Shares		Value
MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I		790,089	$	7,877,187
Vantagepoint Diversified Assets Fund		469,994		4,667,038
Vantagepoint Equity Income Fund		1,713,733		15,200,814
Vantagepoint Growth & Income Fund		933,889		8,843,927
Vantagepoint Growth Fund		697,748		6,523,946
Vantagepoint International Fund		914,078		10,201,107
Vantagepoint Mid/Small Company Index Fund Class I		614,513		9,021,056
				62,335,075
TOTAL INVESTMENTS—100.1%
(Cost $69,469,899)				62,335,075
Other assets less liabilities—(0.1%)				(32,868	)
NET ASSETS—100.0%			$	62,302,207

 

See accompanying notes to schedule of investments.

141

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Milestone 2035 Fund	Shares		Value
MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I		388,201	$	3,870,367
Vantagepoint Diversified Assets Fund		89,155		885,309
Vantagepoint Equity Income Fund		1,015,088		9,003,834
Vantagepoint Growth & Income Fund		549,689		5,205,551
Vantagepoint Growth Fund		434,916		4,066,467
Vantagepoint International Fund		561,864		6,270,403
Vantagepoint Mid/Small Company Index Fund Class I		421,784		6,191,794
				35,493,725
TOTAL INVESTMENTS—100.1%
(Cost $40,241,775)				35,493,725
Other assets less liabilities—(0.1%)				(31,918	)
NET ASSETS—100.0%			$	35,461,807

 

See accompanying notes to schedule of investments.

142

SCHEDULE OF INVESTMENTS

March 31, 2008 (Unaudited)

Vantagepoint Milestone 2040 Fund	Shares		Value
MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I		343,266	$	3,422,364
Vantagepoint Equity Income Fund		993,723		8,814,322
Vantagepoint Growth & Income Fund		536,032		5,076,220
Vantagepoint Growth Fund		434,568		4,063,211
Vantagepoint International Fund		564,518		6,300,018
Vantagepoint Mid/Small Company Index Fund Class I		439,713		6,454,981
				34,131,116
TOTAL INVESTMENTS—100.1%
(Cost $39,168,555)				34,131,116
Other assets less liabilities—(0.1%)				(32,305	)
NET ASSETS—100.0%			$	34,098,811

 

See accompanying notes to schedule of investments.

143

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 (“Valuation Procedures”). The valuation of certain foreign equity securities is described below.

Shares of the underlying funds in which the Model Portfolio and Milestone Funds invest are valued by using the underlying funds’ respective net asset values (NAVs).

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

Valuation of Foreign Equity Securities

For foreign equity securities held by the funds and principally traded in markets outside North and South America, the Board approved the use of a third party fair valuation service. The service uses a multifactor model to calculate a factor that is then applied to adjust the market price for each such security. Additionally, the Board has approved the use of the fair value prices provided by this service on a daily basis without a market trigger or confidence interval filter. 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.

Recent Accounting Pronouncements

The Funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No.157, Fair Value Measurements (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

Level 1 —	quoted prices in active markets for identical investments
Level 2 —	other significant observable inputs (including quoted prices for similar investments in active markets, interest rates and yield curves, prepayment speeds, credit risks, etc.)
Level 3 —	significant unobservable inputs (including the Fund’s own assumptions about the assumptions that market participants would use in determining the fair value of investments)

144

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

The valuation techniques used by the Funds to measure fair value during the three months ended March 31, 2008 maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds utilized the following fair value techniques: multi-dimensional relational pricing model, option adjusted spread pricing and estimated the price that would have prevailed in a liquid market for an international equity given information available at the time of evaluation.

The following is a summary of the inputs used as of March 31, 2008 in valuing each Fund’s investment carried at value:

	Investments in Securities								Other Financial Instruments*
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs				Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs
							Total									Total
Money Market	$	349,202,060	$	—	$	—	$	349,202,060	$	—		$	—	$	—	$	—
Low Duration Bond		109,225,682		369,110,166		—		478,335,848		—			—		—		—
Inflation Protected Securities		12,377,029		319,662,110		—		332,039,139		321,927			53,337		—		375,264
Asset Allocation		529,420,397		138,800,738		—		668,221,135		1,103,526			—		—		1,103,526
Equity Income		1,491,194,179		224,041,660		—		1,715,235,839		—			—		—		—
Growth & Income		964,993,815		82,613,647		—		1,047,607,462		—			—		—		—
Growth		2,181,059,018		195,324,979		—		2,376,383,997		—			—		—		—
Select Value		264,305,922		36,106,324		—		300,412,246		11,078			—		—		11,078
Aggressive Opportunities		946,349,300		291,686,148		—		1,238,035,448		—			—		—		—
Discovery		106,583,491		78,929,605		—		185,513,096		2,948,913			—		—		2,948,913
International		1,013,912,434		76,940,005		—		1,090,852,439		(25,348	)		—		—		(25,348	)
Diversified Assets		67,469,803		313,211,457		—		380,681,260		(1,105,914	)		3,960,664		—		2,854,750
Core Bond Index		235,473,883		839,380,525		—		1,074,854,408		—			—		—		—
500 Stock Index		352,701,923		18,196,805		—		370,898,728		7,311			—		—		7,311
Broad Market Index		563,105,327		51,976,954		—		615,082,281		22,802			—		—		22,802
Mid/Small Company Index		196,349,909		49,440,452		—		245,790,361		90,667			—		—		90,667
Overseas Equity Index		210,261,921		4,738,498		—		215,000,419		124,186			—		—		124,186
Model Portfolio Savings Oriented		311,448,406		—		—		311,448,406		—			—		—		—
Model Portfolio Conservative Growth		567,615,620		—		—		567,615,620		—			—		—		—
Model Portfolio Traditional Growth		1,393,018,335		—		—		1,393,018,335		—			—		—		—
Model Portfolio Long- Term Growth		1,559,530,232		—		—		1,559,530,232		—			—		—		—
Model Portfolio All- Equity Growth		538,790,553		—		—		538,790,553		—			—		—		—
Milestone Retirement Income		52,745,621		—		—		52,745,621		—			—		—		—
Milestone 2010		72,298,063		—		—		72,298,063		—			—		—		—
Milestone 2015		133,785,802		—		—		133,785,802		—			—		—		—
Milestone 2020		114,636,075		—		—		114,636,075		—			—		—		—
Milestone 2025		83,960,654		—		—		83,960,654		—			—		—		—
Milestone 2030		62,335,075		—		—		62,335,075		—			—		—		—
Milestone 2035		35,493,725		—		—		35,493,725		—			—		—		—
Milestone 2040		34,131,116		—		—		34,131,116		—			—		—		—

 

*Other financial instruments include futures and foreign forward currency contracts.

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Liabilities Valuation Inputs

	Securities Sold Short								Other Financial Instruments*
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs				Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs
							Total									Total
Money Market	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—
Low Duration Bond		—		—		—		—		—			—		—		—
Inflation Protected Securities		—		—		—		—		(289,016	)		—		—		(289,016	)
Asset Allocation		—		—		—		—		—			—		—		—
Equity Income		—		—		—		—		—			—		—		—
Growth & Income		—		—		—		—		—			—		—		—
Growth		—		—		—		—		—			—		—		—
Select Value		—		—		—		—		—			—		—		—
Aggressive Opportunities		—		—		—		—		—			—		—		—
Discovery		—		—		—		—		—			—		—		—
International		—		—		—		—		—			—		—		—
Diversified Assets		—		—		—		—		128,007			—		—		128,007
Core Bond Index		—		—		—		—		—			—		—		—
500 Stock Index		—		—		—		—		—			—		—		—
Broad Market Index		—		—		—		—		—			—		—		—
Mid/Small Company Index		—		—		—		—		—			—		—		—
Overseas Equity Index		—		—		—		—		—			—		—		—
Model Portfolio Savings Oriented		—		—		—		—		—			—		—		—
Model Portfolio Conservative Growth		—		—		—		—		—			—		—		—
Model Portfolio Traditional Growth		—		—		—		—		—			—		—		—
Model Portfolio Long- Term Growth		—		—		—		—		—			—		—		—
Model Portfolio All- Equity Growth		—		—		—		—		—			—		—		—
Milestone Retirement Income		—		—		—		—		—			—		—		—
Milestone 2010		—		—		—		—		—			—		—		—
Milestone 2015		—		—		—		—		—			—		—		—
Milestone 2020		—		—		—		—		—			—		—		—
Milestone 2025		—		—		—		—		—			—		—		—
Milestone 2030		—		—		—		—		—			—		—		—
Milestone 2035		—		—		—		—		—			—		—		—
Milestone 2040		—		—		—		—		—			—		—		—

 

*Other financial instruments include written options.

At March 31, 2008, the Funds did not hold any investment with significant unobservable inputs (Level 3).

When Issued Securities

When issued securities or “To Be Announced” securities are sometimes held by the funds. The funds maintain 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

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

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

A futures contract is an agreement between two parties to buy and sell a security, commodity, or index at a set price. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the fund as unrealized gains or losses. When the contract is closed, the fund records a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. 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 contracts may exceed the amounts reflected in the financial statements. As of March 31, 2008, the following funds had the following open futures contracts outstanding:

Inflation Protected Securities

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
2	EUX	Euro Bund	June 2008	$	366,845	$	(760	)
164	CBT	U.S. 10 Year Treasury Note	June 2008		19,508,313		365,007
39	CBT	U.S. 5 Year Treasury Note	July 2008		4,455,141		6,071
						$	370,318
Sold
13	CBT	U.S. 2 Year Treasury Note	June 2008	$	2,790,531	$	(7,687	)
58	CBT	U.S. Treasury Bond	June 2008		6,890,219		(40,704	)
						$	(48,391	)
			Total Unrealized Appreciation			$	321,927

 

Asset Allocation Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
Purchased
1,821	CME	E-MINI S&P 500 Index	June 2008	$	120,550,200	$	1,012,568
29	CME	S&P 500 Index	June 2008		9,599,000		90,958
			Total Unrealized Appreciation			$	1,103,526

 

Select Value Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
Purchased
50	CME	E-MINI S&P 500 Index	June 2008	$	331,000	$	11,078
			Total Unrealized Appreciation			$	11,078

 

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

Discovery Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
Purchased
1,142	CME	E-MINI Russell Index	June 2008	$	78,798,000	$	2,949,940
			Total Unrealized Appreciation			$	2,949,940

 

Diversified Assets Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
6	SGX	10 year mini — JGB	June 2008	$	844,026	$	7,397
233	EOE	Amsterdam Index	April 2008		32,563,417		1,559,762
154	SFE	Australian Government Bond 10 Yr.	June 2008		13,998,386		48,366
150	EOP	CAC40 Euros	April 2008		11,180,414		492,762
51	EUX	DJ Euro Stoxx 50	June 2008		2,862,499		127,407
129	CME	E-MINI S&P 500 Index	June 2008		8,539,800		65,869
192	EUX	Euro-Schatz	June 2008		31,732,734		(232,749	)
122	LIF	FTSE 100 Index	June 2008		13,835,069		459,863
57	MFM	IBEX 35 Index	April 2008		11,930,757		218,208
8	TSE	Japanese Government Bond 10 Yr.	June 2008		11,258,488		77,220
76	MIL	S&P/MIB Index	June 2008		18,414,923		266,206
169	TSE	Topix Index	June 2008		20,572,809		65,229
						$	3,155,540
Sold
154	EUX	Euro Bund	June 2008	$	28,247,045	$	241,377
11	CBT	U.S. 10 Year Treasury Note	June 2008		1,308,484		(19,766	)
498	SFE	Australian Government Bond 10 Yr.	June 2008		45,267,509		(249,525	)
118	EOP	CAC 40 Euros	April 2008		8,795,259		(400,907	)
72	MSE	Canada 10 Year Bond	June 2008		8,402,748		(311,732	)
30	EUX	Dax Index	June 2008		7,823,087		(291,190	)
100	CME	E-MINI S&P 500 Index	June 2008		6,620,000		9,250
5	TSE	Japanese Government Bond 10 Yr.	June 2008		7,036,555		(77,449	)
204	LIF	UK Gilt Long Bond	June 2008		45,105,015		(1,144,010	)
460	OML	OMX Stockholm 30 Index	April 2008		7,207,232		(177,071	)
107	MSE	S&P/TSE 60 Index	June 2008		16,384,391		99,713
274	SFE	SPI 200 Index	June 2008		33,748,702		(1,546,072	)
38	CBT	U.S. 2 Year Treasury Note	June 2008		8,156,938		8,313
						$	(3,859,069	)
			Total Unrealized Depreciation			$	(703,529	)

 

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500 Stock Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
Purchased
96	CME	E-MINI S&P 500 Index	June 2008	$	6,355,200	$	7,311
			Total Unrealized Appreciation			$	7,311

 

Broad Market Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
23	CME	E-MINI Russell Index	June 2008	$	1,587,000	$	34,266
123	CME	E-MINI S&P 500 Index	June 2008		8,142,600		(11,464	)
			Total Unrealized Appreciation			$	22,802

 

Mid/Small Company Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
Purchased
42	CME	E-MINI Russell Index	June 2008	$	2,898,000	$	66,100
38	CME	E-MINI S&P Mid 400 Index	June 2008		2,969,700		24,567
			Total Unrealized Appreciation			$	90,667

 

Overseas Equity Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
43	EUX	DJ STOXX 50 Index	June 2008	$	2,413,480	$	47,685
14	LIF	FTSE 100 Index	June 2008		1,587,631		38,308
11	TSE	Topix Index	June 2008		1,339,059		(14,085	)
			Total Unrealized Appreciation			$	71,908

 

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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. Such 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 currencies. 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 March 31, 2008, the funds had the following open forward foreign currency exchange contracts outstanding:

Discovery Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at March 31, 2008		Net Unrealized Loss
Purchase Contracts
Brazilian Real	04/01/2008	$	112,124	$	111,989	$	(135	)
Canadian Dollar	04/01/2008		82,548		81,885		(663	)
	04/03/2008		185,713		185,484		(229	)
		Net Loss on Purchase Contracts				$	(1,027	)
		Net Unrealized Loss on Forward Foreign Currency Contracts				$	(1,027	)

 

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

Diversified Assets Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at March 31, 2008		Net Unrealized Gain/(Loss)
Purchase Contracts
Australian Dollar	04/21/2008	$	4,309,923	$	4,281,125	$	(28,798	)
	06/18/2008		32,332,209		32,134,011		(198,198	)
British Pound Sterling	06/18/2008		69,056,943		68,385,446		(671,497	)
Canadian Dollar	06/18/2008		38,253		37,939		(314	)
Euro Dollar	06/18/2008		32,883,638		33,953,904		1,070,266
Japanese Yen	04/10/2008		3,101,677		3,206,464		104,787
	06/18/2008		26,790,382		27,351,409		561,027
New Zealand Dollar	06/18/2008		15,508,983		15,251,763		(257,220	)
Norwegian Krone	06/18/2008		32,704,886		33,216,264		511,378
Swedish Krona	04/17/2008		3,179,781		3,248,193		68,412
	06/18/2008		758,124		769,634		11,510
Swiss Franc	06/18/2008		18,563,297		18,656,414		93,117
		Net Gain on Purchase Contracts				$	1,264,470
Sale Contracts
Australian Dollar	06/18/2008	$	11,193,151	$	11,153,017	$	40,134
British Pound Sterling	06/18/2008		264,141		262,618		1,523
Canadian Dollar	06/18/2008		36,126,645		34,957,664		1,168,981
Euro Dollar	04/07/2008		2,948,790		3,067,586		(118,796	)
	06/18/2008		54,359,517		55,689,775		(1,330,258	)
Japanese Yen	06/18/2008		9,384,572		9,500,639		(116,067	)
New Zealand Dollar	04/21/2008		4,335,312		4,255,517		79,795
	06/18/2008		1,819,208		1,800,384		18,824
Norwegian Krone	06/18/2008		15,668,593		15,852,951		(184,358	)
Swedish Krona	06/18/2008		6,566,224		6,776,095		(209,871	)
Swiss Franc	06/18/2008		31,878,364		32,895,125		(1,016,761	)
		Net Loss on Sale Contracts				$	(1,666,854	)
		Net Unrealized Loss on Forward Foreign Currency Contracts				$	(402,384	)

 

International Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at March 31, 2008		Net Unrealized Gain/(Loss)
Purchase Contracts
Australian Dollar	04/01/2008	$	831,483	$	821,629	$	(9,854	)
Brazilian Real	04/01/2008		5,158		5,152		(6	)
Euro Dollar	04/01/2008		414,883		415,999		1,116
Japanese Yen	04/01/2008		1,413,663		1,406,768		(6,895	)
	04/02/2008		814,454		808,385		(6,069	)
	04/03/2008		282,036		281,726		(310	)
Norwegian Krone	04/01/2008		176,752		176,806		54
Swiss Franc	04/01/2008		366,928		368,794		1,866
		Net Loss on Purchase Contracts				$	(20,098	)

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

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at March 31, 2008		Net Unrealized Gain/(Loss)
Sale Contracts
Australian Dollar	04/01/2008	$	180,760	$	181,267	$	(507	)
British Pound Sterling	04/01/2008		118,940		118,831		109
	04/02/2008		188,802		189,293		(491	)
Canadian Dollar	04/01/2008		62,738		62,529		209
	04/02/2008		39,424		39,529		(105	)
Euro Dollar	04/01/2008		1,286,031		1,290,240		(4,209	)
	04/02/2008		825,747		826,200		(453	)
Hong Kong Dollar	04/01/2008		418,162		418,210		(48	)
	04/02/2008		202,023		202,041		(18	)
Japanese Yen	04/01/2008		680,766		678,865		1,901
Swedish Krona	04/01/2008		60,289		60,581		(292	)
	04/02/2008		36,293		36,416		(123	)
Swiss Franc	04/01/2008		7,426		7,481		(55	)
	07/02/2008		519,000		520,168		(1,168	)
		Net Loss on Sale Contracts				$	(5,250	)
		Net Unrealized Loss on Forward Foreign Currency Contracts				$	(25,348	)

 

Overseas Equity Index Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at March 31, 2008			Net Unrealized Gain/(Loss)
Purchase Contracts
British Pound Sterling	06/18/2008	$	1,405,513	$	1,383,016		$	(22,497	)
Euro Dollar	06/18/2008		2,569,901		2,623,526			53,625
Japanese Yen	06/18/2008		2,003,531		2,053,527			49,996
		Net Gain on Purchase Contracts				$	81,124
Sale Contracts
British Pound Sterling	06/18/2008	$	447,609	$	443,687		$	3,922
Euro Dollar	06/18/2008		1,712,018		1,746,352			(34,334	)
Japanese Yen	06/18/2008		236,134		233,758			2,376
		Net Loss on Sale Contracts					$	(28,036	)
		Net Unrealized Gain on Forward Foreign Currency Contracts					$	53,088

 

Option Contracts

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

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

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. Options contract transactions may incur a commission, in addition to the premium paid or received. The risk in writing a call option is that the fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that the fund pays a premium whether or not the option is exercised. Written option activity for the period ended March 31, 2008 was as follows:

Inflation Protected Securities Fund

	Call Options						Put Options						Total
	# Contracts			Premium			# Contracts			Premium			# Contracts			Premium
Beginning balance as of 01/01/2008		23		$	8,910			100		$	41,862			123		$	50,772
Contracts written		220		$	271,309			149		$	167,065			369		$	438,374
Contracts closed		(23	)	$	(8,910	)		—		$	—			(23	)	$	(8,910	)
Contracts expired		—		$	—			(100	)	$	(41,862	)		(100	)	$	(41,862	)
Ending balance as of 03/31/2008		220		$	271,309			149		$	167,065			369		$	438,374

 

Option Type	Inflation Protected Securities	# Contracts		Strike Price		Expiration Date		Unrealized Gain/(Loss)
Call	CBT U.S. 10 Year Treasury Note		104	$	117.00		05/23/2008	$	(157,885	)
Call	CBT U.S. 10 Year Treasury Note		45	$	118.00		05/23/2008	$	(42,831	)
Call	CBT U.S. 10 Year Treasury Note		48	$	119.00		05/23/2008	$	(18,370	)
Call	CBT U.S. 10 Year Treasury Note		14	$	121.00		05/23/2008	$	3,903
Call	CBT U.S. 10 Year Treasury Note		9	$	122.00		05/23/2008	$	3,774
Put	CBT U.S. 10 Year Treasury Note		15	$	112.00		05/23/2008	$	14,728
Put	CBT U.S. 10 Year Treasury Note		104	$	113.00		05/23/2008	$	103,740
Put	CBT U.S. 10 Year Treasury Note		30	$	114.00		05/23/2008	$	26,238
								$	(66,703	)

 

Diversified Assets Fund

	Call Options				Put Options						Total
	# Contracts		Premium		# Contracts			Premium			# Contracts			Premium
Beginning balance as of 01/01/2008		—	$	—		910		$	237,171			910		$	237,171
Contracts written		—	$	—		910		$	312,990			910		$	312,990
Contracts closed		—	$	—		(910	)	$	(237,171	)		(910	)	$	(237,171	)
Contracts expired		—	$	—		—		$	—			—		$	—
Ending balance as of 03/31/2008		—	$	—		910		$	312,990			910		$	312,990

 

Option Type	Diversified Assets Fund	# Contracts		Strike Price			Expiration Date		Unrealized Gain/(Loss)
Put	Swiss Market Index		910	$	6,855.33	USD		06/20/2008	$	128,007

 

153

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

Swap Agreements

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. An inflation swap agreement is a contract between two counterparties who agree to swap cash flows based on the inflation rate against fixed cash flows. Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Credit default swaps are contracts whereby one party makes periodic payments to a counterparty in exchange for the right to receive from the counterparty a payment equal to the par (or other agreed-upon) value of a referenced debt obligation in the event of a default by the issuer of the debt obligation. The swaps listed below are marked to market daily using a Bloomberg Swap Curve Calculator, or other third party pricing vendors, and the change in value, if any, is recorded as unrealized gain or loss in the Statement of Operations. The risks associated with swap agreements include the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreements. In certain types of swap transactions, the risk of loss is increased because the Fund may be required to make higher payments as a result of market volatility. In addition, swap agreements are not traded on exchanges or other organized markets and thus may be less liquid than other derivative instruments. At March 31, 2008, the following swap agreements were outstanding:

Inflation Protected Securities Fund

Notional Amount	Expiration Date		Description	Net Unrealized Gain/(Loss)
AUD 8,700,000		6/15/2010	This is an Interest Rate Swap Agreement with Deutsche Bank AG, notional amount 8,700,000 Australian Dollar (AUD), entered into by PIMCO on June 19, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 7.0% and pay a floating rate of the 6-month Australian Bank Bill (the floating index), resetting every six months, during the period from June 16, 2008 to June 15, 2010.	$	(17,640	)
AUD 2,500,000		3/15/2010	This is an Interest Rate Swap Agreement with UBS AG, notional amount AUD 2,500,000, entered into by PIMCO on February 29, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 7.5% and pay a floating rate of the 3-month Australian Bank Bill (the floating index), resetting every quarter, during the period from June 15, 2009 to March 15, 2010.	$	8,443
BRL 6,600,000		1/2/2012	This is an Interest Rate Swap Agreement with Morgan Stanley Capital Services, notional amount 6,600,000 Brazilian Real (BRL), entered into by PIMCO on January 3, 2008. In this swap, the Fund has contractually arranged to pay a fixed rate of 12.54% and receive a floating rate of the Brazil Cetip Interbank Deposit (the floating index) at maturity, resetting daily.	$	(103,674	)

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Notional Amount	Expiration Date		Description	Net Unrealized Gain/(Loss)
CAD 100,000		6/20/2012	This is an Interest Rate Swap Agreement with Bank of America, notional amount 100,000 Canadian Dollar (CAD), entered into by PIMCO on December 4, 2007. In this swap, the Fund has contractually arranged to pay a fixed rate of 5.0% and receive a floating rate of 3-month Canadian LIBOR (the floating index), resetting every quarter, during the period from June 20, 2009 to June 20, 2012.	$	(3,237	)
CAD 100,000		6/20/2017	This is an Interest Rate Swap Agreement with Bank of America, notional amount CAD 100,000, entered into by PIMCO on December 4, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 5.5% and pay a floating rate of 3-month Canadian LIBOR (the floating index), resetting every quarter, during the period from June 20, 2012 to June 20, 2017.	$	3,314
EUR 2,000,000		3/19/2010	This is an Interest Rate Swap Agreement with Deutsche Bank AG, notional amount 2,000,000 Euro (EUR), entered into by PIMCO on December 21, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.5% and pay a floating rate of 6 month EURIBOR rate (the floating index), resetting every six months, during the period from March 19, 2008 to March 19, 2010.	$	15,871
EUR 2,000,000		3/19/2010	This is an Interest Rate Swap Agreement with Morgan Stanley Capital Services, notional amount EUR 2,000,000, entered into by PIMCO on December 21, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.5% and pay a floating rate of 6 month EURIBOR rate (the floating index), resetting every six months, during the period from March 19, 2008 to March 19, 2010.	$	15,871
EUR 1,100,000		9/14/2012	This is an Inflation Rate Swap Agreement with Barclays Bank PLC, notional amount EUR 1,100,000, entered into by PIMCO on September 12, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 2.07% and pay the French Non-Revised Index of Consumer Prices excluding Tobacco (the Inflation Index) during the period from September 14, 2007 to September 14, 2012.	$	(40,578	)
JPY 200,000,000		3/18/2009	This is an Interest Rate Swap Agreement with Morgan Stanley Capital Services, notional amount 200,000,000 Japanese Yen (JPY), entered into by PIMCO on June 5, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 1% and pay a floating rate of 6-month Japanese LIBOR (the floating index), resetting every six months, during the period from March 19, 2008 to March 18, 2009.	$	2,219

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Notional Amount	Expiration Date		Description	Net Unrealized Gain/(Loss)
USD 600,000		6/18/2013	This is an Interest Rate Swap Agreement with Royal Bank of Scotland PLC, notional amount $600,000, entered into by PIMCO on December 13, 2007. In this swap, the Fund has contractually arranged to pay a fixed rate of 4.0% and receive a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from June 18, 2008 to June 18, 2013.	$	(16,985	)
USD 100,000		6/18/2038	This is an Interest Rate Swap Agreement with Bank of America, notional amount $100,000, entered into by PIMCO on January 11, 2008. In this swap, the Fund has contractually arranged to pay a fixed rate of 5.0% and receive a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from December 18, 2008 to June 18, 2038.	$	(5,287	)
USD 1,700,000		6/18/2010	This is an Interest Rate Swap Agreement with Bank of America, total notional amount $1,700,000, entered into by PIMCO on January 10, 2008 (notional $2,000,000), on January 11, 2008 (notional $800,000), on January 22, 2008 (notional $700,000), and on January 23, 2008 (notional $400,000). In this swap, the Fund has contractually arranged to receive a fixed rate of 4.0% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from December 18, 2008 to June 18, 2010.	$	50,425
USD 3,200,000		3/5/2018	This is an Inflation Rate Swap Agreement with Goldman Sachs Capital Markets, notional amount $3,200,000, entered into by PIMCO on March 3, 2008. In this swap, the Fund has contractually arranged to pay a fixed rate of 2.97% and receive a floating rate of Consumer Price All Urban Non-Seasonally Adjusted Index (the floating index), at maturity, during the period from March 5, 2008 to March 5, 2018.	$	34,113
USD 3,300,000		6/18/2038	This is an Interest Rate Swap Agreement with Royal Bank of Scotland PLC, total notional amount $3,300,000, entered into by PIMCO on January 11, 2008 (notional $100,000), on January 24, 2008 (notional $2,100,000), on March 26, 2008 (notional $700,000), and on March 27, 2008 (notional $400,000). In this swap, the Fund has contractually arranged to pay a fixed rate of 5.0% and receive a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from December 18, 2008 to June 18, 2038.	$	(174,458	)

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Notional Amount	Expiration Date		Description	Net Unrealized Gain/(Loss)
USD 3,600,000		3/6/2018	This is an Inflation Rate Swap Agreement with Morgan Stanley Capital Services, notional amount $3,600,000, entered into by PIMCO on March 4, 2008. In this swap, the Fund has contractually arranged to pay a fixed rate of 2.98% and receive a floating rate of Consumer Price All Urban Non-Seasonally Adjusted Index (the floating index), at maturity, during the period from March 6, 2008 to March 6, 2018.	$	42,142
USD 10,800,000		6/18/2010	This is an Interest Rate Swap Agreement with Deutsche Bank AG, total notional amount $10,800,000, entered into by PIMCO on January 2, 2008 (notional $10,000,000), and on January 15, 2008 (notional $800,000). In this swap, the Fund has contractually arranged to receive a fixed rate of 4.0% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from December 18, 2008 to June 18, 2010.	$	317,005
GBP 1,000,000		3/20/2013	This is an Interest Rate Swap Agreement with Deutsche Bank AG, notional amount 1,000,000 British Pound (GBP), entered into by PIMCO on February 1, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 5.0% and pay a floating rate of 6-month LIBOR (the floating index), resetting every six months, during the period from September 22, 2008 to March 20, 2013.	$	(495	)
GBP 200,000		9/10/2027	This is an Inflation Rate Swap Agreement with Royal Bank of Scotland PLC, notional amount GBP 200,000 entered into by PIMCO on September 10, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 3.44% and pay the UK Non-revised Retail Price Index All Items (the inflation index) during the period from September 10, 2007 to September 10, 2027.	$	(18,886	)
GBP 500,000		12/19/2017	This is an Inflation Rate Swap Agreement with Royal Bank of Scotland PLC, total notional amount GBP 500,000, entered into by PIMCO on December 19, 2007 (notional GBP 200,000) and on December 21, 2007 (notional GBP 300,000). In this swap, the Fund has contractually arranged to receive a fixed rate of 3.1825% and pay the UK Non-revised Retail Price Index All Items (the inflation index) during the period from December 27, 2007 to December 19, 2017.	$	(21,707	)
GBP 400,000		12/14/2017	This is an Inflation Rate Swap Agreement with Barclays Bank PLC, notional amount GBP 400,000, entered into by PIMCO on December 07, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 3.25% and pay the UK Non-revised Retail Price Index All Items (the inflation index) during the period from December 14, 2007 to December 14, 2017.	$	(13,402	)

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Notional Amount	Expiration Date		Description	Net Unrealized Gain/(Loss)
GBP 400,000		01/03/2018	This is an Inflation Rate Swap Agreement with Goldman Sachs Capital Markets, notional amount GBP 400,000, entered into by PIMCO on January 03, 2008. In this swap, the Fund has contractually arranged to receive a fixed rate of 3.11% and pay the UK Non-revised Retail Price Index All Items (the inflation index) during the period from January 03, 2008 to January 03, 2018.	$	(19,717	)
			Total Unrealized Gain/(Loss)	$	53,337

 

Diversified Assets Fund

Notional Amount	Expiration Date		Description	Net Unrealized Gain/(Loss)
USD 1,500,000		12/20/2009	This is a Credit Default Swap Agreement with Lehman Brothers Special Finance, notional amount $1,500,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive 3.6% times the notional amount. The Fund makes payment only upon a default event of Mediacom LLC/Mediacom Capital Corp Note.	$	(115,602	)
USD 38,000,000		5/1/2009	This is an Interest Rate Swap Agreement with Lehman Brothers Special Finance, notional amount $38,000,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.46% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from November 1, 2007 to May 1, 2009.	$	859,852
USD 38,000,000		11/1/2009	This is an Interest Rate Swap Agreement with Lehman Brothers Special Finance, notional amount $38,000,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.4475% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from November 1, 2007 to November 1, 2009.	$	1,228,009
USD 16,000,000		5/1/2010	This is an Interest Rate Swap Agreement with Lehman Brothers Special Finance, notional amount $16,000,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.4625% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from November 1, 2007 to May 1, 2010.	$	643,780

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Notional Amount	Expiration Date		Description	Net Unrealized Gain/(Loss)
USD 16,000,000		11/1/2010	This is an Interest Rate Swap Agreement with Lehman Brothers Special Finance, notional amount $16,000,000, entered into by Drake Capital Management on October 30, 2007. In this swap, the Fund has contractually arranged to receive a fixed rate of 4.5125% and pay a floating rate of 3-month LIBOR (the floating index), resetting every quarter, during the period from November 1, 2007 to November 1, 2010.	$	750,229
EUR 5,800,000		6/10/2008	This is a Total Return Swap Agreement with Morgan Stanley Capital Services, Inc. with respect to Euro Bund futures contracts, notional amount EUR 5,800,000, entered into by Analytic Investors on March 4, 2008. In this swap, the Fund has contractually arranged to receive the total return that would otherwise be realized on the underlying futures contracts if the total return is positive or pay the total return that would otherwise be realized on the underlying futures contracts if the total return is negative.	$	(105,474	)
EUR 600,000		6/10/2008	This is a Total Return Swap Agreement with Morgan Stanley Capital Services, Inc. with respect to Euro Bund futures contracts, notional amount EUR 600,000, entered into by Analytic Investors on March 4, 2008. In this swap, the Fund has contractually arranged to receive the total return that would otherwise be realized on the underlying futures contracts if the total return is positive or pay the total return that would otherwise be realized on the underlying futures contracts if the total return is negative.	$	(11,006	)
GBP (26,500,000)		06/30/2008	This is a Total Return Swap Agreement with Morgan Stanley Capital Services, Inc. with respect to Long Gilt futures contracts, notional amount GBP (26,500,000), entered into by Analytic Investors on February 26, 2008. In this swap, the Fund has contractually arranged to pay the total return that would otherwise be realized on the underlying futures contracts if the total return is positive or receive the total return that would otherwise be realized on the underlying futures contracts if the total return is negative.	$	(1,558,015	)
JPY 3,300,000,000		06/20/2008	This is a Total Return Swap Agreement with Morgan Stanley Capital Services, Inc. with respect to the Japanese 10-Year Bond (TSE) futures contracts, notional amount JPY 3,300,000,000, entered into by Analytic Investors on March 6, 2008. In this swap, the Fund has contractually arranged to receive the total return that would otherwise be realized on the underlying futures contracts if the total return is positive or pay the total return that would otherwise be realized on the underlying futures contracts if the total return is negative.	$	499,040

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Notional Amount	Expiration Date		Description	Net Unrealized Gain/(Loss)
USD 48,000,000		6/30/2008	This is a Total Return Swap Agreement with Morgan Stanley Capital Services, Inc. with respect to U.S. 10-Year Treasury Note futures contracts, notional amount $48,000,000, entered into by Analytic Investors on February 27, 2008. In this swap, the Fund has contractually arranged to receive the total return that would otherwise be realized on the underlying futures contracts if the total return is positive or pay the total return that would otherwise be realized on the underlying futures contracts if the total return is negative.	$	1,769,851
			Total Unrealized Gain/(Loss)	$	3,960,664

 

SwapOptions (“Swaptions”)

A swaption combines the features of an option and a swap. A swaptions is an option to buy or sell a swap. Depending on the terms of the particular swaption, a fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a fund writes a swaption, upon exercise of the option the fund will become obligated according to the terms of the underlying agreement. The fund records an unrealized gain or loss for the amount expected to be received or paid under the agreement if such agreement was terminated at valuation. The unrealized gain or loss is recorded in the fund’s Statement of Assets and Liabilities. Written swaption activity for the period ended March 31, 2008 was as follows:

Inflation Protected Securities Fund

	Call Swaptions				Put Swaptions				Total
	# Contracts		Premium		# Contracts		Premium		# Contracts		Premium
Beginning balance as of 01/01/2008		3,600,000	$	103,985		3,600,000	$	98,010		7,200,000	$	201,995
Contracts written		2,200,000	$	57,970		—	$	—		2,200,000	$	57,970
Contracts closed		—	$	—		—	$	—		—	$	—
Contracts expired		—	$	—		—	$	—		—	$	—
Ending balance as of 31/03/2008		5,800,000	$	161,955		3,600,000	$	98,010		9,400,000	$	259,965

 

Exchange	Contract	Notional Value		Strike Price			Expiration Date		Unrealized Gain(Loss)
OTC	Put — Interest Rate Swap	$	300,000		5.67	%		8/7/2008	$	9,058
OTC	Call — Interest Rate Swap	$	300,000		5.67	%		8/7/2008	$	(34,738	)
OTC	Put — Interest Rate Swap	$	400,000		5.67	%		8/7/2008	$	14,357
OTC	Call — Interest Rate Swap	$	400,000		5.67	%		8/7/2008	$	(48,897	)
OTC	Put — Interest Rate Swap	$	1,200,000		5.25	%		9/15/2008	$	22,398
OTC	Call — Interest Rate Swap	$	1,200,000		5.25	%		9/15/2008	$	(78,180	)
OTC	Put — Interest Rate Swap	$	1,700,000		5.25	%		9/15/2008	$	31,731
OTC	Call — Interest Rate Swap	$	1,700,000		5.25	%		9/15/2008	$	(110,755	)
OTC	Call — Interest Rate Swap	$	2,200,000		4.30	%		2/2/2009	$	(27,288	)
									$	(222,314	)

 

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

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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.

Tax Basis Unrealized Appreciation (Depreciation)

At March 31, 2008, net unrealized appreciation (depreciation) on investments was as follows:

	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Money Market	$	349,202,060	$	—	$	—	$	—
Low Duration Bond		475,974,017		7,511,951		5,150,120		2,361,831
Inflation Protected Securities		315,798,555		16,471,272		230,688		16,240,584
Asset Allocation		595,204,054		137,903,480		64,886,399		73,017,081
Equity Income		1,634,756,468		277,668,486		197,189,115		80,479,371
Growth & Income		1,012,988,310		122,573,767		87,954,615		34,619,152
Growth		2,314,139,363		201,054,489		138,809,855		62,244,634
Select Value		334,386,890		4,127,753		38,102,397		(33,974,644	)
Aggressive Opportunities		1,279,188,204		139,865,192		181,017,948		(41,152,756	)
Discovery		198,838,919		5,178,879		18,504,702		(13,325,823	)
International		1,023,420,330		131,593,604		64,161,495		67,432,109
Diversified Assets		381,125,537		1,147,347		1,591,624		(444,277	)
Core Bond Index		1,062,185,600		22,736,241		10,067,433		12,668,808
500 Stock Index		232,337,722		184,791,544		46,230,538		138,561,006
Broad Market Index		441,516,191		251,449,837		77,883,747		173,566,090
Mid/Small Company Index		221,651,472		59,927,101		35,788,212		24,138,889
Overseas Equity Index		183,831,720		44,843,914		13,675,215		31,168,699
Model Portfolio Savings Oriented		313,722,084		1,060,813		3,334,491		(2,273,678	)
Model Portfolio Conservative Growth		569,296,155		2,591,946		4,272,481		(1,680,535	)
Model Portfolio Traditional Growth		1,413,085,532		750,125		20,817,322		(20,067,197	)
Model Portfolio Long-Term Growth		1,567,204,079		27,286,131		34,959,978		(7,673,847	)
Model Portfolio All-Equity Growth		579,845,402		5,358,444		46,413,293		(41,054,849	)
Milestone Retirement Income		55,339,202		525,911		3,119,492		(2,593,581	)
Milestone 2010		76,507,573		697,034		4,906,544		(4,209,510	)
Milestone 2015		143,972,322		845,902		11,032,422		(10,186,520	)
Milestone 2020		124,191,461		533,130		10,088,516		(9,555,386	)
Milestone 2025		92,203,763		299,740		8,542,849		(8,243,109	)
Milestone 2030		69,524,203		164,544		7,353,672		(7,189,128	)
Milestone 2035		40,274,001		81,604		4,861,880		(4,780,276	)
Milestone 2040		39,206,829		63,476		5,139,189		(5,075,713	)

 

Portfolio Securities Loaned

Certain funds lend securities to approved brokers to earn additional income. As of March 31, 2008, certain funds had loaned securities, which were collateralized by cash, cash equivalents, or U.S. Government Obligations. Each fund receives compensation 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 for domestic securities and 105% for foreign 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 their 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

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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 funds will be indemnified by its custodian for securities lending programs conducted through the custodian if at the time of a default by a borrower some or all of the loaned securities have not been returned by the borrower. The custodian, as soon as practicable after the time of default, shall purchase and deposit in the funds’ account securities of the same issuer, class, denomination, and with the same dividend and other economic benefits as, and equal in number to, the unreturned loaned securities to the extent that such securities are reasonably available on the open market. If the custodian is unable to purchase replacement securities, it will credit to the funds’ account an amount equal to the market value of the unreturned loaned securities.

The market value of the securities on loan and the value of the related collateral as March 31, 2008, were as follows:

Fund	Securities on Loan		Collateral		Collateralization %
Low Duration Bond	$	1,095,004	$	1,131,900		102	%
Asset Allocation		15,578,341		16,334,281		105	%
Equity Income		147,077,346		159,603,581		109	%
Growth & Income		41,978,747		44,091,465		105	%
Growth		108,979,391		113,095,676		104	%
Select Value		34,606,552		36,106,324		104	%
Aggressive Opportunities		245,542,856		258,870,549		105	%
Discovery		32,184,470		34,125,741		106	%
International		36,816,980		38,792,862		105	%
Core Bond Index		27,957,491		28,567,498		102	%
500 Stock Index		11,498,317		12,053,957		105	%
Broad Market Index		41,194,354		43,058,951		105	%
Mid/Small Company Index		41,603,078		43,650,541		105	%
Overseas Equity Index		2,029,782		2,150,000		106	%

 

162

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	May 28, 2008
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	May 28, 2008
By:	/s/ Gerard P. Maus
	Gerard P. Maus, Principal Financial Officer
Date	May 27, 2008