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:	12/31/09
Date of reporting period:	09/30/09

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	7
Asset Allocation	9
Equity Income	16
Growth & Income	19
Growth	23
Select Value	26
Aggressive Opportunities	29
Discovery	33
International	39
Diversified Assets	45
Core Bond Index	51
500 Stock Index	62
Broad Market Index	69
Mid/Small Company Index	93
Overseas Equity Index	116
Model Portfolio Savings Oriented	127
Model Portfolio Conservative Growth	128
Model Portfolio Traditional Growth	129
Model Portfolio Long-Term Growth	130
Model Portfolio All-Equity Growth	131
Milestone Retirement Income	132
Milestone 2010	133
Milestone 2015	134
Milestone 2020	135
Milestone 2025	136
Milestone 2030	137
Milestone 2035	138
Milestone 2040	139
Notes to the Schedules of Investments	140

 

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

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Money Market Fund	Shares		Value
MUTUAL FUND—100.0%
Short-Term Investments Trust Liquid Assets Portfolio (Cost $464,262,306)		464,262,306	$	464,262,306
TOTAL INVESTMENTS—100.0%
(Cost $464,262,306)				464,262,306
Other assets less liabilities—(0.0%)				(97,912	)
NET ASSETS—100.0%			$	464,164,394

 

See accompanying notes to schedule of investments.

1

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—46.8%
Beverages—0.2%
Bottling Group LLC
6.950%	03/15/2014			$   975,000		$  1,137,421
Biotechnology—0.4%
Amgen, Inc.
4.000%	11/18/2009			1,800,000		1,809,839
Capital Markets—1.2%
Bank of New York Mellon Corp. (The)
4.300%	05/15/2014			1,170,000		1,240,268
Goldman Sachs Group, Inc. (The) MTN
6.000%	05/01/2014			901,000		980,854
3.625%	08/01/2012			700,000		719,100
Macquarie Bank Ltd. (Australia)
2.600%	01/20/2012	ˆ		1,230,000		1,263,583
Morgan Stanley
6.000%	05/13/2014			700,000		745,974
Morgan Stanley, Series F MTN
2.550%	05/14/2010	#		700,000		707,799
						5,657,578
Chemicals—1.6%
Dow Chemical Co. (The)
7.600%	05/15/2014			4,385,000		4,855,655
4.850%	08/15/2012			2,700,000		2,809,491
						7,665,146
Commercial Banks—10.8%
Barclays Bank plc (United Kingdom)
5.450%	09/12/2012			5,940,000		6,387,561
2.700%	03/05/2012	ˆ		1,000,000		1,019,736
BB&T Corp. MTN
3.850%	07/27/2012			6,318,000		6,521,566
BB&T Corp., Series A MTN
3.375%	09/25/2013			700,000		703,450
Capital One Financial Corp.
7.375%	05/23/2014	†		4,130,000		4,613,702
Commonwealth Bank of Australia (Australia)
2.400%	01/12/2012	ˆ		1,404,000		1,430,496
ING Bank NV (Netherlands)
2.625%	02/09/2012	ˆ		1,700,000		1,729,779
M&T Bank Corp.
5.375%	05/24/2012	†		6,680,000		6,884,822
National Australia Bank Ltd. (Australia)
2.550%	01/13/2012	ˆ†		1,665,000		1,697,889
SunTrust Banks, Inc.
5.250%	11/05/2012	†		6,700,000		6,918,822
Swedbank AB (Sweden)
2.800%	02/10/2012	ˆ		900,000		916,208
Toronto-Dominion Bank (The) MTN (Canada)
1.588%	09/10/2010	#		EUR 750,000		1,096,574
US Bancorp
4.200%	05/15/2014	†		1,300,000		1,359,913
US Bancorp MTN
0.871%	05/06/2010	#		1,200,000		1,203,558
Wachovia Bank NA, Bank Note
7.800%	08/18/2010			1,750,000		1,845,482
Wachovia Corp.
0.511%	06/01/2010	#		3,280,000		3,270,914
Wells Fargo & Co.
5.300%	08/26/2011			1,240,000		1,309,936
5.250%	10/23/2012			2,000,000		2,135,378
Wells Fargo & Co., Series I MTN
3.750%	10/01/2014		$	660,000	$	657,438
						51,703,224
Communications Equipment—0.3%
Cisco Systems, Inc.
5.250%	02/22/2011			1,250,000		1,317,995
Computers & Peripherals—1.0%
Dell, Inc.
3.375%	06/15/2012			1,610,000		1,669,346
Hewlett-Packard Co.
4.250%	02/24/2012			730,000		771,729
2.250%	05/27/2011			1,000,000		1,019,085
International Business Machines Corp.
4.950%	03/22/2011			1,250,000		1,318,175
						4,778,335
Consumer Finance—2.3%
American Express Credit Corp.
5.125%	08/25/2014			1,000,000		1,035,531
American Express Credit Corp., Series C
7.300%	08/20/2013			1,450,000		1,609,406
Caterpillar Financial Services Corp. MTN
5.750%	02/15/2012	†		900,000		956,654
HSBC Finance Corp.
6.375%	10/15/2011			3,150,000		3,342,818
International Lease Finance Corp., Series Q MTN
5.250%	01/10/2013			1,169,000		942,842
International Lease Finance Corp., Series R MTN
5.300%	05/01/2012			2,095,000		1,761,836
John Deere Capital Corp., Series D MTN
1.210%	01/18/2011	#		1,170,000		1,175,795
						10,824,882
Containers & Packaging—0.1%
Ball Corp.
6.875%	12/15/2012			455,000		460,688
Diversified Financial Services—9.2%
American Express Travel Related Services Co., Inc.
5.250%	11/21/2011	ˆ†		6,000,000		6,200,928
Bank of America Corp.
6.600%	05/15/2010			200,000		205,245
6.500%	08/01/2016			900,000		947,338
4.875%	09/15/2012			3,910,000		4,017,451
4.875%	01/15/2013			1,000,000		1,026,516
4.375%	12/01/2010			1,240,000		1,263,112
BP Capital Markets plc (United Kingdom)
5.250%	11/07/2013			800,000		877,154
Citigroup, Inc.
6.375%	08/12/2014			1,000,000		1,034,963
2.140%	05/15/2018	#		7,186,000		6,353,509
CME Group, Inc.
5.750%	02/15/2014			6,350,000		6,956,489
General Electric Capital Corp.
5.900%	05/13/2014			680,000		729,894
General Electric Capital Corp., Series A MTN
5.250%	10/19/2012			4,206,000		4,449,885
Hutchison Whampoa International 03/33 Ltd. (Cayman Islands)
5.450%	11/24/2010	ˆ		1,500,000		1,566,329
JPMorgan Chase & Co.
6.750%	02/01/2011			1,240,000		1,317,480
4.750%	05/01/2013			6,900,000		7,311,033
						44,257,326

See accompanying notes to schedule of investments.

2

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Diversified Telecommunication Services—1.1%
AT&T, Inc.
4.850%	02/15/2014		$	600,000	$	638,845
Deutsche Telekom International Finance BV (Netherlands)
5.375%	03/23/2011			1,250,000		1,310,018
Verizon Communications, Inc.
4.350%	02/15/2013			2,145,000		2,256,870
Verizon Global Funding Corp.
7.250%	12/01/2010			1,250,000		1,330,728
						5,536,461
Electric Utilities—1.0%
Duke Energy Carolinas LLC
6.250%	01/15/2012			1,165,000		1,270,303
FPL Group Capital, Inc.
5.625%	09/01/2011			910,000		975,165
MidAmerican Energy Holdings Co.
3.150%	07/15/2012	ˆ		1,000,000		1,013,011
Pacific Gas & Electric Co.
1.252%	06/10/2010	#		1,500,000		1,508,685
						4,767,164
Food & Staples Retailing—0.2%
Safeway, Inc.
5.800%	08/15/2012			1,000,000		1,084,624
Food Products—1.2%
Campbell Soup Co.
6.750%	02/15/2011			800,000		858,762
Kellogg Co.
5.125%	12/03/2012			1,000,000		1,086,300
Kraft Foods, Inc.
6.750%	02/19/2014			2,274,000		2,539,337
Unilever Capital Corp.
7.125%	11/01/2010			1,175,000		1,254,759
						5,739,158
Health Care Providers & Services—1.0%
Express Scripts, Inc.
5.250%	06/15/2012			1,100,000		1,168,429
WellPoint, Inc.
6.800%	08/01/2012			3,290,000		3,587,551
						4,755,980
Household Products—1.1%
Procter & Gamble Co. (The)
3.500%	02/15/2015			400,000		410,135
3.150%	09/01/2015	†		4,750,000		4,799,728
						5,209,863
Industrial Conglomerates—0.2%
3M Co., Series E MTN
4.500%	11/01/2011			1,000,000		1,066,815
Insurance—2.5%
Allstate Corp. (The)
6.200%	05/16/2014			800,000		883,417
American International Group, Inc.
4.700%	10/01/2010			1,000,000		965,816
Berkshire Hathaway Finance Corp.
4.000%	04/15/2012	†		700,000		734,308
Metropolitan Life Global Funding I
5.125%	04/10/2013	ˆ		$ 5,480,000	$	5,686,366
1.035%	06/25/2010	#ˆ		1,100,000		1,102,201
Prudential Financial, Inc.
6.200%	01/15/2015			1,423,000		1,507,175
Prudential Financial, Inc., Series D MTN
3.625%	09/17/2012	†		1,100,000		1,107,557
						11,986,840
Life Sciences Tools & Services—0.4%
Howard Hughes Medical Institute
3.450%	09/01/2014			1,100,000		1,125,163
Roche Holdings, Inc.
4.500%	03/01/2012	ˆ		853,000		903,096
						2,028,259
Machinery—0.2%
Ingersoll-Rand Global Holding Co. Ltd. (Bermuda)
1.954%	08/13/2010	#		845,000		841,072
Media—1.1%
Comcast Corp.
5.450%	11/15/2010			2,250,000		2,339,516
CSC Holdings, Inc., Series B
7.625%	04/01/2011			595,000		620,288
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014	ˆ†		580,000		581,450
Time Warner, Inc.
0.684%	11/13/2009	#		1,000,000		1,000,142
Viacom, Inc.
4.375%	09/15/2014			700,000		715,597
						5,256,993
Metals & Mining—3.1%
Alcoa, Inc.
6.000%	07/15/2013			5,525,000		5,772,172
Nucor Corp.
5.000%	06/01/2013			1,328,000		1,413,667
Rio Tinto Finance USA Ltd. (Australia)
5.875%	07/15/2013			6,974,000		7,520,350
						14,706,189
Multi-National—0.7%
European Investment Bank MTN (Supranational)
4.750%	04/15/2011			EUR 2,300,000		3,550,539
Oil, Gas & Consumable Fuels—1.0%
Chevron Corp.
3.450%	03/03/2012			1,800,000		1,875,008
ConocoPhillips
4.750%	02/01/2014			600,000		646,156
4.600%	01/15/2015			455,000		486,189
Shell International Finance BV (Netherlands)
5.625%	06/27/2011			1,860,000		2,007,795
						5,015,148
Pharmaceuticals—1.3%
Abbott Laboratories
5.600%	05/15/2011			1,150,000		1,231,021
Merck & Co., Inc.
1.875%	06/30/2011			2,100,000		2,124,175
Novartis Capital Corp.
4.125%	02/10/2014			310,000		327,670

See accompanying notes to schedule of investments.

3

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Pfizer, Inc.
4.450%	03/15/2012			$ 1,000,000		$  1,062,839
3.625%	06/03/2013			EUR 200,000		301,913
Wyeth
6.950%	03/15/2011			1,000,000		1,074,792
						6,122,410
Road & Rail—0.1%
Union Pacific Corp.
6.125%	01/15/2012			545,000		587,396
Software—0.6%
Microsoft Corp.
2.950%	06/01/2014			1,400,000		1,420,398
Oracle Corp.
5.000%	01/15/2011			1,547,000		1,618,479
						3,038,877
Specialty Retail—0.1%
GameStop Corp./GameStop, Inc.
8.000%	10/01/2012			325,000		337,187
Tobacco—2.5%
Altria Group, Inc.
8.500%	11/10/2013			6,319,000		7,335,480
Philip Morris International, Inc.
6.875%	03/17/2014			4,120,000		4,711,109
						12,046,589
Wireless Telecommunication Services—0.3%
Cellco Partnership/Verizon Wireless Capital LLC
5.550%	02/01/2014	ˆ		400,000		432,689
3.750%	05/20/2011	ˆ		1,000,000		1,032,134
						1,464,823
TOTAL CORPORATE OBLIGATIONS
(Cost $215,409,191)						224,754,821
U.S. GOVERNMENT AGENCY OBLIGATIONS—6.2%
Government Backed Corporate (FDIC) Obligations—0.9%
General Electric Capital Corp.
1.800%	03/11/2011			3,300,000		3,342,174
JPMorgan Chase & Co.
2.200%	06/15/2012			1,200,000		1,221,330
						4,563,504
U.S. Government Agency Obligations—5.3%
Federal Home Loan Bank
5.375%	08/19/2011	†		7,390,000		7,988,959
1.625%	01/21/2011			3,100,000		3,141,410
1.375%	05/16/2011	†		3,000,000		3,029,514
Federal Home Loan Mortgage Corp.
1.750%	06/15/2012	†		7,000,000		7,041,587
Federal National Mortgage Association
1.375%	04/28/2011	†		4,000,000		4,036,440
						25,237,910
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $29,525,424)						29,801,414
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—7.0%
U.S. Government Agency Mortgage-Backed Securities—7.0%
Federal Home Loan Mortgage Corp.
6.000%	11/01/2022		$	1,255,038	$	1,339,851
Federal Home Loan Mortgage Corp. REMICS
5.000%	06/15/2024			679,368		688,310
4.250%	06/15/2024			211,717		212,294
Federal National Mortgage Association
4.762%	10/01/2034	#		3,281,542		3,338,973
4.691%	10/01/2034	#		587,706		594,282
3.225%	09/01/2034	#		296,124		300,370
3.162%	09/01/2034	#		370,013		374,837
Government National Mortgage Association
6.500%	10/20/2037- 09/20/2038			11,657,109		12,396,339
6.000%	07/20/2038- 02/15/2039			8,179,918		8,665,438
4.500%	04/20/2024- 08/20/2035			5,474,482		5,732,101
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $32,748,004)						33,642,795
U.S. TREASURY OBLIGATIONS—6.3%
U.S. Treasury Bills—6.2%
U.S. Treasury Bill
0.394%	07/29/2010	†		10,000,000		9,977,010
0.386%	09/23/2010			10,000,000		9,962,810
0.200%	12/10/2009	†		10,000,000		9,998,930
						29,938,750
U.S. Treasury Notes—0.1%
U.S. Treasury Note
3.125%	11/30/2009	‡‡		500,000		502,578
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $30,426,003)						30,441,328
MUNICIPAL OBLIGATIONS—1.5%
California General Obligation Bonds (California)
5.450%	04/01/2015			3,635,000		3,803,082
5.250%	04/01/2014			1,200,000		1,247,568
Citizens Property Insurance Corp. Revenue Bonds, Series 2007 A (Florida)
5.000%	03/01/2013			200,000		208,046
Citizens Property Insurance Corp. Revenue Bonds, Series 2009 A-1 (Florida)
5.000%	06/01/2012			1,700,000		1,765,807
TOTAL MUNICIPAL OBLIGATIONS
(Cost $6,703,820)						7,024,503
SOVEREIGN DEBT OBLIGATIONS—1.2%
Government Issued—1.2%
Caisse d’Amortissement de la Dette Sociale MTN (France)
4.250%	11/08/2010			1,200,000		1,243,019
Province of Ontario (Canada)
3.125%	09/08/2010			1,200,000		1,227,893
2.750%	02/22/2011	†		1,225,000		1,253,886

See accompanying notes to schedule of investments.

4

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date		Face		Value
SOVEREIGN DEBT OBLIGATIONS—(Continued)
Province of Quebec, Series PJ (Canada)
6.125%	01/22/2011	†	$	1,700,000	$	1,811,867
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $5,383,740)						5,536,665
ASSET BACKED SECURITIES—20.8%
Automobile—10.4%
Ally Auto Receivables Trust
Series 2009-A, Class A2
1.320%	03/15/2012	ˆ		1,180,000		1,169,491
Bank of America Auto Trust
Series 2008-1A, Class A3A
4.970%	09/20/2012	ˆ		1,325,000		1,372,147
Bank of America Auto Trust
Series 2008-1A, Class A4
5.730%	01/20/2013	ˆ		2,630,000		2,764,550
Bank of America Auto Trust
Series 2009-2A, Class A2
1.160%	02/15/2012	ˆ		1,260,000		1,260,997
BMW Vehicle Lease Trust
Series 2009-1, Class A2
2.040%	04/15/2011			2,900,000		2,913,194
BMW Vehicle Lease Trust
Series 2009-1, Class A1
0.792%	06/15/2010			349,850		350,086
Capital Auto Receivables Asset Trust
Series 2008-2, Class A3A
4.680%	10/15/2012			1,725,000		1,794,395
Capital Auto Receivables Asset Trust
Series 2008-1, Class A4B
1.593%	07/15/2014	#		4,000,000		4,022,735
Capital Auto Receivables Asset Trust
Series 2007-1, Class A4B
0.283%	04/16/2012	#		1,000,000		986,787
Carmax Auto Owner Trust
Series 2007-1, Class B
5.340%	10/15/2012			3,000,000		2,923,452
Chase Manhattan Auto Owner Trust
Series 2006-B, Class A4
5.110%	04/15/2014			2,287,380		2,350,229
Daimler Chrysler Auto Trust
Series 2008-A, Class A3A
3.700%	06/08/2012			1,600,000		1,630,783
Daimler Chrysler Auto Trust
Series 2008-B, Class A4A
5.320%	11/10/2014			2,000,000		2,087,917
Daimler Chrysler Auto Trust
Series 2006-C, Class A4
4.980%	11/08/2011			3,490,699		3,564,420
Ford Credit Auto Lease Trust
Series 2009-A, Class A1
1.237%	06/15/2010	ˆ		651,320		652,490
Ford Credit Auto Lease Trust
Series 2009-A, Class A2
2.600%	05/15/2011	ˆ		1,350,000		1,365,840
Ford Credit Auto Owner Trust
Series 2009-D, Class A2
1.210%	01/15/2012			900,000		902,232
Ford Credit Auto Owner Trust
Series 2007-B, Class A4A
5.240%	07/15/2012			6,400,000		6,754,680
Harley-Davidson Motorcycle Trust
Series 2007-2, Class A4
5.120%	08/15/2013		$	2,725,000	$	2,858,656
Harley-Davidson Motorcycle Trust
Series 2006-3, Class A3
5.240%	01/15/2012			306,008		307,552
Honda Auto Receivables Owner Trust
Series 2009-2, Class A2
2.220%	08/15/2011			1,300,000		1,313,013
Nissan Auto Lease Trust
Series 2009-B, Class A2
1.220%	09/15/2011			1,130,000		1,131,331
Nissan Auto Lease Trust
Series 2009-A, Class A2
2.010%	04/15/2011			1,540,000		1,552,178
USAA Auto Owner Trust
Series 2007-2, Class A3
4.900%	02/15/2012			1,010,642		1,028,689
USAA Auto Owner Trust
Series 2008-2, Class A3
4.640%	10/15/2012			1,100,000		1,139,504
Volkswagen Auto Lease Trust
Series 2009-A, Class A2
2.870%	07/15/2011			1,000,000		1,013,329
Wachovia Auto Owner Trust
Series 2005-B, Class A4
4.840%	04/20/2011			340,821		342,639
						49,553,316
Credit Card—10.4%
American Express Credit Account Master Trust
Series 2006-2, Class A
5.350%	01/15/2014			1,220,000		1,298,288
American Express Credit Account Master Trust
Series 2008-5, Class A
1.043%	03/15/2016	#		4,550,000		4,522,141
American Express Credit Account Master Trust
Series 2005-4, Class A
0.313%	01/15/2015	#		1,268,000		1,242,864
BA Credit Card Trust
Series 2008-A5, Class A5
1.443%	12/16/2013	#		1,000,000		1,006,773
BA Credit Card Trust
Series 2006-A15, Class A15
0.243%	04/15/2014	#		4,200,000		4,125,183
BA Credit Card Trust
Series 2008-A9, Class A9
4.070%	07/16/2012			1,650,000		1,671,161
Capital One Multi-Asset Execution Trust
Series 2007-A2, Class A2
0.323%	12/16/2019	#		2,500,000		2,305,677
Capital One Multi-Asset Execution Trust
Series 2005-A10, Class A
0.323%	09/15/2015	#		2,015,000		1,970,663
Capital One Multi-Asset Execution Trust
Series 2008-A5, Class A5
4.850%	02/18/2014			2,550,000		2,684,925
Chase Issuance Trust
Series 2007-A9, Class A9
0.273%	06/16/2014	#		2,250,000		2,212,496
Chase Issuance Trust
Series 2007-A15, Class A
4.960%	09/17/2012			1,200,000		1,248,024
Citibank Credit Card Issuance Trust
Series 2007-A5, Class A5
5.500%	06/22/2012			4,125,000		4,264,360

See accompanying notes to schedule of investments.

5

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Low Duration
Bond Fund

Coupon Rate	Maturity Date			Face		Value
ASSET BACKED SECURITIES—(Continued)
Discover Card Master Trust
Series 2008-A3, Class A3
5.100%	10/15/2013				$ 6,755,000	$	7,099,546
GE Capital Credit Card Master Note Trust
Series 2007-3, Class A2
5.400%	06/15/2013				5,915,000		6,079,354
GE Capital Credit Card Master Note Trust
Series 2007-4, Class A
0.293%	06/15/2015	#			500,000		477,567
Household Credit Card Master Note Trust I
Series 2007-2, Class A
0.793%	07/15/2013	#			6,400,000		6,306,444
Household Credit Card Master Note Trust I
Series 2007-1, Class A
0.293%	04/15/2013	#			1,500,000		1,485,787
							50,001,253
TOTAL ASSET BACKED SECURITIES
(Cost $96,942,168)							99,554,569
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—2.4%
Mortgage Backed—2.4%
Banc of America Mortgage Securities, Inc.
Series 2004-L, Class 1A1
5.460%	01/25/2035	#			919,264		846,388
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
4.117%	09/25/2035	#			3,231,606		2,992,372
Harborview Mortgage Loan Trust
Series 2005-14, Class 3A1A
5.312%	12/19/2035	#			4,221,563		3,257,760
MLCC Mortgage Investors, Inc.
Series 2004-1, Class 2A2
3.722%	12/25/2034	#			2,343,607		2,217,077
Provident Funding Mortgage Loan Trust
Series 2004-1, Class 1A1
3.546%	04/25/2034	#			356,249		338,827
Structured Asset Mortgage Investments, Inc.
Series 2004-AR5, Class 2A1
4.511%	10/19/2034	#			750,623		528,057
Thornburg Mortgage Securities Trust
Series 2004-1, Class II2A
3.195%	03/25/2044	#			677,257		589,597
Wells Fargo Mortgage Backed Securities Trust
Series 2004-S, Class B1
3.295%	09/25/2034	#			2,015,023		653,115
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $14,408,179)							11,423,193
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS—1.5%
Non-U.S. Government Agency Obligations—1.5%
Export Development Canada (Canada)
3.750%	07/15/2011				1,365,000		1,431,583
Kreditanstalt fuer Wiederaufbau (Germany)
3.750%	06/27/2011				1,150,000		1,204,937
Nederlandse Waterschapsbank NV MTN (Netherlands)
4.625%	07/25/2011				EUR 1,500,000	$	2,314,143
Societe Financement de l’Economie Francaise (France)
2.125%	01/30/2012		ˆ		$ 2,300,000		2,332,363
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $7,063,277)							7,283,026
				Shares		Value
CASH EQUIVALENTS—14.6%
Institutional Money Market Funds—14.6%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class					27,760,617		27,760,617
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††			15,592,804		15,592,804
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††			10,000,000		10,000,000
Short-Term Investments Trust Liquid Assets Portfolio		††			8,700,000		8,700,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††			4,000,000		4,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††			4,000,000		4,000,000
TOTAL CASH EQUIVALENTS
(Cost $70,053,421)							70,053,421
TOTAL INVESTMENTS—108.3%
(Cost $508,663,227)							519,515,735
Other assets less liabilities—(8.3%)							(39,719,762	)
NET ASSETS—100.0%						$	479,795,973

 

Legend to the Schedule of Investments:
EUR	European Monetary Unit
MTN	Medium Term Note
REMICS	Real Estate Mortgage Investment Conduits
ˆ	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 144A securities represent 7.2% of Total Investments.
#	Rate is subject to change. Rate shown reflects current rate.
†	Denotes all or a portion of the security on loan.
‡‡	Security or a portion of the 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.

6

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Inflation Protected
Securities Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—1.2%
Capital Markets—0.1%
Bear Stearns Cos. LLC (The), Series CPI MTN
0.370%	03/10/2014	#		$   380,000	$	362,376
Commercial Banks—0.6%
Royal Bank of Scotland Group plc, Perpetual Bond (United Kingdom)
7.092%	09/29/2017	#		EUR 100,000		73,899
Wachovia Corp., Series E MTN
0.511%	03/01/2012	#		1,800,000		1,760,791
						1,834,690
Consumer Finance—0.2%
SLM Corp. MTN
0.000%	04/01/2014	#		465,000		308,239
SLM Corp., Series B MTN
0.000%	03/15/2010	#		325,000		306,894
						615,133
Diversified Financial Services—0.1%
Citigroup, Inc.
0.519%	05/18/2011	#		300,000		292,725
Insurance—0.1%
ASIF I, Series E MTN (Cayman Islands)
0.654%	07/26/2010	#		600,000		522,187
Multi-National—0.1%
International Bank for Reconstruction & Development, Series CPI (Supranational)
0.000%	12/10/2013	#		275,000		264,839
TOTAL CORPORATE OBLIGATIONS
(Cost $4,015,349)						3,891,950
U.S. GOVERNMENT AGENCY OBLIGATIONS—2.0%
Government Backed Corporate (FDIC) Obligations—1.5%
GMAC, Inc.
0.292%	12/19/2012	#		4,800,000		4,806,130
U.S. Government Agency Obligations—0.5%
Federal National Mortgage Association Discount Note
0.220%	03/17/2010			800,000		799,536
Tennessee Valley Authority
5.250%	09/15/2039			900,000		953,279
						1,752,815
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $6,489,122)						6,558,945
U.S. TREASURY OBLIGATIONS—86.8%
U.S. Treasury Inflation Protected Securities Bonds—32.2%
U.S. Treasury Bond
3.875%	04/15/2029	†		7,845,000		13,263,385
3.625%	04/15/2028	‡‡		3,540,000		5,838,685
3.375%	04/15/2032			510,000		766,293
2.500%	01/15/2029			8,135,000		8,789,476
2.375%	01/15/2025- 01/15/2027			33,270,000		39,363,023
2.000%	01/15/2026			18,780,000		20,376,676
1.750%	01/15/2028	†		16,943,000		16,725,328
						105,122,866
U.S. Treasury Inflation Protected Securities Notes—52.7%
U.S. Treasury Note
3.500%	01/15/2011	†	$	1,610,000	$	2,076,144
3.375%	01/15/2012			2,840,000		3,667,160
3.000%	07/15/2012			16,561,000		21,112,524
2.625%	07/15/2017			3,925,000		4,432,614
2.500%	07/15/2016			3,015,000		3,450,145
2.375%	04/15/2011- 01/15/2017			23,215,000		26,356,088
2.125%	01/15/2019	†		1,415,000		1,492,469
2.000%	01/15/2014- 07/15/2014			33,070,000		39,526,681
2.000%	04/15/2012- 01/15/2016	†		12,215,000		13,716,749
1.875%	07/15/2013- 07/15/2019	†		18,979,000		22,270,672
1.875%	07/15/2015			4,390,000		5,027,464
1.625%	01/15/2015- 01/15/2018	†		22,230,000		24,336,202
1.375%	07/15/2018	†		4,160,000		4,119,370
0.625%	04/15/2013	†		275,000		279,921
						171,864,203
U.S. Treasury Notes—1.9%
U.S. Treasury Note
4.000%	08/15/2018			1,180,000		1,246,099
3.625%	08/15/2019	†		4,750,000		4,876,915
						6,123,014
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $276,121,502)						283,110,083
SOVEREIGN DEBT OBLIGATIONS—0.1%
Government Issued—0.1%
Israel Government AID Bond (Israel)
5.500%	09/18/2023
(Cost $542,294)				500,000		544,116
ASSET BACKED SECURITIES—0.3%
Small Business Administration—0.3%
Small Business Administration Participation Certificates
Series 2009-20D, Class 1
4.310%	04/01/2029			700,000		725,767
Small Business Administration Participation Certificates
Series 2008-20D, Class 1
5.370%	04/01/2028			186,164		200,849
TOTAL ASSET BACKED SECURITIES
(Cost $886,164)						926,616

 

See accompanying notes to schedule of investments.

7

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Inflation Protected Securities Fund		Shares		Value
CASH EQUIVALENTS—28.6%
Institutional Money Market Funds—28.6%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		32,751,574	$	32,751,574
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	35,232,304		35,232,304
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	2,000,000		2,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	11,400,000		11,400,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	6,000,000		6,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	6,000,000		6,000,000
TOTAL CASH EQUIVALENTS
(Cost $93,383,878)				93,383,878
TOTAL INVESTMENTS—119.0%
(Cost $381,438,309)				388,415,588
Other assets less liabilities—(19.0%)				(62,142,793	)
NET ASSETS—100.0%			$	326,272,795

 

Legend to the Schedule of Investments:
EUR	European Monetary Unit
MTN	Medium Term Note
#	Rate is subject to change. Rate shown reflects current rate.
†	Denotes all or a portion of the security on loan.
‡‡	Security or a portion of the 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.

8

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—68.8%
Aerospace & Defense—1.9%
Boeing Co. (The)		23,559	$	1,275,720
General Dynamics Corp.		12,474		805,820
Goodrich Corp.		3,822		207,687
Honeywell International, Inc.		23,726		881,421
ITT Corp.		5,682		296,316
L-3 Communications Holdings, Inc.		3,698		297,023
Lockheed Martin Corp.		10,401		812,110
Northrop Grumman Corp.		10,257		530,800
Precision Castparts Corp.		4,510		459,434
Raytheon Co.		12,626		605,669
Rockwell Collins, Inc.		5,092		258,674
United Technologies Corp.		30,274		1,844,595
				8,275,269
Air Freight & Logistics—0.7%
C.H. Robinson Worldwide, Inc.	†	5,512		318,318
Expeditors International of Washington, Inc.		6,800		239,020
FedEx Corp.		10,149		763,408
United Parcel Service, Inc., Class B		32,051		1,809,920
				3,130,666
Airlines—0.1%
Southwest Airlines Co.		23,747		227,971
Auto Components—0.1%
Goodyear Tire & Rubber Co. (The)	*	7,858		133,822
Johnson Controls, Inc.		19,340		494,330
				628,152
Automobiles—0.2%
Ford Motor Co.	*	103,084		743,236
Harley-Davidson, Inc.	†	7,632		175,536
				918,772
Beverages—1.9%
Brown-Forman Corp., Class B		3,512		169,349
Coca-Cola Co. (The)		74,407		3,995,656
Coca-Cola Enterprises, Inc.		10,037		214,892
Constellation Brands, Inc., Class A	*	6,677		101,157
Dr. Pepper Snapple Group, Inc.	*	8,075		232,156
Molson Coors Brewing Co., Class B		4,954		241,161
Pepsi Bottling Group, Inc.		4,537		165,328
PepsiCo, Inc.		50,117		2,939,863
				8,059,562
Biotechnology—1.2%
Amgen, Inc.	*	32,607		1,963,919
Biogen Idec, Inc.	*	9,466		478,222
Celgene Corp.	*	14,811		827,935
Cephalon, Inc.	*†	2,175		126,672
Genzyme Corp.	*†	8,742		495,934
Gilead Sciences, Inc.	*	29,184		1,359,391
				5,252,073
Building Products—0.0%
Masco Corp.	†	11,404		147,340
Capital Markets—2.1%
Ameriprise Financial, Inc.		8,289	$	301,139
Bank of New York Mellon Corp. (The)		38,482		1,115,593
Charles Schwab Corp. (The)		30,320		580,628
E*Trade Financial Corp.	*†	27,882		48,793
Federated Investors, Inc., Class B	†	3,180		83,857
Franklin Resources, Inc.	†	4,824		485,294
Goldman Sachs Group, Inc. (The)		16,305		3,005,827
Invesco Ltd.		12,193		277,513
Janus Capital Group, Inc.	†	4,389		62,236
Legg Mason, Inc.	†	5,031		156,112
Morgan Stanley		43,549		1,344,793
Northern Trust Corp.		7,650		444,924
State Street Corp.		15,731		827,451
T. Rowe Price Group, Inc.	†	8,450		386,165
				9,120,325
Chemicals—1.4%
Air Products & Chemicals, Inc.		6,921		536,931
Airgas, Inc.		2,636		127,503
CF Industries Holdings, Inc.		1,568		135,209
Dow Chemical Co. (The)		36,908		962,192
E.I. Du Pont de Nemours & Co.		29,457		946,748
Eastman Chemical Co.		2,318		124,106
Ecolab, Inc.		7,340		339,328
FMC Corp.	†	2,266		127,462
International Flavors & Fragrances, Inc.		2,313		87,732
Monsanto Co.		17,558		1,358,989
PPG Industries, Inc.		5,314		309,328
Praxair, Inc.		9,929		811,100
Sigma-Aldrich Corp.		4,047		218,457
				6,085,085
Commercial Banks—1.9%
BB&T Corp.	†	21,964		598,299
Comerica, Inc.	†	4,543		134,791
Fifth Third Bancorp		22,245		225,342
First Horizon National Corp.	*†	7,890		104,385
Huntington Bancshares, Inc./Ohio		10,470		49,314
KeyCorp		27,441		178,366
M&T Bank Corp.	†	2,349		146,390
Marshall & Ilsley Corp.		8,309		67,054
PNC Financial Services Group, Inc.		14,711		714,807
Regions Financial Corp.	†	35,200		218,592
SunTrust Banks, Inc.		14,965		337,461
U.S. Bancorp		61,812		1,351,210
Wells Fargo & Co.		150,110		4,230,100
Zions Bancorporation	†	3,726		66,956
				8,423,067
Commercial Services & Supplies—0.4%
Avery Dennison Corp.		3,155		113,612
Cintas Corp.	†	4,277		129,636
Iron Mountain, Inc.	*	5,885		156,894
Pitney Bowes, Inc.		7,132		177,230
R.R. Donnelley & Sons Co.	†	6,676		141,932
Republic Services, Inc.		10,414		276,700
Stericycle, Inc.	*†	2,779		134,642
Waste Management, Inc.		15,965		476,076
				1,606,722

See accompanying notes to schedule of investments.

9

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Communications Equipment—1.9%
Ciena Corp.	*†	3,024	$	49,231
Cisco Systems, Inc.	*	185,390		4,364,081
Harris Corp.		4,266		160,401
JDS Uniphase Corp.	*	7,343		52,209
Juniper Networks, Inc.	*†	16,683		450,775
Motorola, Inc.		73,552		631,812
QUALCOMM, Inc.		53,574		2,409,758
Tellabs, Inc.	*	12,798		88,562
				8,206,829
Computers & Peripherals—3.9%
Apple, Inc.	*	28,768		5,332,724
Dell, Inc.	*	55,450		846,167
EMC Corp.	*	65,669		1,119,000
Hewlett-Packard Co.		76,239		3,599,243
International Business Machines Corp.		42,156		5,042,279
Lexmark International, Inc., Class A	*†	2,156		46,440
NetApp, Inc.	*	10,968		292,626
QLogic Corp.	*	3,901		67,097
SanDisk Corp.	*†	7,566		164,182
Sun Microsystems, Inc.	*	22,788		207,143
Teradata Corp.	*	5,325		146,544
Western Digital Corp.	*	7,212		263,455
				17,126,900
Construction & Engineering—0.1%
Fluor Corp.		5,779		293,862
Jacobs Engineering Group, Inc.	*†	4,228		194,277
Quanta Services, Inc.	*	6,309		139,618
				627,757
Construction Materials—0.0%
Vulcan Materials Co.	†	3,587		193,949
Consumer Finance—0.5%
American Express Co.		37,651		1,276,369
Capital One Financial Corp.		14,615		522,194
Discover Financial Services		16,970		275,423
SLM Corp.	*	14,115		123,083
				2,197,069
Containers & Packaging—0.1%
Ball Corp.		2,900		142,680
Bemis Co., Inc.	†	2,831		73,351
Owens-Illinois, Inc.	*	5,444		200,883
Pactiv Corp.	*	3,914		101,960
Sealed Air Corp.		5,519		108,338
				627,212
Distributors—0.0%
Genuine Parts Co.		5,164		196,542
Diversified Consumer Services—0.1%
Apollo Group, Inc., Class A	*†	4,008		295,269
DeVry, Inc.	†	2,003		110,806
H&R Block, Inc.		11,074		203,540
				609,615
Diversified Financial Services—3.2%
Bank of America Corp.		278,421		4,710,883
Citigroup, Inc.		412,760		1,997,758
CME Group, Inc.		2,120		653,363
IntercontinentalExchange, Inc.	*	2,422	$	235,394
JPMorgan Chase & Co.		126,228		5,531,311
Leucadia National Corp.	*	5,951		147,109
Moody’s Corp.	†	6,281		128,509
NASDAQ OMX Group, Inc. (The)	*†	4,408		92,789
NYSE Euronext		8,349		241,203
				13,738,319
Diversified Telecommunication Services—2.0%
AT&T, Inc.		189,577		5,120,475
CenturyTel, Inc.		9,392		315,571
Frontier Communications Corp.	†	11,339		85,496
Qwest Communications International, Inc.	†	44,492		169,515
Verizon Communications, Inc.		91,598		2,772,671
Windstream Corp.	†	15,187		153,844
				8,617,572
Electric Utilities—1.4%
Allegheny Energy, Inc.		5,333		141,431
American Electric Power Co., Inc.		15,267		473,124
Duke Energy Corp.		41,027		645,765
Edison International		10,605		356,116
Entergy Corp.		6,231		497,608
Exelon Corp.		21,458		1,064,746
FirstEnergy Corp.		9,936		454,274
FPL Group, Inc.		13,302		734,670
Northeast Utilities		4,930		117,038
Pepco Holdings, Inc.	†	6,626		98,595
Pinnacle West Capital Corp.		3,376		110,800
PPL Corp.	†	12,182		369,602
Progress Energy, Inc.	†	9,016		352,165
Southern Co.		24,979		791,085
				6,207,019
Electrical Equipment—0.3%
Emerson Electric Co.		24,477		981,038
Rockwell Automation, Inc.	†	4,512		192,211
				1,173,249
Electronic Equipment, Instruments & Components—0.4%
Agilent Technologies, Inc.	*	11,144		310,137
Amphenol Corp., Class A	†	5,663		213,382
Corning, Inc.		50,284		769,848
FLIR Systems, Inc.	*†	4,411		123,376
Jabil Circuit, Inc.	†	6,973		93,508
Molex, Inc.	†	4,875		101,790
				1,612,041
Energy Equipment & Services—1.3%
Baker Hughes, Inc.	†	10,023		427,581
BJ Services Co.		8,697		168,983
Cameron International Corp.	*	6,916		261,563
Diamond Offshore Drilling, Inc.	†	2,276		217,404
ENSCO International, Inc.	†	4,549		193,514
FMC Technologies, Inc.	*	4,107		214,550
Halliburton Co.		29,426		798,033
Nabors Industries Ltd. (Bermuda)	*†	8,487		177,378
National Oilwell Varco, Inc.	*	13,579		585,662
Rowan Cos., Inc.	†	3,699		85,336
Schlumberger Ltd.		38,511		2,295,256
Smith International, Inc.	†	6,959		199,723
				5,624,983

See accompanying notes to schedule of investments.

10

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Food & Staples Retailing—1.9%
Costco Wholesale Corp.		14,200	$	801,732
CVS Caremark Corp.		46,444		1,659,909
Kroger Co. (The)		21,386		441,407
Safeway, Inc.		13,464		265,510
SUPERVALU, Inc.	†	6,440		96,986
Sysco Corp.		18,917		470,087
Walgreen Co.		31,801		1,191,584
Wal-Mart Stores, Inc.		69,664		3,419,806
Whole Foods Market, Inc.	*†	4,673		142,480
				8,489,501
Food Products—1.1%
Archer-Daniels-Midland Co.		20,993		613,416
Campbell Soup Co.	†	6,237		203,451
ConAgra Foods, Inc.		14,772		320,257
Dean Foods Co.	*	4,790		85,214
General Mills, Inc.		10,616		683,458
H.J. Heinz Co.		10,152		403,542
Hershey Co. (The)	†	5,275		204,987
Hormel Foods Corp.	†	2,265		80,453
J.M. Smucker Co. (The)		3,845		203,823
Kellogg Co.	†	8,119		399,698
Kraft Foods, Inc., Class A		47,707		1,253,263
McCormick & Co., Inc.	†	4,248		144,177
Sara Lee Corp.	†	21,924		244,233
Tyson Foods, Inc., Class A		10,847		136,998
				4,976,970
Gas Utilities—0.1%
EQT Corp.	†	4,252		181,135
Nicor, Inc.	†	1,517		55,507
Questar Corp.		5,270		197,941
				434,583
Health Care Equipment & Supplies—1.4%
Baxter International, Inc.		19,624		1,118,764
Becton Dickinson and Co.		7,704		537,354
Boston Scientific Corp.	*	48,825		517,057
C.R. Bard, Inc.	†	3,229		253,832
CareFusion Corp.	*	5,848		127,486
DENTSPLY International, Inc.	†	4,839		167,139
Hospira, Inc.	*	5,211		232,411
Intuitive Surgical, Inc.	*†	1,211		317,585
Medtronic, Inc.		35,629		1,311,147
St. Jude Medical, Inc.	*	11,077		432,114
Stryker Corp.		8,900		404,327
Varian Medical Systems, Inc.	*†	3,954		166,582
Zimmer Holdings, Inc.	*	7,109		379,976
				5,965,774
Health Care Providers & Services—1.4%
Aetna, Inc.		14,096		392,292
AmerisourceBergen Corp.		10,185		227,940
Cardinal Health, Inc.		11,698		313,506
CIGNA Corp.		8,796		247,080
Coventry Health Care, Inc.	*†	4,450		88,822
DaVita, Inc.	*	3,313		187,648
Express Scripts, Inc.	*	8,652		671,222
Humana, Inc.	*†	5,214		194,482
Laboratory Corp. of America Holdings	*	3,574		234,812
McKesson Corp.		8,598		512,011
Medco Health Solutions, Inc.	*	15,247		843,312
Patterson Cos., Inc.	*†	2,928	$	79,788
Quest Diagnostics, Inc.	†	4,960		258,862
Tenet Healthcare Corp.	*	14,954		87,929
UnitedHealth Group, Inc.		37,497		938,925
WellPoint, Inc.	*	15,321		725,603
				6,004,234
Health Care Technology—0.0%
IMS Health, Inc.		5,304		81,416
Hotels, Restaurants & Leisure—1.0%
Carnival Corp.		14,226		473,441
Darden Restaurants, Inc.		4,195		143,175
International Game Technology		9,600		206,208
Marriott International, Inc., Class A	†	8,251		227,645
McDonald’s Corp.		35,106		2,003,499
Starbucks Corp.	*	23,638		488,125
Starwood Hotels & Resorts Worldwide, Inc.	†	5,698		188,205
Wyndham Worldwide Corp.		4,886		79,740
Wynn Resorts Ltd.	*†	1,750		124,058
Yum! Brands, Inc.		14,716		496,812
				4,430,908
Household Durables—0.3%
Black & Decker Corp.		2,138		98,968
D.R. Horton, Inc.	†	9,242		105,451
Fortune Brands, Inc.		4,779		205,402
Harman International Industries, Inc.		2,222		75,281
KB Home	†	2,659		44,166
Leggett & Platt, Inc.	†	4,788		92,887
Lennar Corp., Class A	†	4,513		64,310
Newell Rubbermaid, Inc.	†	9,260		145,290
Pulte Homes, Inc.	†	10,280		112,977
Whirlpool Corp.	†	2,176		152,233
				1,096,965
Household Products—1.8%
Clorox Co.		4,320		254,102
Colgate-Palmolive Co.		16,030		1,222,768
Kimberly-Clark Corp.		13,565		800,064
Procter & Gamble Co. (The)		93,927		5,440,252
				7,717,186
Independent Power Producers & Energy Traders—0.1%
AES Corp. (The)	*	21,411		317,311
Constellation Energy Group, Inc.		5,876		190,206
Dynegy, Inc., Class A	*	15,523		39,584
				547,101
Industrial Conglomerates—1.7%
3M Co.		22,523		1,662,198
General Electric Co.		341,062		5,600,238
Textron, Inc.	†	7,685		145,861
				7,408,297
Insurance—1.8%
Aflac, Inc.		15,005		641,314
Allstate Corp. (The)		17,706		542,158
American International Group, Inc.	*†	4,347		191,746
AON Corp.		9,078		369,384
Assurant, Inc.		3,629		116,346

See accompanying notes to schedule of investments.

11

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Chubb Corp.		11,405	$	574,926
Cincinnati Financial Corp.	†	5,179		134,602
Genworth Financial, Inc., Class A		14,999		179,238
Hartford Financial Services Group, Inc.	†	12,398		328,547
Lincoln National Corp.		8,984		232,775
Loews Corp.		11,779		403,431
Marsh & McLennan Cos., Inc.		16,653		411,829
MBIA, Inc.	*†	4,921		38,187
MetLife, Inc.		26,300		1,001,241
Principal Financial Group, Inc.		10,098		276,584
Progressive Corp. (The)	*	21,901		363,119
Prudential Financial, Inc.		14,817		739,516
Torchmark Corp.		2,654		115,263
Travelers Cos., Inc. (The)		18,301		900,958
Unum Group		11,138		238,799
XL Capital Ltd., Class A (Bermuda)		10,622		185,460
				7,985,423
Internet & Catalog Retail—0.3%
Amazon.com, Inc.	*	10,345		965,809
Expedia, Inc.	*†	7,208		172,632
				1,138,441
Internet Software & Services—1.3%
Akamai Technologies, Inc.	*†	5,452		107,296
eBay, Inc.	*	35,915		847,953
Google, Inc., Class A	*	7,731		3,833,416
VeriSign, Inc.	*†	6,101		144,533
Yahoo! Inc.	*	39,094		696,264
				5,629,462
IT Services—0.8%
Affiliated Computer Services, Inc., Class A	*	3,350		181,469
Automatic Data Processing, Inc.		16,067		631,433
Cognizant Technology Solutions Corp., Class A	*	9,244		357,373
Computer Sciences Corp.	*	4,779		251,901
Convergys Corp.	*	3,693		36,708
Fidelity National Information Services, Inc.		5,823		148,545
Fiserv, Inc.	*	4,994		240,711
Mastercard, Inc., Class A	†	2,996		605,641
Paychex, Inc.	†	10,435		303,137
Total System Services, Inc.		7,200		115,992
Western Union Co. (The)		22,779		430,979
				3,303,889
Leisure Equipment & Products—0.1%
Eastman Kodak Co.	†	9,939		47,508
Hasbro, Inc.	†	4,195		116,411
Mattel, Inc.		11,449		211,349
				375,268
Life Sciences Tools & Services—0.3%
Life Technologies Corp.	*	5,672		264,031
Millipore Corp.	*	1,754		123,359
PerkinElmer, Inc.	†	3,487		67,090
Thermo Fisher Scientific, Inc.	*	13,170		575,134
Waters Corp.	*†	3,156		176,294
				1,205,908
Machinery—1.1%
Caterpillar, Inc.	†	19,889	$	1,020,902
Cummins, Inc.		6,426		287,949
Danaher Corp.	†	8,299		558,689
Deere & Co.		13,621		584,613
Dover Corp.		6,091		236,087
Eaton Corp.		5,397		305,416
Flowserve Corp.		1,813		178,653
Illinois Tool Works, Inc.		12,390		529,177
PACCAR, Inc.	†	11,833		446,223
Pall Corp.		3,634		117,306
Parker Hannifin Corp.		5,189		268,998
Snap-On, Inc.	†	1,971		68,512
Stanley Works (The)		2,583		110,268
				4,712,793
Media—1.8%
CBS Corp., Class B		21,640		260,762
Comcast Corp., Class A		92,327		1,559,403
DIRECTV Group, Inc. (The)	*†	14,700		405,426
Gannett Co., Inc.	†	8,207		102,670
Interpublic Group of Cos., Inc.	*†	17,237		129,622
McGraw-Hill Cos., Inc. (The)		10,312		259,244
Meredith Corp.	†	1,538		46,048
New York Times Co. (The), Class A	†	3,149		25,570
News Corp., Class A		72,499		869,263
Omnicom Group, Inc.		9,847		363,748
Scripps Networks Interactive, Inc., Class A		2,876		106,268
Time Warner Cable, Inc.	†	11,494		495,276
Time Warner, Inc.		38,174		1,098,648
Viacom, Inc., Class B	*	19,550		548,182
Walt Disney Co. (The)		59,762		1,641,065
Washington Post Co. (The), Class B		205		95,956
				8,007,151
Metals & Mining—0.7%
AK Steel Holding Corp.	†	4,092		80,735
Alcoa, Inc.		30,958		406,169
Allegheny Technologies, Inc.	†	3,039		106,335
Freeport-McMoRan Copper & Gold, Inc.		13,249		909,014
Newmont Mining Corp.		15,816		696,220
Nucor Corp.		10,325		485,378
Titanium Metals Corp.	†	3,140		30,113
United States Steel Corp.	†	4,408		195,583
				2,909,547
Multiline Retail—0.6%
Big Lots, Inc.	*	2,972		74,359
Family Dollar Stores, Inc.		4,573		120,727
J.C. Penney Co., Inc.		6,973		235,339
Kohl’s Corp.	*	9,905		565,080
Macy’s, Inc.		12,110		221,492
Nordstrom, Inc.	†	4,699		143,508
Sears Holdings Corp.	*†	1,691		110,439
Target Corp.		24,181		1,128,769
				2,599,713
Multi-Utilities—0.9%
Ameren Corp.		6,565		165,963
Centerpoint Energy, Inc.		10,858		134,965
CMS Energy Corp.	†	7,676		102,858
Consolidated Edison, Inc.		8,881		363,588
Dominion Resources, Inc.		18,829		649,601

See accompanying notes to schedule of investments.

12

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
DTE Energy Co.	†	5,163	$	181,428
Integrys Energy Group, Inc.	†	2,547		91,412
NiSource, Inc.		9,148		127,066
PG&E Corp.	†	11,978		484,989
Public Service Enterprise Group, Inc.		16,594		521,715
SCANA Corp.	†	3,855		134,540
Sempra Energy		8,036		400,273
TECO Energy, Inc.		6,991		98,433
Wisconsin Energy Corp.		3,821		172,595
Xcel Energy, Inc.		14,971		288,042
				3,917,468
Office Electronics—0.1%
Xerox Corp.		28,290		218,965
Oil, Gas & Consumable Fuels—6.8%
Anadarko Petroleum Corp.		15,780		989,879
Apache Corp.		10,909		1,001,774
Cabot Oil & Gas Corp.		3,476		124,267
Chesapeake Energy Corp.		20,348		577,883
Chevron Corp.		64,362		4,533,016
ConocoPhillips		47,738		2,155,848
Consol Energy, Inc.		5,860		264,345
Denbury Resources, Inc.	*	8,172		123,642
Devon Energy Corp.		14,407		970,023
El Paso Corp.		21,605		222,964
EOG Resources, Inc.		8,091		675,679
Exxon Mobil Corp.		154,543		10,603,195
Hess Corp.		9,184		490,977
Marathon Oil Corp.		22,997		733,604
Massey Energy Co.		2,862		79,821
Murphy Oil Corp.		6,192		356,473
Noble Energy, Inc.		5,435		358,493
Occidental Petroleum Corp.		26,070		2,043,888
Peabody Energy Corp.		8,859		329,732
Pioneer Natural Resources Co.	†	3,659		132,785
Range Resources Corp.	†	5,239		258,597
Southwestern Energy Co.	*	11,106		474,004
Spectra Energy Corp.		21,073		399,123
Sunoco, Inc.		3,786		107,712
Tesoro Corp.	†	4,843		72,548
Valero Energy Corp.		18,081		350,591
Williams Cos., Inc. (The)		18,643		333,150
XTO Energy, Inc.		18,872		779,791
				29,543,804
Paper & Forest Products—0.2%
International Paper Co.		13,840		307,663
MeadWestvaco Corp.		6,165		137,541
Weyerhaeuser Co.		6,876		252,006
				697,210
Personal Products—0.1%
Avon Products, Inc.		13,861		470,720
Estee Lauder Cos., Inc. (The), Class A		3,903		144,723
				615,443
Pharmaceuticals—4.8%
Abbott Laboratories		49,805		2,463,853
Allergan, Inc.		10,019		568,678
Bristol-Myers Squibb Co.		63,755		1,435,763
Eli Lilly & Co.		32,650		1,078,430
Forest Laboratories, Inc.	*	9,898		291,397
Johnson & Johnson		88,539		5,391,140
King Pharmaceuticals, Inc.	*†	7,745	$	83,414
Merck & Co., Inc.		67,776		2,143,755
Mylan, Inc.	*†	9,929		158,963
Pfizer, Inc.		216,568		3,584,200
Schering-Plough Corp.		53,014		1,497,646
Watson Pharmaceuticals, Inc.	*†	3,222		118,054
Wyeth		43,128		2,095,158
				20,910,451
Professional Services—0.1%
Dun & Bradstreet Corp.		1,762		132,714
Equifax, Inc.		4,358		126,992
Monster Worldwide, Inc.	*†	4,271		74,657
Robert Half International, Inc.	†	4,685		117,219
				451,582
Real Estate Investment Trusts (REITs)—0.8%
Apartment Investment & Management Co., Class A REIT	†	3,050		44,987
AvalonBay Communities, Inc. REIT	†	2,418		175,861
Boston Properties, Inc. REIT	†	4,424		289,993
Equity Residential REIT	†	8,798		270,099
HCP, Inc. REIT		9,258		266,075
Health Care REIT, Inc. REIT		3,270		136,097
Host Hotels & Resorts, Inc. REIT		17,476		205,692
Kimco Realty Corp. REIT		11,813		154,042
Plum Creek Timber Co., Inc. REIT	†	5,357		164,138
ProLogis REIT	†	13,655		162,768
Public Storage REIT		4,023		302,691
Simon Property Group, Inc. REIT	†	8,932		620,149
Ventas, Inc. REIT		4,563		175,675
Vornado Realty Trust REIT	†	4,960		319,472
				3,287,739
Real Estate Management & Development—0.0%
CB Richard Ellis Group, Inc., Class A	*†	5,619		65,967
Road & Rail—0.6%
Burlington Northern Santa Fe Corp.		8,480		676,959
CSX Corp.		12,857		538,194
Norfolk Southern Corp.		11,872		511,802
Ryder System, Inc.		1,670		65,230
Union Pacific Corp.		16,338		953,322
				2,745,507
Semiconductors & Semiconductor Equipment—1.8%
Advanced Micro Devices, Inc.	*†	17,908		101,359
Altera Corp.	†	9,820		201,408
Analog Devices, Inc.		9,382		258,756
Applied Materials, Inc.		43,863		587,764
Broadcom Corp., Class A	*	13,741		421,711
Intel Corp.		179,896		3,520,565
KLA-Tencor Corp.		5,315		190,596
Linear Technology Corp.	†	7,041		194,543
LSI Corp.	*	23,285		127,835
MEMC Electronic Materials, Inc.	*	7,858		130,678
Microchip Technology, Inc.	†	5,832		154,548
Micron Technology, Inc.	*†	23,579		193,348
National Semiconductor Corp.	†	6,873		98,078
Novellus Systems, Inc.	*	3,072		64,450

See accompanying notes to schedule of investments.

13

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Nvidia Corp.	*	17,441	$	262,138
Teradyne, Inc.	*†	6,687		61,855
Texas Instruments, Inc.	†	40,596		961,719
Xilinx, Inc.	†	8,797		206,026
				7,737,377
Software—2.8%
Adobe Systems, Inc.	*	16,727		552,660
Autodesk, Inc.	*	6,790		161,602
BMC Software, Inc.	*	6,073		227,920
CA, Inc.		12,715		279,603
Citrix Systems, Inc.	*	6,156		241,500
Compuware Corp.	*	9,375		68,719
Electronic Arts, Inc.	*	10,333		196,844
Intuit, Inc.	*	10,396		296,286
McAfee, Inc.	*	4,969		217,592
Microsoft Corp.		248,729		6,439,594
Novell, Inc.	*	13,604		61,354
Oracle Corp.		125,041		2,605,854
Red Hat, Inc.	*	6,127		169,350
Salesforce.com, Inc.	*†	3,721		211,836
Symantec Corp.	*	26,376		434,413
				12,165,127
Specialty Retail—1.3%
Abercrombie & Fitch Co., Class A	†	3,056		100,481
AutoNation, Inc.	*†	2,477		44,784
AutoZone, Inc.	*	1,056		154,408
Bed Bath & Beyond, Inc.	*†	8,425		316,275
Best Buy Co., Inc.	†	10,962		411,294
GameStop Corp., Class A	*†	5,612		148,550
Gap, Inc. (The)		14,818		317,105
Home Depot, Inc.		54,558		1,453,425
Limited Brands, Inc.	†	8,605		146,199
Lowe’s Cos., Inc.		47,799		1,000,911
Office Depot, Inc.	*	10,333		68,405
O’Reilly Automotive, Inc.	*†	4,430		160,100
RadioShack Corp.	†	4,148		68,732
Sherwin-Williams Co. (The)	†	3,163		190,286
Staples, Inc.		23,093		536,220
Tiffany & Co.	†	3,746		144,334
TJX Cos., Inc.		13,649		507,060
				5,768,569
Textiles, Apparel & Luxury Goods—0.3%
Coach, Inc.		10,177		335,027
NIKE, Inc., Class B		12,471		806,873
Polo Ralph Lauren Corp.	†	1,674		128,262
V.F. Corp.		2,951		213,741
				1,483,903
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.	†	15,341		201,734
People’s United Financial, Inc.	†	11,287		175,626
				377,360
Tobacco—1.1%
Altria Group, Inc.		67,201		1,196,850
Lorillard, Inc.		5,428		403,300
Philip Morris International, Inc.		62,254		3,034,260
Reynolds American, Inc.		5,319		236,802
				4,871,212
Trading Companies & Distributors—0.1%
Fastenal Co.	†	4,077	$	157,780
W.W. Grainger, Inc.	†	2,007		179,345
				337,125
Wireless Telecommunication Services—0.2%
American Tower Corp., Class A	*	12,813		466,393
MetroPCS Communications, Inc.	*†	8,186		76,621
Sprint Nextel Corp.	*	92,750		366,363
				909,377
TOTAL COMMON STOCKS
(Cost $312,629,273)				299,758,776

 

Coupon   Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—11.3%
U.S. Treasury Bills—3.3%
U.S. Treasury Bill
0.867%	12/17/2009	‡‡	$	6,270,000		6,269,034
0.120%	12/31/2009			8,000,000		7,997,776
						14,266,810
U.S. Treasury Bonds—8.0%
U.S. Treasury Bond
8.750%	08/15/2020	†		1,266,000		1,856,075
8.500%	02/15/2020	†		871,000		1,250,702
8.125%	08/15/2019	†		1,474,000		2,054,387
8.000%	11/15/2021			2,001,000		2,832,980
7.875%	02/15/2021	†		921,000		1,284,219
7.625%	02/15/2025	†		807,000		1,150,353
7.250%	08/15/2022			798,000		1,076,677
7.125%	02/15/2023	†		1,102,000		1,478,058
6.875%	08/15/2025			810,000		1,089,197
6.625%	02/15/2027			663,000		879,304
6.500%	11/15/2026	†		758,000		992,033
6.250%	05/15/2030			1,014,000		1,327,390
6.250%	08/15/2023	†		1,534,000		1,923,254
6.125%	08/15/2029	†		617,000		792,749
6.125%	11/15/2027			1,366,000		1,735,248
6.000%	02/15/2026			1,021,000		1,267,157
5.500%	08/15/2028	†		772,000		921,214
5.375%	02/15/2031			1,014,000		1,205,076
5.250%	02/15/2029			760,000		882,431
5.250%	11/15/2028	†		746,000		866,293
5.000%	05/15/2037			965,000		1,118,646
4.750%	02/15/2037			961,000		1,072,566
4.500%	02/15/2036			1,651,000		1,773,795
4.500%	05/15/2038	†		1,379,000		1,484,365
4.375%	02/15/2038			1,033,000		1,088,525
3.500%	02/15/2039			1,664,000		1,508,002
						34,910,696
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $48,422,048)						49,177,506

 

See accompanying notes to schedule of investments.

14

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Asset
Allocation Fund

Coupon   Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—17.6%
Capital Markets—6.0%
BNP Paribas Finance, Inc.
0.414%	12/23/2009		$	16,000,000	$	15,989,920
ING US Funding LLC
0.461%	12/11/2009			10,000,000		9,995,000
						25,984,920
Commercial Banks—8.9%
Bank of Nova Scotia (Canada)
0.360%	11/30/2009			14,000,000		13,994,260
Royal Bank of Canada (Canada)
0.420%	01/25/2010			14,000,000		13,986,980
UBS Finance Delaware LLC
0.210%	12/28/2009			11,000,000		10,991,640
						38,972,880
Diversified Financial Services—2.7%
CBA Delaware Finance, Inc.
0.300%	03/22/2010			1,600,000		1,597,392
0.270%	12/15/2009			2,400,000		2,398,776
Societe Generale North America, Inc.
0.300%	11/12/2009			8,000,000		7,997,237
						11,993,405
TOTAL COMMERCIAL PAPER
(Cost $76,957,003)						76,951,205
			Shares		Value
CASH EQUIVALENTS—10.6%
Institutional Money Market Funds—10.6%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				10,002,920		10,002,920
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		11,624,916		11,624,916
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		10,000,000		10,000,000
Short-Term Investments Trust Liquid Assets Portfolio		††		7,400,000		7,400,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		3,500,000		3,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		3,500,000		3,500,000
TOTAL CASH EQUIVALENTS
(Cost $46,027,836)						46,027,836
TOTAL INVESTMENTS—108.3%
(Cost $484,036,160)						471,915,323
Other assets less liabilities—(8.3%)						(36,216,814	)
NET ASSETS—100.0%					$	435,698,509

 

Legend to the Schedule of Investments:
REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
‡‡	Security or a portion of the 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.

15

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Equity
Income Fund

		Shares		Value
COMMON STOCKS—93.1%
Aerospace & Defense—2.2%
Boeing Co. (The)		88,600	$	4,797,690
Honeywell International, Inc.		361,900		13,444,585
L-3 Communications Holdings, Inc.		60,200		4,835,264
Lockheed Martin Corp.		27,600		2,155,008
Raytheon Co.		128,300		6,154,551
				31,387,098
Air Freight & Logistics—1.2%
FedEx Corp.		168,600		12,682,092
United Parcel Service, Inc., Class B		81,800		4,619,246
				17,301,338
Airlines—0.2%
Southwest Airlines Co.		277,700		2,665,920
Automobiles—0.2%
Harley-Davidson, Inc.	†	96,000		2,208,000
Beverages—0.1%
Anheuser-Busch InBev NV (Belgium)		44,000		2,018,190
Biotechnology—0.2%
Amgen, Inc.	*	51,400		3,095,822
Building Products—0.3%
Masco Corp.	†	233,500		3,016,820
USG Corp.	*†	77,900		1,338,322
				4,355,142
Capital Markets—1.0%
Bank of New York Mellon Corp. (The)		190,900		5,534,191
Goldman Sachs Group, Inc. (The)		22,800		4,203,180
Legg Mason, Inc.	†	53,100		1,647,693
UBS AG (Switzerland)	*†	131,105		2,400,533
				13,785,597
Chemicals—1.1%
E.I. Du Pont de Nemours & Co.		391,646		12,587,502
International Flavors & Fragrances, Inc.		95,500		3,622,315
				16,209,817
Commercial Banks—3.1%
Allied Irish Banks plc ADR (Ireland)	*†	124,800		1,175,616
KeyCorp		262,800		1,708,200
Marshall & Ilsley Corp.	†	106,900		862,683
PNC Financial Services Group, Inc.		106,400		5,169,976
SunTrust Banks, Inc.	†	611,500		13,789,325
U.S. Bancorp		313,600		6,855,296
Wells Fargo & Co.		519,400		14,636,692
				44,197,788
Commercial Services & Supplies—0.6%
Avery Dennison Corp.		92,300		3,323,723
Pitney Bowes, Inc.		202,600		5,034,610
				8,358,333
Communications Equipment—0.6%
Cisco Systems, Inc.	*	96,500	$	2,271,610
Nokia Oyj ADR (Finland)	†	445,400		6,511,748
				8,783,358
Computers & Peripherals—4.3%
Dell, Inc.	*	2,785,700		42,509,782
Hewlett-Packard Co.		161,500		7,624,415
International Business Machines Corp.		84,400		10,095,084
				60,229,281
Construction Materials—2.2%
Cemex SAB de CV ADR (Mexico)	*†	2,139,922		27,647,792
Vulcan Materials Co.	†	73,100		3,952,517
				31,600,309
Consumer Finance—2.8%
American Express Co.		605,900		20,540,010
Capital One Financial Corp.	†	296,700		10,601,091
SLM Corp.	*†	914,400		7,973,568
				39,114,669
Distributors—0.1%
Genuine Parts Co.		53,552		2,038,189
Diversified Consumer Services—0.1%
H&R Block, Inc.		38,300		703,954
Diversified Financial Services—3.5%
Bank of America Corp.		1,084,906		18,356,610
JPMorgan Chase & Co.		686,800		30,095,576
NYSE Euronext		55,100		1,591,839
				50,044,025
Diversified Telecommunication Services—3.4%
AT&T, Inc.		699,642		18,897,331
Level 3 Communications, Inc.	*†	7,327,000		10,184,530
Qwest Communications International, Inc.	†	699,300		2,664,333
Verizon Communications, Inc.		532,441		16,116,989
				47,863,183
Electric Utilities—1.7%
Duke Energy Corp.		199,400		3,138,556
Entergy Corp.		158,100		12,625,866
FirstEnergy Corp.		45,000		2,057,400
Pinnacle West Capital Corp.		68,000		2,231,760
Progress Energy, Inc.		91,000		3,554,460
				23,608,042
Electrical Equipment—0.8%
Cooper Industries plc, Class A		71,400		2,682,498
Emerson Electric Co.		219,000		8,777,520
				11,460,018
Energy Equipment & Services—0.5%
BJ Services Co.		75,700		1,470,851
Schlumberger Ltd.		90,600		5,399,760
				6,870,611
Food Products—0.9%
Hershey Co. (The)	†	179,100		6,959,826
Kraft Foods, Inc., Class A		133,200		3,499,164
McCormick & Co., Inc.		53,500		1,815,790
				12,274,780

See accompanying notes to schedule of investments.

16

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Equity
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Health Care Equipment & Supplies—0.5%
Baxter International, Inc.		116,400	$	6,635,964
Health Care Providers & Services—1.3%
UnitedHealth Group, Inc.		312,500		7,825,000
WellPoint, Inc.	*	223,700		10,594,432
				18,419,432
Hotels, Restaurants & Leisure—4.5%
Carnival Corp.		291,200		9,691,136
Marriott International, Inc., Class A	†	829,043		22,873,296
MGM MIRAGE	*†	125,500		1,511,020
Yum! Brands, Inc.		889,000		30,012,640
				64,088,092
Household Durables—1.1%
Black & Decker Corp.		34,100		1,578,489
D.R. Horton, Inc.		80,300		916,223
Fortune Brands, Inc.		136,300		5,858,174
Harman International Industries, Inc.		51,000		1,727,880
Whirlpool Corp.	†	70,800		4,953,168
				15,033,934
Household Products—0.2%
Kimberly-Clark Corp.		57,559		3,394,830
Independent Power Producers & Energy Traders—0.2%
Constellation Energy Group, Inc.		63,500		2,055,495
NRG Energy, Inc.	*	40,500		1,141,695
				3,197,190
Industrial Conglomerates—3.8%
3M Co.		196,400		14,494,320
General Electric Co.		1,012,000		16,617,040
Koninklijke Philips Electronics NV NYRS (Netherlands)	†	942,000		22,947,120
				54,058,480
Insurance—6.8%
Allstate Corp. (The)		236,700		7,247,754
AON Corp.		297,000		12,084,930
Berkshire Hathaway, Inc., Class A	*	204		20,604,000
Chubb Corp.		43,600		2,197,876
Fairfax Financial Holdings Ltd. (Canada)	†	93,600		34,700,328
Lincoln National Corp.		145,590		3,772,237
Marsh & McLennan Cos., Inc.		223,200		5,519,736
Progressive Corp. (The)	*	120,500		1,997,890
Travelers Cos., Inc. (The)		180,306		8,876,464
				97,001,215
Internet & Catalog Retail—1.4%
Liberty Media Corp. - Interactive, Series A	*	1,835,500		20,135,435
Internet Software & Services—0.2%
eBay, Inc.	*	130,400		3,078,744
IT Services—0.4%
Accenture plc, Class A (Ireland)		31,100		1,159,097
Computer Sciences Corp.	*	84,200		4,438,182
				5,597,279
Leisure Equipment & Products—0.2%
Mattel, Inc.		173,600	$	3,204,656
Machinery—2.5%
Deere & Co.		95,400		4,094,568
Eaton Corp.		26,800		1,516,612
Illinois Tool Works, Inc.		401,900		17,165,149
Pall Corp.		26,000		839,280
Stanley Works (The)		278,500		11,889,165
				35,504,774
Media—8.8%
Cablevision Systems Corp., Class A		137,200		3,258,500
CBS Corp., Class B		50,100		603,705
DIRECTV Group, Inc. (The)	*†	1,603,000		44,210,740
Liberty Media Corp.— Entertainment, Series A	*†	834,200		25,951,962
McGraw-Hill Cos., Inc. (The)		156,800		3,941,952
New York Times Co. (The), Class A	†	190,700		1,548,484
Time Warner, Inc.		219,133		6,306,648
Walt Disney Co. (The)		1,381,200		37,927,752
WPP plc (United Kingdom)		142,900		1,229,061
				124,978,804
Metals & Mining—0.5%
Alcoa, Inc.		133,900		1,756,768
Nucor Corp.		102,400		4,813,824
				6,570,592
Multiline Retail—0.6%
J.C. Penney Co., Inc.		200,300		6,760,125
Macy’s, Inc.		93,700		1,713,773
				8,473,898
Multi-Utilities—1.6%
Centerpoint Energy, Inc.		54,600		678,678
Dominion Resources, Inc.		222,100		7,662,450
NiSource, Inc.		265,700		3,690,573
PG&E Corp.		68,700		2,781,663
Sempra Energy		77,800		3,875,218
TECO Energy, Inc.		65,900		927,872
Xcel Energy, Inc.		172,600		3,320,824
				22,937,278
Oil, Gas & Consumable Fuels—13.0%
Anadarko Petroleum Corp.		55,000		3,450,150
BP plc ADR (United Kingdom)	†	102,298		5,445,323
Chesapeake Energy Corp.	†	1,895,900		53,843,560
Chevron Corp.		167,658		11,808,153
ConocoPhillips		284,600		12,852,536
Consol Energy, Inc.		38,100		1,718,691
EnCana Corp. (Canada)		102,300		5,893,503
Exxon Mobil Corp.		167,560		11,496,292
Marathon Oil Corp.		364,600		11,630,740
Murphy Oil Corp.		95,300		5,486,421
Occidental Petroleum Corp.		261,400		20,493,760
Pioneer Natural Resources Co.		527,000		19,124,830
Royal Dutch Shell plc, Class A ADR (Netherlands)		156,781		8,966,305
Spectra Energy Corp.		454,912		8,616,033
Sunoco, Inc.		79,400		2,258,930
Williams Cos., Inc. (The)		41,400		739,818
				183,825,045

See accompanying notes to schedule of investments.

17

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Equity
Income Fund

				Shares		Value
COMMON STOCKS—(Continued)
Paper & Forest Products—0.7%
International Paper Co.				259,600	$	5,770,908
MeadWestvaco Corp.				119,800		2,672,738
Weyerhaeuser Co.		†		42,700		1,564,955
						10,008,601
Pharmaceuticals—4.4%
Bristol-Myers Squibb Co.				688,700		15,509,524
Eli Lilly & Co.				112,100		3,702,663
Johnson & Johnson				207,700		12,646,853
Merck & Co., Inc.				152,600		4,826,738
Pfizer, Inc.				595,300		9,852,215
Wyeth				314,200		15,263,836
						61,801,829
Road & Rail—0.7%
Burlington Northern Santa Fe Corp.				128,400		10,250,172
Semiconductors & Semiconductor Equipment—1.9%
Analog Devices, Inc.		†		148,600		4,098,388
Applied Materials, Inc.				764,200		10,240,280
Intel Corp.				637,100		12,468,047
Texas Instruments, Inc.		†		25,000		592,250
						27,398,965
Software—3.0%
Electronic Arts, Inc.		*		62,000		1,181,100
Microsoft Corp.				701,000		18,148,890
Symantec Corp.		*		1,387,000		22,843,890
						42,173,880
Specialty Retail—1.7%
Bed Bath & Beyond, Inc.		*†		154,200		5,788,668
Home Depot, Inc.				580,000		15,451,200
Tiffany & Co.				74,300		2,862,779
						24,102,647
Thrifts & Mortgage Finance—0.0%
Federal National Mortgage Association		*†		119,720		181,974
Tobacco—1.8%
Altria Group, Inc.		†		243,300		4,333,173
Imperial Tobacco Group plc ADR (United Kingdom)				189,700		11,190,403
Philip Morris International, Inc.				197,300		9,616,402
						25,139,978
Wireless Telecommunication Services—0.2%
Sprint Nextel Corp.		*		294,200		1,162,090
Vodafone Group plc (United Kingdom)				845,200		1,898,693
						3,060,783
TOTAL COMMON STOCKS
(Cost $1,311,478,669)						1,320,427,935
Coupon Rate	Maturity Date		Face		Value
CONVERTIBLE DEBT OBLIGATIONS—0.2%
Automobiles—0.2%
Ford Motor Co.
4.250%	12/15/2036
(Cost $588,199)			$	2,112,000	$	2,151,600
			Shares		Value
CASH EQUIVALENTS—17.7%
Institutional Money Market Funds—17.7%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class				87,307,682		87,307,682
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		††		56,158,735		56,158,735
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class		††		23,000,000		23,000,000
Short-Term Investments Trust Liquid Assets Portfolio		††		39,400,000		39,400,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class		††		22,500,000		22,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class		††		22,500,000		22,500,000
TOTAL CASH EQUIVALENTS
(Cost $250,866,417)						250,866,417
TOTAL INVESTMENTS—111.0%
(Cost $1,562,933,285)						1,573,445,952
Other assets less liabilities—(11.0%)						(155,336,985	)
NET ASSETS—100.0%					$	1,418,108,967

 

Legend to the Schedule of Investments:
ADR	American Depositary Receipt
NYRS	New York Registry Shares
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to schedule of investments.

18

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—96.8%
Aerospace & Defense—0.7%
Goodrich Corp.		12,300	$	668,382
Lockheed Martin Corp.		26,600		2,076,928
Precision Castparts Corp.	†	26,000		2,648,620
United Technologies Corp.		21,800		1,328,274
				6,722,204
Air Freight & Logistics—1.4%
Expeditors International of Washington, Inc.		21,500		755,725
United Parcel Service, Inc., Class B		228,000		12,875,160
				13,630,885
Airlines—0.3%
Delta Air Lines, Inc.	*†	261,400		2,342,144
Automobiles—0.3%
Ford Motor Co.	*†	443,700		3,199,077
Beverages—2.1%
Coca-Cola Co. (The)		30,800		1,653,960
Diageo plc ADR (United Kingdom)		212,500		13,066,625
PepsiCo, Inc.		97,400		5,713,484
				20,434,069
Biotechnology—1.3%
Amgen, Inc.	*	31,100		1,873,153
Celgene Corp.	*	77,600		4,337,840
Gilead Sciences, Inc.	*	126,700		5,901,686
				12,112,679
Capital Markets—7.0%
Ameriprise Financial, Inc.		153,900		5,591,187
Bank of New York Mellon Corp. (The)		695,243		20,155,095
BlackRock, Inc.		3,300		715,506
Charles Schwab Corp. (The)		116,200		2,225,230
Credit Suisse Group AG (Registered) (Switzerland)		4,025		223,942
Franklin Resources, Inc.		62,400		6,277,440
Goldman Sachs Group, Inc. (The)		84,000		15,485,400
Invesco Ltd.		22,900		521,204
Morgan Stanley		49,400		1,525,472
Northern Trust Corp.		71,100		4,135,176
State Street Corp.		128,600		6,764,360
UBS AG (Switzerland)	*†	200,400		3,669,324
				67,289,336
Chemicals—1.7%
Dow Chemical Co. (The)	†	132,900		3,464,703
E.I. Du Pont de Nemours & Co.		89,700		2,882,958
Monsanto Co.		25,500		1,973,700
Mosaic Co. (The)		76,100		3,658,127
Praxair, Inc.		49,300		4,027,317
				16,006,805
Commercial Banks—2.5%
PNC Financial Services Group, Inc.		135,900	$	6,603,381
U.S. Bancorp		65,500		1,431,830
Wells Fargo & Co.		573,800		16,169,684
				24,204,895
Commercial Services & Supplies—1.9%
Cintas Corp.	†	467,000		14,154,770
Republic Services, Inc.		159,600		4,240,572
				18,395,342
Communications Equipment—2.2%
Cisco Systems, Inc.	*	384,900		9,060,546
Juniper Networks, Inc.	*†	183,700		4,963,574
QUALCOMM, Inc.		144,800		6,513,104
Research In Motion Ltd. (Canada)	*	5,900		398,545
				20,935,769
Computers & Peripherals—2.7%
Apple, Inc.	*	96,800		17,943,816
EMC Corp.	*	27,200		463,488
Hewlett-Packard Co.		118,700		5,603,827
International Business Machines Corp.		18,900		2,260,629
				26,271,760
Construction & Engineering—0.2%
Fluor Corp.		31,000		1,576,350
Consumer Finance—1.1%
American Express Co.		320,700		10,871,730
Diversified Consumer Services—0.2%
Apollo Group, Inc., Class A	*†	26,300		1,937,521
Diversified Financial Services—3.1%
Bank of America Corp.		485,800		8,219,736
CME Group, Inc.		1,500		462,285
IntercontinentalExchange, Inc.	*	21,600		2,099,304
JPMorgan Chase & Co.		419,908		18,400,369
				29,181,694
Diversified Telecommunication Services—1.1%
AT&T, Inc.		272,006		7,346,882
Verizon Communications, Inc.		92,100		2,787,867
				10,134,749
Electric Utilities—1.3%
Edison International		93,700		3,146,446
Entergy Corp.		59,400		4,743,684
Exelon Corp.		90,600		4,495,572
				12,385,702
Electrical Equipment—1.1%
First Solar, Inc.	*†	6,700		1,024,162
Rockwell Automation, Inc.	†	220,100		9,376,260
				10,400,422
Electronic Equipment, Instruments & Components—1.3%
Corning, Inc.		9,300		142,383
Tyco Electronics Ltd. (Switzerland)	†	561,000		12,499,080
				12,641,463

See accompanying notes to schedule of investments.

19

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Energy Equipment & Services—2.7%
Baker Hughes, Inc.	†	124,300	$	5,302,638
Cameron International Corp.	*	43,700		1,652,734
FMC Technologies, Inc.	*	41,000		2,141,840
Schlumberger Ltd.		232,400		13,851,040
Smith International, Inc.		113,400		3,254,580
				26,202,832
Food & Staples Retailing—4.7%
Costco Wholesale Corp.		2,200		124,212
CVS Caremark Corp.		193,986		6,933,059
Kroger Co. (The)		165,200		3,409,728
Sysco Corp.		608,900		15,131,165
Wal-Mart Stores, Inc.		399,975		19,634,773
				45,232,937
Food Products—1.8%
General Mills, Inc.		75,800		4,880,004
Kellogg Co.		1,200		59,076
Nestle SA ADR (Switzerland)		281,650		12,023,638
				16,962,718
Health Care Equipment & Supplies—4.5%
Alcon, Inc. (Switzerland)		2,100		291,207
Baxter International, Inc.		46,500		2,650,965
C.R. Bard, Inc.	†	8,600		676,046
CareFusion Corp.	*	237,000		5,166,600
Covidien plc (Ireland)		329,600		14,258,496
DENTSPLY International, Inc.	†	245,000		8,462,300
Intuitive Surgical, Inc.	*†	8,300		2,176,675
Medtronic, Inc.		12,200		448,960
St. Jude Medical, Inc.	*	85,600		3,339,256
Stryker Corp.		21,600		981,288
Zimmer Holdings, Inc.	*	90,800		4,853,260
				43,305,053
Health Care Providers & Services—3.3%
Cardinal Health, Inc.		416,200		11,154,160
Express Scripts, Inc.	*	68,600		5,321,988
McKesson Corp.		70,400		4,192,320
Medco Health Solutions, Inc.	*	140,200		7,754,462
UnitedHealth Group, Inc.		114,600		2,869,584
WellPoint, Inc.	*	11,800		558,848
				31,851,362
Health Care Technology—0.1%
Cerner Corp.	*†	13,300		994,840
Hotels, Restaurants & Leisure—1.4%
Carnival Corp.		32,900		1,094,912
Marriott International, Inc., Class A	†	84,983		2,344,681
McDonald’s Corp.		90,500		5,164,835
Starbucks Corp.	*	99,300		2,050,545
Wynn Macau Ltd. (Macau)	*	321,600		418,285
Wynn Resorts Ltd.	*†	600		42,534
Yum! Brands, Inc.		75,700		2,555,632
				13,671,424
Household Durables—0.2%
Whirlpool Corp.	†	31,700		2,217,732
Household Products—1.3%
Kimberly-Clark Corp.		199,000	$	11,737,020
Procter & Gamble Co. (The)		4,975		288,152
				12,025,172
Independent Power Producers & Energy Traders—0.2%
NRG Energy, Inc.	*	73,200		2,063,508
Industrial Conglomerates—4.5%
3M Co.		208,500		15,387,300
General Electric Co.		623,300		10,234,586
McDermott International, Inc.	*	29,400		742,938
Textron, Inc.	†	204,700		3,885,206
Tyco International Ltd. (Switzerland)		376,000		12,964,480
				43,214,510
Insurance—3.2%
ACE Ltd. (Switzerland)	*	114,300		6,110,478
AON Corp.		76,100		3,096,509
Berkshire Hathaway, Inc., Class B	*	4,225		14,039,675
Principal Financial Group, Inc.		161,400		4,420,746
Unum Group	†	145,700		3,123,808
				30,791,216
Internet & Catalog Retail—1.7%
Amazon.com, Inc.	*	125,600		11,726,016
Expedia, Inc.	*	76,600		1,834,570
priceline.com, Inc.	*†	14,700		2,437,554
				15,998,140
Internet Software & Services—1.8%
eBay, Inc.	*	300		7,083
Google, Inc., Class A	*	26,200		12,991,270
Tencent Holdings Ltd. (China)	†	212,000		3,440,725
VeriSign, Inc.	*†	21,600		511,704
				16,950,782
IT Services—4.2%
Accenture plc, Class A (Ireland)		421,500		15,709,305
Automatic Data Processing, Inc.		311,200		12,230,160
Fiserv, Inc.	*	62,400		3,007,680
Mastercard, Inc., Class A		17,200		3,476,980
Visa, Inc., Class A	†	51,200		3,538,432
Western Union Co. (The)		108,700		2,056,604
				40,019,161
Leisure Equipment & Products—0.4%
Mattel, Inc.		226,000		4,171,960
Life Sciences Tools & Services—0.0%
Life Technologies Corp.	*	1,200		55,860
Machinery—2.5%
Cummins, Inc.		66,100		2,961,941
Danaher Corp.		122,400		8,239,968
Ingersoll-Rand plc (Ireland)	†	182,800		5,606,476
PACCAR, Inc.	†	93,300		3,518,343
Stanley Works (The)		90,100		3,846,369
				24,173,097

See accompanying notes to schedule of investments.

20

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Media—3.7%
Comcast Corp., Class A		331,400	$	5,597,346
Discovery Communications, Inc., Series A	*	80,650		2,329,979
Discovery Communications, Inc., Series C	*	77,450		2,016,023
McGraw-Hill Cos., Inc. (The)		411,700		10,350,138
Time Warner, Inc.		502,108		14,450,668
Walt Disney Co. (The)		28,700		788,102
				35,532,256
Metals & Mining—0.5%
Cliffs Natural Resources, Inc.	†	136,100		4,404,196
Freeport-McMoRan Copper & Gold, Inc.		10,100		692,961
				5,097,157
Multiline Retail—1.0%
Dollar Tree, Inc.	*	6,200		301,816
Kohl’s Corp.	*	78,000		4,449,900
Target Corp.		100,100		4,672,668
				9,424,384
Office Electronics—1.2%
Canon, Inc. ADR (Japan)	†	284,500		11,377,155
Oil, Gas & Consumable Fuels—4.3%
BP plc ADR (United Kingdom)	†	341,000		18,151,430
EOG Resources, Inc.		70,700		5,904,157
Exxon Mobil Corp.		6,200		425,382
Hess Corp.		72,600		3,881,196
Marathon Oil Corp.		88,700		2,829,530
Occidental Petroleum Corp.		65,000		5,096,000
Petroleo Brasileiro SA ADR (Brazil)	†	19,900		782,269
Southwestern Energy Co.	*	50,300		2,146,804
Suncor Energy, Inc. (Canada)		43,500		1,503,360
				40,720,128
Pharmaceuticals—4.3%
Abbott Laboratories		94,000		4,650,180
Allergan, Inc.		74,400		4,222,944
Johnson & Johnson		79,700		4,852,933
Merck & Co., Inc.	†	244,500		7,733,535
Novo Nordisk A/S, Class B (Denmark)		5,302		333,464
Pfizer, Inc.		621,700		10,289,135
Roche Holding AG (Genusschein) (Switzerland)		348		56,268
Schering-Plough Corp.		113,300		3,200,725
Shire plc ADR (Ireland)		3,100		162,099
Teva Pharmaceutical Industries Ltd. ADR (Israel)		107,400		5,430,144
				40,931,427
Road & Rail—0.1%
Union Pacific Corp.		9,300		542,655
Semiconductors & Semiconductor Equipment—2.4%
Altera Corp.		69,800		1,431,598
Broadcom Corp., Class A	*	95,100		2,918,619
Intel Corp.		365,500		7,152,835
Marvell Technology Group Ltd. (Bermuda)	*	274,600	$	4,445,774
Texas Instruments, Inc.	†	154,800		3,667,212
Xilinx, Inc.		144,500		3,384,190
				23,000,228
Software—2.5%
Adobe Systems, Inc.	*	15,500		512,120
Autodesk, Inc.	*	30,900		735,420
Electronic Arts, Inc.	*	69,900		1,331,595
McAfee, Inc.	*	80,600		3,529,474
Microsoft Corp.		671,700		17,390,313
				23,498,922
Specialty Retail—2.3%
Bed Bath & Beyond, Inc.	*	74,100		2,781,714
Best Buy Co., Inc.		252,500		9,473,800
Gap, Inc. (The)		21,700		464,380
Home Depot, Inc.		121,700		3,242,088
Lowe’s Cos., Inc.		73,300		1,534,902
O’Reilly Automotive, Inc.	*†	21,600		780,624
Staples, Inc.		147,100		3,415,662
				21,693,170
Textiles, Apparel & Luxury Goods—0.4%
NIKE, Inc., Class B		6,200		401,140
V.F. Corp.	†	43,500		3,150,705
				3,551,845
Tobacco—0.7%
Lorillard, Inc.		40,200		2,986,860
Philip Morris International, Inc.		83,800		4,084,412
				7,071,272
Trading Companies & Distributors—0.9%
Fastenal Co.	†	4,900		189,630
W.W. Grainger, Inc.	†	98,800		8,828,768
				9,018,398
Wireless Telecommunication Services—0.5%
American Tower Corp., Class A	*	136,100		4,954,040
TOTAL COMMON STOCKS
(Cost $817,020,052)				926,989,937
CASH EQUIVALENTS—12.9%
Institutional Money Market Funds—12.9%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		36,885,235		36,885,235
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	43,881,118		43,881,118
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	10,000,000		10,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	16,000,000		16,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	8,500,000		8,500,000

See accompanying notes to schedule of investments.

21

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Growth &
Income Fund

		Shares		Value
CASH EQUIVALENTS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	8,500,000	$	8,500,000
TOTAL CASH EQUIVALENTS
(Cost $123,766,353)				123,766,353
TOTAL INVESTMENTS—109.7%
(Cost $940,786,405)				1,050,756,290
Other assets less liabilities—(9.7%)				(92,633,117	)
NET ASSETS—100.0%			$	958,123,173

 

Legend to the Schedule of Investments:
ADR	American Depositary Receipt
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to schedule of investments.

22

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—96.3%
Aerospace & Defense—2.1%
Goodrich Corp.		314,718	$	17,101,776
ITT Corp.		181,500		9,465,225
United Technologies Corp.		158,100		9,633,033
				36,200,034
Air Freight & Logistics—1.0%
Expeditors International of Washington, Inc.	†	237,200		8,337,580
United Parcel Service, Inc., Class B		157,900		8,916,613
				17,254,193
Automobiles—0.3%
Ford Motor Co.	*	717,812		5,175,425
Beverages—5.2%
Coca-Cola Co. (The)	†	638,500		34,287,450
Hansen Natural Corp.	*†	93,953		3,451,833
PepsiCo, Inc.		869,900		51,028,334
				88,767,617
Biotechnology—2.4%
Amgen, Inc.	*	200,100		12,052,023
Biogen Idec, Inc.	*	71,300		3,602,076
Celgene Corp.	*	255,350		14,274,065
Gilead Sciences, Inc.	*	189,650		8,833,897
Myriad Genetics, Inc.	*	110,895		3,038,523
				41,800,584
Capital Markets—2.4%
Goldman Sachs Group, Inc. (The)		157,190		28,977,976
Morgan Stanley		279,000		8,615,520
UBS AG (Switzerland)	*†	151,200		2,768,472
				40,361,968
Chemicals—2.5%
Monsanto Co.		125,230		9,692,802
Mosaic Co. (The)		227,110		10,917,178
Potash Corp. of Saskatchewan, Inc. (Canada)		20,200		1,824,868
Praxair, Inc.		149,800		12,237,162
Syngenta AG ADR (Switzerland)		190,900		8,771,855
				43,443,865
Commercial Banks—2.5%
Banco Bradesco SA ADR (Brazil)	†	379,200		7,542,288
Fifth Third Bancorp		153,500		1,554,955
KeyCorp		54,000		351,000
SunTrust Banks, Inc.		105,086		2,369,689
Synovus Financial Corp.		153,000		573,750
Wells Fargo & Co.		1,067,400		30,079,332
				42,471,014
Communications Equipment—6.2%
Cisco Systems, Inc.	*	1,641,775		38,647,384
Juniper Networks, Inc.	*†	130,200		3,518,004
Motorola, Inc.		583,100		5,008,829
Nokia Oyj ADR (Finland)	†	1,093,200		15,982,584
QUALCOMM, Inc.		777,007		34,949,775
Research In Motion Ltd. (Canada)	*	127,866	$	8,637,348
				106,743,924
Computers & Peripherals—8.0%
Apple, Inc.	*	258,930		47,997,854
Dell, Inc.	*	122,100		1,863,246
EMC Corp.	*†	1,694,700		28,877,688
Hewlett-Packard Co.		327,450		15,458,914
International Business Machines Corp.		351,970		42,099,132
Netezza Corp.	*†	47,400		532,776
				136,829,610
Construction & Engineering—0.9%
Foster Wheeler AG	*	181,700		5,798,047
Quanta Services, Inc.	*	460,100		10,182,013
				15,980,060
Consumer Finance—1.5%
American Express Co.		596,400		20,217,960
Capital One Financial Corp.		164,857		5,890,341
				26,108,301
Diversified Consumer Services—0.3%
Apollo Group, Inc., Class A	*†	58,500		4,309,695
Diversified Financial Services—1.8%
Bank of America Corp.		422,922		7,155,840
Citigroup, Inc.		415,600		2,011,504
CME Group, Inc.		27,780		8,561,518
JPMorgan Chase & Co.		278,000		12,181,960
				29,910,822
Electrical Equipment—1.0%
ABB Ltd. ADR (Switzerland)	*	190,300		3,813,612
Emerson Electric Co.		225,650		9,044,052
First Solar, Inc.	*†	22,500		3,439,350
				16,297,014
Electronic Equipment, Instruments & Components—0.5%
Amphenol Corp., Class A		94,810		3,572,441
Corning, Inc.		377,500		5,779,525
				9,351,966
Energy Equipment & Services—4.8%
Halliburton Co.		1,029,350		27,915,972
National Oilwell Varco, Inc.	*	289,800		12,499,074
Schlumberger Ltd.		216,700		12,915,320
Transocean Ltd. (Switzerland)	*	241,100		20,621,283
Weatherford International Ltd. (Switzerland)	*	346,150		7,175,690
				81,127,339
Food & Staples Retailing—3.7%
Costco Wholesale Corp.		151,900		8,576,274
CVS Caremark Corp.		610,250		21,810,335
Kroger Co. (The)		85,100		1,756,464
Wal-Mart Stores, Inc.		536,950		26,358,875
Whole Foods Market, Inc.	*†	126,600		3,860,034
				62,361,982
Food Products—0.2%
Bunge Ltd.	†	45,900		2,873,799

See accompanying notes to schedule of investments.

23

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Health Care Equipment & Supplies—3.1%
Boston Scientific Corp.	*	747,100	$	7,911,789
Covidien plc (Ireland)		244,750		10,587,885
Intuitive Surgical, Inc.	*†	23,400		6,136,650
Medtronic, Inc.		370,600		13,638,080
Stryker Corp.	†	334,800		15,209,964
				53,484,368
Health Care Providers & Services—1.2%
Aetna, Inc.		479,100		13,333,353
McKesson Corp.		50,800		3,025,140
WellPoint, Inc.	*	77,400		3,665,664
				20,024,157
Hotels, Restaurants & Leisure—1.5%
International Game Technology	†	143,800		3,088,824
Las Vegas Sands Corp.	*†	433,100		7,293,404
Starbucks Corp.	*†	203,400		4,200,210
Wynn Resorts Ltd.	*†	23,370		1,656,699
Yum! Brands, Inc.	†	292,300		9,868,048
				26,107,185
Household Products—2.6%
Colgate-Palmolive Co.		118,700		9,054,436
Procter & Gamble Co. (The)		622,700		36,066,784
				45,121,220
Industrial Conglomerates—1.4%
3M Co.		194,400		14,346,720
General Electric Co.		629,500		10,336,390
				24,683,110
Insurance—2.1%
ACE Ltd. (Switzerland)	*	67,600		3,613,896
Aflac, Inc.		328,100		14,022,994
Berkshire Hathaway, Inc., Class B	*	5,007		16,638,261
Protective Life Corp.	†	53,200		1,139,544
				35,414,695
Internet & Catalog Retail—1.8%
Amazon.com, Inc.	*	278,000		25,954,080
priceline.com, Inc.	*†	32,800		5,438,896
				31,392,976
Internet Software & Services—4.4%
eBay, Inc.	*	199,400		4,707,834
Google, Inc., Class A	*	79,570		39,454,785
Rackspace Hosting, Inc.	*†	630,154		10,750,427
Sohu.com, Inc. (China)	*†	13,800		949,164
Yahoo! Inc.	*	1,034,800		18,429,788
				74,291,998
IT Services—4.2%
Accenture plc, Class A (Ireland)		240,800		8,974,616
Automatic Data Processing, Inc.	†	604,000		23,737,200
Cognizant Technology Solutions Corp., Class A	*	161,650		6,249,389
Global Payments, Inc.	†	121,500		5,674,050
Mastercard, Inc., Class A		38,700		7,823,205
Paychex, Inc.	†	331,500		9,630,075
Satyam Computer Services Ltd. ADR (India)	†	161,400		1,062,012
Visa, Inc., Class A	†	118,600	$	8,196,446
				71,346,993
Life Sciences Tools & Services—1.4%
Illumina, Inc.	*†	175,800		7,471,500
Thermo Fisher Scientific, Inc.	*	385,300		16,826,051
				24,297,551
Machinery—0.5%
Danaher Corp.		129,600		8,724,672
Media—1.6%
DIRECTV Group, Inc. (The)	*†	75,200		2,074,016
Viacom, Inc., Class B	*	255,750		7,171,230
Walt Disney Co. (The)		663,800		18,227,948
				27,473,194
Metals & Mining—1.9%
BHP Billiton Ltd. ADR (Australia)	†	21,500		1,419,215
Cliffs Natural Resources, Inc.	†	100,100		3,239,236
Freeport-McMoRan Copper & Gold, Inc.		148,700		10,202,307
Newmont Mining Corp.		184,100		8,104,082
Nucor Corp.		40,000		1,880,400
Sterlite Industries India Ltd. ADR (India)		61,600		983,752
United States Steel Corp.	†	58,100		2,577,897
Xstrata plc ADR (Switzerland)	*	1,212,100		3,624,179
				32,031,068
Multiline Retail—2.0%
Dollar Tree, Inc.	*	57,300		2,789,364
Kohl’s Corp.	*	299,400		17,080,770
Target Corp.		308,200		14,386,776
				34,256,910
Oil, Gas & Consumable Fuels—4.3%
Anadarko Petroleum Corp.		106,400		6,674,472
Chesapeake Energy Corp.		451,950		12,835,380
ConocoPhillips		103,500		4,674,060
Massey Energy Co.		77,600		2,164,264
Noble Energy, Inc.		35,400		2,334,984
Occidental Petroleum Corp.		63,650		4,990,160
Peabody Energy Corp.		217,250		8,086,045
Suncor Energy, Inc. (Canada)		408,650		14,122,944
XTO Energy, Inc.		413,400		17,081,688
				72,963,997
Personal Products—1.0%
Avon Products, Inc.		306,600		10,412,136
Estee Lauder Cos., Inc. (The), Class A		106,003		3,930,591
Mead Johnson Nutrition Co., Class A	†	57,800		2,607,358
				16,950,085
Pharmaceuticals—3.9%
Allergan, Inc.		281,000		15,949,560
Elan Corp. plc ADR (Ireland)	*	881,900		6,270,309
Johnson & Johnson		386,300		23,521,807
Merck & Co., Inc.		164,100		5,190,483
Mylan, Inc.	*†	342,300		5,480,223
Pfizer, Inc.		235,400		3,895,870
Teva Pharmaceutical Industries Ltd. ADR (Israel)		123,650		6,251,744
				66,559,996

See accompanying notes to schedule of investments.

24

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Real Estate Investment Trusts (REITs)—0.1%
Annaly Capital Management, Inc. REIT		120,900	$	2,193,126
Road & Rail—0.8%
Norfolk Southern Corp.		243,900		10,514,529
Union Pacific Corp.		58,400		3,407,640
				13,922,169
Semiconductors & Semiconductor Equipment—1.2%
Broadcom Corp., Class A	*	293,400		9,004,446
Marvell Technology Group Ltd. (Bermuda)	*	374,400		6,061,536
MEMC Electronic Materials, Inc.	*	81,300		1,352,019
Nvidia Corp.	*	233,217		3,505,252
				19,923,253
Software—5.2%
Autodesk, Inc.	*	449,500		10,698,100
Check Point Software Technologies (Israel)	*	230,250		6,527,587
Microsoft Corp.		2,302,550		59,613,020
Oracle Corp.		570,500		11,889,220
				88,727,927
Specialty Retail—2.2%
Abercrombie & Fitch Co., Class A		57,000		1,874,160
Bed Bath & Beyond, Inc.	*	130,900		4,913,986
Best Buy Co., Inc.		144,200		5,410,384
Gap, Inc. (The)		91,300		1,953,820
Home Depot, Inc.		199,000		5,301,360
Lowe’s Cos., Inc.		829,800		17,376,012
				36,829,722
Textiles, Apparel & Luxury Goods—0.6%
NIKE, Inc., Class B		170,300		11,018,410
TOTAL COMMON STOCKS
(Cost $1,495,241,609)				1,645,107,994
CASH EQUIVALENTS—11.0%
Institutional Money Market Funds—11.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		67,279,182	$	67,279,182
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	38,082,180		38,082,180
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	27,000,000		27,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	26,300,000		26,300,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	15,000,000		15,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	15,000,000		15,000,000
TOTAL CASH EQUIVALENTS
(Cost $188,661,362)				188,661,362
TOTAL INVESTMENTS—107.3%
(Cost $1,683,902,971)				1,833,769,356
Other assets less liabilities—(7.3%)				(125,177,240	)
NET ASSETS—100.0%			$	1,708,592,116

 

Legend to the Schedule of Investments:
ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to schedule of investments.

25

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—96.3%
Aerospace & Defense—2.7%
Esterline Technologies Corp.	*	11,800	$	462,678
ITT Corp.		12,750		664,913
L-3 Communications Holdings, Inc.		19,700		1,582,304
Rockwell Collins, Inc.		50,500		2,565,400
TransDigm Group, Inc.	*	41,819		2,083,004
				7,358,299
Auto Components—1.4%
Autoliv, Inc. (Sweden)	†	37,350		1,254,960
BorgWarner, Inc.	†	89,700		2,714,322
				3,969,282
Beverages—1.1%
Dr. Pepper Snapple Group, Inc.	*	65,850		1,893,187
Molson Coors Brewing Co., Class B		22,000		1,070,960
				2,964,147
Capital Markets—1.6%
Invesco Ltd.		96,870		2,204,761
State Street Corp.		13,450		707,470
Stifel Financial Corp.	*†	27,300		1,498,770
				4,411,001
Chemicals—0.7%
Airgas, Inc.		9,300		449,841
Celanese Corp., Class A		24,550		613,750
PPG Industries, Inc.		15,500		902,255
				1,965,846
Commercial Banks—1.8%
Bank of Hawaii Corp.	†	64,800		2,691,792
MB Financial, Inc.		46,900		983,493
Prosperity Bancshares, Inc.	†	38,800		1,349,852
				5,025,137
Commercial Services & Supplies—3.0%
Cintas Corp.		67,400		2,042,894
R.R. Donnelley & Sons Co.		205,435		4,367,548
Steelcase, Inc., Class A	†	284,100		1,764,261
				8,174,703
Communications Equipment—0.9%
Comtech Telecommunications Corp.	*†	50,000		1,661,000
Tellabs, Inc.	*	120,900		836,628
				2,497,628
Computers & Peripherals—1.2%
Seagate Technology (Cayman Islands)		75,300		1,145,313
Teradata Corp.	*	35,000		963,200
Western Digital Corp.	*	33,000		1,205,490
				3,314,003
Construction & Engineering—0.4%
Fluor Corp.		22,800		1,159,380
Consumer Finance—0.8%
Discover Financial Services		112,950		1,833,179
Student Loan Corp. (The)	†	6,203		287,819
				2,120,998
Containers & Packaging—2.8%
AptarGroup, Inc.		43,600	$	1,628,896
Crown Holdings, Inc.	*	28,600		777,920
Sonoco Products Co.		136,500		3,759,210
Temple-Inland, Inc.		91,700		1,505,714
				7,671,740
Diversified Consumer Services—0.4%
H&R Block, Inc.		66,400		1,220,432
Diversified Telecommunication Services—0.3%
Qwest Communications International, Inc.	†	181,100		689,991
Electric Utilities—2.7%
American Electric Power Co., Inc.		29,000		898,710
Northeast Utilities		57,700		1,369,798
NV Energy, Inc.		88,800		1,029,192
Pinnacle West Capital Corp.		84,100		2,760,162
PPL Corp.		46,500		1,410,810
				7,468,672
Electrical Equipment—2.5%
Acuity Brands, Inc.	†	48,700		1,568,627
Cooper Industries plc, Class A		39,100		1,468,987
General Cable Corp.	*†	27,900		1,092,285
Hubbell, Inc., Class B		42,700		1,793,400
Thomas & Betts Corp.	*	27,700		833,216
				6,756,515
Electronic Equipment, Instruments & Components—2.9%
Arrow Electronics, Inc.	*	65,300		1,838,195
Avnet, Inc.	*	78,100		2,028,257
Ingram Micro, Inc., Class A	*	129,900		2,188,815
Tyco Electronics Ltd. (Switzerland)		79,500		1,771,260
				7,826,527
Energy Equipment & Services—3.5%
Baker Hughes, Inc.	†	19,700		840,402
Nabors Industries Ltd. (Bermuda)	*	113,200		2,365,880
Noble Corp.		137,500		5,219,500
Pride International, Inc.	*†	41,300		1,257,172
Seahawk Drilling, Inc.	*†	637		19,804
				9,702,758
Food & Staples Retailing—1.9%
Kroger Co. (The)		98,500		2,033,040
Ruddick Corp.	†	70,171		1,867,952
Sysco Corp.		57,600		1,431,360
				5,332,352
Food Products—2.7%
Campbell Soup Co.	†	44,300		1,445,066
Dean Foods Co.	*	33,900		603,081
H.J. Heinz Co.		36,200		1,438,950
J.M. Smucker Co. (The)		16,700		885,267
Sara Lee Corp.		284,400		3,168,216
				7,540,580
Gas Utilities—1.2%
Energen Corp.		41,100		1,771,410
Questar Corp.		39,000		1,464,840
				3,236,250

See accompanying notes to schedule of investments.

26

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—(Continued)
Health Care Equipment & Supplies—1.6%
Beckman Coulter, Inc.		27,689	$	1,908,880
CareFusion Corp.	*	19,000		414,200
Stryker Corp.		46,400		2,107,952
				4,431,032
Health Care Providers & Services—3.1%
Cardinal Health, Inc.		38,000		1,018,400
CIGNA Corp.		181,798		5,106,706
Health Management Associates, Inc., Class A	*	275,900		2,066,491
Healthsouth Corp.	*	13,800		215,832
				8,407,429
Health Care Technology—0.6%
IMS Health, Inc.		114,800		1,762,180
Hotels, Restaurants & Leisure—2.1%
Burger King Holdings, Inc.		86,500		1,521,535
Carnival Corp.		24,200		805,376
Darden Restaurants, Inc.		50,400		1,720,152
Wyndham Worldwide Corp.		102,100		1,666,272
				5,713,335
Household Durables—1.4%
Fortune Brands, Inc.		13,800		593,124
Jarden Corp.		13,000		364,910
Mohawk Industries, Inc.	*†	27,500		1,311,475
Newell Rubbermaid, Inc.		94,400		1,481,136
				3,750,645
Independent Power Producers & Energy Traders—1.0%
AES Corp. (The)	*	132,800		1,968,096
NRG Energy, Inc.	*	28,400		800,596
				2,768,692
Insurance—11.2%
Alleghany Corp.	*	9,596		2,485,844
Allied World Assurance Co. Holdings Ltd. (Bermuda)		34,000		1,629,620
Allstate Corp. (The)		123,062		3,768,158
Arch Capital Group Ltd. (Bermuda)	*	48,050		3,245,297
Brown & Brown, Inc.	†	69,000		1,322,040
Endurance Specialty Holdings Ltd. (Bermuda)		53,600		1,954,792
Fidelity National Financial, Inc., Class A		131,900		1,989,052
HCC Insurance Holdings, Inc.	†	101,400		2,773,290
Lincoln National Corp.		150,560		3,901,010
Progressive Corp. (The)	*	92,700		1,536,966
Protective Life Corp.	†	72,150		1,545,453
Prudential Financial, Inc.		47,550		2,373,220
Unum Group		84,600		1,813,824
W.R. Berkley Corp.		15,100		381,728
				30,720,294
IT Services—2.7%
Computer Sciences Corp.	*	80,800		4,258,968
Hewitt Associates, Inc., Class A	*	50,700		1,847,001
SAIC, Inc.	*	67,900		1,190,966
				7,296,935
Leisure Equipment & Products—0.6%
Mattel, Inc.		83,600	$	1,543,256
Life Sciences Tools & Services—0.8%
Covance, Inc.	*†	24,200		1,310,430
Life Technologies Corp.	*	18,075		841,391
				2,151,821
Machinery—2.8%
Dover Corp.		120,800		4,682,208
Harsco Corp.		19,325		684,298
Ingersoll-Rand plc (Ireland)		21,100		647,137
Snap-On, Inc.		18,200		632,632
SPX Corp.		15,250		934,368
				7,580,643
Marine—0.6%
Alexander & Baldwin, Inc.	†	23,000		738,070
Kirby Corp.	*†	28,450		1,047,529
				1,785,599
Media—2.5%
Gannett Co., Inc.	†	99,200		1,240,992
Marvel Entertainment, Inc.	*	31,000		1,538,220
McGraw-Hill Cos., Inc. (The)		34,850		876,129
Omnicom Group, Inc.		52,700		1,946,738
Shaw Communications, Inc., Class B (Canada)		75,100		1,352,551
				6,954,630
Metals & Mining—1.2%
Cliffs Natural Resources, Inc.		27,150		878,574
Thompson Creek Metals Co., Inc. (Canada)	*†	128,650		1,552,806
Walter Energy, Inc.	†	13,650		819,819
				3,251,199
Multiline Retail—0.9%
Family Dollar Stores, Inc.		35,500		937,200
Kohl’s Corp.	*	25,500		1,454,775
				2,391,975
Multi-Utilities—3.4%
CMS Energy Corp.		140,000		1,876,000
PG&E Corp.	†	67,300		2,724,977
SCANA Corp.		119,962		4,186,674
Xcel Energy, Inc.		29,550		568,542
				9,356,193
Oil, Gas & Consumable Fuels—3.8%
Cimarex Energy Co.	†	55,400		2,399,928
El Paso Corp.		129,700		1,338,504
EOG Resources, Inc.		18,700		1,561,637
Newfield Exploration Co.	*	28,400		1,208,704
Spectra Energy Corp.		66,000		1,250,040
Valero Energy Corp.		48,900		948,171
Whiting Petroleum Corp.	*†	30,750		1,770,585
				10,477,569
Professional Services—2.1%
Dun & Bradstreet Corp.		18,600		1,400,952
Equifax, Inc.		63,300		1,844,562
Manpower, Inc.		22,300		1,264,633
Robert Half International, Inc.	†	48,200		1,205,964
				5,716,111

See accompanying notes to schedule of investments.

27

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
Select Value Fund

		Shares		Value
COMMON STOCKS—(Continued)
Real Estate Investment Trusts (REITs)—5.3%
Annaly Capital Management, Inc. REIT		78,800	$	1,429,432
Boston Properties, Inc. REIT	†	7,750		508,013
Digital Realty Trust, Inc. REIT	†	25,600		1,170,176
Duke Realty Corp. REIT	†	390,630		4,691,466
Health Care REIT, Inc. REIT		40,200		1,673,124
Simon Property Group, Inc. REIT	†	74,779		5,191,906
				14,664,117
Road & Rail—1.5%
Ryder System, Inc.		37,100		1,449,126
Werner Enterprises, Inc.		149,200		2,779,596
				4,228,722
Semiconductors & Semiconductor Equipment—3.7%
Analog Devices, Inc.		86,500		2,385,670
Lam Research Corp.	*	35,600		1,216,096
Marvell Technology Group Ltd. (Bermuda)	*	84,200		1,363,198
Microchip Technology, Inc.	†	103,000		2,729,500
National Semiconductor Corp.	†	114,300		1,631,061
Semtech Corp.	*	22,800		387,828
Skyworks Solutions, Inc.	*†	28,500		377,340
				10,090,693
Software—1.0%
Autodesk, Inc.	*	27,500		654,500
Informatica Corp.	*†	51,950		1,173,031
Sybase, Inc.	*	26,700		1,038,630
				2,866,161
Specialty Retail—0.1%
AutoZone, Inc.	*	2,500		365,550
Textiles, Apparel & Luxury Goods—2.0%
Phillips-Van Heusen Corp.		42,450		1,816,435
V.F. Corp.		38,600		2,795,798
Warnaco Group, Inc. (The)	*	20,500		899,130
				5,511,363
Thrifts & Mortgage Finance—1.4%
First Niagara Financial Group, Inc.		149,400		1,842,102
Hudson City Bancorp, Inc.	†	143,500		1,887,025
				3,729,127
Tobacco—0.3%
Lorillard, Inc.		10,200	$	757,860
Trading Companies & Distributors—1.4%
GATX Corp.	†	40,000		1,118,000
United Rentals, Inc.	*	258,266		2,660,140
				3,778,140
Wireless Telecommunication Services—0.7%
NTELOS Holdings Corp.		109,300		1,930,238
TOTAL COMMON STOCKS
(Cost $238,546,834)				264,387,750
CASH EQUIVALENTS—19.9%
Institutional Money Market Funds—19.9%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		10,580,434		10,580,433
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	17,588,167		17,588,167
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	12,000,000		12,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	7,500,000		7,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	3,500,000		3,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	3,500,000		3,500,000
TOTAL CASH EQUIVALENTS
(Cost $54,668,600)				54,668,600
TOTAL INVESTMENTS—116.2%
(Cost $293,215,434)				319,056,350
Other assets less liabilities—(16.2%)				(44,501,231	)
NET ASSETS—100.0%			$	274,555,119

 

Legend to the Schedule of Investments:
REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to schedule of investments.

28

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—94.6%
Aerospace & Defense—1.1%
ITT Corp.		40,000	$	2,086,000
L-3 Communications Holdings, Inc.		48,600		3,903,552
Rockwell Collins, Inc.		90,700		4,607,560
				10,597,112
Air Freight & Logistics—1.3%
C.H. Robinson Worldwide, Inc.		51,800		2,991,450
Expeditors International of Washington, Inc.		80,200		2,819,030
FedEx Corp.		58,100		4,370,282
HUB Group, Inc., Class A	*	89,100		2,035,935
				12,216,697
Airlines—1.2%
Continental Airlines, Inc., Class B	*†	478,400		7,864,896
Delta Air Lines, Inc.	*	353,300		3,165,568
				11,030,464
Auto Components—0.3%
Magna International, Inc., Class A (Canada)		65,300		2,776,556
Automobiles—0.3%
Harley-Davidson, Inc.	†	131,400		3,022,200
Biotechnology—2.9%
Alexion Pharmaceuticals, Inc.	*	48,100		2,142,374
Alkermes, Inc.	*	390,649		3,590,064
Biogen Idec, Inc.	*	61,800		3,122,136
Cephalon, Inc.	*†	51,700		3,011,008
deCODE genetics, Inc. (Iceland)	*†	232,900		114,121
Exelixis, Inc.	*†	311,700		1,988,646
Human Genome Sciences, Inc.	*†	205,700		3,871,274
Incyte Corp. Ltd.	*†	404,300		2,729,025
Myriad Genetics, Inc.	*	14,600		400,040
Pharmasset, Inc.	*	24,600		520,044
Regeneron Pharmaceuticals, Inc.	*†	95,200		1,837,360
Seattle Genetics, Inc.	*†	47,100		660,813
United Therapeutics Corp.	*†	58,600		2,870,814
				26,857,719
Capital Markets—2.2%
Fortress Investment Group LLC, Class A	*†	879,900		4,575,480
Greenhill & Co., Inc.	†	17,600		1,576,608
Invesco Ltd.		194,300		4,422,268
Liberty Acquisition Holdings Corp.	*	64,700		634,060
Penson Worldwide, Inc.	*†	214,800		2,092,152
Riskmetrics Group, Inc.	*	88,200		1,289,484
SEI Investments Co.		306,900		6,039,792
				20,629,844
Chemicals—1.7%
Airgas, Inc.		46,600		2,254,042
Ecolab, Inc.		122,800		5,677,044
Intrepid Potash, Inc.	*†	69,900		1,648,941
Nalco Holding Co.		284,800		5,835,552
Senomyx, Inc.	*	178,823		720,657
				16,136,236
Commercial Banks—1.3%
KeyCorp		217,600	$	1,414,400
Signature Bank/New York	*	72,100		2,090,900
SunTrust Banks, Inc.		195,000		4,397,250
SVB Financial Group	*†	60,100		2,600,527
Western Alliance Bancorp	*†	286,700		1,809,077
				12,312,154
Commercial Services & Supplies—2.1%
Copart, Inc.	*†	163,600		5,433,156
EnerNOC, Inc.	*†	60,712		2,013,210
Iron Mountain, Inc.	*	62,000		1,652,920
Mobile Mini, Inc.	*†	153,600		2,666,496
Stericycle, Inc.	*	71,200		3,449,640
Waste Connections, Inc.	*	154,250		4,451,655
				19,667,077
Communications Equipment—1.1%
Blue Coat Systems, Inc.	*†	165,100		3,729,609
Juniper Networks, Inc.	*†	87,000		2,350,740
Palm, Inc.	*†	232,100		4,045,503
				10,125,852
Computers & Peripherals—2.0%
Dell, Inc.	*	1,043,000		15,916,180
NetApp, Inc.	*	109,500		2,921,460
				18,837,640
Construction & Engineering—0.7%
Quanta Services, Inc.	*	136,600		3,022,958
URS Corp.	*	75,500		3,295,575
				6,318,533
Construction Materials—1.2%
Cemex SAB de CV ADR (Mexico)	*†	721,261		9,318,692
Martin Marietta Materials, Inc.	†	21,400		1,970,298
				11,288,990
Consumer Finance—0.4%
Capital One Financial Corp.		97,500		3,483,675
Distributors—0.3%
LKQ Corp.	*	169,500		3,142,530
Diversified Consumer Services—2.1%
American Public Education, Inc.	*†	60,300		2,094,822
Apollo Group, Inc., Class A	*†	68,000		5,009,560
Bridgepoint Education, Inc.	*	74,900		1,142,974
Capella Education Co.	*†	81,300		5,474,742
K12, Inc.	*†	148,434		2,446,192
Strayer Education, Inc.	†	17,900		3,896,472
				20,064,762
Diversified Financial Services—0.9%
KKR Financial Holdings LLC	*	999,200		4,616,304
Moody’s Corp.	†	14,100		288,486
MSCI, Inc., Class A	*	127,800		3,785,436
				8,690,226
Electrical Equipment—1.0%
A123 Systems, Inc.	*†	31,100		663,052
Roper Industries, Inc.		118,500		6,041,130
Trina Solar Ltd. ADR (China)	*	97,900		3,149,443
				9,853,625

See accompanying notes to schedule of investments.

29

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Electronic Equipment, Instruments & Components—0.6%
Amphenol Corp., Class A		81,000	$	3,052,080
Dolby Laboratories, Inc., Class A	*	43,300		1,653,627
National Instruments Corp.		43,100		1,190,853
				5,896,560
Energy Equipment & Services—2.3%
Cameron International Corp.	*	107,600		4,069,432
Complete Production Services, Inc.	*†	178,200		2,013,660
Exterran Holdings, Inc.	*†	196,800		4,672,032
FMC Technologies, Inc.	*†	129,300		6,754,632
Smith International, Inc.		25,256		724,847
Weatherford International Ltd. (Switzerland)	*	148,000		3,068,040
				21,302,643
Food & Staples Retailing—0.1%
Pantry, Inc. (The)	*	44,800		702,464
Food Products—0.4%
Marine Harvest (Norway)	*†	4,698,300		3,415,140
Health Care Equipment & Supplies—2.8%
Arthrocare Corp.	*	42,400		864,536
Conceptus, Inc.	*	124,000		2,298,960
Idexx Laboratories, Inc.	*†	27,800		1,390,000
Mindray Medical International Ltd. ADR (China)	†	114,100		3,724,224
ResMed, Inc.	*†	145,900		6,594,680
St. Jude Medical, Inc.	*	67,600		2,637,076
Stryker Corp.		108,300		4,920,069
Zimmer Holdings, Inc.	*	72,500		3,875,125
				26,304,670
Health Care Providers & Services—4.8%
AMERIGROUP Corp.	*†	161,000		3,569,370
Catalyst Health Solutions, Inc.	*	68,900		2,008,435
Centene Corp.	*	83,600		1,583,384
Coventry Health Care, Inc.	*†	94,450		1,885,222
DaVita, Inc.	*	235,500		13,338,720
Express Scripts, Inc.	*	81,000		6,283,980
Healthways, Inc.	*	89,485		1,370,910
Henry Schein, Inc.	*†	93,800		5,150,558
Humana, Inc.	*	57,400		2,141,020
Laboratory Corp. of America Holdings	*†	37,800		2,483,460
PSS World Medical, Inc.	*†	37,300		814,259
WellPoint, Inc.	*	92,300		4,371,328
				45,000,646
Health Care Technology—0.4%
Eclipsys Corp.	*	90,200		1,740,860
MedAssets, Inc.	*†	99,800		2,252,486
				3,993,346
Hotels, Restaurants & Leisure—3.6%
Chipotle Mexican Grill, Inc., Class B	*	24,300		2,022,246
International Game Technology		277,200		5,954,256
Marriott International, Inc., Class A	†	262,954		7,254,901
P.F. Chang’s China Bistro, Inc.	*†	93,800		3,186,386
Panera Bread Co., Class A	*†	85,400	$	4,697,000
Yum! Brands, Inc.		330,000		11,140,800
				34,255,589
Household Durables—0.7%
Lennar Corp., Class A		475,200		6,771,600
Household Products—0.3%
Church & Dwight Co., Inc.		53,500		3,035,590
Independent Power Producers & Energy Traders—0.5%
Calpine Corp.	*	435,800		5,020,416
Industrial Conglomerates—0.8%
Koninklijke Philips Electronics NV NYRS (Netherlands)	†	323,000		7,868,280
Insurance—9.6%
Aflac, Inc.		136,900		5,851,106
Allied World Assurance Co. Holdings Ltd. (Bermuda)		79,300		3,800,849
AON Corp.		233,000		9,480,770
Assured Guaranty Ltd. (Bermuda)	†	586,600		11,391,772
Berkshire Hathaway, Inc., Class A	*	71		7,171,000
eHealth, Inc.	*†	28,200		409,464
Fairfax Financial Holdings Ltd. (Canada)	†	47,000		17,424,310
Genworth Financial, Inc., Class A		389,700		4,656,915
Markel Corp.	*†	6,300		2,077,866
Nipponkoa Insurance Co. Ltd. (Japan)		1,260,000		7,860,445
Principal Financial Group, Inc.		32,300		884,697
Prudential Financial, Inc.		117,300		5,854,443
RenaissanceRe Holdings Ltd. (Bermuda)		116,400		6,374,064
Syncora Holdings Ltd. (Bermuda)	*†	626,661		300,797
Validus Holdings Ltd. (Bermuda)		115,946		2,991,403
XL Capital Ltd., Class A (Bermuda)		236,600		4,131,036
				90,660,937
Internet & Catalog Retail—1.2%
Expedia, Inc.	*	176,200		4,219,990
Liberty Media Corp.— Interactive, Series A	*	671,275		7,363,887
				11,583,877
Internet Software & Services—2.5%
DealerTrack Holdings, Inc.	*†	185,700		3,511,587
Digital River, Inc.	*	80,300		3,237,696
eBay, Inc.	*	296,600		7,002,726
Omniture, Inc.	*	59,000		1,264,960
OpenTable, Inc.	*†	8,000		220,480
Rackspace Hosting, Inc.	*†	236,400		4,032,984
SkillSoft plc ADR	*	154,600		1,484,160
VeriSign, Inc.	*†	104,800		2,482,712
				23,237,305
IT Services—5.6%
Alliance Data Systems Corp.	*†	81,100		4,953,588
Amdocs Ltd. (Guernsey, Channel Islands)	*	322,900		8,679,552
Cognizant Technology Solutions Corp., Class A	*	31,800		1,229,388

See accompanying notes to schedule of investments.

30

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Euronet Worldwide, Inc.	*†	156,450	$	3,759,493
Global Payments, Inc.		254,300		11,875,810
NeuStar, Inc., Class A	*	395,600		8,940,560
Paychex, Inc.	†	234,400		6,809,320
RightNow Technologies, Inc.	*	283,000		4,086,520
Western Union Co. (The)		134,900		2,552,308
				52,886,539
Leisure Equipment & Products—0.4%
Hasbro, Inc.		55,100		1,529,025
Pool Corp.	†	112,500		2,499,750
				4,028,775
Life Sciences Tools & Services—0.4%
Illumina, Inc.	*†	90,200		3,833,500
Machinery—1.9%
Actuant Corp., Class A	†	276,500		4,440,590
Colfax Corp.	*	79,700		847,211
Kennametal, Inc.		225,200		5,542,172
PACCAR, Inc.	†	51,800		1,953,378
Parker Hannifin Corp.		49,500		2,566,080
Snap-On, Inc.		69,200		2,405,392
				17,754,823
Media—6.4%
DIRECTV Group, Inc. (The)	*†	587,000		16,189,460
Discovery Communications, Inc., Series C	*	264,200		6,877,126
Lamar Advertising Co., Class A	*†	104,300		2,861,992
Liberty Media Corp.— Entertainment, Series A	*	311,820		9,700,720
National CineMedia, Inc.		144,100		2,445,377
Virgin Media, Inc.		459,100		6,390,672
Walt Disney Co. (The)		568,000		15,597,280
				60,062,627
Metals & Mining—0.4%
United States Steel Corp.	†	78,000		3,460,860
Multiline Retail—0.4%
J.C. Penney Co., Inc.		117,500		3,965,625
Oil, Gas & Consumable Fuels—4.6%
Bill Barrett Corp.	*	88,900		2,915,031
Chesapeake Energy Corp.		732,600		20,805,840
Cimarex Energy Co.	†	98,000		4,245,360
Concho Resources, Inc.	*	48,400		1,757,888
Denbury Resources, Inc.	*	230,100		3,481,413
Encore Acquisition Co.	*	68,599		2,565,603
Range Resources Corp.	†	75,100		3,706,936
Ultra Petroleum Corp.	*	77,700		3,804,192
				43,282,263
Personal Products—0.4%
Herbalife Ltd. (Cayman Islands)		118,800		3,889,512
Pharmaceuticals—0.8%
Perrigo Co.		65,300		2,219,547
Shire plc ADR (Ireland)		79,700		4,167,513
XenoPort, Inc.	*	54,069		1,147,885
				7,534,945
Professional Services—1.6%
Administaff, Inc.		34,670	$	910,781
Advisory Board Co. (The)	*†	66,800		1,679,352
Dun & Bradstreet Corp.		41,800		3,148,376
Huron Consulting Group, Inc.	*	64,700		1,671,201
Korn/Ferry International	*	294,400		4,295,296
Resources Connection, Inc.	*	161,500		2,755,190
School Specialty, Inc.	*†	29,609		702,325
				15,162,521
Real Estate Investment Trusts (REITs)—0.9%
Hatteras Financial Corp. REIT	†	156,400		4,688,872
Pennymac Mortgage Investment Trust REIT	*	186,100		3,705,251
				8,394,123
Real Estate Management & Development—0.2%
St. Joe Co. (The)	*†	63,400		1,846,208
Road & Rail—0.5%
Norfolk Southern Corp.		106,900		4,608,459
Semiconductors & Semiconductor Equipment—4.7%
Altera Corp.		117,600		2,411,976
Analog Devices, Inc.		183,800		5,069,204
ASML Holding NV NYRS (Netherlands)	†	193,100		5,709,967
Broadcom Corp., Class A	*	139,900		4,293,531
FEI Co.	*	148,500		3,660,525
Intersil Corp., Class A	†	113,500		1,737,685
KLA-Tencor Corp.		102,100		3,661,306
Micron Technology, Inc.	*†	722,100		5,921,220
National Semiconductor Corp.		295,400		4,215,358
PMC - Sierra, Inc.	*	222,600		2,128,056
Semtech Corp.	*	116,900		1,988,469
Silicon Laboratories, Inc.	*†	82,800		3,838,608
				44,635,905
Software—4.9%
Adobe Systems, Inc.	*	123,200		4,070,528
Ariba, Inc.	*†	100,300		1,163,480
Blackboard, Inc.	*†	65,400		2,470,812
Bottomline Technologies, Inc.	*	13,500		174,150
CA, Inc.		147,800		3,250,122
Concur Technologies, Inc.	*†	36,000		1,431,360
EPIQ Systems, Inc.	*	155,700		2,257,650
Factset Research Systems, Inc.	†	119,515		7,916,674
Micros Systems, Inc.	*†	79,200		2,391,048
Red Hat, Inc.	*	273,100		7,548,484
Rovi Corp.	*	107,200		3,601,920
Take-Two Interactive Software, Inc.	*†	435,700		4,884,197
Taleo Corp., Class A	*	175,400		3,971,056
Ultimate Software Group, Inc.	*†	42,300		1,214,856
				46,346,337
Specialty Retail—1.7%
A.C. Moore Arts & Crafts, Inc.	*	95,200		342,720
AnnTaylor Stores Corp.	*†	194,100		3,084,249
Christopher & Banks Corp.	†	93,264		631,397
J. Crew Group, Inc.	*†	47,800		1,712,196
O’Reilly Automotive, Inc.	*†	131,100		4,737,954
Tiffany & Co.		88,800		3,421,464
Zumiez, Inc.	*†	149,500		2,453,295
				16,383,275

See accompanying notes to schedule of investments.

31

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Thrifts & Mortgage Finance—0.5%
Radian Group, Inc.	†	401,900	$	4,252,102
Trading Companies & Distributors—0.5%
Fastenal Co.	†	64,500		2,496,150
Interline Brands, Inc.	*	132,800		2,237,680
				4,733,830
Wireless Telecommunication Services—3.1%
American Tower Corp., Class A	*	279,400		10,170,160
Iridium Communications, Inc.	*	59,700		895,500
NII Holdings, Inc.	*	272,345		8,164,903
SBA Communications Corp., Class A	*†	294,900		7,971,147
Sprint Nextel Corp.	*	586,400		2,316,280
				29,517,990
TOTAL COMMON STOCKS
(Cost $765,703,523)				892,681,174

 

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—0.0%
Capital Markets—0.0%
Downey Financial Corp.
6.500%	07/01/2014	Δ
(Cost $3,130,390)			$	4,409,000		352,720

 

		Shares		Value
CASH EQUIVALENTS—28.4%
Institutional Money Market Funds—28.4%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class			51,249,980		51,249,980
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††		74,851,268		74,851,268
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††		57,872,888		57,872,888
Short-Term Investments Trust Liquid Assets Portfolio	††		39,500,000		39,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††		22,500,000		22,500,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††		22,500,000		22,500,000
TOTAL CASH EQUIVALENTS
(Cost $268,474,136)					268,474,136
TOTAL INVESTMENTS—123.0%
(Cost $1,037,308,049)					1,161,508,030
Other assets less liabilities—(23.0%)					(217,331,989	)
NET ASSETS—100.0%				$	944,176,041

 

Legend to the Schedule of Investments:
ADR	American Depositary Receipt
NYRS	New York Registry Shares
REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
Δ	Security in default.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to schedule of investments.

32

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Discovery Fund

		Shares		Value
COMMON STOCKS—47.4%
Aerospace & Defense—0.8%
Cubic Corp.		14,500	$	572,315
GeoEye, Inc.	*†	25,500		683,400
				1,255,715
Biotechnology—1.5%
Acadia Pharmaceuticals, Inc.	*	128,500		219,735
Arena Pharmaceuticals, Inc.	*†	176,158		787,426
Incyte Corp. Ltd.	*†	74,900		505,575
Rigel Pharmaceuticals, Inc.	*	126,400		1,036,480
				2,549,216
Building Products—0.4%
Ameron International Corp.		10,100		706,798
Capital Markets—2.1%
Artio Global Investors, Inc.	*†	30,500		797,575
Duff & Phelps Corp., Class A		37,100		710,836
Gluskin Sheff + Associates, Inc. (Canada)		31,200		582,824
Prospect Capital Corp.	†	73,600		788,256
Uranium Participation Corp. (Canada)	*	103,100		624,965
				3,504,456
Commercial Banks—0.9%
First Busey Corp.		67,497		317,236
MB Financial, Inc.		19,200		402,624
Old National Bancorp/ Indiana		65,300		731,360
				1,451,220
Commercial Services & Supplies—0.0%
Allen-Vanguard Corp. (Canada)	*‡δ	309,200		—
Communications Equipment—2.3%
Arris Group, Inc.	*†	45,500		591,955
Brocade Communications Systems, Inc.	*	67,900		533,694
Emulex Corp.	*	73,800		759,402
NETGEAR, Inc.	*†	46,500		853,275
Parkervision, Inc.	*†	111,713		456,906
SeaChange International, Inc.	*	84,400		633,000
				3,828,232
Computers & Peripherals—0.9%
Imation Corp.		95,900		888,993
Novatel Wireless, Inc.	*†	59,400		674,784
				1,563,777
Construction & Engineering—1.0%
EMCOR Group, Inc.	*	31,000		784,920
Great Lakes Dredge & Dock Corp.		119,500		834,110
				1,619,030
Consumer Finance—0.5%
Dollar Financial Corp.	*†	30,100		482,202
World Acceptance Corp.	*†	16,950		427,309
				909,511
Containers & Packaging—0.5%
AptarGroup, Inc.	†	20,500	$	765,880
Diversified Consumer Services—0.8%
Lincoln Educational Services Corp.	*	23,900		546,832
Regis Corp.	†	50,100		776,550
				1,323,382
Diversified Telecommunication Services—0.4%
Neutral Tandem, Inc.	*†	31,000		705,560
Electric Utilities—1.4%
Portland General Electric Co.		38,100		751,332
Unisource Energy Corp.		27,500		845,625
Westar Energy, Inc.		39,000		760,890
				2,357,847
Electronic Equipment, Instruments & Components—1.7%
OSI Systems, Inc.	*	44,000		804,760
Park Electrochemical Corp.		27,500		677,875
Trimble Navigation Ltd.	*	29,500		705,345
TTM Technologies, Inc.	*	52,300		599,881
				2,787,861
Energy Equipment & Services—0.4%
Cal Dive International, Inc.	*	68,500		677,465
Food Products—2.3%
Cosan SA Industria e Comercio (Brazil)	*	76,300		846,294
Flowers Foods, Inc.	†	34,500		907,005
Genting Plantations Berhad (Malaysia)		330,500		572,151
Lance, Inc.		31,100		803,002
Viterra, Inc. (Canada)	*	69,500		693,280
				3,821,732
Health Care Equipment & Supplies—0.5%
Quidel Corp.	*†	54,500		884,535
Health Care Providers & Services—2.9%
Amsurg Corp.	*	41,200		874,676
Centene Corp.	*	42,500		804,950
LHC Group, Inc.	*†	25,000		748,250
Mednax, Inc.	*	14,000		768,880
Odyssey HealthCare, Inc.	*	66,700		833,750
Res-Care, Inc.	*	55,500		788,655
				4,819,161
Hotels, Restaurants & Leisure—0.1%
Thunderbird Resorts, Inc. (Panama)	*	115,700		145,782
Industrial Conglomerates—0.4%
Carlisle Cos., Inc.		20,000		678,200
Insurance—0.5%
Platinum Underwriters Holdings Ltd. (Bermuda)		23,500		842,240
Internet & Catalog Retail—0.4%
Shutterfly, Inc.	*†	38,900		646,907

See accompanying notes to schedule of investments.

33

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
Discovery Fund

		Shares		Value
COMMON STOCKS—(Continued)
Internet Software & Services—1.0%
Akamai Technologies, Inc.	*†	37,500	$	738,000
Knot, Inc. (The)	*	88,100		962,052
				1,700,052
IT Services—1.6%
Integral Systems, Inc.	*	77,000		531,300
Mantech International Corp., Class A	*	15,900		749,844
MAXIMUS, Inc.		14,000		652,400
SRA International, Inc., Class A	*	34,800		751,332
				2,684,876
Machinery—1.5%
CIRCOR International, Inc.		18,543		524,025
Crane Co.		22,000		567,820
Force Protection, Inc.	*	105,400		575,484
Terex Corp.	*	43,500		901,755
				2,569,084
Marine—0.5%
Kirby Corp.	*†	21,000		773,220
Metals & Mining—3.0%
Allied Nevada Gold Corp.	*†	64,400		630,476
AMCOL International Corp.	†	24,500		560,805
Carpenter Technology Corp.		30,900		722,751
Jaguar Mining, Inc.	*†	77,000		686,840
New Gold, Inc. (Canada)	*	214,600		813,334
Silvercorp Metals, Inc. (Canada)		192,000		914,585
Universal Stainless & Alloy Products, Inc.	*	36,000		657,000
				4,985,791
Multiline Retail—0.5%
Retail Ventures, Inc.	*	143,685		757,220
Office Electronics—0.3%
Zebra Technologies Corp., Class A	*	21,500		557,495
Oil, Gas & Consumable Fuels—3.3%
BPZ Resources, Inc.	*†	138,800		1,043,776
Cimarex Energy Co.		11,500		498,180
Infinity Bio-Energy Ltd. (United Kingdom)	*‡δ	146,765		—
Oilsands Quest, Inc. (Canada)	*†	597,500		675,175
Rentech, Inc.	*†	513,100		831,222
Rosetta Resources, Inc.	*	58,000		852,020
Swift Energy Co.	*	29,500		698,560
W&T Offshore, Inc.	†	73,000		854,830
				5,453,763
Personal Products—0.4%
NBTY, Inc.	*	18,900		748,062
Pharmaceuticals—1.3%
Inspire Pharmaceuticals, Inc.	*	85,900		448,398
King Pharmaceuticals, Inc.	*†	73,500		791,595
Medicines Co. (The)	*†	85,800		944,658
				2,184,651
Professional Services—0.5%
CRA International, Inc.	*†	31,500	$	859,635
Real Estate Investment Trusts (REITs)—2.5%
Anworth Mortgage Asset Corp. REIT		108,200		852,616
Capstead Mortgage Corp. REIT		61,400		854,074
Cogdell Spencer, Inc. REIT		140,200		672,960
CreXus Investment Corp. REIT	*	18,600		265,980
Hatteras Financial Corp. REIT	†	5,000		149,900
Investors Real Estate Trust REIT		67,200		607,488
MFA Financial, Inc. REIT		96,700		769,732
				4,172,750
Real Estate Management & Development—1.2%
Brasil Brokers Participacoes SA (Brazil)		254,800		865,825
General Shopping Brasil SA (Brazil)	*	85,000		332,016
Grubb & Ellis Co.	*†	486,500		822,185
				2,020,026
Semiconductors & Semiconductor Equipment—0.4%
DSP Group, Inc.	*	86,800		706,552
Software—0.9%
Ariba, Inc.	*†	56,600		656,560
JDA Software Group, Inc.	*	35,800		785,452
				1,442,012
Specialty Retail—1.5%
Cato Corp. (The), Class A		35,300		716,237
DSW, Inc., Class A	*†	55,900		892,723
OfficeMax, Inc.	*†	65,110		819,084
				2,428,044
Textiles, Apparel & Luxury Goods—0.3%
Gildan Activewear, Inc., Class A (Canada)	*	27,700		546,244
Thrifts & Mortgage Finance—0.7%
First Financial Holdings, Inc.		20,409		325,932
Flushing Financial Corp.		66,400		756,960
				1,082,892
Trading Companies & Distributors—2.3%
Applied Industrial Technologies, Inc.		38,000		804,080
H&E Equipment Services, Inc.	*	59,500		674,135
RSC Holdings, Inc.	*†	84,500		614,315
TAL International Group, Inc.	†	63,953		909,412
Textainer Group Holdings Ltd. (Bermuda)		48,200		771,682
				3,773,624
Water Utilities—0.5%
Companhia de Saneamento de Minas Gerais-Copasa MG (Brazil)		48,500		818,280

See accompanying notes to schedule of investments.

34

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
Discovery Fund

		Shares		Value
COMMON STOCKS—(Continued)
Wireless Telecommunication Services—0.5%
Leap Wireless International, Inc.	*†	41,500	$	811,325
TOTAL COMMON STOCKS
(Cost $66,649,574)				78,920,105
CONVERTIBLE PREFERRED STOCKS—0.4%
Leisure Equipment & Products—0.4%
Callaway Golf Co., Perpetual, Series B	ˆ
(Cost $566,930)		5,700		716,775
WARRANTS—0.0%
Oil, Gas & Consumable Fuels—0.0%
Oilsands Quest, Inc., Expires 05/12/2011, Strike $1.10	*
(Cost $—)		163,100		60,347

 

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—16.3%
Beverages—0.2%
Bottling Group LLC
6.950%	03/15/2014		$	250,000		291,647
Biotechnology—0.4%
Amgen, Inc.
4.000%	11/18/2009			690,000		693,654
Capital Markets—1.0%
Bank of New York Mellon Corp. (The)
4.300%	05/15/2014			430,000		455,825
Goldman Sachs Group, Inc. (The) MTN
6.000%	05/01/2014			301,000		327,677
3.625%	08/01/2012			200,000		205,457
Macquarie Bank Ltd. (Australia)
2.600%	01/20/2012	ˆ		300,000		308,191
Morgan Stanley
6.000%	05/13/2014			200,000		213,136
Morgan Stanley, Series F MTN
2.550%	05/14/2010	#		200,000		202,228
						1,712,514
Chemicals—0.6%
Dow Chemical Co. (The)
4.850%	08/15/2012			900,000		936,497
Commercial Banks—1.5%
BB&T Corp., Series A MTN
3.375%	09/25/2013			200,000		200,986
Commonwealth Bank of Australia (Australia)
2.400%	01/12/2012	ˆ		300,000		305,662
National Australia Bank Ltd. (Australia)
2.550%	01/13/2012	ˆ†		300,000		305,926
US Bancorp
4.200%	05/15/2014			500,000		523,043
US Bancorp MTN
0.871%	05/06/2010	#		400,000		401,186
Wells Fargo & Co.
5.300%	08/26/2011			430,000		454,252
Wells Fargo & Co., Series I MTN
3.750%	10/01/2014			$  240,000		$    239,068
						2,430,123
Communications Equipment—0.3%
Cisco Systems, Inc.
5.250%	02/22/2011			400,000		421,758
Computers & Peripherals—0.5%
Hewlett-Packard Co.
4.250%	02/24/2012			150,000		158,574
2.250%	05/27/2011			300,000		305,726
International Business Machines Corp.
4.950%	03/22/2011			400,000		421,816
						886,116
Consumer Finance—0.6%
American Express Credit Corp.
5.125%	08/25/2014			300,000		310,659
Caterpillar Financial Services Corp. MTN
5.750%	02/15/2012	†		275,000		292,311
John Deere Capital Corp., Series D MTN
1.210%	01/18/2011	#		430,000		432,130
						1,035,100
Diversified Financial Services—1.1%
Bank of America Corp.
4.375%	12/01/2010			430,000		438,015
BP Capital Markets plc (United Kingdom)
5.250%	11/07/2013			250,000		274,111
3.625%	05/08/2014			400,000		412,557
General Electric Capital Corp.
5.900%	05/13/2014			260,000		279,077
JPMorgan Chase & Co.
6.750%	02/01/2011			430,000		456,868
						1,860,628
Diversified Telecommunication Services—0.9%
Deutsche Telekom International Finance BV (Netherlands)
5.375%	03/23/2011			400,000		419,206
Telstra Corp. Ltd. MTN (Australia)
6.375%	06/29/2011			EUR 420,000		656,878
Verizon Global Funding Corp.
7.250%	12/01/2010			400,000		425,833
						1,501,917
Electric Utilities—1.3%
Alabama Power Co., Series HH
5.100%	02/01/2011			265,000		277,134
American Electric Power Co., Inc., Series C
5.375%	03/15/2010			400,000		407,968
Duke Energy Carolinas LLC
6.250%	01/15/2012			400,000		436,156
FPL Group Capital, Inc.
5.625%	09/01/2011			280,000		300,051
MidAmerican Energy Holdings Co.
3.150%	07/15/2012	ˆ		300,000		303,903
Pacific Gas & Electric Co.
1.252%	06/10/2010	#		400,000		402,316
						2,127,528
Food & Staples Retailing—0.2%
Safeway, Inc.
5.800%	08/15/2012			350,000		379,618

 

See accompanying notes to schedule of investments.

35

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
Discovery Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Food Products—0.8%
Campbell Soup Co.
6.750%	02/15/2011		$	485,000	$	520,624
Kellogg Co., Series B
6.600%	04/01/2011			400,000		428,846
Unilever Capital Corp.
7.125%	11/01/2010			410,000		437,831
						1,387,301
Health Care Providers & Services—0.4%
Express Scripts, Inc.
5.250%	06/15/2012			350,000		371,773
UnitedHealth Group, Inc.
5.250%	03/15/2011			300,000		311,906
						683,679
Hotels, Restaurants & Leisure—0.3%
McDonald’s Corp., Series G MTN
5.750%	03/01/2012			400,000		435,489
Household Products—0.1%
Procter & Gamble Co. (The)
3.500%	02/15/2015			100,000		102,534
Industrial Conglomerates—0.3%
3M Co., Series E MTN
4.500%	11/01/2011			450,000		480,067
Insurance—0.9%
Allstate Corp. (The)
6.200%	05/16/2014			300,000		331,281
Berkshire Hathaway Finance Corp.
4.200%	12/15/2010			400,000		413,622
4.000%	04/15/2012	†		150,000		157,352
Metropolitan Life Global Funding I
1.035%	06/25/2010	#ˆ		250,000		250,500
Prudential Financial, Inc., Series D MTN
3.625%	09/17/2012			355,000		357,439
						1,510,194
Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%	09/01/2014			400,000		409,150
Machinery—0.2%
Ingersoll-Rand Global Holding Co. Ltd. (Bermuda)
1.954%	08/13/2010	#		300,000		298,605
Media—0.8%
Comcast Corp.
5.450%	11/15/2010			720,000		748,645
Time Warner, Inc.
0.684%	11/13/2009	#		300,000		300,084
Viacom, Inc.
4.375%	09/15/2014			200,000		204,456
						1,253,185
Multiline Retail—0.2%
Costco Wholesale Corp.
5.300%	03/15/2012			300,000		325,824
Oil, Gas & Consumable Fuels—1.1%
Chevron Corp.
3.450%	03/03/2012		$	600,000	$	625,003
ConocoPhillips
8.750%	05/25/2010			400,000		422,330
4.750%	02/01/2014			200,000		215,385
Shell International Finance BV (Netherlands)
5.625%	06/27/2011			600,000		647,676
						1,910,394
Pharmaceuticals—1.2%
Abbott Laboratories
5.600%	05/15/2011			400,000		428,181
Eli Lilly & Co.
3.550%	03/06/2012			100,000		104,782
Merck & Co., Inc.
1.875%	06/30/2011			600,000		606,907
Novartis Capital Corp.
4.125%	02/10/2014			100,000		105,700
Wyeth
6.950%	03/15/2011			700,000		752,355
						1,997,925
Software—0.6%
Microsoft Corp.
2.950%	06/01/2014			500,000		507,285
Oracle Corp.
5.000%	01/15/2011			510,000		533,565
						1,040,850
Wireless Telecommunication Services—0.6%
Cellco Partnership/Verizon Wireless Capital LLC
5.550%	02/01/2014	ˆ		100,000		108,172
3.750%	05/20/2011	ˆ		300,000		309,640
Vodafone Group plc (United Kingdom)
7.750%	02/15/2010			500,000		512,548
						930,360
TOTAL CORPORATE OBLIGATIONS
(Cost $26,170,148)						27,042,657
U.S. GOVERNMENT AGENCY OBLIGATIONS—11.1%
Government Backed Corporate (FDIC) Obligations—1.5%
Bank of America NA
1.700%	12/23/2010			600,000		607,310
General Electric Capital Corp.
2.200%	06/08/2012			563,000		572,074
Wells Fargo & Co.
3.000%	12/09/2011	†		1,250,000		1,295,204
						2,474,588
U.S. Government Agency Obligations—9.6%
Federal Home Loan Bank
5.375%	08/19/2011	‡‡		3,000,000		3,243,150
2.250%	04/13/2012			1,500,000		1,533,822
1.625%	09/26/2012	†		1,500,000		1,497,285
Federal Home Loan Mortgage Corp.
2.875%	06/28/2010	†		210,000		213,922
Federal Home Loan Mortgage Corp. Discount Note
0.462%	06/01/2010			1,000,000		998,751

See accompanying notes to schedule of investments.

36

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
Discovery Fund

Coupon Rate	Maturity Date		Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—(Continued)
Federal National Mortgage Association
1.875%	04/20/2012		$	1,000,000	$	1,014,146
1.500%	09/16/2010			4,500,000		4,542,259
1.375%	04/28/2011	†		3,000,000		3,027,330
						16,070,665
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $18,309,941)						18,545,253
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—6.0%
U.S. Government Agency Mortgage-Backed Securities—6.0%
Federal Home Loan Mortgage Corp.
6.000%	11/01/2022	‡‡		440,364		470,123
Federal Home Loan Mortgage Corp. REMICS
5.000%	06/15/2024			260,829		264,262
Federal National Mortgage Association REMICS
4.125%	12/25/2025			66,511		66,501
Government National Mortgage Association
6.500%	10/20/2037 - 07/20/2038	‡‡		1,965,612		2,090,565
6.500%	12/20/2038			1,435,718		1,526,547
6.000%	07/20/2038	‡‡		2,580,946		2,736,489
6.000%	02/15/2039			829,622		877,714
4.500%	04/20/2024 - 08/20/2035			1,891,764		1,980,622
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $9,776,871)						10,012,823
U.S. TREASURY OBLIGATIONS—9.6%
U.S. Treasury Bills—7.5%
U.S. Treasury Bill
0.396%	07/29/2010	†		2,500,000		2,494,253
0.386%	09/23/2010			5,000,000		4,981,405
0.200%	12/10/2009	†		5,000,000		4,999,465
						12,475,123
U.S. Treasury Notes—2.1%
U.S. Treasury Note
1.125%	06/30/2011	†		2,500,000		2,515,235
1.000%	07/31/2011	†		1,000,000		1,003,165
						3,518,400
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $15,972,535)						15,993,523
MUNICIPAL OBLIGATIONS—0.5%
Citizens Property Insurance Corp. Revenue Bonds, Series 2007 A (Florida)
5.000%	03/01/2013			150,000		156,035
Citizens Property Insurance Corp. Revenue Bonds, Series 2009 A-1 (Florida)
5.000%	06/01/2012		$	600,000	$	623,226
TOTAL MUNICIPAL OBLIGATIONS
(Cost $761,122)						779,261
SOVEREIGN DEBT OBLIGATIONS—0.3%
Government Issued—0.3%
Caisse d’Amortissement de la Dette Sociale MTN (France)
4.250%	11/08/2010			400,000
(Cost $404,525)						414,340
ASSET BACKED SECURITIES—3.5%
Automobile—3.5%
Ally Auto Receivables Trust Series 2009-A, Class A2
1.320%	03/15/2012	ˆ		440,000		436,081
Bank of America Auto Trust Series 2009-2A, Class A2
1.160%	02/15/2012	ˆ		470,000		470,372
BMW Vehicle Lease Trust Series 2009-1, Class A1
0.792%	06/15/2010			118,074		118,154
BMW Vehicle Lease Trust Series 2009-1, Class A2
2.040%	04/15/2011			1,000,000		1,004,550
Ford Credit Auto Lease Trust Series 2009-A, Class A2
2.600%	05/15/2011	ˆ		450,000		455,280
Ford Credit Auto Lease Trust Series 2009-A, Class A1
1.237%	06/15/2010	ˆ		217,107		217,497
Ford Credit Auto Owner Trust Series 2009-D, Class A2
1.210%	01/15/2012			330,000		330,818
Ford Credit Auto Owner Trust Series 2009-D, Class A1
0.357%	09/15/2010	ˆ		980,000		980,330
Honda Auto Receivables Owner Trust Series 2009-2, Class A2
2.220%	08/15/2011			500,000		505,005
Nissan Auto Lease Trust Series 2009-B, Class A2
1.220%	09/15/2011			410,000		410,483
Nissan Auto Lease Trust Series 2009-A, Class A2
2.010%	04/15/2011			510,000		514,033
Volkswagen Auto Lease Trust Series 2009-A, Class A2
2.870%	07/15/2011			370,000		374,932
TOTAL ASSET BACKED SECURITIES
(Cost $5,794,914)						5,817,535
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—1.4%
Mortgage Backed—1.4%
Harborview Mortgage Loan Trust Series 2005-14, Class 3A1A
5.312%	12/19/2035	#		1,234,375		952,561
Thornburg Mortgage Securities Trust Series 2004-1, Class II2A
3.195%	03/25/2044	#		1,308,337		1,138,993

See accompanying notes to schedule of investments.

37

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
Discovery Fund

Coupon Rate	Maturity Date		Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
WaMu Mortgage Pass Through Certificates Series 2006-AR12, Class 1A1
6.038%	10/25/2036	#	$	396,371	$	315,383
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $2,860,300)						2,406,937
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS—0.6%
Non-U.S. Government Agency Obligations—0.6%
Export Development Canada (Canada)
3.750%	07/15/2011			475,000		498,170
Kreditanstalt fuer Wiederaufbau (Germany)
3.750%	06/27/2011			400,000		419,108
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $873,331)						917,278

 

		Shares		Value
CASH EQUIVALENTS—22.2%
Institutional Money Market Funds—22.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		5,628,405		5,628,405
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	19,913,076		19,913,076
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	3,000,000		3,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	3,900,000		3,900,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	2,250,000		2,250,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	2,250,000		2,250,000
TOTAL CASH EQUIVALENTS
(Cost $36,941,481)				36,941,481
TOTAL INVESTMENTS—119.3%
(Cost $185,081,672)				198,568,315
Other assets less liabilities—(19.3%)				(32,168,234	)
NET ASSETS—100.0%			$	166,400,081

 

Legend to the Schedule of Investments:
EUR	European Monetary Unit
MTN	Medium Term Note
REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduits
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
δ	Security has no market value at September 30, 2009.
‡	Security valued at fair value as determined by policies approved by the Board of Directors.
ˆ	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 144A securities represent 2.6% of Total Investments.
#	Rate is subject to change. Rate shown reflects current rate.
‡‡	Security or a portion of the 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.

38

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—96.3%
Australia—2.8%
BHP Billiton Ltd.		51,100	$	1,685,305
Coca-Cola Amatil Ltd.		108,271		936,599
Commonwealth Bank of Australia		17,500		794,963
Iluka Resources Ltd.	*	215,000		753,518
IOOF Holdings Ltd.		389,600		1,741,759
JB Hi-Fi Ltd.		164,200		2,868,722
Kagara Ltd.	*	865,200		739,897
Kingsgate Consolidated Ltd.		346,872		2,488,890
Minara Resources Ltd.	*†	956,800		811,648
National Australia Bank Ltd.		21,180		573,141
Newcrest Mining Ltd.		54,422		1,531,611
Origin Energy Ltd.		40,000		574,620
Qantas Airways Ltd.		582,809		1,464,025
Tatts Group Ltd.		269,500		604,431
Telstra Corp. Ltd.		972,965		2,802,094
Wesfarmers Ltd.		23,000		535,999
Woodside Petroleum Ltd.		90,378		4,146,127
Woolworths Ltd.		67,598		1,742,338
				26,795,687
Austria—0.2%
Andritz AG		16,000		801,456
Telekom Austria AG		25,500		461,026
Verbund-Oesterreichische Elektrizitaetswirtschafts AG, Class A		24,200		1,227,250
				2,489,732
Belgium—1.1%
Anheuser-Busch InBev NV		69,756		3,199,565
Belgacom SA		13,500		526,697
Colruyt SA	†	12,200		2,868,433
Delhaize Group SA		8,400		584,029
Groupe Bruxelles Lambert SA		7,100		657,950
Nationale A Portefeuille		13,700		747,261
Nyrstar	*	66,200		804,360
Sofina SA	†	7,400		705,491
Umicore		7,040		211,545
				10,305,331
Bermuda—0.5%
Catlin Group Ltd.		467,200		2,626,842
Seadrill Ltd.	*	119,200		2,495,500
				5,122,342
Brazil—1.0%
Petroleo Brasileiro SA ADR		182,679		7,181,112
Vale SA ADR		101,900		2,089,969
				9,271,081
Canada—5.2%
Barrick Gold Corp.		81,800		3,100,220
BCE, Inc.		25,400		626,074
Cameco Corp.		100,600		2,791,600
Canadian Natural Resources Ltd.		27,600		1,863,802
Canadian Pacific Railway Ltd.		141,673		6,623,213
Enbridge, Inc.		14,800		574,638
First Quantum Minerals Ltd.		10,400		679,961
George Weston Ltd.		57,600		2,998,762
Inmet Mining Corp.		18,800		1,052,863
Kinross Gold Corp.		59,600		1,298,714
Laurentian Bank of Canada		19,200		688,090
Loblaw Cos. Ltd.		19,500	$	575,538
Lundin Mining Corp.	*	726,800		2,450,612
Methanex Corp.		23,500		409,354
Metro, Inc., Class A		60,600		1,980,474
Onex Corp.		21,800		534,285
Potash Corp of Saskatchewan, Inc.		28,000		2,539,915
Quadra Mining Ltd.	*	84,300		1,145,626
Research In Motion Ltd.	*	90,000		6,084,341
Royal Bank of Canada		88,900		4,778,588
Shaw Communications, Inc., Class B		15,600		282,378
Shoppers Drug Mart Corp.		13,200		541,734
Suncor Energy, Inc.		127,000		4,436,370
Teck Resources Ltd., Class B	*	30,500		840,377
Uni-Select, Inc.		39,800		985,103
				49,882,632
China—1.8%
Anhui Conch Cement Co. Ltd., Class H		64,000		424,405
Bank of China Ltd., Class H		4,241,000		2,224,812
China Construction Bank Corp., Class H		4,720,317		3,754,750
China Life Insurance Co. Ltd., Class H		1,147,500		5,006,138
China Merchants Bank Co. Ltd., Class H		217,100		481,867
China Shenhua Energy Co. Ltd., Class H		234,500		1,016,419
Industrial & Commercial Bank of China, Class H		5,296,000		3,971,896
Suntech Power Holdings Co. Ltd. ADR	*	15,000		228,000
				17,108,287
Denmark—0.8%
Danske Bank A/S	*	89,437		2,363,573
Novo Nordisk A/S, Class B		83,000		5,220,203
				7,583,776
Finland—0.3%
Huhtamaki Oyj		101,431		1,294,682
Rautaruukki Oyj		15,500		372,987
Stora Enso Oyj, Class R	*	101,628		709,581
UPM-Kymmene Oyj		75,784		911,421
				3,288,671
France—10.8%
Accor SA		99,856		5,573,444
Air Liquide SA		12,924		1,472,647
AXA SA		11,660		316,510
BNP Paribas		162,126		13,010,956
Bouygues SA		107,954		5,516,086
Cie de Saint-Gobain		30,390		1,588,020
Cie Generale d’Optique Essilor International SA		56,000		3,197,723
Compagnie Generale des Etablissements Michelin, Class B		6,244		491,686
Credit Agricole SA		60,840		1,277,324
Danone SA		75,779		4,583,877
Eutelsat Communications	†	25,900		789,523
Faiveley SA	†	7,900		679,834
France Telecom SA		96,204		2,565,464
GDF Suez		45,701		2,034,727
Gemalto NV	*	19,900		930,770
Lafarge SA		29,000		2,600,379

See accompanying notes to schedule of investments.

39

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
L’Oreal SA		85,400	$	8,505,555
LVMH Moet Hennessy Louis Vuitton SA		39,103		3,943,911
Natixis	*	335,118		2,030,593
Pernod-Ricard SA		145,253		11,577,819
Peugeot SA	*	25,100		768,996
PPR		5,600		720,478
Renault SA	*	627		29,457
Sanofi-Aventis SA		13,100		966,065
Societe BIC SA		9,300		662,331
Societe Generale		60,094		4,860,813
Societe Immobiliere de Location pour l’Industrie et le Commerce REIT		6,800		879,172
Technip SA		73,300		4,697,271
Total SA		18,940		1,125,787
Unibail-Rodamco SE (Paris Exchange) REIT		12,347		2,571,308
Vallourec SA		8,183		1,392,821
Veolia Environnement		126,721		4,872,845
Vinci SA		80,642		4,579,638
Vivendi SA		120,724		3,751,881
				104,565,711
Germany—8.8%
Adidas AG	†	63,500		3,355,566
Allianz SE (Registered)		47,046		5,869,180
Bayer AG		155,751		10,780,718
Bayerische Motoren Werke AG		11,300		543,974
Daimler AG (Registered)		166,830		8,369,521
Deutsche Bank AG (Registered)	†	119,832		9,153,728
Deutsche Boerse AG		5,878		479,510
Deutsche Post AG (Registered)		201,384		3,751,794
E.ON AG		15,900		672,970
Fraport AG Frankfurt Airport Services Worldwide		17,583		931,905
Fresenius Medical Care AG & Co. KGaA	†	30,624		1,523,193
Hannover Rueckversicherung AG (Registered)	*†	99,100		4,541,677
HeidelbergCement AG		22,300		1,441,361
Infineon Technologies AG	*†	136,500		767,191
K+S AG		6,400		348,486
Linde AG		80,457		8,712,979
Metro AG		6,300		355,777
Muenchener Rueckversicherungs AG (Registered)		74,362		11,852,002
SAP AG		120,400		5,838,238
Siemens AG (Registered)		55,500		5,110,460
				84,400,230
Greece—0.3%
Hellenic Petroleum SA		166,700		1,895,516
Public Power Corp. SA	*	30,800		687,159
				2,582,675
Hong Kong—4.6%
Bank of East Asia Ltd.		805,376		2,895,762
BOC Hong Kong Holdings Ltd.		398,500		870,276
China Merchants Holdings International Co. Ltd.		647,800		2,136,009
China Mobile Ltd.		244,000		2,389,795
China Overseas Land & Investment Ltd.		339,000		729,649
CLP Holdings Ltd.		480,000	$	3,254,516
CNOOC Ltd.		2,750,000		3,707,512
Esprit Holdings Ltd.		315,100		2,111,351
Genting Singapore plc	*	1,546,300		1,225,253
Hang Lung Properties Ltd.		123,000		450,328
Hong Kong & China Gas Co. Ltd.		1,837,000		4,629,767
Hong Kong Exchanges and Clearing Ltd.		108,000		1,948,481
Hutchison Whampoa Ltd.		348,000		2,502,692
Jardine Matheson Holdings Ltd.		26,400		801,345
Kerry Properties Ltd.		146,500		779,849
Li & Fung Ltd.		636,400		2,549,751
New World Development Ltd.		240,000		514,097
NWS Holdings Ltd.		805,196		1,553,408
Sun Hung Kai Properties Ltd.		60,000		881,306
Wharf Holdings Ltd.		274,000		1,448,740
Wheelock & Co. Ltd.		2,087,000		6,819,746
				44,199,633
India—0.4%
ICICI Bank Ltd. ADR		110,678		4,267,744
Ireland—1.4%
Accenture plc, Class A		7,835		292,010
Covidien plc		81,534		3,527,161
CRH plc (Dublin Exchange)		175,044		4,860,360
Experian plc		115,144		972,309
Governor & Co. of the Bank of Ireland (The)	*	161,409		805,218
Julius Baer Holding AG (Registered)		14,500		727,251
Shire plc ADR		7,000		366,030
Shire plc		99,000		1,718,621
				13,268,960
Italy—1.7%
Assicurazioni Generali SpA		104,696		2,874,442
Banca Monte dei Paschi di Siena SpA		774,611		1,661,793
Enel SpA		474,700		3,019,377
ENI SpA		21,000		524,765
Intesa Sanpaolo SpA	*	1,066,571		4,732,262
Saipem SpA		55,800		1,685,308
Snam Rete Gas SpA		126,000		613,562
Terna Rete Elettrica Nazionale SpA		170,500		665,526
UniCredit SpA	*	180,470		708,321
				16,485,356
Japan—17.7%
Advantest Corp.		21,100		582,453
Aeon Mall Co. Ltd.	†	116,500		2,414,323
Benesse Holdings, Inc.		10,500		513,939
Canon, Inc.		102,350		4,100,800
Chugai Pharmaceutical Co. Ltd.	†	119,000		2,457,001
Daihatsu Motor Co. Ltd.	†	63,000		641,829
Daikin Industries Ltd.	†	68,000		2,436,085
Daito Trust Construction Co. Ltd.		71,000		3,095,313
Denso Corp.		209,902		6,155,821
East Japan Railway Co.		8,900		641,682
Electric Power Development Co. Ltd.		12,100		383,077
Fanuc Ltd.		49,800		4,447,687
FCC Co. Ltd.		42,600		740,686

See accompanying notes to schedule of investments.

40

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Fujitsu Frontech Ltd.		112,300	$	1,112,646
Fujitsu Ltd.	†	608,000		3,965,665
Heiwa Corp.		94,000		1,035,372
Hirose Electric Co. Ltd.	†	28,700		3,228,426
Hitachi Capital Corp.		76,000		928,598
Honda Motor Co. Ltd.		77,900		2,365,804
HOYA Corp.		100,000		2,356,016
Imasen Electric Industrial		66,000		732,732
INPEX Corp.		343		2,909,926
ITOCHU Corp.		832,000		5,485,997
Japan Tobacco, Inc.		516		1,764,165
JGC Corp.		57,000		1,159,697
Kawasaki Kisen Kaisha Ltd.	*	125,000		461,591
KDDI Corp.		77		433,204
Keihin Corp.		60,300		996,478
Keiyo Co. Ltd.	†	92,000		464,167
Keyence Corp.		28,880		6,152,952
Kurita Water Industries Ltd.		35,500		1,270,843
Kyoei Steel Ltd.	†	21,900		523,646
Lawson, Inc.		12,500		580,277
Marubeni Corp.		705,000		3,540,873
MID Reit, Inc. REIT		788		1,764,250
Miraca Holdings, Inc.		149,700		4,883,195
Mitsubishi Corp.		261,500		5,259,373
Mitsubishi Estate Co. Ltd.		139,000		2,174,490
Mitsubishi UFJ Financial Group, Inc.		143,000		764,213
Mitsui & Co. Ltd.		595,200		7,743,371
Mitsui Fudosan Co. Ltd.		42,800		720,685
Mitsui OSK Lines Ltd.		230,000		1,356,320
Mitsui Sumitomo Insurance Group Holdings, Inc.		19,400		531,441
Mizuho Financial Group, Inc.		807,400		1,590,190
Murata Manufacturing Co. Ltd.		49,200		2,323,001
Nintendo Co. Ltd.		22,700		5,788,736
Nippon Mining Holdings, Inc.		122,000		597,853
Nippon Oil Corp.		72,000		402,883
Nippon Residential Investment Corp. REIT		584		1,498,697
Nippon Sheet Glass Co. Ltd.		116,000		385,919
Nippon Soda Co. Ltd.		140,000		588,918
Nippon Telegraph & Telephone Corp.		8,065		372,214
Nissan Motor Co. Ltd.	*	110,000		741,273
Nitto Denko Corp.		22,000		672,230
Nomura Holdings, Inc.	†	105,200		644,862
NTT DoCoMo, Inc.		1,367		2,177,327
Okabe Co. Ltd.		148,400		561,078
Okinawa Electric Power Co., Inc. (The)		17,800		1,062,244
Oracle Corp. Japan		10,800		480,604
Panasonic Corp.		35,000		512,192
SBI Holdings, Inc.	†	2,790		549,595
Seven & I Holdings Co. Ltd.		22,400		534,625
Shimamura Co. Ltd.		27,000		2,646,800
Shin-Etsu Chemical Co. Ltd.		56,000		3,435,501
Shinsei Bank Ltd.	*	285,000		435,128
Shiseido Co. Ltd.		28,000		487,561
SMC Corp.	†	29,000		3,552,627
Softbank Corp.		377,100		8,265,518
Sumitomo Chemical Co. Ltd.		167,000		693,403
Sumitomo Corp.		605,100		6,208,152
Sumitomo Metal Mining Co. Ltd.		101,000		1,649,741
Sumitomo Mitsui Financial Group, Inc.		91,600		3,175,067
Suzuki Motor Corp.	†	262,585	$	6,107,195
Terumo Corp.		18,200		998,171
THK Co. Ltd.		35,900		701,530
TOA Corp.		77,000		526,813
Toagosei Co. Ltd.		227,000		769,318
Tokio Marine Holdings, Inc.		136,500		3,932,959
Tokyo Electron Ltd.		24,800		1,577,010
Topy Industries Ltd.		170,000		374,229
Toyota Motor Corp.		74,400		2,958,926
Trend Micro, Inc.		107,500		3,988,628
Unipres Corp.		100,900		1,429,624
				170,675,451
Korea, Republic of—0.6%
Hyundai Mobis		7,800		1,093,726
LG Chem Ltd. GDR	ˆ	10,450		971,164
LG Electronics, Inc. GDR	ˆ	8,000		426,055
Samsung Electronics Co. Ltd., Reg S GDR	ˆ	8,435		2,880,382
Shinhan Financial Group Co. Ltd. ADR	*	7,850		629,335
				6,000,662
Luxembourg—0.1%
SES SA, Class A FDR		20,400		463,208
SES SA (Luxembourg Exchange), Class A FDR		18,400		417,129
				880,337
Macau—0.0%
Wynn Macau Ltd.	*	4,900		6,373
Mexico—1.0%
America Movil SAB de CV, Series L ADR		82,800		3,629,124
Grupo Televisa SA ADR		132,531		2,463,751
Telefonos de Mexico SAB de CV, Series L ADR		123,500		2,153,840
Telmex Internacional SAB de CV ADR		76,700		1,069,965
Wal-Mart de Mexico SAB de CV		120,700		418,520
				9,735,200
Netherlands—4.2%
Akzo Nobel NV		37,633		2,338,963
ASML Holding NV		348,377		10,281,084
Heineken Holding NV		50,275		2,065,124
Heineken NV		59,268		2,747,939
ING Groep NV CVA	*	219,407		3,940,083
Koninklijke Ahold NV		150,500		1,816,551
Koninklijke KPN NV		505,400		8,395,653
Royal Dutch Shell plc, Class A		149,258		4,274,576
Royal Dutch Shell plc, Class B		32,839		912,233
Unilever NV CVA		85,300		2,468,199
Wolters Kluwer NV		41,300		884,784
				40,125,189
Norway—0.2%
Tandberg ASA		80,900		1,942,934
Papua New Guinea—0.1%
Oil Search Ltd.		120,000		680,774
Portugal—0.1%
Jeronimo Martins SGPS SA		71,000		621,772

See accompanying notes to schedule of investments.

41

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Russia—0.8%
Gazprom OAO ADR		315,117	$	7,448,959
Singapore—1.5%
DBS Group Holdings Ltd.		462,000		4,336,480
Jardine Cycle & Carriage Ltd.		42,000		720,569
Oversea-Chinese Banking Corp. Ltd.		447,900		2,484,234
Singapore Exchange Ltd.		112,000		665,828
Singapore Telecommunications Ltd.		201,392		462,784
Wilmar International Ltd.		1,276,100		5,684,489
Yanlord Land Group Ltd.		317,000		509,579
				14,863,963
South Africa—0.1%
Harmony Gold Mining Co. Ltd.		4,800		52,024
Sasol Ltd.		30,300		1,147,944
				1,199,968
Spain—3.2%
Banco Bilbao Vizcaya Argentaria SA		294,125		5,239,674
Banco Santander SA		55,512		896,763
Construcciones y Auxiliar de Ferrocarriles SA		2,600		1,327,656
Corporacion Financiera Alba, SA		12,000		685,460
Inditex SA	†	126,295		7,262,419
Mapfre SA	†	1,095,900		4,915,406
Telefonica SA		363,102		10,045,942
Viscofan SA		27,100		660,724
				31,034,044
Sweden—2.0%
AarhusKarlshamn AB		29,600		569,737
Assa Abloy AB, Class B		37,600		611,286
Atlas Copco AB, Class A		149,304		1,924,813
Betsson AB	*	24,500		384,681
Electrolux AB, Series B	*	197,800		4,527,785
Hennes & Mauritz AB, Class B	†	73,815		4,149,023
Investor AB, Class B		39,300		719,497
Sandvik AB		98,372		1,085,951
Skandinaviska Enskilda Banken AB, Class A	*	226,378		1,533,386
Skanska AB, Class B	†	47,100		691,885
SKF AB, Class B		97,247		1,529,533
Svenska Cellulosa AB, Class B		81,000		1,100,355
Svenska Handelsbanken AB, Class A		27,000		691,184
				19,519,116
Switzerland—8.5%
ABB Ltd. (Registered)	*	51,081		1,027,155
Actelion Ltd. (Registered)	*†	87,500		5,439,678
Alcon, Inc.		13,000		1,802,710
Compagnie Financiere Richemont SA (A Bearer Shares)		17,600		498,239
Credit Suisse Group AG (Registered)		179,667		9,996,287
Givaudan SA (Registered)		1,026		769,842
Holcim Ltd. (Registered)	*	138,991		9,556,968
Nestle SA (Registered)		277,572		11,849,732
Nobel Biocare Holding AG (Registered)	†	72,000	$	2,384,110
Novartis AG (Registered)		149,979		7,533,562
Roche Holding AG (Genusschein)		107,049		17,308,613
Roche Holding AG (Registered)		7,972		1,334,976
SGS SA (Registered)		2,500		3,369,676
Swiss Reinsurance Co. Ltd. (Registered)		29,035		1,316,517
Swisscom AG (Registered)		7,388		2,645,937
Syngenta AG (Registered)		5,700		1,309,891
UBS AG (Registered)	*	101,217		1,855,805
Valora Holding AG		3,200		761,438
Xstrata plc	*	56,100		827,339
				81,588,475
Taiwan—0.7%
Acer, Inc. GDR		6,050		77,158
Acer, Inc. (London Exchange) GDR		87,420		1,114,911
Delta Electronics, Inc. GDR		93,403		1,332,861
HTC Corp., Reg S GDR		10,815		476,509
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		357,302		3,916,030
				6,917,469
United Kingdom—13.0%
Antofagasta plc		96,600		1,175,030
ARM Holdings plc		354,600		816,734
AstraZeneca plc (London Exchange)		104,100		4,668,546
Autonomy Corp. plc	*	27,400		715,417
Aviva plc		117,000		841,104
BAE Systems plc		359,983		2,013,857
Barclays plc	*	470,200		2,786,558
BG Group plc		477,700		8,325,821
BHP Billiton plc		120,600		3,302,793
BP plc		475,400		4,211,424
British Airways plc	*	282,300		998,540
British American Tobacco plc		56,500		1,774,845
Cadbury plc		180,380		2,315,382
Cairn Energy plc	*	36,000		1,609,037
Centrica plc		753,500		3,034,838
Debenhams plc		2,999,400		3,652,319
Eurasian Natural Resources Corp. plc		64,000		899,552
Game Group plc		291,500		745,898
GlaxoSmithKline plc		73,200		1,443,276
Hampson Industries plc		192,232		223,782
HSBC Holdings plc (Hong Kong Exchange)		148,000		1,694,514
HSBC Holdings plc (London Exchange)		1,144,000		13,099,359
Imperial Tobacco Group plc		270,171		7,826,898
Kazakhmys plc		258,400		4,428,267
Kingfisher plc		823,270		2,807,753
Lavendon Group plc		77,001		224,384
Legal & General Group plc		2,518,200		3,551,531
Micro Focus International plc		183,700		1,046,231
National Grid plc		382,962		3,706,212
Old Mutual plc		344,600		552,281
Petrofac Ltd.		65,300		1,033,430
Prudential plc		48,900		471,290
Reckitt Benckiser Group plc		64,000		3,133,283
Reed Elsevier plc		130,400		980,026
Rio Tinto plc		18,500		786,383
SABMiller plc		155,100		3,747,675

See accompanying notes to schedule of investments.

42

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Serco Group plc		84,900	$	686,631
Smith & Nephew plc		677,817		6,087,153
Standard Chartered plc (Hong Kong Exchange)		8,750		214,103
Standard Chartered plc (London Exchange)		76,966		1,901,163
Tesco plc		1,701,544		10,892,692
Tullett Prebon plc		121,000		756,732
Vedanta Resources plc		23,400		712,179
Vodafone Group plc		1,982,501		4,453,575
Wm Morrison Supermarkets plc		984,080		4,374,464
Wolseley plc	*	18,816		454,994
				125,177,956
United States—0.8%
Activision Blizzard, Inc.	*	118,689		1,470,557
Philip Morris International, Inc.		69,656		3,395,034
Schlumberger Ltd.		23,479		1,399,348
Synthes, Inc.		9,016		1,087,194
				7,352,133
TOTAL COMMON STOCKS
(Cost $849,414,676)				927,388,623
PREFERRED STOCKS—0.5%
Germany—0.5%
Biotest AG	†	10,412		627,014
Fresenius SE		75,900		4,432,372
TOTAL PREFERRED STOCKS
(Cost $4,357,726)				5,059,386

 

Coupon Rate		Maturity Date		Face	Value
CONVERTIBLE DEBT OBLIGATIONS—0.0%
Bermuda—0.0%
Seadrill Ltd.
3.625%	11/08/2012
(Cost $47,900)			$	100,000	92,580

		Shares	Value
RIGHTS—0.1%
France—0.1%
BNP Paribas, Expires 10/13/2009, Strike EUR 40.00	*
(Cost $—)		162,126	351,126

CASH EQUIVALENTS—5.2%
Institutional Money Market Funds—5.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		20,295,556	$	20,295,556
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	1,450,029		1,450,029
Fidelity Institutional Money Market: Prime Money Market Portfolio—Institutional Class	††	8,000,000		8,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	10,000,000		10,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	5,000,000		5,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	5,000,000		5,000,000
TOTAL CASH EQUIVALENTS
(Cost $49,745,585)				49,745,585
TOTAL INVESTMENTS—102.1%
(Cost $903,565,887)				982,637,300
Other assets less liabilities—(2.1%)				(19,835,580	)
NET ASSETS—100.0%			$	962,801,720

 

Legend to the Schedule of Investments:
ADR	American Depositary Receipt
CVA	Dutch Certificate of Shares
EUR	European Monetary Unit
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
Reg S	Security purchased outside the United States and is not registered under the Securities Act of 1933. This security may be resold in the United States only if the offer and sale are made pursuant to such registration or are exempt from registration.
REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
ˆ	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 144A securities represent 0.4% of Total Investments.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to schedule of investments.

43

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint
International Fund

Percentage of Portfolio by Industry:
COMMON STOCKS
Commercial Banks	10.2	%
Oil, Gas & Consumable Fuels	6.5	%
Pharmaceuticals	5.6	%
Insurance	5.1	%
Metals & Mining	3.8	%
Diversified Telecommunication Services	3.3	%
Food & Staples Retailing	3.3	%
Trading Companies & Distributors	3.0	%
Food Products	2.9	%
Capital Markets	2.6	%
Chemicals	2.6	%
Beverages	2.5	%
Health Care Equipment & Supplies	2.5	%
Specialty Retail	2.5	%
Automobiles	2.3	%
Wireless Telecommunication Services	2.2	%
Semiconductors & Semiconductor Equipment	2.2	%
Real Estate Management & Development	2.1	%
Construction Materials	2.0	%
Software	2.0	%
Machinery	2.0	%
Electronic Equipment, Instruments & Components	1.6	%
Tobacco	1.5	%
Multi-Utilities	1.4	%
Construction & Engineering	1.2	%
Auto Components	1.2	%
Energy Equipment & Services	1.2	%
Diversified Financial Services	1.2	%
Electric Utilities	1.1	%
Media	1.1	%
Industrial Conglomerates	1.0	%
Personal Products	0.9	%
Communications Equipment	0.8	%
Textiles, Apparel & Luxury Goods	0.8	%
Hotels, Restaurants & Leisure	0.8	%
Computers & Peripherals	0.8	%
Road & Rail	0.8	%
Real Estate Investment Trusts (REITs)	0.7	%
Household Durables	0.6	%
Biotechnology	0.6	%
Gas Utilities	0.6	%
Building Products	0.5	%
Multiline Retail	0.5	%
Professional Services	0.5	%
Distributors	0.5	%
Office Electronics	0.4	%
Air Freight & Logistics	0.4	%
Household Products	0.3	%
Transportation Infrastructure	0.3	%
Paper & Forest Products	0.3	%
Airlines	0.3	%
Aerospace & Defense	0.2	%
Marine	0.2	%
Health Care Providers & Services	0.2	%
Commercial Services & Supplies	0.1	%
Containers & Packaging	0.1	%
Electrical Equipment	0.1	%
Leisure Equipment & Products	0.1	%
Consumer Finance	0.1	%
Diversified Consumer Services	0.1	%
Independent Power Producers & Energy Traders	0.0	%
IT Services	0.0	%
	96.3	%
PREFERRED STOCKS
Health Care Equipment & Supplies	0.4	%
Biotechnology	0.1	%
	0.5	%
CONVERTIBLE DEBT OBLIGATIONS
Energy Equipment & Services	0.0	%
RIGHTS
Commercial Banks	0.1	%
TOTAL COMMON STOCKS/PREFERRED STOCKS/CONVERTIBLE DEBT OBLIGATIONS/RIGHTS	96.9	%
CASH EQUIVALENTS
Institutional Money Market Funds	5.2	%
TOTAL INVESTMENTS	102.1	%
Other assets less liabilities	(2.1	)%
TOTAL NET ASSETS	100.0	%

 

See accompanying notes to schedule of investments.

44

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Diversified
Assets Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—29.5%
Aerospace & Defense—0.3%
Bombardier, Inc. (Canada)
6.750%	05/01/2012		ˆ	$	300,000	$	303,000
General Dynamics Corp.
4.500%	08/15/2010		§		900,000		928,766
							1,231,766
Airlines—0.1%
Continental Airlines, Inc., Series 2001-1, Class A-2
6.503%	06/15/2011				420,000		401,100
Auto Components—0.1%
Goodyear Tire & Rubber Co. (The)
5.010%	12/01/2009		#		625,000		625,000
Beverages—0.5%
Coca-Cola Enterprises, Inc.
1.071%	05/06/2011		#§		2,100,000		2,115,252
Capital Markets—2.4%
Bank of New York Mellon Corp. (The)
4.300%	05/15/2014				740,000		784,443
Bank of New York Mellon Corp. (The), Series G MTN
0.389%	03/23/2012		#§		1,530,000		1,506,721
Goldman Sachs Group, Inc. (The)
0.583%	06/28/2010		#§		2,000,000		2,003,428
Goldman Sachs Group, Inc. (The) MTN
6.000%	05/01/2014				600,000		653,177
3.625%	08/01/2012				400,000		410,914
Macquarie Bank Ltd. (Australia)
2.600%	01/20/2012		ˆ§		1,050,000		1,078,668
Macquarie Group Ltd. (Australia)
7.300%	08/01/2014		ˆ		300,000		320,672
Morgan Stanley
6.000%	05/13/2014				400,000		426,271
Morgan Stanley, Series F MTN
2.550%	05/14/2010		#§		1,700,000		1,718,942
Nationwide Building Society (United Kingdom)
0.620%	05/17/2012		#ˆ		1,200,000		1,197,392
							10,100,628
Chemicals—1.1%
Dow Chemical Co. (The)
4.850%	08/15/2012				1,700,000		1,768,938
2.718%	08/08/2011		#§		1,700,000		1,727,974
E.I. du Pont de Nemours & Co.
4.125%	04/30/2010		§		1,000,000		1,022,026
							4,518,938
Commercial Banks—1.6%
BB&T Corp., Series A MTN
3.375%	09/25/2013				400,000		401,971
BNP Paribas MTN (France)
1.299%	06/11/2012		#§		1,400,000		1,416,723
US Bancorp
4.200%	05/15/2014				800,000		836,870
US Bancorp, Series P MTN
0.879%	02/04/2010		#§		1,500,000		1,502,598
US Bancorp, Series R MTN
2.125%	02/15/2013				550,000		547,936
Wachovia Bank NA, Bank Note
1.350%	05/14/2010		#§		1,500,000		1,508,257
Wells Fargo & Co., Series E MTN
3.980%	10/29/2010			$	255,000	$	259,880
Wells Fargo & Co., Series I MTN
3.750%	10/01/2014				420,000		418,370
							6,892,605
Communications Equipment—0.2%
Cisco Systems, Inc.
5.250%	02/22/2011		§		750,000		790,797
Computers & Peripherals—0.7%
Hewlett-Packard Co.
4.250%	02/24/2012				729,000		770,672
2.250%	05/27/2011		§		2,250,000		2,292,941
							3,063,613
Consumer Finance—1.1%
American Honda Finance Corp.
2.633%	06/29/2011		#ˆ		700,000		698,571
Ford Motor Credit Co. LLC
7.375%	10/28/2009				1,000,000		1,000,055
John Deere Capital Corp. MTN
1.052%	06/10/2011		#		650,000		654,353
0.931%	08/19/2010		#§		700,000		702,431
0.837%	02/26/2010		#§		1,300,000		1,302,354
LeasePlan Corp. NV (Netherlands)
3.000%	05/07/2012		ˆ		300,000		307,071
							4,664,835
Containers & Packaging—0.2%
Ball Corp.
6.875%	12/15/2012		§		445,000		450,563
Bemis Co., Inc.
5.650%	08/01/2014				290,000		308,227
							758,790
Diversified Consumer Services—0.1%
Stanford University
3.625%	05/01/2014				500,000		518,124
Diversified Financial Services—3.3%
Bank of America Corp.
6.500%	08/01/2016				600,000		631,559
BP Capital Markets plc (United Kingdom)
4.875%	03/15/2010		§		900,000		920,669
3.625%	05/08/2014				1,700,000		1,753,368
3.125%	03/10/2012				500,000		516,840
0.503%	03/17/2010		#§		1,200,000		1,201,570
CME Group, Inc.
5.750%	02/15/2014				1,000,000		1,095,510
Deutsche Bank AG (Germany)
3.875%	08/18/2014				700,000		709,418
Dexia Credit Local (France)
0.939%	09/23/2011		#ˆ		1,200,000		1,212,205
General Electric Capital Corp.
5.900%	05/13/2014				430,000		461,551
General Electric Capital Corp., Series A MTN
0.580%	01/20/2010		#§		3,500,000		3,500,056
JPMorgan Chase & Co., Series F MTN
1.050%	06/13/2011		#§		500,000		503,366
0.781%	11/19/2009		#		1,500,000		1,501,192
							14,007,304
Diversified Telecommunication Services—1.5%
AT&T, Inc.
4.850%	02/15/2014				600,000		638,845

See accompanying notes to schedule of investments.

45

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Diversified
Assets Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Bellsouth Capital Funding Corp.
7.750%	02/15/2010			$	1,640,000	$	1,683,299
Deutsche Telekom International Finance BV (Netherlands)
8.500%	06/15/2010		§		2,900,000		3,040,285
Qtel International Finance Ltd. (Bermuda)
6.500%	06/10/2014		ˆ		650,000		711,146
Qwest Capital Funding, Inc.
7.250%	02/15/2011				325,000		326,625
							6,400,200
Electric Utilities—2.7%
Columbus Southern Power Co., Series C
5.500%	03/01/2013				750,000		791,690
Consolidated Edison Co. of New York, Inc., Series 1999 B
7.150%	12/01/2009				2,000,000		2,020,818
Dominion Resources, Inc., Series D
5.125%	12/15/2009				1,500,000		1,511,536
Duke Energy Carolinas LLC
6.250%	01/15/2012				625,000		681,493
Duke Energy Carolinas LLC, Series D
7.375%	03/01/2010				1,850,000		1,898,180
Mirant Americas Generation LLC
8.300%	05/01/2011				320,000		327,200
Pacific Gas & Electric Co.
1.252%	06/10/2010		#§		2,565,000		2,579,851
Southern Co., Series 2008-A
1.125%	08/20/2010		#§		1,650,000		1,660,067
							11,470,835
Food & Staples Retailing—0.2%
Safeway, Inc.
5.800%	08/15/2012				700,000		759,237
Food Products—0.3%
General Mills, Inc.
6.000%	02/15/2012				500,000		543,551
Kraft Foods, Inc.
4.125%	11/12/2009		§		940,000		943,531
							1,487,082
Health Care Equipment & Supplies—0.1%
Boston Scientific Corp.
6.000%	06/15/2011		§		525,000		542,063
Health Care Providers & Services—0.6%
Express Scripts, Inc.
5.250%	06/15/2012				600,000		637,325
UnitedHealth Group, Inc.
0.472%	06/21/2010		#§		2,000,000		1,992,340
							2,629,665
Hotels, Restaurants & Leisure—0.3%
McDonald’s Corp., Series G MTN
5.750%	03/01/2012				750,000		816,542
Mohegan Tribal Gaming Authority
8.000%	04/01/2012				500,000		426,250
							1,242,792
Household Durables—0.8%
Clorox Co.
6.125%	02/01/2011		§	$	1,000,000	$	1,053,019
Kimberly-Clark Corp.
0.587%	07/30/2010		#§		2,200,000		2,203,544
							3,256,563
Household Products—0.6%
Procter & Gamble International Funding SCA (Luxembourg)
1.350%	08/26/2011		§		2,420,000		2,429,513
Independent Power Producers & Energy Traders—0.2%
Orion Power Holdings, Inc.
12.000%	05/01/2010				650,000		676,000
Industrial Conglomerates—0.2%
3M Co., Series E MTN
4.375%	08/15/2013				750,000		803,760
Insurance—1.4%
Allstate Corp. (The)
7.200%	12/01/2009				2,000,000		2,015,088
6.200%	05/16/2014				510,000		563,178
Berkshire Hathaway Finance Corp.
4.125%	01/15/2010		§		1,000,000		1,012,347
4.000%	04/15/2012		ˆ		750,000		786,759
Metropolitan Life Global Funding I
1.035%	06/25/2010		#ˆ		650,000		651,301
Prudential Financial, Inc., Series D MTN
3.625%	09/17/2012				710,000		714,878
							5,743,551
Life Sciences Tools & Services—0.2%
Howard Hughes Medical Institute
3.450%	09/01/2014				700,000		716,013
Machinery—0.4%
Honeywell International, Inc.
7.500%	03/01/2010		§		850,000		876,197
Ingersoll-Rand Global Holding Co. Ltd. (Bermuda)
1.954%	08/13/2010		#§		805,000		801,258
							1,677,455
Media—1.5%
COX Communications, Inc.
5.450%	12/15/2014				500,000		537,722
4.625%	01/15/2010		§		900,000		908,270
CSC Holdings, Inc., Series B
7.625%	04/01/2011				300,000		312,750
DirecTV Holdings LLC/DirecTV Financing Co., Inc.
4.750%	10/01/2014		ˆ		365,000		365,913
DISH DBS Corp.
6.375%	10/01/2011				325,000		332,313
Time Warner, Inc.
0.684%	11/13/2009		#		3,100,000		3,100,440
Viacom, Inc.
4.375%	09/15/2014				500,000		511,141
Walt Disney Co. (The), Series B MTN
6.375%	03/01/2012				375,000		412,000
							6,480,549
Metals & Mining—0.1%
Steel Dynamics, Inc.
7.375%	11/01/2012				325,000		329,875

See accompanying notes to schedule of investments.

46

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Diversified
Assets Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Multi-National—0.9%
International Bank for Reconstruction & Development (Supranational)
1.650%	05/18/2011		§	$	3,760,000	$	3,787,757
Oil, Gas & Consumable Fuels—1.7%
Chevron Corp.
3.950%	03/03/2014				1,000,000		1,053,979
ConocoPhillips
8.750%	05/25/2010		§		1,800,000		1,900,485
4.750%	02/01/2014				750,000		807,695
Consolidated Natural Gas Co., Series C
6.250%	11/01/2011				550,000		593,299
Kinder Morgan Energy Partners LP
7.125%	03/15/2012				900,000		983,512
Petroleos Mexicanos (Mexico)
4.875%	03/15/2015		ˆ		1,400,000		1,389,500
Ras Laffan Liquefied Natural Gas Co. Ltd. III (Qatar)
4.500%	09/30/2012		ˆ		650,000		676,473
							7,404,943
Paper & Forest Products—0.1%
Georgia-Pacific LLC
8.125%	05/15/2011				300,000		312,750
Pharmaceuticals—1.2%
GlaxoSmithKline Capital, Inc.
1.079%	05/13/2010		#§		1,500,000		1,506,196
Novartis Capital Corp.
4.125%	02/10/2014				600,000		634,200
Pfizer, Inc.
4.450%	03/15/2012				750,000		797,129
2.249%	03/15/2011		#§		1,750,000		1,799,961
Wyeth
6.950%	03/15/2011				500,000		537,396
							5,274,882
Road & Rail—0.1%
Canadian National Railway Co. (Canada)
6.375%	10/15/2011		§		500,000		548,448
Software—0.7%
Microsoft Corp.
2.950%	06/01/2014				900,000		913,113
Oracle Corp.
0.510%	05/14/2010		#§		2,200,000		2,194,881
							3,107,994
Specialty Retail—0.1%
GameStop Corp./GameStop, Inc.
8.000%	10/01/2012		§		550,000		570,625
Wireless Telecommunication Services—1.9%
Cellco Partnership/Verizon Wireless Capital LLC
5.550%	02/01/2014		ˆ		500,000		540,862
3.750%	05/20/2011		ˆ		600,000		619,280
3.025%	05/20/2011		#ˆ		500,000		517,510
Millicom International Cellular SA (Luxembourg)
10.000%	12/01/2013				1,500,000		1,563,750
New Cingular Wireless Services, Inc.
8.125%	05/01/2012		§		455,000		519,466
Sprint Capital Corp.
8.375%	03/15/2012		§		905,000		938,938
Vodafone Group plc (United Kingdom)
7.750%	02/15/2010		§	$	2,000,000	$	2,050,190
4.150%	06/10/2014				1,090,000		1,120,536
							7,870,532
TOTAL CORPORATE OBLIGATIONS
(Cost $123,543,762)							125,211,836
U.S. GOVERNMENT AGENCY OBLIGATIONS—22.9%
Government Backed Corporate (FDIC) Obligations—2.1%
Bank of America NA
1.700%	12/23/2010				2,400,000		2,429,242
Citigroup Funding, Inc.
0.591%	07/30/2010		#		2,000,000		2,003,714
General Electric Capital Corp.
1.800%	03/11/2011		§		2,000,000		2,025,560
JPMorgan Chase & Co.
1.650%	02/23/2011		§		1,175,000		1,188,249
State Street Bank and Trust Co.
0.499%	09/15/2011		#§		1,500,000		1,507,275
							9,154,040
U.S. Government Agency Obligations—20.8%
Federal Farm Credit Bank
4.750%	05/07/2010		§		12,500,000		12,832,025
0.852%	01/24/2011		#§		3,000,000		3,016,764
0.334%	05/18/2011		#		5,000,000		5,005,210
Federal Home Loan Bank
3.375%	12/18/2009				6,600,000		6,642,979
1.000%	02/28/2011				3,000,000		3,013,320
Federal Home Loan Bank Discount Notes
1.010%	02/12/2010				1,700,000		1,699,398
0.999%	02/04/2010				1,000,000		999,668
0.857%	12/10/2009				4,500,000		4,499,779
0.857%	01/11/2010				10,000,000		9,997,880
0.806%	12/08/2009				2,000,000		1,999,906
0.705%	01/13/2010				3,500,000		3,499,241
Federal Home Loan Mortgage Corp.
1.625%	04/26/2011		§		7,905,000		8,007,417
Federal Home Loan Mortgage Corp. Discount Note
0.948%	02/08/2010				3,500,000		3,498,800
Federal National Mortgage Association
2.150%	05/04/2012				3,350,000		3,373,986
1.500%	09/16/2010		§		10,400,000		10,497,667
1.375%	04/28/2011				1,500,000		1,513,665
0.400%	07/13/2010		#		5,000,000		4,999,805
Federal National Mortgage Association Discount Notes
0.806%	11/16/2009				1,000,000		999,929
0.050%	10/05/2009				2,000,000		1,999,986
							88,097,425
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $96,750,791)							97,251,465
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—4.0%
U.S. Government Agency Mortgage-Backed Securities—4.0%
Federal Home Loan Mortgage Corp. REMICS
5.500%	07/15/2027		§		2,984,277		3,083,565
4.500%	12/15/2022				1,661,245		1,714,286
3.000%	03/15/2030		§		3,583,727		3,604,678
Federal National Mortgage Association
5.000%	01/01/2018				3,318,038		3,527,748

See accompanying notes to schedule of investments.

47

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Diversified
Assets Fund

Coupon Rate		Maturity Date			Face		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—(Continued)
Federal National Mortgage Association REMICS
5.000%	06/25/2019			$	1,810,232	$	1,900,842
Government National Mortgage Association
6.500%	01/15/2039				1,444,199		1,535,861
4.500%	04/20/2024				1,754,225		1,832,133
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $17,011,336)							17,199,113
U.S. TREASURY OBLIGATIONS—15.7%
U.S. Treasury Bills—12.9%
U.S. Treasury Bill
0.400%	09/23/2010				9,000,000		8,966,529
0.391%	07/29/2010				10,000,000		9,977,010
0.361%	08/26/2010				3,000,000		2,991,171
0.309%	05/06/2010		‡‡		6,150,000		6,143,622
0.245%	12/10/2009				8,500,000		8,499,091
0.173%	11/19/2009				5,000,000		4,999,750
0.166%	10/22/2009				5,700,000		5,699,606
0.137%	12/17/2009		‡‡		4,700,000		4,699,276
0.100%	12/24/2009				1,000,000		999,778
0.069%	12/03/2009				2,000,000		1,999,836
							54,975,669
U.S. Treasury Inflation Protected Securities Notes—1.3%
U.S. Treasury Note
2.000%	01/15/2016		§		2,903,000		3,271,868
0.875%	04/15/2010				1,850,000		2,106,273
							5,378,141
U.S. Treasury Notes—1.5%
U.S. Treasury Note
1.375%	04/15/2012		‡‡		6,300,000		6,329,534
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $66,562,362)							66,683,344
MUNICIPAL OBLIGATIONS—1.8%
California General Obligation Bonds (California)
5.250%	04/01/2014				700,000		727,748
Citizens Property Insurance Corp. Revenue Bonds, Series 2007 A (Florida)
5.000%	03/01/2013				290,000		301,667
Citizens Property Insurance Corp. Revenue Bonds, Series 2009 A-1 (Florida)
5.000%	06/01/2012				1,100,000		1,142,581
Citizens Property Insurance Corp. Revenue Notes, Series 2009 A-2 (Florida)
4.500%	06/01/2010		§		3,500,000		3,541,685
New Jersey Economic Development Authority Revenue Bonds, Series 2004 (New Jersey)
5.000%	06/15/2011				400,000		409,504
New York State Urban Development Corp. Revenue Bonds, Series A (New York)
5.500%	01/01/2017		#§		1,300,000		1,367,678
TOTAL MUNICIPAL OBLIGATIONS
(Cost $7,391,339)							7,490,863
SOVEREIGN DEBT OBLIGATIONS—1.6%
Government Issued—1.6%
Brazilian Government International Bond (Brazil)
10.250%	06/17/2013			$	1,010,000	$	1,251,895
Colombia Government International Bond (Colombia)
10.000%	01/23/2012				1,070,000		1,262,065
Indonesia Government International Bond MTN Reg S (Indonesia)
10.375%	05/04/2014				500,000		606,722
Mexico Government International Bond, Series A MTN (Mexico)
6.375%	01/16/2013				1,060,000		1,167,590
Panama Government International Bond (Panama)
9.375%	07/23/2012				450,000		530,775
Republic of Chile (Chile)
5.500%	01/15/2013				650,000		728,715
Republic of South Africa (South Africa)
7.375%	04/25/2012				1,060,000		1,168,650
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $6,495,108)							6,716,412
ASSET BACKED SECURITIES—9.7%
Automobile—4.9%
Bank of America Auto Trust Series 2008-1A, Class A2B
1.546%	06/20/2011		#ˆ		993,358		995,103
Bank of America Auto Trust Series 2009-1A, Class A2
1.700%	12/15/2011		ˆ		1,540,000		1,544,787
BMW Vehicle Lease Trust Series 2009-1, Class A2
2.040%	04/15/2011		§		3,600,000		3,616,379
BMW Vehicle Lease Trust Series 2009-1, Class A1
0.792%	06/15/2010		§		826,521		827,078
Capital Auto Receivables Asset Trust Series 2007-SN1, Class A3B
0.303%	07/15/2010		#§		202,546		202,426
Carmax Auto Owner Trust Series 2009-1, Class A1
1.664%	05/07/2010		§		198,162		198,336
Ford Credit Auto Lease Trust Series 2009-A, Class A1
1.237%	06/15/2010		ˆ		394,739		395,448
Ford Credit Auto Lease Trust Series 2009-A, Class A2
2.600%	05/15/2011		ˆ		830,000		839,739
Ford Credit Auto Owner Trust Series 2009-D, Class A2
1.210%	01/15/2012				800,000		801,984
Honda Auto Receivables Owner Trust Series 2009-2, Class A1
1.318%	05/17/2010		§		446,008		446,652
Huntington Auto Trust Series 2008-1A, Class A2B
1.243%	11/15/2010		#ˆ		318,071		318,617
Mercedes-Benz Auto Receivables Trust Series 2009-1, Class A1
0.267%	10/15/2010				2,790,000		2,790,000
Nissan Auto Lease Trust Series 2009-A, Class A2
2.010%	04/15/2011				940,000		947,433
Nissan Auto Lease Trust Series 2009-A, Class A1
1.043%	06/15/2010		§		707,528		708,709

See accompanying notes to schedule of investments.

48

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Diversified
Assets Fund

Coupon Rate		Maturity Date			Face		Value
ASSET BACKED SECURITIES—(Continued)
Nissan Auto Lease Trust Series 2009-B, Class A1
0.410%	09/15/2010			$	2,600,000	$	2,601,346
Volkswagen Auto Lease Trust Series 2009-A, Class A2
2.870%	07/15/2011				1,300,000		1,317,328
Volkswagen Auto Lease Trust Series 2009-A, Class A1
1.452%	05/17/2010		§		506,704		507,566
Wachovia Auto Loan Owner Trust Series 2007-1, Class A3A
5.290%	04/20/2012				1,479,385		1,511,458
World Omni Auto Receivables Trust Series 2009-A, Class A1
1.622%	04/15/2010		§		324,195		324,611
							20,895,000
Credit Card—0.9%
Citibank Credit Card Issuance Trust Series 2006-C4, Class C4
0.474%	01/09/2012		#		2,180,000		2,158,384
GE Capital Credit Card Master Note Trust Series 2005-3, Class B
0.543%	06/15/2013		#		1,500,000		1,465,662
							3,624,046
Equipment Leasing—0.0%
CNH Equipment Trust Series 2009-B, Class A1
1.352%	06/04/2010		§		191,152		191,224
Home Equity—3.9%
Aegis Asset Backed Securities Trust Series 2005-3, Class A2
0.486%	08/25/2035		#		105,883		104,572
Ameriquest Mortgage Securities, Inc. Series 2003-AR3, Class M2
3.321%	10/25/2033		#		1,066,104		921,506
Ameriquest Mortgage Securities, Inc. Series 2005-R7, Class A2C
0.506%	09/25/2035		#		289,151		279,781
Argent Securities, Inc. Series 2005-W2, Class A2B1
0.446%	10/25/2035		#		1,375,785		1,064,896
Argent Securities, Inc. Series 2006-W3, Class A2B
0.366%	04/25/2036		#		253,023		245,596
Bear Stearns Asset Backed Securities Trust Series 2006-HE6, Class 1A1
0.276%	07/25/2036		#		29,984		29,819
Countrywide Asset-Backed Certificates Series 2005-11, Class 3AV2
0.536%	02/25/2036		#		925,660		844,738
Countrywide Asset-Backed Certificates Series 2005-12, Class 2A3
5.069%	02/25/2036		#		936,692		904,085
Countrywide Asset-Backed Certificates Series 2004-AB1, Class 2A3
0.766%	02/25/2035		#		826,042		793,564
First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF6, Class A2B
0.466%	05/25/2036		#		135,017		133,359
Lehman XS Trust Series 2005-8, Class 2A1A
0.446%	12/25/2035		#		832,629		790,849
Long Beach Mortgage Loan Trust Series 2005-WL2, Class 3A1
0.426%	08/25/2035		#	$	133,638	$	131,488
Mastr Asset Backed Securities Trust Series 2006-WMC1, Class A2
0.356%	02/25/2036		#		75,250		74,524
Option One Mortgage Loan Trust Series 2005-4, Class A3
0.506%	11/25/2035		#		1,392,022		1,136,968
Option One Mortgage Loan Trust Series 2006-1, Class 2A2
0.376%	01/25/2036		#		164,246		160,732
Park Place Securities, Inc. Series 2004-WHQ2, Class A3E
0.666%	02/25/2035		#		1,219,473		1,156,482
Residential Asset Mortgage Products, Inc. Series 2005-RS2, Class AII3
0.596%	02/25/2035		#		631,638		575,016
Residential Asset Securities Corp. Series 2005-KS5, Class M1
0.656%	06/25/2035		#		532,265		518,429
Saxon Asset Securities Trust Series 2005-4, Class A2C
0.496%	11/25/2037		#		1,268,591		1,185,718
Soundview Home Equity Loan Trust Series 2005-OPT4, Class 2A3
0.506%	12/25/2035		#		2,643,413		2,002,514
Soundview Home Equity Loan Trust Series 2006-OPT5, Class 2A2
0.336%	07/25/2036		#		12,954		12,838
Soundview Home Equity Loan Trust Series 2006-OPT4, Class 2A2
0.336%	06/25/2036		#		641,120		611,114
Specialty Underwriting & Residential Finance Series 2006-BC1, Class A2B
0.396%	12/25/2036		#		59,429		58,940
Specialty Underwriting & Residential Finance Series 2005-BC3, Class A2C
0.616%	06/25/2036		#		804,392		768,776
Structured Asset Investment Loan Trust Series 2003-BC1, Class A2
0.926%	01/25/2033		#		2,619,459		1,725,306
Structured Asset Investment Loan Trust Series 2006-BNC3, Class A2
0.286%	09/25/2036		#		291,651		287,787
							16,519,397
TOTAL ASSET BACKED SECURITIES
(Cost $42,865,705)							41,229,667
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—0.7%
Mortgage Backed—0.7%
HSI Asset Securitization Corp. Trust Series 2005-NC2, Class 2A3
0.506%	08/25/2035		#		60,212		59,214
Thornburg Mortgage Securities Trust Series 2004-1, Class II2A
3.195%	03/25/2044		#§		1,153,799		1,004,458
Wells Fargo Mortgage Backed Securities Trust Series 2004-6, Class A13
0.696%	06/25/2034		#§		1,834,542		1,760,517
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $2,860,207)							2,824,189

See accompanying notes to schedule of investments.

49

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Diversified
Assets Fund

Coupon Rate		Maturity Date			Face		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS—0.6%
Non-U.S. Government Agency Obligations—0.6%
Export-Import Bank of Korea (Korea, Republic of)
5.500%	10/17/2012			$	500,000	$	527,797
Japan Finance Corp. (Japan)
2.000%	06/24/2011				500,000		506,605
Kreditanstalt fuer Wiederaufbau (Germany)
1.875%	03/15/2011		§		1,400,000		1,420,251
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $2,424,970)							2,454,653

 

	Contracts	Value
PURCHASED OPTIONS—0.5%
Call—Euro Bund, Expires 11/30/2009, Strike EUR 113.00	106	1,377,422
Put—U.S. 10 Year Note Futures, Expires 11/20/2009, Strike $137.00	36	672,188
TOTAL PURCHASED OPTIONS
(Cost $1,943,193)		2,049,610

 

	Shares	Value
CASH EQUIVALENTS—14.0%
Institutional Money Market Fund—13.3%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	56,271,361	56,271,361

 

Coupon Rate		Maturity Date		Face		Value
Certificates of Deposit—0.7%
Barclays Bank plc (United Kingdom)
1.550%	07/23/2010		$	3,100,000		3,120,212
TOTAL CASH EQUIVALENTS
(Cost $59,371,361)						59,391,573
TOTAL INVESTMENTS—101.0%
(Cost $427,220,134)						428,502,725
Other assets less liabilities—(1.0%)						(4,234,937	)
NET ASSETS—100.0%					$	424,267,788

 

Legend to the Schedule of Investments:
EUR	European Monetary Unit
MTN	Medium Term Note
Reg S	Security sold outside Unites States without registration under the Securities Act of 1933
REMICS	Real Estate Mortgage Investment Conduits
ˆ	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 144A securities represent 3.6% of Total Investments.
§	Security has been segregated to cover economic leverage under certain derivatives contracts which may include, but are not limited to, futures, swaps, forwards, options and TBA’s, a security that is subject to delayed delivery.
#	Rate is subject to change. Rate shown reflects current rate.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts.

 

See accompanying notes to schedule of investments.

50

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—19.6%
Aerospace & Defense—0.2%
Boeing Co. (The)
6.125%	02/15/2033			$	100,000	$	111,764
5.125%	02/15/2013				250,000		269,063
Lockheed Martin Corp., Series B
6.150%	09/01/2036				250,000		287,172
Northrop Grumman Systems Corp.
7.750%	02/15/2031				250,000		330,645
United Technologies Corp.
6.700%	08/01/2028				150,000		180,407
6.100%	05/15/2012				50,000		55,523
4.875%	05/01/2015				500,000		547,526
							1,782,100
Auto Components—0.0%
Johnson Controls, Inc.
5.500%	01/15/2016				250,000		259,312
Automobiles—0.1%
Daimler Finance North America LLC
7.300%	01/15/2012		†		1,000,000		1,079,366
Beverages—0.4%
Anheuser-Busch Cos., Inc.
6.800%	01/15/2031				350,000		384,475
Bottling Group LLC
5.500%	04/01/2016		†		500,000		547,096
Cia de Bebidas das Americas (Brazil)
8.750%	09/15/2013				100,000		117,500
Coca-Cola Enterprises, Inc.
8.500%	02/01/2022				500,000		674,169
Diageo Finance BV (Netherlands)
5.300%	10/28/2015				750,000		812,782
Dr. Pepper Snapple Group, Inc.
6.820%	05/01/2018				500,000		569,332
PepsiCo, Inc.
3.750%	03/01/2014				1,000,000		1,042,262
							4,147,616
Biotechnology—0.2%
Amgen, Inc.
6.150%	06/01/2018				1,000,000		1,132,850
5.850%	06/01/2017				250,000		275,394
Genentech, Inc.
5.250%	07/15/2035				100,000		99,641
4.750%	07/15/2015				200,000		216,055
							1,723,940
Capital Markets—1.7%
Bear Stearns Cos. LLC (The)
7.250%	02/01/2018				250,000		285,966
6.400%	10/02/2017				1,000,000		1,089,583
5.700%	11/15/2014				50,000		53,614
Bear Stearns Cos. LLC (The), Series B MTN
6.950%	08/10/2012				500,000		556,956
Credit Suisse USA, Inc.
6.500%	01/15/2012				350,000		379,449
6.125%	11/15/2011				1,000,000		1,080,024
5.500%	08/15/2013		†		150,000		162,169
5.125%	01/15/2014				500,000		528,315
5.125%	08/15/2015				500,000		528,525
Goldman Sachs Group, Inc. (The)
6.875%	01/15/2011			$	250,000	$	265,543
6.600%	01/15/2012				650,000		706,192
6.250%	09/01/2017		†		1,000,000		1,059,245
6.150%	04/01/2018				500,000		526,827
6.125%	02/15/2033				700,000		750,841
5.700%	09/01/2012				250,000		269,925
5.450%	11/01/2012				500,000		535,867
5.150%	01/15/2014				500,000		525,472
5.125%	01/15/2015				500,000		523,117
5.000%	10/01/2014				1,053,000		1,109,639
Jefferies Group, Inc.
6.250%	01/15/2036				350,000		280,725
Lehman Brothers Holdings, Inc.
6.875%	07/17/2037		Δ		500,000		50
6.500%	07/19/2017		Δ†		500,000		50
Merrill Lynch & Co., Inc.
6.875%	11/15/2018				250,000		264,285
6.220%	09/15/2026				1,000,000		950,307
Merrill Lynch & Co., Inc. MTN
6.875%	04/25/2018				750,000		790,049
Morgan Stanley
7.250%	04/01/2032				100,000		116,347
6.750%	04/15/2011				1,500,000		1,599,996
Morgan Stanley MTN
5.450%	01/09/2017				1,000,000		1,002,883
Morgan Stanley, Series F MTN
6.000%	04/28/2015				1,000,000		1,060,222
5.950%	12/28/2017				500,000		509,895
Washington Mutual Bank FA
5.650%	08/15/2014		Δ		250,000		937
							17,513,015
Chemicals—0.2%
Dow Chemical Co. (The)
7.375%	11/01/2029				250,000		260,697
6.000%	10/01/2012				150,000		159,867
E.I. du Pont de Nemours & Co.
4.750%	11/15/2012				500,000		537,842
Monsanto Co.
5.500%	08/15/2025		†		500,000		524,154
Potash Corp. of Saskatchewan, Inc. (Canada)
4.875%	03/01/2013				500,000		528,212
Praxair, Inc.
3.950%	06/01/2013				150,000		156,744
							2,167,516
Commercial Banks—1.2%
Bank of Tokyo-Mitsubishi UFJ Ltd.
7.400%	06/15/2011				250,000		274,018
Bank One Corp.
5.900%	11/15/2011				750,000		802,299
Barclays Bank plc (United Kingdom)
5.450%	09/12/2012				1,000,000		1,075,347
BB&T Corp.
5.250%	11/01/2019				500,000		498,493
Capital One Financial Corp.
6.150%	09/01/2016				500,000		491,678
Fifth Third Capital Trust IV
6.500%	04/15/2037		#		1,000,000		690,000
First Union Institutional Capital I
8.040%	12/01/2026				1,000,000		969,701
FleetBoston Financial Corp.
6.875%	01/15/2028				150,000		150,463
HSBC Holdings plc (United Kingdom)
5.250%	12/12/2012				150,000		159,317

See accompanying notes to schedule of investments.

51

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
JPMorgan Chase Bank NA, Bank Note
6.000%	10/01/2017			$	500,000	$	526,709
National City Corp.
6.875%	05/15/2019				500,000		543,806
Regions Bank
6.450%	06/26/2037				500,000		362,045
Royal Bank of Canada (Canada)
5.650%	07/20/2011				500,000		537,504
Royal Bank of Scotland Group plc (United Kingdom)
5.000%	10/01/2014				750,000		679,057
Suntrust Banks, Inc.
5.200%	01/17/2017				250,000		233,637
Swiss Bank Corp. of New York
7.375%	06/15/2017				100,000		99,998
7.000%	10/15/2015				100,000		109,335
U.S. Bank NA, Bank Note
4.800%	04/15/2015				250,000		264,443
UBS AG (Switzerland)
5.875%	07/15/2016				1,000,000		999,650
Wachovia Bank NA, Bank Note
4.875%	02/01/2015				1,500,000		1,540,213
Wells Fargo & Co.
5.000%	11/15/2014				750,000		771,222
Wells Fargo Bank NA
5.950%	08/26/2036				500,000		509,217
Wells Fargo Bank NA, Bank Note
6.450%	02/01/2011				250,000		263,420
							12,551,572
Commercial Services & Supplies—0.1%
R.R. Donnelley & Sons Co.
4.950%	04/01/2014				550,000		529,756
Waste Management, Inc.
7.000%	07/15/2028				550,000		601,894
							1,131,650
Communications Equipment—0.1%
Cisco Systems, Inc.
5.500%	02/22/2016				500,000		551,324
4.950%	02/15/2019				500,000		526,577
Motorola, Inc.
7.500%	05/15/2025				500,000		456,265
							1,534,166
Computers & Peripherals—0.1%
International Business Machines Corp.
7.000%	10/30/2025				500,000		602,397
4.750%	11/29/2012				250,000		270,608
							873,005
Construction Materials—0.1%
CRH America, Inc.
6.000%	09/30/2016				750,000		769,963
Lafarge SA (France)
6.500%	07/15/2016				750,000		750,555
							1,520,518
Consumer Finance—0.8%
American Express Co.
6.800%	09/01/2066		#		1,000,000		865,000
4.875%	07/15/2013		†		1,000,000		1,031,312
Boeing Capital Corp.
6.100%	03/01/2011			$	500,000	$	531,241
HSBC Finance Capital Trust IX
5.911%	11/30/2035		#		500,000		380,000
HSBC Finance Corp.
7.000%	05/15/2012				1,500,000		1,621,366
6.375%	11/27/2012				1,000,000		1,076,155
International Lease Finance Corp., Series Q MTN
5.450%	03/24/2011				1,000,000		922,137
John Deere Capital Corp.
7.000%	03/15/2012				350,000		390,771
ORIX Corp. (Japan)
5.480%	11/22/2011				250,000		238,041
SLM Corp.
5.450%	04/25/2011				750,000		707,632
SLM Corp., Series A MTN
5.000%	10/01/2013				500,000		398,370
							8,162,025
Diversified Financial Services—2.1%
Associates Corp. of North America
6.950%	11/01/2018				250,000		244,998
Bank of America Corp.
7.750%	08/15/2015				750,000		811,078
6.800%	03/15/2028				500,000		497,444
5.750%	12/01/2017				1,000,000		999,785
5.420%	03/15/2017				700,000		669,826
BP Capital Markets plc (United Kingdom)
5.250%	11/07/2013				1,000,000		1,096,443
Citigroup, Inc.
6.625%	06/15/2032				150,000		136,672
6.125%	11/21/2017		†		750,000		745,816
6.000%	02/21/2012				350,000		363,785
6.000%	08/15/2017		†		600,000		592,669
5.850%	12/11/2034				500,000		430,485
5.625%	08/27/2012				150,000		151,767
5.500%	04/11/2013				2,000,000		2,048,276
Deutsche Bank AG (Germany)
6.000%	09/01/2017				1,150,000		1,243,012
Deutsche Bank Financial LLC MTN
5.375%	03/02/2015				250,000		254,416
General Electric Capital Corp.
6.375%	11/15/2067		#		1,000,000		828,739
4.800%	05/01/2013				1,000,000		1,038,935
General Electric Capital Corp. MTN
5.875%	01/14/2038				600,000		552,055
5.400%	02/15/2017				250,000		249,610
General Electric Capital Corp., Series A MTN
6.750%	03/15/2032				750,000		767,916
6.000%	06/15/2012				1,000,000		1,071,692
5.875%	02/15/2012		†		500,000		532,683
5.625%	09/15/2017				750,000		760,608
IBM International Group Capital LLC
5.050%	10/22/2012				990,000		1,078,191
JPMorgan Chase & Co.
6.625%	03/15/2012		†		1,500,000		1,638,577
6.400%	05/15/2038				300,000		337,030
5.750%	01/02/2013				750,000		801,073
5.375%	10/01/2012				270,000		290,718
4.750%	03/01/2015				1,000,000		1,044,063
National Rural Utilities Cooperative Finance Corp., Series C MTN
7.250%	03/01/2012				500,000		552,502
Western Union Co. (The)
5.400%	11/17/2011				750,000		799,363
							22,630,227

See accompanying notes to schedule of investments.

52

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Diversified Telecommunication Services—1.3%
AT&T, Inc.
6.550%	02/15/2039			$	600,000	$	656,377
6.300%	01/15/2038				250,000		262,795
6.250%	03/15/2011				250,000		266,586
6.150%	09/15/2034				500,000		512,628
5.625%	06/15/2016				150,000		161,589
BellSouth Capital Funding Corp.
7.875%	02/15/2030				900,000		1,081,874
BellSouth Corp.
6.875%	10/15/2031				350,000		383,792
6.000%	10/15/2011				250,000		270,111
British Telecommunications plc (United Kingdom)
9.625%	12/15/2030				150,000		192,657
9.125%	12/15/2010				1,000,000		1,076,986
Deutsche Telekom International Finance BV (Netherlands)
8.750%	06/15/2030				750,000		973,897
Embarq Corp.
7.082%	06/01/2016				500,000		544,004
France Telecom SA (France)
8.500%	03/01/2031				500,000		693,329
Qwest Corp.
6.500%	06/01/2017		†		500,000		472,500
Telecom Italia Capital SA (Luxembourg)
6.999%	06/04/2018				500,000		553,453
6.000%	09/30/2034				250,000		244,493
5.250%	11/15/2013				350,000		368,521
4.950%	09/30/2014		†		500,000		517,960
Telefonica Emisiones SAU (Spain)
6.421%	06/20/2016				500,000		562,309
Telefonica Europe BV (Netherlands)
8.250%	09/15/2030				350,000		454,508
Verizon Communications, Inc.
6.400%	02/15/2038				500,000		536,059
5.850%	09/15/2035				750,000		757,587
Verizon Global Funding Corp.
7.750%	12/01/2030				500,000		605,796
7.375%	09/01/2012				1,000,000		1,136,978
Verizon Virginia, Inc., Series A
4.625%	03/15/2013				250,000		259,912
							13,546,701
Electric Utilities—1.6%
Alabama Power Co., Series Q
5.500%	10/15/2017				150,000		163,341
Arizona Public Service Co.
6.500%	03/01/2012				150,000		159,718
Columbus Southern Power Co., Series C
5.500%	03/01/2013				150,000		158,338
Commonwealth Edison Co.
5.800%	03/15/2018				100,000		108,214
Consolidated Edison Co. of New York, Inc., Series 2006-C
5.500%	09/15/2016				500,000		537,729
Constellation Energy Group, Inc.
7.600%	04/01/2032				150,000		161,474
7.000%	04/01/2012				500,000		538,146
Consumers Energy Co., Series P
5.500%	08/15/2016				150,000		160,736
DTE Energy Co.
7.050%	06/01/2011				350,000		372,504
Duke Energy Carolinas LLC
6.450%	10/15/2032			$	500,000	$	577,857
Duke Energy Ohio, Inc.
5.700%	09/15/2012				150,000		163,497
Exelon Corp.
4.900%	06/15/2015				350,000		363,261
FirstEnergy Corp., Series B
6.450%	11/15/2011				8,000		8,657
FirstEnergy Corp., Series C
7.375%	11/15/2031				250,000		281,035
Florida Power & Light Co.
5.625%	04/01/2034				50,000		54,206
4.950%	06/01/2035				500,000		500,401
4.850%	02/01/2013				150,000		160,300
Florida Power Corp.
6.400%	06/15/2038				500,000		593,609
FPL Group Capital, Inc.
6.000%	03/01/2019				250,000		280,854
Indiana Michigan Power Co.
7.000%	03/15/2019				500,000		577,219
Jersey Central Power & Light
5.625%	05/01/2016				500,000		532,146
MidAmerican Energy Co.
6.750%	12/30/2031				250,000		296,117
MidAmerican Energy Holdings Co.
6.125%	04/01/2036				500,000		541,549
MidAmerican Energy Holdings Co., Series D
5.000%	02/15/2014				150,000		158,741
National Grid plc (United Kingdom)
6.300%	08/01/2016				250,000		274,104
Nisource Finance Corp.
5.450%	09/15/2020				500,000		460,368
Northern States Power Co., Series B
8.000%	08/28/2012				150,000		174,506
Ohio Power Co., Series K
6.000%	06/01/2016				500,000		538,698
Oncor Electric Delivery Co.
6.375%	05/01/2012				350,000		380,291
Ontario Electricity Financial Corp. (Canada)
7.450%	03/31/2013				350,000		399,381
Pacific Gas & Electric Co.
6.050%	03/01/2034				500,000		558,054
Pepco Holdings, Inc.
6.450%	08/15/2012				150,000		161,051
Potomac Electric Power Co.
7.900%	12/15/2038				500,000		671,177
PPL Capital Funding, Inc., Series A
6.700%	03/30/2067		#		500,000		418,083
Progress Energy, Inc.
7.750%	03/01/2031				250,000		313,834
7.100%	03/01/2011				188,000		199,367
PSEG Power LLC
8.625%	04/15/2031		†		500,000		678,198
Scottish Power Ltd. (United Kingdom)
5.375%	03/15/2015				500,000		532,444
South Carolina Electric & Gas Co.
5.300%	05/15/2033				150,000		153,583
Southern California Edison Co.
6.650%	04/01/2029		†		500,000		569,916
Southern Power Co., Series D
4.875%	07/15/2015				350,000		362,987
Union Electric Co.
6.400%	06/15/2017				500,000		553,154
Virginia Electric and Power Co.
5.950%	09/15/2017				500,000		555,223
5.400%	04/30/2018				500,000		535,949

See accompanying notes to schedule of investments.

53

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Virginia Electric and Power Co., Series B
6.000%	01/15/2036			$	500,000	$	553,539
Wisconsin Electric Power
5.625%	05/15/2033				250,000		267,026
							16,760,582
Electrical Equipment—0.0%
Emerson Electric Co.
5.000%	12/15/2014				150,000		163,247
Electronic Equipment, Instruments & Components—0.0%
Arrow Electronics, Inc.
6.875%	07/01/2013				250,000		270,323
Energy Equipment & Services—0.1%
Halliburton Co.
7.450%	09/15/2039		†		600,000		762,875
Transocean, Inc. (Cayman Islands)
6.800%	03/15/2038				500,000		574,314
							1,337,189
Food & Staples Retailing—0.1%
CVS Caremark Corp.
6.600%	03/15/2019		†		500,000		564,643
4.875%	09/15/2014				530,000		561,455
Kroger Co. (The)
7.500%	04/01/2031				200,000		249,328
							1,375,426
Food Products—0.4%
Archer-Daniels Midland Co.
5.450%	03/15/2018				750,000		814,110
Bunge Ltd. Finance Corp.
5.350%	04/15/2014				500,000		519,067
Campbell Soup Co.
4.875%	10/01/2013				250,000		270,973
ConAgra Foods, Inc.
6.750%	09/15/2011				11,000		12,008
5.819%	06/15/2017				153,000		165,049
General Mills, Inc.
5.700%	02/15/2017				500,000		544,856
H.J. Heinz Finance Co.
6.625%	07/15/2011				250,000		269,801
Kraft Foods, Inc.
6.875%	02/01/2038				500,000		552,244
6.500%	11/01/2031				100,000		104,376
Unilever Capital Corp.
7.125%	11/01/2010				500,000		533,940
							3,786,424
Gas Utilities—0.1%
KeySpan Corp.
7.625%	11/15/2010				350,000		368,392
Sempra Energy
6.150%	06/15/2018				500,000		542,522
							910,914
Health Care Equipment & Supplies—0.2%
Baxter International, Inc.
5.900%	09/01/2016				400,000		450,113
CareFusion Corp.
6.375%	08/01/2019		ˆ		500,000		543,279
Covidien International Finance SA (Luxembourg)
6.000%	10/15/2017			$	500,000	$	555,606
Johnson & Johnson
5.950%	08/15/2037				250,000		285,689
4.950%	05/15/2033				200,000		199,299
							2,033,986
Health Care Providers & Services—0.2%
Aetna, Inc.
6.625%	06/15/2036				250,000		260,529
UnitedHealth Group, Inc.
6.000%	02/15/2018		†		500,000		526,287
5.375%	03/15/2016				500,000		507,730
WellPoint, Inc.
6.800%	08/01/2012				150,000		163,566
5.250%	01/15/2016				1,000,000		1,021,125
							2,479,237
Hotels, Restaurants & Leisure—0.1%
McDonald’s Corp., Series I MTN
5.350%	03/01/2018				500,000		546,457
Yum! Brands, Inc.
6.875%	11/15/2037				400,000		444,590
							991,047
Household Durables—0.2%
Fortune Brands, Inc.
5.375%	01/15/2016				750,000		750,364
Kimberly-Clark Corp.
6.125%	08/01/2017				500,000		570,281
5.625%	02/15/2012				250,000		269,031
							1,589,676
Household Products—0.0%
Procter & Gamble Co. (The)
5.800%	08/15/2034				250,000		279,989
Industrial Conglomerates—0.3%
3M Co. MTN
5.700%	03/15/2037				250,000		282,889
General Electric Co.
5.000%	02/01/2013				2,796,000		2,951,759
							3,234,648
Insurance—0.7%
AEGON Funding Co. LLC
5.750%	12/15/2020				500,000		472,120
Allstate Corp. (The)
5.350%	06/01/2033				500,000		488,482
American International Group, Inc.
4.250%	05/15/2013				100,000		83,346
American International Group, Inc., Series G MTN
5.850%	01/16/2018				1,000,000		725,098
Assurant, Inc.
5.625%	02/15/2014				500,000		515,032
AXA SA (France)
8.600%	12/15/2030				250,000		260,593
Berkshire Hathaway Finance Corp.
5.000%	08/15/2013				1,500,000		1,630,602
Chubb Corp.
6.375%	03/29/2067		#		500,000		457,500
Cincinnati Financial Corp.
6.125%	11/01/2034				500,000		406,686
Hartford Financial Services Group, Inc.
6.100%	10/01/2041				150,000		124,267
Lincoln National Corp.
6.150%	04/07/2036				250,000		228,879

See accompanying notes to schedule of investments.

54

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Marsh & McLennan Cos., Inc.
5.750%	09/15/2015			$	250,000	$	263,958
MetLife, Inc.
5.700%	06/15/2035				250,000		257,996
Progressive Corp. (The)
6.625%	03/01/2029				150,000		162,974
Prudential Financial, Inc., Series D MTN
5.700%	12/14/2036				250,000		224,754
Travelers Property Casualty Corp.
7.750%	04/15/2026				500,000		610,584
							6,912,871
IT Services—0.0%
Computer Sciences Corp.
7.375%	06/15/2011				100,000		108,150
Electronic Data Systems LLC, Series B
6.000%	08/01/2013				150,000		167,517
							275,667
Machinery—0.1%
Caterpillar, Inc.
6.050%	08/15/2036		†		500,000		549,159
Deere & Co.
6.950%	04/25/2014				250,000		289,615
Honeywell International, Inc.
6.125%	11/01/2011				250,000		272,940
Tyco International Finance SA (Luxembourg)
6.375%	10/15/2011				400,000		431,407
							1,543,121
Media—1.0%
CBS Corp.
7.875%	07/30/2030				250,000		238,914
5.625%	08/15/2012				50,000		51,892
Comcast Corp.
6.450%	03/15/2037				500,000		531,194
6.300%	11/15/2017		†		1,000,000		1,097,344
5.650%	06/15/2035				500,000		485,192
COX Communications, Inc.
5.500%	10/01/2015				75,000		80,216
5.450%	12/15/2014				300,000		322,633
4.625%	06/01/2013				250,000		259,928
News America Holdings, Inc.
8.000%	10/17/2016				150,000		173,953
7.750%	12/01/2045				200,000		213,514
Omnicom Group, Inc.
5.900%	04/15/2016				500,000		528,242
Thomson Reuters Corp. (Canada)
6.500%	07/15/2018				500,000		566,231
Time Warner Cable, Inc.
6.200%	07/01/2013				1,000,000		1,090,310
Time Warner Entertainment Co. LP
8.375%	03/15/2023				500,000		601,050
8.375%	07/15/2033				500,000		602,648
Time Warner, Inc.
6.875%	05/01/2012				150,000		165,221
5.875%	11/15/2016				2,000,000		2,123,916
Viacom, Inc.
6.875%	04/30/2036				400,000		423,882
6.250%	04/30/2016				500,000		540,007
Walt Disney Co. (The), Series B MTN
7.000%	03/01/2032		†		500,000		614,505
							10,710,792
Metals & Mining—0.5%
Alcoa, Inc.
5.550%	02/01/2017			$	750,000	$	729,135
BHP Billiton Finance USA Ltd. (Australia)
6.500%	04/01/2019				1,000,000		1,162,309
4.800%	04/15/2013				150,000		160,108
Rio Tinto Alcan, Inc. (Canada)
6.125%	12/15/2033				150,000		152,844
4.875%	09/15/2012				350,000		363,406
Rio Tinto Finance USA Ltd. (Australia)
5.875%	07/15/2013				1,000,000		1,078,341
Southern Copper Corp.
7.500%	07/27/2035				250,000		250,389
Vale Overseas Ltd. (Cayman Islands)
6.875%	11/21/2036				100,000		103,703
6.250%	01/23/2017		†		750,000		804,820
							4,805,055
Multiline Retail—0.3%
Target Corp.
7.000%	07/15/2031				350,000		395,752
6.000%	01/15/2018		†		500,000		564,240
Wal-Mart Stores, Inc.
7.550%	02/15/2030				250,000		322,332
5.250%	09/01/2035				750,000		753,668
4.550%	05/01/2013				500,000		540,103
4.125%	02/15/2011				250,000		260,595
							2,836,690
Multi-National—0.9%
Asian Development Bank/Pasig (Supranational)
2.750%	05/21/2014				1,000,000		1,011,501
2.125%	03/15/2012				1,000,000		1,019,662
European Investment Bank (Supranational)
5.125%	09/13/2016		†		1,000,000		1,108,282
4.625%	03/21/2012				2,000,000		2,150,450
4.625%	05/15/2014				500,000		545,422
3.375%	06/12/2013		†		500,000		516,284
Inter-American Development Bank (Supranational)
5.000%	04/05/2011				1,000,000		1,060,626
Inter-American Development Bank MTN (Supranational)
3.500%	03/15/2013				500,000		523,818
International Bank for Reconstruction & Development (Supranational)
7.625%	01/19/2023				250,000		334,258
International Finance Corp. (Supranational)
5.125%	05/02/2011				1,000,000		1,062,862
							9,333,165
Office Electronics—0.2%
Pitney Bowes, Inc.
5.000%	03/15/2015				500,000		531,978
Pitney Bowes, Inc. MTN
4.750%	01/15/2016				200,000		208,874
Xerox Corp.
6.875%	08/15/2011				750,000		800,288
6.350%	05/15/2018				500,000		520,664
							2,061,804
Oil, Gas & Consumable Fuels—1.6%
Alberta Energy Co. Ltd. (Canada)
7.375%	11/01/2031				400,000		460,104
Anadarko Petroleum Corp.
8.700%	03/15/2019		†		500,000		598,833
Apache Finance Canada Corp. (Canada)
7.750%	12/15/2029				150,000		196,216

See accompanying notes to schedule of investments.

55

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Canadian Natural Resources Ltd. (Canada)
5.850%	02/01/2035			$	500,000	$	504,976
5.450%	10/01/2012				250,000		268,051
CenterPoint Energy Resources Corp., Series B
7.875%	04/01/2013				850,000		957,885
ConocoPhillips Holding Co.
6.950%	04/15/2029				1,250,000		1,471,111
Devon Financing Corp. ULC (Canada)
6.875%	09/30/2011				750,000		816,332
EnCana Corp. (Canada)
6.300%	11/01/2011				250,000		270,780
Energy Transfer Partners LP
5.950%	02/01/2015				750,000		788,237
Enterprise Products Operating LLC, Series D
6.875%	03/01/2033				150,000		168,523
Enterprise Products Operating LLC, Series G
5.600%	10/15/2014				150,000		159,943
Hess Corp.
7.300%	08/15/2031				250,000		281,841
6.650%	08/15/2011				150,000		161,037
Kinder Morgan Energy Partners LP
7.300%	08/15/2033				500,000		536,984
Marathon Oil Corp.
6.125%	03/15/2012				350,000		378,901
5.900%	03/15/2018				500,000		523,421
Nexen, Inc. (Canada)
6.400%	05/15/2037				500,000		488,318
5.050%	11/20/2013				250,000		257,053
ONEOK Partners LP
6.150%	10/01/2016				500,000		522,060
Petrobras International Finance Co. (Cayman Islands)
8.375%	12/10/2018				250,000		296,250
6.125%	10/06/2016				500,000		536,250
Petro-Canada (Canada)
5.950%	05/15/2035				250,000		246,939
Petroleos Mexicanos (Mexico)
8.000%	05/03/2019		ˆ		250,000		286,750
Shell International Finance BV (Netherlands)
5.200%	03/22/2017				1,000,000		1,089,956
Suncor Energy, Inc. (Canada)
7.150%	02/01/2032				500,000		548,974
Tennessee Gas Pipeline Co.
7.000%	10/15/2028				350,000		374,696
Texas Eastern Transmission LP
7.000%	07/15/2032				150,000		173,100
TransCanada Pipelines Ltd. (Canada)
5.850%	03/15/2036				500,000		531,172
4.000%	06/15/2013				250,000		254,939
Union Pacific Resources Group, Inc.
7.150%	05/15/2028				350,000		349,071
Valero Energy Corp.
6.125%	06/15/2017				500,000		517,009
4.750%	06/15/2013				500,000		501,008
Williams Cos., Inc.
7.875%	09/01/2021				500,000		541,892
XTO Energy, Inc.
5.500%	06/15/2018				300,000		310,128
4.900%	02/01/2014				750,000		778,771
							17,147,511
Paper & Forest Products—0.1%
International Paper Co.
7.950%	06/15/2018				500,000		542,838
Pharmaceuticals—0.7%
Abbott Laboratories
5.875%	05/15/2016			$	1,000,000	$	1,116,123
AstraZeneca plc (United Kingdom)
5.900%	09/15/2017		†		750,000		840,512
Bristol-Myers Squibb Co.
5.875%	11/15/2036				350,000		388,758
5.450%	05/01/2018				500,000		547,034
Eli Lilly & Co.
6.770%	01/01/2036				250,000		308,842
GlaxoSmithKline Capital, Inc.
4.850%	05/15/2013				1,000,000		1,075,226
4.375%	04/15/2014				500,000		530,097
Merck & Co., Inc.
4.750%	03/01/2015				350,000		381,112
4.375%	02/15/2013				200,000		209,089
Pharmacia Corp.
6.500%	12/01/2018				350,000		401,887
Schering-Plough Corp.
6.750%	12/01/2033				250,000		302,775
Teva Pharmaceutical Finance LLC
6.150%	02/01/2036				250,000		269,733
Wyeth
6.950%	03/15/2011				250,000		268,698
6.500%	02/01/2034				250,000		293,581
5.500%	03/15/2013				100,000		108,339
5.500%	02/01/2014				250,000		273,291
							7,315,097
Real Estate Investment Trusts (REITs)—0.3%
Boston Properties LP
6.250%	01/15/2013				750,000		779,236
Camden Property Trust
5.000%	06/15/2015				200,000		190,572
ERP Operating LP
5.375%	08/01/2016		†		500,000		493,375
5.200%	04/01/2013				250,000		254,722
HCP, Inc. MTN
6.700%	01/30/2018				500,000		481,818
ProLogis
5.625%	11/15/2016				250,000		224,635
Realty Income Corp.
6.750%	08/15/2019				350,000		341,497
Simon Property Group LP
6.350%	08/28/2012				250,000		265,963
							3,031,818
Road & Rail—0.3%
Burlington Northern Santa Fe Corp.
7.125%	12/15/2010				750,000		791,982
5.650%	05/01/2017				1,000,000		1,077,600
Canadian National Railway Co. (Canada)
4.400%	03/15/2013				585,000		614,638
CSX Corp.
6.750%	03/15/2011				300,000		321,183
Union Pacific Corp.
6.625%	02/01/2029				250,000		288,463
							3,093,866
Software—0.1%
Oracle Corp.
5.250%	01/15/2016				1,000,000		1,089,331
Specialty Retail—0.2%
Home Depot, Inc.
5.875%	12/16/2036				650,000		632,736
5.200%	03/01/2011				750,000		779,402

See accompanying notes to schedule of investments.

56

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
CORPORATE OBLIGATIONS—(Continued)
Lowe’s Cos., Inc.
5.400%	10/15/2016			$	400,000	$	433,530
							1,845,668
Tobacco—0.3%
Altria Group, Inc.
9.250%	08/06/2019				1,000,000		1,224,032
Philip Morris International, Inc.
5.650%	05/16/2018				1,000,000		1,066,238
Reynolds American, Inc.
7.625%	06/01/2016				750,000		803,567
							3,093,837
Transportation Infrastructure—0.0%
Federal Express Corp.
9.650%	06/15/2012				150,000		175,354
United Parcel Service, Inc.
6.200%	01/15/2038				300,000		351,867
							527,221
Wireless Telecommunication Services—0.4%
Alltel Corp.
7.000%	07/01/2012				1,000,000		1,113,855
America Movil SAB de CV (Mexico)
5.500%	03/01/2014				100,000		104,811
AT&T Mobility LLC
6.500%	12/15/2011				250,000		274,963
New Cingular Wireless Services, Inc.
8.750%	03/01/2031				250,000		332,086
7.875%	03/01/2011				750,000		814,200
Rogers Communications, Inc. (Canada)
6.800%	08/15/2018				500,000		562,078
Vodafone Group plc (United Kingdom)
7.875%	02/15/2030				250,000		312,394
5.625%	02/27/2017				500,000		530,697
5.375%	01/30/2015				250,000		268,229
							4,313,313
TOTAL CORPORATE OBLIGATIONS
(Cost $197,130,835)							206,315,082
U.S. GOVERNMENT AGENCY OBLIGATIONS—8.8%
Government Backed Corporate (FDIC) Obligations—1.0%
Bank of America Corp., Series L MTN
3.125%	06/15/2012				2,500,000		2,601,878
Citigroup, Inc.
2.125%	04/30/2012		†		1,000,000		1,014,786
General Electric Capital Corp.
1.800%	03/11/2011				1,500,000		1,519,170
General Electric Capital Corp., Series G MTN
3.000%	12/09/2011				1,000,000		1,035,507
Goldman Sachs Group, Inc. (The)
3.250%	06/15/2012				1,000,000		1,044,305
JPMorgan Chase & Co.
3.125%	12/01/2011				1,000,000		1,038,175
Morgan Stanley
1.950%	06/20/2012				1,000,000		1,010,765
Regions Bank MTN
2.750%	12/10/2010		†		1,000,000		1,024,062
							10,288,648
U.S. Government Agency Obligations—7.8%
Federal Farm Credit Bank
3.750%	12/06/2010- 05/04/2016			$	3,400,000	$	3,502,519
3.500%	10/03/2011				800,000		837,179
Federal Home Loan Bank
5.750%	05/15/2012				2,225,000		2,473,401
5.375%	05/18/2016		†		2,000,000		2,261,030
5.250%	06/18/2014				1,000,000		1,122,438
4.875%	09/08/2017				1,250,000		1,343,368
4.750%	12/16/2016				1,000,000		1,091,990
4.625%	02/18/2011				3,500,000		3,689,697
4.500%	11/15/2012		†		2,500,000		2,707,305
3.625%	09/16/2011		†		2,600,000		2,738,304
Federal Home Loan Mortgage Corp.
6.250%	07/15/2032		†		1,050,000		1,328,905
6.000%	06/15/2011- 04/16/2037				2,550,000		2,742,810
5.500%	07/18/2016		†		1,000,000		1,135,769
5.100%	08/19/2019				500,000		510,571
5.000%	01/30/2014				600,000		658,804
4.750%	12/08/2010				500,000		524,467
4.500%	04/02/2014- 01/15/2015				1,250,000		1,355,584
4.375%	07/17/2015				1,900,000		2,049,811
4.125%	02/24/2011				500,000		522,981
3.750%	06/28/2013		†		3,000,000		3,185,931
2.500%	03/23/2012				2,500,000		2,519,833
2.500%	01/07/2014		†		2,700,000		2,718,914
2.125%	03/16/2011- 03/23/2012				1,700,000		1,730,062
2.000%	03/16/2011				500,000		503,015
1.750%	04/20/2011				500,000		503,434
1.625%	04/26/2011		†		1,500,000		1,519,434
1.625%	08/11/2011				2,500,000		2,512,765
1.500%	08/24/2011				500,000		503,318
Federal Home Loan Mortgage Corp. MTN
5.050%	01/26/2015				300,000		332,799
Federal National Mortgage Association
6.625%	11/15/2010				3,400,000		3,629,837
6.625%	11/15/2030		†		1,000,000		1,294,766
6.250%	05/15/2029				1,740,000		2,141,432
6.125%	03/15/2012				750,000		838,534
6.000%	05/15/2011				3,750,000		4,061,812
5.945%	06/07/2027				300,000		320,377
5.800%	02/09/2026				100,000		103,582
5.700%	10/05/2021				300,000		300,181
5.500%	03/15/2011- 12/14/2022				2,980,000		3,180,191
5.375%	11/15/2011- 04/11/2022				4,380,000		4,748,627
5.000%	05/11/2017				650,000		719,536
4.875%	12/15/2016				1,000,000		1,096,971
4.625%	10/15/2013		†		900,000		983,770
4.375%	09/15/2012- 03/15/2013		†		3,900,000		4,223,999
3.375%	03/10/2014				500,000		504,232
3.300%	07/30/2014				1,000,000		1,009,666
3.000%	05/12/2014				1,000,000		1,003,567
0.000%	06/01/2017				1,000,000		736,929
Financing Corp. Fico
8.600%	09/26/2019				500,000		674,329
Financing Corp. Fico, Series E
9.650%	11/02/2018				500,000		696,973
Tennessee Valley Authority, Series E
6.250%	12/15/2017				1,200,000		1,390,254
							82,286,003

See accompanying notes to schedule of investments.

57

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—(Continued)
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $89,326,246)						$	92,574,651
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES—37.6%
U.S. Government Agency Mortgage-Backed Securities—37.6%
Federal Home Loan Mortgage Corp.
7.500%	06/01/2027- 10/01/2029			$	444,153		501,160
7.000%	02/01/2016- 09/01/2036				1,196,595		1,306,536
6.500%	08/01/2010- 10/01/2038				5,888,036		6,313,149
6.050%	01/01/2037		#		2,309,052		2,447,687
6.000%	11/01/2016- 06/01/2038				20,356,301		21,592,864
5.884%	01/01/2037		#		537,251		567,241
5.651%	02/01/2037		#		1,541,086		1,621,612
5.500%	02/01/2018- 09/01/2038				31,649,021		33,289,129
5.000%	05/01/2018- 07/01/2039				28,799,836		30,009,787
4.765%	09/01/2035		#		680,037		703,464
4.500%	08/01/2018- 09/01/2039				21,012,923		21,567,394
4.369%	12/01/2035		#		2,915,389		3,055,731
4.000%	05/01/2019- 07/01/2039				6,955,723		7,005,419
Federal Home Loan Mortgage Corp. TBA
6.000%	10/15/2039				1,000,000		1,055,469
5.500%	10/15/2039				500,000		523,360
5.000%	10/15/2039				2,000,000		2,066,562
4.500%	10/15/2024- 10/15/2039				2,400,000		2,442,375
4.000%	10/15/2024- 10/15/2039				1,500,000		1,503,250
Federal National Mortgage Association
7.500%	06/01/2030- 07/01/2031				35,065		39,293
7.000%	03/01/2030- 04/01/2038				3,695,467		4,048,719
6.500%	02/01/2017- 01/01/2037				10,382,107		11,151,404
6.000%	04/01/2014- 07/01/2038				32,230,861		34,160,385
5.658%	01/01/2037		#		2,119,712		2,234,461
5.628%	03/01/2037		#		5,879,987		6,204,746
5.500%	01/01/2018- 01/01/2039				49,146,475		51,702,823
5.464%	02/01/2037		#		263,630		278,321
5.370%	12/01/2036		#		2,079,001		2,160,965
5.000%	03/01/2018- 09/01/2039				39,037,178		40,651,059
4.861%	10/01/2035		#		1,428,280		1,484,329
4.769%	05/01/2035		#		1,394,077		1,450,570
4.680%	05/01/2035		#		379,209		391,319
4.500%	03/01/2018- 10/01/2039				27,784,054		28,496,411
4.000%	07/01/2018- 09/01/2039				13,597,999		13,680,625
Federal National Mortgage Association TBA
4.500%	10/25/2039			$	2,100,000	$	2,127,563
Government National Mortgage Association
7.500%	12/15/2029- 05/15/2032				584,025		655,004
7.000%	09/15/2037				142,740		154,660
6.500%	03/15/2026- 01/15/2039				3,557,063		3,800,152
6.000%	02/15/2033- 01/15/2039				11,938,399		12,660,665
5.500%	03/15/2033- 10/15/2038				13,169,444		13,882,931
5.000%	05/15/2033- 09/15/2039				11,273,168		11,711,487
4.500%	07/15/2038- 09/15/2039				10,824,443		11,010,488
Government National Mortgage Association TBA
5.500%	10/15/2039				1,000,000		1,049,219
5.000%	10/15/2039				1,600,000		1,655,750
4.500%	10/15/2039				1,300,000		1,319,500
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $380,569,726)							395,735,038
U.S. TREASURY OBLIGATIONS—26.4%
U.S. Treasury Bonds—5.4%
U.S. Treasury Bond
11.750%	11/15/2014				500,000		507,071
11.250%	02/15/2015		†		2,300,000		3,313,258
9.875%	11/15/2015		†		2,550,000		3,581,755
9.125%	05/15/2018		†		1,060,000		1,533,937
8.750%	05/15/2017				1,250,000		1,732,130
8.500%	02/15/2020		†		2,500,000		3,589,845
8.125%	08/15/2019- 05/15/2021		†		4,040,000		5,677,754
8.000%	11/15/2021				920,000		1,302,519
7.875%	02/15/2021		†		600,000		836,625
7.625%	02/15/2025		†		2,174,000		3,098,970
7.500%	11/15/2024		†		775,000		1,090,934
7.250%	08/15/2022				1,500,000		2,023,829
7.125%	02/15/2023		†		925,000		1,240,656
6.500%	11/15/2026		†		1,550,000		2,028,562
6.250%	08/15/2023- 05/15/2030				1,410,000		1,818,123
6.125%	08/15/2029		†		1,000,000		1,284,844
6.125%	11/15/2027				950,000		1,206,797
6.000%	02/15/2026				315,000		390,945
5.375%	02/15/2031				1,961,000		2,330,527
5.250%	02/15/2029				1,380,000		1,602,310
5.000%	05/15/2037		†		1,410,000		1,634,499
4.750%	02/15/2037				2,750,000		3,069,258
4.500%	02/15/2036- 08/15/2039				3,430,000		3,693,234
4.375%	02/15/2038				3,300,000		3,477,378
4.250%	05/15/2039		†		2,700,000		2,794,079
3.500%	02/15/2039				2,100,000		1,903,127
							56,762,966
U.S. Treasury Notes—21.0%
U.S. Treasury Note
5.125%	05/15/2016		†		2,800,000		3,194,626
5.000%	02/15/2011				4,475,000		4,746,122
5.000%	08/15/2011		†		1,060,000		1,142,358
4.875%	02/15/2012		†		2,655,000		2,888,765
4.875%	05/31/2011- 08/15/2016				12,030,000		13,132,369

See accompanying notes to schedule of investments.

58

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
4.750%	05/15/2014		†	$	7,210,000	$	8,039,157
4.625%	08/31/2011- 02/15/2017				8,660,000		9,369,309
4.625%	10/31/2011- 12/31/2011		†		1,330,000		1,433,348
4.500%	09/30/2011- 11/30/2011		†		9,625,000		10,324,900
4.500%	02/28/2011- 05/15/2017				18,630,000		20,058,743
4.375%	08/15/2012		†		4,700,000		5,104,275
4.250%	10/15/2010- 08/15/2013				17,522,000		18,501,409
4.250%	08/15/2014		†		4,490,000		4,909,537
4.125%	05/15/2015				2,430,000		2,631,996
4.000%	02/15/2014- 02/15/2015		†		4,250,000		4,595,199
3.875%	10/31/2012		†		2,000,000		2,147,658
3.875%	02/15/2013- 05/15/2018				15,370,000		16,313,039
3.750%	11/15/2018				5,000,000		5,175,395
3.625%	08/15/2019		†		4,800,000		4,928,251
3.625%	05/15/2013				4,120,000		4,396,493
3.500%	02/15/2018				6,165,000		6,298,417
3.375%	06/30/2013				950,000		1,005,888
3.375%	11/30/2012		†		3,800,000		4,024,736
3.250%	06/30/2016		†		1,000,000		1,024,610
3.125%	05/15/2019		†		1,000,000		984,297
3.125%	08/31/2013				4,425,000		4,638,993
2.750%	02/15/2019		†		6,050,000		5,775,390
2.750%	10/31/2013				3,700,000		3,819,673
2.625%	07/31/2014- 02/29/2016				7,900,000		7,925,177
2.000%	11/30/2013				2,000,000		2,003,438
1.875%	02/28/2014				4,000,000		3,966,564
1.750%	11/15/2011- 08/15/2012		†		8,000,000		8,108,833
1.750%	01/31/2014				6,000,000		5,926,878
1.500%	12/31/2013		†		6,700,000		6,562,342
1.375%	05/15/2012		†		3,000,000		3,011,016
1.125%	06/30/2011		†		4,600,000		4,628,032
0.875%	12/31/2010- 04/30/2011				9,000,000		9,031,799
							221,769,032
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $275,618,706)							278,531,998
MUNICIPAL OBLIGATIONS—0.2%
California General Obligation Bonds, Series 2009 (California)
7.550%	04/01/2039				500,000		556,430
Illinois General Obligation Bonds, Series 2003 (Illinois)
5.100%	06/01/2033				1,100,000		1,024,375
New Jersey Economic Development Authority Revenue Bonds, Series 1997-A (New Jersey)
7.425%	02/15/2029				500,000		565,600
New Jersey State Turnpike Authority Revenue Bonds, Series 2003-B (New Jersey)
4.252%	01/01/2016				25,000		25,341
Oregon General Obligation Bonds, Series 2003 (Oregon)
5.762%	06/01/2023				200,000		207,354
TOTAL MUNICIPAL OBLIGATIONS
(Cost $2,366,274)							2,379,100
SOVEREIGN DEBT OBLIGATIONS—1.5%
Government Issued—1.5%
Brazilian Government International Bond (Brazil)
11.000%	08/17/2040		†	$	260,000	$	351,000
10.125%	05/15/2027				635,000		942,975
8.875%	04/15/2024				400,000		532,000
7.875%	03/07/2015				455,000		538,720
7.125%	01/20/2037				460,000		550,850
Hydro Quebec, Series IO (Canada)
8.050%	07/07/2024				250,000		320,515
Hydro Quebec, Series JL (Canada)
6.300%	05/11/2011				350,000		377,704
Malaysia Government (Malaysia)
7.500%	07/15/2011				250,000		273,840
People’s Republic of China (China)
4.750%	10/29/2013				250,000		269,909
Peruvian Government International Bond (Peru)
6.550%	03/14/2037		†		500,000		545,000
Province of British Columbia, Series BCUSD-2 (Canada)
6.500%	01/15/2026				150,000		177,176
Province of Manitoba, Series FH (Canada)
4.900%	12/06/2016		†		500,000		539,352
Province of Ontario (Canada)
5.450%	04/27/2016		†		1,000,000		1,118,878
4.500%	02/03/2015				400,000		432,705
Province of Quebec, Series PD (Canada)
7.500%	09/15/2029				600,000		797,663
Province of Quebec, Series PJ (Canada)
6.125%	01/22/2011				850,000		905,933
Province of Saskatchewan (Canada)
7.375%	07/15/2013				230,000		262,621
Region of Lombardy (Italy)
5.804%	10/25/2032				100,000		104,558
Republic of Chile (Chile)
5.500%	01/15/2013				150,000		168,165
Republic of Finland (Finland)
6.950%	02/15/2026				150,000		187,743
Republic of Italy (Italy)
6.875%	09/27/2023				250,000		301,126
5.375%	06/15/2033		†		500,000		529,846
4.375%	06/15/2013		†		1,000,000		1,062,289
Republic of Italy, Series DTC (Italy)
6.000%	02/22/2011				550,000		586,541
Republic of South Africa (South Africa)
7.375%	04/25/2012				250,000		275,625
State of Israel (Israel)
5.500%	11/09/2016				600,000		651,539
United Mexican States (Mexico)
8.375%	01/14/2011		†		500,000		546,000
8.125%	12/30/2019		†		750,000		917,625
United Mexican States MTN (Mexico)
8.300%	08/15/2031				500,000		642,500
United Mexican States, Series A MTN (Mexico)
5.875%	01/15/2014				1,000,000		1,075,000
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $15,340,961)							15,985,398
ASSET BACKED SECURITIES—0.4%
Automobile—0.2%
Capital Auto Receivables Asset Trust
Series 2007-3, Class A4
5.210%	03/17/2014				2,000,000		2,103,850

See accompanying notes to schedule of investments.

59

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
ASSET BACKED SECURITIES—(Continued)
Credit Card—0.2%
Capital One Multi-Asset Execution Trust
Series 2008-A5, Class A5
4.850%	02/18/2014			$	1,450,000	$	1,526,722
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7
5.750%	07/15/2020				500,000		551,987
							2,078,709
TOTAL ASSET BACKED SECURITIES
(Cost $3,972,447)							4,182,559
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—3.4%
Mortgage Backed—3.4%
Banc of America Commercial Mortgage, Inc.
Series 2002-2, Class A3
5.118%	07/11/2043				500,000		517,425
Banc of America Commercial Mortgage, Inc.
Series 2005-4, Class A5A
4.933%	07/10/2045				1,185,000		1,107,839
Banc of America Commercial Mortgage, Inc.
Series 2004-6, Class A5
4.811%	12/10/2042				500,000		487,448
Banc of America Commercial Mortgage, Inc.
Series 2005-6, Class AM
5.351%	09/10/2047		#		1,000,000		857,994
Banc of America Commercial Mortgage, Inc.
Series 2007-1, Class A2
5.381%	01/15/2049				1,500,000		1,500,319
Bear Stearns Commercial Mortgage Securities
Series 2005-T20, Class A4A
5.298%	10/12/2042		#		921,000		911,336
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A3
5.251%	04/15/2040		#		750,000		754,618
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class A4
5.399%	07/15/2044		#		900,000		889,079
CS First Boston Mortgage Securities Corp.
Series 2005-C5, Class A3
5.100%	08/15/2038		#		2,650,000		2,630,929
CS First Boston Mortgage Securities Corp.
Series 2004-C2, Class A2
5.416%	05/15/2036		#		2,000,000		2,040,573
CS First Boston Mortgage Securities Corp.
Series 2005-C2, Class A4
4.832%	04/15/2037				750,000		719,929
CW Capital Cobalt Ltd.
Series 2006-C1, Class A4
5.223%	08/15/2048				750,000		621,531
GE Capital Commercial Mortgage Corp.
Series 2001-1, Class A2
6.531%	05/15/2033				1,000,000		1,042,516
GMAC Commercial Mortgage Securities, Inc.
Series 2004-C3, Class D
5.044%	12/10/2041		#		250,000		114,838
Greenwich Capital Commercial Funding Corp.
Series 2007-GG9, Class A4
5.444%	03/10/2039				1,000,000		888,628
GS Mortgage Securities Corp. II
Series 2007-GG10, Class A4
5.999%	08/10/2045		#	$	3,500,000	$	2,902,244
GS Mortgage Securities Corp. II
Series 2006-GG6, Class A4
5.553%	04/10/2038		#		1,200,000		1,086,564
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB9, Class A4
5.558%	06/12/2041		#		750,000		739,455
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB13, Class AM
5.498%	01/12/2043		#		900,000		768,322
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2007-CB20, Class A4
5.794%	02/12/2051		#		500,000		437,046
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP2, Class E
4.981%	07/15/2042		#		750,000		300,718
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB17, Class AM
5.464%	12/12/2043				750,000		550,596
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2003-ML1A, Class A2
4.767%	03/12/2039				1,000,000		1,033,578
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP2, Class A4
4.738%	07/15/2042				935,000		914,758
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP3, Class A4B
4.996%	08/15/2042		#		1,075,000		961,316
LB-UBS Commercial Mortgage Trust
Series 2007-C2, Class A3
5.430%	02/15/2040				750,000		610,593
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-3, Class A4
5.414%	07/12/2046		#		750,000		672,218
Morgan Stanley Capital I
Series 2004-T13, Class A2
3.940%	09/13/2045				7,885		7,957
Morgan Stanley Capital I
Series 2007-HQ11, Class A4
5.447%	02/12/2044		#		1,500,000		1,285,237
Morgan Stanley Capital I
Series 2006-IQ12, Class A2
5.283%	12/15/2043				750,000		748,770
Morgan Stanley Capital I
Series 2007-IQ13, Class AM
5.406%	03/15/2044				1,500,000		1,018,811
Morgan Stanley Capital I
Series 2006-HQ9, Class AM
5.773%	07/12/2044		#		1,000,000		759,644
Morgan Stanley Dean Witter Capital I
Series 2003-HQ2, Class A1
4.180%	03/12/2035				470,941		478,431
Wachovia Bank Commercial Mortgage Trust
Series 2003-C5, Class A2
3.989%	06/15/2035				750,000		747,478
Wachovia Bank Commercial Mortgage Trust
Series 2003-C9, Class A4
5.012%	12/15/2035		#		750,000		753,958
Wachovia Bank Commercial Mortgage Trust
Series 2006-C28, Class A2
5.500%	10/15/2048				500,000		502,042
Wachovia Bank Commercial Mortgage Trust
Series 2004-C11, Class A5
5.215%	01/15/2041		#		500,000		485,421

See accompanying notes to schedule of investments.

60

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date			Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
Wachovia Bank Commercial Mortgage Trust
Series 2004-C12, Class A4
5.412%	07/15/2041		#	$	750,000	$	749,850
Wachovia Bank Commercial Mortgage Trust
Series 2006-C25, Class A3
5.891%	05/15/2043		#		1,000,000		988,234
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A5
5.342%	12/15/2043				500,000		381,868
Wachovia Bank Commercial Mortgage Trust
Series 2004-C15, Class B
4.892%	10/15/2041				1,000,000		554,419
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class AJ
6.188%	06/15/2045		#		1,000,000		645,584
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $38,583,162)							36,170,114
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS—1.2%
Non-U.S. Government Agency Obligations—1.2%
China Development Bank Corp. (China)
5.000%	10/15/2015		†		250,000		269,232
Eksportfinans ASA MTN (Norway)
5.000%	02/14/2012				800,000		858,833
Export-Import Bank of Korea (Korea, Republic of)
5.125%	03/16/2015				500,000		510,817
Kreditanstalt fuer Wiederaufbau (Germany)
4.875%	01/17/2017				1,000,000		1,088,750
4.125%	10/15/2014		†		1,000,000		1,026,018
3.250%	02/15/2011				1,000,000		1,032,887
3.250%	03/15/2013				750,000		779,016
Kreditanstalt fuer Wiederaufbau MTN (Germany)
2.250%	04/16/2012				2,000,000		2,035,856
Landwirtschaftliche Rentenbank (Germany)
4.875%	02/14/2011		†		1,000,000		1,058,935
Landwirtschaftliche Rentenbank, Series G13 (Germany)
4.875%	11/16/2015		†		1,000,000		1,089,702
Oesterreichische Kontrollbank AG (Austria)
4.750%	11/08/2011				1,000,000		1,066,130
2.875%	03/15/2011				1,000,000		1,027,474
Pemex Project Funding Master Trust
9.125%	10/13/2010				80,000		85,400
6.625%	06/15/2035				500,000		483,593
Svensk Exportkredit AB (Sweden)
5.125%	03/01/2017				500,000		536,987
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $12,457,975)							12,949,630

 

		Shares		Value
CASH EQUIVALENTS—13.0%
Institutional Money Market Funds—12.2%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		16,867,427	$	16,867,427
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	19,558,930		19,558,930
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	35,000,000		35,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	25,000,000		25,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	15,000,000		15,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	17,500,000		17,500,000
				128,926,357

 

Coupon Rate		Maturity Date			Face		Value
Medium Term Note—0.8%
General Electric Capital Corp., Series A
0.534%	10/26/2009		#††	$	7,941,203		7,941,203
TOTAL CASH EQUIVALENTS
(Cost $136,867,560)							136,867,560
TOTAL INVESTMENTS—112.1%
(Cost $1,152,233,892)							1,181,691,130
Other assets less liabilities—(12.1%)							(127,482,485	)
NET ASSETS—100.0%						$	1,054,208,645

 

Legend to the Schedule of Investments:
MTN	Medium Term Note
TBA	Security is subject to delayed delivery.
†	Denotes all or a portion of the security on loan.
Δ	Security in default.
#	Rate is subject to change. Rate shown reflects current rate.
ˆ	Securities are not registered under the Securities Act of 1933. These securities may be resold only in transactions exempt from registration, generally to qualified institutional buyers under Securities Act Rule 144A. 144A securities represent 0.1% of Total Investments.
††	Represents reinvestment of collateral received in conjunction with securities lending.

 

See accompanying notes to schedule of investments.

61

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—99.4%
Aerospace & Defense—2.7%
Boeing Co. (The)		25,805	$	1,397,341
General Dynamics Corp.		13,691		884,439
Goodrich Corp.		4,424		240,400
Honeywell International, Inc.		26,416		981,355
ITT Corp.		6,369		332,143
L-3 Communications Holdings, Inc.		4,215		338,549
Lockheed Martin Corp.		11,599		905,650
Northrop Grumman Corp.		11,331		586,379
Precision Castparts Corp.		4,953		504,562
Raytheon Co.		13,862		664,960
Rockwell Collins, Inc.		5,595		284,226
United Technologies Corp.		33,509		2,041,703
				9,161,707
Air Freight & Logistics—1.0%
C.H. Robinson Worldwide, Inc.		6,044		349,041
Expeditors International of Washington, Inc.		7,780		273,467
FedEx Corp.		11,048		831,031
United Parcel Service, Inc., Class B		35,400		1,999,038
				3,452,577
Airlines—0.1%
Southwest Airlines Co.		25,168		241,613
Auto Components—0.2%
Goodyear Tire & Rubber Co. (The)	*	8,817		150,154
Johnson Controls, Inc.	†	21,006		536,913
				687,067
Automobiles—0.3%
Ford Motor Co.	*	114,227		823,577
Harley-Davidson, Inc.	†	8,160		187,680
				1,011,257
Beverages—2.7%
Brown-Forman Corp., Class B		3,887		187,431
Coca-Cola Co. (The)		82,331		4,421,175
Coca-Cola Enterprises, Inc.		11,082		237,265
Constellation Brands, Inc., Class A	*	6,458		97,839
Dr. Pepper Snapple Group, Inc.	*	8,814		253,402
Molson Coors Brewing Co., Class B		5,351		260,487
Pepsi Bottling Group, Inc.		4,806		175,131
PepsiCo, Inc.		55,420		3,250,937
				8,883,667
Biotechnology—1.7%
Amgen, Inc.	*	36,025		2,169,786
Biogen Idec, Inc.	*	10,267		518,689
Celgene Corp.	*	16,346		913,741
Cephalon, Inc.	*†	2,668		155,384
Genzyme Corp.	*†	9,790		555,387
Gilead Sciences, Inc.	*	32,235		1,501,506
				5,814,493
Building Products—0.1%
Masco Corp.	†	13,473	$	174,071
Capital Markets—3.0%
Ameriprise Financial, Inc.		9,361		340,085
Bank of New York Mellon Corp. (The)		42,484		1,231,611
Charles Schwab Corp. (The)		34,056		652,172
E*Trade Financial Corp.	*†	40,315		70,551
Federated Investors, Inc., Class B	†	3,436		90,607
Franklin Resources, Inc.	†	5,329		536,097
Goldman Sachs Group, Inc. (The)		18,117		3,339,869
Invesco Ltd.	†	14,501		330,043
Janus Capital Group, Inc.	†	5,927		84,045
Legg Mason, Inc.		5,693		176,654
Morgan Stanley		48,058		1,484,031
Northern Trust Corp.		8,757		509,307
State Street Corp.		17,531		922,131
T. Rowe Price Group, Inc.	†	8,958		409,381
				10,176,584
Chemicals—2.0%
Air Products & Chemicals, Inc.		7,405		574,480
Airgas, Inc.		2,909		140,708
CF Industries Holdings, Inc.		1,744		150,385
Dow Chemical Co. (The)		40,730		1,061,831
E.I. Du Pont de Nemours & Co.		32,096		1,031,566
Eastman Chemical Co.		2,451		131,227
Ecolab, Inc.		8,178		378,069
FMC Corp.	†	2,512		141,300
International Flavors & Fragrances, Inc.		2,885		109,428
Monsanto Co.		19,411		1,502,411
PPG Industries, Inc.		5,852		340,645
Praxair, Inc.		10,916		891,728
Sigma-Aldrich Corp.		4,487		242,208
				6,695,986
Commercial Banks—2.8%
BB&T Corp.	†	24,234		660,134
Comerica, Inc.		5,684		168,644
Fifth Third Bancorp		27,931		282,941
First Horizon National Corp.	*†	8,157		107,913
Huntington Bancshares, Inc./Ohio		18,397		86,650
KeyCorp		30,492		198,198
M&T Bank Corp.	†	2,789		173,811
Marshall & Ilsley Corp.		13,123		105,903
PNC Financial Services Group, Inc.		16,682		810,578
Regions Financial Corp.		40,205		249,673
SunTrust Banks, Inc.		17,004		383,440
U.S. Bancorp		67,469		1,474,872
Wells Fargo & Co.		165,781		4,671,709
Zions Bancorporation	†	3,760		67,567
				9,442,033
Commercial Services & Supplies—0.5%
Avery Dennison Corp.		4,176		150,378
Cintas Corp.	†	4,626		140,214
Iron Mountain, Inc.	*	6,456		172,117
Pitney Bowes, Inc.		7,101		176,460

See accompanying notes to schedule of investments.

62

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
R.R. Donnelley & Sons Co.		6,781	$	144,164
Republic Services, Inc.		11,315		300,639
Stericycle, Inc.	*†	2,968		143,800
Waste Management, Inc.		17,870		532,883
				1,760,655
Communications Equipment—2.7%
Ciena Corp.	*†	4,050		65,934
Cisco Systems, Inc.	*	204,920		4,823,817
Harris Corp.		4,845		182,172
JDS Uniphase Corp.	*	9,312		66,208
Juniper Networks, Inc.	*†	18,468		499,005
Motorola, Inc.		81,614		701,064
QUALCOMM, Inc.		58,910		2,649,772
Tellabs, Inc.	*	15,151		104,845
				9,092,817
Computers & Peripherals—5.7%
Apple, Inc.	*	31,770		5,889,205
Dell, Inc.	*	61,741		942,168
EMC Corp.	*	71,526		1,218,803
Hewlett-Packard Co.		84,208		3,975,460
International Business Machines Corp.		46,565		5,569,639
Lexmark International, Inc., Class A	*†	2,870		61,820
NetApp, Inc.	*	11,394		303,992
QLogic Corp.	*	4,584		78,845
SanDisk Corp.	*	8,140		176,638
Sun Microsystems, Inc.	*	26,577		241,585
Teradata Corp.	*	6,258		172,220
Western Digital Corp.	*	7,772		283,911
				18,914,286
Construction & Engineering—0.2%
Fluor Corp.		6,440		327,474
Jacobs Engineering Group, Inc.	*†	4,416		202,915
Quanta Services, Inc.	*	6,807		150,639
				681,028
Construction Materials—0.1%
Vulcan Materials Co.	†	4,377		236,664
Consumer Finance—0.7%
American Express Co.		42,208		1,430,851
Capital One Financial Corp.		16,472		588,545
Discover Financial Services		18,841		305,789
SLM Corp.	*	16,076		140,183
				2,465,368
Containers & Packaging—0.2%
Ball Corp.		3,168		155,866
Bemis Co., Inc.		3,365		87,187
Owens-Illinois, Inc.	*	6,009		221,732
Pactiv Corp.	*	4,478		116,652
Sealed Air Corp.		5,776		113,383
				694,820
Distributors—0.1%
Genuine Parts Co.		5,876		223,641
Diversified Consumer Services—0.2%
Apollo Group, Inc., Class A	*†	4,455		328,200
DeVry, Inc.	†	2,111		116,780
H&R Block, Inc.		11,954		219,715
				664,695
Diversified Financial Services—4.6%
Bank of America Corp.		307,645	$	5,205,353
Citigroup, Inc.		456,793		2,210,878
CME Group, Inc.		2,403		740,581
IntercontinentalExchange, Inc.	*	2,662		258,720
JPMorgan Chase & Co.		139,468		6,111,488
Leucadia National Corp.	*	6,542		161,718
Moody’s Corp.	†	6,750		138,105
NASDAQ OMX Group, Inc. (The)	*	4,996		105,166
NYSE Euronext		9,526		275,206
				15,207,215
Diversified Telecommunication Services—2.9%
AT&T, Inc.		209,614		5,661,674
CenturyTel, Inc.		10,833		363,989
Frontier Communications Corp.	†	10,409		78,484
Qwest Communications International, Inc.	†	54,351		207,077
Verizon Communications, Inc.		101,123		3,060,993
Windstream Corp.	†	16,029		162,374
				9,534,591
Electric Utilities—2.1%
Allegheny Energy, Inc.		6,277		166,466
American Electric Power Co., Inc.		17,316		536,623
Duke Energy Corp.		45,666		718,783
Edison International		11,550		387,849
Entergy Corp.		7,117		568,364
Exelon Corp.		23,418		1,162,001
FirstEnergy Corp.		11,089		506,989
FPL Group, Inc.		14,587		805,640
Northeast Utilities		6,536		155,165
Pepco Holdings, Inc.	†	7,419		110,395
Pinnacle West Capital Corp.		3,328		109,225
PPL Corp.		13,275		402,763
Progress Energy, Inc.		10,163		396,967
Southern Co.		27,787		880,014
				6,907,244
Electrical Equipment—0.4%
Emerson Electric Co.		26,694		1,069,895
Rockwell Automation, Inc.	†	5,106		217,516
				1,287,411
Electronic Equipment, Instruments & Components—0.5%
Agilent Technologies, Inc.	*	12,583		350,185
Amphenol Corp., Class A	†	6,088		229,396
Corning, Inc.		55,190		844,959
FLIR Systems, Inc.	*†	5,021		140,437
Jabil Circuit, Inc.		6,753		90,558
Molex, Inc.	†	5,255		109,724
				1,765,259
Energy Equipment & Services—1.9%
Baker Hughes, Inc.	†	11,275		480,991
BJ Services Co.		10,220		198,575
Cameron International Corp.	*†	7,574		286,449
Diamond Offshore Drilling, Inc.	†	2,484		237,272
ENSCO International, Inc.		5,078		216,018
FMC Technologies, Inc.	*	4,308		225,050
Halliburton Co.		31,838		863,447

See accompanying notes to schedule of investments.

63

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Nabors Industries Ltd. (Bermuda)	*	10,155	$	212,240
National Oilwell Varco, Inc.	*	14,873		641,472
Rowan Cos., Inc.	†	4,160		95,971
Schlumberger Ltd.		42,579		2,537,708
Smith International, Inc.	†	7,823		224,520
				6,219,713
Food & Staples Retailing—2.8%
Costco Wholesale Corp.		15,404		869,710
CVS Caremark Corp.		51,264		1,832,175
Kroger Co. (The)		23,684		488,838
Safeway, Inc.		14,944		294,696
SUPERVALU, Inc.	†	7,553		113,748
Sysco Corp.		20,816		517,278
Walgreen Co.		35,237		1,320,330
Wal-Mart Stores, Inc.		76,913		3,775,659
Whole Foods Market, Inc.	*†	5,244		159,890
				9,372,324
Food Products—1.6%
Archer-Daniels-Midland Co.		22,776		665,515
Campbell Soup Co.	†	6,910		225,404
ConAgra Foods, Inc.		15,634		338,945
Dean Foods Co.	*	6,452		114,781
General Mills, Inc.		11,583		745,713
H.J. Heinz Co.		11,141		442,855
Hershey Co. (The)	†	6,093		236,774
Hormel Foods Corp.		2,325		82,584
J.M. Smucker Co. (The)		4,079		216,228
Kellogg Co.		8,929		439,575
Kraft Foods, Inc., Class A		52,370		1,375,760
McCormick & Co., Inc.	†	4,418		149,947
Sara Lee Corp.		24,469		272,585
Tyson Foods, Inc., Class A		10,902		137,692
				5,444,358
Gas Utilities—0.1%
EQT Corp.	†	4,706		200,475
Nicor, Inc.		1,395		51,043
Questar Corp.		6,412		240,835
				492,353
Health Care Equipment & Supplies—2.0%
Baxter International, Inc.		21,503		1,225,886
Becton Dickinson and Co.		8,685		605,779
Boston Scientific Corp.	*	54,664		578,892
C.R. Bard, Inc.	†	3,477		273,327
CareFusion Corp.	*	6,554		142,877
DENTSPLY International, Inc.	†	5,318		183,684
Hospira, Inc.	*	5,724		255,290
Intuitive Surgical, Inc.	*	1,310		343,547
Medtronic, Inc.		39,318		1,446,902
St. Jude Medical, Inc.	*	12,236		477,326
Stryker Corp.		9,857		447,804
Varian Medical Systems, Inc.	*	4,482		188,827
Zimmer Holdings, Inc.	*	7,769		415,253
				6,585,394
Health Care Providers & Services—2.0%
Aetna, Inc.		15,694		436,764
AmerisourceBergen Corp.		11,128		249,045
Cardinal Health, Inc.		13,109		351,321
CIGNA Corp.		9,619		270,198
Coventry Health Care, Inc.	*†	5,620		112,175
DaVita, Inc.	*	3,815	$	216,082
Express Scripts, Inc.	*	9,825		762,223
Humana, Inc.	*†	6,075		226,597
Laboratory Corp. of America Holdings	*†	3,800		249,660
McKesson Corp.		9,692		577,159
Medco Health Solutions, Inc.	*	16,840		931,420
Patterson Cos., Inc.	*†	2,852		77,717
Quest Diagnostics, Inc.	†	5,485		286,262
Tenet Healthcare Corp.	*	14,819		87,136
UnitedHealth Group, Inc.		41,346		1,035,304
WellPoint, Inc.	*	16,891		799,958
				6,669,021
Health Care Technology—0.0%
IMS Health, Inc.		6,032		92,591
Hotels, Restaurants & Leisure—1.5%
Carnival Corp.		15,946		530,683
Darden Restaurants, Inc.		4,663		159,148
International Game Technology		10,630		228,333
Marriott International, Inc., Class A	†	9,083		250,600
McDonald’s Corp.		38,775		2,212,889
Starbucks Corp.	*	26,815		553,730
Starwood Hotels & Resorts Worldwide, Inc.	†	6,578		217,271
Wyndham Worldwide Corp.		6,076		99,160
Wynn Resorts Ltd.	*†	2,210		156,667
Yum! Brands, Inc.		16,749		565,446
				4,973,927
Household Durables—0.4%
Black & Decker Corp.		1,913		88,553
D.R. Horton, Inc.	†	10,479		119,565
Fortune Brands, Inc.		5,538		238,023
Harman International Industries, Inc.		2,000		67,760
KB Home	†	2,308		38,336
Leggett & Platt, Inc.		5,276		102,354
Lennar Corp., Class A	†	5,349		76,223
Newell Rubbermaid, Inc.	†	10,490		164,588
Pulte Homes, Inc.	†	11,419		125,495
Whirlpool Corp.	†	2,688		188,053
				1,208,950
Household Products—2.6%
Clorox Co.		5,087		299,217
Colgate-Palmolive Co.		17,760		1,354,733
Kimberly-Clark Corp.		14,707		867,419
Procter & Gamble Co. (The)		103,807		6,012,501
				8,533,870
Independent Power Producers & Energy Traders—0.2%
AES Corp. (The)	*	24,389		361,445
Constellation Energy Group, Inc.		6,846		221,605
Dynegy, Inc., Class A	*	14,627		37,299
				620,349
Industrial Conglomerates—2.5%
3M Co.		24,700		1,822,860
General Electric Co.		377,093		6,191,867
Textron, Inc.	†	9,658		183,309
				8,198,036

See accompanying notes to schedule of investments.

64

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Insurance—2.6%
Aflac, Inc.		16,626	$	710,595
Allstate Corp. (The)		18,947		580,157
American International Group, Inc.	*†	4,555		200,921
AON Corp.		9,700		394,693
Assurant, Inc.		4,173		133,786
Chubb Corp.		12,442		627,201
Cincinnati Financial Corp.	†	5,643		146,662
Genworth Financial, Inc., Class A		16,334		195,191
Hartford Financial Services Group, Inc.	†	13,686		362,679
Lincoln National Corp.		10,268		266,044
Loews Corp.		13,167		450,970
Marsh & McLennan Cos., Inc.		19,033		470,686
MBIA, Inc.	*†	6,439		49,967
MetLife, Inc.		29,076		1,106,923
Principal Financial Group, Inc.		11,425		312,931
Progressive Corp. (The)	*	24,813		411,400
Prudential Financial, Inc.		16,422		819,622
Torchmark Corp.		2,839		123,298
Travelers Cos., Inc. (The)		20,202		994,544
Unum Group		11,872		254,536
XL Capital Ltd., Class A (Bermuda)	†	12,158		212,279
				8,825,085
Internet & Catalog Retail—0.4%
Amazon.com, Inc.	*	11,762		1,098,100
Expedia, Inc.	*†	7,960		190,642
				1,288,742
Internet Software & Services—1.9%
Akamai Technologies, Inc.	*†	6,199		121,996
eBay, Inc.	*	39,685		936,963
Google, Inc., Class A	*	8,549		4,239,022
VeriSign, Inc.	*†	6,854		162,371
Yahoo! Inc.	*	43,044		766,614
				6,226,966
IT Services—1.1%
Affiliated Computer Services, Inc., Class A	*	3,413		184,882
Automatic Data Processing, Inc.		18,182		714,553
Cognizant Technology Solutions Corp., Class A	*	10,235		395,685
Computer Sciences Corp.	*	5,327		280,786
Convergys Corp.	*	4,528		45,008
Fidelity National Information Services, Inc.		6,773		172,779
Fiserv, Inc.	*	5,561		268,040
Mastercard, Inc., Class A		3,327		672,553
Paychex, Inc.	†	11,193		325,157
Total System Services, Inc.		7,089		114,204
Western Union Co. (The)		24,705		467,419
				3,641,066
Leisure Equipment & Products—0.1%
Eastman Kodak Co.	†	8,976		42,905
Hasbro, Inc.	†	4,244		117,771
Mattel, Inc.		12,835		236,934
				397,610
Life Sciences Tools & Services—0.4%
Life Technologies Corp.	*	6,115	$	284,653
Millipore Corp.	*	2,069		145,513
PerkinElmer, Inc.	†	4,019		77,326
Thermo Fisher Scientific, Inc.	*	14,550		635,398
Waters Corp.	*	3,559		198,806
				1,341,696
Machinery—1.6%
Caterpillar, Inc.	†	21,975		1,127,977
Cummins, Inc.		7,178		321,646
Danaher Corp.		9,251		622,777
Deere & Co.		15,329		657,921
Dover Corp.		6,834		264,886
Eaton Corp.		5,795		327,939
Flowserve Corp.		2,041		201,120
Illinois Tool Works, Inc.		13,573		579,703
PACCAR, Inc.	†	12,833		483,933
Pall Corp.		3,958		127,764
Parker Hannifin Corp.		5,726		296,836
Snap-On, Inc.		1,846		64,167
Stanley Works (The)		2,596		110,823
				5,187,492
Media—2.6%
CBS Corp., Class B		24,354		293,466
Comcast Corp., Class A		102,535		1,731,816
DIRECTV Group, Inc. (The)	*†	16,226		447,513
Gannett Co., Inc.	†	7,093		88,733
Interpublic Group of Cos., Inc.	*†	16,092		121,012
McGraw-Hill Cos., Inc. (The)		11,007		276,716
Meredith Corp.		1,189		35,599
New York Times Co. (The), Class A	†	4,417		35,866
News Corp., Class A		79,959		958,708
Omnicom Group, Inc.		11,333		418,641
Scripps Networks Interactive, Inc., Class A		3,006		111,072
Time Warner Cable, Inc.	†	12,479		537,720
Time Warner, Inc.		42,523		1,223,812
Viacom, Inc., Class B	*†	21,413		600,421
Walt Disney Co. (The)		66,048		1,813,678
Washington Post Co. (The), Class B		218		102,041
				8,796,814
Metals & Mining—1.0%
AK Steel Holding Corp.	†	4,204		82,945
Alcoa, Inc.		35,508		465,865
Allegheny Technologies, Inc.	†	3,676		128,623
Freeport-McMoRan Copper & Gold, Inc.		14,621		1,003,147
Newmont Mining Corp.		17,367		764,495
Nucor Corp.		11,412		536,478
Titanium Metals Corp.		2,725		26,133
United States Steel Corp.	†	5,007		222,161
				3,229,847
Multiline Retail—0.9%
Big Lots, Inc.	*	3,160		79,063
Family Dollar Stores, Inc.		4,909		129,598
J.C. Penney Co., Inc.		7,892		266,355
Kohl’s Corp.	*	11,097		633,084
Macy’s, Inc.		15,119		276,526
Nordstrom, Inc.	†	5,903		180,278

See accompanying notes to schedule of investments.

65

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Sears Holdings Corp.	*†	1,794	$	117,166
Target Corp.		26,735		1,247,990
				2,930,060
Multi-Utilities—1.3%
Ameren Corp.		8,206		207,448
Centerpoint Energy, Inc.		13,038		162,062
CMS Energy Corp.		8,594		115,160
Consolidated Edison, Inc.		9,712		397,609
Dominion Resources, Inc.		20,934		722,223
DTE Energy Co.	†	5,866		206,131
Integrys Energy Group, Inc.	†	2,588		92,883
NiSource, Inc.		9,819		136,386
PG&E Corp.		13,376		541,594
Public Service Enterprise Group, Inc.		18,350		576,924
SCANA Corp.		3,961		138,239
Sempra Energy		8,884		442,512
TECO Energy, Inc.		7,055		99,334
Wisconsin Energy Corp.		4,032		182,126
Xcel Energy, Inc.		15,865		305,243
				4,325,874
Office Electronics—0.1%
Xerox Corp.		30,881		239,019
Oil, Gas & Consumable Fuels—9.8%
Anadarko Petroleum Corp.		17,436		1,093,760
Apache Corp.		11,906		1,093,328
Cabot Oil & Gas Corp.		3,632		129,844
Chesapeake Energy Corp.		22,475		638,290
Chevron Corp.		71,251		5,018,208
ConocoPhillips		52,725		2,381,061
Consol Energy, Inc.		6,431		290,102
Denbury Resources, Inc.	*	9,309		140,845
Devon Energy Corp.		15,766		1,061,525
El Paso Corp.		25,727		265,503
EOG Resources, Inc.		9,074		757,770
Exxon Mobil Corp.		170,842		11,721,470
Hess Corp.		10,324		551,921
Marathon Oil Corp.		25,126		801,519
Massey Energy Co.	†	3,180		88,690
Murphy Oil Corp.		6,950		400,112
Noble Energy, Inc.		6,317		416,669
Occidental Petroleum Corp.		28,842		2,261,213
Peabody Energy Corp.		9,363		348,491
Pioneer Natural Resources Co.		4,306		156,265
Range Resources Corp.	†	5,480		270,493
Southwestern Energy Co.	*	12,485		532,860
Spectra Energy Corp.		22,782		431,491
Sunoco, Inc.		3,836		109,134
Tesoro Corp.	†	4,285		64,189
Valero Energy Corp.		20,292		393,462
Williams Cos., Inc. (The)		20,306		362,868
XTO Energy, Inc.		20,582		850,448
				32,631,531
Paper & Forest Products—0.2%
International Paper Co.		15,859		352,546
MeadWestvaco Corp.		6,475		144,457
Weyerhaeuser Co.		7,530		275,974
				772,977
Personal Products—0.2%
Avon Products, Inc.		15,542	$	527,806
Estee Lauder Cos., Inc. (The), Class A		4,276		158,554
				686,360
Pharmaceuticals—6.9%
Abbott Laboratories		55,003		2,720,998
Allergan, Inc.		11,163		633,612
Bristol-Myers Squibb Co.		70,443		1,586,376
Eli Lilly & Co.		35,942		1,187,164
Forest Laboratories, Inc.	*	11,039		324,988
Johnson & Johnson		97,908		5,961,618
King Pharmaceuticals, Inc.	*†	9,464		101,927
Merck & Co., Inc.		75,041		2,373,547
Mylan, Inc.	*†	10,813		173,116
Pfizer, Inc.		240,270		3,976,469
Schering-Plough Corp.		57,911		1,635,986
Watson Pharmaceuticals, Inc.	*†	3,948		144,655
Wyeth		47,455		2,305,364
				23,125,820
Professional Services—0.1%
Dun & Bradstreet Corp.		1,926		145,066
Equifax, Inc.		4,486		130,722
Monster Worldwide, Inc.	*†	4,065		71,056
Robert Half International, Inc.	†	5,293		132,431
				479,275
Real Estate Investment Trusts (REITs)—1.1%
Apartment Investment & Management Co., Class A REIT	†	3,454		50,947
AvalonBay Communities, Inc. REIT	†	2,891		210,262
Boston Properties, Inc. REIT	†	5,081		333,060
Equity Residential REIT		10,062		308,903
HCP, Inc. REIT		10,332		296,942
Health Care REIT, Inc. REIT		4,035		167,937
Host Hotels & Resorts, Inc. REIT		21,237		249,959
Kimco Realty Corp. REIT		13,174		171,789
Plum Creek Timber Co., Inc. REIT	†	5,574		170,787
ProLogis REIT	†	15,475		184,462
Public Storage REIT		4,768		358,744
Simon Property Group, Inc. REIT	†	10,155		705,039
Ventas, Inc. REIT	†	5,666		218,141
Vornado Realty Trust REIT	†	5,499		354,191
				3,781,163
Real Estate Management & Development—0.0%
CB Richard Ellis Group, Inc., Class A	*†	9,194		107,938
Road & Rail—0.9%
Burlington Northern Santa Fe Corp.		9,348		746,251
CSX Corp.		13,822		578,589
Norfolk Southern Corp.		13,331		574,699
Ryder System, Inc.		1,762		68,824
Union Pacific Corp.		17,910		1,045,048
				3,013,411

See accompanying notes to schedule of investments.

66

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Semiconductors & Semiconductor Equipment—2.6%
Advanced Micro Devices, Inc.	*†	20,413	$	115,538
Altera Corp.	†	10,844		222,410
Analog Devices, Inc.		10,244		282,530
Applied Materials, Inc.		47,269		633,405
Broadcom Corp., Class A	*	15,052		461,946
Intel Corp.		198,857		3,891,631
KLA-Tencor Corp.		6,297		225,810
Linear Technology Corp.	†	7,967		220,128
LSI Corp.	*	24,378		133,835
MEMC Electronic Materials, Inc.	*	7,971		132,558
Microchip Technology, Inc.	†	6,378		169,017
Micron Technology, Inc.	*†	31,499		258,292
National Semiconductor Corp.	†	7,438		106,140
Novellus Systems, Inc.	*	3,117		65,395
Nvidia Corp.	*	19,209		288,711
Teradyne, Inc.	*†	6,358		58,812
Texas Instruments, Inc.	†	45,251		1,071,996
Xilinx, Inc.		9,474		221,881
				8,560,035
Software—4.0%
Adobe Systems, Inc.	*	18,491		610,943
Autodesk, Inc.	*	7,988		190,114
BMC Software, Inc.	*	6,416		240,792
CA, Inc.		13,792		303,286
Citrix Systems, Inc.	*	6,304		247,306
Compuware Corp.	*	9,006		66,014
Electronic Arts, Inc.	*	11,834		225,438
Intuit, Inc.	*	11,790		336,015
McAfee, Inc.	*	5,457		238,962
Microsoft Corp.		274,805		7,114,701
Novell, Inc.	*	11,821		53,313
Oracle Corp.		138,196		2,880,005
Red Hat, Inc.	*	6,793		187,759
Salesforce.com, Inc.	*†	3,782		215,309
Symantec Corp.	*	29,024		478,025
				13,387,982
Specialty Retail—1.9%
Abercrombie & Fitch Co., Class A		2,804		92,196
AutoNation, Inc.	*†	3,434		62,087
AutoZone, Inc.	*	1,156		169,030
Bed Bath & Beyond, Inc.	*†	9,108		341,914
Best Buy Co., Inc.		12,421		466,036
GameStop Corp., Class A	*†	6,161		163,082
Gap, Inc. (The)		16,322		349,291
Home Depot, Inc.		60,324		1,607,031
Limited Brands, Inc.		10,156		172,550
Lowe’s Cos., Inc.		52,475		1,098,826
Office Depot, Inc.	*	8,714		57,687
O’Reilly Automotive, Inc.	*†	5,004		180,845
RadioShack Corp.	†	3,908		64,756
Sherwin-Williams Co. (The)	†	3,352		201,656
Staples, Inc.		25,971		603,047
Tiffany & Co.		4,567		175,966
TJX Cos., Inc.		15,028		558,290
				6,364,290
Textiles, Apparel & Luxury Goods—0.5%
Coach, Inc.		11,411		375,650
NIKE, Inc., Class B		14,032		907,870
Polo Ralph Lauren Corp.	†	1,954	$	149,716
V.F. Corp.		3,268		236,701
				1,669,937
Thrifts & Mortgage Finance—0.1%
Hudson City Bancorp, Inc.	†	16,896		222,182
People’s United Financial, Inc.	†	12,841		199,806
				421,988
Tobacco—1.6%
Altria Group, Inc.		73,502		1,309,071
Lorillard, Inc.		5,886		437,330
Philip Morris International, Inc.		68,754		3,351,070
Reynolds American, Inc.		5,885		262,000
				5,359,471
Trading Companies & Distributors—0.1%
Fastenal Co.	†	4,379		169,467
W.W. Grainger, Inc.	†	2,215		197,933
				367,400
Wireless Telecommunication Services—0.3%
American Tower Corp., Class A	*	14,048		511,347
MetroPCS Communications, Inc.	*†	8,843		82,770
Sprint Nextel Corp.	*	104,285		411,926
				1,006,043
TOTAL COMMON STOCKS
(Cost $255,660,341)				331,753,527

 

Coupon   Rate		Maturity Date			Face	Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.125%	12/17/2009		‡‡
(Cost $244,934)				$	245,000	244,963

 

		Shares	Value
CASH EQUIVALENTS—6.0%
Institutional Money Market Funds—6.0%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		1,477,316	1,477,316
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	7,382,224	7,382,224
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	2,750,000	2,750,000
Short-Term Investments Trust Liquid Assets Portfolio	††	3,500,000	3,500,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	2,500,000	2,500,000

See accompanying notes to schedule of investments.

67

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint 500
Stock Index Fund

		Shares		Value
CASH EQUIVALENTS—(Continued)
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	2,500,000	$	2,500,000
TOTAL CASH EQUIVALENTS
(Cost $20,109,540)				20,109,540
TOTAL INVESTMENTS—105.5%
(Cost $276,014,815)				352,108,030
Other assets less liabilities—(5.5%)				(18,398,142	)
NET ASSETS—100.0%			$	333,709,888

 

Legend to the Schedule of Investments:
REIT	Real Estate Investment Trust
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
‡‡	Security or a portion of the 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.

68

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—98.2%
Aerospace & Defense—2.2%
AAR Corp.	*†	1,489	$	32,669
Alliant Techsystems, Inc.	*†	1,550		120,668
American Science & Engineering, Inc.		435		29,597
Applied Signal Technology, Inc.		1,237		28,785
BE Aerospace, Inc.	*†	2,393		48,195
Boeing Co. (The)		25,335		1,371,890
Ceradyne, Inc.	*	1,867		34,222
Cubic Corp.		476		18,788
Curtiss-Wright Corp.	†	2,112		72,083
Esterline Technologies Corp.	*	1,049		41,131
GenCorp, Inc.	*	1,629		8,731
General Dynamics Corp.		13,610		879,206
Goodrich Corp.		4,882		265,288
HEICO Corp., Class A		878		29,773
Hexcel Corp.	*†	4,757		54,420
Honeywell International, Inc.		27,216		1,011,074
ITT Corp.		6,885		359,053
Kratos Defense & Security Solutions, Inc.	*	239		2,091
L-3 Communications Holdings, Inc.		5,024		403,528
Ladish Co., Inc.	*	900		13,617
Lockheed Martin Corp.		12,495		975,610
Moog, Inc., Class A	*†	1,446		42,657
Northrop Grumman Corp.		11,150		577,012
Orbital Sciences Corp.	*†	2,123		31,781
Precision Castparts Corp.		5,136		523,204
Raytheon Co.		15,961		765,649
Rockwell Collins, Inc.		6,041		306,883
Spirit Aerosystems Holdings, Inc., Class A	*†	2,103		37,980
Stanley, Inc.	*	911		23,431
Taser International, Inc.	*	2,292		10,818
Teledyne Technologies, Inc.	*	1,228		44,196
Triumph Group, Inc.		822		39,448
United Technologies Corp.		33,343		2,031,589
				10,235,067
Air Freight & Logistics—0.7%
Air T, Inc.		1,352		13,060
Atlas Air Worldwide Holdings, Inc.	*	600		19,182
C.H. Robinson Worldwide, Inc.		7,150		412,912
Expeditors International of Washington, Inc.		8,772		308,336
FedEx Corp.		11,491		864,353
Forward Air Corp.	†	1,431		33,128
HUB Group, Inc., Class A	*†	2,400		54,840
Pacer International, Inc.		1,664		6,423
United Parcel Service, Inc., Class B		25,582		1,444,616
UTi Worldwide, Inc. (Virgin Islands, British)		2,208		31,972
				3,188,822
Airlines—0.2%
Airtran Holdings, Inc.	*	3,168		19,800
Alaska Air Group, Inc.	*†	1,343		35,979
AMR Corp.	*†	6,672		53,042
Continental Airlines, Inc., Class B	*†	2,723		44,766
Delta Air Lines, Inc.	*†	25,505		228,525
ExpressJet Holdings, Inc.	*	263		657
JetBlue Airways Corp.	*	6,414	$	38,356
Mesa Air Group, Inc.	*	847		218
Skywest, Inc.	†	2,390		39,626
Southwest Airlines Co.		30,863		296,285
UAL Corp.	*†	3,500		32,270
US Airways Group, Inc.	*	8,660		40,702
				830,226
Auto Components—0.2%
American Axle & Manufacturing Holdings, Inc.	†	2,113		14,960
Amerigon, Inc.	*	2,107		15,486
ArvinMeritor, Inc.	†	2,791		21,826
BorgWarner, Inc.		4,548		137,623
Cooper Tire & Rubber Co.		3,066		53,900
Dana Holding Corp.	*†	2,450		16,685
Fuel Systems Solutions, Inc.	*	769		27,676
Gentex Corp.		6,594		93,305
Goodyear Tire & Rubber Co. (The)	*	7,281		123,995
Johnson Controls, Inc.		18,909		483,314
Modine Manufacturing Co.		1,208		11,198
Quantum Fuel Systems Technologies Worldwide, Inc.	*†	2,809		3,736
Shiloh Industries, Inc.	*	1,441		6,485
Strattec Security Corp.		123		1,754
Superior Industries International, Inc.	†	1,102		15,648
Tenneco, Inc.	*†	1,600		20,864
TRW Automotive Holdings Corp.	*	900		15,075
WABCO Holdings, Inc.		2,354		49,434
				1,112,964
Automobiles—0.2%
Ford Motor Co.	*	122,116		880,456
Harley-Davidson, Inc.	†	9,017		207,391
Thor Industries, Inc.	†	1,221		37,790
Winnebago Industries, Inc.	*	1,432		21,065
				1,146,702
Beverages—2.2%
Brown-Forman Corp., Class B		4,876		235,121
Central European Distribution Corp.	*	652		21,360
Coca-Cola Bottling Co. Consolidated		437		21,164
Coca-Cola Co. (The)		87,056		4,674,907
Coca-Cola Enterprises, Inc.		10,775		230,693
Constellation Brands, Inc., Class A	*	8,096		122,654
Dr. Pepper Snapple Group, Inc.	*	9,896		284,510
Hansen Natural Corp.	*†	2,680		98,463
Molson Coors Brewing Co., Class B		5,822		283,415
Pepsi Bottling Group, Inc.		5,377		195,938
PepsiAmericas, Inc.		3,031		86,565
PepsiCo, Inc.		64,218		3,767,028
				10,021,818
Biotechnology—1.8%
Aastrom Biosciences, Inc.	*†	3,289		1,424
Abraxis Bioscience, Inc.	*	439		15,971
Acorda Therapeutics, Inc.	*	539		12,548
Alexion Pharmaceuticals, Inc.	*†	2,216		98,701
Alkermes, Inc.	*	3,579		32,891
Allos Therapeutics, Inc.	*	3,978		28,840

See accompanying notes to schedule of investments.

69

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Alnylam Pharmaceuticals, Inc.	*†	2,390	$	54,205
Altus Pharmaceuticals, Inc.	*	1,600		320
AMAG Pharmaceuticals, Inc.	*†	834		36,429
Amgen, Inc.	*	41,739		2,513,940
Amylin Pharmaceuticals, Inc.	*†	3,885		53,186
Anadys Pharmaceuticals, Inc.	*†	3,242		8,526
Antigenics, Inc.	*†	1,707		3,533
ARCA Biopharma, Inc.	*	57		202
Arena Pharmaceuticals, Inc.	*	1,439		6,432
Ariad Pharmaceuticals, Inc.	*	1,662		3,690
Arqule, Inc.	*	864		3,923
Array Biopharma, Inc.	*†	4,333		10,313
AVI BioPharma, Inc.	*†	2,400		4,128
Avigen, Inc.	*	1,009		1,503
Biogen Idec, Inc.	*	9,376		473,676
BioMarin Pharmaceutical, Inc.	*†	3,444		62,268
Celera Corp.	*†	3,028		18,864
Celgene Corp.	*	18,618		1,040,746
Cell Genesys, Inc.	*	1,642		571
Cell Therapeutics, Inc.	*†	34		42
Celldex Therapeutics, Inc.	*†	429		2,355
Cephalon, Inc.	*†	2,647		154,161
Cepheid, Inc.	*	4,930		65,175
Clinical Data, Inc.	*†	1,998		33,307
Cubist Pharmaceuticals, Inc.	*	1,762		35,592
CytRx Corp.	*	4,200		4,704
Dendreon Corp.	*	3,874		108,433
Emergent Biosolutions, Inc.	*	1,319		23,294
Entremed, Inc.	*	1,390		626
Enzon Pharmaceuticals, Inc.	*†	1,765		14,561
EPIX Pharmaceuticals, Inc.	*	640		9
Exact Sciences Corp.	*	1,250		3,475
Exelixis, Inc.	*†	2,695		17,194
Facet Biotech Corp.	*†	768		13,279
Genaera Corp.	*‡δ	797		—
Genomic Health, Inc.	*	1,284		28,068
Genzyme Corp.	*†	10,181		577,568
Geron Corp.	*†	4,719		30,957
Gilead Sciences, Inc.	*	37,008		1,723,833
GTC Biotherapeutics, Inc.	*	398		637
GTx, Inc.	*	200		2,560
Halozyme Therapeutics, Inc.	*†	6,362		45,234
Hemispherx Biopharma, Inc.	*†	920		1,840
Human Genome Sciences, Inc.	*†	5,277		99,313
Immunogen, Inc.	*	1,323		10,730
Immunomedics, Inc.	*†	2,141		11,818
Incyte Corp. Ltd.	*†	3,102		20,939
InterMune, Inc.	*†	1,586		25,265
Isis Pharmaceuticals, Inc.	*†	2,216		32,287
Keryx Biopharmaceuticals, Inc.	*†	5,221		12,217
Lexicon Pharmaceuticals, Inc.	*†	2,343		4,991
Ligand Pharmaceuticals, Inc., Class B	*	4,898		11,314
MannKind Corp.	*†	4,492		44,246
Martek Biosciences Corp.	*†	1,148		25,933
Maxygen, Inc.	*	1,231		8,235
Medivation, Inc.	*†	1,731		46,979
Momenta Pharmaceuticals, Inc.	*	2,618		27,777
Myriad Genetics, Inc.	*	4,124		112,998
Myriad Pharmaceuticals, Inc.	*†	1,031		6,042
Nabi Biopharmaceuticals	*	1,995		7,162
Neurobiological Technologies, Inc.	*	448		403
Neurocrine Biosciences, Inc.	*†	1,479		4,511
Novavax, Inc.	*†	1,550		6,138
NPS Pharmaceuticals, Inc.	*	1,660		6,673
Onyx Pharmaceuticals, Inc.	*†	1,214	$	36,384
Orthologic Corp.	*	1,516		1,198
OSI Pharmaceuticals, Inc.	*†	1,329		46,914
Osiris Therapeutics, Inc.	*†	1,402		9,337
PDL BioPharma, Inc.	†	3,841		30,267
Peregrine Pharmaceuticals, Inc.	*†	9,115		6,289
Pharmasset, Inc.	*†	1,946		41,138
Poniard Pharmaceuticals, Inc.	*†	396		2,962
Progenics Pharmaceuticals, Inc.	*†	793		4,155
Regeneron Pharmaceuticals, Inc.	*	2,632		50,798
Rigel Pharmaceuticals, Inc.	*	1,882		15,432
RXi Pharmaceuticals Corp.	*	209		512
Savient Pharmaceuticals, Inc.	*†	1,389		21,113
Sciclone Pharmaceuticals, Inc.	*	1,700		7,242
SIGA Technologies, Inc.	*†	4,649		36,681
Targeted Genetics Corp.	*	626		203
Telik, Inc.	*	1,748		1,388
Theravance, Inc.	*†	3,224		47,199
Trimeris, Inc.	†	1,214		2,962
United Therapeutics Corp.	*†	1,828		89,554
Vanda Pharmaceuticals, Inc.	*	2,507		29,181
Vertex Pharmaceuticals, Inc.	*†	5,029		190,599
Vion Pharmaceuticals, Inc.	*†	450		455
XOMA Ltd.	*†	4,976		4,031
Zymogenetics, Inc.	*†	2,343		14,152
				8,589,851
Building Products—0.1%
American Woodmark Corp.	†	800		15,472
Ameron International Corp.		542		37,929
Apogee Enterprises, Inc.	†	1,250		18,775
Gibraltar Industries, Inc.		1,188		15,765
Griffon Corp.	*	1,288		12,970
Jewett-Cameron Trading Ltd.	*	1,575		10,159
Lennox International, Inc.	†	2,437		88,024
Masco Corp.		15,650		202,198
NCI Building Systems, Inc.	*†	1,232		3,942
Owens Corning, Inc.	*†	1,100		24,695
Quanex Building Products Corp.		1,671		23,996
Simpson Manufacturing Co., Inc.	†	2,084		52,642
Trex Co., Inc.	*†	731		13,304
U.S. Home Systems, Inc.	*	1,291		3,240
Universal Forest Products, Inc.		1,121		44,235
USG Corp.	*†	3,348		57,519
				624,865
Capital Markets—2.9%
Affiliated Managers Group, Inc.	*†	1,354		88,024
Ameriprise Financial, Inc.		9,235		335,508
Bank of New York Mellon Corp. (The)		49,223		1,426,975
BGC Partners, Inc., Class A		7,270		31,116
BlackRock, Inc.		1,892		410,223
Calamos Asset Management, Inc., Class A		1,800		23,508
Charles Schwab Corp. (The)		37,877		725,345
Deerfield Capital Corp.	*	342		2,394
Diamond Hill Investment Group, Inc.	*	331		19,188
E*Trade Financial Corp.	*†	14,978		26,211
Eaton Vance Corp.	†	5,282		147,843
FCStone Group, Inc.	*	1,722		8,300
Federated Investors, Inc., Class B	†	3,745		98,756
Franklin Resources, Inc.		7,589		763,453

See accompanying notes to schedule of investments.

70

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
GAMCO Investors, Inc., Class A	†	558	$	25,501
GFI Group, Inc.		2,520		18,220
GLG Partners, Inc.		9,550		38,487
Goldman Sachs Group, Inc. (The)		20,261		3,735,115
Greenhill & Co., Inc.	†	495		44,342
Invesco Ltd.		16,610		378,044
Investment Technology Group, Inc.	*†	2,078		58,018
Janus Capital Group, Inc.	†	6,411		90,908
Jefferies Group, Inc.	*†	4,678		127,382
KBW, Inc.	*†	1,604		51,681
Kent Financial Services, Inc.	*	2,200		3,894
Knight Capital Group, Inc., Class A	*†	4,630		100,702
LaBranche & Co., Inc.	*	2,588		8,799
Legg Mason, Inc.		5,850		181,526
MF Global Ltd. (Bermuda)	*	2,928		21,287
Morgan Stanley		50,106		1,547,273
Northern Trust Corp.		9,457		550,019
optionsXpress Holdings, Inc.		1,914		33,074
Piper Jaffray Cos.	*†	963		45,954
Raymond James Financial, Inc.	†	3,472		80,828
Safeguard Scientifics, Inc.	*	678		7,438
SEI Investments Co.		5,918		116,466
Siebert Financial Corp.	*	1,469		3,452
State Street Corp.		19,699		1,036,167
Stifel Financial Corp.	*†	1,588		87,181
SWS Group, Inc.	†	1,323		19,051
T. Rowe Price Group, Inc.		11,032		504,162
TD Ameritrade Holding Corp.	*	13,211		259,200
Teton Advisors, Inc.	*‡	8		22
TradeStation Group, Inc.	*	1,690		13,773
Virtus Investment Partners, Inc.	*	210		3,278
Waddell & Reed Financial, Inc., Class A		3,971		112,975
Westwood Holdings Group, Inc.	†	1,027		35,637
				13,446,700
Chemicals—2.0%
A. Schulman, Inc.		1,444		28,779
Air Products & Chemicals, Inc.		8,040		623,743
Airgas, Inc.		3,075		148,738
Albemarle Corp.	†	3,712		128,435
Ampal-American Israel Corp., Class A (Israel)	*	1,391		2,824
Arch Chemicals, Inc.	†	1,211		36,318
Ashland, Inc.	†	3,276		141,589
Cabot Corp.		2,693		62,235
Calgon Carbon Corp.	*†	3,184		47,219
Celanese Corp., Class A		5,993		149,825
CF Industries Holdings, Inc.		2,332		201,088
Cytec Industries, Inc.		1,644		53,381
Dow Chemical Co. (The)		42,556		1,109,435
E.I. Du Pont de Nemours & Co.		35,437		1,138,945
Eastman Chemical Co.		3,211		171,917
Ecolab, Inc.		6,657		307,753
Ferro Corp.		1,818		16,180
FMC Corp.		3,336		187,650
Georgia Gulf Corp.	*†	50		1,500
H.B. Fuller Co.		2,570		53,713
Huntsman Corp.		2,600		23,686
International Flavors & Fragrances, Inc.		3,885	$	147,358
Intrepid Potash, Inc.	*†	1,172		27,648
Koppers Holdings, Inc.		1,582		46,906
Kronos Worldwide, Inc.	†	1,131		11,661
Landec Corp.	*	986		6,310
LSB Industries, Inc.	*	1,411		21,969
Lubrizol Corp.		1,819		129,986
Minerals Technologies, Inc.		868		41,282
Monsanto Co.		21,746		1,683,140
Mosaic Co. (The)		5,740		275,922
Nalco Holding Co.		3,074		62,986
NewMarket Corp.		378		35,169
NL Industries, Inc.	†	2,111		14,144
Olin Corp.	†	2,796		48,762
OM Group, Inc.	*	1,147		34,857
Omnova Solutions, Inc.	*	6,478		41,977
Penford Corp.		785		5,628
PolyOne Corp.	*	2,862		19,090
PPG Industries, Inc.		5,657		329,294
Praxair, Inc.		12,623		1,031,173
Quaker Chemical Corp.		483		10,592
RPM International, Inc.		4,832		89,344
Scotts Miracle-Gro Co. (The), Class A	†	1,662		71,383
Sensient Technologies Corp.		2,027		56,290
Sigma-Aldrich Corp.		4,956		267,525
Spartech Corp.		1,451		15,627
Stepan Co.		556		33,405
Terra Industries, Inc.		2,513		87,126
Valhi, Inc.	†	511		6,193
Valspar Corp.		3,724		102,447
W.R. Grace & Co.	*†	4,200		91,308
Zep, Inc.		936		15,210
				9,496,665
Commercial Banks—2.8%
1st Source Corp.		1,180		19,234
Alliance Bankshares Corp.	*	744		1,845
Amcore Financial, Inc.	*†	1,352		2,163
Associated Banc-Corp	†	5,110		58,356
BancFirst Corp.	†	642		23,709
BancorpSouth, Inc.	†	3,611		88,144
BancTrust Financial Group, Inc.	†	1,600		5,712
Bank of Hawaii Corp.	†	1,898		78,843
BB&T Corp.	†	25,393		691,705
BOK Financial Corp.	†	1,765		81,755
Boston Private Financial Holdings, Inc.		1,297		8,443
Bryn Mawr Bank Corp.		1,058		18,483
Capital Bank Corp.		1,282		6,384
Capital City Bank Group, Inc.	†	1,113		15,805
CapitalSource, Inc.		4,975		21,591
Cardinal Financial Corp.	†	1,142		9,399
Cascade Bancorp	†	2,191		2,651
Cascade Financial Corp.		1,063		1,807
Cathay General Bancorp		2,082		16,843
Catskill Litigation Trust	*‡δ	582		—
Central Pacific Financial Corp.	†	929		2,341
Chemical Financial Corp.		1,552		33,818
Citizens Republic Bancorp, Inc.	*†	4,000		3,040
City Bank/Washington	†	1,645		4,261
City Holding Co.		250		7,452
City National Corp./California	†	1,548		60,264
CoBiz Financial, Inc.		1,063		5,294
Comerica, Inc.		5,587		165,766

See accompanying notes to schedule of investments.

71

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Commerce Bancshares, Inc./Missouri		2,354	$	87,663
Community Bank System, Inc.	†	1,402		25,615
Community Trust Bancorp, Inc.		665		17,403
Cullen/Frost Bankers, Inc.	†	2,502		129,203
CVB Financial Corp.	†	4,084		30,998
East West Bancorp, Inc.	†	2,200		18,260
Eastern Virginia Bankshares, Inc.		700		5,782
Fidelity Southern Corp.	*	1,406		4,457
Fifth Third Bancorp		20,084		203,451
Financial Institutions, Inc.		749		7,468
First BanCorp. (Puerto Rico)	†	3,246		9,900
First Bancorp/North Carolina	†	643		11,606
First Busey Corp.	†	2,407		11,313
First Citizens BancShares, Inc./North Carolina, Class A	†	254		40,411
First Commonwealth Financial Corp.		2,619		14,876
First Financial Bancorp		1,895		22,835
First Financial Bankshares, Inc.	†	333		16,470
First Horizon National Corp.	*	8,095		107,093
First Merchants Corp.		874		6,092
First Midwest Bancorp, Inc./Illinois		2,002		22,563
First of Long Island Corp. (The)	†	986		26,218
FirstMerit Corp.	†	3,951		75,187
FNB Corp./Pennsylvania	†	3,344		23,776
Frontier Financial Corp.	†	2,254		2,457
Fulton Financial Corp.	†	6,533		48,083
Glacier Bancorp, Inc.	†	1,771		26,459
Guaranty Bancorp	*	5,300		7,844
Hancock Holding Co.	†	1,041		39,110
Hanmi Financial Corp.	*†	3,600		5,904
Harleysville National Corp.		1,599		8,523
Heritage Financial Corp./Washington		332		4,366
Home Bancshares, Inc./Arkansas		1,064		23,323
Huntington Bancshares, Inc./Ohio		13,268		62,492
IBERIABANK Corp.	†	966		44,011
Independent Bank Corp./Massachusetts	†	874		19,342
Independent Bank Corp./Michigan	†	2,079		3,950
Integra Bank Corp.		848		941
International Bancshares Corp.	†	3,248		52,975
KeyCorp		27,431		178,301
M&T Bank Corp.	†	3,305		205,968
Marshall & Ilsley Corp.	†	8,572		69,176
MB Financial, Inc.		931		19,523
Merchants Bancshares, Inc.		571		12,197
Midsouth Bancorp, Inc.	†	522		6,890
MidWestOne Financial Group, Inc.		552		4,968
National Penn Bancshares, Inc.		2,758		16,851
NBT Bancorp, Inc.	†	1,000		22,540
Northern States Financial Corp.	*	772		3,057
Old National Bancorp/Indiana	†	3,552		39,782
Pacific Capital Bancorp	†	1,724		2,483
Pacific Premier Bancorp, Inc.	*	976		4,197
PacWest Bancorp	†	894		17,031
Park National Corp.	†	728		42,471
Peoples Bancorp, Inc./Ohio	†	814		10,623
Peoples Financial Corp./Mississippi		883	$	16,433
Pinnacle Financial Partners, Inc.	*†	1,818		23,107
PNC Financial Services Group, Inc.		17,917		870,587
Popular, Inc. (Puerto Rico)		10,296		29,138
PrivateBancorp, Inc.	†	1,200		29,352
Prosperity Bancshares, Inc.	†	2,300		80,017
Regions Financial Corp.	†	41,501		257,721
Republic Bancorp, Inc./ Kentucky, Class A		1,603		31,996
Royal Bancshares of Pennsylvania, Inc., Class A	*	882		1,367
S&T Bancorp, Inc.	†	955		12,377
Sandy Spring Bancorp, Inc.	†	344		5,600
Santander BanCorp (Puerto Rico)	*	1,280		12,480
Shore Bancshares, Inc.		826		13,819
Signature Bank/New York	*	1,900		55,100
Simmons First National Corp., Class A		911		26,246
South Financial Group, Inc. (The)		2,799		4,114
Sterling Bancorp/New York		1,476		10,657
Sterling Bancshares, Inc./Texas		2,422		17,705
Sterling Financial Corp./Washington	*†	2,577		5,154
Suffolk Bancorp	†	1,100		32,571
SunTrust Banks, Inc.		19,144		431,697
Superior Bancorp	*	223		544
Susquehanna Bancshares, Inc.	†	2,932		17,269
SVB Financial Group	*†	1,437		62,179
Synovus Financial Corp.		10,920		40,950
TCF Financial Corp.	†	6,104		79,596
Texas Capital Bancshares, Inc.	*	2,821		47,506
Tompkins Financial Corp.	†	665		29,060
TowneBank/Virginia	†	1,406		17,926
Trustmark Corp.	†	2,435		46,387
U.S. Bancorp		76,153		1,664,705
UCBH Holdings, Inc.	†	3,652		2,922
UMB Financial Corp.	†	1,211		48,973
Umpqua Holdings Corp.		1,151		12,201
United Bankshares, Inc.	†	2,134		41,805
United Community Banks, Inc./Georgia	*†	2,273		11,367
Valley National Bancorp	†	5,962		73,273
W Holding Co., Inc. (Puerto Rico)	†	161		2,157
Washington Trust Bancorp, Inc.		500		8,760
Webster Financial Corp.		2,393		29,841
Wells Fargo & Co.		176,772		4,981,435
WesBanco, Inc.		1,699		26,267
Westamerica Bancorporation	†	1,628		84,656
Western Alliance Bancorp	*†	1,400		8,834
Whitney Holding Corp./Louisiana	†	2,371		22,619
Wilmington Trust Corp.	†	3,204		45,497
Wintrust Financial Corp.		1,017		28,435
Zions Bancorporation	†	5,053		90,802
				12,852,790
Commercial Services & Supplies—0.7%
ABM Industries, Inc.	†	2,291		48,203
ACCO Brands Corp.	*	1,319		9,523
APAC Customer Services, Inc.	*	1,972		11,655
ATC Technology Corp.	*	603		11,915
Avery Dennison Corp.		3,924		141,303
Bowne & Co., Inc.		1,632		12,566

See accompanying notes to schedule of investments.

72

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Brink’s Co. (The)		2,084	$	56,081
Cenveo, Inc.	*†	4,741		32,810
Cintas Corp.		5,365		162,613
Clean Harbors, Inc.	*	1,207		67,906
Consolidated Graphics, Inc.	*†	776		19,361
Copart, Inc.	*†	3,582		118,958
Corrections Corp. of America	*	5,700		129,105
Courier Corp.		424		6,424
Covanta Holding Corp.	*†	4,185		71,145
Deluxe Corp.	†	2,098		35,876
EnergySolutions, Inc.	†	4,049		37,332
Ennis, Inc.		695		11,210
G&K Services, Inc., Class A		1,008		22,337
Geo Group, Inc. (The)	*†	2,456		49,538
Healthcare Services Group, Inc.	†	3,735		68,575
Herman Miller, Inc.	†	3,155		53,351
HNI Corp.	†	2,512		59,283
Interface, Inc., Class A		3,357		27,863
Iron Mountain, Inc.	*	7,146		190,512
Kimball International, Inc., Class B		1,500		11,445
Knoll, Inc.		2,701		28,172
M&F Worldwide Corp.	*	780		15,787
McGrath Rentcorp		916		19,483
Mine Safety Appliances Co.	†	1,444		39,725
Mobile Mini, Inc.	*†	2,000		34,720
Perma-Fix Environmental Services, Inc.	*	5,502		12,875
Pitney Bowes, Inc.		9,192		228,421
R.R. Donnelley & Sons Co.		8,887		188,938
Republic Services, Inc.		13,363		355,055
Rollins, Inc.	†	991		18,680
Standard Register Co. (The)	†	1,650		9,702
Steelcase, Inc., Class A	†	1,992		12,370
Stericycle, Inc.	*	3,138		152,036
Sykes Enterprises, Inc.	*	1,423		29,627
Tetra Tech, Inc.	*	2,114		56,084
TRC Cos., Inc.	*	327		1,128
United Stationers, Inc.	*	1,278		60,846
Viad Corp.		937		18,656
Virco Mfg. Corp.		799		2,405
Waste Connections, Inc.	*†	2,362		68,167
Waste Management, Inc.		18,020		537,356
				3,357,123
Communications Equipment—2.5%
3Com Corp.	*	14,501		75,840
ADC Telecommunications, Inc.	*	4,773		39,807
Adtran, Inc.	†	3,197		78,486
Alliance Fiber Optic Products, Inc.	*	4,817		6,118
AltiGen Communications, Inc.	*	4,109		4,109
Anaren, Inc.	*	813		13,821
Arris Group, Inc.	*†	3,613		47,005
Avocent Corp.	*†	2,007		40,682
Bel Fuse, Inc., Class A		545		9,897
Black Box Corp.	†	865		21,703
Blonder Tongue Laboratories, Inc.	*	2,285		2,742
Blue Coat Systems, Inc.	*†	1,072		24,216
Brocade Communications Systems, Inc.	*†	14,008		110,103
Ciena Corp.	*†	5,950		96,866
Cisco Systems, Inc.	*	235,683		5,547,978
CommScope, Inc.	*	2,812		84,163
Comtech Telecommunications Corp.	*†	1,350	$	44,847
Digi International, Inc.	*	1,976		16,836
Ditech Networks, Inc.	*	1,360		2,842
EchoStar Corp., Class A	*	1,877		34,649
Emcore Corp.	*	1,219		1,585
EMS Technologies, Inc.	*	960		19,987
Emulex Corp.	*	3,408		35,068
EndWave Corp.	*	911		2,897
Extreme Networks, Inc.	*	4,491		12,575
F5 Networks, Inc.	*†	2,664		105,574
Finisar Corp.	*	857		8,295
Harmonic, Inc.	*	2,820		18,838
Harris Corp.		6,090		228,984
Harris Stratex Networks, Inc., Class A	*	2,182		15,274
Infinera Corp.	*†	4,191		33,318
Integrated Telecom Express, Inc.	*‡δ	1,103		—
InterDigital, Inc.	*	2,803		64,918
Ixia	*	2,330		15,984
JDS Uniphase Corp.	*	7,444		52,927
Juniper Networks, Inc.	*	19,227		519,514
KVH Industries, Inc.	*	375		3,746
Motorola, Inc.		84,429		725,245
NETGEAR, Inc.	*†	1,206		22,130
Network Engines, Inc.	*	1,329		1,475
Numerex Corp., Class A	*	1,800		8,298
Oclaro, Inc.	*	1,816		1,998
Oplink Communications, Inc.	*	758		11,006
Optelecom-NKF, Inc.	*	819		3,382
Optical Cable Corp.	*	240		727
Palm, Inc.	*†	4,574		79,725
Parkervision, Inc.	*†	1,052		4,303
Performance Technologies, Inc.	*	793		2,276
Plantronics, Inc.		1,826		48,955
Polycom, Inc.	*†	4,177		111,735
Powerwave Technologies, Inc.	*	2,434		3,894
QUALCOMM, Inc.		66,522		2,992,160
Riverbed Technology, Inc.	*	1,849		40,604
SCM Microsystems, Inc.	*	1,494		3,869
SeaChange International, Inc.	*	958		7,185
Sonus Networks, Inc.	*	10,700		22,684
Superior TeleCom, Inc.	*‡δ	2,013		—
Sycamore Networks, Inc.	*†	9,917		29,949
Tekelec	*	2,569		42,209
Tellabs, Inc.	*	19,143		132,470
Tollgrade Communications, Inc.	*	601		3,894
UTStarcom, Inc.	*†	4,555		9,520
Verso Technologies, Inc.	*δ	1		—
Viasat, Inc.	*†	1,190		31,630
Westell Technologies, Inc., Class A	*	1,821		2,422
Zoom Technologies, Inc.	*†	542		4,390
Zoom Telephonics, Inc.	*‡	542		1,106
				11,791,435
Computers & Peripherals—4.9%
Adaptec, Inc.	*	3,850		12,859
Apple, Inc.	*	37,319		6,917,823
Avid Technology, Inc.	*†	1,448		20,402
Concurrent Computer Corp.	*	190		874
Cray, Inc.	*	714		5,948
Dataram Corp.	*	1,175		3,983
Dell, Inc.	*	70,097		1,069,680
Diebold, Inc.		3,079		101,392
Dot Hill Systems Corp.	*	1,396		2,429

See accompanying notes to schedule of investments.

73

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Electronics for Imaging, Inc.	*	2,638	$	29,730
EMC Corp.	*	78,184		1,332,255
Hewlett-Packard Co.		97,477		4,601,889
Hutchinson Technology, Inc.	*†	1,149		8,158
Hypercom Corp.	*	1,992		6,175
iGO, Inc.	*	674		735
Imation Corp.	†	1,564		14,498
Intermec, Inc.	*	2,374		33,474
International Business Machines Corp.		53,740		6,427,841
Lexmark International, Inc., Class A	*†	4,019		86,569
NCR Corp.	*†	7,848		108,459
NetApp, Inc.	*	14,316		381,951
Novatel Wireless, Inc.	*†	1,358		15,427
Overland Storage, Inc.	*	481		496
Presstek, Inc.	*	945		1,994
QLogic Corp.	*	3,731		64,173
Quantum Corp.	*	6,681		8,418
SanDisk Corp.	*	8,969		194,627
Seagate Technology (Cayman Islands)	†	20,081		305,432
Silicon Graphics International Corp.	*	1,843		12,367
STEC, Inc.	*†	1,255		36,885
Stratasys, Inc.	*†	1,782		30,579
Sun Microsystems, Inc.	*	33,887		308,033
Synaptics, Inc.	*†	1,586		39,967
Teradata Corp.	*	7,848		215,977
TransAct Technologies, Inc.	*	888		4,706
Western Digital Corp.	*	8,354		305,172
				22,711,377
Construction & Engineering—0.3%
Aecom Technology Corp.	*	3,236		87,825
Comfort Systems USA, Inc.		2,179		25,255
Dycom Industries, Inc.	*	2,076		25,535
EMCOR Group, Inc.	*	2,908		73,631
Fluor Corp.		7,010		356,458
Furmanite Corp.	*	1,100		4,741
Granite Construction, Inc.	†	1,889		58,446
Insituform Technologies, Inc., Class A	*	1,223		23,408
Jacobs Engineering Group, Inc.	*	4,968		228,280
KBR, Inc.		6,464		150,547
Layne Christensen Co.	*	510		16,345
MasTec, Inc.	*	2,049		24,895
Quanta Services, Inc.	*	8,861		196,094
Shaw Group, Inc. (The)	*	2,182		70,020
Tutor Perini Corp.	*†	960		20,448
URS Corp.	*	2,934		128,069
				1,489,997
Construction Materials—0.1%
Eagle Materials, Inc.	†	2,083		59,532
Headwaters, Inc.	*	2,095		8,108
Martin Marietta Materials, Inc.	†	1,737		159,926
Texas Industries, Inc.	†	1,116		46,861
Vulcan Materials Co.	†	3,605		194,922
				469,349
Consumer Finance—0.6%
Advance America Cash Advance Centers, Inc.	†	3,279		18,362
Advanta Corp., Class B		1,050		588
American Express Co.		40,921		1,387,222
AmeriCredit Corp.	*†	6,437	$	101,640
Capital One Financial Corp.		17,411		622,095
Cash America International, Inc.		685		20,660
CompuCredit Holdings Corp.	*†	83		391
Discover Financial Services		18,027		292,578
Ezcorp, Inc., Class A	*†	2,031		27,743
First Marblehead Corp. (The)	*†	2,764		6,081
Nelnet, Inc., Class A	*†	481		5,984
Rewards Network, Inc.	*	375		5,153
SLM Corp.	*	20,100		175,272
Student Loan Corp. (The)	†	207		9,605
World Acceptance Corp.	*†	639		16,109
				2,689,483
Containers & Packaging—0.3%
AEP Industries, Inc.	*	372		14,843
AptarGroup, Inc.		3,130		116,937
Ball Corp.		4,676		230,059
Bemis Co., Inc.		4,410		114,263
Crown Holdings, Inc.	*	6,844		186,157
Greif, Inc., Class A		852		46,903
Myers Industries, Inc.		1,716		18,481
Owens-Illinois, Inc.	*	6,064		223,762
Packaging Corp. of America		4,339		88,516
Pactiv Corp.	*	6,523		169,924
Rock-Tenn Co., Class A	†	1,450		68,309
Sealed Air Corp.		7,054		138,470
Silgan Holdings, Inc.		454		23,939
Sonoco Products Co.		3,353		92,342
Temple-Inland, Inc.		4,506		73,988
				1,606,893
Distributors—0.1%
Audiovox Corp., Class A	*	1,218		8,343
Genuine Parts Co.		5,750		218,845
LKQ Corp.	*†	7,000		129,780
				356,968
Diversified Consumer Services—0.4%
American Public Education, Inc.	*†	698		24,249
Apollo Group, Inc., Class A	*†	5,517		406,437
Brink’s Home Security Holdings, Inc.	*	2,084		64,166
Career Education Corp.	*†	4,167		101,591
Coinstar, Inc.	*†	1,075		35,454
Corinthian Colleges, Inc.	*†	3,624		67,261
DeVry, Inc.	†	2,980		164,854
H&R Block, Inc.		11,402		209,569
Hillenbrand, Inc.	†	1,576		32,103
ITT Educational Services, Inc.	*†	1,873		206,798
Jackson Hewitt Tax Service, Inc.	†	1,779		9,073
Learning Tree International, Inc.	*	766		8,725
Matthews International Corp., Class A		1,052		37,220
Pre-Paid Legal Services, Inc.	*	779		39,573
Princeton Review, Inc.	*	818		3,436
Regis Corp.	†	1,818		28,179
Service Corp. International		11,775		82,543
Sotheby’s		2,623		45,194
Steiner Leisure Ltd. (Bahamas)	*†	1,503		53,747
Stewart Enterprises, Inc., Class A	†	4,115		21,521
Strayer Education, Inc.		551		119,942

See accompanying notes to schedule of investments.

74

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Universal Technical Institute, Inc.	*†	418	$	8,235
Weight Watchers International, Inc.	†	1,826		50,105
				1,819,975
Diversified Financial Services—3.9%
Bank of America Corp.		354,049		5,990,509
CIT Group, Inc.	†	8,482		10,263
Citigroup, Inc.		627,466		3,036,935
CME Group, Inc.		2,698		831,497
Financial Federal Corp.	†	1,513		37,341
Interactive Brokers Group, Inc., Class A	*	1,570		31,196
IntercontinentalExchange, Inc.	*	2,776		269,799
JPMorgan Chase & Co.		161,486		7,076,317
Leucadia National Corp.	*	6,084		150,396
Medallion Financial Corp.		958		8,009
Moody’s Corp.		9,284		189,951
MSCI, Inc., Class A	*	3,439		101,863
NASDAQ OMX Group, Inc. (The)	*	5,431		114,323
NYSE Euronext		9,567		276,391
PHH Corp.	*†	2,212		43,886
Pico Holdings, Inc.	*	1,150		38,353
Portfolio Recovery Associates, Inc.	*†	504		22,846
Resource America, Inc., Class A		1,287		6,190
				18,236,065
Diversified Telecommunication Services—2.4%
8x8, Inc.	*†	3,048		2,682
Alaska Communications Systems Group, Inc.	†	2,850		26,363
AT&T, Inc.		243,148		6,567,428
CenturyTel, Inc.		10,425		350,280
Cincinnati Bell, Inc.	*	9,266		32,431
Cogent Communications Group, Inc.	*†	2,886		32,612
D&E Communications, Inc.	†	1,712		19,671
Fairpoint Communications, Inc.	†	4,830		1,980
Frontier Communications Corp.		12,478		94,084
General Communication, Inc., Class A	*†	2,516		17,260
HickoryTech Corp.		651		5,566
IDT Corp., Class B	*	1,600		4,784
Iowa Telecommunications Services, Inc.	†	2,702		34,045
Level 3 Communications, Inc.	*†	41,949		58,309
PAETEC Holding Corp.	*	5,459		21,126
Premiere Global Services, Inc.	*	2,174		18,066
Qwest Communications International, Inc.	†	40,556		154,518
SureWest Communications	*	184		2,285
tw telecom Inc.	*†	1,928		25,932
Verizon Communications, Inc.		113,328		3,430,439
Windstream Corp.	†	15,208		154,057
XETA Technologies, Inc.	*	1,946		5,118
				11,059,036
Electric Utilities—1.7%
Allegheny Energy, Inc.		5,273		139,840
Allete, Inc.	†	1,243		41,728
American Electric Power Co., Inc.		17,879	$	554,070
Central Vermont Public Service Corp.		540		10,422
Cleco Corp.	†	2,109		52,894
DPL, Inc.		5,037		131,466
Duke Energy Corp.		47,382		745,793
Edison International		12,222		410,415
El Paso Electric Co.	*	1,748		30,887
Empire District Electric Co. (The)		1,197		21,654
Entergy Corp.		7,521		600,627
Exelon Corp.		25,464		1,263,524
FirstEnergy Corp.		11,034		504,474
FPL Group, Inc.		14,866		821,049
Great Plains Energy, Inc.	†	3,450		61,927
Hawaiian Electric Industries, Inc.	†	3,066		55,556
IDACORP, Inc.		1,515		43,617
ITC Holdings Corp.	†	1,539		69,948
MGE Energy, Inc.		1,559		56,872
Northeast Utilities		5,201		123,472
NV Energy, Inc.		7,959		92,245
Pepco Holdings, Inc.		7,066		105,142
Pinnacle West Capital Corp.		3,789		124,355
PNM Resources, Inc.		2,169		25,334
Portland General Electric Co.		1,100		21,692
PPL Corp.		14,691		445,725
Progress Energy, Inc.		10,369		405,013
Southern Co.		30,982		981,200
UIL Holdings Corp.	†	1,496		39,479
Unisource Energy Corp.		1,571		48,308
Unitil Corp.	†	420		9,429
Westar Energy, Inc.		4,032		78,664
				8,116,821
Electrical Equipment—0.7%
A.O. Smith Corp.		1,341		51,092
Active Power, Inc.	*	1,093		940
Acuity Brands, Inc.	†	1,873		60,329
American Superconductor Corp.	*†	1,147		38,470
AMETEK, Inc.	†	4,234		147,809
AZZ, Inc.	*†	1,582		63,549
Baldor Electric Co.	†	2,620		71,631
Belden, Inc.		1,894		43,751
Brady Corp., Class A	†	2,402		68,985
C&D Technologies, Inc.	*†	1,159		2,492
Capstone Turbine Corp.	*†	2,450		3,234
Emerson Electric Co.		30,316		1,215,065
Encore Wire Corp.	†	1,400		31,276
Energy Conversion Devices, Inc.	*†	781		9,044
Evergreen Solar, Inc.	*†	6,400		12,288
First Solar, Inc.	*†	2,540		388,264
Franklin Electric Co., Inc.	†	902		25,860
FuelCell Energy, Inc.	*	1,938		8,275
General Cable Corp.	*†	3,772		147,674
GrafTech International Ltd.	*	3,487		51,259
Hubbell, Inc., Class B	†	2,078		87,276
II-VI, Inc.	*	682		17,350
LSI Industries, Inc.		1,083		7,202
Magnetek, Inc.	*	1,406		2,193
Orbit International Corp.	*	2,812		9,547
Plug Power, Inc.	*	2,704		2,380
Powell Industries, Inc.	*	1,045		40,118
Power-One, Inc.	*†	3,459		6,745
Regal-Beloit Corp.	†	1,272		58,143

See accompanying notes to schedule of investments.

75

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Rockwell Automation, Inc.	†	6,047	$	257,602
Roper Industries, Inc.		2,980		151,920
Servotronics, Inc.		705		5,182
Spire Corp.	*†	2,500		14,025
SunPower Corp., Class A	*†	2,322		69,405
Tech/Ops Sevcon, Inc.		719		2,473
Thomas & Betts Corp.	*†	2,428		73,034
Ultralife Corp.	*	416		2,521
Universal Security Instruments, Inc.	*	1,866		11,103
Valence Technology, Inc.	*	6,972		12,550
Vicor Corp.	*	1,380		10,654
Woodward Governor Co.		2,448		59,389
				3,342,099
Electronic Equipment, Instruments & Components—0.8%
Agilent Technologies, Inc.	*	13,665		380,297
Agilysys, Inc.	†	1,335		8,798
American Technology Corp.	*†	3,686		6,524
Amphenol Corp., Class A		7,376		277,928
Anixter International, Inc.	*†	1,723		69,109
Arrow Electronics, Inc.	*	4,585		129,068
Avnet, Inc.	*	5,129		133,200
AVX Corp.		2,270		27,081
Benchmark Electronics, Inc.	*	2,520		45,360
Brightpoint, Inc.	*	2,358		20,632
CalAmp Corp.	*	550		1,540
Checkpoint Systems, Inc.	*†	1,441		23,690
Cognex Corp.	†	2,023		33,137
Coherent, Inc.	*†	1,348		31,435
Corning, Inc.		52,776		808,001
CTS Corp.		1,580		14,694
Daktronics, Inc.	†	927		7,944
Dolby Laboratories, Inc., Class A	*†	1,370		52,320
DTS, Inc.	*	755		20,672
Echelon Corp.	*†	1,769		22,767
Electro Rent Corp.		950		10,944
Electro Scientific Industries, Inc.	*	1,421		19,027
Electro-Sensors, Inc.		2,581		7,278
FARO Technologies, Inc.	*	453		7,783
FLIR Systems, Inc.	*†	5,608		156,856
Frequency Electronics, Inc.	*	821		3,801
Gerber Scientific, Inc.	*	1,608		9,616
ID Systems, Inc.	*	2,016		8,003
Ingram Micro, Inc., Class A	*	6,500		109,525
Insight Enterprises, Inc.	*	2,054		25,079
Iteris, Inc.	*	4,263		6,224
Itron, Inc.	*†	955		61,254
Jabil Circuit, Inc.		8,287		111,129
L-1 Identity Solutions, Inc.	*†	1,637		11,443
Lightpath Technologies, Inc., Class A	*	1,526		3,784
Littelfuse, Inc.	*	909		23,852
Maxwell Technologies, Inc.	*†	370		6,819
Mercury Computer Systems, Inc.	*	963		9,495
Merix Corp.	*	674		2,029
Mesa Laboratories, Inc.		1,200		27,468
Methode Electronics, Inc.		1,383		11,991
Molex, Inc.	†	5,599		116,907
MTS Systems Corp.	†	1,342		39,200
National Instruments Corp.	†	3,414		94,329
Newport Corp.	*†	1,614		14,139
NU Horizons Electronics Corp.	*	1,207		4,780
OI Corp.		1,600	$	11,472
OSI Systems, Inc.	*	867		15,857
Park Electrochemical Corp.		1,086		26,770
PC Connection, Inc.	*	854		4,646
Planar Systems, Inc.	*	785		2,104
Plexus Corp.	*	1,884		49,625
Radisys Corp.	*	961		8,351
Research Frontiers, Inc.	*	752		3,098
Rofin-Sinar Technologies, Inc.	*	2,200		50,512
Rogers Corp.	*	803		24,066
Sanmina-SCI Corp.	*	3,577		30,762
ScanSource, Inc.	*†	1,126		31,888
Sigmatron International, Inc.	*	282		897
Spectrum Control, Inc.	*	1,195		10,146
SYNNEX Corp.	*†	104		3,170
Tech Data Corp.	*	2,057		85,592
Technitrol, Inc.	†	1,866		17,186
Trans-Lux Corp.	*	866		1,095
Trimble Navigation Ltd.	*	4,318		103,243
TTM Technologies, Inc.	*	1,639		18,799
Universal Display Corp.	*†	1,350		16,119
Vishay Intertechnology, Inc.	*	6,172		48,759
X-Rite, Inc.	*	1,890		3,799
Zygo Corp.	*†	967		6,556
				3,591,464
Energy Equipment & Services—1.9%
Atwood Oceanics, Inc.	*†	1,298		45,780
Baker Hughes, Inc.	†	9,846		420,030
Basic Energy Services, Inc.	*	1,600		13,584
BJ Services Co.		11,495		223,348
Bristow Group, Inc.	*	982		29,156
Cal Dive International, Inc.	*	4,816		47,630
Cameron International Corp.	*	8,254		312,166
CARBO Ceramics, Inc.	†	1,137		58,612
Complete Production Services, Inc.	*	1,200		13,560
Dawson Geophysical Co.	*	924		25,299
Diamond Offshore Drilling, Inc.	†	2,694		257,331
Dresser-Rand Group, Inc.	*	2,924		90,849
Dril-Quip, Inc.	*†	880		43,683
ENSCO International, Inc.		5,080		216,103
Exterran Holdings, Inc.	*†	2,465		58,519
FMC Technologies, Inc.	*	5,390		281,574
Global Industries Ltd.	*	2,539		24,121
Gulfmark Offshore, Inc.	*†	1,000		32,740
Halliburton Co.		34,838		944,807
Helix Energy Solutions Group, Inc.	*	3,853		57,718
Helmerich & Payne, Inc.	†	3,926		155,195
Hercules Offshore, Inc.	*†	5,226		25,660
Hornbeck Offshore Services, Inc.	*†	1,800		49,608
ION Geophysical Corp.	*	2,427		8,543
Key Energy Services, Inc.	*†	5,220		45,414
Lufkin Industries, Inc.	†	1,000		53,180
Matrix Service Co.	*	468		5,087
Mitcham Industries, Inc.	*	1,100		6,820
Nabors Industries Ltd. (Bermuda)	*	10,988		229,649
NATCO Group, Inc., Class A	*	900		39,852
National Oilwell Varco, Inc.	*	16,517		712,378
Newpark Resources, Inc.	*	3,484		11,184
Oceaneering International, Inc.	*	2,232		126,666
Oil States International, Inc.	*	2,026		71,173
OYO Geospace Corp.	*†	550		14,207
Parker Drilling Co.	*	3,755		20,502

See accompanying notes to schedule of investments.

76

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Patterson-UTI Energy, Inc.	†	6,712	$	101,351
PHI, Inc.	*	774		15,697
Pioneer Drilling Co.	*	2,700		19,818
Pride International, Inc.	*†	5,416		164,863
Rowan Cos., Inc.		3,918		90,388
Schlumberger Ltd.		49,205		2,932,618
SEACOR Holdings, Inc.	*	713		58,202
Smith International, Inc.		8,871		254,598
Superior Energy Services, Inc.	*†	2,900		65,308
T-3 Energy Services, Inc.	*	972		19,148
Tesco Corp. (Canada)	*	3,185		25,416
Tetra Technologies, Inc.	*†	2,352		22,791
Tidewater, Inc.		2,430		114,429
Unit Corp.	*	1,702		70,208
				8,726,563
Food & Staples Retailing—2.4%
Andersons, Inc. (The)		700		24,640
Arden Group, Inc., Class A		260		31,070
BJ’s Wholesale Club, Inc.	*†	2,859		103,553
Casey’s General Stores, Inc.	†	1,608		50,459
Costco Wholesale Corp.		16,767		946,665
CVS Caremark Corp.		58,452		2,089,074
Great Atlantic & Pacific Tea Co.	*†	123		1,096
Kroger Co. (The)		23,489		484,813
Nash Finch Co.	†	674		18,427
Nyer Medical Group, Inc.	*	2,532		2,140
Pantry, Inc. (The)	*†	1,200		18,816
Rite Aid Corp.	*†	25,982		42,610
Ruddick Corp.	†	1,967		52,362
Safeway, Inc.		16,176		318,991
SUPERVALU, Inc.	†	8,154		122,799
Sysco Corp.		24,091		598,661
United Natural Foods, Inc.	*†	1,912		45,735
Walgreen Co.		39,098		1,465,002
Wal-Mart Stores, Inc.		89,165		4,377,110
Weis Markets, Inc.	†	382		12,205
Whole Foods Market, Inc.	*†	5,036		153,548
Winn-Dixie Stores, Inc.	*†	3,309		43,414
				11,003,190
Food Products—1.5%
American Italian Pasta Co., Class A	*	969		26,337
Archer-Daniels-Midland Co.		23,265		679,803
Bridgford Foods Corp.	*	559		5,048
Bunge Ltd.		4,700		294,267
Campbell Soup Co.	†	9,126		297,690
Chiquita Brands International, Inc.	*†	2,150		34,744
ConAgra Foods, Inc.		17,187		372,614
Corn Products International, Inc.		3,164		90,237
Darling International, Inc.	*†	3,150		23,153
Dean Foods Co.	*	6,281		111,739
Del Monte Foods Co.		8,204		95,002
Farmer Bros. Co.		930		19,251
Flowers Foods, Inc.	†	4,140		108,841
Fresh Del Monte Produce, Inc. (Cayman Islands)	*	567		12,820
General Mills, Inc.		12,527		806,488
Green Mountain Coffee Roasters, Inc.	*†	2,249		166,066
Griffin Land & Nurseries, Inc.	†	650		20,800
H.J. Heinz Co.		11,592		460,782
Hain Celestial Group, Inc. (The)	*†	1,426	$	27,336
Hershey Co. (The)	†	6,420		249,481
Hormel Foods Corp.		3,195		113,486
Inventure Group, Inc. (The)	*	5,272		14,920
J&J Snack Foods Corp.		761		32,868
J.M. Smucker Co. (The)		4,592		243,422
Kellogg Co.		9,479		466,651
Kraft Foods, Inc., Class A		53,290		1,399,928
Lancaster Colony Corp.	†	1,389		71,214
Lance, Inc.	†	1,370		35,373
McCormick & Co., Inc.		4,101		139,188
Ralcorp Holdings, Inc.	*	2,312		135,183
Sanderson Farms, Inc.	†	864		32,521
Sara Lee Corp.		29,377		327,260
Smithfield Foods, Inc.	*†	4,682		64,612
Tootsie Roll Industries, Inc.	†	607		14,434
TreeHouse Foods, Inc.	*†	1,256		44,802
Tyson Foods, Inc., Class A		10,231		129,218
				7,167,579
Gas Utilities—0.4%
AGL Resources, Inc.		2,166		76,395
Atmos Energy Corp.		2,732		76,988
Chesapeake Utilities Corp.		949		29,409
Delta Natural Gas Co., Inc.		380		10,070
Energen Corp.		2,644		113,956
EQT Corp.		5,288		225,269
Laclede Group, Inc. (The)		1,025		32,964
National Fuel Gas Co.		3,639		166,703
New Jersey Resources Corp.	†	1,681		61,037
Nicor, Inc.		1,828		66,886
Northwest Natural Gas Co.	†	1,183		49,284
Oneok, Inc.		3,908		143,111
Piedmont Natural Gas Co., Inc.	†	2,740		65,596
Questar Corp.		7,412		278,395
South Jersey Industries, Inc.		2,014		71,094
Southwest Gas Corp.		1,252		32,026
UGI Corp.		2,720		68,163
WGL Holdings, Inc.		2,315		76,719
				1,644,065
Health Care Equipment & Supplies—2.0%
Abaxis, Inc.	*†	749		20,036
ABIOMED, Inc.	*†	886		8,603
Align Technology, Inc.	*	2,449		34,825
American Medical Systems Holdings, Inc.	*	3,000		50,760
Analogic Corp.	†	593		21,953
Baxter International, Inc.		24,395		1,390,759
Beckman Coulter, Inc.		2,512		173,177
Becton Dickinson and Co.		8,917		621,961
Biolase Technology, Inc.	*†	765		1,729
Boston Scientific Corp.	*	53,540		566,989
C.R. Bard, Inc.		3,904		306,893
CareFusion Corp.	*	6,833		148,959
Cerus Corp.	*	1,010		2,212
Conceptus, Inc.	*	1,047		19,411
Conmed Corp.	*†	1,362		26,110
Cooper Cos., Inc. (The)	†	1,627		48,371
CryoLife, Inc.	*†	937		7,468
Cyberonics, Inc.	*†	956		15,239
DENTSPLY International, Inc.		5,668		195,773
Edwards Lifesciences Corp.	*†	2,575		180,018
ev3, Inc.	*	785		9,663
Gen-Probe, Inc.	*†	1,849		76,623
Greatbatch, Inc.	*†	942		21,167

See accompanying notes to schedule of investments.

77

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Haemonetics Corp.	*	1,157	$	64,931
HealthTronics, Inc.	*	2,529		6,221
Hill-Rom Holdings, Inc.		1,576		34,325
Hologic, Inc.	*†	9,792		160,001
Hospira, Inc.	*	6,367		283,968
ICU Medical, Inc.	*†	605		22,300
Idexx Laboratories, Inc.	*†	1,985		99,250
Immucor, Inc.	*†	1,828		32,356
Integra LifeSciences Holdings Corp.	*†	1,190		40,639
Intuitive Surgical, Inc.	*	1,260		330,435
Invacare Corp.	†	1,333		29,699
Inverness Medical Innovations, Inc.	*†	3,011		116,616
Kensey Nash Corp.	*†	866		25,071
Kinetic Concepts, Inc.	*†	2,200		81,356
Masimo Corp.	*†	1,500		39,300
Medtronic, Inc.		43,680		1,607,424
Meridian Bioscience, Inc.	†	1,158		28,962
Merit Medical Systems, Inc.	*	2,519		43,654
NuVasive, Inc.	*†	990		41,342
OraSure Technologies, Inc.	*	1,687		4,892
Osteotech, Inc.	*	1,498		6,666
Palomar Medical Technologies, Inc.	*	1,116		18,090
ResMed, Inc.	*†	3,034		137,137
RTI Biologics, Inc.	*	807		3,510
Somanetics Corp.	*	1,352		21,794
SonoSite, Inc.	*	1,264		33,445
Spectranetics Corp.	*	1,045		6,698
St. Jude Medical, Inc.	*	14,024		547,076
Staar Surgical Co.	*	848		3,460
STERIS Corp.	†	2,777		84,560
Stryker Corp.		12,635		574,008
SurModics, Inc.	*†	675		16,605
Synovis Life Technologies, Inc.	*	346		4,775
Teleflex, Inc.		1,322		63,866
Theragenics Corp.	*	1,492		2,387
ThermoGenesis Corp.	*	4,316		2,676
Thoratec Corp.	*†	2,306		69,803
Urologix, Inc.	*†	1,050		1,250
Varian Medical Systems, Inc.	*†	5,512		232,221
Volcano Corp.	*†	1,970		33,135
West Pharmaceutical Services, Inc.	†	1,704		69,199
Wright Medical Group, Inc.	*†	1,309		23,379
Young Innovations, Inc.		677		17,812
Zimmer Holdings, Inc.	*	8,609		460,151
Zoll Medical Corp.	*	850		18,292
				9,493,436
Health Care Providers & Services—2.1%
Aetna, Inc.		18,064		502,721
Alliance HealthCare Services, Inc.	*†	1,429		8,088
Almost Family, Inc.	*	422		12,554
Amedisys, Inc.	*†	1,698		74,084
AMERIGROUP Corp.	*†	1,950		43,232
AmerisourceBergen Corp.		11,686		261,533
AMN Healthcare Services, Inc.	*	1,507		14,332
Amsurg Corp.	*	1,423		30,210
BioScrip, Inc.	*†	1,095		7,402
Brookdale Senior Living, Inc.	†	2,200		39,886
Cardinal Health, Inc.		13,667		366,276
CardioNet, Inc.	*†	1,151		7,735
Catalyst Health Solutions, Inc.	*†	1,864		54,336
Centene Corp.	*†	1,972	$	37,350
Chemed Corp.		1,162		51,000
Chindex International, Inc.	*	822		10,341
CIGNA Corp.		10,791		303,119
Clarient, Inc.	*	3,308		13,927
Community Health Systems, Inc.	*†	4,282		136,724
Coventry Health Care, Inc.	*	6,568		131,097
Cross Country Healthcare, Inc.	*	1,339		12,466
DaVita, Inc.	*	4,290		242,986
Express Scripts, Inc.	*	9,690		751,750
Gentiva Health Services, Inc.	*†	1,474		36,865
Hanger Orthopedic Group, Inc.	*	1,083		15,021
Health Management Associates, Inc., Class A	*†	9,953		74,548
Health Net, Inc.	*	3,209		49,419
Healthspring, Inc.	*	2,400		29,400
Healthways, Inc.	*	1,362		20,866
Henry Schein, Inc.	*†	3,652		200,531
HMS Holdings Corp.	*†	1,410		53,904
Humana, Inc.	*	6,683		249,276
inVentiv Health, Inc.	*	2,100		35,133
Kindred Healthcare, Inc.	*†	1,800		29,214
Laboratory Corp. of America Holdings	*†	4,321		283,890
Landauer, Inc.	†	598		32,878
LCA-Vision, Inc.	*	616		4,318
LifePoint Hospitals, Inc.	*	2,149		58,152
Lincare Holdings, Inc.	*†	2,129		66,531
Magellan Health Services, Inc.	*†	1,400		43,484
McKesson Corp.		11,391		678,334
Medco Health Solutions, Inc.	*	18,371		1,016,100
Mednax, Inc.	*†	2,182		119,835
National Healthcare Corp.		431		16,072
National Research Corp.		1,250		30,163
NovaMed, Inc.	*	1,250		5,662
Odyssey HealthCare, Inc.	*	1,593		19,912
Omnicare, Inc.		4,277		96,318
Owens & Minor, Inc.		1,623		73,441
Patterson Cos., Inc.	*†	5,546		151,128
PDI, Inc.	*	703		3,220
PharMerica Corp.	*†	1,365		25,348
PSS World Medical, Inc.	*†	3,574		78,020
Psychemedics Corp.		302		1,872
Psychiatric Solutions, Inc.	*†	2,662		71,235
Quest Diagnostics, Inc.	†	6,037		315,071
RehabCare Group, Inc.	*	739		16,029
Res-Care, Inc.	*†	1,222		17,365
Sun Healthcare Group, Inc.	*	2,084		18,006
Sunrise Senior Living, Inc.	*	1,950		5,908
Tenet Healthcare Corp.	*	19,289		113,419
U.S. Physical Therapy, Inc.	*	1,300		19,591
United American Healthcare Corp.	*	4,251		4,421
UnitedHealth Group, Inc.		47,564		1,191,003
Universal American Corp.	*	1,812		17,069
Universal Health Services, Inc., Class B		1,233		76,360
VCA Antech, Inc.	*	3,442		92,555
WellCare Health Plans, Inc.	*	1,500		36,975
WellPoint, Inc.	*	18,636		882,601
				9,589,612
Health Care Technology—0.1%
Allscripts-Misys Healthcare Solutions, Inc.		2,300		46,621
AMICAS, Inc.	*	1,846		6,646
Cerner Corp.	*†	3,044		227,691

See accompanying notes to schedule of investments.

78

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Eclipsys Corp.	*†	1,846	$	35,628
HLTH Corp.	*†	5,456		79,712
IMS Health, Inc.		7,150		109,752
Mediware Information Systems, Inc.	*	1,088		7,866
Omnicell, Inc.	*	783		8,723
Phase Forward, Inc.	*†	2,151		30,200
Quality Systems, Inc.	†	768		47,286
				600,125
Hotels, Restaurants & Leisure—1.7%
Ambassadors International, Inc.	*	523		539
Ameristar Casinos, Inc.		300		4,734
Bally Technologies, Inc.	*	1,971		75,627
Bob Evans Farms, Inc.		1,465		42,573
Boyd Gaming Corp.	*	2,619		28,626
Brinker International, Inc.		5,167		81,277
Buffalo Wild Wings, Inc.	*†	867		36,076
Burger King Holdings, Inc.		1,700		29,903
California Pizza Kitchen, Inc.	*†	1,455		22,727
Carnival Corp.		13,445		447,450
CEC Entertainment, Inc.	*	1,614		41,738
Cheesecake Factory, Inc. (The)	*†	3,444		63,783
Chipotle Mexican Grill, Inc., Class A	*†	1,386		134,511
Choice Hotels International, Inc.		1,616		50,193
Churchill Downs, Inc.		638		24,563
CKE Restaurants, Inc.		1,945		20,403
Cracker Barrel Old Country Store, Inc.	†	2,120		72,928
Darden Restaurants, Inc.		5,104		174,200
DineEquity, Inc.	†	1,079		26,705
Dover Downs Gaming & Entertainment, Inc.		1,710		9,747
Dover Motorsports, Inc.		1,645		2,467
Empire Resorts, Inc.	*	582		1,752
Gaylord Entertainment Co.	*†	1,772		35,617
International Game Technology	†	13,402		287,875
International Speedway Corp., Class A		1,190		32,808
Interval Leisure Group, Inc.	*	1,886		23,537
Isle of Capri Casinos, Inc.	*	1,250		14,737
Jack in the Box, Inc.	*†	2,874		58,888
Krispy Kreme Doughnuts, Inc.	*	2,573		9,186
Landry’s Restaurants, Inc.	*	1,253		13,156
Las Vegas Sands Corp.	*†	12,301		207,149
Life Time Fitness, Inc.	*†	1,774		49,761
Marcus Corp.		1,505		19,249
Marriott International, Inc., Class A	†	13,755		379,500
MAXXAM, Inc.	*	856		8,688
McDonald’s Corp.		43,726		2,495,443
MGM MIRAGE	*†	4,792		57,696
Morgans Hotel Group Co.	*	2,300		12,466
Morton’s Restaurant Group, Inc.	*	2,200		9,372
Multimedia Games, Inc.	*	1,202		6,154
O’Charleys, Inc.	*†	1,091		10,223
Orient-Express Hotels Ltd., Class A (Bermuda)	†	1,577		18,151
P.F. Chang’s China Bistro, Inc.	*†	1,089		36,993
Panera Bread Co., Class A	*†	1,250		68,750
Papa John’s International, Inc.	*	1,610		39,558
Peet’s Coffee & Tea, Inc.	*	637		17,982
Penn National Gaming, Inc.	*	2,586		71,529
Pinnacle Entertainment, Inc.	*	1,629	$	16,600
Red Robin Gourmet Burgers, Inc.	*†	692		14,131
Royal Caribbean Cruises Ltd.	*†	4,300		103,544
Ruby Tuesday, Inc.	*†	2,816		23,711
Scientific Games Corp., Class A	*†	2,517		39,844
Shuffle Master, Inc.	*	1,527		14,384
Sonic Corp.	*†	3,730		41,254
Speedway Motorsports, Inc.		149		2,144
Starbucks Corp.	*†	29,904		617,518
Starwood Hotels & Resorts Worldwide, Inc.	†	7,939		262,225
Steak n Shake Co. (The)	*†	1,267		14,913
Texas Roadhouse, Inc.	*†	3,070		32,603
Vail Resorts, Inc.	*	1,491		50,008
Wendy’s/Arby’s Group, Inc., Class A		25,109		118,766
WMS Industries, Inc.	*†	564		25,132
Wyndham Worldwide Corp.		8,848		144,399
Wynn Resorts Ltd.	*†	2,554		181,053
Yum! Brands, Inc.		19,013		641,879
				7,721,098
Household Durables—0.5%
American Greetings Corp., Class A		2,760		61,548
Bassett Furniture Industries, Inc.		1,139		4,875
Beazer Homes USA, Inc.	*	1,494		8,351
Black & Decker Corp.		2,739		126,788
Blyth, Inc.		460		17,816
Brookfield Homes Corp.	*†	1,218		8,136
California Coastal Communities, Inc.	*†	267		414
Champion Enterprises, Inc.	*	2,559		1,177
D.R. Horton, Inc.		11,522		131,466
Ethan Allen Interiors, Inc.	†	1,551		25,591
Fortune Brands, Inc.		5,642		242,493
Furniture Brands International, Inc.	*	2,341		12,946
Garmin Ltd. (Cayman Islands)	†	4,974		187,719
Harman International Industries, Inc.		2,728		92,425
Helen of Troy Ltd. (Bermuda)	*	1,333		25,900
Hovnanian Enterprises, Inc., Class A	*†	1,478		5,676
Jarden Corp.	†	2,055		57,684
KB Home	†	3,248		53,949
Kid Brands, Inc.	*	1,156		7,167
La-Z-Boy, Inc.	†	2,404		20,795
Leggett & Platt, Inc.		7,391		143,385
Lennar Corp., Class A		5,675		80,869
M/I Homes, Inc.	*	610		8,290
MDC Holdings, Inc.		1,091		37,901
Meritage Homes Corp.	*	1,300		26,390
Mohawk Industries, Inc.	*†	2,460		117,317
National Presto Industries, Inc.		535		46,283
Newell Rubbermaid, Inc.		10,108		158,595
NVR, Inc.	*	262		166,991
Palm Harbor Homes, Inc.	*	1,181		3,413
Pulte Homes, Inc.		13,539		148,794
Ryland Group, Inc.		1,852		39,022
Skyline Corp.	†	720		16,243
Standard Pacific Corp.	*	2,568		9,476
Tempur-Pedic International, Inc.	*	1,346		25,493
Toll Brothers, Inc.	*†	4,132		80,739
Tupperware Brands Corp.		2,427		96,886

See accompanying notes to schedule of investments.

79

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Universal Electronics, Inc.	*†	639	$	13,048
Whirlpool Corp.		2,980		208,481
				2,520,532
Household Products—2.2%
Central Garden and Pet Co.	*†	615		7,226
Central Garden and Pet Co., Class A	*	1,230		13,444
Church & Dwight Co., Inc.	†	2,569		145,765
Clorox Co.		5,245		308,511
Colgate-Palmolive Co.		19,907		1,518,506
Energizer Holdings, Inc.	*	1,856		123,127
Kimberly-Clark Corp.		16,536		975,293
Procter & Gamble Co. (The)		119,793		6,938,411
WD-40 Co.		949		26,952
				10,057,235
Independent Power Producers & Energy Traders—0.3%
AES Corp. (The)	*	26,935		399,177
Calpine Corp.	*	16,000		184,320
Constellation Energy Group, Inc.		7,434		240,638
Dynegy, Inc., Class A	*	15,654		39,918
Mirant Corp.	*†	8,577		140,920
NRG Energy, Inc.	*	8,000		225,520
RRI Energy, Inc.	*	11,470		81,896
				1,312,389
Industrial Conglomerates—2.1%
3M Co.		25,393		1,874,003
Carlisle Cos., Inc.		2,452		83,147
General Electric Co.		436,613		7,169,186
McDermott International, Inc.	*	8,276		209,135
Otter Tail Corp.	†	1,095		26,203
Seaboard Corp.	†	18		23,400
Standex International Corp.		724		14,357
Textron, Inc.	†	8,214		155,902
Tredegar Corp.		1,606		23,287
United Capital Corp.	*	690		15,953
				9,594,573
Insurance—3.9%
Aflac, Inc.		19,465		831,934
Alleghany Corp.	*	151		39,117
Allied World Assurance Co. Holdings Ltd. (Bermuda)		1,889		90,540
Allstate Corp. (The)		22,689		694,737
Ambac Financial Group, Inc.	†	11,209		18,831
American Equity Investment Life Holding Co.	†	4,302		30,200
American Financial Group, Inc.	†	2,657		67,754
American Independence Corp.	*	430		2,042
American International Group, Inc.	*†	5,515		243,267
American National Insurance Co.	†	945		80,514
American Physicians Capital, Inc.		1,720		49,553
AON Corp.		10,312		419,595
Arch Capital Group Ltd. (Bermuda)	*	1,428		96,447
Argo Group International Holdings Ltd. (Bermuda)	*	899		30,278
Arthur J. Gallagher & Co.	†	3,230		78,715
Aspen Insurance Holdings Ltd. (Bermuda)		3,512		92,963
Assurant, Inc.		4,146	$	132,921
Assured Guaranty Ltd. (Bermuda)	†	2,359		45,812
Axis Capital Holdings Ltd. (Bermuda)		5,691		171,754
Baldwin & Lyons, Inc., Class B	†	945		22,160
Berkshire Hathaway, Inc., Class A	*	45		4,545,000
Brown & Brown, Inc.	†	5,036		96,490
Chubb Corp.		14,662		739,111
Cincinnati Financial Corp.	†	6,036		156,876
CNA Financial Corp.	*†	1,422		34,327
CNA Surety Corp.	*	1,486		24,073
Conseco, Inc.	*†	6,600		34,716
Crawford & Co., Class B	*	1,891		8,339
Delphi Financial Group, Inc., Class A		1,945		44,015
Donegal Group, Inc., Class B		758		12,522
EMC Insurance Group, Inc.	†	341		7,205
Employers Holdings, Inc.		2,770		42,880
Endurance Specialty Holdings Ltd. (Bermuda)		2,698		98,396
Erie Indemnity Co., Class A		1,023		38,322
Everest Re Group Ltd. (Bermuda)		2,468		216,444
FBL Financial Group, Inc., Class A		1,275		24,773
Fidelity National Financial, Inc., Class A		8,236		124,199
First American Corp.	†	3,159		102,257
Genworth Financial, Inc., Class A		15,900		190,005
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*†	1,797		33,784
Hanover Insurance Group, Inc. (The)	†	2,346		96,960
Harleysville Group, Inc.	†	1,351		42,759
Hartford Financial Services Group, Inc.		12,354		327,381
HCC Insurance Holdings, Inc.	†	3,999		109,373
Hilltop Holdings, Inc.	*	1,180		14,467
Horace Mann Educators Corp.	†	2,000		27,940
Independence Holding Co.		961		5,651
Infinity Property & Casualty Corp.		810		34,409
Kansas City Life Insurance Co.		902		28,088
Lincoln National Corp.		10,899		282,393
Loews Corp.		14,187		485,905
Markel Corp.	*†	412		135,886
Marsh & McLennan Cos., Inc.		20,317		502,439
Max Capital Group Ltd. (Bermuda)		1,915		40,924
MBIA, Inc.	*†	8,742		67,838
Mercury General Corp.		1,109		40,124
MetLife, Inc.		22,750		866,093
Montpelier Re Holdings Ltd. (Bermuda)		3,734		60,939
National Financial Partners Corp.	*	1,495		13,036
Navigators Group, Inc.	*	938		51,590
Odyssey Re Holdings Corp.		505		32,729
Old Republic International Corp.	†	9,191		111,946
PartnerRe Ltd. (Bermuda)	†	2,300		176,962
Phoenix Cos., Inc. (The)	*†	4,217		13,705
Platinum Underwriters Holdings Ltd. (Bermuda)		2,734		97,987
PMA Capital Corp., Class A	*	1,826		10,390
Presidential Life Corp.		1,144		11,852

See accompanying notes to schedule of investments.

80

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Principal Financial Group, Inc.		10,891	$	298,304
ProAssurance Corp.	*†	1,647		85,957
Progressive Corp. (The)	*	24,774		410,753
Protective Life Corp.	†	3,130		67,045
Prudential Financial, Inc.		17,575		877,168
Reinsurance Group of America, Inc.		1,440		64,224
RenaissanceRe Holdings Ltd. (Bermuda)		2,900		158,804
RLI Corp.	†	1,164		61,436
Safety Insurance Group, Inc.		850		27,982
Selective Insurance Group, Inc.		2,122		33,379
StanCorp Financial Group, Inc.	†	2,460		99,310
State Auto Financial Corp.		488		8,750
Stewart Information Services Corp.		1,239		15,326
Torchmark Corp.		3,623		157,347
Tower Group, Inc.		1,736		42,341
Transatlantic Holdings, Inc.		1,167		58,548
Travelers Cos., Inc. (The)		23,927		1,177,926
United Fire & Casualty Co.		1,250		22,375
Unitrin, Inc.		1,906		37,148
Unum Group		11,647		249,712
Validus Holdings Ltd. (Bermuda)		3,554		91,681
W.R. Berkley Corp.		5,680		143,590
Wesco Financial Corp.		187		60,868
White Mountains Insurance Group Ltd.		300		92,103
XL Capital Ltd., Class A (Bermuda)		11,995		209,433
Zenith National Insurance Corp.	†	1,498		46,288
				18,100,432
Internet & Catalog Retail—0.6%
1-800-Flowers.com, Inc., Class A	*	793		2,736
Amazon.com, Inc.	*	17,862		1,667,596
dELiA*s, Inc.	*	925		1,989
drugstore.com, Inc.	*	3,800		9,234
Expedia, Inc.	*	11,022		263,977
Hollywood Media Corp.	*	1,494		2,301
HSN, Inc.	*	1,886		30,704
Liberty Media Corp. - Interactive, Series A	*	25,718		282,126
NetFlix, Inc.	*†	679		31,349
Overstock.com, Inc.	*†	770		11,296
priceline.com, Inc.	*†	1,548		256,689
Stamps.com, Inc.	*†	1,050		9,713
Ticketmaster Entertainment, Inc.	*	1,886		22,047
Valuevision Media, Inc., Class A	*	1,741		5,763
				2,597,520
Internet Software & Services—1.7%
Akamai Technologies, Inc.	*†	5,664		111,468
Art Technology Group, Inc.	*	8,333		32,165
Autobytel, Inc.	*	1,384		969
DealerTrack Holdings, Inc.	*†	1,800		34,038
Digital River, Inc.	*†	1,627		65,601
Earthlink, Inc.	†	5,814		48,896
eBay, Inc.	*	50,845		1,200,450
Equinix, Inc.	*†	1,323		121,716
Google, Inc., Class A	*	9,345		4,633,718
GSI Commerce, Inc.	*	1,469	$	28,366
IAC/InterActiveCorp	*†	4,715		95,196
Infospace, Inc.	*	1,323		10,240
Internap Network Services Corp.	*	1,297		4,163
j2 Global Communications, Inc.	*†	1,614		37,138
Keynote Systems, Inc.	*	1,400		13,202
Knot, Inc. (The)	*†	2,304		25,160
LivePerson, Inc.	*	3,333		16,798
Looksmart Ltd.	*	500		580
ModusLink Global Solutions, Inc.	*	1,007		8,147
Move, Inc.	*	7,362		19,877
NaviSite, Inc.	*	3,725		8,158
NIC, Inc.		2,450		21,780
Omniture, Inc.	*	3,520		75,469
On2 Technologies, Inc.	*†	4,620		2,726
Openwave Systems, Inc.	*	2,570		6,682
RealNetworks, Inc.	*†	5,844		21,740
Saba Software, Inc.	*	1,576		6,635
SAVVIS, Inc.	*	408		6,455
support.com, Inc.	*	1,562		3,749
United Online, Inc.		2,509		20,172
Valueclick, Inc.	*	4,058		53,525
VeriSign, Inc.	*†	8,080		191,415
Vertro, Inc.	*	990		445
Web.com Group, Inc.	*	308		2,184
WebMediaBrands, Inc.	*	1,450		1,044
Yahoo! Inc.	*	43,481		774,397
Zix Corp.	*†	1,015		2,233
				7,706,697
IT Services—1.5%
Acxiom Corp.	*	3,451		32,647
Affiliated Computer Services, Inc., Class A	*	4,289		232,335
Alliance Data Systems Corp.	*†	1,955		119,411
Automatic Data Processing, Inc.		19,932		783,328
Broadridge Financial Solutions, Inc.		5,748		115,535
CACI International, Inc., Class A	*†	1,198		56,630
Ciber, Inc.	*	2,444		9,776
Cognizant Technology Solutions Corp., Class A	*	10,752		415,672
Computer Sciences Corp.	*	6,597		347,728
Convergys Corp.	*	5,933		58,974
CSG Systems International, Inc.	*	2,153		34,470
Cybersource Corp.	*†	2,776		46,276
DST Systems, Inc.	*	2,518		112,806
Edgewater Technology, Inc.	*	1,533		4,507
Euronet Worldwide, Inc.	*†	1,056		25,376
Fidelity National Information Services, Inc.		8,097		206,555
Fiserv, Inc.	*	6,994		337,111
Forrester Research, Inc.	*†	963		25,654
Gartner, Inc., Class A	*	1,179		21,540
Global Payments, Inc.	†	3,238		151,215
Hackett Group, Inc. (The)	*†	1,140		3,306
Hewitt Associates, Inc., Class A	*	2,317		84,408
iGATE Corp.		1,397		11,986
infoGROUP, Inc.	*	1,708		11,973
Integral Systems, Inc.	*	1,010		6,969
Lender Processing Services, Inc.		4,048		154,512
Lionbridge Technologies, Inc.	*	1,165		3,029

See accompanying notes to schedule of investments.

81

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Management Network Group, Inc.	*	1,600	$	1,024
Mantech International Corp., Class A	*	1,217		57,394
Mastech Holdings, Inc.	*	93		428
Mastercard, Inc., Class A		3,234		653,753
MAXIMUS, Inc.		1,052		49,023
Metavante Technologies, Inc.	*	2,857		98,509
MoneyGram International, Inc.	*	3,750		11,775
NeuStar, Inc., Class A	*	3,140		70,964
Online Resources Corp.	*	700		4,319
Paychex, Inc.		11,388		330,821
Perot Systems Corp., Class A	*	4,359		129,462
Pfsweb, Inc.	*†	1,209		2,067
SAIC, Inc.	*†	7,390		129,621
Sapient Corp.	*	4,150		33,366
SRA International, Inc., Class A	*	1,664		35,926
StarTek, Inc.	*	994		8,628
Syntel, Inc.	†	1,554		74,172
TeleTech Holdings, Inc.	*	2,738		46,710
Total System Services, Inc.		6,935		111,723
Unisys Corp.	*	13,714		36,616
VeriFone Holdings, Inc.	*†	2,645		42,029
Visa, Inc., Class A	†	16,917		1,169,134
Western Union Co. (The)		25,245		477,635
Wright Express Corp.	*	1,750		51,643
				7,040,471
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.		1,857		13,110
Brunswick Corp.	†	3,797		45,488
Callaway Golf Co.	†	2,881		21,924
Eastman Kodak Co.	†	11,893		56,849
Hasbro, Inc.	†	4,503		124,958
Jakks Pacific, Inc.	*†	925		13,246
Leapfrog Enterprises, Inc.	*†	1,261		5,183
Mattel, Inc.		13,234		244,300
Nautilus, Inc.	*	1,359		2,310
Polaris Industries, Inc.	†	1,858		75,769
Pool Corp.	†	2,434		54,084
RC2 Corp.	*	1,650		23,513
Steinway Musical Instruments, Inc.	*	683		8,107
Sturm Ruger & Co., Inc.	†	3,296		42,650
				731,491
Life Sciences Tools & Services—0.6%
Accelrys, Inc.	*	1,145		6,641
Affymetrix, Inc.	*	2,525		22,169
Albany Molecular Research, Inc.	*†	1,371		11,873
Bio-Rad Laboratories, Inc., Class A	*†	623		57,241
Bruker Corp.	*†	1,667		17,787
Caliper Life Sciences, Inc.	*	867		2,445
Cambrex Corp.	*	1,258		7,925
Charles River Laboratories International, Inc.	*†	2,755		101,880
Covance, Inc.	*†	2,839		153,732
Dionex Corp.	*	1,031		66,984
Enzo Biochem, Inc.	*	1,353		9,579
eResearchTechnology, Inc.	*	2,056		14,392
Illumina, Inc.	*†	4,356		185,130
Kendle International, Inc.	*	1,316		22,003
Life Technologies Corp.	*	7,338		341,584
Luminex Corp.	*	1,070	$	18,190
Mettler-Toledo International, Inc. (Switzerland)	*	913		82,709
Millipore Corp.	*	2,026		142,489
Ore Pharmaceuticals, Inc.	*	190		123
Parexel International Corp.	*	2,306		31,339
PerkinElmer, Inc.	†	5,266		101,318
Pharmaceutical Product Development, Inc.	†	4,736		103,908
Sequenom, Inc.	*†	614		1,983
Techne Corp.		1,736		108,587
Thermo Fisher Scientific, Inc.	*	15,892		694,004
Varian, Inc.	*	1,502		76,692
Waters Corp.	*	3,742		209,028
				2,591,735
Machinery—1.9%
3D Systems Corp.	*†	1,158		10,688
Actuant Corp., Class A	†	2,022		32,473
AGCO Corp.	*†	3,068		84,769
Albany International Corp., Class A		1,437		27,878
American Railcar Industries, Inc.		1,200		12,732
Ampco-Pittsburgh Corp.		613		16,300
Astec Industries, Inc.	*†	821		20,911
Badger Meter, Inc.	†	1,134		43,874
Barnes Group, Inc.		2,018		34,488
Blount International, Inc.	*†	1,532		14,508
Briggs & Stratton Corp.	†	1,822		35,365
Bucyrus International, Inc.	†	2,860		101,873
Caterpillar, Inc.		23,209		1,191,318
Chart Industries, Inc.	*	1,070		23,101
CIRCOR International, Inc.		711		20,093
CLARCOR, Inc.	†	2,354		73,821
Crane Co.	†	2,467		63,673
Cummins, Inc.		7,020		314,566
Danaher Corp.		9,574		644,522
Deere & Co.		16,758		719,253
Donaldson Co., Inc.	†	3,810		131,940
Dover Corp.		7,805		302,522
Eaton Corp.		5,791		327,713
EnPro Industries, Inc.	*†	981		22,426
ESCO Technologies, Inc.	*†	1,222		48,147
Federal Signal Corp.		2,159		15,523
Flow International Corp.	*	2,200		5,698
Flowserve Corp.		2,375		234,032
Force Protection, Inc.	*	3,825		20,884
FreightCar America, Inc.	†	900		21,870
Gardner Denver, Inc.	*†	1,836		64,040
Graco, Inc.	†	2,883		80,349
Harsco Corp.		3,646		129,105
Hurco Cos., Inc.	*†	300		5,124
IDEX Corp.	†	3,304		92,347
Illinois Tool Works, Inc.		16,815		718,169
John Bean Technologies Corp.		1,164		21,150
Joy Global, Inc.	†	4,799		234,863
Kadant, Inc.	*	721		8,746
Kaydon Corp.	†	1,422		46,101
Kennametal, Inc.		3,196		78,654
Lincoln Electric Holdings, Inc.	†	1,877		89,064
Lindsay Corp.	†	808		31,819
Manitowoc Co., Inc. (The)	†	5,044		47,767
Middleby Corp.	*†	984		54,130
Mueller Industries, Inc.		1,592		38,001
Mueller Water Products, Inc., Class A		3,000		16,440

See accompanying notes to schedule of investments.

82

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
NACCO Industries, Inc., Class A		309	$	18,562
Navistar International Corp.	*	2,436		91,155
Nordson Corp.	†	1,522		85,369
Oshkosh Corp.		2,868		88,707
PACCAR, Inc.	†	14,853		560,107
Pall Corp.		5,186		167,404
Parker Hannifin Corp.		7,453		386,364
Pentair, Inc.	†	3,618		106,803
Robbins & Myers, Inc.		1,736		40,761
Sauer-Danfoss, Inc.		1,531		11,743
Snap-On, Inc.		2,419		84,084
SPX Corp.	†	2,157		132,159
Stanley Works (The)		3,365		143,652
Tecumseh Products Co., Class A	*	712		8,067
Tennant Co.		1,280		37,197
Terex Corp.	*	4,124		85,491
Timken Co.	†	3,702		86,738
Titan International, Inc.		1,356		12,068
Toro Co.	†	1,020		40,565
Trinity Industries, Inc.	†	3,051		52,447
Valmont Industries, Inc.	†	1,162		98,979
Wabash National Corp.	*	1,395		3,794
Wabtec Corp.	†	1,737		65,190
Watts Water Technologies, Inc., Class A	†	1,225		37,056
				8,817,292
Marine—0.1%
Alexander & Baldwin, Inc.	†	1,466		47,044
American Commercial Lines, Inc.	*†	500		14,560
Eagle Bulk Shipping, Inc.	†	3,648		18,714
Excel Maritime Carriers Ltd. (Greece)	†	2,810		18,686
Genco Shipping & Trading Ltd.	†	2,042		42,433
Horizon Lines, Inc., Class A	†	2,035		12,922
Kirby Corp.	*†	2,358		86,822
				241,181
Media—2.7%
4Kids Entertainment, Inc.	*†	605		1,016
A.H. Belo Corp., Class A		944		3,049
Alloy, Inc.	*	462		3,128
Arbitron, Inc.	†	1,298		26,946
Ascent Media Corp., Class A	*	545		13,952
Belo Corp., Class A		4,721		25,541
Cablevision Systems Corp., Class A		9,044		214,795
CBS Corp., Class B		25,719		309,914
CKX, Inc.	*	1,800		12,078
Clear Channel Outdoor Holdings, Inc., Class A	*†	2,500		17,500
Comcast Corp., Class A		109,481		1,849,134
Crown Media Holdings, Inc., Class A	*†	5,899		9,202
CTM Media Holdings, Inc., Class B	*	533		320
Cumulus Media, Inc., Class A	*	2,174		3,761
DIRECTV Group, Inc. (The)	*†	19,035		524,985
Discovery Communications, Inc., Series A	*†	5,451		157,479
Discovery Communications, Inc., Series C	*	5,451		141,890
DISH Network Corp., Class A	*	9,386	$	180,774
DreamWorks Animation SKG, Inc., Class A	*	1,300		46,241
E.W. Scripps Co., (The), Class A	*	1,204		9,030
EDCI Holdings, Inc.	*	214		1,280
Emmis Communications Corp., Class A	*	1,175		987
Entercom Communications Corp., Class A	*†	2,183		11,133
Entravision Communications Corp., Class A	*	2,852		4,934
Gannett Co., Inc.	†	7,301		91,336
Gray Television, Inc.	*	1,838		4,264
Harris Interactive, Inc.	*	2,730		2,785
Harte-Hanks, Inc.	†	3,119		43,136
Image Entertainment, Inc.	*†	299		251
Interactive Data Corp.		1,521		39,865
Interpublic Group of Cos., Inc.	*†	17,203		129,367
John Wiley & Sons, Inc., Class A		2,491		86,637
Journal Communications, Inc., Class A		3,900		14,352
Lamar Advertising Co., Class A	*†	3,479		95,464
Lee Enterprises, Inc.	*	1,973		5,426
Liberty Global, Inc., Series A, Class A	*†	13,426		303,025
Liberty Media Corp. - Capital, Series A	*	5,451		114,035
Liberty Media Corp. - Entertainment, Series A	*	21,804		678,322
LIN TV Corp., Class A	*	1,419		6,712
Live Nation, Inc.	*	2,705		22,154
LodgeNet Interactive Corp.	*†	1,250		9,437
Marvel Entertainment, Inc.	*	1,469		72,892
McClatchy Co. (The), Class A	†	2,444		6,257
McGraw-Hill Cos., Inc. (The)		13,196		331,747
Media General, Inc., Class A	†	952		8,140
Mediacom Communications Corp., Class A	*	3,433		19,774
Meredith Corp.	†	2,083		62,365
National CineMedia, Inc.		2,226		37,775
New Frontier Media, Inc.	*	3,808		8,187
New York Times Co. (The), Class A	†	5,682		46,138
News Corp., Class A		85,628		1,026,680
Omnicom Group, Inc.		12,710		469,507
Playboy Enterprises, Inc., Class B	*	1,251		3,778
Primedia, Inc.	†	1,475		3,717
Radio One, Inc., Class A	*†	4,327		4,565
Radio Unica Communications Corp.	*‡δ	1,900		—
RCN Corp.	*†	2,597		24,152
Regal Entertainment Group, Class A		2,743		33,794
Regent Communications, Inc.	*	1,600		688
Salem Communications Corp., Class A	*	850		1,921
Scholastic Corp.	†	1,845		44,907
Scripps Networks Interactive, Inc., Class A		3,612		133,463
Sinclair Broadcast Group, Inc., Class A		2,049		7,335
Sirius XM Radio, Inc.	*†	88,505		56,201
Time Warner Cable, Inc.		13,815		595,288
Time Warner, Inc.		43,883		1,262,953
Valassis Communications, Inc.	*	2,236		39,980
Value Line, Inc.		573		17,689

See accompanying notes to schedule of investments.

83

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Viacom, Inc., Class B	*	22,554	$	632,414
Virgin Media, Inc.	†	10,479		145,868
Walt Disney Co. (The)		68,450		1,879,637
Washington Post Co. (The), Class B		258		120,765
World Wrestling Entertainment, Inc., Class A	†	1,030		14,430
				12,328,644
Metals & Mining—1.0%
AK Steel Holding Corp.		5,009		98,828
Alcoa, Inc.		32,213		422,635
Allegheny Technologies, Inc.	†	3,350		117,217
AMCOL International Corp.	†	1,186		27,148
Brush Engineered Materials, Inc.	*†	1,122		27,444
Carpenter Technology Corp.	†	1,882		44,020
Century Aluminum Co.	*†	865		8,088
Cliffs Natural Resources, Inc.	†	4,072		131,770
Coeur d’Alene Mines Corp.	*	2,145		43,972
Commercial Metals Co.		4,080		73,032
Compass Minerals International, Inc.	†	1,915		118,002
Freeport-McMoRan Copper & Gold, Inc.		16,587		1,138,034
Hecla Mining Co.	*†	4,124		18,104
Newmont Mining Corp.		18,360		808,207
Nucor Corp.		10,963		515,371
Reliance Steel & Aluminum Co.	†	2,966		126,233
Rock of Ages Corp.	*	1,387		4,355
Royal Gold, Inc.		1,153		52,577
RTI International Metals, Inc.	*	1,363		33,952
Schnitzer Steel Industries, Inc., Class A	†	693		36,902
Southern Copper Corp.	†	8,700		267,003
Steel Dynamics, Inc.		8,080		123,947
Stillwater Mining Co.	*†	3,727		25,045
Titanium Metals Corp.		5,344		51,249
United States Steel Corp.	†	5,607		248,783
Walter Energy, Inc.	†	1,840		110,510
Worthington Industries, Inc.		3,575		49,693
				4,722,121
Multiline Retail—0.7%
99 Cents Only Stores	*†	3,207		43,134
Big Lots, Inc.	*	3,509		87,795
Dillard’s, Inc., Class A	†	3,454		48,701
Dollar Tree, Inc.	*	3,266		158,989
Family Dollar Stores, Inc.		6,556		173,078
Fred’s, Inc., Class A		1,781		22,672
J.C. Penney Co., Inc.		7,928		267,570
Kohl’s Corp.	*	11,086		632,456
Macy’s, Inc.		16,688		305,224
Nordstrom, Inc.	†	6,901		210,757
Retail Ventures, Inc.	*	1,372		7,231
Saks, Inc.	*†	5,811		39,631
Sears Holdings Corp.	*†	3,097		202,265
Target Corp.		27,222		1,270,723
Tuesday Morning Corp.	*†	1,816		7,555
				3,477,781
Multi-Utilities—1.2%
Alliant Energy Corp.		4,491		125,074
Ameren Corp.		8,429		213,085
Avista Corp.	†	1,759		35,567
Black Hills Corp.		2,041		51,372
Centerpoint Energy, Inc.		12,705	$	157,923
CH Energy Group, Inc.	†	694		30,751
CMS Energy Corp.	†	6,681		89,525
Consolidated Edison, Inc.		10,967		448,989
Dominion Resources, Inc.		22,974		792,603
DTE Energy Co.		6,985		245,453
Integrys Energy Group, Inc.		2,691		96,580
MDU Resources Group, Inc.		7,657		159,648
NiSource, Inc.		10,893		151,304
NorthWestern Corp.	†	1,449		35,399
NSTAR	†	4,374		139,181
OGE Energy Corp.		3,358		111,083
PG&E Corp.		13,909		563,175
Public Service Enterprise Group, Inc.		19,514		613,520
SCANA Corp.		4,791		167,206
Sempra Energy		8,687		432,700
TECO Energy, Inc.		7,797		109,782
Vectren Corp.		3,706		85,386
Wisconsin Energy Corp.		4,564		206,156
Xcel Energy, Inc.		16,552		318,461
				5,379,923
Office Electronics—0.1%
Xerox Corp.		36,218		280,327
Zebra Technologies Corp., Class A	*†	2,988		77,479
				357,806
Oil, Gas & Consumable Fuels—8.8%
Adams Resources & Energy, Inc.		1,462		29,313
Alpha Natural Resources, Inc.	*†	5,222		183,292
Anadarko Petroleum Corp.		19,446		1,219,848
Apache Corp.		13,442		1,234,379
Apco Oil and Gas International, Inc.		2,488		57,025
Arch Coal, Inc.	†	5,284		116,935
Arena Resources, Inc.	*†	1,202		42,671
Atlas Energy, Inc.		2,578		69,786
ATP Oil & Gas Corp.	*†	685		12,255
Berry Petroleum Co., Class A	†	2,902		77,716
Blue Dolphin Energy Co.	*	3,650		1,788
BP Prudhoe Bay Royalty Trust		1,105		82,488
BPZ Resources, Inc.	*†	4,003		30,103
Cabot Oil & Gas Corp.		4,548		162,591
Callon Petroleum Co.	*	779		1,426
Carrizo Oil & Gas, Inc.	*†	1,800		44,082
Chesapeake Energy Corp.		24,112		684,781
Chevron Corp.		82,899		5,838,577
Cimarex Energy Co.	†	2,681		116,141
Clayton Williams Energy, Inc.	*	550		16,566
CNX Gas Corp.	*	1,100		33,770
Comstock Resources, Inc.	*†	1,735		69,539
Concho Resources, Inc.	*	1,982		71,986
ConocoPhillips		60,934		2,751,779
Consol Energy, Inc.		7,662		345,633
Contango Oil & Gas Co.	*	902		46,056
Cross Timbers Royalty Trust		575		17,532
Crosstex Energy, Inc.		2,100		11,088
CVR Energy, Inc.	*	5,235		65,123
Delta Petroleum Corp.	*†	2,709		4,741
Denbury Resources, Inc.	*	8,932		135,141
Devon Energy Corp.		16,506		1,111,349
DHT Maritime, Inc. (Jersey, Channel Islands)		4,173		15,690
El Paso Corp.		25,233		260,405
Encore Acquisition Co.	*	2,062		77,119

See accompanying notes to schedule of investments.

84

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
EOG Resources, Inc.		9,558	$	798,189
Evergreen Energy, Inc.	*†	4,989		3,093
EXCO Resources, Inc.	*†	8,720		162,977
Exxon Mobil Corp.		202,172		13,871,021
Forest Oil Corp.	*†	3,820		74,757
Frontier Oil Corp.		4,576		63,698
FX Energy, Inc.	*	3,496		11,292
General Maritime Corp.	†	2,541		19,667
GMX Resources, Inc.	*†	1,297		20,376
Goodrich Petroleum Corp.	*†	1,566		40,418
Hess Corp.		11,810		631,363
Holly Corp.	†	1,972		50,523
Hugoton Royalty Trust		1,669		29,892
International Coal Group, Inc.	*	4,900		19,747
James River Coal Co.	*	1,500		28,665
Marathon Oil Corp.		27,639		881,684
Mariner Energy, Inc.	*	3,261		46,241
Massey Energy Co.		3,053		85,148
McMoRan Exploration Co.	*†	2,961		22,356
Meridian Resource Corp.	*	2,950		1,209
Murphy Oil Corp.		7,512		432,466
Newfield Exploration Co.	*	5,246		223,270
Noble Energy, Inc.		4,966		327,557
Occidental Petroleum Corp.		33,331		2,613,150
Overseas Shipholding Group, Inc.	†	1,587		59,306
Parallel Petroleum Corp.	*	2,700		8,559
Patriot Coal Corp.	*†	2,992		35,186
Peabody Energy Corp.		10,624		395,425
Penn Virginia Corp.		1,433		32,830
PetroHawk Energy Corp.	*	10,513		254,520
Petroleum Development Corp.	*	1,250		23,325
Petroquest Energy, Inc.	*†	3,346		21,716
Pioneer Natural Resources Co.		5,801		210,518
Plains Exploration & Production Co.	*	5,227		144,579
Quicksilver Resources, Inc.	*†	3,960		56,192
Range Resources Corp.	†	5,516		272,270
Rentech, Inc.	*†	7,800		12,636
Rosetta Resources, Inc.	*	3,400		49,946
SandRidge Energy, Inc.	*†	3,220		41,731
Ship Finance International Ltd. (Bermuda)	†	3,352		41,196
Southern Union Co.	†	3,367		70,000
Southwestern Energy Co.	*	12,344		526,842
Spectra Energy Corp.		23,691		448,708
St. Mary Land & Exploration Co.	†	2,262		73,424
Stone Energy Corp.	*†	1,208		19,702
Sunoco, Inc.		5,446		154,939
Swift Energy Co.	*	1,142		27,043
Syntroleum Corp.	*	1,246		3,364
Teekay Corp. (Canada)		1,691		36,982
Tesoro Corp.	†	6,846		102,553
Ultra Petroleum Corp.	*	6,082		297,775
USEC, Inc.	*†	7,347		34,457
Vaalco Energy, Inc.	*	3,800		17,480
Valero Energy Corp.		22,004		426,658
Verenium Corp.	*†	149		1,019
Warren Resources, Inc.	*	3,600		10,656
Western Refining, Inc.	*	2,500		16,125
Whiting Petroleum Corp.	*†	1,242		71,514
Williams Cos., Inc. (The)		24,207		432,579
World Fuel Services Corp.	†	960		46,147
XTO Energy, Inc.		22,604		933,997
				40,909,372
Paper & Forest Products—0.2%
Buckeye Technologies, Inc.	*	1,251	$	13,423
Clearwater Paper Corp.	*	462		19,095
Deltic Timber Corp.	†	724		33,138
Domtar Corp. (Canada)	*†	1,388		48,885
Glatfelter		1,740		19,975
International Paper Co.		14,370		319,445
Louisiana-Pacific Corp.	*†	4,396		29,321
MeadWestvaco Corp.		6,398		142,739
Neenah Paper, Inc.		652		7,674
Schweitzer-Mauduit International, Inc.	†	724		39,357
Wausau Paper Corp.		1,903		19,030
Weyerhaeuser Co.		8,921		326,955
				1,019,037
Personal Products—0.2%
Alberto-Culver Co.	†	3,659		101,281
Avon Products, Inc.		14,351		487,360
Chattem, Inc.	*†	872		57,909
Elizabeth Arden, Inc.	*	1,017		11,970
Estee Lauder Cos., Inc. (The), Class A		3,747		138,939
Herbalife Ltd. (Cayman Islands)		848		27,764
Mead Johnson Nutrition Co., Class A	†	1,182		53,320
Medifast, Inc.	*	734		15,942
NBTY, Inc.	*	2,664		105,441
Nu Skin Enterprises, Inc., Class A		3,018		55,924
USANA Health Sciences, Inc.	*	593		20,227
				1,076,077
Pharmaceuticals—5.8%
Abbott Laboratories		63,751		3,153,762
Adolor Corp.	*	1,927		3,064
Allergan, Inc.		11,928		677,033
AVANIR Pharmaceuticals, Inc., Class A	*	1,500		3,120
Bristol-Myers Squibb Co.		79,233		1,784,327
Columbia Laboratories, Inc.	*†	1,819		2,347
CPEX Pharmaceuticals, Inc.	*	71		706
Cypress Bioscience, Inc.	*	1,560		12,745
Discovery Laboratories, Inc.	*†	2,566		3,490
Durect Corp.	*	1,900		5,073
Eli Lilly & Co.		33,873		1,118,825
Emisphere Technologies, Inc.	*†	772		586
Endo Pharmaceuticals Holdings, Inc.	*	4,151		93,937
Forest Laboratories, Inc.	*	9,040		266,138
Heska Corp.	*	4,462		1,963
Hi-Tech Pharmacal Co., Inc.	*	862		19,343
Hollis-Eden Pharmaceuticals, Inc.	*	954		563
Inspire Pharmaceuticals, Inc.	*	1,369		7,146
Johnson & Johnson		113,987		6,940,668
King Pharmaceuticals, Inc.	*†	10,009		107,797
KV Pharmaceutical Co., Class A	*†	2,179		6,690
MDRNA, Inc.	*†	1,500		2,100
Medicines Co. (The)	*†	2,018		22,218
Medicis Pharmaceutical Corp., Class A		2,422		51,710
Merck & Co., Inc.		79,562		2,516,546
Mylan, Inc.	*†	10,732		171,819
Nektar Therapeutics	*†	2,368		23,064
Optimer Pharmaceuticals, Inc.	*†	2,592		35,070
Pain Therapeutics, Inc.	*	1,318		6,669

See accompanying notes to schedule of investments.

85

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Par Pharmaceutical Cos., Inc.	*†	1,362	$	29,297
Penwest Pharmaceuticals Co.	*	930		1,944
Perrigo Co.		2,922		99,319
Pfizer, Inc.		275,415		4,558,118
Pozen, Inc.	*	1,014		7,463
Questcor Pharmaceuticals, Inc.	*†	4,217		23,278
Salix Pharmaceuticals Ltd.	*	2,346		49,876
Schering-Plough Corp.		61,792		1,745,624
Sepracor, Inc.	*	4,575		104,768
SuperGen, Inc.	*	1,338		3,572
Valeant Pharmaceuticals International	*†	3,473		97,452
Viropharma, Inc.	*	4,061		39,067
Vivus, Inc.	*†	1,400		14,630
Watson Pharmaceuticals, Inc.	*	4,480		164,147
Wyeth		57,249		2,781,156
XenoPort, Inc.	*	1,939		41,165
				26,799,395
Professional Services—0.3%
Administaff, Inc.	†	1,143		30,027
Advisory Board Co. (The)	*†	950		23,883
Barrett Business Services, Inc.		2,203		23,308
CDI Corp.	†	1,131		15,891
Corporate Executive Board Co. (The)	†	1,507		37,524
CoStar Group, Inc.	*	770		31,739
CRA International, Inc.	*	986		26,908
Diamond Management & Technology Consultants, Inc.		1,431		9,802
Dun & Bradstreet Corp.		2,112		159,076
Equifax, Inc.		5,325		155,170
FTI Consulting, Inc.	*	1,735		73,928
Heidrick & Struggles International, Inc.		865		20,120
Huron Consulting Group, Inc.	*†	988		25,520
IHS, Inc., Class A	*†	1,414		72,298
Kelly Services, Inc., Class A	†	1,173		14,428
Kforce, Inc.	*	297		3,570
Korn/Ferry International	*	1,624		23,694
Manpower, Inc.		3,593		203,759
Monster Worldwide, Inc.	*	4,681		81,824
MPS Group, Inc.	*	3,706		38,987
Navigant Consulting, Inc.	*†	2,313		31,225
On Assignment, Inc.	*	1,243		7,272
RCM Technologies, Inc.	*	1,593		3,568
Resources Connection, Inc.	*	2,060		35,144
Robert Half International, Inc.	†	7,107		177,817
School Specialty, Inc.	*†	854		20,257
Spherion Corp.	*	2,689		16,699
TrueBlue, Inc.	*	2,485		34,964
Volt Information Sciences, Inc.	*†	1,249		15,263
Watson Wyatt Worldwide, Inc., Class A		1,600		69,696
				1,483,361
Real Estate Investment Trusts (REITs)—2.0%
Acadia Realty Trust REIT		1,368		20,616
Agree Realty Corp. REIT		814		18,665
Alesco Financial, Inc. REIT	*†	4,213		5,266
Alexander’s, Inc. REIT		78		23,079
Alexandria Real Estate Equities, Inc. REIT	†	1,245		67,666
AMB Property Corp. REIT	†	6,265		143,782
American Campus Communities, Inc. REIT		1,699		45,618
Annaly Capital Management, Inc. REIT		22,691	$	411,615
Anthracite Capital, Inc. REIT	*†	1,100		1,155
Anworth Mortgage Asset Corp. REIT		8,261		65,097
Apartment Investment & Management Co., Class A REIT	†	5,659		83,470
Arlington Asset Investment Corp., Class A REIT	*†	6,080		2,979
Ashford Hospitality Trust, Inc. REIT	*†	4,200		14,532
AvalonBay Communities, Inc. REIT	†	3,314		241,027
BioMed Realty Trust, Inc. REIT	†	1,400		19,320
Boston Properties, Inc. REIT	†	4,700		308,085
Brandywine Realty Trust REIT		6,105		67,399
BRE Properties, Inc. REIT	†	2,433		76,153
BRT Realty Trust REIT	*	355		2,024
Camden Property Trust REIT		2,058		82,937
Capital Trust, Inc., Class A REIT	*†	523		1,590
Capstead Mortgage Corp. REIT		2,400		33,384
CBL & Associates Properties, Inc. REIT	†	10,788		104,644
Cedar Shopping Centers, Inc. REIT	†	583		3,760
Chimera Investment Corp. REIT		26,811		102,418
Colonial Properties Trust REIT	†	1,962		19,090
Corporate Office Properties Trust REIT	†	1,904		70,220
Cousins Properties, Inc. REIT	†	2,405		19,913
DCT Industrial Trust, Inc. REIT	†	6,576		33,603
Developers Diversified Realty Corp. REIT	†	5,227		48,297
DiamondRock Hospitality Co. REIT	*	3,930		31,833
Digital Realty Trust, Inc. REIT	†	2,000		91,420
Douglas Emmett, Inc. REIT	†	4,212		51,723
Duke Realty Corp. REIT	†	5,609		67,364
DuPont Fabros Technology, Inc. REIT	*	4,666		62,198
Eastern Light Capital, Inc. REIT	*	799		3,444
EastGroup Properties, Inc. REIT	†	1,538		58,782
Entertainment Properties Trust REIT	†	2,733		93,305
Equity Lifestyle Properties, Inc. REIT	†	1,140		48,781
Equity One, Inc. REIT	†	2,619		41,040
Equity Residential REIT		11,387		349,581
Essex Property Trust, Inc. REIT	†	807		64,221
Extra Space Storage, Inc. REIT	†	3,500		36,925
Federal Realty Investment Trust REIT	†	2,295		140,844
FelCor Lodging Trust, Inc. REIT	†	3,135		14,202
First Industrial Realty Trust, Inc. REIT		1,599		8,395
First Potomac Realty Trust REIT		1,628		18,820
Franklin Street Properties Corp. REIT		2,200		28,820
Getty Realty Corp. REIT		1,747		42,871
Glimcher Realty Trust REIT		1,584		5,813

See accompanying notes to schedule of investments.

86

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Gramercy Capital Corp. REIT	*†	2,182	$	5,302
Hatteras Financial Corp. REIT	†	1,935		58,011
HCP, Inc. REIT		10,915		313,697
Health Care REIT, Inc. REIT		3,657		152,204
Healthcare Realty Trust, Inc. REIT	†	1,881		39,746
Highwoods Properties, Inc. REIT		2,393		75,260
HMG Courtland Properties REIT	*	1,450		5,365
Home Properties, Inc. REIT	†	1,390		59,895
Hospitality Properties Trust REIT		2,923		59,542
Host Hotels & Resorts, Inc. REIT		21,345		251,231
HRPT Properties Trust REIT	†	9,142		68,748
Inland Real Estate Corp. REIT		2,302		20,166
Investors Real Estate Trust REIT		2,989		27,021
iStar Financial, Inc. REIT	*†	4,331		13,166
Kilroy Realty Corp. REIT	†	1,316		36,506
Kimco Realty Corp. REIT		15,341		200,047
Kite Realty Group Trust REIT	†	2,654		11,067
LaSalle Hotel Properties REIT	†	1,561		30,689
Lexington Realty Trust REIT		1,522		7,763
Liberty Property Trust REIT	†	3,372		109,691
LTC Properties, Inc. REIT		2,385		57,335
Macerich Co. (The) REIT	†	2,962		89,837
Mack-Cali Realty Corp. REIT		2,488		80,437
Maguire Properties, Inc. REIT	*†	1,199		2,518
Medical Properties Trust, Inc. REIT	†	3,172		24,773
MFA Financial, Inc. REIT		10,801		85,976
Mid-America Apartment Communities, Inc. REIT	†	1,240		55,961
Mission West Properties, Inc. REIT		1,417		9,536
Monmouth Real Estate Investment Corp., Class A REIT		3,275		22,794
National Health Investors, Inc. REIT		979		30,985
National Retail Properties, Inc. REIT	†	2,356		50,583
Nationwide Health Properties, Inc. REIT		3,720		115,283
Newcastle Investment Corp. REIT		754		2,239
NorthStar Realty Finance Corp. REIT		4,388		15,402
Omega Healthcare Investors, Inc. REIT	†	4,100		65,682
Pacific Office Properties Trust, Inc. REIT		1,050		4,588
Parkway Properties, Inc. REIT		986		19,424
Pennsylvania Real Estate Investment Trust REIT	†	1,510		11,491
Plum Creek Timber Co., Inc. REIT	†	7,429		227,625
PMC Commercial Trust REIT		865		6,323
Post Properties, Inc. REIT	†	2,078		37,404
Potlatch Corp. REIT		1,618		46,032
ProLogis REIT	†	18,076		215,466
PS Business Parks, Inc. REIT		599		30,741
Public Storage REIT		5,209		391,925
RAIT Financial Trust REIT		991		2,914
Ramco-Gershenson Properties Trust REIT		1,275		11,373
Rayonier, Inc. REIT		3,336	$	136,476
Realty Income Corp. REIT	†	4,138		106,140
Redwood Trust, Inc. REIT		1,008		15,624
Regency Centers Corp. REIT	†	2,745		101,702
Saul Centers, Inc. REIT		987		31,683
Senior Housing Properties Trust REIT	†	3,680		70,325
Simon Property Group, Inc. REIT	†	11,553		802,125
SL Green Realty Corp. REIT	†	2,185		95,812
Sovran Self Storage, Inc. REIT	†	1,269		38,616
Strategic Hotels & Resorts, Inc. REIT	*	2,904		7,521
Sun Communities, Inc. REIT	†	1,061		22,833
Sunstone Hotel Investors, Inc. REIT	*†	2,559		18,169
Tanger Factory Outlet Centers, Inc. REIT		1,221		45,592
Taubman Centers, Inc. REIT	†	2,083		75,155
UDR, Inc. REIT		6,077		95,652
Universal Health Realty Income Trust REIT		1,333		43,389
U-Store-It Trust REIT		3,600		22,500
Ventas, Inc. REIT		6,073		233,810
Vornado Realty Trust REIT	†	6,640		427,689
Walter Investment Management Corp. REIT		598		9,580
Washington Real Estate Investment Trust REIT	†	1,834		52,819
Weingarten Realty Investors REIT	†	3,474		69,202
				9,179,964
Real Estate Management & Development—0.1%
Altisource Portfolio Solutions SA (Luxembourg)	*	1,119		16,158
Brookfield Properties Corp. (Canada)	†	15,325		172,560
CB Richard Ellis Group, Inc., Class A	*†	6,900		81,006
Forest City Enterprises, Inc., Class A	†	9,240		123,539
Forestar Group, Inc.	*	1,502		25,804
Grubb & Ellis Co.	*†	652		1,102
Jones Lang LaSalle, Inc.	†	1,311		62,102
St. Joe Co. (The)	*†	3,582		104,308
Tejon Ranch Co.	*	762		19,568
				606,147
Road & Rail—0.9%
Amerco, Inc.	*	805		36,917
Arkansas Best Corp.		903		27,036
Avis Budget Group, Inc.	*†	4,424		59,105
Burlington Northern Santa Fe Corp.		10,257		818,816
Con-way, Inc.		2,160		82,771
CSX Corp.		14,893		623,421
Dollar Thrifty Automotive Group, Inc.	*	1,057		25,992
Genesee & Wyoming, Inc., Class A	*†	1,576		47,784
Heartland Express, Inc.	†	4,220		60,768
J.B. Hunt Transport Services, Inc.	†	3,964		127,363
Kansas City Southern	*†	2,513		66,569
Knight Transportation, Inc.	†	3,879		65,090
Landstar System, Inc.		2,256		85,863
Norfolk Southern Corp.		14,488		624,578

See accompanying notes to schedule of investments.

87

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Old Dominion Freight Line, Inc.	*	1,783	$	54,257
PAM Transportation Services, Inc.	*	338		2,802
Ryder System, Inc.		2,660		103,900
Saia, Inc.	*†	1,662		26,725
Union Pacific Corp.		19,818		1,156,380
Werner Enterprises, Inc.		2,915		54,307
YRC Worldwide, Inc.	*†	2,278		10,137
				4,160,581
Semiconductors & Semiconductor Equipment—2.7%
Actel Corp.	*†	1,140		13,874
Advanced Energy Industries, Inc.	*	1,428		20,335
Advanced Micro Devices, Inc.	*†	21,447		121,390
Aetrium, Inc.	*	614		1,357
Altera Corp.	†	10,928		224,133
Amkor Technology, Inc.	*†	7,211		49,612
Anadigics, Inc.	*	957		4,507
Analog Devices, Inc.		12,287		338,875
Applied Materials, Inc.		43,119		577,795
Applied Micro Circuits Corp.	*	3,186		31,828
Atheros Communications, Inc.	*†	2,700		71,631
Atmel Corp.	*	18,733		78,491
ATMI, Inc.	*	1,559		28,296
Axcelis Technologies, Inc.	*	4,095		4,914
AXT, Inc.	*	946		1,816
Broadcom Corp., Class A	*	16,147		495,551
Brooks Automation, Inc.	*	3,103		23,986
Cabot Microelectronics Corp.	*	1,049		36,568
California Micro Devices Corp.	*	745		2,399
Ceva, Inc.	*	692		7,439
Cirrus Logic, Inc.	*	2,946		16,380
Cohu, Inc.	†	859		11,648
Conexant Systems, Inc.	*	2,046		5,606
Cree, Inc.	*	3,097		113,815
Cymer, Inc.	*†	1,498		58,212
Cypress Semiconductor Corp.	*†	4,876		50,369
Diodes, Inc.	*	2,400		43,416
DSP Group, Inc.	*	1,194		9,719
Electroglas, Inc.	*	1,990		16
Entegris, Inc.	*	5,738		28,403
Exar Corp.	*	1,758		12,921
Fairchild Semiconductor International, Inc.	*†	4,903		50,158
FEI Co.	*	1,368		33,721
Formfactor, Inc.	*	1,417		33,895
FSI International, Inc.	*	1,479		1,716
Integrated Device Technology, Inc.	*	8,168		55,216
Integrated Silicon Solution, Inc.	*	1,269		4,771
Intel Corp.		227,693		4,455,952
International Rectifier Corp.	*†	2,631		51,278
Intersil Corp., Class A	†	5,757		88,140
IXYS Corp.		1,329		11,310
KLA-Tencor Corp.		5,711		204,796
Kopin Corp.	*	2,431		11,669
Kulicke & Soffa Industries, Inc.	*†	2,008		12,108
Lam Research Corp.	*†	5,335		182,244
Lattice Semiconductor Corp.	*	4,395		9,889
Linear Technology Corp.	†	8,638		238,668
LSI Corp.	*	30,700		168,543
LTX-Credence Corp.	*†	4,076		6,725
Marvell Technology Group Ltd. (Bermuda)	*	18,500		299,515
Mattson Technology, Inc.	*	1,760	$	4,963
Maxim Integrated Products, Inc.		9,781		177,427
MEMC Electronic Materials, Inc.	*	8,113		134,919
Micrel, Inc.		3,731		30,408
Microchip Technology, Inc.	†	6,974		184,811
Micron Technology, Inc.	*†	25,902		212,396
Microsemi Corp.	*	2,474		39,064
Mindspeed Technologies, Inc.	*†	801		2,307
MIPS Technologies, Inc.	*	2,228		8,400
MKS Instruments, Inc.	*†	2,455		47,357
MoSys, Inc.	*	1,251		3,128
National Semiconductor Corp.	†	10,460		149,264
Netlogic Microsystems, Inc.	*†	1,068		48,060
Novellus Systems, Inc.	*	2,876		60,338
NVE Corp.	*†	348		18,500
Nvidia Corp.	*	20,184		303,366
Omnivision Technologies, Inc.	*	2,354		38,323
ON Semiconductor Corp.	*†	10,008		82,566
PDF Solutions, Inc.	*	974		3,399
Pericom Semiconductor Corp.	*	1,023		10,036
Photronics, Inc.	*	1,388		6,579
PLX Technology, Inc.	*†	1,050		3,539
PMC - Sierra, Inc.	*†	7,045		67,350
Power Integrations, Inc.		1,952		65,060
QuickLogic Corp.	*	1,050		1,785
Rambus, Inc.	*†	4,071		70,835
Ramtron International Corp.	*	1,920		4,858
RF Micro Devices, Inc.	*	8,143		44,217
Rudolph Technologies, Inc.	*	1,247		9,228
Semitool, Inc.	*	1,060		8,957
Semtech Corp.	*†	2,970		50,520
Sigma Designs, Inc.	*†	1,320		19,180
Silicon Image, Inc.	*†	2,948		7,164
Silicon Laboratories, Inc.	*†	2,124		98,469
Silicon Storage Technology, Inc.	*	3,793		9,179
Skyworks Solutions, Inc.	*†	5,822		77,083
Standard Microsystems Corp.	*	806		18,707
Tegal Corp.	*	312		396
Teradyne, Inc.	*†	7,938		73,427
Tessera Technologies, Inc.	*	1,560		43,508
Texas Instruments, Inc.		52,415		1,241,711
Transwitch Corp.	*	3,432		2,402
Trident Microsystems, Inc.	*†	3,018		7,817
TriQuint Semiconductor, Inc.	*	4,918		37,967
Ultratech, Inc.	*	971		12,846
Varian Semiconductor Equipment Associates, Inc.	*†	3,367		110,572
Veeco Instruments, Inc.	*	1,294		30,176
Virage Logic Corp.	*	901		4,694
White Electronic Designs Corp.	*†	514		2,375
Xilinx, Inc.		11,904		278,792
Zoran Corp.	*	1,650		19,008
				12,393,049
Software—4.2%
ACI Worldwide, Inc.	*	1,298		19,639
Activision Blizzard, Inc.	*	23,814		295,055
Actuate Corp.	*	2,084		12,046
Adobe Systems, Inc.	*	20,400		674,016
Advent Software, Inc.	*†	1,451		58,403
American Software, Inc., Class A		1,950		12,733
ANSYS, Inc.	*†	2,396		89,778
Ariba, Inc.	*†	2,075		24,070
Authentidate Holding Corp.	*	1,023		1,442
Autodesk, Inc.	*	9,258		220,340

See accompanying notes to schedule of investments.

88

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Blackbaud, Inc.		2,650	$	61,480
Blackboard, Inc.	*†	1,400		52,892
BMC Software, Inc.	*	6,337		237,828
CA, Inc.		17,506		384,957
Cadence Design Systems, Inc.	*†	10,745		78,868
Callidus Software, Inc.	*	172		518
Chordiant Software, Inc.	*	1,859		7,232
Citrix Systems, Inc.	*	6,809		267,117
Compuware Corp.	*	7,505		55,012
Concur Technologies, Inc.	*†	2,083		82,820
Datawatch Corp.	*	3,500		8,260
Ebix, Inc.	*	934		51,706
Electronic Arts, Inc.	*	12,060		229,743
Epicor Software Corp.	*	1,693		10,784
EPIQ Systems, Inc.	*	1,087		15,761
ePresence, Inc.	*‡δ	1,173		—
Evolving Systems, Inc.	*	527		3,663
Factset Research Systems, Inc.	†	1,490		98,698
Fair Isaac Corp.	†	3,039		65,308
FalconStor Software, Inc.	*†	1,373		6,824
Informatica Corp.	*†	3,171		71,601
Interactive Intelligence, Inc.	*	950		18,155
Intuit, Inc.	*	11,145		317,633
Jack Henry & Associates, Inc.	†	3,591		84,281
JDA Software Group, Inc.	*	1,256		27,557
Kenexa Corp.	*†	1,681		22,660
Lawson Software, Inc.	*	8,700		54,288
Magma Design Automation, Inc.	*†	1,429		2,987
Manhattan Associates, Inc.	*	1,346		27,189
McAfee, Inc.	*	6,724		294,444
Mentor Graphics Corp.	*	2,745		25,556
Micros Systems, Inc.	*†	3,428		103,491
Microsoft Corp.		367,445		9,513,151
MicroStrategy, Inc., Class A	*	513		36,700
Netscout Systems, Inc.	*	1,250		16,887
Novell, Inc.	*	15,492		69,869
Nuance Communications, Inc.	*†	4,541		67,933
Oracle Corp.		167,835		3,497,681
Parametric Technology Corp.	*	4,423		61,126
Pegasystems, Inc.	†	2,141		73,929
Phoenix Technologies Ltd.	*	907		3,311
PLATO Learning, Inc.	*	1,825		7,884
Progress Software Corp.	*	1,322		29,943
QAD, Inc.	†	1,363		6,202
Quest Software, Inc.	*	3,847		64,822
Radiant Systems, Inc.	*	1,019		10,944
Red Hat, Inc.	*	7,251		200,418
Renaissance Learning, Inc.	†	1,353		13,449
Rovi Corp.	*†	3,817		128,251
S1 Corp.	*	2,636		16,290
Salesforce.com, Inc.	*†	3,783		215,366
Scientific Learning Corp.	*	3,145		11,228
Solera Holdings, Inc.	†	1,099		34,190
Sonic Foundry, Inc.	*	1,200		768
Sonic Solutions, Inc.	*†	889		5,272
SonicWALL, Inc.	*	2,442		20,513
SourceForge, Inc.	*	2,018		2,543
SPSS, Inc.	*†	690		34,465
Sybase, Inc.	*	3,825		148,792
Symantec Corp.	*	34,469		567,704
Symyx Technologies, Inc.	*	1,374		9,096
Synopsys, Inc.	*	6,501		145,752
Take-Two Interactive Software, Inc.	*†	2,643		29,628
TeleCommunication Systems, Inc., Class A	*	1,200	$	10,032
THQ, Inc.	*†	2,914		19,932
TIBCO Software, Inc.	*	8,337		79,118
TiVo, Inc.	*	2,696		27,931
Tyler Technologies, Inc.	*†	1,886		32,232
Ultimate Software Group, Inc.	*†	1,242		35,670
VASCO Data Security International, Inc.	*	3,804		28,226
Versant Corp.	*	330		5,907
VMware, Inc., Class A	*	1,700		68,289
Wayside Technology Group, Inc.		1,787		15,904
Websense, Inc.	*	1,958		32,894
				19,577,077
Specialty Retail—2.1%
A.C. Moore Arts & Crafts, Inc.	*	876		3,154
Aaron’s, Inc.	†	1,939		51,190
Abercrombie & Fitch Co., Class A	†	3,072		101,007
Advance Auto Parts, Inc.	†	4,485		176,171
Aeropostale, Inc.	*†	3,604		156,666
American Eagle Outfitters, Inc.		8,736		147,289
America’s Car-Mart, Inc.	*	354		8,478
AnnTaylor Stores Corp.	*†	2,733		43,427
Asbury Automotive Group, Inc.	*†	1,342		17,017
AutoNation, Inc.	*†	5,363		96,963
AutoZone, Inc.	*	1,894		276,941
Barnes & Noble, Inc.	†	828		18,398
Bebe Stores, Inc.	†	790		5,814
Bed Bath & Beyond, Inc.	*	10,125		380,092
Best Buy Co., Inc.	†	13,673		513,011
Big 5 Sporting Goods Corp.		1,071		16,172
Blockbuster, Inc., Class A	*†	7,850		8,399
Borders Group, Inc.	*	3,342		10,394
Brown Shoe Co., Inc.	†	1,791		14,364
Buckle, Inc. (The)	†	1,236		42,197
Carmax, Inc.	*†	8,516		177,984
Casual Male Retail Group, Inc.	*†	1,930		6,639
Cato Corp. (The), Class A		1,761		35,731
Charlotte Russe Holding, Inc.	*	1,100		19,250
Charming Shoppes, Inc.	*	3,138		15,408
Chico’s FAS, Inc.	*	7,236		94,068
Children’s Place Retail Stores, Inc. (The)	*†	1,144		34,274
Christopher & Banks Corp.	†	1,528		10,345
Coldwater Creek, Inc.	*†	1,528		12,530
Collective Brands, Inc.	*†	2,964		51,366
Cost Plus, Inc.	*†	1,014		2,058
Destination Maternity Corp.	*	600		10,878
Dick’s Sporting Goods, Inc.	*†	2,480		55,552
Dress Barn, Inc.	*†	1,900		34,067
Finish Line, Inc. (The), Class A		1,917		19,477
Foot Locker, Inc.	†	5,840		69,788
GameStop Corp., Class A	*†	4,410		116,733
Gap, Inc. (The)		22,382		478,975
Genesco, Inc.	*	921		22,168
Group 1 Automotive, Inc.	†	1,068		28,676
Guess?, Inc.		3,548		131,418
Gymboree Corp.	*	1,400		67,732
Haverty Furniture Cos., Inc.	*	1,111		13,121
Hibbett Sports, Inc.	*†	1,396		25,449
Home Depot, Inc.		67,122		1,788,130
Hot Topic, Inc.	*	1,824		13,662
J. Crew Group, Inc.	*†	2,206		79,019
Jo-Ann Stores, Inc.	*†	1,266		33,967
JOS A. Bank Clothiers, Inc.	*†	577		25,832

See accompanying notes to schedule of investments.

89

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Kirkland’s, Inc.	*	833	$	11,870
Limited Brands, Inc.		10,407		176,815
Lithia Motors, Inc., Class A		862		13,439
Lowe’s Cos., Inc.		49,902		1,044,948
MarineMax, Inc.	*	800		6,248
Men’s Wearhouse, Inc. (The)		2,437		60,194
Midas, Inc.	*†	1,277		12,004
Monro Muffler Brake, Inc.		991		31,504
Office Depot, Inc.	*	11,792		78,063
OfficeMax, Inc.	*†	3,587		45,124
O’Reilly Automotive, Inc.	*†	5,624		203,251
Pacific Sunwear of California, Inc.	*	3,025		15,579
Penske Auto Group, Inc.	†	1,654		31,724
Pep Boys-Manny, Moe & Jack (The)	†	2,200		21,494
PetSmart, Inc.	†	5,983		130,130
Pier 1 Imports, Inc.	*	3,712		14,365
RadioShack Corp.		6,811		112,858
Rent-A-Center, Inc.	*†	3,377		63,758
Ross Stores, Inc.	†	5,419		258,866
Sally Beauty Holdings, Inc.	*†	3,659		26,015
Select Comfort Corp.	*	2,104		9,994
Sherwin-Williams Co. (The)		3,738		224,878
Signet Jewelers Ltd. (Bermuda)	*	3,344		88,047
Sonic Automotive, Inc., Class A	†	1,649		17,314
Stage Stores, Inc.	†	2,236		28,979
Staples, Inc.		23,190		538,472
Stein Mart, Inc.	*†	1,261		16,027
Systemax, Inc.	*	1,358		16,472
Talbots, Inc.	†	375		3,461
Tiffany & Co.		5,242		201,974
TJX Cos., Inc.		15,739		584,704
Tractor Supply Co.	*†	1,549		75,003
Trans World Entertainment Corp.	*	1,932		1,758
Tween Brands, Inc.	*	1,485		12,459
Urban Outfitters, Inc.	*†	5,012		151,212
West Marine, Inc.	*	803		6,312
Wet Seal, Inc. (The), Class A	*	1,246		4,710
Williams-Sonoma, Inc.		3,877		78,432
Zale Corp.	*†	2,300		16,445
				9,996,343
Textiles, Apparel & Luxury Goods—0.6%
Carter’s, Inc.	*	1,476		39,409
Charles & Colvard Ltd.	*	1,843		1,051
Cherokee, Inc.		994		23,826
Coach, Inc.		14,097		464,073
Columbia Sportswear Co.	†	652		26,836
CROCS, Inc.	*	3,600		23,940
Culp, Inc.	*	888		4,946
Deckers Outdoor Corp.	*†	645		54,728
Fossil, Inc.	*	3,154		89,731
Hallwood Group, Inc.		100		2,520
Hanesbrands, Inc.	*†	4,099		87,719
Iconix Brand Group, Inc.	*	2,737		34,130
Jones Apparel Group, Inc.		4,641		83,213
Kenneth Cole Productions, Inc., Class A		956		9,589
K-Swiss, Inc., Class A	†	1,476		12,974
Lazare Kaplan International, Inc.	*‡	1,139		2,278
Liz Claiborne, Inc.	†	4,930		24,305
Movado Group, Inc.		1,678		24,381
NIKE, Inc., Class B		16,569	$	1,072,014
Oxford Industries, Inc.		936		18,439
Phillips-Van Heusen Corp.		1,267		54,215
Polo Ralph Lauren Corp.		2,143		164,197
Quiksilver, Inc.	*	4,288		11,792
Skechers U.S.A., Inc., Class A	*†	1,935		33,166
Steven Madden Ltd.	*	751		27,644
Timberland Co. (The), Class A	*†	2,970		41,343
Under Armour, Inc., Class A	*†	1,937		53,907
Unifi, Inc.	*	2,629		8,413
V.F. Corp.		3,785		274,148
Warnaco Group, Inc. (The)	*	1,527		66,974
Wolverine World Wide, Inc.		2,589		64,311
				2,900,212
Thrifts & Mortgage Finance—0.3%
Anchor Bancorp Wisconsin, Inc.	†	1,411		1,834
Astoria Financial Corp.	†	3,465		38,254
Bank Mutual Corp.		3,756		33,203
BankAtlantic Bancorp, Inc., Class A	†	2,405		6,974
Beneficial Mutual Bancorp, Inc.	*†	969		8,847
Brookline Bancorp, Inc.	†	3,765		36,596
Capitol Federal Financial	†	2,115		69,626
CFS Bancorp, Inc.	†	1,873		8,878
Charter Financial Corp.	†	350		4,560
Corus Bankshares, Inc.	*†	702		63
Dime Community Bancshares, Inc.	†	1,638		18,722
Doral Financial Corp. (Puerto Rico)	*†	221		818
Federal Home Loan Mortgage Corp.	*†	25,235		45,423
Federal National Mortgage Association	*†	37,770		57,410
First Financial Service Corp.		402		5,415
First Niagara Financial Group, Inc.		4,217		51,996
Flagstar Bancorp, Inc.	*†	2,110		2,173
Harrington West Financial Group, Inc.	*	1,171		1,405
Hudson City Bancorp, Inc.	†	21,250		279,438
MGIC Investment Corp.	*†	4,084		30,262
NASB Financial, Inc.		528		13,886
New York Community Bancorp, Inc.	†	12,640		144,349
NewAlliance Bancshares, Inc.	†	4,600		49,220
Northwest Bancorp, Inc.		2,048		46,776
Ocwen Financial Corp.	*†	3,358		38,013
Parkvale Financial Corp.		616		5,766
People’s United Financial, Inc.		8,652		134,625
PMI Group, Inc. (The)	†	3,929		16,698
Provident Financial Services, Inc.	†	943		9,703
Provident New York Bancorp		3,670		35,049
Radian Group, Inc.	†	3,844		40,670
Riverview Bancorp, Inc.	*	2,600		9,620
TFS Financial Corp.		3,398		40,436
Tree.com, Inc.	*†	314		2,371
Triad Guaranty, Inc.	*	692		879
Trustco Bank Corp.		3,435		21,469
United Western Bancorp, Inc.		973		3,863
Washington Federal, Inc.	†	3,379		56,970
Westfield Financial, Inc.		4,068		34,456
				1,406,716

See accompanying notes to schedule of investments.

90

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Tobacco—1.3%
Alliance One International, Inc.	*†	2,000	$	8,960
Altria Group, Inc.		82,016		1,460,705
Lorillard, Inc.		6,904		512,967
Philip Morris International, Inc.		77,475		3,776,132
Reynolds American, Inc.		6,595		293,609
Universal Corp.		1,078		45,082
Vector Group Ltd.		2,633		41,028
				6,138,483
Trading Companies & Distributors—0.2%
Applied Industrial Technologies, Inc.		2,056		43,505
Beacon Roofing Supply, Inc.	*	2,570		41,069
Building Materials Holding Corp.	*	1,800		99
Fastenal Co.	†	5,638		218,191
GATX Corp.	†	1,766		49,360
H&E Equipment Services, Inc.	*	1,600		18,128
Interline Brands, Inc.	*	982		16,547
MSC Industrial Direct Co., Class A	†	1,782		77,659
United Rentals, Inc.	*	2,798		28,819
W.W. Grainger, Inc.		2,817		251,727
Watsco, Inc.		553		29,812
WESCO International, Inc.	*†	1,550		44,640
Willis Lease Finance Corp.	*	1,234		16,869
				836,425
Water Utilities—0.0%
American States Water Co.		1,261		45,623
American Water Works Co., Inc.		2,266		45,184
Aqua America, Inc.	†	4,329		76,364
California Water Service Group	†	965		37,577
Connecticut Water Service, Inc.		500		11,195
SJW Corp.	†	1,010		23,078
				239,021
Wireless Telecommunication Services—0.4%
American Tower Corp., Class A	*	16,061		584,621
Centennial Communications Corp.	*†	3,036		24,227
Crown Castle International Corp.	*	8,983		281,707
iPCS, Inc.	*	700		12,180
Leap Wireless International, Inc.	*†	3,300		64,515
MetroPCS Communications, Inc.	*†	7,134		66,774
NII Holdings, Inc.	*†	5,995		179,730
NTELOS Holdings Corp.		2,700		47,682
SBA Communications Corp., Class A	*†	4,064		109,850
Shenandoah Telecommunications Co.	†	1,200		21,540
Sprint Nextel Corp.	*	88,755		350,582
Telephone & Data Systems, Inc.	†	3,518		109,093
United States Cellular Corp.	*	680		26,568
				1,879,069
TOTAL COMMON STOCKS
(Cost $386,653,004)				456,308,375
RIGHTS—0.0%
Biotechnology—0.0%
Ligand Pharmaceuticals, Inc., Expires 12/31/2011	*‡δ	572	$	—
Pharmaceuticals—0.0%
Fresenius Kabi Pharmaceuticals Holding, Inc. (Germany), Expires 06/30/2011	*	1,756		1,019
Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.	*‡δ	2,806		—
TOTAL RIGHTS
(Cost $—)				1,019
WARRANTS—0.0%
Diversified Financial Services—0.0%
Equitex, Inc., Class A, Expires 02/07/2010	*‡δ	264		—
Equitex, Inc., Class B, Expires 02/07/2010	*‡δ	264		—
Pegasus Wireless Corp., Expires 12/31/2009	*‡δ	540		—
TOTAL WARRANTS
(Cost $—)				—

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
0.126%	12/17/2009	‡‡
(Cost $799,785)			$	800,000		799,877
CASH EQUIVALENTS—12.0%

 

		Shares		Value
Institutional Money Market Funds—11.8%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class			7,924,450		7,924,450
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††		24,201,025		24,201,025
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††		7,000,000		7,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††		7,700,000		7,700,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††		4,000,000		4,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††		4,000,000		4,000,000
					54,825,475

 

See accompanying notes to schedule of investments.

91

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Broad
Market Index Fund

Coupon Rate	Maturity Date		Face		Value
Medium Term Note—0.2%
General Electric Capital Corp., Series A
0.534%	10/26/2009	#††	$	744,488	$	744,488
TOTAL CASH EQUIVALENTS
(Cost $55,569,963)						55,569,963
TOTAL INVESTMENTS—110.3%
(Cost $443,022,752)						512,679,234
Other assets less liabilities—(10.3%)						(47,971,916	)
NET ASSETS—100.0%					$	464,707,318

 

Legend to the Schedule of Investments:
REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
δ	Security has no market value at September 30, 2009.
‡	Security valued at fair value as determined by policies approved by the Board of Directors.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
#	Rate is subject to change. Rate shown reflects current rate.

See accompanying notes to schedule of investments.

92

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—97.3%
Aerospace & Defense—1.0%
AAR Corp.	*†	3,869	$	84,886
Aerovironment, Inc.	*	616		17,303
Alliant Techsystems, Inc.	*†	2,824		219,848
American Science & Engineering, Inc.		1,020		69,401
Applied Signal Technology, Inc.		2,274		52,916
Astronics Corp.	*	716		6,730
Astronics Corp., Class B	*	179		1,613
BE Aerospace, Inc.	*†	8,464		170,465
Ceradyne, Inc.	*	2,334		42,782
Cubic Corp.		1,262		49,811
Curtiss-Wright Corp.		3,943		134,575
DigitalGlobe, Inc.	*	3,405		76,170
Ducommun, Inc.	†	852		16,111
DynCorp International, Inc., Class A	*	1,953		35,154
Esterline Technologies Corp.	*	2,519		98,770
GenCorp, Inc.	*	4,016		21,526
GeoEye, Inc.	*	1,729		46,337
HEICO Corp., Class A		2,477		83,995
Herley Industries, Inc.	*†	1,550		20,228
Hexcel Corp.	*†	8,244		94,311
Innovative Solutions & Support, Inc.	*	1,200		6,012
Kratos Defense & Security Solutions, Inc.	*	1,442		12,618
Ladish Co., Inc.	*	2,037		30,820
Moog, Inc., Class A	*†	3,584		105,728
Orbital Sciences Corp.	*	5,400		80,838
Spirit Aerosystems Holdings, Inc., Class A	*†	6,992		126,276
Stanley, Inc.	*	1,217		31,301
Taser International, Inc.	*†	6,942		32,766
Teledyne Technologies, Inc.	*	2,702		97,245
TransDigm Group, Inc.	*	3,242		161,484
Triumph Group, Inc.		2,080		99,819
				2,127,839
Air Freight & Logistics—0.2%
Air T, Inc.		563		5,439
Air Transport Services Group, Inc.	*†	5,626		19,466
Atlas Air Worldwide Holdings, Inc.	*	1,188		37,980
Dynamex, Inc.	*	2,145		35,028
Forward Air Corp.	†	2,629		60,861
HUB Group, Inc., Class A	*†	3,172		72,480
Pacer International, Inc.		3,711		14,325
UTi Worldwide, Inc. (Virgin Islands, British)		8,059		116,694
				362,273
Airlines—0.7%
Airtran Holdings, Inc.	*	12,396		77,475
Alaska Air Group, Inc.	*	3,191		85,487
Allegiant Travel Co.	*†	1,751		66,696
AMR Corp.	*	22,611		179,757
Continental Airlines, Inc., Class B	*†	10,600		174,264
Delta Air Lines, Inc.	*	54,035		484,154
ExpressJet Holdings, Inc.	*	387		967
JetBlue Airways Corp.	*	23,246		139,011
Mesa Air Group, Inc.	*	2,928		753
Pinnacle Airlines Corp.	*	4,709		31,550
Republic Airways Holdings, Inc.	*	3,638		33,943
Skywest, Inc.		5,070	$	84,061
UAL Corp.	*	10,705		98,700
US Airways Group, Inc.	*	8,416		39,555
				1,496,373
Auto Components—0.7%
American Axle & Manufacturing Holdings, Inc.	†	5,514		39,039
Amerigon, Inc.	*	3,475		25,541
ArvinMeritor, Inc.	†	5,690		44,496
BorgWarner, Inc.		9,706		293,704
Cooper Tire & Rubber Co.	†	3,864		67,929
Dana Holding Corp.	*†	9,047		61,610
Drew Industries, Inc.	*†	1,570		34,053
Exide Technologies	*†	9,741		77,636
Federal Mogul Corp.	*	8,384		101,195
Fuel Systems Solutions, Inc.	*	2,117		76,191
Gentex Corp.		11,177		158,154
Modine Manufacturing Co.		4,717		43,727
Quantum Fuel Systems Technologies Worldwide, Inc.	*†	11,052		14,699
Shiloh Industries, Inc.	*	1,441		6,484
Spartan Motors, Inc.		6,140		31,560
Standard Motor Products, Inc.		2,540		38,608
Strattec Security Corp.		124		1,768
Superior Industries International, Inc.	†	2,013		28,585
Tenneco, Inc.	*†	5,147		67,117
TRW Automotive Holdings Corp.	*	10,285		172,274
WABCO Holdings, Inc.		7,712		161,952
				1,546,322
Automobiles—0.1%
Thor Industries, Inc.	†	3,595		111,265
Winnebago Industries, Inc.	*†	3,534		51,985
				163,250
Beverages—0.3%
Boston Beer Co., Inc., Class A	*	1,180		43,754
Central European Distribution Corp.	*	3,976		130,254
Coca-Cola Bottling Co. Consolidated		437		21,164
Hansen Natural Corp.	*	6,439		236,569
Jones Soda Co.	*†	1,928		1,619
National Beverage Corp.	*†	766		8,817
PepsiAmericas, Inc.		8,463		241,703
				683,880
Biotechnology—2.7%
Aastrom Biosciences, Inc.	*†	3,290		1,425
Abraxis Bioscience, Inc.	*	2,772		100,845
Acorda Therapeutics, Inc.	*	3,687		85,833
Alexion Pharmaceuticals, Inc.	*	6,617		294,721
Alkermes, Inc.	*	6,009		55,223
Allos Therapeutics, Inc.	*	7,571		54,890
Alnylam Pharmaceuticals, Inc.	*†	3,514		79,698
AMAG Pharmaceuticals, Inc.	*†	2,241		97,887
Amylin Pharmaceuticals, Inc.	*†	14,135		193,508
Anadys Pharmaceuticals, Inc.	*	1,662		4,371
Antigenics, Inc.	*†	9,214		19,073
ARCA Biopharma, Inc.	*	436		1,548
Arena Pharmaceuticals, Inc.	*	8,294		37,074
Ariad Pharmaceuticals, Inc.	*	12,199		27,082
Arqule, Inc.	*	4,724		21,447
Array Biopharma, Inc.	*†	4,170		9,925

See accompanying notes to schedule of investments.

93

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
AVI BioPharma, Inc.	*†	19,636	$	33,774
Avigen, Inc.	*	3,880		5,781
BioCryst Pharmaceuticals, Inc.	*†	3,943		32,490
BioMarin Pharmaceutical, Inc.	*†	9,733		175,973
Celera Corp.	*†	8,151		50,781
Cell Genesys, Inc.	*†	10,214		3,554
Cell Therapeutics, Inc.	*†	54,015		66,438
Celldex Therapeutics, Inc.	*†	1,799		9,877
Cepheid, Inc.	*	5,446		71,996
Clinical Data, Inc.	*†	1,998		33,307
Cubist Pharmaceuticals, Inc.	*	4,798		96,920
Cytokinetics, Inc.	*	4,127		21,832
CytRx Corp.	*	25,564		28,632
Dendreon Corp.	*	12,013		336,244
Dyax Corp.	*	9,610		34,500
Emergent Biosolutions, Inc.	*	2,525		44,591
Entremed, Inc.	*	1,390		625
Enzon Pharmaceuticals, Inc.	*†	4,016		33,132
EPIX Pharmaceuticals, Inc.	*	3,320		46
Exact Sciences Corp.	*	7,997		22,232
Exelixis, Inc.	*†	10,192		65,025
Facet Biotech Corp.	*†	4,790		82,819
Genaera Corp.	*‡δ	797		—
Genomic Health, Inc.	*	1,858		40,616
Geron Corp.	*†	11,195		73,439
GTC Biotherapeutics, Inc.	*	398		637
GTx, Inc.	*†	1,710		21,888
Halozyme Therapeutics, Inc.	*†	5,974		42,475
Hemispherx Biopharma, Inc.	*†	14,952		29,904
Human Genome Sciences, Inc.	*†	13,871		261,052
Idenix Pharmaceuticals, Inc.	*	3,110		9,610
Idera Pharmaceuticals, Inc.	*	1,932		14,316
Immunogen, Inc.	*	5,986		48,546
Immunomedics, Inc.	*†	9,692		53,500
Incyte Corp. Ltd.	*†	7,333		49,498
InterMune, Inc.	*†	2,819		44,907
Isis Pharmaceuticals, Inc.	*	7,940		115,686
Keryx Biopharmaceuticals, Inc.	*†	3,220		7,535
Lexicon Pharmaceuticals, Inc.	*†	7,724		16,452
Ligand Pharmaceuticals, Inc., Class B	*	9,497		21,938
MannKind Corp.	*†	6,322		62,272
Martek Biosciences Corp.	*†	2,505		56,588
Maxygen, Inc.	*	2,991		20,010
Medivation, Inc.	*	2,987		81,067
Metabolix, Inc.	*	2,162		22,225
Momenta Pharmaceuticals, Inc.	*	3,492		37,050
Myriad Genetics, Inc.	*	7,792		213,501
Myriad Pharmaceuticals, Inc.	*†	2,141		12,546
Nabi Biopharmaceuticals	*	6,806		24,434
Neurobiological Technologies, Inc.	*	448		403
Neurocrine Biosciences, Inc.	*	6,840		20,862
Novavax, Inc.	*†	11,268		44,621
NPS Pharmaceuticals, Inc.	*	7,595		30,532
Onyx Pharmaceuticals, Inc.	*†	5,810		174,126
Orthologic Corp.	*	1,517		1,198
OSI Pharmaceuticals, Inc.	*†	4,478		158,073
Osiris Therapeutics, Inc.	*	2,984		19,873
PDL BioPharma, Inc.	†	10,882		85,750
Peregrine Pharmaceuticals, Inc.	*	9,115		6,289
Pharmasset, Inc.	*†	3,318		70,143
Poniard Pharmaceuticals, Inc.	*†	3,696		27,646
Progenics Pharmaceuticals, Inc.	*	2,623		13,745
Regeneron Pharmaceuticals, Inc.	*	5,594		107,964
Repligen Corp.	*	3,422	$	17,144
Rigel Pharmaceuticals, Inc.	*	3,086		25,305
RXi Pharmaceuticals Corp.	*	6,212		15,219
Sangamo Biosciences, Inc.	*†	8,595		70,565
Savient Pharmaceuticals, Inc.	*†	9,248		140,570
Sciclone Pharmaceuticals, Inc.	*†	4,800		20,448
Seattle Genetics, Inc.	*†	7,531		105,660
SIGA Technologies, Inc.	*†	4,650		36,689
StemCells, Inc.	*	8,757		14,274
Targeted Genetics Corp.	*	3,456		1,123
Telik, Inc.	*	6,069		4,819
Theravance, Inc.	*†	4,427		64,811
Trimeris, Inc.	†	4,014		9,794
United Therapeutics Corp.	*	5,460		267,485
Vanda Pharmaceuticals, Inc.	*	2,119		24,665
Vertex Pharmaceuticals, Inc.	*	14,718		557,812
Vion Pharmaceuticals, Inc.	*†	17,757		17,935
XOMA Ltd.	*†	12,047		9,758
Zymogenetics, Inc.	*†	4,513		27,259
				5,909,371
Building Products—0.5%
American Woodmark Corp.	†	800		15,472
Ameron International Corp.		853		59,693
Apogee Enterprises, Inc.	†	2,250		33,795
Armstrong World Industries, Inc.	*†	1,349		46,486
Gibraltar Industries, Inc.		1,868		24,788
Griffon Corp.	*	6,441		64,861
Insteel Industries, Inc.	†	1,400		16,730
Jewett-Cameron Trading Ltd.	*	1,575		10,159
Lennox International, Inc.		4,506		162,757
NCI Building Systems, Inc.	*†	1,232		3,942
Owens Corning, Inc.	*†	9,722		218,259
Quanex Building Products Corp.		3,376		48,479
Simpson Manufacturing Co., Inc.	†	3,679		92,931
Trex Co., Inc.	*†	2,108		38,366
U.S. Home Systems, Inc.	*	1,292		3,243
Universal Forest Products, Inc.		1,649		65,070
USG Corp.	*†	7,705		132,372
				1,037,403
Capital Markets—2.2%
Affiliated Managers Group, Inc.	*†	3,775		245,413
BGC Partners, Inc., Class A		6,185		26,472
BlackRock, Inc.	†	3,341		724,396
Calamos Asset Management, Inc., Class A		1,520		19,851
Cowen Group, Inc.	*	1,468		10,452
Deerfield Capital Corp.	*	522		3,654
Diamond Hill Investment Group, Inc.	*	649		37,623
Eaton Vance Corp.	†	11,212		313,824
Evercore Partners, Inc., Class A	†	2,490		72,758
FCStone Group, Inc.	*	4,434		21,372
GAMCO Investors, Inc., Class A	†	639		29,202
GFI Group, Inc.		4,612		33,345
GLG Partners, Inc.		25,997		104,768
Greenhill & Co., Inc.	†	2,682		240,254
Investment Technology Group, Inc.	*	4,541		126,785
Jefferies Group, Inc.	*	11,722		319,190
KBW, Inc.	*†	2,524		81,323
Kent Financial Services, Inc.	*	2,200		3,894

See accompanying notes to schedule of investments.

94

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Knight Capital Group, Inc., Class A	*	9,156	$	199,143
LaBranche & Co., Inc.	*	5,402		18,367
MF Global Ltd. (Bermuda)	*	9,974		72,511
optionsXpress Holdings, Inc.		5,147		88,940
Penson Worldwide, Inc.	*†	2,610		25,421
Piper Jaffray Cos.	*†	2,312		110,329
Raymond James Financial, Inc.		10,594		246,628
Riskmetrics Group, Inc.	*†	2,472		36,141
Safeguard Scientifics, Inc.	*	3,658		40,128
Sanders Morris Harris Group, Inc.		2,882		17,033
SEI Investments Co.		18,980		373,526
Siebert Financial Corp.	*	1,470		3,454
Stifel Financial Corp.	*†	2,960		162,504
SWS Group, Inc.		2,331		33,566
TD Ameritrade Holding Corp.	*	30,926		606,768
Teton Advisors, Inc.	*‡	16		43
Thomas Weisel Partners Group, Inc.	*	4,162		22,225
TradeStation Group, Inc.	*	3,191		26,007
U.S. Global Investors, Inc., Class A	†	2,549		31,429
Virtus Investment Partners, Inc.	*	1,094		17,077
Waddell & Reed Financial, Inc., Class A		9,123		259,549
Westwood Holdings Group, Inc.	†	1,427		49,517
				4,854,882
Chemicals—2.5%
A. Schulman, Inc.		2,297		45,779
Albemarle Corp.		6,791		234,969
Ampal-American Israel Corp., Class A (Israel)	*	1,392		2,826
Arch Chemicals, Inc.	†	2,418		72,516
Ashland, Inc.		5,906		255,257
Balchem Corp.		2,127		55,940
Cabot Corp.		4,167		96,299
Calgon Carbon Corp.	*†	4,409		65,385
Celanese Corp., Class A		11,408		285,200
Cytec Industries, Inc.		4,124		133,906
Ferro Corp.		3,833		34,114
Flotek Industries, Inc.	*†	1,346		2,773
Georgia Gulf Corp.	*†	2,761		82,830
H.B. Fuller Co.		4,230		88,407
Huntsman Corp.		15,088		137,452
ICO, Inc.	*	2,739		12,791
Intrepid Potash, Inc.	*†	3,976		93,794
Koppers Holdings, Inc.		2,428		71,990
Kronos Worldwide, Inc.	†	235		2,423
Landec Corp.	*	3,037		19,437
LSB Industries, Inc.	*	1,412		21,985
Lubrizol Corp.		5,540		395,888
Material Sciences Corp.	*	2,565		5,002
Minerals Technologies, Inc.		1,341		63,778
Mosaic Co. (The)		18,051		867,711
Nalco Holding Co.		12,028		246,454
NewMarket Corp.		1,651		153,609
NL Industries, Inc.		412		2,760
Olin Corp.	†	6,749		117,702
OM Group, Inc.	*	2,471		75,094
Omnova Solutions, Inc.	*	3,769		24,423
Penford Corp.		2,075		14,878
PolyOne Corp.	*	7,843		52,313
Quaker Chemical Corp.		1,303		28,575
Rockwood Holdings, Inc.	*	3,784	$	77,837
RPM International, Inc.		10,721		198,231
Scotts Miracle-Gro Co. (The), Class A		4,904		210,627
Sensient Technologies Corp.		4,270		118,578
Solutia, Inc.	*	8,655		100,225
Spartech Corp.		2,131		22,951
Stepan Co.		1,197		71,916
Terra Industries, Inc.		9,210		319,311
Valhi, Inc.		7,241		87,761
Valspar Corp.		8,734		240,272
W.R. Grace & Co.	*†	6,348		138,005
Westlake Chemical Corp.	†	2,003		51,477
Zep, Inc.		2,287		37,164
Zoltek Cos., Inc.	*†	3,934		41,307
				5,579,922
Commercial Banks—3.4%
1st Source Corp.		850		13,855
Alliance Bankshares Corp.	*	745		1,848
Amcore Financial, Inc.	*†	2,073		3,317
AmericanWest Bancorp	*†	1,951		1,034
Ameris Bancorp	†	3,035		21,701
Arrow Financial Corp.	†	2,256		61,558
Associated Banc-Corp		9,636		110,043
BancFirst Corp.	†	1,092		40,328
Bancorp, Inc. (The)/Delaware	*	4,479		25,620
BancorpSouth, Inc.	†	7,557		184,466
BancTrust Financial Group, Inc.	†	1,600		5,712
Bank of Hawaii Corp.	†	3,824		158,849
Bank of the Ozarks, Inc.	†	1,692		44,889
Banner Corp.	†	2,682		7,322
BOK Financial Corp.	†	2,311		107,046
Boston Private Financial Holdings, Inc.		8,952		58,278
Bryn Mawr Bank Corp.		2,098		36,652
Camden National Corp.	†	1,411		46,619
Capital Bank Corp.		1,283		6,389
Capital City Bank Group, Inc.	†	1,576		22,379
CapitalSource, Inc.		23,158		100,506
Capitol Bancorp Ltd.	†	1,172		3,059
Cardinal Financial Corp.	†	5,028		41,380
Cascade Bancorp	†	4,795		5,802
Cascade Financial Corp.		1,063		1,807
Cathay General Bancorp	†	5,713		46,218
Catskill Litigation Trust	*‡δ	583		—
Center Financial Corp.		3,188		12,178
Central Pacific Financial Corp.	†	2,937		7,401
Chemical Financial Corp.		2,317		50,487
Citizens Republic Bancorp, Inc.	*†	18,265		13,881
City Bank/Washington		1,647		4,266
City Holding Co.		1,962		58,487
City National Corp./California	†	4,393		171,020
CoBiz Financial, Inc.		3,329		16,578
Columbia Banking System, Inc.	†	2,974		49,220
Commerce Bancshares, Inc./Missouri		6,631		246,938
Community Bank System, Inc.	†	3,080		56,272
Community Trust Bancorp, Inc.		1,658		43,390
Cullen/Frost Bankers, Inc.		4,624		238,783
CVB Financial Corp.	†	8,917		67,680
East West Bancorp, Inc.	†	10,558		87,631
Eastern Virginia Bankshares, Inc.		701		5,790
Fidelity Southern Corp.	*	1,407		4,460
Financial Institutions, Inc.		2,448		24,407

See accompanying notes to schedule of investments.

95

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
First BanCorp. (Puerto Rico)	†	11,152	$	34,014
First Bancorp/North Carolina	†	2,459		44,385
First Busey Corp.	†	2,491		11,708
First Citizens BancShares, Inc./North Carolina, Class A	†	634		100,869
First Commonwealth Financial Corp.		6,466		36,727
First Financial Bancorp		4,349		52,406
First Financial Bankshares, Inc.	†	1,727		85,417
First Merchants Corp.		2,436		16,979
First Midwest Bancorp, Inc./Illinois	†	6,091		68,646
First of Long Island Corp. (The)		1,432		38,077
First State Bancorporation/New Mexico	*†	2,566		3,054
FirstMerit Corp.		7,272		138,386
FNB Corp./Pennsylvania	†	10,042		71,399
Frontier Financial Corp.	†	4,631		5,048
Fulton Financial Corp.		18,221		134,107
Glacier Bancorp, Inc.	†	5,600		83,664
Great Southern Bancorp, Inc.	†	1,809		42,891
Green Bankshares, Inc.	†	2,129		10,645
Guaranty Bancorp	*	4,150		6,142
Hancock Holding Co.		2,349		88,252
Hanmi Financial Corp.	*†	5,069		8,313
Harleysville National Corp.		4,586		24,443
Heritage Commerce Corp.		2,635		12,437
Heritage Financial Corp./Washington		972		12,782
Horizon Financial Corp.	†	1,660		1,361
IBERIABANK Corp.		2,647		120,597
Independent Bank Corp./Massachusetts	†	3,125		69,156
Independent Bank Corp./Michigan	†	3,884		7,380
Integra Bank Corp.		1,659		1,842
International Bancshares Corp.	†	6,833		111,446
Investors Bancorp, Inc.	*	4,407		46,758
Lakeland Financial Corp.		2,823		58,295
Macatawa Bank Corp.	*	1,599		4,157
MainSource Financial Group, Inc.		3,185		21,658
MB Financial, Inc.		3,847		80,672
Merchants Bancshares, Inc.		1,298		27,725
Midsouth Bancorp, Inc.	†	1,241		16,381
Midwest Banc Holdings, Inc.	*†	1,420		1,008
MidWestOne Financial Group, Inc.		1,494		13,446
Nara Bancorp, Inc.		3,860		26,827
National Penn Bancshares, Inc.		6,952		42,477
NBT Bancorp, Inc.	†	4,152		93,586
Northern States Financial Corp.	*	773		3,061
Northfield Bancorp, Inc.		3,239		41,459
Old National Bancorp/Indiana		5,304		59,405
Old Second Bancorp, Inc.	†	1,975		11,317
Oriental Financial Group, Inc. (Puerto Rico)		5,322		67,589
Pacific Capital Bancorp	†	5,547		7,988
Pacific Premier Bancorp, Inc.	*	977		4,201
PacWest Bancorp	†	2,392		45,568
Park National Corp.	†	1,146		66,858
Peapack Gladstone Financial Corp.		1,086		17,441
Peoples Bancorp, Inc./Ohio	†	1,235		16,117
Peoples Financial Corp./Mississippi		1,631	$	30,353
Pinnacle Financial Partners, Inc.	*†	2,764		35,130
Popular, Inc. (Puerto Rico)		53,815		152,296
Preferred Bank/California		4,473		14,582
PrivateBancorp, Inc.	†	4,246		103,857
Prosperity Bancshares, Inc.	†	4,902		170,541
Renasant Corp.	†	2,255		33,487
Republic Bancorp, Inc./Kentucky, Class A		2,055		41,018
Royal Bancshares of Pennsylvania, Inc., Class A	*	882		1,367
S&T Bancorp, Inc.	†	2,764		35,821
Sandy Spring Bancorp, Inc.	†	2,239		36,451
Santander BanCorp (Puerto Rico)	*	511		4,982
Seacoast Banking Corp. of Florida		2,998		7,555
Shore Bancshares, Inc.		1,570		26,266
Sierra Bancorp	†	1,444		17,342
Signature Bank/New York	*	3,883		112,607
Simmons First National Corp., Class A		2,377		68,481
South Financial Group, Inc. (The)		10,203		14,998
Southwest Bancorp, Inc./Oklahoma		2,739		38,456
State Bancorp, Inc./New York		3,354		28,341
Sterling Bancorp/New York		3,135		22,635
Sterling Bancshares, Inc./Texas		8,065		58,955
Sterling Financial Corp./Washington	*†	4,010		8,020
Suffolk Bancorp	†	1,614		47,791
Superior Bancorp	*	728		1,776
Susquehanna Bancshares, Inc.	†	7,650		45,059
SVB Financial Group	*†	3,535		152,959
SY Bancorp, Inc.	†	2,543		58,718
Synovus Financial Corp.		39,986		149,948
TCF Financial Corp.	†	11,585		151,068
Texas Capital Bancshares, Inc.	*	4,544		76,521
Tompkins Financial Corp.	†	989		43,219
TowneBank/Virginia	†	2,280		29,070
Trustmark Corp.	†	4,656		88,697
UCBH Holdings, Inc.	†	9,389		7,511
UMB Financial Corp.	†	3,926		158,767
Umpqua Holdings Corp.		7,769		82,351
Union Bankshares Corp./Virginia		2,131		26,531
United Bankshares, Inc.	†	4,222		82,709
United Community Banks, Inc./Georgia	*†	4,029		20,144
Valley National Bancorp	†	14,209		174,629
Virginia Commerce Bancorp	*	2,314		9,233
W Holding Co., Inc. (Puerto Rico)	†	372		4,985
Washington Trust Bancorp, Inc.		2,413		42,276
Webster Financial Corp.		3,649		45,503
WesBanco, Inc.		2,340		36,176
West Coast Bancorp/Oregon		2,717		6,738
Westamerica Bancorporation	†	2,577		134,004
Western Alliance Bancorp	*†	7,301		46,069
Whitney Holding Corp./Louisiana	†	5,129		48,931
Wilmington Trust Corp.	†	5,828		82,758
Wilshire Bancorp, Inc.	†	5,214		38,271
Wintrust Financial Corp.		2,780		77,729
				7,565,795

See accompanying notes to schedule of investments.

96

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Commercial Services & Supplies—1.4%
ABM Industries, Inc.	†	4,088	$	86,011
ACCO Brands Corp.	*	6,182		44,634
American Ecology Corp.		2,133		39,887
American Reprographics Co.	*	3,490		33,225
APAC Customer Services, Inc.	*	1,972		11,654
ATC Technology Corp.	*	1,503		29,699
Bowne & Co., Inc.		4,086		31,462
Brink’s Co. (The)		4,222		113,614
Casella Waste Systems, Inc., Class A	*	5,820		17,111
Cenveo, Inc.	*†	10,270		71,066
Clean Harbors, Inc.	*	2,210		124,335
Consolidated Graphics, Inc.	*	699		17,440
Copart, Inc.	*†	6,541		217,227
Cornell Cos., Inc.	*	1,730		38,821
Corrections Corp. of America	*	11,315		256,285
Courier Corp.		1,904		28,846
Covanta Holding Corp.	*†	13,438		228,446
Deluxe Corp.		4,863		83,157
EnergySolutions, Inc.	†	7,259		66,928
Ennis, Inc.		2,217		35,760
G&K Services, Inc., Class A		1,576		34,924
Geo Group, Inc. (The)	*	4,245		85,622
Healthcare Services Group, Inc.	†	3,902		71,641
Herman Miller, Inc.	†	5,018		84,854
HNI Corp.	†	2,371		55,956
Interface, Inc., Class A		3,470		28,801
Intersections, Inc.	*	1,900		10,963
Kimball International, Inc., Class B		4,445		33,915
Knoll, Inc.		4,195		43,754
M&F Worldwide Corp.	*	1,251		25,320
McGrath Rentcorp		2,460		52,324
Metalico, Inc.	*†	1,513		6,309
Mine Safety Appliances Co.	†	2,725		74,965
Mobile Mini, Inc.	*†	3,320		57,635
Multi-Color Corp.		1,912		29,502
Perma-Fix Environmental Services, Inc.	*	5,502		12,875
Rollins, Inc.	†	8,652		163,090
Standard Register Co. (The)		1,650		9,702
Steelcase, Inc., Class A		4,515		28,038
Sykes Enterprises, Inc.	*	3,519		73,266
Team, Inc.	*	1,659		28,120
Tetra Tech, Inc.	*	5,114		135,674
TRC Cos., Inc.	*	998		3,443
United Stationers, Inc.	*	2,055		97,839
Viad Corp.	†	1,978		39,382
Virco Mfg. Corp.		799		2,405
Waste Connections, Inc.	*	7,467		215,498
				3,081,425
Communications Equipment—1.8%
3Com Corp.	*	37,205		194,582
ADC Telecommunications, Inc.	*†	10,538		87,887
Adtran, Inc.	†	6,609		162,251
Alliance Fiber Optic Products, Inc.	*	4,818		6,119
AltiGen Communications, Inc.	*	4,110		4,110
Anaren, Inc.	*	2,003		34,051
Arris Group, Inc.	*†	13,085		170,236
Aruba Networks, Inc.	*	5,783		51,122
Avocent Corp.	*	3,935		79,762
Bel Fuse, Inc., Class A		546		9,915
BigBand Networks, Inc.	*	7,195		28,852
Black Box Corp.		1,414	$	35,477
Blonder Tongue Laboratories, Inc.	*	2,285		2,742
Blue Coat Systems, Inc.	*†	3,077		69,509
Brocade Communications Systems, Inc.	*†	42,324		332,667
CommScope, Inc.	*	8,095		242,283
Comtech Telecommunications Corp.	*†	3,394		112,749
DG FastChannel, Inc.	*†	1,773		37,127
Digi International, Inc.	*	2,517		21,445
Digital Angel Corp.	*	584		631
Ditech Networks, Inc.	*	3,980		8,318
EchoStar Corp., Class A	*	4,738		87,464
Emcore Corp.	*	6,178		8,031
EMS Technologies, Inc.	*	1,782		37,101
Emulex Corp.	*	9,660		99,401
EndWave Corp.	*	912		2,900
Extreme Networks, Inc.	*	9,940		27,832
F5 Networks, Inc.	*	6,880		272,654
Finisar Corp.	*	5,320		51,494
Globecomm Systems, Inc.	*	5,067		36,837
Harmonic, Inc.	*	8,430		56,312
Harris Stratex Networks, Inc., Class A	*	4,485		31,395
Hughes Communications, Inc.	*	1,313		39,836
Infinera Corp.	*	8,890		70,676
Integrated Telecom Express, Inc.	*‡δ	1,103		—
InterDigital, Inc.	*	3,859		89,374
Ixia	*	5,492		37,675
KVH Industries, Inc.	*	3,755		37,512
Loral Space & Communications, Inc.	*	1,513		41,577
NETGEAR, Inc.	*†	3,410		62,574
Network Engines, Inc.	*	1,330		1,476
Network Equipment Technologies, Inc.	*	2,454		17,742
Numerex Corp., Class A	*	1,800		8,298
Oclaro, Inc.	*	5,198		5,718
Oplink Communications, Inc.	*	1,808		26,252
Optelecom-NKF, Inc.	*	3,399		14,038
Optical Cable Corp.	*	241		730
Orbcomm, Inc.	*†	3,512		9,553
Palm, Inc.	*†	12,901		224,864
Parkervision, Inc.	*†	2,943		12,037
Performance Technologies, Inc.	*	794		2,279
Plantronics, Inc.		4,089		109,626
Polycom, Inc.	*	8,410		224,968
Powerwave Technologies, Inc.	*	8,448		13,517
Riverbed Technology, Inc.	*	5,583		122,603
SCM Microsystems, Inc.	*	1,494		3,870
SeaChange International, Inc.	*	3,359		25,193
Sonus Networks, Inc.	*	17,431		36,954
Starent Networks Corp.	*†	3,410		86,682
Superior TeleCom, Inc.	*‡δ	2,014		—
Sycamore Networks, Inc.	*	14,775		44,621
Symmetricom, Inc.	*	6,110		31,650
Tekelec	*	4,995		82,068
Tollgrade Communications, Inc.	*	5,462		35,394
UTStarcom, Inc.	*†	14,322		29,933
Viasat, Inc.	*†	2,822		75,009
Westell Technologies, Inc., Class A	*	3,671		4,882
Zoom Technologies, Inc.	*†	542		4,390
Zoom Telephonics, Inc.	*‡	542		1,106
				4,037,933

See accompanying notes to schedule of investments.

97

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Computers & Peripherals—0.8%
3PAR, Inc.	*†	3,566	$	39,333
ActivIdentity Corp.	*†	5,830		16,149
Adaptec, Inc.	*	7,841		26,189
Avid Technology, Inc.	*†	2,658		37,451
Concurrent Computer Corp.	*	759		3,491
Cray, Inc.	*	4,598		38,301
Dataram Corp.	*	1,175		3,983
Diebold, Inc.		6,403		210,851
Dot Hill Systems Corp.	*	3,866		6,727
Electronics for Imaging, Inc.	*	3,912		44,088
Hutchinson Technology, Inc.	*†	2,054		14,583
Hypercom Corp.	*	4,002		12,406
iGO, Inc.	*	2,804		3,056
Imation Corp.		2,265		20,997
Immersion Corp.	*	5,977		25,582
Intermec, Inc.	*	4,513		63,633
Intevac, Inc.	*	3,057		41,086
NCR Corp.	*†	14,128		195,249
Novatel Wireless, Inc.	*†	2,949		33,501
Overland Storage, Inc.	*	1,282		1,320
Presstek, Inc.	*	6,107		12,886
Quantum Corp.	*	10,382		13,081
Rimage Corp.	*	924		15,791
Seagate Technology (Cayman Islands)		42,855		651,825
Silicon Graphics International Corp.	*	3,088		20,721
STEC, Inc.	*†	3,656		107,450
Stratasys, Inc.	*†	1,962		33,668
Synaptics, Inc.	*†	3,209		80,867
TransAct Technologies, Inc.	*	889		4,712
				1,778,977
Construction & Engineering—0.9%
Aecom Technology Corp.	*	9,005		244,396
Comfort Systems USA, Inc.		3,803		44,077
Dycom Industries, Inc.	*	5,316		65,387
EMCOR Group, Inc.	*	6,332		160,326
Furmanite Corp.	*	4,100		17,671
Granite Construction, Inc.	†	2,764		85,518
Insituform Technologies, Inc., Class A	*	2,980		57,037
KBR, Inc.		15,576		362,765
Layne Christensen Co.	*	1,813		58,107
MasTec, Inc.	*	5,153		62,609
Northwest Pipe Co.	*†	1,025		34,368
Orion Marine Group, Inc.	*	2,206		45,311
Pike Electric Corp.	*	1,369		16,401
Shaw Group, Inc. (The)	*	7,662		245,873
Sterling Construction Co., Inc.	*	1,751		31,360
Tutor Perini Corp.	*†	4,186		89,162
URS Corp.	*	7,098		309,828
				1,930,196
Construction Materials—0.2%
Eagle Materials, Inc.	†	3,693		105,546
Headwaters, Inc.	*	2,476		9,582
Martin Marietta Materials, Inc.	†	3,473		319,759
Texas Industries, Inc.	†	2,313		97,123
U.S. Concrete, Inc.	*	4,770		8,252
				540,262
Consumer Finance—0.3%
Advance America Cash Advance Centers, Inc.		6,040	$	33,824
Advanta Corp., Class A		2,170		1,194
AmeriCredit Corp.	*†	7,671		121,125
Cash America International, Inc.		4,253		128,270
CompuCredit Holdings Corp.	*†	2,840		13,376
Dollar Financial Corp.	*†	2,393		38,336
Ezcorp, Inc., Class A	*†	4,463		60,965
First Cash Financial Services, Inc.	*	2,180		37,343
First Marblehead Corp. (The)	*†	4,118		9,060
Nelnet, Inc., Class A	*	4,517		56,191
Rewards Network, Inc.	*	1,109		15,238
Student Loan Corp. (The)		247		11,461
World Acceptance Corp.	*†	1,219		30,731
				557,114
Containers & Packaging—0.8%
AEP Industries, Inc.	*	1,109		44,249
AptarGroup, Inc.		5,916		221,022
Crown Holdings, Inc.	*	13,981		380,283
Graphic Packaging Holding Co.	*	5,000		11,550
Greif, Inc., Class A		3,616		199,061
Myers Industries, Inc.		1,717		18,492
Packaging Corp. of America		9,287		189,455
Rock-Tenn Co., Class A		3,089		145,523
Silgan Holdings, Inc.		2,164		114,107
Sonoco Products Co.		8,131		223,928
Temple-Inland, Inc.		13,377		219,650
				1,767,320
Distributors—0.1%
Audiovox Corp., Class A	*	2,945		20,173
LKQ Corp.	*	11,819		219,125
				239,298
Diversified Consumer Services—1.0%
American Public Education, Inc.	*†	1,422		49,400
Brink’s Home Security Holdings, Inc.	*	3,497		107,673
Capella Education Co.	*†	1,374		92,525
Career Education Corp.	*	8,264		201,476
Coinstar, Inc.	*†	2,537		83,670
Corinthian Colleges, Inc.	*†	7,377		136,917
Grand Canyon Education, Inc.	*	2,304		41,080
Hillenbrand, Inc.		5,927		120,733
ITT Educational Services, Inc.	*†	3,718		410,505
Jackson Hewitt Tax Service, Inc.		5,730		29,223
K12, Inc.	*†	2,563		42,238
Learning Tree International, Inc.	*	766		8,725
Matthews International Corp., Class A		3,279		116,011
Pre-Paid Legal Services, Inc.	*	780		39,624
Princeton Review, Inc.	*	2,409		10,118
Regis Corp.		5,270		81,685
Service Corp. International		20,728		145,303
Sotheby’s	†	6,063		104,466
Steiner Leisure Ltd. (Bahamas)	*†	1,645		58,825
Stewart Enterprises, Inc., Class A	†	6,846		35,805
Strayer Education, Inc.	†	944		205,490

See accompanying notes to schedule of investments.

98

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Universal Technical Institute, Inc.	*†	2,513	$	49,506
Weight Watchers International, Inc.		2,477		67,969
				2,238,967
Diversified Financial Services—0.4%
Asset Acceptance Capital Corp.	*†	3,797		27,528
Asta Funding, Inc.	†	650		4,914
Financial Federal Corp.		2,315		57,134
Interactive Brokers Group, Inc., Class A	*	4,757		94,522
MarketAxess Holdings, Inc.	*	4,426		53,333
Medallion Financial Corp.		2,518		21,051
MSCI, Inc., Class A	*	9,521		282,012
PHH Corp.	*	4,663		92,514
Pico Holdings, Inc.	*	1,955		65,199
Portfolio Recovery Associates, Inc.	*†	1,413		64,051
Resource America, Inc., Class A		1,547		7,441
				769,699
Diversified Telecommunication Services—0.5%
8x8, Inc.	*†	3,049		2,683
AboveNet, Inc.	*	284		13,848
Alaska Communications Systems Group, Inc.	†	4,537		41,967
Atlantic Tele-Network, Inc.	†	1,034		55,236
Cbeyond, Inc.	*†	3,092		49,874
Cincinnati Bell, Inc.	*	21,626		75,691
Clearwire Corp., Class A	*†	9,488		77,137
Cogent Communications Group, Inc.	*†	3,453		39,019
Consolidated Communications Holdings, Inc.	†	3,222		51,584
D&E Communications, Inc.	†	1,712		19,671
General Communication, Inc., Class A	*†	3,847		26,390
Global Crossing Ltd. (Bermuda)	*	4,359		62,334
HickoryTech Corp.		2,286		19,545
IDT Corp., Class B	*	1,600		4,784
Iowa Telecommunications Services, Inc.	†	3,540		44,604
Level 3 Communications, Inc.	*†	147,954		205,656
Neutral Tandem, Inc.	*	2,860		65,094
PAETEC Holding Corp.	*	14,158		54,792
Premiere Global Services, Inc.	*	5,642		46,885
SureWest Communications	*	1,674		20,791
tw telecom Inc.	*†	11,539		155,200
XETA Technologies, Inc.	*	1,947		5,121
				1,137,906
Electric Utilities—1.2%
Allete, Inc.	†	2,672		89,699
Central Vermont Public Service Corp.	†	1,553		29,973
Cleco Corp.	†	5,868		147,169
DPL, Inc.		12,326		321,709
El Paso Electric Co.	*	5,489		96,991
Empire District Electric Co. (The)		5,448		98,554
Great Plains Energy, Inc.	†	15,470		277,686
Hawaiian Electric Industries, Inc.	†	9,616		174,242
IDACORP, Inc.	†	5,144		148,096
ITC Holdings Corp.		5,449	$	247,657
MGE Energy, Inc.		2,530		92,294
NV Energy, Inc.		29,052		336,713
PNM Resources, Inc.		6,748		78,817
Portland General Electric Co.		7,726		152,357
UIL Holdings Corp.	†	2,136		56,369
Unisource Energy Corp.		3,649		112,207
Unitil Corp.	†	1,689		37,918
Westar Energy, Inc.		9,928		193,695
				2,692,146
Electrical Equipment—2.1%
A.O. Smith Corp.		2,078		79,172
Active Power, Inc.	*	3,953		3,400
Acuity Brands, Inc.	†	3,098		99,787
American Superconductor Corp.	*†	4,615		154,787
AMETEK, Inc.		9,727		339,569
AZZ, Inc.	*†	1,134		45,553
Baldor Electric Co.	†	4,046		110,618
Belden, Inc.		4,570		105,567
Brady Corp., Class A		4,341		124,673
C&D Technologies, Inc.	*	5,424		11,662
Capstone Turbine Corp.	*†	15,089		19,917
Encore Wire Corp.	†	1,693		37,822
Energy Conversion Devices, Inc.	*†	4,956		57,390
EnerSys	*	4,170		92,240
Evergreen Solar, Inc.	*†	11,911		22,869
First Solar, Inc.	*†	7,207		1,101,662
Franklin Electric Co., Inc.	†	2,023		57,999
FuelCell Energy, Inc.	*	9,197		39,271
General Cable Corp.	*	5,322		208,356
GrafTech International Ltd.	*	14,017		206,050
GT Solar International, Inc.	*†	10,495		60,976
Hubbell, Inc., Class B		4,476		187,992
II-VI, Inc.	*†	1,982		50,422
LaBarge, Inc.	*	2,232		25,110
LSI Industries, Inc.		3,003		19,970
Magnetek, Inc.	*	4,586		7,154
Microvision, Inc.	*†	11,623		64,043
Orbit International Corp.	*	2,812		9,547
Plug Power, Inc.	*	8,935		7,863
Powell Industries, Inc.	*	1,046		40,156
Power-One, Inc.	*†	22,036		42,970
PowerSecure International, Inc.	*	2,650		17,967
Regal-Beloit Corp.	†	2,722		124,423
Roper Industries, Inc.		8,504		433,534
Servotronics, Inc.		705		5,182
Spire Corp.	*†	1,921		10,777
SunPower Corp., Class A	*†	6,513		194,673
SunPower Corp., Class B	*†	2,746		69,282
Tech/Ops Sevcon, Inc.		720		2,477
Thomas & Betts Corp.	*	5,220		157,018
Ultralife Corp.	*	3,672		22,252
Universal Security Instruments, Inc.	*	266		1,583
Valence Technology, Inc.	*	4,773		8,591
Vicor Corp.	*	3,481		26,873
Woodward Governor Co.		4,951		120,111
				4,629,310
Electronic Equipment, Instruments & Components—1.9%
Agilysys, Inc.	†	2,266		14,933
American Technology Corp.	*†	3,686		6,524
Anixter International, Inc.	*†	2,587		103,765
Arrow Electronics, Inc.	*	9,504		267,538
Avnet, Inc.	*	13,133		341,064

See accompanying notes to schedule of investments.

99

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
AVX Corp.		4,035	$	48,138
Benchmark Electronics, Inc.	*	5,413		97,434
Brightpoint, Inc.	*	5,890		51,538
CalAmp Corp.	*	7,372		20,642
Checkpoint Systems, Inc.	*†	2,970		48,827
Cogent, Inc.	*	3,830		38,683
Cognex Corp.	†	3,335		54,627
Coherent, Inc.	*†	2,327		54,266
CTS Corp.		4,578		42,575
Daktronics, Inc.	†	3,564		30,543
Dolby Laboratories, Inc., Class A	*	4,321		165,019
DTS, Inc.	*†	1,605		43,945
Echelon Corp.	*†	3,748		48,237
Electro Rent Corp.		2,563		29,526
Electro Scientific Industries, Inc.	*	3,685		49,342
Electro-Sensors, Inc.		2,581		7,278
FARO Technologies, Inc.	*	1,212		20,822
Frequency Electronics, Inc.	*	822		3,806
Gerber Scientific, Inc.	*	3,478		20,798
ID Systems, Inc.	*	1,146		4,550
Ingram Micro, Inc., Class A	*	14,380		242,303
Insight Enterprises, Inc.	*	2,944		35,946
IPG Photonics Corp.	*†	2,188		33,258
Iteris, Inc.	*	4,264		6,225
Itron, Inc.	*†	3,978		255,149
Keithley Instruments, Inc.		2,170		12,022
L-1 Identity Solutions, Inc.	*†	6,227		43,527
LeCroy Corp.	*	2,720		11,016
Lightpath Technologies, Inc., Class A	*	1,527		3,787
Littelfuse, Inc.	*	2,845		74,653
LoJack Corp.	*	1,880		9,569
Maxwell Technologies, Inc.	*†	3,381		62,312
Measurement Specialties, Inc.	*	3,063		31,273
Mercury Computer Systems, Inc.	*	2,443		24,088
Merix Corp.	*	2,175		6,547
Mesa Laboratories, Inc.		1,200		27,468
Methode Electronics, Inc.		2,784		24,137
MTS Systems Corp.	†	1,818		53,104
National Instruments Corp.	†	5,591		154,479
Newport Corp.	*†	3,015		26,411
NU Horizons Electronics Corp.	*	3,069		12,153
OI Corp.		1,600		11,472
OSI Systems, Inc.	*	2,179		39,854
Park Electrochemical Corp.		1,950		48,068
PC Connection, Inc.	*	2,755		14,987
Planar Systems, Inc.	*	1,786		4,786
Plexus Corp.	*	4,010		105,623
Radisys Corp.	*	2,757		23,958
Research Frontiers, Inc.	*	2,932		12,080
Rofin-Sinar Technologies, Inc.	*	3,102		71,222
Rogers Corp.	*	1,417		42,467
Sanmina-SCI Corp.	*	6,528		56,142
ScanSource, Inc.	*†	1,798		50,919
Sigmatron International, Inc.	*	283		900
SMART Modular Technologies (WWH), Inc.	*	2,050		9,758
Spectrum Control, Inc.	*	1,195		10,146
SYNNEX Corp.	*†	2,160		65,837
Tech Data Corp.	*	4,669		194,277
Technitrol, Inc.	†	7,988		73,569
Trans-Lux Corp.	*	867		1,097
Trimble Navigation Ltd.	*	10,980		262,532
TTM Technologies, Inc.	*	3,547	$	40,684
Universal Display Corp.	*†	2,789		33,301
Vishay Intertechnology, Inc.	*	15,234		120,349
X-Rite, Inc.	*	2,441		4,906
Zygo Corp.	*†	2,489		16,875
				4,079,656
Energy Equipment & Services—1.9%
Allis-Chalmers Energy, Inc.	*†	4,292		18,713
Atwood Oceanics, Inc.	*	4,561		160,866
Basic Energy Services, Inc.	*	2,408		20,444
Bolt Technology Corp.	*	2,455		30,859
Bristow Group, Inc.	*	2,203		65,407
Bronco Drilling Co., Inc.	*†	3,007		19,696
Cal Dive International, Inc.	*	5,564		55,028
CARBO Ceramics, Inc.	†	1,582		81,552
Complete Production Services, Inc.	*†	4,409		49,822
Dawson Geophysical Co.	*	930		25,463
Dresser-Rand Group, Inc.	*	6,632		206,056
Dril-Quip, Inc.	*	2,446		121,419
Exterran Holdings, Inc.	*†	5,880		139,591
Global Industries Ltd.	*	10,304		97,888
Gulfmark Offshore, Inc.	*†	2,138		69,998
Helix Energy Solutions Group, Inc.	*	9,910		148,452
Helmerich & Payne, Inc.		8,509		336,361
Hercules Offshore, Inc.	*†	6,416		31,503
Hornbeck Offshore Services, Inc.	*†	2,714		74,798
ION Geophysical Corp.	*	5,372		18,909
Key Energy Services, Inc.	*†	9,195		79,997
Lufkin Industries, Inc.	†	1,255		66,741
Matrix Service Co.	*	2,410		26,197
Mitcham Industries, Inc.	*	1,100		6,820
NATCO Group, Inc., Class A	*	2,192		97,062
Natural Gas Services Group, Inc.	*†	2,837		49,988
Newpark Resources, Inc.	*	9,665		31,025
Oceaneering International, Inc.	*	5,257		298,335
Oil States International, Inc.	*	4,494		157,874
OYO Geospace Corp.	*	550		14,207
Parker Drilling Co.	*	9,263		50,576
Patterson-UTI Energy, Inc.	†	17,144		258,874
PHI, Inc.	*	1,283		26,019
Pioneer Drilling Co.	*	6,698		49,163
Pride International, Inc.	*†	14,949		455,048
RPC, Inc.		4,269		44,739
SEACOR Holdings, Inc.	*	1,646		134,363
Sulphco, Inc.	*†	8,130		11,138
Superior Energy Services, Inc.	*†	6,470		145,704
T-3 Energy Services, Inc.	*	975		19,208
Tetra Technologies, Inc.	*	7,968		77,210
Tidewater, Inc.		4,592		216,237
Trico Marine Services, Inc.	*†	1,353		10,445
Unit Corp.	*	3,819		157,534
				4,257,329
Food & Staples Retailing—0.4%
Andersons, Inc. (The)		1,795		63,184
Arden Group, Inc., Class A		260		31,070
BJ’s Wholesale Club, Inc.	*	4,975		180,194
Casey’s General Stores, Inc.	†	4,617		144,881
Great Atlantic & Pacific Tea Co.	*†	2,493		22,213
Nash Finch Co.		1,190		32,535
Nyer Medical Group, Inc.	*	2,533		2,140
Pantry, Inc. (The)	*†	2,139		33,540

See accompanying notes to schedule of investments.

100

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Rite Aid Corp.	*†	53,256	$	87,340
Ruddick Corp.		3,934		104,723
Spartan Stores, Inc.		2,807		39,663
United Natural Foods, Inc.	*†	3,712		88,791
Village Super Market, Inc., Class A		564		16,621
Weis Markets, Inc.	†	1,103		35,241
Winn-Dixie Stores, Inc.	*†	4,340		56,941
				939,077
Food Products—1.6%
American Italian Pasta Co., Class A	*	1,509		41,015
B&G Foods, Inc., Class A		2,850		23,341
Bridgford Foods Corp.	*	560		5,057
Bunge Ltd.	†	12,836		803,662
Calavo Growers, Inc.	†	1,650		31,317
Cal-Maine Foods, Inc.	†	1,379		36,916
Chiquita Brands International, Inc.	*	4,064		65,674
Corn Products International, Inc.		6,398		182,471
Darling International, Inc.	*	9,960		73,206
Del Monte Foods Co.		16,592		192,135
Diamond Foods, Inc.	†	2,255		71,529
Farmer Bros. Co.		930		19,251
Flowers Foods, Inc.	†	9,692		254,803
Fresh Del Monte Produce, Inc. (Cayman Islands)	*	3,718		84,064
Green Mountain Coffee Roasters, Inc.	*†	4,025		297,206
Griffin Land & Nurseries, Inc.		650		20,800
Hain Celestial Group, Inc. (The)	*†	3,891		74,590
Inventure Group, Inc. (The)	*	9,182		25,985
J&J Snack Foods Corp.		1,866		80,592
John B. Sanfilippo & Son, Inc.	*	1,899		22,066
Lancaster Colony Corp.		2,437		124,945
Lance, Inc.		3,688		95,224
Omega Protein Corp.	*	1,515		7,348
Ralcorp Holdings, Inc.	*	5,987		350,060
Sanderson Farms, Inc.		1,537		57,853
Smart Balance, Inc.	*	7,937		48,733
Smithfield Foods, Inc.	*	12,552		173,218
Tootsie Roll Industries, Inc.	†	2,980		70,864
TreeHouse Foods, Inc.	*†	2,692		96,024
				3,429,949
Gas Utilities—1.1%
AGL Resources, Inc.		7,758		273,625
Atmos Energy Corp.		8,506		239,699
Chesapeake Utilities Corp.		1,727		53,520
Delta Natural Gas Co., Inc.		971		25,731
Energen Corp.		6,009		258,988
Laclede Group, Inc. (The)		1,902		61,168
National Fuel Gas Co.		6,500		297,765
New Jersey Resources Corp.	†	4,448		161,507
Northwest Natural Gas Co.	†	2,771		115,440
Oneok, Inc.		8,852		324,160
Piedmont Natural Gas Co., Inc.	†	5,431		130,018
South Jersey Industries, Inc.		3,110		109,783
Southwest Gas Corp.		3,594		91,935
UGI Corp.		9,514		238,421
WGL Holdings, Inc.		3,921		129,942
				2,511,702
Health Care Equipment & Supplies—2.8%
Abaxis, Inc.	*†	1,864	$	49,862
ABIOMED, Inc.	*†	3,940		38,257
Align Technology, Inc.	*	6,208		88,278
American Medical Systems Holdings, Inc.	*	6,696		113,296
Analogic Corp.		1,287		47,645
Angiodynamics, Inc.	*†	2,450		33,761
Aspect Medical Systems, Inc.	*	2,322		27,818
Atrion Corp.	†	308		44,475
Beckman Coulter, Inc.		6,554		451,833
Biolase Technology, Inc.	*†	3,105		7,017
Candela Corp.	*	2,794		9,220
Cantel Medical Corp.	*†	1,690		25,451
Cardiac Science Corp.	*	4,135		16,540
Cerus Corp.	*	3,201		7,010
Conceptus, Inc.	*	2,419		44,848
Conmed Corp.	*	3,084		59,120
Cooper Cos., Inc. (The)	†	3,954		117,552
CryoLife, Inc.	*	4,037		32,175
Cutera, Inc.	*	1,264		10,934
Cyberonics, Inc.	*†	2,351		37,475
Cynosure, Inc., Class A	*†	772		8,994
DexCom, Inc.	*	3,175		25,178
Edwards Lifesciences Corp.	*	4,728		330,535
Endologix, Inc.	*	8,683		53,748
ev3, Inc.	*	5,996		73,811
Gen-Probe, Inc.	*	5,401		223,817
Greatbatch, Inc.	*†	2,283		51,299
Haemonetics Corp.	*	3,110		174,533
HealthTronics, Inc.	*	2,530		6,224
Hill-Rom Holdings, Inc.		4,747		103,390
Hologic, Inc.	*	26,744		436,997
ICU Medical, Inc.	*	1,366		50,351
Idexx Laboratories, Inc.	*†	3,869		193,450
I-Flow Corp.	*	2,590		29,500
Immucor, Inc.	*†	7,103		125,723
Integra LifeSciences Holdings Corp.	*†	2,236		76,359
Invacare Corp.	†	2,826		62,963
Inverness Medical Innovations, Inc.	*†	6,264		242,605
IRIS International, Inc.	*†	2,570		29,041
Kensey Nash Corp.	*†	1,683		48,723
Kinetic Concepts, Inc.	*	5,956		220,253
Masimo Corp.	*†	5,266		137,969
Medical Action Industries, Inc.	*	1,860		22,450
Meridian Bioscience, Inc.	†	4,370		109,294
Merit Medical Systems, Inc.	*	2,509		43,481
Micrus Endovascular Corp.	*†	1,353		17,521
Natus Medical, Inc.	*	2,621		40,442
Neogen Corp.	*	1,642		53,020
NuVasive, Inc.	*†	3,118		130,208
NxStage Medical, Inc.	*	3,660		24,485
OraSure Technologies, Inc.	*	4,328		12,551
Orthofix International NV (Netherlands Antilles)	*	2,011		59,103
Orthovita, Inc.	*	8,897		39,058
Osteotech, Inc.	*	1,499		6,671
OTIX Global, Inc.	*	2,950		2,803
Palomar Medical Technologies, Inc.	*	2,762		44,772
Quidel Corp.	*†	2,820		45,769
ResMed, Inc.	*†	7,079		319,971
Rochester Medical Corp.	*	2,249		27,078
RTI Biologics, Inc.	*	7,464		32,468
Sirona Dental Systems, Inc.	*	2,450		72,888
Somanetics Corp.	*	1,572		25,341

See accompanying notes to schedule of investments.

101

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
SonoSite, Inc.	*	1,650	$	43,659
Spectranetics Corp.	*	3,376		21,640
Staar Surgical Co.	*	2,688		10,967
STERIS Corp.		4,732		144,089
SurModics, Inc.	*†	1,932		47,527
Synovis Life Technologies, Inc.	*	1,638		22,604
Teleflex, Inc.		3,230		156,041
Theragenics Corp.	*	5,822		9,315
ThermoGenesis Corp.	*	4,317		2,677
Thoratec Corp.	*†	4,735		143,328
TomoTherapy, Inc.	*	4,950		21,434
Urologix, Inc.	*	1,050		1,250
Vision-Sciences, Inc.	*	4,110		5,960
Volcano Corp.	*†	4,832		81,274
West Pharmaceutical Services, Inc.	†	3,358		136,368
Wright Medical Group, Inc.	*†	3,907		69,779
Young Innovations, Inc.		677		17,812
Zoll Medical Corp.	*	1,952		42,007
				6,075,135
Health Care Providers & Services—2.4%
Alliance HealthCare Services, Inc.	*†	3,525		19,951
Almost Family, Inc.	*	716		21,301
Amedisys, Inc.	*†	2,278		99,389
America Service Group, Inc.		1,972		32,617
American Dental Partners, Inc.	*	1,668		23,352
AMERIGROUP Corp.	*†	4,191		92,914
AMN Healthcare Services, Inc.	*	3,864		36,747
Amsurg Corp.	*	3,079		65,367
Bio-Reference Labs, Inc.	*†	1,655		56,932
BioScrip, Inc.	*†	3,476		23,498
Brookdale Senior Living, Inc.	†	9,155		165,980
Capital Senior Living Corp.	*	2,245		13,695
CardioNet, Inc.	*†	2,061		13,850
Catalyst Health Solutions, Inc.	*	3,425		99,839
Centene Corp.	*†	3,612		68,411
Chemed Corp.		2,102		92,257
Chindex International, Inc.	*	1,527		19,210
Clarient, Inc.	*	3,308		13,927
Community Health Systems, Inc.	*†	7,816		249,565
Cross Country Healthcare, Inc.	*	2,631		24,495
Emdeon, Inc., Class A	*	2,293		37,147
Emergency Medical Services Corp., Class A	*	758		35,247
Ensign Group, Inc. (The)	†	2,720		38,162
Five Star Quality Care, Inc.	*	4,500		16,470
Genoptix, Inc.	*†	1,943		67,578
Gentiva Health Services, Inc.	*	2,330		58,273
Hanger Orthopedic Group, Inc.	*	3,263		45,258
Health Management Associates, Inc., Class A	*	20,307		152,099
Health Net, Inc.	*	8,739		134,581
Healthsouth Corp.	*	7,544		117,988
Healthspring, Inc.	*	4,297		52,638
Healthways, Inc.	*	3,517		53,880
Henry Schein, Inc.	*†	8,340		457,949
HMS Holdings Corp.	*†	2,386		91,217
inVentiv Health, Inc.	*	3,246		54,306
IPC The Hospitalist Co., Inc.	*	1,647		51,798
Kindred Healthcare, Inc.	*	3,509		56,951
Landauer, Inc.	†	923		50,747
LHC Group, Inc.	*†	1,077		32,235
LifePoint Hospitals, Inc.	*	5,659		153,133
Lincare Holdings, Inc.	*†	5,426	$	169,562
Magellan Health Services, Inc.	*†	3,047		94,640
Mednax, Inc.	*†	4,297		235,991
Molina Healthcare, Inc.	*†	1,190		24,621
MWI Veterinary Supply, Inc.	*†	1,472		58,806
National Healthcare Corp.		1,078		40,199
National Research Corp.		1,250		30,162
NovaMed, Inc.	*	4,904		22,215
Odyssey HealthCare, Inc.	*	3,093		38,662
Omnicare, Inc.		10,782		242,811
Owens & Minor, Inc.		4,259		192,720
PDI, Inc.	*	703		3,220
PharMerica Corp.	*†	3,153		58,551
Providence Service Corp. (The)	*	1,639		19,111
PSS World Medical, Inc.	*	4,966		108,408
Psychemedics Corp.		902		5,592
Psychiatric Solutions, Inc.	*†	4,353		116,486
RehabCare Group, Inc.	*	2,389		51,817
Res-Care, Inc.	*†	2,426		34,473
Rural/Metro Corp.	*	1,600		6,688
Skilled Healthcare Group, Inc., Class A	*	2,964		23,801
Sun Healthcare Group, Inc.	*	4,433		38,301
Sunrise Senior Living, Inc.	*†	2,650		8,029
Triple-S Management Corp., Class B (Puerto Rico)	*†	3,128		52,457
U.S. Physical Therapy, Inc.	*	2,083		31,391
United American Healthcare Corp.	*	4,252		4,422
Universal American Corp.	*	5,124		48,268
Universal Health Services, Inc., Class B		3,981		246,543
VCA Antech, Inc.	*	6,764		181,884
WellCare Health Plans, Inc.	*	4,163		102,618
				5,283,403
Health Care Technology—0.6%
Allscripts-Misys Healthcare Solutions, Inc.		6,289		127,478
AMICAS, Inc.	*	2,496		8,986
athenahealth, Inc.	*†	3,145		120,674
Cerner Corp.	*†	6,158		460,618
Computer Programs & Systems, Inc.		1,298		53,750
Eclipsys Corp.	*†	4,507		86,985
HLTH Corp.	*†	8,074		117,961
MedAssets, Inc.	*†	4,098		92,492
Medidata Solutions, Inc.	*	2,174		32,936
Mediware Information Systems, Inc.	*	1,089		7,873
Merge Healthcare, Inc.	*	4,320		17,755
Omnicell, Inc.	*	4,056		45,184
Phase Forward, Inc.	*†	3,812		53,521
Quality Systems, Inc.	†	2,355		144,997
Vital Images, Inc.	*	1,498		18,755
				1,389,965
Hotels, Restaurants & Leisure—2.3%
AFC Enterprises, Inc.	*	3,488		29,369
Ambassadors Group, Inc.		2,796		43,757
Ambassadors International, Inc.	*	524		540
Ameristar Casinos, Inc.		3,664		57,818
Bally Technologies, Inc.	*	6,174		236,896
Benihana, Inc., Class A	*	680		3,896
Bluegreen Corp.	*	1,800		5,490
Bob Evans Farms, Inc.		2,925		85,001
Boyd Gaming Corp.	*	8,538		93,320
Brinker International, Inc.		9,778		153,808

See accompanying notes to schedule of investments.

102

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Buffalo Wild Wings, Inc.	*†	1,504	$	62,581
Burger King Holdings, Inc.		8,518		149,832
California Pizza Kitchen, Inc.	*†	2,265		35,379
CEC Entertainment, Inc.	*	1,994		51,565
Cheesecake Factory, Inc. (The)	*†	5,878		108,861
Chipotle Mexican Grill, Inc., Class A	*†	3,437		333,561
Choice Hotels International, Inc.		3,101		96,317
Churchill Downs, Inc.		1,129		43,467
CKE Restaurants, Inc.		4,056		42,547
Cosi, Inc.	*	3,120		1,965
Cracker Barrel Old Country Store, Inc.	†	1,879		64,638
DineEquity, Inc.	†	1,467		36,308
Domino’s Pizza, Inc.	*	4,270		37,747
Dover Downs Gaming & Entertainment, Inc.		1,687		9,616
Dover Motorsports, Inc.		1,645		2,468
Empire Resorts, Inc.	*	2,513		7,564
Gaylord Entertainment Co.	*†	4,934		99,173
Great Wolf Resorts, Inc.	*†	3,072		10,967
International Speedway Corp., Class A		3,250		89,603
Interval Leisure Group, Inc.	*	2,598		32,423
Isle of Capri Casinos, Inc.	*	1,251		14,749
Jack in the Box, Inc.	*†	4,991		102,266
Jamba, Inc.	*†	4,465		8,305
Krispy Kreme Doughnuts, Inc.	*	5,000		17,850
Landry’s Restaurants, Inc.	*	1,254		13,167
Las Vegas Sands Corp.	*†	32,568		548,445
Life Time Fitness, Inc.	*†	3,312		92,902
Luby’s, Inc.	*	3,380		14,196
Marcus Corp.		1,805		23,086
MAXXAM, Inc.	*	857		8,699
McCormick & Schmick’s Seafood Restaurants, Inc.	*	1,401		10,423
MGM MIRAGE	*†	24,127		290,489
Monarch Casino & Resort, Inc.	*†	2,897		31,172
Morgans Hotel Group Co.	*†	7,052		38,222
MTR Gaming Group, Inc.	*	4,525		13,847
Multimedia Games, Inc.	*	2,902		14,858
O’Charleys, Inc.	*†	3,157		29,581
Orient-Express Hotels Ltd., Class A (Bermuda)	†	5,846		67,288
P.F. Chang’s China Bistro, Inc.	*†	2,090		70,997
Panera Bread Co., Class A	*†	3,189		175,395
Papa John’s International, Inc.	*	2,356		57,887
Peet’s Coffee & Tea, Inc.	*	1,297		36,614
Penn National Gaming, Inc.	*	6,408		177,245
Pinnacle Entertainment, Inc.	*	6,186		63,035
Red Robin Gourmet Burgers, Inc.	*†	1,203		24,565
Royal Caribbean Cruises Ltd.	*	15,686		377,719
Ruby Tuesday, Inc.	*†	3,481		29,310
Scientific Games Corp., Class A	*	7,127		112,820
Shuffle Master, Inc.	*	5,440		51,245
Sonic Corp.	*†	5,694		62,976
Speedway Motorsports, Inc.		1,680		24,175
Steak n Shake Co. (The)	*†	2,198		25,870
Texas Roadhouse, Inc.	*	7,315		77,685
Vail Resorts, Inc.	*	1,427		47,862
Wendy’s/Arby’s Group, Inc., Class A		34,307		162,272
WMS Industries, Inc.	*†	1,941		86,491
Youbet.com, Inc.	*	2,200		4,620
				5,034,805
Household Durables—1.2%
American Greetings Corp., Class A		3,420	$	76,266
Bassett Furniture Industries, Inc.		610		2,611
Beazer Homes USA, Inc.	*	5,676		31,729
Blyth, Inc.		877		33,966
Brookfield Homes Corp.	*†	858		5,732
California Coastal Communities, Inc.	*†	1,028		1,593
Cavco Industries, Inc.	*†	1,216		43,168
Champion Enterprises, Inc.	*	6,043		2,780
CSS Industries, Inc.		1,140		22,538
Ethan Allen Interiors, Inc.	†	1,648		27,192
Furniture Brands International, Inc.	*	4,572		25,283
Garmin Ltd. (Cayman Islands)	†	10,358		390,911
Helen of Troy Ltd. (Bermuda)	*	3,172		61,632
Hooker Furniture Corp.		1,125		15,188
Hovnanian Enterprises, Inc., Class A	*†	3,491		13,405
Jarden Corp.	†	7,489		210,216
Kid Brands, Inc.	*	1,157		7,173
La-Z-Boy, Inc.	†	8,340		72,141
M/I Homes, Inc.	*	1,741		23,660
MDC Holdings, Inc.		2,998		104,151
Meritage Homes Corp.	*	2,717		55,155
Mohawk Industries, Inc.	*	5,067		241,645
National Presto Industries, Inc.		656		56,751
NVR, Inc.	*	445		283,630
Palm Harbor Homes, Inc.	*	1,182		3,416
Ryland Group, Inc.		3,938		82,974
Sealy Corp.	*†	6,171		19,747
Skyline Corp.	†	918		20,710
Standard Pacific Corp.	*	10,118		37,335
Tempur-Pedic International, Inc.	*	5,292		100,231
Toll Brothers, Inc.	*	15,486		302,596
Tupperware Brands Corp.		6,387		254,969
Universal Electronics, Inc.	*	1,589		32,447
				2,662,941
Household Products—0.4%
Central Garden and Pet Co.	*	1,016		11,938
Central Garden and Pet Co., Class A	*	2,770		30,276
Church & Dwight Co., Inc.		7,471		423,905
Energizer Holdings, Inc.	*	6,594		437,446
WD-40 Co.		1,550		44,020
				947,585
Independent Power Producers & Energy Traders—0.8%
Calpine Corp.	*	43,535		501,523
Mirant Corp.	*	14,401		236,608
NRG Energy, Inc.	*	24,851		700,550
Ormat Technologies, Inc.		1,614		65,884
RRI Energy, Inc.	*	35,972		256,840
				1,761,405
Industrial Conglomerates—0.4%
Carlisle Cos., Inc.		5,366		181,961
McDermott International, Inc.	*	22,019		556,420
Otter Tail Corp.	†	2,897		69,325
Raven Industries, Inc.	†	1,490		39,828
Seaboard Corp.		43		55,901
Standex International Corp.		1,584		31,411
Tredegar Corp.		2,467		35,771
				970,617

See accompanying notes to schedule of investments.

103

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Insurance—9.7%
Alleghany Corp.	*	544	$	140,923
Allied World Assurance Co. Holdings Ltd. (Bermuda)		3,096		148,391
Ambac Financial Group, Inc.	†	30,831		51,796
American Financial Group, Inc.		6,980		177,990
American Independence Corp.	*	430		2,043
American National Insurance Co.	†	2,325		198,090
American Physicians Capital, Inc.		1,601		46,125
American Physicians Service Group, Inc.		1,691		38,961
American Safety Insurance Holdings Ltd. (Bermuda)	*	2,656		41,965
AMERISAFE, Inc.	*	2,182		37,640
Amtrust Financial Services, Inc.		3,403		38,828
Arch Capital Group Ltd. (Bermuda)	*	5,623		379,777
Argo Group International Holdings Ltd. (Bermuda)	*	3,031		102,084
Arthur J. Gallagher & Co.	†	8,282		201,832
Aspen Insurance Holdings Ltd. (Bermuda)		7,290		192,966
Assured Guaranty Ltd. (Bermuda)	†	3,933		76,379
Axis Capital Holdings Ltd. (Bermuda)		13,644		411,776
Baldwin & Lyons, Inc., Class B	†	1,316		30,860
Berkshire Hathaway, Inc., Class A	*	109		11,009,000
Brown & Brown, Inc.		11,834		226,739
Citizens, Inc.	*†	4,717		29,906
CNA Financial Corp.	*†	2,735		66,023
CNA Surety Corp.	*	1,486		24,073
Conseco, Inc.	*†	12,970		68,222
Crawford & Co., Class B	*	3,543		15,625
Delphi Financial Group, Inc., Class A		3,694		83,595
Donegal Group, Inc., Class B		759		12,539
eHealth, Inc.	*†	2,028		29,447
EMC Insurance Group, Inc.	†	1,041		21,996
Employers Holdings, Inc.		4,738		73,344
Endurance Specialty Holdings Ltd. (Bermuda)		5,292		192,999
Enstar Group Ltd. (Bermuda)	*	626		38,981
Erie Indemnity Co., Class A		3,864		144,745
Everest Re Group Ltd. (Bermuda)		5,567		488,226
FBL Financial Group, Inc., Class A		2,268		44,067
Fidelity National Financial, Inc., Class A		24,787		373,788
First American Corp.	†	7,260		235,006
First Mercury Financial Corp.		1,534		20,433
Flagstone Reinsurance Holdings Ltd. (Bermuda)		4,507		50,839
FPIC Insurance Group, Inc.	*	1,050		35,228
Greenlight Capital Re Ltd., Class A (Cayman Islands)	*†	2,930		55,084
Hanover Insurance Group, Inc. (The)		5,097		210,659
Harleysville Group, Inc.	†	1,278		40,449
HCC Insurance Holdings, Inc.		10,936		299,100
Hilltop Holdings, Inc.	*	3,923		48,096
Horace Mann Educators Corp.		3,101		43,321
Independence Holding Co.		963		5,662
Infinity Property & Casualty Corp.		1,280	$	54,374
Kansas City Life Insurance Co.		1,203		37,461
Markel Corp.	*†	889		293,210
Max Capital Group Ltd. (Bermuda)		6,342		135,529
Meadowbrook Insurance Group, Inc.	†	6,165		45,621
Mercury General Corp.		3,407		123,265
Montpelier Re Holdings Ltd. (Bermuda)		6,774		110,552
National Financial Partners Corp.	*	7,233		63,072
Navigators Group, Inc.	*	1,745		95,975
NYMAGIC, Inc.		1,110		19,159
Odyssey Re Holdings Corp.		1,814		117,565
Old Republic International Corp.		18,687		227,608
OneBeacon Insurance Group Ltd., Class A	†	2,457		33,759
PartnerRe Ltd. (Bermuda)		5,603		431,095
Phoenix Cos., Inc. (The)	*†	9,881		32,113
Platinum Underwriters Holdings Ltd. (Bermuda)		4,736		169,738
PMA Capital Corp., Class A	*	5,374		30,578
Presidential Life Corp.		2,568		26,605
ProAssurance Corp.	*†	2,725		142,218
Protective Life Corp.		8,161		174,809
Reinsurance Group of America, Inc.		7,633		340,432
RenaissanceRe Holdings Ltd. (Bermuda)		5,326		291,652
RLI Corp.	†	1,980		104,504
Safety Insurance Group, Inc.		1,536		50,565
SeaBright Insurance Holdings, Inc.	*	3,141		35,870
Selective Insurance Group, Inc.		7,536		118,541
StanCorp Financial Group, Inc.	†	5,267		212,629
State Auto Financial Corp.		1,741		31,216
Stewart Information Services Corp.		1,684		20,831
Tower Group, Inc.		3,847		93,828
Transatlantic Holdings, Inc.		4,926		247,137
United Fire & Casualty Co.		2,592		46,397
Unitrin, Inc.		3,311		64,531
Validus Holdings Ltd. (Bermuda)		6,141		158,439
W.R. Berkley Corp.		14,502		366,611
Wesco Financial Corp.		115		37,433
White Mountains Insurance Group Ltd.		706		216,749
Zenith National Insurance Corp.	†	3,491		107,872
				21,215,161
Internet & Catalog Retail—0.9%
1-800-Flowers.com, Inc., Class A	*	2,113		7,290
Blue Nile, Inc.	*	1,074		66,717
dELiA*s, Inc.	*	2,555		5,493
drugstore.com, Inc.	*	18,137		44,073
Hollywood Media Corp.	*	15,979		24,608
HSN, Inc.	*	2,598		42,295
Liberty Media Corp. - Interactive, Series A	*	55,275		606,367
NetFlix, Inc.	*†	3,996		184,495
NutriSystem, Inc.	†	3,071		46,863
Overstock.com, Inc.	*†	3,326		48,792
priceline.com, Inc.	*†	4,073		675,385

See accompanying notes to schedule of investments.

104

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Shutterfly, Inc.	*†	2,715	$	45,150
Stamps.com, Inc.	*†	2,642		24,439
Ticketmaster Entertainment, Inc.	*	2,598		30,371
Valuevision Media, Inc., Class A	*	6,193		20,499
				1,872,837
Internet Software & Services—1.1%
Art Technology Group, Inc.	*†	13,955		53,866
Autobytel, Inc.	*	4,755		3,329
comScore, Inc.	*	2,914		52,481
Constant Contact, Inc.	*†	2,460		47,355
DealerTrack Holdings, Inc.	*†	4,113		77,777
Digital River, Inc.	*	3,158		127,331
DivX, Inc.	*	2,892		15,790
Earthlink, Inc.	†	9,949		83,671
Equinix, Inc.	*†	3,198		294,216
GSI Commerce, Inc.	*	2,570		49,627
IAC/InterActiveCorp	*†	10,628		214,579
Imergent, Inc.		1,043		8,219
Infospace, Inc.	*	4,619		35,751
Internap Network Services Corp.	*	8,921		28,636
Internet Brands, Inc., Class A	*	2,400		19,152
Internet Capital Group, Inc.	*	3,445		28,800
Ipass, Inc.	*	6,163		8,505
j2 Global Communications, Inc.	*†	4,168		95,906
Keynote Systems, Inc.	*	3,262		30,761
Knot, Inc. (The)	*	3,458		37,761
Limelight Networks, Inc.	*	2,028		8,234
LivePerson, Inc.	*	3,334		16,803
LogMeIn, Inc.	*	2,080		38,085
Looksmart Ltd.	*	4,010		4,652
LoopNet, Inc.	*	1,850		16,724
Marchex, Inc., Class B		2,710		13,306
ModusLink Global Solutions, Inc.	*	3,461		28,000
Move, Inc.	*	12,712		34,322
NaviSite, Inc.	*	3,725		8,158
NIC, Inc.		6,673		59,323
Omniture, Inc.	*	10,221		219,138
On2 Technologies, Inc.	*†	39,239		23,151
OpenTable, Inc.	*†	1,484		40,899
Openwave Systems, Inc.	*	11,650		30,290
Perficient, Inc.	*	2,090		17,284
Rackspace Hosting, Inc.	*†	7,556		128,905
RealNetworks, Inc.	*†	10,782		40,109
Saba Software, Inc.	*	3,576		15,055
SAVVIS, Inc.	*	4,524		71,570
support.com, Inc.	*	4,962		11,909
Terremark Worldwide, Inc.	*†	7,046		43,826
United Online, Inc.		6,200		49,848
Valueclick, Inc.	*	6,880		90,747
Vertro, Inc.	*	6,581		2,961
Vocus, Inc.	*	2,731		57,051
Web.com Group, Inc.	*	1,785		12,656
WebMD Health Corp., Class A	*†	510		16,891
WebMediaBrands, Inc.	*	4,020		2,894
Zix Corp.	*†	12,056		26,523
				2,442,827
IT Services—3.6%
Acxiom Corp.	*	6,440		60,922
Alliance Data Systems Corp.	*†	6,259	$	382,300
Broadridge Financial Solutions, Inc.		13,584		273,038
CACI International, Inc., Class A	*†	2,488		117,608
Cass Information Systems, Inc.		1,213		36,220
Ciber, Inc.	*	5,015		20,060
CSG Systems International, Inc.	*	3,644		58,341
Cybersource Corp.	*†	8,253		137,578
DST Systems, Inc.	*	4,638		207,782
Edgewater Technology, Inc.	*	1,533		4,507
Euronet Worldwide, Inc.	*†	5,829		140,071
Forrester Research, Inc.	*†	1,573		41,905
Gartner, Inc., Class A	*	5,871		107,263
Genpact Ltd. (Bermuda)	*	9,379		115,362
Global Cash Access Holdings, Inc.	*†	5,601		40,943
Global Payments, Inc.		6,747		315,085
Hackett Group, Inc. (The)	*	7,902		22,916
Heartland Payment Systems, Inc.	†	2,630		38,161
Hewitt Associates, Inc., Class A	*	9,071		330,457
iGATE Corp.		2,997		25,714
infoGROUP, Inc.	*	6,036		42,312
Integral Systems, Inc.	*†	2,356		16,256
Lender Processing Services, Inc.		8,412		321,086
Lionbridge Technologies, Inc.	*	7,889		20,511
Management Network Group, Inc.	*	1,600		1,024
Mantech International Corp., Class A	*	2,426		114,410
Mastech Holdings, Inc.	*	199		915
MAXIMUS, Inc.		1,558		72,603
Metavante Technologies, Inc.	*	9,250		318,940
MoneyGram International, Inc.	*	12,347		38,770
NCI, Inc., Class A	*†	616		17,655
NeuStar, Inc., Class A	*	7,325		165,545
Online Resources Corp.	*	2,780		17,153
Perot Systems Corp., Class A	*	7,962		236,471
Pfsweb, Inc.	*	1,209		2,067
SAIC, Inc.	*	19,527		342,504
Sapient Corp.	*	6,981		56,127
SRA International, Inc., Class A	*	3,081		66,519
StarTek, Inc.	*	1,875		16,275
Syntel, Inc.	†	2,183		104,195
TeleTech Holdings, Inc.	*	4,057		69,212
TNS, Inc.	*	2,695		73,843
Unisys Corp.	*	31,879		85,117
VeriFone Holdings, Inc.	*	7,751		123,163
Visa, Inc., Class A	†	43,488		3,005,456
Wright Express Corp.	*	3,218		94,963
				7,899,325
Leisure Equipment & Products—0.2%
Arctic Cat, Inc.		1,738		12,270
Brunswick Corp.		9,596		114,960
Callaway Golf Co.		5,616		42,738
Jakks Pacific, Inc.	*†	2,425		34,726
Leapfrog Enterprises, Inc.	*†	3,363		13,822
Nautilus, Inc.	*	2,480		4,216
Polaris Industries, Inc.	†	2,511		102,399
Pool Corp.	†	4,626		102,790
RC2 Corp.	*	1,530		21,803
Smith & Wesson Holding Corp.	*†	6,049		31,636

See accompanying notes to schedule of investments.

105

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Steinway Musical Instruments, Inc.	*	1,536	$	18,232
Sturm Ruger & Co., Inc.	†	2,146		27,769
				527,361
Life Sciences Tools & Services—1.2%
Accelrys, Inc.	*	3,326		19,291
Affymetrix, Inc.	*	8,830		77,527
Albany Molecular Research, Inc.	*	2,944		25,495
Bio-Rad Laboratories, Inc., Class A	*	1,584		145,538
Bruker Corp.	*	8,066		86,064
Caliper Life Sciences, Inc.	*	3,187		8,987
Cambrex Corp.	*	2,958		18,635
Charles River Laboratories International, Inc.	*†	6,388		236,228
Covance, Inc.	*†	5,217		282,501
Dionex Corp.	*	1,461		94,921
Enzo Biochem, Inc.	*	6,306		44,646
eResearchTechnology, Inc.	*	4,314		30,198
Illumina, Inc.	*†	11,468		487,390
Kendle International, Inc.	*	1,230		20,566
Luminex Corp.	*	4,012		68,204
Mettler-Toledo International, Inc. (Switzerland)	*	3,252		294,599
Ore Pharmaceuticals, Inc.	*	190		123
Parexel International Corp.	*	5,995		81,472
Pharmaceutical Product Development, Inc.	†	10,700		234,758
Sequenom, Inc.	*†	4,473		14,448
Techne Corp.	†	3,552		222,178
Varian, Inc.	*	2,626		134,084
				2,627,853
Machinery—3.1%
3D Systems Corp.	*†	2,259		20,851
Actuant Corp., Class A	†	6,590		105,835
AGCO Corp.	*	7,982		220,543
Albany International Corp., Class A		2,060		39,964
Ampco-Pittsburgh Corp.		986		26,218
Astec Industries, Inc.	*†	1,849		47,094
Badger Meter, Inc.	†	1,258		48,672
Barnes Group, Inc.		3,373		57,645
Blount International, Inc.	*	4,339		41,090
Briggs & Stratton Corp.	†	4,194		81,405
Bucyrus International, Inc.	†	8,145		290,125
Cascade Corp.	†	779		20,830
Chart Industries, Inc.	*	2,135		46,095
CIRCOR International, Inc.		1,935		54,683
CLARCOR, Inc.	†	4,021		126,099
Colfax Corp.	*†	2,950		31,358
Columbus McKinnon Corp.	*	1,765		26,740
Commercial Vehicle Group, Inc.	*	3,457		22,505
Crane Co.		4,617		119,165
Donaldson Co., Inc.		6,056		209,719
Dynamic Materials Corp.	†	2,558		51,058
EnPro Industries, Inc.	*†	3,150		72,009
ESCO Technologies, Inc.	*†	1,735		68,359
Federal Signal Corp.		3,130		22,505
Flow International Corp.	*	9,896		25,631
Force Protection, Inc.	*	10,037		54,802
FreightCar America, Inc.	†	930		22,599
Gardner Denver, Inc.	*†	4,577		159,646
Gorman-Rupp Co. (The)	†	1,890	$	47,080
Graco, Inc.	†	6,203		172,878
Graham Corp.		882		13,715
Greenbrier Cos., Inc.	†	1,195		13,993
Harsco Corp.		7,281		257,820
Hurco Cos., Inc.	*†	750		12,810
IDEX Corp.	†	7,284		203,588
John Bean Technologies Corp.		3,917		71,172
Joy Global, Inc.	†	10,851		531,048
Kadant, Inc.	*	1,553		18,838
Kaydon Corp.	†	3,461		112,206
Kennametal, Inc.		6,043		148,718
L.B. Foster Co., Class A	*	951		29,082
Lincoln Electric Holdings, Inc.		4,042		191,793
Lindsay Corp.		969		38,159
Lydall, Inc.	*	2,150		11,309
Manitowoc Co., Inc. (The)	†	14,067		133,214
Middleby Corp.	*†	1,555		85,540
Mueller Industries, Inc.		2,932		69,987
Mueller Water Products, Inc., Class A		15,083		82,655
NACCO Industries, Inc., Class A		310		18,622
Navistar International Corp.	*	6,059		226,728
NN, Inc.	*	2,240		10,394
Nordson Corp.		3,383		189,752
Oshkosh Corp.		9,223		285,267
Pentair, Inc.		8,849		261,222
RBC Bearings, Inc.	*	1,852		43,207
Robbins & Myers, Inc.		2,530		59,404
Sauer-Danfoss, Inc.		832		6,381
SPX Corp.		4,988		305,615
Tecumseh Products Co., Class A	*	1,703		19,295
Tennant Co.		1,394		40,510
Terex Corp.	*†	11,083		229,751
Timken Co.		6,731		157,707
Titan International, Inc.		4,901		43,619
Toro Co.	†	3,178		126,389
Trinity Industries, Inc.	†	7,537		129,561
Valmont Industries, Inc.		1,676		142,762
Wabash National Corp.	*	2,596		7,061
Wabtec Corp.	†	4,635		173,951
Watts Water Technologies, Inc., Class A	†	2,709		81,947
				6,917,995
Marine—0.2%
Alexander & Baldwin, Inc.	†	3,735		119,856
American Commercial Lines, Inc.	*†	726		21,141
Eagle Bulk Shipping, Inc.	†	7,947		40,768
Excel Maritime Carriers Ltd. (Greece)	†	5,862		38,982
Genco Shipping & Trading Ltd.	†	4,062		84,409
International Shipholding Corp.		724		22,307
Kirby Corp.	*†	4,738		174,453
OceanFreight, Inc. (Greece)	†	1,037		1,390
TBS International Ltd., Class A (Bermuda)	*	2,419		21,045
				524,351
Media—3.0%
4Kids Entertainment, Inc.	*	2,466		4,143
A.H. Belo Corp., Class A		3,861		12,471
Alloy, Inc.	*	3,318		22,463
Arbitron, Inc.		2,121		44,032

See accompanying notes to schedule of investments.

106

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Ascent Media Corp., Class A	*	959	$	24,550
Belo Corp., Class A		6,361		34,413
Cablevision Systems Corp., Class A		21,478		510,103
Carmike Cinemas, Inc.	*	1,009		10,201
Cinemark Holdings, Inc.		2,131		22,077
CKX, Inc.	*	6,718		45,078
Clear Channel Outdoor Holdings, Inc., Class A	*†	2,470		17,290
Crown Media Holdings, Inc., Class A	*†	4,399		6,862
CTM Media Holdings, Inc., Class B	*	533		320
Cumulus Media, Inc., Class A	*	3,854		6,667
Discovery Communications, Inc., Series A	*†	16,547		478,043
Discovery Communications, Inc., Series C	*	9,599		249,862
DISH Network Corp., Class A	*	22,284		429,190
DreamWorks Animation SKG, Inc., Class A	*	5,937		211,179
E.W. Scripps Co., (The), Class A	*	7,011		52,583
EDCI Holdings, Inc.	*	533		3,187
Emmis Communications Corp., Class A	*	4,461		3,747
Entercom Communications Corp., Class A	*	1,873		9,552
Entravision Communications Corp., Class A	*	4,930		8,529
Gray Television, Inc.	*	3,878		8,997
Harris Interactive, Inc.	*	6,590		6,722
Harte-Hanks, Inc.	†	3,759		51,987
Image Entertainment, Inc.	*†	300		252
Interactive Data Corp.		4,045		106,019
John Wiley & Sons, Inc., Class A		4,647		161,623
Journal Communications, Inc., Class A		3,220		11,850
Lamar Advertising Co., Class A	*†	6,749		185,193
Lee Enterprises, Inc.	*	6,600		18,150
Liberty Global, Inc., Series A, Class A	*	26,364		595,035
Liberty Global, Inc., Series C	*†	1,174		26,368
Liberty Media Corp. - Capital, Series A	*	8,284		173,301
Liberty Media Corp.— Entertainment, Series A	*	54,278		1,688,589
LIN TV Corp., Class A	*	2,390		11,305
Live Nation, Inc.	*	5,574		45,651
Martha Stewart Living Omnimedia, Class A	*†	4,928		30,849
Marvel Entertainment, Inc.	*	4,540		225,275
McClatchy Co. (The), Class A	†	3,506		8,975
Media General, Inc., Class A	†	1,595		13,637
Mediacom Communications Corp., Class A	*	3,433		19,774
Morningstar, Inc.	*†	3,907		189,724
National CineMedia, Inc.		3,917		66,472
Navarre Corp.	*	6,720		14,784
New Frontier Media, Inc.	*	2,079		4,470
Playboy Enterprises, Inc., Class B	*	1,251		3,778
Primedia, Inc.		5,508		13,880
Radio One, Inc., Class A	*†	4,327		4,565
Radio Unica Communications Corp.	*‡δ	1,900		—
RCN Corp.	*†	3,770	$	35,061
Regal Entertainment Group, Class A		6,396		78,799
Regent Communications, Inc.	*	3,610		1,552
Salem Communications Corp., Class A	*	850		1,921
Scholastic Corp.		2,095		50,992
Sinclair Broadcast Group, Inc., Class A		4,220		15,108
Sirius XM Radio, Inc.	*†	194,684		123,624
Valassis Communications, Inc.	*	4,011		71,717
Value Line, Inc.		573		17,689
Virgin Media, Inc.		23,647		329,166
Warner Music Group Corp.	*	4,960		27,429
World Wrestling Entertainment, Inc., Class A	†	2,315		32,433
				6,679,258
Metals & Mining—1.7%
Allied Nevada Gold Corp.	*†	7,912		77,458
AMCOL International Corp.	†	2,631		60,224
Brush Engineered Materials, Inc.	*†	2,925		71,546
Carpenter Technology Corp.		4,339		101,489
Century Aluminum Co.	*†	8,122		75,941
Cliffs Natural Resources, Inc.		12,799		414,176
Coeur d’Alene Mines Corp.	*†	8,110		166,255
Commercial Metals Co.		10,756		192,532
Compass Minerals International, Inc.	†	2,644		162,923
Globe Specialty Metals, Inc.	*	7,023		63,347
Haynes International, Inc.	*	1,057		33,634
Hecla Mining Co.	*†	23,198		101,839
Horsehead Holding Corp.	*†	2,963		34,726
Kaiser Aluminum Corp.		1,080		39,269
Olympic Steel, Inc.	†	1,703		48,859
Reliance Steel & Aluminum Co.		5,928		252,296
Rock of Ages Corp.	*	1,387		4,355
Royal Gold, Inc.		4,212		192,067
RTI International Metals, Inc.	*	2,591		64,542
Schnitzer Steel Industries, Inc., Class A	†	1,822		97,022
Southern Copper Corp.	†	19,854		609,319
Steel Dynamics, Inc.		23,106		354,446
Stillwater Mining Co.	*†	8,114		54,526
Universal Stainless & Alloy Products, Inc.	*	2,058		37,559
Walter Energy, Inc.	†	5,834		350,390
Worthington Industries, Inc.		5,837		81,134
				3,741,874
Multiline Retail—0.3%
99 Cents Only Stores	*†	5,211		70,088
Dillard’s, Inc., Class A	†	4,360		61,476
Dollar Tree, Inc.	*	8,583		417,820
Fred’s, Inc., Class A		3,463		44,084
Retail Ventures, Inc.	*	5,577		29,391
Saks, Inc.	*†	11,548		78,757
Tuesday Morning Corp.	*	1,816		7,555
				709,171
Multi-Utilities—0.8%
Alliant Energy Corp.		10,039		279,586
Avista Corp.	†	5,411		109,411
Black Hills Corp.		3,311		83,338
CH Energy Group, Inc.	†	1,512		66,997
MDU Resources Group, Inc.		15,765		328,700

See accompanying notes to schedule of investments.

107

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
NorthWestern Corp.	†	2,859	$	69,845
NSTAR		11,449		364,307
OGE Energy Corp.		8,865		293,254
Vectren Corp.		8,630		198,835
				1,794,273
Office Electronics—0.1%
Zebra Technologies Corp., Class A	*	6,386		165,589
Oil, Gas & Consumable Fuels—4.1%
Abraxas Petroleum Corp.	*	7,445		13,327
Adams Resources & Energy, Inc.		1,462		29,313
Alpha Natural Resources, Inc.	*	8,115		284,837
American Oil & Gas, Inc.	*	4,104		8,085
Apco Oil and Gas International, Inc.		2,488		57,025
Approach Resources, Inc.	*	1,627		14,773
Arch Coal, Inc.	†	14,533		321,615
Arena Resources, Inc.	*†	4,084		144,982
Atlas Energy, Inc.		4,007		108,470
ATP Oil & Gas Corp.	*†	6,199		110,900
Berry Petroleum Co., Class A	†	4,186		112,101
Bill Barrett Corp.	*	3,057		100,239
Blue Dolphin Energy Co.	*	3,650		1,789
BP Prudhoe Bay Royalty Trust		1,774		132,429
BPZ Resources, Inc.	*†	9,783		73,568
Brigham Exploration Co.	*	5,335		48,442
Callon Petroleum Co.	*	3,060		5,600
Cano Petroleum, Inc.	*†	5,875		7,461
Carrizo Oil & Gas, Inc.	*†	3,680		90,123
Cheniere Energy, Inc.	*†	8,135		23,836
Cimarex Energy Co.	†	7,684		332,871
Clayton Williams Energy, Inc.	*	1,241		37,379
CNX Gas Corp.	*	2,745		84,272
Comstock Resources, Inc.	*	4,165		166,933
Concho Resources, Inc.	*	5,480		199,034
Contango Oil & Gas Co.	*	1,270		64,846
Continental Resources, Inc.	*†	3,333		130,554
CREDO Petroleum Corp.	*†	2,125		21,505
Cross Timbers Royalty Trust		833		25,398
Crosstex Energy, Inc.		3,995		21,094
CVR Energy, Inc.	*	4,542		56,502
Delta Petroleum Corp.	*	18,693		32,713
DHT Maritime, Inc. (Jersey, Channel Islands)		5,478		20,597
Edge Petroleum Corp.	*	5,201		2,912
Encore Acquisition Co.	*	5,077		189,880
Evergreen Energy, Inc.	*†	4,470		2,771
EXCO Resources, Inc.	*	18,027		336,925
Forest Oil Corp.	*	9,471		185,347
Frontier Oil Corp.		11,462		159,551
FX Energy, Inc.	*	5,763		18,615
General Maritime Corp.	†	4,323		33,460
GMX Resources, Inc.	*†	3,624		56,933
Goodrich Petroleum Corp.	*†	3,087		79,675
Harvest Natural Resources, Inc.	*†	3,340		17,134
Holly Corp.	†	5,010		128,356
Hugoton Royalty Trust		3,289		58,906
International Coal Group, Inc.	*	7,310		29,459
James River Coal Co.	*	2,720		51,979
Kodiak Oil & Gas Corp.	*	6,000		14,400
Mariner Energy, Inc.	*	10,627		150,691
McMoRan Exploration Co.	*	9,388		70,879
Meridian Resource Corp.	*	11,330		4,645
National Coal Corp.	*†	2,117	$	2,604
Newfield Exploration Co.	*	12,085		514,338
NGAS Resources, Inc.	*†	6,300		15,057
Overseas Shipholding Group, Inc.	†	1,739		64,986
Pacific Ethanol, Inc.	*	9,943		5,121
Parallel Petroleum Corp.	*	5,650		17,911
Patriot Coal Corp.	*†	10,042		118,094
Penn Virginia Corp.		4,723		108,204
PetroHawk Energy Corp.	*	27,507		665,944
Petroleum Development Corp.	*	1,839		34,316
Petroquest Energy, Inc.	*†	8,496		55,139
Plains Exploration & Production Co.	*	10,458		289,268
Quest Resource Corp.	*†	5,130		3,027
Quicksilver Resources, Inc.	*†	15,092		214,155
Rentech, Inc.	*†	24,671		39,967
Rosetta Resources, Inc.	*	3,732		54,823
SandRidge Energy, Inc.	*†	18,309		237,285
Ship Finance International Ltd. (Bermuda)	†	3,789		46,567
Southern Union Co.		9,573		199,023
St. Mary Land & Exploration Co.		6,292		204,238
Stone Energy Corp.	*†	6,614		107,874
Swift Energy Co.	*	2,908		68,861
Syntroleum Corp.	*	9,066		24,478
Teekay Corp. (Canada)		2,938		64,254
Tengasco, Inc.	*	9,394		4,697
Toreador Resources Corp.	*†	2,250		22,478
Tri-Valley Corp.	*†	2,100		5,712
Ultra Petroleum Corp.	*	13,269		649,650
Uranium Resources, Inc.	*	5,500		6,325
USEC, Inc.	*	11,624		54,517
Vaalco Energy, Inc.	*	8,030		36,938
Verenium Corp.	*†	149		1,019
W&T Offshore, Inc.	†	4,200		49,182
Warren Resources, Inc.	*	5,202		15,398
Western Refining, Inc.	*†	3,632		23,426
Westmoreland Coal Co.	*	2,951		23,992
Whiting Petroleum Corp.	*†	4,952		285,136
World Fuel Services Corp.	†	2,716		130,558
				8,939,693
Paper & Forest Products—0.2%
Buckeye Technologies, Inc.	*	4,965		53,275
Clearwater Paper Corp.	*	820		33,891
Deltic Timber Corp.	†	1,046		47,875
Domtar Corp. (Canada)	*†	4,206		148,135
Glatfelter		3,315		38,056
Louisiana-Pacific Corp.	*†	6,527		43,535
Neenah Paper, Inc.		2,110		24,835
Schweitzer-Mauduit International, Inc.	†	1,337		72,679
Wausau Paper Corp.		3,503		35,030
				497,311
Personal Products—0.6%
Alberto-Culver Co.		8,060		223,101
Bare Escentuals, Inc.	*	4,574		54,385
Chattem, Inc.	*	2,283		151,614
Elizabeth Arden, Inc.	*	2,728		32,108
Herbalife Ltd. (Cayman Islands)		6,051		198,110
Mannatech, Inc.		2,631		10,077
Mead Johnson Nutrition Co., Class A	†	2,897		130,684
Medifast, Inc.	*	2,284		49,608

See accompanying notes to schedule of investments.

108

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
NBTY, Inc.	*	5,112	$	202,333
Nu Skin Enterprises, Inc., Class A		5,522		102,322
Prestige Brands Holdings, Inc.	*	2,900		20,416
Reliv International, Inc.		3,018		10,080
USANA Health Sciences, Inc.	*	743		25,344
				1,210,182
Pharmaceuticals—1.0%
Adolor Corp.	*	8,628		13,718
Alexza Pharmaceuticals, Inc.	*†	2,897		6,518
Auxilium Pharmaceuticals, Inc.	*†	2,992		102,356
AVANIR Pharmaceuticals, Inc., Class A	*	9,525		19,812
BioMimetic Therapeutics, Inc.	*	2,563		31,294
Cadence Pharmaceuticals, Inc.	*†	3,700		40,922
Columbia Laboratories, Inc.	*	5,940		7,663
CPEX Pharmaceuticals, Inc.	*	201		1,998
Cypress Bioscience, Inc.	*	4,031		32,933
Depomed, Inc.	*	7,330		32,032
Discovery Laboratories, Inc.	*†	10,296		14,003
Durect Corp.	*	7,330		19,571
Emisphere Technologies, Inc.	*†	3,412		2,590
Endo Pharmaceuticals Holdings, Inc.	*	13,138		297,313
Heska Corp.	*	4,463		1,964
Hi-Tech Pharmacal Co., Inc.	*	2,404		53,946
Hollis-Eden Pharmaceuticals, Inc.	*	3,834		2,262
Inspire Pharmaceuticals, Inc.	*	4,570		23,855
KV Pharmaceutical Co., Class A	*†	3,009		9,238
Matrixx Initiatives, Inc.	*†	1,810		10,281
MDRNA, Inc.	*†	3,350		4,690
Medicines Co. (The)	*†	5,261		57,924
Medicis Pharmaceutical Corp., Class A		4,522		96,545
Nektar Therapeutics	*†	8,780		85,517
Obagi Medical Products, Inc.	*	2,119		24,580
Optimer Pharmaceuticals, Inc.	*†	4,269		57,760
Pain Therapeutics, Inc.	*	3,499		17,705
Par Pharmaceutical Cos., Inc.	*†	3,271		70,359
Penwest Pharmaceuticals Co.	*†	5,730		11,976
Perrigo Co.		7,060		239,969
Pozen, Inc.	*	1,922		14,146
Questcor Pharmaceuticals, Inc.	*	4,000		22,080
Salix Pharmaceuticals Ltd.	*	4,445		94,501
Santarus, Inc.	*	7,750		25,497
Sepracor, Inc.	*	11,029		252,564
SuperGen, Inc.	*	3,719		9,930
Valeant Pharmaceuticals International	*†	5,975		167,658
Viropharma, Inc.	*	6,036		58,066
Vivus, Inc.	*†	9,557		99,871
XenoPort, Inc.	*	1,873		39,764
				2,175,371
Professional Services—1.0%
Acacia Research - Acacia Technologies	*	5,547		48,314
Administaff, Inc.	†	2,357		61,918
Advisory Board Co. (The)	*†	1,300		32,682
Barrett Business Services, Inc.		1,740		18,409
CBIZ, Inc.	*	5,140		38,344
CDI Corp.		2,129		29,913
Corporate Executive Board Co. (The)	†	4,101	$	102,115
CoStar Group, Inc.	*	1,557		64,180
CRA International, Inc.	*†	1,427		38,943
Diamond Management & Technology Consultants, Inc.		3,731		25,557
Exponent, Inc.	*	1,790		50,424
First Advantage Corp., Class A	*	2,419		44,873
FTI Consulting, Inc.	*	4,670		198,989
Heidrick & Struggles International, Inc.	†	2,178		50,660
Hudson Highland Group, Inc.	*	1,880		5,715
Huron Consulting Group, Inc.	*†	2,888		74,597
ICF International, Inc.	*†	516		15,645
IHS, Inc., Class A	*†	4,063		207,741
Kelly Services, Inc., Class A		2,431		29,901
Kforce, Inc.	*	3,398		40,844
Korn/Ferry International	*	4,056		59,177
LECG Corp.	*	2,344		8,228
Manpower, Inc.		7,041		399,295
MPS Group, Inc.	*	9,504		99,982
Navigant Consulting, Inc.	*	4,173		56,336
Odyssey Marine Exploration, Inc.	*†	8,263		15,369
On Assignment, Inc.	*	3,093		18,094
RCM Technologies, Inc.	*	1,593		3,568
Resources Connection, Inc.	*	3,825		65,255
School Specialty, Inc.	*	1,184		28,085
Spherion Corp.	*	6,986		43,383
TrueBlue, Inc.	*	4,946		69,590
Volt Information Sciences, Inc.	*†	1,251		15,287
Watson Wyatt Worldwide, Inc., Class A		3,803		165,659
				2,227,072
Real Estate Investment Trusts (REITs)—6.1%
Acadia Realty Trust REIT		4,998		75,320
Agree Realty Corp. REIT		2,037		46,708
Alesco Financial, Inc. REIT	*	5,693		7,116
Alexander’s, Inc. REIT		319		94,386
Alexandria Real Estate Equities, Inc. REIT	†	4,255		231,259
AMB Property Corp. REIT	†	14,045		322,333
American Campus Communities, Inc. REIT		5,183		139,164
Annaly Capital Management, Inc. REIT		60,592		1,099,139
Anthracite Capital, Inc. REIT	*†	7,771		8,160
Anworth Mortgage Asset Corp. REIT		10,167		80,116
Arbor Realty Trust, Inc. REIT	†	5,065		14,385
Arlington Asset Investment Corp., Class A REIT	*†	14,580		7,144
Ashford Hospitality Trust, Inc. REIT	*†	13,852		47,928
Associated Estates Realty Corp. REIT		5,856		56,335
BioMed Realty Trust, Inc. REIT	†	9,944		137,227
Brandywine Realty Trust REIT		12,040		132,922
BRE Properties, Inc. REIT		3,941		123,353
BRT Realty Trust REIT	*	916		5,221
Camden Property Trust REIT		6,269		252,641
Capital Trust, Inc., Class A REIT	*†	4,198		12,762
CapLease, Inc. REIT		10,293		41,481
Capstead Mortgage Corp. REIT		8,552		118,958

See accompanying notes to schedule of investments.

109

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
CBL & Associates Properties, Inc. REIT	†	16,769	$	162,659
Cedar Shopping Centers, Inc. REIT	†	4,496		28,999
Chimera Investment Corp. REIT		59,608		227,703
Cogdell Spencer, Inc. REIT		8,226		39,485
Colonial Properties Trust REIT	†	2,752		26,777
Corporate Office Properties Trust REIT	†	4,944		182,335
Cousins Properties, Inc. REIT		13,565		112,317
Cypress Sharpridge Investments, Inc. REIT	*	1,630		23,146
DCT Industrial Trust, Inc. REIT	†	18,769		95,910
DiamondRock Hospitality Co. REIT	*	8,514		68,963
Digital Realty Trust, Inc. REIT	†	8,144		372,262
Douglas Emmett, Inc. REIT	†	12,435		152,702
Duke Realty Corp. REIT		24,841		298,340
DuPont Fabros Technology, Inc. REIT	*	4,263		56,826
Eastern Light Capital, Inc. REIT	*	799		3,444
EastGroup Properties, Inc. REIT	†	2,269		86,721
Education Realty Trust, Inc. REIT		8,420		49,931
Entertainment Properties Trust REIT	†	3,718		126,933
Equity Lifestyle Properties, Inc. REIT		2,415		103,338
Equity One, Inc. REIT	†	4,453		69,779
Essex Property Trust, Inc. REIT	†	2,472		196,722
Extra Space Storage, Inc. REIT	†	9,392		99,086
Federal Realty Investment Trust REIT	†	6,109		374,909
FelCor Lodging Trust, Inc. REIT	†	8,871		40,186
First Industrial Realty Trust, Inc. REIT		2,823		14,821
First Potomac Realty Trust REIT		4,965		57,395
Franklin Street Properties Corp. REIT		5,200		68,120
Getty Realty Corp. REIT		1,935		47,485
Glimcher Realty Trust REIT		8,833		32,417
Government Properties Income Trust REIT	*	1,940		46,579
Gramercy Capital Corp. REIT	*†	3,048		7,407
Hatteras Financial Corp. REIT	†	3,460		103,731
Healthcare Realty Trust, Inc. REIT	†	5,571		117,715
Hersha Hospitality Trust REIT		5,335		16,538
Highwoods Properties, Inc. REIT		6,615		208,042
HMG Courtland Properties REIT	*	1,250		4,625
Home Properties, Inc. REIT	†	2,509		108,113
Hospitality Properties Trust REIT		11,613		236,557
HRPT Properties Trust REIT	†	22,924		172,388
Inland Real Estate Corp. REIT		5,524		48,390
Invesco Mortgage Capital, Inc. REIT	*	972		21,238
Investors Real Estate Trust REIT		8,064		72,899
iStar Financial, Inc. REIT	*†	8,506		25,858
Kilroy Realty Corp. REIT	†	2,973	$	82,471
Kite Realty Group Trust REIT		8,526		35,553
LaSalle Hotel Properties REIT		6,022		118,393
Lexington Realty Trust REIT		6,982		35,608
Liberty Property Trust REIT		10,772		350,413
LTC Properties, Inc. REIT		3,135		75,365
Macerich Co. (The) REIT	†	8,280		251,132
Mack-Cali Realty Corp. REIT		7,349		237,593
Maguire Properties, Inc. REIT	*†	2,300		4,830
Medical Properties Trust, Inc. REIT	†	10,635		83,059
MFA Financial, Inc. REIT		24,174		192,425
Mid-America Apartment Communities, Inc. REIT	†	2,452		110,659
Mission West Properties, Inc. REIT		7,471		50,280
Monmouth Real Estate Investment Corp., Class A REIT		9,567		66,586
National Health Investors, Inc. REIT		2,715		85,930
National Retail Properties, Inc. REIT	†	7,081		152,029
Nationwide Health Properties, Inc. REIT		10,833		335,715
Newcastle Investment Corp. REIT		4,400		13,068
NorthStar Realty Finance Corp. REIT		8,645		30,344
Omega Healthcare Investors, Inc. REIT		7,036		112,717
Pacific Office Properties Trust, Inc. REIT		1,050		4,589
Parkway Properties, Inc. REIT		3,135		61,759
Pennsylvania Real Estate Investment Trust REIT		2,750		20,927
PMC Commercial Trust REIT		2,035		14,876
Post Properties, Inc. REIT		4,235		76,230
Potlatch Corp. REIT		2,871		81,680
PS Business Parks, Inc. REIT		1,882		96,584
RAIT Financial Trust REIT		5,932		17,440
Ramco-Gershenson Properties Trust REIT		1,412		12,595
Rayonier, Inc. REIT		7,749		317,012
Realty Income Corp. REIT	†	9,620		246,753
Redwood Trust, Inc. REIT		6,341		98,286
Regency Centers Corp. REIT	†	8,006		296,622
Resource Capital Corp. REIT		3,788		20,607
Saul Centers, Inc. REIT		1,310		42,051
Senior Housing Properties Trust REIT	†	12,704		242,773
SL Green Realty Corp. REIT	†	7,847		344,091
Sovran Self Storage, Inc. REIT		1,711		52,066
Starwood Property Trust, Inc. REIT	*	4,021		81,425
Strategic Hotels & Resorts, Inc. REIT	*	4,710		12,199
Sun Communities, Inc. REIT	†	3,803		81,841
Sunstone Hotel Investors, Inc. REIT	*†	7,095		50,374
Tanger Factory Outlet Centers, Inc. REIT		2,648		98,876
Taubman Centers, Inc. REIT	†	4,467		161,169
UDR, Inc. REIT		18,735		294,889
Universal Health Realty Income Trust REIT		2,198		71,545
Urstadt Biddle Properties, Inc., Class A REIT		3,726		54,362
U-Store-It Trust REIT		9,393		58,706

See accompanying notes to schedule of investments.

110

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Walter Investment Management Corp. REIT		2,165	$	34,683
Washington Real Estate Investment Trust REIT	†	6,297		181,354
Weingarten Realty Investors REIT	†	12,310		245,215
Winthrop Realty Trust REIT		2,133		20,775
				13,382,373
Real Estate Management & Development—0.5%
Altisource Portfolio Solutions SA (Luxembourg)	*	1,020		14,729
Brookfield Properties Corp. (Canada)	†	31,428		353,879
Consolidated-Tomoka Land Co.	†	530		20,299
Forest City Enterprises, Inc., Class A		13,633		182,273
Forestar Group, Inc.	*	3,217		55,268
Grubb & Ellis Co.	*	2,553		4,315
Jones Lang LaSalle, Inc.	†	3,159		149,642
St. Joe Co. (The)	*†	6,154		179,205
Tejon Ranch Co.	*	1,418		36,414
Thomas Properties Group, Inc.		2,396		6,924
				1,002,948
Road & Rail—0.8%
Amerco, Inc.	*	547		25,085
Arkansas Best Corp.		2,819		84,401
Avis Budget Group, Inc.	*†	9,790		130,794
Celadon Group, Inc.	*	1,972		22,303
Con-way, Inc.		3,246		124,387
Dollar Thrifty Automotive Group, Inc.	*	1,428		35,115
Genesee & Wyoming, Inc., Class A	*	2,893		87,716
Heartland Express, Inc.	†	5,189		74,722
Hertz Global Holdings, Inc.	*	9,638		104,380
J.B. Hunt Transport Services, Inc.		10,019		321,910
Kansas City Southern	*†	8,544		226,331
Knight Transportation, Inc.	†	6,280		105,378
Landstar System, Inc.		4,275		162,707
Old Dominion Freight Line, Inc.	*	2,496		75,953
PAM Transportation Services, Inc.	*	1,139		9,442
Quality Distribution, Inc.	*	914		3,080
Saia, Inc.	*†	1,522		24,474
Werner Enterprises, Inc.		5,050		94,081
YRC Worldwide, Inc.	*†	4,618		20,550
				1,732,809
Semiconductors & Semiconductor Equipment—3.1%
Actel Corp.	*†	4,134		50,311
Advanced Analogic Technologies, Inc.	*	5,860		23,264
Advanced Energy Industries, Inc.	*	4,472		63,681
Aetrium, Inc.	*	614		1,357
Amkor Technology, Inc.	*†	12,212		84,019
Anadigics, Inc.	*	4,986		23,484
Applied Micro Circuits Corp.	*	7,749		77,413
Atheros Communications, Inc.	*†	5,292		140,397
Atmel Corp.	*	38,623		161,830
ATMI, Inc.	*	3,386		61,456
Axcelis Technologies, Inc.	*	6,926	$	8,311
AXT, Inc.	*	4,552		8,740
Brooks Automation, Inc.	*	4,415		34,128
Cabot Microelectronics Corp.	*	2,070		72,160
California Micro Devices Corp.	*	2,476		7,973
Cavium Networks, Inc.	*†	4,914		105,504
Ceva, Inc.	*	3,092		33,239
Cirrus Logic, Inc.	*	5,397		30,007
Cohu, Inc.	†	1,889		25,615
Conexant Systems, Inc.	*	8,169		22,383
Cree, Inc.	*†	5,996		220,353
Cymer, Inc.	*†	2,731		106,127
Cypress Semiconductor Corp.	*†	13,944		144,042
Diodes, Inc.	*	3,326		60,167
DSP Group, Inc.	*	4,251		34,603
Electroglas, Inc.	*	3,991		32
Entegris, Inc.	*	7,678		38,006
Exar Corp.	*	3,475		25,541
Fairchild Semiconductor International, Inc.	*	9,371		95,865
FEI Co.	*	2,918		71,929
Formfactor, Inc.	*	3,763		90,011
FSI International, Inc.	*	4,280		4,965
Hittite Microwave Corp.	*†	2,783		102,359
Integrated Device Technology, Inc.	*	15,458		104,496
Integrated Silicon Solution, Inc.	*	2,930		11,017
International Rectifier Corp.	*	4,883		95,170
Intersil Corp., Class A		13,083		200,301
IXYS Corp.		3,270		27,828
Kopin Corp.	*	5,031		24,149
Kulicke & Soffa Industries, Inc.	*	4,089		24,657
Lam Research Corp.	*	10,851		370,670
Lattice Semiconductor Corp.	*	16,642		37,444
LTX-Credence Corp.	*†	14,256		23,522
Marvell Technology Group Ltd. (Bermuda)	*	45,986		744,513
Mattson Technology, Inc.	*	4,081		11,508
Maxim Integrated Products, Inc.		24,894		451,577
Micrel, Inc.		3,731		30,408
Microsemi Corp.	*	6,947		109,693
Mindspeed Technologies, Inc.	*†	802		2,310
MIPS Technologies, Inc.	*	5,359		20,203
MKS Instruments, Inc.	*†	3,260		62,885
Monolithic Power Systems, Inc.	*†	2,258		52,950
MoSys, Inc.	*	3,592		8,980
Netlogic Microsystems, Inc.	*	1,507		67,815
NVE Corp.	*†	771		40,986
Omnivision Technologies, Inc.	*	4,446		72,381
ON Semiconductor Corp.	*	32,294		266,426
PDF Solutions, Inc.	*	3,093		10,795
Pericom Semiconductor Corp.	*	2,254		22,112
Photronics, Inc.	*	1,989		9,428
PLX Technology, Inc.	*	2,950		9,941
PMC - Sierra, Inc.	*†	17,731		169,508
Power Integrations, Inc.		2,822		94,057
QuickLogic Corp.	*	4,080		6,936
Rambus, Inc.	*†	9,556		166,274
Ramtron International Corp.	*	1,920		4,858
RF Micro Devices, Inc.	*	18,530		100,618
Rudolph Technologies, Inc.	*	2,516		18,618
Semitool, Inc.	*	2,320		19,604
Semtech Corp.	*	4,634		78,824
Sigma Designs, Inc.	*	3,793		55,112
Silicon Image, Inc.	*	6,882		16,723
Silicon Laboratories, Inc.	*†	4,087		189,473
Silicon Storage Technology, Inc.	*	7,634		18,474

See accompanying notes to schedule of investments.

111

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Skyworks Solutions, Inc.	*†	14,260	$	188,802
Standard Microsystems Corp.	*	2,548		59,139
Supertex, Inc.	*†	815		24,450
Tegal Corp.	*	312		396
Tessera Technologies, Inc.	*	4,876		135,992
Transwitch Corp.	*	3,433		2,403
Trident Microsystems, Inc.	*	5,092		13,188
TriQuint Semiconductor, Inc.	*	13,250		102,290
Ultra Clean Holdings, Inc.	*	1,756		9,061
Ultratech, Inc.	*	2,462		32,572
Varian Semiconductor Equipment Associates, Inc.	*†	6,209		203,904
Veeco Instruments, Inc.	*	2,611		60,889
Virage Logic Corp.	*	3,332		17,360
Volterra Semiconductor Corp.	*	2,894		53,163
White Electronic Designs Corp.	*	4,551		21,026
Zoran Corp.	*	5,136		59,167
				6,866,318
Software—3.2%
ACI Worldwide, Inc.	*	3,078		46,570
Activision Blizzard, Inc.	*	62,232		771,054
Actuate Corp.	*	6,674		38,576
Advent Software, Inc.	*†	1,819		73,215
American Software, Inc., Class A		7,072		46,180
ANSYS, Inc.	*†	8,073		302,495
ArcSight, Inc.	*†	2,215		53,315
Ariba, Inc.	*†	8,263		95,851
Authentidate Holding Corp.	*	1,023		1,442
Blackbaud, Inc.		3,069		71,201
Blackboard, Inc.	*†	3,598		135,932
Bottomline Technologies, Inc.	*	3,578		46,156
Cadence Design Systems, Inc.	*	21,402		157,091
Callidus Software, Inc.	*	2,703		8,136
Chordiant Software, Inc.	*	1,859		7,232
CommVault Systems, Inc.	*	5,041		104,601
Concur Technologies, Inc.	*†	3,567		141,824
Datawatch Corp.	*	3,500		8,260
Double-Take Software, Inc.	*	3,666		37,357
Ebix, Inc.	*	1,308		72,411
Epicor Software Corp.	*	5,701		36,315
EPIQ Systems, Inc.	*	2,664		38,628
ePresence, Inc.	*‡δ	1,173		—
Evolving Systems, Inc.	*	527		3,663
Factset Research Systems, Inc.	†	4,061		269,001
Fair Isaac Corp.	†	4,740		101,863
FalconStor Software, Inc.	*	4,054		20,148
Informatica Corp.	*†	7,363		166,257
Interactive Intelligence, Inc.	*	1,644		31,417
Jack Henry & Associates, Inc.		7,992		187,572
JDA Software Group, Inc.	*	2,379		52,195
Kenexa Corp.	*†	2,904		39,146
Lawson Software, Inc.	*	14,326		89,394
Magma Design Automation, Inc.	*†	3,929		8,212
Manhattan Associates, Inc.	*	2,125		42,925
Mentor Graphics Corp.	*	7,373		68,643
Micros Systems, Inc.	*†	7,115		214,802
MicroStrategy, Inc., Class A	*	791		56,588
Netscout Systems, Inc.	*	3,784		51,122
Nuance Communications, Inc.	*†	23,302		348,598
Parametric Technology Corp.	*	9,256		127,918
Pegasystems, Inc.	†	2,142		73,963
Phoenix Technologies Ltd.	*	2,710		9,891
PLATO Learning, Inc.	*	1,826		7,888
Progress Software Corp.	*	3,213	$	72,774
PROS Holdings, Inc.	*	1,506		12,681
QAD, Inc.		1,363		6,202
Quest Software, Inc.	*	6,863		115,642
Radiant Systems, Inc.	*	2,709		29,095
Renaissance Learning, Inc.	†	1,354		13,459
Rovi Corp.	*	10,047		337,579
S1 Corp.	*	5,886		36,375
Scientific Learning Corp.	*	3,146		11,231
Smith Micro Software, Inc.	*†	2,612		32,284
SolarWinds, Inc.	*†	6,152		135,529
Solera Holdings, Inc.	†	7,414		230,650
Sonic Foundry, Inc.	*	6,100		3,904
Sonic Solutions, Inc.	*	1,810		10,733
SonicWALL, Inc.	*	4,632		38,909
SourceForge, Inc.	*	6,619		8,340
SPSS, Inc.	*	2,831		141,408
Sybase, Inc.	*	7,888		306,843
Symyx Technologies, Inc.	*	3,865		25,586
Synchronoss Technologies, Inc.	*	1,415		17,645
Synopsys, Inc.	*	15,829		354,886
Take-Two Interactive Software, Inc.	*†	5,625		63,056
Taleo Corp., Class A	*	2,401		54,359
TeleCommunication Systems, Inc., Class A	*	6,400		53,504
THQ, Inc.	*†	4,685		32,045
TIBCO Software, Inc.	*	15,556		147,626
TiVo, Inc.	*	8,402		87,045
Tyler Technologies, Inc.	*†	3,715		63,489
Ultimate Software Group, Inc.	*†	1,966		56,464
VASCO Data Security International, Inc.	*	4,225		31,349
Versant Corp.	*	1,264		22,626
VMware, Inc., Class A	*	4,678		187,915
Wayside Technology Group, Inc.		1,787		15,904
Websense, Inc.	*	3,500		58,800
				7,080,985
Specialty Retail—3.1%
A.C. Moore Arts & Crafts, Inc.	*	1,967		7,081
Aaron’s, Inc.	†	4,665		123,156
Advance Auto Parts, Inc.		7,732		303,713
Aeropostale, Inc.	*†	5,517		239,824
American Eagle Outfitters, Inc.		17,739		299,080
America’s Car-Mart, Inc.	*	1,569		37,578
AnnTaylor Stores Corp.	*†	7,577		120,399
Asbury Automotive Group, Inc.	*	2,974		37,710
Barnes & Noble, Inc.	†	3,301		73,348
Bebe Stores, Inc.		2,040		15,014
Big 5 Sporting Goods Corp.		2,416		36,482
Blockbuster, Inc., Class A	*	16,050		17,174
Borders Group, Inc.	*	3,582		11,140
Brown Shoe Co., Inc.		3,758		30,139
Buckle, Inc. (The)	†	2,041		69,680
Build-A-Bear Workshop, Inc.	*	5,570		27,126
Cabela’s, Inc.	*†	4,717		62,925
Cache, Inc.	*	2,130		10,565
Carmax, Inc.	*†	13,776		287,918
Casual Male Retail Group, Inc.	*†	2,471		8,500
Cato Corp. (The), Class A		2,994		60,748
Charlotte Russe Holding, Inc.	*	4,200		73,500
Charming Shoppes, Inc.	*†	10,301		50,578
Chico’s FAS, Inc.	*	18,871		245,323
Children’s Place Retail Stores, Inc. (The)	*	2,219		66,481
Christopher & Banks Corp.	†	6,972		47,200

See accompanying notes to schedule of investments.

112

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Citi Trends, Inc.	*	1,617	$	46,036
Coldwater Creek, Inc.	*†	9,425		77,285
Collective Brands, Inc.	*	5,897		102,195
Cost Plus, Inc.	*†	2,725		5,532
Destination Maternity Corp.	*	684		12,401
Dick’s Sporting Goods, Inc.	*†	7,504		168,090
Dress Barn, Inc.	*†	4,554		81,653
DSW, Inc., Class A	*	1,395		22,278
Finish Line, Inc. (The), Class A		3,667		37,257
Foot Locker, Inc.		14,098		168,471
Genesco, Inc.	*	2,452		59,020
Group 1 Automotive, Inc.	†	1,745		46,853
Guess?, Inc.		6,490		240,390
Gymboree Corp.	*†	2,665		128,933
Haverty Furniture Cos., Inc.	*	2,301		27,175
Hibbett Sports, Inc.	*†	2,997		54,635
Hot Topic, Inc.	*	5,272		39,487
J. Crew Group, Inc.	*†	4,149		148,617
Jo-Ann Stores, Inc.	*	2,192		58,811
JOS A. Bank Clothiers, Inc.	*†	2,128		95,271
Kirkland’s, Inc.	*	2,193		31,250
Lithia Motors, Inc., Class A		2,689		41,922
Lumber Liquidators, Inc.	*†	1,119		24,271
MarineMax, Inc.	*	3,026		23,633
Men’s Wearhouse, Inc. (The)		3,813		94,181
Midas, Inc.	*	1,278		12,013
Monro Muffler Brake, Inc.		1,635		51,977
OfficeMax, Inc.	*†	6,199		77,983
Pacific Sunwear of California, Inc.	*	5,046		25,987
Penske Auto Group, Inc.	†	2,975		57,060
Pep Boys-Manny, Moe & Jack (The)	†	3,451		33,716
PetSmart, Inc.	†	11,600		252,300
Pier 1 Imports, Inc.	*	6,447		24,950
Rent-A-Center, Inc.	*	7,097		133,991
Rex Stores Corp.	*†	1,034		11,271
Ross Stores, Inc.	†	11,334		541,425
Sally Beauty Holdings, Inc.	*†	7,911		56,247
Select Comfort Corp.	*	3,139		14,910
Shoe Carnival, Inc.	*†	1,098		16,931
Signet Jewelers Ltd. (Bermuda)	*	6,027		158,691
Sonic Automotive, Inc., Class A	†	4,249		44,615
Stage Stores, Inc.	†	3,672		47,589
Stein Mart, Inc.	*	3,731		47,421
Systemax, Inc.	*	1,358		16,473
Talbots, Inc.	†	1,205		11,122
Tractor Supply Co.	*†	3,365		162,933
Trans World Entertainment Corp.	*	1,932		1,758
Tween Brands, Inc.	*	5,581		46,825
Urban Outfitters, Inc.	*†	14,229		429,289
West Marine, Inc.	*†	2,443		19,202
Wet Seal, Inc. (The), Class A	*	16,190		61,198
Williams-Sonoma, Inc.		9,794		198,133
Zale Corp.	*†	2,902		20,749
				6,774,788
Textiles, Apparel & Luxury Goods—1.0%
Carter’s, Inc.	*	4,869		130,002
Charles & Colvard Ltd.	*	693		395
Cherokee, Inc.		2,054		49,234
Columbia Sportswear Co.	†	1,447		59,559
CROCS, Inc.	*	10,660		70,889
Culp, Inc.	*	888		4,946
Deckers Outdoor Corp.	*†	1,741		147,724
Forward Industries, Inc.	*	630	$	1,077
Fossil, Inc.	*	5,295		150,643
Hallwood Group, Inc.		100		2,520
Hanesbrands, Inc.	*	8,597		183,976
Iconix Brand Group, Inc.	*	7,941		99,024
Jones Apparel Group, Inc.		7,936		142,293
Kenneth Cole Productions, Inc., Class A		956		9,589
K-Swiss, Inc., Class A		2,909		25,570
Lazare Kaplan International, Inc.	*‡	1,140		2,280
Liz Claiborne, Inc.	†	7,285		35,915
Movado Group, Inc.		1,527		22,187
Oxford Industries, Inc.		3,052		60,124
Phillips-Van Heusen Corp.		4,515		193,197
Quiksilver, Inc.	*	7,789		21,420
Skechers U.S.A., Inc., Class A	*	3,797		65,081
Steven Madden Ltd.	*	1,528		56,246
Timberland Co. (The), Class A	*†	3,040		42,317
True Religion Apparel, Inc.	*†	1,923		49,863
Under Armour, Inc., Class A	*†	3,385		94,205
Unifi, Inc.	*	9,669		30,941
Unifirst Corp.		605		26,892
Warnaco Group, Inc. (The)	*	4,690		205,703
Wolverine World Wide, Inc.		4,210		104,576
				2,088,388
Thrifts & Mortgage Finance—1.1%
Anchor Bancorp Wisconsin, Inc.	†	5,568		7,238
Astoria Financial Corp.	†	6,733		74,332
Bank Mutual Corp.		5,557		49,124
BankAtlantic Bancorp, Inc., Class A	†	25,481		73,895
Beneficial Mutual Bancorp, Inc.	*†	4,733		43,212
Brookline Bancorp, Inc.		6,167		59,943
Capitol Federal Financial	†	2,421		79,699
CFS Bancorp, Inc.	†	1,873		8,878
Charter Financial Corp.	†	350		4,561
Corus Bankshares, Inc.	*†	4,380		394
Danvers Bancorp, Inc.	†	3,141		42,686
Dime Community Bancshares, Inc.		3,549		40,565
Doral Financial Corp. (Puerto Rico)	*†	3,585		13,265
ESSA Bancorp, Inc.		2,873		37,952
Federal Agricultural Mortgage Corp., Class C	†	1,507		11,303
Federal Home Loan Mortgage Corp.	*†	43,895		79,011
Federal National Mortgage Association	*†	66,437		100,984
First Financial Holdings, Inc.	†	990		15,810
First Financial Northwest, Inc.		3,255		18,944
First Financial Service Corp.		988		13,308
First Niagara Financial Group, Inc.		17,093		210,757
First Place Financial Corp.		1,727		5,095
Flagstar Bancorp, Inc.	*†	9,020		9,291
Flushing Financial Corp.		2,981		33,983
Harrington West Financial Group, Inc.	*	1,172		1,406
Kearny Financial Corp.	†	3,008		31,343
MGIC Investment Corp.	*†	9,027		66,890
NASB Financial, Inc.		529		13,913
New York Community Bancorp, Inc.	†	36,070		411,919
NewAlliance Bancshares, Inc.	†	8,585		91,860

See accompanying notes to schedule of investments.

113

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Northwest Bancorp, Inc.		2,429	$	55,478
OceanFirst Financial Corp.		2,108		24,453
Ocwen Financial Corp.	*†	3,062		34,662
Oritani Financial Corp.	†	2,110		28,780
Parkvale Financial Corp.		1,077		10,081
PMI Group, Inc. (The)	†	5,087		21,620
Provident Financial Services, Inc.	†	5,182		53,323
Provident New York Bancorp		5,681		54,254
Radian Group, Inc.		9,045		95,696
Riverview Bancorp, Inc.	*	2,602		9,627
TFS Financial Corp.		9,048		107,671
TierOne Corp.	*	1,971		6,564
Tree.com, Inc.	*†	433		3,269
Triad Guaranty, Inc.	*	5,663		7,192
Trustco Bank Corp.		7,080		44,250
United Financial Bancorp, Inc.		2,570		29,761
United Western Bancorp, Inc.		974		3,867
Washington Federal, Inc.	†	9,154		154,337
Westfield Financial, Inc.		4,068		34,456
WSFS Financial Corp.		610		16,250
				2,447,152
Tobacco—0.1%
Alliance One International, Inc.	*	10,209		45,736
Universal Corp.		1,971		82,427
Vector Group Ltd.		5,280		82,270
				210,433
Trading Companies & Distributors—0.5%
Aceto Corp.		3,385		22,341
Aircastle Ltd.		5,287		51,125
Applied Industrial Technologies, Inc.		2,868		60,687
Beacon Roofing Supply, Inc.	*	4,124		65,902
Building Materials Holding Corp.	*	4,826		265
GATX Corp.		3,432		95,924
H&E Equipment Services, Inc.	*	1,490		16,882
Houston Wire & Cable Co.	†	1,569		17,338
Interline Brands, Inc.	*	4,165		70,180
Kaman Corp.		2,736		60,137
MSC Industrial Direct Co., Class A		3,645		158,849
Rush Enterprises, Inc., Class A	*†	3,059		39,522
United Rentals, Inc.	*	8,627		88,858
Watsco, Inc.		2,671		143,994
WESCO International, Inc.	*†	5,009		144,259
Willis Lease Finance Corp.	*	1,234		16,869
				1,053,132
Water Utilities—0.3%
American States Water Co.		1,492		53,981
American Water Works Co., Inc.		7,046		140,497
Aqua America, Inc.	†	13,425		236,817
California Water Service Group		1,589		61,876
Connecticut Water Service, Inc.		1,839		41,175
Middlesex Water Co.		2,861		43,144
SJW Corp.		1,637		37,405
Southwest Water Co.	†	5,876		28,910
				643,805
Wireless Telecommunication Services—1.1%
Centennial Communications Corp.	*	7,222	$	57,632
Crown Castle International Corp.	*	24,619		772,052
FiberTower Corp.	*	6,580		7,106
iPCS, Inc.	*	1,789		31,129
Leap Wireless International, Inc.	*	10,561		206,468
NII Holdings, Inc.	*	14,994		449,520
NTELOS Holdings Corp.		3,103		54,799
SBA Communications Corp., Class A	*†	10,772		291,167
Shenandoah Telecommunications Co.	†	2,133		38,287
Syniverse Holdings, Inc.	*	5,235		91,612
Telephone & Data Systems, Inc.		8,158		252,980
United States Cellular Corp.	*	1,375		53,721
USA Mobility, Inc.	†	2,924		37,661
				2,344,134
TOTAL COMMON STOCKS
(Cost $214,341,645)				213,866,201
RIGHTS—0.0%
Biotechnology—0.0%
Ligand Pharmaceuticals, Inc., Expires 12/31/2011	*‡δ	4,683		—
Pharmaceuticals—0.0%
Fresenius Kabi Pharmaceuticals Holding, Inc. (Germany), Expires 06/30/2011	*	1,744		1,012
Textiles, Apparel & Luxury Goods—0.0%
Mossimo, Inc.	*‡δ	2,807		—
TOTAL RIGHTS
(Cost $—)				1,012
WARRANTS—0.0%
Diversified Financial Services—0.0%
Equitex, Inc., Class A, Expires 02/07/2010	*‡δ	264		—
Equitex, Inc., Class B, Expires 02/07/2010	*‡δ	264		—
Pegasus Wireless Corp., Expires 12/31/2009	*‡δ	200		—
TOTAL WARRANTS
(Cost $—)				—

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.2%
U.S. Treasury Bills—0.2%
U.S. Treasury Bill
0.129%	12/17/2009	‡‡
(Cost $499,862)			$	500,000		499,923

 

See accompanying notes to schedule of investments.

114

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
CASH EQUIVALENTS—28.7%
Institutional Money Market Funds—28.4%
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class		5,303,401	$	5,303,401
Fidelity Institutional Money Market: Money Market Portfolio—Institutional Class	††	28,997,356		28,997,356
Fidelity Institutional Money Market: Prime Money Market Portfolio— Institutional Class	††	9,000,000		9,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	9,000,000		9,000,000
Wells Fargo Advantage Cash Investment Money Market Fund—Select Class	††	5,000,000		5,000,000
Wells Fargo Advantage Heritage Money Market Fund—Select Class	††	5,000,000		5,000,000
				62,300,757

 

Coupon Rate	Maturity Date		Face		Value
Medium Term Note—0.3%
General Electric Capital Corp., Series A
0.534%	10/26/2009	#††	$	744,488		744,488
TOTAL CASH EQUIVALENTS
(Cost $63,045,245)						63,045,245
TOTAL INVESTMENTS—126.2%
(Cost $277,886,752)						277,412,381
Other assets less liabilities—(26.2%)						(57,666,540	)
NET ASSETS—100.0%					$	219,745,841

 

Legend to the Schedule of Investments:
REIT	Real Estate Investment Trust
†	Denotes all or a portion of the security on loan.
*	Non-income producing.
δ	Security has no market value at September 30, 2009.
‡	Security valued at fair value as determined by policies approved by the Board of Directors.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
#	Rate is subject to change. Rate shown reflects current rate.

See accompanying notes to schedule of investments.

115

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—95.5%
Australia—7.8%
AGL Energy Ltd.		7,248	$	87,246
Alumina Ltd.	*	43,731		69,895
Amcor Ltd.		20,553		99,049
AMP Ltd.		33,566		192,439
Aristocrat Leisure Ltd.		6,119		28,191
Arrow Energy Ltd.	*	8,204		30,852
Asciano Group	*	47,554		69,155
ASX Ltd.		2,784		86,255
Australia & New Zealand Banking Group Ltd.		39,854		853,704
AXA Asia Pacific Holdings Ltd.	†	16,374		62,849
Bendigo and Adelaide Bank Ltd.		5,094		42,161
BHP Billiton Ltd.		57,248		1,888,069
Billabong International Ltd.	†	3,672		38,786
BlueScope Steel Ltd.		31,699		81,577
Boral Ltd.	†	10,122		54,228
Brambles Ltd.		22,972		163,285
Caltex Australia Ltd.	*†	2,904		30,938
CFS Retail Property Trust REIT		29,651		52,353
Coca-Cola Amatil Ltd.		8,822		76,315
Cochlear Ltd.		961		56,519
Commonwealth Bank of Australia		25,735		1,169,049
Computershare Ltd.		7,579		74,390
Crown Ltd.		8,998		70,913
CSL Ltd.		10,117		298,138
CSR Ltd.		23,630		39,104
Dexus Property Group REIT		71,020		52,623
Energy Resources of Australia Ltd.		973		21,561
Fairfax Media Ltd.	†	34,271		51,656
Fortescue Metals Group Ltd.	*	21,130		70,702
Foster’s Group Ltd.		33,216		162,502
Goodman Fielder Ltd.		21,372		31,396
Goodman Group REIT		91,379		53,222
GPT Group REIT		142,647		85,786
Harvey Norman Holdings Ltd.		10,998		41,606
Incitec Pivot Ltd.		27,185		67,601
Insurance Australia Group Ltd.		34,419		114,417
Leighton Holdings Ltd.		2,521		80,046
Lend Lease Corp. Ltd.		6,844		63,743
Lion Nathan Ltd.	†	4,911		49,510
Macquarie Airports		9,138		22,813
Macquarie Group Ltd.	†	5,112		263,934
Macquarie Infrastructure Group		40,325		52,280
Metcash Ltd.		12,151		48,170
Mirvac Group REIT		44,236		65,061
National Australia Bank Ltd.		32,759		886,475
Newcrest Mining Ltd.		8,085		227,538
Nufarm Ltd.		2,693		26,808
OneSteel Ltd.		24,172		64,268
Orica Ltd.		6,229		128,712
Origin Energy Ltd.		14,621		210,038
OZ Minerals Ltd.	*	53,704		53,863
Paladin Energy Ltd.	*	8,157		32,217
Perpetual Ltd.		532		18,297
Qantas Airways Ltd.		18,484		46,432
QBE Insurance Group Ltd.		16,641		351,855
Rio Tinto Ltd.		7,467		388,064
Santos Ltd.		14,116		188,873
Sims Metal Management Ltd.		2,622		52,468
Sonic Healthcare Ltd.		6,206		77,592
SP AusNet		20,280		15,782
Stockland REIT		38,561	$	138,023
Suncorp-Metway Ltd.		22,516		175,752
Tabcorp Holdings Ltd.		9,246		58,107
Tatts Group Ltd.		20,637		46,284
Telstra Corp. Ltd.		73,908		212,852
Toll Holdings Ltd.		10,485		78,638
Transurban Group		18,847		67,982
Wesfarmers Ltd.		16,525		385,103
Wesfarmers Ltd. (Price Protected Shares)		3,226		75,306
Westfield Group REIT		34,568		421,933
Westpac Banking Corp.		49,683		1,146,577
Woodside Petroleum Ltd.		8,382		384,528
Woolworths Ltd.		20,971		540,527
WorleyParsons Ltd.		2,605		67,947
				13,682,930
Austria—0.3%
Erste Group Bank AG		2,966		133,358
OMV AG		2,644		107,128
Raiffeisen International Bank Holding AG		930		61,042
Telekom Austria AG		5,295		95,731
Verbund—Oesterreichische Elektrizitaetswirtschafts AG, Class A		1,308		66,333
Vienna Insurance Group		618		35,428
Voestalpine AG		1,825		65,472
				564,492
Belgium—0.9%
Anheuser-Busch InBev NV		12,336		565,827
Anheuser-Busch InBev NV STRIP VVPR	*	4,872		21
Belgacom SA	†	2,504		97,692
Colruyt SA	†	256		60,190
Delhaize Group SA		1,745		121,325
Dexia SA	*	8,587		79,639
Fortis	*	37,598		177,039
Groupe Bruxelles Lambert SA		1,399		129,644
Groupe Bruxelles Lambert SA STRIP VVPR	*	127		2
KBC Groep NV	*	2,606		131,763
Mobistar SA		449		31,117
Nationale A Portefeuille		620		33,818
Solvay SA		1,015		105,576
UCB SA	†	1,717		72,629
Umicore	†	1,995		59,948
				1,666,230
Bermuda—0.1%
Seadrill Ltd.	*†	4,479		93,770
China—0.0%
Foxconn International Holdings Ltd.	*	41,000		26,807
Cyprus—0.0%
Bank of Cyprus Public Co. Ltd.		9,449		72,366
Denmark—0.9%
A.P. Moller—Maersk A/S, Class A		9		60,560
A.P. Moller—Maersk A/S, Class B		18		124,631
Carlsberg A/S, Class B		1,803		131,169
Coloplast A/S, Class B		394		33,086
Danske Bank A/S	*	7,650		202,168
DSV A/S	*	2,883		51,674
H Lundbeck A/S		860		17,915

See accompanying notes to schedule of investments.

116

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Novo Nordisk A/S, Class B		7,660	$	481,768
Novozymes A/S, Class B		839		79,302
Topdanmark A/S	*	241		36,552
TrygVesta A/S		350		26,870
Vestas Wind Systems A/S	*	3,417		249,075
William Demant Holding	*	358		26,710
				1,521,480
Finland—1.2%
Elisa Oyj		2,334		47,964
Fortum Oyj		7,642		196,368
Kesko Oyj, Class B	†	1,238		41,554
Kone Oyj, Class B		2,601		95,740
Metso Oyj		2,116		59,653
Neste Oil Oyj	†	2,068		38,272
Nokia Oyj		63,545		932,023
Nokian Renkaat Oyj		1,862		43,492
Orion Oyj, Class B		1,592		29,395
Outokumpu Oyj		2,272		42,907
Pohjola Bank plc		2,462		28,189
Rautaruukki Oyj	†	1,584		38,117
Sampo Oyj, Class A		7,245		182,885
Sanoma Oyj	†	1,909		42,197
Stora Enso Oyj, Class R	*†	9,940		69,403
UPM-Kymmene Oyj		9,029		108,588
Wartsila Oyj	†	1,429		57,351
				2,054,098
France—10.0%
Accor SA	†	2,409		134,458
Aeroports de Paris		565		50,942
Air France-KLM	*	2,488		45,381
Air Liquide SA		4,243		483,476
Alcatel-Lucent	*†	38,733		174,465
Alstom SA		3,453		252,869
Atos Origin SA	*	801		40,571
AXA SA		26,788		727,158
BioMerieux		244		26,893
BNP Paribas		14,276		1,145,679
Bouygues SA		3,840		196,211
Bureau Veritas SA		761		43,034
Cap Gemini SA	†	2,464		129,496
Carrefour SA		10,855		494,176
Casino Guichard Perrachon SA	†	967		77,185
Christian Dior SA		1,107		109,710
Cie de Saint-Gobain	†	6,194		323,666
Cie Generale de Geophysique-Veritas	*†	2,451		57,455
Cie Generale d’Optique Essilor International SA		3,372		192,549
CNP Assurances		676		69,002
Compagnie Generale des Etablissements Michelin, Class B		2,404		189,304
Credit Agricole SA	†	14,947		313,809
Danone SA		9,409		569,151
Dassault Systemes SA		1,254		70,066
EDF SA		3,977		236,730
Eiffage SA		649		41,468
Eramet	†	86		29,944
Eurazeo		426		27,960
Eutelsat Communications		1,555		47,402
Fonciere Des Regions REIT		417		48,640
France Telecom SA		31,264		833,714
GDF Suez		20,606		917,433
Gecina SA REIT	†	340		40,674
Hermes International	†	912	$	134,942
ICADE REIT		336		36,026
Iliad SA		227		25,641
Imerys SA		526		30,230
Ipsen SA		445		24,426
JCDecaux SA	*†	1,530		33,124
Klepierre REIT		1,610		64,027
Lafarge SA	†	3,523		315,901
Lagardere SCA		2,073		96,868
Legrand SA		1,808		50,421
L’Oreal SA		4,103		408,645
LVMH Moet Hennessy Louis Vuitton SA		4,196		423,207
M6-Metropole Television		1,111		29,297
Natixis	*	15,994		96,913
Neopost SA	†	600		53,941
PagesJaunes Groupe	†	1,971		25,644
Pernod-Ricard SA	†	3,330		265,427
Peugeot SA	*	2,438		74,694
PPR		1,274		163,909
Publicis Groupe	†	1,942		78,281
Renault SA	*	3,199		150,290
Safran SA		3,027		56,892
Sanofi-Aventis SA		17,962		1,324,616
Schneider Electric SA		4,000		406,981
SCOR SE		2,746		75,216
Societe BIC SA		451		32,119
Societe Des Autoroutes Paris-Rhin-Rhone		414		31,583
Societe Generale		7,943		642,484
Societe Television Francaise 1		2,508		44,297
Sodexo		1,672		100,425
Suez Environnement Co.	†	4,703		107,738
Technip SA		1,700		108,941
Thales SA		1,497		74,435
Total SA		36,407		2,164,020
Unibail-Rodamco SE (Paris Exchange) REIT	†	1,367		284,683
Vallourec SA		929		158,124
Veolia Environnement	†	6,351		244,217
Vinci SA		7,238		411,044
Vivendi SA		20,016		622,061
				17,612,401
Germany—7.4%
Adidas AG	†	3,316		175,229
Allianz SE (Registered)		7,737		965,222
BASF SE		15,768		834,836
Bayer AG		13,056		903,706
Bayerische Motoren Werke AG	†	5,560		267,654
Beiersdorf AG	†	1,579		92,477
Celesio AG	†	1,532		42,216
Commerzbank AG	*†	12,321		155,852
Daimler AG (Registered)	†	15,411		773,138
Deutsche Bank AG (Registered)		9,974		761,894
Deutsche Boerse AG		3,269		266,676
Deutsche Lufthansa AG (Registered)		3,693		65,194
Deutsche Post AG (Registered)		14,210		264,733
Deutsche Postbank AG	*	1,429		50,433
Deutsche Telekom AG (Registered)		48,461		661,360
E.ON AG		32,438		1,372,944
Fraport AG Frankfurt Airport Services Worldwide		637		33,761
Fresenius Medical Care AG & Co. KGaA	†	3,303		164,286
Fresenius SE		494		24,243

See accompanying notes to schedule of investments.

117

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
GEA Group AG		2,680	$	55,693
Hamburger Hafen und Logistik AG		293		13,181
Hannover Rueckversicherung AG (Registered)	*	958		43,904
Henkel AG & Co. KGaA		2,276		82,556
Hochtief AG		816		61,948
Infineon Technologies AG	*†	16,559		93,069
K+S AG		2,495		135,855
Linde AG		2,545		275,607
MAN SE		1,752		143,906
Merck KGaA		1,091		108,273
Metro AG	†	2,019		114,018
Muenchener Rueckversicherungs AG (Registered)		3,531		562,780
Puma AG Rudolf Dassler Sport		91		30,057
RWE AG		7,157		663,849
Salzgitter AG		639		61,026
SAP AG		14,663		711,014
Siemens AG (Registered)	†	14,044		1,293,177
Solarworld AG	†	1,548		37,269
Suedzucker AG		1,160		23,478
ThyssenKrupp AG		5,757		196,891
TUI AG	*†	2,403		24,648
United Internet AG (Registered)	*†	2,186		32,922
Volkswagen AG	†	1,516		249,327
Wacker Chemie AG		270		41,993
				12,932,295
Greece—0.6%
Alpha Bank AE	*	6,130		113,713
Coca Cola Hellenic Bottling Co. SA		2,905		77,931
EFG Eurobank Ergasias SA	*	5,290		83,731
Hellenic Petroleum SA		1,972		22,423
Hellenic Telecommunications Organization SA		4,058		67,292
Marfin Investment Group SA	*	10,995		47,538
National Bank of Greece SA	*	10,407		375,596
OPAP SA		3,602		93,120
Piraeus Bank SA	*	5,071		94,526
Public Power Corp. SA	*	2,009		44,822
Titan Cement Co. SA		891		30,886
				1,051,578
Hong Kong—2.3%
ASM Pacific Technology Ltd.		3,500		24,735
Bank of East Asia Ltd.	†	24,320		87,444
BOC Hong Kong Holdings Ltd.	†	64,000		139,768
Cathay Pacific Airways Ltd.	*	18,000		28,364
Cheung Kong Holdings Ltd.		24,000		303,417
Cheung Kong Infrastructure Holdings Ltd.	†	7,000		24,971
Chinese Estates Holdings Ltd.		15,000		25,259
CLP Holdings Ltd.		34,500		233,918
Esprit Holdings Ltd.		18,900		126,641
Genting Singapore plc	*	61,000		48,335
Hang Lung Group Ltd.		14,000		69,786
Hang Lung Properties Ltd.		34,000		124,481
Hang Seng Bank Ltd.		12,800		183,766
Henderson Land Development Co. Ltd.		18,000		117,892
Hong Kong & China Gas Co. Ltd.	†	67,600	$	170,371
Hong Kong Aircraft Engineering Company Ltd.		1,200		14,298
Hong Kong Exchanges and Clearing Ltd.		17,500		315,726
Hongkong Electric Holdings Ltd.	†	24,000		131,505
Hopewell Holdings Ltd.		11,000		34,425
Hutchison Whampoa Ltd.		37,000		266,091
Hysan Development Co. Ltd.		10,000		24,949
Kerry Properties Ltd.		12,500		66,540
Li & Fung Ltd.		35,600		142,632
Lifestyle International Holdings Ltd.		11,000		16,596
Link (The) REIT	†	38,000		83,515
Mongolia Energy Co. Ltd.	*	56,000		19,748
MTR Corp.		24,000		83,169
New World Development Ltd.	†	42,600		91,252
Noble Group Ltd.		22,200		38,290
NWS Holdings Ltd.		13,000		25,080
Orient Overseas International Ltd.		3,700		18,823
PCCW Ltd.		54,000		14,024
Shangri-La Asia Ltd.	†	22,000		41,374
Sino Land Co. Ltd.		30,000		53,447
Sun Hung Kai Properties Ltd.		24,000		352,522
Swire Pacific Ltd., Class A		13,500		158,409
Television Broadcasts Ltd.		5,000		21,493
Wharf Holdings Ltd.		23,125		122,270
Wheelock & Co. Ltd.		14,000		45,748
Wing Hang Bank Ltd.		3,000		29,414
Yue Yuen Industrial Holdings Ltd.		11,000		30,413
				3,950,901
Ireland—0.5%
Anglo Irish Bank Corp. Ltd.	*‡δ	11,206		—
CRH plc (Dublin Exchange)		11,476		317,761
Elan Corp. plc	*	7,416		53,138
Experian plc		17,497		147,750
Julius Baer Holding AG (Registered)		3,520		176,546
Kerry Group plc, Class A		2,314		66,257
Shire plc		9,669		167,852
				929,304
Italy—3.5%
A2A SpA	†	17,876		35,200
ACEA SpA		1,141		14,971
Alleanza Assicurazioni SpA		7,474		67,563
Assicurazioni Generali SpA	†	18,105		497,075
Atlantia SpA		4,353		105,611
Autogrill SpA	*†	2,618		31,718
Banca Carige SpA		9,271		27,726
Banca Monte dei Paschi di Siena SpA	†	39,870		85,534
Banca Popolare di Milano Scarl		6,574		50,171
Banco Popolare SC	*	10,888		104,883
Enel SpA		112,502		715,580
ENI SpA	†	44,447		1,110,678
Exor SpA		1,270		23,572
Fiat SpA	*†	12,872		166,063
Finmeccanica SpA	†	7,024		124,420
Fondiaria-Sai SpA	†	1,454		30,639
Intesa Sanpaolo SpA	*	131,747		584,547
Intesa Sanpaolo SpA RSP		14,283		50,917

See accompanying notes to schedule of investments.

118

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Italcementi SpA		992	$	15,325
Lottomatica SpA		894		20,052
Luxottica Group SpA	*†	1,959		50,666
Mediaset SpA	†	13,265		92,979
Mediobanca SpA		8,107		111,017
Mediolanum SpA	†	3,095		21,584
Parmalat SpA		27,037		74,886
Pirelli & C. SpA	*†	39,884		21,414
Prysmian SpA		1,905		35,833
Saipem SpA		4,586		138,509
Saras SpA	†	4,309		16,657
Snam Rete Gas SpA		26,020		126,706
Telecom Italia SpA		168,373		296,057
Telecom Italia SpA RSP		100,213		123,436
Terna Rete Elettrica Nazionale SpA		20,769		81,069
UniCredit SpA	*†	241,110		946,325
Unione di Banche Italiane ScpA	†	9,502		146,170
Unipol Gruppo Finanziario SpA	*†	10,948		16,656
				6,162,209
Japan—20.5%
77 Bank Ltd. (The)		5,000		28,444
ABC-Mart, Inc.		300		9,329
Acom Co. Ltd.	†	750		11,511
Advantest Corp.	†	2,800		77,292
Aeon Co. Ltd.		11,100		105,866
Aeon Credit Service Co. Ltd.	†	1,400		14,050
Aeon Mall Co. Ltd.		1,400		29,013
Aioi Insurance Co. Ltd.		9,000		45,719
Aisin Seiki Co. Ltd.		3,200		77,722
Ajinomoto Co., Inc.		11,000		110,170
Alfresa Holdings Corp.		400		16,300
All Nippon Airways Co. Ltd.		15,000		43,052
Amada Co. Ltd.		5,000		33,571
Aozora Bank Ltd.	*	11,000		15,905
Asahi Breweries Ltd.	†	6,500		118,708
Asahi Glass Co. Ltd.		17,000		137,017
Asahi Kasei Corp.		21,000		106,663
Asics Corp.	†	4,000		37,128
Astellas Pharma, Inc.		7,775		318,805
Bank of Kyoto Ltd. (The)		5,000		45,831
Bank of Yokohama Ltd. (The)		21,000		102,569
Benesse Holdings, Inc.		1,300		63,630
Bridgestone Corp.		10,200		182,423
Brother Industries Ltd.	†	3,800		45,461
Canon Marketing Japan, Inc.		900		15,879
Canon, Inc.		18,200		729,209
Casio Computer Co. Ltd.	†	4,500		36,724
Central Japan Railway Co.		26		187,023
Chiba Bank Ltd. (The)	†	12,000		74,067
Chubu Electric Power Co., Inc.		11,100		269,191
Chugai Pharmaceutical Co. Ltd.	†	3,800		78,459
Chugoku Bank Ltd. (The)		3,000		37,941
Chugoku Electric Power Co., Inc. (The)	†	4,500		98,882
Chuo Mitsui Trust Holdings, Inc.		16,000		59,030
Citizen Holdings Co. Ltd.		4,700		26,381
Coca-Cola West Holdings Co. Ltd.		1,200		23,429
Cosmo Oil Co. Ltd.	†	12,000		33,321
Credit Saison Co. Ltd.	†	2,400		28,057
Dai Nippon Printing Co. Ltd.		10,000		137,115
Daicel Chemical Industries Ltd.		5,000	$	30,114
Daido Steel Co. Ltd.	†	4,000		14,474
Daihatsu Motor Co. Ltd.	†	3,000		30,563
Daiichi Sankyo Co. Ltd.		11,602		239,207
Daikin Industries Ltd.	†	4,100		146,882
Dainippon Sumitomo Pharma Co. Ltd.		3,000		32,651
Daito Trust Construction Co. Ltd.		1,400		61,034
Daiwa House Industry Co. Ltd.		9,000		94,103
Daiwa Securities Group, Inc.	†	27,000		138,707
Dena Co. Ltd.	†	5		13,788
Denki Kagaku Kogyo K.K.		8,000		32,845
Denso Corp.		8,200		240,482
Dentsu, Inc.	†	2,800		65,093
DIC Corp.		14,000		19,926
Dowa Holdings Co. Ltd.		5,000		30,123
East Japan Railway Co.		5,700		410,965
Eisai Co. Ltd.	†	4,400		165,221
Electric Power Development Co. Ltd.		2,340		74,083
Elpida Memory, Inc.	*	2,100		27,385
FamilyMart Co. Ltd.	†	900		28,939
Fanuc Ltd.		3,300		294,726
Fast Retailing Co. Ltd.		800		101,046
Fuji Electric Holdings Co. Ltd.	*†	7,000		12,896
Fuji Heavy Industries Ltd.	*†	11,000		42,618
FUJIFILM Holdings Corp.		8,200		244,864
Fujitsu Ltd.	†	31,000		202,197
Fukuoka Financial Group, Inc.		14,000		57,947
Furukawa Electric Co. Ltd.	†	10,000		40,461
GS Yuasa Corp.	†	6,000		54,677
Gunma Bank Ltd. (The)		6,000		32,919
Hachijuni Bank Ltd. (The)		6,000		33,314
Hakuhodo DY Holdings, Inc.		320		17,398
Hankyu Hanshin Holdings, Inc.	†	18,600		89,121
Hikari Tsushin, Inc.		500		10,900
Hino Motors Ltd.	*	5,000		18,937
Hirose Electric Co. Ltd.	†	530		59,619
Hiroshima Bank Ltd. (The)		10,000		41,241
Hisamitsu Pharmaceutical Co., Inc.	†	1,200		48,640
Hitachi Chemical Co. Ltd.		2,300		46,880
Hitachi Construction Machinery Co. Ltd.	†	2,000		42,769
Hitachi High-Technologies Corp.		1,100		22,944
Hitachi Ltd.	*	58,000		178,088
Hitachi Metals Ltd.		3,000		30,649
Hokkaido Electric Power Co., Inc.		3,000		62,336
Hokuhoku Financial Group, Inc.		19,000		44,299
Hokuriku Electric Power Co.		3,200		81,381
Honda Motor Co. Ltd.		28,200		856,427
HOYA Corp.		7,100		167,277
Ibiden Co. Ltd.		2,200		81,507
Idemitsu Kosan Co. Ltd.		400		32,941
IHI Corp.	*	21,000		42,476
INPEX Corp.		14		118,773
Isetan Mitsukoshi Holdings Ltd.	†	5,940		68,049
Isuzu Motors Ltd.	*†	18,000		37,971
Ito En Ltd.		800		14,832
ITOCHU Corp.		25,000		164,844
Itochu Techno-Solutions Corp.		300		9,218
Iyo Bank Ltd. (The)		4,000		36,015

See accompanying notes to schedule of investments.

119

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
J. Front Retailing Co. Ltd.	†	8,600	$	51,628
Jafco Co. Ltd.		400		12,169
Japan Airlines Corp.	*	14,000		20,528
Japan Petroleum Exploration Co.		500		25,432
Japan Prime Realty Investment Corp. REIT		12		29,066
Japan Real Estate Investment Corp. REIT		7		57,143
Japan Retail Fund Investment Corp. REIT		6		32,433
Japan Steel Works Ltd. (The)	†	6,000		68,741
Japan Tobacco, Inc.		75		256,419
JFE Holdings, Inc.		8,400		287,241
JGC Corp.		4,000		81,382
Joyo Bank Ltd. (The)		11,000		53,927
JS Group Corp.		4,100		71,692
JSR Corp.	†	3,000		61,286
JTEKT Corp.		3,700		42,943
Jupiter Telecommunications Co. Ltd.		36		34,812
Kajima Corp.		14,000		35,898
Kamigumi Co. Ltd.		5,000		40,772
Kaneka Corp.		6,000		42,998
Kansai Electric Power Co., Inc. (The)	†	12,800		308,958
Kansai Paint Co. Ltd.		4,000		31,121
Kao Corp.		9,000		222,230
Kawasaki Heavy Industries Ltd.	†	23,000		58,269
Kawasaki Kisen Kaisha Ltd.	*	9,000		33,235
KDDI Corp.		49		275,676
Keihin Electric Express Railway Co. Ltd.	†	7,000		59,312
Keio Corp.	†	9,000		61,423
Keisei Electric Railway Co. Ltd.		4,000		26,544
Keyence Corp.		693		147,645
Kikkoman Corp.		3,000		37,295
Kinden Corp.		2,000		16,675
Kintetsu Corp.	†	28,000		108,351
Kirin Holdings Co. Ltd.		14,000		214,423
Kobe Steel Ltd.	*	46,000		80,013
Komatsu Ltd.		15,900		296,716
Konami Corp.	†	1,600		32,521
Konica Minolta Holdings, Inc.	†	8,000		75,500
Kubota Corp.	†	19,000		157,410
Kuraray Co. Ltd.		5,500		59,895
Kurita Water Industries Ltd.	†	1,800		64,437
Kyocera Corp.		2,800		258,651
Kyowa Hakko Kirin Co. Ltd.		5,000		63,175
Kyushu Electric Power Co., Inc.		6,400		144,986
Lawson, Inc.		1,100		51,064
Leopalace21 Corp.	†	2,400		19,212
Mabuchi Motor Co. Ltd.		400		20,325
Makita Corp.		2,100		66,367
Marubeni Corp.		29,000		145,653
Marui Group Co. Ltd.	†	4,000		28,509
Maruichi Steel Tube Ltd.	†	500		9,966
Matsui Securities Co. Ltd.	†	1,500		12,188
Mazda Motor Corp.	*†	15,000		33,496
McDonald’s Holdings Co. Japan Ltd.		1,000		20,015
Mediceo Paltac Holdings Co. Ltd.		2,100		29,502
MEIJI Holdings Co. Ltd.	*	1,102		46,760
Minebea Co. Ltd.		5,000		22,887
Mitsubishi Chemical Holdings Corp.		22,000	$	91,152
Mitsubishi Corp.		23,200		466,606
Mitsubishi Electric Corp.	*	33,000		249,352
Mitsubishi Estate Co. Ltd.		20,000		312,876
Mitsubishi Gas Chemical Co., Inc.	†	7,000		37,930
Mitsubishi Heavy Industries Ltd.	†	51,000		192,490
Mitsubishi Logistics Corp.		2,000		24,127
Mitsubishi Materials Corp.	*	18,000		49,494
Mitsubishi Motors Corp.	*†	63,000		103,627
Mitsubishi Rayon Co. Ltd.		10,000		34,212
Mitsubishi Tanabe Pharma Corp.	†	4,000		53,214
Mitsubishi UFJ Financial Group, Inc.		158,940		849,398
Mitsubishi UFJ Lease & Finance Co. Ltd.	†	920		27,585
Mitsui & Co. Ltd.		30,000		390,291
Mitsui Chemicals, Inc.	†	10,000		35,495
Mitsui Engineering & Shipbuilding Co. Ltd.		12,000		31,040
Mitsui Fudosan Co. Ltd.	†	14,000		235,738
Mitsui Mining & Smelting Co. Ltd.	*	12,000		30,636
Mitsui OSK Lines Ltd.	†	19,000		112,044
Mitsui Sumitomo Insurance Group Holdings, Inc.	†	7,100		194,496
Mitsumi Electric Co. Ltd.	†	1,700		36,526
Mizuho Financial Group, Inc.		215,300		424,037
Mizuho Securities Co. Ltd.	†	9,000		32,626
Mizuho Trust & Banking Co. Ltd.	*	24,000		25,303
Murata Manufacturing Co. Ltd.	†	3,600		169,976
Namco Bandai Holdings, Inc.	†	4,150		42,396
NEC Corp.	*†	31,000		97,005
NGK Insulators Ltd.		4,000		92,289
NGK Spark Plug Co. Ltd.		3,000		38,216
NHK Spring Co. Ltd.	†	2,000		16,466
Nidec Corp.		1,800		145,721
Nikon Corp.	†	6,000		109,281
Nintendo Co. Ltd.		1,700		433,518
Nippon Building Fund, Inc. REIT		9		80,120
Nippon Electric Glass Co. Ltd.		6,500		59,152
Nippon Express Co. Ltd.		14,000		56,826
Nippon Meat Packers, Inc.	†	3,000		38,415
Nippon Mining Holdings, Inc.		16,000		78,407
Nippon Oil Corp.		21,000		117,507
Nippon Paper Group, Inc.	†	1,500		43,165
Nippon Sheet Glass Co. Ltd.	†	11,000		36,596
Nippon Steel Corp.		86,000		313,068
Nippon Telegraph & Telephone Corp.		8,900		410,751
Nippon Yusen K.K.		18,000		69,320
Nipponkoa Insurance Co. Ltd.	†	11,000		68,623
Nishi-Nippon City Bank Ltd. (The)		11,000		27,701
Nissan Chemical Industries Ltd.		2,000		28,736
Nissan Motor Co. Ltd.	*	41,700		281,010
Nissay Dowa General Insurance Co. Ltd.		2,000		10,198
Nisshin Seifun Group, Inc.		3,200		44,641
Nisshin Steel Co. Ltd.	†	15,000		26,599
Nisshinbo Industries, Inc.		2,000		21,213
Nissin Food Products Co. Ltd.		1,500		57,517

See accompanying notes to schedule of investments.

120

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Nitori Co. Ltd.	†	600	$	51,050
Nitto Denko Corp.		2,800		85,557
NOK Corp.		2,000		29,695
Nomura Holdings, Inc.	†	42,800		262,358
Nomura Real Estate Holdings, Inc.	†	1,700		27,499
Nomura Real Estate Office Fund, Inc. REIT		5		33,148
Nomura Research Institute Ltd.		1,650		39,194
NSK Ltd.		7,000		43,259
NTN Corp.	†	9,000		37,236
NTT Data Corp.		23		73,443
NTT DoCoMo, Inc.		263		418,901
NTT Urban Development Corp.	†	24		21,985
Obayashi Corp.		11,000		48,249
Obic Co. Ltd.		100		16,876
Odakyu Electric Railway Co. Ltd.	†	11,000		99,304
OJI Paper Co. Ltd.	†	15,000		67,523
Olympus Corp.	†	4,000		105,578
Omron Corp.		3,400		63,883
Ono Pharmaceutical Co. Ltd.		1,500		77,911
Onward Holdings Co. Ltd.	†	2,000		14,839
Oracle Corp. Japan	†	600		26,700
Oriental Land Co. Ltd.	†	800		56,286
ORIX Corp.	†	1,820		110,542
Osaka Gas Co. Ltd.		33,000		115,557
OSAKA Titanium Technologies Co.	†	200		5,709
Otsuka Corp.		200		11,942
Panasonic Corp.	†	34,000		497,558
Panasonic Electric Works Co. Ltd.		7,000		83,488
Promise Co. Ltd.	*†	1,060		5,761
Rakuten, Inc.		122		81,212
Resona Holdings, Inc.		8,900		114,064
Ricoh Co. Ltd.		12,000		174,293
Rinnai Corp.		600		28,267
Rohm Co. Ltd.		1,700		118,441
Sankyo Co. Ltd.		900		56,178
Santen Pharmaceutical Co. Ltd.		1,100		40,389
Sanyo Electric Co. Ltd.	*†	29,000		68,586
Sapporo Hokuyo Holdings, Inc.		4,000		14,160
Sapporo Holdings Ltd.		4,000		20,353
SBI Holdings, Inc.	†	295		58,111
Secom Co. Ltd.		3,500		175,820
Sega Sammy Holdings, Inc.	†	2,848		36,922
Seiko Epson Corp.		2,400		35,859
Sekisui Chemical Co. Ltd.		8,000		46,384
Sekisui House Ltd.		9,000		81,025
Seven & I Holdings Co. Ltd.	†	12,940		308,841
Seven Bank Ltd.	†	9		22,249
Sharp Corp.	†	17,000		188,617
Shikoku Electric Power Co., Inc.	†	3,200		97,584
Shimadzu Corp.		4,000		28,889
Shimamura Co. Ltd.		400		39,212
Shimano, Inc.	†	1,200		51,611
Shimizu Corp.		10,000		39,345
Shin-Etsu Chemical Co. Ltd.		6,900		423,303
Shinko Electric Industries Co. Ltd.		800		14,186
Shinsei Bank Ltd.	*†	16,000		24,428
Shionogi & Co. Ltd.	†	5,000		118,277
Shiseido Co. Ltd.	†	6,000		104,477
Shizuoka Bank Ltd. (The)		10,000	$	105,234
Showa Denko K.K.	†	22,000		44,647
Showa Shell Sekiyu K.K.		2,900		31,624
SMC Corp.	†	900		110,254
Softbank Corp.		12,700		278,367
Sojitz Corp.	†	21,200		40,193
Sompo Japan Insurance, Inc.		15,000		100,374
Sony Corp.	†	17,200		504,012
Sony Financial Holdings, Inc.		14		40,057
Square Enix Holdings Co. Ltd.		1,000		26,979
Stanley Electric Co. Ltd.		2,500		50,610
Sumco Corp.	†	1,900		43,019
Sumitomo Chemical Co. Ltd.		27,000		112,107
Sumitomo Corp.		18,900		193,909
Sumitomo Electric Industries Ltd.		12,600		164,527
Sumitomo Heavy Industries Ltd.	*	10,000		48,502
Sumitomo Metal Industries Ltd.	†	58,000		142,115
Sumitomo Metal Mining Co. Ltd.		9,000		147,007
Sumitomo Mitsui Financial Group, Inc.	†	15,500		537,266
Sumitomo Realty & Development Co. Ltd.	†	7,000		127,512
Sumitomo Rubber Industries Ltd.	†	3,000		28,255
Sumitomo Trust & Banking Co. Ltd. (The)	†	24,000		126,811
Suruga Bank Ltd.		4,000		37,748
Suzuken Co. Ltd.	†	1,260		43,450
Suzuki Motor Corp.	†	6,100		141,874
T&D Holdings, Inc.		3,900		105,102
Taiheiyo Cement Corp.	*†	15,000		19,962
Taisei Corp.		16,000		31,678
Taisho Pharmaceutical Co. Ltd.		2,300		46,455
Taiyo Nippon Sanso Corp.	†	6,000		71,199
Takashimaya Co. Ltd.		6,000		47,811
Takeda Pharmaceutical Co. Ltd.		12,820		533,264
TDK Corp.		2,000		115,230
Teijin Ltd.	†	16,000		49,718
Terumo Corp.		2,800		153,565
THK Co. Ltd.	†	2,100		41,037
Tobu Railway Co. Ltd.	†	13,000		79,342
Toho Co. Ltd.		1,800		30,378
Toho Gas Co. Ltd.		7,000		31,919
Tohoku Electric Power Co., Inc.		7,200		160,258
Tokio Marine Holdings, Inc.		12,400		357,280
Tokuyama Corp.		4,000		29,243
Tokyo Broadcasting System Holdings, Inc.		700		11,912
Tokyo Electric Power Co., Inc. (The)		20,800		544,976
Tokyo Electron Ltd.		3,000		190,767
Tokyo Gas Co. Ltd.		39,000		161,789
Tokyo Steel Manufacturing Co. Ltd.		1,300		15,902
Tokyo Tatemono Co. Ltd.		4,000		19,486
Tokyu Corp.	†	19,000		91,089
Tokyu Land Corp.		9,000		35,800
TonenGeneral Sekiyu K.K.		5,000		48,787
Toppan Printing Co. Ltd.	†	10,000		94,396
Toray Industries, Inc.	†	22,000		133,000
Toshiba Corp.	*	66,000		345,460
Tosoh Corp.	†	9,000		22,688
TOTO Ltd.	†	5,000		31,198
Toyo Seikan Kaisha Ltd.		2,500		47,865

See accompanying notes to schedule of investments.

121

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Toyo Suisan Kaisha Ltd.		2,000	$	54,115
Toyoda Gosei Co. Ltd.		1,200		34,995
Toyota Boshoku Corp.	†	1,400		27,540
Toyota Industries Corp.		3,000		82,124
Toyota Motor Corp.		47,000		1,869,214
Toyota Tsusho Corp.		3,500		52,607
Trend Micro, Inc.		2,000		74,207
Tsumura & Co.		1,000		36,060
Ube Industries Ltd.		19,000		49,766
Unicharm Corp.		700		66,371
UNY Co. Ltd.		3,000		22,377
Ushio, Inc.	†	1,900		33,081
USS Co. Ltd.		350		20,818
West Japan Railway Co.	†	30		113,537
Yahoo! Japan Corp.	†	237		80,301
Yakult Honsha Co. Ltd.	†	1,900		50,694
Yamada Denki Co. Ltd.		1,510		101,875
Yamaguchi Financial Group, Inc.		4,000		41,392
Yamaha Corp.		2,700		31,848
Yamaha Motor Co. Ltd.	†	3,700		45,510
Yamato Holdings Co. Ltd.		7,000		114,863
Yamato Kogyo Co. Ltd.	†	700		19,609
Yamazaki Baking Co. Ltd.		2,000		27,076
Yaskawa Electric Corp.		5,000		35,958
Yokogawa Electric Corp.		3,400		30,046
				35,935,419
Luxembourg—0.5%
ArcelorMittal	†	14,683		547,488
Millicom International Cellular SA SDR	*	1,318		96,453
SES SA, Class A FDR		4,782		108,581
Tenaris SA		8,186		146,397
				898,919
Malta—0.0%
BGP Holdings plc	*‡δ	142,647		—
Mexico—0.0%
Fresnillo plc		2,612		32,327
Netherlands—4.3%
Aegon NV	*	26,075		222,971
Akzo Nobel NV	†	3,983		247,551
ASML Holding NV		7,336		216,495
Corio NV REIT		946		65,386
European Aeronautic Defence and Space Co. NV		6,871		154,880
Fugro NV CVA		1,178		68,233
Heineken Holding NV	†	1,878		77,142
Heineken NV		4,091		189,678
ING Groep NV CVA	*	33,540		602,307
James Hardie Industries NV CDI	*	6,561		45,422
Koninklijke Ahold NV		19,995		241,342
Koninklijke Boskalis Westminster NV		875		29,996
Koninklijke DSM NV		2,684		112,387
Koninklijke KPN NV		29,349		487,543
Koninklijke Philips Electronics NV		16,658		406,354
Qiagen NV	*†	3,155		66,851
Randstad Holding NV	*†	1,746		75,637
Reed Elsevier NV		12,525		142,237
Royal Dutch Shell plc, Class A		60,488		1,715,558
Royal Dutch Shell plc, Class B		46,010		1,278,110
SBM Offshore NV		2,403	$	51,242
TNT NV		6,442		173,101
Unilever NV CVA		27,830		805,275
Wolters Kluwer NV	†	4,949		106,024
				7,581,722
New Zealand—0.1%
Auckland International Airport Ltd.		15,775		21,149
Contact Energy Ltd.	*	5,052		20,972
Fletcher Building Ltd.		10,277		61,748
Sky City Entertainment Group Ltd.		8,062		18,873
Telecom Corp of New Zealand Ltd.		31,396		60,241
				182,983
Norway—0.6%
DnB NOR ASA	*	12,688		147,732
Norsk Hydro ASA	*	11,436		76,447
Orkla ASA		13,374		126,188
Renewable Energy Corp. ASA	*†	5,950		52,445
StatoilHydro ASA		19,226		434,065
Telenor ASA	*	14,161		164,316
Yara International ASA		3,275		103,533
				1,104,726
Portugal—0.3%
Banco Comercial Portugues SA (Registered)		41,569		61,579
Banco Espirito Santo SA (Registered)		8,374		59,468
Brisa Auto-Estradas de Portugal SA	†	3,084		30,325
Cimpor Cimentos de Portugal SGPS SA		4,428		36,646
EDP—Energias de Portugal SA		31,876		146,120
Galp Energia SGPS SA, Class B	†	2,567		44,446
Jeronimo Martins SGPS SA		3,626		31,754
Portugal Telecom SGPS SA (Registered)		9,442		100,318
				510,656
Singapore—1.2%
Ascendas Real Estate Investment Trust REIT		20,786		28,369
CapitaLand Ltd.		42,500		111,439
CapitaMall Trust REIT		35,000		45,743
City Developments Ltd.		8,000		58,159
ComfortDelgro Corp. Ltd.		37,000		42,158
Cosco Corp. Singapore Ltd.		18,000		15,230
DBS Group Holdings Ltd.		29,500		276,896
Fraser and Neave Ltd.		15,000		42,038
Golden Agri-Resources Ltd.	*	119,320		36,132
Jardine Cycle & Carriage Ltd.		2,000		34,313
Keppel Corp. Ltd.		22,000		125,704
Neptune Orient Lines Ltd.		17,000		21,378
Olam International Ltd.		19,600		34,528
Oversea-Chinese Banking Corp. Ltd.		41,600		230,730
SembCorp Industries Ltd.		15,340		36,662
SembCorp Marine Ltd.		14,000		31,343
Singapore Airlines Ltd.		8,400		81,931
Singapore Exchange Ltd.		15,000		89,173
Singapore Press Holdings Ltd.		27,500		75,132
Singapore Technologies Engineering Ltd.		26,000		50,598

See accompanying notes to schedule of investments.

122

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Singapore Telecommunications Ltd.		133,159	$	305,989
StarHub Ltd.		8,730		13,421
United Overseas Bank Ltd.		21,000		249,053
UOL Group Ltd.		13,000		31,576
Wilmar International Ltd.		21,000		93,546
				2,161,241
Spain—4.6%
Abertis Infraestructuras SA		4,693		106,775
Acciona SA		445		60,779
Acerinox SA	†	2,413		51,958
ACS Actividades de Construccion y Servicios SA		2,385		124,644
Banco Bilbao Vizcaya Argentaria SA		60,785		1,082,851
Banco de Sabadell SA		15,202		112,572
Banco de Valencia SA		3,209		30,153
Banco Popular Espanol SA	†	12,408		124,817
Banco Santander SA		137,000		2,213,153
Banco Santander SA (London Exchange)		2,057		33,403
Bankinter SA	†	4,500		56,907
Cintra Concesiones de Infraestructuras de Transporte SA		3,122		36,451
Criteria Caixacorp SA		13,561		69,836
EDP Renovaveis SA	*	3,747		41,269
Enagas		3,155		66,092
Fomento de Construcciones y Contratas SA		687		32,233
Gamesa Corp. Tecnologica SA	†	3,097		69,684
Gas Natural SDG SA		3,594		79,707
Gestevision Telecinco SA		2,112		26,719
Grifols SA	†	2,031		38,777
Grupo Ferrovial SA	†	1,190		57,090
Iberdrola Renovables SA		13,627		67,225
Iberdrola SA		62,878		618,582
Iberia Lineas Aereas de Espana	*	9,947		31,049
Inditex SA	†	3,636		209,083
Indra Sistemas SA		1,576		39,365
Mapfre SA	†	13,081		58,672
Red Electrica Corp. SA	†	1,889		96,860
Repsol YPF SA		12,282		334,336
Sacyr Vallehermoso SA		1,480		28,082
Telefonica SA		72,231		1,998,415
Zardoya Otis SA		2,117		46,010
				8,043,549
Sweden—2.4%
Alfa Laval AB	†	5,944		69,847
Assa Abloy AB, Class B		5,445		88,523
Atlas Copco AB, Class A	†	11,324		145,988
Atlas Copco AB, Class B		6,758		77,166
Electrolux AB, Series B	*	4,438		101,589
Getinge AB, Class B		3,096		52,035
Hennes & Mauritz AB, Class B	†	8,747		491,655
Holmen AB, Class B		741		20,460
Husqvarna AB, Class B	*	6,308		43,947
Investor AB, Class B		7,869		144,064
Lundin Petroleum AB	*	3,800		30,888
Nordea Bank AB	†	55,129		557,289
Sandvik AB		16,975		187,391
Scania AB, Class B		5,968		74,134
Securitas AB, Class B		5,360		51,732
Skandinaviska Enskilda Banken AB, Class A	*	25,571	$	173,207
Skanska AB, Class B	†	6,725		98,788
SKF AB, Class B		6,728		105,820
SSAB AB, Class A	†	3,099		48,191
SSAB AB, Class B		1,278		18,135
Svenska Cellulosa AB, Class B		9,522		129,353
Svenska Handelsbanken AB, Class A		8,229		210,657
Swedbank AB, Class A	*†	5,327		51,095
Swedish Match AB		4,102		82,625
Tele2 AB, Class B		5,203		69,228
Telefonaktiebolaget LM Ericsson, Class B		50,732		510,662
TeliaSonera AB	†	37,710		248,104
Volvo AB, Class A		7,530		67,724
Volvo AB, Class B		18,765		174,023
				4,124,320
Switzerland—7.6%
ABB Ltd. (Registered)	*	37,596		755,994
Actelion Ltd. (Registered)	*	1,691		105,126
Adecco SA (Registered)	†	2,140		113,969
Aryzta AG	*	1,296		52,858
Baloise Holding AG (Registered)		806		77,214
BKW FMB Energie AG		225		19,551
Compagnie Financiere Richemont SA (A Bearer Shares)		8,768		248,214
Credit Suisse Group AG (Registered)		19,215		1,069,081
Geberit AG (Registered)	†	710		109,293
Givaudan SA (Registered)		133		99,794
Holcim Ltd. (Registered)	*	4,238		291,403
Kuehne + Nagel International AG (Registered)		871		75,866
Lindt & Spruengli AG (Participation Certificate)		17		41,311
Lindt & Spruengli AG (Registered)	†	2		55,627
Logitech International SA (Registered)	*†	2,953		53,940
Lonza Group AG (Registered)	†	741		80,877
Nestle SA (Registered)		62,045		2,648,742
Nobel Biocare Holding AG (Registered)	†	2,035		67,384
Novartis AG (Registered)		36,080		1,812,327
Pargesa Holding SA (Bearer)		467		40,422
Roche Holding AG (Genusschein)		11,983		1,937,516
Schindler Holding AG (Participation Certificates)		842		57,901
Schindler Holding AG (Registered)		317		22,383
SGS SA (Registered)		84		113,221
Sonova Holding AG (Registered)		891		90,153
STMicroelectronics NV		11,906		112,586
Straumann Holding AG (Registered)		152		39,448
Swatch Group AG (The) (Bearer)		535		126,340
Swatch Group AG (The) (Registered)		698		31,806
Swiss Life Holding AG (Registered)	*	529		62,843
Swiss Reinsurance Co. Ltd. (Registered)		5,801		263,031

See accompanying notes to schedule of investments.

123

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Swisscom AG (Registered)		416	$	148,986
Syngenta AG (Registered)		1,660		381,477
UBS AG (Registered)	*	59,912		1,098,481
Xstrata plc	*	32,630		481,214
Zurich Financial Services AG (Registered)		2,500		596,115
				13,382,494
United Kingdom—17.8%
3i Group plc		15,570		71,945
Admiral Group plc		2,865		53,059
AMEC plc		5,303		64,233
Anglo American plc	*	22,494		717,792
Antofagasta plc		6,876		83,639
Associated British Foods plc		5,701		77,335
AstraZeneca plc (London Exchange)		24,710		1,108,163
Autonomy Corp. plc	*	3,433		89,636
Aviva plc		44,587		320,532
BAE Systems plc		60,495		338,428
Balfour Beatty plc		8,544		44,117
Barclays plc	*	188,059		1,114,499
Berkeley Group Holdings plc	*	1,560		22,137
BG Group plc		57,330		999,203
BHP Billiton plc		37,682		1,031,972
BP plc		319,527		2,830,592
British Airways plc	*	10,357		36,634
British American Tobacco plc		34,081		1,070,593
British Land Co. plc REIT		14,784		112,556
British Sky Broadcasting Group plc		19,646		179,965
BT Group plc, Class A		130,083		271,105
Bunzl plc		6,330		64,350
Burberry Group plc		6,892		55,589
Cable & Wireless plc		41,185		94,689
Cadbury plc		22,885		293,755
Cairn Energy plc	*	2,327		104,006
Capita Group plc (The)		10,792		124,836
Carnival plc		2,625		90,074
Carphone Warehouse Group plc		9,216		28,292
Centrica plc		87,575		352,722
Cobham plc		19,426		68,147
Compass Group plc		31,270		191,543
Diageo plc		42,720		657,250
Drax Group plc		6,379		48,159
Eurasian Natural Resources Corp. plc		4,297		60,397
Firstgroup plc		8,231		54,538
Friends Provident Group plc		40,534		54,008
G4S plc		21,040		74,407
GlaxoSmithKline plc		88,505		1,745,043
Hammerson plc REIT		11,851		74,788
Home Retail Group plc		15,769		68,684
HSBC Holdings plc (London Exchange)		293,333		3,358,806
ICAP plc		8,924		60,487
Imperial Tobacco Group plc		17,389		503,762
Intercontinental Hotels Group plc		4,710		61,120
International Power plc		25,613		118,494
Invensys plc		15,349		71,656
Investec plc		7,041		51,692
J. Sainsbury plc		19,763		102,858
Johnson Matthey plc		3,559		79,312
Kazakhmys plc		3,673		62,945
Kingfisher plc		40,831	$	139,254
Ladbrokes plc		10,175		30,529
Land Securities Group plc REIT		13,086		131,023
Legal & General Group plc		101,525		143,185
Liberty International plc REIT		7,964		61,231
Lloyds Banking Group plc	*	278,872		463,158
London Stock Exchange Group plc		2,311		31,724
Lonmin plc	*	2,625		70,291
Man Group plc		29,579		157,086
Marks & Spencer Group plc		26,588		154,169
National Grid plc		41,595		402,546
Next plc		3,435		98,573
Old Mutual plc		91,265		146,268
Pearson plc		13,628		168,380
Petrofac Ltd.		2,816		44,566
Prudential plc		42,783		412,335
Randgold Resources Ltd.		1,429		99,808
Reckitt Benckiser Group plc		10,323		505,389
Reed Elsevier plc		20,941		157,383
Rexam plc		15,419		64,542
Rio Tinto plc		23,400		994,668
Rolls-Royce Group plc	*	31,134		234,932
Royal Bank of Scotland Group plc	*	290,588		246,085
RSA Insurance Group plc		57,738		123,738
SABMiller plc		15,506		374,671
Sage Group plc (The)		23,751		88,832
Schroders plc		2,678		46,870
Scottish & Southern Energy plc		15,429		290,010
Segro plc REIT		12,863		75,768
Serco Group plc		8,075		65,307
Severn Trent plc		4,129		64,175
Smith & Nephew plc		14,645		131,520
Smiths Group plc		6,367		90,687
Standard Chartered plc (London Exchange)		32,398		800,274
Standard Life plc		37,759		132,527
Tesco plc		134,335		859,966
Thomas Cook Group plc		7,285		27,110
Tomkins plc		13,877		41,738
TUI Travel plc		9,107		37,103
Tullow Oil plc		13,426		242,918
Unilever plc		21,945		627,053
United Utilities Group plc		10,919		79,838
Vedanta Resources plc		2,400		73,044
Vodafone Group plc		895,112		2,010,818
Whitbread plc		2,750		53,599
Wm Morrison Supermarkets plc		36,318		161,442
Wolseley plc	*	4,923		119,044
WPP plc		21,112		181,581
				31,171,302
United States—0.1%
Synthes, Inc.		987		119,017
TOTAL COMMON STOCKS
(Cost $183,760,209)				167,569,536
PREFERRED STOCKS—0.4%
Germany—0.4%
Bayerische Motoren Werke AG		922		30,640
Fresenius SE		1,300		75,917
Henkel AG & Co. KGaA	†	3,090		132,860
Porsche Automobil Holding SE		1,500		117,749

See accompanying notes to schedule of investments.

124

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
PREFERRED STOCKS—(Continued)
RWE AG		629	$	51,720
Volkswagen AG		1,817		210,878
TOTAL PREFERRED STOCKS
(Cost $616,846)				619,764
RIGHTS—0.0%
Belgium—0.0%
Fortis, Expires 07/01/2014	*‡δ	34,845		—
France—0.0%
BNP Paribas, Expires 10/13/2009, Strike EUR 40.00	*	14,276		30,918
Hong Kong—0.0%
Genting Singapore plc, Expires 10/12/2009, Strike SGD 0.80	*	12,200		2,728
Sweden—0.0%
Swedbank AB, Expires 10/06/2009, Strike SEK 39.00	*	5,327		10,507
TOTAL RIGHTS
(Cost $26,741)				44,153
WARRANTS—0.0%
Italy—0.0%
Mediobanca SpA, Expires 03/18/2011, Strike EUR 9.00	*‡
(Cost $—)		7,721		766

 

Coupon Rate		Maturity Date			Face	Value
U.S. TREASURY OBLIGATIONS—0.3%
U.S. Treasury Bills—0.3%
U.S. Treasury Bill
0.121%	12/17/2009
(Cost $529,863)			‡‡	$	530,000	529,919

 

		Shares		Value
CASH EQUIVALENTS—15.9%
Institutional Money Market Funds—15.6%
Fidelity Institutional Money Market: Money Market Portfolio —Institutional Class		5,497,933		5,497,933
Fidelity Institutional Money Market: Money Market Portfolio —Institutional Class	††	8,910,573		8,910,573
Fidelity Institutional Money Market: Prime Money Market Portfolio —Institutional Class	††	5,000,000	$	5,000,000
Short-Term Investments Trust Liquid Assets Portfolio	††	4,000,000		4,000,000
Wells Fargo Advantage Cash Investment Money Market Fund —Select Class	††	2,000,000		2,000,000
Wells Fargo Advantage Heritage Money Market Fund —Select Class	††	2,000,000		2,000,000
				27,408,506

 

Coupon Rate		Maturity Date			Face		Value
Medium Term Note—0.3%
General Electric Capital Corp., Series A
0.534%	10/26/2009		#††	$	411,950		411,950
TOTAL CASH EQUIVALENTS
(Cost $27,820,456)							27,820,456
TOTAL INVESTMENTS—112.1%
(Cost $212,754,115)							196,584,594
Other assets less liabilities—(12.1%)							(21,161,634	)
NET ASSETS—100.0%						$	175,422,960

 

Legend to the Schedule of Investments:
CDI	Chess Depository Interest
CVA	Dutch Certificate of Shares
EUR	European Monetary Unit
FDR	Fiduciary Depositary Receipt
REIT	Real Estate Investment Trust
RSP	Risparmio (Italian Savings Shares)
SDR	Swedish Depository Receipt
SEK	Swedish Krona
SGD	Singapore Dollar
VVPR	Verlaagde Vooheffing Precompte Reduit (Belgian dividend coupon)
*	Non-income producing.
†	Denotes all or a portion of the security on loan.
δ	Security has no market value at September 30, 2009.
‡	Security valued at fair value as determined by policies approved by the Board of Directors.
‡‡	Security or a portion of the security has been pledged as collateral for futures contracts.
††	Represents reinvestment of collateral received in conjunction with securities lending.
#	Rate is subject to change. Rate shown reflects current rate.

 

See accompanying notes to schedule of investments.

125

SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2009 (Unaudited)

Vantagepoint Overseas
Equity Index Fund

Percentage of Portfolio by Industry:

COMMON STOCKS
Commercial Banks	14.2%
Oil, Gas & Consumable Fuels	7.3%
Pharmaceuticals	6.6%
Metals & Mining	5.1%
Insurance	4.6%
Diversified Telecommunication Services	3.9%
Electric Utilities	3.5%
Food Products	3.4%
Automobiles	2.9%
Chemicals	2.8%
Capital Markets	2.5%
Food & Staples Retailing	2.2%
Machinery	2.0%
Wireless Telecommunication Services	1.8%
Beverages	1.7%
Multi-Utilities	1.7%
Real Estate Management & Development	1.6%
Industrial Conglomerates	1.5%
Electrical Equipment	1.5%
Media	1.4%
Real Estate Investment Trusts (REITs)	1.3%
Electronic Equipment, Instruments & Components	1.1%
Diversified Financial Services	1.1%
Tobacco	1.1%
Household Durables	1.0%
Trading Companies & Distributors	1.0%
Communications Equipment	0.9%
Road & Rail	0.9%
Software	0.9%
Textiles, Apparel & Luxury Goods	0.9%
Construction & Engineering	0.8%
Specialty Retail	0.8%
Hotels, Restaurants & Leisure	0.7%
Construction Materials	0.7%
Health Care Equipment & Supplies	0.6%
Aerospace & Defense	0.6%
Office Electronics	0.6%
Auto Components	0.6%
Building Products	0.5%
Semiconductors & Semiconductor Equipment	0.5%
Household Products	0.5%
Energy Equipment & Services	0.5%
Commercial Services & Supplies	0.5%
Gas Utilities	0.4%
Computers & Peripherals	0.4%
Multiline Retail	0.4%
Transportation Infrastructure	0.4%
Air Freight & Logistics	0.4%
Professional Services	0.4%
Personal Products	0.3%
Marine	0.3%
Biotechnology	0.3%
Paper & Forest Products	0.3%
IT Services	0.2%
Airlines	0.2%
Health Care Providers & Services	0.2%
Independent Power Producers & Energy Traders	0.2%
Leisure Equipment & Products	0.2%
Containers & Packaging	0.1%
Distributors	0.1%
Consumer Finance	0.1%
Internet & Catalog Retail	0.1%
Life Sciences Tools & Services	0.1%
Internet Software & Services	0.1%
Water Utilities	0.0%
Diversified Consumer Services	0.0%
	95.5%
PREFERRED STOCKS
Automobiles	0.2%
Household Products	0.1%
Health Care Equipment & Supplies	0.1%
Multi-Utilities	0.0%
	0.4%
RIGHTS
Commercial Banks	0.0%
Hotels, Restaurants & Leisure	0.0%
Insurance	0.0%
	0.0%
WARRANTS
Capital Markets	0.0%
TOTAL COMMON STOCKS/PREFERRED STOCKS/RIGHTS/WARRANTS	95.9%
CASH EQUIVALENTS
Institutional Money Market Funds	15.6%
Medium Term Notes	0.3%
	15.9%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills	0.3%
TOTAL CASH EQUIVALENTS/ U.S. TREASURY OBLIGATIONS	16.2%
TOTAL INVESTMENTS	112.1%
Other assets less liabilities	(12.1)%
TOTAL NET ASSETS	100.0%

 

See accompanying notes to schedule of investments.

126

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Model
Portfolio Savings
Oriented Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		3,668,353	$	36,720,215
Vantagepoint Diversified Assets Fund		2,838,869		28,076,413
Vantagepoint Equity Income Fund		4,208,400		31,226,327
Vantagepoint Growth & Income Fund		3,785,891		30,362,843
Vantagepoint Inflation Protected Securities Fund		2,398,541		25,448,523
Vantagepoint International Fund		1,771,698		15,413,775
Vantagepoint Low Duration Bond Fund		12,161,093		120,638,038
				287,886,134
TOTAL INVESTMENTS—100.0%
(Cost $295,890,942)				287,886,134
Other assets less liabilities—(0.0%)				(50,631	)
NET ASSETS—100.0%			$	287,835,503

 

See accompanying notes to schedule of investments.

127

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Model
Portfolio Conservative
Growth Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		1,727,772	$	15,619,063
Vantagepoint Core Bond Index Fund Class I		10,220,659		102,308,801
Vantagepoint Diversified Assets Fund		5,051,041		49,954,794
Vantagepoint Equity Income Fund		7,611,057		56,474,040
Vantagepoint Growth & Income Fund		5,694,494		45,669,844
Vantagepoint Growth Fund		4,237,952		30,725,151
Vantagepoint Inflation Protected Securities Fund		3,065,936		32,529,582
Vantagepoint International Fund		4,715,871		41,028,081
Vantagepoint Low Duration Bond Fund		11,558,176		114,657,107
Vantagepoint Select Value Fund		1,979,437		15,360,430
				504,326,893
TOTAL INVESTMENTS—100.0%
(Cost $524,411,899)				504,326,893
Other assets less liabilities—(0.0%)				(72,773	)
NET ASSETS—100.0%			$	504,254,120

 

See accompanying notes to schedule of investments.

128

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Model
Portfolio Traditional
Growth Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		8,287,487	$	74,918,886
Vantagepoint Core Bond Index Fund Class I		22,333,344		223,556,769
Vantagepoint Discovery Fund		5,566,433		40,523,634
Vantagepoint Diversified Assets Fund		12,516,292		123,786,126
Vantagepoint Equity Income Fund		21,521,905		159,692,532
Vantagepoint Growth & Income Fund		19,398,213		155,573,671
Vantagepoint Growth Fund		17,830,823		129,273,463
Vantagepoint Inflation Protected Securities Fund		4,697,080		49,836,020
Vantagepoint International Fund		18,184,171		158,202,287
Vantagepoint Low Duration Bond Fund		9,936,674		98,571,803
Vantagepoint Select Value Fund		9,387,173		72,844,461
				1,286,779,652
TOTAL INVESTMENTS—100.0%
(Cost $1,361,108,277)				1,286,779,652
Other assets less liabilities—(0.0%)				(137,047	)
NET ASSETS—100.0%			$	1,286,642,605

 

See accompanying notes to schedule of investments.

129

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Model
Portfolio Long-Term
Growth Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		14,823,115	$	134,000,957
Vantagepoint Core Bond Index Fund Class I		22,347,277		223,696,243
Vantagepoint Discovery Fund		9,711,988		70,703,275
Vantagepoint Diversified Assets Fund		15,038,254		148,728,336
Vantagepoint Equity Income Fund		27,152,493		201,471,495
Vantagepoint Growth & Income Fund		24,729,322		198,329,161
Vantagepoint Growth Fund		24,204,504		175,482,651
Vantagepoint International Fund		28,385,369		246,952,707
Vantagepoint Select Value Fund		16,925,002		131,338,015
				1,530,702,840
TOTAL INVESTMENTS—100.0%
(Cost $1,662,479,215)				1,530,702,840
Other assets less liabilities—(0.0%)				(149,493	)
NET ASSETS—100.0%			$	1,530,553,347

 

See accompanying notes to schedule of investments.

130

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint Model
Portfolio All-Equity
Growth Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		5,767,267	$	52,136,094
Vantagepoint Discovery Fund		6,784,778		49,393,185
Vantagepoint Equity Income Fund		13,299,758		98,684,208
Vantagepoint Growth & Income Fund		11,609,493		93,108,138
Vantagepoint Growth Fund		12,834,914		93,053,126
Vantagepoint International Fund		12,599,920		109,619,302
Vantagepoint Select Value Fund		6,715,722		52,114,005
				548,108,058
TOTAL INVESTMENTS—100.0%
(Cost $662,719,214)				548,108,058
Other assets less liabilities—(0.0%)				(66,654	)
NET ASSETS—100.0%			$	548,041,404

 

See accompanying notes to schedule of investments.

131

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Milestone Retirement
Income Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		681,724	$	6,824,057
Vantagepoint Diversified Assets Fund		626,911		6,200,146
Vantagepoint Equity Income Fund		1,001,684		7,432,497
Vantagepoint Growth & Income Fund		925,145		7,419,659
Vantagepoint Inflation Protected Securities Fund		526,871		5,590,101
Vantagepoint International Fund		428,149		3,724,899
Vantagepoint Low Duration Bond Fund		2,498,753		24,787,634
				61,978,993
TOTAL INVESTMENTS—100.0%
(Cost $61,132,696)				61,978,993
Other assets less liabilities—(0.0%)				(21,392	)
NET ASSETS—100.0%			$	61,957,601

 

See accompanying notes to schedule of investments.

132

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Milestone 2010 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		936,409	$	9,373,450
Vantagepoint Diversified Assets Fund		860,558		8,510,915
Vantagepoint Equity Income Fund		1,494,979		11,092,746
Vantagepoint Growth & Income Fund		1,251,778		10,039,262
Vantagepoint Growth Fund		164,683		1,193,955
Vantagepoint Inflation Protected Securities Fund		683,507		7,252,009
Vantagepoint International Fund		666,574		5,799,193
Vantagepoint Low Duration Bond Fund		3,129,833		31,047,942
Vantagepoint Mid/Small Company Index Fund Class I		71,711		854,796
				85,164,268
TOTAL INVESTMENTS—100.0%
(Cost $86,280,386)				85,164,268
Other assets less liabilities—(0.0%)				(23,319	)
NET ASSETS—100.0%			$	85,140,949

 

See accompanying notes to schedule of investments.

133

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Milestone 2015 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		2,154,547	$	21,567,018
Vantagepoint Diversified Assets Fund		1,702,103		16,833,798
Vantagepoint Equity Income Fund		4,115,247		30,535,132
Vantagepoint Growth & Income Fund		2,320,351		18,609,218
Vantagepoint Growth Fund		1,687,726		12,236,014
Vantagepoint Inflation Protected Securities Fund		826,708		8,771,375
Vantagepoint International Fund		2,043,143		17,775,347
Vantagepoint Low Duration Bond Fund		3,388,989		33,618,771
Vantagepoint Mid/Small Company Index Fund Class I		810,826		9,665,051
				169,611,724
TOTAL INVESTMENTS—100.0%
(Cost $183,484,400)				169,611,724
Other assets less liabilities—(0.0%)				(28,414	)
NET ASSETS—100.0%			$	169,583,310

 

See accompanying notes to schedule of investments.

134

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Milestone 2020 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		3,244,206	$	32,474,502
Vantagepoint Diversified Assets Fund		1,693,097		16,744,734
Vantagepoint Equity Income Fund		4,806,215		35,662,117
Vantagepoint Growth & Income Fund		2,354,311		18,881,576
Vantagepoint Growth Fund		1,893,252		13,726,075
Vantagepoint International Fund		2,378,012		20,688,701
Vantagepoint Low Duration Bond Fund		1,521,093		15,089,244
Vantagepoint Mid/Small Company Index Fund Class I		1,193,624		14,227,996
				167,494,945
TOTAL INVESTMENTS—100.0%
(Cost $181,504,902)				167,494,945
Other assets less liabilities—(0.0%)				(27,389	)
NET ASSETS—100.0%			$	167,467,556

 

See accompanying notes to schedule of investments.

135

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Milestone 2025 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		2,097,542	$	20,996,400
Vantagepoint Diversified Assets Fund		1,316,535		13,020,535
Vantagepoint Equity Income Fund		3,991,752		29,618,797
Vantagepoint Growth & Income Fund		2,069,720		16,599,152
Vantagepoint Growth Fund		1,646,994		11,940,706
Vantagepoint International Fund		2,109,836		18,355,570
Vantagepoint Low Duration Bond Fund		524,907		5,207,075
Vantagepoint Mid/Small Company Index Fund Class I		1,204,182		14,353,855
				130,092,090
TOTAL INVESTMENTS—100.0%
(Cost $142,353,406)				130,092,090
Other assets less liabilities—(0.0%)				(24,400	)
NET ASSETS—100.0%			$	130,067,690

 

See accompanying notes to schedule of investments.

136

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Milestone 2030 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		1,421,426	$	14,228,477
Vantagepoint Diversified Assets Fund		983,593		9,727,740
Vantagepoint Equity Income Fund		3,519,437		26,114,223
Vantagepoint Growth & Income Fund		1,895,445		15,201,467
Vantagepoint Growth Fund		1,518,164		11,006,686
Vantagepoint International Fund		1,962,299		17,071,998
Vantagepoint Mid/Small Company Index Fund Class I		1,233,410		14,702,245
				108,052,836
TOTAL INVESTMENTS—100.0%
(Cost $117,817,577)				108,052,836
Other assets less liabilities—(0.0%)				(22,949	)
NET ASSETS—100.0%			$	108,029,887

 

See accompanying notes to schedule of investments.

137

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Milestone 2035 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		756,559	$	7,573,152
Vantagepoint Diversified Assets Fund		267,796		2,648,499
Vantagepoint Equity Income Fund		2,240,728		16,626,201
Vantagepoint Growth & Income Fund		1,200,116		9,624,927
Vantagepoint Growth Fund		1,018,325		7,382,858
Vantagepoint International Fund		1,291,076		11,232,365
Vantagepoint Mid/Small Company Index Fund Class I		919,200		10,956,868
				66,044,870
TOTAL INVESTMENTS—100.0%
(Cost $72,003,034)				66,044,870
Other assets less liabilities—(0.0%)				(20,401	)
NET ASSETS—100.0%			$	66,024,469

 

See accompanying notes to schedule of investments.

138

SCHEDULE OF INVESTMENTS

September 30, 2009 (Unaudited)

Vantagepoint
Milestone 2040 Fund

	Shares		Value
AFFILIATED MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		769,539	$	7,703,085
Vantagepoint Equity Income Fund		2,665,382		19,777,138
Vantagepoint Growth & Income Fund		1,421,003		11,396,443
Vantagepoint Growth Fund		1,258,948		9,127,374
Vantagepoint International Fund		1,579,761		13,743,922
Vantagepoint Mid/Small Company Index Fund Class I		1,211,833		14,445,049
				76,193,011
TOTAL INVESTMENTS—100.0%
(Cost $80,386,757)				76,193,011
Other assets less liabilities—(0.0%)				(20,499	)
NET ASSETS—100.0%			$	76,172,512

 

See accompanying notes to schedule of investments.

139

VANTAGEPOINT FUNDS
NOTES TO THE SCHEDULE OF INVESTMENTS
(Unaudited)

Investment Policy and Security Valuation

The equity securities that are traded on a national securities exchange (other than Nasdaq Global/Global Select and Capital Market securities traded primarily on the Nasdaq Stock Market, Inc. exchange (“Nasdaq”)) held by each fund normally will be valued at the last reported sale price on the exchange on which the security is primarily traded. If, on a particular day, an exchange-traded security does not trade on its primary exchange, then the price normally will be the mean between the closing bid and closing offer reported to the primary exchange and made available to quotation vendors or disseminated through an automated quotation system, or obtained by a pricing service from other quotation sources believed to be reliable. Nasdaq Global/Global Select and Capital Market securities traded primarily on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on any given day, no NOCP is available, the price normally will be the mean between the closing bid and closing offer reported on Nasdaq prior to the calculation of the NAV of a Fund. All equity securities not traded on a national securities exchange (“OTC Equities”) normally are valued at the last reported sale price in the over-the-counter market. If an OTC Equity does not trade in an over-the-counter market on a particular day, then the price normally will be the mean between the closing bid and closing offer obtained from a quotation service or other service believed to be reliable. Short-term debt instruments, such as commercial paper, banker’s acceptances, and U.S. Treasury Bills, with a remaining maturity of less than 60 days are valued at amortized cost. Prices for debt instruments normally will be obtained from a pricing service that may use methodologies designed to identify the market value of debt instruments, which may include reference to actual market transactions, broker-dealer supplied quotations or valuations, matrix pricing, or other valuation techniques. These techniques generally consider such factors as securities’ prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. In the event a pricing service is unable to provide a price for a particular security, the security may be priced based on the average of two or more independent broker-dealer quotations. 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 Vantagepoint Board of Directors (“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’ current net asset values (“NAVs”) for purchase and/or redemption orders that day.

The Money Market Fund invests substantially all of its assets in the Institutional Class of Invesco Aim’s Short-Term Investments Trust Liquid Assets Portfolio (“Portfolio”). The Portfolio uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the 1940 Act. The shares of the Portfolio are valued by the Money Market Fund using the Portfolio’s NAV for purchase or redemption orders placed that day.

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 for all foreign securities. 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.

ASC 820

The Company adopted Financial Accounting Standards Board’s Accounting Standards Codification^TM (“ASC”), Fair Value Measurements and Disclosures (“ASC 820”), (formerly known as FAS 157), effective January 1, 2008. In accordance with ASC 820, 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 for the investment. ASC 820 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 a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable.

140

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

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)

The valuation techniques used by the funds to measure fair value during the period ended September 30, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs. The funds utilized fair value techniques such as multi-dimensional relational pricing model and option adjusted spread pricing to estimate prices that would have prevailed in a liquid market given information available at the time of evaluation.

The following is a summary of the inputs used as of September 30, 2009, in valuing each fund’s investment carried at value:

Low Duration Bond Fund

Investment Type	Level 1			Level 2			Level 3		Total
Investment securities, at value:
Corporate Obligations	$	—		$	224,754,821		$	—	$	224,754,821
U.S. Government Agency Obligations		—			29,801,414			—		29,801,414
U.S. Government Agency Mortgage-Backed Securities		—			33,642,795			—		33,642,795
U.S. Treasury Obligations		—			30,441,328			—		30,441,328
Municipal Obligations		—			7,024,503			—		7,024,503
Sovereign Debt Obligations		—			5,536,665			—		5,536,665
Asset Backed Securities		—			99,554,569			—		99,554,569
Non-U.S. Government Mortgage-Backed Securities		—			11,423,193			—		11,423,193
Non-U.S. Government Agency Obligations		—			7,283,026			—		7,283,026
Cash Equivalents		70,053,421			—			—		70,053,421
Total investment securities, at value	$	70,053,421		$	449,462,314		$	—	$	519,515,735
Derivative Instruments:
Liabilities:
Futures		(104,932	)		—			—		(104,932	)
Forward Currency Contracts		—			(175,394	)		—		(175,394	)
Total Liabilities		(104,932	)		(175,394	)		—		(280,326	)
Total Derivative Instruments	$	(104,932	)	$	(175,394	)	$	—	$	(280,326	)

 

141

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

Inflation Protected Securities Fund

Investment Type	Level 1			Level 2			Level 3		Total
Investment securities, at value:
Corporate Obligations	$	—		$	3,891,950		$	—	$	3,891,950
U.S. Government Agency Obligations		—			6,558,945			—		6,558,945
U.S. Treasury Obligations		—			283,110,083			—		283,110,083
Sovereign Debt Obligations		—			544,116			—		544,116
Asset Backed Securities		—			926,616			—		926,616
Cash Equivalents		93,383,878			—			—		93,383,878
Total investment securities, at value	$	93,383,878		$	295,031,710		$	—	$	388,415,588
Derivative Instruments:
Assets
Futures		9,568			—			—		9,568
Forward Currency Contracts		—			3,143			—		3,143
Written Options		—			217,129			—		217,129
Swap Agreements		—			634,484			—		634,484
Total Assets	$	9,568		$	854,756		$	—	$	864,324
Liabilities:
Futures		(41,491	)		—			—		(41,491	)
Forward Currency Contracts		—			(5,880	)		—		(5,880	)
Total Liabilities		(41,491	)		(5,880	)		—		(47,371	)
Total Derivative Instruments	$	(31,923	)	$	848,876		$	—	$	816,953

 

Asset Allocation Fund

Investment Type	Level 1			Level 2		Level 3		Total
Investment securities, at value:
Common Stocks	$	299,758,776		$	—	$	—	$	299,758,776
U.S. Treasury Obligations		—			49,177,506		—		49,177,506
Commercial Paper		—			76,951,205		—		76,951,205
Cash Equivalents		46,027,836			—		—		46,027,836
Total investment securities, at value	$	345,786,612		$	126,128,711	$	—	$	471,915,323
Derivative Instruments:
Assets
Futures		1,418,417			—		—		1,418,417
Total Assets	$	1,418,417		$	—	$	—	$	1,418,417
Liabilities:
Futures		(75,187	)		—		—		(75,187	)
Total Liabilities		(75,187	)		—		—		(75,187	)
Total Derivative Instruments	$	1,343,230		$	—	$	—	$	1,343,230

 

142

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

Equity Income Fund

Investment Type	Level 1		Level 2		Level 3		Total
Investment securities, at value:
Common Stocks	$	1,315,281,991	$	5,145,944	$	—	$	1,320,427,935
Convertible Debt Obligations		—		2,151,600		—		2,151,600
Cash Equivalents		250,866,417		—		—		250,866,417
Total investment securities, at value	$	1,566,148,408	$	7,297,544	$	—	$	1,573,445,952
Growth & Income Fund
Investment Type	Level 1		Level 2		Level 3		Total
Investment securities, at value:
Common Stocks	$	922,517,253	$	4,472,684	$	—	$	926,989,937
Cash Equivalents		123,766,353		—		—		123,766,353
Total investment securities, at value	$	1,046,283,606	$	4,472,684	$	—	$	1,050,756,290
Growth Fund
Investment Type	Level 1		Level 2		Level 3		Total
Investment securities, at value:
Common Stocks	$	1,645,107,994	$	—	$	—	$	1,645,107,994
Cash Equivalents		188,661,362		—		—		188,661,362
Total investment securities, at value	$	1,833,769,356	$	—	$	—	$	1,833,769,356
Select Value Fund
Investment Type	Level 1		Level 2		Level 3		Total
Investment securities, at value:
Common Stocks	$	264,387,750	$	—	$	—	$	264,387,750
Cash Equivalents		54,668,600		—		—		54,668,600
Total investment securities, at value	$	319,056,350	$	—	$	—	$	319,056,350
Aggressive Opportunities Fund
Investment Type	Level 1		Level 2		Level 3		Total
Investment securities, at value:
Common Stocks	$	881,405,589	$	11,275,585	$	—	$	892,681,174
Corporate Obligations		—		352,720		—		352,720
Cash Equivalents		268,474,136		—		—		268,474,136
Total investment securities, at value	$	1,149,879,725	$	11,628,305	$	—	$	1,161,508,030

 

143

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

Discovery Fund

Investment Type	Level 1		Level 2			Level 3		Total
Investment securities, at value:
Common Stocks	$	78,202,172	$	717,933		$	—	$	78,920,105
Convertible Preferred Stocks		—		716,775			—		716,775
Warrants		60,347		—			—		60,347
Corporate Obligations		—		27,042,657			—		27,042,657
U.S. Government Agency Obligations		—		18,545,253			—		18,545,253
U.S. Government Agency Mortgage-Backed Securities		—		10,012,823			—		10,012,823
U.S. Treasury Obligations		—		15,993,523			—		15,993,523
Municipal Obligations		—		779,261			—		779,261
Sovereign Debt Obligations		—		414,340			—		414,340
Asset Backed Securities		—		5,817,535			—		5,817,535
Non-U.S. Government Mortgage-Backed Securities		—		2,406,937			—		2,406,937
Non-U.S. Government Agency Obligations		—		917,278			—		917,278
Cash Equivalents		36,941,481		—			—		36,941,481
Total investment securities, at value	$	115,204,000	$	83,364,315		$	—	$	198,568,315
Derivative Instruments:
Assets
Futures		1,891,409		—			—		1,891,409
Total Assets	$	1,891,409	$	—		$	—	$	1,891,409
Liabilities:
Forward Currency Contracts		—		(15,907	)		—		(15,907	)
Total Liabilities		—		(15,907	)		—		(15,907	)
Total Derivative Instruments	$	1,891,409	$	(15,907	)	$	—	$	1,875,502

 

International Fund

Investment Type	Level 1		Level 2			Level 3		Total
Investment securities, at value:
Common Stocks	$	100,186,775	$	827,201,848		$	—	$	927,388,623
Preferred Stocks		—		5,059,386			—		5,059,386
Rights		—		351,126			—		351,126
Convertible Debt Obligations		—		92,580			—		92,580
Cash Equivalents		49,745,585		—			—		49,745,585
Total investment securities, at value	$	149,932,360	$	832,704,940		$	—	$	982,637,300
Derivative Instruments:
Assets
Forward Currency Contracts		—		26,132			—		26,132
Total Assets	$	—	$	26,132		$	—	$	26,132
Liabilities:
Forward Currency Contracts		—		(13,319	)		—		(13,319	)
Total Liabilities		—		(13,319	)		—		(13,319	)
Total Derivative Instruments	$	—	$	12,813		$	—	$	12,813

 

144

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

Diversified Assets Fund

Investment Type	Level 1			Level 2			Level 3		Total
Investment securities, at value:
Corporate Obligations	$	—		$	125,211,836		$	—	$	125,211,836
U.S. Government Agency Obligations		—			97,251,465			—		97,251,465
U.S. Government Agency Mortgage-Backed Securities		—			17,199,113			—		17,199,113
U.S. Treasury Obligations		—			66,683,344			—		66,683,344
Municipal Obligations		—			7,490,863			—		7,490,863
Sovereign Debt Obligations		—			6,716,412			—		6,716,412
Asset Backed Securities		—			41,229,667			—		41,229,667
Non-U.S. Government Mortgage-Backed Securities		—			2,824,189			—		2,824,189
Non-U.S. Government Agency Obligations		—			2,454,653			—		2,454,653
Cash Equivalents		56,271,361			3,120,212			—		59,391,573
Total investment securities, at value	$	56,271,361		$	370,181,754		$	—	$	426,453,115
Derivative Instruments:
Assets
Futures		1,686,086			—			—		1,686,086
Forward Currency Contracts		—			2,372,800			—		2,372,800
Purchased Options		2,049,610			—			—		2,049,610
Total Assets	$	3,735,696		$	2,372,800		$	—	$	6,108,496
Liabilities:
Futures		(1,192,792	)		—			—		(1,192,792	)
Forward Currency Contracts		—			(857,665	)		—		(857,665	)
Total Liabilities		(1,192,792	)		(857,665	)		—		(2,050,457	)
Total Derivative Instruments	$	2,542,904		$	1,515,135		$	—	$	4,058,039

 

Core Bond Index Fund

Investment Type	Level 1		Level 2		Level 3		Total
Investment securities, at value:
Corporate Obligations	$	—	$	206,315,082	$	—	$	206,315,082
U.S. Government Agency Obligations		—		92,574,651		—		92,574,651
U.S. Government Agency Mortgage-Backed Securities		—		395,735,038		—		395,735,038
U.S. Treasury Obligations		—		278,531,998		—		278,531,998
Municipal Obligations		—		2,379,100		—		2,379,100
Sovereign Debt Obligations		—		15,985,398		—		15,985,398
Asset Backed Securities		—		4,182,559		—		4,182,559
Non-U.S. Government Mortgage-Backed Securities		—		36,170,114		—		36,170,114
Non-U.S. Government Agency Obligations		—		12,949,630		—		12,949,630
Cash Equivalents		128,926,357		7,941,203		—		136,867,560
Total investment securities, at value	$	128,926,357	$	1,052,764,773	$	—	$	1,181,691,130

 

145

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

500 Stock Index Fund

Investment Type	Level 1		Level 2		Level 3		Total
Investment securities, at value:
Common Stocks	$	331,753,527	$	—	$	—	$	331,753,527
U.S. Treasury Obligations		—		244,963		—		244,963
Cash Equivalents		20,109,540		—		—		20,109,540
Total investment securities, at value	$	351,863,067	$	244,963	$	—	$	352,108,030
Derivative Instruments:
Assets
Futures		2,610		—		—		2,610
Total Assets	$	2,610	$	—	$	—	$	2,610
Total Derivative Instruments	$	2,610	$	—	$	—	$	2,610

 

Broad Market Index Fund

Investment Type	Level 1		Level 2		Level 3		Total
Investment securities, at value:
Common Stocks	$	456,304,969	$	3,406	$	—	$	456,308,375
Rights		1,019		—		—		1,019
Warrants		—		—		—		—
U.S. Treasury Obligations		—		799,877		—		799,877
Cash Equivalents		54,825,475		744,488		—		55,569,963
Total investment securities, at value	$	511,131,463	$	1,547,771	$	—	$	512,679,234
Derivative Instruments:
Assets
Futures		240,266		—		—		240,266
Total Assets	$	240,266	$	—	$	—	$	240,266
Total Derivative Instruments	$	240,266	$	—	$	—	$	240,266

 

Mid/Small Company Index Fund

Investment Type	Level 1		Level 2		Level 3		Total
Investment securities, at value:
Common Stocks	$	213,862,772	$	3,429	$	—	$	213,866,201
Rights		1,012		—		—		1,012
Warrants		—		—		—		—
U.S. Treasury Obligations		—		499,923		—		499,923
Cash Equivalents		62,300,757		744,488		—		63,045,245
Total investment securities, at value	$	276,164,541	$	1,247,840	$	—	$	277,412,381
Derivative Instruments:
Assets
Futures		133,856		—		—		133,856
Total Assets	$	133,856	$	—	$	—	$	133,856
Total Derivative Instruments	$	133,856	$	—	$	—	$	133,856

 

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Overseas Equity Index Fund

Investment Type	Level 1			Level 2			Level 3		Total
Investment securities, at value:
Common Stocks	$	—		$	167,569,536		$	—	$	167,569,536
Preferred Stocks		—			619,764			—		619,764
Rights		—			44,153			—		44,153
Warrants		—			766			—		766
U.S. Treasury Obligations		—			529,919			—		529,919
Cash Equivalents		27,408,506			411,950			—		27,820,456
Total investment securities, at value	$	27,408,506		$	169,176,088		$	—	$	196,584,594
Derivative Instruments:
Assets
Futures		33,239			—			—		33,239
Forward Currency Contracts		—			65,965			—		65,965
Total Assets	$	33,239		$	65,965		$	—	$	99,204
Liabilities:
Futures		(51,683	)		—			—		(51,683	)
Forward Currency Contracts		—			(54,277	)		—		(54,277	)
Total Liabilities		(51,683	)		(54,277	)		—		(105,960	)
Total Derivative Instruments	$	(18,444	)	$	11,688		$	—	$	(6,756	)

 

All investments in the Money Market Fund, Model Portfolios, and Milestone Funds are categorized as Level 1.

At September 30, 2009, 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 denominated in foreign currencies are translated (but not actually converted) into U.S. dollars daily at the closing spot rates supplied by the WM/Reuters Intraday Spot exchange rates provided as of 4:00 pm Eastern Time. Purchases and sales of securities, income receipts and expense payments are translated (but not actually converted) 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.

Options (other than Swaptions)

Exchange traded options normally will be priced based on the last reported sale price or official closing price (if available) on the exchange on which the option is primarily traded. If no sales are reported on a particular day, a pricing service normally will use the mean between the last bid and asked quotations. Non-exchange traded options normally will be priced using an option valuation model and will be provided by a pricing service.

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Futures

Futures contracts normally will be priced at their settlement prices established and reported each day on the exchange on which they are traded, as provided by a pricing service.

Forward Currency Contracts

These contracts normally will be priced using the WM/Reuters Intraday Forwards rates provided as of 4:00 pm Eastern Time.

Interest Rate Swaps and Inflation Swaps

Interest rate and inflation swaps normally will be priced based on the applicable swap valuation model (i.e. interest rate or inflation) which incorporates a snapshot of the relevant swap curve (interest rate curve or inflation rate curve, as applicable). In the event a pricing service is unable to provide a price for a particular swap, the swap will be priced at its fair value in accordance with the Valuation Procedures.

Interest Rate Swaptions

Interest rate swaptions normally will be priced based on a snapshot taken of the relevant swap curve, deriving an implied volatility surface from actual and/or indicative broker-dealer swaption prices, and combining them in a swaption valuation model. In the event a pricing service is unable to provide a price for a particular swaption, the swaption will be priced at its fair value in accordance with the Valuation Procedures.

Total Return Swaps

Total return swaps are normally priced based on a valuation model that incorporates cash flow forecasts for the reference asset and a snapshot of the relevant interest rate swap curve. Such prices will be provided by a pricing service. In the event a pricing service is unable to provide a price for a particular total return swap, the total return swap will be priced at its fair value in accordance with the Valuation Procedures.

Investments in Derivative Instruments

Futures Contracts

Certain funds may enter into futures contracts to seek to manage or “hedge” against certain investment risks presented by a fund’s portfolio holdings or investment strategies, such as interest rate risk (which is the risk that interest rates will rise, causing bond prices to fall) or stock market risk (which is the risk that stock prices overall will decline over short or extended periods). Some funds also may use futures contracts to obtain investment exposure to an asset or asset class without purchasing or selling the assets directly.

A futures contract is an agreement between two parties to buy and sell a security, commodity, or index at a set price on a future date.

Upon entering into a futures contract, a fund is required to deposit an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures transactions and change in net unrealized appreciation (depreciation) on futures, respectively.

Risks of entering into futures contracts include: a fund may experience losses over certain ranges in the market that exceed losses experienced by a fund that does not use futures contracts; there may be an imperfect correlation between the changes in market value of the securities or index underlying the futures or options on futures and the prices of futures and options on futures; trading restrictions or limitations may be imposed by an exchange; government regulations may restrict trading in futures contracts; and there may not always be a liquid secondary market for a futures contract, and, therefore, a fund may be unable to close out its futures contracts at a time that is advantageous. The amounts at risk under such futures contracts may exceed the amounts reflected in the financial statements.

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As of September 30, 2009, the following funds had open futures contracts outstanding:

Low Duration Bond Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount     at Value		Net Unrealized Depreciation
Sold
8	CBT	U.S. 10 Year Treasury Note	December 2009	$	946,625	$	(17,966	)
31	CBT	U.S. 2 Year Treasury Note	December 2009		6,726,031		(39,830	)
27	CBT	U.S. 5 Year Treasury Note	December 2009		3,134,532		(47,136	)
		Net Unrealized Depreciation on Futures Contracts				$	(104,932	)

 

Inflation Protected Securities Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount     at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
8	CBT	U.S. 10 Year Treasury Note	December 2009	$	946,625	$	(467	)
13	CBT	U.S. 5 Year Treasury Note	December 2009		1,509,219		9,568
						$	9,101
Sold
36	CBT	U.S. 2 Year Treasury Note	December 2009	$	7,810,875	$	(41,024	)
		Net Unrealized Depreciation on Futures Contracts				$	(31,923	)

 

Asset Allocation Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount     at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
186	CME	S&P 500 Index	December 2009	$	48,959,850	$	331,038
654	CBT	U.S. 30 Year Treasury Bond	December 2009		79,379,250		1,087,379
						$	1,418,417
Sold
172	CME	E-MINI S&P 500 Index	December 2009	$	9,054,940	$	(75,187	)
		Net Unrealized Appreciation on Futures Contracts				$	1,343,230

 

Discovery Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount     at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
1,358	NYF	E-MINI Russell 2000 Index	December 2009	$	81,887,400	$	1,891,409
		Net Unrealized Appreciation on Futures Contracts				$	1,891,409

 

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Diversified Assets Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount     at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
4	EOE	Amsterdam Index	October 2009	$	365,252	$	(967	)
209	SFE	Australian Government 10 Year Bond	December 2009		19,240,770		(162,479	)
373	EOP	CAC 40 Index	October 2009		20,725,148		276,970
2	MSE	Canadian Government 10 Year Bond	December 2009		226,703		2,019
13	EUX	DAX Index	December 2009		2,698,728		20,107
131	CME	E-MINI S&P 500 Index	December 2009		6,896,495		(53,336	)
1	EUX	Euro Bund	December 2009		178,353		795
124	LIF	FTSE 100 Index	December 2009		10,088,865		191,502
26	MIL	FTSE/MIB Index	December 2009		4,455,696		89,023
37	HKG	Hang Seng Index	October 2009		4,987,806		12,531
84	MFM	IBEX 35 Index	October 2009		14,415,607		249,493
4	MSE	S&P/TSX 60 Index	December 2009		506,683		5,266
92	LIF	UK Gilt Long Bond	December 2009		17,431,853		49,020
						$	679,944
Sold
431	SGX	10 Year Mini-JGB	December 2009	$	66,893,466	$	(422,694	)
84	EOE	Amsterdam Index	October 2009		7,670,295		(122,955	)
7	EUX	DAX Index	December 2009		1,453,161		4,211
52	CME	E-MINI S&P 500 Index	December 2009		2,737,540		17,599
7	HKG	Hang Seng Index	October 2009		943,639		(8,897	)
855	SSE	OMX Stockholm 30 Index	October 2009		10,976,712		255,107
17	MSE	S&P/TSX 60 Index	December 2009		2,153,402		(42,194	)
109	SFE	SPI 200 Index	December 2009		11,411,764		(366,427	)
155	TSE	TOPIX Index	December 2009		15,713,251		512,443
6	CBT	U.S. 10 Year Treasury Note	December 2009		709,969		(12,843	)
						$	(186,650	)
		Net Unrealized Appreciation on Futures Contracts				$	493,294

500 Stock Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount     at Value		Net Unrealized Appreciation
Purchased
39	CME	E-MINI S&P 500 Index	December 2009	$	2,053,155	$	2,610
		Net Unrealized Appreciation on Futures Contracts				$	2,610

 

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Broad Market Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount     at Value		Net Unrealized Appreciation
Purchased
24	NYF	E-MINI Russell 2000 Index	December 2009	$	1,447,200	$	43,074
145	CME	E-MINI S&P 500 Index	December 2009		7,633,525		197,192
		Net Unrealized Appreciation on Futures Contracts				$	240,266

 

Mid/Small Company Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount     at Value		Net Unrealized Appreciation
Purchased
49	NYF	E-MINI Russell 2000 Index	December 2009	$	2,954,700	$	71,188
43	CME	E-MINI S&P MidCap 400	December 2009		2,963,560		62,668
		Net Unrealized Appreciation on Futures Contracts				$	133,856

 

Overseas Equity Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount     at Value		Net Unrealized Appreciation/ (Depreciation)
Purchased
68	EUX	DJ Euro STOXX 50 Index	December 2009	$	2,842,938	$	9,976
21	LIF	FTSE 100 Index	December 2009		1,708,598		6,285
5	SFE	SPI 200 Index	December 2009		523,475		16,978
18	TSE	TOPIX Index	December 2009		1,824,765		(51,683	)
		Net Unrealized Depreciation on Futures Contracts				$	(18,444	)

 

Forward Foreign Currency Exchange Contracts

Certain funds may enter into forward foreign currency exchange contracts to seek to manage or “hedge” against the currency risks to which a fund may be exposed in pursuing its investment objective(s). Currency risk is the risk that foreign currency values will decline in value relative to the U.S. dollar. This risk arises in connection with a fund’s investments in securities or other assets that are denominated in foreign currencies. A decline in the value of a foreign currency relative to the U.S. dollar will reduce the value of any securities held by a fund and denominated in that currency. Certain funds may enter into forward foreign currency exchange contracts in order to gain investment exposure to a foreign currency.

A forward foreign currency exchange contract is a privately negotiated agreement to pay or receive specific amounts of a currency at a future date in exchange for another currency at an agreed upon exchange rate.

The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily using prevailing exchange rates. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively.

Risks of entering into forward foreign currency exchange contracts include the possibility that foreign currency values may change unfavorably relative to the U.S. dollar, there may be an illiquid market or a change in the value of the contracts may not correlate with changes in the value of the underlying currency. The amount at risk for such forward

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foreign currency exchange contracts may exceed the amount reflected in the financial statements. The use of over-the-counter forward foreign currency exchange contracts includes counterparty risk, which is the risk that the other party to a contract may not fulfill its obligations. The risk of loss from non-performance by the counterparty may be reduced by the use of a written agreement with the counterparty that includes certain safeguards regarding the counterparty’s obligations.

As of September 30, 2009, the following funds had open forward foreign currency exchange contracts outstanding:

Low Duration Bond Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2009		Net Unrealized Appreciation
Sale	EUR	USD	10/07/2009	$	7,169,160	$	7,344,554	$	(175,394	)
		Net Unrealized Depreciation on Forward Foreign Currency Contracts						$	(175,394	)

 

Inflation Protected Securities Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2009		Net Unrealized Appreciation/ (Depreciation)
Purchase	USD	JPY	11/30/2009	$	2,737	$	2,735	$	(2	)
Purchase	EUR	JPY	11/30/2009		1,638,952		1,642,095		3,143
Purchase	JPY	EUR	11/30/2009		1,644,830		1,638,952		(5,878	)
		Net Unrealized Depreciation on Forward Foreign Currency Contracts						$	(2,737	)

 

Discovery Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2009		Net Unrealized Depreciation
Sale	EUR	USD	10/07/2009	$	649,917	$	665,824	$	(15,907	)
		Net Unrealized Depreciation on Forward Foreign Currency Contracts						$	(15,907	)

 

International Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2009		Net Unrealized Appreciation/ (Depreciation)
Purchase	CAD	EUR	10/16/2009	$	1,234,567	$	1,239,064	$	4,497
Purchase	CHF	EUR	10/16/2009		470,377		470,480		103
Purchase	EUR	CAD	10/16/2009		1,223,761		1,234,567		10,806
Purchase	EUR	CHF	10/16/2009		471,164		470,377		(787	)
								$	14,619
Sale	CHF	USD	10/20/2009	$	1,742,000	$	1,731,274	$	10,726
Sale	EUR	USD	10/19/2009		6,596,000		6,608,532		(12,532	)
								$	(1,806	)
		Net Unrealized Appreciation on Forward Foreign Currency Contracts						$	12,813

 

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Diversified Assets Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2009		Net Unrealized Appreciation/ (Depreciation)
Purchase	USD	AUD	10/06/2009	$	20,071,888	$	21,033,069	$	961,181
Purchase	USD	AUD	11/05/2009		20,991,810		20,982,668		(9,142	)
Purchase	USD	CAD	10/06/2009		3,471,359		3,480,670		9,311
Purchase	USD	CHF	10/06/2009		15,696,457		16,003,285		306,828
Purchase	USD	CHF	11/05/2009		15,986,367		16,006,374		20,007
Purchase	USD	EUR	10/06/2009		31,742,118		31,775,616		33,498
Purchase	USD	GBP	10/06/2009		14,725,368		14,727,413		2,045
Purchase	USD	JPY	10/06/2009		11,093,102		11,461,368		368,266
Purchase	USD	JPY	11/05/2009		9,822,890		9,797,746		(25,144	)
Purchase	USD	NOK	10/06/2009		3,727,003		3,877,203		150,200
Purchase	USD	NOK	11/05/2009		2,503,215		2,514,450		11,235
Purchase	USD	NZD	10/06/2009		2,952,636		3,114,986		162,350
Purchase	USD	NZD	11/05/2009		3,113,951		3,108,515		(5,436	)
Purchase	USD	SEK	10/06/2009		1,132,384		1,135,874		3,490
								$	1,988,689
Sale	AUD	USD	10/06/2009	$	21,041,535	$	21,033,069	$	8,466
Sale	CAD	USD	10/06/2009		3,393,229		3,480,670		(87,441	)
Sale	CAD	USD	11/05/2009		3,426,487		3,434,904		(8,417	)
Sale	CHF	USD	10/06/2009		15,982,439		16,003,286		(20,847	)
Sale	EUR	USD	10/06/2009		31,161,645		31,775,617		(613,972	)
Sale	EUR	USD	11/05/2009		28,898,973		28,932,327		(33,354	)
Sale	GBP	USD	10/06/2009		15,018,175		14,727,412		290,763
Sale	GBP	USD	11/05/2009		12,879,939		12,870,488		9,451
Sale	JPY	USD	10/06/2009		11,491,986		11,461,368		30,618
Sale	NOK	USD	10/06/2009		3,847,413		3,877,203		(29,790	)
Sale	NZD	USD	10/06/2009		3,120,077		3,114,986		5,091
Sale	SEK	USD	10/06/2009		1,115,276		1,135,874		(20,598	)
Sale	SEK	USD	11/05/2009		1,132,588		1,136,112		(3,524	)
								$	(473,554	)
		Net Unrealized Appreciation on Forward Foreign Currency Contracts						$	1,515,135

 

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Overseas Equity Index Fund

Contract Type	Currency to Deliver	In Exchange For	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at September 30, 2009		Net Unrealized Appreciation/ (Depreciation)
Purchase	USD	AUD	12/16/2009	$	348,953	$	356,696	$	7,743
Purchase	USD	EUR	12/16/2009		2,938,317		2,941,247		2,930
Purchase	USD	GBP	12/16/2009		1,903,328		1,849,217		(54,111	)
Purchase	USD	JPY	12/16/2009		2,856,296		2,911,588		55,292
								$	11,854
Sale	EUR	USD	12/16/2009	$	40,660	$	40,826	$	(166	)
		Net Unrealized Appreciation on Forward Foreign Currency Contracts						$	11,688

 

Glossary:

AUD—  Australian Dollar
CAD—  Canadian Dollar
CHF—  Swiss Franc
EUR—  European Monetary Unit
GBP—  British Pound Sterling
JPY—  Japanese Yen
NOK—  Norwegian Krone
NZD—  New Zealand Dollar
SEK—  Swedish Krona
USD—  U.S. Dollar

Option Contracts

Certain funds may enter into option contracts to seek to manage or “hedge” against one or more of the investment risks to which a fund may be exposed from time to time in pursuing its investment objective(s), including, for example, debt instrument market risks (such as interest rate risk, which is the risk that interest rates will rise, causing bond prices to fall, and credit risk, which is the risk that the issuer of a debt instrument will default on its obligation to pay interest and/or principal on the instrument) and stock market risk (which is the risk that stock prices overall will decline over short or extended periods).

An option gives the holder the right but not the obligation to enter into a transaction (e.g., the purchase or sale of a security, an index of securities prices or another instrument, such as a futures contract) with another party at a specified price (called the strike price). The counterparty is obligated to enter into the transaction if the holder elects to exercise the option. A call option gives the holder the right to purchase the underlying security or instrument from the other party; a put option gives the holder the right to sell the underlying security or instrument to the other party. Purchasing a put option contract protects the purchaser from declines in market value on the underlying index or security. Purchasing a call option contract may enable the purchaser to benefit from price appreciation (if any) in the underlying index or security.

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 each option is marked to market at each valuation date. When a written option expires, the fund realizes a gain equal to the amount of the premium originally received. When a fund enters into a closing purchase transaction, the fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium originally received when the option was sold/written) without regard to any unrealized

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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 that the fund purchased upon exercise. Option contract transactions may incur a commission, in addition to the premium paid or received.

A risk in writing, which is selling, 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. A 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. A risk in buying an option is that the fund pays a premium whether or not the option is exercised. The use of option contracts may also include counterparty risk, which is the risk that the other party to the contract may not fulfill its obligations. The risk of loss from non-performance by the counterparty may be reduced by the use of a written agreement with the counterparty that includes certain safeguards regarding the counterparty’s obligations.

Written option activity for the nine month period ended September 30, 2009 was as follows:

Inflation Protected Securities Fund

	Call Options				Put Options						Total
	# Contracts		Premium		# Contracts			Premium			# Contracts			Premium
Beginning balance as of 01/01/2009		—	$	—		—		$	—			—			—
Contracts written		—		—		28			9,547			28			9,547
Contracts closed		—		—		(23	)		(7,842	)		(23	)		(7,842	)
Contracts expired		—		—		(5	)		(1,705	)		(5	)		(1,705	)
Ending balance as of 09/30/2009		—	$	—		—		$	—			—		$	—

 

Swap Agreements

Certain funds may enter into swap agreements to seek to manage or “hedge” against one or more investment risks to which a fund may be exposed from time to time in pursing its investment objective(s), including, for example, interest rate risk, which is the risk that interest rates will rise, causing bond prices to fall, and credit risk, which is the risk that the issuer of a debt instrument will default on its obligation to pay interest and/or principal on the instrument.

Generally, a swap is a privately-negotiated agreement between two parties 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 with respect to a notional amount of principal. An inflation swap agreement involves the exchange between two parties of their respective commitments to pay or receive a fixed rate in exchange for the actual rate of change of an inflation index with respect to a notional amount of principal. 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 pricing services or fair values determined using a Bloomberg Swap Curve Calculator.

Changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation (depreciation) on swaps. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swaps transactions and change in net unrealized appreciation (depreciation) on swaps, respectively.

The risks of entering into swap agreements include the possible lack of liquidity and unfavorable changes in the underlying investments or instruments. The use of swap agreements may also include counterparty risk, which is the

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risk that the other party to a swap agreement may not fulfill its obligations. The risk of loss from non-performance by the counterparty may be reduced by the use of a written agreement with the counterparty that includes certain safeguards regarding the counterparty’s obligations.

In certain types of swap transactions, the risk of loss is increased because the fund may be required to make additional or higher payments to the counterparty 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 September 30, 2009, the following swap agreements were outstanding:

Inflation Protected Securities Fund

Interest Rate Swaps
	Rates Exchanged
Swap Counterparty	Payments Made By The Fund	Payments Received By The Fund			Termination Date		Notional Amount		Net Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG	6 month LIBOR		5.00	%		03/20/2013		GBP 1,000,000	$	121,087
Morgan Stanley Capital Services	3 month LIBOR		3.00	%		06/16/2011		USD 26,000,000		72,792
Morgan Stanley Capital Services	Daily Brazil CETIP     Interbank Deposit Rate		12.54	%		01/02/2012		BRL 6,600,000		44,296
Royal Bank of Scotland plc	3 month LIBOR		4.00	%		12/16/2014		USD 10,700,000		396,309
									$	634,484

 

Glossary:

BRL  — Brazilian Real
GBP  — British Pound
USD  — U.S. Dollar

Swap Options (“Swaptions”)

Certain funds may enter into swap options (or “swaption”) to seek to manage or “hedge” against one or more investment risks to which a fund may be exposed from time to time in pursuing its investment objective(s), including, for example, interest rate risk, which is the risk that interest rates will rise, causing bond prices to fall, and credit risk, which is the risk that the issuer of a debt instrument will default on its obligation to pay interest and/or principal on the instrument.

A swaption is a contract that gives a counterparty the right (but not the obligation), in return for the payment of a premium, to enter into a new swap agreement, or shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. 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 use of swaptions includes counterparty risk, which is the risk that the other party to a swaption may not fulfill its obligations. The risk of loss from non-performance by the counterparty may be reduced by the use of a written agreement with the counterparty that includes certain safeguards regarding the counterparty’s obligations.

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.

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Written swaption activity for the nine month period ended September 30, 2009 was as follows:

Inflation Protected Securities Fund

	Call Swaptions						Put Swaptions						Total
	Notional Amount			Premium			Notional Amount			Premium			Notional Amount			Premium
Beginning balance as of 01/01/2009	$	4,400,000		$	107,490		$	1,800,000		$	12,343		$	6,200,000		$	119,833
Written		39,750,000			140,085			81,150,000			576,176			120,900,000			716,261
Closed		(42,150,000	)		(234,880	)		(60,550,000	)		(344,659	)		(102,700,000	)		(579,539	)
Expired		—			—			—			—			—			—
Ending balance as of 09/30/2009	$	2,000,000		$	12,695		$	22,400,000		$	243,860		$	24,400,000		$	256,555

 

Exchange	Contract	Notional Amount		Strike Rate			Expiration Date		Net Unrealized Appreciation
OTC	Put—Interest Rate Swaption	$	10,000,000		4.00	%		11/23/2009	$	58,486
OTC	Put—Interest Rate Swaption		4,000,000		4.00	%		11/23/2009		41,073
OTC	Put—Interest Rate Swaption		3,800,000		4.35	%		11/23/2009		20,612
OTC	Put—Interest Rate Swaption		3,000,000		3.42	%		11/23/2009		79,887
OTC	Call—Interest Rate Swaption		2,000,000		3.00	%		11/23/2009		6,507
OTC	Put—Interest Rate Swaption		1,000,000		4.00	%		11/23/2009		7,637
OTC	Put—Interest Rate Swaption		600,000		4.35	%		11/23/2009		2,927
									$	217,129

 

U.S. Treasury Guarantee Program

On September 19, 2008, the U.S. Treasury announced the establishment of the U.S. Treasury Temporary Guarantee Program (the “Guarantee Program”) for money market funds. The Guarantee Program covered investors in a participating money market fund who were invested in the fund on September 19, 2008, and who continued to hold at least one share of the fund until the date when a Guarantee Event occurred, i.e., the fund “broke the buck.” Coverage was limited to the lower of the amount invested on September 19, 2008, or on the date the money market fund “broke the buck.” The Short-Term Investment Liquid Assets Portfolio (the “Portfolio”), in which the Money Market Fund invests, participated in the Guarantee Program. As a result, shareholders of the Portfolio, including the Money Market Fund, were guaranteed to receive $1.00 per share held as of September 19, 2008, subject to the terms of the Guarantee Program. The Guarantee Program was extended through September 18, 2009. The Portfolio participated in the Guarantee Program through September 18, 2009, when it expired.

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Tax Basis Unrealized Appreciation (Depreciation)

At September 30, 2009, net unrealized appreciation (depreciation) on investments was as follows:

Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Money Market	$	464,262,306	$	—	$	—	$	—
Low Duration Bond		508,663,227		14,796,201		3,943,693		10,852,508
Inflation Protected Securities		380,905,136		8,116,421		605,969		7,510,452
Asset Allocation		491,518,263		56,564,888		76,167,828		(19,602,940	)
Equity Income		1,585,188,969		183,151,319		194,894,336		(11,743,017	)
Growth & Income		956,823,919		117,957,686		24,025,315		93,932,371
Growth		1,732,752,600		153,434,456		52,417,700		101,016,756
Select Value		300,392,073		29,649,846		10,985,569		18,664,277
Aggressive Opportunities		1,048,755,916		171,258,792		58,506,678		112,752,114
Discovery		188,394,513		16,526,942		6,353,140		10,173,802
International		931,437,331		92,514,183		41,314,214		51,199,969
Diversified Assets		427,686,797		3,110,824		2,294,896		815,928
Core Bond Index		1,158,229,386		33,645,576		10,183,832		23,461,744
500 Stock Index		277,082,087		145,428,551		70,402,608		75,025,943
Broad Market Index		442,943,730		186,582,017		116,846,513		69,735,504
Mid/Small Company Index		278,700,546		43,086,861		44,375,026		(1,288,165	)
Overseas Equity Index		213,454,845		18,254,905		35,125,156		(16,870,251	)
Model Portfolio Savings Oriented		299,001,363		2,631,547		13,746,776		(11,115,229	)
Model Portfolio Conservative Growth		533,994,895		4,198,612		33,866,614		(29,668,002	)
Model Portfolio Traditional Growth		1,412,514,853		8,008,161		133,743,362		(125,735,201	)
Model Portfolio Long-Term Growth		1,697,261,939		5,842,322		172,401,421		(166,559,099	)
Model Portfolio All-Equity Growth		668,294,765		—		120,186,707		(120,186,707	)
Milestone Retirement Income		65,478,931		—		3,499,938		(3,499,938	)
Milestone 2010		90,114,489		1,495,288		6,445,509		(4,950,221	)
Milestone 2015		187,681,722		1,785,441		19,855,439		(18,069,998	)
Milestone 2020		184,926,684		1,284,708		18,716,447		(17,431,739	)
Milestone 2025		144,250,335		778,050		14,936,295		(14,158,245	)
Milestone 2030		119,142,690		521,530		11,611,384		(11,089,854	)
Milestone 2035		72,807,942		248,765		7,011,837		(6,763,072	)
Milestone 2040		81,390,020		187,451		5,384,460		(5,197,009	)

 

Portfolio Securities Loaned

Certain funds lend securities to approved borrowers to seek to earn additional income. As of September 30, 2009, certain funds had loaned securities, which were collateralized by cash or other forms of collateral as provided for in the Company’s Securities Lending Agency Agreement with JPMorgan Chase Bank, N.A. at least equal to the market value of the securities loaned. The funds receive dividends and interest on the loaned securities and a portion of interest earned on reinvested collateral. All securities loaned are marked to market daily in U.S. dollars and collateral is received and released accordingly on the following day to achieve the required collateralization for the previous day’s market value. A fund retains a portion of the interest received on investment of the cash collateral or receives a fee from the borrower. A fund also continues to receive any distributions paid on the loaned securities. The fund may terminate a loan at any time and generally expects to receive the securities loaned within the normal settlement period for the security involved. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of the borrower. The fund may not retain voting rights on securities while they are on loan. Voting rights on the loaned securities may pass to the borrower. The funds, however, are entitled to terminate or recall the loans to vote proxies or otherwise obtain rights to vote or consent with respect to a material event.

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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 deposit in the funds’ accounts securities of the same number, issue, type, class and series of the unreturned loaned securities. If the custodian is unable to purchase replacement securities, it will credit to the funds’ accounts 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 of September 30, 2009, were as follows:

Fund	Securities on Loan		Collateral		Collateralization
Low Duration Bond	$	41,820,415	$	42,292,804		101	%*
Inflation Protected Securities		59,516,024		60,632,304		102	%
Asset Allocation		35,122,765		36,024,916		103	%
Equity Income		157,525,583		163,558,735		104	%
Growth & Income		84,597,111		86,881,118		103	%
Growth		118,507,851		121,382,180		102	%
Select Value		42,881,164		44,088,167		103	%
Aggressive Opportunities		211,019,522		217,224,156		103	%
Discovery		30,453,443		31,313,076		103	%
International		28,258,057		29,450,029		104	%*
Core Bond Index		117,637,984		120,000,133		102	%
500 Stock Index		18,224,452		18,632,224		102	%
Broad Market Index		46,105,266		47,645,513		103	%
Mid/Small Company Index		55,803,930		57,741,844		103	%
Overseas Equity Index		21,291,832		22,322,523		105	%

 

* Collateralization was brought into compliance with additional collateral received the following business day.

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“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500®, and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Vantagepoint Funds — 500 Index Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Fund.

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 required certifications of the principal executive officer and principal financial officer are attached.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
	The Vantagepoint Funds
By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date	November 23, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:	/s/ Joan McCallen
	Joan McCallen, Principal Executive Officer
Date	November 23, 2009
	/s/ Elizabeth Glista
	Elizabeth Glista, Principal Financial Officer
Date	November 23, 2009