Vantagepoint Funds N-CSR Certified annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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:       12/31/06

Date of reporting period:     01/01/06 - 12/31/06          

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1 (Report to Shareholders): The annual report is set forth below.

ANNUAL REPORT
December 31, 2006

TABLE OF CONTENTS
Letter from the President of The Vantagepoint Funds	1
Letter from Vantagepoint Investment Advisers, LLC	2
Shareholder Expenses	5
Management’s Discussion of Fund Performance	7
Vantagepoint Funds
Report of Independent Auditors	81
Statements of Assets and Liabilities	82
Statements of Operations	88
Statements of Changes in Net Assets	94
Financial Highlights	109
Notes to Financial Statements	141
Schedules of Investments	168

Joan McCallen
President LETTER FROM THE PRESIDENT OF THE VANTAGEPOINT FUNDS

Dear Shareholders:

At The Vantagepoint Funds, we maintain a long-term focus that we believe is well suited to our investors who are building retirement security for themselves and their families.

Our dedicated team of investment professionals seeks out qualified investment managers and strives to maintain an appropriate balance among their diverse investment styles.

This strategy is designed to offer mutual fund investors an opportunity to diversify their holdings among subadvisers that Vantagepoint Investment Advisers, LLC, the investment adviser, believes to be investment managers who bring complementary investment styles across all asset classes. Over the years, The Vantagepoint Funds have demonstrated the value of this multi-management investment strategy.

Looking back at 2006, I am pleased to report that investors in The Vantagepoint Funds have generally benefited from another strong year of equity market performance in a financial environment of low inflation, steady interest rates and moderating energy and housing markets. A more detailed discussion of market conditions and the performance of The Vantagepoint Funds follows in this report.

As always all of our work, either through The Vantagepoint Funds or related products and services, is dedicated to helping you, our investors, build retirement security. We look forward to serving you again in 2007.

Sincerely,

Joan McCallen

This information is being provided for educational purposes and is not intended to be construed as or relied upon as investment advice. Please consult the current Vantagepoint Funds’ prospectus carefully for a complete summary of all fees, expenses, charges, financial highlights, investment objectives, risks and performance information. Investors should consider the Funds’ investment objectives, risks, charges and expenses before investing or sending money. The prospectus contains this and other information about the investment company. Please read the prospectus carefully before investing. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of the ICMA Retirement Corporation (“ICMA-RC”), and member NASD/SIPC. For a current prospectus, contact ICMA-RC Services, LLC, 777 North Capitol Street, NE, Washington, DC 20002-4240. 1-800-669-7400.

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LETTER FROM VANTAGEPOINT INVESTMENT ADVISERS, LLC

Dear Shareholders:

The capital markets extended gains in 2006, spurred by continued economic growth, historically low unemployment, and moderating inflation concerns. Economic activity, as measured by Gross Domestic Product, grew by a healthy 3.4% for the year. Unemployment rates throughout the year were at historically low levels which would normally prompt fears of wage inflation trickling through the economy. However, following seventeen consecutive interest rate increases, the last four of which came in the first half of 2006, the Federal Reserve paused in the last half of the year.

Although capital markets, for the year, provided positive returns to investors, performance varied widely both across asset classes and throughout the year. For example, at the end of June, year-to-date returns to fixed income investors were generally flat to modestly negative, yet ended the year with returns slightly higher than in 2005. Returns to U.S. equity investors also dipped mid-year but finished strong. 2006 returns varied widely depending on size and style with small capitalization value stocks, as measured by the Russell 2000 Value Index returning 23.48% and large capitalization growth stocks, as measured by the Russell 1000 Growth Index, returning 9.07%. International equity markets also saw differences, notably across regions, and were generally even stronger than U.S. markets in 2006. This broad range of returns is also evident looking across asset classes. A sampling of 2006 returns, as measured by major market indexes, is depicted below:*

The Vantagepoint Funds also benefited from the market gains at levels indicative of their asset class and style focus.

Fund Returns Vantagepoint Actively Managed Funds	Year Ended December 31, 2006
Vantagepoint Money Market Fund	4.51	%
Vantagepoint Short-Term Bond Fund	3.98	%
Vantagepoint US Government Securities Fund	3.34	%
Vantagepoint Asset Allocation Fund	15.51	%
Vantagepoint Equity Income Fund	18.73	%
Vantagepoint Growth & Income Fund	13.28	%
Vantagepoint Growth Fund	10.21	%
Vantagepoint Aggressive Opportunities Fund	13.36	%
Vantagepoint International Fund	21.14	%

*This information is being provided for educational purposes and should not be construed as or relied upon as investment advice or as a solicitation for a particular product or security. Performance reflected above represents past performance. The Lehman Brothers Aggregate Bond Index is an unmanaged index which consists of all investment-grade U.S. fixed income securities. The Lehman Brothers Intermediate Government/Credit Bond Index, a subset of the Lehman Brothers Aggregate Bond Index, is a market value weighted index consisting of government and corporate fixed-rate debt issues with maturities between one and ten years. The Russell 3000 Index measures performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index and represents approximately 8% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Growth Index measures the growth sector of the United States equity broad market and is a subset of the Russell 3000 Index. The Russell 3000 Value Index measures the value sector of the United States equity market and is a subset of the Russell 3000 Index. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Merrill Lynch 1-3 Year Government/Corporate Bond Index tracks the performance of U.S. dollar-denominated investment-grade Government and corporate public debt securities issued in the U.S. domestic bond market with maturities between 1 and 3 years. The Morgan Stanley Capital International (“MSCI”) Europe Australasia Far East (“EAFE”) Index consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. A fund’s portfolio may differ significantly from the securities held in the indexes. Indexes are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio. Investment returns and principal value of an investment in The Vantagepoint Funds will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Past performance is not indicative of future returns. Individuals are advised to consider any new investment strategies carefully prior to implementing. Please consult the current Vantagepoint Funds’ prospectus, which contains additional information on management fees, other fund expenses, and investment risks and objectives carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400

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Vantagepoint Index Funds	Year Ended December 31, 2006
		Class I			Class II
Vantagepoint Core Bond Index Fund			3.82	%		4.11	%
Vantagepoint 500 Stock Index Fund			15.27	%		15.60	%
Vantagepoint Broad Market Index Fund			15.46	%		15.68	%
Vantagepoint Mid/Small Company Index Fund			14.99	%		15.24	%
Vantagepoint Overseas Equity Index Fund			25.35	%		25.64	%

Vantagepoint Model Portfolio Funds
Vantagepoint Model Portfolio Savings Oriented Fund	6.90	%
Vantagepoint Model Portfolio Conservative Growth Fund	8.38	%
Vantagepoint Model Portfolio Traditional Growth Fund	10.42	%
Vantagepoint Model Portfolio Long-Term Growth Fund	12.50	%
Vantagepoint Model Portfolio All-Equity Growth Fund	14.58	%

Vantagepoint Milestone Funds
Vantagepoint Milestone Retirement Income Fund	7.52	%
Vantagepoint Milestone 2010 Fund	8.95	%
Vantagepoint Milestone 2015 Fund	10.87	%
Vantagepoint Milestone 2020 Fund	11.92	%
Vantagepoint Milestone 2025 Fund	12.70	%
Vantagepoint Milestone 2030 Fund	13.52	%
Vantagepoint Milestone 2035 Fund	14.00	%
Vantagepoint Milestone 2040 Fund	14.14	%

A discussion of each Fund’s 2006 results follows, beginning on page 7.

U.S. Stocks Extend Gains for a Fourth Consecutive Year

Domestic equity markets began 2006 by extending gains from the prior three years. Relatively low interest rates, a strong economy, healthy corporate earnings, growth in employment and relatively low inflation expectations fueled these gains. However, the markets did not advance uniformly: mid-second quarter, major indexes fell as inflation concerns increased along with energy prices. Late June saw a short rally until mid-July when Middle East tensions raised uncertainty once again. However, by mid-August, inflation fears waned and investors were ready to take advantage of opportunities. The U.S. equity markets rallied through the remainder of the year.

For the year, all domestic equity segments rose, some significantly outstripping long-run averages, with traditional value oriented sectors leading the way, including the Financial, Energy and Utilities sectors. Not surprisingly, value stocks, as represented by the Russell 3000 Value Index, handily outperformed growth stocks, as represented by the Russell 3000 Growth Index, for the year. Notably, 2006 was the seventh consecutive year that value stocks outperformed growth counterparts.

Small-capitalization companies generally outperformed both large- and mid-capitalization companies with much of this outperformance coming in the final quarter of the year as investors’ risk appetite increased and equity markets, in general, rallied in light of favorable conditions.

International Returns Aided by a Weaker Dollar

International markets followed a pattern of returns throughout the year similar to those of the U.S. market. However, for the year as a whole, international equity markets posted higher returns for U.S. investors than did domestic markets due, in part, to a weaker dollar. The bellwether MSCI EAFE Index, rose 26.86% in U.S. dollar terms, based on a 16.46% gain in local currency terms. Each country in the MSCI EAFE Index enjoyed advances in its domestic stock market. European markets led the way providing a 34.36% return to U.S. investors. Pacific Rim countries, as a region, gained 12.51%, with Japan’s 7.35% return lagging. Emerging markets, which are not reflected in the MSCI EAFE Index, generally posted even higher returns.

Interest Rate Hikes Pause Mid-Year

The Federal Reserve’s inflation-fighting incremental rate hike policy paused in June of 2006. After seventeen consecutive quarter-point rate hikes, four of which occurred in 2006, the target Federal Funds rate reached 5.25% mid-year and

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remained through year-end. The effect of this policy was a progressive increase in short-term rates; intermediate and longer term rates did not increase by the same magnitude resulting in a flat to modestly inverted yield curve in the latter half of 2006.

During 2006, yields on the 3 month Treasury-Bill rose by approximately 100 basis points, or 1%, essentially equivalent to the target Federal Funds rate increases effected by the Federal Reserve. Yields on longer-term Treasury issues also rose but by lesser amounts.

Money market funds provided very similar returns to short-term bonds: the MFR Prime Retail Average, a representative group of institutional, non-government institutional money market funds, returned 4.28% for the year; short-term bonds, as measured by the Merrill Lynch 1-3 Year Government/Corporate Bond Index, returned 4.25%.

In a repetition of last year’s theme, investment grade bond holdings finished the year with returns lower than historical averages. Given the sharp increase in short-term interest rates over the past two years, these lower returns were not unexpected. The Lehman Brothers Aggregate Bond Index, a measure of all issued debt instruments, returned 4.33% for the year; and, intermediate-term bonds, as measured by the Lehman Brothers Intermediate Government/Credit Bond Index provided a return of 4.07% for the year.

As risk aversion waned, lower quality issues led the way in 2006 with the high yield sector providing the only double digit return from a major fixed income sector. Emerging markets debt also posted strong returns to investors.

The Vantagepoint Funds’ 2006 Enhancements

Proactive oversight of Vantagepoint Fund subadvisers plays a key role in our investment strategy. During 2006, Vantagepoint Investment Advisers, LLC (“VIA”) changed three Funds’ subadviser rosters to increase opportunities for future potential returns. Additionally, the portion of these three Funds’ expense ratios attributable to subadviser fees fell slightly as a direct result of the subadviser changes.

In January, the Aggressive Opportunities Fund replaced Wellington Management Company, LLP with TimesSquare Capital Management, LLC and Legg Mason Capital Management, Inc.; the Fund’s four subadvisers combined to outperform both market and peer group benchmarks in 2006.

Also in January, the International Fund added two subadvisers, GlobeFlex Capital, LP and Walter Scott & Partners, Limited, to continuing subadvisers Artisan Partners Limited Partnership and Capital Guardian Trust Company to improve opportunities for future returns.

In May, the Vantagepoint Growth Fund’s subadviser lineup changed as Fidelity Management & Research Company (“Fidelity”) was removed. The assets Fidelity had managed were reallocated among the remaining five subadvisers, Goldman Sachs Asset Management, L.P., Legg Mason Capital Management, Inc., Peregrine Capital Management, Inc., Tukman Capital Management, Inc., and Westfield Capital Management Company, LLC.

VIA continues to manage its Funds with the goal of producing above-average results over the longer-term, with below-average volatility over the shorter-term. By using independent third-party subadvisers to manage certain Funds’ assets, VIA has the flexibility to seek quality managers who VIA believes show potential to provide consistency of style and results. Investors can feel comfortable that The Vantagepoint Funds are managed with the ultimate goal in mind – investor success.

Sincerely,

Vantagepoint Investment Advisers, LLC

The information herein was obtained from various sources; we do not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities. This information is intended for educational purposes only and is not to be construed as investment advice. It does not have regard to the individual investment objectives, financial situation or the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or using any investment strategies discussed here and should understand that statements regarding future prospects may not be realized. Investors should note that returns, if any, from investing in securities, will fluctuate and that each security price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not an indicator of future performance. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC and member NASD/SIPC. 1-800-669-7400.

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Shareholder Expenses

As a shareholder of a Vantagepoint Fund, you incur ongoing expenses, such as advisory fees, investor services fees, fund services fees and other fund expenses. The following example is intended to help you understand your ongoing expenses (in dollars and cents) of investing in a Vantagepoint Fund and to compare these expenses with the ongoing expenses of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2006 to December 31, 2006.

     Actual Expenses

The first section in the example below (entitled “Actual”) provides information about the actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

     Hypothetical Example for Comparison Purposes

The second section in the example below (entitled “Hypothetical”) provides information about the hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

ACTUAL					HYPOTHETICAL
Beginning Account Value 7/01/06	Ending Account Value 12/31/06	Annualized Expense Ratio	Expenses Paid During Period*	Vantagepoint Funds	Beginning Account Value 7/01/06	Ending Account Value 12/31/06	Annualized Expense Ratio	Expenses Paid During Period*
$1,000.00	$1,024.10	0.63%	$3.21	Money Market**	$1,000.00	$1,022.00	0.63%	$3.21
$1,000.00	$1,029.30	0.66%	$3.38	Short-Term Bond	$1,000.00	$1,021.90	0.66%	$3.36
$1,000.00	$1,035.90	0.60%	$3.08	US Government Securities	$1,000.00	$1,022.20	0.60%	$3.06
$1,000.00	$1,122.20	0.75%	$4.01	Asset Allocation	$1,000.00	$1,021.40	0.75%	$3.82
$1,000.00	$1,127,60	0.89%	$4.77	Equity Income	$1,000.00	$1,020.70	0.89%	$4.53
$1,000.00	$1,104.80	0.80%	$4.24	Growth & Income	$1,000.00	$1,021.20	0.80%	$4.08
$1,000.00	$1,104.70	0.88%	$4.67	Growth	$1,000.00	$1,020.80	0.88%	$4.48
$1,000.00	$1,104.20	1.01%	$5.36	Aggressive Opportunities	$1,000.00	$1,020.10	1.01%	$5.14
$1,000.00	$1,120.30	1.10%	$5.88	International	$1,000.00	$1,019.70	1.10%	$5.60
$1,000.00	$1,048.50	0.44%	$2.27	Core Bond Index Class I	$1,000.00	$1,023.00	0.44%	$2.24
$1,000.00	$1,050.30	0.24%	$1.24	Core Bond Index Class II	$1,000.00	$1,024.00	0.24%	$1.22
$1,000.00	$1,125.30	0.45%	$2.41	500 Stock Index Class I	$1,000.00	$1,022.90	0.45%	$2.29
$1,000.00	$1,125.90	0.25%	$1.34	500 Stock Index Class II	$1,000.00	$1,023.90	0.25%	$1.28
$1,000.00	$1,117.90	0.44%	$2.35	Broad Market Index Class I	$1,000.00	$1,023.00	0.44%	$2.24
$1,000.00	$1,119.10	0.24%	$1.28	Broad Market Index Class II	$1,000.00	$1,024.00	0.24%	$1.22
$1,000.00	$1,090.30	0.51%	$2.69	Mid / Small Company Index Class I	$1,000.00	$1,022.60	0.51%	$2.60
$1,000.00	$1,091.60	0.31%	$1.63	Mid / Small Company Index Class II	$1,000.00	$1,023.60	0.31%	$1.58
$1,000.00	$1,141.90	0.75%	$4.05	Overseas Equity Index Class I	$1,000.00	$1,021.40	0.75%	$3.82
$1,000.00	$1,143.90	0.55%	$2.97	Overseas Equity Index Class II	$1,000.00	$1,022.40	0.55%	$2.80
$1,000.00	$1,056.40	0.81%	$4.20	Model Portfolio Savings Oriented**	$1,000.00	$1,021.10	0.81%	$4.13
$1,000.00	$1,067.70	0.85%	$4.43	Model Portfolio Conservative Growth**	$1,000.00	$1,020.90	0.85%	$4.33
$1,000.00	$1,081.60	0.92%	$4.83	Model Portfolio Traditional Growth**	$1,000.00	$1,020.60	0.92%	$4.69
$1,000.00	$1,097.80	0.98%	$5.18	Model Portfolio Long-Term Growth**	$1,000.00	$1,020.30	0.98%	$4.99
$1,000.00	$1,110.50	1.10%	$5.85	Model Portfolio All-Equity Growth**	$1,000.00	$1,019.70	1.10%	$5.60
$1,000.00	$1,061.60	0.81%	$4.21	Milestone Retirement Income**	$1,000.00	$1,021.10	0.81%	$4.13
$1,000.00	$1,071.80	0.88%	$4.60	Milestone 2010**	$1,000.00	$1,020.80	0.88%	$4.48
$1,000.00	$1,083.80	0.91%	$4.78	Milestone 2015**	$1,000.00	$1,020.60	0.91%	$4.63
$1,000.00	$1,089.10	0.93%	$4.90	Milestone 2020**	$1,000.00	$1,020.50	0.93%	$4.74

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ACTUAL					HYPOTHETICAL
Beginning Account Value 7/01/06	Ending Account Value 12/31/06	Annualized Expense Ratio	Expenses Paid During Period*	Vantagepoint Funds	Beginning Account Value 7/01/06	Ending Account Value 12/31/06	Annualized Expense Ratio	Expenses Paid During Period*
$1,000.00	$1,093.90	0.95%	$5.01	Milestone 2025**	$1,000.00	$1,020.40	0.95%	$4.84
$1,000.00	$1,098.00	0.97%	$5.13	Milestone 2030**	$1,000.00	$1,020.30	0.97%	$4.94
$1,000.00	$1,099.90	0.99%	$5.24	Milestone 2035**	$1,000.00	$1,020.20	0.99%	$5.04
$1,000.00	$1,101.20	0.99%	$5.24	Milestone 2040**	$1,000.00	$1,020.20	0.99%	$5.04

*	Expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value over the period, multiplied by [number of days in most recent fiscal half-year divided by total number of days in fiscal year e.g. 184/365] (to reflect the one-half year period).
**	This fund invests in one or more other mutual funds. The annualized expense ratio includes this fund’s proportionate share of the expense ratio of such other mutual fund(s).

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Vantagepoint Money Market Fund

The Vantagepoint Money Market Fund’s objective is to seek maximum current income, consistent with maintaining liquidity and a stable share price of $1.00. The principal investment strategy is to invest substantially all of its assets in the Short-Term Investments Trust Liquid Assets Portfolio, a registered money market mutual fund, which invests in high-quality, short-term money market instruments. The underlying portfolio of the Short-Term Investments Trust Liquid Assets Portfolio consists of certificates of deposit of major U.S. banks, prime commercial paper, high-quality short-term corporate obligations and short-term U.S. Government and agency securities. The underlying fund’s portfolio has an average maturity of less than 90 days.

Performance

The Vantagepoint Money Market Fund’s total return for the year was 4.51%. The Fund’s unmanaged market benchmark, the 30-day U.S. Treasury Bill, returned 4.80%, while the Fund’s peer group benchmark, the MFR Prime Retail Average, returned 4.28%.

Commentary

During the first half of 2006, the Federal Reserve raised the target Federal Funds rate gradually from 4.25% to 5.25%, continuing the monetary tightening campaign it initiated in mid-2004. The Federal Reserve kept this key overnight lending rate unchanged in the second half of 2006, while expressing ongoing inflation concerns. Over the year, U.S. Treasury Bill rates rose 0.65% to 1.00%.

The Fund’s seven-day yield increased from 3.68% at the beginning of the year to 4.74% by the end of the year. The differential of approximately 100 basis points, the same change as the Federal Funds rate, typifies the Fund’s very high correlation with short-term interest rates.

The Short-Term Investments Trust Liquid Assets Portfolio ended the year with a weighted average maturity of 38 days and a weighted average credit quality of A-1+ and P-1 from Standard & Poor’s and Moody’s Investors Service, respectively.*

* Standard & Poor’s and Moody’s Investors Service are leading providers of independent credit ratings.

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Vantagepoint Money Market Fund
Portfolio Holdings as of December 31, 2006*

* These are the holdings of the Underlying portfolio of the Short-Term Inevestments Trust Liquid Assets Portfolio.

Due to rounding, pie chart allocations may not equal 100%.

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Vantagepoint Money Market Fund vs. 30-day U.S. Treasury Bills:

Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Money Market Fund
Total Return for the periods ended December 31, 2006
One Year	4.51%
Three Years	2.67%
Five Years	1.98%
Since Inception	3.00%
Fund Inception Date	March 1, 1999

Past performance does not guarantee future results. Investment returns will fluctuate. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. While the Fund seeks to maintain a stable net asset value of $1 per share, there is no guarantee that it will do so and it is still possible to lose money by investing in the Fund. All returns reflect reinvested dividends but do not include the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s market benchmark is the 30-day U.S. Treasury Bill, an unmanaged benchmark that does not reflect the cost of portfolio management or trading. The Fund’s portfolio differs significantly from the market index, which is a single security.

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Vantagepoint Short-Term Bond Fund

The Vantagepoint Short-Term Bond Fund’s objective is to seek total return that is consistent with preservation of capital. The principal investment strategy is to invest, under normal market conditions, at least 80% of assets in bonds of varying maturities. The Fund also normally invests at least 65% of its assets in debt securities with more than one year of maturity, and its maximum average portfolio maturity (on a dollar-weighted basis) is three years for the entire portfolio.

Performance

The Vantagepoint Short-Term Bond Fund returned 3.98% in 2006. The Fund’s market benchmark, the Merrill Lynch 1-3 Year Government/Corporate Bond Index, returned 4.25%. The Morningstar Short-Term Bond Funds Category Average, a group of mutual funds with similar investment objectives, returned 4.01%.

Commentary

During the first half of 2006, the Federal Reserve raised the target Federal Funds rate gradually from 4.25% to 5.25%, continuing the monetary tightening campaign it initiated in mid-2004. The Federal Reserve kept this key overnight lending rate unchanged in the second half of 2006, while expressing ongoing inflation concerns. In 2006, the shape of the U.S. Treasury yield curve moved from “flat” to “inverted” (short-maturity yields were equal to or higher than long-maturity yields). The short end of the curve tracked Federal Funds, with the yield on the 3-month U.S. Treasury Bill rising 0.93%. Intermediate- and long-term Treasury securities exhibited a more muted response: the 2-year U.S. Treasury-note yield increased 0.41%, while the 30-year U.S. Treasury-bond yield rose by only 0.28%.

In general, the shorter the maturity, the higher the total return earned in 2006. Bonds in non-Treasury sectors (“spread sectors”) saw yield differentials decline during the year as investors’ risk appetite grew, leading almost all spread sectors to outperform U.S. Treasuries on a risk-adjusted basis. The best performing sectors included non-investment grade corporate bonds and emerging market debt, as higher risk realized higher return.

The Fund’s positions in collateralized mortgage obligations and asset-backed securities (particularly those backed by auto loans), an overweight position in BB-rated corporate bonds, as rated by Standard & Poor’s Rating Group, and an underweight exposure to U.S. Treasuries contributed significantly to Fund performance relative to its market benchmark. However, the Fund’s underweight allocations to U.S. agency debt and BBB-rated corporate bonds, as rated by Standard & Poor’s Rating Group, detracted from relative performance. The impact of Fund expenses also contributed to relative underperformance as returns posted by the Fund’s market benchmark do not reflect fees and other expenses borne by the Fund.

The Fund underperformed its peer group, Morningstar Short-Term Bond Funds Category Average, modestly for the year due largely to the higher quality issues held in the Fund relative to the peer group as well as the lower effective duration exhibited by the Fund relative to the peer group.

The Fund’s subadvisers, Payden & Rygel and STW Fixed Income Management Ltd., have different, but complementary, approaches to short-term bond investing. VIA believes that the Fund is well positioned to take advantage of future opportunities toward fulfilling its short-term bond mandate.

10

Subadviser Data

Payden & Rygel

Founded:	1983
Investment Style:	Broad-based short duration bond management

STW Fixed Income Management Ltd.

Founded:	1977
Investment Style:	Short duration fixed income management

Vantagepoint Short-Term Bond Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

11

Vantagepoint Short-Term Bond Fund vs. Merrill Lynch 1-3 Government/Corporate Bond Index
Growth of $10,000 Invested December 4, 2000*

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Short-Term Bond Fund
Total Return for the periods ended December 31, 2006*
One Year	3.98%
Three Years	2.96%
Five Years	3.30%
Since Inception	3.64%
Fund Inception Date	December 4, 2000

Past performance does not guarantee future results. Investment returns will fluctuate. It is still possible to lose money by investing in the Fund. All returns reflect reinvested dividends but do not include the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s benchmark is the Merrill Lynch 1-3 Year Government/Corporate Bond Index (“Merrill 1-3”). The Merrill 1-3 tracks the performance of U.S. dollar-denominated investment grade Government and corporate public debt issued in the U.S. domestic bond market with maturities ranging between 1 and 3 years. The index is unmanaged and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the market index.

* On November 8, 2004, the Fund underwent changes to its investment objective, strategies and investment subadvisers. Performance prior to November 8, 2004, should not be considered representative of the performance of the Fund as currently managed. While the Fund’s goal is to achieve long-term investment results similar to those achieved prior to November 8, 2004, there is no assurance that the Fund will be able to do so.

12

Vantagepoint US Government Securities Fund

The Vantagepoint US Government Securities Fund’s objective is to offer current income. The principal investment strategy is to invest, under normal circumstances, at least 80% of its net assets in securities issued by the U.S. Treasury, U.S. Government, and U.S. Government-sponsored enterprises, including mortgage-backed securities issued or guaranteed by the Government National Mortgage Association, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation.

Performance

The Fund returned 3.34% in 2006. Its market benchmark, the Lehman Brothers Intermediate Government Bond Index, returned 3.83%. The Morningstar Intermediate Government Bond Funds Category Average, a group of mutual funds with similar investment objectives, returned 3.43%.

Commentary

During the first half of 2006, the Federal Reserve raised the target Federal Funds rate gradually from 4.25% to 5.25%, continuing the monetary tightening campaign it initiated in mid-2004. The Federal Reserve kept this key overnight lending rate unchanged in the second half of 2006, while expressing ongoing inflation concerns. In 2006, the shape of the U.S. Treasury yield curve moved from “flat” to “inverted” (short-maturity yields were equal to or higher than long-maturity yields.) The short end of the curve tracked Federal Funds, with the yield on the 3-month U.S. Treasury Bill rising 0.93%. Intermediate- and long-term U.S. Treasuries exhibited a more muted response: the 2-year U.S. Treasury note yield increased 0.41%, while the 30-year U.S. Treasury bond yield rose by only 0.28%.

In general, the shorter the maturity, the higher the total return earned in 2006. Bonds in non-Treasury sectors (“spread sectors”) saw yield differentials decline during the year as investors’ risk appetite grew, leading almost all spread sectors to outperform U.S. Treasuries on a risk-adjusted basis. The Fund benefited from this trend, relative to its market benchmark, through its underweight to U.S. Treasury securities, its exposure to mortgage-backed securities and its overweight to U.S. Agencies.

The Fund underperformed its benchmark, the Lehman Brothers Intermediate Government Bond Index, due in large measure to the effect of Fund expenses as the market benchmark return does not include fees and expenses.

VIA believes that the Fund has generally provided investors with a diversified, low credit risk investment option that focuses almost exclusively on fixed income securities issued by the U.S. Government and U.S. Government sponsored enterprises. The Fund’s subadviser employs an enhanced index style of management.

Subadviser Data

Mellon Capital Management Corporation
Founded:	1983
Investment Style:	Enhanced index

13

Vantagepoint US Government Securities Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint US Government Securities Fund vs. Lehman Brothers Intermediate Government
Bond Index: Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

14

Vantagepoint US Government Securities Funds vs. Lehman Brothers Intermediate Government
Bond Index: Growth of $10,000 Invested December 31, 1996

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint US Government Securities Fund
Average Annual Total Return for the periods ended December 31, 2006
One Year	3.34%
Three Years	2.05%
Five Years	3.28%
Ten Years	5.08%
Fund Inception Date	July 1, 1992
Fund Registration Date	March 1, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s market benchmark, the Lehman Brothers Intermediate Government Bond Index, consists of intermediate U.S. Government securities. The index is unmanaged and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the market index.

15

Vantagepoint Asset Allocation Fund

The Vantagepoint Asset Allocation Fund’s objective is to offer long-term growth of capital at a lower level of risk than an all-equity portfolio. The principal investment strategy is to tactically allocate assets among common stocks, U.S. Treasury securities and investment grade short-term debt instruments in proportions determined by the subadviser based on relative expected return and risk for each asset class. Under normal circumstances, the Fund invests 40% to 70% of its assets in common stocks; however, the Fund’s investments in common stocks may range from as little as 0% to as much as 100% of Fund assets.

Performance

The Fund returned 15.51% for 2006. The Fund’s market index benchmarks: the S&P 500 Index; the Lehman Brothers Long-Term Treasury Bond Index and the 91-Day Treasury Bill Index, returned 15.80%; 1.91% and 4.82%, respectively, for the year. The Fund’s custom blended benchmark, a blend of 65% S&P 500 Index, 25% Lehman Brothers Long-Term Treasury Bond Index and 10% 91-day U.S. Treasury Bills, returned 11.13%. The Fund’s peer group benchmark, the Morningstar Moderate Allocation Funds Category Average, a group of mutual funds with similar investment objectives, returned 11.26%.

Commentary

The major U.S. stock indexes posted positive returns for the fourth year in a row. The gains were fueled by relatively low interest rates, a strong economic picture, corporate earnings, growth in employment and relatively low inflation expectations. 2006 largely continued and finished where 2005 left off—with value stocks outpacing growth stocks. Additionally, returns for small- and mid-cap stocks exceeded those of large-cap stocks once again. Stocks outperformed bonds again in 2006. Stocks as measured by the S&P 500 Index returned 15.80%. Bonds, as measured by the Lehman Brothers Aggregate Bond Index, returned 4.33%; higher quality Treasury bonds, as measured by the Lehman Long-Term Treasury Bond Index, returned 1.84% for the year. Cash instruments (91-day Treasury Bills) gained 4.82%.

In this environment, the Fund’s performance reflected many of these aforementioned market themes. The Fund’s tactical, high weighting to stocks throughout the year helped propel Fund performance higher than that of both its Morningstar peer group and its custom benchmark. The Fund began 2006 with a 100% allocation to stocks—shifted briefly to 90% stocks and 10% bonds in May—then reverted back to 100% stocks, where it ended the year.

The current 100% allocation to stocks reflects the subadviser’s near-term modeling for favorable stock opportunities relative to those from bonds and cash. Should conditions change that outlook, VIA believes the Fund has the ability to quickly alter its allocation between stocks, bonds and cash for the benefit of the Fund’s investors.

Subadviser Data

Mellon Capital Management Corporation
Founded:	1983
Investment Style:	Tactical asset allocation

16

Vantagepoint Asset Allocation Fund
Allocation of Assets for the 5 Years Ended December 31, 2006

Vantagepoint Asset Allocation Fund vs. S&P 500 Index vs. Lehman Brothers Long-Term
Treasury Bond Index vs. 91-Day T-Bills vs. Blended Benchmark:
Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

17

Vantagepoint Asset Allocation Fund vs. S&P 500 Index vs. Lehman Brothers Long-Term
Treasury Bond Index vs. 91-Day T-Bills vs. Blended Benchmark:
Growth of $10,000 Invested December 31,1996

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Asset Allocation Fund
Average Annual Total Return for the periods ended December 31, 2006
One Year	15.51%
Three Years	10.13%
Five Years	7.22%
Ten Years	8.25%
Fund Inception Date	December 1, 1974
Fund Registration Date	March 1, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 65% S&P 500 Index, 25% Lehman Brothers Long-Term Treasury Bond Index and 10% 91-Day Treasury Bills. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Lehman Brothers Long-Term Treasury Bond Index consists of all Treasury obligations with maturities of 10 years or greater. The indexes are unmanaged and do not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the indexes.

18

Vantagepoint Equity Income Fund

The Vantagepoint Equity Income Fund seeks long-term capital growth with consistency derived from dividend yield. The principal investment strategy is to invest, under normal circumstances, at least 80% of its net assets in equity securities. The Fund seeks to invest primarily in the common stocks of companies that are expected to pay dividends at above-market levels. The Fund may invest across companies of all sizes but generally focuses on larger capitalization companies, which tend to have the most stable long-term earnings and dividend-paying records. The Fund may also invest in bonds, convertible securities and securities of foreign issuers.

Performance

The Vantagepoint Equity Income Fund returned 18.73% in 2006. Its market benchmark, the Russell 1000 Value Index gained 22.25%; while the Morningstar Large Value Funds Category Average, a group of mutual funds with similar investment objectives, returned 18.18%.

Commentary

The major U.S. stock indexes posted positive returns for the fourth straight year. Relatively low interest rates, a strong economy, healthy corporate earnings, growth in employment, and relatively low inflation expectations fueled these gains. 2006 largely continued and finished where 2005 left off—with value stocks outpacing growth names. Additionally, returns for small- and mid-cap stocks exceeded those of large-caps once again.

Despite generating a significant return in 2006, the Fund underperformed its market benchmark. Relative strength in the Consumer Discretionary, Materials, and Consumer Staples sectors aided Fund performance the most for the year ended December 31, 2006.

	•	Fund holdings in the Consumer Discretionary sector generated the highest contribution to Fund return based on its relative overweight positioning and strong stock selection. The Media sub-sector was strong as many holdings generated high, double-digit returns. Meanwhile, the Automobile and Leisure Products sub-sectors were strong relative performers due to favorable stock selection.
	•	Return contribution from the Materials sector was strong versus the benchmark as the Fund was relatively overweight in the Chemicals sub-sector, and benefitted from strong stock selection in the Construction Materials sub-sector. Nearly every Fund holding in this sector generated high, double-digit returns.
	•	Relative performance in the Consumer Staples sector was strong across nearly every sub-sector. However, Household Products and Tobacco provided the largest relative contributions.
Fund holdings in several sectors underperformed during the year relative to the benchmark, detracting from overall performance.
	•	The Information Technology sector posted the weakest relative performance due primarily to an overweight stance and a single lagging stock in the Computers and Peripherals sub-sector.
	•	The Telecommunications Services sector generated weak relative performance due primarily to poor stock selection. Particularly, the share price weakness of a mis-timed holding in the Wireless sub-sector hindered performance.
	•	Within the Financials sector, Fund holdings generated good performance on an absolute basis, but were a moderate detractor versus the benchmark as weak stock selection in the Capital Markets and Insurance sub-sectors coupled with unfavorable weighting exposure to the Consumer Finance and REIT sub-sectors hurt return.
	•	Fund holdings in the Energy sector generated good performance on an absolute basis, but were a moderate detractor versus the benchmark as unfavorable stock selection and an underweight stance hurt return. Energy share prices remained firm despite fluctuations in commodity pricing, declines in production, and continued turmoil in the Middle East.

Because of the Fund’s multi-management structure, the Fund has achieved a very favorable performance record versus the benchmark and its large value peer universe for longer-term timeframes. However, past performance is not a guarantee of future returns. Subadvisers continue to seek out those undervalued investment options offering the best long-term value opportunities to build overall portfolio strength.

19

Subadviser Data

Barrow, Hanley, Mewhinney & Strauss, Inc.
Founded:	1979
Investment Style:	Contrarian value
Southeastern Asset Management, Inc.
Founded:	1975
Investment Style:	Special situations value
T. Rowe Price Associates, Inc.
Founded:	1937
Investment Style:	Relative yield value

Vantagepoint Equity Income Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

20

Vantagepoint Equity Income Fund vs. Russell 1000 Value Index:

Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Equity Income Fund vs. Russell 1000 Value Index:

Growth of $10,000 Invested December 31, 1996

Source for Benchmark Returns: Ibbotson Associates

21

Vantagepoint Equity Income Fund

Average Annual Total Return for the periods ended December 31, 2006

One Year	18.73%
Three Years	12.96%
Five Years	10.28%
Ten Years	10.88%
Fund Inception Date	April 1, 1994
Fund Registration Date	March 1, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s market benchmark, the Russell 1000 Value Index, consists of a subset of the Russell 1000 Index that includes stocks with lower price-to-book ratios and lower forecasted growth values. The index is unmanaged and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the market index.

22

Vantagepoint Growth & Income Fund

The Vantagepoint Growth & Income Fund’s objective is to offer long-term capital growth and current income. The principal investment strategy is to invest primarily in common stocks that the Fund’s subadvisers believe offer the potential for capital appreciation and, secondarily, current income by investing in dividend-paying stocks.

Performance

The Fund returned 13.28% in 2006. The S&P 500 Index, the Fund’s market benchmark, gained 15.80%. The Morningstar Large Blend Funds Category Average, a group of mutual funds with similar investment objectives, advanced 14.15%.

Commentary

U.S. equity markets produced double digit returns for the year, reflecting a healthy global economy with strong corporate profits, low inflation, and reasonable interest rates. The S&P 500 Index finished 15.80% higher, the Nasdaq gained 10.39% and the Dow Jones Industrial Average advanced 19.05%. Sector returns were all positive, with Telecommunications, Energy and Utility stocks rising significantly, fueled by consolidations within the Diversified Telecommunications industry and higher oil prices.

For the year, the Fund produced a healthy 13.28% return, but underperformed the S&P 500 Index. Gains were spread across all sectors, with Industrials and Consumer Staples outperforming their benchmark sectors.

• The Fund’s holdings in Industrials boosted performance, particularly in the Machinery industry where the robust global economy increased worldwide demand for industrial equipment.

• Consumer Staples returns were strong throughout the sector. Fund outperformance in this sector was particularly driven by strong performance in Food Products and Retailing industries.

While adding to the Fund’s overall return, the Fund holdings in the Financials, Information Technology, Healthcare, and Consumer Discretionary sectors represented the greatest detractors from relative performance. Stock selection within these sectors was the primary cause for the Fund’s underperformance.

• While holdings in most industries comprising the Financials sector underperformed, Consumer Finance stocks, in particular, negatively impacted the Fund’s performance. Concerns about consumer spending and borrowers’ ability to meet obligations depressed stock prices. Legislative concerns regarding the government-sponsored student loan program also dampened this sector’s performance.

• Depressed demand, particularly for Computers & Peripherals and Semiconductors, negatively impacted performance in the Information Technology sector.

• Performance of Healthcare stocks lagged the benchmark, primarily due to investor concerns regarding stock-option practices and restated, reduced earnings.

• Although Fund holdings in the Consumer Discretionary sector posted strong absolute returns, positions in the Media and Specialty Retail industries led to Fund underperformance relative to the benchmark in this sector.

The Fund blends three complementary styles of investing – value, growth and core. Three subadvisers implement this strategy, each managing one of the three styles, with a goal to provide favorable results with more consistency over time than a single-style fund.

23

Subadviser Data
Capital Guardian Trust Company
Founded:	1968
Investment Style:	Selected opportunities
T. Rowe Price Associates, Inc.
Founded:	1937
Investment Style:	Blue chip growth
Wellington Management Company, LLP
Founded:	1928
Investment Style:	Yield-focused value

Vantagepoint Growth and Income Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

24

Vantagepoint Growth & Income Fund vs. S&P 500 Index:

Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Growth & Income Fund vs. S&P 500 Index:

Growth of $10,000 Invested October 2, 1998

Source for Benchmark Returns: Ibbotson Associates

25

Vantagepoint Growth & Income Fund

Average Annual Total Return for the periods ended December 31, 2006

One Year	13.28%
Three Years	9.35%
Five Years	5.62%
Since Inception	9.41%
Fund Inception Date	October 2, 1998
Fund Registration Date	March 1, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s market benchmark, the S&P 500 Index, consists of 500 companies representing larger capitalization stocks traded in the U.S. The index is unmanaged and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the market index.

26

Vantagepoint Growth Fund

The Vantagepoint Growth Fund’s objective is to offer long-term capital growth. The principal investment strategy is to invest primarily in common stocks that are considered by the Fund’s subadvisers to have above-average potential for growth.

Performance

The Vantagepoint Growth Fund returned 10.21% in 2006. The Fund’s market benchmark, the Russell 1000 Growth Index, gained 9.07% for the year; the Morningstar Large Growth Category Average, a group of mutual funds with similar investment objectives and the Fund’s peer group benchmark, returned 6.93%.

Commentary

Generally, U.S. equity markets provided double digit returns for the year as corporate profits, with a foundation of strong cash flows, exceeded expectations and the Federal Reserve ended a multi-year program of target Federal Funds rate increases. Continuing a multi-year trend, small-cap stocks once again outperformed large-cap offerings while value stocks outpaced growth stocks.

The Fund outperformed both its market benchmark and large growth fund peer group in 2006. Fund holdings in the Materials, Financials, and Consumer Discretionary sectors contributed to performance.

• The Materials sector advanced sharply in the Fund as holdings involved with titanium soared as demand and earnings increased. Chemical stocks and firms involved in construction materials also performed well in this sector.

• Holdings in the Financials sector continued their good performance in the Fund aided by several different industries. Investment banking firms benefited from a boom in mergers and acquisitions and an increase in trading volumes and resultant higher revenue. Real estate investment trusts soared as revenues increased, take-over speculation persisted and vacancy rates in commercial properties remained low.

• Consumer Discretionary stocks also led the Fund higher with its investments in hotel, media and automotive stocks. Hotel stocks performed well as bookings increased coupled with an upbeat forecast of growth. Media stocks rebounded nicely off a terrible 2005, partly due to merger activity within the group that affected many companies’ stock prices. The Fund’s holding in a leading motorcycle manufacturer rose due to the company’s strong sales during the riding season and the fact that its new product cycle is still in its early stages.

Holdings in two traditional growth sectors, Technology and Healthcare, detracted from performance.

• Technology stocks lagged in 2006 as earnings in the sector were unimpressive overall. The sector declined sharply in the first half of the year until rallying in mid-summer in anticipation of significant profit growth in 2007.

• The Healthcare sector started out the year sluggishly as many investors favored investments in cyclical stocks. As the economic picture started to cool, the sector rebounded during the second half of the year. Healthcare stocks produced only a small gain for the year.

In May 2006, the Vantagepoint Funds’ Board of Directors approved changes to the Fund, eliminating Fidelity Management & Research Company as a Fund subadviser. The assets managed by Fidelity were transitioned and reallocated among the Fund’s five remaining subadvisers.

At year-end, the Fund’s five subadvisers continue to complement one another by providing five different styles of growth investing. This multi-management approach seeks to position the Fund for attractive long-term investment opportunities.

27

Subadviser Data*
Goldman Sachs Asset Management, L.P.
Founded:	1988
Investment Style:	Structured growth
Legg Mason Capital Management, Inc.
Founded:	1982
Investment Style:	Opportunistic growth
Peregrine Capital Management, Inc.
Founded:	1984
Investment Style:	Concentrated growth
Tukman Capital Management, Inc.
Founded:	1980
Investment Style:	Contrarian growth
Westfield Capital Management Company, LLC
Founded:	1989
Investment Style:	Thematic growth

* In May 2006 the Fund’s Board of Directors approved changes to the subadvisers of the Fund. Please see the Notes to the Financial Statements for more information.

28

Vantagepoint Growth Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Growth Fund vs. Russell 1000 Growth Index:

Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

29

Vantagepoint Growth Fund vs. Russell 1000 Growth Index:

Growth of $10,000 Invested December 31, 1996

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Growth Fund

Average Annual Total Return for the periods ended December 31, 2006

One Year	10.21	%
Three Years	6.07	%
Five Years	3.07	%
Ten Years	7.01	%
Fund Inception Date	April 1, 1983
Fund Registration Date	March 1, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s market benchmark, the Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The index is unmanaged and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the market index.

30

Vantagepoint Aggressive Opportunities Fund

The Vantagepoint Aggressive Opportunities Fund’s objective is to offer high long-term capital appreciation. The principal investment strategy is to invest, under normal circumstances, primarily in common stocks of small- to medium-capitalization U.S. and foreign companies that the Fund’s subadvisers believe offer the opportunity for high capital appreciation.

Performance

The Vantagepoint Aggressive Opportunities Fund returned 13.36% in 2006. The Fund’s market benchmark, the Russell MidCap Growth Index, gained 10.66%; the Morningstar Mid-Cap Growth Funds Category Average, a group of mutual funds with similar investment objectives, returned 9.01%.

Commentary

Generally, U.S. equity markets provided double digit returns as corporate profits, with a foundation of strong cash flows, exceeded expectations and the Federal Reserve ended a multi-year program of target Federal Funds rate increases. The three measures of broad domestic equity market performance all produced higher than historical average returns. The S&P 500 Index finished the year 15.80% higher, the Nasdaq gained 10.39%; and, the Dow Jones Industrial Average realized the largest gain of the three, rising 19.05%. Small-cap stocks once again outperformed large-cap offerings; mid-cap stocks, like those held in the Vantagepoint Aggressive Opportunities Fund, produced the lowest return of the three primary capitalization groups.

In this environment, the Vantagepoint Aggressive Opportunities Fund posted a strong return in 2006, outperforming both its market benchmark and, particularly, its peer group benchmark. Fund holdings in the Consumer Discretionary, Financials and Telecommunication Service sectors aided Fund performance the most during 2006. International holdings also improved Fund performance.

• Fund holdings in the Consumer Discretionary sector produced strong results. Areas of particular profitability included rebounding Automobile manufacturers and part suppliers, content and delivery Media companies and Specialty (niche) Retail companies.

• Japanese Insurance company holdings in the Fund, 2005 return leaders in the Financial sector, continued to rise; however, Property and Casualty companies, supported by improving balance sheets, lower natural disaster claims, and consecutive quarterly positive operational cash flow assumed the performance lead among Fund holdings in the Insurance sector. Financial services, particularly broker-dealer and asset management holdings, provided additional positive return.

• Telecommunication Service companies appreciated dramatically in both the market benchmark and the Fund. The Fund’s overweight position in this sector added to the Fund’s strong relative performance. Holdings in companies as divergent as cell phone tower companies to emerging market service providers to telecommunication infrastructure companies boosted Fund returns.

• Underweight relative to the benchmark, the Energy sector also contributed to overall Fund performance, due primarily to stock selection. While energy stocks within the index lost value during the year, Fund holdings in the sector increased on the foundation of oil service companies.

The Fund experienced positive returns in all but one market sector, Consumer Staples, which also represents the sector to which subadvisers allocated the smallest amount of Fund assets.

The Aggressive Opportunities Fund experienced a restructuring during January 2006. Due to strategic asset allocation reasons, Legg Mason Capital Management, Inc., and TimesSquare Capital Management, LLC replaced Wellington Management Company, LLP in the Fund’s subadviser roster. This adjustment reduced the Fund’s exposure to foreign companies. While the previously employed global exposure aided Fund returns, the current structure results in Fund characteristics more closely correlated to the market benchmark, Russell MidCap Growth Index.

The Fund’s four subadvisers, who employ distinct, yet complementary, investing styles, remain committed to their strategies. By combining subadvisers, the Fund seeks to provide favorable results for investors with more consistency over time than a single-manager fund.

31

Subadviser Data*

Southeastern Asset Management, Inc.

Founded:	1975
Investment Style:	Worldwide special situations

T. Rowe Price Associates, Inc.

Founded:	1937
Investment Style:	Emerging growth

Legg Mason Capital Management, Inc.

Founded:	1982
Investment Style:	Opportunistic growth

TimesSquare Capital Management, LLC

Founded:	2004
Investment Style:	Growth opportunities

* On January 19, 2006, the Fund’s Board of Directors approved changes to the subadvisers of the Fund. Please see the Notes to the Financial Statements for more information.

Vantagepoint Aggressive Opportunities Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

32

Vantagepoint Aggressive Opportunities Fund vs. Russell MidCap Growth Index

Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Aggressive Opportunities Fund vs. Russell MidCap Growth Index

Growth of $10,000 Invested December 31, 1996

Source for Benchmark Returns: Ibbotson Associates

33

Vantagepoint Aggressive Opportunities Fund

Average Annual Total Return for the periods ended December 31, 2006

One Year	13.36	%
Three Years	14.18	%
Five Years	5.79	%
Ten Years	7.99	%
Fund Inception Date	October 1, 1994
Fund Registration Date	March 1, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s market benchmark, the Russell MidCap Growth Index is a subset of the Russell MidCap Index that includes companies with higher price-to-book ratios and higher forcasted growth values. The index is unmanaged and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the market index.

34

Vantagepoint International Fund

The Vantagepoint International Fund’s objective is to offer long-term capital growth and diversification by country. The principal investment strategy is to invest primarily in the common stocks of companies headquartered outside the United States. The Fund will invest, under normal circumstances, at least 80% of its assets in foreign equity securities.

Performance

The Vantagepoint International Fund returned 21.14% in 2006. The Fund’s market benchmark, the MSCI EAFE Index, returned 26.86%. The Morningstar Foreign Large Blend Category Average, a group of mutual funds with similar investment objectives, returned 24.82%.

Commentary

International stocks continued their winning streak marking their fourth consecutive year of double-digit gains, and their fifth consecutive year outperforming U.S. stocks. Emerging market stocks again outpaced developed markets and value stocks again beat growth stocks. However, one streak was snapped – international small-cap stocks trailed their large-cap counterparts for the first time in seven years. Nevertheless, they still managed respectable double-digit gains.

Although some things about 2006 simply continued on from 2005, performance among major developed markets stood in contrast to the prior year. Japanese stocks went from the best performers to the worst performers on concerns about the impact of a potential economic slowdown in the U.S. and less robust domestic growth than expected. European stocks rose significantly on attractive valuations, profit growth, economic strength and merger and acquisition activity. Asian markets, excluding Japan, gained ground on continued economic growth and Latin American markets rose as corporations realized productivity gains and countries avoided political turbulence.

Market gains were widespread among economic sectors with all sectors realizing double-digit gains and seven of ten sectors realizing returns in excess of 25%. Utility stocks surpassed all others as regulatory reforms enhanced future prospects, and materials and industrial stocks continued to reflect global growth.

With a return of 21.14%, the Fund registered strong performance in 2006. The Fund’s sources of return reflected the widespread strength across countries and economic sectors, with gains being distributed evenly throughout the portfolio. Fund holdings in European banks and insurance companies, Hong Kong telecommunication and real estate holdings and emerging market positions in Mexico and Russia all contributed significantly to the Fund’s gains.

However, despite these strong gains, performance trailed that of the benchmark. Foreign currency impacts, country allocation and stock selection all detracted from overall relative performance. Greater exposure to Japan and less exposure to Europe served the Fund well in 2005 but acted as a headwind in 2006 as market sentiment shifted. An opportunistic bias toward growth stocks also hindered relative performance as value stocks generally outperformed.

The International Fund experienced a restructuring during January 2006. Two new subadvisers, GlobeFlex Capital, L.P. and Walter Scott & Partners, Ltd., joined two existing subadvisers, Artisan Partners Limited Partnership and Capital Guardian Trust Company, in managing Fund assets.

The Fund’s subadvisers take a long-term approach toward investing. Each of the Fund’s four subadvisers uses a distinct investment strategy to select among countries and companies. Through their complementary approaches, they seek opportunities offering attractive risk and return qualities.

35

Subadviser Data*
Capital Guardian Trust Company
Founded:	1968
Investment Style:	International selected opportunities
Artisan Partners Limited Partnership
Founded:	1995
Investment Style:	International growth opportunities
GlobeFlex Capital, LP
Founded:	1994
Investment Style:	Diversified all-cap
Walter Scott & Partners Limited
Founded:	1983
Investment Style:	Concentrated growth

* On December 16, 2005, the Fund’s Board of Directors approved changes to the subadvisers of the Fund. Please see the Notes to the Financial Statements for more information.

Vantagepoint International Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

36

Vantagepoint International Fund vs. MSCI EAFE Index

Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint International Fund vs. MSCI EAFE Index

Growth of $10,000 Invested December 31, 1996

Source for Benchmark Returns: Ibbotson Associates

37

Vantagepoint International Fund

Average Annual Total Return for the periods ended December 31, 2006

One Year	21.14	%
Three Years	17.72	%
Five Years	12.45	%
Ten Years	6.41	%
Fund Inception Date	October 1, 1994
Fund Registration Date	March 1, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s market benchmark, the MSCI EAFE Index, consists of approximately 1,100 securities listed on the stock exchanges of developed markets of-countries in Europe, Australasia and the Far East. The index is unmanaged and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the market index.

38

Vantagepoint Index Funds

The Vantagepoint Index Funds follow an indexed or “passively managed” approach to investing. The Funds invest in securities that are selected to approximate the investment characteristics and performance of their respective benchmarks. To minimize transaction costs, the Index Funds, with the exception of the Vantagepoint 500 Stock Index Fund, use sampling techniques to approximate their benchmarks’ characteristics using fewer securities than are contained in the Index.

The Vantagepoint Core Bond Index Fund’s objective is to offer current income by approximating the performance of the Lehman Brothers Aggregate Bond Index.

The Vantagepoint 500 Stock Index Fund’s objective is to offer long-term capital growth by approximating the performance of the S&P 500 Index.

The Vantagepoint Broad Market Index Fund’s objective is to offer long-term capital growth by approximating the performance of the Dow Jones Wilshire 5000 Composite Index.

The Vantagepoint Mid/Small Company Index Fund’s objective is to offer long-term capital growth by approximating the performance of the Dow Jones Wilshire 4500 Completion Index.

The Vantagepoint Overseas Equity Index Fund’s objective is to offer long-term capital growth and diversification by approximating the performance of the MSCI EAFE Free Index.

During the first half of 2006, the Federal Reserve raised the Federal Funds target rate gradually from 4.25% to 5.25%, continuing the monetary tightening campaign it initiated in mid-2004. The Federal Reserve left this key overnight lending rate unchanged in the second half of 2006, while expressing ongoing inflation concerns. In 2006, the shape of the U.S. Treasury yield curve moved from “flat” to “inverted.” In general, the shorter the maturity, the higher the total return earned in 2006. The Lehman Brothers Aggregate Bond Index returned 4.33% for the year. The Vantagepoint Core Bond Index Fund (Class II shares), which tracks that index, returned 4.11%.

The major U.S. stock indexes posted positive returns for the fourth year in a row, after three negative years between 2000 and 2002. Relatively low interest rates, an improving economic picture, rising corporate earnings, growth in employment and relatively low inflation expectations fueled these gains. 2006 largely continued and finished where 2005 left off—with value stocks outpacing growth stocks. Additionally, returns for small- and mid-cap stocks exceeded those of large-cap stocks once again.

The Vantagepoint 500 Stock Index Fund (Class II shares) returned 15.60%. The Fund tracks the S&P 500 Index, which gained 15.80%. The Vantagepoint Broad Market Index Fund (Class II shares) returned 15.68%. The Fund tracks the Dow Jones Wilshire 5000 Composite Index, which includes the stocks of all U.S.-headquartered companies and returned 15.77%. The Vantagepoint Mid/Small Company Index Fund (Class II shares) returned 15.24%. The Fund tracks the Dow Jones Wilshire 4500 Completion Index, which measures the performance of small- and mid-sized companies and returned 15.29%.

In general, international stocks experienced strong positive returns in 2006. The U.S. dollar’s depreciation against major currencies served to increase returns to U.S. investors. The Vantagepoint Overseas Equity Index Fund (Class II shares) returned 25.64%. The MSCI EAFE Free Index, which comprises larger stocks in developed markets, returned 26.86% in dollar terms.

As of December 31, 2006, each Index Fund invested in an indexed portfolio managed by Mellon Capital Management Corporation.

Subadviser Data

Mellon Capital Management Corporation

Founded:	1983
Investment Style:	Index portfolio

This information is being provided for educational purposes and is not intended to be construed as or relied upon as investment advice. This information is not intended to be construed as a solicitation for particular product or security. Performance reflected above represents past performance. The Lehman Brothers Aggregate Index represents securities that are U.S. domestic, taxable, and dollar denominated. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The S&P 500 is an Index of 500 stocks, a widely recognized, unmanaged index of common stock prices. The Dow Jones Wilshire 5000 Composite Index consists of common equity securities of companies domiciled in the U.S. for which daily pricing is available. It is the broadest measure of the U.S. equity market. The Dow Jones Wilshire 4500 Completion Index measures the performance of all small and mid-cap stocks. The MSCI EAFE Free Index is a free float adjusted market capitalization index that is designed to measure developed market equity performance excluding the U.S. and Canada. A fund’s portfolio may differ significantly from the securities held in the indexes. Indexes are not available for direct investment; therefore their performance does not reflect the expenses associated with the active management of an actual open-ended investment company portfolio. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Past performance is not indicative of future returns. Individuals are advised to consider any new investment strategies carefully prior to implementing. Please consult the current Vantagepoint Funds prospectus, which contains additional information on management fees, other fund expenses, and investment risks and objectives carefully prior to investing any money. Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

39

Vantagepoint Core Bond Index Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Core Bond Index Fund Class I vs. Lehman Brothers Aggregate Bond Index:

Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

40

Vantagepoint Core Bond Index Fund Class II vs. Lehman Brothers Aggregate Bond Index:

Growth of $10,000 Invested April 5, 1999

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Core Bond Index Fund

Average Annual Total Return for the periods ended December 31, 2006

	Class I Shares	Class II Shares
One Year	3.82%	4.11%
Three Years	3.27%	3.50%
Five Years	4.59%	4.82%
Since Inception	5.77%	5.98%
Inception Date	June 2, 1997	June 2, 1997
Offering Date	March 1, 1999	April 5, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 (Class I Shares) and April 5, 1999 (Class II Shares), represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s benchmark, the Lehman Brothers Aggregate Bond Index, consists of all investment-grade U.S. fixed income securities. The index is unmanaged and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the market index.

41

Vantagepoint 500 Stock Index Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint 500 Stock Index Fund Class I vs. S&P 500 Index:

Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

42

Vantagepoint 500 Stock Index Fund Class II vs. S&P 500 Index:

Growth of $10,000 Invested April 5, 1999

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint 500 Stock Index Fund

Average Annual Total Return for the periods ended December 31, 2006

	Class I Shares	Class II Shares
One Year	15.27%	15.60%
Three Years	9.97%	10.16%
Five Years	5.73%	5.94%
Since Inception	6.74%	6.95%
Inception Date	June 2, 1997	June 2, 1997
Offering Date	March 1, 1999	April 5, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 (Class I Shares) and April 5, 1999 (Class II Shares), represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s benchmark, the S&P 500 Index, consists of 500 companies representing larger capitalization stocks traded in the U.S. The index is unmanaged and does not reflect the costs of portfolio management or trading.

43

Vantagepoint Broad Market Index Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Broad Market Index Fund Class I vs. Dow Jones Wilshire 5000 Composite Index:

Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

44

Vantagepoint Broad Market Index Fund Class II vs. Dow Jones Wilshire 5000 Composite Index:

Growth of $10,000 Invested April 5, 1999

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Broad Market Index Fund
Average Annual Total Return for the periods ended December 31, 2006

	Class I Shares	Class II Shares
One Year	15.46%	15.68%
Three Years	11.04%	11.28%
Five Years	7.06%	7.30%
Ten Years	8.16%	8.38%
Inception Date	October 1, 1994	October 1, 1994
Offering Date	March 1, 1999	April 5, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 (Class I Shares) and April 5, 1999 (Class II Shares), represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Dow Jones Wilshire 5000 Composite Index consists of all common equity securities of companies domiciled in the U.S. for which daily pricing is available. This index is calculated using two different weighing methodologies: full market capitalization (full-cap) and float-adjusted market capitalization (float-adjusted). The full-cap methodology weights each of the constituents according to its total, or full, market capitalization. The float-adjusted methodology adjusts an individual stock’s market capitalization to account for shares that may be restricted or otherwise unavailable for purchase and first became available in 2004. The growth of $10,000 invested in the Dow Jones Wilshire 5000 Composite Index as shown in the chart has been calculated using the performance of the full-cap methodology from fund registration in 1999 to September 2004 and using the float-adjusted methodology after September 2004. Since the float-adjusted methodology became available in 2004, it has been considered a more appropriate comparison of fund performance. Had the growth of $10,000 in the Dow Jones Wilshire 5000 Composite Index been calculated solely using the full-cap methodology for the entire period it would have been $14,827 and $14,276 for Class I and Class II, respectively.

45

Vantagepoint Mid/Small Company Index Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Mid/Small Company Index Fund Class I vs. Dow Jones Wilshire 4500
Completion Index: Growth of $10,000 Invested March 1, 1999

Source for Benchmark Returns: Ibbotson Associates

46

Vantagepoint Mid/Small Company Index Fund Class II vs. Dow Jones Wilshire 4500
Completion Index: Growth of $10,000 Invested April 5, 1999

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Mid/Small Company Index Fund
Average Annual Total Return for the periods ended December 31, 2006

	Class I Shares	Class II Shares
One Year	14.99%	15.24%
Three Years	14.11%	14.31%
Five Years	11.50%	11.70%
Since Inception	8.73%	8.95%
Inception Date	June 2, 1997	June 2, 1997
Offering Date	March 1, 1999	April 5, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 (Class I Shares) and April 5, 1999 (Class II Shares), represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Dow Jones Wilshire 4500 Completion Index consists of all common equity securities of companies domiciled in the U.S. for which daily pricing is available less the 500 stocks in the S&P 500 Index. This index is calculated using two different weighing methodologies: full market capitalization (full-cap) and float-adjusted market capitalization (float-adjusted). The full-cap methodology weights each of the constituents according to its total, or full, market capitalization. The float-adjusted methodology adjusts an individual stock’s market capitalization to account for shares that may be restricted or otherwise unavailable for purchase and first became available in 2004. The growth of $10,000 invested in the Dow Jones Wilshire 4500 Completion Index as shown in the chart has been calculated using the performance of the full-cap methodology from fund registration in 1999 to September 2004 and using the float-adjusted methodology after September 2004. Since the float-adjusted methodology became available in 2004, it has been considered a more appropriate comparison of fund performance. Had the growth of $10,000 in the Dow Jones Wilshire 4500 Completion Index been calculated solely using the full-cap methodology for the entire period it would have been $19,324 and $18,599 for Class I and Class II, respectively.

47

Vantagepoint Overseas Equity Index Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Overseas Equity Index Fund Class I vs. MSCI EAFE Free Index
Growth of $10,000 Invested March 1, 1999

Source For Benchmark Returns: Ibbotson Associates

48

Vantagepoint Overseas Equity Index Fund Class II vs. MSCI EAFE Free Index:
Growth of $10,000 Invested April 5, 1999

Source For Benchmark Returns: Ibbotson Associates

Vantagepoint Overseas Equity Index Fund
Average Annual Total Return for the periods ended December 31, 2006

	Class I Shares		Class II Shares
One Year	25.35	%	25.64	%
Three Years	19.12	%	19.46	%
Five Years	14.16	%	14.41	%
Since Inception	6.66	%	6.89	%
Inception Date	June 2, 1997		June 2, 1997
Offering Date	March 1, 1999		April 5, 1999

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to March 1, 1999 (Class I Shares) and April 5, 1999 (Class II Shares), represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s benchmark, the MSCI EAFE Free Index, a free float adjusted market capitalization index that is designed to measure developed market equity performance excluding the U.S. and Canada. The index is unmanaged and does not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the market index.

49

Vantagepoint Model Portfolio Savings Oriented Fund

The Vantagepoint Model Portfolio Savings Oriented Fund’s objective is to offer capital preservation, reasonable current income and some capital growth while seeking to limit risk. The principal investment strategy is to seek to invest 75% of the Fund’s assets in fixed income funds and 25% of the Fund’s assets in equity funds by investing in the following Vantagepoint Funds in the target percentages indicated:

Fixed Income
Vantagepoint Short-Term Bond Fund	35.0	%
Vantagepoint Core Bond Index Fund	30.0	%
Vantagepoint US Government Securities Fund	10.0	%
Equity
Vantagepoint Equity Income Fund	10.0	%
Vantagepoint Growth & Income Fund	10.0	%
Vantagepoint International Fund	5.0	%

Performance

The Vantagepoint Model Portfolio Savings Oriented Fund returned 6.90% in 2006. The Fund’s market benchmarks, the S&P 500 Index and Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 8.14%. The Fund’s blended benchmark is made up of each underlying Fund’s respective market benchmark in the same weight as the component holds in the underlying Fund. The Vantagepoint Model Portfolio Savings Oriented Fund’s custom blended benchmark is: 35% Merrill Lynch 1-3 year Government/Corporate Bond Index, 30% Lehman Brothers Aggregate Bond Index, 10% Lehman Brothers Intermediate Government Bond Index, 10% Russell 1000 Value Index, 10% S&P 500 Index and 5% MSCI EAFE Index.

Commentary

All components of the Vantagepoint Model Portfolio Savings Oriented Fund earned positive returns in 2006. Consistent with a flat or inverted yield curve environment, the Fund’s underlying bond Funds produced generally similar returns. The Vantagepoint Short-Term Bond Fund returned 3.98%, the Vantagepoint US Government Securities Fund earned 3.34% and the Vantagepoint Core Bond Index Fund (Class I) returned 3.82%. Each underlying equity Fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73%, the Vantagepoint Growth & Income Fund returned 13.28% and the Vantagepoint International Fund returned 21.14%. Although equity Funds comprised just 25 percent of total Fund assets, they accounted for more than half of the Fund’s overall return.

The conservative positioning of the Fund continues to seek to provide investors with a balanced and diversified approach to offering capital preservation, reasonable current income while offering some opportunity for capital growth. Please refer to each underlying Fund’s commentary within this report for more information.

50

Vantagepoint Model Portfolio Savings Oriented Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Model Portfolio Savings Oriented Fund vs. S&P 500 Index,
Lehman Brothers Aggregate Bond Index and Blended Benchmark:
Growth of $10,000 Invested December 4, 2000

Source for Benchmark Returns: Ibbotson Associates

51

Vantagepoint Model Portfolio Savings Oriented Fund vs. S&P 500 Index,
Lehman Brothers Aggregate Bond Index and Blended Benchmark:
Growth of $10,000 Invested December 31, 1996

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Model Portfolio Savings Oriented Fund
Average Annual Total Return for the periods ended December 31, 2006

One Year	6.90%
Three Years	5.24%
Five Years	4.79%
Ten Years	5.87%
Fund Inception Date	February 9, 1995
Fund Registration Date	December 4, 2000

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 35% Merrill Lynch 1-3 Year Government/Corporate Bond Index, 30% Lehman Brothers Aggregate Bond Index, 10% Lehman Brothers Intermediate Government Bond Index, 10% Russell 1000 Value Index, 10% S&P 500 Index and 5% MSCI EAFE Index. The Merrill Lynch 1-3 Year Government/Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade Government and corporate public debt securities issued in the U.S. domestic bond market with maturities ranging between 1 and 3 years. The Lehman Brothers Aggregate Bond Index consists of all investment grade U.S. fixed income securities. The Lehman Brothers Intermediate Government Bond Index consists of intermediate U.S. Government securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price-to-book ratios and lower forecasted earnings growth. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The MSCI EAFE Index, consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the costs of portfolio management or trading. The indexes are unmanaged and do not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the indexes.

52

Vantagepoint Model Portfolio Conservative Growth Fund

The Vantagepoint Model Portfolio Conservative Growth Fund’s objective is to offer reasonable current income and capital preservation, with modest potential for capital growth. The principal investment strategy is to seek to invest 60% of the Fund’s assets in fixed income funds and 40% of the Fund’s assets in equity funds by investing in the following Vantagepoint Funds in the target percentages indicated:

Fixed Income
Vantagepoint Short-Term Bond Fund	30.0%
Vantagepoint Core Bond Index Fund	30.0%
Equity
Vantagepoint Equity Income Fund	9.5%
Vantagepoint Growth & Income Fund	9.5%
Vantagepoint Growth Fund	7.5%
Vantagepoint Aggressive Opportunities Fund	5.0%
Vantagepoint International Fund	8.5%

Performance

The Vantagepoint Model Portfolio Conservative Growth Fund returned 8.38% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 9.52%. The Fund’s custom blended benchmark is usually made up of each underlying Fund’s respective market benchmark in the same target weight as the component holds in the Fund. The Vantagepoint Model Portfolio Conservative Growth Fund’s blended benchmark is: 30% Merrill Lynch 1-3 year Government/Corporate Bond Index, 30% Lehman Brothers Aggregate Bond Index, 9.5% Russell 1000 Value Index, 9.5% S&P 500 Index, 7.5% Russell 1000 Growth Index, 5% Russell MidCap Growth Index and 8.5% MSCI EAFE Index.

Commentary

All components of the Vantagepoint Model Portfolio Conservative Growth Fund earned positive returns in 2006. Consistent with a flat or inverted yield curve environment, the Fund’s underlying bond Funds produced similar returns. The Vantagepoint Short-Term Bond Fund returned 3.98% and the Vantagepoint Core Bond Index Fund (Class I) returned 3.82%. Each underlying equity Fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 13.36%. Although equity Funds comprised less than half of total Fund assets, they accounted for more than half of the Fund’s overall return.

The conservative positioning of the Fund continues to seek to provide investors with a balanced and diversified approach to offering, reasonable current income and capital preservation while offering modest potential for capital growth. Please refer to each underlying Fund’s commentary within this report for more information.

53

Vantagepoint Model Portfolio Conservative Growth Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Model Portfolio Conservative Growth Fund vs. S&P 500 Index,
Lehman Brothers Aggregate Bond Index, and Blended Benchmark:
Growth of $10,000 Invested December 4, 2000

Source for Benchmark Returns: Ibbotson Associates

54

Vantagepoint Model Portfolio Conservative Growth Fund vs. S&P 500 Index,
Lehman Brothers Aggregate Bond Index, and Blended Benchmark:
Growth of $10,000 Invested December 31, 1996

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Model Portfolio Conservative Growth Fund
Average Annual Total Return for the periods ended December 31, 2006

One Year	8.38%
Three Years	6.46%
Five Years	5.25%
Since Inception	6.60%
Fund Inception Date	April 1, 1996
Fund Registration Date	December 4, 2000

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 30% Merrill Lynch 1-3 Year Government/Corporate Bond Index, 30% Lehman Brothers Aggregate Bond Index, 9.5% Russell 1000 Value Index, 9.5% S&P 500 Index, 8% Russell 1000 Growth Index, 5% Russell MidCap Growth Index and 7% MSCI EAFE Index. The Merrill Lynch 1-3 Year Government/Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade Government and corporate public debt securities issued in the U.S. domestic bond market with maturities ranging between 1 and 3 years. The Lehman Brothers Aggregate Bond Index consists of all investment-grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price-to-book ratios and lower forecasted earnings growth. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted earnings growth. The Russell MidCap Growth Index is a subset of the Russell MidCap Index that includes companies with higher price-to-book ratios and higher forecasted earnings growth. The stocks are also members of the Russell 1000 Growth Index. The MSCI EAFE Index, consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. These indexes are unmanaged and do not reflect the costs of The Fund’s portfolio may differ significantly from the securities in the indexes.

55

Vantagepoint Model Portfolio Traditional Growth Fund

The Vantagepoint Model Portfolio Traditional Growth Fund’s objective is to offer moderate capital growth and reasonable current income. The principal investment strategy of the Fund is to seek to invest 40% of its assets in fixed income funds and 60% of its assets in equity funds by investing in the Vantagepoint Funds in the approximate target percentages indicated.

Fixed Income
Vantagepoint Short-Term Bond Fund	20.0	%
Vantagepoint Core Bond Index Fund	20.0	%
Equity
Vantagepoint Equity Income Fund	9.4	%
Vantagepoint Growth & Income Fund	13.85	%
Vantagepoint Growth Fund	13.85	%
Vantagepoint Aggressive Opportunities Fund	9.9	%
Vantagepoint International Fund	13.0	%

Performance

The Vantagepoint Model Portfolio Traditional Growth Fund returned 10.42% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 11.60%. The Fund’s custom blended benchmark is usually made up of each underlying Fund’s respective market benchmark in the same target weight as the component holds in the Fund. The Vantagepoint Model Portfolio Traditional Growth Fund’s blended benchmark is: 20% Merrill Lynch 1-3 year Government/Corporate Bond Index, 20% Lehman Brothers Aggregate Bond Index, 9% Russell 1000 Value Index, 14% S&P 500 Index, 14% Russell 1000 Growth Index, 10% Russell MidCap Growth Index and 13% MSCI EAFE Index.

Commentary

All components of the Vantagepoint Model Portfolio Traditional Growth Fund earned positive returns in 2006. Consistent with a flat or inverted yield curve environment, the Fund’s underlying bond Funds produced similar returns. The Vantagepoint Short-Term Bond Fund returned 3.98% and the Vantagepoint Core Bond Index Fund (Class I) returned 3.82%. Each underlying equity Fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 13.36%. Although equity Funds comprised just over half of total Fund assets, they accounted for the vast majority of the Fund’s overall return.

A modest change to the Fund’s target allocations across the underlying U.S. equity Funds began in mid-December. This adjustment is occurring to ensure an ongoing, appropriate balance between value and growth styles of investing. This adjustment is reflected in the table above as of December 31, 2006. Please refer to the supplement to the Prospectus dated December 8, 2006.

The positioning of the Fund continues to seek to provide investors with a balanced and diversified approach to offering moderate capital growth and reasonable current income. Please refer to each underlying Fund’s commentary within this report for more information.

56

Vantagepoint Model Portfolio Traditional Growth Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Model Portfolio Traditional Growth Fund vs. S&P 500 lndex, Lehman Brothers
Aggregate Bond Index and Blended Benchmark: Growth of $10,000 Invested December 4, 2000

Source for Benchmark Returns: Ibbotson Associates

57

Vantagepoint Model Portfolio Traditional Growth Fund vs. S&P 500 Index,
Lehman Brothers Aggregate Bond Index and Blended Benchmarks:
Growth of $10,000 Invested December 31,1996

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Model Portfolio Traditional Growth Fund
Average Annual Total Return for the periods ended December 31, 2006

One Year	10.42%
Three Years	8.02%
Five Years	5.85%
Since Inception	7.34%
Fund Inception Date	April 1, 1996
Fund Registration Date	December 4, 2000

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 20% Merrill Lynch 1-3 Year Government/Corporate Bond Index, 20% Lehman Brothers Aggregate Bond Index, 9% Russell 1000 Value Index, 14% S&P 500 Index, 14% Russell 1000 Growth Index, 10% Russell MidCap Growth Index and 13% MSCI EAFE Index. The Merrill Lynch 1-3 Year Government/Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade government and corporate public debt securities issued in the U.S. domestic bond market with maturities ranging between 1 and 3 years. The Lehman Brothers Aggregate Bond Index consists of all investment-grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price-to-book ratios and lower forecasted earnings growth. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted earnings growth. The Russell MidCap Growth Index is a subset of the Russell MidCap Index that includes companies with higher price-to-book ratios and higher forecasted earnings growth. The stocks are also members of the Russell 1000 Growth Index. The MSCI EAFE Index, consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. These indexes are unmanaged and do not reflect the costs of The Fund’s portfolio may differ significantly from the securities in the indexes.

58

Vantagepoint Model Portfolio Long-Term Growth Fund

The Vantagepoint Model Portfolio Long-Term Growth Fund’s objective is to offer high long-term capital growth and modest current income. The principal investment strategy of the Fund is to seek to invest 20% of its assets in fixed income funds and 80% of its assets in equity funds by investing in the following Vantagepoint Funds in the approximate target percentages indicated:

Fixed Income
Vantagepoint Core Bond Index Fund	20.0	%
Equity
Vantagepoint Equity Income Fund	12.25	%
Vantagepoint Growth & Income Fund	18.2	%
Vantagepoint Growth Fund	18.2	%
Vantagepoint Aggressive Opportunities Fund	14.85	%
Vantagepoint International Fund	16.5	%

Performance

The Vantagepoint Model Portfolio Long-Term Growth Fund returned 12.50% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 13.92%. The Fund’s custom blended benchmark is usually made up of each underlying Fund’s respective market benchmark in the same target weight as the component holds in the Fund. The Vantagepoint Model Portfolio Long-Term Growth Fund’s custom blended benchmark is: 20% Lehman Brothers Aggregate Bond Index, 11.5% Russell 1000 Value Index, 18.5% S&P 500 Index, 18.5% Russell 1000 Growth Index, 15% Russell MidCap Growth Index and 16.5% MSCI EAFE Index.

Commentary

All components of the Vantagepoint Model Portfolio Long-Term Growth Fund earned positive returns in 2006. Since stocks outperformed bonds, nearly all of the Fund’s overall return was derived from the underlying equity Funds. Each underlying equity Fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 13.36%. The Vantagepoint Core Bond Index Fund (Class I), representing 20% of total Fund assets, returned 3.82% for the year.

A change to the Fund’s target allocations across the underlying U.S. equity Funds began in mid-December. This adjustment is occurring to ensure an ongoing, appropriate balance between value and growth styles of investing. This adjustment is reflected in the table above as of December 31, 2006. Please refer to the supplement to the Prospectus dated December 8, 2006.

The positioning of the Fund continues to seek to provide investors with a balanced and diversified approach to offering high long-term capital growth and reasonable current income. Please refer to each underlying Fund’s commentary within this report for more information.

59

Vantagepoint Model Portfolio Long-Term Growth Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Model Portfolio Long-Term Growth Fund vs. S&P 500 Index, Lehman Brothers
Aggregate Bond Index, and Blended Benchmark: Growth of $10,000 Invested December 4, 2000

Source for Benchmark Returns: Ibbotson Associates

60

Vantagepoint Model Portfolio Long-Term Growth Fund vs. S&P 500 Index,
Lehman Brothers Aggregate Bond Index, and Blended Benchmark:
Growth of $10,000 Invested December 31, 1996

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Model Portfolio Long-Term Growth Fund
Average Annual Total Return for the periods ended December 31, 2006
One Year	12.50%
Three Years	9.64%
Five Years	6.57%
Since Inception	8.16%
Fund Inception Date	April 1, 1996
Fund Registration Date	December 4, 2000

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 20% Lehman Brothers Aggregate Bond Index, 11.5% Russell 1000 Value Index, 18.5% S&P 500 Index, 18.5% Russell 1000 Growth Index, 15% Russell MidCap Growth Index and 16.5% MSCI EAFE Index. The Lehman Brothers Aggregate Bond Index consists of all investment-grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price-to-book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The Russell MidCap Growth Index is a subset of the Russell MidCap Index that includes companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. The MSCI EAFE Index, consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the indexes.

61

Vantagepoint Model Portfolio All-Equity Growth Fund

The Vantagepoint Model Portfolio All-Equity Growth Fund’s objective is to offer high long-term capital growth. The principal investment strategy of the Fund is to invest, under normal circumstances, 100% of its assets in equity funds by investing in the following Vantagepoint Funds in the approximate target percentages indicated:

Equity
Vantagepoint Equity Income Fund	20.5	%
Vantagepoint Growth & Income Fund	16.0	%
Vantagepoint Growth Fund	25.0	%
Vantagepoint Aggressive Opportunities Fund	17.5	%
Vantagepoint International Fund	21.0	%

Performance

The Vantagepoint Model Portfolio All-Equity Growth Fund returned 14.58% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the MSCI EAFE Index returned 15.80% and 26.86%, respectively. The Fund’s custom blended benchmark returned 15.93%. The Fund’s custom blended benchmark is usually made up of each underlying Fund’s respective market benchmark in the same target weight as the component holds in the Fund. The Vantagepoint Model Portfolio All-Equity Growth Fund’s blended benchmark is: 13% Russell 1000 Value Index, 18% S&P 500 Index, 28% Russell 1000 Growth Index, 20% Russell MidCap Growth Index and 21% MSCI EAFE Index.

Commentary

All components of the Vantagepoint Model Portfolio All-Equity Growth Fund earned positive returns in 2006. All underlying Funds finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 13.36%.

A change to the Fund’s target allocations across the underlying U.S. equity Funds began in mid-December. This adjustment is occurring to ensure an ongoing, appropriate balance between value and growth styles of investing. This adjustment is reflected in the table above as of December 31, 2006. Please refer to the supplement to the Prospectus dated December 8, 2006.

The positioning of the Fund continues to seek to provide investors with a balanced and diversified approach to offering high long-term capital growth. Please refer to each underlying Fund’s commentary within this report for more information.

62

Vantagepoint Model Portfolio All-Equity Growth Fund
Sector Allocation as of December 31, 2006

Due to rounding, pie chart allocations may not equal 100%.

Vantagepoint Model Portfolio All-Equity Growth Fund vs. S&P 500 Index, MSCI EAFE Index,
and Blended Benchmark: Growth of $10,000 Invested December 4, 2000

Source for Benchmark Returns: Ibbotson Associates

63

Vantagepoint Model Portfolio All-Equity Growth Fund vs. S&P 500 Index, MSCI EAFE,
and Blended Benchmark: Growth of $10,000 Invested October 1, 2000

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Model Portfolio All-Equity Growth Fund

Average Annual Total Return for the periods ended December 31, 2006

One Year	14.58%
Three Years	11.09%
Five Years	6.77%
Since Inception	2.60%
Fund Inception Date	October 1, 2000
Fund Registration Date	December 4, 2000

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance information for periods prior to December 4, 2000 represents the performance of the Fund prior to its SEC registration. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 13% Russell 1000 Value Index, 18% S&P 500 Index, 28% Russell 1000 Growth Index, 20% Russell MidCap Growth Index and 21% MSCI EAFE Index. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price-to-book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The Russell MidCap Growth Index is a subset of the Russell MidCap Index that includes companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. The MSCI EAFE Index, consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the costs of portfolio management or trading. The Fund’s portfolio may differ significantly from the securities in the indexes.

64

Vantagepoint Milestone Retirement Income Fund

The Vantagepoint Milestone Retirement Income Fund’s objective seeks to offer current income and opportunities for capital growth that have limited risk. This Fund may be appropriate for participants who are very close to retirement or are already in retirement.

The principal investment strategy is to seek to invest approximately 70% of the Fund’s assets in fixed income funds and approximately 30% of the Fund’s assets in equity funds by investing in the following Vantagepoint Funds in the target percentages indicated:

Fixed Income
Vantagepoint Short-Term Bond Fund	35.0	%
Vantagepoint Core Bond Index Fund	35.0	%
Equity
Vantagepoint Equity Income Fund	10.0	%
Vantagepoint Growth & Income Fund	15.0	%
Vantagepoint International Fund	5.0	%

Performance

The Vantagepoint Milestone Retirement Income Fund returned 7.52% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 8.76%. The Fund’s custom blended benchmark is made up of each underlying Fund’s respective market benchmark in the corresponding target weight.

Commentary

All components of the Vantagepoint Milestone Retirement Income Fund provided positive returns in 2006. Consistent with a flat or inverted yield curve environment, the Fund’s underlying bond funds produced similar returns to one another. The Vantagepoint Short-Term Bond Fund returned 3.98% and the Vantagepoint Core Bond Index Fund (Class I) returned 3.82%. Among the Fund’s underlying equity Funds, all finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73%, the Vantagepoint Growth & Income Fund returned 13.28% and the Vantagepoint International Fund returned 21.14%. Although equity Funds comprised just 30% of total fund assets, they accounted for more than half of the Fund’s overall return. Please refer to each underlying Fund’s commentary within this report for more information.

Vantagepoint Milestone Retirement Income Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

65

Vantagepoint Milestone Retirement Income Fund vs. S&P 500 Index, Lehman Brothers
Aggregate Bond Index, and Blended Benchmark : Growth of $10,000 Invested January 3, 2005

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Milestone Retirement Income Fund

Average Annual Total Return for the periods ended December 31, 2006

One Year	7.52%
Since Inception	5.44%
Fund Inception Date	January 3, 2005

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 35% Merrill Lynch 1-3 Year Government/Corporate Bond Index, 35% Lehman Brothers Aggregate Bond Index, 10% Russell 1000 Value Index, 15% S&P 500 Index and 5% MSCI-EAFE Index. The Merrill Lynch 1-3 Year Government/Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade government and corporate public debt securities issued in the U.S. domestic bond market with maturities between 1 and 3 years. The Lehman Brothers Aggregate Bond Index consists of all investment grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price to book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The MSCI EAFE Index consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the cost of portfolio management or trading. The Fund’s holdings may differ significantly from the securities in the indexes.

66

Vantagepoint Milestone 2010 Fund

The Vantagepoint Milestone 2010 Fund’s objective seeks to offer high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of equity and fixed income Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire around the year 2010.

At year-end, the Fund’s asset class allocations were fulfilled with the following Funds in the approximate target percentages:

Fixed Income
Vantagepoint Short-Term Bond Fund	24.5	%
Vantagepoint Core Bond Index Fund	31.5	%
Equity
Vantagepoint Equity Income Fund	10.0	%
Vantagepoint Growth & Income Fund	23.4	%
Vantagepoint Growth Fund	3.5	%
Vantagepoint International Fund	7.1	%

As time elapses, the Fund’s allocation to equity funds will periodically decrease and the Fund’s allocation to fixed income funds will correspondingly increase so that by June 30 of the year 2010, the Fund’s asset allocation will be approximately 30% equity funds and 70% fixed income funds. The most recent periodic reallocation was completed in late December 2006.

Performance

The Vantagepoint Milestone 2010 Fund returned 8.95% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 10.65%. The Fund’s custom blended benchmark is made up of each underlying Fund’s respective market benchmark in the target weight as the Fund holds in the underlying Fund.

Commentary

All components of the Vantagepoint Milestone 2010 Fund earned positive returns in 2006. Consistent with a flat or inverted yield curve environment, the Fund’s underlying bond Funds produced similar returns to one another. The Vantagepoint Short-Term Bond Fund returned 3.98% and the Vantagepoint Core Bond Index Fund (Class I) returned 3.82%. Among the Fund’s underlying equity Funds, all finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 13.36%. Although equity funds comprised just under half of total Fund assets, they accounted for more than half of the Fund’s overall return. Please refer to each underlying Fund’s commentary within this report for more information.

Vantagepoint Milestone 2010 Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

67

Vantagepoint Milestone 2010 Fund vs. S&P 500 Index, Lehman Brothers Aggregate Bond
Index, and Blended Benchmark: Growth of $10,000 Invested January 3, 2005

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Milestone 2010 Fund

Average Annual Total Return for the periods ended December 31, 2006

One Year	8.95%
Since Inception	6.78%
Fund Inception Date	January 3, 2005

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/ SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 24.5% Merrill Lynch 1-3 Year Government/Corporate Bond Index, 31.5% Lehman Brothers Aggregate Bond Index, 10% Russell 1000 Value Index, 23.4% S&P 500 Index, 3.5% Russell Growth Index and 7.1% MSCI EAFE Index. The Merrill Lynch 1-3 Year Government/Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade government and corporate public debt securities issued in the U.S. domestic bond market with maturities between 1 and 3 years. The Lehman Brothers Aggregate Bond Index consists of all investment grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price to book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The MSCI EAFE Index consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the cost of portfolio management or trading. The Fund’s holdings may differ significantly from the securities in the indexes.

68

Vantagepoint Milestone 2015 Fund

The Vantagepoint Milestone 2015 Fund seeks high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of equity and fixed income Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire around the year 2015.

At year-end, the Fund’s asset class allocations were fulfilled with the following Funds in the approximate target percentages:

Fixed Income
Vantagepoint Short-Term Bond Fund	13.0	%
Vantagepoint Core Bond Index Fund	26.5	%
Equity
Vantagepoint Equity Income Fund	9.3	%
Vantagepoint Growth & Income Fund	29.8	%
Vantagepoint Growth Fund	5.7	%
Vantagepoint Mid/Small Co. Index Fund	4.9	%
Vantagepoint International Fund	10.8	%

As time elapses, the Fund’s allocation to equity funds will periodically decrease and the Fund’s allocation to fixed income funds will correspondingly increase so that by June 30 of the year 2015, the Fund’s asset allocation will be approximately 30% equity funds and 70% fixed income funds. The most recent periodic reallocation was completed in late December 2006.

Performance

The Vantagepoint Milestone 2015 Fund returned 10.87% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 12.80%. The Fund’s custom blended benchmark is made up of each component Fund’s respective market benchmark in the target weight as the component holds in the Fund.

Commentary

All components of the Vantagepoint Milestone 2015 Fund earned positive returns in 2006. Consistent with a flat or inverted yield curve environment, the Fund’s underlying bond Funds produced returns similar to one another. The Vantagepoint Short-Term Bond Fund returned 3.98% and the Vantagepoint Core Bond Index Fund (Class I) returned 3.82%. Each underlying equity fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 14.99%. The underlying equity Funds represent more than half of total Fund assets and as such accounted for a majority of the Fund’s overall return. Please refer to each underlying Fund’s commentary within this report for more information.

Vantagepoint Milestone 2015 Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

69

Vantagepoint Milestone 2015 Fund vs. S&P 500 Index, Lehman Brothers Aggregate Bond
Index, and Blended Benchmark: Growth of $10,000 Invested January 3, 2005

Source For Benchmark Returns: Ibbotson Associates

Vantagepoint Milestone 2015 Fund
Average Annual Total Return for the periods ended December 31, 2006

One Year	10.87%
Since Inception	8.37%
Fund Inception Date	January 3, 2005

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 13% Merrill Lynch 1-3 Year Government/Corporate Bond Index, 26.5% Lehman Brothers Aggregate Bond Index, 9.3% Russell 1000 Value Index, 29.8% S&P 500 Index, 5.7% Russell 1000 Growth Index, 4.9% Dow Jones Wilshire 4500 Completion Index and 10.8% MSCI EAFE Index. The Merrill Lynch 1-3 Year Government Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade government and corporate public debt securities issued in the U.S. domestic bond market with maturities between 1 and 3 years. The Lehman Brothers Aggregate Bond Index consists of all investment grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price to book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The Dow Jones Wilshire 4500 Completion Index consists of all of the stocks in the Dow Jones Wilshire 5000 Total Market Index except for those included in the S&P 500 Index and represents mid-and small-capitalization companies. The MSCI EAFE Index consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the cost of portfolio management or trading. The Fund’s holdings may differ significantly from the securities in the indexes.

70

Vantagepoint Milestone 2020 Fund

The Vantagepoint Milestone 2020 Fund seeks high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of equity and fixed income Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire around the year 2020.

At year-end, the Fund’s asset class allocations were fulfilled with the following Funds in the approximate target percentages:

Fixed Income
Vantagepoint Short-Term Bond Fund	6.5	%
Vantagepoint Core Bond Index Fund	23.25	%
Equity
Vantagepoint Equity Income Fund	9.0	%
Vantagepoint Growth & Income Fund	33.1	%
Vantagepoint Growth Fund	6.35	%
Vantagepoint Mid/Small Co. Index Fund	8.4	%
Vantagepoint International Fund	13.4	%

As time elapses, the Fund’s allocation to equity funds will periodically decrease and the Fund’s allocation to fixed income funds will correspondingly increase so that by June 30 of the year 2020, the Fund’s asset allocation will be approximately 30% equity funds and 70% fixed income funds. The most recent periodic reallocation was completed in late December 2006.

Performance

The Vantagepoint Milestone 2020 Fund returned 11.92% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 14.04%. The Fund’s custom blended benchmark is made up of each underlying Fund’s respective market benchmark in the Fund holds in the underlying Fund.

Commentary

All components of the Vantagepoint Milestone 2020 Fund earned positive returns in 2006. Consistent with a flat or inverted yield curve environment, the Fund’s underlying bond Funds produced similar returns. The Vantagepoint Short-Term Bond Fund returned 3.98% and the Vantagepoint Core Bond Index Fund (Class I) returned 3.82%. Each underlying equity Fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 14.99%. The underlying equity Funds represent more than half of total Fund assets and as such accounted for a majority of the Fund’s overall return. Please refer to each underlying Fund’s commentary within this report for more information.

Vantagepoint Milestone 2020 Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

71

Vantagepoint Milestone 2020 Fund vs. S&P 500 Index, Lehman Brothers Aggregate Bond
Index, and Blended Benchmark: Growth of $10,000 Invested January 3, 2005

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Milestone 2020 Fund
Average Annual Total Return for the periods ended December 31, 2006

One Year	11.92%
Since Inception	9.17%
Fund Inception Date	January 3, 2005

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/ SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 6.5% Merrill Lynch 1-3 Year Government/Corporate Bond Index, 23.25% Lehman Brothers Aggregate Bond Index, 9% Russell 1000 Value Index, 33.1% S&P 500 Index, 6.35% Russell Growth Index, 8.4% Dow Jones Wilshire 4500 Completion Index and 13.4% MSCI EAFE Index. The Merrill Lynch 1-3 Year Government/Corporate Bond Index tracks the performance of U.S. dollar-denominated investment grade government and corporate public debt securities issued in the U.S. domestic bond market with maturities between 1 and 3 years. The Lehman Brothers Aggregate Bond Index consists of all investment grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price to book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The Dow Jones Wilshire 4500 Completion Index consists of all of the stocks in the Dow Jones Wilshire 5000 Total Market Index except for those included in the S&P 500 Index and represents mid- and small-capitalization companies. The MSCI EAFE Index consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the cost of portfolio management or trading. The Fund’s holdings may differ significantly from the securities in the indexes.

72

Vantagepoint Milestone 2025 Fund

The Vantagepoint Milestone 2025 Fund seeks high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of equity and fixed income Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire around the year 2025.

At year-end, the Fund’s asset class allocations were fulfilled with the following Funds in the approximate target percentages:

Fixed Income
Vantagepoint Short-Term Bond Fund	1.5	%
Vantagepoint Core Bond Index Fund	20.75	%
Equity
Vantagepoint Equity Income Fund	9.0	%
Vantagepoint Growth & Income Fund	36.1	%
Vantagepoint Growth Fund	6.85	%
Vantagepoint Mid/Small Co. Index Fund	10.4	%
Vantagepoint International Fund	15.4	%

As time elapses, the Fund’s allocation to equity Funds will periodically decrease and the Fund’s allocation to fixed income funds will correspondingly increase so that by June 30 of the year 2025, the Fund’s asset allocation will be approximately 30% equity funds and 70% fixed income funds. The most recent periodic reallocation was completed in late December 2006.

Performance

The Vantagepoint Milestone 2025 Fund returned 12.70% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 15.11%. The Fund’s custom blended benchmark is made up of each underlying Fund’s respective market benchmark in the target weight as the Fund holds in the underlying Fund.

Commentary

All components of the Vantagepoint Milestone 2025 Fund earned positive returns in 2006. Consistent with a flat or inverted yield curve environment, the Fund’s underlying bond Funds produced similar returns. The Vantagepoint Short-Term Bond Fund returned 3.98% and the Vantagepoint Core Bond Index Fund (Class I) returned 3.82%. Each underlying equity Fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 14.99%. The underlying equity Funds represent a majority of total fund assets and as such accounted most of the Fund’s overall return. Please refer to each underlying Fund’s commentary within this report for more information.

Vantagepoint Milestone 2025 Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

73

Vantagepoint Milestone 2025 Fund vs. S&P 500 Index, Lehman Brothers Aggregate Bond
Index, and Blended Benchmark: Growth of $10, 000 Invested January 3, 2005

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Milestone 2025 Fund
Average Annual Total Return for the periods ended December 31, 2006

One Year	12.70%
Since Inception	9.91%
Fund Inception Date	January 3, 2005

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/ SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 1.5% Merrill Lynch 1-3 Year Government/Corporate Bond Index, 20.75% Lehman Brothers Aggregate Bond Index, 9% Russell 1000 Value Index, 36.1% S&P 500 Index, 6.85% Russell 1000 Growth Index, 10.4% Dow Jones Wilshire 4500 Completion Index and 15.4% MSCI EAFE Index. The Merrill Lynch 1-3 Year Goverment/Corporate Bond Index tracks the performance of U.S. dollar-denominated investment-grade Government and Corporate public debt securities issued in the U.S. domestic bond market with maturities between 1 and 3 years. The Lehman Brothers Aggregate Bond Index consists of all investment grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price to book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The Dow Jones Wilshire 4500 Completion Index consists of all of the stocks in the Dow Jones Wilshire 5000 Total Market Index except for those included in the S&P 500 Index and represents mid-and small-capitalization companies. The MSCI EAFE Index consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the cost of portfolio management or trading. The Fund’s holdings may differ significantly from the securities in the indexes.

74

Vantagepoint Milestone 2030 Fund

The Vantagepoint Milestone 2030 Fund seeks high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of equity and fixed income Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire around the year 2030.

At year-end the Fund’s asset class allocations were fulfilled with the following Funds in the approximate target percentages:

Fixed Income
Vantagepoint Core Bond Index Fund	16.5	%
Equity
Vantagepoint Equity Income Fund	8.3	%
Vantagepoint Growth & Income Fund	38.05	%
Vantagepoint Growth Fund	7.35	%
Vantagepoint Mid/Small Co. Index Fund	12.4	%
Vantagepoint International Fund	17.4	%

As time elapses, the Fund’s allocation to equity funds will periodically decrease and the Fund’s allocation to fixed income funds will correspondingly increase so that by June 30 of the year 2030, the Fund’s asset allocation will be approximately 30% equity funds and 70% fixed income funds. The most recent periodic reallocation was completed in late December 2006.

Performance

The Vantagepoint Milestone 2030 Fund returned 13.52% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 15.90%. The Fund’s custom blended benchmark is made up of each underlying Fund’s respective market benchmark in the target weight the Fund holds in underlying Fund.

Commentary

All components of the Vantagepoint Milestone 2030 Fund earned positive returns in 2006. Due to the significant difference in performance between stocks and bonds, the underlying equity Funds generated nearly all of the Fund’s overall return; each equity Fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 14.99%. The Vantagepoint Core Bond Index Fund (Class I), representing approximately 16 percent of total Fund assets, returned 3.82% for the year. Please refer to each underlying Fund’s commentary within this report for more information.

Vantagepoint Milestone 2030 Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

75

Vantagepoint Milestone 2030 Fund vs. S&P 500 Index, Lehman Brothers Aggregate

Bond Index, and Blended Benchmark: Growth of $10,000 Invested January 3, 2005

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Milestone 2030 Fund
Average Annual Total Return for the periods ended December 31, 2006

One Year	13.52%
Since Inception	10.56%
Fund Inception Date	January 3, 2005

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/ SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 16.5% Lehman Brothers Aggregate Bond Index, 8.3% Russell 1000 Value Index, 38.05% S&P 500 Index, 7.35% Russell 1000 Growth Index, 12.4% Dow Jones Wilshire 4500 Completion Index and 17.4% MSCI EAFE Index. The Lehman Brothers Aggregate Bond Index consists of all investment grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price to book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The Dow Jones Wilshire 4500 Completion Index consists of all of the stocks in the Dow Jones Wilshire 5000 Total Market Index except for those included in the S&P 500 Index and represents mid- and small-capitalization companies. The MSCI EAFE Index consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the cost of portfolio management or trading. The Fund’s holdings may differ significantly from the securities in the indexes.

76

Vantagepoint Milestone 2035 Fund

The Vantagepoint Milestone 2035 Fund seeks high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of equity and fixed income Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire around the year 2035.

At year-end the Fund’s asset class allocations were fulfilled with the following Funds in the approximate target percentages:

Fixed Income
Vantagepoint Core Bond Index Fund	11.5	%
Equity
Vantagepoint Equity Income Fund	7.3	%
Vantagepoint Growth & Income Fund	39.55	%
Vantagepoint Growth Fund	7.85	%
Vantagepoint Mid/Small Co. Index Fund	14.4	%
Vantagepoint International Fund	19.4	%

As time elapses, the Fund’s allocation to equity funds will periodically decrease and the Fund’s allocation to fixed income funds will correspondingly increase so that by June 30 of the year 2035, the Fund’s asset allocation will be approximately 30% equity funds and 70% fixed income funds. The most recent periodic reallocation was completed in late December 2006.

Performance

The Vantagepoint Milestone 2035 Fund returned 14.00% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 16.62%. The Fund’s custom blended benchmark is made up of each component Fund’s respective market benchmark in the target weight as the Fund holds in the underlying Fund.

Commentary

All components of the Vantagepoint Milestone 2035 Fund earned positive returns in 2006. Due to the significant difference in performance between stocks and bonds, the underlying equity Funds generated nearly all of the Fund’s overall return; each equity Fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds also contributed to performance, earning returns ranging between 10.21% and 14.99%. The Vantagepoint Core Bond Index Fund (Class I), representing approximately 11% of total Fund assets, returned 3.82% for the year. Please refer to each underlying Fund’s commentary within this report for more information.

Vantagepoint Milestone 2035 Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

77

Vantagepoint Milestone 2035 Fund vs. S&P 500 Index, Lehman Brothers Aggregate

Bond Index, and Blended Benchmark: Growth of $10,000 Invested January 3, 2005

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Milestone 2035 Fund
Average Annual Total Return for the periods ended December 31, 2006

One Year	14.00%
Since Inception	11.03%
Fund Inception Date	January 3, 2005

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/ SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 11.5% Lehman Brothers Aggregate Bond Index, 7.3% Russell 1000 Value Index, 39.55% S&P 500 Index, 7.85% Russell 1000 Growth Index, 14.4% Dow Jones Wilshire 4500 Completion Index and 19.4% MSCI EAFE Index. The Lehman Brothers Aggregate Bond Index consists of all investment grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price to book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The Dow Jones Wilshire 4500 Completion Index consists of all of the stocks in the Dow Jones Wilshire 5000 Total Market Index except for those included in the S&P 500 Index and represents mid- and small-capitalization companies. The MSCI EAFE Index consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the cost of portfolio management or trading. The Fund’s holdings may differ significantly from the securities in the indexes.

78

Vantagepoint Milestone 2040 Fund

The Vantagepoint Milestone 2040 Fund seeks high total return consistent with the Fund’s current asset allocation. The Fund’s principal investment strategy is to invest in a combination of equity and fixed income Vantagepoint Funds using an asset allocation strategy designed for investors expecting to retire around the year 2040.

At year-end the Fund’s asset class allocations were fulfilled with the following Funds in the approximate target percentages:

Fixed Income
Vantagepoint Core Bond Index Fund	10.0	%
Equity
Vantagepoint Equity Income Fund	7.0	%
Vantagepoint Growth & Income Fund	40.0	%
Vantagepoint Growth Fund	8.0	%
Vantagepoint Mid/Small Co. Index Fund	15.0	%
Vantagepoint International Fund	20.0	%

As time elapses, the Fund’s allocation to Equity funds will decrease and the Fund’s allocation to fixed income Funds will increase so that by June 30 of the year 2040, the Fund’s asset allocation will be approximately 30% equity funds and 70% fixed income funds.

Performance

The Vantagepoint Milestone 2040 Fund returned 14.14% in 2006. The Fund’s market benchmarks, the S&P 500 Index and the Lehman Brothers Aggregate Bond Index, returned 15.80% and 4.33% for the year. The Fund’s custom blended benchmark returned 16.73%. The Fund’s custom blended benchmark is made up of each component Fund’s respective market benchmark in the Fund holds in the underlying Fund.

Commentary

All components of the Vantagepoint Milestone 2040 Fund earned positive returns in 2006. Due to the significant difference in performance between stocks and bonds, the underlying equity Funds generated nearly all of the Fund’s overall return; each equity fund finished with double-digit gains. The Vantagepoint Equity Income Fund returned 18.73% and the Vantagepoint International Fund returned 21.14%. The remaining underlying equity Funds boosted overall performance, earning returns ranging between 10.21% and 14.99%. The Vantagepoint Core Bond Index Fund (Class I), representing 10% of total Fund assets, returned 3.82% for the year. Please refer to each underlying Fund’s commentary within this report for more information.

Vantagepoint Milestone 2040 Fund
Sector Allocation as of December 31, 2006

Fixed Income (bond) sector labels are italicized; equity (stock) sector labels are bold.

Due to rounding, pie chart allocations may not equal 100%.

79

Vantagepoint Milestone 2040 Fund vs. S&P 500 Index, Lehman Brothers Aggregate Bond
Index, and Blended Benchmark : Growth of $10,000 Invested January 3, 2005

Source for Benchmark Returns: Ibbotson Associates

Vantagepoint Milestone 2040 Fund
Average Annual Total Return for the periods ended December 31, 2006

One Year	14.14%
Since Inception	11.10%
Fund Inception Date	January 3, 2005

Past performance does not guarantee future results. Investment returns and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvested dividends and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please consult the current prospectus carefully before investing any money. The Vantagepoint Funds are distributed by ICMA-RC Services, LLC, a wholly owned broker-dealer subsidiary of ICMA-RC, and member NASD/ SIPC. 1-800-669-7400.

The Fund’s custom blended benchmark is comprised of 10% Lehman Brothers Aggregate Bond Index, 7% Russell 1000 Value Index, 40% S&P 500 Index, 8% Russell Growth Index, 15% Dow Jones Wilshire 4500 Completion Index and 20% MSCI EAFE Index. The Lehman Brothers Aggregate Bond Index consists of all investment grade U.S. fixed income securities. The Russell 1000 Value Index consists of a subset of the Russell 1000 Index that includes stocks with lower price to book ratios and lower forecasted growth values. The S&P 500 Index consists of 500 companies representing larger capitalization stocks traded in the U.S. The Russell 1000 Growth Index consists of a subset of the Russell 1000 Index that includes stocks with higher price-to-book ratios and higher forecasted growth values. The Dow Jones Wilshire 4500 Completion Index consists of all of the stocks in the Dow Jones Wilshire 5000 Total Market Index except for those included in the S&P 500 Index and represents mid -and small-capitalization companies. The MSCI EAFE Index consists of approximately 1,100 securities listed on the stock exchanges of developed markets of countries in Europe, Australasia and the Far East. The indexes are unmanaged and do not reflect the cost of portfolio management or trading. The Fund’s holdings may differ significantly from the securities in the indexes.

80

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors
of The Vantagepoint Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments and the related statements of operations and changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Money Market Fund, Short-Term Bond Fund, US Government Securities Fund, Asset Allocation Fund, Equity Income Fund, Growth & Income Fund, Growth Fund, Aggressive Opportunities Fund, International Fund, Core Bond Index Fund, 500 Stock Index Fund, Broad Market Index Fund, Mid/Small Company Index Fund, Overseas Equity Index Fund, Model Portfolio Savings Oriented Fund, Model Portfolio Conservative Growth Fund, Model Portfolio Traditional Growth Fund, Model Portfolio Long-Term Growth Fund, and Model Portfolio All-Equity Growth Fund, Milestone 2010 Fund, Milestone 2015 Fund, Milestone 2020 Fund, Milestone 2025 Fund, Milestone 2030 Fund, Milestone 2035 Fund, Milestone 2040 Fund and Milestone Retirement Income Fund hereafter referred to as the “Funds” at December 31, 2006, and the results of each of their operations for the year then ended and changes in each of their net assets for each of the two years in the period then ended, and the financial highlights presented for the years ended December 31, 2006, 2005, 2004 and 2003, in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2006 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights for the year ended December 31, 2002 were audited by other independent accountants whose report dated March 7, 2003 expressed an unqualified opinion on those statements.

PricewaterhouseCoopers LLP
Baltimore, Maryland
February 28, 2007

81

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2006

	Money Market		Short-Term Bond			US Government Securities			Asset Allocation			Equity Income
ASSETS:
Securities, at market value†	$	216,767,333	$	582,272,163		$	162,140,476		$	761,467,481		$	1,607,475,209
Cash		—		15,323,435			—			39,147,339			369,391
Receivable for:
Dividends		957,091		—			—			965,372			1,772,645
Interest		—		4,152,281			1,794,703			184,249			380,111
Investments sold		—		16,278,121			984,177			95,863			16,599,240
Fund shares sold		397,595		468,378			133,705			20,359			2,908,504
Total Assets		218,122,019		618,494,378			165,053,061			801,880,663			1,629,505,100
LIABILITIES:
Payable for:
Investments purchased		—		9,000,556			1,534,632			—			6,615,105
Fund shares redeemed		233,301		—			—			451,279			186,535
Variation margin on futures contracts		—		9,453			—			512,190			—
Collateral for securities loaned		—		1,284,000			20,862,291			31,652,960			152,661,476
Accrued Expenses:
Administrative services fees		3,644		10,676			2,682			13,525			25,531
Advisory fees		18,218		51,180			12,136			64,975			122,588
Subadviser fees		—		207,819			21,285			443,548			1,361,189
Other accrued expense		95,578		257,590			80,402			360,692			579,220
Total Liabilities		350,741		10,821,274			22,513,428			33,499,169			161,551,644
NET ASSETS	$	217,771,278	$	607,673,104		$	142,539,633		$	768,381,494		$	1,467,953,456
NET ASSETS REPRESENTED BY:
Paid-in capital	$	217,771,278	$	619,130,914		$	147,752,985		$	647,780,137		$	1,157,732,518
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		—		(3,738,274	)		(1,448,907	)		131,771,361			325,760,257
Undistributed net investment income		—		—			—			1,127,211			221,422
Accumulated net realized loss on investments, futures contracts and foreign currency transactions		—		(7,719,536	)		(3,764,445	)		(12,297,215	)		(15,760,741	)
NET ASSETS	$	217,771,278	$	607,673,104		$	142,539,633		$	768,381,494		$	1,467,953,456
CAPITAL SHARES:
Net Assets	$	217,771,278	$	607,673,104		$	142,539,633		$	768,381,494		$	1,467,953,456
Shares Outstanding		217,771,278		62,286,686			14,218,200			91,425,306			148,277,639
Net Asset Value, offering and redemption price per share (net assets divided by shares outstanding)	$	1.00	$	9.76		$	10.03		$	8.40		$	9.90
Cost of investments	$	216,767,333	$	585,919,686		$	163,589,383		$	630,211,880		$	1,281,714,952
__________ † Includes securities on loan with market values of (Note 6):	$	—	$	1,251,289		$	20,352,738		$	30,609,426		$	147,252,943

 

See Notes to Financial Statements.

82

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2006

	Growth & Income			Growth			Aggressive Opportunities			International
ASSETS:
Securities, at market value†	$	1,260,293,638		$	3,041,290,410		$	1,740,224,276		$	1,108,093,749
Cash		1,062,527			—			860,572			—
Cash denominated in foreign currencies		—			—			28,129			237,857
Receivable for:
Dividends		1,583,109			2,487,016			844,738			509,307
Interest		26,909			53,353			449,326			42,661
Investments sold		3,044,846			960,997			3,337,326			858,602
Fund shares sold		371,945			39,568			52,574			93,035
Recoverable foreign taxes		3,674			2,858			—			149,860
Gross unrealized gain on forward foreign currency exchange contracts		—			—			—			55,499
Total Assets		1,266,386,648			3,044,834,202			1,745,796,941			1,110,040,570
LIABILITIES:
Payable for:
Investments purchased		2,285,416			1,903,559			930,442			2,987,635
Fund shares redeemed		51,322			609,195			303,528			73,705
Collateral for securities loaned		85,983,285			253,771,293			375,393,623			54,805,598
Accrued Expenses:
Administrative services fees		20,663			49,372			24,180			18,215
Advisory fees		99,260			237,419			116,205			87,414
Subadviser fees		855,365			3,301,492			1,743,710			1,620,535
Other accrued expense		477,389			1,167,368			576,978			492,518
Gross unrealized loss on forward foreign currency exchange contracts		—			—			—			124,000
Total Liabilities		89,772,700			261,039,698			379,088,666			60,209,620
NET ASSETS	$	1,176,613,948		$	2,783,794,504		$	1,366,708,275		$	1,049,830,950
NET ASSETS REPRESENTED BY:
Paid-in capital	$	958,880,928		$	2,937,083,956		$	1,106,206,792		$	850,965,804
Net unrealized appreciation on investments and foreign currency transactions		226,284,019			355,168,714			244,458,027			201,639,084
Undistributed net investment income (loss)		490,058			425,909			(2,191	)		(5,642,009	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(9,041,057	)		(508,884,075	)		16,045,647			2,868,071
NET ASSETS	$	1,176,613,948		$	2,783,794,504		$	1,366,708,275		$	1,049,830,950
CAPITAL SHARES:
Net Assets	$	1,176,613,948		$	2,783,794,504		$	1,366,708,275		$	1,049,830,950
Shares Outstanding		102,379,395			291,290,332			106,391,405			83,550,199
Net Asset Value, offering and redemption price per share (net assets divided by shares outstanding)	$	11.49		$	9.56		$	12.85		$	12.57
Cost of investments	$	1,034,009,602		$	2,686,121,611		$	1,495,766,283		$	906,396,454
Cost of cash denominated in foreign currencies	$	—		$	—		$	—		$	237,003
__________ † Includes securities on loan with market values of (Note 6):	$	83,216,987		$	245,814,192		$	361,575,576		$	51,983,953

 

See Notes to Financial Statements.

83

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2006

	Core Bond Index				500 Stock Index			Broad Market Index			Mid/Small Company Index		Overseas Equity Index
ASSETS:
Securities, at market value†	$	1,315,360,953			$	418,180,791		$	695,570,065		$	222,070,365	$	167,614,517
Cash denominated in foreign currencies		—				—			—			—		1,300,952
Receivable for:
Dividends		—				583,945			916,474			219,998		143,036
Interest		11,691,459				5,672			17,661			18,225		5,104
Investments sold		3,790,645				60,816			63,834			104,588		117,370
Fund shares sold		2,717,266				311,983			120,852			117,031		587,641
Recoverable foreign taxes		—				—			—			—		30,653
Total Assets		1,333,560,323				419,143,207			696,688,886			222,530,207		169,799,273
LIABILITIES:
Payable for:
Investments purchased		15,060,885				—			11,848			536,040		117,356
Fund shares redeemed		12,008				101,764			205,989			144,351		—
Variation margin on futures contracts		—				43,636			54,528			17,080		20,003
Collateral for securities loaned		157,983,375				23,462,122			50,551,966			36,165,191		6,184,106
Accrued Expenses:				��
Administrative services fees		20,451				6,953			11,349			3,291		2,782
Advisory fees		49,014				16,702			27,257			7,901		6,672
Subadviser fees		60,617				19,713			34,908			20,634		27,342
When issued securities		—				—			—			—		39,650
Other accrued expense		402,592				123,046			178,664			72,293		74,762
Gross unrealized loss on forward foreign currency exchange contracts		—				—			—			—		104,722
Total Liabilities		173,588,942				23,773,936			51,076,509			36,966,781		6,577,395
NET ASSETS	$	1,159,971,381			$	395,369,271		$	645,612,377		$	185,563,426	$	163,221,878
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,190,502,111			$	225,230,408		$	429,632,773		$	124,331,847	$	117,560,553
Net unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		(11,313,449	)			186,688,716			234,438,831			57,773,332		48,188,223
Undistributed net investment income (loss)		—				110,062			5,500,969			662,816		(503,583	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(19,217,281	)			(16,659,915	)		(23,960,196	)		2,795,431		(2,023,315	)
NET ASSETS	$	1,159,971,381			$	395,369,271		$	645,612,377		$	185,563,426	$	163,221,878
CAPITAL SHARES:
Net Assets—Class I	$	988,983,970			$	107,976,943		$	195,651,309		$	78,663,057	$	55,259,084
Shares Outstanding—Class I		101,419,125				9,615,587			16,561,883			4,761,161		4,007,775
Net Asset Value—Class I, offering and redemption price per share (net assets divided by shares outstanding)	$	9.75			$	11.23		$	11.81		$	16.52	$	13.79
Net Assets—Class II	$	170,987,411			$	287,392,328		$	449,961,068		$	106,900,369	$	107,962,794
Shares Outstanding—Class II		17,455,920				26,986,395			40,280,202			6,764,722		8,269,404
Net Asset Value—Class II, offering and redemption price per share (net assets divided by shares outstanding)	$	9.80			$	10.65		$	11.17		$	15.80	$	13.06
Cost of investments	$	1,326,674,402			$	231,495,120		$	461,114,241		$	164,276,292	$	119,454,448
Cost of cash denominated in foreign currencies	$	—			$	—		$	—		$	—	$	1,310,906
__________ † Includes securities on loan with market values of (Note 6):	$	153,429,930			$	22,668,918		$	48,671,925		$	34,728,540	$	5,853,546

 

See Notes to Financial Statements.

84

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2006

	Model Portfolio Funds
	Savings Oriented		Conservative Growth			Traditional Growth			Long-Term Growth			All-Equity Growth
ASSETS:
Securities of affiliated Mutual Funds, at market value*	$	292,331,994	$	550,034,274		$	1,331,141,566		$	1,471,055,268		$	470,937,264
Receivable for:
Dividends		1,652,454		2,541,779			4,068,719			2,437,794			—
Investments sold		—		—			—			125,362			44,929
Fund shares sold		323,600		625,526			720,276			1,717,365			880,901
Total Assets		294,308,048		553,201,579			1,335,930,561			1,475,335,789			471,863,094
LIABILITIES:
Payable for:
Investments purchased		1,864,170		3,063,634			4,653,159			4,155,159			880,901
Fund shares redeemed		82,923		51,409			20,945			—			—
Distribution to shareholders		2,874		1,544			1,457			—			—
Accrued Expenses:
Administrative services fees		3,966		7,485			17,379			19,200			6,544
Advisory fees		25,451		47,454			105,760			115,497			40,744
Other accrued expense		41,414		64,000			120,029			127,716			47,278
Total Liabilities		2,020,798		3,235,526			4,918,729			4,417,572			975,467
NET ASSETS	$	292,287,250	$	549,966,053		$	1,331,011,832		$	1,470,918,217		$	470,887,627
NET ASSETS REPRESENTED BY:
Paid-in capital	$	282,803,105	$	518,393,102		$	1,197,821,312		$	1,251,298,067		$	381,601,694
Net unrealized appreciation on investments		7,096,454		48,134,155			187,348,397			230,396,968			77,726,624
Undistributed net investment income		483,907		3,978			386,298			2,317,321			—
Accumulated net realized gain (loss) on investments		1,903,784		(16,565,182	)		(54,544,175	)		(13,094,139	)		11,559,309
NET ASSETS	$	292,287,250	$	549,966,053		$	1,331,011,832		$	1,470,918,217		$	470,887,627
CAPITAL SHARES:
Net Assets	$	292,287,250	$	549,966,053		$	1,331,011,832		$	1,470,918,217		$	470,887,627
Shares Outstanding		11,831,706		22,464,684			54,860,119			59,887,676			18,194,997
Net Asset Value, offering and redemption price per share (net assets divided by shares outstanding)	$	24.70	$	24.48		$	24.26		$	24.56		$	25.88
Cost of investments	$	285,235,540	$	501,900,119		$	1,143,793,169		$	1,240,658,300		$	393,210,640
__________ * Investment in other Vantagepoint Funds (Note 1).

 

See Notes to Financial Statements.

85

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2006

	Milestone Funds
	Milestone Retirement Income		Milestone 2010		Milestone 2015		Milestone 2020		Milestone 2025
ASSETS:
Securities of affiliated Mutual Funds, at market value*	$	22,545,662	$	48,506,225	$	84,383,243	$	62,426,178	$	48,826,684
Receivable for:
Dividends		122,219		211,281		264,764		150,696		90,118
Investments sold		1,564		—		—		—		—
Fund shares sold		5,460		243,079		329,009		73,490		115,579
Due from investment adviser**		15,991		3,047		1,402		2,199		3,045
Total Assets		22,690,896		48,963,632		84,978,418		62,652,563		49,035,426
LIABILITIES:
Payable for:
Investments purchased		122,219		449,304		584,934		218,045		200,655
Fund shares redeemed		7,024		—		—		—		—
Accrued Expenses:
Administrative services fees		2,501		2,501		2,501		2,501		2,501
Advisory fees		1,943		4,174		7,206		5,355		4,163
Other accrued expense		22,845		24,436		26,325		24,919		24,404
Total Liabilities		156,532		480,415		620,966		250,820		231,723
NET ASSETS	$	22,534,364	$	48,483,217	$	84,357,452	$	62,401,743	$	48,803,703
NET ASSETS REPRESENTED BY:
Paid-in capital	$	22,024,564	$	46,137,085	$	78,569,323	$	57,393,098	$	44,597,459
Net unrealized appreciation on investments		224,539		1,227,600		3,319,070		2,992,575		2,456,812
Undistributed net investment income		5,969		13,339		17,640		10,452		6,418
Accumulated net realized gain on investments		279,292		1,105,193		2,451,419		2,005,618		1,743,014
NET ASSETS	$	22,534,364	$	48,483,217	$	84,357,452	$	62,401,743	$	48,803,703
CAPITAL SHARES:
Net Assets	$	22,534,364	$	48,483,217	$	84,357,452	$	62,401,743	$	48,803,703
Shares Outstanding		2,144,872		4,467,120		7,472,635		5,415,581		4,162,379
Net Asset Value, offering and redemption price per share (net assets divided by shares outstanding)	$	10.51	$	10.85	$	11.29	$	11.52	$	11.72
Cost of investments	$	22,321,123	$	47,278,625	$	81,064,173	$	59,433,603	$	46,369,872
__________   * Investment in other Vantagepoint Funds (Note 1). ** Contractual fee waiver (Note 3)

 

See Notes to Financial Statements.

86

VANTAGEPOINT FUNDS

Statements of Assets & Liabilities
December 31, 2006

	Milestone Funds
	Milestone 2030		Milestone 2035		Milestone 2040
ASSETS:
Securities of affiliated Mutual Funds, at market value*	$	26,023,190	$	16,423,132	$	12,699,112
Receivable for:
Dividends		36,011		15,855		10,599
Fund shares sold		58,136		42,465		123,544
Due from investment adviser**		11,857		21,077		26,239
Total Assets		26,129,194		16,502,529		12,859,494
LIABILITIES:
Payable for:
Investments purchased		94,147		58,320		122,879
Fund shares redeemed		—		—		11,264
Accrued Expenses:
Administrative services fees		2,501		2,501		2,501
Advisory fees		2,223		1,400		1,068
Other accrued expense		23,161		22,697		22,301
Total Liabilities		122,032		84,918		160,013
NET ASSETS	$	26,007,162	$	16,417,611	$	12,699,481
NET ASSETS REPRESENTED BY:
Paid-in capital	$	23,658,039	$	15,030,389	$	11,854,204
Net unrealized appreciation on investments		1,350,964		682,365		301,044
Undistributed net investment income		2,513		1,278		637
Accumulated net realized gain on investments		995,646		703,579		543,596
NET ASSETS	$	26,007,162	$	16,417,611	$	12,699,481
CAPITAL SHARES:
Net Assets	$	26,007,162	$	16,417,611	$	12,699,481
Shares Outstanding		2,189,767		1,370,305		1,066,548
Net Asset Value, offering and redemption price per share (net assets divided by shares outstanding)	$	11.88	$	11.98	$	11.91
Cost of investments	$	24,672,226	$	15,740,767	$	12,398,068
__________   * Investment in other Vantagepoint Funds (Note 1). ** Contractual fee waiver (Note 3)

 

See Notes to Financial Statements.

87

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2006

	Money Market		Short-Term Bond			US Government Securities			Asset Allocation		Equity Income
INVESTMENT INCOME:
Dividends	$	9,043,931	$	—		$	—		$	11,973,144	$	23,850,909
Interest		—		25,375,166			6,319,567			5,873,245		4,721,388
Security lending income		—		1,917			57,406			45,791		2,804,776
Foreign taxes withheld on dividends		—		—			—			—		(132,220	)
Total investment income		9,043,931		25,377,083			6,376,973			17,892,180		31,244,853
EXPENSES:
Directors		2,787		8,868			2,249			11,623		20,501
Subadviser		—		773,754			82,181			1,707,446		5,002,984
Custodian		28,736		122,439			48,761			138,325		212,172
Advisory*		181,247		566,981			143,330			739,335		1,314,580
Fund services		271,871		850,472			214,995			1,109,002		1,971,869
Investor services		362,495		1,133,962			286,660			1,478,670		2,629,159
Administration		27,262		109,872			27,385			144,813		255,952
Other expenses		67,940		133,101			54,504			242,477		286,055
Total expenses		942,338		3,699,449			860,065			5,571,691		11,693,272
NET INVESTMENT INCOME		8,101,593		21,677,634			5,516,908			12,320,489		19,551,581
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on sale of investments		—		(2,146,355	)		(1,632,407	)		25,610,761		83,154,508
Net realized gain (loss) on futures contracts and foreign currency transactions		—		(113,841	)		—			12,551,633		—
Realized gain distributions from a mutual fund		6,063		—			—			—		—
Net change in unrealized appreciation on investments		—		2,381,042			734,414			55,100,375		127,559,492
Net change in unrealized appreciation (depreciation) on futures contracts and foreign currency transactions		—		(68,776	)		—			1,863,504		—
NET GAIN (LOSS) ON INVESTMENTS		6,063		52,070			(897,993	)		95,126,273		210,714,000
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,107,656	$	21,729,704		$	4,618,915		$	107,446,762	$	230,265,581
__________ * Refer to Note 3

 

See Notes to Financial Statements.

88

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2006

	Growth & Income			Growth			Aggressive Opportunities			International
INVESTMENT INCOME:
Dividends	$	16,872,402		$	29,613,588		$	7,738,672		$	19,288,154
Interest		1,327,149			2,994,267			2,073,321			1,917,573
Security lending income		135,055			539,909			3,462,614			372,704
Foreign taxes withheld on dividends		(89,220	)		(54,740	)		(85,429	)		(1,561,827	)
Total investment income		18,245,386			33,093,024			13,189,178			20,016,604
EXPENSES:
Directors		16,700			43,212			20,471			14,231
Subadviser		3,176,406			10,573,322			6,813,294			4,689,410
Custodian		213,333			528,953			319,589			944,114
Advisory*		1,070,100			2,745,183			1,304,767			916,014
Fund services		1,605,150			4,117,775			1,957,150			1,374,021
Investor services		2,140,200			5,490,367			2,609,533			1,832,028
Administration		207,728			541,526			254,297			175,468
Other expenses		230,537			537,112			282,561			208,283
Total expenses		8,660,154			24,577,450			13,561,662			10,153,569
NET INVESTMENT INCOME (LOSS)		9,585,232			8,515,574			(372,484	)		9,863,035
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain on sale of investments		67,902,507			255,602,813			200,989,514			137,016,123
Net realized gain (loss) on futures contracts and foreign currency transactions		(57,033	)		(184,108	)		7,631,987			(1,549,300	)
Net change in unrealized appreciation (depreciation) on investments		58,612,549			4,031,254			(31,067,773	)		28,928,805
Net change in unrealized appreciation (depreciation) on futures contracts and foreign currency transactions		65			(376	)		(12,898,851	)		56,869
NET GAIN ON INVESTMENTS		126,458,088			259,449,583			164,654,877			164,452,497
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	136,043,320		$	267,965,157		$	164,282,393		$	174,315,532
__________ * Refer to Note 3

 

See Notes to Financial Statements.

89

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2006

	Core Bond Index			500 Stock Index		Broad Market Index			Mid/Small Company Index			Overseas Equity Index
INVESTMENT INCOME:
Dividends	$	—		$	6,917,861	$	11,081,353		$	2,383,017		$	3,350,072
Interest		53,179,658			248,176		229,554			174,426			273,568
Security lending income		199,074			25,210		157,215			190,274			40,706
Foreign taxes withheld on dividends		—			—		(273	)		(626	)		(235,482	)
Total investment income		53,378,732			7,191,247		11,467,849			2,747,091			3,428,864
EXPENSES:
Directors		16,898			5,663		9,638			2,775			1,809
Subadviser		237,611			74,417		134,872			80,741			91,241
Custodian		306,812			83,064		158,716			102,142			263,561
Advisory Class I*		456,864			51,214		97,564			36,196			20,097
Advisory Class II*		83,154			130,139		209,425			52,543			39,024
Fund services Class I		1,370,592			153,643		292,692			108,588			60,290
Fund services Class II		83,154			130,139		209,425			52,543			39,024
Investor services Class I		1,370,592			153,643		292,692			108,588			60,290
Investor services Class II		83,154			130,139		209,425			52,543			39,024
Administration		210,719			70,555		119,827			34,567			21,692
Other expenses		238,021			131,287		142,719			61,633			76,547
Total expenses		4,457,571			1,113,903		1,876,995			692,859			712,599
NET INVESTMENT INCOME		48,921,161			6,077,344		9,590,854			2,054,232			2,716,265
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on sale of investments		(4,233,946	)		17,452,164		23,775,953			14,234,712			1,729,385
Net realized gain on futures contracts and foreign currency transactions		—			513,194		481,254			271,861			773,484
Net change in unrealized appreciation (depreciation) on investments		(2,593,605	)		28,909,879		55,560,497			7,766,616			21,828,368
Net change in unrealized appreciation (depreciation) on futures contracts and foreign currency transactions		—			70,180		116,852			25,819			(23,820	)
NET GAIN (LOSS) ON INVESTMENTS		(6,827,551	)		46,945,417		79,934,556			22,299,008			24,307,417
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	42,093,610		$	53,022,761	$	89,525,410		$	24,353,240		$	27,023,682
__________ * Refer to Note 3

 

See Notes to Financial Statements.

90

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2006

	Model Portfolio Funds
	Savings Oriented			Conservative Growth		Traditional Growth		Long-Term Growth			All-Equity Growth
INVESTMENT INCOME IN AFFILIATED MUTUAL FUNDS:
Dividends*	$	9,882,972		$	15,722,060	$	27,580,710	$	21,701,990		$	3,276,390
Total investment income		9,882,972			15,722,060		27,580,710		21,701,990			3,276,390
EXPENSES:
Directors		4,423			8,225		19,042		20,590			5,889
Custodian		28,673			32,639		38,211		39,122			30,256
Advisory**		281,388			521,374		1,125,013		1,207,370			382,259
Administration		42,134			79,408		182,471		197,329			56,283
Legal		24,276			45,158		103,499		111,591			31,062
Other expenses		50,888			78,664		150,673		162,024			65,158
Total expenses		431,782			765,468		1,618,909		1,738,026			570,907
NET INVESTMENT INCOME		9,451,190			14,956,592		25,961,801		19,963,964			2,705,483
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain (loss) on sale of investments		7,380,089			9,451,523		7,453,877		(8,256,967	)		3,323,394
Realized gain distributions from affiliated mutual funds		3,834,070			9,400,657		31,918,530		45,867,130			17,357,388
Net change in unrealized appreciation (depreciation) on investments		(1,645,116	)		8,621,802		57,451,792		101,272,365			30,238,481
NET GAIN ON INVESTMENTS		9,569,043			27,473,982		96,824,199		138,882,528			50,919,263
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,020,233		$	42,430,574	$	122,786,000	$	158,846,492		$	53,624,746
__________   * Received from other Vantagepoint Funds (Note 1). ** Refer to Note 3

 

See Notes to Financial Statements.

91

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2006

	Milestone Funds
	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
INVESTMENT INCOME IN AFFILIATED MUTUAL FUNDS:
Dividends*	$	609,677		$	1,105,876		$	1,563,879		$	1,013,195		$	700,110
Total investment income		609,677			1,105,876			1,563,879			1,013,195			700,110
EXPENSES:
Directors		261			548			927			642			498
Custodian		22,270			22,704			23,178			22,779			22,542
Advisory**		16,965			36,129			60,813			43,322			32,664
Administration		15,002			15,002			15,002			15,002			15,002
Audit		13,039			13,039			13,039			13,040			13,041
State license fees and memberships		17,969			18,328			18,822			18,455			18,243
Other expenses		3,953			8,344			13,473			9,170			6,839
Total expenses		89,459			114,094			145,254			122,410			108,829
Less reimbursements (Note 3)		(62,838	)		(49,873	)		(40,332	)		(45,412	)		(50,574	)
Total expenses net of reductions and reimbursements		26,621			64,221			104,922			76,998			58,255
NET INVESTMENT INCOME		583,056			1,041,655			1,458,957			936,197			641,855
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain on sale of investments		130,831			378,405			488,887			163,105			117,454
Realized gain distributions from affiliated mutual funds		333,778			1,002,568			2,318,408			1,982,969			1,719,290
Net change in unrealized appreciation on investments		264,323			867,832			2,235,772			2,118,890			1,675,287
NET GAIN ON INVESTMENTS		728,932			2,248,805			5,043,067			4,264,964			3,512,031
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,311,988		$	3,290,460		$	6,502,024		$	5,201,161		$	4,153,886
__________   * Received from other Vantagepoint Funds (Note 1). ** Refer to Note 3

 

See Notes to Financial Statements.

92

VANTAGEPOINT FUNDS

Statements of Operations
For the Year Ended December 31, 2006

	Milestone Funds
	Milestone 2030			Milestone 2035			Milestone 2040
INVESTMENT INCOME IN AFFILIATED MUTUAL FUNDS:
Dividends*	$	340,507		$	190,576		$	136,745
Total investment income		340,507			190,576			136,745
EXPENSES:
Directors		261			165			94
Custodian		22,232			22,087			22,013
Advisory**		17,509			10,514			6,770
Administration		15,002			15,002			15,002
Audit		13,040			13,040			13,041
State license fees and memberships		17,942			17,823			17,732
Other expenses		3,579			1,995			1,114
Total expenses		89,565			80,626			75,766
Less reimbursements (Note 3)		(57,703	)		(61,297	)		(63,317	)
Total expenses net of reductions and reimbursements		31,862			19,329			12,449
NET INVESTMENT INCOME		308,645			171,247			124,296
NET REALIZED AND UNREALIZED GAIN (LOSS) (Note 2):
Net realized gain on sale of investments		69,252			127,782			178,345
Realized gain distributions from affiliated mutual funds		992,881			665,416			514,771
Net change in unrealized appreciation on investments		962,707			484,749			173,566
NET GAIN ON INVESTMENTS		2,024,840			1,277,947			866,682
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,333,485		$	1,449,194		$	990,978
__________   * Received from other Vantagepoint Funds (Note 1). ** Refer to Note 3

 

See Notes to Financial Statements.

93

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Money Market						Short-Term Bond
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005			For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	8,101,593		$	3,514,719		$	21,677,634		$	15,999,985
Net realized gain (loss) on sale of investments		6,063			—			(2,260,196	)		(4,009,949	)
Net change in unrealized appreciation (depreciation) of investments		—			—			2,312,266			(5,147,586	)
Net increase in net assets resulting from operations		8,107,656			3,514,719			21,729,704			6,842,450
Distributions to shareholders from:
Net investment income		(8,101,593	)		(3,514,719	)		(22,130,500	)		(16,379,606	)
Net realized gain on investments		(6,063	)		—			—			—
Return of capital		—			—			(2,019,872	)		—
Total distributions		(8,107,656	)		(3,514,719	)		(24,150,372	)		(16,379,606	)
Capital share transactions:
Proceeds from sale of shares		114,571,938			74,452,806			76,129,924			77,901,874
Reinvestment of distributions		8,107,656			3,520,240			24,150,374			16,379,606
Value of shares redeemed		(47,887,407	)		(51,442,634	)		(34,099,542	)		(40,234,957	)
Net increase from capital share transactions		74,792,187			26,530,412			66,180,756			54,046,523
Total increase in net assets		74,792,187			26,530,412			63,760,088			44,509,367
NET ASSETS at beginning of year		142,979,091			116,448,679			543,913,016			499,403,649
NET ASSETS at end of year	$	217,771,278		$	142,979,091		$	607,673,104		$	543,913,016
Undistributed net investment income included in net assets at end of year	$	—		$	—		$	—		$	18,269
SHARE TRANSACTIONS:
Number of shares sold		114,571,938			74,452,805			7,774,549			7,881,713
Number of shares issued through reinvestment of dividends and distributions		8,107,656			3,520,240			2,473,087			1,661,070
Number of shares redeemed		(47,887,407	)		(51,442,634	)		(3,492,137	)		(4,069,519	)
Net increase in shares outstanding		74,792,187			26,530,411			6,755,499			5,473,264

 

See Notes to Financial Statements.

94

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	US Government Securities						Asset Allocation
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005			For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	5,516,908		$	4,703,118		$	12,320,489		$	11,200,016
Net realized gain (loss) on sale of investments		(1,632,407	)		(1,638,779	)		38,162,394			13,028,932
Net change in unrealized appreciation (depreciation) of investments		734,414			(1,565,026	)		56,963,879			8,487,364
Net increase in net assets resulting from operations		4,618,915			1,499,313			107,446,762			32,716,312
Distributions to shareholders from:
Net investment income		(5,508,157	)		(4,815,031	)		(12,047,039	)		(11,282,884	)
Net realized gain on investments		—			—			(12,454,093	)		(3,637,133	)
Return of capital		(455,973	)		—			—			—
Total distributions		(5,964,130	)		(4,815,031	)		(24,501,132	)		(14,920,017	)
Capital share transactions:
Proceeds from sale of shares		19,881,091			24,058,699			71,646,779			68,049,857
Reinvestment of distributions		5,964,119			4,815,031			24,501,132			14,920,017
Value of shares redeemed		(33,294,937	)		(37,390,913	)		(148,494,794	)		(158,517,513	)
Net decrease from capital share transactions		(7,449,727	)		(8,517,183	)		(52,346,883	)		(75,547,639	)
Total increase (decrease) in net assets		(8,794,942	)		(11,832,901	)		30,598,747			(57,751,344	)
NET ASSETS at beginning of year		151,334,575			163,167,476			737,782,747			795,534,091
NET ASSETS at end of year	$	142,539,633		$	151,334,575		$	768,381,494		$	737,782,747
Undistributed net investment income included in net assets at end of year	$	—		$	—		$	1,127,211		$	928,491
SHARE TRANSACTIONS:
Number of shares sold		1,983,713			2,351,557			9,170,636			9,350,350
Number of shares issued through reinvestment of dividends and distributions		594,945			471,732			2,899,542			1,955,442
Number of shares redeemed		(3,319,412	)		(3,656,752	)		(18,880,309	)		(21,658,016	)
Net decrease in shares outstanding		(740,754	)		(833,463	)		(6,810,131	)		(10,352,224	)

 

See Notes to Financial Statements.

95

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Equity Income						Growth & Income
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005			For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	19,551,581		$	21,143,870		$	9,585,232		$	8,309,537
Net realized gain on sale of investments		83,154,508			71,752,555			67,845,474			34,274,430
Net change in unrealized appreciation (depreciation) of investments		127,559,492			(25,385,152	)		58,612,614			15,359,438
Net increase in net assets resulting from operations		230,265,581			67,511,273			136,043,320			57,943,405
Distributions to shareholders from:
Net investment income		(19,346,014	)		(21,448,323	)		(9,346,498	)		(8,574,021	)
Net realized gain on investments		(68,341,252	)		(58,677,840	)		(46,001,308	)		—
Total distributions		(87,687,266	)		(80,126,163	)		(55,347,806	)		(8,574,021	)
Capital share transactions:
Proceeds from sale of shares		177,379,125			235,352,433			153,442,565			148,841,980
Reinvestment of distributions		87,677,531			80,088,932			55,345,916			8,573,719
Value of shares redeemed		(200,151,067	)		(130,563,425	)		(129,701,470	)		(102,423,207	)
Net increase from capital share transactions		64,905,589			184,877,940			79,087,011			54,992,492
Total increase in net assets		207,483,904			172,263,050			159,782,525			104,361,876
NET ASSETS at beginning of year		1,260,469,552			1,088,206,502			1,016,831,423			912,469,547
NET ASSETS at end of year	$	1,467,953,456		$	1,260,469,552		$	1,176,613,948		$	1,016,831,423
Undistributed net investment income included in net assets at end of year	$	221,422		$	8,400		$	490,058		$	264,956
SHARE TRANSACTIONS:
Number of shares sold		18,705,343			25,962,649			13,755,442			14,687,655
Number of shares issued through reinvestment of dividends and distributions		8,811,812			8,918,590			4,783,571			793,863
Number of shares redeemed		(21,350,248	)		(14,306,776	)		(11,689,273	)		(10,115,239	)
Net increase in shares outstanding		6,166,907			20,574,463			6,849,740			5,366,279

 

See Notes to Financial Statements.

96

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Growth						Aggressive Opportunities
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005			For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	8,515,574		$	3,115,929		$	(372,484	)	$	3,571,067
Net realized gain on sale of investments		255,418,705			149,423,088			208,621,501			117,397,002
Net change in unrealized appreciation (depreciation) of investments		4,030,878			(30,533,846	)		(43,966,624	)		25,511,224
Net increase in net assets resulting from operations		267,965,157			122,005,171			164,282,393			146,479,293
Distributions to shareholders from:
Net investment income		(8,373,928	)		(4,568,484	)		(5,004,797	)		(29,665,131	)
Net realized gain on investments		—			—			(29,960,480	)		—
Total distributions		(8,373,928	)		(4,568,484	)		(34,965,277	)		(29,665,131	)
Capital share transactions:
Proceeds from sale of shares		272,236,478			262,519,835			155,161,856			140,245,577
Reinvestment of distributions		8,373,928			4,568,484			34,965,277			29,665,072
Value of shares redeemed		(573,209,664	)		(566,191,826	)		(205,149,309	)		(184,373,882	)
Net decrease from capital share transactions		(292,599,258	)		(299,103,507	)		(15,022,176	)		(14,463,233	)
Total increase (decrease) in net assets		(33,008,029	)		(181,666,820	)		114,294,940			102,350,929
NET ASSETS at beginning of year		2,816,802,533			2,998,469,353			1,252,413,335			1,150,062,406
NET ASSETS at end of year	$	2,783,794,504		$	2,816,802,533		$	1,366,708,275		$	1,252,413,335
Undistributed net investment income included in net assets at end of year	$	425,909		$	(94,160	)	$	(2,191	)	$	(9,238,840	)
SHARE TRANSACTIONS:
Number of shares sold		30,855,340			32,447,213			12,804,294			12,872,932
Number of shares issued through reinvestment of dividends and distributions		864,183			517,382			2,702,108			2,526,837
Number of shares redeemed		(64,302,554	)		(69,746,930	)		(16,785,739	)		(17,041,188	)
Net decrease in shares outstanding		(32,583,031	)		(36,782,335	)		(1,279,337	)		(1,641,419	)

 

See Notes to Financial Statements.

97

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	International
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,863,035		$	6,727,194
Net realized gain on sale of investments		135,466,823			47,386,689
Net change in unrealized appreciation of investments		28,985,674			50,613,704
Net increase in net assets resulting from operations		174,315,532			104,727,587
Distributions to shareholders from:
Net investment income		(14,695,091	)		(12,179,965	)
Net realized gain on investments		(92,620,774	)		—
Total distributions		(107,315,865	)		(12,179,965	)
Capital share transactions:
Proceeds from sale of shares		245,566,850			96,507,847
Reinvestment of distributions		107,315,865			12,179,965
Value of shares redeemed		(92,212,868	)		(83,883,274	)
Net increase from capital share transactions		260,669,847			24,804,538
Total increase in net assets		327,669,514			117,352,160
NET ASSETS at beginning of year		722,161,436			604,809,276
NET ASSETS at end of year	$	1,049,830,950		$	722,161,436
Undistributed net investment income included in net assets at end of year	$	(5,642,009	)	$	(5,334,590	)
SHARE TRANSACTIONS:
Number of shares sold		19,883,822			9,381,932
Number of shares issued through reinvestment of dividends and distributions		8,544,256			1,049,997
Number of shares redeemed		(7,323,457	)		(8,103,671	)
Net increase in shares outstanding		21,104,621			2,328,258

 

See Notes to Financial Statements.

98

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Core Bond Index						500 Stock Index
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005			For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	48,921,161		$	39,651,630		$	6,077,344		$	5,457,463
Net realized gain (loss) on sale of investments		(4,233,946	)		(2,234,490	)		17,965,358			20,274,748
Net change in unrealized appreciation (depreciation) of investments		(2,593,605	)		(18,040,701	)		28,980,059			(10,109,834	)
Net increase in net assets resulting from operations		42,093,610			19,376,439			53,022,761			15,622,377
Distributions to shareholders from:
Net investment income—Class I		(44,920,670	)		(37,580,456	)		(1,401,396	)		(1,476,749	)
Net investment income—Class II		(8,408,673	)		(8,194,827	)		(4,529,631	)		(4,028,822	)
Return of capital—Class I		(3,778,387	)		—			—			—
Return of capital—Class II		(651,657	)		—			—			—
Total distributions		(57,759,387	)		(45,775,283	)		(5,931,027	)		(5,505,571	)
Capital share transactions:
Proceeds from sale of shares—Class I		143,624,871			138,830,538			10,534,365			12,467,211
Proceeds from sale of shares—Class II		25,099,849			28,305,234			48,011,790			47,924,492
Reinvestment of distributions—Class I		48,699,075			37,580,456			1,400,580			1,475,782
Reinvestment of distributions—Class II		9,060,333			8,194,827			4,529,631			4,028,822
Value of shares redeemed—Class I		(55,894,969	)		(53,338,252	)		(25,210,070	)		(24,450,824	)
Value of shares redeemed—Class II		(26,347,771	)		(34,462,069	)		(40,868,457	)		(59,403,274	)
Net increase (decrease) from capital share transactions		144,241,388			125,110,734			(1,602,161	)		(17,957,791	)
Total increase (decrease) in net assets		128,575,611			98,711,890			45,489,573			(7,840,985	)
NET ASSETS at beginning of year		1,031,395,770			932,683,880			349,879,698			357,720,683
NET ASSETS at end of year	$	1,159,971,381		$	1,031,395,770		$	395,369,271		$	349,879,698
Undistributed net investment income included in net assets at end of year	$	—		$	—		$	110,062		$	6,328
SHARE TRANSACTIONS:
Number of shares sold—Class I		14,668,662			13,838,558			1,004,662			1,303,126
Number of shares issued through reinvestment of dividends and distributions—Class I		4,998,854			3,748,319			124,055			147,137
Number of shares redeemed—Class I		(5,754,493	)		(5,306,820	)		(2,462,341	)		(2,566,364	)
Net increase (decrease) in shares outstanding—Class I		13,913,023			12,280,057			(1,333,624	)		(1,116,101	)
Number of shares sold—Class II		2,565,858			2,803,528			4,894,220			5,307,358
Number of shares issued through reinvestment of dividends and distributions—Class II		925,985			813,631			422,935			423,196
Number of shares redeemed—Class II		(2,686,544	)		(3,429,357	)		(4,156,114	)		(6,526,882	)
Net increase in shares outstanding—Class II		805,299			187,802			1,161,041			(796,328	)

 

See Notes to Financial Statements.

99

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Broad Market Index						Mid/Small Company Index
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005			For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,590,854		$	8,760,425		$	2,054,232		$	1,682,687
Net realized gain on sale of investments		24,257,207			15,110,460			14,506,573			7,334,922
Net change in unrealized appreciation of investments		55,677,349			11,096,071			7,792,435			5,186,483
Net increase in net assets resulting from operations		89,525,410			34,966,956			24,353,240			14,204,092
Distributions to shareholders from:
Net investment income—Class I		(2,310,857	)		(2,731,768	)		(570,116	)		(631,067	)
Net investment income—Class II		(6,626,524	)		(6,247,453	)		(1,014,152	)		(1,103,099	)
Net realized gain on investments—Class I		—			—			(2,740,781	)		—
Net realized gain on investments—Class II		—			—			(3,899,910	)		—
Total distributions		(8,937,381	)		(8,979,221	)		(8,224,959	)		(1,734,166	)
Capital share transactions:
Proceeds from sale of shares—Class I		8,463,878			9,594,655			22,122,825			25,396,933
Proceeds from sale of shares—Class II		67,646,803			61,930,373			26,425,231			27,809,894
Reinvestment of distributions—Class I		2,308,829			2,729,799			3,309,703			630,835
Reinvestment of distributions—Class II		6,626,524			6,247,453			4,914,062			1,103,099
Value of shares redeemed—Class I		(49,214,562	)		(37,236,819	)		(21,949,655	)		(18,928,431	)
Value of shares redeemed—Class II		(69,237,879	)		(69,857,635	)		(29,219,624	)		(27,546,592	)
Net increase (decrease) from capital share transactions		(33,406,407	)		(26,592,174	)		5,602,542			8,465,738
Total increase (decrease) in net assets		47,181,622			(604,439	)		21,730,823			20,935,664
NET ASSETS at beginning of year		598,430,755			599,035,194			163,832,603			142,896,939
NET ASSETS at end of year	$	645,612,377		$	598,430,755		$	185,563,426		$	163,832,603
Undistributed net investment income included in net assets at end of year	$	5,500,969		$	5,063,523		$	662,816		$	338,309
SHARE TRANSACTIONS:
Number of shares sold—Class I		765,181			962,975			1,382,566			1,807,427
Number of shares issued through reinvestment of dividends and distributions—Class I		194,182			259,734			198,542			41,530
Number of shares redeemed—Class I		(4,543,303	)		(3,776,799	)		(1,378,148	)		(1,361,299	)
Net increase (decrease) in shares outstanding—Class I		(3,583,940	)		(2,554,090	)		202,960			487,658
Number of shares sold—Class II		6,551,146			6,616,714			1,723,786			2,069,942
Number of shares issued through reinvestment of dividends and distributions—Class II		589,548			627,885			308,285			75,814
Number of shares redeemed—Class II		(6,641,244	)		(7,410,016	)		(1,916,202	)		(2,056,189	)
Net increase (decrease) in shares outstanding—Class II		499,450			(165,417	)		115,869			89,567

 

See Notes to Financial Statements.

100

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Overseas Equity Index
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,716,265		$	1,557,067
Net realized gain on sale of investments		2,502,869			3,505,458
Net change in unrealized appreciation (depreciation) of investments		21,804,548			4,831,146
Net increase in net assets resulting from operations		27,023,682			9,893,671
Distributions to shareholders from:
Net investment income		—			—
Net investment income—Class I		(1,232,897	)		(585,809	)
Net investment income—Class II		(2,717,697	)		(1,185,550	)
Net realized gain on investments		—			—
Total distributions		(3,950,594	)		(1,771,359	)
Capital share transactions:
Proceeds from sale of shares		—			—
Proceeds from sale of shares—Class I		22,549,258			11,800,767
Proceeds from sale of shares—Class II		41,974,371			20,690,878
Reinvestment of distributions		—			—
Reinvestment of distributions—Class I		1,232,897			585,809
Reinvestment of distributions—Class II		2,717,697			1,185,550
Value of shares redeemed		—			—
Value of shares redeemed—Class I		(9,060,938	)		(8,218,731	)
Value of shares redeemed—Class II		(8,823,054	)		(12,025,120	)
Net increase from capital share transactions		50,590,231			14,019,153
Total increase in net assets		73,663,319			22,141,465
NET ASSETS at beginning of year		89,558,559			67,417,094
NET ASSETS at end of year	$	163,221,878		$	89,558,559
Undistributed net investment income included in net assets at end of year	$	(503,583	)	$	(42,858	)
SHARE TRANSACTIONS:
Number of shares sold—Class I		1,761,043			1,136,202
Number of shares issued through reinvestment of dividends and distributions—Class I		89,927			51,795
Number of shares redeemed—Class I		(741,723	)		(803,469	)
Net increase (decrease) in shares outstanding—Class I		1,109,247			384,528
Number of shares sold—Class II		3,480,524			2,106,697
Number of shares issued through reinvestment of dividends and distributions—Class II		209,376			110,592
Number of shares redeemed—Class II		(754,036	)		(1,226,088	)
Net increase (decrease) in shares outstanding—Class II		2,935,864			991,201

 

See Notes to Financial Statements.

101

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Savings Oriented						Conservative Growth
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005			For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	9,451,190		$	8,163,601		$	14,956,592		$	13,351,361
Net realized gain on sale of investments		11,214,159			5,875,886			18,852,180			5,710,995
Net change in unrealized appreciation (depreciation) of investments		(1,645,116	)		(5,764,267	)		8,621,802			1,748,179
Net increase in net assets resulting from operations		19,020,233			8,275,220			42,430,574			20,810,535
Distributions to shareholders from:
Net investment income		(9,669,543	)		(8,124,137	)		(15,391,031	)		(13,300,663	)
Net realized gain on investments		(3,859,279	)		—			—			—
Total distributions		(13,528,822	)		(8,124,137	)		(15,391,031	)		(13,300,663	)
Capital share transactions:
Proceeds from sale of shares		49,004,958			59,758,009			80,971,882			90,198,421
Reinvestment of distributions		13,525,948			8,120,134			15,389,487			13,298,263
Value of shares redeemed		(56,770,733	)		(47,969,147	)		(86,426,952	)		(78,110,606	)
Net increase from capital share transactions		5,760,173			19,908,996			9,934,417			25,386,078
Total increase in net assets		11,251,584			20,060,079			36,973,960			32,895,950
NET ASSETS at beginning of year		281,035,666			260,975,587			512,992,093			480,096,143
NET ASSETS at end of year	$	292,287,250		$	281,035,666		$	549,966,053		$	512,992,093
Undistributed net investment income included in net assets at end of year	$	483,907		$	525,748		$	3,978		$	123,420
SHARE TRANSACTIONS:
Number of shares sold		1,981,367			2,451,616			3,385,419			3,916,316
Number of shares issued through reinvestment of dividends and distributions		547,831			334,575			629,684			570,741
Number of shares redeemed		(2,296,701	)		(1,966,793	)		(3,628,028	)		(3,399,754	)
Net increase in shares outstanding		232,497			819,398			387,075			1,087,303

 

See Notes to Financial Statements.

102

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	Traditional Growth						Long-Term Growth
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005			For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	25,961,801		$	23,212,297		$	19,963,964		$	20,548,875
Net realized gain on sale of investments		39,372,407			4,995,268			37,610,163			2,886,142
Net change in unrealized appreciation of investments		57,451,792			33,072,789			101,272,365			56,692,685
Net increase in net assets resulting from operations		122,786,000			61,280,354			158,846,492			80,127,702
Distributions to shareholders from:
Net investment income		(27,189,258	)		(23,130,568	)		(18,812,941	)		(20,562,518	)
Net realized gain on investments		(1,688,035	)		—			(2,925,344	)		—
Total distributions		(28,877,293	)		(23,130,568	)		(21,738,285	)		(20,562,518	)
Capital share transactions:
Proceeds from sale of shares		200,335,145			193,221,946			237,998,696			201,320,806
Reinvestment of distributions		28,875,836			23,128,453			21,738,285			20,562,518
Value of shares redeemed		(127,778,931	)		(123,905,324	)		(135,256,272	)		(112,626,493	)
Net increase from capital share transactions		101,432,050			92,445,075			124,480,709			109,256,831
Total increase in net assets		195,340,757			130,594,861			261,588,916			168,822,015
NET ASSETS at beginning of year		1,135,671,075			1,005,076,214			1,209,329,301			1,040,507,286
NET ASSETS at end of year	$	1,331,011,832		$	1,135,671,075		$	1,470,918,217		$	1,209,329,301
Undistributed net investment income included in net assets at end of year	$	386,298		$	886,488		$	2,317,321		$	148,918
SHARE TRANSACTIONS:
Number of shares sold		8,606,450			8,864,617			10,290,493			9,510,520
Number of shares issued through reinvestment of dividends and distributions		1,193,710			1,026,107			888,728			923,743
Number of shares redeemed		(5,501,760	)		(5,700,164	)		(5,870,485	)		(5,355,077	)
Net increase in shares outstanding		4,298,400			4,190,560			5,308,736			5,079,186

 

See Notes to Financial Statements.

103

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Model Portfolio Funds
	All-Equity Growth
	For the Year Ended December 31, 2006			For the Year Ended December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	2,705,483		$	3,248,520
Net realized gain on sale of investments		20,680,782			2,527,756
Net change in unrealized appreciation of investments		30,238,481			17,093,652
Net increase in net assets resulting from operations		53,624,746			22,869,928
Distributions to shareholders from:
Net investment income		(3,415,483	)		(3,248,520	)
Net realized gain on investments		(4,151,373	)		—
Total distributions		(7,566,856	)		(3,248,520	)
Capital share transactions:
Proceeds from sale of shares		150,738,246			101,791,361
Reinvestment of distributions		7,566,856			3,248,520
Value of shares redeemed		(37,450,476	)		(37,101,341	)
Net increase from capital share transactions		120,854,626			67,938,540
Total increase in net assets		166,912,516			87,559,948
NET ASSETS at beginning of year		303,975,111			216,415,163
NET ASSETS at end of year	$	470,887,627		$	303,975,111
Undistributed net investment income included in net assets at end of year	$	—		$	—
SHARE TRANSACTIONS:
Number of shares sold		6,217,305			4,714,902
Number of shares issued through reinvestment of dividends and distributions		294,087			140,689
Number of shares redeemed		(1,554,344	)		(1,735,604	)
Net increase in shares outstanding		4,957,048			3,119,987

 

See Notes to Financial Statements.

104

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone Retirement Income						Milestone 2010
	For the Year Ended December 31, 2006			For the Period from January 3,* 2005 to December 31, 2005			For the Year Ended December 31, 2006			For the Period from January 3,* 2005 to December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	583,056		$	248,734		$	1,041,655		$	458,370
Net realized gain on sale of investments		464,609			61,215			1,380,973			208,645
Net change in unrealized appreciation (depreciation) of investments		264,323			(39,784	)		867,832			359,768
Net increase in net assets resulting from operations		1,311,988			270,165			3,290,460			1,026,783
Distributions to shareholders from:
Net investment income		(594,424	)		(244,758	)		(1,062,637	)		(452,862	)
Net realized gain on investments		(223,180	)		(9,991	)		(438,462	)		(17,150	)
Total distributions		(817,604	)		(254,749	)		(1,501,099	)		(470,012	)
Capital share transactions:
Proceeds from sale of shares		15,200,938			16,120,279			27,626,782			29,871,013
Reinvestment of distributions		817,604			254,749			1,501,099			470,012
Value of shares redeemed		(7,124,863	)		(3,244,143	)		(9,072,124	)		(4,259,697	)
Net increase from capital share transactions		8,893,679			13,130,885			20,055,757			26,081,328
Total increase in net assets		9,388,063			13,146,301			21,845,118			26,638,099
NET ASSETS at beginning of year		13,146,301			—			26,638,099			—
NET ASSETS at end of year	$	22,534,364		$	13,146,301		$	48,483,217		$	26,638,099
Undistributed net investment income included in net assets at end of year	$	5,969		$	3,976		$	13,339		$	5,508
SHARE TRANSACTIONS:
Number of shares sold		1,455,016			1,591,239			2,597,257			2,965,729
Number of shares issued through reinvestment of dividends and distributions		77,867			25,074			138,478			45,588
Number of shares redeemed		(684,330	)		(319,994	)		(860,960	)		(418,972	)
Net increase in shares outstanding		848,553			1,296,319			1,874,775			2,592,345
__________ * The Milestone Funds commenced operations on January 3, 2005.

 

See Notes to Financial Statements.

105

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2015						Milestone 2020
	For the Year Ended December 31, 2006			For the Period from January 3,* 2005 to December 31, 2005			For the Year Ended December 31, 2006			For the Period from January 3,* 2005 to December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	1,458,957		$	596,327		$	936,197		$	371,042
Net realized gain on sale of investments		2,807,295			251,305			2,146,074			157,046
Net change in unrealized appreciation of investments		2,235,772			1,083,298			2,118,890			873,685
Net increase in net assets resulting from operations		6,502,024			1,930,930			5,201,161			1,401,773
Distributions to shareholders from:
Net investment income		(1,493,654	)		(589,729	)		(962,204	)		(367,724	)
Net realized gain on investments		(554,181	)		(7,261	)		(253,397	)		(10,964	)
Total distributions		(2,047,835	)		(596,990	)		(1,215,601	)		(378,688	)
Capital share transactions:
Proceeds from sale of shares		46,077,012			42,635,264			35,500,775			27,467,214
Reinvestment of distributions		2,047,835			596,990			1,215,601			378,688
Value of shares redeemed		(9,676,643	)		(3,111,135	)		(5,539,787	)		(1,629,393	)
Net increase from capital share transactions		38,448,204			40,121,119			31,176,589			26,216,509
Total increase in net assets		42,902,393			41,455,059			35,162,149			27,239,594
NET ASSETS at beginning of year		41,455,059			—			27,239,594			—
NET ASSETS at end of year	$	84,357,452		$	41,455,059		$	62,401,743		$	27,239,594
Undistributed net investment income included in net assets at end of year	$	17,640		$	6,598		$	10,452		$	3,318
SHARE TRANSACTIONS:
Number of shares sold		4,216,756			4,224,140			3,225,773			2,717,445
Number of shares issued through reinvestment of dividends and distributions		181,867			56,965			105,889			35,894
Number of shares redeemed		(897,814	)		(309,279	)		(509,581	)		(159,839	)
Net increase in shares outstanding		3,500,809			3,971,826			2,822,081			2,593,500
__________ * The Milestone Funds commenced operations on January 3, 2005.

 

See Notes to Financial Statements.

106

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2025						Milestone 2030
	For the Year Ended December 31, 2006			For the Period from January 3,* 2005 to December 31, 2005			For the Year Year Ended December 31, 2006			For the Period from January 3,* 2005 to December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	641,855		$	246,070		$	308,645		$	117,406
Net realized gain on sale of investments		1,836,744			100,873			1,062,133			49,850
Net change in unrealized appreciation of investments		1,675,287			781,525			962,707			388,257
Net increase in net assets resulting from operations		4,153,886			1,128,468			2,333,485			555,513
Distributions to shareholders from:
Net investment income		(663,029	)		(244,311	)		(319,455	)		(116,695	)
Net realized gain on investments		(161,951	)		(6,819	)		(101,504	)		(2,221	)
Total distributions		(824,980	)		(251,130	)		(420,959	)		(118,916	)
Capital share transactions:
Proceeds from sale of shares		28,399,132			19,923,076			15,463,412			10,280,812
Reinvestment of distributions		824,980			251,130			420,959			118,916
Value of shares redeemed		(3,227,959	)		(1,572,900	)		(1,843,608	)		(782,452	)
Net increase from capital share transactions		25,996,153			18,601,306			14,040,763			9,617,276
Total increase in net assets		29,325,059			19,478,644			15,953,289			10,053,873
NET ASSETS at beginning of year		19,478,644			—			10,053,873			—
NET ASSETS at end of year	$	48,803,703		$	19,478,644		$	26,007,162		$	10,053,873
Undistributed net investment income included in net assets at end of year	$	6,418		$	1,759		$	2,513		$	711
SHARE TRANSACTIONS:
Number of shares sold		2,545,854			1,972,321			1,375,019			1,012,114
Number of shares issued through reinvestment of dividends and distributions		70,632			23,625			35,614			11,114
Number of shares redeemed		(295,889	)		(154,164	)		(165,444	)		(78,650	)
Net increase in shares outstanding		2,320,597			1,841,782			1,245,189			944,578
__________ * The Milestone Funds commenced operations on January 3, 2005.

 

See Notes to Financial Statements.

107

VANTAGEPOINT FUNDS

Statements of Changes in Net Assets

	Milestone Funds
	Milestone 2035						Milestone 2040
	For the Year Ended December 31, 2006			For the Period from January 3,* 2005 to December 31, 2005			For the Year Ended December 31, 2006			For the Period from January 3,* 2005 to December 31, 2005
Increase (decrease) in net assets resulting from operations:
Net investment income	$	171,247		$	49,199		$	124,296		$	33,208
Net realized gain on sale of investments		793,198			15,325			693,116			15,683
Net change in unrealized appreciation of investments		484,749			197,616			173,566			127,478
Net increase in net assets resulting from operations		1,449,194			262,140			990,978			176,369
Distributions to shareholders from:
Net investment income		(177,152	)		(48,963	)		(129,029	)		(33,006	)
Net realized gain on investments		(96,606	)		(1,391	)		(154,958	)		(5,077	)
Total distributions		(273,758	)		(50,354	)		(283,987	)		(38,083	)
Capital share transactions:
Proceeds from sale of shares		12,739,277			4,571,775			11,313,832			3,528,504
Reinvestment of distributions		273,758			50,354			283,987			38,083
Value of shares redeemed		(2,228,677	)		(376,098	)		(2,692,034	)		(618,168	)
Net increase from capital share transactions		10,784,358			4,246,031			8,905,785			2,948,419
Total increase in net assets		11,959,794			4,457,817			9,612,776			3,086,705
NET ASSETS at beginning of year		4,457,817			—			3,086,705			—
NET ASSETS at end of year	$	16,417,611		$	4,457,817		$	12,699,481		$	3,086,705
Undistributed net investment income included in net assets at end of year	$	1,278		$	236		$	637		$	202
SHARE TRANSACTIONS:
Number of shares sold		1,126,872			450,099			992,876			346,502
Number of shares issued through reinvestment of dividends and distributions		22,967			4,688			23,986			3,549
Number of shares redeemed		(196,701	)		(37,620	)		(239,464	)		(60,901	)
Net increase in shares outstanding		953,138			417,167			777,398			289,150
__________ * The Milestone Funds commenced operations on January 3, 2005.

 

See Notes to Financial Statements.

108

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Money Market
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations:
Net investment income		0.04			0.03			0.01			0.01			0.01
Net realized and unrealized gain on investments		(0.00	)*		—			—			—			—
Total from investment operations		0.04			0.03			0.01			0.01			0.01
Less distributions:
From net investment income		(0.04	)		(0.03	)		(0.01	)		(0.01	)		(0.01	)
From net realized gains		(0.00	)*		—			—			—			—
Total distributions		(0.04	)		(0.03	)		(0.01	)		(0.01	)		(0.01	)
Net Asset Value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		4.51	%		2.70	%		0.82	%		0.60	%		1.32	%
Ratios/Supplemental data:
Net assets, end of year (000)	$	217,771		$	142,979		$	116,449		$	105,762		$	138,232
Ratios to average net assets:
Ratio of expenses to average net assets		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		4.47	%		2.70	%		0.84	%		0.60	%		1.30	%
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			0.49	%
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			1.27	%
Portfolio turnover		N/A			N/A			N/A			N/A			N/A

__________
* Rounds to less than $0.01.

See Notes to Financial Statements.

109

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Short-Term Bond
	For the Year Ended December 31,
	2006			2005(a)			2004(a)			2003(a)			2002(a)•
Net Asset Value, beginning of period	$	9.79		$	9.98		$	10.00		$	10.00		$	10.00
Income from investment operations:
Net investment income		0.37			0.30			0.12			0.35			0.40
Net realized and unrealized gain (loss) on investments, futures contracts, foreign currency transactions, wrappers agreements, written options and swaps		0.01			(0.18	)		0.24			0.00	*		0.00	*
Total from investment operations		0.38			0.12			0.36			0.35			0.40
Less distributions:
From net investment income		(0.38	)		(0.31	)		(0.20	)		(0.33	)		(0.40	)
From net realized gains		—			—			(0.04	)		(0.01	)		(0.05	)
Reverse stock split (Note 10)		—			—			—			0.01			0.05
Return of capital		(0.03	)		—			(0.14	)		(0.02	)		—
Total distributions		(0.41	)		(0.31	)		(0.38	)		(0.35	)		(0.40	)
Net Asset Value, end of year	$	9.76		$	9.79		$	9.98		$	10.00		$	10.00
Total return		3.98	%		1.27	%		3.65	%		3.51	%		4.09	%
Ratios/Supplemental data:
Net assets, end of year (000)	$	607,673		$	543,913		$	499,404		$	619,964		$	454,683
Ratios to average net assets:
Ratio of expenses to average net assets		0.65	%		0.65	%		0.78	%		0.82	%		0.83	%
Ratio of net investment income to average net assets		3.82	%		3.10	%		1.94	%		3.42	%		4.02	%
Portfolio turnover		123	%		120	%		273	%		211	%		310	%

 

*   Rounds to less than $0.01

(a) Per Share amounts were adjusted to reflect a 10 for 1 stock split effective October 28, 2005.

•   Per share amounts were calculated using average shares outstanding.

See Notes to Financial Statements.

110

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	US Government Securities
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	10.12		$	10.33		$	10.54		$	10.76		$	10.34
Income from investment operations:
Net investment income		0.39			0.31			0.26			0.27			0.34
Net realized and unrealized gain (loss) on investments		(0.06	)		(0.20	)		(0.07	)		(0.10	)		0.54
Total from investment operations		0.33			0.11			0.19			0.17			0.88
Less distributions:
From net investment income		(0.39	)		(0.32	)		(0.27	)		(0.30	)		(0.35	)
From net realized gains		—			—			(0.13	)		(0.09	)		(0.11	)
Return of capital		(0.03	)		—			—			—			—
Total distributions		(0.42	)		(0.32	)		(0.40	)		(0.39	)		(0.46	)
Net Asset Value, end of year	$	10.03		$	10.12		$	10.33		$	10.54		$	10.76
Total return		3.34	%		1.05	%		1.77	%		1.66	%		8.76	%
Ratios/Supplemental data:
Net assets, end of year (000)	$	142,540		$	151,335		$	163,167		$	188,546		$	235,644
Ratios to average net assets:
Ratio of expenses to average net assets		0.60	%		0.59	%		0.58	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		3.85	%		3.01	%		2.49	%		2.57	%		3.30	%
Portfolio turnover		69	%		91	%		205	%		120	%		114	%

 

See Notes to Financial Statements.

111

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Asset Allocation
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	7.51		$	7.33		$	6.75		$	5.49		$	6.52
Income from investment operations:
Net investment income		0.14			0.12			0.12			0.07			0.10
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1.03			0.22			0.59			1.35			(1.13	)
Total from investment operations		1.17			0.34			0.71			1.42			(1.03	)
Less distributions:
From net investment income		(0.14	)		(0.12	)		(0.11	)		(0.16	)		—
From net realized gains		(0.14	)		(0.04	)		(0.02	)		—			—
Total distributions		(0.28	)		(0.16	)		(0.13	)		(0.16	)		—
Net Asset Value, end of year	$	8.40		$	7.51		$	7.33		$	6.75		$	5.49
Total return		15.51	%		4.54	%		10.62	%		25.97	%		(15.80	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	768,381		$	737,783		$	795,534		$	784,440		$	648,156
Ratios to average net assets:
Ratio of expenses to average net assets		0.75	%		0.75	%		0.75	%		0.76	%		0.75	%
Ratio of net investment income to average net assets		1.67	%		1.48	%		1.60	%		1.06	%		1.61	%
Portfolio turnover		15	%		9	%		15	%		17	%		25	%

 

See Notes to Financial Statements.

112

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Equity Income
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	8.87		$	8.95		$	7.88		$	5.98		$	7.12
Income from investment operations:
Net investment income		0.14			0.16			0.09			0.08			0.09
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1.52			0.36			1.07			1.90			(1.15	)
Total from investment operations		1.66			0.52			1.16			1.98			(1.06	)
Less distributions:
From net investment income		(0.14	)		(0.16	)		(0.09	)		(0.08	)		(0.08	)
From net realized gains		(0.49	)		(0.44	)		—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Return of capital		—			—			—			—			—
Total distributions		(0.63	)		(0.60	)		(0.09	)		(0.08	)		(0.08	)
Net Asset Value, end of year	$	9.90		$	8.87		$	8.95		$	7.88		$	5.98
Total return		18.73	%		5.76	%		14.78	%		33.09	%		(14.96	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	1,467,953		$	1,260,470		$	1,088,207		$	824,093		$	565,046
Ratios to average net assets:
Ratio of expenses to average net assets		0.89	%		0.89	%		0.90	%		0.92	%		0.92	%
Ratio of net investment income to average net assets		1.49	%		1.78	%		1.18	%		1.25	%		1.21	%
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			0.90	%
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			1.23	%
Portfolio turnover		18	%		16	%		14	%		13	%		17	%

 

See Notes to Financial Statements.

113

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Growth & Income
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	10.64		$	10.12		$	9.38		$	7.24		$	9.45
Income from investment operations:
Net investment income		0.10			0.09			0.09			0.06			0.05
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1.32			0.52			0.74			2.15			(2.22	)
Total from investment operations		1.42			0.61			0.83			2.21			(2.17	)
Less distributions:
From net investment income		(0.10	)		(0.09	)		(0.09	)		(0.07	)		(0.04	)
From net realized gains		(0.47	)		—			—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Return of capital		—			—			—			—			—
Total distributions		(0.57	)		(0.09	)		(0.09	)		(0.07	)		(0.04	)
Net Asset Value, end of year	$	11.49		$	10.64		$	10.12		$	9.38		$	7.24
Total return		13.28	%		6.02	%		8.85	%		30.49	%		(22.93	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	1,176,614		$	1,016,831		$	912,470		$	765,115		$	515,597
Ratios to average net assets:
Ratio of expenses to average net assets		0.81	%		0.82	%		0.82	%		0.83	%		0.84	%
Ratio of net investment income to average net assets		0.90	%		0.88	%		0.97	%		0.86	%		0.76	%
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			0.81	%
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			0.79	%
Portfolio turnover		38	%		27	%		22	%		22	%		29	%

 

See Notes to Financial Statements.

114

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Growth
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	8.70		$	8.31		$	8.07		$	6.27		$	8.28
Income from investment operations:
Net investment income (loss)		0.03			0.01			0.02			—*			0.00	*
Net realized and unrealized gain (loss) on investments		0.86			0.39			0.24			1.80			(2.01	)
Total from investment operations		0.89			0.40			0.26			1.80			(2.01	)
Less distributions:
From net investment income		(0.03	)		(0.01	)		(0.02	)		(0.00	)*		(0.00	)*
Total distributions		(0.03	)		(0.01	)		(0.02	)		(0.00	)*		(0.00	)*
Net Asset Value, end of year	$	9.56		$	8.70		$	8.31		$	8.07		$	6.27
Total return		10.21	%		4.86	%		3.27	%		28.71	%		(24.26	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	2,783,795		$	2,816,803		$	2,998,469		$	2,895,641		$	2,060,555
Ratios to average net assets:
Ratio of expenses to average net assets		0.90	%		0.94	%		0.95	%		0.96	%		0.91	%
Ratio of net investment income (loss) to average net assets		0.31	%		0.11	%		0.28	%		(0.05	)%		(0.01	)%
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.90	%		0.94	%		0.95	%		N/A			0.88	%
Ratio of net investment income (loss) to average net assets after expense reductions and reimbursed expenses		0.31	%		0.11	%		N/A			N/A			0.02	%
Portfolio turnover		62	%		85	%		49	%		46	%		74	%

__________
  * Rounds to less than $0.01

See Notes to Financial Statements.

115

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Aggressive Opportunities
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	11.63		$	10.52		$	9.07		$	6.27		$	10.19
Income from investment operations:
Net investment income (loss)		(0.00	)*		0.04			(0.03	)		(0.00	)*		(0.04	)
Net realized and unrealized gain (loss) on investments		1.56			1.35			1.48			2.80			(3.88	)
Total from investment operations		1.56			1.39			1.45			2.80			(3.92	)
Less distributions:
From net investment income		(0.05	)		(0.28	)		—			(0.00	)*		—
In excess of net investment income		—			—			—			(0.00	)*		—
From net realized gains		(0.29	)		—			—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Total distributions		(0.34	)		(0.28	)		—			(0.00	)*		—
Net Asset Value, end of year	$	12.85		$	11.63		$	10.52		$	9.07		$	6.27
Total return		13.36	%		13.21	%		15.99	%		44.68	%		(38.47	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	1,366,708		$	1,252,413		$	1,150,062		$	938,791		$	572,470
Ratios to average net assets:
Ratio of expenses to average net assets		1.04	%		1.22	%		1.22	%		1.23	%		1.18	%
Ratio of net investment income (loss) to average net assets		(0.03	)%		0.31	%		(0.25	)%		(0.13	)%		(0.58	)%
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			1.14	%
Ratio of net investment loss to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			(0.54	)%
Portfolio turnover		88	%		45	%		55	%		75	%		128	%

 

__________
  * Rounds to less than $0.01

See Notes to Financial Statements.

116

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	International
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	11.56		$	10.06		$	8.84		$	6.80		$	8.20
Income from investment operations:
Net investment income		0.16			0.11			0.08			0.06			0.07
Net realized and unrealized gain (loss) on investments		2.29			1.59			1.27			2.07			(1.39	)
Total from investment operations		2.45			1.70			1.35			2.13			(1.32	)
Less distributions:
From net investment income		(0.20	)		(0.20	)		(0.13	)		(0.09	)		(0.08	)
From net realized gains		(1.24	)		—			—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Return of capital		—			—			—			(0.00	)*		—
Total distributions		(1.44	)		(0.20	)		(0.13	)		(0.09	)		(0.08	)
Net Asset Value, end of year	$	12.57		$	11.56		$	10.06		$	8.84		$	6.80
Total return		21.14	%		16.88	%		15.23	%		31.31	%		(16.08	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	1,049,831		$	722,161		$	604,809		$	471,495		$	282,921
Ratios to average net assets:
Ratio of expenses to average net assets		1.11	%		1.17	%		1.17	%		1.22	%		1.20	%
Ratio of net investment income to average net assets		1.08	%		1.06	%		0.83	%		0.93	%		0.85	%
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			1.16	%
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		N/A			N/A			N/A			N/A			0.89	%
Portfolio turnover		65	%		42	%		40	%		38	%		81	%

__________
  * Rounds to less than $0.01

See Notes to Financial Statements.

117

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Core Bond Index Class I
	For the Year Ended December 31,
	2006			2005(a)			2004(a)			2003			2002
Net Asset Value, beginning of period	$	9.90		$	10.17		$	10.27		$	10.46		$	10.07
Income from investment operations:
Net investment income		0.44			0.41			0.40			0.40			0.50
Net realized and unrealized gain (loss) on investments		(0.08	)		(0.21	)		0.01			(0.04	)		0.44
Total from investment operations		0.36			0.20			0.41			0.36			0.94
Less distributions:
From net investment income		(0.47	)		(0.47	)		(0.47	)		(0.49	)		(0.55	)
From net realized gains		—			—			(0.04	)		(0.06	)		(0.00	)*
Return of capital		(0.04	)		—			—			—			—
Total distributions		(0.51	)		(0.47	)		(0.51	)		(0.55	)		(0.55	)
Net Asset Value, end of year	$	9.75		$	9.90		$	10.17		$	10.27		$	10.46
Total return		3.82	%		1.98	%		3.94	%		3.59	%		9.69	%
Ratios/Supplemental data:
Net assets, end of year (000)	$	988,984		$	865,929		$	764,674		$	452,739		$	384,323
Ratios to average net assets:
Ratio of expenses to average net assets		0.44	%		0.45	%		0.45	%		0.48	%**		0.48	%**
Ratio of net investment income to average net assets		4.50	%		4.03	%		3.96	%		3.85	%		4.90	%
Portfolio turnover		28	%		31	%		31	%***		N/A			N/A

 

     * Rounds to less than $0.01

   ** Includes effect of expenses allocated from Master Investment Portfolio (Note 1)

*** Portfolio turnover figure represents the period from March 5, 2004 to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

  (a) Per share amounts were calculated using the average shares outstanding method.

See Notes to Financial Statements.

118

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Core Bond Index Class II
	For the Year Ended December 31,
	2006			2005(a)			2004(a)			2003			2002
Net Asset Value, beginning of period	$	9.94		$	10.21		$	10.31		$	10.49		$	10.10
Income from investment operations:
Net investment income		0.46			0.43			0.43			0.42			0.53
Net realized and unrealized gain (loss) on investments		(0.07	)		(0.21	)		—			(0.02	)		0.43
Total from investment operations		0.39			0.22			0.43			0.40			0.96
Less distributions:
From net investment income		(0.49	)		(0.49	)		(0.49	)		(0.52	)		(0.57	)
From net realized gains		—			—			(0.04	)		(0.06	)		(0.00	)*
Return of capital		(0.04	)		—			—			—			—
Total distributions		(0.53	)		(0.49	)		(0.53	)		(0.58	)		(0.57	)
Net Asset Value, end of year	$	9.80		$	9.94		$	10.21		$	10.31		$	10.49
Total return		4.11	%		2.17	%		4.22	%		3.88	%		9.88	%
Ratios/Supplemental data:
Net assets, end of year (000)	$	170,987		$	165,467		$	168,010		$	138,655		$	150,365
Ratios to average net assets:
Ratio of expenses to average net assets		0.24	%		0.25	%		0.25	%		0.28	%**		0.28	%**
Ratio of net investment income to average net assets		4.70	%		4.23	%		4.19	%		4.05	%		5.10	%
Portfolio turnover		28	%		31	%		31	%***		N/A			N/A

 

     * Rounds to less than $(0.01)

   ** Includes effect of expenses allocated from Master Investment Portfolio (Note 1)

*** Portfolio turnover figure represents the period from March 5, 2004 to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

  (a) Per share amounts were calculated using the average shares outstanding method.

See Notes to Financial Statements.

119

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	500 Stock Index Class I
	For the Year Ended December 31,
	2006			2005			2004(a)			2003			2002
Net Asset Value, beginning of period	$	9.87		$	9.58		$	8.79		$	6.94		$	9.05
Income from investment operations:
Net investment income		0.18			0.15			0.14			0.09			0.09
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1.33			0.28			0.78			1.85			(2.11	)
Total from investment operations		1.51			0.43			0.92			1.94			(2.02	)
Less distributions:
From net investment income		(0.15	)		(0.14	)		(0.13	)		(0.09	)		(0.09	)
Total distributions		(0.15	)		(0.14	)		(0.13	)		(0.09	)		(0.09	)
Net Asset Value, end of year	$	11.23		$	9.87		$	9.58		$	8.79		$	6.94
Total return		15.27	%		4.44	%		10.49	%		27.98	%		(22.39	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	107,977		$	108,030		$	115,533		$	130,663		$	85,250
Ratios to average net assets:
Ratio of expenses to average net assets		0.45	%		0.46	%		0.46	%		0.47	%*		0.47	%*
Ratio of net investment income to average net assets		1.53	%		1.42	%		1.56	%		1.33	%		1.17	%
Portfolio turnover		4	%		5	%		7	%**		N/A			N/A

 

   * Includes effect of expenses allocated from Master Investment Portfolio (Note 1)

 ** Portfolio turnover figure represents the period from March 5, 2004 to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

(a) Per share amounts were calculated using the average shares outstanding method.

See Notes to Financial Statements.

120

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	500 Stock Index Class II
	For the Year Ended December 31,
	2006			2005			2004(a)			2003			2002
Net Asset Value, beginning of period	$	9.36		$	9.10		$	8.37		$	6.61		$	8.62
Income from investment operations:
Net investment income		0.17			0.15			0.16			0.11			0.10
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1.29			0.27			0.73			1.75			(2.01	)
Total from investment operations		1.46			0.42			0.89			1.86			(1.91	)
Less distributions:
From net investment income		(0.17	)		(0.16	)		(0.16	)		(0.10	)		(0.10	)
Total distributions		(0.17	)		(0.16	)		(0.16	)		(0.10	)		(0.10	)
Net Asset Value, end of year	$	10.65		$	9.36		$	9.10		$	8.37		$	6.61
Total return		15.60	%		4.57	%		10.60	%		28.24	%		(22.17	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	287,392		$	241,849		$	242,188		$	185,901		$	120,784
Ratios to average net assets:
Ratio of expenses to average net assets		0.25	%		0.26	%		0.26	%		0.27	%*		0.27	%*
Ratio of net investment income to average net assets		1.73	%		1.62	%		1.84	%		1.52	%		1.37	%
Portfolio turnover		4	%		5	%		7	%**		N/A			N/A

 

   * Includes effect of expenses allocated from Master Investment Portfolio (Note 1)

 ** Portfolio turnover figure represents the period from March 5, 2004 to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

(a) Per share amounts were calculated using the average shares outstanding method.

See Notes to Financial Statements.

121

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Broad Market Index Class I
	For the Year Ended December 31,
	2006			2005			2004(a)			2003			2002
Net Asset Value, beginning of period	$	10.35		$	9.90		$	8.95		$	6.89		$	8.80
Income from investment operations:
Net investment income		0.22			0.17			0.13			0.08			0.09
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1.38			0.42			0.94			2.06			(1.99	)
Total from investment operations		1.60			0.59			1.07			2.14			(1.90	)
Less distributions:
From net investment income		(0.14	)		(0.14	)		(0.12	)		(0.08	)		(0.01	)
Total distributions		(0.14	)		(0.14	)		(0.12	)		(0.08	)		(0.01	)
Net Asset Value, end of year	$	11.81		$	10.35		$	9.90		$	8.95		$	6.89
Total return		15.46	%		5.91	%		11.96	%		31.08	%		(21.62	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	195,651		$	208,588		$	224,619		$	267,250		$	190,706
Ratios to average net assets:
Ratio of expenses to average net assets		0.44	%		0.45	%		0.44	%		0.48	%*		0.49	%*
Ratio of net investment income to average net assets		1.42	%		1.37	%		1.42	%		1.22	%		1.07	%
Portfolio turnover		2	%		2	%		5	%**		N/A			N/A

 

   * Includes effect of expenses allocated from Master Investment Portfolio (Note 1)

 ** Portfolio turnover figure represents the period March 5, 2004 to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

(a) Per share amounts were calculated using the average shares outstanding method.

See Notes to Financial Statements.

122

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Broad Market Index Class II
	For the Year Ended December 31,
	2006			2005			2004(a)			2003			2002
Net Asset Value, beginning of period	$	9.80		$	9.37		$	8.49		$	6.54		$	8.35
Income from investment operations:
Net investment income		0.17			0.15			0.15			0.10			0.09
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		1.37			0.44			0.88			1.95			(1.88	)
Total from investment operations		1.54			0.59			1.03			2.05			(1.79	)
Less distributions:
From net investment income		(0.17	)		(0.16	)		(0.15	)		(0.10	)		(0.02	)
From net realized gains		—			—			—			—			—
Total distributions		(0.17	)		(0.16	)		(0.15	)		(0.10	)		(0.02	)
Net Asset Value, end of year	$	11.17		$	9.80		$	9.37		$	8.49		$	6.54
Total return		15.68	%		6.27	%		12.11	%		31.30	%		(21.39	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	449,961		$	389,843		$	374,416		$	272,411		$	188,942
Ratios to average net assets:
Ratio of expenses to average net assets		0.24	%		0.25	%		0.24	%		0.28	%*		0.29	%*
Ratio of net investment income to average net assets		1.63	%		1.52	%		1.72	%		1.42	%		1.27	%
Portfolio turnover		2	%		2	%		5	%**		N/A			N/A

 

   * Includes effect of expenses allocated from Master Investment Portfolio (Note 1)

 ** Portfolio turnover figure represents the period March 5, 2004 to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

(a) Per share amounts were calculated using the average shares outstanding method.

See Notes to Financial Statements.

123

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Mid/Small Company Index Class I
	For the Year Ended December 31,
	2006			2005			2004(a)			2003			2002
Net Asset Value, beginning of period	$	14.99		$	13.80		$	11.79		$	8.33		$	10.21
Income from investment operations:
Net investment income		0.16			0.13			0.12			0.04			0.06
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		2.09			1.20			1.99			3.47			(1.94	)
Total from investment operations		2.25			1.33			2.11			3.51			(1.88	)
Less distributions:
From net investment income		(0.12	)		(0.14	)		(0.10	)		(0.05	)		—
From net realized gains		(0.60	)		—			—			—			—
Return of capital		—			—			—			—			—
Total distributions		(0.72	)		(0.14	)		(0.10	)		(0.05	)		—
Net Asset Value, end of year	$	16.52		$	14.99		$	13.80		$	11.79		$	8.33
Total return		14.99	%		9.63	%		17.86	%		42.17	%		(18.41	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	78,663		$	68,330		$	56,156		$	56,880		$	27,427
Ratios to average net assets:
Ratio of expenses to average net assets		0.51	%		0.52	%		0.52	%		0.52	%*		0.53	%*
Ratio of net investment income to average net assets		1.04	%		1.01	%		0.95	%		0.86	%		0.70	%
Portfolio turnover		20	%		12	%		22	%**		N/A			N/A

 

   * Includes effect of expenses allocated from Master Investment Portfolio (Note 1)

 ** Portfolio turnover figure represents the period from March 5, 2004 to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

(a) Per share amounts were calculated using the average shares outstanding.

See Notes to Financial Statements.

124

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Mid/Small Company Index Class II
	For the Year Ended December 31,
	2006			2005			2004(a)			2003			2002
Net Asset Value, beginning of period	$	14.36		$	13.22		$	11.32		$	7.99		$	9.78
Income from investment operations:
Net investment income		0.20			0.17			0.14			0.06			0.08
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		2.00			1.14			1.89			3.34			(1.87	)
Total from investment operations		2.20			1.31			2.03			3.40			(1.79	)
Less distributions:
From net investment income		(0.16	)		(0.17	)		(0.13	)		(0.07	)		—
From net realized gains		(0.60	)		—			—			—			—
Total distributions		(0.76	)		(0.17	)		(0.13	)		(0.07	)		—
Net Asset Value, end of year	$	15.80		$	14.36		$	13.22		$	11.32		$	7.99
Total return		15.24	%		9.87	%		17.95	%		42.53	%		(18.30	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	106,900		$	95,502		$	86,741		$	52,907		$	25,273
Ratios to average net assets:
Ratio of expenses to average net assets		0.31	%		0.32	%		0.32	%		0.32	%*		0.33	%*
Ratio of net investment income to average net assets		1.24	%		1.20	%		1.18	%		1.06	%		0.90	%
Portfolio turnover		20	%		12	%		22	%**		N/A			N/A

 

   * Includes effect of expenses allocated from the Master Investment Potrfolio (Note 1)

 ** Portfolio turnover figure represents the period from March 5, 2004 to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

(a) Per share amounts were calculated using the average shares outstanding.

See Notes to Financial Statements.

125

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Overseas Equity Index Class I
	For the Year Ended December 31,
	2006			2005			2004(a)			2003			2002
Net Asset Value, beginning of period	$	11.26		$	10.17		$	8.65		$	6.36		$	7.78
Income from investment operations:
Net investment income		0.21			0.18			0.15			0.11			0.10
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		2.64			1.12			1.54			2.29			(1.40	)
Total from investment operations		2.85			1.30			1.69			2.40			(1.30	)
Less distributions:
From net investment income		(0.32	)		(0.21	)		(0.17	)		(0.11	)		(0.12	)
From net realized gains		—			—			—			—			—
Return of capital		—			—			—			—			—
Total distributions		(0.32	)		(0.21	)		(0.17	)		(0.11	)		(0.12	)
Net Asset Value, end of year	$	13.79		$	11.26		$	10.17		$	8.65		$	6.36
Total return		25.35	%		12.74	%		19.61	%		37.75	%		(16.73	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	55,259		$	32,639		$	25,557		$	60,601		$	35,413
Ratios to average net assets:
Ratio of expenses to average net assets		0.73	%		0.95	%		0.89	%		0.69	%*		0.70	%*
Ratio of net investment income to average net assets		2.15	%		1.82	%		1.61	%		1.77	%		1.51	%
Portfolio turnover		3	%		8	%		12	%**		N/A			N/A

 

   * Includes effect of expenses allocated from Master Investment Portfolio (Note 1)

 ** Portfolio turnover figure represents the period from March 5, 2004, to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

(a) Per share amounts were calculated using the average shares outstanding method.

See Notes to Financial Statements.

126

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Overseas Equity Index Class II
	For the Year Ended December 31,
	2006			2005			2004(a)			2003			2002
Net Asset Value, beginning of period	$	10.67		$	9.64		$	8.20		$	6.04		$	7.40
Income from investment operations:
Net investment income		0.25			0.20			0.18			0.11			0.12
Net realized and unrealized gain (loss) on investments, futures contracts and foreign currency transactions		2.48			1.06			1.46			2.17			(1.35	)
Total from investment operations		2.73			1.26			1.64			2.28			(1.23	)
Less distributions:
From net investment income		(0.34	)		(0.23	)		(0.20	)		(0.12	)		(0.13	)
From net realized gains		—			—			—			—			—
Return of capital		—			—			—			—			—
Total distributions		(0.34	)		(0.23	)		(0.20	)		(0.12	)		(0.13	)
Net Asset Value, end of year	$	13.06		$	10.67		$	9.64		$	8.20		$	6.04
Total return		25.64	%		13.03	%		20.05	%		37.85	%		(16.59	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	107,963		$	56,920		$	41,860		$	19,539		$	7,661
Ratios to average net assets:
Ratio of expenses to average net assets		0.53	%		0.75	%		0.69	%		0.49	%*		0.50	%*
Ratio of net investment income to average net assets		2.37	%		1.98	%		2.10	%		1.89	%		1.71	%
Portfolio turnover		3	%		8	%		12	%**		N/A			N/A

 

   * Includes effect of expenses allocated from Master Investment Portfolio (Note 1)

 ** Portfolio turnover figure represents the period from March 5, 2004, to December 31, 2004. Prior to March 5, 2004, portfolio turnover was calculated at the Master Investment Portfolio level.

(a) Per share amounts were calculated using the average shares outstanding method.

See Notes to Financial Statements.

127

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio Savings Oriented
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	24.23		$	24.21		$	23.53		$	21.92		$	22.91
Income from investment operations:
Net investment income		0.84			0.72			0.66			0.54			0.64
Net realized and unrealized gain (loss) on investments		0.83			0.02			0.70			1.64			(0.96	)
Total from investment operations		1.67			0.74			1.36			2.18			(0.32	)
Less distributions:
From net investment income		(0.86	)		(0.72	)		(0.68	)		(0.57	)		(0.61	)
From net realized gains		(0.34	)		—			—			—			(0.06	)
In excess of net realized gain on investments		—			—			—			—			—
Return of capital		—			—			—			—			—
Total distributions		(1.20	)		(0.72	)		(0.68	)		(0.57	)		(0.67	)
Net Asset Value, end of year	$	24.70		$	24.23		$	24.21		$	23.53		$	21.92
Total return		6.90	%		3.06	%		5.78	%		9.93	%		(1.38	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	292,287		$	281,036		$	260,976		$	202,264		$	159,497
Ratios to average net assets:
Ratio of expenses to average net assets		0.15	%		0.16	%		0.15	%		0.16	%		0.16	%
Ratio of net investment income to average net assets		3.36	%		3.01	%		3.07	%		2.60	%		3.06	%
Portfolio turnover		11	%		9	%		42	%		10	%		10	%

 

See Notes to Financial Statements.

128

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio Conservative Growth
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	23.24		$	22.87		$	21.95		$	19.54		$	21.52
Income from investment operations:
Net investment income		0.69			0.62			0.56			0.43			0.53
Net realized and unrealized gain (loss) on investments		1.26			0.37			0.92			2.42			(1.96	)
Total from investment operations		1.95			0.99			1.48			2.85			(1.43	)
Less distributions:
From net investment income		(0.71	)		(0.62	)		(0.56	)		(0.44	)		(0.55	)
From net realized gains		—			—			—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Return of capital		—			—			—			—			—
Total distributions		(0.71	)		(0.62	)		(0.56	)		(0.44	)		(0.55	)
Net Asset Value, end of year	$	24.48		$	23.24		$	22.87		$	21.95		$	19.54
Total return		8.38	%		4.31	%		6.74	%		14.64	%		(6.66	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	549,966		$	512,992		$	480,096		$	376,001		$	280,787
Ratios to average net assets:
Ratio of expenses to average net assets		0.15	%		0.15	%		0.14	%		0.15	%		0.15	%
Ratio of net investment income to average net assets		2.86	%		2.72	%		2.70	%		2.29	%		2.64	%
Portfolio turnover		9	%		7	%		27	%		8	%		12	%

 

See Notes to Financial Statements.

129

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio Traditional Growth
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	22.46		$	21.67		$	20.45		$	17.19		$	20.06
Income from investment operations:
Net investment income		0.48			0.47			0.39			0.29			0.34
Net realized and unrealized gain (loss) on investments		1.86			0.79			1.22			3.27			(2.88	)
Total from investment operations		2.34			1.26			1.61			3.56			(2.54	)
Less distributions:
From net investment income		(0.51	)		(0.47	)		(0.39	)		(0.30	)		(0.33	)
From net realized gains		(0.03	)		—			—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Return of capital		—			—			—			—			—
Total distributions		(0.54	)		(0.47	)		(0.39	)		(0.30	)		(0.33	)
Net Asset Value, end of year	$	24.26		$	22.46		$	21.67		$	20.45		$	17.19
Total return		10.42	%		5.79	%		7.89	%		20.68	%		(12.64	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	1,331,012		$	1,135,671		$	1,005,076		$	795,581		$	566,555
Ratios to average net assets:
Ratio of expenses to average net assets		0.13	%		0.14	%		0.14	%		0.15	%		0.14	%
Ratio of net investment income to average net assets		2.13	%		2.21	%		2.01	%		1.73	%		1.94	%
Portfolio turnover		6	%		4	%		14	%		9	%		11	%

 

See Notes to Financial Statements.

130

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio Long-Term Growth
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	22.16		$	21.02		$	19.48		$	15.48		$	19.16
Income from investment operations:
Net investment income		0.34			0.38			0.26			0.20			0.22
Net realized and unrealized gain (loss) on investments		2.43			1.14			1.54			4.01			(3.67	)
Total from investment operations		2.77			1.52			1.80			4.21			(3.45	)
Less distributions:
From net investment income		(0.32	)		(0.38	)		(0.26	)		(0.21	)		(0.22	)
From net realized gains		(0.05	)		—			—*			(0.00	)*		(0.01	)
In excess of net realized gain on investments		—			—			—			—			—
Return of capital		—			—			—			—			—
Total distributions		(0.37	)		(0.38	)		(0.26	)		(0.21	)		(0.23	)
Net Asset Value, end of year	$	24.56		$	22.16		$	21.02		$	19.48		$	15.48
Total return		12.50	%		7.24	%		9.25	%		27.21	%		(18.01	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	1,470,918		$	1,209,329		$	1,040,507		$	820,777		$	528,710
Ratios to average net assets:
Ratio of expenses to average net assets		0.13	%		0.14	%		0.14	%		0.14	%		0.14	%
Ratio of net investment income to average net assets		1.51	%		1.87	%		1.39	%		1.33	%		1.40	%
Portfolio turnover		6	%		7	%		8	%		4	%		9	%

__________
  * Rounds to less than $0.01

See Notes to Financial Statements.

131

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Model Portfolio All-Equity Growth
	For the Year Ended December 31,
	2006			2005			2004			2003			2002
Net Asset Value, beginning of period	$	22.96		$	21.39		$	19.49		$	14.68		$	19.41
Income from investment operations:
Net investment income		0.15			0.25			0.11			0.07			0.06
Net realized and unrealized gain (loss) on investments		3.19			1.57			1.90			4.81			(4.73	)
Total from investment operations		3.34			1.82			2.01			4.88			(4.67	)
Less distributions:
From net investment income		(0.19	)		(0.25	)		(0.11	)		(0.07	)		(0.06	)
From net realized gains		(0.23	)		—			—			—			—
In excess of net realized gain on investments		—			—			—			—			—
Return of capital		—			—			—			(0.00	)*		—
Total distributions		(0.42	)		(0.25	)		(0.11	)		(0.07	)		(0.06	)
Net Asset Value, end of year	$	25.88		$	22.96		$	21.39		$	19.49		$	14.68
Total return		14.58	%		8.49	%		10.30	%		33.26	%		(24.07	)%
Ratios/Supplemental data:
Net assets, end of year (000)	$	470,888		$	303,975		$	216,415		$	128,145		$	54,779
Ratios to average net assets:
Ratio of expenses to average net assets		0.15	%		0.16	%		0.16	%		0.17	%		0.18	%
Ratio of net investment income to average net assets		0.71	%		1.30	%		0.64	%		0.59	%		0.45	%
Portfolio turnover		6	%		2	%		9	%		3	%		6	%

__________
  * Rounds to less than $0.01

See Notes to Financial Statements.

132

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone Retirement Income
	For the Year Ended December 31, 2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of period	$	10.14		$	10.00
Income from investment operations:
Net investment income		0.29			0.19
Net realized and unrealized gain on investments		0.48			0.15
Total from investment operations		0.77			0.34
Less distributions:
From net investment income		(0.29	)		(0.19	)
From net realized gains		(0.11	)		(0.01	)
Total distributions		(0.40	)		(0.20	)
Net Asset Value, end of period	$	10.51		$	10.14
Total return		7.52	%		3.39	%††
Ratios/Supplemental data:
Net assets, end of period (000)	$	22,534		$	13,146
Ratios to average net assets:
Ratio of expenses to average net assets		0.53	%		1.20	%†
Ratio of net investment income to average net assets		3.43	%		2.54	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.16	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		3.06	%		3.59	%†
Portfolio turnover		25	%		35	%††

 

* Commencement of operations

† Annualized

†† Not Annualized

See Notes to Financial Statements.

133

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2010
	For the Year Ended December 31, 2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of period	$	10.28		$	10.00
Income from investment operations:
Net investment income		0.24			0.18
Net realized and unrealized gain on investments		0.68			0.29
Total from investment operations		0.92			0.47
Less distributions:
From net investment income		(0.25	)		(0.18	)
From net realized gains		(0.10	)		(0.01	)
Total distributions		(0.35	)		(0.19	)
Net Asset Value, end of period	$	10.85		$	10.28
Total return		8.95	%		4.65	%††
Ratios/Supplemental data:
Net assets, end of period (000)	$	48,483		$	26,638
Ratios to average net assets:
Ratio of expenses to average net assets		0.32	%		0.62	%†
Ratio of net investment income to average net assets		2.74	%		2.49	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		2.88	%		2.97	%†
Portfolio turnover		15	%		18	%††

 

* Commencement of operations.

† Annualized

†† Not annualized

See Notes to Financial Statements.

134

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2015
	For the Year Ended December 31, 2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of period	$	10.44		$	10.00
Income from investment operations:
Net investment income		0.19			0.15
Net realized and unrealized gain on investments		0.94			0.44
Total from investment operations		1.13			0.59
Less distributions:
From net investment income		(0.20	)		(0.15	)
From net realized gains		(0.08	)		(0.00	)**
Total distributions		(0.28	)		(0.15	)
Net Asset Value, end of period	$	11.29		$	10.44
Total return		10.87	%		5.93	%††
Ratios/Supplemental data:
Net assets, end of period (000)	$	84,357		$	41,455
Ratios to average net assets:
Ratio of expenses to average net assets		0.24	%		0.48	%†
Ratio of net investment income to average net assets		2.33	%		2.43	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.17	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		2.39	%		2.76	%†
Portfolio turnover		10	%		8	%††

 

  * Commencement of operations.

** Rounds to less than $0.01

  †  Annualized

†† Not annualized

See Notes to Financial Statements.

135

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2020
	For the Year Ended December 31, 2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of period	$	10.50		$	10.00
Income from investment operations:
Net investment income		0.18			0.14
Net realized and unrealized gain on investments		1.07			0.50
Total from investment operations		1.25			0.64
Less distributions:
From net investment income		(0.18	)		(0.14	)
From net realized gains		(0.05	)		(0.00	)**
Total distributions		(0.23	)		(0.14	)
Net Asset Value, end of period	$	11.52		$	10.50
Total return		11.92	%		6.48	%††
Ratios/Supplemental data:
Net assets, end of period (000)	$	62,402		$	27,240
Ratios to average net assets:
Ratio of expenses to average net assets		0.28	%		0.67	%†
Ratio of net investment income to average net assets		2.05	%		2.14	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		2.16	%		2.67	%†
Portfolio turnover		5	%		6	%††

 

  * Commencement of operations

** Rounds to less than $0.01

  † Annualized

†† Not annualized

See Notes to Financial Statements.

136

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2025
	For the Year Ended December 31, 2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of period	$	10.58		$	10.00
Income from investment operations:
Net investment income		0.15			0.14
Net realized and unrealized gain on investments		1.19			0.58
Total from investment operations		1.34			0.72
Less distributions:
From net investment income		(0.16	)		(0.14	)
From net realized gains		(0.04	)		(0.00	)**
Total distributions		(0.20	)		(0.14	)
Net Asset Value, end of period	$	11.72		$	10.58
Total return		12.70	%		7.18	%††
Ratios/Supplemental data:
Net assets, end of period (000)	$	48,804		$	19,479
Ratios to average net assets:
Ratio of expenses to average net assets		0.33	%		0.90	%†
Ratio of net investment income to average net assets		1.81	%		1.81	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		1.96	%		2.56	%†
Portfolio turnover		4	%		7	%††

 

  * Commencement of operations.

** Rounds to less than $0.01

  † Annualized

†† Not annualized

See Notes to Financial Statements.

137

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2030
	For the Year Ended December 31, 2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of period	$	10.64		$	10.00
Income from investment operations:
Net investment income		0.14			0.13
Net realized and unrealized gain on investments		1.30			0.64
Total from investment operations		1.44			0.77
Less distributions:
From net investment income		(0.15	)		(0.13	)
From net realized gains		(0.05	)		(0.00	)**
Total distributions		(0.20	)		(0.13	)
Net Asset Value, end of period	$	11.88		$	10.64
Total return		13.52	%		7.68	%††
Ratios/Supplemental data:
Net assets, end of period (000)	$	26,007		$	10,054
Ratios to average net assets:
Ratio of expenses to average net assets		0.51	%		1.75	%†
Ratio of net investment income to average net assets		1.43	%		0.98	%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		1.76	%		2.58	%†
Portfolio turnover		3	%		15	%††

 

  * Commencement of operations.

** Rounds to less than $0.01

  † Annualized

†† Not annualized

See Notes to Financial Statements.

138

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2035
	For the Year Ended December 31, 2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of period	$	10.69		$	10.00
Income from investment operations:
Net investment income		0.13			0.12
Net realized and unrealized gain on investments		1.36			0.69
Total from investment operations		1.49			0.81
Less distributions:
From net investment income		(0.13	)		(0.12	)
From net realized gains		(0.07	)		(0.00	)**
Total distributions		(0.20	)		(0.12	)
Net Asset Value, end of period	$	11.98		$	10.69
Total return		14.00	%		8.13	%††
Ratios/Supplemental data:
Net assets, end of period (000)	$	16,418		$	4,458
Ratios to average net assets:
Ratio of expenses to average net assets		0.76	%		3.50	%†
Ratio of net investment income (loss) to average net assets		1.04	%		(1.09	)%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		1.62	%		2.26	%†
Portfolio turnover		10	%		13	%††

 

  * Commencement of operations.

** Rounds to less than $0.01

  † Annualized

†† Not annualized

See Notes to Financial Statements.

139

VANTAGEPOINT FUNDS

Financial Highlights
(For a share outstanding throughout each period)

	Milestone 2040
	For the Year Ended December 31, 2006			For the Period from January 3, 2005* to December 31, 2005
Net Asset Value, beginning of period	$	10.68		$	10.00
Income from investment operations:
Net investment income		0.12			0.12
Net realized and unrealized gain on investments		1.39			0.70
Total from investment operations		1.51			0.82
Less distributions:
From net investment income		(0.13	)		(0.12	)
From net realized gains		(0.15	)		(0.02	)
Total distributions		(0.28	)		(0.14	)
Net Asset Value, end of period	$	11.91		$	10.68
Total return		14.14	%		8.14	%††
Ratios/Supplemental data:
Net assets, end of period (000)	$	12,699		$	3,087
Ratios to average net assets:
Ratio of expenses to average net assets		1.11	%		5.49	%†
Ratio of net investment income (loss) to average net assets		0.90	%		(2.91	)%†
Ratio of expenses to average net assets after expense reductions and reimbursed expenses		0.18	%		0.15	%†
Ratio of net investment income to average net assets after expense reductions and reimbursed expenses		1.83	%		2.43	%†
Portfolio turnover		24	%		35	%††

 

  * Commencement of operations.

  † Annualized

†† Not annualized

See Notes to Financial Statements.

140

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS

1. Organization

The Vantagepoint Funds (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Delaware statutory trust. The Company consisted of the following series on December 31, 2006:

The “Actively Managed Funds”:	The “Index Funds”:
Money Market Fund	Core Bond Index Fund
Short-Term Bond Fund	500 Stock Index Fund
US Government Securities Fund	Broad Market Index Fund
Asset Allocation Fund	Mid/Small Company Index Fund
Equity Income Fund	Overseas Equity Index Fund
Growth & Income Fund
Growth Fund
Aggressive Opportunities Fund
International Fund
The “Milestone Funds”:	The “Model Portfolio Funds”:
Milestone Retirement Income Fund	Model Portfolio Savings Oriented Fund
Milestone 2010 Fund	Model Portfolio Conservative Growth Fund
Milestone 2015 Fund	Model Portfolio Traditional Growth Fund
Milestone 2020 Fund	Model Portfolio Long-Term Growth Fund
Milestone 2025 Fund	Model Portfolio All-Equity Growth Fund
Milestone 2030 Fund
Milestone 2035 Fund
Milestone 2040 Fund

 

The Milestone Funds commenced operations on January 3, 2005. Each fund received $500,000 in exchange for shares purchased by the ICMA Retirement Corporation (“ICMA-RC”), the parent company of Vantagepoint Investment Advisers, LLC (“VIA”), the investment adviser to each series of the Company.

The Actively Managed, Model Portfolio and Milestone Funds offer a single class of shares. The Index Funds offer two classes of shares: Class I Shares and Class II Shares. The two classes of shares differ principally in their respective level of account-based services and the fees associated with such services. Ordinary dividends to shareholders are allocated to each class, based upon shares outstanding on the record dates of distribution. Neither class has preferential dividend rights. Differences in per share dividend rates are generally due to differences in separate class expenses.

The Model Portfolio Funds Structure

The Model Portfolio Funds invest entirely in other series of the Company (“underlying funds”). Subject to the supervision of the Company’s Board of Directors (“Board”), VIA may make allocation changes to the underlying funds based on its periodic analysis to identify the allocation of assets among the different underlying funds that it believes is optimum for each Model Portfolio. The underlying funds of each Model Portfolio Fund and the current target percentage investment in each underlying fund as of December 31, 2006 were as follows:

	Short-Term Bond			US Government Securities			Core Bond Index			Equity Income			Growth & Income
Model Portfolio Savings Oriented		35	%		10	%		30	%		10	%		10	%
Model Portfolio Conservative Growth		30	%		0	%		30	%		9.5	%		9.5	%
Model Portfolio Traditional Growth		20	%		0	%		20	%		9.4	%		13.85	%
Model Portfolio Long-Term Growth		0	%		0	%		20	%		12.25	%		18.2	%
Model Portfolio All-Equity Growth		0	%		0	%		0	%		20.5	%		16	%

 

141

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

	Growth			Aggressive Opportunities			International			Total Fixed Income			Total Equity
Model Portfolio Savings Oriented		0	%		0	%		5	%		75	%		25	%
Model Portfolio Conservative Growth		7.5	%		5	%		8.5	%		60	%		40	%
Model Portfolio Traditional Growth*		13.85	%		9.9	%		13	%		40	%		60	%
Model Portfolio Long-Term Growth*		18.2	%		14.85	%		16.5	%		20	%		80	%
Model Portfolio All-Equity Growth*		25	%		17.5	%		21	%		0	%		100	%

 

*   Between December 8, 2006 and approximately May 1, 2007, VIA may gradually increase or decrease the allocations of these funds to certain equity funds. These reallocations are still in process. Please see the supplement December 8, 2006 to the Company’s prospectus.

The Milestone Funds Structure

The Milestone Funds invest entirely in underlying funds. VIA may make, subject to the supervision of the Board of Directors, allocation changes to the underlying funds based on its periodic analysis to identify the allocation of assets among the different funds of the Company. The Milestone Funds are designed to serve as investing vehicles for retirement assets. Each fund, except for the Milestone Retirement Income Fund, invests in a professionally selected combination of equity and fixed income underlying funds that is believed to be appropriate given the time remaining until a Milestone Fund’s stated retirement date. VIA adjusts the asset allocation of each “dated” Milestone Fund to become more conservative as the designated year approaches. Each Milestone Fund has a different degree of potential risk and reward and is diversified among various underlying funds in differing allocations. The underlying funds of each Milestone Fund and the current target percentage investment in each underlying fund as of December 31, 2006 were as follows:

	Short-Term Bond			Core Bond Index			Equity Income			Growth & Income			Growth
Milestone Retirement Income		35	%		35	%		10	%		15	%		0	%
Milestone 2010		24.5	%		31.5	%		10	%		23.4	%		3.5	%
Milestone 2015		13	%		26.5	%		9.3	%		29.8	%		5.7	%
Milestone 2020		6.5	%		23.25	%		9	%		33.1	%		6.35	%
Milestone 2025		1.5	%		20.75	%		9	%		36.1	%		6.85	%
Milestone 2030		0	%		16.5	%		8.3	%		38.05	%		7.35	%
Milestone 2035		0	%		11.5	%		7.3	%		39.55	%		7.85	%
Milestone 2040		0	%		10	%		7	%		40	%		8	%

 

	Mid/Small Company Index			International			Total Fixed Income			Total Equity
Milestone Retirement Income		0	%		5	%		70	%		30	%
Milestone 2010		0	%		7.1	%		56	%		44	%
Milestone 2015		4.9	%		10.8	%		39.5	%		60.5	%
Milestone 2020		8.4	%		13.4	%		29.75	%		70.25	%
Milestone 2025		10.4	%		15.4	%		22.25	%		77.75	%
Milestone 2030		12.4	%		17.4	%		16.5	%		83.5	%
Milestone 2035		14.4	%		19.4	%		11.5	%		88.5	%
Milestone 2040		15	%		20	%		10	%		90	%

 

Since the Model Portfolio and Milestone Funds invest entirely in underlying funds, investment earnings are composed of:

1.   dividend and capital gain distributions from the underlying funds

2.   unrealized appreciation/depreciation on investments in the underlying funds

3.   realized gain/loss from sales of the shares of the underlying funds triggered by net outflows associated with normal capital stock activity and rebalancing of the Model Portfolio Funds and Milestone Funds.

142

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Transition of Income Preservation Fund to Short-Term Bond Fund

On November 8, 2004, the name, investment objective, investment strategies and certain subadvisers of the Income Preservation Fund were changed. Pacific Investment Management Company, LLC (“PIMCO”) and Wellington Management Company, LLP (“Wellington”) were terminated in September 2004 as subadvisers. STW Fixed Income became a subadviser in November 2004 and Payden & Rygel continued as a subadviser. The Board took these actions because it concluded that it was not likely that the fund would be able to continue, over the long term, to follow its investment strategy of using wrapper agreements to seek to preserve capital and maintain a stable net asset value per share. The Board’s conclusion was based on, among other things, the regulatory uncertainty, at the time regarding the method of valuing wrapper agreements.

In early August 2004, at the direction of VIA, the fund’s investment adviser, the average duration of the fund’s portfolio was shortened to approximately 1.5 years, as permitted by the fund’s investment guidelines. Beginning in early September 2004, those portions of the fund’s portfolio subadvised by Wellington and PIMCO were placed under the management of the fund’s remaining subadviser, Payden & Rygel. In order to seek to maintain a stable net asset value, Payden & Rygel invested the fund’s assets in a portfolio of short-term fixed income instruments with less than 60 days to maturity (“Interim Portfolio”). Payden & Rygel constructed the Interim Portfolio and continued to subadvise the portfolio, subject to VIA’s oversight. Shortly before the November 8, 2004 conversion took place, the Interim Portfolio matured and the fund’s assets were primarily invested in cash and cash equivalents for a brief period of time. By investing its assets in this manner, the fund was able to maintain a stable net asset value of $100 per share until the November 8, 2004 conversion.

The Short-Term Bond Fund retains the historical performance, the ticker symbol, and cusip number of the Income Preservation Fund. While the fund’s goal is to seek total return that is consistent with preservation of capital, there is no assurance that the fund will be able to do so. As a short-term bond fund, the fund’s investment returns are expected to be more volatile and will vary depending on market conditions, particularly over the short-term. The fund’s net asset value will fluctuate. Information statements related to the changes were sent to shareholders on October 15, 2004 and February 14, 2005. The changes were also disclosed in supplements to the prospectus dated May 1, 2004 as amended on September 1, 2004 and November 8, 2004.

Subadviser Changes from December 16, 2005 through December 8, 2006

At a meeting held on December 16, 2005, the Board approved the appointment of GlobeFlex Capital, LP and Walter Scott & Partners Limited (“WSPL”) as additional subadvisers to the Vantagepoint International Fund, which became effective January 3, 2006. Artisan Partners Limited Partnership and Capital Guardian Trust Company continue to serve as subadvisers to the International Fund. In a transition phase, which began on or about January 4, 2006, the Vantagepoint International Fund’s assets were transitioned and reallocated to and among the fund’s four subadvisers.

At the meeting held on December 16, 2005, the Board also approved new fee schedules with T. Rowe Price Associates Inc. (“T. Rowe Price”) relating to its services as a subadviser to the Vantagepoint Growth & Income and the Vantagepoint Equity Income Funds, which reflected a reduction in the subadvisory fee rates to be paid to T. Rowe Price. These changes, became effective on January 1, 2006.

At a meeting held on January 19, 2006, the Board approved the termination of Wellington Management Company, LLP as a subadviser to the Vantagepoint Aggressive Opportunities Fund, and the appointment of Legg Mason Capital Management, Inc. and TimesSquare Capital Management, LLC as additional subadvisers to the Vantagepoint Aggressive Opportunities Fund, which became effective January 25, 2006.

At a meeting held on May 19, 2006, the Board approved the termination of the subadvisory agreement with Fidelity Management & Research Company for the Vantagepoint Growth Fund. Goldman Sachs Asset Management, L.P., Legg Mason Capital Management, Inc., Peregrine Capital Management, Inc., Tukman Capital Management, Inc. and Westfield Capital Management Company, LLC continue to serve as subadvisers to the Vantagepoint Growth Fund.

At a meeting held on September 22, 2006, the Board approved a new subadvisory agreement for the Vantagepoint International Fund with WSPL due to the acquisition of WSPL by Mellon International Limited. The terms of the new subadvisory agreement are substantially identical to the prior subadvisory agreement. The new subadvisory agreement became effective October 2, 2006.

143

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

At a meeting held on December 8, 2006, the Board approved new fee schedules with Mellon Capital Management Corporation relating to the Vantagepoint Core Bond Index, Vantagepoint Overseas Equity Index and Vantagepoint US Government Securities Funds wherein an additional breakpoint was added to each schedule. These revised fee schedules were effective September 14, 2006.

At a meeting held on December 8, 2006, the Board approved the appointment of Pacific Investment Management Company, LLC and Fischer Francis Trees & Watts, Inc. to serve as subadvisers to the Vantagepoint US Government Securities Fund in conjunction with a change in that fund’s name and principal investment strategy to be effective May 1, 2007.

2. Significant Accounting Policies

The Company’s significant accounting policies are consistently applied in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States of America. Management makes estimates and assumptions in the preparation of financial statements that affect the reported amounts of assets and liabilities, including the disclosure of contingent assets and liabilities at the date of the financial statements as well as the revenue and expense amounts during the reporting period. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.

Investment Policy and Security Valuation

The equity securities held by each fund normally are valued at the last reported sale price on the exchange on which the security is principally traded. Securities for which the primary market is the National Association of Securities Dealers Automated Quotations National Market System (“Nasdaq”) are valued at the Nasdaq Official Closing Price. Equity securities not traded on an exchange or on Nasdaq normally are valued at the last reported sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the security is normally valued at the mean between the highest bid price and the lowest priced offer obtained from quotation services believed to be reliable. Fixed income debt securities, such as commercial paper, bankers’ acceptances and U.S. Treasury Bills, with a remaining maturity of less than 60 days, are valued at amortized cost. Prices for other fixed income securities are normally obtained from a commercial pricing service that may use pricing matrices or other methodologies designed to identify the value of fixed income securities. Any security for which market value as described above is not readily available is valued at fair value as determined in good faith in accordance with policies approved by the Company’s Board (“Valuation Procedures”). The types of securities for which such fair value pricing may be necessary include, but are not limited to: foreign securities, as discussed below; securities of an issuer that entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The need to fair value a Fund’s portfolio securities may also result from low trading volume in foreign markets or thinly traded domestic securities, such as certain small capitalization securities. The valuation of certain foreign equity securities is described below.

Shares of the underlying funds in which the Model Portfolio Funds and Milestone Funds invest are valued by using the underlying funds’ respective net asset values (NAVs) for the purpose of purchasing and/or redeeming orders placed that day.

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

144

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

In the event prices for such foreign securities are not available through the service or another fair value pricing service approved by the Board, the securities may be priced at the average of two or more independent broker-dealer quotations or at the fair value of the security in accordance with the Company’s valuation procedures.

When Issued Securities

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

Foreign Currency

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

Security Transactions and Income Recognition

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Dividend income is recognized on the ex-dividend date net of applicable taxes withheld by foreign countries, and interest income is accrued daily. Realized gains or losses are reported on the basis of identified cost of securities delivered. Bond discounts and premiums are amortized for both financial reporting and tax purposes.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared and paid monthly to shareholders of the Core Bond Index, the Short-Term Bond and US Government Securities Funds. Dividends from net investment income are declared daily and paid monthly to shareholders of the Money Market Fund. Prior to November 2004, dividends from net investment income were declared daily and paid monthly to shareholders of the Short-Term Bond Fund. For the remaining Actively Managed, Index, Model Portfolio and the Milestone Funds, dividends from net investment income are declared and paid annually to shareholders. Distributions from any net realized capital gains are generally declared and paid annually to shareholders. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments of income and gains on various investment securities held by the funds, dividends payable, and differing characterization of distributions made by each fund as a whole. Net investment income per share calculations in the Financial Highlights were not affected by these reclassifications.

Permanent book and tax differences, if any, relating to shareholder distributions will result in reclassifications among paid-in capital, net investment income or realized gains. These include net operating losses not utilized during the current year, commission adjustments, paydown gains and losses, bond premium amortization or foreign currency gains and losses, taxable overdistributions or returns of capital, recharacterized distributions, and adjustments relating to dispositions of Real Estate Investment Trust and Passive Foreign Investment Company securities. These reclassifications have no effect on net assets or net asset values per share. Any taxable income or gain remaining at fiscal year end is distributed in the following year.

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Fund	Paid-in capital Increase/(decrease)			Undistributed Net investment income Increase/(decrease)			Accumulated net realized Gain/(loss) Increase/(decrease)
Short-Term Bond	$	(2,017,222	)	$	2,454,469		$	(437,247	)
US Government Securities		(443,330	)		447,222			(3,892	)
Asset Allocation		(1	)		(74,730	)		74,731
Equity Income		(705,420	)		7,455			697,965
Growth & Income		—			(13,632	)		13,632
Growth		6,950			378,423			(385,373	)
Aggressive Opportunities		(6,412,798	)		14,613,930			(8,201,132	)
International		—			4,524,637			(4,524,637	)
Core Bond Index		(4,329,783	)		8,838,226			(4,508,443	)
500 Stock Index		15,296,437			(42,583	)		(15,253,854	)
Broad Market Index		16,340,064			(216,027	)		(16,124,037	)
Mid/Small Company Index		3,754,840			(145,457	)		(3,609,383	)
Overseas Equity Index		963,876			773,604			(1,737,480	)
Model Portfolio Savings Oriented		—			176,512			(176,512	)
Model Portfolio Conservative Growth		—			314,997			(314,997	)
Model Portfolio Traditional Growth		—			727,267			(727,267	)
Model Portfolio Long-Term Growth		—			1,017,380			(1,017,380	)
Model Portfolio All-Equity Growth		—			710,000			(710,000	)
Milestone Retirement Income		—			13,361			(13,361	)
Milestone 2010		—			28,813			(28,813	)
Milestone 2015		—			45,739			(45,739	)
Milestone 2020		—			33,141			(33,141	)
Milestone 2025		—			25,833			(25,833	)
Milestone 2030		—			12,612			(12,612	)
Milestone 2035		—			6,947			(6,947	)
Milestone 2040		—			5,168			(5,168	)

 

Federal Income Taxes

Each fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code for federal tax purposes. Accordingly, each fund intends to make distributions of substantially all of its net investment company taxable income and any net realized capital gains (after reduction for capital loss carry forwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Therefore, no provision for federal income or excise taxes was required.

At December 31, 2006, the components of distributable earnings on a tax basis were as follow:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
Asset Allocation	$	1,344,161	$	4,408,163	$	5,752,324
Equity Income		1,224,426		8,124,161		9,348,587
Growth & Income		475,448		3,524,686		4,000,134
Growth		425,909		—		425,909
Aggressive Opportunities		—		17,974,352		17,974,352
International		976,880		7,190,158		8,167,038
500 Stock Index		96,471		—		96,471
Broad Market Index		5,335,207		—		5,335,207
Mid/Small Company Index		463,912		2,898,779		3,362,691
Overseas Equity Index		352,884		—		352,884
Model Portfolio Savings Oriented		483,907		3,966,748		4,450,655

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Fund	Undistributed Ordinary Income		Undistributed Long-Term Gain		Total Distributable Earnings
Model Portfolio Conservative Growth	$	3,978	$	7,606,855	$	7,610,833
Model Portfolio Traditional Growth		386,298		31,267,605		31,653,903
Model Portfolio Long-Term Growth		2,317,321		36,859,156		39,176,477
Model Portfolio All-Equity Growth		—		16,661,843		16,661,843
Milestone Retirement Income		5,969		353,778		359,747
Milestone 2010		13,339		1,177,906		1,191,245
Milestone 2015		17,640		2,524,861		2,542,501
Milestone 2020		10,452		2,038,669		2,049,121
Milestone 2025		6,418		1,756,360		1,762,778
Milestone 2030		2,513		1,007,674		1,010,187
Milestone 2035		1,278		712,320		713,598
Milestone 2040		637		550,641		551,278

 

The tax character of distributions paid during 2006 were as follows:

Fund	Distributions Paid from Ordinary Income		Distributions Paid from Long-Term Capital Gains		Return of Capital		Total Distributions
Money Market	$	8,107,656	$	—	$	—	$	8,107,656
Short-Term Bond		22,130,500		—		2,019,872		24,150,372
US Government Securities		5,508,157		—		455,973		5,964,130
Asset Allocation		18,337,426		6,163,706		—		24,501,132
Equity Income		28,093,658		59,593,608		—		87,687,266
Growth & Income		9,346,498		46,001,308		—		55,347,806
Growth		8,373,928		—		—		8,373,928
Aggressive Opportunities		5,004,797		29,960,480		—		34,965,277
International		14,695,091		92,620,774		—		107,315,865
Core Bond Index		53,329,343		—		4,430,044		57,759,387
500 Stock Index		5,931,027		—		—		5,931,027
Broad Market Index		8,937,381		—		—		8,937,381
Mid/Small Company Index		1,584,268		6,640,691		—		8,224,959
Overseas Equity Index		3,950,594		—		—		3,950,594
Model Portfolio Savings Oriented		9,669,543		3,859,279		—		13,528,822
Model Portfolio Conservative Growth		15,391,031		—		—		15,391,031
Model Portfolio Traditional Growth		27,189,258		1,688,035		—		28,877,293
Model Portfolio Long-Term Growth		18,812,941		2,925,344		—		21,738,285
Model Portfolio All-Equity Growth		3,077,699		4,489,157		—		7,566,856
Milestone Retirement Income		686,561		131,043		—		817,604
Milestone 2010		1,200,887		300,212		—		1,501,099
Milestone 2015		1,585,005		462,830		—		2,047,835
Milestone 2020		998,341		217,260		—		1,215,601
Milestone 2025		693,628		131,352		—		824,980
Milestone 2030		340,921		80,038		—		420,959
Milestone 2035		180,575		93,183		—		273,758
Milestone 2040		217,067		66,920		—		283,987

 

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

At December 31, 2006, the following funds had net capital loss carryovers:

	Expiring December 31,
Fund	2010		2011		2013			2014
Short-Term Bond	$	—	$	—	$	4,249,873		$	2,774,086
US Government Securities	$	—	$	—	$	1,398,401		$	1,993,824
Growth	$	343,326,253	$	82,974,331	$	—		$	—
Core Bond Index	$	—	$	—	$	4,825,601		$	8,705,385
500 Stock Index	$	13,186,037	$	3,056,924	$	—	��	$	—
Broad Market Index	$	16,264,728	$	7,417,767	$	—		$	—
Overseas Equity Index	$	539,589	$	807,785	$	269,787		$	—

 

At December 31, 2006, the following funds elected to defer post-October 31 net capital losses and currency losses of:

Fund	Capital Losses		Currency Losses
Short-Term Bond	$	356,064	$	—
US Government Securities		116,826		—
Aggressive Opportunities		—		2,157
Core Bond Index		200,291		—
Overseas Equity Index		229,277		—

 

Futures Contracts

Certain funds may purchase futures contracts to gain exposure to market changes as this may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between two parties to buy and sell a security at a set price. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the fund as unrealized gains or losses. When the contract is closed, the fund records a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include the possibility that there may be an illiquid market and that a change in the value of the contracts may not correlate with changes in the value of the underlying securities. The amounts of risk under such futures contracts may exceed the amounts reflected in the financial statements. As of December 31, 2006, the following funds had the following open futures contracts outstanding:

Short-Term Bond Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
121	CBT	U.S. 2 Year Treasury Note	April 2007	$	24,687,782	$	(90,751	)
			Total Unrealized Depreciation			$	(90,751	)

 

Asset Allocation Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
1,752	CME	E-MINI S&P 500 Index	March 2007	$	125,127,840	$	476,285
29	CME	S&P 500 Index	March 2007	$	10,355,900		39,475
			Total Unrealized Appreciation			$	515,760

 

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VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

500 Stock Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
160	CME	E-MINI S&P 500 Index	March 2007	$	11,427,200	$	3,045
			Total Unrealized Appreciation			$	3,045

 

Broad Market Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
24	CME	E-MINI Russell Index	March 2007	$	1,907,760	$	(14,740	)
146	CME	E-MINI S&P 500 Index	March 2007	$	10,427,320		(2,253	)
			Total Unrealized Depreciation			$	(16,993	)

 

Mid/Small Company Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Depreciation
15	CME	E-MINI Russell Index	March 2007	$	1,192,350	$	(5,020	)
14	CME	E-MINI S&P Mid 400 Index	March 2007	$	1,135,819		(15,721	)
			Total Unrealized Depreciation			$	(20,741	)

 

Overseas Equity Index Fund

Number of Contracts	Exchange	Contract	Expiration Date	Underlying Face Amount at Value		Net Unrealized Appreciation
71	EUX	DJ STOXX 50 Eurodollar	March 2007	$	3,895,940	$	40,756
27	LIF	FTSE 100 Index	March 2007	$	3,287,074		9,274
21	TSE	Topix Index	March 2007	$	2,968,619		92,673
			Total Unrealized Appreciation			$	142,703

 

Forward Foreign Currency Exchange Contracts

A forward foreign currency exchange contract is an agreement to pay or receive specific amounts of a currency at a future date in exchange for another currency at an agreed upon exchange rate. Certain funds may use forward foreign currency exchange contracts to hedge certain foreign currency assets and liabilities. Such contracts are recorded at market value and marked to market daily. Risks of entering into forward foreign currency exchange contracts include the possibility that there may be an illiquid market and that a change in the value of the contracts may not correlate with changes in the value of the underlying securities. The amount at risk for such forward foreign currency exchange contracts may exceed the amount reflected in the financial statements. Realized and unrealized gains or losses on forward foreign currency exchange contracts are reflected in the accompanying financial statements. As of December 31, 2006, the funds had the following open forward foreign currency exchange contracts outstanding:

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

International Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2006		Net Unrealized Gain/(Loss)
Purchase Contracts
Australian Dollar	01/25/2007	$	1,255,808	$	1,308,470	$	52,662
British Pound Sterling	01/03/2007		107,435		107,110		(325	)
Euro	01/02/2007		500,245		501,461		1,216
	01/03/2007		424,940		425,973		1,033
Japanese Yen	01/04/2007		285,858		284,984		(874	)
	01/05/2007		246,387		246,035		(352	)
	01/09/2007		475,968		476,223		255
	01/11/2007		999,590		974,130		(25,460	)
Singapore Dollar	01/04/2007		102,198		102,195		(3	)
		Net Gain on Purchase Contracts				$	28,152
Sale Contracts
British Pound Sterling	01/02/2007	$	40,996	$	41,037	$	(41	)
	01/04/2007		4,990		4,987		3
Canadian Dollar	01/02/2007		1,379		1,380		(1	)
Danish Krone	01/02/2007		9,784		9,833		(49	)
	01/03/2007		29,646		29,723		(77	)
	01/04/2007		14,873		14,877		(4	)
Euro	01/02/2007		90,466		90,975		(509	)
	01/11/2007		999,589		1,036,003		(36,414	)
	01/25/2007		1,255,808		1,315,699		(59,891	)
Hong Kong Dollar	01/02/2007		347,590		347,331		259
Japanese Yen	01/05/2007		49,885		49,814		71
		Net Loss on Sale Contracts				$	(96,653	)
		Net Unrealized Loss on Forward Foreign Currency Contracts				$	(68,501	)

 

Overseas Equity Index Fund

Currency	Exchange Date	Foreign Currency Cost/Proceeds (U.S.$)		U.S. Dollar Value at December 31, 2006		Net Unrealized Loss
Purchase Contracts
British Pound Sterling	03/15/2007	$	3,336,157	$	3,324,980	$	(11,177	)
Euro	03/15/2007		3,689,740		3,674,021		(15,719	)
Japanese Yen	03/15/2007		2,922,030		2,844,204		(77,826	)
		Net Loss on Purchase Contracts				$	(104,722	)
		Net Unrealized Loss on Forward Foreign Currency Contracts				$	(104,722	)

 

Option Contracts

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

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When a fund exercises a call option, the cost of the security which the fund purchases upon exercise will be increased by the premium originally paid.

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

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

At December 31, 2006, there were no written options. In addition, there were no written options in 2005.

Repurchase Agreements

Transactions involving purchases of securities under agreements to resell such securities at a specified price and time (“repurchase agreements”) are treated as collateralized financing transactions and are recorded at their contracted resale amounts. These repurchase agreements, if any, are detailed in each fund’s Schedule of Investments. The funds require that the cash investment be fully collateralized based on values that are marked to market daily. The collateral is generally held by an agent bank. It is VIA’s responsibility to value collateral daily and to obtain additional collateral as necessary to maintain the value at equal to or greater than 102% of market value. The repurchase agreements are collateralized by U.S. Government securities. If the custodian or counterparty becomes bankrupt, the funds’ realization of collateral might be delayed, or the funds may incur a cost or possible losses of principal and income in selling the collateral.

3. Agreements and Other Transactions with Affiliates

VIA, a wholly owned subsidiary of ICMA-RC, provides investment advisory services to each of the funds. Pursuant to Master Advisory Agreements, VIA is entitled to receive 0.10% of the average daily net assets of each Actively Managed, Model Portfolio and Milestone Funds and 0.05% of the average daily net assets of the Index Funds. For these services, VIA received $13,749,229 in aggregate for the year ended December 31, 2006.

Effective July 1, 2005 the advisory fee paid to VIA for each Model Portfolio Fund is calculated as follows:

•  0.10% on the first $500 million of net assets

•  0.09% on the next $500 million of net assets

•  0.08% on net assets over $1 billion.

VIA and the Company contract with one or more subadvisers (“Subadvisers”) for the day-to-day management of each of the funds other than the Money Market, Model Portfolio and Milestone Funds. Each Subadviser is paid a fee by the funds during the year based on average net assets under management. The fee structure for many of the Subadvisers provides for a range of fees so that as average net assets of a fund increase the rate of fee paid decreases. With other subadvisers, one fee is applicable to all levels of assets under management. Additional information about each Subadviser’s fee are presented in the funds’ Prospectus and Statement of Additional Information. Presented below are the fees paid by the funds to Subadvisers during the year ended December 31, 2006. Fees are shown as an annual percentage of average net assets under management as well as total dollars paid. The total dollars below represent amounts paid to the Subadvisers for services performed during the period of July 1, 2005 through September 30, 2006.

151

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NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Fund	Subadviser	Contractual Fee as a Percentage of Average Daily Net Assets			Dollars Paid
Short-Term Bond	Payden & Rygel		0.10	%	$	256,334
	STW Fixed Income Management Ltd.		0.18	%		500,840
US Government Securities	Mellon Capital Management Corporation (1)		0.06	%		104,960
Asset Allocation	Mellon Capital Management Corporation		0.23	%		1,704,554
Equity Income	Barrow, Hanley, Mewhinney & Strauss, Inc.		0.24	%		1,051,322
	T. Rowe Price Associates, Inc.		0.37	%		1,614,472
	Southeastern Asset Management, Inc.		0.53	%		2,149,763
Growth & Income	Capital Guardian Trust Company (2)		0.24	%		813,268
	T. Rowe Price Associates, Inc.		0.38	%		1,283,233
	Wellington Management Company, LLP		0.28	%		961,982
Growth (3)	Fidelity Management & Research Company (4)		0.62	%		1,673,807
	Goldman Sachs Asset Management, L.P.		0.22	%		590,063
	Legg Mason Capital Management, Inc.		0.39	%		1,847,322
	Peregrine Capital Management		0.36	%		2,307,851
	Tukman Capital Management, Inc.		0.50	%		2,408,849
	Westfield Capital Management Company, LLC		0.33	%		1,439,600
Aggressive Opportunities (5)	Legg Mason Capital Management, Inc.		0.39	%		766,902
	Southeastern Asset Management, Inc.		0.55	%		1,909,788
	TimesSquare Capital Management, LLC		0.50	%		1,070,427
	T. Rowe Price Associates, Inc.		0.58	%		2,403,730
	Wellington Management Company, LLP (6)		0.68	%		976,449
International	Artisan Partners Limited Partnership		0.70	%		1,781,753
	Capital Guardian Trust Company (7)		0.41	%		1,301,556
	GlobeFlex Capital, LP		0.40	%		396,712
	Walter Scott & Partners Limited		0.54	%		552,903
Core Bond Index	Mellon Capital Management Corporation (1)		0.02	%		290,638
500 Stock Index	Mellon Capital Management Corporation		0.02	%		73,038
Broad Market Index	Mellon Capital Management Corporation		0.02	%		133,434
Mid/Small Company Index	Mellon Capital Management Corporation		0.04	%		79,500
Overseas Equity Index	Mellon Capital Management Corporation (1)		0.08	%		81,593

 

(1)   Effective September 14, 2006, the Board approved an additional breakpoint to the fee schedule of Mellon Capital Management Corporation.

(2)   Minimum fee of $167,500 per year.

(3)   At a meeting held on May 19, 2006, the Board approved the termination of the subadvisory agreement with Fidelity Management & Research Company for the Growth Fund. Goldman Sachs Asset Management, L.P., Legg Mason Capital Management, Inc., Peregrine Capital Management, Inc., Tukman Capital Management, Inc. and Westfield Capital Management Company, LLC continue to serve as subadvisers to the Growth Fund. In a transition phase that began on May 30, 2006, the Growth Fund’s assets were transitioned and reallocated to and among the five remaining subadvisers.

(4)   From May 1, 2001 to June 30, 2006, FMR Co. Inc. served as a sub-subadviser to this fund and was compensated from the fees paid to this subadviser. Fee included is from October 1, 2005 to March 31, 2006.

(5)   At a meeting held on January 19, 2006, the Board approved the termination of the subadvisory agreement with Wellington for the Aggressive Opportunities Fund and approved the appointment of Legg Mason Capital Management, Inc. and TimesSquare Capital Management, LLC as additional subadvisers to the Aggressive Opportunities Fund, which became effective January 25, 2006. The fees paid to Wellington for the period October 1, 2005 to February 28, 2006 were $976,449.

152

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

(6)   From June 7, 2004 through February 28, 2006, Wellington Management International Ltd served as a sub-subadviser to this fund, and was compensated from the fees paid to this subadviser.

(7)   Minimum fee of $337,500 per year.

Expenses

The Model Portfolio and Milestone Funds incur fees and expenses indirectly as shareholders in their respective underlying funds and the Money Market Fund incurs fees and expenses indirectly as a shareholder of the AIM Portfolio. Because the underlying funds have varied expense and fee levels and the Model Portfolio, Milestone and Money Market Funds may own different proportions of such funds at different times, the amount of fees and expenses indirectly incurred by the Model Portfolio, Milestone, and Money Market Funds will vary.

Fee Waivers

From March 1, 1999 until May 1, 2002, VIA voluntarily agreed to waive any fees that would result in total fund expenses of the Money Market Fund exceeding an annual rate of 0.55% of average net assets.

If the aggregate advisory fees of the Growth Fund exceed 0.54% because of subadvisory changes, VIA will waive its advisory fee or reimburse expenses to the extent necessary on any resulting increase in subadvisory fees payable by the Growth Fund. This commitment will continue until such time as shareholders approve an increase in this limit. For the year ended December 31, 2006, no waiver or reimbursement was necessary to comply with the 0.54% maximum subadvisory fee rate.

From January 3, 2005 until April 30, 2006, VIA contractually agreed to waive fees and/or reimburse expenses to each of the Milestone Funds limiting the direct operating expenses to no more than 0.05% of the Fund’s average daily net assets on an annualized basis. From May 1, 2006 through April 30 2007, VIA contractually agreed to limit each Fund’s total fund gross operating expenses, which includes the expenses of the underlying funds, to the following percentages:

Milestone Retirement Income	0.81%
Milestone 2010	0.88%
Milestone 2015	0.91%
Milestone 2020	0.93%
Milestone 2025	0.95%
Milestone 2030	0.97%
Milestone 2035	0.99%
Milestone 2040	0.99%

 

For the year ended December 31, 2006, VIA reimbursed each fund as follows:

Milestone Retirement Income	$62,838
Milestone 2010	$49,873
Milestone 2015	$40,332
Milestone 2020	$45,412
Milestone 2025	$50,574
Milestone 2030	$57,703
Milestone 2035	$61,297
Milestone 2040	$63,317

 

T. Rowe Price voluntarily waives a portion of its aggregate subadvisory fees for the Growth & Income, Equity Income and Aggressive Opportunities Funds. This voluntary fee waiver was first implemented on May 1, 2003. Through September 30, 2005, 2.5% of the aggregate fees were waived on total assets managed between $250 million and $500 million and 5% of the aggregate fees were waived on total assets managed in excess of $500 million. Effective October 1, 2005, 2.5% of the aggregate fees were waived on the first $500 million of assets managed and 5% on assets managed in excess of $500 million. For the year ended December 31, 2006, this voluntary fee waiver totaled $223,816 of which $67,507 was allocated to the Equity Income Fund, $54,771 to the Growth & Income Fund and $101,538 to the Aggressive Opportunities Fund.

153

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

4. Investment Portfolio Transactions

Purchases and sales of investments, exclusive of short-term securities, for each fund for the year ended December 31, 2006 were as follows:

	U.S. Government Obligations				Other Securities
Fund	Purchases at Cost		Sales Proceeds		Purchases at Cost		Sales Proceeds
Short-Term Bond	$	420,729,672	$	488,618,551	$	279,031,264	$	159,733,972
US Government Securities		98,013,272		103,390,613		—		—
Asset Allocation		72,830,582		72,347,622		23,341,599		120,936,620
Equity Income						226,494,659		300,800,790
Growth & Income						427,276,302		398,729,782
Growth						1,707,157,812		2,015,770,958
Aggressive Opportunities						1,108,003,308		1,135,200,757
International						724,673,605		573,971,939
Core Bond Index		410,996,266		239,977,824		84,464,497		62,515,071
500 Stock Index						14,317,093		24,407,530
Broad Market Index						13,682,822		52,655,255
Mid/Small Company Index						35,341,693		34,661,850
Overseas Equity Index						46,434,322		2,856,780
Model Portfolio Savings Oriented						38,153,550		31,872,051
Model Portfolio Conservative Growth						66,663,517		49,652,070
Model Portfolio Traditional Growth						207,609,019		75,874,116
Model Portfolio Long-Term Growth						245,742,625		77,629,099
Model Portfolio All-Equity Growth						154,016,355		21,486,880
Milestone Retirement Income						13,398,904		4,338,226
Milestone 2010						25,957,377		5,483,116
Milestone 2015						45,932,968		5,938,323
Milestone 2020						35,029,313		2,113,591
Milestone 2025						28,699,504		1,216,407
Milestone 2030						15,433,929		538,070
Milestone 2035						12,417,930		1,098,781
Milestone 2040						10,826,205		1,671,040

 

5. Tax Basis Unrealized Appreciation (Depreciation)

At December 31, 2006, 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	$	216,767,333	$	—	$	—	$	—
Short-Term Bond		586,349,950		216,856		4,294,643		(4,077,787	)
US Government Securities		163,844,777		—		1,704,301		(1,704,301	)
Asset Allocation		646,618,448		150,032,002		35,182,969		114,849,033
Equity Income		1,306,602,858		342,921,062		42,048,711		300,872,351
Growth & Income		1,046,560,735		227,004,964		13,272,061		213,732,903
Growth		2,768,705,102		329,878,607		57,293,299		272,585,308
Aggressive Opportunities		1,497,694,988		285,228,995		42,699,707		242,529,288
International		917,406,211		202,424,074		11,736,536		190,687,538
Core Bond Index		1,332,160,406		—		16,799,453		(16,799,453	)
500 Stock Index		231,895,438		203,518,398		17,233,045		186,285,353
Broad Market Index		461,243,173		268,525,781		34,198,889		234,326,892

154

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Fund	Federal Income Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Tax Basis Net Unrealized Appreciation/ (Depreciation)
Mid/Small Company Index	$	164,201,477	$	71,298,962	$	13,430,074	$	57,868,888
Overseas Equity Index		120,602,653		48,654,477		1,642,613		47,011,864
Model Portfolio Savings Oriented		287,298,504		11,753,073		6,719,583		5,033,490
Model Portfolio Conservative Growth		526,072,156		34,263,113		10,300,995		23,962,118
Model Portfolio Traditional Growth		1,229,604,949		117,124,913		15,588,296		101,536,617
Model Portfolio Long-Term Growth		1,290,611,595		192,267,798		11,824,125		180,443,673
Model Portfolio All-Equity Growth		398,313,174		72,624,090		—		72,624,090
Milestone Retirement Income		22,395,609		299,047		148,994		150,053
Milestone 2010		47,351,338		1,445,352		290,465		1,154,887
Milestone 2015		81,137,615		3,608,604		362,976		3,245,628
Milestone 2020		59,466,654		3,166,950		207,426		2,959,524
Milestone 2025		46,383,218		2,566,294		122,828		2,443,466
Milestone 2030		24,684,254		1,387,132		48,196		1,338,936
Milestone 2035		15,749,508		683,731		10,107		673,624
Milestone 2040		12,405,113		296,098		2,099		293,999

 

6. Portfolio Securities Loaned

Certain funds lend securities to approved brokers to earn additional income. As of December 31, 2006, certain funds had loaned securities, which were collateralized by cash, cash equivalents, or U.S. Government Obligations. Each fund receives compensation in connection with the securities lending program. Collateral is maintained over the life of the loan in an amount not less than 102% of the value of the loaned securities for domestic securities and 105% for foreign securities, as determined by the funds at the close of business each day. Any additional collateral required due to changes in the value of securities is delivered to the funds the next business day. Although the collateral mitigates risk, the funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The funds have the right under the securities lending agreement to recover the securities from the borrower on demand. The risks to the funds associated with securities lending are that the borrower may not provide additional collateral when required or return the securities when due.

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

The market value of the securities on loan and the value of the related collateral as of December 31, 2006, were as follows:

Fund	Securities on Loan		Collateral		Collateralization %
Short-Term Bond	$	1,251,289	$	1,284,000		103	%
US Government Securities		20,352,738		20,862,291		103	%
Asset Allocation		30,609,426		31,652,960		103	%
Equity Income		147,252,943		152,661,476		104	%
Growth & Income		83,216,987		85,983,285		103	%
Growth		245,814,192		253,771,293		103	%
Aggressive Opportunities		361,575,576		375,393,623		104	%
International		51,983,953		54,805,598		105	%
Core Bond Index		153,429,930		157,983,375		103	%
500 Stock Index		22,668,918		23,462,122		104	%

 

155

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

Fund	Securities on Loan		Collateral		Collateralization %
Broad Market Index	$	48,671,925	$	50,551,966		104	%
Mid/Small Company Index		34,728,540		36,165,191		104	%
Overseas Equity Index		5,853,546		6,184,106		106	%

 

7. Transactions with Affiliated Funds

At December 31, 2006 the Model Portfolio and Milestone Funds held investments in a number of underlying funds. The figures presented below represent the percentage of shares outstanding in each of the underlying funds owned by the Model Portfolio and Milestone Funds as of that date:

Underlying Fund	Model Portfolio Savings Oriented			Model Portfolio Conservative Growth			Model Portfolio Traditional Growth			Model Portfolio Long-Term Growth			Model Portfolio All-Equity Growth
Short-Term Bond		16.82	%		27.10	%		43.37	%		—			—
US Government Securities		20.45	%		—			—			—			—
Equity Income		2.00	%		3.57	%		8.38	%		11.82	%		4.44	%
Growth & Income		2.49	%		4.45	%		15.79	%		23.03	%		7.12	%
Growth		—			1.48	%		6.66	%		9.68	%		4.66	%
Aggressive Opportunities		—			2.01	%		9.75	%		16.01	%		6.76	%
International		1.41	%		4.52	%		16.84	%		23.50	%		9.51	%
Core Bond Index		8.84	%		16.63	%		26.59	%		29.45	%		—

 

Underlying Fund	Milestone Retirement Income			Milestone 2010			Milestone 2015			Milestone 2020			Milestone 2025
Short-Term Bond		1.30	%		1.96	%		1.81	%		0.67	%		0.12	%
Equity Income		0.15	%		0.33	%		0.53	%		0.38	%		0.30	%
Growth & Income		0.29	%		0.96	%		2.13	%		1.75	%		1.49	%
Growth		—			0.06	%		0.17	%		0.14	%		0.12	%
International		0.11	%		0.33	%		0.87	%		0.80	%		0.72	%
Core Bond Index		0.80	%		1.55	%		2.27	%		1.47	%		1.03	%
Mid/Small Index		—			—			5.24	%		6.65	%		6.44	%

 

Underlying Fund	Milestone 2030			Milestone 2035			Milestone 2040
Equity Income		0.15	%		0.08	%		0.06	%
Growth & Income		0.84	%		0.55	%		0.43	%
Growth		0.07	%		0.05	%		0.04	%
International		0.43	%		0.30	%		0.24	%
Core Bond Index		0.44	%		0.19	%		0.13	%
Mid/Small Index		4.09	%		3.00	%		2.42	%

 

8. Control Persons and Principal Holders of Securities

As of December 31, 2006, a majority of the voting shares of all funds, except the Money Market Fund, were held either directly, or indirectly through the Model Portfolio and the Milestone Funds, by the VantageTrust, a group trust sponsored and maintained by the VantageTrust Company (“Trust Company”). The VantageTrust was established for the purpose of holding and investing the assets of public sector retirement and deferred compensation plans. The Trust Company, a New Hampshire non-depository banking corporation, has the power to vote the shares of the funds directly held by the VantageTrust and has the power to direct the vote of the shares of the Model Portfolio Funds and the Milestone Funds under the proxy voting policy adopted by VIA, the funds’ adviser, and is therefore considered a “control” person of the funds for purposes of the 1940 Act. Both the Trust Company and VIA are wholly-owned subsidiaries of ICMA-RC. As a control person of all the funds, the Trust Company may possess the ability to control the outcome of matters submitted to the vote of shareholders.

156

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

The following represents the percentage of shares outstanding in each of the funds held directly or indirectly by the VantageTrust and by employer clients that have adopted the VantageTrust as of December 31, 2006:

Fund	% Owned By the VantageTrust
Money Market		39.50	%
Short-Term Bond		86.03	%
US Government Securities		94.57	%
Asset Allocation		97.59	%
Equity Income		94.45	%
Growth & Income		94.40	%
Growth		97.95	%
Aggressive Opportunities		96.87	%
International Fund		95.78	%
Core Bond Index Class I		92.18	%
Core Bond Index Class II		100.00	%
500 Stock Index Class I		88.64	%
500 Stock Index Class II		100.00	%
Broad Market Index Class I		90.02	%
Broad Market Index Class II		92.23	%
Mid/Small Co Index Class I		85.75	%
Mid/Small Co Index Class II		100.00	%
Overseas Equity Index Class I		85.93	%
Overseas Equity Index Class II		100.00	%
Model Portfolio Savings Oriented		88.66	%
Model Portfolio Conservative Growth		91.24	%
Model Portfolio Traditional Growth		95.09	%
Model Portfolio Long-Term Growth		96.83	%
Model Portfolio All-Equity Growth		95.01	%
Milestone Retirement Income		80.85	%
Milestone 2010		87.83	%
Milestone 2015		90.77	%
Milestone 2020		94.26	%
Milestone 2025		92.92	%
Milestone 2030		90.25	%
Milestone 2035		89.69	%
Milestone 2040		89.12	%

 

157

VANTAGEPOINT FUNDS
NOTES TO THE FINANCIAL STATEMENTS—(Continued)

9. Brokerage Commissions

VIA has entered into agreements with brokers whereby the brokers will rebate a portion of the funds’ brokerage commissions on behalf of certain funds. Such amounts, under these agreements, are included in net realized gain (loss) on the sale of investments presented in the Statement of Operations. For the year ended December 31, 2006, the Funds recaptured the following amounts of brokerage commissions:

Fund	Recaptured Brokerage Commissions
Equity Income	$    44,293
Growth & Income	62,010
Growth	447,977
Aggressive Opportunities	319,857
International	212,742

 

10. Additional Distributions in Prior Years

In order to comply with requirements of the Internal Revenue Code applicable to regulated investment companies, the Short-Term Bond Fund, formerly the Income Preservation Fund, was required to distribute accumulated net realized gains, if any, on an annual basis. When such distributions were made, the immediate effect was a corresponding reduction in the net asset value per share. Given the objective of the fund to maintain a stable net asset value per share, the fund declared a reverse stock split immediately subsequent to the distribution at a rate that caused the total number of shares held by each shareholder, including shares acquired on reinvestment of that distribution, to remain the same as before the distribution was paid and reinstated the same net asset value of $100 per share as before the distribution. The last such distribution and reverse stock split occurred on December 31, 2003. The Income Preservation Fund’s transition to the Short-Term Bond Fund eliminated the need for this distribution procedure.

11. Stock Split in the Short-Term Bond Fund

On October 28, 2005, a “stock split” was processed in the Vantagepoint Short-Term Bond Fund. Specifically, there was a “10 for 1” split meaning that the shares outstanding were increased by a multiple of 10 and the NAV was divided by 10. Therefore, this action had no impact on the aggregate value of the shares outstanding. The record date (shareholders of record on this date were affected) was Thursday, October 27, 2005. The payable date (the date the stock split posted to shareholder accounts) was Friday, October 28, 2005. The ex-date (the date the NAV changed to reflect the split) was Friday, October 28, 2005. Share transactions, shares outstanding, NAVs, and per share ratios for prior years in the Statement of Changes in Net Assets and the Financial Highlights have been restated to reflect historical application of the “10 for 1” split in order to present these items on a basis comparable to the current year, as required by generally accepted accounting principles.

12. Recently Issued Accounting Pronouncements

In June 2006, the Financial Accounting Standards Board issued Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes,” which establishes guidelines for recognizing and measuring the benefits of tax return positions in financial statements. FIN 48 will become effective for the Company during their fiscal year ending December 31, 2007. Management is continuing to evaluate the Company’s tax positions in preparation for the implementation of FIN 48, and based on the analysis performed to date, does not believe that the adoption of FIN 48 will have any material impact on the Company’s financial statements.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, (“FAS 157”) “Fair Value Measurements.” FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of FAS 157 will have on the Company’s financial statement disclosures.

158

Vantagepoint Funds
Additional Information (Unaudited)

A. Tax Disclosures

For corporate shareholders, a portion of the ordinary dividends paid during the fund’s year ended December 31, 2006 qualified for the dividends received deduction as follows:

Asset Allocation	68.14	%
Equity Income	70.46	%
Growth & Income	100.00	%
Growth	100.00	%
Aggressive Opportunities	10.63	%
500 Stock Index	100.00	%
Broad Market Index	96.92	%
Mid/Small Company Index	64.03	%
Model Portfolio Savings Oriented	6.65	%
Model Portfolio Conservative Growth	8.21	%
Model Portfolio Traditional Growth	13.85	%
Model Portfolio Long-Term Growth	25.09	%
Model Portfolio All-Equity Growth	61.65	%
Milestone Retirement Income	7.72	%
Milestone 2010	14.98	%
Milestone 2015	22.54	%
Milestone 2020	28.36	%
Milestone 2025	33.91	%
Milestone 2030	39.38	%
Milestone 2035	45.43	%
Milestone 2040	29.73	%

 

Pursuant to Section 852 of the Internal Revenue Code, the funds designate the following capital gain dividends for the year ended December 31, 2006:

	Long Term Capital Gain Dividend
Asset Allocation	$	6,163,706
Equity Income		59,593,608
Growth & Income		46,001,308
Aggressive Opportunities		29,960,480
International		92,620,774
Mid/Small Company Index		6,640,691
Model Portfolio Savings Oriented		3,859,279
Model Portfolio Traditional Growth		1,688,035
Model Portfolio Long-Term Growth		2,925,344
Model Portfolio All-Equity Growth		4,489,157
Milestone Retirement Income		131,043
Milestone 2010		300,212
Milestone 2015		462,830
Milestone 2020		217,260
Milestone 2025		131,352
Milestone 2030		80,038
Milestone 2035		93,183
Milestone 2040		66,920

 

B. Foreign Taxes Paid

For the year ended December 31, 2006, dividends from foreign countries were $19,288,154 and $3,349,798 for the International and the Overseas Equity Index Funds, respectively. Taxes paid to foreign countries that qualify for the foreign tax credit were $1,483,653 and $90,774 for the International and the Overseas Equity Index Funds, respectively.

159

Vantagepoint Funds
Additional Information (Unaudited)—(Continued)

All other Vantagepoint Funds treat any foreign taxes paid as expenses and therefore reduce net investment company taxable income by these amounts.

C. Sources of Income

The following table summarizes the percentage of income received by the funds in 2006 from various obligors:

Fund	U.S. Treasury Obligations			GNMA			FNMA			FHLMC			Other U.S. Government Agency
Short-Term Bond		23.81	%		0.00	%		4.55	%		2.34	%		3.13	%
US Government Securities		50.84	%		0.00	%		14.12	%		15.75	%		9.93	%
Asset Allocation		3.03	%		0.00	%		0.00	%		0.00	%		0.00	%
Core Bond Index		22.61	%		3.41	%		21.66	%		17.60	%		2.18	%
500 Stock Index		0.23	%		0.00	%		0.00	%		0.00	%		0.00	%
Broad Market Index		0.14	%		0.00	%		0.00	%		0.00	%		0.00	%
Mid/Small Company Index		0.36	%		0.00	%		0.00	%		0.00	%		0.00	%
Overseas Equity Index		0.59	%		0.00	%		0.00	%		0.00	%		0.00	%

 

D. Qualified Dividend Income

The following percentages are estimates of dividend income received by the funds through December 31, 2006 that qualify for a reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003:

Fund	Percent of Qualified Dividend Income
Asset Allocation		63.65	%
Equity Income*		81.72
Growth & Income		100.00
Growth		100.00
International		81.81
500 Stock Index		100.00
Broad Market Index		100.00
Mid/Small Company Index		73.58
Overseas Equity Index		67.57
Model Portfolio Savings Oriented		8.96
Model Portfolio Conservative Growth		12.41
Model Portfolio Traditional Growth		21.93
Model Portfolio Long-Term Growth		44.93
Model Portfolio All-Equity Growth		100.00
Milestone Retirement Income		10.84
Milestone 2010		18.00
Milestone 2015		29.30
Milestone 2020		38.61
Milestone 2025		47.37
Milestone 2030		54.41
Milestone 2035		67.30
Milestone 2040		43.15

 

*   The Percent of Qualified Dividend Income for the Equity Income Fund consists of 68.86% and 12.86% of qualified ordinary dividends and qualified short-term gains, respectively. The Percent of Qualified Dividend Income listed for all other funds consists entirely of qualified ordinary dividends.

160

Vantagepoint Funds
Additional Information (Unaudited)—(Continued)

E. Directors Table

Independent Directors

Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
N. Anthony Calhoun (59)	Director, Audit Committee Member and Chair, Investment Committee and Nominating Committee Member	Term expires October, 2011 Director since November, 1998	Secretary to Senate Finance Committee/Minority, State of New York Legislature (January 2007- present); Retired (October 2005-January 2007); Deputy Chief Financial Officer and Treasurer—District of Columbia (2001-2005); Deputy Executive Director & Chief Financial Officer—Pension Benefit Guaranty Corp. (1993-2001)	N/A
Donna K. Gilding (66)	Director, Investment Committee Member and Chair, and Nominating Committee Member	Term expires October, 2011 Director since November, 1998	Chief Investment Officer—Lowenhaupt Global Advisors, LLC (Sept. 2006-present); Chief Investment Officer—Lowenhaupt & Chasnoff (2005-Sept. 2006) (wealth management law firm); Chief Investment Officer—Progress Investment Management Company (2001-2005); Chief Investment Officer—New York City Comptroller’s Office (1993-2001)	N/A
Arthur R. Lynch (52)	Chair of the Board and Director, Audit Committee Member, Investment Committee Member, and Nominating Committee Member	Term expires October, 2011 Director since November, 1998	Deputy City Manager—City of Glendale, Arizona (2005-present); Chief Financial Officer—City of Glendale, Arizona (1985-2005)	N/A
Timothy M. O’Brien (57)	Director, Audit Committee Member, Investment Committee Member, and Nominating Committee Member	Term expires October, 2009 Director since September 2005	Independent Consultant (pension consulting) (2003-present); Chief Executive Officer—American Humane Association (1999-2003); Consultant—William Mercer Consulting (investment and fiduciary consulting) (1995-1999)	N/A

 

161

Vantagepoint Funds
Additional Information (Unaudited)—(Continued)

Interested Directors and Officers

Name, Address,* and Age	Positions Held with the Company	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Other Directorships Held By Director
Alison D. Rudolf (54)**	Director	Term expires October, 2007 Director since May, 2004	Township Manager—Lower Moreland Twp, PA (1982-present)	Director—ICMA Retirement Corporation (2003-present);
Robin L. Wiessmann (53)**	Director and Investment Committee Member	Term expires October, 2009 Director since November, 1998	Director, Merrill, Lynch, Pierce, Fenner & Smith Incorporated, (2006 to present); Consultant—Brown Wiessmann Group (Financial Services Consulting) (2002-2006)	Director—ICMA Retirement Corporation from January, 1994- December, 2001.
Joan McCallen (54)***	President and Principal Executive Officer	Since September, 2003	Chief Executive Officer—ICMA Retirement Corporation (Aug. 2003-present); President and Manager—Vantagepoint Investment Advisers, LLC; ICMA-RC Services, LLC (broker-dealer); President and Manager—Vantagepoint Transfer Agents, LLC (2003-present); Director and President, VantageTrust Company (2003-present); Executive Vice President and Chief Operations Officer ICMA—Retirement Corporation (1997-2003)	N/A
Bruce James Rohrbacher (54)***	Vice President and Chief Compliance Officer	Since September, 2004	Senior Vice President and Chief Compliance Officer—ICMA Retirement Corporation (2004 to present); Senior Vice President and Chief Compliance Officer, Vantagepoint Investment Advisers, LLC (2004-present) and Chief Compliance Officer, ICMA-RC Services, LLC (broker-dealer) (2004 to present); Director of Compliance and Internal Audit—Frank Russell Company (financial services) (1996-2004)	N/A
Gerard P. Maus (55)***	Treasurer and Principal Financial Officer	Since December, 2004	Senior Vice President and Chief Financial Officer—ICMA Retirement Corporation (2004 to present); Senior Vice President and Treasurer—Vantagepoint Investment Advisers, LLC (2004-present); Manager and Treasurer, Vantagepoint Transfer Agents, LLC and ICMA-RC Services, LLC (broker-dealer) (2004-present); Chief Financial Officer and Chief Administrative Officer—SoundView Technology Group (2002-2004); Chief Financial Officer, Treasurer, Director, Member—SoundView Technology Group Internal Companies (2002-2004); Chief Operating Officer— Advanced Technology Ventures (2001-2002)	N/A
Angela Montez (39) ***	Secretary	Since December, 2006	Vice President, Assistant Secretary and Acting General Counsel—ICMA Retirement Corporation (2006-present) Corporate Counsel—ICMA Retirement Corporation (2000—2006); Secretary—Vantagepoint Investment Advisers, LLC, Vantagepoint Transfer Agents, LLC and ICMA-RC Services, LLC(broker-dealer) (2006—present)	N/A

 

*   The business address for each Director and Officer is 777 N. Capitol Street NE, Washington, D.C. 20002.

**   Ms. Rudolf is considered an interested Director because she is a director of ICMA Retirement Corporation. Ms. Wiessmann is considered an interested person because of her position with a broker dealer who has previously and may in the future execute fund trades.

***   Ms. McCallen and Ms. Montez and Messrs. Rohrbacher and Maus are considered to be “interested persons” of the Company, as that term is defined under the 1940 Act due to their positions as officers of VIA and RC Services, the distributor of the funds, and ICMA-Retirement Corporation, the parent company of VIA and RC Services.

Aggregate compensation that was paid to the directors during the year ended December 31, 2006 totaled $101,480. Executive officers do not receive any compensation from the Company, except the Company pays a portion of the cash

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compensation of the Chief Compliance Officer of the Company. The amount during the year ended December 31, 2006 totaled $204,650.

The Statement of Additional Information includes additional information about the Board and is available, without charge, upon request, by calling 1-800-669-7400. And on the company’s website at www.icmarc.org

F. Directors’ Consideration of Investments Advisory and Subadvisory Agreements

Vantagepoint International Fund

At a meeting held on September 22, 2006 (“September Meeting”), the Board of Directors (“Board”) of The Vantagepoint Funds (“Company”) approved a new investment subadvisory agreement (“New Subadvisory Agreement”) with Walter Scott & Partners, Limited (“WSPL”), one of the subadvisers of the Vantagepoint International Fund (“International Fund”), due to the acquisition of WSPL by Mellon International Limited (“Mellon International”), which was completed on October 2, 2006. Upon completion of the acquisition, Mellon International acquired 100% of the outstanding voting securities of WSPL, which constituted a “change of control” of WSPL under applicable provisions of the Investment Company Act of 1940 (“1940 Act”). The 1940 Act provides that a “change of control” of a fund’s adviser or subadviser results in an “assignment,” and a consequent automatic termination, of the investment advisory agreement between the fund and the adviser or subadviser, as the case may be. Accordingly, as a result of the acquisition, the prior investment subadvisory agreement dated January 3, 2006 among Vantagepoint Investment Advisers, LLC (“Adviser”), the International Fund’s investment adviser, the Company and WSPL terminated on October 2, 2006. At the September Meeting, in anticipation of the pending acquisition and consequent immediate termination of the prior investment subadvisory agreement with WSPL, the Board, including a majority of the Directors who are not “interested persons,” as defined in the Investment Company Act of 1940 (“Independent Directors”), approved the New Subadvisory Agreement with WSPL, having terms substantively identical to the terms of the prior investment subadvisory agreement except for the effective date. Before approving the New Subadvisory Agreement with WSPL, the Board considered the recommendations of, and supporting analyses and data presented by, the Adviser.

With respect to the Board’s consideration of the New Subadvisory Agreement with WSPL, the Directors received written information in advance of the September Meeting from the Adviser, which included: (1) the conclusions reached by the Adviser as a result of the due diligence it conducted relating to the acquisition; (2) the nature and quality of the services that WSPL would provide to the International Fund; (3) WSPL’s experience, reputation, investment management business, personnel and operations; (4) WSPL’s brokerage and trading policies and practices; (5) the level of subadvisory fees to be charged to the International Fund by WSPL and a comparison of those fees to the: (a) standard fee schedule charged by WSPL for managing international equity accounts and the fee WSPL charges to other U.S. registered mutual funds with a similar investment mandate to that of the International Fund; and (b) fees charged by a group of active separate account investment managers utilizing an international equity mandate; (6) WSPL’s compliance program; (7) WSPL’s historical performance returns utilizing an international equity mandate and such performance compared to a relevant benchmark; and (8) WSPL’s investment performance as a subadviser to the International Fund.

In considering the information and materials described above, the Independent Directors received assistance from and met separately with their independent legal counsel and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements.

In determining whether to approve the New Subadvisory Agreement, the Directors considered the information received in advance of the September Meeting, the presentations made by and discussions held with the personnel of the Adviser, and discussions with representatives of WSPL and Mellon International, at the September Meeting, as well as a variety of factors and reached the following conclusions.

Nature, Extent and Quality of Services.  With respect to the nature, extent and quality of the investment advisory services to be provided by WSPL to the International Fund following the acquisition, the Directors considered WSPL’s investment management process in managing the International Fund’s assets allocated to it, including the experience and capability of WSPL’s management and other personnel responsible for the portfolio management of the International Fund. The Directors also considered that WSPL and Mellon International each represented to the Board at the September Meeting that there would be no material change in the nature, quality or scope of the investment advisory

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services provided by WSPL to the International Fund as a result of the acquisition. The Directors considered Mellon International’s representations that it has no present intention of changing the investment management practices or principles or any personnel of WSPL or altering the fees that are charged to the International Fund for the services rendered by WSPL. The Directors also took into account the information provided regarding the retention and incentive tools put into place by Mellon International that are designed to retain the key employees of WSPL after the acquisition.

The Directors further considered that WSPL represented to the Adviser that they do not plan to make any changes in operations or key personnel as a result of the acquisition and intend to continue managing the International Fund in the same manner as they are currently. The Directors also considered that the Adviser does not anticipate any material changes to the nature and quality of the services provided by WSPL following the acquisition. Based on the information considered, the Directors concluded that the International Fund was likely to continue to benefit from the nature, extent and quality of WSPL’s services, and that WSPL has the ability to continue to provide these services after the acquisition.

Investment Performance.  The Directors considered the data provided regarding WSPL’s historical investment performance record in managing their clients’ assets utilizing an international equity mandate versus a relevant benchmark. The Directors also considered WSPL’s investment performance with respect to managing the assets of the International Fund and the Adviser’s favorable assessment of such performance. The Directors concluded that the investment performance record of WSPL supported approval of the New Subadvisory Agreement with WSPL.

Subadvisory Fees and Economies of Scale.  In evaluating the subadvisory fee, the Directors considered that the subadvisory fee payable under the New Subadvisory Agreement is the same as the subadvisory fee payable under the current subadvisory agreement with WSPL. The Directors also considered comparisons of the subadvisory fees charged by WSPL to the International Fund with WSPL’s standard fee schedule, and its fee schedule for other U.S. registered mutual funds, for managing an investment mandate similar to the mandate the subadviser employs on behalf of the International Fund. The Directors also considered the Adviser’s assessment that the International Fund’s fee schedule at the current level of assets allocated to WSPL is competitive with WSPL’s standard fee schedule and WSPL’s fee schedule for other U.S. registered mutual funds advised by WSPL that have a similar investment mandate. The services WSPL provides to the International Fund appeared to be comparable to those it provides to such other advisory clients. The Directors reviewed information provided by the Adviser (which was based on an independent third-party source) on the fees charged by a group of separate account investment managers that employ an active international equity mandate. According to the information provided, the effective fee rate to be paid by the International Fund to WSPL at current asset levels is below the median fee charged by such managers. The foregoing comparisons assisted the Directors in considering the New Subadvisory Agreement by providing them with a basis for evaluating WSPL’s fees on a relative basis. Based on this information, the Directors concluded that WSPL’s subadvisory fees appeared to be within a reasonable range for the services provided.

The Directors also reviewed the information provided by WSPL regarding the estimated profits to be realized with respect to WSPL’s relationship with the International Fund. In reviewing the extent to which economies of scale may be realized by WSPL as the assets of the International Fund to be managed by WSPL grow, and whether the proposed fee levels reflect these economies, the Directors considered that WSPL’s fee schedule includes breakpoints, which indicated that the subadvisory fee rate is intended to capture certain anticipated economies of scale for the benefit of the International Fund’s shareholders in connection with the services to be provided.

Other Considerations.  The Directors considered the due diligence process engaged in by the Adviser in connection with the acquisition and in deciding to recommend that the Board approve the New Subadvisory Agreement with WSPL. The Directors also considered the Adviser’s conclusion that the fees to be paid by WSPL for its services to the International Fund continue to be reasonable and appropriate in light of the nature and quality of services to be provided by WSPL. The Directors concluded that the Adviser’s recommendations and conclusions supported approval of the New Subadvisory Agreement.

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to WSPL due to its relationship with the International Fund, and noted that WSPL does not consider there to be any material fall-out benefits accruing to WSPL by virtue of its relationship with the International Fund.

Conclusion.  After full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the approval of the New

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Additional Information (Unaudited)—(Continued)

Subadvisory Agreement with WSPL is in the best interests of the International Fund and its shareholders, and approved the New Subadvisory Agreement with, and the fee to be paid to, WSPL.

Vantagepoint US Government Securities Fund

At the December 8, 2006 meeting of the Board (“December Meeting”), the Adviser recommended and the Board approved the implementation of a new principal investment strategy for the Vantagepoint US Government Securities Fund (“Fund”), effective May 1, 2007. The new principal investment strategy provides that the Fund will invest, under normal circumstances, at least 80% of its net assets in inflation-adjusted U.S. and non-U.S. debt securities. In connection with this change in investment strategy, the Board approved, effective May 1, 2007: (i) a change in the name of the Fund to the Inflation Protected Securities Fund; (ii) two new Investment Subadvisory Agreements (each a “Subadvisory Agreement”) among the Company, the Adviser and each of Fischer Francis Trees & Watts, Inc. (“FFTW”) and Pacific Investment Management Company, LLC (“PIMCO”); and (iii) the termination of the existing investment subadvisory agreement with the Fund’s current subadviser, Mellon Capital Management, LLC (“Mellon”).

With respect to the Board’s consideration of the respective Subadvisory Agreements with FFTW and PIMCO, the Directors received written information in advance of the December Meeting from the Adviser, which included: (1) the Adviser’s rationale for the change in the principal investment strategy of the Fund; (2) the process by which the Adviser selected and recommended for Board approval FFTW and PIMCO as subadvisers of the Fund to implement the new investment strategy; (3) the nature, extent and quality of the services that FFTW and PIMCO would provide to the Fund; (4) each proposed subadviser’s experience, reputation, investment management business, personnel and operations; (5) each proposed subadviser’s brokerage and trading policies and practices; (6) the level of subadvisory fees to be charged to the Fund by FFTW and PIMCO and a comparison of those fees to the: (a) fees charged by each of FFTW and PIMCO to manage other inflation protected securities accounts; and (b) fees charged by a group of active separate account investment managers utilizing an inflation protected securities mandate; (7) FFTW’s and PIMCO’s compliance programs; (8) FFTW’s and PIMCO’s historical performance returns utilizing an inflation protected securities mandate, and such performance compared to a relevant benchmark; (9) the Fund’s expected overall investment advisory fee and total expense ratio, taking into account the change in subadvisers, as compared to a group of inflation protected bond mutual funds; and (10) each proposed subadviser’s financial condition.

In considering the information and materials described above, the Independent Directors received assistance from and met separately with their independent legal counsel and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements.

In determining whether to approve each Subadvisory Agreement, the Directors considered the information received in advance of the December Meeting, the presentations made by, and discussions held with, the personnel of the Adviser, FFTW (and its affiliate) and PIMCO at the December Meeting, as well as a variety of factors, and reached the following conclusions:

Nature, Extent and Quality of Services.  With respect to the nature, extent and quality of the services expected to be provided by FFTW and PIMCO under their respective Subadvisory Agreements, the Directors considered the specific investment process to be employed by each of FFTW and PIMCO in managing the assets of the Fund to be allocated to them; the qualifications of FFTW’s and PIMCO’s respective investment management teams with regard to implementing an inflation protected securities mandate; each proposed subadviser’s performance record as compared to a relevant benchmark; each proposed subadviser’s infrastructure and whether it appears to adequately support an inflation protected securities strategy; and the Adviser’s review process and favorable assessment as to the nature, quality and extent of the subadvisory services expected to be provided by each of FFTW and PIMCO to the Fund. The Directors acknowledged that FFTW and PIMCO each has a successful performance record as an inflation protected securities manager and each has an experienced portfolio management team, and appears to have adequate infrastructure and support staff to seek to achieve favorable results implementing an inflation protected securities mandate for the Fund.

With regard to FFTW, the Directors also considered that, at the end of 2006, BNP Paribas Asset Management (“BNPP AM”), who held a majority economic interest and a minority voting interest in FFTW at the time of the December Meeting, would acquire the remainder of FFTW and that FFTW would become a wholly-owned subsidiary of BNPP AM. The Directors considered that the Adviser does not expect any change to the investment management process, philosophy and resources or infrastructure following the acquisition of FFTW by BNPP AM. The Directors further

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Additional Information (Unaudited)—(Continued)

considered that the Adviser believes the acquisition to be a positive development for clients of FFTW and the acquisition will not affect the ability of FFTW to continue to provide successful investment management services to its clients. The Directors considered that FFTW does not expect the acquisition to affect the services to be provided to the Fund. They also considered the long-term, equity-related incentive plan that will be put into place to align the interests of key employees with the long-term success of FFTW.

In addition, the Directors considered that representatives of FFTW and BNPP AM each represented to the Board at the December Meeting that FFTW would retain day-to-day operational and management independence and that FFTW’s investment process would remain autonomous following the acquisition.

The Directors concluded that the nature, extent and quality of the subadvisory services expected to be provided by each of FFTW and PIMCO were appropriate for the Fund in light of its new principal investment strategy, which will become effective May 1, 2007, and, thus, supported a decision to approve each Subadvisory Agreement.

Investment Performance.  The Directors evaluated FFTW’s and PIMCO’s historical investment performance record in managing their clients’ assets utilizing an inflation protected securities mandate, and considered each performance record versus a relevant benchmark. The Directors concluded that the historical investment performance record of each of FFTW and PIMCO supported approval of each Subadvisory Agreement with FFTW and PIMCO, respectively.

Subadvisory Fees, Expense Ratio Impact and Economies of Scale.  In evaluating each proposed subadvisory fee, the Directors reviewed FFTW’s and PIMCO’s subadvisory fee schedules. The Directors considered comparisons of the subadvisory fees to be charged by FFTW and PIMCO to the Fund with each subadviser’s fee schedule for managing an investment mandate similar to the mandate the subadviser is to employ on behalf of the Fund. The Directors considered that, according to the information provided, the proposed fee schedule for FFTW reflected the lowest fee rate currently charged by the subadviser to other accounts for which the subadviser provides advisory services utilizing a similar mandate, and the proposed fee schedule for PIMCO is lower than its standard fee for managing U.S. registered mutual funds with a similar, although broader, investment mandate. Additionally, the nature of the subadvisory services each subadviser is to provide to the Fund appeared to be comparable to those each subadviser provides to such other subadvisory clients. The Directors reviewed information provided by the Adviser (which was based on an independent third-party source) on the fees charged to accounts with assets comparable to the amount of assets to be allocated initially to FFTW and PIMCO by a group of U.S. separate account investment managers that employ a similar investment mandate to the investment mandate the proposed subadvisers are to employ for the Fund. According to the information provided, the effective fee rate to be paid by the Fund to FFTW at current asset levels would be below the median fee charged by such managers; and the effective fee rate to be paid by the Fund to PIMCO at current asset levels is in line with (one basis point higher than) the median fee charged by (and in the third quartile of) such managers.

The Directors considered that there would be a ten basis point increase in overall subadvisory fees, and, therefore, the total expense ratio of the Fund, associated with the appointment of FFTW and PIMCO due to the implementation of the new investment strategy, which, unlike the current investment strategy, will be actively managed. The Directors also considered that the Adviser expects this increase in subadvisory fee to be offset by the expected return to be provided by each proposed subadviser. Referring to data provided by the Adviser and compiled by Morningstar, Inc. (“Morningstar”), an independent provider of investment company data, the Directors also noted that the expected total investment advisory fee for the Fund, taking into account the proposed subadviser changes, was lower than the median investment advisory fee of a group of investment companies categorized as inflation protected bond funds. The Directors also considered information provided by the Adviser and compiled by Morningstar on the total expense ratios of a group of investment companies categorized as inflation protected bond funds, which showed that, if FFTW and PIMCO each served as a subadviser to the Fund at the proposed subadvisory fee rates and asset allocation levels, the Fund’s expected total expense ratio would be below the average and median expense ratios of such funds.

The foregoing comparisons assisted the Directors in considering each Subadvisory Agreement by providing them with a basis for evaluating FFTW’s and PIMCO’s fees, including in light of the Fund’s expected overall investment advisory fee and total expense ratio, on a relative basis. Based on this information, the Directors concluded that FFTW’s and PIMCO’s subadvisory fees each appeared to be within a reasonable range for the services to be provided.

The Directors also reviewed the information provided by FFTW and PIMCO regarding the estimated profits to be realized from the subadvisers’ relationship with the Fund. In reviewing the extent to which economies of scale may be

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Additional Information (Unaudited)—(Continued)

realized by FFTW and PIMCO as the assets of the Fund to be managed by each subadviser grow, and whether the proposed fee levels reflect these economies, the Directors considered that FFTW’s proposed fee schedule includes breakpoints, which indicates that the proposed subadvisory fee rate is intended to capture certain anticipated economies of scale for the benefit of the Fund’s shareholders in connection with the services to be provided. With respect to PIMCO, the Directors considered that, although the proposed subadvisory fee schedule does not include breakpoints, PIMCO takes into account economies of scale in determining its fee schedules, which suggests that the Fund’s proposed subadvisory fee rate reflects certain anticipated economies of scale for the benefit of the Fund’s shareholders in connection with the services to be provided. The Directors concluded that the proposed fee schedules with respect to each proposed subadviser are appropriate at this time.

Other Considerations.  The Directors considered the selection and due diligence process employed by the Adviser in deciding to recommend FFTW and PIMCO as subadvisers to the Fund to implement the Fund’s new principal investment strategy and also considered the Adviser’s conclusion that the fees to be paid to each of FFTW and PIMCO for their respective services to the Fund are reasonable and appropriate in light of the nature and quality of services to be provided by each subadviser and the reasons supporting that conclusion. The Directors also considered information from the Adviser concerning its strategy to efficiently and economically effect the subadviser transitions. The Directors concluded that the Adviser’s recommendations and conclusions supported approval of each Subadvisory Agreement.

The Directors also considered the potential “fall-out” or ancillary benefits that may accrue to FFTW and PIMCO due to each subadviser’s relationship with the Fund and that each proposed subadviser does not expect any “fall-out” benefits by virtue of its relationship to the Fund.

Conclusion.  After full consideration of the foregoing factors, with no single factor identified as being of paramount importance, the Directors, including a majority of the Independent Directors, concluded that the initial approval of each Subadvisory Agreement is in the best interests of the Fund and its shareholders, and approved the Subadvisory Agreement with, and the fee to be paid to, each of FFTW and PIMCO.

Vantagepoint Core Bond Index Fund, Vantagepoint Overseas Equity Index Fund and Vantagepoint US Government Securities Fund

At the December Meeting, the Board, including a majority of the Independent Directors, approved a revised fee schedule to the existing investment subadvisory agreements with Mellon for each of the following funds: Vantagepoint Core Bond Index Fund, Vantagepoint Overseas Equity Index Fund and Vantagepoint US Government Securities Fund. The revised fee schedule for each fund provides an additional breakpoint of 0.01% of average net assets when the respective fund’s assets managed by Mellon are above $1 billion, effective as of September 14, 2006. In approving the revised fee schedules with Mellon, the Board received, and took into consideration, a written representation from Mellon that there will be no change in the nature, quality or quantity of services Mellon provides to each fund.

G. Householding

Only one copy of this Annual Report may be mailed to households, even if more than one person in a household is a shareholder of record, unless The Vantagepoint Funds has received instructions to the contrary. If you need additional copies of this Annual Report or you do not want this mailing of this Annual Report to be combined with those for other members of your household please contact The Vantagepoint Funds toll free at 1-800-669-7400 or in writing at 777 North Capitol Street, NE, Suite 600; Washington, D.C. 20002.

H. Other Available Information

A description of the Company’s proxy voting policies and procedures and the proxy voting record for the 12-month period ended June 30, 2006 are available without charge, upon request, by calling 1-800-669-7400, on the Company’s website at www.icmarc.org or by accessing the Securities and Exchange Commission’s website at www.sec.gov.

The Company files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q; the Company’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

167

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Money Market Fund	Shares		Value
MUTUAL FUNDS—99.5%
AIM Short-Term Investments Trust Liquid Assets Portfolio
(Cost $216,767,333)	216,767,333	$	216,767,333
TOTAL INVESTMENTS—99.5%
(Cost $216,767,333)			216,767,333
Other assets less liabilities—0.5%			1,003,945
NET ASSETS—100.0%		$	217,771,278

 

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Short-Term
Bond Fund

Coupon Rate	Maturity Date		Face			Value
CORPORATE OBLIGATIONS—27.5%
Automotive—0.4%
DaimlerChrysler North America Holding Corporation, Guaranteed Note
4.050%	06/04/2008		$	1,640,000	$	1,605,509
General Motors Acceptance Corporation, Global Note
5.125%	05/09/2008			729,000		721,437
						2,326,946
Banking—15.4%
American Express Centurion Bank, Note
5.480%	12/17/2009	#		2,410,000		2,417,989
Bank of America Corporation, Subordinated Note
6.625%	10/15/2007			5,000,000		5,039,765
Bank of America Corporation, Subordinated Note
6.600%	05/15/2010			400,000		415,577
Bank of America Corporation, Subordinated Note
6.375%	02/15/2008			930,000		938,883
Bank One NA, Note
3.700%	01/15/2008			1,000,000		984,177
CIT Group, Inc., Global Note
4.250%	02/01/2010			380,000		368,298
CIT Group, Inc., Note, (MTN)
5.493%	08/17/2009			3,200,000		3,205,162
CIT Group, Inc., Senior Note
5.750%	09/25/2007			6,000,000		6,019,308
Citigroup, Inc., Global Note
3.625%	02/09/2009			4,000,000		3,883,644
Citigroup, Inc., Note
6.200%	03/15/2009			4,750,000		4,845,594
Eksportfinans A/S, Note, (MTN) (Norway)
4.750%	12/15/2008			5,100,000		5,075,948
Eksportfinans A/S, Note, (MTN) (Norway)
4.375%	07/15/2009			2,500,000		2,457,077
General Electric Capital Corp., Note, (MTN)
4.875%	10/21/2010			5,810,000		5,753,800
Household Finance Corporation, Note
6.400%	06/17/2008			6,000,000		6,094,032
Inter-American Development Bank, Global Note (Supra National)
5.375%	11/18/2008			2,000,000		2,014,726
Inter-American Development Bank, Note (Supra National)
6.375%	10/22/2007			2,136,000		2,155,053
Kreditanstalt fuer Wiederaufbau, Global Note (Germany)
5.250%	05/19/2009			3,885,000		3,904,596
Kreditanstalt fuer Wiederaufbau, Note (Germany)
4.875%	10/19/2009			2,975,000		2,966,283
MBNA Corp., Senior Note, (MTN)
6.250%	01/17/2007			1,500,000		1,500,440
Nomura Asset Securities Corporation
6.590%	03/15/2030			5,948,978		6,024,252
Santander US Debt SA Unipersonal, Senior Note, 144A (Spain)
5.426%	11/20/2009	*		2,500,000		2,501,728
SLM Corporation, Note, (MTN)
4.000%	01/15/2009			3,175,000		3,105,988
SLM Corporation, Note, (MTN)
3.625%	03/17/2008			7,890,000		7,729,091
Wachovia Bank NA, Bank Note
7.800%	08/18/2010			6,500,000		6,997,263
Wells Fargo & Company, Note
4.125%	03/10/2008			3,560,000		3,514,489
Wells Fargo & Company, Senior Note
4.000%	08/15/2008			2,585,000		2,533,191
Wells Fargo & Company, Series J, Note, (MTN)
4.200%	01/15/2010		$	1,000,000	$	974,880
						93,421,234
Beverages, Food & Tobacco—0.7%
Kellogg Co., Senior Note
2.875%	06/01/2008			2,860,000		2,761,402
Smithfield Foods, Inc., Senior Note
8.000%	10/15/2009			1,275,000		1,338,750
						4,100,152
Commercial Services—0.2%
Allied Waste North America, Senior Note
8.500%	12/01/2008			1,265,000		1,336,156
Communications—0.1%
Intelsat Subsidiary Holding Co., Ltd., Guaranteed Senior Note (Bermuda)
10.484%	01/15/2012	#		790,000		800,863
Computer Software & Processing—0.2%
Unisys Corp., Senior Note
6.875%	03/15/2010			1,390,000		1,372,625
Computers & Information—0.4%
Hewlett-Packard Co., Note
5.496%	05/22/2009	#		2,500,000		2,505,623
Electric Utilities—0.1%
PSEG Energy Holdings LLC, Senior Note
8.625%	02/15/2008			521,000		536,630
Financial Services—3.7%
ASIF Global Financing, Senior Note 144A
3.850%	11/26/2007	*		1,600,000		1,578,899
Merrill Lynch & Co., Inc., Note, (MTN)
4.831%	10/27/2008			2,540,000		2,524,849
MSW Energy Holdings LLC/MSW Energy Finance Co., Inc., Senior Secured Note
7.375%	09/01/2010			1,295,000		1,327,375
Principal Life Global Funding I, Note 144A (MTN)
5.125%	06/28/2007	*		2,750,000		2,746,442
Principal Life Global Funding I, Note, 144A
3.625%	04/30/2008	*		550,000		536,790
Svensk Exportkredit AB, Note (Sweden)
4.625%	02/17/2009			7,760,000		7,677,798
TIAA Global Markets 144A
3.875%	01/22/2008	*		6,000,000		5,901,822
						22,293,975
Home Construction, Furnishings & Appliances—0.2%
KB Home, Senior Subordinated Note
8.625%	12/15/2008	†		1,260,000		1,315,460
Insurance—1.1%
Allstate Financial Global Funding, Secured Note 144A
5.250%	02/01/2007	*		4,500,000		4,499,712
American International Group, Inc., Note
4.700%	10/01/2010			2,040,000		2,006,185
						6,505,897
Lodging—0.2%
MGM Mirage, Senior Note
6.000%	10/01/2009			1,320,000		1,323,300

See accompanying notes to financial statements.

169

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Short-Term
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Media—Broadcasting & Publishing—0.8%
Echostar DBS Corporation, Note
5.750%	10/01/2008		$	1,345,000	$	1,343,319
Gannett Co., Inc., Senior Note
4.125%	06/15/2008			3,430,000		3,362,508
						4,705,827
Pharmaceuticals—0.2%
Abbott Laboratories, Note
5.375%	05/15/2009			1,050,000		1,056,810
Telecommunications—0.2%
Ameritech Capital Funding, Note
6.250%	05/18/2009			1,570,000		1,589,372
Telephone Systems—3.0%
America Movil SA de CV, Guaranteed Senior Note (Mexico)
4.125%	03/01/2009			1,200,000		1,173,668
America Movil SA de CV, Senior Note, 144A (Mexico)
5.466%	06/27/2008	*‡		1,565,000		1,563,448
BellSouth Corp., Note
4.200%	09/15/2009			3,150,000		3,064,153
Deutsche Telekom International Finance BV, Global Note (Netherlands)
3.875%	07/22/2008			2,600,000		2,545,631
SBC Communications, Inc., Global Note
4.125%	09/15/2009			5,505,000		5,350,111
Sprint Capital Corporation, Guaranteed Note
6.375%	05/01/2009			1,550,000		1,581,880
Telecom Italia Capital SA, Series A, Senior Note (Luxembourg)
4.000%	11/15/2008			2,970,000		2,893,621
						18,172,512
Transportation—0.6%
CSX Corporation, Note
6.250%	10/15/2008			2,500,000		2,536,138
Royal Caribbean Cruises, Ltd., Senior Note
7.000%	10/15/2007			1,305,000		1,323,365
						3,859,503
TOTAL CORPORATE OBLIGATIONS
(Cost $168,013,120)						167,222,885
U.S. GOVERNMENT AGENCY OBLIGATIONS—5.6%
U.S. Government Agencies—Mortgage Backed—5.6%
Federal Home Loan Mortgage Corporation
5.392%	03/01/2036	#‡		4,969,182		4,954,042
4.395%	10/01/2034	#		5,780,930		5,701,946
Federal Home Loan Mortgage Corporation, Series 2885, Class DK
3.500%	10/15/2012			3,015,247		2,975,553
Federal National Mortgage Association
5.107%	10/01/2034	#		5,623,114		5,606,710
5.095%	09/01/2034	#		615,248		613,707
5.017%	09/01/2034	#		527,060		524,149
4.993%	10/01/2034	#		7,235,312		7,208,513
4.765%	10/01/2034	#		967,758		958,350
Federal National Mortgage Association, Series 2004-81, Class KG
3.500%	05/25/2012			2,511,394		2,480,731
FHLMC, Series 2891, Class LN
4.250%	06/15/2024		$	3,267,164	$	3,222,613
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $34,767,611)						34,246,314
U.S. TREASURY OBLIGATIONS—12.7%
U.S. Treasury Notes—12.7%
U.S. Treasury Note
4.875%	08/15/2009	**		29,129,000		29,225,737
4.625%	11/15/2009			15,271,000		15,228,058
4.250%	11/15/2014			33,762,000		32,762,341
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $77,883,083)						77,216,136
SOVEREIGN DEBT OBLIGATIONS—0.9%
Government Issued—0.9%
New Brunswick Province (Canada)
3.500%	10/23/2007			2,678,000		2,639,512
Ontario Electricity Financial Corp. (Canada)
6.100%	01/30/2008			2,949,000		2,972,041
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $5,620,746)						5,611,553
ASSET BACKED SECURITIES—23.1%
Automotive—15.7%
Capital Auto Receivables Asset Trust, Series 2004-2, Class A3
3.580%	01/15/2009			6,100,000		6,034,053
Capital Auto Receivables Asset Trust, Series 2006-SN1A, Class A4A, 144A
5.320%	03/20/2010	*		3,400,000		3,405,973
Capital One Prime Auto Receivables Trust, Series 2006-2, Class A4
4.940%	07/15/2012			7,000,000		6,975,166
Carmax Auto Owner Trust, Series 2005-2, Class B
4.490%	01/15/2011			6,000,000		5,912,635
Chase Manhattan Auto Owner Trust, Series 2006-B, Class A3
5.130%	05/15/2011			2,200,000		2,201,358
Chase Manhattan Auto Owner Trust, Series 2006-B, Class A4
5.110%	04/15/2014			2,200,000		2,205,305
Daimler Chrysler Auto Trust, Series 2003-B, Class A-4
2.860%	03/09/2009			3,594,902		3,563,993
Daimler Chrysler Auto Trust, Series 2004-C, Class A4
3.280%	12/08/2009			800,000		784,795
Daimler Chrysler Auto Trust, Series 2005-A, Class A3
3.490%	12/08/2008			565,386		562,684
Ford Credit Auto Owner Trust, Series 2005-A, Class A3
3.480%	11/15/2008			1,304,975		1,297,663
Ford Credit Auto Owner Trust, Series 2005-A, Class B
3.880%	01/15/2010			2,600,000		2,555,457
Ford Credit Auto Owner Trust, Series 2006-A, Class A3
5.050%	03/15/2010			1,065,000		1,062,753

See accompanying notes to financial statements.

170

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Short-Term
Bond Fund

Coupon Rate	Maturity Date		Face		Value
ASSET BACKED SECURITIES—(Continued)
Ford Credit Auto Owner Trust, Series 2006-B, Class A2B
5.340%	07/15/2009		$	2,200,000	$	2,201,758
Ford Credit Auto Owner Trust, Series 2006-B, Class A3
5.260%	10/15/2010			4,150,000		4,155,448
Harley-Davidson Motorcycle Trust, Series 2006-3, Class A3
5.240%	01/15/2012			3,060,000		3,065,808
Harley-Davidson Motorcycle Trust, Series 2006-3, Class A4
5.220%	06/15/2013			3,900,000		3,917,350
Hertz Vehicle Financing LLC, Series 2004-1A, Class A4, 144A
3.230%	05/25/2009	*		5,000,000		4,802,027
Honda Auto Receivables Owner Trust, Series 2003-4, Class A4
2.790%	03/16/2009			4,118,209		4,082,362
Household Automotive Trust, Series 2006-1, Class A3
5.430%	06/17/2011			3,800,000		3,816,040
Long Beach Auto Receivables Trust, Series 2006-B, Class A3
5.170%	08/15/2011			4,350,000		4,352,554
Nissan Auto Receivables Owner Trust, Series 2003-C, Class A-5
3.210%	03/16/2009			2,040,000		2,016,680
Nissan Auto Receivables Owner Trust, Series 2004-A, Class A4
2.760%	07/15/2009			4,638,890		4,561,937
Nissan Auto Receivables Owner Trust, Series 2005-B, Class A4
4.180%	10/15/2010			1,000,000		982,605
Triad Auto Receivables Owner Trust, Series 2006-A, Class A3
4.770%	01/12/2011			3,189,000		3,172,195
USAA Auto Owner Trust, Series 2004-3, Class A4
3.530%	06/15/2011			6,000,000		5,884,609
USAA Auto Owner Trust, Series 2006-4, Class A2
5.160%	11/16/2009			1,000,000		999,641
Wachovia Auto Owner Trust, Series 2004-B, Class A4
3.440%	03/21/2011			2,600,000		2,543,495
Wachovia Auto Owner Trust, Series 2005-B, Class A4
4.840%	04/20/2011			4,525,000		4,502,394
Wachovia Auto Owner Trust, Series 2006-1, Class A4, 144A
5.080%	04/20/2012	*		4,000,000		3,995,596
						95,614,334
Credit Cards—3.0%
Capital One Multi-Asset Execution Trust, Ser. 2003-A4, Class A4
3.650%	07/15/2011			4,800,000		4,687,548
Citibank Credit Card Issuance Trust, Series 2003-A8, Class A8
3.500%	08/16/2010			4,270,000		4,162,587
GE Capital Credit Card Master Note Trust, Series 2006-1, Class A
5.080%	09/15/2012			9,100,000		9,117,355
						17,967,490
Equipment—1.4%
GE Dealer Floorplan Master Note Trust, Series 2006-1, Class A
5.360%	04/20/2011		$	5,150,000	$	5,155,752
John Deere Owner Trust, Series 2003-A, Class A4
2.440%	06/15/2010			3,180,964		3,179,233
						8,334,985
Utilities—3.0%
California Infrastructure PG&E-1, Series 1997-1, Class A8
6.480%	12/26/2009			4,351,500		4,386,886
California Infrastructure SCE-1, Series 1997-1, Class A7
6.420%	12/26/2009			5,044,176		5,079,149
Comed Transitional Funding Trust, Series 1998-1, Class A6
5.630%	06/25/2009			223,247		223,518
Peco Energy Transition Trust, Series 2000-A, Class A3
7.625%	03/01/2010			7,164,000		7,519,812
PG&E Energy Recovery Funding LLC, Series 2005-1, Class A2
3.870%	06/25/2011			958,396		942,932
						18,152,297
TOTAL ASSET BACKED SECURITIES
(Cost $141,369,541)						140,069,106
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—12.7%
Mortgage Backed—12.7%
Bank of America Mortgage Securities, Series 2004-L, Class 1A1
4.193%	01/25/2035	#		4,421,777		4,386,532
Bear Stearns Commercial Mortgage Securities, Series 2004-PWR3, Class A2
3.869%	02/11/2041			5,490,000		5,345,145
Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-25, Class 3A1
6.477%	02/25/2035	#		2,906,806		2,942,787
Credit Suisse First Boston Mortgage Securities Corporation, Series 2004-C3, Class A3
4.302%	07/15/2036			1,000,000		977,265
First Horizon Asset Securities, Inc., Series 2005-AR4, Class IIA1
5.340%	10/25/2035	#		4,893,856		4,879,463
GE Capital Commercial Mortgage Corporation, Series 2005-C1, Class A2
4.353%	06/10/2048			4,910,000		4,792,905
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1
4.540%	10/25/2035			4,960,588		4,875,854
GSR Mortgage Loan Trust, Series 2004-11, Class 2A2
4.782%	09/25/2034	#		3,398,646		3,378,163
Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A
5.319%	12/19/2035	#		6,604,832		6,595,166
LB-UBS Commercial Mortgage Trust, Series 2003-C7, Class A1
3.334%	09/15/2027			3,755,964		3,667,734
LB-UBS Commercial Mortgage Trust, Series 2003-C8, Class A2
4.207%	11/15/2027			5,800,000		5,677,365

See accompanying notes to financial statements.

171

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Short-Term
Bond Fund

Coupon Rate	Maturity Date		Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2
4.729%	12/25/2034	#	$	4,327,379	$	4,274,796
PNC Mortgage Acceptance Corp., Series 2001-C1, Class A1
5.910%	03/12/2034			2,747,109		2,767,548
Provident Funding Mortgage Loan Trust, Series 2004-1, Class 1A1
4.049%	04/25/2034	#		867,729		852,937
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 3A
5.402%	05/25/2035	#		5,359,167		5,374,765
Structured Asset Mortgage Investments, Inc., Series 2004-AR5, Class IIA1
7.270%	10/19/2034	#		1,010,787		1,020,823
Thornburg Mortgage Securities Trust, Series 2004-1, Class II2A
3.312%	03/25/2044	#		1,136,439		1,103,407
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2
4.380%	10/15/2041			5,490,000		5,363,196
Wells Fargo Mortgage Backed Securities Trust, Series 2004-S, Class B1
3.539%	09/25/2034	#		2,068,789		1,972,185
Wells Fargo Mortgage Backed Securities Trust, Series 2004-Z, Class 2A1
4.577%	12/25/2034	#		2,723,123		2,697,172
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR9, Class IIA1
4.362%	05/25/2035	#		4,284,257		4,206,715
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $77,511,339)						77,151,923
CERTIFICATES OF DEPOSIT—1.5%
Banking—1.5%
Barclays Bank PLC, NY CD
5.325%	04/03/2007
(Cost $9,000,556)				9,000,000		9,000,556
COMMERCIAL PAPER—9.1%
Banking—7.2%
BNP Paribas Finance, Inc.
5.225%	02/22/2007			8,795,000		8,726,069
Dexia Delaware LLC
5.235%	02/22/2007			8,795,000		8,725,937
HBOS Treasury Services
5.240%	03/14/2007			6,000,000		5,935,373
HSBC PLC
5.220%	04/23/2007			3,000,000		2,950,410
JPMorgan Chase & Co.
5.200%	03/28/2007			8,740,000		8,628,905
Societe Generale North America, Inc.
5.220%	03/27/2007			8,893,000		8,780,815
						43,747,509
Commercial Services—1.4%
Siemens Capital Co. LLC (Georgia)
5.220%	02/22/2007			8,795,000		8,726,135
Financial Services—0.5%
General Electric Capital Corp.
5.200%	01/16/2007		$	3,000,000	$	2,992,634
TOTAL COMMERCIAL PAPER
(Cost $55,466,278)						55,466,278
CASH EQUIVALENTS—0.2%
Bank & Certificate Deposits/ Offshore Time Deposits—0.2%
Abbey National PLC
5.280%	01/05/2007	††		19,407		19,407
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		19,407		19,407
Bank Of Nova Scotia
5.300%	02/27/2007	††		24,260		24,260
Bank Of Nova Scotia
5.290%	01/30/2007	††		9,703		9,703
Bank Of Nova Scotia
5.290%	02/06/2007	††		14,557		14,557
Barclays
5.320%	02/13/2007	††		9,703		9,703
Barclays
5.310%	02/20/2007	††		24,258		24,258
Barclays
5.300%	01/02/2007	††		24,258		24,258
Barton Capital LLC
5.300%	01/17/2007	††		9,704		9,704
Barton Capital LLC
5.300%	01/17/2007	††		14,555		14,555
Calyon
5.310%	02/16/2007	††		9,705		9,705
Calyon
5.300%	02/05/2007	††		29,112		29,112
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		29,112		29,112
Charta LLC
5.300%	01/31/2007	††		19,003		19,003
CIESCO
5.310%	01/04/2007	††		12,634		12,634
Citigroup
5.310%	03/16/2007	††		9,703		9,703
Clipper Receivables Corp
5.300%	01/31/2007	††		9,703		9,703
Compass Securitization
5.300%	01/09/2007	††		14,555		14,555
CRC Funding LLC
5.340%	01/23/2007	††		4,854		4,854
CRC Funding LLC
5.300%	01/10/2007	††		14,166		14,166
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		9,703		9,703
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		19,407		19,407
Dexia Group
5.290%	01/16/2007	††		24,258		24,258
Fairway Finance
5.300%	01/09/2007	††		11,644		11,644
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		9,703		9,703
Fortis Bank
5.320%	01/03/2007	††		9,703		9,703
Fortis Bank
5.300%	01/02/2007	††		9,703		9,703
Fortis Bank
5.300%	01/24/2007	††		33,962		33,962

See accompanying notes to financial statements.

172

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Short-Term
Bond Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Fortis Bank
5.300%	01/26/2007	††	$	38,814	$	38,814
General Electric Capital Corporation
5.300%	01/26/2007	††		19,407		19,407
Greyhawk Funding
5.310%	01/12/2007	††		9,703		9,703
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		24,258		24,258
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		9,703		9,703
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		14,555		14,555
Lexington Parker Cap Comp
5.300%	01/05/2007	††		9,703		9,703
Liberty Street
5.310%	01/17/2007	††		9,703		9,703
Lloyds TSB Bank
5.300%	02/26/2007	††		9,703		9,703
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		9,703		9,703
Merrill Lynch & Co
5.300%	01/02/2007	††		169,809		169,809
Morgan Stanley & Co
5.300%	01/02/2007	††		118,972		118,972
Old Line Funding LLC
5.350%	01/04/2007	††		9,703		9,703
Paradigm Funding LLC
5.310%	01/17/2007	††		9,703		9,703
Park Avenue Receivables Corp
5.330%	01/18/2007	††		9,703		9,703
Rabobank Nederland
5.250%	01/02/2007	††		29,110		29,110
Ranger Funding
5.330%	02/08/2007	††		9,703		9,703
Ranger Funding
5.320%	01/04/2007	††		9,703		9,703
Royal Bank of Canada
5.310%	02/14/2007	††		19,407		19,407
Royal Bank of Scotland
5.310%	01/11/2007	††		9,703		9,703
Royal Bank of Scotland
5.290%	01/16/2007	††		14,555		14,555
Royal Bank of Scotland
5.290%	02/09/2007	††		9,703		9,703
Royal Bank of Scotland
5.280%	01/11/2007	††		24,258		24,258
Sheffiled Receivables Corp
5.360%	01/11/2007	††		14,555		14,555
Sheffiled Receivables Corp
5.300%	01/12/2007	††		9,703		9,703
Societe Generale
5.310%	01/02/2007	††		24,258		24,258
Societe Generale
5.290%	02/01/2007	††		24,258		24,258
Societe Generale
5.270%	01/19/2007	††		24,258		24,258
Svenska Handlesbanken
5.250%	01/02/2007	††		11,136		11,136
Three Pillars Funding LLC
5.380%	01/02/2007	††		14,519		14,519
UBS AG
5.300%	01/04/2007	††		9,703		9,703
UBS AG
5.290%	01/02/2007	††		19,407		19,407
Variable Funding Capital Co
5.310%	02/02/2007	††	$	9,703	$	9,703
Variable Funding Capital Co
5.290%	01/04/2007	††		9,703		9,703
Yorktown Capital LLC
5.330%	01/16/2007	††		9,703		9,703
Yorktown Capital LLC
5.300%	01/10/2007	††		9,703		9,703
						1,240,335
Floating Rate Instruments/Master Notes—0.0%
Bank of America
5.310%	07/10/2007	††		24,258		24,258
Bank of America
5.270%	01/09/2007	††		19,407		19,407
						43,665
TOTAL CASH EQUIVALENTS
(Cost $1,284,000)						1,284,000
REPURCHASE AGREEMENTS—2.5%
Investors Bank & Trust Repurchase Agreement dated 12/29/06 due 1/02/07, with a maturity value of $15,011,164 and effective yield of 4.65% collateralized by the U.S. Government Agency Obligation with a rate of 4.24%, maturity date of 4/01/2035 and an aggregate market value of $15,753,583.				15,003,412		15,003,412
TOTAL INVESTMENTS—95.8%
(Cost $585,919,686)						582,272,163
Other assets less liabilities—4.2%						25,400,941
NET ASSETS—100.0%					$	607,673,104

 

Notes to the Schedule of Investments:

MTN Medium Term Note

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

* Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 5.42% of Total Investments.

† Denotes all or a portion of security on loan.

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

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

†† Represents collateral received from securities lending transactions.

See accompanying notes to financial statements.

173

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint US Government
Securities Fund

Coupon Rate	Maturity Date		Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—42.3%
U.S. Government Agencies—41.5%
Federal Farm Credit Bank
3.750%	01/15/2009		$	1,050,000	$	1,024,650
Federal Home Loan Bank
5.750%	05/15/2012	†		625,000		649,326
5.375%	05/18/2016			1,225,000		1,260,580
5.000%	09/18/2009			700,000		701,094
4.900%	07/24/2008			300,000		299,295
4.750%	01/11/2008			250,000		248,904
4.625%	02/18/2011			400,000		396,198
4.500%	11/15/2012-09/16/2013			1,310,000		1,278,675
4.100%	06/13/2008			400,000		394,602
4.000%	03/10/2008			800,000		789,473
3.875%	01/15/2010			750,000		729,754
3.625%	01/15/2008- 11/14/2008			3,400,000		3,328,917
3.000%	04/15/2009			1,650,000		1,583,193
2.750%	03/14/2008			2,500,000		2,431,017
2.625%	07/15/2008			2,000,000		1,929,728
Federal Home Loan Mortgage Corporation
6.625%	09/15/2009			1,400,000		1,458,997
6.250%	03/05/2012			250,000		250,384
6.000%	06/15/2011- 09/19/2016			1,400,000		1,417,890
5.750%	03/15/2009			1,800,000		1,828,651
5.500%	09/15/2011			600,000		614,064
5.450%	11/21/2013			250,000		249,691
5.400%	02/28/2011			125,000		125,043
5.350%	11/14/2011			600,000		599,710
5.250%	01/05/2011- 11/05/2012			550,000		547,632
5.125%	04/18/2008- 02/01/2011			3,100,000		3,102,715
5.050%	01/26/2015			120,000		120,170
5.000%	02/08/2008- 01/30/2014			1,100,000		1,097,322
4.900%	11/03/2008			300,000		299,183
4.875%	02/17/2009			2,000,000		1,995,656
4.750%	09/22/2010- 01/19/2016			2,150,000		2,133,976
4.500%	01/15/2013- 01/15/2015			2,950,000		2,869,074
4.375%	07/30/2009			500,000		493,204
4.125%	09/01/2009- 02/24/2011			900,000		875,527
4.000%	06/12/2013			400,000		377,446
3.875%	01/12/2009			100,000		97,721
3.625%	09/15/2008			2,500,000		2,443,250
3.500%	04/01/2008			200,000		195,985
3.250%	02/25/2008			500,000		488,943
Federal National Mortgage Association
6.625%	11/15/2010			1,930,000		2,045,732
6.125%	07/17/2013			250,000		252,615
6.070%	05/12/2016			300,000		302,065
6.000%	05/15/2011			800,000		833,784
5.375%	11/15/2011- 07/15/2016			2,430,000		2,490,128
5.250%	06/15/2008- 08/01/2012			4,590,000		4,608,101
5.125%	04/15/2011			675,000		680,475
5.100%	02/22/2008- 01/18/2011			300,000		299,220
5.000%	09/15/2008- 04/15/2015		$	1,500,000	$	1,500,751
4.875%	01/11/2008			450,000		448,582
4.500%	06/01/2010- 02/15/2011			600,000		591,325
4.375%	09/15/2012- 10/15/2015			1,100,000		1,065,258
4.125%	04/15/2014			400,000		379,808
4.000%	01/26/2009			300,000		294,180
3.750%	09/15/2008			400,000		391,662
3.375%	12/15/2008			900,000		872,940
3.250%	01/15/2008- 02/15/2009			1,425,000		1,390,332
						59,174,598
U.S. Government Agencies—Mortgage Backed—0.8%
Federal Home Loan Mortgage Corporation
6.500%	04/01/2035			132,409		135,185
5.000%	11/01/2017			56,625		55,820
Federal National Mortgage Association
7.500%	01/01/2034			352,081		365,041
7.000%	02/01/2013			154,791		159,418
6.500%	05/01/2035			169,000		172,586
6.000%	12/01/2013- 10/01/2017			188,859		191,815
						1,079,865
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $60,638,359)						60,254,463
U.S. TREASURY OBLIGATIONS—56.3%
U.S. Treasury Bonds—5.4%
U.S. Treasury Bond
12.000%	08/15/2013			700,000		777,711
11.750%	11/15/2014			500,000		592,969
11.250%	02/15/2015			850,000		1,221,411
10.625%	08/15/2015			800,000		1,131,875
5.750%	08/15/2010			1,840,000		1,904,041
5.000%	08/15/2011	†		1,940,000		1,967,736
						7,595,743
U.S. Treasury Notes—50.9%
U.S. Treasury Note
6.500%	02/15/2010			2,100,000		2,206,724
6.000%	08/15/2009			1,705,000		1,757,016
5.500%	05/15/2009	†		680,000		691,582
5.125%	06/30/2011- 05/15/2016	†		4,100,000		4,192,849
5.000%	02/15/2011	†		1,770,000		1,792,679
4.875%	05/31/2008- 08/15/2016	†		4,900,000		4,919,338
4.750%	05/15/2014			1,500,000		1,504,337
4.625%	02/29/2008- 11/15/2016	†		6,700,000		6,671,323
4.500%	02/15/2009- 02/15/2016			4,350,000		4,313,164
4.375%	01/31/2008- 08/15/2012	†		4,670,000		4,617,394
4.250%	10/15/2010- 08/15/2015			9,640,000		9,412,361
4.125%	05/15/2015			1,650,000		1,584,838
4.000%	11/15/2012- 02/15/2015			5,100,000		4,884,905
3.875%	05/15/2009- 02/15/2013	†		5,050,000		4,912,318
3.750%	05/15/2008	†		2,700,000		2,659,503

See accompanying notes to financial statements.

174

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint US Government
Securities Fund

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—(Continued)
3.625%	07/15/2009		$	1,530,000	$	1,490,137
3.500%	11/15/2009- 02/15/2010			4,580,000		4,427,115
3.375%	11/15/2008- 12/15/2008			3,980,000		3,878,028
3.125%	09/15/2008- 10/15/2008			6,150,000		5,978,835
3.000%	02/15/2008	†		700,000		685,180
						72,579,626
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $81,240,380)						80,175,369
CASH EQUIVALENTS—14.6%
Bank & Certificate Deposits/ Offshore Time Deposits—14.1%
Abbey National PLC
5.280%	01/05/2007	††		315,319		315,319
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		315,319		315,319
Bank Of Nova Scotia
5.300%	02/27/2007	††		394,149		394,149
Bank Of Nova Scotia
5.290%	01/30/2007	††		157,659		157,659
Bank Of Nova Scotia
5.290%	02/06/2007	††		236,489		236,489
Barclays
5.320%	02/13/2007	††		157,659		157,659
Barclays
5.310%	02/20/2007	††		394,149		394,149
Barclays
5.300%	01/02/2007	††		394,149		394,149
Barton Capital LLC
5.300%	01/17/2007	††		157,659		157,659
Barton Capital LLC
5.300%	01/17/2007	††		236,489		236,489
Calyon
5.310%	02/16/2007	††		157,659		157,659
Calyon
5.300%	02/05/2007	††		472,978		472,978
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		472,978		472,978
Charta LLC
5.300%	01/31/2007	††		308,754		308,754
CIESCO
5.310%	01/04/2007	††		205,281		205,281
Citigroup
5.310%	03/16/2007	††		157,659		157,659
Clipper Receivables Corp
5.300%	01/31/2007	††		157,659		157,659
Compass Securitization
5.300%	01/09/2007	††		236,489		236,489
CRC Funding LLC
5.340%	01/23/2007	††		78,830		78,830
CRC Funding LLC
5.300%	01/10/2007	††		230,154		230,154
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		157,659		157,659
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		315,319		315,319
Dexia Group
5.290%	01/16/2007	††		394,149		394,149
Fairway Finance
5.300%	01/09/2007	††	$	189,191	$	189,191
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		157,659		157,659
Fortis Bank
5.320%	01/03/2007	††		157,659		157,659
Fortis Bank
5.300%	01/02/2007	††		157,660		157,660
Fortis Bank
5.300%	01/24/2007	††		551,808		551,808
Fortis Bank
5.300%	01/26/2007	††		630,638		630,638
General Electric Capital Corporation
5.300%	01/26/2007	††		315,320		315,320
Greyhawk Funding
5.310%	01/12/2007	††		157,659		157,659
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		394,150		394,150
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		157,659		157,659
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		236,489		236,489
Lexington Parker Cap Comp
5.300%	01/05/2007	††		157,659		157,659
Liberty Street
5.310%	01/17/2007	††		157,660		157,660
Lloyds TSB Bank
5.300%	02/26/2007	††		157,659		157,659
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		157,659		157,659
Merrill Lynch & Co
5.300%	01/02/2007	††		2,759,040		2,759,040
Morgan Stanley & Co
5.300%	01/02/2007	††		1,933,048		1,933,048
Old Line Funding LLC
5.350%	01/04/2007	††		157,661		157,661
Paradigm Funding LLC
5.310%	01/17/2007	††		157,659		157,659
Park Avenue Receivables Corp
5.330%	01/18/2007	††		157,659		157,659
Rabobank Nederland
5.250%	01/02/2007	††		472,978		472,978
Ranger Funding
5.330%	02/08/2007	††		157,659		157,659
Ranger Funding
5.320%	01/04/2007	††		157,659		157,659
Royal Bank of Canada
5.310%	02/14/2007	††		315,319		315,319
Royal Bank of Scotland
5.310%	01/11/2007	††		157,659		157,659
Royal Bank of Scotland
5.290%	01/16/2007	††		236,489		236,489
Royal Bank of Scotland
5.290%	02/09/2007	††		157,659		157,659
Royal Bank of Scotland
5.280%	01/11/2007	††		394,149		394,149
Sheffiled Receivables Corp
5.360%	01/11/2007	††		236,489		236,489
Sheffiled Receivables Corp
5.300%	01/12/2007	††		157,659		157,659
Societe Generale
5.310%	01/02/2007	††		394,149		394,149
Societe Generale
5.290%	02/01/2007	††		394,149		394,149
Societe Generale
5.270%	01/19/2007	††		394,149		394,149
Svenska Handlesbanken
5.250%	01/02/2007	††		180,936		180,936

See accompanying notes to financial statements.

175

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint US Government
Securities Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Three Pillars Funding LLC
5.380%	01/02/2007	††	$	235,900	$	235,900
UBS AG
5.300%	01/04/2007	††		157,659		157,659
UBS AG
5.290%	01/02/2007	††		315,319		315,319
Variable Funding Capital Co
5.310%	02/02/2007	††		157,659		157,659
Variable Funding Capital Co
5.290%	01/04/2007	††		157,660		157,660
Yorktown Capital LLC
5.330%	01/16/2007	††		157,660		157,660
Yorktown Capital LLC
5.300%	01/10/2007	††		157,660		157,660
						20,152,823
Floating Rate Instruments/Master Notes—0.5%
Bank of America
5.310%	07/10/2007	††		394,149		394,149
Bank of America
5.270%	01/09/2007	††		315,319		315,319
						709,468
TOTAL CASH EQUIVALENTS
(Cost $20,862,291)						20,862,291
REPURCHASE AGREEMENTS—0.6%
IBT Repurchase Agreement dated 12/29/2006 due 01/02/2007, with a maturity value of $848,792 and an effective yield of 4.65% collateralized by a U.S. Government Obligation with a rate of 5.125%, maturity date of 10/20/2022 and an aggregate market value of $890,771.				848,353		848,353
TOTAL INVESTMENTS—113.8%
(Cost $163,589,383)						162,140,476
Other assets less liabilities—(13.8%)						(19,600,843	)
NET ASSETS—100.0%					$	142,539,633

 

Notes to the Schedule of Investments:

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

See accompanying notes to financial statements.

176

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—82.6%
Advertising—0.2%
Interpublic Group, Inc.	*†		21,356	$	261,397
Monster Worldwide, Inc.	*		6,200		289,168
Omnicom Group			8,800		919,952
					1,470,517
Aerospace & Defense—1.8%
Goodrich Corporation			5,900		268,745
Boeing Company (The)			39,392		3,499,585
General Dynamics Corporation			19,720		1,466,182
Honeywell International, Inc.			40,825		1,846,923
Lockheed Martin Corporation			17,580		1,618,591
Northrop Grumman Corporation			17,292		1,170,668
Textron, Inc.			6,500		609,505
United Technologies Corporation			49,910		3,120,373
					13,600,572
Airlines—0.3%
FedEx Corporation			14,940		1,622,783
Southwest Airlines Company			37,172		569,475
					2,192,258
Apparel Retailers—0.4%
Gap (The), Inc.			28,227		550,426
Kohl’s Corporation	*		17,000		1,163,310
Ltd. Brands, Inc.			17,100		494,874
Nordstrom, Inc.			10,780		531,885
					2,740,495
Automotive—0.6%
Autonation, Inc.	*		6,800		144,976
Ford Motor Company	†		91,746		689,012
General Motors Corporation			27,800		854,016
Genuine Parts Company			8,525		404,341
Goodyear Tire & Rubber Company (The)	*†		8,600		180,514
Harley-Davidson, Inc.			13,400		944,298
ITT Corporation			9,100		517,062
Paccar, Inc.	†		12,483		810,147
					4,544,366
Banking—10.3%
American Express Company			60,930		3,696,623
BB&T Corporation			26,300		1,155,359
Bank of America Corporation			224,705		11,997,000
Bank of New York Company, Inc. (The)			37,900		1,492,123
Capital One Financial Corporation			20,713		1,591,173
CIT Group, Inc.			9,800		546,546
Citigroup, Inc.			245,568		13,678,138
Comerica, Inc.			8,050		472,374
Commerce Bancorp, Inc., NJ	†		8,537		301,100
Compass Bancshares, Inc.			6,100		363,865
Fannie Mae			48,400		2,874,476
Fifth Third Bancorp	†		27,288		1,116,898
First Horizon National Corporation			6,200		259,036
Freddie Mac			34,000		2,308,600
Huntington Bancshares, Inc.	†		12,536		297,730
JPMorgan Chase & Company			172,739		8,343,294
Keycorp			19,900		756,797
M&T Bank Corporation			3,930		480,089
Marshall & IIsley Corporation			12,000		577,320
Mellon Financial Corporation			20,400		859,860
National City Corporation			31,300		1,144,328
Northern Trust Corporation			9,150	$	555,313
PNC Financial Services Group, Inc.			14,400		1,066,176
Regions Financial Corporation			35,991		1,346,063
SLM Corporation			20,500		999,785
Sovereign Bancorp, Inc.	†		18,480		469,207
State Street Corporation			16,400		1,106,016
SunTrust Banks, Inc.			18,270		1,542,901
Synovus Financial Corporation			15,400		474,782
U.S. Bancorp			88,605		3,206,615
Wachovia Corporation			94,412		5,376,763
Washington Mutual, Inc.			47,762		2,172,693
Wells Fargo & Company			168,020		5,974,791
Zions Bancorporation			5,100		420,444
					79,024,278
Beverages, Food & Tobacco—4.2%
Altria Group, Inc.			104,340		8,954,459
Anheuser-Busch Companies, Inc.			38,140		1,876,488
Archer-Daniels-Midland Company			32,124		1,026,683
Brown-Forman Corporation Class B			4,080		270,259
Campbell Soup Company			10,630		413,401
Coca-Cola Company (The)			101,290		4,887,242
Coca-Cola Enterprises, Inc.			14,960		305,483
ConAgra Foods, Inc.			25,500		688,500
Constellation Brands, Inc. Class A	*		9,730		282,365
Dean Foods Company	*		6,000		253,680
General Mills, Inc.			17,500		1,008,000
Hershey Company (The)	†		8,770		436,746
HJ Heinz Company			16,450		740,414
Kellogg Company			12,400		620,744
McCormick & Company, Inc.			6,500		250,640
Molson Coors Brewing Company Class B			2,660		203,330
Pepsi Bottling Group, Inc.			6,610		204,315
Pepsico, Inc.			81,450		5,094,697
Reynolds American, Inc.	†		8,360		547,329
Safeway, Inc.			22,100		763,776
Sara Lee Corporation			37,400		636,922
Supervalu, Inc.			9,801		350,386
Sysco Corporation			30,500		1,121,180
Tyson Foods, Inc. Class A	†		12,400		203,980
UST, Inc.	†		8,000		465,600
WM Wrigley Jr. Company			10,887		563,076
					32,169,695
Building Materials—0.9%
Home Depot, Inc.			102,800		4,128,448
Lowe’s Companies, Inc.			76,960		2,397,304
Vulcan Materials Company	†		4,900		440,363
					6,966,115
Chemicals—1.1%
Air Products & Chemicals, Inc.			11,000		773,080
Avery Dennison Corporation			5,400		366,822
Dow Chemical Company (The)			47,636		1,902,582
Eastman Chemical Company			3,975		235,757
EI Du Pont de Nemours & Company			45,300		2,206,563
Hercules, Inc.	*		5,000		96,550
International Flavors & Fragrances, Inc.			4,300		211,388
Monsanto Company			26,498		1,391,940
PPG Industries, Inc.			8,124		521,642
Praxair, Inc.			15,830		939,194
					8,645,518

See accompanying notes to financial statements.

177

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Coal—0.1%
Consol Energy, Inc.			8,636	$	277,475
Peabody Energy Corporation	†		12,903		521,410
					798,885
Commercial Services—0.6%
Allied Waste Industries, Inc.	*		11,900		146,251
Cintas Corporation			6,800		270,028
Convergys Corporation	*		7,600		180,728
Equifax, Inc.			6,400		259,840
Fluor Corporation	†		4,300		351,095
H&R Block, Inc.	†		16,100		370,944
Moody’s Corporation			12,000		828,720
Paychex, Inc.			16,450		650,433
Robert Half International, Inc.	†		8,400		311,808
RR Donnelley & Sons Company			10,600		376,724
Ryder System, Inc.			3,100		158,286
Waste Management, Inc.			27,127		997,460
					4,902,317
Communications—1.2%
ADC Telecommunications, Inc.	*		5,571		80,946
Avaya, Inc.	*		20,468		286,143
Ciena Corporation	*		4,371		121,120
Comverse Technology, Inc.	*		10,700		225,877
Corning, Inc.	*		76,050		1,422,895
L-3 Communications Holdings, Inc.			6,000		490,680
Motorola, Inc.			122,990		2,528,674
Network Appliance, Inc.	*		18,400		722,752
Qualcomm, Inc.			81,500		3,079,885
Tellabs, Inc.	*		22,200		227,772
					9,186,744
Computer Software & Processing—4.7%
Adobe Systems, Inc.	*		29,500		1,213,040
Affiliated Computer Services, Inc. Class A	*†		5,800		283,272
Autodesk, Inc.	*		11,400		461,244
Automatic Data Processing, Inc.			28,500		1,403,625
BMC Software, Inc.	*		10,500		338,100
CA, Inc.			22,416		507,722
Citrix Systems, Inc.	*		8,900		240,745
Cognizant Technology Solutions Corporation	*		6,912		533,330
Computer Sciences Corporation	*		9,200		491,004
Compuware Corporation	*		18,800		156,604
Electronic Arts, Inc.	*		14,900		750,364
Electronic Data Systems Corporation			25,300		697,015
Fidelity National Information Services, Inc.			7,869		315,468
First Data Corporation			37,736		963,023
Fiserv, Inc.	*		9,100		477,022
Google, Inc. Class A	*		10,661		4,909,177
IMS Health, Inc.			9,825		269,991
Intuit, Inc.	*		17,400		530,874
Juniper Networks, Inc.	*		26,268		497,516
Microsoft Corporation			430,853		12,865,271
NCR Corporation	*		9,000		384,840
Novell, Inc.	*		18,800		116,560
Nvidia Corporation	*		16,800		621,768
Oracle Corporation	*		198,720		3,406,061
Sun Microsystems, Inc.	*		170,200		922,484
Symantec Corporation	*		48,368		1,008,473
Unisys Corporation	*		15,700		123,088
VeriSign, Inc.	*		11,800	$	283,790
Yahoo!, Inc.	*†		62,100		1,586,034
					36,357,505
Computers & Information—3.4%
3M Company			37,150		2,895,100
Apple Computer, Inc.	*		42,300		3,588,732
Dell, Inc.	*		113,400		2,845,206
EMC Corporation	*		112,350		1,483,020
Hewlett-Packard Company			136,286		5,613,620
International Business Machines Corporation			75,660		7,350,369
International Game Technology			16,600		766,920
Jabil Circuit, Inc.			8,590		210,885
Lexmark International, Inc.	*		5,300		387,960
Pitney Bowes, Inc.			11,200		517,328
SanDisk Corporation	*		11,000		473,330
Solectron Corporation	*		45,000		144,900
Symbol Technologies, Inc.			12,800		191,232
					26,468,602
Containers & Packaging—0.1%
Ball Corporation			5,100		222,360
Sealed Air Corporation			3,965		257,408
Temple-Inland, Inc.			5,500		253,165
					732,933
Cosmetics & Personal Care—1.8%
Avon Products, Inc.			22,200		733,488
Clorox Company			7,400		474,710
Colgate-Palmolive Company			25,400		1,657,096
Ecolab, Inc.	†		8,940		404,088
Estee Lauder Companies (The), Inc., Class A	†		5,670		231,449
Procter & Gamble Company			157,851		10,145,084
					13,645,915
Education—0.0%
Apollo Group, Inc. Class A	*†		6,910		269,283
Electric Utilities—2.8%
AES Corporation (The)	*		32,300		711,892
Allegheny Energy, Inc.	*		8,000		367,280
Ameren Corporation	†		10,100		542,673
American Electric Power Company, Inc.			19,360		824,349
CMS Energy Corporation	*		11,100		185,370
Centerpoint Energy, Inc.	†		15,226		252,447
Consolidated Edison, Inc.			12,100		581,647
Constellation Energy Group, Inc.			8,800		606,056
DTE Energy Company	†		8,700		421,167
Dominion Resources, Inc.			17,571		1,473,153
Duke Energy Corporation			62,508		2,075,891
Dynegy, Inc. Class A	*		17,193		124,477
Edison International			16,000		727,680
Entergy Corporation			10,200		941,664
Exelon Corporation			32,824		2,031,477
FPL Group, Inc.	†		19,900		1,082,958
FirstEnergy Corporation			16,273		979,797
KeySpan Corporation			8,600		354,148
NiSource, Inc.			13,302		320,578
PG&E Corporation			17,010		805,083
PPL Corporation			18,700		670,208
Pinnacle West Capital Corporation			4,900		248,136
Progress Energy, Inc.			12,400		608,592
Public Service Enterprise Group, Inc.			12,300		816,474
Sempra Energy			12,669		709,084

See accompanying notes to financial statements.

178

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Southern Company (The)			36,500	$	1,345,390
TXU Corporation			22,794		1,235,663
TECO Energy, Inc.	†		10,200		175,746
Xcel Energy, Inc.	†		19,870		458,202
					21,677,282
Electrical Equipment—2.8%
Cooper Industries, Ltd. Class A (Bermuda)			4,500		406,935
Emerson Electric Company			40,400		1,780,428
General Electric Company			513,660		19,113,289
					21,300,652
Electronics—3.4%
Advanced Micro Devices, Inc.	*		25,700		522,995
Agilent Technologies, Inc.	*		21,049		733,558
Altera Corporation	*		17,700		348,336
American Power Conversion Corporation			7,900		241,661
Analog Devices, Inc.			18,000		591,660
Broadcom Corporation Class A	*		22,870		738,930
Cisco Systems, Inc.	*		302,550		8,268,692
Eastman Kodak Company	†		14,100		363,780
Intel Corporation			286,740		5,806,485
JDS Uniphase Corporation	*†		10,587		176,379
LSI Logic Corporation	*		19,300		173,700
Linear Technology Corporation	†		15,000		454,800
Maxim Integrated Products, Inc.			15,820		484,408
Micron Technology, Inc.	*		35,800		499,768
Molex, Inc.			6,975		220,619
National Semiconductor Corporation			16,600		376,820
Novellus Systems, Inc.	*†		6,200		213,404
PMC-Sierra, Inc.	*†		10,900		73,139
QLogic Corporation	*		8,800		192,896
Raytheon Company			21,900		1,156,320
Rockwell Collins, Inc.			8,500		537,965
Sanmina-SCI Corporation	*		28,400		97,980
Teradyne, Inc.	*†		9,400		140,624
Texas Instruments, Inc.			75,100		2,162,880
Xerox Corporation	*		47,800		810,210
Xilinx, Inc.			16,910		402,627
					25,790,636
Entertainment & Leisure—1.6%
Harrah’s Entertainment, Inc.			9,060		749,443
Hasbro, Inc.			8,275		225,494
Mattel, Inc.			19,078		432,307
News Corporation, Inc. Class A			118,050		2,535,714
Time Warner, Inc.			200,567		4,368,349
Walt Disney Company			104,165		3,569,735
					11,881,042
Environmental—0.0%
Tektronix, Inc.			4,500		131,265
Financial Services—3.1%
Ameriprise Financial, Inc.			12,326		671,767
Bear Stearns Companies, Inc. (The)			5,833		949,496
Charles Schwab Corporation (The)			50,722		980,963
Chicago Mercantile Exchange	†		1,693		863,007
Countrywide Financial Corporation			30,798		1,307,375
E*Trade Financial Corporation	*		20,600		461,852
Federated Investors, Inc. Class B			3,800		128,364
Franklin Resources, Inc.			7,990		880,258
Goldman Sachs Group, Inc.			21,480		4,282,038
Janus Capital Group, Inc.			10,400		224,536
Legg Mason, Inc.			6,460	$	614,023
Lehman Brothers Holdings, Inc.			26,600		2,077,992
Merrill Lynch & Company, Inc.			44,270		4,121,537
Morgan Stanley			52,830		4,301,947
Principal Financial Group			13,750		807,125
T Rowe Price Group, Inc.			13,020		569,885
Western Union Company (The)			37,736		846,041
					24,088,206
Food Retailers—0.3%
Kroger Company (The)			35,700		823,599
Starbucks Corporation	*		37,600		1,331,792
Whole Foods Market, Inc.	†		6,800		319,124
					2,474,515
Forest Products & Paper—0.5%
Bemis Company			5,700		193,686
International Paper Company			24,202		825,288
Kimberly-Clark Corporation			22,620		1,537,029
MeadWestvaco Corporation			8,814		264,949
Pactiv Corporation	*		6,900		246,261
Weyerhaeuser Company			12,000		847,800
					3,915,013
Health Care Providers—0.4%
Caremark Rx, Inc.			22,100		1,262,131
Coventry Health Care, Inc.	*		7,840		392,392
Express Scripts, Inc.	*		7,200		515,520
Health Management Associates, Inc. Class A			11,800		249,098
Laboratory Corporation Of America Holdings	*†		6,200		455,514
Manor Care, Inc.			3,900		182,988
Tenet Healthcare Corporation	*†		25,550		178,084
					3,235,727
Heavy Construction—0.1%
Centex Corporation	†		6,000		337,620
Lennar Corporation Class A			6,700		351,482
					689,102
Heavy Machinery—1.3%
American Standard Companies, Inc.			8,750		401,188
Applied Materials, Inc.			70,300		1,297,035
Black & Decker Corporation			3,800		303,886
Caterpillar, Inc.			33,000		2,023,890
Cummins, Inc.			2,550		301,359
Deere & Company	†		11,700		1,112,319
Dover Corporation			10,000		490,200
Eaton Corporation			7,300		548,522
Ingersoll-Rand Company Class A (Bermuda)			16,100		629,993
National-Oilwell Varco, Inc.	*		8,610		526,760
Pall Corporation			6,566		226,855
Parker Hannifin Corporation			5,925		455,514
Rockwell Automation, Inc.			8,700		531,396
Stanley Works (The)			3,800		191,102
Terex Corporation	*		4,860		313,859
WW Grainger, Inc.			3,800		265,772
					9,619,650
Home Construction, Furnishings & Appliances—0.4%
DR Horton, Inc.			13,400		354,966
Harman International Industries, Inc.			3,200		319,712
Johnson Controls, Inc.	†		9,510		817,099
KB Home			3,800		194,864
Leggett & Platt, Inc.			9,000		215,100

See accompanying notes to financial statements.

179

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Masco Corporation	†		20,500	$	612,335
Pulte Homes, Inc.			10,540		349,085
Whirlpool Corporation	†		3,798		315,310
					3,178,471
Household Products—0.3%
Fortune Brands, Inc.	†		7,200		614,808
Illinois Tool Works, Inc.			20,780		959,828
Newell Rubbermaid, Inc.			13,460		389,667
Rohm & Haas Company	†		7,095		362,696
Snap-On, Inc.			2,850		135,774
					2,462,773
Industrial—Diversified—0.4%
Tyco International Ltd. (Bermuda)			99,149		3,014,130
Insurance—5.0%
ACE, Ltd. (Cayman Islands)			15,900		963,063
Aflac, Inc.			24,500		1,127,000
Aetna, Inc.			26,748		1,154,979
Allstate Corporation (The)			31,738		2,066,461
AMBAC Financial Group, Inc.			5,150		458,711
American International Group, Inc.			129,440		9,275,670
AON Corporation			15,825		559,256
Chubb Corporation			20,220		1,069,840
Cigna Corporation			5,370		706,531
Cincinnati Financial Corporation			8,539		386,902
Genworth Financial, Inc. Class A			21,840		747,146
Hartford Financial Services Group, Inc.			15,700		1,464,967
Humana, Inc.	*		8,000		442,480
Lincoln National Corporation			14,004		929,866
Loews Corporation			21,970		911,096
MBIA, Inc.			6,550		478,543
MGIC Investment Corporation			4,300		268,922
Marsh & McLennan Companies, Inc.			26,900		824,754
Metlife, Inc.			37,310		2,201,663
Progressive Corporation (The)			38,720		937,798
Prudential Financial, Inc.			24,300		2,086,398
Safeco Corporation			5,600		350,280
St. Paul Travelers Companies			34,216		1,837,057
Torchmark Corporation			5,100		325,176
UnitedHealth Group, Inc.			66,700		3,583,791
UnumProvident Corporation			16,318		339,088
WellPoint, Inc.	*		31,070		2,444,898
XL Capital Ltd. Class A (Cayman Islands)			8,550		615,771
					38,558,107
Lodging—0.3%
Hilton Hotels Corporation			19,200		670,080
Marriott International, Inc. Class A			16,840		803,605
Starwood Hotels & Resorts Worldwide, Inc.			10,600		662,500
Wyndham Worldwide Corporation	*		9,920		317,638
					2,453,823
Media—Broadcasting & Publishing—1.6%
CBS Corporation Class B	†		38,045		1,186,243
Clear Channel Communications, Inc.			25,470		905,204
Comcast Corporation Class A	*		104,380		4,418,405
DIRECTV Group (The), Inc.	*		37,946		946,373
Dow Jones & Company, Inc.	†		3,390		128,820
EW Scripps Company Class A			4,200		209,748
Gannett Company, Inc.			11,730		709,196
IAC/InterActiveCorporation	*†		10,777	$	400,473
McGraw-Hill Companies, Inc. (The)			18,100		1,231,162
Meredith Corporation			2,100		118,335
New York Times Company Class A	†		7,000		170,520
Tribune Company	†		10,067		309,862
Univision Communications, Inc. Class A	*†		11,850		419,727
Viacom, Inc. Class B	*		35,645		1,462,514
					12,616,582
Medical Supplies—3.0%
Allergan, Inc.			7,500		898,050
Applera Corporation—Applied Biosystems Group			9,000		330,210
Bausch & Lomb, Inc.			2,806		146,080
Baxter International, Inc.			31,900		1,479,841
Becton Dickinson & Company			12,200		855,830
Biomet, Inc.			12,225		504,526
Boston Scientific Corporation	*		56,830		976,339
CR Bard, Inc.	†		5,100		423,147
Johnson & Johnson			144,928		9,568,147
Kla-Tencor Corporation			9,820		488,545
Medtronic, Inc.			57,310		3,066,658
Millipore Corporation	*†		2,500		166,500
Patterson Cos., Inc.	*		6,800		241,468
PerkinElmer, Inc.			6,400		142,272
St. Jude Medical, Inc.	*		18,000		658,080
Stryker Corporation			14,400		793,584
Thermo Fisher Scientific, Inc.	*		20,200		914,858
Waters Corporation	*		5,100		249,747
Zimmer Holdings, Inc.	*		12,190		955,452
					22,859,334
Metals—0.8%
Alcoa, Inc.			42,860		1,286,229
Allegheny Technologies, Inc.			4,683		424,654
Danaher Corporation			11,710		848,272
Newmont Mining Corporation			21,968		991,855
Nucor Corporation			15,200		830,832
Phelps Dodge Corporation			10,056		1,203,904
United States Steel Corporation			5,820		425,675
					6,011,421
Mining—0.1%
Freeport-McMoran Copper & Gold, Inc. Class B	†		9,650		537,795
Oil & Gas—8.1%
Anadarko Petroleum Corporation			22,740		989,645
Apache Corporation			16,292		1,083,581
Ashland, Inc.			3,400		235,212
Baker Hughes, Inc.			16,380		1,222,931
BJ Services Company			15,900		466,188
Chesapeake Energy Corporation	†		20,400		592,620
Chevron Corporation			108,980		8,013,299
ConocoPhillips			81,919		5,894,072
Devon Energy Corporation			21,688		1,454,831
EOG Resources, Inc.			11,900		743,155
El Paso Corporation	†		35,077		535,977
Exxon Mobil Corporation			291,187		22,313,660
Halliburton Company			50,820		1,577,961
Hess Corporation			13,200		654,324
Kinder Morgan, Inc.			5,200		549,900
Marathon Oil Corporation			17,997		1,664,723
Murphy Oil Corporation	†		8,710		442,904
Nabors Industries Ltd.	*†		15,500		461,590

See accompanying notes to financial statements.

180

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Asset
Allocation Fund

		Shares		Value
COMMON STOCKS—(Continued)
Nicor, Inc.	†		2,200	$	102,960
Noble Corporation (Cayman Islands)			6,700		510,205
Occidental Petroleum Corporation			42,380		2,069,415
Peoples Energy Corporation			2,300		102,511
Questar Corporation			4,111		341,419
Rowan Companies., Inc.			5,400		179,280
Schlumberger Ltd. (Netherland Antilles)			58,700		3,707,492
Smith International, Inc.	†		9,937		408,113
Sunoco, Inc.			6,600		411,576
Transocean, Inc. (Cayman Islands)	*		14,911		1,206,151
Valero Energy Corporation			30,560		1,563,450
Weatherford International Ltd. (Bermuda)	*		17,120		715,445
Williams Companies, Inc.			29,300		765,316
XTO Energy, Inc.			17,866		840,595
					61,820,501
Pharmaceuticals—5.5%
Abbott Laboratories			76,400		3,721,444
AmerisourceBergen Corporation			10,300		463,088
Amgen, Inc.	*		57,894		3,954,739
Barr Pharmaceuticals, Inc.	*		5,200		260,624
Biogen Idec, Inc.	*		16,930		832,787
Bristol-Myers Squibb Company			97,900		2,576,728
Cardinal Health, Inc.			20,750		1,336,923
Celgene Corporation	*†		18,401		1,058,610
Eli Lilly & Company			49,100		2,558,110
Forest Laboratories, Inc.	*		16,000		809,600
Genzyme Corporation	*		12,800		788,224
Gilead Sciences, Inc.	*		22,730		1,475,859
Hospira, Inc.	*		7,950		266,961
King Pharmaceuticals, Inc.	*		11,466		182,539
McKesson Corporation			15,089		765,012
Medco Health Solutions, Inc.	*		14,955		799,195
MedImmune, Inc.	*†		12,600		407,862
Merck & Company, Inc.			107,600		4,691,360
Mylan Laboratories			10,800		215,568
Pfizer, Inc.			360,412		9,334,671
Quest Diagnostics, Inc.			8,000		424,000
Schering-Plough Corporation			72,800		1,720,992
Sigma Aldrich Corporation	†		3,300		256,476
Watson Pharmaceuticals, Inc.	*		4,800		124,944
Wyeth			66,900		3,406,548
					42,432,864
Real Estate—1.0%
Apartment Investment & Management Company REIT Class A	†		4,400		246,488
Archstone-Smith Trust REIT	†		10,500		611,205
Boston Properties, Inc. REIT			5,800		648,904
CB Richard Ellis Group, Inc. Class A	*		8,899		295,447
Equity Office Properties Trust REIT			18,300		881,511
Equity Residential REIT			14,300		725,725
Kimco Realty Corporation REIT	†		11,100		498,945
Plum Creek Timber Company, Inc. REIT			9,100		362,635
Prologis REIT			12,000		729,240
Public Storage, Inc. REIT			5,720		557,700
Realogy Corporation	*		12,400		375,968
Simon Property Group, Inc. REIT			10,700		1,083,803
Vornado Realty Trust REIT	†		6,300		765,450
					7,783,021
Restaurants—0.5%
Darden Restaurants, Inc.			6,500	$	261,105
McDonald’s Corporation			61,800		2,739,594
Wendy’s International, Inc.			5,600		185,304
Yum! Brands, Inc.			13,600		799,680
					3,985,683
Retailers—3.2%
Amazon.Com, Inc.	*†		15,200		599,792
Autozone, Inc.	*		2,710		313,168
Bed Bath & Beyond, Inc.	*		13,800		525,780
Best Buy Company, Inc.			20,015		984,538
Big Lots, Inc.	*		5,200		119,184
CVS Corporation			40,200		1,242,582
Circuit City Stores, Inc.			7,400		140,452
Costco Wholesale Corporation			23,276		1,230,602
Dillard’s, Inc. Class A	†		2,900		101,413
Dollar General Corporation			15,570		250,054
eBay, Inc.	*		57,730		1,735,941
Family Dollar Stores, Inc.			8,200		240,506
Federated Department Stores			26,704		1,018,224
JC Penney Company, Inc.			11,420		883,451
Nike, Inc. Class B			9,360		926,921
Office Depot, Inc.	*		14,500		553,465
OfficeMax, Inc.			3,370		167,321
RadioShack Corporation	†		6,100		102,358
Sears Holdings Corporation	*†		4,302		722,435
Sherwin-Williams Company (The)			5,430		345,239
Staples, Inc.			35,850		957,195
TJX Companies., Inc.			22,700		646,496
Target Corporation			43,200		2,464,560
Tiffany & Company			7,000		274,680
Walgreen Company			49,800		2,285,322
Wal-Mart Stores, Inc.			122,900		5,675,522
					24,507,201
Telephone Systems—2.9%
Alltel Corporation			19,080		1,153,958
AT&T, Inc.			190,834		6,822,316
BellSouth Corporation			90,300		4,254,033
CenturyTel, Inc.			5,600		244,496
Citizens Communications Company			16,200		232,794
Embarq Corporation			7,297		383,530
Qwest Communications International, Inc.	*		76,329		638,874
Sprint Nextel Corporation			145,959		2,757,166
Verizon Communications, Inc.			145,371		5,413,616
Windstream Corporation			22,027		313,224
					22,214,007
Textiles, Clothing & Fabrics—0.2%
Coach, Inc.	*		18,900		811,944
Jones Apparel Group, Inc.			5,600		187,208
Liz Claiborne, Inc.			5,000		217,300
VF Corporation			4,300		352,944
					1,569,396
Transportation—1.3%
Brunswick Corporation			4,900		156,310
Burlington Northern Santa Fe Corporation			18,356		1,354,856
CSX Corporation			21,600		743,688
Carnival Corporation	†		22,130		1,085,477
Norfolk Southern Corporation			20,300		1,020,887
Sabre Holdings Corporation			6,930		220,998
Union Pacific Corporation			13,400		1,233,068

See accompanying notes to financial statements.

181

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Asset
Allocation Fund

	Shares		Value
COMMON STOCKS—(Continued)
United Parcel Service, Inc. Class B		53,700	$	4,026,426
				9,841,710
TOTAL COMMON STOCKS
(Cost $503,110,306)				634,365,907

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.8%
U.S. Treasury Bills—0.8%
U.S. Treasury Bill
4.845%	03/08/2007	**
(Cost $6,440,514)			$	6,500,000		6,440,514

 

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

 
 

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—11.6%
Financial Services—11.6%
Grampian Funding LLC, 144A
5.250%	03/20/2007	***	$	30,000,000		29,650,000
Lexington Parker Capital CP, 144A
5.240%	03/15/2007	***		30,000,000		29,672,500
Simba Funding Corporation
5.240%	03/12/2007			30,000,000		29,685,600
TOTAL COMMERCIAL PAPER
(Cost $89,008,100)						89,008,100
CASH EQUIVALENTS—4.1%
Bank & Certificate Deposits/ Offshore Time Deposits—4.0%
Abbey National PLC
5.280%	01/05/2007	††		478,412		478,412
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		478,412		478,412
Bank Of Nova Scotia
5.300%	02/27/2007	††		598,016		598,016
Bank Of Nova Scotia
5.290%	01/30/2007	††		239,206		239,206
Bank Of Nova Scotia
5.290%	02/06/2007	††		358,809		358,809
Barclays
5.320%	02/13/2007	††		239,206		239,206
Barclays
5.310%	02/20/2007	††		598,015		598,015
Barclays
5.300%	01/02/2007	††		598,015		598,015
Barton Capital LLC
5.300%	01/17/2007	††		239,206		239,206
Barton Capital LLC
5.300%	01/17/2007	††		358,809		358,809
Coupon Rate	Maturity         Date		Face		Value
Calyon
5.310%	02/16/2007	††	$	239,206	$	239,206
Calyon
5.300%	02/05/2007	††		717,618		717,618
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		717,618		717,618
Charta LLC
5.300%	01/31/2007	††		468,451		468,451
CIESCO
5.310%	01/04/2007	††		311,459		311,459
Citigroup
5.310%	03/16/2007	††		239,206		239,206
Clipper Receivables Corp
5.300%	01/31/2007	††		239,206		239,206
Compass Securitization
5.300%	01/09/2007	††		358,809		358,809
CRC Funding LLC
5.340%	01/23/2007	††		119,603		119,603
CRC Funding LLC
5.300%	01/10/2007	††		349,198		349,198
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		239,206		239,206
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		478,412		478,412
Dexia Group
5.290%	01/16/2007	††		598,015		598,015
Fairway Finance
5.300%	01/09/2007	††		287,047		287,047
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		239,206		239,206
Fortis Bank
5.320%	01/03/2007	††		239,206		239,206
Fortis Bank
5.300%	01/02/2007	††		239,206		239,206
Fortis Bank
5.300%	01/24/2007	††		837,221		837,221
Fortis Bank
5.300%	01/26/2007	††		956,824		956,824
General Electric Capital Corporation
5.300%	01/26/2007	††		478,412		478,412
Greyhawk Funding
5.310%	01/12/2007	††		239,206		239,206
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		598,015		598,015
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		239,206		239,206
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		358,809		358,809
Lexington Parker Cap Comp
5.300%	01/05/2007	††		239,206		239,206
Liberty Street
5.310%	01/17/2007	††		239,206		239,206
Lloyds TSB Bank
5.300%	02/26/2007	††		239,206		239,206
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		239,206		239,206
Merrill Lynch & Co
5.300%	01/02/2007	††		4,186,107		4,186,107
Morgan Stanley & Co
5.300%	01/02/2007	††		2,932,885		2,932,885
Old Line Funding LLC
5.350%	01/04/2007	††		239,206		239,206
Paradigm Funding LLC
5.310%	01/17/2007	††		239,206		239,206
Park Avenue Receivables Corp
5.330%	01/18/2007	††		239,206		239,206
Rabobank Nederland
5.250%	01/02/2007	††		717,618		717,618

 

See accompanying notes to financial statements.

182

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Asset
Allocation Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Ranger Funding
5.330%	02/08/2007	††	$	239,206	$	239,206
Ranger Funding
5.320%	01/04/2007	††		239,206		239,206
Royal Bank of Canada
5.310%	02/14/2007	††		478,414		478,414
Royal Bank of Scotland
5.310%	01/11/2007	††		239,208		239,208
Royal Bank of Scotland
5.290%	01/16/2007	††		358,811		358,811
Royal Bank of Scotland
5.290%	02/09/2007	††		239,208		239,208
Royal Bank of Scotland
5.280%	01/11/2007	††		598,017		598,017
Sheffiled Receivables Corp
5.360%	01/11/2007	††		358,809		358,809
Sheffiled Receivables Corp
5.300%	01/12/2007	††		239,206		239,206
Societe Generale
5.310%	01/02/2007	††		598,015		598,015
Societe Generale
5.290%	02/01/2007	††		598,015		598,015
Societe Generale
5.270%	01/19/2007	††		598,015		598,015
Svenska Handlesbanken
5.250%	01/02/2007	††		274,523		274,523
Three Pillars Funding LLC
5.380%	01/02/2007	††		357,915		357,915
UBS AG
5.300%	01/04/2007	††		239,206		239,206
UBS AG
5.290%	01/02/2007	††		478,412		478,412
Variable Funding Capital Co
5.310%	02/02/2007	††		239,206		239,206
Variable Funding Capital Co
5.290%	01/04/2007	††		239,206		239,206
Yorktown Capital LLC
5.330%	01/16/2007	††		239,206		239,206
Yorktown Capital LLC
5.300%	01/10/2007	††		239,206		239,206
						30,576,533
Floating Rate Instruments/Master Notes—0.1%
Bank of America
5.310%	07/10/2007	††		598,015		598,015
Bank of America
5.270%	01/09/2007	††		478,412		478,412
						1,076,427
TOTAL CASH EQUIVALENTS
(Cost $31,652,960)						31,652,960
TOTAL INVESTMENTS—99.1%
(Cost $630,211,880)						761,467,481
Other assets less liabilities—0.9%						6,914,013
NET ASSETS—100.0%					$	768,381,494

 

Notes to the Schedule of Investments:

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

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

*** Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 7.79% of Total Investments.

†† Represents collateral received from securities lending transactions.

d Security has no market value at 12/31/2006.

See accompanying notes to financial statements.

183

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Equity
Income Fund

		Shares		Value
COMMON STOCKS—93.6%
Aerospace & Defense—1.0%
Honeywell International, Inc.			314,800	$	14,241,552
Airlines—1.4%
FedEx Corporation			190,000		20,637,800
Automotive—2.1%
Ford Motor Company	†		200,000		1,502,000
General Motors Corporation	†		804,000		24,698,880
Genuine Parts Company			90,552		4,294,881
					30,495,761
Banking—9.3%
American Express Company			50,000		3,033,500
Bank of America Corporation			440,492		23,517,868
Capital One Financial Corporation			112,000		8,603,840
Citigroup, Inc.			332,369		18,512,953
Fannie Mae			40,806		2,423,468
Fifth Third Bancorp	†		75,000		3,069,750
JPMorgan Chase & Company			250,000		12,075,000
Keycorp			100,000		3,803,000
Mellon Financial Corporation	†		150,000		6,322,500
National City Corporation			75,000		2,742,000
PNC Financial Services Group, Inc.			75,000		5,553,000
SLM Corporation			249,200		12,153,484
State Street Corporation			110,000		7,418,400
SunTrust Banks, Inc.			40,000		3,378,000
Wachovia Corporation			166,004		9,453,928
Washington Mutual, Inc.			215,745		9,814,240
Wells Fargo & Company			126,000		4,480,560
					136,355,491
Beverages, Food & Tobacco—4.7%
Altria Group, Inc.			168,900		14,494,998
Anheuser-Busch Companies, Inc.			125,000		6,150,000
Campbell Soup Company			99,712		3,877,800
Coca-Cola Company (The)			120,000		5,790,000
General Mills, Inc.			80,022		4,609,267
Hershey Company (The)			50,000		2,490,000
HJ Heinz Company			121,000		5,446,210
Imperial Tobacco Group PLC (United Kingdom)			179,600		14,193,788
McCormick & Company, Inc.			75,000		2,892,000
UST, Inc.	†		153,337		8,924,213
					68,868,276
Building Materials—2.5%
Cemex SAB de CV (Mexico)	†*		731,166		24,735,346
Hanson PLC Sponsored ADR (United Kingdom)			106,700		8,076,123
Home Depot, Inc.			85,000		3,413,600
					36,225,069
Chemicals—1.6%
Avery Dennison Corporation			85,000		5,774,050
Dow Chemical Company (The)			39,771		1,588,454
EI Du Pont de Nemours & Company			268,646		13,085,747
International Flavors & Fragrances, Inc.			70,000		3,441,200
					23,889,451
Commercial Services—0.3%
H&R Block, Inc.	†		50,000		1,152,000
Waste Management, Inc.			100,000		3,677,000
					4,829,000
Communications—0.5%
L-3 Communications Holdings, Inc.			56,300	$	4,604,214
Motorola, Inc.			100,000		2,056,000
					6,660,214
Computer Software & Processing—0.4%
Microsoft Corporation			200,000		5,972,000
Computers & Information—4.8%
3M Company			95,300		7,426,729
Dell, Inc.	*		2,104,000		52,789,360
International Business Machines Corporation			60,000		5,829,000
Pitney Bowes, Inc.			98,700		4,558,953
					70,604,042
Cosmetics & Personal Care—0.6%
Avon Products, Inc.			100,000		3,304,000
Colgate-Palmolive Company			80,000		5,219,200
					8,523,200
Electric Utilities—3.3%
Dominion Resources, Inc.			86,200		7,227,008
Duke Energy Corporation			594,024		19,727,537
Entergy Corporation			105,200		9,712,064
FirstEnergy Corporation			50,000		3,010,500
NiSource, Inc.			130,000		3,133,000
Progress Energy, Inc.			100,000		4,908,000
					47,718,109
Electrical Equipment—1.8%
Cooper Industries, Ltd. Class A (Bermuda)			75,000		6,782,250
Emerson Electric Company			206,800		9,113,676
General Electric Company			275,000		10,232,750
					26,128,676
Electronics—3.6%
American Power Conversion Corporation			181,100		5,539,849
Analog Devices, Inc.			125,000		4,108,750
Eastman Kodak Company	†		135,741		3,502,118
Intel Corporation			175,000		3,543,750
Koninklijke (Royal) Philips Electronics NV NY Shares (Netherlands)	†		660,000		24,802,800
Raytheon Company			100,000		5,280,000
Sony Corporation ADR (Japan)	†		125,000		5,353,750
Texas Instruments, Inc.			125,000		3,600,000
Xerox Corporation	*		51,000		864,450
					56,595,467
Entertainment & Leisure—4.8%
Discovery Holding Company Class A	†*		1,209,800		19,465,682
Mattel, Inc.			423,700		9,601,042
Time Warner, Inc.			250,000		5,445,000
Walt Disney Company			1,054,000		36,120,580
					70,632,304
Financial Services—1.0%
Charles Schwab Corporation (The)			250,000		4,835,000
Morgan Stanley			120,000		9,771,600
					14,606,600

See accompanying notes to financial statements.

184

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Equity
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Forest Products & Paper—0.7%
International Paper Company			150,000	$	5,115,000
Kimberly-Clark Corporation			45,259		3,075,349
MeadWestvaco Corporation			75,000		2,254,500
					10,444,849
Heavy Machinery—1.3%
Ingersoll-Rand Company Class A (Bermuda)			50,000		1,956,500
Pall Corporation			120,000		4,146,000
Stanley Works (The)			247,600		12,451,804
					18,554,304
Home Construction, Furnishings & Appliances—0.1%
Masco Corporation	†		75,000		2,240,250
Household Products—1.6%
Fortune Brands, Inc.	†		37,765		3,224,753
Illinois Tool Works, Inc.			325,800		15,048,702
Newell Rubbermaid, Inc.			185,000		5,355,750
					23,629,205
Industrial—Diversified—0.1%
Tyco International Ltd. (Bermuda)			50,000		1,520,000
Insurance—9.9%
Allstate Corporation (The)			111,000		7,227,210
American International Group, Inc.			245,814		17,615,031
AON Corporation	†		766,000		27,070,440
Fairfax Financial Holdings Ltd. (Canada)	†		110,000		21,835,000
Hartford Financial Services Group, Inc.			106,500		9,937,515
Lincoln National Corporation			49,690		3,299,416
MGIC Investment Corporation	†		125,300		7,836,262
Marsh & McLennan Companies, Inc.			140,000		4,292,400
Progressive Corporation (The)			50,000		1,211,000
St. Paul Travelers Companies			163,806		8,794,744
UnitedHealth Group, Inc.			212,300		11,406,879
UnumProvident Corporation			105,000		2,181,900
WellPoint, Inc.	*		194,200		15,281,598
XL Capital Ltd. Class A (Cayman Islands)			95,900		6,906,718
					144,896,113
Media—Broadcasting & Publishing—8.9%
CBS Corporation Class B			70,000		2,182,600
Comcast Corporation Special Class A	*		584,000		24,457,920
DIRECTV Group (The), Inc.	*		1,099,000		27,409,060
Dow Jones & Company, Inc.	†		98,000		3,724,000
Gannett Company, Inc.			174,800		10,568,408
Liberty Media Corporation Interactive Class A	*		1,193,250		25,738,402
Liberty Media Holdings Corporation Capital Class A	*		258,050		25,283,739
New York Times Company Class A	†		160,000		3,897,600
Tribune Company	†		150,000		4,617,000
Viacom, Inc. Class B	*		70,000		2,872,100
					130,750,829
Medical Supplies—1.4%
Baxter International, Inc.			299,300	$	13,884,527
Boston Scientific Corporation	*		175,000		3,006,500
Johnson & Johnson			60,000		3,961,200
					20,852,227
Metals—0.3%
Alcoa, Inc.			125,000		3,751,250
Oil & Gas—8.7%
BP Amoco PLC ADR (United Kingdom)			109,356		7,337,788
Chesapeake Energy Corporation	†		777,000		22,571,850
Chevron Corporation			139,758		10,276,406
ConocoPhillips			187,400		13,483,430
Exxon Mobil Corporation			124,760		9,560,359
Hess Corporation			225,000		11,153,250
Marathon Oil Corporation			141,300		13,070,250
Murphy Oil Corporation	†		40,000		2,034,000
Occidental Petroleum Corporation			246,600		12,041,478
Pioneer Natural Resources Company			527,000		20,916,630
Royal Dutch Shell PLC—Class A ADR (United Kingdom)			65,781		4,656,637
					127,102,078
Pharmaceuticals—5.0%
Abbott Laboratories			75,000		3,653,250
Bristol-Myers Squibb Company			605,100		15,926,232
Eli Lilly & Company			75,000		3,907,500
MedImmune, Inc.	†*		75,000		2,427,750
Merck & Company, Inc.			175,000		7,630,000
Pfizer, Inc.			653,200		16,917,880
Schering-Plough Corporation	†		442,300		10,455,972
Wyeth			253,400		12,903,128
					73,821,712
Restaurants—2.1%
Yum! Brands, Inc.			517,000		30,399,600
Retailers—1.4%
Dollar General Corporation			496,400		7,972,184
JC Penney Company, Inc.			79,000		6,111,440
RadioShack Corporation	†		200,000		3,356,000
Wal-Mart Stores, Inc.			75,000		3,463,500
					20,903,124
Telephone Systems—6.2%
Alltel Corporation			80,000		4,838,400
AT&T, Inc.	†		252,942		9,042,676
Nokia Corporation Sponsored ADR (Finland)			874,300		17,765,776
Qwest Communications International, Inc.	†*		600,000		5,022,000
Sprint Nextel Corporation	†		1,711,000		32,320,790
Verizon Communications, Inc.			546,741		20,360,635
Windstream Corporation			82,714		1,176,193
					90,526,470
Transportation—2.2%
Burlington Northern Santa Fe Corporation			147,300		10,872,213
Carnival Corporation	†		200,600		9,839,430
Norfolk Southern Corporation			84,540		4,251,517
Union Pacific Corporation			75,997		6,993,244
					31,956,404
TOTAL COMMON STOCKS
(Cost $1,048,571,171)					1,374,331,427

 

See accompanying notes to financial statements.

185

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Equity
Income Fund

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—1.6%
Banking—1.2%					��
Atlantic Asset Securities Corporation 144A
5.310%	01/30/2007	**	$	5,000,000	$	4,977,138
Jupiter Securitization Corporation 144A
5.300%	01/22/2007	**		8,000,000		7,972,911
Old Line Funding LLC 144A
5.290%	01/31/2007	**		5,000,000		4,976,489
						17,926,538
Financial Services—0.4%
Falcon Asset Securitization Corporation 144A
5.310%	01/25/2007	**		5,000,000		4,980,825
TOTAL COMMERCIAL PAPER
(Cost $22,907,362)						22,907,363
CASH EQUIVALENTS—10.4%
Bank & Certificate Deposits/ Offshore Time Deposits—10.0%
Abbey National PLC
5.280%	01/05/2007	††		2,307,371		2,307,371
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		2,307,371		2,307,371
Bank Of Nova Scotia
5.300%	02/27/2007	††		2,884,214		2,884,214
Bank Of Nova Scotia
5.290%	01/30/2007	††		1,153,686		1,153,686
Bank Of Nova Scotia
5.290%	02/06/2007	††		1,730,529		1,730,529
Barclays
5.320%	02/13/2007	††		1,153,686		1,153,686
Barclays
5.310%	02/20/2007	††		2,884,214		2,884,214
Barclays
5.300%	01/02/2007	††		2,884,214		2,884,214
Barton Capital LLC
5.300%	01/17/2007	††		1,153,684		1,153,684
Barton Capital LLC
5.300%	01/17/2007	††		1,730,529		1,730,529
Calyon
5.310%	02/16/2007	††		1,153,686		1,153,686
Calyon
5.300%	02/05/2007	††		3,461,057		3,461,057
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		3,461,057		3,461,057
Charta LLC
5.300%	01/31/2007	††		2,259,329		2,259,329
CIESCO
5.310%	01/04/2007	††		1,502,157		1,502,157
Citigroup
5.310%	03/16/2007	††		1,153,686		1,153,686
Clipper Receivables Corp
5.300%	01/31/2007	††		1,153,686		1,153,686
Compass Securitization
5.300%	01/09/2007	††		1,730,529		1,730,529
CRC Funding LLC
5.340%	01/23/2007	††		576,843		576,843
CRC Funding LLC
5.300%	01/10/2007	††		1,684,172		1,684,172
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		1,153,686		1,153,686
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††	$	2,307,371	$	2,307,371
Dexia Group
5.290%	01/16/2007	††		2,884,214		2,884,214
Fairway Finance
5.300%	01/09/2007	††		1,384,423		1,384,423
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		1,153,686		1,153,686
Fortis Bank
5.320%	01/03/2007	††		1,153,686		1,153,686
Fortis Bank
5.300%	01/02/2007	††		1,153,686		1,153,686
Fortis Bank
5.300%	01/24/2007	††		4,037,900		4,037,900
Fortis Bank
5.300%	01/26/2007	††		4,614,742		4,614,742
General Electric Capital Corporation
5.300%	01/26/2007	††		2,307,371		2,307,371
Greyhawk Funding
5.310%	01/12/2007	††		1,153,686		1,153,686
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		2,884,214		2,884,214
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		1,153,686		1,153,686
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		1,730,529		1,730,529
Lexington Parker Cap Comp
5.300%	01/05/2007	††		1,153,686		1,153,686
Liberty Street
5.310%	01/17/2007	††		1,153,686		1,153,686
Lloyds TSB Bank
5.300%	02/26/2007	††		1,153,686		1,153,686
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		1,153,686		1,153,686
Merrill Lynch & Co
5.300%	01/02/2007	††		20,189,495		20,189,495
Morgan Stanley & Co
5.300%	01/02/2007	††		14,145,237		14,145,237
Old Line Funding LLC
5.350%	01/04/2007	††		1,153,686		1,153,686
Paradigm Funding LLC
5.310%	01/17/2007	††		1,153,686		1,153,686
Park Avenue Receivables Corp
5.330%	01/18/2007	††		1,153,686		1,153,686
Rabobank Nederland
5.250%	01/02/2007	††		3,461,057		3,461,057
Ranger Funding
5.330%	02/08/2007	††		1,153,686		1,153,686
Ranger Funding
5.320%	01/04/2007	††		1,153,686		1,153,686
Royal Bank of Canada
5.310%	02/14/2007	††		2,307,371		2,307,371
Royal Bank of Scotland
5.310%	01/11/2007	††		1,153,682		1,153,682
Royal Bank of Scotland
5.290%	01/16/2007	††		1,730,527		1,730,527
Royal Bank of Scotland
5.290%	02/09/2007	††		1,153,682		1,153,682
Royal Bank of Scotland
5.280%	01/11/2007	††		2,884,212		2,884,212
Sheffiled Receivables Corp
5.360%	01/11/2007	††		1,730,529		1,730,529
Sheffiled Receivables Corp
5.300%	01/12/2007	††		1,153,686		1,153,686
Societe Generale
5.310%	01/02/2007	††		2,884,214		2,884,214
Societe Generale
5.290%	02/01/2007	††		2,884,212		2,884,212

 

See accompanying notes to financial statements.

186

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Equity
Income Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
Societe Generale
5.270%	01/19/2007	††	$	2,884,212	$	2,884,212
Svenska Handlesbanken
5.250%	01/02/2007	††		1,324,016		1,324,016
Three Pillars Funding LLC
5.380%	01/02/2007	††		1,726,218		1,726,218
UBS AG
5.300%	01/04/2007	††		1,153,684		1,153,684
UBS AG
5.290%	01/02/2007	††		2,307,369		2,307,369
Variable Funding Capital Co
5.310%	02/02/2007	††		1,153,686		1,153,686
Variable Funding Capital Co
5.290%	01/04/2007	††		1,153,686		1,153,686
Yorktown Capital LLC
5.330%	01/16/2007	††		1,153,682		1,153,682
Yorktown Capital LLC
5.300%	01/10/2007	††		1,153,684		1,153,684
						147,469,895
Floating Rate Instruments/Master Notes—0.4%
Bank of America
5.310%	07/10/2007	††		2,884,212		2,884,212
Bank of America
5.270%	01/09/2007	††		2,307,369		2,307,369
						5,191,581
TOTAL CASH EQUIVALENTS
(Cost $152,661,476)						152,661,476
REPURCHASE AGREEMENTS—3.9%
IBT Repurchase Agreement dated 12/29/2006 due 01/02/2007, with a maturity value of $57,604,690 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 4.29% to 8.875% maturity dates ranging from 01/25/2017 to 06/01/2034 and an aggregate market value of $60,453,690.				57,574,943		57,574,943
TOTAL INVESTMENTS—109.5%
(Cost $1,281,714,952)						1,607,475,209
Other assets less liabilities—(9.5%)						(139,521,753	)
NET ASSETS—100.0%					$	1,467,953,456

 

Notes to the Schedule of Investments:

ADR American Depositary Receipt

† Denotes all or a portion of security on loan.

* Non-income producing security.

** Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 1.43% of Total Investments.

†† Represents collateral received from securities lending transactions.

See accompanying notes to financial statements.

187

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—97.1%
Advertising—0.4%
Getty Images, Inc.	*†		44,400	$	1,901,208
Monster Worldwide, Inc.	*		42,400		1,977,536
Omnicom Group			8,900		930,406
					4,809,150
Aerospace & Defense—2.1%
Goodrich Corporation			82,700		3,766,985
General Dynamics Corporation			171,300		12,736,155
Textron, Inc.			28,400		2,663,068
United Technologies Corporation			79,500		4,970,340
					24,136,548
Airlines—0.3%
FedEx Corporation			7,300		792,926
Southwest Airlines Company			207,900		3,185,028
					3,977,954
Apparel Retailers—0.9%
Gap (The), Inc.			185,900		3,625,050
Kohl’s Corporation	*		96,900		6,630,867
Urban Outfitters, Inc.	*†		26,100		601,083
					10,857,000
Automotive—0.1%
Ford Motor Company	†		34,600		259,846
General Motors Corporation	†		37,000		1,136,640
Harley-Davidson, Inc.			3,900		274,833
					1,671,319
Banking—12.6%
American Express Company			99,500		6,036,665
AmeriCredit Corporation	*†		31,400		790,338
Bank of America Corporation			281,200		15,013,268
Bank of New York Company, Inc. (The)			104,400		4,110,228
Capital One Financial Corporation			18,300		1,405,806
Citigroup, Inc.			416,950		23,224,115
Commerce Bancorp, Inc., NJ	†		18,600		656,022
Compass Bancshares, Inc.			10,100		602,465
Deutsche Boerse AG (Germany)			6,929		1,273,242
Fannie Mae			54,000		3,207,060
Fifth Third Bancorp	†		46,600		1,907,338
Freddie Mac			35,500		2,410,450
Hudson City Bancorp, Inc.			142,400		1,976,512
IndyMac Bancorp, Inc.	†		17,100		772,236
JPMorgan Chase & Company			287,136		13,868,669
Mellon Financial Corporation			46,300		1,951,545
Northern Trust Corporation			54,400		3,301,536
PNC Financial Services Group, Inc.			55,600		4,116,624
SLM Corporation			261,200		12,738,724
State Street Corporation			166,600		11,235,504
SunTrust Banks, Inc.			37,000		3,124,650
U.S. Bancorp			109,600		3,966,424
Wachovia Corporation			211,180		12,026,701
Washington Mutual, Inc.			149,100		6,782,559
Wells Fargo & Company			344,300		12,243,308
					148,741,989
Beverages, Food & Tobacco—5.1%
Altria Group, Inc.			139,703		11,989,311
Anheuser-Busch Companies, Inc.			18,584		914,333
Campbell Soup Company			121,500		4,725,135
Coca-Cola Company (The)			39,000		1,881,750
HJ Heinz Company			16,700	$	751,667
Kellogg Company			83,600		4,185,016
Kraft Foods, Inc. Class A	†		57,600		2,056,320
Pepsico, Inc.			207,500		12,979,125
Safeway, Inc.	†		164,600		5,688,576
Sara Lee Corporation			214,300		3,649,529
Sysco Corporation			104,700		3,848,772
Tyson Foods, Inc. Class A	†		302,500		4,976,125
Unilever NV (Netherlands)			67,100		1,828,475
					59,474,134
Building Materials—1.0%
Home Depot, Inc.			119,700		4,807,152
Lowe’s Companies, Inc.			212,400		6,616,260
					11,423,412
Chemicals—1.8%
Air Products & Chemicals, Inc.			10,900		766,052
Dow Chemical Company (The)			167,700		6,697,938
EI Du Pont de Nemours & Company			142,500		6,941,175
Huntsman Corporation	*†		96,700		1,834,399
Methanex Corporation (Canada)	†		32,300		884,051
Monsanto Company			59,900		3,146,547
NOVA Chemicals Corporation (Canada)	†		3,700		103,230
Potash Corporation of Saskatchewan, Inc. (Canada)			7,400		1,061,752
					21,435,144
Coal—0.1%
Arch Coal, Inc.			44,000		1,321,320
Commercial Services—0.6%
Fluor Corporation	†		60,800		4,964,320
Paychex, Inc.			29,900		1,182,246
Siemens AG Sponsored ADR (Germany)	†		9,000		886,950
					7,033,516
Communications—1.8%
American Tower Corporation Class A	*		157,200		5,860,416
Corning, Inc.	*		319,700		5,981,587
Motorola, Inc.			223,500		4,595,160
Qualcomm, Inc.			65,400		2,471,466
Telefonaktiebolaget LM Ericsson ADR (Sweden)	†		50,000		2,011,500
					20,920,129
Computer Software & Processing—6.3%
Adobe Systems, Inc.	*		67,200		2,763,264
Affiliated Computer Services, Inc. Class A	*†		39,900		1,948,716
Autodesk, Inc.	*		54,400		2,201,024
Automatic Data Processing, Inc.		��	115,600		5,693,300
Electronic Arts, Inc.	*		4,300		216,548
Google, Inc. Class A	*		35,200		16,208,896
Intuit, Inc.	*		41,500		1,266,165
Juniper Networks, Inc.	*		165,100		3,126,994
Microsoft Corporation			745,900		22,272,574
NAVTEQ Corporation	*†		16,000		559,520
Oracle Corporation	*		211,600		3,626,824
SAP AG ADR (Germany)	†		55,000		2,920,500
Sun Microsystems, Inc.	*		1,196,700		6,486,114
Yahoo!, Inc.	*†		165,600		4,229,424
					73,519,863

See accompanying notes to financial statements.

188

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Computers & Information—3.3%
Apple Computer, Inc.	*		51,700	$	4,386,228
Dell, Inc.	*		137,100		3,439,839
EMC Corporation	*		584,500		7,715,400
Hewlett-Packard Company			128,800		5,305,272
International Business Machines Corporation			9,400		913,210
International Game Technology			89,000		4,111,800
Jabil Circuit, Inc.			64,800		1,590,840
Pitney Bowes, Inc.			97,800		4,517,382
SanDisk Corporation	*		100,600		4,328,818
Seagate Technology (Cayman Islands)			104,200		2,761,300
					39,070,089
Cosmetics & Personal Care—0.7%
Avon Products, Inc.			61,634		2,036,387
Procter & Gamble Company			99,175		6,373,977
					8,410,364
Electric Utilities—1.9%
AES Corporation (The)	*		82,800		1,824,912
Dominion Resources, Inc.			53,150		4,456,096
Entergy Corporation			20,300		1,874,096
Exelon Corporation			94,300		5,836,227
FPL Group, Inc.	†		82,200		4,473,324
NiSource, Inc.			37,200		896,520
SCANA Corporation			70,100		2,847,462
					22,208,637
Electrical Equipment—3.4%
Cooper Industries, Ltd. Class A (Bermuda)			21,700		1,962,331
Emerson Electric Company			27,400		1,207,518
General Electric Company			1,001,500		37,265,815
					40,435,664
Electronics—5.3%
Agilent Technologies, Inc.	*		19,472		678,599
Altera Corporation	*		183,000		3,601,440
Analog Devices, Inc.			72,300		2,376,501
Cisco Systems, Inc.	*		765,050		20,908,816
Fairchild Semiconductor International, Inc.	*		48,800		820,328
Flextronics International Ltd. (Singapore)	*†		256,600		2,945,768
Garmin Ltd. (Cayman Islands)	†		6,100		339,526
Intel Corporation			330,600		6,694,650
International Rectifier Corporation	*		62,600		2,411,978
Linear Technology Corporation			82,400		2,498,368
Marvell Technology Group Ltd. (Bermuda)	*†		206,000		3,953,140
Maxim Integrated Products, Inc.			135,800		4,158,196
Qimonda AG, ADR (Germany)	*		36,300		635,613
Rockwell Collins, Inc.			21,000		1,329,090
Silicon Laboratories, Inc.	*†		22,000		762,300
Teradyne, Inc.	*†		50,800		759,968
Texas Instruments, Inc.			68,100		1,961,280
Xilinx, Inc.			238,700		5,683,447
					62,519,008
Entertainment & Leisure—1.0%
Time Warner, Inc.			393,300		8,566,074
Walt Disney Company			105,100		3,601,777
					12,167,851
Financial Services—5.0%
Ameriprise Financial, Inc.			6,200	$	337,900
Berkshire Hathaway, Inc. Class A	*		22		2,419,780
Charles Schwab Corporation (The)			190,900		3,692,006
Chicago Mercantile Exchange	†		3,800		1,937,050
Countrywide Financial Corporation			48,700		2,067,315
E*Trade Financial Corporation	*		123,900		2,777,838
Franklin Resources, Inc.			49,600		5,464,432
Goldman Sachs Group, Inc.			73,400		14,632,290
IntercontinentalExchange, Inc.	*		6,800		733,720
Legg Mason, Inc.	†		41,300		3,925,565
Lehman Brothers Holdings, Inc.			9,600		749,952
Merrill Lynch & Company, Inc.			59,000		5,492,900
Morgan Stanley			49,000		3,990,070
UBS AG (Switzerland)			87,400		5,285,344
UBS AG (Switzerland)			93,400		5,634,822
					59,140,984
Forest Products & Paper—0.3%
International Paper Company			24,700		842,270
Kimberly-Clark Corporation			44,500		3,023,775
					3,866,045
Health Care—Products—0.1%
Alcon, Inc. (Switzerland)	†		7,500		838,275
Health Care Providers—1.0%
Caremark Rx, Inc.			104,700		5,979,417
DaVita, Inc.	*		38,400		2,184,192
Express Scripts, Inc.	*		32,600		2,334,160
Lincare Holdings, Inc.	*		31,300		1,246,992
					11,744,761
Heavy Construction—0.0%
Lennar Corporation Class A	†		9,100		477,386
Heavy Machinery—2.1%
American Standard Companies, Inc.			143,000		6,556,550
Applied Materials, Inc.			550,800		10,162,260
Deere & Company	†		42,800		4,068,996
Joy Global, Inc.			22,300		1,077,982
National-Oilwell Varco, Inc.	*		54,800		3,352,664
					25,218,452
Home Construction, Furnishings & Appliances—0.7%
DR Horton, Inc.			50,500		1,337,745
Harman International Industries, Inc.			40,000		3,996,400
Johnson Controls, Inc.			13,700		1,177,104
Leggett & Platt, Inc.			47,500		1,135,250
					7,646,499
Household Products—0.6%
Fortune Brands, Inc.	†		14,000		1,195,460
Illinois Tool Works, Inc.			97,500		4,503,525
Jarden Corporation	*†		18,100		629,699
Rohm & Haas Company	†		6,700		342,504
					6,671,188
Industrial—Diversified—0.3%
Tyco International Ltd. (Bermuda)			102,500		3,116,000
Insurance—6.4%
ACE, Ltd. (Cayman Islands)			94,300		5,711,751
Aflac, Inc.			18,500		851,000
Aetna, Inc.			158,000		6,822,440
Allstate Corporation (The)			63,700		4,147,507

See accompanying notes to financial statements.

189

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
American International Group, Inc.			224,400	$	16,080,504
Chubb Corporation			115,500		6,111,105
Hartford Financial Services Group, Inc.			29,200		2,724,652
Humana, Inc.	*		13,600		752,216
Marsh & McLennan Companies, Inc.			100,200		3,072,132
Prudential Financial, Inc.			41,400		3,554,604
RenaissanceRe Holdings Ltd. (Bermuda)			3,400		204,000
UnitedHealth Group, Inc.			222,300		11,944,179
WellPoint, Inc.	*		146,000		11,488,740
XL Capital Ltd. Class A (Cayman Islands)			25,000		1,800,500
					75,265,330
Lodging—1.2%
Las Vegas Sands Corporation	*		40,700		3,641,836
MGM MIRAGE	*		21,500		1,233,025
Marriott International, Inc. Class A			63,800		3,044,536
Starwood Hotels & Resorts Worldwide, Inc.			13,800		862,500
Wynn Resorts Ltd.	†		53,000		4,974,050
					13,755,947
Media—Broadcasting & Publishing—1.3%
Cablevision Systems Corporation Class A			36,781		1,047,523
CBS Corporation Class B			41,900		1,306,442
Clear Channel Communications, Inc.			59,400		2,111,076
Comcast Corporation Class A	*		111,900		4,736,727
Gannett Company, Inc.			30,300		1,831,938
Grupo Televisa SA ADR (Mexico)			68,400		1,847,484
Idearc, Inc.	*		3,015		86,380
Viacom, Inc. Class B	*		70,500		2,892,615
					15,860,185
Medical Supplies—3.6%
Allergan, Inc.			53,700		6,430,038
Baxter International, Inc.			190,900		8,855,851
Beckman Coulter, Inc.			53,500		3,199,300
Boston Scientific Corporation	*		196,900		3,382,742
Johnson & Johnson			23,800		1,571,276
Kla-Tencor Corporation	†		96,000		4,776,000
Medtronic, Inc.			137,000		7,330,870
St. Jude Medical, Inc.	*		67,200		2,456,832
Stryker Corporation			57,100		3,146,781
Thermo Fisher Scientific, Inc.	*		20,300		919,387
					42,069,077
Metals—2.1%
Alcoa, Inc.			156,600		4,699,566
Barrick Gold Corporation (Canada)	†		45,800		1,406,060
Cameco Corporation (Canada)	†		105,300		4,259,385
Danaher Corporation			177,500		12,858,100
Newmont Mining Corporation			23,000		1,038,450
					24,261,561
Oil & Gas—7.8%
Anadarko Petroleum Corporation			17,200		748,544
Baker Hughes, Inc.			101,700		7,592,922
BJ Services Company	†		62,200		1,823,704
Chevron Corporation			81,172		5,968,577
EOG Resources, Inc.			30,800		1,923,460
Exxon Mobil Corporation			263,800		20,214,994
GlobalSantaFe Corporation			64,700	$	3,803,066
Halliburton Company			153,400		4,763,070
Kinder Morgan, Inc.			17,226		1,821,650
MDU Resources Group, Inc.			34,800		892,272
Murphy Oil Corporation	†		31,600		1,606,860
Occidental Petroleum Corporation			188,300		9,194,689
Royal Dutch Shell PLC—Class A ADR (United Kingdom)			71,300		5,047,327
Royal Dutch Shell PLC—Class B, ADR (United Kingdom)			21,356		1,519,479
Schlumberger Ltd. (Netherland Antilles)			213,200		13,465,712
Smith International, Inc.	†		124,100		5,096,787
Total Fina SA ADR (France)			32,600		2,344,592
Transocean, Inc. (Cayman Islands)	*		9,100		736,099
Weatherford International Ltd. (Bermuda)	*		63,400		2,649,486
XTO Energy, Inc.			21,300		1,002,165
					92,215,455
Pharmaceuticals—6.5%
Abbott Laboratories			79,700		3,882,187
Amgen, Inc.	*		101,900		6,960,789
AstraZeneca Group PLC ADR (United Kingdom)			140,600		7,529,130
Bristol-Myers Squibb Company			65,100		1,713,432
Cardinal Health, Inc.			7,800		502,554
Celgene Corporation	*†		56,000		3,221,680
Eli Lilly & Company			32,000		1,667,200
Endo Pharmaceuticals Holdings, Inc.	*		22,200		612,276
Forest Laboratories, Inc.	*		178,700		9,042,220
Genentech, Inc.	*		53,200		4,316,116
Gilead Sciences, Inc.	*		72,600		4,713,918
ImClone Systems, Inc.	*†		62,700		1,677,852
McKesson Corporation			18,800		953,160
Medco Health Solutions, Inc.	*		54,900		2,933,856
Millennium Pharmaceuticals, Inc.	*†		86,200		939,580
Novartis AG (Switzerland)			50,500		2,898,895
Pfizer, Inc.			118,500		3,069,150
Roche Holding AG (Switzerland)			20,776		3,714,365
Sepracor, Inc.	*†		72,800		4,483,024
Teva Pharmaceutical Industries Ltd. ADR (Israel)			68,400		2,125,872
Wyeth			190,800		9,715,536
					76,672,792
Real Estate—0.7%
Douglas Emmett, Inc. REIT			21,400		569,026
General Growth Properties, Inc. REIT			16,110		841,425
Host Hotels & Resorts Inc.	†		296,345		7,275,270
					8,685,721
Restaurants—0.5%
Cheesecake Factory (The)	*		20,600		506,760
McDonald’s Corporation		��	116,600		5,168,878
					5,675,638
Retailers—3.7%
Amazon.Com, Inc.	*†		93,600		3,693,456
Bed Bath & Beyond, Inc.	*		40,000		1,524,000
Best Buy Company, Inc.			48,000		2,361,120
CVS Corporation			340,800		10,534,128
Costco Wholesale Corporation			12,600		666,162
Dollar Tree Stores, Inc.	*		43,600		1,312,360
eBay, Inc.	*		162,600		4,889,382

See accompanying notes to financial statements.

190

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Growth &
Income Fund

		Shares		Value
COMMON STOCKS—(Continued)
Federated Department Stores			95,700	$	3,649,041
Target Corporation			196,000		11,181,800
Wal-Mart Stores, Inc.			63,900		2,950,902
Williams-Sonoma, Inc.	†		21,100		663,384
					43,425,735
Telephone Systems—3.6%
America Movil SA de CV ADR (Mexico)			80,500		3,640,210
AT&T, Inc.			267,769		9,572,742
BellSouth Corporation			143,500		6,760,285
Nokia Corporation Sponsored ADR (Finland)			141,700		2,879,344
Qwest Communications International, Inc.	*		115,400		965,898
Rogers Communications, Inc. (Canada)	†		40,200		2,395,920
Sprint Nextel Corporation			297,100		5,612,219
TELUS Corporation Non-Voting Shares (Canada)	†		21,600		964,872
Verizon Communications, Inc.			250,900		9,343,516
					42,135,006
Textiles, Clothing & Fabrics—0.2%
Coach, Inc.	*		2,000		85,920
Hanesbrands, Inc.	*		84,837		2,003,850
					2,089,770
Transportation—0.7%
Carnival Corporation			12,700		622,935
Expeditors International Washington, Inc.			9,200		372,600
Norfolk Southern Corporation			8,800		442,552
Union Pacific Corporation			8,100		745,362
United Parcel Service, Inc. Class B			73,600		5,518,528
					7,701,977
TOTAL COMMON STOCKS
(Cost $916,444,843)					1,142,666,875

 

Coupon Rate	Maturity Date			Face		Value
CONVERTIBLE DEBT OBLIGATIONS—0.1%
Automotive—0.1%
Ford Motor Company
4.250%	12/15/2036
(Cost $923,698)				$	918,000		985,702
COMMERCIAL PAPER—0.2%
Banking—0.2%
Jupiter Securitization Corporation 144A
5.300%	01/22/2007
(Cost $1,993,228)**					2,000,000		1,993,228
CASH EQUIVALENTS—7.3%
Bank & Certificate Deposits/ Offshore Time Deposits—7.1%
Abbey National PLC
5.280%	01/05/2007		††		1,299,575		1,299,575
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		$	1,299,575	$	1,299,575
Bank Of Nova Scotia
5.300%	02/27/2007	††			1,624,470		1,624,470
Bank Of Nova Scotia
5.290%	01/30/2007	††			649,787		649,787
Bank Of Nova Scotia
5.290%	02/06/2007	††			974,681		974,681
Barclays
5.320%	02/13/2007	††			649,787		649,787
Barclays
5.310%	02/20/2007	††			1,624,470		1,624,470
Barclays
5.300%	01/02/2007	††			1,624,469		1,624,469
Barton Capital LLC
5.300%	01/17/2007	††			649,789		649,789
Barton Capital LLC
5.300%	01/17/2007	††			974,683		974,683
Calyon
5.310%	02/16/2007	††			649,789		649,789
Calyon
5.300%	02/05/2007	††			1,949,365		1,949,365
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††			1,949,365		1,949,365
Charta LLC
5.300%	01/31/2007	††			1,272,518		1,272,518
CIESCO
5.310%	01/04/2007	††			846,058		846,058
Citigroup
5.310%	03/16/2007	††			649,789		649,789
Clipper Receivables Corp
5.300%	01/31/2007	††			649,789		649,789
Compass Securitization
5.300%	01/09/2007	††			974,683		974,683
CRC Funding LLC
5.340%	01/23/2007	††			324,894		324,894
CRC Funding LLC
5.300%	01/10/2007	††			948,574		948,574
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††			649,789		649,789
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††			1,299,577		1,299,577
Dexia Group
5.290%	01/16/2007	††			1,624,471		1,624,471
Fairway Finance
5.300%	01/09/2007	††			779,746		779,746
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††			649,789		649,789
Fortis Bank
5.320%	01/03/2007	††			649,789		649,789
Fortis Bank
5.300%	01/02/2007	††			649,789		649,789
Fortis Bank
5.300%	01/24/2007	††			2,274,260		2,274,260
Fortis Bank
5.300%	01/26/2007	††			2,599,153		2,599,153
General Electric Capital Corporation
5.300%	01/26/2007	††			1,299,577		1,299,577
Greyhawk Funding
5.310%	01/12/2007	††			649,789		649,789
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††			1,624,471		1,624,471
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††			649,789		649,789
Kitty Hawk Funding Corp
5.340%	01/10/2007	††			974,683		974,683
Lexington Parker Cap Comp
5.300%	01/05/2007	††			649,789		649,789

 

See accompanying notes to financial statements.

191

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Growth &
Income Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
Liberty Street
5.310%	01/17/2007	††	$	649,789	$	649,789
Lloyds TSB Bank
5.300%	02/26/2007	††		649,789		649,789
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		649,789		649,789
Merrill Lynch & Co
5.300%	01/02/2007	††		11,371,298		11,371,298
Morgan Stanley & Co
5.300%	01/02/2007	††		7,967,000		7,967,000
Old Line Funding LLC
5.350%	01/04/2007	††		649,789		649,789
Paradigm Funding LLC
5.310%	01/17/2007	††		649,789		649,789
Park Avenue Receivables Corp
5.330%	01/18/2007	††		649,789		649,789
Rabobank Nederland
5.250%	01/02/2007	††		1,949,365		1,949,365
Ranger Funding
5.330%	02/08/2007	††		649,789		649,789
Ranger Funding
5.320%	01/04/2007	††		649,789		649,789
Royal Bank of Canada
5.310%	02/14/2007	††		1,299,577		1,299,577
Royal Bank of Scotland
5.310%	01/11/2007	††		649,789		649,789
Royal Bank of Scotland
5.290%	01/16/2007	††		974,683		974,683
Royal Bank of Scotland
5.290%	02/09/2007	††		649,789		649,789
Royal Bank of Scotland
5.280%	01/11/2007	††		1,624,471		1,624,471
Sheffiled Receivables Corp
5.360%	01/11/2007	††		974,683		974,683
Sheffiled Receivables Corp
5.300%	01/12/2007	††		649,789		649,789
Societe Generale
5.310%	01/02/2007	††		1,624,471		1,624,471
Societe Generale
5.290%	02/01/2007	††		1,624,471		1,624,471
Societe Generale
5.270%	01/19/2007	††		1,624,471		1,624,471
Svenska Handlesbanken
5.250%	01/02/2007	††		745,724		745,724
Three Pillars Funding LLC
5.380%	01/02/2007	††		972,254		972,254
UBS AG
5.300%	01/04/2007	††		649,789		649,789
UBS AG
5.290%	01/02/2007	††		1,299,577		1,299,577
Variable Funding Capital Co
5.310%	02/02/2007	††		649,789		649,789
Variable Funding Capital Co
5.290%	01/04/2007	††		649,789		649,789
Yorktown Capital LLC
5.330%	01/16/2007	††		649,789		649,789
Yorktown Capital LLC
5.300%	01/10/2007	††		649,789		649,789
						83,059,240
Floating Rate Instruments/Master Notes—0.2%
Bank of America
5.310%	07/10/2007	††	$	1,624,470	$	1,624,470
Bank of America
5.270%	01/09/2007	††		1,299,575		1,299,575
						2,924,045
TOTAL CASH EQUIVALENTS
(Cost $85,983,285)						85,983,285
REPURCHASE AGREEMENTS—2.4%
IBT Repurchase Agreement dated 12/29/2006 due 01/02/1007, with a maturity value of $28,679,358 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 4.404% to 5.038%, maturity dates ranging from 12/01/2018 to 10/01/2034 and an aggregate market value of $30,097,775.				28,664,548		28,664,548
TOTAL INVESTMENTS—107.1%
(Cost $1,034,009,602)						1,260,293,638
Other assets less liabilities—(7.1%)						(83,679,690	)
NET ASSETS—100.0%					$	1,176,613,948

 

Notes to the Schedule of Investments:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

** Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.16% of Total Investments.

See accompanying notes to financial statements.

192

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—97.2%
Aerospace & Defense—0.4%
Boeing Company (The)			76,528	$	6,798,748
Lockheed Martin Corporation			14,400		1,325,808
Northrop Grumman Corporation			49,300		3,337,610
United Technologies Corporation			11,600		725,232
					12,187,398
Airlines—0.5%
FedEx Corporation			119,900		13,023,538
Apparel Retailers—0.6%
American Eagle Outfitters, Inc.			50,400		1,572,984
Kohl’s Corporation	*		224,600		15,369,378
Payless Shoesource, Inc.	*		23,000		754,860
					17,697,222
Automotive—0.4%
Autoliv, Inc.			33,827		2,039,768
Autonation, Inc.	*		109,148		2,327,035
ITT Corporation			130,600		7,420,692
United Auto Group, Inc.			18,906		445,614
					12,233,109
Banking—3.8%
American Express Company			144,800		8,785,016
AmeriCredit Corporation	*†		106,200		2,673,054
Citigroup, Inc.			614,700		34,238,790
Hudson City Bancorp, Inc.			117,291		1,627,999
JPMorgan Chase & Company			240,200		11,601,660
Wachovia Corporation			35,914		2,045,302
Wells Fargo & Company			1,294,000		46,014,640
					106,986,461
Beverages, Food & Tobacco—4.4%
Altria Group, Inc.			42,846		3,677,044
Anheuser-Busch Companies, Inc.			627,600		30,877,920
Archer-Daniels-Midland Company			90,000		2,876,400
Coca-Cola Company (The)			680,100		32,814,825
Hansen Natural Corporation	*		35,900		1,209,112
Nestle SA-Sponsored ADR (Switzerland)			133,300		11,820,857
Pepsico, Inc.			579,000		36,216,450
Safeway, Inc.			55,600		1,921,536
UST, Inc.	†		40,478		2,355,820
					123,769,964
Building Materials—1.8%
Home Depot, Inc.			800,905		32,164,345
Lowe’s Companies, Inc.	†		592,300		18,450,145
Wesco International, Inc.	*		5,000		294,050
					50,908,540
Chemicals—0.5%
Monsanto Company			94,370		4,957,256
Praxair, Inc.			140,400		8,329,932
					13,287,188
Commercial Services—2.6%
Accenture Ltd. Class A (Bermuda)			435,200		16,071,936
Cintas Corporation	†		351,100		13,942,181
Manpower, Inc.			51,849		3,885,046
Moody’s Corporation			48,600		3,356,316
Paychex, Inc.			746,650		29,522,541
Republic Services, Inc.			58,000	$	2,358,860
Waste Management, Inc.			69,492		2,555,221
					71,692,101
Communications—2.6%
Corning, Inc.	*		404,900		7,575,679
Motorola, Inc.			122,700		2,522,712
Nortel Networks Corp. (Canada)	*		98,200		2,624,886
Polycom, Inc.	*		43,900		1,356,949
Qualcomm, Inc.			1,097,400		41,470,746
XM Satellite Radio Holdings, Inc. Class A	*†		1,128,900		16,312,605
					71,863,577
Computer Software & Processing—12.8%
Automatic Data Processing, Inc.			945,500		46,565,875
Cadence Design Systems, Inc.	*		122,100		2,186,811
Computer Sciences Corporation	*		59,185		3,158,703
Electronic Arts, Inc.	*†		547,000		27,546,920
First Data Corporation			484,700		12,369,544
Google, Inc. Class A	*		162,150		74,666,832
Intuit, Inc.	*		109,300		3,334,743
Microsoft Corporation			3,423,110		102,214,065
Nvidia Corporation	*		268,900		9,951,989
Oracle Corporation	*		27,400		469,636
Sun Microsystems, Inc.	*		448,100		2,428,702
Symantec Corporation	*		343,900		7,170,315
Synopsys, Inc.	*		69,438		1,856,078
Yahoo!, Inc.	*		2,400,900		61,318,986
					355,239,199
Computers & Information—3.7%
Apple Computer, Inc.	*		3,900		330,876
Dell, Inc.	*		1,249,200		31,342,428
EMC Corporation	*		517,100		6,825,720
Hewlett-Packard Company			165,700		6,825,183
International Business Machines Corporation			496,800		48,264,120
International Game Technology			9,300		429,660
Lexmark International, Inc.	*		50,400		3,689,280
Tech Data Corporation	*		9,100		344,617
Western Digital Corporation	*		173,300		3,545,718
					101,597,602
Cosmetics & Personal Care—1.0%
Colgate-Palmolive Company			15,792		1,030,270
Ecolab, Inc.	†		106,000		4,791,200
Estee Lauder Companies (The), Inc., Class A			9,667		394,607
Procter & Gamble Company			320,900		20,624,243
					26,840,320
Electric Utilities—0.2%
PG&E Corporation			42,600		2,016,258
TXU Corporation			74,627		4,045,530
					6,061,788
Electrical Equipment—3.6%
Emerson Electric Company			72,800		3,208,296
Energizer Holdings, Inc.	*		45,754		3,248,076
General Electric Company			2,552,805		94,989,874
					101,446,246
Electronics—5.8%
Atmel Corporation	*		209,200		1,265,660
Cisco Systems, Inc.	*		2,373,100		64,856,823

See accompanying notes to financial statements.

193

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Infineon Technologies AG ADR (Germany)	*†		360,600	$	5,059,218
Intel Corporation			1,399,100		28,331,775
Intersil Corporation Class A	†		85,900		2,054,728
LSI Logic Corporation	*		36,700		330,300
Linear Technology Corporation	†		408,100		12,373,592
Micron Technology, Inc.	*		244,300		3,410,428
Raytheon Company			30,600		1,615,680
Texas Instruments, Inc.			1,322,200		38,079,360
Xilinx, Inc.	†		181,300		4,316,753
					161,694,317
Entertainment & Leisure—1.0%
Time Warner, Inc.			418,000		9,104,040
Walt Disney Company			567,500		19,448,225
					28,552,265
Environmental—0.0%
Tektronix, Inc.			14,300		417,131
Financial Services—10.5%
Berkshire Hathaway, Inc., Class B	*†		1,794		6,576,804
Charles Schwab Corporation (The)			2,052,550		39,696,317
Countrywide Financial Corporation	†		872,400		37,033,380
Franklin Resources, Inc.			260,100		28,655,217
Goldman Sachs Group, Inc.			659,200		131,411,520
Legg Mason, Inc.	†		313,400		29,788,670
Merrill Lynch & Company, Inc.			44,259		4,120,513
Morgan Stanley			17,400		1,416,882
NTL, Inc.			175,700		4,434,668
Nuveen Investments, Inc. Class A			6,800		352,784
SEI Investments Company			11,509		685,476
T Rowe Price Group, Inc.			12,770		558,943
Western Union Company (The)			394,700		8,849,174
					293,580,348
Food Retailers—0.2%
Starbucks Corporation	*		125,500		4,445,210
Health Care—Products—0.4%
Alcon, Inc. (Switzerland)			89,400		9,992,238
Health Care Providers—0.1%
Caremark Rx, Inc.			63,056		3,601,128
Heavy Machinery—1.2%
Caterpillar, Inc.			235,400		14,437,082
Lam Research Corporation	*†		187,700		9,501,374
National-Oilwell Varco, Inc.	*		109,900		6,723,682
Terex Corporation	*		43,900		2,835,062
					33,497,200
Household Products—0.4%
Newell Rubbermaid, Inc.			332,800		9,634,560
RPM, Inc.			16,800		350,952
					9,985,512
Industrial—Diversified—0.0%
Tyco International Ltd. (Bermuda)			13,200		401,280
Insurance—5.9%
Aetna, Inc.			731,500		31,586,170
Allstate Corporation (The)			151,900		9,890,209
AMBAC Financial Group, Inc.			6,500		578,955
American International Group, Inc.			1,412,050	$	101,187,503
Axis Capital Holdings Ltd. (Bermuda)			13,100		437,147
Humana, Inc.	*		58,400		3,230,104
Loews Corporation			84,200		3,491,774
MBIA, Inc.	†		49,375		3,607,337
UnitedHealth Group, Inc.			178,300		9,580,059
WR Berkley Corporation			16,800		579,765
					164,169,023
Lodging—0.7%
Choice Hotels International, Inc.			8,500		357,850
Hilton Hotels Corporation			475,300		16,587,970
Marriott International, Inc. Class A			81,300		3,879,636
					20,825,456
Media—Broadcasting & Publishing—3.1%
CBS Corporation Class B			111,063		3,462,944
Clear Channel Communications, Inc.			80,466		2,859,762
Comcast Corporation Class A	*		370,287		15,674,249
DIRECTV Group (The), Inc.	*		20,100		501,294
Gannett Company, Inc.			490,600		29,661,676
IAC/InterActiveCorporation	*†		754,100		28,022,356
Liberty Media Holdings Corporation Capital Class A	*		5,000		489,900
McGraw-Hill Companies, Inc. (The)			66,170		4,500,883
					85,173,064
Medical Supplies—4.6%
Applera Corporation—Applied Biosystems Group			41,500		1,522,635
Becton Dickinson & Company			42,900		3,009,435
Boston Scientific Corporation	*		788,700		13,549,866
Johnson & Johnson			704,000		46,478,080
Medtronic, Inc.	†		834,700		44,664,797
Thermo Fisher Scientific, Inc.	*		380,100		17,214,729
Waters Corporation	*		40,055		1,961,493
					128,401,035
Metals—0.7%
Commercial Metals Company			86,300		2,226,540
Newmont Mining Corporation			11,700		528,255
Phelps Dodge Corporation			141,500		16,940,380
Southern Copper Corporation	†		7,000		377,230
					20,072,405
Oil & Gas—1.5%
Anadarko Petroleum Corporation			9,300		404,736
Ashland, Inc.			5,100		352,818
ConocoPhillips			179,600		12,922,220
Devon Energy Corporation			47,700		3,199,716
Exxon Mobil Corporation			62,000		4,751,060
Marathon Oil Corporation			3,800		351,500
Occidental Petroleum Corporation			125,600		6,133,048
Schlumberger Ltd. (Netherland Antilles)			33,500		2,115,860
Suncor Energy, Inc. (Canada)	†		112,700		8,893,157
Tidewater, Inc.			9,485		458,695
XTO Energy, Inc.			24,100		1,133,905
					40,716,715
Pharmaceuticals—7.8%
AmerisourceBergen Corporation			74,208		3,336,392
Amgen, Inc.	*		418,300		28,574,073
Biogen Idec, Inc.	*†		308,200		15,160,358

See accompanying notes to financial statements.

194

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint
Growth Fund

		Shares		Value
COMMON STOCKS—(Continued)
Celgene Corporation	*†		542,400	$	31,204,272
Cephalon, Inc.	*†		18,700		1,316,667
Elan Corporation PLC ADR (Ireland)	*†		1,213,800		17,903,550
Forest Laboratories, Inc.	*		23,000		1,163,800
Genentech, Inc.	*		311,700		25,288,221
Gen-Probe, Inc.	*		39,674		2,077,727
Genzyme Corporation	*		249,600		15,370,368
Gilead Sciences, Inc.	*		109,900		7,135,807
King Pharmaceuticals, Inc.	*		39,700		632,024
McKesson Corporation			70,800		3,589,560
Merck & Company, Inc.			88,500		3,858,600
Novartis AG, ADR (Switzerland)			156,000		8,960,640
Omnicare, Inc.	†		255,500		9,869,965
Pfizer, Inc.			119,200		3,087,280
Schering-Plough Corporation			424,500		10,035,180
Shire Pharmaceuticals Group PLC (United Kingdom)	†		199,000		12,290,240
Wyeth			336,900		17,154,948
					218,009,672
Real Estate—0.2%
Equity Office Properties Trust REIT			7,163		345,042
Jones Lang Lasalle, Inc.			21,082		1,943,128
SL Green Realty Corporation REIT			15,873		2,107,617
					4,395,787
Restaurants—0.1%
Darden Restaurants, Inc.	†		65,800		2,643,186
Retailers—9.3%
Amazon.Com, Inc.	*†		1,232,500		48,634,450
CVS Corporation			494,100		15,272,631
Circuit City Stores, Inc.	†		128,000		2,429,440
Costco Wholesale Corporation			79,000		4,176,730
Dillard’s, Inc. Class A	†		60,400		2,112,188
eBay, Inc.	*		2,327,600		69,990,932
Fastenal Company	†		352,100		12,633,348
Nike, Inc. Class B			168,900		16,726,167
Office Depot, Inc.	*		93,573		3,571,681
TJX Companies., Inc.			92,000		2,620,160
Target Corporation			432,200		24,657,010
Wal-Mart Stores, Inc.			1,200,500		55,439,090
					258,263,827
Telephone Systems—2.6%
AT&T, Inc.			9,800		350,350
Embarq Corporation			12,414		652,480
Global Payments, Inc.			46,300		2,143,690
Nokia Corporation Sponsored ADR (Finland)			3,034,500		61,661,040
Sprint Nextel Corporation			31,200		589,368
Verizon Communications, Inc.			185,400		6,904,296
					72,301,224
Transportation—2.2%
CSX Corporation			101,900		3,508,417
Canadian Pacific Railway Ltd. (Canada)	†		174,200		9,190,792
CH Robinson Worldwide, Inc.			163,600		6,689,604
Expedia, Inc.	*		820,300		17,209,894
Expeditors International Washington, Inc.			15,900		643,950
Norfolk Southern Corporation			231,300		11,632,077
Overseas Shipholding Group			16,600		934,580
Union Pacific Corporation			31,975	$	2,942,340
United Parcel Service, Inc. Class B			119,000		8,922,620
					61,674,274
TOTAL COMMON STOCKS
(Cost $2,352,487,715)					$    2,707,646,550
WARRANTS—0.0%
Financial Services—0.0%
Raytheon Co. Warrants, Expires 6/16/2011
(Cost $)			556		9,963

 

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—9.1%
Bank & Certificate Deposits/ Offshore Time Deposits—8.8%
Abbey National PLC
5.280%	01/05/2007	††	$	3,835,575		3,835,575
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		3,835,573		3,835,573
Bank Of Nova Scotia
5.300%	02/27/2007	††		4,794,466		4,794,466
Bank Of Nova Scotia
5.290%	01/30/2007	††		1,917,786		1,917,786
Bank Of Nova Scotia
5.290%	02/06/2007	††		2,876,680		2,876,680
Barclays
5.320%	02/13/2007	††		1,917,786		1,917,786
Barclays
5.310%	02/20/2007	††		4,794,466		4,794,466
Barclays
5.300%	01/02/2007	††		4,794,466		4,794,466
Barton Capital LLC
5.300%	01/17/2007	††		1,917,786		1,917,786
Barton Capital LLC
5.300%	01/17/2007	††		2,876,679		2,876,679
Calyon
5.310%	02/16/2007	††		1,917,788		1,917,788
Calyon
5.300%	02/05/2007	††		5,753,362		5,753,362
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		5,753,362		5,753,362
Charta LLC
5.300%	01/31/2007	††		3,755,714		3,755,714
CIESCO
5.310%	01/04/2007	††		2,497,058		2,497,058
Citigroup
5.310%	03/16/2007	††		1,917,788		1,917,788
Clipper Receivables Corp
5.300%	01/31/2007	††		1,917,788		1,917,788
Compass Securitization
5.300%	01/09/2007	††		2,876,681		2,876,681
CRC Funding LLC
5.340%	01/23/2007	††		958,894		958,894
CRC Funding LLC
5.300%	01/10/2007	††		2,799,624		2,799,624
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		1,917,788		1,917,788
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		3,835,574		3,835,574
Dexia Group
5.290%	01/16/2007	††		4,794,468		4,794,468

 

See accompanying notes to financial statements.

195

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint
Growth Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
Fairway Finance
5.300%	01/09/2007	††	$	2,301,345	$	2,301,345
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		1,917,786		1,917,786
Fortis Bank
5.320%	01/03/2007	††		1,917,788		1,917,788
Fortis Bank
5.300%	01/02/2007	††		1,917,788		1,917,788
Fortis Bank
5.300%	01/24/2007	††		6,712,256		6,712,256
Fortis Bank
5.300%	01/26/2007	††		7,671,149		7,671,149
General Electric Capital Corporation
5.300%	01/26/2007	††		3,835,574		3,835,574
Greyhawk Funding
5.310%	01/12/2007	††		1,917,788		1,917,788
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		4,794,468		4,794,468
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		1,917,788		1,917,788
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		2,876,681		2,876,681
Lexington Parker Cap Comp
5.300%	01/05/2007	††		1,917,788		1,917,788
Liberty Street
5.310%	01/17/2007	††		1,917,788		1,917,788
Lloyds TSB Bank
5.300%	02/26/2007	††		1,917,788		1,917,788
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		1,917,788		1,917,788
Merrill Lynch & Co
5.300%	01/02/2007	††		33,561,278		33,561,278
Morgan Stanley & Co
5.300%	01/02/2007	††		23,513,823		23,513,823
Old Line Funding LLC
5.350%	01/04/2007	††		1,917,788		1,917,788
Paradigm Funding LLC
5.310%	01/17/2007	††		1,917,788		1,917,788
Park Avenue Receivables Corp
5.330%	01/18/2007	††		1,917,788		1,917,788
Rabobank Nederland
5.250%	01/02/2007	††		5,753,362		5,753,362
Ranger Funding
5.330%	02/08/2007	††		1,917,788		1,917,788
Ranger Funding
5.320%	01/04/2007	††		1,917,788		1,917,788
Royal Bank of Canada
5.310%	02/14/2007	††		3,835,574		3,835,574
Royal Bank of Scotland
5.310%	01/11/2007	††		1,917,788		1,917,788
Royal Bank of Scotland
5.290%	01/16/2007	††		2,876,681		2,876,681
Royal Bank of Scotland
5.290%	02/09/2007	††		1,917,788		1,917,788
Royal Bank of Scotland
5.280%	01/11/2007	††		4,794,468		4,794,468
Sheffiled Receivables Corp
5.360%	01/11/2007	††		2,876,681		2,876,681
Sheffiled Receivables Corp
5.300%	01/12/2007	††		1,917,788		1,917,788
Societe Generale
5.310%	01/02/2007	††		4,794,468		4,794,468
Societe Generale
5.290%	02/01/2007	††		4,794,468		4,794,468
Societe Generale
5.270%	01/19/2007	††	$	4,794,468	$	4,794,468
Svenska Handlesbanken
5.250%	01/02/2007	††		2,200,931		2,200,931
Three Pillars Funding LLC
5.380%	01/02/2007	††		2,869,516		2,869,516
UBS AG
5.300%	01/04/2007	††		1,917,788		1,917,788
UBS AG
5.290%	01/02/2007	††		3,835,574		3,835,574
Variable Funding Capital Co
5.310%	02/02/2007	††		1,917,788		1,917,788
Variable Funding Capital Co
5.290%	01/04/2007	††		1,917,788		1,917,788
Yorktown Capital LLC
5.330%	01/16/2007	††		1,917,788		1,917,788
Yorktown Capital LLC
5.300%	01/10/2007	††		1,917,788		1,917,788
						245,141,251
Floating Rate Instruments/Master Notes—0.3%
Bank of America
5.310%	07/10/2007	††		4,794,468		4,794,468
Bank of America
5.270%	01/09/2007	††		3,835,574		3,835,574
						8,630,042
TOTAL CASH EQUIVALENTS
(Cost $253,771,293)						253,771,293
REPURCHASE AGREEMENTS—2.9%
IBT Repurchase Agreement dated 12/29/2006 due 01/02/2007, with a maturity value of $79,903,867 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 4.28% to 9.13%, maturity dates ranging from 07/18/2018 to 03/01/2005 and an aggregate market value of $83,855,735.				79,862,604		79,862,604
TOTAL INVESTMENTS—109.2%
(Cost $2,686,121,611)						3,041,290,410
Other assets less liabilities—(9.2%)						(257,495,906	)
NET ASSETS—100.0%					$	2,783,794,504

 

Notes to the Schedule of Investments:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

See accompanying notes to financial statements.

196

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—97.2%
Advertising—1.6%
24/7 Real Media, Inc.	*		335,000	$	3,031,749
Aquantive, Inc.	*		235,300		5,802,496
Focus Media Holding, Ltd., ADR (Cayman Islands)	*		51,900		3,445,641
Lamar Advertising Company	*		86,800		5,675,852
Marchex, Inc. Class B	*†		134,900		1,804,962
Monster Worldwide, Inc.	*		55,800		2,602,512
					22,363,212
Aerospace & Defense—0.3%
Empresa Brasileira de Aeronautica SA, Sponsored ADR (Brazil)	†		93,300		3,863,553
Apparel Retailers—1.1%
AnnTaylor Stores Corporation	*		114,500		3,760,180
Christopher & Banks Corporation			261,900		4,887,054
Urban Outfitters, Inc.	*†		271,730		6,257,942
					14,905,176
Automotive—2.7%
Autoliv, Inc.			124,300		7,495,290
General Motors Corporation	†		638,000		19,599,360
Oshkosh Truck Corporation			210,800		10,206,936
					37,301,586
Banking—1.1%
Investors Financial Services Corporation			288,700		12,318,829
Texas Capital Bancshares, Inc.	*		105,900		2,105,292
					14,424,121
Building Materials—2.5%
Cemex SAB de CV (Mexico)	*		420,370		14,221,117
Interline Brands, Inc.	*		320,500		7,201,635
Martin Marietta Materials, Inc.			44,300		4,603,213
Vulcan Materials Company	†		86,000		7,728,820
					33,754,785
Chemicals—1.1%
Agrium, Inc. (Canada)	†		108,200		3,407,218
Nalco Holding Company	*		173,287		3,545,452
Potash Corporation of Saskatchewan, Inc. (Canada)			12,650		1,815,022
UAP Holding Corporation	†		229,200		5,771,256
					14,538,948
Commercial Services—7.6%
Accenture Ltd. Class A (Bermuda)			231,500		8,549,295
Administaff, Inc.	†		51,300		2,194,101
Advisory Board Company (The)	*		127,200		6,810,288
AerCap Holdings NV (Netherlands)	*		69,700		1,615,646
American Reprographics Co.	*		119,500		3,980,545
Corporate Executive Board Company	†		144,900		12,707,730
Cytyc Corporation	*		191,100		5,408,130
Digitas, Inc.	*		267,100		3,581,811
Dun & Bradstreet Company	*		56,900		4,710,751
Heartland Payment Systems, Inc.	†		161,700		4,568,025
Korn Ferry International	*†		377,200		8,660,512
Mobile Mini, Inc.	*		206,100	$	5,552,334
Moody’s Corporation			53,100		3,667,086
Navigant Consulting, Inc.	*†		285,300		5,637,528
Resources Connection, Inc.	*		218,900		6,969,776
Stericycle, Inc.	*		45,100		3,405,050
Waste Connections, Inc.	*		164,000		6,814,200
WebSideStory, Inc.	*†		125,400		1,587,564
Weight Watchers International, Inc.			101,600		5,337,048
Wind River Systems, Inc.	*		245,000		2,511,250
					104,268,670
Communications—2.0%
American Tower Corporation Class A	*		332,400		12,391,872
Comverse Technology, Inc.	*		131,800		2,782,298
SBA Communications Corporation	*		295,600		8,129,000
XM Satellite Radio Holdings, Inc. Class A	*†		313,300		4,527,185
					27,830,355
Computer Software & Processing—11.1%
Activision, Inc.	*†		868,199		14,967,751
Adobe Systems, Inc.	*		79,500		3,269,040
Alliance Data Systems Corporation	*		150,600		9,407,982
Amdocs Ltd.	*†		385,600		14,942,000
Bottomline Technologies, Inc.	*		145,700		1,668,265
CNET Networks, Inc.	*†		1,429,899		12,997,782
Choicepoint, Inc.	*		135,000		5,316,300
Citrix Systems, Inc.	*		160,100		4,330,705
DST Systems, Inc.	*†		101,610		6,363,834
Factset Research Systems, Inc.			197,600		11,160,448
Fidelity National Information Services, Inc.	†		69,300		2,778,237
Global Cash Access, Inc.	*		141,100		2,290,053
IMS Health, Inc.			128,800		3,539,424
IHS, Inc.—Class A	*		36,200		1,429,176
Jack Henry & Associates, Inc.			312,500		6,687,500
Juniper Networks, Inc.	*		398,600		7,549,484
Kronos, Inc.	*		61,500		2,259,510
Lenovo Group, Ltd. (Hong Kong)			9,609,100		3,898,767
LivePerson, Inc.	*		381,600		1,995,768
Nvidia Corporation	*		70,100		2,594,401
Open Solutions, Inc.	*†		35,000		1,317,400
Red Hat, Inc.	*		347,600		7,994,800
RightNow Technologies, Inc.	*†		288,700		4,971,414
Skillsoft PLC ADR (Ireland)	*		405,300		2,516,913
Take-Two Interactive Software, Inc.	*†		411,300		7,304,688
Taleo Corp.—Class A	*		214,500		2,932,215
Verint Systems, Inc.	*		70,400		2,413,312
Websense, Inc.	*		109,900		2,509,017
					151,406,186
Computers & Information—1.9%
Dell, Inc.	*		891,000		22,355,190
Isilon Systems, Inc.	*		5,400		149,040
Micros Systems, Inc.	*		50,600		2,666,620
Rackable Systems, Inc.	*†		33,100		1,025,107
					26,195,957
Education—1.0%
Apollo Group, Inc. Class A	*†		147,200		5,736,384
Laureate Education, Inc.	*		157,700		7,668,951
					13,405,335

See accompanying notes to financial statements.

197

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Electrical Equipment—0.4%
Ametek, Inc.			125,850	$	4,007,064
Moog, Inc. Class A	*		41,900		1,600,161
					5,607,225
Electronics—3.7%
Analog Devices, Inc.			239,700		7,878,939
Arrow Electronics, Inc.	*		54,600		1,722,630
Broadcom Corporation Class A	*		60,300		1,948,293
Cymer, Inc.	*†		45,799		2,012,866
DRS Technologies, Inc.			105,400		5,552,472
Integrated Device Technology, Inc.	*		306,300		4,741,524
Intersil Corporation Class A	†		149,600		3,578,432
IPG Photonics Corp.	*		5,500		132,000
Marvell Technology Group Ltd. (Bermuda)	*†		116,400		2,233,716
Microchip Technology, Inc.			119,800		3,917,460
National Semiconductor Corporation	†		260,900		5,922,430
PMC-Sierra, Inc.	*†		517,300		3,471,083
Semtech Corporation	*		272,300		3,558,961
Silicon Laboratories, Inc.	*		113,400		3,929,310
					50,600,116
Entertainment & Leisure—3.7%
Discovery Holding Company Class A	*		192,710		3,100,704
International Speedway Corporation Class A			89,800		4,583,392
Pool Corporation	†		240,100		9,404,717
Walt Disney Company			767,000		26,285,090
WMS Industries, Inc.	*†		217,600		7,585,536
					50,959,439
Financial Services—2.8%
Bear Stearns Companies, Inc. (The)			61,600		10,027,248
Countrywide Financial Corporation			144,386		6,129,186
Legg Mason, Inc.			30,500		2,899,025
Nasdaq Stock Market Inc.	*		44,500		1,370,155
NTL, Inc.			293,700		7,412,988
Nuveen Investments, Inc. Class A			106,000		5,499,280
SEI Investments Company			87,700		5,223,412
					38,561,294
Food Retailers—0.8%
Panera Bread Company Class A	*†		126,000		7,044,660
Pantry, Inc. (The)	*†		92,100		4,313,964
					11,358,624
Health Care Providers—5.2%
Coventry Health Care, Inc.	*		293,050		14,667,152
DaVita, Inc.	*		535,100		30,436,488
Edwards Lifesciences Corporation	*		80,700		3,796,128
Healthways, Inc.	*†		74,500		3,554,395
Laboratory Corporation Of America Holdings	*†		70,300		5,164,941
LCA-Vision, Inc.	†		77,200		2,652,592
Lincare Holdings, Inc.	*		157,800		6,286,752
Symbion, Inc.	*		112,500		2,082,375
VCA Antech, Inc.	*		79,000		2,543,010
					71,183,833
Heavy Machinery—2.7%
Actuant Corporation Class A	*		252,400	$	12,026,860
Entegris, Inc.	*		453,300		4,904,706
FMC Technologies, Inc.	*		164,000		10,107,320
Grant Prideco, Inc.	*		97,900		3,893,483
Hydril	*		83,000		6,240,770
					37,173,139
Home Construction, Furnishings & Appliances—1.5%
Meritage Homes Corporation	*†		174,000		8,303,280
Standard-Pacific Corporation	†		120,100		3,217,479
Toll Brothers, Inc.	*†		172,500		5,559,675
Williams Scotsman International, Inc.	*		150,500		2,952,810
					20,033,244
Industrial—Diversified—1.2%
Roper Industries, Inc.			323,400		16,247,616
Insurance—8.8%
AMBAC Financial Group, Inc.			157,250		14,006,257
AON Corporation	†		540,600		19,104,804
Centene Corporation	*†		124,000		3,046,680
Fairfax Financial Holdings Ltd. (Canada)	†		118,880		23,597,680
HCC Insurance Holdings, Inc.			91,500		2,936,235
HealthExtras, Inc.	*		53,200		1,282,120
Infinity Property & Casualty Corporation			50,600		2,448,534
Markel Corporation	*		7,400		3,552,740
Millea Holdings, Inc. (Japan)			272,000		9,632,562
Montpelier Re Holdings, Ltd. (Bermuda)	†		424,300		7,896,223
Nipponkoa Insurance Company Ltd. (Japan)			1,260,000		10,181,076
Radian Group, Inc.			56,500		3,045,915
Security Capital Assurance Ltd. (Bermuda)			141,200		3,929,596
WellPoint, Inc.	*		105,900		8,333,271
XL Capital Ltd. Class A (Cayman Islands)			101,700		7,324,434
					120,318,127
Lodging—0.5%
Station Casinos, Inc.	†		76,100		6,215,087
Media—Broadcasting & Publishing—4.8%
Central European Media Enterprises Ltd.	*†		46,100		3,227,000
Comcast Corporation Special Class A	*		138,000		5,779,440
DIRECTV Group (The), Inc.	*†		1,147,000		28,606,180
Liberty Media Corporation Interactive Class A	*		602,275		12,991,072
Liberty Media Holdings Corporation Capital Class A	*		120,455		11,802,181
Meredith Corporation			55,700		3,138,695
					65,544,568
Medical Supplies—2.4%
Advanced Medical Optics, Inc.	*†		194,400		6,842,880
Biomet, Inc.			87,500		3,611,125
FEI Company	*†		275,900		7,275,483
Kla-Tencor Corporation			33,600		1,671,600
Respironics, Inc.	*		139,900		5,281,225
Thermo Fisher Scientific, Inc.	*		161,800		7,327,922
					32,010,235

See accompanying notes to financial statements.

198

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Aggressive
Opportunities Fund

		Shares		Value
COMMON STOCKS—(Continued)
Metals—1.1%
United States Steel Corporation			211,800	$	15,491,052
Oil & Gas—2.1%
Bill Barrett Corporation	*†		96,400		2,623,044
BJ Services Company			198,400		5,817,088
Denbury Resources, Inc.	*		143,300		3,982,307
Encore Acquisition Company	*†		138,999		3,409,645
GlobalSantaFe Corporation			80,800		4,749,424
Range Resources Corporation			171,400		4,706,644
W-H Energy Services, Inc.	*		72,800		3,544,632
					28,832,784
Pharmaceuticals—6.2%
Affymetrix, Inc.	*†		271,300		6,256,178
Alexion Pharmaceuticals, Inc.	*†		74,400		3,005,016
Alkermes, Inc.	*		147,500		1,972,075
Amylin Pharmaceuticals, Inc.	*†		116,800		4,212,976
Atherogenics, Inc.	*†		108,900		1,079,199
Cell Genesys, Inc.	*†		286,700		971,913
Cephalon, Inc.	*†		58,100		4,090,821
Cubist Pharmaceuticals, Inc.	*†		100,400		1,818,244
CV Therapeutics, Inc.	*†		163,700		2,285,252
deCODE genetics, Inc.	*†		419,300		1,899,429
Exelixis, Inc.	*		230,700		2,076,300
Far East Pharmaceutical Tech (Hong Kong)	*‡d		6,152,600		—
Henry Schein, Inc.	*†		186,200		9,120,076
Immucor, Inc.	*		159,000		4,647,570
Medicines Company	*		107,800		3,419,416
Medicis Pharmaceutical Corporation Class A	†		440,900		15,488,817
Myriad Genetics, Inc.	*†		68,300		2,137,790
New River Pharmaceuticals, Inc.	*†		51,000		2,790,210
Senomyx, Inc.	*†		328,523		4,267,514
Shire Pharmaceuticals Group PLC (United Kingdom)			91,600		5,657,216
Symyx Technologies, Inc.	*		163,600		3,532,124
Valeant Pharmaceuticals International			242,000		4,172,080
					84,900,216
Real Estate—1.8%
CapitalSource, Inc.	†		566,700		15,476,577
CB Richard Ellis Group, Inc. Class A	*		158,100		5,248,920
St. Joe Company (The)	†		68,100		3,648,117
					24,373,614
Restaurants—0.4%
PF Chang’s China Bistro, Inc.	*†		151,300		5,806,894
Retailers—5.0%
AC Moore Arts & Crafts, Inc.	*†		174,000		3,770,580
Advance Auto Parts, Inc.			91,300		3,246,628
Amazon.Com, Inc.	*		477,000		18,822,420
Autozone, Inc.	*		44,000		5,084,640
Bed Bath & Beyond, Inc.	*		85,700		3,265,170
Blue Nile, Inc.	*†		40,600		1,497,734
Fastenal Company			95,300		3,419,364
MarineMax, Inc.	*†		100,200		2,598,186
O’Reilly Automotive, Inc.	*†		347,000		11,124,820
School Specialty, Inc.	*†		118,621		4,447,101
Sears Holdings Corporation	*†		46,800		7,859,124
Tiffany & Company			77,800		3,052,872
					68,188,639
Telephone Systems—6.5%
Adtran, Inc.			120,100	$	2,726,270
KDDI Corporation (Japan)			1,483		10,066,257
Level 3 Communications, Inc.	*†		2,887,200		16,168,320
NTT DoCoMo, Inc. (Japan)			1,765		2,792,461
NeuStar, Inc. Class A	*†		204,000		6,617,760
NII Holdings, Inc. Class B	*†		394,045		25,392,260
Sprint Nextel Corporation	†		1,329,300		25,110,477
					88,873,805
Textiles, Clothing & Fabrics—0.2%
Iconix Brand Group, Inc.	*		38,600		748,454
Mohawk Industries, Inc.	*†		32,000		2,395,520
					3,143,974
Transportation—1.4%
Expedia, Inc.	*†		592,000		12,420,160
Thor Industries, Inc.	†		45,600		2,005,944
UTI Worldwide, Inc. (Luxembourg)			144,100		4,308,590
					18,734,694
TOTAL COMMON STOCKS
(Cost $1,083,958,110)					1,328,416,103

 

Coupon Rate	Maturity Date		Face		Value
COMMERCIAL PAPER—0.1%
Financial Services—0.1%
Falcon Asset Securitization Corporation 144A
5.310%	01/25/2007	**
(Cost $1,992,330)			$	2,000,000		1,992,330
CASH EQUIVALENTS—27.5%
Bank & Certificate Deposits/ Offshore Time Deposits—26.5%
Abbey National PLC
5.280%	01/05/2007	††		5,673,811	$	5,673,811
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		5,673,810		5,673,810
Bank Of Nova Scotia
5.300%	02/27/2007	††		7,092,263		7,092,263
Bank Of Nova Scotia
5.290%	01/30/2007	††		2,836,906		2,836,906
Bank Of Nova Scotia
5.290%	02/06/2007	††		4,255,358		4,255,358
Barclays
5.320%	02/13/2007	††		2,836,906		2,836,906
Barclays
5.310%	02/20/2007	††		7,092,263		7,092,263
Barclays
5.300%	01/02/2007	††		7,092,263		7,092,263
Barton Capital LLC
5.300%	01/17/2007	††		2,836,906		2,836,906
Barton Capital LLC
5.300%	01/17/2007	††		4,255,358		4,255,358
Calyon
5.310%	02/16/2007	††		2,836,906		2,836,906
Calyon
5.300%	02/05/2007	††		8,510,715		8,510,715
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		8,510,715		8,510,715
Charta LLC
5.300%	01/31/2007	††		5,555,677		5,555,677

 

See accompanying notes to financial statements.

199

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Aggressive
Opportunities Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
CIESCO
5.310%	01/04/2007	††	$	3,693,797	$	3,693,797
Citigroup
5.310%	03/16/2007	††		2,836,906		2,836,906
Clipper Receivables Corp
5.300%	01/31/2007	††		2,836,906		2,836,906
Compass Securitization
5.300%	01/09/2007	††		4,255,358		4,255,358
CRC Funding LLC
5.340%	01/23/2007	††		1,418,453		1,418,453
CRC Funding LLC
5.300%	01/10/2007	††		4,141,370		4,141,370
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		2,836,906		2,836,906
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		5,673,810		5,673,810
Dexia Group
5.290%	01/16/2007	††		7,092,263		7,092,263
Fairway Finance
5.300%	01/09/2007	††		3,404,287		3,404,287
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		2,836,906		2,836,906
Fortis Bank
5.320%	01/03/2007	††		2,836,906		2,836,906
Fortis Bank
5.300%	01/02/2007	††		2,836,906		2,836,906
Fortis Bank
5.300%	01/24/2007	††		9,929,169		9,929,169
Fortis Bank
5.300%	01/26/2007	††		11,347,622		11,347,622
General Electric Capital Corporation
5.300%	01/26/2007	††		5,673,810		5,673,810
Greyhawk Funding
5.310%	01/12/2007	††		2,836,906		2,836,906
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		7,092,263		7,092,263
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		2,836,906		2,836,906
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		4,255,358		4,255,358
Lexington Parker Cap Comp
5.300%	01/05/2007	††		2,836,906		2,836,906
Liberty Street
5.310%	01/17/2007	††		2,836,906		2,836,906
Lloyds TSB Bank
5.300%	02/26/2007	††		2,836,906		2,836,906
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		2,836,906		2,836,906
Merrill Lynch & Co
5.300%	01/02/2007	††		49,645,843		49,645,843
Morgan Stanley & Co
5.300%	01/02/2007	††		34,783,033		34,783,033
Old Line Funding LLC
5.350%	01/04/2007	††		2,836,906		2,836,906
Paradigm Funding LLC
5.310%	01/17/2007	††		2,836,906		2,836,906
Park Avenue Receivables Corp
5.330%	01/18/2007	††		2,836,906		2,836,906
Rabobank Nederland
5.250%	01/02/2007	††		8,510,715		8,510,715
Ranger Funding
5.330%	02/08/2007	††		2,836,906		2,836,906
Ranger Funding
5.320%	01/04/2007	††	$	2,836,906	$	2,836,906
Royal Bank of Canada
5.310%	02/14/2007	††		5,673,810		5,673,810
Royal Bank of Scotland
5.310%	01/11/2007	††		2,836,906		2,836,906
Royal Bank of Scotland
5.290%	01/16/2007	††		4,255,358		4,255,358
Royal Bank of Scotland
5.290%	02/09/2007	††		2,836,906		2,836,906
Royal Bank of Scotland
5.280%	01/11/2007	††		7,092,263		7,092,263
Sheffiled Receivables Corp
5.360%	01/11/2007	††		4,255,358		4,255,358
Sheffiled Receivables Corp
5.300%	01/12/2007	††		2,836,906		2,836,906
Societe Generale
5.310%	01/02/2007	††		7,092,263		7,092,263
Societe Generale
5.290%	02/01/2007	††		7,092,263		7,092,263
Societe Generale
5.270%	01/19/2007	††		7,092,263		7,092,263
Svenska Handlesbanken
5.250%	01/02/2007	††		3,255,746		3,255,746
Three Pillars Funding LLC
5.380%	01/02/2007	††		4,244,758		4,244,758
UBS AG
5.300%	01/04/2007	††		2,836,906		2,836,906
UBS AG
5.290%	01/02/2007	††		5,673,810		5,673,810
Variable Funding Capital Co
5.310%	02/02/2007	††		2,836,906		2,836,906
Variable Funding Capital Co
5.290%	01/04/2007	††		2,836,906		2,836,906
Yorktown Capital LLC
5.330%	01/16/2007	††		2,836,906		2,836,906
Yorktown Capital LLC
5.300%	01/10/2007	††		2,836,906		2,836,906
						362,627,550
Floating Rate Instruments/Master Notes—1.0%
Bank of America
5.310%	07/10/2007	††		7,092,263		7,092,263
Bank of America
5.270%	01/09/2007	††		5,673,810		5,673,810
						12,766,073
TOTAL CASH EQUIVALENTS
(Cost $375,393,623)						375,393,623

 

See accompanying notes to financial statements.

200

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Aggressive
Opportunities Fund

	Face		Value
REPURCHASE AGREEMENTS—2.5%
IBT Repurchase Agreement dated 12/29/06 due 01/02/07, with a maturity value of 34,440,004 and an effective yield of 4.65% collateralized by U.S. Government Agency Obligations with rates ranging from 4.32% to 7.875%, maturity dates ranging from 02/25/2030 to 08/01/2034 and an aggregate market value of $36,143,330.	$	34,422,220	$	34,422,220
TOTAL INVESTMENTS—127.3%
(Cost $1,495,766,283)				1,740,224,276
Other assets less liabilities—(27.3%)				(373,516,001	)
NET ASSETS—100.0%			$	1,366,708,275

 

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
*	Non-income producing security.
†	Denotes all or a portion of security on loan.
‡	Security valued at fair value as determined by policies approved by the board of directors.
**	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.11% of Total Investments.
††	Represents collateral received from securities lending transactions.
d	Security has no market value at 12/31/2006.

See accompanying notes to financial statements.

201

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—96.6%
Australia—2.7%
Amcor Ltd.			92,256	$	526,386
Austal, Ltd.			182,000		492,254
AXA Asia Pacific Holdings Ltd.			88,600		506,976
Brambles Ltd.	*		126,571		1,274,789
Foster’s Group Ltd.			151,148		822,831
Insurance Australia Group Ltd.			264,284		1,317,678
Macquarie Bank Ltd.			40,780		2,530,377
Promina Group Ltd.			32,956		179,300
Publishing & Broadcasting Ltd.			360,147		6,026,602
QBE Insurance Group Ltd.			155,500		3,522,091
Rinker Group Ltd.			136,177		1,924,671
Rio Tinto Ltd.			10,300		598,628
Telstra Corporation Ltd.			225,481		735,578
Woodside Petroleum Ltd.			213,000		6,370,327
Woolworths Ltd.			84,761		1,593,864
					28,422,352
Austria—0.4%
Erste Bank der Oesterreichischen Sparkassen AG			9,100		696,737
Raiffeisen International Bank Holding AG	*		4,800		729,839
Telekom Austria AG			25,500		680,882
Wiener Staedtische Allgemeine Versicherung AG			34,447		2,417,509
					4,524,967
Belgium—1.1%
Fortis			173,885		7,400,005
KBC Groep NV			25,800		3,158,294
UCB SA	†		20,800		1,425,366
Umicore			161		27,356
					12,011,021
Bermuda—0.6%
Guoco Group, Ltd.			80,000		985,315
Jardine Matheson Holdings, Ltd.			16,800		359,520
NWS Holdings, Ltd.			693,396		1,586,266
SeaDrill Ltd.	*		182,600		3,064,469
Vtech Holdings, Ltd.			133,000		819,046
					6,814,616
Brazil—0.1%
Vivo Participacoes SA, ADR	*		212,518		871,324
Canada—4.4%
Abitibi-Consolidated, Inc.			71,000		182,137
Akita Drilling, Ltd.—Class A			13,300		189,992
Alcan Aluminum Ltd.			76,900		3,746,199
Barrick Gold Corporation			90,100		2,766,070
Cameco Corporation	†		76,600		3,101,986
Canadian Imperial Bank of Commerce			9,100		767,475
Canadian Natural Resources, Ltd.			56,400		3,007,387
Canadian Oil Sands Trust			20,100		562,362
COM DEV International, Ltd.	*		169,600		939,999
Empire Co., Ltd.—Class A			40,500		1,435,421
EnCana Corporation			10,800		497,214
Finning International, Inc.			18,200		746,238
First Quantum Minerals Ltd.			13,900		748,338
Inmet Mining Corporation			30,800		1,649,203
Laperriere & Verreault Group	*		32,900		860,924
Manulife Financial Corporation	†		21,000		708,979
Methanex Corp.	†		27,300		747,175
Nortel Networks Corp.	*		27,000	$	721,710
Pason Systems, Inc.			10,600		120,592
Potash Corporation of Saskatchewan, Inc. (foreign shares)			23,300		3,338,424
Research In Motion, Ltd.	*		27,100		3,464,373
Rogers Communications, Inc.—Class B			20,800		619,244
Royal Bank of Canada			14,400		685,685
Shaw Communications, Inc.—Class B			22,700		718,851
Suncor Energy, Inc.			96,200		7,575,992
Teck CominCo, Ltd.—Class B	†		26,600		2,006,040
Telus Corporation	†		55,100		2,530,095
Telus Corporation Non-voting Shares			17,900		799,054
Toronto-Dominion Bank			9,600		574,246
					45,811,405
Cayman Islands—0.1%
Foxconn International Holdings Ltd.	*		173,000		564,160
China—0.2%
China Life Insurance Co., Ltd.—Class H			389,000		1,327,577
Industrial and Commercial Bank of China Asia, Ltd.—Class H	*		1,273,000		790,353
					2,117,930
Denmark—0.2%
Codan A/S			6,200		601,245
Novo Nordisk A/S Class B			23,300		1,940,146
					2,541,391
Finland—1.5%
Fortum Oyj			215,891		6,131,180
Neste Oil Oyj			15,600		472,709
Nokia Oyj			200,400		4,069,388
Sampo Oyj			104,400		2,788,251
Stora Enso Oyj Class R			37,400		589,686
UPM-Kymmene Oyj			77,900		1,962,571
					16,013,785
France—10.4%
Accor SA			14,500		1,121,184
Air France			49,000		2,056,943
Air Liquide			4,018		951,997
Alstom	*		28,937		3,905,369
Assurances Generales de France			16,800		2,612,222
AXA			121,571		4,900,528
BNP Paribas			57,070		6,208,335
Bouygues SA			174,136		11,148,902
Carrefour SA			81,157		4,911,820
Cie Generale D’Optique Essilor International SA			56,900		6,108,468
Dassault Systemes SA			11,600		613,196
Electricite de France	*		53,946		3,922,448
Groupe Danone			7,100		1,073,647
Haulotte Group			17,900		475,511
LVMH Moet Hennessy Louis Vuitton SA			81,341		8,556,377
Lafarge SA			14,800		2,199,874
L’Oreal SA			65,900		6,587,260
Michelin (C.G.D.E.) Class B			10,100		964,749
PagesJaunes SA			18,853		374,659
Pernod-Ricard SA			3,000		687,749

See accompanying notes to financial statements.

202

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint
International Fund

		Shares			Value
COMMON STOCKS—(Continued)
Provimi SA			10,126		$	433,797
Renault SA			14,100			1,688,274
Rhodia SA	*†		228,100			793,220
Sanofi-Synthelabo SA			76,600			7,062,332
Schneider Electric SA			26,200			2,899,499
Societe Generale Class A			28,830			4,877,008
Societe Television Francaise1	†		128,000			4,743,344
Technip SA	†		41,953			2,877,552
Thales SA			27,500			1,368,595
Total SA	†		86,640			6,234,177
Veolia Environment			26,630			2,030,837
Vinci SA	†		23,003			2,931,670
Vivendi Universal SA			44,100			1,720,031
						109,041,574
Germany—5.1%
Allianz AG			62,137	��		12,629,332
Bayer AG			13,100			699,599
Bayerische Motoren Werke AG			21,113			1,210,110
Carlsberg AS Class B			9,950			985,300
Commerzbank AG			24,281			918,133
Continental AG			5,600			648,722
DaimlerChrysler AG			34,200			2,100,983
Deutsche Bank AG			8,700			1,155,786
Deutsche Post AG			109,659			3,300,927
Fraport AG	†		27,957			1,988,027
IVG Immobilien AG			22,536			964,598
Kloeckner & Co. AG	*		13,700			589,576
MAN AG			5,900			530,963
Muenchener Rueckversicherungs AG			18,900			3,241,970
RWE AG			56,929			6,243,166
Salzgitter AG			36,900			4,780,422
SAP AG			42,800			2,269,710
SAP AG ADR	†		7,700			408,870
Siemens AG	†		38,400			3,768,449
E.ON AG			20,666			2,790,732
Volkswagen AG	†		22,200			2,515,344
						53,740,719
Greece—0.1%
OPAP SA			15,270			589,669
Hong Kong—5.9%
Bank of East Asia Ltd.			260,600			1,470,846
China Merchants Holdings International Co., Ltd.			671,400			2,746,046
China Mobile Ltd.			1,073,600			9,252,891
China Resources Enterprise			14,100			40,371
China Unicom Ltd.			1,913,400			2,828,123
CLP Holdings Ltd.			770,000			5,682,750
CNOOC, Ltd.			7,350,000			6,966,964
Hang Lung Properties Ltd.			411,000			1,030,914
Hengan International Group Co., Ltd.			346,000			856,463
Hong Kong & China Gas			2,200,000			4,945,841
Hutchison Whampoa Ltd.			844,100			8,556,238
Li & Fung Ltd.			346,400			1,075,341
MTR Corporation			552,100			1,386,162
Sino Land Company			1,812,000			4,213,535
Sun Hung Kai Properties Ltd.			393,600			4,507,607
Swire Pacific Ltd. Class A			568,322			6,093,085
Wing Lung Bank			45,000			471,146
						62,124,323
Ireland—0.3%
CRH PLC			47,321		$	1,967,910
Depfa Bank PLC			44,500			794,552
						2,762,462
Israel—0.0%
Teva Pharmaceutical Industries Ltd. ADR			16,500			512,820
Italy—2.3%
Banca Intesa SpA	*		280,694			2,161,652
Banca Italease			9,500			551,420
Capitalia SpA			54,000			509,504
ENI SpA			133,019			4,473,960
Esprinet SpA			39,000			734,872
Fiat SpA	*		96,900			1,848,530
IFIL-Investments SpA			216,300			1,767,178
Mediobanca SpA			92,095			2,169,868
Saipem SpA			123,095			3,193,747
SanPaolo IMI SpA			22,000			510,527
Telecom Italia RNC			538,550			1,363,779
Telecom Italia SpA			216,212			651,379
UniCredito Italiano SpA	†		534,004			4,667,956
						24,604,372
Japan—27.0%
Advantest Corporation			97,800			5,605,925
Aeon Company Ltd.			70,200			1,518,118
Aiful Corporation			44,500			1,247,675
Astellas Pharma, Inc.			115,000			5,212,298
Bank of Yokohama Ltd. (The)			20,000			156,180
Bosch Corporation			146,000			768,939
Bridgestone Corporation			29,000			647,087
Canon, Inc.			192,750			10,850,487
Chugai Pharmaceutical Company Ltd.			107,400			2,210,846
Commuture Corp.			82,000			726,172
Credit Saison Company Ltd.			172,100			5,911,083
D&M Holdings, Inc.			176,000			665,235
Daikin Industries Ltd.			137,000			4,757,295
Daimaru, Inc.			5,000			67,815
Daito Trust Construction Company Ltd.			94,000			4,314,767
Daiwa House Industry Company Ltd.			40,000			693,110
Denso Corporation			130,800			5,185,668
Eisai Company Ltd.			99,000			5,437,901
Fanuc Ltd.			101,500			9,960,133
Fuji Corp., Ltd.			205,100			1,245,237
Fuji Heavy Industries, Ltd.			70,000			359,292
Fuji Machine Manufacturing Co., Ltd.			32,000			617,339
Futaba Industrial Co., Ltd.			37,000			904,309
Hirose Electric Company Ltd.			40,700			4,614,878
Honda Motor Company Ltd.			208,000			8,208,554
Hoya Corporation			165,800			6,461,547
Idemitsu Kosan Co., Ltd.	*		6,900			694,522
Inpex Holdings, Inc.	*		97			796,736
Itochu Corporation			378,000			3,098,096
Izumiya Co., Ltd.			110,000			785,373
Jaccs Co., Ltd.			38,000			234,530
Japan Tobacco, Inc.			1,163			5,620,599
Jupiter Telecommunications Co.	*		4,127			3,326,128
Kao Corporation			47,000			1,264,655
Keiyo Co., Ltd.			70,000			422,322
Keyence Corporation			29,340			7,241,346
Kumagai Gumi Co., Ltd.	*		153,000			287,982
Maeda Corporation	†		104,000			393,827

See accompanying notes to financial statements.

203

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
Marubeni Corporation			325,000	$	1,646,393
Millea Holdings, Inc.			200,000		7,082,766
Ministop Co., Ltd.			31,300		534,623
Mitsubishi Corporation			117,100		2,199,886
Mitsubishi Electric Corporation			75,000		683,347
Mitsubishi Estate Company Ltd.			389,100		10,052,831
Mitsubishi Heavy Industries Ltd.			425,000		1,927,933
Mitsubishi UFJ Financial Group, Inc.			772		9,576,069
Mitsui & Company Ltd.			255,000		3,820,407
Mitsui Fudosan Company Ltd.			91,300		2,224,172
Mitsui O.S.K. Lines Ltd.			78,000		770,283
Mitsui Sumitomo Insurance Company Ltd.			39,420		429,966
Mizuho Financial Group, Inc.			800		5,705,654
Murata Manufacturing Company Ltd.			5,900		398,054
NTT DoCoMo, Inc.			4,826		7,635,364
NAC Co., Ltd.			22,600		356,518
NGK Spark Plug Company Ltd.			36,000		676,326
Nikko Cordial Corporation			310,000		3,554,657
Nintendo Company Ltd.			10,300		2,666,217
Nippon Electric Glass Company Ltd.			67,000		1,404,721
Nippon Mining Holdings, Inc.			87,000		625,160
Nippon Telegraph & Telephone Corporation	†		154		759,353
Nissan Motor Company Ltd.			273,900		3,304,653
Nitto Denko Corporation			98,000		4,894,878
Nomura Holdings, Inc.			38,000		716,770
NTT Data Corporation			297		1,486,654
NTT Urban Development Corp.			295		570,134
Odakyu Electric Railway Company Ltd.	†		100,000		638,341
Oriental Yeast Co., Ltd.			114,000		668,482
ORIX Corporation			38,880		11,273,472
Rohm Company Ltd.		��	62,300		6,197,170
Sawai Pharmaceutical Co., Ltd.	†		19,000		777,936
Secom Company Ltd.			98,000		5,073,259
Shimamura Company Ltd.			42,300		4,845,868
Shin-Etsu Chemical Company Ltd.			96,800		6,460,716
SMC Corporation			14,300		2,023,542
SNT Corporation			91,000		438,762
Softbank Corporation	*†		306,000		5,927,589
Sompo Japan Insurance, Inc.			56,700		690,590
Sony Corporation			68,000		2,911,749
Star Micronics Co., Ltd.			44,000		879,355
Sumitomo Chemical Company Ltd.			45,000		348,187
Sumitomo Corporation			168,000		2,514,598
Sumitomo Mitsui Financial Group, Inc.			882		9,029,245
Sumitomo Realty & Development Company Ltd.			46,000		1,474,543
Sumitomo Trust & Banking Company Ltd. (The)			130,000		1,360,982
Suzuki Motor Corporation			123,000		3,466,605
T&D Holdings, Inc.			8,250		544,587
TDK Corporation	†		25,000		1,990,264
Taisei Corporation	†		672,650		2,047,245
Takeda Pharmaceutical Company Ltd.			99,100		6,791,064
TOA Corporation			58,000		426,469
Tokyo Electric Power Company, Inc. (The)			36,300		1,172,572
Tokyo Electron Ltd.			29,200		2,296,512
Tokyo Gas Company Ltd.	†		194,000		1,029,910
Tokyu Corporation			155,000		991,651
Toshiba Corporation			392,000		2,546,976
Toyo Machinery & Metal Co., Ltd.			53,000	$	400,222
Toyota Motor Corporation			8,100		542,040
Trend Micro, Inc.	*†		29,000		850,584
UMC Japan	*		1,792		387,445
Unipres Corporation			56,000		438,552
Ushio, Inc.			21,400		439,329
Yahoo Japan Corporation			3,666		1,453,492
Yamada Denki Company Ltd.			20,490		1,738,999
Yamato International, Inc.			53,000		448,079
Yamato Transport Company Ltd.			102,200		1,568,329
					283,323,107
Luxembourg—0.3%
Acergy SA	*		63,900		1,219,150
RTL Group			11,653		1,301,484
SES Global			28,900		502,810
					3,023,444
Mexico—1.1%
America Movil SA de CV ADR	†		102,600		4,639,572
Grupo Televisa SA ADR			148,600		4,013,686
Wal-Mart de Mexico SA de CV—Class V			723,200		3,185,257
					11,838,515
Netherlands—3.5%
ABN AMRO Holding NV			68,374		2,191,901
ASM Lithography Holdings NV New York Registered Shares	*†		24,800		610,824
ASML Holdings NV	*		187,976		4,638,791
Aegon NV			68,947		1,308,345
Heineken Holding NV—Class A			38,143		1,549,335
Heineken NV			21,050		1,000,114
ING Groep NV			303,122		13,393,957
Royal KPN NV			159,900		2,269,477
Koninklijke BAM Groep NV	†		47,500		919,753
Reed Elsevier NV			76,200		1,297,399
Royal Dutch Shell PLC—Class A			111,870		3,941,320
Royal Numico NV	*		14,977		804,240
Unilever NV			61,324		1,672,214
Univar NV			19,700		1,100,776
					36,698,446
Norway—0.2%
DNB NOR ASA			49,500		700,464
Norske Skogindustrier ASA	*†		23,571		404,458
Renewable Energy Corp. AS	*		8,300		150,651
Telenor ASA			33,400		625,904
					1,881,477
Russia—0.6%
NovaTek OAO, Sponsored GDR			15,005		952,818
OAO Lukoil Holding ADR	†		34,710		3,052,745
Unified Energy System GDR			22,819		2,490,694
					6,496,257
Singapore—1.6%
DBS Group Holdings Ltd.			421,000		6,179,083
Keppel Corporation Ltd.			225,200		2,574,199
SembCorp Industries Ltd.			214,600		535,568
Singapore Airlines Ltd.			363,200		4,134,747
Singapore Telecommunications Ltd.			1,101,392		2,348,259
United Overseas Bank Ltd.			68,000		857,448
					16,629,304

See accompanying notes to financial statements.

204

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint
International Fund

		Shares		Value
COMMON STOCKS—(Continued)
South Africa—0.4%
ABSA Group, Ltd.			48,700	$	862,420
Sasol, Ltd.			83,700		3,070,510
					3,932,930
South Korea—1.5%
Hana Financial Group, Inc.			56,719		2,979,051
Kookmin Bank	*		62,999		5,065,247
Kookmin Bank ADR	*		9,500		766,080
Samsung Electronics Company Ltd. GDR, 144A	**		9,865		3,245,585
Shinhan Financial Group Company Ltd.	*		72,740		3,715,215
					15,771,178
Spain—2.4%
Altadis SA			24,300		1,269,469
Banco Bilbao Vizcaya Argentaria SA			175,200		4,209,127
Banco Santander Central Hispano SA			309,900		5,770,474
Gamesa Corporation Tecnologica SA			26,125		716,763
Grupo Catalana Occidente SA			23,000		832,803
Iberdrola SA			10,400		453,366
Inditex SA			144,309		7,762,547
Repsol YPF SA			87,800		3,025,056
Telefonica SA			62,939		1,336,194
					25,375,799
Sweden—1.6%
Alfa Laval AB			13,400		603,462
Assa Abloy AB Class B			31,300		680,036
Atlas Copco AB—Class A	†		19,400		650,470
Hennes & Mauritz AB Class B			89,000		4,494,934
Nordea Bank AB			278,800		4,292,229
Telefonaktiebolaget LM Ericsson Class B			1,305,500		5,256,883
TeliaSonera AB			91,400		749,102
					16,727,116
Switzerland—7.9%
Adecco SA			67,655		4,607,723
Compagnie Financiere Richemont AG Class A			83,654		4,851,459
Credit Suisse Group			32,741		2,280,951
Elektrizitaets-Gesellschaft Laufenburg AG			500		529,075
Geberit AG			800		1,228,477
Holcim Ltd.			37,401		3,417,899
Julius Baer Holding AG	*		3,200		350,638
Nestle SA			46,433		16,457,962
Novartis AG			241,925		13,887,427
OC Oerlikon Corp. AG	*		3,300		1,625,591
Petroplus Holdings AG	*		6,326		383,897
Roche Holding AG			55,172		9,863,734
Roche Holding AG			4,175		846,986
Swatch Group AG Class B			1,664		366,358
Swiss Reinsurance			114,429		9,690,803
Swisscom AG			3,927		1,481,818
UBS AG			164,821		9,967,228
Vontobel Holding AG			13,500		582,213
					82,420,239
Taiwan—0.4%
Taiwan Semiconductor Manufacturing Company Ltd.			131,000	$	268,884
Taiwan Semiconductor Manufacturing Company Ltd. ADR	†		353,373		3,862,367
					4,131,251
United Kingdom—12.7%
Anglo American PLC			8,100		394,319
ARM Holdings PLC			249,100		611,105
AstraZeneca Group PLC			88,384		4,740,071
AstraZeneca PLC			58,300		3,125,289
BG Group PLC			540,000		7,344,972
BAE Systems PLC			461,200		3,835,333
Barclays PLC			234,156		3,344,244
BHP Billiton PLC			122,028		2,235,342
BP PLC			510,900		5,698,743
British Energy Group PLC	*		156,700		1,661,421
Cadbury Schweppes PLC			271,582		2,901,492
Carnival PLC			49,883		2,520,666
Centrica PLC			850,000		5,883,754
Charles Taylor Consulting PLC			118,900		911,058
Corus Group PLC			71,300		737,187
DTZ Holdings PLC			93,200		1,520,794
easyJet PLC	*		89,800		1,075,434
Elementis PLC			533,300		867,387
HSBC Holdings PLC			129,513		2,357,800
HSBC Holdings PLC (foreign shares)			84,000		1,537,138
HBOS PLC			214,100		4,734,359
Imperial Chemical Industries PLC			68,200		602,605
ITE Group PLC			195,100		664,227
Johnston Press PLC			74,900		574,046
Kingfisher PLC			1,804,109		8,414,359
Lloyds TSB Group PLC			247,390		2,781,854
Micro Focus International PLC			192,500		785,960
MJ Gleeson Group PLC			51,700		389,257
Morgan Sindall PLC			39,200		1,018,597
Morrison WM Supermarkets			1,854,252		9,231,577
National Grid PLC			56,000		810,742
Pearson PLC			41,700		628,676
Persimmon PLC			16,400		489,455
Reckitt Benckiser PLC			124,000		5,658,163
Reed Elsevier PLC			158,300		1,736,721
Rio Tinto PLC			117,500		6,228,858
Robert Walters PLC			87,100		557,148
Royal Bank of Scotland Group PLC			206,800		8,050,617
Royal Dutch Shell PLC— Class A ADR			8,400		594,636
Royal Dutch Shell PLC—Class B			105,069		3,674,571
SABMiller PLC			35,900		824,544
Scottish & Southern Energy PLC			64,700		1,965,413
Smith & Nephew PLC			57,700		602,069
Standard Chartered PLC			86,200		2,511,847
Tesco PLC			123,400		975,441
TI Automotive Ltd.	d		70,000		—
Vedanta Resources PLC			48,500		1,155,492
Vislink PLC			37,200		73,762
Vodafone Group PLC			2,487,243		6,870,934
Wilmington Group PLC			143,550		661,216
Xstrata PLC			121,866		6,065,758
Yell Group PLC			76,500		852,010
					133,488,463
TOTAL COMMON STOCKS
(Cost $812,402,861)					1,014,806,416

See accompanying notes to financial statements.

205

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint
International Fund

	Shares		Value
PURCHASED OPTIONS—0.0%
Europe—0.0%
Eurodollar Put, Expires 01/31/2007, Strike 1.2125
(Cost $706,260)‡		23,700,000	$	—

 

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—5.2%
Bank & Certificate Deposits/Offshore Time Deposits—5.0%
Abbey National PLC
5.280%	01/05/2007	††	$	828,348		828,348
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		828,348		828,348
Bank Of Nova Scotia
5.300%	02/27/2007	††		1,035,436		1,035,436
Bank Of Nova Scotia
5.290%	02/06/2007	††		621,261		621,261
Bank Of Nova Scotia
5.290%	01/30/2007	††		414,174		414,174
Barclays
5.320%	02/13/2007	††		414,174		414,174
Barclays
5.310%	02/20/2007	††		1,035,436		1,035,436
Barclays
5.300%	01/02/2007	††		1,035,436		1,035,436
Barton Capital LLC
5.300%	01/17/2007	††		414,174		414,174
Barton Capital LLC
5.300%	01/17/2007	††		621,261		621,261
Calyon
5.310%	02/16/2007	††		414,174		414,174
Calyon
5.300%	02/05/2007	††		1,242,521		1,242,521
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		1,242,521		1,242,521
Charta LLC
5.300%	01/31/2007	††		811,102		811,102
CIESCO
5.310%	01/04/2007	††		539,276		539,276
Citigroup
5.310%	03/16/2007	††		414,174		414,174
Clipper Receivables Corp
5.300%	01/31/2007	††		414,174		414,174
Compass Securitization
5.300%	01/09/2007	††		621,261		621,261
CRC Funding LLC
5.340%	01/23/2007	††		207,087		207,087
CRC Funding LLC
5.300%	01/10/2007	††		604,619		604,619
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		828,348		828,348
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		414,174		414,174
Dexia Group
5.290%	01/16/2007	††		1,035,436		1,035,436
Fairway Finance
5.300%	01/09/2007	††		497,009		497,009
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		414,174		414,174
Fortis Bank
5.320%	01/03/2007	††		414,174		414,174
Fortis Bank
5.300%	01/26/2007	††	$	1,656,696	$	1,656,696
Fortis Bank
5.300%	01/24/2007	††		1,449,609		1,449,609
Fortis Bank
5.300%	01/02/2007	††		414,174		414,174
General Electric Capital Corporation
5.300%	01/26/2007	††		828,348		828,348
Greyhawk Funding
5.310%	01/12/2007	††		414,174		414,174
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		1,035,436		1,035,436
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		414,174		414,174
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		621,261		621,261
Lexington Parker Cap Comp
5.300%	01/05/2007	††		414,174		414,174
Liberty Street
5.310%	01/17/2007	††		414,174		414,174
Lloyds TSB Bank
5.300%	02/26/2007	††		414,174		414,174
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		414,174		414,174
Merrill Lynch & Co
5.300%	01/02/2007	††		7,248,046		7,248,046
Morgan Stanley & Co
5.300%	01/02/2007	††		5,078,152		5,078,152
Old Line Funding LLC
5.350%	01/04/2007	††		414,174		414,174
Paradigm Funding LLC
5.310%	01/17/2007	††		414,174		414,174
Park Avenue Receivables Corp
5.330%	01/18/2007	††		414,174		414,174
Rabobank Nederland
5.250%	01/02/2007	††		1,242,521		1,242,521
Ranger Funding
5.330%	02/08/2007	††		414,174		414,174
Ranger Funding
5.320%	01/04/2007	††		414,174		414,174
Royal Bank of Canada
5.310%	02/14/2007	††		828,348		828,348
Royal Bank of Scotland
5.310%	01/11/2007	††		414,174		414,174
Royal Bank of Scotland
5.290%	02/09/2007	††		414,174		414,174
Royal Bank of Scotland
5.290%	01/16/2007	††		621,261		621,261
Royal Bank of Scotland
5.280%	01/11/2007	††		1,035,436		1,035,436
Sheffiled Receivables Corp
5.360%	01/11/2007	††		621,261		621,261
Sheffiled Receivables Corp
5.300%	01/12/2007	††		414,174		414,174
Societe Generale
5.310%	01/02/2007	††		1,035,436		1,035,436
Societe Generale
5.290%	02/01/2007	††		1,035,436		1,035,436
Societe Generale
5.270%	01/19/2007	††		1,035,436		1,035,436
Svenska Handlesbanken
5.250%	01/02/2007	††		475,323		475,323
Three Pillars Funding LLC
5.380%	01/02/2007	††		619,713		619,713
UBS AG
5.300%	01/04/2007	††		414,174		414,174
UBS AG
5.290%	01/02/2007	††		828,347		828,347

 

See accompanying notes to financial statements.

206

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint
International Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
Variable Funding Capital Co
5.310%	02/02/2007	††	$	414,173	$	414,173
Variable Funding Capital Co
5.290%	01/04/2007	††		414,173		414,173
Yorktown Capital LLC
5.330%	01/16/2007	††		414,173		414,173
Yorktown Capital LLC
5.300%	01/10/2007	††		414,173		414,173
						52,941,814
Floating Rate Instruments/Master Notes—0.2%
Bank of America
5.310%	07/10/2007	††		1,035,436		1,035,436
Bank of America
5.270%	01/09/2007	††		828,348		828,348
						1,863,784
TOTAL CASH EQUIVALENTS
(Cost $54,805,598)						54,805,598
REPURCHASE AGREEMENTS—3.7%
United States—3.7%
IBT Repurchase Agreement dated 12/29/2006 due 01/02/2007, with a maturity value of 38,501,617 and an effective yield of 4.65% collateralized by U.S. Government Obligations with rates ranging from 4.039% to 9.125%, maturity dates ranging from 10/25/2015 to 05/15/2035 and an aggregate market value of $40,405,821				38,481,735		38,481,735
TOTAL INVESTMENTS—105.5%
(Cost $906,396,454)						1,108,093,749
Other assets less liabilities—(5.5%)						(58,262,799	)
NET ASSETS—100.0%					$	1,049,830,950

 

Notes to the Schedule of Investments:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
*	Non-income producing security.
†	Denotes all or a portion of security on loan.
**	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.29% of Total Investments.
‡	Security valued at fair value as determined by policies approved by the board of directors.
††	Represents collateral received from securities lending transactions.
d	Security has no market value at 12/31/2006.

Percentage of Portfolio by Industry (unaudited):

Banking	14.4%
Oil & Gas	9.1%
Electronics	6.7%
Insurance	6.5%
Pharmaceuticals	6.2%
Telephone Systems	5.0%
Bank & Certificate Deposits/Offshore Time Deposits	5.0%
Commercial Services	4.4%
Financial Services	4.3%
Metals	4.1%
Miscellaneous	3.9%
Beverages, Food & Tobacco	3.5%
Automotive	3.4%
Real Estate	3.1%
Electric Utilities	2.7%
Media—Broadcasting & Publishing	2.6%
Retailers	2.1%
Chemicals	1.9%
Transportation	1.7%
Apparel Retailers	1.7%
Food Retailers	1.6%
Heavy Machinery	1.5%
Cosmetics & Personal Care	1.3%
Communications	1.2%
Medical Supplies	1.2%
Building Materials	1.1%
Computers & Information	1.0%
Airlines	0.7%
Computer Software & Processing	0.6%
Heavy Construction	0.6%
Aerospace & Defense	0.5%
Distribution/Wholesale	0.4%
Home Construction, Furnishings & Appliances	0.3%
Forest Products & Paper	0.3%
Entertainment & Leisure	0.3%
Water Companies	0.2%
Floating Rate Instruments/Master Notes	0.2%
Telecommunications	0.1%
Lodging	0.1%
Containers & Packaging	0.0%
Advertising	0.0%
Electrical Equipment	0.0%
TOTAL INVESTMENTS	105.5%
Other assets less liabilities	(5.5)%
TOTAL NET ASSETS	100.0%

 

See accompanying notes to financial statements.

207

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—20.5%
Advertising—0.1%
Omnicom Group, Inc., Note
5.900%	04/15/2016		$	500,000	$	506,181
Aerospace & Defense—0.5%
Boeing Capital Corporation, Senior Note
6.100%	03/01/2011			500,000		517,028
Boeing Company (The), Note
6.125%	02/15/2033			100,000		108,236
Boeing Company (The), Note
5.125%	02/15/2013			250,000		248,142
General Dynamics Corp., Note
4.250%	05/15/2013			1,000,000		946,304
Honeywell International, Inc., Note
7.500%	03/01/2010			1,000,000		1,067,044
Honeywell International, Inc., Note
6.125%	11/01/2011			250,000		259,249
Lockheed Martin Corporation, Note
6.150%	09/01/2036			750,000		790,732
Northrop Grumman Corporation, Note
7.750%	02/15/2031			750,000		932,452
Textron Financial Corporation, Note
6.000%	11/20/2009			200,000		204,393
United Technologies Corporation, Note
6.700%	08/01/2028			150,000		168,580
United Technologies Corporation, Note
6.100%	05/15/2012			50,000		51,988
United Technologies Corporation, Note
4.875%	05/01/2015			500,000		482,819
						5,776,967
Airlines—0.1%
American Airlines, Inc., Series 1999-1, Class A2
7.024%	10/15/2009			157,000		163,574
Continental Airlines, Inc., Series 1998-1, Class 1A
6.648%	09/15/2017			583,202		605,437
FedEx Corporation, Note
9.650%	06/15/2012			150,000		178,829
						947,840
Automotive—0.2%
DaimlerChrysler North America Holding Corporation, Guaranteed Note
7.200%	09/01/2009			350,000		363,294
DaimlerChrysler North America Holding Corporation, Guaranteed Note
4.050%	06/04/2008			500,000		489,484
DaimlerChrysler North America Holding Corporation, Note
8.500%	01/18/2031			1,100,000		1,313,161
DaimlerChrysler North America Holding Corporation, Senior Note
6.500%	11/15/2013			500,000		514,059
						2,679,998
Banking—4.5%
American Express Company, Note
6.800%	09/01/2066			1,000,000		1,068,236
American Express Credit Corporation, Note
3.000%	05/16/2008			250,000		242,721
Asian Development Bank/Pasig, Global Note (Supra National)
4.250%	10/20/2014			1,000,000		948,680
Associates Corporate of North America, Senior Note
6.950%	11/01/2018		$	250,000	$	280,605
Associates Corporate of North America, Subordinated Note
6.875%	11/15/2008			410,000		421,291
BAC Capital Trust XI, Guaranteed Note
6.625%	05/23/2036			500,000		541,410
Bank of America Corporation, Note, 144A
5.420%	03/15/2017	*		700,000		691,047
Bank of America Corporation, Senior Note
5.875%	02/15/2009			1,000,000		1,014,540
Bank of America Corporation, Subordinated Note
7.750%	08/15/2015			750,000		864,260
Bank of America Corporation, Subordinated Note
6.800%	03/15/2028			500,000		556,243
Bank of New York Company, Inc. (The), Subordinated Note
5.500%	12/01/2017			250,000		250,193
Bank One Corporation, Subordinated Note
5.900%	11/15/2011			750,000		765,996
Bank One NA, Note
3.700%	01/15/2008			350,000		344,462
Bayerische Landesbank Girozentrale, Note
2.875%	10/15/2008			250,000		239,866
BB&T Corporation, Note
5.250%	11/01/2019			500,000		483,928
Branch Banking & Trust Company
5.200%	12/23/2015			150,000		147,639
BSCH Issuances Ltd., Subordinated Note (Cayman Islands)
7.625%	09/14/2010			350,000		378,434
Capital One Bank, Note
4.875%	05/15/2008			1,000,000		994,160
Capital One Bank, Note, (MTN)
5.125%	02/15/2014			500,000		492,485
CIT Group, Inc., Global Senior Note
5.000%	02/13/2014			500,000		483,924
CIT Group, Inc., Senior Note
7.750%	04/02/2012			350,000		386,296
CIT Group, Inc., Senior Note, (MTN)
4.750%	12/15/2010			1,000,000		980,196
Corporacion Andina de Fomento, Note (Supra National)
6.875%	03/15/2012			150,000		159,722
Deutsche Bank Financial, Inc., Note, Convertible, (MTN)
5.375%	03/02/2015			250,000		249,384
European Investment Bank, Global Note (Supra National)
4.125%	09/15/2010			1,500,000		1,462,047
European Investment Bank, Global Note (Supra National)
3.500%	03/14/2008			1,250,000		1,226,035
European Investment Bank, Note (Supra National)
4.625%	05/15/2014			500,000		489,656
First Union Institutional Trust I Capital Securities, Note
8.040%	12/01/2026			1,000,000		1,042,827
FleetBoston Financial Corporation, Senior Note
6.875%	01/15/2028			150,000		168,550
Household Finance Corporation, Note
8.000%	07/15/2010			750,000		815,351
Household Finance Corporation, Note
6.500%	11/15/2008			350,000		357,939
Household Finance Corporation, Note
6.400%	06/17/2008			250,000		253,918
Household Finance Corporation, Note
6.375%	11/27/2012			1,000,000		1,054,271
Household Finance Corporation, Note
4.125%	12/15/2008			1,000,000		980,594
HSBC Bank USA NA, Senior Note, (MTN)
3.875%	09/15/2009			1,500,000		1,455,295
HSBC Holdings PLC, Note (United Kingdom)
5.250%	12/12/2012			150,000		149,637
ING Capital Funding Trust III
8.439%	12/31/2049			150,000		165,705

See accompanying notes to financial statements.

208

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate		Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Inter-American Development Bank (Supra National)
7.375%	��	01/15/2010		$	750,000	$	801,274
Inter-American Development Bank, Global Note (Supra National)
5.375%		11/18/2008	†		2,000,000		2,014,726
Inter-American Development Bank, Note, (MTN) (Supra National)
3.375%		03/17/2008			1,000,000		979,470
International Bank for Reconstruction & Development, Note
7.625%		01/19/2023			1,000,000		1,273,687
International Bank for Reconstruction & Development, Note (Supra National)
3.625%		05/21/2013			150,000		140,359
International Bank for Reconstruction & Development, Note, (MTN) (Supra National)
4.125%		08/12/2009			350,000		343,726
International Finance Corp., Note (Supra National)
5.125%		05/02/2011			1,000,000		1,005,961
JPMorgan Chase & Company, Global Subordinated Note
5.125%		09/15/2014			750,000		738,646
Key Bank National Association, Subordinated Note, (MTN)
5.800%		07/01/2014			1,500,000		1,524,165
KFW—Kreditanstalt fuer Wiederaufbau, Global Note (Denmark)
3.250%		03/30/2009			1,000,000		961,783
KFW—Kreditanstalt fuer Wiederaufbau, Note (Germany)
3.375%		01/23/2008			500,000		489,386
KFW International Finance, Inc., Note
8.000%		02/15/2010			250,000		269,573
Korea Development Bank, Note (South Korea)
5.750%		09/10/2013			500,000		512,646
Kreditanstalt fuer Wiederaufbau, Global Note (Germany)
4.250%		06/15/2010			1,000,000		977,430
Kreditanstalt fuer Wiederaufbau, Global Note (Germany)
4.125%		10/15/2014			1,000,000		949,129
Landwirtschaftliche Rentenbank, Global Note (Germany)
4.875%		11/16/2015			1,000,000		981,749
Landwirtschaftliche Rentenbank, Note (Germany)
3.250%		06/16/2008			300,000		292,101
Marshall & Ilsley Corporation, Senior Note
4.375%		08/01/2009			500,000		489,318
MBNA America Bank, Note
5.375%		01/15/2008			850,000		849,045
Mellon Financial Company, Note
6.375%		02/15/2010			350,000		363,619
National City Bank of Ohio, Senior Note, (MTN)
3.300%		05/15/2008			350,000		340,171
National City Corporation, Subordinated Note
6.875%		05/15/2019			500,000		551,810
National Rural Utilities Cooperative Finance Corporation, Note
7.250%		03/01/2012			500,000		543,927
National Rural Utilities Cooperative Finance Corporation, Note
3.875%		02/15/2008			400,000		393,914
PNC Funding Corporation, Subordinated Note
5.250%		11/15/2015			200,000		196,997
Popular North America, Inc., Note, (MTN)
4.250%		04/01/2008			100,000		98,554
Royal Bank of Canada, Note (Canada)
5.650%		07/20/2011			500,000		510,016
Royal Bank of Scotland Group PLC, Global Note (United Kingdom)
5.000%		10/01/2014			750,000		728,957
Royal Bank of Scotland Group PLC, Note (FRN) (United Kingdom)
7.648%		08/29/2049		$	500,000	$	588,810
Sanwa Bank Ltd., Note
7.400%		06/15/2011			250,000		270,347
SLM Corporation, Note
3.950%		08/15/2008			1,150,000		1,125,549
SLM Corporation, Note, (MTN)
5.000%		10/01/2013			500,000		488,247
SouthTrust Corporation, Subordinated Note
5.800%		06/15/2014			750,000		762,503
Suntrust Banks, Inc., Subordinated Note
5.200%		01/17/2017			250,000		243,866
Swiss Bank Corporation, Subordinated Note
7.000%		10/15/2015			100,000		111,099
U.S. Bank NA, Note
4.800%		04/15/2015			250,000		239,742
Wachovia Corporation, Senior Note
5.250%		08/01/2014			1,000,000		989,344
Washington Mutual Bank FA, Global Subordinated Note, (MTN)
5.650%		08/15/2014			250,000		250,729
Washington Mutual, Inc., Note
4.000%		01/15/2009			1,000,000		975,451
Wells Fargo & Company, Note
5.000%		11/15/2014			750,000		729,629
Wells Fargo & Company, Series J, Note, (MTN)
4.200%		01/15/2010			500,000		487,440
Wells Fargo & Company, Subordinated Note
7.550%		06/21/2010			750,000		804,454
Wells Fargo Bank NA, Note
6.450%		02/01/2011			1,000,000		1,045,248
Wells Fargo Financial, Inc., Note
5.500%		08/01/2012			750,000		759,701
Zions Bancorporation, Subordinated Note
6.000%		09/15/2015			500,000		510,019
							52,311,860
Beverages, Food & Tobacco—0.6%
Altria Group, Inc., Note
7.750%		01/15/2027			350,000		425,683
Altria Group, Inc., Note
7.000%		11/04/2013			400,000		435,200
Anheuser-Busch Companies, Inc., Note
6.800%		01/15/2031			350,000		384,198
Archer-Daniels Midland Company, Note
8.375%		04/15/2017			350,000		425,549
Bottling Group LLC, Series B, Senior Note
4.125%		06/15/2015			250,000		227,568
Bunge, Ltd. Finance Corporation, Guaranteed Senior Note
5.350%		04/15/2014			500,000		481,266
Campbell Soup Company, Note
4.875%		10/01/2013			250,000		241,411
Cia Brasileira de Bebidas, Guaranteed Note (Brazil)
8.750%		09/15/2013			100,000		117,000
Coca-Cola Enterprises, Inc., Note
8.500%		02/01/2022			150,000		190,725
ConAgra Foods, Inc., Note
6.750%		09/15/2011			97,000		102,256
ConAgra Foods, Inc., Note, 144A
5.819%		06/15/2017	*		153,000		151,630
ConAgra Foods, Inc., Senior Note
7.125%		10/01/2026			500,000		550,065
Coors Brewing Company, Senior Note
6.375%		05/15/2012			500,000		517,991
Diageo Capital PLC, Guaranteed Note (United Kingdom)
4.375%		05/03/2010			500,000		486,713

See accompanying notes to financial statements.

209

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
HJ Heinz Company, Guaranteed Note
6.625%	07/15/2011	$	250,000	$	260,275
Kellogg Company, Note
6.600%	04/01/2011		750,000		787,251
Kraft Foods, Inc., Global Note
6.500%	11/01/2031		100,000		108,101
Kraft Foods, Inc., Global Note
5.625%	11/01/2011		350,000		354,090
Sara Lee Corporation, Senior Note
2.750%	06/15/2008		250,000		240,299
Unilever Capital Corporation, Note
7.125%	11/01/2010		500,000		531,555
					7,018,826
Building Materials—0.2%
CRH America, Inc., Note
6.000%	09/30/2016		750,000		758,432
Hanson Australia Funding Ltd., Note (Australia)
5.250%	03/15/2013		100,000		97,655
Home Depot, Inc., Senior Note
4.625%	08/15/2010		500,000		489,888
Lafarge SA, Note (France)
6.500%	07/15/2016		750,000		784,481
					2,130,456
Chemicals—0.2%
Dow Chemical Company, Note
7.375%	11/01/2029		250,000		289,817
Dow Chemical Company, Note
6.000%	10/01/2012		150,000		154,305
Du Pont (E.I.) de Nemours & Company, Note
6.875%	10/15/2009		150,000		156,696
EI Du Pont de Nemours & Company, Note
4.750%	11/15/2012		500,000		484,370
Monsanto Co., Note
5.500%	08/15/2035		500,000		479,457
Potash Corporation of Saskatchewan, Note (Canada)
4.875%	03/01/2013		500,000		482,997
Praxair, Inc., Note
3.950%	06/01/2013		150,000		138,801
Rohm & Haas Company, Note
7.850%	07/15/2029		150,000		181,599
					2,368,042
Commercial Services—0.1%
PHH Corporation, Note
7.125%	03/01/2013		100,000		104,232
RR Donnelley & Sons Co., Note
4.950%	04/01/2014		550,000		507,977
USA Waste Services, Inc., Senior Note
7.000%	07/15/2028		550,000		591,966
					1,204,175
Communications—0.1%
Motorola, Inc., Note
7.500%	05/15/2025		500,000		581,499
Computer Software & Processing—0.0%
Computer Sciences Corporation, Senior Note
7.375%	06/15/2011	$	100,000	$	106,474
Electronic Data Systems Corporation, Series B, Senior Note
6.500%	08/01/2013		150,000		151,210
					257,684
Computers & Information—0.3%
International Business Machines Corp., Note, (MTN)
3.800%	02/01/2008		1,000,000		984,505
International Business Machines Corporation, Note
7.000%	10/30/2025		500,000		570,305
International Business Machines Corporation, Note
4.750%	11/29/2012		250,000		244,374
International Business Machines Corporation, Note, (MTN)
4.375%	06/01/2009		1,000,000		983,355
Pitney Bowes, Inc., Global Note, (MTN)
4.750%	01/15/2016		200,000		189,364
Pitney Bowes, Inc., Senior Note
5.000%	03/15/2015		500,000		482,522
					3,454,425
Cosmetics & Personal Care—0.1%
Procter & Gamble Company, Global Note
6.875%	09/15/2009		750,000		782,946
Procter & Gamble Company, Note
5.800%	08/15/2034		250,000		258,580
					1,041,526
Electric Utilities—1.4%
Alabama Power Company, Senior Note
5.500%	10/15/2017		150,000		150,192
Alabama Power Company, Series X, Senior Note
3.125%	05/01/2008		250,000		242,981
American Electric Power Company, Inc., Series C, Senior Note
5.375%	03/15/2010		250,000		249,950
Arizona Public Service Company, Note
6.500%	03/01/2012		150,000		155,126
Cincinnati Gas & Electric Company, Note
5.700%	09/15/2012		150,000		151,589
Columbus Southern Power Company, Series A, Senior Note
5.500%	03/01/2013		150,000		149,733
Consolidated Edison Company of New York, Inc., Note
4.875%	02/01/2013		200,000		195,496
Consolidated Edison Company of New York, Note
5.300%	03/01/2035		500,000		458,363
Constellation Energy Group, Inc., Note
7.600%	04/01/2032		150,000		175,737
Consumers Energy Co., Note
5.500%	08/15/2016		150,000		147,543
Dominion Resources, Inc., Senior Note
8.125%	06/15/2010		350,000		379,836
Dominion Resources, Inc., Series A, Senior Note
7.195%	09/15/2014		350,000		384,632
Dominion Resources, Inc., Virginia, Series 03B, Senior Note
4.125%	02/15/2008		500,000		492,668
DTE Energy Company, Note
7.050%	06/01/2011		350,000		371,240
Duke Capital Corporation, Senior Note
4.370%	03/01/2009		250,000		244,511
Duke Energy Corporation, Senior Note
6.450%	10/15/2032		500,000		536,835
Duke Energy Field Services Corporation LLC, Note
7.875%	08/16/2010		350,000		376,771

See accompanying notes to financial statements.

210

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Entergy Gulf States, Inc., Note
3.600%	06/01/2008		$	100,000	$	97,392
Exelon Corp., Senior Note
4.900%	06/15/2015			350,000		330,686
Exelon Generation Company LLC, Senior Note
6.950%	06/15/2011			500,000		527,236
FirstEnergy Corporation, Series B, Note
6.450%	11/15/2011	��		175,000		182,681
FirstEnergy Corporation, Series C, Note
7.375%	11/15/2031			175,000		199,902
Florida Power & Light Co., Note
4.950%	06/01/2035			500,000		446,227
Florida Power & Light Company, Note
5.625%	04/01/2034			50,000		49,343
Florida Power & Light Company, Note
4.850%	02/01/2013			150,000		146,962
FPL Group Capital, Inc., Guaranteed Note
7.375%	06/01/2009			100,000		104,700
Jersey Central Power & Light, Global Note
5.625%	05/01/2016			500,000		498,593
KeySpan Corporation, Note
7.625%	11/15/2010			350,000		376,416
Midamerican Energy Company, Note
6.750%	12/30/2031			250,000		277,940
Midamerican Energy Holdings Company, Senior Note
3.500%	05/15/2008			150,000		146,303
Midamerican Energy Holdings Company, Senior Note, Class D
5.000%	02/15/2014			150,000		144,660
National Grid PLC
6.300%	08/01/2016			500,000		518,771
NiSource Finance Corporation, Guaranteed Note
7.875%	11/15/2010			50,000		53,988
Northern States Power Company, Series A, Note
8.000%	08/28/2012			150,000		169,151
Oncor Electric Delivery Company, Senior Secured Note
6.375%	05/01/2012			350,000		360,696
Ontario Electricity Financial Corporation, Note (Canada)
7.450%	03/31/2013			350,000		392,771
Pacific Gas & Electric Company, Note
6.050%	03/01/2034			500,000		505,970
Pacific Gas & Electric Company, Note
4.800%	03/01/2014			1,000,000		959,951
Peco Energy Company, Note
3.500%	05/01/2008			150,000		146,496
Pepco Holdings, Inc., Note
6.450%	08/15/2012			150,000		155,698
Progress Energy, Inc., Senior Note
7.750%	03/01/2031			250,000		301,391
Progress Energy, Inc., Senior Note
7.100%	03/01/2011			188,000		200,391
PSEG Power LLC, Senior Note
8.625%	04/15/2031			500,000		640,524
Public Service Company of Colorado, Series 12, Note
4.875%	03/01/2013			200,000		195,131
Public Service Electric & Gas Company, Note
5.125%	09/01/2012			150,000		148,152
Scottish Power PLC, Note (United Kingdom)
5.375%	03/15/2015			500,000		494,160
South Carolina Electric & Gas Company, Note
5.300%	05/15/2033			150,000		141,465
Southern California Edison Company, Note
6.650%	04/01/2029			500,000		540,203
TXU Electric Delivery Company, Note
7.000%	09/01/2022			650,000		700,872
TXU Energy Company LLC, Senior Note
7.000%	03/15/2013		$	150,000	$	157,150
Virginia Electric and Power Co., Senior Note
6.000%	01/15/2036			600,000		599,167
Wisconsin Electric Power, Note
5.625%	05/15/2033			250,000		245,432
						16,019,774
Electrical Equipment—0.1%
Cooper Industries, Inc., Guaranteed Senior Note
5.500%	11/01/2009			100,000		100,535
Emerson Electric Company, Note
5.000%	12/15/2014			150,000		146,399
General Electric Company
5.000%	02/01/2013			800,000		792,145
						1,039,079
Electronics—0.2%
Arrow Electronics, Inc., Note
6.875%	07/01/2013			250,000		261,139
Cisco Systems, Inc., Senior Note
5.500%	02/22/2016			1,000,000		1,002,418
Raytheon Company, Note
6.150%	11/01/2008			1,000,000		1,013,232
						2,276,789
Entertainment & Leisure—0.3%
News America Holdings, Guaranteed Senior Note
7.750%	12/01/2045			200,000		229,278
News America Holdings, Inc., Note
8.000%	10/17/2016			150,000		172,577
News America Holdings, Inc., Note
7.600%	10/11/2015			350,000		392,387
News America, Inc., Note
5.300%	12/15/2014			500,000		492,315
Time Warner, Inc., Note
7.625%	04/15/2031			1,000,000		1,120,426
Time Warner, Inc., Note
6.875%	05/01/2012			150,000		158,689
Walt Disney Company, Note, (MTN)
7.000%	03/01/2032			500,000		579,212
Walt Disney Company, Note, (MTN)
6.375%	03/01/2012			250,000		262,296
						3,407,180
Financial Services—3.9%
Abbey National PLC, Note (United Kingdom)
7.950%	10/26/2029			250,000		317,485
Allstate Life Global Fund Trust, Series 2004-1, Note (MTN)
4.500%	05/29/2009			250,000		246,435
Amvescap PLC, Senior Note
5.375%	02/27/2013			100,000		99,092
Bank of Tokyo-Mitsubishi Ltd. (The), Global Senior Subordinated Note (Japan)
8.400%	04/15/2010			250,000		272,230
Bear Stearns Companies (The), Inc., Note
7.625%	12/07/2009			1,000,000		1,065,264
Bear Stearns Companies, Inc., (The), Note
5.700%	11/15/2014			50,000		50,836
Bear Stearns Companies, Inc., (The), Note
2.875%	07/02/2008			1,000,000		966,474
Berkshire Hathaway Finance Corp., Guaranteed Senior Note
4.850%	01/15/2015			1,000,000		970,511
Berkshire Hathaway Finance Corp., Guaranteed Senior Note
4.125%	01/15/2010			500,000		486,283
BHP Finance USA Ltd., Guaranteed Senior Note
4.800%	04/15/2013			150,000		145,387

See accompanying notes to financial statements.

211

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Citigroup, Inc., Global Note
5.850%	12/11/2034		$	500,000	$	509,341
Citigroup, Inc., Global Senior Note
6.500%	01/18/2011			1,000,000		1,047,223
Citigroup, Inc., Global Senior Note
6.000%	02/21/2012			350,000		361,274
Citigroup, Inc., Global Subordinated Note
6.625%	06/15/2032			150,000		166,242
Citigroup, Inc., Global Subordinated Note
5.625%	08/27/2012			150,000		152,353
Citigroup, Inc., Subordinated Note
5.000%	09/15/2014			2,513,000		2,457,551
Countrywide Financial Corp., Note
6.250%	05/15/2016			500,000		510,514
Credit Suisse First Boston USA, Inc., Global Note
4.875%	01/15/2015			1,000,000		971,315
Credit Suisse First Boston USA, Inc., Note
6.500%	01/15/2012			350,000		368,219
Credit Suisse First Boston USA, Inc., Note
6.125%	11/15/2011			1,000,000		1,036,536
Credit Suisse First Boston USA, Inc., Note
5.500%	08/15/2013			150,000		152,179
Credit Suisse First Boston USA, Inc., Senior Global Note
5.125%	01/15/2014			500,000		495,727
EOP Operating, LP, Guaranteed Note
7.000%	07/15/2011			350,000		379,131
EOP Operating, LP, Guaranteed Note
4.750%	03/15/2014			500,000		496,062
EOP Operating, LP, Note
7.875%	07/15/2031			500,000		590,993
EOP Operating, LP, Note
6.800%	01/15/2009			500,000		516,917
Export-Import Bank Of Korea (South Korea)
5.125%	03/16/2015			500,000		490,042
General Electric Capital Corp., Note
4.125%	09/01/2009			1,000,000		975,602
General Electric Capital Corp., Note, (MTN)
5.450%	01/15/2013			1,000,000		1,010,853
General Electric Capital Corporation, Note
6.000%	06/15/2012			1,000,000		1,036,368
General Electric Capital Corporation, Note
4.625%	09/15/2009			1,000,000		987,839
General Electric Capital Corporation, Note
3.500%	05/01/2008			250,000		244,540
General Electric Capital Corporation, Note, (MTN)
6.750%	03/15/2032			750,000		861,731
General Electric Capital Corporation, Note, (MTN)
5.875%	02/15/2012			500,000		514,722
Goldman Sachs Group, Inc., Global Note
5.125%	01/15/2015			500,000		489,332
Goldman Sachs Group, Inc., Guaranteed Note
6.345%	02/15/2034			500,000		507,767
Goldman Sachs Group, Inc., Note
6.875%	01/15/2011			250,000		264,875
Goldman Sachs Group, Inc., Senior Note
6.600%	01/15/2012			650,000		687,886
Goldman Sachs Group, Inc., Senior Note
6.125%	02/15/2033	†		700,000		715,611
Goldman Sachs Group, Inc., Senior Note
5.700%	09/01/2012			250,000		254,915
Goldman Sachs Group, Inc., Senior Note
5.150%	01/15/2014			500,000		493,270
Goldman Sachs Group, Inc., Senior Note
4.125%	01/15/2008			800,000		791,055
Goldman Sachs Group, Inc., Series B, Note, (MTN)
7.350%	10/01/2009		$	750,000	$	791,675
Household Finance Corporation
6.375%	10/15/2011			1,750,000		1,831,827
John Deere Capital Corporation, Note
7.000%	03/15/2012			350,000		374,956
JP Morgan & Company, Inc., Note
6.000%	01/15/2009			350,000		355,145
JP Morgan Chase & Company, Global Subordinated Note
5.750%	01/02/2013			1,750,000		1,783,224
JP Morgan Chase & Company, Note
6.750%	02/01/2011			750,000		789,183
Lehman Brothers Holdings, Inc., Note
7.875%	08/15/2010			1,000,000		1,080,568
Lehman Brothers Holdings, Inc., Note
4.000%	01/22/2008			850,000		838,502
Lehman Brothers Holdings, Inc., Note, (MTN)
6.625%	01/18/2012			750,000		793,289
Merrill Lynch & Company, Inc., Note, (MTN)
5.450%	07/15/2014			500,000		503,439
Merrill Lynch & Company, Inc., Note
6.000%	02/17/2009			1,000,000		1,016,791
Merrill Lynch & Company, Inc., Note, (MTN)
4.125%	09/10/2009			500,000		487,021
Merrill Lynch & Company, Inc., Note, (MTN)
3.700%	04/21/2008			250,000		244,688
Merrill Lynch & Company, Inc., Subordinated Note
6.220%	09/15/2026			1,000,000		1,033,409
Merrill Lynch & Company., Inc., Note
6.875%	11/15/2018			250,000		278,280
Morgan Stanley, Note
8.000%	06/15/2010			750,000		815,709
Morgan Stanley, Note
7.250%	04/01/2032			100,000		117,817
Morgan Stanley, Note
4.750%	04/01/2014			1,000,000		957,567
Morgan Stanley, Note
3.875%	01/15/2009			2,750,000		2,682,958
Residential Capital Corp., Note
6.875%	06/30/2015			500,000		519,174
Residential Capital Corp., Senior Note
6.000%	02/22/2011			550,000		549,456
Residential Capital Corporation, Note
6.375%	06/30/2010			350,000		354,347
Rio Tinto Finance USA, Ltd., Guaranteed Note (Australia)
2.625%	09/30/2008			100,000		95,692
Swiss Bank Corporation of New York, Note, (MTN)
7.375%	06/15/2017			100,000		115,153
U.S. Bank National Association, Note, (MTN)
6.375%	08/01/2011			750,000		783,692
Washington Mutual, Inc., Senior Note
4.375%	01/15/2008			1,000,000		989,974
						45,341,518
Food Retailers—0.1%
Kroger Co. (The), Senior Note
7.500%	04/01/2031			700,000		787,994
Safeway, Inc., Note
7.500%	09/15/2009			800,000		840,035
						1,628,029
Forest Products & Paper—0.1%
Kimberly Clark Corporation, Note
5.625%	02/15/2012		��	250,000		254,451
MeadWestvaco Corporation, Note
6.850%	04/01/2012			150,000		157,359

See accompanying notes to financial statements.

212

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Weyerhaeuser Company, Note
7.375%	03/15/2032	$	750,000	$	785,154
Weyerhaeuser Company, Note
6.750%	03/15/2012		100,000		104,991
					1,301,955
Heavy Construction—0.1%
Centex Corporation, Senior Note
4.750%	01/15/2008		100,000		99,073
Centex Corporation, Senior Note
4.550%	11/01/2010		1,000,000		963,391
Lennar Corporation, Series B, Senior Note
5.500%	09/01/2014		500,000		480,848
					1,543,312
Heavy Machinery—0.1%
Caterpillar, Inc., Senior Note
7.250%	09/15/2009		750,000		787,939
Deere & Company, Global Note
6.950%	04/25/2014		250,000		272,360
					1,060,299
Home Construction, Furnishings & Appliances—0.1%
Masco Corporation, Senior Note
5.875%	07/15/2012		250,000		250,569
MDC Holdings, Inc., Senior Note
5.500%	05/15/2013		500,000		478,682
Newell Rubbermaid, Inc., Note
4.625%	12/15/2009		100,000		97,735
Pulte Homes, Inc., Senior Note
7.875%	08/01/2011		350,000		379,227
					1,206,213
Household Products—0.0%
Fortune Brands, Inc., Note
5.375%	01/15/2016		500,000		474,936
Industrial—Diversified—0.1%
Tyco International Group SA, Guaranteed Note (Luxembourg)
6.750%	02/15/2011		500,000		527,674
Tyco International Group SA, Note (Luxembourg)
6.125%	11/01/2008		1,000,000		1,012,810
					1,540,484
Insurance—1.2%
Allstate Corporation (The), Senior Note
7.200%	12/01/2009		750,000		790,589
Allstate Corporation (The), Senior Note
5.350%	06/01/2033		500,000		470,812
American General Finance Corporation, Senior Note, (MTN)
5.375%	10/01/2012		650,000		648,990
American International Group, Inc., Global Senior Note
4.250%	05/15/2013		100,000		93,895
American International Group, Inc., Note
6.250%	05/01/2036		500,000		533,080
American International Group, Inc., Note
5.050%	10/01/2015		750,000		730,552
Anthem, Inc., Note
6.800%	08/01/2012		150,000		159,286
Assurant, Inc., Global Note
5.625%	02/15/2014		500,000		499,370
Assurant, Inc., Senior Note
6.750%	02/15/2034		650,000		700,632
Axa Company (France)
8.600%	12/15/2030	$	250,000	$	325,085
AXA Financial, Inc., Senior Note
7.750%	08/01/2010		100,000		107,791
Cincinnati Financial Corp., Senior Note
6.125%	11/01/2034		500,000		510,856
General Electric Global Insurance Holding Corporation, Note
7.500%	06/15/2010		150,000		160,199
Genworth Financial, Inc., Note
5.750%	06/15/2014		500,000		510,230
Hartford Financial Services Group, Inc., Senior Note
6.100%	10/01/2041		150,000		152,276
ING Groep NV, Secured Note (Netherlands)
5.775%	12/08/2049		1,000,000		991,230
International Lease Finance Corp., Note, (MTN)
5.450%	03/24/2011		1,000,000		1,004,293
Marsh & McLennan Cos., Inc., Senior Note
5.750%	09/15/2015		1,000,000		985,473
MetLife, Inc., Note
5.000%	11/24/2013		500,000		489,950
MetLife, Inc., Senior Note
6.500%	12/15/2032		100,000		108,704
Progressive Corporation (The), Senior Note
6.625%	03/01/2029		150,000		166,509
Protective Life Secured Trust, Note, (MTN)
4.000%	04/01/2011		400,000		381,094
Prudential Financial, Inc., Note, (MTN)
5.100%	09/20/2014		500,000		489,159
Prudential Financial, Inc., Note, (MTN)
3.750%	05/01/2008		100,000		97,667
Radian Group, Inc., Senior Note
5.625%	02/15/2013		100,000		100,130
Safeco Corporation, Senior Note
4.875%	02/01/2010		150,000		148,476
Travelers Property Casualty Corporation, Note
7.750%	04/15/2026		500,000		598,148
UnitedHealth Group, Inc., Note
5.000%	08/15/2014		500,000		485,456
UnitedHealth Group, Inc., Note
3.750%	02/10/2009		1,150,000		1,114,677
WellPoint, Inc., Note
5.950%	12/15/2034		750,000		740,414
					14,295,023
Media—Broadcasting & Publishing—0.7%
British Sky Broadcasting PLC, Note (United Kingdom)
8.200%	07/15/2009		250,000		266,352
Comcast Cable Communications Holdings, Inc., Note
9.455%	11/15/2022		400,000		519,157
Comcast Cable Communications Holdings, Inc., Note
8.375%	03/15/2013		500,000		570,232
Comcast Corp., Note
5.850%	01/15/2010		1,000,000		1,014,650
Comcast Corp., Note
5.650%	06/15/2035		500,000		455,391
Comcast Corp., Note
5.300%	01/15/2014		500,000		490,437
Comcast Corporation, Note
7.050%	03/15/2033		500,000		536,301
COX Communications, Inc., Note
5.500%	10/01/2015		75,000		72,792
COX Communications, Inc., Note
5.450%	12/15/2014		300,000		292,734
COX Communications, Inc., Note
4.625%	06/01/2013		250,000		235,556
Time Warner Entertainment Company, LP, Senior Note
8.375%	03/15/2023		1,000,000		1,175,918

See accompanying notes to financial statements.

213

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Viacom, Inc., Senior Note
7.875%	07/30/2030	$	250,000	$	262,699
Viacom, Inc., Senior Note
6.625%	05/15/2011		1,000,000		1,033,841
Viacom, Inc., Senior Note
6.250%	04/30/2016		1,000,000		994,806
Viacom, Inc., Senior Note
5.625%	08/15/2012		50,000		49,382
					7,970,248
Medical Supplies—0.0%
Johnson & Johnson, Note
4.950%	05/15/2033		200,000		188,886
Metals—0.2%
Alcan, Inc., Note (Canada)
6.125%	12/15/2033		150,000		148,820
Alcan, Inc., Senior Note (Canada)
4.875%	09/15/2012		350,000		339,884
Alcoa, Inc., Note
7.375%	08/01/2010		750,000		800,162
Vale Overseas, Ltd., Guaranteed Note (Cayman Islands)
6.875%	11/21/2036		600,000		618,388
					1,907,254
Oil & Gas—1.4%
Alberta Energy Ltd., Note
7.375%	11/01/2031		400,000		451,378
Amerada Hess Corp., Note
7.300%	08/15/2031		250,000		279,853
Amerada Hess Corporation
6.650%	08/15/2011		150,000		156,345
Anadarko Petroleum Corp., Senior Note
6.450%	09/15/2036		850,000		861,771
Apache Finance Canada Corporation, Note (Canada)
7.750%	12/15/2029		150,000		183,012
Burlington Resources Finance Company, Guaranteed Note (Canada)
7.200%	08/15/2031		150,000		176,338
Canadian Natural Resources Ltd., Note (Canada)
5.450%	10/01/2012		250,000		247,398
Canadian Natural Resources, Ltd., Note (Canada)
5.850%	02/01/2035		500,000		461,894
CenterPoint Energy Resources Corp., Series B, Senior Note
7.875%	04/01/2013		850,000		944,259
Conoco, Inc., Note
6.950%	04/15/2029		1,250,000		1,424,094
Consolidated Natural Gas Company, Senior Note
5.000%	03/01/2014		250,000		241,480
Devon Financing Corporation ULC, Note
7.875%	09/30/2031		500,000		603,368
Devon Financing Corporation ULC, Note
6.875%	09/30/2011		750,000		793,864
Enbridge Energy Partners, LP, Note
4.000%	01/15/2009		50,000		48,480
Enterprise Products Operating, LP, Note
4.950%	06/01/2010		150,000		147,581
Enterprise Products Operating, LP, Series B, Senior Note
5.600%	10/15/2014		150,000		147,549
Enterprise Products Partners, LP, Senior Note
6.875%	03/01/2033		150,000		157,109
Kinder Morgan Energy Partners, LP, Note
6.750%	03/15/2011	$	500,000	$	520,716
Kinder Morgan, Inc., Note
7.250%	03/01/2028		150,000		145,107
Kinder Morgan, Inc., Senior Note
6.500%	09/01/2012		750,000		754,436
Marathon Oil Corporation, Note
6.125%	03/15/2012		350,000		360,841
Nexen, Inc., Note (Canada)
5.050%	11/20/2013		250,000		241,632
Norsk Hydro AS, Note (Norway)
6.360%	01/15/2009		450,000		458,814
Occidental Petroleum Corporation, Note
7.200%	04/01/2028		250,000		289,535
Pemex Project Funding Master Trust, Guaranteed Note
9.375%	12/02/2008		350,000		375,375
Pemex Project Funding Master Trust, Note
9.125%	10/13/2010		350,000		393,400
Pemex Project Funding Master Trust, Note
8.625%	02/01/2022		750,000		928,875
Pemex Project Funding Master Trust, Note
7.375%	12/15/2014		350,000		386,225
Petro-Canada, Senior Note (Canada)
5.950%	05/15/2035		250,000		237,847
Phillips 66 Capital Trust II, Note
8.000%	01/15/2037		750,000		780,387
Southern California Gas Company, Note
4.800%	10/01/2012		100,000		97,387
Suncor Energy, Inc., Note
7.150%	02/01/2032		500,000		580,519
Texaco Capital, Inc., Note
5.500%	01/15/2009		350,000		353,238
TransCanada Corp., Senior Note (Canada)
5.850%	03/15/2036		500,000		489,000
TransCanada Pipelines Ltd., Note (Canada)
4.000%	06/15/2013		250,000		230,732
Transocean, Inc., Note (Cayman Islands)
7.375%	04/15/2018		100,000		109,986
Union Pacific Resources Group, Inc., Note
7.150%	05/15/2028		350,000		380,945
Valero Energy Corporation, Note
4.750%	06/15/2013		500,000		474,764
XTO Energy, Inc., Senior Note
4.900%	02/01/2014		750,000		716,021
					16,631,555
Pharmaceuticals—0.6%
Abbott Laboratories, Note
5.875%	05/15/2016		1,000,000		1,031,882
Abbott Laboratories, Note
3.500%	02/17/2009		250,000		242,044
American Home Products Corporation, Senior Note
6.950%	03/15/2011		250,000		265,750
Eli Lilly & Company, Note
6.770%	01/01/2036		250,000		287,921
Eli Lilly & Company, Note
2.900%	03/15/2008		150,000		146,049
Genentech, Inc., Senior Note
5.250%	07/15/2035		600,000		560,152
Genentech, Inc., Senior Note
4.750%	07/15/2015		200,000		191,797
Genentech, Inc., Senior Note
4.400%	07/15/2010		100,000		97,842
GlaxoSmithKline Capital, Inc., Guaranteed Note
4.375%	04/15/2014		500,000		472,098
Merck & Company, Inc., Note
4.750%	03/01/2015		250,000		238,525

See accompanying notes to financial statements.

214

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
CORPORATE OBLIGATIONS—(Continued)
Merck & Company, Inc., Senior Note
4.375%	02/15/2013	$	200,000	$	190,119
Pharmacia Corporation, Note
6.500%	12/01/2018		350,000		383,958
Schering-Plough Corp., Senior Note
5.550%	12/01/2013		1,000,000		1,004,322
Schering-Plough Corporation, Senior Note
6.750%	12/01/2033		250,000		272,032
Wyeth, Note
5.500%	03/15/2013		100,000		100,778
Wyeth, Senior Note
6.500%	02/01/2034		250,000		272,834
Wyeth, Senior Note
5.500%	02/01/2014		1,250,000		1,258,239
					7,016,342
Real Estate—0.2%
Boston Properties, Inc. REIT
6.250%	01/15/2013		750,000		781,520
Camden Property Trust REIT, Note
5.000%	06/15/2015		200,000		192,090
ERP Operating, LP, Note
5.200%	04/01/2013		250,000		247,539
ERP Operating, LP, Senior Note
5.375%	08/01/2016		500,000		495,690
Simon Property Group, LP REIT, Note
6.350%	08/28/2012		250,000		260,529
					1,977,368
Restaurants—0.0%
Yum! Brands, Inc., Senior Note
7.700%	07/01/2012		250,000		273,602
Retailers—0.5%
CVS Corporation, Note
4.875%	09/15/2014		530,000		507,405
Federated Department Stores, Inc., Senior Note
6.900%	04/01/2029		500,000		507,635
Federated Department Stores, Inc., Senior Note
6.300%	04/01/2009		253,000		257,350
Fred Meyer, Inc., Note
7.450%	03/01/2008		750,000		766,448
Limited Brands, Note
5.250%	11/01/2014		250,000		237,904
May Department Stores Company (The), Note
5.750%	07/15/2014		250,000		244,914
Target Corporation, Note
7.000%	07/15/2031		350,000		406,095
Wal-Mart Stores, Inc., Note
7.550%	02/15/2030		750,000		912,399
Wal-Mart Stores, Inc., Note
6.875%	08/10/2009		750,000		781,833
Wal-Mart Stores, Inc., Note
4.550%	05/01/2013		500,000		482,592
Wal-Mart Stores, Inc., Note
4.125%	02/15/2011		250,000		240,686
					5,345,261
Telephone Systems—1.9%
Alltel Corporation, Senior Note
7.000%	07/01/2012		250,000		260,018
America Movil SA de CV, Guaranteed Senior Note (Mexico)
5.500%	03/01/2014		100,000		98,002
AT&T Wireless Services, Inc., Senior Note
8.750%	03/01/2031	$	250,000	$	325,834
AT&T Wireless Services, Inc., Senior Note
7.875%	03/01/2011		750,000		818,804
Bellsouth Capital Funding Corporation, Note
7.875%	02/15/2030		900,000		1,048,074
BellSouth Corporation, Note
6.875%	10/15/2031		350,000		371,833
BellSouth Corporation, Note
6.000%	10/15/2011		250,000		256,758
British Telecommunications PLC, Note (United Kingdom)
8.875%	12/15/2030		150,000		205,775
British Telecommunications PLC, Note (United Kingdom)
8.375%	12/15/2010		2,000,000		2,233,900
Cingular Wireless LLC, Senior Note
6.500%	12/15/2011		250,000		262,237
Deutsche Telekom International Finance BV, Guaranteed Note (Netherlands)
8.250%	06/15/2030		750,000		924,665
Deutsche Telekom International Finance BV, Note, Step Bond (Netherlands)
8.000%	06/15/2010		700,000		758,554
Embarq Corp., Note
7.082%	06/01/2016		500,000		509,879
France Telecom SA, Global Step Note (France)
8.500%	03/01/2031		500,000		658,311
France Telecom SA, Global Step Note (France)
7.750%	03/01/2011		100,000		109,024
GTE Corporation, Note
7.510%	04/01/2009		200,000		208,695
Koninklijve KPN NV, Note (Netherlands)
8.000%	10/01/2010		350,000		377,950
SBC Communications, Inc., Global Note
6.250%	03/15/2011		250,000		258,339
SBC Communications, Inc., Global Note
6.150%	09/15/2034		500,000		493,399
SBC Communications, Inc., Global Note
5.300%	11/15/2010		1,250,000		1,251,251
SBC Communications, Inc., Global Note
5.100%	09/15/2014		500,000		486,236
Sprint Capital Corporation, Guaranteed Note
6.375%	05/01/2009		750,000		765,426
Sprint Capital Corporation, Note
8.375%	03/15/2012		850,000		945,679
Sprint Capital Corporation, Note
6.875%	11/15/2028		500,000		501,913
Sprint Capital Corporation, Note
6.125%	11/15/2008		1,000,000		1,012,258
Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg)
6.000%	09/30/2014		250,000		227,466
Telecom Italia Capital SA, Guaranteed Senior Note (Luxembourg)
4.950%	09/30/2014		1,500,000		1,391,844
Telecom Italia Capital SA, Series B, Senior Note (Luxembourg)
5.250%	11/15/2013		350,000		334,193
Telefonica Emisones SAU, Guaranteed Senior Note (Spain)
6.421%	06/20/2016		500,000		516,721
Telefonica Europe BV (Netherlands)
8.250%	09/15/2030		350,000		418,182
Verizon Global Funding Corporation
7.375%	09/01/2012		1,000,000		1,094,595
Verizon Global Funding Corporation, Note
7.750%	12/01/2030		750,000		882,326
Verizon Pennsylvania, Inc., Note, Class A
5.650%	11/15/2011		350,000		351,609

See accompanying notes to financial statements.

215

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CORPORATE OBLIGATIONS—(Continued)
Verizon Virginia, Inc., Note
4.625%	03/15/2013		$	250,000	$	235,086
Vodafone Group PLC, Note (United Kingdom)
7.875%	02/15/2030			250,000		294,155
Vodafone Group PLC, Note (United Kingdom)
7.750%	02/15/2010			550,000		586,530
						21,475,521
Transportation—0.3%
Burlington Northern Santa Fe Corporation, Note
7.125%	12/15/2010			750,000		799,106
Canadian National Railway Company, Note (Canada)
4.400%	03/15/2013			585,000		557,080
CSX Corporation, Note
6.750%	03/15/2011			300,000		315,285
Norfolk Southern Corp., Note
5.257%	09/17/2014			500,000		496,252
Norfolk Southern Corporation, Note
7.700%	05/15/2017			350,000		407,804
Norfolk Southern Corporation., Note
7.050%	05/01/2037			500,000		577,539
Union Pacific Corporation, Note
6.625%	02/01/2029			250,000		272,745
						3,425,811
TOTAL CORPORATE OBLIGATIONS
(Cost $239,053,835)						237,625,918
U.S. GOVERNMENT AGENCY OBLIGATIONS—45.6%
U.S. Government Agencies—10.8%
Federal Home Loan Bank
5.945%	07/28/2008			2,000,000		2,023,464
5.750%	05/15/2012	†		5,225,000		5,428,367
5.375%	05/18/2016			2,000,000		2,058,090
5.250%	06/18/2014			2,500,000		2,544,747
4.900%	07/24/2008			350,000		349,177
4.375%	03/17/2010			825,000		811,802
4.100%	06/13/2008			3,250,000		3,206,141
4.000%	03/10/2008			500,000		493,420
3.625%	11/14/2008			2,500,000		2,438,495
3.000%	04/15/2009			8,000,000		7,676,088
2.750%	03/14/2008			1,750,000		1,701,712
2.625%	07/15/2008			3,250,000		3,135,808
Federal Home Loan Mortgage Corporation
7.000%	03/15/2010			2,630,000		2,790,617
6.750%	09/15/2029			660,000		795,825
6.250%	07/15/2032	†		1,050,000		1,212,496
6.000%	06/15/2011- 09/19/2016			1,200,000		1,209,380
5.750%	04/15/2008- 01/15/2012			3,150,000		3,188,666
5.625%	11/23/2035			130,000		125,697
5.500%	04/24/2009- 07/18/2016			6,640,000		6,877,624
5.450%	09/02/2011- 11/21/2013			1,100,000		1,098,057
5.400%	02/28/2011- 03/09/2011			900,000		900,012
5.375%	05/22/2008			2,700,000		2,700,202
5.250%	02/24/2011			600,000		600,279
5.200%	03/05/2019			200,000		194,875
5.125%	07/15/2012		$	2,000,000	$	2,016,684
5.050%	01/26/2015			300,000		300,426
5.000%	02/08/2008- 01/30/2014			1,100,000		1,097,413
4.900%	11/03/2008			400,000		398,911
4.750%	12/08/2010			500,000		496,733
4.625%	02/21/2008			1,500,000		1,491,153
4.500%	08/04/2008- 11/01/2035			4,260,068		4,154,632
4.375%	01/25/2010- 07/17/2015			4,600,000		4,490,068
4.250%	06/23/2008			1,000,000		988,615
4.125%	09/01/2009- 02/24/2011			5,150,000		5,031,103
4.000%	09/22/2009			560,000		546,770
3.625%	09/15/2008			2,260,000		2,208,698
Federal National Mortgage Association
7.250%	01/15/2010			2,800,000		2,980,933
7.125%	06/15/2010			1,500,000		1,604,877
6.625%	09/15/2009- 11/15/2030			5,750,000		6,175,257
6.375%	06/15/2009			394,000		406,725
6.250%	05/15/2029			2,240,000		2,554,738
6.125%	07/17/2013			500,000		505,231
6.070%	05/12/2016			700,000		704,819
6.000%	05/15/2011			2,500,000		2,605,575
5.700%	10/05/2021			300,000		296,368
5.500%	03/15/2011			1,400,000		1,430,958
5.280%	02/27/2009			1,400,000		1,399,640
5.250%	04/04/2008			900,000		899,690
5.100%	02/22/2008			500,000		499,636
5.000%	01/23/2009			750,000		749,992
4.875%	01/11/2008- 12/15/2016			1,500,000		1,489,163
4.625%	10/15/2013			5,800,000		5,690,426
4.500%	10/15/2008			3,000,000		2,974,494
4.375%	03/15/2013			1,450,000		1,405,463
4.125%	05/15/2010			1,200,000		1,171,198
3.250%	01/15/2008- 02/15/2009			9,700,000		9,443,435
0.000%	06/01/2017			1,000,000		589,262
Financing Corporation, Note
9.650%	11/02/2018			500,000		699,806
8.600%	09/26/2019			500,000		660,575
Tennessee Valley Authority
6.250%	12/15/2017			1,200,000		1,323,832
						125,044,340
U.S. Government Agencies—Mortgage Backed—34.8%
Federal Home Loan Mortgage Corporation
7.500%	06/01/2027- 10/01/2029			722,480		754,663
7.000%	02/01/2016- 02/01/2037			2,391,531		2,458,121
6.500%	05/01/2008- 10/01/2036			13,353,101		13,649,807
6.000%	11/01/2016- 09/01/2036			20,705,376		20,898,311
5.500%	02/01/2018- 12/01/2036			46,801,295		46,404,900
5.000%	05/01/2018- 04/01/2036			46,567,072		45,224,620
4.500%	07/01/2011- 09/01/2036			20,318,097		19,514,498
4.000%	04/01/2009- 12/01/2020			4,171,515		3,938,223
3.500%	05/01/2011			66,986		63,499

See accompanying notes to financial statements.

216

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS—(Continued)
Federal Home Loan Mortgage Corporation TBA
6.000%	02/01/2037		$	3,000,000	$	3,020,625
5.000%	02/01/2037			1,000,000		964,688
Federal National Mortgage Association
7.500%	06/01/2030- 07/01/2031			80,502		83,969
7.000%	03/01/2030- 10/01/2036			4,866,434		5,000,647
6.500%	02/01/2017- 09/01/2036			11,485,977		11,731,903
6.000%	04/01/2014- 10/01/2036			41,609,007		41,945,213
5.500%	01/01/2018- 03/01/2036			64,246,627		63,664,358
5.000%	03/01/2018- 11/01/2036			60,687,602		58,963,692
4.500%	08/01/2011- 07/01/2035			17,715,386		16,947,718
4.000%	07/01/2011- 12/01/2018			5,482,451		5,194,995
Federal National Mortgage Association TBA
6.500%	02/01/2037			1,000,000		1,018,438
5.500%	02/01/2037			2,000,000		1,975,624
4.500%	02/01/2022			1,000,000		964,062
Government National Mortgage Association
7.500%	12/15/2029- 05/15/2032			1,012,620		1,057,250
7.000%	09/15/2031			752,336		777,901
6.500%	03/15/2026- 06/15/2036			4,713,889		4,841,751
6.000%	02/15/2033- 11/15/2036			9,841,229		9,986,915
5.500%	03/15/2033- 06/15/2036			13,750,205		13,698,700
5.000%	05/15/2033- 12/15/2035			7,893,388		7,683,538
Government National Mortgage Association TBA
5.500%	02/01/2037			1,000,000		994,688
5.000%	02/01/2037			1,000,000		972,188
						404,395,505
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $536,168,407)						529,439,845
U.S. TREASURY OBLIGATIONS—24.3%
U.S. Treasury Bonds—7.4%
U.S. Treasury Bond
13.250%	05/15/2014			850,000		1,010,272
11.750%	11/15/2014			500,000		592,969
11.250%	02/15/2015			500,000		718,477
10.375%	11/15/2012			300,000		313,430
9.875%	11/15/2015	†		1,550,000		2,124,348
9.125%	05/15/2018	†		2,000,000		2,751,408
8.750%	05/15/2017- 05/15/2020	†		7,190,000		9,738,208
8.500%	02/15/2020	†		2,500,000		3,377,150
8.125%	08/15/2019	†		5,990,000		7,827,714
8.000%	11/15/2021			2,000,000		2,651,876
7.875%	02/15/2021			3,500,000		4,559,026
7.625%	02/15/2025			1,600,000		2,118,126
7.500%	11/15/2024			1,350,000		1,764,598
7.250%	05/15/2016- 08/15/2022		$	5,580,000	$	6,831,044
7.125%	02/15/2023			2,425,000		3,019,506
6.500%	11/15/2026			1,150,000		1,381,797
6.250%	05/15/2030	†		2,910,000		3,467,448
6.125%	11/15/2027	†		4,100,000		4,758,243
6.000%	02/15/2026	†		1,750,000		1,985,294
5.750%	08/15/2010			2,360,000		2,442,140
5.375%	02/15/2031	†		2,841,000		3,044,089
5.250%	02/15/2029			3,880,000		4,070,364
5.000%	08/15/2011	†		15,560,000		15,782,461
						86,329,988
U.S. Treasury Notes—16.9%
U.S. Treasury Note
6.000%	08/15/2009			4,470,000		4,606,371
5.625%	05/15/2008			3,440,000		3,472,522
5.500%	02/15/2008- 05/15/2009			5,000,000		5,062,816
5.125%	05/15/2016	†		500,000		515,176
5.000%	07/31/2008- 02/15/2011	†		15,740,000		15,827,657
4.875%	08/31/2008- 02/15/2012	†		39,805,000		40,049,875
4.750%	11/15/2008	†		9,100,000		9,091,118
4.625%	02/29/2008- 11/15/2016	†		9,080,000		9,036,094
4.500%	02/28/2011- 02/15/2036	†		11,910,000		11,672,129
4.375%	01/31/2008	†		8,000,000		7,949,688
4.250%	01/15/2011- 08/15/2015	†		13,850,000		13,465,410
4.125%	08/15/2008- 05/15/2015	†		8,630,000		8,347,076
4.000%	03/15/2010- 02/15/2015			26,090,000		25,454,303
3.875%	02/15/2013	†		1,350,000		1,292,467
3.750%	05/15/2008			5,650,000		5,565,256
3.625%	07/15/2009- 05/15/2013			2,910,000		2,821,306
3.500%	12/15/2009			5,770,000		5,579,550
3.375%	12/15/2008- 10/15/2009			7,380,000		7,155,944
3.250%	01/15/2009			7,630,000		7,405,876
3.125%	04/15/2009			1,570,000		1,514,928
3.000%	02/15/2008	†		6,100,000		5,970,857
2.625%	05/15/2008			4,100,000		3,978,923
						195,835,342
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $284,491,332)						282,165,330
MUNICIPAL OBLIGATIONS—0.2%
Financial Services—0.2%
Illinois State (Illinois)
5.100%	06/01/2033			1,100,000		1,054,240
New Jersey Economic Development Authority (New Jersey)
7.425%	02/15/2029			500,000		619,785
New Jersey State Turnpike Authority (New Jersey)
4.252%	01/01/2016			25,000		23,311
New Jersey State Turnpike Authority (New Jersey)
4.252%	01/01/2016			525,000		494,266
Oregon State (Oregon)
5.762%	06/01/2023			200,000		205,826
TOTAL MUNICIPAL OBLIGATIONS
(Cost $2,333,086)						2,397,428

See accompanying notes to financial statements.

217

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
SOVEREIGN DEBT OBLIGATIONS—1.7%
Government Issued—1.7%
British Columbia (Province of) (Canada)
6.500%	01/15/2026	$	150,000	$	171,211
Canadian Government (Canada)
5.250%	11/05/2008		250,000		251,329
Hydro Quebec (Canada)
6.300%	05/11/2011		350,000		366,186
Hydro-Quebec (Canada)
8.050%	07/07/2024		500,000		649,496
Italian Republic (Italy)
6.875%	09/27/2023		750,000		868,046
Italian Republic (Italy)
6.000%	02/22/2011		1,550,000		1,601,200
Italian Republic (Italy)
5.375%	06/15/2033		500,000		494,761
Italian Republic (Italy)
4.375%	06/15/2013		1,000,000		961,478
Italian Republic (Italy)
3.250%	05/15/2009		500,000		480,837
Malaysia Government (Malaysia)
8.750%	06/01/2009		500,000		538,861
Malaysia Government (Malaysia)
7.500%	07/15/2011		250,000		272,360
Nova Scotia Province (Canada)
5.750%	02/27/2012		350,000		360,745
Ontario Province (Canada)
5.500%	10/01/2008		550,000		553,379
Ontario Province (Canada)
5.450%	04/27/2016		1,000,000		1,028,371
Ontario Province (Canada)
4.500%	02/03/2015		400,000		387,266
Ontario Province (Canada)
3.625%	10/21/2009		250,000		240,834
Ontario Province (Canada)
3.282%	03/28/2008		250,000		244,044
People’s Republic of China (China)
4.750%	10/29/2013		250,000		245,026
Quebec Province (Canada)
7.500%	09/15/2029		600,000		763,630
Quebec Province (Canada)
6.125%	01/22/2011		850,000		878,994
Quebec Province (Canada)
5.750%	02/15/2009		850,000		862,079
Region of Lombardy (Italy)
5.804%	10/25/2032		100,000		103,733
Republic of Chile (Chile)
5.500%	01/15/2013		150,000		151,485
Republic of Finland (Finland)
6.950%	02/15/2026		150,000		179,300
Republic of Korea (South Korea)
8.875%	04/15/2008		250,000		262,151
Republic of Korea (South Korea)
4.875%	09/22/2014		1,000,000		971,572
Republic of Poland (Poland)
5.250%	01/15/2014		200,000		200,718
Republic of Poland (Poland)
5.000%	10/19/2015		300,000		296,271
Republic of South Africa (South Africa)
7.375%	04/25/2012		250,000		269,375
Saskatchewan Province (Canada)
7.375%	07/15/2013		230,000		258,834
State of Israel (Israel)
5.125%	03/01/2014		250,000		244,079
United Mexican States (Mexico)
8.375%	01/14/2011	$	500,000	$	557,500
United Mexican States (Mexico)
8.300%	08/15/2031		500,000		640,500
United Mexican States (Mexico)
8.125%	12/30/2019		750,000		913,125
United Mexican States (Mexico)
7.500%	04/08/2033		400,000		473,000
United Mexican States (Mexico)
6.625%	03/03/2015		185,000		199,060
United Mexican States (Mexico)
6.375%	01/16/2013		679,000		715,666
United Mexican States (Mexico)
5.875%	01/15/2014		1,000,000		1,028,500
TOTAL SOVEREIGN DEBT OBLIGATIONS
(Cost $19,506,234)					19,685,002
ASSET BACKED SECURITIES—1.0%
Automotive—0.4%
AmeriCredit Automobile Receivables Trust, Series 2003-D-M, Class A-4
2.840%	08/06/2010		585,282		579,604
Honda Auto Receivables Owner Trust, Series 2004-1, Class A4
3.060%	10/21/2009		1,000,000		987,494
WFS Financial Owner Trust, Series 2004-4, Class A4
3.440%	05/17/2012		2,750,000		2,689,027
					4,256,125
Credit Cards—0.3%
Bank One Issuance Trust, Series 2003-A7, Class A7
3.350%	03/15/2011		1,500,000		1,463,505
Citibank Credit Card Master Trust I, Series 1999-2, Class A
5.875%	03/10/2011		1,500,000		1,524,483
MBNA Master Credit Card Trust, Series 1999-B, Class A
5.900%	08/15/2011		825,000		840,121
					3,828,109
Electric Utilities—0.3%
Detroit Edison Securitization Funding LLC, Series 2001-1, Class A6
6.620%	03/01/2016		2,700,000		2,942,719
TOTAL ASSET BACKED SECURITIES
(Cost $11,383,403)					11,026,953
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—5.4%
Mortgage Backed—5.4%
Banc of America Commercial Mortgage, Inc., Series 2002-2, Class A3
5.118%	07/11/2043		500,000		497,265
Banc of America Commercial Mortgage, Inc., Series 2004-2, Class A3
4.050%	11/10/2038		3,000,000		2,879,419
Banc of America Commercial Mortgage, Inc., Series 2004-6, Class A5
4.811%	12/10/2042		500,000		483,749
Banc of America Commercial Mortgage, Inc., Series 2005-4, Class A2
4.764%	07/10/2045		1,750,000		1,727,248

See accompanying notes to financial statements.

218

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date	Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES—(Continued)
Banc of America Commercial Mortgage, Inc., Series 2005-6, Class AM, (FRN)
5.180%	09/10/2047	$	1,000,000	$	993,402
Citigroup Commercial Mortgage Trust, Series 2004-C1, Class A3
5.251%	04/15/2040		750,000		750,243
Citigroup Commercial Mortgage Trust, Series 2005-C3, Class AM
4.830%	05/15/2043		1,500,000		1,445,198
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-C1, Class A4, (FRN)
5.226%	07/15/2044		900,000		898,505
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5
5.617%	10/15/2048		1,500,000		1,529,003
CS First Boston Mortgage Securities Corp., Series 2004-C2, Class A2
5.416%	05/15/2036		2,000,000		2,010,460
CS First Boston Mortgage Securities Corp., Series 2005-C2, Class A4
4.832%	04/15/2037		1,750,000		1,693,053
CS First Boston Mortgage Securities Corp., Series 2005-C5, Class A3
5.100%	08/15/2038		2,650,000		2,624,261
CS First Boston Mortgage Securities Corporation, Series 1998-C2, Class A2
6.300%	11/11/2030		383,301		388,780
CS First Boston Mortgage Securities Corporation, Series 2003-C5, Class A2
3.808%	12/15/2036		1,000,000		975,976
First Union National Bank Commercial Mortgage, Series 2001-C3, Class A2
6.180%	08/15/2033		78,415		78,523
GE Capital Commercial Mortgage Corp., Series 2005-C2, Class A4
4.978%	05/10/2043		1,000,000		977,546
GE Capital Commercial Mortgage Corp., Series 2005-C4, Class AM, (FRN)
5.334%	11/10/2045		2,000,000		1,999,032
GE Capital Commercial Mortgage Corporation, Series 2001-A, Class A2
6.531%	05/15/2033		3,500,000		3,663,711
GE Capital Commercial Mortgage Corporation, Series 2004-C1, Class A2
3.915%	11/10/2038		1,000,000		965,914
GMAC Commercial Mortgage Securities, Inc., Series 2000-C1, Class A2
7.724%	03/15/2033		1,707,000		1,808,009
GMAC Commercial Mortgage Securities, Inc., Series 2004-C1, Class A3
4.776%	03/10/2038		1,000,000		974,950
GMAC Commercial Mortgage Securities, Inc., Series 2004-C3, Class D
5.044%	12/10/2041		250,000		242,428
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2003-ML1, Class A2
4.767%	03/12/2039		1,000,000		973,503
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CIBC13, Class AM, (FRN)
5.335%	01/12/2043		900,000		902,669
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class A4
4.738%	07/15/2042		935,000		898,439
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP2, Class E
4.981%	07/15/2042	$	750,000	$	722,633
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP3, Class A4B
4.996%	08/15/2042		1,075,000		1,048,115
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4, Class A4
4.918%	10/15/2042		1,565,000		1,520,297
JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2003-CIBC7, Class A3
4.449%	01/12/2038		2,000,000		1,945,518
JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-CB9, Class A4, (FRN)
5.377%	06/12/2041		750,000		759,804
JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-CIBC10, Class AJ
4.951%	01/12/2037		1,750,000		1,701,695
LB Commercial Mortgage Trust, Series 1991-C1, Class A2
6.780%	06/15/2031		5,979,623		6,133,402
LB-UBS Commercial Mortgage Trust, Series 2002-C4, Class A5
4.853%	09/15/2031		1,500,000		1,474,246
LB-UBS Commercial Mortgage Trust, Series 2003-C8, Class A2
4.207%	11/15/2027		1,000,000		978,856
LB-UBS Commercial Mortgage Trust, Series 2004-C7, Class A6
4.786%	10/15/2029		1,000,000		968,595
Merrill Lynch Mortgage Trust, Series 2002-MW1, Class A3
5.403%	07/12/2034		500,000		503,243
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A3, (FRN)
5.484%	02/12/2039		750,000		759,307
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-1, Class A4, (FRN)
5.434%	02/12/2039		1,500,000		1,518,963
Morgan Stanley Capital I, Series 2004-HQ3, Class A4
4.800%	01/13/2041		750,000		727,759
Morgan Stanley Capital I, Series 2004-T13, Class A2
3.940%	09/13/2045		1,000,000		965,447
Morgan Stanley Capital I, Series 2004-T15, Class A2
4.690%	06/13/2041		500,000		492,459
Mortgage Capital Funding, Inc., Series 1998-MC2, Class A2
6.423%	06/18/2030		471,200		475,089
Wachovia Bank Commercial Mortgage Trust, Series 2002-C2, Class A3
4.440%	11/15/2034		3,000,000		2,943,455
Wachovia Bank Commercial Mortgage Trust, Series 2003-C5, Class A2
3.989%	06/15/2035		750,000		699,722
Wachovia Bank Commercial Mortgage Trust, Series 2003-C9, Class A4
5.012%	12/15/2035		750,000		736,779
Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5
5.215%	01/15/2041		500,000		496,145
Wachovia Bank Commercial Mortgage Trust, Series 2004-C12, Class A4, (FRN)
5.233%	07/15/2041		750,000		751,784
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class B
4.892%	10/15/2041		1,000,000		964,787

See accompanying notes to financial statements.

219

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES���(Continued)
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class AJ, (FRN)
5.992%	06/15/2045		$	1,000,000	$	1,048,972
TOTAL NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES
(Cost $63,435,986)						62,718,358
CASH EQUIVALENTS—13.6%
Bank & Certificate Deposits/ Offshore Time Deposits—13.1%
Abbey National PLC
5.280%	01/05/2007	††		2,387,808		2,387,808
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		2,387,808		2,387,808
Bank Of Nova Scotia
5.300%	02/27/2007	††		2,984,759		2,984,759
Bank Of Nova Scotia
5.290%	01/30/2007	††		1,193,904		1,193,904
Bank Of Nova Scotia
5.290%	02/06/2007	††		1,790,856		1,790,856
Barclays
5.320%	02/13/2007	††		1,193,904		1,193,904
Barclays
5.310%	02/20/2007	††		2,984,759		2,984,759
Barclays
5.300%	01/02/2007	††		2,984,759		2,984,759
Barton Capital LLC
5.300%	01/17/2007	††		1,193,904		1,193,904
Barton Capital LLC
5.300%	01/17/2007	††		1,790,856		1,790,856
Calyon
5.310%	02/16/2007	††		1,193,904		1,193,904
Calyon
5.300%	02/05/2007	††		3,581,711		3,581,711
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		3,581,711		3,581,711
Charta LLC
5.300%	01/31/2007	††		2,338,091		2,338,091
CIESCO
5.310%	01/04/2007	††		1,554,524		1,554,524
Citigroup
5.310%	03/16/2007	††		1,193,904		1,193,904
Clipper Receivables Corp
5.300%	01/31/2007	††		1,193,904		1,193,904
Compass Securitization
5.300%	01/09/2007	††		1,790,856		1,790,856
CRC Funding LLC
5.340%	01/23/2007	††		596,952		596,952
CRC Funding LLC
5.300%	01/10/2007	††		1,742,884		1,742,884
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		1,193,904		1,193,904
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		2,387,808		2,387,808
Dexia Group
5.290%	01/16/2007	††		2,984,759		2,984,759
Fairway Finance
5.300%	01/09/2007	††		1,432,685		1,432,685
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		1,193,904		1,193,904
Fortis Bank
5.320%	01/03/2007	††	$	1,193,904	$	1,193,904
Fortis Bank
5.300%	01/02/2007	††		1,193,904		1,193,904
Fortis Bank
5.300%	01/24/2007	††		4,178,663		4,178,663
Fortis Bank
5.300%	01/26/2007	††		4,775,615		4,775,615
General Electric Capital Corporation
5.300%	01/26/2007	††		2,387,808		2,387,808
Greyhawk Funding
5.310%	01/12/2007	††		1,193,904		1,193,904
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		2,984,759		2,984,759
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		1,193,904		1,193,904
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		1,790,856		1,790,856
Lexington Parker Cap Comp
5.300%	01/05/2007	††		1,193,904		1,193,904
Liberty Street
5.310%	01/17/2007	††		1,193,904		1,193,904
Lloyds TSB Bank
5.300%	02/26/2007	††		1,193,904		1,193,904
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		1,193,904		1,193,904
Merrill Lynch & Co
5.300%	01/02/2007	††		20,893,316		20,893,316
Morgan Stanley & Co
5.300%	01/02/2007	††		14,638,351		14,638,351
Old Line Funding LLC
5.350%	01/04/2007	††		1,193,904		1,193,904
Paradigm Funding LLC
5.310%	01/17/2007	††		1,193,904		1,193,904
Park Avenue Receivables Corp
5.330%	01/18/2007	††		1,193,904		1,193,904
Rabobank Nederland
5.250%	01/02/2007	††		3,581,711		3,581,711
Ranger Funding
5.330%	02/08/2007	††		1,193,904		1,193,904
Ranger Funding
5.320%	01/04/2007	††		1,193,904		1,193,904
Royal Bank of Canada
5.310%	02/14/2007	††		2,387,808		2,387,808
Royal Bank of Scotland
5.310%	01/11/2007	††		1,193,904		1,193,904
Royal Bank of Scotland
5.290%	01/16/2007	††		1,790,856		1,790,856
Royal Bank of Scotland
5.290%	02/09/2007	††		1,193,904		1,193,904
Royal Bank of Scotland
5.280%	01/11/2007	††		2,984,759		2,984,759
Sheffiled Receivables Corp
5.360%	01/11/2007	††		1,790,856		1,790,856
Sheffiled Receivables Corp
5.300%	01/12/2007	††		1,193,904		1,193,904
Societe Generale
5.310%	01/02/2007	††		2,984,759		2,984,759
Societe Generale
5.290%	02/01/2007	††		2,984,759		2,984,759
Societe Generale
5.270%	01/19/2007	††		2,984,759		2,984,759
Svenska Handlesbanken
5.250%	01/02/2007	††		1,370,172		1,370,172
Three Pillars Funding LLC
5.380%	01/02/2007	††		1,786,395		1,786,395

See accompanying notes to financial statements.

220

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Core Bond
Index Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
UBS AG
5.300%	01/04/2007	††	$	1,193,904	$	1,193,904
UBS AG
5.290%	01/02/2007	††		2,387,808		2,387,808
Variable Funding Capital Co
5.310%	02/02/2007	††		1,193,904		1,193,904
Variable Funding Capital Co
5.290%	01/04/2007	††		1,193,904		1,193,904
Yorktown Capital LLC
5.330%	01/16/2007	††		1,193,902		1,193,902
Yorktown Capital LLC
5.300%	01/10/2007	††		1,193,902		1,193,902
						152,610,808
Floating Rate Instruments/Master Notes—0.5%
Bank of America
5.310%	07/10/2007	††		2,984,759		2,984,759
Bank of America
5.270%	01/09/2007	††		2,387,808		2,387,808
						5,372,567
TOTAL CASH EQUIVALENTS
(Cost $157,983,375)						157,983,375
REPURCHASE AGREEMENTS—1.1%
IBT Repurchase Agreement dated 12/29/2006 due 01/02/2007, with a maturity value of $12,325,109 and an effective yield of 4.65% collateralized by U.S. Government Obligation with a rate of 4.193%, maturity of 05/01/2033 and an aggregate market value $12,934,682.				12,318,744		12,318,744
TOTAL INVESTMENTS—113.4%
(Cost $1,326,674,402)						1,315,360,953
Other assets less liabilities—(13.4%)						(155,389,572	)
NET ASSETS—100.0%					$	1,159,971,381

 

Notes to the Schedule of Investments:

FRN	Floating Rate Note
MTN	Medium Term Note
REIT	Real Estate Investment Trust
*	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers. 144A securities represent 0.06% of Total Investments.
†	Denotes all or a portion of security on loan.
††	Represents collateral received from securities lending transactions.

See accompanying notes to financial statements.

221

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—97.0%
Advertising—0.2%
Interpublic Group, Inc.	*†		13,428	$	164,359
Monster Worldwide, Inc.	*		3,572		166,598
Omnicom Group			5,102		533,363
					864,320
Aerospace & Defense—2.1%
Goodrich Corporation			3,725		169,674
Boeing Company (The)			23,771		2,111,816
General Dynamics Corporation			12,122		901,271
Honeywell International, Inc.			24,440		1,105,666
Lockheed Martin Corporation			10,668		982,203
Northrop Grumman Corporation			10,578		716,131
Textron, Inc.			3,736		350,325
United Technologies Corporation			30,398		1,900,483
					8,237,569
Airlines—0.3%
FedEx Corporation			9,229		1,002,454
Southwest Airlines Company			22,759		348,668
					1,351,122
Apparel Retailers—0.4%
Gap (The), Inc.	†		16,874		329,043
Kohl’s Corporation	*		9,749		667,124
Ltd. Brands, Inc.			10,263		297,011
Nordstrom, Inc.			6,656		328,407
					1,621,585
Automotive—0.7%
Autonation, Inc.	*		4,218		89,928
Ford Motor Company	†		55,078		413,636
General Motors Corporation	†		16,757		514,775
Genuine Parts Company			5,410		256,596
Goodyear Tire & Rubber Company (The)	*†		5,556		116,620
Harley-Davidson, Inc.			7,789		548,891
ITT Corporation			5,442		309,214
Paccar, Inc.	†		7,458		484,024
					2,733,684
Banking—12.1%
American Express Company			36,332		2,204,262
BB&T Corporation			16,108		707,624
Bank of America Corporation			135,558		7,237,442
Bank of New York Company, Inc. (The)			22,867		900,274
Capital One Financial Corporation			13,275		1,019,785
CIT Group, Inc.			6,087		339,472
Citigroup, Inc.			148,081		8,248,112
Comerica, Inc.			4,863		285,361
Commerce Bancorp, Inc., NJ	†		5,556		195,960
Compass Bancshares, Inc.			3,600		214,740
Fannie Mae			28,946		1,719,103
Fifth Third Bancorp			16,462		673,790
First Horizon National Corporation	†		3,674		153,500
Freddie Mac			20,592		1,398,197
Huntington Bancshares, Inc.			7,147		169,741
JPMorgan Chase & Company			103,944		5,020,495
Keycorp			12,073		459,136
M&T Bank Corporation			2,431		296,971
Marshall & IIsley Corporation			7,337		352,983
Mellon Financial Corporation			12,412		523,166
National City Corporation			17,831		651,901
Northern Trust Corporation			5,418	$	328,818
PNC Financial Services Group, Inc.			8,880		657,475
Regions Financial Corporation			22,149		828,373
SLM Corporation			12,376		603,578
Sovereign Bancorp, Inc.	†		11,004		279,392
State Street Corporation			9,782		659,698
SunTrust Banks, Inc.			10,877		918,563
Synovus Financial Corporation			9,554		294,550
U.S. Bancorp			53,130		1,922,775
Wachovia Corporation			57,549		3,277,416
Washington Mutual, Inc.			28,775		1,308,975
Wells Fargo & Company			100,794		3,584,235
Zions Bancorporation			3,246		267,600
					47,703,463
Beverages, Food & Tobacco—4.9%
Altria Group, Inc.			62,683		5,379,455
Anheuser-Busch Companies, Inc.			23,142		1,138,586
Archer-Daniels-Midland Company			19,681		629,005
Brown-Forman Corporation Class B			2,464		163,215
Campbell Soup Company			6,505		252,979
Coca-Cola Company (The)			60,977		2,942,140
Coca-Cola Enterprises, Inc.			8,053		164,442
ConAgra Foods, Inc.			15,594		421,038
Constellation Brands, Inc. Class A	*		5,780		167,736
Dean Foods Company	*		4,192		177,238
General Mills, Inc.			10,752		619,315
Hershey Company (The)	†		5,550		276,390
HJ Heinz Company			10,333		465,088
Kellogg Company			7,575		379,204
McCormick & Company, Inc.			3,895		150,191
Molson Coors Brewing Company Class B			1,252		95,703
Pepsi Bottling Group, Inc.			4,086		126,298
Pepsico, Inc.			49,632		3,104,482
Reynolds American, Inc.			4,950		324,076
Safeway, Inc.			13,907		480,626
Sara Lee Corporation			23,124		393,802
Supervalu, Inc.			6,343		226,762
Sysco Corporation			18,436		677,707
Tyson Foods, Inc. Class A	†		7,900		129,955
UST, Inc.	†		5,151		299,788
WM Wrigley Jr. Company			6,663		344,610
					19,529,831
Building Materials—1.1%
Home Depot, Inc.			61,741		2,479,519
Lowe’s Companies, Inc.	†		45,645		1,421,842
Vulcan Materials Company	†		3,021		271,497
					4,172,858
Chemicals—1.3%
Air Products & Chemicals, Inc.			6,726		472,703
Avery Dennison Corporation			2,698		183,275
Dow Chemical Company (The)			28,836		1,151,710
Eastman Chemical Company			2,451		145,369
EI Du Pont de Nemours & Company			27,450		1,337,089
Hercules, Inc.	*		3,515		67,875
International Flavors & Fragrances, Inc.			2,365		116,263
Monsanto Company			15,994		840,165
PPG Industries, Inc.			5,081		326,251
Praxair, Inc.			9,796		581,197
					5,221,897

See accompanying notes to financial statements.

222

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Coal—0.1%
Consol Energy, Inc.			5,595	$	179,767
Peabody Energy Corporation	†		7,589		306,671
					486,438
Commercial Services—0.8%
Allied Waste Industries, Inc.	*		6,039		74,219
Cintas Corporation			4,114		163,367
Convergys Corporation	*		4,528		107,676
Equifax, Inc.			3,865		156,919
Fluor Corporation	†		2,599		212,208
H&R Block, Inc.	†		10,232		235,745
Moody’s Corporation			7,378		509,525
Paychex, Inc.			9,822		388,362
Robert Half International, Inc.	†		5,293		196,476
RR Donnelley & Sons Company			6,781		240,997
Ryder System, Inc.			2,030		103,652
Waste Management, Inc.			16,395		602,844
					2,991,990
Communications—1.4%
ADC Telecommunications, Inc.	*		3,642		52,918
Avaya, Inc.	*		13,317		186,172
Ciena Corporation	*		2,144		59,410
Comverse Technology, Inc.	*		6,104		128,855
Corning, Inc.	*		46,470		869,454
L-3 Communications Holdings, Inc.			3,523		288,111
Motorola, Inc.			73,254		1,506,102
Network Appliance, Inc.	*†		11,224		440,879
Qualcomm, Inc.			49,384		1,866,221
Tellabs, Inc.	*		12,229		125,470
					5,523,592
Computer Software & Processing—5.5%
Adobe Systems, Inc.	*		17,242		708,991
Affiliated Computer Services, Inc. Class A	*†		3,680		179,731
Autodesk, Inc.	*		7,066		285,890
Automatic Data Processing, Inc.			16,558		815,481
BMC Software, Inc.	*		6,466		208,205
CA, Inc.			12,124		274,609
Citrix Systems, Inc.	*		5,196		140,552
Cognizant Technology Solutions Corporation	*		4,324		333,640
Computer Sciences Corporation	*		5,432		289,906
Compuware Corporation	*		12,167		101,351
Electronic Arts, Inc.	*		9,238		465,226
Electronic Data Systems Corporation			16,012		441,131
Fidelity National Information Services, Inc.			3,976		159,398
First Data Corporation			22,793		581,677
Fiserv, Inc.	*		5,132		269,019
Google, Inc. Class A	*		6,374		2,935,100
IMS Health, Inc.			6,032		165,759
Intuit, Inc.	*		10,113		308,548
Juniper Networks, Inc.	*		17,005		322,075
Microsoft Corporation			260,861		7,789,309
NCR Corporation	*		5,590		239,028
Novell, Inc.	*		11,821		73,290
Nvidia Corporation	*		10,268		380,019
Oracle Corporation	*		120,642		2,067,804
Sun Microsystems, Inc.	*		103,203		559,360
Symantec Corporation	*†		29,439		613,803
Unisys Corporation	*		10,465	$	82,046
VeriSign, Inc.	*		7,800		187,590
Yahoo!, Inc.	*†		37,700		962,858
					21,941,396
Computers & Information—4.0%
3M Company			22,750		1,772,907
Apple Computer, Inc.	*		25,717		2,181,830
Dell, Inc.	*		67,891		1,703,385
EMC Corporation	*		68,526		904,543
Hewlett-Packard Company			81,970		3,376,344
International Business Machines Corporation			45,556		4,425,765
International Game Technology			10,262		474,104
Jabil Circuit, Inc.			5,122		125,745
Lexmark International, Inc.	*		2,870		210,084
Pitney Bowes, Inc.			6,896		318,526
SanDisk Corporation	*		6,917		297,639
Solectron Corporation	*		29,567		95,206
Symbol Technologies, Inc.			7,303		109,107
					15,995,185
Containers & Packaging—0.1%
Ball Corporation			3,168		138,125
Sealed Air Corporation			2,391		155,224
Temple-Inland, Inc.			3,438		158,251
					451,600
Cosmetics & Personal Care—2.1%
Avon Products, Inc.			13,350		441,084
Clorox Company			4,566		292,909
Colgate-Palmolive Company			15,470		1,009,263
Ecolab, Inc.	†		5,738		259,358
Estee Lauder Companies (The), Inc., Class A	†		3,640		148,585
Procter & Gamble Company			95,086		6,111,177
					8,262,376
Education—0.0%
Apollo Group, Inc. Class A	*†		4,409		171,819
Electric Utilities—3.3%
AES Corporation (The)	*		19,714		434,497
Allegheny Energy, Inc.	*		4,824		221,470
Ameren Corporation	†		6,170		331,514
American Electric Power Company, Inc.			11,609		494,311
CMS Energy Corporation	*		7,199		120,223
Centerpoint Energy, Inc.	†		9,695		160,743
Consolidated Edison, Inc.			7,439		357,593
Constellation Energy Group, Inc.			5,297		364,804
DTE Energy Company	†		5,330		258,025
Dominion Resources, Inc.			10,409		872,691
Duke Energy Corporation			37,412		1,242,453
Dynegy, Inc. Class A	*		12,555		90,898
Edison International			9,898		450,161
Entergy Corporation			6,303		581,893
Exelon Corporation			19,945		1,234,396
FPL Group, Inc.	†		11,946		650,101
FirstEnergy Corporation			9,744		586,686
KeySpan Corporation			5,136		211,500
NiSource, Inc.			8,413		202,753
PG&E Corporation			10,328		488,824
PPL Corporation			11,228		402,412
Pinnacle West Capital Corporation			2,891		146,400
Progress Energy, Inc.			7,759		380,812
Public Service Enterprise Group, Inc.			7,446		494,265

See accompanying notes to financial statements.

223

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Sempra Energy			7,751	$	433,823
Southern Company (The)			22,131		815,749
TXU Corporation			13,742		744,954
TECO Energy, Inc.	†		5,950		102,518
Xcel Energy, Inc.	†		12,731		293,577
					13,170,046
Electrical Equipment—3.3%
Cooper Industries, Ltd. Class A (Bermuda)			2,656		240,182
Emerson Electric Company			24,650		1,086,325
General Electric Company			310,680		11,560,403
					12,886,910
Electronics—4.0%
Advanced Micro Devices, Inc.	*		16,617		338,156
Agilent Technologies, Inc.	*		12,539		436,984
Altera Corporation	*		11,395		224,254
American Power Conversion Corporation			5,418		165,737
Analog Devices, Inc.			11,110		365,186
Broadcom Corporation Class A	*		14,124		456,346
Cisco Systems, Inc.	*		182,770		4,995,104
Eastman Kodak Company	†		8,976		231,581
Intel Corporation			172,654		3,496,244
JDS Uniphase Corporation	*†		5,668		94,429
LSI Logic Corporation	*		12,007		108,063
Linear Technology Corporation	†		8,992		272,637
Maxim Integrated Products, Inc.			9,705		297,167
Micron Technology, Inc.	*		21,838		304,858
Molex, Inc.			4,262		134,807
National Semiconductor Corporation			8,732		198,216
Novellus Systems, Inc.	*†		3,413		117,475
PMC-Sierra, Inc.	*†		5,469		36,697
QLogic Corporation	*		4,584		100,481
Raytheon Company			13,679		722,251
Rockwell Collins, Inc.			5,106		323,159
Sanmina-SCI Corporation	*		16,779		57,888
Teradyne, Inc.	*†		6,358		95,116
Texas Instruments, Inc.			45,795		1,318,896
Xerox Corporation	*		29,117		493,533
Xilinx, Inc.			10,839		258,077
					15,643,342
Entertainment & Leisure—1.8%
Harrah’s Entertainment, Inc.			5,444		450,328
Hasbro, Inc.			5,527		150,611
Mattel, Inc.			11,814		267,705
News Corporation, Inc. Class A			69,806		1,499,433
Time Warner, Inc.			121,649		2,649,515
Walt Disney Company			62,500		2,141,875
					7,159,467
Environmental—0.0%
Tektronix, Inc.			2,676		78,059
Financial Services—3.7%
Ameriprise Financial, Inc.			7,301		397,905
Bear Stearns Companies, Inc. (The)			3,605		586,822
Charles Schwab Corporation (The)			31,601		611,163
Chicago Mercantile Exchange			1,065		542,884
Countrywide Financial Corporation			18,100		768,345
E*Trade Financial Corporation	*		12,800		286,976
Federated Investors, Inc. Class B			2,799	$	94,550
Franklin Resources, Inc.			4,882		537,850
Goldman Sachs Group, Inc.			12,913		2,574,207
Janus Capital Group, Inc.			6,553		141,479
Legg Mason, Inc.			3,983		378,584
Lehman Brothers Holdings, Inc.			16,302		1,273,512
Merrill Lynch & Company, Inc.			26,513		2,468,360
Morgan Stanley			32,285		2,628,968
Principal Financial Group	†		8,326		488,736
T Rowe Price Group, Inc.			7,884		345,083
Western Union Company (The)			22,793		511,019
					14,636,443
Food Retailers—0.4%
Kroger Company (The)			21,895		505,118
Starbucks Corporation	*		22,870		810,055
Whole Foods Market, Inc.	†		4,200		197,106
					1,512,279
Forest Products & Paper—0.6%
Bemis Company			3,365		114,343
International Paper Company			13,498		460,282
Kimberly-Clark Corporation			13,949		947,835
MeadWestvaco Corporation			5,462		164,188
Pactiv Corporation	*		4,478		159,820
Weyerhaeuser Company			7,461		527,120
					2,373,588
Health Care Providers—0.5%
Caremark Rx, Inc.			12,717		726,268
Coventry Health Care, Inc.	*		4,800		240,240
Express Scripts, Inc.	*		4,071		291,484
Health Management Associates, Inc. Class A			7,595		160,330
Laboratory Corporation Of America Holdings	*†		3,640		267,431
Manor Care, Inc.	†		2,002		93,934
Tenet Healthcare Corporation	*†		14,819		103,288
					1,882,975
Heavy Construction—0.1%
Centex Corporation	†		3,736		210,225
Lennar Corporation Class A	†		4,253		223,112
					433,337
Heavy Machinery—1.5%
American Standard Companies, Inc.			5,509		252,588
Applied Materials, Inc.			41,384		763,535
Black & Decker Corporation			2,261		180,812
Caterpillar, Inc.			19,585		1,201,148
Cummins, Inc.			1,660		196,179
Deere & Company	†		6,878		653,891
Dover Corporation			6,014		294,806
Eaton Corporation			4,413		331,593
Ingersoll-Rand Company Class A (Bermuda)			9,736		380,970
National-Oilwell Varco, Inc.	*		5,295		323,948
Pall Corporation			3,958		136,749
Parker Hannifin Corporation			3,755		288,684
Rockwell Automation, Inc.			5,356		327,144
Stanley Works (The)			2,127		106,967
Terex Corporation	*		2,399		154,927
WW Grainger, Inc.			2,254		157,645
					5,751,586

See accompanying notes to financial statements.

224

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Home Construction, Furnishings & Appliances—0.5%
DR Horton, Inc.			8,206	$	217,377
Harman International Industries, Inc.			2,000		199,820
Johnson Controls, Inc.	†		5,919		508,560
KB Home			2,308		118,354
Leggett & Platt, Inc.			5,276		126,096
Masco Corporation	†		11,772		351,630
Pulte Homes, Inc.			6,258		207,265
Whirlpool Corporation	†		2,302		191,112
					1,920,214
Household Products—0.4%
Fortune Brands, Inc.	†		4,419		377,338
Illinois Tool Works, Inc.			12,230		564,904
Newell Rubbermaid, Inc.			7,990		231,311
Rohm & Haas Company	†		4,355		222,628
Snap-On, Inc.			1,846		87,943
					1,484,124
Industrial—Diversified—0.5%
Tyco International Ltd. (Bermuda)			60,225		1,830,840
Insurance—5.9%
ACE, Ltd. (Cayman Islands)			9,836		595,767
Aflac, Inc.			14,910		685,860
Aetna, Inc.			16,306		704,093
Allstate Corporation (The)			18,798		1,223,938
AMBAC Financial Group, Inc.			3,084		274,692
American International Group, Inc.			77,818		5,576,438
AON Corporation			9,430		333,256
Chubb Corporation			12,172		644,021
Cigna Corporation			3,285		432,207
Cincinnati Financial Corporation			5,083		230,311
Genworth Financial, Inc. Class A			13,920		476,203
Hartford Financial Services Group, Inc.			9,593		895,123
Humana, Inc.	*		5,100		282,081
Lincoln National Corporation			8,535		566,724
Loews Corporation			13,392		555,366
MBIA, Inc.			4,034		294,724
MGIC Investment Corporation			2,777		173,674
Marsh & McLennan Companies, Inc.			16,339		500,954
Metlife, Inc.			22,837		1,347,611
Progressive Corporation (The)			22,969		556,309
Prudential Financial, Inc.			14,698		1,261,970
Safeco Corporation			3,618		226,306
St. Paul Travelers Companies			20,567		1,104,242
Torchmark Corporation			2,839		181,015
UnitedHealth Group, Inc.			40,734		2,188,638
UnumProvident Corporation			9,377		194,854
WellPoint, Inc.	*		18,519		1,457,260
XL Capital Ltd. Class A (Cayman Islands)			5,346		385,019
					23,348,656
Lodging—0.4%
Hilton Hotels Corporation			11,052		385,715
Marriott International, Inc. Class A			10,468		499,533
Starwood Hotels & Resorts Worldwide, Inc.			6,705		419,063
Wyndham Worldwide Corporation	*		6,076		194,554
					1,498,865
Media—Broadcasting & Publishing—1.9%
CBS Corporation Class B	†		23,580	$	735,224
Clear Channel Communications, Inc.			15,334		544,970
Comcast Corporation Class A	*		62,603		2,649,985
DIRECTV Group (The), Inc.	*		21,474		535,562
Dow Jones & Company, Inc.	†		2,056		78,128
EW Scripps Company Class A			2,500		124,850
Gannett Company, Inc.			7,093		428,843
IAC/InterActiveCorporation	*†		5,620		208,839
McGraw-Hill Companies, Inc. (The)			10,854		738,289
Meredith Corporation			1,189		67,000
New York Times Company Class A	†		4,417		107,598
Tribune Company	†		5,581		171,783
Univision Communications, Inc. Class A	*		7,739		274,115
Viacom, Inc. Class B	*		21,147		867,661
					7,532,847
Medical Supplies—3.5%
Allergan, Inc.			4,430		530,448
Applera Corporation—Applied Biosystems Group			5,286		193,943
Bausch & Lomb, Inc.			1,661		86,472
Baxter International, Inc.			19,805		918,754
Becton Dickinson & Company			7,580		531,737
Biomet, Inc.			7,495		309,319
Boston Scientific Corporation	*		35,004		601,369
CR Bard, Inc.	†		3,184		264,176
Johnson & Johnson			87,595		5,783,022
Kla-Tencor Corporation			5,865		291,784
Medtronic, Inc.			34,356		1,838,390
Millipore Corporation	*†		1,546		102,964
Patterson Cos., Inc.	*		3,500		124,285
PerkinElmer, Inc.			4,019		89,342
St. Jude Medical, Inc.	*		10,452		382,125
Stryker Corporation	†		8,604		474,166
Thermo Fisher Scientific, Inc.	*		12,357		559,649
Waters Corporation	*		3,186		156,018
Zimmer Holdings, Inc.	*		7,357		576,642
					13,814,605
Metals—0.9%
Alcoa, Inc.			25,904		777,379
Allegheny Technologies, Inc.			2,816		255,355
Danaher Corporation			7,201		521,640
Newmont Mining Corporation			13,582		613,227
Nucor Corporation			9,520		520,363
Phelps Dodge Corporation			6,180		739,870
United States Steel Corporation			3,716		271,788
					3,699,622
Mining—0.1%
Freeport-McMoran Copper & Gold, Inc. Class B	†		5,578		310,862
Oil & Gas—9.5%
Anadarko Petroleum Corporation			13,644		593,787
Apache Corporation			9,963		662,639
Ashland, Inc.			2,173		150,328
Baker Hughes, Inc.			9,795		731,295
BJ Services Company			8,811		258,339
Chesapeake Energy Corporation	†		11,188		325,011
Chevron Corporation			65,803		4,838,495
ConocoPhillips			49,611		3,569,511

See accompanying notes to financial statements.

225

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Devon Energy Corporation			13,246	$	888,542
EOG Resources, Inc.			7,355		459,320
El Paso Corporation	†		19,255		294,216
Exxon Mobil Corporation			176,754		13,544,659
Halliburton Company			30,946		960,873
Hess Corporation			7,251		359,432
Kinder Morgan, Inc.			3,186		336,920
Marathon Oil Corporation			10,937		1,011,673
Murphy Oil Corporation	†		5,510		280,184
Nabors Industries Ltd.	*†		9,284		276,478
Nicor, Inc.	†		1,395		65,286
Noble Corporation (Cayman Islands)			4,237		322,648
Occidental Petroleum Corporation			25,652		1,252,587
Peoples Energy Corporation			1,166		51,969
Questar Corporation			2,634		218,754
Rowan Companies., Inc.	†		3,489		115,835
Schlumberger Ltd. (Netherland Antilles)			36,396		2,298,771
Smith International, Inc.	†		6,087		249,993
Sunoco, Inc.			3,836		239,213
Transocean, Inc. (Cayman Islands)	*		9,377		758,506
Valero Energy Corporation			18,680		955,669
Weatherford International Ltd. (Bermuda)	*		10,600		442,974
Williams Companies, Inc.			17,295		451,745
XTO Energy, Inc.			10,933		514,398
					37,480,050
Pharmaceuticals—6.5%
Abbott Laboratories			45,694		2,225,755
AmerisourceBergen Corporation			6,418		288,553
Amgen, Inc.	*		35,021		2,392,285
Barr Pharmaceuticals, Inc.	*		3,200		160,384
Biogen Idec, Inc.	*†		10,074		495,540
Bristol-Myers Squibb Company			59,202		1,558,197
Cardinal Health, Inc.			12,087		778,765
Celgene Corporation	*†		11,261		647,845
Eli Lilly & Company			29,397		1,531,584
Forest Laboratories, Inc.	*		9,616		486,570
Genzyme Corporation	*		7,897		486,297
Gilead Sciences, Inc.	*		13,910		903,176
Hospira, Inc.	*		4,680		157,154
King Pharmaceuticals, Inc.	*		7,638		121,597
McKesson Corporation			8,889		450,672
Medco Health Solutions, Inc.	*		8,736		466,852
MedImmune, Inc.	*†		7,440		240,833
Merck & Company, Inc.			65,403		2,851,571
Mylan Laboratories			6,000		119,760
Pfizer, Inc.			218,366		5,655,679
Quest Diagnostics, Inc.			4,860		257,580
Schering-Plough Corporation	†		44,889		1,061,176
Sigma Aldrich Corporation	†		1,896		147,357
Watson Pharmaceuticals, Inc.	*		2,919		75,982
Wyeth			40,593		2,066,996
					25,628,160
Real Estate—1.2%
Apartment Investment & Management Company REIT Class A	†		2,984		167,164
Archstone-Smith Trust REIT			6,200		360,902
Boston Properties, Inc. REIT	†		3,513		393,034
CB Richard Ellis Group, Inc. Class A	*		4,986	$	165,535
Equity Office Properties Trust REIT			10,387		500,342
Equity Residential REIT			8,722		442,642
Kimco Realty Corporation REIT	†		6,400		287,680
Plum Creek Timber Company, Inc. REIT			5,794		230,891
Prologis REIT			7,198	��	437,422
Public Storage, Inc. REIT			3,559		347,003
Realogy Corporation	*		6,044		183,254
Simon Property Group, Inc. REIT			6,730		681,682
Vornado Realty Trust REIT	†		3,500		425,250
					4,622,801
Restaurants—0.6%
Darden Restaurants, Inc.			3,972		159,555
McDonald’s Corporation			36,643		1,624,384
Wendy’s International, Inc.			3,408		112,771
Yum! Brands, Inc.			8,174		480,631
					2,377,341
Retailers—3.7%
Amazon.Com, Inc.	*†		9,300		366,978
Autozone, Inc.	*		1,646		190,212
Bed Bath & Beyond, Inc.	*		8,277		315,354
Best Buy Company, Inc.			12,303		605,185
Big Lots, Inc.	*		3,704		84,896
CVS Corporation			24,792		766,321
Circuit City Stores, Inc.			4,766		90,459
Costco Wholesale Corporation			14,007		740,550
Dillard’s, Inc. Class A	†		1,726		60,358
Dollar General Corporation			9,870		158,512
eBay, Inc.	*		34,985		1,051,999
Family Dollar Stores, Inc.			5,061		148,439
Federated Department Stores			16,042		611,681
JC Penney Company, Inc.			6,658		515,063
Nike, Inc. Class B			5,805		574,869
Office Depot, Inc.	*		8,714		332,613
OfficeMax, Inc.			2,397		119,011
RadioShack Corporation	†		3,908		65,576
Sears Holdings Corporation	*†		2,466		414,115
Sherwin-Williams Company (The)			3,384		215,155
Staples, Inc.			22,357		596,932
TJX Companies., Inc.			14,038		399,802
Target Corporation			25,658		1,463,789
Tiffany & Company			4,243		166,495
Walgreen Company			30,210		1,386,337
Wal-Mart Stores, Inc.			73,629		3,400,187
					14,840,888
Telephone Systems—3.4%
Alltel Corporation			11,652		704,713
AT&T, Inc.			116,272		4,156,724
BellSouth Corporation			54,631		2,573,666
CenturyTel, Inc.			3,293		143,772
Citizens Communications Company			10,409		149,577
Embarq Corporation			4,416		232,105
Qwest Communications International, Inc.	*		45,657		382,149
Sprint Nextel Corporation			92,034		1,738,522
Verizon Communications, Inc.			87,328		3,252,095
Windstream Corporation			14,143		201,113
					13,534,436

See accompanying notes to financial statements.

226

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint 500
Stock Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Textiles, Clothing & Fabrics—0.2%
Coach, Inc.	*		11,268	$	484,073
Jones Apparel Group, Inc.			3,500		117,005
Liz Claiborne, Inc.			3,056		132,814
VF Corporation			2,652		217,676
					951,568
Transportation—1.5%
Brunswick Corporation			2,897		92,414
Burlington Northern Santa Fe Corporation			11,092		818,701
CSX Corporation			13,515		465,321
Carnival Corporation	†		13,165		645,743
Norfolk Southern Corporation			12,304		618,768
Sabre Holdings Corporation			3,944		125,774
Union Pacific Corporation			7,880		725,118
United Parcel Service, Inc. Class B			32,338		2,424,703
					5,916,542
TOTAL COMMON STOCKS
(Cost $196,895,507)					383,581,178

 

Coupon Rate	Maturity         Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.2%
U.S. Treasury Bills—0.2%
U.S. Treasury Bill
4.850%	03/08/2007	**
(Cost $535,053)			$	540,000		535,053
CASH EQUIVALENTS—5.9%
Bank & Certificate Deposits/ Offshore Time Deposits—5.7%
Abbey National PLC
5.280%	01/05/2007	††		354,613		354,613
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		354,613		354,613
Bank Of Nova Scotia
5.300%	02/27/2007	††		443,267		443,267
Bank Of Nova Scotia
5.290%	01/30/2007	††		177,307		177,307
Bank Of Nova Scotia
5.290%	02/06/2007	††		265,960		265,960
Barclays
5.320%	02/13/2007	��†		177,307		177,307
Barclays
5.310%	02/20/2007	††		443,267		443,267
Barclays
5.300%	01/02/2007	††		443,267		443,267
Barton Capital LLC
5.300%	01/17/2007	††		177,307		177,307
Barton Capital LLC
5.300%	01/17/2007	††		265,960		265,960
Calyon
5.310%	02/16/2007	††		177,307		177,307
Calyon
5.300%	02/05/2007	††		531,920		531,920
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		531,920		531,920
Charta LLC
5.300%	01/31/2007	††		347,230		347,230
CIESCO
5.310%	01/04/2007	††		230,862		230,862
Citigroup
5.310%	03/16/2007	††	$	177,307	$	177,307
Clipper Receivables Corp
5.300%	01/31/2007	††		177,307		177,307
Compass Securitization
5.300%	01/09/2007	††		265,960		265,960
CRC Funding LLC
5.340%	01/23/2007	††		88,653		88,653
CRC Funding LLC
5.300%	01/10/2007	††		258,836		258,836
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		177,307		177,307
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		354,613		354,613
Dexia Group
5.290%	01/16/2007	††		443,267		443,267
Fairway Finance
5.300%	01/09/2007	††		212,768		212,768
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		177,307		177,307
Fortis Bank
5.320%	01/03/2007	††		177,307		177,307
Fortis Bank
5.300%	01/02/2007	††		177,307		177,307
Fortis Bank
5.300%	01/24/2007	††		620,574		620,574
Fortis Bank
5.300%	01/26/2007	††		709,227		709,227
General Electric Capital Corporation
5.300%	01/26/2007	††		354,613		354,613
Greyhawk Funding
5.310%	01/12/2007	††		177,307		177,307
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		443,267		443,267
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		177,307		177,307
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		265,960		265,960
Lexington Parker Cap Comp
5.300%	01/05/2007	††		177,307		177,307
Liberty Street
5.310%	01/17/2007	††		177,307		177,307
Lloyds TSB Bank
5.300%	02/26/2007	††		177,307		177,307
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		177,307		177,307
Merrill Lynch & Co
5.300%	01/02/2007	††		3,102,868		3,102,868
Morgan Stanley & Co
5.300%	01/02/2007	††		2,173,942		2,173,942
Old Line Funding LLC
5.350%	01/04/2007	††		177,307		177,307
Paradigm Funding LLC
5.310%	01/17/2007	††		177,307		177,307
Park Avenue Receivables Corp
5.330%	01/18/2007	††		177,307		177,307
Rabobank Nederland
5.250%	01/02/2007	††		531,920		531,920
Ranger Funding
5.330%	02/08/2007	††		177,307		177,307
Ranger Funding
5.320%	01/04/2007	††		177,307		177,307
Royal Bank of Canada
5.310%	02/14/2007	††		354,613		354,613
Royal Bank of Scotland
5.310%	01/11/2007	††		177,307		177,307
Royal Bank of Scotland
5.290%	01/16/2007	††		265,960		265,960

 

See accompanying notes to financial statements.

227

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint 500
Stock Index Fund

Coupon Rate		Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Royal Bank of Scotland
5.290%	��	02/09/2007	††	$	177,307	$	177,307
Royal Bank of Scotland
5.280%		01/11/2007	††		443,267		443,267
Sheffiled Receivables Corp
5.360%		01/11/2007	††		265,960		265,960
Sheffiled Receivables Corp
5.300%		01/12/2007	††		177,307		177,307
Societe Generale
5.310%		01/02/2007	††		443,267		443,267
Societe Generale
5.290%		02/01/2007	††		443,267		443,267
Societe Generale
5.270%		01/19/2007	††		443,267		443,267
Svenska Handlesbanken
5.250%		01/02/2007	††		203,484		203,484
Three Pillars Funding LLC
5.380%		01/02/2007	††		265,298		265,298
UBS AG
5.300%		01/04/2007	††		177,307		177,307
UBS AG
5.290%		01/02/2007	††		354,613		354,613
Variable Funding Capital Co
5.310%		02/02/2007	††		177,307		177,306
Variable Funding Capital Co
5.290%		01/04/2007	††		177,307		177,306
Yorktown Capital LLC
5.330%		01/16/2007	††		177,307		177,306
Yorktown Capital LLC
5.300%		01/10/2007	††		177,307		177,306
							22,664,242
Floating Rate Instruments/Master Notes—0.2%
Bank of America
5.310%		07/10/2007	††		443,267		443,267
Bank of America
5.270%		01/09/2007	††		354,613		354,613
							797,880
TOTAL CASH EQUIVALENTS
(Cost $23,462,122)							23,462,122
REPURCHASE AGREEMENTS—2.7%
Investors Bank & Trust Repurchase Agreement date 12/29/2006 due 01/02/2007 with maturity value of 10,607,916 and an effective yield of 4.65% collateralized by a U.S. Government obligation with a rate of 4.142%, a maturity date of 05/01/2034 and an aggregate market value of 11,132,560					10,602,438		10,602,438
TOTAL INVESTMENTS—105.8%
(Cost $231,495,120)							418,180,791
Other assets less liabilities—(5.8%)							(22,811,520	)
NET ASSETS—100.0%						$	395,369,271

 

Notes to the Schedule of Investments:

REIT	Real Estate Investment Trust
*	Non-income producing security.
†	Denotes all or a portion of security on loan.
**	Security has been pledged as collateral for futures contracts.
††	Represents collateral received from securities lending transactions.

See accompanying notes to financial statements.

228

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—98.1%
Advertising—0.3%
24/7 Real Media, Inc.	*		273	$	2,471
Aquantive, Inc.	*		2,027		49,986
Catalina Marketing Corporation			2,131		58,602
Clear Channel Outdoor Holdings, Inc. Class A	*		2,500		69,775
Getty Images, Inc.	*†		1,742		74,592
Interpublic Group, Inc.	*†		17,203		210,565
Jupitermedia Corporation	*		1,450		11,484
Lamar Advertising Company	*		3,479		227,492
Monster Worldwide, Inc.	*		4,681		218,322
Omnicom Group			6,610		691,009
Valueclick, Inc.	*		4,058		95,891
					1,710,189
Aerospace & Defense—1.6%
AAR Corporation	*†		1,489		43,464
Alliant Techsystems, Inc.	*†		1,550		121,194
Armor Holdings, Inc.	*†		1,500		82,275
Goodrich Corporation			4,882		222,375
BE Aerospace, Inc.	*		2,393		61,452
Boeing Company (The)			27,705		2,461,312
Fairchild Corporation (The) Class A	*		3,265		7,150
Gencorp, Inc.	*†		1,629		22,839
General Dynamics Corporation			13,610		1,011,903
Heico Corporation Class A			878		28,605
Honeywell International, Inc.			29,167		1,319,515
Kreisler Manufacturing Corporation	*		1,250		12,037
Lockheed Martin Corporation			13,135		1,209,339
Northrop Grumman Corporation			12,770		864,529
Orbital Sciences Corporation	*		2,123		39,148
Sequa Corporation Class A	*		510		58,681
Textron, Inc.			4,107		385,113
Triumph Group, Inc.			822		43,097
United Technologies Corporation			36,395		2,275,415
					10,269,443
Agriculture, Forestry & Fishing—0.0%
Andersons, Inc.			700		29,673
Griffin Land & Nurseries, Inc.	*		650		21,092
Margo Caribe, Inc. (Puerto Rico)	*†		1,022		5,493
Pilgrim’s Pride Corporation			2,476		72,869
Seaboard Corporation	†		18		31,770
Terra Industries, Inc.	*†		2,513		30,106
Tractor Supply Company	*†		1,549		69,256
					260,259
Airlines—0.4%
AMR Corporation	*		6,672		201,695
Air T, Inc.			1,352		11,898
Airnet Systems, Inc.	*		2,609		7,723
Airtran Holdings, Inc.	*†		3,168		37,192
Alaska Air Group, Inc.	*		1,343		53,048
Atlas Air Worldwide Holdings, Inc.	*		600		26,700
Bristow Group, Inc.	*		982		35,440
Continental Airlines, Inc. Class B	*†		2,723		112,324
ExpressJet Holdings, Inc.	*		2,636		21,352
FedEx Corporation			11,378		1,235,878
Frontier Airlines Holdings, Inc.	*†		1,369		10,131
JetBlue Airways Corporation	*		6,414		91,079
Mesa Air Group, Inc.	*†		847		7,259
Midwest Air Group, Inc.	*†		915	$	10,522
PHI, Inc.	*		774		25,333
Skywest, Inc.			2,390		60,969
Southwest Airlines Company			30,863		472,821
UAL Corporation	*		3,500		154,000
US Airways Group, Inc.	*†		2,272		122,347
					2,697,711
Apparel Retailers—0.6%
Abercrombie & Fitch Company Class A			3,982		277,267
Aeropostale, Inc.	*		2,403		74,181
American Eagle Outfitters, Inc.			8,736		272,651
AnnTaylor Stores Corporation	*		2,733		89,752
Bebe Stores, Inc.			790		15,634
Big Dog Holdings, Inc.	*		1,620		26,568
Buckle, Inc. (The)			1,115		56,698
Carter’s, Inc.	*		1,476		37,638
Casual Male Retail Group, Inc.	*		1,930		25,186
Cato Corporation Class A			1,761		40,345
Charlotte Russe Holding, Inc.	*		1,100		33,825
Charming Shoppes, Inc.	*		3,138		42,457
Chico’s FAS, Inc.	*		7,236		149,713
Children’s Place	*†		1,144		72,667
Christopher & Banks Corporation			1,528		28,512
Claire’s Stores, Inc.			3,855		127,755
Dress Barn, Inc.	*†		1,900		44,327
Finish Line Class A			1,604		22,905
Gap (The), Inc.	†		25,472		496,704
HOT Topic, Inc.	*†		1,824		24,332
JOS A. Bank Clothiers, Inc.	*†		577		16,935
Kohl’s Corporation	*		11,796		807,200
Ltd. Brands, Inc.			12,957		374,976
Nordstrom, Inc.			8,394		414,160
Pacific Sunwear of California, Inc.	*†		3,025		59,230
Payless Shoesource, Inc.	*		2,964		97,278
Ross Stores, Inc.			6,350		186,055
Stage Stores, Inc.			1,491		45,311
Talbots, Inc.			375		9,037
Tween Brands, Inc.	*†		1,485		59,296
Urban Outfitters, Inc.	*†		5,012		115,426
Wet Seal, Inc. (The) Class A	*		1,246		8,311
Wilsons The Leather Experts, Inc.	*		819		1,671
					4,154,003
Automotive—0.9%
A.O. Smith Corporation			1,341		50,368
Adesa, Inc.			4,131		114,635
Aftermarket Technology Corporation	*		603		12,832
American Axle & Manufacturing Holdings, Inc.	†		2,113		40,126
America’s Car Mart, Inc.	*†		354		4,198
Amerigon, Inc.	*		2,107		20,354
ArvinMeritor, Inc.			2,791		50,880
Asbury Automotive Group, Inc.			1,342		31,618
Autonation, Inc.	*		5,363		114,339
BorgWarner, Inc.			2,274		134,211
Carmax, Inc.	*†		4,258		228,357
Clarcor, Inc.			2,354		79,589
Coachmen Industries, Inc.			705		7,755
Copart, Inc.	*		3,582		107,460
Federal Signal Corporation			2,159		34,630
Ford Motor Company	†		74,379		558,586
General Motors Corporation			16,347		502,180
Genuine Parts Company			7,620		361,417

See accompanying notes to financial statements.

229

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Goodyear Tire & Rubber Company (The)	*†		7,281	$	152,828
Group 1 Automotive, Inc.			1,068		55,237
Harley-Davidson, Inc.			10,663		751,422
Harsco Corporation			1,823		138,730
ITT Corporation			8,056		457,742
Keystone Automotive Industries, Inc.	*		1,743		59,245
Lear Corporation	†		2,741		80,942
Lithia Motors, Inc. Class A			862		24,791
LKQ Corporation	*		3,500		80,465
Monaco Coach Corporation			1,376		19,484
Navistar International Corporation	*		2,851		95,309
Oshkosh Truck Corporation			2,868		138,869
Paccar, Inc.	†		9,902		642,640
PEP Boys-Manny Moe & Jack			2,200		32,692
Proliance International, Inc.	*		2,239		10,299
Sonic Automotive, Inc.			1,649		47,887
Strattec Security Corporation	*		123		5,732
Superior Industries International, Inc.	†		1,102		21,236
Tenneco Automotive, Inc.	*		1,600		39,552
Titan International, Inc.	†		1,085		21,863
TRW Automotive Holdings Corporation	*		900		23,283
United Auto Group, Inc.			1,654		38,985
Visteon Corporation	*		5,429		46,038
Wabash National Corporation			1,395		21,064
Winnebago Industries, Inc.	†		1,432		47,127
					5,506,997
Banking—11.1%
1st Source Corporation			1,180		37,913
Advanta Corporation Class A			1,446		57,565
Alabama National Bancorp			575		39,520
Alliance Bankshares Corporation	*		744		11,644
Amcore Financial, Inc.			1,313		42,896
American Express Company			42,027		2,549,778
AmeriCredit Corporation	*†		6,437		162,019
Anchor Bancorp Wisconsin, Inc.			1,411		40,665
Associated Banc Corporation			5,110		178,237
Astoria Financial Corporation			4,671		140,877
BB&T Corporation			20,879		917,214
BancFirst Corporation			642		34,668
Bancorpsouth, Inc.			3,611		96,847
BancTrust Financial Group, Inc.			1,600		40,832
Bank Mutual Corporation			3,756		45,485
Bank of America Corporation			178,464		9,528,193
Bank of Hawaii Corporation			2,494		134,551
Bank of New York Company, Inc. (The)			29,648		1,167,242
BankAtlantic Bancorp, Inc. Class A			2,210		30,520
Bankunited Financial Corporation Class A		��	793		22,172
Blue River Bancshares, Inc.			2,545		15,563
BOK Financial Corporation			1,765		97,040
Boston Private Financial Holdings, Inc.			1,297		36,588
Brookline Bancorp, Inc.			3,765		49,585
Bryn Mawr Bank Corporation			1,058		25,011
Capital Bank Corporation			1,282		22,050
Capital City Bank Group, Inc.			1,113		39,289
Capital One Financial Corporation			17,661		1,356,718
Capitol Federal Financial	†		2,115		81,258
Cardinal Financial Corporation			1,142		11,705
Cascade Bancorp	†		2,191	$	67,987
Cascade Financial Corporation			1,063		18,145
Cathay General Bancorp			2,082		71,850
Centennial Bank Holdings, Inc.	*		5,300		50,138
Central Pacific Financial Corporation			929		36,008
CFS Bancorp, Inc.			1,873		27,439
Charter Financial Corporation			350		18,032
Chemical Financial Corporation			1,552		51,682
Chittenden Corporation			2,222		68,193
CIT Group, Inc.			8,482		473,041
Citigroup, Inc.			194,411		10,828,693
Citizens Banking Corporation	†		2,069		54,828
City Bank, Lynnwood, WA			1,646		58,909
City Holding Company			250		10,222
City National Corporation			2,199		156,569
Coastal Financial Corporation			1,952		32,696
CoBiz, Inc.			1,063		23,429
Colonial BancGroup, Inc. (The)			5,643		145,251
Comerica, Inc.			6,877		403,542
Commerce Bancorp, Inc., NJ	†		6,314		222,695
Commerce Bancshares, Inc.			3,607		174,615
Community Bank System, Inc.			1,402		32,246
Community Trust Bancorp, Inc.			665		27,617
Compass Bancshares, Inc.			4,769		284,471
CompuCredit Corporation	*†		83		3,304
Corus Bankshares, Inc.	†		702		16,195
Cullen/Frost Bankers, Inc.			2,502		139,662
CVB Financial Corporation			3,713		53,690
Dime Community Bancshares			1,638		22,948
Downey Financial Corporation	†		1,038		75,338
Eastern Virginia Bankshares, Inc.			700		15,792
East-West Bancorp, Inc.			2,200		77,924
Euronet Worldwide, Inc.	*†		1,056		31,353
Fannie Mae			37,770		2,243,160
Farmers Capital Bank Corporation			1,113		37,987
Fidelity Bankshares, Inc.			2,263		89,773
Fidelity Southern Corporation			1,381		25,700
Fifth Third Bancorp			18,257		747,259
Financial Federal Corporation	†		1,513		44,497
Financial Institutions, Inc.			749		17,264
First Bancorp North Carolina			643		14,043
First Bancorp Puerto Rico			3,246		30,934
First Charter Corporation	†		843		20,738
First Citizens BancShares, Inc. Class A			254		51,471
First Commonwealth Financial Corporation			5,133		68,936
First Community Bancorp			894		46,729
First Financial Bancorp	†		1,895		31,476
First Financial Bankshares, Inc.			333		13,939
First Financial Service Corporation			366		11,273
First Horizon National Corporation			5,607		234,260
First Marblehead Corporation (The)	†		2,764		151,053
First Merchants Corporation			874		23,764
First Midwest Bancorp, Inc.			2,002		77,437
First Niagara Financial Group, Inc.			4,099		60,911
First of Long Island Corporation (The)			493		21,618
First Republic Bank	†		1,336		52,211
FirstFed Financial Corporation	*†		922		61,746
FirstMerit Corporation			3,895		94,025
Flagstar Bancorp, Inc.			2,110		31,312
FMS Financial Corporation			500		15,850
FNB Corporation			3,344		61,095
Freddie Mac			26,933		1,828,751
Fremont General Corporation			2,929		47,479

See accompanying notes to financial statements.

230

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Frontier Financial Corporation	†		2,254	$	65,884
Fulton Financial Corporation			6,533		109,101
Glacier Bancorp, Inc.			1,771		43,283
Great Lakes Bancorp, Inc.	*		277		3,889
Greater Bay Bancorp			2,213		58,268
Hallwood Group, Inc.	*		100		12,250
Hancock Holding Company			1,752		92,576
Hanmi Financial Corporation			3,600		81,108
Harleysville National Corporation			1,210		23,365
Harrington West Financial Group, Inc.			1,171		20,200
Heritage Financial Corporation			332		8,144
Horizon Financial Services Corporation			450		5,985
Hudson City Bancorp, Inc.			20,250		281,070
Huntington Bancshares, Inc.			8,571		203,561
Independent Bank Corporation (Massachusetts)			874		31,490
Independent Bank Corporation (Michigan)			2,079		52,578
IndyMac Bancorp, Inc.	†		2,523		113,939
Integra Bank Corporation			848		23,337
International Bancshares Corporation			2,953		91,277
Investors Financial Services Corporation			2,840		121,183
Irwin Financial Corporation	†		1,296		29,328
JPMorgan Chase & Company			135,836		6,560,879
Keycorp			15,774		599,885
KNBT Bancorp, Inc.			1,002		16,763
M&T Bank Corporation			3,475		424,506
MAF Bancorp, Inc.			1,245		55,639
Marshall & IIsley Corporation			8,572		412,399
MB Financial, Inc.			931		35,034
Medallion Financial Corporation			958		11,850
Mellon Financial Corporation			17,152		722,957
Mercantile Bankshares Corporation			5,206		243,589
Merchants Bancshares, Inc.			571		13,133
Midsouth Bancorp, Inc.	†		498		15,518
Mid-State Bancshares			1,700		61,863
MidWestOne Financial Group, Inc.			582		11,605
Mitcham Industries, Inc.	*		1,100		13,145
NASB Financial, Inc.			528		21,833
National City Corporation			23,233		849,398
National Penn Bancshares, Inc.			1,676		33,939
NBT Bancorp, Inc.			1,000		25,510
Nelnet, Inc. Class A	*		481		13,160
Netbank, Inc.			2,850		13,224
New York Community Bancorp, Inc.			10,860		174,846
NewAlliance Bancshares, Inc.			4,600		75,440
Northern States Financial Corporation			772		15,247
Northern Trust Corporation			7,513		455,964
Northwest Bancorp, Inc.			2,048		56,238
Ocwen Financial Corporation	*†		3,358		53,258
Old National Bancorp			3,552		67,204
PNC Financial Services Group, Inc.			11,751		870,044
Pacific Capital Bancorp			1,724		57,892
Pacific Premier Bancorp, Inc.	*		976		11,888
Park National Corporation			728		72,072
Parkvale Financial Corporation			616		19,558
Peoples Bancorp, Inc.			814		24,176
People’s Bank	†		2,509		111,952
Peoples Financial Corporation			883		23,841
PFF Bancorp, Inc.			1,096		37,823
Popular, Inc. (Puerto Rico)			10,296		184,813
Premier Community Bankshares, Inc.			933	$	18,548
PrivateBancorp, Inc.	†		1,200		49,956
Prosperity Bancshares, Inc.			2,300		79,373
Provident Bankshares Corporation			1,369		48,736
Provident Financial Services, Inc.			943		17,097
Provident New York Bancorp			3,670		54,977
R&G Financial Corporation Class B (Puerto Rico)			1,555		11,896
Regions Financial Corporation			28,179		1,053,895
Republic Bancorp, Inc.			3,754		50,529
Republic Bancorp, Inc. Class A			1,527		38,312
Riverview Bancorp, Inc.			2,600		39,520
Royal Bancshares of Pennsylvania Class A			882		23,179
S&T Bancorp, Inc.			1,868		64,764
Sandy Spring Bancorp, Inc.			344		13,134
Santander Bancorp (Puerto Rico)	†		1,280		22,848
Shore Bancshares, Inc.			826		24,912
Signature Bank of New York	*		1,900		58,862
Simmons First National Corporation Class A			911		28,742
Sky Financial Group, Inc.			4,278		122,094
SLM Corporation			16,037		782,124
South Financial Group, Inc. (The)			2,799		74,425
SouthFirst Bancshares, Inc.			400		5,600
Sovereign Bancorp, Inc.	†		12,496		317,273
State Street Corporation			13,568		915,026
Sterling Bancorp, NY			1,476		29,077
Sterling Bancshares, Inc.			2,422		31,534
Sterling Financial Corporation (Pennsylvania)			1,557		36,854
Sterling Financial Corporation (Washington)			2,577		87,128
Student Loan Corporation			207		42,911
Suffolk Bancorp			1,100		41,943
SunTrust Banks, Inc.			14,045		1,186,100
Susquehanna Bancshares, Inc.			2,932		78,812
SVB Financial Group	*		1,437		66,993
Synovus Financial Corporation			10,920		336,664
TCF Financial Corporation			6,104		167,372
TD Banknorth, Inc.			4,054		130,863
Tompkins Trustco, Inc.			665		30,224
Trustco Bank Corporation			3,435		38,197
Trustmark Corporation			2,435		79,649
U.S. Bancorp			69,469		2,514,083
UCBH Holdings, Inc.			3,652		64,129
UMB Financial Corporation			1,990		72,655
Umpqua Holdings Corporation			1,151		33,874
UnionBanCal Corporation			2,177		133,341
United Bankshares, Inc.			2,134		82,479
United Community Banks, Inc.			2,188		70,716
United Western Bancorp, Inc.	*		973		19,450
Valley National Bancorp			5,152		136,580
W Holding Company, Inc. (Puerto Rico)	†		8,055		48,008
Wachovia Corporation			74,687		4,253,425
Washington Federal, Inc.			3,379		79,508
Washington Mutual, Inc.	†		37,457		1,703,919
Washington Trust Bancorp, Inc.			500		13,945
Webster Financial Corporation			2,393		116,587
Wells Fargo & Company			123,315		4,385,081
Wesbanco, Inc.			1,699		56,967
Westamerica Bancorporation			1,628		82,426
Western Alliance Bancorp	*		1,400		48,678
Westfield Financial, Inc.			1,240		42,904
Whitney Holding Corporation			2,371		77,342
Willow Financial Bancorp Inc.			508		7,579

See accompanying notes to financial statements.

231

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Wilmington Trust Corporation			3,204	$	135,113
Wintrust Financial Corporation			1,017		48,836
World Acceptance Corporation	*		639		30,001
Zions Bancorporation			4,153		342,373
					71,884,883
Beverages, Food & Tobacco—4.4%
Alliance One International, Inc.	*		2,000		14,120
Altria Group, Inc.			80,960		6,947,987
American Italian Pasta Company Class A	*†		721		6,417
Anheuser-Busch Companies, Inc.			28,258		1,390,294
Archer-Daniels-Midland Company			23,265		743,549
Bridgford Foods Corporation	*		559		3,505
Brown-Forman Corporation Class B			2,437		161,427
Bunge Ltd.			4,700		340,797
Campbell Soup Company			11,026		428,801
Central European Distribution Corporation	*†		652		19,364
Chiquita Brands International, Inc.	†		2,150		34,335
Coca-Cola Bottling Company Consolidated			437		29,904
Coca-Cola Company (The)			84,149		4,060,189
Coca-Cola Enterprises, Inc.			10,775		220,025
ConAgra Foods, Inc.			21,479		579,933
Constellation Brands, Inc. Class A	*		8,096		234,946
Corn Products International, Inc.			3,164		109,285
Dean Foods Company	*		6,281		265,561
Del Monte Foods Company			8,204		90,490
Delta & Pine Land Company			1,668		67,471
Farmer Brothers Company			930		19,855
Flowers Foods, Inc.			2,760		74,492
Fresh Del Monte Produce, Inc. (Cayman Islands)			567		8,454
General Mills, Inc.			14,393		829,037
Green Mountain Coffee Roasters, Inc.	*		500		24,615
Hain Celestial Group, Inc.	*		1,426		44,505
Hansen Natural Corporation	*		2,680		90,262
Hershey Company (The)	†		6,420		319,716
HJ Heinz Company			12,672		570,367
Hormel Foods Corporation			3,195		119,301
Inventure Group, Inc. (The)	*		5,272		12,916
JM Smucker Company (The)			2,614		126,701
Kellogg Company			10,337		517,470
Kraft Foods, Inc. Class A	†		9,578		341,935
Lancaster Colony Corporation			1,389		61,547
Lance, Inc.			1,370		27,510
Loews Corporation—Carolina Group			2,900		187,688
M&F Worldwide Corporation	*		780		19,703
McCormick & Company, Inc.			5,759		222,067
Molson Coors Brewing Company Class B			2,911		222,517
Peet’s Coffee & Tea, Inc.	*		637		16,715
Pepsi Bottling Group, Inc.			5,177		160,021
PepsiAmericas, Inc.			3,031		63,590
Pepsico, Inc.			64,903		4,059,683
Performance Food Group Company	*		1,907		52,709
Ralcorp Holdings, Inc.	*		1,228		62,493
Reynolds American, Inc.	†		6,595		431,775
Safeway, Inc.			17,256		596,367
Sanderson Farms, Inc.	†		864		26,171
Sara Lee Corporation			29,377		500,290
Smart & Final, Inc.	*		1,915	$	36,193
Smithfield Foods, Inc.	*		4,682		120,140
Supervalu, Inc.			8,154		291,505
Sysco Corporation			24,091		885,585
Tootsie Roll Industries, Inc.			556		18,181
Topps Company, Inc. (The)			2,255		20,069
TreeHouse Foods, Inc.	*†		1,256		39,187
Tyson Foods, Inc. Class A	†		10,231		168,300
UST, Inc.	†		6,881		400,474
United Natural Foods, Inc.	*†		1,912		68,679
Universal Corporation			1,078		52,833
Vector Group Ltd.	†		2,276		40,399
WM Wrigley Jr. Company			7,657		396,020
					28,096,437
Building Materials—1.0%
Amcol International Corporation			1,186		32,900
Beacon Roofing Supply, Inc.	*†		2,570		48,367
Building Material Holding Corporation	†		1,800		44,442
Carbo Ceramics, Inc.	†		1,137		42,490
Carlisle Companies, Inc.			1,226		96,241
Champion Enterprises, Inc.	*		2,559		23,952
Eagle Materials, Inc.			2,083		90,048
ElkCorp			938		38,542
Florida Rock Industries, Inc.			2,697		116,106
Home Depot, Inc.			80,722		3,241,796
Interline Brands, Inc.	*		982		22,066
Jewett-Cameron Trading Ltd. (Canada)	*		1,050		14,726
Louisiana-Pacific Corporation			4,396		94,646
Lowe’s Companies, Inc.			60,510		1,884,886
Martin Marietta Materials, Inc.			1,737		180,492
Numerex Corporation Class A	*		1,800		16,938
Owens Corning, Inc.	*†		1,100		32,890
Rock of Ages Corporation	*		1,387		5,659
US Home Systems, Inc.	*		1,291		14,666
USG Corporation	*†		3,348		183,470
Vulcan Materials Company	†		3,294		296,032
Wesco International, Inc.	*		1,550		91,155
					6,612,510
Chemicals—1.5%
A. Schulman, Inc.			1,444		32,129
AEP Industries, Inc.	*		372		19,832
Air Products & Chemicals, Inc.			8,040		565,051
Airgas, Inc.			3,075		124,599
Albemarle Corporation			1,856		133,261
Arch Chemicals, Inc.			1,211		40,338
Atlantis Plastics, Inc. Class A	*†		417		1,359
Avery Dennison Corporation			4,185		284,287
Cabot Corporation			2,693		117,334
Cabot Microelectronics Corporation	*†		1,049		35,603
Celanese Corporation Class A			5,993		155,099
CF Industries Holdings, Inc.			3,400		87,176
Chemtura Corporation			8,873		85,447
Church & Dwight, Inc.			2,569		109,568
Compass Minerals International, Inc.			2,200		69,432
Cooper Tire & Rubber Company	†		3,066		43,844
Cytec Industries, Inc.	†		1,644		92,902
Dow Chemical Company (The)			38,798		1,549,592
Eastman Chemical Company			3,211		190,444
EI Du Pont de Nemours & Company			35,860		1,746,741
Empire Financial Holding Company	*		1,550		4,898

See accompanying notes to financial statements.

232

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
FMC Corporation			1,668	$	127,685
Female Health Company (The)	*†		4,531		6,978
Georgia Gulf Corporation			1,268		24,485
HB Fuller Company			2,570		66,357
Hercules, Inc.	*		4,606		88,942
Huntsman Corporation	*†		2,600		49,322
International Flavors & Fragrances, Inc.			3,885		190,987
Koppers Holdings, Inc.			2,000		52,140
Landec Corporation	*		986		10,609
LSB Industries, Inc.	*†		1,411		16,339
Lubrizol Corporation			1,819		91,186
Lyondell Chemical Company			7,868		201,185
MacDermid, Inc.			1,456		49,650
Minerals Technologies, Inc.			868		51,030
Monsanto Company			21,546		1,131,811
Mosaic Company (The)	*		4,509		96,312
Myers Industries, Inc.			1,716		26,873
NewMarket Corporation			1,200		70,860
NL Industries, Inc.			2,111		21,828
NuCo2, Inc.	*		1,261		31,008
Olin Corporation			2,796		46,190
OM Group, Inc.	*		1,147		51,936
Omnova Solutions, Inc.	*		6,478		29,669
PPG Industries, Inc.			7,052		452,809
Penford Corporation			785		13,580
Pharmos Corporation	*		1,375		2,530
PolyOne Corporation	*		2,862		21,465
Praxair, Inc.			12,623		748,923
Scotts Miracle-Gro Company (The) Class A			1,662		85,842
Sensient Technologies Corporation			2,027		49,864
Spartech Corporation			1,451		38,045
SurModics, Inc.	*†		675		21,006
Trex Company, Inc.	*†		731		16,733
Tronox, Inc. Class B			829		13,090
Tupperware Corporation			2,427		54,874
UAP Holding Corporation	†		2,800		70,504
Unifi, Inc.	*		2,629		6,441
USEC, Inc.	*		2,637		33,543
Valhi, Inc.			511		13,276
W.R. Grace & Company	*†		4,200		83,160
Wellman, Inc.			1,509		4,814
West Pharmaceutical Services, Inc.			1,704		87,296
					9,840,113
Coal—0.2%
Alpha Natural Resources, Inc.	*		1,280		18,214
Arch Coal, Inc.			4,116		123,603
Consol Energy, Inc.			7,462		239,754
Evergreen Energy, Inc.	*†		4,989		49,341
International Coal Group, Inc.	*†		4,900		26,705
James River Coal Company	*†		1,500		13,920
Massey Energy Company			3,053		70,921
Natural Resource Partners, LP			1,000		57,950
Peabody Energy Corporation			10,424		421,234
Penn Virginia Resource Partners, LP			1,600		41,616
					1,063,258
Commercial Services—1.9%
Aaron Rents, Inc.	†		1,939		55,804
ABM Industries, Inc.			2,291		52,029
Accenture Ltd. Class A (Bermuda)			19,300		712,749
ACCO Brands Corporation	*		1,319		34,914
Administaff, Inc.	†		1,143		48,886
Advisory Board Company (The)	*		950		50,863
Advo, Inc.			1,276	$	41,598
Akamai Technologies, Inc.	*†		5,664		300,872
Allied Waste Industries, Inc.	*		7,625		93,711
Amerco, Inc.	*		805		70,043
American Railcar Industries, Inc.			1,200		40,848
AMN Healthcare Services, Inc.	*		1,507		41,503
Angelica Corporation			510		13,158
APAC Customer Services, Inc.	*		1,972		7,395
Avis Budget Group, Inc.			4,424		95,957
BISYS Group, Inc. (The)	*		5,178		66,848
Bandag, Inc.			1,000		50,430
Barrett Business Services, Inc.			2,203		51,594
BearingPoint, Inc.	*†		8,105		63,786
Bowne & Company, Inc.			1,575		25,105
Brink’s Company (The)			2,360		150,851
CDI Corporation			1,131		28,162
Central Parking Corporation	†		1,898		34,164
Cenveo, Inc.	*		2,792		59,190
Chemed Corporation			1,162		42,971
Cintas Corporation			5,365		213,044
Clean Harbors, Inc.	*		1,207		58,431
Coinstar, Inc.	*		1,075		32,863
Comfort Systems USA, Inc.			2,179		27,543
Consolidated Graphics, Inc.	*		776		45,838
Convergys Corporation	*		5,933		141,087
Corporate Executive Board Company	†		1,507		132,164
Corrections Corporation of America	*		2,850		128,905
Courier Corporation			424		16,523
CRA International, Inc.	*†		986		51,666
Cytyc Corporation	*		4,240		119,992
Daktronics, Inc.			927		34,160
Diamond Management & Technology Consultants, Inc.			1,431		17,802
Digitas, Inc.	*		2,891		38,768
Dollar Thrifty Automotive Group, Inc.	*		1,057		48,210
Dun & Bradstreet Company	*		2,641		218,648
EGL, Inc.	*		1,861		55,421
Edgewater Technology, Inc.	*		1,533		9,367
eFunds Corporation	*		2,250		61,875
Ennis Business Forms, Inc.			695		17,000
EPIQ Systems, Inc.	*†		725		12,303
Equifax, Inc.			4,973		201,904
eResearch Technology, Inc.	*†		2,056		13,837
Escala Group, Inc.	*†		951		7,313
First Aviation Services, Inc.	*		1,818		6,545
First Consulting Group, Inc.	*		1,097		15,095
Fluor Corporation	†		3,405		278,018
Forrester Research, Inc.	*		963		26,107
FTI Consulting, Inc.	*†		1,735		48,389
G&K Services, Inc. Class A			1,008		39,201
Geo Group, Inc. (The)	*		1,228		46,075
Gevity HR, Inc.			964		22,837
H&E Equipment Services, Inc.	*		1,600		39,632
H&R Block, Inc.	†		11,402		262,702
Harris Interactive, Inc.	*		2,730		13,759
Healthcare Services Group, Inc.			2,490		72,110
Heidrick & Struggles International, Inc.	*		865		36,641
Hewitt Associates, Inc. Class A	*		2,317		59,663
Icos Corporation	*		2,748		92,855
I-many, Inc.	*		951		1,569
Inergy, LP			1,700		50,677
Infrasource Services, Inc.	*		3,401		74,040
inVentiv Health, Inc.	*		2,100		74,235
Iron Mountain, Inc.	*†		4,764		196,944

See accompanying notes to financial statements.

233

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Jacobs Engineering Group, Inc.	*		1,919	$	156,475
John H. Harland Company			1,281		64,306
Kelly Services, Inc. Class A			1,173		33,947
Kforce.com, Inc.	*		297		3,614
Korn Ferry International	*†		1,624		37,287
Labor Ready, Inc.	*		2,485		45,550
Landauer, Inc.			598		31,377
Lazare Kaplan International	*		1,139		11,333
LECG Corporation	*		73		1,349
Lionbridge Technologies, Inc.	*		1,165		7,503
Macquarie Infrastructure Company Trust			2,000		70,960
Magellan Health Services, Inc.	*		1,400		60,508
Management Network Group, Inc.	*		1,600		2,400
Manpower, Inc.			3,593		269,223
MasterCard, Inc. Class A	†		2,238		220,421
Maximus, Inc.			1,052		32,381
Medical Staffing Network Holdings, Inc.	*		1,686		9,897
Metal Management, Inc.			1,800		68,130
Midas, Inc.	*		1,277		29,371
Millennium Cell, Inc.	*†		1,700		1,598
Mobile Mini, Inc.	*		2,000		53,880
MoneyGram International, Inc.			3,750		117,600
Moody’s Corporation			9,284		641,153
MPS Group, Inc.	*		3,706		52,551
MTC Technologies, Inc.	*		619		14,577
National Research Corporation			1,250		28,575
Navigant Consulting, Inc.	*†		2,313		45,705
NetRatings, Inc.	*		1,164		20,382
Omnicell, Inc.	*		783		14,587
On Assignment, Inc.	*		1,243		14,605
Online Resources Corporation	*		700		7,147
Opsware, Inc.	*†		2,730		24,079
Overland Storage, Inc.	*		481		2,164
Paychex, Inc.			13,545		535,569
PDI, Inc.	*		703		7,135
Pegasystems, Inc.			2,141		21,132
Perma-Fix Environmental Services	*		5,502		12,765
Per-Se Technologies, Inc.	*†		1,658		46,059
Pfsweb, Inc.	*		5,683		6,251
PHH Corporation	*		2,212		63,860
Portfolio Recovery Associates, Inc.	*†		504		23,532
Possis Medical, Inc.	*		1,278		17,227
Pre-Paid Legal Services, Inc.	*†		779		30,482
Presstek, Inc.	*		945		6,010
Quanta Services, Inc.	*†		4,702		92,488
RCM Technologies, Inc.	*		1,593		9,542
Regis Corporation			1,818		71,884
Rent-A-Center, Inc.	*†		3,377		99,655
Republic Services, Inc.			5,629		228,931
Resources Connection, Inc.	*		2,060		65,590
Rewards Network, Inc.	*		1,127		7,833
Robert Half International, Inc.	†		7,107		263,812
Rollins, Inc.			661		14,615
RR Donnelley & Sons Company			8,887		315,844
Ryder System, Inc.			2,660		135,820
Sally Beauty Company, Inc.	*		3,659		28,540
Service Corporation International			11,775		120,694
ServiceMaster Company (The)			11,826		155,039
Shaw Group, Inc. (The)	*		2,182		73,097
Sitel Corporation	*		2,384		10,060
Sotheby’s Holdings, Inc. Class A			2,623		81,365
Spherion Corporation	*		2,689		19,979
Standard Register Company (The)			1,650	$	19,800
StarTek, Inc.			994		13,459
Steiner Leisure, Ltd. (Bahama Islands)	*		1,503		68,386
Stericycle, Inc.	*		1,569		118,459
SupportSoft, Inc.	*		1,562		8,560
Synagro Technologies, Inc.			3,224		14,250
Tejon Ranch Company	*†		762		42,550
TeleTech Holdings, Inc.	*		2,738		65,383
Tetra Tech, Inc.	*		2,114		38,242
TRC Companies, Inc.	*		327		2,822
United Rentals, Inc.	*†		3,294		83,766
Universal Compression Holdings, Inc.	*		1,492		92,668
URS Corporation	*		1,582		67,789
Valassis Communications, Inc.	*		2,236		32,422
Varsity Group, Inc.	*		2,747		4,862
Vertrue, Inc.	*†		749		28,769
Viad Corporation			937		38,042
Volt Information Sciences, Inc.	*		833		41,825
Waste Connections, Inc.	*		1,575		65,441
Waste Industries USA, Inc.			1,296		39,554
Waste Management, Inc.			20,986		771,655
Watson Wyatt Worldwide Inc.			1,600		72,240
Weight Watchers International, Inc.			1,826		95,920
Westaff, Inc.	*		942		5,172
Wind River Systems, Inc.	*†		3,206		32,861
World Fuel Services Corporation			960		42,682
Wright Express Corporation	*		1,750		54,547
Xanser Corporation	*		1,100		5,346
					12,122,106
Communications—1.5%
Ace*Comm Corporation	*		3,033		3,791
ADC Telecommunications, Inc.	*		4,773		69,352
AltiGen Communications, Inc.	*		4,109		6,698
American Tower Corporation Class A	*		15,861		591,298
Anadigics, Inc.	*†		957		8,479
Andrew Corporation	*†		6,376		65,226
Applied Innovation, Inc.	*		500		1,605
Applied Signal Technology, Inc.			1,237		17,392
Arris Group, Inc.	*		2,896		36,229
Avaya, Inc.	*		17,294		241,770
Avici Systems, Inc.	*†		711		5,510
Avistar Communications Corporation	*		774		1,393
Blonder Tongue Laboratories	*		2,285		3,884
Broadwing Corporation	*		1,358		21,212
CalAmp Corporation	*		550		4,642
Carrier Access Corporation	*		1,178		7,728
C-COR.net Corporation	*		1,547		17,234
Centillium Communications, Inc.	*		1,588		3,398
Checkpoint Systems, Inc.	*		1,441		29,108
Ciena Corporation	*		2,809		77,837
Comtech Telecommunications	*		1,350		51,394
Comverse Technology, Inc.	*		7,999		168,859
Corning, Inc.	*		57,683		1,079,249
Crown Castle International Corporation	*		8,983		290,151
CT Communications, Inc.			214		4,905
Cubic Corporation			1,692		36,716
Ditech Networks, Inc.	*		1,360		9,411
EndWave Corporation	*		911		9,866
Foundry Networks, Inc.	*		5,421		81,207
Glenayre Technologies, Inc.	*		2,143		5,465

See accompanying notes to financial statements.

234

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Harmonic, Inc.	*		2,820	$	20,501
Harris Corporation			6,090		279,287
Hungarian Telephone & Cable Corporation	*		712		10,751
ID Systems, Inc.	*†		2,016		37,941
Integrated Telecom Express, Inc.	‡d		1,103		—
InterDigital Communications Corporation	*†		2,803		94,041
Inter-Tel, Inc.			1,334		29,561
InterVoice, Inc.	*		1,395		10,686
Intraware, Inc.	*		783		5,129
L-3 Communications Holdings, Inc.			5,024		410,863
McData Corporation Class A	*		5,654		31,380
Mindspeed Technologies, Inc.	*		4,009		7,657
Motorola, Inc.			95,635		1,966,256
Network Appliance, Inc.	*†		14,316		562,332
NMS Communications Corporation	*		1,250		2,562
On2 Technologies, Inc.	*		4,620		5,544
Openwave Systems, Inc.	*		2,570		23,721
Plantronics, Inc.			1,826		38,711
Polycom, Inc.	*		4,177		129,111
Powerwave Technologies, Inc.	*		2,434		15,699
Premiere Global Services, Inc.	*		2,174		20,523
Qualcomm, Inc.			64,472		2,436,397
SBA Communications Corporation	*		1,350		37,125
SeaChange International, Inc.	*		958		9,791
Sirius Satellite Radio, Inc.	*†		47,469		168,040
Socket Communications, Inc.	*		1,300		1,456
Sonus Networks, Inc.	*		10,700		70,513
Spectralink Corporation	*		1,133		9,744
Standard Microsystems Corporation	*		806		22,552
Stratex Networks, Inc.	*		2,680		12,944
Syntax-Brillian Corporation	*†		180		1,546
Tekelec	*		2,569		38,098
TeleCorp PCS, Inc.	‡		5,507		—
Tellabs, Inc.	*		19,143		196,407
Tollgrade Communications, Inc.	*		601		6,353
Tut Systems, Inc.	*†		1,414		1,584
Ulticom, Inc.	*		1,583		15,181
Universal Security Instruments, Inc.	*		1,866		52,136
Utstarcom, Inc.	*†		4,555		39,856
Verso Technologies, Inc.	*		1,618		1,861
Viasat, Inc.	*		1,190		35,474
Westell Technologies, Inc. Class A	*		1,821		4,552
XM Satellite Radio Holdings, Inc. Class A	*†		8,921		128,908
Zhone Technologies, Inc.	*		3,915		5,129
Zix Corporation	*		1,015		1,208
Zoom Telephonics, Inc.	*		2,711		3,036
					9,953,156
Computer Software & Processing—5.7%
3D Systems Corporation	*†		1,158		18,482
Activision, Inc.	*†		9,514		164,021
Actuate Corporation	*		2,084		12,379
Acxiom Corporation			3,451		88,518
Adobe Systems, Inc.	*		22,505		925,406
Advent Software, Inc.	*†		1,451		51,206
Affiliated Computer Services, Inc. Class A	*†		4,289		209,475
Agile Software Corporation	*		2,086		12,829
Alliance Data Systems Corporation	*		1,955	$	122,129
Altiris, Inc.	*		974		24,720
American Access Technologies, Inc.	*		1,400		1,274
American Software, Inc. Class A			1,950		13,513
AMICAS, Inc.	*		1,846		5,427
answerthink, Inc.	*		1,140		3,511
Ansys, Inc.	*		1,198		52,101
Applix, Inc.	*		6,240		70,824
Arbitron, Inc.			1,298		56,385
Ariba, Inc.	*		2,075		16,060
Art Technology Group, Inc.	*		8,333		19,416
Aspen Technology, Inc.	*†		1,529		16,850
At Road, Inc.	*		1,947		14,213
Audible, Inc.	*		1,213		9,619
Autobytel, Inc.	*		1,384		4,844
Autodesk, Inc.	*		9,258		374,579
Automatic Data Processing, Inc.			22,994		1,132,454
Avocent Corporation	*		2,007		67,937
BEA Systems, Inc.	*		16,581		208,589
BMC Software, Inc.	*		9,391		302,390
Bankrate, Inc.	*†		1,083		41,100
Blackbaud, Inc.			2,650		68,900
Blackboard, Inc.	*†		1,400		42,056
Blue Coat Systems, Inc.	*		536		12,837
Borland Software Corporation	*		2,936		15,972
Brady Corporation Class A			2,402		89,547
CA, Inc.			17,506		396,511
CMGI, Inc.	*		10,077		13,503
CNET Networks, Inc.	*†		5,501		50,004
CSG Systems International, Inc.	*		2,153		57,550
CACI International, Inc. Class A	*		1,198		67,687
Cadence Design Systems, Inc.	*†		10,745		192,443
Callidus Software, Inc.	*		172		1,084
Captaris, Inc.	*		1,164		9,044
Carreker Corporation	*		1,681		12,843
Ceridian Corporation	*		6,177		172,832
Cerner Corporation	*†		3,044		138,502
Checkfree Corporation	*†		3,356		134,777
Choicepoint, Inc.	*		3,112		122,551
Chordiant Software, Inc.	*		4,648		15,385
Ciber, Inc.	*		2,444		16,570
Citrix Systems, Inc.	*		6,809		184,183
Clinical Data, Inc.	*†		1,332		21,379
Cogent Communications Group, Inc.	*		95		1,541
Cognex Corporation			2,023		48,188
Cognizant Technology Solutions Corporation	*		5,276		407,096
Computer Horizons Corporation	*		1,347		6,088
Computer Sciences Corporation	*		6,597		352,082
Compuware Corporation	*		15,945		132,822
Concur Technologies, Inc.	*†		2,083		33,411
Corillian Corporation	*		1,471		5,546
CoStar Group, Inc.	*†		770		41,241
Covansys Corporation	*		1,477		33,897
Cybersource Corporation	*		1,281		14,117
DST Systems, Inc.	*†		2,794		174,988
DealerTrack Holdings, Inc.	*		1,800		52,956
Deluxe Corporation			2,098		52,870
Dendrite International, Inc.	*		1,587		16,997
Digital Insight Corporation	*		1,463		56,311
Digital River, Inc.	*		1,627		90,770
DocuCorp International, Inc.	*		449		4,571
Earthlink, Inc.	*		5,814		41,279
ebix.com, Inc.	*		1,754		49,024
Echelon Corporation	*†		1,769		14,152

See accompanying notes to financial statements.

235

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Eclipsys Corporation	*†		1,846	$	37,954
eCollege.com, Inc.	*†		635		9,938
Electro Rent Corporation	*		950		15,865
Electronic Arts, Inc.	*		12,060		607,342
Electronic Data Systems Corporation			22,135		609,819
Electronics for Imaging	*		2,638		70,118
Embarcadero Technologies, Inc.	*		1,252		7,662
Emdeon Corporation	*†		12,459		154,367
Entrust Technologies, Inc.	*		2,200		9,394
Epicor Software Corporation	*		1,693		22,872
ePresence, Inc.	‡d		1,173		—
eSpeed, Inc. Class A	*		1,470		12,833
Evolving Systems, Inc.	*		1,054		1,233
F5 Networks, Inc.	*		1,332		98,848
Factset Research Systems, Inc.			1,490		84,155
Fair Isaac Corporation			3,039		123,535
FalconStor Software, Inc.	*		1,373		11,876
Fidelity National Information Services, Inc.			11,188		448,527
First Data Corporation			29,639		756,387
Fiserv, Inc.	*		7,444		390,214
Gartner Group, Inc. Class A	*		1,179		23,332
Gerber Scientific, Inc.	*		1,608		20,196
Google, Inc. Class A	*		8,642		3,979,468
Hypercom Corporation	*		1,992		12,649
Hyperion Solutions Corporation	*		2,527		90,820
IMS Health, Inc.			7,150		196,482
iGate Capital Corporation	*		1,397		9,611
Informatica Corporation	*		3,171		38,718
Inforte Corporation	*		1,897		7,095
Infospace, Inc.	*		1,323		27,135
InfoUSA, Inc.			1,708		20,342
Integral Systems, Inc.			631		14,620
Interactive Data Corporation			1,521		36,565
Interactive Intelligence, Inc.	*		950		21,299
Internap Network Services Corporation	*†		1,169		23,228
Interwoven, Inc.	*		1,908		27,990
Intuit, Inc.	*		13,074		398,888
JDA Software Group, Inc.	*		1,256		17,295
Jack Henry & Associates, Inc.			3,591		76,847
Juniper Networks, Inc.	*		21,310		403,611
Keane, Inc.	*		2,631		31,335
Keynote Systems, Inc.	*		1,400		14,840
Knot, Inc. (The)	*†		2,304		60,457
Kronos, Inc.	*		1,283		47,137
Lawson Software, Inc.	*		8,700		64,293
LivePerson, Inc.	*		3,333		17,432
Looksmart	*		500		2,230
Magma Design Automation, Inc.	*		1,429		12,761
Manhattan Associates, Inc.	*		1,346		40,488
Mantech International Corporation Class A	*		1,217		44,822
Mapinfo Corporation	*		811		10,584
McAfee, Inc.	*		6,724		190,827
Mediware Information Systems	*		1,088		9,096
Mentor Graphics Corporation	*		2,745		49,492
Microsoft Corporation			346,771		10,354,582
MicroStrategy, Inc. Class A	*†		513		58,487
MIVA, Inc.	*		990		3,356
Mobius Management Systems, Inc.	*		878		5,839
Move, Inc.	*		7,362		40,565
NCR Corporation	*		7,848		335,580
Napster, Inc.	*		1,145		4,156
National Instruments Corporation			3,414	$	92,997
Navisite, Inc.	*†		3,725		25,963
NAVTEQ Corporation	*†		3,700		129,389
Neoware Inc.	*		900		11,889
NetFlix, Inc.	*†		679		17,559
Netscout Systems, Inc.	*		1,250		10,375
Netsmart Technologies, Inc.	*		505		8,201
NIC, Inc.	*		2,450		12,176
Novell, Inc.	*		15,492		96,050
NVE Corporation	*†		348		10,691
Nvidia Corporation	*		13,456		498,007
Open Solutions, Inc.	*		312		11,744
Oracle Corporation	*		157,223		2,694,802
Packeteer, Inc.	*		1,900		25,840
Parametric Technology Corporation	*		4,423		79,702
PDF Solutions, Inc.	*		974		14,074
Perot Systems Corporation Class A	*		4,359		71,444
Phoenix Technologies Ltd.	*		907		4,081
Plato Learning, Inc.	*		1,825		9,873
Progress Software Corporation	*		1,322		36,923
QAD, Inc.			1,363		11,436
Quality Systems, Inc.			768		28,623
Quest Software, Inc.	*†		3,847		56,359
Radiant Systems, Inc.	*		1,019		10,638
Radisys Corporation	*		961		16,020
RealNetworks, Inc.	*		5,844		63,933
Red Hat, Inc.	*†		7,251		166,773
Renaissance Learning, Inc.			1,353		23,989
S1 Corporation	*		2,636		14,524
Saba Software, Inc.	*		1,576		9,818
SafeNet, Inc.	*		1,099		26,310
Salesforce.com, Inc.	*		2,200		80,190
Sapient Corporation	*†		4,150		22,783
Scientific Learning Corporation	*		3,145		17,266
SCO Group, Inc. (The)	*†		997		1,127
Secure Computing Corporation	*		1,554		10,194
Sonic Foundry, Inc.	*		1,200		5,640
SonicWall, Inc.	*		2,442		20,562
SPSS, Inc.	*		690		20,748
SRA International, Inc. Class A	*		1,664		44,495
Stratasys, Inc.	*†		891		27,986
SumTotal Systems, Inc.	*		317		1,918
Sun Microsystems, Inc.	*		135,549		734,676
Sybase, Inc.	*		3,825		94,477
Sykes Enterprises, Inc.	*		1,423		25,102
Symantec Corporation	*†		38,372		800,056
SYNNEX Corporation	*		104		2,282
Synopsys, Inc.	*		6,501		173,772
Synplicity, Inc.	*		1,050		6,573
Syntel, Inc.			1,554		41,647
Take-Two Interactive Software, Inc.	*†		2,643		46,940
Talx Corporation			1,039		28,521
Technology Solutions Company	*		108		744
THQ, Inc.	*†		2,914		94,763
3Com Corporation	*		14,501		59,599
TIBCO Software, Inc.	*		8,337		78,701
Total System Services, Inc.	†		1,651		43,570
Tradestation Group, Inc.	*†		1,690		23,237
Transaction Systems Architects, Inc. Class A	*		1,298		42,276
Trizetto Group, Inc.	*†		1,550		28,473
Tumbleweed Communications Corporation	*		1,102		2,898
Ultimate Software Group, Inc.	*		1,242		28,889

See accompanying notes to financial statements.

236

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Unisys Corporation	*		13,714	$	107,518
United Online, Inc.	†		2,509		33,320
Vasco Data Security International, Inc.	*		3,804		45,077
Verint Systems, Inc.	*		1,152		39,491
VeriSign, Inc.	*		10,106		243,049
Versant Corporation	*		330		4,495
Viewpoint Corporation	*		1,140		764
Vignette Corporation	*		737		12,581
Vitria Technology, Inc.	*		1,150		3,093
Wave Systems Corporation Class A	*†		1,004		2,580
WebEx Communications, Inc.	*		1,743		60,813
Webmethods, Inc.	*		2,153		15,846
Websense, Inc.	*		1,958		44,701
Witness Systems, Inc.	*		1,980		34,709
XETA Technologies, Inc.	*		1,946		6,110
Yahoo!, Inc.	*		50,447		1,288,416
					36,666,718
Computers & Information—3.6%
3M Company			27,011		2,104,967
Apple Computer, Inc.	*		33,280		2,823,475
Authentidate Holding Corporation	*		1,023		1,637
Black Box Corporation			865		36,321
Brocade Communications Systems, Inc.	*		9,768		80,195
CDW Corporation			2,743		192,888
Ciprico, Inc.	*		1,658		10,031
Cirrus Logic, Inc.	*		2,946		20,268
Concurrent Computer Corporation	*		1,901		3,441
Cray, Inc.	*		714		8,482
Dataram Corporation			1,175		4,923
Datawatch Corporation	*		3,500		9,135
Dell, Inc.	*		78,317		1,964,974
Diebold, Inc.	†		3,079		143,481
Digi International, Inc.	*		1,976		27,249
Dot Hill Systems Corporation	*		1,396		5,486
EMC Corporation	*		89,450		1,180,740
Emulex Corporation	*		3,408		66,490
Extreme Networks, Inc.	*		4,491		18,817
Focus Enhancements, Inc.	*		5,319		8,298
Gateway, Inc.	*		13,470		27,075
Global Imaging Systems, Inc.	*		1,890		41,485
Global Payment Technologies, Inc.	*		1,270		1,778
Hewlett-Packard Company			109,000		4,489,710
Ikon Office Solutions, Inc.			5,770		94,455
InFocus Corporation	*		1,636		4,368
Ingram Micro, Inc. Class A	*		6,500		132,665
Insight Enterprises, Inc.	*		2,054		38,759
International Business Machines Corporation			59,479		5,778,385
International Game Technology			13,866		640,609
Iomega Corporation	*		1,865		6,583
Iteris, Inc.	*		4,263		10,231
Jabil Circuit, Inc.			8,287		203,446
Lexmark International, Inc.	*		4,019		294,191
MTI Technology Corporation	*		3,844		2,883
Micros Systems, Inc.	*		1,714		90,328
MTM Technologies, Inc.	*		500		770
Netgear, Inc.	*		1,206		31,657
Network Engines, Inc.	*		1,329		3,455
Nuance Communications, Inc.	*†		4,541		52,040
Palm, Inc.	*†		4,574	$	64,448
Paxar Corporation	*		1,971		45,451
Performance Technologies, Inc.	*		793		4,750
Pitney Bowes, Inc.			9,192		424,578
Planar Systems, Inc.	*		785		7,591
Precis, Inc.	*		3,538		7,076
ProQuest Company	*		1,332		13,919
Quantum Corporation	*		6,681		15,500
Rackable Systems, Inc.	*†		1,843		57,078
Safeguard Scientifics, Inc.	*		4,073		9,857
SanDisk Corporation	*		8,969		385,936
ScanSource, Inc.	*		1,126		34,230
Scientific Games Corporation Class A	*		2,517		76,089
SCM Microsystems, Inc.	*		1,494		4,706
Seagate Technology (Cayman Islands)			20,081		532,147
SimpleTech, Inc.	*		1,055		13,377
Solectron Corporation	*		44,284		142,594	��
Symbol Technologies, Inc.			9,570		142,976
Tech Data Corporation	*		2,057		77,899
TransAct Technologies, Inc.	*		888		7,344
VA Software Corporation	*		2,018		10,151
VitalStream Holdings, Inc.	*		250		2,510
Wayside Technology Group, Inc.	†		1,787		27,019
Web.com, Inc.	*		705		2,954
Western Digital Corporation	*		8,154		166,831
Zebra Technologies Corporation Class A	*		2,988		103,953
					23,037,135
Containers & Packaging—0.2%
Ball Corporation			4,676		203,874
Crown Holdings, Inc.	*		6,844		143,176
Greif, Inc. Class A			426		50,438
Libbey, Inc.			749		9,243
Owens-IIlinois, Inc.	*†		6,064		111,881
Sealed Air Corporation			3,527		228,973
Silgan Holdings, Inc.			454		19,940
Sonoco Products Company			3,353		127,615
Temple-Inland, Inc.			4,506		207,411
					1,102,551
Cosmetics & Personal Care—1.7%
1-800 Contacts, Inc.	*		502		8,188
Alberto-Culver Company			3,659		78,486
Avon Products, Inc.			17,888		591,020
Chattem, Inc.	*†		872		43,670
Clorox Company			6,558		420,696
Colgate-Palmolive Company			20,694		1,350,077
Ecolab, Inc.	†		8,093		365,804
Elizabeth Arden, Inc.	*		1,017		19,374
Estee Lauder Companies (The), Inc., Class A	†		5,057		206,427
Procter & Gamble Company			124,151		7,979,185
Quaker Chemical Corporation			483		10,660
Stepan Company			556		17,609
					11,091,196
Education—0.1%
Ambassadors International, Inc.			523		23,859
Apollo Group, Inc. Class A	*†		5,517		214,997
Career Education Corporation	*		4,167		103,258
Corinthian Colleges, Inc.	*		3,624		49,395
DeVry, Inc.			2,980		83,440
ITT Educational Services, Inc.	*		1,873		124,311
Laureate Education, Inc.	*		1,885		91,668

See accompanying notes to financial statements.

237

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Learning Tree International, Inc.	*		766	$	6,810
Princeton Review, Inc.	*		818		4,319
Strayer Education, Inc.			551		58,434
Universal Technical Institute, Inc.	*†		418		9,284
					769,775
Electric Utilities—3.2%
AES Corporation (The)	*		25,835		569,403
Allegheny Energy, Inc.	*		5,273		242,083
Allete, Inc.			1,243		57,849
Alliant Energy Corporation			4,491		169,625
Ameren Corporation	†		8,429		452,890
American Electric Power Company, Inc.			16,393		698,014
Aquila, Inc.	*		7,275		34,192
Avista Corporation			1,759		44,520
Black Hills Corporation			2,041		75,395
CMS Energy Corporation	*		6,681		111,573
Centerpoint Energy, Inc.	†		12,705		210,649
Central Vermont Public Service Corporation			540		12,717
CH Energy Group, Inc.			694		36,643
Cleco Corporation			2,109		53,210
Consolidated Edison, Inc.			9,476		455,511
Constellation Energy Group, Inc.			7,642		526,305
DTE Energy Company	†		6,985		338,144
Dominion Resources, Inc.			14,361		1,204,026
DPL, Inc.			5,037		139,928
Duke Energy Corporation			47,382		1,573,556
Duquesne Light Holdings, Inc.			2,789		55,362
Dynegy, Inc. Class A	*		15,654		113,335
Edison International			12,022		546,761
EL Paso Electric Company	*		1,748		42,599
Empire District Electric Company (The)			1,197		29,554
Energy East Corporation			5,959		147,783
Entergy Corporation			8,044		742,622
Exelon Corporation			26,142		1,617,928
FPL Group, Inc.	†		14,666		798,124
FirstEnergy Corporation			12,802		770,808
Great Plains Energy, Inc.	†		2,828		89,930
Green Mountain Power Corporation			1,811		61,375
Hawaiian Electric Industries, Inc.			3,066		83,242
Idacorp, Inc.			1,515		58,555
KeySpan Corporation			7,299		300,573
MGE Energy, Inc.			1,559		57,028
Mirant Corporation	*		10,625		335,431
NiSource, Inc.			10,893		262,521
Northeast Utilities			5,201		146,460
NRG Energy, Inc.	*†		4,000		224,040
NSTAR			4,374		150,291
OGE Energy Corporation			3,358		134,320
Otter Tail Corporation			1,095		34,120
PG&E Corporation			13,709		648,847
PPL Corporation			14,691		526,525
Pepco Holdings, Inc.			7,066		183,787
Pinnacle West Capital Corporation			3,789		191,875
Plug Power, Inc.	*		2,704		10,519
PNM Resources, Inc.			2,169		67,456
Portland General Electric Company			1,100		29,975
Progress Energy, Inc.			10,169		499,095
Public Service Enterprise Group, Inc.			9,757		647,670
Puget Energy, Inc.			3,548		89,977
Reliant Energy, Inc.	*		11,470		162,989
SCANA Corporation			4,791		194,610
Sempra Energy			8,687		486,211
Sierra Pacific Resources	*		3,864	$	65,031
Southern Company (The)			30,082		1,108,823
TXU Corporation			17,958		973,503
TECO Energy, Inc.	†		7,797		134,342
UIL Holdings Corporation			1,496		63,116
Unisource Energy Corporation			1,571		57,389
Unitil Corporation			420		10,647
Westar Energy, Inc.			4,032		104,671
Wisconsin Energy Corporation			4,564		216,607
WPS Resources Corporation			1,431		77,317
Xcel Energy, Inc.	†		16,552		381,689
					20,741,666
Electrical Equipment—2.8%
Active Power, Inc.	*		1,093		2,864
Acuity Brands, Inc.			1,873		97,471
Aeroflex, Inc.	*		2,811		32,945
Ametek, Inc.			4,234		134,811
AZZ, Inc.	*		1,031		52,787
Baldor Electric Company			1,338		44,716
BSML, Inc.	*†		1,080		1,879
C&D Technologies, Inc.	†		1,159		5,494
Capstone Turbine Corporation	*†		2,450		3,013
Cataytica Energy Systems, Inc.	*		852		1,764
Cooper Industries, Ltd. Class A (Bermuda)			3,973		359,278
Distributed Energy Systems Corporation	*		3,756		13,522
Electro Scientific Industries, Inc.	*		1,421		28,619
Emerson Electric Company			32,010		1,410,681
Energizer Holdings, Inc.	*		1,856		131,757
Energy Conversion Devices, Inc.	*†		781		26,538
Evans & Sutherland Computer Corporation	*		1,882		7,961
Franklin Electric Company, Inc.			902		46,354
FuelCell Energy, Inc.	*†		1,938		12,519
General Electric Company			406,733		15,134,535
Genlyte Group, Inc.	*		1,102		86,077
GrafTech International Ltd.	*		3,487		24,130
Greatbatch, Inc.	*		942		25,359
Lincoln Electric Holdings, Inc.			1,877		113,408
Littelfuse, Inc.	*		909		28,979
LSI Industries, Inc.			1,083		21,498
Medis Technologies Ltd.	*†		704		12,271
Moog, Inc. Class A	*		1,446		55,223
Powell Industries, Inc.	*		1,045		32,991
Quantum Fuel Systems Technologies Worldwide, Inc.	*†		2,809		4,494
Regal-Beloit Corporation			1,272		66,793
Servotronics, Inc.	*		705		5,883
Spectrum Brands, Inc.	*†		1,490		16,241
Superconductor Technologies	*		208		368
Tech/Ops Sevcon, Inc.			719		5,680
Teleflex, Inc.			1,322		85,348
Thomas & Betts Corporation	*		2,428		114,796
Trans-Lux Corporation			866		6,833
Ultralife Batteries, Inc.	*†		416		4,580
Universal Display Corporation	*†		1,350		20,263
Universal Electronics, Inc.	*		639		13,432
Valence Technology, Inc.	*†		6,972		11,504
Vicor Corporation			1,380		15,332
					18,320,991
Electronics—4.1%
8X8, Inc.	*		3,048		3,566
AVX Corporation	†		2,270		33,573
Actel Corporation	*		1,140		20,702
Adaptec, Inc.	*		3,850		17,941

See accompanying notes to financial statements.

238

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Advanced Energy Industries, Inc.	*		1,428	$	26,946
Advanced Micro Devices, Inc.	*		21,447		436,446
Agere Systems, Inc.	*		6,929		132,829
Agilent Technologies, Inc.	*		16,481		574,363
Agilysys, Inc.			1,335		22,348
Alliance Fiber Optic Products, Inc.	*		4,817		9,730
Altera Corporation	*		14,718		289,650
American Power Conversion Corporation			8,237		251,970
American Superconductor Corporation	*†		1,147		11,252
AMIS Holdings, Inc.	*		850		8,984
Amkor Technology, Inc.	*†		7,211		67,351
Amphenol Corporation Class A			3,688		228,951
Analog Devices, Inc.			15,241		500,972
Anaren, Inc.	*		813		14,439
Anixter International, Inc.	*		1,723		93,559
Applied Micro Circuits Corporation	*		12,746		45,376
Arrow Electronics, Inc.	*		4,585		144,657
Atheros Communications, Inc.	*		2,700		57,564
Atmel Corporation	*		18,733		113,335
ATMI, Inc.	*†		1,559		47,596
Avanex Corporation	*		5,030		9,507
Avnet, Inc.	*†		5,129		130,943
AXT, Inc.	*		946		4,465
Barnes Group, Inc.			2,018		43,892
Bel Fuse, Inc. Class A			545		16,443
Belden CDT, Inc.			1,894		74,036
Benchmark Electronics, Inc.	*†		2,520		61,387
Broadcom Corporation Class A	*		16,147		521,710
California Micro Devices Corporation	*		745		3,263
Caliper Life Sciences, Inc.	*		867		4,959
Catalyst Semiconductor, Inc.	*		2,415		8,308
Catapult Communications Corporation	*		750		6,735
Ceradyne, Inc.	*†		1,867		105,486
Ceva, Inc.	*		692		4,477
Cisco Systems, Inc.	*		240,426		6,570,843
Concord Camera Corporation	*		572		2,574
Conexant Systems, Inc.	*		20,460		41,738
Cree, Inc.	*†		3,097		53,640
CTS Corporation			1,580		24,806
Cymer, Inc.	*		1,498		65,837
Cypress Semiconductor Corporation	*†		4,876		82,258
DRS Technologies, Inc.			1,486		78,282
Diodes, Inc.	*		1,600		56,768
Dolby Laboratories, Inc. Class A	*		1,370		42,497
DSP Group, Inc.	*		1,194		25,910
Eastman Kodak Company	†		11,893		306,839
EDO Corporation	†		1,198		28,441
Emcor Group, Inc.	*		1,454		82,660
Emcore Corporation	*†		1,219		6,741
EMS Technologies, Inc.	*		960		19,229
ESCO Technologies, Inc.	*		1,222		55,528
ESS Technology	*		1,759		1,812
Esterline Technologies Corporation	*		1,049		42,201
Exar Corporation	*		1,758		22,854
Fairchild Semiconductor International, Inc.	*		4,903		82,419
Finisar Corporation	*†		6,855		22,142
Flir Systems, Inc.	*†		2,804		89,251
FSI International, Inc.	*		1,479		7,794
Garmin Ltd. (Cayman Islands)	†		4,774	$	265,721
HEI, Inc.	*		1,050		1,586
HI/FN, Inc.	*		681		3,637
Hutchinson Technology, Inc.	*†		1,149		27,082
Imation Corporation			1,564		72,617
Innovex, Inc.	*		1,922		3,344
Integrated Device Technology, Inc.	*		8,168		126,441
Integrated Silicon Solutions, Inc.	*		1,269		7,297
Intel Corporation			227,315		4,603,129
International Rectifier Corporation	*		2,631		101,372
Intersil Corporation Class A			5,757		137,707
IXYS Corporation	*		1,329		11,828
JDS Uniphase Corporation	*†		7,444		124,017
Kemet Corporation	*		3,407		24,871
KVH Industries, Inc.	*		375		3,979
LSI Logic Corporation	*		15,734		141,606
Lattice Semiconductor Corporation	*		4,395		28,480
Lightpath Technologies, Inc. Class A	*†		1,526		7,203
Linear Technology Corporation			12,363		374,846
MIPS Technologies, Inc. Class A	*		2,228		18,492
MRV Communications, Inc.	*		4,567		16,167
Magnetek, Inc.	*		1,406		7,944
Marvell Technology Group Ltd. (Bermuda)	*†		18,500		355,015
Mattson Technology, Inc.	*		1,760		16,403
Maxim Integrated Products, Inc.			12,341		377,881
Maxwell Technologies, Inc.	*†		370		5,162
MEMC Electronics Materials, Inc.	*		5,481		214,526
Mercury Computer Systems, Inc.	*		963		12,866
Merix Corporation	*		674		6,261
Methode Electronics, Inc.			1,383		14,978
Micrel, Inc.	*		3,731		40,220
Microchip Technology, Inc.			8,640		282,528
Micron Technology, Inc.	*		25,902		361,592
Microsemi Corporation	*		2,474		48,614
Mobility Electronics, Inc.	*		674		2,258
Molex, Inc.	†		5,599		177,096
Moscow CableCom Corporation	*		1,900		20,102
MoSys, Inc.	*		1,251		11,572
Nashua Corporation	*		1,541		12,898
National Semiconductor Corporation			14,384		326,517
Novellus Systems, Inc.	*†		6,320		217,534
Nu Horizons Electronics Corporation	*†		1,207		12,420
Omnivision Technologies, Inc.	*†		2,354		32,132
ON Semiconductor Corporation	*†		4,276		32,369
Oplink Communications, Inc.	*		758		15,584
Optelecom, Inc.	*†		819		8,591
OSI Systems, Inc.	*†		867		18,146
Park Electrochemical Corporation			1,086		27,856
Pericom Semiconductor Corporation	*		1,023		11,734
Photronics, Inc.	*		1,388		22,680
Pixelworks, Inc.	*		1,927		4,413
Plexus Corporation	*		1,884		44,990
PLX Technology, Inc.	*		1,050		13,692
Power-One, Inc.	*		3,459		25,182
QLogic Corporation	*		7,842		171,897
Quicklogic Corporation	*		1,050		3,119
RF Micro Devices, Inc.	*		7,206		48,929
Rambus, Inc.	*†		4,071		77,064
Raytheon Company			18,171		959,429
Research Frontiers, Inc.	*†		752		4,113

See accompanying notes to financial statements.

239

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Rockwell Collins, Inc.			7,347	$	464,992
Rogers Corporation	*		803		47,497
Sanmina-SCI Corporation	*		21,464		74,051
Semtech Corporation	*		2,970		38,818
Sigmatel, Inc.	*		797		3,491
Sigmatron International, Inc.	*		282		2,594
Silicon Image, Inc.	*		2,948		37,499
Silicon Laboratories, Inc.	*†		2,124		73,597
Silicon Storage Technology, Inc.	*		3,793		17,106
Sirenza Microdevices, Inc.	*		525		4,127
Skyworks Solutions, Inc.	*		5,822		41,220
Sonic Solutions, Inc.	*†		889		14,491
Spansion LLC Class A	*		1,900		28,234
Spectrum Control, Inc.	*		1,195		11,615
Spire Corporation	*†		2,500		20,700
Stratos International, Inc.	*		973		7,395
Sycamore Networks, Inc.	*		9,917		37,288
Synaptics, Inc.	*		1,057		31,382
Technitrol, Inc.			1,866		44,579
Tegal Corporation	*		312		1,931
Teledyne Technologies, Inc.	*		1,228		49,280
Terabeam, Inc.	*		2,197		4,372
Teradyne, Inc.	*†		7,938		118,752
Tessera Technologies, Inc.	*†		1,560		62,930
Texas Instruments, Inc.			59,784		1,721,779
Transmeta Corporation	*		5,029		5,582
Transwitch Corporation	*		2,483		3,476
Trident Microsystems, Inc.	*		3,018		54,867
Trimble Navigation Ltd.	*		2,072		105,113
Triquint Semiconductor, Inc.	*		4,918		22,131
TTM Technologies, Inc.	*		1,639		18,570
Tvia, Inc.	*		4,026		4,308
Tyler Technologies, Inc.	*		1,886		26,517
Varian Semiconductor Equipment Associates, Inc.	*		2,245		102,192
Virage Logic Corporation	*		901		8,370
Vishay Intertechnology, Inc.	*		6,172		83,569
Xerox Corporation	*		36,218		613,895
Xilinx, Inc.			15,105		359,650
Zoran Corporation	*		1,650		24,057
					26,502,521
Entertainment & Leisure—1.7%
Avid Technology, Inc.	*†		1,448		53,952
Bally Technologies, Inc.	*		1,971		36,818
Bally Total Fitness Holding Corporation	*†		1,306		3,200
Blockbuster, Inc. Class A	*		7,850		41,527
Callaway Golf Company			2,881		41,515
Cedar Fair, LP			2,300		63,986
Churchill Downs, Inc.			638		27,268
Discovery Holding Company Class A	*		10,903		175,429
Dover Downs Gaming & Entertainment, Inc.			1,710		22,863
Dover Motorsports, Inc.			1,645		8,735
DreamWorks Animation SKG, Inc. Class A	*†		1,300		38,337
Gaylord Entertainment Company	*		1,772		90,248
Harrah’s Entertainment, Inc.			7,234		598,396
Hasbro, Inc.			7,242		197,345
Hollywood Media Corporation	*		1,494		6,290
Image Entertainment, Inc.	*		299		1,044
International Speedway Corporation Class A			1,190		60,738
Jakks Pacific, Inc.	*†		925		20,202
K2, Inc.	*		2,544	$	33,555
Leapfrog Enterprises, Inc.	*†		1,261		11,954
Live Nation, Inc.	*†		2,705		60,592
Macrovision Corporation	*		2,053		58,018
Mattel, Inc.			16,641		377,085
Multimedia Games, Inc.	*†		1,202		11,539
National Lampoon, Inc.	*		3,300		7,392
Nautilus Group, Inc.	†		1,359		19,026
New Frontier Media, Inc.	*		3,808		36,595
News Corporation, Inc. Class A			91,998		1,976,117
Penn National Gaming, Inc.	*		2,586		107,629
Pinnacle Entertainment, Inc.	*		1,629		53,985
Pool Corporation	†		2,434		95,340
RC2 Corporation	*		1,650		72,600
Regal Entertainment Group Class A	†		2,743		58,481
Six Flags, Inc.	*†		3,814		19,985
Speedway Motorsports, Inc.			149		5,722
Steinway Musical Instruments, Inc.	*		683		21,166
Time Warner, Inc.			158,821		3,459,121
Walt Disney Company			76,460		2,620,284
Westwood One, Inc.			4,247		29,984
WMS Industries, Inc.	*†		1,269		44,237
World Wrestling Entertainment, Inc.			1,030		16,789
					10,685,089
Environmental—0.1%
Aetrium, Inc.	*		614		2,186
Analogic Corporation			593		33,291
Cohu, Inc.			859		17,317
Credence Systems Corporation	*		2,727		14,180
Dionex Corporation	*		1,031		58,468
Formfactor, Inc.	*		1,417		52,783
Frequency Electronics, Inc.			821		9,811
Itron, Inc.	*		955		49,507
Ixia	*		2,330		22,368
LTX Corporation	*		2,405		13,468
MKS Instruments, Inc.	*		2,455		55,434
Mine Safety Appliances Company			1,444		52,923
MTS Systems Corporation			1,342		51,828
OI Corporation			1,600		18,240
Orbit International Corporation	*		2,812		22,946
Photon Dynamics, Inc.	*		659		7,704
Rudolph Technologies, Inc.	*		1,247		19,852
Tektronix, Inc.			3,804		110,963
Therma-Wave, Inc.	*		757		901
Thermogenesis	*		4,316		18,602
Veeco Instruments, Inc.	*		1,294		24,237
White Electronic Designs Corporation	*		514		2,796
X-Rite, Inc.			1,890		23,247
					683,052
Financial Services—4.0%
Accredited Home Lenders Holding Company	*		729		19,887
Affiliated Managers Group	*†		1,354		142,346
AG Edwards, Inc.			3,542		224,173
AllianceBernstein Holding, LP			1,100		88,440
Ameriprise Financial, Inc.			9,235		503,308
Ampal American Israel Corporation Class A	*		1,391		6,663
Bear Stearns Companies, Inc. (The)			4,068		662,189
Berkshire Hathaway, Inc. Class A	*		40		4,399,600

See accompanying notes to financial statements.

240

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
BlackRock, Inc.	†		539	$	81,874
Calamos Asset Management, Inc. Class A			1,800		48,294
Catskill Litigation Trust	*‡d		582		—
Cbot Holdings, Inc. Class A	*†		1,430		216,602
Charles Schwab Corporation (The)			40,347		780,311
CharterMac			1,905		40,900
Cherokee, Inc.			994		42,653
Chicago Mercantile Exchange	†		1,115		568,371
Countrywide Financial Corporation			24,520		1,040,874
Diamond Hill Investment Group, Inc.	*		1,310		109,686
Doral Financial Corporation (Puerto Rico)			4,427		12,706
E*Trade Financial Corporation	*		14,978		335,807
Eaton Vance Corporation			5,282		174,359
Federated Investors, Inc. Class B			4,508		152,280
Franklin Resources, Inc.			6,114		673,579
GAMCO Investors, Inc. Class A			558		21,461
Goldman Sachs Group, Inc.			14,402		2,871,039
IntercontinentalExchange, Inc.	*		1,933		208,571
Investment Technology Group, Inc.	*		2,078		89,105
Janus Capital Group, Inc.			9,990		215,684
Jefferies Group, Inc.			4,678		125,464
Kent Financial Services, Inc.	*		2,200		5,192
Knight Capital Group, Inc. Class A	*		4,630		88,757
LaBranche & Company, Inc.	*†		2,588		25,440
Lazard, Ltd. Class A (Bermuda)	†		1,519		71,909
Legg Mason, Inc.			5,250		499,013
Lehman Brothers Holdings, Inc.			21,084		1,647,082
Merrill Lynch & Company, Inc.			35,777		3,330,839
Morgan Stanley			38,240		3,113,883
Nasdaq Stock Market Inc.	*†		3,400		104,686
Navidec Financial Services, Inc.	‡		2,119		—
NexCen Brands, Inc.	*		1,368		9,891
NTL, Inc.	†		8,979		226,630
Nuveen Investments, Inc. Class A			2,324		120,569
NYSE Group, Inc.	*†		2,070		201,204
Principal Financial Group			11,001		645,759
Raymond James Financial, Inc.			3,472		105,236
SEI Investments Company			2,959		176,238
Siebert Financial Corporation			1,469		5,685
Superior Bancorp	†		895		10,149
SWS Group, Inc.			882		31,487
T Rowe Price Group, Inc.			10,332		452,232
TD Ameritrade Holding Corporation			9,311		150,652
Value Line, Inc.			573		26,043
Waddell & Reed Financial, Inc. Class A			3,971		108,647
Western Union Company (The)			31,890		714,974
Westwood Holdings Group, Inc.			1,027		23,652
					25,752,075
Food Retailers—0.3%
Arden Group, Inc. Class A			260		32,191
Kroger Company (The)			26,279		606,257
Panera Bread Company Class A	*†		1,250		69,888
Pantry, Inc. (The)	*†		1,200		56,208
Pathmark Stores, Inc.	*		950		10,593
Ruddick Corporation			1,967		54,584
Starbucks Corporation	*		29,904		1,059,200
Weis Markets, Inc.			382		15,322
Whole Foods Market, Inc.	†		5,036	$	236,339
Wild Oats Markets, Inc.	*†		1,309		18,823
					2,159,405
Forest Products & Paper—0.6%
American Woodmark Corporation	†		800		33,480
Bemis Company			4,410		149,852
Bowater, Inc.	†		2,289		51,503
Buckeye Technologies, Inc.	*		1,251		14,987
Caraustar Industries, Inc.	*		1,610		13,025
Chesapeake Corporation			814		13,854
Deltic Timber Corporation			724		40,385
Glatfelter			1,740		26,970
International Paper Company			19,016		648,446
Kimberly-Clark Corporation			17,952		1,219,838
MeadWestvaco Corporation			6,398		192,324
Neenah Paper, Inc.			652		23,029
Packaging Corporation of America			4,339		95,892
Pactiv Corporation	*		6,523		232,806
Playtex Products, Inc.	*		2,449		35,241
Pope & Talbot, Inc.	*†		894		4,890
Rock-Tenn Company Class A			1,450		39,310
Schweitzer-Mauduit International, Inc.			724		18,860
Smurfit-Stone Container Corporation	*		10,013		105,737
United Stationers, Inc.	*		1,278		59,670
Universal Forest Products, Inc.			1,121		52,261
Wausau Paper Corporation			1,903		28,526
Weyerhaeuser Company			8,921		630,269
					3,731,155
Health Care Providers—0.8%
Alliance Imaging, Inc.	*		1,429		9,503
Amedisys, Inc.	*†		1,698		55,813
Amsurg Corporation	*†		1,423		32,729
Apria Healthcare Group, Inc.	*		2,101		55,992
Brookdale Senior Living, Inc.	†		2,200		105,600
Caremark Rx, Inc.			17,925		1,023,697
Community Health Systems, Inc.	*†		4,282		156,379
Covance, Inc.	*		2,839		167,245
Coventry Health Care, Inc.	*		6,568		328,728
Cross Country Healthcare, Inc.	*		1,339		29,217
CryoLife, Inc.	*		937		7,168
DaVita, Inc.	*		4,290		244,015
Edwards Lifesciences Corporation	*		2,575		121,128
Enzo Biochem, Inc.	*†		1,353		19,307
Enzon Pharmaceuticals, Inc.	*		1,765		15,020
Express Scripts, Inc.	*		4,478		320,625
Genesis HealthCare Corporation	*†		975		46,049
Health Management Associates, Inc. Class A			9,953		210,108
Healthways, Inc.	*†		1,362		64,981
Hooper Holmes, Inc.	*		1,959		6,484
Immunomedics, Inc.	*†		2,141		7,772
Interleukin Genetics, Inc.	*†		2,825		16,526
Kindred Healthcare, Inc.	*		1,800		45,450
Laboratory Corporation Of America Holdings	*†		4,851		356,403
LCA-Vision, Inc.	†		616		21,166
LifePoint Hospitals, Inc.	*		2,149		72,421
Lincare Holdings, Inc.	*		4,169		166,093
Manor Care, Inc.			3,698		173,510
Matria Healthcare, Inc.	*†		870		24,995
National Healthcare Corporation			431		23,791
NovaMed, Inc.	*		1,250		9,463
Odyssey HealthCare, Inc.	*		1,593		21,123

See accompanying notes to financial statements.

241

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Pediatrix Medical Group, Inc.	*		2,182	$	106,700
Psychemedics Corporation			302		5,814
Psychiatric Solutions, Inc.	*		2,662		99,878
RehabCare Group, Inc.	*		739		10,974
Sierra Health Services, Inc.	*		2,474		89,163
Sunrise Senior Living, Inc.	*		1,950		59,904
Symbion, Inc.	*†		1,415		26,192
Tenet Healthcare Corporation	*†		19,289		134,444
Triad Hospitals, Inc.	*		3,297		137,914
U.S. Physical Therapy, Inc.	*		1,300		15,925
United Surgical Partners International, Inc.	*		1,912		54,205
Universal Health Services, Inc. Class B			2,373		131,535
VCA Antech, Inc.	*		3,442		110,798
VistaCare, Inc. Class A	*		1,341		13,611
					4,955,558
Heavy Construction—0.2%
Blount International, Inc.	*		1,532		20,621
Centex Corporation	†		4,760		267,845
Foster Wheeler Ltd. (Bermuda)	*		2,911		160,513
Granite Construction, Inc.			1,889		95,054
Hovnanian Enterprises, Inc.	*†		1,478		50,104
Lennar Corporation Class A	†		5,675		297,711
Levitt Corporation Class A			763		9,339
M/I Homes, Inc.	†		610		23,296
McDermott International, Inc.	*		4,138		210,459
McGrath Rentcorp	†		916		28,057
WCI Communities, Inc.	*†		1,921		36,845
					1,199,844
Heavy Machinery—1.9%
Ablest, Inc.	*		850		5,517
Actuant Corporation Class A			1,011		48,174
Agco Corporation	*		3,068		94,924
American Standard Companies, Inc.			7,063		323,839
Ampco-Pittsburgh Corporation			613		20,523
Applied Industrial Technologies, Inc.			2,056		54,093
Applied Materials, Inc.			60,862		1,122,904
Astec Industries, Inc.	*		821		28,817
Asyst Technologies, Inc.	*		1,782		13,026
Axcelis Technologies, Inc.	*		4,095		23,874
Black & Decker Corporation			3,225		257,903
Briggs & Stratton Corporation			1,822		49,103
Brooks Automation, Inc.	*		3,103		44,683
Cameron International Corporation	*		3,466		183,871
Caterpillar, Inc.			25,568		1,568,085
Cummins, Inc.	†		1,755		207,406
Curtiss-Wright Corporation			2,112		78,313
Deere & Company			9,130		867,989
Donaldson Company, Inc.			3,810		132,245
Dover Corporation			7,805		382,601
Dril-Quip, Inc.	*		1,976		77,380
Dycom Industries, Inc.	*		2,076		43,845
Eaton Corporation			5,791		435,136
Electroglas, Inc.	*		1,990		4,955
EnPro Industries, Inc.	*†		981		32,579
Entegris, Inc.	*		5,738		62,085
Flow International Corporation	*†		2,200		24,244
Flowserve Corporation	*		2,375		119,866
FMC Technologies, Inc.	*		2,695		166,093
Gardner Denver, Inc.	*		1,836	$	68,501
Graco, Inc.	†		2,883		114,224
Grant Prideco, Inc.	*		4,753		189,027
Hurco Companies, Inc.	*		300		9,534
Hydril	*		1,094		82,258
Idex Corporation			2,203		104,444
Ingersoll-Rand Company Class A (Bermuda)			13,496		528,098
Insituform Technologies, Inc. Class A	*		1,223		31,627
Intermec, Inc.	*†		2,374		57,617
Joy Global, Inc.			4,599		222,316
Kadant, Inc.	*		721		17,578
Kaydon Corporation			1,422		56,510
Kennametal, Inc.			1,598		94,042
Knight Transportation, Inc.			3,879		66,137
Kulicke and Soffa Industries, Inc.	*		2,008		16,867
Lam Research Corporation	*†		5,335		270,058
Layne Christensen Company	*		510		16,743
Lennox International, Inc.			2,437		74,597
Lindsay Corp.			808		26,381
Lufkin Industries, Inc.			1,000		58,080
Manitowoc Company			2,522		149,882
Matrix Service Company	*		468		7,535
Modine Manufacturing Company			1,208		30,236
NACCO Industries, Inc. Class A			309		42,209
NATCO Group, Inc. Class A	*		900		28,692
National-Oilwell Varco, Inc.	*		7,090		433,766
Nordson Corporation			1,522		75,841
Oil States International, Inc.	*		2,026		65,298
Pall Corporation			5,186		179,176
Paragon Technologies, Inc.	*		1,800		10,026
Parker Hannifin Corporation			5,221		401,390
Pentair, Inc.			3,618		113,605
Robbins & Myers, Inc.	†		868		39,859
Rockwell Automation, Inc.			6,047		369,351
Sauer-Danfoss, Inc.			1,531		49,375
Semitool, Inc.	*		1,060		14,109
SPX Corporation			2,157		131,922
Standex International Corporation			724		21,814
Stanley Works (The)			3,365		169,226
Tecumseh Products Company Class A	*		712		12,033
Tennant Company			1,280		37,120
Terex Corporation	*		4,124		266,328
Timken Company			3,702		108,024
Toro Company			2,550		118,907
TurboChef Technologies, Inc.	*†		993		16,901
Ultratech, Inc.	*		971		12,118
Varian Medical Systems, Inc.	*		5,512		262,206
Watsco, Inc.			553		26,079
Willis Lease Finance Corporation	*		1,234		12,735
WJ Communications, Inc.	*		1,509		2,369
Woodward Governor Company			1,224		48,605
WW Grainger, Inc.			3,286		229,823
					12,065,272
Home Construction, Furnishings & Appliances—0.7%
American Technology Corporation	*†		3,686		14,449
Applica, Inc.	*		1,507		12,041
Bassett Furniture Industries, Inc.			1,139		18,611
Beazer Homes USA, Inc.	†		1,494		70,233
Brookfield Homes Corporation	†		1,218		45,736
Dominion Homes, Inc.	*†		650		3,426
DR Horton, Inc.			11,522		305,218
DTS, Inc.	*		755		18,263
Ethan Allen Interiors, Inc.	†		1,551		56,007

See accompanying notes to financial statements.

242

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Fossil, Inc.	*		3,154	$	71,217
Furniture Brands International, Inc.	†		2,341		37,994
Gemstar-TV Guide International, Inc.	*		16,221		65,046
Harman International Industries, Inc.			2,728		272,554
Helen of Troy Ltd.	*		1,333		32,339
Herman Miller, Inc.			3,155		114,716
HNI Corporation	†		2,512		111,558
Johnson Controls, Inc.	†		7,517		645,861
KB Home			3,248		166,557
Kimball International, Inc. Class B			1,500		36,450
Kinetic Concepts, Inc.	*		2,200		87,010
La-Z-Boy, Inc.	†		2,404		28,535
Leggett & Platt, Inc.			8,763		209,436
Masco Corporation	†		15,650		467,466
MDC Holdings, Inc.			1,091		62,242
Meritage Homes Corporation	*		1,300		62,036
Movado Group, Inc.			1,678		48,662
National Presto Industries, Inc.			535		32,030
NVR, Inc.	*		262		168,990
Palm Harbor Homes, Inc.	*†		1,181		16,558
Parkervision, Inc.	*†		1,052		11,730
Pulte Homes, Inc.			8,898		294,702
Ryland Group, Inc.			1,852		101,156
Salton, Inc.	*		701		1,577
Select Comfort Corporation	*†		2,104		36,589
Skyline Corporation			720		28,958
Standard-Pacific Corporation	†		2,568		68,797
Steelcase, Inc. Class A			1,992		36,175
Technical Olympic USA, Inc.	†		1,793		18,235
Tempur-Pedic International, Inc.	*†		1,346		27,539
Toll Brothers, Inc.	*†		4,132		133,174
Virco Manufacturing Corporation	*		799		6,232
Walter Industries, Inc.			1,640		44,362
Whirlpool Corporation			2,980		247,400
					4,337,867
Household Products—0.4%
Apogee Enterprises, Inc.			1,250		24,138
Charles & Colvard Ltd.	†		1,843		14,744
Ferro Corporation			1,818		37,614
Fortune Brands, Inc.	†		6,052		516,780
Gentex Corporation	†		6,594		102,603
Illinois Tool Works, Inc.			19,385		895,393
Jarden Corporation	*		1,771		61,613
Kronos Worldwide, Inc.			1,131		36,825
Newell Rubbermaid, Inc.			11,388		329,683
Rohm & Haas Company	†		6,241		319,040
RPM, Inc.			4,832		100,940
Snap-On, Inc.			2,419		115,241
Valspar Corporation			3,724		102,931
					2,657,545
Industrial—Diversified—0.4%
Blyth, Inc.			1,839		38,159
Roper Industries, Inc.			2,980		149,715
Russ Berrie & Company, Inc.	*		1,156		17,860
Shuffle Master, Inc.	*†		1,527		40,007
Tyco International Ltd. (Bermuda)			78,983		2,401,083
Yankee Candle Company, Inc.			2,152		73,771
					2,720,595
Insurance—5.6%
21st Century Insurance Group			310	$	5,472
ACE, Ltd. (Cayman Islands)			13,100		793,467
Aflac, Inc.			19,543		898,978
Aetna, Inc.			21,283		919,000
Alfa Corporation			1,928		36,266
Alleghany Corporation	*		145		52,722
Allstate Corporation (The)			25,605		1,667,142
AMBAC Financial Group, Inc.			4,045		360,288
American Equity Investment Life Holding Company			4,302		56,055
American Financial Group, Inc.			2,425		87,082
American Independence Corporation	*		430		4,644
American International Group, Inc.			89,105		6,385,264
American National Insurance			945		107,834
American Physicians Capital, Inc.	*		1,290		51,652
Amerigroup Corporation	*†		1,950		69,986
AON Corporation			10,312		364,426
Arch Capital Group Ltd. (Bermuda)	*		1,428		96,547
Argonaut Group, Inc.	*		1,387		48,351
Arthur J. Gallagher & Company	†		3,230		95,447
Assurant, Inc.	†		4,146		229,067
Axis Capital Holdings Ltd. (Bermuda)			5,691		189,909
Baldwin & Lyons, Inc. Class B			945		24,135
Bristol West Holdings, Inc.			1,365		21,608
Brown & Brown, Inc.			5,036		142,066
Centene Corporation	*†		1,972		48,452
Chubb Corporation			16,343		864,708
Cigna Corporation			4,287		564,041
Cincinnati Financial Corporation			6,788		307,564
Clark, Inc.			1,174		19,524
CNA Financial Corporation	*		1,422		57,335
CNA Surety Corporation	*		1,486		31,949
Commerce Group, Inc.			3,086		91,809
Conseco, Inc.	*†		6,600		131,868
Covanta Holding Corporation	*		2,954		65,106
Crawford & Company Class B			1,891		13,804
Delphi Financial Group, Inc. Class A			1,945		78,695
Donegal Group, Inc. Class B			758		13,572
EMC Insurance Group, Inc.			341		11,635
Erie Indemnity Company Class A			1,023		59,314
Everest Re Group Ltd. (Bermuda)			2,000		196,220
FBL Financial Group, Inc. Class A			1,275		49,827
Fidelity National Financial Inc.			8,236		196,676
First American Corporation			3,159		128,508
GAINSCO, INC.	*		157		1,245
Genworth Financial, Inc. Class A			15,900		543,939
Great American Financial Resources, Inc.			1,717		39,577
Hanover Insurance Group (The), Inc.			2,346		114,485
Harleysville Group, Inc.			1,351		47,042
Hartford Financial Services Group, Inc.			12,039		1,123,359
HCC Insurance Holdings, Inc.			3,999		128,328
Health Net, Inc.	*		4,879		237,412
HealthExtras, Inc.	*		1,864		44,922
Healthspring, Inc.	*		2,400		48,840
Hilb Rogal & Hobbs Company			1,604		67,560
Horace Mann Educators Corporation			2,000		40,400
Humana, Inc.	*		6,683		369,637

See accompanying notes to financial statements.

243

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Independence Holding Company			961	$	20,979
Infinity Property & Casualty Corporation			810		39,196
Kansas City Life Insurance Company			902		45,172
Landamerica Financial Group, Inc.	†		845		53,328
Leucadia National Corporation			6,084		171,569
Lincoln National Corporation			10,899		723,694
Loews Corporation			18,378		762,136
MBIA, Inc.			5,147		376,040
MGIC Investment Corporation			4,084		255,413
Markel Corporation	*		412		197,801
Marsh & McLennan Companies, Inc.			21,504		659,313
Mercury General Corporation			1,109		58,478
Metlife, Inc.			18,197		1,073,805
National Financial Partners Corporation			1,495		65,735
Nationwide Financial Services Class A			2,414		130,839
Navigators Group, Inc.	*		938		45,193
Odyssey Re Holdings Corporation	†		505		18,837
Ohio Casualty Corporation			2,335		69,606
Old Republic International Corporation			9,191		213,966
PMI Group, Inc. (The)	†		3,929		185,331
PartnerRe Ltd. (Bermuda)	†		2,300		163,369
Philadelphia Consolidated Holding Corporation	*		2,562		114,163
Phoenix Companies, Inc. (The)			4,217		67,008
PMA Capital Corporation Class A	*		1,826		16,836
Presidential Life Corporation			1,144		25,111
ProAssurance Corporation	*		1,647		82,218
Progressive Corporation (The)			28,252		684,263
Protective Life Corporation			3,130		148,675
Prudential Financial, Inc.			18,979		1,629,537
Radian Group, Inc.			3,844		207,230
Reinsurance Group of America, Inc.			1,440		80,208
RenaissanceRe Holdings Ltd. (Bermuda)			2,900		174,000
RLI Corporation			1,164		65,673
Safeco Corporation			4,453		278,535
Safety Insurance Group, Inc.			850		43,104
Scottish Re Group Ltd.			2,910		15,539
Selective Insurance Group			1,061		60,785
St. Paul Travelers Companies			27,939		1,500,045
Stancorp Financial Group, Inc.			2,460		110,823
State Auto Financial Corporation			488		16,948
Stewart Information Services Corporation			1,239		53,723
Torchmark Corporation			3,778		240,885
Transatlantic Holdings, Inc.			1,167		72,471
Triad Guaranty, Inc.	*†		692		37,970
United American Healthcare Corporation	*†		4,251		35,623
United Fire & Casualty Company			1,250		44,063
UnitedHealth Group, Inc.			52,588		2,825,553
Unitrin, Inc.			1,906		95,510
Universal American Financial Corporation	*		1,812		33,776
UnumProvident Corporation			13,588		282,359
USI Holdings Corporation	*		1,550		23,808
WellCare Health Plans, Inc.	*		1,500		103,350
WellPoint, Inc.	*		24,176	$	1,902,409
Wesco Financial Corporation			187		86,020
White Mountains Insurance Group Ltd.			300		173,829
WR Berkley Corporation			7,560		260,896
XL Capital Ltd. Class A (Cayman Islands)			7,300		525,746
Zenith National Insurance Corporation			1,498		70,271
					35,963,524
Lodging—0.5%
Ameristar Casinos, Inc.			300		9,222
Aztar Corporation	*		1,549		84,297
Boyd Gaming Corporation			2,619		118,667
Choice Hotels International, Inc.			1,616		68,034
Empire Resorts, Inc.	*†		582		5,046
Hilton Hotels Corporation			14,441		503,991
International Leisure Hosts Ltd.	*		1,200		8,370
Isle of Capri Casinos, Inc.	*		1,250		33,225
Las Vegas Sands Corporation	*		4,070		364,184
MGM MIRAGE	*		5,184		297,302
Marcus Corporation			1,505		38,498
Marriott International, Inc. Class A			13,654		651,569
Morgans Hotel Group Company	*		2,300		38,939
Starwood Hotels & Resorts Worldwide, Inc.			8,391		524,438
Station Casinos, Inc.	†		1,628		132,959
Trump Entertainment Resorts, Inc.	*†		1,600		29,184
Vail Resorts, Inc.	*†		1,491		66,827
Wyndham Worldwide Corporation	*		8,848		283,313
Wynn Resorts Ltd.	†		2,554		239,693
					3,497,758
Media—Broadcasting & Publishing—2.1%
4Kids Entertainment, Inc.	*		605		11,023
Acme Communications, Inc.	*		1,200		6,024
American Greetings Corporation Class A			2,760		65,881
Banta Corporation			1,074		39,094
Beasley Broadcasting Group, Inc. Class A			1,150		11,006
Belo Corporation Class A			4,721		86,772
Cablevision Systems Corporation Class A			9,044		257,573
CBS Corporation Class B	†		26,582		828,827
Charter Communications, Inc. Class A	*†		11,237		34,385
Citadel Broadcasting Corporation			1,025		10,209
Clear Channel Communications, Inc.			18,523		658,307
Comcast Corporation Class A	*		77,580		3,283,961
COX Radio, Inc. Class A	*		1,752		28,558
Crown Media Holdings, Inc.	*†		5,899		21,413
Cumulus Media, Inc. Class A	*		2,174		22,588
DIRECTV Group (The), Inc.	*		33,457		834,418
Dow Jones & Company, Inc.	†		1,884		71,592
EchoStar Communications Corporation Class A	*		9,386		356,950
Emmis Communications Corporation Class A			1,175		9,682
Entercom Communications Corporation	†		2,183		61,517
Entravision Communications Corporation Class A	*		2,852		23,443
EW Scripps Company Class A			3,612		180,383

See accompanying notes to financial statements.

244

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares			Value
COMMON STOCKS—(Continued)
Gannett Company, Inc.			9,201		$	556,292
Gray Television, Inc.			1,838			13,473
Handleman Company	†		1,657			11,218
Harte-Hanks, Inc.			3,119			86,427
Hearst-Argyle Television, Inc.			2,184			55,692
IAC/InterActiveCorporation	*†		9,431			350,456
Idearc, Inc.	*		5,663			162,245
ION Media Networks, Inc.	*		2,670			1,335
John Wiley & Sons Class A			2,491			95,829
Journal Communications, Inc. Class A			3,900			49,179
Journal Register Company			1,817			13,264
Lee Enterprises, Inc.			1,973			61,281
Liberty Global, Inc. Class C	*		1,932			54,083
Liberty Global, Inc. Class A	*		15,937			464,564
Liberty Media Corporation Interactive Class A	*		27,258			587,955
Liberty Media Holdings Corporation Capital Class A	*		5,451			534,089
LIN TV Corporation Class A	*		1,419			14,119
Lodgenet Entertainment Corporation	*		1,250			31,288
McClatchy Company Class A			2,444			105,825
McGraw-Hill Companies, Inc. (The)			14,260			969,965
Media General, Inc. Class A			952			35,386
Mediacom Communications Corporation	*		3,433			27,601
Meredith Corporation			2,083			117,377
New York Times Company Class A	†		5,682			138,414
Playboy Enterprises, Inc. Class B	*		1,251			14,336
Primedia, Inc.	*		8,853			14,962
Radio One, Inc. Class A	*		4,327			29,121
Radio Unica Communications Corporation	*‡d		1,900			—
Readers Digest Association, Inc. (The)			3,917			65,414
Regent Communications, Inc.	*		1,600			4,528
RH Donnelley Corporation			2,471			155,006
Salem Communications Corporation Class A			850			10,158
Scholastic Corporation	*		1,845			66,125
Sinclair Broadcast Group, Inc. Class A			2,049			21,515
Spanish Broadcasting System, Inc. Class A	*		1,300			5,343
Speedus Corporation	*		4,207			5,090
Sun-Times Media Group, Inc. Class A			3,613			17,740
Tivo, Inc.	*†		2,696			13,804
Tribune Company	†		5,888			181,233
Triple Crown Media, Inc.	*		183			1,416
Univision Communications, Inc. Class A	*†		9,276			328,556
Viacom, Inc. Class B	*		25,894			1,062,431
Washington Post Class B			258			192,365
Worldgate Communications	*		3,160			4,234
Young Broadcasting, Inc. Class A	*		831			2,343
						13,636,683
Medical Supplies—3.4%
Abaxis, Inc.	*†		749			14,418
Abiomed, Inc.	*†		886			12,493
Advanced Medical Optics, Inc.	*		2,304			81,101
Align Technology, Inc.	*†		2,449			34,213
Allergan, Inc.			5,964			714,129
American Medical Systems Holdings, Inc.	*†		3,000		$	55,560
Applera Corporation—Applied Biosystems Group			6,991			256,500
Arrow International, Inc.			1,305			46,171
ArthoCare Corporation	*†		851			33,972
Avigen, Inc.	*		1,009			5,328
Axsys Technologies, Inc.	*		883			15,514
Bausch & Lomb, Inc.			2,176			113,283
Baxter International, Inc.			25,124			1,165,502
Beckman Coulter, Inc.			2,512			150,218
Becton Dickinson & Company			8,917			625,528
Bioject Medical Technologies, Inc.	*		4,490			4,266
Biolase Technology, Inc.	*†		765			6,694
Biomet, Inc.			10,108			417,157
Bio-Rad Laboratories, Inc. Class A	*		88	��		7,262
Biosite, Inc.	*		725			35,416
BioVeris Corporation	*		1,071			14,694
Boston Scientific Corporation	*		53,540			919,817
Bruker BioSciences Corporation	*		1,667			12,519
Cardiodynamics International Corporation	*		1,872			1,947
Cerus Corporation	*		1,010			5,919
Chindex International, Inc.	*†		548			10,335
Clarient, Inc.	*		3,308			5,690
Coherent, Inc.	*		1,348			42,556
Conceptus, Inc.	*		1,047			22,291
Conmed Corporation	*		1,362			31,489
Cooper Companies, Inc.			1,627			72,402
CR Bard, Inc.	†		3,904			323,915
Cyberonics, Inc.	*†		956			19,732
Dade Behring Holdings, Inc.			3,120			124,207
Datascope Corporation			556			20,261
Dentsply International, Inc.			5,668			169,190
DJO Inc.	*		729			31,216
EP Medsystems, Inc.	*		5,240			7,022
ev3, Inc.	*		785			13,526
Excel Technology, Inc.	*		562			14,382
Faro Technologies, Inc.	*		453			10,890
FEI Company	*†		1,368			36,074
Haemonetics Corporation	*		1,157			52,088
Hanger Orthopedic Group, Inc.	*		1,083			8,155
HealthTronics Surgical Services, Inc.	*		2,529			16,843
Hillenbrand Industries, Inc.			2,596			147,790
Hologic, Inc.	*†		2,692			127,278
ICU Medical, Inc.	*		605			24,611
II-VI, Inc.	*		682			19,055
Illumina, Inc.	*†		1,280			50,317
Input/Output, Inc.	*†		2,427			33,080
Integra LifeSciences Holdings Corporation	*†		1,190			50,682
Intest Corporation	*		950			4,161
Intuitive Surgical, Inc.	*†		1,610			154,399
Invacare Corporation			1,333			32,725
Johnson & Johnson			116,267			7,675,947
Kla-Tencor Corporation			7,679			382,030
Kensey Nash Corporation	*		866			27,539
Kopin Corporation	*		2,431			8,679
Kyphon, Inc.	*†		1,594			64,398
L-1 Identity Solutions, Inc.	*†		1,637			24,768
Meade Instruments Corporation	*		1,640			3,231
Mechanical Technology, Inc.	*		957			1,809
Medtronic, Inc.			45,099			2,413,247
Medwave, Inc.	*		2,500			1,450
Mentor Corporation	†		1,961			95,834

See accompanying notes to financial statements.

245

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Merit Medical Systems, Inc.	*		2,519	$	39,901
Mesa Laboratories, Inc.			1,200		22,500
Mettler-Toledo International, Inc.	*		700		55,195
Microtek Medical Holdings, Inc.	*		1,250		5,750
Millipore Corporation	*†		2,026		134,932
Molecular Devices Corporation	*		909		19,153
Nanogen, Inc.	*		950		1,767
Newport Corporation	*		1,614		33,813
Nyer Medical Group, Inc.	*		2,532		5,570
Oakley, Inc.			2,900		58,174
Orthologic Corporation	*		1,516		2,168
Osteotech, Inc.	*		1,498		8,464
Owens & Minor, Inc.			1,623		50,751
OYO Geospace Corporation	*		550		31,950
PSS World Medical, Inc.	*†		3,574		69,800
Palomar Medical Technologies, Inc.	*†		1,116		56,548
Patterson Cos., Inc.	*		5,546		196,938
PerkinElmer, Inc.			5,266		117,063
PolyMedica Corporation	†		960		38,794
Q-Med, Inc.	*		1,634		7,516
Resmed, Inc.	*		3,034		149,333
Respironics, Inc.	*		3,060		115,515
Rofin-Sinar Technologies, Inc.	*		1,100		66,506
Somanetics Corporation	*		1,352		30,866
SonoSite, Inc.	*		1,264		39,096
Spectranetics Corporation	*		1,045		11,798
St. Jude Medical, Inc.	*		13,638		498,605
Staar Surgical Company	*		848		5,944
Steris Corporation			2,777		69,897
Stryker Corporation			10,806		595,519
Synovis Life Technologies, Inc.	*		346		3,443
Techne Corporation	*		1,736		96,261
Theragenics Corporation	*		1,492		4,625
Thermo Fisher Scientific, Inc.	*		15,692		710,691
Thoratec Corporation	*		2,306		40,539
Urologix, Inc.	*		1,050		2,447
Varian, Inc.	*		1,502		67,275
Ventana Medical Systems, Inc.	*		1,416		60,930
Viasys Healthcare, Inc.	*		1,380		38,392
Vital Signs, Inc.			634		31,649
Vivus, Inc.	*		1,400		5,068
Waters Corporation	*		5,040		246,809
Wright Medical Group, Inc.	*		1,309		30,474
Young Innovations, Inc.			677		22,544
Zevex International, Inc.	*†		900		8,870
Zimmer Holdings, Inc.	*		9,576		750,567
Zoll Medical Corporation	*		425		24,752
Zygo Corporation	*		967		15,907
					21,825,984
Metals—1.3%
AK Steel Holding Corporation	*		5,009		84,652
Alcoa, Inc.			35,208		1,056,592
Allegheny Technologies, Inc.			3,350		303,778
Ameron International Corporation			542		41,393
Aptargroup, Inc.			1,565		92,398
Brush Engineered Materials, Inc.	*		1,122		37,890
Carpenter Technology Corporation			941		96,471
Century Aluminum Company	*		865		38,622
Chaparral Steel Company			2,232		98,811
Circor International, Inc.			711		26,158
Cleveland-Cliffs, Inc.			2,036		98,624
Commercial Metals Company			4,080		105,264
Commscope, Inc.	*†		2,612		79,614
Couer D’alene Mines Corporation	*		8,276	$	40,966
Crane Company			2,467		90,391
Danaher Corporation			9,574		693,541
Encore Wire Corporation	*†		1,400		30,814
General Cable Corporation	*		1,382		60,407
Gibraltar Industries, Inc.			1,188		27,930
Griffon Corporation	*		1,288		32,844
Hecla Mining Company	*		4,124		31,590
Hubbell, Inc. Class B	†		2,078		93,946
International Aluminum Corporation			1,105		53,869
Jacuzzi Brands, Inc.	*		2,655		33,002
Ladish Company, Inc.	*		900		33,372
Lone Star Technologies, Inc.	*		1,337		64,724
Matthews International Corporation Class A			1,052		41,396
MAXXAM, Inc.	*		856		24,884
Meridian Gold, Inc. (Canada)	*		4,300		119,497
Mueller Industries, Inc.			1,592		50,466
Mueller Water Products, Inc. Class B	*		2,710		40,379
NCI Building Systems, Inc.	*		1,232		63,756
Newmont Mining Corporation			16,091		726,509
Nucor Corporation			10,996		601,041
Optical Cable Corporation	*		240		1,092
Oregon Steel Mills, Inc.	*		2,300		143,543
Phelps Dodge Corporation			8,011		959,077
Precision Castparts Corporation			5,136		402,046
Quanex Corporation			1,671		57,800
Reliance Steel & Aluminum Company			2,966		116,801
Royal Gold, Inc.	†		1,153		41,485
RTI International Metals, Inc.	*†		1,363		106,614
Ryerson Inc.	†		1,471		36,907
Schnitzer Steel Industries, Inc. Class A			693		27,512
Shiloh Industries, Inc.	*		1,441		27,307
Simpson Manufacturing Company, Inc.	†		2,084		65,959
Southern Copper Corporation	†		1,314		70,811
Steel Dynamics, Inc.			4,040		131,098
Stillwater Mining Company	*		3,727		46,550
Sturm, Ruger & Company, Inc.	*		3,296		31,642
Superior Essex, Inc.	*		1,617		53,765
Superior Telecom, Inc.	*‡d		2,013		—
Taser International, Inc.	*†		2,292		17,442
Texas Industries, Inc.	†		1,116		71,681
Titanium Metals Corporation	*†		1,840		54,298
Tredegar Corporation			1,606		36,312
United States Steel Corporation			4,607		336,956
Valmont Industries, Inc.			1,162		64,479
Watts Water Technologies, Inc. Class A			1,225		50,360
Worthington Industries, Inc.			3,575		63,349
					8,130,477
Mining—0.1%
Freeport-McMoran Copper & Gold, Inc. Class B	†		7,496		417,752
Oil & Gas—9.2%
Adams Resources & Energy, Inc.			1,462		44,006
AGL Resources, Inc.			2,166		84,279
Anadarko Petroleum Corporation			17,797		774,525
Apache Corporation			12,742		847,470
Apco Argentina, Inc. (Cayman Islands)			622		54,581
Ashland, Inc.			2,848		197,025

See accompanying notes to financial statements.

246

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Atlas America, Inc.	*		1,146	$	58,412
Atmos Energy Corporation			2,732		87,178
ATP Oil & Gas Corporation	*		685		27,105
Atwood Oceanics, Inc.	*		1,662		81,388
Baker Hughes, Inc.			13,494		1,007,462
Basic Energy Services, Inc.	*		1,600		39,440
Berry Petroleum Company Class A			1,202		37,274
BJ Services Company			11,495		337,033
Blue Dolphin Energy Company	*†		3,650		11,169
BP Prudhoe Bay Royalty Trust			1,105		85,063
Buckeye Partners, LP	†		1,400		65,072
Cabot Oil & Gas Corporation			2,274		137,918
Callon Petroleum Company	*		779		11,708
Carrizo Oil & Gas, Inc.	*		1,800		52,236
Cascade Natural Gas Corporation			1,289		33,411
Chesapeake Energy Corporation	†		15,920		462,476
Chesapeake Utilities Corporation			949		29,087
Chevron Corporation			85,915		6,317,330
Cimarex Energy Company			2,681		97,857
Clayton Williams Energy, Inc.	*		550		19,971
CNX Gas Corporation	*		1,100		28,050
Complete Production Services, Inc.	*		1,200		25,440
ConocoPhillips			60,200		4,331,390
Copano Energy LLC			1,200		71,580
Cross Timbers Royalty Trust			575		29,101
Crosstex Energy, Inc.			2,100		66,549
Dawson Geophysical Company	*		1,200		43,716
Delta Natural Gas Company, Inc.			380		9,530
Delta Petroleum Corporation	*†		2,709		62,740
Denbury Resources, Inc.	*		4,466		124,110
Devon Energy Corporation			16,306		1,093,806
Diamond Offshore Drilling, Inc.	†		2,694		215,358
Dorchester Minerals, LP			2,200		48,466
EOG Resources, Inc.			9,358		584,407
El Paso Corporation	†		25,233		385,560
Electro-Sensors, Inc.	*		2,581		13,421
Enbridge Energy Partners, LP	†		1,775		87,667
Encore Acquisition Company	*†		2,062		50,581
Energen Corporation			2,644		124,109
Energy Partners Ltd.	*		1,758		42,930
Energy Transfer Partners, LP			2,777		150,236
ENSCO International, Inc.			5,990		299,859
Enterprise Products Partners, LP	†		8,400		243,432
Equitable Resources, Inc.			5,624		234,802
EXCO Resources, Inc.	*		4,100		69,331
Exploration Company of Delaware, Inc. (The)	*		5,411		72,183
Exxon Mobil Corporation			230,750		17,682,373
Forest Oil Corporation	*		2,547		83,236
Frontier Oil Corporation			4,576		131,514
FX Energy, Inc.	*		3,496		21,570
Giant Industries, Inc.	*		540		40,473
Global Industries Ltd.	*		2,539		33,109
GlobalSantaFe Corporation			9,544		560,996
Grey Wolf, Inc.	*		5,192		35,617
Halliburton Company			39,913		1,239,299
Hanover Compressor Company	*		2,998		56,632
Headwaters, Inc.	*†		2,095		50,196
Helix Energy Solutions Group, Inc.	*		3,853		120,869
Helmerich & Payne, Inc.			3,926		96,069
Hercules Offshore, Inc.	*		2,300		66,470
Hess Corporation			9,736		482,614
Holly Corporation			1,972		101,361
Houston Exploration Company	*		1,352	$	70,007
Hugoton Royalty Trust			1,669		41,057
Kinder Morgan Energy Partners, LP	†		5,150		246,685
Kinder Morgan Management LLC	*†		1,866		85,239
Kinder Morgan, Inc.			4,214		445,631
Laclede Group, Inc. (The)			1,025		35,906
Magellan Midstream Partners	†		2,000		77,200
Marathon Oil Corporation			13,934		1,288,895
Mariner Energy, Inc.	*		3,261		63,916
Markwest Energy Partners, LP			1,100		65,615
Markwest Hydrocarbon, Inc.			1,182		57,386
McMoRan Exploration Company	*		1,059		15,059
MDU Resources Group, Inc.			7,657		196,325
Meridian Resource Corporation	*		2,950		9,116
Murphy Oil Corporation	†		7,770		395,105
Nabors Industries Ltd.	*†		12,168		362,363
National Fuel Gas Company			4,022		155,008
New Jersey Resources Corporation			1,121		54,458
Newfield Exploration Company	*		5,246		241,054
Newpark Resources, Inc.	*		3,484		25,120
Nicor, Inc.			1,828		85,550
Noble Corporation (Cayman Islands)			5,552		422,785
Noble Energy, Inc.			6,772		332,302
Northwest Natural Gas Company			1,183		50,207
Occidental Petroleum Corporation			33,243		1,623,256
Oceaneering International, Inc.	*		2,232		88,610
ONEOK Partners, LP	†		1,650		104,511
Oneok, Inc.			3,908		168,513
Parallel Petroleum Corporation	*		2,700		47,439
Parker Drilling Company	*		3,755		30,678
Patterson-UTI Energy, Inc.	†		6,712		155,920
Penn Virginia Corporation			300		21,012
Peoples Energy Corporation			1,528		68,103
Petrohawk Energy Corporation	*		10,735		123,453
Petroleum Development Corporation	*		1,250		53,813
Piedmont Natural Gas Company	†		2,740		73,295
Pioneer Drilling Company	*		2,700		35,856
Pioneer Natural Resources Company			5,801		230,242
Plains All American Pipeline, LP			3,917		200,550
Plains Exploration & Production Company	*		2,855		135,698
Pogo Producing Company	†		2,307		111,751
Pride International, Inc.	*		5,416		162,480
Questar Corporation			3,706		307,783
Quicksilver Resources, Inc.	*†		1,980		72,448
Range Resources Corporation			4,350		119,451
Resource America, Inc. Class A			1,287		33,977
Rosetta Resources, Inc.	*†		3,400		63,478
Rowan Companies., Inc.			3,918		130,078
Schlumberger Ltd. (Netherland Antilles)			46,040		2,907,886
SEACOR Holdings, Inc.	*†		983		97,455
SEMCO Energy, Inc.	*		5,450		33,245
Smith International, Inc.			8,020		329,381
South Jersey Industries, Inc.			2,014		67,288
Southern Union Company			3,367		94,108
Southwest Gas Corporation			1,252		48,039
Southwestern Energy Company	*†		6,072		212,824
St. Mary Land & Exploration Company			2,262		83,332
Stone Energy Corporation	*		1,208		42,703
Sunoco Logistics Partners, LP	†		950		48,032
Sunoco, Inc.			5,812		362,436

See accompanying notes to financial statements.

247

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Superior Energy Services, Inc.	*		2,900	$	94,772
Swift Energy Company	*†		1,142		51,173
Syntroleum Corporation	*		1,246		4,311
TC Pipelines, LP			1,100		39,600
Teppco Partners, LP			2,500		100,775
Tesoro Petroleum Corporation			3,423		225,131
Tetra Technologies, Inc.	*		2,352		60,164
Tidewater, Inc.			2,430		117,515
Todco	*†		2,002		68,408
Transocean, Inc. (Cayman Islands)	*		12,976		1,049,629
UGI Corporation			2,720		74,202
Ultra Petroleum Corporation	*		6,082		290,416
Unit Corporation	*		1,702		82,462
United Heritage Corporation	*		1,060		3,265
VAALCO Energy, Inc.	*		3,800		25,650
Valero Energy Corporation			23,922		1,223,850
Valero, LP			1,500		83,655
Vectren Corporation			3,706		104,806
Veritas DGC, Inc.	*		1,390		119,026
Warren Resources, Inc.	*†		3,600		42,192
Wd-40 Company			949		33,092
Weatherford International Ltd. (Bermuda)	*		13,510		564,583
Western Refining, Inc.			2,500		63,650
WGL Holdings, Inc.			2,315		75,423
W-H Energy Services, Inc.	*		1,377		67,046
Whiting Petroleum Corporation	*†		1,242		57,877
Williams Companies, Inc.			24,207		632,287
XTO Energy, Inc.			15,020		706,691
					59,683,992
Pharmaceuticals—6.2%
Aastrom Biosciences, Inc.	*†		3,289		4,045
Abbott Laboratories			60,081		2,926,546
Abraxis BioScience, Inc.	†		1,756		48,009
Accelrys, Inc.	*		1,145		6,881
Adolor Corporation	*		1,927		14,491
Affymetrix, Inc.	*†		2,525		58,227
Albany Molecular Research, Inc.	*		1,371		14,478
Alexion Pharmaceuticals, Inc.	*†		1,108		44,752
Alfacell Corporation	*		4,295		7,344
Alkermes, Inc.	*		3,579		47,851
Allscripts Healthcare Solutions, Inc.	*†		2,300		62,077
Alpharma, Inc. Class A			2,463		59,358
Altus Pharmaceuticals, Inc.	*†		1,600		30,160
AmerisourceBergen Corporation			8,488		381,620
Amgen, Inc.	*		46,060		3,146,359
Amylin Pharmaceuticals, Inc.	*†		3,885		140,132
Antigenics, Inc.	*		1,707		3,124
Applera Corporation—Celera Group	*		3,028		42,362
Arena Pharmaceuticals, Inc.	*†		1,439		18,577
Ariad Pharmaceuticals, Inc.	*†		1,662		8,543
ArQule, Inc.	*		864		5,115
Atherogenics, Inc.	*†		1,603		15,886
AVANIR Pharmaceuticals Class A	*		1,500		3,465
Avant Immunotherapeutics, Inc.	*		5,150		6,901
AVI BioPharma, Inc.	*†		2,400		7,632
Barr Pharmaceuticals, Inc.	*		4,174		209,201
Bentley Pharmaceuticals, Inc.	*		711		7,231
Biogen Idec, Inc.	*		13,260		652,259
BioMarin Pharmaceuticals, Inc.	*†		2,400		39,336
BioScrip, Inc.	*		1,095		3,789
Boston Life Sciences, Inc.	*		724	$	2,005
Bradley Pharmaceuticals, Inc.	*†		591		12,163
Bristol-Myers Squibb Company			76,221		2,006,137
Cambrex Corporation			1,258		28,582
Cardinal Health, Inc.			16,253		1,047,181
Celgene Corporation	*†		13,412		771,592
Cell Genesys, Inc.	*†		1,642		5,566
Cell Therapeutics, Inc.	*†		1,391		2,434
Cephalon, Inc.	*†		2,347		165,252
Charles River Laboratories International, Inc.	*		2,755		119,154
Ciphergen Biosystems, Inc.	*		1,500		1,335
Collagenex Pharmaceuticals, Inc.	*		1,558		21,765
Columbia Laboratories, Inc.	*		1,819		9,277
Conor Medsystems, Inc.	*		2,500		78,325
Cubist Pharmaceuticals, Inc.	*		1,762		31,910
CuraGen Corporation	*		1,768		8,133
CV Therapeutics, Inc.	*†		1,424		19,879
Cypress Bioscience, Inc.	*		1,560		12,090
Cytogen Corporation	*		755		1,759
CytRx Corporation	*†		4,200		8,022
DataTRAK International, Inc.	*		3,924		19,698
Dendreon Corporation	*†		1,879		7,835
Digene Corporation	*		725		34,742
Discovery Laboratories, Inc.	*		2,566		6,056
Diversa Corporation	*		1,790		19,475
Durect Corporation	*		1,900		8,436
Eli Lilly & Company			37,735		1,965,994
Emisphere Technologies, Inc.	*		772		4,084
Encysive Pharmaceuticals, Inc.	*†		2,128		8,959
Endo Pharmaceuticals Holdings, Inc.	*		2,935		80,947
EntreMed, Inc.	*		1,390		2,196
EpiCept Corporation	*†		751		1,074
EPIX Pharmaceuticals, Inc.	*		640		4,416
Exact Sciences Corporation	*		1,250		3,538
Exelixis, Inc.	*		2,695		24,255
Forest Laboratories, Inc.	*		12,889		652,183
Genaera Corporation	*		4,787		1,867
Gene Logic, Inc.	*		950		1,463
Genelabs Technologies	*		721		1,024
Genentech, Inc.	*		18,069		1,465,938
Gen-Probe, Inc.	*		1,849		96,832
Genta, Inc.	*		2,971		1,315
Genzyme Corporation	*		10,181		626,946
Geron Corporation	*†		1,370		12,029
Gilead Sciences, Inc.	*		17,410		1,130,431
GTC Biotherapeutics, Inc.	*		3,988		4,387
GTx, Inc.	*		200		3,568
Hemispherx Biopharma, Inc.	*†		920		2,024
Henry Schein, Inc.	*†		3,652		178,875
Heska Corporation	*		4,462		7,452
Hi-Tech Pharmacal Company, Inc.	*		862		10,491
Hollis-Eden Pharmaceuticals	*		954		5,018
Hospira, Inc.	*		6,367		213,804
Human Genome Sciences, Inc.	*†		5,277		65,646
Idexx Laboratories, Inc.	*		1,568		124,342
ImClone Systems, Inc.	*†		3,034		81,190
Immtech Pharmaceuticals Inc.	*†		681		5,176
Immucor, Inc.	*		1,828		53,432
ImmunoGen, Inc.	*		1,323		6,708
Incyte Corporation	*		3,102		18,116
Indevus Pharmaceuticals, Inc.	*		5,716		40,584
Inspire Pharmaceuticals, Inc.	*		1,369		8,693
InterMune, Inc.	*		1,586		48,770
Inverness Medical Innovations, Inc.	*		880		34,056

See accompanying notes to financial statements.

248

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Invitrogen Corporation	*		2,122	$	120,084
Isis Pharmaceuticals, Inc.	*		2,216		24,642
King Pharmaceuticals, Inc.	*		10,009		159,343
Kosan Biosciences, Inc.	*		2,000		11,100
KV Pharmaceutical Company Class A	*		2,179		51,817
Lexicon Genetics, Inc.	*		2,343		8,458
LifeCell Corporation	*		1,119		27,013
Luminex Corporation	*		1,070		13,589
Martek Biosciences Corporation	*†		1,148		26,794
Maxygen, Inc.	*		1,231		13,258
McKesson Corporation			11,391		577,524
Medarex, Inc.	*		3,092		45,731
Medco Health Solutions, Inc.	*		11,402		609,323
Medicines Company	*		2,018		64,011
Medicis Pharmaceutical Corporation Class A	†		2,422		85,085
Medifast, Inc.	*		734		9,234
MedImmune, Inc.	*†		10,273		332,537
Merck & Company, Inc.			85,011		3,706,480
Meridian Bioscience, Inc.			772		18,937
MGI Pharma, Inc.	*		2,665		49,063
Millennium Pharmaceuticals, Inc.	*†		12,456		135,770
Monogram Biosciences, Inc.	*		2,414		4,297
Mylan Laboratories	†		8,108		161,836
Myriad Genetics, Inc.	*†		1,210		37,873
Nabi Biopharmaceuticals	*		1,995		13,526
Nastech Pharmaceutical Company, Inc.	*†		1,500		22,695
Natrol, Inc.	*		1,145		2,359
NBTY, Inc.	*		2,664		110,742
Nektar Therapeutics	*†		2,368		36,017
NeoPharm, Inc.	*†		964		1,610
Neose Technologies, Inc.	*		704		1,570
Neurobiological Technologies	*		3,136		6,460
Neurocrine Biosciences, Inc.	*†		1,479		15,411
Neurogen Corporation	*		1,872		11,138
Novavax, Inc.	*†		1,550		6,355
Noven Pharmaceuticals, Inc.	*		1,350		34,358
NPS Pharmaceuticals, Inc.	*		1,660		7,520
Nu Skin Enterprises, Inc. Class A			3,018		55,018
Nuvelo, Inc.	*		1,150		4,600
Omnicare, Inc.	†		4,277		165,221
Onyx Pharmaceuticals, Inc.	*†		1,214		12,844
OraSure Technologies, Inc.	*		1,687		13,935
Oscient Pharmaceuticals Corporation	*		189		956
OSI Pharmaceuticals, Inc.	*		2,729		95,460
Pain Therapeutics, Inc.	*†		1,318		11,730
Palatin Technologies, Inc.	*		2,104		4,292
Panacos Pharmaceuticals, Inc.	*		157		630
Par Pharmaceutical Companies, Inc.	*		1,362		30,468
Parexel International Corporation	*		1,153		33,402
PDL BioPharma, Inc.	*†		3,841		77,358
Penwest Pharmaceuticals Company	*		930		15,457
Peregrine Pharmaceuticals, Inc.	*		9,115		10,573
Perrigo Company			2,922		50,551
Pfizer, Inc.			286,515		7,420,739
Pharmaceutical Product Development, Inc.			4,736		152,594
Pharmacopeia Drug Discovery, Inc.	*		572		2,437
Pharmacyclics, Inc.	*		1,700		8,619
PharmaNet Development Group, Inc.	*†		576		12,712
Poniard Pharmaceuticals, Inc.	*†		396	$	1,980
Pozen, Inc.	*		1,014		17,228
Progenics Pharmeceuticals, Inc.	*		793		20,412
Quest Diagnostics, Inc.			6,828		361,884
Ramtron International Corporation	*		1,920		7,142
Regeneration Technologies, Inc.	*		807		4,729
Regeneron Pharmaceuticals, Inc.	*		2,632		52,824
Rentech, Inc.	*†		7,800		29,406
Salix Pharmaceuticals Ltd.	*		2,346		28,551
Savient Pharmaceuticals, Inc.	*		1,389		15,571
Schering-Plough Corporation			57,447		1,358,047
Sciclone Pharmaceuticals, Inc.	*		1,700		5,474
Sciele Pharma, Inc.	*†		1,613		38,712
Sepracor, Inc.	*		4,575		281,729
Sequenom, Inc.	*		614		2,874
SIGA Technologies, Inc.	*		4,649		17,434
Sigma Aldrich Corporation	†		2,478		192,590
SirnaTherapeutics, Inc.	*		4,257		55,384
Solexa, Inc., LP	*		1,008		13,255
SuperGen, Inc.	*		1,338		6,797
Symyx Technologies, Inc.	*		1,374		29,665
Tanox, Inc.	*		1,721		34,248
Targeted Genetics Corporation	*†		626		3,362
Telik, Inc.	*†		1,748		7,744
Third Wave Technologies, Inc.	*		1,227		5,902
Titan Pharmaceuticals, Inc.	*		1,743		5,787
TorreyPines Therapeutics, Inc.	*		347		2,557
Trimeris, Inc.	*†		1,214		15,430
United Therapeutics Corporation	*		914		49,694
USANA Health Sciences, Inc.	*†		593		30,634
Valeant Pharmaceuticals International			3,473		59,875
Vertex Pharmaceuticals, Inc.	*		3,255		121,802
Vion Pharmaceuticals, Inc.	*		4,504		6,080
Viropharma, Inc.	*		4,061		59,453
Watson Pharmaceuticals, Inc.	*		4,480		116,614
Wyeth			52,091		2,652,474
XOMA Ltd.	*		4,976		10,947
Zymogenetics, Inc.	*†		2,343		36,481
					39,966,305
Real Estate—2.7%
Acadia Realty Trust REIT			1,318		32,976
Affordable Residential Communities	†		950		11,068
Agree Realty Corporation REIT			814		27,977
Alexander’s, Inc. REIT	*		161		67,564
Alexandria Real Estate Equities, Inc. REIT			802		80,521
AMB Property Corporation REIT			3,649		213,868
American Financial Realty Trust REIT			5,234		59,877
American Home Mortgage Investment Corporation REIT	†		1,107		38,878
American Land Lease, Inc. REIT			1,828		48,460
American Mortgage Acceptance Corporation REIT			1,842		31,093
Annaly Capital Management Inc.			3,840		53,414
Anthracite Capital, Inc. REIT			1,100		14,003
Anworth Mortgage Asset Corporation REIT	†		834		7,931
Apartment Investment & Management Company REIT Class A	†		3,910		219,038
Archstone-Smith Trust REIT			7,979		464,458
Arizona Land Income Corporation REIT Class A	†		1,050		15,015

See accompanying notes to financial statements.

249

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Ashford Hospitality Trust, Inc. REIT			4,200	$	52,290
Avalonbay Communities, Inc. REIT			3,116		405,236
BioMed Realty Trust, Inc. REIT			1,400		40,040
Boston Properties, Inc. REIT			4,700		525,836
Brandywine Realty Trust REIT			2,965		98,586
BRE Properties Class A			2,433		158,194
Brookfield Properties Company (Canada)			5,006		196,886
BRT Realty Trust REIT			355		9,816
California Coastal Communities, Inc.	*		267		5,727
Camden Property Trust REIT			2,732		201,758
Capital Alliance Income Trust Ltd. REIT	*		799		6,592
Capital Trust Class A			523		26,119
CapitalSource, Inc.	†		4,975		135,867
Capstead Mortgage Corporation REIT	†		2,400		19,920
CB Richard Ellis Group, Inc. Class A	*		6,900		229,080
CBL & Associates Properties, Inc. REIT			2,548		110,456
Cedar Shopping Centers, Inc. REIT			583		9,276
CentraCore Properties Trust REIT			397		12,835
Colonial Properties Trust REIT			1,962		91,979
Cousins Properties, Inc. REIT			2,338		82,461
Crescent Real Estate EQT Company REIT			4,527		89,408
Developers Diversified Realty Corporation REIT			4,733		297,942
DiamondRock Hospitality Company REIT			3,930		70,779
Digital Realty Trust, Inc. REIT			2,000		68,460
Douglas Emmett, Inc. REIT			1,293		34,381
Duke Realty Corporation REIT			5,609		229,408
Eastgroup Properties, Inc. REIT			1,538		82,375
Entertainment Properties Trust REIT			749		43,772
Equity Inns, Inc. REIT			3,264		52,093
Equity Lifestyle Properties, Inc. REIT			1,140		62,050
Equity Office Properties Trust REIT			14,483		697,646
Equity One, Inc. REIT			2,619		69,823
Equity Residential REIT			11,429		580,022
Essex Property Trust, Inc. REIT			807		104,305
Extra Space Storage, Inc. REIT			3,500		63,910
Federal Realty Investment Trust REIT			1,810		153,850
FelCor Lodging Trust, Inc. REIT			3,135		68,468
Fieldstone Investment Corporation REIT			1,900		8,322
First Industrial Realty Trust, Inc. REIT			1,599		74,977
First Potomac Realty Trust REIT			1,628		47,391
Forest City Enterprises, Inc. Class A			2,608		152,307
Franklin Street Properties Corporation REIT			2,200		46,310
Friedman Billings Ramsey Group, Inc. Class A	†		6,080		48,640
General Growth Properties, Inc. REIT			8,744		456,699
Getty Realty Corporation REIT			1,747		53,982
Glimcher Realty Trust REIT			1,584		42,309
Grubb and Ellis Company	*		652		7,511
Health Care Property Investors, Inc. REIT	†		5,334	$	196,398
Health Care REIT, Inc.	†		1,824		78,468
Healthcare Realty Trust, Inc. REIT			1,881		74,375
Highland Hospitality Corporation REIT			4,200		59,850
Highwoods Properties, Inc. REIT			2,393		97,539
HMG Courtland Properties REIT	*		1,450		20,590
Home Properties, Inc. REIT			1,390		82,385
Hospitality Properties Trust REIT			2,923		138,930
Host Hotels & Resorts Inc.			17,443		428,226
HRPT Properties Trust REIT			9,142		112,904
IMPAC Mortgage Holdings, Inc. REIT	†		3,238		28,494
Inland Real Estate Corporation REIT	†		4,700		87,984
Innkeepers USA Trust REIT			2,014		31,217
iStar Financial, Inc. REIT			4,331		207,108
Jones Lang Lasalle, Inc.			1,311		120,835
Kilroy Realty Corporation REIT			1,316		102,648
Kimco Realty Corporation REIT	†		9,013		405,134
KKR Financial Corporation REIT			3,300		88,407
Lexington Corporate Properties Trust REIT	†		1,399		31,380
Liberty Property Trust REIT	†		3,172		155,872
Longview Fibre Company			2,928		64,270
Macerich Company (The) REIT			2,360		204,305
Mack-Cali Realty Corporation REIT	†		2,488		126,888
Maguire Properties, Inc. REIT	†		1,199		47,960
MFA Mortgage Investments, Inc. REIT			4,149		31,906
Mid-America Apartment Communities, Inc. REIT			1,240		70,978
Mills Corporation (The) REIT			2,070		41,400
Mission West Properties REIT			1,417		18,563
Monmouth Capital Corporation			2,974		16,119
Monmouth Class A REIT			1,328		11,222
National Health Investors, Inc. REIT			2,097		69,201
National Retail Properties, Inc. REIT			2,356		54,070
Nationwide Health Properties, Inc. REIT	†		2,362		71,380
New Century Financial Corporation REIT	†		1,311		41,414
New Plan Excel Realty Trust REIT			4,341		119,291
Newcastle Investment Corporation REIT			754		23,615
NorthStar Realty Finance Corporation REIT			4,200		69,594
Novastar Financial, Inc. REIT	†		771		20,547
Omega Healthcare Investors, Inc. REIT			4,100		72,652
Parkway Properties, Inc. REIT			986		50,296
Pennsylvania REIT			1,510		59,464
Plum Creek Timber Company, Inc. REIT			7,592		302,541
PMC Commercial Trust REIT			865		12,984
Post Properties, Inc. REIT			2,078		94,965
Potlatch Corporation			1,618		70,901
Prologis REIT			9,458		574,763
PS Business Parks, Inc. REIT			1,323		93,549
Public Storage, Inc. REIT			5,109		498,128
RAIT Financial Trust			991		34,170
Rayonier, Inc. REIT			3,336		136,943

See accompanying notes to financial statements.

250

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Realogy Corporation	*		8,072	$	244,743
Realty Income Corporation REIT			4,138		114,623
Reckson Associates Realty Corporation REIT			2,412		109,987
Redwood Trust, Inc. REIT			1,008		58,545
Regency Centers Corporation REIT			2,545		198,943
Republic Property Trust REIT			3,200		36,928
Senior Housing Properties Trust REIT			2,216		54,248
Simon Property Group, Inc. REIT			8,577		868,764
SL Green Realty Corporation REIT			1,735		230,373
Sovran Self Storage, Inc. REIT			1,269		72,688
Spirit Finance Corporation REIT			5,700		71,079
St. Joe Company (The)	†		2,906		155,674
Stewart Enterprises, Inc. Class A			4,115		25,719
Sun Communities, Inc. REIT			1,061		34,334
Tanger Factory Outlet Centers REIT			2,200		85,976
Taubman Centers, Inc. REIT			2,083		105,941
Thornburg Mortgage, Inc. REIT	†		4,059		102,003
Trustreet Properties, Inc. REIT			2,089		35,200
United Capital Corporation	*		690		20,376
United Dominion Realty Trust, Inc. REIT			4,883		155,231
U-Store-It Trust REIT			3,600		73,980
Ventas, Inc. REIT			3,213		135,974
Vornado Realty Trust REIT	†		5,255		638,483
W.P. Carey & Company LLC			1,592		47,871
Washington REIT			1,834		73,360
Weingarten Realty Investors REIT			3,474		160,186
					17,076,287
Restaurants—0.7%
Applebee’s International, Inc.	†		3,613		89,133
Aramark Corporation Class B			4,444		148,652
Back Yard Burgers, Inc.	*		1,698		8,915
Bob Evans Farms, Inc.			1,465		50,132
Brinker International, Inc.			5,167		155,837
Burger King Holdings, Inc.	*		1,700		35,870
CEC Entertainment, Inc.	*		1,614		64,964
CKE Restaurants, Inc.			1,945		35,788
California Pizza Kitchen, Inc.	*		970		32,311
CBRL Group, Inc.			2,120		94,891
Cheesecake Factory (The)	*		3,444		84,722
Chipotle Mexican Grill, Inc. Class A	*†		900		51,300
Darden Restaurants, Inc.			5,104		205,028
IHOP Corporation			1,079		56,863
Jack in the Box, Inc.	*		1,437		87,714
Krispy Kreme Doughnuts, Inc.	*†		2,573		28,560
Landry’s Restaurants, Inc.			1,253		37,703
McDonald’s Corporation			47,837		2,120,614
Morton’s Restaurant Group, Inc.	*		2,200		36,630
O’Charley’s, Inc.	*		1,091		23,216
OSI Restaurant Partners, Inc.			2,790		109,368
Papa John’s International, Inc.	*		1,610		46,706
PF Chang’s China Bistro, Inc.	*†		1,089		41,796
Rare Hospitality International, Inc.	*		1,475		48,572
Red Robin Gourmet Burgers, Inc.	*		692		24,808
Ruby Tuesday, Inc.			2,816		77,271
Sonic Corporation	*		3,730		89,334
Steak N Shake Company (The)	*		1,267		22,299
Texas Roadhouse, Inc. Class A	*		3,070		40,708
Triarc Companies Class B			2,886		57,720
Wendy’s International, Inc.			5,229	$	173,028
Yum! Brands, Inc.			10,588		622,574
					4,803,027
Retailers—3.5%
1-800-FLOWERS.COM, Inc.	*		793		4,885
99 Cents Only Stores	*		3,207		39,029
AC Moore Arts & Crafts, Inc.	*†		876		18,983
Advance Auto Parts, Inc.			4,485		159,487
Alloy, Inc.	*		462		5,318
Amazon.Com, Inc.	*†		12,783		504,417
Autozone, Inc.	*		2,384		275,495
BJ’s Wholesale Club, Inc.	*		2,859		88,943
Barnes & Noble, Inc.			2,814		111,744
Bed Bath & Beyond, Inc.	*		10,895		415,100
Bell Microproducts, Inc.	*		1,146		8,079
Best Buy Company, Inc.			15,993		786,696
Big 5 Sporting Goods Corporation			1,071		26,154
Big Lots, Inc.	*		4,853		111,231
Blair Corporation			306		10,022
Bluefly, Inc.	*		2,341		2,996
Bombay Company, Inc. (The)	*		1,080		1,382
Borders Group, Inc.	†		3,342		74,694
CSK Auto Corporation	*		1,990		34,129
CVS Corporation			32,316		998,888
Casey’s General Stores, Inc.			1,608		37,868
Cash America International, Inc.			685		32,127
Central Garden & Pet Company	*		615		29,778
Circuit City Stores, Inc.			6,139		116,518
CKX, Inc.	*		1,800		21,114
Coldwater Creek, Inc.	*		1,528		37,467
Cost Plus, Inc.	*†		1,014		10,444
Costco Wholesale Corporation			18,694		988,352
dELIA*s, Inc.	*		925		9,703
Dick’s Sporting Goods, Inc.	*†		1,240		60,748
Dillard’s, Inc. Class A	†		3,454		120,786
Dollar General Corporation			13,983		224,567
Dollar Tree Stores, Inc.	*		4,830		145,383
Drugstore.Com, Inc.	*		3,800		13,908
eBay, Inc.	*		40,410		1,215,129
Family Dollar Stores, Inc.			6,556		192,287
Fastenal Company			5,638		202,291
Federated Department Stores			22,466		856,629
Foot Locker, Inc.			5,840		128,071
Fred’s, Inc.	†		1,781		21,443
GameStop Corporation Class A	*†		1,890		104,158
GSI Commerce, Inc.	*†		1,469		27,544
Guitar Center, Inc.	*		1,020		46,369
Hancock Fabrics, Inc.	*		631		2,171
Haverty Furniture Companies, Inc.			1,111		16,443
Hibbett Sporting Goods, Inc.	*		1,396		42,620
JC Penney Company, Inc.			7,928		613,310
Jo-Ann Stores, Inc.	*		1,266		31,144
Kenneth Cole Productions, Inc. Class A			956		22,934
Kirkland’s, Inc.	*		833		4,182
Knoll, Inc.	†		2,701		59,422
K-Swiss, Inc. Class A			1,476		45,372
Longs Drug Stores Corporation			1,757		74,462
MarineMax, Inc.	*†		800		20,744
Marvel Entertainment, Inc.	*†		1,469		39,531
Men’s Wearhouse, Inc.			2,437		93,240
Movie Gallery, Inc.	*		1,145		4,030
MSC Industrial Direct Company Class A			1,782		69,765
Nike, Inc. Class B			6,890		682,317

See accompanying notes to financial statements.

251

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Nitches, Inc.	*†		2,850	$	17,898
Office Depot, Inc.	*		11,792		450,101
OfficeMax, Inc.			3,587		178,095
O’Reilly Automotive, Inc.	*†		4,772		152,990
Overstock.com, Inc.	*†		770		12,166
PC Connection, Inc.	*		854		12,665
Petsmart, Inc.			5,983		172,669
Pier 1 Imports, Inc.	†		3,712		22,086
Priceline.com, Inc.	*†		1,548		67,508
RadioShack Corporation	†		6,811		114,289
Restoration Hardware, Inc.	*		314		2,672
Retail Ventures, Inc.	*†		1,372		26,123
Rite Aid Corporation	*†		20,882		113,598
Saks, Inc.			5,811		103,552
School Specialty, Inc.	*†		854		32,016
Sears Holdings Corporation	*†		3,979		668,193
Sharper Image Corporation	*†		648		5,994
Sherwin-Williams Company (The)			4,948		314,594
Stamps.com, Inc.	*		1,050		16,538
Staples, Inc.			29,867		797,449
Stein Mart, Inc.			1,261		16,721
Stride Rite Corporation			2,388		36,011
Systemax, Inc.	*†		1,358		23,697
TJX Companies., Inc.			17,709		504,352
Target Corporation			30,307		1,729,014
Tiffany & Company			6,084		238,736
Trans World Entertainment Corporation	*		1,932		12,713
Tuesday Morning Corporation			1,816		28,239
Tweeter Home Entertainment Group, Inc.	*		1,128		2,391
Valuevision Media, Inc. Class A	*		1,741		22,877
Walgreen Company			39,470		1,811,278
Wal-Mart Stores, Inc.			100,947		4,661,732
Williams-Sonoma, Inc.	†		3,877		121,893
Zale Corporation	*		2,300		64,883
					22,697,776
Social Services—0.0%
Bright Horizons Family Solutions, Inc.	*		1,208		46,701
Res-Care, Inc.	*		1,222		22,179
					68,880
Telephone Systems—3.0%
Adtran, Inc.			3,197		72,572
Alaska Communications Systems Group, Inc.			2,850		43,292
Alltel Corporation			14,709		889,600
AT&T, Inc.			151,807		5,427,100
Audiovox Corporation Class A	*		1,218		17,162
BellSouth Corporation			71,538		3,370,155
Brightpoint, Inc.	*		2,358		31,715
Centennial Communications Corporation			3,036		21,829
CenturyTel, Inc.			4,084		178,307
Cincinnati Bell, Inc.	*		9,266		42,346
Citizens Communications Company			11,806		169,652
Commonwealth Telephone Enterprises, Inc.			876		36,669
Covad Communications Group, Inc.	*		13,040		17,995
D&E Communications, Inc.			1,712		21,657
Deltathree, Inc.	*		2,552		3,216
Dobson Communications Corporation Class A	*		3,916	$	34,108
Embarq Corporation			5,950		312,732
Equinix, Inc.	*†		622		47,036
General Communication Class A	*		2,516		39,577
Global Payments, Inc.			3,238		149,919
Hickory Tech Corporation			651		4,655
IDT Corporation Class B	*		4,800		62,784
iPCS, Inc.	*		700		38,752
j2 Global Communications, Inc.	*†		1,614		43,982
LCC International, Inc. Class A	*		1,000		4,220
Leap Wireless International, Inc.	*		2,100		124,887
Level 3 Communications, Inc.	*†		40,128		224,717
Lightbridge, Inc.	*		1,288		17,440
Mastec, Inc.	*		2,049		23,645
NII Holdings, Inc. Class B	*		4,900		315,756
Novatel Wireless, Inc.	*		1,358		13,132
NTELOS Holdings Corporation	*		2,700		48,276
Qwest Communications International, Inc.	*		62,767		525,360
RCN Corporation	*†		2,597		78,300
Redback Networks, Inc.	*†		1,198		29,878
Rural Cellular Corporation Class A	*		1,265		16,622
SAVVIS, Inc.	*		408		14,570
Sprint Nextel Corporation			115,766		2,186,820
SunCom Wireless Holdings, Inc. Class A	*		2,699		1,889
SureWest Communications			184		5,067
Telecommunication Systems, Inc.	*†		1,200		3,720
Telephone & Data Systems, Inc.			2,518		136,803
Telephone & Data Systems, Inc.			1,018		50,493
Time Warner Telecom, Inc. Class A	*		1,928		38,425
US Cellular Corporation	*		680		47,321
Verizon Communications, Inc.			113,271		4,218,212
Windstream Corporation			15,208		216,258
Wireless Facilities, Inc.	*		2,398		6,834
					19,425,457
Textiles, Clothing & Fabrics—0.4%
Albany International Corporation Class A			1,437		47,292
Brown Shoe Company, Inc.			1,194		57,002
Coach, Inc.	*		15,372		660,381
Columbia Sportswear Company			652		36,316
CROCS, Inc.	*†		1,800		77,760
Culp, Inc.	*		888		4,573
Genesco, Inc.	*†		921		34,353
Guess ?, Inc.	*		1,774		112,525
Gymboree Corporation	*		1,400		53,424
Hanesbrands, Inc.	*		4,099		96,818
Iconix Brand Group, Inc.	*		2,737		53,070
Jones Apparel Group, Inc.			4,641		155,149
Kellwood Company			1,170		38,048
Liz Claiborne, Inc.			4,930		214,258
Mohawk Industries, Inc.	*†		2,460		184,156
Mothers Work, Inc.	*		600		23,634
Oxford Industries, Inc.			936		46,472
Phillips-Van Heusen Corporation			1,267		63,565
Polo Ralph Lauren Corporation			2,143		166,425
Quaker Fabric Corporation	*		2,550		3,009
Quiksilver, Inc.	*†		4,288		67,536
Skechers U.S.A., Inc. Class A	*		1,935		64,455
Sport-Haley, Inc.			1,042		5,054
Steven Madden Ltd.			751		26,353
Tag-It Pacific, Inc.	*		1,334		1,374

See accompanying notes to financial statements.

252

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Tarrant Apparel Group	*†		1,106	$	1,626
Timberland Company Class A	*		2,970		93,793
VF Corporation			3,785		310,673
Warnaco Group, Inc. (The)	*		1,569		39,821
Wolverine World Wide, Inc.			2,589		73,838
					2,812,753
Transportation—1.5%
Alexander & Baldwin, Inc.	†		1,466		65,002
American Commercial Lines, Inc.	*†		1,000		65,510
Arctic Cat, Inc.			1,857		32,665
Arkansas Best Corporation			903		32,508
Brunswick Corporation			3,797		121,124
Burlington Northern Santa Fe Corporation			14,190		1,047,364
CSX Corporation			17,764		611,615
Carnival Corporation	†		17,238		845,524
CH Robinson Worldwide, Inc.	†		7,150		292,364
Con-way, Inc.			2,160		95,126
Expedia, Inc.	*		12,018		252,138
Expeditors International Washington, Inc.			8,772		355,266
Fleetwood Enterprises, Inc.	*†		1,750		13,843
Florida East Coast Industries			423		25,211
Forward Air Corporation			1,431		41,399
Freightcar America, Inc.	†		900		49,905
GATX Corporation			1,766		76,521
General Maritime Corporation			1,897		66,755
Genesee & Wyoming, Inc. Class A	*		1,576		41,354
Gulfmark Offshore, Inc.	*		1,000		37,410
Heartland Express, Inc.			4,220		63,384
Hornbeck Offshore Services, Inc.	*		1,800		64,260
HUB Group, Inc. Class A	*		2,400		66,120
JB Hunt Transport Services, Inc.			3,964		82,332
Kansas City Southern	*†		2,513		72,827
Kirby Corporation	*		2,358		80,479
Laidlaw International, Inc.			3,900		118,677
Landstar System, Inc.			2,256		86,134
Norfolk Southern Corporation			16,102		809,770
Old Dominion Freight Line, Inc.	*		1,783		42,917
OMI Corporation			3,824		80,954
Overseas Shipholding Group			1,587		89,348
P.A.M. Transportation Services, Inc.	*		338		7,443
Pacer International, Inc.			1,664		49,537
Polaris Industries, Inc.	†		1,858		87,010
Quality Distribution, Inc.	*		93		1,239
RailAmerica, Inc.	*		1,527		24,554
Royal Caribbean Cruises Ltd.			4,300		177,934
Sabre Holdings Corporation			5,055		161,204
Saia, Inc.	*		1,662		38,575
Sirva, Inc.	*		517		1,799
Swift Transportation Company, Inc.	*		3,649		95,859
Thor Industries, Inc.	†		1,221		53,712
Trinity Industries, Inc.	†		3,051		107,395
UTI Worldwide, Inc. (Luxembourg)			2,208		66,019
Union Pacific Corporation			10,489		965,198
United Parcel Service, Inc. Class B			24,142		1,810,167
Wabtec Corporation			1,737		52,770
Werner Enterprises, Inc.	†		2,915		50,954
West Marine, Inc.	*†		803		13,868
YRC Worldwide, Inc.	*†		2,278		85,949
					9,676,992
Water Companies—0.0%
American States Water Company			500	$	19,310
Aqua America, Inc.	†		4,329		98,615
California Water Service Group			965		38,986
Connecticut Water Service, Inc.			500		11,375
Pico Holdings, Inc.	*		1,150		39,986
SJW Corporation			1,010		39,148
					247,420
TOTAL COMMON STOCKS
(Cost $398,827,157)					633,282,142

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.1%
U.S. Treasury Bills—0.1%
U.S. Treasury Bill
4.850%	03/08/2007	**	$	275,000		272,481
4.816%	03/08/2007	**		50,000		49,545
4.812%	03/08/2007	**		25,000		24,772
4.805%	03/08/2007	**		175,000		173,412
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $520,210)						520,210

 

		Shares		Value
RIGHTS—0.0%
Financial Services—0.0%
Affordable Residential Communities, LP Rights, Expires TBD	†‡		950		839
Textiles, Clothing & Fabrics—0.0%
Mossimo, Inc. Rights, Expires TBD	‡d		2,806		—
TOTAL RIGHTS
(Cost $—)					839
WARRANTS—0.0%
Financial Services—0.0%
Equitex, Inc. Warrants, Expires 2/7/2010	‡d		264		—
Equitex, Inc. Warrants, Expires 2/7/2010	‡d		264		—
Pegasus Wireless Corporation Warrants, Expires 08/11/2008	†‡d		540		—
(Cost $—)					—

 

See accompanying notes to financial statements.

253

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—7.8%
Bank & Certificate Deposits/ Offshore Time Deposits—7.5%
Abbey National PLC
5.280%	01/05/2007	††	$	764,057	$	764,057
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		764,057		764,057
Bank Of Nova Scotia
5.300%	02/27/2007	††		955,072		955,072
Bank Of Nova Scotia
5.290%	01/30/2007	††		382,029		382,029
Bank Of Nova Scotia
5.290%	02/06/2007	††		573,043		573,043
Barclays
5.320%	02/13/2007	††		382,029		382,029
Barclays
5.310%	02/20/2007	††		955,072		955,072
Barclays
5.300%	01/02/2007	††		955,072		955,072
Barton Capital LLC
5.300%	01/17/2007	††		382,029		382,029
Barton Capital LLC
5.300%	01/17/2007	††		573,043		573,043
Calyon
5.310%	02/16/2007	††		382,029		382,029
Calyon
5.300%	02/05/2007	††		1,146,086		1,146,086
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		1,146,086		1,146,086
Charta LLC
5.300%	01/31/2007	††		748,149		748,149
CIESCO
5.310%	01/04/2007	††		497,421		497,421
Citigroup
5.310%	03/16/2007	††		382,029		382,029
Clipper Receivables Corp
5.300%	01/31/2007	††		382,029		382,029
Compass Securitization
5.300%	01/09/2007	††		573,043		573,043
CRC Funding LLC
5.340%	01/23/2007	††		191,014		191,014
CRC Funding LLC
5.300%	01/10/2007	††		557,693		557,693
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		382,029		382,029
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		764,057		764,057
Dexia Group
5.290%	01/16/2007	††		955,072		955,072
Fairway Finance
5.300%	01/09/2007	††		458,434		458,434
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		382,029		382,029
Fortis Bank
5.320%	01/03/2007	††		382,029		382,029
Fortis Bank
5.300%	01/02/2007	††		382,029		382,029
Fortis Bank
5.300%	01/24/2007	††		1,337,100		1,337,100
Fortis Bank
5.300%	01/26/2007	††		1,528,115		1,528,115
General Electric Capital Corporation
5.300%	01/26/2007	††	$	764,057	$	764,057
Greyhawk Funding
5.310%	01/12/2007	††		382,029		382,029
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		955,072		955,072
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		382,029		382,029
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		573,043		573,043
Lexington Parker Cap Comp
5.300%	01/05/2007	††		382,029		382,029
Liberty Street
5.310%	01/17/2007	††		382,029		382,029
Lloyds TSB Bank
5.300%	02/26/2007	††		382,029		382,029
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		382,029		382,029
Merrill Lynch & Co
5.300%	01/02/2007	††		6,685,502		6,685,502
Morgan Stanley & Co
5.300%	01/02/2007	††		4,684,021		4,684,021
Old Line Funding LLC
5.350%	01/04/2007	††		382,029		382,029
Paradigm Funding LLC
5.310%	01/17/2007	††		382,029		382,029
Park Avenue Receivables Corp
5.330%	01/18/2007	††		382,029		382,029
Rabobank Nederland
5.250%	01/02/2007	††		1,146,086		1,146,086
Ranger Funding
5.330%	02/08/2007	††		382,029		382,029
Ranger Funding
5.320%	01/04/2007	††		382,029		382,029
Royal Bank of Canada
5.310%	02/14/2007	††		764,057		764,057
Royal Bank of Scotland
5.310%	01/11/2007	††		382,029		382,029
Royal Bank of Scotland
5.290%	01/16/2007	††		573,043		573,043
Royal Bank of Scotland
5.290%	02/09/2007	††		382,029		382,029
Royal Bank of Scotland
5.280%	01/11/2007	††		955,072		955,072
Sheffiled Receivables Corp
5.360%	01/11/2007	††		573,043		573,043
Sheffiled Receivables Corp
5.300%	01/12/2007	††		382,029		382,029
Societe Generale
5.310%	01/02/2007	††		955,072		955,072
Societe Generale
5.290%	02/01/2007	††		955,070		955,070
Societe Generale
5.270%	01/19/2007	††		955,070		955,070
Svenska Handlesbanken
5.250%	01/02/2007	††		438,431		438,431
Three Pillars Funding LLC
5.380%	01/02/2007	††		571,616		571,616
UBS AG
5.300%	01/04/2007	††		382,029		382,029
UBS AG
5.290%	01/02/2007	††		764,057		764,057
Variable Funding Capital Co
5.310%	02/02/2007	††		382,029		382,029
Variable Funding Capital Co
5.290%	01/04/2007	††		382,029		382,029

See accompanying notes to financial statements.

254

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Broad
Market Index Fund

Coupon Rate	Maturity Date		Face		Value
CASH EQUIVALENTS—(Continued)
Yorktown Capital LLC
5.330%	01/16/2007	††	$	382,025	$	382,025
Yorktown Capital LLC
5.300%	01/10/2007	††		382,031		382,031
						48,832,837
Floating Rate Instruments/Master Notes—0.3%
Bank of America
5.310%	07/10/2007	††		955,072		955,072
Bank of America
5.270%	01/09/2007	††		764,057		764,057
						1,719,129
TOTAL CASH EQUIVALENTS
(Cost $50,551,966)						50,551,966
REPURCHASE AGREEMENTS—1.7%
IBT Repurchase Agreement dated 12/29/2006 due 1/02/2007, with a maturity value of $11,220,702 and an effective yield of 4.65% collateralized by U.S. Government Obligations with a rate of 4.16% maturity date of 5/01/2035 and an aggregate market value of $11,775,653.				11,214,908		11,214,908
TOTAL INVESTMENTS—107.7%
(Cost $461,114,241)						695,570,065
Other assets less liabilities—(7.7%)						(49,957,688	)
NET ASSETS—100.0%					$	645,612,377

 

Notes to the Schedule of Investments:

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

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

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

†† Represents collateral received from securities lending transactions.

d Security has no market value at 12/31/2006.

See accompanying notes to financial statements.

255

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—98.7%
Advertising—0.4%
24/7 Real Media, Inc.	*		1,934	$	17,503
Aquantive, Inc.	*		3,727		91,908
Catalina Marketing Corporation			2,132		58,630
Clear Channel Outdoor Holdings, Inc. Class A	*		1,750		48,842
Getty Images, Inc.	*†		2,522		107,992
Jupitermedia Corporation	*		4,020		31,838
Lamar Advertising Company	*		4,390		287,062
Valueclick, Inc.	*		5,119		120,962
					764,737
Aerospace & Defense—0.4%
AAR Corporation	*†		2,170		63,342
Alliant Techsystems, Inc.	*†		1,931		150,985
Armor Holdings, Inc.	*†		1,840		100,924
BE Aerospace, Inc.	*		3,694		94,862
Fairchild Corporation (The) Class A	*		3,266		7,153
Gencorp, Inc.	*†		2,409		33,774
Heico Corporation Class A			1,598		52,063
Kaman Corporation Class A			1,060		23,733
Kreisler Manufacturing Corporation	*		1,250		12,037
Orbital Sciences Corporation	*		3,534		65,167
Sequa Corporation Class A	*		280		32,217
Spirit Aerosystems Holdings Inc. Class A	*		1,620		54,221
Triumph Group, Inc.			822		43,097
					733,575
Agriculture, Forestry & Fishing—0.2%
Andersons, Inc.			1,222		51,801
Griffin Land & Nurseries, Inc.	*		650		21,092
Margo Caribe, Inc. (Puerto Rico)	*		1,022		5,493
Pilgrim’s Pride Corporation	†		2,376		69,926
Seaboard Corporation	†		23		40,595
Terra Industries, Inc.	*†		4,733		56,701
Tractor Supply Company	*†		1,869		83,563
					329,171
Airlines—0.8%
AMR Corporation	*		10,593		320,226
Air T, Inc.			563		4,954
Airnet Systems, Inc.	*		2,610		7,726
Airtran Holdings, Inc.	*†		4,678		54,920
Alaska Air Group, Inc.	*		2,394		94,563
Atlas Air Worldwide Holdings, Inc.	*		765		34,042
Bristow Group, Inc.	*		983		35,476
Continental Airlines, Inc. Class B	*†		4,973		205,136
ExpressJet Holdings, Inc.	*		3,876		31,396
Frontier Airlines Holdings, Inc.	*†		4,204		31,110
JetBlue Airways Corporation	*		8,064		114,509
Mesa Air Group, Inc.	*†		2,928		25,093
Midwest Air Group, Inc.	*†		1,743		20,044
PHI, Inc.	*		774		25,333
Pinnacle Airlines Corporation	*		930		15,670
Skywest, Inc.			3,080		78,571
UAL Corporation	*		4,810		211,640
US Airways Group, Inc.	*†		3,212		172,966
					1,483,375
Apparel Retailers—1.4%
Abercrombie & Fitch Company Class A			4,358	$	303,448
Aeropostale, Inc.	*		2,863		88,381
American Eagle Outfitters, Inc.			10,314		321,900
AnnTaylor Stores Corporation	*		3,874		127,222
Bebe Stores, Inc.			940		18,603
Big Dog Holdings, Inc.	*		1,621		26,584
Buckle, Inc. (The)			695		35,341
Cache, Inc.	*		1,030		25,997
Carter’s, Inc.	*		2,956		75,378
Casual Male Retail Group, Inc.	*†		2,471		32,247
Cato Corporation Class A			1,762		40,367
Charlotte Russe Holding, Inc.	*		1,100		33,825
Charming Shoppes, Inc.	*		6,239		84,414
Chico’s FAS, Inc.	*		9,268		191,755
Children’s Place	*†		1,134		72,032
Christopher & Banks Corporation			2,379		44,392
Claire’s Stores, Inc.			4,966		164,573
Dress Barn, Inc.	*†		2,592		60,471
Finish Line Class A			3,184		45,468
HOT Topic, Inc.	*		2,815		37,552
JOS A. Bank Clothiers, Inc.	*†		1,078		31,639
Pacific Sunwear of California, Inc.	*†		3,586		70,214
Payless Shoesource, Inc.	*		3,074		100,889
Ross Stores, Inc.			7,690		225,317
Stage Stores, Inc.			1,491		45,311
Talbots, Inc.			1,205		29,040
Tween Brands, Inc.	*†		1,572		62,770
Under Armour, Inc. Class A	*†		1,800		90,810
United Retail Group, Inc.	*		1,000		14,020
Urban Outfitters, Inc.	*†		6,082		140,068
Wet Seal, Inc. (The) Class A	*		4,497		29,995
Wilsons The Leather Experts, Inc.	*		2,979		6,077
					2,676,100
Automotive—1.3%
A.O. Smith Corporation			952		35,757
Adesa, Inc.			4,711		130,730
Aftermarket Technology Corporation	*		1,503		31,984
American Axle & Manufacturing Holdings, Inc.	†		2,114		40,145
America’s Car Mart, Inc.	*†		1,569		18,608
Amerigon, Inc.	*		2,108		20,363
ArvinMeritor, Inc.			3,702		67,487
Asbury Automotive Group, Inc.			1,342		31,618
BorgWarner, Inc.			2,846		167,971
Carmax, Inc.	*†		5,398		289,495
Clarcor, Inc.			2,844		96,156
Coachmen Industries, Inc.			705		7,755
Copart, Inc.	*		3,582		107,460
Exide Technologies, Inc.	*		3,957		17,213
Federal Signal Corporation			3,130		50,205
Group 1 Automotive, Inc.			1,068		55,237
Harsco Corporation			2,133		162,321
Keystone Automotive Industries, Inc.	*		1,143		38,851
Lear Corporation	†		3,281		96,888
Lithia Motors, Inc. Class A			863		24,820
LKQ Corporation	*		3,180		73,108
Monaco Coach Corporation			1,376		19,484
Navistar International Corporation	*		3,416		114,197
Oshkosh Truck Corporation			3,930		190,291
PEP Boys-Manny Moe & Jack			3,451		51,282

See accompanying notes to financial statements.

256

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Proliance International, Inc.	*		2,240	$	10,304
Rush Enterprises, Inc. Class A	*		1,100		18,612
Sonic Automotive, Inc.			1,869		54,276
Standard Motor Products, Inc.			2,540		38,049
Strattec Security Corporation	*		124		5,778
Superior Industries International, Inc.	†		1,113		21,448
Tenneco Automotive, Inc.	*		2,430		60,070
Titan International, Inc.	†		1,086		21,883
TRW Automotive Holdings Corporation	*		1,800		46,566
United Auto Group, Inc.			2,086		49,167
Visteon Corporation	*		8,265		70,087
Wabash National Corporation			2,596		39,200
Winnebago Industries, Inc.	† ††		1,714		56,408
					2,431,274
Banking—7.2%
1st Source Corporation			1,180		37,913
Advance America Cash Advance Centers, Inc.			3,290		48,198
Advanta Corporation Class A			1,447		57,605
Alabama National Bancorp			1,055		72,510
Alliance Bankshares Corporation	*		745		11,659
Amcore Financial, Inc.			1,313		42,896
AmericanWest Bancorp			720		17,438
AmeriCredit Corporation	*		6,459		162,573
Ameris Bancorp			1,414		39,847
Anchor Bancorp Wisconsin, Inc.			1,412		40,694
Arrow Financial Corporation			476		11,791
Associated Banc Corporation			6,153		214,617
Asta Funding, Inc.	†	��	650		19,786
Astoria Financial Corporation			4,831		145,703
BancFirst Corporation			642		34,668
Bancorpsouth, Inc.			3,722		99,824
BancTrust Financial Group, Inc.			1,600		40,832
Bank Mutual Corporation			3,757		45,497
Bank of Hawaii Corporation			2,694		145,341
Bank of the Ozarks, Inc.			1,070		35,374
BankAtlantic Bancorp, Inc. Class A			3,411		47,106
Bankunited Financial Corporation Class A			2,413		67,467
Banner Corporation			990		43,897
Blue River Bancshares, Inc.			2,545		15,563
BOK Financial Corporation			1,047		57,564
Boston Private Financial Holdings, Inc.			1,777		50,129
Brookline Bancorp, Inc.			3,836		50,520
Bryn Mawr Bank Corporation			1,548		36,595
Camden National Corporation			740		34,129
Capital Bank Corporation			1,283		22,068
Capital City Bank Group, Inc.			738		26,051
Capital Crossing Bank	*		362		10,780
Capitol Bancorp Ltd.			1,172		54,146
Capitol Federal Financial	†		1,016		39,035
Cardinal Financial Corporation			2,163		22,171
Cascade Bancorp	†		1,243		38,570
Cascade Financial Corporation			1,063		18,145
Cathay General Bancorp			2,284		78,821
Centennial Bank Holdings, Inc.	*		4,150		39,259
Central Pacific Financial Corporation			1,889		73,218
CFS Bancorp, Inc.			1,873		27,439
Charter Financial Corporation			350		18,032
Chemical Financial Corporation			1,637		54,512
Chittenden Corporation			2,222		68,193
Citizens Banking Corporation	†		2,320	$	61,480
City Bank, Lynnwood, WA			1,647		58,963
City Holding Company			930		38,028
City National Corporation			2,200		156,640
Coastal Financial Corporation			1,952		32,696
CoBiz, Inc.			1,800		39,672
Colonial BancGroup, Inc. (The)			7,913		203,681
Columbia Banking System, Inc.			1,330		46,710
Commerce Bancshares, Inc.			3,570		172,824
Commercial Bankshares, Inc. (Florida)			310		11,764
Community Bancorp	*		430		12,982
Community Bank System, Inc.			1,892		43,516
Community Banks, Inc.			1,641		45,554
Community Trust Bancorp, Inc.			1,028		42,693
CompuCredit Corporation	*†		1,518		60,432
Corus Bankshares, Inc.	†		2,102		48,493
Cullen/Frost Bankers, Inc.			2,873		160,371
CVB Financial Corporation			3,713		53,690
Dime Community Bancshares			1,638		22,948
Downey Financial Corporation	†		999		72,507
Eastern Virginia Bankshares, Inc.			701		15,815
East-West Bancorp, Inc.			3,020		106,968
Euronet Worldwide, Inc.	*†		1,586		47,088
Farmers Capital Bank Corporation			1,113		37,987
Fidelity Bankshares, Inc.			1,432		56,807
Fidelity Southern Corporation			1,382		25,719
Financial Federal Corporation	†		1,515		44,556
Financial Institutions, Inc.			750		17,287
First Bancorp North Carolina			1,473		32,170
First Bancorp Puerto Rico			3,926		37,415
First Charter Corporation	†		2,103		51,734
First Citizens BancShares, Inc. Class A			275		55,726
First Commonwealth Financial Corporation			3,105		41,700
First Community Bancorp			1,354		70,774
First Financial Bancorp	†		3,075		51,076
First Financial Bankshares, Inc.			1,106		46,297
First Financial Holdings, Inc.			450		17,631
First Financial Service Corporation			899		27,689
First Indiana Corporation			1,200		30,432
First Marblehead Corporation (The)	†		2,284		124,821
First Merchants Corporation			1,625		44,184
First Midwest Bancorp, Inc.			2,892		111,863
First Niagara Financial Group, Inc.			5,990		89,011
First of Long Island Corporation (The)			493		21,618
First Republic Bank	†		1,471		57,487
FirstFed Financial Corporation	*†		1,033		69,180
FirstMerit Corporation			4,085		98,612
Flagstar Bancorp, Inc.			2,770		41,107
Flushing Financial Corporation			1,450		24,751
FMS Financial Corporation			500		15,850
FNB Corporation			3,347		61,150
Franklin Bank Corporation	*		1,930		39,642
Fremont General Corporation			3,340		54,141
Frontier Financial Corporation	†		2,254		65,884
Fulton Financial Corporation			9,591		160,170
Glacier Bancorp, Inc.			2,614		63,886
Great Lakes Bancorp, Inc.	*		791		11,106
Great Southern Bancorp, Inc.	†		470		13,870
Greater Bay Bancorp			2,834		74,619
Hallwood Group, Inc.	*		100		12,250
Hancock Holding Company			1,352		71,440
Hanmi Financial Corporation			2,860		64,436
Harleysville National Corporation			2,124		41,014

See accompanying notes to financial statements.

257

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Harrington West Financial Group, Inc.			1,172	$	20,217
Heritage Commerce Corporation			1,180		31,435
Heritage Financial Corporation			972		23,843
Horizon Financial Corporation			625		15,037
Horizon Financial Services Corporation			450		5,985
Hudson City Bancorp, Inc.			27,794		385,781
Iberiabank Corporation			687		40,567
Independent Bank Corporation (Massachusetts)			874		31,490
Independent Bank Corporation (Michigan)			1,384		35,001
IndyMac Bancorp, Inc.	†		3,694		166,821
Integra Bank Corporation			1,659		45,656
International Bancshares Corporation			2,976		91,988
Investors Financial Services Corporation			3,490		148,918
Irwin Financial Corporation	†		1,296		29,328
Itla Capital Corporation			680		39,379
Kearny Financial Corporation			1,000		16,060
KNBT Bancorp, Inc.			1,653		27,655
Lakeland Financial Corporation			500		12,765
MAF Bancorp, Inc.			1,636		73,113
MainSource Financial Group, Inc.			1,733		29,349
MB Financial, Inc.			2,091		78,661
Medallion Financial Corporation			2,518		31,148
Mercantile Bankshares Corporation			6,466		302,544
Merchants Bancshares, Inc.			572		13,156
Midsouth Bancorp, Inc.	†		501		15,611
Mid-State Bancshares			1,770		64,410
Midwest Banc Holdings, Inc.			1,420		33,725
MidWestOne Financial Group, Inc.			1,573		31,366
Mitcham Industries, Inc.	*		1,100		13,145
Nara Bancorp, Inc.			2,060		43,095
NASB Financial, Inc.			529		21,874
National Penn Bancshares, Inc.			2,436		49,329
NBT Bancorp, Inc.			2,320		59,183
Nelnet, Inc. Class A	*		1,351		36,963
Netbank, Inc.			2,851		13,229
New York Community Bancorp, Inc.			14,231		229,119
NewAlliance Bancshares, Inc.			5,770		94,628
Northern States Financial Corporation			773		15,267
Northwest Bancorp, Inc.			1,598		43,881
Ocwen Financial Corporation	*†		3,062		48,563
Old National Bancorp			3,796		71,820
Old Second Bancorp, Inc.			940		27,542
Omega Financial Corp.			1,100		35,112
Oriental Financial Group (Puerto Rico)	†		2,140		27,713
Pacific Capital Bancorp			2,664		89,457
Pacific Premier Bancorp, Inc.	*		977		11,900
Park National Corporation			624		61,776
Parkvale Financial Corporation			1,077		34,195
Partners Trust Financial Group, Inc.			3,310		38,528
Peapack Gladstone Financial Corporation			390		10,959
Peoples Bancorp, Inc.			1,235		36,679
People’s Bank	†		3,304		147,424
Peoples Financial Corporation			884		23,868
PFF Bancorp, Inc.			1,563		53,939
Popular, Inc. (Puerto Rico)			13,576		243,689
Premier Community Bankshares, Inc.			934		18,568
PrivateBancorp, Inc.	†		1,270		52,870
Prosperity Bancshares, Inc.			1,930	$	66,604
Provident Bankshares Corporation			1,869		66,536
Provident Financial Services, Inc.			3,604		65,341
Provident New York Bancorp			3,488		52,250
R&G Financial Corporation Class B (Puerto Rico)			3,806		29,116
Renasant Corporation			1,215		37,215
Republic Bancorp, Inc.			3,755		50,542
Republic Bancorp, Inc. Class A			976		24,488
Riverview Bancorp, Inc.			2,602		39,550
Royal Bancshares of Pennsylvania Class A			882		23,179
S&T Bancorp, Inc.			1,478		51,242
S.Y. Bancorp, Inc.			1,060		29,680
Sandy Spring Bancorp, Inc.			1,234		47,114
Santander Bancorp (Puerto Rico)	†		511		9,121
Security Bank Corporation			440		10,041
Shore Bancshares, Inc.			828		24,972
Signature Bank of New York	*		1,670		51,737
Simmons First National Corporation Class A			911		28,742
Sky Financial Group, Inc.			5,959		170,070
South Financial Group, Inc. (The)			3,909		103,940
SouthFirst Bancshares, Inc.			400		5,600
Southwest Bancorp, Inc.			1,320		36,775
State Bancorp, Inc.			988		18,831
Sterling Bancorp, NY			1,691		33,313
Sterling Bancshares, Inc.			3,877		50,479
Sterling Financial Corporation (Pennsylvania)			1,558		36,878
Sterling Financial Corporation (Washington)			2,338		79,048
Student Loan Corporation			247		51,203
Suffolk Bancorp			1,100		41,943
Susquehanna Bancshares, Inc.			2,892		77,737
SVB Financial Group	*		1,768		82,424
TCF Financial Corporation			6,764		185,469
TD Banknorth, Inc.			5,815		187,708
Texas Capital Bancshares, Inc.	*		1,870		37,176
Texas United Bancshares, Inc.			550		18,887
Tompkins Trustco, Inc.			665		30,224
Trustco Bank Corporation			4,645		51,652
Trustmark Corporation			2,986		97,672
UCBH Holdings, Inc.			5,352		93,981
UMB Financial Corporation			1,418		51,771
Umpqua Holdings Corporation			3,511		103,329
Union Bankshares Corporation			1,185		36,249
UnionBanCal Corporation			2,988		183,015
United Bankshares, Inc.			2,205		85,223
United Community Banks, Inc.			2,120		68,518
United Western Bancorp, Inc.	*		974		19,470
Valley National Bancorp			6,445		170,857
W Holding Company, Inc. (Puerto Rico)	†		6,219		37,065
Washington Federal, Inc.			4,712		110,873
Washington Trust Bancorp, Inc.			960		26,774
Webster Financial Corporation			2,793		136,075
Wesbanco, Inc.			1,500		50,295
West Coast Bancorp			1,290		44,686
Westamerica Bancorporation			1,709		86,527
Westfield Financial, Inc.			1,240		42,904
Whitney Holding Corporation			3,296		107,516
Willow Financial Bancorp Inc.			1,179		17,591
Wilmington Trust Corporation			3,614		152,402
Wintrust Financial Corporation			1,298		62,330
World Acceptance Corporation	*		739		34,696
WSFS Financial Corporation			610		40,827
					13,313,580

See accompanying notes to financial statements.

258

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Beverages, Food & Tobacco—1.8%
Alliance One International, Inc.	*		4,200	$	29,652
American Italian Pasta Company Class A	*†		2,837		25,249
Boston Beer Co., Inc. Class A	*		580		20,868
Bridgford Foods Corporation	*		560		3,511
Bunge Ltd.			6,150		445,936
Central European Distribution Corporation	*†		1,597		47,431
Chiquita Brands International, Inc.	†		1,890		30,183
Coca-Cola Bottling Company Consolidated			437		29,904
Corn Products International, Inc.			3,796		131,114
Del Monte Foods Company			11,215		123,701
Delta & Pine Land Company			1,743		70,504
Farmer Brothers Company			930		19,855
Flowers Foods, Inc.			2,760		74,492
Fresh Del Monte Produce, Inc. (Cayman Islands)			1,097		16,356
Green Mountain Coffee Roasters, Inc.	*		500		24,615
Hain Celestial Group, Inc.	*		2,166		67,601
Hansen Natural Corporation	*		3,680		123,942
Hormel Foods Corporation			4,076		152,198
Inventure Group, Inc. (The)	*		683		1,673
JM Smucker Company (The)			3,155		152,923
John B. Sanfilippo & SON	*		370		4,536
Kraft Foods, Inc. Class A	†		12,497		446,143
Lancaster Colony Corporation			1,510		66,908
Lance, Inc.			2,511		50,421
Loews Corporation— Carolina Group			5,621		363,791
M&F Worldwide Corporation	*		781		19,728
Matrixx Initiatives, Inc.	*		1,810		28,833
Nash Finch Company	†		570		15,561
Peet’s Coffee & Tea, Inc.	*		1,297		34,033
PepsiAmericas, Inc.			3,812		79,976
Performance Food Group Company	*		1,907		52,709
Ralcorp Holdings, Inc.	*		1,258		64,020
Reliv International, Inc.			1,110		9,635
Sanderson Farms, Inc.	†		860		26,049
Smart & Final, Inc.	*		1,115		21,073
Smithfield Foods, Inc.	*		5,563		142,747
Spartan Stores, Inc.			960		20,093
Tootsie Roll Industries, Inc.			1,665		54,445
Topps Company, Inc. (The)			2,256		20,078
TreeHouse Foods, Inc.	*†		2,074		64,709
United Natural Foods, Inc.	*†		2,024		72,702
Universal Corporation			1,079		52,882
Vector Group Ltd.	†		2,276		40,399
					3,343,179
Building Materials—0.9%
Amcol International Corporation			1,127		31,263
Beacon Roofing Supply, Inc.	*†		2,640		49,685
Building Material Holding Corporation	†		1,800		44,442
Carbo Ceramics, Inc.	†		1,203		44,956
Carlisle Companies, Inc.			1,677		131,644
Champion Enterprises, Inc.	*		4,019		37,618
Drew Industries, Inc.	*		1,570		40,836
Eagle Materials, Inc.			2,611		112,874
ElkCorp			939		38,584
Florida Rock Industries, Inc.			2,698		116,149
Interline Brands, Inc.	*		2,320	$	52,130
Jewett-Cameron Trading Ltd. (Canada)	*		1,050		14,726
Louisiana-Pacific Corporation			5,279		113,657
Martin Marietta Materials, Inc.			2,237		232,447
Numerex Corporation Class A	*		1,800		16,938
Owens Corning, Inc.	*†		3,950		118,105
Rock of Ages Corporation	*		1,387		5,659
US Concrete, Inc.	*		4,770		33,962
US Home Systems, Inc.	*		1,292		14,677
USG Corporation	*†		3,690		202,212
Wesco International, Inc.	*		2,570		151,142
					1,603,706
Chemicals—2.0%
A. Schulman, Inc.			1,444		32,129
Aceto Corporation			1,070		9,245
AEP Industries, Inc.	*		373		19,885
Airgas, Inc.			3,575		144,859
Albemarle Corporation			2,144		153,939
Arch Chemicals, Inc.			1,211		40,338
Atlantis Plastics, Inc. Class A	*		1,278		4,166
Balchem Corp.—Class B			720		18,490
Cabot Corporation			2,894		126,092
Cabot Microelectronics Corporation	*†		1,450		49,213
Calgon Carbon Corporation	*†		4,550		28,210
Celanese Corporation Class A			6,730		174,172
CF Industries Holdings, Inc.			3,230		82,817
Chemtura Corporation			13,115		126,297
Church & Dwight, Inc.			3,411		145,479
Compass Minerals International, Inc.			2,020		63,751
Cooper Tire & Rubber Company	†		3,187		45,574
Cytec Industries, Inc.	†		2,025		114,433
Empire Financial Holding Company	*		1,550		4,898
FMC Corporation			1,938		148,354
Female Health Company (The)	*†		4,532		6,979
Georgia Gulf Corporation			1,719		33,194
HB Fuller Company			3,410		88,046
Huntsman Corporation	*		4,348		82,482
Landec Corporation	*		3,037		32,678
LSB Industries, Inc.	*†		1,412		16,351
Lubrizol Corporation			3,430		171,946
Lyondell Chemical Company			11,121		284,364
MacDermid, Inc.			1,457		49,684
Minerals Technologies, Inc.			1,108		65,139
Mosaic Company (The)	*		6,930		148,025
Myers Industries, Inc.			1,717		26,888
Nalco Holding Company	*		5,250		107,415
NewMarket Corporation			690		40,744
NL Industries, Inc.			412		4,260
NuCo2, Inc.	*		761		18,713
Olin Corporation			3,437		56,779
OM Group, Inc.	*		1,477		66,879
Omnova Solutions, Inc.	*		3,769		17,262
Penford Corporation			786		13,598
Pharmos Corporation	*		1,375		2,530
PolyOne Corporation	*		4,683		35,122
Scotts Miracle-Gro Company (The) Class A			2,494		128,815
Sensient Technologies Corporation			2,948		72,521
Spartech Corporation			1,431		37,521
SurModics, Inc.	*†		1,185		36,877
Trex Company, Inc.	*†		732		16,755
Tronox, Inc. Class A	†		2,250		35,977
Tupperware Corporation			3,120		70,543

See accompanying notes to financial statements.

259

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
UAP Holding Corporation	†		2,160	$	54,389
Unifi, Inc.	*		2,629		6,441
USEC, Inc.	*		4,047		51,478
Valhi, Inc.			741		19,251
W.R. Grace & Company	*†		3,690		73,062
Wellman, Inc.			1,669		5,324
West Pharmaceutical Services, Inc.			1,706		87,398
Westlake Chemical Corp.			800		25,104
					3,622,875
Coal—0.3%
Alliance Resource Partners, LP			1,280		44,186
Alpha Natural Resources, Inc.	*		3,220		45,821
Arch Coal, Inc.			7,556		226,907
Evergreen Energy, Inc.	*†		4,470		44,208
Foundation Coal Holdings, Inc.			2,120		67,331
International Coal Group, Inc.	*†		7,310		39,839
James River Coal Company	*†		1,950		18,096
Massey Energy Company			4,323		100,423
Natural Resource Partners, LP			700		40,565
Penn Virginia Resource Partners, LP			1,440		37,454
Westmoreland Coal Company	*		600		11,802
					676,632
Commercial Services—5.8%
Aaron Rents, Inc.	†		2,599		74,799
ABM Industries, Inc.			2,291		52,029
Accenture Ltd. Class A (Bermuda)			27,690		1,022,592
ACCO Brands Corporation	*		2,358		62,416
Administaff, Inc.	†		1,663		71,127
Advisory Board Company (The)	*		950		50,863
Advo, Inc.			1,727		56,300
Akamai Technologies, Inc.	*		7,885		418,851
Amerco, Inc.	*		547		47,594
AmeriGas Partners, LP			2,300		74,819
AMN Healthcare Services, Inc.	*		1,507		41,503
Angelica Corporation			1,241		32,018
APAC Customer Services, Inc.	*		1,972		7,395
Asset Acceptance Capital Corporation	*		728		12,245
Avis Budget Group, Inc.			4,733		102,659
BISYS Group, Inc. (The)	*		6,749		87,130
Bandag, Inc.			586		29,552
Barrett Business Services, Inc.			1,740		40,751
BearingPoint, Inc.	*†		10,066		79,219
Bowne & Company, Inc.			1,575		25,105
Brink’s Company (The)			2,209		141,199
Casella Waste Systems, Inc. Class A	*		2,380		29,107
CDI Corporation			711		17,704
Central Parking Corporation	†		846		15,228
Cenveo, Inc.	*		2,792		59,190
Chemed Corporation			1,472		54,435
Clean Harbors, Inc.	*		1,010		48,894
Coinmach Service Corporation Class A			1,800		21,420
Coinstar, Inc.	*		1,075		32,863
Comfort Systems USA, Inc.			2,180		27,555
Consolidated Graphics, Inc.	*		777		45,897
Cornell Companies, Inc.	*		1,730		31,572
Corporate Executive Board Company	†		1,974		173,120
Corrections Corporation of America	*		2,955		133,655
Courier Corporation			816		31,800
CRA International, Inc.	*		836		43,806
Cytyc Corporation	*		5,941		168,130
Daktronics, Inc.			2,300	$	84,755
Diamond Management & Technology Consultants, Inc.			1,432		17,814
Digitas, Inc.	*		5,372		72,039
Dollar Thrifty Automotive Group, Inc.	*		1,428		65,131
Dun & Bradstreet Company	*		3,130		259,133
EGL, Inc.	*		1,862		55,450
Edgewater Technology, Inc.	*		1,533		9,367
eFunds Corporation	*		2,250		61,875
Ennis Business Forms, Inc.			2,217		54,228
EPIQ Systems, Inc.	*†		725		12,303
eResearch Technology, Inc.	*†		2,056		13,837
Escala Group, Inc.	*†		952		7,321
Essex Corp.	*		900		21,519
Exponent, Inc.	*		760		14,182
First Advantage Corporation Class A	*		630		14,465
First Aviation Services, Inc.	*		1,818		6,545
First Consulting Group, Inc.	*		3,067		42,202
Forrester Research, Inc.	*		963		26,107
FTI Consulting, Inc.	*†		2,345		65,402
G&K Services, Inc. Class A			1,008		39,201
Geo Group, Inc. (The)	*		1,228		46,075
Gevity HR, Inc.			1,764		41,789
Greenfield Online, Inc.	*		955		13,656
H&E Equipment Services, Inc.	*		1,490		36,907
Harris Interactive, Inc.	*		2,730		13,759
Healthcare Services Group, Inc.			1,991		57,659
Heidrick & Struggles International, Inc.	*		866		36,684
Hewitt Associates, Inc. Class A	*		5,202		133,951
Hudson Highland Group, Inc.	*		1,880		31,358
Icos Corporation	*		2,929		98,971
I-many, Inc.	*		952		1,571
Inergy, LP			2,474		73,750
Internet Capital Group, Inc.	*		1,769		18,150
inVentiv Health, Inc.	*		2,050		72,467
Ipass, Inc.	*†		2,180		12,818
Iron Mountain, Inc.	*		5,900		243,906
Jackson Hewitt Tax Service, Inc.			1,730		58,768
Jacobs Engineering Group, Inc.	*		3,129		255,139
John H. Harland Company			1,722		86,444
Kelly Services, Inc. Class A			1,173		33,947
Kforce.com, Inc.	*		3,398		41,354
Korn Ferry International	*†		2,475		56,826
Labor Ready, Inc.	*		3,035		55,632
Landauer, Inc.			599		31,430
Lazare Kaplan International	*		1,140		11,343
LECG Corporation	*		884		16,336
Lionbridge Technologies, Inc.	*		2,495		16,068
LoJack Corporation	*		1,880		32,110
Macquarie Infrastructure Company Trust			1,650		58,542
Magellan Health Services, Inc.	*		1,990		86,008
Management Network Group, Inc.	*		1,600		2,400
Manpower, Inc.			4,504		337,485
MasterCard, Inc. Class A	†		3,176		312,804
Maximus, Inc.			1,052		32,381
Medical Staffing Network Holdings, Inc.	*		1,686		9,897
Metal Management, Inc.			1,220		46,177
Midas, Inc.	*		1,278		29,394
Millennium Cell, Inc.	*†		1,700		1,598
Mobile Mini, Inc.	*		1,880		50,647
MoneyGram International, Inc.			4,671		146,483
Monro Muffler, Inc.			1,090		38,259
MPS Group, Inc.	*		5,227		74,119

See accompanying notes to financial statements.

260

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
MTC Technologies, Inc.	*		620	$	14,601
National Research Corporation			1,250		28,575
Navigant Consulting, Inc.	*†		2,314		45,725
NetRatings, Inc.	*		1,164		20,382
Omnicell, Inc.	*		1,584		29,510
On Assignment, Inc.	*		3,093		36,343
Online Resources Corporation	*		2,780		28,384
Opsware, Inc.	*†		5,790		51,068
Overland Storage, Inc.	*		1,282		5,769
PDI, Inc.	*		703		7,135
Pegasystems, Inc.			2,142		21,142
Perma-Fix Environmental Services	*		5,502		12,765
Per-Se Technologies, Inc.	*†		1,658		46,059
Pfsweb, Inc.	*		5,683		6,251
PHH Corporation	*		3,080		88,920
Portfolio Recovery Associates, Inc.	*†		884		41,274
Possis Medical, Inc.	*		1,278		17,227
PRA International	*		1,380		34,873
Pre-Paid Legal Services, Inc.	*†		780		30,521
Presstek, Inc.	*		2,015		12,815
Quanta Services, Inc.	*†		5,753		113,162
RCM Technologies, Inc.	*		1,593		9,542
Regis Corporation			2,208		87,304
Rent-A-Center, Inc.	*†		3,369		99,419
Republic Services, Inc.			5,800		235,886
Resources Connection, Inc.	*		2,702		86,032
Rewards Network, Inc.	*		3,328		23,130
Rollins, Inc.			1,702		37,631
SAIC Inc.	*†		3,565		63,421
Service Corporation International			14,563		149,271
ServiceMaster Company (The)			14,937		195,824
Shaw Group, Inc. (The)	*		3,742		125,357
Sitel Corporation	*		2,384		10,060
Sotheby’s Holdings, Inc. Class A			3,323		103,079
Spherion Corporation	*		2,689		19,979
Standard Register Company (The)			1,650		19,800
StarTek, Inc.			1,875		25,387
Steiner Leisure, Ltd. (Bahama Islands)	*		990		45,045
Stericycle, Inc.	*		2,219		167,534
SupportSoft, Inc.	*		2,202		12,067
Synagro Technologies, Inc.			3,224		14,250
Tejon Ranch Company	*†		763		42,606
TeleTech Holdings, Inc.	*		2,499		59,676
Tetra Tech, Inc.	*		3,204		57,960
TRC Companies, Inc.	*		998		8,613
TRM Corporation	*		780		1,669
United Rentals, Inc.	*†		3,294		83,766
Universal Compression Holdings, Inc.	*		1,483		92,109
URS Corporation	*		2,652		113,638
Valassis Communications, Inc.	*		2,737		39,686
Varsity Group, Inc.	*		2,748		4,864
Vertrue, Inc.	*†		749		28,769
Viad Corporation			1,307		53,064
Volt Information Sciences, Inc.	*		834		41,875
Washington Group International, Inc.	*		1,380		82,510
Waste Connections, Inc.	*		2,570		106,783
Waste Industries USA, Inc.			1,297		39,584
Watson Wyatt Worldwide Inc.			2,160		97,524
Weight Watchers International, Inc.			2,447		128,541
Westaff, Inc.	*		942		5,172
Wind River Systems, Inc.	*†		4,106	$	42,086
World Fuel Services Corporation			1,832		81,451
Wright Express Corporation	*		1,900		59,223
Xanser Corporation	*		4,100		19,926
					10,776,094
Communications—2.0%
Ace*Comm Corporation	*		3,033		3,791
AltiGen Communications, Inc.	*		4,110		6,699
American Tower Corporation Class A	*		21,655		807,298
Anadigics, Inc.	*†		3,457		30,629
Andrew Corporation	*†		8,267		84,571
Applied Innovation, Inc.	*		500		1,605
Applied Signal Technology, Inc.			858		12,063
Arris Group, Inc.	*		5,807		72,646
Avici Systems, Inc.	*†		3,392		26,288
Avistar Communications Corporation	*		774		1,393
Blonder Tongue Laboratories	*		2,285		3,884
Broadwing Corporation	*		3,078		48,078
CalAmp Corporation	*		1,650		13,926
Carrier Access Corporation	*		1,178		7,728
C-COR.net Corporation	*		4,848		54,007
Centillium Communications, Inc.	*		1,589		3,400
Checkpoint Systems, Inc.	*		2,042		41,248
Comtech Telecommunications	*		1,350		51,394
Crown Castle International Corporation	*		10,784		348,323
CT Communications, Inc.			1,105		25,327
Cubic Corporation			1,262		27,385
Ditech Networks, Inc.	*		3,980		27,542
EndWave Corporation	*		912		9,877
Foundry Networks, Inc.	*		6,611		99,033
Glenayre Technologies, Inc.	*		5,333		13,599
Harmonic, Inc.	*		5,690		41,366
Harris Corporation			6,650		304,969
Hungarian Telephone & Cable Corporation	*		712		10,751
ID Systems, Inc.	*†		1,146		21,568
Integrated Telecom Express, Inc.	‡d		1,103		—
InterDigital Communications Corporation	*†		3,103		104,106
Inter-Tel, Inc.			1,334		29,561
InterVoice, Inc.	*		4,035		30,908
Intraware, Inc.	*		783		5,129
Loral Space & Communications, Ltd. (Bermuda)	*		660		26,875
McData Corporation Class A	*		8,674		48,141
Mindspeed Technologies, Inc.	*		4,010		7,659
NMS Communications Corporation	*		3,530		7,236
On2 Technologies, Inc.	*		4,620		5,544
Openwave Systems, Inc.	*		4,311		39,791
Plantronics, Inc.			2,366		50,159
Polycom, Inc.	*		4,658		143,979
Powerwave Technologies, Inc.	*		5,514		35,565
Premiere Global Services, Inc.	*		3,644		34,399
Radyne Corporation	*		1,100		11,814
SBA Communications Corporation	*		4,940		135,850
SeaChange International, Inc.	*		3,359		34,329
Sirius Satellite Radio, Inc.	*†		63,179		223,654
Socket Communications, Inc.	*		1,300		1,456
Sonus Networks, Inc.	*		12,770		84,154
Spectralink Corporation	*		1,133		9,744
Standard Microsystems Corporation	*		1,446		40,459

See accompanying notes to financial statements.

261

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Stratex Networks, Inc.	*		6,040	$	29,173
Symmetricom, Inc.	*		2,040		18,197
Syntax-Brillian Corporation	*†		4,531		38,921
Tekelec	*		3,640		53,981
TeleCorp PCS, Inc.	‡		5,508		—
Terremark Worldwide, Inc.	*		3,200		21,504
Tollgrade Communications, Inc.	*		601		6,353
Tut Systems, Inc.	*		1,414		1,584
Ulticom, Inc.	*		1,583		15,181
Universal Security Instruments, Inc.	*		266		7,432
Utstarcom, Inc.	*†		4,666		40,827
Verso Technologies, Inc.	*		1,619		1,861
Viasat, Inc.	*		1,190		35,474
Westell Technologies, Inc. Class A	*		3,671		9,177
XM Satellite Radio Holdings, Inc. Class A	*†		13,431		194,078
Zhone Technologies, Inc.	*		3,916		5,130
Zix Corporation	*		1,016		1,209
Zoom Telephonics, Inc.	*		2,712		3,037
					3,794,019
Computer Software & Processing—5.1%
3D Systems Corporation	*†		1,159		18,498
Acacia Research—Acacia Technologies	*		1,430		19,133
ActivIdentity Corporation	*		5,830		29,558
Activision, Inc.	*†		14,911		257,066
Actuate Corporation	*		6,674		39,644
Acxiom Corporation			3,561		91,340
Advent Software, Inc.	*†		951		33,561
Agile Software Corporation	*		2,087		12,835
Alliance Data Systems Corporation	*		3,346		209,025
Altiris, Inc.	*		975		24,745
American Access Technologies, Inc.	*		1,400		1,274
American Software, Inc. Class A			1,950		13,513
AMICAS, Inc.	*		2,496		7,338
answerthink, Inc.	*		2,851		8,781
Ansys, Inc.	*		1,688		73,411
Applied Digital Solutions, Inc.	*†		4,675		8,462
Applix, Inc.	*		4,341		49,270
Arbitron, Inc.			1,628		70,720
Ariba, Inc.	*		4,717		36,510
Art Technology Group, Inc.	*		8,335		19,421
Aspen Technology, Inc.	*†		2,980		32,840
At Road, Inc.	*		1,948		14,220
Audible, Inc.	*		1,213		9,619
Autobytel, Inc.	*		4,755		16,642
Avocent Corporation	*		2,877		97,386
BEA Systems, Inc.	*		20,912		263,073
Bankrate, Inc.	*†		1,084		41,138
Blackbaud, Inc.			2,265		58,890
Blue Coat Systems, Inc.	*		467		11,185
Borland Software Corporation	*		2,936		15,972
Bottomline Technologies, Inc.	*		1,490		17,060
Brady Corporation Class A			2,304		85,893
CMGI, Inc.	*		15,258		20,446
CNET Networks, Inc.	*†		8,481		77,092
CSG Systems International, Inc.	*		2,623		70,113
CACI International, Inc. Class A	*		1,719		97,123
Cadence Design Systems, Inc.	*†		14,776		264,638
Callidus Software, Inc.	*		173		1,090
Captaris, Inc.	*		3,554		27,615
Carreker Corporation	*		1,681		12,843
Ceridian Corporation	*		7,517	$	210,326
Cerner Corporation	*†		3,047		138,638
Checkfree Corporation	*†		3,707		148,873
Choicepoint, Inc.	*		4,713		185,598
Chordiant Software, Inc.	*		4,649		15,388
Ciber, Inc.	*		2,445		16,577
Clinical Data, Inc.	*		1,332		21,379
Cogent Communications Group, Inc.	*		1,499		24,314
Cogent, Inc.	*†		1,940		21,359
Cognex Corporation			2,024		48,212
Computer Horizons Corporation	*		1,347		6,088
Concur Technologies, Inc.	*†		2,083		33,411
Corillian Corporation	*		1,472		5,549
CoStar Group, Inc.	*†		1,140		61,058
Covansys Corporation	*		1,478		33,920
Cybersource Corporation	*		1,281		14,117
DST Systems, Inc.	*†		2,678		167,723
Deluxe Corporation			2,710		68,292
Dendrite International, Inc.	*		3,237		34,668
Digital Insight Corporation	*		1,983		76,326
Digital River, Inc.	*		1,977		110,297
DocuCorp International, Inc.	*		1,429		14,547
Earthlink, Inc.	*		5,814		41,279
ebix.com, Inc.	*		1,755		49,052
Echelon Corporation	*†		1,770		14,160
Eclipsys Corporation	*†		2,677		55,039
eCollege.com, Inc.	*†		635		9,938
Electro Rent Corporation	*		951		15,882
Electronics for Imaging	*		2,859		75,992
Embarcadero Technologies, Inc.	*		1,253		7,668
Emdeon Corporation	*†		14,620		181,142
Entrust Technologies, Inc.	*		7,470		31,897
Epicor Software Corporation	*		3,383		45,704
ePresence, Inc.	‡d		1,173		—
eSpeed, Inc. Class A	*		3,650		31,864
Evolving Systems, Inc.	*		1,054		1,233
F5 Networks, Inc.	*		2,022		150,053
Factset Research Systems, Inc.			1,911		107,933
Fair Isaac Corporation			3,219		130,852
FalconStor Software, Inc.	*		1,374		11,885
Gartner Group, Inc. Class A	*		4,089		80,921
Gerber Scientific, Inc.	*		1,608		20,196
Hypercom Corporation	*		4,002		25,413
Hyperion Solutions Corporation	*		3,084		110,839
iGate Capital Corporation	*		2,997		20,619
IHS, Inc.—Class A	*		1,490		58,825
Imergent, Inc.	*†		1,043		29,872
Infocrossing, Inc.	*†		2,480		40,424
Informatica Corporation	*		4,842		59,121
Inforte Corporation	*		1,897		7,095
Infospace, Inc.	*		1,323		27,135
InfoUSA, Inc.			2,708		32,252
Innovative Solutions & Support, Inc.	*†		1,200		20,436
Integral Systems, Inc.			631		14,620
Interactive Data Corporation			2,351		56,518
Interactive Intelligence, Inc.	*		950		21,299
Internap Network Services Corporation	*†		2,279		45,284
Intersections, Inc.	*		1,900		20,064
Interwoven, Inc.	*		1,909		28,005
JDA Software Group, Inc.	*		1,257		17,309
Jack Henry & Associates, Inc.			4,391		93,967
Kanbay International, Inc.	*		1,790		51,498
Keane, Inc.	*		2,632		31,347
Keynote Systems, Inc.	*		1,400		14,840
Knot, Inc. (The)	*†		1,493		39,176

See accompanying notes to financial statements.

262

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Kronos, Inc.	*		1,633	$	59,996
Lawson Software, Inc.	*		6,650		49,143
LivePerson, Inc.	*		3,334		17,437
Looksmart	*		4,010		17,885
Magma Design Automation, Inc.	*		3,929		35,086
Manhattan Associates, Inc.	*		1,346		40,488
Mantech International Corporation Class A	*		1,168		43,017
Mapinfo Corporation	*		2,322		30,302
McAfee, Inc.	*		8,336		236,576
Mediware Information Systems	*		1,089		9,104
Mentor Graphics Corporation	*		4,245		76,537
MicroStrategy, Inc. Class A	*†		544		62,021
MIVA, Inc.	*		6,581		22,310
Mobius Management Systems, Inc.	*		878		5,839
Move, Inc.	*		7,363		40,570
Napster, Inc.	*		6,796		24,669
National Instruments Corporation			2,955		80,494
Navisite, Inc.	*†		3,725		25,963
NAVTEQ Corporation	*†		4,860		169,954
Neoware Inc.	*		2,220		29,326
NetFlix, Inc.	*†		3,659		94,622
Netscout Systems, Inc.	*		1,250		10,375
Netsmart Technologies, Inc.	*		506		8,217
NIC, Inc.	*		2,450		12,176
NVE Corporation	*†		771		23,685
Open Solutions, Inc.	*		883		33,236
Packeteer, Inc.	*		1,900		25,840
Parametric Technology Corporation	*		5,713		102,948
PDF Solutions, Inc.	*		974		14,074
Perficient, Inc.	*		1,080		17,723
Perot Systems Corporation Class A	*		4,359		71,444
Phoenix Technologies Ltd.	*		1,238		5,571
Plato Learning, Inc.	*		1,826		9,879
Progress Software Corporation	*		1,803		50,358
QAD, Inc.			1,363		11,436
Quality Systems, Inc.			768		28,623
Quest Software, Inc.	*†		2,548		37,328
Radiant Systems, Inc.	*		1,019		10,638
Radisys Corporation	*		961		16,020
RealNetworks, Inc.	*		5,844		63,933
Red Hat, Inc.	*†		10,392		239,016
Renaissance Learning, Inc.			1,354		24,006
S1 Corporation	*		2,637		14,530
Saba Software, Inc.	*		1,576		9,818
SafeNet, Inc.	*		1,099		26,310
Salesforce.com, Inc.	*		4,270		155,641
Sapient Corporation	*†		4,601		25,259
Scientific Learning Corporation	*		3,146		17,272
SCO Group, Inc. (The)	*†		998		1,128
Secure Computing Corporation	*		3,114		20,428
Sonic Foundry, Inc.	*		1,200		5,640
SonicWall, Inc.	*		2,442		20,562
Source Interlink Companies, Inc.	*		1,650		13,464
SPSS, Inc.	*		1,231		37,016
SRA International, Inc. Class A	*		2,136		57,117
Stratasys, Inc.	*†		981		30,813
SumTotal Systems, Inc.	*		1,899		11,489
Sybase, Inc.	*		4,546		112,286
Sykes Enterprises, Inc.	*		1,424		25,119
SYNNEX Corporation	*		1,034		22,686
Synopsys, Inc.	*		7,202		192,509
Synplicity, Inc.	*		1,050		6,573
Syntel, Inc.			854		22,887
Take-Two Interactive Software, Inc.	*†		3,244	$	57,613
Talx Corporation			1,671		45,869
Technology Solutions Company	*		108		744
THQ, Inc.	*†		2,929		95,251
3Com Corporation	*		21,442		88,127
TIBCO Software, Inc.	*		10,477		98,903
Total System Services, Inc.	†		2,202		58,111
Tradestation Group, Inc.	*		1,691		23,251
Transaction Systems Architects, Inc. Class A	*		1,859		60,548
Trizetto Group, Inc.	*†		2,710		49,783
Tumbleweed Communications Corporation	*		2,952		7,764
Ultimate Software Group, Inc.	*		1,243		28,912
United Online, Inc.	†		4,189		55,630
Vasco Data Security International, Inc.	*		1,245		14,753
Verint Systems, Inc.	*		652		22,351
Versant Corporation	*		330		4,495
Viewpoint Corporation	*		1,141		765
Vignette Corporation	*		1,259		21,491
Vitria Technology, Inc.	*		1,150		3,093
Wave Systems Corporation Class A	*†		1,004		2,580
WebEx Communications, Inc.	*		2,253		78,607
WebMD Health Corporation Class A	*†		510		20,410
Webmethods, Inc.	*		2,154		15,853
Websense, Inc.	*		2,638		60,226
Witness Systems, Inc.	*		1,610		28,223
XETA Technologies, Inc.	*		1,947		6,114
					9,410,170
Computers & Information—1.8%
Authentidate Holding Corporation	*		1,023		1,637
Black Box Corporation			866		36,363
Brocade Communications Systems, Inc.	*		15,188		124,693
CDW Corporation			2,933		206,249
Ciprico, Inc.	*		1,658		10,031
Cirrus Logic, Inc.	*		5,397		37,131
Concurrent Computer Corporation	*		7,592		13,742
Cray, Inc.	*		2,314		27,490
Dataram Corporation			1,175		4,923
Datawatch Corporation	*		3,500		9,135
Diebold, Inc.	†		3,530		164,498
Digi International, Inc.	*		2,517		34,709
Dot Hill Systems Corporation	*		3,866		15,193
Emulex Corporation	*		4,279		83,483
Extreme Networks, Inc.	*		4,492		18,821
Focus Enhancements, Inc.	*		5,319		8,298
Global Imaging Systems, Inc.	*		2,972		65,235
Global Payment Technologies, Inc.	*		1,270		1,778
Ikon Office Solutions, Inc.			5,770		94,455
InFocus Corporation	*		1,636		4,368
Ingram Micro, Inc. Class A	*		6,771		138,196
Insight Enterprises, Inc.	*		2,944		55,553
Iomega Corporation	*		7,475		26,387
Iteris, Inc.	*		4,264		10,234
Komag, Inc.	*†		1,680		63,638
MTI Technology Corporation	*		3,844		2,883
Merge Technologies, Inc.	*		4,320		28,339
Micros Systems, Inc.	*		2,146		113,094
MTM Technologies, Inc.	*		500		770
Navarre Corporation	*†		1,460		5,811

See accompanying notes to financial statements.

263

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Netgear, Inc.	*		2,027	$	53,209
Network Engines, Inc.	*		1,330		3,458
Nuance Communications, Inc.	*†		7,693		88,162
Palm, Inc.	*†		4,614		65,011
Paxar Corporation	*		1,972		45,474
Performance Technologies, Inc.	*		794		4,756
Planar Systems, Inc.	*		1,786		17,271
Precis, Inc.	*		3,538		7,076
ProQuest Company	*		1,673		17,483
Quantum Corporation	*		10,382		24,086
Rackable Systems, Inc.	*†		1,470		45,526
Safeguard Scientifics, Inc.	*		4,074		9,859
ScanSource, Inc.	*		1,126		34,230
Scientific Games Corporation Class A	*		3,568		107,861
SCM Microsystems, Inc.	*		1,494		4,706
Seagate Technology (Cayman Islands)			27,972		741,258
Sigma Designs, Inc.	*†		1,590		40,465
SimpleTech, Inc.	*		578		7,329
Tech Data Corporation	*		2,708		102,552
TransAct Technologies, Inc.	*		889		7,352
VA Software Corporation	*		6,619		33,294
VeriFone Holdings, Inc.	*		2,620		92,748
VitalStream Holdings, Inc.	*		250		2,510
Wayside Technology Group, Inc.	†		1,787		27,019
Web.com, Inc.	*		706		2,958
Western Digital Corporation	*		11,615		237,643
Zebra Technologies Corporation Class A	*		3,669		127,645
					3,358,078
Containers & Packaging—0.4%
Crown Holdings, Inc.	*		9,065		189,640
Greif, Inc. Class A			826		97,798
Libbey, Inc.			2,250		27,765
Owens-IIlinois, Inc.	*		7,935		146,401
Silgan Holdings, Inc.			1,454		63,860
Sonoco Products Company			5,044		191,975
					717,439
Cosmetics & Personal Care—0.1%
1-800 Contacts, Inc.	*		502		8,188
Alberto-Culver Company			4,170		89,446
Chattem, Inc.	*†		873		43,720
Elizabeth Arden, Inc.	*		1,677		31,947
Quaker Chemical Corporation			1,303		28,757
Stepan Company			1,197		37,909
					239,967
Education—0.4%
Ambassadors Group, Inc.			1,380		41,883
Ambassadors International, Inc.			524		23,905
Career Education Corporation	*		4,628		114,682
Corinthian Colleges, Inc.	*		4,426		60,326
DeVry, Inc.			2,980		83,440
INVESTools, Inc.	*		2,950		40,680
ITT Educational Services, Inc.	*		2,090		138,713
Laureate Education, Inc.	*		2,276		110,682
Learning Tree International, Inc.	*		766		6,810
Princeton Review, Inc.	*		2,409		12,720
Strayer Education, Inc.			851		90,249
Universal Technical Institute, Inc.	*†		1,609		35,736
					759,826
Electric Utilities—2.7%
Allete, Inc.			1,430	$	66,552
Alliant Energy Corporation			5,771		217,971
Aquila, Inc.	*		18,185		85,469
Avista Corporation			2,579		65,274
Black Hills Corporation			1,564		57,774
Central Vermont Public Service Corporation			541		12,741
CH Energy Group, Inc.			1,074		56,707
Cleco Corporation			2,830		71,401
DPL, Inc.			5,647		156,874
Duquesne Light Holdings, Inc.			4,679		92,878
EL Paso Electric Company	*		2,458		59,901
Empire District Electric Company (The)			2,088		51,553
Energy East Corporation			7,469		185,231
Great Plains Energy, Inc.	†		3,878		123,320
Green Mountain Power Corporation			1,312		44,464
Hawaiian Electric Industries, Inc.			3,786		102,790
Idacorp, Inc.			1,965		75,947
ITC Holdings Corp.			1,360		54,264
MGE Energy, Inc.			1,510		55,236
Mirant Corporation	*		12,868		406,243
Northeast Utilities			7,591		213,763
NorthWestern Corporation			1,830		64,745
NRG Energy, Inc.	*†		6,842		383,220
NSTAR			5,336		183,345
OGE Energy Corporation			4,865		194,600
Otter Tail Corporation			1,726		53,782
Pepco Holdings, Inc.			9,387		244,156
Plug Power, Inc.	*		2,705		10,522
PNM Resources, Inc.			3,109		96,690
Portland General Electric Company			1,400		38,150
Puget Energy, Inc.			5,589		141,737
Reliant Energy, Inc.	*		16,830		239,154
SCANA Corporation			5,122		208,056
Sierra Pacific Resources	*		10,465		176,126
UIL Holdings Corporation			1,516		63,960
Unisource Energy Corporation			2,031		74,192
Unitil Corporation			1,000		25,350
Westar Energy, Inc.			4,853		125,984
Wisconsin Energy Corporation			5,655		268,386
WPS Resources Corporation			2,062		111,410
					4,959,918
Electrical Equipment—1.1%
Active Power, Inc.	*		3,953		10,357
Acuity Brands, Inc.			2,413		125,573
Aeroflex, Inc.	*		3,001		35,172
Ametek, Inc.			5,419		172,541
AZZ, Inc.	*		1,032		52,838
Baldor Electric Company			1,338		44,716
BSML, Inc.	*		1,080		1,879
C&D Technologies, Inc.	†		5,424		25,710
Capstone Turbine Corporation	*†		7,050		8,671
Cataytica Energy Systems, Inc.	*		853		1,766
Distributed Energy Systems Corporation	*		3,757		13,525
Electro Scientific Industries, Inc.	*		1,422		28,639
Energizer Holdings, Inc.	*		2,934		208,285
Energy Conversion Devices, Inc.	*†		1,852		62,931
Evans & Sutherland Computer Corporation	*		1,883		7,965
Franklin Electric Company, Inc.			902		46,354
FuelCell Energy, Inc.	*†		1,939		12,526
Genlyte Group, Inc.	*		1,382		107,948
GrafTech International Ltd.	*		7,538		52,163

See accompanying notes to financial statements.

264

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Greatbatch, Inc.	*		942	$	25,359
Hexcel Corporation	*†		5,390		93,840
Lamson & Sessions Company (The)	*†		970		23,532
Lincoln Electric Holdings, Inc.			1,907		115,221
Littelfuse, Inc.	*		879		28,023
LSI Industries, Inc.			1,084		21,517
Medis Technologies Ltd.	*†		1,815		31,635
Moog, Inc. Class A	*		1,977		75,502
Powell Industries, Inc.	*		1,046		33,022
Quantum Fuel Systems Technologies Worldwide, Inc.	*†		2,810		4,496
Regal-Beloit Corporation			1,703		89,425
Servotronics, Inc.	*		705		5,883
Spectrum Brands, Inc.	*†		1,891		20,612
Superconductor Technologies	*		208		368
Tech/Ops Sevcon, Inc.			720		5,688
Teleflex, Inc.			1,922		124,084
Thomas & Betts Corporation	*		3,090		146,095
Trans-Lux Corporation			867		6,841
Ultralife Batteries, Inc.	*†		767		8,445
Universal Display Corporation	*†		1,350		20,263
Universal Electronics, Inc.	*		1,589		33,401
Valence Technology, Inc.	*†		4,773		7,875
Vicor Corporation			1,381		15,343
					1,956,029
Electronics—4.2%
8X8, Inc.	*		3,049		3,567
AVX Corporation	†		2,510		37,123
Actel Corporation	*		1,140		20,702
Adaptec, Inc.	*		7,841		36,539
Advanced Energy Industries, Inc.	*		2,649		49,987
Agere Systems, Inc.	*		8,346		159,993
Agilysys, Inc.			1,336		22,365
Alliance Fiber Optic Products, Inc.	*		4,818		9,732
American Superconductor Corporation	*†		2,707		26,556
AMIS Holdings, Inc.	*		1,550		16,383
Amkor Technology, Inc.	*†		7,212		67,360
Amphenol Corporation Class A			4,578		284,202
Anaren, Inc.	*		813		14,439
Anixter International, Inc.	*		1,724		93,613
Applied Micro Circuits Corporation	*		16,100		57,316
Arrow Electronics, Inc.	*		6,275		197,976
Atheros Communications, Inc.	*		2,811		59,931
Atmel Corporation	*		23,229		140,535
ATMI, Inc.	*†		2,219		67,746
Avanex Corporation	*		5,031		9,509
Avnet, Inc.	*†		7,439		189,918
AXT, Inc.	*		946		4,465
Barnes Group, Inc.			2,480		53,940
Bel Fuse, Inc. Class A			546		16,473
Belden CDT, Inc.			2,329		91,041
Benchmark Electronics, Inc.	*†		3,196		77,855
California Micro Devices Corporation	*		2,476		10,845
Caliper Life Sciences, Inc.	*		3,187		18,230
Catalyst Semiconductor, Inc.	*		2,416		8,311
Catapult Communications Corporation	*		750		6,735
Ceradyne, Inc.	*†		1,374		77,631
Ceva, Inc.	*		692		4,477
Concord Camera Corporation	*		572		2,574
Conexant Systems, Inc.	*		25,531	$	52,083
Cree, Inc.	*†		4,087		70,787
CTS Corporation			1,580		24,806
Cymer, Inc.	*		1,929		84,780
Cypress Semiconductor Corporation	*†		7,187		121,245
DRS Technologies, Inc.			2,209		116,370
Dolby Laboratories, Inc. Class A	*		1,500		46,530
DSP Group, Inc.	*		1,884		40,883
EDO Corporation	†		1,198		28,441
Emcor Group, Inc.	*		1,704		96,872
Emcore Corporation	*		2,929		16,197
EMS Technologies, Inc.	*		960		19,229
ESCO Technologies, Inc.	*		1,224		55,619
ESS Technology	*		1,759		1,812
Esterline Technologies Corporation	*		1,449		58,293
Evergreen Solar, Inc.	*†		2,410		18,244
Exar Corporation	*		1,759		22,867
Fairchild Semiconductor International, Inc.	*		6,664		112,022
Finisar Corporation	*†		14,726		47,565
Flir Systems, Inc.	*†		3,204		101,983
FSI International, Inc.	*		4,280		22,556
Garmin Ltd. (Cayman Islands)	†		5,773		321,325
Genesis Microchip, Inc.	*		3,330		33,766
HEI, Inc.	*		1,050		1,585
Herley Industries, Inc.	*		1,550		25,094
HI/FN, Inc.	*		1,882		10,050
Hutchinson Technology, Inc.	*†		1,150		27,105
Imation Corporation			1,665		77,306
Innovex, Inc.	*		1,922		3,344
Integrated Device Technology, Inc.	*		10,714		165,853
Integrated Silicon Solutions, Inc.	*		2,930		16,847
International Rectifier Corporation	*		3,821		147,223
Intersil Corporation Class A			7,024		168,014
IXYS Corporation	*		1,330		11,837
Kemet Corporation	*		5,278		38,529
KVH Industries, Inc.	*		1,286		13,644
LaBarge, Inc.	*		950		12,758
Lattice Semiconductor Corporation	*		7,425		48,114
Lightpath Technologies, Inc. Class A	*†		1,527		7,207
MIPS Technologies, Inc. Class A	*		5,359		44,480
MRV Communications, Inc.	*		4,568		16,171
Magnetek, Inc.	*		4,586		25,911
Marvell Technology Group Ltd. (Bermuda)	*†		23,510		451,157
Mattson Technology, Inc.	*		4,081		38,035
Maxwell Technologies, Inc.	*†		1,371		19,125
MEMC Electronics Materials, Inc.	*		9,022		353,121
Mercury Computer Systems, Inc.	*		963		12,866
Merix Corporation	*		2,175		20,206
Methode Electronics, Inc.			1,384		14,989
Micrel, Inc.	*		3,731		40,220
Microchip Technology, Inc.			10,890		356,103
Microsemi Corporation	*		3,244		63,745
Mobility Electronics, Inc.	*		2,804		9,393
Moscow CableCom Corporation	*		1,900		20,102
MoSys, Inc.	*		1,252		11,581
Nashua Corporation	*		1,542		12,907
Nu Horizons Electronics Corporaton	*		1,208		12,430
Omnivision Technologies, Inc.	*†		2,994		40,868
ON Semiconductor Corporation	*†		7,997		60,537
Oplink Communications, Inc.	*		1,808		37,172

See accompanying notes to financial statements.

265

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Optelecom, Inc.	*†		819	$	8,591
OSI Systems, Inc.	*†		867		18,146
Park Electrochemical Corporation			1,087		27,882
Pericom Semiconductor Corporation	*		2,254		25,853
Photronics, Inc.	*		1,989		32,500
Pixelworks, Inc.	*		2,467		5,649
Plexus Corporation	*		2,384		56,930
PLX Technology, Inc.	*		2,950		38,468
Power-One, Inc.	*		3,500		25,480
Quicklogic Corporation	*		4,080		12,118
RF Micro Devices, Inc.	*		11,167		75,824
Rambus, Inc.	*		5,001		94,669
Raven Industries, Inc.			800		21,440
Research Frontiers, Inc.	*†		752		4,113
Rogers Corporation	*		803		47,497
Semtech Corporation	*		3,600		47,052
Sigmatel, Inc.	*		4,938		21,628
Sigmatron International, Inc.	*		283		2,604
Silicon Image, Inc.	*		4,319		54,938
Silicon Laboratories, Inc.	*†		2,865		99,272
Silicon Storage Technology, Inc.	*		3,794		17,111
Sirenza Microdevices, Inc.	*		1,775		13,951
Sirf Technology Holdings, Inc.	*†		2,870		73,242
Skyworks Solutions, Inc.	*		9,613		68,060
Sonic Solutions, Inc.	*†		1,810		29,503
Spansion LLC Class A	*		4,050		60,183
Spectrum Control, Inc.	*		1,195		11,615
Spire Corporation	*†		210		1,739
Stratos International, Inc.	*		974		7,402
Sunpower Corporation Class A	*†		530		19,700
Sycamore Networks, Inc.	*		9,917		37,288
Synaptics, Inc.	*		1,058		31,412
Technitrol, Inc.			1,866		44,579
Tegal Corporation	*		312		1,931
Teledyne Technologies, Inc.	*		1,729		69,385
Terabeam, Inc.	*		2,197		4,372
Tessera Technologies, Inc.	*†		2,581		104,118
Transmeta Corporation	*		8,599		9,545
Transwitch Corporation	*		2,483		3,476
Trident Microsystems, Inc.	*		3,040		55,267
Trimble Navigation Ltd.	*		2,822		143,160
Triquint Semiconductor, Inc.	*		8,519		38,335
TTM Technologies, Inc.	*		1,640		18,581
Tvia, Inc.	*		4,026		4,308
Tyler Technologies, Inc.	*		1,886		26,517
United Industrial Corporation Ltd.	†		540		27,405
Varian Semiconductor Equipment Associates, Inc.	*		2,832		128,913
Virage Logic Corporation	*		902		8,380
Vishay Intertechnology, Inc.	*		8,954		121,237
Volterra Semiconductor Corp.	*†		760		11,400
Zoran Corporation	*		2,411		35,152
					7,835,894
Entertainment & Leisure—1.1%
Avid Technology, Inc.	*†		2,088		77,799
Bally Technologies, Inc.	*		3,012		56,264
Bally Total Fitness Holding Corporation	*†		4,467		10,944
Blockbuster, Inc. Class A	*		8,250		43,642
Callaway Golf Company			3,931		56,646
Cedar Fair, LP			2,480		68,994
Churchill Downs, Inc.			639		27,311
Discovery Holding Company Class A	*		14,930		240,224
Dover Downs Gaming & Entertainment, Inc.			1,687	$	22,555
Dover Motorsports, Inc.			1,645		8,735
DreamWorks Animation SKG, Inc. Class A	*†		2,110		62,224
Gaylord Entertainment Company	*		2,203		112,199
Hollywood Media Corporation	*		1,495		6,294
Image Entertainment, Inc.	*		300		1,047
International Speedway Corporation Class A			1,980		101,059
Jakks Pacific, Inc.	*†		1,625		35,490
K2, Inc.	*		2,544		33,555
Leapfrog Enterprises, Inc.	*†		1,262		11,964
Lenox Group, Inc.	*		1,340		8,576
Life Time Fitness, Inc.	*		1,500		72,765
Live Nation, Inc.	*		3,010		67,424
Macrovision Corporation	*		2,884		81,502
Multimedia Games, Inc.	*†		2,902		27,859
National Lampoon, Inc.	*		3,300		7,392
Nautilus Group, Inc.	†		2,480		34,720
New Frontier Media, Inc.	*		2,079		19,979
Penn National Gaming, Inc.	*		3,786		157,573
Pinnacle Entertainment, Inc.	*		2,300		76,222
Pool Corporation	†		2,836		111,086
RC2 Corporation	*		1,030		45,320
Regal Entertainment Group Class A	†		3,043		64,877
Six Flags, Inc.	*†		3,814		19,985
Speedway Motorsports, Inc.			650		24,960
Steinway Musical Instruments, Inc.	*		683		21,166
Warner Music Group Corporation			2,380		54,621
Westwood One, Inc.			3,878		27,379
WMS Industries, Inc.	*†		1,850		64,491
World Wrestling Entertainment, Inc.			1,031		16,805
Youbet.com, Inc.	*		2,200		8,118
					1,989,766
Environmental—0.4%
Aetrium, Inc.	*		614		2,186
Analogic Corporation			884		49,628
Badger Meter, Inc.			880		24,376
Cohu, Inc.			859		17,317
Credence Systems Corporation	*		5,181		26,941
Dionex Corporation	*		1,031		58,468
Formfactor, Inc.	*		1,858		69,210
Frequency Electronics, Inc.			822		9,823
Itron, Inc.	*†		1,266		65,629
Ixia	*		2,330		22,368
Keithley Instruments, Inc.			2,170		28,535
LeCroy Corp.	*		600		6,906
LTX Corporation	*		2,405		13,468
MKS Instruments, Inc.	*		2,455		55,434
Measurement Specialties, Inc.	*		580		12,551
Mine Safety Appliances Company			1,445		52,959
MTS Systems Corporation			893		34,488
OI Corporation			1,600		18,240
Orbit International Corporation	*		2,812		22,946
Photon Dynamics, Inc.	*		2,009		23,485
Rudolph Technologies, Inc.	*		1,206		19,200
Therma-Wave, Inc.	*		758		902
Thermogenesis	*		4,317		18,606
Veeco Instruments, Inc.	*		1,295		24,255
White Electronic Designs Corporation	*		2,284		12,425
X-Rite, Inc.			2,441		30,024
					720,370

See accompanying notes to financial statements.

266

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Financial Services—5.5%
Accredited Home Lenders Holding Company	*		1,353	$	36,910
Affiliated Managers Group	*†		1,549		162,846
AG Edwards, Inc.			4,032		255,185
AllianceBernstein Holding, LP			1,250		100,500
Ampal American Israel Corporation Class A	*		1,392		6,668
Berkshire Hathaway, Inc. Class A	*		53		5,829,470
BlackRock, Inc.	†		706		107,241
Calamos Asset Management, Inc. Class A			1,520		40,782
Cardiac Science Corp.	*		1,600		12,912
Catskill Litigation Trust	*‡d		583		—
Cbot Holdings, Inc. Class A	*†		1,865		282,492
CharterMac			2,735		58,720
Cherokee, Inc.			995		42,695
Diamond Hill Investment Group, Inc.	*		1,311		109,770
Doral Financial Corporation (Puerto Rico)			4,428		12,708
Eaton Vance Corporation			6,212		205,058
First Cash Financial Services, Inc.	*		1,260		32,596
GAMCO Investors, Inc. Class A			1,039		39,960
IntercontinentalExchange, Inc.	*		2,471		266,621
International Securities Exchange Holding Inc.	†		1,850		86,561
Investment Technology Group, Inc.	*		2,429		104,156
Jefferies Group, Inc.			5,358		143,702
Kent Financial Services, Inc.	*		2,200		5,192
Knight Capital Group, Inc. Class A	*		5,980		114,637
LaBranche & Company, Inc.	*†		2,588		25,440
Lazard, Ltd. Class A (Bermuda)	†		2,405		113,853
MarketAxess Holdings, Inc.	*		2,620		35,553
Nasdaq Stock Market Inc.	*		5,340		164,419
Navidec Financial Services, Inc.	‡d		2,120		—
NexCen Brands, Inc.	*		4,629		33,468
NTL, Inc.	†		13,710		346,040
Nuveen Investments, Inc. Class A			3,994		207,209
NYSE Group, Inc.	*†		2,680		260,496
optionsXpress Holdings, Inc.			2,070		46,968
Piper Jaffray Companies	*		1,140		74,271
Raymond James Financial, Inc.			5,156		156,278
SEI Investments Company			3,639		216,739
Siebert Financial Corporation			1,470		5,689
Stifel Financial Corporation	*		640		25,107
Superior Bancorp	†		2,915		33,056
SWS Group, Inc.			882		31,487
TD Ameritrade Holding Corporation			13,534		218,980
Value Line, Inc.			573		26,043
Waddell & Reed Financial, Inc. Class A			4,102		112,231
Westwood Holdings Group, Inc.			1,768		40,717
					10,231,426
Food Retailers—0.2%
Arden Group, Inc. Class A			260		32,191
Panera Bread Company Class A	*†		1,560		87,220
Pantry, Inc. (The)	*†		1,200		56,208
Pathmark Stores, Inc.	*		2,510		27,986
Ruddick Corporation			1,968		54,612
Weis Markets, Inc.			422		16,926
Wild Oats Markets, Inc.	*†		1,310		18,838
					293,981
Forest Products & Paper—0.4%
American Woodmark Corporation	†		800	$	33,480
Bowater, Inc.	†		2,910		65,475
Buckeye Technologies, Inc.	*		2,191		26,248
Caraustar Industries, Inc.	*		1,610		13,025
Chesapeake Corporation			927		15,778
Deltic Timber Corporation			724		40,385
Glatfelter			1,741		26,985
Graphic Packaging Corporation	*		5,000		21,650
Neenah Paper, Inc.			890		31,435
Packaging Corporation of America			3,760		83,096
Playtex Products, Inc.	*		4,060		58,423
Pope & Talbot, Inc.	*†		4,095		22,400
Rock-Tenn Company Class A			1,450		39,310
Schweitzer-Mauduit International, Inc.			724		18,860
Smurfit-Stone Container Corporation	*		12,843		135,622
United Stationers, Inc.	*		1,499		69,988
Universal Forest Products, Inc.			1,040		48,485
Wausau Paper Corporation			1,903		28,526
					779,171
Health Care Providers—1.7%
Alliance Imaging, Inc.	*		1,820		12,103
Amedisys, Inc.	*		1,493		49,075
America Service Group, Inc.	*		590		9,422
American Dental Partners, Inc.	*		720		13,601
Amsurg Corporation	*†		1,455		33,465
Apria Healthcare Group, Inc.	*		2,542		67,744
Bio-Reference Labs, Inc.	*		1,000		22,490
Brookdale Senior Living, Inc.	†		3,000		144,000
Community Health Systems, Inc.	*†		4,763		173,945
Covance, Inc.	*		3,250		191,458
Cross Country Healthcare, Inc.	*		1,340		29,239
CryoLife, Inc.	*		4,037		30,883
DaVita, Inc.	*		5,301		301,521
Edwards Lifesciences Corporation	*		2,880		135,475
Enzo Biochem, Inc.	*†		1,353		19,307
Enzon Pharmaceuticals, Inc.	*		4,016		34,176
Five Star Quality Care, Inc.	*†		1,700		18,955
Genesis HealthCare Corporation	*†		975		46,049
Gentiva Health Services, Inc.	*		2,330		44,410
Healthsouth Corp.	*†		4,740		107,361
Healthways, Inc.	*†		1,822		86,928
Hooper Holmes, Inc.	*		4,139		13,700
Immunomedics, Inc.	*†		2,141		7,772
Interleukin Genetics, Inc.	*†		2,825		16,526
Kindred Healthcare, Inc.	*		2,053		51,838
LCA-Vision, Inc.	†		1,453		49,925
LifePoint Hospitals, Inc.	*		2,759		92,978
Lincare Holdings, Inc.	*		4,637		184,738
Matria Healthcare, Inc.	*†		1,270		36,487
National Healthcare Corporation			431		23,791
NovaMed, Inc.	*		1,250		9,463
Odyssey HealthCare, Inc.	*		1,593		21,123
Pediatrix Medical Group, Inc.	*		2,502		122,348
Psychemedics Corporation			902		17,364
Psychiatric Solutions, Inc.	*		3,032		113,761
RehabCare Group, Inc.	*		1,590		23,612
Sierra Health Services, Inc.	*		2,976		107,255
Sunrise Senior Living, Inc.	*		2,650		81,408
Symbion, Inc.	*		1,435		26,562
Triad Hospitals, Inc.	*		4,314		180,455
U.S. Physical Therapy, Inc.	*		610		7,473
United Surgical Partners International, Inc.	*		2,394		67,870

See accompanying notes to financial statements.

267

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Universal Health Services, Inc. Class B			2,594	$	143,785
VCA Antech, Inc.	*		4,094		131,786
VistaCare, Inc. Class A	*		1,962		19,914
					3,123,541
Heavy Construction—0.5%
Blount International, Inc.	*		2,743		36,921
Foster Wheeler Ltd. (Bermuda)	*		3,660		201,812
Granite Construction, Inc.			1,890		95,105
Hovnanian Enterprises, Inc.	*†		2,128		72,139
Levitt Corporation Class A			2,063		25,251
M/I Homes, Inc.	†		611		23,334
McDermott International, Inc.	*		5,578		283,697
McGrath Rentcorp	†		1,646		50,417
Team, Inc.	*		1,190		41,448
WCI Communities, Inc.	*†		1,922		36,864
					866,988
Heavy Machinery—3.1%
Ablest, Inc.	*		850		5,517
Actuant Corporation Class A			1,281		61,040
Agco Corporation	*		4,908		151,854
Ampco-Pittsburgh Corporation			336		11,249
Applied Industrial Technologies, Inc.			2,058		54,146
Astec Industries, Inc.	*		822		28,852
ASV, Inc.	*†		1,340		21,802
Asyst Technologies, Inc.	*		3,243		23,706
Axcelis Technologies, Inc.	*		4,096		23,880
Briggs & Stratton Corporation			2,482		66,890
Brooks Automation, Inc.	*		4,415		63,576
Bucyrus International, Inc. Class A			1,845		95,497
Cameron International Corporation	*		5,623		298,300
Cascade Corporation			510		26,979
Columbus McKinnon Corporation	*		880		18,498
Curtiss-Wright Corporation			2,512		93,145
Donaldson Company, Inc.			3,870		134,328
Dresser-Rand Group, Inc.	*		2,640		64,601
Dril-Quip, Inc.	*		1,536		60,150
Dycom Industries, Inc.	*		1,866		39,410
Electroglas, Inc.	*		3,991		9,938
EnPro Industries, Inc.	*†		981		32,579
Entegris, Inc.	*		5,738		62,085
Flow International Corporation	*†		1,650		18,183
Flowserve Corporation	*		2,865		144,597
FMC Technologies, Inc.	*		3,411		210,220
Gardner Denver, Inc.	*		2,716		101,334
Goodman Global, Inc.	*		2,520		43,344
Gorman-Rupp Company			1,512		55,899
Graco, Inc.			3,574		141,602
Grant Prideco, Inc.	*		7,014		278,947
Hurco Companies, Inc.	*		750		23,835
Hydril	*		1,025		77,070
Idex Corporation			2,633		124,831
Insituform Technologies, Inc. Class A	*		2,053		53,091
Intermec, Inc.	*†		2,374		57,617
Intevac, Inc.	*		1,300		33,735
Joy Global, Inc.			6,515		314,935
Kadant, Inc.	*		722		17,602
Kaydon Corporation			1,423		56,550
Kennametal, Inc.			1,999		117,641
Knight Transportation, Inc.			3,878		66,120
Kulicke and Soffa Industries, Inc.	*		4,089	$	34,348
Lam Research Corporation	*†		7,026		355,656
Layne Christensen Company	*		1,240		40,709
Lennox International, Inc.			3,657		111,941
Lindsay Corp.			516		16,847
Lufkin Industries, Inc.			810		47,045
Manitowoc Company			3,284		195,168
Matrix Service Company	*		1,379		22,202
Middleby Corporation	*†		490		51,288
Modine Manufacturing Company			1,658		41,500
NACCO Industries, Inc. Class A			310		42,346
NATCO Group, Inc. Class A	*		690		21,997
NN, Inc.			2,240		27,843
Nordson Corporation			1,522		75,841
Oil States International, Inc.	*		2,587		83,379
Paragon Technologies, Inc.	*		900		5,013
Pentair, Inc.			5,378		168,869
Robbins & Myers, Inc.	†		868		39,859
Sauer-Danfoss, Inc.			832		26,832
Semitool, Inc.	*		2,320		30,879
SPX Corporation			2,864		175,162
Standex International Corporation			724		21,814
Tecumseh Products Company Class A	*		1,703		28,781
Tennant Company			795		23,055
Timken Company			4,343		126,729
Toro Company			2,170		101,187
TurboChef Technologies, Inc.	*†		994		16,918
Ultratech, Inc.	*		972		12,131
Varian Medical Systems, Inc.	*		6,508		309,586
Watsco, Inc.			1,193		56,262
Willis Lease Finance Corporation	*		1,234		12,735
WJ Communications, Inc.	*		4,940		7,756
Woodward Governor Company			1,794		71,240
					5,788,093
Home Construction, Furnishings & Appliances—1.1%
American Technology Corporation	*†		3,686		14,449
Applica, Inc.	*		1,507		12,041
Bassett Furniture Industries, Inc.			610		9,967
Beazer Homes USA, Inc.			2,117		99,520
Brookfield Homes Corporation	†		858		32,218
Cavco Industries, Inc.	*		470		16,469
Dominion Homes, Inc.	*†		650		3,426
DTS, Inc.	*		1,605		38,825
Ethan Allen Interiors, Inc.	†		1,551		56,007
Fossil, Inc.	*		2,864		64,669
Furniture Brands International, Inc.	†		2,392		38,822
Gemstar-TV Guide International, Inc.	*		12,602		50,534
Helen of Troy Ltd.	*		1,333		32,339
Herman Miller, Inc.			3,686		134,023
HNI Corporation	†		1,981		87,976
Kimball International, Inc. Class B			1,500		36,450
Kinetic Concepts, Inc.	*		2,885		114,102
La-Z-Boy, Inc.	†		2,895		34,364
MDC Holdings, Inc.	†		1,861		106,170
Meritage Homes Corporation	*		1,260		60,127
Movado Group, Inc.			878		25,462
National Presto Industries, Inc.			656		39,275
NVR, Inc.	*		259		167,055
Palm Harbor Homes, Inc.	*†		1,182		16,572
Parkervision, Inc.	*†		1,053		11,741
Ryland Group, Inc.			2,332		127,374
Salton, Inc.	*†		702		1,580

See accompanying notes to financial statements.

268

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Sealy Corp.			2,640	$	38,940
Select Comfort Corporation	*†		3,139		54,587
Skyline Corporation			328		13,192
Standard-Pacific Corporation	†		3,368		90,229
Steelcase, Inc. Class A			3,092		56,151
Technical Olympic USA, Inc.	†		1,663		16,913
Tempur-Pedic International, Inc.	*†		3,197		65,411
Toll Brothers, Inc.	*†		5,982		192,800
Virco Manufacturing Corporation	*		799		6,232
Walter Industries, Inc.			2,511		67,923
					2,033,935
Household Products—0.3%
Apogee Enterprises, Inc.			1,250		24,138
Charles & Colvard Ltd.	†		693		5,544
Ferro Corporation			2,588		53,546
Gentex Corporation	†		8,026		124,885
Jarden Corporation	*†		3,356		116,755
Kronos Worldwide, Inc.			235		7,652
RPM, Inc.			5,763		120,389
Valspar Corporation			5,236		144,723
					597,632
Industrial—Diversified—0.2%
Blyth, Inc.			1,380		28,635
Lydall, Inc.	*		800		8,648
Progressive Gaming International Corp.	*		3,090		28,026
Roper Industries, Inc.			4,280		215,027
Russ Berrie & Company, Inc.	*		1,157		17,876
Shuffle Master, Inc.	*†		2,025		53,055
Yankee Candle Company, Inc.			2,398		82,203
					433,470
Insurance—5.1%
21st Century Insurance Group			1,500		26,475
Alfa Corporation			2,608		49,056
Alleghany Corporation	*		245		89,082
American Financial Group, Inc.			3,445		123,710
American Independence Corporation	*		430		4,644
American National Insurance			646		73,715
American Physicians Capital, Inc.	*		1,201		48,088
Amerigroup Corporation	*†		3,202		114,920
Arch Capital Group Ltd. (Bermuda)	*		2,388		161,453
Argonaut Group, Inc.	*		1,948		67,907
Arthur J. Gallagher & Company	†		4,820		142,431
Aspen Insurance Holdings, Ltd. (Bermuda)			2,900		76,444
Assurant, Inc.	†		5,428		299,897
Assured Guaranty, Ltd. (Bermuda)			2,400		63,840
Axis Capital Holdings Ltd. (Bermuda)			7,311		243,968
Baldwin & Lyons, Inc. Class B			946		24,161
Bristol West Holdings, Inc.			1,516		23,998
Brown & Brown, Inc.			5,528		155,945
Centene Corporation	*†		2,702		66,388
Citizens, Inc., TX	*		2,504		16,526
Clark, Inc.			1,175		19,540
CNA Financial Corporation	*		642		25,885
CNA Surety Corporation	*		1,486		31,949
Commerce Group, Inc.			3,426		101,924
Conseco, Inc.	*†		8,350		166,833
Covanta Holding Corporation	*		4,610		101,604
Crawford & Company Class B			1,891		13,804
Delphi Financial Group, Inc. Class A			2,472	$	100,017
Direct General Corp.			1,040		21,466
Donegal Group, Inc. Class B			759		13,590
EMC Insurance Group, Inc.			1,041		35,519
Endurance Specialty Holdings, Ltd. (Bermuda)			3,190		116,690
Erie Indemnity Company Class A			2,414		139,964
Everest Re Group Ltd. (Bermuda)			3,330		326,706
FBL Financial Group, Inc. Class A			558		21,807
Fidelity National Financial Inc.			11,296		269,749
First American Corporation			4,190		170,449
FPIC Insurance Group, Inc.	*		1,050		40,919
GAINSCO, INC.	*		156		1,237
Great American Financial Resources, Inc.			807		18,601
Hanover Insurance Group (The), Inc.			2,807		136,982
Harleysville Group, Inc.			678		23,608
HCC Insurance Holdings, Inc.			5,845		187,566
Health Net, Inc.	*		6,193		301,351
HealthExtras, Inc.	*		1,865		44,947
Healthspring, Inc.	*		3,130		63,696
Hilb Rogal & Hobbs Company			2,055		86,557
Horace Mann Educators Corporation			3,101		62,640
Independence Holding Company			963		21,022
Infinity Property & Casualty Corporation			1,280		61,939
IPC Holdings, Ltd. (Bermuda)			2,970		93,407
Kansas City Life Insurance Company			903		45,222
KMG America Corporation	*		1,550		14,865
Landamerica Financial Group, Inc.	†		1,087		68,601
Leucadia National Corporation			8,027		226,361
Markel Corporation	*		513		246,291
Max Re Capital, Ltd. (Bermuda)			2,200		54,604
Mercury General Corporation			1,239		65,332
Molina Healthcare, Inc.	*		1,190		38,687
Montpelier Re Holdings, Ltd. (Bermuda)	†		5,770		107,380
National Financial Partners Corporation			1,846		81,169
Nationwide Financial Services Class A			2,605		141,191
Navigators Group, Inc.	*		939		45,241
Odyssey Re Holdings Corporation	†		1,306		48,714
Ohio Casualty Corporation			3,516		104,812
Old Republic International Corporation			10,926		254,357
PMI Group, Inc. (The)	†		4,609		217,407
PartnerRe Ltd. (Bermuda)	†		2,930		208,118
Penn Treaty American Corporation	*		1,630		12,535
Philadelphia Consolidated Holding Corporation	*		3,162		140,899
Phoenix Companies, Inc. (The)			5,407		85,917
Platinum Underwriters Holdings Ltd. (Bermuda)			2,862		88,550
PMA Capital Corporation Class A	*		1,826		16,836
Presidential Life Corporation			1,145		25,133
ProAssurance Corporation	*		1,678		83,766
Protective Life Corporation			3,201		152,048
PXRE Group, Ltd. (Bermuda)	*		6,210		28,628
Radian Group, Inc.			4,111		221,624
Reinsurance Group of America, Inc.			1,541		85,834

See accompanying notes to financial statements.

269

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
RenaissanceRe Holdings Ltd. (Bermuda)			3,031	$	181,860
RLI Corporation			1,164		65,673
Safety Insurance Group, Inc.			1,040		52,738
Scottish Re Group Ltd.			2,970		15,860
SCPIE Holdings, Inc.	*		690		18,037
Selective Insurance Group			1,320		75,623
Stancorp Financial Group, Inc.			3,000		135,150
State Auto Financial Corporation			958		33,271
Stewart Information Services Corporation			879		38,113
Tower Group, Inc.			1,200		37,284
Transatlantic Holdings, Inc.			1,305		81,041
Triad Guaranty, Inc.	*†		692		37,970
United American Healthcare Corporation	*†		4,252		35,632
United Fire & Casualty Company			1,472		51,888
Unitrin, Inc.			2,357		118,109
Universal American Financial Corporation	*		1,872		34,894
USI Holdings Corporation	*		2,330		35,789
WellCare Health Plans, Inc.	*		1,980		136,422
Wesco Financial Corporation			63		28,980
White Mountains Insurance Group Ltd.			392		227,137
WR Berkley Corporation			9,360		323,014
Zenith National Insurance Corporation			1,843		86,455
					9,455,678
Lodging—1.2%
Ameristar Casinos, Inc.			1,420		43,651
Aztar Corporation	*		2,020		109,928
Bluegreen Corporation	*		1,800		23,094
Boyd Gaming Corporation			3,089		139,963
Choice Hotels International, Inc.			1,816		76,454
Empire Resorts, Inc.	*†		2,513		21,788
International Leisure Hosts Ltd.	*		1,200		8,370
Isle of Capri Casinos, Inc.	*		1,251		33,252
Las Vegas Sands Corporation	*		5,477		490,082
MGM MIRAGE	*		6,503		372,947
Marcus Corporation			905		23,150
Monarch Casino & Resort, Inc.	*		700		16,716
Morgans Hotel Group Company	*		2,390		40,463
MTR Gaming Group, Inc.	*		1,340		16,375
Orient-Express Hotels, Ltd. Class A (Bermuda)			2,340		110,729
Station Casinos, Inc.	†		2,175		177,632
Trump Entertainment Resorts, Inc.	*†		2,320		42,317
Vail Resorts, Inc.	*†		1,491		66,827
Wynn Resorts Ltd.	†		4,055		380,562
					2,194,300
Media—Broadcasting & Publishing—2.7%
4Kids Entertainment, Inc.	*		646		11,770
Acme Communications, Inc.	*		1,200		6,024
American Greetings Corporation Class A			2,570		61,346
Banta Corporation			1,435		52,234
Beasley Broadcasting Group, Inc. Class A			1,150		11,006
Belo Corporation Class A			4,881		89,713
Cablevision Systems Corporation Class A			11,174		318,236
Charter Communications, Inc. Class A	*†		11,237		34,385
Citadel Broadcasting Corporation			3,126	$	31,135
COX Radio, Inc. Class A	*		1,753		28,574
Crown Media Holdings, Inc.	*		4,399		15,968
CSS Industries, Inc.			420		14,855
Cumulus Media, Inc. Class A	*		3,854		40,043
EchoStar Communications Corporation Class A	*		10,777		409,849
Emmis Communications Corporation Class A			2,035		16,768
Entercom Communications Corporation			1,873		52,781
Entravision Communications Corporation Class A	*		2,853		23,452
Gray Television, Inc.			3,878		28,426
Handleman Company	†		3,857		26,112
Harte-Hanks, Inc.			2,959		81,994
Hearst-Argyle Television, Inc.			1,654		42,177
Idearc, Inc.	*		7,280		208,572
ION Media Networks, Inc.	*		6,180		3,090
John Wiley & Sons Class A			2,491		95,829
Journal Communications, Inc. Class A			3,220		40,604
Journal Register Company			3,158		23,053
Lee Enterprises, Inc.			2,744		85,229
Liberty Global, Inc. Class C	*		4,615		129,220
Liberty Global, Inc. Class A	*		16,826		490,478
Liberty Media Corporation Interactive Class A	*		35,028		755,554
Liberty Media Holdings Corporation Capital Class A	*		7,018		687,624
LIN TV Corporation Class A	*		1,255		12,487
Lodgenet Entertainment Corporation	*		1,250		31,288
Martha Stewart Living Omnimedia Class A	†		1,860		40,734
McClatchy Company Class A			2,716		117,603
Media General, Inc. Class A			953		35,423
Mediacom Communications Corporation	*		3,433		27,601
Playboy Enterprises, Inc. Class B	*		1,251		14,336
Primedia, Inc.	*		9,053		15,300
Radio One, Inc. Class A	*		4,327		29,121
Radio Unica Communications Corporation	*‡d		1,900		—
Readers Digest Association, Inc. (The)			5,247		87,625
Regent Communications, Inc.	*		3,610		10,216
RH Donnelley Corporation			3,795		238,060
Salem Communications Corporation Class A			850		10,158
Scholastic Corporation	*		2,095		75,085
Sinclair Broadcast Group, Inc. Class A			4,220		44,310
Spanish Broadcasting System, Inc. Class A	*		4,320		17,755
Speedus Corporation	*		4,207		5,090
Sun-Times Media Group, Inc. Class A			2,614		12,835
Tivo, Inc.	*†		5,766		29,522
Triple Crown Media, Inc.	*		183		1,416
Washington Post Class B			308		229,645
Worldgate Communications	*		3,160		4,234
Young Broadcasting, Inc. Class A	*		831		2,343
					5,008,288
Medical Supplies—2.7%
Abaxis, Inc.	*†		994		19,135
Abiomed, Inc.	*†		2,606		36,745
Advanced Medical Optics, Inc.	*		2,914		102,573

See accompanying notes to financial statements.

270

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Align Technology, Inc.	*†		4,029	$	56,285
American Medical Systems Holdings, Inc.	*†		3,920		72,598
American Science & Engineering, Inc.	*		530		31,540
Angiodynamics, Inc.	*		560		12,034
Arrow International, Inc.			1,266		44,791
ArthoCare Corporation	*†		1,342		53,573
Aspect Medical Systems, Inc.	*		680		12,791
Avigen, Inc.	*		3,880		20,486
Axsys Technologies, Inc.	*		885		15,549
Beckman Coulter, Inc.			3,283		196,323
Bioject Medical Technologies, Inc.	*		4,491		4,266
Biolase Technology, Inc.	*†		3,105		27,169
Bio-Rad Laboratories, Inc. Class A	*		1,078		88,957
Biosite, Inc.	*		1,025		50,071
BioVeris Corporation	*		3,172		43,520
Bruker BioSciences Corporation	*		4,130		31,016
Candela Corporation	*		1,124		13,904
Cantel Medical Corporation	*		1,690		27,361
Cardiodynamics International Corporation	*		1,872		1,947
Cepheid, Inc.	*		4,050		34,425
Cerus Corporation	*		3,201		18,758
Chindex International, Inc.	*†		549		10,354
Clarient, Inc.	*		3,308		5,690
Coherent, Inc.	*		1,268		40,031
Conceptus, Inc.	*		1,047		22,291
Conmed Corporation	*		1,363		31,513
Cooper Companies, Inc.			2,268		100,926
Cyberonics, Inc.	*†		956		19,732
Dade Behring Holdings, Inc.			4,512		179,623
Datascope Corporation			557		20,297
Dentsply International, Inc.			7,270		217,010
Depomed, Inc.	*†		2,500		8,625
DJO Inc.	*		1,370		58,663
Endologix, Inc.	*		1,350		4,725
EP Medsystems, Inc.	*		5,240		7,022
ev3, Inc.	*		1,174		20,228
Excel Technology, Inc.	*		562		14,382
Faro Technologies, Inc.	*		614		14,761
FEI Company	*†		1,368		36,074
Foxhollow Technologies, Inc.	*		1,490		32,154
Haemonetics Corporation	*		1,508		67,890
Hanger Orthopedic Group, Inc.	*		3,263		24,570
HealthTronics Surgical Services, Inc.	*		2,530		16,850
Hillenbrand Industries, Inc.			3,107		176,882
Hologic, Inc.	*†		2,694		127,372
ICU Medical, Inc.	*		606		24,652
I-Flow Corporation	*		2,590		38,721
II-VI, Inc.	*		1,404		39,228
Illumina, Inc.	*†		2,500		98,275
Input/Output, Inc.	*†		3,597		49,027
Integra LifeSciences Holdings Corporation	*†		1,190		50,682
Intest Corporation	*		950		4,161
Intuitive Surgical, Inc.	*†		1,970		188,923
Invacare Corporation			1,874		46,007
IRIS International, Inc.	*		2,570		32,511
Kensey Nash Corporation	*		867		27,571
Kopin Corporation	*		5,031		17,961
Kyphon, Inc.	*†		2,084		84,194
L-1 Identity Solutions, Inc.	*†		3,366		50,928
Meade Instruments Corporation	*		1,640		3,231
Mechanical Technology, Inc.	*		5,237	$	9,898
Medical Action Industries, Inc.	*		1,240		39,978
Medwave, Inc.	*		2,500		1,450
Mentor Corporation	†		2,401		117,337
Merit Medical Systems, Inc.	*		2,509		39,743
Mesa Laboratories, Inc.			1,200		22,500
Mettler-Toledo International, Inc.	*		1,982		156,281
Microtek Medical Holdings, Inc.	*		4,250		19,550
Molecular Devices Corporation	*		909		19,153
Nanogen, Inc.	*		2,280		4,241
Newport Corporation	*		1,615		33,834
Nyer Medical Group, Inc.	*		2,533		5,573
Oakley, Inc.			1,411		28,305
Orthologic Corporation	*		1,517		2,169
Osteotech, Inc.	*		1,499		8,469
Owens & Minor, Inc.			2,163		67,637
OYO Geospace Corporation	*		550		31,950
PSS World Medical, Inc.	*†		3,574		69,800
Palomar Medical Technologies, Inc.	*†		1,117		56,598
PolyMedica Corporation	†		1,350		54,554
Q-Med, Inc.	*		1,635		7,521
Resmed, Inc.	*		3,864		190,186
Respironics, Inc.	*		3,532		133,333
Rofin-Sinar Technologies, Inc.	*		880		53,205
Sirona Dental Systems, Inc.	†		1,040		40,050
Somanetics Corporation	*		662		15,113
SonoSite, Inc.	*		930		28,765
Spectranetics Corporation	*		1,446		16,325
Staar Surgical Company	*		2,688		18,843
Steris Corporation			3,357		84,496
Synovis Life Technologies, Inc.	*		957		9,522
Techne Corporation	*		2,057		114,061
Theragenics Corporation	*		1,492		4,625
Thoratec Corporation	*		2,307		40,557
Urologix, Inc.	*		1,050		2,447
Varian, Inc.	*		1,384		61,989
Ventana Medical Systems, Inc.	*		1,826		78,573
Viasys Healthcare, Inc.	*		1,381		38,419
Vital Signs, Inc.			635		31,699
Vivus, Inc.	*		4,800		17,376
Wright Medical Group, Inc.	*		2,180		50,750
Young Innovations, Inc.			677		22,544
Zevex International, Inc.	*†		900		8,870
Zoll Medical Corporation	*		616		35,876
Zygo Corporation	*		967		15,907
					4,939,626
Metals—2.4%
AK Steel Holding Corporation	*		5,009		84,652
Ameron International Corporation			543		41,469
Aptargroup, Inc.			1,565		92,398
Brush Engineered Materials, Inc.	*		1,122		37,890
Carpenter Technology Corporation			1,142		117,078
Century Aluminum Company	*		1,385		61,840
Chaparral Steel Company			2,232		98,811
Circor International, Inc.			711		26,158
Cleveland-Cliffs, Inc.			2,200		106,568
Commercial Metals Company			6,540		168,732
Commercial Vehicle Group, Inc.	*		1,280		27,904
Commscope, Inc.	*†		3,323		101,285
Couer D’alene Mines Corporation	*		14,006		69,330
Crane Company			2,830		103,691
Encore Wire Corporation	*†		810		17,828
General Cable Corporation	*		2,562		111,985
Gibraltar Industries, Inc.			1,868		43,917
Griffon Corporation	*		1,288		32,844

See accompanying notes to financial statements.

271

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Hecla Mining Company	*		5,855	$	44,849
Hubbell, Inc. Class B			2,939		132,872
Insteel Industries, Inc.			1,400		24,906
International Aluminum Corporation			686		33,443
Jacuzzi Brands, Inc.	*		3,955		49,161
Ladish Company, Inc.	*		970		35,968
Lone Star Technologies, Inc.	*		1,688		81,716
Material Sciences Corp.	*		780		10,093
Matthews International Corporation Class A			1,783		70,161
MAXXAM, Inc.	*		857		24,913
Meridian Gold, Inc. (Canada)	*		5,310		147,565
Mueller Industries, Inc.			1,592		50,466
Mueller Water Products, Inc. Class A			2,460		36,580
Mueller Water Products, Inc. Class B	*		4,149		61,820
NCI Building Systems, Inc.	*		1,232		63,756
Olympic Steel, Inc.			630		14,005
Optical Cable Corporation	*		241		1,097
Oregon Steel Mills, Inc.	*		1,980		123,572
Precision Castparts Corporation			7,006		548,430
Quanex Corporation			2,061		71,290
Reliance Steel & Aluminum Company			3,368		132,632
Royal Gold, Inc.	†		1,154		41,521
RTI International Metals, Inc.	*†		1,130		88,389
Ryerson Inc.	†		1,471		36,907
Schnitzer Steel Industries, Inc. Class A			974		38,668
Shiloh Industries, Inc.	*		1,441		27,307
Simpson Manufacturing Company, Inc.	†		2,036		64,439
Southern Copper Corporation	†		3,914		210,925
Steel Dynamics, Inc.			5,382		174,646
Steel Technologies, Inc.			1,390		24,395
Stillwater Mining Company	*		2,228		27,828
Sturm, Ruger & Company, Inc.	*		2,146		20,602
Superior Telecom, Inc.	*‡d		2,014		—
Taser International, Inc.	*†		4,142		31,521
Texas Industries, Inc.	†		1,446		92,877
Titanium Metals Corporation	*†		4,110		121,286
Tredegar Corporation			1,607		36,334
Valmont Industries, Inc.			1,162		64,479
Watts Water Technologies, Inc. Class A			1,646		67,667
Wheeling-Pittsburgh Corporation	*		860		16,108
Worthington Industries, Inc.			4,120		73,006
					4,362,580
Oil & Gas—7.9%
Abraxas Petroleum Corporation	*		2,400		7,416
Adams Resources & Energy, Inc.			1,462		44,006
AGL Resources, Inc.			3,796		147,702
Apco Argentina, Inc. (Cayman Islands)			622		54,581
Arena Resources, Inc.	*		1,140		48,689
Atlas America, Inc.	*		895		45,618
Atmos Energy Corporation			4,032		128,661
ATP Oil & Gas Corporation	*		1,355		53,617
Atwood Oceanics, Inc.	*		1,662		81,388
Aurora Oil & Gas Corporation	*†		3,600		11,556
Basic Energy Services, Inc.	*		620		15,283
Berry Petroleum Company Class A			2,362		73,246
Bill Barrett Corporation	*†		1,570		42,720
Blue Dolphin Energy Company	*†		3,650	$	11,169
Boardwalk Pipeline Partners, LP	†		2,501		77,081
BP Prudhoe Bay Royalty Trust			1,205		92,761
Buckeye Partners, LP	†		2,228		103,557
Cabot Oil & Gas Corporation			2,685		162,845
Callon Petroleum Company	*		1,600		24,048
Cano Petroleum, Inc.	*†		2,030		11,124
Carrizo Oil & Gas, Inc.	*		1,600		46,432
Cascade Natural Gas Corporation			1,459		37,817
Cheniere Energy, Inc.	*		2,680		77,372
Chesapeake Utilities Corporation			1,039		31,845
Cimarex Energy Company			4,115		150,198
Clayton Williams Energy, Inc.	*		550		19,971
CNX Gas Corporation	*		1,450		36,975
Complete Production Services, Inc.	*		2,350		49,820
Comstock Resources, Inc.	*		2,330		72,370
Contango Oil & Gas Company	*		1,270		30,277
CREDO Petroleum Corporation	*		700		8,393
Cross Timbers Royalty Trust			373		18,878
Crosstex Energy, Inc.			2,130		67,500
Dawson Geophysical Company	*		930		33,880
DCP Midstream Partners, LP	†		630		21,767
Delta Natural Gas Company, Inc.			380		9,530
Delta Petroleum Corporation	*†		2,809		65,056
Denbury Resources, Inc.	*		5,866		163,016
Diamond Offshore Drilling, Inc.	†		3,114		248,933
Dorchester Minerals, LP			1,880		41,416
Edge Petroleum Corporation	*		1,670		30,461
Electro-Sensors, Inc.	*		2,581		13,421
Enbridge Energy Partners, LP	†		2,367		116,906
Encore Acquisition Company	*†		2,537		62,233
Energen Corporation			3,294		154,620
Energy Partners Ltd.	*		1,758		42,930
Energy Transfer Equity LP			1,900		59,660
Energy Transfer Partners, LP			4,299		232,576
EnergySouth, Inc.			520		20,852
ENSCO International, Inc.			7,970		398,978
Enterprise Products Partners, LP	†		14,500		420,210
Equitable Resources, Inc.			6,074		253,590
EXCO Resources, Inc.	*		5,400		91,314
Exploration Company of Delaware, Inc. (The)	*		3,031		40,434
Forest Oil Corporation	*		3,008		98,301
Frontier Oil Corporation			6,386		183,534
FX Energy, Inc.	*		2,797		17,257
Giant Industries, Inc.	*		966		72,402
Global Industries Ltd.	*		4,499		58,667
GlobalSantaFe Corporation			12,037		707,535
Grey Wolf, Inc.	*		10,142		69,574
Hanover Compressor Company	*		4,127		77,959
Harvest Natural Resources, Inc.	*		3,340		35,504
Headwaters, Inc.	*†		2,476		59,325
Helix Energy Solutions Group, Inc.	*†		4,313		135,299
Helmerich & Payne, Inc.			4,806		117,603
Hercules Offshore, Inc.	*		1,430		41,327
Holly Corporation			2,496		128,294
Holly Energy Partners, LP	†		670		26,968
Houston Exploration Company	*		1,393		72,130
Hugoton Royalty Trust			2,065		50,799
Kinder Morgan Energy Partners, LP	†		7,360		352,544
Kinder Morgan Management LLC	*†		2,635		120,367
Laclede Group, Inc. (The)			1,025		35,906
Magellan Midstream Partners	†		3,920		151,312
Mariner Energy, Inc.	*		3,899		76,420
Markwest Energy Partners, LP			680		40,562
Markwest Hydrocarbon, Inc.			1,182		57,386

See accompanying notes to financial statements.

272

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
McMoRan Exploration Company	*		2,210	$	31,426
MDU Resources Group, Inc.			8,559		219,453
Meridian Resource Corporation	*		4,340		13,411
Metretek Technologies, Inc.	*		2,650		32,648
National Fuel Gas Company			4,182		161,174
New Jersey Resources Corporation			1,541		74,862
Newfield Exploration Company	*		6,728		309,152
Newpark Resources, Inc.	*		6,294		45,380
NGAS Resources, Inc. (Canada)	*†		3,300		21,054
Noble Energy, Inc.			8,908		437,116
Northwest Natural Gas Company			1,184		50,249
Oceaneering International, Inc.	*		2,932		116,400
ONEOK Partners, LP	†		2,505		158,667
Oneok, Inc.			5,569		240,135
Parallel Petroleum Corporation	*		2,560		44,979
Parker Drilling Company	*		5,736		46,863
Patterson-UTI Energy, Inc.	†		8,357		194,133
Penn Virginia Corporation			1,000		70,040
Petrohawk Energy Corporation	*		9,726		111,849
Petroleum Development Corporation	*		1,030		44,342
Petroquest Energy, Inc.	*		3,600		45,864
Piedmont Natural Gas Company	†		3,432		91,806
Pioneer Drilling Company	*		2,930		38,910
Pioneer Natural Resources Company			6,283		249,372
Plains All American Pipeline, LP			4,277		218,982
Plains Exploration & Production Company	*		3,857		183,323
Pogo Producing Company	†		2,578		124,878
Pride International, Inc.	*		8,507		255,210
Quest Resource Coporation	*		2,720		27,472
Quicksilver Resources, Inc.	*†		2,850		104,282
Range Resources Corporation			7,200		197,712
Resource America, Inc. Class A			787		20,777
Rosetta Resources, Inc.	*†		2,500		46,675
RPC, Inc.			2,280		38,486
SEACOR Holdings, Inc.	*†		1,134		112,425
SEMCO Energy, Inc.	*		3,180		19,398
South Jersey Industries, Inc.			1,794		59,938
Southern Union Company			5,160		144,222
Southwest Gas Corporation			1,913		73,402
Southwestern Energy Company	*†		8,436		295,682
St. Mary Land & Exploration Company			2,954		108,825
Stone Energy Corporation	*		1,249		44,152
Sulphco, Inc.	*†		2,300		10,856
Sunoco Logistics Partners, LP	†		970		49,043
Superior Energy Services, Inc.	*		4,230		138,236
Swift Energy Company	*		1,642		73,578
Syntroleum Corporation	*		2,736		9,467
TC Pipelines, LP			800		28,800
Teppco Partners, LP			3,740		150,759
Tesoro Petroleum Corporation			3,693		242,889
Tetra Technologies, Inc.	*		4,342		111,068
Tidewater, Inc.			2,961		143,194
Todco	*†		3,353		114,572
Toreador Resources Corp.	*		550		14,174
Transmeridian Exploration, Inc.	*		3,800		13,110
Trico Marine Services, Inc.	*		600		22,986
Tri-Valley Coporation	*†		2,100		19,929
UGI Corporation			5,040		137,491
Ultra Petroleum Corporation	*		7,924		378,371
Unit Corporation	*		2,353		114,003
United Heritage Corporation	*		1,060		3,265
VAALCO Energy, Inc.	*		3,610		24,368
Valero, LP			2,110	$	117,675
Vectren Corporation			3,776		106,785
Veritas DGC, Inc.	*		1,790		153,278
W&T Offshore, Inc.			1,400		43,008
Warren Resources, Inc.	*†		3,440		40,317
Wd-40 Company			950		33,127
Western Refining, Inc.			1,750		44,555
WGL Holdings, Inc.			2,286		74,478
W-H Energy Services, Inc.	*		1,748		85,110
Whiting Petroleum Corporation	*†		2,153		100,330
					14,717,622
Pharmaceuticals—5.3%
Aastrom Biosciences, Inc.	*†		3,290		4,047
Abraxis BioScience, Inc.			994		27,176
Accelrys, Inc.	*		3,326		19,989
Adams Respiratory Therapeutics, Inc.	*		1,390		56,726
Adolor Corporation	*		2,738		20,590
Advanced Magnetics, Inc.	*		680		40,610
Affymetrix, Inc.	*†		3,535		81,517
Albany Molecular Research, Inc.	*		1,371		14,478
Alexion Pharmaceuticals, Inc.	*†		1,698		68,582
Alfacell Corporation	*		2,756		4,713
Alkermes, Inc.	*		4,629		61,890
Allscripts Healthcare Solutions, Inc.	*†		2,300		62,077
Alpharma, Inc. Class A			2,513		60,563
Amylin Pharmaceuticals, Inc.	*†		5,858		211,298
Anesiva, Inc.	*		1,779		12,453
Antigenics, Inc.	*		1,707		3,124
Applera Corporation— Celera Group	*		4,519		63,221
Arena Pharmaceuticals, Inc.	*†		2,489		32,133
Ariad Pharmaceuticals, Inc.	*		5,713		29,365
ArQule, Inc.	*		2,064		12,219
Array BioPharma, Inc.	*		4,170		53,876
Atherogenics, Inc.	*†		2,914		28,878
AVANIR Pharmaceuticals Class A	*		1,525		3,523
Avant Immunotherapeutics, Inc.	*		6,670		8,938
AVI BioPharma, Inc.	*†		7,700		24,486
Bentley Pharmaceuticals, Inc.	*		2,011		20,452
BioCryst Pharmaceuticals, Inc.	*		1,300		15,028
Bioenvision, Inc.	*		6,140		28,490
BioMarin Pharmaceuticals, Inc.	*†		5,500		90,145
BioScrip, Inc.	*		3,476		12,027
Boston Life Sciences, Inc.	*		724		2,005
Bradley Pharmaceuticals, Inc.	*†		1,581		32,537
Cambrex Corporation			1,258		28,582
Cell Genesys, Inc.	*†		4,053		13,740
Cell Therapeutics, Inc.	*†		3,191		5,584
Cephalon, Inc.	*†		3,228		227,283
Charles River Laboratories International, Inc.	*		3,336		144,282
Ciphergen Biosystems, Inc.	*		1,500		1,335
Collagenex Pharmaceuticals, Inc.	*		1,558		21,765
Columbia Laboratories, Inc.	*		1,820		9,282
Conor Medsystems, Inc.	*		1,990		62,347
Cubist Pharmaceuticals, Inc.	*†		3,073		55,652
CuraGen Corporation	*		2,318		10,663
CV Therapeutics, Inc.	*†		2,624		36,631
Cypress Bioscience, Inc.	*		4,031		31,240
Cytogen Corporation	*		2,255		5,254
CytRx Corporation	*†		4,200		8,022
DataTRAK International, Inc.	*		1,359		6,822
Dendreon Corporation	*†		7,889		32,897
Digene Corporation	*		1,146		54,916
Discovery Laboratories, Inc.	*		2,566		6,056

See accompanying notes to financial statements.

273

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Diversa Corporation	*		1,790	$	19,475
Durect Corporation	*		2,700		11,988
Dyax Corporation	*		3,200		9,696
Emisphere Technologies, Inc.	*		3,412		18,049
Encysive Pharmaceuticals, Inc.	*†		3,499		14,731
Endo Pharmaceuticals Holdings, Inc.	*		6,536		180,263
EntreMed, Inc.	*		1,390		2,196
EpiCept Corporation	*†		481		688
EPIX Pharmaceuticals, Inc.	*		640		4,416
Exact Sciences Corporation	*		1,250		3,538
Exelixis, Inc.	*		6,955		62,595
Genaera Corporation	*		4,787		1,867
Gene Logic, Inc.	*		950		1,463
Genelabs Technologies	*		721		1,024
Genentech, Inc.	*		23,558		1,911,261
Genitope Corporation	*		2,890		10,173
Gen-Probe, Inc.	*		2,640		138,257
Genta, Inc.	*		2,971		1,315
Geron Corporation	*†		5,440		47,763
GTC Biotherapeutics, Inc.	*		3,988		4,387
GTx, Inc.	*		1,710		30,506
Hana Biosciences, Inc.	*		3,510		22,359
Hemispherx Biopharma, Inc.	*†		4,821		10,606
Henry Schein, Inc.	*†		4,502		220,508
Herbalife, Ltd. (Cayman Islands)	*		2,390		95,982
Heska Corporation	*		4,463		7,453
Hi-Tech Pharmacal Company, Inc.	*		2,404		29,257
Hollis-Eden Pharmaceuticals	*		3,834		20,167
Human Genome Sciences, Inc.	*†		6,428		79,964
Idexx Laboratories, Inc.	*		1,589		126,008
Idenix Pharmaceuticals, Inc.	*		3,110		27,026
ImClone Systems, Inc.	*†		3,274		87,612
Immtech Pharmaceuticals Inc.	*†		3,841		29,192
Immucor, Inc.	*		3,283		95,962
ImmunoGen, Inc.	*		1,903		9,648
Incyte Corporation	*		4,623		26,998
Indevus Pharmaceuticals, Inc.	*		3,237		22,983
Inspire Pharmaceuticals, Inc.	*		1,860		11,811
InterMune, Inc.	*		1,586		48,770
Introgen Therapeutics, Inc.	*†		2,150		9,460
Inverness Medical Innovations, Inc.	*		1,571		60,798
Invitrogen Corporation	*		2,852		161,395
Isis Pharmaceuticals, Inc.	*		4,346		48,328
Kendle International, Inc.	*		790		24,846
Keryx Biopharmaceuticals, Inc.	*		1,560		20,748
Kosan Biosciences, Inc.	*		2,000		11,100
KV Pharmaceutical Company Class A	*		2,180		51,840
Lexicon Genetics, Inc.	*		2,344		8,462
LifeCell Corporation	*		1,850		44,659
Lifecore Biomedical, Inc.	*		1,730		30,846
Luminex Corporation	*		1,355		17,209
Mannatech, Inc.	†		690		10,164
MannKind Corporation	*†		2,020		33,310
Martek Biosciences Corporation	*†		1,769		41,288
Maxygen, Inc.	*		1,231		13,258
Medarex, Inc.	*		6,332		93,650
Medicines Company	*		2,718		86,215
Medicis Pharmaceutical Corporation Class A	†		2,862		100,542
Medifast, Inc.	*		2,284		28,733
Meridian Bioscience, Inc.			1,100		26,983
MGI Pharma, Inc.	*		4,974		91,571
Millennium Pharmaceuticals, Inc.	*†		16,036		174,792
Monogram Biosciences, Inc.	*		9,010		16,038
Myriad Genetics, Inc.	*†		1,901	$	59,501
Nabi Biopharmaceuticals	*		2,736		18,550
Nastech Pharmaceutical Company, Inc.	*†		1,500		22,695
Natrol, Inc.	*		1,145		2,359
NBTY, Inc.	*		3,365		139,883
Nektar Therapeutics	*†		4,738		72,065
NeoPharm, Inc.	*†		965		1,612
Neose Technologies, Inc.	*		5,705		12,722
Neurobiological Technologies	*		3,137		6,462
Neurocrine Biosciences, Inc.	*†		2,039		21,246
Neurogen Corporation	*		1,873		11,144
NitroMed, Inc.	*†		2,250		5,513
Northfield Laboratories, Inc.	*†		1,890		7,692
Novavax, Inc.	*†		4,170		17,097
Noven Pharmaceuticals, Inc.	*		1,350		34,358
NPS Pharmaceuticals, Inc.	*		3,900		17,667
Nu Skin Enterprises, Inc. Class A			3,019		55,036
Nuvelo, Inc.	*		2,920		11,680
Omnicare, Inc.			6,437		248,661
Onyx Pharmaceuticals, Inc.	*†		2,105		22,271
OraSure Technologies, Inc.	*		4,328		35,749
Oscient Pharmaceuticals Corporation	*		464		2,348
OSI Pharmaceuticals, Inc.	*		2,981		104,275
Pain Therapeutics, Inc.	*†		1,319		11,739
Palatin Technologies, Inc.	*		2,104		4,292
Panacos Pharmaceuticals, Inc.	*		2,667		10,695
Par Pharmaceutical Companies, Inc.	*		1,702		38,074
Parexel International Corporation	*		1,844		53,421
PDL BioPharma, Inc.	*†		6,371		128,312
Penwest Pharmaceuticals Company	*		2,030		33,739
Peregrine Pharmaceuticals, Inc.	*		9,115		10,573
Perrigo Company			5,083		87,936
Pharmaceutical Product Development, Inc.			5,649		182,011
Pharmacopeia Drug Discovery, Inc.	*		573		2,441
Pharmacyclics, Inc.	*		1,701		8,624
PharmaNet Development Group, Inc.	*†		1,036		22,865
Pharmion Corporation	*†		1,640		42,214
Poniard Pharmaceuticals, Inc.	*†		396		1,980
Pozen, Inc.	*		1,922		32,655
Prestige Brands Holdings, Inc.	*		2,900		37,758
Progenics Pharmeceuticals, Inc.	*		1,383		35,598
Quidel Corporation	*		2,820		38,408
Ramtron International Corporation	*		1,920		7,142
Regeneration Technologies, Inc.	*		3,227		18,910
Regeneron Pharmaceuticals, Inc.	*		2,632		52,824
Renovis, Inc.	*		1,580		4,993
Rentech, Inc.	*†		6,500		24,505
Rigel Pharmaceuticals, Inc.	*		2,990		35,491
Salix Pharmaceuticals Ltd.	*		2,346		28,551
Savient Pharmaceuticals, Inc.	*		4,700		52,687
Sciclone Pharmaceuticals, Inc.	*		4,800		15,456
Sciele Pharma, Inc.	*†		1,614		38,736
SCOLR Pharma, Inc.	*†		2,400		11,280
Senomyx, Inc.	*†		2,620		34,034
Sepracor, Inc.	*		5,746		353,839
Sequenom, Inc.	*		3,594		16,820
SIGA Technologies, Inc.	*		4,650		17,438
SirnaTherapeutics, Inc.	*		4,258		55,397
Solexa, Inc., LP	*		1,008		13,255
StemCells, Inc.	*†		3,500		9,275

See accompanying notes to financial statements.

274

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
SuperGen, Inc.	*		3,719	$	18,893
Symyx Technologies, Inc.	*		1,965		42,424
Tanox, Inc.	*		1,721		34,248
Targeted Genetics Corporation	*†		3,456		18,559
Telik, Inc.	*†		2,399		10,628
Theravance, Inc.	*		2,510		77,534
Third Wave Technologies, Inc.	*		1,507		7,249
Titan Pharmaceuticals, Inc.	*		4,244		14,090
TorreyPines Therapeutics, Inc.	*		347		2,557
Trimeris, Inc.	*†		1,214		15,430
United Therapeutics Corporation	*		1,264		68,724
USANA Health Sciences, Inc.	*†		743		38,383
Valeant Pharmaceuticals International			4,744		81,787
Vertex Pharmaceuticals, Inc.	*		5,706		213,519
Vion Pharmaceuticals, Inc.	*		4,504		6,080
Viropharma, Inc.	*		3,252		47,609
XOMA Ltd.	*		4,977		10,949
Zymogenetics, Inc.	*†		2,343		36,481
					9,873,399
Real Estate—8.1%
Acadia Realty Trust REIT			1,319		33,001
Affordable Residential Communities	†		1,710		19,922
Agree Realty Corporation REIT			1,045		35,917
Alexander’s, Inc. REIT	*		79		33,152
Alexandria Real Estate Equities, Inc. REIT			1,383		138,853
AMB Property Corporation REIT			4,360		255,540
American Campus Communities, Inc. REIT			1,200		34,164
American Financial Realty Trust REIT			6,305		72,129
American Home Mortgage Investment Corporation REIT	†		2,607		91,558
American Land Lease, Inc. REIT			729		19,326
American Mortgage Acceptance Corporation REIT			1,732		29,236
American Real Estate Partners, LP			533		45,694
Annaly Capital Management Inc.			9,701		134,941
Anthracite Capital, Inc. REIT			3,940		50,156
Anworth Mortgage Asset Corporation REIT	†		3,855		36,661
Arbor Realty Trust, Inc. REIT			830		24,975
Arizona Land Income Corporation REIT Class A	†		1,050		15,015
Ashford Hospitality Trust, Inc. REIT			4,430		55,154
Associated Estates Realty Corporation REIT			2,550		35,037
Avalonbay Communities, Inc. REIT			3,746		487,167
BioMed Realty Trust, Inc. REIT			3,360		96,096
Brandywine Realty Trust REIT			4,486		149,160
BRE Properties Class A			2,563		166,646
Brookfield Properties Company (Canada)			5,740		225,754
BRT Realty Trust REIT			916		25,327
California Coastal Communities, Inc.	*		1,028		22,051
Camden Property Trust REIT			2,734		201,906
Capital Alliance Income Trust Ltd. REIT	*		799		6,592
Capital Lease Funding, Inc. REIT			2,320		26,912
Capital Trust Class A			923		46,095
CapitalSource, Inc.	†		6,771	$	184,916
Capstead Mortgage Corporation REIT	†		962		7,985
CBL & Associates Properties, Inc. REIT			2,928		126,929
Cedar Shopping Centers, Inc. REIT			1,489		23,690
CentraCore Properties Trust REIT			528		17,070
Colonial Properties Trust REIT			2,352		110,262
Columbia Equity Trust, Inc. REIT			1,100		21,021
Consolidated-Tomoka Land Company			280		20,272
Corporate Office Properties Trust SBI MD REIT			2,320		117,090
Cousins Properties, Inc. REIT			1,838		64,826
Crescent Real Estate EQT Company REIT			4,528		89,428
Deerfield Triarc Capital Corp. REIT	†		1,990		33,691
Developers Diversified Realty Corporation REIT			5,644		355,290
DiamondRock Hospitality Company REIT			3,760		67,718
Digital Realty Trust, Inc. REIT			2,650		90,710
Douglas Emmett, Inc. REIT			3,150		83,759
Duke Realty Corporation REIT			6,727		275,134
Eagle Hospitality Properties Trust, Inc. REIT			1,200		11,016
Eastgroup Properties, Inc. REIT			1,308		70,056
Ecc Capital Corporation REIT	*		2,700		3,213
Education Realty Trust, Inc. REIT	†		1,700		25,109
Entertainment Properties Trust REIT			1,519		88,770
Equity Inns, Inc. REIT			3,295		52,588
Equity Lifestyle Properties, Inc. REIT			931		50,674
Equity One, Inc. REIT			1,808		48,201
Essex Property Trust, Inc. REIT			1,217		157,297
Extra Space Storage, Inc. REIT			3,140		57,336
Federal Realty Investment Trust REIT			2,671		227,035
FelCor Lodging Trust, Inc. REIT			3,135		68,468
Fieldstone Investment Corporation REIT			3,450		15,111
First Industrial Realty Trust, Inc. REIT			2,030		95,187
First Potomac Realty Trust REIT			1,240		36,096
Forest City Enterprises, Inc. Class A			3,478		203,115
Franklin Street Properties Corporation REIT			2,730		57,467
Friedman Billings Ramsey Group, Inc. Class A	†		8,470		67,760
General Growth Properties, Inc. REIT			11,318		591,139
Getty Realty Corporation REIT			1,418		43,816
Glimcher Realty Trust REIT			2,205		58,896
Global Signal, Inc. REIT			1,230		64,784
GMH Communities Trust REIT			2,460		24,969
Government Properties Trust, Inc. REIT			1,050		11,130
Grubb and Ellis Company	*		2,553		29,411
Health Care Property Investors, Inc. REIT	†		9,964		366,874
Health Care REIT, Inc.	†		3,917		168,509
Healthcare Realty Trust, Inc. REIT			2,271		89,795
Hersha Hospitality Trust REIT			3,010		34,133
Highland Hospitality Corporation REIT			3,270		46,598

See accompanying notes to financial statements.

275

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Highwoods Properties, Inc. REIT			2,393	$	97,539
HMG Courtland Properties REIT	*		1,250		17,750
Home Properties, Inc. REIT			1,701		100,818
HomeBanc Corporation REIT			7,570		32,021
Hospitality Properties Trust REIT			4,144		196,964
Host Hotels & Resorts Inc.			26,957		661,794
HRPT Properties Trust REIT			10,403		128,477
IMPAC Mortgage Holdings, Inc. REIT			3,518		30,958
Inland Real Estate Corporation REIT	†		3,790		70,949
Innkeepers USA Trust REIT			3,005		46,578
iStar Financial, Inc. REIT			6,492		310,447
JER Investors Trust, Inc. REIT			2,190		45,267
Jones Lang Lasalle, Inc.	†		1,781		164,155
Kilroy Realty Corporation REIT			1,637		127,686
Kite Realty Group Trust REIT			1,880		35,006
KKR Financial Corporation REIT			3,860		103,409
LaSalle Hotel Properties REIT			2,060		94,451
Lexington Corporate Properties Trust REIT	†		3,140		70,430
Liberty Property Trust REIT	†		4,302		211,400
Longview Fibre Company			3,887		85,320
LTC Properties, Inc. REIT			1,460		39,873
Luminent Mortgage Capital, Inc. REIT			1,899		18,439
Macerich Company (The) REIT			3,580		309,921
Mack-Cali Realty Corporation REIT	†		3,178		162,078
Maguire Properties, Inc. REIT	†		2,300		92,000
MFA Mortgage Investments, Inc. REIT			4,880		37,527
Mid-America Apartment Communities, Inc. REIT			1,300		74,412
Mills Corporation (The) REIT			2,650		53,000
Mission West Properties REIT			1,418		18,576
Monmouth Capital Corporation			2,974		16,119
Monmouth Class A REIT			2,978		25,164
MortgageIT Holdings, Inc. REIT			2,640		38,940
National Health Investors, Inc. REIT			1,198		39,534
National Retail Properties, Inc. REIT			2,357		54,093
Nationwide Health Properties, Inc. REIT	†		3,962		119,732
New Century Financial Corporation REIT	†		2,489		78,628
New Plan Excel Realty Trust REIT			4,691		128,909
Newcastle Investment Corporation REIT			2,065		64,676
NorthStar Realty Finance Corporation REIT			3,990		66,114
Novastar Financial, Inc. REIT	†		1,611		42,933
Omega Healthcare Investors, Inc. REIT			3,330		59,008
Opteum, Inc.—Class A REIT			1,800		13,680
Parkway Properties, Inc. REIT			747		38,104
Pennsylvania REIT			1,941		76,437
PMC Commercial Trust REIT			2,035		30,545
Post Properties, Inc. REIT			2,048		93,594
Potlatch Corporation			2,078		91,058
PS Business Parks, Inc. REIT			823		58,194
RAIT Financial Trust			2,672		92,131
Ramco-Gershenson Properties REIT			1,412		53,854
Rayonier, Inc. REIT			3,937		161,614
Realty Income Corporation REIT			5,130		142,101
Reckson Associates Realty Corporation REIT			3,963	$	180,713
Redwood Trust, Inc. REIT			1,229		71,380
Regency Centers Corporation REIT			3,366		263,120
Republic Property Trust REIT			1,350		15,579
Resource Capital Corporation			1,200		20,340
Saul Centers, Inc. REIT			882		48,678
Senior Housing Properties Trust REIT			4,186		102,473
SL Green Realty Corporation REIT			2,296		304,863
Sovran Self Storage, Inc. REIT			859		49,204
Spirit Finance Corporation REIT			4,580		57,113
St. Joe Company (The)	†		3,717		199,120
Stewart Enterprises, Inc. Class A			4,116		25,725
Strategic Hotels & Resorts Inc.			3,760		81,930
Sun Communities, Inc. REIT			1,061		34,334
Sunstone Hotel Investors, Inc. REIT			2,677		71,556
Tanger Factory Outlet Centers REIT			1,690		66,045
Taubman Centers, Inc. REIT			2,574		130,914
Thornburg Mortgage, Inc. REIT	†		5,679		142,713
Trustreet Properties, Inc. REIT			4,059		68,394
United Dominion Realty Trust, Inc. REIT			7,244		230,287
Universal Health Realty Income REIT			617		24,051
Urstadt Biddle Properties, Inc. REIT Class A			1,030		19,663
U-Store-It Trust REIT			2,170		44,594
Ventas, Inc. REIT			5,414		229,120
W.P. Carey & Company LLC			1,593		47,902
Washington REIT			1,835		73,400
Weingarten Realty Investors REIT			4,314		198,919
Winston Hotels, Inc. REIT			2,884		38,213
					15,031,231
Restaurants—1.1%
AFC Enterprises, Inc.	*		1,000		17,670
Applebee’s International, Inc.	†		3,615		89,182
Aramark Corporation Class B			6,224		208,193
Back Yard Burgers, Inc.	*		1,698		8,915
Bob Evans Farms, Inc.			2,055		70,322
Brinker International, Inc.			6,752		203,640
Buffalo Wild Wings, Inc.	*†		560		29,792
Burger King Holdings, Inc.	*		1,290		27,219
CEC Entertainment, Inc.	*		1,994		80,259
CKE Restaurants, Inc.			3,046		56,046
California Pizza Kitchen, Inc.	*		970		32,311
CBRL Group, Inc.			1,879		84,104
Cheesecake Factory (The)	*		3,914		96,284
Chipotle Mexican Grill, Inc. Class A	*†		1,422		81,054
Cosi, Inc.	*		3,120		15,881
Domino’s Pizza, Inc.			2,750		77,000
IHOP Corporation			1,079		56,863
Jack in the Box, Inc.	*		1,878		114,633
Krispy Kreme Doughnuts, Inc.	*†		2,574		28,571
Landry’s Restaurants, Inc.			1,254		37,733
Luby’s, Inc.	*		3,380		36,808
O’Charley’s, Inc.	*		1,092		23,238
OSI Restaurant Partners, Inc.			3,710		145,432
Papa John’s International, Inc.	*		1,581		45,865
PF Chang’s China Bistro, Inc.	*†		1,340		51,429
Rare Hospitality International, Inc.	*		2,025		66,683
Red Robin Gourmet Burgers, Inc.	*		693		24,844

See accompanying notes to financial statements.

276

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Ruby Tuesday, Inc.	†		2,801	$	76,859
Sonic Corporation	*		3,399		81,406
Steak N Shake Company (The)	*		2,198		38,685
Texas Roadhouse, Inc. Class A	*		2,820		37,393
Triarc Companies Class B			2,886		57,720
					2,102,034
Retailers—2.2%
1-800-FLOWERS.COM, Inc.	*		2,113		13,016
99 Cents Only Stores	*		2,727		33,188
AC Moore Arts & Crafts, Inc.	*†		877		19,005
Advance Auto Parts, Inc.			5,595		198,958
Alloy, Inc.	*		462		5,318
BJ’s Wholesale Club, Inc.	*		3,379		105,121
Barnes & Noble, Inc.			2,855		113,372
Bell Microproducts, Inc.	*		1,576		11,111
Big 5 Sporting Goods Corporation			1,072		26,178
Blair Corporation			306		10,022
Blue Nile, Inc.	*†		780		28,774
Bluefly, Inc.	*		2,341		2,996
Bombay Company, Inc. (The)	*		2,630		3,366
Borders Group, Inc.	†		3,582		80,058
Build-A-Bear Workshop, Inc.	*†		960		26,899
CSK Auto Corporation	*		1,990		34,129
Cabela’s, Inc. Class A	*†		2,190		52,845
Casey’s General Stores, Inc.			2,409		56,732
Cash America International, Inc.			1,831		85,874
Central Garden & Pet Company	*		1,385		67,062
CKX, Inc.	*		4,120		48,328
Coldwater Creek, Inc.	*		2,863		70,201
Cost Plus, Inc./California	*†		2,725		28,068
dELIA*s, Inc.	*		2,555		26,802
Design Within Reach, Inc.	*†		1,210		5,965
Dick’s Sporting Goods, Inc.	*†		1,632		79,952
Dollar Tree Stores, Inc.	*		5,591		168,289
Drugstore.Com, Inc.	*		3,800		13,908
Ezcorp, Inc.	*		3,000		48,750
Fastenal Company			7,018		251,806
Foot Locker, Inc.			8,181		179,409
Forward Industries, Inc.-N Y	*		630		2,640
Fred’s, Inc.	†		1,781		21,443
GameStop Corporation Class A	*†		2,714		149,569
GameStop Corporation Class B	*		1,034		56,622
GSI Commerce, Inc.	*†		1,470		27,563
Guitar Center, Inc.	*		1,300		59,098
Hancock Fabrics, Inc.	*†		1,321		4,544
Haverty Furniture Companies, Inc.			2,301		34,055
Hibbett Sporting Goods, Inc.	*		1,926		58,801
Jo-Ann Stores, Inc.	*		1,266		31,144
Kenneth Cole Productions, Inc. Class A			956		22,934
Kirkland’s, Inc.	*		833		4,182
K-Swiss, Inc. Class A			1,706		52,442
Longs Drug Stores Corporation			1,508		63,909
MarineMax, Inc.	*†		800		20,744
Marvel Entertainment, Inc.	*†		3,010		80,999
Men’s Wearhouse, Inc.			2,347		89,796
Movie Gallery, Inc.	*		5,886		20,719
MSC Industrial Direct Company Class A			2,332		91,298
Nitches, Inc.	*†		2,850		17,898
Nutri/System, Inc.	*†		1,520		96,353
O’Reilly Automotive, Inc.	*†		5,604		179,664
Overstock.com, Inc.	*†		771		12,182
PC Connection, Inc.	*		855		12,680
Petsmart, Inc.			7,244	$	209,062
Pier 1 Imports, Inc.	†		3,763		22,390
Priceline.com, Inc.	*†		1,549		67,552
Restoration Hardware, Inc.	*		2,795		23,785
Retail Ventures, Inc.	*†		1,372		26,123
Rite Aid Corporation	*†		25,793		140,314
Saks, Inc.			6,702		119,430
School Specialty, Inc.	*†		1,184		44,388
Sharper Image Corporation	*†		649		6,003
Stamps.com, Inc.	*		1,050		16,538
Stein Mart, Inc.			1,591		21,097
Stride Rite Corporation			2,389		36,026
Systemax, Inc.	*†		1,358		23,697
Trans World Entertainment Corporation	*		1,932		12,713
Tuesday Morning Corporation			1,816		28,239
Tweeter Home Entertainment Group, Inc.	*		1,129		2,393
Valuevision Media, Inc. Class A	*		1,742		22,890
Williams-Sonoma, Inc.	†		4,938		155,251
Zale Corporation	*		2,152		60,708
					4,145,380
Social Services—0.0%
Bright Horizons Family Solutions, Inc.	*		1,210		46,779
Res-Care, Inc.	*		1,222		22,179
					68,958
Telephone Systems—1.6%
Adtran, Inc.			3,507		79,609
Alaska Communications Systems Group, Inc.			2,850		43,292
Audiovox Corporation Class A	*		1,218		17,162
Brightpoint, Inc.	*		3,031		40,767
Centennial Communications Corporation			1,166		8,384
Cincinnati Bell, Inc.	*		12,616		57,655
Commonwealth Telephone Enterprises, Inc.			1,499		62,748
Covad Communications Group, Inc.	*		13,041		17,997
D&E Communications, Inc.			1,712		21,657
Deltathree, Inc.	*		2,553		3,217
Dobson Communications Corporation Class A	*		8,796		76,613
Equinix, Inc.	*†		1,343		101,558
FiberTower Corp.	*†		1,550		9,114
General Communication Class A	*		2,517		39,592
Global Crossing, Ltd. (Bermuda)	*†		1,360		33,388
Global Payments, Inc.			4,120		190,756
Hickory Tech Corporation			652		4,662
IDT Corporation	*		679		9,187
IDT Corporation Class B	*		2,900		37,932
Iowa Telecommunications Services, Inc.			1,475		29,072
iPCS, Inc.	*		570		31,555
j2 Global Communications, Inc.	*†		2,554		69,597
LCC International, Inc. Class A	*		1,000		4,220
Leap Wireless International, Inc.	*		2,250		133,808
Level 3 Communications, Inc.	*†		52,698		295,109
Lightbridge, Inc.	*		1,288		17,440
Mastec, Inc.	*		2,049		23,645
NeuStar, Inc. Class A	*†		3,490		113,216
NII Holdings, Inc. Class B	*†		7,470		481,367
North Pittsburgh Systems, Inc.			1,480		35,727
Novatel Wireless, Inc.	*		2,949		28,517
NTELOS Holdings Corporation	*		1,200		21,456

See accompanying notes to financial statements.

277

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
RCN Corporation	*		2,170	$	65,426
Redback Networks, Inc.	*†		3,679		91,754
Rural Cellular Corporation Class A	*		1,266		16,635
SAVVIS, Inc.	*		1,078		38,495
SunCom Wireless Holdings, Inc. Class A	*		2,699		1,889
SureWest Communications			1,674		46,102
Telecommunication Systems, Inc.	*†		1,200		3,720
Telephone & Data Systems, Inc.			3,938		213,952
Telephone & Data Systems, Inc.			1,827		90,619
Time Warner Telecom, Inc. Class A	*		6,231		124,184
US Cellular Corporation	*		921		64,092
Wireless Facilities, Inc.	*		2,399		6,837
					2,903,724
Textiles, Clothing & Fabrics—1.0%
Albany International Corporation Class A			1,437		47,292
Brown Shoe Company, Inc.			1,664		79,439
Columbia Sportswear Company			630		35,091
CROCS, Inc.	*†		2,300		99,360
Culp, Inc.	*		888		4,573
Deckers Outdoor Corporation	*†		840		50,358
Genesco, Inc.	*†		1,421		53,003
Guess ?, Inc.	*		1,575		99,902
Gymboree Corporation	*		1,960		74,794
Hanesbrands, Inc.	*		4,400		103,928
Iconix Brand Group, Inc.	*		2,347		45,508
Interface, Inc. Class A	*		3,470		49,343
Kellwood Company			1,171		38,081
Mohawk Industries, Inc.	*†		2,811		210,431
Mothers Work, Inc.	*		684		26,943
Oxford Industries, Inc.			956		47,465
Phillips-Van Heusen Corporation			3,157		158,387
Polo Ralph Lauren Corporation			3,063		237,873
Quaker Fabric Corporation	*		2,550		3,009
Quiksilver, Inc.	*†		6,280		98,910
Skechers U.S.A., Inc. Class A	*		1,680		55,961
Sport-Haley, Inc.			1,043		5,059
Steven Madden Ltd.			878		30,809
Tag-It Pacific, Inc.	*		1,335		1,375
Tarrant Apparel Group	*		1,107		1,627
Timberland Company Class A	*		2,529		79,866
Warnaco Group, Inc. (The)	*		2,200		55,836
Wolverine World Wide, Inc.			3,299		94,087
					1,888,310
Transportation—2.4%
Alexander & Baldwin, Inc.	†		2,196		97,371
American Commercial Lines, Inc.	*†		1,453		95,186
Arctic Cat, Inc.			1,738		30,571
Arkansas Best Corporation			1,383		49,788
Arlington Tankers Ltd. (Bermuda)			1,590		37,158
Celadon Group, Inc.	*		1,972		33,031
CH Robinson Worldwide, Inc.	†		8,872		362,776
Con-way, Inc.			2,337		102,921
Dynamex, Inc.	*		760		17,754
Excel Maritime Carriers, Ltd. (Liberia)	*		1,400		20,454
Expedia, Inc.	*		13,936		292,377
Expeditors International Washington, Inc.			10,636		430,758
Fleetwood Enterprises, Inc.	*†		4,000		31,640
Florida East Coast Industries			1,093		65,143
Forward Air Corporation			1,912		55,314
Freightcar America, Inc.	†		600	$	33,270
GATX Corporation			2,367		102,562
General Maritime Corporation			1,283		45,149
Genesee & Wyoming, Inc. Class A	*		2,371		62,215
Gulfmark Offshore, Inc.	*		1,000		37,410
Heartland Express, Inc.			2,824		42,416
Hertz Global Holdings Inc.	*		4,510		78,429
Hornbeck Offshore Services, Inc.	*		1,340		47,838
HUB Group, Inc. Class A	*		2,580		71,079
JB Hunt Transport Services, Inc.			5,323		110,559
Kansas City Southern	*†		3,954		114,587
Kirby Corporation	*		2,958		100,957
K-Sea Transportation Partners, LP			470		16,962
Laidlaw International, Inc.			4,039		122,907
Landstar System, Inc.			3,156		120,496
Martin Midstream Partners, LP	†		1,200		39,888
Old Dominion Freight Line, Inc.	*		1,783		42,917
OMI Corporation			3,339		70,687
Overseas Shipholding Group			1,338		75,329
P.A.M. Transportation Services, Inc.	*		1,139		25,081
Pacer International, Inc.			2,275		67,727
Polaris Industries, Inc.	†		2,090		97,875
Quality Distribution, Inc.	*		914		12,174
RailAmerica, Inc.	*		2,807		45,137
Royal Caribbean Cruises Ltd.			6,770		280,143
Rural/Metro Corporation	*		1,600		13,008
Saia, Inc.	*		902		20,935
Ship Finance International Ltd. (Bermuda)	†		1,800		42,768
Sirva, Inc.	*		1,337		4,653
Swift Transportation Company, Inc.	*		3,009		79,046
Teekay Shipping Corporation (Bahama Islands)			2,350		102,507
Thor Industries, Inc.	†		2,026		89,124
Trinity Industries, Inc.	†		4,071		143,299
UTI Worldwide, Inc. (Luxembourg)			4,810		143,819
US Shipping Partners, LP			1,660		31,125
Wabtec Corporation			2,487		75,555
Werner Enterprises, Inc.	†		2,916		50,972
West Marine, Inc.	*†		803		13,868
YRC Worldwide, Inc.	*†		2,928		110,473
					4,507,188
Water Companies—0.2%
American States Water Company			920		35,530
Aqua America, Inc.	†		7,059		160,804
California Water Service Group			965		38,986
Connecticut Water Service, Inc.			500		11,375
Middlesex Water Company			550		10,302
Pico Holdings, Inc.	*		970		33,727
SJW Corporation			1,012		39,225
Southwest Water Company			2,215		30,478
					360,427
TOTAL COMMON STOCKS
(Cost $125,410,193)					183,202,756

 

Coupon Rate	Maturity Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.2%
U.S. Treasury Bills—0.2%
U.S. Treasury Bill
4.850%	03/08/2007	**
(Cost $252,664)			$	255,000		252,664

 

See accompanying notes to financial statements.

278

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

		Shares		Value
RIGHTS—0.0%
Financial Services—0.0%
Affordable Residential Communities, LP Rights, Expires TBD	†‡		1,710	$	1,510
Textiles, Clothing & Fabrics—0.0%
Mossimo, Inc. Rights, Expires TBD	*‡d		2,807		—
TOTAL RIGHTS
(Cost $—)					1,510
WARRANTS—0.0%
Financial Services—0.0%
Equitex, Inc. Warrants, Expires 2/7/2010	‡d		264		—
Equitex, Inc. Warrants, Expires 2/7/2010	‡d		264		—
Pegasus Wireless Corporation Warrants, Expires 08/11/2008	†‡d		200		—
(Cost $—)					—

 
 

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—19.5%
Bank & Certificate Deposits/ Offshore Time Deposits—18.8%
Abbey National PLC
5.280%	01/05/2007	††	$	546,611		546,611
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		546,611		546,611
Bank Of Nova Scotia
5.300%	02/27/2007	††		683,264		683,264
Bank Of Nova Scotia
5.290%	01/30/2007	††		273,306		273,306
Bank Of Nova Scotia
5.290%	02/06/2007	††		409,959		409,959
Barclays
5.320%	02/13/2007	††		273,306		273,306
Barclays
5.310%	02/20/2007	††		683,264		683,264
Barclays
5.300%	01/02/2007	††		683,264		683,264
Barton Capital LLC
5.300%	01/17/2007	††		273,306		273,306
Barton Capital LLC
5.300%	01/17/2007	†��		409,959		409,959
Calyon
5.310%	02/16/2007	††		273,306		273,306
Calyon
5.300%	02/05/2007	††		819,917		819,917
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		819,917		819,917
Charta LLC
5.300%	01/31/2007	††		535,231		535,231
CIESCO
5.310%	01/04/2007	††		355,858		355,858
Citigroup
5.310%	03/16/2007	††		273,306		273,306
Clipper Receivables Corp
5.300%	01/31/2007	††		273,306		273,306
Compass Securitization
5.300%	01/09/2007	††		409,959		409,959
Coupon Rate	Maturity         Date		Face		Value
CRC Funding LLC
5.340%	01/23/2007	††	$	136,653	$	136,653
CRC Funding LLC
5.300%	01/10/2007	††		398,977		398,977
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		273,306		273,306
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		546,611		546,611
Dexia Group
5.290%	01/16/2007	††		683,264		683,264
Fairway Finance
5.300%	01/09/2007	††		327,967		327,967
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		273,306		273,306
Fortis Bank
5.320%	01/03/2007	††		273,306		273,306
Fortis Bank
5.300%	01/02/2007	††		273,306		273,306
Fortis Bank
5.300%	01/24/2007	††		956,570		956,570
Fortis Bank
5.300%	01/26/2007	††		1,093,223		1,093,223
General Electric Capital Corporation
5.300%	01/26/2007	††		546,611		546,611
Greyhawk Funding
5.310%	01/12/2007	††		273,306		273,306
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		683,264		683,264
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		273,306		273,306
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		409,959		409,959
Lexington Parker Cap Comp
5.300%	01/05/2007	††		273,306		273,306
Liberty Street
5.310%	01/17/2007	††		273,306		273,306
Lloyds TSB Bank
5.300%	02/26/2007	††		273,306		273,306
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		273,306		273,306
Merrill Lynch & Co
5.300%	01/02/2007	††		4,782,850		4,782,850
Morgan Stanley & Co
5.300%	01/02/2007	††		3,350,972		3,350,972
Old Line Funding LLC
5.350%	01/04/2007	††		273,306		273,306
Paradigm Funding LLC
5.310%	01/17/2007	††		273,306		273,306
Park Avenue Receivables Corp
5.330%	01/18/2007	††		273,306		273,306
Rabobank Nederland
5.250%	01/02/2007	††		819,917		819,917
Ranger Funding
5.330%	02/08/2007	††		273,306		273,306
Ranger Funding
5.320%	01/04/2007	††		273,306		273,306
Royal Bank of Canada
5.310%	02/14/2007	††		546,611		546,611
Royal Bank of Scotland
5.310%	01/11/2007	††		273,306		273,306
Royal Bank of Scotland
5.290%	01/16/2007	††		409,959		409,959
Royal Bank of Scotland
5.290%	02/09/2007	††		273,306		273,306
Royal Bank of Scotland
5.280%	01/11/2007	††		683,264		683,264
Sheffiled Receivables Corp
5.360%	01/11/2007	††		409,959		409,959

 

See accompanying notes to financial statements.

279

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Mid/Small
Company Index Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
Sheffiled Receivables Corp
5.300%	01/12/2007	††	$	273,306	$	273,306
Societe Generale
5.310%	01/02/2007	††		683,264		683,264
Societe Generale
5.290%	02/01/2007	††		683,264		683,264
Societe Generale
5.270%	01/19/2007	††		683,264		683,264
Svenska Handlesbanken
5.250%	01/02/2007	††		313,657		313,657
Three Pillars Funding LLC
5.380%	01/02/2007	††		408,937		408,937
UBS AG
5.300%	01/04/2007	††		273,306		273,306
UBS AG
5.290%	01/02/2007	††		546,611		546,611
Variable Funding Capital Co
5.310%	02/02/2007	††		273,306		273,306
Variable Funding Capital Co
5.290%	01/04/2007	††		273,306		273,306
Yorktown Capital LLC
5.330%	01/16/2007	††		273,306		273,306
Yorktown Capital LLC
5.300%	01/10/2007	††		273,306		273,306
						34,935,316
Floating Rate Instruments/Master Notes—0.7%
Bank of America
5.310%	07/10/2007	††		683,264		683,264
Bank of America
5.270%	01/09/2007	††		546,611		546,611
						1,229,875
TOTAL CASH EQUIVALENTS
(Cost $36,165,191)						36,165,191
REPURCHASE AGREEMENTS—1.3%
IBT Repurchase Agreement dated 12/29/06 due 01/02/07 with a maturity value of $2,449,509 and an effective yield of 4.65% collateralized by a U.S. Government Agency Obligation with a rate of 8.625%, maturity date of 11/25/2026 and a market value of $2,570,656.				2,448,244		2,448,244
TOTAL INVESTMENTS—119.7%
(Cost $164,276,292)						222,070,365
Other assets less liabilities—(19.7%)						(36,506,939	)
NET ASSETS—100.0%					$	185,563,426

 

Notes to the Schedule of Investments:

REIT Real Estate Investment Trust

* Non-income producing security.

† Denotes all or a portion of security on loan.

†† Represents collateral received from securities lending transactions.

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

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

d Security has no market value at 12/31/2006.

See accompanying notes to financial statements.

280

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—93.0%
Australia—5.2%
ABC Learning Centres Ltd.			3,700	$	24,425
AGL Energy Ltd.	*		4,722		60,205
Alinta Ltd.			5,469		50,939
Alumina Ltd.			13,786		68,706
Amcor Ltd.			11,838		67,544
AMP Ltd.			23,644		187,527
Ansell Ltd.			1,154		10,217
APN News & Media Ltd.			3,565		16,966
Aristocrat Leisure Ltd.			3,724		46,484
ASX Ltd.			1,943		58,281
Australia & New Zealand Banking Group Ltd.			21,602		478,645
AXA Asia Pacific Holdings Ltd.			8,327		47,648
Babcock & Brown Ltd.			2,084		40,537
BHP Billiton Ltd.			41,179		817,616
BHP Steel Ltd.			8,903		60,270
Billabong International Ltd.			1,530		20,943
Boral Ltd.			7,953		47,606
Brambles Ltd.	*		19,107		192,441
Caltex Australia Ltd.			1,090		19,720
Centro Properties Group			11,741		84,122
CFS Retail Property Trust			24,195		44,411
Challenger Financial Services Group Ltd.			5,236		16,936
Coca-Cola Amatil Ltd.			4,581		27,955
Cochlear Ltd.			767		34,944
Coles Group Ltd.			12,928		142,360
Commonwealth Bank of Australia			15,102		587,100
Commonwealth Property Office Fund			28,508		33,000
Computershare Ltd.			6,070		42,378
CSL Ltd.			2,368		121,670
CSR Ltd.			7,472		22,054
DB RREEF Trust			34,466		48,106
Downer EDI Ltd.			2,720		14,952
Foster’s Group Ltd.			25,941		141,220
Futuris Corporation Ltd.			5,023		7,769
General Property Trust			23,129		101,906
Goodman Fielder Ltd.			12,355		21,574
Harvey Norman Holdings Ltd.			10,998		32,850
Iluka Resources Ltd.			1,488		7,775
ING Industrial Fund			16,122		30,022
Insurance Australia Group Ltd.			18,314		91,311
Investa Property Group			18,616		36,788
John Fairfax Holdings Ltd.			15,270		58,048
Leighton Holdings Ltd.			2,521		40,099
Lend Lease Corporation Ltd.			4,621		66,988
Lion Nathan Ltd.			2,567		16,450
Macquarie Airports			7,384		20,908
Macquarie Bank Ltd.			3,075		190,802
Macquarie Communications Infrastructure Group			3,831		18,963
Macquarie Goodman Group			18,293		109,200
Macquarie Infrastructure Group			30,393		82,609
Macquarie Office Trust NPV			18,400		22,266
Mayne Group Ltd.			13,005		38,741
Mayne Pharma Ltd.			8,889		28,474
Meinl European Land Ltd.	*		2,003		51,402
Mirvac Group			12,567		55,183
Multiplex Group			5,365		16,829
National Australia Bank Ltd.			18,841		598,812
Newcrest Mining Ltd.			4,108		84,933
OneSteel Ltd.			7,510		27,646
Orica Ltd.			3,258		62,179
Origin Energy Ltd.			7,198		46,717
Pacific Brands Ltd.			4,298	$	8,826
Paladin Resources Ltd.	*		5,044		35,207
PaperlinX Ltd.			3,665		11,303
Perpetual Limited			532		32,680
Publishing & Broadcasting Ltd.			2,360		39,492
QBE Insurance Group Ltd.			9,539		216,059
Qantas Airways Ltd.			11,295		46,476
Rinker Group Ltd.			11,649		164,642
Rio Tinto Ltd.			3,502		203,534
Santos Ltd.			7,219		56,085
Sonic Healthcare Ltd.			2,772		32,451
Stockland			15,258		99,291
Suncorp-Metway Ltd.			7,387		118,188
Sydney Roads Group			8,345		8,664
Tabcorp Holdings Ltd.			6,088		80,725
Tattersall’s Ltd.			6,296		19,354
Telstra Corporation Ltd.			29,611		96,599
Toll Holdings Ltd.			7,182		103,271
Transurban Group			12,213		73,208
Wesfarmers Ltd.			3,588		106,026
Westfield Group			17,430		287,639
Westpac Banking Corporation			21,709		413,503
Woodside Petroleum Ltd.			5,359		160,275
Woolworths Ltd.			14,060		264,387
WorleyParsons Ltd.			1,591		26,672
Zinifex Ltd.			5,122		75,365
					8,425,094
Austria—0.5%
Andritz AG			121		26,228
Boehler-Uddeholm			576		40,251
BWIN Interactive Entertainment	*		266		5,616
Erste Bank der Oesterreichischen Sparkassen AG			2,025		155,043
Flughafen Wien AG			67		6,589
Immoeast AG	*		2,964		41,617
IMMOFINANZ Immobilien Anlagen AG	*		4,701		66,945
Mayr-Melnhof Karton AG			31		5,808
OMV AG			1,819		103,139
Raiffeisen International Bank Holding AG			400		60,820
RHI AG	*		126		6,437
Telekom Austria AG			5,052		134,895
Verbund-Oesterreichische Elektrizitaetswirtschafts AG Class A			1,510		80,326
Voestalpine AG			924		52,088
Wiener Staedtische Allgemeine Versicherung AG			618		43,372
Wienerberger AG			783		46,442
					875,616
Belgium—1.2%
Agfa Gevaert NV			1,839		46,868
Barco NV			80		7,287
Bekaert NV			118		14,722
Belgacom SA			1,934		85,050
Cofinimmo			88		17,677
Colruyt SA			180		38,403
Compagnie Maritime Belge SA			135		5,814
Delhaize Group			943		78,432
Dexia			7,103		194,099
D’ieteren NV			21		7,468
Euronav SA Private Equity			162		4,840
Fortis			13,897		591,513
Groupe Bruxelles Lambert SA			896		107,457
Interbrew			2,088		137,382

See accompanying notes to financial statements.

281

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
KBC Groep NV			2,268	$	277,636
Mobistar SA			449		38,252
Omega Pharma SA			155		11,664
Solvay SA			706		108,176
UCB SA	†		1,051		72,022
Umicore			399		67,795
					1,912,557
Bermuda—0.1%
Cheung Kong Infrastructure Holdings Ltd.			5,000		15,490
Frontline Ltd.			465		14,961
Kerry Properties Ltd.			4,000		18,696
Noble Group Ltd.			26,000		18,574
Orient Overseas International Ltd.			2,200		13,966
SeaDrill Ltd.	*		2,200		36,921
Yue Yuen Industrial Holdings			11,000		34,895
					153,503
Cayman Islands—0.1%
ASM Pacific Technology Ltd.			7,500		41,691
Foxconn International Holdings Ltd.	*		28,000		91,309
Hutchison Telecommunications International Ltd.	*		28,000		70,620
					203,620
Denmark—0.7%
A/S Dampskibsselskabet Torm			250		16,335
AP Moller-Maersk A/S			14		131,361
Bang & Olufsen A/S Class B			259		33,304
Codan A/S			175		16,971
Coloplast A/S Class B			274		24,725
Danisco A/S			452		38,411
Danske Bank A/S			5,013		222,149
DSV A/S			231		42,107
FLS Industries AS Class B			499		31,672
GN Store Nord			2,031		29,920
H. Lundbeck A/S			507		13,951
Jyske Bank	*		625		44,211
NKT Holding A/S			179		15,791
Novo Nordisk A/S Class B			3,003		250,054
Novozymes A/S Class B			493		42,275
Ostasiatiske Kompagni			186		10,394
Sydbank A/S			700		33,392
Topdanmark A/S	*		178		29,356
TrygVesta AS			350		26,634
Vestas Wind Systems A/S	*†		2,556		107,568
William Demant Holding	*		358		28,991
					1,189,572
Finland—1.4%
Amer Group			1,534		33,752
Cargotec Corp.			332		18,391
Elisa Oyj Class A			1,951		53,347
Fortum Oyj			5,290		150,233
KCI Konecranes Oyj			396		11,615
Kesko Oyj Class B			722		38,084
Kone Oyj			924		52,250
Metso Oyj			1,526		76,836
Neste Oil Oyj			1,572		47,635
Nokia Oyj			48,728		989,487
Nokian Renkaat Oyj			1,550		31,657
OKO Bank Class A			1,100		18,398
Orion Oyj	*		1,592		34,548
Outokumpu Oyj			1,269	$	49,468
Rautaruukki Oyj			940		37,232
Sampo Oyj			4,349		116,150
SanomaWSOY Oyj Class B			750		21,091
Stora Enso Oyj Class R			7,246		114,248
Tietoenator Oyj	†		743		23,898
UPM-Kymmene Oyj			6,270		157,963
Uponor Oyj			1,125		41,933
Wartsila Oyj Class B			877		47,031
YIT Oyj			1,800		49,619
					2,214,866
France—8.9%
Accor SA			2,533		195,859
Air France			924		38,788
Air Liquide			1,343		318,201
Alcatel-Lucent	†		25,045		357,305
Alstom	*		1,236		166,812
Atos Origin	*		849		50,202
AXA			20,005		806,402
BNP Paribas			10,004		1,088,281
Bouygues SA			2,545		162,941
Business Objects SA	*		1,011		39,657
Cap Gemini SA			1,507		94,282
Carrefour SA			6,971		421,902
Casino Guichard Perrachon SA			537		49,778
Cie Generale D’Optique Essilor International SA			1,018		109,287
CNP Assurances			645		71,806
Compagnie de Saint-Gobain			3,782		316,888
Credit Agricole SA			7,176		300,793
Dassault Systemes SA			693		36,633
France Telecom SA			20,188		556,971
Gaz de France	†		2,030		93,187
Gecina SA			146		27,944
Groupe Danone			2,778		420,083
Hermes International			747		93,380
Imerys SA			411		36,521
Klepierre			330		62,210
LVMH Moet Hennessy Louis Vuitton SA			2,912		306,318
Lafarge SA			1,872		278,254
Lagardere S.C.A.			1,626		130,579
L’Oreal SA			3,416		341,458
M6-Metropole Television			680		24,257
Michelin (C.G.D.E.) Class B			1,678		160,282
Neopost SA			339		42,529
PagesJaunes SA			1,314		26,113
Pernod-Ricard SA			924		211,827
Peugeot SA			1,790		118,511
Pinault-Printemps-Redoute SA			764		113,909
Publicis Groupe			1,500		63,183
Renault SA			2,268		271,561
Safran SA	†		2,404		55,614
Sanofi-Aventis			140		12,913
Sanofi-Synthelabo SA			11,994		1,105,817
Schneider Electric SA			2,724		301,459
SCOR			11,902		35,142
Societe BIC SA			239		16,629
Societe Des Autoroutes Paris-Rhin-Rhone			300		23,920
Societe Generale Class A			4,391		742,801
Societe Television Francaise1	†		1,527		56,587
Sodexho Alliance SA			1,152		72,157
Suez SA	*		880		12
Suez SA	†		12,052		622,869
Technip SA	†		1,199		82,239
Thales SA			965		48,025

See accompanying notes to financial statements.

282

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Thomson			2,856	$	55,782
Total SA			25,858		1,860,611
Unibail	†		520		126,814
Valeo SA			731		30,367
Vallourec SA			517		149,401
Veolia Environment			3,563		271,719
Vinci SA	†		2,528		322,187
Vivendi Universal SA			13,739		535,862
Zodiac SA			569		38,152
					14,571,973
Germany—6.7%
Adidas AG			2,749		136,910
Allianz AG			5,175		1,051,818
Altana AG			900		55,704
BASF AG			5,848		568,442
Bayer AG			8,635		461,148
Beiersdorf AG			525		33,944
Bilfinger Berger AG			720		52,477
Carlsberg AS Class B			420		41,591
Celesio AG			958		51,227
Commerzbank AG			7,477		282,726
Continental AG			1,512		175,155
DaimlerChrysler AG			10,938		671,946
Deutsche Bank AG			6,188		822,069
Deutsche Boerse AG			1,253		230,246
Deutsche Lufthansa AG			2,194		60,113
Deutsche Post AG			9,144		275,250
Deutsche Postbank AG			707		59,554
Deutsche Telekom AG			33,928		616,621
Douglas Holding AG			278		14,353
Fresenius Medical Care AG & Co. KGaA			715		95,087
Heidelberger Druckmaschinen			810		38,200
Hochtief AG			500		36,345
Hypo Real Estate Holding			1,499		94,055
Infineon Technologies AG	*		8,989		126,130
IVG Immobilien AG			1,163		49,779
KarstadtQuelle AG	*†		920		26,509
Linde AG			1,442		148,577
MAN AG			1,482		133,371
Merck AG			736		76,196
Metro AG			1,598		101,633
MLP AG			575		11,351
Muenchener Rueckversicherungs AG			2,349		402,930
Premiere AG	*		870		14,583
Puma AG Rudolf Dassler Sport			131		50,865
Rheinmetall AG			390		29,513
RWE AG			5,278		578,816
Salzgitter AG			432		55,966
SAP AG			10,516		557,670
Siemens AG			10,062		987,451
Solarworld AG	†		380		23,681
Suedzucker AG			694		16,744
ThyssenKrupp AG			4,492		210,638
TUI AG	†		2,646		52,772
E.ON AG			7,461		1,007,532
Volkswagen AG	†		2,050		232,273
Wincor Nixdorf AG			150		23,173
					10,843,134
Gibraltar—0.0%
PartyGaming PLC			10,700	$	6,629
Greece—0.5%
Alpha Bank AE			3,694		111,368
Coca Cola Hellenic Bottling Company SA			940		36,674
Cosmote Mobile Communications SA			860		25,378
EFG Eurobank Ergasias SA			2,394		86,492
Folli-Follie SA			100		3,939
Hellenic Petroleum SA			890		12,205
Hellenic Technodomiki Tev SA			480		5,346
Hellenic Telecommunications Organization SA	*		3,314		99,142
Intracom Holdings SA	*		500		3,373
National Bank of Greece SA			5,563		255,155
OPAP SA			2,330		89,976
Piraeus Bank SA			1,875		60,255
Public Power Corporation			810		20,479
Technical Olympic SA			500		1,669
Titan Cement Company SA			500		27,161
Viohalco			930		11,550
					850,162
Hong Kong—1.5%
Bank of East Asia Ltd.			14,200		80,146
BOC Hong Kong Holdings Ltd.			46,500		125,922
Cathay Pacific Airways Ltd.			18,000		44,267
Cheung Kong Holdings Ltd.			16,000		196,517
CLP Holdings Ltd.			19,000		140,224
Esprit Holdings Ltd.			11,500		128,072
Giordano International Ltd.			10,000		5,445
Hang Lung Properties Ltd.			27,000		67,724
Hang Seng Bank Ltd.			7,600		103,748
Henderson Land Development			10,000		55,738
Hong Kong & China Gas			46,000		103,413
Hong Kong Exchanges and Clearing Ltd.			12,000		131,344
Hong Kong Electric Holdings			14,500		70,892
Hopewell Holdings Ltd.			11,000		38,500
Hutchison Whampoa Ltd.			24,000		243,276
Hysan Development Company Ltd.			7,000		18,296
Johnson Electric Holdings Ltd.			10,000		6,841
Kingboard Chemicals Holdings Company Ltd.			11,000		43,188
Li & Fung Ltd.			25,600		79,471
Link REIT			25,000		51,367
Melco International Development			7,000		16,567
MTR Corporation			18,000		45,193
New World Development Ltd.			26,600		53,304
PCCW Ltd.			58,000		35,258
Shangri-La Asia Ltd.			18,000		46,296
Shun TAK Holdings Ltd.			12,000		18,300
Sino Land Company			16,000		37,206
Sun Hung Kai Properties Ltd.			16,000		183,236
Swire Pacific Ltd. Class A			11,500		123,294
Techtronic Industries Company			14,500		18,742
Television Broadcasts Ltd.			5,000		30,531
Wharf Holdings Ltd.			13,000		47,932
Wing Hang Bank Ltd.			2,000		23,470
					2,413,720

See accompanying notes to financial statements.

283

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Ireland—0.9%
Allied Irish Banks PLC			10,632	$	317,318
Bank of Ireland			12,312		283,481
C&C Group PLC			2,127		37,774
C&C Group PLC			2,580		45,769
CRH PLC			6,618		275,262
DCC PLC			1,555		52,818
Depfa Bank PLC			4,066		72,599
Elan Corporation PLC	*		5,136		74,432
Fyffes PLC			2,423		5,710
Grafton Group PLC	*		2,898		48,318
Greencore Group PLC			5,146		31,868
IAWS Group PLC			1,896		48,566
Independent News & Media PLC			7,139		28,353
Kerry Group PLC Class A			1,659		41,433
Kingspan Group PLC			2,308		61,193
Paddy Power PLC			684		13,582
					1,438,476
Italy—3.6%
Alleanza Assicurazioni SpA			4,024		53,614
Arnoldo Mondadori Editore SpA			910		9,501
Assicurazioni Generali SpA			11,529		504,885
Autogrill SpA			999		18,333
Autostrade SpA			3,338		95,769
Banca Intesa SpA			47,466		365,540
Banca Intesa SpA			9,818		71,502
Banca Monte dei Paschi di Siena SpA			13,134		84,808
Banca Popolare di Milano Scrl			5,753		99,487
Banche Popolari Unite Scrl			3,586		98,353
Banco Popolare di Verona e Novara Scrl	†		4,339		124,301
Benetton Group SpA			478		9,108
Bulgari SpA			2,013		28,491
Capitalia SpA			19,402		183,063
Enel SpA	†		51,118		526,826
ENI SpA	†		31,404		1,056,242
Fiat SpA	*		6,536		124,685
Finmeccanica SpA			3,806		102,904
Fondiaria-Sai SpA			790		37,686
Gruppo Editoriale L’Espresso SpA			1,158		6,285
Italcementi SpA			992		27,919
Lottomatica SpA			894		37,109
Luxottica Group SpA			1,738		53,273
Mediaset SpA			10,373		122,840
Mediobanca SpA			6,309		148,648
Mediolanum SpA			3,095		25,162
Pirelli & C SpA			36,491		36,279
SanPaolo IMI SpA			13,164		305,481
Seat Pagine Gialle SpA			42,682		25,382
Snam Rete Gas SpA			9,347		52,958
Telecom Italia RNC			69,238		175,333
Telecom Italia SpA			128,929		388,422
Terna SpA			10,701		36,219
Tiscali SpA	*		1,909		6,361
UniCredito Italiano SpA	†		93,081		813,661
					5,856,430
Japan—21.1%
77 Bank Ltd. (The)			3,000		18,994
Access Co. Ltd.	*		2		9,194
Acom Company Ltd.			960		32,168
Aderans Company Ltd.			500		12,393
Advantest Corporation			1,800		103,177
Aeon Company Ltd.			7,600	$	164,355
Aeon Credit Service Company Ltd.			900		17,043
Aiful Corporation			825		23,131
Aisin Seiki Company Ltd.			2,300		77,104
Ajinomoto Company, Inc.			6,000		79,299
Alfresa Holdings Corporation			200		12,095
All Nippon Airways Company Ltd.			6,000		21,194
Alps Electric Company Ltd.			2,000		21,675
Amada Company Ltd.			5,000		52,932
Amano Corporation			1,000		12,536
Aoyama Trading Company Ltd.			1,000		29,995
Arrk Corp.			700		10,491
Asahi Breweries Ltd.			5,400		86,281
Asahi Glass Company Ltd.			11,000		131,807
Asahi Kasei Corporation			14,000		91,776
Asatsu-DK, Inc.			200		6,340
Asics Corp.			4,000		50,168
Astellas Pharma, Inc.			6,575		298,007
Autobacs Seven Company Ltd.			200		7,304
Bank of Fukuoka Ltd.			7,000		50,914
Bank of Kyoto Ltd. (The)			4,000		37,206
Bank of Yokohama Ltd. (The)			16,000		124,944
Benesse Corporation			900		34,293
Bridgestone Corporation			7,900		176,276
Canon Marketing Japan Inc.			900		20,429
Canon, Inc.			12,600		709,293
Casio Computer Company Ltd.			2,400		54,405
Central Glass Company Ltd.			2,000		11,447
Central Japan Railway Company			19		195,802
Chiba Bank Ltd. (The)			9,000		75,949
Chiyoda Corp.			2,000		39,093
Chubu Electric Power Company, Inc.			8,000		239,014
Chugai Pharmaceutical Company Ltd.			3,200		65,872
Circle K Sunkus Company Ltd.			300		5,323
Citizen Watch Company Ltd.			4,700		35,870
Coca-Cola West Japan Company Ltd.			1,200		27,784
COMSYS Holdings Corporation			1,000		11,047
Credit Saison Company Ltd.			2,400		82,432
CSK Corp.			800		34,083
KDDI Corporation			30		203,633
Dai Nippon Printing Company Ltd.			9,000		138,740
Daicel Chemical Industries Ltd.			3,000		21,171
Daido Steel Co. Ltd.			3,000		19,911
Daifuku Co. Ltd.			1,000		15,765
Daiichi Sankyo Co. Ltd.			8,902		277,652
Daikin Industries Ltd.			2,800		97,229
Daimaru, Inc.			4,000		54,252
Dainippon Ink & Chemical, Inc.			6,000		23,384
Dainippon Screen Manufacturing Company Ltd.			2,000		17,934
Daito Trust Construction Company Ltd.			900		41,312
Daiwa House Industry Company Ltd.			6,000		103,966
Daiwa Securities Group, Inc.			16,000		179,053
Denki Kagaku Kogyo KK			6,000		24,895
Denso Corporation			5,900		233,910
Dentsu, Inc.			22		64,505
Dowa Mining Company Ltd.			3,000		25,695
E*Trade Securities Co. Ltd.			25		23,705
eAccess Ltd.			19		10,696
East Japan Railway Company			40		266,600
Ebara Corporation			5,000		19,134
EDION Corp.			900		13,338

See accompanying notes to financial statements.

284

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Eisai Company Ltd.			2,800	$	153,799
Electric Power Development Company			1,840		80,955
Elpida Memory, Inc.	*		1,500		82,370
Familymart Company Ltd.			600		16,308
Fanuc Ltd.			2,100		206,072
Fast Retailing Company Ltd.			600		57,155
Fuji Electric Holdings Company Ltd.			7,000		37,887
Fuji Soft ABC, Inc.			200		4,745
FUJIFILM Holding Corp.			5,400		222,388
Fujikura Ltd.			4,000		35,160
Fujitsu Ltd.			21,000		164,524
Furukawa Electric Company Ltd. (The)			8,000		50,161
Glory Ltd.			800		14,035
Goodwill Group, Inc. (The)			12		9,773
Gunma Bank Ltd.			5,000		30,054
Gunze Ltd.			2,000		10,040
Hakuhodo DY Holdings, Inc.			200		12,984
Hankyu Department Stores, Inc.			1,000		8,323
Hankyu Holdings, Inc.			13,600		77,308
Haseko Corp.	*		8,000		28,545
Hikari Tsushin, Inc.			200		8,774
Hino Motors Ltd.			2,000		10,256
Hirose Electric Company Ltd.			330		37,418
Hitachi Cable Ltd.			1,000		5,614
Hitachi Chemical Company Ltd.			900		24,797
Hitachi Construction Machinery Company Ltd.			1,000		26,851
Hitachi Credit Corporation			400		7,621
Hitachi High-Technologies Corp.			700		20,761
Hitachi Ltd.			39,000		242,896
Hokkaido Electric Power Company, Inc.			1,800		45,965
Hokugin Financial Group, Inc.			19,000		69,507
Honda Motor Company Ltd.			18,300		722,195
House Foods Corporation			500		8,235
Hoya Corporation			5,100		198,757
Ibiden Co. Ltd.			1,600		80,466
Index Holdings			9		5,270
Inpex Holdings, Inc.	*		10		82,138
Isetan Company Ltd.			2,100		37,812
Ishikawajima-Harima Heavy Industries Company Ltd.			11,000		37,132
Ito En Ltd.			800		24,382
Itochu Corporation			19,000		155,724
Itochu Techno-Science Corporation			300		15,947
Jafco Company Ltd.			400		19,737
Japan Airlines System Corporation	*†		14,000		24,908
Japan Prime Realty Investment Corp. REIT			5		18,151
Japan Real Estate Investment Corporation REIT			6		64,472
Japan Retail Fund Investment Corporation REIT			4		32,584
Japan Steel Works Ltd. (The)			4,000		31,237
Japan Tobacco, Inc.			54		260,974
JFE Holdings, Inc.			6,700		344,455
JGC Corporation			3,000		51,466
Joyo Bank Ltd.			9,000		49,660
JSR Corporation			2,300		59,542
JTEKT Corporation			2,000		42,333
Kajima Corporation			9,000		39,400
Kaken Pharmaceutical Company Ltd.			1,000	$	7,798
Kamigumi Company Ltd.			5,000		40,917
Kaneka Corporation			3,000		27,257
Kansai Electric Power Company, Inc. (The)			9,500		255,708
Kansai Paint Company Ltd.			2,000		15,839
Kao Corporation			6,000		161,445
Katokichi Company Ltd.			900		7,296
Kawasaki Heavy Industries Ltd.			19,000		71,161
Kawasaki Kisen Kaisha Ltd.			6,000		46,893
Keihin Electric Express Railway Company Ltd.	†		7,000		48,199
Keio Electric Railway Company Ltd.			5,000		32,348
Keisei Electric Railway Co. Ltd.			2,000		11,356
Keyence Corporation			430		106,127
Kikkoman Corporation			2,000		24,120
Kinden Corporation			1,000		8,090
Kinki Nippon Railway Company Ltd.			19,000		55,315
Kirin Brewery Company Ltd.			9,000		141,395
KK DaVinci Advisors	*		13		12,883
Kobe Steel Ltd.			33,000		112,898
Kokuyo Company Ltd.			700		11,059
Komatsu Ltd.			11,000		222,611
Komori Corporation			430		8,008
Konami Corporation			1,200		36,297
Konica Minolta Holdings, Inc.	*		5,500		77,610
Kose Corporation			400		12,088
Kubota Corporation			15,000		138,897
Kuraray Company Ltd.			4,000		47,175
Kurita Water Industries Ltd.			1,500		32,349
Kyocera Corporation			1,800		170,137
Kyowa Hakko Kogyo Company Ltd.			3,000		25,636
Kyushu Electric Power Company, Inc.			4,200		110,744
Lawson, Inc.			500		17,887
Leopalace21 Corporation			1,400		44,715
Mabuchi Motor Company Ltd.			400		23,763
Makita Corporation			1,000		30,646
Marubeni Corporation			18,000		91,185
Marui Company Ltd.			4,000		46,564
Matsui Securities Co. Ltd.			1,100		8,348
Matsumotokiyoshi Company Ltd.			300		6,650
Matsushita Electric Industrial Company Ltd.			23,000		461,126
Matsushita Electric Works Ltd.			4,000		46,380
Mediceo Paltac Holdings Company Ltd.			2,100		39,737
Meiji Dairies Corporation			2,000		15,718
Meiji Seika Kaisha Ltd.			5,000		23,900
Meitec Corporation			300		9,091
Millea Holdings, Inc.			8,700		308,100
Minebea Company Ltd.			3,000		20,917
Mitsubishi Chemical Holdings Corp.			14,000		88,144
Mitsubishi Corporation			16,300		306,218
Mitsubishi Electric Corporation			24,000		218,671
Mitsubishi Estate Company Ltd.			14,000		361,706
Mitsubishi Gas Chemical Company, Inc.			4,000		41,846
Mitsubishi Heavy Industries Ltd.			40,000		181,453
Mitsubishi Logistics Corporation			1,000		15,463
Mitsubishi Materials Corporation			12,000		45,014
Mitsubishi Rayon Company Ltd.			5,000		33,558
Mitsubishi UFJ Financial Group, Inc.			101		1,252,828

See accompanying notes to financial statements.

285

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Mitsubishi UFJ Securities Company Ltd.			3,000	$	33,360
Mitsui & Company Ltd.			19,000		284,658
Mitsui Chemicals, Inc.			8,000		61,498
Mitsui Engineering & Shipbuilding Company Ltd.			12,000		38,975
Mitsui Fudosan Company Ltd.			10,000		243,611
Mitsui Mining & Smelting Company Ltd.			6,000		30,047
Mitsui O.S.K. Lines Ltd.			13,000		128,381
Mitsui Sumitomo Insurance Company Ltd.			15,000		163,610
Mitsui Trust Holdings, Inc.			9,000		102,809
Mitsukoshi Ltd.			6,000		28,044
Mitsumi Electric Company Ltd.			1,700		37,340
Mizuho Financial Group, Inc.			113		805,924
Murata Manufacturing Company Ltd.			2,500		168,667
NEC Corporation			27,000		129,453
NTT DoCoMo, Inc.			224		354,397
Namco Bandai Holdings, Inc.			2,250		33,087
NEC Electronics Corporation	*†		300		8,743
NET One Systems Company Ltd.			4		5,280
NGK Insulators Ltd.			3,000		46,378
NGK Spark Plug Company Ltd.			2,000		37,574
NHK Spring Co. Ltd.			2,000		20,974
Nichirei Company			2,000		11,200
Nidec Corporation			1,200		92,862
Nikko Cordial Corporation			9,500		108,933
Nikon Corporation			4,000		87,669
Nintendo Company Ltd.			1,200		310,627
Nippon Building Fund, Inc. REIT			5		66,391
Nippon Electric Glass Company Ltd.			3,000		62,898
Nippon Express Company Ltd.			9,000		49,236
Nippon Kayaku Company Ltd.			3,000		23,960
Nippon Light Metal Company Ltd.			3,000		7,687
Nippon Meat Packers, Inc.			2,000		21,797
Nippon Mining Holdings, Inc.			10,000		71,857
Nippon Oil Corporation			17,000		113,672
Nippon Sanso Corporation			2,000		17,959
Nippon Sheet Glass Company Ltd.			6,000		28,095
Nippon Shokubai Company Ltd.			1,000		10,643
Nippon Steel Corporation			73,000		418,750
Nippon Telegraph & Telephone Corporation			62		305,714
Nippon Unipac Holding			10		37,653
Nippon Yusen Kabushiki Kaisha			12,000		87,745
Nishimatsu Construction Company Ltd.			2,000		6,595
Nishi-Nippon City Bank Ltd. (The)			7,000		30,191
Nissan Chemical Industries Ltd.			2,000		24,820
Nissan Motor Company Ltd.			26,700		322,140
Nisshin Seifun Group, Inc.			2,200		22,701
Nisshin Steel Company Ltd.			15,000		55,615
Nisshinbo Industries, Inc.			4,000		41,405
Nissin Food Products Company Ltd.			1,100		40,738
Nitori Company Ltd.			300		12,982
Nitto Denko Corporation			1,900		94,901
NOK Corporation			1,100		21,690
Nomura Holdings, Inc.			19,500		367,816
Nomura Real Estate Office Fund, Inc. REIT			5		45,803
Nomura Research Institute Ltd.			270		39,115
NSK Ltd.			4,000		39,400
NTN Corporation			4,000		35,827
NTT Data Corporation			17		85,095
NTT Urban Development Corp.			10		19,327
Obayashi Corporation			6,000	$	38,892
Obic Company Ltd.			100		20,723
Odakyu Electric Railway Company Ltd.			9,000		57,451
Oji Paper Company Ltd.			8,000		42,378
Oki Electric Industry Company Ltd.			4,000		8,876
Okuma Corp.			2,000		23,051
Okumura Corporation			2,000		9,859
Olympus Corporation			3,000		94,142
Omron Corporation			2,500		70,720
Onward Kashiyama Company Ltd.			2,000		25,493
Oracle Corporation			300		13,879
Oriental Land Company Ltd.			600		31,366
ORIX Corporation			1,080		313,152
Osaka Gas Company Ltd.			23,000		85,477
OSG Corp.			900		14,730
Otsuka Corp.			200		20,292
Park24 Co., Ltd.			1,200		15,340
Pioneer Corporation			2,000		27,377
Promise Company Ltd.			1,060		32,818
Q.P. Corporation			800		6,919
Rakuten, Inc.	*		94		43,780
Resona Holdings, Inc.	†		59		160,930
Ricoh Company Ltd.			8,000		162,902
Rinnai Corporation			300		8,957
Rohm Company Ltd.			1,200		119,368
Round One Corp.			4		11,798
Ryohin Keikaku Company Ltd.			500		38,256
Sanken Electric Company Ltd.			1,000		12,308
Sankyo Company Ltd.			600		33,118
Santen Pharmaceutical Company Ltd.			700		19,689
Sanwa Shutter Corporation			3,000		17,702
Sanyo Electric Company Ltd.	*†		18,000		22,799
Sapporo Breweries Ltd.	†		4,000		22,791
Sapporo Hokuyo Holdings, Inc.			3		28,949
SBI Holdings, Inc.			111		37,320
Secom Company Ltd.			2,500		129,420
Sega Sammy Holdings, Inc.			2,348		63,110
Seiko Epson Corporation			1,800		43,662
Seino Transportation Company Ltd.			4,000		37,601
Sekisui Chemical Company Ltd.			4,000		31,833
Sekisui House Ltd.			8,000		116,172
Seven & I Holdings Co. Ltd.			9,740		302,827
Sharp Corporation			12,000		206,303
Shimachu Company Ltd.			600		17,382
Shimamura Company Ltd.			200		22,912
Shimano, Inc.			1,000		29,022
Shimizu Corporation			10,000		49,918
Shin-Etsu Chemical Company Ltd.			4,600		307,017
Shinko Electric Industries			800		20,845
Shinko Securities Co. Ltd.			4,000		15,514
Shinsei Bank Ltd.			16,000		94,033
Shionogi & Company Ltd.			4,000		78,547
Shiseido Company Ltd.			4,000		86,582
Shizuoka Bank Ltd.			8,000		79,255
Shohkoh Fund & Company Ltd.			70		10,872
Showa Denko KK			12,000		46,023
Showa Shell Sekiyu KK			2,900		32,453
SMC Corporation			600		84,904
Softbank Corporation	†		9,300		180,152
Sojitz Corporation	*		4,400		13,360
Sompo Japan Insurance, Inc.			11,000		133,977
Sony Corporation			11,700		500,992
Stanley Electric Company Ltd.			2,500		49,938
Sumco Corp.			600		50,700
Sumitomo Bakelite Company Ltd.			2,000		13,811

See accompanying notes to financial statements.

286

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Sumitomo Chemical Company Ltd.			19,000	$	147,012
Sumitomo Corporation			12,000		179,614
Sumitomo Electric Industries Ltd.			8,100		126,132
Sumitomo Heavy Industries Ltd.			7,000		73,349
Sumitomo Metal Industries Ltd.			51,000		221,400
Sumitomo Metal Mining Company Ltd.			6,000		76,944
Sumitomo Mitsui Financial Group, Inc.			72		737,081
Sumitomo Osaka Cement Company Ltd.			4,000		13,074
Sumitomo Realty & Development Company Ltd.			4,000		128,221
Sumitomo Rubber Industries, Inc.			1,900		24,506
Sumitomo Titanium Corp.			200		22,324
Sumitomo Trust & Banking Company Ltd. (The)			16,000		167,505
Suruga Bank Ltd. (The)			2,000		24,766
Suzuken Company Ltd.			960		36,089
T&D Holdings, Inc.			2,950		194,731
TDK Corporation			1,500		119,416
Taiheiyo Cement Corporation			15,000		58,738
Taisei Corporation			9,000		27,392
Taisho Pharmaceutical Company Ltd.			2,300		41,735
Taiyo Yuden Company Ltd.			1,000		17,667
Takara Holdings, Inc.			2,000		12,873
Takashimaya Company Ltd.			3,000		42,372
Takeda Pharmaceutical Company Ltd.			10,520		720,908
Takefuji Corporation			1,360		53,790
Tanabe Seiyaju Company Ltd.			4,000		52,301
Teijin Ltd.			8,000		49,248
Terumo Corporation			2,000		78,422
THK Company Ltd.			1,600		41,180
TIS, Inc.			300		7,101
Tobu Railway Company Ltd.			13,000		62,774
Toda Corporation			2,000		8,467
Toho Company Ltd.			1,200		21,624
Toho Titanium Co. Ltd.			300		15,751
Tohoku Electric Power Company, Inc.			4,800		119,962
Tokai Rika Co. Ltd.			700		17,793
Tokuyama Corp.			3,000		45,478
Tokyo Broadcasting System			200		6,663
Tokyo Electric Power Company, Inc. (The)			14,400		465,152
Tokyo Electron Ltd.			2,100		165,160
Tokyo Gas Company Ltd.			24,000		127,412
Tokyo Seimitsu Company Ltd.			400		18,856
Tokyo Steel Manufacturing Co. Ltd.			1,300		20,267
Tokyo Style Company Ltd.			1,000		10,802
Tokyo Tatemono Co. Ltd.			4,000		44,476
Tokyu Corporation			12,000		76,773
Tokyu Land Corporation			4,000		37,612
TonenGeneral Sekiyu KK	†		3,000		29,691
Toppan Printing Company Ltd.			8,000		88,125
Toray Industries, Inc.			15,000		112,167
Toshiba Corporation			35,000		227,409
Tosoh Corporation			9,000		39,688
Tostem Inax Holding Corporation			2,900		60,977
Toto Ltd.			3,000		29,906
Toyo Seikan Kaisha Ltd.			1,600		26,467
Toyo Suisan Kaisha Ltd.			1,000		16,017
Toyobo Company Ltd.			4,000		12,070
Toyoda Gosei Company Ltd.			500		11,568
Toyota Industries Corporation			2,000	$	91,847
Toyota Motor Corporation			34,200		2,288,615
Toyota Tsusho Corp.			2,900		77,571
Trend Micro, Inc.	*†		1,000		29,330
Ube Industries Ltd.			9,000		25,790
Uni-Charm Corporation			500		29,690
Uniden Corp.			1,000		6,848
UNY Company Ltd.			2,000		26,076
Ushio, Inc.			1,000		20,529
USS Company Ltd.			200		13,018
Wacoal Corp.			1,000		13,589
West Japan Railway Company			20		85,367
Yahoo Japan Corporation			190		75,331
Yakult Honsha Company Ltd.			1,900		54,480
Yamada Denki Company Ltd.			1,100		93,358
Yamaha Corporation			2,000		42,366
Yamaha Motor Company Ltd.			1,800		56,574
Yamato Transport Company Ltd.			5,000		76,728
Yamazaki Baking Company Ltd.			1,000		9,705
Yaskawa Electric Corp.			2,000		23,116
Yokogawa Electric Corporation			3,400		53,815
Zeon Corporation			2,000		21,575
					34,484,096
Luxembourg—0.0%
Acergy SA	*		2,569		49,014
Stolt-Nielsen S.A.			550		16,761
					65,775
Netherlands—4.6%
ABN AMRO Holding NV			21,691		695,360
ASML Holdings NV	*		5,633		139,009
Aegon NV			17,506		332,195
Akzo Nobel NV			3,475		211,741
Buhrmann NV			1,100		16,319
Corio NV			518		42,276
Euronext NV			1,161		136,743
European Aeronautic Defense and Space Company	†		3,741		128,355
Fugro NV			580		27,665
Getronics NV			1,442		11,655
Hagemeyer NV	*†		5,005		25,296
Heineken NV			2,691		127,853
ING Groep NV			22,392		989,428
James Hardie Industries NV			6,561		49,319
Royal KPN NV			24,806		352,074
Koninklijke Ahold NV	*		17,955		190,466
Koninklijke DSM			1,721		84,877
Koninklijke Philips Electronics NV			13,669		513,979
Mittal Steel Co., NV			8,247		347,609
Oce NV			599		9,788
Qiagen NV	*†		1,474		22,632
Randstad Holding NV			644		44,405
Reed Elsevier NV			9,433		160,608
Rodamco Europe NV			666		88,435
Royal Dutch Shell PLC—Class A			44,562		1,554,215
Royal Numico NV			2,091		112,283
SBM Offshore NV			1,476		50,648
STMicroelectronics NV			8,732		161,204
TNT NV			4,758		204,530
Unilever NV			20,308		553,769
Vedior NV			2,203		45,541
Wereldhave NV			289		38,427
Wolters Kluwer NV			3,488		100,060
					7,568,764

See accompanying notes to financial statements.

287

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
New Zealand—0.2%
Auckland International Airport Ltd.			8,084	$	12,464
Contact Energy Ltd.			5,052		29,597
Fisher & Paykel Appliances Holdings Ltd.			1,564		4,228
Fisher & Paykel Healthcare Corporation			8,610		25,831
Fletcher Building Ltd.			6,628		51,568
Sky City Entertainment Group Ltd.			7,479		27,097
Sky Network Television Ltd.			1,544		7,113
Telecom Corporation of New Zealand Ltd.	†		26,923		91,029
Tower Ltd.	*		994		1,546
Vector Ltd.			1,296		2,299
Warehouse Group Ltd.			1,485		7,514
					260,286
Norway—0.8%
Aker Kvaerner ASA			240		29,769
DET Norske Oljeselskap	*†		7,200		13,188
DNB NOR ASA			7,678		108,650
Norsk Hydro ASA			8,040		248,187
Norske Skogindustrier ASA			2,416		41,456
Ocean RIG ASA	*		2,400		17,597
Orkla ASA			2,473		139,468
Pan Fish ASA	*		29,924		27,214
Petroleum Geo-Services ASA	*		1,692		39,757
ProSafe ASA			3,100		44,003
Schibsted ASA			967		34,516
Statoil ASA	†		7,959		209,576
Storebrand			3,803		48,157
Tandberg ASA			985		14,778
Tandberg Television ASA	*†		1,050		13,099
Telenor ASA			8,800		164,909
TGS Nopec Geophysical Co. ASA	*		1,200		24,756
Tomra Systems ASA			1,398		9,588
Yara International ASA			2,625		59,414
					1,288,082
Portugal—0.3%
Banco BPI SA			2,502		19,491
Banco Comercial Portugues SA Class R			28,942		106,817
Banco Espirito Santo SA			2,116		38,016
Brisa-Auto Estradas de Portugal SA			2,875		35,795
Cimpor Cimentos de Portugal SA			1,457		12,072
Electricidade de Portugal SA			20,948		106,152
Jeronimo Martins SGPS SA			1,346		30,186
Portugal Telecom SGPS SA			7,601		98,558
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA			2,344		30,170
Sonae SGPS SA			18,467		36,747
					514,004
Singapore—0.8%
Allgreen Properties Ltd.			4,000		3,409
Ascendas Real Estate Investment Trust REIT			7,300		12,679
Capitaland Ltd.			13,000		52,300
CapitaMall Trust REIT			9,000		17,045
Chartered Semiconductor Manufacturing Ltd.	*		7,000		5,833
City Developments Ltd.			5,000		41,200
ComfortDelgro Corporation Ltd.			15,000		15,711
Cosco Corp. (Singapore) Ltd.			18,000		26,877
Creative Technology Ltd			400	$	2,651
DBS Group Holdings Ltd.			15,000		220,157
Fraser and Neave Ltd.			10,000		29,198
Jardine Cycle & Carriage Ltd.			1,000		9,614
Keppel Corporation Ltd.			5,000		57,154
Keppel Land Ltd.			4,000		17,947
Neptune Orient Lines Ltd.			4,000		5,428
Olam International Ltd.			19,000		26,251
Oversea-Chinese Banking Corp.			34,600		173,154
Parkway Holdings Ltd.			3,000		6,114
SembCorp Industries Ltd.			10,340		25,805
SembCorp Marine Ltd.			4,000		8,855
Singapore Airlines Ltd.			5,000		56,921
Singapore Exchange Ltd.			6,000		22,146
Singapore Land Ltd.			1,000		5,588
Singapore Post Ltd.			10,000		7,086
Singapore Press Holdings Ltd.			13,500		37,565
Singapore Technologies Engineering Ltd.			12,000		24,043
Singapore Telecommunications Ltd.			94,159		200,755
SMRT Corp Ltd.			6,000		4,649
ST Assembly Test Services Ltd.	*		7,000		5,377
Suntec REIT			5,000		5,913
United Overseas Bank Ltd.			16,000		201,753
United Overseas Land Ltd.			3,000		8,455
Venture Corporation Ltd.			2,000		17,537
Want Want Holdings Ltd.			12,000		19,560
					1,374,730
Spain—3.8%
Abertis Infraestructuras SA			2,831		83,909
Acciona SA			264		49,008
Acerinox SA			2,413		73,261
ACS Actividades Construccion y Servicios			3,130		176,016
Altadis SA			3,015		157,508
Antena 3 de Television SA			1,187		27,873
Banco Bilbao Vizcaya Argentaria SA			41,109		987,631
Banco Popular Espanol SA			9,911		179,291
Banco Santander Central Hispano SA			69,434		1,292,892
Cintra Concesiones de Infraestructuras de Transporte SA			2,058		34,413
Corp Mapfre SA			7,235		32,595
Ebro Puleva SA			982		24,836
Endesa SA			9,461		447,464
Fadesa SA			570		26,384
Fomento de Construcciones Y Contratas SA			370		37,626
Gamesa Corporation Tecnologica SA			1,999		54,844
Gas Natural SDG SA			1,913		75,533
Grupo Ferrovial SA			733		71,309
Iberdrola SA			9,002		392,423
Iberia Lineas Aereas de Espana			9,947		36,176
Inditex SA			2,497		134,317
Indra Sistemas SA			1,576		38,616
NH Hoteles SA			1,493		29,539
Promotora de Informaciones SA			1,051		18,285
Repsol YPF SA			9,991		344,229
Sacyr Vallehermoso SA			1,382		81,825
Sociedad General de Aguas de Barcelona SA Class B			937		34,242
Sogecable SA	*		418		14,849
Telefonica SA			52,320		1,110,752
Union Fenosa SA			1,695		83,733
Zeltia SA	*		1,200		8,820
					6,160,199

See accompanying notes to financial statements.

288

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares			Value
COMMON STOCKS—(Continued)
Sweden—2.5%
Alfa Laval AB			1,486		$	66,921
Assa Abloy AB Class B			3,382			73,479
Atlas Copco AB—Class A	†		3,347			112,223
Atlas Copco AB—Class B			3,379			109,355
Axfood AB			275			11,374
Billerud AB			333			5,913
Boliden AB			3,400			86,783
Castellum AB			1,188			15,837
D Carnegie AB			950			20,427
Electrolux AB Class B			3,241			64,716
Elekta AB—Class B			1,525			32,079
Eniro AB			2,820			37,248
Fabege AB			1,516			40,625
Getinge AB			1,588			35,598
Hennes & Mauritz AB Class B			5,724			289,090
Hoganas AB Class B			196			5,139
Holmen AB Class B			741			32,223
Husqvarna AB	*		3,553			55,497
Kungsleden AB			1,110			17,024
Lundin Petroleum AB	*		2,845			33,067
Modern Times Group AB—Class B	*		680			44,613
Nobia AB			600			23,058
Nordea Bank AB			24,319			374,400
OMHEX AB			585			10,749
Oriflame Cosmetics SA SDR			760			31,246
Sandvik AB			12,678			183,865
SAS AB	*		1,903			32,281
Scania AB Class B			1,104			77,570
Securitas AB Class B			3,488			53,935
Securitas Direct AB—Class B	*		3,488			11,071
Securitas Systems AB—Class B	*		3,488			14,133
Skandinaviska Enskilda Banken AB Class A			4,930			156,431
Skanska AB Class B			4,112			80,887
SKF AB			4,732			87,171
Ssab Svenskt Stal AB—Class A			2,460			58,159
Ssab Svenskt Stal AB—Class B			669			15,045
Svenska Cellulosa AB Class B			2,110			110,101
Svenska Handelsbanken AB Class A			6,416			193,837
Swedish Match AB			2,919			54,580
Tele2 AB—Class B			4,495			65,568
Telefonaktiebolaget LM Ericsson Class B			174,585			703,005
TeliaSonera AB			23,348			191,357
Trelleborg AB Class B			695			16,613
Volvo AB Class A			1,157			82,070
Volvo AB Class B			2,736			188,145
Wihlborgs Fastigheter AB			260			5,416
						4,009,924
Switzerland—6.4%
ABB Ltd.			24,621			440,577
Adecco SA			1,540			104,883
Ciba Specialty Chemicals AG			897			59,508
Clariant AG	*		2,411			35,949
Compagnie Financiere Richemont AG Class A			6,108			354,229
Credit Suisse Group			13,723			956,033
Geberit AG			45			69,102
Givaudan			60			55,364
Holcim Ltd.			2,362			215,852
Kudelski SA			295			11,064
Kuehne & Nagel International AG			690			50,089
Kuoni Reisen Holding	*		30		$	16,031
Logitech International S.A.	*		1,807			51,991
Lonza Group AG			394			33,936
Micronas Semiconductor Holdings AS	*		231			5,070
Nestle SA			4,768			1,689,996
Nobel Biocare Holding AG			275			81,056
Novartis AG			27,724			1,591,464
OC Oerlikon Corp. AG	*		92			45,320
Phonak Holding AG			495			39,250
PSP Swiss Property AG	*		889			50,987
Rieter Holding AG			82			42,754
Roche Holding AG			8,358			1,494,256
Schindler Holding AG			697			43,646
Serono SA Class B			61			54,460
SGS SA			56			62,169
SIG Holding AG	*		75			24,996
Straumann Holding AG			152			36,693
Sulzer AG			38			43,145
Swatch Group AG			503			22,413
Swatch Group AG Class B			384			84,544
Swiss Reinsurance			4,063			344,089
Swisscom AG			184			69,431
Syngenta AG	*		1,305			242,238
Synthes, Inc.			697			82,800
UBS AG	†		23,741			1,435,691
Zurich Financial Services AG			1,743			467,279
						10,508,355
United Kingdom—21.2%
3i Group PLC			6,539			128,963
Aegis Group PLC			10,694			29,232
Aggreko PLC			3,629			30,922
Alliance Boots PLC			9,228			151,097
Amec PLC			4,597			37,792
Amvescap PLC			8,643			100,838
Anglo American PLC			17,151			834,934
ARM Holdings PLC			16,800			41,215
Arriva PLC			2,576			38,395
AstraZeneca PLC			18,591			996,608
Aviva PLC			30,956			496,749
BG Group PLC			40,542			551,444
BAE Systems PLC			38,673			321,604
Balfour Beatty PLC			5,436			47,011
Barclays PLC			78,157			1,116,248
Barratt Developments PLC			2,314			55,800
BBA Aviation PLC			7,304			38,899
Bellway PLC			909			27,424
Berkeley Group Holdings PLC	*		994			33,239
BHP Billiton PLC			29,402			538,594
Biffa PLC			4,042			24,304
Bovis Homes Group PLC			2,241			47,445
BP PLC			234,456			2,615,198
British Airways PLC	*		7,179			74,041
British American Tobacco PLC			18,325			513,272
British Land Company PLC			6,454			215,981
British Sky Broadcasting PLC			15,204			155,485
Brixton PLC			3,366	��		37,854
BT Group PLC			99,461			587,789
Bunzl PLC			3,373			41,402
Burberry Group PLC			5,003			63,035
Cadbury Schweppes PLC			25,143			268,619
Capita Group PLC			7,666			90,921
Carnival PLC			1,994			100,760
Carphone Warehouse Group PLC			4,210			25,807
Cattles PLC			4,437			38,068
Centrica PLC			43,515			301,214
Charter PLC	*		1,800			31,794

See accompanying notes to financial statements.

289

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

		Shares		Value
COMMON STOCKS—(Continued)
Close Brothers Group PLC			1,677	$	33,316
Cobham PLC			14,921		56,396
Collins Stewart PLC	*		2,250		11,193
Compass Group PLC			24,966		141,478
Cookson Group PLC			2,753		33,760
Corus Group PLC			10,297		106,463
CSR PLC	*		1,360		17,218
Daily Mail and General Trust NV Class A			3,741		52,384
Davis Service Group PLC			1,254		12,358
De La Rue PLC			2,402		30,239
Diageo PLC			32,616		641,014
DSG International PLC			21,340		79,797
Electrocomponents PLC			8,176		46,797
EMAP PLC			2,154		33,919
EMI Group PLC			10,234		53,076
Enterprise Inns PLC			3,819		100,994
Experian Group Ltd.	*		11,788		138,079
First Choice Holidays PLC			6,869		38,174
FirstGroup PLC			4,584		51,430
FKI PLC			16,782		33,799
Friends Provident PLC			25,172		106,768
Galiform PLC	*		5,133		13,764
Gallaher Group PLC			8,478		190,709
GKN PLC			8,292		45,021
GlaxoSmithKline PLC			69,079		1,818,743
Great Portland Estates PLC			1,047		14,187
Group 4 Securicor PLC			13,939		51,080
HSBC Holdings PLC			138,364		2,518,934
Hammerson PLC			3,245		100,022
Hanson PLC			8,373		126,205
Hays PLC			22,745		70,756
HBOS PLC			45,430		1,004,586
Hilton Group PLC			10,175		82,958
HMV Group PLC			2,784		7,780
Home Retail Group			11,948		95,943
ICAP PLC			5,949		55,613
Imi PLC			4,190		41,440
Imperial Chemical Industries PLC			13,853		122,403
Imperial Tobacco Group PLC			8,422		331,572
Inchcape PLC			5,470		54,005
Intercontinental Hotels Group PLC			4,360		107,732
International Power PLC			20,158		150,185
Intertek Testing Services Ltd.			2,153		35,067
Invensys PLC	*		10,630		57,038
Investec PLC			3,600		46,342
J Sainsbury PLC			19,005		152,047
Johnson Matthey PLC			2,576		70,901
Kelda Group PLC			3,574		64,641
Kesa Electricals PLC			6,658		44,123
Kingfisher PLC			30,709		143,227
Land Securities Group PLC			5,646		256,137
Legal & General Group PLC			82,543		253,752
Liberty International PLC			3,154		86,104
Lloyds TSB Group PLC			67,538		759,452
LogicaCMG PLC			14,401		52,280
London Stock Exchange Group PLC			2,040		52,169
Man Group PLC			21,674		221,292
Marks & Spencer Group PLC			20,164		282,658
Meggitt PLC			6,030		36,508
Michael Page International PLC			3,580		31,628
Misys PLC			7,750		32,722
National Express Group PLC			2,122		46,778
National Grid PLC			31,700		458,938
Next PLC			2,759		96,999
Old Mutual PLC			63,432	$	215,949
Pearson PLC			10,287		155,088
Persimmon PLC			3,204		95,623
Premier Farnell PLC			3,094		11,930
Provident Financial PLC			3,227		44,183
Prudential PLC			29,561		403,985
Punch Taverns PLC			3,041		76,062
Rank Group PLC			8,388		38,303
Reckitt Benckiser PLC			7,312		333,649
Reed Elsevier PLC			14,626		160,463
Rentokil Initial PLC			21,985		71,121
Resolution PLC			9,190		115,259
Reuters Group PLC			15,614		135,763
Rexam PLC			6,711		68,927
Rio Tinto PLC			12,469		661,001
Rolls-Royce Group PLC	*		20,706		180,998
Royal Bank of Scotland Group PLC			38,209		1,487,457
Royal Dutch Shell PLC—Class B			33,094		1,157,394
SABMiller PLC			10,979		252,163
Sage Group PLC			15,508		82,037
Schroders PLC			1,387		30,270
Scottish & Newcastle PLC			9,288		101,584
Scottish & Southern Energy PLC			10,223		310,547
Scottish Power PLC			17,702		258,925
Serco Group PLC			6,037		45,047
Severn Trent PLC			2,694		77,524
Signet Group PLC			21,951		51,165
Slough Estates PLC			6,715		103,009
Smith & Nephew PLC			10,872		113,443
Smiths Group PLC			6,354		123,168
SSL International PLC			4,822		34,875
Stagecoach Group PLC			12,018		35,930
Standard Life PLC	*		24,577		142,169
Tate & Lyle PLC			5,763		86,605
Taylor Woodrow PLC			7,438		61,858
Tesco PLC			93,885		742,134
Tomkins PLC			9,700		46,578
Travis Perkins PLC			1,362		52,797
Trinity Mirror PLC			2,640		24,229
Tullett Prebon PLC	*		2,250		28,644
Unilever PLC			14,544		404,626
United Business Media PLC			3,388		45,823
United Utilities PLC			11,105		169,449
Vodafone Group PLC			629,337		1,738,525
Whitbread PLC			3,142		102,748
William Hill PLC			4,532		55,951
Wimpey (George) PLC			5,950		64,781
Wolseley PLC			8,141		196,395
WPP Group PLC			15,458		208,670
Xstrata PLC			7,376		367,133
Yell Group PLC			10,707		119,247
					34,644,294
TOTAL COMMON STOCKS
(Cost $103,840,752)					151,833,861
PREFERRED STOCKS—0.3%
Germany—0.3%
Henkel KGaA			668		98,074
Porsche AG	†		107		135,742
ProSieben SAT.1 Media AG			783		25,605
RWE AG			479		45,385
Volkswagen AG			1,215		90,696
					395,502

See accompanying notes to financial statements.

290

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

	Shares		Value
PREFERRED STOCKS—(Continued)
Italy—0.0%
Unipol SpA Preferred		16,591	$	53,670
TOTAL PREFERRED STOCKS
(Cost $282,530)				449,172

 
 

Coupon Rate	Maturity         Date		Face		Value
U.S. TREASURY OBLIGATIONS—0.3%
U.S. Treasury Bills—0.3%
U.S. Treasury Bill
4.850%	03/08/2007	**	$	225,000		222,939
4.850%	03/08/2007	**		40,000		39,650
4.825%	03/08/2007	**		30,000		29,727
4.816%	03/08/2007	**		25,000		24,772
4.812%	03/08/2007	**		100,000		99,091
4.805%	03/08/2007	**		60,000		59,455
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $475,634)						475,634
RIGHTS—0.0%
Singapore—0.0%
Allgreen Properties, Ltd., Rights, Expires TBD
(Cost $555)
0.000%	01/15/2007			2,000		873
CASH EQUIVALENTS—3.8%
Bank & Certificate Deposits/ Offshore Time Deposits—3.7%
Abbey National PLC
5.280%	01/05/2007	††		93,468		93,468
BancoBilbao Vizcaya Argentaria SA
5.310%	01/03/2007	††		93,468		93,468
Bank Of Nova Scotia
5.300%	02/27/2007	††		116,836		116,836
Bank Of Nova Scotia
5.290%	02/06/2007	††		70,101		70,101
Bank Of Nova Scotia
5.290%	01/30/2007	††		46,734		46,734
Barclays
5.320%	02/13/2007	††		46,734		46,734
Barclays
5.310%	02/20/2007	††		116,836		116,836
Barclays
5.300%	01/02/2007	††		116,836		116,836
Barton Capital LLC
5.300%	01/17/2007	††		46,734		46,734
Barton Capital LLC
5.300%	01/17/2007	††		70,101		70,101
Calyon
5.310%	02/16/2007	††		46,734		46,734
Calyon
5.300%	02/05/2007	††		140,203		140,203
Canadian Imperial Bank of Commerce
5.310%	01/29/2007	††		140,203		140,203
Charta LLC
5.300%	01/31/2007	††		91,522		91,522
CIESCO
5.310%	01/04/2007	††		60,850		60,850
Coupon Rate	Maturity Date		Face		Value
Citigroup
5.310%	03/16/2007	††	$	46,734	$	46,734
Clipper Receivables Corp
5.300%	01/31/2007	††		46,734		46,734
Compass Securitization
5.300%	01/09/2007	††		70,101		70,101
CRC Funding LLC
5.340%	01/23/2007	††		23,367		23,367
CRC Funding LLC
5.300%	01/10/2007	††		68,224		68,224
Credit Suisse First Boston Corporation
5.300%	01/12/2007	††		93,468		93,468
Credit Suisse First Boston Corporation
5.300%	01/05/2007	††		46,734		46,734
Dexia Group
5.290%	01/16/2007	††		116,836		116,836
Fairway Finance
5.300%	01/09/2007	††		56,081		56,081
Falcon Asset Securitization Corporation
5.340%	01/22/2007	††		46,734		46,734
Fortis Bank
5.320%	01/03/2007	††		46,734		46,734
Fortis Bank
5.300%	01/26/2007	††		186,937		186,937
Fortis Bank
5.300%	01/24/2007	††		163,570		163,570
Fortis Bank
5.300%	01/02/2007	††		46,734		46,734
General Electric Capital Corporation
5.300%	01/26/2007	††		93,468		93,468
Greyhawk Funding
5.310%	01/12/2007	††		46,734		46,734
HBOS Halifax Bank of Scotland
5.310%	03/14/2007	††		116,836		116,836
HBOS Halifax Bank of Scotland
5.300%	01/08/2007	††		46,734		46,734
Kitty Hawk Funding Corp
5.340%	01/10/2007	††		70,101		70,101
Lexington Parker Cap Comp
5.300%	01/05/2007	††		46,734		46,734
Liberty Street
5.310%	01/17/2007	††		46,734		46,734
Lloyds TSB Bank
5.300%	02/26/2007	††		46,734		46,734
Marshall & Ilsley Bank Corporation
5.300%	03/19/2007	††		46,734		46,734
Merrill Lynch & Co
5.300%	01/02/2007	††		817,849		817,849
Morgan Stanley & Co
5.300%	01/02/2007	††		573,004		573,004
Old Line Funding LLC
5.350%	01/04/2007	††		46,734		46,734
Paradigm Funding LLC
5.310%	01/17/2007	††		46,734		46,734
Park Avenue Receivables Corp
5.330%	01/18/2007	††		46,734		46,734
Rabobank Nederland
5.250%	01/02/2007	††		140,203		140,203
Ranger Funding
5.330%	02/08/2007	††		46,734		46,734
Ranger Funding
5.320%	01/04/2007	††		46,734		46,734
Royal Bank of Canada
5.310%	02/14/2007	††		93,468		93,468
Royal Bank of Scotland
5.310%	01/11/2007	††		46,734		46,734

 

See accompanying notes to financial statements.

291

SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2006

Vantagepoint Overseas
Equity Index Fund

Coupon Rate	Maturity         Date		Face		Value
CASH EQUIVALENTS—(Continued)
Royal Bank of Scotland
5.290%	02/09/2007	††	$	46,734	$	46,734
Royal Bank of Scotland
5.290%	01/16/2007	††		70,101		70,101
Royal Bank of Scotland
5.280%	01/11/2007	††		116,836		116,836
Sheffiled Receivables Corp
5.360%	01/11/2007	††		70,101		70,101
Sheffiled Receivables Corp
5.300%	01/12/2007	††		46,734		46,734
Societe Generale
5.310%	01/02/2007	††		116,836		116,836
Societe Generale
5.290%	02/01/2007	††		116,836		116,836
Societe Generale
5.270%	01/19/2007	††		116,836		116,836
Svenska Handlesbanken
5.250%	01/02/2007	††		53,634		53,634
Three Pillars Funding LLC
5.380%	01/02/2007	††		69,927		69,927
UBS AG
5.300%	01/04/2007	††		46,734		46,734
UBS AG
5.290%	01/02/2007	††		93,468		93,468
Variable Funding Capital Co
5.310%	02/02/2007	††		46,735		46,735
Variable Funding Capital Co
5.290%	01/04/2007	††		46,735		46,735
Yorktown Capital LLC
5.330%	01/16/2007	††		46,735		46,735
Yorktown Capital LLC
5.300%	01/10/2007	††		46,735		46,735
						5,973,802
Floating Rate Instruments/Master Notes—0.1%
Bank of America
5.310%	07/10/2007	††		116,836		116,836
Bank of America
5.270%	01/09/2007	††		93,468		93,468
						210,304
TOTAL CASH EQUIVALENTS
(Cost $6,184,106)						6,184,106
REPURCHASE AGREEMENTS—5.3%
United States—5.3%
IBT Repurchase Agreement dated 12/29/2006 due 01/02/2007, with a maturity value of $8,675,351 and an effective yield of 4.65% collateralized by U.S. Government Obligations with a rate of 8.05%, a maturity date of 10/25/2029 and an aggregate market value of $9,104,415				8,670,871		8,670,871
TOTAL INVESTMENTS—102.7%
(Cost $119,454,448)						167,614,517
Other assets less liabilities—(2.7%)						(4,392,639	)
NET ASSETS—100.0%					$	163,221,878

 

Notes to the Schedule of Investments:

REIT Real Estate Investment Trust

SDR Swedish Depositary Receipt

* Non-income producing security.

† Denotes all or a portion of security on loan.

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

†† Represents collateral received from securities lending transactions.

Percentage of Portfolio by Industry (unaudited):

Banking	17.6	%
Oil & Gas	7.2	%
Pharmaceuticals	6.0	%
Telephone Systems	5.5	%
Miscellaneous	5.5	%
Insurance	5.2	%
Beverages, Food & Tobacco	4.9	%
Electric Utilities	4.2	%
Automotive	4.0	%
Commercial Services	3.9	%
Metals	3.8	%
Bank & Certificate Deposits/Offshore Time Deposits	3.6	%
Electronics	3.4	%
Financial Services	3.0	%
Real Estate	2.8	%
Chemicals	2.2	%
Transportation	1.9	%
Retailers	1.8	%
Media—Broadcasting & Publishing	1.5	%
Building Materials	1.4	%
Heavy Machinery	1.3	%
Computer Software & Processing	1.1	%
Food Retailers	1.1	%
Communications	1.1	%
Computers & Information	0.9	%
Medical Supplies	0.7	%
Cosmetics & Personal Care	0.7	%
Entertainment & Leisure	0.6	%
Heavy Construction	0.5	%
Mining	0.5	%
Textiles, Clothing & Fabrics	0.5	%
Home Construction, Furnishings & Appliances	0.5	%
Aerospace & Defense	0.5	%
Forest Products & Paper	0.4	%
Water Companies	0.4	%
Apparel Retailers	0.4	%
Airlines	0.3	%
Advertising	0.3	%
Lodging	0.3	%
Restaurants	0.3	%
U.S. Treasury Bills	0.3	%
Electrical Equipment	0.2	%
Distribution/Wholesale	0.2	%
Containers & Packaging	0.1	%
Floating Rate Instruments/Master Notes	0.1	%
Education	0.0	%
Public Administration	0.0	%
Household Products	0.0	%
Industrial—Diversified	0.0	%
Health Care Providers	0.0	%
TOTAL INVESTMENTS	102.7	%
Other assets less liabilities	(2.7	)%
TOTAL NET ASSETS	100.0	%

 

See accompanying notes to financial statements.

292

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Model Portfolio Savings Oriented Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		8,966,603	$	87,424,377
Vantagepoint Equity Income Fund		2,964,505		29,348,601
Vantagepoint Growth & Income Fund		2,549,779		29,296,961
Vantagepoint International Fund		1,181,877		14,856,191
Vantagepoint Short-Term Bond Fund		10,475,885		102,244,633
Vantagepoint US Government Securities Fund		2,907,401		29,161,231
				292,331,994
TOTAL INVESTMENTS—100.0%
(Cost $285,235,540)				292,331,994
Other assets less liabilities—(0.0%)				(44,744	)
NET ASSETS—100.0%			$	292,287,250

 

See accompanying notes to financial statements.

293

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Model Portfolio Conservative Growth Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		2,140,989	$	27,511,705
Vantagepoint Core Bond Index Fund Class I		16,867,135		164,454,563
Vantagepoint Equity Income Fund		5,291,678		52,387,617
Vantagepoint Growth & Income Fund		4,552,325		52,306,219
Vantagepoint Growth Fund		4,308,347		41,187,800
Vantagepoint International Fund		3,775,745		47,461,118
Vantagepoint Short-Term Bond Fund		16,877,587		164,725,252
				550,034,274
TOTAL INVESTMENTS—100.0%
(Cost $501,900,119)				550,034,274
Other assets less liabilities—(0.0%)				(68,221	)
NET ASSETS—100.0%			$	549,966,053

 

See accompanying notes to financial statements.

294

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Model Portfolio Traditional Growth Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		10,376,365	$	133,336,286
Vantagepoint Core Bond Index Fund Class I		26,966,691		262,925,235
Vantagepoint Equity Income Fund		12,432,440		123,081,158
Vantagepoint Growth & Income Fund		16,163,681		185,720,691
Vantagepoint Growth Fund		19,408,002		185,540,495
Vantagepoint International Fund		14,072,408		176,890,162
Vantagepoint Short-Term Bond Fund		27,013,068		263,647,539
				1,331,141,566
TOTAL INVESTMENTS—100.0%
(Cost $1,143,793,169)				1,331,141,566
Other assets less liabilities—(0.0%)				(129,734	)
NET ASSETS—100.0%			$	1,331,011,832

 

See accompanying notes to financial statements.

295

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Model Portfolio Long-Term Growth Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		17,037,258	$	218,928,772
Vantagepoint Core Bond Index Fund Class I		29,864,694		291,180,765
Vantagepoint Equity Income Fund		17,527,805		173,525,267
Vantagepoint Growth & Income Fund		23,577,912		270,910,214
Vantagepoint Growth Fund		28,207,555		269,664,228
Vantagepoint International Fund		19,637,711		246,846,022
				1,471,055,268
TOTAL INVESTMENTS—100.0%
(Cost $1,240,658,300)				1,471,055,268
Other assets less liabilities—(0.0%)				(137,051	)
NET ASSETS—100.0%			$	1,470,918,217

 

See accompanying notes to financial statements.

296

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Model Portfolio All-Equity Growth Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Aggressive Opportunities Fund		7,189,803	$	92,388,963
Vantagepoint Equity Income Fund		6,587,377		65,215,031
Vantagepoint Growth & Income Fund		7,292,776		83,793,994
Vantagepoint Growth Fund		13,563,333		129,665,463
Vantagepoint International Fund		7,945,411		99,873,813
				470,937,264
TOTAL INVESTMENTS—100.0%
(Cost $393,210,640)				470,937,264
Other assets less liabilities—(0.0%)				(49,637	)
NET ASSETS—100.0%			$	470,887,627

 

See accompanying notes to financial statements.

297

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Milestone Retirement Income Fund	Shares		Value
MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I		810,055	$	7,898,037
Vantagepoint Equity Income Fund		227,134		2,248,628
Vantagepoint Growth & Income Fund		293,239		3,369,311
Vantagepoint International Fund		89,579		1,126,011
Vantagepoint Short-Term Bond Fund		809,803		7,903,675
				22,545,662
TOTAL INVESTMENTS—100.1%
(Cost $22,321,123)				22,545,662
Other assets less liabilities—(0.1%)				(11,298	)
NET ASSETS—100.0%			$	22,534,364

 

See accompanying notes to financial statements.

298

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Milestone 2010 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		1,572,790	$	15,334,705
Vantagepoint Equity Income Fund		487,870		4,829,913
Vantagepoint Growth & Income Fund		983,124		11,296,091
Vantagepoint Growth Fund		176,818		1,690,378
Vantagepoint International Fund		273,788		3,441,511
Vantagepoint Short-Term Bond Fund		1,220,659		11,913,627
				48,506,225
TOTAL INVESTMENTS—100.0%
(Cost $47,278,625)				48,506,225
Other assets less liabilities—(0.0%)				(23,008	)
NET ASSETS—100.0%			$	48,483,217

 

See accompanying notes to financial statements.

299

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Milestone 2015 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		2,304,260	$	22,466,535
Vantagepoint Equity Income Fund		790,132		7,822,309
Vantagepoint Growth & Income Fund		2,180,569		25,054,738
Vantagepoint Growth Fund		501,462		4,793,976
Vantagepoint International Fund		725,119		9,114,744
Vantagepoint Mid/Small Company Index Fund Class I		249,464		4,121,141
Vantagepoint Short-Term Bond Fund		1,128,053		11,009,800
				84,383,243
TOTAL INVESTMENTS—100.0%
(Cost $81,064,173)				84,383,243
Other assets less liabilities—(0.0%)				(25,791	)
NET ASSETS—100.0%			$	84,357,452

 

See accompanying notes to financial statements.

300

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Milestone 2020 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		1,494,173	$	14,568,189
Vantagepoint Equity Income Fund		566,433		5,607,688
Vantagepoint Growth & Income Fund		1,794,089		20,614,077
Vantagepoint Growth Fund		413,753		3,955,481
Vantagepoint International Fund		666,822		8,381,956
Vantagepoint Mid/Small Company Index Fund Class I		316,439		5,227,576
Vantagepoint Short-Term Bond Fund		417,132		4,071,211
				62,426,178
TOTAL INVESTMENTS—100.0%
(Cost $59,433,603)				62,426,178
Other assets less liabilities—(0.0%)				(24,435	)
NET ASSETS—100.0%			$	62,401,743

 

See accompanying notes to financial statements.

301

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Milestone 2025 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		1,044,166	$	10,180,619
Vantagepoint Equity Income Fund		442,999		4,385,692
Vantagepoint Growth & Income Fund		1,530,091		17,580,751
Vantagepoint Growth Fund		349,104		3,337,434
Vantagepoint International Fund		599,860		7,540,244
Vantagepoint Mid/Small Company Index Fund Class I		306,691		5,066,533
Vantagepoint Short-Term Bond Fund		75,349		735,411
				48,826,684
TOTAL INVESTMENTS—100.0%
(Cost $46,369,872)				48,826,684
Other assets less liabilities—(0.0%)				(22,981	)
NET ASSETS—100.0%			$	48,803,703

 

See accompanying notes to financial statements.

302

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Milestone 2030 Fund	Shares		Value
MUTUAL FUNDS—100.1%
Vantagepoint Core Bond Index Fund Class I		442,673	$	4,316,061
Vantagepoint Equity Income Fund		217,803		2,156,254
Vantagepoint Growth & Income Fund		860,059		9,882,073
Vantagepoint Growth Fund		199,704		1,909,171
Vantagepoint International Fund		361,128		4,539,382
Vantagepoint Mid/Small Company Index Fund Class I		194,930		3,220,249
				26,023,190
TOTAL INVESTMENTS—100.1%
(Cost $24,672,226)				26,023,190
Other assets less liabilities—(0.1%)				(16,028	)
NET ASSETS—100.0%			$	26,007,162

 

See accompanying notes to financial statements.

303

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Milestone 2035 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		195,008	$	1,901,327
Vantagepoint Equity Income Fund		120,961		1,197,511
Vantagepoint Growth & Income Fund		564,590		6,487,140
Vantagepoint Growth Fund		134,697		1,287,703
Vantagepoint International Fund		253,594		3,187,676
Vantagepoint Mid/Small Company Index Fund Class I		142,965		2,361,775
				16,423,132
TOTAL INVESTMENTS—100.0%
(Cost $15,740,767)				16,423,132
Other assets less liabilities—(0.0%)				(5,521	)
NET ASSETS—100.0%			$	16,417,611

 

See accompanying notes to financial statements.

304

SCHEDULE OF INVESTMENTS

December 31, 2006

Vantagepoint Milestone 2040 Fund	Shares		Value
MUTUAL FUNDS—100.0%
Vantagepoint Core Bond Index Fund Class I		131,226	$	1,279,451
Vantagepoint Equity Income Fund		89,717		888,196
Vantagepoint Growth & Income Fund		441,724		5,075,405
Vantagepoint Growth Fund		106,180		1,015,081
Vantagepoint International Fund		201,886		2,537,703
Vantagepoint Mid/Small Company Index Fund Class I		115,210		1,903,276
				12,699,112
TOTAL INVESTMENTS—100.0%
(Cost $12,398,068)				12,699,112
Other assets less liabilities—0.0%				369
NET ASSETS—100.0%			$	12,699,481

 

See accompanying notes to financial statements.

305

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306

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307

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308

Item 2 (Code of Ethics):

Sub-item 2a. The board of directors of the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, and to persons performing similar functions.

Sub-item 2c. Not applicable.

Sub-item 2d. Not applicable.

Sub-item 2e. Not applicable.

Item 3 (Audit Committee Financial Expert): Two members of the audit committee of the registrant have been determined by its board of directors to be audit committee financial experts. The audit committee financial experts of the registrant are Arthur Lynch and Anthony Calhoun, both of whom are independent under the applicable rules.

Item 4 (Principal Accountant Fees and Services):

Sub-item 4a  (Audit Fees). The aggregate fees billed for professional services rendered by the registrant’s principal accountant, PricewaterhouseCoopers LLP, for audits of the registrant’s financial statements were $327,200 and $309,800 in 2006 and 2005, respectively.

Sub-item 4b(Audit Related Fees). Not applicable.

Sub-item 4c(Tax Fees). The aggregate fees billed for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice and tax planning were $112,800 and $106,430 in 2006 and 2005, respectively.  These services covered preparation of the registrant’s income tax and excise tax returns, and also included related tax provision work.

Sub-item 4d(All Other Fees). Not applicable.

Sub-item 4e(1). The registrant’s audit committee pre-approves all audit and non-audit services to be performed by the registrant’s accountant before they are engaged to perform such services.

Sub-item 4e(2). The registrant’s audit committee approved 100% of the services described in Sub-item 4c.

Sub-item 4f. Not applicable.

Sub-item 4g. Not applicable.

Sub-item 4h. Not applicable.

Item 5 (Audit Committee of Listed Registrants): Not applicable to this registrant.

Item 6 (Schedule of Investments): Not applicable; included under Item 1.

Item 7        (Disclosure of Proxy Voting Policies & Procedures for Closed-end Management

Investment Companies): Not applicable to this registrant.

Item 8        (Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers): Not applicable to this registrant.

Item 9        (Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers): Not applicable to this registrant.

Item 10      (Submission of Matters to a Vote of Security Holders): Not applicable; no material changes.

Item 11      (Controls and Procedures):

Sub-item 11a. The principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.

Sub-item 11b. There was no change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to affect, the registrant’s internal control over financial reporting.

Item 12       (Exhibits):

Sub-item 12a(1). The code of ethics exhibit is attached.

Sub-item 12a(2). The certification exhibits are attached.

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       March 1, 2007      

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       March 1, 2007      

By:         /s/ Gerard P. Maus                                                                       

Gerard P. Maus, Principal Financial Officer

Date       March 1, 2007